Kohl's (KSS) 10-Q 3 Sep 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Aug. 01, 2020	Aug. 28, 2020
Cover [Abstract]
Entity Registrant Name	KOHL’S CORP
Entity Central Index Key	0000885639
Current Fiscal Year End Date	--01-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Aug. 1, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		157,775,065
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	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Current assets:
Cash and cash equivalents	$ 2,428	$ 723	$ 625
Merchandise inventories	2,698	3,537	3,656
Income tax receivable	205	15	16
Other	357	374	381
Total current assets	5,688	4,649	4,678
Property and equipment, net	6,970	7,352	7,276
Operating leases	2,418	2,391	2,428
Other assets	159	163	160
Total assets	15,235	14,555	14,542
Current liabilities:
Accounts payable	1,064	1,206	1,330
Accrued liabilities	1,130	1,233	1,199
Income taxes payable	86	48	34
Current portion of:
Finance lease and financing obligations	126	124	119
Operating leases	160	158	158
Total current liabilities	2,566	2,769	2,840
Long-term debt	3,450	1,856	1,855
Finance lease and financing obligations	1,356	1,367	1,270
Operating leases	2,637	2,619	2,647
Deferred income taxes	122	260	254
Other long-term liabilities	267	234	221
Shareholders’ equity:
Common stock	4	4	4
Paid-in capital	3,290	3,272	3,236
Treasury stock, at cost	(11,594)	(11,571)	(11,353)
Retained earnings	13,137	13,745	13,568
Total shareholders’ equity	4,837	5,450	5,455
Total liabilities and shareholders’ equity	$ 15,235	$ 14,555	$ 14,542

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Total revenue	$ 3,407	$ 4,430	$ 5,835	$ 8,517
Cost of merchandise sold	$ 2,149	$ 2,550	$ 3,936	$ 4,965
Type of Cost, Good or Service [Extensible List]	kss:MerchandisesMember	kss:MerchandisesMember	kss:MerchandisesMember	kss:MerchandisesMember
Operating expenses:
Selling, general, and administrative	$ 1,050	$ 1,269	$ 2,116	$ 2,544
Depreciation and amortization	219	228	446	458
Impairments, store closing, and other costs	(2)	7	64	56
(Gain) on sale of real estate	(127)		(127)
Operating income (loss)	118	376	(600)	494
Interest expense, net	78	53	136	105
Income (loss) before income taxes	40	323	(736)	389
(Benefit) provision for income taxes	(7)	82	(242)	86
Net income (loss)	$ 47	$ 241	$ (494)	$ 303
Net income (loss) per share:
Basic	$ 0.31	$ 1.52	$ (3.21)	$ 1.90
Diluted	$ 0.30	$ 1.51	$ (3.21)	$ 1.89
Net Sales [Member]
Total revenue	$ 3,213	$ 4,169	$ 5,373	$ 7,990
Other Revenue [Member]
Total revenue	$ 194	$ 261	$ 462	$ 527

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Paid-In Capital [Member]	Treasury Stock at Cost [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance, beginning of period at Feb. 02, 2019		$ 4	$ 3,204	$ (11,076)	$ 13,395	$ 88	[1]
Accounting Standards Update [Extensible List]						us-gaap:AccountingStandardsUpdate201602Member
Treasury stock purchases				(254)
Stock-based awards			32	(27)
Net income (loss)	$ 303				303
Dividends paid				4	(218)
Balance, end of period at Aug. 03, 2019	$ 5,455	$ 4	3,236	$ (11,353)	13,568
Shares, beginning of period at Feb. 02, 2019		374		(211)
Treasury stock purchases				(4)
Stock-based awards		1
Shares, end of period at Aug. 03, 2019	160	375		(215)
Dividends paid per common share	$ 1.34
Balance, beginning of period at May. 04, 2019		$ 4	3,223	$ (11,221)	13,436
Treasury stock purchases				(133)
Stock-based awards			13	(2)
Net income (loss)	$ 241				241
Dividends paid				3	(109)
Balance, end of period at Aug. 03, 2019	$ 5,455	$ 4	3,236	$ (11,353)	13,568
Shares, beginning of period at May. 04, 2019		375		(213)
Treasury stock purchases				(2)
Shares, end of period at Aug. 03, 2019	160	375		(215)
Dividends paid per common share	$ 0.67
Balance, beginning of period at Feb. 01, 2020	$ 5,450	$ 4	3,272	$ (11,571)	13,745
Treasury stock purchases				(8)
Stock-based awards			18	(21)
Net income (loss)	(494)				(494)
Dividends paid				6	(114)
Balance, end of period at Aug. 01, 2020	$ 4,837	$ 4	3,290	$ (11,594)	13,137
Shares, beginning of period at Feb. 01, 2020		375		(219)
Stock-based awards		2
Shares, end of period at Aug. 01, 2020	158	377		(219)
Dividends paid per common share	$ 0.704
Balance, beginning of period at May. 02, 2020		$ 4	3,289	$ (11,593)	13,090
Stock-based awards			1	(1)
Net income (loss)	$ 47				47
Balance, end of period at Aug. 01, 2020	$ 4,837	$ 4	$ 3,290	$ (11,594)	$ 13,137
Shares, beginning of period at May. 02, 2020		377		(219)
Shares, end of period at Aug. 01, 2020	158	377		(219)
[1]	Adoption of new lease accounting standard in 2019.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019
Operating activities
Net (loss) income	$ (494)	$ 303
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	446	458
Share-based compensation	14	27
Deferred income taxes	(132)	41
Impairments, store closing, and other costs	48	45
(Gain) on sale of real estate	(127)
Non-cash inventory costs	187
Non-cash lease expense	74	75
Other non-cash expense	10	3
Changes in operating assets and liabilities:
Merchandise inventories	656	(175)
Other current and long-term assets	20	29
Accounts payable	(142)	143
Accrued and other long-term liabilities	(23)	(177)
Income taxes	(151)	(8)
Operating lease liabilities	(82)	(88)
Net cash provided by operating activities	304	676
Investing activities
Acquisition of property and equipment	(196)	(439)
Proceeds from sale of real estate	193
Net cash used in investing activities	(3)	(439)
Financing activities
Proceeds from issuance of debt	2,097
Deferred financing costs	(19)
Treasury stock purchases	(8)	(254)
Shares withheld for taxes on vested restricted shares	(20)	(27)
Dividends paid	(108)	(214)
Reduction of long-term borrowings	(497)	(6)
Finance lease and financing obligation payments	(44)	(60)
Proceeds from stock option exercises		2
Proceeds from financing obligations	3	13
Net cash provided by (used in) financing activities	1,404	(546)
Net increase (decrease) in cash and cash equivalents	1,705	(309)
Cash and cash equivalents at beginning of period	723	934
Cash and cash equivalents at end of period	2,428	625
Supplemental information
Interest paid, net of capitalized interest	108	105
Income taxes paid	137	77
Property and equipment acquired through:
Finance lease liabilities	56	73
Operating lease liabilities	$ 103	$ 67

Basis of Presentation

Basis of Presentation	6 Months Ended
	Aug. 01, 2020
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 1, 2020 (Commission File No. 1-11084) as filed with the Securities and Exchange Commission. Due to the seasonality of the business of Kohl’s Corporation (the “Company,” “Kohl’s,” “we,” “our,” or “us”) and the uncertainty surrounding the financial impact of the novel coronavirus (“COVID-19”) pandemic, results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. We operate as a single business unit. Accounting Policies The accounting policies the Company follows are set forth in its most recently filed Annual Report on Form 10-K. There have been no material changes to these accounting policies except as discussed below. Use of Estimates The preparation of Consolidated Financial Statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. We believe that our accounting estimates are appropriate and reflect the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. Actual results could differ from those estimates. Leases In the first quarter of 2020, we negotiated rent deferrals for a significant number of our stores, with repayment at later dates, primarily in the third and fourth quarter of 2020 and first and second quarter of 2021. These concessions provide a deferral of rent payments with no substantive changes to the original contract. Consistent with updated guidance from the Financial Accounting Standards Board (“FASB”) in April 2020, we have elected to treat the COVID-19 pandemic-related rent deferrals as accrued liabilities. We will continue to recognize expense during the deferral periods. A sale leaseback was completed during the quarter ended August 1, 2020 for our San Bernardino E-commerce fulfillment and distribution center. The properties were sold for $195 million and generated net proceeds of $193 million after fees. A gain of $127 million was recognized during the second quarter of 2020 and is recorded in Gain on sale of real estate. An initial operating lease liability and a corresponding right of use asset of $84 million were recorded for these leased locations. Merchandise Inventories Merchandise inventories are valued at the lower of cost or market using the Retail Inventory Method ("RIM"). Under RIM, the valuation of inventory at cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail value of inventory. RIM is an averaging method that has been widely used in the retail industry due to its practicality. The use of RIM will result in inventory being valued at the lower of cost or market since permanent markdowns are taken as a reduction of the retail value of inventories. A reserve would be recorded if the future estimated selling price is less than cost. In the first quarter of 2020, as a result of the COVID-19 pandemic and store closures, we recorded a reserve of for excess seasonal inventory where the expected selling price was less than cost for the quarter ended May 2, 2020. reserve was required for the quarter ended August 1, 2020 or August 3, 2019. Property and Equipment and Long Lived Assets All property and equipment and other long-lived assets are reviewed for potential impairment at least annually or when events or changes in circumstances indicate that the asset’s carrying value may not be recoverable. If such indicators are present, it is determined whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than the carrying value of the assets. A potential impairment has occurred if projected future undiscounted cash flows are less than the carrying value of the assets. Given the substantial reduction in our sales and the reduced cash flow projections as a result of the store closures due to the COVID-19 pandemic, we determined that a triggering event occurred in the first quarter of 2020 and an impairment assessment was warranted for certain stores and other long lived assets. Based on this assessment, we recorded impairment charges of $51 million in the first quarter of 2020 in Impairments, store closing, and other costs. In connection with the closure of four stores in the first quarter of 2019, we recorded impairment charges of $49 million in the first quarter of 2019 in Impairments, store closing, and other costs. We recorded impairment charges of $10 million in the second quarter of 2019 related to the closure of our four Off-Aisle clearance centers in Impairments, store closing, and other costs. In the second quarter of 2020, we recorded an impairment charge of $2 million related to assets held for sale in Impairments, store closing and other costs. As of August 1, 2020, we had assets held for sale of $22 million. Restructuring Reserve The following table summarizes changes in the restructuring reserve during the six months ended August 1, 2020: (Dollars In Millions) Severance Balance - February 1, 2020 $ 27 Payments and reversals (17 ) Additions 2 Balance - August 1, 2020 $ 12 Charges related to corporate restructuring efforts are recorded in Impairments, store closing, and other costs. Recent Accounting Pronouncements We adopted the new accounting standard on accounting for expected credit losses (ASU 2016-13), effective at the beginning of fiscal We adopted the new accounting standard on recognizing implementation costs related to a cloud computing arrangement (ASU 2018-15), effective a t the beginning of fiscal 2020 The following table provides a brief description of issued, but not yet effective, accounting standards: Standard Description Effect on our Financial Statements Income Taxes (ASU 2019-12) Issued December 2019 Effective Q1 2021 The new standard is designed to simplify the accounting for income taxes by removing certain exceptions to the general principles as outlined in U.S. GAAP. We are evaluating the impact of the new standard on our financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Aug. 01, 2020
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) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Women's $ 951 $ 1,377 $ 1,544 $ 2,601 Home 657 575 1,140 1,147 Men’s 598 890 961 1,639 Children's 395 459 664 916 Footwear 337 452 570 873 Accessories 275 416 494 814 Net Sales $ 3,213 $ 4,169 $ 5,373 $ 7,990 Unredeemed gift cards and merchandise return card liabilities totaled $283 million as of August 1, 2020, $334 million as of February 1, 2020, and $258 million as of August 3, 2019. Revenue of $100 was recognized during the current year from the February 1, 2020 ending balance.

Debt

Debt	6 Months Ended
	Aug. 01, 2020
Debt Disclosure [Abstract]
Debt	3. Debt Long-term debt, which includes draws on the revolving credit facility, consists of the following unsecured and secured senior debt: Effective Rate Coupon Rate Outstanding Maturity (Dollars in Millions) August 1, 2020 February 1, 2020 August 3, 2019 2023 3.25 % 3.25 % $ 350 $ 350 $ 350 2023 4.78 % 4.75 % 184 184 184 2025 9.50 % 9.50 % 600 — — 2025 4.25 % 4.25 % 650 650 650 2029 7.36 % 7.25 % 42 42 42 2033 6.05 % 6.00 % 113 113 113 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 2,467 1,867 1,867 Unamortized debt discounts and deferred financing costs (17 ) (11 ) (12 ) Unsecured senior debt 2,450 1,856 1,855 Effective interest rate 5.90 % 4.74 % 4.74 % Secured senior debt 1,000 — — Total long-term debt $ 3,450 $ 1,856 $ 1,855 Our unsecured senior long-term debt is classified as Level 1, financial instruments with unadjusted, quoted prices listed on active market exchanges. The estimated fair value of our unsecured senior debt was $2.5 billion at August 1, 2020, $2.0 billion at February 1, 2020, and $1.9 billion at August 3, 2019. In March 2020, we fully drew down our $1.0 billion senior unsecured revolver. In April 2020, we replaced and upsized the unsecured credit facility with a $1.5 billion senior secured, asset based revolving credit facility maturing in July 2024. The revolver is secured by substantially all of our assets other than real estate, In April 2020, we issued $600 million of 9.50% notes with semi-annual interest payments beginning in November 2020. The notes include coupon rate step ups if our long-term debt is downgraded to below a BBB- credit rating .

Stock-Based Awards

Stock-Based Awards	6 Months Ended
	Aug. 01, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Awards	4. Stock-Based Awards The following table summarizes our stock-based awards activity for the six months ended August 1, 2020: 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 1, 2020 87 $ 51.78 2,312 $ 56.24 1,274 $ 61.55 Granted — — 2,467 20.09 735 21.12 Exercised/vested — — (868 ) 54.29 (826 ) 42.72 Forfeited/expired (33 ) 51.07 (202 ) 48.40 (25 ) 73.55 Balance - August 1, 2020 54 $ 52.22 3,709 $ 33.06 1,158 $ 49.03 In 2019, we granted 1,747,441 of stock warrants . The total vested and unvested warrants as of August 1, 2020 were 349,489 and 1,397,952, respectively.

Contingencies

Contingencies	6 Months Ended
	Aug. 01, 2020
Commitments And Contingencies Disclosure [Abstract]
Contingencies	5. 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 (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Aug. 01, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	6. Net Income (Loss) Per Share Basic Net income (loss) per share is Net income (loss) divided by the average number of common shares outstanding during the period. Diluted Net income (loss) per share includes incremental shares assumed for share-based awards and stock warrants. Potentially dilutive shares include stock options, unvested restricted stock units and awards, and warrants outstanding during the period, using the treasury stock method. Potentially dilutive shares are excluded from the computations of diluted earnings per share (“EPS”) if their effect would be anti-dilutive. The information required to compute basic and diluted Net income (loss) per share is as follows: Three Months Ended Six Months Ended (Dollar and Shares in Millions, Except per Share Data) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Numerator—Net income (loss) $ 47 $ 241 $ (494 ) $ 303 Denominator—Weighted-average shares: Basic 154 159 154 160 Dilutive impact 1 — — 1 Diluted 155 159 154 161 Net income (loss) per share: Basic $ 0.31 $ 1.52 $ (3.21 ) $ 1.90 Diluted $ 0.30 $ 1.51 $ (3.21 ) $ 1.89 The following potential shares of common stock were excluded from the diluted Net income (loss) per share calculation because their effect would have been anti-dilutive: Three Months Ended Six Months Ended (Shares in Millions) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Anti-dilutive shares 5 4 7 3

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Aug. 01, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Use of Estimates	Use of Estimates The preparation of Consolidated Financial Statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. We believe that our accounting estimates are appropriate and reflect the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. Actual results could differ from those estimates.
Leases	Leases In the first quarter of 2020, we negotiated rent deferrals for a significant number of our stores, with repayment at later dates, primarily in the third and fourth quarter of 2020 and first and second quarter of 2021. These concessions provide a deferral of rent payments with no substantive changes to the original contract. Consistent with updated guidance from the Financial Accounting Standards Board (“FASB”) in April 2020, we have elected to treat the COVID-19 pandemic-related rent deferrals as accrued liabilities. We will continue to recognize expense during the deferral periods. A sale leaseback was completed during the quarter ended August 1, 2020 for our San Bernardino E-commerce fulfillment and distribution center. The properties were sold for $195 million and generated net proceeds of $193 million after fees. A gain of $127 million was recognized during the second quarter of 2020 and is recorded in Gain on sale of real estate. An initial operating lease liability and a corresponding right of use asset of $84 million were recorded for these leased locations.
Merchandise Inventories	Merchandise Inventories Merchandise inventories are valued at the lower of cost or market using the Retail Inventory Method ("RIM"). Under RIM, the valuation of inventory at cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail value of inventory. RIM is an averaging method that has been widely used in the retail industry due to its practicality. The use of RIM will result in inventory being valued at the lower of cost or market since permanent markdowns are taken as a reduction of the retail value of inventories. A reserve would be recorded if the future estimated selling price is less than cost. In the first quarter of 2020, as a result of the COVID-19 pandemic and store closures, we recorded a reserve of for excess seasonal inventory where the expected selling price was less than cost for the quarter ended May 2, 2020. reserve was required for the quarter ended August 1, 2020 or August 3, 2019.
Property and Equipment and Long Lived Assets	Property and Equipment and Long Lived Assets All property and equipment and other long-lived assets are reviewed for potential impairment at least annually or when events or changes in circumstances indicate that the asset’s carrying value may not be recoverable. If such indicators are present, it is determined whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than the carrying value of the assets. A potential impairment has occurred if projected future undiscounted cash flows are less than the carrying value of the assets. Given the substantial reduction in our sales and the reduced cash flow projections as a result of the store closures due to the COVID-19 pandemic, we determined that a triggering event occurred in the first quarter of 2020 and an impairment assessment was warranted for certain stores and other long lived assets. Based on this assessment, we recorded impairment charges of $51 million in the first quarter of 2020 in Impairments, store closing, and other costs. In connection with the closure of four stores in the first quarter of 2019, we recorded impairment charges of $49 million in the first quarter of 2019 in Impairments, store closing, and other costs. We recorded impairment charges of $10 million in the second quarter of 2019 related to the closure of our four Off-Aisle clearance centers in Impairments, store closing, and other costs. In the second quarter of 2020, we recorded an impairment charge of $2 million related to assets held for sale in Impairments, store closing and other costs. As of August 1, 2020, we had assets held for sale of $22 million.
Restructuring Reserve	Restructuring Reserve The following table summarizes changes in the restructuring reserve during the six months ended August 1, 2020: (Dollars In Millions) Severance Balance - February 1, 2020 $ 27 Payments and reversals (17 ) Additions 2 Balance - August 1, 2020 $ 12 Charges related to corporate restructuring efforts are recorded in Impairments, store closing, and other costs.
Recent Accounting Pronouncements	Recent Accounting Pronouncements We adopted the new accounting standard on accounting for expected credit losses (ASU 2016-13), effective at the beginning of fiscal We adopted the new accounting standard on recognizing implementation costs related to a cloud computing arrangement (ASU 2018-15), effective a t the beginning of fiscal 2020 The following table provides a brief description of issued, but not yet effective, accounting standards: Standard Description Effect on our Financial Statements Income Taxes (ASU 2019-12) Issued December 2019 Effective Q1 2021 The new standard is designed to simplify the accounting for income taxes by removing certain exceptions to the general principles as outlined in U.S. GAAP. We are evaluating the impact of the new standard on our financial statements.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Aug. 01, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Changes in Restructuring Reserve	The following table summarizes changes in the restructuring reserve during the six months ended August 1, 2020: (Dollars In Millions) Severance Balance - February 1, 2020 $ 27 Payments and reversals (17 ) Additions 2 Balance - August 1, 2020 $ 12

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Aug. 01, 2020
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) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Women's $ 951 $ 1,377 $ 1,544 $ 2,601 Home 657 575 1,140 1,147 Men’s 598 890 961 1,639 Children's 395 459 664 916 Footwear 337 452 570 873 Accessories 275 416 494 814 Net Sales $ 3,213 $ 4,169 $ 5,373 $ 7,990

Debt (Tables)

Debt (Tables)	6 Months Ended
	Aug. 01, 2020
Debt Disclosure [Abstract]
Components of Long-term Debt	Long-term debt, which includes draws on the revolving credit facility, consists of the following unsecured and secured senior debt: Effective Rate Coupon Rate Outstanding Maturity (Dollars in Millions) August 1, 2020 February 1, 2020 August 3, 2019 2023 3.25 % 3.25 % $ 350 $ 350 $ 350 2023 4.78 % 4.75 % 184 184 184 2025 9.50 % 9.50 % 600 — — 2025 4.25 % 4.25 % 650 650 650 2029 7.36 % 7.25 % 42 42 42 2033 6.05 % 6.00 % 113 113 113 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 2,467 1,867 1,867 Unamortized debt discounts and deferred financing costs (17 ) (11 ) (12 ) Unsecured senior debt 2,450 1,856 1,855 Effective interest rate 5.90 % 4.74 % 4.74 % Secured senior debt 1,000 — — Total long-term debt $ 3,450 $ 1,856 $ 1,855

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	6 Months Ended
	Aug. 01, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock-Based Awards Activity	The following table summarizes our stock-based awards activity for the six months ended August 1, 2020: 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 1, 2020 87 $ 51.78 2,312 $ 56.24 1,274 $ 61.55 Granted — — 2,467 20.09 735 21.12 Exercised/vested — — (868 ) 54.29 (826 ) 42.72 Forfeited/expired (33 ) 51.07 (202 ) 48.40 (25 ) 73.55 Balance - August 1, 2020 54 $ 52.22 3,709 $ 33.06 1,158 $ 49.03

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Aug. 01, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income (Loss) Per Share	The information required to compute basic and diluted Net income (loss) per share is as follows: Three Months Ended Six Months Ended (Dollar and Shares in Millions, Except per Share Data) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Numerator—Net income (loss) $ 47 $ 241 $ (494 ) $ 303 Denominator—Weighted-average shares: Basic 154 159 154 160 Dilutive impact 1 — — 1 Diluted 155 159 154 161 Net income (loss) per share: Basic $ 0.31 $ 1.52 $ (3.21 ) $ 1.90 Diluted $ 0.30 $ 1.51 $ (3.21 ) $ 1.89
Schedule of Anti-dilutive Securities Excluded from Diluted Net Income (Loss) Per Share	The following potential shares of common stock were excluded from the diluted Net income (loss) per share calculation because their effect would have been anti-dilutive: Three Months Ended Six Months Ended (Shares in Millions) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Anti-dilutive shares 5 4 7 3

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	3 Months Ended				6 Months Ended
	Aug. 01, 2020USD ($)	May 02, 2020USD ($)	Aug. 03, 2019USD ($)Store	May 04, 2019USD ($)Store	Aug. 01, 2020USD ($)	Feb. 01, 2020USD ($)
Basis Of Presentation [Line Items]
Net proceeds from sale of properties after fees					$ 193,000,000
Gain on sales of real estate	$ 127,000,000				127,000,000
Operating lease right of use asset	2,418,000,000		$ 2,428,000,000		2,418,000,000	$ 2,391,000,000
Impairment charges of property and equipment and other long-lived assets			$ 10,000,000	$ 49,000,000
Number of stores closed | Store			4	4
impairment charge of assets held for sale	2,000,000
Assets held for sale	$ 22,000,000				$ 22,000,000
Accounting Standards Update 2016-13 [Member]
Basis Of Presentation [Line Items]
Change in accounting principle, accounting standards update, adopted	true				true
Change in accounting principle, accounting standards update, immaterial effect	true				true
Accounting Standards Update 2018-15 [Member]
Basis Of Presentation [Line Items]
Change in accounting principle, accounting standards update, adopted	true				true
Change in accounting principle, accounting standards update, immaterial effect	true				true
Covid 19 [Member]
Basis Of Presentation [Line Items]
Merchandise inventories reserve	$ 0	$ 163,000,000	$ 0		$ 0
Impairment charges of property and equipment and other long-lived assets		$ 51,000,000
San Bernardino [Member] | E-commerce Fulfillment and Distribution Centers [Member]
Basis Of Presentation [Line Items]
Proceeds from sale of properties gross	195,000,000
Net proceeds from sale of properties after fees	193,000,000
Gain on sales of real estate	127,000,000
Operating lease liability	84,000,000				84,000,000
Operating lease right of use asset	$ 84,000,000				$ 84,000,000

Basis of Presentation - Summary

Basis of Presentation - Summary of Changes in Restructuring Reserve (Details) - Employee Severance [Member] $ in Millions	6 Months Ended
	Aug. 01, 2020USD ($)
Restructuring Cost And Reserve [Line Items]
Restructuring Reserve	$ 27
Payments and reversals	(17)
Additions	2
Restructuring Reserve	$ 12

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Net Sales by Line of Business (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Disaggregation Of Revenue [Line Items]
Net sales	$ 3,407	$ 4,430	$ 5,835	$ 8,517
Net Sales [Member]
Disaggregation Of Revenue [Line Items]
Net sales	3,213	4,169	5,373	7,990
Net Sales [Member] | Women's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	951	1,377	1,544	2,601
Net Sales [Member] | Home [Member]
Disaggregation Of Revenue [Line Items]
Net sales	657	575	1,140	1,147
Net Sales [Member] | Men's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	598	890	961	1,639
Net Sales [Member] | Children's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	395	459	664	916
Net Sales [Member] | Footwear [Member]
Disaggregation Of Revenue [Line Items]
Net sales	337	452	570	873
Net Sales [Member] | Accessories [Member]
Disaggregation Of Revenue [Line Items]
Net sales	$ 275	$ 416	$ 494	$ 814

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Disaggregation Of Revenue [Line Items]
Rewards Program unredeemed gift cards and merchandise return cards liabilities	$ 283	$ 334	$ 258
Net Sales [Member]
Disaggregation Of Revenue [Line Items]
Revenue recognized	$ 100

Debt - Components of Long-term

Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Debt Instrument [Line Items]
Effective interest rate	5.90%	4.74%	4.74%
Outstanding	$ 2,467	$ 1,867	$ 1,867
Unamortized debt discounts and deferred financing costs	(17)	(11)	(12)
Unsecured senior debt	2,450	1,856	1,855
Secured senior debt	1,000
Total long-term debt	$ 3,450	1,856	1,855
Senior Notes [Member] | Senior Notes Due 2023 [Member]
Debt Instrument [Line Items]
Effective interest rate	3.25%
Debt Instrument, Interest Rate, Stated Percentage	3.25%
Outstanding	$ 350	350	350
Senior Notes [Member] | Senior Notes 4.78% Due 2023 [Member]
Debt Instrument [Line Items]
Effective interest rate	4.78%
Debt Instrument, Interest Rate, Stated Percentage	4.75%
Outstanding	$ 184	184	184
Senior Notes [Member] | Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Effective interest rate	9.50%
Debt Instrument, Interest Rate, Stated Percentage	9.50%
Outstanding	$ 600
Senior Notes [Member] | Senior Notes 4.25% Due 2025 [Member]
Debt Instrument [Line Items]
Effective interest rate	4.25%
Debt Instrument, Interest Rate, Stated Percentage	4.25%
Outstanding	$ 650	650	650
Senior Notes [Member] | Senior Notes Due 2029 [Member]
Debt Instrument [Line Items]
Effective interest rate	7.36%
Debt Instrument, Interest Rate, Stated Percentage	7.25%
Outstanding	$ 42	42	42
Senior Notes [Member] | Senior Notes Due 2033 [Member]
Debt Instrument [Line Items]
Effective interest rate	6.05%
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Outstanding	$ 113	113	113
Senior Notes [Member] | Senior Notes Due 2037 [Member]
Debt Instrument [Line Items]
Effective interest rate	6.89%
Debt Instrument, Interest Rate, Stated Percentage	6.88%
Outstanding	$ 101	101	101
Senior Notes [Member] | Senior Notes Due 2045 [Member]
Debt Instrument [Line Items]
Effective interest rate	5.57%
Debt Instrument, Interest Rate, Stated Percentage	5.55%
Outstanding	$ 427	$ 427	$ 427

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	1 Months Ended		6 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Debt Instrument [Line Items]
Effective interest rate			5.90%	4.74%	4.74%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date description			In March 2020, we fully drew down our $1.0 billion senior unsecured revolver. In April 2020, we replaced and upsized the unsecured credit facility with a $1.5 billion senior secured, asset based revolving credit facility maturing in July 2024.
Debt instrument, covenant description			The revolver is secured by substantially all of our assets other than real estate, and contains customary events of default and financial, affirmative, and negative covenants, including but not limited to, a springing financial covenant related to our fixed charge coverage ratio and restrictions on indebtedness, liens, investments, asset dispositions, and restricted payments, including a restriction on dividends in 2020 if our outstanding borrowings under the credit facility exceed $1.0 billion.
Senior Secured Asset Based Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Replaced and upsized credit facility	$ 1,500,000,000
Debt instrument, maturity date	2024-07
Outstanding borrowing amount			$ 1,000,000,000
Effective interest rate			3.41%
Unsecured Senior Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value			$ 2,500,000,000	$ 2,000,000,000	$ 1,900,000,000
Senior Notes [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Drawings from senior unsecured revolver		$ 1,000,000,000
Outstanding borrowing amount				$ 0	$ 0
9.50 % Notes [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	2025-05
Debt instrument, maturity date description	In April 2020, we issued $600 million of 9.50% notes with semi-annual interest payments beginning in November 2020. The notes include coupon rate step ups if our long-term debt is downgraded to below a BBB- credit rating by S&P Global Ratings or Baa3 by Moody’s Investors Service, Inc. The notes mature in May 2025.
Notes issued	$ 600,000,000
Interest rate on notes	9.50%
Debt instrument, frequency of interest payment	semi-annual
Debt instrument interest payment beginning month and year	2020-11

Stock-Based Awards - Summary of

Stock-Based Awards - Summary of Stock-Based Awards Activity (Details) shares in Thousands	6 Months Ended
	Aug. 01, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, Beginning Balance | shares	87
Stock Options, Forfeited/expired | shares	(33)
Stock Options, Ending Balance | shares	54
Stock Options, Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 51.78
Stock Options, Weighted Average Exercise Price, Forfeited/expired | $ / shares	51.07
Stock Options, Weighted Average Exercise Price, Ending Balance | $ / shares	$ 52.22
Nonvested Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Awards/ Share Units, Beginning Balance | shares	2,312
Stock Awards/ Share Units, Granted | shares	2,467
Stock Awards/ Share Units, Exercised/vested | shares	(868)
Stock Awards/ Share Units, Forfeited/expired | shares	(202)
Stock Awards/ Share Units, Ending Balance | shares	3,709
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 56.24
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares	20.09
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Exercised/vested | $ / shares	54.29
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares	48.40
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 33.06
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Awards/ Share Units, Beginning Balance | shares	1,274
Stock Awards/ Share Units, Granted | shares	735
Stock Awards/ Share Units, Exercised/vested | shares	(826)
Stock Awards/ Share Units, Forfeited/expired | shares	(25)
Stock Awards/ Share Units, Ending Balance | shares	1,158
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 61.55
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares	21.12
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Exercised/vested | $ / shares	42.72
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares	73.55
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 49.03

Stock-Based Awards - Additional

Stock-Based Awards - Additional Information (Details) - shares	6 Months Ended
	Aug. 01, 2020	Feb. 01, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock warrants, granted		1,747,441
Warrant [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested warrants	349,489
Unvested warrants	1,397,952

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Earnings Per Share [Abstract]
Numerator—Net income (loss)	$ 47	$ 241	$ (494)	$ 303
Denominator—Weighted-average shares: Basic	154	159	154	160
Dilutive impact	1			1
Weighted average shares, Diluted	155	159	154	161
Basic	$ 0.31	$ 1.52	$ (3.21)	$ 1.90
Diluted	$ 0.30	$ 1.51	$ (3.21)	$ 1.89

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Anti-dilutive Securities Excluded from Diluted Net Income (Loss) Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted net (loss) income per share	5	4	7	3