Short-term Borrowings and Long-term Debt

Short-term borrowings consist of the following:



	2019			2018
Commercial paper	$	853		$	1,140
Notes	500			300
Current portion of Canadian credit facility	—			90
Capital leases	1			—
Build-to-suit lease commitment	20			—
Other⁽¹⁾	(3		)	(5		)
Total short-term borrowings	$	1,371		$	1,525

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

As of July 28, 2019, the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 2.97%. 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 28, 2019, we had $1,371 of short-term borrowings of continuing operations due within one year, of which $853 was comprised of commercial paper borrowings. In addition, as of July 28, 2019, we had short-term borrowings of $232 reflected in Current liabilities of discontinued operations. As of July 28, 2019, we issued $46 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 28, 2019, 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.

As of July 29, 2018, we had short-term borrowings of $371 reflected in Current liabilities of discontinued operations.

Long-term debt consists of the following:



Type	Fiscal Year of Maturity	Rate	2019			2018
Canadian credit facility	2019	Variable	$	—		$	90
Notes	2019	4.50%	—			300
Notes	2020	Variable	500			500
Notes	2021	Variable	400			400
Senior Term Loan	2021	Variable	499			900
Notes	2021	3.30%	650			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			1,200
Notes	2025	3.95%	850			850
Notes	2025	3.30%	300			300
Notes	2028	4.15%	1,000			1,000
Notes	2043	3.80%	400			400
Notes	2048	4.80%	700			700
Capital leases			3			—
Other⁽¹⁾			(49		)	(59		)
Total			$	7,603		$	8,381
Less current portion			500			390
Total long-term debt			$	7,103		$	7,991

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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. 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. In addition, the senior unsecured term loan facility contains other customary covenants and events of default for credit facilities of this type. During the fourth quarter of 2019, we prepaid $401 of the senior unsecured term loan facility. As a result of such prepayment, the maximum leverage ratio covenant in the senior unsecured term loan facility no longer applies. 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 of continuing operations mature as follows: $2,250 in 2021; $2 in 2022; $1,651 in 2023; $1 in 2024; and a total of $3,254 in periods thereafter.

In addition, we have long-term debt of $6 and $7 in 2019 and 2018, respectively, reflected in Noncurrent liabilities of discontinued operations.