| Business Segment Results and Total Assets by Segment |
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Business Segment Results
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2011 |
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2010 |
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2009 |
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(millions)
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U.S.
Retail
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U.S.
Credit
Card
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Canadian
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Total
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U.S.
Retail
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U.S.
Credit
Card
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Canadian
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Total
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U.S.
Retail
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U.S.
Credit
Card
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Canadian
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Total
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Sales/Credit card revenues |
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$ |
68,466 |
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$ |
1,399 |
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$ |
— |
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$ |
69,865 |
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$ |
65,786 |
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$ |
1,604 |
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$ |
— |
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$ |
67,390 |
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$ |
63,435 |
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$ |
1,922 |
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$ |
— |
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$ |
65,357 |
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Cost of sales |
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47,860 |
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— |
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— |
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47,860 |
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45,725 |
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— |
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— |
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45,725 |
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44,062 |
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— |
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— |
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44,062 |
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Bad debt expense (a) |
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— |
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154 |
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— |
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154 |
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— |
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528 |
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— |
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528 |
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— |
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1,185 |
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— |
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1,185 |
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Selling, general and administrative/Operations and marketing expenses (a)(b) |
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13,774 |
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550 |
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74 |
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14,398 |
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13,367 |
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433 |
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— |
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13,801 |
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12,989 |
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425 |
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— |
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13,414 |
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Depreciation and amortization |
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2,067 |
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17 |
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48 |
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2,131 |
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2,065 |
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19 |
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— |
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2,084 |
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2,008 |
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14 |
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— |
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2,023 |
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Earnings/(loss) before interest expense and income taxes |
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4,765 |
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678 |
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(122 |
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5,322 |
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4,629 |
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624 |
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— |
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5,252 |
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4,376 |
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298 |
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— |
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4,673 |
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Interest expense on nonrecourse debt collateralized by credit card receivables |
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— |
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72 |
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— |
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72 |
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— |
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83 |
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— |
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83 |
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— |
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97 |
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— |
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97 |
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Segment profit/(loss) |
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$ |
4,765 |
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$ |
606 |
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$ |
(122 |
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$ |
5,250 |
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$ |
4,629 |
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$ |
541 |
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$ |
— |
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$ |
5,169 |
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$ |
4,376 |
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$ |
201 |
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$ |
— |
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$ |
4,576 |
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Unallocated (income) and expenses |
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Other interest expense |
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797 |
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677 |
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707 |
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Interest income |
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(3 |
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(3 |
) |
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(3 |
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Earnings before income taxes |
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$ |
4,456 |
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$ |
4,495 |
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$ |
3,872 |
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Note: The sum of the segment amounts may not equal the total amounts due to rounding.
- (a)
- The combination of bad debt expense and operations and marketing expenses, less amounts the U.S. Retail Segment charges the U.S. Credit Card Segment for loyalty programs, within the U.S. Credit Card Segment represent credit card expenses on the Consolidated Statements of Operations.
- (b)
- Effective with the October 2010 nationwide launch of our new 5% REDcard Rewards loyalty program, we changed the formula under which the U.S. Retail Segment charges the U.S. Credit Card Segment to better align with the attributes of the new program. Loyalty program charges were $258 million in 2011, $102 million in 2010 and $89 million in 2009. In all periods these amounts were recorded as reductions to SG&A expenses within the U.S. Retail Segment and increases to operations and marketing expenses within the U.S. Credit Card Segment.
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Total Assets by Segment
(millions)
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January 28,
2012
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January 29,
2011
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U.S. Retail |
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$ |
37,108 |
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$ |
37,324 |
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U.S. Credit Card |
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6,135 |
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6,381 |
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Canadian |
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3,387 |
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— |
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Total |
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$ |
46,630 |
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$ |
43,705 |
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