Financing (Tables)

12 Months Ended

Feb. 01, 2014

The Company’s debt is as follows:



	February 1, 2014		February 2, 2013
	(millions)
Short-term debt:
5.75% Senior notes due 2014	$	453	$	—
7.625% Senior debentures due 2013	—		109
Capital lease and current portion of other long-term obligations	10		15
	$	463	$	124
Long-term debt:
2.875% Senior notes due 2023	$	750	$	750
5.9% Senior notes due 2016	577		577
3.875% Senior notes due 2022	550		550
6.375% Senior notes due 2037	500		500
7.875% Senior notes due 2015 *	407		407
4.375% Senior notes due 2023	400		—
6.9% Senior debentures due 2029	400		400
6.7% Senior debentures due 2034	400		400
7.45% Senior debentures due 2017	300		300
6.65% Senior debentures due 2024	300		300
7.0% Senior debentures due 2028	300		300
6.9% Senior debentures due 2032	250		250
5.125% Senior debentures due 2042	250		250
4.3% Senior notes due 2043	250		250
6.7% Senior debentures due 2028	200		200
6.79% Senior debentures due 2027	165		165
7.875% Senior debentures due 2036	108		108
8.125% Senior debentures due 2035	76		76
7.5% Senior debentures due 2015	69		69
8.75% Senior debentures due 2029	61		61
7.45% Senior debentures due 2016	59		59
8.5% Senior debentures due 2019	36		36
10.25% Senior debentures due 2021	33		33
9.5% amortizing debentures due 2021	25		29
7.6% Senior debentures due 2025	24		24
7.875% Senior debentures due 2030	18		18
9.75% amortizing debentures due 2021	14		16
5.75% Senior notes due 2014	—		453
Premium on acquired debt, using an effective interest yield of 5.266% to 6.165%	176		191
Capital lease and other long-term obligations	30		34
	$	6,728	$	6,806

________________

The rate of interest payable in respect of these senior notes was increased by one percent per annum to 8.875% in April 2009 as a result of a downgrade of the notes by specified rating agencies, was decreased by 0.50 percent per annum to 8.375% effective in May 2010 as a result of an upgrade of the notes by specified rating agencies, was decreased by 0.25 percent per annum to 8.125% effective in May 2011 as a result of an upgrade of the notes by specified rating agencies, and was decreased by 0.25 percent per annum to 7.875%, its stated interest rate, effective in January 2012 as a result of an upgrade of the notes by specified rating agencies. The rate of interest payable in respect of these senior notes could increase by up to 2.0% per annum from its current level in the event of two or more downgrades of the notes by specified rating agencies.

Schedule of Interest Expense and Premium on Early Retirement of Debt

Interest expense and premium on early retirement of debt is as follows:



	2013			2012			2011
	(millions)
Interest on debt	$	407		$	449		$	467
Amortization of debt premium	(15		)	(19		)	(23		)
Amortization of financing costs	7			7			8
Interest on capitalized leases	2			3			3
	401			440			455
Less interest capitalized on construction	11			15			8
Interest expense	$	390		$	425		$	447
Premium on early retirement of debt	$	—		$	137		$	—

Future Maturities of Long-term Debt

Future maturities of long-term debt, other than capitalized leases and premium on acquired debt, are shown below:



	(millions)
Fiscal year
2015	$	481
2016	642
2017	306
2018	6
2019	41
After 2019	5,046

Detail of Debt Repayments

The following table shows the detail of debt repayments:



	2013		2012		2011
	(millions)
7.625% Senior debentures due 2013	$	109	$	—	$	—
5.35% Senior notes due 2012	—		616		—
5.90% Senior notes due 2016	—		400		—
5.875% Senior notes due 2013	—		298		—
7.875% Senior notes due 2015	—		205		—
8.0% Senior debentures due 2012	—		173		—
7.45% Senior debentures due 2016	—		64		—
7.5% Senior debentures due 2015	—		31		—
6.625% Senior notes due 2011	—		—		330
7.45% Senior debentures due 2011	—		—		109
9.5% amortizing debentures due 2021	4		4		4
9.75% amortizing debentures due 2021	2		2		2
Capital leases and other obligations	9		10		9
	$	124	$	1,803	$	454