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v3.25.3

Debt | 9 Months Ended
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Nov. 01, 2025
Debt Disclosure [Abstract] |
Debt | 3. Debt Outstanding borrowings under the $1.5 billion revolving credit facility, recorded as short-term debt, were $45 million as of November 1, 2025, $290 million as of February 1, 2025, and $749 million as of November 2, 2024. Long-term debt, which excludes borrowings on the revolving credit facility, consists of the following secured and unsecured debt:
|  |  | Outstanding
Maturity (Dollars in Millions) | Effective Rate at Issuance | Coupon Rate | November 1, 2025 | February 1, 2025 | November 2, 2024
2025 | 4.25% | 4.25% | $— | $353 | $353
2029 | 7.36% | 7.25% | 42 | 42 | 42
2030 | 10.25% | 10.00% | 360 | — | —
2031 | 3.40% | 5.13% | 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 secured and unsecured senior debt |  |  | 1,542 | 1,535 | 1,535
Unamortized debt discounts and deferred financing costs |  |  | (20) | (8) | (8)
Current portion of secured and unsecured senior debt |  |  | — | (353) | (353)
Long-term secured and unsecured senior debt |  |  | $1,522 | $1,174 | $1,174
Effective interest rate at issuance |  |  | 6.13% | 4.73% | 4.73%
Our estimated fair value of secured and 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 secured and unsecured senior debt was $1.3 billion at November 1, 2025, $1.2 billion at February 1, 2025, and $1.3 billion at November 2, 2024. In December 2024, S&P downgraded our senior unsecured credit rating from BB to BB- and Moody’s downgraded our rating from Ba3 to B1. As a result of the downgrades, the interest rate on our 3.375% notes due May 2031 increased an additional 50 basis points in May 2025 due to the coupon adjustment provision within the notes. During the second quarter 2025, Moody's downgraded our senior unsecured credit rating from B1 to B3; however, further downgrades by Moody's do not trigger incremental interest rate increases. In total, the interest rate on the notes due May 2031 have increased 175 basis points since their issuance. In May 2025, we issued $360 million aggregate principal amount of 10.000% senior secured notes due 2030 and received proceeds of $357 million, net of the debt discount. The notes are guaranteed by certain of our subsidiaries. Certain of these guarantees are secured by eleven distribution centers and E-commerce Fulfillment Centers, which are held by our subsidiaries, as well as the equity interests in one of our subsidiaries. In July 2025, $353 million in aggregate principal amount of our 4.25% notes matured and were repaid. In the second quarter of 2024, we completed a voluntary redemption of the remaining $113 million outstanding 9.50% notes due May 15, 2025. Our various debt agreements contain covenants including limitations on additional indebtedness and certain financial tests. As of November 1, 2025, 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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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