Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jul. 28, 2012

Condensed Consolidating Financial Information [Abstract]

As of January 28, 2012

(millions)



	Parent		Subsidiary Issuer			Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	2,533	$	38		$	256	$	—		$	2,827
Receivables	—		58			310		—			368
Merchandise inventories	—		2,722			2,395		—			5,117
Prepaid expenses and other current assets	—		152			313		—			465
Total Current Assets	2,533		2,970			3,274		—			8,777
Property and Equipment – net	—		4,827			3,593		—			8,420
Goodwill	—		3,315			428		—			3,743
Other Intangible Assets – net	—		153			445		—			598
Other Assets	4		73			480		—			557
Intercompany Receivable	520		—			2,963		(3,483		)	—
Investment in Subsidiaries	3,210		2,435			—		(5,645		)	—
Total Assets	$	6,267	$	13,773		$	11,183	$	(9,128	)	$	22,095
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	1,099		$	4	$	—		$	1,103
Merchandise accounts payable	—		731			862		—			1,593
Accounts payable and accrued liabilities	248		1,103			1,437		—			2,788
Income taxes	46		29			296		—			371
Deferred income taxes	—		314			94		—			408
Total Current Liabilities	294		3,276			2,693		—			6,263
Long-Term Debt	—		6,630			25		—			6,655
Intercompany Payable	—		3,483			—		(3,483		)	—
Deferred Income Taxes	4		351			786		—			1,141
Other Liabilities	36		771			1,296		—			2,103
Shareholders' Equity (Deficit)	5,933		(738		)	6,383		(5,645		)	5,933
Total Liabilities and Shareholders' Equity	$	6,267	$	13,773		$	11,183	$	(9,128	)	$	22,095

Condensed Consolidating Balance Sheet

As of July 28, 2012

(millions)



	Parent		Subsidiary Issuer			Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,303	$	32		$	269	$	—		$	1,604
Receivables	—		76			283		—			359
Merchandise inventories	—		2,607			2,429		—			5,036
Prepaid expenses and other current assets	—		96			291		—			387
Income taxes	20		—			—		(20		)	—
Total Current Assets	1,323		2,811			3,272		(20		)	7,386
Property and Equipment – net	—		4,716			3,575		—			8,291
Goodwill	—		3,315			428		—			3,743
Other Intangible Assets – net	—		138			442		—			580
Other Assets	3		67			495		—			565
Deferred Income Tax Assets	11		—			—		(11		)	—
Intercompany Receivable	1,281		—			2,847		(4,128		)	—
Investment in Subsidiaries	3,430		2,636			—		(6,066		)	—
Total Assets	$	6,048	$	13,683		$	11,059	$	(10,225	)	$	20,565
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	310		$	3	$	—		$	313
Merchandise accounts payable	—		890			1,005		—			1,895
Accounts payable and accrued liabilities	113		825			1,140		—			2,078
Income taxes	—		63			115		(20		)	158
Deferred income taxes	—		317			93		—			410
Total Current Liabilities	113		2,405			2,356		(20		)	4,854
Long-Term Debt	—		6,613			24		—			6,637
Intercompany Payable	—		4,128			—		(4,128		)	—
Deferred Income Taxes	—		373			772		(11		)	1,134
Other Liabilities	32		757			1,248		—			2,037
Shareholders' Equity (Deficit)	5,903		(593		)	6,659		(6,066		)	5,903
Total Liabilities and Shareholders' Equity	$	6,048	$	13,683		$	11,059	$	(10,225	)	$	20,565

Condensed Consolidating Balance Sheet

As of July 30, 2011

(millions)



	Parent		Subsidiary Issuer			Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,182	$	34		$	279	$	—		$	1,495
Receivables	—		59			237		—			296
Merchandise inventories	—		2,609			2,339		—			4,948
Prepaid expenses and other current assets	—		101			282		—			383
Income taxes	4		—			—		(4		)	—
Total Current Assets	1,186		2,803			3,137		(4		)	7,122
Property and Equipment – net	—		4,853			3,653		—			8,506
Goodwill	—		3,315			428		—			3,743
Other Intangible Assets – net	—		168			450		—			618
Other Assets	4		84			431		—			519
Deferred Income Tax Assets	13		—			—		(13		)	—
Intercompany Receivable	1,829		—			2,733		(4,562		)	—
Investment in Subsidiaries	3,078		2,764			—		(5,842		)	—
Total Assets	$	6,110	$	13,987		$	10,832	$	(10,421	)	$	20,508
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	911		$	3	$	—		$	914
Merchandise accounts payable	—		948			1,008		—			1,956
Accounts payable and accrued liabilities	113		833			1,056		—			2,002
Income taxes	—		52			71		(4		)	119
Deferred income taxes	—		289			91		—			380
Total Current Liabilities	113		3,033			2,229		(4		)	5,371
Long-Term Debt	—		6,135			27		—			6,162
Intercompany Payable	—		4,562			—		(4,562		)	—
Deferred Income Taxes	—		438			912		(13		)	1,337
Other Liabilities	34		681			960		—			1,675
Shareholders' Equity (Deficit)	5,963		(862		)	6,704		(5,842		)	5,963
Total Liabilities and Shareholders' Equity	$	6,110	$	13,987		$	10,832	$	(10,421	)	$	20,508

Condensed Consolidating Statement of Comprehensive Income (Loss)

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks Ended July 30, 2011

(millions)



	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	3,033		$	4,515		$	(1,609	)	$	5,939
Cost of sales	—			(1,792		)	(3,261		)	1,596			(3,457		)
Gross margin	—			1,241			1,254			(13		)	2,482
Selling, general and administrative expenses	(2		)	(1,024		)	(963		)	13			(1,976		)
Operating income (loss)	(2		)	217			291			—			506
Interest (expense) income, net:
External	1			(112		)	—			—			(111		)
Intercompany	—			(47		)	47			—			—
Equity in earnings of subsidiaries	242			62			—			(304		)	—
Income before income taxes	241			120			338			(304		)	395
Federal, state and local income tax expense	—			(25		)	(129		)	—			(154		)
Net income	$	241		$	95		$	209		$	(304	)	$	241
Comprehensive income	$	255		$	109		$	216		$	(325	)	$	255

Condensed Consolidating Statement of Comprehensive Income

For the 26 Weeks Ended July 30, 2011

(millions)



	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	6,026		$	9,455		$	(3,653	)	$	11,828
Cost of sales	—			(3,715		)	(6,954		)	3,626			(7,043		)
Gross margin	—			2,311			2,501			(27		)	4,785
Selling, general and administrative expenses	(4		)	(2,129		)	(1,843		)	27			(3,949		)
Operating income (loss)	(4		)	182			658			—			836
Interest (expense) income, net:
External	1			(228		)	—			—			(227		)
Intercompany	—			(97		)	97			—			—
Equity in earnings of subsidiaries	374			154			—			(528		)	—
Income before income taxes	371			11			755			(528		)	609
Federal, state and local income tax benefit (expense)	1			31			(269		)	—			(237		)
Net income	$	372		$	42		$	486		$	(528	)	$	372
Comprehensive income	$	389		$	59		$	498		$	(557	)	$	389

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks Ended July 28, 2012

(millions)



	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	3,004		$	4,708		$	(1,594	)	$	6,118
Cost of sales	—			(1,783		)	(3,352		)	1,580			(3,555		)
Gross margin	—			1,221			1,356			(14		)	2,563
Selling, general and administrative expenses	(2		)	(1,090		)	(931		)	14			(2,009		)
Operating income (loss)	(2		)	131			425			—			554
Interest (expense) income, net:
External	—			(104		)	(1		)	—			(105		)
Intercompany	—			(36		)	36			—			—
Equity in earnings of subsidiaries	279			130			—			(409		)	—
Income before income taxes	277			121			460			(409		)	449
Federal, state and local income tax benefit (expense)	2			2			(174		)	—			(170		)
Net income	$	279		$	123		$	286		$	(409	)	$	279
Comprehensive income	$	303		$	147		$	296		$	(443	)	$	303

Condensed Consolidating Statement of Comprehensive Income

For the 26 Weeks Ended July 28, 2012

(millions)



	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	6,045		$	9,852		$	(3,636	)	$	12,261
Cost of sales	—			(3,739		)	(7,181		)	3,608			(7,312		)
Gross margin	—			2,306			2,671			(28		)	4,949
Selling, general and administrative expenses	(4		)	(2,150		)	(1,878		)	28			(4,004		)
Operating income (loss)	(4		)	156			793			—			945
Interest (expense) income, net:
External	1			(217		)	(1		)	—			(217		)
Intercompany	(1		)	(71		)	72			—			—
Equity in earnings of subsidiaries	462			193			—			(655		)	—
Income before income taxes	458			61			864			(655		)	728
Federal, state and local income tax benefit (expense)	2			37			(307		)	—			(268		)
Net income	$	460		$	98		$	557		$	(655	)	$	460
Comprehensive income	$	507		$	145		$	577		$	(722	)	$	507

Condensed Consolidating Statement of Cash Flows

For the 26 Weeks Ended July 28, 2012

(millions)



	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income	$	460		$	98		$	557		$	(655	)	$	460
Equity in earnings of subsidiaries	(462		)	(193		)	—			655			—
Dividends received from subsidiaries	323			—			—			(323		)	—
Depreciation and amortization	—			235			278			—			513
(Increase) decrease in working capital	(87		)	75			(345		)	—			(357		)
Other, net	(17		)	41			(2		)	—			22
Net cash provided by operating activities	217			256			488			(323		)	638
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(116		)	(280		)	—			(396		)
Other, net	—			—			3			—			3
Net cash used by investing activities	—			(116		)	(277		)	—			(393		)
Cash flows from financing activities:
Debt repaid	—			(795		)	(2		)	—			(797		)
Dividends paid	(165		)	—			(323		)	323			(165		)
Common stock acquired, net of issuance of common stock	(463		)	—			—			—			(463		)
Intercompany activity, net	(767		)	649			118			—			—
Other, net	(52		)	—			9			—			(43		)
Net cash used by financing activities	(1,447		)	(146		)	(198		)	323			(1,468		)
Net increase (decrease) in cash and cash equivalents	(1,230		)	(6		)	13			—			(1,223		)
Cash and cash equivalents at beginning of period	2,533			38			256			—			2,827
Cash and cash equivalents at end of period	$	1,303		$	32		$	269		$	—		$	1,604

Condensed Consolidating Statement of Cash Flows

For the 26 Weeks Ended July 30, 2011

(millions)



	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income	$	372		$	42		$	486		$	(528	)	$	372
Equity in earnings of subsidiaries	(374		)	(154		)	—			528			—
Dividends received from subsidiaries	222			—			—			(222		)	—
Depreciation and amortization	—			257			279			—			536
(Increase) decrease in working capital	(32		)	92			(287		)	—			(227		)
Other, net	(13		)	(7		)	(74		)	—			(94		)
Net cash provided by operating activities	175			230			404			(222		)	587
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(81		)	(159		)	—			(240		)
Other, net	—			38			(20		)	—			18
Net cash used by investing activities	—			(43		)	(179		)	—			(222		)
Cash flows from financing activities:
Debt repaid	—			(336		)	(1		)	—			(337		)
Dividends paid	(64		)	—			(222		)	222			(64		)
Issuance of common stock, net of common stock acquired	81			—			—			—			81
Intercompany activity, net	(153		)	149			4			—			—
Other, net	(31		)	(7		)	24			—			(14		)
Net cash used by financing activities	(167		)	(194		)	(195		)	222			(334		)
Net increase (decrease) in cash and cash equivalents	8			(7		)	30			—			31
Cash and cash equivalents at beginning of period	1,174			41			249			—			1,464
Cash and cash equivalents at end of period	$	1,182		$	34		$	279		$	—		$	1,495