Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 30, 2022 | Aug. 26, 2022 | |
Document Information [Line Items] | ||
Entity Registrant Name | KOHL’S CORP | |
Entity Central Index Key | 0000885639 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 116,638,020 | |
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 | |
Common Stock, $.01 par value [Member] | ||
Document Information [Line Items] | ||
Title of each class | Common Stock, $.01 par value | |
Trading Symbol(s) | KSS | |
Name of each exchange on which registered | NYSE | |
Preferred Stock Purchase Rights [Member] | ||
Document Information [Line Items] | ||
Title of each class | Preferred Stock Purchase Rights | |
No Trading Symbol Flag | true | |
Name of each exchange on which registered | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 222 | $ 1,587 | $ 2,569 |
Merchandise inventories | 4,034 | 3,067 | 2,733 |
Other | 374 | 369 | 356 |
Total current assets | 4,630 | 5,023 | 5,658 |
Property and equipment, net | 8,228 | 7,304 | 7,107 |
Operating leases | 2,296 | 2,248 | 2,301 |
Other assets | 469 | 479 | 440 |
Total assets | 15,623 | 15,054 | 15,506 |
Current liabilities: | |||
Accounts payable | 1,497 | 1,683 | 1,495 |
Accrued liabilities | 1,426 | 1,340 | 1,554 |
Borrowings under revolving credit facility | 79 | ||
Current portion of: | |||
Long-term debt | 164 | ||
Finance lease and financing obligations | 96 | 118 | 117 |
Operating leases | 108 | 145 | 143 |
Total current liabilities | 3,370 | 3,286 | 3,309 |
Long-term debt | 1,747 | 1,910 | 1,909 |
Finance lease and financing obligations | 2,830 | 2,133 | 1,906 |
Operating leases | 2,568 | 2,479 | 2,532 |
Deferred income taxes | 194 | 206 | 245 |
Other long-term liabilities | 370 | 379 | 386 |
Shareholders’ equity: | |||
Common stock | 4 | 4 | 4 |
Paid-in capital | 3,406 | 3,375 | 3,349 |
Treasury stock, at cost | (13,151) | (12,975) | (11,920) |
Retained earnings | 14,285 | 14,257 | 13,786 |
Total shareholders’ equity | 4,544 | 4,661 | 5,219 |
Total liabilities and shareholders’ equity | $ 15,623 | $ 15,054 | $ 15,506 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Total revenue | $ 4,087 | $ 4,447 | $ 7,802 | $ 8,334 |
Cost of merchandise sold | 2,332 | 2,426 | 4,472 | 4,659 |
Operating expenses: | ||||
Selling, general, and administrative | 1,283 | 1,241 | 2,576 | 2,411 |
Depreciation and amortization | 206 | 210 | 406 | 421 |
Operating income | 266 | 570 | 348 | 843 |
Interest expense, net | 77 | 62 | 145 | 129 |
Loss on extinguishment of debt | 201 | |||
Income before income taxes | 189 | 508 | 203 | 513 |
Provision for income taxes | 46 | 126 | 46 | 117 |
Net income | $ 143 | $ 382 | $ 157 | $ 396 |
Net income per share: | ||||
Basic | $ 1.13 | $ 2.51 | $ 1.24 | $ 2.58 |
Diluted | $ 1.11 | $ 2.48 | $ 1.22 | $ 2.55 |
Net Sales [Member] | ||||
Total revenue | $ 3,863 | $ 4,223 | $ 7,334 | $ 7,885 |
Other Revenue [Member] | ||||
Total revenue | $ 224 | $ 224 | $ 468 | $ 449 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock [Member] | Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] |
Balance, beginning of period at Jan. 30, 2021 | $ 4 | $ 3,319 | $ (11,595) | $ 13,468 | |
Treasury stock purchases | (301) | ||||
Stock-based awards | 30 | (25) | |||
Net income | $ 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 | $ 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 | ||||
Balance, beginning of period at Jan. 29, 2022 | $ 4,661 | $ 4 | 3,375 | $ (12,975) | 14,257 |
Treasury stock purchases | (158) | ||||
Stock-based awards | 31 | (20) | |||
Net income | 157 | 157 | |||
Dividends paid | 2 | (129) | |||
Balance, end of period at Jul. 30, 2022 | $ 4,544 | $ 4 | 3,406 | $ (13,151) | 14,285 |
Shares, beginning of period at Jan. 29, 2022 | 377 | (246) | |||
Treasury stock purchases | (3) | ||||
Shares, end of period at Jul. 30, 2022 | 128 | 377 | (249) | ||
Dividends paid per common share | $ 1 | ||||
Balance, beginning of period at Apr. 30, 2022 | $ 4 | 3,395 | $ (13,150) | 14,207 | |
Stock-based awards | 11 | (2) | |||
Net income | $ 143 | 143 | |||
Dividends paid | 1 | (65) | |||
Balance, end of period at Jul. 30, 2022 | $ 4,544 | $ 4 | $ 3,406 | $ (13,151) | $ 14,285 |
Shares, beginning of period at Apr. 30, 2022 | 377 | (249) | |||
Shares, end of period at Jul. 30, 2022 | 128 | 377 | (249) | ||
Dividends paid per common share | $ 0.50 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Operating activities | ||
Net income | $ 157 | $ 396 |
Adjustments to reconcile net income to net cash (Used in) provided by operating activities: | ||
Depreciation and amortization | 406 | 421 |
Share-based compensation | 26 | 25 |
Deferred income taxes | (12) | (57) |
Loss on extinguishment of debt | 201 | |
Non-cash lease expense | 56 | 74 |
Other non-cash expense | 5 | 9 |
Changes in operating assets and liabilities: | ||
Merchandise inventories | (964) | (138) |
Other current and long-term assets | (29) | 590 |
Accounts payable | (185) | 19 |
Accrued and other long-term liabilities | 51 | 228 |
Operating lease liabilities | (57) | (76) |
Net cash (used in) provided by operating activities | (546) | 1,692 |
Investing activities | ||
Acquisition of property and equipment | (548) | (191) |
Proceeds from sale of real estate | 4 | 4 |
Net cash used in investing activities | (544) | (187) |
Financing activities | ||
Proceeds from issuance of debt | 500 | |
Net borrowings under revolving credit facility | 79 | |
Deferred financing costs | (5) | |
Treasury stock purchases | (158) | (301) |
Shares withheld for taxes on vested restricted shares | (20) | (25) |
Dividends paid | (127) | (77) |
Reduction of long-term borrowings | (1,044) | |
Premium paid on redemption of debt | (192) | |
Finance lease and financing obligation payments | (55) | (65) |
Proceeds from financing obligations | 5 | 4 |
Proceeds from stock option exercises | 1 | 1 |
Other | (3) | |
Net cash used in provided by financing activities | (275) | (1,207) |
Net (decrease) increase in cash and cash equivalents | (1,365) | 298 |
Cash and cash equivalents at beginning of period | 1,587 | 2,271 |
Cash and cash equivalents at end of period | 222 | 2,569 |
Supplemental information | ||
Interest paid, net of capitalized interest | 137 | 128 |
Income taxes paid | $ 49 | $ 43 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 30, 2022 | |
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 29, 2022 (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”), 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 do not expect that any recently issued accounting pronouncements will have a material impact on our Consolidated Financial Statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jul. 30, 2022 | |
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 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Women's $ 1,239 $ 1,344 $ 2,316 $ 2,461 Men's 865 942 1,575 1,629 Home 502 609 1,027 1,243 Accessories 458 403 848 771 Children's 414 463 825 931 Footwear 385 462 743 850 Net Sales $ 3,863 $ 4,223 $ 7,334 $ 7,885 Unredeemed gift cards and merchandise return card liabilities totaled $ 294 million as of July 30, 2022, $ 353 million as of January 29, 2022, and $ 281 million as of July 31, 2021. In the second quarter of 2022 and 2021, net sales recognized from gift cards redeemed in the current period and issued in prior years totaled $ 39 million and $ 38 million, respectively. Year to date 2022 and 2021, net sales of $ 113 million and $ 110 million, respectively, were recognized during the current period from gift cards redeemed during the current year and issued in prior years. |
Debt
Debt | 6 Months Ended |
Jul. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 3. Debt B orrowings under the revolving credit facility, recorded as short-term debt, has $ 79 million outstanding as of July 30, 2022. No amounts were outstanding at January 29, 2022 or July 31, 2021. Long-term debt, which excludes borrowings on the revolving credit facility, consists of the following unsecured debt: Outstanding Maturity (Dollars in Millions) Effective Rate Coupon Rate July 30, January 29, July 31, 2023 3.25 % 3.25 % $ 164 $ 164 $ 164 2023 4.78 % 4.75 % 111 111 111 2025 9.50 % 9.50 % 113 113 113 2025 4.25 % 4.25 % 353 353 353 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 3.38 % 500 500 500 2033 6.05 % 6.00 % 112 112 112 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,923 1,923 1,923 Unamortized debt discounts and deferred financing costs ( 12 ) ( 13 ) ( 14 ) Current portion of unsecured senior debt ( 164 ) — — Long-term unsecured senior debt $ 1,747 $ 1,910 $ 1,909 Effective interest rate 4.89 % 4.89 % 4.89 % 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 $ 1.7 billion at July 30, 2022, $ 2.0 billion at January 29, 2022, and $ 2.2 billion at July 31, 2021. Our various debt agreements contain covenants including limitations on additional indebtedness and certain financial tests. As of July 30, 2022, we were in compliance with all covenants of the various debt agreements. |
Leases
Leases | 6 Months Ended |
Jul. 30, 2022 | |
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. During the first half of 2022, we opened 340 Sephora shop-in-shops within our Kohl's stores and now have a total of 540 open as of the end of the second quarter. We plan to open an additional 60 shop-in-shops during the remainder of 2022, as well as at least 250 more shops in 2023. We are also working with Sephora to have a Sephora presence in the remaining approximately 300 stores. Due to the investments we are making in the shop-in-shops, we reassessed our lease term when construction began 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 30, January 29, July 31, Assets Operating leases Operating leases $ 2,296 $ 2,248 $ 2,301 Finance leases Property and equipment, net 2,114 1,442 1,226 Total operating and finance leases 4,410 3,690 3,527 Liabilities Current Operating leases Current portion of operating leases 108 145 143 Finance leases Current portion of finance leases and financing obligations 78 87 83 Noncurrent Operating leases Operating leases 2,568 2,479 2,532 Finance leases Finance leases and financing obligations 2,381 1,688 1,457 Total operating and finance leases $ 5,135 $ 4,399 $ 4,215 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Operating leases Selling, general, and administrative $ 64 $ 79 $ 133 $ 156 Finance leases Amortization of leased assets Depreciation and amortization 32 23 61 43 Interest on leased assets Interest expense, net 36 27 68 52 Total operating and finance leases $ 132 $ 129 $ 262 $ 251 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 30, 2022 July 31, 2021 Cash paid for amounts included in the measurement of leased liabilities Operating cash flows from operating leases $ 135 $ 165 Operating cash flows from finance leases 65 52 Financing cash flows from finance leases 44 47 The following table summarizes future lease payments by fiscal year: July 30, 2022 (Dollars in millions) Operating Leases Finance Leases Total 2022 $ 124 $ 94 $ 218 2023 251 218 469 2024 233 210 443 2025 227 205 432 2026 223 205 428 After 2026 3,617 3,722 7,339 Total lease payments $ 4,675 $ 4,654 $ 9,329 Amount representing interest ( 1,999 ) ( 2,195 ) ( 4,194 ) Lease liabilities $ 2,676 $ 2,459 $ 5,135 The following table summarizes weighted-average remaining lease term and discount rate: July 30, 2022 January 29, 2022 Weighted-average remaining term (years) Operating leases 20 20 Finance leases 21 20 Weighted-average discount rate Operating leases 6 % 6 % Finance leases 6 % 7 % Other lease information is as follows: Six Months Ended (Dollars in Millions) July 30, 2022 July 31, 2021 Property and equipment acquired (disposed) through exchange of: Finance lease liabilities $ 730 $ 569 Operating lease liabilities 114 ( 29 ) 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 30, January 29, July 31, Assets Financing obligations Property and equipment, net $ 52 $ 55 $ 60 Liabilities Current Current portion of finance leases and financing obligations 18 31 34 Noncurrent Finance leases and financing obligations 449 445 449 Total financing obligations $ 467 $ 476 $ 483 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Amortization of financing obligation assets Depreciation and amortization 2 3 4 5 Interest on financing obligations Interest expense, net 15 10 27 19 Total financing obligations $ 17 $ 13 $ 31 $ 24 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 30, 2022 July 31, 2021 Cash paid for amounts included in the measurement of financing obligations Operating cash flows from financing obligations $ 26 $ 19 Financing cash flows from financing obligations 11 18 Proceeds from financing obligations 5 4 The following table summarizes future financing obligation payments by fiscal year: July 30, 2022 (Dollars in millions) Financing Obligations 2022 $ 37 2023 78 2024 77 2025 75 2026 74 After 2026 957 Total lease payments $ 1,298 Non-cash gain on future sale of property 167 Amount representing interest ( 998 ) Financing obligation liability $ 467 The following table summarizes the weighted-average remaining term and discount rate for financing obligations: July 30, 2022 January 29, 2022 Weighted-average remaining term (years) 14 10 Weighted-average discount rate 13 % 9 % |
Stock-Based Awards
Stock-Based Awards | 6 Months Ended |
Jul. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Awards | 5. Stock-Based Awards The following table summarizes our stock-based awards activity for the six months ended July 30, 2022: Stock Options Nonvested Stock Awards Performance Share Units (Shares and Units in Thousands) Shares Weighted Shares Weighted Units Weighted Balance - January 29, 2022 12 $ 48.66 2,769 $ 36.17 856 $ 42.74 Granted — — 678 57.47 236 67.18 Exercised/vested ( 12 ) 48.66 ( 987 ) 38.89 — — Forfeited/expired — — ( 105 ) 43.99 ( 218 ) 36.89 Balance - July 30, 2022 — $— 2,355 $ 40.81 874 $ 50.79 In 2019, we issued 1,747,441 stock warrants. The total vested and unvested warrants as of July 30, 2022 were 1,048,465 and 698,976 , respectively. |
Contingencies
Contingencies | 6 Months Ended |
Jul. 30, 2022 | |
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. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The effective income tax rate for the second quarter of 2022 was 24.6 % compared to 24.8 % for the second quarter of 2021. Year to date, the rate is 22.8 % for both the current and prior year periods. The year to date rates reflect the recognition of favorable tax items in the first quarter of both 2022 and 2021. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 8. Net Income Per Share Basic net income per share is net income divided by the average number of common shares outstanding during the period. Diluted net income 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 per share is as follows: Three Months Ended Six Months Ended (Dollar and Shares in Millions, Except per Share Data) July 30, July 31, July 30, July 31, Numerator—Net income $ 143 $ 382 $ 157 $ 396 Denominator—Weighted-average shares: Basic 127 152 127 153 Dilutive impact 1 2 2 2 Diluted 128 154 129 155 Net income per share: Basic $ 1.13 $ 2.51 $ 1.24 $ 2.58 Diluted $ 1.11 $ 2.48 $ 1.22 $ 2.55 The following potential shares of common stock were excluded from the diluted net income per share calculation because their effect would have been anti-dilutive: Three Months Ended Six Months Ended (Shares in Millions) July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Anti-dilutive shares 3 3 3 3 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jul. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events On August 9, 2022 , the Board of Directors of the Company declared a quarterly cash dividend of $ 0.50 per share. The dividend will be paid on September 21, 2022 to all shareholders of record at the close of business on September 7, 2022 . On August 18, 2022, the Company entered into an accelerated share repurchase agreement ("ASR"), pursuant to its previously announced share repurchase program, with Goldman Sachs & Co. LLC to repurchase approximately $ 500 million of the Company’s common stock. On August 22, 2022, the Company received an initial delivery of approximately 11.8 million shares of common stock, representing approximately 80 % of the total shares that are expected to be repurchased under the ASR. Final settlement of the transactions under the ASR is expected to occur in November 2022. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jul. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We do not expect that any recently issued accounting pronouncements will have a material impact on our Consolidated Financial Statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
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 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Women's $ 1,239 $ 1,344 $ 2,316 $ 2,461 Men's 865 942 1,575 1,629 Home 502 609 1,027 1,243 Accessories 458 403 848 771 Children's 414 463 825 931 Footwear 385 462 743 850 Net Sales $ 3,863 $ 4,223 $ 7,334 $ 7,885 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Debt Disclosure [Abstract] | |
Components of Long-term Debt | Long-term debt, which excludes borrowings on the revolving credit facility, consists of the following unsecured debt: Outstanding Maturity (Dollars in Millions) Effective Rate Coupon Rate July 30, January 29, July 31, 2023 3.25 % 3.25 % $ 164 $ 164 $ 164 2023 4.78 % 4.75 % 111 111 111 2025 9.50 % 9.50 % 113 113 113 2025 4.25 % 4.25 % 353 353 353 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 3.38 % 500 500 500 2033 6.05 % 6.00 % 112 112 112 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,923 1,923 1,923 Unamortized debt discounts and deferred financing costs ( 12 ) ( 13 ) ( 14 ) Current portion of unsecured senior debt ( 164 ) — — Long-term unsecured senior debt $ 1,747 $ 1,910 $ 1,909 Effective interest rate 4.89 % 4.89 % 4.89 % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
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 30, January 29, July 31, Assets Operating leases Operating leases $ 2,296 $ 2,248 $ 2,301 Finance leases Property and equipment, net 2,114 1,442 1,226 Total operating and finance leases 4,410 3,690 3,527 Liabilities Current Operating leases Current portion of operating leases 108 145 143 Finance leases Current portion of finance leases and financing obligations 78 87 83 Noncurrent Operating leases Operating leases 2,568 2,479 2,532 Finance leases Finance leases and financing obligations 2,381 1,688 1,457 Total operating and finance leases $ 5,135 $ 4,399 $ 4,215 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Operating leases Selling, general, and administrative $ 64 $ 79 $ 133 $ 156 Finance leases Amortization of leased assets Depreciation and amortization 32 23 61 43 Interest on leased assets Interest expense, net 36 27 68 52 Total operating and finance leases $ 132 $ 129 $ 262 $ 251 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 30, 2022 July 31, 2021 Cash paid for amounts included in the measurement of leased liabilities Operating cash flows from operating leases $ 135 $ 165 Operating cash flows from finance leases 65 52 Financing cash flows from finance leases 44 47 |
Summary of Future Lease Payments | The following table summarizes future lease payments by fiscal year: July 30, 2022 (Dollars in millions) Operating Leases Finance Leases Total 2022 $ 124 $ 94 $ 218 2023 251 218 469 2024 233 210 443 2025 227 205 432 2026 223 205 428 After 2026 3,617 3,722 7,339 Total lease payments $ 4,675 $ 4,654 $ 9,329 Amount representing interest ( 1,999 ) ( 2,195 ) ( 4,194 ) Lease liabilities $ 2,676 $ 2,459 $ 5,135 |
Summary of Weighted-Average Remaining Lease Term and Discount Rates | The following table summarizes weighted-average remaining lease term and discount rate: July 30, 2022 January 29, 2022 Weighted-average remaining term (years) Operating leases 20 20 Finance leases 21 20 Weighted-average discount rate Operating leases 6 % 6 % Finance leases 6 % 7 % |
Summary of Other Lease Information | Other lease information is as follows: Six Months Ended (Dollars in Millions) July 30, 2022 July 31, 2021 Property and equipment acquired (disposed) through exchange of: Finance lease liabilities $ 730 $ 569 Operating lease liabilities 114 ( 29 ) |
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 30, January 29, July 31, Assets Financing obligations Property and equipment, net $ 52 $ 55 $ 60 Liabilities Current Current portion of finance leases and financing obligations 18 31 34 Noncurrent Finance leases and financing obligations 449 445 449 Total financing obligations $ 467 $ 476 $ 483 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Amortization of financing obligation assets Depreciation and amortization 2 3 4 5 Interest on financing obligations Interest expense, net 15 10 27 19 Total financing obligations $ 17 $ 13 $ 31 $ 24 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 30, 2022 July 31, 2021 Cash paid for amounts included in the measurement of financing obligations Operating cash flows from financing obligations $ 26 $ 19 Financing cash flows from financing obligations 11 18 Proceeds from financing obligations 5 4 |
Summary of Future Financing Obligation Payments | The following table summarizes future financing obligation payments by fiscal year: July 30, 2022 (Dollars in millions) Financing Obligations 2022 $ 37 2023 78 2024 77 2025 75 2026 74 After 2026 957 Total lease payments $ 1,298 Non-cash gain on future sale of property 167 Amount representing interest ( 998 ) Financing obligation liability $ 467 |
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 30, 2022 January 29, 2022 Weighted-average remaining term (years) 14 10 Weighted-average discount rate 13 % 9 % |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-Based Awards Activity | The following table summarizes our stock-based awards activity for the six months ended July 30, 2022: Stock Options Nonvested Stock Awards Performance Share Units (Shares and Units in Thousands) Shares Weighted Shares Weighted Units Weighted Balance - January 29, 2022 12 $ 48.66 2,769 $ 36.17 856 $ 42.74 Granted — — 678 57.47 236 67.18 Exercised/vested ( 12 ) 48.66 ( 987 ) 38.89 — — Forfeited/expired — — ( 105 ) 43.99 ( 218 ) 36.89 Balance - July 30, 2022 — $— 2,355 $ 40.81 874 $ 50.79 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The information required to compute basic and diluted net income per share is as follows: Three Months Ended Six Months Ended (Dollar and Shares in Millions, Except per Share Data) July 30, July 31, July 30, July 31, Numerator—Net income $ 143 $ 382 $ 157 $ 396 Denominator—Weighted-average shares: Basic 127 152 127 153 Dilutive impact 1 2 2 2 Diluted 128 154 129 155 Net income per share: Basic $ 1.13 $ 2.51 $ 1.24 $ 2.58 Diluted $ 1.11 $ 2.48 $ 1.22 $ 2.55 |
Schedule of Potential Shares of Common Stock Excluded From the Diluted Net Income Per Share | The following potential shares of common stock were excluded from the diluted net income per share calculation because their effect would have been anti-dilutive: Three Months Ended Six Months Ended (Shares in Millions) July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Anti-dilutive shares 3 3 3 3 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Net Sales by Line of Business (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 4,087 | $ 4,447 | $ 7,802 | $ 8,334 |
Net Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3,863 | 4,223 | 7,334 | 7,885 |
Net Sales [Member] | Women's [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,239 | 1,344 | 2,316 | 2,461 |
Net Sales [Member] | Men's [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 865 | 942 | 1,575 | 1,629 |
Net Sales [Member] | Home [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 502 | 609 | 1,027 | 1,243 |
Net Sales [Member] | Accessories [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 458 | 403 | 848 | 771 |
Net Sales [Member] | Children's [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 414 | 463 | 825 | 931 |
Net Sales [Member] | Footwear [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 385 | $ 462 | $ 743 | $ 850 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Disaggregation Of Revenue [Line Items] | |||||
Rewards Program unredeemed gift cards and merchandise return cards liabilities | $ 294 | $ 281 | $ 294 | $ 281 | $ 353 |
Net Sales [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue recognized | $ 39 | $ 38 | $ 113 | $ 110 |
Debt - Components of Long-term
Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Debt Instrument [Line Items] | |||
Effective interest rate | 4.89% | 4.89% | 4.89% |
Outstanding | $ 1,923 | $ 1,923 | $ 1,923 |
Unamortized debt discounts and deferred financing costs | (12) | (13) | (14) |
Current portion of unsecured senior debt | (164) | ||
Long-term unsecured senior debt | $ 1,747 | 1,910 | 1,909 |
Senior Notes [Member] | Senior Notes Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 3.25% | ||
Coupon Rate | 3.25% | ||
Outstanding | $ 164 | 164 | 164 |
Senior Notes [Member] | Senior Notes 4.78% Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 4.78% | ||
Coupon Rate | 4.75% | ||
Outstanding | $ 111 | 111 | 111 |
Senior Notes [Member] | Senior Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 9.50% | ||
Coupon Rate | 9.50% | ||
Outstanding | $ 113 | 113 | 113 |
Senior Notes [Member] | Senior Notes 4.25% Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 4.25% | ||
Coupon Rate | 4.25% | ||
Outstanding | $ 353 | 353 | 353 |
Senior Notes [Member] | Senior Notes Due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 7.36% | ||
Coupon Rate | 7.25% | ||
Outstanding | $ 42 | 42 | 42 |
Senior Notes [Member] | Senior Notes Due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 3.40% | ||
Coupon Rate | 3.38% | ||
Outstanding | $ 500 | 500 | 500 |
Senior Notes [Member] | Senior Notes Due 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 6.05% | ||
Coupon Rate | 6% | ||
Outstanding | $ 112 | 112 | 112 |
Senior Notes [Member] | Senior Notes Due 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 6.89% | ||
Coupon Rate | 6.88% | ||
Outstanding | $ 101 | 101 | 101 |
Senior Notes [Member] | Senior Notes Due 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 5.57% | ||
Coupon Rate | 5.55% | ||
Outstanding | $ 427 | $ 427 | $ 427 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Debt Instrument [Line Items] | |||
Short-term debt, outstanding | $ 79,000,000 | $ 0 | $ 0 |
Unsecured Senior Debt [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior debt | $ 1,700,000,000 | $ 2,000,000,000 | $ 2,200,000,000 |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended |
Jul. 30, 2022 Shop Store | |
Lessee, Lease, Description [Line Items] | |
Number of Sephora shops opened | 540 |
Number of Sephora shops opened during the period | 340 |
Number of Sephora shops to be opened remainder of of 2022 | 60 |
Number Of Sephora shops to be opened in 2023 | 250 |
Number of Sephora remaining stores | Store | 300 |
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. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Assets | |||||
Operating leases | $ 2,296 | $ 2,301 | $ 2,296 | $ 2,301 | $ 2,248 |
Finance leases | $ 2,114 | $ 1,226 | $ 2,114 | $ 1,226 | $ 1,442 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net | Property and equipment, net | Property and equipment, net | Property and equipment, net |
Total operating and finance leases | $ 4,410 | $ 3,527 | $ 4,410 | $ 3,527 | $ 3,690 |
Current liabilities: | |||||
Operating leases | 108 | 143 | 108 | 143 | 145 |
Finance leases | $ 78 | $ 83 | $ 78 | $ 83 | $ 87 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Finance Lease Liability And Financing Obligation Current | Finance Lease Liability And Financing Obligation Current | Finance Lease Liability And Financing Obligation Current | Finance Lease Liability And Financing Obligation Current | Finance Lease Liability And Financing Obligation Current |
Noncurrent | |||||
Operating leases | $ 2,568 | $ 2,532 | $ 2,568 | $ 2,532 | $ 2,479 |
Finance leases | $ 2,381 | $ 1,457 | $ 2,381 | $ 1,457 | $ 1,688 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Finance Lease Liability And Financing Obligation Noncurrent | Finance Lease Liability And Financing Obligation Noncurrent | Finance Lease Liability And Financing Obligation Noncurrent | Finance Lease Liability And Financing Obligation Noncurrent | Finance Lease Liability And Financing Obligation Noncurrent |
Total operating and finance leases | $ 5,135 | $ 4,215 | $ 5,135 | $ 4,215 | $ 4,399 |
Income Statement | |||||
Operating leases | 64 | 79 | 133 | 156 | |
Finance leases | |||||
Amortization of leased assets | 32 | 23 | 61 | 43 | |
Interest on leased assets | 36 | 27 | 68 | 52 | |
Total operating and finance leases | $ 132 | $ 129 | 262 | 251 | |
Cash paid for amounts included in the measurement of leased liabilities | |||||
Operating cash flows from operating leases | 135 | 165 | |||
Operating cash flows from finance leases | 65 | 52 | |||
Financing cash flows from finance leases | $ 44 | $ 47 |
Leases - Summary of Future Leas
Leases - Summary of Future Lease Payments (Details) - USD ($) $ in Millions | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Operating Leases | |||
Operating Leases, 2022 | $ 124 | ||
Operating Leases, 2023 | 251 | ||
Operating Leases, 2024 | 233 | ||
Operating Leases, 2025 | 227 | ||
Operating Leases, 2026 | 223 | ||
Operating Leases, After 2026 | 3,617 | ||
Total lease payments, Operating Leases | 4,675 | ||
Amount representing interest, Operating Leases | (1,999) | ||
Lease liabilities, Operating Leases | 2,676 | ||
Finance Leases | |||
Finance Leases, 2022 | 94 | ||
Finance Leases, 2023 | 218 | ||
Finance Leases, 2024 | 210 | ||
Finance Leases, 2025 | 205 | ||
Finance Leases, 2026 | 205 | ||
Finance Leases, After 2026 | 3,722 | ||
Total lease payments, Finance Leases | 4,654 | ||
Amount representing interest, Finance Leases | (2,195) | ||
Lease liabilities, Finance Leases | 2,459 | ||
Total | |||
2022 | 218 | ||
2023 | 469 | ||
2024 | 443 | ||
2025 | 432 | ||
2026 | 428 | ||
After 2026 | 7,339 | ||
Total lease payments | 9,329 | ||
Amount representing interest | (4,194) | ||
Lease liabilities | $ 5,135 | $ 4,399 | $ 4,215 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rates (Details) | Jul. 30, 2022 | Jan. 29, 2022 |
Leases [Abstract] | ||
Operating leases, Weighted-average remaining term (years) | 20 years | 20 years |
Finance leases, Weighted-average remaining term (years) | 21 years | 20 years |
Operating leases, Weighted-average discount rate | 6% | 6% |
Finance leases, Weighted-average discount rate | 6% | 7% |
Leases - Summary of Other Lease
Leases - Summary of Other Lease Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Property and equipment acquired (disposed) through exchange of: | ||
Finance lease liabilities | $ 730 | $ 569 |
Operating lease liabilities | $ 114 | $ 29 |
Leases - Summary of Financing O
Leases - Summary of Financing Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Assets | |||||
Financing obligations | $ 52 | $ 60 | $ 52 | $ 60 | $ 55 |
Liabilities | |||||
Current | 18 | 34 | 18 | 34 | 31 |
Noncurrent | 449 | 449 | 449 | 449 | 445 |
Total financing obligations | 467 | 483 | 467 | 483 | $ 476 |
Income Statement | |||||
Amortization of financing obligation assets | 2 | 3 | 4 | 5 | |
Interest on financing obligations | 15 | 10 | 27 | 19 | |
Total financing obligations | $ 17 | $ 13 | 31 | 24 | |
Cash paid for amounts included in the measurement of financing obligations | |||||
Operating cash flows from financing obligations | 26 | 19 | |||
Financing cash flows from financing obligations | 11 | 18 | |||
Proceeds from financing obligations | $ 5 | $ 4 |
Leases - Summary of Future Fina
Leases - Summary of Future Financing Obligation Payments (Details) - USD ($) $ in Millions | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Leases [Abstract] | |||
2022 | $ 37 | ||
2023 | 78 | ||
2024 | 77 | ||
2025 | 75 | ||
2026 | 74 | ||
After 2026 | 957 | ||
Total lease payments | 1,298 | ||
Non-cash gain on future sale of property | 167 | ||
Amount representing interest | (998) | ||
Total financing obligations | $ 467 | $ 476 | $ 483 |
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. 30, 2022 | Jan. 29, 2022 | |
Leases [Abstract] | ||
Weighted-average remaining term (years) | 14 years | 10 years |
Weighted-average discount rate | 13% | 9% |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Stock-Based Awards Activity (Details) shares in Thousands | 6 Months Ended |
Jul. 30, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, Beginning Balance | shares | 12 |
Stock Options, Exercised/vested | shares | (12) |
Stock Options, Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 48.66 |
Stock Options, Weighted Average Exercise Price, Exercised/vested | $ / shares | $ 48.66 |
Nonvested Stock Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Awards/ Share Units, Beginning Balance | shares | 2,769 |
Stock Awards/ Share Units, Granted | shares | 678 |
Stock Awards/ Share Units, Exercised/vested | shares | (987) |
Stock Awards/ Share Units, Forfeited/expired | shares | (105) |
Stock Awards/ Share Units, Ending Balance | shares | 2,355 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 36.17 |
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares | 57.47 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Exercised/vested | $ / shares | 38.89 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares | 43.99 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 40.81 |
Performance Share Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Awards/ Share Units, Beginning Balance | shares | 856 |
Stock Awards/ Share Units, Granted | shares | 236 |
Stock Awards/ Share Units, Forfeited/expired | shares | (218) |
Stock Awards/ Share Units, Ending Balance | shares | 874 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 42.74 |
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares | 67.18 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares | 36.89 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 50.79 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Details) - shares | 6 Months Ended | |
Jul. 30, 2022 | 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 | 1,048,465 | |
Unvested warrants | 698,976 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 24.60% | 24.80% | 22.80% | 22.80% |
Net Income Per Share - Computat
Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Earnings Per Share [Abstract] | ||||
Numerator---Net income | $ 143 | $ 382 | $ 157 | $ 396 |
Denominator—Weighted-average shares: Basic | 127 | 152 | 127 | 153 |
Dilutive impact | 1 | 2 | 2 | 2 |
Weighted average shares, Diluted | 128 | 154 | 129 | 155 |
Basic | $ 1.13 | $ 2.51 | $ 1.24 | $ 2.58 |
Diluted | $ 1.11 | $ 2.48 | $ 1.22 | $ 2.55 |
Net Income Per Share - Schedule
Net Income Per Share - Schedule of Potential Shares of Common Stock Excluded From the Diluted Net Income Per Share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares | 3 | 3 | 3 | 3 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Aug. 22, 2022 | Aug. 18, 2022 | Aug. 09, 2022 |
Subsequent Event [Line Items] | |||
Cash dividend per share | $ 0.50 | ||
Cash dividend, declared date | Aug. 09, 2022 | ||
Cash dividend to be paid date | Sep. 21, 2022 | ||
Cash dividend, record date | Sep. 07, 2022 | ||
Accelerated Share Repurchase Agreement [Member] | Common Stock [Member] | Goldman Sachs & Co. LLC [Member] | |||
Subsequent Event [Line Items] | |||
Accelerated share repurchase value | $ 500 | ||
Stock repurchase program, percentage of shares expected to be repurchased | 80% | ||
Accelerated share repurchase | 11.8 |