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Debt Obligations and Commitments | 8 Months Ended
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Sep. 05, 2015
Debt Obligations and Commitments [Abstract] |
Debt Obligations and Commitments | Debt Obligations and Commitments In the second quarter of 2015, we issued:
• | $250 million of floating rate notes maturing in April 2018;
• | $500 million of 1.250% senior notes maturing in April 2018;
• | $750 million of 1.850% senior notes maturing in April 2020; and
• | $1 billion of 2.750% senior notes maturing in April 2025.
In the third quarter of 2015, we issued:
• | $600 million of floating rate notes maturing in July 2017;
• | $650 million of 1.125% senior notes maturing in July 2017;
• | $800 million of 3.100% senior notes maturing in July 2022;
• | $700 million of 3.500% senior notes maturing in July 2025; and
• | $500 million of 4.600% senior notes maturing in July 2045.
The net proceeds from the issuances of the above notes were used for general corporate purposes, including the repayment of commercial paper. In the 36 weeks ended September 5, 2015, $4.1 billion of senior notes matured and were paid. In the second quarter of 2015, we entered into a new five-year unsecured revolving credit agreement (Five-Year Credit Agreement) which expires on June 8, 2020. The Five-Year Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.7225 billion, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion. Additionally, we may, once a year, request renewal of the agreement for an additional one-year period. Also in the second quarter of 2015, we entered into a new 364-day unsecured revolving credit agreement (364-Day Credit Agreement) which expires on June 6, 2016. The 364-Day Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.7225 billion, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion. We may request renewal of this facility for an additional 364-day period or convert any amounts outstanding into a term loan for a period of up to one year, which would mature no later than the anniversary of the then effective termination date. The Five-Year Credit Agreement and the 364-Day Credit Agreement together replaced our $3.7725 billion five-year credit agreement dated as of June 9, 2014 and our $3.7725 billion 364-day credit agreement dated as of June 9, 2014. Funds borrowed under the Five-Year Credit Agreement and the 364-Day Credit Agreement may be used for general corporate purposes. Subject to certain conditions, we may borrow, prepay and reborrow amounts under these agreements. As of September 5, 2015, there were no outstanding borrowings under the Five-Year Credit Agreement or the 364-Day Credit Agreement. As of September 5, 2015, we had $2.2 billion of commercial paper outstanding and $1.5 billion of non-cancelable purchase commitments. For further information on our long-term contractual commitments, see Note 9 to our consolidated financial statements in our Annual Report on Form 10-K for the year-ended December 27, 2014.

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