DEBT OBLIGATIONS

4 Months Ended

May 23, 2026

DEBT OBLIGATIONS

DEBT OBLIGATIONS

2. DEBT OBLIGATIONS

Long-term debt consists of:

	May 23,		January 31,
	2026		2026
1.70% to 8.00% Senior Notes due through 2064	$	14,368	$	14,864
Other		1,010		1,011
Total debt, excluding obligations under finance leases		15,378		15,875
Less current portion		(866)		(1,366)
Total long-term debt, excluding obligations under finance leases	$	14,512	$	14,509

The fair value of the Company’s long-term debt, including current maturities, was estimated based on Level 2 quoted market prices for the same or similar issues adjusted for illiquidity based on available market evidence. If quoted market prices were not available, the fair value was based upon the net present value of the future cash flow using the forward interest rate yield curve in effect at May 23, 2026 and January 31, 2026. At May 23, 2026, the fair value of total debt was $14,159 compared to a carrying value of $15,378. At January 31, 2026, the fair value of total debt was $14,975 compared to a carrying value of $15,875.

In the first quarter of 2026, the Company repaid $500 of senior notes bearing an interest rate of 3.5% using cash on hand.

As of May 23, 2026 and January 31, 2026, Other debt consisted primarily of a financial obligation related to a sale transaction for properties that did not qualify for sale-leaseback accounting treatment in 2021.