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DEBT AND DERIVATIVE INSTRUMENTS | 12 Months Ended
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Jan. 29, 2023
Debt Disclosure [Abstract] |
Debt and Derivative Instruments | DEBT AND DERIVATIVE INSTRUMENTS Short-Term Debt In July 2022, we expanded our commercial paper program from $3.0 billion to $5.0 billion to further enhance our financial flexibility. All of our short-term borrowings in fiscal 2022 and fiscal 2021 were under our commercial paper program. In connection with our program, we had back-up credit facilities with a consortium of banks for borrowings up to $5.0 billion at January 29, 2023, which consisted of a five-year $3.5 billion credit facility scheduled to expire in July 2027 and a 364-day $1.5 billion credit facility scheduled to expire in July 2023. These facilities replaced our previously existing five-year $2.0 billion credit facility, which was scheduled to expire in December 2023, and our 364-day $1.0 billion credit facility, which was scheduled to expire in December 2022. At January 29, 2023, we had no borrowings outstanding under our commercial paper program, and at January 30, 2022, we had $1.0 billion of borrowings outstanding under our commercial paper program with a weighted-average interest rate of 0.1%. The following table presents additional information on borrowings under our commercial paper program during fiscal 2022 and fiscal 2021:
| Fiscal |  | Fiscal
in millions | 2022 |  | 2021
Maximum amount outstanding during the period | $ | 2,745 |  |  | $ | 1,368 |
Average daily short-term borrowings | 269 |  |  | 45 |
Long-Term Debt The following table presents details of the components of our long-term debt:
|  |  |  |  | Carrying Amount (1)
in millions | Interest Payable |  | Principal Amount |  | January 29, 2023 |  | January 30, 2022
Floating rate senior notes due March 2022 | Quarterly |  | $ | — |  |  | $ | — |  |  | $ | 300 |
3.25% Senior notes due March 2022 | Semi-annually |  | — |  |  | — |  |  | 700 |
2.625% Senior notes due June 2022 | Semi-annually |  | — |  |  | — |  |  | 1,249 |
2.70% Senior notes due April 2023 | Semi-annually |  | 1,000 |  |  | 1,000 |  |  | 999 |
3.75% Senior notes due February 2024 | Semi-annually |  | 1,100 |  |  | 1,099 |  |  | 1,098 |
2.70% Senior notes due April 2025 | Semi-annually |  | 500 |  |  | 498 |  |  | — |
3.35% Senior notes due September 2025 | Semi-annually |  | 1,000 |  |  | 998 |  |  | 998 |
4.00% Senior notes due September 2025 | Semi-annually |  | 750 |  |  | 748 |  |  | — |
3.00% Senior notes due April 2026 | Semi-annually |  | 1,300 |  |  | 1,295 |  |  | 1,293 |
2.125% Senior notes due September 2026 | Semi-annually |  | 1,000 |  |  | 994 |  |  | 992 |
2.875% Senior notes due April 2027 | Semi-annually |  | 750 |  |  | 744 |  |  | — |
2.50% Senior notes due April 2027 | Semi-annually |  | 750 |  |  | 745 |  |  | 744 |
2.80% Senior notes due September 2027 | Semi-annually |  | 1,000 |  |  | 979 |  |  | 1,001 |
0.90% Senior notes due March 2028 | Semi-annually |  | 500 |  |  | 496 |  |  | 495 |
1.50% Senior notes due September 2028 | Semi-annually |  | 1,000 |  |  | 993 |  |  | 992 |
3.90% Senior notes due December 2028 | Semi-annually |  | 1,000 |  |  | 977 |  |  | 1,035 |
2.95% Senior notes due June 2029 | Semi-annually |  | 1,750 |  |  | 1,675 |  |  | 1,768 |
2.70% Senior notes due April 2030 | Semi-annually |  | 1,500 |  |  | 1,347 |  |  | 1,422 |
1.375% Senior notes due March 2031 | Semi-annually |  | 1,250 |  |  | 1,170 |  |  | 1,210 |
1.875% Senior notes due September 2031 | Semi-annually |  | 1,000 |  |  | 942 |  |  | 981 |
3.25% Senior notes due April 2032 | Semi-annually |  | 1,250 |  |  | 1,237 |  |  | — |
4.50% Senior notes due September 2032 | Semi-annually |  | 1,250 |  |  | 1,242 |  |  | — |
5.875% Senior notes due December 2036 | Semi-annually |  | 3,000 |  |  | 2,874 |  |  | 2,916 |
3.30% Senior notes due April 2040 | Semi-annually |  | 1,250 |  |  | 1,075 |  |  | 1,164 |
5.40% Senior notes due September 2040 | Semi-annually |  | 500 |  |  | 496 |  |  | 496 |
5.95% Senior notes due April 2041 | Semi-annually |  | 1,000 |  |  | 990 |  |  | 990 |
4.20% Senior notes due April 2043 | Semi-annually |  | 1,000 |  |  | 939 |  |  | 977 |
4.875% Senior notes due February 2044 | Semi-annually |  | 1,000 |  |  | 981 |  |  | 981 |
4.40% Senior notes due March 2045 | Semi-annually |  | 1,000 |  |  | 980 |  |  | 979 |
4.25% Senior notes due April 2046 | Semi-annually |  | 1,600 |  |  | 1,586 |  |  | 1,586 |
3.90% Senior notes due June 2047 | Semi-annually |  | 1,150 |  |  | 1,144 |  |  | 1,144 |
4.50% Senior notes due December 2048 | Semi-annually |  | 1,500 |  |  | 1,464 |  |  | 1,464 |
3.125% Senior notes due December 2049 | Semi-annually |  | 1,250 |  |  | 1,178 |  |  | 1,214 |
3.35% Senior notes due April 2050 | Semi-annually |  | 1,500 |  |  | 1,472 |  |  | 1,471 |
2.375% Senior notes due March 2051 | Semi-annually |  | 1,250 |  |  | 1,156 |  |  | 1,201 |
2.75% Senior notes due September 2051 | Semi-annually |  | 1,000 |  |  | 983 |  |  | 982 |
3.625% Senior notes due April 2052 | Semi-annually |  | 1,500 |  |  | 1,458 |  |  | — |
4.95% Senior notes due September 2052 | Semi-annually |  | 1,000 |  |  | 980 |  |  | — |
3.50% Senior notes due September 2056 | Semi-annually |  | 1,000 |  |  | 973 |  |  | 973 |
Total senior notes |  |  | $ | 41,150 |  |  | $ | 39,908 |  |  | $ | 35,815 |
Finance lease obligations; payable in varying installments through April 30, 2076 |  |  |  |  | $ | 3,285 |  |  | $ | 3,236 |
Total long-term debt |  |  |  |  | 43,193 |  |  | 39,051 |
Less current installments of long-term debt |  |  |  |  | 1,231 |  |  | 2,447 |
Long-term debt, excluding current installments |  |  |  |  | $ | 41,962 |  |  | $ | 36,604 |
————— (1) Includes unamortized discounts, premiums, debt issuance costs, and the effects of fair value hedges. September 2022 Issuance. In September 2022, we issued three tranches of senior notes. •The first tranche consisted of $750 million of 4.00% senior notes due September 15, 2025 at a discount of $0.3 million. Interest on these notes is due semi-annually on March 15 and September 15 of each year, beginning March 15, 2023. •The second tranche consisted of $1.25 billion of 4.50% senior notes due September 15, 2032 at a discount of $1 million. Interest on these notes is due semi-annually on March 15 and September 15 of each year, beginning March 15, 2023. •The third tranche consisted of $1.0 billion of 4.95% senior notes due September 15, 2052 at a discount of $14 million. Interest on these notes is due semi-annually on March 15 and September 15 of each year, beginning March 15, 2023. •Issuance costs totaled $15 million. March 2022 Issuance. In March 2022, we issued four tranches of senior notes. •The first tranche consisted of $500 million of 2.70% senior notes due April 15, 2025 at a discount of $1 million. Interest on these notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2022. •The second tranche consisted of $750 million of 2.875% senior notes due April 15, 2027 at a discount of $4 million. Interest on these notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2022. •The third tranche consisted of $1.25 billion of 3.25% senior notes due April 15, 2032 at a discount of $6 million. Interest on these notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2022. •The fourth tranche consisted of $1.5 billion of 3.625% senior notes due April 15, 2052 at a discount of $32 million. Interest on these notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2022. •Issuance costs totaled $22 million. Repayments. In March 2022, we repaid our $700 million 3.25% senior notes and $300 million floating rate senior notes at maturity. In May 2022, we repaid our $1.25 billion 2.625% senior notes, which had a maturity date of June 2022, at the Par Call Date for the notes. Redemption. All of our senior notes may be redeemed by us at any time, in whole or in part, at the redemption price plus accrued interest up to the redemption date. With respect to the 5.875% 2036 notes, 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 on the notes to be redeemed that would be due after the related redemption date. With respect to all other notes, prior to the Par Call Date, as defined in the respective notes, 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. On or after the Par Call Date, the redemption price is equal to 100% of the principal amount of the notes. Additionally, if a Change in Control Triggering Event occurs, as defined in the notes, holders of all such notes have the right to require us to redeem those notes at 101% of the aggregate principal amount of the notes plus accrued interest up to the redemption date. The indentures governing the notes do not generally limit our ability to incur additional indebtedness or require us to maintain financial ratios or specified levels of net worth or liquidity. The indentures governing the notes contain various customary covenants; however, none are expected to impact our liquidity or capital resources. Maturities of Long-Term Debt. The following table presents our long-term debt maturities, excluding finance leases, as of January 29, 2023:
in millions | Principal
Fiscal 2023 | $ | 1,000 |
Fiscal 2024 | 1,100 |
Fiscal 2025 | 2,250 |
Fiscal 2026 | 2,300 |
Fiscal 2027 | 2,500 |
Thereafter | 32,000 |
Total | $ | 41,150 |
Derivative Instruments and Hedging Activities We use derivative instruments as part of our normal business operations in the management of our exposure to fluctuations in foreign currency exchange rates and interest rates on certain debt. Our objective in managing these exposures is to decrease the volatility of cash flows affected by changes in the underlying rates and minimize the risk of changes in the fair value of our senior notes. Fair Value Hedges. We had outstanding interest rate swap agreements with combined notional amounts of $5.4 billion at January 29, 2023 and January 30, 2022. These agreements were accounted for as fair value hedges that swap fixed for variable rate interest to hedge changes in the fair values of certain senior notes. At January 29, 2023, the fair values of these agreements totaled $778 million, all of which is recognized in other long-term liabilities on the consolidated balance sheet. At January 30, 2022, the fair values of these agreements totaled $191 million, with $58 million recognized in other assets and $249 million recognized in other long-term liabilities on the consolidated balance sheet. All of our interest rate swap agreements designated as fair value hedges meet the shortcut method requirements under GAAP. Accordingly, the changes in the fair values of these agreements offset the changes in the fair value of the hedged long-term debt. Cash Flow Hedges. At January 29, 2023 and January 30, 2022, we had outstanding foreign currency forward contracts accounted for as cash flow hedges, which hedge the variability of forecasted cash flows associated with certain payments made in our foreign operations. At January 29, 2023 and January 30, 2022, the notional amounts and the fair values of these contracts were not material. Additionally, the realized and unrealized gains and losses on these instruments were not material during fiscal 2022, fiscal 2021, and fiscal 2020. We also settled forward-starting interest rate swap agreements in prior years, which were used to hedge the variability in future interest payments attributable to changing interest rates on forecasted debt issuances. Unamortized losses on these forward-starting swaps, which were designated as cash flow hedges, are being amortized to interest expense over the life of the respective notes. Unamortized losses recognized on these swaps remaining in accumulated other comprehensive loss were immaterial as of January 29, 2023 and January 30, 2022, as were the losses recognized within interest expense for fiscal 2022, fiscal 2021, and fiscal 2020. We expect an immaterial amount recorded in accumulated other comprehensive loss as of January 29, 2023 to be reclassified into earnings within the next 12 months. Net Investment Hedges. During fiscal 2022, we issued foreign currency forward contracts accounted for as net investment hedges, which hedged against foreign currency exposure on our net investment in certain subsidiaries. These foreign currency forward contracts were immaterial and were settled in fiscal 2022. The related foreign currency translation adjustment amounts recorded in accumulated other comprehensive loss upon settlement were also immaterial. There were no arrangements accounted for as net investment hedges outstanding as of January 29, 2023 or January 30, 2022. Collateral. We generally enter into master netting arrangements, which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty. To further limit our credit risk, we enter into collateral security arrangements that provide for collateral to be received or posted when the net fair value of certain derivative instruments exceeds or falls below contractually established thresholds. The cash collateral posted by the Company related to derivative instruments under our collateral security arrangements was $634 million as of January 29, 2023, which was recorded in other current assets on the consolidated balance sheet. We did not hold any cash collateral as of January 29, 2023, and cash collateral both held and posted was immaterial as of January 30, 2022.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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