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2016 Annual Report48
The Company’s long-term debt, which includes the fair value instruments further discussed in Note 8, consists of the following:
January 31, 2016 January 31, 2015
Maturity Dates Average Average
(Amounts in millions) By Fiscal Year Amount Rate
(1)
Amount Rate
(1)
Unsecured debt
Fixed 2017-2045 $32,500 4.5% $36,000 4.3%
Variable 2019 500 5.3% 500 5.4%
Total U.S. dollar denominated 33,000 36,500
Fixed 2023-2030 2,708 3.3% 2,821 3.3%
Variable — —
Total Euro denominated 2,708 2,821
Fixed 2031-2039 4,985 5.3% 5,271 5.3%
Variable — —
Total Sterling denominated 4,985 5,271
Fixed 2021 83 1.6% 596 1.0%
Variable — 255 0.6%
Total Yen denominated 83 851
Total unsecured debt 40,776 45,443
Total other debt (in USD)
(2)
183 237
Total debt 40,959 45,680
Less amounts due within one year (2,745) (4,791)
Long-term debt $38,214 $40,889
(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, 2016 and 2015 includes secured debt in the amount of $131 million and $139 million, respectively, which was collateralized by property
that had an aggregate carrying amount of approximately $13 million and $19 million, respectively.
At January 31, 2016 and 2015, 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
2017 $ 2,745
2018 1,519
2019 3,497
2020 498
2021 3,352
Thereafter 29,348
Total $40,959
Notes to Consolidated Financial Statements