Debt

12 Months Ended

Feb. 03, 2024

Debt Disclosure [Abstract]

Debt

Debt

Long-term debt. Unsecured senior debt (the “Senior Notes”), net of unamortized discounts and debt issuance costs, as of February 3, 2024 and January 28, 2023 consisted of the following:

($000)	2023		2022
3.375% Senior Notes due 2024	$	249,713	$	249,257
4.600% Senior Notes due 2025	698,441		697,161
0.875% Senior Notes due 2026	497,268		496,038
4.700% Senior Notes due 2027	240,335		239,899
4.800% Senior Notes due 2030	132,776		132,602
1.875% Senior Notes due 2031	495,820		495,254
5.450% Senior Notes due 2050	146,377		146,299
Total long-term debt1	$	2,460,730	$	2,456,510
Less: current portion	$	249,713	$	—
Total due beyond one year	$	2,211,017	$	2,456,510

1Net of unamortized discount and debt issuance costs of $14.3 million and $18.5 million as of February 3, 2024 and January 28, 2023, respectively.

Interest on all Senior Notes is payable semi-annually and the Senior Notes are subject to prepayment penalties for early payment of principal.

As of February 3, 2024 and January 28, 2023, the aggregate fair value of the seven outstanding series of Senior Notes was approximately $2.3 billion. The fair value is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance.

The following table shows scheduled annual principal payments on long-term debt:

($000)
2024	$	250,000
2025	$	700,000
2026	$	500,000
2027	$	241,786
Thereafter	$	783,205

Revolving credit facilities. The Company’s $1.3 billion senior unsecured revolving credit facility (“Credit Facility”) expires in February 2027 and may be extended at the Company’s request for up to two additional one-year periods subject to customary conditions. The Credit Facility contains a $300 million sublimit for issuance of standby letters of credit. It also contains an option allowing the Company to increase the size of its Credit Facility by up to an additional $700 million, with the agreement of the committing lenders. Interest on borrowings under this Credit Facility is a term rate based on the Secured Overnight Financing Rate (“Term SOFR”) (or an alternate benchmark rate, if Term SOFR is no longer available) plus an applicable margin and is payable quarterly and upon maturity.

The Credit Facility is subject to a quarterly Consolidated Adjusted Debt to Consolidated EBITDAR financial leverage ratio covenant. As of February 3, 2024, the Company was in compliance with the financial covenant, had no borrowings or standby letters of credit outstanding under the Credit Facility, and the $1.3 billion Credit Facility remained in place and available.

The table below shows the components of interest expense and income for fiscal 2023, 2022, and 2021:

($000)	2023		2022		2021
Interest expense on long-term debt	$	84,596	$	84,558	$	88,286
Other interest expense	1,599		1,668		1,351
Capitalized interest	(12,106)		(5,678)		(14,476)
Interest income	(238,207)		(77,706)		(833)
Interest (income) expense, net	$	(164,118)	$	2,842	$	74,328