Kohl's (KSS) 10-Q 31 Aug 23 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 29, 2023	Aug. 25, 2023
Document Information [Line Items]
Entity Registrant Name	KOHL’S CORP
Entity Central Index Key	0000885639
Current Fiscal Year End Date	--01-27
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 29, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		110,688,791
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. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Current assets:
Cash and cash equivalents	$ 204	$ 153	$ 222
Merchandise inventories	3,474	3,189	4,034
Other	296	394	374
Total current assets	3,974	3,736	4,630
Property and equipment, net	7,945	7,926	8,228
Operating leases	2,493	2,304	2,296
Other assets	382	379	469
Total assets	14,794	14,345	15,623
Current liabilities:
Accounts payable	1,376	1,330	1,497
Accrued liabilities	1,246	1,220	1,426
Borrowings under revolving credit facility	560	85	79
Current portion of:
Long-term debt	111	275	164
Finance lease and financing obligations	84	94	96
Operating leases	93	111	108
Total current liabilities	3,470	3,115	3,370
Long-term debt	1,637	1,637	1,747
Finance lease and financing obligations	2,730	2,786	2,830
Operating leases	2,777	2,578	2,568
Deferred income taxes	121	129	194
Other long-term liabilities	324	337	370
Shareholders’ equity:
Common stock	2	4	4
Paid-in capital	3,502	3,479	3,406
Treasury stock, at cost	(2,569)	(13,715)	(13,151)
Retained earnings	2,800	13,995	14,285
Total shareholders’ equity	3,735	3,763	4,544
Total liabilities and shareholders’ equity	$ 14,794	$ 14,345	$ 15,623

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Total revenue	$ 3,895	$ 4,087	$ 7,466	$ 7,802
Cost of merchandise sold	2,242	2,332	4,289	4,472
Operating expenses:
Selling, general, and administrative	1,304	1,283	2,542	2,576
Depreciation and amortization	186	206	374	406
Operating income	163	266	261	348
Interest expense, net	89	77	173	145
Income before income taxes	74	189	88	203
Provision for income taxes	16	46	16	46
Net income	$ 58	$ 143	$ 72	$ 157
Net income per share:
Basic	$ 0.52	$ 1.13	$ 0.65	$ 1.24
Diluted	$ 0.52	$ 1.11	$ 0.65	$ 1.22
Net Sales [Member]
Total revenue	$ 3,678	$ 3,863	$ 7,033	$ 7,334
Other Revenue [Member]
Total revenue	$ 217	$ 224	$ 433	$ 468

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock [Member]	Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]
Balance, beginning of period at Jan. 29, 2022		$ 4	$ 3,375	$ (12,975)	$ 14,257
Treasury stock purchases				158
Stock-based awards			31	(20)
Net Income (Loss)	$ 157				157
Dividends paid				(2)	(129)
Balance, end of period at Jul. 30, 2022	$ 4,544	$ 4	3,406	$ (13,151)	14,285
Shares, beginning of period at Jan. 29, 2022		377		(246)
Treasury stock purchases				3
Shares, end of period at Jul. 30, 2022	128	377		(249)
Dividends paid per common share	$ 1
Balance, beginning of period at Apr. 30, 2022		$ 4	3,395	$ (13,150)	14,207
Stock-based awards			11	(2)
Net Income (Loss)	$ 143				143
Dividends paid				(1)	(65)
Balance, end of period at Jul. 30, 2022	$ 4,544	$ 4	3,406	$ (13,151)	14,285
Shares, beginning of period at Apr. 30, 2022		377		(249)
Shares, end of period at Jul. 30, 2022	128	377		(249)
Dividends paid per common share	$ 0.5
Balance, beginning of period at Jan. 28, 2023	$ 3,763	$ 4	3,479	$ (13,715)	13,995
Balance, end of period at Apr. 29, 2023		$ 2	3,489	$ (2,569)	2,798
Shares, beginning of period at Jan. 28, 2023		378		(267)
Retirement of treasury stock	217,000,000
Shares, end of period at Apr. 29, 2023		161		(50)
Balance, beginning of period at Jan. 28, 2023	$ 3,763	$ 4	3,479	$ (13,715)	13,995
Retirement of treasury stock		(2)		11,157	(11,155)
Stock-based awards			23	(13)
Net Income (Loss)	72				72
Dividends paid				(2)	(112)
Balance, end of period at Jul. 29, 2023	$ 3,735	$ 2	3,502	$ (2,569)	2,800
Shares, beginning of period at Jan. 28, 2023		378		(267)
Retirement of treasury stock		(217)		217
Shares, end of period at Jul. 29, 2023	111	161		(50)
Dividends paid per common share	$ 1
Balance, beginning of period at Apr. 29, 2023		$ 2	3,489	$ (2,569)	2,798
Stock-based awards			13	(1)
Net Income (Loss)	$ 58				58
Dividends paid				(1)	(56)
Balance, end of period at Jul. 29, 2023	$ 3,735	$ 2	$ 3,502	$ (2,569)	$ 2,800
Shares, beginning of period at Apr. 29, 2023		161		(50)
Shares, end of period at Jul. 29, 2023	111	161		(50)
Dividends paid per common share	$ 0.5

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Operating activities
Net income	$ 72	$ 157
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	374	406
Share-based compensation	20	26
Deferred income taxes	(7)	(12)
Non-cash lease expense	48	56
Other non-cash items	(2)	5
Changes in operating assets and liabilities:
Merchandise inventories	(283)	(964)
Other current and long-term assets	61	(29)
Accounts payable	46	(185)
Accrued and other long-term liabilities	(52)	51
Operating lease liabilities	(49)	(57)
Net cash provided by (used in) operating activities	228	(546)
Investing activities
Acquisition of property and equipment	(338)	(548)
Proceeds from sale of real estate	4	4
Other	(1)
Net cash used in investing activities	(335)	(544)
Financing activities
Net borrowings under revolving credit facility	475	79
Treasury stock purchases		(158)
Shares withheld for taxes on vested restricted shares	(13)	(20)
Dividends paid	(110)	(127)
Repayment of long-term borrowings	(164)
Finance lease and financing obligation payments	(47)	(55)
Proceeds from financing obligations	17	5
Proceeds from stock option exercises		1
Net cash used in provided by (used in) financing activities	158	(275)
Net increase (decrease) in cash and cash equivalents	51	(1,365)
Cash and cash equivalents at beginning of period	153	1,587
Cash and cash equivalents at end of period	204	222
Supplemental information
Interest paid, net of capitalized interest	169	137
Income taxes paid	$ 6	$ 49

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 58	$ 143	$ 72	$ 157

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jul. 29, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 29, 2023
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 28, 2023 (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”), 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. Treasury Stock We retired 217 million shares of treasury stock during the first quarter of 2023. The shares were returned to the status of authorized but unissued shares. The retirement of treasury stock is recognized as a deduction from common stock for the shares' par value and any excess of cost over par as a deduction from retained earnings. Recent Accounting Pronouncements We do not expect that any recently issued accounting pronouncements will have a material impact on our Consolidated Financial Statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 29, 2023
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 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Women's $ 1,099 $ 1,239 $ 2,087 $ 2,316 Men's 809 865 1,504 1,575 Accessories (including Sephora) 571 458 1,083 848 Home 462 502 895 1,027 Children's 387 414 790 825 Footwear 350 385 674 743 Net Sales $ 3,678 $ 3,863 $ 7,033 $ 7,334 Unredeemed gift cards and merchandise return card liabilities totaled $ 292 million as of July 29, 2023, $ 356 million as of January 28, 2023, and $ 294 million as of July 30, 2022. In the second quarter of 2023 and 2022, net sales of $ 36 million and $ 39 million, respectively, were recognized from gift cards redeemed during the current period and issued in prior years. Year to date 2023 and 2022, net sales of $ 104 million and $ 113 million, respectively, were recognized during the current period from gift cards redeemed during the current year and issued in prior years.

Debt

Debt	6 Months Ended
	Jul. 29, 2023
Debt Disclosure [Abstract]
Debt	3. Debt Outstanding borrowings under the revolving credit facility, recorded as short-term debt, were $ 560 million as of July 29, 2023. An amount of $ 85 million under the revolving credit facility was outstanding as of January 28, 2023. Additionally, an amount of $ 79 million was outstanding at July 30, 2022 under our previous credit agreement. Long-term debt, which excludes borrowings on the revolving credit facility, consists of the following unsecured debt: Outstanding Maturity (Dollars in Millions) Effective Rate at Issuance Coupon Rate July 29, January 28, July 30, 2023 3.25 % 3.25 % $— $ 164 $ 164 2023 4.78 % 4.75 % 111 111 111 2025 9.50 % 10.75 % 113 113 113 2025 4.25 % 4.25 % 353 353 353 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 4.63 % 500 500 500 2033 6.05 % 6.00 % 112 112 112 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,759 1,923 1,923 Unamortized debt discounts and deferred financing costs ( 11 ) ( 11 ) ( 12 ) Current portion of unsecured senior debt ( 111 ) ( 275 ) ( 164 ) Long-term unsecured senior debt $ 1,637 $ 1,637 $ 1,747 Effective interest rate at issuance 5.04 % 4.89 % 4.89 % Our estimated fair value of unsecured senior long-term debt is determined using Level 1 inputs, using financial instruments with unadjusted, quoted prices listed on active market exchanges. The estimated fair value of our unsecured senior debt was $ 1.4 billion at July 29, 2023, $ 1.6 billion at January 28, 2023, and $ 1.7 billion at July 30, 2022. In February 2023, $ 164 million in aggregate principal amount of our 3.25 % notes matured and was repaid. During the first quarter of 2023, S&P downgraded our senior unsecured credit rating from BB+ to BB and Moody's downgraded our rating from Ba2 to Ba3. As a result of the downgrades, the interest rate on our 3.375 % notes due May 2031 and 9.50 % notes due May 2025 increased 50 bps in May 2023 due to the coupon adjustment provisions within these notes. In 2022, our credit rating was also downgraded which resulted in the interest rates increasing 75 bps, of which 25 bps was effective in 2022 and the remaining 50 bps became effective in May 2023. In total, the interest rate of both these notes have increased 125 bps since their issuance. Our various debt agreements contain covenants including limitations on additional indebtedness and certain financial tests. As of July 29, 2023, we were in compliance with all covenants of the various debt agreements.

Leases

Leases	6 Months Ended
	Jul. 29, 2023
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 payments that 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 opened 194 full size Sephora at Kohl's shop-in-shops ("Sephora shops") in the second quarter of 2023 and now have 801 Sephora shops open as of the end of the second quarter of 2023. Due to the investments we are making in the Sephora shops, we reassessed our lease term when construction began 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, which are predominately store related, and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in Millions) Classification July 29, January 28, July 30, Assets Operating leases Operating leases $ 2,493 $ 2,304 $ 2,296 Finance leases Property and equipment, net 1,950 2,033 2,114 Total operating and finance leases $ 4,443 $ 4,337 $ 4,410 Liabilities Current Operating leases Current portion of operating leases 93 111 108 Finance leases Current portion of finance leases and financing obligations 75 76 78 Noncurrent Operating leases Operating leases 2,777 2,578 2,568 Finance leases Finance leases and financing obligations 2,284 2,344 2,381 Total operating and finance leases $ 5,229 $ 5,109 $ 5,135 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Operating leases Selling, general, and administrative $ 67 $ 64 $ 134 $ 133 Finance leases Amortization of leased assets Depreciation and amortization 30 32 62 61 Interest on leased assets Interest expense, net 36 36 72 68 Total operating and finance leases $ 133 $ 132 $ 268 $ 262 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 29, 2023 July 30, 2022 Cash paid for amounts included in the measurement of leased liabilities Operating cash flows from operating leases $ 136 $ 135 Operating cash flows from finance leases 70 65 Financing cash flows from finance leases 40 44 The following table summarizes future lease payments by fiscal year: July 29, 2023 (Dollars in Millions) Operating Leases Finance Leases Total 2023 $ 124 $ 106 $ 230 2024 263 212 475 2025 257 206 463 2026 251 204 455 2027 252 205 457 After 2027 4,055 3,517 7,572 Total lease payments $ 5,202 $ 4,450 $ 9,652 Amount representing interest ( 2,332 ) ( 2,091 ) ( 4,423 ) Lease liabilities $ 2,870 $ 2,359 $ 5,229 The following table summarizes weighted-average remaining lease term and discount rate: July 29, 2023 January 28, 2023 Weighted-average remaining term (years) Operating leases 20 20 Finance leases 20 20 Weighted-average discount rate Operating leases 6 % 6 % Finance leases 6 % 6 % Other lease information is as follows: Six Months Ended (Dollars in Millions) July 29, 2023 July 30, 2022 Property and equipment acquired (disposed) through exchange of: Finance lease liabilities $( 26 ) $ 730 Operating lease liabilities 222 114 Financing Obligations The following tables summarize our financing obligations, which are all store related, and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in Millions) Classification July 29, January 28, July 30, Assets Financing obligations Property and equipment, net $ 46 $ 49 $ 52 Liabilities Current Current portion of finance leases and financing obligations 9 18 18 Noncurrent Finance leases and financing obligations 446 442 449 Total financing obligations $ 455 $ 460 $ 467 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Amortization of financing obligation assets Depreciation and amortization 1 2 3 4 Interest on financing obligations Interest expense, net 17 15 33 27 Total financing obligations $ 18 $ 17 $ 36 $ 31 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 29, 2023 July 30, 2022 Cash paid for and proceeds from amounts included in the measurement of financing obligations Operating cash flows from financing obligations $ 32 $ 26 Financing cash flows from financing obligations 7 11 Proceeds from financing obligations 17 5 The following table summarizes future financing obligation payments by fiscal year: July 29, 2023 (Dollars in Millions) Financing Obligations 2023 $ 39 2024 79 2025 79 2026 79 2027 79 After 2027 1,253 Total lease payments $ 1,608 Non-cash gain on future sale of property 115 Amount representing interest ( 1,268 ) Financing obligation liability $ 455 The following table summarizes the weighted-average remaining term and discount rate for financing obligations: July 29, 2023 January 28, 2023 Weighted-average remaining term (years) 17 13 Weighted-average discount rate 16 % 14 %

Stock-Based Awards

Stock-Based Awards	6 Months Ended
	Jul. 29, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Awards	5. Stock-Based Awards The following table summarizes our stock-based awards activity for the six months ended July 29, 2023: Nonvested Restricted Stock Awards and Units Performance Share Units (Shares and Units in Thousands) Shares Weighted Units Weighted Balance - January 28, 2023 2,439 $ 39.40 813 $ 45.87 Granted 1,878 22.76 701 20.68 Exercised/vested ( 821 ) 39.81 ( 582 ) 23.78 Forfeited/expired ( 292 ) 33.68 ( 112 ) 63.30 Balance - July 29, 2023 3,204 $ 30.06 820 $ 37.63 In 2019, we issued 1,747,441 stock warrants. The total vested and unvested warrants as of July 29, 2023 were 1,397,953 and 349,488 , respectively.

Contingencies

Contingencies	6 Months Ended
	Jul. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	6. Contingencies On September 2, 2022, Sean Shanaphy, an alleged shareholder of the Company, filed a putative class action lawsuit in the U.S. District Court for the Eastern District of Wisconsin against the Company, its directors, and its Chief Financial Officer alleging violations of Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934. Shanaphy v. Kohl’s Corporation, No. 2:22-cv- 01016-LA (E.D. Wis.). The plaintiff asserts claims on behalf of persons and entities that purchased or otherwise acquired the Company’s securities between October 20, 2020 and May 19, 2022, and seeks compensatory damages, interest, fees, and costs. The complaint alleges that members of the putative class suffered losses as a result of (1) false or misleading statements and withholding of information regarding the conception, execution, and outcomes of the Company’s strategic plan announced on October 20, 2020 and the Company’s financial results for the first quarter of fiscal 2022 and (2) the Company’s internal controls over financial reporting, disclosure controls, and corporate governance mechanisms. The case is in its early stages. Lead plaintiff applications were submitted on November 1, 2022, and on May 23, 2023, the court appointed Thomas Frame as lead plaintiff. Subsequently, on June 9, 2023, lead plaintiff candidate The Nova Scotia Health Employees' Pension Plan ("NSHEPP") filed a motion for reconsideration of the court's May 23, 2023 order. The court has not yet reached a decision on the motion for reconsideration. Once the court resolves the motion for reconsideration, the Company intends to file a motion to dismiss the complaint and to vigorously defend against these claims. Due to the early stages of this matter, the Company is unable to estimate a reasonably possible range of loss, if any, that may result from this matter. In addition to what is noted above, we are subject to certain legal proceedings and claims arising out of the ordinary conduct of our business. In the opinion of management, the outcome of these proceedings and claims will not have a material adverse effect on our Consolidated Financial Statements.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 29, 2023
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The effective income tax rate for the second quarter of 2023 was 21.7 % compared to 24.6 % for the second quarter of 2022. Year to date, the rate is 18.8 % and 22.8 % for 2023 and 2022, respectively. The year to date rates include the recognition of favorable discrete items in the first half of the year in both periods.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jul. 29, 2023
Earnings Per Share [Abstract]
Net Income Per Share	8. Net Income Per Share Basic net income per share is net income divided by the average number of common shares outstanding during the period. Diluted net income per share includes incremental shares assumed for share-based units and awards and stock warrants. Potentially dilutive shares include unvested restricted stock units and awards, performance share units, 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 per share is as follows: Three Months Ended Six Months Ended (Dollars and Shares in Millions, Except per Share Data) July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Numerator—Net income $ 58 $ 143 $ 72 $ 157 Denominator—Weighted-average shares: Basic 110 127 110 127 Dilutive impact 1 1 1 2 Diluted 111 128 111 129 Net income per share: Basic $ 0.52 $ 1.13 $ 0.65 $ 1.24 Diluted $ 0.52 $ 1.11 $ 0.65 $ 1.22 The following potential shares of common stock were excluded from the diluted net income per share calculation because their effect would have been anti-dilutive: Three Months Ended Six Months Ended (Shares in Millions) July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Anti-dilutive shares 3 3 3 3

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 29, 2023
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events On August 8, 2023 , the Board of Directors of Kohl's Corporation declared a quarterly cash dividend of $ 0.50 per share. The dividend will be paid on September 20, 2023 , to all shareholders of record at the close of business on September 6, 2023 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jul. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Treasury Stock	Treasury Stock We retired 217 million shares of treasury stock during the first quarter of 2023. The shares were returned to the status of authorized but unissued shares. The retirement of treasury stock is recognized as a deduction from common stock for the shares' par value and any excess of cost over par as a deduction from retained earnings.
Recent Accounting Pronouncements	Recent Accounting Pronouncements We do not expect that any recently issued accounting pronouncements will have a material impact on our Consolidated Financial Statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jul. 29, 2023
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 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Women's $ 1,099 $ 1,239 $ 2,087 $ 2,316 Men's 809 865 1,504 1,575 Accessories (including Sephora) 571 458 1,083 848 Home 462 502 895 1,027 Children's 387 414 790 825 Footwear 350 385 674 743 Net Sales $ 3,678 $ 3,863 $ 7,033 $ 7,334

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jul. 29, 2023
Debt Disclosure [Abstract]
Components of Long-term Debt	Long-term debt, which excludes borrowings on the revolving credit facility, consists of the following unsecured debt: Outstanding Maturity (Dollars in Millions) Effective Rate at Issuance Coupon Rate July 29, January 28, July 30, 2023 3.25 % 3.25 % $— $ 164 $ 164 2023 4.78 % 4.75 % 111 111 111 2025 9.50 % 10.75 % 113 113 113 2025 4.25 % 4.25 % 353 353 353 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 4.63 % 500 500 500 2033 6.05 % 6.00 % 112 112 112 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,759 1,923 1,923 Unamortized debt discounts and deferred financing costs ( 11 ) ( 11 ) ( 12 ) Current portion of unsecured senior debt ( 111 ) ( 275 ) ( 164 ) Long-term unsecured senior debt $ 1,637 $ 1,637 $ 1,747 Effective interest rate at issuance 5.04 % 4.89 % 4.89 %

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 29, 2023
Leases [Abstract]
Summary of Operating and Finance Leases	The following tables summarize our operating and finance leases, which are predominately store related, and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in Millions) Classification July 29, January 28, July 30, Assets Operating leases Operating leases $ 2,493 $ 2,304 $ 2,296 Finance leases Property and equipment, net 1,950 2,033 2,114 Total operating and finance leases $ 4,443 $ 4,337 $ 4,410 Liabilities Current Operating leases Current portion of operating leases 93 111 108 Finance leases Current portion of finance leases and financing obligations 75 76 78 Noncurrent Operating leases Operating leases 2,777 2,578 2,568 Finance leases Finance leases and financing obligations 2,284 2,344 2,381 Total operating and finance leases $ 5,229 $ 5,109 $ 5,135 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Operating leases Selling, general, and administrative $ 67 $ 64 $ 134 $ 133 Finance leases Amortization of leased assets Depreciation and amortization 30 32 62 61 Interest on leased assets Interest expense, net 36 36 72 68 Total operating and finance leases $ 133 $ 132 $ 268 $ 262 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 29, 2023 July 30, 2022 Cash paid for amounts included in the measurement of leased liabilities Operating cash flows from operating leases $ 136 $ 135 Operating cash flows from finance leases 70 65 Financing cash flows from finance leases 40 44
Summary of Future Lease Payments	The following table summarizes future lease payments by fiscal year: July 29, 2023 (Dollars in Millions) Operating Leases Finance Leases Total 2023 $ 124 $ 106 $ 230 2024 263 212 475 2025 257 206 463 2026 251 204 455 2027 252 205 457 After 2027 4,055 3,517 7,572 Total lease payments $ 5,202 $ 4,450 $ 9,652 Amount representing interest ( 2,332 ) ( 2,091 ) ( 4,423 ) Lease liabilities $ 2,870 $ 2,359 $ 5,229
Summary of Weighted-Average Remaining Lease Term and Discount Rates	The following table summarizes weighted-average remaining lease term and discount rate: July 29, 2023 January 28, 2023 Weighted-average remaining term (years) Operating leases 20 20 Finance leases 20 20 Weighted-average discount rate Operating leases 6 % 6 % Finance leases 6 % 6 %
Summary of Other Lease Information	Other lease information is as follows: Six Months Ended (Dollars in Millions) July 29, 2023 July 30, 2022 Property and equipment acquired (disposed) through exchange of: Finance lease liabilities $( 26 ) $ 730 Operating lease liabilities 222 114
Summary of Financing Obligations	The following tables summarize our financing obligations, which are all store related, and where they are presented in our Consolidated Financial Statements: Consolidated Balance Sheets (Dollars in Millions) Classification July 29, January 28, July 30, Assets Financing obligations Property and equipment, net $ 46 $ 49 $ 52 Liabilities Current Current portion of finance leases and financing obligations 9 18 18 Noncurrent Finance leases and financing obligations 446 442 449 Total financing obligations $ 455 $ 460 $ 467 Consolidated Statement of Operations Three Months Ended Six Months Ended (Dollars in Millions) Classification July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Amortization of financing obligation assets Depreciation and amortization 1 2 3 4 Interest on financing obligations Interest expense, net 17 15 33 27 Total financing obligations $ 18 $ 17 $ 36 $ 31 Consolidated Statement of Cash Flows Six Months Ended (Dollars in Millions) July 29, 2023 July 30, 2022 Cash paid for and proceeds from amounts included in the measurement of financing obligations Operating cash flows from financing obligations $ 32 $ 26 Financing cash flows from financing obligations 7 11 Proceeds from financing obligations 17 5
Summary of Future Financing Obligation Payments	The following table summarizes future financing obligation payments by fiscal year: July 29, 2023 (Dollars in Millions) Financing Obligations 2023 $ 39 2024 79 2025 79 2026 79 2027 79 After 2027 1,253 Total lease payments $ 1,608 Non-cash gain on future sale of property 115 Amount representing interest ( 1,268 ) Financing obligation liability $ 455
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 29, 2023 January 28, 2023 Weighted-average remaining term (years) 17 13 Weighted-average discount rate 16 % 14 %

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	6 Months Ended
	Jul. 29, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock-Based Awards Activity	The following table summarizes our stock-based awards activity for the six months ended July 29, 2023: Nonvested Restricted Stock Awards and Units Performance Share Units (Shares and Units in Thousands) Shares Weighted Units Weighted Balance - January 28, 2023 2,439 $ 39.40 813 $ 45.87 Granted 1,878 22.76 701 20.68 Exercised/vested ( 821 ) 39.81 ( 582 ) 23.78 Forfeited/expired ( 292 ) 33.68 ( 112 ) 63.30 Balance - July 29, 2023 3,204 $ 30.06 820 $ 37.63

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jul. 29, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income Per Share	The information required to compute basic and diluted net income per share is as follows: Three Months Ended Six Months Ended (Dollars and Shares in Millions, Except per Share Data) July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Numerator—Net income $ 58 $ 143 $ 72 $ 157 Denominator—Weighted-average shares: Basic 110 127 110 127 Dilutive impact 1 1 1 2 Diluted 111 128 111 129 Net income per share: Basic $ 0.52 $ 1.13 $ 0.65 $ 1.24 Diluted $ 0.52 $ 1.11 $ 0.65 $ 1.22
Schedule of Potential Shares of Common Stock Excluded From the Diluted Net Income Per Share	The following potential shares of common stock were excluded from the diluted net income per share calculation because their effect would have been anti-dilutive: Three Months Ended Six Months Ended (Shares in Millions) July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Anti-dilutive shares 3 3 3 3

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	3 Months Ended
	Apr. 29, 2023 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of shares of treasury stock retired	217,000,000

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Net Sales by Line of Business (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenue	$ 3,895	$ 4,087	$ 7,466	$ 7,802
Net Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	3,678	3,863	7,033	7,334
Net Sales [Member] | Women's [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	1,099	1,239	2,087	2,316
Net Sales [Member] | Men's [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	809	865	1,504	1,575
Net Sales [Member] | Accessories (including Sephora) [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	571	458	1,083	848
Net Sales [Member] | Home [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	462	502	895	1,027
Net Sales [Member] | Children's [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	387	414	790	825
Net Sales [Member] | Footwear [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 350	$ 385	$ 674	$ 743

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022	Jan. 28, 2023
Disaggregation Of Revenue [Line Items]
Rewards Program unredeemed gift cards and merchandise return cards liabilities	$ 292	$ 294	$ 292	$ 294	$ 356
Revenue from Sale	3,895	4,087	7,466	7,802
Gift Card [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Sale	$ 36	$ 39	$ 104	$ 113

Debt - Components of Long-term

Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	Jul. 29, 2023	Feb. 28, 2023	Jan. 28, 2023	Jul. 30, 2022
Debt Instrument [Line Items]
Effective interest rate at issuance	5.04%		4.89%	4.89%
Outstanding	$ 1,759		$ 1,923	$ 1,923
Unamortized debt discounts and deferred financing costs	(11)		(11)	(12)
Current portion of unsecured senior debt	(111)		(275)	(164)
Long-term unsecured senior debt	$ 1,637		1,637	1,747
Senior Notes [Member] | Senior Notes Due 2023 [Member]
Debt Instrument [Line Items]
Effective interest rate at issuance	3.25%
Coupon rate	3.25%	3.25%
Outstanding			164	164
Senior Notes [Member] | Senior Notes 4.78% Due 2023 [Member]
Debt Instrument [Line Items]
Effective interest rate at issuance	4.78%
Coupon rate	4.75%
Outstanding	$ 111		111	111
Senior Notes [Member] | Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Effective interest rate at issuance	9.50%
Coupon rate	10.75%
Outstanding	$ 113		113	113
Senior Notes [Member] | Senior Notes 4.25% Due 2025 [Member]
Debt Instrument [Line Items]
Effective interest rate at issuance	4.25%
Coupon rate	4.25%
Outstanding	$ 353		353	353
Senior Notes [Member] | Senior Notes Due 2029 [Member]
Debt Instrument [Line Items]
Effective interest rate at issuance	7.36%
Coupon rate	7.25%
Outstanding	$ 42		42	42
Senior Notes [Member] | Senior Notes Due 2031 [Member]
Debt Instrument [Line Items]
Effective interest rate at issuance	3.40%
Coupon rate	4.63%
Outstanding	$ 500		500	500
Senior Notes [Member] | Senior Notes Due 2033 [Member]
Debt Instrument [Line Items]
Effective interest rate at issuance	6.05%
Coupon rate	6%
Outstanding	$ 112		112	112
Senior Notes [Member] | Senior Notes Due 2037 [Member]
Debt Instrument [Line Items]
Effective interest rate at issuance	6.89%
Coupon rate	6.88%
Outstanding	$ 101		101	101
Senior Notes [Member] | Senior Notes Due 2045 [Member]
Debt Instrument [Line Items]
Effective interest rate at issuance	5.57%
Coupon rate	5.55%
Outstanding	$ 427		$ 427	$ 427

Debt - Additional Information (

Debt - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended	12 Months Ended
	Feb. 28, 2023 USD ($)	Apr. 29, 2023	May 31, 2023	Jul. 29, 2023 USD ($)	Jan. 29, 2022	Jan. 28, 2023 USD ($)	Jul. 30, 2022 USD ($)
Debt Instrument [Line Items]
Debt instrument increased basis point				125%	75%
Debt instrument basis point, effective			0.50		0.25
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Short-term debt, outstanding				$ 560
Line of credit facility remains available under revolver						$ 85	$ 79
Unsecured Senior Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value				$ 1,400		$ 1,600	$ 1,700
Senior Notes [Member] | Senior Notes Due 2023 [Member]
Debt Instrument [Line Items]
Interest rate on notes	3.25%			3.25%
Retirement of bond maturities	$ 164
3.375 % Notes [Member]
Debt Instrument [Line Items]
Interest rate on notes		3.375%
9.50 % Notes [Member]
Debt Instrument [Line Items]
Interest rate on notes		9.50%
Debt instrument increased basis point		50%

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jul. 29, 2023 Shop	Jul. 29, 2023 Shop
Lessee, Lease, Description [Line Items]
Number of full size Sephora shops opened during the period	194
Number of full size Sephora shops opened	801	801
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. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022	Jan. 28, 2023
Assets
Operating leases	$ 2,493	$ 2,296	$ 2,493	$ 2,296	$ 2,304
Finance leases	$ 1,950	$ 2,114	$ 1,950	$ 2,114	$ 2,033
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net	Property and equipment, net	Property and equipment, net	Property and equipment, net
Total operating and finance leases	$ 4,443	$ 4,410	$ 4,443	$ 4,410	$ 4,337
Current liabilities:
Operating leases	93	108	93	108	111
Finance leases	$ 75	$ 78	$ 75	$ 78	$ 76
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Finance Lease Liability And Financing Obligation Current	Finance Lease Liability And Financing Obligation Current	Finance Lease Liability And Financing Obligation Current	Finance Lease Liability And Financing Obligation Current	Finance Lease Liability And Financing Obligation Current
Noncurrent
Operating leases	$ 2,777	$ 2,568	$ 2,777	$ 2,568	$ 2,578
Finance leases	$ 2,284	$ 2,381	$ 2,284	$ 2,381	$ 2,344
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Finance Lease Liability And Financing Obligation Noncurrent	Finance Lease Liability And Financing Obligation Noncurrent	Finance Lease Liability And Financing Obligation Noncurrent	Finance Lease Liability And Financing Obligation Noncurrent	Finance Lease Liability And Financing Obligation Noncurrent
Total operating and finance leases	$ 5,229	$ 5,135	$ 5,229	$ 5,135	$ 5,109
Income Statement
Operating leases	67	64	134	133
Finance leases
Amortization of leased assets	30	32	62	61
Interest on leased assets	36	36	72	68
Total operating and finance leases	$ 133	$ 132	268	262
Cash paid for amounts included in the measurement of leased liabilities
Operating cash flows from operating leases			136	135
Operating cash flows from finance leases			70	65
Financing cash flows from finance leases			$ 40	$ 44

Leases - Summary of Future Leas

Leases - Summary of Future Lease Payments (Details) - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Operating Leases
Operating Leases, 2023	$ 124
Operating Leases, 2024	263
Operating Leases, 2025	257
Operating Leases, 2026	251
Operating Leases, 2027	252
Operating Leases, After 2027	4,055
Total lease payments, Operating Leases	5,202
Amount representing interest, Operating Leases	(2,332)
Lease liabilities, Operating Leases	2,870
Finance Leases
Finance Leases, 2023	106
Finance Leases, 2024	212
Finance Leases, 2025	206
Finance Leases, 2026	204
Finance Leases, 2027	205
Finance Leases, After 2027	3,517
Total lease payments, Finance Leases	4,450
Amount representing interest, Finance Leases	(2,091)
Lease liabilities, Finance Leases	2,359
Total
2023	230
2024	475
2025	463
2026	455
2027	457
After 2027	7,572
Total lease payments	9,652
Amount representing interest	(4,423)
Lease liabilities	$ 5,229	$ 5,109	$ 5,135

Leases - Summary of Weighted-Av

Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rates (Details)	Jul. 29, 2023	Jan. 28, 2023
Leases [Abstract]
Operating leases, Weighted-average remaining term (years)	20 years	20 years
Finance leases, Weighted-average remaining term (years)	20 years	20 years
Operating leases, Weighted-average discount rate	6%	6%
Finance leases, Weighted-average discount rate	6%	6%

Leases - Summary of Other Lease

Leases - Summary of Other Lease Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Property and equipment acquired (disposed) through exchange of:
Finance lease liabilities	$ (26)	$ 730
Operating lease liabilities	$ 222	$ 114

Leases - Summary of Financing O

Leases - Summary of Financing Obligations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022	Jan. 28, 2023
Assets
Financing obligations	$ 46	$ 52	$ 46	$ 52	$ 49
Liabilities
Current	9	18	9	18	18
Noncurrent	446	449	446	449	442
Total financing obligations	455	467	455	467	$ 460
Income Statement
Amortization of financing obligation assets	1	2	3	4
Interest on financing obligations	17	15	33	27
Total financing obligations	$ 18	$ 17	36	31
Cash Paid for and Proceeds from Amounts Included in the Measurement of Financing Obligations [Abstract]
Operating cash flows from financing obligations			32	26
Financing cash flows from financing obligations			7	11
Proceeds from financing obligations			$ 17	$ 5

Leases - Summary of Future Fina

Leases - Summary of Future Financing Obligation Payments (Details) - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Leases [Abstract]
2023	$ 39
2024	79
2025	79
2026	79
2027	79
After 2027	1,253
Total lease payments	1,608
Non-cash gain on future sale of property	115
Amount representing interest	(1,268)
Total financing obligations	$ 455	$ 460	$ 467

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. 29, 2023	Jan. 28, 2023
Leases [Abstract]
Weighted-average remaining term (years)	17 years	13 years
Weighted-average discount rate	16%	14%

Stock-Based Awards - Summary of

Stock-Based Awards - Summary of Stock-Based Awards Activity (Details) shares in Thousands	6 Months Ended
	Jul. 29, 2023 $ / shares shares
Nonvested Restricted Stock Awards and Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Awards/ Share Units, Beginning Balance | shares	2,439
Stock Awards/ Share Units, Granted | shares	1,878
Stock Awards/ Share Units, Exercised/vested | shares	(821)
Stock Awards/ Share Units, Forfeited/expired | shares	(292)
Stock Awards/ Share Units, Ending Balance | shares	3,204
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 39.4
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares	22.76
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Exercised/vested | $ / shares	39.81
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares	33.68
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 30.06
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Awards/ Share Units, Beginning Balance | shares	813
Stock Awards/ Share Units, Granted | shares	701
Stock Awards/ Share Units, Exercised/vested | shares	(582)
Stock Awards/ Share Units, Forfeited/expired | shares	(112)
Stock Awards/ Share Units, Ending Balance | shares	820
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 45.87
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares	20.68
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Exercised/vested | $ / shares	23.78
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares	63.3
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 37.63

Stock-Based Awards - Additional

Stock-Based Awards - Additional Information (Details) - shares	6 Months Ended
	Jul. 29, 2023	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	1,397,953
Unvested warrants	349,488

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	21.70%	24.60%	18.80%	22.80%

Net Income Per Share - Computat

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Earnings Per Share [Abstract]
Numerator---Net income	$ 58	$ 143	$ 72	$ 157
Denominator—Weighted-average shares: Basic	110	127	110	127
Dilutive impact	1	1	1	2
Weighted average shares, Diluted	111	128	111	129
Basic	$ 0.52	$ 1.13	$ 0.65	$ 1.24
Diluted	$ 0.52	$ 1.11	$ 0.65	$ 1.22

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Potential Shares of Common Stock Excluded From the Diluted Net Income Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares	3	3	3	3

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event [Member]	Aug. 08, 2023 $ / shares
Subsequent Event [Line Items]
Cash dividend per share	$ 0.5
Cash dividend, declared date	Aug. 08, 2023
Cash dividend to be paid date	Sep. 20, 2023
Cash dividend, record date	Sep. 06, 2023