Annual report pursuant to Section 13 and 15(d)

Financing (Tables)

v2.4.0.6
Financing (Tables)
12 Months Ended
Feb. 02, 2013
Debt Disclosure [Abstract]  
Schedule of Company Debt
The Company’s debt is as follows:
 
 
February 2,
2013
 
January 28,
2012
 
(millions)
Short-term debt:
 
 
 
7.625% Senior debentures due 2013
$
109

 
$

5.35% Senior notes due 2012

 
616

5.875% Senior notes due 2013

 
298

8.0% Senior debentures due 2012

 
173

Capital lease and current portion of other long-term obligations
15

 
16

 
$
124

 
$
1,103

Long-term debt:
 
 
 
2.875% Senior notes due 2023
$
750

 
$

5.9% Senior notes due 2016
577

 
977

3.875% Senior notes due 2022
550

 
550

6.375% Senior notes due 2037
500

 
500

5.75% Senior notes due 2014
453

 
453

7.875% Senior notes due 2015 *
407

 
612

6.9% Senior debentures due 2029
400

 
400

6.7% Senior debentures due 2034
400

 
400

7.45% Senior debentures due 2017
300

 
300

6.65% Senior debentures due 2024
300

 
300

7.0% Senior debentures due 2028
300

 
300

6.9% Senior debentures due 2032
250

 
250

5.125% Senior debentures due 2042
250

 
250

4.3% Senior notes due 2043
250

 

6.7% Senior debentures due 2028
200

 
200

6.79% Senior debentures due 2027
165

 
165

7.875% Senior debentures due 2036
108

 
108

8.125% Senior debentures due 2035
76

 
76

7.5% Senior debentures due 2015
69

 
100

8.75% Senior debentures due 2029
61

 
61

7.45% Senior debentures due 2016
59

 
123

8.5% Senior debentures due 2019
36

 
36

10.25% Senior debentures due 2021
33

 
33

9.5% amortizing debentures due 2021
29

 
33

7.6% Senior debentures due 2025
24

 
24

9.75% amortizing debentures due 2021
16

 
18

7.875% Senior debentures due 2030
18

 
18

7.625% Senior debentures due 2013

 
109

Premium on acquired debt, using an effective
   interest yield of 5.115% to 6.165%
191

 
216

Capital lease and other long-term obligations
34

 
43

 
$
6,806

 
$
6,655

 ________________
*
The rate of interest payable in respect of these senior notes was increased by one percent per annum to 8.875% in April 2009 as a result of a downgrade of the notes by specified rating agencies, was decreased by 0.50 percent per annum to 8.375% effective in May 2010 as a result of an upgrade of the notes by specified rating agencies, was decreased by 0.25 percent per annum to 8.125% effective in May 2011 as a result of an upgrade of the notes by specified rating agencies, and was decreased by 0.25 percent per annum to 7.875%, its stated interest rate, effective in January 2012 as a result of an upgrade of the notes by specified rating agencies. The rate of interest payable in respect of these senior notes could increase by up to 2.0% per annum from its current level in the event of one or more downgrades of the notes by specified rating agencies.


Schedule of Interest Expense and Premium on Early Retirement of Debt
Interest expense and premium on early retirement of debt is as follows:
 
 
2012
 
2011
 
2010
 
(millions)
Interest on debt
$
449

 
$
467

 
$
535

Amortization of debt premium
(19
)
 
(23
)
 
(31
)
Amortization of financing costs
7

 
8

 
11

Interest on capitalized leases
3

 
3

 
3

 
440

 
455

 
518

Less interest capitalized on construction
15

 
8

 
5

Interest expense
$
425

 
$
447

 
$
513

Premium on early retirement of debt
$
137

 
$

 
$
66

Future Maturities of Long-term Debt
Future maturities of long-term debt, other than capitalized leases and premium on acquired debt, are shown below:
 
 
(millions)
Fiscal year
 
2014
$
461

2015
481

2016
642

2017
306

2018
6

After 2018
4,687

Detail of Debt Repayments
The following table shows the detail of debt repayments:
 
2012
 
2011
 
2010
 
(millions)
5.35% Senior notes due 2012
$
616

 
$

 
$
484

5.90% Senior notes due 2016
400

 

 
123

5.875% Senior notes due 2013
298

 

 
52

7.875% Senior notes due 2015
205

 

 
38

8.0% Senior debentures due 2012
173

 

 
27

7.45% Senior debentures due 2016
64

 

 
2

7.5% Senior debentures due 2015
31

 

 

6.625% Senior notes due 2011

 
330

 
170

7.45% Senior debentures due 2011

 
109

 
41

10.625% Senior debentures due 2010

 

 
150

8.5% Senior notes due 2010

 

 
76

5.75% Senior notes due 2014

 

 
47

7.625% Senior debentures due 2013

 

 
16

9.5% amortizing debentures due 2021
4

 
4

 
4

9.75% amortizing debentures due 2021
2

 
2

 
2

Capital leases and other obligations
10

 
9

 
13

 
$
1,803

 
$
454

 
$
1,245