Debt

12 Months Ended

Jan. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

The components of the Company's borrowings were as follows (in millions):

Instrument	Date of Issuance	Maturity Date	Contractual Interest Rate		Outstanding Principal as of January 31, 2025	Carrying Value as of January 31, 2025		Carrying Value as of January 31, 2024
2024 Senior Notes (1)	July 2021	July 2024	0.625	%	0	0		999
2028 Senior Notes	April 2018	April 2028	3.70		1,500	1,496		1,495
2028 Senior Sustainability Notes	July 2021	July 2028	1.50		1,000	995		994
2031 Senior Notes	July 2021	July 2031	1.95		1,500	1,491		1,490
2041 Senior Notes	July 2021	July 2041	2.70		1,250	1,236		1,235
2051 Senior Notes	July 2021	July 2051	2.90		2,000	1,979		1,978
2061 Senior Notes	July 2021	July 2061	3.05		1,250	1,236		1,235
Total carrying value of debt					8,500	8,433		9,426
Less current portion of debt						0		(999)
Total noncurrent debt						$	8,433	$	8,427

(1) The Company repaid in full the 2024 Senior Notes in the second quarter of fiscal 2025.

The Company was in compliance with all debt covenants as of January 31, 2025.

The total estimated fair value of the Company's outstanding senior unsecured notes (the “Senior Notes”) above was $6.6 billion and $7.8 billion as of January 31, 2025 and January 31, 2024, respectively. The fair value was determined based on the closing trading price per $100 of the Senior Notes as of the last day of trading of fiscal 2025 and fiscal 2024, and are deemed Level 2 liabilities within the fair value measurement framework.

The contractual future principal payments for all borrowings as of January 31, 2025 were as follows (in millions):

Fiscal Period:
Fiscal 2026	$	0
Fiscal 2027	0
Fiscal 2028	0
Fiscal 2029	2,500
Fiscal 2030	0
Thereafter	6,000
Total principal outstanding	$	8,500

Interest expense primarily from out debt instruments for fiscal 2025, 2024 and 2023 was $272 million, $283 million and $300 million, respectively, and is included in other income (expense) in the consolidated statements of operations.

Revolving Credit Facility

In October 2024, the Company entered into a Credit Agreement with the lenders and issuing lenders party thereto, and Bank of America, N.A., as administrative agent (the “Revolving Loan Credit Agreement”). The Revolving Loan Credit Agreement replaced the Credit Agreement, dated December 23, 2020 (as amended, the “Prior Credit Agreement”), among the Company, the lenders and the issuing lenders party thereto, and Citibank, N.A., as administrative agent, which provided for a $3.0 billion unsecured revolving credit facility that was scheduled to mature on December 23, 2025. There were no outstanding borrowings under the Prior Credit Agreement.

The Revolving Loan Credit Agreement provides for a $5.0 billion unsecured revolving credit facility (“Credit Facility”) and matures in October 2029. The Company may use the proceeds of future borrowings under the Credit Facility for general corporate purposes. There were no outstanding borrowings under the Credit Facility as of January 31, 2025.