Debt And Credit Facilities

3 Months Ended

May 03, 2014

DEBT AND CREDIT FACILITIES

Debt

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



	May 3, 2014			February 1, 2014			May 4, 2013
Secured
Series 2011-1 Class A Notes, 2.28%, due October 2016	$	325		$	325		$	325
Mortgage payable, 7.68%, due April 2020	40			42			45
Other	8			9			10
Total secured debt	373			376			380

Unsecured
Net of unamortized discount:
Senior notes, 6.75%, due June 2014	—			—			400
Senior notes, 6.25%, due January 2018	649			648			648
Senior notes, 4.75%, due May 2020	499			499			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	146			146			344
Senior notes, 5.00%, due January 2044	596			595			—
Unamortized fair value hedge and other	55			50			57
Total unsecured debt	2,744			2,737			2,746

Total long-term debt	3,117			3,113			3,126
Less: current portion	(7		)	(7		)	(7		)
Total due beyond one year	$	3,110		$	3,106		$	3,119

Credit Facilities

As of May 3, 2014, we had total short-term borrowing capacity available for general corporate purposes of $800, which is composed of our $800 senior unsecured revolving credit facility ("revolver") that expires in March 2018. Under the terms of our revolver, we pay a variable rate of interest and a commitment fee based on our debt rating. The revolver is available for working capital, capital expenditures and general corporate purposes and backs our commercial paper program. During the quarter ended May 3, 2014, we had no issuances under our commercial paper program and no borrowings under our revolver.

The 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 May 3, 2014, we were in compliance with this covenant.

In November 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 and borrowings on this facility incur interest based upon the one-month LIBOR plus 1.275% per annum. As of May 3, 2014, we had $10 outstanding on this facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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