Kohl's (KSS) 10-Q 8 Jun 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May 05, 2018	Jun. 02, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	KOHLS CORP
Entity Central Index Key	885,639
Current Fiscal Year End Date	--02-02
Entity Filer Category	Large Accelerated Filer
Trading Symbol	KSS
Document Type	10-Q
Document Period End Date	May 5, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		167,096,325

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	May 05, 2018	Feb. 03, 2018	[1]	Apr. 29, 2017	[1]
Current assets:
Cash and cash equivalents	$ 822	$ 1,308		$ 625
Merchandise inventories	3,726	3,542		3,991
Other	435	530		378
Total current assets	4,983	5,380		4,994
Property and equipment, net	7,694	7,773		8,069
Other assets	239	236		231
Total assets	12,916	13,389		13,294
Current liabilities:
Accounts payable	1,454	1,271		1,480
Accrued liabilities	1,135	1,213		1,147
Income taxes payable	118	99		137
Current portion of capital lease and financing obligations	123	126		134
Total current liabilities	2,830	2,709		2,898
Long-term debt	2,301	2,797		2,795
Capital lease and financing obligations	1,563	1,591		1,657
Deferred income taxes	198	211		283
Other long-term liabilities	668	662		674
Shareholders’ equity:
Common stock	4	4		4
Paid-in capital	3,125	3,078		3,013
Treasury stock, at cost	(10,737)	(10,651)		(10,503)
Accumulated other comprehensive loss	(8)	(11)		(13)
Retained earnings	12,972	12,999		12,486
Total shareholders’ equity	5,356	5,419		4,987
Total liabilities and shareholders’ equity	$ 12,916	$ 13,389		$ 13,294
[1]	Refer to Note 2 for details on the adoption of the new revenue recognition accounting standard and the impact on previously reported results.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	May 05, 2018	Apr. 29, 2017	[1]
Income Statement [Abstract]
Net sales	$ 3,953	$ 3,815
Other revenue	255	250
Total revenue	4,208	4,065
Cost of merchandise sold	2,496	2,428
Operating expenses:
Selling, general and administrative	1,259	1,214
Depreciation and amortization	243	238
Operating income	210	185
Interest expense, net	71	76
Loss on extinguishment of debt	42
Income before income taxes	97	109
Provision for income taxes	22	43
Net income	$ 75	$ 66
Net income per share:
Basic	$ 0.46	$ 0.39
Diluted	$ 0.45	$ 0.39
[1]	Refer to Note 2 for details on the adoption of the new revenue recognition accounting standard and the impact on previously reported results.

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions		Total	Common Stock	Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings [Member]
Change in accounting standard | Accounting Standards Update 2014-09	[1]	$ (7)					$ (7)
Beginning Balance (Previously Reported) at Feb. 03, 2018		5,426	$ 4	$ 3,078	$ (10,651)	$ (11)	13,006
Beginning Balance (As Adjusted)		5,419	$ 4	3,078	$ (10,651)	(11)	12,999
Beginning Balance at Feb. 03, 2018	[1]	5,419
Beginning Balance (Accounting Standards Update 2014-09) at Feb. 03, 2018		5,426
Beginning Balance (in shares) (Previously Reported) at Feb. 03, 2018			373		(205)
Beginning Balance (in shares) (As Adjusted)			373		(205)
Comprehensive income		78				3	75
Stock options and awards, net of tax		30		47	$ (17)
Stock options and awards, (in shares)			1
Dividends paid ($0.61 per common share)		(101)			1		(102)
Treasury stock purchases		(70)			$ (70)
Treasury stock purchases, (in shares)					(1)
Ending Balance at May. 05, 2018		$ 5,356	$ 4	$ 3,125	$ (10,737)	$ (8)	$ 12,972
Ending Balance (in shares) at May. 05, 2018			374		(206)
[1]	Refer to Note 2 for details on the adoption of the new revenue recognition accounting standard and the impact on previously reported results.

CONSOLIDATED STATEMENT OF CHAN5

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical)	3 Months Ended
	May 05, 2018$ / shares
Statement Of Stockholders Equity [Abstract]
Dividends declared and paid per share	$ 0.61

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		3 Months Ended
		May 05, 2018	Apr. 29, 2017
Operating activities
Net income		$ 75	$ 66	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		243	238	[1]
Share-based compensation		30	10	[1]
Deferred income taxes		(12)	13	[1]
Loss on extinguishment of debt		42
Other non-cash revenues and expenses		2	(12)	[1]
Changes in operating assets and liabilities:
Merchandise inventories		(181)	(193)	[1]
Accrued and other long-term liabilities		(107)	(117)	[1]
Accounts payable		183	(27)	[1]
Other current and long-term assets		68	42	[1]
Income taxes		44	26	[1]
Net cash provided by operating activities		387	46	[1]
Investing activities
Acquisition of property and equipment		(133)	(216)	[1]
Other	[1]		13
Net cash used in investing activities		(133)	(203)	[1]
Financing activities
Treasury stock purchases		(70)	(156)	[1]
Shares withheld for taxes on vested restricted shares		(17)	(10)	[1]
Dividends paid		(101)	(94)	[1]
Reduction of long-term borrowings		(500)
Premium paid on redemption of debt		(35)
Capital lease and financing obligation activity		(33)	(32)	[1]
Proceeds from stock option exercises		16
Net cash used in financing activities		(740)	(292)	[1]
Net decrease in cash and cash equivalents		(486)	(449)	[1]
Cash at beginning of period	[1]	1,308	1,074
Cash at end of period		822	625	[1]
Supplemental information
Interest paid, net of capitalized interest		58	46	[1]
Income taxes paid		$ 15	5	[1]
Non-cash investing and financing activities
Property and equipment acquired through additional liabilities	[1]		$ 13
[1]	Refer to Note 2 for details on the adoption of the new revenue recognition accounting standard and the impact on previously reported results.

Basis of Presentation

Basis of Presentation	3 Months Ended
	May 05, 2018
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, 2018 (Commission File No. 1-11084) as filed with the Securities and Exchange Commission. Due to the seasonality of our business, 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. The following table provides a brief description of issued, but not yet effective, accounting standards: Standard Description Effect on our Financial Statements Leases (ASC Topic 842) Issued February 2016 Effective Q1 2019 Among other things, the new standard requires us to recognize a right-of-use asset and a lease liability on our balance sheet for each lease. It also changes the presentation and timing of lease-related expenses. Approximately 5% of our store leases and all of our land leases are not currently recorded on our balance sheet. Recording right-of-use assets and lease liabilities for these and other non-store leases is expected to have a material impact on our balance sheet. We are also evaluating the impact that recording right-of-use assets and lease liabilities will have on our income statement and the financial statement impact that the standard will have on leases, which are currently recorded on our balance sheet. In 2017, we recorded provisional amounts for certain income tax effects of the Tax Cuts & Jobs Act (the “Act"), as addressed in Staff Accounting Bulletin No. 118 (“SAB 118”). During the three months ended May 5, 2018, we made no adjustments to the previously recorded provisional amounts related to the Act. Additional work is needed to finalize the income tax effects of the Act and we do not expect subsequent adjustments to be material. Any such adjustments will be recorded as income tax expense in the period in which the adjustment is finalized.

Revenue Recognition

Revenue Recognition	3 Months Ended
	May 05, 2018
Revenue From Contract With Customer [Abstract]
Revenue Recognition	2. Revenue Recognition Effective February 4, 2018, we adopted Revenue from Contracts with Customers (ASC Topic 606) Net Sales Net sales include revenue from the sale of merchandise and shipping revenues. Net sales are recognized when merchandise is received by the customer and we have fulfilled all performance obligations. We do not have any sales that are recorded as commissions. The following table summarizes net sales by line of business for the quarters ended May 5, 2018 and April 29, 2017: (Dollars in Millions) May 5, 2018 April 29, 2017 Women's $ 1,255 $ 1,224 Men's 790 754 Home 691 641 Children's 454 471 Footwear 426 399 Accessories 337 326 Net Sales $ 3,953 $ 3,815 We maintain various rewards programs whereby customers earn rewards based on their spending and other promotional activities. The rewards are typically in the form of dollar off discounts which can be used on future purchases. These programs create performance obligations which require us to defer a portion of the original sale until the rewards are redeemed. Sales are recorded net of returns. At the end of each reporting period, we record a reserve based on historical return rates and patterns which reverses sales that we expect to be returned in the following period. Revenue from the sale of Kohl's gift cards is recognized when the gift card is redeemed. Liabilities for performance obligations resulting from our rewards programs, return reserves, and unredeemed gift cards totaled $380 million as of May 5, 2018 and $368 million as of April 29, 2017. Net sales do not include sales tax as we are considered a pass-through conduit for collecting and remitting sales taxes. Other Revenue Other revenue consists primarily of revenue from our credit card operations, unused gift cards (breakage), and other non-merchandise revenues. Revenue from credit card operations includes our share of the finance charges and interest fees, less charge-offs of the Kohl’s credit card pursuant to the Private Label Credit Card Program Agreement. Expenses related to our credit card operations are reported in SG&A. Income from unused gift cards (breakage) is recorded in proportion and over the time period gift cards are actually redeemed. The following tables summarize the impact of adoption of the new standard by financial statement line item: Three Months Ended April 29, 2017 (Dollars in Millions, Except per Share Data) As Previously Reported New Standard Adjustment Adjusted Net sales $ 3,843 $ (28) $ 3,815 Other revenue 250 250 Total revenue 222 4,065 Cost of merchandise sold 2,445 (17) 2,428 Gross margin 1,398 Operating expenses: Selling, general and administrative 975 239 1,214 Depreciation and amortization 238 - 238 Operating income 185 - 185 Interest expense, net 76 - 76 Income before income taxes 109 - 109 Provision for income taxes 43 - 43 Net income $ 66 $ - $ 66 Net income per share: Basic $ 0.39 $ - $ 0.39 Diluted $ 0.39 $ - $ 0.39 April 29, 2017 (Dollars in Millions) As Previously Reported New Standard Adjustment Adjusted Assets Current assets: Cash and cash equivalents $ 625 $ - $ 625 Merchandise inventories 3,991 - 3,991 Other 328 50 378 Total current assets 4,944 50 4,994 Property and equipment, net 8,069 - 8,069 Other assets 231 - 231 Total assets $ 13,244 $ 50 $ 13,294 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 1,480 $ - $ 1,480 Accrued liabilities 1,088 59 1,147 Income taxes payable 137 - 137 Current portion of capital lease and financing obligations 134 - 134 Total current liabilities 2,839 59 2,898 Long-term debt 2,795 - 2,795 Capital lease and financing obligations 1,657 - 1,657 Deferred income taxes 285 (2 ) 283 Other long-term liabilities 674 - 674 Total shareholders’ equity 4,994 (7 ) 4,987 Total liabilities and shareholders’ equity $ 13,244 $ 50 $ 13,294 February 3, 2018 (Dollars in Millions) As Previously Reported New Standard Adjustment Adjusted Assets Current assets: Cash and cash equivalents $ 1,308 $ - $ 1,308 Merchandise inventories 3,542 - 3,542 Other 481 49 530 Total current assets 5,331 49 5,380 Property and equipment, net 7,773 - 7,773 Other assets 236 - 236 Total assets $ 13,340 $ 49 $ 13,389 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 1,271 $ - $ 1,271 Accrued liabilities 1,155 58 1,213 Income taxes payable 99 - 99 Current portion of capital lease and financing obligations 126 - 126 Total current liabilities 2,651 58 2,709 Long-term debt 2,797 - 2,797 Capital lease and financing obligations 1,591 - 1,591 Deferred income taxes 213 (2 ) 211 Other long-term liabilities 662 - 662 Total shareholders’ equity 5,426 (7 ) 5,419 Total liabilities and shareholders’ equity $ 13,340 $ 49 $ 13,389 The adoption of the new standard had no impact on our basic or diluted earnings per share or our net cash provided by (used in) operating, financing, or investing activities.

Store Closure and Restructure R

Store Closure and Restructure Reserve	3 Months Ended
	May 05, 2018
Restructuring And Related Activities [Abstract]
Store Closure and Restructure Reserve	3. Store Closure and Restructure Reserve The following table summarizes changes in the store closure and restructure reserve during the quarter ended May 5, 2018: (Dollars in Millions) Balance - February 3, 2018 $ 87 Payments (3 ) Balance - May 5, 2018 $ 84

Debt

Debt	3 Months Ended
	May 05, 2018
Debt Disclosure [Abstract]
Debt	4. Debt Long-term debt consists of the following unsecured senior debt: Effective Rate Coupon Rate Outstanding Maturity (Dollars in Millions) May 5, 2018 February 3, 2018 & April 29, 2017 2021 4.81 % 4.00 % $ 426 $ 650 2023 3.25 % 3.25 % 350 350 2023 4.78 % 4.75 % 184 300 2025 4.25 % 4.25 % 650 650 2029 7.36 % 7.25 % 42 99 2033 6.05 % 6.00 % 112 166 2037 6.89 % 6.88 % 101 150 2045 5.57 % 5.55 % 450 450 4.76 % $ 2,315 $ 2,815 Long-term debt is net of unamortized debt discounts and deferred financing costs of $14 million at May 5, 2018, $18 million at February 3, 2018, and $20 million at April 29, 2017. Our 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 long-term debt was $2.3 billion at May 5, 2018, $2.9 billion at February 3, 2018 and $2.8 billion at April 29, 2017. In April 2018, we completed a cash tender offer for $500 million of senior unsecured debt. We recognized a $42 million loss on extinguishment of debt in the first quarter of 2018 which includes $35 million of premiums paid to holders as a result of the tender offer, a $4 million non-cash write-off of an interest rate hedge on tendered debt, and a $3 million non-cash write-off of deferred financing costs and original issue discounts associated with the extinguished debt.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	May 05, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	5. Stock-Based Compensation The following table summarizes our stock-based compensation activity for the three months ended May 5, 2018: Stock Options Nonvested Stock Awards Performance Share Units (Shares and Units in Thousands) Shares Weighted Average Exercise Price Shares Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance - February 3, 2018 1,139 $ 50.51 2,811 $ 45.60 660 $ 44.97 Granted — — 710 63.08 147 65.34 Exercised/vested (582 ) 51.30 (644 ) 48.18 (38 ) 78.35 Forfeited/expired (2 ) 53.14 (33 ) 48.62 — — Balance - May 5, 2018 555 $ 49.91 2,844 $ 49.37 769 $ 47.23

Contingencies

Contingencies	3 Months Ended
	May 05, 2018
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.

Net Income Per Section

Net Income Per Section	3 Months Ended
	May 05, 2018
Net Income Per Section [Abstract]
Net Income Per Share	7. 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 awards. The information required to compute basic and diluted net income per share is as follows: Three Months Ended (Dollar and Shares in Millions, Except per Share Data) May 5, 2018 April 29, 2017 Numerator—Net income $ 75 $ 66 Denominator—Weighted average shares: Basic 165 170 Impact of dilutive stock-based awards 2 1 Diluted 167 171 Antidilutive shares — 3 Net income per share: Basic $ 0.46 $ 0.39 Diluted $ 0.45 $ 0.39

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	May 05, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Issued, But Not Yet Effective, Accounting Standards	The following table provides a brief description of issued, but not yet effective, accounting standards: Standard Description Effect on our Financial Statements Leases (ASC Topic 842) Issued February 2016 Effective Q1 2019 Among other things, the new standard requires us to recognize a right-of-use asset and a lease liability on our balance sheet for each lease. It also changes the presentation and timing of lease-related expenses. Approximately 5% of our store leases and all of our land leases are not currently recorded on our balance sheet. Recording right-of-use assets and lease liabilities for these and other non-store leases is expected to have a material impact on our balance sheet. We are also evaluating the impact that recording right-of-use assets and lease liabilities will have on our income statement and the financial statement impact that the standard will have on leases, which are currently recorded on our balance sheet.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	May 05, 2018
Schedule of Net Sales by Line of Business	The following table summarizes net sales by line of business for the quarters ended May 5, 2018 and April 29, 2017: (Dollars in Millions) May 5, 2018 April 29, 2017 Women's $ 1,255 $ 1,224 Men's 790 754 Home 691 641 Children's 454 471 Footwear 426 399 Accessories 337 326 Net Sales $ 3,953 $ 3,815
Accounting Standards Update 2014-09 [Member]
Schedule of Impact of Adoption of the New Standard by Income Statement Line Item	The following tables summarize the impact of adoption of the new standard by financial statement line item: Three Months Ended April 29, 2017 (Dollars in Millions, Except per Share Data) As Previously Reported New Standard Adjustment Adjusted Net sales $ 3,843 $ (28) $ 3,815 Other revenue 250 250 Total revenue 222 4,065 Cost of merchandise sold 2,445 (17) 2,428 Gross margin 1,398 Operating expenses: Selling, general and administrative 975 239 1,214 Depreciation and amortization 238 - 238 Operating income 185 - 185 Interest expense, net 76 - 76 Income before income taxes 109 - 109 Provision for income taxes 43 - 43 Net income $ 66 $ - $ 66 Net income per share: Basic $ 0.39 $ - $ 0.39 Diluted $ 0.39 $ - $ 0.39
Schedule of Impact of Adoption of the New Standard by Balance Sheet Line Item	April 29, 2017 (Dollars in Millions) As Previously Reported New Standard Adjustment Adjusted Assets Current assets: Cash and cash equivalents $ 625 $ - $ 625 Merchandise inventories 3,991 - 3,991 Other 328 50 378 Total current assets 4,944 50 4,994 Property and equipment, net 8,069 - 8,069 Other assets 231 - 231 Total assets $ 13,244 $ 50 $ 13,294 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 1,480 $ - $ 1,480 Accrued liabilities 1,088 59 1,147 Income taxes payable 137 - 137 Current portion of capital lease and financing obligations 134 - 134 Total current liabilities 2,839 59 2,898 Long-term debt 2,795 - 2,795 Capital lease and financing obligations 1,657 - 1,657 Deferred income taxes 285 (2 ) 283 Other long-term liabilities 674 - 674 Total shareholders’ equity 4,994 (7 ) 4,987 Total liabilities and shareholders’ equity $ 13,244 $ 50 $ 13,294 February 3, 2018 (Dollars in Millions) As Previously Reported New Standard Adjustment Adjusted Assets Current assets: Cash and cash equivalents $ 1,308 $ - $ 1,308 Merchandise inventories 3,542 - 3,542 Other 481 49 530 Total current assets 5,331 49 5,380 Property and equipment, net 7,773 - 7,773 Other assets 236 - 236 Total assets $ 13,340 $ 49 $ 13,389 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 1,271 $ - $ 1,271 Accrued liabilities 1,155 58 1,213 Income taxes payable 99 - 99 Current portion of capital lease and financing obligations 126 - 126 Total current liabilities 2,651 58 2,709 Long-term debt 2,797 - 2,797 Capital lease and financing obligations 1,591 - 1,591 Deferred income taxes 213 (2 ) 211 Other long-term liabilities 662 - 662 Total shareholders’ equity 5,426 (7 ) 5,419 Total liabilities and shareholders’ equity $ 13,340 $ 49 $ 13,389

Store Closure and Restructure16

Store Closure and Restructure Reserve (Tables)	3 Months Ended
	May 05, 2018
Restructuring And Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	The following table summarizes changes in the store closure and restructure reserve during the quarter ended May 5, 2018: (Dollars in Millions) Balance - February 3, 2018 $ 87 Payments (3 ) Balance - May 5, 2018 $ 84

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 05, 2018
Debt Disclosure [Abstract]
Components of long-term debt	Long-term debt consists of the following unsecured senior debt: Effective Rate Coupon Rate Outstanding Maturity (Dollars in Millions) May 5, 2018 February 3, 2018 & April 29, 2017 2021 4.81 % 4.00 % $ 426 $ 650 2023 3.25 % 3.25 % 350 350 2023 4.78 % 4.75 % 184 300 2025 4.25 % 4.25 % 650 650 2029 7.36 % 7.25 % 42 99 2033 6.05 % 6.00 % 112 166 2037 6.89 % 6.88 % 101 150 2045 5.57 % 5.55 % 450 450 4.76 % $ 2,315 $ 2,815

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	May 05, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table summarizes our stock-based compensation activity for the three months ended May 5, 2018: Stock Options Nonvested Stock Awards Performance Share Units (Shares and Units in Thousands) Shares Weighted Average Exercise Price Shares Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance - February 3, 2018 1,139 $ 50.51 2,811 $ 45.60 660 $ 44.97 Granted — — 710 63.08 147 65.34 Exercised/vested (582 ) 51.30 (644 ) 48.18 (38 ) 78.35 Forfeited/expired (2 ) 53.14 (33 ) 48.62 — — Balance - May 5, 2018 555 $ 49.91 2,844 $ 49.37 769 $ 47.23

Net Income Per Section Net Inco

Net Income Per Section Net Income Per Section (Tables)	3 Months Ended
	May 05, 2018
Net Income Per Section [Abstract]
Basic and Diluted Net Income Per Share Calculation	The information required to compute basic and diluted net income per share is as follows: Three Months Ended (Dollar and Shares in Millions, Except per Share Data) May 5, 2018 April 29, 2017 Numerator—Net income $ 75 $ 66 Denominator—Weighted average shares: Basic 165 170 Impact of dilutive stock-based awards 2 1 Diluted 167 171 Antidilutive shares — 3 Net income per share: Basic $ 0.46 $ 0.39 Diluted $ 0.45 $ 0.39

Basis of Presentation - Descrip

Basis of Presentation - Description of Issued, But Not Yet Effective, Accounting Standards (Details)	3 Months Ended
	May 05, 2018
Accounting Standards Update 2016-02 - Leases [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Percentage of store leases unrecorded on Balance Sheet	5.00%

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Revenue From Contract With Customer [Abstract]
Description of adoption of new accounting pronouncement	Effective February 4, 2018, we adopted Revenue from Contracts with Customers (ASC Topic 606) as required. We adopted the new standard using the full retrospective method. The standard eliminates the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replaces it with a principles-based approach for revenue recognition and disclosures. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services.
Sales recorded as commission	$ 0
Liabilities for performance obligations	$ 380	$ 368

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Net Sales by Line of Business (Detail) - USD ($) $ in Millions	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Disaggregation Of Revenue [Line Items]
Net sales	$ 3,953	$ 3,815	[1]
Women's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	1,255	1,224
Men's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	790	754
Home [Member]
Disaggregation Of Revenue [Line Items]
Net sales	691	641
Children's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	454	471
Footwear [Member]
Disaggregation Of Revenue [Line Items]
Net sales	426	399
Accessories [Member]
Disaggregation Of Revenue [Line Items]
Net sales	$ 337	$ 326
[1]	Refer to Note 2 for details on the adoption of the new revenue recognition accounting standard and the impact on previously reported results.

Revenue Recognition - Schedul23

Revenue Recognition - Schedule of Impact of Adoption of the New Standard by Income Statement Line Item (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Net sales	$ 3,953	$ 3,815	[1]
Other revenue	255	250	[1]
Total revenue	4,208	4,065	[1]
Cost of merchandise sold	2,496	2,428	[1]
Operating expenses:
Selling, general and administrative	1,259	1,214	[1]
Depreciation and amortization	243	238	[1]
Operating income	210	185	[1]
Interest expense, net	71	76	[1]
Income before income taxes	97	109	[1]
Provision for income taxes	22	43	[1]
Net income	$ 75	$ 66	[1]
Net income per share:
Basic	$ 0.46	$ 0.39	[1]
Diluted	$ 0.45	$ 0.39	[1]
Accounting Standards Update 2014-09 [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Net sales		$ 3,843
Cost of merchandise sold		2,445
Gross margin		1,398
Operating expenses:
Selling, general and administrative		975
Depreciation and amortization		238
Operating income		185
Interest expense, net		76
Income before income taxes		109
Provision for income taxes		43
Net income		$ 66
Net income per share:
Basic		$ 0.39
Diluted		$ 0.39
Accounting Standards Update 2014-09 [Member] | New Standard Adjustment [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Net sales		$ (28)
Other revenue		250
Total revenue		222
Cost of merchandise sold		(17)
Operating expenses:
Selling, general and administrative		239
Accounting Standards Update 2014-09 [Member] | Adjusted [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Net sales		3,815
Other revenue		250
Total revenue		4,065
Cost of merchandise sold		2,428
Operating expenses:
Selling, general and administrative		1,214
Depreciation and amortization		238
Operating income		185
Interest expense, net		76
Income before income taxes		109
Provision for income taxes		43
Net income		$ 66
Net income per share:
Basic		$ 0.39
Diluted		$ 0.39
[1]	Refer to Note 2 for details on the adoption of the new revenue recognition accounting standard and the impact on previously reported results.

Revenue Recognition - Schedul24

Revenue Recognition - Schedule of Impact of Adoption of the New Standard by Balance Sheet Line Item (Detail) - USD ($) $ in Millions	May 05, 2018	Feb. 03, 2018		Apr. 29, 2017		Jan. 28, 2017	[1]
Assets
Cash and cash equivalents	$ 822	$ 1,308	[1]	$ 625	[1]	$ 1,074
Merchandise inventories	3,726	3,542	[1]	3,991	[1]
Other	435	530	[1]	378	[1]
Total current assets	4,983	5,380	[1]	4,994	[1]
Property and equipment, net	7,694	7,773	[1]	8,069	[1]
Other assets	239	236	[1]	231	[1]
Total assets	12,916	13,389	[1]	13,294	[1]
Liabilities and Shareholders’ Equity
Accounts payable	1,454	1,271	[1]	1,480	[1]
Accrued liabilities	1,135	1,213	[1]	1,147	[1]
Income taxes payable	118	99	[1]	137	[1]
Current portion of capital lease and financing obligations	123	126	[1]	134	[1]
Total current liabilities	2,830	2,709	[1]	2,898	[1]
Long-term debt	2,301	2,797	[1]	2,795	[1]
Capital lease and financing obligations	1,563	1,591	[1]	1,657	[1]
Deferred income taxes	198	211	[1]	283	[1]
Other long-term liabilities	668	662	[1]	674	[1]
Total shareholders’ equity	5,356	5,419	[1]	4,987	[1]
Total liabilities and shareholders’ equity	$ 12,916	13,389	[1]	13,294	[1]
Accounting Standards Update 2014-09 [Member]
Assets
Cash and cash equivalents		1,308		625
Merchandise inventories		3,542		3,991
Other		481		328
Total current assets		5,331		4,944
Property and equipment, net		7,773		8,069
Other assets		236		231
Total assets		13,340		13,244
Liabilities and Shareholders’ Equity
Accounts payable		1,271		1,480
Accrued liabilities		1,155		1,088
Income taxes payable		99		137
Current portion of capital lease and financing obligations		126		134
Total current liabilities		2,651		2,839
Long-term debt		2,797		2,795
Capital lease and financing obligations		1,591		1,657
Deferred income taxes		213		285
Other long-term liabilities		662		674
Total shareholders’ equity		5,426		4,994
Total liabilities and shareholders’ equity		13,340		13,244
Accounting Standards Update 2014-09 [Member] | New Standard Adjustment [Member]
Assets
Other		49		50
Total current assets		49		50
Total assets		49		50
Liabilities and Shareholders’ Equity
Accrued liabilities		58		59
Total current liabilities		58		59
Deferred income taxes		(2)		(2)
Total shareholders’ equity		(7)		(7)
Total liabilities and shareholders’ equity		49		50
Accounting Standards Update 2014-09 [Member] | Adjusted [Member]
Assets
Cash and cash equivalents		1,308		625
Merchandise inventories		3,542		3,991
Other		530		378
Total current assets		5,380		4,994
Property and equipment, net		7,773		8,069
Other assets		236		231
Total assets		13,389		13,294
Liabilities and Shareholders’ Equity
Accounts payable		1,271		1,480
Accrued liabilities		1,213		1,147
Income taxes payable		99		137
Current portion of capital lease and financing obligations		126		134
Total current liabilities		2,709		2,898
Long-term debt		2,797		2,795
Capital lease and financing obligations		1,591		1,657
Deferred income taxes		211		283
Other long-term liabilities		662		674
Total shareholders’ equity		5,419		4,987
Total liabilities and shareholders’ equity		$ 13,389		$ 13,294
[1]	Refer to Note 2 for details on the adoption of the new revenue recognition accounting standard and the impact on previously reported results.

Store Closure and Restructure25

Store Closure and Restructure Reserve - Schedule of Restructuring Reserve by Type of Cost (Details) $ in Millions	3 Months Ended
	May 05, 2018USD ($)
Restructuring And Related Activities [Abstract]
Restructuring Reserve	$ 87
Payments	(3)
Restructuring Reserve	$ 84

Debt - Components of Long Term

Debt - Components of Long Term Debt (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2018	May 05, 2018	Feb. 03, 2018	Apr. 29, 2017
Debt Instrument [Line Items]
Unamortized debt discount		$ 14	$ 18	$ 20
Long-term Debt, Fair Value		2,300	2,900	2,800
Loss on extinguishment of debt		42
Premiums paid to holders as a result of tender offer		$ 35
Senior Notes
Debt Instrument [Line Items]
Effective Rate		4.76%
Total senior debt		$ 2,315	2,815	2,815
Cash tender offer amount	$ 500
Loss on extinguishment of debt		42
Premiums paid to holders as a result of tender offer		35
Non cash write off of interest rate hedge on tendered debt		4
Non cash write off of deferred financing costs and original issue discounts on extinguished debt		$ 3
Senior Notes | Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Effective Rate		4.81%
Debt Instrument, Interest Rate, Stated Percentage		4.00%
Total senior debt		$ 426	650	650
Senior Notes | Senior Notes Due 2023 [Member]
Debt Instrument [Line Items]
Effective Rate		3.25%
Debt Instrument, Interest Rate, Stated Percentage		3.25%
Total senior debt		$ 350	350	350
Senior Notes | Senior Notes 4.78% Due 2023 [Member]
Debt Instrument [Line Items]
Effective Rate		4.78%
Debt Instrument, Interest Rate, Stated Percentage		4.75%
Total senior debt		$ 184	300	300
Senior Notes | Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Effective Rate		4.25%
Debt Instrument, Interest Rate, Stated Percentage		4.25%
Total senior debt		$ 650	650	650
Senior Notes | Senior Notes Due 2029 [Member]
Debt Instrument [Line Items]
Effective Rate		7.36%
Debt Instrument, Interest Rate, Stated Percentage		7.25%
Total senior debt		$ 42	99	99
Senior Notes | Senior Notes Due 2033 [Member]
Debt Instrument [Line Items]
Effective Rate		6.05%
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Total senior debt		$ 112	166	166
Senior Notes | Senior Notes Due 2037 [Member]
Debt Instrument [Line Items]
Effective Rate		6.89%
Debt Instrument, Interest Rate, Stated Percentage		6.88%
Total senior debt		$ 101	150	150
Senior Notes | Senior Notes Due 2045 [Member]
Debt Instrument [Line Items]
Effective Rate		5.57%
Debt Instrument, Interest Rate, Stated Percentage		5.55%
Total senior debt		$ 450	$ 450	$ 450

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Based Compensation Grants (Details) shares in Thousands	3 Months Ended
	May 05, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance at beginning of year, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 50.51
Granted, Weighted Average Exercise Price (in dollars per share) | $ / shares	0
Exercised/vested, Weighted Average Exercise Price (in dollars per share) | $ / shares	51.30
Forfeited/expired, Weighted Average Exercise Price (in dollars per share) | $ / shares	53.14
Balance at end of quarter, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 49.91
Balance at beginning of year, shares | shares	1,139
Granted, shares | shares	0
Exercised/vested, shares | shares	(582)
Forfeited/expired, shares | shares	(2)
Balance at end of quarter, shares | shares	555
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value [Roll Forward]
Balance at beginning of year, Weighted Average Grant Date Fair Value | $ / shares	$ 45.60
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	63.08
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares	48.18
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares	48.62
Balance at end of quarter, Weighted Average Grant Date Fair Value | $ / shares	$ 49.37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares	2,811
Granted, shares | shares	710
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares	(644)
Forfeited/expired performance restricted share units | shares	(33)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares	2,844
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value [Roll Forward]
Balance at beginning of year, Weighted Average Grant Date Fair Value | $ / shares	$ 44.97
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	65.34
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares	78.35
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares	0
Balance at end of quarter, Weighted Average Grant Date Fair Value | $ / shares	$ 47.23
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares	660
Granted, shares | shares	147
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares	(38)
Forfeited/expired performance restricted share units | shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares	769

Net Income Per Share - Basic an

Net Income Per Share - Basic and Diluted Net Income Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	May 05, 2018	Apr. 29, 2017
Net Income Per Section [Abstract]
Numerator—Net income	$ 75	$ 66	[1]
Denominator—Weighted average shares: Basic	165	170
Denominator—Weighted average shares: Impact of dilutive stock-based awards	2	1
Denominator—Weighted average shares: Diluted	167	171
Antidilutive shares		3
Net income per share: Basic	$ 0.46	$ 0.39	[1]
Net income per share: Diluted	$ 0.45	$ 0.39	[1]
[1]	Refer to Note 2 for details on the adoption of the new revenue recognition accounting standard and the impact on previously reported results.