SEC EDGAR · 10-K
10-K – 2026-03-12 – R19.htm
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XML 37 R19.htm IDEA: XBRL DOCUMENT v3.25.4 Long-term Debt and Borrowing Facility 12 Months Ended Jan. 31, 2026 Long-Term Debt, by Current and Noncurrent [Abstract] Long-term Debt and Borrowing Facility Long-term Debt and Borrowing Facility The following table provides the Company’s outstanding debt balances, net of unamortized debt issuance costs and discounts, as of January 31, 2026 and February 1, 2025: January 31, 2026 February 1, 2025 (in millions) Senior Debt with Subsidiary Guarantee $284 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) $ 280 $ 277 $444 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 444 443 $482 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”) 477 476 $844 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”) 839 838 $802 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 797 796 $575 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 571 571 Total Senior Debt with Subsidiary Guarantee 3,408 3,401 Senior Debt $284 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) 284 283 $201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 200 200 Total Senior Debt 484 483 Total Debt 3,892 3,884 Current Debt (280) — Total Long-term Debt, Net of Current Portion $ 3,612 $ 3,884 The following table provides principal payments due on outstanding debt in the next five fiscal years and the remaining years thereafter: Fiscal Year (in millions) 2026 $ 284 2027 — 2028 444 2029 482 2030 844 Thereafter 1,862 Cash paid for interest was $263 million in 2025, $289 million in 2024 and $346 million in 2023. Repurchases of Notes The losses and gains on the extinguishment of debt, which include the write-offs of unamortized issuance costs and discounts, are included in Other Income, Net in the Consolidated Statements of Income. There were no repurchases of outstanding senior notes in 2025. 2024 Repurchases During 2024, the Company repurchased in the open market and extinguished $200 million principal amount of its outstanding senior notes. The aggregate repurchase price for these notes was $202 million, resulting in an aggregate pre-tax loss of $3 million, including the write-off of unamortized issuance costs and discounts. During 2024, the Company also completed a make-whole call to repurchase the remaining $314 million principal amount of its outstanding 2025 Notes. The repurchase price for these notes was $320 million, resulting in a pre-tax loss of $7 million, including the write-off of unamortized issuance costs and discounts. The following table provides details of the outstanding principal amounts of senior notes repurchased and extinguished during 2024: 2024 (in millions) 2025 Notes $ 314 2027 Notes 14 2028 Notes 17 2029 Notes 17 2030 Notes 94 2033 Notes 10 2035 Notes 10 2036 Notes 38 Total $ 514 Asset-backed Revolving Credit Facility The Company and certain of the Company’s 100% owned subsidiaries guarantee and pledge collateral to secure an asset-backed revolving credit facility (“ABL Facility”). The ABL Facility, which allows borrowings and letters of credit in U.S. and Canadian dollars, has aggregate commitments of $750 million. In May 2025, the Company entered into an amendment and restatement (“Amendment”) of the ABL Facility. The Amendment removed the interest rate credit spread adjustment of 0.10%, extended the expiration date from August 2026 to May 2030 and included certain other technical amendments. Availability under the ABL Facility is the lesser of (i) the borrowing base, determined primarily based on the Company’s eligible U.S. and Canadian credit card receivables, accounts receivable, inventory and eligible real property, or (ii) the aggregate commitment. If at any time the outstanding amount under the ABL Facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitment, the Company is required to repay the outstanding amounts under the ABL Facility to the extent of such excess. As of January 31, 2026, the Company’s borrowing base was $482 million and it had no borrowings outstanding under the ABL Facility. The ABL Facility supports the Company’s letter of credit program. The Company had $9 million of outstanding letters of credit as of January 31, 2026 that reduced its availability under the ABL Facility. As of January 31, 2026, the Company’s availability under the ABL Facility was $473 million. As of January 31, 2026, the ABL Facility fees related to committed and unutilized amounts were 0.30% per annum, and the fees related to outstanding letters of credit were 1.25% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the Term Secured Overnight Financing Rate plus 1.25% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Overnight Repo Rate Average plus 1.25% per annum. The ABL Facility requires the Company to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00 during an event of default or any period commencing on any day when specified excess availability is less than the greater of (i) $70 million or (ii) 10% of the maximum borrowing amount. As of January 31, 2026, the Company was not required to maintain this ratio. 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