Debt

6 Months Ended

Aug. 02, 2025

Debt Disclosure [Abstract]

Debt

Debt

Short-Term Debt

U.S. Revolving Credit Facility

On April 18, 2025, 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 April 2023 and scheduled to expire April 2028, but was terminated on April 18, 2025. The Five-Year Facility Agreement permits borrowings of up to $1.25 billion and expires in April 2030. There were no borrowings outstanding under the Five-Year Facility Agreement as of August 2, 2025, or the Previous Facility as of February 1, 2025, or August 3, 2024.

Long-Term Debt

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

	August 2, 2025		February 1, 2025		August 3, 2024
Notes, 4.45%, due October 1, 2028 ("2028 Notes")	$	500	$	500	$	500
Notes, 1.95%, due October 1, 2030 ("2030 Notes")	650		650		650
Interest rate swap valuation adjustments	-		(14)		(2)
Subtotal	1,150		1,136		1,148
Debt discounts and issuance costs	(6)		(7)		(7)
Finance lease obligations	30		25		29
Total long-term debt	1,174		1,154		1,170
Less current portion	10		10		13
Total long-term debt, less current portion	$	1,164	$	1,144	$	1,157

Fair Value and Future Maturities

See Note 4, Fair Value Measurements, for the fair value of long-term debt. Both the 2028 Notes and the 2030 Notes mature within the next five fiscal years.