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2.0.0.10 false Short-term Borrowings and Long-term Debt 113 - Disclosure - Short-term Borrowings and Long-term Debt true false false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Short-term Borrowings and Long-term Debt 3 us-gaap_DebtDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> Note 4. Short-term Borrowings and Long-term Debt Information on short-term borrowings and interest rates is as follows:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="10" align="center">Fiscal Year Ended January 31,</td> <td valign="bottom"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"> (Dollar amounts in millions) </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2009</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2008</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Maximum amount outstanding at any month-end </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,536</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,866</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,176</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Average daily short-term borrowings </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,596</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,520</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,657</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Weighted-average interest rate </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.5</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.1</td> <td valign="bottom" nowrap="nowrap">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.9</td> <td valign="bottom" nowrap="nowrap">% </td> </tr> </table> Short-term borrowings consist of commercial paper and lines of credit. Short term borrowings outstanding at January 31, 2010 and 2009 were $523 million and $1.5 billion, respectively. The company has certain lines of credit totaling $9.0 billion, most of which were undrawn as of January 31, 2010. Of the $9.0 billion in lines of credit, $8.6 billion is committed with 34 financial institutions. In conjunction with these lines of credit, the company has agreed to observe certain covenants, the most restrictive of which relates to maximum amounts of secured debt and long-term leases. Committed lines of credit are primarily used to support commercial paper. The portion of committed lines of credit used to support commercial paper remained undrawn as of January 31, 2010. The committed lines of credit mature at various times starting between June 2010 and June 2012, carry interest rates in some cases equal to the company’s one-year credit default swap mid-rate spread and in other cases LIBOR plus 15 basis points and incur commitment fees of 4.0 to 10.0 basis points on undrawn amounts. The company had trade letters of credit outstanding totaling $2.4 billion at January 31, 2010 and 2009. At January 31, 2010 and 2009, the company had standby letters of credit outstanding totaling $2.4 billion and $2.0 billion, respectively. These letters of credit were issued primarily for the purchase of inventory and self-insurance purposes.   Long-term debt consists of:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="45%"></td> <td valign="bottom" width="1%"></td> <td width="42%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> </tr> <tr> <td valign="bottom">(Dollar amounts in millions)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="5" align="center">January 31,</td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"> Interest Rate </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> Maturity Date by Fiscal Year </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2009</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 1.200 – 10.96% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2010</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,656</td> </tr> <tr> <td valign="top"> 5.250% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2036</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,098</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,954</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 0.184 – 10.880% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2011(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,972</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,952</td> </tr> <tr> <td valign="top"> 5.625% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2035</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,598</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 6.500% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2038</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,000</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,000</td> </tr> <tr> <td valign="top"> 0.750 – 15.27% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2014</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,919</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,822</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 1.200 – 4.125% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2012</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,481</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,353</td> </tr> <tr> <td valign="top"> 5.750 – 7.550% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2031</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,799</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,727</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 4.875 – 6.200% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2039</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,598</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,954</td> </tr> <tr> <td valign="top"> 2.950 – 6.500% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2019(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,769</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,305</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 3.750 – 5.375% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2018</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,032</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,006</td> </tr> <tr> <td valign="top"> 3.150 – 6.630% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2016</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">766</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">940</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 5.875% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2028</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">777</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">772</td> </tr> <tr> <td valign="top"> 1.600 – 5.000% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2013</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,363</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">561</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 6.750% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2024</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">262</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">263</td> </tr> <tr> <td valign="top"> 2.300 – 3.000% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2015</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,704</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">575</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2.000 – 2.500% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2017</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32</td> </tr> <tr> <td valign="top"> 4.125% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2020</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">507</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 4.200 – 5.500% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2021</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7</td> </tr> <tr> <td valign="top"> 4.200 – 5.500% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2022</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 4.200 – 5.500% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2023</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10</td> </tr> <tr> <td valign="top"> 4.200 – 5.500% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2025</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 4.200 – 5.500% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2026</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20</td> </tr> <tr> <td valign="top"> 4.200 – 5.500% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2027</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 4.200 – 5.500% </td> <td valign="bottom">  </td> <td valign="bottom">Notes due 2029</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,401</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12</td> </tr> <tr> <td valign="top"> Other (mortgages and sale/leasebacks) (2) </td> <td valign="bottom">  </td> <td valign="bottom">Due 2011 – 2038</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">630</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">725</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,281</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,197</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left"> Notes due in 2011 and 2019 both include $500 million put options. Contains early termination arrangements totaling $109 million. </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left">(2)</td> <td valign="top" align="left"> Includes adjustments to debt hedged by derivatives. </td> </tr> </table> The company has $1.0 billion in debt with embedded put options. The holders of one $500 million debt issuance may require the company to repurchase the debt at par plus accrued interest at any time. One issuance of money market puttable reset securities in the amount of $500 million is structured to be remarketed in connection with the annual reset of the interest rate. If, for any reason, the remarketing of the notes does not occur at the time of any interest rate reset, the holders of the notes must sell, and the company must repurchase, the notes at par. All of these issuances have been classified as long-term debt due within one year in the Consolidated Balance Sheets. Long-term debt is unsecured except for $267 million, which is collateralized by property with an aggregate carrying amount of approximately $1.2 billion. Annual maturities of long-term debt during the next five years and thereafter are:   <table border="0" cellspacing="0" cellpadding="0" width="84%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"> (Amounts in millions) Fiscal Year </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Annual Maturity</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2011 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,050</td> </tr> <tr> <td valign="top"> 2012 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,611</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2013 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,438</td> </tr> <tr> <td valign="top"> 2014 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,150</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2015 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,749</td> </tr> <tr> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,283</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,281</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> </table>   The company has entered into sale/leaseback transactions involving buildings while retaining title to the underlying land. These transactions were accounted for as financings and are included in long-term debt and the annual maturities schedules above. The resulting obligations mature as follows during the next five years and thereafter:   <table border="0" cellspacing="0" cellpadding="0" width="84%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap"> (Amounts in millions) Fiscal Year </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Annual Maturity</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2011 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10</td> </tr> <tr> <td valign="top"> 2012 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2013 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10</td> </tr> <tr> <td valign="top"> 2014 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2015 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7</td> </tr> <tr> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">277</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">321</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> </table> </div> Note 4. Short-term Borrowings and Long-term Debt Information on short-term borrowings and interest rates is as false false false Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 false false 1 1 false UnKnown UnKnown UnKnown false true