Professional Documents
Culture Documents
Total (millions) Short-term debt Long-term debt Interest on debt Capital lease obligations Operating leases Letters of credit Other obligations
Obligations Due, by Period Less than 1 3 3 5 (millions) (millions) (millions) 1,099 582 1,823 455 812 674 6 10 6 255 468 355 34 2,251 563 256 4,100 2,435 3,114
INCOME STATEMENT In $ millions Net sales Cost of sales Gross margin SG&A Expense Loss on sale properties, impairments, and division consolidation costs Loss on Goodwill impairment Operating income Interest expense Interest income Income before income taxes Income tax expense Net income Basic earnings per share Diluted earnings per share 2011 2010 2009 2008 26,405 25,003 23,489 24,892 (15,738) (14,824) (13,973) (15,009) 10,667 10,179 9,516 9,883 (8,281) (8,260) (8,062) (8,481) 2011 Net Sales 100% 60% 31%
2%
3% 5%
31% 59%
33%
Loss on sale of propertie s, impairme nts, store closing costs and division consolida tion costs
2010 Net Sales 2009 Net Sales 2008 Net Sales 100% 100% 100% 59% 59% 60% 33% 34% 34%
2%
2% 22% 2%
2%
2%
2% 3%
1% 1%
1% -19%
2% 4%
59%
Pension Expense (In Millions) 2012 2011 2010 215 150 144
2009 110
100 50 0 2009
2%
1%
1%
2%
34% 60%
Pension Expense
2010
2011
2012
January 28, 2012 ASSETS Current Assets: Cash and cash equivalents Receivables Merchandise inventories Prepaid expenses and other current assets Total Current Assets Property and Equipment net Goodwill Other Intangible Assets net Other Assets Total Assets LIABILITIES AND SHAREHOLDERS EQUITY Current Liabilities: Short-term debt Merchandise accounts payable Accounts payable and accrued liabilities Income taxes Deferred income taxes Total Current Liabilities Long-Term Debt Deferred Income Taxes Other Liabilities Shareholders Equity: Common stock (414.2 and 423.3 shares outstanding) Additional paid-in capital Accumulated equity Treasury stock Accumulated other comprehensive loss Total Shareholders Equity Total Liabilities and Shareholders Equity 2,827 368 5,117 465 8,777 8,420 3,743 598 557 22,095
1,464 338 4,758 339 6,899 8,813 3,743 637 539 20,631
1,103 1,593 2,788 371 408 6,263 6,655 1,141 2,103 5 5,408 4,015 (2,434) (1,061) 5,933 22,095
454 1,421 2,525 182 409 4,991 6,971 1,200 1,939 5 5,696 2,990 (2,431) (730) 5,530 20,631
January 28, 2012 ASSETS Current Assets: Cash and cash equivalents Receivables Merchandise inventories Prepaid expenses and other current assets Total Current Assets Property and Equipment net Goodwill Other Intangible Assets net Other Assets Total Assets LIABILITIES AND SHAREHOLDERS EQUITY Current Liabilities: Short-term debt Merchandise accounts payable Accounts payable and accrued liabilities Income taxes Deferred income taxes Total Current Liabilities Long-Term Debt Deferred Income Taxes Other Liabilities Shareholders Equity: Common stock (414.2 and 423.3 shares outstanding) Additional paid-in capital Accumulated equity Treasury stock Accumulated other comprehensive loss Total Shareholders Equity Total Liabilities and Shareholders Equity 2,827 368 5,117 465 8,777 8,420 3,743 598 557 22,095
1,464 338 4,758 339 6,899 8,813 3,743 637 539 20,631
1,103 1,593 2,788 371 408 6,263 6,655 1,141 2,103 5 5,408 4,015 (2,434) (1,061) 5,933 22,095
454 1,421 2,525 182 409 4,991 6,971 1,200 1,939 5 5,696 2,990 (2,431) (730) 5,530 20,631
Balance at January 31, 2009 Net income Actuarial loss on post employment and postretirement benefit plans, net of income tax effect of $166 million Unrealized gain on marketable securities, net of income tax effect of $3 million Reclassifications to net income: Net actuarial gain on postretirement benefit plans, net of income tax effect of $3 million Prior service credit on post employment benefit plans, net of income tax effect of $1 million Total comprehensive income Common stock dividends ($.20 per share) Stock repurchases Stock-based compensation expense Stock issued under stock plans Deferred compensation plan distributions Balance at January 30, 2010 Net income Actuarial loss on post employment and postretirement benefit plans, net of income tax effect of $4 million Unrealized gain on marketable securities, net of income tax effect of $3 million Reclassifications to net income: Net actuarial loss on postretirement benefit plans, net of income tax effect of $23 million Prior service credit on post employment benefit plans, net of income tax effect of $1 million Total comprehensive income Common stock dividends ($.20 per share) Stock repurchases Stock-based compensation expense Stock issued under stock plans Deferred compensation plan distributions Balance at January 29, 2011 Net income Actuarial loss on post employment and postretirement benefit plans, net of income tax effect of $241 million Unrealized loss on marketable securities, net of income tax effect of $1 million Reclassifications to net income: Realized gain on marketable securities, net of income tax effect of $4 million Net actuarial loss on postretirement benefit plans, net of income tax effect of $35 million Prior service credit on post employment benefit plans, net of income tax effect of $1 million Total comprehensive income Common stock dividends ($.55 per share) Stock repurchases Stock-based compensation expense Stock issued under stock plans Retirement of common stock Deferred compensation plan distributions
Common 5
Additional 5,663
Treasury (2,544)
Total 4,620 329 (266) 5 (4) (2) 62 (84) (1) 50 5 1 4,653 847 (17) 5 36 (1) 870 (84) (1) 47 42 3 5,530 1,256 (376) (2) (8) 56 (1) 925 (231) (502) 48 161 2
5,408
4,015
(2,434)
(1,061)
5,933
2011 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Gain on sale of properties, impairments, store closing costs and division consolidation costs Depreciation and amortization Stock-based compensation expense Amortization of financing costs and premium on acquired debt Changes in assets and liabilities: (Increase) decrease in receivables) (Increase) decrease in merchandise inventories) (Increase) decrease in prepaid expenses and other current assets) (Increase) decrease in other assets not separately identified) Increase in merchandise accounts payable Increase (decrease) in accounts payable and accrued liabilities not separately identified Increase in current income taxes Increase in deferred income taxes Decrease in other liabilities not separately identified Net cash provided by operating activities Cash flows from investing activities: Purchase of property and equipment Capitalized software Disposition of property and equipment Proceeds from insurance claims Other, net Net cash used by investing activities Cash flows from financing activities: Debt issued Financing costs Debt repaid Dividends paid Increase (decrease) in outstanding checks Acquisition of treasury stock Issuance of common stock Net cash used by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents beginning of period Cash and cash equivalents end of period Supplemental cash flow information: 1,256
2010 847
(25) 1,085 70 (15) (37) (359) (99) 8 143 109 188 153 (384) 2,093 (555) (209) 114 6 27 (617) 800 (20) (454) (148) 49 (502) 162 (113) 1,363 1,464 2,827
25 1,150 66 (25) (51) (143) (10) 2 91 (45) 115 241 (757) 1,506 (339) (166) 74 6 (40) (465)
Interest paid Interest received Income taxes paid (net of refunds received)
474 4 401
627 5 108
2009 329
391 1,210 76 (23) 7 154 3 (16) 29 (201) 40 123 (372) 1,750 (355) (105) 60 26 (3) (377)
601 9 35
Feminine Accessories, Intimate Apparel, Shoes and Cosmetics Feminine Apparel Men s Home/Miscellaneous
2011 37 % 25 23 15 100 %
2010 36 % 26 23 15 100 %
2009 36 % 26 22 16 100 %
Gain on sale of properties Impairments of properties held and used Store closing costs: Severance Other Division consolidation costs
2010 (millions) 18 1 6 25
2011 (millions) Balance, beginning of year Charged to store closing costs Payments Balance, end of year 1 4 (1) 4
2010 Balance, beginning of year Charged to division consolidation costs Payments Balance, end of year 69 (69)
Land Buildings on owned land Buildings on leased land and leasehold improvements Fixtures and equipment Leased properties under capitalized leases Less accumulated depreciation and amortization
January 28, 2012 (millions) 1,689 5,234 2,165 5,275 43 14,406 5,986 8,420
January 29, 2011 (millions) 1,702 5,148 2,227 5,752 33 14,862 6,049 8,813
Capitalized (millions) Fiscal year: 2012 2013 2014 2015 2016 After 2015 Total minimum lease payments Less amount representing interest Present value of net minimum capitalized lease payments 6 5 5 3 3 52 74 35 39
2011 (millions) Real estate (excluding executory costs) Capitalized leases Contingent rentals Operating leases Minimum rentals Contingent rentals Less income from subleases Operating leases Personal property Operating leases
2010 (millions)
2009 (millions)
January 28, 2012 (millions) Non-amortizing intangible assets Goodwill Accumulated impairment losses Tradenames Amortizing intangible assets Favorable leases Customer relationships Accumulated amortization Favorable leases Customer relationships 9,125 (5,382) 3,743 414 4,157 234 188 422 (117) (121) (238) 184
January 29, 2011 (millions) 9,125 (5,382) 3,743 414 4,157 250 188 438 (113) (102) (215) 223
January 28, 2012 (millions) Short-term debt: 5.35% Senior notes due 2012 5.875% Senior notes due 2013 8.0% Senior debentures due 2012 6.625% Senior notes due 2011 7.45% Senior debentures due 2011 Capital lease and current portion of other long-term obligations Long-term debt: 5.9% Senior notes due 2016 7.875% Senior notes due 2015 * 3.875% Senior notes due 2022 6.375% Senior notes due 2037 5.75% Senior notes due 2014 6.9% Senior debentures due 2029 6.7% Senior debentures due 2034 7.45% Senior debentures due 2017 6.65% Senior debentures due 2024 7.0% Senior debentures due 2028 6.9% Senior debentures due 2032 5.125% Senior debentures due 2042 6.7% Senior debentures due 2028 6.79% Senior debentures due 2027 7.45% Senior debentures due 2016 7.625% Senior debentures due 2013 7.875% Senior debentures due 2036 7.5% Senior debentures due 2015 8.125% Senior debentures due 2035 8.75% Senior debentures due 2029 8.5% Senior debentures due 2019 9.5% amortizing debentures due 2021 10.25% Senior debentures due 2021 7.6% Senior debentures due 2025 9.75% amortizing debentures due 2021 7.875% Senior debentures due 2030 5.35% Senior notes due 2012 5.875% Senior notes due 2013 8.0% Senior debentures due 2012 Premium on acquired debt, using an effective Capital lease and other long-term obligations 616 298 173
16 1,103 977 612 550 500 453 400 400 300 300 300 250 250 200 165 123 109 108 100 76 61 36 33 33 24 18 18
216 43
6,655
330 109 15 454 977 612 500 453 400 400 300 300 300 250 200 165 123 109 108 100 76 61 36 37 33 24 20 18 616 298 173 239 43
6,971
Interest on debt Premium on early retirement of long-term debt Amortization of debt premium Amortization of financing costs Interest on capitalized leases Less interest capitalized on construction
(millions) Fiscal year: 2013 2014 2015 2016 2017 After 2017 121 461 718 1,105 306 3,693
6.625% Senior notes due 2011 7.45% Senior debentures due 2011 5.35% Senior notes due 2012 8.0% Senior debentures due 2012 5.875% Senior notes due 2013 7.625% Senior debentures due 2013 5.75% Senior notes due 2014 7.875% Senior notes due 2015 5.90% Senior notes due 2016 7.45% Senior debentures due 2016 10.625% Senior debentures due 2010 8.5% Senior notes due 2010 4.8% Senior notes due 2009 6.3% Senior notes due 2009 9.5% amortizing debentures due 2021 9.75% amortizing debentures due 2021 Capital leases and other obligations
2009 (millions)
4 2 9 454
4 2 13 1,245
Accounts payable Gift cards and customer award certificates Accrued wages and vacation Taxes other than income taxes Lease related liabilities Current portion of workers compensation and general liability reserves Current portion of post employment and postretirement benefits Accrued interest Dividends payable Allowance for future sales returns Severance and relocation Other
January 28, 2012 (millions) 669 725 317 186 164 136 94 86 83 76 4 248 2,788
January 29, 2011 (millions) 559 654 311 195 168 144 88 98 67 1 240 2,525
Balance, beginning of year Charged to costs and expenses Payments, net of recoveries Balance, end of year