Long-term Debt

The following table provides the Company’s long-term debt balance, net of debt issuance costs and unamortized discounts, as of January 30, 2016 and January 31, 2015:



	January 30, 2016			January 31, 2015
	(in millions)
Senior Unsecured Debt with Subsidiary Guarantee
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	$	988		$	—
$1 billion, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	991			989
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”)	990			988
$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	496			496
$500 million, 8.50% Fixed Interest Rate Notes due June 2019 (“2019 Notes”) (a)	493			496
$400 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”)	396			395
Total Senior Unsecured Debt with Subsidiary Guarantee	$	4,354		$	3,364
Senior Unsecured Debt
$700 million, 6.90% Fixed Interest Rate Notes due July 2017 (“2017 Notes”) (b)	$	715		$	713
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	348			348
$300 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	297			297
Foreign Facilities	7			—
Total Senior Unsecured Debt	$	1,367		$	1,358
Total	$	5,721		$	4,722
Current Portion of Long-term Debt	(6		)	—
Total Long-term Debt, Net of Current Portion	$	5,715		$	4,722

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(a)	The balance includes a fair value interest rate hedge adjustment which increased the debt balance by $2 million as of January 30, 2016 and $8 million as of January 31, 2015.


(b)	The balance includes a fair value interest rate hedge adjustment which increased the debt balance by $16 million as of January 30, 2016 and $15 million as of January 31, 2015.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The impact of the adoption of this standard is a decrease to Other Assets and Long-term Debt on the Consolidated Balance Sheets of $47 million as of January 30, 2016 and $43 million as of January 31, 2015. For additional information, see Note 2, "New Accounting Pronouncements."

The following table provides principal payments due on long-term debt in the next five fiscal years and the remaining years thereafter:



Fiscal Year (in millions)
2016	$	6
2017	701
2018	—
2019	500
2020	400
Thereafter	4,150

Cash paid for interest was $317 million in 2015, $328 million in 2014 and $300 million in 2013.

Issuance of Notes

In October 2015, the Company issued $1 billion of 6.875% notes due in November 2035. The obligation to pay principal and interest on these notes is jointly and severally guaranteed on a full and unconditional basis by certain of the Company's 100% owned subsidiaries (the "Guarantors"). The proceeds from the issuance were $988 million, which were net of issuance costs of $12 million. These issuance costs are being amortized through the maturity date of November 2035 and are included within Long-term Debt on the January 30, 2016 Consolidated Balance Sheet.

In October 2013, the Company issued $500 million of 5.625% notes due in October 2023. The 2023 Notes are jointly and severally guaranteed on a full and unconditional basis by the Guarantors. The proceeds from the issuance were $495 million, which were net of issuance costs of $5 million. These issuance costs are being amortized through the maturity date of October 2023 and are included within Long-term Debt on the Consolidated Balance Sheets.

Repayment of Notes

In November 2014, the Company repaid the remaining $213 million of its 5.25% Senior Unsecured Notes due November 2014 with cash on hand.

Revolving Facility

The Company maintains a secured revolving credit facility (“Revolving Facility”). The Revolving Facility has aggregate availability of $1 billion and expires July 18, 2019. The fees related to committed and unutilized amounts per year are 0.30% per annum, and the fees related to outstanding letters of credit are 1.50% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings or British pound borrowings is LIBOR plus 1.50%. The interest rate on outstanding Canadian dollar borrowings is CDOR plus 1.50% per annum.

In July 2014, the Company entered into an amendment and restatement ("Amendment") of its Revolving Facility. The Company incurred fees related to the Amendment of the Revolving Facility of $5 million, which were capitalized and are being amortized over the remaining term of the Revolving Facility.

The Revolving Facility contains fixed charge coverage and debt to EBITDA financial covenants. The Company is required to maintain a fixed charge coverage ratio of not less than 1.75 to 1.00 and a consolidated debt to consolidated EBITDA ratio not exceeding 4.00 to 1.00 for the most recent four-quarter period. In addition, the Revolving Facility provides that investments and restricted payments may be made, without limitation on amount, if (a) at the time of and after giving effect to such investment or restricted payment the ratio of consolidated debt to consolidated EBITDA for the most recent four-quarter period is less than 3.00 to 1.00 and (b) no default or event of default exists. As of January 30, 2016, the Company was in compliance with both of its financial covenants, and the ratio of consolidated debt to consolidated EBITDA was less than 3.00 to 1.00.

During the second quarter of 2014 and the third quarter of 2013, the Company borrowed and repaid $5 million and $290 million, respectively, under the Revolving Facility. The maximum daily amount outstanding at any point in time during the second quarter of 2014 and third quarter of 2013 was $5 million and $140 million, respectively.

As of January 30, 2016, there were no borrowings outstanding under the Revolving Facility.

The Revolving Facility supports the Company’s letter of credit program. The Company had $8 million of outstanding letters of credit as of January 30, 2016 that reduce its remaining availability under the Revolving Facility.

In addition to the Revolving Facility the Company maintains various revolving and term loan bank facilities with availability totaling $35 million to support its foreign operations ("Foreign Facilities"). These Foreign Facilities mature between November 15, 2016 and July 30, 2017. The interest rates on outstanding borrowings are based upon the applicable benchmark rate for the currency of each borrowing.

During 2015, the Company borrowed $7 million under the Foreign Facilities. The maximum daily amount outstanding at any point in time during 2015 was $7 million. As of January 30, 2016, there were borrowings of $7 million outstanding under the Foreign Facilities.

Fair Value Interest Rate Swap Arrangements

For information related to the Company’s fair value interest rate swap arrangements, see Note 11, “Derivative Instruments.”