Nordstrom (JWN) 10-Q 3 Jun 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Apr. 30, 2022	May 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
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		160,579,123
Entity Central Index Key	0000072333
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--01-28

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Statement [Abstract]
Net sales	$ 3,467	$ 2,921
Credit card revenues, net	102	88
Total revenues	3,569	3,009
Cost of sales and related buying and occupancy costs	(2,331)	(2,019)
Selling, general and administrative expenses	(1,165)	(1,075)
Earnings (loss) before interest and income taxes	73	(85)
Interest expense, net	(35)	(137)
Earnings (loss) before income taxes	38	(222)
Income tax (expense) benefit	(18)	56
Net earnings (loss)	$ 20	$ (166)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.13	$ (1.05)
Diluted (in dollars per share)	$ 0.13	$ (1.05)
Weighted-average shares outstanding:
Basic (in shares)	160.1	158.5
Diluted (in shares)	162.9	158.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net earnings (loss)	$ 20	$ (166)
Foreign currency translation adjustment	(1)	10
Post retirement plan adjustments, net of tax	1	1
Comprehensive net earnings (loss)	$ 20	$ (155)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Assets
Cash and cash equivalents	$ 484	$ 322	$ 377
Accounts receivable, net	297	255	238
Merchandise inventories	2,426	2,289	1,961
Prepaid expenses and other	332	306	923
Total current assets	3,539	3,172	3,499
Land, property and equipment (net of accumulated depreciation of $7,834, $7,737 and $7,322)	3,505	3,562	3,642
Operating lease right-of-use assets	1,497	1,496	1,560
Goodwill	249	249	249
Other assets	384	390	383
Total assets	9,174	8,869	9,333
Liabilities and Shareholders’ Equity
Borrowings under revolving line of credit	0	0	200
Accounts payable	1,898	1,529	1,676
Accrued salaries, wages and related benefits	241	383	330
Current portion of operating lease liabilities	250	242	246
Other current liabilities	1,198	1,160	1,056
Current portion of long-term debt	0	0	500
Total current liabilities	3,587	3,314	4,008
Long-term debt, net	2,854	2,853	2,847
Non-current operating lease liabilities	1,566	1,556	1,662
Other liabilities	578	565	650
Commitments and contingencies (Note 7)
Shareholders’ equity:
Common stock, no par value: 1,000 shares authorized; 160.5, 159.4 and 158.9 shares issued and outstanding	3,301	3,283	3,221
Accumulated deficit	(2,662)	(2,652)	(2,996)
Accumulated other comprehensive loss	(50)	(50)	(59)
Total shareholders’ equity	589	581	166
Total liabilities and shareholders’ equity	$ 9,174	$ 8,869	$ 9,333

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Assets
Accumulated depreciation	$ 7,834	$ 7,737	$ 7,322
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	160.5	159.4	158.9
Common stock, shares outstanding	160.5	159.4	158.9

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 Jan. 30, 2021		$ 3,205
Common stock
Issuance of common stock under stock compensation plans		7
Stock-based compensation		9
Common stock, balance, end of period at May. 01, 2021	$ 3,221	3,221
Accumulated deficit, balance, beginning of period at Jan. 30, 2021			$ (2,830)
Accumulated deficit
Net earnings (loss)	(166)		(166)
Dividends			0
Accumulated deficit, balance, end of period at May. 01, 2021	(2,996)		(2,996)
Accumulated other comprehensive loss, balance, beginning of period at Jan. 30, 2021				$ (70)
Accumulated other comprehensive loss
Other comprehensive income				11
Accumulated other comprehensive loss, balance, end of period at May. 01, 2021	(59)			(59)
Total shareholders’ equity at May. 01, 2021	$ 166
Accumulated other comprehensive loss
Dividends per share	$ 0
Common stock, balance, beginning of period at Jan. 29, 2022	$ 3,283	3,283
Common stock
Issuance of common stock under stock compensation plans		8
Stock-based compensation		10
Common stock, balance, end of period at Apr. 30, 2022	3,301	$ 3,301
Accumulated deficit, balance, beginning of period at Jan. 29, 2022	(2,652)		(2,652)
Accumulated deficit
Net earnings (loss)	20		20
Dividends			(30)
Accumulated deficit, balance, end of period at Apr. 30, 2022	(2,662)		$ (2,662)
Accumulated other comprehensive loss, balance, beginning of period at Jan. 29, 2022	(50)			(50)
Accumulated other comprehensive loss
Other comprehensive income				0
Accumulated other comprehensive loss, balance, end of period at Apr. 30, 2022	(50)			$ (50)
Total shareholders’ equity at Apr. 30, 2022	$ 589
Accumulated other comprehensive loss
Dividends per share	$ 0.19

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Operating Activities
Net earnings (loss)	$ 20	$ (166)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expenses	152	162
Right-of-use asset amortization	47	43
Deferred income taxes, net	(13)	8
Stock-based compensation expense	19	22
Other, net	(45)	86
Change in operating assets and liabilities:
Accounts receivable	(18)	7
Merchandise inventories	(19)	(16)
Prepaid expenses and other assets	(24)	(126)
Accounts payable	233	(296)
Accrued salaries, wages and related benefits	(143)	(22)
Other current liabilities	40	7
Lease liabilities	(65)	(81)
Other liabilities	3	8
Net cash provided by (used in) operating activities	187	(364)
Investing Activities
Capital expenditures	(96)	(126)
Proceeds from the sale of assets and other, net	85	16
Net cash used in investing activities	(11)	(110)
Financing Activities
Proceeds from revolving line of credit	0	200
Proceeds from long-term borrowings	0	675
Principal payments on long-term borrowings	0	(600)
Increase (decrease) in cash book overdrafts	16	(17)
Cash dividends paid	(30)	0
Proceeds from issuances under stock compensation plans	8	7
Tax withholding on share-based awards	(8)	(13)
Make-whole premium payment and other, net	0	(85)
Net cash (used in) provided by financing activities	(14)	167
Effect of exchange rate changes on cash and cash equivalents	0	3
Net increase (decrease) in cash and cash equivalents	162	(304)
Cash and cash equivalents at beginning of period	322	681
Cash and cash equivalents at end of period	484	377
Cash (received) paid during the period for:
Income taxes, net	(22)	3
Interest, net of capitalized interest	$ 40	$ 63

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 30, 2022
Basis of Presentation [Abstract]
Basis Of Presentation	NOTE 1: BASIS OF PRESENTATION The 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 2021 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 April 30, 2022 and May 1, 2021 are unaudited. The Condensed Consolidated Balance Sheet as of January 29, 2022 has been derived from the audited Consolidated Financial Statements included in our 2021 Annual Report. The interim Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and related footnote disclosures contained in our 2021 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 most of 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. Results for any one quarter are not indicative of the results that may be achieved for a full fiscal year. We plan our merchandise purchases and receipts to coincide with expected sales trends. For instance, our merchandise purchases and receipts increase prior to the Anniversary Sale and in the fall as we prepare for the holiday shopping season in November through December. 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 impact of COVID-19 going forward and as a result our estimates may change in the near term. Income Taxes As of May 1, 2021 we recorded $576 in current taxes receivable, which is classified in prepaid expenses and other on the Condensed Consolidated Balance Sheet, and $60 in noncurrent taxes receivable, which is classified in other assets on the Condensed Consolidated Balance Sheet. The current and noncurrent income tax receivables were primarily associated with the loss carryback provision of the CARES Act. Subsequent to the first quarter of 2021, we were refunded the majority of the current income taxes receivable. Leases We incurred operating lease liabilities arising from lease agreements of $84 for the quarter ended April 30, 2022 and $33 for the quarter ended May 1, 2021. Long-Lived Assets In the first quarter of 2022, we decided to sunset the Trunk Club brand. In conjunction with this decision, we incurred non-cash impairment charges of $10 related to a Trunk Club property to adjust the carrying values to their estimated fair value. These charges are included in our Retail segment SG&A expense on the Condensed Consolidated Statement of Earnings and other operating, net on the Condensed Consolidated Statement of Cash Flows. 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 financial interests 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 proceeds from the sale of assets and other, net on the Condensed Consolidated Statements of Cash Flows. During the first quarter of 2022, in connection with the sale of a limited partnership interest in a corporate office building, we recognized a gain of $51 in our Corporate/Other SG&A expense in the Condensed Consolidated Statement of Earnings and proceeds of $73 in proceeds from the sale of assets and other, net on the Condensed Consolidated Statement of Cash Flows.

Revenue

Revenue	3 Months Ended
	Apr. 30, 2022
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 January 30, 2021 $478 Balance as of May 1, 2021 436 Balance as of January 29, 2022 478 Balance as of April 30, 2022 442 Revenues recognized from our beginning contract liability balance were $128 for the quarter ended April 30, 2022 and $114 for the quarter ended May 1, 2021. Disaggregation of Revenue The following table summarizes our disaggregated net sales: Quarter Ended April 30, 2022 May 1, 2021 Nordstrom $2,289 $1,854 Nordstrom Rack 1,178 1,067 Total net sales $3,467 $2,921 Digital sales as a % of total net sales 39 % 46 % The following table summarizes the percent of net sales by merchandise category: Quarter Ended April 30, 2022 May 1, 2021 Women’s Apparel 30 % 31 % Shoes 26 % 26 % Men’s Apparel 14 % 12 % Women’s Accessories 13 % 14 % Beauty 11 % 11 % Kids’ Apparel 3 % 4 % Other 3 % 2 % Total net sales 100 % 100 %

Debt And Credit Facilities

Debt And Credit Facilities	3 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
Debt And Credit Facilities	NOTE 3: DEBT AND CREDIT FACILITIES Debt 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.With the net proceeds of these new notes, together with cash on hand, we retired our $600 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 in the Supplemental Cash Flow Information. Credit Facilities As of April 30, 2022, the provisions of our prior revolving credit facility as described in our 2021 Annual Report were in effect. Subsequent to quarter end, we terminated and replaced our prior revolving credit facility set to expire in September 2023 with a new five-year $800 Revolver that expires in May 2027. Consistent with our prior revolving credit agreement, any outstanding borrowings under the Revolver are secured by substantially all our personal and intellectual property assets and are guaranteed by certain of our subsidiaries. Under the Revolver, our obligation to secure any outstanding borrowings will be eliminated if no default exists and we either have an unsecured investment-grade debt rating from two of three specified ratings agencies, or we have one investment-grade rating and achieve two consecutive fiscal quarters with a Leverage Ratio of less than 2.5 times. Under the Revolver, we have two financial covenant tests that need to be met on a quarterly basis: a Leverage Ratio that is less than or equal to 4 times and a fixed charge coverage ratio that is greater than or equal to 1.25 times. For the first quarter of 2022, we are reporting our quarterly compliance status under the terms of the new Revolver and are in compliance with all covenants. The Revolver provides us with additional flexibility, compared with our prior revolving credit facility, for dividends and share repurchases, provided we are not in default, and no default would arise as a result of such payments. If the pro-forma Leverage Ratio after such payments is less than 3 times, then such payments are unlimited. If the pro-forma Leverage Ratio is greater than or equal to 3 times but less than 3.5 times then we are limited to $100 per fiscal quarter and if the pro-forma Leverage Ratio is greater than or equal to 3.5 times then the limit is $60 per fiscal quarter. The Revolver contains customary representations, warranties, covenants and terms, including paying a variable rate of interest and a facility 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 for additional one-year terms. As of April 30, 2022, we had no borrowings outstanding under our Revolver. 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. Conversely, 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 April 30, 2022, we had no issuances outstanding under our commercial paper program.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 30, 2022
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: April 30, 2022 January 29, 2022 May 1, 2021 Carrying value of long-term debt $2,854 $2,853 $3,347 Fair value of long-term debt 2,544 2,758 3,480 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. For more information regarding long-lived tangible asset impairment charges for the quarter ended April 30, 2022, see Note 1: Basis of Presentation. There were no material impairment charges for these assets for the quarter ended May 1, 2021.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Apr. 30, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	NOTE 5: STOCK-BASED COMPENSATION The following table summarizes our stock-based compensation expense: Quarter Ended April 30, 2022 May 1, 2021 RSUs $12 $14 Stock options 5 7 Other 1 2 1 Total stock-based compensation expense, before income tax benefit 19 22 Income tax benefit (5) (6) Total stock-based compensation expense, net of income tax benefit $14 $16 1 Other stock-based compensation expense includes PSUs, ESPP and nonemployee director stock awards. The following table summarizes our grant allocations: Quarter Ended April 30, 2022 May 1, 2021 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit RSUs 1.4 $23 1.4 $33 Stock options 1.1 $10 1.2 $13 PSUs 0.5 $23 — — Under our deferred and stock-based compensation plan arrangements, we issued 1.2 shares of common stock during the first quarter of 2022 and 1.1 shares during the first quarter of 2021.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Apr. 30, 2022
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. We repurchased no shares of common stock during the first quarter of 2022 and we had $707 remaining in share repurchase capacity as of April 30, 2022. Subsequent to quarter end, the Board of Directors authorized a new $500 share repurchase program, with no expiration date. This program replaced the August 2018 program. 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. In May 2022, subsequent to quarter end, we declared a quarterly dividend of $0.19 per share, which will be paid on June 15, 2022 to shareholders of record at the close of business on May 31, 2022. We have certain limitations with respect to the payment of dividends and share repurchases under our Revolver agreement (see Note 3: Debt and Credit Facilities).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 7: 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 April 30, 2022, 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 m ilestones.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 8: EARNINGS PER SHARE The computation of EPS is as follows: Quarter Ended April 30, 2022 May 1, 2021 Net earnings (loss) $20 ($166) Basic shares 160.1 158.5 Dilutive effect of common stock equivalents 2.8 — Diluted shares 162.9 158.5 Earnings (loss) per basic share $0.13 ($1.05) Earnings (loss) per diluted share $0.13 ($1.05) Anti-dilutive common stock equivalents 10.1 12.7

Segment Reporting

Segment Reporting	3 Months Ended
	Apr. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	NOTE 9: SEGMENT REPORTING The following table sets forth information for our reportable segment: Quarter Ended April 30, 2022 May 1, 2021 Retail segment EBIT $87 ($55) Corporate/Other EBIT (14) (30) Interest expense, net (35) (137) Earnings (loss) before income taxes $38 ($222) For information about disaggregated revenues, see Note 2: Revenue.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Apr. 30, 2022
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 January 30, 2021 $478 Balance as of May 1, 2021 436 Balance as of January 29, 2022 478 Balance as of April 30, 2022 442
Disaggregated Net Sales	The following table summarizes our disaggregated net sales: Quarter Ended April 30, 2022 May 1, 2021 Nordstrom $2,289 $1,854 Nordstrom Rack 1,178 1,067 Total net sales $3,467 $2,921 Digital sales as a % of total net sales 39 % 46 %
Percent Of Net Sales By Merchandise Category Summary	The following table summarizes the percent of net sales by merchandise category: Quarter Ended April 30, 2022 May 1, 2021 Women’s Apparel 30 % 31 % Shoes 26 % 26 % Men’s Apparel 14 % 12 % Women’s Accessories 13 % 14 % Beauty 11 % 11 % Kids’ Apparel 3 % 4 % Other 3 % 2 % Total net sales 100 % 100 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2022
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: April 30, 2022 January 29, 2022 May 1, 2021 Carrying value of long-term debt $2,854 $2,853 $3,347 Fair value of long-term debt 2,544 2,758 3,480

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Apr. 30, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]
Summary Of Stock-Based Compensation Expense	The following table summarizes our stock-based compensation expense: Quarter Ended April 30, 2022 May 1, 2021 RSUs $12 $14 Stock options 5 7 Other 1 2 1 Total stock-based compensation expense, before income tax benefit 19 22 Income tax benefit (5) (6) Total stock-based compensation expense, net of income tax benefit $14 $16 1 Other stock-based compensation expense includes PSUs, ESPP and nonemployee director stock awards.
Summary Of Grants	The following table summarizes our grant allocations: Quarter Ended April 30, 2022 May 1, 2021 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit RSUs 1.4 $23 1.4 $33 Stock options 1.1 $10 1.2 $13 PSUs 0.5 $23 — —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Computation Of Earnings Per Share	The computation of EPS is as follows: Quarter Ended April 30, 2022 May 1, 2021 Net earnings (loss) $20 ($166) Basic shares 160.1 158.5 Dilutive effect of common stock equivalents 2.8 — Diluted shares 162.9 158.5 Earnings (loss) per basic share $0.13 ($1.05) Earnings (loss) per diluted share $0.13 ($1.05) Anti-dilutive common stock equivalents 10.1 12.7

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Apr. 30, 2022
Segment Reporting [Abstract]
Information By Reportable Segment	The following table sets forth information for our reportable segment: Quarter Ended April 30, 2022 May 1, 2021 Retail segment EBIT $87 ($55) Corporate/Other EBIT (14) (30) Interest expense, net (35) (137) Earnings (loss) before income taxes $38 ($222)

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Basis Of Presentation [Line Items]
Operating lease liabilities arising from lease agreements	$ 84	$ 33
Non-cash impairment charges	10
Gain on sale of a limited partnership interest	51
Proceeds from sale of a limited partnership interest	$ 73
Prepaid Expenses and Other [Member]
Basis Of Presentation [Line Items]
Income taxes receivable		576
Other Assets [Member]
Basis Of Presentation [Line Items]
Income taxes receivable		$ 60

Revenue (Summary Of Contract Li

Revenue (Summary Of Contract Liabilities) (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021	Jan. 30, 2021
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 442	$ 478	$ 436	$ 478

Revenue (Disaggregated Net Sale

Revenue (Disaggregated Net Sales) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 3,467	$ 2,921
Disaggregated sales by category	100.00%	100.00%
Digital Sales [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	39.00%	46.00%
Nordstrom [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 2,289	$ 1,854
Nordstrom Rack [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 1,178	$ 1,067

Revenue (Percent Of Net Sales B

Revenue (Percent Of Net Sales By Merchandise Category Summary) (Details)	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	100.00%	100.00%
Women's Apparel [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	30.00%	31.00%
Shoes [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	26.00%	26.00%
Men's Apparel [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	14.00%	12.00%
Women's Accessories [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	13.00%	14.00%
Beauty [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	11.00%	11.00%
Kids' Apparel [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	3.00%	4.00%
Other [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	3.00%	2.00%

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized from beginning contract liability balance	$ 128	$ 114

Debt And Credit Facilities (Nar

Debt And Credit Facilities (Narrative) (Details) $ in Millions	3 Months Ended
	Apr. 30, 2022USD ($)covenantnumberOfRatingsAgenciesnumberOfPeriods	May 01, 2021USD ($)
Debt Instrument [Line Items]
Proceeds from long-term borrowings	$ 0	$ 675
Principal payments on long-term borrowings	0	600
Interest expense, net	$ 35	137
Number of specified ratings agencies | numberOfRatingsAgencies	3
Number of financial covenant tests | covenant	2
Number of options to extend revolver	2
Commercial paper [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 800
Issuances or borrowings	$ 0
Minimum [Member]
Debt Instrument [Line Items]
Number of specified ratings agencies | numberOfRatingsAgencies	2
Lower limit on dividends and share repurchases [Member]
Debt Instrument [Line Items]
Limit on dividends and share repurchases	$ 60
Middle range of Leverage Ratio limits on dividends and share repurchases [Member]
Debt Instrument [Line Items]
Limit on dividends and share repurchases	$ 100
Senior notes, 2.30%, due April 2024 [Member]
Debt Instrument [Line Items]
Proceeds from long-term borrowings		250
Debt instrument interest rate	2.30%
Senior notes, 4.25%, due August 2031 [Member]
Debt Instrument [Line Items]
Proceeds from long-term borrowings		425
Debt instrument interest rate	4.25%
Secured Notes, 8.75%, due May 2025 [Member]
Debt Instrument [Line Items]
Principal payments on long-term borrowings		600
2021 Refinancing
Debt Instrument [Line Items]
Interest expense, net		88
One-time "make-whole" payment		$ 78
Revolver [Member]
Debt Instrument [Line Items]
Current borrowing capacity	$ 800
Debt covenant leverage ratio	4
Fixed charge coverage ratio	1.25
Option to increase the maximum capacity of revolving credit facility	$ 200
Maximum borrowing capacity	1,000
Issuances or borrowings	$ 0
Revolver [Member] | Lower limit of agencies providing investment grade rating [Member] | Minimum [Member]
Debt Instrument [Line Items]
Number of specified ratings agencies | numberOfRatingsAgencies	1
Number of consecutive fiscal quarters meeting leverage ratio threshold | numberOfPeriods	2
Debt covenant leverage ratio	2.5
Revolver [Member] | Maximum leverage ratio for unlimited dividends and share repurchases [Member]
Debt Instrument [Line Items]
Debt covenant leverage ratio	3
Revolver [Member] | Upper limit of Leverage Ratio
Debt Instrument [Line Items]
Debt covenant leverage ratio	3.5

Fair Value Measurements (Summar

Fair Value Measurements (Summary Of Carrying Value And Fair Value Estimate Of Long-Term Debt) (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Fair Value Measurements, Long-term Debt [Line Items]
Carrying value of long-term debt	$ 2,854	$ 2,853	$ 3,347
Level 2 [Member]
Fair Value Measurements, Long-term Debt [Line Items]
Fair value of long-term debt	$ 2,544	$ 2,758	$ 3,480

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	3 Months Ended
	May 01, 2021USD ($)
Fair Value Disclosures [Abstract]
Impairment charges	$ 0

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions		3 Months Ended
		Apr. 30, 2022	May 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		$ 19	$ 22
Income tax benefit		(5)	(6)
Total stock-based compensation expense, net of income tax benefit		14	16
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		12	14
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		5	7
Other [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit	[1]	$ 2	$ 1
[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	3 Months Ended
	Apr. 30, 2022	May 01, 2021
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)	1.4	1.4
Weighted-average grant-date fair value per unit (in dollars per share)	$ 23	$ 33
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	1.1	1.2
Weighted-average grant-date fair value per stock option (in dollars per share)	$ 10	$ 13
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)	0.5	0
Weighted-average grant-date fair value per unit (in dollars per share)	$ 23	$ 0

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Share-based Payment Arrangement [Abstract]
Issuance of common stock under stock compensation plans (in shares)	1.2	1.1

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Jun. 03, 2022	Apr. 30, 2022
Shareholders' Equity [Line Items]
Remaining share repurchase capacity		$ 707
Subsequent Event [Member]
Shareholders' Equity [Line Items]
Quarterly dividend declared and paid in subsequent quarter	$ 0.19
2018 Program [Member]
Shareholders' Equity [Line Items]
Share repurchase authorization		$ 1,500
Shares repurchased (in shares)		0
2022 Program [Member] | Subsequent Event [Member]
Shareholders' Equity [Line Items]
Share repurchase authorization	$ 500

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
	Apr. 30, 2022	May 01, 2021
Earnings Per Share [Abstract]
Net earnings (loss)	$ 20	$ (166)
Basic shares (in shares)	160.1	158.5
Dilutive effect of common stock equivalents (in shares)	2.8	0
Diluted shares (in shares)	162.9	158.5
Earnings (loss) per basic share (in dollars per share)	$ 0.13	$ (1.05)
Earnings (loss) per diluted share (in dollars per share)	$ 0.13	$ (1.05)
Anti-dilutive common stock equivalents (in shares)	10.1	12.7

Segment Reporting (Information

Segment Reporting (Information By Reportable Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	$ 73	$ (85)
Interest expense, net	(35)	(137)
Earnings (loss) before income taxes	38	(222)
Retail [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	87	(55)
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	$ (14)	$ (30)