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Debt | 3 Months Ended
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May 02, 2026
Debt Disclosure [Abstract] |
Debt | 3. Debt Borrowings under the $1.5 billion revolving credit facility, recorded as short-term debt, were $0 as of May 2, 2026 and January 31, 2026 and $545 million as of May 3, 2025. 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 | May 2, 2026 | January 31, 2026 | May 3, 2025
2025 | 4.25% | 4.25% | — | — | 353
2029 | 7.36% | 7.25% | 42 | 42 | 42
2030 | 10.25% | 10.00% | 360 | 360 | —
2031 | 3.40% | 5.13% | 381 | 425 | 500
2033 | 6.05% | 6.00% | 108 | 112 | 112
2037 | 6.89% | 6.88% | 87 | 89 | 101
2045 | 5.57% | 5.55% | 427 | 427 | 427
Outstanding secured and unsecured senior debt |  |  | 1,405 | 1,455 | 1,535
Unamortized debt discounts and deferred financing costs |  |  | (18) | (19) | (8)
Current portion of secured and unsecured senior debt |  |  | — | — | (353)
Long-term secured and unsecured senior debt |  |  | $1,387 | $1,436 | $1,174
Effective interest rate at issuance |  |  | 6.35% | 6.26% | 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 $1.2 billion at May 2, 2026 and January 31, 2026, and $1.0 billion at May 3, 2025. The interest rate on our 3.375% notes due May 2031 is subject to a coupon adjustment provision within the notes that can cause the interest rate to step up if our long-term debt is downgraded to below a BBB- credit rating by S&P Global Ratings or Baa3 by Moody’s Investor Service, Inc., which has occurred in recent years. In total, the interest rate on the notes due May 2031 has increased 175 basis points since their issuance due to the coupon adjustment provision within the notes. In the first quarter of 2026, we reduced our outstanding debt by $50 million through repurchases of our notes on the open market, resulting in a gain on extinguishment of debt of $9 million recognized in net interest expense. In the fourth quarter of 2025, we reduced our outstanding debt by $87 million through repurchases of our notes on the open market, resulting in a gain on extinguishment of debt of $11 million recognized in net interest expense. In the second quarter of 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. Also in the second quarter of 2025, $353 million in aggregate principal amount of our 4.25% notes matured and were repaid. Our various debt agreements contain covenants including limitations on additional indebtedness and certain financial tests. As of May 2, 2026, 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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