Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2021 | Aug. 27, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | KOHL’S CORP | |
Entity Central Index Key | 0000885639 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 150,534,221 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | WI | |
Entity Tax Identification Number | 39-1630919 | |
Entity File Number | 1-11084 | |
Entity Address, Address Line One | N56 W17000 Ridgewood Drive | |
Entity Address, City or Town | Menomonee Falls | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53051 | |
City Area Code | 262 | |
Local Phone Number | 703-7000 | |
Title of each class | Common Stock, $.01 par value | |
Trading Symbol(s) | KSS | |
Name of each exchange on which registered | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jul. 31, 2021 | Jan. 30, 2021 | Aug. 01, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 2,569 | $ 2,271 | $ 2,428 |
Merchandise inventories | 2,733 | 2,590 | 2,698 |
Other | 356 | 974 | 562 |
Total current assets | 5,658 | 5,835 | 5,688 |
Property and equipment, net | 7,107 | 6,689 | 6,970 |
Operating leases | 2,301 | 2,398 | 2,418 |
Other assets | 440 | 415 | 159 |
Total assets | 15,506 | 15,337 | 15,235 |
Current liabilities: | |||
Accounts payable | 1,495 | 1,476 | 1,064 |
Accrued liabilities | 1,554 | 1,270 | 1,216 |
Current portion of: | |||
Finance lease and financing obligations | 117 | 115 | 126 |
Operating leases | 143 | 161 | 160 |
Total current liabilities | 3,309 | 3,022 | 2,566 |
Long-term debt | 1,909 | 2,451 | 3,450 |
Finance lease and financing obligations | 1,906 | 1,387 | 1,356 |
Operating leases | 2,532 | 2,625 | 2,637 |
Deferred income taxes | 245 | 302 | 122 |
Other long-term liabilities | 386 | 354 | 267 |
Shareholders’ equity: | |||
Common stock | 4 | 4 | 4 |
Paid-in capital | 3,349 | 3,319 | 3,290 |
Treasury stock, at cost | (11,920) | (11,595) | (11,594) |
Retained earnings | 13,786 | 13,468 | 13,137 |
Total shareholders’ equity | 5,219 | 5,196 | 4,837 |
Total liabilities and shareholders’ equity | $ 15,506 | $ 15,337 | $ 15,235 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Aug. 01, 2020 | Jul. 31, 2021 | Aug. 01, 2020 | |
Total revenue | $ 4,447 | $ 3,407 | $ 8,334 | $ 5,835 |
Cost of merchandise sold | $ 2,426 | $ 2,149 | $ 4,659 | $ 3,936 |
Type of Cost, Good or Service [Extensible List] | kss:MerchandisesMember | kss:MerchandisesMember | kss:MerchandisesMember | kss:MerchandisesMember |
Operating expenses: | ||||
Selling, general, and administrative | $ 1,241 | $ 1,050 | $ 2,411 | $ 2,116 |
Depreciation and amortization | 210 | 219 | 421 | 446 |
Impairments, store closing, and other costs | 0 | (2) | 0 | 64 |
(Gain) on sale of real estate | 0 | (127) | 0 | (127) |
Operating income (loss) | 570 | 118 | 843 | (600) |
Interest expense, net | 62 | 78 | 129 | 136 |
Loss on extinguishment of debt | 0 | 0 | 201 | 0 |
Income (loss) before income taxes | 508 | 40 | 513 | (736) |
Provision (benefit) from income taxes | 126 | (7) | 117 | (242) |
Net income (loss) | $ 382 | $ 47 | $ 396 | $ (494) |
Net income (loss) per share: | ||||
Basic | $ 2.51 | $ 0.31 | $ 2.58 | $ (3.21) |
Diluted | $ 2.48 | $ 0.30 | $ 2.55 | $ (3.21) |
Net Sales [Member] | ||||
Total revenue | $ 4,223 | $ 3,213 | $ 7,885 | $ 5,373 |
Other Revenue [Member] | ||||
Total revenue | $ 224 | $ 194 | $ 449 | $ 462 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock [Member] | Paid-In Capital [Member] | Treasury Stock at Cost [Member] | Retained Earnings [Member] |
Balance, beginning of period at Feb. 01, 2020 | $ 4 | $ 3,272 | $ (11,571) | $ 13,745 | |
Treasury stock purchases | (8) | ||||
Stock-based awards | 18 | (21) | |||
Net income (loss) | $ (494) | (494) | |||
Dividends paid | 6 | (114) | |||
Balance, end of period at Aug. 01, 2020 | $ 4,837 | $ 4 | 3,290 | $ (11,594) | 13,137 |
Shares, beginning of period at Feb. 01, 2020 | 375 | (219) | |||
Stock-based awards | 2 | ||||
Shares, end of period at Aug. 01, 2020 | 158 | 377 | (219) | ||
Dividends paid per common share | $ 0.704 | ||||
Balance, beginning of period at May. 02, 2020 | $ 4 | 3,289 | $ (11,593) | 13,090 | |
Stock-based awards | 1 | (1) | |||
Net income (loss) | $ 47 | 47 | |||
Balance, end of period at Aug. 01, 2020 | $ 4,837 | $ 4 | 3,290 | $ (11,594) | 13,137 |
Shares, beginning of period at May. 02, 2020 | 377 | (219) | |||
Shares, end of period at Aug. 01, 2020 | 158 | 377 | (219) | ||
Balance, beginning of period at Jan. 30, 2021 | $ 5,196 | $ 4 | 3,319 | $ (11,595) | 13,468 |
Treasury stock purchases | (301) | ||||
Stock-based awards | 30 | (25) | |||
Net income (loss) | 396 | 396 | |||
Dividends paid | 1 | (78) | |||
Balance, end of period at Jul. 31, 2021 | $ 5,219 | $ 4 | 3,349 | $ (11,920) | 13,786 |
Shares, beginning of period at Jan. 30, 2021 | 377 | (219) | |||
Treasury stock purchases | (6) | ||||
Shares, end of period at Jul. 31, 2021 | 152 | 377 | (225) | ||
Dividends paid per common share | $ 0.50 | ||||
Balance, beginning of period at May. 01, 2021 | $ 4 | 3,333 | $ (11,663) | 13,443 | |
Treasury stock purchases | (255) | ||||
Stock-based awards | 16 | (3) | |||
Net income (loss) | $ 382 | 382 | |||
Dividends paid | 1 | (39) | |||
Balance, end of period at Jul. 31, 2021 | $ 5,219 | $ 4 | $ 3,349 | $ (11,920) | $ 13,786 |
Shares, beginning of period at May. 01, 2021 | 377 | (220) | |||
Treasury stock purchases | (5) | ||||
Shares, end of period at Jul. 31, 2021 | 152 | 377 | (225) | ||
Dividends paid per common share | $ 0.25 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
Operating activities | ||
Net income (loss) | $ 396 | $ (494) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 421 | 446 |
Share-based compensation | 25 | 14 |
Deferred income taxes | (57) | (132) |
Impairments, store closing, and other costs | 48 | |
(Gain) on sale of real estate | 0 | (127) |
Loss on extinguishment of debt | 201 | 0 |
Non-cash inventory costs | 187 | |
Non-cash lease expense | 74 | 74 |
Other non-cash expense | 9 | 10 |
Changes in operating assets and liabilities: | ||
Merchandise inventories | (138) | 656 |
Other current and long-term assets | 590 | (170) |
Accounts payable | 19 | (142) |
Accrued and other long-term liabilities | 228 | 16 |
Operating lease liabilities | (76) | (82) |
Net cash provided by operating activities | 1,692 | 304 |
Investing activities | ||
Acquisition of property and equipment | (191) | (196) |
Proceeds from sale of real estate | 4 | 193 |
Net cash used in investing activities | (187) | (3) |
Financing activities | ||
Proceeds from issuance of debt | 500 | 2,097 |
Deferred financing costs | (5) | (19) |
Treasury stock purchases | (301) | (8) |
Shares withheld for taxes on vested restricted shares | (25) | (20) |
Dividends paid | (77) | (108) |
Reduction of long-term borrowings | (1,044) | (497) |
Premium paid on redemption of debt | (192) | |
Finance lease and financing obligation payments | (65) | (44) |
Proceeds from stock option exercises | 1 | |
Proceeds from financing obligations | 4 | 3 |
Other | (3) | |
Net cash (used in) provided by financing activities | (1,207) | 1,404 |
Net increase in cash and cash equivalents | 298 | 1,705 |
Cash and cash equivalents at beginning of period | 2,271 | 723 |
Cash and cash equivalents at end of period | 2,569 | 2,428 |
Supplemental information | ||
Interest paid, net of capitalized interest | 128 | 108 |
Income taxes paid | $ 43 | $ 137 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for fiscal year end Consolidated Financial Statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the Consolidated Financial Statements and related footnotes included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2021 (Commission File No. 1-11084) as filed with the Securities and Exchange Commission. Due to the seasonality of the business of Kohl’s Corporation (the “Company,” “Kohl’s,” “we,” “our,” or “us”) and the uncertainty surrounding the financial impact of the novel coronavirus (“COVID-19”) pandemic, results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. We operate as a single business unit. Recent Accounting Pronouncements We adopted the new accounting standard on simplifying the accounting for income taxes ( ASU 2019-12 ), effective at the beginning of fiscal 2021. The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. There was no material impact on our financial statements due to adoption of the new standard. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jul. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The following table summarizes net sales by line of business: Three Months Ended Six Months Ended (Dollars in Millions) July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Women's $ 1,344 $ 951 $ 2,461 $ 1,544 Men's 942 598 1,629 961 Home 609 657 1,243 1,140 Children's 463 395 931 664 Footwear 462 337 850 570 Accessories 403 275 771 494 Net Sales $ 4,223 $ 3,213 $ 7,885 $ 5,373 Unredeemed gift cards and merchandise return card liabilities totaled $ 281 million as of July 31, 2021, $ 339 million as of January 30, 2021, and $ 283 million as of August 1, 2020. Revenue of $ 117 million was recognized during the current year from the January 30, 2021 ending balance. |
Debt
Debt | 6 Months Ended |
Jul. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 3. Debt Long-term debt, which includes draws on the revolving credit facility, consists of the following unsecured and secured senior debt: Outstanding Maturity Effective Coupon July 31, 2021 January 30, 2021 August 1, 2020 2023 3.25 % 3.25 % $ 164 $ 350 $ 350 2023 4.78 % 4.75 % 111 184 184 2025 9.50 % 9.50 % 113 600 600 2025 4.25 % 4.25 % 353 650 650 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 3.38 % 500 — — 2033 6.05 % 6.00 % 112 113 113 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,923 2,467 2,467 Unamortized debt discounts and deferred financing costs ( 14 ) ( 16 ) ( 17 ) Unsecured senior debt 1,909 2,451 2,450 Effective interest rate 4.89 % 5.90 % 5.90 % Secured senior debt — — 1,000 Total long-term debt $ 1,909 $ 2,451 $ 3,450 Our unsecured senior long-term debt is classified as Level 1, financial instruments with unadjusted, quoted prices listed on active market exchanges. The estimated fair value of our unsecured senior debt was $ 2.2 billion at July 31, 2021, $ 2.8 billion at January 30, 2021, and $ 2.5 billion at August 1, 2020. No borrowing amounts were outstanding on the credit facility in place as of July 31, 2021 or January 30, 2021. At August 1, 2020, $ 1.0 billion was outstanding on the credit facility. In March 2021, we issued $ 500 million in aggregate principal amount of 3.375 % notes with semi-annual interest payments beginning in November 2021 . The notes include coupon rate step ups if our long-term debt is downgraded to below a BBB- credit rating by S&P Global Ratings or Baa3 by Moody’s Investors Service, Inc. The notes mature in May 2031 . Proceeds of the issuance and cash on hand were used to pay the principal, premium, and accrued interest of the notes which were purchased as part of the cash tender offer in April 2021. In April 2021, we completed a cash tender offer for $ 1.0 billion of senior unsecured debt. We recognized a $ 201 million loss on extinguishment of debt in the first quarter of 2021, which includes the $ 192 million tender premium paid to tendering note holders in accordance with the terms of the tender offer, a $ 6 million non-cash write-off of deferred financing costs and original issue discounts associated with the extinguished debt, and $ 3 million in other fees. |
Leases
Leases | 6 Months Ended |
Jul. 31, 2021 | |
Leases [Abstract] | |
Leases | 4. Leases We lease certain property and equipment used in our operations. Some of our store leases include additional rental payments based on a percentage of sales over contractual levels or which are adjusted periodically for inflation. Our typical store lease has an initial term of 20 to 25 years and four to eight five-year renewal options. Lease assets represent our right to use an underlying asset for the lease term. Lease assets are recognized at commencement date based on the value of the lease liability and are adjusted for any lease payments made to the lessor at or before commencement date, minus any lease incentives received and any initial direct costs incurred by the lessee. Lease liabilities represent our contractual obligation to make lease payments. At the commencement date, the lease liabilities equal the present value of minimum lease payments over the lease term. As the implicit interest rate is not readily identifiable in our leases, we estimate our collateralized borrowing rate to calculate the present value of lease payments. Leases with a term of 12 months or less are excluded from the balance; we recognize lease expense for these leases on a straight-line basis over the lease term. We combine lease and non-lease components for new and modified leases. We plan to open 200 Sephora shops within our Kohl's stores in fall of 2021. Due to the investments we are making in the Sephora shops, we are required to reassess our lease term when construction begins as these assets will have significant economic value to us when the lease term becomes exercisable. The impact of these assessments resulted in additional lease term, additional lease assets and liabilities, and, in some cases, changes to the classification. The following tables summarize our operating and finance leases and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in Millions) Classification July 31, 2021 January 30, 2021 Assets Operating leases Operating leases $ 2,301 $ 2,398 Finance leases Property & equipment, net 1,226 708 Total operating & finance leases 3,527 3,106 Liabilities Current Operating leases Current portion of operating leases 143 161 Finance leases Current portion of finance leases & financing obligations 83 76 Noncurrent Operating leases Operating leases 2,532 2,625 Finance leases Finance leases & financing obligations 1,457 926 Total operating & finance leases $ 4,215 $ 3,788 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 31, 2021 July 31, 2021 Operating leases Selling, general, and administrative $ 79 $ 156 Finance Leases Amortization of leased assets Depreciation and amortization 23 43 Interest on leased assets Interest expense, net 27 52 Total operating and finance leases $ 129 $ 251 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 31, 2021 Cash paid for amounts included in the measurement of leased liabilities Operating cash flows from operating leases $ 165 Operating cash flows from finance leases 52 Financing cash flows from finance leases 47 The following table summarizes future lease payments by fiscal year: July 31, 2021 (Dollars in millions) Operating Leases Finance Leases Total 2021 $ 143 $ 96 $ 239 2022 289 185 474 2023 277 166 443 2024 248 151 399 2025 234 145 379 After 2025 3,492 2,467 5,959 Total lease payments $ 4,683 $ 3,210 $ 7,893 Amount representing interest ( 2,008 ) ( 1,670 ) ( 3,678 ) Lease liabilities $ 2,675 $ 1,540 $ 4,215 The following table summarizes weighted-average remaining lease term and discount rate: July 31, 2021 January 30, 2021 Weighted-average remaining term (years) Operating leases 20 19 Finance leases 19 18 Weighted-average discount rate Operating leases 6 % 6 % Finance leases 7 % 10 % Other lease information is as follows: Six Months Ended Six Months Ended (Dollars in Millions) July 31, 2021 August 1, 2020 Property and equipment acquired (disposed) through: Finance lease liabilities $ 569 $ 56 Operating lease liabilities ( 29 ) 103 Financing Obligations Historical failed sale-leasebacks that did not qualify for sale-leaseback accounting upon adoption of ASC 842 continue to be accounted for as financing obligations. The following tables summarize our financing obligations and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in millions) Classification July 31, 2021 January 30, 2021 Assets Financing obligations Property & equipment, net $ 60 $ 65 Liabilities Current Current portion of finance leases & financing obligations 34 39 Noncurrent Finance leases & financing obligations 449 461 Total financing obligations $ 483 $ 500 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 31, 2021 July 31, 2021 Amortization of financing obligation assets Depreciation and amortization 3 5 Interest on financing obligations Interest expense, net 10 19 Total financing obligations $ 13 $ 24 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 31, 2021 Cash paid for amounts included in the measurement of financing obligations Operating cash flows from financing obligations $ 19 Financing cash flows from financing obligations 18 Proceeds from financing obligations 4 The following table summarizes future financing obligation payments by fiscal year: July 31, 2021 (Dollars in millions) Financing Obligations 2021 $ 34 2022 71 2023 69 2024 64 2025 55 After 2025 369 Total lease payments $ 662 Non-cash gain on future sale of property 219 Amount representing interest ( 398 ) Financing obligation liability $ 483 The following table summarizes the weighted-average remaining term and discount rate for financing obligations: July 31, 2021 January 30, 2021 Weighted-average remaining term (years) 9 8 Weighted-average discount rate 9 % 7 % |
Stock-Based Awards
Stock-Based Awards | 6 Months Ended |
Jul. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Awards | 5. Stock-Based Awards The following table summarizes our stock-based awards activity for the six months ended July 31, 2021: Stock Options Nonvested Stock Awards Performance Share Units (Shares and Units in Thousands) Shares Weighted Shares Weighted Units Weighted Balance - January 30, 2021 36 $ 52.15 3,451 $ 32.09 1,037 $ 49.95 Granted — — 614 56.56 211 58.99 Exercised/vested ( 19 ) 55.41 ( 1,057 ) 35.22 ( 211 ) 72.21 Forfeited/expired ( 1 ) 51.27 ( 130 ) 33.05 ( 33 ) 30.42 Balance - July 31, 2021 16 $ 48.25 2,878 $ 36.12 1,004 $ 47.82 In 2019, we issued 1,747,441 stock warrants. The total vested and unvested warrants as of July 31, 2021 were 698,977 and 1,048,464 , respectively. |
Contingencies
Contingencies | 6 Months Ended |
Jul. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 6. Contingencies We are subject to certain legal proceedings and claims arising out of the conduct of our business. In the opinion of management, the outcome of these proceedings and litigation will not have a material adverse impact on our Consolidated Financial Statements. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The second quarter and year to date 2021 resulted in income tax expense driven by book income. The effective income tax rate in the second quarter and year to date 2020 was driven by the net loss due to the temporary closure of our stores and the benefit of the net loss carryback to years with a federal statutory tax rate of 35 %. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 8. Net Income (Loss) Per Share Basic Net income (loss) per share is Net income (loss) divided by the average number of common shares outstanding during the period. Diluted Net income (loss) per share includes incremental shares assumed for share-based awards and stock warrants. Potentially dilutive shares include stock options, unvested restricted stock units and awards, and warrants outstanding during the period, using the treasury stock method. Potentially dilutive shares are excluded from the computations of diluted earnings per share (“EPS”) if their effect would be anti-dilutive. The information required to compute basic and diluted Net income (loss) per share is as follows: Three Months Ended Six Months Ended (Dollar and Shares in Millions, Except per Share Data) July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Numerator—Net income (loss) $ 382 $ 47 $ 396 $( 494 ) Denominator—Weighted-average shares: Basic 152 154 153 154 Dilutive impact 2 1 2 — Diluted 154 155 155 154 Net income (loss) per share: Basic $ 2.51 $ 0.31 $ 2.58 $( 3.21 ) Diluted $ 2.48 $ 0.30 $ 2.55 $( 3.21 ) The following potential shares of common stock were excluded from the diluted Net income (loss) per share calculation because their effect would have been anti-dilutive: Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Anti-dilutive shares 3 5 3 7 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jul. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We adopted the new accounting standard on simplifying the accounting for income taxes ( ASU 2019-12 ), effective at the beginning of fiscal 2021. The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. There was no material impact on our financial statements due to adoption of the new standard. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Net Sales by Line of Business | The following table summarizes net sales by line of business: Three Months Ended Six Months Ended (Dollars in Millions) July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Women's $ 1,344 $ 951 $ 2,461 $ 1,544 Men's 942 598 1,629 961 Home 609 657 1,243 1,140 Children's 463 395 931 664 Footwear 462 337 850 570 Accessories 403 275 771 494 Net Sales $ 4,223 $ 3,213 $ 7,885 $ 5,373 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Debt Disclosure [Abstract] | |
Components of Long-term Debt | Long-term debt, which includes draws on the revolving credit facility, consists of the following unsecured and secured senior debt: Outstanding Maturity Effective Coupon July 31, 2021 January 30, 2021 August 1, 2020 2023 3.25 % 3.25 % $ 164 $ 350 $ 350 2023 4.78 % 4.75 % 111 184 184 2025 9.50 % 9.50 % 113 600 600 2025 4.25 % 4.25 % 353 650 650 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 3.38 % 500 — — 2033 6.05 % 6.00 % 112 113 113 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,923 2,467 2,467 Unamortized debt discounts and deferred financing costs ( 14 ) ( 16 ) ( 17 ) Unsecured senior debt 1,909 2,451 2,450 Effective interest rate 4.89 % 5.90 % 5.90 % Secured senior debt — — 1,000 Total long-term debt $ 1,909 $ 2,451 $ 3,450 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Leases [Abstract] | |
Summary of Operating and Finance Leases | The following tables summarize our operating and finance leases and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in Millions) Classification July 31, 2021 January 30, 2021 Assets Operating leases Operating leases $ 2,301 $ 2,398 Finance leases Property & equipment, net 1,226 708 Total operating & finance leases 3,527 3,106 Liabilities Current Operating leases Current portion of operating leases 143 161 Finance leases Current portion of finance leases & financing obligations 83 76 Noncurrent Operating leases Operating leases 2,532 2,625 Finance leases Finance leases & financing obligations 1,457 926 Total operating & finance leases $ 4,215 $ 3,788 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 31, 2021 July 31, 2021 Operating leases Selling, general, and administrative $ 79 $ 156 Finance Leases Amortization of leased assets Depreciation and amortization 23 43 Interest on leased assets Interest expense, net 27 52 Total operating and finance leases $ 129 $ 251 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 31, 2021 Cash paid for amounts included in the measurement of leased liabilities Operating cash flows from operating leases $ 165 Operating cash flows from finance leases 52 Financing cash flows from finance leases 47 |
Summary of Future Lease Payments | The following table summarizes future lease payments by fiscal year: July 31, 2021 (Dollars in millions) Operating Leases Finance Leases Total 2021 $ 143 $ 96 $ 239 2022 289 185 474 2023 277 166 443 2024 248 151 399 2025 234 145 379 After 2025 3,492 2,467 5,959 Total lease payments $ 4,683 $ 3,210 $ 7,893 Amount representing interest ( 2,008 ) ( 1,670 ) ( 3,678 ) Lease liabilities $ 2,675 $ 1,540 $ 4,215 |
Summary of Weighted-Average Remaining Lease Term and Discount Rates | The following table summarizes weighted-average remaining lease term and discount rate: July 31, 2021 January 30, 2021 Weighted-average remaining term (years) Operating leases 20 19 Finance leases 19 18 Weighted-average discount rate Operating leases 6 % 6 % Finance leases 7 % 10 % |
Summary of Other Lease Information | Other lease information is as follows: Six Months Ended Six Months Ended (Dollars in Millions) July 31, 2021 August 1, 2020 Property and equipment acquired (disposed) through: Finance lease liabilities $ 569 $ 56 Operating lease liabilities ( 29 ) 103 |
Summary of Financing Obligations | The following tables summarize our financing obligations and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in millions) Classification July 31, 2021 January 30, 2021 Assets Financing obligations Property & equipment, net $ 60 $ 65 Liabilities Current Current portion of finance leases & financing obligations 34 39 Noncurrent Finance leases & financing obligations 449 461 Total financing obligations $ 483 $ 500 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 31, 2021 July 31, 2021 Amortization of financing obligation assets Depreciation and amortization 3 5 Interest on financing obligations Interest expense, net 10 19 Total financing obligations $ 13 $ 24 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 31, 2021 Cash paid for amounts included in the measurement of financing obligations Operating cash flows from financing obligations $ 19 Financing cash flows from financing obligations 18 Proceeds from financing obligations 4 |
Summary of Future Financing Obligation Payments | The following table summarizes future financing obligation payments by fiscal year: July 31, 2021 (Dollars in millions) Financing Obligations 2021 $ 34 2022 71 2023 69 2024 64 2025 55 After 2025 369 Total lease payments $ 662 Non-cash gain on future sale of property 219 Amount representing interest ( 398 ) Financing obligation liability $ 483 |
Summary of Weighted-Average Remaining Term and Discount Rate for Financing Obligations | The following table summarizes the weighted-average remaining term and discount rate for financing obligations: July 31, 2021 January 30, 2021 Weighted-average remaining term (years) 9 8 Weighted-average discount rate 9 % 7 % |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Awards Activity | The following table summarizes our stock-based awards activity for the six months ended July 31, 2021: Stock Options Nonvested Stock Awards Performance Share Units (Shares and Units in Thousands) Shares Weighted Shares Weighted Units Weighted Balance - January 30, 2021 36 $ 52.15 3,451 $ 32.09 1,037 $ 49.95 Granted — — 614 56.56 211 58.99 Exercised/vested ( 19 ) 55.41 ( 1,057 ) 35.22 ( 211 ) 72.21 Forfeited/expired ( 1 ) 51.27 ( 130 ) 33.05 ( 33 ) 30.42 Balance - July 31, 2021 16 $ 48.25 2,878 $ 36.12 1,004 $ 47.82 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) Per Share | The information required to compute basic and diluted Net income (loss) per share is as follows: Three Months Ended Six Months Ended (Dollar and Shares in Millions, Except per Share Data) July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Numerator—Net income (loss) $ 382 $ 47 $ 396 $( 494 ) Denominator—Weighted-average shares: Basic 152 154 153 154 Dilutive impact 2 1 2 — Diluted 154 155 155 154 Net income (loss) per share: Basic $ 2.51 $ 0.31 $ 2.58 $( 3.21 ) Diluted $ 2.48 $ 0.30 $ 2.55 $( 3.21 ) |
Schedule of Anti-dilutive Securities Excluded from Diluted Net Income (Loss) Per Share | The following potential shares of common stock were excluded from the diluted Net income (loss) per share calculation because their effect would have been anti-dilutive: Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Anti-dilutive shares 3 5 3 7 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | Jan. 31, 2021 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true/false] | true |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201912Member |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true/false] | true |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Net Sales by Line of Business (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Aug. 01, 2020 | Jul. 31, 2021 | Aug. 01, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | $ 4,447 | $ 3,407 | $ 8,334 | $ 5,835 |
Net Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 4,223 | 3,213 | 7,885 | 5,373 |
Net Sales [Member] | Women's [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 1,344 | 951 | 2,461 | 1,544 |
Net Sales [Member] | Men's [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 942 | 598 | 1,629 | 961 |
Net Sales [Member] | Home [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 609 | 657 | 1,243 | 1,140 |
Net Sales [Member] | Children's [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 463 | 395 | 931 | 664 |
Net Sales [Member] | Footwear [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 462 | 337 | 850 | 570 |
Net Sales [Member] | Accessories [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | $ 403 | $ 275 | $ 771 | $ 494 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jul. 31, 2021 | Jan. 30, 2021 | Aug. 01, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Rewards Program unredeemed gift cards and merchandise return cards liabilities | $ 281 | $ 339 | $ 283 |
Net Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue recognized | $ 117 |
Debt - Components of Long-term
Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 30, 2021 | Aug. 01, 2020 |
Debt Instrument [Line Items] | ||||
Effective interest rate | 4.89% | 5.90% | 5.90% | |
Outstanding | $ 1,923 | $ 2,467 | $ 2,467 | |
Unamortized debt discounts and deferred financing costs | (14) | (16) | (17) | |
Unsecured senior debt | 1,909 | $ 1,000 | 2,451 | 2,450 |
Secured senior debt | 1,000 | |||
Total long-term debt | $ 1,909 | 2,451 | 3,450 | |
Senior Notes [Member] | Senior Notes Due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 3.25% | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||
Outstanding | $ 164 | 350 | 350 | |
Senior Notes [Member] | Senior Notes 4.78% Due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 4.78% | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||
Outstanding | $ 111 | 184 | 184 | |
Senior Notes [Member] | Senior Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 9.50% | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||
Outstanding | $ 113 | 600 | 600 | |
Senior Notes [Member] | Senior Notes 4.25% Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 4.25% | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||
Outstanding | $ 353 | 650 | 650 | |
Senior Notes [Member] | Senior Notes Due 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 7.36% | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||
Outstanding | $ 42 | 42 | 42 | |
Senior Notes [Member] | Senior Notes Due 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 3.40% | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.38% | |||
Outstanding | $ 500 | |||
Senior Notes [Member] | Senior Notes Due 2033 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 6.05% | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Outstanding | $ 112 | 113 | 113 | |
Senior Notes [Member] | Senior Notes Due 2037 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 6.89% | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | |||
Outstanding | $ 101 | 101 | 101 | |
Senior Notes [Member] | Senior Notes Due 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 5.57% | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.55% | |||
Outstanding | $ 427 | $ 427 | $ 427 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Mar. 31, 2021 | Jul. 31, 2021 | May 01, 2021 | Aug. 01, 2020 | Jul. 31, 2021 | Aug. 01, 2020 | Apr. 30, 2021 | Jan. 30, 2021 | |
Debt Instrument [Line Items] | ||||||||
Senior unsecured debt | $ 1,909,000,000 | $ 2,450,000,000 | $ 1,909,000,000 | $ 2,450,000,000 | $ 1,000,000,000 | $ 2,451,000,000 | ||
Loss on extinguishment of debt | 0 | $ 201,000,000 | 0 | 201,000,000 | 0 | |||
Tender premium paid to tendering note holders | 192,000,000 | 192,000,000 | ||||||
Non-cash write-off of deferred financing costs and original issue discounts associated with extinguished debt | 6,000,000 | |||||||
Other fees | $ 3,000,000 | |||||||
Unsecured Senior Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Fair Value | 2,200,000,000 | 2,500,000,000 | 2,200,000,000 | 2,500,000,000 | 2,800,000,000 | |||
Senior Notes [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding borrowing amount | $ 0 | $ 1,000,000,000 | $ 0 | $ 1,000,000,000 | $ 0 | |||
3.375 % Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes issued | $ 500,000,000 | |||||||
Interest rate on notes | 3.375% | |||||||
Debt instrument, maturity date description | In March 2021, we issued $500 million in aggregate principal amount of 3.375% notes with semi-annual interest payments beginning in November 2021. The notes include coupon rate step ups if our long-term debt is downgraded to below a BBB- credit rating by S&P Global Ratings or Baa3 by Moody’s Investors Service, Inc. The notes mature in May 2031. Proceeds of the issuance and cash on hand were used to pay the principal, premium, and accrued interest of the notes which were purchased as part of the cash tender offer in April 2021. | |||||||
Debt instrument, frequency of interest payment | semi-annual | |||||||
Debt instrument interest payment beginning month and year | 2021-11 | |||||||
Debt instrument, maturity date | 2031-05 |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended |
Jul. 31, 2021Shop | |
Lessee, Lease, Description [Line Items] | |
Number of Sephora shops plan to open | 200 |
Store [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease extension term | 5 years |
Minimum [Member] | Store [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease initial term | 20 years |
Lease renewal term | 4 years |
Maximum [Member] | Store [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease initial term | 25 years |
Lease renewal term | 8 years |
Leases - Summary of Operating a
Leases - Summary of Operating and Finance Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2021 | Jan. 30, 2021 | Aug. 01, 2020 | |
Assets | ||||
Operating leases | $ 2,301 | $ 2,301 | $ 2,398 | $ 2,418 |
Finance leases | $ 1,226 | $ 1,226 | $ 708 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property Plant And Equipment Net | Property Plant And Equipment Net | Property Plant And Equipment Net | |
Total operating & finance leases | $ 3,527 | $ 3,527 | $ 3,106 | |
Current liabilities: | ||||
Operating leases | 143 | 143 | 161 | 160 |
Finance leases | $ 83 | $ 83 | $ 76 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Finance Lease Liability And Financing Obligation Current | Finance Lease Liability And Financing Obligation Current | Finance Lease Liability And Financing Obligation Current | |
Noncurrent | ||||
Operating leases | $ 2,532 | $ 2,532 | $ 2,625 | $ 2,637 |
Finance leases | $ 1,457 | $ 1,457 | $ 926 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Finance Lease Liability And Financing Obligation Noncurrent | Finance Lease Liability And Financing Obligation Noncurrent | Finance Lease Liability And Financing Obligation Noncurrent | |
Total operating & finance leases | $ 4,215 | $ 4,215 | $ 3,788 | |
Income Statement | ||||
Operating leases | 79 | 156 | ||
Finance Leases | ||||
Amortization of leased assets | 23 | 43 | ||
Interest on leased assets | 27 | 52 | ||
Total operating and finance leases | $ 129 | 251 | ||
Cash paid for amounts included in the measurement of leased liabilities | ||||
Operating cash flows from operating leases | 165 | |||
Operating cash flows from finance leases | 52 | |||
Financing cash flows from finance leases | $ 47 |
Leases - Summary of Future Leas
Leases - Summary of Future Lease Payments (Details) - USD ($) $ in Millions | Jul. 31, 2021 | Jan. 30, 2021 |
Operating Leases | ||
Operating Leases, 2021 | $ 143 | |
Operating Leases, 2022 | 289 | |
Operating Leases, 2023 | 277 | |
Operating Leases, 2024 | 248 | |
Operating Leases, 2025 | 234 | |
Operating Leases, After 2025 | 3,492 | |
Total lease payments, Operating Leases | 4,683 | |
Amount representing interest, Operating Leases | (2,008) | |
Lease liabilities, Operating Leases | 2,675 | |
Finance Leases | ||
Finance Leases, 2021 | 96 | |
Finance Leases, 2022 | 185 | |
Finance Leases, 2023 | 166 | |
Finance Leases, 2024 | 151 | |
Finance Leases, 2025 | 145 | |
Finance Leases, After 2025 | 2,467 | |
Total lease payments, Finance Leases | 3,210 | |
Amount representing interest, Finance Leases | (1,670) | |
Lease liabilities, Finance Leases | 1,540 | |
Total | ||
2021 | 239 | |
2022 | 474 | |
2023 | 443 | |
2024 | 399 | |
2025 | 379 | |
After 2025 | 5,959 | |
Total lease payments | 7,893 | |
Amount representing interest | (3,678) | |
Lease liabilities | $ 4,215 | $ 3,788 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rates (Details) | Jul. 31, 2021 | Jan. 30, 2021 |
Leases [Abstract] | ||
Operating leases, Weighted-average remaining term (years) | 20 years | 19 years |
Finance leases, Weighted-average remaining term (years) | 19 years | 18 years |
Operating leases, Weighted-average discount rate | 6.00% | 6.00% |
Finance leases, Weighted-average discount rate | 7.00% | 10.00% |
Leases - Summary of Other Lease
Leases - Summary of Other Lease Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jul. 31, 2021 | Aug. 01, 2020 | |
Property and equipment acquired (disposed) through: | ||
Finance lease liabilities | $ 569 | $ 56 |
Operating lease liabilities | $ (29) | $ 103 |
Leases - Summary of Financing O
Leases - Summary of Financing Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2021 | Aug. 01, 2020 | Jan. 30, 2021 | |
Assets | ||||
Financing obligations | $ 60 | $ 60 | $ 65 | |
Liabilities | ||||
Current | 34 | 34 | 39 | |
Noncurrent | 449 | 449 | 461 | |
Total financing obligations | 483 | 483 | $ 500 | |
Income Statement | ||||
Amortization of financing obligation assets | 3 | 5 | ||
Interest on financing obligations | 10 | 19 | ||
Total financing obligations | $ 13 | 24 | ||
Cash paid for amounts included in the measurement of financing obligations | ||||
Operating cash flows from financing obligations | 19 | |||
Financing cash flows from financing obligations | 18 | |||
Proceeds from financing obligations | $ 4 | $ 3 |
Leases - Summary of Future Fina
Leases - Summary of Future Financing Obligation Payments (Details) - USD ($) $ in Millions | Jul. 31, 2021 | Jan. 30, 2021 |
Leases [Abstract] | ||
2021 | $ 34 | |
2022 | 71 | |
2023 | 69 | |
2024 | 64 | |
2025 | 55 | |
After 2025 | 369 | |
Total lease payments | 662 | |
Non-cash gain on future sale of property | 219 | |
Amount representing interest | (398) | |
Total financing obligations | $ 483 | $ 500 |
Leases - Summary of Weighted-_2
Leases - Summary of Weighted-Average Remaining Term and Discount Rate for Financing Obligations (Details) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 30, 2021 | |
Leases [Abstract] | ||
Weighted-average remaining term (years) | 9 years | 8 years |
Weighted-average discount rate | 9.00% | 7.00% |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Stock-Based Awards Activity (Details) shares in Thousands | 6 Months Ended |
Jul. 31, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, Beginning Balance | shares | 36 |
Stock Options, Exercised/vested | shares | (19) |
Stock Options, Forfeited/expired | shares | (1) |
Stock Options, Ending Balance | shares | 16 |
Stock Options, Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 52.15 |
Stock Options, Weighted Average Exercise Price, Exercised/vested | $ / shares | 55.41 |
Stock Options, Weighted Average Exercise Price, Forfeited/expired | $ / shares | 51.27 |
Stock Options, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 48.25 |
Nonvested Stock Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Awards/ Share Units, Beginning Balance | shares | 3,451 |
Stock Awards/ Share Units, Granted | shares | 614 |
Stock Awards/ Share Units, Exercised/vested | shares | (1,057) |
Stock Awards/ Share Units, Forfeited/expired | shares | (130) |
Stock Awards/ Share Units, Ending Balance | shares | 2,878 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 32.09 |
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares | 56.56 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Exercised/vested | $ / shares | 35.22 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares | 33.05 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 36.12 |
Performance Share Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Awards/ Share Units, Beginning Balance | shares | 1,037 |
Stock Awards/ Share Units, Granted | shares | 211 |
Stock Awards/ Share Units, Exercised/vested | shares | (211) |
Stock Awards/ Share Units, Forfeited/expired | shares | (33) |
Stock Awards/ Share Units, Ending Balance | shares | 1,004 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 49.95 |
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares | 58.99 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Exercised/vested | $ / shares | 72.21 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares | 30.42 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 47.82 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Details) - shares | 6 Months Ended | |
Jul. 31, 2021 | Feb. 01, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock warrants, issued | 1,747,441 | |
Warrant [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vested warrants | 698,977 | |
Unvested warrants | 1,048,464 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 6 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Federal statutory tax rate | 35.00% |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Aug. 01, 2020 | Jul. 31, 2021 | Aug. 01, 2020 | |
Earnings Per Share [Abstract] | ||||
Numerator—Net income (loss) | $ 382 | $ 47 | $ 396 | $ (494) |
Denominator—Weighted-average shares: Basic | 152 | 154 | 153 | 154 |
Dilutive impact | 2 | 1 | 2 | |
Weighted average shares, Diluted | 154 | 155 | 155 | 154 |
Basic | $ 2.51 | $ 0.31 | $ 2.58 | $ (3.21) |
Diluted | $ 2.48 | $ 0.30 | $ 2.55 | $ (3.21) |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Anti-dilutive Securities Excluded from Diluted Net Income (Loss) Per Share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Aug. 01, 2020 | Jul. 31, 2021 | Aug. 01, 2020 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares | 3 | 5 | 3 | 7 |