Quarterly report pursuant to Section 13 or 15(d)

Financing Activities

v3.24.3
Financing Activities
 9 Months Ended
Nov. 02, 2024
Debt Disclosure [Abstract]  
Financing Activities Financing Activities
The following table shows the detail of debt repayments:
39 Weeks Ended
November 2, 2024 October 28, 2023
(millions)
Revolving credit agreement $ 90  $ 151 
6.79% Senior debentures due 2027
 10  — 
6.7% Senior exchanged debentures due 2028
 19  — 
6.7% Senior debentures due 2028
 1  — 
7.0% Senior debentures due 2028
 10  — 
5.875% Senior debentures due 2029
 174  — 
6.9% Senior debentures due 2029
 7  — 
$ 311  $ 151 
On September 18, 2024, Macy’s Retail Holdings, LLC (“MRH”), a direct, wholly owned subsidiary of Macy’s, Inc., completed a tender offer in which $221 million aggregate principal amount of certain senior notes and debentures were tendered for early settlement and purchased by MRH. The total cash cost for the tender offer was $225 million and was funded using cash on hand. The Company recognized $1 million of losses on early retirement of debt on the Consolidated Statements of Income during the third quarter of 2024.
The Company is party to an ABL Credit Facility with certain financial institutions providing for a $3,000 million asset-based credit facility (the "ABL Credit Facility"). The Company borrowed $176 million and repaid $90 million of debt under the ABL Credit Facility during the 13 and 39 weeks ended November 2, 2024. The Company borrowed $311 million and repaid $151 million of debt under the ABL Credit Facility during the 13 and 39 weeks ended October 28, 2023.
As of November 2, 2024 and October 28, 2023, the Company had $144 million and $138 million of standby letters of credit outstanding under the ABL Credit Facility, respectively, which reduced the available borrowing capacity to $2,856 million and $2,862 million, respectively. The Company had $86 million outstanding borrowings under the ABL Credit Facility as of November 2, 2024 and $160 million outstanding as of October 28, 2023.
During the 39 weeks ended November 2, 2024 the Company did not repurchase shares of its common stock. During the 39 weeks ended October 28, 2023, the Company repurchased approximately 1.4 million shares of its common stock pursuant to its existing stock purchase authorization for a total of approximately $25 million. As of November 2, 2024, the Company had $1.4 billion of authorization remaining under its share repurchase program. The Company may continue or, from time to time, suspend repurchases of shares under its share repurchase program, depending on prevailing market conditions, alternate uses of capital and other factors.