Debt And Credit Facilities

6 Months Ended

Aug. 03, 2013

DEBT AND CREDIT FACILITIES

Debt

A summary of our long-term debt is as follows:



	August 3, 2013			February 2, 2013			July 28, 2012
Secured
Series 2011-1 Class A Notes, 2.28%, due October 2016	$	325		$	325		$	325
Mortgage payable, 7.68%, due April 2020	44			47			49
Other	9			10			11
	378			382			385
Unsecured
Senior notes, 6.75%, due June 2014, net of unamortized discount	400			400			399
Senior notes, 6.25%, due January 2018, net of unamortized discount	648			648			648
Senior notes, 4.75%, due May 2020, net of unamortized discount	499			498			498
Senior notes, 4.00%, due October 2021, net of unamortized discount	499			499			499
Senior debentures, 6.95%, due March 2028	300			300			300
Senior notes, 7.00%, due January 2038, net of unamortized discount	344			344			344
Other	54			60			66
	2,744			2,749			2,754

Total long-term debt	3,122			3,131			3,139
Less: current portion	(407		)	(7		)	(6		)
Total due beyond one year	$	2,715		$	3,124		$	3,133

Credit Facilities

As of August 3, 2013, we had total short-term borrowing capacity available for general corporate purposes of $800. In March 2013, we terminated both our $600 unsecured revolving credit facility that was scheduled to expire in June 2016, and our $200 2007-A Variable Funding Note that was scheduled to expire in January 2014. We replaced these with a new five-year $800 senior unsecured revolving credit facility ("revolver") that expires in March 2018. Under the terms of our new revolver, we pay a variable rate of interest and a commitment fee based on our debt rating. The new revolver is available for working capital, capital expenditures and general corporate purposes and backs our commercial paper program. During the six months ended August 3, 2013, we had no issuances under our commercial paper program and no borrowings under our new revolver or the $600 credit facility prior to termination.

The new revolver requires that we maintain a leverage ratio, defined as Adjusted Debt to Earnings before Interest, Income Taxes, Depreciation, Amortization and Rent ("EBITDAR"), of less than four times. As of August 3, 2013, we were in compliance with this covenant.

Also in March 2013, our wholly owned subsidiary Nordstrom fsb terminated its $100 variable funding facility. We had no borrowings under this facility prior to termination.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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