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48 2015 Annual Report
The Company’s long-term debt, which includes the fair value instruments further discussed in Note 8, consists of the following:
January 31, 2015 January 31, 2014
Maturity Dates Average Average
(Amounts in millions) By Fiscal Year Amount Rate
(1)
Amount Rate
(1)
Unsecured debt
Fixed 2016-2045 $36,000 4.3% $35,500 4.3%
Variable 2019 500 5.4% 500 5.4%
Total U.S. dollar denominated 36,500 36,000
Fixed 2023-2030 2,821 3.3% 1,356 4.9%
Variable — —
Total Euro denominated 2,821 1,356
Fixed 2031-2039 5,271 5.3% 5,770 5.3%
Variable — —
Total Sterling denominated 5,271 5,770
Fixed 2016-2021 596 1.0% 1,490 1.3%
Variable 2016 255 0.6% 457 0.7%
Total Yen denominated 851 1,947
Total unsecured debt 45,443 45,073
Total other debt (in USD)
(2)
453 801
Total debt 45,896 45,874
Less amounts due within one year (4,810) (4,103)
Long-term debt $41,086 $41,771
(1) The average rate represents the weighted-average stated rate for each corresponding debt category, based on year-end balances and year-end interest rates. Interest costs
are also impacted by certain derivative financial instruments described in Note 8.
(2) A portion of other debt at January 31, 2015 and 2014 includes secured debt in the amount of $139 million and $572 million, respectively, which was collateralized by property
that had an aggregate carrying amount of approximately $19 million and $471 million, respectively.
At January 31, 2015 and 2014, the Company had $500 million in debt with embedded put options. The 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. Accordingly, this issuance has been classified as long-term debt due within one year in the Company’s Consolidated Balance Sheets.
Annual maturities of long-term debt during the next five years and thereafter are as follows:
(Amounts in millions) Annual
Fiscal Year Maturities
2016 $ 4,810
2017 2,312
2018 1,523
2019 3,518
2020 514
Thereafter 33,219
Total $45,896
Notes to Consolidated Financial Statements