Please review Kohl's 2018 (for the year ended February 2, 2019) financial statements (provided below)
KOHL'S CORPORATION CONSOLIDATED BALANCE SHEETS February 2, February 3, (Dollars in Millions) 2019 2018 As Adjusted (a) Assets Current assets: Cash and cash equivalents S 934 $ Merchandise inventories 3,475 3,542 Other 426 530 Total current assets 4,835 5,380 Property and equipment, net 7,428 7,773 Other assets 206 236 Total assets $ 12,469 $ 13,389 Liabilities and Shareholders' Equity Current liabilities: Accounts payable S 1,187 $ 1,271 Accrued liabilities 1,364 1,213 Income taxes payable 64 99 Current portion of capital lease and financing obligations 115 126 Total current liabilities 2,730 2,709 Long-term debt 1,861 2,797 Capital lease and financing obligations 1,523 1,591 Deferred income taxes 184 211 Other long-term liabilities 644 662 Shareholders' equity: Common stock - 374 and 373 million shares issued 4 Paid-in capital 3,204 3,078 Treasury stock, at cost, 211 and 205 million shares (11,076) (10,651) Accumulated other comprehensive loss (11 ) Retained earnings 13,395 12,999 Total shareholders' equity 5,527 $ 5,419 Total liabilities and shareholders' equity 12,469 $ 13,389KOHL'S CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Dollars in Millions, Except per Share Data) 2018 2017 2016 As Adjusted (a) As Adjusted (a) Net sales $ 19,167 $ 19,036 $ 18,636 Other revenue 1,062 1,048 1,045 Total revenue 20,229 20,084 19,681 Cost of merchandise sold 12,199 12,176 11,944 Operating expenses: Selling, general and administrative 5,601 5,501 5,430 Depreciation and amortization 964 991 938 Impairments, store closing and other costs 104 186 Operating income 1,361 1,416 1,183 Interest expense, net 256 299 308 Loss on extinguishment of debt 63 Income before income taxes 1,042 1,117 875 Provision for income taxes 241 258 319 Net income 801 859 $ 556KOHL'S CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in Millions) 2018 2017 2016 As Adjusted (a) As Adjusted (a) Operating activities Net income $ 801 $ 859 $ 556 activities: Adjustments to reconcile net income to net cash provided by operating Depreciation and amortization 964 991 938 Share-based compensation 87 55 41 Deferred income taxes (31 (61) 13 Impairments, store closing and other costs 72 57 Loss on extinguishment of debt 63 Other non-cash revenues and expenses 18 2 30 Changes in operating assets and liabilities: Merchandise inventories 79 264 249 Other current and long-term assets 72 (81) (46) Accounts payable (84) (236) 256 Accrued and other long-term liabilities 67 (52) 82 Income taxes (1) (50 (23 Net cash provided by operating activities 2,107 1,691 2,153 Investing activities Acquisition of property and equipment (672) (768) Other 23 12 Net cash used in investing activities (649) (756) Financing activities Treasury stock purchases (396) (306) (557) Shares withheld for taxes on vested restricted shares (34) (14) (17 Dividends paid (368) (358) Reduction of long-term borrowing (943) Premium paid on redemption of debt (46 Capital lease and financing obligation payments (126) (138) (127) Proceeds from stock option exercises 36 18 18 Proceeds from financing obligations 11 Net cash used in financing activities (1,909) (808) (1,030) Net increase (decrease) in cash and cash equivalents (374) 234 367
