Short-Term Borrowings And Long-Term Debt

12 Months Ended

Jul. 29, 2012

Long-term Debt, Unclassified [Abstract]

Short-Term Borrowings And Long-Term Debt

Short-term Borrowings and Long-term Debt

Short-term borrowings consist of the following:

	2012		2011
Commercial paper	$	352	$	563
Current portion of long-term debt	400		—
Variable-rate bank borrowings	30		92
Fixed-rate borrowings	—		1
Capital leases	—		1
Other (1)	4		—
	$	786	$	657

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(1) Other includes amounts related to interest rate swaps designated as fair-value hedges. For additional information on fair-value interest rate swaps, see Note 12.

As of July 29, 2012, the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 0.23%. As of July 31, 2011, the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 0.33%.

At July 29, 2012, the company had $47 of standby letters of credit issued on behalf of the company. At that date, the company had a $500 credit facility that matured in September 2012 and a $1,500 facility that matures in September 2016. These facilities remained unused at July 29, 2012, except for $3 of standby letters of credit issued on behalf of the company. In September 2012, the company entered into a $500 committed revolving credit facility that matures in September 2016, replacing the $500 credit facility that matured in September 2012. These revolving credit agreements support the company’s commercial paper programs and other general corporate purposes.

Long-term debt consists of the following:

Type	Fiscal Year of Maturity	Rate	2012		2011
Notes	2013	5.00%	$	400	$	400
Notes	2014	4.88%	300		300
Notes	2015	3.38%	300		300
Notes	2017	3.05%	400		400
Notes	2019	4.50%	300		300
Notes	2021	4.25%	500		500
Debentures	2021	8.88%	200		200
Other(1)			8		27
Total			2,408		2,427
Less current portion			404		—
Total long-term debt			$	2,004	$	2,427

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(1) Other includes unamortized net premium/discount on debt issuances and amounts related to interest rate swaps designated as fair-value hedges. For additional information on fair-value interest rate swaps, see Note 12.

In April 2011, the company issued $500 of 4.25% notes which mature on April 15, 2021. Interest on the notes is due semi-annually on April 15 and October 15, commencing on October 15, 2011. The company may redeem the notes in whole or in part at any time at a redemption price of 100% of the principal amount plus accrued interest or an amount designed to ensure that the note holders are not penalized by the early redemption.

Principal amounts of debt mature as follows: $400 in 2013; $300 in 2014; $300 in 2015; $0 in 2016; $400 in 2017; and beyond a total of $1,000.

On August 6, 2012, the company acquired Bolthouse Farms. The acquisition was funded through a combination of short- and long-term borrowings. See Note 19 for additional information.