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Short-term Borrowings and Long-term Debt
 12 Months Ended
Jan. 31, 2025
Long-Term Debt, Unclassified [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt
Short-term borrowings consist of commercial paper and lines of credit. Short-term borrowings as of January 31, 2025 and 2024 were $3.1 billion and $0.9 billion, respectively, with weighted-average interest rates of 5.3% and 7.7%, respectively.
The Company has various committed lines of credit in the U.S. to support its commercial paper program which are summarized in the following table:
January 31, 2025January 31, 2024
(Amounts in millions)AvailableDrawnUndrawnAvailableDrawnUndrawn
Five-year credit facility(1)
$5,000 $— $5,000 $5,000 $— $5,000 
364-day revolving credit facility(1)
10,000 — 10,000 10,000 — 10,000 
Total$15,000 $— $15,000 $15,000 $— $15,000 
(1)     In April 2024, the Company renewed and extended its existing 364-day revolving credit facility as well as its five year credit facility.
The committed lines of credit in the table above mature in April 2025 and April 2029, carry interest rates of the Secured Overnight Financing Rate plus 55 basis points, and incur commitment fees ranging between 1.5 and 4.0 basis points. In conjunction with the committed 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 has syndicated and fronted letters of credit available which totaled $2.1 billion as of January 31, 2025 and 2024, of which $1.5 billion and $1.7 billion was drawn as of January 31, 2025 and 2024, respectively.
The Company's long-term debt, which includes the fair value instruments further discussed in Note 8, consists of the following as of January 31, 2025 and 2024:
 January 31, 2025January 31, 2024
(Amounts in millions)Maturity Dates
By Fiscal Year		Amount
Average Rate(1)
Amount
Average Rate(1)
Unsecured fixed-rate debt
U.S. dollar denominated
2026 - 2054$31,406 3.8%$34,527 3.7%
Euro denominated
2027 - 20301,715 4.0%1,789 4.0%
Sterling denominated
2031 - 20393,336 5.4%3,412 5.4%
Yen denominated
2028389 0.5%677 0.4%
Total unsecured fixed-rate debt
36,846 40,405 
Total other(2)
(847)(826)
Total debt35,999 39,579 
Less amounts due within one year(2,598)(3,447)
Long-term debt$33,401 $36,132 
(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.
(2)Includes deferred loan costs, discounts, fair value hedges, foreign-held debt and secured debt.
Annual maturities of long-term debt during the next five years and thereafter are as follows:
(Amounts in millions)Annual
Fiscal YearMaturities
2026$2,598 
20273,451 
20281,741 
20293,340 
20301,955 
Thereafter22,914 
Total$35,999 
Debt Issuances
There were no long-term debt issuances in fiscal 2025. Information on significant long-term debt issued during fiscal 2024, for general corporate purposes, is as follows:
(Amounts in millions)
Issue DatePrincipal AmountMaturity DateFixed vs. FloatingInterest RateNet Proceeds
April 18, 2023$750April 15, 2026Fixed4.000%$748 
April 18, 2023$750April 15, 2028Fixed3.900%746 
April 18, 2023$500April 15, 2030Fixed4.000%497 
April 18, 2023$1,500April 15, 2033Fixed4.100%1,491 
April 18, 2023$1,500April 15, 2053Fixed4.500%1,485 
Total$4,967 
These issuances are senior, unsecured notes which rank equally with all other senior, unsecured debt obligations of the Company, and are not convertible or exchangeable. These issuances do not contain any financial covenants which restrict the Company's ability to pay dividends or repurchase Company stock.
Maturities
The following tables provide details of significant long-term debt repayments during fiscal 2025 and 2024, respectively:
(Amounts in millions)
Maturity DatePrincipal AmountFixed vs. FloatingInterest RateRepayment
April 22, 2024$1,500Fixed3.300%$1,500 
July 8, 2024$990Fixed2.850%990 
July 18, 2024¥40,000Fixed0.298%253 
December 15, 2024$630Fixed2.650%630 
Total repayment of matured debt$3,373 
(Amounts in millions)
Maturity DatePrincipal AmountFixed vs. FloatingInterest RateRepayment
April 11, 2023$1,750Fixed2.550%$1,750 
June 26, 2023$2,280Fixed3.400%2,280 
Total repayment of matured debt$4,030