Debt And Credit Facilities

3 Months Ended

May 04, 2013

Debt Disclosure [Abstract]

Debt And Credit Facilities

DEBT AND CREDIT FACILITIES

Debt

A summary of our long-term debt is as follows:

	May 4, 2013			February 2, 2013			April 28, 2012
Secured
Series 2011-1 Class A Notes, 2.28%, due October 2016	$	325		$	325		$	325
Mortgage payable, 7.68%, due April 2020	45			47			50
Other	10			10			11
	380			382			386
Unsecured
Senior notes, 6.75%, due June 2014, net of unamortized discount	400			400			399
Senior notes, 6.25%, due January 2018, net of unamortized discount	648			648			648
Senior notes, 4.75%, due May 2020, net of unamortized discount	498			498			498
Senior notes, 4.00%, due October 2021, net of unamortized discount	499			499			499
Senior debentures, 6.95%, due March 2028	300			300			300
Senior notes, 7.00%, due January 2038, net of unamortized discount	344			344			344
Other	57			60			69
	2,746			2,749			2,757
Total long-term debt	3,126			3,131			3,143
Less: current portion	(7		)	(7		)	(6		)
Total due beyond one year	$	3,119		$	3,124		$	3,137

Credit Facilities

As of May 4, 2013, we had total short-term borrowing capacity available for general corporate purposes of $800. In March 2013, we terminated both our $600 unsecured revolving credit facility that was scheduled to expire in June 2016, and our $200 2007-A Variable Funding Note that was scheduled to expire in January 2014. We replaced these with a new five-year $800 senior unsecured revolving credit facility that expires in March 2018. Under the terms of our new revolving credit facility, we pay a variable rate of interest and a commitment fee based on our debt rating. The new revolver is available for working capital, capital expenditures and general corporate purposes and backs our commercial paper program. During the first quarter of 2013, we had no issuances under our commercial paper program and no borrowings under our new $800 revolving credit facility or our $600 credit facility prior to termination.

During the quarter ended May 4, 2013, we had $20 in new borrowings under the 2007-A Variable Funding Note prior to termination. At termination in March 2013, we had no outstanding borrowings.

The new $800 revolving credit facility requires that we maintain a leverage ratio, defined as Adjusted Debt to Earnings before Interest, Income Taxes, Depreciation, Amortization and Rent ("EBITDAR"), of less than four times. As of May 4, 2013, we are in compliance with this covenant.

Also in March 2013, our wholly owned subsidiary Nordstrom fsb terminated its $100 variable funding facility. We had no borrowings under this facility prior to termination.