SEC EDGAR · 10-Q
10-Q – 2025-11-20 – R15.htm
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XML 28 R15.htm IDEA: XBRL DOCUMENT v3.25.3 Long-term Debt and Borrowing Facilities 9 Months Ended Nov. 01, 2025 Long-Term Debt, by Current and Noncurrent [Abstract] Long-term Debt and Borrowing Facilities Long-term Debt and Borrowing Facility The following table provides the Company’s outstanding Long-term Debt balances, net of unamortized debt issuance costs and discounts, as of November 1, 2025, February 1, 2025 and November 2, 2024: November 1, 2025 February 1, 2025 November 2, 2024 (in millions) Senior Debt with Subsidiary Guarantee $500 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”) $ — $ — $ 314 $284 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 279 277 276 $444 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 444 443 443 $482 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”) 477 476 476 $844 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”) 839 838 838 $802 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 797 796 796 $575 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 571 571 571 Total Senior Debt with Subsidiary Guarantee 3,407 3,401 3,714 Senior Debt $284 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) 283 283 283 $201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 200 200 200 Total Senior Debt 483 483 483 Total Debt 3,890 3,884 4,197 Current Debt — — (314) Total Long-term Debt, Net of Current Portion $ 3,890 $ 3,884 $ 3,883 Cash paid for interest was $181 million and $217 million for year-to-date 2025 and 2024, respectively. Repurchases of Notes The Company did not repurchase any outstanding senior notes during the third quarter of and year-to-date 2025. The Company did not repurchase any outstanding senior notes during the third quarter of 2024. For year-to-date 2024, the Company repurchased in the open market and extinguished $200 million principal amounts of its outstanding senior notes. The aggregate repurchase price for these notes was $202 million, resulting in a pre-tax loss of $3 million, including the write-off of unamortized issuance costs. This loss is included in Other Income, Net in the year-to-date 2024 Consolidated Statement of Income. The following table provides details of the outstanding principal amounts of senior notes repurchased and extinguished during year-to-date and full year of 2024: 2024 Year-to-Date Full Year (in millions) 2025 Notes $ — $ 314 2027 Notes 14 14 2028 Notes 17 17 2029 Notes 17 17 2030 Notes 94 94 2033 Notes 10 10 2035 Notes 10 10 2036 Notes 38 38 Total $ 200 $ 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 November 1, 2025, the Company’s borrowing base was in excess of the aggregate commitments of $750 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 November 1, 2025 that reduced its availability under the ABL Facility. As of November 1, 2025, the Company’s availability under the ABL Facility was $741 million. As of November 1, 2025, 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 November 1, 2025, the Company was not required to maintain this ratio. 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