Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Jan. 28, 2012
Income Taxes [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

 

 

 

 

($ in millions)

2011

 

2010

 

2009

 

Current

 

 

 

Federal and foreign

$                60

$                92

$                59

State and local

                  16

                  (4)

                  24

 

 00

 00

 

                  76

                  88

                  83

 

 

 

 

Deferred

 

 

 

Federal and foreign

              (130)

                  92

                  65

State and local

                 (23)

                  23

                    6

 

 

 

 

 

              (153)

              115

                  71

 

 

 

 

Total

$               (77)

$            203

$             154

 

 

 

 

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

 

 

 

 

(percent of pre-tax (loss)/income)

2011

 

2010

 

2009

 

Federal income tax at statutory rate

            (35.0)%

               35.0%

            35.0%

State and local income tax, less federal income tax benefit

              (1.8)

                2.1

               4.7

Tax effect of dividends on ESOP shares

              (1.9)

               (0.8)

             (1.2)

Non-deductible management transition costs

              11.3

                  -

                  -

Wage credits

              (5.2)

              (1.1)

             (1.0)

 

Other permanent differences and credits

              (1.0)

               (0.3)

               0.7

 

 

 

 

Effective tax rate for continuing operations

            (33.6)%

               34.9%

             38.2%

 

 

 

 

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

 

 

 

($ in millions)

2011

 

2010

 

Assets

 

 

Merchandise inventory

$              102

$                41

Accrued vacation pay

                  34

                  40

Gift cards

                  49

                  65

Stock-based compensation

                  87

                  73

State taxes

                  39

                  59

 

Workers' compensation/general liability

                  91

                  97

 

Accrued rent

                  26

                  24

 

Mirror savings plan

                  24

                  24

 

Pension and other retiree obligations

                187

                     -

 

Other

                  69

                  94

 

 

 

Total deferred tax assets

              708

              517

 

 

 

Liabilities

 

 

Depreciation and amortization

          (1,172)

           (1,083)

Pension and other retiree obligations

                  -

              (211)

Leveraged leases/tax benefit transfers

             (140)

              (170)

Unrealized gain on REITs

              (91)

                (62)

Other

              (13)

                (57)

 

 

 

Total deferred tax liabilities

$       (1,416)

$       (1,583)

 

 

 

Total net deferred tax (liabilities)

$          (708)

$       (1,066)

 

 

 

Summary of Income Tax Contingencies [Table Text Block]

 

 

 

 

($ in millions)

2011

 

2010

 

2009

 

Beginning balance

$            162

$            165

$            192

Additions for tax positions related to the current year

                  -

                  -

                  -

Additions for tax positions of prior years

                10

                21

                37

Reductions for tax positions of prior years

              (14)

                 (5)

                 (1)

Settlements and effective settlements with tax authorities

              (45)

              (16)

              (59)

Expirations of statute

                 (3)

                 (3)

                 (4)

 

 

 

 

Balance at end of year

$          110

$       162

$            165

 

 

 

 

Schedule of Deferred Tax Assets and Liabilities Included in Balance Sheets [Table Text Block]

 

 

 

($ in millions)

2011

 

2010

 

Other current assets

$          180

$          126

Other long-term liabilities

           (888)

         (1,192)

 

 

 

Net deferred tax liabilities

$         (708)

$      (1,066)