Condensed Consolidating Financial Information (Tables)

3 Months Ended

May 02, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheet

As of May 2, 2020

(millions)

	Parent		Subsidiary Issuer			Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,160	$	25		$	338	$	—		$	1,523
Receivables	—		23			147		—			170
Merchandise inventories	—		2,072			2,851		—			4,923
Income taxes	—		—			3		(3		)	—
Prepaid expenses and other current assets	—		102			417		—			519
Total Current Assets	1,160		2,222			3,756		(3		)	7,135
Property and Equipment – net	—		2,978			3,447		—			6,425
Right of Use Assets	—		600			2,072		—			2,672
Goodwill	—		670			168		—			838
Other Intangible Assets – net	—		4			435		—			439
Other Assets	418		46			608		—			1,072
Deferred Income Taxes	11		—			—		(11		)	—
Intercompany Receivable	1,598		—			677		(2,275		)	—
Investment in Subsidiaries	—		2,010			—		(2,010		)	—
Total Assets	$	3,187	$	8,530		$	11,163	$	(4,299	)	$	18,581
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	739		$	—	$	—		$	739
Merchandise accounts payable	—		928			1,268		—			2,196
Accounts payable and accrued liabilities	14		719			2,024		—			2,757
Income taxes	65		18			—		(3		)	80
Total Current Liabilities	79		2,404			3,292		(3		)	5,772
Long-Term Debt	—		4,918			—		—			4,918
Long-Term Lease Liabilities	—		548			2,375		—			2,923
Intercompany Payable	—		2,275			—		(2,275		)	—
Deferred Income Taxes	—		377			578		(11		)	944
Other Liabilities	25		407			895		—			1,327
Accumulated Losses from Subsidiaries	386		—			—		(386		)	—
Shareholders' Equity (Deficit)	2,697		(2,399		)	4,023		(1,624		)	2,697
Total Liabilities and Shareholders' Equity	$	3,187	$	8,530		$	11,163	$	(4,299	)	$	18,581

Condensed Consolidating Balance Sheet

As of May 4, 2019

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	293	$	151	$	293	$	—		$	737
Receivables	—		40		197		—			237
Merchandise inventories	—		2,369		3,129		—			5,498
Prepaid expenses and other current assets	—		163		470		—			633
Total Current Assets	293		2,723		4,089		—			7,105
Property and Equipment – net	—		3,202		3,297		—			6,499
Right of Use Assets	—		677		1,954		—			2,631
Goodwill	—		3,326		582		—			3,908
Other Intangible Assets – net	—		5		436		—			441
Other Assets	—		28		684		—			712
Deferred Income Taxes	6		—		—		(6		)	—
Intercompany Receivable	2,436		—		886		(3,322		)	—
Investment in Subsidiaries	3,776		3,061		—		(6,837		)	—
Total Assets	$	6,511	$	13,022	$	11,928	$	(10,165	)	$	21,296
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	41	$	—	$	—		$	41
Merchandise accounts payable	—		845		1,105		—			1,950
Accounts payable and accrued liabilities	73		786		1,987		—			2,846
Income taxes	87		61		34		—			182
Total Current Liabilities	160		1,733		3,126		—			5,019
Long-Term Debt	—		4,680		—		—			4,680
Long-Term Lease Liabilities	—		607		2,216		—			2,823
Intercompany Payable	—		3,322		—		(3,322		)	—
Deferred Income Taxes	—		626		573		(6		)	1,193
Other Liabilities	28		341		889		—			1,258
Shareholders' Equity	6,323		1,713		5,124		(6,837		)	6,323
Total Liabilities and Shareholders' Equity	$	6,511	$	13,022	$	11,928	$	(10,165	)	$	21,296

Condensed Consolidating Balance Sheet

As of February 1, 2020

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	413	$	59	$	213	$	—		$	685
Receivables	—		83		326		—			409
Merchandise inventories	—		2,239		2,949		—			5,188
Prepaid expenses and other current assets	—		118		410		—			528
Total Current Assets	413		2,499		3,898		—			6,810
Property and Equipment – net	—		3,103		3,530		—			6,633
Right of Use Assets	—		611		2,057		—			2,668
Goodwill	—		3,326		582		—			3,908
Other Intangible Assets – net	—		4		435		—			439
Other Assets	—		37		677		—			714
Deferred Income Taxes	12		—		—		(12		)	—
Intercompany Receivable	2,675		—		1,128		(3,803		)	—
Investment in Subsidiaries	3,433		2,796		—		(6,229		)	—
Total Assets	$	6,533	$	12,376	$	12,307	$	(10,044	)	$	21,172
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	539	$	—	$	—		$	539
Merchandise accounts payable	—		702		980		—			1,682
Accounts payable and accrued liabilities	126		909		2,413		—			3,448
Income taxes	5		11		65		—			81
Total Current Liabilities	131		2,161		3,458		—			5,750
Long-Term Debt	—		3,621		—		—			3,621
Long-Term Lease Liabilities	—		543		2,375		—			2,918
Intercompany Payable	—		3,803		—		(3,803		)	—
Deferred Income Taxes	—		595		586		(12		)	1,169
Other Liabilities	25		414		898		—			1,337
Shareholders' Equity	6,377		1,239		4,990		(6,229		)	6,377
Total Liabilities and Shareholders' Equity	$	6,533	$	12,376	$	12,307	$	(10,044	)	$	21,172

Condensed Consolidating Statement of Cash Flows [Table Text Block]

Condensed Consolidating Statement of Cash Flows

For the 13 Weeks Ended May 2, 2020

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net loss	$	(3,581	)	$	(3,650	)	$	(727	)	$	4,377		$	(3,581	)
Impairment, restructuring and other costs	—			2,722			462			—			3,184
Equity in loss of subsidiaries	3,582			795			—			(4,377		)	—
Dividends received from subsidiaries	251			—			—			(251		)	—
Depreciation and amortization	—			77			160			—			237
Gains on sale of real estate	—			—			(16		)	—			(16		)
Changes in assets, liabilities and other items not separately identified	(353		)	151			214			—			12
Net cash provided (used) by operating activities	(101		)	95			93			(251		)	(164		)
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions	—			(34		)	(105		)	—			(139		)
Other, net	—			—			26			—			26
Net cash used by investing activities	—			(34		)	(79		)	—			(113		)
Cash flows from financing activities:
Debt issued, net of debt repaid	—			1,497			(1		)	—			1,496
Dividends paid	(117		)	—			(251		)	251			(117		)
Intercompany activity, net	1,082			(1,529		)	447			—			—
Other, net	(117		)	(68		)	(46		)	—			(231		)
Net cash provided (used) by financing activities	848			(100		)	149			251			1,148
Net increase (decrease) in cash, cash equivalents and restricted cash	747			(39		)	163			—			871
Cash, cash equivalents and restricted cash at beginning of period	413			64			254			—			731
Cash, cash equivalents and restricted cash at end of period	$	1,160		$	25		$	417		$	—		$	1,602

Condensed Consolidating Statement of Cash Flows

For the 13 Weeks Ended May 4, 2019

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	136		$	(43	)	$	145		$	(102	)	$	136
Impairment and other costs	—			—			1			—			1
Equity in loss (earnings) of subsidiaries	(132		)	30			—			102			—
Dividends received from subsidiaries	225			—			—			(225		)	—
Depreciation and amortization	—			85			151			—			236
Gains on sale of real estate	—			(24		)	(19		)	—			(43		)
Changes in assets, liabilities and other items not separately identified	78			(118		)	(328		)	—			(368		)
Net cash provided (used) by operating activities	307			(70		)	(50		)	(225		)	(38		)
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net of dispositions	—			(52		)	(178		)	—			(230		)
Other, net	—			—			(7		)	—			(7		)
Net cash used by investing activities	—			(52		)	(185		)	—			(237		)
Cash flows from financing activities:
Debt repaid	—			(3		)	—			—			(3		)
Dividends paid	(116		)	—			(225		)	225			(116		)
Issuance of common stock	6			—			—			—			6
Intercompany activity, net	(700		)	214			486			—			—
Other, net	(93		)	28			20			—			(45		)
Net cash provided (used) by financing activities	(903		)	239			281			225			(158		)
Net increase (decrease) in cash, cash equivalents and restricted cash	(596		)	117			46			—			(433		)
Cash, cash equivalents and restricted cash at beginning of period	889			64			295			—			1,248
Cash, cash equivalents and restricted cash at end of period	$	293		$	181		$	341		$	—		$	815

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the 13 Weeks Ended May 2, 2020

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	867		$	2,955		$	(805	)	$	3,017
Credit card revenues (expense), net	—			(5		)	136			—			131
Cost of sales	—			(796		)	(2,510		)	805			(2,501		)
Selling, general and administrative expenses	—			(562		)	(1,036		)	—			(1,598		)
Gains on sale of real estate	—			—			16			—			16
Impairment, restructuring and other costs	—			(2,722		)	(462		)	—			(3,184		)
Operating loss	—			(3,218		)	(901		)	—			(4,119		)
Benefit plan income, net	—			3			6			—			9
Interest (expense) income, net:
External	1			(49		)	1			—			(47		)
Intercompany	—			(18		)	18			—			—
Equity in loss of subsidiaries	(3,582		)	(795		)	—			4,377			—
Loss before income taxes	(3,581		)	(4,077		)	(876		)	4,377			(4,157		)
Federal, state and local income tax benefit	—			427			149			—			576
Net loss	$	(3,581	)	$	(3,650	)	$	(727	)	$	4,377		$	(3,581	)
Comprehensive loss	$	(3,572	)	$	(3,641	)	$	(721	)	$	4,362		$	(3,572	)

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks Ended May 4, 2019

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,154		$	4,768		$	(1,418	)	$	5,504
Credit card revenues, net	—			(2		)	174			—			172
Cost of sales	—			(1,341		)	(3,480		)	1,418			(3,403		)
Selling, general and administrative expenses	—			(803		)	(1,309		)	—			(2,112		)
Gains on sale of real estate	—			24			19			—			43
Impairment and other costs	—			—			(1		)	—			(1		)
Operating income	—			32			171			—			203
Benefit plan income, net	—			3			4			—			7
Interest (expense) income, net:
External	5			(53		)	1			—			(47		)
Intercompany	—			(19		)	19			—			—
Equity in earnings (loss) of subsidiaries	132			(30		)	—			(102		)	—
Income (loss) before income taxes	137			(67		)	195			(102		)	163
Federal, state and local income tax benefit (expense)	(1		)	24			(50		)	—			(27		)
Net income (loss)	$	136		$	(43	)	$	145		$	(102	)	$	136
Comprehensive income (loss)	$	142		$	(38	)	$	149		$	(111	)	$	142