Walmart 2014 Annual Report Download - page 49

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Walmart 2014 Annual Report 47
6 Short-term Borrowings and Long-term Debt
Short-term borrowings consist of commercial paper and lines of credit. Short-term borrowings outstanding at January 31, 2014 and 2013 were
$7.7 billion and $6.8 billion, respectively. The following table includes additional information related to the Company’s short-term borrowings for
scal 2014, 2013 and 2012:
Fiscal Years Ended January 31,
(Amounts in millions) 2014 2013 2012
Maximum amount outstanding at any month-end $13,318 $8,740 $9,594
Average daily short-term borrowings 8,971 6,007 6,040
Weighted-average interest rate 0.1% 0.1% 0.1%
The Company has various lines of credit, committed with 24 nancial institutions, totaling $17.3 billion as of January 31, 2014 and with 27 nancial
institutions, totaling $18.1 billion as of January 31, 2013. The lines of credit, including drawn and undrawn amounts, are summarized in the following table:
Fiscal Years Ended January 31,
(Amounts in millions) 2014 2013
Available Drawn Undrawn Available Drawn Undrawn
Five-year credit facility
(1)
$ 6,000 $ — $ 6,000 $ 6,258 $ — $ 6,258
364-day revolving credit facility
(2)
9,400 — 9,400 10,000 — 10,000
Stand-by letters of credit
(3)
1,883 1,836 47 1,871 1,868 3
Total $17,283 $1,836 $15,447 $18,129 $1,868 $16,261
(1) In June 2013, the Company renewed and extended its existing five-year credit facility, which is used to support its commercial paper program.
(2) In June 2013, the Company renewed and extended its existing 364-day revolving credit facility, which is used to support its commercial paper program.
(3) In June 2013, the Company renewed the stand-by letters of credit, which are used to support various potential and actual obligations.
The committed lines of credit mature at various times between June 2014 and June 2018, carry interest rates generally ranging between LIBOR plus
10 basis points and LIBOR plus 75 basis points, and incur commitment fees ranging between 1.5 and 4.0 basis points. In conjunction with the lines of
credit listed in the table above, the Company has agreed to observe certain covenants, the most restrictive of which relates to the maximum amount
of secured debt.
Additionally, the Company had trade letters of credit outstanding totaling $2.8 billion and $2.7 billion at January 31, 2014 and 2013, respectively.
Notes to Consolidated Financial Statements