v3.20.4

Basis of Presentation (Tables) | 3 Months Ended
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Oct. 31, 2020
Accounting Policies [Abstract] |
Summary of Discontinued Operations | The following table summarizes the results of Catherines which are classified as discontinued operations:
| Three Months Ended |  |
| October 31, 2020 |  | November 2, 2019 |  |  |  |
| (millions)
Net sales | $ | 31.7 |  |  | $ | 59.1 |  |  |  |  |
Depreciation and amortization expense | (0.4) |  |  | (0.9) |  |  |  |  |
Operating income | 12.3 |  |  | 8.1 |  |  |  |  |
Reorganization items, net | 19.9 |  |  | — |  |  |  |  |
Gain on disposal of discontinued operations, net of tax | 38.9 |  |  | — |  |  |  |  |
Pretax income from discontinued operations | 71.1 |  |  | 8.1 |  |  |  |  |
Income from discontinued operations, net of tax | $ | 71.1 |  |  | $ | 7.7 |  |  |  |  |
The major components of Catherines assets and liabilities related to discontinued operations are summarized below:
| October 31, 2020 |  | August 1, 2020
| (millions)
Cash and cash equivalents | $ | 0.4 |  |  | $ | 5.3 |
Inventories | — |  |  | 15.9 |
Prepaid expenses and other current assets | 6.7 |  |  | 6.2 |
Property and equipment, net | — |  |  | 0.3 |
Operating lease right-of-use assets | — |  |  | 0.6 |
Other assets | — |  |  | 0.2 |
Total assets related to discontinued operations | $ | 7.1 |  |  | $ | 28.5 |
Accounts payable and other current liabilities | $ | 6.4 |  |  | $ | 14.7 |
Liabilities subject to compromise | 20.9 |  |  | 49.8 |
Other liabilities | 5.0 |  |  | 3.0 |
Total liabilities related to discontinued operations | $ | 32.3 |  |  | $ | 67.5 |
Dressbarn Wind Down In May 2019, the Company announced the wind down of its Dressbarn brand, which was completed in the second quarter of Fiscal 2020. All Dressbarn store locations were closed as of December 31, 2019. Activities during the first quarter of Fiscal 2020 include additional employee related accruals, the closure of stores and the negotiation of lease terminations, as well as the Company sold the direct channel rights to Dressbarn intellectual property to a third-party for approximately $5 million, which was treated as a reduction of the wind down costs. In connection with the Dressbarn wind down, we have incurred cumulative costs of approximately $50 million. Of these costs, approximately $8 million of income was reflected during the three months ending October 31, 2020 as non-cash lease-related accruals for terminated store leases, which were reversed due to the bankruptcy proceedings . Approximately $1 million was incurred during the three months ending November 2, 2019. The following table summarizes the results of Dressbarn reclassified as discontinued operations:
| Three Months Ended |  |
| October 31, 2020 |  | November 2, 2019 |  |  |  |
| (millions) |  |  |  |
Net sales | $ | — |  |  | $ | 177.5 |  |  |  |  |
Depreciation and amortization expense | — |  |  | (7.2) |  |  |  |  |
Operating (loss) income | (0.7) |  |  | 25.6 |  |  |  |  |
Reorganization items, net | 8.5 |  |  | — |  |  |  |  |
Pretax (loss) income from discontinued operations | 7.8 |  |  | 25.6 |  |  |  |  |
(Loss) income from discontinued operations, net of tax | $ | 7.8 |  |  | $ | 25.6 |  |  |  |  |
The major components of Dressbarn assets and liabilities related to discontinued operations are summarized below:
| October 31, 2020 |  | August 1, 2020
| (millions)
Prepaid expenses and other current assets | $ | 3.3 |  |  | $ | 3.5 |
Total assets related to discontinued operations | $ | 3.3 |  |  | $ | 3.5 |
Accounts payable and other current liabilities | $ | 14.0 |  |  | $ | 5.5 |
Liabilities subject to compromise | 1.6 |  |  | 19.9 |
Other liabilities | 3.9 |  |  | 4.0 |
Total liabilities related to discontinued operations | $ | 19.5 |  |  | $ | 29.4 |
The major components of cash flows related to discontinued operations are summarized below:
| Three Months Ended
| October 31, 2020 |  | November 2, 2019
| (millions)
Cash provided by operations of discontinued operations | $ | 17.7 |  |  | $ | (1.1) |
Cash provided by investing activities of discontinued operations | 40.8 |  |  | 4.3 |
Condensed Cash Flow Statement |
CONDENSED STATEMENT OF CASH FLOWS
| Three Months Ended
| October 31, 2020
| (millions)
Cash flows provided by operating activities | $ | (122.2) |
Cash flows from investing activities: |
Capital expenditures | (2.9) |
Proceeds from the sale of intangible assets | 40.8 |
Cash flows used in investing activities | 37.9 |
Cash flows from financing activities: |
New term loan | 312.3 |
Redemptions and repayments of term loan | (162.3) |
Repayments of revolver borrowings | (230.0) |
Payments of deferred financing fees | (20.6) |
Cash flows provided by financing activities | (100.6) |
Increase in cash and cash equivalents | (184.9) |
Cash and cash equivalents, beginning of period | 554.7 |
Cash and cash equivalents, end of period (a) | $ | 369.8 |
____________ (a) Difference of $1.6 million to the Cash and cash equivalents balance on the debtor-in-possession balance sheet above represents restricted cash included in other assets and cash included in discontinued operations.
Cash Interest and Taxes | Supplemental disclosures related to leases are as follows:
|  | Three Months Ended
|  | October 31, 2020 |  | November 2, 2019
|  | (millions)
Cash payments arising from operating lease liabilities (included in cash flows from operating activities) |  | $ | 97.8 |  |  | $ | 123.7 |
Non-cash operating lease liabilities from obtaining right-of-use assets |  | — |  |  | 1.1 |
| Three Months Ended
Cash Interest and Taxes: | October 31, 2020 |  | November 2, 2019
| (millions)
Cash paid for interest | $ | 5.7 |  |  | $ | 24.1 |
Cash paid (refund) for income taxes | $ | 1.4 |  |  | $ | (2.7) |
Schedule of Cash and Cash Equivalents | Condensed Consolidated Statements of Cash Flows Reconciliation A reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets to the amounts shown on the condensed consolidated statements of cash flows is shown below:
Reconciliation of cash, cash equivalents and restricted cash: |  | October 31, 2020 |  | August 1, 2020 |  | November 2, 2019 |  | August 3, 2019
Cash and cash equivalents |  | $ | 380.3 |  |  | $ | 575.1 |  |  | $ | 255.0 |  |  | $ | 322.9 |
Restricted cash included in other current assets |  | 1.2 |  |  | 1.2 |  |  | 1.2 |  |  | 1.2 |
Cash included in discontinued operations |  | 0.4 |  |  | 5.3 |  |  | 7.1 |  |  | 5.1 |
Total cash, cash equivalents and restricted cash |  | $ | 381.9 |  |  | $ | 581.6 |  |  | $ | 263.3 |  |  | $ | 329.2 |

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