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20. Notes Payable and Long-Term Debt
At February 2, 2013, the carrying value and maturities of our debt portfolio were as follows:
Debt Maturities February 2, 2013
(dollars in millions) Rate (a) Balance
Due 2013-2017 (b) 3.6% $ 6,031
Due 2018-2022 4.0 2,416
Due 2023-2027 6.7 171
Due 2028-2032 6.6 1,060
Due 2033-2037 6.8 3,501
Due 2038-2042 4.0 1,469
Total notes and debentures 4.7 14,648
Swap valuation adjustments 78
Capital lease obligations 1,952
Less: Amounts due within one year (2,024)
Long-term debt $14,654
(a) Reflects the weighted average stated interest rate as of year-end.
(b) Includes $1.5 billion of nonrecourse debt collateralized by credit card receivables. See Note 11.
Required Principal Payments
(millions) 2013 2014 2015 2016 2017
Unsecured $ 501 $1,001 $ 27 $751 $2,251
Nonrecourse 1,500 — — — —
Total required principal payments $2,001 $1,001 $ 27 $751 $2,251
On March 13, 2013, we repaid $1.5 billion of outstanding nonrecourse debt as described in Note 7. As of March 20,
2013, we also have open tender offers to use up to an aggregate of $1.2 billion of cash proceeds from the sale of our
receivables portfolio to repurchase outstanding debt with original maturities between 2020 through 2038.
We periodically obtain short-term financing under our commercial paper program, a form of notes payable.
Commercial Paper
(dollars in millions) 2012 2011 2010
Maximum daily amount outstanding during the year $ 970 $1,211 $—
Average amount outstanding during the year 120 244 —
Amount outstanding at year-end 970 ——
Weighted average interest rate 0.16% 0.11% —%
In October 2011, we entered into a five-year $2.25 billion revolving credit facility that expires in October 2017. No
balances were outstanding at any time during 2012 or 2011.
In June 2012, we issued $1.5 billion of unsecured fixed rate debt at 4.0% that matures in July 2042. Proceeds from
this issuance were used for general corporate purposes.
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