Target 2011 Annual Report Download - page 69

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19. Notes Payable and Long-Term Debt
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
(a) Reflects the weighted-average stated interest rate as of year-end.
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.
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PART II