Income Taxes (Tables)

12 Months Ended

Jan. 28, 2012

Income Tax Expense (Benefit) [Abstract]

Provision for Income Taxes

The following table provides the components of the Company’s provision for income taxes for 2011, 2010 and 2009:

	2011			2010			2009
	(in millions)
Current:
U.S. Federal	$	357		$	406		$	138
U.S. State	46			54			1
Non-U.S.	11			10			14
Total	414			470			153
Deferred:
U.S. Federal	6			(20		)	47
U.S. State	1			(3		)	8
Non-U.S.	(44		)	(1		)	(6		)
Total	(37		)	(24		)	49
Provision for Income Taxes	$	377		$	446		$	202

Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2011, 2010 and 2009:

	2011		2010		2009
Federal Income Tax Rate	35.0	%	35.0	%	35.0	%
State Income Taxes, Net of Federal Income Tax Effect	4.0	%	3.5	%	3.7	%
Express Charitable Contribution	(5.0	)%	—	%	—	%
Deductible Loss on Divestiture of Limited Stores	—	%	(2.4	)%	—	%
Non-deductible Impairment of Goodwill and Other Intangible Assets	4.3	%	—	%	0.3	%
Foreign Portion of the Divestiture of Third-party Apparel Sourcing Business	(3.0	)%	—	%	—	%
Impact of Non-U.S. Operations	(2.2	)%	0.5	%	(5.0	)%
Other Items, Net	(2.4	)%	(1.0	)%	(2.9	)%
Effective Tax Rate	30.7	%	35.6	%	31.1	%

Effect of Temporary Differences that Cause Deferred Income Taxes

Deferred tax assets and liabilities represent the future effects on income taxes resulting from temporary differences and carryforwards at the end of the respective year.

	January 28, 2012									January 29, 2011
	Assets			Liabilities			Total			Assets			Liabilities			Total
	(in millions)
Leases	$	45		$	—		$	45		$	39		$	—		$	39
Non-qualified Retirement Plan	82			—			82			73			—			73
Inventory	—			—			—			7			—			7
Property and Equipment	—			(190		)	(190		)	—			(154		)	(154		)
Goodwill	—			(15		)	(15		)	—			(15		)	(15		)
Trade Names and Other Intangibles	—			(139		)	(139		)	—			(183		)	(183		)
Charitable Contribution Carryforwards	23			—			23			—			—			—
State Net Operating Loss Carryforwards	26			—			26			31			—			31
Non-U.S. Operating Loss Carryforwards	40			—			40			38			—			38
Valuation Allowance	(59		)	—			(59		)	(50		)	—			(50		)
Other, Net	55			—			55			45			—			45
Total Deferred Income Taxes	$	212		$	(344	)	$	(132	)	$	183		$	(352	)	$	(169	)

Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits for U.S. federal, state & non-U.S. tax jurisdictions for 2011, 2010 and 2009, without interest and penalties:

	2011			2010			2009
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	147		$	115		$	116
Increases in Unrecognized Tax Benefits for Prior Years	4			17			18
Decreases in Unrecognized Tax Benefits for Prior Years	(33		)	(17		)	(31		)
Increases in Unrecognized Tax Benefits as a Result of Current Year Activity	45			40			26
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(9		)	(2		)	(9		)
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(8		)	(6		)	(6		)
Foreign Currency Translation	—			—			1
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	146		$	147		$	115