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BUSINESS SEGMENTS | 6 Months Ended
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Jan. 27, 2024
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 Company organizes and operates the Wholesale reportable segment through three U.S geographic regions: East, Central and West, and Canada Wholesale, which is operated separately from the U.S. Wholesale business. The U.S. Wholesale and Canada Wholesale operating segments have similar products and services, customer channels, distribution methods and economic characteristics, and therefore have been aggregated into a single reportable segment. 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 information by reportable segment, including Net sales, Adjusted EBITDA, with a reconciliation to (Loss) income before income taxes, depreciation and amortization, and payments for capital expenditures:
|  | 13-Week Period Ended |  | 26-Week Period Ended
(in millions) |  | January 27, 2024 |  | January 28, 2023 |  | January 27, 2024 |  | January 28, 2023
Net sales: |  |  |  |  |  |  |  |
Wholesale(1) |  | $ | 7,487 |  |  | $ | 7,514 |  |  | $ | 14,768 |  |  | $ | 14,773 |
Retail |  | 631 |  |  | 660 |  |  | 1,237 |  |  | 1,273 |
Other |  | 52 |  |  | 56 |  |  | 112 |  |  | 116 |
Eliminations |  | (395) |  |  | (414) |  |  | (790) |  |  | (814) |
Total Net sales |  | $ | 7,775 |  |  | $ | 7,816 |  |  | $ | 15,327 |  |  | $ | 15,348 |
Adjusted EBITDA: |  |  |  |  |  |  |  |
Wholesale |  | $ | 118 |  |  | $ | 137 |  |  | $ | 235 |  |  | $ | 308 |
Retail |  | 8 |  |  | 28 |  |  | 7 |  |  | 48 |
Other |  | 4 |  |  | 15 |  |  | 7 |  |  | 34 |
Eliminations |  | (2) |  |  | 1 |  |  | (4) |  |  | (2) |
Adjustments: |  |  |  |  |  |  |  |
Net income attributable to noncontrolling interests |  | 1 |  |  | 3 |  |  | 1 |  |  | 4 |
Net periodic benefit income, excluding service cost |  | 4 |  |  | 7 |  |  | 7 |  |  | 14 |
Interest expense, net |  | (40) |  |  | (39) |  |  | (75) |  |  | (74) |
Other income, net |  | 1 |  |  | — |  |  | 1 |  |  | 1 |
Depreciation and amortization |  | (74) |  |  | (73) |  |  | (152) |  |  | (147) |
Share-based compensation |  | (10) |  |  | (11) |  |  | (16) |  |  | (23) |
LIFO charge |  | (6) |  |  | (29) |  |  | (13) |  |  | (50) |
Restructuring, acquisition and integration related expenses |  | (4) |  |  | (3) |  |  | (8) |  |  | (5) |
(Loss) gain on sale of assets and other asset charges |  | (5) |  |  | (1) |  |  | (24) |  |  | 4 |
Business transformation costs |  | (14) |  |  | (4) |  |  | (29) |  |  | (9) |
Other adjustments |  | — |  |  | — |  |  | (4) |  |  | — |
(Loss) income before income taxes |  | $ | (19) |  |  | $ | 31 |  |  | $ | (67) |  |  | $ | 103 |
Depreciation and amortization: |  |  |  |  |  |  |  |
Wholesale |  | $ | 66 |  |  | $ | 62 |  |  | $ | 133 |  |  | $ | 126 |
Retail |  | 8 |  |  | 10 |  |  | 16 |  |  | 18 |
Other |  | — |  |  | 1 |  |  | 3 |  |  | 3 |
Total depreciation and amortization |  | $ | 74 |  |  | $ | 73 |  |  | $ | 152 |  |  | $ | 147 |
Payments for capital expenditures: |  |  |  |  |  |  |  |
Wholesale |  | $ | 64 |  |  | $ | 74 |  |  | $ | 135 |  |  | $ | 131 |
Retail |  | 3 |  |  | 10 |  |  | 6 |  |  | 20 |
Total capital expenditures |  | $ | 67 |  |  | $ | 84 |  |  | $ | 141 |  |  | $ | 151 |
(1)As presented in Note 3—Revenue Recognition, the Company recorded $330 million and $353 million for the second quarters of fiscal 2024 and 2023, respectively, and $651 million and $687 million in fiscal 2024 and 2023 year-to-date, respectively, within Net sales in its Wholesale reportable segment attributable to Wholesale to Retail sales that have been eliminated upon consolidation. Total assets by reportable segment were as follows:
(in millions) |  | January 27, 2024 |  | July 29, 2023
Assets: |  |  |  |
Wholesale |  | $ | 6,718 |  |  | $ | 6,405 |
Retail |  | 630 |  |  | 648 |
Other |  | 372 |  |  | 377 |
Eliminations |  | (49) |  |  | (36) |
Total assets |  | $ | 7,671 |  |  | $ | 7,394 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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