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Debt | 3 Months Ended
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May 02, 2020
Debt [Abstract] |
Debt | 4. Debt Short-Term Debt We have a $1.25 billion five year senior unsecured revolving credit facility agreement (the “Facility”) with a syndicate of banks. In light of the uncertainty surrounding the impact of COVID-19 and to maximize liquidity, we executed a seven-day draw on the full amount of the Facility on March 19, 2020, and rolled this into a three-month draw on March 26, 2020. The Facility remained fully drawn as of May 2, 2020, at an interest rate of three-month LIBOR plus a margin rate of 1.015%. There were no borrowings outstanding as of February 1, 2020, or May 4, 2019. Information regarding our short-term debt for the three months ended May 2, 2020, was as follows ($ in millions):
|  | Average Amount Outstanding |  | Maximum Amount Outstanding |  | Weighted Average Interest Rate
Short-term debt |  | $ | 618 |  |  | $ | 1,250 |  |  |  | 2.3 | %
Long-Term Debt Long-term debt consisted of the following ($ in millions):
|  |  |  |  |  |  |  |  |  | May 2, 2020 |  | February 1, 2020 |  | May 4, 2019
Notes, 5.50%, due March 15, 2021 |  | $ | 650 |  |  | $ | 650 |  |  | $ | 650 |
Notes, 4.45%, due October 1, 2028 |  |  |  | 500 |  |  |  | 500 |  |  |  | 500 |
Interest rate swap valuation adjustments |  |  | 118 |  |  |  | 89 |  |  |  | 23 |
Subtotal |  |  |  | 1,268 |  |  |  | 1,239 |  |  |  | 1,173 |
Debt discounts and issuance costs |  |  | (8) |  |  |  | (6) |  |  |  | (7) |
Finance lease obligations |  |  | 34 |  |  |  | 38 |  |  |  | 41 |
Total long-term debt |  |  | 1,294 |  |  |  | 1,271 |  |  |  | 1,207 |
Less current portion |  |  | 673 |  |  |  | 14 |  |  |  | 14 |
Total long-term debt, less current portion |  | $ | 621 |  |  | $ | 1,257 |  |  | $ | 1,193 |
See Note 2, Fair Value Measurements, for the fair value of long-term debt.

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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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