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DEBT OBLIGATIONS | 4 Months Ended
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May 23, 2020
DEBT OBLIGATIONS |
DEBT OBLIGATIONS |
2. | DEBT OBLIGATIONS
​ Long-term debt consists of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 23, | ​ | February 1,
​ |  | 2020 |  | 2020
2.20% to 8.00% Senior Notes due through 2049 | ​ | $ | 12,097 | ​ | $ | 11,598
5.63% to 12.75% Mortgages due through 2027 | ​ |  | 7 | ​ |  | 12
1.77% Commercial paper borrowings | ​ |  | — | ​ |  | 1,150
Other | ​ |  | 499 | ​ |  | 496
​ | ​ | ​ | ​ | ​ | ​ | ​
Total debt, excluding obligations under finance leases | ​ |  | 12,603 | ​ |  | 13,256
Less current portion | ​ |  | (1,047) | ​ |  | (1,926)
​ | ​ | ​ | ​ | ​ | ​ | ​
Total long-term debt, excluding obligations under finance leases | ​ | $ | 11,556 | ​ | $ | 11,330
​ ​ The fair value of the Company’s long-term debt, including current maturities, was estimated based on the quoted market prices for the same or similar issues adjusted for illiquidity based on available market evidence. If quoted market prices were not available, the fair value was based upon the net present value of the future cash flow using the forward interest rate yield curve in effect at May 23, 2020 and February 1, 2020. At May 23, 2020, the fair value of total debt was $14,025 compared to a carrying value of $12,603. At February 1, 2020, the fair value of total debt was $14,649 compared to a carrying value of $13,256. ​ On March 18, 2020, the Company proactively borrowed $1,000 under the revolving credit facility. This was a precautionary measure in order to preserve financial flexibility, reduce reliance on the commercial paper market and maintain liquidity in response to the COVID-19 pandemic. During the first quarter of 2020, the Company fully repaid the $1,000 borrowed under the revolving credit facility and the entire $1,150 in outstanding commercial paper obligations, using cash generated by operations. ​ In anticipation of future debt refinancing, the Company, in the first quarter of 2020, entered into three forward-starting interest rate swap agreements with a maturity date of January 2021 with an aggregate notional amount totaling $150. As of the end of the first quarter of 2020, the Company had a total of $500 notional amount of forward-starting interest rate swaps outstanding. The forward-starting interest rate swaps entered into in the first quarter of 2020 were designated as cash-flow hedges. ​ Additionally, in the first quarter of 2020, the Company issued $500 of senior notes due in fiscal year 2030 bearing an interest rate of 2.20%. The net proceeds of the issuance will be used for general corporate purposes and reduce reliance on the commercial paper market. As the net proceeds were not immediately needed for these purposes, the net proceeds were held in cash and temporary cash investments as of the end of the first quarter of 2020.

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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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