Debt

3 Months Ended

Apr. 30, 2022

Debt [Abstract]

Debt

6. Debt

Short-Term Debt

U.S. Revolving Credit Facility

On May 18, 2021, we entered into a $1.25 billion five year senior unsecured revolving credit facility agreement (the “Five-Year Facility Agreement”) with a syndicate of banks. The Five-Year Facility Agreement replaced the previous $1.25 billion senior unsecured revolving credit facility (the “Previous Facility”) with a syndicate of banks, which was originally scheduled to expire in April 2023, but was terminated on May 18, 2021. The Five-Year Facility Agreement permits borrowings of up to $1.25 billion and expires in May 2026. There were no borrowings outstanding under the Five-Year Facility Agreement as of April 30, 2022, and January 29, 2022, or the Previous Facility as of May 1, 2021.

Bank Advance

In conjunction with a solar energy investment, we were advanced $110 million due October 31, 2021. The advance was recorded within Short-term debt on our Condensed Consolidated Balance Sheets as of May 1, 2021, and bore interest at 0.14%. This advance was repaid on October 29, 2021.

Long-Term Debt

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

	April 30, 2022		January 29, 2022		May 1, 2021
Notes, 4.45%, due October 1, 2028	$	500	$	500	$	500
Notes, 1.95%, due October 1, 2030		650		650		650
Interest rate swap valuation adjustments		4		50		65
Subtotal		1,154		1,200		1,215
Debt discounts and issuance costs		(10)		(11)		(12)
Finance lease obligations		41		40		41
Total long-term debt		1,185		1,229		1,244
Less current portion		15		13		15
Total long-term debt, less current portion	$	1,170	$	1,216	$	1,229

See Note 4, Fair Value Measurements, for the fair value of long-term debt.