Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.2.0.727
Condensed Consolidating Financial Information (Tables)
 6 Months Ended
Aug. 01, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheet
As of January 31, 2015
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,908

 
$
94

 
$
244

 
$
—

 
$
2,246

Receivables
—

 
97

 
327

 
—

 
424

Merchandise inventories
—

 
2,817

 
2,699

 
—

 
5,516

Prepaid expenses and other current assets
—

 
113

 
380

 
—

 
493

Income taxes
88

 
—

 
—

 
(88
)
 
—

Total Current Assets
1,996

 
3,121

 
3,650

 
(88
)
 
8,679

Property and Equipment – net
—

 
4,315

 
3,485

 
—

 
7,800

Goodwill
—

 
3,315

 
428

 
—

 
3,743

Other Intangible Assets – net
—

 
73

 
423

 
—

 
496

Other Assets
1

 
74

 
668

 
—

 
743

Deferred Income Taxes
10

 
—

 
—

 
(10
)
 
—

Intercompany Receivable
—

 
—

 
4,140

 
(4,140
)
 
—

Investment in Subsidiaries
4,655

 
3,526

 
—

 
(8,181
)
 
—

Total Assets
$
6,662

 
$
14,424

 
$
12,794

 
$
(12,419
)
 
$
21,461

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
75

 
$
1

 
$
—

 
$
76

Merchandise accounts payable
—

 
784

 
909

 
—

 
1,693

Accounts payable and accrued liabilities
42

 
1,360

 
1,707

 
—

 
3,109

Income taxes
—

 
22

 
362

 
(88
)
 
296

Deferred income taxes
—

 
295

 
67

 
—

 
362

Total Current Liabilities
42

 
2,536

 
3,046

 
(88
)
 
5,536

Long-Term Debt
—

 
7,245

 
20

 
—

 
7,265

Intercompany Payable
1,215

 
2,925

 
—

 
(4,140
)
 
—

Deferred Income Taxes
—

 
414

 
677

 
(10
)
 
1,081

Other Liabilities
27

 
593

 
1,581

 
—

 
2,201

Shareholders' Equity
5,378

 
711

 
7,470

 
(8,181
)
 
5,378

Total Liabilities and Shareholders' Equity
$
6,662

 
$
14,424

 
$
12,794

 
$
(12,419
)
 
$
21,461





Condensed Consolidating Balance Sheet
As of August 2, 2014
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,287

 
$
85

 
$
258

 
$
—

 
$
1,630

Receivables
—

 
91

 
261

 
—

 
352

Merchandise inventories
—

 
2,799

 
2,617

 
—

 
5,416

Prepaid expenses and other current assets
6

 
94

 
299

 
—

 
399

Income taxes
34

 
—

 
—

 
(34
)
 
—

Total Current Assets
1,327

 
3,069

 
3,435

 
(34
)
 
7,797

Property and Equipment – net
—

 
4,438

 
3,333

 
—

 
7,771

Goodwill
—

 
3,315

 
428

 
—

 
3,743

Other Intangible Assets – net
—

 
85

 
427

 
—

 
512

Other Assets
4

 
110

 
669

 
—

 
783

Deferred Income Taxes
20

 
—

 
—

 
(20
)
 
—

Intercompany Receivable
—

 
—

 
3,412

 
(3,412
)
 
—

Investment in Subsidiaries
4,832

 
3,340

 
—

 
(8,172
)
 
—

Total Assets
$
6,183

 
$
14,357

 
$
11,704

 
$
(11,638
)
 
$
20,606

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
481

 
$
2

 
$
—

 
$
483

Merchandise accounts payable
—

 
926

 
1,064

 
—

 
1,990

Accounts payable and accrued liabilities
122

 
951

 
1,077

 
—

 
2,150

Income taxes
—

 
45

 
109

 
(34
)
 
120

Deferred income taxes
—

 
305

 
88

 
—

 
393

Total Current Liabilities
122

 
2,708

 
2,340

 
(34
)
 
5,136

Long-Term Debt
—

 
6,709

 
20

 
—

 
6,729

Intercompany Payable
188

 
3,224

 
—

 
(3,412
)
 
—

Deferred Income Taxes
—

 
568

 
739

 
(20
)
 
1,287

Other Liabilities
66

 
482

 
1,099

 
—

 
1,647

Shareholders' Equity
5,807

 
666

 
7,506

 
(8,172
)
 
5,807

Total Liabilities and Shareholders' Equity
$
6,183

 
$
14,357

 
$
11,704

 
$
(11,638
)
 
$
20,606


Condensed Consolidating Balance Sheet
As of August 1, 2015
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
511

 
$
76

 
$
256

 
$
—

 
$
843

Receivables
—

 
85

 
249

 
—

 
334

Merchandise inventories
—

 
2,780

 
2,842

 
—

 
5,622

Prepaid expenses and other current assets
—

 
104

 
333

 
—

 
437

Income taxes
98

 
—

 
—

 
(98
)
 
—

Total Current Assets
609

 
3,045

 
3,680

 
(98
)
 
7,236

Property and Equipment – net
—

 
4,230

 
3,474

 
—

 
7,704

Goodwill
—

 
3,315

 
582

 
—

 
3,897

Other Intangible Assets – net
—

 
62

 
461

 
—

 
523

Other Assets
2

 
74

 
680

 
—

 
756

Deferred Income Taxes
24

 
—

 
—

 
(24
)
 
—

Intercompany Receivable
—

 
—

 
3,634

 
(3,634
)
 
—

Investment in Subsidiaries
4,779

 
3,640

 
—

 
(8,419
)
 
—

Total Assets
$
5,414

 
$
14,366

 
$
12,511

 
$
(12,175
)
 
$
20,116

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
82

 
$
1

 
$
—

 
$
83

Merchandise accounts payable
—

 
997

 
1,070

 
—

 
2,067

Accounts payable and accrued liabilities
23

 
981

 
1,274

 
—

 
2,278

Income taxes
—

 
10

 
152

 
(98
)
 
64

Deferred income taxes
—

 
301

 
66

 
—

 
367

Total Current Liabilities
23

 
2,371

 
2,563

 
(98
)
 
4,859

Long-Term Debt
—

 
7,162

 
19

 
—

 
7,181

Intercompany Payable
483

 
3,151

 
—

 
(3,634
)
 
—

Deferred Income Taxes
—

 
435

 
671

 
(24
)
 
1,082

Other Liabilities
64

 
551

 
1,535

 
—

 
2,150

Shareholders' Equity
4,844

 
696

 
7,723

 
(8,419
)
 
4,844

Total Liabilities and Shareholders' Equity
$
5,414

 
$
14,366

 
$
12,511

 
$
(12,175
)
 
$
20,116

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]

Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended August 2, 2014
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
2,961

 
$
4,994

 
$
(1,688
)
 
$
6,267

Cost of sales
—

 
(1,778
)
 
(3,582
)
 
1,688

 
(3,672
)
Gross margin
—

 
1,183

 
1,412

 
—

 
2,595

Selling, general and administrative expenses
(2
)
 
(1,044
)
 
(978
)
 
—

 
(2,024
)
Operating income (loss)
(2
)
 
139

 
434

 
—

 
571

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
—

 
(100
)
 
—

 
—

 
(100
)
Intercompany
—

 
(58
)
 
58

 
—

 
—

Equity in earnings of subsidiaries
293

 
113

 
—

 
(406
)
 
—

Income before income taxes
291

 
94

 
492

 
(406
)
 
471

Federal, state and local income
tax benefit (expense)
1

 
3

 
(183
)
 
—

 
(179
)
Net income
$
292

 
$
97

 
$
309

 
$
(406
)
 
$
292

Comprehensive income
$
296

 
$
101

 
$
311

 
$
(412
)
 
$
296







Condensed Consolidating Statement of Comprehensive Income
For the 26 Weeks Ended August 2, 2014
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
5,879

 
$
10,451

 
$
(3,784
)
 
$
12,546

Cost of sales
—

 
(3,664
)
 
(7,628
)
 
3,784

 
(7,508
)
Gross margin
—


2,215

 
2,823

 
—

 
5,038

Selling, general and administrative expenses
(4
)
 
(2,052
)
 
(1,968
)
 
—

 
(4,024
)
Operating income (loss)
(4
)

163

 
855

 
—

 
1,014

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
—

 
(200
)
 
—

 
—

 
(200
)
Intercompany
—

 
(116
)
 
116

 
—

 
—

Equity in earnings of subsidiaries
518

 
179

 
—

 
(697
)
 
—

Income before income taxes
514

 
26

 
971

 
(697
)
 
814

Federal, state and local income
tax benefit (expense)
2

 
41

 
(341
)
 
—

 
(298
)
Net income
$
516

 
$
67

 
$
630

 
$
(697
)
 
$
516

Comprehensive income
$
524

 
$
75

 
$
634

 
$
(709
)
 
$
524


Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended August 1, 2015
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
2,761

 
$
5,049

 
$
(1,706
)
 
$
6,104

Cost of sales
—

 
(1,688
)
 
(3,628
)
 
1,706

 
(3,610
)
Gross margin
—

 
1,073

 
1,421

 
—

 
2,494

Selling, general and administrative expenses
—

 
(1,025
)
 
(1,033
)
 
—

 
(2,058
)
Operating income
—

 
48

 
388

 
—

 
436

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
—

 
(93
)
 
—

 
—

 
(93
)
Intercompany
—

 
(57
)
 
57

 
—

 
—

Equity in earnings of subsidiaries
217

 
86

 
—

 
(303
)
 
—

Income (loss) before income taxes
217

 
(16
)
 
445

 
(303
)
 
343

Federal, state and local income
tax benefit (expense)
—

 
42

 
(168
)
 
—

 
(126
)
Net income
$
217

 
$
26

 
$
277

 
$
(303
)
 
$
217

Comprehensive income
$
224

 
$
33

 
$
282

 
$
(315
)
 
$
224






 

Condensed Consolidating Statement of Comprehensive Income
For the 26 Weeks Ended August 1, 2015
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$
—

 
$
5,537

 
$
10,740

 
$
(3,941
)
 
$
12,336

Cost of sales
—

 
(3,497
)
 
(7,854
)
 
3,941

 
(7,410
)
Gross margin
—

 
2,040

 
2,886

 
—

 
4,926

Selling, general and administrative expenses
(1
)
 
(2,005
)
 
(2,075
)
 
—

 
(4,081
)
Operating income (loss)
(1
)
 
35

 
811

 
—

 
845

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
—

 
(188
)
 
—

 
—

 
(188
)
Intercompany
—

 
(115
)
 
115

 
—

 
—

Equity in earnings of subsidiaries
411

 
146

 
—

 
(557
)
 
—

Income (loss) before income taxes
410

 
(122
)
 
926

 
(557
)
 
657

Federal, state and local income
tax benefit (expense)
—

 
79

 
(326
)
 
—

 
(247
)
Net income (loss)
$
410

 
$
(43
)
 
$
600

 
$
(557
)
 
$
410

Comprehensive income (loss)
$
425

 
$
(28
)
 
$
609

 
$
(581
)
 
$
425


Condensed Consolidating Statement of Cash Flows [Table Text Block]

Condensed Consolidating Statement of Cash Flows
For the 26 Weeks Ended August 1, 2015
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
410

 
$
(43
)
 
$
600

 
$
(557
)
 
$
410

Equity in earnings of subsidiaries
(411
)
 
(146
)
 
—

 
557

 
—

Dividends received from subsidiaries
337

 
—

 
—

 
(337
)
 
—

Depreciation and amortization
—

 
214

 
306

 
—

 
520

Increase in working capital
(11
)
 
(17
)
 
(503
)
 
—

 
(531
)
Other, net
24

 
2

 
(27
)
 
—

 
(1
)
Net cash provided by operating activities
349

 
10

 
376

 
(337
)
 
398

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property and equipment and capitalized software, net
—

 
(158
)
 
(349
)
 
—

 
(507
)
Other, net
—

 
9

 
(117
)
 
—

 
(108
)
Net cash used by investing activities
—

 
(149
)
 
(466
)
 
—

 
(615
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid
—

 
(72
)
 
—

 
—

 
(72
)
Dividends paid
(227
)
 
—

 
(337
)
 
337

 
(227
)
Common stock acquired, net of
issuance of common stock
(751
)
 
—

 
—

 
—

 
(751
)
Intercompany activity, net
(722
)
 
262

 
460

 
—

 
—

Other, net
(46
)
 
(69
)
 
(21
)
 
—

 
(136
)
Net cash provided (used) by
financing activities
(1,746
)
 
121

 
102

 
337

 
(1,186
)
Net increase (decrease) in cash
and cash equivalents
(1,397
)
 
(18
)
 
12

 
—

 
(1,403
)
Cash and cash equivalents at beginning of period
1,908

 
94

 
244

 
—

 
2,246

Cash and cash equivalents at end of period
$
511

 
$
76

 
$
256

 
$
—

 
$
843


Condensed Consolidating Statement of Cash Flows
For the 26 Weeks Ended August 2, 2014
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
516

 
$
67

 
$
630

 
$
(697
)
 
$
516

Equity in earnings of subsidiaries
(518
)
 
(179
)
 
—

 
697

 
—

Dividends received from subsidiaries
319

 
—

 
—

 
(319
)
 
—

Depreciation and amortization
—

 
225

 
282

 
—

 
507

(Increase) decrease in working capital
55

 
8

 
(347
)
 
—

 
(284
)
Other, net
6

 
(27
)
 
18

 
—

 
(3
)
Net cash provided by operating activities
378

 
94

 
583

 
(319
)
 
736

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property and equipment and capitalized software, net
—

 
(117
)
 
(310
)
 
—

 
(427
)
Other, net
—

 
6

 
43

 
—

 
49

Net cash used by investing activities
—

 
(111
)
 
(267
)
 
—

 
(378
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt issued, net of debt repaid
—

 
42

 
(1
)
 
—

 
41

Dividends paid
(204
)
 
—

 
(319
)
 
319

 
(204
)
Common stock acquired, net of
issuance of common stock
(773
)
 
—

 
—

 
—

 
(773
)
Intercompany activity, net
(137
)
 
8

 
129

 
—

 
—

Other, net
68

 
(32
)
 
(101
)
 
—

 
(65
)
Net cash provided (used) by
financing activities
(1,046
)
 
18

 
(292
)
 
319

 
(1,001
)
Net increase (decrease) in cash and
cash equivalents
(668
)
 
1

 
24

 
—

 
(643
)
Cash and cash equivalents at beginning of period
1,955

 
84

 
234

 
—

 
2,273

Cash and cash equivalents at end of period
$
1,287

 
$
85

 
$
258

 
$
—

 
$
1,630