Home Depot 2015 Annual Report Download - page 47

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Table of Contents
45
The approximate future minimum lease payments under capital and all other leases at January 31, 2016 were as follows
(amounts in millions):
Fiscal Year Capital
Leases Operating
Leases
2016 $ 122 $ 868
2017 119 804
2018 112 708
2019 109 624
2020 127 543
Thereafter through 2097 900 3,876
1,489 $ 7,423
Less imputed interest 726
Net present value of capital lease obligations 763
Less current installments 40
Long-term capital lease obligations, excluding current installments $ 723
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 $629 million and $557 million at January 31, 2016 and February 1,
2015, respectively.
6. DEBT
The Company has commercial paper programs that allow for borrowings up to $2.0 billion. All of the Company’s short-term
borrowings in fiscal 2015 and 2014 were under these commercial paper programs. In connection with these 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
January 31, 2016, the Company was in compliance with all of the covenants, and they are not expected to impact the
Company’s liquidity or capital resources.
Short-Term Debt under the commercial paper programs was as follows (amounts in millions):
Fiscal Year Ended
January 31,
2016 February 1,
2015
Balance outstanding at fiscal year-end $ 350 $ 290
Maximum amount outstanding at any month-end $ 350 $ 290
Average daily short-term borrowings $ 69 $ 20
Weighted average interest rate 0.34% 0.13%