XML 39 R17.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Long-term Debt and Borrowing Facilities | 6 Months Ended
--- | ---
Jul. 30, 2022
Long-Term Debt, by Current and Noncurrent [Abstract] |
Long-term Debt and Borrowing Facilities | Long-term Debt and Borrowing Facilities The following table provides the Company’s outstanding long-term debt balance, net of unamortized debt issuance costs and discounts, as of July 30, 2022, January 29, 2022 and July 31, 2021:
| July 30, 2022 |  | January 29, 2022 |  | July 31, 2021
| (in millions)
Senior Debt with Subsidiary Guarantee |  |  |  |  |
$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”) | $ | — |  |  | $ | — |  |  | $ | 319 |
$320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes") | 317 |  |  | 316 |  |  | 494 |
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) | 282 |  |  | 281 |  |  | 279 |
$500 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) | 497 |  |  | 497 |  |  | 497 |
$500 million, 7.500% Fixed Interest Rate Notes due June 2029 ("2029 Notes") | 490 |  |  | 489 |  |  | 489 |
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes") | 990 |  |  | 990 |  |  | 989 |
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) | 993 |  |  | 992 |  |  | 991 |
$700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) | 694 |  |  | 694 |  |  | 694 |
Total Senior Debt with Subsidiary Guarantee | $ | 4,263 |  |  | $ | 4,259 |  |  | $ | 4,752 |
Senior Debt |  |  |  |  |
$350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) | $ | 349 |  |  | $ | 349 |  |  | $ | 348 |
$247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) | 246 |  |  | 246 |  |  | 246 |
Total Senior Debt | 595 |  |  | 595 |  |  | 594 |
Total Long-term Debt | $ | 4,858 |  |  | $ | 4,854 |  |  | $ | 5,346 |
Repurchases of Notes In September 2021, the Company completed the tender offers to purchase $270 million of its outstanding 2023 Notes and $180 million of its outstanding 2025 Notes for an aggregate purchase price of $532 million. Additionally, in October 2021, the Company redeemed the remaining $50 million of its outstanding 2023 Notes for an aggregate purchase price of $54 million. The Company recognized a pre-tax loss related to this extinguishment of debt of $89 million (after-tax loss of $68 million), which included the write-offs of unamortized issuance costs, in the third quarter of 2021. In April 2021, the Company redeemed the remaining $285 million of its outstanding 5.625% senior notes due February 2022 and $750 million of its outstanding 6.875% senior secured notes due July 2025. The Company recognized a pre-tax loss related to this extinguishment of debt of $105 million (after-tax loss of $80 million), which included the write-offs of unamortized issuance costs. This loss is included in Other Income (Loss) in the year-to-date 2021 Consolidated Statement of Income. Asset-backed Revolving Credit Facility The Company and certain of the Company's 100% owned subsidiaries guarantee and pledge collateral to secure an asset-backed revolving credit facility (“ABL Facility”). The ABL Facility, which allows borrowings and letters of credit in U.S. dollars or Canadian dollars, has aggregate commitments of $750 million and an expiration date in August 2026. Availability under the ABL Facility is the lesser of (i) the borrowing base, determined primarily based on the Company's eligible U.S. and Canadian credit card receivables, accounts receivable, inventory and eligible real property, or (ii) the aggregate commitment. If at any time the outstanding amount under the ABL Facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitment, the Company is required to repay the outstanding amounts under the ABL Facility to the extent of such excess. As of July 30, 2022, the Company's borrowing base was $730 million, and it had no borrowings outstanding under the ABL Facility. The ABL Facility supports the Company’s letter of credit program. The Company had $16 million of outstanding letters of credit as of July 30, 2022 that reduced its availability under the ABL Facility. As of July 30, 2022, the Company's availability under the ABL Facility was $714 million. As of July 30, 2022, the ABL Facility fees related to committed and unutilized amounts were 0.25% per annum, and the fees related to outstanding letters of credit were 1.25% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the London Interbank Offered Rate plus 1.25% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Dollar Offered Rate plus 1.25% per annum. The ABL Facility requires the Company to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00 during an event of default or any period commencing on any day when specified excess availability is less than the greater of (i) $70 million or (ii) 10% of the maximum borrowing amount. As of July 30, 2022, the Company was not required to maintain this ratio.

X
- References No definition available. + Details
Name: | us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration