Debt And Credit Facilities

9 Months Ended

Nov. 02, 2013

Debt Disclosure [Abstract]

Debt And Credit Facilities

DEBT AND CREDIT FACILITIES

Debt

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

	November 2, 2013			February 2, 2013			October 27, 2012
Secured
Series 2011-1 Class A Notes, 2.28%, due October 2016	$	325		$	325		$	325
Mortgage payable, 7.68%, due April 2020	43			47			48
Other	9			10			10
	377			382			383
Unsecured
Net of unamortized discount:
Senior notes, 6.75%, due June 2014	400			400			400
Senior notes, 6.25%, due January 2018	648			648			648
Senior notes, 4.75%, due May 2020	499			498			498
Senior notes, 4.00%, due October 2021	499			499			499
Senior debentures, 6.95%, due March 2028	300			300			300
Senior notes, 7.00%, due January 2038	344			344			344
Unamortized fair value hedge	51			60			63
	2,741			2,749			2,752
Total long-term debt	3,118			3,131			3,135
Less: current portion	(407		)	(7		)	(6		)
Total due beyond one year	$	2,711		$	3,124		$	3,129

Credit Facilities

As of November 2, 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 ("revolver") that expires in March 2018. Under the terms of our new revolver, 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 nine months ended November 2, 2013, we had no issuances under our commercial paper program and no borrowings under our new revolver or the $600 credit facility prior to termination.

The new revolver requires that we maintain an adjusted debt to Earnings before Interest, Income Taxes, Depreciation, Amortization and Rent ("EBITDAR") leverage ratio of less than four times. As of November 2, 2013, we were in compliance with this covenant.

Subsequent to the quarter ended November 2, 2013, our wholly owned subsidiary in Puerto Rico entered into a $52 unsecured borrowing facility to support our expansion into that market. The facility expires in November 2018.

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.