Walmart 2016 Annual Report Download - page 49

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47Only Walmart
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, 2016 and 2015 were
$2.7 billion and $1.6 billion, respectively. The following table includes additional information related to the Company’s short-term borrowings
for fiscal 2016, 2015 and 2014:
Fiscal Years Ended January 31,
(Amounts in millions) 2016 2015 2014
Maximum amount outstanding at any month-end $10,551 $11,581 $13,318
Average daily short-term borrowings 4,536 7,009 8,971
Weighted-average interest rate 1.5% 0.5% 0.1%
The Company has various committed lines of credit, committed with 23 financial institutions, totaling $15.0 billion as of January 31, 2016 and 2015.
The committed lines of credit are summarized in the following table:
Fiscal Years Ended January 31,
(Amounts in millions) 2016 2015
Available Drawn Undrawn Available Drawn Undrawn
Five-year credit facility
(1)
$ 6,000 $ — $ 6,000 $ 6,000 $ — $ 6,000
364-day revolving credit facility
(1)
9,000 — 9,000 9,000 — 9,000
Total $15,000 $ — $15,000 $15,000 $ — $15,000
(1) In June 2015, the Company renewed and extended its existing five-year credit facility and its existing 364-day revolving credit facility, both of which are used to support its
commercial paper program.
The committed lines of credit mature at various times between June 2016 and June 2020, 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 $4.5 billion and $4.6 billion at January 31, 2016
and 2015, respectively. These letters of credit are utilized in normal business activities.
Notes to Consolidated Financial Statements