Short-Term Borrowings and Long-Term Debt |
6 Months Ended |
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Aug. 03, 2024 | |
| Debt Disclosure [Abstract] | |
| Short-Term Borrowings and Long-Term Debt | Short-Term Borrowings and Long-Term Debt On March 21, 2025, the Company entered into a new revolving credit facility (“Five-Year Credit Facility”), with JPMorgan Chase Bank, N.A., as agent, the banks and the financial institutions from time to time party thereto, providing for a $1.5 billion revolving credit facility, of which up to $350.0 million is available for letters of credit. The Five-Year Credit Facility matures on March 21, 2030, subject to extensions permitted under the new Credit Agreement (“Credit Agreement”). The Credit Agreement contains a number of affirmative and negative covenants, similar to the prior revolving credit facility. In connection with entry into this new Five-Year Credit Facility, we terminated all commitments and fulfilled all obligations under our previous credit agreement dated December 8, 2021. As of August 2, 2025, there were no borrowings outstanding under the Five-Year Credit Facility.
Also on March 21, 2025, the Company entered into a 364-Day Revolving Credit Facility, with JPMorgan Chase Bank, N.A., as agent, the banks and the financial institutions from time to time party thereto, providing for a $1.0 billion revolving credit facility. The 364-Day Revolving Credit Facility matures on March 20, 2026. As of August 2, 2025, there were no borrowings outstanding under the 364-Day Revolving Credit Facility.
Borrowings under the Five-Year Credit Facility and the 364-Day Revolving Credit Facility bear interest at the Adjusted Term SOFR Rate (as defined in the underlying credit agreements) plus 1.125%, subject to adjustment based on (i) our credit ratings and (ii) our leverage ratio.
On May 15, 2025, we leveraged our commercial paper program, in addition to utilizing available cash, to redeem our $1.0 billion principal amount of 4.00% Senior Notes due 2025 (the “4.00% Senior Notes”). As of August 2, 2025 and August 3, 2024, $300.0 million and $250.0 million principal amount of notes were outstanding under our commercial paper program, with a weighted-average interest rate of 4.6% and 5.5%, respectively. There were no short-term borrowings outstanding at February 1, 2025.
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