Company Quick10K Filing
Kohl's
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 161 $8,485
10-Q 2019-12-06 Quarter: 2019-11-02
10-Q 2019-09-06 Quarter: 2019-08-03
10-Q 2019-06-07 Quarter: 2019-05-04
10-K 2019-03-22 Annual: 2019-02-02
10-Q 2018-12-07 Quarter: 2018-11-03
10-Q 2018-09-07 Quarter: 2018-08-04
10-Q 2018-06-08 Quarter: 2018-05-05
10-K 2018-03-23 Annual: 2018-02-03
10-Q 2017-12-01 Quarter: 2017-10-28
10-Q 2017-08-31 Quarter: 2017-07-29
10-Q 2017-06-02 Quarter: 2017-04-29
10-K 2017-03-17 Annual: 2017-01-28
10-Q 2016-12-02 Quarter: 2016-10-29
10-Q 2016-09-02 Quarter: 2016-07-30
10-Q 2016-06-03 Quarter: 2016-04-30
10-K 2016-03-18 Annual: 2016-01-30
10-Q 2015-12-04 Quarter: 2015-10-31
10-Q 2015-09-04 Quarter: 2015-08-01
10-Q 2015-06-05 Quarter: 2015-05-02
10-K 2015-03-20 Annual: 2015-01-31
10-Q 2014-12-05 Quarter: 2014-11-01
10-Q 2014-09-05 Quarter: 2014-08-02
10-Q 2014-06-06 Quarter: 2014-05-03
10-K 2014-03-21 Annual: 2014-02-01
10-Q 2013-09-04 Quarter: 2013-08-03
10-Q 2013-06-07 Quarter: 2013-05-04
10-K 2013-03-22 Annual: 2013-02-02
10-Q 2012-11-30 Quarter: 2012-10-27
10-Q 2012-08-31 Quarter: 2012-07-28
10-Q 2012-06-01 Quarter: 2012-04-28
10-Q 2011-12-02 Quarter: 2011-10-29
10-Q 2011-09-13 Quarter: 2011-07-30
10-Q 2011-06-01 Quarter: 2011-04-30
10-K 2011-03-18 Annual: 2011-01-29
10-Q 2010-12-09 Quarter: 2010-10-30
10-Q 2010-09-03 Quarter: 2010-07-31
10-Q 2010-06-04 Quarter: 2010-05-01
10-K 2010-03-19 Annual: 2010-01-30
8-K 2020-02-02 Officers, Exhibits
8-K 2020-01-09 Regulation FD, Exhibits
8-K 2019-11-19 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-10-07 Exhibits
8-K 2019-09-16 Other Events, Exhibits
8-K 2019-09-03 Other Events, Exhibits
8-K 2019-08-28 Regulation FD
8-K 2019-08-20 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-07-25 Enter Agreement, Exhibits
8-K 2019-07-15 Officers, Exhibits
8-K 2019-05-21 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-05-15 Shareholder Vote, Other Events, Exhibits
8-K 2019-04-18 Sale of Shares, Other Events, Exhibits
8-K 2019-03-05 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-01-29 Officers
8-K 2019-01-10 Regulation FD, Exhibits
8-K 2018-12-20 Other Events
8-K 2018-11-20 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-08-21 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-05-22 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-05-09 Shareholder Vote, Other Events, Exhibits
8-K 2018-05-09 Other Events
8-K 2018-04-26 Other Events, Exhibits
8-K 2018-04-16 Other Events, Exhibits
8-K 2018-04-13 Other Events, Exhibits
8-K 2018-04-10 Officers
8-K 2018-04-02 Other Events, Exhibits
8-K 2018-03-16 Regulation FD
8-K 2018-03-01 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-01-08 Regulation FD, Exhibits
KSS 2019-11-02
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 kss-ex311_8.htm
EX-31.2 kss-ex312_6.htm
EX-32.1 kss-ex321_9.htm
EX-32.2 kss-ex322_7.htm

Kohl's Earnings 2019-11-02

KSS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
BURL 13,230 5,046 4,731 6,929 2,899 424 752 14,194 42% 18.9 8%
KSS 8,485 14,542 9,087 19,968 7,906 736 1,909 9,760 40% 5.1 5%
FIVE 7,224 1,659 1,007 1,698 612 157 246 7,045 36% 28.7 9%
OLLI 5,830 1,544 527 1,336 529 139 170 5,752 40% 33.9 9%
M 4,898 20,741 14,426 24,909 9,597 1,099 2,388 8,893 39% 3.7 5%
BJ 3,764 5,152 5,317 13,128 2,408 209 395 5,488 18% 13.9 4%
DDS 1,746 3,512 1,866 6,468 2,024 131 423 1,977 31% 4.7 4%
PSMT 1,576 1,262 483 3,200 0 72 165 1,555 0% 9.4 6%
HUD 1,558 1,451 814 0 0 0 0 1,558 0%
BIG 877 3,192 2,548 5,296 2,136 123 275 823 40% 3.0 4%

kss-10q_20191102.htm
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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 2, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from ________ to _________

 

Commission file number 1-11084

KOHL’S CORPORATION

(Exact name of registrant as specified in its charter)

 

Wisconsin

 

39-1630919

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

N56 W17000 Ridgewood Drive,

Menomonee Falls, Wisconsin

 

53051

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code (262703-7000

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on

which registered

Common Stock, $.01 par value

KSS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

 

 

Accelerated Filer

 

Non-Accelerated Filer

 

☐  

 

Smaller Reporting Company

 

 

 

 

 

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.  

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: November 29, 2019 Common Stock, Par Value $0.01 per Share, 156,567,901 shares outstanding.

 


KOHL’S CORPORATION

INDEX

 

PART I

FINANCIAL INFORMATION

 

Item 1.

Financial Statements:

 

 

Consolidated Balance Sheets

3

 

Consolidated Statements of Income

4

 

Consolidated Statements of Changes in Shareholders' Equity

5

 

Consolidated Statements of Cash Flows

6

 

Notes to Consolidated Financial Statements

7

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

15

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

21

Item 4.

Controls and Procedures

21

 

 

 

PART II

OTHER INFORMATION

 

Item 1A.

Risk Factors

22

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

22

Item 6.

Exhibits

23

Signatures

24

 


Table of Contents

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

KOHL’S CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(Dollars in Millions)

November 2,

2019

February 2,

2019

November 3,

2018

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

490

 

$

934

 

$

1,047

 

Merchandise inventories

 

4,887

 

 

3,475

 

 

4,844

 

Other

 

404

 

 

426

 

 

446

 

Total current assets

 

5,781

 

 

4,835

 

 

6,337

 

Property and equipment, net

 

7,364

 

 

7,428

 

 

7,538

 

Operating leases

 

2,427

 

 

-

 

 

-

 

Other assets

 

167

 

 

206

 

 

243

 

Total assets

$

15,739

 

$

12,469

 

$

14,118

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

$

2,454

 

$

1,187

 

$

2,583

 

Accrued liabilities

 

1,347

 

 

1,364

 

 

1,289

 

Income taxes payable

 

2

 

 

64

 

 

14

 

Current portion of:

 

 

 

 

 

 

 

 

 

Finance lease and financing obligations

 

110

 

 

115

 

 

121

 

Operating leases

 

162

 

 

-

 

 

-

 

Total current liabilities

 

4,075

 

 

2,730

 

 

4,007

 

Long-term debt

 

1,856

 

 

1,861

 

 

2,272

 

Finance lease and financing obligations

 

1,332

 

 

1,523

 

 

1,528

 

Operating leases

 

2,643

 

 

-

 

 

-

 

Deferred income taxes

 

258

 

 

184

 

 

201

 

Other long-term liabilities

 

220

 

 

644

 

 

657

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

Common stock

 

4

 

 

4

 

 

4

 

Paid-in capital

 

3,256

 

 

3,204

 

 

3,185

 

Treasury stock, at cost

 

(11,490

)

 

(11,076

)

 

(10,952

)

Accumulated other comprehensive loss

 

-

 

 

-

 

 

(8

)

Retained earnings

 

13,585

 

 

13,395

 

 

13,224

 

Total shareholders’ equity

 

5,355

 

 

5,527

 

 

5,453

 

Total liabilities and shareholders’ equity

$

15,739

 

$

12,469

 

$

14,118

 

See accompanying Notes to Consolidated Financial Statements

 

3


Table of Contents

 

KOHL’S CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

Three Months Ended

 

Nine Months Ended

 

(Dollars in Millions, Except per Share Data)

November 2,

2019

November 3,

2018

November 2,

2019

November 3,

2018

Net sales

$

4,358

 

$

4,369

 

$

12,348

 

$

12,632

 

Other revenue

 

267

 

 

259

 

 

794

 

 

774

 

Total revenue

 

4,625

 

 

4,628

 

 

13,142

 

 

13,406

 

Cost of merchandise sold

 

2,775

 

 

2,752

 

 

7,740

 

 

7,854

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

1,419

 

 

1,375

 

 

3,962

 

 

3,907

 

Depreciation and amortization

 

227

 

 

243

 

 

687

 

 

725

 

Impairments, store closing and other costs

 

-

 

 

-

 

 

55

 

 

-

 

Operating income

 

204

 

 

258

 

 

698

 

 

920

 

Interest expense, net

 

52

 

 

63

 

 

157

 

 

197

 

(Gain) loss on extinguishment of debt

 

(9

)

 

-

 

 

(9

)

 

42

 

Income before income taxes

 

161

 

 

195

 

 

550

 

 

681

 

Provision for income taxes

 

38

 

 

34

 

 

124

 

 

152

 

Net income

$

123

 

$

161

 

$

426

 

$

529

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.79

 

$

0.98

 

$

2.69

 

$

3.21

 

Diluted

$

0.78

 

$

0.98

 

$

2.67

 

$

3.19

 

See accompanying Notes to Consolidated Financial Statements

 

4


Table of Contents

 

KOHL’S CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

 

Three Months Ended

Nine Months Ended

(Dollars in Millions, Except per Share Data)

November 2, 2019

November 3, 2018

November 2, 2019

November 3, 2018

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

$

4

 

$

4

 

$

4

 

$

4

 

Stock options and awards

 

-

 

 

-

 

 

-

 

 

-

 

Balance, end of period

$

4

 

$

4

 

$

4

 

$

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid-in capital

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

$

3,236

 

$

3,163

 

$

3,204

 

$

3,078

 

Stock options and awards

 

20

 

 

22

 

 

52

 

 

107

 

Balance, end of period

$

3,256

 

$

3,185

 

$

3,256

 

$

3,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

$

(11,353

)

$

(10,835

)

$

(11,076

)

$

(10,651

)

Treasury stock purchases

 

(133

)

 

(110

)

 

(387

)

 

(275

)

Stock options and awards

 

(5

)

 

(8

)

 

(32

)

 

(29

)

Dividends paid

 

1

 

 

1

 

 

5

 

 

3

 

Balance, end of period

$

(11,490

)

$

(10,952

)

$

(11,490

)

$

(10,952

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

$

-

 

$

(8

)

$

-

 

$

(11

)

Other comprehensive income

 

-

 

 

-

 

 

-

 

 

3

 

Balance, end of period

$

-

 

$

(8

)

$

-

 

$

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

$

13,568

 

$

13,163

 

$

13,395

 

$

13,006

 

Change in accounting standard (a)

 

-

 

 

-

 

 

88

 

 

(7

)

Net earnings

 

123

 

 

161

 

 

426

 

 

529

 

Dividends paid

 

(106

)

 

(100

)

 

(324

)

 

(304

)

Balance, end of period

$

13,585

 

$

13,224

 

$

13,585

 

$

13,224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity, end of period

$

5,355

 

$

5,453

 

$

5,355

 

$

5,453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

Shares, beginning of period

 

375

 

 

374

 

 

374

 

 

373

 

Stock options and awards

 

-

 

 

-

 

 

1

 

 

1

 

Shares, end of period

 

375

 

 

374

 

 

375

 

 

374

 

Treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

Shares, beginning of period

 

(215

)

 

(207

)

 

(211

)

 

(205

)

Treasury stock purchases

 

(3

)

 

(2

)

 

(7

)

 

(4

)

Shares, end of period

 

(218

)

 

(209

)

 

(218

)

 

(209

)

Total shares outstanding, end of period

 

157

 

 

165

 

 

157

 

 

165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid per common share

$

0.67

 

$

0.61

 

$

2.01

 

$

1.83

 

 

(a)

Adoption of new lease accounting standard in 2019, refer to Note 4. 

 

See accompanying Notes to Consolidated Financial Statements  

5


Table of Contents

 

KOHL’S CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

Nine Months Ended

(Dollars in Millions)

November 2,

2019

November 3,

2018

Operating activities

 

 

 

 

 

 

Net income

$

426

 

$

529

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

687

 

 

725

 

Share-based compensation

 

47

 

 

71

 

Deferred income taxes

 

45

 

 

(13

)

Impairments, store closing and other costs

 

45

 

 

-

 

(Gain) loss on extinguishment of debt

 

(9

)

 

42

 

Non-cash lease expense

 

112

 

 

-

 

Other non-cash (income) expenses

 

(3

)

 

15

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Merchandise inventories

 

(1,405

)

 

(1,293

)

Other current and long-term assets

 

34

 

 

70

 

Accounts payable

 

1,266

 

 

1,312

 

Accrued and other long-term liabilities

 

(26

)

 

38

 

Income taxes

 

(49

)

 

(73

)

Operating lease liabilities

 

(125

)

 

-

 

Net cash provided by operating activities

 

1,045

 

 

1,423

 

Investing activities

 

 

 

 

 

 

Acquisition of property and equipment

 

(678

)

 

(458

)

Other

 

8

 

 

6

 

Net cash used in investing activities

 

(670

)

 

(452

)

Financing activities

 

 

 

 

 

 

Treasury stock purchases

 

(387

)

 

(275

)

Shares withheld for taxes on vested restricted shares

 

(32

)

 

(29

)

Dividends paid

 

(319

)

 

(301

)

Reduction of long-term borrowings

 

(6

)

 

(530

)

Premium paid on redemption of debt

 

-

 

 

(35

)

Finance lease and financing obligation payments

 

(88

)

 

(95

)

Proceeds from financing obligations

 

11

 

 

-

 

Proceeds from stock option exercises

 

2

 

 

33

 

Net cash used in financing activities

 

(819

)

 

(1,232

)

Net decrease in cash and cash equivalents

 

(444

)

 

(261

)

Cash at beginning of period

 

934

 

 

1,308

 

Cash at end of period

$

490

 

$

1,047

 

Supplemental information

 

 

 

 

 

 

   Interest paid, net of capitalized interest

$

131

 

$

192

 

   Income taxes paid

 

154

 

 

266

 

Property and equipment acquired through:

 

 

 

 

 

 

   Finance lease liabilities

 

163

 

 

-

 

   Operating lease liabilities

 

103

 

 

-

 

   Financing obligations

 

-

 

 

20

 

See accompanying Notes to Consolidated Financial Statements

 

6


Table of Contents

 

KOHL’S CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for fiscal year end consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the fiscal year ended February 2, 2019 (Commission File No. 1-11084) as filed with the Securities and Exchange Commission.

Due to the seasonality of our business, results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year.

We operate as a single business unit.

The following table provides a brief description of issued, but not yet effective, accounting standards:

 

Standard

Description

Effect on our Financial Statements

Cloud Computing

(ASU 2018-15)

 

Issued August 2018

 

Effective Q1 2020

Under the new standard, implementation costs related to a cloud computing arrangement will be deferred or expensed as incurred, in accordance with the existing internal-use software guidance for similar costs.

 

The new standard also prescribes the balance sheet, income statement and cash flow classification of the capitalized implementation costs and related amortization expense.

We are evaluating the impact of the new standard, but believe it is generally consistent with our current accounting for cloud computing arrangements and will not have a material impact on our financials.

 

Current Expected Credit Losses

(ASU 2016-13)

 

Issued June 2016

 

Effective Q1 2020

 

 

Under the new standard, credit losses for financial assets measured at amortized cost should be determined based on the total current expected credit losses over the life of the financial asset or group of financial assets.

 

The amendments are effective on February 2, 2020 and must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption as required.

We are evaluating the impact of the new standard, but believe it will not have a material impact on our financial statements.

 

 

 

 

 


7


Table of Contents

KOHL’S CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

2. Revenue Recognition

 

The following table summarizes net sales by line of business:

 

 

Three Months Ended

Nine Months Ended

(Dollars in Millions)

November 2,

2019

November 3,

2018 (1)

November 2,

2019

November 3,

2018 (1)

Women's

$

1,264

 

$

1,287

 

$

3,857

 

$

3,982

 

Men's

 

938

 

 

925

 

 

2,656

 

 

2,668

 

Home

 

715

 

 

719

 

 

1,994

 

 

2,090

 

Children's

 

647

 

 

650

 

 

1,561

 

 

1,569

 

Footwear

 

472

 

 

470

 

 

1,338

 

 

1,372

 

Accessories

 

322

 

 

318

 

 

942

 

 

951

 

Net Sales

$

4,358

 

$

4,369

 

$

12,348

 

$

12,632

 

 

(1)

Certain businesses do not agree to previously reported amounts due to changes in category classification.

 

Liabilities for performance obligations resulting from our rewards programs, return reserves and unredeemed gift cards and merchandise return cards totaled $354 million as of November 2, 2019, $413 million as of February 2, 2019 and $337 million as of November 3, 2018.

 

3. Debt

 

Long-term debt consists of the following unsecured senior debt:

 

 

 

 

Coupon

Rate

Outstanding

Maturity by fiscal year

(Dollars in Millions)

Effective

Rate

November 2,

2019

February 2,

2019

November 3,

2018

2021

 

4.81

%

 

4.00

%

$

-

 

$

-

 

$

413

 

2023

 

3.25

%

 

3.25

%

 

350

 

 

350

 

 

350

 

2023

 

4.78

%

 

4.75

%

 

184

 

 

184

 

 

184

 

2025

 

4.25

%

 

4.25

%

 

650

 

 

650

 

 

650

 

2029

 

7.36

%

 

7.25

%

 

42

 

 

42

 

 

42

 

2033

 

6.05

%

 

6.00

%

 

113

 

 

113

 

 

112

 

2037

 

6.89

%

 

6.88

%

 

101

 

 

101

 

 

101

 

2045

 

5.57

%

 

5.55

%

 

427

 

 

433

 

 

433

 

Outstanding long-term debt

 

 

 

 

 

 

 

1,867

 

 

1,873

 

 

2,285

 

Unamortized debt discounts and deferred financing costs