XML 54 R20.htm IDEA: XBRL DOCUMENT
v3.22.4

Long-term Debt and Borrowing Facilities | 12 Months Ended
--- | ---
Jan. 28, 2023
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 January 28, 2023 and January 29, 2022:
| January 28, 2023 |  | January 29, 2022
| (in millions)
Senior Debt with Subsidiary Guarantee |  |  |
$320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes") | $ | 317 |  |  | $ | 316 |
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 ("2027 Notes") | 283 |  |  | 281 |
$500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) | 498 |  |  | 497 |
$500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes") | 491 |  |  | 489 |
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes") | 991 |  |  | 990 |
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) | 993 |  |  | 992 |
$700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) | 694 |  |  | 694 |
Total Senior Debt with Subsidiary Guarantee | $ | 4,267 |  |  | $ | 4,259 |
Senior Debt |  |  |
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) | $ | 349 |  |  | $ | 349 |
$247 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) | 246 |  |  | 246 |
Total Senior Debt | $ | 595 |  |  | $ | 595 |
Total Long-term Debt | $ | 4,862 |  |  | $ | 4,854 |
The following table provides principal payments due on outstanding Long-term Debt in the next five fiscal years and the remaining years thereafter:
Fiscal Year |  | (in millions)
2023 |  | $ | — |
2024 |  | — |
2025 |  | 320 |
2026 |  | 297 |
2027 |  | — |
Thereafter |  | 4,298 |
Cash paid for interest was $339 million in 2022, $354 million in 2021 and $415 million in 2020. Repurchases of Notes 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-off of unamortized issuance costs. This loss is included in Other Income (Loss) in the 2021 Consolidated Statement of Income. In September 2021, the Company completed the tender offers to purchase $270 million of its outstanding 5.625% senior notes due October 2023 (the "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-off of unamortized issuance costs. This loss is included in Other Income (Loss) in the 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 January 28, 2023, the Company's borrowing base was $525 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 January 28, 2023 that reduced its availability under the ABL Facility. As of January 28, 2023, the Company's availability under the ABL Facility was $509 million. As of January 28, 2023, the ABL Facility fees related to committed and unutilized amounts were 0.30% 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 January 28, 2023, 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