Debt

3 Months Ended

May 02, 2020

4. Debt

Short-Term Debt

We have a $1.25 billion five year senior unsecured revolving credit facility agreement (the “Facility”) with a syndicate of banks. In light of the uncertainty surrounding the impact of COVID-19 and to maximize liquidity, we executed a seven-day draw on the full amount of the Facility on March 19, 2020, and rolled this into a three-month draw on March 26, 2020. The Facility remained fully drawn as of May 2, 2020, at an interest rate of three-month LIBOR plus a margin rate of 1.015%. There were no borrowings outstanding as of February 1, 2020, or May 4, 2019.

Information regarding our short-term debt for the three months ended May 2, 2020, was as follows ($ in millions):



	Average Amount Outstanding		Maximum Amount Outstanding		Weighted Average Interest Rate
Short-term debt	$	618	$	1,250		2.3	%

Long-Term Debt

Long-term debt consisted of the following ($ in millions):



	May 2, 2020		February 1, 2020		May 4, 2019
Notes, 5.50%, due March 15, 2021	$	650	$	650	$	650
Notes, 4.45%, due October 1, 2028		500		500		500
Interest rate swap valuation adjustments		118		89		23
Subtotal		1,268		1,239		1,173
Debt discounts and issuance costs		(8)		(6)		(7)
Finance lease obligations		34		38		41
Total long-term debt		1,294		1,271		1,207
Less current portion		673		14		14
Total long-term debt, less current portion	$	621	$	1,257	$	1,193

See Note 2, Fair Value Measurements, for the fair value of long-term debt.