|
Credit Card Receivables (Tables)
|
9 Months Ended |
|
Oct. 27, 2012
|
| Credit Card Receivables |
|
| Age of Credit Card Receivables |
|
|
Age of Credit Card Receivables |
|
October 27, 2012 |
|
January 28, 2012 |
|
October 29, 2011 |
|
|
|
|
|
|
Percent of |
|
|
|
Percent of |
|
|
|
Percent of |
|
|
(dollars in millions) |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
|
Current |
|
$ |
5,355 |
|
91.7 |
% |
|
$ |
5,791 |
|
91.1 |
% |
|
$ |
5,568 |
|
90.6 |
% |
|
|
1-29 days past due |
|
238 |
|
4.1 |
|
|
260 |
|
4.1 |
|
|
266 |
|
4.3 |
|
|
|
30-59 days past due |
|
82 |
|
1.4 |
|
|
97 |
|
1.5 |
|
|
109 |
|
1.8 |
|
|
|
60-89 days past due |
|
50 |
|
0.9 |
|
|
62 |
|
1.0 |
|
|
64 |
|
1.1 |
|
|
|
90+ days past due |
|
111 |
|
1.9 |
|
|
147 |
|
2.3 |
|
|
137 |
|
2.2 |
|
|
|
Credit card receivables, at par |
|
|
5,836 |
|
100 |
% |
|
|
6,357 |
|
100 |
% |
|
|
6,144 |
|
100 |
% |
|
|
Lower of cost or fair value adjustment |
|
|
189 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
Allowance for doubtful accounts |
|
|
— |
|
|
|
|
|
430 |
|
|
|
|
|
431 |
|
|
|
|
|
Credit card receivables, net |
|
$ |
5,647 |
|
|
|
|
$ |
5,927 |
|
|
|
|
$ |
5,713 |
|
|
|
| | |
|
| Allowance for Doubtful Accounts |
|
|
Allowance for Doubtful Accounts |
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
October 27, |
|
October 29, |
|
October 27, |
|
October 29, |
|
|
(millions) |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
Allowance at beginning of period |
|
$ |
365 |
|
$ |
480 |
|
$ |
430 |
|
$ |
690 |
|
|
Bad debt expense |
|
46 |
|
40 |
|
141 |
|
67 |
|
|
Write-offs(a) |
|
(95 |
) |
(122 |
) |
(326 |
) |
(448) |
|
|
Recoveries(a) |
|
29 |
|
33 |
|
100 |
|
122 |
|
|
Segment allowance at end of period |
|
345 |
|
431 |
|
345 |
|
431 |
|
|
Elimination of segment allowance |
|
345 |
|
— |
|
345 |
|
— |
|
|
Allowance at end of period |
|
$ |
— |
|
$ |
431 |
|
$ |
— |
|
$ |
431 |
|
(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 |
|
October 27, 2012 |
|
January 28, 2012 |
|
October 29, 2011 |
|
|
|
|
|
|
Percent of |
|
|
|
Percent of |
|
|
|
Percent of |
|
|
(dollars in millions) |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
|
Nondelinquent accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FICO score of 700 or above |
|
$ |
2,728 |
|
46.7 |
% |
|
$ |
2,882 |
|
45.4 |
% |
|
$ |
2,775 |
|
45.2 |
% |
|
|
FICO score of 600 to 699 |
|
2,334 |
|
40.0 |
|
|
2,463 |
|
38.7 |
|
|
2,404 |
|
39.1 |
|
|
|
FICO score below 600 |
|
531 |
|
9.1 |
|
|
706 |
|
11.1 |
|
|
655 |
|
10.7 |
|
|
|
Total nondelinquent accounts |
|
5,593 |
|
95.8 |
|
|
6,051 |
|
95.2 |
|
|
5,834 |
|
95.0 |
|
|
|
Delinquent accounts (30+ days past due) |
|
243 |
|
4.2 |
|
|
306 |
|
4.8 |
|
|
310 |
|
5.0 |
|
|
|
Credit card receivables, at par |
|
$ |
5,836 |
|
100 |
% |
|
$ |
6,357 |
|
100 |
% |
|
$ |
6,144 |
|
100 |
% |
|
|
Lower of cost or fair value adjustment |
|
|
189 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
Allowance for doubtful accounts |
|
|
— |
|
|
|
|
|
430 |
|
|
|
|
|
431 |
|
|
|
|
|
Credit card receivables, net |
|
$ |
5,647 |
|
|
|
|
$ |
5,927 |
|
|
|
|
$ |
5,713 |
|
|
|
| | |
|
| Information of Securitized Borrowings |
|
|
Securitized Borrowings |
|
October 27, 2012 |
|
January 28, 2012 |
|
October 29, 2011 |
|
|
(millions) |
|
Debt Balance |
|
Collateral |
|
Debt Balance |
|
Collateral |
|
Debt Balance |
|
Collateral |
|
|
2008 Series |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
2,759 |
|
$ |
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 |
|
$ |
3,759 |
|
$ |
4,094 |
| | |
|