Debt

9 Months Ended

Oct. 28, 2023

Debt [Abstract]

Debt

6. Debt

Short-Term Debt

U.S. Revolving Credit Facility

On April 12, 2023, 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 entered into in May 2021 and scheduled to expire in May 2026, but was terminated on April 12, 2023. The Five-Year Facility Agreement permits borrowings of up to $1.25 billion and expires in April 2028. There were no borrowings outstanding under the Five-Year Facility Agreement as of October 28, 2023, or the Previous Facility as of January 28, 2023, or October 29, 2022.

Long-Term Debt

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

	October 28, 2023		January 28, 2023		October 29, 2022
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		(36)		(7)		(27)
Subtotal		1,114		1,143		1,123
Debt discounts and issuance costs		(8)		(9)		(9)
Finance lease obligations		39		42		44
Total long-term debt		1,145		1,176		1,158
Less current portion		15		16		16
Total long-term debt, less current portion	$	1,130	$	1,160	$	1,142

Fair Value and Future Maturities

See Note 4, Fair Value Measurements, for the fair value of long-term debt. Other than the $500 million of principal amount of notes due October 1, 2028, we do not have any future maturities of long-term debt within the next five fiscal years.