Kohl's (KSS) 10-Q 3 Jun 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May 01, 2021	May 28, 2021
Cover [Abstract]
Entity Registrant Name	KOHL’S CORP
Entity Central Index Key	0000885639
Current Fiscal Year End Date	--01-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	May 1, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		156,233,049
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 01, 2021	Jan. 30, 2021	May 02, 2020
Current assets:
Cash and cash equivalents	$ 1,609	$ 2,271	$ 2,039
Merchandise inventories	2,667	2,590	3,557
Other	919	974	574
Total current assets	5,195	5,835	6,170
Property and equipment, net	6,653	6,689	7,169
Operating leases	2,392	2,398	2,373
Other assets	449	415	157
Total assets	14,689	15,337	15,869
Current liabilities:
Accounts payable	1,378	1,476	1,866
Accrued liabilities	1,289	1,270	1,138
Current portion of:
Finance lease and financing obligations	112	115	124
Operating leases	159	161	159
Total current liabilities	2,938	3,022	3,287
Long-term debt	1,909	2,451	3,449
Finance lease and financing obligations	1,473	1,387	1,351
Operating leases	2,620	2,625	2,605
Deferred income taxes	242	302	165
Other long-term liabilities	390	354	222
Shareholders’ equity:
Common stock	4	4	4
Paid-in capital	3,333	3,319	3,289
Treasury stock, at cost	(11,663)	(11,595)	(11,593)
Retained earnings	13,443	13,468	13,090
Total shareholders’ equity	5,117	5,196	4,790
Total liabilities and shareholders’ equity	$ 14,689	$ 15,337	$ 15,869

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Total revenue	$ 3,887	$ 2,428
Cost of merchandise sold	$ 2,233	$ 1,787
Type of Cost, Good or Service [Extensible List]	kss:MerchandisesMember	kss:MerchandisesMember
Operating expenses:
Selling, general, and administrative	$ 1,170	$ 1,066
Depreciation and amortization	211	227
Impairments, store closing, and other costs		66
Operating income (loss)	273	(718)
Interest expense, net	67	58
Loss on extinguishment of debt	201
Income (loss) before income taxes	5	(776)
(Benefit) from income taxes	(9)	(235)
Net income (loss)	$ 14	$ (541)
Net income (loss) per share:
Basic	$ 0.09	$ (3.52)
Diluted	$ 0.09	$ (3.52)
Net Sales [Member]
Total revenue	$ 3,662	$ 2,160
Other Revenue [Member]
Total revenue	$ 225	$ 268

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock [Member]	Paid-In Capital [Member]	Treasury Stock at Cost [Member]	Retained Earnings [Member]
Balance, beginning of period at Feb. 01, 2020		$ 4	$ 3,272	$ (11,571)	$ 13,745
Treasury stock purchases				(8)
Stock-based awards			17	(20)
Net income (loss)	$ (541)				(541)
Dividends paid				6	(114)
Balance, end of period at May. 02, 2020	$ 4,790	$ 4	3,289	$ (11,593)	13,090
Shares, beginning of period at Feb. 01, 2020		375		(219)
Stock-based awards		2
Shares, end of period at May. 02, 2020	158	377		(219)
Dividends paid per common share	$ 0.704
Balance, beginning of period at Jan. 30, 2021	$ 5,196	$ 4	3,319	$ (11,595)	13,468
Treasury stock purchases				(46)
Stock-based awards			14	(22)
Net income (loss)	14				14
Dividends paid					(39)
Balance, end of period at May. 01, 2021	$ 5,117	$ 4	$ 3,333	$ (11,663)	$ 13,443
Shares, beginning of period at Jan. 30, 2021		377		(219)
Treasury stock purchases				(1)
Shares, end of period at May. 01, 2021	157	377		(220)
Dividends paid per common share	$ 0.25

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Operating activities
Net income (loss)	$ 14	$ (541)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	211	227
Share-based compensation	12	15
Deferred income taxes	(65)	(91)
Impairments, store closing, and other costs		51
Loss on extinguishment of debt	201
Non-cash inventory costs		187
Non-cash lease expense	38	37
Other non-cash expense	7	5
Changes in operating assets and liabilities:
Merchandise inventories	(75)	(205)
Other current and long-term assets	31	(180)
Accounts payable	(99)	660
Accrued and other long-term liabilities	42	(78)
Operating lease liabilities	(39)	(34)
Net cash provided by operating activities	278	53
Investing activities
Acquisition of property and equipment	(59)	(162)
Proceeds from sale of real estate	2
Net cash used in investing activities	(57)	(162)
Financing activities
Proceeds from issuance of debt	500	2,097
Deferred financing costs	(5)	(19)
Treasury stock purchases	(46)	(8)
Shares withheld for taxes on vested restricted shares	(22)	(20)
Dividends paid	(39)	(108)
Reduction of long-term borrowings	(1,044)	(497)
Premium paid on redemption of debt	(192)
Finance lease and financing obligation payments	(33)	(23)
Proceeds from stock option exercises	1
Proceeds from financing obligations		3
Other	(3)
Net cash (used in) provided by financing activities	(883)	1,425
Net (decrease) increase in cash and cash equivalents	(662)	1,316
Cash and cash equivalents at beginning of period	2,271	723
Cash and cash equivalents at end of period	1,609	2,039
Supplemental information
Interest paid, net of capitalized interest	59	39
Income taxes paid	5	1
Property and equipment acquired through:
Finance lease liabilities	106	8
Operating lease liabilities	$ 30	$ 20

Basis of Presentation

Basis of Presentation	3 Months Ended
	May 01, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for fiscal year end Consolidated Financial Statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the Consolidated Financial Statements and related footnotes included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2021 (Commission File No. 1-11084) as filed with the Securities and Exchange Commission. Due to the seasonality of the business of Kohl’s Corporation (the “Company,” “Kohl’s,” “we,” “our,” or “us”) and the uncertainty surrounding the financial impact of the novel coronavirus (“COVID-19”) pandemic, results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. We operate as a single business unit. Restructuring Reserve The following table summarizes changes in the restructuring reserve during the quarter ended May 1, 2021: (Dollars In Millions) Severance Balance - January 30, 2021 $ 13 Payments and reversals (2 ) Balance - May 1, 2021 $ 11 Charges related to corporate restructuring efforts are recorded in Impairments, store closing, and other costs. Recent Accounting Pronouncements During the quarter ended May 1, 2021, we adopted the new accounting standard on simplifying the accounting for income taxes (ASU 2019-12). The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. There was no material impact on our financial statements due to adoption of the new standard.

Revenue Recognition

Revenue Recognition	3 Months Ended
	May 01, 2021
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 1, 2021 May 2, 2020 Women's $ 1,117 $ 593 Men’s 687 363 Home 634 483 Children's 468 269 Footwear 388 233 Accessories 368 219 Net Sales $ 3,662 $ 2,160 Unredeemed gift cards and merchandise return card liabilities totaled $298 million as of May 1, 2021, $339 million as of January 30, 2021, and $301 million as of May 2, 2020. Revenue of $74 million was recognized during the current year from the January 30, 2021 ending balance.

Debt

Debt	3 Months Ended
	May 01, 2021
Debt Disclosure [Abstract]
Debt	3. Debt Long-term debt, which includes draws on the revolving credit facility, consists of the following unsecured and secured senior debt: Outstanding Maturity (Dollars in Millions) Effective Rate Coupon Rate May 1, 2021 January 30, 2021 May 2, 2020 2023 3.25 % 3.25 % $ 164 $ 350 $ 350 2023 4.78 % 4.75 % 111 184 184 2025 9.50 % 9.50 % 113 600 600 2025 4.25 % 4.25 % 353 650 650 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 3.38 % 500 — — 2033 6.05 % 6.00 % 112 113 113 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,923 2,467 2,467 Unamortized debt discounts and deferred financing costs (14 ) (16 ) (18 ) Unsecured senior debt 1,909 2,451 2,449 Effective interest rate 4.89 % 5.90 % 5.90 % Secured senior debt — — 1,000 Total long-term debt $ 1,909 $ 2,451 $ 3,449 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 $2.1 billion at May 1, 2021, $2.8 billion at January 30, 2021 and $2.2 billion at May 2, 2020. No borrowing amounts were outstanding on the credit facility in place as of May 1, 2021 or January 30, 2021. At May 2, 2020, $1.0 billion was outstanding on the credit facility. In March 2021, we issued $500 million in aggregate principal amount of 3.375% notes with semi-annual interest payments beginning in November 2021. The notes include coupon rate step ups if our long-term debt is downgraded to below a BBB- credit rating by S&P Global Ratings or Baa3 by Moody’s Investors Service, Inc. The notes mature in May 2031. Proceeds of the issuance and cash on hand were used to pay the principal, premium, and accrued interest of the notes which were purchased as part of the cash tender offer in April 2021. In April 2021, we completed a cash tender offer for $1.0 billion of senior unsecured debt. We recognized a $201 million loss on extinguishment of debt in the first quarter of 2021, which includes the $192 million tender premium paid to tendering note holders in accordance with the terms of the tender offer, a $6 million non-cash write-off of deferred financing costs and original issue discounts associated with the extinguished debt, and $3 million in other fees.

Stock-Based Awards

Stock-Based Awards	3 Months Ended
	May 01, 2021
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 quarter ended May 1, 2021: 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 - January 30, 2021 36 $ 52.15 3,451 $ 32.09 1,037 $ 49.95 Granted — — 546 57.16 197 59.62 Exercised/vested (11 ) 55.20 (838 ) 35.87 (211 ) 72.21 Forfeited/expired (1 ) 51.27 (78 ) 30.95 (33 ) 30.42 Balance - May 1, 2021 24 $ 50.86 3,081 $ 35.54 990 $ 47.78 In 2019, we granted 1,747,441 of stock warrants. The total vested and unvested warrants as of May 1, 2021 were 698,977 and 1,048,464, respectively.

Contingencies

Contingencies	3 Months Ended
	May 01, 2021
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.

Income Taxes

Income Taxes	3 Months Ended
	May 01, 2021
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The first quarter of 2021 resulted in a net benefit for income taxes driven by the recognition of favorable tax items. The net benefit, when compared to a low GAAP income, results in a large negative tax rate. The effective income tax rate from the first quarter of 2020 was driven by the net loss in the first quarter of 2020 due to the temporary closure of our stores and the benefit of the net loss carryback to years with a federal statutory tax rate of 35%.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	7. 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: Quarter Ended (Dollar and Shares in Millions, Except per Share Data) May 1, 2021 May 2, 2020 Numerator—Net income (loss) $ 14 $ (541 ) Denominator—Weighted-average shares: Basic 154 154 Dilutive impact 2 — Diluted 156 154 Net income (loss) per share: Basic $ 0.09 $ (3.52 ) Diluted $ 0.09 $ (3.52 ) 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: Quarter Ended May 1, 2021 May 2, 2020 Anti-dilutive shares 3 6

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	May 01, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Restructuring Reserve	Restructuring Reserve The following table summarizes changes in the restructuring reserve during the quarter ended May 1, 2021: (Dollars In Millions) Severance Balance - January 30, 2021 $ 13 Payments and reversals (2 ) Balance - May 1, 2021 $ 11 Charges related to corporate restructuring efforts are recorded in Impairments, store closing, and other costs.
Recent Accounting Pronouncements	Recent Accounting Pronouncements During the quarter ended May 1, 2021, we adopted the new accounting standard on simplifying the accounting for income taxes (ASU 2019-12). The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. There was no material impact on our financial statements due to adoption of the new standard.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	May 01, 2021
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 quarter ended May 1, 2021: (Dollars In Millions) Severance Balance - January 30, 2021 $ 13 Payments and reversals (2 ) Balance - May 1, 2021 $ 11

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	May 01, 2021
Revenue From Contract With Customer [Abstract]
Schedule of Net Sales by Line of Business	The following table summarizes net sales by line of business: Quarter Ended (Dollars in Millions) May 1, 2021 May 2, 2020 Women's $ 1,117 $ 593 Men’s 687 363 Home 634 483 Children's 468 269 Footwear 388 233 Accessories 368 219 Net Sales $ 3,662 $ 2,160

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 01, 2021
Debt Disclosure [Abstract]
Components of Long-term Debt	Long-term debt, which includes draws on the revolving credit facility, consists of the following unsecured and secured senior debt: Outstanding Maturity (Dollars in Millions) Effective Rate Coupon Rate May 1, 2021 January 30, 2021 May 2, 2020 2023 3.25 % 3.25 % $ 164 $ 350 $ 350 2023 4.78 % 4.75 % 111 184 184 2025 9.50 % 9.50 % 113 600 600 2025 4.25 % 4.25 % 353 650 650 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 3.38 % 500 — — 2033 6.05 % 6.00 % 112 113 113 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,923 2,467 2,467 Unamortized debt discounts and deferred financing costs (14 ) (16 ) (18 ) Unsecured senior debt 1,909 2,451 2,449 Effective interest rate 4.89 % 5.90 % 5.90 % Secured senior debt — — 1,000 Total long-term debt $ 1,909 $ 2,451 $ 3,449

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	3 Months Ended
	May 01, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock-Based Awards Activity	The following table summarizes our stock-based awards activity for the quarter ended May 1, 2021: 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 - January 30, 2021 36 $ 52.15 3,451 $ 32.09 1,037 $ 49.95 Granted — — 546 57.16 197 59.62 Exercised/vested (11 ) 55.20 (838 ) 35.87 (211 ) 72.21 Forfeited/expired (1 ) 51.27 (78 ) 30.95 (33 ) 30.42 Balance - May 1, 2021 24 $ 50.86 3,081 $ 35.54 990 $ 47.78

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income (Loss) Per Share	The information required to compute basic and diluted Net income (loss) per share is as follows: Quarter Ended (Dollar and Shares in Millions, Except per Share Data) May 1, 2021 May 2, 2020 Numerator—Net income (loss) $ 14 $ (541 ) Denominator—Weighted-average shares: Basic 154 154 Dilutive impact 2 — Diluted 156 154 Net income (loss) per share: Basic $ 0.09 $ (3.52 ) Diluted $ 0.09 $ (3.52 )
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: Quarter Ended May 1, 2021 May 2, 2020 Anti-dilutive shares 3 6

Basis of Presentation - Summary

Basis of Presentation - Summary of Changes in Restructuring Reserve (Details) - Employee Severance [Member] $ in Millions	3 Months Ended
	May 01, 2021USD ($)
Restructuring Cost And Reserve [Line Items]
Restructuring Reserve	$ 13
Payments and reversals	(2)
Restructuring Reserve	$ 11

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Net Sales by Line of Business (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Disaggregation Of Revenue [Line Items]
Net Sales	$ 3,887	$ 2,428
Net Sales [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	3,662	2,160
Net Sales [Member] | Women's [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	1,117	593
Net Sales [Member] | Men's [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	687	363
Net Sales [Member] | Home [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	634	483
Net Sales [Member] | Children's [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	468	269
Net Sales [Member] | Footwear [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	388	233
Net Sales [Member] | Accessories [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	$ 368	$ 219

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	Jan. 30, 2021	May 02, 2020
Disaggregation Of Revenue [Line Items]
Rewards Program unredeemed gift cards and merchandise return cards liabilities	$ 298	$ 339	$ 301
Net Sales [Member]
Disaggregation Of Revenue [Line Items]
Revenue recognized	$ 74

Debt - Components of Long-term

Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	May 01, 2021	Apr. 30, 2021	Jan. 30, 2021	May 02, 2020
Debt Instrument [Line Items]
Effective interest rate	4.89%		5.90%	5.90%
Outstanding	$ 1,923		$ 2,467	$ 2,467
Unamortized debt discounts and deferred financing costs	(14)		(16)	(18)
Unsecured senior debt	1,909	$ 1,000	2,451	2,449
Secured senior debt				1,000
Total long-term debt	$ 1,909		2,451	3,449
Senior Notes [Member] | Senior Notes Due 2023 [Member]
Debt Instrument [Line Items]
Effective interest rate	3.25%
Debt Instrument, Interest Rate, Stated Percentage	3.25%
Outstanding	$ 164		350	350
Senior Notes [Member] | Senior Notes 4.78% Due 2023 [Member]
Debt Instrument [Line Items]
Effective interest rate	4.78%
Debt Instrument, Interest Rate, Stated Percentage	4.75%
Outstanding	$ 111		184	184
Senior Notes [Member] | Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Effective interest rate	9.50%
Debt Instrument, Interest Rate, Stated Percentage	9.50%
Outstanding	$ 113		600	600
Senior Notes [Member] | Senior Notes 4.25% Due 2025 [Member]
Debt Instrument [Line Items]
Effective interest rate	4.25%
Debt Instrument, Interest Rate, Stated Percentage	4.25%
Outstanding	$ 353		650	650
Senior Notes [Member] | Senior Notes Due 2029 [Member]
Debt Instrument [Line Items]
Effective interest rate	7.36%
Debt Instrument, Interest Rate, Stated Percentage	7.25%
Outstanding	$ 42		42	42
Senior Notes [Member] | Senior Notes Due 2031 [Member]
Debt Instrument [Line Items]
Effective interest rate	3.40%
Debt Instrument, Interest Rate, Stated Percentage	3.38%
Outstanding	$ 500
Senior Notes [Member] | Senior Notes Due 2033 [Member]
Debt Instrument [Line Items]
Effective interest rate	6.05%
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Outstanding	$ 112		113	113
Senior Notes [Member] | Senior Notes Due 2037 [Member]
Debt Instrument [Line Items]
Effective interest rate	6.89%
Debt Instrument, Interest Rate, Stated Percentage	6.88%
Outstanding	$ 101		101	101
Senior Notes [Member] | Senior Notes Due 2045 [Member]
Debt Instrument [Line Items]
Effective interest rate	5.57%
Debt Instrument, Interest Rate, Stated Percentage	5.55%
Outstanding	$ 427		$ 427	$ 427

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2021	May 01, 2021	Apr. 30, 2021	Jan. 30, 2021	May 02, 2020
Debt Instrument [Line Items]
Senior unsecured debt		$ 1,909,000,000	$ 1,000,000,000	$ 2,451,000,000	$ 2,449,000,000
Loss on extinguishment of debt		201,000,000
Tender premium paid to tendering note holders		192,000,000
Non-cash write-off of deferred financing costs and original issue discounts associated with extinguished debt		6,000,000
Other fees		3,000,000
Unsecured Senior Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value		2,100,000,000		2,800,000,000	2,200,000,000
Senior Notes [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding borrowing amount		$ 0		$ 0	$ 1,000,000,000
3.375 % Notes [Member]
Debt Instrument [Line Items]
Notes issued	$ 500,000,000
Interest rate on notes	3.375%
Debt instrument, maturity date description	In March 2021, we issued $500 million in aggregate principal amount of 3.375% notes with semi-annual interest payments beginning in November 2021. The notes include coupon rate step ups if our long-term debt is downgraded to below a BBB- credit rating by S&P Global Ratings or Baa3 by Moody’s Investors Service, Inc. The notes mature in May 2031. Proceeds of the issuance and cash on hand were used to pay the principal, premium, and accrued interest of the notes which were purchased as part of the cash tender offer in April 2021.
Debt instrument, frequency of interest payment	semi-annual
Debt instrument interest payment beginning month and year	2021-11
Debt instrument, maturity date	2031-05

Stock-Based Awards - Summary of

Stock-Based Awards - Summary of Stock-Based Awards Activity (Details) shares in Thousands	3 Months Ended
	May 01, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, Beginning Balance | shares	36
Stock Options, Exercised/vested | shares	(11)
Stock Options, Forfeited/expired | shares	(1)
Stock Options, Ending Balance | shares	24
Stock Options, Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 52.15
Stock Options, Weighted Average Exercise Price, Exercised/vested | $ / shares	55.20
Stock Options, Weighted Average Exercise Price, Forfeited/expired | $ / shares	51.27
Stock Options, Weighted Average Exercise Price, Ending Balance | $ / shares	$ 50.86
Nonvested Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Awards/ Share Units, Beginning Balance | shares	3,451
Stock Awards/ Share Units, Granted | shares	546
Stock Awards/ Share Units, Exercised/vested | shares	(838)
Stock Awards/ Share Units, Forfeited/expired | shares	(78)
Stock Awards/ Share Units, Ending Balance | shares	3,081
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 32.09
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares	57.16
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Exercised/vested | $ / shares	35.87
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares	30.95
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 35.54
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Awards/ Share Units, Beginning Balance | shares	1,037
Stock Awards/ Share Units, Granted | shares	197
Stock Awards/ Share Units, Exercised/vested | shares	(211)
Stock Awards/ Share Units, Forfeited/expired | shares	(33)
Stock Awards/ Share Units, Ending Balance | shares	990
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 49.95
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares	59.62
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Exercised/vested | $ / shares	72.21
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares	30.42
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 47.78

Stock-Based Awards - Additional

Stock-Based Awards - Additional Information (Details) - shares	3 Months Ended
	May 01, 2021	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	698,977
Unvested warrants	1,048,464

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	May 01, 2021
Income Tax Disclosure [Abstract]
Federal statutory tax rate	35.00%

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings Per Share [Abstract]
Numerator—Net income (loss)	$ 14	$ (541)
Denominator—Weighted-average shares: Basic	154	154
Dilutive impact	2
Weighted average shares, Diluted	156	154
Basic	$ 0.09	$ (3.52)
Diluted	$ 0.09	$ (3.52)

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
	May 01, 2021	May 02, 2020
Earnings Per Share [Abstract]
Anti-dilutive shares	3	6