Home Depot 2014 Annual Report Download - page 48

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43
The approximate future minimum lease payments under capital and all other leases at February 1, 2015 were as follows
(amounts in millions):
Fiscal Year Capital
Leases Operating
Leases
2015 $ 113 $ 893
2016 111 817
2017 108 737
2018 101 638
2019 97 561
Thereafter through 2097 880 4,059
1,410 $ 7,705
Less imputed interest 726
Net present value of capital lease obligations 684
Less current installments 36
Long-term capital lease obligations, excluding current installments $ 648
Short-term and long-term obligations for capital leases are included in the accompanying Consolidated Balance Sheets in
Current Installments of Long-Term Debt and Long-Term Debt, respectively. The assets under capital leases recorded in
Property and Equipment, net of amortization, totaled $557 million and $374 million at February 1, 2015 and February 2,
2014, respectively.
4. DEBT
The Company has commercial paper programs that allow for borrowings up to $2.0 billion. In connection with the programs,
the Company has a back-up credit facility with a consortium of banks for borrowings up to $2.0 billion. In December 2014,
the Company replaced its back-up credit facility, which was scheduled to expire in July 2017, with a new, substantially
identical $2.0 billion credit facility. The new credit facility expires in December 2019 and contains various restrictive
covenants. At February 1, 2015, the Company was in compliance with all of the covenants, and they are not expected to
impact the Company’s liquidity or capital resources.
At February 1, 2015, there were $290 million of borrowings outstanding under the commercial paper programs and no
borrowings outstanding under the related credit facility. All of the Company's short-term borrowings in fiscal 2014 were
under these commercial paper programs. For the fiscal year ended February 1, 2015, the maximum amount outstanding at
any month-end was $290 million, the average daily short-term borrowings were $20 million and the weighted average
interest rate was 0.13%. There were no borrowings under the commercial paper programs or the related credit facility in
fiscal 2013.