Long-Term Debt and Obligations Under Finance Leases

12 Months Ended

Jan. 30, 2021

Long-Term Debt and Obligations Under Finance Leases [Abstract]

Long-Term Debt and Obligations Under Finance Leases

12. Long-Term Debt and Obligations Under Finance Leases

The components of long-term debt and obligations under finance leases are as follows:

($ in millions)	January 30, 2021		February 1, 2020
8.5% debentures payable January 2022	$	98	$	118
Unamortized gain related to interest rate swaps (1)		2		4
Obligations under finance leases		10		—
	$	110	$	122
Current portion of debt and obligations under finance leases		102		—
	$	8	$	122

(1) In 2009, we terminated an interest rate swap at a gain. This gain is being amortized as part of interest expense over the remaining term of the debt using the effective-yield method.

During 2020, we purchased and retired $20 million of our 8.5 percent debentures for $22 million. The remaining principal balance of $98 million is classified as a current liability as of January 30, 2021. Interest expense related to long-term debt and the amortization of the associated debt issuance costs was $8 million for 2020, 2019, and 2018.