Annual report pursuant to Section 13 and 15(d)

Financing (Tables)

v2.4.0.6
Financing (Tables)
12 Months Ended
Jan. 28, 2012
Debt Disclosure [Abstract]  
Schedule of Company Debt
The Company’s debt is as follows:
 
 
January 28,
2012
 
January 29,
2011
 
(millions)
Short-term debt:
 
 
 
5.35% Senior notes due 2012
$
616

 
$

5.875% Senior notes due 2013
298

 

8.0% Senior debentures due 2012
173

 

6.625% Senior notes due 2011

 
330

7.45% Senior debentures due 2011

 
109

Capital lease and current portion of other long-term obligations
16

 
15

 
$
1,103

 
$
454

Long-term debt:
 
 
 
5.9% Senior notes due 2016
$
977

 
$
977

7.875% Senior notes due 2015 *
612

 
612

3.875% Senior notes due 2022
550

 

6.375% Senior notes due 2037
500

 
500

5.75% Senior notes due 2014
453

 
453

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

 

6.7% Senior debentures due 2028
200

 
200

6.79% Senior debentures due 2027
165

 
165

7.45% Senior debentures due 2016
123

 
123

7.625% Senior debentures due 2013
109

 
109

7.875% Senior debentures due 2036
108

 
108

7.5% Senior debentures due 2015
100

 
100

8.125% Senior debentures due 2035
76

 
76

8.75% Senior debentures due 2029
61

 
61

8.5% Senior debentures due 2019
36

 
36

9.5% amortizing debentures due 2021
33

 
37

10.25% Senior debentures due 2021
33

 
33

7.6% Senior debentures due 2025
24

 
24

9.75% amortizing debentures due 2021
18

 
20

7.875% Senior debentures due 2030
18

 
18

5.35% Senior notes due 2012

 
616

5.875% Senior notes due 2013

 
298

8.0% Senior debentures due 2012

 
173

Premium on acquired debt, using an effective
   interest yield of 5.017% to 6.165%
216

 
239

Capital lease and other long-term obligations
43

 
43

 
$
6,655

 
$
6,971

 ________________
*
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
Interest expense is as follows:
 
 
2011
 
2010
 
2009
 
(millions)
Interest on debt
$
467

 
$
535

 
$
587

Premium on early retirement of long-term debt

 
66

 

Amortization of debt premium
(23
)
 
(31
)
 
(33
)
Amortization of financing costs
8

 
11

 
10

Interest on capitalized leases
3

 
3

 
3

 
455

 
584

 
567

Less interest capitalized on construction
8

 
5

 
5

 
$
447

 
$
579

 
$
562

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:
 
2013
$
121

2014
461

2015
718

2016
1,105

2017
306

After 2017
3,693

Detail of Debt Repayments
The following table shows the detail of debt repayments:
 
 
2011
 
2010
 
2009
 
(millions)
6.625% Senior notes due 2011
$
330

 
$
170

 
$

7.45% Senior debentures due 2011
109

 
41

 

5.35% Senior notes due 2012

 
484

 

8.0% Senior debentures due 2012

 
27

 

5.875% Senior notes due 2013

 
52

 

7.625% Senior debentures due 2013

 
16

 

5.75% Senior notes due 2014

 
47

 

7.875% Senior notes due 2015

 
38

 

5.90% Senior notes due 2016

 
123

 

7.45% Senior debentures due 2016

 
2

 

10.625% Senior debentures due 2010

 
150

 

8.5% Senior notes due 2010

 
76

 

4.8% Senior notes due 2009

 

 
600

6.3% Senior notes due 2009

 

 
350

9.5% amortizing debentures due 2021
4

 
4

 
4

9.75% amortizing debentures due 2021
2

 
2

 
2

Capital leases and other obligations
9

 
13

 
10

 
$
454

 
$
1,245

 
$
966