| Condensed Consolidating Balance Sheet |
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 April 28, 2012
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
ASSETS: |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,520 |
|
|
$ |
36 |
|
|
$ |
335 |
|
|
$ |
— |
|
|
$ |
1,891 |
|
Receivables |
— |
|
|
46 |
|
|
231 |
|
|
— |
|
|
277 |
|
Merchandise inventories |
— |
|
|
2,840 |
|
|
2,625 |
|
|
— |
|
|
5,465 |
|
Prepaid expenses and other current assets |
— |
|
|
89 |
|
|
311 |
|
|
— |
|
|
400 |
|
Income taxes |
43 |
|
|
— |
|
|
— |
|
|
(43 |
) |
|
— |
|
Total Current Assets |
1,563 |
|
|
3,011 |
|
|
3,502 |
|
|
(43 |
) |
|
8,033 |
|
Property and Equipment – net |
— |
|
|
4,736 |
|
|
3,623 |
|
|
— |
|
|
8,359 |
|
Goodwill |
— |
|
|
3,315 |
|
|
428 |
|
|
— |
|
|
3,743 |
|
Other Intangible Assets – net |
— |
|
|
145 |
|
|
444 |
|
|
— |
|
|
589 |
|
Other Assets |
4 |
|
|
70 |
|
|
479 |
|
|
— |
|
|
553 |
|
Intercompany Receivable |
1,398 |
|
|
— |
|
|
2,754 |
|
|
(4,152 |
) |
|
— |
|
Investment in Subsidiaries |
3,228 |
|
|
2,508 |
|
|
— |
|
|
(5,736 |
) |
|
— |
|
Total Assets |
$ |
6,193 |
|
|
$ |
13,785 |
|
|
$ |
11,230 |
|
|
$ |
(9,931 |
) |
|
$ |
21,277 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Short-term debt |
$ |
— |
|
|
$ |
310 |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
313 |
|
Merchandise accounts payable |
— |
|
|
1,106 |
|
|
1,240 |
|
|
— |
|
|
2,346 |
|
Accounts payable and accrued liabilities |
120 |
|
|
871 |
|
|
1,234 |
|
|
— |
|
|
2,225 |
|
Income taxes |
— |
|
|
18 |
|
|
129 |
|
|
(43 |
) |
|
104 |
|
Deferred income taxes |
— |
|
|
313 |
|
|
98 |
|
|
— |
|
|
411 |
|
Total Current Liabilities |
120 |
|
|
2,618 |
|
|
2,704 |
|
|
(43 |
) |
|
5,399 |
|
Long-Term Debt |
— |
|
|
6,619 |
|
|
25 |
|
|
— |
|
|
6,644 |
|
Intercompany Payable |
— |
|
|
4,152 |
|
|
— |
|
|
(4,152 |
) |
|
— |
|
Deferred Income Taxes |
7 |
|
|
341 |
|
|
780 |
|
|
— |
|
|
1,128 |
|
Other Liabilities |
33 |
|
|
795 |
|
|
1,245 |
|
|
— |
|
|
2,073 |
|
Shareholders' Equity (Deficit) |
6,033 |
|
|
(740 |
) |
|
6,476 |
|
|
(5,736 |
) |
|
6,033 |
|
Total Liabilities and Shareholders' Equity |
$ |
6,193 |
|
|
$ |
13,785 |
|
|
$ |
11,230 |
|
|
$ |
(9,931 |
) |
|
$ |
21,277 |
|
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 Statement of Comprehensive Income (Loss) |
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended April 28, 2012
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Net sales |
$ |
— |
|
|
$ |
3,041 |
|
|
$ |
5,144 |
|
|
$ |
(2,042 |
) |
|
$ |
6,143 |
|
Cost of sales |
— |
|
|
(1,956 |
) |
|
(3,829 |
) |
|
2,028 |
|
|
(3,757 |
) |
Gross margin |
— |
|
|
1,085 |
|
|
1,315 |
|
|
(14 |
) |
|
2,386 |
|
Selling, general and administrative expenses |
(2 |
) |
|
(1,060 |
) |
|
(947 |
) |
|
14 |
|
|
(1,995 |
) |
Operating income (loss) |
(2 |
) |
|
25 |
|
|
368 |
|
|
— |
|
|
391 |
|
Interest (expense) income, net: |
|
|
|
|
|
|
|
|
|
External |
1 |
|
|
(113 |
) |
|
— |
|
|
— |
|
|
(112 |
) |
Intercompany |
(1 |
) |
|
(35 |
) |
|
36 |
|
|
— |
|
|
— |
|
Equity in earnings of subsidiaries |
183 |
|
|
63 |
|
|
— |
|
|
(246 |
) |
|
— |
|
Income (loss) before income taxes |
181 |
|
|
(60 |
) |
|
404 |
|
|
(246 |
) |
|
279 |
|
Federal, state and local income
tax benefit (expense) |
— |
|
|
35 |
|
|
(133 |
) |
|
— |
|
|
(98 |
) |
Net income (loss) |
$ |
181 |
|
|
$ |
(25 |
) |
|
$ |
271 |
|
|
$ |
(246 |
) |
|
$ |
181 |
|
Comprehensive income (loss) |
$ |
204 |
|
|
$ |
(2 |
) |
|
$ |
281 |
|
|
$ |
(279 |
) |
|
$ |
204 |
|
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended May 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 Cash Flows |
Condensed Consolidating Statement of Cash Flows
For the 13 Weeks Ended April 28, 2012
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Subsidiary
Issuer
|
|
Other
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
181 |
|
|
$ |
(25 |
) |
|
$ |
271 |
|
|
$ |
(246 |
) |
|
$ |
181 |
|
Equity in earnings of subsidiaries |
(183 |
) |
|
(63 |
) |
|
— |
|
|
246 |
|
|
— |
|
Dividends received from subsidiaries |
188 |
|
|
— |
|
|
— |
|
|
(188 |
) |
|
— |
|
Depreciation and amortization |
— |
|
|
118 |
|
|
138 |
|
|
— |
|
|
256 |
|
(Increase) decrease in working capital |
(104 |
) |
|
85 |
|
|
(170 |
) |
|
— |
|
|
(189 |
) |
Other, net |
2 |
|
|
38 |
|
|
(23 |
) |
|
— |
|
|
17 |
|
Net cash provided by operating activities |
84 |
|
|
153 |
|
|
216 |
|
|
(188 |
) |
|
265 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and capitalized software, net |
— |
|
|
(23 |
) |
|
(168 |
) |
|
— |
|
|
(191 |
) |
Other, net |
— |
|
|
— |
|
|
(11 |
) |
|
— |
|
|
(11 |
) |
Net cash used by investing activities |
— |
|
|
(23 |
) |
|
(179 |
) |
|
— |
|
|
(202 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt repaid |
— |
|
|
(794 |
) |
|
(1 |
) |
|
— |
|
|
(795 |
) |
Dividends paid |
(83 |
) |
|
— |
|
|
(188 |
) |
|
188 |
|
|
(83 |
) |
Common stock acquired, net of
issuance of common stock |
(105 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(105 |
) |
Intercompany activity, net |
(865 |
) |
|
666 |
|
|
199 |
|
|
— |
|
|
— |
|
Other, net |
(44 |
) |
|
(4 |
) |
|
32 |
|
|
— |
|
|
(16 |
) |
Net cash provided (used) by
financing activities |
(1,097 |
) |
|
(132 |
) |
|
42 |
|
|
188 |
|
|
(999 |
) |
Net increase (decrease) in cash and
cash equivalents |
(1,013 |
) |
|
(2 |
) |
|
79 |
|
|
— |
|
|
(936 |
) |
Cash and cash equivalents at beginning of period |
2,533 |
|
|
38 |
|
|
256 |
|
|
— |
|
|
2,827 |
|
Cash and cash equivalents at end of period |
$ |
1,520 |
|
|
$ |
36 |
|
|
$ |
335 |
|
|
$ |
— |
|
|
$ |
1,891 |
|
Condensed Consolidating Statement of Cash Flows
For the 13 Weeks Ended May 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 |
|
|