Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.20.2
Condensed Consolidating Financial Information (Tables)
 6 Months Ended
Aug. 01, 2020
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Statement of Comprehensive Income [Table Text Block]
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the 13 Weeks Ended August 1, 2020
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Net sales $ —  $ 166  $ 3,427  $ (34) $ 3,559 
Consignment commission income —  219  —  (219) — 
Credit card revenues (expense), net —  (1) 169  —  168 
Cost of sales —  14  (2,766) 34  (2,718)
Selling, general and administrative expenses —  (463) (1,154) 219  (1,398)
Restructuring, impairment and other costs —  (85) (157) —  (242)
Operating loss —  (150) (481) —  (631)
Benefit plan income, net —  5  7  —  12 
Settlement charges —  (13) (25) —  (38)
Interest (expense) income, net:
External (17) (48) (4) —  (69)
Intercompany (21) 10  11  —  — 
Financing costs —  (3) —  —  (3)
Equity in loss of subsidiaries (406) (473) —  879  — 
Loss before income taxes (444) (672) (492) 879  (729)
Federal, state and local income
tax benefit
 13  75  210  —  298 
Net loss $ (431) $ (597) $ (282) $ 879  $ (431)
Comprehensive loss $ (380) $ (551) $ (249) $ 800  $ (380)
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended August 3, 2019
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Net sales $ —  $ 2,219  $ 4,416  $ (1,089) $ 5,546 
Credit card revenues, net —  (2) 178  —  176 
Cost of sales —  (1,341) (3,143) 1,089  (3,395)
Selling, general and administrative expenses —  (872) (1,305) —  (2,177)
Gains on sale of real estate —  —  7  —  7 
Impairment and other costs —  —  (2) —  (2)
Operating income —  4  151  —  155 
Benefit plan income, net —  3  5  —  8 
Interest (expense) income, net:
External 4  (52) 1  —  (47)
Intercompany —  (18) 18  —  — 
Equity in earnings (loss) of subsidiaries 82  (108) —  26  — 
Income (loss) before income taxes 86  (171) 175  26  116 
Federal, state and local income
tax benefit (expense)
 —  7  (37) —  (30)
Net income (loss) $ 86  $ (164) $ 138  $ 26  $ 86 
Comprehensive income (loss) $ 91  $ (159) $ 142  $ 17  $ 91 
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the 26 Weeks Ended August 1, 2020
(millions)

Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Net sales $ —  $ 1,033  $ 6,382  $ (839) $ 6,576 
Consignment commission income —  219  —  (219) — 
Credit card revenues (expense), net —  (6) 305  —  299 
Cost of sales —  (782) (5,276) 839  (5,219)
Selling, general and administrative expenses —  (1,025) (2,189) 219  (2,995)
Gains on sale of real estate —  —  16  —  16 
Impairment, restructuring and other costs —  (2,807) (619) —  (3,426)
Operating loss —  (3,368) (1,381) —  (4,749)
Benefit plan income, net —  8  13  —  21 
Settlement charges —  (13) (25) —  (38)
Interest (expense) income, net:
External (16) (97) (4) —  (117)
Intercompany (21) (8) 29  —  — 
Financing costs —  (3) —  —  (3)
Equity in loss of subsidiaries (3,988) (1,268) —  5,256  — 
Loss before income taxes (4,025) (4,749) (1,368) 5,256  (4,886)
Federal, state and local income
tax benefit
 13  502  359  —  874 
Net loss $ (4,012) $ (4,247) $ (1,009) $ 5,256  $ (4,012)
Comprehensive loss $ (3,952) $ (4,192) $ (970) $ 5,162  $ (3,952)
Condensed Consolidating Statement of Comprehensive Income
For the 26 Weeks Ended August 3, 2019
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Net sales $ —  $ 4,373  $ 9,184  $ (2,507) $ 11,050 
Credit card revenues (expense), net —  (5) 353  —  348 
Cost of sales —  (2,682) (6,623) 2,507  (6,798)
Selling, general and administrative expenses 1  (1,674) (2,614) —  (4,287)
Gains on sale of real estate —  24  25  —  49 
Impairment, restructuring and other costs —  —  (3) —  (3)
Operating income 1  36  322  —  359 
Benefit plan income, net —  6  9  —  15 
Interest (expense) income, net:
External 9  (105) 2  —  (94)
Intercompany —  (37) 37  —  — 
Equity in earnings (loss) of subsidiaries 214  (138) —  (76) — 
Income (loss) before income taxes 224  (238) 370  (76) 280 
Federal, state and local income
tax benefit (expense)
 (1) 31  (87) —  (57)
Net income (loss) $ 223  $ (207) $ 283  $ (76) $ 223 
Comprehensive income (loss) $ 234  $ (197) $ 291  $ (94) $ 234 
Condensed Consolidating Balance Sheet [Table Text Block]
Condensed Consolidating Balance Sheet
As of August 1, 2020
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents $ 737  $ 35  $ 623  $ —  $ 1,395 
Receivables —  40  144  —  184 
Merchandise inventories —  187  3,395  —  3,582 
Prepaid expenses and other current assets 15  90  376  (11) 470 
Total Current Assets 752  352  4,538  (11) 5,631 
Property and Equipment – net —  2,463  3,816  —  6,279 
Right of Use Assets —  990  2,401  (356) 3,035 
Goodwill —  661  167  —  828 
Other Intangible Assets – net —  4  434  —  438 
Other Assets 641  77  685  —  1,403 
Deferred Income Taxes 12  —  —  (12) — 
Intercompany Receivable 314  —  2,314  (2,628) — 
Investment in Subsidiaries 1,982  3,907  —  (5,889) — 
Total Assets $ 3,701  $ 8,454  $ 14,355  $ (8,896) $ 17,614 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt $ —  $ 539  $ —  $ —  $ 539 
Merchandise accounts payable —  223  1,186  —  1,409 
Accounts payable and accrued liabilities 111  815  2,048  (68) 2,906 
Total Current Liabilities 111  1,577  3,234  (68) 4,854 
Long-Term Debt 1,240  3,611  —  —  4,851 
Long-Term Lease Liabilities —  882  2,686  (299) 3,269 
Intercompany Payable —  2,628  —  (2,628) — 
Deferred Income Taxes —  370  563  (12) 921 
Other Liabilities 26  426  943  —  1,395 
Shareholders' Equity (Deficit) 2,324  (1,040) 6,929  (5,889) 2,324 
Total Liabilities and Shareholders' Equity
 $ 3,701  $ 8,454  $ 14,355  $ (8,896) $ 17,614 
Condensed Consolidating Balance Sheet
As of August 3, 2019
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents $ 320  $ 100  $ 254  $ —  $ 674 
Receivables 1  44  195  —  240 
Merchandise inventories —  2,138  2,891  —  5,029 
Prepaid expenses and other current assets —  139  464  —  603 
Income taxes 39  —  —  (39) — 
Total Current Assets 360  2,421  3,804  (39) 6,546 
Property and Equipment – net —  3,162  3,321  —  6,483 
Right of Use Assets —  660  1,976  —  2,636 
Goodwill —  3,326  582  —  3,908 
Other Intangible Assets – net —  4  436  —  440 
Other Assets —  39  689  —  728 
Deferred Income Taxes 9  —  —  (9) — 
Intercompany Receivable 2,564  —  643  (3,207) — 
Investment in Subsidiaries 3,484  2,957  —  (6,441) — 
Total Assets $ 6,417  $ 12,569  $ 11,451  $ (9,696) $ 20,741 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt $ —  $ 6  $ —  $ —  $ 6 
Merchandise accounts payable —  717  957  —  1,674 
Accounts payable and accrued liabilities 74  754  1,911  —  2,739 
Income taxes —  47  12  (39) 20 
Total Current Liabilities 74  1,524  2,880  (39) 4,439 
Long-Term Debt —  4,680  —  —  4,680 
Long-Term Lease Liabilities —  594  2,242  —  2,836 
Intercompany Payable —  3,207  —  (3,207) — 
Deferred Income Taxes —  643  572  (9) 1,206 
Other Liabilities 28  364  873  —  1,265 
Shareholders' Equity 6,315  1,557  4,884  (6,441) 6,315 
Total Liabilities and Shareholders' Equity
 $ 6,417  $ 12,569  $ 11,451  $ (9,696) $ 20,741 
Condensed Consolidating Balance Sheet
As of February 1, 2020
(millions)
 
Parent Subsidiary Issuer Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents $ 413  59  $ 213  $ —  $ 685 
Receivables —  83  326  —  409 
Merchandise inventories —  2,239  2,949  —  5,188 
Prepaid expenses and other current assets —  118  410  —  528 
Total Current Assets 413  2,499  3,898  —  6,810 
Property and Equipment – net —  3,103  3,530  —  6,633 
Right of Use Assets —  611  2,057  —  2,668 
Goodwill —  3,326  582  —  3,908 
Other Intangible Assets – net —  4  435  —  439 
Other Assets —  37  677  —  714 
Deferred Income Taxes 12  —  —  (12) — 
Intercompany Receivable 2,675  —  1,128  (3,803) — 
Investment in Subsidiaries 3,433  2,796  —  (6,229) — 
Total Assets $ 6,533  $ 12,376  $ 12,307  $ (10,044) $ 21,172 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt $ —  $ 539  $ —  $ —  $ 539 
Merchandise accounts payable —  702  980  —  1,682 
Accounts payable and accrued liabilities 126  909  2,413  —  3,448 
Income taxes 5  11  65  —  81 
Total Current Liabilities 131  2,161  3,458  —  5,750 
Long-Term Debt —  3,621  —  —  3,621 
Long-Term Lease Liabilities —  543  2,375  —  2,918 
Intercompany Payable —  3,803  —  (3,803) — 
Deferred Income Taxes —  595  586  (12) 1,169 
Other Liabilities 25  414  898  —  1,337 
Shareholders' Equity 6,377  1,239  4,990  (6,229) 6,377 
Total Liabilities and Shareholders' Equity
 $ 6,533  $ 12,376  $ 12,307  $ (10,044) $ 21,172 
Condensed Consolidating Statement of Cash Flows [Table Text Block]
Condensed Consolidating Statement of Cash Flows
For the 26 Weeks Ended August 1, 2020
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Cash flows from operating activities:
Net loss $ (4,012) $ (4,247) $ (1,009) $ 5,256  $ (4,012)
Impairment, restructuring and other costs —  2,807  619  —  3,426 
Settlement charges —  13  25  —  38 
Equity in loss of subsidiaries 3,988  1,268  —  (5,256) — 
Dividends received from subsidiaries 427  300  —  (727) — 
Depreciation and amortization —  148  324  —  472 
Gains on sale of real estate —  —  (16) —  (16)
Changes in assets, liabilities and other items not separately identified
(647) 1,046  (314) —  85 
Net cash provided (used) by operating activities
 (244) 1,335  (371) (727) (7)
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions
 —  (48) (210) —  (258)
Other, net —  —  (14) —  (14)
Net cash used by investing activities
 —  (48) (224) —  (272)
Cash flows from financing activities:
Debt issued, net of debt issuance costs 1,240  1,493  (51) —  2,682 
Debt repaid —  (1,503) (1) —  (1,504)
Dividends paid (117) —  (727) 727  (117)
Intercompany activity, net (526) (1,256) 1,782  —  — 
Other, net (26) (50) (35) —  (111)
Net cash provided (used) by financing activities
 571  (1,316) 968  727  950 
Net increase (decrease) in cash, cash equivalents and restricted cash
 327  (29) 373  —  671 
Cash, cash equivalents and restricted cash at beginning of period
 413  64  254  —  731 
Cash, cash equivalents and restricted cash at end of period
 $ 740  $ 35  $ 627  $ —  $ 1,402 
Condensed Consolidating Statement of Cash Flows
For the 26 Weeks Ended August 3, 2019
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Cash flows from operating activities:
Net income (loss) $ 223  $ (207) $ 283  $ (76) $ 223 
Impairment and other costs —  —  3  —  3 
Equity in loss (earnings) of subsidiaries (214) 138  —  76  — 
Dividends received from subsidiaries 606  —  —  (606) — 
Depreciation and amortization —  169  303  —  472 
Gains on sale of real estate —  (24) (25) —  (49)
Changes in assets, liabilities and other items not separately identified
(52) 47  (294) —  (299)
Net cash provided (used) by operating activities
 563  123  270  (606) 350 
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions
 —  (97) (345) —  (442)
Other, net —  (11) (1) —  (12)
Net cash used by investing activities
 —  (108) (346) —  (454)
Cash flows from financing activities:
Debt repaid —  (42) —  —  (42)
Dividends paid (233) —  (606) 606  (233)
Issuance of common stock
 6  —  —  —  6 
Intercompany activity, net (813) 93  720  —  — 
Other, net (92) (21) (15) —  (128)
Net cash provided (used) by financing activities
 (1,132) 30  99  606  (397)
Net increase (decrease) in cash, cash equivalents and restricted cash
 (569) 45  23  —  (501)
Cash, cash equivalents and restricted cash at beginning of period
 889  64  295  —  1,248 
Cash, cash equivalents and restricted cash at end of period
 $ 320  $ 109  $ 318  $ —  $ 747