☑ | Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
For the transition period from to
|
Delaware | 94-1697231 | ||||
(State of Incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.05 par value | GPS | The New York Stock Exchange |
Large accelerated filer
|
☑
|
Accelerated filer
|
☐ |
Non-accelerated filer
|
☐ |
Smaller reporting company
|
☐ |
Emerging growth company
|
☐ |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Item 16. |
1/30/2016 | 1/28/2017 | 2/3/2018 | 2/2/2019 | 2/1/2020 | 1/30/2021 | |||||||||||||||||||||||||||||||||
The Gap, Inc. | $ | 100.00 | $ | 94.99 | $ | 139.77 | $ | 112.65 | $ | 82.57 | $ | 96.04 | ||||||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 120.04 | $ | 151.74 | $ | 148.23 | $ | 180.37 | $ | 211.48 | ||||||||||||||||||||||||||
Dow Jones U.S. Apparel Retailers | $ | 100.00 | $ | 98.56 | $ | 112.18 | $ | 121.92 | $ | 135.90 | $ | 145.29 |
February 1, 2020 | Fiscal 2020 | January 30, 2021 | ||||||||||||||||||||||||||||||
Number of
Store Locations |
Number of
Stores Opened |
Number of
Stores Closed (1) |
Number of
Store Locations |
Square Footage
(in millions) |
||||||||||||||||||||||||||||
Old Navy North America | 1,207 | 32 | 19 | 1,220 | 19.6 | |||||||||||||||||||||||||||
Old Navy Asia | 17 | — | 17 | — | — | |||||||||||||||||||||||||||
Gap North America | 675 | 2 | 121 | 556 | 5.8 | |||||||||||||||||||||||||||
Gap Asia | 358 | 16 | 34 | 340 | 2.9 | |||||||||||||||||||||||||||
Gap Europe | 137 | 4 | 24 | 117 | 1.0 | |||||||||||||||||||||||||||
Banana Republic North America | 541 | 3 | 73 | 471 | 4.0 | |||||||||||||||||||||||||||
Banana Republic Asia | 48 | 5 | 6 | 47 | 0.2 | |||||||||||||||||||||||||||
Athleta North America | 190 | 11 | 2 | 199 | 0.8 | |||||||||||||||||||||||||||
Intermix North America | 33 | — | 2 | 31 | 0.1 | |||||||||||||||||||||||||||
Janie and Jack North America | 139 | — | 20 | 119 | 0.2 | |||||||||||||||||||||||||||
Company-operated stores total | 3,345 | 73 | 318 | 3,100 | 34.6 | |||||||||||||||||||||||||||
Franchise | 574 | 67 | 26 | 615 | N/A | |||||||||||||||||||||||||||
Total | 3,919 | 140 | 344 | 3,715 | 34.6 | |||||||||||||||||||||||||||
Decrease over prior year | (5.2) | % | (6.5) | % | ||||||||||||||||||||||||||||
February 2, 2019 | Fiscal 2019 | February 1, 2020 | ||||||||||||||||||||||||||||||
Number of
Store Locations |
Number of
Stores Opened |
Number of
Stores Closed |
Number of
Store Locations |
Square Footage
(in millions) |
||||||||||||||||||||||||||||
Old Navy North America | 1,139 | 73 | 5 | 1,207 | 19.5 | |||||||||||||||||||||||||||
Old Navy Asia | 15 | 4 | 2 | 17 | 0.2 | |||||||||||||||||||||||||||
Gap North America | 758 | 4 | 87 | 675 | 7.1 | |||||||||||||||||||||||||||
Gap Asia | 332 | 61 | 35 | 358 | 3.2 | |||||||||||||||||||||||||||
Gap Europe | 152 | 4 | 19 | 137 | 1.1 | |||||||||||||||||||||||||||
Banana Republic North America | 556 | 9 | 24 | 541 | 4.6 | |||||||||||||||||||||||||||
Banana Republic Asia | 45 | 5 | 2 | 48 | 0.2 | |||||||||||||||||||||||||||
Athleta North America | 161 | 29 | — | 190 | 0.8 | |||||||||||||||||||||||||||
Intermix North America | 36 | — | 3 | 33 | 0.1 | |||||||||||||||||||||||||||
Janie and Jack North America (2) | — | — | — | 139 | 0.2 | |||||||||||||||||||||||||||
Company-operated stores total | 3,194 | 189 | 177 | 3,345 | 37.0 | |||||||||||||||||||||||||||
Franchise | 472 | 140 | 38 | 574 | N/A | |||||||||||||||||||||||||||
Total | 3,666 | 329 | 215 | 3,919 | 37.0 | |||||||||||||||||||||||||||
Increase over prior year | 6.9 | % | 0.8 | % |
($ in millions) | Fiscal Year | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Cost of goods sold and occupancy expenses | $ | 9,095 | $ | 10,250 | $ | 10,258 | ||||||||||||||
Gross profit | $ | 4,705 | $ | 6,133 | $ | 6,322 | ||||||||||||||
Cost of goods sold and occupancy expenses as a percentage of net sales | 65.9 | % | 62.6 | % | 61.9 | % | ||||||||||||||
Gross margin | 34.1 | % | 37.4 | % | 38.1 | % |
($ in millions) | Fiscal Year | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Operating expenses | $ | 5,567 | $ | 5,559 | $ | 4,960 | ||||||||||||||
Operating expenses as a percentage of net sales | 40.3 | % | 33.9 | % | 29.9 | % | ||||||||||||||
Operating margin | (6.2) | % | 3.5 | % | 8.2 | % |
($ in millions) | Fiscal Year | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Interest expense | $ | 192 | $ | 76 | $ | 73 |
($ in millions) | Fiscal Year | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Income taxes | $ | (437) | $ | 177 | $ | 319 | ||||||||||||||
Effective tax rate | 39.7 | % | 33.5 | % | 24.1 | % |
($ in millions) |
January 30,
2021 |
February 1,
2020 |
||||||||||||||||||
Cash and cash equivalents | $ | 1,988 | $ | 1,364 | ||||||||||||||||
Short-term investments | 410 | 290 | ||||||||||||||||||
Debt | ||||||||||||||||||||
5.95 percent 2021 Notes | — | 1,249 | ||||||||||||||||||
8.375 percent 2023 Notes | 500 | — | ||||||||||||||||||
8.625 percent 2025 Notes | 750 | — | ||||||||||||||||||
8.875 percent 2027 Notes | 1,000 | — | ||||||||||||||||||
Working capital | 2,124 | 1,307 | ||||||||||||||||||
Current ratio | 1.55:1 | 1.41:1 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Net cash provided by operating activities | $ | 237 | $ | 1,411 | $ | 1,381 | ||||||||||||||
Less: Purchases of property and equipment (1) | (392) | (702) | (705) | |||||||||||||||||
Free cash flow | $ | (155) | $ | 709 | $ | 676 |
Scheduled Maturity ($ in millions) | Principal | Interest Rate | Interest Payments | ||||||||||||||
Senior Secured Notes (1) | |||||||||||||||||
May 15, 2023 | $ | 500 | 8.375 | % | Semi-Annual | ||||||||||||
May 15, 2025 | 750 | 8.625 | % | Semi-Annual | |||||||||||||
May 15, 2027 | 1,000 | 8.875 | % | Semi-Annual | |||||||||||||
Total issuance | $ | 2,250 |
Page | |||||
($ and shares in millions except par value) |
January 30,
2021 |
February 1,
2020 |
||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 1,988 | $ | 1,364 | ||||||||||
Short-term investments | 410 | 290 | ||||||||||||
Merchandise inventory | 2,451 | 2,156 | ||||||||||||
Other current assets | 1,159 | 706 | ||||||||||||
Total current assets | 6,008 | 4,516 | ||||||||||||
Property and equipment, net of accumulated depreciation | 2,841 | 3,122 | ||||||||||||
Operating lease assets | 4,217 | 5,402 | ||||||||||||
Other long-term assets | 703 | 639 | ||||||||||||
Total assets | $ | 13,769 | $ | 13,679 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 1,743 | $ | 1,174 | ||||||||||
Accrued expenses and other current liabilities | 1,276 | 1,067 | ||||||||||||
Current portion of operating lease liabilities | 831 | 920 | ||||||||||||
Income taxes payable | 34 | 48 | ||||||||||||
Total current liabilities | 3,884 | 3,209 | ||||||||||||
Long-term liabilities: | ||||||||||||||
Long-term debt | 2,216 | 1,249 | ||||||||||||
Long-term operating lease liabilities | 4,617 | 5,508 | ||||||||||||
Other long-term liabilities | 438 | 397 | ||||||||||||
Total long-term liabilities | 7,271 | 7,154 | ||||||||||||
Commitments and contingencies (see Note 14) | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Common stock $0.05 par value
|
||||||||||||||
Authorized 2,300 shares for all periods presented; Issued and Outstanding 374 and 371 shares
|
19 | 19 | ||||||||||||
Additional paid-in capital | 85 | — | ||||||||||||
Retained earnings | 2,501 | 3,257 | ||||||||||||
Accumulated other comprehensive income | 9 | 40 | ||||||||||||
Total stockholders' equity | 2,614 | 3,316 | ||||||||||||
Total liabilities and stockholders' equity | $ | 13,769 | $ | 13,679 |
|
Fiscal Year | |||||||||||||||||||
($ and shares in millions except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | 13,800 | $ | 16,383 | $ | 16,580 | ||||||||||||||
Cost of goods sold and occupancy expenses | 9,095 | 10,250 | 10,258 | |||||||||||||||||
Gross profit | 4,705 | 6,133 | 6,322 | |||||||||||||||||
Operating expenses | 5,567 | 5,559 | 4,960 | |||||||||||||||||
Operating income (loss) | (862) | 574 | 1,362 | |||||||||||||||||
Loss on extinguishment of debt | 58 | — | — | |||||||||||||||||
Interest expense | 192 | 76 | 73 | |||||||||||||||||
Interest income | (10) | (30) | (33) | |||||||||||||||||
Income (loss) before income taxes | (1,102) | 528 | 1,322 | |||||||||||||||||
Income taxes | (437) | 177 | 319 | |||||||||||||||||
Net income (loss) | $ | (665) | $ | 351 | $ | 1,003 | ||||||||||||||
Weighted-average number of shares—basic | 374 | 376 | 385 | |||||||||||||||||
Weighted-average number of shares—diluted | 374 | 378 | 388 | |||||||||||||||||
Earnings (loss) per share—basic | $ | (1.78) | $ | 0.93 | $ | 2.61 | ||||||||||||||
Earnings (loss) per share—diluted | $ | (1.78) | $ | 0.93 | $ | 2.59 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Net income (loss) | $ | (665) | $ | 351 | $ | 1,003 | ||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation | (17) | (2) | (17) | |||||||||||||||||
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $(1), $5, and $(4)
|
(3) | 13 | 54 | |||||||||||||||||
Reclassification adjustments on derivative financial instruments, net of (tax) tax benefit of $(2), $(5), and $6
|
(11) | (24) | (20) | |||||||||||||||||
Other comprehensive income (loss), net of tax | (31) | (13) | 17 | |||||||||||||||||
Comprehensive income (loss) | $ | (696) | $ | 338 | $ | 1,020 |
Common Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income |
|||||||||||||||||||||||||||||||||||
($ and shares in millions except per share amounts) | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||
Balance as of February 3, 2018 | 389 | $ | 19 | $ | 8 | $ | 3,081 | $ | 36 | $ | 3,144 | |||||||||||||||||||||||||||
Cumulative effect of a change in accounting principle related to revenue recognition | 36 | 36 | ||||||||||||||||||||||||||||||||||||
Net income | 1,003 | 1,003 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (17) | (17) | ||||||||||||||||||||||||||||||||||||
Change in fair value of derivative instruments | 54 | 54 | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (20) | (20) | ||||||||||||||||||||||||||||||||||||
Repurchases and retirement of common stock | (14) | — | (132) | (266) | (398) | |||||||||||||||||||||||||||||||||
Issuance of common stock related to stock options and employee stock purchase plans | 2 | — | 46 | 46 | ||||||||||||||||||||||||||||||||||
Issuance of common stock and withholding tax payments related to vesting of stock units | 1 | — | (23) | (23) | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 101 | 101 | ||||||||||||||||||||||||||||||||||||
Common stock dividends declared and paid ($0.97 per share)
|
(373) | (373) | ||||||||||||||||||||||||||||||||||||
Balance as of February 2, 2019 | 378 | 19 | — | 3,481 | 53 | 3,553 | ||||||||||||||||||||||||||||||||
Cumulative effect of a change in accounting principle related to leases | (86) | (86) | ||||||||||||||||||||||||||||||||||||
Net income | 351 | 351 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (2) | (2) | ||||||||||||||||||||||||||||||||||||
Change in fair value of derivative instruments | 13 | 13 | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (24) | (24) | ||||||||||||||||||||||||||||||||||||
Repurchases and retirement of common stock | (10) | — | (75) | (125) | (200) | |||||||||||||||||||||||||||||||||
Issuance of common stock related to stock options and employee stock purchase plans | 1 | — | 25 | 25 | ||||||||||||||||||||||||||||||||||
Issuance of common stock and withholding tax payments related to vesting of stock units | 2 | — | (21) | (21) | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 71 | 71 | ||||||||||||||||||||||||||||||||||||
Common stock dividends declared and paid ($0.97 per share)
|
(364) | (364) | ||||||||||||||||||||||||||||||||||||
Balance as of February 1, 2020 | 371 | 19 | — | 3,257 | 40 | 3,316 | ||||||||||||||||||||||||||||||||
Net income (loss) | (665) | (665) | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (17) | (17) | ||||||||||||||||||||||||||||||||||||
Change in fair value of derivative instruments | (3) | (3) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (11) | (11) | ||||||||||||||||||||||||||||||||||||
Issuance of common stock related to stock options and employee stock purchase plans | 2 | — | 22 | 22 | ||||||||||||||||||||||||||||||||||
Issuance of common stock and withholding tax payments related to vesting of stock units | 1 | — | (9) | (9) | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 72 | 72 | ||||||||||||||||||||||||||||||||||||
Common stock dividends declared ($0.2425 per share) (1)
|
(91) | (91) | ||||||||||||||||||||||||||||||||||||
Balance as of January 30, 2021 | 374 | $ | 19 | $ | 85 | $ | 2,501 | $ | 9 | $ | 2,614 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | (665) | $ | 351 | $ | 1,003 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 507 | 557 | 578 | |||||||||||||||||
Amortization of lease incentives | — | — | (61) | |||||||||||||||||
Share-based compensation | 77 | 68 | 91 | |||||||||||||||||
Impairment of operating lease assets | 391 | 239 | — | |||||||||||||||||
Impairment of store assets | 135 | 98 | 14 | |||||||||||||||||
Impairment of intangible asset | 31 | — | — | |||||||||||||||||
Loss on extinguishment of debt | 58 | — | — | |||||||||||||||||
Loss on disposal of property and equipment | — | 70 | 4 | |||||||||||||||||
Amortization of debt issuance costs | 12 | 2 | 2 | |||||||||||||||||
Non-cash and other items | — | (12) | (12) | |||||||||||||||||
Gain on sale of building | — | (191) | — | |||||||||||||||||
Deferred income taxes | (137) | (81) | 65 | |||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Merchandise inventory | (305) | 4 | (154) | |||||||||||||||||
Other current assets and other long-term assets | 64 | 105 | (18) | |||||||||||||||||
Accounts payable | 564 | 66 | (78) | |||||||||||||||||
Accrued expenses and other current liabilities | (14) | 110 | (196) | |||||||||||||||||
Income taxes payable, net of receivables and other tax-related items | (304) | 86 | 113 | |||||||||||||||||
Other long-term liabilities | 12 | — | 30 | |||||||||||||||||
Operating lease assets and liabilities, net | (189) | (61) | — | |||||||||||||||||
Net cash provided by operating activities | 237 | 1,411 | 1,381 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property and equipment | (392) | (702) | (705) | |||||||||||||||||
Purchase of building | — | (343) | — | |||||||||||||||||
Proceeds from sale of building | — | 220 | — | |||||||||||||||||
Purchases of short-term investments | (508) | (293) | (464) | |||||||||||||||||
Proceeds from sales and maturities of short-term investments | 388 | 293 | 177 | |||||||||||||||||
Purchase of Janie and Jack | — | (69) | — | |||||||||||||||||
Other | 2 | — | (9) | |||||||||||||||||
Net cash used for investing activities | (510) | (894) | (1,001) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from revolving credit facility | 500 | — | — | |||||||||||||||||
Payments for revolving credit facility | (500) | — | — | |||||||||||||||||
Proceeds from issuance of long-term debt | 2,250 | — | — | |||||||||||||||||
Payments to extinguish debt | (1,307) | — | — | |||||||||||||||||
Payments for debt issuance costs | (61) | — | (1) | |||||||||||||||||
Proceeds from issuances under share-based compensation plans | 22 | 25 | 46 | |||||||||||||||||
Withholding tax payments related to vesting of stock units | (9) | (21) | (23) | |||||||||||||||||
Repurchases of common stock | — | (200) | (398) | |||||||||||||||||
Cash dividends paid | — | (364) | (373) | |||||||||||||||||
Net cash provided by (used for) financing activities | 895 | (560) | (749) | |||||||||||||||||
Effect of foreign exchange rate fluctuations on cash, cash equivalents, and restricted cash | 13 | 4 | (10) | |||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 635 | (39) | (379) | |||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 1,381 | 1,420 | 1,799 | |||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 2,016 | $ | 1,381 | $ | 1,420 | ||||||||||||||
Non-cash investing activities: | ||||||||||||||||||||
Purchases of property and equipment not yet paid at end of period | $ | 60 | $ | 85 | $ | 93 | ||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Cash paid for interest during the period | $ | 145 | $ | 76 | $ | 76 | ||||||||||||||
Cash paid for income taxes during the period, net of refunds | $ | 20 | $ | 176 | $ | 143 | ||||||||||||||
Cash paid for operating lease liabilities | $ | 1,096 | $ | 1,244 | $ | — |
($ in millions) |
January 30,
2021 |
February 1,
2020 |
February 2,
2019 |
|||||||||||||||||
Cash and cash equivalents | $ | 1,988 | $ | 1,364 | $ | 1,081 | ||||||||||||||
Restricted cash included in other current assets | 4 | — | 1 | |||||||||||||||||
Restricted cash included in other long-term assets (1) | 24 | 17 | 338 | |||||||||||||||||
Total cash, cash equivalents, and restricted cash shown on the Consolidated Statement of Cash Flows | $ | 2,016 | $ | 1,381 | $ | 1,420 |
Category | Term | |||||||
Leasehold improvements |
Shorter of remaining lease term or economic life, up to 15 years
|
|||||||
Furniture and equipment |
Up to 10 years
|
|||||||
Software |
3 to 7 years
|
|||||||
Buildings and building improvements |
Up to 39 years
|
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Foreign currency transaction gain (loss) | $ | 23 | $ | 1 | $ | (32) | ||||||||||||||
Realized and unrealized gain (loss) from certain derivative financial instruments | (15) | 4 | 34 | |||||||||||||||||
Net foreign exchange gain | $ | 8 | $ | 5 | $ | 2 |
($ in millions) |
January 30,
2021 |
February 1,
2020 |
||||||||||||
Cash (1) | $ | 1,613 | $ | 1,053 | ||||||||||
Bank certificates of deposit and time deposits | 285 | 286 | ||||||||||||
U.S. agency securities | 65 | — | ||||||||||||
U.S. treasury securities | 25 | — | ||||||||||||
Money market funds | — | 19 | ||||||||||||
Domestic commercial paper and other | — | 6 | ||||||||||||
Cash and cash equivalents | $ | 1,988 | $ | 1,364 |
($ in millions) |
January 30,
2021 |
February 1,
2020 |
||||||||||||
U.S. treasury securities | $ | 342 | $ | 117 | ||||||||||
U.S. agency securities | 68 | 25 | ||||||||||||
Corporate securities | — | 148 | ||||||||||||
Short-term investments | $ | 410 | $ | 290 | ||||||||||
($ in millions) |
January 30,
2021 |
February 1,
2020 |
||||||||||||
Prepaid income taxes and income taxes receivable | $ | 409 | $ | 77 | ||||||||||
Accounts receivable | 363 | 316 | ||||||||||||
Prepaid minimum rent and occupancy expenses | 104 | 148 | ||||||||||||
Assets held for sale (1) | 102 | — | ||||||||||||
Right of return asset | 43 | 36 | ||||||||||||
Derivative financial instruments | 5 | 10 | ||||||||||||
Other | 133 | 119 | ||||||||||||
Other current assets | $ | 1,159 | $ | 706 |
($ in millions) |
January 30,
2021 |
February 1,
2020 |
||||||||||||
Leasehold improvements | $ | 2,627 | $ | 2,923 | ||||||||||
Furniture and equipment | 2,739 | 2,802 | ||||||||||||
Software | 1,466 | 1,626 | ||||||||||||
Land, buildings, and building improvements | 1,452 | 1,408 | ||||||||||||
Construction-in-progress | 165 | 202 | ||||||||||||
Property and equipment, at cost | 8,449 | 8,961 | ||||||||||||
Less: Accumulated depreciation | (5,608) | (5,839) | ||||||||||||
Property and equipment, net of accumulated depreciation | $ | 2,841 | $ | 3,122 |
($ in millions) |
January 30,
2021 |
February 1,
2020 |
||||||||||||
Long-term income tax-related assets | $ | 391 | $ | 256 | ||||||||||
Goodwill | 109 | 109 | ||||||||||||
Trade names | 61 | 121 | ||||||||||||
Other | 142 | 153 | ||||||||||||
Other long-term assets | $ | 703 | $ | 639 |
($ in millions) |
January 30,
2021 |
February 1,
2020 |
||||||||||||
Accrued compensation and benefits | $ | 378 | $ | 291 | ||||||||||
Deferred revenue | 231 | 226 | ||||||||||||
Sales return allowance | 96 | 74 | ||||||||||||
Liabilities held for sale (1) | 58 | — | ||||||||||||
Accrued advertising | 49 | 57 | ||||||||||||
Accrued Interest | 44 | 23 | ||||||||||||
Derivative financial instruments | 21 | 10 | ||||||||||||
Other | 399 | 386 | ||||||||||||
Accrued expenses and other current liabilities | $ | 1,276 | $ | 1,067 |
($ in millions) |
January 30,
2021 |
February 1,
2020 |
||||||||||||||||||
Long-term income tax-related liabilities | 187 | $ | 152 | |||||||||||||||||
Long-term asset retirement obligations (1) | 51 | 56 | ||||||||||||||||||
Long-term deferred rent and tenant allowances | 47 | 50 | ||||||||||||||||||
Other (2) | 153 | 139 | ||||||||||||||||||
Other long-term liabilities | $ | 438 | $ | 397 |
Fiscal Year | |||||||||||||||||
($ in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Store sales (1) | $ | 7,522 | $ | 12,294 | $ | 12,861 | |||||||||||
Online sales (2) | 6,278 | 4,089 | 3,719 | ||||||||||||||
Total net sales | $ | 13,800 | $ | 16,383 | $ | 16,580 | |||||||||||
($ in millions) |
January 30,
2021 |
February 1,
2020 |
||||||||||||
Goodwill (1) | $ | 109 | $ | 109 | ||||||||||
Trade names (2) (3) | $ | 61 | $ | 121 | ||||||||||
($ in millions) |
January 30,
2021 |
February 1,
2020 |
|||||||||
2021 Notes | $ | — | $ | 1,249 | |||||||
2023 Notes | 500 | — | |||||||||
2025 Notes | 750 | — | |||||||||
2027 Notes | 1,000 | — | |||||||||
Less: Unamortized debt issuance costs | (34) | — | |||||||||
Total long-term debt | $ | 2,216 | $ | 1,249 |
Scheduled Maturity ($ in millions) | Principal | Interest Rate | Interest Payments | ||||||||||||||
Senior Secured Notes (1) | |||||||||||||||||
May 15, 2023 | $ | 500 | 8.375% | Semi-Annual | |||||||||||||
May 15, 2025 | 750 | 8.625% | Semi-Annual | ||||||||||||||
May 15, 2027 | 1,000 | 8.875% | Semi-Annual | ||||||||||||||
Total issuance | $ | 2,250 |
|
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||
($ in millions) | January 30, 2021 |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash equivalents | $ | 375 | $ | 25 | $ | 350 | $ | — | ||||||||||||||||||
Short-term investments | 410 | 342 | 68 | — | ||||||||||||||||||||||
Derivative financial instruments | 5 | — | 5 | — | ||||||||||||||||||||||
Deferred compensation plan assets | 43 | 43 | — | — | ||||||||||||||||||||||
Other assets | 2 | — | — | 2 | ||||||||||||||||||||||
Total | $ | 835 | $ | 410 | $ | 423 | $ | 2 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative financial instruments | $ | 21 | $ | — | $ | 21 | $ | — |
|
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||
($ in millions) | February 1, 2020 |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash equivalents | $ | 311 | $ | 19 | $ | 292 | $ | — | ||||||||||||||||||
Short-term investments | 290 | 117 | 173 | — | ||||||||||||||||||||||
Derivative financial instruments | 10 | — | 10 | — | ||||||||||||||||||||||
Deferred compensation plan assets | 51 | 51 | — | — | ||||||||||||||||||||||
Other assets | 2 | — | — | 2 | ||||||||||||||||||||||
Total | $ | 664 | $ | 187 | $ | 475 | $ | 2 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative financial instruments | $ | 10 | $ | — | $ | 10 | $ | — |
Fiscal Year | |||||||||||||||||
($ in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Operating lease assets (1) | $ | 391 | $ | 239 | $ | — | |||||||||||
Store assets (2) | 135 | 98 | 14 | ||||||||||||||
Other indefinite-lived intangible assets (3) | 31 | — | — | ||||||||||||||
Goodwill | — | — | — | ||||||||||||||
Total impairment charges of long-lived and indefinite-lived assets | $ | 557 | $ | 337 | $ | 14 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
United States | $ | (928) | $ | 550 | $ | 1,183 | ||||||||||||||
Foreign | (174) | (22) | 139 | |||||||||||||||||
Income before income taxes | $ | (1,102) | $ | 528 | $ | 1,322 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | (337) | $ | 177 | $ | 164 | ||||||||||||||
State | (21) | 37 | 41 | |||||||||||||||||
Foreign | 58 | 44 | 49 | |||||||||||||||||
Total current | (300) | 258 | 254 | |||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | (94) | (58) | 55 | |||||||||||||||||
State | (56) | (20) | 11 | |||||||||||||||||
Foreign | 13 | (3) | (1) | |||||||||||||||||
Total deferred | (137) | (81) | 65 | |||||||||||||||||
Total provision | $ | (437) | $ | 177 | $ | 319 |
Fiscal Year | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Federal statutory tax rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||
State and local income taxes, net of federal benefit | 4.6 | 3.2 | 4.0 | |||||||||||||||||
Tax impact of foreign operations | (6.5) | 6.0 | 0.1 | |||||||||||||||||
Impact of foreign entity structure changes | 10.3 | — | — | |||||||||||||||||
Impact of the CARES Act of 2020 | 11.1 | — | — | |||||||||||||||||
Impact of TCJA of 2017 | — | 5.6 | (3.2) | |||||||||||||||||
Excess foreign tax credits | — | — | 0.5 | |||||||||||||||||
Other | (0.8) | (2.3) | 1.7 | |||||||||||||||||
Effective tax rate | 39.7 | % | 33.5 | % | 24.1 | % |
($ in millions) |
January 30,
2021 |
February 1,
2020 |
||||||||||||
Gross deferred tax assets: | ||||||||||||||
Operating lease liabilities | $ | 1,531 | $ | 1,726 | ||||||||||
Accrued payroll and related benefits | 71 | 59 | ||||||||||||
Accruals | 148 | 132 | ||||||||||||
Inventory capitalization and other adjustments | 48 | 38 | ||||||||||||
Deferred income | 22 | 34 | ||||||||||||
Federal, state, and foreign net operating losses | 252 | 101 | ||||||||||||
Unrealized net loss on cash flow hedges | 4 | — | ||||||||||||
Other | 71 | 37 | ||||||||||||
Total gross deferred tax assets | 2,147 | 2,127 | ||||||||||||
Valuation allowance | (361) | (199) | ||||||||||||
Total deferred tax assets, net of valuation allowance | 1,786 | 1,928 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Depreciation and amortization | (217) | (246) | ||||||||||||
Operating lease assets | (1,188) | (1,448) | ||||||||||||
Unremitted earnings of certain foreign subsidiaries | (2) | (2) | ||||||||||||
Unrealized net gain on cash flow hedges | — | (2) | ||||||||||||
Other | (17) | (9) | ||||||||||||
Total deferred tax liabilities | (1,424) | (1,707) | ||||||||||||
Net deferred tax assets | $ | 362 | $ | 221 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Balance at beginning of fiscal year | $ | 152 | $ | 136 | $ | 118 | ||||||||||||||
Increases related to current year tax positions | 165 | 12 | 11 | |||||||||||||||||
Prior year tax positions: | ||||||||||||||||||||
Increases | 40 | 11 | 29 | |||||||||||||||||
Decreases | (4) | (4) | (6) | |||||||||||||||||
Lapse of Statute of Limitations | (1) | (1) | — | |||||||||||||||||
Cash settlements | (14) | (1) | (15) | |||||||||||||||||
Foreign currency translation | 2 | (1) | (1) | |||||||||||||||||
Balance at end of fiscal year | $ | 340 | $ | 152 | $ | 136 |
($ in millions) |
January 30,
2021 |
February 1,
2020 |
|||||||||
Derivatives designated as cash flow hedges | $ | 508 | $ | 501 | |||||||
Derivatives not designated as hedging instruments | 811 | 689 | |||||||||
Total | $ | 1,319 | $ | 1,190 |
($ in millions) |
January 30,
2021 |
February 1,
2020 |
|||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Other current assets | $ | — | $ | 6 | |||||||
Accrued expenses and other current liabilities | 12 | 2 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Other current assets | 5 | 4 | |||||||||
Accrued expenses and other current liabilities | 9 | 8 | |||||||||
Total derivatives in an asset position | $ | 5 | $ | 10 | |||||||
Total derivatives in a liability position | $ | 21 | $ | 10 |
Location and Amount of (Gain) Loss Recognized in Income (loss) | |||||||||||||||||||||||||||||||||||
Fiscal Year 2020 | Fiscal Year 2019 | Fiscal Year 2018 | |||||||||||||||||||||||||||||||||
($ in millions) | Cost of goods sold and occupancy expenses | Operating expenses | Cost of goods sold and occupancy expenses | Operating expenses | Cost of goods sold and occupancy expenses | Operating expenses | |||||||||||||||||||||||||||||
Total amount of expense line items presented on the Consolidated Statements of Operations in which the effects of derivatives are recorded | $ | 9,095 | $ | 5,567 | $ | 10,250 | $ | 5,559 | $ | 10,258 | $ | 4,960 | |||||||||||||||||||||||
(Gain) loss recognized in income (loss): | |||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | (13) | $ | — | $ | (29) | $ | — | $ | (13) | $ | (1) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | — | 15 | — | (4) | — | (33) | |||||||||||||||||||||||||||||
Total (gain) loss recognized in income (loss) | $ | (13) | $ | 15 | $ | (29) | $ | (4) | $ | (13) | $ | (34) |
|
Fiscal Year | |||||||||||||||||||
($ and shares in millions except average per share cost) | 2020 | 2019 | 2018 | |||||||||||||||||
Number of shares repurchased (1) | — | 10 | 14 | |||||||||||||||||
Total cost | $ | — | $ | 200 | $ | 398 | ||||||||||||||
Average per share cost including commissions | $ | — | $ | 19.18 | $ | 28.93 |
|
Fiscal Year | |||||||||||||||||||
($ in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Stock units | $ | 62 | $ | 52 | $ | 71 | ||||||||||||||
Stock options | 12 | 12 | 16 | |||||||||||||||||
Employee stock purchase plan | 3 | 4 | 4 | |||||||||||||||||
Share-based compensation expense | 77 | 68 | 91 | |||||||||||||||||
Less: Income tax benefit | (15) | (23) | (22) | |||||||||||||||||
Share-based compensation expense, net of tax | $ | 62 | $ | 45 | $ | 69 |
Shares |
Weighted-Average
Grant-Date Fair Value Per Share |
|||||||||||||
Balance as of February 1, 2020 | 6,962,409 | $ | 24.33 | |||||||||||
Granted | 8,827,881 | $ | 11.22 | |||||||||||
Vested | (2,699,411) | $ | 24.26 | |||||||||||
Forfeited | (1,601,983) | $ | 16.80 | |||||||||||
Balance as of January 30, 2021 | 11,488,896 | $ | 15.33 |
Fiscal Year | ||||||||||||||||||||
($ in millions except per share amounts)
|
2020 | 2019 | 2018 | |||||||||||||||||
Weighted-average fair value per share of Stock Units granted | $ | 11.22 | $ | 21.93 | $ | 29.33 | ||||||||||||||
Fair value of Stock Units vested | $ | 65 | $ | 66 | $ | 58 |
Fiscal Year | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Expected term (in years) | 4.5 | 4.2 | 3.9 | |||||||||||||||||
Expected volatility | 46.9 | % | 37.5 | % | 36.3 | % | ||||||||||||||
Dividend yield | 1.6 | % | 4.1 | % | 3.1 | % | ||||||||||||||
Risk-free interest rate | 0.4 | % | 2.2 | % | 2.5 | % |
Shares |
Weighted-
Average Exercise Price Per Share |
|||||||||||||
Balance as of February 1, 2020 | 11,436,022 | $ | 28.26 | |||||||||||
Granted | 5,446,299 | $ | 9.22 | |||||||||||
Exercised | (99,300) | $ | 22.67 | |||||||||||
Forfeited/Expired | (4,391,089) | $ | 27.33 | |||||||||||
Balance as of January 30, 2021 | 12,391,932 | $ | 20.27 |
Fiscal Year | ||||||||||||||||||||
($ in millions except per share amounts)
|
2020 | 2019 | 2018 | |||||||||||||||||
Weighted-average fair value per share of stock options granted | $ | 3.28 | $ | 5.43 | $ | 7.75 | ||||||||||||||
Aggregate intrinsic value of stock options exercised | $ | — | $ | 1 | $ | 5 | ||||||||||||||
Fair value of stock options vested | $ | 13 | $ | 16 | $ | 14 |
Intrinsic Value as of January 30, 2021
(in millions) |
Number of
Shares as of January 30, 2021 |
Weighted-
Average Remaining Contractual Life (in years) |
Weighted-
Average Exercise Price Per Share |
|||||||||||||||||||||||
Options Outstanding | $ | 58 | 12,391,932 | 7.6 | $ | 20.27 | ||||||||||||||||||||
Options Exercisable | $ | — | 4,392,298 | 5.6 | $ | 29.31 | ||||||||||||||||||||
Fiscal Year | |||||||||||
($ in millions) | 2020 | 2019 | |||||||||
Operating lease cost | $ | 1,043 | $ | 1,233 | |||||||
Variable lease cost | 416 | 621 | |||||||||
Sublease income | (4) | (9) | |||||||||
Net lease cost | $ | 1,455 | $ | 1,845 |
Fiscal Year | ||||||||||||||||||||
(shares in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Weighted-average number of shares—basic | 374 | 376 | 385 | |||||||||||||||||
Common stock equivalents (1) | — | 2 | 3 | |||||||||||||||||
Weighted-average number of shares—diluted | 374 | 378 | 388 |
($ in millions) | Old Navy Global | Gap Global |
Banana
Republic Global |
Other (2) | Total | |||||||||||||||||||||||||||||||||
Fiscal 2020 | ||||||||||||||||||||||||||||||||||||||
U.S. (1) | $ | 6,898 | $ | 2,099 | $ | 1,242 | $ | 1,411 | $ | 11,650 | ||||||||||||||||||||||||||||
Canada | 578 | 261 | 130 | 3 | 972 | |||||||||||||||||||||||||||||||||
Europe | — | 319 | 10 | — | 329 | |||||||||||||||||||||||||||||||||
Asia | 4 | 642 | 64 | — | 710 | |||||||||||||||||||||||||||||||||
Other regions | 56 | 67 | 16 | — | 139 | |||||||||||||||||||||||||||||||||
Total | $ | 7,536 | $ | 3,388 | $ | 1,462 | $ | 1,414 | $ | 13,800 | ||||||||||||||||||||||||||||
($ in millions) | Old Navy Global | Gap Global |
Banana
Republic Global (3) |
Other (4) | Total | |||||||||||||||||||||||||||||||||
Fiscal 2019 | ||||||||||||||||||||||||||||||||||||||
U.S. (1) | $ | 7,259 | $ | 2,723 | $ | 2,191 | $ | 1,225 | $ | 13,398 | ||||||||||||||||||||||||||||
Canada | 587 | 349 | 215 | 2 | 1,153 | |||||||||||||||||||||||||||||||||
Europe | — | 525 | 14 | — | 539 | |||||||||||||||||||||||||||||||||
Asia | 45 | 943 | 96 | — | 1,084 | |||||||||||||||||||||||||||||||||
Other regions | 92 | 94 | 23 | — | 209 | |||||||||||||||||||||||||||||||||
Total | $ | 7,983 | $ | 4,634 | $ | 2,539 | $ | 1,227 | $ | 16,383 | ||||||||||||||||||||||||||||
($ in millions) | Old Navy Global | Gap Global |
Banana
Republic Global |
Other (4) | Total | |||||||||||||||||||||||||||||||||
Fiscal 2018 | ||||||||||||||||||||||||||||||||||||||
U.S. (1) | $ | 7,134 | $ | 2,990 | $ | 2,095 | $ | 1,121 | $ | 13,340 | ||||||||||||||||||||||||||||
Canada | 584 | 379 | 227 | 3 | 1,193 | |||||||||||||||||||||||||||||||||
Europe | — | 589 | 14 | — | 603 | |||||||||||||||||||||||||||||||||
Asia | 50 | 1,089 | 94 | — | 1,233 | |||||||||||||||||||||||||||||||||
Other regions | 72 | 113 | 26 | — | 211 | |||||||||||||||||||||||||||||||||
Total | $ | 7,840 | $ | 5,160 | $ | 2,456 | $ | 1,124 | $ | 16,580 | ||||||||||||||||||||||||||||
($ in millions) |
January 30,
2021 |
February 1,
2020 |
||||||||||||
U.S. (1) | $ | 6,085 | $ | 7,169 | ||||||||||
Other regions | 1,314 | 1,773 | ||||||||||||
Total long-lived assets | $ | 7,399 | $ | 8,942 |
1. | Financial Statements: See “Index to Consolidated Financial Statements” in Part II, Item 8 of this Form 10-K. |
2. | Financial Statement Schedules: Schedules are included in the Consolidated Financial Statements or notes of this Form 10-K or are not required. |
3. | Exhibits: The exhibits listed in the below Exhibit Index are filed or incorporated by reference as part of this Form 10-K. |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit
No. |
Exhibit Description | Form | File No. | Exhibit | Filing Date |
Filed/
Furnished Herewith |
||||||||||||||||||||||||||||||||
3.1 | Amended and Restated Certificate of Incorporation. (P) | 10-K | 1-7562 | 3.1 | April 26, 1993 | |||||||||||||||||||||||||||||||||
Certificate of Amendment of Amended and Restated Certificate of Incorporation. | 10-K | 1-7562 | 3.2 | April 4, 2000 | ||||||||||||||||||||||||||||||||||
Amended and Restated Bylaws (effective March 23, 2020). | 8-K | 1-7562 | 3.1 | March 5, 2020 | ||||||||||||||||||||||||||||||||||
Indenture, dated as of May 7, 2020, by and among the Registrant, the Guarantors party thereto and U.S. Bank National Association as trustee and as collateral agent. | 8-K | 1-7562 | 4.1 | May 8, 2020 | ||||||||||||||||||||||||||||||||||
Form of 8.375% Senior Secured Notes due 2023, included as Exhibit A-1 to the Indenture. | 8-K | 1-7562 | 4.2 | May 8, 2020 | ||||||||||||||||||||||||||||||||||
Form of 8.625% Senior Secured Notes due 2025, included as Exhibit A-2 to the Indenture. | 8-K | 1-7562 | 4.3 | May 8, 2020 | ||||||||||||||||||||||||||||||||||
Form of 8.875% Senior Secured Notes due 2027, included as Exhibit A-3 to the Indenture. | 8-K | 1-7562 | 4.4 | May 8, 2020 | ||||||||||||||||||||||||||||||||||
Description of Registrant's securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. | 10-K | 1-7562 | 4.4 | March 17, 2020 | ||||||||||||||||||||||||||||||||||
Third Amended and Restated Revolving Credit Agreement dated as of May 7, 2020. | 8-K | 1-7562 | 10.1 | May 8, 2020 | ||||||||||||||||||||||||||||||||||
10.2*
|
Amended and Restated Consumer Credit Card Program Agreement by and among Registrant, Gap (Puerto Rico), Inc., GPS Consumer Direct, Inc., Gap (Apparel), LLC, Gap (ITM) Inc., GE Capital Retail Bank and GE Capital Retail Finance Corporation, dated as of February 28, 2014. | 10-Q/A | 1-7562 | 10.1 | October 10, 2014 | |||||||||||||||||||||||||||||||||
First Amendment to Amended and Restated Consumer Credit Card Program Agreement by and among Registrant, Gap (Puerto Rico), Inc., GPS Consumer Direct, Inc., Gap (Apparel), LLC, Gap (ITM) Inc., Synchrony Bank (f/k/a GE Capital Retail Bank) and Synchrony Financial, dated as of January 31, 2015. | 10-K | 1-7562 | 10.12 | March 23, 2015 | ||||||||||||||||||||||||||||||||||
10.4*
|
Second Amendment to Amended and Restated Consumer Credit Card Program Agreement by and among Registrant, Gap (Puerto Rico), Inc., GPS Consumer Direct, Inc., Gap (Apparel), LLC, Gap (ITM) Inc., Synchrony Bank (f/k/a GE Capital Retail Bank) and Synchrony Financial, dated as of May 8, 2015. | 10-Q | 1-7562 | 10.1 | September 8, 2015 | |||||||||||||||||||||||||||||||||
10.5*
|
Third Amendment to Amended and Restated Consumer Credit Card Program Agreement by and among Registrant, Gap (Puerto Rico), Inc., GPS Consumer Direct, Inc., Gap (Apparel), LLC, Gap (ITM) Inc., Synchrony Bank (f/k/a GE Capital Retail Bank) and Synchrony Financial, dated as of December 15, 2015. | 10-K | 1-7562 | 10.16 | March 21, 2016 | |||||||||||||||||||||||||||||||||
10.6*
|
Fourth Amendment to Amended and Restated Consumer Credit Card Program Agreement by and among Registrant, Gap (Puerto Rico), Inc., GPS Consumer Direct, Inc., Gap (Apparel), LLC, Gap (ITM) Inc., SynchronyBank (f/k/a GE Capital Retail Bank) and Synchrony Financial, dated as of April 29, 2016. | 10-Q | 1-7562 | 10.1 | June 3, 2016 | |||||||||||||||||||||||||||||||||
10.7*
|
Fifth Amendment to Amended and Restated Consumer Credit Card Program Agreement by and among Registrant, Gap (Puerto Rico), Inc., GPS Consumer Direct, Inc., Gap (Apparel), LLC, Gap (ITM) Inc., Synchrony Bank (f/k/a GE Capital Retail Bank) and Synchrony Financial, dated as of April 7, 2017. | 10-Q | 1-7562 | 10.1 | June 5, 2017 | |||||||||||||||||||||||||||||||||
10.8*
|
Sixth Amendment to Amended and Restated Consumer Credit Card Program Agreement by and among Registrant, Gap (Puerto Rico), Inc., GPS Consumer Direct, Inc., Gap (Apparel), LLC, Gap (ITM) Inc., Synchrony Bank (f/k/a GE Capital Retail Bank) and Synchrony Financial, dated as of May 22, 2018. | 10-Q | 1-7562 | 10.2 | August 31, 2018 | |||||||||||||||||||||||||||||||||
10.9†
|
Executive Management Incentive Compensation Award Plan. | DEF 14A | 1-7562 | App. A | April 7, 2015 | |||||||||||||||||||||||||||||||||
The Gap, Inc. Executive Deferred Compensation Plan (January 1, 1999 Restatement). | 10-Q | 1-7562 | 10.3 | December 15, 1998 | ||||||||||||||||||||||||||||||||||
Amendment to Executive Deferred Compensation Plan - Freezing of Plan Effective December 31, 2005. | 8-K | 1-7562 | 10.1 | November 8, 2005 | ||||||||||||||||||||||||||||||||||
Amendment to Executive Deferred Compensation Plan - Merging of Plan into the Supplemental Deferred Compensation Plan. | 10-K | 1-7562 | 10.29 | March 27, 2009 | ||||||||||||||||||||||||||||||||||
Amendment to Executive Deferred Compensation Plan - Suspension of Pending Merger into Supplemental Deferred Compensation Plan. | 10-K | 1-7562 | 10.30 | March 27, 2009 | ||||||||||||||||||||||||||||||||||
Amendment to Executive Deferred Compensation Plan - Merging of Plan into the Deferred Compensation Plan. | 10-Q | 1-7562 | 10.1 | December 8, 2009 | ||||||||||||||||||||||||||||||||||
Deferred Compensation Plan, amended and restated effective September 1, 2011. | 10-Q | 1-7562 | 10.1 | December 7, 2011 | ||||||||||||||||||||||||||||||||||
Deferred Compensation Plan, amended and restated effective November 17, 2015. | 10-K | 1-7562 | 10.24 | March 21, 2016 | ||||||||||||||||||||||||||||||||||
Deferred Compensation Plan, amended and restated effective March 24, 2016. | 10-Q | 1-7562 | 10.2 | June 3, 2016 | ||||||||||||||||||||||||||||||||||
Supplemental Deferred Compensation Plan. | S-8 | 333-129986 | 4.1 | November 29, 2005 | ||||||||||||||||||||||||||||||||||
First Amendment to Supplemental Deferred Compensation Plan. | 10-K | 1-7562 | 10.32 | March 27, 2009 | ||||||||||||||||||||||||||||||||||
Second Amendment to Supplemental Deferred Compensation Plan - Merging of Executive Deferred Compensation Plan into the Plan and Name Change to Deferred Compensation Plan. | 10-K | 1-7562 | 10.33 | March 27, 2009 | ||||||||||||||||||||||||||||||||||
Third Amendment to Supplemental Deferred Compensation Plan - Suspension of Pending Merging of Executive Deferred Compensation Plan into the Plan and Name Change to Deferred Compensation Plan. | 10-K | 1-7562 | 10.34 | March 27, 2009 | ||||||||||||||||||||||||||||||||||
Fourth Amendment to Supplemental Deferred Compensation Plan - Merging of Executive Deferred Compensation Plan into the Plan and Name Change to Deferred Compensation Plan. | 10-Q | 1-7562 | 10.2 | December 8, 2009 | ||||||||||||||||||||||||||||||||||
2011 Long-Term Incentive Plan. | DEF 14A | 1-7562 | App. A | April 5, 2011 | ||||||||||||||||||||||||||||||||||
Amended and Restated 2011 Long-Term Incentive Plan (effective February 26, 2014). | 8-K | 1-7562 | 10.1 | March 6, 2014 | ||||||||||||||||||||||||||||||||||
2016 Long-Term Incentive Plan. | DEF 14A | 1-7562 | App. A | April 5, 2016 | ||||||||||||||||||||||||||||||||||
Amended and Restated 2016 Long-Term Incentive Plan (effective February 22, 2017). | 10-K | 1-7562 | 10.30 | March 20, 2018 | ||||||||||||||||||||||||||||||||||
Amended and Restated 2016 Long Term-Incentive Plan (effective May 21, 2019). | DEF 14A | 1-7562 | App. A | April 9, 2019 | ||||||||||||||||||||||||||||||||||
Form of Non-Qualified Stock Option Agreement for Executives under the 2006 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.1 | March 23, 2006 | ||||||||||||||||||||||||||||||||||
Form of Non-Qualified Stock Option Agreement under the 2011 Long-Term Incentive Plan. | 10-Q | 1-7562 | 10.8 | June 8, 2011 | ||||||||||||||||||||||||||||||||||
Form of Non-Qualified Stock Option Agreement under the 2011 Long-Term Incentive Plan. | 10-Q | 1-7562 | 10.9 | August 31, 2012 | ||||||||||||||||||||||||||||||||||
Form of Non-Qualified Stock Option Agreement under the 2011 Long-Term Incentive Plan. | 10-K | 1-7562 | 10.72 | March 26, 2013 | ||||||||||||||||||||||||||||||||||
Form of Non-Qualified Stock Option Agreement under the 2011 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.2 | March 6, 2014 | ||||||||||||||||||||||||||||||||||
Form of Non-Qualified Stock Option Agreement under the 2011 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.1 | March 6, 2015 | ||||||||||||||||||||||||||||||||||
Form of Non-Qualified Stock Option Agreement under the 2011 Long-Term Incentive Plan. | 10-K | 1-7562 | 10.60 | March 21, 2016 | ||||||||||||||||||||||||||||||||||
Form of Non-Qualified Stock Option Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.1 | March 9, 2017 | ||||||||||||||||||||||||||||||||||
Form of Non-Qualified Stock Option Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.1 | March 16, 2018 | ||||||||||||||||||||||||||||||||||
Form of Non-Qualified Stock Option Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.1 | March 15, 2019 | ||||||||||||||||||||||||||||||||||
2020 Form of Nonqualified Stock Option Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.1 | March 13, 2020 | ||||||||||||||||||||||||||||||||||
Form of Stock Award Agreement for Executives under the 2006 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.2 | March 23, 2006 | ||||||||||||||||||||||||||||||||||
Form of Performance Share Agreement under the 2011 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.3 | March 6, 2015 | ||||||||||||||||||||||||||||||||||
Form of Performance Share Agreement under the 2011 Long-Term Incentive Plan. | 10-K | 1-7562 | 10.69 | March 21, 2016 | ||||||||||||||||||||||||||||||||||
Form of Performance Share Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.3 | March 9, 2017 | ||||||||||||||||||||||||||||||||||
Form of Performance Share Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.3 | March 16, 2018 | ||||||||||||||||||||||||||||||||||
Form of Performance Share Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.3 | March 15, 2019 | ||||||||||||||||||||||||||||||||||
2020 Form of Performance Share Agreement under the 2016 Long-Term Incentive Plan, | 8-K | 1-7562 | 10.3 | March 13, 2020 | ||||||||||||||||||||||||||||||||||
Form of Restricted Stock Unit Award Agreement under the 2011 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.2 | March 6, 2015 | ||||||||||||||||||||||||||||||||||
Form of Restricted Stock Unit Award Agreement under the 2011 Long-Term Incentive Plan. | 10-K | 1-7562 | 10.75 | March 21, 2016 | ||||||||||||||||||||||||||||||||||
Form of Restricted Stock Unit Award Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.2 | March 9, 2017 | ||||||||||||||||||||||||||||||||||
Form of Restricted Stock Unit Award Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.2 | March 16, 2018 | ||||||||||||||||||||||||||||||||||
Form of Restricted Stock Unit Award Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.2 | March 15, 2019 | ||||||||||||||||||||||||||||||||||
2020 Form of Restricted Stock Unit Award Agreement under the 2016 Long-Term Incentive Plan | 8-K | 1-7562 | 10.2 | March 13, 2020 | ||||||||||||||||||||||||||||||||||
Form of Restricted Stock Unit Award Agreement (Retention Version) under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.4 | March 16, 2018 | ||||||||||||||||||||||||||||||||||
Form of Director Stock Unit Agreement and Stock Unit Deferral Election Form under the 2011 Long-Term Incentive Plan. | 10-Q | 1-7562 | 10.10 | June 8, 2011 | ||||||||||||||||||||||||||||||||||
Form of Director Stock Unit Agreement and Stock Unit Deferral Election Form under the 2011 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.5 | March 6, 2014 | ||||||||||||||||||||||||||||||||||
Form of Director Stock Unit Agreement and Stock Unit Deferral Election Form under the 2011 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.4 | March 6, 2015 | ||||||||||||||||||||||||||||||||||
Form of Director Stock Unit Agreement and Stock Unit Deferral Election Form under the 2011 Long-Term Incentive Plan. | 10-K | 1-7562 | 10.79 | March 21, 2016 | ||||||||||||||||||||||||||||||||||
Form of Director Stock Unit Agreement and Stock Unit Deferral Election Form under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.4 | March 9, 2017 | ||||||||||||||||||||||||||||||||||
2020 Form of Director Stock Unit Agreement and Stock Unit Deferral Election Form under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.4 | March 13, 2020 | ||||||||||||||||||||||||||||||||||
Agreement with Mark Breitbard dated February 27, 2017 and confirmed on March 2, 2017. | 10-Q | 1-7562 | 10.1 | August 25, 2017 | ||||||||||||||||||||||||||||||||||
Agreement for Post-Termination Benefits with Mark Breitbard dated June 2, 2017, filed as Exhibit 10.2 to Registrant's Form 10-Q for the quarter ended April 29, 2017, Commission File No. 1-7562. | 10-Q | 1-7562 | 10.2 | June 5, 2017 | ||||||||||||||||||||||||||||||||||
Letter Agreement dated March 9, 2020 by and between Mark Breitbard and the Registrant | 10-K | 1-7562 | 10.57 | March 17, 2020 | ||||||||||||||||||||||||||||||||||
Amendment, dated November 23, 2020, to the Letter Agreement dated March 9, 2020 by and between Mark Breitbard and the Registrant. | 10-Q | 1-7562 | 10.4 | November 25, 2020 | ||||||||||||||||||||||||||||||||||
Agreement with Shawn Curran dated September 29, 2017 and confirmed on October 5, 2017. | 10-Q | 1-7562 | 10.1 | November 22, 2017 | ||||||||||||||||||||||||||||||||||
Letter Agreement dated March 9, 2020 by and between Shawn Curran and the Registrant. | 10-Q | 1-7562 | 10.2 | November 25, 2020 | ||||||||||||||||||||||||||||||||||
Amendment, dated November 20, 2020, to the Letter Agreement dated March 9, 2020 by and between Shawn Curran and the Registrant. | 10-Q | 1-7562 | 10.5 | November 25, 2020 | ||||||||||||||||||||||||||||||||||
Letter Agreement dated October 5, 2020 by and between Nancy Green and the Registrant. | 10-Q | 1-7562 | 10.3 | November 25, 2020 | ||||||||||||||||||||||||||||||||||
Amendment, dated November 20, 2020, to the Letter Agreement dated October 5, 2020 by and between Nancy Green and the Registrant. | 10-Q | 1-7562 | 10.6 | November 25, 2020 | ||||||||||||||||||||||||||||||||||
Agreement with Julie Gruber dated February 1, 2016 and confirmed on February 4, 2016, filed as Exhibit 10.3 to Registrant's Form 10-Q for the quarter ended April 30, 2016, Commission File No. 1-7562. | 10-Q | 1-7562 | 10.3 | June 3, 2016 | ||||||||||||||||||||||||||||||||||
Agreement for Post-Termination Benefits with Julie Gruber dated June 2, 2017, filed as Exhibit 10.5 to Registrant's Form 10-Q for the quarter ended April 29, 2017, Commission File No. 1-7562. | 10-Q | 1-7562 | 10.5 | June 5, 2017 | ||||||||||||||||||||||||||||||||||
Letter Agreement dated March 10, 2020 by and between Julie Gruber and the Registrant | 10-K | 1-7562 | 10.64 | March 17, 2020 | ||||||||||||||||||||||||||||||||||
Amendment, dated November 20, 2020, to the Letter Agreement dated March 10, 2020 by and between Julie Gruber and the Registrant. | 10-Q | 1-7562 | 10.7 | November 25, 2020 | ||||||||||||||||||||||||||||||||||
Agreement with Brent Hyder dated February 25, 2019 and confirmed on February 26, 2019.
|
10-Q | 1-7562 | 10.1 | May 31, 2019 | ||||||||||||||||||||||||||||||||||
Agreement and Release by and between Art Peck and the Registrant dated December 2, 2019 (amending that certain Agreement for Post-Termination Benefits with Art Peck dated June 2, 2017). |
10-K |
1-7562 | 10.71 | March 17, 2020 | ||||||||||||||||||||||||||||||||||
Agreement with Sonia Syngal dated April 11, 2016 and confirmed on April 11, 2016. | 8-K | 1-7562 | 10.1 | April 13, 2016 | ||||||||||||||||||||||||||||||||||
Agreement for Post-Termination Benefits with Sonia Syngal dated June 2, 2017, filed as Exhibit 10.10 to Registrant's Form 10-Q for the quarter ended April 29, 2017, Commission File No. 1-7562.
|
10-Q | 1-7562 | 10.10 | June 5, 2017 | ||||||||||||||||||||||||||||||||||
Letter Agreement dated March 4, 2020 by and between Sonia Syngal and the Registrant. | 8-K | 1-7562 | 10.1 | March 5, 2020 | ||||||||||||||||||||||||||||||||||
Amendment, dated November 23, 2020, to the Letter Agreement dated March 4, 2020 by and between Sonia Syngal and the Registrant. | 10-Q | 1-7562 | 10.10 | November 25, 2020 | ||||||||||||||||||||||||||||||||||
Letter Agreement dated March 10, 2020 by and between Katrina O'Connell and the Registrant. | 10-K | 1-7562 | 10.74 | March 17, 2020 | ||||||||||||||||||||||||||||||||||
Amendment, dated November 20, 2020, to the Letter Agreement dated March 10, 2020 by and between Katrina O’Connell and the Registrant. | 10-Q | 1-7562 | 10.8 | November 25, 2020 | ||||||||||||||||||||||||||||||||||
Letter Agreement dated March 6, 2020 by and between Sheila Peters and the Registrant. | 10-Q | 1-7562 | 10.1 | November 25, 2020 | ||||||||||||||||||||||||||||||||||
Amendment, dated November 20, 2020, to the Letter Agreement dated March 6, 2020 by and between Sheila Peters and the Registrant. | 10-Q | 1-7562 | 10.9 | November 25, 2020 | ||||||||||||||||||||||||||||||||||
Letter Agreement dated November 17, 2020 by and between Asheesh Saksena and the Registrant. | X | |||||||||||||||||||||||||||||||||||||
Letter Agreement dated November 17, 2020 by and between Sandra Stangl and the Registrant. | X | |||||||||||||||||||||||||||||||||||||
Form of Restricted Stock Unit Award Agreement with Bob L. Martin under the 2016 Long-Term Incentive Plan. | 10.Q | 1-7562 | 10.9 | June 9, 2020 | ||||||||||||||||||||||||||||||||||
Agreement and Release dated June 12, 2020 by and between Teri List-Stoll and the Registrant. | 8-K | 1-7562 | 10,2 | May 8, 2020 | ||||||||||||||||||||||||||||||||||
Code of Business Conduct. | 10-K | 1-7562 | 14 | March 26, 2010 | ||||||||||||||||||||||||||||||||||
Subsidiaries of Registrant. | X | |||||||||||||||||||||||||||||||||||||
Consent of Independent Registered Public Accounting Firm. | X | |||||||||||||||||||||||||||||||||||||
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer of The Gap, Inc. (Section 302 of the Sarbanes-Oxley Act of 2002). | X | |||||||||||||||||||||||||||||||||||||
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer of The Gap, Inc. (Section 302 of the Sarbanes-Oxley Act of 2002). | X | |||||||||||||||||||||||||||||||||||||
Certification of the Chief Executive Officer of The Gap, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X | |||||||||||||||||||||||||||||||||||||
Certification of the Chief Financial Officer of The Gap, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X | |||||||||||||||||||||||||||||||||||||
101 | The following materials from The Gap, Inc.’s Annual Report on Form 10-K for the year ended January 30, 2021, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | X |
THE GAP, INC. | ||||||||||||||
Date: | March 16, 2021 | By | /s/ SONIA SYNGAL | |||||||||||
Sonia Syngal
Chief Executive Officer and Director (Principal Executive Officer) |
||||||||||||||
Date: | March 16, 2021 | By | /s/ KATRINA O'CONNELL | |||||||||||
Katrina O'Connell
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
||||||||||||||
Date: | March 16, 2021 | By | /s/ JOHN J. FISHER | |||||||||||
John J. Fisher, Director | ||||||||||||||
Date: | March 16, 2021 | By | /s/ ROBERT J. FISHER | |||||||||||
Robert J. Fisher, Director | ||||||||||||||
Date: | March 16, 2021 | By | /s/ WILLIAM S. FISHER | |||||||||||
William S. Fisher, Director | ||||||||||||||
Date: | March 16, 2021 | By | /s/ TRACY GARDNER | |||||||||||
Tracy Gardner, Director | ||||||||||||||
Date: | March 16, 2021 | By | /s/ ISABELLA D. GOREN | |||||||||||
Isabella D. Goren, Director | ||||||||||||||
Date: | March 16, 2021 | By | /s/ BOB L. MARTIN | |||||||||||
Bob L. Martin, Director | ||||||||||||||
Date | March 16, 2021 | By | /s/ AMY MILES | |||||||||||
Amy Miles, Director | ||||||||||||||
Date: | March 16, 2021 | By | /s/ JORGE P. MONTOYA | |||||||||||
Jorge P. Montoya, Director | ||||||||||||||
Date: | March 16, 2021 | By | /s/ CHRIS O'NEILL | |||||||||||
Chris O'Neill, Director | ||||||||||||||
Date: | March 16, 2021 | By | /s/ MAYO A. SHATTUCK III | |||||||||||
Mayo A. Shattuck III, Director | ||||||||||||||
Date: | March 16, 2021 | By | /s/ ELIZABETH SMITH | |||||||||||
Elizabeth Smith, Director |
Athleta (ITM) Inc. | California | ||||
Athleta LLC | Delaware | ||||
Athleta, Inc. | Delaware | ||||
Banana Republic (Apparel), LLC | California | ||||
Banana Republic (ITM) Inc. | California | ||||
Banana Republic (Japan) Y.K. | Tokyo, Japan | ||||
Banana Republic, LLC | Delaware | ||||
Corporate HQ Support Mexico, S. de R.L. de C.V. | Mexico | ||||
Direct Consumer Services, LLC | California | ||||
Forth & Towne (Japan) Y.K. | Tokyo, Japan | ||||
Gap (Apparel), LLC | California | ||||
Gap (Beijing) Commercial Co., Ltd. | Beijing, China | ||||
Gap (Canada) Inc. | Canada | ||||
Gap (France) SAS | Paris, France | ||||
Gap (Italy) Srl. | Milan, Italy | ||||
Gap (ITM) Inc. | California | ||||
Gap (Japan) K.K. | Tokyo, Japan | ||||
Gap (Puerto Rico), Inc. | Puerto Rico | ||||
Gap (RHC) B.V. | Amsterdam, The Netherlands | ||||
Gap (Shanghai) Commercial Co., Ltd. | Shanghai, China | ||||
Gap (UK Holdings) Limited | England and Wales | ||||
Gap Europe Limited | England and Wales | ||||
Gap International Sales, Inc. | Delaware | ||||
Gap International Sourcing (Americas) LLC | California | ||||
Gap International Sourcing (California), LLC | California | ||||
Gap International Sourcing (Holdings) Limited | Hong Kong | ||||
Gap International Sourcing (India) Private Limited | New Delhi, India | ||||
Gap International Sourcing (JV), LLC | California | ||||
Gap International Sourcing (U.S.A.) Inc. | California | ||||
Gap International Sourcing (Vietnam) Limited Liability Company | Vietnam | ||||
Gap International Sourcing Limited | Hong Kong | ||||
Gap International Sourcing Pte. Ltd. | Singapore | ||||
Gap International Sourcing, Inc. | California | ||||
Gap IT Services India Private Limited | India | ||||
Gap Limited | Hong Kong | ||||
Gap Stores (Ireland) Limited | Dublin, Ireland | ||||
Gap Taiwan Limited | Taipei, Taiwan | ||||
GPS (Great Britain) Limited | England and Wales | ||||
GPS Consumer Direct, Inc. | California | ||||
GPS Corporate Facilities, Inc. | California | ||||
GPS Import Services, S. de R.L. de C.V. | Mexico | ||||
GPS Real Estate, Inc. | California |
GPS Services, Inc. | California | ||||
GPS Strategic Alliances LLC | Delaware | ||||
GPSDC (New York) Inc. | Delaware | ||||
Intermix (ITM) Inc. | California | ||||
Intermix Canada Inc. | New Brunswick | ||||
Intermix Holdco Inc. | Delaware | ||||
Janie and Jack LLC | California | ||||
MB 550 TFB, LLC | Delaware | ||||
Old Navy (Apparel), LLC | California | ||||
Old Navy (Canada) Inc. | Canada | ||||
Old Navy (ITM) Inc. | California | ||||
Old Navy (Japan) Y.K. | Tokyo, Japan | ||||
Old Navy International Sourcing, Inc. | California | ||||
Old Navy, LLC | Delaware | ||||
ON Stores Mexico, S. de R.L. de C.V. | Mexico | ||||
Piperlime (Japan) G.K. | Tokyo, Japan | ||||
WCB Twenty-Eight Limited Partnership | Delaware |
Date:
|
March 16, 2021 | ||||
|
|||||
/s/ Sonia Syngal
|
|||||
Sonia Syngal
|
|||||
Chief Executive Officer
|
|||||
(Principal Executive Officer)
|
Date:
|
March 16, 2021 | ||||
/s/ Katrina O'Connell | |||||
Katrina O'Connell
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
/s/ Sonia Syngal
|
||
Sonia Syngal
|
||
Chief Executive Officer
|
||
March 16, 2021 |
/s/ Katrina O'Connell | ||
Katrina O'Connell
Executive Vice President and Chief Financial Officer |
||
March 16, 2021 |