Annual report pursuant to Section 13 and 15(d)

Financing (Tables)

v3.21.1
Financing (Tables)
12 Months Ended
Jan. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Company Debt

The Company’s debt is as follows:

 

 

 

January 30,

 

 

February 1,

 

 

 

2021

 

 

2020

 

 

 

(millions)

 

Short-term debt:

 

 

 

 

 

 

 

 

3.875% Senior notes due 2022

 

$

450

 

 

$

 

3.45% Senior notes due 2021

 

 

 

 

 

500

 

10.25% Senior debentures due 2021

 

 

 

 

 

33

 

Current portion of other long-term obligations

 

 

2

 

 

 

6

 

 

 

$

452

 

 

$

539

 

Long-term debt:

 

 

 

 

 

 

 

 

8.375% Senior secured notes due 2025

 

$

1,300

 

 

$

 

6.65% Senior secured debentures due 2024

 

 

81

 

 

 

 

6.7% Senior secured debentures due 2028

 

 

74

 

 

 

 

8.75% Senior secured debentures due 2029

 

 

13

 

 

 

 

7.875% Senior secured debentures due 2030

 

 

5

 

 

 

 

6.9% Senior secured debentures due 2032

 

 

5

 

 

 

 

6.7% Senior secured debentures due 2034

 

 

183

 

 

 

 

9.5% amortizing debentures due 2021

 

 

 

 

 

2

 

9.75% amortizing debentures due 2021

 

 

 

 

 

1

 

3.875% Senior notes due 2022

 

 

 

 

 

450

 

2.875% Senior notes due 2023

 

 

640

 

 

 

640

 

4.375% Senior notes due 2023

 

 

210

 

 

 

210

 

3.625% Senior notes due 2024

 

 

500

 

 

 

500

 

4.5% Senior notes due 2034

 

 

367

 

 

 

367

 

6.375% Senior notes due 2037

 

 

192

 

 

 

192

 

5.125% Senior notes due 2042

 

 

250

 

 

 

250

 

4.3% Senior notes due 2043

 

 

250

 

 

 

250

 

6.65% Senior debentures due 2024

 

 

41

 

 

 

122

 

7.6% Senior debentures due 2025

 

 

24

 

 

 

24

 

6.79% Senior debentures due 2027

 

 

71

 

 

 

71

 

7.0% Senior debentures due 2028

 

 

105

 

 

 

105

 

6.7% Senior debentures due 2028

 

 

29

 

 

 

103

 

6.9% Senior debentures due 2029

 

 

79

 

 

 

79

 

8.75% Senior debentures due 2029

 

 

 

 

 

13

 

7.875% Senior debentures due 2030

 

 

5

 

 

 

10

 

6.9% Senior debentures due 2032

 

 

12

 

 

 

17

 

6.7% Senior debentures due 2034

 

 

18

 

 

 

201

 

Unamortized debt issue costs and discount

 

 

(77

)

 

 

(20

)

Premium on acquired debt, using an effective interest yield of 5.760% to

   7.144%

 

 

30

 

 

 

34

 

 

 

$

4,407

 

 

$

3,621

 

 

 

 

Schedule of Interest Expense and Losses on Early Retirement of Debt

Interest expense and losses on early retirement of debt are as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

 

 

 

 

(millions)

 

 

 

 

 

Interest on debt

 

$

273

 

 

$

211

 

 

$

269

 

Amortization of debt premium

 

 

(4

)

 

 

(5

)

 

 

(7

)

Amortization of financing costs and debt discount

 

 

23

 

 

 

6

 

 

 

7

 

Interest on capitalized leases

 

 

1

 

 

 

2

 

 

 

2

 

 

 

 

293

 

 

 

214

 

 

 

271

 

Less interest capitalized on construction

 

 

9

 

 

 

9

 

 

 

10

 

Interest expense

 

$

284

 

 

$

205

 

 

$

261

 

Losses on early retirement of debt

 

$

 

 

$

30

 

 

$

33

 

Future Maturities of Long-term Debt

Future maturities of long-term debt are shown below:

 

 

 

(millions)

 

Fiscal year

 

 

 

 

2022

 

$

 

2023

 

 

850

 

2024

 

 

622

 

2025

 

 

1,324

 

2026

 

 

 

After 2026

 

 

1,658

 

Detail of Debt Repayments

The following table shows the detail of debt repayments:

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

 

 

 

 

(millions)

 

 

 

 

 

3.45% Senior notes due 2021

 

$

500

 

 

$

 

 

$

 

6.9% Senior debentures due 2029

 

 

 

 

 

113

 

 

 

204

 

4.5% Senior notes due 2034

 

 

 

 

 

 

 

 

183

 

7.0% Senior debentures due 2028

 

 

 

 

 

12

 

 

 

182

 

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

 

6.7% Senior debentures due 2028

 

 

 

 

 

 

 

 

94

 

6.79% Senior debentures due 2027

 

 

 

 

 

 

 

 

94

 

6.375% Senior notes due 2037

 

 

 

 

 

 

 

 

77

 

6.7% Senior debentures due 2034

 

 

 

 

 

 

 

 

63

 

6.9% Senior debentures due 2032

 

 

 

 

 

 

 

 

15

 

8.75% Senior debentures due 2029

 

 

 

 

 

 

 

 

5

 

7.875% Senior debentures due 2030

 

 

 

 

 

 

 

 

2

 

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

 

10.25% Senior debentures due 2021

 

 

33

 

 

 

 

 

 

 

Revolving credit facility

 

 

1,500

 

 

 

 

 

 

 

Other obligations

 

 

 

 

 

 

 

 

1

 

 

 

$

2,039

 

 

$

567

 

 

$

1,101