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Short-term Borrowings and Long-term Debt
 12 Months Ended
Jul. 30, 2023
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt
Short-term borrowings consist of the following:
(Millions)20232022
Commercial paper$178 $235 
Notes— 566 
Finance leases13 14 
Other(1)
— (1)
Total short-term borrowings$191 $814 
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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 5.43% as of July 30, 2023, and 2.63% as of July 31, 2022.
As of July 30, 2023, we issued $29 million of standby letters of credit. On September 27, 2021, we entered into a committed revolving credit facility totaling $1.85 billion scheduled to mature on September 27, 2026. This facility remained unused at July 30, 2023, except for $1 million 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.
On April 4, 2023, we entered into an amendment to our existing revolving credit facility to replace remaining LIBOR-based benchmark rates applicable to borrowings under the revolving credit facility with SOFR-based benchmark rates, in advance of the cessation of LIBOR occurring on June 30, 2023.
Long-term debt consists of the following:
(Millions)20232022
3.65% Notes due March 15, 2023
$— $566 
3.95% Notes due March 15, 2025
850 850 
3.30% Notes due March 19, 2025
300 300 
Variable-rate term loan due November 15, 2025
500 — 
4.15% Notes due March 15, 2028
1,000 1,000 
2.375% Notes due April 24, 2030
500 500 
3.80% Notes due August 2, 2042
163 163 
4.80% Notes due March 15, 2048
700 700 
3.125% Notes due April 24, 2050
500 500 
Finance leases15 16 
Other(1)
(30)(34)
Total$4,498 $4,561 
Less current portion— 565 
Total long-term debt$4,498 $3,996 
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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:
(Millions)
2025$1,158 
2026$507 
2027$— 
2028$1,000 
Thereafter$1,863 
Debt Extinguishments
On March 4, 2022, we completed the redemption of all $450 million outstanding aggregate principal amount of our 2.50% Senior Notes due August 2, 2022. The consideration for the redemption was $453 million, including $3 million of premium. We recognized a loss of $4 million (including the $3 million of premium and other costs), which was recorded in Interest expense in the Consolidated Statement of Earnings. In addition, we paid accrued and unpaid interest on the redeemed notes through the date of settlement. We used a combination of cash on hand and short-term debt to fund the redemption.
Debt Repayments
In March 2023, we repaid our 3.65% $566 million Notes.
In March 2021, we repaid our 3.30% $321 million Notes and floating rate $400 million Notes, and in May 2021, we repaid our 8.875% $200 million Notes.
Debt Issuances
On November 15, 2022, we entered into a delayed draw term loan credit agreement (the DDTL Credit Agreement) totaling up to $500 million scheduled to mature on November 15, 2025. Loans under the DDTL Credit Agreement bear interest at the rates specified in the DDTL Credit Agreement, which vary based on the type of loan and certain other conditions. The DDTL Credit Agreement contains customary representations and warranties, affirmative and negative 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 DDTL Credit Agreement) of not less than 3.25:1.00, and events of default for credit facilities of this type. We borrowed $500 million under the DDTL Credit Agreement on March 13, 2023, and used the proceeds and cash on hand to repay the 3.65% $566 million Notes that matured on March 15, 2023.