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v3.22.1

Financing (Tables) | 12 Months Ended
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Jan. 29, 2022
Debt Disclosure [Abstract] |
Schedule of Company Debt | The Company’s debt is as follows:
|  | January 29, |  |  | January 30, |
|  | 2022 |  |  | 2021 |
|  | (millions) |
Short-term debt: |  |  |  |  |  |  |  |
3.875% Senior notes due 2022 |  | $ | — |  |  | $ | 450 |
Current portion of other long-term obligations |  |  | — |  |  |  | 2 |
|  | $ | — |  |  | $ | 452 |
Long-term debt: |  |  |  |  |  |  |  |
8.375% Senior secured notes due 2025 |  | $ | — |  |  | $ | 1,300 |
2.875% Senior notes due 2023 |  |  | 504 |  |  |  | 640 |
5.875% Senior notes due 2029 |  |  | 500 |  |  |  | — |
4.5% Senior notes due 2034 |  |  | 367 |  |  |  | 367 |
3.625% Senior notes due 2024 |  |  | 350 |  |  |  | 500 |
5.125% Senior notes due 2042 |  |  | 250 |  |  |  | 250 |
4.3% Senior notes due 2043 |  |  | 250 |  |  |  | 250 |
6.375% Senior notes due 2037 |  |  | 192 |  |  |  | 192 |
6.7% Senior secured debentures due 2034 |  |  | 183 |  |  |  | 183 |
4.375% Senior notes due 2023 |  |  | 161 |  |  |  | 210 |
7.0% Senior debentures due 2028 |  |  | 105 |  |  |  | 105 |
6.65% Senior secured debentures due 2024 |  |  | 81 |  |  |  | 81 |
6.9% Senior debentures due 2029 |  |  | 79 |  |  |  | 79 |
6.7% Senior secured debentures due 2028 |  |  | 74 |  |  |  | 74 |
6.79% Senior debentures due 2027 |  |  | 71 |  |  |  | 71 |
6.65% Senior debentures due 2024 |  |  | 36 |  |  |  | 41 |
6.7% Senior debentures due 2028 |  |  | 29 |  |  |  | 29 |
8.75% Senior secured debentures due 2029 |  |  | 13 |  |  |  | 13 |
6.7% Senior debentures due 2034 |  |  | 18 |  |  |  | 18 |
6.9% Senior debentures due 2032 |  |  | 12 |  |  |  | 12 |
7.6% Senior debentures due 2025 |  |  | 6 |  |  |  | 24 |
7.875% Senior secured debentures due 2030 |  |  | 5 |  |  |  | 5 |
6.9% Senior secured debentures due 2032 |  |  | 5 |  |  |  | 5 |
7.875% Senior debentures due 2030 |  |  | 5 |  |  |  | 5 |
Unamortized debt issue costs and discount |  |  | (22 | ) |  |  | (77 | )
Premium on acquired debt, using an effective interest yield of 5.760% to 6.021% |  |  | 21 |  |  |  | 30 |
|  | $ | 3,295 |  |  | $ | 4,407 |
Schedule of Interest Expense and Losses on Early Retirement of Debt | Interest expense and losses on early retirement of debt are as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  |  | (millions) |  |  |  |  |
Interest on debt |  | $ | 246 |  |  | $ | 273 |  |  | $ | 211 |
Amortization of debt premium |  |  | (3 | ) |  |  | (4 | ) |  |  | (5 | )
Amortization of financing costs and debt discount |  |  | 26 |  |  |  | 23 |  |  |  | 6 |
Interest on finance leases |  |  | 1 |  |  |  | 1 |  |  |  | 2 |
|  |  | 270 |  |  |  | 293 |  |  |  | 214 |
Less interest capitalized on construction |  |  | 14 |  |  |  | 9 |  |  |  | 9 |
Interest expense |  | $ | 256 |  |  | $ | 284 |  |  | $ | 205 |
Losses on early retirement of debt |  | $ | 199 |  |  | $ | — |  |  | $ | 30 |
Future Maturities of Long-term Debt | Future maturities of long-term debt are shown below:
|  | (millions) |
Fiscal year |  |  |  |
2023 |  | $ | 665 |
2024 |  |  | 467 |
2025 |  |  | 6 |
2026 |  |  | — |
2027 |  |  | 71 |
After 2027 |  |  | 2,086 |
Detail of Debt Repayments | The following table shows the detail of debt repayments:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  |  | (millions) |  |  |  |  |
8.375% Senior secured notes due 2025 |  | $ | 1,300 |  |  | $ | — |  |  | $ | — |
Revolving credit facility |  |  | 585 |  |  |  | 1,500 |  |  |  | — |
3.875% Senior notes due 2022 |  |  | 450 |  |  |  | — |  |  |  | 100 |
3.625% Senior notes due 2024 |  |  | 150 |  |  |  | — |  |  |  | — |
2.875% Senior notes due 2023 |  |  | 136 |  |  |  | — |  |  |  | 110 |
4.375% Senior notes due 2023 |  |  | 49 |  |  |  | — |  |  |  | 190 |
7.6% Senior debentures due 2025 |  |  | 18 |  |  |  | — |  |  |  | — |
6.65% Senior debentures due 2024 |  |  | 5 |  |  |  | — |  |  |  | — |
3.45% Senior notes due 2021 |  |  | — |  |  |  | 500 |  |  |  | — |
10.25% Senior debentures due 2021 |  |  | — |  |  |  | 33 |  |  |  | — |
6.9% Senior debentures due 2029 |  |  | — |  |  |  | — |  |  |  | 113 |
7.0% Senior debentures due 2028 |  |  | — |  |  |  | — |  |  |  | 12 |
8.5% Senior debentures due 2019 |  |  | — |  |  |  | — |  |  |  | 36 |
9.5% amortizing debentures due 2021 |  |  | 2 |  |  |  | 4 |  |  |  | 4 |
9.75% amortizing debentures due 2021 |  |  | 1 |  |  |  | 2 |  |  |  | 2 |
|  | $ | 2,696 |  |  | $ | 2,039 |  |  | $ | 567 |

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