Annual report pursuant to Section 13 and 15(d)

Basis of Presentation and Consolidation (Policy)

v3.3.1.900
Basis of Presentation and Consolidation (Policy)
12 Months Ended
Jan. 30, 2016
Basis of Presentation and Consolidation [Abstract]  
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation
The Consolidated Financial Statements present the results of J. C. Penney Company, Inc. and our subsidiaries (the Company or JCPenney). All significant inter-company transactions and balances have been eliminated in consolidation.
 
We are a holding company whose principal operating subsidiary is J. C. Penney Corporation, Inc. (JCP). JCP was incorporated in Delaware in 1924, and J. C. Penney Company, Inc. was incorporated in Delaware in 2002, when the holding company structure was implemented. The holding company has no direct subsidiaries other than JCP, and has no independent assets or operations. 
 
The Company is a co-obligor (or guarantor, as appropriate) regarding the payment of principal and interest on JCP’s outstanding debt securities. We guarantee certain of JCP’s outstanding debt securities fully and unconditionally.
Fiscal Year
Fiscal Year
Our fiscal year ends on the Saturday closest to January 31. Unless otherwise stated, references to years in this report relate to fiscal years rather than to calendar years.
 
 
 
 
 
Fiscal Year
 
Ended
 
Weeks
2015
 
January 30, 2016
 
52
2014
 
January 31, 2015
 
52
2013
 
February 1, 2014
 
52
Use of Estimates and Assumptions
Use of Estimates and Assumptions
The preparation of financial statements, in conformity with generally accepted accounting principles in the United States of America (GAAP), requires us to make assumptions and use estimates that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Reclassifications
Reclassifications
Certain reclassifications were made to prior period amounts to conform to the current period presentation. None of the reclassifications affected our net income/(loss) in any period.