Debt

9 Months Ended

Oct. 28, 2023

Debt Disclosure [Abstract]

Debt

Debt

Senior Notes. Unsecured senior debt (the “Senior Notes”), net of unamortized discounts and debt issuance costs, consisted of the following:

($000)	October 28, 2023		January 28, 2023		October 29, 2022
3.375% Senior Notes due 2024	$	249,598	$	249,257	$	249,144
4.600% Senior Notes due 2025	698,120		697,161		696,841
0.875% Senior Notes due 2026	496,960		496,038		495,732
4.700% Senior Notes due 2027	240,225		239,899		239,791
4.800% Senior Notes due 2030	132,732		132,602		132,559
1.875% Senior Notes due 2031	495,678		495,254		495,113
5.450% Senior Notes due 2050	146,358		146,299		146,280
Total long-term debt1	$	2,459,671	$	2,456,510	$	2,455,460
Less: current portion	249,598		—		—
Total due beyond one year	$	2,210,073	$	2,456,510	$	2,455,460

1 Net of unamortized discount and debt issuance costs of $15.3 million, $18.5 million, and $19.5 million as of October 28, 2023, January 28, 2023, and October 29, 2022, respectively.

Interest on all Senior Notes is payable semi-annually and the Senior Notes are subject to prepayment penalties for early payment of principal.

The aggregate fair value of the seven outstanding series of Senior Notes was approximately $2.2 billion as of October 28, 2023 and October 29, 2022, and approximately $2.3 billion as of January 28, 2023. The fair value is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance.

Revolving credit facilities. The Company’s $1.3 billion senior unsecured revolving credit facility (“Credit Facility”) expires in February 2027 and may be extended at the Company’s request for up to two additional one-year periods subject to customary conditions. The Credit Facility contains a $300 million sublimit for issuance of standby letters of credit. It also contains an option allowing the Company to increase the size of its Credit Facility by up to an additional $700 million, with the agreement of the committing lenders. Interest on borrowings under this Credit Facility is a term rate based on the Secured Overnight Financing Rate (“Term SOFR”) (or an alternate benchmark rate, if Term SOFR is no longer available) plus an applicable margin and is payable quarterly and upon maturity.

The Credit Facility is subject to a quarterly Consolidated Adjusted Debt to Consolidated EBITDAR financial leverage ratio covenant. As of October 28, 2023, the Company was in compliance with the financial covenant, had no borrowings or standby letters of credit outstanding under the Credit Facility, and the $1.3 billion Credit Facility remained in place and available.

The table below shows the components of interest expense and income for the three and nine month periods ended October 28, 2023 and October 29, 2022:

	Three Months Ended				Nine Months Ended
($000)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Interest expense on long-term debt	$	21,159	$	21,150	$	63,458	$	63,429
Other interest expense	424		448		1,169		1,242
Capitalized interest	(3,342)		(663)		(8,268)		(4,489)
Interest income	(61,560)		(23,737)		(168,289)		(34,621)
Interest (income) expense, net	$	(43,319)	$	(2,802)	$	(111,930)	$	25,561