Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

v3.7.0.1
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
6 Months Ended
Jul. 29, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Statement of Comprehensive Income
Condensed Consolidating Statements of Comprehensive Income
 
 
13 Weeks Ended July 29, 2017
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidation
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
Net sales
 
$

 
$
5,237.0

 
$
73.6

 
$
(29.4
)
 
$
5,281.2

Cost of sales
 

 
3,623.7

 
41.0

 
(11.3
)
 
3,653.4

Gross profit
 

 
1,613.3

 
32.6

 
(18.1
)
 
1,627.8

Selling, general and administrative
   expenses
 
2.1

 
1,203.2

 
21.2

 
(18.2
)
 
1,208.3

Operating income (loss)
 
(2.1
)
 
410.1

 
11.4

 
0.1

 
419.5

Interest expense (income), net
 
58.8

 
18.9

 
(1.9
)
 

 
75.8

Other (income) expense, net
 
(0.1
)
 
0.1

 
0.2

 
(0.1
)
 
0.1

Income (loss) before income taxes
 
(60.8
)
 
391.1

 
13.1

 
0.2

 
343.6

Income tax expense (benefit)
 
(21.5
)
 
126.5

 
4.8

 

 
109.8

Equity in earnings of subsidiaries
 
(273.0
)
 
(8.6
)
 

 
281.6

 

Net income
 
233.7

 
273.2

 
8.3

 
(281.4
)
 
233.8

Other comprehensive income
 
8.0

 
2.4

 
8.0

 
(10.4
)
 
8.0

Comprehensive income
 
$
241.7

 
$
275.6

 
$
16.3

 
$
(291.8
)
 
$
241.8

 
 
13 Weeks Ended July 30, 2016
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidation
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
Net sales
 
$

 
$
4,951.8

 
$
230.3

 
$
(185.8
)
 
$
4,996.3

Cost of sales
 

 
3,468.8

 
210.2

 
(195.1
)
 
3,483.9

Gross profit
 

 
1,483.0

 
20.1

 
9.3

 
1,512.4

Selling, general and administrative
   expenses
 
1.9

 
1,125.1

 
16.2

 
12.0

 
1,155.2

Operating income (loss)
 
(1.9
)
 
357.9

 
3.9

 
(2.7
)
 
357.2

Interest expense (income), net
 
72.7

 
16.5

 
(1.9
)
 

 
87.3

Other expense, net
 
2.7

 

 
0.4

 
(3.1
)
 

Income (loss) before income taxes
 
(77.3
)
 
341.4

 
5.4

 
0.4

 
269.9

Income tax expense (benefit)
 
(30.4
)
 
129.7

 
0.3

 
0.1

 
99.7

Equity in earnings of subsidiaries
 
(216.6
)
 
(1.9
)
 

 
218.5

 

Net income
 
169.7

 
213.6

 
5.1

 
(218.2
)
 
170.2

Other comprehensive loss
 
(2.4
)
 
(0.6
)
 
(2.4
)
 
3.1

 
(2.3
)
Comprehensive income
 
$
167.3

 
$
213.0

 
$
2.7

 
$
(215.1
)
 
$
167.9


Condensed Balance Sheet
Condensed Consolidating Balance Sheets
 
 
July 29, 2017
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidating
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
389.1

 
$
128.2

 
$
176.0

 
$

 
$
693.3

Short-term investments
 

 

 
4.0

 

 
4.0

Merchandise inventories, net
 

 
2,882.1

 
48.1

 
(1.7
)
 
2,928.5

Current deferred tax assets, net
 

 
(6.7
)
 
6.7

 

 

Due from intercompany, net
 
109.1

 
1,118.7

 
6.5

 
(1,234.3
)
 

Other current assets
 
0.8

 
186.6

 
1.7

 
0.3

 
189.4

Total current assets
 
499.0

 
4,308.9

 
243.0

 
(1,235.7
)
 
3,815.2

Property, plant and equipment, net
 

 
3,087.4

 
28.0

 

 
3,115.4

Assets available for sale
 

 
10.4

 

 

 
10.4

Goodwill
 

 
4,993.1

 
32.1

 

 
5,025.2

Favorable lease rights, net
 

 
420.4

 

 

 
420.4

Tradename intangible asset
 

 
3,100.0

 

 

 
3,100.0

Other intangible assets, net
 

 
4.9

 

 

 
4.9

Investment in subsidiaries
 
8,583.5

 
116.5

 

 
(8,700.0
)
 

Intercompany note receivable
 
1,801.4

 

 
188.8

 
(1,990.2
)
 

Due from intercompany, net
 
1,245.7

 

 

 
(1,245.7
)
 

Other assets
 

 
40.5

 
3.1

 
(2.8
)
 
40.8

Total assets
 
$
12,129.6

 
$
16,082.1

 
$
495.0

 
$
(13,174.4
)
 
$
15,532.3

LIABILITIES AND EQUITY
 
 

 
 

 
 

 
 

 
 

Current liabilities:
 
 

 
 

 
 

 
 

 
 

Current portion of long-term debt
 
$
165.9

 
$

 
$

 
$

 
$
165.9

Accounts payable
 

 
1,182.0

 
15.4

 
(1.1
)
 
1,196.3

Due to intercompany, net
 
917.4

 
299.6

 
17.3

 
(1,234.3
)
 

Other current liabilities
 
50.2

 
467.3

 
205.0

 

 
722.5

Income taxes payable
 
(146.4
)
 
143.0

 
3.4

 

 

Total current liabilities
 
987.1

 
2,091.9

 
241.1

 
(1,235.4
)
 
2,084.7

Long-term debt, net, excluding
   current portion
 
5,280.3

 
314.7

 

 

 
5,595.0

Unfavorable lease rights, net
 

 
111.5

 

 

 
111.5

Deferred tax liabilities, net
 
2.0

 
1,447.8

 

 

 
1,449.8

Income taxes payable, long-term
 

 
41.6

 

 

 
41.6

Due to intercompany, net
 

 
1,245.7

 

 
(1,245.7
)
 

Intercompany note payable
 

 
1,990.2

 

 
(1,990.2
)
 

Other liabilities
 

 
383.9

 
8.5

 
(2.9
)
 
389.5

Total liabilities
 
6,269.4

 
7,627.3

 
249.6

 
(4,474.2
)
 
9,672.1

Shareholders' equity
 
5,860.2

 
8,454.8

 
245.4

 
(8,700.2
)
 
5,860.2

Total liabilities and equity
 
$
12,129.6

 
$
16,082.1

 
$
495.0

 
$
(13,174.4
)
 
$
15,532.3

Condensed Consolidating Balance Sheets (Continued)
 
 
January 28, 2017
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidating
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
562.4

 
$
139.2

 
$
164.8

 
$

 
$
866.4

Short-term investments
 

 

 
4.0

 

 
4.0

Merchandise inventories, net
 

 
2,826.3

 
41.2

 
(1.7
)
 
2,865.8

Current deferred tax assets, net
 

 
(9.3
)
 
9.3

 

 

Due from intercompany, net
 
58.7

 
1,041.5

 
42.8

 
(1,143.0
)
 

Other current assets
 
0.5

 
198.7

 
2.3

 
0.3

 
201.8

Total current assets
 
621.6

 
4,196.4

 
264.4

 
(1,144.4
)
 
3,938.0

Property, plant and equipment, net
 

 
3,085.3

 
30.5

 

 
3,115.8

Assets available for sale
 

 
9.0

 

 

 
9.0

Goodwill
 

 
4,993.1

 
30.4

 

 
5,023.5

Favorable lease rights, net
 

 
468.6

 

 

 
468.6

Tradename intangible asset
 

 
3,100.0

 

 

 
3,100.0

Other intangible assets, net
 

 
5.1

 

 

 
5.1

Investment in subsidiaries
 
8,640.1

 
106.6

 

 
(8,746.7
)
 

Intercompany note receivable
 
1,926.4

 

 
188.8

 
(2,115.2
)
 

Due from intercompany, net
 
1,243.8

 

 

 
(1,243.8
)
 

Other assets
 

 
41.3

 
3.3

 
(3.0
)
 
41.6

Total assets
 
$
12,431.9

 
$
16,005.4

 
$
517.4

 
$
(13,253.1
)
 
$
15,701.6

LIABILITIES AND EQUITY
 
 

 
 

 
 

 
 

 
 

Current liabilities:
 
 

 
 

 
 

 
 

 
 

Current portion of long-term debt
 
$
152.1

 
$

 
$

 
$

 
$
152.1

Accounts payable
 

 
1,105.9

 
14.7

 
(1.0
)
 
1,119.6

Due to intercompany, net
 
969.6

 
121.5

 
51.9

 
(1,143.0
)
 

Other current liabilities
 
66.4

 
470.5

 
207.3

 

 
744.2

Income taxes payable
 
(1.9
)
 
91.0

 
0.9

 

 
90.0

Total current liabilities
 
1,186.2

 
1,788.9

 
274.8

 
(1,144.0
)
 
2,105.9

Long-term debt, net, excluding
   current portion
 
5,853.9

 
315.8

 

 

 
6,169.7

Unfavorable lease rights, net
 

 
124.0

 

 

 
124.0

Deferred tax liabilities, net
 
2.0

 
1,456.9

 

 

 
1,458.9

Income taxes payable, long-term
 

 
71.2

 

 

 
71.2

Due to intercompany, net
 

 
1,243.8

 

 
(1,243.8
)
 

Intercompany note payable
 

 
2,115.2

 

 
(2,115.2
)
 

Other liabilities
 

 
377.5

 
8.1

 
(3.2
)
 
382.4

Total liabilities
 
7,042.1

 
7,493.3

 
282.9

 
(4,506.2
)
 
10,312.1

Shareholders' equity
 
5,389.8

 
8,512.1

 
234.5

 
(8,746.9
)
 
5,389.5

Total liabilities and equity
 
$
12,431.9

 
$
16,005.4

 
$
517.4

 
$
(13,253.1
)
 
$
15,701.6

Condensed Consolidating Balance Sheets (Continued)
 
 
July 30, 2016
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidating
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$

 
$
1,044.8

 
$
155.4

 
$
(107.0
)
 
$
1,093.2

Short-term investments
 

 

 
4.0

 

 
4.0

Merchandise inventories, net
 

 
2,910.6

 
61.2

 
3.3

 
2,975.1

Due from intercompany, net
 
40.5

 
350.1

 
125.6

 
(516.2
)
 

Other current assets
 
3.0

 
380.8

 
(7.0
)
 
0.3

 
377.1

Total current assets
 
43.5

 
4,686.3

 
339.2

 
(619.6
)
 
4,449.4

Property, plant and equipment, net
 

 
3,139.1

 
35.1

 

 
3,174.2

Assets available for sale
 

 
13.5

 

 

 
13.5

Goodwill
 

 
4,993.2

 
30.6

 

 
5,023.8

Favorable lease rights, net
 

 
518.8

 

 

 
518.8

Tradename intangible asset
 

 
3,100.0

 

 

 
3,100.0

Other intangible assets, net
 

 
5.3

 
0.1

 

 
5.4

Investment in subsidiaries
 
8,886.3

 
123.2

 

 
(9,009.5
)
 

Intercompany note receivable
 
1,526.4

 

 
188.8

 
(1,715.2
)
 

Due from intercompany, net
 
1,916.5

 

 

 
(1,916.5
)
 

Other assets
 

 
44.2

 
3.8

 
(3.7
)
 
44.3

Total assets
 
$
12,372.7

 
$
16,623.6

 
$
597.6

 
$
(13,264.5
)
 
$
16,329.4

LIABILITIES AND EQUITY
 
 

 
 

 
 

 
 

 
 

Current liabilities:
 
 

 
 

 
 

 
 

 
 

Current portion of long-term debt
 
$
145.5

 
$

 
$

 
$

 
$
145.5

Accounts payable
 
107.0

 
1,219.2

 
129.0

 
(103.7
)
 
1,351.5

Due to intercompany, net
 
346.9

 
158.4

 
10.9

 
(516.2
)
 

Other current liabilities
 
77.7

 
399.8

 
205.5

 

 
683.0

Total current liabilities
 
677.1

 
1,777.4

 
345.4

 
(619.9
)
 
2,180.0

Long-term debt, net, excluding
   current portion
 
6,838.9

 
316.8

 

 

 
7,155.7

Unfavorable lease rights, net
 

 
136.6

 

 

 
136.6

Deferred tax liabilities, net
 

 
1,562.8

 
(6.9
)
 
0.1

 
1,556.0

Income taxes payable, long-term
 

 
73.6

 

 

 
73.6

Due to intercompany, net
 

 
1,916.5

 

 
(1,916.5
)
 

Intercompany note payable
 

 
1,715.2

 

 
(1,715.2
)
 

Other liabilities
 
(0.3
)
 
365.7

 
8.5

 
(3.3
)
 
370.6

Total liabilities
 
7,515.7

 
7,864.6

 
347.0

 
(4,254.8
)
 
11,472.5

Shareholders' equity
 
4,857.0

 
8,759.0

 
250.6

 
(9,009.7
)
 
4,856.9

Total liabilities and equity
 
$
12,372.7

 
$
16,623.6

 
$
597.6

 
$
(13,264.5
)
 
$
16,329.4


Condensed Cash Flow Statement
Condensed Consolidating Statements of Cash Flows
 
 
26 Weeks Ended July 29, 2017
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidating
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
Net cash provided by operating activities
 
$
405.8

 
$
827.5

 
$
11.2

 
$
(569.3
)
 
$
675.2

Cash flows from investing activities:
 
 

 
 

 
 
 
 
 
 
Capital expenditures
 

 
(271.3
)
 
(0.4
)
 

 
(271.7
)
Other
 

 
2.1

 

 

 
2.1

Net cash used in investing activities
 

 
(269.2
)
 
(0.4
)
 

 
(269.6
)
Cash flows from financing activities:
 
 

 
 

 
 
 
 
 
 
Principal payments for long-term debt
 
(569.3
)
 

 

 

 
(569.3
)
Dividends paid
 

 
(569.3
)
 

 
569.3

 

Proceeds from stock issued pursuant to
   stock-based compensation plans
 
14.9

 

 

 

 
14.9

Cash paid for taxes on exercises/vesting of
   stock-based compensation
 
(24.7
)
 

 

 

 
(24.7
)
Net cash used in financing activities
 
(579.1
)
 
(569.3
)
 

 
569.3

 
(579.1
)
Effect of exchange rate changes on cash and
   cash equivalents
 

 

 
0.4

 

 
0.4

Net (decrease) increase in cash and cash
   equivalents
 
(173.3
)
 
(11.0
)
 
11.2

 

 
(173.1
)
Cash and cash equivalents at beginning of
   period
 
562.4

 
139.2

 
164.8

 

 
866.4

Cash and cash equivalents at end of period
 
$
389.1

 
$
128.2

 
$
176.0

 
$

 
$
693.3

Condensed Consolidating Statements of Cash Flows (continued)
 
 
26 Weeks Ended July 30, 2016
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidating
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
Net cash provided by operating activities
 
$
51.9

 
$
679.5

 
$
38.6

 
$
(89.7
)
 
$
680.3

Cash flows from investing activities:
 
 

 
 

 
 
 
 
 
 
Capital expenditures
 

 
(355.1
)
 
(0.8
)
 

 
(355.9
)
Purchase of restricted investments
 

 
(36.1
)
 

 

 
(36.1
)
Proceeds from sale of restricted
   investments
 

 
118.1

 

 

 
118.1

Other
 

 
1.5

 

 

 
1.5

Net cash used in investing activities
 

 
(271.6
)
 
(0.8
)
 

 
(272.4
)
Cash flows from financing activities:
 
 

 
 

 
 
 
 
 
 
Principal payments for long-term debt
 
(54.0
)
 

 

 

 
(54.0
)
Proceeds from stock issued pursuant to
   stock-based compensation plans
 
22.7

 

 

 

 
22.7

Cash paid for taxes on exercises/vesting of
   stock-based compensation
 
(19.9
)
 

 

 

 
(19.9
)
Other
 
(0.7
)
 

 

 

 
(0.7
)
Net cash used in financing activities
 
(51.9
)
 

 

 

 
(51.9
)
Effect of exchange rate changes on cash and
   cash equivalents
 

 

 
1.1

 

 
1.1

Net increase in cash and cash equivalents
 

 
407.9

 
38.9

 
(89.7
)
 
357.1

Cash and cash equivalents at beginning of
   period
 

 
636.9

 
116.5

 
(17.3
)
 
736.1

Cash and cash equivalents at end of period
 
$

 
$
1,044.8

 
$
155.4

 
$
(107.0
)
 
$
1,093.2