DEBT OBLIGATIONS

9 Months Ended

Nov. 09, 2019

DEBT OBLIGATIONS

DEBT OBLIGATIONS

2. DEBT OBLIGATIONS

Long-term debt consists of:

	November 9,		February 2,
	2019		2019
1.50% to 8.00% Senior Notes due through 2048	$	11,606	$	12,097
5.63% to 12.75% Mortgages due through 2027		12		14
1.83% to 2.63% Commercial paper borrowings		565		800
3.37% Term Loan		—		1,000
Other		495		440
Total debt, excluding obligations under finance leases		12,678		14,351
Less current portion		(1,367)		(3,103)
Total long-term debt, excluding obligations under finance leases	$	11,311	$	11,248

The fair value of the Company’s long-term debt, including current maturities, was estimated based on the quoted market prices for the same or similar issues adjusted for illiquidity based on available market evidence. If quoted market prices were not available, the fair value was based upon the net present value of the future cash flow using the forward interest rate yield curve in effect at November 9, 2019 and February 2, 2019. At November 9, 2019, the fair value of total debt was $13,540 compared to a carrying value of $12,678. At February 2, 2019, the fair value of total debt was $14,190 compared to a carrying value of $14,351.

During the first three quarters of 2019, the Company repaid a $1,000 term loan bearing an interest rate of 3.37%. Additionally, in the third quarter of 2019, the Company repaid, upon maturity, $500 of senior notes bearing an interest rate of 1.5%, with proceeds from commercial paper borrowings.

In anticipation of future debt refinancing, the Company, in the first three quarters of 2019, entered into six forward-starting interest rate swap agreements with a maturity date of January 2021 with an aggregate notional amount totaling $300 and one forward-starting interest rate swap agreement with a maturity date of January 2020 with a notional amount of $50. As of the end of the third quarter of 2019, the Company had a total of $600 notional amount of forward-starting interest rate swaps outstanding. The forward-starting interest rate swaps entered into in the first three quarters of 2019 were designated as cash-flow hedges.