Walmart 2015 Annual Report Download - page 49

Download and view the complete annual report

Please find page 49 of the 2015 Walmart annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 68

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68

47
2015 Annual Report
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, 2015 and 2014 were
$1.6 billion and $7.7 billion, respectively. The following table includes additional information related to the Company’s short-term borrowings for
fiscal 2015, 2014 and 2013:
Fiscal Years Ended January 31,
(Amounts in millions) 2015 2014 2013
Maximum amount outstanding at any month-end $11,581 $13,318 $8,740
Average daily short-term borrowings 7,009 8,971 6,007
Weighted-average interest rate 0.5% 0.1% 0.1%
The Company has various committed lines of credit, committed with 23 financial institutions, totaling $15.0 billion as of January 31, 2015 and with 24 financial
institutions, totaling $15.4 billion as of January 31, 2014. The committed lines of credit are summarized in the following table:
Fiscal Years Ended January 31,
(Amounts in millions) 2015 2014
Available Drawn Undrawn Available Drawn Undrawn
Five-year credit facility
(1)
$ 6,000 $ — $ 6,000 $ 6,000 $ — $ 6,000
364-day revolving credit facility
(2)
9,000 — 9,000 9,400 — 9,400
Total $15,000 $ — $15,000 $15,400 $ — $15,400
(1) In June 2014, the Company renewed and extended its existing five-year credit facility, which is used to support its commercial paper program.
(2) In June 2014, the Company renewed and extended its existing 364-day revolving credit facility, which is used to support its commercial paper program.
The committed lines of credit mature at various times between June 2015 and June 2019, 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.
Apart from the committed lines of credit, the Company has trade and stand-by letters of credit totaling $4.6 billion and $4.7 billion at January 31, 2015
and 2014, respectively. These letters of credit are utilized in normal business activities.
Notes to Consolidated Financial Statements