|
Credit Card Receivables (Tables)
|
6 Months Ended |
|
Jul. 28, 2012
|
| Credit Card Receivables |
|
| Age of Credit Card Receivables |
|
|
Age of Credit Card Receivables |
|
July 28, 2012 |
|
January 28, 2012 |
|
July 30, 2011 |
|
|
|
|
|
|
Percent of |
|
|
|
Percent of |
|
|
|
Percent of |
|
|
(dollars in millions) |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
|
Current |
|
$ |
5,439 |
|
92.2% |
|
$ |
5,791 |
|
91.1 |
% |
|
$ |
5,671 |
|
91.4% |
|
|
1-29 days past due |
|
238 |
|
4.0 |
|
260 |
|
4.1 |
|
|
242 |
|
3.9 |
|
|
30-59 days past due |
|
77 |
|
1.3 |
|
97 |
|
1.5 |
|
|
101 |
|
1.6 |
|
|
60-89 days past due |
|
48 |
|
0.8 |
|
62 |
|
1.0 |
|
|
60 |
|
1.0 |
|
|
90+ days past due |
|
103 |
|
1.7 |
|
147 |
|
2.3 |
|
|
128 |
|
2.1 |
|
|
Period-end gross credit card receivables |
|
$ |
5,905 |
|
100% |
|
$ |
6,357 |
|
100 |
% |
|
$ |
6,202 |
|
100% |
|
|
|
| Allowance for Doubtful Accounts |
|
|
Allowance for Doubtful Accounts |
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
July 28, |
|
July 30, |
|
July 28, |
|
July 30, |
|
|
(millions) |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
Allowance at beginning of period |
|
$ |
395 |
|
$ |
565 |
|
$ |
430 |
|
$ |
690 |
|
|
Bad debt expense |
|
43 |
|
15 |
|
95 |
|
27 |
|
|
Write-offs(a) |
|
(105 |
) |
(142 |
) |
(232 |
) |
(326) |
|
|
Recoveries(a) |
|
32 |
|
42 |
|
72 |
|
89 |
|
|
Allowance at end of period |
|
$ |
365 |
|
$ |
480 |
|
$ |
365 |
|
$ |
480 |
|
(a) Write-offs include the principal amount of losses (excluding accrued and unpaid finance charges), and recoveries include current period collections on previously written-off balances. These amounts combined represent net write-offs.
|
|
| Receivables Credit Quality |
|
|
Receivables Credit Quality |
|
July 28, 2012 |
|
January 28, 2012 |
|
July 30, 2011 |
|
|
|
|
|
|
Percent of |
|
|
|
Percent of |
|
|
|
Percent of |
|
|
(dollars in millions) |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
|
Nondelinquent accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FICO score of 700 or above |
|
$ |
2,854 |
|
48.3 |
% |
|
$ |
2,882 |
|
45.4 |
% |
|
$ |
2,786 |
|
44.9 |
% |
|
|
FICO score of 600 to 699 |
|
2,251 |
|
38.1 |
|
|
2,463 |
|
38.7 |
|
|
2,500 |
|
40.3 |
|
|
|
FICO score below 600 |
|
572 |
|
9.7 |
|
|
706 |
|
11.1 |
|
|
627 |
|
10.1 |
|
|
|
Total nondelinquent accounts |
|
5,677 |
|
96.1 |
|
|
6,051 |
|
95.2 |
|
|
5,913 |
|
95.3 |
|
|
|
Delinquent accounts (30+ days past due) |
|
228 |
|
3.9 |
|
|
306 |
|
4.8 |
|
|
289 |
|
4.7 |
|
|
|
Period-end gross credit card receivables |
|
$ |
5,905 |
|
100 |
% |
|
$ |
6,357 |
|
100 |
% |
|
$ |
6,202 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Troubled Debt Restructurings |
|
Troubled Debt Restructurings |
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
July 28, |
|
July 30, |
|
July 28, |
|
July 30, |
|
|
(dollars in millions, contracts in thousands) |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
Average receivables |
|
$ |
232 |
|
$ |
344 |
|
$ |
245 |
|
$ |
360 |
|
|
Finance charges |
|
$ |
3 |
|
$ |
5 |
|
$ |
7 |
|
$ |
11 |
|
|
Defaults During the Period(a) |
|
|
|
|
|
|
|
|
|
|
Number of contracts |
|
3 |
|
6 |
|
5 |
|
12 |
|
|
Amount defaulted(b) |
|
$ |
8 |
|
$ |
17 |
|
$ |
15 |
|
$ |
36 |
|
(a) Includes loans modified within the twelve months prior to each respective period end.
(b) Represents account balance at the time of default. We define default as not paying the full fixed payment amount for two consecutive billing cycles.
|
|
| Information of Securitized Borrowings |
|
|
Securitized Borrowings |
|
July 28, 2012 |
|
January 28, 2012 |
|
July 30, 2011 |
|
|
(millions) |
|
Debt Balance |
|
Collateral |
|
Debt Balance |
|
Collateral |
|
Debt Balance |
|
Collateral |
|
|
2008 Series |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
2,749 |
|
$ |
2,828 |
|
|
2006/2007 Series |
|
1,500 |
|
1,899 |
|
1,000 |
|
1,266 |
|
1,000 |
|
1,266 |
|
|
Total |
|
$ |
1,500 |
|
$ |
1,899 |
|
$ |
1,000 |
|
$ |
1,266 |
|
$ |
3,749 |
|
$ |
4,094 |
|
|
|