v3.26.1
Debt Obligations
3 Months Ended
May 01, 2026
Debt Disclosure [Abstract]  
Debt Obligations
Note 7—Debt Obligations:
The Company’s debt as of the dates presented was as follows:
 May 1, 2026January 30, 2026
 Stated
interest
rate
Effective
interest
rate
PrincipalUnamortized
debt
issuance
costs
NetPrincipalUnamortized
debt
issuance
costs
Net
 
 (dollars in millions)
Term Loan A Facility due September 2030
4.90%4.98%$1,100 $(3)$1,097 $1,100 $(3)$1,097 
Term Loan B3 Facility due February 20315.40%5.54%500 (3)497 501 (3)498 
Senior Notes due April 20284.88%5.11%400 (2)398 400 (2)398 
Senior Notes due November 2033
5.88%6.09%500 (6)494 500 (6)494 
Total debt
  $2,500 $(14)$2,486 $2,501 $(14)$2,487 
Less current portion  26  26 19 — 19 
Total debt, net of current portion
  $2,474 $(14)$2,460 $2,482 $(14)$2,468 
As of May 1, 2026, the Company had a $2.6 billion secured credit facility (the "Credit Facility") consisting of a Term Loan A Facility due September 2030, a Term Loan B3 Facility due February 2031 (together, the "Term Loan Facilities"), and a $1.0 billion Revolving Credit Facility due September 2030 (the "Revolving Credit Facility").
During the three months ended May 1, 2026, the Company made a scheduled principal payment of $1 million on the Term Loan B3 Facility due February 2031.
During the three months ended May 1, 2026, the Company made no borrowings or repayments under the Revolving Credit Facility, and as of May 1, 2026 and January 30, 2026, there were no borrowings outstanding.
As of May 1, 2026, the Company was in compliance with the covenants under its Credit Facility.
As of May 1, 2026 and January 30, 2026, 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 May 1, 2026 are:
Fiscal YearTotal
(in millions)
Remainder of 2027$18 
202831 
2029489 
203088 
2031899 
Thereafter975 
Total principal payments$2,500