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