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Condensed Consolidating Financial Information (Tables)
 3 Months Ended
May 04, 2013
Condensed Consolidating Financial Information [Abstract]  
Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
As of May 4, 2013
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,404

 
$
43

 
$
305

 
$
—

 
$
1,752

Receivables
—

 
50

 
245

 
—

 
295

Merchandise inventories
—

 
2,909

 
2,722

 
—

 
5,631

Prepaid expenses and other current assets
—

 
89

 
299

 
—

 
388

Income taxes
36

 
—

 
—

 
(36
)
 
—

Total Current Assets
1,440

 
3,091

 
3,571

 
(36
)
 
8,066

Property and Equipment – net
—

 
4,583

 
3,480

 
—

 
8,063

Goodwill
—

 
3,315

 
428

 
—

 
3,743

Other Intangible Assets – net
—

 
116

 
436

 
—

 
552

Other Assets
4

 
69

 
543

 
—

 
616

Intercompany Receivable
566

 
—

 
3,095

 
(3,661
)
 
—

Investment in Subsidiaries
4,109

 
2,660

 
—

 
(6,769
)
 
—

Total Assets
$
6,119

 
$
13,834

 
$
11,553

 
$
(10,466
)
 
$
21,040

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
122

 
$
2

 
$
—

 
$
124

Merchandise accounts payable
—

 
1,124

 
1,302

 
—

 
2,426

Accounts payable and accrued liabilities
71

 
821

 
1,242

 
—

 
2,134

Income taxes
—

 
49

 
78

 
(36
)
 
91

Deferred income taxes
—

 
324

 
102

 
—

 
426

Total Current Liabilities
71

 
2,440

 
2,726

 
(36
)
 
5,201

Long-Term Debt
—

 
6,774

 
23

 
—

 
6,797

Intercompany Payable
—

 
3,661

 
—

 
(3,661
)
 
—

Deferred Income Taxes
8

 
433

 
799

 
—

 
1,240

Other Liabilities
69

 
605

 
1,157

 
—

 
1,831

Shareholders' Equity (Deficit)
5,971

 
(79
)
 
6,848

 
(6,769
)
 
5,971

Total Liabilities and Shareholders' Equity
$
6,119

 
$
13,834

 
$
11,553

 
$
(10,466
)
 
$
21,040


Condensed Consolidating Balance Sheet
As of April 28, 2012
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,520

 
$
36

 
$
335

 
$
—

 
$
1,891

Receivables
—

 
46

 
231

 
—

 
277

Merchandise inventories
—

 
2,840

 
2,625

 
—

 
5,465

Prepaid expenses and other current assets
—

 
89

 
311

 
—

 
400

Income taxes
43

 
—

 
—

 
(43
)
 
—

Total Current Assets
1,563

 
3,011

 
3,502

 
(43
)
 
8,033

Property and Equipment – net
—

 
4,736

 
3,623

 
—

 
8,359

Goodwill
—

 
3,315

 
428

 
—

 
3,743

Other Intangible Assets – net
—

 
145

 
444

 
—

 
589

Other Assets
4

 
70

 
479

 
—

 
553

Intercompany Receivable
1,398

 
—

 
2,754

 
(4,152
)
 
—

Investment in Subsidiaries
3,228

 
2,508

 
—

 
(5,736
)
 
—

Total Assets
$
6,193

 
$
13,785

 
$
11,230

 
$
(9,931
)
 
$
21,277

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
310

 
$
3

 
$
—

 
$
313

Merchandise accounts payable
—

 
1,106

 
1,240

 
—

 
2,346

Accounts payable and accrued liabilities
120

 
871

 
1,234

 
—

 
2,225

Income taxes
—

 
18

 
129

 
(43
)
 
104

Deferred income taxes
—

 
313

 
98

 
—

 
411

Total Current Liabilities
120

 
2,618

 
2,704

 
(43
)
 
5,399

Long-Term Debt
—

 
6,619

 
25

 
—

 
6,644

Intercompany Payable
—

 
4,152

 
—

 
(4,152
)
 
—

Deferred Income Taxes
7

 
341

 
780

 
—

 
1,128

Other Liabilities
33

 
795

 
1,245

 
—

 
2,073

Shareholders' Equity (Deficit)
6,033

 
(740
)
 
6,476

 
(5,736
)
 
6,033

Total Liabilities and Shareholders' Equity
$
6,193

 
$
13,785

 
$
11,230

 
$
(9,931
)
 
$
21,277



Condensed Consolidating Balance Sheet
As of February 2, 2013
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,538

 
$
41

 
$
257

 
$
—

 
$
1,836

Receivables
—

 
58

 
313

 
—

 
371

Merchandise inventories
—

 
2,804

 
2,504

 
—

 
5,308

Prepaid expenses and other current assets
—

 
97

 
264

 
—

 
361

Income taxes
30

 
—

 
—

 
(30
)
 
—

Total Current Assets
1,568

 
3,000

 
3,338

 
(30
)
 
7,876

Property and Equipment – net
—

 
4,649

 
3,547

 
—

 
8,196

Goodwill
—

 
3,315

 
428

 
—

 
3,743

Other Intangible Assets – net
—

 
124

 
437

 
—

 
561

Other Assets
3

 
71

 
541

 
—

 
615

Intercompany Receivable
641

 
—

 
3,190

 
(3,831
)
 
—

Investment in Subsidiaries
4,027

 
2,595

 
—

 
(6,622
)
 
—

Total Assets
$
6,239

 
$
13,754

 
$
11,481

 
$
(10,483
)
 
$
20,991

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
121

 
$
3

 
$
—

 
$
124

Merchandise accounts payable
—

 
733

 
846

 
—

 
1,579

Accounts payable and accrued liabilities
119

 
1,023

 
1,468

 
—

 
2,610

Income taxes
—

 
69

 
316

 
(30
)
 
355

Deferred income taxes
—

 
323

 
84

 
—

 
407

Total Current Liabilities
119

 
2,269

 
2,717

 
(30
)
 
5,075

Long-Term Debt
—

 
6,783

 
23

 
—

 
6,806

Intercompany Payable
—

 
3,831

 
—

 
(3,831
)
 
—

Deferred Income Taxes
11

 
410

 
817

 
—

 
1,238

Other Liabilities
58

 
596

 
1,167

 
—

 
1,821

Shareholders' Equity (Deficit)
6,051

 
(135
)
 
6,757

 
(6,622
)
 
6,051

Total Liabilities and Shareholders' Equity
$
6,239

 
$
13,754

 
$
11,481

 
$
(10,483
)
 
$
20,991
Condensed Consolidating Statement of Comprehensive Income (Loss)

Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended April 28, 2012
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
3,041

 
$
5,144

 
$
(2,042
)
 
$
6,143

Cost of sales
—

 
(1,956
)
 
(3,829
)
 
2,028

 
(3,757
)
Gross margin
—

 
1,085

 
1,315

 
(14
)
 
2,386

Selling, general and administrative expenses
(2
)
 
(1,060
)
 
(947
)
 
14

 
(1,995
)
Operating income (loss)
(2
)
 
25

 
368

 
—

 
391

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
1

 
(113
)
 
—

 
—

 
(112
)
Intercompany
(1
)
 
(35
)
 
36

 
—

 
—

Equity in earnings of subsidiaries
183

 
63

 
—

 
(246
)
 
—

Income (loss) before income taxes
181

 
(60
)
 
404

 
(246
)
 
279

Federal, state and local income
tax benefit (expense)
—

 
35

 
(133
)
 
—

 
(98
)
Net income (loss)
$
181

 
$
(25
)
 
$
271

 
$
(246
)
 
$
181

Comprehensive income (loss)
$
204

 
$
(2
)
 
$
281

 
$
(279
)
 
$
204





Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended May 4, 2013
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
3,034

 
$
5,548

 
$
(2,195
)
 
$
6,387

Cost of sales
—

 
(1,897
)
 
(4,196
)
 
2,182

 
(3,911
)
Gross margin
—

 
1,137

 
1,352

 
(13
)
 
2,476

Selling, general and administrative expenses
(3
)
 
(1,050
)
 
(1,001
)
 
13

 
(2,041
)
Operating income (loss)
(3
)
 
87

 
351

 
—

 
435

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
—

 
(97
)
 
—

 
—

 
(97
)
Intercompany
—

 
(40
)
 
40

 
—

 
—

Equity in earnings of subsidiaries
219

 
55

 
—

 
(274
)
 
—

Income before income taxes
216

 
5

 
391

 
(274
)
 
338

Federal, state and local income
tax benefit (expense)
1

 
27

 
(149
)
 
—

 
(121
)
Net income
$
217

 
$
32

 
$
242

 
$
(274
)
 
$
217

Comprehensive income
$
241

 
$
56

 
$
252

 
$
(308
)
 
$
241
Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows
For the 13 Weeks Ended April 28, 2012
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
181

 
$
(25
)
 
$
271

 
$
(246
)
 
$
181

Equity in earnings of subsidiaries
(183
)
 
(63
)
 
—

 
246

 
—

Dividends received from subsidiaries
188

 
—

 
—

 
(188
)
 
—

Depreciation and amortization
—

 
118

 
138

 
—

 
256

(Increase) decrease in working capital
(104
)
 
85

 
(170
)
 
—

 
(189
)
Other, net
2

 
38

 
(23
)
 
—

 
17

Net cash provided by operating activities
84

 
153

 
216

 
(188
)
 
265

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property and equipment and capitalized software, net
—

 
(23
)
 
(168
)
 
—

 
(191
)
Other, net
—

 
—

 
(11
)
 
—

 
(11
)
Net cash used by investing activities
—

 
(23
)
 
(179
)
 
—

 
(202
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid
—

 
(794
)
 
(1
)
 
—

 
(795
)
Dividends paid
(83
)
 
—

 
(188
)
 
188

 
(83
)
Common stock acquired, net of
issuance of common stock
(105
)
 
—

 
—

 
—

 
(105
)
Intercompany activity, net
(865
)
 
666

 
199

 
—

 
—

Other, net
(44
)
 
(4
)
 
32

 
—

 
(16
)
Net cash provided (used) by
financing activities
(1,097
)
 
(132
)
 
42

 
188

 
(999
)
Net increase (decrease) in cash and
cash equivalents
(1,013
)
 
(2
)
 
79

 
—

 
(936
)
Cash and cash equivalents at beginning of period
2,533

 
38

 
256

 
—

 
2,827

Cash and cash equivalents at end of period
$
1,520

 
$
36

 
$
335

 
$
—

 
$
1,891



Condensed Consolidating Statement of Cash Flows
For the 13 Weeks Ended May 4, 2013
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
217

 
$
32

 
$
242

 
$
(274
)
 
$
217

Equity in earnings of subsidiaries
(219
)
 
(55
)
 
—

 
274

 
—

Dividends received from subsidiaries
161

 
—

 
—

 
(161
)
 
—

Depreciation and amortization
—

 
118

 
133

 
—

 
251

(Increase) decrease in working capital
(31
)
 
81

 
(290
)
 
—

 
(240
)
Other, net
9

 
48

 
13

 
—

 
70

Net cash provided by operating activities
137

 
224

 
98

 
(161
)
 
298

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property and equipment and capitalized software, net
—

 
(43
)
 
(68
)
 
—

 
(111
)
Other, net
—

 
—

 
4

 
—

 
4

Net cash used by investing activities
—

 
(43
)
 
(64
)
 
—

 
(107
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid
—

 
(5
)
 
—

 
—

 
(5
)
Dividends paid
(78
)
 
—

 
(161
)
 
161

 
(78
)
Common stock acquired, net of
issuance of common stock
(236
)
 
—

 
—

 
—

 
(236
)
Intercompany activity, net
91

 
(173
)
 
82

 
—

 
—

Other, net
(48
)
 
(1
)
 
93

 
—

 
44

Net cash provided (used) by
financing activities
(271
)
 
(179
)
 
14

 
161

 
(275
)
Net increase (decrease) in cash
and cash equivalents
(134
)
 
2

 
48

 
—

 
(84
)
Cash and cash equivalents at beginning of period
1,538

 
41

 
257

 
—

 
1,836

Cash and cash equivalents at end of period
$
1,404

 
$
43

 
$
305

 
$
—

 
$
1,752