Debt and Credit Agreements

3 Months Ended

Apr. 28, 2012

Debt and Credit Agreements

The Company has a credit agreement with Bank of America, N.A. , as Administrative Agent and other lending institutions named therein (the "November 2014 Revolving Credit Facility"). The November 2014 Revolving Credit Facility provides for a maximum borrowing of $1.0 billion, which pursuant to an accordion feature may be increased to $1.5 billion upon the Company's request and the agreement of the lenders participating in the increase. The Company also has a commercial paper program ("Commercial Paper Program") that allows the Company to issue up to $1.0 billion of unsecured commercial paper notes from time to time. The November 2014 Revolving Credit Facility serves as a backstop to the Commercial Paper Program. At April 28, 2012, there were no outstanding borrowings under either the November 2014 Revolving Credit Facility or the Commercial Paper Program, and the Company did not borrow under either during the first quarter of 2012.

The Company also has various other lines of credit under which we may borrow a maximum of $309.0 million. At April 28, 2012, the Company had $174.1 million of borrowings outstanding under these credit agreements.

The major components of the Company’s outstanding debt as of April 28, 2012 and January 28, 2012 are as follows (in thousands):



	April 28, 2012			January 28, 2012
October 2012 Notes	$	329,761		$	332,617
January 2014 Notes	1,521,812			1,525,003
Lines of credit	174,102			170,745
Capital lease obligations and other notes payable	8,372			9,815
	2,034,047			2,038,180
Less: Current portion	(438,115		)	(439,143		)
Net long-term debt	$	1,595,932		$	1,599,037

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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