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DEBT
 3 Months Ended
Apr. 29, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
The following table summarizes the Company’s outstanding debt as of the dates indicated:
 April 29, 2022January 28, 2022
(in millions)
Senior Notes:
5.45% due June 2023
1,000 1,000 
4.00% due July 2024
1,000 1,000 
5.85% due July 2025
1,000 1,000 
6.02% due June 2026
4,500 4,500 
4.90% due October 2026
1,750 1,750 
6.10% due July 2027
500 500 
5.30% due October 2029
1,750 1,750 
6.20% due July 2030
750 750 
8.10% due July 2036
1,000 1,000 
3.38% due December 2041
1,000 1,000 
8.35% due July 2046
800 800 
3.45% due December 2051
1,250 1,250 
Legacy Notes and Debentures:
7.10% due April 2028
300 300 
6.50% due April 2038
388 388 
5.40% due September 2040
264 264 
DFS Debt (Note 5)
9,825 9,646 
Other320 337 
Total debt, principal amount$27,397 $27,235 
Unamortized discount, net of unamortized premium(131)(134)
Debt issuance costs(144)(147)
Total debt, carrying value$27,122 $26,954 
Total short-term debt, carrying value$5,925 $5,823 
Total long-term debt, carrying value$21,197 $21,131 

Outstanding Debt

Senior Notes — The Company completed private offerings of multiple series of senior notes which were issued on June 1, 2016, June 22, 2016, March 20, 2019, April 9, 2020, and December 13, 2021 in aggregate principal amounts of $20.0 billion, $3.3 billion, $4.5 billion, $2.3 billion, and $2.3 billion respectively (the “Senior Notes”). Interest on these borrowings is payable semiannually.

In June 2021, Dell International L.L.C. and EMC Corporation, wholly-owned subsidiaries of Dell Technologies and issuers of the Senior Notes (the “Issuers”), completed offers to exchange any and all outstanding Senior Notes issued on June 1, 2016, March 20, 2019, and April 9, 2020 for senior notes registered under the Securities Act of 1933 having terms substantially identical to the terms of the outstanding Senior Notes. The Issuers issued $18.4 billion aggregate principal amount of registered senior notes in exchange for the same aggregate principal amount of Senior Notes. The aggregate principal amount of unregistered Senior Notes remaining outstanding following the settlement of the exchange offers was approximately $0.1 billion.

Legacy Notes and Debentures — The Company has outstanding unsecured notes and debentures (collectively, the “Legacy Notes and Debentures”) that were issued by Dell prior to the acquisition of Dell Inc. by Dell Technologies Inc. in the going-private transaction that closed in October 2013. Interest on these borrowings is payable semiannually.
DFS Debt — See Note 5 and Note 8 of the Notes to the Condensed Consolidated Financial Statements, respectively, for discussion of DFS debt and the interest rate swap agreements that hedge a portion of that debt.

2021 Revolving Credit Facility — The 2021 Revolving Credit Facility, which was entered into on November 1, 2021, matures on November 1, 2026, This facility provides the Company with revolving commitments in an aggregate principal amount of $5.0 billion for general corporate purposes and includes a letter of credit sub-facility of up to $0.5 billion and a swing-line loan sub-facility of up to $0.5 billion. The 2021 Revolving Credit Facility also allows the Company to obtain incremental additional commitments on one or more occasions in minimum amounts of $10 million.

The Company may conduct borrowings under the 2021 Revolving Credit Facility through London Interbank Offered Rate (“LIBOR”) borrowings or Base Rate Loan borrowings. LIBOR borrowings bear interest at a rate per annum equal to the LIBOR, plus an applicable rate that varies based upon the Company’s existing debt ratings (the “applicable rate”). Base Rate Loan borrowings bear interest at a rate per annum equal to the base rate plus the applicable rate. The base rate is calculated based upon the greatest of the specified prime rate, the specified federal reserve bank rate, or LIBOR plus 1%.

The borrowers may voluntarily repay outstanding loans under the 2021 Revolving Credit Facility at any time without premium or penalty, other than customary breakage costs.

As of April 29, 2022, available borrowings under the 2021 Revolving Credit Facility totaled $5.0 billion.

Covenants — The credit agreement governing the 2021 Revolving Credit Facility and the indentures governing the Senior Notes and the Legacy Notes and Debentures variously impose limitations, subject to exceptions, on creating certain liens and entering into sale and lease-back transactions. The foregoing credit agreement and indentures contain customary events of default, including failure to make required payments, failure to comply with covenants, and the occurrence of certain events of bankruptcy and insolvency. The 2021 Revolving Credit Facility is also subject to an interest coverage ratio covenant that is tested at the end of each fiscal quarter with respect to the Company’s preceding four fiscal quarters. The Company was in compliance with this financial covenant as of April 29, 2022.

Aggregate Future Maturities

The following tables presents the aggregate future maturities of the Company’s debt as of April 29, 2022 for the periods indicated:
 Maturities by Fiscal Year
 2023 (remaining nine months)2024202520262027ThereafterTotal
 (in millions)
Senior Notes$— $1,000 $1,000 $1,000 $6,250 $7,050 $16,300 
Legacy Notes and Debentures— — — — — 952 952 
DFS Debt5,201 2,612 1,294 165 550 3 9,825 
Other23 165 109 20 1 2 320 
Total maturities, principal amount5,224 3,777 2,403 1,185 6,801 8,007 27,397 
Associated carrying value adjustments(5)(6)(9)(8)(56)(191)(275)
Total maturities, carrying value amount$5,219 $3,771 $2,394 $1,177 $6,745 $7,816 $27,122