Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Cash flows from operating activities      
Net income/(loss) $ (268) $ (255) $ (118)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:      
Restructuring and management transition 23 (3) 74
Asset impairments and other charges 0 56 6
Net gain on sale of non-operating assets (1) 0 0
Net gain from sale of operating assets (8) (67) (119)
(Gain)/loss on extinguishment of debt (1) 23 33
Depreciation and amortization 544 556 570
Benefit plans (37) (65) 106
Stock-based compensation [1] 11 10 25
Other comprehensive income tax benefits 0 (11) (60)
Deferred taxes (6) (13) (63)
Change in cash from:      
Inventory 271 366 93
Prepaid expenses and other assets (9) 1 (15)
Merchandise accounts payable (61) (126) (4)
Income taxes 0 0 (12)
Accrued expenses and other (30) (113) (62)
Net cash provided by/(used in) operating activities 428 359 454
Cash flows from investing activities      
Capital expenditures (309) (392) (395)
Proceeds from sale of non-operating assets 1 0 0
Proceeds from sale of operating assets 26 144 154
Joint venture return of investment 0 3 9
Insurance proceeds received for damage to property and equipment 6 1 3
Net cash provided by/(used in) investing activities (276) (244) (229)
Cash flows from financing activities      
Proceeds from issuance of long-term debt 0 400 0
Proceeds from borrowings under the credit facility 2,645 3,895 804
Payments of borrowings under the credit facility (2,645) (3,895) (804)
Premium on early retirement of debt 0 (20) (30)
Payments of finance leases and note payable (3) (6) (16)
Payments of long-term debt (97) (607) (599)
Financing costs 0 (7) (9)
Proceeds from stock issued under stock plans 2 3 5
Tax withholding payments for vested restricted stock (1) (3) (5)
Net cash provided by/(used in) financing activities (99) (240) (654)
Net increase/(decrease) in cash and cash equivalents 53 (125) (429)
Cash and cash equivalents at beginning of period 333 458 887
Cash and cash equivalents at end of period $ 386 $ 333 $ 458
[1]
Excludes $2 million of stock-based compensation costs reported in restructuring and management transition charges (Note 18).