MICHAELS STORES INC

CIK:0000740670|SEC Filings

Comprehensive Loss (Tables)

3 Months Ended

May 03, 2014

Schedule of accumulated other comprehensive loss, net of tax

	Foreign Currency Translation and Other
	(in millions)
Balance at February 1, 2014	$	—
Foreign currency translation adjustment and other	(1		)
Balance at May 3, 2014	$	(1	)

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Millions, unless otherwise specified	3 Months Ended
	May 03, 2014	May 04, 2013
Operating activities:
Net income	$ 56	$ 46
Adjustments:
Depreciation and amortization	27	25
Share-based compensation	4	4
Debt issuance costs amortization	2	2
Refinancing costs expensed and losses on early extinguishment of debt		7
Changes in assets and liabilities:
Merchandise inventories	(28)	20
Prepaid expenses and other	1	1
Deferred income taxes	5
Accounts payable	(45)	(14)
Accrued interest	(16)	(30)
Accrued liabilities and other	(45)	(41)
Income taxes		(14)
Other long-term liabilities	(3)	(4)
Net cash (used in) provided by operating activities	(42)	2
Investing activities:
Additions to property and equipment	(31)	(22)
Net cash used in investing activities	(31)	(22)
Financing activities:
Redemption of senior subordinated notes due 2016		(142)
Borrowings on asset-based revolving credit facility		306
Payments on asset-based revolving credit facility		(125)
Repayments on senior secured term loan facility	(4)
Payments of dividends to Holdings	(30)
Payment of capital leases		(1)
Change in cash overdraft	(12)	(19)
Other	(3)
Net cash (used in) provided by financing activities	(49)	19
Net decrease in cash and equivalents	(122)	(1)
Cash and equivalents at beginning of period	234	56
Cash and equivalents at end of period	112	55
Supplemental Cash Flow Information:
Cash paid for interest	56	75
Cash paid for income taxes	$ 36	$ 44

CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	May 03, 2014	Feb. 01, 2014	May 04, 2013
Current assets:
Cash and equivalents	$ 112	$ 234	$ 55
Merchandise inventories	930	901	843
Prepaid expenses and other	95	95	85
Receivable from Parent		2
Deferred income taxes	37	39	37
Income tax receivables	8	2	8
Total current assets	1,182	1,273	1,028
Property and equipment, at cost	1,628	1,600	1,527
Less accumulated depreciation and amortization	(1,266)	(1,242)	(1,186)
Property and equipment, net	362	358	341
Goodwill	94	94	94
Debt issuance costs, net of accumulated amortization of $56, $54, and $52, respectively	36	37	42
Deferred income taxes	22	28	28
Long-term receivable from parent	5	8
Other assets	3	3	2
Total non-current assets	160	170	166
Total assets	1,704	1,801	1,535
Current liabilities:
Accounts payable	313	368	232
Accrued liabilities and other	315	377	300
Share-based compensation liability			36
Current portion of long-term debt	16	16	198
Dividend payable to Holdings		30
Deferred income taxes		1	4
Income taxes payable	47	42	27
Total current liabilities	691	834	797
Long-term debt	2,873	2,878	2,887
Deferred income taxes	1	2	2
Share-based compensation liability			28
Other long-term liabilities	84	88	79
Total long-term liabilities	2,958	2,968	2,996
Total liabilities	3,649	3,802	3,793
Commitments and contingencies
Stockholders' deficit:
Common Stock, $0.10 par value, 100 shares authorized; 100 shares issued and outstanding at May 3, 2014, February 1, 2014, and May 4, 2013
Additional paid-in capital	125	124	50
Accumulated deficit	(2,069)	(2,125)	(2,313)
Accumulated other comprehensive (loss) income	(1)		5
Total stockholders' deficit	(1,945)	(2,001)	(2,258)
Total liabilities and stockholders' deficit	$ 1,704	$ 1,801	$ 1,535