Condensed Consolidating Financial Information (Tables)

9 Months Ended

Nov. 02, 2013

Condensed Consolidating Financial Information [Abstract]

As of November 2, 2013

(millions)



	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

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 October 27, 2012

(millions)



	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

Condensed Consolidating Statement of Comprehensive Income (Loss)

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks Ended November 2, 2013

(millions)



	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

Condensed Consolidating Statement of Comprehensive Income

For the 39 Weeks Ended November 2, 2013

(millions)



	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

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks Ended October 27, 2012

(millions)



	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

Condensed Consolidating Statement of Comprehensive Income

For the 39 Weeks Ended October 27, 2012

(millions)



	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

Condensed Consolidating Statement of Cash Flows

For the 39 Weeks Ended November 2, 2013

(millions)



	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

Condensed Consolidating Statement of Cash Flows

For the 39 Weeks Ended October 27, 2012

(millions)



	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