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Long-Term Debt
9 Months Ended
Oct. 31, 2014
Long-Term Debt  
Long-term Debt
Note 7: Long-Term Debt - In September 2014, the Company issued $1.25 billion of unsecured notes in three tranches: $450 million of floating rate notes maturing in September 2019 (the 2019 Notes); $450 million of 3.125% notes maturing in September 2024 (the 2024 Notes); and $350 million of 4.25% notes maturing in September 2044 (the 2044 Notes, and together with the 2019 and 2024 Notes, the Notes). The 2019, 2024, and 2044 Notes were issued at discounts of approximately $2 million, $6 million, and $4 million, respectively. The discounts associated with these issuances are included in long-term debt and are being amortized over the respective terms of the notes. The 2019 Notes will bear interest at a floating rate, reset quarterly, equal to the three-month LIBOR plus 0.420% (0.654% as of October 31, 2014). Interest on the 2019 Notes is payable quarterly in arrears in March, June, September, and December of each year until maturity, beginning in December 2014. Interest on the 2024 and 2044 Notes is payable semiannually in arrears in March and September of each year until maturity, beginning in March 2015.

We do not have the right to redeem the 2019 Notes prior to maturity. The indentures governing the 2024 and 2044 Notes contain a provision that allows the Company to redeem the notes at any time, in whole or in part, at specified redemption prices plus accrued interest to the date of redemption. The indentures also contain a provision that allows the holders of the Notes to require the Company to repurchase all or any part of their notes if a change of control triggering event (as defined in the Indenture) occurs. If elected under the change of control provisions, the repurchase of the Notes will occur at a purchase price of 101% of the principal amount, plus accrued and unpaid interest, if any, on such notes to the date of purchase. The indentures governing the Notes do not limit the aggregate principal amount of debt securities that the Company may issue and do not require the Company to maintain specified financial ratios or levels of net worth or liquidity. However, the indentures include various restrictive covenants, none of which is expected to impact the Company’s liquidity or capital resources.