Kohl's (KSS) 10-Q 2 Sep 21 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2021	Aug. 27, 2021
Cover [Abstract]
Entity Registrant Name	KOHL’S CORP
Entity Central Index Key	0000885639
Current Fiscal Year End Date	--01-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		150,534,221
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1630919
Entity File Number	1-11084
Entity Address, Address Line One	N56 W17000 Ridgewood Drive
Entity Address, City or Town	Menomonee Falls
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53051
City Area Code	262
Local Phone Number	703-7000
Title of each class	Common Stock, $.01 par value
Trading Symbol(s)	KSS
Name of each exchange on which registered	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Current assets:
Cash and cash equivalents	$ 2,569	$ 2,271	$ 2,428
Merchandise inventories	2,733	2,590	2,698
Other	356	974	562
Total current assets	5,658	5,835	5,688
Property and equipment, net	7,107	6,689	6,970
Operating leases	2,301	2,398	2,418
Other assets	440	415	159
Total assets	15,506	15,337	15,235
Current liabilities:
Accounts payable	1,495	1,476	1,064
Accrued liabilities	1,554	1,270	1,216
Current portion of:
Finance lease and financing obligations	117	115	126
Operating leases	143	161	160
Total current liabilities	3,309	3,022	2,566
Long-term debt	1,909	2,451	3,450
Finance lease and financing obligations	1,906	1,387	1,356
Operating leases	2,532	2,625	2,637
Deferred income taxes	245	302	122
Other long-term liabilities	386	354	267
Shareholders’ equity:
Common stock	4	4	4
Paid-in capital	3,349	3,319	3,290
Treasury stock, at cost	(11,920)	(11,595)	(11,594)
Retained earnings	13,786	13,468	13,137
Total shareholders’ equity	5,219	5,196	4,837
Total liabilities and shareholders’ equity	$ 15,506	$ 15,337	$ 15,235

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Total revenue	$ 4,447	$ 3,407	$ 8,334	$ 5,835
Cost of merchandise sold	$ 2,426	$ 2,149	$ 4,659	$ 3,936
Type of Cost, Good or Service [Extensible List]	kss:MerchandisesMember	kss:MerchandisesMember	kss:MerchandisesMember	kss:MerchandisesMember
Operating expenses:
Selling, general, and administrative	$ 1,241	$ 1,050	$ 2,411	$ 2,116
Depreciation and amortization	210	219	421	446
Impairments, store closing, and other costs	0	(2)	0	64
(Gain) on sale of real estate	0	(127)	0	(127)
Operating income (loss)	570	118	843	(600)
Interest expense, net	62	78	129	136
Loss on extinguishment of debt	0	0	201	0
Income (loss) before income taxes	508	40	513	(736)
Provision (benefit) from income taxes	126	(7)	117	(242)
Net income (loss)	$ 382	$ 47	$ 396	$ (494)
Net income (loss) per share:
Basic	$ 2.51	$ 0.31	$ 2.58	$ (3.21)
Diluted	$ 2.48	$ 0.30	$ 2.55	$ (3.21)
Net Sales [Member]
Total revenue	$ 4,223	$ 3,213	$ 7,885	$ 5,373
Other Revenue [Member]
Total revenue	$ 224	$ 194	$ 449	$ 462

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock [Member]	Paid-In Capital [Member]	Treasury Stock at Cost [Member]	Retained Earnings [Member]
Balance, beginning of period at Feb. 01, 2020		$ 4	$ 3,272	$ (11,571)	$ 13,745
Treasury stock purchases				(8)
Stock-based awards			18	(21)
Net income (loss)	$ (494)				(494)
Dividends paid				6	(114)
Balance, end of period at Aug. 01, 2020	$ 4,837	$ 4	3,290	$ (11,594)	13,137
Shares, beginning of period at Feb. 01, 2020		375		(219)
Stock-based awards		2
Shares, end of period at Aug. 01, 2020	158	377		(219)
Dividends paid per common share	$ 0.704
Balance, beginning of period at May. 02, 2020		$ 4	3,289	$ (11,593)	13,090
Stock-based awards			1	(1)
Net income (loss)	$ 47				47
Balance, end of period at Aug. 01, 2020	$ 4,837	$ 4	3,290	$ (11,594)	13,137
Shares, beginning of period at May. 02, 2020		377		(219)
Shares, end of period at Aug. 01, 2020	158	377		(219)
Balance, beginning of period at Jan. 30, 2021	$ 5,196	$ 4	3,319	$ (11,595)	13,468
Treasury stock purchases				(301)
Stock-based awards			30	(25)
Net income (loss)	396				396
Dividends paid				1	(78)
Balance, end of period at Jul. 31, 2021	$ 5,219	$ 4	3,349	$ (11,920)	13,786
Shares, beginning of period at Jan. 30, 2021		377		(219)
Treasury stock purchases				(6)
Shares, end of period at Jul. 31, 2021	152	377		(225)
Dividends paid per common share	$ 0.50
Balance, beginning of period at May. 01, 2021		$ 4	3,333	$ (11,663)	13,443
Treasury stock purchases				(255)
Stock-based awards			16	(3)
Net income (loss)	$ 382				382
Dividends paid				1	(39)
Balance, end of period at Jul. 31, 2021	$ 5,219	$ 4	$ 3,349	$ (11,920)	$ 13,786
Shares, beginning of period at May. 01, 2021		377		(220)
Treasury stock purchases				(5)
Shares, end of period at Jul. 31, 2021	152	377		(225)
Dividends paid per common share	$ 0.25

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Operating activities
Net income (loss)	$ 396	$ (494)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	421	446
Share-based compensation	25	14
Deferred income taxes	(57)	(132)
Impairments, store closing, and other costs		48
(Gain) on sale of real estate	0	(127)
Loss on extinguishment of debt	201	0
Non-cash inventory costs		187
Non-cash lease expense	74	74
Other non-cash expense	9	10
Changes in operating assets and liabilities:
Merchandise inventories	(138)	656
Other current and long-term assets	590	(170)
Accounts payable	19	(142)
Accrued and other long-term liabilities	228	16
Operating lease liabilities	(76)	(82)
Net cash provided by operating activities	1,692	304
Investing activities
Acquisition of property and equipment	(191)	(196)
Proceeds from sale of real estate	4	193
Net cash used in investing activities	(187)	(3)
Financing activities
Proceeds from issuance of debt	500	2,097
Deferred financing costs	(5)	(19)
Treasury stock purchases	(301)	(8)
Shares withheld for taxes on vested restricted shares	(25)	(20)
Dividends paid	(77)	(108)
Reduction of long-term borrowings	(1,044)	(497)
Premium paid on redemption of debt	(192)
Finance lease and financing obligation payments	(65)	(44)
Proceeds from stock option exercises	1
Proceeds from financing obligations	4	3
Other	(3)
Net cash (used in) provided by financing activities	(1,207)	1,404
Net increase in cash and cash equivalents	298	1,705
Cash and cash equivalents at beginning of period	2,271	723
Cash and cash equivalents at end of period	2,569	2,428
Supplemental information
Interest paid, net of capitalized interest	128	108
Income taxes paid	$ 43	$ 137

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for fiscal year end Consolidated Financial Statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the Consolidated Financial Statements and related footnotes included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2021 (Commission File No. 1-11084) as filed with the Securities and Exchange Commission. Due to the seasonality of the business of Kohl’s Corporation (the “Company,” “Kohl’s,” “we,” “our,” or “us”) and the uncertainty surrounding the financial impact of the novel coronavirus (“COVID-19”) pandemic, results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. We operate as a single business unit. Recent Accounting Pronouncements We adopted the new accounting standard on simplifying the accounting for income taxes ( ASU 2019-12 ), effective at the beginning of fiscal 2021. The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. There was no material impact on our financial statements due to adoption of the new standard.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	2. Revenue Recognition The following table summarizes net sales by line of business: Three Months Ended Six Months Ended (Dollars in Millions) July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Women's $ 1,344 $ 951 $ 2,461 $ 1,544 Men's 942 598 1,629 961 Home 609 657 1,243 1,140 Children's 463 395 931 664 Footwear 462 337 850 570 Accessories 403 275 771 494 Net Sales $ 4,223 $ 3,213 $ 7,885 $ 5,373 Unredeemed gift cards and merchandise return card liabilities totaled $ 281 million as of July 31, 2021, $ 339 million as of January 30, 2021, and $ 283 million as of August 1, 2020. Revenue of $ 117 million was recognized during the current year from the January 30, 2021 ending balance.

Debt

Debt	6 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Debt	3. Debt Long-term debt, which includes draws on the revolving credit facility, consists of the following unsecured and secured senior debt: Outstanding Maturity Effective Coupon July 31, 2021 January 30, 2021 August 1, 2020 2023 3.25 % 3.25 % $ 164 $ 350 $ 350 2023 4.78 % 4.75 % 111 184 184 2025 9.50 % 9.50 % 113 600 600 2025 4.25 % 4.25 % 353 650 650 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 3.38 % 500 — — 2033 6.05 % 6.00 % 112 113 113 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,923 2,467 2,467 Unamortized debt discounts and deferred financing costs ( 14 ) ( 16 ) ( 17 ) Unsecured senior debt 1,909 2,451 2,450 Effective interest rate 4.89 % 5.90 % 5.90 % Secured senior debt — — 1,000 Total long-term debt $ 1,909 $ 2,451 $ 3,450 Our unsecured senior long-term debt is classified as Level 1, financial instruments with unadjusted, quoted prices listed on active market exchanges. The estimated fair value of our unsecured senior debt was $ 2.2 billion at July 31, 2021, $ 2.8 billion at January 30, 2021, and $ 2.5 billion at August 1, 2020. No borrowing amounts were outstanding on the credit facility in place as of July 31, 2021 or January 30, 2021. At August 1, 2020, $ 1.0 billion was outstanding on the credit facility. In March 2021, we issued $ 500 million in aggregate principal amount of 3.375 % notes with semi-annual interest payments beginning in November 2021 . The notes include coupon rate step ups if our long-term debt is downgraded to below a BBB- credit rating by S&P Global Ratings or Baa3 by Moody’s Investors Service, Inc. The notes mature in May 2031 . Proceeds of the issuance and cash on hand were used to pay the principal, premium, and accrued interest of the notes which were purchased as part of the cash tender offer in April 2021. In April 2021, we completed a cash tender offer for $ 1.0 billion of senior unsecured debt. We recognized a $ 201 million loss on extinguishment of debt in the first quarter of 2021, which includes the $ 192 million tender premium paid to tendering note holders in accordance with the terms of the tender offer, a $ 6 million non-cash write-off of deferred financing costs and original issue discounts associated with the extinguished debt, and $ 3 million in other fees.

Leases

Leases	6 Months Ended
	Jul. 31, 2021
Leases [Abstract]
Leases	4. Leases We lease certain property and equipment used in our operations. Some of our store leases include additional rental payments based on a percentage of sales over contractual levels or which are adjusted periodically for inflation. Our typical store lease has an initial term of 20 to 25 years and four to eight five-year renewal options. Lease assets represent our right to use an underlying asset for the lease term. Lease assets are recognized at commencement date based on the value of the lease liability and are adjusted for any lease payments made to the lessor at or before commencement date, minus any lease incentives received and any initial direct costs incurred by the lessee. Lease liabilities represent our contractual obligation to make lease payments. At the commencement date, the lease liabilities equal the present value of minimum lease payments over the lease term. As the implicit interest rate is not readily identifiable in our leases, we estimate our collateralized borrowing rate to calculate the present value of lease payments. Leases with a term of 12 months or less are excluded from the balance; we recognize lease expense for these leases on a straight-line basis over the lease term. We combine lease and non-lease components for new and modified leases. We plan to open 200 Sephora shops within our Kohl's stores in fall of 2021. Due to the investments we are making in the Sephora shops, we are required to reassess our lease term when construction begins as these assets will have significant economic value to us when the lease term becomes exercisable. The impact of these assessments resulted in additional lease term, additional lease assets and liabilities, and, in some cases, changes to the classification. The following tables summarize our operating and finance leases and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in Millions) Classification July 31, 2021 January 30, 2021 Assets Operating leases Operating leases $ 2,301 $ 2,398 Finance leases Property & equipment, net 1,226 708 Total operating & finance leases 3,527 3,106 Liabilities Current Operating leases Current portion of operating leases 143 161 Finance leases Current portion of finance leases & financing obligations 83 76 Noncurrent Operating leases Operating leases 2,532 2,625 Finance leases Finance leases & financing obligations 1,457 926 Total operating & finance leases $ 4,215 $ 3,788 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 31, 2021 July 31, 2021 Operating leases Selling, general, and administrative $ 79 $ 156 Finance Leases Amortization of leased assets Depreciation and amortization 23 43 Interest on leased assets Interest expense, net 27 52 Total operating and finance leases $ 129 $ 251 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 31, 2021 Cash paid for amounts included in the measurement of leased liabilities Operating cash flows from operating leases $ 165 Operating cash flows from finance leases 52 Financing cash flows from finance leases 47 The following table summarizes future lease payments by fiscal year: July 31, 2021 (Dollars in millions) Operating Leases Finance Leases Total 2021 $ 143 $ 96 $ 239 2022 289 185 474 2023 277 166 443 2024 248 151 399 2025 234 145 379 After 2025 3,492 2,467 5,959 Total lease payments $ 4,683 $ 3,210 $ 7,893 Amount representing interest ( 2,008 ) ( 1,670 ) ( 3,678 ) Lease liabilities $ 2,675 $ 1,540 $ 4,215 The following table summarizes weighted-average remaining lease term and discount rate: July 31, 2021 January 30, 2021 Weighted-average remaining term (years) Operating leases 20 19 Finance leases 19 18 Weighted-average discount rate Operating leases 6 % 6 % Finance leases 7 % 10 % Other lease information is as follows: Six Months Ended Six Months Ended (Dollars in Millions) July 31, 2021 August 1, 2020 Property and equipment acquired (disposed) through: Finance lease liabilities $ 569 $ 56 Operating lease liabilities ( 29 ) 103 Financing Obligations Historical failed sale-leasebacks that did not qualify for sale-leaseback accounting upon adoption of ASC 842 continue to be accounted for as financing obligations. The following tables summarize our financing obligations and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in millions) Classification July 31, 2021 January 30, 2021 Assets Financing obligations Property & equipment, net $ 60 $ 65 Liabilities Current Current portion of finance leases & financing obligations 34 39 Noncurrent Finance leases & financing obligations 449 461 Total financing obligations $ 483 $ 500 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 31, 2021 July 31, 2021 Amortization of financing obligation assets Depreciation and amortization 3 5 Interest on financing obligations Interest expense, net 10 19 Total financing obligations $ 13 $ 24 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 31, 2021 Cash paid for amounts included in the measurement of financing obligations Operating cash flows from financing obligations $ 19 Financing cash flows from financing obligations 18 Proceeds from financing obligations 4 The following table summarizes future financing obligation payments by fiscal year: July 31, 2021 (Dollars in millions) Financing Obligations 2021 $ 34 2022 71 2023 69 2024 64 2025 55 After 2025 369 Total lease payments $ 662 Non-cash gain on future sale of property 219 Amount representing interest ( 398 ) Financing obligation liability $ 483 The following table summarizes the weighted-average remaining term and discount rate for financing obligations: July 31, 2021 January 30, 2021 Weighted-average remaining term (years) 9 8 Weighted-average discount rate 9 % 7 %

Stock-Based Awards

Stock-Based Awards	6 Months Ended
	Jul. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Awards	5. Stock-Based Awards The following table summarizes our stock-based awards activity for the six months ended July 31, 2021: Stock Options Nonvested Stock Awards Performance Share Units (Shares and Units in Thousands) Shares Weighted Shares Weighted Units Weighted Balance - January 30, 2021 36 $ 52.15 3,451 $ 32.09 1,037 $ 49.95 Granted — — 614 56.56 211 58.99 Exercised/vested ( 19 ) 55.41 ( 1,057 ) 35.22 ( 211 ) 72.21 Forfeited/expired ( 1 ) 51.27 ( 130 ) 33.05 ( 33 ) 30.42 Balance - July 31, 2021 16 $ 48.25 2,878 $ 36.12 1,004 $ 47.82 In 2019, we issued 1,747,441 stock warrants. The total vested and unvested warrants as of July 31, 2021 were 698,977 and 1,048,464 , respectively.

Contingencies

Contingencies	6 Months Ended
	Jul. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Contingencies	6. Contingencies We are subject to certain legal proceedings and claims arising out of the conduct of our business. In the opinion of management, the outcome of these proceedings and litigation will not have a material adverse impact on our Consolidated Financial Statements.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The second quarter and year to date 2021 resulted in income tax expense driven by book income. The effective income tax rate in the second quarter and year to date 2020 was driven by the net loss due to the temporary closure of our stores and the benefit of the net loss carryback to years with a federal statutory tax rate of 35 %.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	8. Net Income (Loss) Per Share Basic Net income (loss) per share is Net income (loss) divided by the average number of common shares outstanding during the period. Diluted Net income (loss) per share includes incremental shares assumed for share-based awards and stock warrants. Potentially dilutive shares include stock options, unvested restricted stock units and awards, and warrants outstanding during the period, using the treasury stock method. Potentially dilutive shares are excluded from the computations of diluted earnings per share (“EPS”) if their effect would be anti-dilutive. The information required to compute basic and diluted Net income (loss) per share is as follows: Three Months Ended Six Months Ended (Dollar and Shares in Millions, Except per Share Data) July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Numerator—Net income (loss) $ 382 $ 47 $ 396 $( 494 ) Denominator—Weighted-average shares: Basic 152 154 153 154 Dilutive impact 2 1 2 — Diluted 154 155 155 154 Net income (loss) per share: Basic $ 2.51 $ 0.31 $ 2.58 $( 3.21 ) Diluted $ 2.48 $ 0.30 $ 2.55 $( 3.21 ) The following potential shares of common stock were excluded from the diluted Net income (loss) per share calculation because their effect would have been anti-dilutive: Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Anti-dilutive shares 3 5 3 7

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jul. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements We adopted the new accounting standard on simplifying the accounting for income taxes ( ASU 2019-12 ), effective at the beginning of fiscal 2021. The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. There was no material impact on our financial statements due to adoption of the new standard.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jul. 31, 2021
Revenue From Contract With Customer [Abstract]
Schedule of Net Sales by Line of Business	The following table summarizes net sales by line of business: Three Months Ended Six Months Ended (Dollars in Millions) July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Women's $ 1,344 $ 951 $ 2,461 $ 1,544 Men's 942 598 1,629 961 Home 609 657 1,243 1,140 Children's 463 395 931 664 Footwear 462 337 850 570 Accessories 403 275 771 494 Net Sales $ 4,223 $ 3,213 $ 7,885 $ 5,373

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Components of Long-term Debt	Long-term debt, which includes draws on the revolving credit facility, consists of the following unsecured and secured senior debt: Outstanding Maturity Effective Coupon July 31, 2021 January 30, 2021 August 1, 2020 2023 3.25 % 3.25 % $ 164 $ 350 $ 350 2023 4.78 % 4.75 % 111 184 184 2025 9.50 % 9.50 % 113 600 600 2025 4.25 % 4.25 % 353 650 650 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 3.38 % 500 — — 2033 6.05 % 6.00 % 112 113 113 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,923 2,467 2,467 Unamortized debt discounts and deferred financing costs ( 14 ) ( 16 ) ( 17 ) Unsecured senior debt 1,909 2,451 2,450 Effective interest rate 4.89 % 5.90 % 5.90 % Secured senior debt — — 1,000 Total long-term debt $ 1,909 $ 2,451 $ 3,450

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 31, 2021
Leases [Abstract]
Summary of Operating and Finance Leases	The following tables summarize our operating and finance leases and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in Millions) Classification July 31, 2021 January 30, 2021 Assets Operating leases Operating leases $ 2,301 $ 2,398 Finance leases Property & equipment, net 1,226 708 Total operating & finance leases 3,527 3,106 Liabilities Current Operating leases Current portion of operating leases 143 161 Finance leases Current portion of finance leases & financing obligations 83 76 Noncurrent Operating leases Operating leases 2,532 2,625 Finance leases Finance leases & financing obligations 1,457 926 Total operating & finance leases $ 4,215 $ 3,788 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 31, 2021 July 31, 2021 Operating leases Selling, general, and administrative $ 79 $ 156 Finance Leases Amortization of leased assets Depreciation and amortization 23 43 Interest on leased assets Interest expense, net 27 52 Total operating and finance leases $ 129 $ 251 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 31, 2021 Cash paid for amounts included in the measurement of leased liabilities Operating cash flows from operating leases $ 165 Operating cash flows from finance leases 52 Financing cash flows from finance leases 47
Summary of Future Lease Payments	The following table summarizes future lease payments by fiscal year: July 31, 2021 (Dollars in millions) Operating Leases Finance Leases Total 2021 $ 143 $ 96 $ 239 2022 289 185 474 2023 277 166 443 2024 248 151 399 2025 234 145 379 After 2025 3,492 2,467 5,959 Total lease payments $ 4,683 $ 3,210 $ 7,893 Amount representing interest ( 2,008 ) ( 1,670 ) ( 3,678 ) Lease liabilities $ 2,675 $ 1,540 $ 4,215
Summary of Weighted-Average Remaining Lease Term and Discount Rates	The following table summarizes weighted-average remaining lease term and discount rate: July 31, 2021 January 30, 2021 Weighted-average remaining term (years) Operating leases 20 19 Finance leases 19 18 Weighted-average discount rate Operating leases 6 % 6 % Finance leases 7 % 10 %
Summary of Other Lease Information	Other lease information is as follows: Six Months Ended Six Months Ended (Dollars in Millions) July 31, 2021 August 1, 2020 Property and equipment acquired (disposed) through: Finance lease liabilities $ 569 $ 56 Operating lease liabilities ( 29 ) 103
Summary of Financing Obligations	The following tables summarize our financing obligations and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in millions) Classification July 31, 2021 January 30, 2021 Assets Financing obligations Property & equipment, net $ 60 $ 65 Liabilities Current Current portion of finance leases & financing obligations 34 39 Noncurrent Finance leases & financing obligations 449 461 Total financing obligations $ 483 $ 500 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 31, 2021 July 31, 2021 Amortization of financing obligation assets Depreciation and amortization 3 5 Interest on financing obligations Interest expense, net 10 19 Total financing obligations $ 13 $ 24 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 31, 2021 Cash paid for amounts included in the measurement of financing obligations Operating cash flows from financing obligations $ 19 Financing cash flows from financing obligations 18 Proceeds from financing obligations 4
Summary of Future Financing Obligation Payments	The following table summarizes future financing obligation payments by fiscal year: July 31, 2021 (Dollars in millions) Financing Obligations 2021 $ 34 2022 71 2023 69 2024 64 2025 55 After 2025 369 Total lease payments $ 662 Non-cash gain on future sale of property 219 Amount representing interest ( 398 ) Financing obligation liability $ 483
Summary of Weighted-Average Remaining Term and Discount Rate for Financing Obligations	The following table summarizes the weighted-average remaining term and discount rate for financing obligations: July 31, 2021 January 30, 2021 Weighted-average remaining term (years) 9 8 Weighted-average discount rate 9 % 7 %

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	6 Months Ended
	Jul. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock-Based Awards Activity	The following table summarizes our stock-based awards activity for the six months ended July 31, 2021: Stock Options Nonvested Stock Awards Performance Share Units (Shares and Units in Thousands) Shares Weighted Shares Weighted Units Weighted Balance - January 30, 2021 36 $ 52.15 3,451 $ 32.09 1,037 $ 49.95 Granted — — 614 56.56 211 58.99 Exercised/vested ( 19 ) 55.41 ( 1,057 ) 35.22 ( 211 ) 72.21 Forfeited/expired ( 1 ) 51.27 ( 130 ) 33.05 ( 33 ) 30.42 Balance - July 31, 2021 16 $ 48.25 2,878 $ 36.12 1,004 $ 47.82

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income (Loss) Per Share	The information required to compute basic and diluted Net income (loss) per share is as follows: Three Months Ended Six Months Ended (Dollar and Shares in Millions, Except per Share Data) July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Numerator—Net income (loss) $ 382 $ 47 $ 396 $( 494 ) Denominator—Weighted-average shares: Basic 152 154 153 154 Dilutive impact 2 1 2 — Diluted 154 155 155 154 Net income (loss) per share: Basic $ 2.51 $ 0.31 $ 2.58 $( 3.21 ) Diluted $ 2.48 $ 0.30 $ 2.55 $( 3.21 )
Schedule of Anti-dilutive Securities Excluded from Diluted Net Income (Loss) Per Share	The following potential shares of common stock were excluded from the diluted Net income (loss) per share calculation because their effect would have been anti-dilutive: Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Anti-dilutive shares 3 5 3 7

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	Jan. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Change in Accounting Principle, Accounting Standards Update, Adopted [true/false]	true
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201912Member
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true/false]	true

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Net Sales by Line of Business (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Disaggregation Of Revenue [Line Items]
Net Sales	$ 4,447	$ 3,407	$ 8,334	$ 5,835
Net Sales [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	4,223	3,213	7,885	5,373
Net Sales [Member] | Women's [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	1,344	951	2,461	1,544
Net Sales [Member] | Men's [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	942	598	1,629	961
Net Sales [Member] | Home [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	609	657	1,243	1,140
Net Sales [Member] | Children's [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	463	395	931	664
Net Sales [Member] | Footwear [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	462	337	850	570
Net Sales [Member] | Accessories [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	$ 403	$ 275	$ 771	$ 494

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Disaggregation Of Revenue [Line Items]
Rewards Program unredeemed gift cards and merchandise return cards liabilities	$ 281	$ 339	$ 283
Net Sales [Member]
Disaggregation Of Revenue [Line Items]
Revenue recognized	$ 117

Debt - Components of Long-term

Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	Jul. 31, 2021	Apr. 30, 2021	Jan. 30, 2021	Aug. 01, 2020
Debt Instrument [Line Items]
Effective interest rate	4.89%		5.90%	5.90%
Outstanding	$ 1,923		$ 2,467	$ 2,467
Unamortized debt discounts and deferred financing costs	(14)		(16)	(17)
Unsecured senior debt	1,909	$ 1,000	2,451	2,450
Secured senior debt				1,000
Total long-term debt	$ 1,909		2,451	3,450
Senior Notes [Member] | Senior Notes Due 2023 [Member]
Debt Instrument [Line Items]
Effective interest rate	3.25%
Debt Instrument, Interest Rate, Stated Percentage	3.25%
Outstanding	$ 164		350	350
Senior Notes [Member] | Senior Notes 4.78% Due 2023 [Member]
Debt Instrument [Line Items]
Effective interest rate	4.78%
Debt Instrument, Interest Rate, Stated Percentage	4.75%
Outstanding	$ 111		184	184
Senior Notes [Member] | Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Effective interest rate	9.50%
Debt Instrument, Interest Rate, Stated Percentage	9.50%
Outstanding	$ 113		600	600
Senior Notes [Member] | Senior Notes 4.25% Due 2025 [Member]
Debt Instrument [Line Items]
Effective interest rate	4.25%
Debt Instrument, Interest Rate, Stated Percentage	4.25%
Outstanding	$ 353		650	650
Senior Notes [Member] | Senior Notes Due 2029 [Member]
Debt Instrument [Line Items]
Effective interest rate	7.36%
Debt Instrument, Interest Rate, Stated Percentage	7.25%
Outstanding	$ 42		42	42
Senior Notes [Member] | Senior Notes Due 2031 [Member]
Debt Instrument [Line Items]
Effective interest rate	3.40%
Debt Instrument, Interest Rate, Stated Percentage	3.38%
Outstanding	$ 500
Senior Notes [Member] | Senior Notes Due 2033 [Member]
Debt Instrument [Line Items]
Effective interest rate	6.05%
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Outstanding	$ 112		113	113
Senior Notes [Member] | Senior Notes Due 2037 [Member]
Debt Instrument [Line Items]
Effective interest rate	6.89%
Debt Instrument, Interest Rate, Stated Percentage	6.88%
Outstanding	$ 101		101	101
Senior Notes [Member] | Senior Notes Due 2045 [Member]
Debt Instrument [Line Items]
Effective interest rate	5.57%
Debt Instrument, Interest Rate, Stated Percentage	5.55%
Outstanding	$ 427		$ 427	$ 427

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 31, 2021	Jul. 31, 2021	May 01, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Apr. 30, 2021	Jan. 30, 2021
Debt Instrument [Line Items]
Senior unsecured debt		$ 1,909,000,000		$ 2,450,000,000	$ 1,909,000,000	$ 2,450,000,000	$ 1,000,000,000	$ 2,451,000,000
Loss on extinguishment of debt		0	$ 201,000,000	0	201,000,000	0
Tender premium paid to tendering note holders			192,000,000		192,000,000
Non-cash write-off of deferred financing costs and original issue discounts associated with extinguished debt			6,000,000
Other fees			$ 3,000,000
Unsecured Senior Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value		2,200,000,000		2,500,000,000	2,200,000,000	2,500,000,000		2,800,000,000
Senior Notes [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding borrowing amount		$ 0		$ 1,000,000,000	$ 0	$ 1,000,000,000		$ 0
3.375 % Notes [Member]
Debt Instrument [Line Items]
Notes issued	$ 500,000,000
Interest rate on notes	3.375%
Debt instrument, maturity date description	In March 2021, we issued $500 million in aggregate principal amount of 3.375% notes with semi-annual interest payments beginning in November 2021. The notes include coupon rate step ups if our long-term debt is downgraded to below a BBB- credit rating by S&P Global Ratings or Baa3 by Moody’s Investors Service, Inc. The notes mature in May 2031. Proceeds of the issuance and cash on hand were used to pay the principal, premium, and accrued interest of the notes which were purchased as part of the cash tender offer in April 2021.
Debt instrument, frequency of interest payment	semi-annual
Debt instrument interest payment beginning month and year	2021-11
Debt instrument, maturity date	2031-05

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jul. 31, 2021Shop
Lessee, Lease, Description [Line Items]
Number of Sephora shops plan to open	200
Store [Member]
Lessee, Lease, Description [Line Items]
Lease extension term	5 years
Minimum [Member] | Store [Member]
Lessee, Lease, Description [Line Items]
Lease initial term	20 years
Lease renewal term	4 years
Maximum [Member] | Store [Member]
Lessee, Lease, Description [Line Items]
Lease initial term	25 years
Lease renewal term	8 years

Leases - Summary of Operating a

Leases - Summary of Operating and Finance Leases (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Assets
Operating leases	$ 2,301	$ 2,301	$ 2,398	$ 2,418
Finance leases	$ 1,226	$ 1,226	$ 708
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property Plant And Equipment Net	Property Plant And Equipment Net	Property Plant And Equipment Net
Total operating & finance leases	$ 3,527	$ 3,527	$ 3,106
Current liabilities:
Operating leases	143	143	161	160
Finance leases	$ 83	$ 83	$ 76
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Finance Lease Liability And Financing Obligation Current	Finance Lease Liability And Financing Obligation Current	Finance Lease Liability And Financing Obligation Current
Noncurrent
Operating leases	$ 2,532	$ 2,532	$ 2,625	$ 2,637
Finance leases	$ 1,457	$ 1,457	$ 926
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Finance Lease Liability And Financing Obligation Noncurrent	Finance Lease Liability And Financing Obligation Noncurrent	Finance Lease Liability And Financing Obligation Noncurrent
Total operating & finance leases	$ 4,215	$ 4,215	$ 3,788
Income Statement
Operating leases	79	156
Finance Leases
Amortization of leased assets	23	43
Interest on leased assets	27	52
Total operating and finance leases	$ 129	251
Cash paid for amounts included in the measurement of leased liabilities
Operating cash flows from operating leases		165
Operating cash flows from finance leases		52
Financing cash flows from finance leases		$ 47

Leases - Summary of Future Leas

Leases - Summary of Future Lease Payments (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021
Operating Leases
Operating Leases, 2021	$ 143
Operating Leases, 2022	289
Operating Leases, 2023	277
Operating Leases, 2024	248
Operating Leases, 2025	234
Operating Leases, After 2025	3,492
Total lease payments, Operating Leases	4,683
Amount representing interest, Operating Leases	(2,008)
Lease liabilities, Operating Leases	2,675
Finance Leases
Finance Leases, 2021	96
Finance Leases, 2022	185
Finance Leases, 2023	166
Finance Leases, 2024	151
Finance Leases, 2025	145
Finance Leases, After 2025	2,467
Total lease payments, Finance Leases	3,210
Amount representing interest, Finance Leases	(1,670)
Lease liabilities, Finance Leases	1,540
Total
2021	239
2022	474
2023	443
2024	399
2025	379
After 2025	5,959
Total lease payments	7,893
Amount representing interest	(3,678)
Lease liabilities	$ 4,215	$ 3,788

Leases - Summary of Weighted-Av

Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rates (Details)	Jul. 31, 2021	Jan. 30, 2021
Leases [Abstract]
Operating leases, Weighted-average remaining term (years)	20 years	19 years
Finance leases, Weighted-average remaining term (years)	19 years	18 years
Operating leases, Weighted-average discount rate	6.00%	6.00%
Finance leases, Weighted-average discount rate	7.00%	10.00%

Leases - Summary of Other Lease

Leases - Summary of Other Lease Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Property and equipment acquired (disposed) through:
Finance lease liabilities	$ 569	$ 56
Operating lease liabilities	$ (29)	$ 103

Leases - Summary of Financing O

Leases - Summary of Financing Obligations (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2021	Aug. 01, 2020	Jan. 30, 2021
Assets
Financing obligations	$ 60	$ 60		$ 65
Liabilities
Current	34	34		39
Noncurrent	449	449		461
Total financing obligations	483	483		$ 500
Income Statement
Amortization of financing obligation assets	3	5
Interest on financing obligations	10	19
Total financing obligations	$ 13	24
Cash paid for amounts included in the measurement of financing obligations
Operating cash flows from financing obligations		19
Financing cash flows from financing obligations		18
Proceeds from financing obligations		$ 4	$ 3

Leases - Summary of Future Fina

Leases - Summary of Future Financing Obligation Payments (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021
Leases [Abstract]
2021	$ 34
2022	71
2023	69
2024	64
2025	55
After 2025	369
Total lease payments	662
Non-cash gain on future sale of property	219
Amount representing interest	(398)
Total financing obligations	$ 483	$ 500

Leases - Summary of Weighted-_2

Leases - Summary of Weighted-Average Remaining Term and Discount Rate for Financing Obligations (Details)	6 Months Ended	12 Months Ended
	Jul. 31, 2021	Jan. 30, 2021
Leases [Abstract]
Weighted-average remaining term (years)	9 years	8 years
Weighted-average discount rate	9.00%	7.00%

Stock-Based Awards - Summary of

Stock-Based Awards - Summary of Stock-Based Awards Activity (Details) shares in Thousands	6 Months Ended
	Jul. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, Beginning Balance | shares	36
Stock Options, Exercised/vested | shares	(19)
Stock Options, Forfeited/expired | shares	(1)
Stock Options, Ending Balance | shares	16
Stock Options, Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 52.15
Stock Options, Weighted Average Exercise Price, Exercised/vested | $ / shares	55.41
Stock Options, Weighted Average Exercise Price, Forfeited/expired | $ / shares	51.27
Stock Options, Weighted Average Exercise Price, Ending Balance | $ / shares	$ 48.25
Nonvested Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Awards/ Share Units, Beginning Balance | shares	3,451
Stock Awards/ Share Units, Granted | shares	614
Stock Awards/ Share Units, Exercised/vested | shares	(1,057)
Stock Awards/ Share Units, Forfeited/expired | shares	(130)
Stock Awards/ Share Units, Ending Balance | shares	2,878
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 32.09
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares	56.56
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Exercised/vested | $ / shares	35.22
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares	33.05
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 36.12
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Awards/ Share Units, Beginning Balance | shares	1,037
Stock Awards/ Share Units, Granted | shares	211
Stock Awards/ Share Units, Exercised/vested | shares	(211)
Stock Awards/ Share Units, Forfeited/expired | shares	(33)
Stock Awards/ Share Units, Ending Balance | shares	1,004
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 49.95
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares	58.99
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Exercised/vested | $ / shares	72.21
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares	30.42
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 47.82

Stock-Based Awards - Additional

Stock-Based Awards - Additional Information (Details) - shares	6 Months Ended
	Jul. 31, 2021	Feb. 01, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock warrants, issued		1,747,441
Warrant [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested warrants	698,977
Unvested warrants	1,048,464

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	6 Months Ended
	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory tax rate	35.00%

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Earnings Per Share [Abstract]
Numerator—Net income (loss)	$ 382	$ 47	$ 396	$ (494)
Denominator—Weighted-average shares: Basic	152	154	153	154
Dilutive impact	2	1	2
Weighted average shares, Diluted	154	155	155	154
Basic	$ 2.51	$ 0.31	$ 2.58	$ (3.21)
Diluted	$ 2.48	$ 0.30	$ 2.55	$ (3.21)

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Anti-dilutive Securities Excluded from Diluted Net Income (Loss) Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Earnings Per Share [Abstract]
Anti-dilutive shares	3	5	3	7