Restatement - Share-based Compensation (Tables)

12 Months Ended

Feb. 02, 2013

Restatement - Share-based Compensation

Schedule of corrections as associated with certain line items in the financial statements

The following tables illustrate the corrections as associated with certain line items in the financial statements (amounts in millions):

	Consolidated Statements of Comprehensive Income Fiscal 2012
	As Reported		Share-based compensation Adjustment			Other Adjustments			As Restated
Cost of sales and occupancy expense	$	2,632	$	6		$	5		$	2,643
Gross Profit	1,776		(6		)	(5		)	1,765
Selling, general and administrative expense	1,135		(3		)	—			1,132
Share-based compensation	—		15			—			15
Operating income	615		(18		)	(5		)	592
Income before income taxes	338		(18		)	(5		)	315
Provision for income taxes	124		(7		)	(2		)	115
Net income	214		(11		)	(3		)	200
Comprehensive income	214		(11		)	(3		)	200

	Consolidated Statements of Comprehensive Income Fiscal 2011
	As Reported		Share-based compensation Adjustment			Other Adjustments			As Restated
Cost of sales and occupancy expense	$	2,526	$	7		$	(1	)	$	2,532
Gross Profit	1,684		(7		)	1			1,678
Selling, general and administrative expense	1,098		(8		)	—			1,090
Share-based compensation	—		33			—			33
Operating income	569		(32		)	1			538
Income before income taxes	288		(32		)	1			257
Provision for income taxes	112		(12		)	—			100
Net income	176		(20		)	1			157
Comprehensive income	175		(20		)	1			156

	Consolidated Balance Sheet As of February 2, 2013
	As Reported			Share-based compensation Adjustment			Other Adjustments			As Restated
Merchandise inventories	$	865		$	1		$	(4	)	$	862
Total current assets	1,047			1			(4		)	1,044
Deferred income taxes	13			17			—			30
Total non-current assets	156			17			—			173
Share-based compensation liability	—			35			—			35
Income taxes payable	40			(1		)	(2		)	37
Total current liabilities	824			34			(2		)	856
Share-based compensation liability	—			27			—			27
Total long-term liabilities	2,976			27			—			3,003
Additional paid-in capital	49			(12		)	—			37
Accumulated deficit	(2,326		)	(31		)	(2		)	(2,359		)
Total stockholders’ deficit	(2,259		)	(43		)	(2		)	(2,304		)

	Consolidated Balance Sheet As of January 28, 2012
	As Reported			Share-based compensation Adjustment			Other Adjustments		As Restated
Merchandise inventories	$	840		$	4		$	1	$	845
Total current assets	1,334			4			1		1,339
Deferred income taxes	18			11			—		29
Total non-current assets	176			11			—		187
Share-based compensation liability	—			25			—		25
Income taxes payable	19			(1		)	—		18
Total current liabilities	837			24			—		861
Share-based compensation liability	—			19			—		19
Total long-term liabilities	3,459			19			—		3,478
Additional paid-in capital	48			(8		)	—		40
Accumulated deficit	(2,540		)	(20		)	1		(2,559		)
Total stockholders’ deficit	(2,474		)	(28		)	1		(2,501		)

	Cash Flow Data Fiscal 2012
	As Reported			Share-based compensation Adjustment		Other Adjustments		As Restated
Operating Activities:
Net income	$	214		(11	)	(3	)	$	200
Share-based compensation	5			16		—		21
Merchandise inventories	(25		)	5		(1	)	(21		)
Deferred income taxes	2			(4	)	—		(2		)
Accrued liabilities and other	(12		)	(4	)	—		(16		)
Income taxes	19			(1	)	—		18
Net cash provided by operating activities	302			1		(4	)	299
Net cash used in financing activities	(493		)	3		—		(490		)

	Cash Flow Data Fiscal 2011
	As Reported			Share-based compensation Adjustment		Other Adjustments		As Restated
Operating Activities:
Net income	$	176		(20	)	1		$	157
Share-based compensation	9			32		—		41
Merchandise inventories	(14		)	(4	)	(1	)	(19		)
Deferred income taxes	32			(11	)	—		21
Net cash provided by operating activities	413			(4	)	—		409
Net cash used in financing activities	(252		)	4		—		(248		)