Debt

6 Months Ended

Jul. 29, 2023

Debt [Abstract]

Debt

6. Debt

Short-Term Debt

U.S. Revolving Credit Facility

On April 12, 2023, we entered into a $1.25 billion five-year senior unsecured revolving credit facility agreement (the “Five-Year Facility Agreement”) with a syndicate of banks. The Five-Year Facility Agreement replaced the previous $1.25 billion senior unsecured revolving credit facility (the “Previous Facility”) with a syndicate of banks, which was entered into in May 2021 and scheduled to expire in May 2026, but was terminated on April 12, 2023. The Five-Year Facility Agreement permits borrowings of up to $1.25 billion and expires in April 2028. There were no borrowings outstanding under the Five-Year Facility Agreement as of July 29, 2023, or the Previous Facility as of January 28, 2023, or July 30, 2022.

Long-Term Debt

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

	July 29, 2023		January 28, 2023		July 30, 2022
Notes, 4.45%, due October 1, 2028	$	500	$	500	$	500
Notes, 1.95%, due October 1, 2030		650		650		650
Interest rate swap valuation adjustments		(20)		(7)		19
Subtotal		1,130		1,143		1,169
Debt discounts and issuance costs		(9)		(9)		(10)
Finance lease obligations		39		42		40
Total long-term debt		1,160		1,176		1,199
Less current portion		15		16		15
Total long-term debt, less current portion	$	1,145	$	1,160	$	1,184

Fair Value and Future Maturities

See Note 4, Fair Value Measurements, for the fair value of long-term debt. Other than the $500 million of principal amount of notes due October 1, 2028, we do not have any future maturities of long-term debt within the next five fiscal years.