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Revenue Recognition (Tables)
3 Months Ended
May 05, 2018
Schedule of Net Sales by Line of Business

The following table summarizes net sales by line of business for the quarters ended May 5, 2018 and April 29, 2017:

 

(Dollars in Millions)

May 5, 2018

April 29, 2017

Women's

  $

1,255

 

  $

1,224

 

Men's

 

790

 

 

754

 

Home

 

691

 

 

641

 

Children's

 

454

 

 

471

 

Footwear

 

426

 

 

399

 

Accessories

 

337

 

 

326

 

Net Sales

  $

3,953

 

  $

3,815

 

 

Accounting Standards Update 2014-09 [Member]  
Schedule of Impact of Adoption of the New Standard by Income Statement Line Item

The following tables summarize the impact of adoption of the new standard by financial statement line item:

Three Months Ended April 29, 2017

(Dollars in Millions, Except per Share Data)

As Previously Reported

New Standard Adjustment

Adjusted

Net sales

  $

3,843

 

  $

(28)

 

  $

3,815

 

Other revenue

 

 

 

 

250

 

 

250

 

Total revenue

 

 

 

 

222

 

 

4,065

 

Cost of merchandise sold

 

2,445

 

 

(17)

 

 

2,428

 

Gross margin

 

1,398

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

975

 

 

239

 

 

1,214

 

Depreciation and amortization

 

238

 

 

-

 

 

238

 

Operating income

 

185

 

 

-

 

 

185

 

Interest expense, net

 

76

 

 

-

 

 

76

 

Income before income taxes

 

109

 

 

-

 

 

109

 

Provision for income taxes

 

43

 

 

-

 

 

43

 

Net income

  $

66

 

  $

-

 

  $

66

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

  $

0.39

 

  $

-

 

  $

0.39

 

Diluted

  $

0.39

 

  $

-

 

  $

0.39

 

 

Schedule of Impact of Adoption of the New Standard by Balance Sheet Line Item

 

April 29, 2017

(Dollars in Millions)

As Previously Reported

 

New Standard Adjustment

Adjusted

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

  $

625

 

  $

-

 

  $

625

 

Merchandise inventories

 

3,991

 

 

-

 

 

3,991

 

Other

 

328

 

 

50

 

 

378

 

Total current assets

 

4,944

 

 

50

 

 

4,994

 

Property and equipment, net

 

8,069

 

 

-

 

 

8,069

 

Other assets

 

231

 

 

-

 

 

231

 

Total assets

  $

13,244

 

  $

50

 

  $

13,294

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

  $

1,480

 

  $

-

 

  $

1,480

 

Accrued liabilities

 

1,088

 

 

59

 

 

1,147

 

Income taxes payable

 

137

 

 

-

 

 

137

 

Current portion of capital lease and financing obligations

 

134

 

 

-

 

 

134

 

Total current liabilities

 

2,839

 

 

59

 

 

2,898

 

Long-term debt

 

2,795

 

 

-

 

 

2,795

 

Capital lease and financing obligations

 

1,657

 

 

-

 

 

1,657

 

Deferred income taxes

 

285

 

 

(2

)

 

283

 

Other long-term liabilities

 

674

 

 

-

 

 

674

 

Total shareholders’ equity

 

4,994

 

 

(7

)

 

4,987

 

Total liabilities and shareholders’ equity

  $

13,244

 

  $

50

 

  $

13,294

 

 

 

February 3, 2018

(Dollars in Millions)

As Previously Reported

New Standard Adjustment

Adjusted

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

  $

1,308

 

  $

-

 

  $

1,308

 

Merchandise inventories

 

3,542

 

 

-

 

 

3,542

 

Other

 

481

 

 

49

 

 

530

 

Total current assets

 

5,331

 

 

49

 

 

5,380

 

Property and equipment, net

 

7,773

 

 

-

 

 

7,773

 

Other assets

 

236

 

 

-

 

 

236

 

Total assets

  $

13,340

 

  $

49

 

  $

13,389

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

  $

1,271

 

  $

-

 

  $

1,271

 

Accrued liabilities

 

1,155

 

 

58

 

 

1,213

 

Income taxes payable

 

99

 

 

-

 

 

99

 

Current portion of capital lease and financing obligations

 

126

 

 

-

 

 

126

 

Total current liabilities

 

2,651

 

 

58

 

 

2,709

 

Long-term debt

 

2,797

 

 

-

 

 

2,797

 

Capital lease and financing obligations

 

1,591

 

 

-

 

 

1,591

 

Deferred income taxes

 

213

 

 

(2

)

 

211

 

Other long-term liabilities

 

662

 

 

-

 

 

662

 

Total shareholders’ equity

 

5,426

 

 

(7

)

 

5,419

 

Total liabilities and shareholders’ equity

  $

13,340

 

  $

49

 

  $

13,389