Kohl's 2014 Annual Report Download - page 52
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Long-term debt consists of the following unsecured senior debt:
2017 6.31%
6.25%
$ 650
2021 4.81%
4.00%
650
2023 3.25%
3.25%
350
2023 4.78%
4.75%
300
2029 7.36%
7.25%
200
2033 6.05%
6.00%
300
2037 6.89%
6.88%
350
5.54%
2,800
Unamortized debt discount
(8)
Long-term debt
$ 2,792
Based on quoted market prices (Level 1 per ASC No. 820, "Fair Value Measurements and Disclosures"), the estimated fair value of our long-term debt
was $3.1 billion at January 31, 2015 and $3.0 billion at February 1, 2014.
We have various facilities upon which we may draw funds, including a 5-year, $1 billion senior unsecured revolving credit facility which matures in
June 2018. There were no draws on these facilities during 2014 or 2013.
Our various debt agreements contain covenants including limitations on additional indebtedness and certain financial tests. As of January 31, 2015, we
were in compliance with all covenants of the various debt agreements.
We also have outstanding trade letters of credit and stand-by letters of credit totaling approximately $52 million at January 31, 2015, issued under
uncommitted lines with two banks.
.
Rent expense charged to operations was $277 million for 2014, $270 million for 2013, and $265 million for 2012. In addition to rent payments, we are
often required to pay real estate taxes, insurance and maintenance costs on leased properties. These items are not included in the future minimum lease
payments listed below. Many store leases include multiple renewal options, exercisable at our option, that generally range from four to eight additional five-
year periods.
Future minimum lease payments at January 31, 2015 were as follows:
Fiscal year:
2015 $ 279
$ 246
2016 282
242
2017 271
239
2018 255
240
2019 238
236
Thereafter 2,866
4,597
4,191
$ 5,800
Non-cash gain on future sale of property 458
Amount representing interest (2,681)
Present value of lease payments $ 1,968
F-13