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Asset Securitization (Tables)

12 Months Ended

Jan. 28, 2012

We recognized the following activity related to the I/O strip:



	Year Ended
(In thousands)	January 30, 2010⁽¹⁾
Value of the I/O strip at beginning of year	$	19,298
Additions to the I/O strip	19,402
Amortization of the I/O strip	(21,925		)
Valuation adjustments	4,939
Sale of asset securitization program	(21,714		)
Value of the I/O strip at end of year	$	—


(1)	Through October 30, 2009 (the date of sale of the proprietary credit card receivables programs).

Schedule of Servicing Liabilities at Amortized Value [Table Text Block]

We recognized the following activity related to the servicing liability:



	Year Ended
(In thousands)	January 30, 2010⁽¹⁾
Value of the servicing liability at beginning of year	$	3,046
Additions to the servicing liability	2,978
Amortization of the servicing liability	(3,040		)
Sale of asset securitization program	(2,984		)
Value of the servicing liability at end of year	$	—


(1)	Through October 30, 2009 (the date of sale of the proprietary credit card receivables programs).

Impact of Securitization Activity on Consolidated Statements of Operations and Comprehensive Income [Table Text Block]

The impact of our securitization activity on our consolidated statements of operations and comprehensive income was as follows (all items are included in selling, general, and administrative expenses):



	Year Ended
(In thousands)	January 30, 2010⁽¹⁾
Gain on sale of receivables to the Trust	$	19,402
Amortization of the I/O strip	(21,925		)
Valuation adjustments of the I/O strip	4,939
Residual cash flow earned related to I/O interest⁽²⁾	68,326
Additions to the servicing liability	(2,978		)
Amortization of the servicing liability	3,040
Decrease in selling, general, and administrative expenses	$	70,804


(1)	Through October 30, 2009 (the date of sale of the proprietary credit card receivables programs).


(2)	Includes servicing fees of $7,228.

Purchases and Sales of Certificates Issued by Trust [Table Text Block]

Our sales of certificates issued by the Trust, which have been reported as investing cash flows, were as follows:



	Year Ended
(In thousands)	January 30, 2010⁽¹⁾
Sales of certificates issued by the Trust	$	51,400


(1)	Through October 30, 2009 (the date of sale of the proprietary credit card receivables programs).

Additional Information Relating to the Receivables in the Trust Prior to Sale of the Credit Card Portfolio [Table Text Block]

The following table presents additional information relating to the receivables in our Trust prior to the sale of the credit card portfolio:



	Year Ended
(In thousands)	January 30, 2010⁽¹⁾
Proceeds from sales of new receivables to QSPE	$	530,544
Collections reinvested in revolving-period securitizations	674,185
Cash flows received on retained interests	68,326
Servicing fees received	7,228
Net credit losses	37,035


(1)	Through October 30, 2009 (the date of sale of the proprietary credit card receivables programs).

Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block]

The key assumptions used to value our retained interest were as follows:



	October 30, 2009⁽¹⁾
Payment rate	11.2	%	-	13.8	%
Residual cash flows discount rate	15.5	%	-	16.5	%
Net credit loss percentage	7.3	%	-	12.0	%
Average life of receivables sold (years)	0.6		-	0.7


(1)	The date of sale of the proprietary credit card receivables programs.

Investment in asset-backed securities [Table Text Block]

Our investment in asset-backed securities, which were first and foremost available to satisfy the claims of the respective creditors of these separate corporate entities, including certain claims of investors in the QSPEs, consisted of the following:



(In thousands)	October 30, 2009⁽¹⁾
Trading securities:
I/O strip	$	21,714
Retained interest (primarily collateralized cash)	63,683

Available-for-sale securities:
Ownership interest	51,250
Investment in asset-backed securities	$	136,647


(1)	The date of sale of the proprietary credit card receivables programs.

- Definition

Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date.

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- Definition

Tabular disclosure of the activity in the balance of servicing liabilities subsequently measured using the amortization method (including a description of where changes in carrying value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (through assumptions of servicing obligations and recognition of servicing obligations that result from transfers of financial assets), disposals, amortization, and other changes that affect the balance and a description of those changes.

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