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DEBT OBLIGATIONS
 6 Months Ended
Aug. 16, 2025
DEBT OBLIGATIONS  
DEBT OBLIGATIONS

2.

DEBT OBLIGATIONS

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Long-term debt consists of:

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August 16,

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February 1,

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2025

    

2025

1.70% to 8.00% Senior Notes due through 2064

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$

14,859

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$

14,854

Other

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1,087

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1,055

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Total debt, excluding obligations under finance leases

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15,946

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15,909

Less current portion

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(620)

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(104)

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Total long-term debt, excluding obligations under finance leases

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$

15,326

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$

15,805

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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 16, 2025 and February 1, 2025. At August 16, 2025, the fair value of total debt was $14,886 compared to a carrying value of $15,946. At February 1, 2025, the fair value of total debt was $14,648 compared to a carrying value of $15,909.

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In the second quarter of 2024, the Company terminated five forward-starting interest rate swaps with a maturity date of August 1, 2027 and an aggregate notional amount totaling $5,350. These forward-starting interest rate swaps were hedging the variability in future benchmark interest payments attributable to changing interest rates on the forecasted issuance of fixed-rate debt that was issued in the third quarter of 2024. A notional amount of $2,350 of these forward-starting interest rate swaps was designated as a cash-flow hedge as defined by GAAP. Accordingly, the unamortized gain of $48, $36 net of tax, was deferred in accumulated other comprehensive income and is amortized to earnings as the interest payments are made. The remainder of the notional amount of $3,000 of the forward-starting interest rate swaps was not designated as a cash-flow hedge. Accordingly, the changes in the fair value of these forward-starting interest rate swaps not designated as cash-flow hedges were recognized through net earnings. In the second quarter of 2024, the Company recognized a realized loss of $133 related to these forward-starting interest rate swaps that is included in “Gain (loss) on investments” in the Company’s Consolidated Statements of Operations. During the first two quarters of 2024, the Company recognized a realized loss of $55 related to these forward-starting interest rate swaps that is included in “Gain (loss) on investments” in the Company’s Consolidated Statements of Operations.

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In the second quarter of 2024, the Company entered into two 10-year treasury lock agreements with an aggregate notional amount of $2,100 and a weighted-average interest rate of 3.91% and two 30-year treasury lock agreements with an aggregate notional amount of $3,250 and a weighted-average interest rate of 4.11%. These treasury locks were an agreement used to hedge the U.S. Treasury benchmark interest rate associated with future interest payments on the forecasted issuance of fixed-rate debt that was issued in the third quarter of 2024. These treasury locks were designated as cash-flow hedges as defined by GAAP. Accordingly, the changes in fair value of these treasury locks are recorded to accumulated other comprehensive income and reclassified into net earnings when the hedged transaction affects net earnings.

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Cash paid for interest expense related to long-term debt including obligations under finance leases was $485 and $265 for the first two quarters of 2025 and 2024, respectively. Interest income of approximately $52 and $38 for the second quarters of 2025 and 2024, respectively, is included in “Net interest expense” in the Company’s Consolidated Statements of Operations. Interest income of approximately $115 and $73 for the first two quarters of 2025 and 2024, respectively, is included in “Net interest expense” in the Company’s Consolidated Statements of Operations.

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As of August 16, 2025, and February 1, 2025, Other debt consisted primarily of a financial obligation related to a sale transaction for properties that did not qualify for sale-leaseback accounting treatment in 2021.

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