Condensed Consolidating Financial Information (Tables)

3 Months Ended

May 03, 2014

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

As of May 3, 2014

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,425	$	129	$	324	$	—		$	1,878
Receivables	—		58		217		—			275
Merchandise inventories	—		3,023		2,874		—			5,897
Prepaid expenses and other current assets	—		94		360		—			454
Income taxes	9		—		—		(9		)	—
Total Current Assets	1,434		3,304		3,775		(9		)	8,504
Property and Equipment – net	—		4,481		3,311		—			7,792
Goodwill	—		3,315		428		—			3,743
Other Intangible Assets – net	—		91		428		—			519
Other Assets	4		108		648		—			760
Deferred income taxes	20		—		—		(20		)	—
Intercompany Receivable	28		—		3,306		(3,334		)	—
Investment in Subsidiaries	4,687		3,225		—		(7,912		)	—
Total Assets	$	6,173	$	14,524	$	11,896	$	(11,275	)	$	21,318
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	6	$	2	$	—		$	8
Merchandise accounts payable	—		1,086		1,304		—			2,390
Accounts payable and accrued liabilities	7		980		1,233		—			2,220
Income taxes	—		36		78		(9		)	105
Deferred income taxes	—		301		80		—			381
Total Current Liabilities	7		2,409		2,697		(9		)	5,104
Long-Term Debt	—		7,154		21		—			7,175
Intercompany Payable	—		3,330		4		(3,334		)	—
Deferred Income Taxes	—		576		748		(20		)	1,304
Other Liabilities	66		489		1,080		—			1,635
Shareholders' Equity	6,100		566		7,346		(7,912		)	6,100
Total Liabilities and Shareholders' Equity	$	6,173	$	14,524	$	11,896	$	(11,275	)	$	21,318

Condensed Consolidating Balance Sheet

As of May 4, 2013

(millions)

	Parent		Subsidiary Issuer			Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,404	$	43		$	305	$	—		$	1,752
Receivables	—		50			245		—			295
Merchandise inventories	—		2,909			2,722		—			5,631
Prepaid expenses and other current assets	—		89			299		—			388
Income taxes	36		—			—		(36		)	—
Total Current Assets	1,440		3,091			3,571		(36		)	8,066
Property and Equipment – net	—		4,583			3,480		—			8,063
Goodwill	—		3,315			428		—			3,743
Other Intangible Assets – net	—		116			436		—			552
Other Assets	4		69			543		—			616
Intercompany Receivable	566		—			3,095		(3,661		)	—
Investment in Subsidiaries	4,109		2,660			—		(6,769		)	—
Total Assets	$	6,119	$	13,834		$	11,553	$	(10,466	)	$	21,040
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	122		$	2	$	—		$	124
Merchandise accounts payable	—		1,124			1,302		—			2,426
Accounts payable and accrued liabilities	71		821			1,242		—			2,134
Income taxes	—		49			78		(36		)	91
Deferred income taxes	—		324			102		—			426
Total Current Liabilities	71		2,440			2,726		(36		)	5,201
Long-Term Debt	—		6,774			23		—			6,797
Intercompany Payable	—		3,661			—		(3,661		)	—
Deferred Income Taxes	8		433			799		—			1,240
Other Liabilities	69		605			1,157		—			1,831
Shareholders' Equity (Deficit)	5,971		(79		)	6,848		(6,769		)	5,971
Total Liabilities and Shareholders' Equity	$	6,119	$	13,834		$	11,553	$	(10,466	)	$	21,040

Condensed Consolidating Balance Sheet

As of February 1, 2014

(millions)

	Parent		Subsidiary Issuer		Other Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS:
Current Assets:
Cash and cash equivalents	$	1,955	$	84	$	234	$	—		$	2,273
Receivables	—		102		336		—			438
Merchandise inventories	—		2,896		2,661		—			5,557
Prepaid expenses and other current assets	—		103		317		—			420
Income taxes	80		—		—		(80		)	—
Total Current Assets	2,035		3,185		3,548		(80		)	8,688
Property and Equipment – net	—		4,590		3,340		—			7,930
Goodwill	—		3,315		428		—			3,743
Other Intangible Assets – net	—		97		430		—			527
Other Assets	4		101		641		—			746
Deferred Income Taxes	19		—		—		(19		)	—
Intercompany Receivable	—		—		3,561		(3,561		)	—
Investment in Subsidiaries	4,625		3,157		—		(7,782		)	—
Total Assets	$	6,683	$	14,445	$	11,948	$	(11,442	)	$	21,634
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt	$	—	$	461	$	2	$	—		$	463
Merchandise accounts payable	—		760		931		—			1,691
Accounts payable and accrued liabilities	10		1,265		1,535		—			2,810
Income taxes	—		80		362		(80		)	362
Deferred income taxes	—		315		85		—			400
Total Current Liabilities	10		2,881		2,915		(80		)	5,726
Long-Term Debt	—		6,708		20		—			6,728
Intercompany Payable	362		3,199		—		(3,561		)	—
Deferred Income Taxes	—		544		748		(19		)	1,273
Other Liabilities	62		522		1,074		—			1,658
Shareholders' Equity (Deficit)	6,249		591		7,191		(7,782		)	6,249
Total Liabilities and Shareholders' Equity	$	6,683	$	14,445	$	11,948	$	(11,442	)	$	21,634

Condensed Consolidating Statement of Comprehensive Income (Loss)

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks EndedMay 4, 2013

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	3,034		$	5,548		$	(2,195	)	$	6,387
Cost of sales	—			(1,897		)	(4,196		)	2,182			(3,911		)
Gross margin	—			1,137			1,352			(13		)	2,476
Selling, general and administrative expenses	(3		)	(1,050		)	(1,001		)	13			(2,041		)
Operating income (loss)	(3		)	87			351			—			435
Interest (expense) income, net:
External	—			(97		)	—			—			(97		)
Intercompany	—			(40		)	40			—			—
Equity in earnings of subsidiaries	219			55			—			(274		)	—
Income before income taxes	216			5			391			(274		)	338
Federal, state and local income tax benefit (expense)	1			27			(149		)	—			(121		)
Net income	$	217		$	32		$	242		$	(274	)	$	217
Comprehensive income	$	241		$	56		$	252		$	(308	)	$	241

Condensed Consolidating Statement of Comprehensive Income

For the 13 Weeks EndedMay 3, 2014

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	2,918		$	5,470		$	(2,109	)	$	6,279
Cost of sales	—			(1,886		)	(4,046		)	2,096			(3,836		)
Gross margin	—			1,032			1,424			(13		)	2,443
Selling, general and administrative expenses	(2		)	(1,008		)	(1,003		)	13			(2,000		)
Operating income (loss)	(2		)	24			421			—			443
Interest (expense) income, net:
External	—			(100		)	—			—			(100		)
Intercompany	—			(58		)	58			—			—
Equity in earnings of subsidiaries	225			66			—			(291		)	—
Income (loss) before income taxes	223			(68		)	479			(291		)	343
Federal, state and local income tax benefit (expense)	1			38			(158		)	—			(119		)
Net income (loss)	$	224		$	(30	)	$	321		$	(291	)	$	224
Comprehensive income (loss)	$	228		$	(26	)	$	323		$	(297	)	$	228

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

For the 13 Weeks EndedMay 4, 2013

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income	$	217		$	32		$	242		$	(274	)	$	217
Equity in earnings of subsidiaries	(219		)	(55		)	—			274			—
Dividends received from subsidiaries	161			—			—			(161		)	—
Depreciation and amortization	—			118			133			—			251
(Increase) decrease in working capital	(31		)	81			(290		)	—			(240		)
Other, net	9			48			13			—			70
Net cash provided by operating activities	137			224			98			(161		)	298
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			(43		)	(68		)	—			(111		)
Other, net	—			—			4			—			4
Net cash used by investing activities	—			(43		)	(64		)	—			(107		)
Cash flows from financing activities:
Debt repaid	—			(5		)	—			—			(5		)
Dividends paid	(78		)	—			(161		)	161			(78		)
Common stock acquired, net of issuance of common stock	(236		)	—			—			—			(236		)
Intercompany activity, net	91			(173		)	82			—			—
Other, net	(48		)	(1		)	93			—			44
Net cash provided (used) by financing activities	(271		)	(179		)	14			161			(275		)
Net increase (decrease) in cash and cash equivalents	(134		)	2			48			—			(84		)
Cash and cash equivalents at beginning of period	1,538			41			257			—			1,836
Cash and cash equivalents at end of period	$	1,404		$	43		$	305		$	—		$	1,752

Condensed Consolidating Statement of Cash Flows

For the 13 Weeks EndedMay 3, 2014

(millions)

	Parent			Subsidiary Issuer			Other Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net income (loss)	$	224		$	(30	)	$	321		$	(291	)	$	224
Equity in earnings of subsidiaries	(225		)	(66		)	—			291			—
Dividends received from subsidiaries	167			—			—			(167		)	—
Depreciation and amortization	—			113			140			—			253
(Increase) decrease in working capital	87			(53		)	(418		)	—			(384		)
Other, net	5			(15		)	3			—			(7		)
Net cash provided (used) by operating activities	258			(51		)	46			(167		)	86
Cash flows from investing activities:
Purchase of property and equipment and capitalized software, net	—			1			(103		)	—			(102		)
Other, net	—			1			5			—			6
Net cash provided (used) by investing activities	—			2			(98		)	—			(96		)
Cash flows from financing activities:
Debt repaid	—			(4		)	(1		)	—			(5		)
Dividends paid	(92		)	—			(167		)	167			(92		)
Common stock acquired, net of issuance of common stock	(277		)	—			—			—			(277		)
Intercompany activity, net	(370		)	121			249			—			—
Other, net	(49		)	(23		)	61			—			(11		)
Net cash provided (used) by financing activities	(788		)	94			142			167			(385		)
Net increase (decrease) in cash and cash equivalents	(530		)	45			90			—			(395		)
Cash and cash equivalents at beginning of period	1,955			84			234			—			2,273
Cash and cash equivalents at end of period	$	1,425		$	129		$	324		$	—		$	1,878