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Notes Payable and Long-Term Debt | 12 Months Ended
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Jan. 30, 2016
Debt Disclosure [Abstract] |
Notes Payable and Long-Term Debt | Notes Payable and Long-Term Debt In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 amended ASC 835-30 Interest-Imputation of Debt Interest, to simplify the presentation of deferred issuance costs by requiring they be classified as a direct reduction of the debt balances. We have retrospectively adopted this ASU for the year ended January 30, 2016. As a result, $63 million and $71 million of deferred issuance costs have been reclassified from Other noncurrent assets to Long-term debt and other borrowings in our Consolidated Statements of Financial Position as of January 30, 2016 and January 31, 2015, respectively. At January 30, 2016, the carrying value and maturities of our debt portfolio were as follows:
Debt Maturities | January 30, 2016
(dollars in millions) | Rate (a) |  | Balance |
Due 2016-2020 | 4.8 | % | $ | 5,268 |
Due 2021-2025 | 3.5 |  | 2,104 |
Due 2026-2030 | 6.7 |  | 244 |
Due 2031-2035 | 6.5 |  | 762 |
Due 2036-2040 | 6.7 |  | 2,010 |
Due 2041-2045 | 4.0 |  | 1,471 |
Total notes and debentures | 4.9 |  | 11,859 |
Swap valuation adjustments |  |  | 42 |
Capital lease obligations |  |  | 859 |
Less: Amounts due within one year |  |  | (815 | )
Long-term debt |  |  | $ | 11,945 |
(a) | Reflects the weighted average stated interest rate as of year-end.
Required Principal Payments (millions) | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |
Total required principal payments | $ | 751 |  | $ | 2,251 |  | $ | 201 |  | $ | 1,001 |  | $ | 1,094 |
In June 2014, we issued $1 billion of unsecured fixed rate debt at 2.3 percent that matures in June 2019 and $1 billion of unsecured fixed rate debt at 3.5 percent that matures in July 2024. We used proceeds from these issuances to repurchase $725 million of debt before its maturity at a market value of $1 billion, and for general corporate purposes including the payment of $1 billion of debt maturities. We recognized a loss of $285 million on the early retirement, which was recorded in net interest expense in our Consolidated Statements of Operations. We periodically obtain short-term financing under our commercial paper program, a form of notes payable.
Commercial Paper (dollars in millions) | 2015 |  | 2014 |  | 2013 |
Maximum daily amount outstanding during the year | $ | — |  | $ | 590 |  | $ | 1,465 |
Average amount outstanding during the year | — |  | 129 |  | 408 |
Amount outstanding at year-end | — |  | — |  | 80 |
Weighted average interest rate | — | % | 0.11 | % | 0.13 | %
No balances were outstanding at any time during 2015 or 2014 under our $2.25 billion revolving credit facility that expires in October 2018. Substantially all of our outstanding borrowings are senior, unsecured obligations. Most of our long-term debt obligations contain covenants related to secured debt levels. In addition to a secured debt level covenant, our credit facility also contains a debt leverage covenant. We are, and expect to remain, in compliance with these covenants, which have no practical effect on our ability to pay dividends.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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