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Debt | 9 Months Ended
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Oct. 31, 2020
Debt [Abstract] |
Debt | 5. Debt Short-Term Debt In light of the uncertainty surrounding the impact of COVID-19 and to maximize liquidity, we executed a short-term draw on the full amount of our $1.25 billion five year senior unsecured revolving credit facility (the “Facility”) on March 19, 2020, which remained outstanding until July 27, 2020, when the Facility was repaid in full. There were no borrowings outstanding under the Facility as of October 31, 2020, February 1, 2020, or November 2, 2019. Information regarding our short-term debt for the nine months ended October 31, 2020, was as follows ($ in millions):
|  | Average Amount Outstanding |  | Maximum Amount Outstanding |  | Weighted Average Interest Rate
Short-term debt |  | $ | 595 |  |  | $ | 1,250 |  |  |  | 0.9 | %
Long-Term Debt Long-term debt consisted of the following ($ in millions):
|  |  |  |  |  |  |  |  |  | October 31, 2020 |  | February 1, 2020 |  | November 2, 2019
Notes, 5.50%, due March 15, 2021 (“2021 Notes”) |  | $ | 650 |  |  | $ | 650 |  |  | $ | 650 |
Notes, 4.45%, due October 1, 2028 (“2028 Notes”) |  |  |  | 500 |  |  |  | 500 |  |  |  | 500 |
Notes, 1.95%, due October 1, 2030 (“2030 Notes”) |  |  |  | 650 |  |  |  | - |  |  |  | - |
Interest rate swap valuation adjustments |  |  | 102 |  |  |  | 89 |  |  |  | 70 |
Subtotal |  |  |  | 1,902 |  |  |  | 1,239 |  |  |  | 1,220 |
Debt discounts and issuance costs |  |  | (13) |  |  |  | (6) |  |  |  | (6) |
Finance lease obligations |  |  | 37 |  |  |  | 38 |  |  |  | 39 |
Total long-term debt |  |  | 1,926 |  |  |  | 1,271 |  |  |  | 1,253 |
Less current portion |  |  | 670 |  |  |  | 14 |  |  |  | 14 |
Total long-term debt, less current portion |  | $ | 1,256 |  |  | $ | 1,257 |  |  | $ | 1,239 |
2030 Notes In October 2020, we issued the 2030 Notes that bear interest at a fixed rate of 1.95% per year, payable semi-annually on April 1 and October 1 of each year, beginning on April 1, 2021. Net proceeds from the issuance were $642 million after underwriting and issuance discounts totaling $8 million. The net proceeds will be used to replace our 2021 Notes that mature in March 2021, which we expect to retire during the fourth quarter of fiscal 2021 by exercising our option to redeem the 2021 Notes at par. We may redeem some or all of the 2030 Notes at any time at a redemption price equal to the greater of (i) 100% of the principal amount, and (ii) the sum of the present values of each remaining scheduled payment of principal and interest discounted to the redemption date on a semiannual basis, plus accrued and unpaid interest on the principal amount to the redemption date as described in the indenture (including the supplemental indenture) relating to the 2030 Notes. Furthermore, if a change of control triggering event occurs, we will be required to offer to purchase the remaining unredeemed 2030 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the purchase date. The 2030 Notes are unsecured and unsubordinated obligations and rank equally with all of our other unsecured and unsubordinated debt. The 2030 Notes contain covenants that, among other things, limit our ability to incur debt secured by liens or to enter into sale and lease-back transactions. See Note 3, 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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