☑ | 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. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Item 16. |
Total Number of Shares Purchased (1) | Average Price Paid Per Share Including Commissions | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or approximate dollar amount) of Shares that May Yet be Purchased Under the Plans or Programs (2) | |||||||||||||||||||||||
Month #1 (October 31 - November 27) | 878,643 | $ | 24.60 | 878,643 | $ 651 million | |||||||||||||||||||||
Month #2 (November 28 - January 1) | 2,006,511 | $ | 17.02 | 2,006,511 | $ 617 million | |||||||||||||||||||||
Month #3 (January 2 - January 29) | 1,014,000 | $ | 17.60 | 1,014,000 | $ 599 million | |||||||||||||||||||||
Total | 3,899,154 | $ | 18.88 | 3,899,154 |
1/28/2017 | 2/3/2018 | 2/2/2019 | 2/1/2020 | 1/30/2021 | 1/29/2022 | |||||||||||||||||||||||||||||||||
The Gap, Inc. | $ | 100.00 | $ | 147.14 | $ | 118.59 | $ | 86.93 | $ | 101.11 | $ | 90.79 | ||||||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 126.41 | $ | 123.48 | $ | 150.26 | $ | 176.18 | $ | 217.21 | ||||||||||||||||||||||||||
Dow Jones U.S. Apparel Retailers | $ | 100.00 | $ | 113.82 | $ | 123.70 | $ | 137.88 | $ | 147.41 | $ | 163.17 |
52 Weeks Ended | |||||
January 29, 2022 | |||||
Old Navy Global | — | % | |||
Gap Global | 8 | % | |||
Banana Republic Global | 24 | % | |||
Athleta | 12 | % | |||
The Gap, Inc. | 6 | % |
January 30, 2021 | Fiscal 2021 | January 29, 2022 | ||||||||||||||||||||||||||||||
Number of Store Locations | Number of Stores Opened | Number of Stores Closed | Number of Store Locations | Square Footage (in millions) | ||||||||||||||||||||||||||||
Old Navy North America | 1,220 | 44 | 12 | 1,252 | 20.1 | |||||||||||||||||||||||||||
Gap North America | 556 | 2 | 38 | 520 | 5.5 | |||||||||||||||||||||||||||
Gap Asia | 340 | 12 | 23 | 329 | 2.8 | |||||||||||||||||||||||||||
Gap Europe (1) | 117 | 1 | 86 | 11 | 0.1 | |||||||||||||||||||||||||||
Banana Republic North America | 471 | 2 | 27 | 446 | 3.7 | |||||||||||||||||||||||||||
Banana Republic Asia | 47 | 6 | 3 | 50 | 0.2 | |||||||||||||||||||||||||||
Athleta North America | 199 | 30 | 2 | 227 | 0.9 | |||||||||||||||||||||||||||
Intermix North America (2) | 31 | — | — | — | — | |||||||||||||||||||||||||||
Janie and Jack North America (2) | 119 | — | — | — | — | |||||||||||||||||||||||||||
Company-operated stores total | 3,100 | 97 | 191 | 2,835 | 33.3 | |||||||||||||||||||||||||||
Franchise (1) | 615 | 78 | 150 | 564 | N/A | |||||||||||||||||||||||||||
Total | 3,715 | 175 | 341 | 3,399 | 33.3 | |||||||||||||||||||||||||||
Decrease over prior year | (8.5) | % | (3.8) | % | ||||||||||||||||||||||||||||
February 1, 2020 | Fiscal 2020 | January 30, 2021 | ||||||||||||||||||||||||||||||
Number of Store Locations | Number of Stores Opened | Number of Stores Closed | Number of Store Locations | Square Footage (in millions) | ||||||||||||||||||||||||||||
Old Navy North America | 1,207 | 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) | % |
($ in millions) | Fiscal Year | |||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Cost of goods sold and occupancy expenses | $ | 10,033 | $ | 9,095 | $ | 10,250 | ||||||||||||||
Gross profit | $ | 6,637 | $ | 4,705 | $ | 6,133 | ||||||||||||||
Cost of goods sold and occupancy expenses as a percentage of net sales | 60.2 | % | 65.9 | % | 62.6 | % | ||||||||||||||
Gross margin | 39.8 | % | 34.1 | % | 37.4 | % |
($ in millions) | Fiscal Year | |||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Operating expenses | $ | 5,827 | $ | 5,567 | $ | 5,559 | ||||||||||||||
Operating expenses as a percentage of net sales | 35.0 | % | 40.3 | % | 33.9 | % | ||||||||||||||
Operating margin | 4.9 | % | (6.2) | % | 3.5 | % |
($ in millions) | Fiscal Year | |||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Interest expense | $ | 167 | $ | 192 | $ | 76 |
($ in millions) | Fiscal Year | |||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Income taxes | $ | 67 | $ | (437) | $ | 177 | ||||||||||||||
Effective tax rate | 20.7 | % | 39.7 | % | 33.5 | % |
($ in millions) | January 29, 2022 | January 30, 2021 | ||||||||||||
Cash and cash equivalents | $ | 877 | $ | 1,988 | ||||||||||
Short-term investments | — | 410 | ||||||||||||
Debt | ||||||||||||||
8.375 percent 2023 Notes | — | 500 | ||||||||||||
8.625 percent 2025 Notes | — | 750 | ||||||||||||
8.875 percent 2027 Notes | — | 1,000 | ||||||||||||
3.625 percent 2029 Notes | 750 | — | ||||||||||||
3.875 percent 2031 Notes | 750 | — | ||||||||||||
Working capital | 1,088 | 2,124 | ||||||||||||
Current ratio | 1.27:1 | 1.55:1 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Net cash provided by operating activities | $ | 809 | $ | 237 | $ | 1,411 | ||||||||||||||
Less: Purchases of property and equipment (1) | (694) | (392) | (702) | |||||||||||||||||
Free cash flow | $ | 115 | $ | (155) | $ | 709 |
Scheduled Maturity ($ in millions) | Principal | Interest Rate | Interest Payments | ||||||||||||||
Senior Notes | |||||||||||||||||
October 1, 2029 | $ | 750 | 3.625% | Semi-Annual | |||||||||||||
October 1, 2031 | 750 | 3.875% | Semi-Annual | ||||||||||||||
Total issuance | $ | 1,500 |
Page | |||||
($ and shares in millions except par value) | January 29, 2022 | January 30, 2021 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 877 | $ | 1,988 | ||||||||||
Short-term investments | — | 410 | ||||||||||||
Merchandise inventory | 3,018 | 2,451 | ||||||||||||
Other current assets | 1,270 | 1,159 | ||||||||||||
Total current assets | 5,165 | 6,008 | ||||||||||||
Property and equipment, net of accumulated depreciation | 3,037 | 2,841 | ||||||||||||
Operating lease assets | 3,675 | 4,217 | ||||||||||||
Other long-term assets | 884 | 703 | ||||||||||||
Total assets | $ | 12,761 | $ | 13,769 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 1,951 | $ | 1,743 | ||||||||||
Accrued expenses and other current liabilities | 1,367 | 1,276 | ||||||||||||
Current portion of operating lease liabilities | 734 | 831 | ||||||||||||
Income taxes payable | 25 | 34 | ||||||||||||
Total current liabilities | 4,077 | 3,884 | ||||||||||||
Long-term liabilities: | ||||||||||||||
Long-term debt | 1,484 | 2,216 | ||||||||||||
Long-term operating lease liabilities | 4,033 | 4,617 | ||||||||||||
Other long-term liabilities | 445 | 438 | ||||||||||||
Total long-term liabilities | 5,962 | 7,271 | ||||||||||||
Commitments and contingencies (see Note 15) | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Common stock $0.05 par value | ||||||||||||||
Authorized 2,300 shares for all periods presented; Issued and Outstanding 371 and 374 shares | 19 | 19 | ||||||||||||
Additional paid-in capital | 43 | 85 | ||||||||||||
Retained earnings | 2,622 | 2,501 | ||||||||||||
Accumulated other comprehensive income | 38 | 9 | ||||||||||||
Total stockholders' equity | 2,722 | 2,614 | ||||||||||||
Total liabilities and stockholders' equity | $ | 12,761 | $ | 13,769 |
Fiscal Year | ||||||||||||||||||||
($ and shares in millions except per share amounts) | 2021 | 2020 | 2019 | |||||||||||||||||
Net sales | $ | 16,670 | $ | 13,800 | $ | 16,383 | ||||||||||||||
Cost of goods sold and occupancy expenses | 10,033 | 9,095 | 10,250 | |||||||||||||||||
Gross profit | 6,637 | 4,705 | 6,133 | |||||||||||||||||
Operating expenses | 5,827 | 5,567 | 5,559 | |||||||||||||||||
Operating income (loss) | 810 | (862) | 574 | |||||||||||||||||
Loss on extinguishment of debt | 325 | 58 | — | |||||||||||||||||
Interest expense | 167 | 192 | 76 | |||||||||||||||||
Interest income | (5) | (10) | (30) | |||||||||||||||||
Income (loss) before income taxes | 323 | (1,102) | 528 | |||||||||||||||||
Income taxes | 67 | (437) | 177 | |||||||||||||||||
Net income (loss) | $ | 256 | $ | (665) | $ | 351 | ||||||||||||||
Weighted-average number of shares—basic | 376 | 374 | 376 | |||||||||||||||||
Weighted-average number of shares—diluted | 383 | 374 | 378 | |||||||||||||||||
Earnings (loss) per share—basic | $ | 0.68 | $ | (1.78) | $ | 0.93 | ||||||||||||||
Earnings (loss) per share—diluted | $ | 0.67 | $ | (1.78) | $ | 0.93 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Net income (loss) | $ | 256 | $ | (665) | $ | 351 | ||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation | 9 | (17) | (2) | |||||||||||||||||
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $—, $(1), and $5 | 8 | (3) | 13 | |||||||||||||||||
Reclassification adjustments on derivative financial instruments, net of (tax) tax benefit of $3, $(2), and $(5) | 12 | (11) | (24) | |||||||||||||||||
Other comprehensive income (loss), net of tax | 29 | (31) | (13) | |||||||||||||||||
Comprehensive income (loss) | $ | 285 | $ | (696) | $ | 338 |
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 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 loss, 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 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 | ||||||||||||||||||||||||||||||||
Net income | 256 | 256 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 9 | 9 | ||||||||||||||||||||||||||||||||||||
Change in fair value of derivative instruments | 8 | 8 | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 12 | 12 | ||||||||||||||||||||||||||||||||||||
Repurchases and retirement of common stock | (9) | — | (201) | (201) | ||||||||||||||||||||||||||||||||||
Issuance of common stock related to stock options and employee stock purchase plans | 3 | — | 54 | 54 | ||||||||||||||||||||||||||||||||||
Issuance of common stock and withholding tax payments related to vesting of stock units | 3 | — | (36) | (36) | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 141 | 141 | ||||||||||||||||||||||||||||||||||||
Common stock dividends declared and paid ($0.36 per share) | (135) | (135) | ||||||||||||||||||||||||||||||||||||
Balance as of January 29, 2022 | 371 | $ | 19 | $ | 43 | $ | 2,622 | $ | 38 | $ | 2,722 |
Fiscal Year | |||||||||||||||||
($ in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | 256 | $ | (665) | $ | 351 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 504 | 507 | 557 | ||||||||||||||
Share-based compensation | 139 | 77 | 68 | ||||||||||||||
Impairment of operating lease assets | 8 | 391 | 239 | ||||||||||||||
Impairment of store assets | 1 | 135 | 98 | ||||||||||||||
Impairment of intangible asset | — | 31 | — | ||||||||||||||
Loss on extinguishment of debt | 325 | 58 | — | ||||||||||||||
Loss on disposal of property and equipment | — | — | 70 | ||||||||||||||
Amortization of debt issuance costs | 14 | 12 | 2 | ||||||||||||||
Non-cash and other items | 31 | — | (12) | ||||||||||||||
Loss on divestiture activity | 59 | — | — | ||||||||||||||
Gain on sale of building | — | — | (191) | ||||||||||||||
Deferred income taxes | (61) | (137) | (81) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Merchandise inventory | (593) | (305) | 4 | ||||||||||||||
Other current assets and other long-term assets | (42) | 64 | 105 | ||||||||||||||
Accounts payable | 186 | 564 | 66 | ||||||||||||||
Accrued expenses and other current liabilities | 172 | (14) | 110 | ||||||||||||||
Income taxes payable, net of receivables and other tax-related items | (85) | (304) | 86 | ||||||||||||||
Other long-term liabilities | (3) | 12 | — | ||||||||||||||
Operating lease assets and liabilities, net | (102) | (189) | (61) | ||||||||||||||
Net cash provided by operating activities | 809 | 237 | 1,411 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property and equipment | (694) | (392) | (702) | ||||||||||||||
Purchase of building | — | — | (343) | ||||||||||||||
Proceeds from sale of building | — | — | 220 | ||||||||||||||
Purchases of short-term investments | (753) | (508) | (293) | ||||||||||||||
Proceeds from sales and maturities of short-term investments | 1,162 | 388 | 293 | ||||||||||||||
Payments for acquisition activity, net of cash acquired | (135) | — | (69) | ||||||||||||||
Net cash paid for divestiture activity | (21) | — | — | ||||||||||||||
Other | (5) | 2 | — | ||||||||||||||
Net cash used for investing activities | (446) | (510) | (894) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from revolving credit facility | — | 500 | — | ||||||||||||||
Payments for revolving credit facility | — | (500) | — | ||||||||||||||
Proceeds from issuance of long-term debt | 1,500 | 2,250 | — | ||||||||||||||
Payments to extinguish debt | (2,546) | (1,307) | — | ||||||||||||||
Payments for debt issuance costs | (16) | (61) | — | ||||||||||||||
Proceeds from issuances under share-based compensation plans | 54 | 22 | 25 | ||||||||||||||
Withholding tax payments related to vesting of stock units | (36) | (9) | (21) | ||||||||||||||
Repurchases of common stock | (201) | — | (200) | ||||||||||||||
Cash dividends paid | (226) | — | (364) | ||||||||||||||
Net cash provided by (used for) financing activities | (1,471) | 895 | (560) | ||||||||||||||
Effect of foreign exchange rate fluctuations on cash, cash equivalents, and restricted cash | (6) | 13 | 4 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,114) | 635 | (39) | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 2,016 | 1,381 | 1,420 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 902 | $ | 2,016 | $ | 1,381 | |||||||||||
Non-cash investing activities: | |||||||||||||||||
Purchases of property and equipment not yet paid at end of period | $ | 124 | $ | 60 | $ | 85 | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for interest during the period | $ | 180 | $ | 145 | $ | 76 | |||||||||||
Cash paid for income taxes during the period, net of refunds | $ | 215 | $ | 20 | $ | 176 | |||||||||||
Cash paid for operating lease liabilities | $ | 1,061 | $ | 1,096 | $ | 1,244 |
($ in millions) | January 29, 2022 | January 30, 2021 | February 1, 2020 | ||||||||||||||
Cash and cash equivalents | $ | 877 | $ | 1,988 | $ | 1,364 | |||||||||||
Restricted cash included in other current assets | — | 4 | — | ||||||||||||||
Restricted cash included in other long-term assets | 25 | 24 | 17 | ||||||||||||||
Total cash, cash equivalents, and restricted cash shown on the Consolidated Statement of Cash Flows | $ | 902 | $ | 2,016 | $ | 1,381 |
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) | 2021 | 2020 | 2019 | |||||||||||||||||
Foreign currency transaction gain (loss) | $ | (18) | $ | 23 | $ | 1 | ||||||||||||||
Realized and unrealized gain (loss) from certain derivative financial instruments | 18 | (15) | 4 | |||||||||||||||||
Net foreign exchange gain | $ | — | $ | 8 | $ | 5 |
($ in millions) | January 29, 2022 | January 30, 2021 | ||||||||||||
Cash (1) | $ | 850 | $ | 1,613 | ||||||||||
Bank certificates of deposit and time deposits | 27 | 285 | ||||||||||||
U.S. agency securities | — | 65 | ||||||||||||
U.S. treasury securities | — | 25 | ||||||||||||
Cash and cash equivalents | $ | 877 | $ | 1,988 |
($ in millions) | January 29, 2022 | January 30, 2021 | ||||||||||||
U.S. treasury securities | $ | — | $ | 342 | ||||||||||
U.S. agency securities | — | 68 | ||||||||||||
Short-term investments | $ | — | $ | 410 | ||||||||||
($ in millions) | January 29, 2022 | January 30, 2021 | ||||||||||||
Prepaid income taxes and income taxes receivable | $ | 491 | $ | 409 | ||||||||||
Accounts receivable | 399 | 363 | ||||||||||||
Prepaid minimum rent and occupancy expenses | 110 | 104 | ||||||||||||
Assets held for sale (1) | 49 | 102 | ||||||||||||
Right of return asset | 49 | 43 | ||||||||||||
Derivative financial instruments | 16 | 5 | ||||||||||||
Other | 156 | 133 | ||||||||||||
Other current assets | $ | 1,270 | $ | 1,159 |
($ in millions) | January 29, 2022 | January 30, 2021 | ||||||||||||
Furniture and equipment | $ | 2,789 | $ | 2,739 | ||||||||||
Leasehold improvements | 2,487 | 2,627 | ||||||||||||
Land, buildings, and building improvements | 1,416 | 1,452 | ||||||||||||
Software | 1,072 | 1,466 | ||||||||||||
Construction-in-progress | 344 | 165 | ||||||||||||
Property and equipment, at cost | 8,108 | 8,449 | ||||||||||||
Less: Accumulated depreciation | (5,071) | (5,608) | ||||||||||||
Property and equipment, net of accumulated depreciation | $ | 3,037 | $ | 2,841 |
($ in millions) | January 29, 2022 | January 30, 2021 | ||||||||||||
Long-term income tax-related assets | $ | 444 | $ | 391 | ||||||||||
Goodwill | 207 | 109 | ||||||||||||
Trade names | 54 | 61 | ||||||||||||
Intangible assets subject to amortization, net of accumulated amortization | 36 | — | ||||||||||||
Other | 143 | 142 | ||||||||||||
Other long-term assets | $ | 884 | $ | 703 |
($ in millions) | January 29, 2022 | January 30, 2021 | ||||||||||||
Accrued compensation and benefits | $ | 477 | $ | 378 | ||||||||||
Deferred revenue | 345 | 231 | ||||||||||||
Sales return allowance | 97 | 96 | ||||||||||||
Accrued advertising | 62 | 49 | ||||||||||||
Accrued interest | 21 | 44 | ||||||||||||
Derivative financial instruments | 2 | 21 | ||||||||||||
Liabilities held for sale (1) | — | 58 | ||||||||||||
Other | 363 | 399 | ||||||||||||
Accrued expenses and other current liabilities | $ | 1,367 | $ | 1,276 |
($ in millions) | January 29, 2022 | January 30, 2021 | ||||||||||||
Long-term income tax-related liabilities | $ | 198 | $ | 187 | ||||||||||
Long-term asset retirement obligations (1) | 48 | 51 | ||||||||||||
Long-term deferred rent and tenant allowances | 34 | 47 | ||||||||||||
Other (2) | 165 | 153 | ||||||||||||
Other long-term liabilities | $ | 445 | $ | 438 |
Fiscal Year | |||||||||||||||||
($ in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Store sales (1) | $ | 10,239 | $ | 7,522 | $ | 12,294 | |||||||||||
Online sales (2) | 6,431 | 6,278 | 4,089 | ||||||||||||||
Total net sales | $ | 16,670 | $ | 13,800 | $ | 16,383 | |||||||||||
($ in millions) | Old Navy Global | Gap Global | Banana Republic Global | Athleta | Other (2) | Total | ||||||||||||||||||||||||||||||||
Fiscal 2021 | ||||||||||||||||||||||||||||||||||||||
U.S. (1) | $ | 8,272 | $ | 2,608 | $ | 1,703 | $ | 1,432 | $ | 102 | $ | 14,117 | ||||||||||||||||||||||||||
Canada | 713 | 349 | 178 | 12 | — | 1,252 | ||||||||||||||||||||||||||||||||
Europe | 2 | 328 | 8 | 2 | — | 340 | ||||||||||||||||||||||||||||||||
Asia | 2 | 658 | 70 | — | — | 730 | ||||||||||||||||||||||||||||||||
Other regions | 93 | 120 | 17 | 1 | — | 231 | ||||||||||||||||||||||||||||||||
Total | $ | 9,082 | $ | 4,063 | $ | 1,976 | $ | 1,447 | $ | 102 | $ | 16,670 | ||||||||||||||||||||||||||
($ in millions) | Old Navy Global | Gap Global | Banana Republic Global | Athleta | Other (2) | Total | ||||||||||||||||||||||||||||||||
Fiscal 2020 | ||||||||||||||||||||||||||||||||||||||
U.S. (1) | $ | 6,898 | $ | 2,099 | $ | 1,242 | $ | 1,135 | $ | 276 | $ | 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 | $ | 1,135 | $ | 279 | $ | 13,800 | ||||||||||||||||||||||||||
($ in millions) | Old Navy Global | Gap Global | Banana Republic Global (3) | Athleta | Other (4) | Total | ||||||||||||||||||||||||||||||||
Fiscal 2019 | ||||||||||||||||||||||||||||||||||||||
U.S. (1) | $ | 7,259 | $ | 2,723 | $ | 2,191 | $ | 978 | $ | 247 | $ | 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 | $ | 978 | $ | 249 | $ | 16,383 | ||||||||||||||||||||||||||
($ in millions) | January 29, 2022 | January 30, 2021 | ||||||||||||
Goodwill (1) (2) | $ | 207 | $ | 109 | ||||||||||
Trade names (2) | $ | 54 | $ | 61 | ||||||||||
Intangible assets subject to amortization (1) (2) | $ | 54 | $ | 18 | ||||||||||
Less: Accumulated amortization | (18) | (18) | ||||||||||||
Intangible assets subject to amortization, net | $ | 36 | $ | — |
($ in millions) | January 29, 2022 | January 30, 2021 | |||||||||
Secured Notes | |||||||||||
2023 Notes | $ | — | $ | 500 | |||||||
2025 Notes | — | 750 | |||||||||
2027 Notes | — | 1,000 | |||||||||
Senior Notes | |||||||||||
2029 Notes | 750 | — | |||||||||
2031 Notes | 750 | — | |||||||||
Less: Unamortized debt issuance costs | (16) | (34) | |||||||||
Total long-term debt | $ | 1,484 | $ | 2,216 |
Scheduled Maturity ($ in millions) | Principal | Interest Rate | Interest Payments | ||||||||||||||
Senior Notes | |||||||||||||||||
October 1, 2029 (1) | $ | 750 | 3.625% | Semi-Annual | |||||||||||||
October 1, 2031 (2) | 750 | 3.875% | Semi-Annual | ||||||||||||||
Total issuance | $ | 1,500 |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||
($ in millions) | January 29, 2022 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash equivalents | $ | 27 | $ | — | $ | 27 | $ | — | ||||||||||||||||||
Short-term investments | — | — | — | — | ||||||||||||||||||||||
Derivative financial instruments | 16 | — | 16 | — | ||||||||||||||||||||||
Deferred compensation plan assets | 40 | 40 | — | — | ||||||||||||||||||||||
Other assets | 4 | — | — | 4 | ||||||||||||||||||||||
Total | $ | 87 | $ | 40 | $ | 43 | $ | 4 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative financial instruments | $ | 2 | $ | — | $ | 2 | $ | — |
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 | $ | — |
Fiscal Year | |||||||||||||||||
($ in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Operating lease assets (1) | $ | 8 | $ | 391 | $ | 239 | |||||||||||
Store assets (2) | 1 | 135 | 98 | ||||||||||||||
Other indefinite-lived intangible assets (3) | — | 31 | — | ||||||||||||||
Total impairment charges of long-lived and indefinite-lived assets | $ | 9 | $ | 557 | $ | 337 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
United States | $ | 217 | $ | (928) | $ | 550 | ||||||||||||||
Foreign | 106 | (174) | (22) | |||||||||||||||||
Income (loss) before income taxes | $ | 323 | $ | (1,102) | $ | 528 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | 46 | $ | (337) | $ | 177 | ||||||||||||||
State | 38 | (21) | 37 | |||||||||||||||||
Foreign | 44 | 58 | 44 | |||||||||||||||||
Total current | 128 | (300) | 258 | |||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | (50) | (94) | (58) | |||||||||||||||||
State | (23) | (56) | (20) | |||||||||||||||||
Foreign | 12 | 13 | (3) | |||||||||||||||||
Total deferred | (61) | (137) | (81) | |||||||||||||||||
Total provision | $ | 67 | $ | (437) | $ | 177 |
Fiscal Year | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Federal statutory tax rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||
State and local income taxes, net of federal benefit | 6.0 | 4.6 | 3.2 | |||||||||||||||||
Tax impact of foreign operations | 9.2 | (6.5) | 6.0 | |||||||||||||||||
Impact of the CARES Act of 2020 | (5.6) | 11.1 | — | |||||||||||||||||
Impact of divestiture activity | (6.4) | — | — | |||||||||||||||||
Impact of legal entity structure changes | — | 10.3 | — | |||||||||||||||||
Impact of TCJA of 2017 | — | — | 5.6 | |||||||||||||||||
Other | (3.5) | (0.8) | (2.3) | |||||||||||||||||
Effective tax rate | 20.7 | % | 39.7 | % | 33.5 | % |
($ in millions) | January 29, 2022 | January 30, 2021 | ||||||||||||
Gross deferred tax assets: | ||||||||||||||
Operating lease liabilities | $ | 1,277 | $ | 1,531 | ||||||||||
Accrued payroll and related benefits | 111 | 71 | ||||||||||||
Accruals | 192 | 148 | ||||||||||||
Inventory capitalization and other adjustments | 67 | 48 | ||||||||||||
Deferred income | 44 | 22 | ||||||||||||
Federal, state, and foreign net operating losses | 260 | 252 | ||||||||||||
Unrealized net loss on cash flow hedges | — | 4 | ||||||||||||
Other | 120 | 71 | ||||||||||||
Total gross deferred tax assets | 2,071 | 2,147 | ||||||||||||
Valuation allowance | (377) | (361) | ||||||||||||
Total deferred tax assets, net of valuation allowance | 1,694 | 1,786 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Depreciation and amortization | (265) | (217) | ||||||||||||
Operating lease assets | (1,000) | (1,188) | ||||||||||||
Unremitted earnings of certain foreign subsidiaries | (1) | (2) | ||||||||||||
Unrealized net gain on cash flow hedges | (3) | — | ||||||||||||
Other | (11) | (17) | ||||||||||||
Total deferred tax liabilities | (1,280) | (1,424) | ||||||||||||
Net deferred tax assets | $ | 414 | $ | 362 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Balance at beginning of fiscal year | $ | 340 | $ | 152 | $ | 136 | ||||||||||||||
Increases related to current year tax positions | 26 | 165 | 12 | |||||||||||||||||
Prior year tax positions: | ||||||||||||||||||||
Increases | 7 | 40 | 11 | |||||||||||||||||
Decreases | (9) | (4) | (4) | |||||||||||||||||
Lapse of Statute of Limitations | (1) | (1) | (1) | |||||||||||||||||
Cash settlements | (2) | (14) | (1) | |||||||||||||||||
Foreign currency translation | (2) | 2 | (1) | |||||||||||||||||
Balance at end of fiscal year | $ | 359 | $ | 340 | $ | 152 |
($ in millions) | January 29, 2022 | January 30, 2021 | |||||||||
Derivatives designated as cash flow hedges | $ | 524 | $ | 508 | |||||||
Derivatives not designated as hedging instruments | 702 | 811 | |||||||||
Total | $ | 1,226 | $ | 1,319 |
($ in millions) | January 29, 2022 | January 30, 2021 | |||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Other current assets | $ | 10 | $ | — | |||||||
Accrued expenses and other current liabilities | — | 12 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Other current assets | 6 | 5 | |||||||||
Accrued expenses and other current liabilities | 2 | 9 | |||||||||
Total derivatives in an asset position | $ | 16 | $ | 5 | |||||||
Total derivatives in a liability position | $ | 2 | $ | 21 |
Location and Amount of (Gain) Loss Recognized in Income (Loss) | |||||||||||||||||||||||||||||||||||
Fiscal Year 2021 | Fiscal Year 2020 | Fiscal Year 2019 | |||||||||||||||||||||||||||||||||
($ 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 | $ | 10,033 | $ | 5,827 | $ | 9,095 | $ | 5,567 | $ | 10,250 | $ | 5,559 | |||||||||||||||||||||||
(Gain) loss recognized in income (loss): | |||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | 15 | $ | — | $ | (13) | $ | — | $ | (29) | $ | — | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | — | (18) | — | 15 | — | (4) | |||||||||||||||||||||||||||||
Total (gain) loss recognized in income (loss) | $ | 15 | $ | (18) | $ | (13) | $ | 15 | $ | (29) | $ | (4) |
Fiscal Year | ||||||||||||||||||||
($ and shares in millions except average per share cost) | 2021 | 2020 | 2019 | |||||||||||||||||
Number of shares repurchased (1) | 9 | — | 10 | |||||||||||||||||
Total cost | $ | 201 | $ | — | $ | 200 | ||||||||||||||
Average per share cost including commissions | $ | 23.47 | $ | — | $ | 19.18 |
Fiscal Year | ||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Stock units | $ | 122 | $ | 62 | $ | 52 | ||||||||||||||
Stock options | 13 | 12 | 12 | |||||||||||||||||
Employee stock purchase plan | 4 | 3 | 4 | |||||||||||||||||
Share-based compensation expense | 139 | 77 | 68 | |||||||||||||||||
Less: Income tax benefit | (23) | (15) | (23) | |||||||||||||||||
Share-based compensation expense, net of tax | $ | 116 | $ | 62 | $ | 45 |
Shares | Weighted-Average Grant-Date Fair Value Per Share | |||||||||||||
Balance as of January 30, 2021 | 11,488,896 | $ | 15.33 | |||||||||||
Granted | 5,116,820 | $ | 29.94 | |||||||||||
Granted, with vesting subject to performance and market conditions | 1,665,606 | $ | 35.41 | |||||||||||
Vested | (3,347,973) | $ | 18.39 | |||||||||||
Forfeited | (1,794,114) | $ | 20.89 | |||||||||||
Balance as of January 29, 2022 | 13,129,235 | $ | 22.03 |
Fiscal Year | ||||||||||||||||||||
($ in millions except per share amounts) | 2021 | 2020 | 2019 | |||||||||||||||||
Weighted-average fair value per share of Stock Units granted | $ | 31.28 | $ | 11.22 | $ | 21.93 | ||||||||||||||
Fair value of Stock Units vested | $ | 62 | $ | 65 | $ | 66 |
Fiscal Year | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Expected term (in years) | 4.5 | 4.5 | 4.2 | |||||||||||||||||
Expected volatility | 56.9 | % | 46.9 | % | 37.5 | % | ||||||||||||||
Dividend yield | 1.8 | % | 1.6 | % | 4.1 | % | ||||||||||||||
Risk-free interest rate | 0.6 | % | 0.4 | % | 2.2 | % |
Shares | Weighted- Average Exercise Price Per Share | |||||||||||||
Balance as of January 30, 2021 | 12,391,932 | $ | 20.27 | |||||||||||
Granted | 968,237 | $ | 30.55 | |||||||||||
Exercised | (1,591,414) | $ | 19.07 | |||||||||||
Forfeited/Expired | (1,078,931) | $ | 22.35 | |||||||||||
Balance as of January 29, 2022 | 10,689,824 | $ | 21.17 |
Fiscal Year | ||||||||||||||||||||
($ in millions except per share amounts) | 2021 | 2020 | 2019 | |||||||||||||||||
Weighted-average fair value per share of stock options granted | $ | 12.35 | $ | 3.28 | $ | 5.43 | ||||||||||||||
Aggregate intrinsic value of stock options exercised | $ | 20 | $ | — | $ | 1 | ||||||||||||||
Fair value of stock options vested | $ | 13 | $ | 13 | $ | 16 |
Intrinsic Value as of January 29, 2022 (in millions) | Number of Shares as of January 29, 2022 | Weighted- Average Remaining Contractual Life (in years) | Weighted- Average Exercise Price Per Share | |||||||||||||||||||||||
Options Outstanding | $ | 35 | 10,689,824 | 6.8 | $ | 21.17 | ||||||||||||||||||||
Options Exercisable | $ | 5 | 5,090,377 | 5.4 | $ | 26.16 | ||||||||||||||||||||
Fiscal Year | |||||||||||
($ in millions) | 2021 | 2020 | |||||||||
Operating lease cost | $ | 947 | $ | 1,043 | |||||||
Variable lease cost | 428 | 416 | |||||||||
Sublease (income) loss | 1 | (4) | |||||||||
Net lease cost | $ | 1,376 | $ | 1,455 |
($ in millions) | |||||
Fiscal Year | |||||
2022 | $ | 954 | |||
2023 | 850 | ||||
2024 | 745 | ||||
2025 | 635 | ||||
2026 | 550 | ||||
Thereafter | 2,250 | ||||
Total minimum lease payments | 5,984 | ||||
Less: Interest | (1,217) | ||||
Present value of operating lease liabilities | 4,767 | ||||
Less: Current portion of operating lease liabilities | (734) | ||||
Long-term operating lease liabilities | $ | 4,033 |
Fiscal Year | ||||||||||||||||||||
(shares in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Weighted-average number of shares—basic | 376 | 374 | 376 | |||||||||||||||||
Common stock equivalents (1) | 7 | — | 2 | |||||||||||||||||
Weighted-average number of shares—diluted | 383 | 374 | 378 |
($ in millions) | January 29, 2022 | January 30, 2021 | ||||||||||||
U.S. (1) | $ | 6,164 | $ | 6,085 | ||||||||||
Other regions | 1,018 | 1,314 | ||||||||||||
Total long-lived assets | $ | 7,182 | $ | 7,399 |
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 September 27, 2021, by and among the Registrant, the Guarantors party thereto and U.S. Bank National Association as trustee, registrar and paying agent. | 8-K | 1-7562 | 4.1 | September 28, 2021 | ||||||||||||||||||||||||||||||||||
Form of 3.625% Senior Note due 2029, included as Exhibit A-1 to the Indenture. | 8-K | 1-7562 | 4.2 | September 28, 2021 | ||||||||||||||||||||||||||||||||||
Form of 3.875% Senior Note due 2031, included as Exhibit A-2 to the Indenture. | 8-K | 1-7562 | 4.3 | September 28, 2021 | ||||||||||||||||||||||||||||||||||
Description of Registrant's securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. | X | |||||||||||||||||||||||||||||||||||||
Third Amended and Restated Revolving Credit Agreement dated as of May 7, 2020. | 8-K | 1-7562 | 10.1 | May 8, 2020 | ||||||||||||||||||||||||||||||||||
Amendment No. 1 to Third Amended and Restated Revolving Credit Agreement dated as of July 12, 2021. | 10-Q | 1-7562 | 10.2 | August 27, 2021 | ||||||||||||||||||||||||||||||||||
10.3* | 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 | ||||||||||||||||||||||||||||||||||
10.5* | 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 | |||||||||||||||||||||||||||||||||
10.6* | 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 | |||||||||||||||||||||||||||||||||
10.7* | 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., Synchrony Bank (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 | |||||||||||||||||||||||||||||||||
10.8* | 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 | |||||||||||||||||||||||||||||||||
10.9* | 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 | |||||||||||||||||||||||||||||||||
Seventh Amendment to Amended and Restated Consumer Credit Card Program Agreement by and among the 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 August 26, 2021. | 10-Q | 1-7562 | 10.1 | November 24, 2021 | ||||||||||||||||||||||||||||||||||
Credit Card Program Agreement, dated as of April 8, 2021, by and among the Registrant, Old Navy, LLC, Banana Republic, LLC, Athleta LLC and Barclays Bank Delaware. | 10-Q | 1-7562 | 10.4 | May 28, 2021 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
Amended and Restated 2016 Long-Term Incentive Plan (effective May 11, 2021). | DEF 14A | 1-7562 | App. B | March 30, 2021 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
2021 Form of Nonqualified Stock Option Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.1 | March 9, 2021 | ||||||||||||||||||||||||||||||||||
2022 Form of Nonqualified Stock Option Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.1 | March 11, 2022 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
2021 Form of Performance Share Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.3 | March 9, 2021 | ||||||||||||||||||||||||||||||||||
2022 Form of Performance Share Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.3 | March 11, 2022 |
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 | ||||||||||||||||||||||||||||||||||
2021 Form of Restricted Stock Unit Award Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.2 | March 9, 2021 | ||||||||||||||||||||||||||||||||||
2022 Form of Restricted Stock Unit Award Agreement under the 2016 Long-Term Incentive Plan. | 8-K | 1-7562 | 10.2 | March 11, 2022 | ||||||||||||||||||||||||||||||||||
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 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. | 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 | ||||||||||||||||||||||||||||||||||
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. | 10-Q | 1-7562 | 10.3 | June 3, 2016 | ||||||||||||||||||||||||||||||||||
Agreement for Post-Termination Benefits with Julie Gruber dated June 2, 2017. | 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 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. | 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. | 10-K | 1-7562 | 10.82 | March 16, 2021 | ||||||||||||||||||||||||||||||||||
Letter Agreement dated November 17, 2020 by and between Sandra Stangl and the Registrant. | 10-K | 1-7562 | 10.83 | March 16, 2021 | ||||||||||||||||||||||||||||||||||
Letter Agreement dated March 15, 2021 by and between John Strain and the Registrant. | X | |||||||||||||||||||||||||||||||||||||
Letter Agreement dated November 3, 2021 by and between Mary Beth Laughton 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 | ||||||||||||||||||||||||||||||||||
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 29, 2022, 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 (Loss), (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 15, 2022 | By | /s/ SONIA SYNGAL | |||||||||||
Sonia Syngal Chief Executive Officer and Director (Principal Executive Officer) | ||||||||||||||
Date: | March 15, 2022 | By | /s/ KATRINA O'CONNELL | |||||||||||
Katrina O'Connell Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | ||||||||||||||
Date: | March 15, 2022 | By | /s/ ELISABETH B. DONOHUE | |||||||||||
Elisabeth B. Donohue, Director | ||||||||||||||
Date: | March 15, 2022 | By | /s/ JOHN J. FISHER | |||||||||||
John J. Fisher, Director | ||||||||||||||
Date: | March 15, 2022 | By | /s/ ROBERT J. FISHER | |||||||||||
Robert J. Fisher, Director | ||||||||||||||
Date: | March 15, 2022 | By | /s/ WILLIAM S. FISHER | |||||||||||
William S. Fisher, Director | ||||||||||||||
Date: | March 15, 2022 | By | /s/ TRACY GARDNER | |||||||||||
Tracy Gardner, Director | ||||||||||||||
Date: | March 15, 2022 | By | /s/ BOB L. MARTIN | |||||||||||
Bob L. Martin, Director | ||||||||||||||
Date: | March 15, 2022 | By | /s/ AMY MILES | |||||||||||
Amy Miles, Director | ||||||||||||||
Date: | March 15, 2022 | By | /s/ JORGE P. MONTOYA | |||||||||||
Jorge P. Montoya, Director | ||||||||||||||
Date | March 15, 2022 | By | /s/ CHRIS O'NEILL | |||||||||||
Chris O'Neill, Director | ||||||||||||||
Date: | March 15, 2022 | By | /s/ MAYO A. SHATTUCK III | |||||||||||
Mayo A. Shattuck III, Director | ||||||||||||||
Date: | March 15, 2022 | By | /s/ SALAAM COLEMAN SMITH | |||||||||||
Salaam Coleman 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 | ||||
Context-Based 4 Casting (C-B4) Ltd. | Israel | ||||
Context-Based 4 Casting Inc. | Delaware | ||||
Corporate HQ Support Mexico, S. de R.L. de C.V. | Mexico | ||||
Direct Consumer Services, LLC | California | ||||
Drapr Inc. | Delaware | ||||
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 Coalition 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 Canada Inc. | New Brunswick | ||||
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 15, 2022 | ||||
/s/ Sonia Syngal | |||||
Sonia Syngal | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: | March 15, 2022 | ||||
/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 15, 2022 |
/s/ Katrina O'Connell | ||
Katrina O'Connell Executive Vice President and Chief Financial Officer | ||
March 15, 2022 |