XML 25 R13.htm IDEA: XBRL DOCUMENT v3.24.3
Debt
 9 Months Ended
Nov. 02, 2024
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)November 2, 2024February 3, 2024October 28, 2023
3.375% Senior Notes due 2024
$— $249,713 $249,598 
4.600% Senior Notes due 2025
699,407 698,441 698,120 
0.875% Senior Notes due 2026
498,194 497,268 496,960 
4.700% Senior Notes due 2027
240,666 240,335 240,225 
4.800% Senior Notes due 2030
132,909 132,776 132,732 
1.875% Senior Notes due 2031
496,247 495,820 495,678 
5.450% Senior Notes due 2050
146,436 146,377 146,358 
Total long-term debt1
$2,213,859 $2,460,730 $2,459,671 
Less: current portion$699,407 $249,713 $249,598 
Total due beyond one year$1,514,452 $2,211,017 $2,210,073 
1 Net of unamortized discounts and debt issuance costs of $11.1 million, $14.3 million, and $15.3 million as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively.

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

In September 2024, the Company repaid at maturity the $250 million principal amount of the 3.375% Senior Notes.

The aggregate fair value of the remaining six outstanding series of Senior Notes was approximately $2.1 billion as of November 2, 2024. The aggregate fair value of the seven then outstanding series of Senior Notes was approximately $2.3 billion and $2.2 billion as of February 3, 2024 and October 28, 2023, respectively. 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 November 2, 2024, 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 income for the three and nine month periods ended November 2, 2024 and October 28, 2023:

Three Months EndedNine Months Ended
($000)November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Interest expense on long-term debt$20,025 $21,159 $62,342 $63,458 
Other interest expense417 424 1,142 1,169 
Capitalized interest(5,047)(3,342)(13,889)(8,268)
Interest income(57,922)(61,560)(181,422)(168,289)
Interest income, net$(42,527)$(43,319)$(131,827)$(111,930)