At January 28, 2012, the carrying value and maturities of our debt portfolio were as follows:

Debt Maturities	January 28, 2012


(millions)	Rate (a)		Balance

Due fiscal 2012-2016	2.8	%	$	6,281
Due fiscal 2017-2021	4.8			4,604
Due fiscal 2022-2026	8.7			64
Due fiscal 2027-2031	6.8			680
Due fiscal 2032-2036	6.3			551
Due fiscal 2037	6.8			3,500

Total notes and debentures	4.6			15,680
Swap valuation adjustments				114
Capital lease obligations				1,689
Less:
Amounts due within one year				(3,786	)

Long-term debt			$	13,697

Required principal payments on notes and debentures over the next five years are as follows:

Required Principal Payments (millions)	2012		2013		2014		2015		2016



Unsecured	$	3,001	$	501	$	1,001	$	27	$	751
Nonrecourse		750		250		—		—		—

Total required principal payments	$	3,751	$	751	$	1,001	$	27	$	751

We periodically obtain short-term financing under our commercial paper program, a form of notes payable.

Commercial Paper (millions)	2011			2010



Maximum daily amount outstanding during the year	$	1,211		$	—
Average amount outstanding during the year		244			—
Amount outstanding at year-end		—			—
Weighted average interest rate		0.11	%		—

In October 2011, we entered into a five-year $2.25 billion revolving credit facility with a group of banks. The new facility replaced our existing credit agreement and will expire in October 2016. No balances were outstanding at any time during 2011 or 2010 under this or the prior revolving credit facility.

In January 2012, we issued $1 billion of fixed rate debt at 2.9% that matures in January 2022 and $1.5 billion of floating rate debt at three-month LIBOR plus 3 basis points that matures in January 2013. In July 2011, we issued $350 million of fixed rate debt at 1.125% and $650 million of floating rate debt at three-month LIBOR plus 17 basis points, both of which mature in July 2014. In July 2010, we issued $1 billion of fixed rate debt at 3.875% that matures in July 2020.

As further explained in Note 10, we maintain an accounts receivable financing program through which we sell credit card receivables to a bankruptcy remote, wholly owned subsidiary, which in turn transfers the receivables to a Trust. The Trust, either directly or through related trusts, sells debt securities to third parties.

Nonrecourse Debt Collateralized by Credit Card Receivables (millions)	2011			2010



Balance at beginning of period	$	3,954		$	5,375
Issued		—			—
Accretion (a)		41			45
Repaid (b)		(2,995	)		(1,466	)

Balance at end of period	$	1,000		$	3,954

(a): Represents the accretion of the 7 percent discount on the 47 percent interest in credit card receivables sold to JPMC.
(b): Includes repayments of $226 million and $566 million for the 2008 series of secured borrowings during 2011 and 2010 due to declines in gross credit card receivables and payment of $2,769 million, excluding the make-whole premium, to repurchase and retire in full this series of secured borrowings.

Other than debt backed by our credit card receivables, substantially all of our outstanding borrowings are senior, unsecured obligations. Most of our long-term debt obligations contain covenants related to secured debt levels. In addition to a secured debt level covenant, our credit facility also contains a debt leverage covenant. We are, and expect to remain, in compliance with these covenants, which have no practical effect on our ability to pay dividends.