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Commercial Paper and Long-Term Debt
 12 Months Ended
Feb. 03, 2024
Debt Disclosure [Abstract]  
Commercial Paper and Long-Term Debt Commercial Paper and Long-Term Debt
Debt Maturities
(dollars in millions)Weighted-Average Interest Rate at February 3, 2024February 3, 2024January 28, 2023
Due 2024-20282.7 4,668 4,664 
Due 2029-20334.5 4,219 4,216 
Due 2034-20386.8 937 937 
Due 2039-20434.0 1,088 1,087 
Due 2044-20483.8 1,119 1,118 
Due 2049-20533.9 2,120 2,119 
Total notes and debentures14,151 14,141 
Swap valuation adjustments (126)(74)
Finance lease liabilities 2,013 2,072 
Less: Amounts due within one year (1,116)(130)
Long-term debt and other borrowings $14,922 $16,009 

Required Principal Payments
(millions)
20242025202620272028Thereafter
Total required principal payments$1,000 $1,500 $2,000 $97 $81 $9,574 

In January 2023, we issued unsecured fixed rate debt of $1.15 billion at 4.8 percent that matures in January 2053 and $500 million at 4.4 percent that matures in January 2033. In connection with this issuance, we terminated our remaining forward-starting interest rate swaps. Note 17 provides additional information.

In September 2022, we issued unsecured fixed rate debt of $1.0 billion at 4.5 percent that matures in September 2032. In connection with this issuance, we terminated certain of our forward-starting interest rate swaps. Note 17 provides additional information.

In January 2022, we issued unsecured fixed rate debt of $1.0 billion at 1.95 percent that matures in January 2027 and $1.0 billion at 2.95 percent that matures in January 2052. Furthermore, we repaid $1.0 billion of 2.9 percent unsecured fixed rate debt at maturity.
We obtain short-term financing from time to time under our commercial paper program. For the years ended February 3, 2024, and January 28, 2023, the maximum amounts outstanding were $90 million and $2.3 billion, respectively, and the average daily amounts outstanding were $1 million and $709 million, respectively, at a weighted average annual interest rate of 4.8 percent and 2.4 percent, respectively. As of February 3, 2024, and January 28, 2023, there was no commercial paper outstanding.

In October 2023, we obtained a new committed $1.0 billion 364-day unsecured revolving credit facility that will expire in October 2024 and terminated our prior 364-day credit facility. We also exercised our option to extend our existing five-year unsecured revolving credit facility, which has a maximum committed capacity of $3.0 billion and now expires in October 2028. No balances were outstanding under either facility at any time during 2023 or 2022.

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 facilities also contain 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.