Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.20.2
Condensed Consolidating Financial Information (Tables)
 9 Months Ended
Oct. 31, 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 October 31, 2020
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Net sales $ —  $ 97  $ 3,893  $ —  $ 3,990 
Consignment commission income —  353  —  (353) — 
Credit card revenues, net —  2  193  —  195 
Cost of sales —  (32) (2,537) —  (2,569)
Selling, general and administrative expenses —  (624) (1,455) 353  (1,726)
Gains on sale of real estate —  —  3  —  3 
Restructuring, impairment and other costs —  (5) (15) —  (20)
Operating income (loss) —  (209) 82  —  (127)
Benefit plan income, net —  6  10  —  16 
Settlement charges —  (12) (14) —  (26)
Interest (expense) income, net:
External (29) (44) (7) —  (80)
Intercompany (33) 26  7  —  — 
Equity in loss of subsidiaries (53) (92) —  145  — 
Income (loss) before income taxes (115) (325) 78  145  (217)
Federal, state and local income
tax benefit
 24  95  7  —  126 
Net income (loss) $ (91) $ (230) $ 85  $ 145  $ (91)
Comprehensive income (loss) $ (89) $ (227) $ 85  $ 142  $ (89)
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended November 2, 2019
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Net sales $ —  $ 2,044  $ 5,245  $ (2,116) $ 5,173 
Credit card revenues (expense), net —  (2) 185  —  183 
Cost of sales —  (1,230) (3,992) 2,116  (3,106)
Selling, general and administrative expenses —  (870) (1,332) —  (2,202)
Gains on sale of real estate —  8  9  —  17 
Impairment and other costs —  (1) (12) —  (13)
Operating income (loss) —  (51) 103  —  52 
Benefit plan income, net —  3  5  —  8 
Settlement charges —  —  (12) —  (12)
Interest (expense) income, net:
External 3  (52) 1  —  (48)
Intercompany —  (18) 18  —  — 
Equity in loss of subsidiaries (3) (125) —  128  — 
Income (loss) before income taxes —  (243) 115  128  — 
Federal, state and local income
tax benefit (expense)
 2  30  (30) —  2 
Net income (loss) $ 2  $ (213) $ 85  $ 128  $ 2 
Comprehensive income (loss) $ (35) $ (249) $ 65  $ 184  $ (35)
Condensed Consolidating Statement of Comprehensive Income (Loss)
For the 39 Weeks Ended October 31, 2020
(millions)

Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Net sales $ —  $ 1,131  $ 10,274  $ (839) $ 10,566 
Consignment commission income —  572  —  (572) — 
Credit card revenues (expense), net —  (4) 498  —  494 
Cost of sales —  (814) (7,813) 839  (7,788)
Selling, general and administrative expenses —  (1,651) (3,644) 572  (4,723)
Gains on sale of real estate —  1  19  —  20 
Impairment, restructuring and other costs —  (2,811) (634) —  (3,445)
Operating loss —  (3,576) (1,300) —  (4,876)
Benefit plan income, net —  14  23  —  37 
Settlement charges —  (26) (39) —  (65)
Interest (expense) income, net:
External (44) (141) (11) —  (196)
Intercompany (55) 18  37  —  — 
Financing costs —  (4) —  —  (4)
Equity in loss of subsidiaries (4,041) (1,360) —  5,401  — 
Loss before income taxes (4,140) (5,075) (1,290) 5,401  (5,104)
Federal, state and local income
tax benefit
 36  597  367  —  1,000 
Net loss $ (4,104) $ (4,478) $ (923) $ 5,401  $ (4,104)
Comprehensive loss $ (4,041) $ (4,420) $ (884) $ 5,304  $ (4,041)
Condensed Consolidating Statement of Comprehensive Income
For the 39 Weeks Ended November 2, 2019
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Net sales $ —  $ 6,418  $ 14,428  $ (4,623) $ 16,223 
Credit card revenues (expense), net —  (8) 539  —  531 
Cost of sales —  (3,913) (10,615) 4,623  (9,905)
Selling, general and administrative expenses 1  (2,544) (3,946) —  (6,489)
Gains on sale of real estate —  32  35  —  67 
Impairment, restructuring and other costs —  (1) (15) —  (16)
Operating income (loss) 1  (16) 426  —  411 
Benefit plan income, net —  9  14  —  23 
Settlement charges —  —  (12) —  (12)
Interest (expense) income, net:
External 11  (157) 3  —  (143)
Intercompany —  (55) 55  —  — 
Equity in earnings (loss) of subsidiaries 212  (264) —  52  — 
Income (loss) before income taxes 224  (483) 486  52  279 
Federal, state and local income
tax benefit (expense)
 —  61  (116) —  (55)
Net income (loss) $ 224  $ (422) $ 370  $ 52  $ 224 
Comprehensive income (loss) $ 198  $ (448) $ 358  $ 90  $ 198 
Condensed Consolidating Balance Sheet [Table Text Block]
Condensed Consolidating Balance Sheet
As of October 31, 2020
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents $ 566  $ 52  $ 933  $ —  $ 1,551 
Receivables —  41  144  —  185 
Merchandise inventories —  244  4,900  —  5,144 
Prepaid expenses and other current assets 84  109  308  (24) 477 
Total Current Assets 650  446  6,285  (24) 7,357 
Property and Equipment – net —  2,391  3,731  —  6,122 
Right of Use Assets —  979  2,399  (350) 3,028 
Goodwill —  661  167  —  828 
Other Intangible Assets – net —  4  433  —  437 
Other Assets 760  74  608  —  1,442 
Deferred Income Taxes 11  —  —  (11) — 
Intercompany Receivable 436  —  2,341  (2,777) — 
Investment in Subsidiaries 1,750  3,815  —  (5,565) — 
Total Assets $ 3,607  $ 8,370  $ 15,964  $ (8,727) $ 19,214 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt $ —  $ 536  $ —  $ —  $ 536 
Merchandise accounts payable —  220  3,047  —  3,267 
Accounts payable and accrued liabilities 97  893  1,939  (81) 2,848 
Total Current Liabilities 97  1,649  4,986  (81) 6,651 
Long-Term Debt 1,242  3,610  —  —  4,852 
Long-Term Lease Liabilities —  872  2,687  (293) 3,266 
Intercompany Payable —  2,777  —  (2,777) — 
Deferred Income Taxes —  403  525  (11) 917 
Other Liabilities 25  327  933  —  1,285 
Shareholders' Equity (Deficit) 2,243  (1,268) 6,833  (5,565) 2,243 
Total Liabilities and Shareholders' Equity
 $ 3,607  $ 8,370  $ 15,964  $ (8,727) $ 19,214 
Condensed Consolidating Balance Sheet
As of November 2, 2019
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents $ 42  $ 73  $ 186  $ —  $ 301 
Receivables —  30  145  —  175 
Merchandise inventories —  3,145  4,111  —  7,256 
Prepaid expenses and other current assets 96  126  442  (95) 569 
Total Current Assets 138  3,374  4,884  (95) 8,301 
Property and Equipment – net —  3,174  3,384  —  6,558 
Right of Use Assets —  653  1,943  —  2,596 
Goodwill —  3,326  582  —  3,908 
Other Intangible Assets – net —  5  435  —  440 
Other Assets —  49  695  —  744 
Deferred Income Taxes 9  —  —  (9) — 
Intercompany Receivable 2,923  —  454  (3,377) — 
Investment in Subsidiaries 3,231  2,812  —  (6,043) — 
Total Assets $ 6,301  $ 13,393  $ 12,377  $ (9,524) $ 22,547 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt $ —  $ 6  $ —  $ —  $ 6 
Merchandise accounts payable —  1,521  1,906  —  3,427 
Accounts payable and accrued liabilities 216  835  1,995  —  3,046 
Income taxes —  51  44  (95) — 
Total Current Liabilities 216  2,413  3,945  (95) 6,479 
Long-Term Debt —  4,677  —  —  4,677 
Long-Term Lease Liabilities —  589  2,230  —  2,819 
Intercompany Payable —  3,377  —  (3,377) — 
Deferred Income Taxes —  654  555  (9) 1,200 
Other Liabilities 28  377  910  —  1,315 
Shareholders' Equity 6,057  1,306  4,737  (6,043) 6,057 
Total Liabilities and Shareholders' Equity
 $ 6,301  $ 13,393  $ 12,377  $ (9,524) $ 22,547 
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 39 Weeks Ended October 31, 2020
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Cash flows from operating activities:
Net loss $ (4,104) $ (4,478) $ (923) $ 5,401  $ (4,104)
Impairment, restructuring and other costs —  2,811  634  —  3,445 
Settlement charges —  26  39  —  65 
Equity in loss of subsidiaries 4,041  1,360  —  (5,401) — 
Dividends received from subsidiaries 608  300  —  (908) — 
Depreciation and amortization —  225  497  —  722 
Gains on sale of real estate —  (1) (19) —  (20)
Changes in assets, liabilities and other items not separately identified
(750) 1,058  (172) —  136 
Net cash provided (used) by operating activities
 (205) 1,301  56  (908) 244 
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions
 —  (63) (284) —  (347)
Other, net —  (1) 34  —  33 
Net cash used by investing activities
 —  (64) (250) —  (314)
Cash flows from financing activities:
Debt issued, net of debt issuance costs 1,238  1,492  (52) —  2,678 
Debt repaid —  (1,506) (2) —  (1,508)
Dividends paid (117) —  (908) 908  (117)
Intercompany activity, net (641) (1,210) 1,851  —  — 
Other, net (63) (15) (12) —  (90)
Net cash provided (used) by financing activities
 417  (1,239) 877  908  963 
Net increase (decrease) in cash, cash equivalents and restricted cash
 212  (2) 683  —  893 
Cash, cash equivalents and restricted cash at beginning of period
 413  64  254  —  731 
Cash, cash equivalents and restricted cash at end of period
 $ 625  $ 62  $ 937  $ —  $ 1,624 
Condensed Consolidating Statement of Cash Flows
For the 39 Weeks Ended November 2, 2019
(millions)
 
Parent Subsidiary
Issuer		 Other
Subsidiaries		 Consolidating
Adjustments		 Consolidated
Cash flows from operating activities:
Net income (loss) $ 224  $ (422) $ 370  $ 52  $ 224 
Impairment, restructuring and other costs —  1  15  —  16 
Settlement charges —  —  12  —  12 
Equity in loss (earnings) of subsidiaries (212) 264  —  (52) — 
Dividends received from subsidiaries 819  —  —  (819) — 
Depreciation and amortization —  251  474  —  725 
Gains on sale of real estate —  (32) (35) —  (67)
Changes in assets, liabilities and other items not separately identified
(99) (139) (500) —  (738)
Net cash provided (used) by operating activities
 732  (77) 336  (819) 172 
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions
 —  (179) (560) —  (739)
Other, net —  (2) 12  —  10 
Net cash used by investing activities
 —  (181) (548) —  (729)
Cash flows from financing activities:
Debt repaid —  (45) —  —  (45)
Dividends paid (349) —  (819) 819  (349)
Issuance of common stock
 5  —  —  —  5 
Intercompany activity, net (1,161) 239  922  —  — 
Other, net (74) 73  50  —  49 
Net cash provided (used) by financing activities
 (1,579) 267  153  819  (340)
Net increase (decrease) in cash, cash equivalents and restricted cash
 (847) 9  (59) —  (897)
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
 $ 42  $ 73  $ 236  $ —  $ 351