Financing Activities

9 Months Ended

Oct. 28, 2023

Debt Disclosure [Abstract]

Financing Activities

Financing Activities

The Company borrowed $311 million and repaid $151 million of debt under its revolving credit facility ("ABL Credit Facility") during the 39 weeks ended October 28, 2023. During the 39 weeks ended October 29, 2022, the Company borrowed $1 billion and repaid $858 million of debt under its ABL Credit Facility and issued $425 million of 5.875% senior notes due 2030 and $425 million of 6.125% senior notes due 2032 in a private offering. The Company also repaid $2 billion aggregate principal amount of senior notes and debentures in the 39 weeks ended October 29, 2022.

As of October 28, 2023 and October 29, 2022, the Company had $138 million and $65 million of standby letters of credit outstanding under its ABL Credit Facility, respectively, which reduced the available borrowing capacity to $2,862 million and $2,935 million, respectively. The Company had outstanding borrowings under the ABL Credit Facility of $160 million as of October 28, 2023 and $183 million as of October 29, 2022.

During the 39 weeks ended October 28, 2023, the Company repurchased approximately 1.4 million shares of its common stock pursuant to existing stock purchase authorizations for a total of approximately $25 million. As of October 28, 2023, the Company had $1,375 million of authorization remaining under its share repurchase program. The Company may continue or, from time to time, suspend repurchases of shares under its share repurchase program, depending on prevailing market conditions, alternate uses of capital and other factors.