CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

6 Months Ended

Jul. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Statement of Comprehensive Income

Condensed Consolidating Statements of Comprehensive Income

	13 Weeks Ended July 30, 2016
				Guarantor			Non-Guarantor			Consolidation			Consolidated
(in millions)	Parent			Subsidiaries			Subsidiaries			Adjustments			Company
Net sales	$	—		$	4,951.8		$	230.3		$	(185.8	)	$	4,996.3
Cost of sales	—			3,468.8			210.2			(195.1		)	3,483.9
Gross profit	—			1,483.0			20.1			9.3			1,512.4
Selling, general and administrative
expenses	1.9			1,125.1			16.2			12.0			1,155.2
Operating income (loss)	(1.9		)	357.9			3.9			(2.7		)	357.2
Interest expense (income), net	72.7			16.5			(1.9		)	—			87.3
Other expense, net	2.7			—			0.4			(3.1		)	—
Income (loss) before income taxes	(77.3		)	341.4			5.4			0.4			269.9
Income tax expense (benefit)	(30.4		)	129.7			0.3			0.1			99.7
Equity in earnings of subsidiaries	(216.6		)	(1.9		)	—			218.5			—
Net income	169.7			213.6			5.1			(218.2		)	170.2
Other comprehensive loss	(2.4		)	(0.6		)	(2.4		)	3.1			(2.3		)
Comprehensive income	$	167.3		$	213.0		$	2.7		$	(215.1	)	$	167.9

	13 Weeks Ended August 1, 2015
				Guarantor			Non-Guarantor			Consolidation			Consolidated
(in millions)	Parent			Subsidiaries			Subsidiaries			Adjustments			Company
Net sales	$	—		$	2,964.8		$	141.0		$	(94.6	)	$	3,011.2
Cost of sales	—			2,123.7			106.2			(73.9		)	2,156.0
Gross profit	—			841.1			34.8			(20.7		)	855.2
Selling, general and administrative
expenses	17.4			698.3			14.5			1.6			731.8
Operating income (loss)	(17.4		)	142.8			20.3			(22.3		)	123.4
Interest expense (income), net	158.8			105.6			(0.5		)	—			263.9
Other expense, net	3.7			1.4			0.4			(3.8		)	1.7
Income (loss) before income taxes	(179.9		)	35.8			20.4			(18.5		)	(142.2		)
Income tax expense (benefit)	(57.2		)	7.0			6.0			—			(44.2		)
Equity in earnings of subsidiaries	(43.4		)	(17.7		)	—			61.1			—
Net income (loss)	(79.3		)	46.5			14.4			(79.6		)	(98.0		)
Other comprehensive loss	(9.1		)	—			(9.1		)	9.1			(9.1		)
Comprehensive income (loss)	$	(88.4	)	$	46.5		$	5.3		$	(70.5	)	$	(107.1	)

Condensed Consolidating Statements of Comprehensive Income (Continued)

	26 Weeks Ended July 30, 2016
				Guarantor			Non-Guarantor			Consolidation			Consolidated
(in millions)	Parent			Subsidiaries			Subsidiaries			Adjustments			Company
Net sales	$	—		$	9,985.2		$	415.1		$	(318.2	)	$	10,082.1
Cost of sales	—			6,958.6			370.8			(314.2		)	7,015.2
Gross profit	—			3,026.6			44.3			(4.0		)	3,066.9
Selling, general and administrative
expenses	3.9			2,263.1			30.8			(6.8		)	2,291.0
Operating income (loss)	(3.9		)	763.5			13.5			2.8			775.9
Interest expense (income), net	145.6			32.8			(3.8		)	—			174.6
Other (income) expense, net	(3.0		)	(0.3		)	0.3			2.8			(0.2		)
Income (loss) before income taxes	(146.5		)	731.0			17.0			—			601.5
Income tax expense (benefit)	(64.1		)	259.0			3.8			—			198.7
Equity in earnings of subsidiaries	(485.1		)	(8.8		)	—			493.9			—
Net income	402.7			480.8			13.2			(493.9		)	402.8
Other comprehensive income	6.6			2.0			6.6			(8.6		)	6.6
Comprehensive income	$	409.3		$	482.8		$	19.8		$	(502.5	)	$	409.4

	26 Weeks Ended August 1, 2015
				Guarantor			Non-Guarantor			Consolidation			Consolidated
(in millions)	Parent			Subsidiaries			Subsidiaries			Adjustments			Company
Net sales	$	—		$	5,099.3		$	183.4		$	(94.9	)	$	5,187.8
Cost of sales	—			3,515.9			142.0			(74.2		)	3,583.7
Gross profit	—			1,583.4			41.4			(20.7		)	1,604.1
Selling, general and administrative
expenses	29.4			1,188.5			28.4			1.5			1,247.8
Operating income (loss)	(29.4		)	394.9			13.0			(22.2		)	356.3
Interest expense (income), net	269.8			116.8			(0.4		)	—			386.2
Other (income) expense, net	3.7			(1.7		)	0.8			(3.7		)	(0.9		)
Income (loss) before income taxes	(302.9		)	279.8			12.6			(18.5		)	(29.0		)
Income tax expense (benefit)	(106.9		)	102.5			3.9			—			(0.5		)
Equity in earnings of subsidiaries	(186.2		)	(17.7		)	—			203.9			—
Net income (loss)	(9.8		)	195.0			8.7			(222.4		)	(28.5		)
Other comprehensive loss	(3.5		)	—			(3.5		)	3.5			(3.5		)
Comprehensive income (loss)	$	(13.3	)	$	195.0		$	5.2		$	(218.9	)	$	(32.0	)

Condensed Balance Sheet

Condensed Consolidating Balance Sheets

	July 30, 2016
				Guarantor		Non-Guarantor			Consolidating			Consolidated
(in millions)	Parent			Subsidiaries		Subsidiaries			Adjustments			Company
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	1,044.8	$	155.4		$	(107.0	)	$	1,093.2
Short-term investments	—			—		4.0			—			4.0
Merchandise inventories, net	—			2,910.6		61.2			3.3			2,975.1
Due from intercompany, net	40.5			350.1		125.6			(516.2		)	—
Other current assets	3.0			380.8		(7.0		)	0.3			377.1
Total current assets	43.5			4,686.3		339.2			(619.6		)	4,449.4
Property, plant and equipment, net	—			3,139.1		35.1			—			3,174.2
Assets available for sale	—			13.5		—			—			13.5
Goodwill	—			4,993.2		30.6			—			5,023.8
Favorable lease rights, net	—			518.8		—			—			518.8
Tradename intangible asset	—			3,100.0		—			—			3,100.0
Other intangible assets, net	—			5.3		0.1			—			5.4
Investment in subsidiaries	8,886.3			123.2		—			(9,009.5		)	—
Intercompany note receivable	1,526.4			—		188.8			(1,715.2		)	—
Due from intercompany, net	1,916.5			—		—			(1,916.5		)	—
Other assets	—			44.2		3.8			(3.7		)	44.3
Total assets	$	12,372.7		$	16,623.6	$	597.6		$	(13,264.5	)	$	16,329.4
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	145.5		$	—	$	—		$	—		$	145.5
Accounts payable	107.0			1,219.2		129.0			(103.7		)	1,351.5
Due to intercompany, net	346.9			158.4		10.9			(516.2		)	—
Other current liabilities	77.7			399.8		205.5			—			683.0
Total current liabilities	677.1			1,777.4		345.4			(619.9		)	2,180.0
Long-term debt, net, excluding
current portion	6,838.9			316.8		—			—			7,155.7
Unfavorable lease rights, net	—			136.6		—			—			136.6
Deferred tax liabilities, net	—			1,562.8		(6.9		)	0.1			1,556.0
Income taxes payable, long-term	—			73.6		—			—			73.6
Due to intercompany, net	—			1,916.5		—			(1,916.5		)	—
Intercompany note payable	—			1,715.2		—			(1,715.2		)	—
Other liabilities	(0.3		)	365.7		8.5			(3.3		)	370.6
Total liabilities	7,515.7			7,864.6		347.0			(4,254.8		)	11,472.5
Shareholders' equity	4,857.0			8,759.0		250.6			(9,009.7		)	4,856.9
Total liabilities and equity	$	12,372.7		$	16,623.6	$	597.6		$	(13,264.5	)	$	16,329.4

Condensed Consolidating Balance Sheets (Continued)

	January 30, 2016
			Guarantor		Non-Guarantor		Consolidating			Consolidated
(in millions)	Parent		Subsidiaries		Subsidiaries		Adjustments			Company
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	636.9	$	116.5	$	(17.3	)	$	736.1
Short-term investments	—		—		4.0		—			4.0
Merchandise inventories, net	—		2,850.0		51.4		(15.9		)	2,885.5
Due from intercompany, net	262.2		548.3		186.4		(996.9		)	—
Other current assets	1.0		308.7		0.6		—			310.3
Total current assets	263.2		4,343.9		358.9		(1,030.1		)	3,935.9
Property, plant and equipment, net	—		3,089.5		36.0		—			3,125.5
Assets available for sale	—		12.1		—		—			12.1
Goodwill	—		4,993.2		28.5		—			5,021.7
Deferred tax assets, net	0.5		—		9.6		(10.1		)	—
Favorable lease rights, net	—		569.4		—		—			569.4
Tradename intangible asset	—		3,100.0		—		—			3,100.0
Other intangible assets, net	—		5.5		0.3		—			5.8
Investment in subsidiaries	8,403.9		74.4		—		(8,478.3		)	—
Intercompany note receivable	1,526.4		—		188.8		(1,715.2		)	—
Due from intercompany, net	1,930.3		—		—		(1,930.3		)	—
Other assets	—		130.6		4.6		(4.4		)	130.8
Total assets	$	12,124.3	$	16,318.6	$	626.7	$	(13,168.4	)	$	15,901.2
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	108.0	$	—	$	—	$	—		$	108.0
Accounts payable	17.5		1,136.3		131.2		(33.1		)	1,251.9
Due to intercompany, net	582.5		369.2		45.2		(996.9		)	—
Other current liabilities	84.9		433.5		204.2		—			722.6
Income taxes payable	3.8		1.9		7.2		—			12.9
Total current liabilities	796.7		1,940.9		387.8		(1,030.0		)	2,095.4
Long-term debt, net, excluding
current portion	6,920.7		317.7		—		—			7,238.4
Unfavorable lease rights, net	—		149.3		—		—			149.3
Deferred tax liabilities, net	—		1,596.7		—		(10.1		)	1,586.6
Due to intercompany, net	—		1,930.3		—		(1,930.3		)	—
Intercompany note payable	—		1,715.2		—		(1,715.2		)	—
Other liabilities	—		421.0		8.0		(4.4		)	424.6
Total liabilities	7,717.4		8,071.1		395.8		(4,690.0		)	11,494.3
Shareholders' equity	4,406.9		8,247.5		230.9		(8,478.4		)	4,406.9
Total liabilities and equity	$	12,124.3	$	16,318.6	$	626.7	$	(13,168.4	)	$	15,901.2

Condensed Consolidating Balance Sheets (Continued)

	August 1, 2015
			Guarantor		Non-Guarantor			Consolidating			Consolidated
(in millions)	Parent		Subsidiaries		Subsidiaries			Adjustments			Company
ASSETS
Current assets:
Cash and cash equivalents	$	1,576.2	$	—	$	112.2		$	(385.9	)	$	1,302.5
Short-term investments	—		—		4.0			—			4.0
Merchandise inventories, net	—		2,780.5		59.3			(14.7		)	2,825.1
Current deferred tax assets, net	0.1		79.2		6.4			(0.2		)	85.5
Intercompany note receivable	17.1		—		—			(17.1		)	—
Due from intercompany, net	21.6		102.3		143.1			(267.0		)	—
Other current assets	39.6		273.7		(5.7		)	—			307.6
Total current assets	1,654.6		3,235.7		319.3			(684.9		)	4,524.7
Property, plant and equipment, net	—		3,110.2		41.7			—			3,151.9
Goodwill	—		4,952.3		30.5			—			4,982.8
Deferred tax assets, net	0.7		—		18.0			(18.7		)	—
Favorable lease rights, net	—		620.8		—			—			620.8
Tradename intangible asset	—		3,100.0		—			—			3,100.0
Other intangible assets, net	—		5.7		0.7			(0.1		)	6.3
Investment in subsidiaries	7,921.7		148.4		—			(8,070.1		)	—
Intercompany note receivable	732.8		—		188.8			(921.6		)	—
Due from intercompany, net	1,944.7		—		—			(1,944.7		)	—
Other assets	—		144.1		39.2			(4.7		)	178.6
Total assets	$	12,254.5	$	15,317.2	$	638.2		$	(11,644.8	)	$	16,565.1
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	83.0	$	—	$	—		$	—		$	83.0
Accounts payable	2.1		1,409.8		141.3			(400.7		)	1,152.5
Due to intercompany, net	75.2		156.1		35.7			(267.0		)	—
Intercompany note payable	—		—		17.1			(17.1		)	—
Other current liabilities	88.9		563.7		185.2			—			837.8
Total current liabilities	249.2		2,129.6		379.3			(684.8		)	2,073.3
Long-term debt, net, excluding
current portion	7,958.5		307.0		—			—			8,265.5
Unfavorable lease rights, net	—		162.4		—			—			162.4
Deferred tax liabilities, net	—		1,674.1		—			(19.0		)	1,655.1
Income taxes payable, long-term	—		34.4		—			—			34.4
Due to intercompany, net	—		1,944.7		—			(1,944.7		)	—
Intercompany note payable	—		921.6		—			(921.6		)	—
Other liabilities	—		323.6		8.5			(4.7		)	327.4
Total liabilities	8,207.7		7,497.4		387.8			(3,574.8		)	12,518.1
Shareholders' equity	4,046.8		7,819.8		250.4			(8,070.0		)	4,047.0
Total liabilities and equity	$	12,254.5	$	15,317.2	$	638.2		$	(11,644.8	)	$	16,565.1

Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows

	26 Weeks Ended July 30, 2016
				Guarantor			Non-Guarantor			Consolidating			Consolidated
(in millions)	Parent			Subsidiaries			Subsidiaries			Adjustments			Company
Net cash provided by operating activities	$	51.9		$	679.5		$	38.6		$	(89.7	)	$	680.3
Cash flows from investing activities:
Capital expenditures	—			(355.1		)	(0.8		)	—			(355.9		)
Purchase of restricted investments	—			(36.1		)	—			—			(36.1		)
Proceeds from sale of restricted
investments	—			118.1			—			—			118.1
Other	—			1.5			—			—			1.5
Net cash used in investing activities	—			(271.6		)	(0.8		)	—			(272.4		)
Cash flows from financing activities:
Principal payments for long-term debt	(54.0		)	—			—			—			(54.0		)
Proceeds from stock issued pursuant to
stock-based compensation plans	22.7			—			—			—			22.7
Cash paid for taxes on exercises/vesting of
stock-based compensation	(19.9		)	—			—			—			(19.9		)
Other	(0.7		)	—			—			—			(0.7		)
Net cash used in financing activities	(51.9		)	—			—			—			(51.9		)
Effect of exchange rate changes on cash and
cash equivalents	—			—			1.1			—			1.1
Net increase in cash and cash equivalents	—			407.9			38.9			(89.7		)	357.1
Cash and cash equivalents at beginning of
period	—			636.9			116.5			(17.3		)	736.1
Cash and cash equivalents at end of period	$	—		$	1,044.8		$	155.4		$	(107.0	)	$	1,093.2

Condensed Consolidating Statements of Cash Flows (continued)

	26 Weeks Ended August 1, 2015
				Guarantor			Non-Guarantor			Consolidating			Consolidated
(in millions)	Parent			Subsidiaries			Subsidiaries			Adjustments			Company
Net cash provided by (used in) operating
activities	$	445.0		$	498.9		$	(5.4	)	$	(962.9	)	$	(24.4	)
Cash flows from investing activities:
Capital expenditures	—			(164.2		)	(2.8		)	—			(167.0		)
Acquisition of Family Dollar, net of
common stock issued, equity
compensation and cash acquired	(6,832.9		)	209.5			97.8			—			(6,525.6		)
Other	—			(12.3		)	—			—			(12.3		)
Net cash provided by (used in)
investing activities	(6,832.9		)	33.0			95.0			—			(6,704.9		)
Cash flows from financing activities:
Principal payments for long-term debt	—			(935.2		)	—			—			(935.2		)
Proceeds from long-term debt, net of
discount	8,200.0			—			—			—			8,200.0
Net intercompany note activity	(333.1		)	316.0			17.1			—			—
Dividends paid	—			(577.0		)	—			577.0			—
Debt-issuance costs	(88.9		)	—			—			—			(88.9		)
Cash paid for taxes on exercises/vesting of
stock-based compensation	(21.3		)	—			—			—			(21.3		)
Other	13.9			—			—			—			13.9
Net cash provided by (used in)
financing activities	7,770.6			(1,196.2		)	17.1			577.0			7,168.5
Effect of exchange rate changes on cash and
cash equivalents	—			—			(0.8		)	—			(0.8		)
Net (decrease) increase in cash and cash
equivalents	1,382.7			(664.3		)	105.9			(385.9		)	438.4
Cash and cash equivalents at beginning of
period	193.5			664.3			6.3			—			864.1
Cash and cash equivalents at end of period	$	1,576.2		$	—		$	112.2		$	(385.9	)	$	1,302.5