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Long-term Debt and Borrowing Facility
 12 Months Ended
Feb. 01, 2025
Long-Term Debt, by Current and Noncurrent [Abstract]  
Long-term Debt and Borrowing Facility Long-term Debt and Borrowing Facility
The following table provides the Company’s outstanding Long-term Debt balances, net of unamortized debt issuance costs and discounts, as of February 1, 2025 and February 3, 2024:
February 1,
2025		February 3,
2024
(in millions)
Senior Debt with Subsidiary Guarantee
$500 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”)
$— $313 
$284 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)
277 287 
$444 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)
443 460 
$482 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”)
476 492 
$844 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”)
838 930 
$802 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)
796 806 
$575 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)
571 608 
Total Senior Debt with Subsidiary Guarantee3,401 3,896 
Senior Debt
$284 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)
283 293 
$201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)
200 199 
Total Senior Debt483 492 
Total Long-term Debt$3,884 $4,388 
The following table provides principal payments due on outstanding Long-term Debt in the next five fiscal years and the remaining years thereafter:
Fiscal Year(in millions)
2025$— 
2026284 
2027— 
2028444 
2029482 
Thereafter2,705 
Cash paid for interest was $289 million in 2024, $346 million in 2023 and $339 million in 2022.
Repurchases of Notes
The losses and gains on the extinguishment of debt include the write-offs of unamortized issuance costs and are included in Other Income in the Consolidated Statements of Income.
2024 Repurchases
During the first and second quarters of 2024, the Company repurchased in the open market and extinguished $200 million principal amount of the Company’s outstanding senior notes. The aggregate repurchase price for these notes was $202 million, resulting in pre-tax losses of $3 million, net of the write-off of unamortized issuance costs.
In the fourth quarter of 2024, the Company completed a make-whole call to repurchase the remaining $314 million principal amount of the Company’s outstanding 2025 Notes. The repurchase price for these notes was $320 million, resulting in a pre-tax loss of $7 million, net of the write-off of unamortized issuance costs.
2023 Repurchases
During 2023, the Company repurchased in the open market and extinguished $485 million principal amount of the Company’s outstanding senior notes. The aggregate repurchase price for these notes was $447 million, resulting in pre-tax gains of $34 million, net of the write-off of unamortized issuance costs.
The following table provides details of the outstanding principal amounts of senior notes repurchased and extinguished during 2024 and 2023:
20242023
(in millions)
2025 Notes$314 $6 
2027 Notes14 — 
2028 Notes17 38 
2029 Notes17 — 
2030 Notes94 62 
2033 Notes10 56 
2035 Notes10 189 
2036 Notes38 87 
2037 Notes— 47 
Total$514 $485 
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 February 1, 2025, the Company’s borrowing base was $553 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 $11 million of outstanding letters of credit as of February 1, 2025 that reduced its availability under the ABL Facility. As of February 1, 2025, the Company’s availability under the ABL Facility was $542 million.
As of February 1, 2025, 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 February 1, 2025, the Company was not required to maintain this ratio.