v3.25.2
Debt Obligations
 6 Months Ended
Aug. 01, 2025
Debt Disclosure [Abstract]  
Debt Obligations
Note 6—Debt Obligations:
The Company’s debt as of the dates presented was as follows:
 August 1, 2025January 31, 2025
 Stated
interest
rate		Effective
interest
rate		PrincipalUnamortized
debt
issuance
costs		NetPrincipalUnamortized
debt
issuance
costs		Net
 
 (dollars in millions)
Term Loan A Facility due June 20275.71%5.82%$1,076 $(2)$1,074 $1,122 $(2)$1,120 
Term Loan B3 Facility due February 2031
6.11%6.25%504 (3)501 506 (3)503 
Senior Notes due April 20284.88%5.11%400 (3)397 400 (3)397 
Revolving Credit Facility due June 2027(1)
6.31 %— %320 — 320 200 — 200 
Total debt
  $2,300 $(8)$2,292 $2,228 $(8)$2,220 
Less current portion  448 — 448 313 — 313 
Total debt, net of current portion
  $1,852 $(8)$1,844 $1,915 $(8)$1,907 
(1)    The stated interest rate for the Revolving Credit Facility due June 2027 reflects the weighted average interest rate for outstanding borrowings as of August 1, 2025.
As of August 1, 2025, the Company had a $2.6 billion secured credit facility (the Credit Facility) consisting of a Term Loan A Facility due June 2027, a Term Loan B3 Facility due February 2031 (together, the "Term Loan Facilities"), and a $1.0 billion Revolving Credit Facility due June 2027 (the "Revolving Credit Facility").
During the three and six months ended August 1, 2025, the Company made scheduled principal payments of $23 million and $46 million on the Term Loan A Facility due June 2027 and made scheduled principal payments of $1 million and $2 million on the Term Loan B3 Facility due February 2031, respectively.
During the three and six months ended August 1, 2025, the Company borrowed $557 million and $1.3 billion, respectively, and repaid $522 million and $1.2 billion, respectively, under the Revolving Credit Facility. As of August 1, 2025, the outstanding principal under the Revolving Credit Facility was classified as "Debt, current portion" on the condensed consolidated balance sheets. Subsequent to quarter end, the Company repaid $95 million of the outstanding principal under the Revolving Credit Facility. Commitment fees for undrawn amounts under the Revolving Credit Facility range from 0.125% to 0.25% per annum based on the Company’s leverage ratio.
As of August 1, 2025, the Company was in compliance with the covenants under its Credit Facility.
As of August 1, 2025 and January 31, 2025, the carrying value of the Company’s outstanding debt obligations approximated its fair value. The fair value of debt is calculated using Level 2 inputs, based on interest rates available for debt with terms and maturities similar to the Company’s Term Loan Facilities and Senior Notes.
Maturities of debt as of August 1, 2025 are:
Fiscal YearTotal
(in millions)
Remainder of 2026
$385 
2027128 
2028896 
2029406 
20305 
Thereafter480 
Total principal payments$2,300