v2.4.0.6
Notes Payable and Long-Term Debt (Tables)
 12 Months Ended
Jan. 28, 2012
Notes Payable and Long-Term Debt  
Carrying value and maturities of Long-term debt

 

   
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  
   
(a)
Reflects the weighted-average stated interest rate as of year-end.
Principal payments on notes and debentures over next five years

 

   
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  
   

 
Commercial Paper Program

 

 

   
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 %   —  
   
Nonrecourse Debt Collateralized by Credit Card Receivables Activity

 

   
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.