Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Mar. 17, 2014 | Aug. 03, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'J C PENNEY CO INC | ' | ' |
Entity Central Index Key | '0001166126 | ' | ' |
Current Fiscal Year End Date | '--02-02 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 304,693,329 | ' |
Trading Symbol | 'jcp | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,462,547,444 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Total net sales | $11,859 | $12,985 | $17,260 |
Cost of goods sold | 8,367 | 8,919 | 11,042 |
Gross margin | 3,492 | 4,066 | 6,218 |
Operating expenses/(income): | ' | ' | ' |
Selling, general and administrative (SG&A) | 4,114 | 4,506 | 5,109 |
Pension | 137 | 353 | 121 |
Depreciation and amortization | 601 | 543 | 518 |
Real estate and other, net | -155 | -324 | 21 |
Restructuring and management transition | 215 | 298 | 451 |
Total operating expenses | 4,912 | 5,376 | 6,220 |
Operating income/(loss) | -1,420 | -1,310 | -2 |
Loss on extinguishment of debt | 114 | 0 | 0 |
Net interest expense | 352 | 226 | 227 |
Income/(loss) before income taxes | -1,886 | -1,536 | -229 |
Income tax expense/(benefit) | -498 | -551 | -77 |
Net income/(loss) | ($1,388) | ($985) | ($152) |
Earnings/(loss) per share: | ' | ' | ' |
Basic (in dollars per share) | ($5.57) | ($4.49) | ($0.70) |
Diluted earnings/(loss) per share: | ' | ' | ' |
Diluted (in dollars per share) | ($5.57) | ($4.49) | ($0.70) |
Weighted average shares – basic | 249.3 | 219.2 | 217.4 |
Weighted average shares – diluted | 249.3 | 219.2 | 217.4 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income/(loss) | ($1,388) | ($985) | ($152) |
Other comprehensive income/(loss), net of tax: | ' | ' | ' |
Unrealized gain/(loss) | -1 | 36 | 53 |
Reclassification adjustment for realized (gain)/loss | -16 | -184 | 0 |
Net actuarial gain/(loss) arising during the period | 404 | 37 | -534 |
Prior service credit/(cost) arising during the period | -4 | -26 | -3 |
Reclassification of net prior service (credit)/cost from a curtailment | 0 | -3 | 1 |
Reclassification of net actuarial (gain)/loss from a settlement | 0 | 91 | 0 |
Reclassification for amortization of net actuarial (gain)/loss | 108 | 148 | 94 |
Reclassification for amortization of prior service (credit)/cost | -1 | -8 | -15 |
Total other comprehensive income/(loss), net of tax | 490 | 91 | -404 |
Total comprehensive income/(loss), net of tax | ($898) | ($894) | ($556) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash in banks and in transit | $113 | $121 | ||
Cash short-term investments | 1,402 | 809 | ||
Cash and cash equivalents | 1,515 | 930 | ||
Merchandise inventory | 2,935 | 2,341 | ||
Income tax receivable | 4 | 57 | ||
Deferred taxes | 193 | 106 | ||
Prepaid expenses and other | 186 | 249 | ||
Total current assets | 4,833 | 3,683 | ||
Property and equipment | 5,619 | 5,353 | ||
Prepaid pension | 663 | 0 | ||
Other assets | 686 | 745 | ||
Total Assets | 11,801 | 9,781 | ||
Current liabilities: | ' | ' | ||
Merchandise accounts payable | 948 | 1,162 | ||
Other accounts payable and accrued expenses | 1,198 | 1,380 | ||
Short-term borrowings | 650 | 0 | ||
Current portion of capital leases and note payable | 27 | 26 | ||
Current maturities of long-term debt | 23 | 0 | ||
Total current liabilities | 2,846 | 2,568 | ||
Long-term capital leases and note payable | 62 | 88 | ||
Long-term debt | 4,839 | 2,868 | ||
Deferred taxes | 335 | 388 | ||
Other liabilities | 632 | 698 | ||
Total Liabilities | 8,714 | 6,610 | ||
Stockholders' Equity | ' | ' | ||
Common stock(1) | 152 | [1] | 110 | [1] |
Additional paid-in capital | 4,571 | 3,799 | ||
Reinvested earnings/(accumulated deficit) | -1,008 | 380 | ||
Accumulated other comprehensive income/(loss) | -628 | -1,118 | ||
Total Stockholders’ Equity | 3,087 | 3,171 | ||
Total Liabilities and Stockholders’ Equity | $11,801 | $9,781 | ||
[1] | 1,250 million shares of common stock are authorized with a par value of $0.50 per share. The total shares issued and outstanding were 304.6 million and 219.3 million as of February 1, 2014 and February 2, 2013, respectively. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, authorized | 1,250,000,000 | 1,250,000,000 |
Common stock, par value per share | $0.50 | $0.50 |
Common stock, issued and outstanding | 304,600,000 | 219,300,000 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Reinvested Earnings/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] |
Share data in Millions, unless otherwise specified | |||||
Balance as of the beginning of the period at Jan. 29, 2011 | $5,460,000,000 | $118,000,000 | $3,925,000,000 | $2,222,000,000 | ($805,000,000) |
Shares balance as of the beginning of the period at Jan. 29, 2011 | ' | 236.7 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income/(loss) | -152,000,000 | ' | ' | -152,000,000 | ' |
Other comprehensive income/(loss) | -404,000,000 | ' | ' | ' | -404,000,000 |
Dividends declared, common | -174,000,000 | ' | ' | -174,000,000 | ' |
Stock warrant issued | 50,000,000 | ' | 50,000,000 | ' | ' |
Common stock repurchased and retired | -900,000,000 | -12,000,000 | -404,000,000 | -484,000,000 | ' |
Common stock repurchased and retired, shares | ' | -24.4 | ' | ' | ' |
Stock-based compensation | 130,000,000 | 2,000,000 | 128,000,000 | ' | ' |
Stock-based compensation, shares | ' | 3,600,000 | ' | ' | ' |
Balance as of the end of the period at Jan. 28, 2012 | 4,010,000,000 | 108,000,000 | 3,699,000,000 | 1,412,000,000 | -1,209,000,000 |
Shares balance as of the end of the period at Jan. 28, 2012 | ' | 215.9 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income/(loss) | -985,000,000 | ' | ' | -985,000,000 | ' |
Other comprehensive income/(loss) | 91,000,000 | ' | ' | ' | 91,000,000 |
Dividends declared, common | -47,000,000 | ' | ' | -47,000,000 | ' |
Stock-based compensation | 102,000,000 | 2,000,000 | 100,000,000 | ' | ' |
Stock-based compensation, shares | ' | 3,400,000 | ' | ' | ' |
Balance as of the end of the period at Feb. 02, 2013 | 3,171,000,000 | 110,000,000 | 3,799,000,000 | 380,000,000 | -1,118,000,000 |
Shares balance as of the end of the period at Feb. 02, 2013 | ' | 219.3 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income/(loss) | -1,388,000,000 | ' | ' | -1,388,000,000 | ' |
Other comprehensive income/(loss) | 490,000,000 | ' | ' | ' | 490,000,000 |
Common stock issued | ' | 84 | ' | ' | ' |
Common stock issued, shares | 786,000,000 | 42,000,000 | 744,000,000 | ' | ' |
Stock-based compensation | 28,000,000 | 0 | 28,000,000 | ' | ' |
Stock-based compensation, shares | ' | 1,300,000 | ' | ' | ' |
Balance as of the end of the period at Feb. 01, 2014 | $3,087,000,000 | $152,000,000 | $4,571,000,000 | ($1,008,000,000) | ($628,000,000) |
Shares balance as of the end of the period at Feb. 01, 2014 | ' | 304.6 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Cash flows from operating activities | ' | ' | ' | |||
Net income/(loss) | ($1,388) | ($985) | ($152) | |||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ' | ' | ' | |||
Restructuring and management transition | 132 | 121 | 314 | |||
Asset impairments and other charges | 30 | 117 | 67 | |||
Net gain on sale or redemption of non-operating assets | -132 | -397 | 0 | |||
Net gain on sale of operating assets | -17 | 0 | -6 | |||
Loss on extinguishment of debt | 114 | 0 | 0 | |||
Depreciation and amortization | 601 | 543 | 518 | |||
Benefit plans | 70 | 272 | 55 | |||
Stock-based compensation | 28 | [1] | 50 | [1] | 46 | [1] |
Excess tax benefits from stock-based compensation | 0 | -12 | -10 | |||
Other comprehensive income tax benefits | -303 | 0 | 0 | |||
Deferred taxes | -164 | -467 | -153 | |||
Change in cash from: | ' | ' | ' | |||
Inventory | -594 | 575 | 297 | |||
Prepaid expenses and other assets | 74 | -5 | -67 | |||
Merchandise accounts payable | -214 | 140 | -111 | |||
Current income taxes | 50 | 117 | -15 | |||
Accrued expenses and other | -101 | -79 | 37 | |||
Net cash provided by/(used in) operating activities | -1,814 | -10 | 820 | |||
Cash flows from investing activities | ' | ' | ' | |||
Capital expenditures | -951 | -810 | -634 | |||
Proceeds from sale or redemption of non-operating assets | 143 | 526 | 0 | |||
Acquisition | 0 | -9 | -268 | |||
Proceeds from sale of operating assets | 19 | 0 | 15 | |||
Cost investment, net | 0 | 0 | -36 | |||
Proceeds from joint venture cash distribution | 0 | 0 | 53 | |||
Net cash provided by/(used in) investing activities | -789 | -293 | -870 | |||
Cash flows from financing activities | ' | ' | ' | |||
Proceeds from short-term borrowings | 850 | 0 | 0 | |||
Payment on short-term borrowings | -200 | 0 | 0 | |||
Net proceeds from issuance of long-term debt | 2,180 | 0 | 0 | |||
Premium on early retirement of debt | -110 | 0 | 0 | |||
Payments of capital leases and note payable | -29 | -20 | 0 | |||
Payments of long-term debt | -256 | -230 | 0 | |||
Financing costs | -31 | -4 | -20 | |||
Net proceeds from common stock issued | 786 | 0 | 0 | |||
Dividends paid, common | 0 | -86 | -178 | |||
Stock repurchase program | 0 | 0 | -900 | |||
Proceeds from issuance of stock warrant | 0 | 0 | 50 | |||
Proceeds from stock options exercised | 7 | 71 | 18 | |||
Excess tax benefits from stock-based compensation | 0 | 12 | 10 | |||
Tax withholding payments for vested restricted stock | -9 | -17 | -45 | |||
Net cash provided by/(used in) financing activities | 3,188 | -274 | -1,065 | |||
Net increase/(decrease) in cash and cash equivalents | 585 | -577 | -1,115 | |||
Cash and cash equivalents at beginning of period | 930 | 1,507 | 2,622 | |||
Cash and cash equivalents at end of period | $1,515 | $930 | $1,507 | |||
[1] | Excludes $18 million, $11 million and $79 million for 2013, 2012 and 2011, respectively, of stock-based compensation costs reported in restructuring and management transition charges (see Note 16). |
Basis_of_Presentation_and_Cons
Basis of Presentation and Consolidation | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Basis of Presentation and Consolidation [Abstract] | ' | ||||
Basis of Presentation and Consolidation | ' | ||||
Basis of Presentation and Consolidation | |||||
Nature of Operations | |||||
Our Company was founded by James Cash Penney in 1902 and has grown to be a major national retailer, operating 1,094 department stores in 49 states and Puerto Rico, as well as through our Internet website at jcpenney.com. We sell family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside JCPenney, and home furnishings. In addition, our department stores provide services, such as styling salon, optical, portrait photography and custom decorating, to customers. | |||||
Basis of Presentation and Consolidation | |||||
The Consolidated Financial Statements present the results of J. C. Penney Company, Inc. and our subsidiaries (the Company or JCPenney). All significant intercompany transactions and balances have been eliminated in consolidation. | |||||
We are a holding company whose principal operating subsidiary is J. C. Penney Corporation, Inc. (JCP). JCP was incorporated in Delaware in 1924, and J. C. Penney Company, Inc. was incorporated in Delaware in 2002, when the holding company structure was implemented. The holding company has no direct subsidiaries other than JCP, and has no independent assets or operations. | |||||
The Company is a co-obligor (or guarantor, as appropriate) regarding the payment of principal and interest on JCP’s outstanding debt securities. We guarantee certain of JCP’s outstanding debt securities fully and unconditionally. | |||||
Fiscal Year | |||||
Our fiscal year ends on the Saturday closest to January 31. Unless otherwise stated, references to years in this report relate to fiscal years rather than to calendar years. | |||||
Fiscal Year | Ended | Weeks | |||
2013 | February 1, 2014 | 52 | |||
2012 | February 2, 2013 | 53 | |||
2011 | January 28, 2012 | 52 | |||
Use of Estimates and Assumptions | |||||
The preparation of financial statements, in conformity with generally accepted accounting principles in the United States of America (GAAP), requires us to make assumptions and use estimates that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to: inventory valuation under the retail method, specifically permanent reductions to retail prices (markdowns), permanent devaluation of inventory (markdown accruals) and adjustments for shortages (shrinkage); valuation of long-lived assets and indefinite-lived intangible assets for impairments; reserves for closed stores, workers’ compensation and general liability (insurance), environmental contingencies, income taxes and litigation; and pension and other post retirement benefits accounting. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. | |||||
Reclassifications | |||||
Certain reclassifications were made to prior period amounts to conform to the current period presentation. None of the reclassifications affected our net income/(loss) in any period. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Significant Accounting Policies | ' | ||||||||||
Significant Accounting Policies | |||||||||||
Merchandise and Services Revenue Recognition | |||||||||||
Total net sales, which exclude sales taxes and are net of estimated returns, are recorded at the point of sale when payment is received and the customer takes possession of the merchandise in department stores, at the point of shipment of merchandise ordered through the Internet, or, in the case of services, at the time the customer receives the benefit of the service, such as salon, portrait, optical or custom decorating. Commissions earned on sales generated by licensed departments are included as a component of total net sales. Shipping and handling fees charged to customers are also included in total net sales with corresponding costs recorded as cost of goods sold. We provide for estimated future returns based primarily on historical return rates and sales levels. | |||||||||||
Gift Card Revenue Recognition | |||||||||||
At the time gift cards are sold, no revenue is recognized; rather, a liability is established for the face amount of the card. The liability remains recorded until the earlier of redemption, escheatment or 60 months. The liability is relieved and revenue is recognized when gift cards are redeemed for merchandise. We escheat a portion of unredeemed gift cards according to Delaware escheatment requirements that govern remittance of the cost of the merchandise portion of unredeemed gift cards over five years old. After reflecting the amount escheated, any remaining liability (referred to as breakage) is relieved and recognized as a reduction of SG&A expenses as an offset to the costs of administering the gift card program. Though our gift cards do not expire, it is our historical experience that the likelihood of redemption after 60 months is remote. The liability for gift cards is recorded in other accounts payable and accrued expenses on the Consolidated Balance Sheets. | |||||||||||
Customer Loyalty Program | |||||||||||
Customers who spend a certain amount with us using our private label card or registered third party credit cards receive JCP Rewards® certificates, redeemable for goods or services in our stores the following two months. We estimate the net cost of the rewards that will be redeemed and record this as cost of goods sold as rewards points are accumulated. Other administrative costs of the loyalty program are recorded in SG&A expenses as incurred. | |||||||||||
Cost of Goods Sold | |||||||||||
Cost of goods sold includes all costs directly related to bringing merchandise to its final selling destination. These costs include the cost of the merchandise (net of discounts or allowances earned), sourcing and procurement costs, buying and brand development costs, including buyers’ salaries and related expenses, royalties and design fees, freight costs, warehouse operating expenses, merchandise examination, inspection and testing, store merchandise distribution center expenses, including rent, and shipping and handling costs incurred on sales via the Internet. | |||||||||||
Vendor Allowances | |||||||||||
We receive vendor support in the form of cash payments or allowances for a variety of reimbursements such as cooperative advertising, markdowns, vendor shipping and packaging compliance, defective merchandise and the purchase of vendor specific fixtures. We have agreements in place with each vendor setting forth the specific conditions for each allowance or payment. Depending on the arrangement, we either recognize the allowance as a reduction of current costs or defer the payment over the period the related merchandise is sold. If the payment is a reimbursement for costs incurred, it is generally offset against those related costs; otherwise, it is treated as a reduction to the cost of merchandise. | |||||||||||
Markdown reimbursements related to merchandise that has been sold are negotiated and documented by our buying teams and are credited directly to cost of goods sold in the period received. Vendor allowances received prior to merchandise being sold are deferred and recognized as a reduction of inventory and credited to cost of goods sold based on an inventory turnover rate. | |||||||||||
Vendor compliance charges reimburse us for incremental merchandise handling expenses incurred due to a vendor’s failure to comply with our established shipping or merchandise preparation requirements. Vendor compliance charges are recorded as a reduction of merchandise handling costs. | |||||||||||
Selling, General and Administrative Expenses | |||||||||||
SG&A expenses include the following costs, except as related to merchandise buying, sourcing, warehousing or distribution activities: salaries, marketing costs, occupancy and rent expense, utilities and maintenance, pre-opening expenses, costs related to information technology, administrative costs related to our home office and district and regional operations, real and personal property and other taxes (excluding income taxes) and credit card fees. | |||||||||||
Advertising | |||||||||||
Advertising costs, which include newspaper, television, Internet search marketing, radio and other media advertising, are expensed either as incurred or the first time the advertisement occurs. For cooperative advertising programs offered by national brands that require proof-of-advertising to be provided to the vendor to support the reimbursement of the incurred cost, we offset the allowances against the related advertising expense. Programs that do not require proof-of-advertising are monitored to ensure that the allowance provided by each vendor is a reimbursement of costs incurred to advertise for that particular vendor’s label. Total advertising costs, net of cooperative advertising vendor reimbursements of $4 million, $2 million and $118 million for 2013, 2012 and 2011, respectively, were $919 million, $933 million and $1,039 million, respectively. | |||||||||||
Income Taxes | |||||||||||
We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not such assets will be realized. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense in our Consolidated Statements of Operations. | |||||||||||
Earnings/(Loss) per Share | |||||||||||
Basic earnings/(loss) per share (EPS) is computed by dividing net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income/(loss) by the weighted-average number of common shares outstanding during the period plus the number of additional common shares that would have been outstanding if the potentially dilutive shares had been issued. Potentially dilutive shares include stock options, unvested restricted stock units and awards and a warrant outstanding during the period, using the treasury stock method. Potentially dilutive shares are excluded from the computations of diluted EPS if their effect would be anti-dilutive. | |||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents include cash short-term investments that are highly liquid investments with original maturities of three months or less. Cash short-term investments consist primarily of short-term U.S. Treasury money market funds and a portfolio of highly rated bank deposits and are stated at cost, which approximates fair market value due to the short-term maturity. Cash in banks and in transit also include credit card sales transactions that are settled early in the following period. | |||||||||||
Merchandise Inventory | |||||||||||
Inventories are valued at the lower of cost (using the first-in, first-out or “FIFO” method) or market. For department stores, regional warehouses and store distribution centers, we value inventories using the retail method. Under the retail method, retail values are converted to a cost basis by applying specific average cost factors to groupings of merchandise. For Internet, we use standard cost, representing average vendor cost, to determine lower of cost or market. | |||||||||||
Physical inventories are taken on a staggered basis at least once per year at all store and supply chain locations, inventory records are adjusted to reflect actual inventory counts and any resulting shortage (shrinkage) is recognized. Following inventory counts, shrinkage is estimated as a percent of sales, based on the most recent physical inventory, in combination with current events and historical experience. We have loss prevention programs and policies in place that are intended to mitigate shrinkage. | |||||||||||
Property and Equipment, Net | |||||||||||
Estimated Useful Lives | |||||||||||
($ in millions) | (Years) | 2013 | 2012 | ||||||||
Land | N/A | $ | 309 | $ | 310 | ||||||
Buildings | 50 | 4,951 | 4,641 | ||||||||
Furniture and equipment | 20-Mar | 2,356 | 2,132 | ||||||||
Leasehold improvements | 1,318 | 1,150 | |||||||||
Accumulated depreciation | (3,315 | ) | (2,880 | ) | |||||||
Property and equipment, net | $ | 5,619 | $ | 5,353 | |||||||
Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed primarily by using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the improvements or the term of the lease, including renewals determined to be reasonably assured. | |||||||||||
We expense routine maintenance and repairs when incurred. We capitalize major replacements and improvements. We remove the cost of assets sold or retired and the related accumulated depreciation or amortization from the accounts and include any resulting gain or loss in net income/(loss). | |||||||||||
We recognize a liability for the fair value of our conditional asset retirement obligations, which are primarily related to asbestos removal, when incurred if the liability’s fair value can be reasonably estimated. | |||||||||||
Capitalized Software Costs | |||||||||||
We capitalize costs associated with the acquisition or development of major software for internal use in other assets in our Consolidated Balance Sheets and amortize the asset over the expected useful life of the software, generally between three and seven years. We only capitalize subsequent additions, modifications or upgrades to internal-use software to the extent that such changes allow the software to perform a task it previously did not perform. We expense software maintenance and training costs as incurred. | |||||||||||
Impairment of Long-Lived and Indefinite-Lived Assets | |||||||||||
We evaluate long-lived assets such as store property and equipment and other corporate assets for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. Factors considered important that could trigger an impairment review include, but are not limited to, significant underperformance relative to historical or projected future operating results and significant changes in the manner of use of the assets or our overall business strategies. Potential impairment exists if the estimated undiscounted cash flows expected to result from the use of the asset plus any net proceeds expected from disposition of the asset are less than the carrying value of the asset. The amount of the impairment loss represents the excess of the carrying value of the asset over its fair value and is included in Real estate and other, net on the Consolidated Statements of Operations. We estimate fair value based on either a projected discounted cash flow method using a discount rate that is considered commensurate with the risk inherent in our current business model or appraised value, as appropriate. We also take other factors into consideration in estimating the fair value of our stores, such as local market conditions, operating environment, mall performance and other trends. | |||||||||||
We assess the recoverability of indefinite-lived intangible assets at least annually during the fourth quarter of our fiscal year or whenever events or changes in circumstances indicate that the carrying amount of the indefinite-lived intangible asset may not be fully recoverable. Examples of a change in events or circumstances include, but are not limited to, a decrease in the market price of the asset, a history of cash flow losses related to the use of the asset or a significant adverse change in the extent or manner in which an asset is being used. During the fourth quarter of 2012, we early adopted the Financial Accounting Standards Board’s (FASB) new guidance on impairment testing of indefinite-lived intangible assets. Under the new guidance, we have the option to first perform a qualitative assessment in our evaluation of our indefinite-lived intangible assets in order to determine whether the fair value of the indefinite-lived intangible asset is more likely than not impaired. When a quantitative analysis is performed, we test our indefinite-lived intangible assets utilizing the relief from royalty method to determine the estimated fair value for each indefinite-lived intangible asset. The relief from royalty method estimates our theoretical royalty savings from ownership of the intangible asset. Key assumptions used in this model include discount rates, royalty rates, growth rates, sales projections and terminal value rates. Discount rates, royalty rates, growth rates and sales projections are the assumptions most sensitive and susceptible to change as they require significant management judgment. Discount rates used are similar to the rates estimated by the weighted average cost of capital considering any differences in company-specific risk factors. Royalty rates are established by management based on comparable trademark licensing agreements in the market. Operational management, considering industry and company-specific historical and projected data, develops growth rates and sales projections associated with each indefinite-lived intangible asset. Terminal value rate determination follows common methodology of capturing the present value of perpetual sales estimates beyond the last projected period assuming a constant weighted average cost of capital and low long-term growth rates. | |||||||||||
Leases | |||||||||||
We use a consistent lease term when calculating amortization of leasehold improvements, determining straight-line rent expense and determining classification of leases as either operating or capital. For purposes of recognizing incentives, premiums, rent holidays and minimum rental expenses on a straight-line basis over the terms of the leases, we use the date of initial possession to begin amortization, which is generally when we take control of the property. Renewal options determined to be reasonably assured are also included in the lease term. Some leases require additional payments based on sales and are recorded in rent expense when the contingent rent is probable. | |||||||||||
Some of our lease agreements contain developer/tenant allowances. Upon receipt of such allowances, we record a deferred rent liability in other liabilities on the Consolidated Balance Sheets. The allowances are then amortized on a straight-line basis over the remaining terms of the corresponding leases as a reduction of rent expense. | |||||||||||
Exit or Disposal Activity Costs | |||||||||||
Costs associated with exit or disposal activities are recorded at their fair values when a liability has been incurred. Reserves for operating leases are established at the time of closure for the present value of any remaining operating lease obligations (PVOL), net of estimated sublease income. Severance is recorded over the service period required to be rendered in order to receive the termination benefits or, if employees will not be retained to render future service, a reserve is established when communication has occurred to the affected employees. Other exit costs are accrued either at the point of decision or the communication date, depending on the nature of the item. | |||||||||||
Retirement-Related Benefits | |||||||||||
We recognize the funded status – the difference between the fair value of plan assets and the plan’s benefit obligation – of our defined benefit pension and postretirement plans directly on the Consolidated Balance Sheet. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. We adjust other comprehensive income/(loss) to reflect prior service cost or credits and actuarial gain or loss amounts arising during the period and reclassification adjustments for amounts being recognized as components of net periodic pension/postretirement cost, net of tax. Other comprehensive income/(loss) is amortized over the average remaining service period, a period of about eight years for the primary plan. | |||||||||||
We measure the plan assets and obligations annually at the adopted measurement date of January 31 to determine pension expense for the subsequent year. The factors and assumptions affecting the measurement are the characteristics of the population and salary increases, with the most important being the expected return on plan assets and the discount rate for the pension obligation. We use actuarial calculations for the assumptions, which require significant judgment. | |||||||||||
Stock-Based Compensation | |||||||||||
We record compensation expense for time-vested awards on a straight-line basis over the associates’ service period, to the earlier of the retirement eligibility date, if the grant contains provisions such that the award becomes fully vested upon retirement, or the stated vesting period (the non-substantive vesting period approach). |
Effect_of_New_Accounting_Stand
Effect of New Accounting Standards | 12 Months Ended |
Feb. 01, 2014 | |
Effect of New Accounting Standards [Abstract] | ' |
Effect of New Accounting Standards | ' |
Effect of New Accounting Standards | |
In July 2013, the FASB issued Accounting Standards Update (ASU) 2013-11, Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward or Tax Credit Carryforward Exists. This update provides that an entity’s unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with one exception. That exception states that, to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This update applies prospectively to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. Retrospective application is also permitted. This update is effective for annual periods, and interim periods within those years, beginning after December 15, 2013. We do not anticipate the adoption will have a material impact on our consolidated results operations, cash flows or financial position. |
Acquisition
Acquisition | 12 Months Ended |
Feb. 01, 2014 | |
Business Combinations [Abstract] | ' |
Acquisition | ' |
4. Acquisition | |
On November 2, 2011, we completed an acquisition, pursuant to the asset purchase agreement dated October 12, 2011 (Purchase Agreement), to acquire the worldwide rights for the Liz Claiborne® family of trademarks and related intellectual property, as well as the U.S. and Puerto Rico rights for the monet® trademarks and related intellectual property. On February 27, 2012, we acquired the right to source and sell Liz Claiborne branded shoes. We have been the primary exclusive licensee for all Liz Claiborne and Claiborne branded merchandise in the U.S. and Puerto Rico since August 2010 under an original license agreement dated October 5, 2009. As a result of these acquisitions, we permanently added a number of well-established trademarks to our private and exclusive brands. | |
We allocated the purchase price of the acquisitions to identifiable intangible assets based on their estimated fair values. Intangible assets were valued using the relief from royalty and discounted cash flow methodologies which are considered Level 3 fair value measurements. The relief from royalty method estimates our theoretical royalty savings from ownership of the intangible assets. Key assumptions used in this model include discount rates, royalty rates, growth rates and sales projections. Discount rates, royalty rates, growth rates and sales projections are the assumptions most sensitive and susceptible to change as they require significant management judgment. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates and cash flow projections. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. | |
The consideration paid for the brands was $277 million with the entire purchase price allocated to the calculated fair values of the acquired trade names and recorded as intangible assets with indefinite lives at the acquisition dates. We incurred an insignificant amount of direct transaction costs as a result of these acquisitions. Pro forma financial information has not been provided as the acquisitions did not have a material impact on our financial information. See Note 6 and Note 9 for the results of our annual impairment analysis in connection with these indefinite-lived intangible assets. |
EarningsLoss_per_Share
Earnings/(Loss) per Share | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings/(Loss) per Share | ' | ||||||||||||
Earnings/(Loss) per Share | |||||||||||||
Net income/(loss) and shares used to compute basic and diluted EPS are reconciled below: | |||||||||||||
(in millions, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Earnings/(loss) | |||||||||||||
Net income/(loss) | $ | (1,388 | ) | $ | (985 | ) | $ | (152 | ) | ||||
Shares | |||||||||||||
Weighted average common shares outstanding (basic shares) | 249.3 | 219.2 | 217.4 | ||||||||||
Adjustment for assumed dilution: | |||||||||||||
Stock options, restricted stock awards and warrant | — | — | — | ||||||||||
Weighted average shares assuming dilution (diluted shares) | 249.3 | 219.2 | 217.4 | ||||||||||
EPS | |||||||||||||
Basic | $ | (5.57 | ) | $ | (4.49 | ) | $ | (0.70 | ) | ||||
Diluted | $ | (5.57 | ) | $ | (4.49 | ) | $ | (0.70 | ) | ||||
The following average potential shares of common stock were excluded from the diluted EPS calculation because their effect would have been anti-dilutive: | |||||||||||||
(Shares in millions) | 2013 | 2012 | 2011 | ||||||||||
Stock options, restricted stock awards and warrant | 24.3 | 25 | 24.1 | ||||||||||
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Other Assets, Noncurrent [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
Other Assets | |||||||||
($ in millions) | 2013 | 2012 | |||||||
REITs | $ | — | $ | 33 | |||||
Capitalized software, net | 267 | 310 | |||||||
Intangible assets, net (Note 4) | 268 | 277 | |||||||
Cost investment (Note 9 and Note 16) | — | 36 | |||||||
Debt issuance costs, net | 92 | 20 | |||||||
Other | 59 | 69 | |||||||
Total | $ | 686 | $ | 745 | |||||
The market value of our investment in public REITs were accounted for as available for sale securities and were carried at fair value. See Note 9 for the related fair value disclosures, Note 12 for the net unrealized gains and Note 17 for the net realized gains on our REITs. | |||||||||
Our intangible assets consist of our trade name Liz Claiborne and our ownership of the U.S. and Puerto Rico rights of the monet trade name. During the fourth quarter of 2013, as a result of sales performance below our expectations, we decided to reduce our future product offerings under the monet trade name, and as such, we recorded an impairment loss of $9 million (see Note 9 and Note 16) in the line item Real estate and other in the Consolidated Statements of Operations. In connection with our annual indefinite-lived intangible assets impairment tests performed during the fourth quarter of 2013, we did not record an impairment for our Liz Claiborne trade name as the estimated fair value exceeded the carrying value of the underlying asset. |
Other_Accounts_Payable_and_Acc
Other Accounts Payable and Accrued Expenses | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ||||||||
Other Accounts Payable and Accrued Expenses | ' | ||||||||
Other Accounts Payable and Accrued Expenses | |||||||||
($ in millions) | 2013 | 2012 | |||||||
Accrued salaries, vacation and bonus | $ | 209 | $ | 225 | |||||
Customer gift cards | 218 | 230 | |||||||
Taxes other than income taxes | 89 | 78 | |||||||
Occupancy and rent-related | 115 | 114 | |||||||
Interest | 91 | 65 | |||||||
Advertising | 49 | 68 | |||||||
Current portion of workers’ compensation and general liability insurance | 59 | 58 | |||||||
Restructuring and management transition (Note 16) | 29 | 10 | |||||||
Current portion of retirement plan liabilities (Note 15) | 46 | 55 | |||||||
Capital expenditures | 25 | 65 | |||||||
Unrecognized tax benefits (Note 18) | 2 | 2 | |||||||
Other | 266 | 410 | |||||||
Total | $ | 1,198 | $ | 1,380 | |||||
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Other Liabilities, Noncurrent [Abstract] | ' | ||||||||
Other Liabilities | ' | ||||||||
Other Liabilities | |||||||||
($ in millions) | 2013 | 2012 | |||||||
Supplemental pension and other postretirement benefit plan liabilities (Note 15) | $ | 187 | $ | 266 | |||||
Long-term portion of workers’ compensation and general liability insurance | 169 | 167 | |||||||
Deferred developer/tenant allowances | 116 | 128 | |||||||
Primary pension plan (Note 15) | — | 7 | |||||||
Unrecognized tax benefits (Note 18) | 68 | 74 | |||||||
Restructuring and management transition (Note 16) | 4 | 8 | |||||||
Other | 88 | 48 | |||||||
Total | $ | 632 | $ | 698 | |||||
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||||||
Fair Value Disclosures | |||||||||||||||||||||
In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value, as follows: | |||||||||||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
• | Level 2 — Significant observable inputs other than quoted prices in active markets for similar assets and liabilities, such as quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||||||
• | Level 3 — Significant unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. | ||||||||||||||||||||
REIT Assets Measured on a Recurring Basis | |||||||||||||||||||||
During 2013 and 2012, we sold all of our investments in public REIT assets (see Note 17). The market values of our investment in public REIT assets were accounted for as available-for-sale securities and were carried at fair value on an ongoing basis in Other assets in the Consolidated Balance Sheets. We determined the fair value of our investment in public REIT assets using quoted market prices. There were no transfers in or out of any levels during any period presented. | |||||||||||||||||||||
Our REIT assets measured at fair value are as follows: | |||||||||||||||||||||
REIT Assets - Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
($ in millions) | Cost Basis | Quoted Prices in Active Markets of Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
As of February 1, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
As of February 2, 2013 | 7 | 33 | — | — | |||||||||||||||||
Other Non-Financial Assets Measured on a non-Recurring Basis | |||||||||||||||||||||
The following table presents fair values for those assets measured at fair values and gains or losses during 2013 and 2012 on a non-recurring basis, and remaining on our Consolidated Balance Sheet: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
($ in millions) | Carrying Value | Quoted Prices in Active Markets of Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | ||||||||||||||||
As of February 1, 2014 | |||||||||||||||||||||
Store assets | $ | 2 | $ | — | $ | — | $ | 2 | $ | (18 | ) | ||||||||||
Intangible asset (Note 6) | 5 | — | — | 5 | (9 | ) | |||||||||||||||
Total | $ | 7 | $ | — | $ | — | $ | 7 | $ | (27 | ) | ||||||||||
As of February 2, 2013 | |||||||||||||||||||||
Store assets | 8 | — | — | 8 | (26 | ) | |||||||||||||||
Total | $ | 8 | $ | — | $ | — | $ | 8 | $ | (26 | ) | ||||||||||
In 2013, assets of 25 underpeforming department stores that continued to operate with carrying values of $20 million were written down to their estimated fair values of $2 million resulting in impairment charges of $18 million. In 2012, assets of 13 underpeforming department stores that continued to operate with carrying values of $34 million were written down to their estimated fair values of $8 million, resulting in impairment charges of $26 million. These impairment charges are recorded in the line item Real estate and other, net in the Consolidated Statements of Operations. Key assumptions used to determine fair values were future cash flows including, among other things, expected future operating performance and changes in economic conditions as well as other market information obtained from brokers. | |||||||||||||||||||||
During the fourth quarter of 2013, as a result of sales performance below our expectations, we decided to reduce our future product offerings under the monet trade name, indicating a possible impairment. We tested our indefinite-lived intangible asset monet utilizing the relief from royalty method to determine the estimated fair value. The relief from royalty method estimates our theoretical royalty savings from ownership of the intangible asset. Key assumptions in determining relief from royalty include, among other things, discount rates, royalty rates, growth rates, sales projections and terminal value rates. In 2013, our ownership of the U.S. and Puerto Rico rights of the monet trade name, with a carrying amount of $14 million, was written down to its estimated fair value of $5 million, resulting in an impairment charge of $9 million recorded in the line item Real estate and other, net in the Consolidated Statements of Operations. | |||||||||||||||||||||
Other Financial Instruments | |||||||||||||||||||||
Carrying values and fair values of financial instruments that are not carried at fair value in the Consolidated Balance Sheets are as follows: | |||||||||||||||||||||
As of February 1, 2014 | As of February 2, 2013 | ||||||||||||||||||||
($ in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||
Long-term debt, including current maturities | $ | 4,862 | $ | 4,209 | $ | 2,868 | $ | 2,456 | |||||||||||||
Cost investment (Note 16) | — | — | 36 | — | |||||||||||||||||
The fair value of long-term debt is estimated by obtaining quotes from brokers or is based on current rates offered for similar debt. The cost investment was for equity securities that were not registered and freely tradable shares and their fair values were not readily determinable; however, we believe the carrying value approximated or was less than the fair value. | |||||||||||||||||||||
As of February 1, 2014 and February 2, 2013, the fair values of cash and cash equivalents, accounts payable and short-term borrowings approximate their carrying values due to the short-term nature of these instruments. In addition, the fair values of the capital lease commitments and the note payable approximate their carrying values. These items have been excluded from the table above. | |||||||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||||||
We have no significant concentrations of credit risk. |
Credit_Facility
Credit Facility | 12 Months Ended |
Feb. 01, 2014 | |
Line of Credit Facility [Abstract] | ' |
Credit Facility | ' |
Credit Facility | |
On February 8, 2013, J. C. Penney Company, Inc., JCP and J. C. Penney Purchasing Corporation (Purchasing) entered into an amended and restated revolving credit agreement in the amount up to $1,850 million (2013 Credit Facility), which replaced the Company’s prior credit agreement entered into in January 2012, with largely the same syndicate of lenders under the previous agreement, with JPMorgan Chase Bank, N.A., as administrative agent. The 2013 Credit Facility matures on April 29, 2016 and increases the letter of credit sublimit to $750 million and provides an accordion feature that could potentially increase the size of the facility by an amount up to $400 million. | |
The 2013 Credit Facility is an asset-based revolving credit facility and is secured by a perfected first-priority security interest in substantially all of our eligible credit card receivables, accounts receivable and inventory. The 2013 Credit Facility is available for general corporate purposes, including the issuance of letters of credit. Pricing under the 2013 Credit Facility is tiered based on JCP’s senior unsecured long-term credit ratings issued by Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services. JCP’s obligations under the 2013 Credit Facility are guaranteed by J. C. Penney Company, Inc. | |
Availability under the 2013 Credit Facility is limited to a borrowing base which allows us to borrow up to 85% of eligible accounts receivable, plus 90% of eligible credit card receivables, plus 85% of the liquidation value of our inventory, net of certain reserves. Letters of credit reduce the amount available to borrow by their face value. In the event that availability under the 2013 Credit Facility is at any time less than the greater of (1) $125 million or (2) 10% of the lesser of the total facility or the borrowing base then in effect, for a period of at least 30 days, the Company will be subject to a fixed charge coverage ratio covenant of 1.0 to 1.0 which is calculated as of the last day of the quarter and measured on a trailing four-quarter basis. | |
On April 12, 2013, we borrowed $850 million under the 2013 Credit Facility of which $200 million was repaid during the third quarter of 2013. As of the end of 2013, $650 million of the borrowing remains outstanding. The borrowing bears interest at a rate of LIBOR plus 3.0%. As of the end of 2013, we had $506 million in standby and import letters of credit outstanding under the 2013 Credit Facility, the majority of which are standby letters of credit that support our merchandise initiatives and workers’ compensation. None of the standby or import letters of credit have been drawn on. The applicable rate for standby and import letters of credit was 3.00% and 1.50%, respectively, while the required commitment fee was 0.50% for the unused portion of the 2013 Credit Facility. As of the end of 2013, we had $694 million available for future borrowing, of which $509 million is currently accessible due to the limitation of the fixed charge coverage ratio. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
($ in millions) | 2013 | 2012 | |||||||
Issue: | |||||||||
5.65% Senior Notes Due 2020(1) | $ | 400 | $ | 400 | |||||
5.75% Senior Notes Due 2018(1) | 300 | 300 | |||||||
6.375% Senior Notes Due 2036(1) | 400 | 400 | |||||||
6.875% Medium-Term Notes Due 2015 | 200 | 200 | |||||||
6.9% Notes Due 2026 | 2 | 2 | |||||||
7.125% Debentures Due 2023 | 10 | 255 | |||||||
7.4% Debentures Due 2037 | 326 | 326 | |||||||
7.625% Notes Due 2097 | 500 | 500 | |||||||
7.65% Debentures Due 2016 | 200 | 200 | |||||||
7.95% Debentures Due 2017 | 285 | 285 | |||||||
Term Loan | 2,239 | — | |||||||
Total notes and debentures | 4,862 | 2,868 | |||||||
Less: current maturities | 23 | — | |||||||
Total long-term debt | $ | 4,839 | $ | 2,868 | |||||
Weighted-average interest rate at year end | 6.5 | % | 6.9 | % | |||||
Weighted-average maturity | 15 years | ||||||||
-1 | These debt issuances contain a change of control provision that would obligate us, at the holders’ option, to repurchase the debt at a price of 101%. These provisions trigger if there were a beneficial ownership change of 50% or more of our common stock. | ||||||||
Tender Offer | |||||||||
On April 30, 2013 we announced the commencement of a cash tender offer (Tender Offer) and consent solicitation for our 7.125% Debentures Due 2023 (Notes) for total consideration consisting of an amount equal to $1,350 per $1,000 principal amount of Notes, including a consent payment in the amount equal to $50 per $1,000 principal amount of Notes. We solicited consents to effect certain proposed amendments to the indenture, as amended and supplemented, governing the Notes (the Indenture) that would eliminate most of the restrictive covenants and certain events of default and other provisions in the Indenture (Proposed Amendments). | |||||||||
On May 14, 2013, we announced that we had amended our previously announced Tender Offer (Amended Tender Offer) and related solicitation of consents to extend the expiration date of the consent solicitation and to increase the tender consideration. The Amended Tender Offer increased the total consideration from $1,350 to $1,450 per $1,000 principal amount of the Notes (Amended Tender Offer Consideration); extended the expiration date of the consent solicitation from May 13, 2013 to May 20, 2013 (Consent Expiration) and extended the expiration of the tender offer from May 28, 2013 to June 4, 2013 (Expiration Time). | |||||||||
Holders that validly tendered their Notes prior to the Consent Expiration, as extended, received the Amended Tender Offer Consideration. Holders that validly tendered their Notes after the Consent Expiration, as extended, but prior to the Expiration Time, as extended, received only the tender offer consideration of $1,400 per $1,000 principal amount of the Notes (Tender Offer Consideration). Holders whose Notes were accepted for purchase in the Amended Tender Offer also received accrued and unpaid interest to, but not including, the applicable payment date for the Notes. On May 22, 2013, we accepted for purchase $243 million in aggregate principal amount of the Notes, representing 95.41% of the outstanding principal amount, for aggregate Amended Tender Offer Consideration of $352 million. On June 5, 2013, we accepted for purchase an additional $2 million in aggregate principal amount of the Notes, for aggregate Tender Offer Consideration of $3 million. The Tender Offer resulted in a loss on the extinguishment of debt of $114 million which includes the premium paid over face value of the Notes of $110 million, reacquisition costs of $2 million and the write-off of unamortized debt issue costs of $2 million. As a result of receiving the requisite consent of the Holders of at least 66 2/3% of aggregate principal amount of Notes outstanding, the Proposed Amendments were approved and became operative. | |||||||||
Term Loan Facility | |||||||||
On May 22, 2013, JCP entered into a $2.25 billion five-year senior secured term loan facility (2013 Term Loan Facility). The 2013 Term Loan Facility is guaranteed by J. C. Penney Company, Inc. and certain subsidiaries of JCP, and is secured by mortgages on certain real estate of JCP and the guarantors, in addition to substantially all other assets of JCP and the guarantors. Proceeds of the 2013 Term Loan Facility were used to fund the Amended Tender Offer and will be used to fund ongoing working capital requirements and general corporate purposes. The 2013 Term Loan Facility bears interest at a rate of LIBOR plus 5.0%. We are required to make quarterly repayments in a principal amount equal to $5.625 million during the five-year term, beginning September 30, 2013, subject to certain reductions for mandatory and optional prepayments. | |||||||||
Scheduled Debt Repayment | |||||||||
In August 2012, we repaid $230 million of 9.0% Notes at maturity. | |||||||||
Scheduled Annual Principal Payments on Long-Term Debt | |||||||||
($ in millions) | |||||||||
2014 | $ | 23 | |||||||
2015 | 223 | ||||||||
2016 | 223 | ||||||||
2017 | 308 | ||||||||
2018 | 2,447 | ||||||||
Thereafter | 1,638 | ||||||||
Total | $ | 4,862 | |||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Income/(Loss) | ||||||||||||||||||||||||||||||||||||
The tax effects allocated to each component of other comprehensive income/(loss) are as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
($ in millions) | Gross Amount | Income Tax (Expense)/Benefit | Net Amount | Gross Amount | Income Tax (Expense)/Benefit | Net Amount | Gross Amount | Income Tax (Expense)/Benefit | Net Amount | |||||||||||||||||||||||||||
REITs | ||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) | $ | (2 | ) | $ | 1 | $ | (1 | ) | $ | 56 | $ | (20 | ) | $ | 36 | $ | 82 | $ | (29 | ) | $ | 53 | ||||||||||||||
Reclassification adjustment for (gain)/loss | (24 | ) | 8 | (16 | ) | (285 | ) | (2) | 101 | (184 | ) | — | — | — | ||||||||||||||||||||||
Retirement benefit plans | ||||||||||||||||||||||||||||||||||||
Net actuarial gain/(loss) arising during the period | 659 | (255 | ) | (1) | 404 | 60 | (23 | ) | 37 | (872 | ) | 338 | (534 | ) | ||||||||||||||||||||||
Prior service credit/(cost) arising during the period | (7 | ) | 3 | (1) | (4 | ) | (42 | ) | 16 | (26 | ) | (4 | ) | 1 | (3 | ) | ||||||||||||||||||||
Reclassification of net prior service (credit)/cost from a curtailment | — | — | — | (5 | ) | 2 | (3 | ) | 1 | — | 1 | |||||||||||||||||||||||||
Reclassification of net actuarial (gain)/loss from a settlement | — | — | — | 148 | (57 | ) | 91 | — | — | — | ||||||||||||||||||||||||||
Reclassification for amortization of net actuarial (gain)/loss | 175 | (67 | ) | (1) | 108 | 242 | (94 | ) | 148 | 154 | (60 | ) | 94 | |||||||||||||||||||||||
Reclassification for amortization of prior service (credit)/cost | (1 | ) | — | (1 | ) | (13 | ) | 5 | (8 | ) | (24 | ) | 9 | (15 | ) | |||||||||||||||||||||
Total | $ | 800 | $ | (310 | ) | $ | 490 | $ | 161 | $ | (70 | ) | $ | 91 | $ | (663 | ) | $ | 259 | $ | (404 | ) | ||||||||||||||
-1 | In accordance with accounting standards, we are required to allocate a portion of our tax provision between operating losses and accumulated other comprehensive income. As a result, the Company recorded income tax expense in other comprehensive income/(loss)which is offset by a tax benefit on the loss for the year. See Note 18. | |||||||||||||||||||||||||||||||||||
-2 | During the second quarter of 2012, the reclassification adjustment for the Simon Property Group, L.P. (SPG) units of $270 million was calculated by using the closing fair market value per SPG unit of $158.13 on July 19, 2012 for the two million REIT units that were redeemed on July 20, 2012. The REIT units were redeemed at a price of $124.00 per unit (see Note 17). | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income/(Loss) | ||||||||||||||||||||||||||||||||||||
The following table shows the changes in accumulated other comprehensive income/(loss) balances for 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
($ in millions) | Unrealized Gain/(Loss) on REITs | Net Actuarial Gain/(Loss) | Prior Service Credit/(Cost) | Accumulated Other Comprehensive Income/(Loss) | ||||||||||||||||||||||||||||||||
January 28, 2012 | $ | 165 | $ | (1,397 | ) | $ | 23 | $ | (1,209 | ) | ||||||||||||||||||||||||||
Current period change | (148 | ) | 276 | (37 | ) | 91 | ||||||||||||||||||||||||||||||
February 2, 2013 | $ | 17 | $ | (1,121 | ) | $ | (14 | ) | $ | (1,118 | ) | |||||||||||||||||||||||||
Current period change | (17 | ) | 512 | (5 | ) | 490 | ||||||||||||||||||||||||||||||
February 1, 2014 | $ | — | $ | (609 | ) | $ | (19 | ) | $ | (628 | ) | |||||||||||||||||||||||||
Reclassifications out of accumulated other comprehensive income/(loss) are as follows: | ||||||||||||||||||||||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) | Line Item in the Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Realized (gain)/loss on REITs | ||||||||||||||||||||||||||||||||||||
Sale or redemption of SPG REIT units | $ | (24 | ) | $ | (270 | ) | $ | — | Real estate and other, net | |||||||||||||||||||||||||||
Sale of CBL REIT shares | — | (15 | ) | — | Real estate and other, net | |||||||||||||||||||||||||||||||
Tax (expense)/benefit | 8 | 101 | — | Income tax expense/(benefit) | ||||||||||||||||||||||||||||||||
Total, net of tax | (16 | ) | (184 | ) | — | |||||||||||||||||||||||||||||||
Retirement benefit plans | ||||||||||||||||||||||||||||||||||||
Amortization of actuarial (gain)/loss(1) | 176 | 243 | 155 | Pension | ||||||||||||||||||||||||||||||||
Amortization of prior service (credit)/cost(1) | 7 | 1 | 1 | Pension | ||||||||||||||||||||||||||||||||
Amortization of actuarial (gain)/loss(1) | (1 | ) | (1 | ) | (1 | ) | SG&A | |||||||||||||||||||||||||||||
Amortization of prior service (credit)/cost(1) | (8 | ) | (14 | ) | (25 | ) | SG&A | |||||||||||||||||||||||||||||
Prior service (credit)/cost from a curtailment | — | (5 | ) | 1 | Restructuring and management transition (Note 16) | |||||||||||||||||||||||||||||||
Actuarial (gain)/loss from a settlement(1) | — | 148 | — | Pension | ||||||||||||||||||||||||||||||||
Tax (expense)/benefit | (67 | ) | (144 | ) | (51 | ) | Income tax expense/(benefit) | |||||||||||||||||||||||||||||
Total, net of tax | 107 | 228 | 80 | |||||||||||||||||||||||||||||||||
Total reclassifications | $ | 91 | $ | 44 | $ | 80 | ||||||||||||||||||||||||||||||
-1 | These accumulated other comprehensive components are included in the computation of net periodic benefits expense/(income). See Note 15 for additional details. | |||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||
On a combined basis, our 401(k) savings plan, including our employee stock ownership plan (ESOP), held approximately 13 million shares, or approximately 4.0% of outstanding Company common stock, at February 1, 2014. For the years 2013, 2012 and 2011, we declared dividends of $0.00, $0.20 and $0.80 per share, respectively. | ||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | ||||||||||||||||||||||||||||||||||||
On October 1, 2013, we issued 84 million shares of common stock with a par value of $0.50 per share for $9.65 per share for total net proceeds of $786 million after $24 million of fees. | ||||||||||||||||||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||||||||||||||
We have authorized 25 million shares of preferred stock; no shares of preferred stock were issued and outstanding as of February 1, 2014 or February 2, 2013. | ||||||||||||||||||||||||||||||||||||
Stock Warrant | ||||||||||||||||||||||||||||||||||||
On June 13, 2011, prior to his employment, we entered into a warrant purchase agreement with Ronald B. Johnson pursuant to which Mr. Johnson made a personal investment in the Company by purchasing a warrant to acquire approximately 7.3 million shares of J. C. Penney Company, Inc. common stock for a purchase price of approximately $50 million at a mutually determined fair value of $6.89 per share. The warrant has an exercise price of $29.92 per share, subject to customary adjustments resulting from a stock split, reverse stock split, or other extraordinary distribution with respect to J. C. Penney Company, Inc. common stock. The warrant has a term of seven and one-half years and was initially exercisable after the sixth anniversary, or June 13, 2017; however, the warrant became immediately exercisable upon the termination of Mr. Johnson’s employment with us in April 2013. The warrant is also subject to transfer restrictions. The proceeds from the sale of the warrant were recorded as additional paid-in capital and the dilutive effect of the warrant has been included in the EPS calculation from the date of issuance. | ||||||||||||||||||||||||||||||||||||
The fair value of the warrant was determined on the date of the warrant purchase agreement using a Monte Carlo simulation methodology with the following assumptions: | ||||||||||||||||||||||||||||||||||||
Expected term | 7.5 years | |||||||||||||||||||||||||||||||||||
Expected volatility | 37 | % | ||||||||||||||||||||||||||||||||||
Risk-free interest rate | 2.47 | % | ||||||||||||||||||||||||||||||||||
Expected dividend yield | 2.67 | % | ||||||||||||||||||||||||||||||||||
Valuation Method. The fair value of the stock warrant was determined on the date of the warrant purchase agreement using a Monte Carlo simulation method that reflected the impact of the key features of the warrant using different simulations and probability weighting. | ||||||||||||||||||||||||||||||||||||
Expected Term. The expected term was determined based on the maturity determined period that both parties expect the warrant to be outstanding. | ||||||||||||||||||||||||||||||||||||
Expected Volatility. The expected volatility was based on implied volatility. | ||||||||||||||||||||||||||||||||||||
Risk-free Interest Rate. The risk-free interest rate was based on zero-coupon U.S. Treasury yields in effect at the date of the agreement with the same maturity as the expected warrant term. | ||||||||||||||||||||||||||||||||||||
Expected Dividend Yield. The dividend assumption was based on expectations about the Company’s dividend policy. | ||||||||||||||||||||||||||||||||||||
Common Stock Repurchase Program | ||||||||||||||||||||||||||||||||||||
In February 2011, our Board of Directors authorized a program to repurchase up to $900 million of Company common stock using existing cash and cash equivalents. In the first quarter of 2011, through open market transactions, we repurchased approximately 21 million shares for $787 million. In the second quarter of 2011, we purchased an additional three million shares for $113 million and completed the program on May 6, 2011. As a result of this repurchase program, approximately 24 million total shares were purchased for a total of $900 million at an average share price of $36.98, including commission. Repurchased shares were retired on the date of purchase, and the excess of the purchase price over par value was allocated between reinvested earnings and additional paid-in capital. | ||||||||||||||||||||||||||||||||||||
Stockholders' Rights Agreement | ||||||||||||||||||||||||||||||||||||
As authorized by our Company’s Board of Directors (the Board), on January 27, 2014, the Company entered into an Amended and Restated Rights Agreement (Amended Rights Agreement) with Computershare Inc., as Rights Agent (Rights Agent), amending, restating and replacing the Rights Agreement, dated as of August 22, 2013 (Original Rights Agreement), between the Company and the Rights Agent. Pursuant to the terms of the Original Rights Agreement, one preferred stock purchase right (a Right) was attached to each outstanding share of Common Stock of $0.50 par value of the Company (Common Stock) held by holders of record as of the close of business on September 3, 2013. The Company has issued one Right in respect of each new share of Common Stock issued since the record date. The Rights, registered on August 23, 2013, trade with and are inseparable from our Common Stock and will not be evidenced by separate certificates unless they become exercisable. | ||||||||||||||||||||||||||||||||||||
The purpose of the Amended Rights Agreement is to diminish the risk that the Company's ability to use its net operating losses and other tax assets to reduce potential future federal income tax obligations would become subject to limitations by reason of the Company's experiencing an "ownership change" as defined under Section 382 of the Internal Revenue Code. Ownership changes under Section 382 generally relate to the cumulative change in ownership among stockholders with an ownership interest of 5% or more (as determined under Section 382's rules) over a rolling three year period. The Amended Rights Agreement is intended to reduce the likelihood of an ownership change under Section 382 by deterring any person or group from acquiring beneficial ownership of 4.9% or more of the outstanding Common Stock. The amendments to the Original Rights Agreement also extended the expiration date of the Rights from August 20, 2014 to January 26, 2017 and amended certain other provisions, including the definition of "beneficial ownership" to include terms appropriate for the purpose of preserving tax benefits. We are submitting the Amended Rights Agreement for stockholder approval at our 2014 annual meeting and the Rights will immediately expire if stockholder approval is not received. | ||||||||||||||||||||||||||||||||||||
Each Right entitles its holder to purchase from the Company 1/1000th of a share of a newly authorized series of participating preferred stock at an exercise price of $55.00, subject to adjustment in accordance with the terms of the Amended Rights Agreement, once the Rights become exercisable. In general terms, under the Amended Rights Agreement, the Rights become exercisable if any person or group acquires 4.9% or more of the Common Stock or, in the case of any person or group that owned 4.9% or more of the Common Stock as of January 27, 2014, upon the acquisition of any additional shares by such person or group. In addition, the Company, its subsidiaries, employee benefit plans of the Company or any of its subsidiaries, and any entity holding Common Stock for or pursuant to the terms of any such plan, are excepted. Upon exercise of the Right in accordance with the Amended Rights Agreement, the holder would be able to purchase a number of shares of Common Stock from the Company having an aggregate market value (as defined in the Amended Rights Agreement) equal to twice the then-current exercise price for an amount in cash equal to the then-current exercise price. The Rights will not prevent an ownership change from occurring under Section 382 of the Code or a takeover of the Company, but may cause substantial dilution to a person that acquires 4.9% or more of our Common Stock. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
We grant stock-based compensation awards to employees and non-employee directors under our equity compensation plan. On May 18, 2012, our stockholders approved the J. C. Penney Company, Inc. 2012 Long-Term Incentive Plan (2012 Plan), reserving 7 million shares for future grants (1.5 million newly authorized shares plus up to 5.5 million reserved but unissued shares from our prior 2009 Long-Term Incentive Plan (2009 Plan)). In addition, shares underlying any outstanding stock award or stock option grant cancelled prior to vesting or exercise become available for use under the 2012 Plan. The 2009 Plan terminated on May 18, 2012, except for outstanding awards, and all subsequent awards have been granted under the 2012 Plan. As of the end of 2013, there were approximately 7.3 million shares of stock available for future grant under the 2012 Plan. | ||||||||||||||
Employee stock options and time-based and performance-based restricted stock awards typically vest over periods ranging from one to three years. The number of performance-based restricted stock awards that ultimately vest is dependent on the achievement of an internal profitability target. The exercise price of stock options and the market value of time-based and performance-based restricted stock awards are determined based on the closing market price of our common stock on the date of grant. The 2012 Plan does not permit awarding stock options below grant-date market value nor does it allow any repricing subsequent to the date of grant. Employee stock options have a maximum term of 10 years. | ||||||||||||||
In February 2012, the Company approved an equity inducement award plan for 900,000 shares. No shares have been issued from the inducement award plan as of February 1, 2014. | ||||||||||||||
Our stock option and restricted stock award grants have averaged about 2.5% of outstanding stock over the past three years. We issue new shares upon the exercise of stock options, granting of restricted shares and vesting of restricted stock units. | ||||||||||||||
Stock-based Compensation Cost | ||||||||||||||
The components of total stock-based compensation costs are as follows: | ||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||||
Stock awards | $ | 14 | $ | 33 | $ | 22 | ||||||||
Stock options | 14 | 17 | 24 | |||||||||||
Total stock-based compensation(1) | $ | 28 | $ | 50 | $ | 46 | ||||||||
Total income tax benefit recognized for stock-based compensation arrangements | $ | — | $ | 19 | $ | 18 | ||||||||
-1 | Excludes $18 million, $11 million and $79 million for 2013, 2012 and 2011, respectively, of stock-based compensation costs reported in restructuring and management transition charges (see Note 16). | |||||||||||||
Stock Options | ||||||||||||||
The following table summarizes stock option activity during the year ended February 1, 2014: | ||||||||||||||
Shares (in thousands) | Weighted - Average Exercise Price Per Share | Weighted - Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value ($ in millions)(1) | |||||||||||
Outstanding at February 2, 2013 | 13,593 | $ | 40 | |||||||||||
Granted | 3,448 | 15 | ||||||||||||
Exercised | (397 | ) | 16 | |||||||||||
Forfeited/canceled | (2,615 | ) | 30 | |||||||||||
Outstanding at February 1, 2014 | 14,029 | 36 | 4.4 | $ | — | |||||||||
Exercisable at February 1, 2014 | 10,617 | 41 | 3 | $ | — | |||||||||
-1 | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option at year end. As of February 1, 2014, all outstanding stock options had an exercise price above the closing price of JCPenney common stock of $5.92. | |||||||||||||
If all outstanding options were exercised, common stock outstanding would increase by 4.6%. | ||||||||||||||
Cash proceeds, tax benefits and intrinsic value related to total stock options exercised are provided in the following table: | ||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||||
Proceeds from stock options exercised | $ | 7 | $ | 71 | $ | 18 | ||||||||
Intrinsic value of stock options exercised | 2 | 38 | 28 | |||||||||||
Tax benefit related to stock-based compensation | — | 15 | 11 | |||||||||||
Excess tax benefits realized on stock-based compensation | — | 12 | 10 | |||||||||||
As of February 1, 2014, we had $18 million of unrecognized and unearned compensation expense, net of estimated forfeitures, for stock options not yet vested, which will be recognized as expense over the remaining weighted-average vesting period of approximately two years. | ||||||||||||||
Stock Option Valuation | ||||||||||||||
Valuation Method. We estimate the fair value of stock option awards on the date of grant using primarily the binomial lattice model. We believe that the binomial lattice model is a more accurate model for valuing employee stock options since it better reflects the impact of stock price changes on option exercise behavior. | ||||||||||||||
Expected Term. Our expected option term represents the average period that we expect stock options to be outstanding and is determined based on our historical experience, giving consideration to contractual terms, vesting schedules, anticipated stock prices and expected future behavior of option holders. | ||||||||||||||
Expected Volatility. Our expected volatility is based on a blend of the historical volatility of JCPenney stock combined with an estimate of the implied volatility derived from exchange traded options. | ||||||||||||||
Risk-Free Interest Rate. Our risk-free interest rate is based on zero-coupon U.S. Treasury yields in effect at the date of grant with the same period as the expected option life. | ||||||||||||||
Expected Dividend Yield. The dividend assumption is based on our current expectations about our dividend policy. | ||||||||||||||
Our weighted-average fair value of stock options at grant date was $7.15 in 2013, $11.49 in 2012 and $11.37 in 2011 using the binomial lattice valuation model and the following assumptions: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Weighted-average expected option term | 4.4 years | 4.9 years | 4.5 years | |||||||||||
Weighted-average expected volatility | 62.00% | 45.30% | 41.20% | |||||||||||
Weighted-average risk-free interest rate | 0.64% | 0.87% | 1.75% | |||||||||||
Weighted-average expected dividend yield | —% | 1.40% | 2.20% | |||||||||||
Expected dividend yield range | —% | 2.0% – 2.1% | 1.8% – 2.2% | |||||||||||
Stock Awards | ||||||||||||||
The following table summarizes our non-vested stock awards activity during the year ended February 1, 2014: | ||||||||||||||
Time-Based Stock Awards | Performance-Based Stock Awards | |||||||||||||
(shares in thousands) | Number of Units | Weighted- Date Fair Value | Number of Units | Weighted- Date Fair Value | ||||||||||
Non-vested at February 2, 2013 | 3,418 | $ | 31 | 44 | $ | 31 | ||||||||
Granted | 971 | 15 | 1,082 | 14 | ||||||||||
Vested | (1,344 | ) | 29 | (155 | ) | 19 | ||||||||
Forfeited/canceled | (1,688 | ) | 29 | (898 | ) | 14 | ||||||||
Non-vested at February 1, 2014 | 1,357 | 23 | 73 | 7 | ||||||||||
As of February 1, 2014, we had $18 million of unrecognized compensation expense related to unearned employee stock awards, which will be recognized over the remaining weighted-average vesting period of approximately two years. The aggregate market value of shares vested during 2013, 2012 and 2011 was $25 million, $26 million and $145 million, respectively, compared to an aggregate grant date fair value of $42 million, $29 million and $111 million, respectively. |
Leases
Leases | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases | ' | ||||||||||||
Leases | |||||||||||||
We conduct a major part of our operations from leased premises that include retail stores, store distribution centers, warehouses, offices and other facilities. Almost all leases will expire during the next 20 years; however, most leases will be renewed, primarily through an option exercise, or replaced by leases on other premises. We also lease data processing equipment and other personal property under operating leases of primarily three to five years. Rent expense, net of sublease income, was as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Real property base rent and straight-lined step rent expense | $ | 230 | $ | 233 | $ | 243 | |||||||
Real property contingent rent expense (based on sales) | 5 | 10 | 16 | ||||||||||
Personal property rent expense | 65 | 67 | 64 | ||||||||||
Total rent expense | $ | 300 | $ | 310 | $ | 323 | |||||||
Less: sublease income(1) | (16 | ) | (16 | ) | (18 | ) | |||||||
Net rent expense | $ | 284 | $ | 294 | $ | 305 | |||||||
-1 | Sublease income is reported in Real estate and other, net. | ||||||||||||
As of February 1, 2014, future minimum lease payments for non-cancelable operating leases, including lease renewals determined to be reasonably assured and capital leases, including our note payable, were as follows: | |||||||||||||
($ in millions) | Operating Leases | ||||||||||||
2014 | $ | 258 | |||||||||||
2015 | 222 | ||||||||||||
2016 | 195 | ||||||||||||
2017 | 163 | ||||||||||||
2018 | 133 | ||||||||||||
Thereafter | 1,938 | ||||||||||||
Less: sublease income | (80 | ) | |||||||||||
Total minimum lease payments | $ | 2,829 | |||||||||||
($ in millions) | Capital Leases and Note Payable | ||||||||||||
2014 | $ | 30 | |||||||||||
2015 | 40 | ||||||||||||
2016 | 17 | ||||||||||||
2017 | 9 | ||||||||||||
2018 | — | ||||||||||||
Thereafter | — | ||||||||||||
Less: sublease income | — | ||||||||||||
Total minimum lease payments | 96 | ||||||||||||
Less: amounts representing interest | (7 | ) | |||||||||||
Present value of net minimum lease obligations | $ | 89 | |||||||||||
Retirement_Benefit_Plans
Retirement Benefit Plans | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||
Retirement Benefit Plans | ' | ||||||||||||||||||||
Retirement Benefit Plans | |||||||||||||||||||||
We provide retirement pension benefits, postretirement health and welfare benefits, as well as 401(k) savings, profit-sharing and stock ownership plan benefits to various segments of our workforce. Retirement benefits are an important part of our total compensation and benefits program designed to retain and attract qualified, talented employees. Pension benefits are provided through defined benefit pension plans consisting of a non-contributory qualified pension plan (Primary Pension Plan) and, for certain management employees, non-contributory supplemental retirement plans, including a 1997 voluntary early retirement plan. Retirement and other benefits include: | |||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||
Primary Pension Plan – funded | |||||||||||||||||||||
Supplemental retirement plans – unfunded | |||||||||||||||||||||
Other Benefit Plans | |||||||||||||||||||||
Postretirement benefits – medical and dental | |||||||||||||||||||||
Defined contribution plans: | |||||||||||||||||||||
401(k) savings, profit-sharing and stock ownership plan | |||||||||||||||||||||
Deferred compensation plan | |||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||
Primary Pension Plan — Funded | |||||||||||||||||||||
The Primary Pension Plan is a funded non-contributory qualified pension plan, initiated in 1966 and closed to new entrants on January 1, 2007. The plan is funded by Company contributions to a trust fund, which are held for the sole benefit of participants and beneficiaries. | |||||||||||||||||||||
Supplemental Retirement Plans — Unfunded | |||||||||||||||||||||
We have unfunded supplemental retirement plans, which provide retirement benefits to certain management employees. We pay ongoing benefits from operating cash flow and cash investments. The plans are a Supplemental Retirement Program and a Benefit Restoration Plan. Participation in the Supplemental Retirement Program is limited to employees who were annual incentive-eligible management employees as of December 31, 1995. Benefits for these plans are based on length of service and final average compensation. The Benefit Restoration Plan is intended to make up benefits that could not be paid by the Primary Pension Plan due to governmental limits on the amount of benefits and the level of pay considered in the calculation of benefits. The Supplemental Retirement Program is a non-qualified plan that was designed to allow eligible management employees to retire at age 60 with retirement income comparable to the age 65 benefit provided under the Primary Pension Plan and Benefit Restoration Plan. In addition, the Supplemental Retirement Program offers participants who leave between ages 60 and 62 benefits equal to the estimated social security benefits payable at age 62. The Supplemental Retirement Program also continues Company-paid term life insurance at a declining rate until it is phased out at age 70. Employee-paid term life insurance through age 65 is continued under a separate plan (Supplemental Term Life Insurance Plan for Management Profit-Sharing Employees). | |||||||||||||||||||||
Voluntary Early Retirement Program (VERP) | |||||||||||||||||||||
In August 2011, we announced a VERP under which approximately 8,000 eligible employees had between September 1, 2011 and October 15, 2011 to elect to participate. For the approximately 4,000 employees who elected to accept the VERP, we incurred a total charge of $176 million for enhanced retirement benefits which was recorded in the line item Restructuring and management transition in the Consolidated Statements of Operations (see Note 16). Enhanced retirement benefits of $133 million related to our Primary Pension Plan decreased our overfunded status of the plan. Enhanced retirement benefits of $36 million and $7 million related to our unfunded Supplemental Retirement Program and Benefit Restoration Plan, respectively, increased the projected benefit obligation (PBO) of these plans. In addition, we also incurred curtailment charges totaling $1 million related to our Supplemental Retirement Program and Benefit Restoration Plan as a result of the reduction in the expected years of future service related to these plans. These curtailment charges were recorded in the line item Restructuring and management transition in the Consolidated Statements of Operations (see Note 16). As a result of these curtailments, the liabilities for our Supplemental Retirement Program and Benefit Restoration Plan were remeasured as of October 15, 2011. The discount rate used for the October 15 remeasurements was 5.06% as compared to the year-end 2010 discount rate of 5.65%. As of October 15, 2011, the PBOs of our Supplemental Retirement Program and Benefit Restoration Plan were increased by $71 million and $24 million, respectively. | |||||||||||||||||||||
Curtailments | |||||||||||||||||||||
During the first half of 2012, we took actions to reduce our work force. During the third quarter of 2012, when substantially all employee exits were completed, we recorded a net curtailment gain of $7 million due to the reduction in the expected years of future service related to our retirement benefit plans. The net curtailment gain is included in the line item Restructuring and management transition in the Consolidated Statements of Operations (see Note 16). The curtailments resulted in reductions in the PBOs of our Primary Pension Plan, non-qualified supplemental plans and the postretirement health and welfare plan of $80 million, $13 million and $2 million, respectively. As a result of these curtailments, the liabilities for our retirement benefit plans were remeasured as of September 30, 2012 using a discount rate of 4.25% compared to the year-end 2011 discount rate of 4.82%. As a result of the remeasurements, the PBOs of our Primary Pension Plan and the non-qualified supplemental plans were increased by $166 million and $55 million, respectively, which was offset by a decrease in our PBO for our post-retirement health and welfare plan by $5 million. As of September 30, 2012, the PBO’s of our Primary Pension Plan, non-qualified supplemental plans and postretirement health and welfare plan were $5,550 million, $300 million and $18 million, respectively. | |||||||||||||||||||||
Primary Pension Plan Lump-Sum Payment Offer | |||||||||||||||||||||
In September 2012, as a result of a plan amendment, we offered approximately 35,000 participants in the Primary Pension Plan who separated from service and had a deferred vested benefit as of August 31, 2012 the option to receive a lump-sum settlement payment. These participants had until November 30, 2012 to elect to receive the lump-sum settlement payment with the payments to be made by the Company beginning on December 4, 2012 using assets from the Primary Pension Plan. As a result of the approximately 25,000 participants who elected the lump-sum settlements, we made payments totaling $439 million from the Primary Pension Plan’s assets and recognized settlement expense of $148 million for unrecognized actuarial losses. We also amended the Primary Pension Plan to allow for participants that separate from the Company on or after September 1, 2012 the option of a lump-sum settlement payment from the plan. The amendment also provided for automatic lump-sum settlement payments for participants with vested balances less than $5,000. | |||||||||||||||||||||
Pension Expense/(Income) for Defined Benefit Pension Plans | |||||||||||||||||||||
Pension expense is based upon the annual service cost of benefits (the actuarial cost of benefits attributed to a period) and the interest cost on plan liabilities, less the expected return on plan assets for the Primary Pension Plan. Differences in actual experience in relation to assumptions are not recognized immediately but are deferred and amortized over the average remaining service period of approximately eight years for the Primary Pension Plan, subject to a corridor as permitted under GAAP pension plan accounting. | |||||||||||||||||||||
The components of net periodic benefit expense/(income) for our Primary Pension Plan and our non-contributory supplemental pension plans are as follows: | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Primary Pension Plan | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | 78 | $ | 87 | $ | 88 | |||||||||||||||
Interest cost | 204 | 242 | 247 | ||||||||||||||||||
Expected return on plan assets | (340 | ) | (382 | ) | (385 | ) | |||||||||||||||
Amortization of actuarial loss/(gain) | 152 | 220 | 137 | ||||||||||||||||||
Amortization of prior service cost/(credit) | 6 | — | — | ||||||||||||||||||
Settlement expense | — | 148 | — | ||||||||||||||||||
Net periodic benefit expense/(income) | $ | 100 | $ | 315 | $ | 87 | |||||||||||||||
Supplemental Pension Plans | |||||||||||||||||||||
Service cost | $ | — | $ | 1 | $ | 2 | |||||||||||||||
Interest cost | 12 | 13 | 13 | ||||||||||||||||||
Amortization of actuarial loss/(gain) | 24 | 23 | 18 | ||||||||||||||||||
Amortization of prior service cost/(credit) | 1 | 1 | 1 | ||||||||||||||||||
Net periodic benefit expense/(income) | $ | 37 | $ | 38 | $ | 34 | |||||||||||||||
Primary and Supplemental Pension Plans Total | |||||||||||||||||||||
Service cost | $ | 78 | $ | 88 | $ | 90 | |||||||||||||||
Interest cost | 216 | 255 | 260 | ||||||||||||||||||
Expected return on plan assets | (340 | ) | (382 | ) | (385 | ) | |||||||||||||||
Amortization of actuarial loss/(gain) | 176 | 243 | 155 | ||||||||||||||||||
Amortization of prior service cost/(credit) | 7 | 1 | 1 | ||||||||||||||||||
Settlement charge | — | 148 | — | ||||||||||||||||||
Net periodic benefit expense/(income) | $ | 137 | $ | 353 | $ | 121 | |||||||||||||||
The defined benefit plan pension expense shown in the above table is included as a separate line item in the Consolidated Statements of Operations. | |||||||||||||||||||||
Assumptions | |||||||||||||||||||||
The weighted-average actuarial assumptions used to determine expense were as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected return on plan assets | 7 | % | 7.5 | % | 7.5 | % | |||||||||||||||
Discount rate | 4.19 | % | 4.82 | % | (1) | 5.65 | % | (2) | |||||||||||||
Salary increase | 4.7 | % | 4.7 | % | 4.7 | % | |||||||||||||||
-1 | The discount rate used was revised to 4.25% on the remeasurement date of September 30, 2012 as a result of the curtailments. | ||||||||||||||||||||
-2 | The discount rate used for the Supplemental Retirement Program and Benefit Restoration Plan was revised to 5.06% on the remeasurement date of October 15, 2011 as a result of the VERP. | ||||||||||||||||||||
The expected return on plan assets is based on the plan’s long-term asset allocation policy, historical returns for plan assets and overall capital market returns, taking into account current and expected market conditions. In 2012 and 2011, the expected return on plan assets was 7.5%, which was reduced from the 2010 rate of 8.4% to align our expected rate of return with our new asset allocation targets. The expected return assumption for 2013 and 2014 was further reduced from 7.5% to 7.0% given our new asset allocation targets and updated expected capital markets return assumptions. | |||||||||||||||||||||
The discount rate used to measure pension expense each year is the rate as of the beginning of the year (i.e., the prior measurement date). In 2011, the discount rate used was based on an externally published yield curve determined by the plan’s actuary. The yield curve is a hypothetical AA yield curve represented by a series of bonds maturing from six months to 30 years, designed to match the corresponding pension benefit cash payments to retirees. Beginning with the remeasurement on September 30, 2012, the discount rate used, determined by the plan actuary, was based on a hypothetical AA yield curve represented by a series of bonds maturing over the next 30 years, designed to match the corresponding pension benefit cash payments to retirees. | |||||||||||||||||||||
The salary progression rate to measure pension expense was based on age ranges and projected forward. | |||||||||||||||||||||
Funded Status | |||||||||||||||||||||
As of the end of 2013, the funded status of the Primary Pension Plan was 115%. The PBO is the present value of benefits earned to date by plan participants, including the effect of assumed future salary increases. Under the Employee Retirement Income Security Act of 1974 (ERISA), the funded status of the plan exceeded 100% as of December 31, 2013 and 2012, the qualified pension plan’s year end. The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the Primary Pension Plan and supplemental pension plans: | |||||||||||||||||||||
Primary Pension Plan | Supplemental Plans | ||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Change in PBO | |||||||||||||||||||||
Beginning balance | $ | 5,042 | $ | 5,297 | $ | 303 | $ | 309 | |||||||||||||
Service cost | 78 | 87 | — | 1 | |||||||||||||||||
Interest cost | 204 | 242 | 12 | 13 | |||||||||||||||||
Special termination benefits | — | — | — | — | |||||||||||||||||
Amendments | 17 | 42 | (8 | ) | — | ||||||||||||||||
Curtailments | — | (80 | ) | — | (13 | ) | |||||||||||||||
Settlements | — | (439 | ) | — | — | ||||||||||||||||
Actuarial loss/(gain) | (442 | ) | 204 | (34 | ) | 59 | |||||||||||||||
Benefits (paid) | (422 | ) | (311 | ) | (54 | ) | (66 | ) | |||||||||||||
Balance at measurement date | $ | 4,477 | $ | 5,042 | $ | 219 | $ | 303 | |||||||||||||
Change in fair value of plan assets | |||||||||||||||||||||
Beginning balance | $ | 5,035 | $ | 5,176 | $ | — | $ | — | |||||||||||||
Company contributions | — | — | 54 | 66 | |||||||||||||||||
Actual return on assets(1) | 527 | 609 | — | — | |||||||||||||||||
Settlements | — | (439 | ) | — | — | ||||||||||||||||
Benefits (paid) | (422 | ) | (311 | ) | (54 | ) | (66 | ) | |||||||||||||
Balance at measurement date | $ | 5,140 | $ | 5,035 | $ | — | $ | — | |||||||||||||
Funded status of the plan | $ | 663 | (2) | $ | (7 | ) | (3) | $ | (219 | ) | (4) | $ | (303 | ) | (4) | ||||||
-1 | Includes plan administrative expenses. | ||||||||||||||||||||
-2 | Presented as Prepaid pension in the Consolidated Balance Sheets. | ||||||||||||||||||||
-3 | Included in Other liabilities in the Consolidated Balance Sheets. | ||||||||||||||||||||
-4 | $44 million in 2013 and $53 million in 2012 were included in Other accounts payable and accrued expenses on the Consolidated Balance Sheets, and the remaining amounts were included in Other liabilities. | ||||||||||||||||||||
In 2013, the funded status of the Primary Pension Plan improved by $670 million primarily due to strong asset performance and an increase in the discount rate. The actual one-year return on pension plan assets at the measurement date was 11.1% in 2013, bringing the cumulative return since inception of the plan to 9.0%. | |||||||||||||||||||||
The following pre-tax amounts were recognized in Accumulated other comprehensive income/(loss) in the Consolidated Balance Sheets as of the end of 2013 and 2012: | |||||||||||||||||||||
Primary Pension Plan | Supplemental Plans | ||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Net actuarial loss/(gain) | $ | 898 | $ | 1,679 | $ | 127 | $ | 185 | |||||||||||||
Prior service cost/(credit) | 53 | 42 | (6 | ) | 3 | ||||||||||||||||
Total | $ | 951 | (1) | $ | 1,721 | $ | 121 | (1) | $ | 188 | |||||||||||
-1 | In 2014, approximately $57 million for the Primary Pension Plan and $15 million for the supplemental plans are expected to be amortized from Accumulated other comprehensive income/(loss) into net periodic benefit expense/(income) included in Pension in the Consolidated Statement of Operations. | ||||||||||||||||||||
Assumptions to Determine Obligations | |||||||||||||||||||||
The weighted-average actuarial assumptions used to determine benefit obligations for each of the years below were as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Discount rate | 4.89 | % | 4.19 | % | 4.82 | % | |||||||||||||||
Salary progression rate | 3.5 | % | 4.7 | % | 4.7 | % | |||||||||||||||
We use the Retirement Plans 2000 Table of Combined Healthy Lives (RP 2000 Table), projected using Scale AA to forecast mortality improvements into the future to 2020 for annuitants and 2028 for non-annuitants. | |||||||||||||||||||||
Accumulated Benefit Obligation (ABO) | |||||||||||||||||||||
The ABO is the present value of benefits earned to date, assuming no future salary growth. The ABO for our Primary Pension Plan was $4.2 billion and $4.7 billion as of the end of 2013 and 2012, respectively. At the end of 2013, plan assets of $5.1 billion for the Primary Pension Plan were above the ABO. The ABO for our unfunded supplemental pension plans was $200 million and $268 million as of the end of 2013 and 2012, respectively. | |||||||||||||||||||||
Primary Pension Plan Asset Allocation | |||||||||||||||||||||
The target allocation ranges for each asset class as of the end of 2013 and the fair value of each asset class as a percent of the total fair value of pension plan assets were as follows: | |||||||||||||||||||||
2013 Target | Plan Assets | ||||||||||||||||||||
Asset Class | Allocation Ranges | 2013 | 2012 | ||||||||||||||||||
Equity | 40% -60% | 44 | % | 48 | % | ||||||||||||||||
Fixed income | 35% -50% | 42 | % | 43 | % | ||||||||||||||||
Real estate, cash and other investments | 0% - 10% | 14 | % | 9 | % | ||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||
Asset Allocation Strategy | |||||||||||||||||||||
The Primary Pension Plan’s investment strategy is designed to provide a rate of return that, over the long term, increases the ratio of plan assets to liabilities by maximizing investment return on assets, at an appropriate level of volatility risk. The plan’s asset portfolio is actively managed and invested in equity securities, which have historically provided higher returns than debt portfolios, balanced with fixed income (i.e., debt securities) and other asset classes to maintain an efficient risk/return diversification profile. In 2011 and 2012, we shifted 15% and 5%, respectively, of the plan’s target allocation from equities into fixed income. In 2013, we added an allocation to low volatility hedge fund strategies through a fund of funds approach. These shifts in allocation are additional steps towards lowering the plan’s volatility risk and matching the plan’s investment strategy with a maturing liability profile. The risk of loss in the plan’s equity portfolio is mitigated by investing in a broad range of equity types. Equity diversification includes large-capitalization and small-capitalization companies, growth-oriented and value-oriented investments and U.S. and non-U.S. securities. Investment types, including high-yield versus investment-grade debt securities, illiquid assets such as real estate, the use of derivatives and Company securities are set forth in written guidelines established for each investment manager and monitored by the plan’s management team. In 2011, the plan exited all of the remaining Company’s stock associated with the 2009 voluntary contribution of JCPenney common stock to the plan. ERISA rules allow plans to invest up to 10% of a plan’s assets in their company’s stock. The plan’s asset allocation policy is designed to meet the plan’s future pension benefit obligations. Under the policy, asset classes are periodically reviewed and rebalanced as necessary, to ensure that the mix continues to be appropriate relative to established targets and ranges. | |||||||||||||||||||||
We have an internal Benefit Plans Investment Committee (BPIC), which consists of senior executives who have established a review process of asset allocation and investment strategies and oversee risk management practices associated with the management of the plan’s assets. Key risk management practices include having an established and broad decision-making framework in place, focused on long-term plan objectives. This framework consists of the BPIC and various third parties, including investment managers, an investment consultant, an actuary and a trustee/custodian. The funded status of the plan is monitored on a continuous basis, including quarterly reviews with updated market and liability information. Actual asset allocations are monitored monthly and rebalancing actions are executed at least quarterly, if needed. To manage the risk associated with an actively managed portfolio, the plan’s management team reviews each manager’s portfolio on a quarterly basis and has written manager guidelines in place, which are adjusted as necessary to ensure appropriate diversification levels. Also, annual audits of the investment managers are conducted by independent auditors. Finally, to minimize operational risk, we utilize a master custodian for all plan assets, and each investment manager reconciles its account with the custodian at least quarterly. | |||||||||||||||||||||
Fair Value of Primary Pension Plan Assets | |||||||||||||||||||||
The tables below provide the fair values of the Primary Pension Plan’s assets as of the end of 2013 and 2012, by major class of asset. | |||||||||||||||||||||
Investments at Fair Value at February 1, 2014 | |||||||||||||||||||||
($ in millions) | Level 1(1) | Level 2(1) | Level 3 | Total | |||||||||||||||||
Assets | |||||||||||||||||||||
Cash | $ | 158 | $ | — | $ | — | $ | 158 | |||||||||||||
Common collective trusts | — | 32 | — | 32 | |||||||||||||||||
Cash and cash equivalents total | 158 | 32 | — | 190 | |||||||||||||||||
Common collective trusts – domestic | — | 224 | — | 224 | |||||||||||||||||
Common collective trusts – international | — | 335 | — | 335 | |||||||||||||||||
Equity securities – domestic | 1,206 | — | — | 1,206 | |||||||||||||||||
Equity securities – international | 197 | 6 | — | 203 | |||||||||||||||||
Private equity | — | — | 298 | 298 | |||||||||||||||||
Equity securities total | 1,403 | 565 | 298 | 2,266 | |||||||||||||||||
Common collective trusts | — | 1,099 | — | 1,099 | |||||||||||||||||
Corporate bonds | — | 838 | 11 | 849 | |||||||||||||||||
Swaps | — | 238 | — | 238 | |||||||||||||||||
Government securities | — | 106 | — | 106 | |||||||||||||||||
Corporate loans | — | 27 | 6 | 33 | |||||||||||||||||
Municipal bonds | — | 50 | — | 50 | |||||||||||||||||
Mortgage backed securities | — | 6 | — | 6 | |||||||||||||||||
Other fixed income | 1 | 12 | — | 13 | |||||||||||||||||
Fixed income total | 1 | 2,376 | 17 | 2,394 | |||||||||||||||||
Public REITs | 118 | — | — | 118 | |||||||||||||||||
Private real estate | — | 19 | 204 | 223 | |||||||||||||||||
Real estate total | 118 | 19 | 204 | 341 | |||||||||||||||||
Hedge funds | — | — | 153 | 153 | |||||||||||||||||
Other investments total | — | — | 153 | 153 | |||||||||||||||||
Total investment assets at fair value | $ | 1,680 | $ | 2,992 | $ | 672 | $ | 5,344 | |||||||||||||
Liabilities | |||||||||||||||||||||
Swaps | $ | — | $ | (237 | ) | $ | — | $ | (237 | ) | |||||||||||
Other fixed income | (2 | ) | (2 | ) | — | (4 | ) | ||||||||||||||
Fixed income total | (2 | ) | (239 | ) | — | (241 | ) | ||||||||||||||
Total liabilities at fair value | $ | (2 | ) | $ | (239 | ) | $ | — | $ | (241 | ) | ||||||||||
Accounts payable, net | 37 | ||||||||||||||||||||
Total net assets | $ | 5,140 | |||||||||||||||||||
-1 | There were no significant transfers in or out of level 1 or 2 investments. | ||||||||||||||||||||
Investments at Fair Value at February 2, 2013 | |||||||||||||||||||||
($ in millions) | Level 1(1) | Level 2(1) | Level 3 | Total | |||||||||||||||||
Assets | |||||||||||||||||||||
Cash | $ | 31 | $ | — | $ | — | $ | 31 | |||||||||||||
Common collective trusts | — | 47 | — | 47 | |||||||||||||||||
Cash and cash equivalents total | 31 | 47 | — | 78 | |||||||||||||||||
Common collective trusts – domestic | — | 161 | — | 161 | |||||||||||||||||
Common collective trusts – international | — | 407 | — | 407 | |||||||||||||||||
Equity securities – domestic | 1,325 | — | — | 1,325 | |||||||||||||||||
Equity securities – international | 210 | 6 | — | 216 | |||||||||||||||||
Private equity | — | — | 297 | 297 | |||||||||||||||||
Equity securities total | 1,535 | 574 | 297 | 2,406 | |||||||||||||||||
Common collective trusts | — | 1,171 | — | 1,171 | |||||||||||||||||
Corporate bonds | — | 871 | 10 | 881 | |||||||||||||||||
Swaps | — | 216 | — | 216 | |||||||||||||||||
Municipal bonds | — | 49 | — | 49 | |||||||||||||||||
Mortgage backed securities | — | 26 | 12 | 38 | |||||||||||||||||
Corporate loans | — | 54 | — | 54 | |||||||||||||||||
Government securities | — | 8 | — | 8 | |||||||||||||||||
Other fixed income | 3 | 35 | — | 38 | |||||||||||||||||
Fixed income total | 3 | 2,430 | 22 | 2,455 | |||||||||||||||||
Public REITs | 133 | — | — | 133 | |||||||||||||||||
Private real estate | — | 17 | 231 | 248 | |||||||||||||||||
Real estate total | 133 | 17 | 231 | 381 | |||||||||||||||||
Total investment assets at fair value | $ | 1,702 | $ | 3,068 | $ | 550 | $ | 5,320 | |||||||||||||
Liabilities | |||||||||||||||||||||
Swaps | $ | — | $ | (216 | ) | $ | — | $ | (216 | ) | |||||||||||
Other fixed income | — | (54 | ) | — | (54 | ) | |||||||||||||||
Fixed income total | — | (270 | ) | — | (270 | ) | |||||||||||||||
Total liabilities at fair value | $ | — | $ | (270 | ) | $ | — | $ | (270 | ) | |||||||||||
Accounts payable, net | (15 | ) | |||||||||||||||||||
Total net assets | $ | 5,035 | |||||||||||||||||||
-1 | There were no significant transfers in or out of level 1 or 2 investments. | ||||||||||||||||||||
Following is a description of the valuation methodologies used for Primary Pension Plan assets measured at fair value. | |||||||||||||||||||||
Cash – Cash is valued at cost which approximates fair value, and is classified as level 1 of the fair value hierarchy. | |||||||||||||||||||||
Common Collective Trusts – Common collective trusts are pools of investments within cash equivalents, equity and fixed income that are benchmarked relative to a comparable index. They are valued on the basis of the relative interest of each participating investor in the fair value of the underlying assets. The underlying assets are valued at net asset value (NAV) and are classified as level 2 of the fair value hierarchy. | |||||||||||||||||||||
Equity Securities – Equity securities are common stocks and preferred stocks valued based on the price of the security as listed on an open active exchange and classified as level 1 of the fair value hierarchy, as well as warrants and preferred stock that are valued at a price, which is based on a broker quote in an over-the-counter market, and are classified as level 2 of the fair value hierarchy. | |||||||||||||||||||||
Private Equity – Private equity is composed of interests in private equity funds valued on the basis of the relative interest of each participating investor in the fair value of the underlying assets and/or common stock of privately held companies. There are no observable market values for private equity funds. The valuations for the funds are derived using a combination of different methodologies including (1) the market approach, which consists of analyzing market transactions for comparable assets, (2) the income approach using the discounted cash flow model, or (3) cost method. Private equity funds also provide audited financial statements. Private equity investments are classified as level 3 of the fair value hierarchy. | |||||||||||||||||||||
Corporate Bonds – Corporate bonds and Corporate loans are valued at a price which is based on observable market information in primary markets or a broker quote in an over-the-counter market, and are classified as level 2 or level 3 of the fair value hierarchy. | |||||||||||||||||||||
Swaps – swap contracts are based on broker quotes in an over-the-counter market and are classified as level 2 of the fair value hierarchy. | |||||||||||||||||||||
Government, Municipal Bonds and Mortgaged Backed Securities – Government and municipal securities are valued at a price based on a broker quote in an over-the-counter market and classified as level 2 of the fair value hierarchy. Mortgage backed securities are valued at a price based on observable market information or a broker quote in an over-the-counter market and classified as level 2 of the fair value hierarchy. | |||||||||||||||||||||
Other fixed income – non-mortgage asset backed securities, collateral held in short-term investments for derivative contract and derivatives composed of futures contracts, option contracts and other fix income derivatives valued at a price based on observable market information or a broker quote in an over-the-counter market and classified as level 2 of the fair value hierarchy. | |||||||||||||||||||||
Real Estate – Real estate is comprised of public and private real estate investments. Real estate investments through registered investment companies that trade on an exchange are classified as level 1 of the fair value hierarchy. Investments through open end private real estate funds that are valued at the reported NAV are classified as level 2 of the fair value hierarchy. Private real estate investments through partnership interests that are valued based on different methodologies including discounted cash flow, direct capitalization and market comparable analysis are classified as level 3 of the fair value hierarchy. | |||||||||||||||||||||
Hedge Fund – Hedge funds exposure is through fund of funds, which are made up of over 30 different hedge fund managers diversified over different hedge strategies. The fair value of the hedge fund is determined by the fund's administrator using valuation provided by the third party administrator for each of the underlying funds. | |||||||||||||||||||||
The following tables set forth a summary of changes in the fair value of the Primary Pension Plan’s level 3 investment assets: | |||||||||||||||||||||
2013 | |||||||||||||||||||||
($ in millions) | Private Equity | Real Estate | Corporate Loans | Corporate Bonds | Hedge Funds | ||||||||||||||||
Balance, beginning of year | $ | 297 | $ | 231 | $ | 12 | $ | 10 | $ | — | |||||||||||
Transfers, net | — | — | — | — | — | ||||||||||||||||
Realized gains/(loss) | 38 | 5 | — | — | — | ||||||||||||||||
Unrealized (losses)/gains | 3 | 11 | — | (1 | ) | 3 | |||||||||||||||
Purchases and issuances | 33 | 4 | 2 | 2 | 150 | ||||||||||||||||
Sales, maturities and settlements | (73 | ) | (47 | ) | (8 | ) | — | — | |||||||||||||
Balance, end of year | $ | 298 | $ | 204 | $ | 6 | $ | 11 | $ | 153 | |||||||||||
2012 | |||||||||||||||||||||
($ in millions) | Private Equity | Real Estate | Corporate Loans | Corporate Bonds | |||||||||||||||||
Balance, beginning of year | $ | 299 | $ | 255 | $ | 27 | $ | 9 | |||||||||||||
Transfers, net | — | 3 | — | — | |||||||||||||||||
Realized gains/(loss) | 33 | — | (1 | ) | (1 | ) | |||||||||||||||
Unrealized (losses)/gains | (5 | ) | 7 | — | — | ||||||||||||||||
Purchases and issuances | 47 | 6 | 3 | 6 | |||||||||||||||||
Sales, maturities and settlements | (77 | ) | (40 | ) | (17 | ) | (4 | ) | |||||||||||||
Balance, end of year | $ | 297 | $ | 231 | $ | 12 | $ | 10 | |||||||||||||
Contributions | |||||||||||||||||||||
Our policy with respect to funding the Primary Pension Plan is to fund at least the minimum required by ERISA rules, as amended by the Pension Protection Act of 2006, and not more than the maximum amount deductible for tax purposes. Due to our past funding of the pension plan and overall positive growth in plan assets since plan inception, there will not be any required cash contribution for funding of plan assets in 2014 under ERISA, as amended by the Pension Protection Act of 2006. | |||||||||||||||||||||
Our contributions to the unfunded non-qualified supplemental retirement plans are equal to the amount of benefit payments made to retirees throughout the year and for 2014 are anticipated to be approximately $44 million. Benefits are paid in the form of five equal annual installments to participants and no election as to the form of benefit is provided for in the unfunded plans. The following sets forth our estimated future benefit payments: | |||||||||||||||||||||
($ in millions) | Primary Plan Benefits | Supplemental Plan Benefits | |||||||||||||||||||
2014 | $ | 342 | $ | 44 | |||||||||||||||||
2015 | 331 | 48 | |||||||||||||||||||
2016 | 330 | 42 | |||||||||||||||||||
2017 | 330 | 20 | |||||||||||||||||||
2018 | 331 | 13 | |||||||||||||||||||
2019-2023 | 1,652 | 64 | |||||||||||||||||||
Other Benefit Plans | |||||||||||||||||||||
Postretirement Benefits — Medical and Dental | |||||||||||||||||||||
We provide medical and dental benefits to retirees through a contributory medical and dental plan based on age and years of service. We provide a defined dollar commitment toward retiree medical premiums. | |||||||||||||||||||||
Effective June 7, 2005, we amended the medical plan to reduce our subsidy to post-age 65 retirees and spouses by 45% beginning January 1, 2006, and then fully eliminated the subsidy after December 31, 2006. As disclosed previously, the postretirement benefit plan was amended in 2001 to reduce and cap the per capita dollar amount of the benefit costs that would be paid by the plan. Thus, changes in the assumed or actual health care cost trend rates do not materially affect the accumulated postretirement benefit obligation or our annual expense. | |||||||||||||||||||||
Postretirement Plan (Income) | |||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Interest cost | $ | 1 | $ | 1 | $ | 1 | |||||||||||||||
Amortization of actuarial loss/(gain) | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||
Amortization of prior service cost/(credit) | (8 | ) | (14 | ) | (25 | ) | |||||||||||||||
Net periodic benefit expense/(income) | $ | (8 | ) | $ | (14 | ) | $ | (25 | ) | ||||||||||||
The net periodic postretirement benefit is included in SG&A expenses in the Consolidated Statements of Operations. The discount rates used for the postretirement plan are the same as those used for the defined benefit plans, as disclosed on page 83 for all periods presented. | |||||||||||||||||||||
Funded Status | |||||||||||||||||||||
The table below provides a reconciliation of benefit obligations, plan assets and the funded status of the postretirement plan. The accumulated postretirement benefit obligation (APBO) is the present value of benefits earned to date by plan participants. | |||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||
($ in millions) | 2013 | 2012 | |||||||||||||||||||
Change in APBO | |||||||||||||||||||||
Beginning balance | $ | 18 | $ | 24 | |||||||||||||||||
Interest cost | 1 | 1 | |||||||||||||||||||
Participant contributions | 13 | 14 | |||||||||||||||||||
Curtailments | — | (2 | ) | ||||||||||||||||||
Actuarial (gain)/loss | — | (3 | ) | ||||||||||||||||||
Benefits (paid) | (17 | ) | (16 | ) | |||||||||||||||||
Balance at measurement date | $ | 15 | $ | 18 | |||||||||||||||||
Change in fair value of plan assets | |||||||||||||||||||||
Beginning balance | $ | — | $ | — | |||||||||||||||||
Participant contributions | 13 | 14 | |||||||||||||||||||
Company contributions | 4 | 2 | |||||||||||||||||||
Benefits (paid) | (17 | ) | (16 | ) | |||||||||||||||||
Balance at measurement date | $ | — | $ | — | |||||||||||||||||
Funded status of the plan | $ | (15 | ) | -1 | $ | (18 | ) | -1 | |||||||||||||
-1 | Of the total accrued liability, $2 million for 2013 and $2 million for 2012 was included in Other accounts payable and accrued expenses in the Consolidated Balance Sheets, and the remaining amounts were included in Other liabilities. | ||||||||||||||||||||
The following pre-tax amounts were recognized in Accumulated other comprehensive income/(loss) in the Consolidated Balance Sheets as of the end of 2013 and 2012: | |||||||||||||||||||||
($ in millions) | 2013 | 2012 | |||||||||||||||||||
Net actuarial loss/(gain) | $ | (6 | ) | $ | (7 | ) | |||||||||||||||
Prior service cost/(credit) | (15 | ) | (23 | ) | |||||||||||||||||
Total | $ | (21 | ) | (1) | $ | (30 | ) | ||||||||||||||
(1) In 2014, approximately $(1) million of net actuarial loss/(gain) and $(8) million of prior service cost/(credit) for the postretirement plan are expected to be amortized from Accumulated other comprehensive income/(loss) into net periodic postretirement benefit (income) included in SG&A in the Consolidated Statement of Operations. | |||||||||||||||||||||
Cash Contributions | |||||||||||||||||||||
The postretirement benefit plan is not funded and is not subject to any minimum regulatory funding requirements. We estimate that in 2014 we will contribute $2 million toward retiree medical premiums. | |||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||
($ in millions) | Other Postretirement Benefits | ||||||||||||||||||||
2014 | $ | 2 | |||||||||||||||||||
2015 | 2 | ||||||||||||||||||||
2016 | 2 | ||||||||||||||||||||
2017 | 2 | ||||||||||||||||||||
2018 | 2 | ||||||||||||||||||||
2019-2023 | 6 | ||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||
The Savings, Profit-Sharing and Stock Ownership Plan (Savings Plan) is a qualified defined contribution plan, a 401(k) plan, available to all eligible employees. Effective January 1, 2007, all employees who are age 21 or older are immediately eligible to participate in and contribute a percentage of their pay to the Savings Plan. Eligible employees, who have completed one year and at least 1,000 hours of service within an eligibility period, are offered a fixed matching contribution each pay period equal to 50% of up to 6% of pay contributed by the employee. Matching contributions are credited to employees’ accounts in accordance with their investment elections and fully vest after three years. We may make additional discretionary matching contributions. | |||||||||||||||||||||
The Savings Plan includes a non-contributory retirement account. Participants who are hired or rehired on or after January 1, 2007 and who have completed at least 1,000 hours of service within an eligibility period receive a Company contribution in an amount equal to 2% of the participants’ annual pay. This Company contribution is in lieu of the primary pension benefit that was closed to employees hired or rehired on or after that date. Participating employees are fully vested after three years. | |||||||||||||||||||||
In addition to the Savings Plan, we sponsor the Mirror Savings Plan, which is a non-qualified contributory unfunded defined contribution plan offered to certain management employees. This plan supplements retirement savings under the Savings Plan for eligible management employees who choose to participate in it. The plan’s investment options generally mirror the traditional Savings Plan investment options. As of the end of 2013, the unamortized pre-tax balance within Accumulated other comprehensive income/(loss) for the plan was $17 million. Similar to the supplemental retirement plans, the Mirror Savings Plan benefits are paid from our operating cash flow and cash investments. | |||||||||||||||||||||
The expense for these plans, which was predominantly included in SG&A expenses on the Consolidated Statements of Operations, was as follows: | |||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Savings Plan – 401(k) | $ | 38 | $ | 43 | $ | 52 | |||||||||||||||
Savings Plan – retirement account | 11 | 11 | 11 | ||||||||||||||||||
Mirror Savings Plan | 3 | 3 | 4 | ||||||||||||||||||
Total | $ | 52 | $ | 57 | $ | 67 | |||||||||||||||
Restructuring_and_Management_T
Restructuring and Management Transition | 12 Months Ended | ||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||||||||||
Restructuring and Management Transition | ' | ||||||||||||||||||||||||||||
Restructuring and Management Transition | |||||||||||||||||||||||||||||
The composition of restructuring and management transition charges was as follows: | |||||||||||||||||||||||||||||
Cumulative Amount Through | |||||||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | 2013 | |||||||||||||||||||||||||
Supply chain | $ | — | $ | 19 | $ | 41 | $ | 60 | |||||||||||||||||||||
Catalog and catalog outlet stores | — | — | 34 | 55 | |||||||||||||||||||||||||
Home office and stores | 48 | 109 | 41 | 202 | |||||||||||||||||||||||||
Software and systems | — | 36 | — | 36 | |||||||||||||||||||||||||
Store fixtures | 55 | 78 | — | 133 | |||||||||||||||||||||||||
Management transition | 37 | 41 | 130 | 208 | |||||||||||||||||||||||||
VERP | — | — | 179 | 179 | |||||||||||||||||||||||||
Other | 75 | 15 | 26 | 123 | |||||||||||||||||||||||||
Total | $ | 215 | $ | 298 | $ | 451 | $ | 996 | |||||||||||||||||||||
Supply chain | |||||||||||||||||||||||||||||
As a result of consolidating and streamlining our supply chain organization as part of a restructuring program that began in 2011, we recorded charges of $19 million and $41 million in 2012 and 2011, respectively, related to increased depreciation, termination benefits and unit closing costs. Increased depreciation resulted from shortening the useful lives of assets related to the closing and consolidating of selected facilities. This restructuring activity was completed during the third quarter of 2012. | |||||||||||||||||||||||||||||
Catalog and catalog outlet stores | |||||||||||||||||||||||||||||
In the fourth quarter of 2010, we announced our plan to exit our catalog outlet stores, and, in October 2011, we sold the assets related to this operation. We sold fixed assets and inventory with combined net book values of approximately $31 million, for a total purchase price of $7 million, which resulted in a loss of $24 million. During 2011, we also recorded $10 million of severance costs related to the sale of our outlet stores. This restructuring activity was completed in 2011. | |||||||||||||||||||||||||||||
Home office and stores | |||||||||||||||||||||||||||||
During 2013, 2012 and 2011, we recorded $48 million, $109 million and $41 million, respectively, of costs to reduce our store and home office expenses. During the first three quarters of 2013, we recorded $26 million of employee termination benefits for both store and home office associates. In addition, in January 2014, we announced a strategic initiative to close 33 underperforming stores as part of our turnaround efforts. In conjunction with this initiative, during the fourth quarter of 2013, we incurred charges of $21 million related to asset impairments and $1 million of employee termination benefit costs. | |||||||||||||||||||||||||||||
In 2012, charges of $116 million associated with employee termination benefits for both store and home office associates were offset by a net curtailment gain of $7 million (see Note 15) related to our retirement benefit plans, which was incurred during the third quarter of 2012 when substantially all employee exits related to 2012 were completed, for a net charge of $109 million. In 2011, we recorded $41 million of employee termination benefits. | |||||||||||||||||||||||||||||
Software and systems | |||||||||||||||||||||||||||||
During 2012, we recorded a charge of $36 million related to the disposal of software and systems that based on our evaluation no longer supported our operations. This amount included $3 million of consulting fees related to that evaluation. | |||||||||||||||||||||||||||||
Store fixtures | |||||||||||||||||||||||||||||
During 2013, we recorded a total charge of $55 million related to store fixtures which consisted of $37 million of increased depreciation as a result of shortening the useful lives of department store fixtures that were replaced throughout 2013, $11 million of charges for the impairment of certain store fixtures related to our former shops strategy that had been used in our prototype department store and a $7 million asset write down of store fixtures related to the renovations in our home department. | |||||||||||||||||||||||||||||
During 2012, we recorded a total charge of $78 million related to store fixtures which consisted of a $53 million asset write-off related to the removal of store fixtures in our department stores and $25 million of increased depreciation as a result of shortening the useful lives of department store fixtures that were replaced throughout 2013 with the build out of additional shops. | |||||||||||||||||||||||||||||
Management transition | |||||||||||||||||||||||||||||
During 2013, 2012 and 2011, we implemented several changes within our management leadership team that resulted in management transition costs of $37 million, $41 million and $130 million, respectively, for both incoming and outgoing members of management. Ronald B. Johnson became Chief Executive Officer in November 2011, succeeding Myron E. Ullman, III. Mr. Ullman was Executive Chairman of the Board of Directors until January 27, 2012, at which time he retired from the Company until his return in April 2013 when he replaced Mr. Johnson as Chief Executive Officer. During 2011, we incurred transition charges of $53 million and $29 million related to Mr. Johnson and Mr. Ullman, respectively. In October 2011, Michael R. Francis was appointed President until his departure in June 2012; in November 2011, Michael W. Kramer and Daniel E. Walker were appointed Chief Operating Officer and Chief Talent Officer, respectively, until their departures in April 2013. Collectively, in 2011 these three officers were paid sign-on bonuses of $24 million as part of their employment packages. In 2013, 2012 and 2011, we recorded $37 million, $41 million and $24 million, respectively, of management transition charges related to other members of senior management. | |||||||||||||||||||||||||||||
VERP | |||||||||||||||||||||||||||||
As a part of several restructuring and cost-savings initiatives designed to reduce salary and related costs across the Company, in August of 2011 we announced a VERP which was offered to approximately 8,000 eligible employees. In the third quarter of 2011, we incurred a total charge of $179 million related to the VERP. Charges included $176 million related to enhanced retirement benefits for the approximately 4,000 employees who accepted the VERP, $1 million related to curtailment charges for our non-qualified supplemental pension plans as a result of the reduction in the expected years of future service related to these plans, and $2 million of costs associated with administering the VERP. This restructuring activity was completed in 2011. | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
During 2013, 2012 and 2011, we recorded miscellaneous restructuring charges of $75 million, $15 million and $26 million, respectively. The charges during 2013 were primarily related to contract termination costs and other costs associated with our previous marketing and shops strategy, including a non-cash charge of $36 million during the third quarter related to the return of shares of Martha Stewart Living Omnimedia, Inc. (MSLO) previously acquired by the Company, which was accounted for as a cost investment (see Note 6). The 2012 and 2011 charges were primarily related to the closing and consolidating of facilities related to optimizing our custom decorating operations, the exit of our specialty websites CLAD™ and Gifting Grace™ and the closure of our Pittsburgh, Pennsylvania customer call center. | |||||||||||||||||||||||||||||
Activity for the restructuring and management transition liability for 2013 and 2012 was as follows: | |||||||||||||||||||||||||||||
($ in millions) | Supply Chain | Home Office and Stores | Software and Systems | Store Fixtures | Management Transition | Other | Total | ||||||||||||||||||||||
January 28, 2012 | $ | 3 | $ | 28 | $ | — | $ | — | $ | 10 | $ | 19 | $ | 60 | |||||||||||||||
Charges | 19 | 109 | 36 | 78 | 41 | 15 | 298 | ||||||||||||||||||||||
Cash payments | (18 | ) | (137 | ) | (3 | ) | — | (42 | ) | (19 | ) | (219 | ) | ||||||||||||||||
Non-cash | (2 | ) | 4 | (33 | ) | (78 | ) | (9 | ) | (3 | ) | (121 | ) | ||||||||||||||||
February 2, 2013 | 2 | 4 | — | — | — | 12 | 18 | ||||||||||||||||||||||
Charges | — | 48 | — | 55 | 37 | 75 | 215 | ||||||||||||||||||||||
Cash payments | (2 | ) | (29 | ) | — | — | (18 | ) | (19 | ) | (68 | ) | |||||||||||||||||
Non-cash | — | (23 | ) | — | (55 | ) | (16 | ) | (38 | ) | (132 | ) | |||||||||||||||||
February 1, 2014 | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | 30 | $ | 33 | |||||||||||||||
Non-cash amounts represent charges that do not result in cash expenditures including increased depreciation and write-off of store fixtures and IT software and systems, stock-based compensation, non-cash charge for the return of shares of MSLO and curtailment gains related to our retirement benefit plans. |
Real_Estate_and_Other_Net
Real Estate and Other, Net | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Real Estate and Other, Net [Abstract] | ' | ||||||||||||
Real Estate and Other, Net | ' | ||||||||||||
Real Estate and Other, Net | |||||||||||||
Real estate and other consists of ongoing operating income from our real estate subsidiaries whose investments are in REITs, as well as investments in joint ventures that own regional mall properties. Real estate and other also includes net gains from the sale of facilities and equipment that are no longer used in operations, asset impairments and other non-operating charges and credits. | |||||||||||||
The composition of Real estate and other, net was as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Gain on sale or redemption of non-operating assets, net: | |||||||||||||
Sale or Redemption of Simon Property Group, L.P. (SPG) REIT units | $ | (24 | ) | $ | (200 | ) | $ | — | |||||
Sale of CBL & Associates Properties, Inc. (CBL) REIT shares | — | (15 | ) | — | |||||||||
Sale of leveraged lease assets | — | (28 | ) | — | |||||||||
Sale of investments in joint ventures | (85 | ) | (151 | ) | — | ||||||||
Sale of non-operating assets | (23 | ) | (3 | ) | — | ||||||||
Net gain on sale or redemption of non-operating assets | (132 | ) | (397 | ) | — | ||||||||
Dividend income from REITs | (1 | ) | (6 | ) | (10 | ) | |||||||
Investment income from joint ventures | (6 | ) | (11 | ) | (13 | ) | |||||||
Net gain from sale of operating assets | (17 | ) | — | (6 | ) | ||||||||
Store impairments | 18 | 26 | 58 | ||||||||||
Intangible asset impairment | 9 | — | — | ||||||||||
Operating asset impairments | — | 60 | — | ||||||||||
Other | (26 | ) | 4 | (8 | ) | ||||||||
Real estate and other (income)/expense, net | $ | (155 | ) | $ | (324 | ) | $ | 21 | |||||
REIT Assets | |||||||||||||
On July 20, 2012, SPG redeemed two million of our REIT units at a price of $124.00 per unit for a total redemption price of $246 million, net of fees. As of the market close on July 19, 2012, the SPG REIT units had a fair market value of $158.13 per unit. In connection with the redemption, we realized a net gain of $200 million determined using the first-in-first-out method for determining the cost of REIT units sold. Following the transaction, we continued to hold approximately 205,000 REIT units in SPG. In November 2013, we converted our remaining 205,000 REIT units into SPG shares, which were sold in December 2013 at an average price of $151.97 per share for a total price of $31 million, net of fees, and a realized net gain of $24 million. | |||||||||||||
On October 23, 2012, we sold all of our CBL REIT shares at a price of $21.35 per share for a total price of $40 million, net of fees. In connection with the sale, we realized a net gain of $15 million. | |||||||||||||
See Note 9 for the related fair value disclosures and Note 12 for the net unrealized gains on our REIT assets. | |||||||||||||
Leveraged Leases | |||||||||||||
During the third quarter of 2012, we sold all of our leveraged lease assets for $146 million, net of fees. The investments in the leveraged lease assets as of the dates of the sales were $118 million and were recorded in Other assets in the Consolidated Balance Sheets. In connection with the sales, we recorded a net gain of $28 million. | |||||||||||||
Joint Ventures | |||||||||||||
During the third quarter of 2013, we sold our investment in three joint ventures for $32 million, resulting in a net gain of $23 million. During the second quarter of 2013, we sold our investment in one joint venture for $55 million, resulting in a net gain of $62 million. The gain for this transaction exceeded the cash proceeds as a result of distributions of cash related to refinancing activities in prior periods that were recorded as net reductions in the carrying amount of the investment. The net book value of the joint venture investment was a negative $7 million and was included in Other liabilities in the Consolidated Balance Sheets. | |||||||||||||
During the third quarter of 2012, we sold our investments in four joint ventures that own regional mall properties for $90 million, resulting in net gains totaling $151 million. The gain exceeded the cash proceeds as a result of distributions of cash related to refinancing activities in prior periods that were recorded as net reductions in the carrying amount of the investments. The cumulative net book value of the joint venture investments was a negative $61 million and was included in Other liabilities in the Consolidated Balance Sheets. | |||||||||||||
Non-operating Assets | |||||||||||||
During the fourth quarter of 2013, we sold 10 properties used in our former auto center operations for net proceeds of $25 million, resulting in net gains totaling $22 million. During the third quarter of 2013, we sold approximately 10 acres of excess land for net proceeds and gain of $1 million. | |||||||||||||
During the third quarter of 2012, we sold a building used in our former drugstore operations with a net book value of zero for $3 million resulting in a net gain of $3 million. | |||||||||||||
Operating Assets | |||||||||||||
During the first quarter of 2013, we sold our leasehold interest of a former department store location with a net book value of $2 million for net proceeds of $18 million, realizing a gain of $16 million. During the second quarter of 2013, we sold two properties for total net proceeds and gain of $1 million. | |||||||||||||
Impairments | |||||||||||||
In 2013, store impairments totaled $18 million and related to 25 underperforming department stores that continued to operate. In addition, during the fourth quarter of 2013, we recorded a $9 million impairment charge for our ownership of the U.S. and Puerto Rico rights of the monet trade name. (See Note 9). | |||||||||||||
In 2012, store impairments totaled $26 million and related to 13 underperforming department stores that continued to operate (See Note 9). In addition, during the fourth quarter of 2012, we wrote off $60 million of store-related operating assets that were no longer being used in our operations. | |||||||||||||
In 2011, store impairments totaled $58 million and related to eight underperforming department stores of which seven continued to operate. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The components of our income tax expense/(benefit) were as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
Federal and foreign | $ | (16 | ) | $ | (95 | ) | $ | 60 | |||||
State and local | (8 | ) | 79 | 16 | |||||||||
Total current | (24 | ) | (16 | ) | 76 | ||||||||
Deferred | |||||||||||||
Federal and foreign | (428 | ) | (465 | ) | (130 | ) | |||||||
State and local | (46 | ) | (70 | ) | (23 | ) | |||||||
Total deferred | (474 | ) | (535 | ) | (153 | ) | |||||||
Total | $ | (498 | ) | $ | (551 | ) | $ | (77 | ) | ||||
A reconciliation of the statutory federal income tax rate to our effective rate is as follows: | |||||||||||||
(percent of pre-tax income/(loss)) | 2013 | 2012 | 2011 | ||||||||||
Federal income tax at statutory rate | (35.0 | )% | (35.0 | )% | (35.0 | )% | |||||||
State and local income tax, less federal income tax benefit | (4.1 | ) | (3.7 | ) | (1.8 | ) | |||||||
Increase in valuation allowance federal and state | 28.6 | 4.3 | — | ||||||||||
Tax benefit resulting from OCI allocation | (16.1 | ) | — | — | |||||||||
Tax effect of dividends on ESOP shares | — | (0.1 | ) | (1.9 | ) | ||||||||
Non-deductible management transition costs | — | — | 11.3 | ||||||||||
Other, including permanent differences and credits | 0.2 | (1.4 | ) | (6.2 | ) | ||||||||
Effective tax rate | (26.4 | )% | (35.9 | )% | (33.6 | )% | |||||||
Our deferred tax assets and liabilities were as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Merchandise inventory | $ | 62 | $ | 42 | |||||||||
Accrued vacation pay | 28 | 28 | |||||||||||
Gift cards | 69 | 46 | |||||||||||
Stock-based compensation | 69 | 78 | |||||||||||
State taxes | 36 | 39 | |||||||||||
Workers’ compensation/general liability | 93 | 92 | |||||||||||
Accrued rent | 32 | 29 | |||||||||||
Mirror savings plan | 21 | 22 | |||||||||||
Pension and other retiree obligations | — | 135 | |||||||||||
Net operating loss and tax credit carryforwards | 918 | 600 | |||||||||||
Other | 96 | 69 | |||||||||||
Total deferred tax assets | 1,424 | 1,180 | |||||||||||
Valuation allowance | (304 | ) | (66 | ) | |||||||||
Total net deferred tax assets | 1,120 | 1,114 | |||||||||||
Liabilities | |||||||||||||
Depreciation and amortization | (1,024 | ) | (1,314 | ) | |||||||||
Pension and other retiree obligations | (172 | ) | — | ||||||||||
Leveraged leases/tax benefit transfers | (63 | ) | (63 | ) | |||||||||
Capitalized Advertising | (3 | ) | (4 | ) | |||||||||
Unrealized gain on REITs | — | (9 | ) | ||||||||||
Other | — | (6 | ) | ||||||||||
Total deferred tax liabilities | (1,262 | ) | (1,396 | ) | |||||||||
Total net deferred tax liabilities | $ | (142 | ) | $ | (282 | ) | |||||||
Deferred tax assets and liabilities included in our Consolidated Balance Sheets were as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | |||||||||||
Other current assets | $ | 193 | $ | 106 | |||||||||
Other long-term liabilities | (335 | ) | (388 | ) | |||||||||
Total net deferred tax liabilities | $ | (142 | ) | $ | (282 | ) | |||||||
As of February 1, 2014, a valuation allowance of $304 million has been recorded against our deferred tax assets. In assessing the need for the valuation allowance, we considered both positive and negative evidence related to the likelihood of realization of the deferred tax assets. As a result of our assessment, we concluded that, beginning in the second quarter of 2013, our estimate of the realization of deferred tax assets would be based solely on the future reversals of existing taxable temporary differences and tax planning strategies that we would make use of to accelerate taxable income to utilize expiring net operating loss (NOL) and tax credit carryforwards. | |||||||||||||
For the year ended February 1, 2014, we recorded a net tax benefit of $498 million that reflects the increase in the valuation allowance. The net tax benefit consists of net federal, foreign and state tax benefits of $197 million, $303 million tax benefit resulting from actuarial gains in other comprehensive income, offset by $2 million of tax expense related to the amortization of certain indefinite-lived intangible assets. In accordance with accounting standards, we are required to allocate a portion of our tax provision between operating losses and accumulated other comprehensive income. As a result, the Company recorded a tax benefit on the loss for the year, which is offset by income tax expense in other comprehensive income/(loss). However, while the income tax benefit is reported on the income statement, the income tax expense on other comprehensive income is recorded directly to accumulated other comprehensive income/(loss), which is a component of stockholders' equity. | |||||||||||||
For U.S. federal income tax purposes, we have $2.1 billion of NOL carryforwards that expire in 2032 and 2033 and $33 million of tax credit carryforwards that expire at various dates through 2033. For these U.S. federal NOL and tax credit carryforwards a net deferred tax asset of $563 million has been recorded (net of $179 million valuation allowance). A net deferred tax asset of $51 million (net of $125 million valuation allowance) has been recorded for state NOLs that expire at various dates through 2033. While these carryforwards have a potential to be used to offset future ordinary taxable income and reduce future cash tax liabilities by approximately $918 million, the Company’s ability to utilize these carryforwards will depend upon the availability of future taxable income during the carryforward period and, as such, there is no assurance the Company will be able to realize such tax savings. | |||||||||||||
The Company’s ability to utilize NOL carryforwards could be further limited if it were to experience an “ownership change,” as defined in Section 382 of the Internal Revenue Code and similar state provisions. An ownership change can occur whenever there is a cumulative shift in the ownership of a company by more than 50 percentage points by one or more “5% stockholders” within a three-year period. The occurrence of such a change generally limits the amount of NOL carryforwards a company could utilize in a given year to the aggregate fair market value of the company’s common stock immediately prior to the ownership change, multiplied by the long-term tax-exempt interest rate in effect for the month of the ownership change. | |||||||||||||
As discussed in Note 12, on January 27, 2014, the Board adopted the Amended Rights Agreement to help prevent acquisitions of the Company’s common stock that could result in an ownership change under Section 382 which helps preserve the Company’s ability to use its NOL and tax credit carryforwards. The Amended Rights Agreement and a related amendment to the Company's Articles of Incorporation are to be submitted to the Company’s Stockholders in May 2014 for approval and are designed to prevent acquisitions of the Company’s common stock that would result in a stockholder owning 4.9% or more of the Company’s common stock (as calculated under Section 382), or any existing holder of 4.9% or more of the Company’s common stock acquiring additional shares, by substantially diluting the ownership interest of any such stockholder unless the stockholder obtains an exemption from the Board. | |||||||||||||
A reconciliation of unrecognized tax benefits is as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 76 | $ | 110 | $ | 162 | |||||||
Additions for tax positions related to the current year | — | — | — | ||||||||||
Additions for tax positions of prior years | 6 | 5 | 10 | ||||||||||
Reductions for tax positions of prior years | (1 | ) | (11 | ) | (14 | ) | |||||||
Settlements and effective settlements with tax authorities | (9 | ) | (24 | ) | (45 | ) | |||||||
Expirations of statute | (2 | ) | (4 | ) | (3 | ) | |||||||
Balance at end of year | $ | 70 | $ | 76 | $ | 110 | |||||||
As of the end of 2013, 2012 and 2011, the unrecognized tax benefits balance included $49 million, $54 million and $61 million, respectively, that, if recognized, would be a benefit in the income tax provision after giving consideration to the offsetting effect of $17 million, $19 million and $21 million, respectively, related to the federal tax deduction of state taxes. The remaining amounts reflect tax positions for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing. Over the next 12 months, it is reasonably possible that the amount of unrecognized tax benefits could be reduced by $2 million if our tax position is sustained upon audit, the controlling statute of limitations expires or we agree to a settlement. Accrued interest and penalties related to unrecognized tax benefits included in income tax expense as of the end of 2013, 2012 and 2011 were $6 million, $4 million and $4 million, respectively. | |||||||||||||
We file income tax returns in U.S. federal and state jurisdictions and certain foreign jurisdictions. Our U.S. federal returns have been examined through 2011. We are audited by the taxing authorities of many states and certain foreign countries and are subject to examination by these taxing jurisdictions for years generally after 2008. The tax authorities may have the right to examine prior periods where federal and state NOL and tax credit carryforwards were generated, and make adjustments up to the amount of the NOL and credit carryforward amounts. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
Supplemental Cash Flow Information | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Supplemental cash flow information | |||||||||||||
Income taxes received/(paid), net | $ | 81 | $ | 202 | $ | (91 | ) | ||||||
Interest received/(paid), net | (414 | ) | (230 | ) | (225 | ) | |||||||
Supplemental non-cash investing and financing activity | |||||||||||||
Increase/(decrease) in other accounts payable related to purchases of property and equipment | (29 | ) | 12 | 8 | |||||||||
Financing costs withheld from proceeds of long-term debt | 70 | — | — | ||||||||||
Purchase of property and equipment and software through capital leases and a note payable | 4 | 129 | 4 | ||||||||||
Issuance costs withheld from proceeds of common stock issued | 24 | — | — | ||||||||||
Return of shares of Martha Stewart Living Omnimedia, Inc. previously acquired by the Company | 36 | — | — | ||||||||||
Litigation_Other_Contingencies
Litigation, Other Contingencies and Guarantees | 12 Months Ended |
Feb. 01, 2014 | |
Litigation, Other Contingencies and Guarantees [Abstract] | ' |
Litigation, Other Contingencies and Guarantees | ' |
Litigation, Other Contingencies and Guarantees | |
Litigation | |
Macy’s Litigation | |
On August 16, 2012, Macy’s, Inc. and Macy’s Merchandising Group, Inc. (together the Plaintiffs) filed suit against J. C. Penney Corporation, Inc. in the Supreme Court of the State of New York, County of New York, alleging that the Company tortiously interfered with, and engaged in unfair competition relating to a 2006 agreement between Macy’s and Martha Stewart Living Omnimedia, Inc. (MSLO) by entering into a partnership agreement with MSLO in December 2011. The Plaintiffs seek primarily to prevent the Company from implementing our partnership agreement with MSLO as it relates to products in the bedding, bath, kitchen and cookware categories. The suit was consolidated with an already-existing breach of contract lawsuit by the Plaintiffs against MSLO, and a bench trial commenced on February 20, 2013. On March 7, 2013, the judge adjourned the trial until April 8, 2013, and ordered the parties into mediation. The parties did not reach a settlement, and the trial continued on April 8, 2013. The parties concluded their presentations of evidence on April 26, 2013, and completed post-trial briefs in late May, 2013. The court held closing arguments on August 1, 2013. The court has not yet issued a final decision in the case. On October 21, 2013, the Company and MSLO entered into an amendment of the partnership agreement, providing in part that the Company will not sell MSLO-designed merchandise in the bedding, bath, kitchen and cookware categories. On January 2, 2014, MSLO and Macy’s announced that they had settled the case as to each other, and MSLO was subsequently dismissed as a defendant. While no assurance can be given as to the ultimate outcome of this matter, we currently believe that the final resolution of this action will not have a material adverse effect on our results of operations, financial position, liquidity or capital resources. | |
Other Legal Proceedings | |
We are subject to various other legal and governmental proceedings involving routine litigation incidental to our business. Reserves have been established based on our best estimates of our potential liability in certain of these matters. These estimates have been developed in consultation with in-house and outside counsel. While no assurance can be given as to the ultimate outcome of these matters, management currently believes that the final resolution of these actions, individually or in the aggregate, will not have a material adverse effect on our results of operations, financial position, liquidity or capital resources. | |
Contingencies | |
As of February 1, 2014, we estimated our total potential environmental liabilities to range from $17 million to $24 million and recorded our best estimate of $19 million in Other accounts payable and accrued expenses and Other liabilities in the Consolidated Balance Sheet as of that date. This estimate covered potential liabilities primarily related to underground storage tanks, remediation of environmental conditions involving our former drugstore locations and asbestos removal in connection with approved plans to renovate or dispose of our facilities. We continue to assess required remediation and the adequacy of environmental reserves as new information becomes available and known conditions are further delineated. If we were to incur losses at the upper end of the estimated range, we do not believe that such losses would have a material effect on our financial condition, results of operations or liquidity. | |
Guarantees | |
As of February 1, 2014, we had a guarantee totaling $20 million for the maximum exposure on insurance reserves established by a former subsidiary included in the sale of our Direct Marketing Services business. | |
In connection with the sale of the operations of our outlet stores, we assigned leases on certain outlet store locations to the purchaser. In the event that the purchaser fails to make the required lease payments, we continue for a period of time to be liable for lease payments to the landlords of several of the leased stores. The purchaser's obligations under the lease are guaranteed to us by certain principals and affiliates of the purchaser. However, the purchaser has elected to exit the outlet business and is attempting to terminate the leases with the landlords. Consequently, we expect that our continuing obligations under each lease will be extinguished in connection with each termination. As of February 1, 2014, our maximum liability in connection with the assigned leases is $7 million. | |
In connection with the redemption of two million of our SPG REIT units in 2012 (see Note 17), we agreed to make future capital contributions to SPG under certain circumstances. Capital contributions would be required only if (i) one or more unsecured senior notes or term loans of SPG are in default and (ii) the aggregate amount received and/or realized by the lenders with respect to such notes or loans upon the exhaustion of all other remedies available to them is less than the maximum total amount of all capital contribution commitments up to a maximum of the aggregate amount due under such notes or loans at the time of such default and demand under the capital contribution commitment agreements. Our contribution obligation was subject to a maximum aggregate amount of $360 million, and was proportionate to all similar commitments provided by the Company and other parties. On November 19, 2013 (Conversion Date), our SPG REIT units were converted to shares and in December 2013, we sold our remaining SPG REIT shares. The capital contribution obligation terminated 90 days from the Conversion Date on February 17, 2014. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||
Quarterly Results of Operations (Unaudited) | |||||||||||||||||
The following is a summary of our quarterly unaudited consolidated results of operations for 2013 and 2012: | |||||||||||||||||
2013 | |||||||||||||||||
($ in millions, except EPS) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total net sales | $ | 2,635 | $ | 2,663 | $ | 2,779 | $ | 3,782 | |||||||||
Gross margin | 812 | 787 | 819 | 1,074 | (1) | ||||||||||||
SG&A expenses | 1,078 | 1,026 | 1,006 | 1,004 | |||||||||||||
Restructuring and management transition(2) | 72 | 47 | 46 | 50 | |||||||||||||
Net income/(loss) | (348 | ) | (586 | ) | (3) | (489 | ) | (3) | 35 | (3) | |||||||
Diluted earnings/(loss) per share(4) | $ | (1.58 | ) | $ | (2.66 | ) | $ | (1.94 | ) | $ | 0.11 | ||||||
2012 | |||||||||||||||||
($ in millions, except EPS) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total net sales | $ | 3,152 | $ | 3,022 | $ | 2,927 | $ | 3,884 | (5) | ||||||||
Gross margin | 1,186 | (6) | 1,004 | (6) | 952 | 924 | |||||||||||
SG&A expenses | 1,160 | 1,050 | 1,087 | 1,209 | |||||||||||||
Restructuring and management transition(7) | 76 | 159 | 34 | 29 | |||||||||||||
Net income/(loss) | (163 | ) | (147 | ) | (8) | (123 | ) | (9) | (552 | ) | (10) | ||||||
Diluted earnings/(loss) per share(4) | $ | (0.75 | ) | $ | (0.67 | ) | $ | (0.56 | ) | $ | (2.51 | ) | |||||
-1 | Includes a negative impact of $72 million related to the discontinuation of brands that are not part of our go-forward merchandising strategy. | ||||||||||||||||
-2 | Restructuring and management transition charges (See Note 16) by quarter for 2013 consisted of the following: | ||||||||||||||||
($ in million) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Home office and stores | 28 | 4 | (6 | ) | 22 | ||||||||||||
Store fixtures | 28 | 17 | 10 | — | |||||||||||||
Management transition | 16 | 13 | 3 | 5 | |||||||||||||
Other | — | 13 | 39 | 23 | |||||||||||||
Total | $ | 72 | $ | 47 | $ | 46 | $ | 50 | |||||||||
-3 | The second and third quarters of 2013 contained increases to our tax valuation allowance of $218 million and $184 million, respectively and a decrease of $178 million to our valuation allowance in the fourth quarter. The second, third and fourth quarters of 2013 contained gains from non-operating assets sales (see Note 17) of $62 million, $24 million and $46 million, respectively. The fourth quarter of 2013 includes $12 million of store impairments charges and a $9 million impairment to our monet trade name recorded in Real estate and other, net (see Note 17) Additionally, during the fourth quarter of 2013 we recognized a tax benefit of $270 million from income related to actuarial gains included in other comprehensive income. This tax benefit was offset by tax expense recorded for such gains in other comprehensive income. | ||||||||||||||||
-4 | EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. | ||||||||||||||||
-5 | Sales for the 53rd week were $163 million. | ||||||||||||||||
-6 | The first and second quarters of 2012 include $53 million and $102 million, respectively, of markdowns related to the alignment of inventory with our prior strategy. | ||||||||||||||||
-7 | Restructuring and management transition charges (See Note 16) by quarter for 2012 consisted of the following: | ||||||||||||||||
($ in millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Supply chain | $ | 6 | $ | 10 | $ | 3 | $ | — | |||||||||
Home office and stores | 45 | 56 | 4 | 4 | |||||||||||||
Software and systems | — | 36 | — | — | |||||||||||||
Store fixtures | — | 42 | 18 | 18 | |||||||||||||
Management transition | 20 | 10 | 6 | 5 | |||||||||||||
Other | 5 | 5 | 3 | 2 | |||||||||||||
Total | $ | 76 | $ | 159 | $ | 34 | $ | 29 | |||||||||
-8 | Includes a gain of $200 million related to the redemption of REIT units, net of fees, included in Real estate and other, net (see Note 17). | ||||||||||||||||
-9 | Includes a net gain of $197 million related to the sale of non-operating assets, net of fees, included in Real estate and other, net (see Note 17). | ||||||||||||||||
-10 | Includes $26 million of store impairments charges and the write-off of $60 million of operating assets that were no longer being used in our operations recorded in Real estate and other, net (see Note 17). |
Basis_of_Presentation_and_Cons1
Basis of Presentation and Consolidation (Policy) | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Basis of Presentation and Consolidation [Abstract] | ' | ||||
Basis of Presentation and Consolidation | ' | ||||
Basis of Presentation and Consolidation | |||||
The Consolidated Financial Statements present the results of J. C. Penney Company, Inc. and our subsidiaries (the Company or JCPenney). All significant intercompany transactions and balances have been eliminated in consolidation. | |||||
We are a holding company whose principal operating subsidiary is J. C. Penney Corporation, Inc. (JCP). JCP was incorporated in Delaware in 1924, and J. C. Penney Company, Inc. was incorporated in Delaware in 2002, when the holding company structure was implemented. The holding company has no direct subsidiaries other than JCP, and has no independent assets or operations. | |||||
The Company is a co-obligor (or guarantor, as appropriate) regarding the payment of principal and interest on JCP’s outstanding debt securities. We guarantee certain of JCP’s outstanding debt securities fully and unconditionally. | |||||
Fiscal Year | ' | ||||
Fiscal Year | |||||
Our fiscal year ends on the Saturday closest to January 31. Unless otherwise stated, references to years in this report relate to fiscal years rather than to calendar years. | |||||
Fiscal Year | Ended | Weeks | |||
2013 | February 1, 2014 | 52 | |||
2012 | February 2, 2013 | 53 | |||
2011 | January 28, 2012 | 52 | |||
Use of Estimates and Assumptions | ' | ||||
Use of Estimates and Assumptions | |||||
The preparation of financial statements, in conformity with generally accepted accounting principles in the United States of America (GAAP), requires us to make assumptions and use estimates that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to: inventory valuation under the retail method, specifically permanent reductions to retail prices (markdowns), permanent devaluation of inventory (markdown accruals) and adjustments for shortages (shrinkage); valuation of long-lived assets and indefinite-lived intangible assets for impairments; reserves for closed stores, workers’ compensation and general liability (insurance), environmental contingencies, income taxes and litigation; and pension and other post retirement benefits accounting. | |||||
Reclassifications | ' | ||||
Reclassifications | |||||
Certain reclassifications were made to prior period amounts to conform to the current period presentation. None of the reclassifications affected our net income/(loss) in any period. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 12 Months Ended |
Feb. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Revenue Recognition, Sales of Goods | ' |
Total net sales, which exclude sales taxes and are net of estimated returns, are recorded at the point of sale when payment is received and the customer takes possession of the merchandise in department stores, at the point of shipment of merchandise ordered through the Internet | |
Revenue Recognition, Sales of Services | ' |
in the case of services, at the time the customer receives the benefit of the service, such as salon, portrait, optical or custom decorating. Commissions earned on sales generated by licensed departments are included as a component of total net sales. Shipping and handling fees charged to customers are also included in total net sales with corresponding costs recorded as cost of goods sold. We provide for estimated future returns based primarily on historical return rates and sales levels. | |
Revenue Recognition, Gift Cards | ' |
Gift Card Revenue Recognition | |
At the time gift cards are sold, no revenue is recognized; rather, a liability is established for the face amount of the card. The liability remains recorded until the earlier of redemption, escheatment or 60 months. The liability is relieved and revenue is recognized when gift cards are redeemed for merchandise. We escheat a portion of unredeemed gift cards according to Delaware escheatment requirements that govern remittance of the cost of the merchandise portion of unredeemed gift cards over five years old. After reflecting the amount escheated, any remaining liability (referred to as breakage) is relieved and recognized as a reduction of SG&A expenses as an offset to the costs of administering the gift card program. Though our gift cards do not expire, it is our historical experience that the likelihood of redemption after 60 months is remote. The liability for gift cards is recorded in other accounts payable and accrued expenses on the Consolidated Balance Sheets. | |
Customer Loyalty Program | ' |
Customer Loyalty Program | |
Customers who spend a certain amount with us using our private label card or registered third party credit cards receive JCP Rewards® certificates, redeemable for goods or services in our stores the following two months. We estimate the net cost of the rewards that will be redeemed and record this as cost of goods sold as rewards points are accumulated. Other administrative costs of the loyalty program are recorded in SG&A expenses as incurred. | |
Cost of Goods Sold | ' |
Cost of Goods Sold | |
Cost of goods sold includes all costs directly related to bringing merchandise to its final selling destination. These costs include the cost of the merchandise (net of discounts or allowances earned), sourcing and procurement costs, buying and brand development costs, including buyers’ salaries and related expenses, royalties and design fees, freight costs, warehouse operating expenses, merchandise examination, inspection and testing, store merchandise distribution center expenses, including rent, and shipping and handling costs incurred on sales via the Internet. | |
Vendor Allowances | ' |
Vendor Allowances | |
We receive vendor support in the form of cash payments or allowances for a variety of reimbursements such as cooperative advertising, markdowns, vendor shipping and packaging compliance, defective merchandise and the purchase of vendor specific fixtures. We have agreements in place with each vendor setting forth the specific conditions for each allowance or payment. Depending on the arrangement, we either recognize the allowance as a reduction of current costs or defer the payment over the period the related merchandise is sold. If the payment is a reimbursement for costs incurred, it is generally offset against those related costs; otherwise, it is treated as a reduction to the cost of merchandise. | |
Markdown reimbursements related to merchandise that has been sold are negotiated and documented by our buying teams and are credited directly to cost of goods sold in the period received. Vendor allowances received prior to merchandise being sold are deferred and recognized as a reduction of inventory and credited to cost of goods sold based on an inventory turnover rate. | |
Vendor compliance charges reimburse us for incremental merchandise handling expenses incurred due to a vendor’s failure to comply with our established shipping or merchandise preparation requirements. Vendor compliance charges are recorded as a reduction of merchandise handling costs. | |
Selling, General and Administrative Expenses | ' |
Selling, General and Administrative Expenses | |
SG&A expenses include the following costs, except as related to merchandise buying, sourcing, warehousing or distribution activities: salaries, marketing costs, occupancy and rent expense, utilities and maintenance, pre-opening expenses, costs related to information technology, administrative costs related to our home office and district and regional operations, real and personal property and other taxes (excluding income taxes) and credit card fees. | |
Advertising Cost, Expensed | ' |
Advertising costs, which include newspaper, television, Internet search marketing, radio and other media advertising, are expensed either as incurred or the first time the advertisement occurs. | |
Cooperative Advertising Programs | ' |
For cooperative advertising programs offered by national brands that require proof-of-advertising to be provided to the vendor to support the reimbursement of the incurred cost, we offset the allowances against the related advertising expense. Programs that do not require proof-of-advertising are monitored to ensure that the allowance provided by each vendor is a reimbursement of costs incurred to advertise for that particular vendor’s label. | |
Income Taxes | ' |
Income Taxes | |
We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not such assets will be realized. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense in our Consolidated Statements of Operations. | |
Earnings/(Loss) per Share | ' |
Earnings/(Loss) per Share | |
Basic earnings/(loss) per share (EPS) is computed by dividing net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income/(loss) by the weighted-average number of common shares outstanding during the period plus the number of additional common shares that would have been outstanding if the potentially dilutive shares had been issued. Potentially dilutive shares include stock options, unvested restricted stock units and awards and a warrant outstanding during the period, using the treasury stock method. Potentially dilutive shares are excluded from the computations of diluted EPS if their effect would be anti-dilutive. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash short-term investments that are highly liquid investments with original maturities of three months or less. Cash short-term investments consist primarily of short-term U.S. Treasury money market funds and a portfolio of highly rated bank deposits and are stated at cost, which approximates fair market value due to the short-term maturity. Cash in banks and in transit also include credit card sales transactions that are settled early in the following period. | |
Merchandise Inventory | ' |
Merchandise Inventory | |
Inventories are valued at the lower of cost (using the first-in, first-out or “FIFO” method) or market. For department stores, regional warehouses and store distribution centers, we value inventories using the retail method. Under the retail method, retail values are converted to a cost basis by applying specific average cost factors to groupings of merchandise. For Internet, we use standard cost, representing average vendor cost, to determine lower of cost or market. | |
Physical inventories are taken on a staggered basis at least once per year at all store and supply chain locations, inventory records are adjusted to reflect actual inventory counts and any resulting shortage (shrinkage) is recognized. Following inventory counts, shrinkage is estimated as a percent of sales, based on the most recent physical inventory, in combination with current events and historical experience. We have loss prevention programs and policies in place that are intended to mitigate shrinkage. | |
Property and Equipment, Net | ' |
Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed primarily by using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the improvements or the term of the lease, including renewals determined to be reasonably assured. | |
We expense routine maintenance and repairs when incurred. We capitalize major replacements and improvements. We remove the cost of assets sold or retired and the related accumulated depreciation or amortization from the accounts and include any resulting gain or loss in net income/(loss). | |
We recognize a liability for the fair value of our conditional asset retirement obligations, which are primarily related to asbestos removal, when incurred if the liability’s fair value can be reasonably estimated. | |
Capitalized Software Costs | ' |
Capitalized Software Costs | |
We capitalize costs associated with the acquisition or development of major software for internal use in other assets in our Consolidated Balance Sheets and amortize the asset over the expected useful life of the software, generally between three and seven years. We only capitalize subsequent additions, modifications or upgrades to internal-use software to the extent that such changes allow the software to perform a task it previously did not perform. We expense software maintenance and training costs as incurred. | |
Impairment of Long-Lived and Indefinite-Lived Assets | ' |
Impairment of Long-Lived and Indefinite-Lived Assets | |
We evaluate long-lived assets such as store property and equipment and other corporate assets for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. Factors considered important that could trigger an impairment review include, but are not limited to, significant underperformance relative to historical or projected future operating results and significant changes in the manner of use of the assets or our overall business strategies. Potential impairment exists if the estimated undiscounted cash flows expected to result from the use of the asset plus any net proceeds expected from disposition of the asset are less than the carrying value of the asset. The amount of the impairment loss represents the excess of the carrying value of the asset over its fair value and is included in Real estate and other, net on the Consolidated Statements of Operations. We estimate fair value based on either a projected discounted cash flow method using a discount rate that is considered commensurate with the risk inherent in our current business model or appraised value, as appropriate. We also take other factors into consideration in estimating the fair value of our stores, such as local market conditions, operating environment, mall performance and other trends. | |
Indefinite-Lived Intangible Assets | ' |
We assess the recoverability of indefinite-lived intangible assets at least annually during the fourth quarter of our fiscal year or whenever events or changes in circumstances indicate that the carrying amount of the indefinite-lived intangible asset may not be fully recoverable. Examples of a change in events or circumstances include, but are not limited to, a decrease in the market price of the asset, a history of cash flow losses related to the use of the asset or a significant adverse change in the extent or manner in which an asset is being used. During the fourth quarter of 2012, we early adopted the Financial Accounting Standards Board’s (FASB) new guidance on impairment testing of indefinite-lived intangible assets. Under the new guidance, we have the option to first perform a qualitative assessment in our evaluation of our indefinite-lived intangible assets in order to determine whether the fair value of the indefinite-lived intangible asset is more likely than not impaired. When a quantitative analysis is performed, we test our indefinite-lived intangible assets utilizing the relief from royalty method to determine the estimated fair value for each indefinite-lived intangible asset. The relief from royalty method estimates our theoretical royalty savings from ownership of the intangible asset. Key assumptions used in this model include discount rates, royalty rates, growth rates, sales projections and terminal value rates. Discount rates, royalty rates, growth rates and sales projections are the assumptions most sensitive and susceptible to change as they require significant management judgment. Discount rates used are similar to the rates estimated by the weighted average cost of capital considering any differences in company-specific risk factors. Royalty rates are established by management based on comparable trademark licensing agreements in the market. Operational management, considering industry and company-specific historical and projected data, develops growth rates and sales projections associated with each indefinite-lived intangible asset. Terminal value rate determination follows common methodology of capturing the present value of perpetual sales estimates beyond the last projected period assuming a constant weighted average cost of capital and low long-term growth rates. | |
Leases | ' |
Leases | |
We use a consistent lease term when calculating amortization of leasehold improvements, determining straight-line rent expense and determining classification of leases as either operating or capital. For purposes of recognizing incentives, premiums, rent holidays and minimum rental expenses on a straight-line basis over the terms of the leases, we use the date of initial possession to begin amortization, which is generally when we take control of the property. Renewal options determined to be reasonably assured are also included in the lease term. Some leases require additional payments based on sales and are recorded in rent expense when the contingent rent is probable. | |
Some of our lease agreements contain developer/tenant allowances. Upon receipt of such allowances, we record a deferred rent liability in other liabilities on the Consolidated Balance Sheets. The allowances are then amortized on a straight-line basis over the remaining terms of the corresponding leases as a reduction of rent expense. | |
Exit or Disposal Activity Costs | ' |
Exit or Disposal Activity Costs | |
Costs associated with exit or disposal activities are recorded at their fair values when a liability has been incurred. Reserves for operating leases are established at the time of closure for the present value of any remaining operating lease obligations (PVOL), net of estimated sublease income. Severance is recorded over the service period required to be rendered in order to receive the termination benefits or, if employees will not be retained to render future service, a reserve is established when communication has occurred to the affected employees. Other exit costs are accrued either at the point of decision or the communication date, depending on the nature of the item. | |
Retirement-Related Benefits | ' |
Retirement-Related Benefits | |
We recognize the funded status – the difference between the fair value of plan assets and the plan’s benefit obligation – of our defined benefit pension and postretirement plans directly on the Consolidated Balance Sheet. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. We adjust other comprehensive income/(loss) to reflect prior service cost or credits and actuarial gain or loss amounts arising during the period and reclassification adjustments for amounts being recognized as components of net periodic pension/postretirement cost, net of tax. Other comprehensive income/(loss) is amortized over the average remaining service period, a period of about eight years for the primary plan. | |
We measure the plan assets and obligations annually at the adopted measurement date of January 31 to determine pension expense for the subsequent year. The factors and assumptions affecting the measurement are the characteristics of the population and salary increases, with the most important being the expected return on plan assets and the discount rate for the pension obligation. We use actuarial calculations for the assumptions, which require significant judgment. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
We record compensation expense for time-vested awards on a straight-line basis over the associates’ service period, to the earlier of the retirement eligibility date, if the grant contains provisions such that the award becomes fully vested upon retirement, or the stated vesting period (the non-substantive vesting period approach). |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Schedule of Property and Equipment, Net | ' | ||||||||||
Estimated Useful Lives | |||||||||||
($ in millions) | (Years) | 2013 | 2012 | ||||||||
Land | N/A | $ | 309 | $ | 310 | ||||||
Buildings | 50 | 4,951 | 4,641 | ||||||||
Furniture and equipment | 20-Mar | 2,356 | 2,132 | ||||||||
Leasehold improvements | 1,318 | 1,150 | |||||||||
Accumulated depreciation | (3,315 | ) | (2,880 | ) | |||||||
Property and equipment, net | $ | 5,619 | $ | 5,353 | |||||||
EarningsLoss_per_Share_Tables
Earnings/(Loss) per Share (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings/(Loss) per Share | ' | ||||||||||||
Net income/(loss) and shares used to compute basic and diluted EPS are reconciled below: | |||||||||||||
(in millions, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Earnings/(loss) | |||||||||||||
Net income/(loss) | $ | (1,388 | ) | $ | (985 | ) | $ | (152 | ) | ||||
Shares | |||||||||||||
Weighted average common shares outstanding (basic shares) | 249.3 | 219.2 | 217.4 | ||||||||||
Adjustment for assumed dilution: | |||||||||||||
Stock options, restricted stock awards and warrant | — | — | — | ||||||||||
Weighted average shares assuming dilution (diluted shares) | 249.3 | 219.2 | 217.4 | ||||||||||
EPS | |||||||||||||
Basic | $ | (5.57 | ) | $ | (4.49 | ) | $ | (0.70 | ) | ||||
Diluted | $ | (5.57 | ) | $ | (4.49 | ) | $ | (0.70 | ) | ||||
Antidilutive common stock | ' | ||||||||||||
The following average potential shares of common stock were excluded from the diluted EPS calculation because their effect would have been anti-dilutive: | |||||||||||||
(Shares in millions) | 2013 | 2012 | 2011 | ||||||||||
Stock options, restricted stock awards and warrant | 24.3 | 25 | 24.1 | ||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Other Assets, Noncurrent [Abstract] | ' | ||||||||
Schedule of Other Assets | ' | ||||||||
($ in millions) | 2013 | 2012 | |||||||
REITs | $ | — | $ | 33 | |||||
Capitalized software, net | 267 | 310 | |||||||
Intangible assets, net (Note 4) | 268 | 277 | |||||||
Cost investment (Note 9 and Note 16) | — | 36 | |||||||
Debt issuance costs, net | 92 | 20 | |||||||
Other | 59 | 69 | |||||||
Total | $ | 686 | $ | 745 | |||||
Other_Accounts_Payable_and_Acc1
Other Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ||||||||
Schedule of Other Accounts Payable and Accrued Liabilities | ' | ||||||||
($ in millions) | 2013 | 2012 | |||||||
Accrued salaries, vacation and bonus | $ | 209 | $ | 225 | |||||
Customer gift cards | 218 | 230 | |||||||
Taxes other than income taxes | 89 | 78 | |||||||
Occupancy and rent-related | 115 | 114 | |||||||
Interest | 91 | 65 | |||||||
Advertising | 49 | 68 | |||||||
Current portion of workers’ compensation and general liability insurance | 59 | 58 | |||||||
Restructuring and management transition (Note 16) | 29 | 10 | |||||||
Current portion of retirement plan liabilities (Note 15) | 46 | 55 | |||||||
Capital expenditures | 25 | 65 | |||||||
Unrecognized tax benefits (Note 18) | 2 | 2 | |||||||
Other | 266 | 410 | |||||||
Total | $ | 1,198 | $ | 1,380 | |||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Other Liabilities, Noncurrent [Abstract] | ' | ||||||||
Schedule of Other Liabilities | ' | ||||||||
($ in millions) | 2013 | 2012 | |||||||
Supplemental pension and other postretirement benefit plan liabilities (Note 15) | $ | 187 | $ | 266 | |||||
Long-term portion of workers’ compensation and general liability insurance | 169 | 167 | |||||||
Deferred developer/tenant allowances | 116 | 128 | |||||||
Primary pension plan (Note 15) | — | 7 | |||||||
Unrecognized tax benefits (Note 18) | 68 | 74 | |||||||
Restructuring and management transition (Note 16) | 4 | 8 | |||||||
Other | 88 | 48 | |||||||
Total | $ | 632 | $ | 698 | |||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
REIT Assets Measured on a Recurring Basis | ' | ||||||||||||||||||||
Our REIT assets measured at fair value are as follows: | |||||||||||||||||||||
REIT Assets - Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
($ in millions) | Cost Basis | Quoted Prices in Active Markets of Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
As of February 1, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
As of February 2, 2013 | 7 | 33 | — | — | |||||||||||||||||
Assets Measured on a Non-recurring Basis | ' | ||||||||||||||||||||
The following table presents fair values for those assets measured at fair values and gains or losses during 2013 and 2012 on a non-recurring basis, and remaining on our Consolidated Balance Sheet: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
($ in millions) | Carrying Value | Quoted Prices in Active Markets of Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | ||||||||||||||||
As of February 1, 2014 | |||||||||||||||||||||
Store assets | $ | 2 | $ | — | $ | — | $ | 2 | $ | (18 | ) | ||||||||||
Intangible asset (Note 6) | 5 | — | — | 5 | (9 | ) | |||||||||||||||
Total | $ | 7 | $ | — | $ | — | $ | 7 | $ | (27 | ) | ||||||||||
As of February 2, 2013 | |||||||||||||||||||||
Store assets | 8 | — | — | 8 | (26 | ) | |||||||||||||||
Total | $ | 8 | $ | — | $ | — | $ | 8 | $ | (26 | ) | ||||||||||
Other Financial Instruments | ' | ||||||||||||||||||||
Carrying values and fair values of financial instruments that are not carried at fair value in the Consolidated Balance Sheets are as follows: | |||||||||||||||||||||
As of February 1, 2014 | As of February 2, 2013 | ||||||||||||||||||||
($ in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||
Long-term debt, including current maturities | $ | 4,862 | $ | 4,209 | $ | 2,868 | $ | 2,456 | |||||||||||||
Cost investment (Note 16) | — | — | 36 | — | |||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Long-Term Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
($ in millions) | 2013 | 2012 | |||||||
Issue: | |||||||||
5.65% Senior Notes Due 2020(1) | $ | 400 | $ | 400 | |||||
5.75% Senior Notes Due 2018(1) | 300 | 300 | |||||||
6.375% Senior Notes Due 2036(1) | 400 | 400 | |||||||
6.875% Medium-Term Notes Due 2015 | 200 | 200 | |||||||
6.9% Notes Due 2026 | 2 | 2 | |||||||
7.125% Debentures Due 2023 | 10 | 255 | |||||||
7.4% Debentures Due 2037 | 326 | 326 | |||||||
7.625% Notes Due 2097 | 500 | 500 | |||||||
7.65% Debentures Due 2016 | 200 | 200 | |||||||
7.95% Debentures Due 2017 | 285 | 285 | |||||||
Term Loan | 2,239 | — | |||||||
Total notes and debentures | 4,862 | 2,868 | |||||||
Less: current maturities | 23 | — | |||||||
Total long-term debt | $ | 4,839 | $ | 2,868 | |||||
Weighted-average interest rate at year end | 6.5 | % | 6.9 | % | |||||
Weighted-average maturity | 15 years | ||||||||
-1 | These debt issuances contain a change of control provision that would obligate us, at the holders’ option, to repurchase the debt at a price of 101%. These provisions trigger if there were a beneficial ownership change of 50% or more of our common stock. | ||||||||
Schedule of Maturities of Long-term Debt | ' | ||||||||
($ in millions) | |||||||||
2014 | $ | 23 | |||||||
2015 | 223 | ||||||||
2016 | 223 | ||||||||
2017 | 308 | ||||||||
2018 | 2,447 | ||||||||
Thereafter | 1,638 | ||||||||
Total | $ | 4,862 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule Of Reclassifications Out Of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) | Line Item in the Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Realized (gain)/loss on REITs | ||||||||||||||||||||||||||||||||||||
Sale or redemption of SPG REIT units | $ | (24 | ) | $ | (270 | ) | $ | — | Real estate and other, net | |||||||||||||||||||||||||||
Sale of CBL REIT shares | — | (15 | ) | — | Real estate and other, net | |||||||||||||||||||||||||||||||
Tax (expense)/benefit | 8 | 101 | — | Income tax expense/(benefit) | ||||||||||||||||||||||||||||||||
Total, net of tax | (16 | ) | (184 | ) | — | |||||||||||||||||||||||||||||||
Retirement benefit plans | ||||||||||||||||||||||||||||||||||||
Amortization of actuarial (gain)/loss(1) | 176 | 243 | 155 | Pension | ||||||||||||||||||||||||||||||||
Amortization of prior service (credit)/cost(1) | 7 | 1 | 1 | Pension | ||||||||||||||||||||||||||||||||
Amortization of actuarial (gain)/loss(1) | (1 | ) | (1 | ) | (1 | ) | SG&A | |||||||||||||||||||||||||||||
Amortization of prior service (credit)/cost(1) | (8 | ) | (14 | ) | (25 | ) | SG&A | |||||||||||||||||||||||||||||
Prior service (credit)/cost from a curtailment | — | (5 | ) | 1 | Restructuring and management transition (Note 16) | |||||||||||||||||||||||||||||||
Actuarial (gain)/loss from a settlement(1) | — | 148 | — | Pension | ||||||||||||||||||||||||||||||||
Tax (expense)/benefit | (67 | ) | (144 | ) | (51 | ) | Income tax expense/(benefit) | |||||||||||||||||||||||||||||
Total, net of tax | 107 | 228 | 80 | |||||||||||||||||||||||||||||||||
Total reclassifications | $ | 91 | $ | 44 | $ | 80 | ||||||||||||||||||||||||||||||
-1 | These accumulated other comprehensive components are included in the computation of net periodic benefits expense/(income). See Note 15 for additional details. | |||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income/(Loss) | ' | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
($ in millions) | Gross Amount | Income Tax (Expense)/Benefit | Net Amount | Gross Amount | Income Tax (Expense)/Benefit | Net Amount | Gross Amount | Income Tax (Expense)/Benefit | Net Amount | |||||||||||||||||||||||||||
REITs | ||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) | $ | (2 | ) | $ | 1 | $ | (1 | ) | $ | 56 | $ | (20 | ) | $ | 36 | $ | 82 | $ | (29 | ) | $ | 53 | ||||||||||||||
Reclassification adjustment for (gain)/loss | (24 | ) | 8 | (16 | ) | (285 | ) | (2) | 101 | (184 | ) | — | — | — | ||||||||||||||||||||||
Retirement benefit plans | ||||||||||||||||||||||||||||||||||||
Net actuarial gain/(loss) arising during the period | 659 | (255 | ) | (1) | 404 | 60 | (23 | ) | 37 | (872 | ) | 338 | (534 | ) | ||||||||||||||||||||||
Prior service credit/(cost) arising during the period | (7 | ) | 3 | (1) | (4 | ) | (42 | ) | 16 | (26 | ) | (4 | ) | 1 | (3 | ) | ||||||||||||||||||||
Reclassification of net prior service (credit)/cost from a curtailment | — | — | — | (5 | ) | 2 | (3 | ) | 1 | — | 1 | |||||||||||||||||||||||||
Reclassification of net actuarial (gain)/loss from a settlement | — | — | — | 148 | (57 | ) | 91 | — | — | — | ||||||||||||||||||||||||||
Reclassification for amortization of net actuarial (gain)/loss | 175 | (67 | ) | (1) | 108 | 242 | (94 | ) | 148 | 154 | (60 | ) | 94 | |||||||||||||||||||||||
Reclassification for amortization of prior service (credit)/cost | (1 | ) | — | (1 | ) | (13 | ) | 5 | (8 | ) | (24 | ) | 9 | (15 | ) | |||||||||||||||||||||
Total | $ | 800 | $ | (310 | ) | $ | 490 | $ | 161 | $ | (70 | ) | $ | 91 | $ | (663 | ) | $ | 259 | $ | (404 | ) | ||||||||||||||
-1 | In accordance with accounting standards, we are required to allocate a portion of our tax provision between operating losses and accumulated other comprehensive income. As a result, the Company recorded income tax expense in other comprehensive income/(loss)which is offset by a tax benefit on the loss for the year. See Note 18. | |||||||||||||||||||||||||||||||||||
-2 | During the second quarter of 2012, the reclassification adjustment for the Simon Property Group, L.P. (SPG) units of $270 million was calculated by using the closing fair market value per SPG unit of $158.13 on July 19, 2012 for the two million REIT units that were redeemed on July 20, 2012. The REIT units were redeemed at a price of $124.00 per unit (see Note 17). | |||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income/(Loss) | ' | |||||||||||||||||||||||||||||||||||
($ in millions) | Unrealized Gain/(Loss) on REITs | Net Actuarial Gain/(Loss) | Prior Service Credit/(Cost) | Accumulated Other Comprehensive Income/(Loss) | ||||||||||||||||||||||||||||||||
January 28, 2012 | $ | 165 | $ | (1,397 | ) | $ | 23 | $ | (1,209 | ) | ||||||||||||||||||||||||||
Current period change | (148 | ) | 276 | (37 | ) | 91 | ||||||||||||||||||||||||||||||
February 2, 2013 | $ | 17 | $ | (1,121 | ) | $ | (14 | ) | $ | (1,118 | ) | |||||||||||||||||||||||||
Current period change | (17 | ) | 512 | (5 | ) | 490 | ||||||||||||||||||||||||||||||
February 1, 2014 | $ | — | $ | (609 | ) | $ | (19 | ) | $ | (628 | ) | |||||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | |||||||||||||
The components of total stock-based compensation costs are as follows: | ||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||||
Stock awards | $ | 14 | $ | 33 | $ | 22 | ||||||||
Stock options | 14 | 17 | 24 | |||||||||||
Total stock-based compensation(1) | $ | 28 | $ | 50 | $ | 46 | ||||||||
Total income tax benefit recognized for stock-based compensation arrangements | $ | — | $ | 19 | $ | 18 | ||||||||
-1 | Excludes $18 million, $11 million and $79 million for 2013, 2012 and 2011, respectively, of stock-based compensation costs reported in restructuring and management transition charges (see Note 16). | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||
The following table summarizes stock option activity during the year ended February 1, 2014: | ||||||||||||||
Shares (in thousands) | Weighted - Average Exercise Price Per Share | Weighted - Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value ($ in millions)(1) | |||||||||||
Outstanding at February 2, 2013 | 13,593 | $ | 40 | |||||||||||
Granted | 3,448 | 15 | ||||||||||||
Exercised | (397 | ) | 16 | |||||||||||
Forfeited/canceled | (2,615 | ) | 30 | |||||||||||
Outstanding at February 1, 2014 | 14,029 | 36 | 4.4 | $ | — | |||||||||
Exercisable at February 1, 2014 | 10,617 | 41 | 3 | $ | — | |||||||||
-1 | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option at year end. As of February 1, 2014, all outstanding stock options had an exercise price above the closing price of JCPenney common stock of $5.92. | |||||||||||||
Schedule of Cash Proceeds Received from Share-based Payment Awards | ' | |||||||||||||
Cash proceeds, tax benefits and intrinsic value related to total stock options exercised are provided in the following table: | ||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||||
Proceeds from stock options exercised | $ | 7 | $ | 71 | $ | 18 | ||||||||
Intrinsic value of stock options exercised | 2 | 38 | 28 | |||||||||||
Tax benefit related to stock-based compensation | — | 15 | 11 | |||||||||||
Excess tax benefits realized on stock-based compensation | — | 12 | 10 | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||
Our weighted-average fair value of stock options at grant date was $7.15 in 2013, $11.49 in 2012 and $11.37 in 2011 using the binomial lattice valuation model and the following assumptions: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Weighted-average expected option term | 4.4 years | 4.9 years | 4.5 years | |||||||||||
Weighted-average expected volatility | 62.00% | 45.30% | 41.20% | |||||||||||
Weighted-average risk-free interest rate | 0.64% | 0.87% | 1.75% | |||||||||||
Weighted-average expected dividend yield | —% | 1.40% | 2.20% | |||||||||||
Expected dividend yield range | —% | 2.0% – 2.1% | 1.8% – 2.2% | |||||||||||
Schedule of Nonvested Restricted Stock Units Activity | ' | |||||||||||||
The following table summarizes our non-vested stock awards activity during the year ended February 1, 2014: | ||||||||||||||
Time-Based Stock Awards | Performance-Based Stock Awards | |||||||||||||
(shares in thousands) | Number of Units | Weighted- Date Fair Value | Number of Units | Weighted- Date Fair Value | ||||||||||
Non-vested at February 2, 2013 | 3,418 | $ | 31 | 44 | $ | 31 | ||||||||
Granted | 971 | 15 | 1,082 | 14 | ||||||||||
Vested | (1,344 | ) | 29 | (155 | ) | 19 | ||||||||
Forfeited/canceled | (1,688 | ) | 29 | (898 | ) | 14 | ||||||||
Non-vested at February 1, 2014 | 1,357 | 23 | 73 | 7 | ||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Schedule of Rent Expense | ' | ||||||||||||
Rent expense, net of sublease income, was as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Real property base rent and straight-lined step rent expense | $ | 230 | $ | 233 | $ | 243 | |||||||
Real property contingent rent expense (based on sales) | 5 | 10 | 16 | ||||||||||
Personal property rent expense | 65 | 67 | 64 | ||||||||||
Total rent expense | $ | 300 | $ | 310 | $ | 323 | |||||||
Less: sublease income(1) | (16 | ) | (16 | ) | (18 | ) | |||||||
Net rent expense | $ | 284 | $ | 294 | $ | 305 | |||||||
-1 | Sublease income is reported in Real estate and other, net. | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||||||||||
As of February 1, 2014, future minimum lease payments for non-cancelable operating leases, including lease renewals determined to be reasonably assured and capital leases, including our note payable, were as follows: | |||||||||||||
($ in millions) | Operating Leases | ||||||||||||
2014 | $ | 258 | |||||||||||
2015 | 222 | ||||||||||||
2016 | 195 | ||||||||||||
2017 | 163 | ||||||||||||
2018 | 133 | ||||||||||||
Thereafter | 1,938 | ||||||||||||
Less: sublease income | (80 | ) | |||||||||||
Total minimum lease payments | $ | 2,829 | |||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | ||||||||||||
($ in millions) | Capital Leases and Note Payable | ||||||||||||
2014 | $ | 30 | |||||||||||
2015 | 40 | ||||||||||||
2016 | 17 | ||||||||||||
2017 | 9 | ||||||||||||
2018 | — | ||||||||||||
Thereafter | — | ||||||||||||
Less: sublease income | — | ||||||||||||
Total minimum lease payments | 96 | ||||||||||||
Less: amounts representing interest | (7 | ) | |||||||||||
Present value of net minimum lease obligations | $ | 89 | |||||||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||||
Types of Retirement and Other Benefits | ' | ||||||||||||||||||||
Retirement and other benefits include: | |||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||
Primary Pension Plan – funded | |||||||||||||||||||||
Supplemental retirement plans – unfunded | |||||||||||||||||||||
Other Benefit Plans | |||||||||||||||||||||
Postretirement benefits – medical and dental | |||||||||||||||||||||
Defined contribution plans: | |||||||||||||||||||||
401(k) savings, profit-sharing and stock ownership plan | |||||||||||||||||||||
Deferred compensation plan | |||||||||||||||||||||
Schedule of Costs of Retirement Plans | ' | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Primary Pension Plan | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | 78 | $ | 87 | $ | 88 | |||||||||||||||
Interest cost | 204 | 242 | 247 | ||||||||||||||||||
Expected return on plan assets | (340 | ) | (382 | ) | (385 | ) | |||||||||||||||
Amortization of actuarial loss/(gain) | 152 | 220 | 137 | ||||||||||||||||||
Amortization of prior service cost/(credit) | 6 | — | — | ||||||||||||||||||
Settlement expense | — | 148 | — | ||||||||||||||||||
Net periodic benefit expense/(income) | $ | 100 | $ | 315 | $ | 87 | |||||||||||||||
Supplemental Pension Plans | |||||||||||||||||||||
Service cost | $ | — | $ | 1 | $ | 2 | |||||||||||||||
Interest cost | 12 | 13 | 13 | ||||||||||||||||||
Amortization of actuarial loss/(gain) | 24 | 23 | 18 | ||||||||||||||||||
Amortization of prior service cost/(credit) | 1 | 1 | 1 | ||||||||||||||||||
Net periodic benefit expense/(income) | $ | 37 | $ | 38 | $ | 34 | |||||||||||||||
Primary and Supplemental Pension Plans Total | |||||||||||||||||||||
Service cost | $ | 78 | $ | 88 | $ | 90 | |||||||||||||||
Interest cost | 216 | 255 | 260 | ||||||||||||||||||
Expected return on plan assets | (340 | ) | (382 | ) | (385 | ) | |||||||||||||||
Amortization of actuarial loss/(gain) | 176 | 243 | 155 | ||||||||||||||||||
Amortization of prior service cost/(credit) | 7 | 1 | 1 | ||||||||||||||||||
Settlement charge | — | 148 | — | ||||||||||||||||||
Net periodic benefit expense/(income) | $ | 137 | $ | 353 | $ | 121 | |||||||||||||||
Schedule of Changes in Projected Benefit Obligations | ' | ||||||||||||||||||||
Primary Pension Plan | Supplemental Plans | ||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Change in PBO | |||||||||||||||||||||
Beginning balance | $ | 5,042 | $ | 5,297 | $ | 303 | $ | 309 | |||||||||||||
Service cost | 78 | 87 | — | 1 | |||||||||||||||||
Interest cost | 204 | 242 | 12 | 13 | |||||||||||||||||
Special termination benefits | — | — | — | — | |||||||||||||||||
Amendments | 17 | 42 | (8 | ) | — | ||||||||||||||||
Curtailments | — | (80 | ) | — | (13 | ) | |||||||||||||||
Settlements | — | (439 | ) | — | — | ||||||||||||||||
Actuarial loss/(gain) | (442 | ) | 204 | (34 | ) | 59 | |||||||||||||||
Benefits (paid) | (422 | ) | (311 | ) | (54 | ) | (66 | ) | |||||||||||||
Balance at measurement date | $ | 4,477 | $ | 5,042 | $ | 219 | $ | 303 | |||||||||||||
Change in fair value of plan assets | |||||||||||||||||||||
Beginning balance | $ | 5,035 | $ | 5,176 | $ | — | $ | — | |||||||||||||
Company contributions | — | — | 54 | 66 | |||||||||||||||||
Actual return on assets(1) | 527 | 609 | — | — | |||||||||||||||||
Settlements | — | (439 | ) | — | — | ||||||||||||||||
Benefits (paid) | (422 | ) | (311 | ) | (54 | ) | (66 | ) | |||||||||||||
Balance at measurement date | $ | 5,140 | $ | 5,035 | $ | — | $ | — | |||||||||||||
Funded status of the plan | $ | 663 | (2) | $ | (7 | ) | (3) | $ | (219 | ) | (4) | $ | (303 | ) | (4) | ||||||
-1 | Includes plan administrative expenses. | ||||||||||||||||||||
-2 | Presented as Prepaid pension in the Consolidated Balance Sheets. | ||||||||||||||||||||
-3 | Included in Other liabilities in the Consolidated Balance Sheets. | ||||||||||||||||||||
-4 | $44 million in 2013 and $53 million in 2012 were included in Other accounts payable and accrued expenses on the Consolidated Balance Sheets, and the remaining amounts were included in Other liabilities. | ||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Primary Pension Plan | Supplemental Plans | ||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Net actuarial loss/(gain) | $ | 898 | $ | 1,679 | $ | 127 | $ | 185 | |||||||||||||
Prior service cost/(credit) | 53 | 42 | (6 | ) | 3 | ||||||||||||||||
Total | $ | 951 | (1) | $ | 1,721 | $ | 121 | (1) | $ | 188 | |||||||||||
-1 | In 2014, approximately $57 million for the Primary Pension Plan and $15 million for the supplemental plans are expected to be amortized from Accumulated other comprehensive income/(loss) into net periodic benefit expense/(income) | ||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||||
Investments at Fair Value at February 1, 2014 | |||||||||||||||||||||
($ in millions) | Level 1(1) | Level 2(1) | Level 3 | Total | |||||||||||||||||
Assets | |||||||||||||||||||||
Cash | $ | 158 | $ | — | $ | — | $ | 158 | |||||||||||||
Common collective trusts | — | 32 | — | 32 | |||||||||||||||||
Cash and cash equivalents total | 158 | 32 | — | 190 | |||||||||||||||||
Common collective trusts – domestic | — | 224 | — | 224 | |||||||||||||||||
Common collective trusts – international | — | 335 | — | 335 | |||||||||||||||||
Equity securities – domestic | 1,206 | — | — | 1,206 | |||||||||||||||||
Equity securities – international | 197 | 6 | — | 203 | |||||||||||||||||
Private equity | — | — | 298 | 298 | |||||||||||||||||
Equity securities total | 1,403 | 565 | 298 | 2,266 | |||||||||||||||||
Common collective trusts | — | 1,099 | — | 1,099 | |||||||||||||||||
Corporate bonds | — | 838 | 11 | 849 | |||||||||||||||||
Swaps | — | 238 | — | 238 | |||||||||||||||||
Government securities | — | 106 | — | 106 | |||||||||||||||||
Corporate loans | — | 27 | 6 | 33 | |||||||||||||||||
Municipal bonds | — | 50 | — | 50 | |||||||||||||||||
Mortgage backed securities | — | 6 | — | 6 | |||||||||||||||||
Other fixed income | 1 | 12 | — | 13 | |||||||||||||||||
Fixed income total | 1 | 2,376 | 17 | 2,394 | |||||||||||||||||
Public REITs | 118 | — | — | 118 | |||||||||||||||||
Private real estate | — | 19 | 204 | 223 | |||||||||||||||||
Real estate total | 118 | 19 | 204 | 341 | |||||||||||||||||
Hedge funds | — | — | 153 | 153 | |||||||||||||||||
Other investments total | — | — | 153 | 153 | |||||||||||||||||
Total investment assets at fair value | $ | 1,680 | $ | 2,992 | $ | 672 | $ | 5,344 | |||||||||||||
Liabilities | |||||||||||||||||||||
Swaps | $ | — | $ | (237 | ) | $ | — | $ | (237 | ) | |||||||||||
Other fixed income | (2 | ) | (2 | ) | — | (4 | ) | ||||||||||||||
Fixed income total | (2 | ) | (239 | ) | — | (241 | ) | ||||||||||||||
Total liabilities at fair value | $ | (2 | ) | $ | (239 | ) | $ | — | $ | (241 | ) | ||||||||||
Accounts payable, net | 37 | ||||||||||||||||||||
Total net assets | $ | 5,140 | |||||||||||||||||||
-1 | There were no significant transfers in or out of level 1 or 2 investments. | ||||||||||||||||||||
Investments at Fair Value at February 2, 2013 | |||||||||||||||||||||
($ in millions) | Level 1(1) | Level 2(1) | Level 3 | Total | |||||||||||||||||
Assets | |||||||||||||||||||||
Cash | $ | 31 | $ | — | $ | — | $ | 31 | |||||||||||||
Common collective trusts | — | 47 | — | 47 | |||||||||||||||||
Cash and cash equivalents total | 31 | 47 | — | 78 | |||||||||||||||||
Common collective trusts – domestic | — | 161 | — | 161 | |||||||||||||||||
Common collective trusts – international | — | 407 | — | 407 | |||||||||||||||||
Equity securities – domestic | 1,325 | — | — | 1,325 | |||||||||||||||||
Equity securities – international | 210 | 6 | — | 216 | |||||||||||||||||
Private equity | — | — | 297 | 297 | |||||||||||||||||
Equity securities total | 1,535 | 574 | 297 | 2,406 | |||||||||||||||||
Common collective trusts | — | 1,171 | — | 1,171 | |||||||||||||||||
Corporate bonds | — | 871 | 10 | 881 | |||||||||||||||||
Swaps | — | 216 | — | 216 | |||||||||||||||||
Municipal bonds | — | 49 | — | 49 | |||||||||||||||||
Mortgage backed securities | — | 26 | 12 | 38 | |||||||||||||||||
Corporate loans | — | 54 | — | 54 | |||||||||||||||||
Government securities | — | 8 | — | 8 | |||||||||||||||||
Other fixed income | 3 | 35 | — | 38 | |||||||||||||||||
Fixed income total | 3 | 2,430 | 22 | 2,455 | |||||||||||||||||
Public REITs | 133 | — | — | 133 | |||||||||||||||||
Private real estate | — | 17 | 231 | 248 | |||||||||||||||||
Real estate total | 133 | 17 | 231 | 381 | |||||||||||||||||
Total investment assets at fair value | $ | 1,702 | $ | 3,068 | $ | 550 | $ | 5,320 | |||||||||||||
Liabilities | |||||||||||||||||||||
Swaps | $ | — | $ | (216 | ) | $ | — | $ | (216 | ) | |||||||||||
Other fixed income | — | (54 | ) | — | (54 | ) | |||||||||||||||
Fixed income total | — | (270 | ) | — | (270 | ) | |||||||||||||||
Total liabilities at fair value | $ | — | $ | (270 | ) | $ | — | $ | (270 | ) | |||||||||||
Accounts payable, net | (15 | ) | |||||||||||||||||||
Total net assets | $ | 5,035 | |||||||||||||||||||
-1 | There were no significant transfers in or out of level 1 or 2 investments. | ||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | ' | ||||||||||||||||||||
2013 | |||||||||||||||||||||
($ in millions) | Private Equity | Real Estate | Corporate Loans | Corporate Bonds | Hedge Funds | ||||||||||||||||
Balance, beginning of year | $ | 297 | $ | 231 | $ | 12 | $ | 10 | $ | — | |||||||||||
Transfers, net | — | — | — | — | — | ||||||||||||||||
Realized gains/(loss) | 38 | 5 | — | — | — | ||||||||||||||||
Unrealized (losses)/gains | 3 | 11 | — | (1 | ) | 3 | |||||||||||||||
Purchases and issuances | 33 | 4 | 2 | 2 | 150 | ||||||||||||||||
Sales, maturities and settlements | (73 | ) | (47 | ) | (8 | ) | — | — | |||||||||||||
Balance, end of year | $ | 298 | $ | 204 | $ | 6 | $ | 11 | $ | 153 | |||||||||||
2012 | |||||||||||||||||||||
($ in millions) | Private Equity | Real Estate | Corporate Loans | Corporate Bonds | |||||||||||||||||
Balance, beginning of year | $ | 299 | $ | 255 | $ | 27 | $ | 9 | |||||||||||||
Transfers, net | — | 3 | — | — | |||||||||||||||||
Realized gains/(loss) | 33 | — | (1 | ) | (1 | ) | |||||||||||||||
Unrealized (losses)/gains | (5 | ) | 7 | — | — | ||||||||||||||||
Purchases and issuances | 47 | 6 | 3 | 6 | |||||||||||||||||
Sales, maturities and settlements | (77 | ) | (40 | ) | (17 | ) | (4 | ) | |||||||||||||
Balance, end of year | $ | 297 | $ | 231 | $ | 12 | $ | 10 | |||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||
($ in millions) | Primary Plan Benefits | Supplemental Plan Benefits | |||||||||||||||||||
2014 | $ | 342 | $ | 44 | |||||||||||||||||
2015 | 331 | 48 | |||||||||||||||||||
2016 | 330 | 42 | |||||||||||||||||||
2017 | 330 | 20 | |||||||||||||||||||
2018 | 331 | 13 | |||||||||||||||||||
2019-2023 | 1,652 | 64 | |||||||||||||||||||
Schedule of Target Allocation Ranges for Defined Benefit Plan Assets | ' | ||||||||||||||||||||
2013 Target | Plan Assets | ||||||||||||||||||||
Asset Class | Allocation Ranges | 2013 | 2012 | ||||||||||||||||||
Equity | 40% -60% | 44 | % | 48 | % | ||||||||||||||||
Fixed income | 35% -50% | 42 | % | 43 | % | ||||||||||||||||
Real estate, cash and other investments | 0% - 10% | 14 | % | 9 | % | ||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||
Schedule of Defined Contribution Plan Expense | ' | ||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Savings Plan – 401(k) | $ | 38 | $ | 43 | $ | 52 | |||||||||||||||
Savings Plan – retirement account | 11 | 11 | 11 | ||||||||||||||||||
Mirror Savings Plan | 3 | 3 | 4 | ||||||||||||||||||
Total | $ | 52 | $ | 57 | $ | 67 | |||||||||||||||
Weighted-Average Actuarial Assumptions Used To Determine Expense [Member] | ' | ||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected return on plan assets | 7 | % | 7.5 | % | 7.5 | % | |||||||||||||||
Discount rate | 4.19 | % | 4.82 | % | (1) | 5.65 | % | (2) | |||||||||||||
Salary increase | 4.7 | % | 4.7 | % | 4.7 | % | |||||||||||||||
-1 | The discount rate used was revised to 4.25% on the remeasurement date of September 30, 2012 as a result of the curtailments. | ||||||||||||||||||||
-2 | The discount rate used for the Supplemental Retirement Program and Benefit Restoration Plan was revised to 5.06% on the remeasurement date of October 15, 2011 as a result of the VERP. | ||||||||||||||||||||
Weighted Average Actuarial Assumptions Used To Determine Liability [Member] | ' | ||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Discount rate | 4.89 | % | 4.19 | % | 4.82 | % | |||||||||||||||
Salary progression rate | 3.5 | % | 4.7 | % | 4.7 | % | |||||||||||||||
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||||
Schedule of Costs of Retirement Plans | ' | ||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Interest cost | $ | 1 | $ | 1 | $ | 1 | |||||||||||||||
Amortization of actuarial loss/(gain) | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||
Amortization of prior service cost/(credit) | (8 | ) | (14 | ) | (25 | ) | |||||||||||||||
Net periodic benefit expense/(income) | $ | (8 | ) | $ | (14 | ) | $ | (25 | ) | ||||||||||||
Schedule of Changes in Projected Benefit Obligations | ' | ||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||
($ in millions) | 2013 | 2012 | |||||||||||||||||||
Change in APBO | |||||||||||||||||||||
Beginning balance | $ | 18 | $ | 24 | |||||||||||||||||
Interest cost | 1 | 1 | |||||||||||||||||||
Participant contributions | 13 | 14 | |||||||||||||||||||
Curtailments | — | (2 | ) | ||||||||||||||||||
Actuarial (gain)/loss | — | (3 | ) | ||||||||||||||||||
Benefits (paid) | (17 | ) | (16 | ) | |||||||||||||||||
Balance at measurement date | $ | 15 | $ | 18 | |||||||||||||||||
Change in fair value of plan assets | |||||||||||||||||||||
Beginning balance | $ | — | $ | — | |||||||||||||||||
Participant contributions | 13 | 14 | |||||||||||||||||||
Company contributions | 4 | 2 | |||||||||||||||||||
Benefits (paid) | (17 | ) | (16 | ) | |||||||||||||||||
Balance at measurement date | $ | — | $ | — | |||||||||||||||||
Funded status of the plan | $ | (15 | ) | -1 | $ | (18 | ) | -1 | |||||||||||||
-1 | Of the total accrued liability, $2 million for 2013 and $2 million for 2012 was included in Other accounts payable and accrued expenses in the Consolidated Balance Sheets, and the remaining amounts were included in Other liabilities. | ||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
($ in millions) | 2013 | 2012 | |||||||||||||||||||
Net actuarial loss/(gain) | $ | (6 | ) | $ | (7 | ) | |||||||||||||||
Prior service cost/(credit) | (15 | ) | (23 | ) | |||||||||||||||||
Total | $ | (21 | ) | (1) | $ | (30 | ) | ||||||||||||||
(1) In 2014, approximately $(1) million of net actuarial loss/(gain) and $(8) million of prior service cost/(credit) for the postretirement plan are expected to be amortized from Accumulated other comprehensive income/(loss) into net periodic postretirement benefit (income) included in SG&A in the Consolidated Statement of Operations. | |||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||
($ in millions) | Other Postretirement Benefits | ||||||||||||||||||||
2014 | $ | 2 | |||||||||||||||||||
2015 | 2 | ||||||||||||||||||||
2016 | 2 | ||||||||||||||||||||
2017 | 2 | ||||||||||||||||||||
2018 | 2 | ||||||||||||||||||||
2019-2023 | 6 | ||||||||||||||||||||
Restructuring_and_Management_T1
Restructuring and Management Transition (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||
Restructuring Reserve [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule Of Current And Cumulative Restructuring And Management Transition Charges | ' | ||||||||||||||||||||||||||||
The composition of restructuring and management transition charges was as follows: | |||||||||||||||||||||||||||||
Cumulative Amount Through | |||||||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | 2013 | |||||||||||||||||||||||||
Supply chain | $ | — | $ | 19 | $ | 41 | $ | 60 | |||||||||||||||||||||
Catalog and catalog outlet stores | — | — | 34 | 55 | |||||||||||||||||||||||||
Home office and stores | 48 | 109 | 41 | 202 | |||||||||||||||||||||||||
Software and systems | — | 36 | — | 36 | |||||||||||||||||||||||||
Store fixtures | 55 | 78 | — | 133 | |||||||||||||||||||||||||
Management transition | 37 | 41 | 130 | 208 | |||||||||||||||||||||||||
VERP | — | — | 179 | 179 | |||||||||||||||||||||||||
Other | 75 | 15 | 26 | 123 | |||||||||||||||||||||||||
Total | $ | 215 | $ | 298 | $ | 451 | $ | 996 | |||||||||||||||||||||
Restructuring and Management Transition Charges | ' | ||||||||||||||||||||||||||||
Activity for the restructuring and management transition liability for 2013 and 2012 was as follows: | |||||||||||||||||||||||||||||
($ in millions) | Supply Chain | Home Office and Stores | Software and Systems | Store Fixtures | Management Transition | Other | Total | ||||||||||||||||||||||
January 28, 2012 | $ | 3 | $ | 28 | $ | — | $ | — | $ | 10 | $ | 19 | $ | 60 | |||||||||||||||
Charges | 19 | 109 | 36 | 78 | 41 | 15 | 298 | ||||||||||||||||||||||
Cash payments | (18 | ) | (137 | ) | (3 | ) | — | (42 | ) | (19 | ) | (219 | ) | ||||||||||||||||
Non-cash | (2 | ) | 4 | (33 | ) | (78 | ) | (9 | ) | (3 | ) | (121 | ) | ||||||||||||||||
February 2, 2013 | 2 | 4 | — | — | — | 12 | 18 | ||||||||||||||||||||||
Charges | — | 48 | — | 55 | 37 | 75 | 215 | ||||||||||||||||||||||
Cash payments | (2 | ) | (29 | ) | — | — | (18 | ) | (19 | ) | (68 | ) | |||||||||||||||||
Non-cash | — | (23 | ) | — | (55 | ) | (16 | ) | (38 | ) | (132 | ) | |||||||||||||||||
February 1, 2014 | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | 30 | $ | 33 | |||||||||||||||
Real_Estate_and_Other_Net_Tabl
Real Estate and Other, Net (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Real Estate and Other, Net [Abstract] | ' | ||||||||||||
Real Estate and Other, Net | ' | ||||||||||||
The composition of Real estate and other, net was as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Gain on sale or redemption of non-operating assets, net: | |||||||||||||
Sale or Redemption of Simon Property Group, L.P. (SPG) REIT units | $ | (24 | ) | $ | (200 | ) | $ | — | |||||
Sale of CBL & Associates Properties, Inc. (CBL) REIT shares | — | (15 | ) | — | |||||||||
Sale of leveraged lease assets | — | (28 | ) | — | |||||||||
Sale of investments in joint ventures | (85 | ) | (151 | ) | — | ||||||||
Sale of non-operating assets | (23 | ) | (3 | ) | — | ||||||||
Net gain on sale or redemption of non-operating assets | (132 | ) | (397 | ) | — | ||||||||
Dividend income from REITs | (1 | ) | (6 | ) | (10 | ) | |||||||
Investment income from joint ventures | (6 | ) | (11 | ) | (13 | ) | |||||||
Net gain from sale of operating assets | (17 | ) | — | (6 | ) | ||||||||
Store impairments | 18 | 26 | 58 | ||||||||||
Intangible asset impairment | 9 | — | — | ||||||||||
Operating asset impairments | — | 60 | — | ||||||||||
Other | (26 | ) | 4 | (8 | ) | ||||||||
Real estate and other (income)/expense, net | $ | (155 | ) | $ | (324 | ) | $ | 21 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The components of our income tax expense/(benefit) were as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
Federal and foreign | $ | (16 | ) | $ | (95 | ) | $ | 60 | |||||
State and local | (8 | ) | 79 | 16 | |||||||||
Total current | (24 | ) | (16 | ) | 76 | ||||||||
Deferred | |||||||||||||
Federal and foreign | (428 | ) | (465 | ) | (130 | ) | |||||||
State and local | (46 | ) | (70 | ) | (23 | ) | |||||||
Total deferred | (474 | ) | (535 | ) | (153 | ) | |||||||
Total | $ | (498 | ) | $ | (551 | ) | $ | (77 | ) | ||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
A reconciliation of the statutory federal income tax rate to our effective rate is as follows: | |||||||||||||
(percent of pre-tax income/(loss)) | 2013 | 2012 | 2011 | ||||||||||
Federal income tax at statutory rate | (35.0 | )% | (35.0 | )% | (35.0 | )% | |||||||
State and local income tax, less federal income tax benefit | (4.1 | ) | (3.7 | ) | (1.8 | ) | |||||||
Increase in valuation allowance federal and state | 28.6 | 4.3 | — | ||||||||||
Tax benefit resulting from OCI allocation | (16.1 | ) | — | — | |||||||||
Tax effect of dividends on ESOP shares | — | (0.1 | ) | (1.9 | ) | ||||||||
Non-deductible management transition costs | — | — | 11.3 | ||||||||||
Other, including permanent differences and credits | 0.2 | (1.4 | ) | (6.2 | ) | ||||||||
Effective tax rate | (26.4 | )% | (35.9 | )% | (33.6 | )% | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Our deferred tax assets and liabilities were as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Merchandise inventory | $ | 62 | $ | 42 | |||||||||
Accrued vacation pay | 28 | 28 | |||||||||||
Gift cards | 69 | 46 | |||||||||||
Stock-based compensation | 69 | 78 | |||||||||||
State taxes | 36 | 39 | |||||||||||
Workers’ compensation/general liability | 93 | 92 | |||||||||||
Accrued rent | 32 | 29 | |||||||||||
Mirror savings plan | 21 | 22 | |||||||||||
Pension and other retiree obligations | — | 135 | |||||||||||
Net operating loss and tax credit carryforwards | 918 | 600 | |||||||||||
Other | 96 | 69 | |||||||||||
Total deferred tax assets | 1,424 | 1,180 | |||||||||||
Valuation allowance | (304 | ) | (66 | ) | |||||||||
Total net deferred tax assets | 1,120 | 1,114 | |||||||||||
Liabilities | |||||||||||||
Depreciation and amortization | (1,024 | ) | (1,314 | ) | |||||||||
Pension and other retiree obligations | (172 | ) | — | ||||||||||
Leveraged leases/tax benefit transfers | (63 | ) | (63 | ) | |||||||||
Capitalized Advertising | (3 | ) | (4 | ) | |||||||||
Unrealized gain on REITs | — | (9 | ) | ||||||||||
Other | — | (6 | ) | ||||||||||
Total deferred tax liabilities | (1,262 | ) | (1,396 | ) | |||||||||
Total net deferred tax liabilities | $ | (142 | ) | $ | (282 | ) | |||||||
Deferred tax assets and liabilities included in our Consolidated Balance Sheets were as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | |||||||||||
Other current assets | $ | 193 | $ | 106 | |||||||||
Other long-term liabilities | (335 | ) | (388 | ) | |||||||||
Total net deferred tax liabilities | $ | (142 | ) | $ | (282 | ) | |||||||
Summary of Income Tax Contingencies | ' | ||||||||||||
A reconciliation of unrecognized tax benefits is as follows: | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Beginning balance | $ | 76 | $ | 110 | $ | 162 | |||||||
Additions for tax positions related to the current year | — | — | — | ||||||||||
Additions for tax positions of prior years | 6 | 5 | 10 | ||||||||||
Reductions for tax positions of prior years | (1 | ) | (11 | ) | (14 | ) | |||||||
Settlements and effective settlements with tax authorities | (9 | ) | (24 | ) | (45 | ) | |||||||
Expirations of statute | (2 | ) | (4 | ) | (3 | ) | |||||||
Balance at end of year | $ | 70 | $ | 76 | $ | 110 | |||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Supplemental cash flow information | |||||||||||||
Income taxes received/(paid), net | $ | 81 | $ | 202 | $ | (91 | ) | ||||||
Interest received/(paid), net | (414 | ) | (230 | ) | (225 | ) | |||||||
Supplemental non-cash investing and financing activity | |||||||||||||
Increase/(decrease) in other accounts payable related to purchases of property and equipment | (29 | ) | 12 | 8 | |||||||||
Financing costs withheld from proceeds of long-term debt | 70 | — | — | ||||||||||
Purchase of property and equipment and software through capital leases and a note payable | 4 | 129 | 4 | ||||||||||
Issuance costs withheld from proceeds of common stock issued | 24 | — | — | ||||||||||
Return of shares of Martha Stewart Living Omnimedia, Inc. previously acquired by the Company | 36 | — | — | ||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||
The following is a summary of our quarterly unaudited consolidated results of operations for 2013 and 2012: | |||||||||||||||||
2013 | |||||||||||||||||
($ in millions, except EPS) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total net sales | $ | 2,635 | $ | 2,663 | $ | 2,779 | $ | 3,782 | |||||||||
Gross margin | 812 | 787 | 819 | 1,074 | (1) | ||||||||||||
SG&A expenses | 1,078 | 1,026 | 1,006 | 1,004 | |||||||||||||
Restructuring and management transition(2) | 72 | 47 | 46 | 50 | |||||||||||||
Net income/(loss) | (348 | ) | (586 | ) | (3) | (489 | ) | (3) | 35 | (3) | |||||||
Diluted earnings/(loss) per share(4) | $ | (1.58 | ) | $ | (2.66 | ) | $ | (1.94 | ) | $ | 0.11 | ||||||
2012 | |||||||||||||||||
($ in millions, except EPS) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total net sales | $ | 3,152 | $ | 3,022 | $ | 2,927 | $ | 3,884 | (5) | ||||||||
Gross margin | 1,186 | (6) | 1,004 | (6) | 952 | 924 | |||||||||||
SG&A expenses | 1,160 | 1,050 | 1,087 | 1,209 | |||||||||||||
Restructuring and management transition(7) | 76 | 159 | 34 | 29 | |||||||||||||
Net income/(loss) | (163 | ) | (147 | ) | (8) | (123 | ) | (9) | (552 | ) | (10) | ||||||
Diluted earnings/(loss) per share(4) | $ | (0.75 | ) | $ | (0.67 | ) | $ | (0.56 | ) | $ | (2.51 | ) | |||||
-1 | Includes a negative impact of $72 million related to the discontinuation of brands that are not part of our go-forward merchandising strategy. | ||||||||||||||||
-2 | Restructuring and management transition charges (See Note 16) by quarter for 2013 consisted of the following: | ||||||||||||||||
($ in million) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Home office and stores | 28 | 4 | (6 | ) | 22 | ||||||||||||
Store fixtures | 28 | 17 | 10 | — | |||||||||||||
Management transition | 16 | 13 | 3 | 5 | |||||||||||||
Other | — | 13 | 39 | 23 | |||||||||||||
Total | $ | 72 | $ | 47 | $ | 46 | $ | 50 | |||||||||
-3 | The second and third quarters of 2013 contained increases to our tax valuation allowance of $218 million and $184 million, respectively and a decrease of $178 million to our valuation allowance in the fourth quarter. The second, third and fourth quarters of 2013 contained gains from non-operating assets sales (see Note 17) of $62 million, $24 million and $46 million, respectively. The fourth quarter of 2013 includes $12 million of store impairments charges and a $9 million impairment to our monet trade name recorded in Real estate and other, net (see Note 17) Additionally, during the fourth quarter of 2013 we recognized a tax benefit of $270 million from income related to actuarial gains included in other comprehensive income. This tax benefit was offset by tax expense recorded for such gains in other comprehensive income. | ||||||||||||||||
-4 | EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. | ||||||||||||||||
-5 | Sales for the 53rd week were $163 million. | ||||||||||||||||
-6 | The first and second quarters of 2012 include $53 million and $102 million, respectively, of markdowns related to the alignment of inventory with our prior strategy. | ||||||||||||||||
-7 | Restructuring and management transition charges (See Note 16) by quarter for 2012 consisted of the following: | ||||||||||||||||
($ in millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Supply chain | $ | 6 | $ | 10 | $ | 3 | $ | — | |||||||||
Home office and stores | 45 | 56 | 4 | 4 | |||||||||||||
Software and systems | — | 36 | — | — | |||||||||||||
Store fixtures | — | 42 | 18 | 18 | |||||||||||||
Management transition | 20 | 10 | 6 | 5 | |||||||||||||
Other | 5 | 5 | 3 | 2 | |||||||||||||
Total | $ | 76 | $ | 159 | $ | 34 | $ | 29 | |||||||||
-8 | Includes a gain of $200 million related to the redemption of REIT units, net of fees, included in Real estate and other, net (see Note 17). | ||||||||||||||||
-9 | Includes a net gain of $197 million related to the sale of non-operating assets, net of fees, included in Real estate and other, net (see Note 17). | ||||||||||||||||
-10 | Includes $26 million of store impairments charges and the write-off of $60 million of operating assets that were no longer being used in our operations recorded in Real estate and other, net (see Note 17). |
Basis_of_Presentation_and_Cons2
Basis of Presentation and Consolidation (Nature of Operations) (Details) | 12 Months Ended | |
Feb. 01, 2014 | Jan. 27, 2012 | |
department_store | department_store | |
state | ||
Basis of Presentation and Consolidation [Abstract] | ' | ' |
Nature of Operations | 'Our Company was founded by James Cash Penney in 1902 and has grown to be a major national retailer, operating 1,094 department stores in 49 states and Puerto Rico, as well as through our Internet website at jcpenney.com. We sell family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside JCPenney, and home furnishings. In addition, our department stores provide services, such as styling salon, optical, portrait photography and custom decorating, to customers. | ' |
Number of stores | 1,094 | 8 |
Number of states in which entity operates | 49 | ' |
State of incorporation | 'Delaware | ' |
Year incorporated | '1924 | ' |
Significant_Accounting_Policie3
Significant Accounting Policies (Gift Card) (Details) | 12 Months Ended |
Feb. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Gift card liability, maximum term | '60 months |
Significant_Accounting_Policie4
Significant Accounting Policies (Advertising) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Cooperative advertising vendor reimbursements | $4 | $2 | $118 |
Advertising costs | $919 | $933 | $1,039 |
Significant_Accounting_Policie5
Significant Accounting Policies (Property and Equipment, Net) (Details) New (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Accumulated depreciation | ($3,315) | ($2,880) |
Property and equipment, net | 5,619 | 5,353 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 309 | 310 |
Buildings | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 4,951 | 4,641 |
Estimated useful lives | '50 years | ' |
Furniture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 2,356 | 2,132 |
Furniture and equipment | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '3 years | ' |
Furniture and equipment | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives | '20 years | ' |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $1,318 | $1,150 |
Effect_of_New_Accounting_Stand1
Effect of New Accounting Standards (Details) | 12 Months Ended |
Feb. 01, 2014 | |
Effect of New Accounting Standards [Abstract] | ' |
New Accounting Pronouncement or Change in Accounting Principle, Name | 'Accounting Standards Update (ASU) 2013-11, Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward or Tax Credit Carryforward Exists |
New Accounting Pronouncement or Change in Accounting Principle, Description | 'This update provides that an entity’s unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with one exception. That exception states that, to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This update applies prospectively to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. Retrospective application is also permitted. This update is effective for annual periods, and interim periods within those years, beginning after December 15, 2013. We do not anticipate the adoption to have a material impact on our consolidated results operations, cash flows or financial position. |
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) | 12 Months Ended | 1 Months Ended | 9 Months Ended | |
Feb. 01, 2014 | Feb. 27, 2012 | Oct. 12, 2011 | Nov. 02, 2011 | |
Liz Claiborne - Asset Purchase Agreement [Member] | Liz Claiborne - Asset Purchase Agreement [Member] | Liz Claiborne - Asset Purchase Agreement [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Description of acquired entity | 'Liz Claiborne® family of trademarks and related intellectual property, as well as the U.S. and Puerto Rico rights for the monet® trademarks and related intellectual property. On February 27, 2012, we acquired the right to source and sell Liz Claiborne branded shoes. | ' | ' | ' |
Reason for business combination | 'We have been the primary exclusive licensee for all Liz Claiborne and Claiborne branded merchandise in the U.S. and Puerto Rico since August 2010 under an original license agreement dated October 5, 2009. As a result of these acquisitions, we permanently added a number of well-established trademarks to our private and exclusive brands. | ' | ' | ' |
Business Combination, Date of Acquisition [Abstract] | ' | ' | ' | ' |
Effective date of acquisition | ' | 27-Feb-12 | ' | 2-Nov-11 |
Date of acquisition agreement | ' | ' | 12-Oct-11 | ' |
Business Combination, Purchase Price Allocation [Abstract] | ' | ' | ' | ' |
Purchase price allocation, methodology | 'We allocated the purchase price of the acquisitions to identifiable intangible assets based on their estimated fair values. Intangible assets were valued using the relief from royalty and discounted cash flow methodologies which are considered Level 3 fair value measurements. The relief from royalty method estimates our theoretical royalty savings from ownership of the intangible assets. Key assumptions used in this model include discount rates, royalty rates, growth rates and sales projections. Discount rates, royalty rates, growth rates and sales projections are the assumptions most sensitive and susceptible to change as they require significant management judgment. The key assumptions used in the discounted cash flow valuation model include discount rates, growth rates and cash flow projections. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. | ' | ' | ' |
Purchase price allocation, status | 'The consideration paid for the brands was $277 million with the entire purchase price allocated to the calculated fair values of the acquired trade names and recorded as intangible assets with indefinite lives at the acquisition dates. | ' | ' | ' |
Acquisition_IndefiniteLived_In
Acquisition (Indefinite-Lived Intangible Assets) (Details) (Trade Names [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 28, 2012 |
Trade Names [Member] | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' |
Acquired indefinite-lived intangible asset | $277 |
EarningsLoss_per_Share_Details
Earnings/(Loss) per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($1,388) | ($985) | ($152) |
Weighted average common shares outstanding (basic shares) | ' | ' | ' | ' | ' | ' | ' | ' | 249.3 | 219.2 | 217.4 |
Stock options, restricted stock awards and warrant | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Weighted average shares assuming dilution (diluted shares) | ' | ' | ' | ' | ' | ' | ' | ' | 249.3 | 219.2 | 217.4 |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ($5.57) | ($4.49) | ($0.70) |
Diluted | $0.11 | ($1.94) | ($2.66) | ($1.58) | ($2.51) | ($0.56) | ($0.67) | ($0.75) | ($5.57) | ($4.49) | ($0.70) |
Stock options, restricted stock awards and warrant | ' | ' | ' | ' | ' | ' | ' | ' | 24.3 | 25 | 24.1 |
Other_Assets_Details
Other Assets (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 |
Trade Names [Member] | Trade Names [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Impairment of finite-lived intangible assets | $9 | $0 | $0 | $9 | $9 |
Other Assets, Noncurrent Disclosure [Abstract] | ' | ' | ' | ' | ' |
REITs | 0 | 33 | ' | ' | ' |
Capitalized software, net | 267 | 310 | ' | ' | ' |
Intangible assets, net (Note 4) | 268 | 277 | ' | ' | ' |
Cost investment (Note 9 and Note 16) | 0 | 36 | ' | ' | ' |
Debt issuance costs, net | 92 | 20 | ' | ' | ' |
Other | 59 | 69 | ' | ' | ' |
Total | $686 | $745 | ' | ' | ' |
Other_Accounts_Payable_and_Acc2
Other Accounts Payable and Accrued Expenses (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' |
Accrued salaries, vacation and bonus | $209 | $225 |
Customer gift cards | 218 | 230 |
Taxes other than income taxes | 89 | 78 |
Occupancy and rent-related | 115 | 114 |
Interest | 91 | 65 |
Advertising | 49 | 68 |
Current portion of workers’ compensation and general liability insurance | 59 | 58 |
Restructuring and management transition (Note 16) | 29 | 10 |
Current portion of retirement plan liabilities (Note 15) | 46 | 55 |
Capital expenditures | 25 | 65 |
Unrecognized tax benefits (Note 18) | 2 | 2 |
Other | 266 | 410 |
Total | $1,198 | $1,380 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' |
Supplemental pension and other postretirement benefit plan liabilities (Note 15) | $187 | $266 |
Long-term portion of workers’ compensation and general liability insurance | 169 | 167 |
Deferred developer/tenant allowances | 116 | 128 |
Primary pension plan (Note 15) | 0 | 7 |
Unrecognized tax benefits (Note 18) | 68 | 74 |
Restructuring and management transition (Note 16) | 4 | 8 |
Other | 88 | 48 |
Total | $632 | $698 |
Fair_Value_Disclosures_REIT_As
Fair Value Disclosures (REIT Assets Measured on Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cost basis of REITs | $0 | $7 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
REIT assets | 0 | 33 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
REIT assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
REIT assets | $0 | $0 |
Fair_Value_Disclosures_Other_F
Fair Value Disclosures (Other Financial Instruments) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 27, 2012 | Feb. 01, 2014 | Jan. 31, 2013 | Jan. 27, 2012 | Feb. 01, 2014 | Jan. 31, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 |
department_store | department_store | Continued in Operation [Member] | Continued in Operation [Member] | Continued in Operation [Member] | Store Assets [Member] | Store Assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member] | Trade Names [Member] | |||
department_store | department_store | department_store | Continued in Operation [Member] | Continued in Operation [Member] | Store Assets [Member] | Store Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
department_store | department_store | Store Assets [Member] | Store Assets [Member] | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Store assets, Carrying Value | $5,619 | $5,353 | ' | ' | ' | ' | ' | $20 | $34 | ' | ' | $2 | $8 | ' | ' | ' | ' | ' | ' |
Store assets, Significant Unobservable Inputs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 8 | ' | ' |
Store assets, Total Gains (Losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18 | -26 | ' | ' | ' | ' | ' | ' |
Intangible asset, Carrying Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | 14 | ' | ' | ' | ' | ' |
Intangible asset, Significant Unobservable Inputs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' |
Intangible asset impairment | -9 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9 | -9 |
Total, Carrying Value | 11,801 | 9,781 | ' | ' | ' | ' | ' | ' | ' | 7 | 8 | ' | ' | ' | ' | ' | ' | ' | ' |
Total, Significant Unobservable Inputs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 8 | ' | ' | ' | ' |
Total Gains (Losses) | -18 | -26 | -58 | ' | ' | ' | ' | ' | ' | -27 | -26 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of underperforming department stores | 1,094 | ' | ' | 8 | 25 | 13 | 7 | 25 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, including current maturities, Carrying Amount | 4,862 | 2,868 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, including current maturities, Fair Value | 4,209 | 2,456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost investment, Carrying Amount | $0 | $36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost method investments, reasons fair value estimate not practicable | 'The cost investment was for equity securities that were not registered and freely tradable shares and their fair values were not readily determinable; however, we believe the carrying value approximated or was less than the fair value. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Nov. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Apr. 12, 2013 | 22-May-13 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | |
Interest rate in addition to LIBOR [Member] | Interest rate in addition to LIBOR [Member] | Domestic Line of Credit [Member] | Foreign Line of Credit [Member] | 2013 Credit Facility [Member] | 2013 Credit Facility [Member] | 2013 Credit Facility [Member] | 2013 Credit Facility [Member] | ||||||
Eligible Accounts Receivable [Member] | Eligible Credit Card Receivables [Member] | Liquidation Value of Inventory, Net of Reserves [Member] | |||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, Initiation Date | ' | 8-Feb-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, maximum borrowing capacity | ' | $1,850,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, Expiration Date | ' | 29-Apr-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, Capacity Available for Trade Purchases | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, accordion Feature That Potentially Increases Credit Facility Limit | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, borrowing base components | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 90.00% | 85.00% |
2013 Credit Facility, availability component, dollars, threshold for fixed charge coverage ratio | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, availability component, percentage, threshold for fixed charge coverage ratio | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, period under threshold for fixed charge coverage ratio (at least) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' |
2013 Credit Facility, fixed charge coverage ratio | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, Amount Outstanding | ' | ' | ' | ' | 850,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of borrowings under 2013 Credit Facility | 200,000,000 | 200,000,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings under 2013 Credit Facility | ' | 650,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, basis spread on variable interest rate | ' | ' | ' | ' | ' | 5.00% | 3.00% | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, description | ' | 'On February 8, 2013, J. C. Penney Company, Inc., JCP and J. C. Penney Purchasing Corporation (Purchasing) entered into an amended and restated revolving credit agreement in the amount up to $1,850 million (2013 Credit Facility), which replaced the Company’s prior credit agreement entered into in January 2012, with largely the same syndicate of lenders under the previous agreement, with JPMorgan Chase Bank, N.A., as administrative agent. The 2013 Credit Facility matures on April 29, 2016 and increases the letter of credit sublimit to $750 million and provides an accordion feature that could potentially increase the size of the facility by an amount up to $400 million. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, borrowing capacity, description | ' | 'Availability under the 2012 Credit Facility is limited to a borrowing base which allows us to borrow up to 85% of eligible accounts receivable, plus 90% of eligible credit card receivables, plus 85% of the liquidation value of our inventory, net of certain reserves. Letters of credit reduce the amount available to borrow by their face value.  In the event that availability under the 2012 Credit Facility is at any time less than the greater of (1) $125 million or (2) 10% of the lesser of the total facility or the borrowing base then in effect, for a period of at least 30 days, the Company will be subject to a fixed charge coverage ratio covenant of 1.0 to 1.0 which is calculated as of the last day of the quarter and measured on a trailing four-quarter basis. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, total standby and import letters of credit | ' | 506,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | 3.00% | 1.50% | ' | ' | ' | ' |
2013 Credit Facility, commitment fee percentage on unused capacity | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, maximum borrowing capacity less amount outstanding | ' | 694,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Credit Facility, remaining borrowing capacity | ' | $509,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Debt_Issues_Deta
Long-Term Debt (Debt Issues) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate (percent) | 7.13% | ' | ||
Total notes and debentures | $4,862 | $2,868 | ||
Less: current maturities | 23 | 0 | ||
Total long-term debt | 4,839 | 2,868 | ||
Weighted-average interest rate at year end | 6.50% | 6.90% | ||
Weighted-average maturity | '15 years | ' | ||
Minimum requisite consent of note holders for proposed amendments | 66.67% | ' | ||
5.65% Senior Notes Due 2020(1) | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate (percent) | 5.65% | 5.65% | ||
Senior notes | 400 | [1] | 400 | [1] |
5.75% Senior Notes Due 2018(1) | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate (percent) | 5.75% | 5.75% | ||
Senior notes | 300 | [1] | 300 | [1] |
6.375% Senior Notes Due 2036(1) | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate (percent) | 6.38% | 6.38% | ||
Senior notes | 400 | [1] | 400 | [1] |
6.875% Medium-Term Notes Due 2015 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate (percent) | 6.88% | 6.88% | ||
Medium-term notes | 200 | 200 | ||
6.9% Notes Due 2026 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate (percent) | 6.90% | 6.90% | ||
Notes payable | 2 | 2 | ||
7.125% Debentures Due 2023 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate (percent) | 7.13% | 7.13% | ||
Debentures | 10 | 255 | ||
7.4% Debentures Due 2037 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate (percent) | 7.40% | 7.40% | ||
Debentures | 326 | 326 | ||
7.625% Notes Due 2097 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate (percent) | 7.63% | 7.63% | ||
Notes payable | 500 | 500 | ||
7.65% Debentures Due 2016 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate (percent) | 7.65% | 7.65% | ||
Debentures | 200 | 200 | ||
7.95% Debentures Due 2017 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate (percent) | 7.95% | 7.95% | ||
Debentures | 285 | 285 | ||
Term Loan | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Term Loan | 2,239 | 0 | ||
Total notes and debentures | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total notes and debentures | $4,862 | $2,868 | ||
Senior notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt repurchase provision, percentage of outstanding principal | 101.00% | ' | ||
Debt repurchase provision, required beneficial ownership change | 50.00% | ' | ||
[1] | These debt issuances contain a change of control provision that would obligate us, at the holders’ option, to repurchase the debt at a price of 101%. These provisions trigger if there were a beneficial ownership change of 50% or more of our common stock. |
LongTerm_Debt_Financial_Covena
Long-Term Debt (Financial Covenants) (Details) | 12 Months Ended |
Feb. 01, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt Financial Covenant | 'These debt issuances contain a change of control provision that would obligate us, at the holders’ option, to repurchase the debt at a price of 101%. These provisions trigger if there were a beneficial ownership change of 50% or more of our common stock.  |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
Jun. 05, 2013 | 22-May-13 | Jun. 03, 2013 | 14-May-13 | Apr. 30, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 22-May-13 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Aug. 31, 2012 | |
Interest rate in addition to LIBOR [Member] | Interest rate in addition to LIBOR [Member] | Premium Paid [Member] | Reacquisition Costs [Member] | Unamortized Debt Issue Costs [Member] | 9.0% notes, due 2012 [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commencement of cash tender offer, date | ' | ' | ' | ' | ' | 30-Apr-13 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate (percent) | ' | ' | ' | ' | ' | 7.13% | ' | ' | ' | ' | ' | ' | ' | 9.00% |
Tender offer per $1,000 principal amount of notes | ' | ' | $1,400 | $1,450 | $1,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Blocks of $1,000 prinicipal amount of notes for tender offer | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Consent payment per $1,000 prinicipal amount of notes | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination of cash tender offer, date | ' | ' | ' | ' | ' | 4-Jun-13 | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt | 2,000,000 | 243,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redemption, percentage of principal redeemed | ' | 95.41% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early repayment of senior debt | 3,000,000 | 352,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | -114,000,000 | 0 | 0 | ' | ' | -110,000,000 | -2,000,000 | -2,000,000 | ' |
2013 Term Loan Facility, face amount | ' | 2,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Term Loan Facility, term | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Term Loan Facility, basis spread on variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 3.00% | ' | ' | ' | ' |
2013 Term Loan Facility, required quarterly principal payment | ' | ' | ' | ' | ' | 5,625,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of long-term debt | ' | ' | ' | ' | ' | $256,000,000 | $230,000,000 | $0 | ' | ' | ' | ' | ' | $230,000,000 |
2013 Term Loan Facility guarantee and security | ' | ' | ' | ' | ' | 'The 2013 Term Loan Facility is guaranteed by J. C. Penney Company, Inc. and certain subsidiaries of JCP, and is secured by mortgages on certain real estate of JCP and the guarantors, in addition to substantially all other assets of JCP and the guarantors. | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Annual_Principal
Long-Term Debt (Annual Principal Payments) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $23 | ' |
2015 | 223 | ' |
2016 | 223 | ' |
2017 | 308 | ' |
2018 | 2,447 | ' |
Thereafter | 1,638 | ' |
Total | $4,862 | $2,868 |
Stockholders_Equity_Components
Stockholders' Equity (Components of Other Comprehensive Income/ (Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Jul. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jul. 20, 2012 | Jul. 19, 2012 | ||
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' | ' | ||
Unrealized gain/(loss) on REITs, gross amount | ' | ($2) | $56 | $82 | ' | ' | ||
Unrealized gain/(loss) on REITs, tax | ' | 1 | -20 | -29 | ' | ' | ||
Unrealized gain/(loss) on REITs, net amount | ' | -1 | 36 | 53 | ' | ' | ||
Reclassification adjustment for (gain)/loss on REITs included in net income/(loss), gross amount | -270 | -24 | -285 | [1] | 0 | ' | ' | |
Reclassification adjustment for (gain)/loss on REITs included in net income/(loss), tax | ' | 8 | 101 | 0 | ' | ' | ||
Reclassification adjustment for (gain)/loss on REITs included in net income/(loss), net amount | ' | -16 | -184 | 0 | ' | ' | ||
Net actuarial gain/(loss) arising during the period, gross amount | ' | 659 | 60 | -872 | ' | ' | ||
Net actuarial gain/(loss) arising during the period, tax | ' | -255 | [2] | -23 | 338 | ' | ' | |
Net actuarial gain/(loss) arising during the period, net amount | ' | 404 | 37 | -534 | ' | ' | ||
Prior service credit/(cost) arising during the period, gross amount | ' | -7 | -42 | -4 | ' | ' | ||
Prior service credit/(cost) arising during the period, tax | ' | 3 | [2] | 16 | 1 | ' | ' | |
Prior service credit/(cost) arising during the period, net amount | ' | 4 | 26 | 3 | ' | ' | ||
Reclassification of net prior service (credit)/cost recognized in net income/(loss) from a curtailment, gross amount | ' | 0 | -5 | 1 | ' | ' | ||
Reclassification of net prior service (credit)/cost recognized in net income/(loss) from a curtailment, tax | ' | 0 | 2 | 0 | ' | ' | ||
Reclassification of net prior service (credit)/cost recognized in net income/(loss) from a curtailment, net amount | ' | 0 | 3 | -1 | ' | ' | ||
Reclassification of net actuarial (gain)/loss recognized in net periodic benefit expense/(income) from a settlement, gross amount | ' | 0 | 148 | 0 | ' | ' | ||
Reclassification of net actuarial (gain)/loss recognized in net periodic benefit expense/(income) from a settlement, tax | ' | 0 | -57 | 0 | ' | ' | ||
Reclassification of net actuarial (gain)/loss recognized in net periodic benefit expense/(income) from a settlement, net amount | ' | 0 | -91 | 0 | ' | ' | ||
Reclassification for amortization of net actuarial (gain)/loss included in net periodic benefit expense/(income), gross amount | ' | 175 | 242 | 154 | ' | ' | ||
Reclassification for amortization of net actuarial (gain)/loss included in net periodic benefit expense/(income), tax | ' | -67 | [2] | -94 | -60 | ' | ' | |
Reclassification for amortization of net actuarial (gain)/loss included in net periodic benefit expense/(income), net amount | ' | 108 | 148 | 94 | ' | ' | ||
Reclassification for amortization of prior service (credit)/cost included in net periodic benefit expense/(income), gross amount | ' | -1 | -13 | -24 | ' | ' | ||
Reclassification for amortization of prior service (credit)/cost included in net periodic benefit expense/(income), tax | ' | 0 | 5 | 9 | ' | ' | ||
Reclassification for amortization of prior service (credit)/cost included in net periodic benefit expense, net amount | ' | -1 | -8 | -15 | ' | ' | ||
Other Comprehensive Income (Loss), before Tax | ' | 800 | 161 | -663 | ' | ' | ||
Accumulated other comprehensive (loss), Deferred Tax Asset | ' | -310 | -70 | 259 | ' | ' | ||
Total other comprehensive income/(loss), net of tax | ' | $490 | $91 | ($404) | ' | ' | ||
REIT unit fair market value SPG | ' | ' | ' | ' | ' | 158.13 | ||
REIT units redeemed | ' | ' | ' | ' | ' | 2,000,000 | ||
REIT unit cash price SPG | ' | ' | ' | ' | 124 | ' | ||
[1] | During the second quarter of 2012, the reclassification adjustment for the Simon Property Group, L.P. (SPG) units of $270 million was calculated by using the closing fair market value per SPG unit of $158.13 on July 19, 2012 for the two million REIT units that were redeemed on July 20, 2012. The REIT units were redeemed at a price of $124.00 per unit (see Note 17). | |||||||
[2] | In accordance with accounting standards, we are required to allocate a portion of our tax provision between operating losses and accumulated other comprehensive income. As a result, the Company recorded income tax expense in other comprehensive income/(loss)which is offset by a tax benefit on the loss for the year. See Note 18. |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive Income/ (Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net unrealized gain/(loss) on REITs, Net of Tax Amount | $0 | $17 | $165 |
Balance as of the beginning of the period | 3,171 | 4,010 | 5,460 |
Current period change, REITs | -17 | -148 | ' |
Current period change, accumulated other comprehensive income/(loss) | 490 | 91 | -404 |
Balance as of the end of the period | 3,087 | 3,171 | 4,010 |
Net Actuarial Gain/(Loss) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -609 | -1,121 | -1,397 |
Current period change, pension and postretirement benefits | 512 | 276 | ' |
Prior Service Credit/(Cost) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -19 | -14 | 23 |
Current period change, pension and postretirement benefits | -5 | -37 | ' |
Accumulated Other Comprehensive Income/(Loss) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance as of the beginning of the period | -1,118 | -1,209 | -805 |
Current period change, accumulated other comprehensive income/(loss) | 490 | 91 | -404 |
Balance as of the end of the period | ($628) | ($1,118) | ($1,209) |
Stockholders_Equity_Stockholde
Stockholders' Equity Stockholders' Equity (Reclassifications Out of Accumulated Other Comprehensive Income/ (Loss) (Details) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jul. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |||
Reclassification adjustment for (gain)/loss on REITs included in net income/(loss), gross amount | ($270) | ($24) | ($285) | [1] | $0 | ||
Tax (expense)/benefit | ' | 8 | 101 | 0 | |||
Reclassification adjustment for realized (gain)/loss | ' | -16 | -184 | 0 | |||
Reclassification for amortization of net actuarial (gain)/loss included in net periodic benefit expense/(income), gross amount | ' | 175 | 242 | 154 | |||
Amortization of prior service (credit)/cost | ' | -1 | -13 | -24 | |||
Reclassification for amortization of prior service (credit)/cost | ' | -1 | -8 | -15 | |||
Reclassification of net actuarial (gain)/loss recognized in net periodic benefit expense/(income) from a settlement, gross amount | ' | 0 | 148 | 0 | |||
Other comprehensive income/(loss) | ' | 490 | 91 | -404 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |||
Reclassification adjustment for realized (gain)/loss | ' | -16 | -184 | 0 | |||
Amortization of actuarial (gain)/loss | ' | -1 | -1 | -1 | |||
Amortization of prior service cost/(credit) | ' | -8 | -14 | -25 | |||
Reclassification of net actuarial (gain)/loss recognized in net periodic benefit expense/(income) from a settlement, gross amount | ' | 0 | [2] | 148 | [2] | 0 | [2] |
Total reclassifications | ' | 91 | 44 | 80 | |||
Real Estate And Other Net [Member] | SPG [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |||
Reclassification adjustment for (gain)/loss on REITs included in net income/(loss), gross amount | ' | -24 | -270 | 0 | |||
Real Estate And Other Net [Member] | CBL [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |||
Reclassification adjustment for (gain)/loss on REITs included in net income/(loss), gross amount | ' | 0 | -15 | 0 | |||
Income Tax Expense Benefit [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |||
Tax (expense)/benefit | ' | 8 | 101 | 0 | |||
Tax (expense)/benefit | ' | -67 | -144 | -51 | |||
Primary and Supplemental Pension Plans Total | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |||
Reclassification for amortization of net actuarial (gain)/loss included in net periodic benefit expense/(income), gross amount | ' | 176 | [2] | 243 | [2] | 155 | [2] |
Amortization of prior service (credit)/cost | ' | 7 | [2] | 1 | [2] | 1 | [2] |
Selling, General and Administrative Expenses [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |||
Reclassification for amortization of prior service (credit)/cost | ' | 0 | -5 | 1 | |||
Total Amortization Of Retirement Benefit Plans Net Of Tax [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |||
Other comprehensive income/(loss) | ' | $107 | $228 | $80 | |||
[1] | During the second quarter of 2012, the reclassification adjustment for the Simon Property Group, L.P. (SPG) units of $270 million was calculated by using the closing fair market value per SPG unit of $158.13 on July 19, 2012 for the two million REIT units that were redeemed on July 20, 2012. The REIT units were redeemed at a price of $124.00 per unit (see Note 17). | ||||||
[2] | These accumulated other comprehensive components are included in the computation of net periodic benefits expense/(income). See Note 15 for additional details. |
Stockholders_Equity_Common_Sto
Stockholders' Equity (Common Stock) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Oct. 01, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 27, 2014 |
Schedule of Capitalization, Equity [Line Items] | ' | ' | ' | ' | ' |
Common stock Issued, par value per share | $0.50 | $0.50 | $0.50 | ' | $0.50 |
Sale of Common Stock, Price Per Share | $9.65 | ' | ' | ' | ' |
Net proceeds from common stock issued | $786 | $786 | $0 | $0 | ' |
Payments of Stock Issuance Costs | $24 | ' | ' | ' | ' |
Shares held in 401(k) plan, including ESOP | ' | 13 | ' | ' | ' |
Percent of shares held in 401(k) plan, including ESOP | ' | 4.00% | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | $0 | $0.20 | $0.80 | ' |
Common stock issued | 84 | ' | ' | ' | ' |
Stockholders_Equity_Preferred_
Stockholders' Equity (Preferred Stock) (Details) | Feb. 01, 2014 |
Stockholders' Equity Note [Abstract] | ' |
Preferred Stock, Shares Authorized | 25,000,000 |
Stockholders_Equity_Stock_Warr
Stockholders' Equity (Stock Warrant) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jun. 13, 2011 |
Warrant [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Title of security warrants outstanding | 'On June 13, 2011, prior to his employment, we entered into a warrant purchase agreement with Ronald B. Johnson pursuant to which Mr. Johnson made a personal investment in the Company by purchasing a warrant to acquire approximately 7.3 million shares of J. C. Penney Company, Inc. common stock for a purchase price of approximately $50 million at a mutually determined fair value of $6.89 per share. | ' | ' | ' |
Reason for issuing warrants to nonemployees | 'personal investment in the Company | ' | ' | ' |
Number of warrants sold | ' | ' | ' | 7.3 |
Proceeds from sale of stock warrants | $0 | $0 | $50 | $50 |
Sale price of warrants (in dollars per share) | ' | ' | ' | $6.89 |
Warrants, exercise price | ' | ' | ' | 29.92 |
Date warrants are exercisable | ' | ' | ' | 13-Jun-17 |
Expected term | ' | ' | ' | '7 years 6 months |
Expected volatility | ' | ' | ' | 37.00% |
Risk-free interest rate | ' | ' | ' | 2.47% |
Expected dividend yield | ' | ' | ' | 2.67% |
Warrant purchase agreement, Monte Carlo Simulation, methodology and assumptions | 'Valuation Method. The fair value of the stock warrant was determined on the date of the warrant purchase agreement using a Monte Carlo simulation method that reflected the impact of the key features of the warrant using different simulations and probability weighting. Expected Term. The expected term was determined based on the maturity determined period that both parties expect the warrant to be outstanding. Expected Volatility. The expected volatility was based on implied volatility. Risk-free Interest Rate. The risk-free interest rate was based on zero-coupon U.S. Treasury yields in effect at the date of the agreement with the same maturity as the expected warrant term. Expected Dividend Yield. The dividend assumption was based on expectations about the Company’s dividend policy. | ' | ' | ' |
Stockholders_Equity_Common_Sto1
Stockholders' Equity (Common Stock Repurchase Program) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Feb. 28, 2011 | Jul. 30, 2011 | 6-May-11 | Apr. 30, 2011 | Jan. 28, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | $900,000,000 | ' | ' | ' | ' |
Stock Repurchased and Retired, Shares | ' | 3 | 24 | 21 | ' |
Stock Repurchased and Retired, Value | ' | $113,000,000 | $900,000,000 | $787,000,000 | $900,000,000 |
Share Repurchase Program, Average Share Price | ' | ' | $36.98 | ' | ' |
Stockholders_Equity_Stockholde1
Stockholders' Equity (Stockholders Agreements) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Feb. 01, 2014 | Jan. 27, 2014 | Oct. 01, 2013 | Feb. 02, 2013 | Jan. 27, 2014 | Jan. 27, 2014 | |
Preferred Stock [Member] | Common Stock [Member] | |||||
right | ||||||
Stockholders' Equity (Stockholders Agreements) [Line Items] | ' | ' | ' | ' | ' | ' |
Number of stock purchase rights | ' | ' | ' | ' | 1 | ' |
Common stock, par value per share | $0.50 | $0.50 | $0.50 | $0.50 | ' | ' |
Conversion ratio of right to share of preferred stock | ' | ' | ' | ' | 0.001 | ' |
Warrants, exercise price | ' | ' | ' | ' | 55 | ' |
Stock purchase right, exercisable upon individual stock ownership percentage | ' | ' | ' | ' | ' | 4.90% |
Stock purchase right, dilution affecting stockholder ownership (percent) | ' | ' | ' | ' | ' | 4.90% |
Stockholders agreements | 'As authorized by our Company’s Board of Directors (the Board), on January 27, 2014, the Company entered into an Amended and Restated Rights Agreement (Amended Rights Agreement) with Computershare Inc., as Rights Agent (Rights Agent), amending, restating and replacing the Rights Agreement, dated as of August 22, 2013 (Original Rights Agreement), between the Company and the Rights Agent. Pursuant to the terms of the Original Rights Agreement, one preferred stock purchase right (a Right) was attached to each outstanding share of Common Stock of $0.50 par value of the Company (Common Stock) held by holders of record as of the close of business on September 3, 2013. The Company has issued one Right in respect of each new share of Common Stock issued since the record date. The Rights, registered on August 23, 2013, trade with and are inseparable from our Common Stock and will not be evidenced by separate certificates unless they become exercisable. The purpose of the Amended Rights Agreement is to diminish the risk that the Company's ability to use its net operating losses and other tax assets to reduce potential future federal income tax obligations would become subject to limitations by reason of the Company's experiencing an "ownership change" as defined under Section 382 of the Internal Revenue Code. Ownership changes under Section 382 generally relate to the cumulative change in ownership among stockholders with an ownership interest of 5% or more (as determined under Section 382's rules) over a rolling three year period. The Amended Rights Agreement is intended to reduce the likelihood of an ownership change under Section 382 by deterring any person or group from acquiring beneficial ownership of 4.9% or more of the outstanding Common Stock. The amendments to the Original Rights Agreement also extended the expiration date of the Rights from August 20, 2014 to January 26, 2017 and amended certain other provisions, including the definition of "beneficial ownership" to include terms appropriate for the purpose of preserving tax benefits. We are submitting the Amended Rights Agreement for stockholder approval at our 2014 annual meeting and the Rights will immediately expire if stockholder approval is not received. Each Right entitles its holder to purchase from the Company 1/1000th of a share of a newly authorized series of participating preferred stock at an exercise price of $55.00, subject to adjustment in accordance with the terms of the Amended Rights Agreement, once the Rights become exercisable. In general terms, under the Amended Rights Agreement, the Rights become exercisable if any person or group acquires 4.9% or more of the Common Stock or, in the case of any person or group that owned 4.9% or more of the Common Stock as of January 27, 2014, upon the acquisition of any additional shares by such person or group. In addition, the Company, its subsidiaries, employee benefit plans of the Company or any of its subsidiaries, and any entity holding Common Stock for or pursuant to the terms of any such plan, are excepted. Upon exercise of the Right in accordance with the Amended Rights Agreement, the holder would be able to purchase a number of shares of Common Stock from the Company having an aggregate market value (as defined in the Amended Rights Agreement) equal to twice the then-current exercise price for an amount in cash equal to the then-current exercise price. The Rights will not prevent an ownership change from occurring under Section 382 of the Code or a takeover of the Company, but may cause substantial dilution to a person that acquires 4.9% or more of our Common Stock. | ' | ' | ' | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 18-May-12 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 29, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | 18-May-12 | 18-May-12 |
Common Stock [Member] | Stock Options [Member] | Equity Inducement Award Plan [Member] | Minimum [Member] | Maximum [Member] | Newly Authorized Shares [Member] | Reserved But Unissued Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term incentive plan, shares reserved for future grants | ' | ' | ' | 7,000,000 | ' | ' | 900,000 | ' | ' | 1,500,000 | 5,500,000 |
Long-term incentive plan, shares available for future grant | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term incentive plan, description | 'The exercise price of stock options and the market value of restricted stock awards are determined based on the closing market price of our common stock on the date of grant. The 2012 Plan does not permit awarding stock options below grant-date market value nor does it allow any repricing subsequent to the date of grant. Â Employee stock options have a maximum term of 10 years. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term incentive plan, award vesting period | ' | ' | ' | ' | ' | ' | ' | '1 year | '3 years | ' | ' |
Employee stock options, maximum term | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options and restricted stock, percent of total outstanding stock | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | $18 | ' | ' | ' | ' | ' |
Common stock, percentage increase upon exercise of all outstanding options | 4.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, weighted average grant date fair value | $7.15 | $11.49 | $11.37 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period over which unrecognized compensation is expected to be recognized (years) | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' |
Closing share price (in dollars per share) | ' | ' | ' | ' | $5.92 | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Costs) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Total stock-based compensation(1) | $28 | [1] | $50 | [1] | $46 | [1] |
Total income tax benefit recognized for stock-based compensation arrangements | 0 | 19 | 18 | |||
Restricted Stock [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Total stock-based compensation(1) | 14 | 33 | 22 | |||
Stock Options [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Total stock-based compensation(1) | 14 | 17 | 24 | |||
Management Transition and Home Office and Stores Stock-Based Compensation [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Excluded stock-based compensation recorded in restructuring and management transition | $18 | $11 | $79 | |||
[1] | Excludes $18 million, $11 million and $79 million for 2013, 2012 and 2011, respectively, of stock-based compensation costs reported in restructuring and management transition charges (see Note 16). |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Options Activity) (Details) (USD $) | 12 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | |
Outstanding stock options, beginning balance | 13,593 | |
Stock Options, Granted | 3,448 | |
Stock Options, Exercised | -397 | |
Stock Options, Forfeited/canceled | -2,615 | |
Outstanding stock options, ending balance | 14,029 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | |
Weighted-Average Exercise Price Per Share, beginning balance | $40 | |
Weighted-Average Exercise Price Per Share, Granted | $15 | |
Weighted-Average Exercise Price Per Share, Exercised | $16 | |
Weighted-Average Exercise Price Per Share, Forfeited/canceled | $30 | |
Weighted-Average Exercise Price Per Share, ending balance | $36 | |
Weighted-Average Remaining Contractual Term, Outstanding | '4 years 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding | $0 | [1] |
Stock Options, Exercisable | 10,617 | |
Weighted-Average Exercise Price Per Share, Exercisable | $41 | |
Weighted-Average Remaining Contractual Term, Exercisable | '3 years | |
Aggregate Intrinsic Value, Exercisable | $0 | [1] |
[1] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option at year end. As of February 1, 2014, all outstanding stock options had an exercise price above the closing price of JCPenney common stock of $5.92. |
StockBased_Compensation_Stock_1
Stock-Based Compensation (Stock Options Exercised) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Share-based Compensation [Abstract] | ' | ' | ' |
Proceeds from stock options exercised | $7 | $71 | $18 |
Intrinsic value of stock options exercised | 2 | 38 | 28 |
Tax benefit related to stock-based compensation | 0 | 15 | 11 |
Excess tax benefits from stock-based compensation | $0 | $12 | $10 |
StockBased_Compensation_Stock_2
Stock-Based Compensation (Stock Option Valuation) (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average expected option term | '4 years 4 months 24 days | '4 years 10 months 24 days | '4 years 6 months |
Weighted-average expected volatility | 62.00% | 45.30% | 41.20% |
Weighted-average risk-free interest rate | 0.64% | 0.87% | 1.75% |
Weighted-average expected dividend yield | 0.00% | 1.40% | 2.20% |
Fair value assumptions, method used | 'Valuation Method. We estimate the fair value of stock option awards on the date of grant using primarily the binomial lattice model. We believe that the binomial lattice model is a more accurate model for valuing employee stock options since it better reflects the impact of stock price changes on option exercise behavior.  Expected Term. Our expected option term represents the average period that we expect stock options to be outstanding and is determined based on our historical experience, giving consideration to contractual terms, vesting schedules, anticipated stock prices and expected future behavior of option holders.  Expected Volatility. Our expected volatility is based on a blend of the historical volatility of JCPenney stock combined with an estimate of the implied volatility derived from exchange traded options.  Risk-Free Interest Rate. Our risk-free interest rate is based on zero-coupon U.S. Treasury yields in effect at the date of grant with the same period as the expected option life. Expected Dividend Yield. The dividend assumption is based on our current expectations about our dividend policy. | ' | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average expected dividend yield | 0.00% | 2.00% | 1.80% |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average expected dividend yield | 0.00% | 2.10% | 2.20% |
StockBased_Compensation_NonVes
Stock-Based Compensation (Non-Vested Stock Awards Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 |
Time-Based Stock Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Non-vested Stock Awards, beginning balance | 3,418 |
Granted, Stock Awards | 971 |
Vested, Stock Awards | -1,344 |
Forfeited/canceled, Stock Awards | -1,688 |
Non-vested Stock Awards, ending balance | 1,357 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Non-vested Weighted-Average Grant Date Fair Value, beginning of year | $31 |
Granted, Weighted-Average Grant Date Fair Value | $15 |
Vested, Weighted-Average Grant Date Fair Value | $29 |
Forfeited/canceled, Weighted-Average Grant Date Fair Value | $29 |
Non-vested Weighted-Average Grant Date Fair Value, end of year | $23 |
Performance-Based Stock Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Non-vested Stock Awards, beginning balance | 44 |
Granted, Stock Awards | 1,082 |
Vested, Stock Awards | -155 |
Forfeited/canceled, Stock Awards | -898 |
Non-vested Stock Awards, ending balance | 73 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Non-vested Weighted-Average Grant Date Fair Value, beginning of year | $31 |
Granted, Weighted-Average Grant Date Fair Value | $14 |
Vested, Weighted-Average Grant Date Fair Value | $19 |
Forfeited/canceled, Weighted-Average Grant Date Fair Value | $14 |
Non-vested Weighted-Average Grant Date Fair Value, end of year | $7 |
StockBased_Compensation_Stock_3
Stock-Based Compensation (Stock Awards) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vested in period, aggregate market value | $25 | $26 | $145 |
Stock awards, aggregate grant date fair value | 42 | 29 | 111 |
Stock awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation expense | $18 | ' | ' |
Weighted average period over which unrecognized compensation is expected to be recognized (years) | '2 years | ' | ' |
Leases_Narrative_Details
Leases (Narrative) (Details) | 12 Months Ended |
Feb. 01, 2014 | |
Operating Leased Assets [Line Items] | ' |
Operating leases, description | 'Almost all leases will expire during the next 20 years; however, most leases will be renewed, primarily through an option exercise, or replaced by leases on other premises. |
Minimum [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '3 years |
Maximum [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '20 years |
Maximum [Member] | Data processing equipment and other personal property [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '5 years |
Leases_Rent_Expense_Details
Leases (Rent Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Operating Leases, Rent Expense [Line Items] | ' | ' | ' |
Total rent expense | $300 | $310 | $323 |
Less: sublease income | -16 | -16 | -18 |
Net rent expense | 284 | 294 | 305 |
Real property base rent and straight-lined step rent expense [Member] | ' | ' | ' |
Operating Leases, Rent Expense [Line Items] | ' | ' | ' |
Real/personal property, rent expense | 230 | 233 | 243 |
Real property contingent rent expense (based on sales) [Member] | ' | ' | ' |
Operating Leases, Rent Expense [Line Items] | ' | ' | ' |
Real property contingent rent expense (based on sales) | 5 | 10 | 16 |
Personal property rent expense [Member] | ' | ' | ' |
Operating Leases, Rent Expense [Line Items] | ' | ' | ' |
Real/personal property, rent expense | $65 | $67 | $64 |
Leases_Future_Minimum_Lease_Pa
Leases (Future Minimum Lease Payments) (Details) (USD $) | Feb. 01, 2014 |
In Millions, unless otherwise specified | |
Leases [Abstract] | ' |
2013, Operating | $258 |
2014, Operating | 222 |
2015, Operating | 195 |
2016, Operating | 163 |
2017, Operating | 133 |
Thereafter, Operating | 1,938 |
Less: sublease payments, Operating | -80 |
Total minimum lease payments, Operating | 2,829 |
2013, Capital | 30 |
2014, Capital | 40 |
2015, Capital | 17 |
2016, Capital | 9 |
2017, Capital | 0 |
Thereafter, Capital | 0 |
Total minimum lease payments, Capital | 96 |
Less: amounts representing interest | -7 |
Present value of net minimum lease obligations | $89 |
Retirement_Benefit_Plans_Net_P
Retirement Benefit Plans (Net Periodic Expense) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||
Oct. 15, 2011 | Oct. 15, 2011 | Aug. 31, 2011 | Oct. 27, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Sep. 30, 2012 | Jan. 29, 2011 | Sep. 30, 2012 | Oct. 15, 2011 | Sep. 30, 2012 | Feb. 02, 2013 | Nov. 30, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Oct. 27, 2012 | Sep. 30, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Oct. 27, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Oct. 15, 2011 | Oct. 15, 2011 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Oct. 15, 2011 | Oct. 15, 2011 | Sep. 30, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Oct. 27, 2012 | |
employee | employee | Primary Pension Plan | Primary Pension Plan | Primary Pension Plan | Primary Pension Plan | Primary Pension Plan | Primary Pension Plan | Primary Pension Plan | Primary Pension Plan | Primary Pension Plan | Supplemental Pension Plans | Supplemental Pension Plans | Supplemental Pension Plans | Supplemental Pension Plans | Supplemental Pension Plans | Primary and Supplemental Pension Plans Total | Primary and Supplemental Pension Plans Total | Primary and Supplemental Pension Plans Total | Supplemental Retirement Program [Member] | Supplemental Retirement Program [Member] | Supplemental Retirement Program [Member] | Supplemental Retirement Program [Member] | Supplemental Retirement Program [Member] | Social Security Benefits [Member] | Primary Pension Plan and Benefit Restoration Plan [Member] | Benefit Restoration Plan [Member] | Benefit Restoration Plan [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||||||
participant | participant | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee retirement age | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 years | ' | ' | '62 years | '65 years | ' | ' | ' | ' | ' | ' | ' |
Employee retirement age for equal social security benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 years | '62 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination of company-paid term life insurance, employee age | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '70 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination of employee-paid term life insurance, employee age | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '65 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Enhanced retirement benefits, number of employees eligible | ' | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Enhanced retirement benefits, number of employees accepted | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special termination benefits | $176,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $133,000,000 | ' | ' | ' | $0 | $0 | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | $36,000,000 | ' | ' | ' | ' | ' | ' | $7,000,000 | ' | ' | ' | ' | ' | ' |
Curtailments charges | 1,000,000 | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | 5.06% | 5.06% | ' | ' | 4.89% | 4.19% | 4.82% | 4.25% | 5.65% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected benefit obligation, period increase/(decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 71,000,000 | ' | ' | ' | ' | ' | ' | 24,000,000 | -5,000,000 | ' | ' | ' | ' |
Effect of curtailments on projected benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 |
Balance at measurement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,550,000,000 | ' | 5,550,000,000 | 5,042,000,000 | ' | 4,477,000,000 | 5,042,000,000 | 5,297,000,000 | ' | 300,000,000 | 219,000,000 | 303,000,000 | 309,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | 15,000,000 | 18,000,000 | 24,000,000 | ' |
Defined benefit plan, description of plan amendment | ' | ' | ' | ' | 'In September 2012, as a result of a plan amendment, we offered approximately 35,000 participants in the Primary Pension Plan who separated from service and had a deferred vested benefit as of August 31, 2012 the option to receive a lump-sum settlement payment. These participants had until November 30, 2012 to elect to receive the lump-sum settlement payment with the payments to be made by the Company beginning on December 4, 2012 using assets from the Primary Pension Plan.  As a result of the approximately 25,000 participants who elected the lump-sum settlements, we made payments totaling $439 million from the Primary Pension Plan’s assets and recognized settlement expense of $148 million for unrecognized actuarial losses.  We also amended the Primary Pension Plan to allow for participants that separate from the Company on or after September 1, 2012 the option of a lump-sum settlement payment from the plan.  The amendment also provided for automatic lump-sum settlement payments for participants with vested balances less than $5,000. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employees offered lump sum settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employees that accepted lump sum settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for lump sum settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 439,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Automatic lump sum settlement, maximum vested balance (less than) | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funded status of plan percentage, description | ' | ' | ' | ' | 'As of the end of 2012, the funded status of the Primary Pension Plan was just under 100%. The PBO is the present value of benefits earned to date by plan participants, including the effect of assumed future salary increases. Under the Employee Retirement Income Security Act of 1974 (ERISA), the funded status of the plan exceeded 100% as of December 31, 2012 and 2011, the qualified pension plan’s year end. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Periodic Benefit Expense/(Income) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,000,000 | 87,000,000 | 88,000,000 | ' | ' | 0 | 1,000,000 | 2,000,000 | ' | 78,000,000 | 88,000,000 | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,000,000 | 242,000,000 | 247,000,000 | ' | ' | 12,000,000 | 13,000,000 | 13,000,000 | ' | 216,000,000 | 255,000,000 | 260,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | 1,000,000 | ' |
Expected return on plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -340,000,000 | -382,000,000 | -385,000,000 | ' | ' | ' | ' | ' | ' | -340,000,000 | -382,000,000 | -385,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of actuarial loss/(gain) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,000,000 | 220,000,000 | 137,000,000 | ' | ' | 24,000,000 | 23,000,000 | 18,000,000 | ' | 176,000,000 | 243,000,000 | 155,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,000,000 | -1,000,000 | -1,000,000 | ' |
Amortization of prior service cost/(credit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 0 | 0 | ' | ' | 1,000,000 | 1,000,000 | 1,000,000 | ' | 7,000,000 | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,000,000 | -14,000,000 | -25,000,000 | ' |
Settlement expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -148,000,000 | ' | 0 | 148,000,000 | 0 | ' | ' | ' | ' | ' | ' | 0 | 148,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net periodic benefit expense/(income) | ' | ' | ' | ' | $137,000,000 | $353,000,000 | $121,000,000 | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $315,000,000 | $87,000,000 | ' | ' | $37,000,000 | $38,000,000 | $34,000,000 | ' | $137,000,000 | $353,000,000 | $121,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($8,000,000) | ($14,000,000) | ($25,000,000) | ' |
Retirement_Benefit_Plans_Expen
Retirement Benefit Plans (Expense Actuarial Assumptions) (Details) | 12 Months Ended | |||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | Sep. 30, 2012 | Oct. 15, 2011 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' |
Expected return on plan assets | 7.00% | 7.50% | 7.50% | 8.40% | ' | ' |
Discount rate | 4.19% | 4.82% | 5.65% | ' | ' | ' |
Salary increase | 4.70% | 4.70% | 4.70% | ' | ' | ' |
Discount rate | 4.89% | 4.19% | 4.82% | 5.65% | 4.25% | 5.06% |
Narrative description of basis used to determine overall expected long-term rate-of-return on asset assumption | 'The expected return on plan assets is based on the plan’s long-term asset allocation policy, historical returns for plan assets and overall capital market returns, taking into account current and expected market conditions. In 2010 and 2009, the expected return on plan assets was 8.4%, which was reduced from the 2008 rate of 8.9% as a result of the negative returns in the capital markets and lowered expected future returns. For 2012 and 2011, we further reduced the expected rate of return assumption to 7.5% from 8.4% to align our expected rate of return with our new asset allocation targets. The expected return assumption for 2013 is further reduced from 7.5% to 7.0% given our new asset allocation targets and updated expected capital markets return assumptions. | ' | ' | ' | ' | ' |
Assumptions used in calculations, description | 'The discount rate used to measure pension expense each year is the rate as of the beginning of the year (i.e., the prior measurement date). The discount rate used was based on an externally published yield curve determined by the plan’s actuary. The yield curve is a hypothetical AA yield curve represented by a series of bonds maturing from six months to 30 years, designed to match the corresponding pension benefit cash payments to retirees.   Beginning with the remeasurement on September 30, 2012, the discount rate used was based on a hypothetical AA yield curve represented by a series of bonds maturing over the next 30 years, designed to match the corresponding pension benefit cash payments to retirees. The salary progression rate to measure pension expense was based on age ranges and projected forward. | ' | ' | ' | ' | ' |
Subsequent Event [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' |
Expected return on plan assets | 7.00% | ' | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' |
Assumptions used calculating net periodic benefit cost, discount rate calculation, bond term | '6 months | ' | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' |
Assumptions used calculating net periodic benefit cost, discount rate calculation, bond term | '30 years | ' | ' | ' | ' | ' |
Retirement_Benefit_Plans_Oblig
Retirement Benefit Plans (Obligations and Funded Status) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Oct. 15, 2011 | Feb. 01, 2014 | Oct. 15, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Sep. 30, 2012 | Jan. 27, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Sep. 30, 2012 | Jan. 27, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Sep. 30, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Dec. 31, 2012 |
Primary Pension Plan | Primary Pension Plan | Primary Pension Plan | Primary Pension Plan | Primary Pension Plan | Primary Pension Plan | Supplemental Pension Plans | Supplemental Pension Plans | Supplemental Pension Plans | Supplemental Pension Plans | Supplemental Pension Plans | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Exceeded 100% [Member] | |||
Other Accounts Payable and Accrued Expenses [Member] | Other Accounts Payable and Accrued Expenses [Member] | Primary Pension Plan | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funded status of the plan (percent) | ' | ' | ' | 115.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Change in APBO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | $5,042 | $5,297 | ' | $5,550 | ' | $303 | $309 | ' | $300 | ' | $18 | $24 | ' | $18 | ' | ' | ' |
Service cost | ' | ' | ' | 78 | 87 | 88 | ' | ' | 0 | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest cost | ' | ' | ' | 204 | 242 | 247 | ' | ' | 12 | 13 | 13 | ' | ' | 1 | 1 | 1 | ' | ' | ' | ' |
Participant contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 14 | ' | ' | ' | ' | ' |
Special termination benefits | 176 | ' | 133 | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amendments | ' | ' | ' | 17 | 42 | ' | ' | ' | -8 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Curtailments | ' | ' | ' | 0 | -80 | ' | ' | ' | 0 | -13 | ' | ' | ' | 0 | -2 | ' | ' | ' | ' | ' |
Settlements | ' | ' | ' | 0 | -439 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss/(gain) | ' | ' | ' | -442 | 204 | ' | ' | ' | -34 | 59 | ' | ' | ' | 0 | -3 | ' | ' | ' | ' | ' |
Benefits (paid) | ' | ' | ' | -422 | -311 | ' | ' | ' | -54 | -66 | ' | ' | ' | -17 | -16 | ' | ' | ' | ' | ' |
Balance at measurement date | ' | ' | ' | 4,477 | 5,042 | 5,297 | 5,550 | ' | 219 | 303 | 309 | 300 | ' | 15 | 18 | 24 | 18 | ' | ' | ' |
Change in fair value of plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 5,035 | ' | ' | ' | 5,176 | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Participant contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 14 | ' | ' | ' | ' | ' |
Company contributions | ' | ' | ' | 0 | 0 | ' | ' | ' | 54 | 66 | ' | ' | ' | 4 | 2 | ' | ' | ' | ' | ' |
Actual return on assets | ' | ' | ' | 527 | 609 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements | ' | ' | ' | 0 | -439 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefits (paid) | ' | ' | ' | -422 | -311 | ' | ' | ' | -54 | -66 | ' | ' | ' | -17 | -16 | ' | ' | ' | ' | ' |
Balance at measurement date | ' | ' | ' | 5,140 | 5,035 | ' | ' | 5,176 | 0 | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Funded status of the plan | ' | ' | ' | 663 | -7 | ' | ' | ' | -219 | -303 | ' | ' | ' | -15 | -18 | ' | ' | 2 | 2 | ' |
Current portion of pension plan liability accrued | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in funded status of plan | ' | ' | ' | $670 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual return on plan assets (percent) | ' | 11.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative return on plan assets since inception (percent) | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement_Benefit_Plans_Accum
Retirement Benefit Plans (Accumulated Other Comprehensive (Loss)/Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 31, 2013 |
Primary Pension Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net loss/(gain) | $898 | $1,679 | ' |
Prior service cost/(credit) | 53 | 42 | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income, before Tax, Total | 951 | 1,721 | ' |
Defined Benefit Plan, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 57 | ' | ' |
Supplemental Pension Plans | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net loss/(gain) | 127 | 185 | ' |
Prior service cost/(credit) | -6 | 3 | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income, before Tax, Total | 121 | 188 | ' |
Defined Benefit Plan, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 15 | ' | ' |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net loss/(gain) | -6 | ' | -7 |
Prior service cost/(credit) | -15 | ' | -23 |
Defined Benefit Plan, Accumulated Other Comprehensive Income, before Tax, Total | -21 | ' | -30 |
Defined Benefit Plan, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | ($1) | ($8) | ' |
Retirement_Benefit_Plans_Benef
Retirement Benefit Plans (Benefit Obligation Actuarial Assumptions) (Details) | Feb. 01, 2014 | Feb. 02, 2013 | Sep. 30, 2012 | Jan. 28, 2012 | Oct. 15, 2011 | Jan. 29, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Discount rate | 4.89% | 4.19% | 4.25% | 4.82% | 5.06% | 5.65% |
Salary progression rate | 3.50% | 4.70% | ' | 4.70% | ' | ' |
Retirement_Benefit_Plans_Retir
Retirement Benefit Plans Retirement Benefit Plans (Accumulated Benefit Obligation) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 27, 2012 |
In Millions, unless otherwise specified | |||
Primary Pension Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligation | $4,200 | $4,700 | ' |
Fair value of plan assets | 5,140 | 5,035 | 5,176 |
Supplemental Pension Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligation | 200 | 268 | ' |
Fair value of plan assets | $0 | $0 | $0 |
Retirement_Benefit_Plans_Asset
Retirement Benefit Plans (Asset Allocation) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2013 | Jan. 28, 2012 | |
Equity securities total [Member] | Equity securities total [Member] | Fixed income total [Member] | Fixed income total [Member] | Real estate, cash and other [Member] | Real estate, cash and other [Member] | From Equities to Fixed Income [Member] | From Equities to Fixed Income [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target allocation minimum | ' | ' | 40.00% | ' | 35.00% | ' | 0.00% | ' | ' | ' |
Target allocation maximum | ' | ' | 60.00% | ' | 50.00% | ' | 10.00% | ' | ' | ' |
Actual plan asset allocations | 100.00% | 100.00% | 44.00% | 48.00% | 42.00% | 43.00% | 14.00% | 9.00% | ' | ' |
Shift in target asset allocation percentage | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 15.00% |
Defined benefit plan, investment policies and strategies narrative description | 'The Primary Pension Plan’s investment strategy is designed to provide a rate of return that, over the long term, increases the ratio of plan assets to liabilities by maximizing investment return on assets, at an appropriate level of volatility risk. The plan’s asset portfolio is actively managed and invested in equity securities, which have historically provided higher returns than debt portfolios, balanced with fixed income (i.e., debt securities) and other asset classes to maintain an efficient risk/return diversification profile. In 2011 and 2012, we shifted 15% and 5%, respectively, of the plan’s target allocation from equities into fixed income. In 2013, we added an allocation to low volatility hedge fund strategies through a fund of funds approach. These shifts in allocation are additional steps towards lowering the plan’s volatility risk and matching the plan’s investment strategy with a maturing liability profile. The risk of loss in the plan’s equity portfolio is mitigated by investing in a broad range of equity types. Equity diversification includes large-capitalization and small-capitalization companies, growth-oriented and value-oriented investments and U.S. and non-U.S. securities. Investment types, including high-yield versus investment-grade debt securities, illiquid assets such as real estate, the use of derivatives and Company securities are set forth in written guidelines established for each investment manager and monitored by the plan’s management team. In 2011, the plan exited all of the remaining Company’s stock associated with the 2009 voluntary contribution of JCPenney common stock to the plan. ERISA rules allow plans to invest up to 10% of a plan’s assets in their company’s stock. The plan’s asset allocation policy is designed to meet the plan’s future pension benefit obligations. Under the policy, asset classes are periodically reviewed and rebalanced as necessary, to ensure that the mix continues to be appropriate relative to established targets and ranges. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, risk management practices | 'We have an internal Benefit Plans Investment Committee (BPIC), which consists of senior executives who have established a review process of asset allocation and investment strategies and oversee risk management practices associated with the management of the plan’s assets. Key risk management practices include having an established and broad decision-making framework in place, focused on long-term plan objectives. This framework consists of the BPIC and various third parties, including investment managers, an investment consultant, an actuary and a trustee/custodian. The funded status of the plan is monitored on a continuous basis, including quarterly reviews with updated market and liability information. Actual asset allocations are monitored monthly and rebalancing actions are executed at least quarterly, if needed. To manage the risk associated with an actively managed portfolio, the plan’s management team reviews each manager’s portfolio on a quarterly basis and has written manager guidelines in place, which are adjusted as necessary to ensure appropriate diversification levels. Also, annual audits of the investment managers are conducted by independent auditors. Finally, to minimize operational risk, we utilize a master custodian for all plan assets, and each investment manager reconciles its account with the custodian at least quarterly. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement_Benefit_Plans_Inves
Retirement Benefit Plans (Investments at Fair Value) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Total investment assets at fair value | $5,344 | $5,320 |
Total investment liabilities at fair value | -241 | ' |
Accounts payable, net | 37 | -15 |
Total net assets | 5,140 | 5,035 |
Plan assets at fair value, description | 'Cash – Cash is valued at cost which approximates fair value, and is classified as level 1 of the fair value hierarchy.  Common Collective Trusts – Common collective trusts are pools of investments within cash equivalents, equity and fixed income that are benchmarked relative to a comparable index. They are valued on the basis of the relative interest of each participating investor in the fair value of the underlying assets. The underlying assets are valued at net asset value (NAV) and are classified as level 2 of the fair value hierarchy.  Equity Securities – Equity securities are common stocks and preferred stocks valued based on the price of the security as listed on an open active exchange and classified as level 1 of the fair value hierarchy, as well as warrants and preferred stock that are valued at a price, which is based on a broker quote in an over-the-counter market, and are classified as level 2 of the fair value hierarchy.  Private Equity – Private equity is composed of interests in private equity funds valued on the basis of the relative interest of each participating investor in the fair value of the underlying assets and/or common stock of privately held companies. There are no observable market values for private equity funds. The valuations for the funds are derived using a combination of different methodologies including (1) the market approach, which consists of analyzing market transactions for comparable assets, (2) the income approach using the discounted cash flow model, or (3) cost method. Private equity funds also provide audited financial statements. Private equity investments are classified as level 3 of the fair value hierarchy. Corporate Bonds – Corporate bonds and Corporate loans are valued at a price which is based on observable market information in primary markets or a broker quote in an over-the-counter market, and are classified as level 2 or level 3 of the fair value hierarchy.   Swaps – swap contracts are based on broker quotes in an over-the-counter market and are classified as level 2 of the fair value hierarchy.  Government, Municipal Bonds and Mortgaged Backed Securities  – Government and municipal securities are valued at a price based on a broker quote in an over-the-counter market and classified as level 2 of the fair value hierarchy. Mortgage backed securities are valued at a price based on observable market information or a broker quote in an over-the-counter market and classified as level 2 of the fair value hierarchy.  Other fixed income – non-mortgage asset backed securities, collateral held in short-term investments for derivative contract and derivatives composed of futures contracts, option contracts and other fix income derivatives valued at a price based on observable market information or a broker quote in an over-the-counter market and classified as level 2 of the fair value hierarchy.    Real Estate – Real estate is comprised of public and private real estate investments. Real estate investments through registered investment companies that trade on an exchange are classified as level 1 of the fair value hierarchy. Investments through open end private real estate funds that are valued at the reported NAV are classified as level 2 of the fair value hierarchy. Private real estate investments through partnership interests that are valued based on different methodologies including discounted cash flow, direct capitalization and market comparable analysis are classified as level 3 of the fair value hierarchy. Hedge Fund – Hedge funds exposure is through fund of funds, which are made up of over 30 different hedge fund managers diversified over different hedge strategies. The fair value of the hedge fund is determined by the fund's administrator using valuation provided by the third party administrator for each of the underlying funds. | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | ' |
Total investment assets at fair value | 1,680 | 1,702 |
Total investment liabilities at fair value | -2 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Total investment assets at fair value | 2,992 | 3,068 |
Total investment liabilities at fair value | -239 | -270 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | ' |
Total investment assets at fair value | 672 | 550 |
Total investment liabilities at fair value | 0 | 0 |
Cash and cash equivalents total [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 190 | 78 |
Cash and cash equivalents total [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 158 | 31 |
Cash and cash equivalents total [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 32 | 47 |
Cash and cash equivalents total [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Cash, benefit plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 158 | 31 |
Cash, benefit plan [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 158 | 31 |
Cash, benefit plan [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Cash, benefit plan [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Common collective trusts [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 32 | 47 |
Common collective trusts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | ' | 0 |
Common collective trusts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 32 | 47 |
Common collective trusts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | ' | 0 |
Equity securities total [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 2,266 | 2,406 |
Equity securities total [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 1,403 | 1,535 |
Equity securities total [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 565 | 574 |
Equity securities total [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 298 | 297 |
Equity securities held within common collective trusts, domestic [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 224 | 161 |
Equity securities held within common collective trusts, domestic [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Equity securities held within common collective trusts, domestic [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 224 | 161 |
Equity securities held within common collective trusts, domestic [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Equity securities held within common collective trusts, international [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 335 | 407 |
Equity securities held within common collective trusts, international [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Equity securities held within common collective trusts, international [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 335 | 407 |
Equity securities held within common collective trusts, international [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Equity securities, domestic [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 1,206 | 1,325 |
Equity securities, domestic [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 1,206 | 1,325 |
Equity securities, domestic [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Equity securities, domestic [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Equity securities, international [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 203 | 216 |
Equity securities, international [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 197 | 210 |
Equity securities, international [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 6 | 6 |
Equity securities, international [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Private equity [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 298 | 297 |
Private equity [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Private equity [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Private equity [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 298 | 297 |
Fixed income total [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 2,394 | 2,455 |
Investment liabilities at fair value | -241 | -270 |
Total investment liabilities at fair value | ' | -270 |
Fixed income total [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 1 | 3 |
Investment liabilities at fair value | -2 | 0 |
Fixed income total [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 2,376 | 2,430 |
Investment liabilities at fair value | -239 | -270 |
Fixed income total [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 17 | 22 |
Investment liabilities at fair value | 0 | 0 |
Debt securities held within common collective trusts [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 1,099 | 1,171 |
Debt securities held within common collective trusts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Debt securities held within common collective trusts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 1,099 | 1,171 |
Debt securities held within common collective trusts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Corporate bonds [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 849 | 881 |
Corporate bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Corporate bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 838 | 871 |
Corporate bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 11 | 10 |
Swaps [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 238 | 216 |
Investment liabilities at fair value | -237 | -216 |
Swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Investment liabilities at fair value | 0 | 0 |
Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 238 | 216 |
Investment liabilities at fair value | -237 | -216 |
Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Investment liabilities at fair value | 0 | 0 |
Municipal bonds [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 50 | 49 |
Municipal bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Municipal bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 50 | 49 |
Municipal bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Mortgage backed securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 6 | 38 |
Mortgage backed securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Mortgage backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 6 | 26 |
Mortgage backed securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 12 |
Corporate loans [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 33 | 54 |
Corporate loans [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Corporate loans [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 27 | 54 |
Corporate loans [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 6 | 0 |
Government securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 106 | 8 |
Government securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Government securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 106 | 8 |
Government securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Other fixed income [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 13 | 38 |
Investment liabilities at fair value | -4 | -54 |
Other fixed income [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 1 | 3 |
Investment liabilities at fair value | -2 | 0 |
Other fixed income [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 12 | 35 |
Investment liabilities at fair value | -2 | -54 |
Other fixed income [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Investment liabilities at fair value | 0 | 0 |
Real estate total [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 341 | 381 |
Real estate total [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 118 | 133 |
Real estate total [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 19 | 17 |
Real estate total [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 204 | 231 |
Public REITs [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 118 | 133 |
Public REITs [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 118 | 133 |
Public REITs [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Public REITs [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Private real estate [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 223 | 248 |
Private real estate [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | 0 |
Private real estate [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 19 | 17 |
Private real estate [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 204 | 231 |
Other Investments [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 153 | ' |
Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | ' |
Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | ' |
Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 153 | ' |
Hedge Funds [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 153 | ' |
Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | ' |
Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | 0 | ' |
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Investments at fair value | $153 | ' |
Retirement_Benefit_Plans_Level
Retirement Benefit Plans (Level 3 Investment Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Number of hedge fund managers (more than) | 30 | ' |
Corporate bonds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of year | $10 | $9 |
Transfers, net | 0 | 0 |
Realized gains | 0 | -1 |
Unrealized gains/(losses) | -1 | 0 |
Purchases and issuances | 2 | 6 |
Sales, maturities and settlements | 0 | -4 |
Balance, end of year | 11 | 10 |
Corporate loans [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of year | 12 | 27 |
Transfers, net | 0 | 0 |
Realized gains | 0 | -1 |
Unrealized gains/(losses) | 0 | 0 |
Purchases and issuances | 2 | 3 |
Sales, maturities and settlements | -8 | -17 |
Balance, end of year | 6 | 12 |
Hedge Funds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of year | 0 | ' |
Transfers, net | 0 | ' |
Realized gains | 0 | ' |
Unrealized gains/(losses) | 3 | ' |
Purchases and issuances | 150 | ' |
Sales, maturities and settlements | 0 | ' |
Balance, end of year | 153 | ' |
Private Equity Funds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of year | 297 | 299 |
Transfers, net | 0 | 0 |
Realized gains | 38 | 33 |
Unrealized gains/(losses) | 3 | -5 |
Purchases and issuances | 33 | 47 |
Sales, maturities and settlements | -73 | -77 |
Balance, end of year | 298 | 297 |
Private real estate [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of year | 231 | 255 |
Transfers, net | 0 | 3 |
Realized gains | 5 | 0 |
Unrealized gains/(losses) | 11 | 7 |
Purchases and issuances | 4 | 6 |
Sales, maturities and settlements | -47 | -40 |
Balance, end of year | $204 | $231 |
Retirement_Benefits_Plans_Esti
Retirement Benefits Plans (Estimated Future Benefit Payments) (Details) (USD $) | Feb. 01, 2014 |
In Millions, unless otherwise specified | |
Primary Pension Plan | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2014 | $342 |
2015 | 331 |
2016 | 330 |
2017 | 330 |
2018 | 331 |
2019-2023 | 1,652 |
Supplemental Pension Plans | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2014 | 44 |
2015 | 48 |
2016 | 42 |
2017 | 20 |
2018 | 13 |
2019-2023 | 64 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2014 | 2 |
2015 | 2 |
2016 | 2 |
2017 | 2 |
2018 | 2 |
2019-2023 | $6 |
Retirement_Benefit_Plans_Postr
Retirement Benefit Plans (Postretirement Plan (Income)) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 07, 2005 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Net periodic benefit expense/(income) | ' | $137 | $353 | $121 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Reduction of plan benefits, employee age (post-age) | '65 years | ' | ' | ' |
Reduction of plan benefits (percent) | 45.00% | ' | ' | ' |
Interest cost | ' | 1 | 1 | 1 |
Amortization of actuarial loss/(gain) | ' | -1 | -1 | -1 |
Amortization of prior service cost/(credit) | ' | -8 | -14 | -25 |
Net periodic benefit expense/(income) | ' | ($8) | ($14) | ($25) |
Retirement_Benefit_Plans_Defin
Retirement Benefit Plans (Defined Contribution Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Savings Plan – 401(k) | $38 | $43 | $52 |
Savings Plan – retirement account | 11 | 11 | 11 |
Mirror Savings Plan | 3 | 3 | 4 |
Total | 52 | 57 | 67 |
Savings, Profit-Sharing and Stock Ownership Plan [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Defined contribution plan, required age for employee eligibility | '21 years | ' | ' |
Defined contribution plan, service term required for matching contributions | '1 year | ' | ' |
Defined contribution plan, service hours required for matching contributions | '1000 hours | ' | ' |
Defined contribution plan, employer's matching contribution, percent of employees' contribution subject to plan | 50.00% | ' | ' |
Defined contribution plan, employee contribution subject to plan, percent of employees' gross pay | 6.00% | ' | ' |
Defined contribution plan, vesting period for matching contributions | '3 years | ' | ' |
Savings Plan - Noncontributory Retirement Account [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Defined contribution plan, service hours required for matching contributions | '1000 hours | ' | ' |
Defined contribution plan, vesting period for matching contributions | '3 years | ' | ' |
Defined contribution plan, annual contributions per employee (percent) | 2.00% | ' | ' |
Benefits Mirror Plan [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Mirror Savings Plan, unamortized balance within accumulated other comprehensive income/(loss) | $17 | ' | ' |
Restructuring_and_Management_T2
Restructuring and Management Transition Restructuring and Management Transition Summary (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Oct. 15, 2011 | Aug. 31, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 27, 2012 | Oct. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2011 | Feb. 02, 2013 | Oct. 27, 2012 | Oct. 27, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 31, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 02, 2013 | Feb. 02, 2013 | Feb. 02, 2013 | Jan. 28, 2012 | Oct. 29, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Oct. 29, 2011 | Aug. 31, 2011 | Oct. 29, 2011 | Oct. 29, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 |
employee | employee | department_store | department_store | Sale Of Catalog Outlet Stores Assets And Inventory Net Book Value [Member] | Sale Of Catalog Outlet Stores Assets And Inventory Total Purchase Price [Member] | Loss On Sale Of Assets [Member] | Employee Severance [Member] | Employee Termination Benefits [Member] | Curtailment [Member] | Supply Chain [Member] | Supply Chain [Member] | Supply Chain [Member] | Catalog and Catalog Outlet Stores [Member] | Catalog and Catalog Outlet Stores [Member] | Catalog and Catalog Outlet Stores [Member] | Home Office And Stores [Member] | Home Office And Stores [Member] | Home Office And Stores [Member] | Home Office And Stores [Member] | Home Office And Stores [Member] | Home Office And Stores [Member] | Home Office And Stores [Member] | Home Office And Stores [Member] | Software and Systems [Member] | Software and Systems [Member] | Software and Systems [Member] | Software and Systems [Member] | Store Fixtures [Member] | Store Fixtures [Member] | Store Fixtures [Member] | Store Fixtures [Member] | Store Fixtures [Member] | Store Fixtures [Member] | Store Fixtures [Member] | Store Fixtures [Member] | Management Transition [Member] | Management Transition [Member] | Management Transition [Member] | Management Transition [Member] | Management Transition [Member] | Management Transition [Member] | Management Transition [Member] | VERP [Member] | VERP [Member] | VERP [Member] | VERP [Member] | VERP [Member] | VERP [Member] | VERP [Member] | VERP [Member] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | |||
stores | Employee Termination Benefits [Member] | Employee Termination Benefits [Member] | Employee Termination Benefits [Member] | Asset Impairments [Member] | Consulting Fees [Member] | Store Fixture Removal [Member] | Depreciation [Member] | Depreciation [Member] | Asset Impairments [Member] | Asset Impairments [Member] | officer | Chief Executive Officer [Member] | Former Chief Executive Officer [Member] | Other Management Transition [Member] | Other Management Transition [Member] | Enhanced Retirement Benefits [Member] | Verp Curtailment [Member] | Verp Curtailment [Member] | Administrative Costs [Member] | Non-cash Charge [Member] | |||||||||||||||||||||||||||||||||||||
Prototype Department Store [Member] | Home Department [Member] | employee | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and management transition charges | ' | ' | $215 | $298 | $451 | ' | $31 | $7 | $24 | $10 | $116 | $7 | $0 | $19 | $41 | $0 | $0 | $34 | $48 | $109 | $41 | ' | $1 | ' | $41 | $21 | $0 | $36 | $0 | $3 | $55 | $78 | $0 | $53 | $37 | $25 | $11 | $7 | $37 | $41 | $130 | $53 | $29 | $41 | $24 | $179 | $0 | $0 | $179 | $176 | ' | $1 | $2 | $75 | $15 | $26 | $36 |
Cumulative charges incurred to date | ' | ' | 996 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | 55 | ' | ' | 202 | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | 133 | ' | ' | ' | ' | ' | ' | ' | 208 | ' | ' | ' | ' | ' | ' | ' | 179 | ' | ' | ' | ' | ' | ' | 123 | ' | ' | ' |
Employee termination benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stores closed | ' | ' | 1,094 | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of officers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Officers' compensation, sign-on bonus | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Enhanced retirement benefits, number of employees eligible | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' | ' | ' |
Enhanced retirement benefits, number of employees accepted | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' |
Restructuring_and_Management_T3
Restructuring and Management Transition Cumulative Charges (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Charges | $215 | $298 | $451 |
Supply Chain [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring and management transition liability, beginning balance | 2 | 3 | ' |
Charges | 0 | 19 | 41 |
Cash payments | -2 | -18 | ' |
Non-cash | 0 | -2 | ' |
Restructuring and management transition liability, ending balance | 0 | 2 | 3 |
Home Office And Stores [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring and management transition liability, beginning balance | 4 | 28 | ' |
Charges | 48 | 109 | 41 |
Cash payments | -29 | -137 | ' |
Non-cash | -23 | 4 | ' |
Restructuring and management transition liability, ending balance | 0 | 4 | 28 |
Software and Systems [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring and management transition liability, beginning balance | 0 | 0 | ' |
Charges | 0 | 36 | 0 |
Cash payments | 0 | -3 | ' |
Non-cash | 0 | -33 | ' |
Restructuring and management transition liability, ending balance | 0 | 0 | 0 |
Store Fixtures [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring and management transition liability, beginning balance | 0 | 0 | ' |
Charges | 55 | 78 | 0 |
Cash payments | 0 | 0 | ' |
Non-cash | -55 | -78 | ' |
Restructuring and management transition liability, ending balance | 0 | 0 | 0 |
Management Transition [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring and management transition liability, beginning balance | 0 | 10 | ' |
Charges | 37 | 41 | 130 |
Cash payments | -18 | -42 | ' |
Non-cash | -16 | -9 | ' |
Restructuring and management transition liability, ending balance | 3 | 0 | 10 |
Other [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring and management transition liability, beginning balance | 12 | 19 | ' |
Charges | 75 | 15 | 26 |
Cash payments | -19 | -19 | ' |
Non-cash | -38 | -3 | ' |
Restructuring and management transition liability, ending balance | 30 | 12 | 19 |
Total [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring and management transition liability, beginning balance | 18 | 60 | ' |
Charges | 215 | 298 | ' |
Cash payments | -68 | -219 | ' |
Non-cash | -132 | -121 | ' |
Restructuring and management transition liability, ending balance | $33 | $18 | ' |
Real_Estate_and_Other_Net_Deta
Real Estate and Other, Net (Details) (USD $) | 0 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, except Share data, unless otherwise specified | Jul. 20, 2012 | Feb. 02, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Oct. 27, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jul. 19, 2012 | Jan. 27, 2012 | Jul. 20, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Jan. 31, 2013 | Jul. 19, 2012 | Oct. 23, 2012 | Oct. 27, 2012 | Feb. 01, 2014 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Jan. 31, 2013 | Jan. 27, 2012 | Feb. 01, 2014 | Feb. 01, 2014 |
joint_venture | property | joint_venture | department_store | department_store | SPG Reit Unit [Member] | SPG Reit Unit [Member] | SPG Reit Unit [Member] | SPG Reit Unit [Member] | SPG Reit Unit [Member] | CBL Reit Share [Member] | Leveraged Lease Assets [Member] | Non-operating assets [Member] | Non-operating assets [Member] | Non-operating assets [Member] | Non-operating assets [Member] | Continued in Operation [Member] | Continued in Operation [Member] | Continued in Operation [Member] | Trade Names [Member] | Trade Names [Member] | |||||||
acre | property | department_store | department_store | department_store | |||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint ventures sold | ' | ' | 3 | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale or Redemption of Simon Property Group, L.P. (SPG) REIT units | ($200) | ' | ' | ($200) | ' | ' | ($24) | ($200) | $0 | ' | ' | ' | ($24) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of CBL & Associates Properties, Inc. (CBL) REIT shares | ' | ' | ' | ' | ' | ' | 0 | -15 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of leveraged lease assets | ' | ' | ' | ' | ' | ' | 0 | -28 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of investments in joint ventures | ' | ' | -23 | -62 | ' | -151 | -85 | -151 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of non-operating assets | ' | ' | ' | ' | ' | ' | -23 | -3 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22 | 0 | -3 | ' | ' | ' | ' | ' | ' |
Net gain on sale or redemption of non-operating assets | ' | ' | ' | ' | ' | -197 | -132 | -397 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend income from REITs | ' | ' | ' | ' | ' | ' | -1 | -6 | -10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment income from joint ventures | ' | ' | ' | ' | ' | ' | -6 | -11 | -13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain from sale of operating assets | ' | ' | ' | -1 | -16 | ' | -17 | 0 | -6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Store impairments | ' | ' | ' | ' | ' | ' | 18 | 26 | 58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible asset impairment | ' | ' | ' | ' | ' | ' | 9 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 9 |
Operating asset impairments | ' | 60 | ' | ' | ' | ' | 0 | 60 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | -26 | 4 | -8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate and other (income)/expense, net | ' | ' | ' | ' | ' | ' | -155 | -324 | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of Simon Property Group, L.P. (SPG) REIT units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | 2,000,000 | ' | 205,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REIT unit cash price SPG | 124 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124 | 151.97 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of REITs net of fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246 | 31 | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of REIT securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REIT unit fair market value SPG | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158.13 | ' | ' | ' | ' | ' | 158.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment owned SPG, shares | ' | ' | ' | ' | ' | 205,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REIT share cash price CBL | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of leveraged lease investments net of fees | ' | ' | ' | ' | ' | 146 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leveraged lease investments (Note 17) | ' | ' | ' | ' | ' | 118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from divestiture of interest in joint venture | ' | ' | 32 | 55 | 18 | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Investments, joint ventures | ' | ' | -7 | ' | ' | -61 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' |
Payments for (Proceeds from) Investments | ' | ' | ' | ' | ' | ' | -143 | -526 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25 | ' | ' | ' | ' | ' |
Area of Land | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value of building sold | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of buildings | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Book value leasehold interest | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stores | ' | ' | ' | ' | ' | ' | 1,094 | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 13 | 7 | ' | ' |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax (Benefits)/Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Federal and foreign, Current | ' | ($16) | ($95) | $60 |
State and local, Current | ' | -8 | 79 | 16 |
Total, Current | ' | -24 | -16 | 76 |
Federal and foreign, Deferred | ' | -428 | -465 | -130 |
State and local, Deferred | ' | -46 | -70 | -23 |
Total, Deferred | ' | -474 | -535 | -153 |
Total | $270 | ($498) | ($551) | ($77) |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of the Statutory Federal Income Tax Rate) (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal income tax at statutory rate | -35.00% | -35.00% | -35.00% |
State and local income tax, less federal income tax benefit | -4.10% | -3.70% | -1.80% |
State valuation allowance, less federal income tax benefit | 28.60% | 4.30% | 0.00% |
Tax benefit resulting from OCI allocation | -16.10% | 0.00% | 0.00% |
Tax effect of dividends on ESOP shares | 0.00% | -0.10% | -1.90% |
Non-deductible management transition costs | 0.00% | 0.00% | 11.30% |
Other permanent differences and credits | 0.20% | -1.40% | -6.20% |
Effective tax rate for continuing operations | -26.40% | -35.90% | -33.60% |
Income_Taxes_Components_of_Def
Income Taxes (Components of Deferred Tax Assets/(Liabilities)) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Merchandise inventory | $62 | $42 |
Accrued vacation pay | 28 | 28 |
Gift Cards | 69 | 46 |
Stock-based compensation | 69 | 78 |
State taxes | 36 | 39 |
Workers' compensation/general liability | 93 | 92 |
Accrued rent | 32 | 29 |
Mirror savings plan | 21 | 22 |
Pension and other retiree obligations | 0 | 135 |
Net operating loss carryforward | 918 | 600 |
Other | 96 | 69 |
Deferred Tax Assets, Gross, Total | 1,424 | 1,180 |
Valuation allowance | -304 | -66 |
Total net deferred tax assets | 1,120 | 1,114 |
Depreciation and amortization | -1,024 | -1,314 |
Pension and other retiree obligations | -172 | 0 |
Leveraged leases/tax benefit transfers | -63 | -63 |
Capitalized Advertising | -3 | -4 |
Unrealized gain on REITs | 0 | -9 |
Other | 0 | -6 |
Total deferred tax liabilities | 1,262 | 1,396 |
Total net deferred tax liabilities | ($142) | ($282) |
Operating Loss Carryforwards, Expiration Dates | 'For U.S. federal income tax purposes, we have $2.1 billion of NOL carryforwards that expire in 2032 and 2033 and $33 million of tax credit carryforwards that expire at various dates through 2033. | ' |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets/Liabilities in Consolidated Balance Sheets) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Other current assets | $193 | $106 |
Other long-term liabilities | -335 | -388 |
Total net deferred tax liabilities | ($142) | ($282) |
Income_Taxes_Reconciliation_of1
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Beginning balance | $76 | $110 | $162 |
Additions for tax positions of prior years | 6 | 5 | 10 |
Reductions for tax positions of prior years | -1 | -11 | -14 |
Settlements and effective settlements with tax authorities | -9 | -24 | -45 |
Expirations of statute | -2 | -4 | -3 |
Balance at end of year | $70 | $76 | $110 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 27, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Valuation allowance | ' | $304,000,000 | $304,000,000 | $66,000,000 | ' |
Net tax expense (benefit) | ' | 270,000,000 | -498,000,000 | -551,000,000 | -77,000,000 |
Operating loss carryforwards and tax credits, potential offset to future ordinary taxable income | ' | 918,000,000 | 918,000,000 | ' | ' |
Amended rights agreement, stockholder ownership percentage, maximum | 4.90% | ' | ' | ' | ' |
Amended rights agreement, Minimum stock ownership percentage by which stockholders are prevented from acquiring additional shares | 4.90% | ' | ' | ' | ' |
Amount of unrecognized tax benefits that would impact effective tax rate if recognized | ' | 49,000,000 | 49,000,000 | 54,000,000 | 61,000,000 |
Benefit of federal tax deduction of state taxes | ' | ' | 17,000,000 | 19,000,000 | 21,000,000 |
Significant decrease in unrecognized tax benefits, reasonably possible | ' | 2,000,000 | 2,000,000 | ' | ' |
Accrued interest and penalties for unrecognized tax benefits | ' | 6,000,000 | 6,000,000 | 4,000,000 | 4,000,000 |
Actuarial Gains in Other Comprehensive Income [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Net tax expense (benefit) | ' | ' | -303,000,000 | ' | ' |
Amortization of Certain Indefinite-lived Intangible Assets [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Net tax expense (benefit) | ' | ' | 2,000,000 | ' | ' |
Federal, Foreign and State [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Net tax expense (benefit) | ' | ' | -197,000,000 | ' | ' |
Federal [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Valuation allowance | ' | 179,000,000 | 179,000,000 | ' | ' |
Net operating loss carryforward | ' | 2,100,000,000 | 2,100,000,000 | ' | ' |
Tax credit carryforwards | ' | 33,000,000 | 33,000,000 | ' | ' |
Net deferred tax asset, operating loss carryforwards and tax credit carryforwards | ' | 563,000,000 | 563,000,000 | ' | ' |
State [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Valuation allowance | ' | 125,000,000 | 125,000,000 | ' | ' |
Net deferred tax asset, operating loss carryforwards and tax credit carryforwards | ' | $51,000,000 | $51,000,000 | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Supplemental cash flow information | ' | ' | ' |
Income taxes received/(paid), net | $81 | $202 | ($91) |
Interest received/(paid), net | -414 | -230 | -225 |
Supplemental non-cash investing and financing activity | ' | ' | ' |
Increase/(decrease) in other accounts payable related to purchases of property and equipment | -29 | 12 | 8 |
Financing costs withheld from proceeds of long-term debt | 70 | 0 | 0 |
Purchase of property and equipment and software through capital leases and a note payable | 4 | 129 | 4 |
Issuance costs withheld from proceeds of common stock issued | 24 | 0 | 0 |
Return of shares of Martha Stewart Living Omnimedia, Inc. previously acquired by the Company | $36 | $0 | $0 |
Litigation_Other_Contingencies1
Litigation, Other Contingencies and Guarantees (Narrative) (Details) (USD $) | Feb. 01, 2014 | Jul. 19, 2012 | Nov. 30, 2013 | Jan. 31, 2013 | Jul. 20, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 |
store_location | SPG Reit Unit [Member] | SPG Reit Unit [Member] | SPG Reit Unit [Member] | J.C.Penney Direct Marketing Services, Inc. [Member] | Property Lease Guarantee [Member] | Capital Contribution Guarantee [Member] | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimate Potential Environmental Liabilities Minimum | $17,000,000 | ' | ' | ' | ' | ' | ' | ' |
Estimate Potential Environmental Liabilities Maximum | 24,000,000 | ' | ' | ' | ' | ' | ' | ' |
Recorded Best Estimate | 19,000,000 | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Origin and Purpose | ' | ' | ' | ' | ' | ' | ' | 'In connection with the redemption of two million of our SPG REIT units (see Note 17), we agreed to make future capital contributions to SPG under certain circumstances. |
Guarantor Obligations, Triggering Event | ' | ' | ' | ' | ' | ' | ' | 'Capital contributions would be required only if (i) one or more unsecured senior notes or term loans of SPG are in default and (ii) the aggregate amount received and/or realized by the lenders with respect to such notes or loans upon the exhaustion of all other remedies available to them is less than the maximum total amount of all capital contribution commitments up to a maximum of the aggregate amount due under such notes or loans at the time of such default and demand under the capital contribution commitment agreements. |
Maximum Exposure of Guarantee | ' | ' | ' | ' | ' | $20,000,000 | $7,000,000 | $360,000,000 |
REIT units redeemed | ' | 2,000,000 | 205,000 | 2,000,000 | 2,000,000 | ' | ' | ' |
Number of leases | 4 | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Term | ' | ' | ' | ' | ' | ' | ' | 'On November 19, 2013 (Conversion Date), our SPG REIT units were converted to shares and in December 2013, we sold our remaining SPG REIT shares. The capital contribution obligation terminated 90 days from the Conversion Date on February 17, 2014. |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 02, 2013 | Jul. 20, 2012 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | $163 | ' | $3,782 | $2,779 | $2,663 | $2,635 | $3,884 | $2,927 | $3,022 | $3,152 | $11,859 | $12,985 | $17,260 |
Gross margin | ' | ' | 1,074 | 819 | 787 | 812 | 924 | 952 | 1,004 | 1,186 | 3,492 | 4,066 | 6,218 |
SG&A expenses | ' | ' | 1,004 | 1,006 | 1,026 | 1,078 | 1,209 | 1,087 | 1,050 | 1,160 | 4,114 | 4,506 | 5,109 |
Restructuring and management transition | ' | ' | 50 | 46 | 47 | 72 | 29 | 34 | 159 | 76 | 215 | 298 | 451 |
Net income/(loss) | ' | ' | 35 | -489 | -586 | -348 | -552 | -123 | -147 | -163 | ' | ' | ' |
Diluted earnings/(loss) per share(4) | ' | ' | $0.11 | ($1.94) | ($2.66) | ($1.58) | ($2.51) | ($0.56) | ($0.67) | ($0.75) | ($5.57) | ($4.49) | ($0.70) |
Change to income tax valuation allowance | ' | ' | -178 | 184 | 218 | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Non-operating Assets | ' | ' | 46 | 24 | 62 | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 26 | 58 |
Income tax expense/(benefit) | ' | ' | 270 | ' | ' | ' | ' | ' | ' | ' | -498 | -551 | -77 |
Redemption Of REIT Units | ' | 200 | ' | ' | 200 | ' | ' | ' | ' | ' | 24 | 200 | 0 |
Net gain on sale or redemption of non-operating assets | ' | ' | ' | ' | ' | ' | ' | 197 | ' | ' | 132 | 397 | 0 |
Store Impairment Charges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairments | ' | ' | 12 | ' | ' | ' | 26 | ' | ' | ' | ' | ' | ' |
Impairment of Trade Name [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairments | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Markdowns related to the alignment of inventory with our new strategy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross margin | ' | ' | ' | ' | 102 | 53 | ' | ' | ' | ' | ' | ' | ' |
Write Off Of Operating Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/(loss) | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' |
Supply Chain [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and management transition | ' | ' | ' | ' | ' | ' | 0 | 3 | 10 | 6 | ' | ' | ' |
Home Office And Stores [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and management transition | ' | ' | 22 | -6 | 4 | 28 | 4 | 4 | 56 | 45 | ' | ' | ' |
Software and Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and management transition | ' | ' | ' | ' | ' | ' | 0 | 0 | 36 | 0 | ' | ' | ' |
Store Fixtures [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and management transition | ' | ' | 0 | 10 | 17 | 28 | 18 | 18 | 42 | 0 | ' | ' | ' |
Management Transition [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and management transition | ' | ' | 5 | 3 | 13 | 16 | 5 | 6 | 10 | 20 | ' | ' | ' |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and management transition | ' | ' | 23 | 39 | 13 | 0 | 2 | 3 | 5 | 5 | ' | ' | ' |
Discontinued Brands Negative Effect [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross margin | ' | ' | $72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |