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Borrowing Arrangements | 12 Months Ended
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Feb. 02, 2014
Borrowing Arrangements | Note C: Borrowing Arrangements Long-term debt consists of the following:
Dollars in thousands |  | Feb. 2, 2014 |  |  | Feb. 3, 2013 |
Memphis-based distribution facilities obligation |  | $ | 3,753 |  |  | $ | 5,388 |
Capital leases |  |  | 0 |  |  |  | 89 |
Total debt |  |  | 3,753 |  |  |  | 5,477 |
Less current maturities |  |  | (1,785 | ) |  |  | (1,724 | )
Total long-term debt |  | $ | 1,968 |  |  | $ | 3,753 |
Memphis-Based Distribution Facilities Obligation As of February 2, 2014 and February 3, 2013, total debt of $3,753,000 and $5,388,000, respectively, consists entirely of bond-related debt pertaining to the consolidation of one of our Memphis-based distribution facilities due to its related party relationship and our obligation to renew the lease until the bonds are fully repaid (see Note F). The aggregate maturities of long-term debt at February 2, 2014 were as follows: |
Dollars in thousands |  |  |  |  |  |
Fiscal 2014 |  |  |  |  |  | $ | 1,785 |
Fiscal 2015 |  |  |  |  |  |  | 1,968 |
Total |  |  |  |  |  | $ | 3,753 |
Credit Facility We have a credit facility that provides for a $300,000,000 unsecured revolving line of credit that may be used for loans or letters of credit. Prior to December 22, 2016, we may, upon notice to the lenders, request an increase in the credit facility of up to $200,000,000, to provide for a total of $500,000,000 of unsecured revolving credit. As of February 2, 2014, we were in compliance with our financial covenants under the credit facility and, based on current projections, we expect to remain in compliance throughout fiscal 2014. The credit facility matures on June 22, 2017, at which time all outstanding borrowings must be repaid and all outstanding letters of credit must be cash collateralized. We may elect interest rates calculated at (i) Bank of America’s prime rate (or, if greater, the average rate on overnight federal funds plus one-half of one percent, or a rate based on LIBOR plus one percent) plus a margin based on our leverage ratio or (ii) LIBOR plus a margin based on our leverage ratio. During fiscal 2013 and fiscal 2012, we had no borrowings under the credit facility, and no amounts were outstanding as of February 2, 2014 or February 3, 2013. Additionally, as of February 2, 2014, $3,070,000 in issued but undrawn standby letters of credit was outstanding under the credit facility. The standby letters of credit were issued to secure the liabilities associated with workers’ compensation and other insurance programs. Letter of Credit Facilities We have three unsecured letter of credit reimbursement facilities for a total of $70,000,000, each of which matures on August 29, 2014. The letter of credit facilities contain covenants that are consistent with our unsecured revolving line of credit. Interest on unreimbursed amounts under the letter of credit facilities accrues at the lender’s prime rate (or, if greater, the average rate on overnight federal funds plus one-half of one percent) plus 2.0%. As of February 2, 2014, an aggregate of $15,283,000 was outstanding under the letter of credit facilities, which represents only a future commitment to fund inventory purchases to which we had not taken legal title. The latest expiration possible for any future letters of credit issued under the facilities is January 26, 2015.

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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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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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