Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

v3.8.0.1
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
 9 Months Ended
Oct. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Statement of Comprehensive Income
Condensed Consolidating Statements of Comprehensive Income
 
 
13 Weeks Ended October 28, 2017
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidation
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
Net sales
 
$
—

 
$
5,275.8

 
$
77.9

 
$
(37.1
)
 
$
5,316.6

Cost of sales
 
—

 
3,626.0

 
43.3

 
(18.7
)
 
3,650.6

Gross profit
 
—

 
1,649.8

 
34.6

 
(18.4
)
 
1,666.0

Selling, general and administrative
   expenses
 
1.4

 
1,224.8

 
33.1

 
(18.5
)
 
1,240.8

Operating income (loss)
 
(1.4
)
 
425.0

 
1.5

 
0.1

 
425.2

Interest expense (income), net
 
55.0

 
16.6

 
(1.9
)
 
—

 
69.7

Other expense, net
 
—

 
0.1

 
0.2

 
0.1

 
0.4

Income (loss) before income taxes
 
(56.4
)
 
408.3

 
3.2

 
—

 
355.1

Income tax expense (benefit)
 
(36.7
)
 
151.0

 
0.9

 
—

 
115.2

Equity in earnings of subsidiaries
 
(259.6
)
 
(1.8
)
 
—

 
261.4

 
—

Net income
 
239.9

 
259.1

 
2.3

 
(261.4
)
 
239.9

Other comprehensive loss
 
(2.7
)
 
(0.8
)
 
(2.8
)
 
3.6

 
(2.7
)
Comprehensive income (loss)
 
$
237.2

 
$
258.3

 
$
(0.5
)
 
$
(257.8
)
 
$
237.2

 
 
13 Weeks Ended October 29, 2016
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidation
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
Net sales
 
$
—

 
$
4,931.4

 
$
223.3

 
$
(153.1
)
 
$
5,001.6

Cost of sales
 
—

 
3,427.3

 
153.2

 
(99.4
)
 
3,481.1

Gross profit
 
—

 
1,504.1

 
70.1

 
(53.7
)
 
1,520.5

Selling, general and administrative
   expenses
 
2.0

 
1,160.2

 
65.2

 
(49.3
)
 
1,178.1

Operating income (loss)
 
(2.0
)
 
343.9

 
4.9

 
(4.4
)
 
342.4

Interest expense (income), net
 
96.9

 
17.2

 
(1.9
)
 
(0.1
)
 
112.1

Other (income) expense, net
 
4.6

 
(0.2
)
 
0.3

 
(4.6
)
 
0.1

Income (loss) before income taxes
 
(103.5
)
 
326.9

 
6.5

 
0.3

 
230.2

Income tax expense (benefit)
 
(53.1
)
 
111.0

 
0.8

 
(0.1
)
 
58.6

Equity in earnings of subsidiaries
 
(222.0
)
 
(2.7
)
 
—

 
224.7

 
—

Net income
 
171.6

 
218.6

 
5.7

 
(224.3
)
 
171.6

Other comprehensive loss
 
(2.4
)
 
(0.7
)
 
(2.5
)
 
3.2

 
(2.4
)
Comprehensive income
 
$
169.2

 
$
217.9

 
$
3.2

 
$
(221.1
)
 
$
169.2


Condensed Balance Sheet
Condensed Consolidating Balance Sheets
 
 
October 28, 2017
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidating
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
86.9

 
$
188.0

 
$
125.2

 
$
—

 
$
400.1

Merchandise inventories, net
 
—

 
3,350.6

 
48.9

 
(1.7
)
 
3,397.8

Current deferred tax assets, net
 
—

 
(10.5
)
 
10.5

 
—

 
—

Due from intercompany, net
 
135.2

 
580.0

 
4.8

 
(720.0
)
 
—

Other current assets
 
9.2

 
163.6

 
1.6

 
0.3

 
174.7

Total current assets
 
231.3

 
4,271.7

 
191.0

 
(721.4
)
 
3,972.6

Property, plant and equipment, net
 
—

 
3,152.7

 
26.2

 
—

 
3,178.9

Assets available for sale
 
—

 
8.6

 
—

 
—

 
8.6

Goodwill
 
—

 
4,993.1

 
31.2

 
—

 
5,024.3

Favorable lease rights, net
 
—

 
398.0

 
—

 
—

 
398.0

Tradename intangible asset
 
—

 
3,100.0

 
—

 
—

 
3,100.0

Other intangible assets, net
 
—

 
4.9

 
—

 
—

 
4.9

Investment in subsidiaries
 
8,771.8

 
103.5

 
—

 
(8,875.3
)
 
—

Intercompany note receivable
 
1,801.4

 
—

 
188.8

 
(1,990.2
)
 
—

Due from intercompany, net
 
1,244.5

 
—

 
—

 
(1,244.5
)
 
—

Other assets
 
—

 
42.9

 
3.1

 
(3.1
)
 
42.9

Total assets
 
$
12,049.0

 
$
16,075.4

 
$
440.3

 
$
(12,834.5
)
 
$
15,730.2

LIABILITIES AND EQUITY
 
 

 
 

 
 

 
 

 
 

Current liabilities:
 
 

 
 

 
 

 
 

 
 

Current portion of long-term debt
 
$
165.9

 
$
—

 
$
—

 
$
—

 
$
165.9

Accounts payable
 
—

 
1,170.7

 
12.0

 
(1.4
)
 
1,181.3

Due to intercompany, net
 
593.6

 
104.7

 
21.7

 
(720.0
)
 
—

Other current liabilities
 
(0.8
)
 
484.5

 
209.0

 


 
692.7

Income taxes payable
 
(69.7
)
 
68.1

 
1.6

 
—

 
—

Total current liabilities
 
689.0

 
1,828.0

 
244.3

 
(721.4
)
 
2,039.9

Long-term debt, net, excluding
   current portion
 
5,241.4

 
315.6

 
—

 
—

 
5,557.0

Unfavorable lease rights, net
 
—

 
105.7

 
—

 
—

 
105.7

Deferred tax liabilities, net
 
1.8

 
1,470.6

 
—

 
—

 
1,472.4

Income taxes payable, long-term
 
—

 
45.1

 
—

 
—

 
45.1

Due to intercompany, net
 
—

 
1,244.5

 
—

 
(1,244.5
)
 
—

Intercompany note payable
 
—

 
1,990.2

 
—

 
(1,990.2
)
 
—

Other liabilities
 
0.3

 
388.3

 
8.1

 
(3.1
)
 
393.6

Total liabilities
 
5,932.5

 
7,388.0

 
252.4

 
(3,959.2
)
 
9,613.7

Shareholders' equity
 
6,116.5

 
8,687.4

 
187.9

 
(8,875.3
)
 
6,116.5

Total liabilities and equity
 
$
12,049.0

 
$
16,075.4

 
$
440.3

 
$
(12,834.5
)
 
$
15,730.2

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
 
0.3

 
377.5

 
8.0

 
(3.4
)
 
382.4

Total liabilities
 
7,042.4

 
7,493.3

 
282.8

 
(4,506.4
)
 
10,312.1

Shareholders' equity
 
5,389.5

 
8,512.1

 
234.6

 
(8,746.7
)
 
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)
 
 
October 29, 2016
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidating
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
930.4

 
$
129.0

 
$
(325.6
)
 
$
733.8

Short-term investments
 
—

 
—

 
4.0

 
—

 
4.0

Merchandise inventories, net
 
—

 
3,222.3

 
47.4

 
4.2

 
3,273.9

Current deferred tax assets, net
 
—

 
(10.6
)
 
10.6

 
—

 
—

Due from intercompany, net
 
67.9

 
674.9

 
116.7

 
(859.5
)
 
—

Other current assets
 
117.3

 
209.3

 
5.7

 
(1.6
)
 
330.7

Total current assets
 
185.2

 
5,026.3

 
313.4

 
(1,182.5
)
 
4,342.4

Property, plant and equipment, net
 
—

 
3,143.5

 
32.8

 
—

 
3,176.3

Assets available for sale
 
—

 
11.6

 
—

 
—

 
11.6

Goodwill
 
—

 
4,993.1

 
29.8

 
—

 
5,022.9

Favorable lease rights, net
 
—

 
493.8

 
—

 
—

 
493.8

Tradename intangible asset
 
—

 
3,100.0

 
—

 
—

 
3,100.0

Other intangible assets, net
 
—

 
5.2

 
—

 
—

 
5.2

Investment in subsidiaries
 
9,107.7

 
102.1

 
—

 
(9,209.8
)
 
—

Intercompany note receivable
 
1,526.4

 
—

 
188.8

 
(1,715.2
)
 
—

Due from intercompany, net
 
1,699.1

 
—

 
—

 
(1,699.1
)
 
—

Other assets
 
—

 
42.4

 
4.0

 
(3.6
)
 
42.8

Total assets
 
$
12,518.4

 
$
16,918.0

 
$
568.8

 
$
(13,810.2
)
 
$
16,195.0

LIABILITIES AND EQUITY
 
 

 
 

 
 

 
 

 
 

Current liabilities:
 
 

 
 

 
 

 
 

 
 

Current portion of long-term debt
 
$
145.8

 
$
—

 
$
—

 
$
—

 
$
145.8

Accounts payable
 
325.7

 
1,211.7

 
52.1

 
(323.1
)
 
1,266.4

Due to intercompany, net
 
343.2

 
451.7

 
64.6

 
(859.5
)
 
—

Other current liabilities
 
28.8

 
485.6

 
207.6

 
—

 
722.0

Income taxes payable
 
3.5

 
(9.0
)
 
5.5

 
—

 
—

Total current liabilities
 
847.0

 
2,140.0

 
329.8

 
(1,182.6
)
 
2,134.2

Long-term debt, net, excluding
   current portion
 
6,621.7

 
316.3

 
—

 
—

 
6,938.0

Unfavorable lease rights, net
 
—

 
130.2

 
—

 
—

 
130.2

Deferred tax liabilities, net
 
1.9

 
1,493.6

 
—

 
—

 
1,495.5

Income taxes payable, long-term
 
—

 
72.3

 
—

 
—

 
72.3

Due to intercompany, net
 
—

 
1,699.1

 
—

 
(1,699.1
)
 
—

Intercompany note payable
 
—

 
1,715.2

 
—

 
(1,715.2
)
 
—

Other liabilities
 
0.1

 
372.3

 
8.2

 
(3.5
)
 
377.1

Total liabilities
 
7,470.7

 
7,939.0

 
338.0

 
(4,600.4
)
 
11,147.3

Shareholders' equity
 
5,047.7

 
8,979.0

 
230.8

 
(9,209.8
)
 
5,047.7

Total liabilities and equity
 
$
12,518.4

 
$
16,918.0

 
$
568.8

 
$
(13,810.2
)
 
$
16,195.0


Condensed Cash Flow Statement
Condensed Consolidating Statements of Cash Flows
 
 
39 Weeks Ended October 28, 2017
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidating
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
Net cash provided by operating activities
 
$
138.1

 
$
1,108.2

 
$
14.1

 
$
(667.8
)
 
$
592.6

Cash flows from investing activities:
 
 

 
 

 
 
 
 
 
 
Capital expenditures
 
—

 
(448.5
)
 
(0.9
)
 
—

 
(449.4
)
Proceeds from sale of restricted and
   unrestricted investments
 
—

 
—

 
4.0

 
—

 
4.0

Other
 
—

 
(0.1
)
 
—

 
—

 
(0.1
)
Net cash provided by (used in)
   investing activities
 
—

 
(448.6
)
 
3.1

 
—

 
(445.5
)
Cash flows from financing activities:
 
 

 
 

 
 
 
 
 
 
Principal payments for long-term debt
 
(610.8
)
 
—

 
—

 
—

 
(610.8
)
Dividends paid
 
—

 
(610.8
)
 
(57.0
)
 
667.8

 
—

Proceeds from stock issued pursuant to
   stock-based compensation plans
 
24.4

 
—

 
—

 
—

 
24.4

Cash paid for taxes on exercises/vesting of
   stock-based compensation
 
(27.2
)
 
—

 
—

 
—

 
(27.2
)
Net cash used in financing activities
 
(613.6
)
 
(610.8
)
 
(57.0
)
 
667.8

 
(613.6
)
Effect of exchange rate changes on cash and
   cash equivalents
 
—

 
—

 
0.2

 
—

 
0.2

Net (decrease) increase in cash and cash
   equivalents
 
(475.5
)
 
48.8

 
(39.6
)
 
—

 
(466.3
)
Cash and cash equivalents at beginning of
   period
 
562.4

 
139.2

 
164.8

 
—

 
866.4

Cash and cash equivalents at end of period
 
$
86.9

 
$
188.0

 
$
125.2

 
$
—

 
$
400.1

Condensed Consolidating Statements of Cash Flows (continued)
 
 
39 Weeks Ended October 29, 2016
 
 
 
 
Guarantor
 
Non-Guarantor
 
Consolidating
 
Consolidated
(in millions)
 
Parent
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Company
Net cash provided by operating activities
 
$
290.0

 
$
660.5

 
$
36.1

 
$
(331.3
)
 
$
655.3

Cash flows from investing activities:
 
 

 
 

 
 
 
 
 
 
Capital expenditures
 
—

 
(450.2
)
 
(1.3
)
 
—

 
(451.5
)
Purchase of restricted investments
 
—

 
(36.1
)
 
—

 
—

 
(36.1
)
Proceeds from sale of restricted
   investments
 
—

 
118.1

 
—

 
—

 
118.1

Other
 
—

 
1.2

 
—

 
—

 
1.2

Net cash used in investing activities
 
—

 
(367.0
)
 
(1.3
)
 
—

 
(368.3
)
Cash flows from financing activities:
 
 

 
 

 
 
 
 
 
 
Principal payments for long-term debt
 
(3,258.5
)
 
—

 
—

 
—

 
(3,258.5
)
Proceeds from long-term debt, net of
   discount
 
2,962.5

 
—

 
—

 
—

 
2,962.5

Repayments of revolving credit facility
 
(140.0
)
 
—

 
—

 
—

 
(140.0
)
Proceeds from revolving credit facility
 
140.0

 
—

 
—

 
—

 
140.0

Dividends paid
 
—

 
—

 
(23.0
)
 
23.0

 
—

Proceeds from stock issued pursuant to
   stock-based compensation plans
 
33.3

 
—

 
—

 
—

 
33.3

Cash paid for taxes on exercises/vesting of
   stock-based compensation
 
(21.2
)
 
—

 
—

 
—

 
(21.2
)
Other
 
(6.1
)
 
—

 
—

 
—

 
(6.1
)
Net cash used in financing activities
 
(290.0
)
 
—

 
(23.0
)
 
23.0

 
(290.0
)
Effect of exchange rate changes on cash and
   cash equivalents
 
—

 
—

 
0.7

 
—

 
0.7

Net (decrease) increase in cash and cash
   equivalents
 
—

 
293.5

 
12.5

 
(308.3
)
 
(2.3
)
Cash and cash equivalents at beginning of
   period
 
—

 
636.9

 
116.5

 
(17.3
)
 
736.1

Cash and cash equivalents at end of period
 
$
—

 
$
930.4

 
$
129.0

 
$
(325.6
)
 
$
733.8