Quarterly report pursuant to Section 13 or 15(d)

Reorganizations (Tables)

v3.20.2
Reorganizations (Tables)
6 Months Ended
Aug. 01, 2020
Reorganizations [Abstract]  
Schedule of Liabilities Subject to Compromise
(In millions) August 1, 2020
Debt (1)
$ 3,289 
Operating leases 942 
Merchandise accounts payable 503 
Other accounts payable and accrued expenses 167 
Other liabilities 115 
Accrued interest 34 
Total liabilities subject to compromise
$ 5,050 
(1) Please see Note 9 for details of the pre-petition debt reported as liabilities subject to compromise.
Schedule of Reorganization Items, Net
Reorganization items, net represent amounts incurred after the Petition Date as a direct result of the Chapter 11 Cases and are comprised of the following for the quarter ended August 1, 2020:
Three Months 
Ended
(In millions) August 1, 2020
Advisor fees $ 64 
Debtor-in-possession financing fees 50 
Write-off of pre-petition unamortized debt issuance costs 33 
Employee retention 21 
Gains on lease termination (66)
Other 6 
Total reorganization items, net (1)
$ 108 
(1) Cash paid for reorganization items, net for the three months ended August 1, 2020, was $79 million, which includes $2 million in prepaid expenses and the $50 million for DIP financing fees.
Schedule of Store Asset Related Charges / Gains
Three Months Ended Six Months Ended
(In millions) August 1, 2020 August 1, 2020 Statement of Operations Line Item
Impairments of long-lived assets (see note 13) $ 26  $ 75  Restructuring and management transition
Impairments of operating lease assets (see note 13) 2  50  Restructuring and management transition
Write off of closed store assets 1  1  Restructuring and management transition
Accelerated amortization of operating lease assets (see note 11) 11  11  SG&A
Accelerated depreciation of long-lived assets (1)
28  28  Depreciation and amortization
Gain on remeasurement of operating lease assets and operating lease liabilities (see notes 11 and 13) (20) (20) Restructuring and management transition
Gain on store lease terminations from rejection of leases (see note 11) (61) (61) Reorganization items, net
Gain on sale of closing store fixtures (1) (1) Restructuring and management transition
  Total $ (14) $ 83 
(1) Represents the incremental depreciation expense recorded during the respective period due to the reduced estimated useful life of the underlying long-lived assets