Kohl's (KSS) 10-Q 6 Jun 24 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May 04, 2024	May 31, 2024
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	May 04, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		111,205,633
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	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Current assets:
Cash and cash equivalents	$ 228	$ 183	$ 286
Merchandise inventories	3,083	2,880	3,526
Other	345	347	347
Total current assets	3,656	3,410	4,159
Property and equipment, net	7,664	7,720	7,803
Operating leases	2,498	2,499	2,368
Other assets	460	380	380
Total assets	14,278	14,009	14,710
Current liabilities:
Accounts payable	1,220	1,134	1,310
Accrued liabilities	1,265	1,201	1,164
Borrowings under revolving credit facility	355	92	765
Current portion of:
Long-term debt			111
Finance leases and financing obligations	81	83	93
Operating leases	92	102	111
Total current liabilities	3,013	2,612	3,554
Long-term debt	1,638	1,638	1,637
Finance leases and financing obligations	2,651	2,680	2,710
Operating leases	2,783	2,781	2,634
Deferred income taxes	94	107	129
Other long-term liabilities	286	298	326
Shareholders’ equity:
Common stock	2	2	2
Paid-in capital	3,539	3,528	3,489
Treasury stock, at cost	(2,579)	(2,571)	(2,569)
Retained earnings	2,851	2,934	2,798
Total shareholders’ equity	3,813	3,893	3,720
Total liabilities and shareholders’ equity	$ 14,278	$ 14,009	$ 14,710

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Total revenue	$ 3,382	$ 3,571
Cost of merchandise sold	1,923	2,047
Operating expenses:
Selling, general, and administrative	1,228	1,238
Depreciation and amortization	188	188
Operating income	43	98
Interest expense, net	83	84
(Loss) income before income taxes	(40)	14
(Benefit) provision for income taxes	(13)
Net (loss) income	$ (27)	$ 14
Net (loss) income per share:
Basic	$ (0.24)	$ 0.13
Diluted	$ (0.24)	$ 0.13
Net Sales [Member]
Total revenue	$ 3,178	$ 3,355
Other Revenue [Member]
Total revenue	$ 204	$ 216

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. 28, 2023		$ 4	$ 3,479	$ (13,715)	$ 13,995
Retirement of treasury stock		(2)		11,157	(11,155)
Stock-based awards			10	(12)
Net Income (Loss)	$ 14				14
Dividends paid				1	(56)
Balance, end of period at Apr. 29, 2023	$ 3,720	$ 2	3,489	$ (2,569)	2,798
Shares, beginning of period at Jan. 28, 2023		378		(267)
Retirement of treasury stock		(217)		217
Shares, end of period at Apr. 29, 2023	111	161		(50)
Dividends paid per common share	$ 0.5
Balance, beginning of period at Feb. 03, 2024	$ 3,893	$ 2	3,528	$ (2,571)	2,934
Stock-based awards			11	(9)
Net Income (Loss)	(27)				(27)
Dividends paid				1	(56)
Balance, end of period at May. 04, 2024	$ 3,813	$ 2	$ 3,539	$ (2,579)	$ 2,851
Shares, beginning of period at Feb. 03, 2024		161		(50)
Shares, end of period at May. 04, 2024	111	161		(50)
Dividends paid per common share	$ 0.5

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Operating activities
Net (loss) income	$ (27)	$ 14
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	188	188
Share-based compensation	10	9
Deferred income taxes	(13)	1
Non-cash lease expense	22	25
Other non-cash items	3	(4)
Changes in operating assets and liabilities:
Merchandise inventories	(202)	(336)
Other current and long-term assets	(81)	49
Accounts payable	86	(20)
Accrued and other long-term liabilities	34	(101)
Operating lease liabilities	(27)	(27)
Net cash used in operating activities	(7)	(202)
Investing activities
Acquisition of property and equipment	(126)	(94)
Proceeds from sale of real estate		1
Other		(1)
Net cash used in investing activities	(126)	(94)
Financing activities
Net borrowings under revolving credit facility	263	680
Shares withheld for taxes on vested restricted shares	(9)	(12)
Dividends paid	(55)	(55)
Repayment of long-term borrowings		(164)
Finance lease and financing obligation payments	(21)	(25)
Proceeds from financing obligations		5
Net cash provided by financing activities	178	429
Net increase in cash and cash equivalents	45	133
Cash and cash equivalents at beginning of period	183	153
Cash and cash equivalents at end of period	228	286
Supplemental information
Interest paid, net of capitalized interest	70	60
Income taxes paid	1	2
Property and equipment acquired (disposed) through exchange of:
Finance lease liabilities	(11)	(56)
Operating lease liabilities	$ 21	$ 74

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (27)	$ 14

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	May 04, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended May 4, 2024, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Director Or Section 16 Officer [Member]
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	3 Months Ended
	May 04, 2024
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 February 3, 2024 (Commission File No. 1-11084) as filed with the Securities and Exchange Commission ("SEC"). 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. Recent Accounting Pronouncements Accounting Standards Issued and Adopted There are no recently adopted accounting pronouncements that had a material impact on our financial statements. Accounting Standards Issued but not yet Effective Standard Description Effect on our Financial Statements Segment Reporting (ASU 2023-07) Issued November 2023 Effective for Fiscal Years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures around significant segment expenses. We are evaluating the impact of the new required disclosures on our financial statements but do not expect the effect of the adoption to be material. Income Taxes (ASU 2023-09) Issued December 2023 Effective for Fiscal Years beginning after December 15, 2024 The ASU requires entities to provide additional information in the rate reconciliation table and additional disclosures around income taxes paid. We are evaluating the impact of the new required disclosures on our financial statements but do not expect the effect of the adoption to be material.

Revenue Recognition

Revenue Recognition	3 Months Ended
	May 04, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	2. Revenue Recognition The following table summarizes Net sales by line of business: Quarter Ended (Dollars in Millions) May 4, 2024 April 29, 2023 Women's $ 923 $ 988 Accessories (including Sephora) 618 512 Men's 600 695 Home 392 433 Children's 344 403 Footwear 301 324 Net Sales $ 3,178 $ 3,355 Unredeemed gift cards and merchandise return card liabilities totaled $ 294 million as of May 4, 2024, $ 327 million as of February 3, 2024, and $ 317 million as of April 29, 2023. In the first quarter of 2024 and 2023, net sales of $ 57 million and $ 68 million, respectively, were recognized from gift cards redeemed in the current period and issued in prior years.

Debt

Debt	3 Months Ended
	May 04, 2024
Debt Disclosure [Abstract]
Debt	3. Debt Outstanding borrowings under the revolving credit facility, recorded as short-term debt, were $ 355 million as of May 4, 2024, $ 92 million as of February 3, 2024, and $ 765 million as of April 29, 2023. 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 May 4, February 3, April 29, 2023 4.78 % 4.75 % $— $— $ 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 1,648 1,648 1,759 Unamortized debt discounts and deferred financing costs ( 10 ) ( 10 ) ( 11 ) Current portion of unsecured senior debt — — ( 111 ) Long-term unsecured senior debt $ 1,638 $ 1,638 $ 1,637 Effective interest rate at issuance 5.06 % 5.06 % 5.04 % 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 May 4, 2024, $ 1.3 billion at February 3, 2024, and $ 1.3 billion at April 29, 2023. Our various debt agreements contain covenants including limitations on additional indebtedness and certain financial tests. As of May 4, 2024, we were in compliance with all covenants of the various debt agreements.

Stock-Based Awards

Stock-Based Awards	3 Months Ended
	May 04, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Awards	4. Stock-Based Awards The following table summarizes our stock-based awards activity for the three months ended May 4, 2024: Nonvested Restricted Stock Awards and Units Performance Share Units (Shares and Units in Thousands) Shares Weighted Units Weighted Balance - February 3, 2024 3,099 $ 29.66 777 $ 31.26 Granted 1,322 26.32 622 29.33 Vested ( 877 ) 31.47 ( 38 ) 74.68 Forfeited ( 68 ) 30.98 — — Balance - May 4, 2024 3,476 $ 27.91 1,361 $ 29.17 In 2019, we issued 1,747,441 stock warrants. All 1,747,441 shares were vested and unexercised as of May 4, 2024.

Contingencies

Contingencies	3 Months Ended
	May 04, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	5. Contingencies Note 7, Contingencies, of the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024, contains a description of an ongoing legal proceeding, as to which there have been no material developments as of May 4, 2024. On May 16, 2024, David Kelley, an alleged shareholder of the Company, filed a shareholder derivative lawsuit in the U.S. District Court for the Eastern District of Wisconsin purportedly on behalf of the Company and against current and former members of the Board of Directors of the Company as Defendants, and the Company as Nominal Defendant. Kelley v. Boneparth, No. 2:24-cv-00604-LA (E.D. Wis.). The plaintiff asserts claims for breach of fiduciary duty and unjust enrichment and seeks declaratory and injunctive relief, compensatory damages, restitution, fees, and costs. The complaint makes similar allegations to the shareholder class action described in Note 7, Contingencies, of the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024. In particular, the complaint alleges that the Defendants breached their fiduciary duties to the Company and were unjustly enriched by causing or allowing the Company to disseminate allegedly false or misleading statements regarding (1) the conception, execution, and outcomes of the Company’s strategic plan announced on October 20, 2020, (2) the Company’s internal controls over financial reporting, disclosure controls, and corporate governance mechanisms, and (3) the Company’s consideration of acquisition offers. Defendants deny the allegations in the complaint and intend to vigorously defend against them. 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	3 Months Ended
	May 04, 2024
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The effective income tax rate for the first quarter of 2024 was 32.5 % compared to 3.8 % for the first quarter of 2023. In both periods, the tax rate was driven by the recognition of favorable tax items. The impact of the 2024 benefit of the favorable tax items, when compared to a pre-tax loss, results in increasing the tax rate from the statutory rate. The impact of the 2023 benefit of the favorable tax items, when compared to pre-tax income, results in decreasing the tax rate from the statutory rate.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	3 Months Ended
	May 04, 2024
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	7. Net (Loss) Income Per Share Basic net (loss) income per share is net (loss) income divided by the average number of common shares outstanding during the period. Diluted net (loss) income per share includes incremental shares assumed for share-based awards and stock warrants. The potentially dilutive shares outstanding during the period include unvested restricted stock units, unvested restricted stock awards, and warrants, which utilize the treasury stock method, as well as unvested performance share units that utilize the contingently issuable share method. Potentially dilutive shares are excluded from the computations of diluted (loss) earnings per share ("EPS") if their effect would be anti-dilutive. The information required to compute basic and diluted net (loss) income per share is as follows: Quarter Ended (Dollars and Shares in Millions, Except per Share Data) May 4, 2024 April 29, 2023 Numerator—Net (loss) income $( 27 ) $ 14 Denominator—Weighted-average shares: Basic 111 110 Dilutive impact — 1 Diluted 111 111 Net (loss) income per share: Basic $( 0.24 ) $ 0.13 Diluted $( 0.24 ) $ 0.13 The following potential shares of common stock were excluded from the diluted net (loss) income per share calculation because their effect would have been anti-dilutive: Quarter Ended (Shares in Millions) May 4, 2024 April 29, 2023 Anti-dilutive shares 7 3

Subsequent Events

Subsequent Events	3 Months Ended
	May 04, 2024
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events On May 14, 2024, we sent notification of a make whole call to noteholders to redeem the remaining $ 113 million of outstanding 9.50 % notes due May 15, 2025 , which will result in an approximately $ 4.5 million pre-tax charge. The redemption will be completed on June 13, 2024 . On May 15, 2024 , the Board of Directors of Kohl's Corporation declared a quarterly cash dividend of $ 0.50 per share. The dividend will be paid on June 26, 2024 , to all shareholders of record at the close of business on June 12, 2024 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	May 04, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Issued and Adopted There are no recently adopted accounting pronouncements that had a material impact on our financial statements. Accounting Standards Issued but not yet Effective Standard Description Effect on our Financial Statements Segment Reporting (ASU 2023-07) Issued November 2023 Effective for Fiscal Years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures around significant segment expenses. We are evaluating the impact of the new required disclosures on our financial statements but do not expect the effect of the adoption to be material. Income Taxes (ASU 2023-09) Issued December 2023 Effective for Fiscal Years beginning after December 15, 2024 The ASU requires entities to provide additional information in the rate reconciliation table and additional disclosures around income taxes paid. We are evaluating the impact of the new required disclosures on our financial statements but do not expect the effect of the adoption to be material.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	May 04, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Net Sales by Line of Business	The following table summarizes Net sales by line of business: Quarter Ended (Dollars in Millions) May 4, 2024 April 29, 2023 Women's $ 923 $ 988 Accessories (including Sephora) 618 512 Men's 600 695 Home 392 433 Children's 344 403 Footwear 301 324 Net Sales $ 3,178 $ 3,355

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 04, 2024
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 May 4, February 3, April 29, 2023 4.78 % 4.75 % $— $— $ 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 1,648 1,648 1,759 Unamortized debt discounts and deferred financing costs ( 10 ) ( 10 ) ( 11 ) Current portion of unsecured senior debt — — ( 111 ) Long-term unsecured senior debt $ 1,638 $ 1,638 $ 1,637 Effective interest rate at issuance 5.06 % 5.06 % 5.04 %

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	3 Months Ended
	May 04, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock-Based Awards Activity	The following table summarizes our stock-based awards activity for the three months ended May 4, 2024: Nonvested Restricted Stock Awards and Units Performance Share Units (Shares and Units in Thousands) Shares Weighted Units Weighted Balance - February 3, 2024 3,099 $ 29.66 777 $ 31.26 Granted 1,322 26.32 622 29.33 Vested ( 877 ) 31.47 ( 38 ) 74.68 Forfeited ( 68 ) 30.98 — — Balance - May 4, 2024 3,476 $ 27.91 1,361 $ 29.17

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	3 Months Ended
	May 04, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net (Loss) Income Per Share	The information required to compute basic and diluted net (loss) income per share is as follows: Quarter Ended (Dollars and Shares in Millions, Except per Share Data) May 4, 2024 April 29, 2023 Numerator—Net (loss) income $( 27 ) $ 14 Denominator—Weighted-average shares: Basic 111 110 Dilutive impact — 1 Diluted 111 111 Net (loss) income per share: Basic $( 0.24 ) $ 0.13 Diluted $( 0.24 ) $ 0.13
Schedule of Potential Shares of Common Stock Excluded From the Diluted Net (Loss) Income Per Share	The following potential shares of common stock were excluded from the diluted net (loss) income per share calculation because their effect would have been anti-dilutive: Quarter Ended (Shares in Millions) May 4, 2024 April 29, 2023 Anti-dilutive shares 7 3

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Net Sales by Line of Business (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Disaggregation Of Revenue [Line Items]
Total revenue	$ 3,382	$ 3,571
Net Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	3,178	3,355
Net Sales [Member] | Women's [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	923	988
Net Sales [Member] | Accessories (including Sephora) [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	618	512
Net Sales [Member] | Men's [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	600	695
Net Sales [Member] | Home [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	392	433
Net Sales [Member] | Children's [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	344	403
Net Sales [Member] | Footwear [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 301	$ 324

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023	Feb. 03, 2024
Disaggregation Of Revenue [Line Items]
Rewards Program unredeemed gift cards and merchandise return cards liabilities	$ 294	$ 317	$ 327
Revenue from Sale	3,382	3,571
Gift Card [Member]
Disaggregation Of Revenue [Line Items]
Revenue from Sale	$ 57	$ 68

Debt - Components of Long-term

Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Debt Instrument [Line Items]
Effective interest rate at issuance	5.06%	5.06%	5.04%
Outstanding	$ 1,648	$ 1,648	$ 1,759
Unamortized debt discounts and deferred financing costs	(10)	(10)	(11)
Current portion of unsecured senior debt			(111)
Long-term unsecured senior debt	$ 1,638	1,638	1,637
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
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) - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Short-term debt, outstanding	$ 355	$ 92	$ 765
Unsecured Senior Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 1,400	$ 1,300	$ 1,300

Leases - Summary of Operating a

Leases - Summary of Operating and Finance Leases (Details) - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Assets
Operating leases	$ 2,498	$ 2,499	$ 2,368
Current liabilities:
Operating leases	92	102	111
Noncurrent
Operating leases	$ 2,783	$ 2,781	$ 2,634

Leases - Summary of Other Lease

Leases - Summary of Other Lease Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Property and equipment acquired (disposed) through exchange of:
Finance lease liabilities	$ (11)	$ (56)
Operating lease liabilities	$ 21	$ 74

Leases - Summary of Financing O

Leases - Summary of Financing Obligations (Details) $ in Millions	3 Months Ended
	Apr. 29, 2023 USD ($)
Cash Paid for and Proceeds from Amounts Included in the Measurement of Financing Obligations [Abstract]
Proceeds from financing obligations	$ 5

Stock-Based Awards - Summary of

Stock-Based Awards - Summary of Stock-Based Awards Activity (Details) shares in Thousands	3 Months Ended
	May 04, 2024 $ / 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	3,099
Stock Awards/ Share Units, Granted | shares	1,322
Stock Awards/ Share Units, Vested | shares	(877)
Stock Awards/ Share Units, Forfeited | shares	(68)
Stock Awards/ Share Units, Ending Balance | shares	3,476
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 29.66
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares	26.32
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Vested | $ / shares	31.47
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited | $ / shares	30.98
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 27.91
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Awards/ Share Units, Beginning Balance | shares	777
Stock Awards/ Share Units, Granted | shares	622
Stock Awards/ Share Units, Vested | shares	(38)
Stock Awards/ Share Units, Forfeited | shares	0
Stock Awards/ Share Units, Ending Balance | shares	1,361
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 31.26
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares	29.33
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Vested | $ / shares	74.68
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited | $ / shares	0
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 29.17

Stock-Based Awards - Additional

Stock-Based Awards - Additional Information (Details) - shares	May 04, 2024	Feb. 01, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock warrants, issued		1,747,441
Vested and unexercised	1,747,441

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	32.50%	3.80%

Net (Loss) Income Per Share - C

Net (Loss) 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
	May 04, 2024	Apr. 29, 2023
Earnings Per Share [Abstract]
Numerator---Net (Loss) Income	$ (27)	$ 14
Denominator—Weighted-average shares: Basic	111	110
Dilutive impact	0	1
Weighted average shares, Diluted	111	111
Basic	$ (0.24)	$ 0.13
Diluted	$ (0.24)	$ 0.13

Net (Loss) Income Per Share - S

Net (Loss) Income Per Share - Schedule of Potential Shares of Common Stock Excluded From the Diluted Net (Loss) Income Per Share (Details) - shares shares in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Earnings Per Share [Abstract]
Anti-dilutive shares	7	3

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	May 15, 2024	May 14, 2024	May 04, 2024
Senior Notes Due 2025 [Member] | Senior Notes [Member]
Subsequent Event [Line Items]
Interest rate on notes			10.75%
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend per share	$ 0.5
Cash dividend, declared date	May 15, 2024
Cash dividend to be paid date	Jun. 26, 2024
Cash dividend, record date	Jun. 12, 2024
Subsequent Event [Member] | 9.50% Senior Notes Due 2025 [Member] | Senior Notes [Member]
Subsequent Event [Line Items]
Redemption of remaining outstanding notes		$ 113
Interest rate on notes		9.50%
Pre-tax charge		$ 4.5
Debt instrument maturity date		May 15, 2025
Debt instrument redemption end date		Jun. 13, 2024