Debt

6 Months Ended

Aug. 01, 2020

4. Debt

Short-Term Debt

In light of the uncertainty surrounding the impact of COVID-19 and to maximize liquidity, we executed a short-term draw on the full amount of our $1.25 billion Facility on March 19, 2020, which remained outstanding until July 27, 2020, when the Facility was repaid in full. There were no borrowings outstanding under the Facility as of August 1, 2020, February 1, 2020, or August 3, 2019.

Information regarding our short-term debt for the six months ended August 1, 2020, was as follows ($ in millions):



	Average Amount Outstanding		Maximum Amount Outstanding		Weighted Average Interest Rate
Short-term debt	$	893	$	1,250		1.4	%

Long-Term Debt

Long-term debt consisted of the following ($ in millions):



	August 1, 2020		February 1, 2020		August 3, 2019
Notes, 5.50%, due March 15, 2021	$	650	$	650	$	650
Notes, 4.45%, due October 1, 2028		500		500		500
Interest rate swap valuation adjustments		133		89		78
Subtotal		1,283		1,239		1,228
Debt discounts and issuance costs		(5)		(6)		(6)
Finance lease obligations		35		38		39
Total long-term debt		1,313		1,271		1,261
Less current portion		681		14		14
Total long-term debt, less current portion	$	632	$	1,257	$	1,247

See Note 2, Fair Value Measurements, for the fair value of long-term debt.