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Debt | 6 Months Ended
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Aug. 03, 2024
Debt Disclosure [Abstract] |
Debt | 3. Debt Outstanding borrowings under the revolving credit facility, recorded as short-term debt, were $410 million as of August 3, 2024, $92 million as of February 3, 2024, and $560 million as of July 29, 2023. Long-term debt, which excludes borrowings on the revolving credit facility, consists of the following unsecured debt:
|  |  | Outstanding
Maturity (Dollars in Millions) | Effective Rate at Issuance | Coupon Rate | August 3, 2024 | February 3, 2024 | July 29, 2023
2023 | 4.78% | 4.75% | $— | $— | $111
2025 | 9.50% | 10.75% | — | 113 | 113
2025 | 4.25% | 4.25% | 353 | 353 | 353
2029 | 7.36% | 7.25% | 42 | 42 | 42
2031 | 3.40% | 4.63% | 500 | 500 | 500
2033 | 6.05% | 6.00% | 112 | 112 | 112
2037 | 6.89% | 6.88% | 101 | 101 | 101
2045 | 5.57% | 5.55% | 427 | 427 | 427
Outstanding unsecured senior debt |  |  | 1,535 | 1,648 | 1,759
Unamortized debt discounts and deferred financing costs |  |  | (9) | (10) | (11)
Current portion of unsecured senior debt |  |  | (353) | — | (111)
Long-term unsecured senior debt |  |  | $1,173 | $1,638 | $1,637
Effective interest rate at issuance |  |  | 4.73% | 5.06% | 5.04%
Our estimated fair value of unsecured senior long-term debt is determined using Level 1 inputs, using financial instruments with unadjusted, quoted prices listed on active market exchanges. The estimated fair value of our unsecured senior debt was $1.2 billion at August 3, 2024, $1.3 billion at February 3, 2024, and $1.4 billion at July 29, 2023. In June 2024, we completed a voluntary redemption of the remaining $113 million of outstanding 9.50% notes due May 15, 2025. We recognized a $5 million loss on extinguishment of debt in net interest expense during the second quarter of 2024, which is primarily a bond tender premium paid to holders as a result of the redemption. Our various debt agreements contain covenants including limitations on additional indebtedness and certain financial tests. As of August 3, 2024, we were in compliance with all covenants of the various debt agreements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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