Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
2-May-15 | Jun. 01, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | J C PENNEY CO INC | |
Entity Central Index Key | 1166126 | |
Current Fiscal Year End Date | -29 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 2-May-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 305,429,334 | |
Trading Symbol | jcp |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
Total net sales | $2,857 | $2,801 |
Cost of goods sold | 1,816 | 1,875 |
Gross margin | 1,041 | 926 |
Operating expenses/(income): | ||
Selling, general and administrative (SG&A) | 965 | 1,009 |
Pension | 10 | 1 |
Depreciation and amortization | 154 | 158 |
Real estate and other, net | -35 | -17 |
Restructuring and management transition | 22 | 22 |
Total operating expenses | 1,116 | 1,173 |
Operating income/(loss) | -75 | -247 |
Net interest expense | 98 | 97 |
Income/(loss) before income taxes | -173 | -344 |
Income tax expense/(benefit) | -6 | 8 |
Net income/(loss) | ($167) | ($352) |
Earnings/(loss) per share: | ||
Basic (in dollars per share) | ($0.55) | ($1.15) |
Diluted (in dollars per share) | ($0.55) | ($1.15) |
Weighted average shares – basic | 305.5 | 305 |
Weighted average shares – diluted | 305.5 | 305 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Statement of Comprehensive Income [Abstract] | ||
Net income/(loss) | ($167) | ($352) |
Other comprehensive income/(loss), net of tax: | ||
Reclassification for amortization of net actuarial (gain)/loss | 17 | 11 |
Reclassification for amortization of prior service (credit)/cost | 0 | -1 |
Total other comprehensive income/(loss), net of tax | 17 | 10 |
Total comprehensive income/(loss), net of tax | ($150) | ($342) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 | |||
In Millions, unless otherwise specified | ||||||
Current assets: | ||||||
Cash in banks and in transit | $175 | $119 | $176 | |||
Cash short-term investments | 869 | 1,199 | 994 | |||
Cash and cash equivalents | 1,044 | 1,318 | 1,170 | |||
Merchandise inventory | 2,811 | 2,652 | 2,835 | |||
Deferred taxes | 176 | 172 | 178 | |||
Prepaid expenses and other | 226 | 189 | 212 | |||
Total current assets | 4,257 | 4,331 | 4,395 | |||
Property and equipment (net of accumulated depreciation of $3,669, $3,439 and $3,617) | 5,049 | 5,148 | 5,510 | |||
Prepaid pension | 243 | 220 | 682 | |||
Other assets | 690 | 705 | 705 | |||
Total Assets | 10,239 | 10,404 | 11,292 | |||
Current liabilities: | ||||||
Merchandise accounts payable | 1,063 | 997 | 841 | |||
Other accounts payable and accrued expenses | 1,028 | 1,103 | 1,087 | |||
Short-term borrowings | 0 | 0 | 650 | |||
Current portion of capital leases and note payable | 40 | 28 | 30 | |||
Current maturities of long-term debt | 28 | 28 | 23 | |||
Total current liabilities | 2,159 | 2,156 | 2,631 | |||
Long-term capital leases and note payable | 22 | 38 | 57 | |||
Long-term debt | 5,315 | 5,322 | 4,834 | |||
Deferred taxes | 369 | 363 | 365 | |||
Other liabilities | 599 | 611 | 652 | |||
Total Liabilities | 8,464 | 8,490 | 8,539 | |||
Stockholders’ Equity | ||||||
Common stock | 153 | [1] | 152 | [1] | 152 | [1] |
Additional paid-in capital | 4,616 | 4,606 | 4,579 | |||
Reinvested earnings/(accumulated deficit) | -1,946 | -1,779 | -1,360 | |||
Accumulated other comprehensive income/(loss) | -1,048 | -1,065 | -618 | |||
Total Stockholders’ Equity | 1,775 | 1,914 | 2,753 | |||
Total Liabilities and Stockholders’ Equity | $10,239 | $10,404 | $11,292 | |||
[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 305.3 million, 304.8 million and 304.9 million as of May 2, 2015, May 3, 2014 and January 31, 2015, respectively. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, except Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | |||
Accumulated depreciation | ($3,669) | ($3,617) | ($3,439) |
Common stock, shares authorized | 1,250,000,000 | 1,250,000,000 | 1,250,000,000 |
Common stock, par value per share | $0.50 | $0.50 | $0.50 |
Common stock, shares issued | 305,300,000 | 304,900,000 | 304,800,000 |
Common stock, shares outstanding | 305,300,000 | 304,900,000 | 304,800,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Cash flows from operating activities | ||
Net income/(loss) | ($167) | ($352) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||
Restructuring and management transition | 3 | 2 |
Asset impairments and other charges | 1 | 2 |
Net gain on sale of non-operating assets | -2 | -12 |
Net gain on sale of operating assets | -8 | -1 |
Depreciation and amortization | 154 | 158 |
Benefit plans | 4 | -9 |
Stock-based compensation | 10 | 7 |
Deferred taxes | -11 | -5 |
Change in cash from: | ||
Inventory | -159 | 100 |
Prepaid expenses and other assets | -37 | -27 |
Merchandise accounts payable | 66 | -107 |
Current income taxes | 4 | 10 |
Accrued expenses and other | -84 | -37 |
Net cash provided by/(used in) operating activities | -226 | -271 |
Cash flows from investing activities | ||
Capital expenditures | -46 | -80 |
Net proceeds from sale of non-operating assets | 6 | 15 |
Net proceeds from sale of operating assets | 5 | 2 |
Net cash provided by/(used in) investing activities | -35 | -63 |
Cash flows from financing activities | ||
Payments of capital leases and note payable | -5 | -5 |
Payments of long-term debt | -6 | -5 |
Tax withholding payments for vested restricted stock | -2 | -1 |
Net cash provided by/(used in) financing activities | -13 | -11 |
Net increase/(decrease) in cash and cash equivalents | -274 | -345 |
Cash and cash equivalents at beginning of period | 1,318 | 1,515 |
Cash and cash equivalents at end of period | 1,044 | 1,170 |
Supplemental cash flow information | ||
Income taxes received/(paid), net | 0 | -3 |
Interest received/(paid), net | -126 | -126 |
Supplemental non-cash investing and financing activity | ||
Property contributed to joint venture | 0 | 30 |
Increase/(decrease) in other accounts payable related to purchases of property and equipment | $11 | $1 |
Basis_of_Presentation_and_Cons
Basis of Presentation and Consolidation | 3 Months Ended |
2-May-15 | |
Basis of Presentation and Consolidation [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation |
Basis of Presentation | |
J. C. Penney Company, Inc. is 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 independent assets or operations, and no direct subsidiaries other than JCP. The holding company and its consolidated subsidiaries, including JCP, are collectively referred to in this quarterly report as “we,” “us,” “our,” “ourselves” or the “Company,” unless otherwise indicated. | |
J. C. Penney Company, Inc. is a co-obligor (or guarantor, as appropriate) regarding the payment of principal and interest on JCP’s outstanding debt securities. The guarantee of certain of JCP’s outstanding debt securities by J. C. Penney Company, Inc. is full and unconditional. | |
These unaudited Interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and in accordance with the rules and regulations of the Securities and Exchange Commission (SEC). The accompanying unaudited Interim Consolidated Financial Statements, in our opinion, include all material adjustments necessary for a fair presentation and should be read in conjunction with the audited Consolidated Financial Statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 (2014 Form 10-K). We follow substantially the same accounting policies to prepare quarterly financial statements as are followed in preparing annual financial statements. A description of such significant accounting policies is included in the 2014 Form 10-K. The January 31, 2015 financial information was derived from the audited Consolidated Financial Statements, with related footnotes, included in the 2014 Form 10-K. Because of the seasonal nature of the retail business, operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. | |
Fiscal Year | |
Our fiscal year ends on the Saturday closest to January 31. As used herein, “three months ended May 2, 2015” and “three months ended May 3, 2014” refer to the 13-week periods ended May 2, 2015 and May 3, 2014, respectively. Fiscal years 2015 and 2014 contain 52 weeks. | |
Basis of Consolidation | |
All significant intercompany transactions and balances have been eliminated in consolidation. 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. | |
Use of Estimates and Assumptions | |
The preparation of unaudited Interim Consolidated Financial Statements, in conformity with GAAP, requires us to make assumptions and use estimates that affect the reported amounts of assets and liabilities and the 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 postretirement benefits accounting. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. |
EarningsLoss_per_Share
Earnings/(Loss) per Share | 3 Months Ended | |||||||
2-May-15 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings/(Loss) per Share | Earnings/(Loss) per Share | |||||||
Net income/(loss) and shares used to compute basic and diluted earnings/(loss) per share (EPS) are reconciled below: | ||||||||
Three Months Ended | ||||||||
(in millions, except per share data) | May 2, | May 3, | ||||||
2015 | 2014 | |||||||
Earnings/(loss) | ||||||||
Net income/(loss) | $ | (167 | ) | $ | (352 | ) | ||
Shares | ||||||||
Weighted average common shares outstanding (basic shares) | 305.5 | 305 | ||||||
Adjustment for assumed dilution: | ||||||||
Stock options, restricted stock awards and warrant | — | — | ||||||
Weighted average shares assuming dilution (diluted shares) | 305.5 | 305 | ||||||
EPS | ||||||||
Basic | $ | (0.55 | ) | $ | (1.15 | ) | ||
Diluted | $ | (0.55 | ) | $ | (1.15 | ) | ||
The following average potential shares of common stock were excluded from the diluted EPS calculation because their effect would have been anti-dilutive: | ||||||||
Three Months Ended | ||||||||
(Shares in millions) | May 2, | May 3, | ||||||
2015 | 2014 | |||||||
Stock options, restricted stock awards and warrant | 31.6 | 24.7 | ||||||
Credit_Facility
Credit Facility | 3 Months Ended |
2-May-15 | |
Credit Facility [Abstract] | |
Credit Facility | Credit Facility |
On June 20, 2014, J. C. Penney Company, Inc., JCP and J. C. Penney Purchasing Corporation (Purchasing) entered into a $2,350 million asset-based senior credit facility (2014 Credit Facility), comprised of a $1,850 million revolving line of credit (Revolving Facility) and a $500 million term loan (2014 Term Loan). As of the end of the first quarter of 2015, we had $496 million outstanding on the 2014 Term Loan and no borrowings outstanding under the Revolving Facility. In addition, as of the end of the first quarter of 2015, based on our borrowing base, we had $1,529 million available for borrowing, of which $318 million was reserved for outstanding standby and import letters of credit, none of which have been drawn on, leaving $1,211 million for future borrowings. The applicable rate for standby and import letters of credit was 2.50% and 1.25%, respectively, while the commitment fee was 0.375% for the unused portion of the Revolving Facility. |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | |||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures | |||||||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||||||
Carrying values and fair values of financial instruments that are not carried at fair value in the unaudited Interim Consolidated Balance Sheets are as follows: | ||||||||||||||||||||||||
May 2, 2015 | May 3, 2014 | January 31, 2015 | ||||||||||||||||||||||
($ in millions) | Carrying | Fair | Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Amount | Value | Amount | Value | Amount | Value | |||||||||||||||||||
Long-term debt, including current maturities | $ | 5,343 | $ | 5,028 | $ | 4,857 | $ | 4,363 | $ | 5,350 | $ | 4,834 | ||||||||||||
The fair value of long-term debt was estimated by obtaining quotes from brokers or was based on current rates offered for similar debt. As of May 2, 2015, May 3, 2014 and January 31, 2015, the fair values of cash and cash equivalents, accounts payable and short-term borrowings approximated their carrying values due to the short-term nature of these instruments. In addition, the fair values of capital lease commitments and the note payable approximated their carrying values. These items have been excluded from the table above. | ||||||||||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||||||||||
We have no significant concentrations of credit risk. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity | |||||||||||||||||||||||
The following table shows the change in the components of stockholders’ equity for the three months ended May 2, 2015: | ||||||||||||||||||||||||
(in millions) | Number | Common | Additional | Reinvested | Accumulated | Total | ||||||||||||||||||
of | Stock | Paid-in | Earnings/ | Other | Stockholders’ | |||||||||||||||||||
Common | Capital | (Accumulated | Comprehensive | Equity | ||||||||||||||||||||
Shares | Deficit) | Income/(Loss) | ||||||||||||||||||||||
January 31, 2015 | 304.9 | $ | 152 | $ | 4,606 | $ | (1,779 | ) | $ | (1,065 | ) | $ | 1,914 | |||||||||||
Net income/(loss) | — | — | — | (167 | ) | — | (167 | ) | ||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | 17 | 17 | ||||||||||||||||||
Stock-based compensation | 0.6 | 1 | 10 | — | — | 11 | ||||||||||||||||||
May 2, 2015 | 305.5 | $ | 153 | $ | 4,616 | $ | (1,946 | ) | $ | (1,048 | ) | $ | 1,775 | |||||||||||
Comprehensive Income | ||||||||||||||||||||||||
The tax effects allocated to each component of other comprehensive income/(loss) are as follows: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
May 2, 2015 | May 3, 2014 | |||||||||||||||||||||||
($ in millions) | Gross | Income | Net | Gross | Income | Net | ||||||||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||||||||
(Expense)/ | (Expense)/ | |||||||||||||||||||||||
Benefit | Benefit | |||||||||||||||||||||||
Retirement benefit plans | ||||||||||||||||||||||||
Reclassification for amortization of net actuarial (gain)/loss | $ | 29 | $ | (12 | ) | $ | 17 | $ | 17 | $ | (6 | ) | $ | 11 | ||||||||||
Reclassification for amortization of prior service (credit)/cost | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||
Total | $ | 29 | $ | (12 | ) | $ | 17 | $ | 16 | $ | (6 | ) | $ | 10 | ||||||||||
The following table shows the changes in accumulated other comprehensive income/(loss) balances for the three months ended May 2, 2015: | ||||||||||||||||||||||||
($ in millions) | Net Actuarial | Prior Service | Foreign Currency Translation | Accumulated | ||||||||||||||||||||
Gain/(Loss) | Credit/(Cost) | Other | ||||||||||||||||||||||
Comprehensive | ||||||||||||||||||||||||
Income/(Loss) | ||||||||||||||||||||||||
January 31, 2015 | $ | (1,023 | ) | $ | (40 | ) | $ | (2 | ) | $ | (1,065 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | 17 | — | — | 17 | ||||||||||||||||||||
May 2, 2015 | $ | (1,006 | ) | $ | (40 | ) | $ | (2 | ) | $ | (1,048 | ) | ||||||||||||
Reclassifications out of accumulated other comprehensive income/(loss) are as follows: | ||||||||||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) | Line Item in the | |||||||||||||||||||||||
Three Months Ended | Unaudited Interim Consolidated | |||||||||||||||||||||||
($ in millions) | May 2, | May 3, | Statements of Operations | |||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Amortization of retirement benefit plans | ||||||||||||||||||||||||
Actuarial loss/(gain)(1) | $ | 29 | $ | 17 | Pension | |||||||||||||||||||
Prior service cost/(credit)(1) | 2 | 1 | Pension | |||||||||||||||||||||
Prior service cost/(credit)(1) | (2 | ) | (2 | ) | SG&A | |||||||||||||||||||
Tax (expense)/benefit | (12 | ) | (6 | ) | Income tax expense/(benefit) | |||||||||||||||||||
Total, net of tax | 17 | 10 | ||||||||||||||||||||||
Total reclassifications | $ | 17 | $ | 10 | ||||||||||||||||||||
-1 | These accumulated other comprehensive income/(loss) components are included in the computation of net periodic benefit expense/(income). See Note 7 for additional details. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||||||
2-May-15 | ||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||||||
We grant stock-based compensation awards to employees and non-employee directors under the J. C. Penney Company, Inc. 2014 Long-Term Incentive Plan (2014 Plan). As of May 2, 2015, a maximum of 11.0 million shares of stock were available for future grant under the 2014 Plan. | ||||||||||||||||||
Stock-based compensation expense for the three months ended May 2, 2015 and May 3, 2014 was $15 million and $10 million, respectively. Through the first three months of 2015, the Company granted the following stock-based compensation awards: | ||||||||||||||||||
Restricted Stock Units (RSU) | Stock Options | Weighted Average Grant Date Fair Value | ||||||||||||||||
Grant Date | Time-based | Performance-based | Time-based | Weighted Average Exercise Price | ||||||||||||||
3-Mar-15 | 28,554 | — | — | $ | — | $ | 7.88 | |||||||||||
19-Mar-15 | 2,135,177 | 1,534,754 | 4,294,885 | $ | 7.77 | $ | 5.36 | |||||||||||
Total | 2,163,731 | 1,534,754 | 4,294,885 | $ | 7.77 | $ | 5.36 | |||||||||||
Performance-based awards that ultimately vest are dependent on market performance targets measured by the achievement of internal profitability targets for 2015 through 2017 (performance condition). | ||||||||||||||||||
In addition to the grants above, on March 19, 2015, we granted approximately 2.5 million phantom units as part of our management incentive compensation plan, which are similar to RSUs in that the number of units granted was based on the price of our stock, but the units will be settled in cash based on the value of our stock on the vesting date, up to a maximum of $15.54 per phantom unit. The fair value of the awards is remeasured at each reporting period and was $8.43 per share as of May 2, 2015. Compensation expense, which is variable, is recognized over the vesting period with a corresponding liability, which is recorded in Other liabilities in our unaudited Interim Consolidated Balance Sheets. |
Retirement_Benefit_Plans
Retirement Benefit Plans | 3 Months Ended | |||||||
2-May-15 | ||||||||
Retirement Benefit Plans [Abstract] | ||||||||
Retirement Benefit Plans | Retirement Benefit Plans | |||||||
The components of net periodic benefit expense/(income) for our non-contributory qualified defined benefit pension plan (Primary Pension Plan), non-contributory supplemental pension plans and contributory postretirement health and welfare plan were as follows: | ||||||||
Three Months Ended | ||||||||
($ in millions) | May 2, | May 3, | ||||||
2015 | 2014 | |||||||
Primary Pension Plan | ||||||||
Service cost | $ | 17 | $ | 15 | ||||
Interest cost | 49 | 53 | ||||||
Expected return on plan assets | (89 | ) | (87 | ) | ||||
Amortization of actuarial loss/(gain) | 26 | 13 | ||||||
Amortization of prior service cost/(credit) | 2 | 1 | ||||||
Net periodic benefit expense/(income) | $ | 5 | $ | (5 | ) | |||
Supplemental Pension Plans | ||||||||
Service cost | $ | — | $ | — | ||||
Interest cost | 2 | 2 | ||||||
Amortization of actuarial loss/(gain) | 3 | 4 | ||||||
Amortization of prior service cost/(credit) | — | — | ||||||
Net periodic benefit expense/(income) | $ | 5 | $ | 6 | ||||
Primary and Supplemental Pension Plans Total | ||||||||
Service cost | $ | 17 | $ | 15 | ||||
Interest cost | 51 | 55 | ||||||
Expected return on plan assets | (89 | ) | (87 | ) | ||||
Amortization of actuarial loss/(gain) | 29 | 17 | ||||||
Amortization of prior service cost/(credit) | 2 | 1 | ||||||
Net periodic benefit expense/(income) | $ | 10 | $ | 1 | ||||
Postretirement Health and Welfare Plan | ||||||||
Service cost | $ | — | $ | — | ||||
Interest cost | — | — | ||||||
Amortization of actuarial loss/(gain) | — | — | ||||||
Amortization of prior service cost/(credit) | (2 | ) | (2 | ) | ||||
Net periodic benefit expense/(income) | $ | (2 | ) | $ | (2 | ) | ||
Retirement Benefit Plans Total | ||||||||
Service cost | $ | 17 | $ | 15 | ||||
Interest cost | 51 | 55 | ||||||
Expected return on plan assets | (89 | ) | (87 | ) | ||||
Amortization of actuarial loss/(gain) | 29 | 17 | ||||||
Amortization of prior service cost/(credit) | — | (1 | ) | |||||
Net periodic benefit expense/(income) | $ | 8 | $ | (1 | ) | |||
Net periodic benefit expense/(income) for our noncontributory postretirement health and welfare plan was predominantly included in SG&A expense in the unaudited Interim Consolidated Statements of Operations. | ||||||||
Defined Contribution Plans | ||||||||
Our defined contribution plans include a qualified Savings, Profit-Sharing and Stock Ownership Plan (401(k) plan), which includes a non-contributory retirement account, and a non-qualified contributory unfunded mirror savings plan offered to certain members of management. Total expense for our defined contribution plans for each of the first quarters of 2015 and 2014 was $13 million and $13 million, respectively, and was predominantly included in SG&A expenses in the unaudited Interim Consolidated Statements of Operations. |
Restructuring_and_Management_T
Restructuring and Management Transition | 3 Months Ended | |||||||||||||||
2-May-15 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring and Management Transition | Restructuring and Management Transition | |||||||||||||||
The composition of restructuring and management transition charges was as follows: | ||||||||||||||||
Three Months Ended | Cumulative | |||||||||||||||
Amount From Program Inception Through | ||||||||||||||||
($ in millions) | May 2, | May 3, | 2-May-15 | |||||||||||||
2015 | 2014 | |||||||||||||||
Home office and stores | $ | 14 | $ | 12 | $ | 261 | ||||||||||
Management transition | 6 | 7 | 230 | |||||||||||||
Other | 2 | 3 | 151 | |||||||||||||
Total | $ | 22 | $ | 22 | $ | 642 | ||||||||||
Home Office and Stores | ||||||||||||||||
During the three months ended May 2, 2015 and May 3, 2014, we recorded $14 million and $12 million, respectively, of charges for actions taken to reduce our home office and store expenses. In January 2015, we announced the closing of 40 department stores, and as a result, during the first quarter of 2015, we incurred charges of $14 million related to employee termination benefits and lease termination costs associated with the closure of 35 of the 40 stores. | ||||||||||||||||
Last year we also closed stores as part of our turnaround efforts. During the first quarter of 2014, we incurred charges of $12 million for employee termination benefits and lease termination costs associated with the closure of 31 of the 33 stores that closed during 2014. | ||||||||||||||||
Management Transition | ||||||||||||||||
During the three months ended May 2, 2015 and May 3, 2014, we implemented changes within our management leadership team that resulted in management transition costs of $6 million and $7 million, respectively, for both incoming and outgoing members of management. | ||||||||||||||||
Other | ||||||||||||||||
During the three months ended May 2, 2015 and May 3, 2014, we recorded $2 million and $3 million, respectively, of miscellaneous restructuring charges. The 2015 charges were related to costs associated with the closure of our Sumner, Washington store merchandise distribution center. The 2014 charges were primarily related to contract termination costs associated with our previous shops strategy. | ||||||||||||||||
Activity for the restructuring and management transition liability for the three months ended May 2, 2015 was as follows: | ||||||||||||||||
($ in millions) | Home Office | Management | Other | Total | ||||||||||||
and Stores | Transition | |||||||||||||||
January 31, 2015 | $ | 9 | $ | — | $ | 17 | $ | 26 | ||||||||
Charges | 14 | 6 | 2 | 22 | ||||||||||||
Cash payments | (6 | ) | (4 | ) | (3 | ) | (13 | ) | ||||||||
Non-cash | — | (2 | ) | (1 | ) | (3 | ) | |||||||||
May 2, 2015 | $ | 17 | $ | — | $ | 15 | $ | 32 | ||||||||
The non-cash amounts represent charges primarily for stock-based compensation expense in conjunction with accelerated vesting related to terminations and for the write-off of store merchandise distribution center fixtures. |
Real_Estate_and_Other_Net
Real Estate and Other, Net | 3 Months Ended |
2-May-15 | |
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. 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. In addition, during the first quarter of 2014, we entered into a joint venture in which we contributed approximately 220 acres of excess property adjacent to our home office facility in Plano, Texas (Home Office Land Joint Venture). The new joint venture was formed to develop the contributed property and our proportional share of the joint venture's activities is recorded in Real estate and other, net. For the three months ended May 2, 2015 and May 3, 2014, Real estate and other, net was income of $35 million and $17 million, respectively. Real estate and other, net was comprised primarily of sales of non-operating and operating assets and our proportional share of net income from the Home Office Land Joint Venture as detailed below. | |
Non-Operating Assets | |
During the first quarter of 2015, we sold two properties used in our former auto center operations and two former outlet store locations for net proceeds of $6 million, resulting in net gains totaling $2 million. | |
During the first quarter of 2014, we sold four properties used in our former auto center operations and excess property adjacent to our home office facility not contributed to the Home Office Land Joint Venture for net proceeds of $15 million, resulting in net gains totaling $12 million. | |
Operating Assets | |
During the first quarter of 2015, we sold a former furniture store location and recognized a net gain on payments received from landlords to terminate two existing leases prior to the original expiration date for net proceeds of $5 million, realizing a net gain of $8 million. | |
During the first quarter of 2014, we sold a former department store location with a net book value of $1 million for net proceeds of $2 million, realizing a gain of $1 million. | |
Other | |
During the first quarter of 2015, the Company recorded $22 million for our proportional share of net income from the Home Office Land Joint Venture and received an aggregate cash distribution of $22 million. |
Income_Taxes
Income Taxes | 3 Months Ended |
2-May-15 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
Income taxes for the three months ended May 2, 2015 was a benefit of $6 million compared to an expense of $8 million for the three months ended May 3, 2014. The effective tax rate for the three months ended May 2, 2015 was (3.5)% as compared to 2.3% for the three months ended May 3, 2014. Our effective tax rate for the three months ended May 2, 2015 was impacted by a net increase to the tax valuation allowance for deferred tax assets of $44 million. | |
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 carryforwards. Accordingly, in the first quarter of 2015, the valuation allowance was increased to offset the net deferred tax assets created in the quarter relating primarily to the increase in net operating loss (NOL) carryforwards. A valuation allowance of $828 million has been recorded against our deferred tax assets as of May 2, 2015, which resulted in an increase to the valuation allowance during the quarter ended May 2, 2015 of $44 million. | |
The net tax benefit of $6 million for the three months ended May 2, 2015 consisted of state and foreign tax expenses of $4 million and $2 million of expense related to the deferred tax asset change arising from the tax amortization of indefinite-lived intangible assets, offset by a $12 million benefit relating to other comprehensive income. In accordance with accounting standards, we are required to allocate a portion of our tax provision between operating losses and accumulated other comprehensive income. Application of this guidance required the recognition of an income tax benefit of $12 million in operating results, offset by a $12 million charge to other comprehensive income for the quarter. | |
As of May 2, 2015, we have approximately $2.7 billion of net operating losses available for U.S. federal income tax purposes, which expire in 2032 through 2034 and $53 million of tax credit carryforwards that expire at various dates through 2034. For these NOL and tax credit carryforwards a net deferred tax asset of $325 million has been recorded, net of a valuation allowance of $622 million. A valuation allowance of $206 million fully offsets the deferred tax assets resulting from the state NOL carryforwards that expire at various dates through 2034. |
Litigation_Other_Contingencies
Litigation, Other Contingencies and Guarantees | 3 Months Ended |
2-May-15 | |
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 sought primarily to prevent the Company from implementing our partnership agreement with MSLO as it related 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 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. On June 16, 2014, the Court issued a ruling against JCPenney on the remaining claim of intentional interference, and held that Macy’s is not entitled to punitive damages. The Court referred other issues related to damages to a Judicial Hearing Officer. On June 30, 2014, JCPenney appealed the Court’s decision, and Macy’s cross-appealed a portion of the decision. On February 26, 2015, the appellate court affirmed the trial court's rulings concerning the claim of intentional interference and lack of punitive damages, and reinstated Macy's claims for intentional interference and unfair competition that had been dismissed during trial. While no assurance can be given as to the ultimate outcome of this matter, we 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 were 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 May 2, 2015, we estimated our total potential environmental liabilities to range from $19 million to $25 million and recorded our best estimate of $22 million in Other accounts payable and accrued expenses and Other liabilities in the unaudited Interim 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 adverse effect on our results of operations, financial position, liquidity or capital resources. | |
Guarantees | |
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 has successfully negotiated termination of all but two of the leases with the landlords. As of May 2, 2015, our maximum liability in connection with the assigned leases was $3 million. |
Effect_of_New_Accounting_Stand
Effect of New Accounting Standards | 3 Months Ended |
2-May-15 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Effect of New Accounting Standards | Effect of New Accounting Standards |
In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. The amendments in this ASU are effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the impact of adopting this ASU to be material to the Company's financial statements and related disclosures. |
Subsequent_Event
Subsequent Event | 3 Months Ended |
2-May-15 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event |
Subsequent to the end of the first quarter of 2015, we entered into interest rate swap agreements with notional amounts totaling $1,250 million to fix a portion of our variable LIBOR-based interest payments. The interest rate swap agreements, which were effective May 7, 2015, have a weighted-average fixed rate of 2.04%, mature on May 7, 2020 and have been designated as cash flow hedges. |
Basis_of_Presentation_and_Cons1
Basis of Presentation and Consolidation (Policy) | 3 Months Ended |
2-May-15 | |
Basis of Presentation and Consolidation [Abstract] | |
Consolidation, Policy | J. C. Penney Company, Inc. is 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 independent assets or operations, and no direct subsidiaries other than JCP. The holding company and its consolidated subsidiaries, including JCP, are collectively referred to in this quarterly report as “we,” “us,” “our,” “ourselves” or the “Company,” unless otherwise indicated. |
J. C. Penney Company, Inc. is a co-obligor (or guarantor, as appropriate) regarding the payment of principal and interest on JCP’s outstanding debt securities. The guarantee of certain of JCP’s outstanding debt securities by J. C. Penney Company, Inc. is full and unconditional. | |
These unaudited Interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and in accordance with the rules and regulations of the Securities and Exchange Commission (SEC). The accompanying unaudited Interim Consolidated Financial Statements, in our opinion, include all material adjustments necessary for a fair presentation and should be read in conjunction with the audited Consolidated Financial Statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 (2014 Form 10-K). We follow substantially the same accounting policies to prepare quarterly financial statements as are followed in preparing annual financial statements. A description of such significant accounting policies is included in the 2014 Form 10-K. The January 31, 2015 financial information was derived from the audited Consolidated Financial Statements, with related footnotes, included in the 2014 Form 10-K. Because of the seasonal nature of the retail business, operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. | |
Fiscal Period, Policy | Our fiscal year ends on the Saturday closest to January 31. As used herein, “three months ended May 2, 2015” and “three months ended May 3, 2014” refer to the 13-week periods ended May 2, 2015 and May 3, 2014, respectively. Fiscal years 2015 and 2014 contain 52 weeks |
Reclassification, Policy | 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. |
Use of Estimates, Policy | The preparation of unaudited Interim Consolidated Financial Statements, in conformity with GAAP, requires us to make assumptions and use estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. |
EarningsLoss_per_Share_Tables
Earnings/(Loss) per Share (Tables) | 3 Months Ended | |||||||
2-May-15 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings/(Loss) per Share | Net income/(loss) and shares used to compute basic and diluted earnings/(loss) per share (EPS) are reconciled below: | |||||||
Three Months Ended | ||||||||
(in millions, except per share data) | May 2, | May 3, | ||||||
2015 | 2014 | |||||||
Earnings/(loss) | ||||||||
Net income/(loss) | $ | (167 | ) | $ | (352 | ) | ||
Shares | ||||||||
Weighted average common shares outstanding (basic shares) | 305.5 | 305 | ||||||
Adjustment for assumed dilution: | ||||||||
Stock options, restricted stock awards and warrant | — | — | ||||||
Weighted average shares assuming dilution (diluted shares) | 305.5 | 305 | ||||||
EPS | ||||||||
Basic | $ | (0.55 | ) | $ | (1.15 | ) | ||
Diluted | $ | (0.55 | ) | $ | (1.15 | ) | ||
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: | |||||||
Three Months Ended | ||||||||
(Shares in millions) | May 2, | May 3, | ||||||
2015 | 2014 | |||||||
Stock options, restricted stock awards and warrant | 31.6 | 24.7 | ||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | |||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Financial Instruments Not Carried at Fair Value, Carrying Value and Fair Value | Carrying values and fair values of financial instruments that are not carried at fair value in the unaudited Interim Consolidated Balance Sheets are as follows: | |||||||||||||||||||||||
May 2, 2015 | May 3, 2014 | January 31, 2015 | ||||||||||||||||||||||
($ in millions) | Carrying | Fair | Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Amount | Value | Amount | Value | Amount | Value | |||||||||||||||||||
Long-term debt, including current maturities | $ | 5,343 | $ | 5,028 | $ | 4,857 | $ | 4,363 | $ | 5,350 | $ | 4,834 | ||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||
Schedule of Components in Stockholders' Equity | The following table shows the change in the components of stockholders’ equity for the three months ended May 2, 2015: | |||||||||||||||||||||||
(in millions) | Number | Common | Additional | Reinvested | Accumulated | Total | ||||||||||||||||||
of | Stock | Paid-in | Earnings/ | Other | Stockholders’ | |||||||||||||||||||
Common | Capital | (Accumulated | Comprehensive | Equity | ||||||||||||||||||||
Shares | Deficit) | Income/(Loss) | ||||||||||||||||||||||
January 31, 2015 | 304.9 | $ | 152 | $ | 4,606 | $ | (1,779 | ) | $ | (1,065 | ) | $ | 1,914 | |||||||||||
Net income/(loss) | — | — | — | (167 | ) | — | (167 | ) | ||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | 17 | 17 | ||||||||||||||||||
Stock-based compensation | 0.6 | 1 | 10 | — | — | 11 | ||||||||||||||||||
May 2, 2015 | 305.5 | $ | 153 | $ | 4,616 | $ | (1,946 | ) | $ | (1,048 | ) | $ | 1,775 | |||||||||||
Schedule of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) | The tax effects allocated to each component of other comprehensive income/(loss) are as follows: | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
May 2, 2015 | May 3, 2014 | |||||||||||||||||||||||
($ in millions) | Gross | Income | Net | Gross | Income | Net | ||||||||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||||||||
(Expense)/ | (Expense)/ | |||||||||||||||||||||||
Benefit | Benefit | |||||||||||||||||||||||
Retirement benefit plans | ||||||||||||||||||||||||
Reclassification for amortization of net actuarial (gain)/loss | $ | 29 | $ | (12 | ) | $ | 17 | $ | 17 | $ | (6 | ) | $ | 11 | ||||||||||
Reclassification for amortization of prior service (credit)/cost | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||
Total | $ | 29 | $ | (12 | ) | $ | 17 | $ | 16 | $ | (6 | ) | $ | 10 | ||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The following table shows the changes in accumulated other comprehensive income/(loss) balances for the three months ended May 2, 2015: | |||||||||||||||||||||||
($ in millions) | Net Actuarial | Prior Service | Foreign Currency Translation | Accumulated | ||||||||||||||||||||
Gain/(Loss) | Credit/(Cost) | Other | ||||||||||||||||||||||
Comprehensive | ||||||||||||||||||||||||
Income/(Loss) | ||||||||||||||||||||||||
January 31, 2015 | $ | (1,023 | ) | $ | (40 | ) | $ | (2 | ) | $ | (1,065 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | 17 | — | — | 17 | ||||||||||||||||||||
May 2, 2015 | $ | (1,006 | ) | $ | (40 | ) | $ | (2 | ) | $ | (1,048 | ) | ||||||||||||
Schedule Of Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) | Reclassifications out of accumulated other comprehensive income/(loss) are as follows: | |||||||||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) | Line Item in the | |||||||||||||||||||||||
Three Months Ended | Unaudited Interim Consolidated | |||||||||||||||||||||||
($ in millions) | May 2, | May 3, | Statements of Operations | |||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Amortization of retirement benefit plans | ||||||||||||||||||||||||
Actuarial loss/(gain)(1) | $ | 29 | $ | 17 | Pension | |||||||||||||||||||
Prior service cost/(credit)(1) | 2 | 1 | Pension | |||||||||||||||||||||
Prior service cost/(credit)(1) | (2 | ) | (2 | ) | SG&A | |||||||||||||||||||
Tax (expense)/benefit | (12 | ) | (6 | ) | Income tax expense/(benefit) | |||||||||||||||||||
Total, net of tax | 17 | 10 | ||||||||||||||||||||||
Total reclassifications | $ | 17 | $ | 10 | ||||||||||||||||||||
-1 | These accumulated other comprehensive income/(loss) components are included in the computation of net periodic benefit expense/(income). See Note 7 for additional details. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||
2-May-15 | ||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||
Schedule of Share-based Compensation Awards Granted | ||||||||||||||||||
Restricted Stock Units (RSU) | Stock Options | Weighted Average Grant Date Fair Value | ||||||||||||||||
Grant Date | Time-based | Performance-based | Time-based | Weighted Average Exercise Price | ||||||||||||||
3-Mar-15 | 28,554 | — | — | $ | — | $ | 7.88 | |||||||||||
19-Mar-15 | 2,135,177 | 1,534,754 | 4,294,885 | $ | 7.77 | $ | 5.36 | |||||||||||
Total | 2,163,731 | 1,534,754 | 4,294,885 | $ | 7.77 | $ | 5.36 | |||||||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 3 Months Ended | |||||||
2-May-15 | ||||||||
Retirement Benefit Plans [Abstract] | ||||||||
Schedule of Pension Plan Expense/(Income) | The components of net periodic benefit expense/(income) for our non-contributory qualified defined benefit pension plan (Primary Pension Plan), non-contributory supplemental pension plans and contributory postretirement health and welfare plan were as follows: | |||||||
Three Months Ended | ||||||||
($ in millions) | May 2, | May 3, | ||||||
2015 | 2014 | |||||||
Primary Pension Plan | ||||||||
Service cost | $ | 17 | $ | 15 | ||||
Interest cost | 49 | 53 | ||||||
Expected return on plan assets | (89 | ) | (87 | ) | ||||
Amortization of actuarial loss/(gain) | 26 | 13 | ||||||
Amortization of prior service cost/(credit) | 2 | 1 | ||||||
Net periodic benefit expense/(income) | $ | 5 | $ | (5 | ) | |||
Supplemental Pension Plans | ||||||||
Service cost | $ | — | $ | — | ||||
Interest cost | 2 | 2 | ||||||
Amortization of actuarial loss/(gain) | 3 | 4 | ||||||
Amortization of prior service cost/(credit) | — | — | ||||||
Net periodic benefit expense/(income) | $ | 5 | $ | 6 | ||||
Primary and Supplemental Pension Plans Total | ||||||||
Service cost | $ | 17 | $ | 15 | ||||
Interest cost | 51 | 55 | ||||||
Expected return on plan assets | (89 | ) | (87 | ) | ||||
Amortization of actuarial loss/(gain) | 29 | 17 | ||||||
Amortization of prior service cost/(credit) | 2 | 1 | ||||||
Net periodic benefit expense/(income) | $ | 10 | $ | 1 | ||||
Postretirement Health and Welfare Plan | ||||||||
Service cost | $ | — | $ | — | ||||
Interest cost | — | — | ||||||
Amortization of actuarial loss/(gain) | — | — | ||||||
Amortization of prior service cost/(credit) | (2 | ) | (2 | ) | ||||
Net periodic benefit expense/(income) | $ | (2 | ) | $ | (2 | ) | ||
Retirement Benefit Plans Total | ||||||||
Service cost | $ | 17 | $ | 15 | ||||
Interest cost | 51 | 55 | ||||||
Expected return on plan assets | (89 | ) | (87 | ) | ||||
Amortization of actuarial loss/(gain) | 29 | 17 | ||||||
Amortization of prior service cost/(credit) | — | (1 | ) | |||||
Net periodic benefit expense/(income) | $ | 8 | $ | (1 | ) | |||
Restructuring_and_Management_T1
Restructuring and Management Transition Charges (Tables) | 3 Months Ended | |||||||||||||||
2-May-15 | ||||||||||||||||
Restructuring Reserve [Abstract] | ||||||||||||||||
Composition of Restructuring and Management Transition Charges | The composition of restructuring and management transition charges was as follows: | |||||||||||||||
Three Months Ended | Cumulative | |||||||||||||||
Amount From Program Inception Through | ||||||||||||||||
($ in millions) | May 2, | May 3, | 2-May-15 | |||||||||||||
2015 | 2014 | |||||||||||||||
Home office and stores | $ | 14 | $ | 12 | $ | 261 | ||||||||||
Management transition | 6 | 7 | 230 | |||||||||||||
Other | 2 | 3 | 151 | |||||||||||||
Total | $ | 22 | $ | 22 | $ | 642 | ||||||||||
Restructuring and Management Transition Charges | Activity for the restructuring and management transition liability for the three months ended May 2, 2015 was as follows: | |||||||||||||||
($ in millions) | Home Office | Management | Other | Total | ||||||||||||
and Stores | Transition | |||||||||||||||
January 31, 2015 | $ | 9 | $ | — | $ | 17 | $ | 26 | ||||||||
Charges | 14 | 6 | 2 | 22 | ||||||||||||
Cash payments | (6 | ) | (4 | ) | (3 | ) | (13 | ) | ||||||||
Non-cash | — | (2 | ) | (1 | ) | (3 | ) | |||||||||
May 2, 2015 | $ | 17 | $ | — | $ | 15 | $ | 32 | ||||||||
Basis_of_Presentation_and_Cons2
Basis of Presentation and Consolidation (Nature of Operations) (Details) | 3 Months Ended |
2-May-15 | |
Basis of Presentation and Consolidation [Abstract] | |
State of incorporation | Delaware |
Year founded | 1924 |
EarningsLoss_per_Share_Details
Earnings/(Loss) per Share (Details) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Earnings Per Share [Abstract] | |||
Net income/(loss) | ($167) | ($352) | |
Weighted average common shares outstanding (basic shares) | 305.5 | 305 | |
Weighted average shares assuming dilution (diluted shares) | 305.5 | 305 | |
Basic (in dollars per share) | ($0.55) | ($1.15) | |
Diluted (in dollars per share) | ($0.55) | ($1.15) | |
Stock options, restricted stock awards and warrant | 31.6 | 24.7 | |
Common stock issued, par value per share | $0.50 | $0.50 | $0.50 |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | Jun. 20, 2014 |
Line of Credit Facility [Line Items] | ||
2014 Credit Facility, initiation date | 20-Jun-14 | |
2014 Credit Facility | $2,350 | |
Revolving Facility, maximum borrowing capacity | 1,850 | |
2014 Term Loan under the 2014 Credit Facility | 496 | 500 |
Current Borrowing Capacity Before Standby And Import Letters Of Credit | 1,529 | |
Revolving Facility, total standby and import letters of credit outstanding | 318 | |
Revolving Facility, commitment fee interest rate on unused capacity | 0.38% | |
Revolving Facility, remaining borrowing capacity | $1,211 | |
2014 Credit Facility, description | On June 20, 2014, J. C. Penney Company, Inc., JCP and J. C. Penney Purchasing Corporation (Purchasing) entered into a $2,350 million asset-based senior credit facility (2014 Credit Facility), comprised of a $1,850 million revolving line of credit (Revolving Facility) and a $500 million term loan (2014 Term Loan). | |
Standby Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving Facility, interest rate at period end | 2.50% | |
Foreign Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving Facility, interest rate at period end | 1.25% |
Fair_Value_Disclosures_Other_F
Fair Value Disclosures (Other Financial Instruments) (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | |||
Long-term debt, including current maturities, Carrying Amount | $5,343 | $5,350 | $4,857 |
Long-term debt, including current maturities, Fair Value | $5,028 | $4,834 | $4,363 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
January 31, 2015, shares | 304.9 | |
31-Jan-15 | $1,914 | |
Net income/(loss) | -167 | -352 |
Other comprehensive income/(loss) | 17 | 10 |
Stock-based compensation | 11 | |
May 2, 2015, shares | 305.3 | 304.8 |
2-May-15 | 1,775 | |
Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
January 31, 2015, shares | 304.9 | |
31-Jan-15 | 152 | |
Stock-based compensation, shares | 0.6 | |
Stock-based compensation | 1 | |
May 2, 2015, shares | 305.5 | |
2-May-15 | 153 | |
Additional Paid-in Capital [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
31-Jan-15 | 4,606 | |
Stock-based compensation | 10 | |
2-May-15 | 4,616 | |
Reinvested Earnings/(Accumulated Deficit) [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
31-Jan-15 | -1,779 | |
Net income/(loss) | -167 | |
2-May-15 | -1,946 | |
Accumulated Other Comprehensive Income/(Loss) [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
31-Jan-15 | -1,065 | |
Other comprehensive income/(loss) | 17 | |
2-May-15 | ($1,048) |
Stockholders_Equity_Components
Stockholders' Equity (Components of Other Comprehensive Income/ (Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Stockholders' Equity Note [Abstract] | ||
Reclassification for amortization of net actuarial (gain)/loss, gross amount | $29 | $17 |
Reclassification for amortization of net actuarial (gain)/loss, tax | -12 | -6 |
Reclassification for amortization of net actuarial (gain)/loss, net | 17 | 11 |
Reclassification for amortization of prior service (credit)/cost, gross amount | 0 | -1 |
Reclassification for amortization of prior service (credit)/cost, tax | 0 | 0 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax | 0 | -1 |
Total, gross amount | 29 | 16 |
Total, tax | -12 | -6 |
Total, net of tax | $17 | $10 |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive Income/ (Loss) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
31-Jan-15 | ($1,065) | ||
Amounts reclassified from accumulated other comprehensive income, Net Actuarial Gain/(Loss) | 17 | 11 | |
Amounts reclassified from accumulated other comprehensive income, Prior Service Credit/(Cost) | 0 | -1 | |
Net current-period other comprehensive income | 17 | 10 | |
2-May-15 | -1,048 | -618 | |
Net Actuarial Gain/(Loss) [Member] | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
31-Jan-15 | -1,023 | ||
Amounts reclassified from accumulated other comprehensive income, Net Actuarial Gain/(Loss) | 17 | ||
2-May-15 | -1,006 | ||
Prior Service Credit/(Cost) [Member] | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
31-Jan-15 | -40 | ||
Amounts reclassified from accumulated other comprehensive income, Prior Service Credit/(Cost) | 0 | ||
2-May-15 | -40 | ||
Accumulated Translation Adjustment [Member] | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
31-Jan-15 | -2 | ||
2-May-15 | -2 | -2 | |
Accumulated Other Comprehensive Income/(Loss) [Member] | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
31-Jan-15 | -1,065 | ||
Amounts reclassified from accumulated other comprehensive income, Accumulated Other Comprehensive Income/(Loss) | 17 | ||
Net current-period other comprehensive income | 17 | ||
2-May-15 | ($1,048) |
Stockholders_Equity_Reclassifi
Stockholders' Equity (Reclassifications Out of Accumulated Other Comprehensive Income/ (Loss) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | $29 | $17 | ||
Total, net of tax | 17 | 10 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Total reclassifications | 17 | 10 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total Amortization Of Retirement Benefit Plans, Net Of Tax [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Total, net of tax | 17 | 10 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | SG&A [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Amortization of retirement benefit plans, Prior service cost/(credit) | -2 | [1] | -2 | [1] |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Income Tax (Expense)/Benefit [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Amortization of retirement benefit plans, Tax (expense)/benefit | 12 | 6 | ||
Pension [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Amortization of retirement benefit plans, Actuarial loss/(gain) | -29 | -17 | ||
Amortization of retirement benefit plans, Prior service cost/(credit) | -2 | -1 | ||
Pension [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Amortization of retirement benefit plans, Actuarial loss/(gain) | 29 | [1] | 17 | [1] |
Amortization of retirement benefit plans, Prior service cost/(credit) | $2 | [1] | $1 | [1] |
[1] | These accumulated other comprehensive income/(loss) components are included in the computation of net periodic benefit expense/(income). See Note 7 for additional details. |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Awards) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 20, 2015 | Mar. 04, 2015 | 2-May-15 | 3-May-14 | Mar. 20, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $15 | $10 | |||
Granted, weighted average grant date fair value (in dollars per share) | $5.36 | $7.88 | $5.36 | ||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, weighted-average exercise price (in dollars per share) | $7.77 | $7.77 | |||
Stock Options [Member] | Time-based [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, stock options | 4,294,885 | 4,294,885 | |||
Restricted Stock Units (RSUs) [Member] | Time-based [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, stock awards | 2,135,177 | 28,554 | 2,163,731 | ||
Restricted Stock Units (RSUs) [Member] | Performance-based [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, stock awards | 1,534,754 | 1,534,754 | |||
Phantom Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, stock awards | 2,500,000 | ||||
Maximum award settlement (in dollars per share) | $15.54 | ||||
Stock awards, fair value remeasured at period end (in dollars per share) | $8.43 | ||||
2014 Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock awards, number of shares available for grant | 11,000,000 |
Retirement_Benefit_Plans_Net_P
Retirement Benefit Plans (Net Periodic Expense) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net periodic benefit expense/(income) | $10 | $1 |
Primary Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 17 | 15 |
Interest cost | 49 | 53 |
Expected return on plan assets | -89 | -87 |
Amortization of actuarial loss/(gain) | 26 | 13 |
Amortization of prior service cost/(credit) | 2 | 1 |
Net periodic benefit expense/(income) | 5 | -5 |
Supplemental Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 2 | 2 |
Amortization of actuarial loss/(gain) | 3 | 4 |
Amortization of prior service cost/(credit) | 0 | 0 |
Net periodic benefit expense/(income) | 5 | 6 |
Primary and Supplemental Pension Plans Total | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 17 | 15 |
Interest cost | 51 | 55 |
Expected return on plan assets | -89 | -87 |
Amortization of actuarial loss/(gain) | 29 | 17 |
Amortization of prior service cost/(credit) | 2 | 1 |
Net periodic benefit expense/(income) | 10 | 1 |
Postretirement Health and Welfare Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Amortization of actuarial loss/(gain) | 0 | 0 |
Amortization of prior service cost/(credit) | -2 | -2 |
Net periodic benefit expense/(income) | -2 | -2 |
Retirement Benefit Plans Total [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 17 | 15 |
Interest cost | 51 | 55 |
Expected return on plan assets | -89 | -87 |
Amortization of actuarial loss/(gain) | 29 | 17 |
Amortization of prior service cost/(credit) | 0 | -1 |
Net periodic benefit expense/(income) | $8 | ($1) |
Retirement_Benefit_Plans_Defin
Retirement Benefit Plans (Defined Contribution Plans) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Retirement Benefit Plans [Abstract] | ||
Defined contribution plan, total expense | $13 | $13 |
Restructuring_and_Management_T2
Restructuring and Management Transition Cumulative Charges (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 30, 2015 | Jan. 31, 2014 |
department_store | stores | |||
Restructuring Cost and Reserve [Line Items] | ||||
Number underperforming department stores, announced closing | 40 | |||
Home Office And Stores [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges | $14 | $12 | ||
Cumulative Amount | 261 | |||
Termination Benefits and Lease Termination Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges | 14 | 12 | ||
Management Transition [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges | 6 | 7 | ||
Cumulative Amount | 230 | |||
Other Restructuring And Management Transition [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges | 2 | 3 | ||
Cumulative Amount | 151 | |||
Total [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges | 22 | 22 | ||
Cumulative Amount | $642 | |||
Home Office And Stores [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of stores closed | 35 | 31 | 40 | 33 |
Restructuring_and_Management_T3
Restructuring and Management Transition Charges (Liability Activity) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Home Office And Stores [Member] | ||
Restructuring Reserve [Roll Forward] | ||
31-Jan-15 | $9 | |
Charges | 14 | 12 |
Cash payments | -6 | |
Non-cash | 0 | |
2-May-15 | 17 | |
Management Transition [Member] | ||
Restructuring Reserve [Roll Forward] | ||
31-Jan-15 | 0 | |
Charges | 6 | 7 |
Cash payments | -4 | |
Non-cash | -2 | |
2-May-15 | 0 | |
Other Restructuring And Management Transition [Member] | ||
Restructuring Reserve [Roll Forward] | ||
31-Jan-15 | 17 | |
Charges | 2 | 3 |
Cash payments | -3 | |
Non-cash | -1 | |
2-May-15 | 15 | |
Total [Member] | ||
Restructuring Reserve [Roll Forward] | ||
31-Jan-15 | 26 | |
Charges | 22 | 22 |
Cash payments | -13 | |
Non-cash | -3 | |
2-May-15 | $32 |
Real_Estate_and_Other_Net_Deta
Real Estate and Other, Net (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
property | property | |
acre | ||
Real Estate and Other, Net [Abstract] | ||
Land contributed to joint venture (in acres) | 220 | |
Real estate and other income/(expense), net | $35 | $17 |
Number of properties used in our former auto center operations sold | 2 | 4 |
Proceeds from sale of non-operating assets | 6 | 15 |
Gains on sales of non-operating assets | 2 | 12 |
Net book value of former department store location sold | 1 | |
Net proceeds from sale of a former department store location | 5 | 2 |
Gain on sale of operating assets | 8 | 1 |
Home Office Land Joint Venture, proportional share of net income | 22 | |
Home Office Land Joint Venture, aggregate cash distribution | $22 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Income Tax Contingency [Line Items] | ||
Income tax expense/(benefit) | ($6,000,000) | $8,000,000 |
Effective tax rate | -3.50% | 2.30% |
Increase to tax valuation allowance for deferred tax assets | 44,000,000 | |
Valuation allowance | 828,000,000 | |
Valuation allowance, methodologies and assumptions | 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 carryforwards. Accordingly, in the first quarter of 2015, the valuation allowance was increased to offset the net deferred tax assets created in the quarter relating primarily to the increase in net operating loss (NOL) carryforwards. | |
Income tax expense (benefit), tax allocation | -12,000,000 | |
Net operating loss carryforwards | 2,700,000,000 | |
State and foreign [Member] | ||
Income Tax Contingency [Line Items] | ||
State and foreign tax expenses | 4,000,000 | |
Amortization of certain indefinite lived intangible assets [Member] | ||
Income Tax Contingency [Line Items] | ||
State and foreign tax expenses | 2,000,000 | |
Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforwards | 53,000,000 | |
Federal tax authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Valuation allowance | 622,000,000 | |
Net deferred tax asset, NOL and tax credit carryforwards | 325,000,000 | |
State Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Valuation allowance | $206,000,000 |
Litigation_Other_Contingencies1
Litigation, Other Contingencies and Guarantees (Narrative) (Details) (USD $) | 3 Months Ended |
2-May-15 | |
Loss Contingencies [Line Items] | |
Estimate Potential Environmental Liabilities Minimum | $19,000,000 |
Estimate Potential Environmental Liabilities Maximum | 25,000,000 |
Recorded Best Estimate | 22,000,000 |
Property Lease Guarantee [Member] | |
Loss Contingencies [Line Items] | |
Guarantor Obligations, Origin and Purpose | In connection with the sale of the operations of our catalog outlet stores, we assigned leases on certain outlet store locations to the purchaser |
Guarantor Obligations, Triggering Event | 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. |
Maximum Exposure of Guarantee | $3,000,000 |
Effect_of_New_Accounting_Stand1
Effect of New Accounting Standards (Details) (Accounting standards update 2015-03 [Member]) | 3 Months Ended |
2-May-15 | |
Accounting standards update 2015-03 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New accounting pronouncement or change in accounting principle, name | ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. |
New accounting pronouncement or change in accounting principle, description | ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. The amendments in this ASU are effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 2-May-15 |
In Millions, unless otherwise specified | |
Subsequent Event [Line Items] | |
Derivative, Notional Amount | $1,250 |
Derivative, Average Fixed Interest Rate | 2.04% |