Short-term Borrowings and Long-term Debt

Short-term borrowings consist of the following:



	2018			2017
Commercial paper	$	1,140		$	874
Australian notes	348			152
Notes	300			—
Current portion of Canadian credit facility	90			—
Variable-rate bank borrowings	22			10
Capital leases	1			1
Other⁽¹⁾	(5		)	—
Total short-term borrowings	$	1,896		$	1,037

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⁽¹⁾	Includes unamortized net discount/premium on debt issuances and debt issuance costs.

As of July 29, 2018, the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 2.54%. As of July 30, 2017, the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 1.31%.

As of July 29, 2018, we had $1,896 of short-term borrowings due within one year, of which $1,140 was comprised of commercial paper borrowings. As of July 29, 2018, we issued $59 of standby letters of credit. We have a committed revolving credit facility totaling $1,850 that matures in December 2021. This U.S. facility remained unused at July 29, 2018, except for $1 of standby letters of credit that we issued under it. The U.S. facility supports our commercial paper programs and other general corporate purposes.

In June 2017, we sold an intercompany note to a financial institution of AUD $190, or $152 with an interest rate of 6.98% that matures on March 29, 2021, but is payable upon demand. In June 2017, we sold an intercompany note to a financial institution of AUD $280, or $224, with an interest rate of 4.88% that matures on September 18, 2018. Interest on the notes is due semi-annually on January 23 and July 23. The net proceeds were used for general corporate purposes.

In July 2016, we entered into a Canadian committed revolving credit facility that matures in July 2019. As of July 29, 2018, the total commitment under the Canadian facility was CAD $125, or $96, and we had borrowings of CAD $117, or $90, at a rate of 3.17% under this facility. The Canadian facility supports general corporate purposes.

Long-term debt consists of the following:



Type	Fiscal Year of Maturity	Rate	2018			2017
Canadian credit facility	2019	Variable	$	90		$	130
Australian note	2019	4.88%	207			224
Notes	2019	4.50%	300			300
Notes	2020	Variable	500			—
Notes	2021	Variable	400			—
Senior Term Loan	2021	Variable	900			—
Notes	2021	3.30%	650			—
Notes	2021	4.25%	500			500
Debentures	2021	8.88%	200			200
Notes	2023	2.50%	450			450
Notes	2023	3.65%	1,200			—
Notes	2025	3.95%	850			—
Notes	2025	3.30%	300			300
Notes	2028	4.15%	1,000			—
Notes	2043	3.80%	400			400
Notes	2048	4.80%	700			—
Capital leases			7			7
Other⁽¹⁾			(59		)	(12		)
Total			$	8,595		$	2,499
Less current portion			597			—
Total long-term debt			$	7,998		$	2,499

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⁽¹⁾	Includes unamortized net discount/premium on debt issuances and debt issuance costs.

We issued $5,300 senior notes on March 16, 2018, and borrowed $900 under a single draw 3-year senior unsecured term loan facility on March 26, 2018 to finance the acquisition of Snyder's-Lance. The interest rate on the $900 senior unsecured term loan facility resets in one, two, three, or six-month periods dependent upon our election. Interest on the senior unsecured term loan facility is due upon the earlier of an interest reset or quarterly and the first interest payment is due in June 2018. The senior unsecured term loan facility may be prepaid at par at any time. The senior unsecured term loan facility contains a financial covenant based on our maximum leverage ratio. Pursuant to this covenant, if our credit rating is less than BBB+ from Standard & Poor's and Baa1 from Moody's Investors Service, Inc and the amount borrowed under the facility is in excess of $500, we must maintain a leverage ratio below (i) for the last day of each quarter ending on or prior to April 30, 2020, 5.75:1.00, and (ii) thereafter, 5.25:1.00. Our leverage ratio is calculated based on the ratio of consolidated net debt to consolidated adjusted EBITDA, each as defined in the credit agreement for the senior unsecured term loan facility. The maximum leverage ratio covenant is incorporated into our U.S. and Canadian facilities for so long as that covenant is in effect under the senior unsecured term loan facility. In addition, the senior unsecured term loan facility contains other customary covenants and events of default for credit facilities of this type. Interest on the 2-year floating rate senior notes is due quarterly on March 16, June 16, September 16, and December 16, commencing on June 16, 2018. Interest on the 3-year floating rate senior notes is due quarterly on March 15, June 15, September 15, and December 15, commencing on June 15, 2018. Interest on the fixed rate senior notes is due semi-annually on March 15 and September 15, commencing on September 15, 2018. The fixed rate senior notes may be redeemed, in whole or in part, at our option at any time at the applicable redemption price. If change of control triggering events occur, we will be required to offer to purchase the senior notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the purchase date.

Principal amounts of long-term debt mature as follows: $500 in 2020; $2,651 in 2021; $1 in 2022; $1,651 in 2023; and a total of $3,254 in period beyond 2023.