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Short-term Borrowings and Long-term Debt
 12 Months Ended
Aug. 01, 2021
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt
Short-term borrowings consist of the following:
20212020
Commercial paper$37 $280 
Notes— 721 
Debentures— 200 
Finance leases11 3 
Other(1)
— (2)
Total short-term borrowings$48 $1,202 
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(1)Includes unamortized net discount/premium on debt issuances and debt issuance costs.
The weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 0.22% as of August 1, 2021, and 2.10% as of August 2, 2020.
As of August 1, 2021, we issued $36 of standby letters of credit. On November 2, 2020, we entered into a committed revolving credit facility totaling $1,850 that matures on November 2, 2023. This facility remained unused at August 1, 2021, except for $1 of standby letters of credit that we issued under it. The facility contains customary covenants, including a financial covenant with respect to a minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense (as each is defined in the credit facility) of not less than 3.25:1.00, measured quarterly, and customary events of default for credit facilities of this type. Loans under this facility will bear interest at the rates specified in the facility, which vary based on the type of loan and certain other customary conditions. The facility supports our commercial paper program and other general corporate purposes. In March 2020, we borrowed $300 under our previous revolving credit facility and on May 1, 2020, we repaid the borrowings.
Long-term debt consists of the following:
TypeFiscal Year of MaturityRate20212020
Notes2021Variable$— $400 
Notes20213.30%— 321 
Debentures20218.875%— 200 
Notes20232.50%450 450 
Notes20233.65%566 566 
Notes20253.95%850 850 
Notes20253.30%300 300 
Notes20284.15%1,000 1,000 
Notes20302.375%500 500 
Notes20433.80%163 163 
Notes20484.80%700 700 
Notes20503.125%500 500 
Finance leases19 7 
Other(1)
(38)(42)
Total$5,010 $5,915 
Less current portion— 921 
Total long-term debt$5,010 $4,994 
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(1)Includes unamortized net discount/premium on debt issuances and debt issuance costs.
Principal amounts of long-term debt mature as follows: $1,025 in 2023; $5 in 2024; $1,152 in 2025; $3 in 2026; and a total of $2,863 in periods thereafter.
Debt Extinguishment
On January 22, 2020, we completed the redemption of all $500 outstanding aggregate principal amount of our 4.25% Senior Notes due 2021. On January 24, 2020, we settled tender offers to purchase $1,200 in aggregate principal amount of certain senior unsecured debt, comprising $329 of 3.30% Senior Notes due 2021, $634 of 3.65% Senior Notes due 2023, and $237 of 3.80% Senior Notes due 2043. The consideration for the redemption and the tender offers was $1,765, including $65 of premium. We recognized a loss of $75 (including $65 of premium, fees and other costs paid with the tender offers and unamortized debt issuance costs), which was recorded in Interest expense in the Consolidated Statement of Earnings. In addition, we paid accrued and unpaid interest on the purchased notes through the dates of settlement.
Debt Repayments
In March 2021, we repaid our 3.30% $321 notes and floating rate $400 notes, and in May 2021, we repaid our 8.875% $200 notes.
In 2020, we also repaid our $499 Senior Term Loan due 2021.
Debt Issuances
On April 24, 2020, we issued senior notes in an aggregate principal amount of $1,000, consisting of $500 aggregate principal amount of notes bearing interest at a fixed rate of 2.375% per annum, due April 24, 2030, and $500 aggregate principal amount of notes bearing interest at a fixed rate of 3.125% per annum, due April 24, 2050. On May 1, 2020, we used $300 of the net proceeds to repay $300 of borrowings outstanding under a revolving credit facility. The 2.375% Senior Notes due 2030 and the 3.125% Senior Notes due 2050 may each be redeemed at the applicable redemption price, in whole or in part, at our option at any time and from time to time prior to January 24, 2030, and October 24, 2049, respectively. Interest on each of the notes is due semi-annually on April 24 and October 24, commencing on October 24, 2020. The notes contain customary covenants and events of default. If a change of control triggering event occurs, we will be required to offer to purchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the purchase date.