Condensed Consolidating Financial Information (Tables)

6 Months Ended

Aug. 03, 2013

Condensed Consolidating Financial Information [Abstract]

As of August 3, 2013

(millions)



	Parent		Subsidiary Issuer			Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,104	$	35		$	285	$	—		$	1,424
Receivables	—		86			261		—			347
Merchandise inventories	—		2,759			2,598		—			5,357
Prepaid expenses and other current assets	—		94			293		—			387
Income taxes	69		—			—		(69		)	—
Total Current Assets	1,173		2,974			3,437		(69		)	7,515
Property and Equipment – net	—		4,562			3,439		—			8,001
Goodwill	—		3,315			428		—			3,743
Other Intangible Assets – net	—		109			434		—			543
Other Assets	4		69			556		—			629
Intercompany Receivable	527		—			3,135		(3,662		)	—
Investment in Subsidiaries	4,273		2,757			—		(7,030		)	—
Total Assets	$	5,977	$	13,786		$	11,429	$	(10,761	)	$	20,431
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	573		$	2	$	—		$	575
Merchandise accounts payable	—		966			1,098		—			2,064
Accounts payable and accrued liabilities	36		887			1,120		—			2,043
Income taxes	—		16			120		(69		)	67
Deferred income taxes	—		315			107		—			422
Total Current Liabilities	36		2,757			2,447		(69		)	5,171
Long-Term Debt	—		6,317			22		—			6,339
Intercompany Payable	—		3,662			—		(3,662		)	—
Deferred Income Taxes	8		441			768		—			1,217
Other Liabilities	78		620			1,151		—			1,849
Shareholders' Equity (Deficit)	5,855		(11		)	7,041		(7,030		)	5,855
Total Liabilities and Shareholders' Equity	$	5,977	$	13,786		$	11,429	$	(10,761	)	$	20,431

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 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 Taxes	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 Statement of Comprehensive Income (Loss)

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks Ended August 3, 2013

(millions)



	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,898		$	4,831		$	(1,663	)	$	6,066
Cost of sales	—			(1,763		)	(3,420		)	1,650			(3,533		)
Gross margin	—			1,135			1,411			(13		)	2,533
Selling, general and administrative expenses	(2		)	(1,054		)	(956		)	13			(1,999		)
Operating income (loss)	(2		)	81			455			—			534
Interest (expense) income, net:
External	—			(96		)	—			—			(96		)
Intercompany	—			(39		)	39			—			—
Equity in earnings of subsidiaries	282			89			—			(371		)	—
Income before income taxes	280			35			494			(371		)	438
Federal, state and local income tax benefit (expense)	1			10			(168		)	—			(157		)
Net income	$	281		$	45		$	326		$	(371	)	$	281
Comprehensive income	$	305		$	69		$	336		$	(405	)	$	305

Condensed Consolidating Statement of Comprehensive Income

For the 26 Weeks Ended August 3, 2013

(millions)



	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	5,932		$	10,379		$	(3,858	)	$	12,453
Cost of sales	—			(3,660		)	(7,616		)	3,832			(7,444		)
Gross margin	—			2,272			2,763			(26		)	5,009
Selling, general and administrative expenses	(5		)	(2,104		)	(1,957		)	26			(4,040		)
Operating income (loss)	(5		)	168			806			—			969
Interest (expense) income, net:
External	—			(193		)	—			—			(193		)
Intercompany	—			(79		)	79			—			—
Equity in earnings of subsidiaries	501			144			—			(645		)	—
Income before income taxes	496			40			885			(645		)	776
Federal, state and local income tax benefit (expense)	2			37			(317		)	—			(278		)
Net income	$	498		$	77		$	568		$	(645	)	$	498
Comprehensive income	$	546		$	125		$	588		$	(713	)	$	546

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 August 3, 2013

(millions)



	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income	$	498		$	77		$	568		$	(645	)	$	498
Equity in earnings of subsidiaries	(501		)	(144		)	—			645			—
Dividends received from subsidiaries	303			—			—			(303		)	—
Depreciation and amortization	—			235			269			—			504
(Increase) decrease in working capital	(62		)	43			(416		)	—			(435		)
Other, net	18			76			3			—			97
Net cash provided by operating activities	256			287			424			(303		)	664
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(135		)	(176		)	—			(311		)
Other, net	—			—			(5		)	—			(5		)
Net cash used by investing activities	—			(135		)	(181		)	—			(316		)
Cash flows from financing activities:
Debt repaid	—			(6		)	(1		)	—			(7		)
Dividends paid	(173		)	—			(303		)	303			(173		)
Common stock acquired, net of issuance of common stock	(579		)	—			—			—			(579		)
Intercompany activity, net	145			(175		)	30			—			—
Other, net	(83		)	23			59			—			(1		)
Net cash used by financing activities	(690		)	(158		)	(215		)	303			(760		)
Net increase (decrease) in cash and cash equivalents	(434		)	(6		)	28			—			(412		)
Cash and cash equivalents at beginning of period	1,538			41			257			—			1,836
Cash and cash equivalents at end of period	$	1,104		$	35		$	285		$	—		$	1,424

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