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Consolidated Statements of OperConsolidated Statements of
Operations - USD ($) shares in Millions, $ in Millions12
Months EndedFeb. 03, 2018Jan. 28, 2017Jan. 30, 2016Income
Statement [Abstract]Sales$ 71,879$ 69,495$ 73,785Cost of
sales (a)[1]51,12549,14552,241Gross
margin20,75420,35021,544Selling, general and administrative
expenses14,24813,35614,665Depreciation and amortization
(exclusive of depreciation included in cost of
sales)[1]2,1942,0251,969Gain on sale00(620)Earnings from
continuing operations before interest expense and income
taxes4,3124,9695,530Net interest expense6661,004607Earnings
from continuing operations before income
taxes3,6463,9654,923Provision for income
taxes7181,2961,602Net earnings from continuing
operations2,9282,6693,321Discontinued operations, net of
tax66842Net earnings$ 2,934$ 2,737$
3,3634.1%3.9%4.6%Basic earnings per shareContinuing
operations (in dollars per share)$ 5.35$ 4.62$ 5.29Discontinued
operations (in dollars per share)0.010.120.07Net earnings/(loss)
per share (in dollars per share)5.364.745.35Diluted earnings per
shareContinuing operations (in dollars per
share)5.324.585.25Discontinued operations (in dollars per
share)0.010.120.07Net earnings/(loss) per share (in dollars per
share)$ 5.33$ 4.70$ 5.31Weighted average common shares
outstandingBasic (in shares)546.8577.6627.7Dilutive effect of
share-based awards (in shares)3.54.95.2Diluted (in
shares)550.3582.5632.9Antidilutive shares (in
shares)4.10.10Dividends declared per share (in dollars per
share)$ 2.46$ 2.36$ 2.20
Consolidated Statements of FinaConsolidated Statements of
Financial Position - USD ($) $ in MillionsFeb. 03, 2018Jan. 28,
2017AssetsCash and cash equivalents$ 2,643$
2,512Inventory8,6578,309 Inventory as % of Total
Assets22.2%22.2%Other current assets1,2641,169Total current
assets12,56411,990Property and
equipmentLand6,0956,106Buildings and
improvements28,39627,611Fixtures and
equipment5,6235,503Computer hardware and
software2,6452,651Construction-in-progress440200 Total
Property and Equipment Cost43,19942,071Accumulated
depreciation(18,181)(17,413)Property and equipment,
net25,01824,658 P&E as % of Total Assets64.2%65.9%Other
noncurrent assets1,417783Total assets38,99937,431Liabilities
and shareholders' investmentAccounts
payable8,6777,252Accrued and other current
liabilities4,2543,737Current portion of long-term debt and other
borrowings2701,718Total current liabilities13,20112,707Long-
term debt and other borrowings11,31711,031Deferred income
taxes713861Other noncurrent liabilities2,0591,879Total
noncurrent liabilities14,08913,771Shareholders'
investmentCommon stock4546Additional paid-in
capital5,8585,661Retained earnings6,5535,884Accumulated
other comprehensive loss(747)(638)Total shareholders'
investment11,70910,953Total liabilities and shareholders'
investment$ 38,999$ 37,431Common Stock Authorized
6,000,000,000 shares, $0.0833 par value; 541,681,670 shares
issued and outstanding at February 3, 2018; 556,156,228 shares
issued and outstanding at January 28, 2017.Preferred Stock
Authorized 5,000,000 shares, $0.01 par value; no shares were
issued or outstanding at February 3, 2018 or January 28, 2017.
Consolidated Statements of CashConsolidated Statements of
Cash Flows - USD ($) $ in Millions12 Months EndedFeb. 03,
2018Jan. 28, 2017Jan. 30, 2016Operating activitiesNet
earnings$ 2,934$ 2,737$ 3,363Earnings from discontinued
operations, net of tax66842Net earnings from continuing
operations2,9282,6693,321Adjustments to reconcile net
earnings to cash provided by operations:Depreciation and
amortization2,4452,2982,213Share-based compensation
expense112113115Deferred income taxes(192)41(322)Gain on
sale00(620)Loss on debt extinguishment1234220Noncash
(gains) / losses and other, net192(21)57Changes in operating
accounts:Inventory(348)293(316)Other
assets168(30)(221)Accounts payable1,307(166)(362)Accrued
and other liabilities450(350)947Cash provided by operating
activities—continuing operations6,8495,3295,254Cash provided
by operating activities—discontinued operations74107704Cash
provided by operations6,9235,4365,958Investing
activitiesExpenditures for property and
equipment(2,533)(1,547)(1,438)Proceeds from disposal of
property and equipment314628Proceeds from sale of
businesses001,875Cash paid for acquisitions, net of cash
assumed(518)00Other investments(55)2824Cash (required for) /
provided by investing activities—continuing
operations(3,075)(1,473)489Cash provided by investing
activities—discontinued operations0019Cash (required for) /
provided by investing activities(3,075)(1,473)508Financing
activitiesAdditions to long-term debt7391,9770Reductions of
long-term debt(2,180)(2,641)(85)Dividends
paid(1,338)(1,348)(1,362)Repurchase of
stock(1,046)(3,706)(3,483)Stock option
exercises108221300Cash required for financing
activities(3,717)(5,497)(4,630)Net increase / (decrease) in cash
and cash equivalents131(1,534)1,836Cash and cash equivalents
at beginning of period2,5124,0462,210Cash and cash
equivalents at end of period2,6432,5124,046Supplemental
informationInterest paid, net of capitalized
interest678999604Income taxes paid /
(refunded)9341,514(127)Property and equipment acquired
through capital lease obligations$ 173$ 238$ 126
Consolidated Statements of SharConsolidated Statements of
Shareholders' Investment - USD ($) $ in Millions12 Months
EndedFeb. 03, 2018Jan. 28, 2017Jan. 30, 2016Increase
(Decrease) in Stockholders' EquityBeginning balance (in
shares)556,156,228Beginning balance$ 10,953$ 12,957$
13,997Net earnings / (loss)2,9342,7373,363Other
comprehensive income / (loss)8(9)(30)Dividends declared$
(1,356)$ (1,359)$ (1,378)Repurchase of stock (in
shares)(17,600,000)(50,900,000)(44,700,000)Repurchase of
stock$ (1,027)$ (3,686)$ (3,445)Stock options and
awards197313450Ending balance$ 11,709$ 10,953$
12,957Ending balance (in
shares)541,681,670556,156,228Common StockIncrease
(Decrease) in Stockholders' EquityBeginning balance (in
shares)556,200,000602,200,000640,200,000Beginning balance$
46$ 50$ 53Repurchase of stock (in
shares)(17,600,000)(50,900,000)(44,700,000)Repurchase of
stock$ (1)$ (4)$ (4)Stock options and awards (in
shares)3,100,0004,900,0006,700,000Stock options and awards$
0$ 0$ 1Ending balance$ 45$ 46$ 50Ending balance (in
shares)541,700,000556,200,000602,200,000Additional Paid-in
CapitalIncrease (Decrease) in Stockholders' EquityBeginning
balance$ 5,661$ 5,348$ 4,899Stock options and
awards197313449Ending balance5,8585,6615,348Retained
EarningsIncrease (Decrease) in Stockholders' EquityBeginning
balance5,8848,1889,644Net earnings /
(loss)2,9342,7373,363Dividends
declared(1,356)(1,359)(1,378)Repurchase of
stock(1,026)(3,682)(3,441)Reclassification of tax effects to
Retained Earnings[1]117Ending
balance6,5535,8848,188Accumulated Other Comprehensive
(Loss) / IncomeIncrease (Decrease) in Stockholders'
EquityBeginning balance(638)(629)(599)Other comprehensive
income / (loss)8(9)(30)Reclassification of tax effects to
Retained Earnings[1](117)Ending balance$ (747)$ (638)$ (629)

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Consolidated Statements of OperConsolidated Statements of Operatio.docx

  • 1. Consolidated Statements of OperConsolidated Statements of Operations - USD ($) shares in Millions, $ in Millions12 Months EndedFeb. 03, 2018Jan. 28, 2017Jan. 30, 2016Income Statement [Abstract]Sales$ 71,879$ 69,495$ 73,785Cost of sales (a)[1]51,12549,14552,241Gross margin20,75420,35021,544Selling, general and administrative expenses14,24813,35614,665Depreciation and amortization (exclusive of depreciation included in cost of sales)[1]2,1942,0251,969Gain on sale00(620)Earnings from continuing operations before interest expense and income taxes4,3124,9695,530Net interest expense6661,004607Earnings from continuing operations before income taxes3,6463,9654,923Provision for income taxes7181,2961,602Net earnings from continuing operations2,9282,6693,321Discontinued operations, net of tax66842Net earnings$ 2,934$ 2,737$ 3,3634.1%3.9%4.6%Basic earnings per shareContinuing operations (in dollars per share)$ 5.35$ 4.62$ 5.29Discontinued operations (in dollars per share)0.010.120.07Net earnings/(loss) per share (in dollars per share)5.364.745.35Diluted earnings per shareContinuing operations (in dollars per share)5.324.585.25Discontinued operations (in dollars per share)0.010.120.07Net earnings/(loss) per share (in dollars per share)$ 5.33$ 4.70$ 5.31Weighted average common shares outstandingBasic (in shares)546.8577.6627.7Dilutive effect of share-based awards (in shares)3.54.95.2Diluted (in shares)550.3582.5632.9Antidilutive shares (in shares)4.10.10Dividends declared per share (in dollars per share)$ 2.46$ 2.36$ 2.20 Consolidated Statements of FinaConsolidated Statements of Financial Position - USD ($) $ in MillionsFeb. 03, 2018Jan. 28, 2017AssetsCash and cash equivalents$ 2,643$ 2,512Inventory8,6578,309 Inventory as % of Total Assets22.2%22.2%Other current assets1,2641,169Total current
  • 2. assets12,56411,990Property and equipmentLand6,0956,106Buildings and improvements28,39627,611Fixtures and equipment5,6235,503Computer hardware and software2,6452,651Construction-in-progress440200 Total Property and Equipment Cost43,19942,071Accumulated depreciation(18,181)(17,413)Property and equipment, net25,01824,658 P&E as % of Total Assets64.2%65.9%Other noncurrent assets1,417783Total assets38,99937,431Liabilities and shareholders' investmentAccounts payable8,6777,252Accrued and other current liabilities4,2543,737Current portion of long-term debt and other borrowings2701,718Total current liabilities13,20112,707Long- term debt and other borrowings11,31711,031Deferred income taxes713861Other noncurrent liabilities2,0591,879Total noncurrent liabilities14,08913,771Shareholders' investmentCommon stock4546Additional paid-in capital5,8585,661Retained earnings6,5535,884Accumulated other comprehensive loss(747)(638)Total shareholders' investment11,70910,953Total liabilities and shareholders' investment$ 38,999$ 37,431Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 541,681,670 shares issued and outstanding at February 3, 2018; 556,156,228 shares issued and outstanding at January 28, 2017.Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding at February 3, 2018 or January 28, 2017. Consolidated Statements of CashConsolidated Statements of Cash Flows - USD ($) $ in Millions12 Months EndedFeb. 03, 2018Jan. 28, 2017Jan. 30, 2016Operating activitiesNet earnings$ 2,934$ 2,737$ 3,363Earnings from discontinued operations, net of tax66842Net earnings from continuing operations2,9282,6693,321Adjustments to reconcile net earnings to cash provided by operations:Depreciation and amortization2,4452,2982,213Share-based compensation expense112113115Deferred income taxes(192)41(322)Gain on sale00(620)Loss on debt extinguishment1234220Noncash
  • 3. (gains) / losses and other, net192(21)57Changes in operating accounts:Inventory(348)293(316)Other assets168(30)(221)Accounts payable1,307(166)(362)Accrued and other liabilities450(350)947Cash provided by operating activities—continuing operations6,8495,3295,254Cash provided by operating activities—discontinued operations74107704Cash provided by operations6,9235,4365,958Investing activitiesExpenditures for property and equipment(2,533)(1,547)(1,438)Proceeds from disposal of property and equipment314628Proceeds from sale of businesses001,875Cash paid for acquisitions, net of cash assumed(518)00Other investments(55)2824Cash (required for) / provided by investing activities—continuing operations(3,075)(1,473)489Cash provided by investing activities—discontinued operations0019Cash (required for) / provided by investing activities(3,075)(1,473)508Financing activitiesAdditions to long-term debt7391,9770Reductions of long-term debt(2,180)(2,641)(85)Dividends paid(1,338)(1,348)(1,362)Repurchase of stock(1,046)(3,706)(3,483)Stock option exercises108221300Cash required for financing activities(3,717)(5,497)(4,630)Net increase / (decrease) in cash and cash equivalents131(1,534)1,836Cash and cash equivalents at beginning of period2,5124,0462,210Cash and cash equivalents at end of period2,6432,5124,046Supplemental informationInterest paid, net of capitalized interest678999604Income taxes paid / (refunded)9341,514(127)Property and equipment acquired through capital lease obligations$ 173$ 238$ 126 Consolidated Statements of SharConsolidated Statements of Shareholders' Investment - USD ($) $ in Millions12 Months EndedFeb. 03, 2018Jan. 28, 2017Jan. 30, 2016Increase (Decrease) in Stockholders' EquityBeginning balance (in shares)556,156,228Beginning balance$ 10,953$ 12,957$ 13,997Net earnings / (loss)2,9342,7373,363Other comprehensive income / (loss)8(9)(30)Dividends declared$
  • 4. (1,356)$ (1,359)$ (1,378)Repurchase of stock (in shares)(17,600,000)(50,900,000)(44,700,000)Repurchase of stock$ (1,027)$ (3,686)$ (3,445)Stock options and awards197313450Ending balance$ 11,709$ 10,953$ 12,957Ending balance (in shares)541,681,670556,156,228Common StockIncrease (Decrease) in Stockholders' EquityBeginning balance (in shares)556,200,000602,200,000640,200,000Beginning balance$ 46$ 50$ 53Repurchase of stock (in shares)(17,600,000)(50,900,000)(44,700,000)Repurchase of stock$ (1)$ (4)$ (4)Stock options and awards (in shares)3,100,0004,900,0006,700,000Stock options and awards$ 0$ 0$ 1Ending balance$ 45$ 46$ 50Ending balance (in shares)541,700,000556,200,000602,200,000Additional Paid-in CapitalIncrease (Decrease) in Stockholders' EquityBeginning balance$ 5,661$ 5,348$ 4,899Stock options and awards197313449Ending balance5,8585,6615,348Retained EarningsIncrease (Decrease) in Stockholders' EquityBeginning balance5,8848,1889,644Net earnings / (loss)2,9342,7373,363Dividends declared(1,356)(1,359)(1,378)Repurchase of stock(1,026)(3,682)(3,441)Reclassification of tax effects to Retained Earnings[1]117Ending balance6,5535,8848,188Accumulated Other Comprehensive (Loss) / IncomeIncrease (Decrease) in Stockholders' EquityBeginning balance(638)(629)(599)Other comprehensive income / (loss)8(9)(30)Reclassification of tax effects to Retained Earnings[1](117)Ending balance$ (747)$ (638)$ (629)