Annual report pursuant to Section 13 and 15(d)

Financing (Tables)

v2.4.0.8
Financing (Tables)
12 Months Ended
Feb. 01, 2014
Debt Disclosure [Abstract]  
Schedule of Company Debt
The Company’s debt is as follows:
 
 
February 1,
2014
 
February 2,
2013
 
(millions)
Short-term debt:
 
 
 
5.75% Senior notes due 2014
$
453

 
$

7.625% Senior debentures due 2013

 
109

Capital lease and current portion of other long-term obligations
10

 
15

 
$
463

 
$
124

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

 
$
750

5.9% Senior notes due 2016
577

 
577

3.875% Senior notes due 2022
550

 
550

6.375% Senior notes due 2037
500

 
500

7.875% Senior notes due 2015 *
407

 
407

4.375% Senior notes due 2023
400

 

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

 
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

 
69

8.75% Senior debentures due 2029
61

 
61

7.45% Senior debentures due 2016
59

 
59

8.5% Senior debentures due 2019
36

 
36

10.25% Senior debentures due 2021
33

 
33

9.5% amortizing debentures due 2021
25

 
29

7.6% Senior debentures due 2025
24

 
24

7.875% Senior debentures due 2030
18

 
18

9.75% amortizing debentures due 2021
14

 
16

5.75% Senior notes due 2014

 
453

Premium on acquired debt, using an effective
   interest yield of 5.266% to 6.165%
176

 
191

Capital lease and other long-term obligations
30

 
34

 
$
6,728

 
$
6,806

 ________________
*
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 two 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:
 
 
2013
 
2012
 
2011
 
(millions)
Interest on debt
$
407

 
$
449

 
$
467

Amortization of debt premium
(15
)
 
(19
)
 
(23
)
Amortization of financing costs
7

 
7

 
8

Interest on capitalized leases
2

 
3

 
3

 
401

 
440

 
455

Less interest capitalized on construction
11

 
15

 
8

Interest expense
$
390

 
$
425

 
$
447

Premium on early retirement of debt
$

 
$
137

 
$

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
 
2015
$
481

2016
642

2017
306

2018
6

2019
41

After 2019
5,046

Detail of Debt Repayments
The following table shows the detail of debt repayments:
 
2013
 
2012
 
2011
 
(millions)
7.625% Senior debentures due 2013
$
109

 
$

 
$

5.35% Senior notes due 2012

 
616

 

5.90% Senior notes due 2016

 
400

 

5.875% Senior notes due 2013

 
298

 

7.875% Senior notes due 2015

 
205

 

8.0% Senior debentures due 2012

 
173

 

7.45% Senior debentures due 2016

 
64

 

7.5% Senior debentures due 2015

 
31

 

6.625% Senior notes due 2011

 

 
330

7.45% Senior debentures due 2011

 

 
109

9.5% amortizing debentures due 2021
4

 
4

 
4

9.75% amortizing debentures due 2021
2

 
2

 
2

Capital leases and other obligations
9

 
10

 
9

 
$
124

 
$
1,803

 
$
454