Long-Term Debt

9 Months Ended

Oct. 29, 2011

Long-Term Debt [Abstract]

Long-Term Debt

3. Long-term Debt

Long-term debt consists of the following non-callable and unsecured senior debt:

Maturing	Weighted Average Effective Rate			Oct. 29, 2011			Jan. 29, 2011			Oct. 30, 2010
	(Dollars in Millions)
2017		6.31	%	$	650		$	650		$	650
2021		4.81	%		650			—			—
2029		7.36	%		200			200			200
2033		6.05	%		300			300			300
2037		6.89	%		350			350			350
March 2011		—			—			300			300
October 2011		—			—			100			100
Total senior debt		6.01	%		2,150			1,900			1,900
Unamortized debt discount					(9	)		(6	)		(6	)
Less current portion					—			(400	)		(400	)
Long-term debt				$	2,141		$	1,494		$	1,494

We repaid long-term debt of $300 million in March 2011 and $100 million in October 2011. In October 2011, we issued $650 million of 4.00% notes with semi-annual interest payments beginning May 2012. Including the impact of interest rate hedges and debt issuance expenses, the effective interest rate of these notes is 4.81%. The notes mature on November 1, 2021. In anticipation of this debt issuance, we entered into interest rate hedges in December 2010 and May 2011 to hedge our exposure to the risk of increases in interest rates on $400 million of debt. In conjunction with the debt issuance, we paid $48 million, the fair market value of the hedges, to settle the hedges. The unrealized loss on the hedges will be recognized as interest expense at a rate of $5 million per year.