Debt

9 Months Ended

Nov. 02, 2019

Debt Disclosure [Abstract]

Debt

3. Debt

Long-term debt consists of the following unsecured senior debt:

				Coupon Rate			Outstanding
Maturity by fiscal year (Dollars in Millions)	Effective Rate						November 2, 2019			February 2, 2019			November 3, 2018
2021		4.81	%		4.00	%	$	-		$	-		$	413
2023		3.25	%		3.25	%		350			350			350
2023		4.78	%		4.75	%		184			184			184
2025		4.25	%		4.25	%		650			650			650
2029		7.36	%		7.25	%		42			42			42
2033		6.05	%		6.00	%		113			113			112
2037		6.89	%		6.88	%		101			101			101
2045		5.57	%		5.55	%		427			433			433
Outstanding long-term debt								1,867			1,873			2,285
Unamortized debt discounts and deferred financing costs								(11	)		(12	)		(13	)
Long-term debt							$	1,856		$	1,861		$	2,272
Effective interest rate								4.74	%		4.74	%		4.76	%

Our long-term debt is classified as Level 1, financial instruments with unadjusted, quoted prices listed on active market exchanges. The estimated fair value of our long-term debt was $2.0 billion at November 2, 2019, $1.8 billion at February 2, 2019 and $2.3 billion at November 3, 2018.

Year to date 2019, we have reduced our outstanding debt by $6 million through open market repurchases.          

On July 25, 2019, we amended and extended our existing credit facility with various lenders which provides for a $1.0 billion senior unsecured five-year revolving credit facility that will mature in July 2024.  No amounts were outstanding on the credit facility at November 2, 2019, February 2, 2019 or November 3, 2018.