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Debt | 3 Months Ended
--- | ---
May 04, 2024
Debt Disclosure [Abstract] |
Debt | Debt Senior Notes. Unsecured senior debt (the “Senior Notes”), net of unamortized discounts and debt issuance costs, consisted of the following:
($000) |  | May 4, 2024 |  | February 3, 2024 |  | April 29, 2023
3.375% Senior Notes due 2024 |  | $ | 249,827 |  |  | $ | 249,713 |  |  | $ | 249,370 |
4.600% Senior Notes due 2025 |  | 698,763 |  |  | 698,441 |  |  | 697,480 |
0.875% Senior Notes due 2026 |  | 497,576 |  |  | 497,268 |  |  | 496,345 |
4.700% Senior Notes due 2027 |  | 240,445 |  |  | 240,335 |  |  | 240,007 |
4.800% Senior Notes due 2030 |  | 132,820 |  |  | 132,776 |  |  | 132,645 |
1.875% Senior Notes due 2031 |  | 495,962 |  |  | 495,820 |  |  | 495,395 |
5.450% Senior Notes due 2050 |  | 146,397 |  |  | 146,377 |  |  | 146,319 |
Total long-term debt 1 |  | $ | 2,461,790 |  |  | $ | 2,460,730 |  |  | $ | 2,457,561 |
Less: current portion |  | $ | 948,590 |  |  | $ | 249,713 |  |  | $ | — |
Total due beyond one year |  | $ | 1,513,200 |  |  | $ | 2,211,017 |  |  | $ | 2,457,561 |
1 Net of unamortized discounts and debt issuance costs of $13.2 million, $14.3 million, and $17.4 million as of May 4, 2024, February 3, 2024, and April 29, 2023, respectively. Interest on all Senior Notes is payable semi-annually and the Senior Notes are subject to prepayment penalties for early payment of principal. The aggregate fair value of the seven outstanding series of Senior Notes was approximately $2.3 billion as of May 4, 2024, February 3, 2024, and April 29, 2023. 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. The Company’s $1.3 billion senior unsecured revolving credit facility (“Credit Facility”) expires in February 2027 and may be extended at the Company’s request for up to two additional one-year periods subject to customary conditions. The Credit Facility contains a $300 million sublimit for issuance of standby letters of credit. It also contains an option allowing the Company to increase the size of its Credit Facility by up to an additional $700 million, with the agreement of the committing lenders. Interest on borrowings under this Credit Facility is a term rate based on the Secured Overnight Financing Rate (“Term SOFR”) (or an alternate benchmark rate, if Term SOFR is no longer available) plus an applicable margin and is payable quarterly and upon maturity. The Credit Facility is subject to a quarterly Consolidated Adjusted Debt to Consolidated EBITDAR financial leverage ratio covenant. As of May 4, 2024, the Company was in compliance with the financial covenant, had no borrowings or standby letters of credit outstanding under the Credit Facility, and t he $1.3 billion Credit Facility remained in place and available. The table below shows the components of interest income for the three month periods ended May 4, 2024 and April 29, 2023:
| Three Months Ended |  |
($000) | May 4, 2024 |  | April 29, 2023 |  |  |  |
Interest expense on long-term debt | $ | 21,175 |  |  | $ | 21,166 |  |  |  |  |
Other interest expense | 358 |  |  | 373 |  |  |  |  |
Capitalized interest | (4,265) |  |  | (2,108) |  |  |  |  |
Interest income | (63,218) |  |  | (50,828) |  |  |  |  |
Interest income, net | $ | (45,950) |  |  | $ | (31,397) |  |  |  |  |

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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