Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 30, 2021 | Nov. 26, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-15059 | |
Entity Registrant Name | NORDSTROM, INC. | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 91-0515058 | |
Entity Address, Address Line One | 1617 Sixth Avenue | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98101 | |
City Area Code | 206 | |
Local Phone Number | 628-2111 | |
Title of 12(b) Security | Common stock, without par value | |
Trading Symbol | JWN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 159,313,408 | |
Entity Central Index Key | 0000072333 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --01-29 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 3,534 | $ 3,002 | $ 10,020 | $ 6,806 |
Credit card revenues, net | 103 | 87 | 283 | 264 |
Total revenues | 3,637 | 3,089 | 10,303 | 7,070 |
Cost of sales and related buying and occupancy costs | (2,294) | (2,019) | (6,646) | (5,235) |
Selling, general and administrative expenses | (1,216) | (964) | (3,464) | (2,912) |
Earnings (loss) before interest and income taxes | 127 | 106 | 193 | (1,077) |
Interest expense, net | (36) | (48) | (213) | (133) |
Earnings (loss) before income taxes | 91 | 58 | (20) | (1,210) |
Income tax (expense) benefit | (27) | (5) | (2) | 487 |
Net earnings (loss) | $ 64 | $ 53 | $ (22) | $ (723) |
Earnings (loss) per share: | ||||
Basic (in dollars per share) | $ 0.40 | $ 0.34 | $ (0.14) | $ (4.60) |
Diluted (in dollars per share) | $ 0.39 | $ 0.34 | $ (0.14) | $ (4.60) |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 159.2 | 157.5 | 158.9 | 157 |
Diluted (in shares) | 162.5 | 158.2 | 158.9 | 157 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net earnings (loss) | $ 64 | $ 53 | $ (22) | $ (723) |
Foreign currency translation adjustment | 1 | 1 | 7 | (12) |
Post retirement plan adjustments, net of tax | 2 | 2 | 5 | 5 |
Comprehensive net earnings (loss) | $ 67 | $ 56 | $ (10) | $ (730) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Assets | |||
Cash and cash equivalents | $ 267 | $ 681 | $ 889 |
Accounts receivable, net | 273 | 245 | 256 |
Merchandise inventories | 2,863 | 1,863 | 1,860 |
Prepaid expenses and other | 374 | 853 | 902 |
Total current assets | 3,777 | 3,642 | 3,907 |
Land, property and equipment (net of accumulated depreciation of $7,617, $7,159 and $6,987) | 3,558 | 3,732 | 3,770 |
Operating lease right-of-use assets | 1,527 | 1,581 | 1,611 |
Goodwill | 249 | 249 | 249 |
Other assets | 423 | 334 | 274 |
Total assets | 9,534 | 9,538 | 9,811 |
Liabilities and Shareholders’ Equity | |||
Borrowings under revolving line of credit | 200 | 0 | 200 |
Accounts payable | 2,310 | 1,960 | 2,053 |
Accrued salaries, wages and related benefits | 276 | 352 | 254 |
Current portion of operating lease liabilities | 240 | 260 | 269 |
Other current liabilities | 1,063 | 1,048 | 1,119 |
Current portion of long-term debt | 0 | 500 | 499 |
Total current liabilities | 4,089 | 4,120 | 4,394 |
Long-term debt, net | 2,851 | 2,769 | 2,767 |
Non-current operating lease liabilities | 1,602 | 1,687 | 1,726 |
Other liabilities | 633 | 657 | 672 |
Commitments and contingencies (Note 5) | |||
Shareholders’ equity: | |||
Common stock, no par value: 1,000 shares authorized; 159.3, 157.8 and 157.7 shares issued and outstanding | 3,269 | 3,205 | 3,190 |
Accumulated deficit | (2,852) | (2,830) | (2,863) |
Accumulated other comprehensive loss | (58) | (70) | (75) |
Total shareholders’ equity | 359 | 305 | 252 |
Total liabilities and shareholders’ equity | $ 9,534 | $ 9,538 | $ 9,811 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Assets | |||
Accumulated depreciation | $ 7,617 | $ 7,159 | $ 6,987 |
Shareholders’ equity: | |||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized | 1,000 | 1,000 | 1,000 |
Common stock, shares issued | 159.3 | 157.8 | 157.7 |
Common stock, shares outstanding | 159.3 | 157.8 | 157.7 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Common stock, balance, beginning of period at Feb. 01, 2020 | $ 3,129 | |||
Common stock | ||||
Issuance of common stock under stock compensation plans | 16 | |||
Stock-based compensation | 45 | |||
Common stock, balance, end of period at Oct. 31, 2020 | $ 3,190 | 3,190 | ||
Accumulated deficit, balance, beginning of period at Feb. 01, 2020 | $ (2,082) | |||
Accumulated deficit | ||||
Net earnings (loss) | (723) | (723) | ||
Dividends | (58) | |||
Accumulated deficit, balance, end of period at Oct. 31, 2020 | (2,863) | (2,863) | ||
Accumulated other comprehensive loss, balance, beginning of period at Feb. 01, 2020 | $ (68) | |||
Accumulated other comprehensive loss | ||||
Other comprehensive income (loss) | (7) | |||
Accumulated other comprehensive loss, balance, end of period at Oct. 31, 2020 | (75) | (75) | ||
Total shareholders’ equity at Oct. 31, 2020 | $ 252 | |||
Accumulated other comprehensive loss | ||||
Dividends per share | $ 0.37 | |||
Common stock, balance, beginning of period at Aug. 01, 2020 | 3,168 | |||
Common stock | ||||
Issuance of common stock under stock compensation plans | 5 | |||
Stock-based compensation | 17 | |||
Common stock, balance, end of period at Oct. 31, 2020 | $ 3,190 | 3,190 | ||
Accumulated deficit, balance, beginning of period at Aug. 01, 2020 | (2,916) | |||
Accumulated deficit | ||||
Net earnings (loss) | 53 | 53 | ||
Dividends | 0 | |||
Accumulated deficit, balance, end of period at Oct. 31, 2020 | (2,863) | (2,863) | ||
Accumulated other comprehensive loss, balance, beginning of period at Aug. 01, 2020 | (78) | |||
Accumulated other comprehensive loss | ||||
Other comprehensive income (loss) | 3 | |||
Accumulated other comprehensive loss, balance, end of period at Oct. 31, 2020 | (75) | (75) | ||
Total shareholders’ equity at Oct. 31, 2020 | $ 252 | |||
Accumulated other comprehensive loss | ||||
Dividends per share | $ 0 | |||
Common stock, balance, beginning of period at Jan. 30, 2021 | $ 3,205 | 3,205 | ||
Common stock | ||||
Issuance of common stock under stock compensation plans | 14 | |||
Stock-based compensation | 50 | |||
Common stock, balance, end of period at Oct. 30, 2021 | 3,269 | 3,269 | ||
Accumulated deficit, balance, beginning of period at Jan. 30, 2021 | (2,830) | (2,830) | ||
Accumulated deficit | ||||
Net earnings (loss) | (22) | (22) | ||
Dividends | 0 | |||
Accumulated deficit, balance, end of period at Oct. 30, 2021 | (2,852) | (2,852) | ||
Accumulated other comprehensive loss, balance, beginning of period at Jan. 30, 2021 | (70) | (70) | ||
Accumulated other comprehensive loss | ||||
Other comprehensive income (loss) | 12 | |||
Accumulated other comprehensive loss, balance, end of period at Oct. 30, 2021 | (58) | (58) | ||
Total shareholders’ equity at Oct. 30, 2021 | $ 359 | |||
Accumulated other comprehensive loss | ||||
Dividends per share | $ 0 | |||
Common stock, balance, beginning of period at Jul. 31, 2021 | 3,245 | |||
Common stock | ||||
Issuance of common stock under stock compensation plans | 7 | |||
Stock-based compensation | 17 | |||
Common stock, balance, end of period at Oct. 30, 2021 | $ 3,269 | $ 3,269 | ||
Accumulated deficit, balance, beginning of period at Jul. 31, 2021 | (2,916) | |||
Accumulated deficit | ||||
Net earnings (loss) | 64 | 64 | ||
Dividends | 0 | |||
Accumulated deficit, balance, end of period at Oct. 30, 2021 | (2,852) | $ (2,852) | ||
Accumulated other comprehensive loss, balance, beginning of period at Jul. 31, 2021 | (61) | |||
Accumulated other comprehensive loss | ||||
Other comprehensive income (loss) | 3 | |||
Accumulated other comprehensive loss, balance, end of period at Oct. 30, 2021 | (58) | $ (58) | ||
Total shareholders’ equity at Oct. 30, 2021 | $ 359 | |||
Accumulated other comprehensive loss | ||||
Dividends per share | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Oct. 30, 2021 | Oct. 31, 2020 | |
Operating Activities | ||
Net loss | $ (22) | $ (723) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expenses | 477 | 505 |
Asset impairment | 0 | 137 |
Right-of-use asset amortization | 130 | 126 |
Deferred income taxes, net | 25 | 39 |
Stock-based compensation expense | 64 | 50 |
Other, net | 81 | 13 |
Change in operating assets and liabilities: | ||
Accounts receivable | (27) | (57) |
Merchandise inventories | (687) | 175 |
Prepaid expenses and other assets | 408 | (641) |
Accounts payable | 90 | 409 |
Accrued salaries, wages and related benefits | (76) | (254) |
Other current liabilities | 15 | (72) |
Lease liabilities | (218) | (163) |
Other liabilities | 17 | 20 |
Net cash provided by (used in) operating activities | 277 | (436) |
Investing Activities | ||
Capital expenditures | (361) | (311) |
Other, net | (17) | 20 |
Net cash used in investing activities | (378) | (291) |
Financing Activities | ||
Proceeds from revolving line of credit | 400 | 800 |
Payments on revolving line of credit | (200) | (600) |
Proceeds from long-term borrowings | 675 | 600 |
Principal payments on long-term borrowings | (1,100) | 0 |
(Decrease) increase in cash book overdrafts | (4) | 39 |
Cash dividends paid | 0 | (58) |
Proceeds from issuances under stock compensation plans | 14 | 16 |
Tax withholding on share-based awards | (15) | (8) |
Make-whole premium payment and other, net | (85) | (16) |
Net cash (used in) provided by financing activities | (315) | 773 |
Effect of exchange rate changes on cash and cash equivalents | 2 | (10) |
Net (decrease) increase in cash and cash equivalents | (414) | 36 |
Cash and cash equivalents at beginning of period | 681 | 853 |
Cash and cash equivalents at end of period | 267 | 889 |
Cash (received) paid during the period for: | ||
Income taxes, net | (486) | 9 |
Interest, net of capitalized interest | $ 136 | $ 107 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 30, 2021 | |
Basis of Presentation [Abstract] | |
Basis Of Presentation | NOTE 1: BASIS OF PRESENTATION The accompanying Condensed Consolidated Financial Statements include the balances of Nordstrom, Inc. and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation. The interim Condensed Consolidated Financial Statements have been prepared on a basis consistent in all material respects with the accounting policies described and applied in our 2020 Annual Report and reflect all adjustments of a normal recurring nature that are, in management’s opinion, necessary for the fair presentation of the results of operations, financial position and cash flows for the periods presented. The Condensed Consolidated Financial Statements as of and for the periods ended October 30, 2021 and October 31, 2020 are unaudited. The Condensed Consolidated Balance Sheet as of January 30, 2021 has been derived from the audited Consolidated Financial Statements included in our 2020 Annual Report. The interim Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and related footnote disclosures contained in our 2020 Annual Report. Seasonality Our business, like that of other retailers, is subject to seasonal fluctuations and cyclical trends in consumer spending. Our sales are typically higher in our second quarter, which usually includes our Anniversary Sale, and in the fourth quarter, due to the holidays. In 2021, approximately one week of the Anniversary Sale shifted into the third quarter. As a result of COVID-19 in 2020, the Anniversary Sale was moved to August, which fell entirely in our third quarter. Results for any one quarter may not be indicative of the results that may be achieved for a full fiscal year. We plan our merchandise receipts to coincide with expected sales trends and other supply chain factors. Historically, our merchandise purchases and receipts increase prior to the Anniversary Sale and in the fall as we prepare for the holiday shopping season from late November through December. In 2021, we accelerated holiday merchandise purchases into the third quarter in response to global supply chain and labor disruptions. Consistent with our seasonal fluctuations, our working capital requirements have historically increased during the months leading up to the Anniversary Sale and the holidays as we purchase inventory in anticipation of increased sales. Use of Estimates The preparation of financial statements in conformity with GAAP requires that we make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities during the reporting period. Uncertainties regarding such estimates and assumptions are inherent in the preparation of financial statements and actual results may differ from these estimates and assumptions. Our most significant accounting judgments and estimates include revenue recognition, inventory valuation, long-lived asset recoverability and income taxes, all of which involve assumptions about future events. We may be unable to accurately predict the ongoing impact of COVID-19 going forward and as a result our estimates may change in the near term. Investments In July 2021, we acquired a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands through a strategic partnership with ASOS.com Ltd. We invest in certain debt and equity securities of private companies that align with our business and omni-channel strategies, which are recorded in other assets in the Condensed Consolidated Balance Sheets and investing other, net on the Condensed Consolidated Statements of Cash Flows. We hold a limited partnership interest in a corporate office building that is classified as held for sale, as we plan to sell our interest within one year. The carrying value of the interest is not material as of October 30, 2021. Land, Property and Equipment Our net non-cash investing activities primarily related to technology expenditures and resulted in a decrease to accounts payable of $35 in 2021. Long-Lived Assets In 2020, as we optimized our mix of physical and digital assets to align with longer-term customer trends, we closed 16 Nordstrom stores. In conjunction with these closures, we incurred non-cash impairment charges on long-lived tangible and ROU assets to adjust the carrying values to their estimated fair value. The following table provides details related to asset impairment charges as a result of COVID-19: October 31, 2020 Quarter Ended Nine Months Ended Long-lived asset impairment 1 $— $96 ROU asset impairment 1 — 41 Total asset impairment $— $137 1 As of October 31, 2020, the carrying value of the applicable long-lived and ROU assets after impairment was $13 and $3. These charges are primarily included in our Retail segment SG&A expense on the Condensed Consolidated Statement of Earnings. Income Taxes We recorded $43 and $544 in current taxes receivable as of October 30, 2021 and October 31, 2020, which is classified in prepaid expenses and other on the Condensed Consolidated Balance Sheets. In addition, we recorded $74 and $2 in noncurrent taxes receivable as of October 30, 2021 and October 31, 2020, which is classified in other assets on the Condensed Consolidated Balance Sheets. In the second quarter of 2021, we were refunded $492 of the current income taxes receivable associated with the loss carryback provision of the CARES Act, which is classified in prepaid expenses and other assets on the Condensed Consolidated Statement of Cash Flows. Severance In 2020, we recorded $88 of restructuring costs in connection with our regional and corporate reorganization, including $25 recorded in cost of sales and related buying and occupancy costs and $63 in SG&A on the Condensed Consolidated Statement of Earnings. Leases We incurred operating lease liabilities arising from lease agreements of $108 for the nine months ended October 30, 2021 and $55 for the nine months ended October 31, 2020. Reclassification We reclassified our fiscal 2020 Condensed Consolidated Statement of Cash Flows to conform with current period presentation. To adjust our net loss to reconcile to operating activity cash flows, we present depreciation and amortization separate from other, net, which includes the “make-whole ” premium in the first quarter of 2021 (see Note 3: Debt and Credit Facilities). Recent Accounting Pronouncements |
Revenue
Revenue | 9 Months Ended |
Oct. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | NOTE 2: REVENUE Contract Liabilities Contract liabilities represent our obligation to transfer goods or services to customers and include deferred revenue for The Nordy Club (including points and Nordstrom Notes) and gift cards. Our contract liabilities are classified as current on the Condensed Consolidated Balance Sheets and are as follows: Contract Liabilities Balance as of February 1, 2020 $576 Balance as of May 2, 2020 489 Balance as of August 1, 2020 498 Balance as of October 31, 2020 478 Balance as of January 30, 2021 478 Balance as of May 1, 2021 436 Balance as of July 31, 2021 433 Balance as of October 30, 2021 417 Revenues recognized from our beginning contract liability balance were $106 and $212 for the quarter and nine months ended October 30, 2021 and $98 and $223 for the quarter and nine months ended October 31, 2020. Disaggregation of Revenue The following table summarizes our disaggregated net sales: Quarter Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Nordstrom $2,343 $2,120 $6,614 $4,543 Nordstrom Rack 1,191 882 3,406 2,263 Total net sales $3,534 $3,002 $10,020 $6,806 Digital sales as a % of total net sales 40 % 54 % 42 % 56 % The following table summarizes the percent of net sales by merchandise category: Quarter Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Women’s Apparel 29 % 31 % 30 % 30 % Shoes 26 % 26 % 25 % 26 % Men’s Apparel 14 % 10 % 14 % 11 % Women’s Accessories 12 % 13 % 13 % 13 % Beauty 12 % 13 % 11 % 13 % Kids’ Apparel 4 % 4 % 4 % 4 % Other 3 % 3 % 3 % 3 % Total net sales 100 % 100 % 100 % 100 % |
Debt And Credit Facilities
Debt And Credit Facilities | 9 Months Ended |
Oct. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt And Credit Facilities | NOTE 3: DEBT AND CREDIT FACILITIES Debt A summary of our long-term debt is as follows: October 30, 2021 January 30, 2021 October 31, 2020 Long-term debt, net of unamortized discount: Senior notes, 4.00%, due October 2021 $— $500 $500 Senior notes, 2.30%, due April 2024 250 — — Secured Notes, 8.75%, due May 2025 — 600 600 Senior notes, 4.00%, due March 2027 349 349 349 Senior debentures, 6.95%, due March 2028 300 300 300 Senior notes, 4.375%, due April 2030 500 500 499 Senior notes, 4.25%, due August 2031 425 — — Senior notes, 7.00%, due January 2038 147 147 147 Senior notes, 5.00%, due January 2044 902 900 899 Deferred bond issue costs (22) (27) (28) Total long-term debt 2,851 3,269 3,266 Less: current portion — (500) (499) Total due beyond one year $2,851 $2,769 $2,767 During the first quarter of 2021, we issued $250 aggregate principal amount of 2.30% senior notes due April 2024 and $425 aggregate principal amount of 4.25% senior notes due August 2031. These notes are unsecured and can be redeemed at any time in whole or in part. The April 2024 notes can be redeemed at par starting in April 2022. With the net proceeds of these new notes, together with cash on hand, we retired our Secured Notes. We recorded $88 related to the redemption in interest expense, net, which primarily consisted of a one-time payment of $78 for a “make-whole” premium, and the write-off of unamortized balances associated with the debt discount and issuance costs. The “make-whole” premium payment was not included in cash paid during the period for interest, net of capitalized interest on the Condensed Consolidated Statement of Cash Flows. As a result of this redemption, our outstanding long-term debt is unsecured and all real estate is unencumbered. During the second quarter of 2021, we retired our 4.00% senior notes that were due October 2021 using cash on hand. Credit Facilities During the first quarter of 2021, we amended our Revolver. Under the Revolver, we are in a “Collateral Period” if our Leverage Ratio is greater than four or our unsecured debt is rated below BBB- with a stable outlook at Standard & Poor’s or Baa3 with a stable outlook at Moody’s. In the Collateral Period, any outstanding borrowings under our Revolver will be secured by substantially all our personal property and we will be subject to asset coverage and minimum liquidity covenants, as well as a fixed charge coverage covenant. If our Leverage Ratio is less than or equal to four and our unsecured debt is rated at or above BBB- with a stable outlook at Standard & Poor’s and Baa3 with a stable outlook at Moody’s, any borrowings under our Revolver will be unsecured, we will not be subject to the above covenants and the restrictions on dividend payments and share repurchases will be removed. As of October 30, 2021, we were in a Collateral Period as we did not meet or exceed our credit rating threshold. We were in compliance with all our Revolver covenants. Under our Revolver amendment, we created flexibility for dividends and share repurchases during the Collateral Period, provided no default or event of default exists as a result of such payments, the pro-forma Leverage Ratio as of the most recent fiscal quarter is less than 3.75, pro-forma liquidity at the date of such payment is at least $600, and the amount of such payments do not exceed the amount of the corresponding fiscal quarter of 2019. Additionally, the “make-whole” premium and unamortized deferred bond issuance costs related to the redemption of the Secured Notes is excluded from the Revolver amendment’s definition of interest expense. As of October 30, 2021, our Leverage Ratio w as greater t han 3.75, thus we did not meet the requirements under our Revolver amendment to pay dividends or repurchase shares. The Revolver expires in September 2023 and is classified in total current liabilities on the Condensed Consolidated Balance Sheets. In 2021, we borrowed $200 under our Revolver in the first quarter, which was fully repaid in the second quarter, and borrowed an additional $200 in the third quarter. As of October 30, 2021, we had $200 in borrowings outstanding under our Revolver. In November 2021, subsequent to quarter end, we completely repaid the outstanding balance on our Revolver. The Revolver contains customary representations, warranties, covenants and terms, including paying a variable rate of interest and a commitment fee based on our debt rating, and is available for working capital, capital expenditures and general corporate purposes. Provided that we obtain written consent from the lenders, we have the option to increase the Revolver by up to $200, to a total of $1,000, and two options to extend the Revolver by one year. Our $800 commercial paper program allows us to use the proceeds to fund operating cash requirements. Under the terms of the commercial paper agreement, we pay a rate of interest based on, among other factors, the maturity of the issuance and market conditions. The issuance of commercial paper has the effect of reducing available liquidity under the Revolver by an amount equal to the principal amount of commercial paper outstanding. In addition, borrowings under our Revolver have the effect of reducing the available capacity of our commercial paper program by an amount equal to the amount outstanding. As of October 30, 2021, we had no issuances outstanding under our commercial paper program. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 4: FAIR VALUE MEASUREMENTS We disclose our financial assets and liabilities that are measured at fair value in our Condensed Consolidated Balance Sheets by level within the fair value hierarchy as defined by applicable accounting standards: Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Other observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that cannot be corroborated by market data that reflect the reporting entity’s own assumptions Financial Instruments Measured at Carrying Value Financial instruments measured at carrying value on a recurring basis include cash and cash equivalents, accounts receivable, accounts payable and our Revolver, which approximate fair value due to their short-term nature. Long-term debt is recorded at carrying value. If long-term debt was measured at fair value, we would use quoted market prices of the same or similar issues, which is considered a Level 2 fair value measurement. The following table summarizes the carrying value and fair value estimate of our long-term debt, including current maturities: October 30, 2021 January 30, 2021 October 31, 2020 Carrying value of long-term debt $2,851 $3,269 $3,266 Fair value of long-term debt 2,992 3,430 2,865 Non-financial Assets Measured at Fair Value on a Nonrecurring Basis We also measure certain non-financial assets at fair value on a nonrecurring basis, primarily goodwill, long-lived tangible and ROU assets, in connection with periodic evaluations for potential impairment. We estimate the fair value of these assets using primarily unobservable inputs and, as such, these are considered Level 3 fair value measurements. There were no material impairment charges for these assets for the nine months ended October 30, 2021. For more information regarding long-lived tangible and ROU asset impairment charges for the nine months ended October 31, 2020, see Note 1: Basis of Presentation. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | NOTE 5: COMMITMENTS AND CONTINGENCIES Our NYC flagship store opened in October 2019 and the related building and equipment assets were placed into service at the end of the third quarter of 2019. While our store has opened, construction continues in the residential condominium units above the store. As of October 30, 2021, we have a fee interest in the retail condominium unit. In the third quarter of 2021, we paid the majority of our final installment payment based on the developer meeting final pre-established construction and development milestones. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Oct. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | NOTE 6: SHAREHOLDERS’ EQUITY In August 2018, our Board of Directors authorized a program to repurchase up to $1,500 of our outstanding common stock, with no expiration date. On March 23, 2020, in response to uncertainty from the COVID-19 pandemic, we announced the suspension of our quarterly dividend payments beginning in the second quarter of 2020 and the immediate suspension of our share repurchase program. We remain committed to these programs over the long-term and intend to resume dividend payments and share repurchases when appropriate. We had $707 remaining in share repurchase capacity as of October 30, 2021. The actual timing, price, manner and amounts of future share repurchases, if any, will be subject to the discretion of the Board of Directors, contractual commitments, market and economic conditions and applicable SEC rules. Our Revolver contains negative covenants with respect to the payment of dividends and share repurchases. Under our Revolver amendment, we created flexibility for dividends and share repurchases, provided certain requirements are met (see Note 3: Debt and Credit Facilities). |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 30, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | NOTE 7: STOCK-BASED COMPENSATION The following table summarizes our stock-based compensation expense: Quarter Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 RSUs $12 $13 $41 $42 Stock options 5 4 19 8 Other 1 1 — 4 — Total stock-based compensation expense, before income tax benefit 18 17 64 50 Income tax benefit (5) (6) (17) (19) Total stock-based compensation expense, net of income tax benefit $13 $11 $47 $31 1 Other stock-based compensation expense includes PSUs, ESPP and nonemployee director stock awards. The following table summarizes our grant allocations: Nine Months Ended October 30, 2021 October 31, 2020 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit RSUs 1.7 $32 3.5 $20 Stock options 1.2 $13 3.9 $7 PSUs — — 0.4 $24 Under our deferred and stock-based compensation plan arrangements, we issued 0.4 and 1.6 shares of common stock during the quarter and nine months ended October 30, 2021 and 0.5 and 2.1 shares during the quarter and nine months ended October 31, 2020. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 8: EARNINGS PER SHARE The computation of EPS is as follows: Quarter Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Net earnings (loss) $64 $53 ($22) ($723) Basic shares 159.2 157.5 158.9 157.0 Dilutive effect of common stock equivalents 3.3 0.7 — — Diluted shares 162.5 158.2 158.9 157.0 Earnings (loss) per basic share $0.40 $0.34 ($0.14) ($4.60) Earnings (loss) per diluted share $0.39 $0.34 ($0.14) ($4.60) Anti-dilutive common stock equivalents 7.5 14.4 11.6 14.2 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 9: SEGMENT REPORTING The following table sets forth information for our reportable segment: Quarter Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Retail segment EBIT $197 $121 $335 ($984) Corporate/Other EBIT (70) (15) (142) (93) Interest expense, net (36) (48) (213) (133) Earnings (loss) before income taxes $91 $58 ($20) ($1,210) For information about disaggregated revenues, see Note 2: Revenue. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Oct. 30, 2021 | |
Basis of Presentation [Abstract] | |
Reclassification | Reclassification We reclassified our fiscal 2020 Condensed Consolidated Statement of Cash Flows to conform with current period presentation. To adjust our net loss to reconcile to operating activity cash flows, we present depreciation and amortization separate from other, net, which includes the “make-whole ” premium in the first quarter of 2021 (see Note 3: Debt and Credit Facilities). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2020, the SEC adopted the final rule under SEC Release No. 33-10890, Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information, which eliminates the requirement for selected financial data, streamlines certain disclosures in MD&A and eliminates duplicative disclosures with the intention of simplifying reporting compliance. In the fourth quarter of 2020, we early adopted the amendments to provision 301, Selected Financial Data and provision 302, Supplementary Financial Information. In the first quarter of 2021, we adopted all remaining provisions of this final rule. The adoption of this final rule did not have a material effect on our Consolidated Financial Statements |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Basis of Presentation [Abstract] | |
COVID-19 Related Asset Impairment Charges | The following table provides details related to asset impairment charges as a result of COVID-19: October 31, 2020 Quarter Ended Nine Months Ended Long-lived asset impairment 1 $— $96 ROU asset impairment 1 — 41 Total asset impairment $— $137 1 As of October 31, 2020, the carrying value of the applicable long-lived and ROU assets after impairment was $13 and $3. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary Of Contract Liabilities | Our contract liabilities are classified as current on the Condensed Consolidated Balance Sheets and are as follows: Contract Liabilities Balance as of February 1, 2020 $576 Balance as of May 2, 2020 489 Balance as of August 1, 2020 498 Balance as of October 31, 2020 478 Balance as of January 30, 2021 478 Balance as of May 1, 2021 436 Balance as of July 31, 2021 433 Balance as of October 30, 2021 417 |
Disaggregated Net Sales | The following table summarizes our disaggregated net sales: Quarter Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Nordstrom $2,343 $2,120 $6,614 $4,543 Nordstrom Rack 1,191 882 3,406 2,263 Total net sales $3,534 $3,002 $10,020 $6,806 Digital sales as a % of total net sales 40 % 54 % 42 % 56 % |
Percent Of Net Sales By Merchandise Category Summary | The following table summarizes the percent of net sales by merchandise category: Quarter Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Women’s Apparel 29 % 31 % 30 % 30 % Shoes 26 % 26 % 25 % 26 % Men’s Apparel 14 % 10 % 14 % 11 % Women’s Accessories 12 % 13 % 13 % 13 % Beauty 12 % 13 % 11 % 13 % Kids’ Apparel 4 % 4 % 4 % 4 % Other 3 % 3 % 3 % 3 % Total net sales 100 % 100 % 100 % 100 % |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary Of Long-Term Debt | A summary of our long-term debt is as follows: October 30, 2021 January 30, 2021 October 31, 2020 Long-term debt, net of unamortized discount: Senior notes, 4.00%, due October 2021 $— $500 $500 Senior notes, 2.30%, due April 2024 250 — — Secured Notes, 8.75%, due May 2025 — 600 600 Senior notes, 4.00%, due March 2027 349 349 349 Senior debentures, 6.95%, due March 2028 300 300 300 Senior notes, 4.375%, due April 2030 500 500 499 Senior notes, 4.25%, due August 2031 425 — — Senior notes, 7.00%, due January 2038 147 147 147 Senior notes, 5.00%, due January 2044 902 900 899 Deferred bond issue costs (22) (27) (28) Total long-term debt 2,851 3,269 3,266 Less: current portion — (500) (499) Total due beyond one year $2,851 $2,769 $2,767 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary Of Carrying Value And Fair Value Estimate Of Long-Term Debt | The following table summarizes the carrying value and fair value estimate of our long-term debt, including current maturities: October 30, 2021 January 30, 2021 October 31, 2020 Carrying value of long-term debt $2,851 $3,269 $3,266 Fair value of long-term debt 2,992 3,430 2,865 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Summary Of Stock-Based Compensation Expense | The following table summarizes our stock-based compensation expense: Quarter Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 RSUs $12 $13 $41 $42 Stock options 5 4 19 8 Other 1 1 — 4 — Total stock-based compensation expense, before income tax benefit 18 17 64 50 Income tax benefit (5) (6) (17) (19) Total stock-based compensation expense, net of income tax benefit $13 $11 $47 $31 1 Other stock-based compensation expense includes PSUs, ESPP and nonemployee director stock awards. |
Summary Of Grants | The following table summarizes our grant allocations: Nine Months Ended October 30, 2021 October 31, 2020 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit RSUs 1.7 $32 3.5 $20 Stock options 1.2 $13 3.9 $7 PSUs — — 0.4 $24 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation Of Earnings Per Share | The computation of EPS is as follows: Quarter Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Net earnings (loss) $64 $53 ($22) ($723) Basic shares 159.2 157.5 158.9 157.0 Dilutive effect of common stock equivalents 3.3 0.7 — — Diluted shares 162.5 158.2 158.9 157.0 Earnings (loss) per basic share $0.40 $0.34 ($0.14) ($4.60) Earnings (loss) per diluted share $0.39 $0.34 ($0.14) ($4.60) Anti-dilutive common stock equivalents 7.5 14.4 11.6 14.2 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Segment Reporting [Abstract] | |
Information By Reportable Segment | The following table sets forth information for our reportable segment: Quarter Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Retail segment EBIT $197 $121 $335 ($984) Corporate/Other EBIT (70) (15) (142) (93) Interest expense, net (36) (48) (213) (133) Earnings (loss) before income taxes $91 $58 ($20) ($1,210) |
Basis of Presentation (COVID-19
Basis of Presentation (COVID-19 Related Asset Impairment Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | ||
Property, Plant and Equipment [Line Items] | ||||
Long-lived asset impairment | [1] | $ 0 | $ 96 | |
ROU asset impairment | [1] | 0 | 41 | |
Total asset impairment | 0 | $ 0 | 137 | |
Applicable long-lived assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Carrying value of applicable assets after impairment | 13 | 13 | ||
Applicable operating lease ROU assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Carrying value of applicable assets after impairment | $ 3 | $ 3 | ||
[1] | As of October 31, 2020, the carrying value of the applicable long-lived and ROU assets after impairment was $13 and $3. |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Jul. 31, 2021USD ($) | Oct. 30, 2021USD ($) | Oct. 31, 2020USD ($)store | |
Basis Of Presentation [Line Items] | |||
Non-cash investing activities related to technology expenditures and accounts payable | $ 35 | ||
Refund of current income taxes receivable associated with the loss carryback provision of the CARES Act | $ 492 | ||
Restructuring costs | $ 88 | ||
Operating lease liabilities arising from lease agreements | 108 | 55 | |
Cost Of Sales And Related Buying And Occupancy Costs [Member] | |||
Basis Of Presentation [Line Items] | |||
Restructuring costs | 25 | ||
Selling, General and Administrative Expenses [Member] | |||
Basis Of Presentation [Line Items] | |||
Restructuring costs | 63 | ||
Prepaid Expenses and Other [Member] | |||
Basis Of Presentation [Line Items] | |||
Income taxes receivable | 43 | 544 | |
Other Assets [Member] | |||
Basis Of Presentation [Line Items] | |||
Income taxes receivable | $ 74 | $ 2 | |
Nordstrom US [Member] | |||
Basis Of Presentation [Line Items] | |||
Number of stores | store | 16 |
Revenue (Summary Of Contract Li
Revenue (Summary Of Contract Liabilities) (Details) - USD ($) $ in Millions | Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Feb. 01, 2020 |
Revenue from Contract with Customer [Abstract] | ||||||||
Contract liabilities | $ 417 | $ 433 | $ 436 | $ 478 | $ 478 | $ 498 | $ 489 | $ 576 |
Revenue (Disaggregated Net Sale
Revenue (Disaggregated Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 3,534 | $ 3,002 | $ 10,020 | $ 6,806 |
Disaggregated sales by category | 100.00% | 100.00% | 100.00% | 100.00% |
Digital Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated sales by category | 40.00% | 54.00% | 42.00% | 56.00% |
Nordstrom [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 2,343 | $ 2,120 | $ 6,614 | $ 4,543 |
Nordstrom Rack [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 1,191 | $ 882 | $ 3,406 | $ 2,263 |
Revenue (Percent Of Net Sales B
Revenue (Percent Of Net Sales By Merchandise Category Summary) (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Disaggregated sales by category | 100.00% | 100.00% | 100.00% | 100.00% |
Women's Apparel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated sales by category | 29.00% | 31.00% | 30.00% | 30.00% |
Shoes [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated sales by category | 26.00% | 26.00% | 25.00% | 26.00% |
Men's Apparel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated sales by category | 14.00% | 10.00% | 14.00% | 11.00% |
Women's Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated sales by category | 12.00% | 13.00% | 13.00% | 13.00% |
Beauty [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated sales by category | 12.00% | 13.00% | 11.00% | 13.00% |
Kids' Apparel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated sales by category | 4.00% | 4.00% | 4.00% | 4.00% |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated sales by category | 3.00% | 3.00% | 3.00% | 3.00% |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Revenue recognized from beginning contract liability balance | $ 106 | $ 98 | $ 212 | $ 223 |
Debt And Credit Facilities (Sum
Debt And Credit Facilities (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Debt Instrument [Line Items] | |||
Long-term debt, net of unamortized discount | $ 2,851 | $ 3,269 | $ 3,266 |
Deferred bond issue costs | (22) | (27) | (28) |
Less: current portion | 0 | (500) | (499) |
Total due beyond one year | 2,851 | $ 2,769 | $ 2,767 |
Senior notes, 4.00%, due October 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.00% | 4.00% | |
Long-term debt, net of unamortized discount | $ 0 | $ 500 | $ 500 |
Senior notes, 2.30%, due April 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 2.30% | ||
Long-term debt, net of unamortized discount | $ 250 | $ 0 | $ 0 |
Secured Notes, 8.75%, due May 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 8.75% | 8.75% | |
Long-term debt, net of unamortized discount | $ 0 | $ 600 | $ 600 |
Senior notes, 4.00%, due March 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.00% | 4.00% | 4.00% |
Long-term debt, net of unamortized discount | $ 349 | $ 349 | $ 349 |
Senior debentures, 6.95%, due March 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 6.95% | 6.95% | 6.95% |
Long-term debt, net of unamortized discount | $ 300 | $ 300 | $ 300 |
Senior notes, 4.375%, due April 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.375% | 4.375% | 4.375% |
Long-term debt, net of unamortized discount | $ 500 | $ 500 | $ 499 |
Senior notes, 4.25%, due August 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.25% | ||
Long-term debt, net of unamortized discount | $ 425 | $ 0 | $ 0 |
Senior notes, 7.00%, due January 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 7.00% | 7.00% | 7.00% |
Long-term debt, net of unamortized discount | $ 147 | $ 147 | $ 147 |
Senior notes, 5.00%, due January 2044 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.00% | 5.00% | 5.00% |
Long-term debt, net of unamortized discount | $ 902 | $ 900 | $ 899 |
Debt And Credit Facilities (Nar
Debt And Credit Facilities (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 30, 2021USD ($) | May 01, 2021USD ($) | Oct. 31, 2020USD ($) | Oct. 30, 2021USD ($) | Oct. 31, 2020USD ($) | Jan. 30, 2021USD ($) | |
Debt Instrument [Line Items] | ||||||
Proceeds from long-term borrowings | $ 675 | $ 600 | ||||
Interest expense, net | $ 36 | $ 48 | $ 213 | 133 | ||
Minimum leverage ratio for debt covenant to pay dividends or repurchase shares | 3.75 | |||||
Minimum liquidity for debt covenant amendment to pay dividends or repurchase shares | 600 | |||||
Proceeds from revolving line of credit | $ 400 | 800 | ||||
Borrowings under revolving line of credit | $ 200 | $ 200 | $ 200 | $ 200 | $ 0 | |
Number of options to extend revolver | 2 | 2 | ||||
Commercial paper [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 800 | $ 800 | ||||
Issuances or borrowings | $ 0 | 0 | ||||
Senior notes, 2.30%, due April 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from long-term borrowings | $ 250 | $ 250 | ||||
Debt instrument interest rate | 2.30% | 2.30% | ||||
Senior notes, 4.25%, due August 2031 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from long-term borrowings | 425 | $ 425 | ||||
Debt instrument interest rate | 4.25% | 4.25% | ||||
2021 Refinancing | ||||||
Debt Instrument [Line Items] | ||||||
Interest expense, net | 88 | $ 88 | ||||
One-time "make-whole" payment | 78 | $ 78 | ||||
Senior notes, 4.00%, due October 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | |||
Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt covenant leverage ratio | 4 | |||||
Proceeds from revolving line of credit | $ 200 | $ 200 | ||||
Borrowings under revolving line of credit | 200 | $ 200 | ||||
Option to increase the maximum capacity of revolving credit facility | 200 | 200 | ||||
Maximum borrowing capacity | $ 1,000 | $ 1,000 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Carrying Value And Fair Value Estimate Of Long-Term Debt) (Details) - USD ($) $ in Millions | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Fair Value Measurements, Long-term Debt [Line Items] | |||
Carrying value of long-term debt | $ 2,851 | $ 3,269 | $ 3,266 |
Level 2 [Member] | |||
Fair Value Measurements, Long-term Debt [Line Items] | |||
Fair value of long-term debt | $ 2,992 | $ 3,430 | $ 2,865 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Impairment charges | $ 0 | $ 0 | $ 137 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) $ in Millions | Oct. 30, 2021USD ($) |
Shareholders' Equity [Line Items] | |
Remaining share repurchase capacity | $ 707 |
2018 Program [Member] | |
Shareholders' Equity [Line Items] | |
Share repurchase authorization | $ 1,500 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense, before income tax benefit | $ 18 | $ 17 | $ 64 | $ 50 | |
Income tax benefit | (5) | (6) | (17) | (19) | |
Total stock-based compensation expense, net of income tax benefit | 13 | 11 | 47 | 31 | |
RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense, before income tax benefit | 12 | 13 | 41 | 42 | |
Stock options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense, before income tax benefit | 5 | 4 | 19 | 8 | |
Other [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense, before income tax benefit | [1] | $ 1 | $ 0 | $ 4 | $ 0 |
[1] | Other stock-based compensation expense includes PSUs, ESPP and nonemployee director stock awards. |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of Grants) (Details) - $ / shares shares in Millions | 9 Months Ended | |
Oct. 30, 2021 | Oct. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted (in shares) | 1.2 | 3.9 |
Weighted-average grant-date fair value per stock option (in dollars per share) | $ 13 | $ 7 |
RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units granted (in shares) | 1.7 | 3.5 |
Weighted-average grant-date fair value per unit (in dollars per share) | $ 32 | $ 20 |
PSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units granted (in shares) | 0 | 0.4 |
Weighted-average grant-date fair value per unit (in dollars per share) | $ 0 | $ 24 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Issuance of common stock under stock compensation plans (in shares) | 0.4 | 0.5 | 1.6 | 2.1 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Net earnings (loss) | $ 64 | $ 53 | $ (22) | $ (723) |
Basic shares (in shares) | 159.2 | 157.5 | 158.9 | 157 |
Dilutive effect of common stock equivalents (in shares) | 3.3 | 0.7 | 0 | 0 |
Diluted shares (in shares) | 162.5 | 158.2 | 158.9 | 157 |
Earnings (loss) per basic share (in dollars per share) | $ 0.40 | $ 0.34 | $ (0.14) | $ (4.60) |
Earnings (loss) per diluted share (in dollars per share) | $ 0.39 | $ 0.34 | $ (0.14) | $ (4.60) |
Anti-dilutive common stock equivalents (in shares) | 7.5 | 14.4 | 11.6 | 14.2 |
Segment Reporting (Information
Segment Reporting (Information By Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Earnings (loss) before interest and income taxes | $ 127 | $ 106 | $ 193 | $ (1,077) |
Interest expense, net | (36) | (48) | (213) | (133) |
Earnings (loss) before income taxes | 91 | 58 | (20) | (1,210) |
Retail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings (loss) before interest and income taxes | 197 | 121 | 335 | (984) |
Corporate/Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings (loss) before interest and income taxes | $ (70) | $ (15) | $ (142) | $ (93) |