o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
Incorporated in Delaware | I.R.S. Employer Identification No. | |
13-3324058 |
Large accelerated filer ý | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
Class | Outstanding at November 29, 2013 | |
Common Stock, $0.01 par value per share | 368,481,994 shares |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
November 2, 2013 | October 27, 2012 | November 2, 2013 | October 27, 2012 | ||||||||||||
Net sales | $ | 6,276 | $ | 6,075 | $ | 18,729 | $ | 18,336 | |||||||
Cost of sales | (3,817 | ) | (3,672 | ) | (11,261 | ) | (10,984 | ) | |||||||
Gross margin | 2,459 | 2,403 | 7,468 | 7,352 | |||||||||||
Selling, general and administrative expenses | (2,099 | ) | (2,078 | ) | (6,139 | ) | (6,082 | ) | |||||||
Operating income | 360 | 325 | 1,329 | 1,270 | |||||||||||
Interest expense | (97 | ) | (104 | ) | (291 | ) | (322 | ) | |||||||
Interest income | 1 | 1 | 2 | 2 | |||||||||||
Income before income taxes | 264 | 222 | 1,040 | 950 | |||||||||||
Federal, state and local income tax expense | (87 | ) | (77 | ) | (365 | ) | (345 | ) | |||||||
Net income | $ | 177 | $ | 145 | $ | 675 | $ | 605 | |||||||
Basic earnings per share | $ | .47 | $ | .36 | $ | 1.77 | $ | 1.48 | |||||||
Diluted earnings per share | $ | .47 | $ | .36 | $ | 1.74 | $ | 1.45 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
November 2, 2013 | October 27, 2012 | November 2, 2013 | October 27, 2012 | ||||||||||||
Net income | $ | 177 | $ | 145 | $ | 675 | $ | 605 | |||||||
Other comprehensive income: | |||||||||||||||
Amortization of net actuarial loss and prior service credit on post employment and postretirement benefit plans included in net income, before tax | 38 | 37 | 117 | 115 | |||||||||||
Tax effect related to items of other comprehensive income | (14 | ) | (13 | ) | (45 | ) | (44 | ) | |||||||
Total other comprehensive income, net of tax effect | 24 | 24 | 72 | 71 | |||||||||||
Comprehensive income | $ | 201 | $ | 169 | $ | 747 | $ | 676 |
November 2, 2013 | February 2, 2013 | October 27, 2012 | |||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 1,171 | $ | 1,836 | $ | 1,264 | |||||
Receivables | 276 | 371 | 281 | ||||||||
Merchandise inventories | 7,716 | 5,308 | 7,208 | ||||||||
Prepaid expenses and other current assets | 397 | 361 | 410 | ||||||||
Total Current Assets | 9,560 | 7,876 | 9,163 | ||||||||
Property and Equipment - net of accumulated depreciation and amortization of $6,555, $5,947 and $6,584 | 7,950 | 8,196 | 8,212 | ||||||||
Goodwill | 3,743 | 3,743 | 3,743 | ||||||||
Other Intangible Assets – net | 535 | 561 | 570 | ||||||||
Other Assets | 658 | 615 | 582 | ||||||||
Total Assets | $ | 22,446 | $ | 20,991 | $ | 22,270 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Short-term debt | $ | 465 | $ | 124 | $ | 123 | |||||
Merchandise accounts payable | 3,897 | 1,579 | 3,627 | ||||||||
Accounts payable and accrued liabilities | 2,323 | 2,610 | 2,419 | ||||||||
Income taxes | 78 | 355 | 89 | ||||||||
Deferred income taxes | 423 | 407 | 426 | ||||||||
Total Current Liabilities | 7,186 | 5,075 | 6,684 | ||||||||
Long-Term Debt | 6,732 | 6,806 | 6,817 | ||||||||
Deferred Income Taxes | 1,225 | 1,238 | 1,182 | ||||||||
Other Liabilities | 1,861 | 1,821 | 2,024 | ||||||||
Shareholders’ Equity | 5,442 | 6,051 | 5,563 | ||||||||
Total Liabilities and Shareholders’ Equity | $ | 22,446 | $ | 20,991 | $ | 22,270 |
39 Weeks Ended | |||||||
November 2, 2013 | October 27, 2012 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 675 | $ | 605 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 761 | 782 | |||||
Stock-based compensation expense | 48 | 47 | |||||
Amortization of financing costs and premium on acquired debt | (7 | ) | (10 | ) | |||
Changes in assets and liabilities: | |||||||
Decrease in receivables | 102 | 91 | |||||
Increase in merchandise inventories | (2,408 | ) | (2,091 | ) | |||
(Increase) decrease in prepaid expenses and other current assets | (25 | ) | 58 | ||||
Decrease in other assets not separately identified | 1 | 23 | |||||
Increase in merchandise accounts payable | 2,155 | 1,941 | |||||
Decrease in accounts payable and accrued liabilities not separately identified | (320 | ) | (323 | ) | |||
Decrease in current income taxes | (277 | ) | (282 | ) | |||
Increase (decrease) in deferred income taxes | (43 | ) | 14 | ||||
Increase in other liabilities not separately identified | 157 | 34 | |||||
Net cash provided by operating activities | 819 | 889 | |||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (381 | ) | (464 | ) | |||
Capitalized software | (180 | ) | (169 | ) | |||
Disposition of property and equipment | 30 | 36 | |||||
Other, net | (10 | ) | (18 | ) | |||
Net cash used by investing activities | (541 | ) | (615 | ) | |||
Cash flows from financing activities: | |||||||
Debt issued | 400 | — | |||||
Financing costs | (10 | ) | — | ||||
Debt repaid | (121 | ) | (803 | ) | |||
Dividends paid | (267 | ) | (246 | ) | |||
Increase in outstanding checks | 73 | 38 | |||||
Acquisition of treasury stock | (1,228 | ) | (1,018 | ) | |||
Issuance of common stock | 210 | 192 | |||||
Net cash used by financing activities | (943 | ) | (1,837 | ) | |||
Net decrease in cash and cash equivalents | (665 | ) | (1,563 | ) | |||
Cash and cash equivalents beginning of period | 1,836 | 2,827 | |||||
Cash and cash equivalents end of period | $ | 1,171 | $ | 1,264 | |||
Supplemental cash flow information: | |||||||
Interest paid | $ | 268 | $ | 304 | |||
Interest received | 1 | 2 | |||||
Income taxes paid (net of refunds received) | 582 | 591 |
13 Weeks Ended | |||||||||||||||||||||
November 2, 2013 | October 27, 2012 | ||||||||||||||||||||
Net Income | Shares | Net Income | Shares | ||||||||||||||||||
(millions, except per share data) | |||||||||||||||||||||
Net income and average number of shares outstanding | $ | 177 | 373.9 | $ | 145 | 400.3 | |||||||||||||||
Shares to be issued under deferred compensation and other plans | 0.9 | 1.0 | |||||||||||||||||||
$ | 177 | 374.8 | $ | 145 | 401.3 | ||||||||||||||||
Basic earnings per share | $ | 0.47 | $ | 0.36 | |||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options, restricted stock and restricted stock units | 5.4 | 6.6 | |||||||||||||||||||
$ | 177 | 380.2 | $ | 145 | 407.9 | ||||||||||||||||
Diluted earnings per share | $ | 0.47 | $ | 0.36 |
39 Weeks Ended | |||||||||||||||||||||
November 2, 2013 | October 27, 2012 | ||||||||||||||||||||
Net Income | Shares | Net Income | Shares | ||||||||||||||||||
(millions, except per share data) | |||||||||||||||||||||
Net income and average number of shares outstanding | $ | 675 | 380.8 | $ | 605 | 408.7 | |||||||||||||||
Shares to be issued under deferred compensation and other plans | 1.0 | 1.2 | |||||||||||||||||||
$ | 675 | 381.8 | $ | 605 | 409.9 | ||||||||||||||||
Basic earnings per share | $ | 1.77 | $ | 1.48 | |||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options, restricted stock and restricted stock units | 6.2 | 6.6 | |||||||||||||||||||
$ | 675 | 388.0 | $ | 605 | 416.5 | ||||||||||||||||
Diluted earnings per share | $ | 1.74 | $ | 1.45 |
39 Weeks Ended | |||||||
November 2, 2013 | October 27, 2012 | ||||||
(millions) | |||||||
7.625% Senior debentures due 2013 | $ | 109 | $ | — | |||
5.35% Senior notes due 2012 | — | 616 | |||||
8.0% Senior debentures due 2012 | — | 173 | |||||
9.5% amortizing debentures due 2021 | 4 | 4 | |||||
9.75% amortizing debentures due 2021 | 2 | 2 | |||||
Capital leases and other obligations | 6 | 8 | |||||
$ | 121 | $ | 803 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
November 2, 2013 | October 27, 2012 | November 2, 2013 | October 27, 2012 | ||||||||||||
(millions) | |||||||||||||||
Pension Plan | |||||||||||||||
Service cost | $ | 28 | $ | 30 | $ | 84 | $ | 88 | |||||||
Interest cost | 36 | 40 | 107 | 118 | |||||||||||
Expected return on assets | (60 | ) | (64 | ) | (181 | ) | (190 | ) | |||||||
Recognition of net actuarial loss | 34 | 35 | 105 | 106 | |||||||||||
Amortization of prior service credit | — | (1 | ) | — | (1 | ) | |||||||||
$ | 38 | $ | 40 | $ | 115 | $ | 121 | ||||||||
Supplementary Retirement Plan | |||||||||||||||
Service cost | $ | 2 | $ | 1 | $ | 5 | $ | 4 | |||||||
Interest cost | 8 | 9 | 24 | 26 | |||||||||||
Recognition of net actuarial loss | 4 | 4 | 14 | 13 | |||||||||||
Amortization of prior service credit | — | — | — | — | |||||||||||
$ | 14 | $ | 14 | $ | 43 | $ | 43 | ||||||||
Postretirement Obligations | |||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | |||||||
Interest cost | 2 | 3 | 7 | 9 | |||||||||||
Recognition of net actuarial gain | — | (1 | ) | (2 | ) | (3 | ) | ||||||||
Amortization of prior service cost | — | — | — | — | |||||||||||
$ | 2 | $ | 2 | $ | 5 | $ | 6 |
November 2, 2013 | October 27, 2012 | ||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Marketable equity and debt securities | $ | 78 | $ | — | $ | 78 | $ | — | $ | 83 | $ | — | $ | 83 | $ | — |
November 2, 2013 | October 27, 2012 | ||||||||||||||||||||||
Notional Amount | Carrying Amount | Fair Value | Notional Amount | Carrying Amount | Fair Value | ||||||||||||||||||
(millions) | |||||||||||||||||||||||
Long-term debt | $ | 6,522 | $ | 6,701 | $ | 7,002 | $ | 6,583 | $ | 6,784 | $ | 7,736 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
ASSETS: | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 807 | $ | 21 | $ | 343 | $ | — | $ | 1,171 | |||||||||
Receivables | — | 44 | 232 | — | 276 | ||||||||||||||
Merchandise inventories | — | 3,946 | 3,770 | — | 7,716 | ||||||||||||||
Prepaid expenses and other current assets | — | 99 | 298 | — | 397 | ||||||||||||||
Income taxes | 38 | — | — | (38 | ) | — | |||||||||||||
Total Current Assets | 845 | 4,110 | 4,643 | (38 | ) | 9,560 | |||||||||||||
Property and Equipment – net | — | 4,531 | 3,419 | — | 7,950 | ||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | ||||||||||||||
Other Intangible Assets – net | — | 103 | 432 | — | 535 | ||||||||||||||
Other Assets | 4 | 73 | 581 | — | 658 | ||||||||||||||
Deferred income taxes | 3 | — | — | (3 | ) | — | |||||||||||||
Intercompany Receivable | 464 | — | 3,218 | (3,682 | ) | — | |||||||||||||
Investment in Subsidiaries | 4,320 | 2,753 | — | (7,073 | ) | — | |||||||||||||
Total Assets | $ | 5,636 | $ | 14,885 | $ | 12,721 | $ | (10,796 | ) | $ | 22,446 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Short-term debt | $ | — | $ | 463 | $ | 2 | $ | — | $ | 465 | |||||||||
Merchandise accounts payable | — | 1,812 | 2,085 | — | 3,897 | ||||||||||||||
Accounts payable and accrued liabilities | 107 | 965 | 1,251 | — | 2,323 | ||||||||||||||
Income taxes | — | 6 | 110 | (38 | ) | 78 | |||||||||||||
Deferred income taxes | — | 322 | 101 | — | 423 | ||||||||||||||
Total Current Liabilities | 107 | 3,568 | 3,549 | (38 | ) | 7,186 | |||||||||||||
Long-Term Debt | — | 6,711 | 21 | — | 6,732 | ||||||||||||||
Intercompany Payable | — | 3,682 | — | (3,682 | ) | — | |||||||||||||
Deferred Income Taxes | — | 450 | 778 | (3 | ) | 1,225 | |||||||||||||
Other Liabilities | 87 | 619 | 1,155 | — | 1,861 | ||||||||||||||
Shareholders' Equity (Deficit) | 5,442 | (145 | ) | 7,218 | (7,073 | ) | 5,442 | ||||||||||||
Total Liabilities and Shareholders' Equity | $ | 5,636 | $ | 14,885 | $ | 12,721 | $ | (10,796 | ) | $ | 22,446 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,979 | $ | 6,337 | $ | (3,040 | ) | $ | 6,276 | ||||||||
Cost of sales | — | (1,930 | ) | (4,913 | ) | 3,026 | (3,817 | ) | |||||||||||
Gross margin | — | 1,049 | 1,424 | (14 | ) | 2,459 | |||||||||||||
Selling, general and administrative expenses | (2 | ) | (1,113 | ) | (998 | ) | 14 | (2,099 | ) | ||||||||||
Operating income (loss) | (2 | ) | (64 | ) | 426 | — | 360 | ||||||||||||
Interest (expense) income, net: | |||||||||||||||||||
External | 1 | (96 | ) | (1 | ) | — | (96 | ) | |||||||||||
Intercompany | (1 | ) | (39 | ) | 40 | — | — | ||||||||||||
Equity in earnings of subsidiaries | 178 | (15 | ) | — | (163 | ) | — | ||||||||||||
Income (loss) before income taxes | 176 | (214 | ) | 465 | (163 | ) | 264 | ||||||||||||
Federal, state and local income tax benefit (expense) | 1 | 56 | (144 | ) | — | (87 | ) | ||||||||||||
Net income (loss) | $ | 177 | $ | (158 | ) | $ | 321 | $ | (163 | ) | $ | 177 | |||||||
Comprehensive income (loss) | $ | 201 | $ | (134 | ) | $ | 331 | $ | (197 | ) | $ | 201 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 8,911 | $ | 16,716 | $ | (6,898 | ) | $ | 18,729 | ||||||||
Cost of sales | — | (5,590 | ) | (12,529 | ) | 6,858 | (11,261 | ) | |||||||||||
Gross margin | — | 3,321 | 4,187 | (40 | ) | 7,468 | |||||||||||||
Selling, general and administrative expenses | (7 | ) | (3,217 | ) | (2,955 | ) | 40 | (6,139 | ) | ||||||||||
Operating income (loss) | (7 | ) | 104 | 1,232 | — | 1,329 | |||||||||||||
Interest (expense) income, net: | |||||||||||||||||||
External | 1 | (289 | ) | (1 | ) | — | (289 | ) | |||||||||||
Intercompany | (1 | ) | (118 | ) | 119 | — | — | ||||||||||||
Equity in earnings of subsidiaries | 679 | 129 | — | (808 | ) | — | |||||||||||||
Income (loss) before income taxes | 672 | (174 | ) | 1,350 | (808 | ) | 1,040 | ||||||||||||
Federal, state and local income tax benefit (expense) | 3 | 93 | (461 | ) | — | (365 | ) | ||||||||||||
Net income (loss) | $ | 675 | $ | (81 | ) | $ | 889 | $ | (808 | ) | $ | 675 | |||||||
Comprehensive income (loss) | $ | 747 | $ | (9 | ) | $ | 919 | $ | (910 | ) | $ | 747 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | 675 | $ | (81 | ) | $ | 889 | $ | (808 | ) | $ | 675 | |||||||
Equity in earnings of subsidiaries | (679 | ) | (129 | ) | — | 808 | — | ||||||||||||
Dividends received from subsidiaries | 458 | — | — | (458 | ) | — | |||||||||||||
Depreciation and amortization | — | 349 | 412 | — | 761 | ||||||||||||||
Increase in working capital | (34 | ) | (185 | ) | (554 | ) | — | (773 | ) | ||||||||||
Other, net | 16 | 107 | 33 | — | 156 | ||||||||||||||
Net cash provided by operating activities | 436 | 61 | 780 | (458 | ) | 819 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | (206 | ) | (325 | ) | — | (531 | ) | |||||||||||
Other, net | — | — | (10 | ) | — | (10 | ) | ||||||||||||
Net cash used by investing activities | — | (206 | ) | (335 | ) | — | (541 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Debt issued, net of debt repaid | — | 281 | (2 | ) | — | 279 | |||||||||||||
Dividends paid | (267 | ) | — | (458 | ) | 458 | (267 | ) | |||||||||||
Common stock acquired, net of issuance of common stock | (1,018 | ) | — | — | — | (1,018 | ) | ||||||||||||
Intercompany activity, net | 224 | (159 | ) | (65 | ) | — | — | ||||||||||||
Other, net | (106 | ) | 3 | 166 | — | 63 | |||||||||||||
Net cash provided (used) by financing activities | (1,167 | ) | 125 | (359 | ) | 458 | (943 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (731 | ) | (20 | ) | 86 | — | (665 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 1,538 | 41 | 257 | — | 1,836 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 807 | $ | 21 | $ | 343 | $ | — | $ | 1,171 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
ASSETS: | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 938 | $ | 36 | $ | 290 | $ | — | $ | 1,264 | |||||||||
Receivables | — | 31 | 250 | — | 281 | ||||||||||||||
Merchandise inventories | — | 3,712 | 3,496 | — | 7,208 | ||||||||||||||
Prepaid expenses and other current assets | — | 103 | 307 | — | 410 | ||||||||||||||
Income taxes | 127 | — | — | (127 | ) | — | |||||||||||||
Total Current Assets | 1,065 | 3,882 | 4,343 | (127 | ) | 9,163 | |||||||||||||
Property and Equipment – net | — | 4,696 | 3,516 | — | 8,212 | ||||||||||||||
Goodwill | — | 3,315 | 428 | — | 3,743 | ||||||||||||||
Other Intangible Assets – net | — | 131 | 439 | — | 570 | ||||||||||||||
Other Assets | 4 | 65 | 513 | — | 582 | ||||||||||||||
Deferred Income Taxes | 11 | — | — | (11 | ) | — | |||||||||||||
Intercompany Receivable | 1,260 | — | 3,114 | (4,374 | ) | — | |||||||||||||
Investment in Subsidiaries | 3,467 | 2,675 | — | (6,142 | ) | — | |||||||||||||
Total Assets | $ | 5,807 | $ | 14,764 | $ | 12,353 | $ | (10,654 | ) | $ | 22,270 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Short-term debt | $ | — | $ | 121 | $ | 2 | $ | — | $ | 123 | |||||||||
Merchandise accounts payable | — | 1,730 | 1,897 | — | 3,627 | ||||||||||||||
Accounts payable and accrued liabilities | 212 | 919 | 1,288 | — | 2,419 | ||||||||||||||
Income taxes | — | 54 | 162 | (127 | ) | 89 | |||||||||||||
Deferred income taxes | — | 322 | 104 | — | 426 | ||||||||||||||
Total Current Liabilities | 212 | 3,146 | 3,453 | (127 | ) | 6,684 | |||||||||||||
Long-Term Debt | — | 6,793 | 24 | — | 6,817 | ||||||||||||||
Intercompany Payable | — | 4,374 | — | (4,374 | ) | — | |||||||||||||
Deferred Income Taxes | — | 389 | 804 | (11 | ) | 1,182 | |||||||||||||
Other Liabilities | 32 | 746 | 1,246 | — | 2,024 | ||||||||||||||
Shareholders' Equity (Deficit) | 5,563 | (684 | ) | 6,826 | (6,142 | ) | 5,563 | ||||||||||||
Total Liabilities and Shareholders' Equity | $ | 5,807 | $ | 14,764 | $ | 12,353 | $ | (10,654 | ) | $ | 22,270 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 2,979 | $ | 5,820 | $ | (2,724 | ) | $ | 6,075 | ||||||||
Cost of sales | — | (1,901 | ) | (4,480 | ) | 2,709 | (3,672 | ) | |||||||||||
Gross margin | — | 1,078 | 1,340 | (15 | ) | 2,403 | |||||||||||||
Selling, general and administrative expenses | (2 | ) | (1,132 | ) | (959 | ) | 15 | (2,078 | ) | ||||||||||
Operating income (loss) | (2 | ) | (54 | ) | 381 | — | 325 | ||||||||||||
Interest (expense) income, net: | |||||||||||||||||||
External | — | (103 | ) | — | — | (103 | ) | ||||||||||||
Intercompany | — | (35 | ) | 35 | — | — | |||||||||||||
Equity in earnings of subsidiaries | 147 | 29 | — | (176 | ) | — | |||||||||||||
Income (loss) before income taxes | 145 | (163 | ) | 416 | (176 | ) | 222 | ||||||||||||
Federal, state and local income tax benefit (expense) | — | 50 | (127 | ) | — | (77 | ) | ||||||||||||
Net income (loss) | $ | 145 | $ | (113 | ) | $ | 289 | $ | (176 | ) | $ | 145 | |||||||
Comprehensive income (loss) | $ | 169 | $ | (89 | ) | $ | 299 | $ | (210 | ) | $ | 169 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 9,024 | $ | 15,672 | $ | (6,360 | ) | $ | 18,336 | ||||||||
Cost of sales | — | (5,640 | ) | (11,661 | ) | 6,317 | (10,984 | ) | |||||||||||
Gross margin | — | 3,384 | 4,011 | (43 | ) | 7,352 | |||||||||||||
Selling, general and administrative expenses | (6 | ) | (3,282 | ) | (2,837 | ) | 43 | (6,082 | ) | ||||||||||
Operating income (loss) | (6 | ) | 102 | 1,174 | — | 1,270 | |||||||||||||
Interest (expense) income, net: | |||||||||||||||||||
External | 1 | (320 | ) | (1 | ) | — | (320 | ) | |||||||||||
Intercompany | (1 | ) | (106 | ) | 107 | — | — | ||||||||||||
Equity in earnings of subsidiaries | 609 | 222 | — | (831 | ) | — | |||||||||||||
Income (loss) before income taxes | 603 | (102 | ) | 1,280 | (831 | ) | 950 | ||||||||||||
Federal, state and local income tax benefit (expense) | 2 | 87 | (434 | ) | — | (345 | ) | ||||||||||||
Net income (loss) | $ | 605 | $ | (15 | ) | $ | 846 | $ | (831 | ) | $ | 605 | |||||||
Comprehensive income | $ | 676 | $ | 56 | $ | 876 | $ | (932 | ) | $ | 676 |
Parent | Subsidiary Issuer | Other Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | 605 | $ | (15 | ) | $ | 846 | $ | (831 | ) | $ | 605 | |||||||
Equity in earnings of subsidiaries | (609 | ) | (222 | ) | — | 831 | — | ||||||||||||
Dividends received from subsidiaries | 455 | — | — | (455 | ) | — | |||||||||||||
Depreciation and amortization | — | 356 | 426 | — | 782 | ||||||||||||||
Increase in working capital | (173 | ) | (66 | ) | (367 | ) | — | (606 | ) | ||||||||||
Other, net | (17 | ) | 64 | 61 | — | 108 | |||||||||||||
Net cash provided by operating activities | 261 | 117 | 966 | (455 | ) | 889 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchase of property and equipment and capitalized software, net | — | (210 | ) | (387 | ) | — | (597 | ) | |||||||||||
Other, net | — | — | (18 | ) | — | (18 | ) | ||||||||||||
Net cash used by investing activities | — | (210 | ) | (405 | ) | — | (615 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Debt repaid | — | (800 | ) | (3 | ) | — | (803 | ) | |||||||||||
Dividends paid | (246 | ) | — | (455 | ) | 455 | (246 | ) | |||||||||||
Common stock acquired, net of issuance of common stock | (826 | ) | — | — | — | (826 | ) | ||||||||||||
Intercompany activity, net | (733 | ) | 892 | (159 | ) | — | — | ||||||||||||
Other, net | (51 | ) | (1 | ) | 90 | — | 38 | ||||||||||||
Net cash provided (used) by financing activities | (1,856 | ) | 91 | (527 | ) | 455 | (1,837 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (1,595 | ) | (2 | ) | 34 | — | (1,563 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 2,533 | 38 | 256 | — | 2,827 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 938 | $ | 36 | $ | 290 | $ | — | $ | 1,264 |
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 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Third Quarter of 2013 | Third Quarter of 2012 | ||||||||||||||||
Amount | % to Sales | Amount | % to Sales | ||||||||||||||
(dollars in millions, except per share figures) | |||||||||||||||||
Net sales | $ | 6,276 | $ | 6,075 | |||||||||||||
Increase in sales | 3.3 | % | 3.8 | % | |||||||||||||
Increase in comparable sales | 3.5 | % | 3.7 | % | |||||||||||||
Cost of sales | (3,817 | ) | (60.8 | ) | % | (3,672 | ) | (60.4 | ) | % | |||||||
Gross margin | 2,459 | 39.2 | % | 2,403 | 39.6 | % | |||||||||||
Selling, general and administrative expenses | (2,099 | ) | (33.5 | ) | % | (2,078 | ) | (34.2 | ) | % | |||||||
Operating income | 360 | 5.7 | % | 325 | 5.4 | % | |||||||||||
Interest expense - net | (96 | ) | (103 | ) | |||||||||||||
Income before income taxes | 264 | 222 | |||||||||||||||
Federal, state and local income tax expense | (87 | ) | (77 | ) | |||||||||||||
Net income | $ | 177 | 2.8 | % | $ | 145 | 2.4 | % | |||||||||
Diluted earnings per share | $ | 0.47 | $ | 0.36 |
2013 | 2012 | ||||||||||||||||
Amount | % to Sales | Amount | % to Sales | ||||||||||||||
(dollars in millions, except per share figures) | |||||||||||||||||
Net sales | $ | 18,729 | $ | 18,336 | |||||||||||||
Increase in sales | 2.1 | % | 3.7 | % | |||||||||||||
Increase in comparable sales | 2.2 | % | 3.7 | % | |||||||||||||
Cost of sales | (11,261 | ) | (60.1 | ) | % | (10,984 | ) | (59.9 | ) | % | |||||||
Gross margin | 7,468 | 39.9 | % | 7,352 | 40.1 | % | |||||||||||
Selling, general and administrative expenses | (6,139 | ) | (32.8 | ) | % | (6,082 | ) | (33.2 | ) | % | |||||||
Operating income | 1,329 | 7.1 | % | 1,270 | 6.9 | % | |||||||||||
Interest expense - net | (289 | ) | (320 | ) | |||||||||||||
Income before income taxes | 1,040 | 950 | |||||||||||||||
Federal, state and local income tax expense | (365 | ) | (345 | ) | |||||||||||||
Net income | $ | 675 | 3.6 | % | $ | 605 | 3.3 | % | |||||||||
Diluted earnings per share | $ | 1.74 | $ | 1.45 |
Third Quarter of 2013 | 2013 | |||||||
Increase in comparable sales (Note 1) | 3.5 | % | 2.2 | % | ||||
Impact of growth in comparable sales of departments licensed to third parties (Note 2) | 1.1 | 0.9 | ||||||
Comparable sales growth including impact of growth in comparable sales of departments licensed to third parties | 4.6 | % | 3.1 | % |
(1) | Represents the period-to-period change in net sales from stores in operation throughout 2013 and 2012 and all net Internet sales, excluding commissions from departments licensed to third parties. |
(2) | Represents the impact on comparable sales of including the sales of departments licensed to third parties occurring in stores in operation throughout 2013 and 2012 and via the Internet in the calculation. The Company licenses third parties to operate certain departments in its stores and online and receives commissions from these third parties based on a percentage of their net sales. In its financial statements prepared in conformity with GAAP, the Company includes these commissions (rather than sales of the departments licensed to third parties) in its net sales. The Company does not, however, include any amounts in respect of licensed department sales in its comparable sales in accordance with GAAP. |
Item 4. | Controls and Procedures. |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Total Number of Shares Purchased | Average Price per Share ($) | Number of Shares Purchased under Program (1) | Open Authorization Remaining (1)($) | ||||||||
(thousands) | (thousands) | (millions) | |||||||||
August 4, 2013 – August 31, 2013 | 1,770 | 44.75 | 1,770 | 2,116 | |||||||
September 1, 2013 – October 5, 2013 | 4,210 | 44.32 | 4,210 | 1,930 | |||||||
October 6, 2013 – November 2, 2013 | 4,117 | 44.12 | 4,117 | 1,748 | |||||||
10,097 | 44.32 | 10,097 |
(1) | During the period from January 2000 through November 2, 2013, the Company's board of directors has from time to time approved authorizations to purchase, in the aggregate, up to $13,500 million of Common Stock. All authorizations are cumulative and do not have an expiration date. As of November 2, 2013, $1,748 million of authorization remained unused. The Company may continue, discontinue or resume purchases of Common Stock under these or possible future authorizations in the open market, in privately negotiated transactions or otherwise at any time and from time to time without prior notice. |
Item 4. | Mine Safety Disclosures. |
Item 5. | Other Information. |
• | the possible invalidity of the underlying beliefs and assumptions; |
• | competitive pressures from department and specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, and all other retail channels, including the Internet, mail-order catalogs and television; |
• | general consumer-spending levels, including the impact of general economic conditions, consumer disposable income levels, consumer confidence levels, the availability, cost and level of consumer debt, the costs of basic necessities and other goods and the effects of the weather or natural disasters; |
• | conditions to, or changes in the timing of, proposed transactions and changes in expected synergies, cost savings and non-recurring charges; |
• | possible changes or developments in social, economic, business, industry, market, legal and regulatory circumstances and conditions; |
• | possible actions taken or omitted to be taken by third parties, including customers, suppliers, business partners, competitors and legislative, regulatory, judicial and other governmental authorities and officials; |
• | changes in relationships with vendors and other product and service providers; |
• | currency, interest and exchange rates and other capital market, economic and geo-political conditions; |
• | severe or unseasonable weather, possible outbreaks of epidemic or pandemic diseases and natural disasters; |
• | unstable political conditions, civil unrest, terrorist activities and armed conflicts; |
• | the possible inability of the Company's manufacturers to deliver products in a timely manner or meet the Company's quality standards; |
• | the Company's reliance on foreign sources of production, including risks related to the disruption of imports by labor disputes, regional health pandemics, and regional political and economic conditions; |
• | duties, taxes, other charges and quotas on imports; and |
• | possible systems failures and/or security breaches, including, any security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or company information, or the failure to comply with various laws applicable to the Company in the event of such a breach. |
Item 6. | Exhibits. |
4.1 | Fifth Supplemental Trust Indenture, dated as of September 6, 2013, among Macy's Retail Holdings, Inc., as issuer, Macy's, Inc., as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated herein by reference to Exhibit 4.2 to Macy's, Inc. Current Report on Form 8-K (File No. 001-13536) filed on September 6, 2013) | |
10.1+ | Letter Agreement, dated October 30, 2013, by and among Macy's, Inc., FDS Bank, Macy's Credit and Customer Services, Inc., Macy's West Stores, Inc., Bloomingdales, Inc., and Department Stores National Bank, a national banking association (as assignee of Citibank, N.A.) | |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) | |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) | |
32.1 | Certification by Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act | |
32.2 | Certification by Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act | |
101** | The following financial statements from Macy's, Inc.'s Quarterly Report on Form 10-Q for the quarter ended November 2, 2013, filed on December 9, 2013, formatted in XBRL: (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements, tagged as blocks of text and in detail. |
+ | Portions of the exhibit have been omitted pursuant to a request for confidential treatment. The confidential portions have been provided to the SEC. |
** | As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934. |
MACY’S, INC. | ||
By: | /s/ DENNIS J. BRODERICK | |
Dennis J. Broderick Executive Vice President, General Counsel and Secretary | ||
By: | /s/ JOEL A. BELSKY | |
Joel A. Belsky Executive Vice President and Controller (Principal Accounting Officer) |
1. | As of the Effective Date of this letter agreement (“Letter Agreement”), calculation of the FDS Servicing Charge shall be revised as set forth in Exhibit A. |
2. | As of the Effective Date of this Letter Agreement, the portion of Net Credit Sales reflected in Section(i) of Schedule 9.3(a)(i) of the Program Agreement and used to calculate the Net Credit Sale Share shall be revised as set forth in Exhibit A. |
3. | Except as expressly amended by this Letter Agreement, the Program Agreement remains unchanged. |
4. | This Letter Agreement may be executed in any number of counterparts, all of which together shall constitute one and the same instrument, but in making proof of this Letter Agreement, it shall not be necessary to produce or account for more than one such counterpart. Any facsimile of an executed counterpart shall be deemed to be an original. |
1. | As of the Effective Date, the FDS Servicing Charge shall exclude actual costs incurred by FDS Bank and its Affiliates to the extent such costs relate to [Redacted] (the “Excluded Costs”). For purposes of determining the Excluded Costs, the Parties will calculate and report said expenses consistent in all manners with their calculation for the Fiscal Month of August 2013 and as reflected in the Program P&L for that Fiscal Month. |
2. | As of the Effective Date, the portion of Net Credit Sales reflected in Section(i) of Schedule 9.3(a)(i) of the Program Agreement and used to calculate the Net Credit Sale Share shall be increased from “[Redacted]” to “[Redacted]”, and from “[Redacted]” to “[Redacted]”, respectively. For the avoidance of doubt, the reference to [Redacted] is not changed. |
3. | The Parties agree that if at any time the Operating Committee agrees that, due to changes in [Redacted], the Excluded Costs have changed such that the effect of this Letter Agreement is not [Redacted], the Operating Committee shall adjust the Net Credit Sale Share calculation to achieve such [Redacted] effect. If the Operating Committee elects to adjust the Net Credit Sale Share, such adjustment shall take effect as of the first Business Day of the Fiscal Month following the Operating Committee meeting at which such election was made and shall not apply retroactively. If the Operating Committee elects to terminate this Letter Agreement, any such termination shall be effective as of the first Fiscal Month following the Operating Committee meeting at which such election was made. For the avoidance of doubt, in the event this Letter Agreement is terminated, the FDS Servicing Charge will, as of the effective date of termination, include actual costs incurred by FDS Bank and its Affiliates related [Redacted] will, as of the effective date of termination, be decreased from [Redacted] to [Redacted] and from [Redacted] to [Redacted] respectively. |
CERTIFICATION | |||||
I, Terry J. Lundgren, certify that: | |||||
1 | I have reviewed this quarterly report on Form 10-Q of Macy's, Inc.; | ||||
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||||
4 | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||||
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||||
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||
c. | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||||
d. | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||||
5 | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): | ||||
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | ||||
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | ||||
December 9, 2013 | /s/ Terry J. Lundgren | ||||
Terry J. Lundgren | |||||
Chief Executive Officer |
CERTIFICATION | |||||
I, Karen M. Hoguet, certify that: | |||||
1 | I have reviewed this quarterly report on Form 10-Q of Macy's, Inc.; | ||||
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||||
4 | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||||
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||||
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||
c. | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||||
d. | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||||
5 | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): | ||||
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | ||||
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | ||||
December 9, 2013 | /s/ Karen M. Hoguet | ||||
Karen M. Hoguet | |||||
Chief Financial Officer |
CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT | |||
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Form 10-Q of Macy's, Inc. (the "Company") for the fiscal quarter ended November 2, 2013, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company certifies that, to his knowledge: | |||
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. | ||
Dated: December 9, 2013 | |||
/s/ Terry J. Lundgren | |||
Name: Terry J. Lundgren | |||
Title: Chief Executive Officer |
CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT | |||
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Form 10-Q of Macy's, Inc. (the "Company") for the fiscal quarter ended November 2, 2013 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company certifies that, to her knowledge: | |||
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. | ||
Dated: December 9, 2013 | |||
/s/ Karen M. Hoguet | |||
Name: Karen M. Hoguet | |||
Title: Chief Financial Officer |
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Fair Value Measurements (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 02, 2013
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Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Plan Assets Measured on a Recurring Basis | The following table shows the Company's financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards:
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Estimated Fair Values of Company's Long Term Debt | The following table shows the estimated fair value of the Company's long-term debt:
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