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Debt | 12 Months Ended
--- | ---
Jan. 29, 2017
Debt Disclosure [Abstract] |
Debt | DEBT The Company has commercial paper programs that allow for borrowings up to $2.0 billion. All of the Company’s short-term borrowings in fiscal 2016 and 2015 were under these commercial paper programs. In connection with these programs, the Company has a back-up credit facility with a consortium of banks for borrowings up to $2.0 billion. The credit facility expires in December 2019 and contains various restrictive covenants. Short-Term Debt under the commercial paper programs was as follows (amounts in millions):
| Fiscal Year Ended
| January 29, 2017 |  | January 31, 2016
Balance outstanding at fiscal year-end | $ | 710 |  |  | $ | 350 |
Maximum amount outstanding at any month-end | $ | 710 |  |  | $ | 350 |
Average daily short-term borrowings | $ | 51 |  |  | $ | 69 |
Weighted average interest rate | 0.63 | % |  | 0.34 | %
The Company’s Long-Term Debt at the end of fiscal 2016 and 2015 consisted of the following (amounts in millions):
| January 29, 2017 |  | January 31, 2016
5.40% Senior Notes; due March 1, 2016; interest payable semi-annually on March 1 and September 1 | $ | — |  |  | $ | 3,010 |
Floating Rate Senior Notes; due September 15, 2017; interest payable quarterly on March 15, June 15, September 15 and December 15 | 499 |  |  | 499 |
2.25% Senior Notes; due September 10, 2018; interest payable semi-annually on March 10 and September 10 | 1,151 |  |  | 1,156 |
2.00% Senior Notes; due June 15, 2019; interest payable semi-annually on June 15 and December 15 | 996 |  |  | 994 |
3.95% Senior Notes; due September 15, 2020; interest payable semi-annually on March 15 and September 15 | 509 |  |  | 524 |
4.40% Senior Notes; due April 1, 2021; interest payable semi-annually on April 1 and October 1 | 997 |  |  | 996 |
2.00% Senior Notes; due April 1, 2021; interest payable semi-annually on April 1 and October 1 | 1,341 |  |  | — |
2.625% Senior Notes; due June 1, 2022; interest payable semi-annually on June 1 and December 1 | 1,241 |  |  | 1,240 |
2.70% Senior Notes; due April 1, 2023; interest payable semi-annually on April 1 and October 1 | 996 |  |  | 995 |
3.75% Senior Notes; due February 15, 2024; interest payable semi-annually on February 15 and August 15 | 1,092 |  |  | 1,091 |
3.35% Senior Notes; due September 15, 2025; interest payable semi-annually on March 15 and September 15 | 994 |  |  | 993 |
3.00% Senior Notes; due April 1, 2026; interest payable semi-annually on April 1 and October 1 | 1,286 |  |  | — |
2.125% Senior Notes; due September 15, 2026; interest payable semi-annually on March 15 and September 15 | 984 |  |  | — |
5.875% Senior Notes; due December 16, 2036; interest payable semi-annually on June 16 and December 16 | 2,947 |  |  | 2,946 |
5.40% Senior Notes; due September 15, 2040; interest payable semi-annually on March 15 and September 15 | 495 |  |  | 495 |
5.95% Senior Notes; due April 1, 2041; interest payable semi-annually on April 1 and October 1 | 988 |  |  | 988 |
4.20% Senior Notes; due April 1, 2043; interest payable semi-annually on April 1 and October 1 | 988 |  |  | 987 |
4.875% Senior Notes; due February 15, 2044; interest payable semi-annually on February 15 and August 15 | 978 |  |  | 977 |
4.40% Senior Notes; due March 15, 2045; interest payable semi-annually on March 15 and September 15 | 976 |  |  | 976 |
4.25% Senior Notes; due April 1, 2046; interest payable semi-annually on April 1 and October 1 | 1,584 |  |  | 1,235 |
3.50% Senior Notes; due September 15, 2056; interest payable semi-annually on March 15 and September 15 | 971 |  |  | — |
Capital Lease Obligations; payable in varying installments through January 31, 2055 | 878 |  |  | 763 |
Other | — |  |  | 1 |
Total debt | 22,891 |  |  | 20,866 |
Less current installments | 542 |  |  | 77 |
Long-Term Debt, excluding current installments | $ | 22,349 |  |  | $ | 20,789 |
In September 2016, the Company issued $1.0 billion of 2.125% senior notes due September 15, 2026 (the "September 2026 notes") at a discount of $11 million and $1.0 billion of 3.50% senior notes due September 15, 2056 (the "2056 notes") at a discount of $19 million (together, the "September 2016 issuance"). Interest on the September 2026 notes and the 2056 notes is due semi-annually on March 15 and September 15 of each year, beginning March 15, 2017. The $30 million discount associated with the September 2016 issuance is being amortized over the term of the notes using the effective interest rate method. Issuance costs of $16 million associated with the September 2016 issuance were recorded as a direct deduction to the senior notes and are being amortized over the term of the notes using the effective interest rate method. The net proceeds of the September 2016 issuance were used for general corporate purposes, including repurchases of shares of the Company’s common stock. In February 2016, the Company issued $1.35 billion of 2.00% senior notes due April 1, 2021 (the "2021 notes") at a discount of $5 million, $1.3 billion of 3.00% senior notes due April 1, 2026 (the "April 2026 notes") at a discount of $8 million, and $350 million of 4.25% senior notes due April 1, 2046 (the "2046 notes") at a premium of $2 million (together, the "February 2016 issuance"). The 2046 notes form a single series with the Company’s $1.25 billion of 4.25% senior notes due April 1, 2046 that were issued in May 2015, and have the same terms. The aggregate principal amount outstanding of the Company’s senior notes due April 1, 2046 is $1.6 billion. Interest on the 2021 notes and the April 2026 notes is due semi-annually on April 1 and October 1 of each year, beginning October 1, 2016. Interest on the 2046 notes is due semi-annually on April 1 and October 1 of each year, beginning April 1, 2016, with interest accruing from October 1, 2015. The $13 million discount associated with the 2021 and the April 2026 notes and the $2 million premium associated with the 2046 notes are being amortized over the term of the notes using the effective interest rate method. Issuance costs of $17 million associated with the February 2016 issuance were recorded as a direct deduction to the senior notes and are being amortized over the term of the notes using the effective interest rate method. The net proceeds of the February 2016 issuance were used to repay the Company’s 5.40% senior notes due March 1, 2016 (the "2016 notes"). As a result, the 2016 notes were classified as Long-Term Debt in the accompanying Consolidated Balance Sheet as of January 31, 2016. In September 2015, the Company issued $500 million of floating rate senior notes due September 15, 2017 (the "2017 notes") and $1.0 billion of 3.35% senior notes due September 15, 2025 (the "2025 notes") at a discount of $1 million (together, the "September 2015 issuance"). The 2017 notes bear interest at a variable rate determined quarterly equal to the three-month LIBOR rate plus 37 basis points. Interest on the 2017 notes is due quarterly on March 15, June 15, September 15 and December 15 of each year, beginning December 15, 2015. Interest on the 2025 notes is due semi-annually on March 15 and September 15 of each year, beginning March 15, 2016. The $1 million discount associated with the 2025 notes is being amortized over the term of the notes using the effective interest rate method. Issuance costs of $7 million associated with the September 2015 issuance were recorded as a direct deduction to the senior notes and are being amortized over the term of the notes using the effective interest rate method. The net proceeds of the September 2015 issuance were used to fund the Company’s acquisition of Interline. In May 2015, the Company issued $1.25 billion of 2.625% senior notes due June 1, 2022 (the "2022 notes") at a discount of $5 million and $1.25 billion of 4.25% senior notes due April 1, 2046 (the "existing 2046 notes") at a discount of $3 million (together, the "May 2015 issuance"). Interest on the 2022 notes is due semi-annually on June 1 and December 1 of each year, beginning December 1, 2015. Interest on the existing 2046 notes is due semi-annually on April 1 and October 1 of each year, beginning October 1, 2015. The $8 million discount associated with the May 2015 issuance is being amortized over the term of the notes using the effective interest rate method. Issuance costs of $19 million associated with the May 2015 issuance were recorded as a direct deduction to the senior notes and are being amortized over the term of the notes using the effective interest rate method. The net proceeds of the May 2015 issuance were used for general corporate purposes, including repurchases of shares of the Company’s common stock. All of the Company’s senior notes, other than the 2017 notes, may be redeemed by the Company at any time, in whole or in part, at the redemption price plus accrued interest up to the redemption date. The redemption price is equal to the greater of (1) 100% of the principal amount of the notes to be redeemed, or (2) the sum of the present values of the remaining scheduled payments of principal and interest to the Par Call Date, as defined in the respective notes. Additionally, if a Change in Control Triggering Event occurs, as defined in the notes, holders of all notes have the right to require the Company to redeem those notes at 101% of the aggregate principal amount of the notes plus accrued interest up to the redemption date. The Company is generally not limited under the indentures governing the notes in its ability to incur additional indebtedness or required to maintain financial ratios or specified levels of net worth or liquidity. Further, while the indentures governing the notes contain various restrictive covenants, none are expected to impact the Company’s liquidity or capital resources. In fiscal 2015, the Company entered into forward starting interest rate swap agreements with a combined notional amount of $1.0 billion, accounted for as cash flow hedges, to hedge interest rate fluctuations in anticipation of the February 2016 issuance. In connection with the February 2016 issuance, the Company paid $89 million to settle these forward starting interest rate swap agreements. This amount, net of income taxes, is included in Accumulated Other Comprehensive Loss and is being amortized to Interest Expense over the term of the April 2026 notes. At January 29, 2017, the Company had outstanding cross currency swap agreements with a combined notional amount of $626 million, accounted for as cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt. At January 29, 2017, the approximate fair value of these agreements was an asset of $258 million, which is the estimated amount the Company would have received to settle the agreements and is included in Other Assets in the accompanying Consolidated Balance Sheets. In November 2013, the Company entered into an interest rate swap that expires on September 10, 2018, with a notional amount of $500 million, accounted for as a fair value hedge, that swaps fixed rate interest on the Company’s 2.25% senior notes due September 10, 2018 for variable interest equal to LIBOR plus 88 basis points. At January 29, 2017, the approximate fair value of this agreement was an asset of $3 million, which is the estimated amount the Company would have received to settle the agreement and is included in Other Assets in the accompanying Consolidated Balance Sheets. Also in November 2013, the Company entered into an interest rate swap that expires on September 15, 2020, with a notional amount of $500 million, accounted for as a fair value hedge, that swaps fixed rate interest on the Company’s 3.95% senior notes due September 15, 2020 for variable interest equal to LIBOR plus 183 basis points. At January 29, 2017, the approximate fair value of this agreement was an asset of $10 million, which is the estimated amount the Company would have received to settle the agreement and is included in Other Assets in the accompanying Consolidated Balance Sheets. Interest Expense in the accompanying Consolidated Statements of Earnings is net of interest capitalized of $1 million, $2 million and $2 million in fiscal 2016, 2015 and 2014, respectively. Maturities of Long-Term Debt are $542 million for fiscal 2017, $1.2 billion for fiscal 2018, $1.0 billion for fiscal 2019, $573 million for fiscal 2020, $2.4 billion for fiscal 2021 and $17.2 billion thereafter.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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