Annual report pursuant to Section 13 and 15(d)

Financing (Tables)

v3.20.1
Financing (Tables)
12 Months Ended
Feb. 01, 2020
Debt Disclosure [Abstract]  
Schedule of Company Debt
The Company’s debt is as follows:
 
 
February 1,
2020
 
February 2,
2019
 
(millions)
Short-term debt:
 
 
 
8.5% Senior debentures due 2019
$

 
$
36

3.45% Senior notes due 2021
500

 

10.25% Senior debentures due 2021
33

 

Capital lease and current portion of other long-term obligations (a)
6

 
7

 
$
539

 
$
43

Long-term debt:
 
 
 
2.875% Senior notes due 2023
$
640

 
$
750

3.875% Senior notes due 2022
450

 
550

4.5% Senior notes due 2034
367

 
367

3.45% Senior notes due 2021

 
500

3.625% Senior notes due 2024
500

 
500

4.375% Senior notes due 2023
210

 
400

5.125% Senior debentures due 2042
250

 
250

4.3% Senior notes due 2043
250

 
250

6.7% Senior debentures due 2034
201

 
201

6.9% Senior debentures due 2029
79

 
192

6.375% Senior notes due 2037
192

 
192

6.65% Senior debentures due 2024
122

 
122

7.0% Senior debentures due 2028
105

 
117

6.7% Senior debentures due 2028
103

 
103

6.79% Senior debentures due 2027
71

 
71

6.9% Senior debentures due 2032
17

 
17

10.25% Senior debentures due 2021

 
33

7.6% Senior debentures due 2025
24

 
24

8.75% Senior debentures due 2029
13

 
13

7.875% Senior debentures due 2030
10

 
10

9.5% amortizing debentures due 2021
2

 
6

9.75% amortizing debentures due 2021
1

 
3

Unamortized debt issue costs
(13
)
 
(18
)
Unamortized debt discount
(7
)
 
(9
)
Premium on acquired debt, using an effective
interest yield of 5.542% to 7.144%
34

 
39

Capital lease and other long-term obligations (a)

 
25

 
$
3,621

 
$
4,708


(a) As a result of the adoption of ASU 2016-02 on February 3, 2019, capital, or finance, leases were reclassed to lease liabilities within accounts payable and accrued liabilities and long-term lease liabilities on the Consolidated Balance Sheet. See Note 4 for information on leases.

Schedule of Interest Expense and Losses (Gains) on Early Retirement of Debt
Interest expense and losses (gains) on early retirement of debt are as follows:
 
 
2019
 
2018
 
2017
 
(millions)
Interest on debt
$
211

 
$
269

 
$
332

Amortization of debt premium
(5
)
 
(7
)
 
(9
)
Amortization of financing costs and debt discount
6

 
7

 
7

Interest on capitalized leases
2

 
2

 
2

 
214

 
271

 
332

Less interest capitalized on construction
9

 
10

 
11

Interest expense
$
205

 
$
261

 
$
321

Losses (gains) on early retirement of debt
$
30

 
$
33

 
$
(10
)

Future Maturities of Long-term Debt
Future maturities of long-term debt are shown below:
 
 
(millions)
Fiscal year
 
2021
$
453

2022

2023
850

2024
622

2025
24

After 2025
1,658


Detail of Debt Repayments
The following table shows the detail of debt repayments:
 
2019
 
2018
 
2017
 
(millions)
6.9% Senior debentures due 2029
$
113

 
$
204

 
$
3

4.5% Senior notes due 2034

 
183

 

7.0% Senior debentures due 2028
12

 
182

 
2

4.375% Senior notes due 2023
190

 

 

3.875% Senior notes due 2022
100

 

 

2.875% Senior notes due 2023
110

 

 

6.65% Senior debentures due 2024

 
175

 
4

7.45% Senior debentures due 2017

 

 
300

6.7% Senior debentures due 2028

 
94

 
3

6.79% Senior debentures due 2027

 
94

 

6.375% Senior notes due 2037

 
77

 
231

6.7% Senior debentures due 2034

 
63

 
136

6.9% Senior debentures due 2032

 
15

 
219

8.75% Senior debentures due 2029

 
5

 
43

7.875% Senior debentures due 2030

 
2

 
6

8.5% Senior debentures due 2019
36

 

 

9.5% amortizing debentures due 2021
4

 
4

 
4

9.75% amortizing debentures due 2021
2

 
2

 
2

Capital leases and other obligations (a)

 
1

 
1

 
$
567

 
$
1,101

 
$
954