Debt

9 Months Ended

Nov. 02, 2024

Debt Disclosure [Abstract]

Debt

3. Debt

Outstanding borrowings under the $1.5 billion revolving credit facility, recorded as short-term debt, were $749 million as of November 2, 2024, $92 million as of February 3, 2024, and $625 million as of October 28, 2023.

Long-term debt, which excludes borrowings on the revolving credit facility, consists of the following unsecured debt:

			Outstanding
Maturity (Dollars in Millions)	Effective Rate at Issuance	Coupon Rate	November 2, 2024	February 3, 2024	October 28, 2023
2023	4.78%	4.75%	$—	$—	$111
2025	9.50%	10.75%	—	113	113
2025	4.25%	4.25%	353	353	353
2029	7.36%	7.25%	42	42	42
2031	3.40%	4.63%	500	500	500
2033	6.05%	6.00%	112	112	112
2037	6.89%	6.88%	101	101	101
2045	5.57%	5.55%	427	427	427
Outstanding unsecured senior debt			1,535	1,648	1,759
Unamortized debt discounts and deferred financing costs			(8)	(10)	(10)
Current portion of unsecured senior debt			(353)	—	(111)
Long-term unsecured senior debt			$1,174	$1,638	$1,638
Effective interest rate at issuance			4.73%	5.06%	5.04%

Our estimated fair value of unsecured senior long-term debt is determined using Level 1 inputs, using financial instruments with unadjusted, quoted prices listed on active market exchanges. The estimated fair value of our unsecured senior debt was $1.3 billion at November 2, 2024, $1.3 billion at February 3, 2024, and $1.3 billion at October 28, 2023.

In June 2024, we completed a voluntary redemption of the remaining $113 million of outstanding 9.50% notes due May 15, 2025. We recognized a $5 million loss on extinguishment of debt in net interest expense during the second quarter of 2024, which was primarily a make whole premium paid to holders as a result of the redemption.

Our various debt agreements contain covenants including limitations on additional indebtedness and certain financial tests. As of November 2, 2024, we were in compliance with all covenants of the various debt agreements.