Debt

6 Months Ended

Jul. 30, 2022

Debt [Abstract]

Debt

6. Debt

Short-Term Debt

U.S. Revolving Credit Facility

We have 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 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 July 30, 2022, January 29, 2022, or July 31, 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 July 31, 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):

	July 30, 2022		January 29, 2022		July 31, 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		19		50		79
Subtotal		1,169		1,200		1,229
Debt discounts and issuance costs		(10)		(11)		(12)
Finance lease obligations		40		40		40
Total long-term debt		1,199		1,229		1,257
Less current portion		15		13		14
Total long-term debt, less current portion	$	1,184	$	1,216	$	1,243

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