NOTE 15: Commitments and Contingencies
The Company is a defendant in legal proceedings considered to be in the normal course of business, none of which, individually or collectively, are expected to be material to the Company’s financial statements. In evaluating liabilities associated with its various legal proceedings, the Company has accrued for probable liabilities associated with these matters. The amounts accrued were not material to the Company’s consolidated financial statements in any of the years presented. Reasonably possible losses for any of the individual legal proceedings which have not been accrued were not material to the Company’s consolidated financial statements.
As of January 31, 2014, the Company had non-cancelable commitments of $881 million related to certain marketing and information technology programs, and purchases of merchandise inventory. Payments under these commitments are scheduled to be made as follows: 2014, $577 million; 2015, $272 million; 2016, $25 million; 2017, $7 million.
At January 31, 2014, the Company held standby and documentary letters of credit issued under banking arrangements which totaled $64 million. The majority of the Company’s letters of credit were issued for insurance contracts.
