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BUSINESS SEGMENTS | 6 Months Ended
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Jan. 29, 2022
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | NOTE 14—BUSINESS SEGMENTS The Company has two reportable segments: Wholesale and Retail. These reportable segments are two distinct businesses, each with a different customer base, marketing strategy and management structure. The Wholesale reportable segment is the aggregation of two operating segments: U.S. Wholesale and Canada Wholesale. The U.S. Wholesale and Canada Wholesale operating segments have similar products and services, customer channels, distribution methods and economic characteristics. Reportable segments are reviewed on an annual basis, or more frequently if events or circumstances indicate a change in reportable segments has occurred. The following table provides continuing operations information by reportable segment, including Net sales, Adjusted EBITDA with a reconciliation to Income from continuing operations before income taxes, depreciation and amortization, and payments for capital expenditures:
|  | 13-Week Period Ended |  | 26-Week Period Ended
(in millions) |  | January 29, 2022 |  | January 30, 2021 |  | January 29, 2022 |  | January 30, 2021
Net sales: |  |  |  |  |  |  |  |
Wholesale(1) |  | $ | 7,132 |  |  | $ | 6,618 |  |  | $ | 13,866 |  |  | $ | 13,056 |
Retail |  | 643 |  |  | 633 |  |  | 1,245 |  |  | 1,239 |
Other |  | 50 |  |  | 55 |  |  | 106 |  |  | 111 |
Eliminations |  | (409) |  |  | (406) |  |  | (804) |  |  | (822) |
Total Net sales |  | $ | 7,416 |  |  | $ | 6,900 |  |  | $ | 14,413 |  |  | $ | 13,584 |
Continuing Operations Adjusted EBITDA: |  |  |  |  |  |  |  |
Wholesale |  | $ | 159 |  |  | $ | 188 |  |  | $ | 323 |  |  | $ | 311 |
Retail |  | 30 |  |  | 26 |  |  | 52 |  |  | 51 |
Other |  | 12 |  |  | (8) |  |  | 16 |  |  | (4) |
Eliminations |  | — |  |  | (2) |  |  | (1) |  |  | 4 |
Adjustments: |  |  |  |  |  |  |  |
Net income attributable to noncontrolling interests |  | 2 |  |  | 2 |  |  | 3 |  |  | 3 |
Net periodic benefit income, excluding service cost |  | 10 |  |  | 17 |  |  | 20 |  |  | 34 |
Interest expense, net |  | (44) |  |  | (51) |  |  | (84) |  |  | (120) |
Other, net |  | 2 |  |  | 2 |  |  | 1 |  |  | 3 |
Depreciation and amortization |  | (69) |  |  | (67) |  |  | (138) |  |  | (144) |
Share-based compensation |  | (12) |  |  | (13) |  |  | (23) |  |  | (27) |
Restructuring, acquisition and integration related expenses |  | (5) |  |  | (18) |  |  | (8) |  |  | (34) |
Loss on sale of assets |  | (1) |  |  | — |  |  | (1) |  |  | — |
Multi-employer pension plan withdrawal benefit |  | 8 |  |  | — |  |  | 8 |  |  | — |
Other retail benefit (expense) |  | 1 |  |  | (1) |  |  | 1 |  |  | (3) |
Income from continuing operations before income taxes |  | $ | 93 |  |  | $ | 75 |  |  | $ | 169 |  |  | $ | 74 |
Depreciation and amortization: |  |  |  |  |  |  |  |
Wholesale |  | $ | 61 |  |  | $ | 59 |  |  | $ | 122 |  |  | $ | 127 |
Retail |  | 8 |  |  | 7 |  |  | 15 |  |  | 14 |
Other |  | — |  |  | 1 |  |  | 1 |  |  | 3 |
Total depreciation and amortization |  | $ | 69 |  |  | $ | 67 |  |  | $ | 138 |  |  | $ | 144 |
Payments for capital expenditures: |  |  |  |  |  |  |  |
Wholesale |  | $ | 46 |  |  | $ | 46 |  |  | $ | 98 |  |  | $ | 84 |
Retail |  | 4 |  |  | 5 |  |  | 8 |  |  | 8 |
Total capital expenditures |  | $ | 50 |  |  | $ | 51 |  |  | $ | 106 |  |  | $ | 92 |
(1)As presented in Note 3—Revenue Recognition, for the second quarters of fiscal 2022 and 2021, the Company recorded $356 million and $354 million, respectively, and $695 million and $719 million in fiscal 2022 and 2021 year-to-date, respectively, within Net sales in its Wholesale reportable segment attributable to Wholesale sales to its Retail segment that have been eliminated upon consolidation. Total assets of continuing operations by reportable segment were as follows:
(in millions) |  | January 29, 2022 |  | July 31, 2021
Assets: |  |  |  |
Wholesale |  | $ | 6,851 |  |  | $ | 6,536 |
Retail |  | 597 |  |  | 566 |
Other |  | 397 |  |  | 462 |
Eliminations |  | (44) |  |  | (43) |
Total assets of continuing operations |  | $ | 7,801 |  |  | $ | 7,521 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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