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Long-term Debt | 12 Months Ended
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Feb. 01, 2014
Long-term Debt, by Current and Noncurrent [Abstract] |
Long-term Debt | Long-term Debt The following table provides the Company’s long-term debt balance as of February 1, 2014 and February 2, 2013:
| February 1, 2014 |  | February 2, 2013
| (in millions)
Senior Unsecured Debt with Subsidiary Guarantee |  |  |
$1 billion, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”) | $ | 1,000 |  |  | $ | 1,000 |
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”) | 1,000 |  |  | 1,000 |
$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”) | 500 |  |  | — |
$500 million, 8.50% Fixed Interest Rate Notes due June 2019, Less Unamortized Discount (“2019 Notes”) (a) | 494 |  |  | 489 |
$400 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”) | 400 |  |  | 400 |
Total Senior Unsecured Debt with Subsidiary Guarantee | $ | 3,394 |  |  | $ | 2,889 |
Senior Unsecured Debt |  |  |
$700 million, 6.90% Fixed Interest Rate Notes due July 2017, Less Unamortized Discount (“2017 Notes”) (b) | $ | 718 |  |  | $ | 721 |
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033, Less Unamortized Discount (“2033 Notes”) | 350 |  |  | 350 |
$300 million, 7.60% Fixed Interest Rate Notes due July 2037, Less Unamortized Discount (“2037 Notes”) | 299 |  |  | 299 |
5.25% Fixed Interest Rate Notes due November 2014, Less Unamortized Discount (“2014 Notes”) (c) | 215 |  |  | 218 |
Total Senior Unsecured Debt | $ | 1,582 |  |  | $ | 1,588 |
Total | $ | 4,976 |  |  | $ | 4,477 |
Current Portion of Long-term Debt | (215 | ) |  | — |
Total Long-term Debt, Net of Current Portion | $ | 4,761 |  |  | $ | 4,477 |
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(a) | The balance as of February 1, 2014 includes a fair value interest rate hedge adjustment which increased the debt balance by $2 million.
(b) | The balances include a fair value interest rate hedge adjustment which increased the debt balance by $19 million as of February 1, 2014 and $22 million as of February 2, 2013.
(c) | The principal balance outstanding was $213 million as of both February 1, 2014 and February 2, 2013. The balances include a fair value interest rate hedge adjustment which increased the debt balance by $3 million as of February 1, 2014 and $5 million as of February 2, 2013.
The following table provides principal payments due on long-term debt in the next five fiscal years and the remaining years thereafter:
Fiscal Year (in millions) |
2014 | $ | 213 |
2015 | — |
2016 | — |
2017 | 700 |
2018 | — |
Thereafter | 4,050 |
Cash paid for interest was $300 million in 2013, $276 million in 2012 and $225 million in 2011. Issuance of Notes In March 2011, the Company issued $1 billion of 6.625% notes due in April 2021 utilizing an existing shelf registration under which debt securities, common and preferred stock and other securities can be issued. The 2021 Notes are jointly and severally guaranteed on a full and unconditional basis by certain of the Company's 100% owned subsidiaries (such subsidiaries, the "Guarantors"). The proceeds from the issuance were $981 million, which were net of issuance costs of $19 million. These issuance costs are being amortized through the maturity date of April 2021 and are included within Other Assets on the Consolidated Balance Sheets. In February 2012, the Company issued $1 billion of 5.625% notes due in February 2022 utilizing an existing shelf registration under which debt securities, common and preferred stock and other securities can be issued. The 2022 Notes are jointly and severally guaranteed on a full and unconditional basis by the Guarantors. The proceeds from the issuance were $985 million, which were net of issuance costs of $15 million. These issuance costs are being amortized through the maturity date of February 2022 and are included within Other Assets on the Consolidated Balance Sheets. In October 2013, the Company issued $500 million of 5.625% notes due in October 2023 utilizing an existing shelf registration under which debt securities, common and preferred stock and other securities can be issued. The 2023 Notes are jointly and severally guaranteed on a full and unconditional basis by the Guarantors. The proceeds from the issuance were $495 million, which were net of issuance costs of $5 million. These issuance costs are being amortized through the maturity date of October 2023 and are included within Other Assets on the February 1, 2014 Consolidated Balance Sheet. Revolving Facility On July 15, 2011, the Company entered into an amendment and restatement (“Amendment”) of its secured revolving credit facility (“Revolving Facility”). The Amendment increased the aggregate amount of the commitments of the lenders under the Revolving Facility to $1 billion and extended the termination date to July 15, 2016. In addition, the Amendment reduced fees payable under the Revolving Facility which are based on the Company’s long-term credit ratings. The fees related to committed and unutilized amounts per year are 0.325% per annum and the fees related to outstanding letters of credit are 1.75% per annum. In addition, the interest rate on outstanding borrowings is London Interbank Offered Rate (“LIBOR”) plus 1.75%. The Company incurred fees related to the Amendment of the Revolving Facility of $7 million, which were capitalized and are being amortized over the remaining term of the Revolving Facility. The Revolving Facility contains fixed charge coverage and debt to EBITDA financial covenants. The Company is required to maintain a fixed charge coverage ratio of not less than 1.75 to 1.00 and a consolidated debt to consolidated EBITDA ratio not exceeding 4.00 to 1.00 for the most recent four-quarter period. In addition, the Revolving Facility provides that investments and restricted payments may be made, without limitation on amount, if (a) at the time of and after giving effect to such investment or restricted payment the ratio of consolidated debt to consolidated EBITDA for the most recent four-quarter period is less than 3.00 to 1.00 and (b) no default or event of default exists. As of February 1, 2014, the Company was in compliance with both of its financial covenants and the ratio of consolidated debt to consolidated EBITDA was less than 3.00 to 1.00. During the third quarter of 2013, the Company borrowed and repaid $290 million under the Revolving Facility. The maximum daily amount outstanding at any point in time during the third quarter of 2013 was $140 million. As of February 1, 2014, there were no borrowings outstanding under the Revolving Facility. Letters of Credit The Revolving Facility supports the Company’s letter of credit program. The Company had $8 million of outstanding letters of credit as of February 1, 2014 that reduce its remaining availability under the Revolving Facility. Fair Value Interest Rate Swap Arrangements For information related to the Company’s fair value interest rate swap arrangements, see Note 12, “Derivative Instruments.”

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 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 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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