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Debt | 9 Months Ended
--- | ---
Oct. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt. Unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following:
($000) |  | October 31, 2020 |  | February 1, 2020 |  | November 2, 2019
6.530% Series B Senior Notes due 2021 |  | $ | 64,883 |  |  | $ | 64,963 |  |  | $ | 64,958 |
3.375% Senior Notes due 2024 |  | 248,256 |  |  | 247,928 |  |  | 247,820 |
4.600% Senior Notes due 2025 |  | 694,310 |  |  | — |  |  | — |
0.875% Senior Notes due 2026 |  | 493,297 |  |  | — |  |  | — |
4.700% Senior Notes due 2027 |  | 238,944 |  |  | — |  |  | — |
4.800% Senior Notes due 2030 |  | 132,220 |  |  | — |  |  | — |
1.875% Senior Notes due 2031 |  | 493,998 |  |  | — |  |  | — |
5.450% Senior Notes due 2050 |  | 146,129 |  |  | — |  |  | — |
Total long-term debt |  | $ | 2,512,037 |  |  | $ | 312,891 |  |  | $ | 312,778 |
Senior notes. As of October 31, 2020, the Company had outstanding Series B unsecured Senior Notes in the aggregate principal amount of $65 million held by various institutional investors. The Series B notes are due in December 2021, and bear interest at 6.530%. Borrowings under these Senior Notes are subject to certain financial covenants that were amended in June 2020, and are consistent with the corresponding covenants in the Company's existing revolving credit facility. As of October 31, 2020, the Company was in compliance with these covenants. As of October 31, 2020, the Company also had outstanding unsecured 3.375% Senior Notes due September 2024 (the “2024 Notes”) with an aggregate principal amount of $250 million. Interest on the 2024 Notes is payable semi-annually. In April 2020, the Company issued an aggregate of $2.0 billion in unsecured senior notes in four tenors as follows: 4.600% Senior Notes due April 2025 (the “2025 Notes”) with an aggregate principal amount of $700 million, 4.700% Senior Notes due April 2027 (the “2027 Notes”) with an aggregate principal amount of $400 million, 4.800% Senior Notes due April 2030 (the “2030 Notes”) with an aggregate principal amount of $400 million, and 5.450% Senior Notes due April 2050 (the “2050 Notes”) with an aggregate principal amount of $500 million. Cash proceeds, net of discounts and other issuance costs, were approximately $1.973 billion. Interest on the 2025, 2027, 2030, and 2050 Notes is payable semi-annually beginning October 2020. In October 2020, the Company accepted for purchase approximately $775 million in aggregate principal amount of senior notes pursuant to cash tender offers as follows: $351 million of the 2050 Notes, $266 million of the 2030 Notes, and $158 million of the 2027 Notes. The Company paid approximately $1.003 billion aggregate consideration (including transaction costs, and accrued and unpaid interest) and recorded an approximately $240 million loss on the early extinguishment for the accepted notes. In October 2020, the Company issued an aggregate of $1.0 billion in unsecured senior notes in two tenors as follows: 0.875% Senior Notes due April 2026 (the "2026 Notes") with an aggregate principal amount of $500 million and 1.875% Senior Notes due April 2031 (the "2031 Notes") with an aggregate principal amount of $500 million. Cash proceeds, net of discounts and other issuance costs, were approximately $987.2 million. Interest on the 2026 and 2031 Notes is payable semi-annually beginning April 2021. The Company used the net proceeds from the offering of the 2026 and 2031 Notes to fund the purchase of the accepted notes from its tender offers. The Series B and all of the Senior Notes are subject to prepayment penalties for early payment of principal. As of October 31, 2020, February 1, 2020, and November 2, 2019, total unamortized discount and debt issuance costs were $28.0 million, $2.1 million, and $2.2 million, respectively, and were classified as a reduction of Long-term debt. As of October 31, 2020, the aggregate fair value of the eight outstanding series of Senior Notes was approximately $2.8 billion. As of February 1, 2020 and November 2, 2019, the aggregate fair value of the two then outstanding series of Senior Notes was approximately $335 million and $333 million, respectively. The fair value is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. Revolving credit facilities. In July 2019, the Company entered into an $800 million unsecured revolving credit facility, which replaced the Company’s previous $600 million unsecured revolving credit facility. This current credit facility expires in July 2024, and contains a $300 million sublimit for issuance of standby letters of credit. The facility also contains an option allowing the Company to increase the size of its credit facility by up to an additional $300 million, with the agreement of the lenders. Interest on borrowings under this facility is based on LIBOR (or an alternate benchmark rate, if LIBOR is no longer available) plus an applicable margin and is payable quarterly and upon maturity. The revolving credit facility may be extended, at the Company's option, for up to two additional one year periods, subject to customary conditions. In March 2020, the Company borrowed $800 million available under its revolving credit facility. Interest on the loan was based on LIBOR plus 0.875% (or 1.76%). In May 2020, the Company amended its $800 million unsecured revolving credit facility (the “Amended Credit Facility”) to temporarily suspend, for the second and third quarters of fiscal 2020, the Consolidated Adjusted Debt to EBITDAR ratio financial covenant, and to apply a transitional modification to that ratio effective in the fourth quarter of fiscal 2020. The Amended Credit Facility also established a new temporary minimum liquidity requirement, effective for the first quarter of fiscal 2020 and through the end of April 2021. As of October 31, 2020, the Company was in compliance with these amended covenants. In October 2020, the Company repaid in full the $800 million it borrowed under the unsecured revolving credit facility. As a result, the Company currently has no borrowings or standby letters of credit outstanding under this facility, and the $800 million credit facility remains in place and available. In May 2020, the Company also entered into an additional $500 million 364-day senior revolving credit facility which was scheduled to expire in April 2021. In October 2020, the Company terminated this senior revolving credit facility. The Company had no borrowings under that credit facility at any time. The table below shows the components of interest expense and income for the three and nine month periods ended October 31, 2020 and November 2, 2019:
| Three Months Ended |  |  | Nine Months Ended
($000) | October 31, 2020 |  | November 2, 2019 |  |  | October 31, 2020 |  | November 2, 2019
Interest expense on long-term debt | $ | 27,826 |  |  | $ | 3,284 |  |  |  | 66,338 |  |  | $ | 9,850 |
Interest expense on short-term debt | 2,565 |  |  | — |  |  |  | 7,861 |  |  | — |
Other interest expense | 2,535 |  |  | 216 |  |  |  | 3,844 |  |  | 756 |
Capitalized interest | (3,856) |  |  | (1,186) |  |  |  | (9,359) |  |  | (3,069) |
Interest income | (330) |  |  | (6,716) |  |  |  | (4,423) |  |  | (22,356) |
Interest expense (income), net | $ | 28,740 |  |  | $ | (4,402) |  |  |  | $ | 64,261 |  |  | $ | (14,819) |

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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 http://asc.fasb.org/topic&trid=2208564 + Details
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