Debt and Credit Facilities

9 Months Ended

Nov. 03, 2018

Debt Disclosure [Abstract]

Debt and Credit Facilities

Debt and Credit Facilities

As of November 3, 2018, February 3, 2018, and October 28, 2017, the estimated fair value of our $1.25 billion aggregate principal amount of 5.95 percent notes (the “Notes”) due April 2021 was $1.29 billion, $1.33 billion, and $1.35 billion, respectively, and was based on the quoted market price of the Notes (level 1 inputs) as of the last business day of the respective fiscal quarter. The aggregate principal amount of the Notes is recorded in long-term debt on the Condensed Consolidated Balance Sheets, net of the unamortized discount.

We have a $500 million, five-year, unsecured revolving credit facility (the “Facility”), which is scheduled to expire in May 2023. There were no borrowings and no material outstanding standby letters of credit under the Facility as of November 3, 2018.

We maintain multiple agreements with third parties that make unsecured revolving credit facilities available for our operations in foreign locations (the “Foreign Facilities”). These Foreign Facilities are uncommitted and are generally available for borrowings, overdraft borrowings, and the issuance of bank guarantees. The total capacity of the Foreign Facilities was $56 million as of November 3, 2018. As of November 3, 2018, there were no borrowings under the Foreign Facilities. There were $15 million in bank guarantees issued and outstanding primarily related to store leases under the Foreign Facilities as of November 3, 2018.

We have bilateral unsecured standby letter of credit agreements that are uncommitted and do not have expiration dates. As of November 3, 2018, we had $13 million in standby letters of credit issued under these agreements.

Our 15 billion Japanese yen, four-year, unsecured term loan which was due on January 15, 2018, was paid in full in June 2017.