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Long-term Debt and Borrowing Facilities | 6 Months Ended
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Aug. 03, 2024
Long-Term Debt, by Current and Noncurrent [Abstract] |
Long-term Debt and Borrowing Facilities | Long-term Debt and Borrowing Facility The following table provides the Company’s outstanding debt balances, net of unamortized debt issuance costs and discounts, as of August 3, 2024, February 3, 2024 and July 29, 2023:
| August 3, 2024 |  | February 3, 2024 |  | July 29, 2023
| (in millions)
Senior Debt with Subsidiary Guarantee |  |  |  |  |
$314 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”) | $ | 313 |  |  | $ | 313 |  |  | $ | 312 |
$284 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) | 275 |  |  | 287 |  |  | 285 |
$444 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) | 443 |  |  | 460 |  |  | 498 |
$482 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”) | 475 |  |  | 492 |  |  | 491 |
$844 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”) | 838 |  |  | 930 |  |  | 984 |
$802 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) | 796 |  |  | 806 |  |  | 933 |
$575 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) | 571 |  |  | 608 |  |  | 612 |
Total Senior Debt with Subsidiary Guarantee | 3,711 |  |  | 3,896 |  |  | 4,115 |
Senior Debt |  |  |  |  |
$284 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) | 283 |  |  | 293 |  |  | 340 |
$201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) | 200 |  |  | 199 |  |  | 213 |
Total Senior Debt | 483 |  |  | 492 |  |  | 553 |
Total Debt | 4,194 |  |  | 4,388 |  |  | 4,668 |
Current Debt | (313) |  |  | — |  |  | — |
Total Long-term Debt, Net of Current Portion | $ | 3,881 |  |  | $ | 4,388 |  |  | $ | 4,668 |
Repurchases of Notes During the second quarter of and year-to-date 2024, the Company repurchased in the open market and extinguished $91 million and $200 million principal amounts of its outstanding senior notes, respectively. The aggregate repurchase price for these notes were $92 million and $202 million for the second quarter of and year-to-date 2024, respectively, resulting in pre-tax losses of $2 million and $3 million, including the write-off of unamortized issuance costs, during the second quarter of and year-to-date 2024, respectively. These losses are included in Other Income in the 2024 Consolidated Statements of Income. During the second quarter of and year-to-date 2023, the Company repurchased in the open market and extinguished $115 million and $199 million principal amounts of its outstanding senior notes, respectively. The aggregate repurchase price for these notes were $106 million and $182 million for the second quarter of and year-to-date 2023, respectively, resulting in pre-tax gains of $9 million and $16 million, including the write-off of unamortized issuance costs, during the second quarter of and year-to-date 2023, respectively. These gains are included in Other Income in the 2023 Consolidated Statements of Income. The following table provides details of the outstanding principal amounts of senior notes repurchased and extinguished during the second quarters of and year-to-date 2024 and 2023:
| Second Quarter |  | Year-to-Date
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
2025 Notes | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |
2027 Notes | 14 |  |  | — |  |  | 14 |  |  | — |
2028 Notes | 7 |  |  | — |  |  | 17 |  |  | — |
2029 Notes | 10 |  |  | — |  |  | 17 |  |  | — |
2030 Notes | 56 |  |  | 5 |  |  | 94 |  |  | 7 |
2033 Notes | — |  |  | 6 |  |  | 10 |  |  | 9 |
2035 Notes | 4 |  |  | 47 |  |  | 10 |  |  | 61 |
2036 Notes | — |  |  | 26 |  |  | 38 |  |  | 83 |
2037 Notes | — |  |  | 31 |  |  | — |  |  | 33 |
Total | $ | 91 |  |  | $ | 115 |  |  | $ | 200 |  |  | $ | 199 |
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, 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 August 3, 2024, the Company’s borrowing base was $661 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 $10 million of outstanding letters of credit as of August 3, 2024 that reduced its availability under the ABL Facility. As of August 3, 2024, the Company’s availability under the ABL Facility was $651 million. As of August 3, 2024, 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 Term Secured Overnight Financing Rate plus 1.25% and a credit spread adjustment of 0.10% 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 August 3, 2024, the Company was not required to maintain this ratio.

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