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Debt | 6 Months Ended
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Aug. 02, 2025
Debt Disclosure [Abstract] |
Debt | Debt Summary of Borrowings and Outstanding Debt The following table summarizes the Company’s outstanding debt at August 2, 2025 and February 1, 2025 (in millions):
|  | Effective Interest Rate |  | August 2, 2025 |  | February 1, 2025
Face Value Outstanding: |  |  |  |  |  |
2026 Term Loan - 5-Year Tranche |  |  |  | $ | — |  |  | $ | 590.6 |
Term Loan Total |  |  |  | — |  |  | 590.6 |
4.875% MTG/MTI 2028 Senior Notes |  | 4.940% / 4.988% |  | 499.9 |  |  | 499.9 |
1.650% 2026 Senior Notes |  | 1.839% |  | 500.0 |  |  | 500.0 |
2.450% 2028 Senior Notes |  | 2.554% |  | 750.0 |  |  | 750.0 |
5.750% 2029 Senior Notes |  | 5.891% |  | 500.0 |  |  | 500.0 |
4.750% 2030 Senior Notes |  | 4.880% |  | 500.0 |  |  | — |
2.950% 2031 Senior Notes |  | 3.043% |  | 750.0 |  |  | 750.0 |
5.950% 2033 Senior Notes |  | 6.082% |  | 500.0 |  |  | 500.0 |
5.450% 2035 Senior Notes |  | 5.531% |  | 500.0 |  |  | — |
Senior Notes Total |  |  |  | 4,499.9 |  |  | 3,499.9 |
Total borrowings |  |  |  | $ | 4,499.9 |  |  | $ | 4,090.5 |
Less: Unamortized debt discount and issuance cost |  |  |  | (32.7) |  |  | (26.7) |
Net carrying amount of debt |  |  |  | $ | 4,467.2 |  |  | $ | 4,063.8 |
Less: Current portion (1) |  |  |  | 499.3 |  |  | 129.5 |
Non-current portion |  |  |  | $ | 3,967.9 |  |  | $ | 3,934.3 |
(1)As of August 2, 2025, the current portion of outstanding debt that is due within twelve months includes the 2026 Senior Notes. The Company intends to repay the current balance with operating cash flows. The weighted-average interest rate on short-term debt outstanding at August 2, 2025 and February 1, 2025 was 1.650% and 5.785%, respectively. 2026 Term Loan The Company’s 2026 Term Loan (the “5-Year Tranche Loan”) had a stated floating interest rate which equated to an adjusted term Secured Overnight Financing Rate (“SOFR”) + 137.5 bps. During the first quarter of fiscal 2026, the Company repaid $32.8 million of the principal outstanding of the 5-Year Tranche Loan. During the second quarter of fiscal 2026. the 5-Year Tranche Loan, due on April 20, 2026, which had a remaining principal of $557.8 million, was repaid in full. 2025 Revolving Credit Facility On June 30, 2025, the Company entered into an agreement to amend and restate the credit facility to increase the borrowing capacity to $1.5 billion (as so amended and restated, the “2025 Revolving Credit Facility”). The 2025 Revolving Credit Facility has a 5-year term and a stated floating interest rate which equates to an adjusted term SOFR plus an applicable margin. The borrowings from the 2025 Revolving Credit Facility will be used for general corporate purposes of the Company. The Company may prepay any borrowings at any time without premium or penalty. An unused commitment fee is payable quarterly based on unused balances at a rate that is based on the ratings of the Company’s senior unsecured long-term indebtedness. The annual unused commitment fee rate was 0.150% at August 2, 2025. During the three months ended August 2, 2025, the Company repaid $200.0 million on the 2025 Revolving Credit Facility that was outstanding from the first quarter of fiscal 2026. As of August 2, 2025, the 2025 Revolving Credit Facility was undrawn and is available for draw down through June 30, 2030. As of August 2, 2025, the Company was in compliance with its debt covenants for the revolving line of credit agreement. 2030 and 2035 Senior Unsecured Notes On June 30, 2025, the Company completed an offering of (i) $500.0 million aggregate principal amount of the Company’s 4.750% Senior Notes due 2030 (the “2030 Senior Notes”) and (ii) $500.0 million aggregate principal amount of the Company’s 5.450% Senior Notes due 2035 (the “2035 Senior Notes”, and, together with the 2030 Senior Notes, the “Senior Notes”). The 2030 Senior Notes have a 5-year term and mature on July 15, 2030, and the 2035 Senior Notes have a 10-year term and mature on July 15, 2035. The stated and effective interest rates for the 2030 Senior Notes are 4.750% and 4.880%, respectively. The stated and effective interest rates for the 2035 Senior Notes are 5.450% and 5.531%, respectively. The Company may redeem the Senior Notes, in whole or in part, at any time prior to their maturity at the redemption prices set forth in the Senior Notes. In addition, upon the occurrence of a change of control repurchase event (which involves the occurrence of both a change of control and a ratings event involving the Senior Notes being rated below investment grade), the Company will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest to, but excluding, the repurchase date. The indenture governing the Senior Notes also contains certain limited covenants restricting the Company’s ability to incur certain liens, enter into certain sale and leaseback transactions and merge or consolidate with any other entity or convey, transfer or lease all or substantially all of the Company’s properties or assets to another person, which, in each case, are subject to certain qualifications and exceptions. As of August 2, 2025, the Company had $1.0 billion borrowings outstanding from the Senior Notes. Interest Expense and Future Contractual Maturities During the three and six months ended August 2, 2025, the Company recognized $46.8 million and $91.6 million, respectively, of interest expense in its unaudited condensed consolidated statements of operations related to interest, amortization of debt issuance costs and accretion of discount associated with the outstanding debt. During the three and six months ended August 3, 2024, the Company recognized $46.5 million and $93.3 million, respectively, of interest expense in its unaudited condensed consolidated statements of operations related to interest, amortization of debt issuance costs and accretion of discount associated with the outstanding debt. As of August 2, 2025, the aggregate future contractual maturities of the Company’s outstanding debt, at face value, are as follows (in millions):
Fiscal Year |  | Amount
Remainder of 2026 |  | $ | — |
2027 |  | 500.0 |
2028 |  | — |
2029 |  | 1,249.9 |
2030 |  | 500.0 |
Thereafter |  | 2,250.0 |
Total |  | $ | 4,499.9 |
For additional information about the Company's debt, see “Note 7 - Debt” in the Notes to Consolidated Financial Statements within Item 8 of the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2025.

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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/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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