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DEBT OBLIGATIONS | 6 Months Ended
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Aug. 14, 2021
DEBT OBLIGATIONS |
DEBT OBLIGATIONS |
2. | DEBT OBLIGATIONS
​ Long-term debt consists of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | August 14, | ​ | January 30,
​ |  | 2021 |  | 2021
1.70% to 8.00% Senior Notes due through 2049 | ​ | $ | 11,602 | ​ | $ | 11,899
Other | ​ |  | 1,116 | ​ |  | 511
​ | ​ | ​ | ​ | ​ | ​ | ​
Total debt, excluding obligations under finance leases | ​ |  | 12,718 | ​ |  | 12,410
Less current portion | ​ |  | (1,448) | ​ |  | (844)
​ | ​ | ​ | ​ | ​ | ​ | ​
Total long-term debt, excluding obligations under finance leases | ​ | $ | 11,270 | ​ | $ | 11,566
​ 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 August 14, 2021 and January 30, 2021. At August 14, 2021, the fair value of total debt was $14,521 compared to a carrying value of $12,718. At January 30, 2021, the fair value of total debt was $14,680 compared to a carrying value of $12,410. ​ Additionally, in the first two quarters of 2021, the Company repaid $300 of senior notes bearing an interest rate of 2.60% using cash on hand. ​ During the first quarter of 2021, the Company acquired 28, previously leased, properties for a purchase price of $455. Separately, the Company also entered into a transaction to sell those properties to a third party for total proceeds of $621. Total cash proceeds received as a result of the transactions was $166. The sale transaction did not qualify for sale-leaseback accounting treatment. As a result, the Company recorded property, plant and equipment for the $455 price paid and recorded a $621 financing obligation. The leases have a base term of 25 years and twelve option periods of five years each. The Company has the option to purchase the individual properties for fair market value at the end of the base term or at the end of any option period. The Company is obligated to repurchase the properties at the end of the base term for $300 if the lessor exercises its put option. ​ In the second quarter of 2021, the Company entered into an amended and restated $2,750 unsecured revolving credit facility (the “Amended and Restated Credit Agreement”), with a termination date of July 6, 2026, unless extended as permitted under the Amended and Restated Credit Agreement. This Amended and Restated Credit Agreement amended the Company’s $2,750 credit facility that would otherwise have terminated on August 29, 2022. The notable changes from the previous agreement include: (1) The removal of the Fixed Charge Coverage Ratio financial covenant (2) the ability to increase the credit facility by $1,250 compared to $1,000 in the prior Amended and Restated Credit Agreement. The Leverage Ratio is the only financial covenant remaining.

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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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