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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Feb. 02, 2019
Feb. 03, 2018
Jan. 28, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]      
Sales $ 7,939 $ 7,782 $ 7,766
Cost of sales 5,411 5,326 5,130
Selling, general and administrative expenses 1,614 1,501 1,472
Depreciation and amortization 178 173 158
Litigation and Other Charges 37 211 6
Income from operations 699 [1] 571 [1] 1,000
Interest (income) / expense, net (9) (2) 2
Other income (5) (5) (6)
Income before income taxes 713 578 1,004
Income tax expense 172 294 340
Net income $ 541 [2],[3],[4] $ 284 [2],[3],[4] $ 664
Basic earnings per share $ 4.68 $ 2.23 $ 4.95
Weighted-average shares outstanding 115.6 127.2 134.0
Diluted earnings per share $ 4.66 $ 2.22 $ 4.91
Weighted-average shares outstanding, assuming dilution 116.1 127.9 135.1
[1] Operating profit represents income before income taxes, interest (income)/expense, net, and non-operating income.C
[2] During the fourth quarter of 2017, the Company recorded a provisional $99 million tax liability for the mandatory deemed repatriation of foreign sourced net earnings and a corresponding change in our permanent reinvestment assertion under ASC 74030. During second, third, and fourth quarters 2018, the Company recorded benefits of $1 million, $23 million, and $4 million from the completion of the accounting for the Tax Act. See Note 17, Income Taxes for further information.Quarterly income per share amounts do not total to the annual amount due to changes in weighted-average shares outstanding during the year. Additionally, stock options and other potentially dilutive common shares were excluded from the computation of diluted earnings per common share for the quarter ended February 3, 2018 as the Company reported a net loss.
[3] During the fourth quarters of 2018 and 2017, the Company recorded pre-tax non-cash impairment charges totaling $19 million and $20 million, respectively. See Note 3, Litigation and Other Charges for further information.
[4] During the third quarter of 2017, the Company recorded a pre-tax charge of $13 million associated with the reorganization and the reduction in staff taken to improve efficiency. See Note 3, Litigation and Other Charges for further information.