Old COPPER (CPPRQ) 10-Q30 Aug 162016 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 30, 2016	Aug. 26, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	J C PENNEY CO INC
Entity Central Index Key	1,166,126
Current Fiscal Year End Date	--01-28
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		307,729,570
Trading Symbol	jcp

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	[1]	Jul. 30, 2016	Aug. 01, 2015
Income Statement [Abstract]
Total net sales	$ 2,918	$ 2,875		$ 5,729	$ 5,732	[1]
Cost of goods sold	1,834	1,810		3,627	3,626	[1]
Gross margin	1,084	1,065		2,102	2,106	[1]
Operating expenses/(income):
Selling, general and administrative (SG&A)	853	901		1,725	1,866	[1]
Pension	2	(16)		4	(35)
Depreciation and amortization	153	153		307	307	[1]
Real estate and other, net	(9)	19		(47)	(16)	[1]
Restructuring and management transition	9	17		15	39	[1]
Total operating expenses	1,008	1,074		2,004	2,161
Operating income/(loss)	76	(9)		98	(55)	[1]
(Gain)/loss on extinguishment of debt	34	0		30	0	[1]
Net interest expense	93	103		188	201	[1]
Income/(loss) before income taxes	(51)	(112)		(120)	(256)	[1]
Income tax expense/(benefit)	5	5		4	11
Net income/(loss)	$ (56)	$ (117)		$ (124)	$ (267)	[1]
Earnings/(loss) per share:
Basic (in dollars per share)	$ (0.18)	$ (0.38)		$ (0.40)	$ (0.87)	[1]
Diluted (in dollars per share)	$ (0.18)	$ (0.38)		$ (0.40)	$ (0.87)	[1]
Weighted average shares – basic	308	305.9		307.6	305.7	[1]
Weighted average shares – diluted	308	305.9		307.6	305.7	[1]

[1]	As Adjusted

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015		Jul. 30, 2016	Aug. 01, 2015
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ (56)	$ (117)	[1]	$ (124)	$ (267)	[1]
Other comprehensive income/(loss), net of tax:
Prior service credit/(cost) arising during the period (1)	0	0	[1]	5	0	[1]
Reclassification for net actuarial (gain)/loss (2)	(1)	0	[1]	(2)	0	[1]
Reclassification for amortization of prior service (credit)/cost (3)	0	0	[1]	0	0	[1]
Gain/(loss) on interest rate swaps (4)	(6)	(7)	[1]	(9)	(7)	[1]
Reclassification for periodic settlements (5)	2	1	[1]	4	1	[1]
Deferred tax valuation allowance	(1)	(3)	[1]	(1)	(3)	[1]
Total other comprehensive income/(loss), net of tax	(6)	(9)	[1]	(3)	(9)	[1]
Total comprehensive income/(loss), net of tax	(62)	(126)	[1]	(127)	(276)	[1]
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect				(3)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax	1			2
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax	2			4
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	3	3		4	3
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	(1)	(1)		(2)	(1)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	$ 3	$ 2		$ 6	$ 2

[1]	As Adjusted

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) Consolidated Statements of Comprehensive Income/(loss) Parenthetical - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 30, 2016	Jul. 30, 2016
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	$ 3	$ 4
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	(1)	(2)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	3	6
pension [Member]
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax	2	4
Selling, General and Administrative Expenses [Member]
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax	$ (2)	$ (4)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Jul. 30, 2016	Jan. 30, 2016	Aug. 01, 2015	[1]
Current assets:
Cash in banks and in transit		$ 171	$ 119	$ 178
Cash short-term investments		258	781	795
Cash and cash equivalents		429	900	973
Merchandise inventory		2,981	2,721	3,005
Deferred taxes		231	231	184
Prepaid expenses and other		235	166	200
Total current assets		3,876	4,018	4,362
Property and equipment (net of accumulated depreciation of $3,742, $3,586 and $3,757)		4,686	4,816	4,989
Prepaid pension		0	0	266
Other assets		604	608	615
Total Assets		9,166	9,442	10,232
Current liabilities:
Merchandise accounts payable		1,094	925	1,122
Other accounts payable and accrued expenses		1,121	1,360	1,170
Current portion of capital leases and note payable		18	26	27
Current maturities of long-term debt		341	101	28
Total current liabilities		2,574	2,412	2,347
Long-term capital leases and note payable		10	10	18
Long-term debt		4,356	4,668	5,225
Deferred taxes		425	425	378
Other liabilities		604	618	604
Total Liabilities		7,969	8,133	8,572
Stockholders’ Equity
Common stock	[2]	154	153	153
Additional paid-in capital		4,668	4,654	4,627
Reinvested earnings/(accumulated deficit)		(3,131)	(3,007)	(2,761)
Accumulated other comprehensive income/(loss)		(494)	(491)	(359)
Total Stockholders’ Equity		1,197	1,309	1,660
Total Liabilities and Stockholders’ Equity		$ 9,166	$ 9,442	$ 10,232

[1]	As Adjusted
[2]	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 307.6 million, 305.5 million and 306.1 million as of July 30, 2016, August 1, 2015 and January 30, 2016, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jul. 30, 2016	Jan. 30, 2016	Aug. 01, 2015
Statement of Financial Position [Abstract]
Accumulated depreciation	$ (3,742)	$ (3,757)	$ (3,586)
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	$ 0.5
Common stock, shares issued	307,600,000	306,100,000	305,500,000
Common stock, shares outstanding	307,600,000	306,100,000	305,500,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	[1]	Jul. 30, 2016	Aug. 01, 2015	[1]
Cash flows from operating activities
Net income/(loss)	$ (56)	$ (117)		$ (124)	$ (267)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Restructuring and management transition	0	1		(1)	4
Asset impairments and other charges	1	1		2	2
Gain (Loss) on Disposition of Other Assets	0	6		5	8
Net gain on sale of operating assets	(2)	0		(10)	(8)
(Gain)/loss on extinguishment of debt	34	0		30	0
Depreciation and amortization	153	153		307	307
Benefit plans	(15)	(23)		(27)	(48)
Stock-based compensation	10	11		20	21
Deferred taxes	3	2		0	3
Change in cash from:
Inventory	(56)	(194)		(260)	(353)
Prepaid expenses and other	(9)	26		(68)	(11)
Merchandise accounts payable	99	59		169	125
Current income taxes	(3)	2		(4)	6
Accrued expenses and other	27	127		(237)	43
Net cash provided by/(used in) operating activities	186	42		(208)	(184)
Cash flows from investing activities
Capital expenditures	(121)	(95)		(160)	(141)
Net proceeds from sale of non-operating assets	0	7		2	13
Net proceeds from sale of operating assets	4	0		16	5
Joint venture return of investment	1	0		15	0
Net cash provided by/(used in) investing activities	(116)	(88)		(127)	(123)
Cash flows from financing activities
Proceeds from issuance of long-term debt	2,188	0		2,188	0
Payments of capital leases and note payable	(5)	(18)		(19)	(23)
Payments of long-term debt	(2,188)	(7)		(2,250)	(13)
Proceeds from stock options exercised	0	0		1	0
Financing costs	(49)	0		(49)	0
Tax withholding payments for vested restricted stock	(2)	0		(7)	(2)
Net cash provided by/(used in) financing activities	(56)	(25)		(136)	(38)
Net increase/(decrease) in cash and cash equivalents	14	(71)		(471)	(345)
Cash and cash equivalents at beginning of period	415	1,044		900	1,318
Cash and cash equivalents at end of period	429	973		429	973
Supplemental cash flow information
Income taxes received/(paid), net	(5)	(2)		(8)	(2)
Interest received/(paid), net	(62)	(58)		(184)	(184)
Supplemental non-cash investing and financing activity
Increase/(decrease) in other accounts payable related to purchases of property and equipment and software	$ (9)	$ 18		$ 32	$ 29

[1]	As Adjusted

Basis of Presentation and Conso

Basis of Presentation and Consolidation	6 Months Ended
Basis of Presentation and Consolidation	Jul. 30, 2016
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 30, 2016 ( 2015 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 2015 Form 10-K. The January 30, 2016 financial information was derived from the audited Consolidated Financial Statements, with related footnotes, included in the 2015 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 July 30, 2016 ” and “three months ended August 1, 2015 ” refer to the 13-week periods ended July 30, 2016 and August 1, 2015 , respectively. “Six months ended July 30, 2016 ” and “six months ended August 1, 2015 ” refer to the 26-week periods ended July 30, 2016 and August 1, 2015 , respectively. Fiscal years 2016 and 2015 contain 52 weeks. Basis of Consolidation All significant inter-company transactions and balances have been eliminated in consolidation.

Change in Accounting for Retire

Change in Accounting for Retirement-Related Benefits (Notes)	6 Months Ended
	Jul. 30, 2016
Change in Accounting for Retirement-Related Benefits [Abstract]
Accounting Changes [Text Block]	Change in Accounting for Retirement-Related Benefits In 2015, the Company elected to change its method of recognizing pension expense. Previously, for the primary and supplemental pension plans, net actuarial gains or losses in excess of 10% of the greater of the fair value of plan assets or the plans’ projected benefit obligation (the corridor) were recognized over the remaining service period of plan participants (eight years for the primary pension plan). Under the Company’s new accounting method, the Company recognizes changes in net actuarial gains or losses in excess of the corridor annually in the fourth quarter each year (Mark-to-market Adjustment). The remaining components of pension expense, primarily service and interest costs and assumed return on plan assets, will be recorded on a quarterly basis. While the historical policy of recognizing pension expense was considered acceptable, the Company believes that the new policy is preferable as it eliminates the delay in recognition of actuarial gains and losses outside the corridor. This change has been reported through retrospective application of the new policy to all periods presented. The impacts of all adjustments made to the financial statements are summarized below: Consolidated Statements of Operations Three Months Ended Six Months Ended August 1, 2015 August 1, 2015 ($ in millions, except per share data) Previously Reported As Adjusted Effect of Change Previously Reported As Adjusted Effect of Change Pension $ 13 $ (16 ) $ (29 ) $ 23 $ (35 ) $ (58 ) Income/(loss) before income taxes (141 ) (112 ) 29 (314 ) (256 ) 58 Income tax expense/(benefit) (3 ) 5 8 (9 ) 11 20 Net income/(loss) $ (138 ) (117 ) $ 21 $ (305 ) (267 ) $ 38 Basic earnings/(loss) per common share $ (0.45 ) $ (0.38 ) $ 0.07 $ (1.00 ) $ (0.87 ) $ 0.13 Diluted earnings/(loss) per common share $ (0.45 ) $ (0.38 ) $ 0.07 $ (1.00 ) $ (0.87 ) $ 0.13 Consolidated Statements of Comprehensive Income/(Loss) Three Months Ended Six Months Ended August 1, 2015 August 1, 2015 ($ in millions) Previously Reported As Adjusted Effect of Change Previously Reported As Adjusted Effect of Change Net income/(loss) $ (138 ) $ (117 ) $ 21 $ (305 ) $ (267 ) $ 38 Reclassifications for amortization of net actuarial (gain)/loss 18 — (18 ) 35 — (35 ) Deferred tax valuation allowance — (3 ) (3 ) — (3 ) (3 ) Total other comprehensive income/(loss), net of tax 12 (9 ) (21 ) 29 (9 ) (38 ) Total comprehensive income/(loss), net of tax $ (126 ) $ (126 ) $ — $ (276 ) $ (276 ) $ — Consolidated Balance Sheets August 1, 2015 ($ in millions) Previously Reported As Adjusted Effect of Change Reinvested earnings/(accumulated deficit) $ (2,084 ) $ (2,761 ) $ (677 ) Accumulated other comprehensive income/(loss) (1,036 ) (359 ) 677 Consolidated Statements of Cash Flows Three Months Ended Six Months Ended August 1, 2015 August 1, 2015 ($ in millions) Previously Reported As Adjusted Effect of Change Previously Reported As Adjusted Effect of Change Cash flows from operating activities: Net income/(loss) $ (138 ) $ (117 ) $ 21 $ (305 ) $ (267 ) $ 38 Benefit plans 6 (23 ) (29 ) 10 (48 ) (58 ) Deferred taxes $ (6 ) $ 2 $ 8 $ (17 ) $ 3 $ 20

Effect of New Accounting Standa

Effect of New Accounting Standards	6 Months Ended
Effect of New Accounting Standards	Jul. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Effect of New Accounting Standards	Effect of New Accounting Standards In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 will change how companies account for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled (i.e., additional paid-in capital or APIC pools will be eliminated). The guidance on employers’ accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures is changing. The ASU also provides a practical expedient for public companies that will allow the use of a simplified method to estimate the expected term for certain awards. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effect that adopting this new accounting guidance will have on our financial condition, results of operations or cash flows. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the FASB Emerging Issues Task Force) (ASU 2016-05). Under the ASU, the novation of a derivative contract (i.e., a change in the counterparty) in a hedge accounting relationship does not, in and of itself, require dedesignation of that hedge accounting relationship. The hedge accounting relationship could continue uninterrupted if all of the other hedge accounting criteria are met, including the expectation that the hedge will be highly effective when the creditworthiness of the new counterparty to the derivative contract is considered. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods therein. Early adoption is permitted. Entities may apply the guidance prospectively or on a modified retrospective basis. We are currently evaluating the effect that adopting this new accounting guidance will have on our financial condition, results of operations or cash flows.

Earnings_(Loss) per Share

Earnings/(Loss) per Share	6 Months Ended
Earnings/(Loss) per Share	Jul. 30, 2016
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 Six Months Ended (in millions, except per share data) July 30, August 1, July 30, August 1, Earnings/(loss) Net income/(loss) $ (56 ) $ (117 ) $ (124 ) $ (267 ) Shares Weighted average common shares outstanding (basic shares) 308.0 305.9 307.6 305.7 Adjustment for assumed dilution: Stock options, restricted stock awards and warrant — — — — Weighted average shares assuming dilution (diluted shares) 308.0 305.9 307.6 305.7 EPS Basic $ (0.18 ) $ (0.38 ) $ (0.40 ) $ (0.87 ) Diluted $ (0.18 ) $ (0.38 ) $ (0.40 ) $ (0.87 ) 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 Six Months Ended (Shares in millions) July 30, August 1, July 30, August 1, Stock options, restricted stock awards and warrant 34.8 34.6 35.0 33.2

Long-Term Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Jul. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	5. Long-Term Debt ($ in millions) July 30, 2016 August 1, 2015 January 30, 2016 Issue: 5.65% Senior Notes Due 2020 (1) $ 400 $ 400 $ 400 5.75% Senior Notes Due 2018 (1) 265 300 300 5.875% Senior Secured Notes Due 2023 (1) 500 — — 6.375% Senior Notes Due 2036 (1) 388 400 400 6.9% Notes Due 2026 2 2 2 7.125% Debentures Due 2023 10 10 10 7.4% Debentures Due 2037 313 326 326 7.625% Notes Due 2097 500 500 500 7.65% Debentures Due 2016 78 78 78 7.95% Debentures Due 2017 220 220 220 8.125% Senior Notes Due 2019 400 400 400 2016 Term Loan Facility 1,688 — — 2013 Term Loan Facility — 2,205 2,194 2014 Term Loan — 495 — Total debt, excluding unamortized debt issuance costs, capital leases and note payable 4,764 5,336 4,830 Unamortized debt issuance costs (67 ) (83 ) (61 ) Total debt, excluding capital leases and note payable 4,697 5,253 4,769 Less: current maturities 341 28 101 Total long-term debt, excluding capital leases and note payable $ 4,356 $ 5,225 $ 4,668 (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%. During the first quarter of 2016, we repurchased and retired $60 million aggregate principal amount of our outstanding debt resulting in a gain on extinguishment of debt of $4 million . During the second quarter of 2016, we completed the refinancing of our $2.25 billion five-year senior secured term loan facility entered into in 2013 (2013 Term Loan Facility) with an amended and restated $1.688 billion seven-year senior secured term loan credit facility (2016 Term Loan Facility) and the issuance of $500 million of 5.875% Senior Secured Notes due 2023 (Senior Secured Notes), resulting in a loss on extinguishment of debt of $34 million . The 2016 Term Loan Facility bears interest at a rate of LIBOR plus 4.25% and matures on June 23, 2023. We are required to make quarterly repayments in a principal amount equal to $10.55 million during the seven-year term, subject to certain reductions for mandatory and optional prepayments. Proceeds from the 2016 Term Loan Facility and the Senior Secured Notes were used to repay the entire outstanding principal balance of the 2013 Term Loan Facility. The 2016 Term Loan facility and the Senior Secured Notes are guaranteed by the Company and certain subsidiaries of JCP and are secured by mortgages on certain real estate of JCP and the guarantors.

Derivative Financial Instrument

Derivative Financial Instruments (Notes)	6 Months Ended
Derivative Financial Instruments (Notes)	Jul. 30, 2016
Derivative [Line Items]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. Derivative Financial Instruments We use derivative financial instruments for hedging and non-trading purposes to manage our exposure to changes in interest rates. Use of derivative financial instruments in hedging programs subjects us to certain risks, such as market and credit risks. Market risk represents the possibility that the value of the derivative instrument will change. In a hedging relationship, the change in the value of the derivative is offset to a great extent by the change in the value of the underlying hedged item. Credit risk related to derivatives represents the possibility that the counterparty will not fulfill the terms of the contract. The notional, or contractual, amount of our derivative financial instruments is used to measure interest to be paid or received and does not represent our exposure due to credit risk. Credit risk is monitored through established approval procedures, including setting concentration limits by counterparty, reviewing credit ratings and requiring collateral (generally cash) from the counterparty when appropriate. When we use derivative financial instruments for the purpose of hedging our exposure to interest rates, the contract terms of a hedged instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts that are effective at meeting the risk reduction and correlation criteria are recorded using hedge accounting. If a derivative instrument is a hedge, depending on the nature of the hedge, changes in the fair value of the instrument will either be offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or be recognized in accumulated other comprehensive income/(loss) until the hedged item is recognized in earnings. The ineffective portion of an instrument’s change in fair value will be immediately recognized in earnings during the period. Instruments that do not meet the criteria for hedge accounting, or contracts for which we have not elected hedge accounting, are valued at fair value with unrealized gains or losses reported in earnings during the period of change. We have entered into interest rate swap agreements with notional amounts totaling $1,250 million to fix a portion of our variable LIBOR-based interest payments. The interest rate swap agreements have a weighted-average fixed rate of 2.04% , mature on May 7, 2020 and have been designated as cash flow hedges. The fair value of our interest rate swaps are recorded on the unaudited Interim Consolidated Balance Sheets as an asset or a liability (see Note 7). The effective portion of the interest rate swaps' changes in fair values is reported in Accumulated other comprehensive income/(loss) (see Note 8), and the ineffective portion is reported in Net income/(loss). Amounts in Accumulated other comprehensive income/(loss) are reclassified into net income/(loss) when the related interest payments affect earnings. For the periods presented, all of the interest rate swaps were 100% effective. Information regarding the gross amounts of our derivative instruments in the unaudited Interim Consolidated Balance Sheets is as follows: Asset Derivatives at Fair Value Liability Derivatives at Fair Value ($ in millions) Balance Sheet Location July 30, 2016 August 1, 2015 January 30, 2016 Balance Sheet Location July 30, 2016 August 1, 2015 January 30, 2016 Derivatives designated as hedging instruments: Interest rate swaps N/A $ — $ — $ — Other accounts payable and accrued expenses $ 2 $ 2 $ 2 Interest rate swaps N/A — — — Other liabilities 35 9 28 Total derivatives designated as hedging instruments $ — $ — $ — $ 37 $ 11 $ 30

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
Fair Value Disclosures	Jul. 30, 2016
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. Cash Flow Hedges Measured on a Recurring Basis The $37 million , $11 million and $30 million fair value of our cash flow hedges as of July 30, 2016, August 1, 2015 and January 30, 2016, respectively, are valued in the market using discounted cash flow techniques which use quoted market interest rates in discounted cash flow calculations which consider the instrument's term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation for interest rate swaps are observable in the active markets and are classified as Level 2 in the fair value measurement hierarchy. Other Financial Instruments Carrying values and fair values of financial instruments that are not carried at fair value in the unaudited Interim Consolidated Balance Sheets are as follows: July 30, 2016 August 1, 2015 January 30, 2016 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Total debt, excluding unamortized debt issuance costs, capital leases and note payable $ 4,764 $ 4,530 $ 5,336 $ 5,002 $ 4,830 $ 4,248 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 July 30, 2016 , August 1, 2015 and January 30, 2016 , the fair values of cash and cash equivalents and accounts payable 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	6 Months Ended
Stockholders' Equity	Jul. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity The following table shows the change in the components of stockholders’ equity for the six months ended July 30, 2016 : (in millions) Number Shares Common Stock Additional Capital Reinvested Deficit) Accumulated Income/(Loss) Total Equity January 30, 2016 306.1 $ 153 $ 4,654 $ (3,007 ) $ (491 ) $ 1,309 Net income/(loss) — — — (124 ) — (124 ) Other comprehensive income/(loss) — — — — (3 ) (3 ) Stock-based compensation and other 1.5 1 14 — — 15 July 30, 2016 307.6 $ 154 $ 4,668 $ (3,131 ) $ (494 ) $ 1,197 Accumulated Other Comprehensive Income/(Loss) The following table shows the changes in accumulated other comprehensive income/(loss) balances for the six months ended July 30, 2016 : ($ in millions) Net Actuarial Gain/(Loss) Prior Service Credit/(Cost) Foreign Currency Translation Gain/(Loss) on Cash Flow Hedges Accumulated Other Income/(Loss) January 30, 2016 $ (423 ) $ (38 ) $ (2 ) $ (28 ) $ (491 ) Other comprehensive income/(loss) before reclassifications — 8 — (13 ) (5 ) Amounts reclassified from accumulated other comprehensive income (4 ) — — 6 2 July 30, 2016 $ (427 ) $ (30 ) $ (2 ) $ (35 ) $ (494 )

Retirement Benefit Plans

Retirement Benefit Plans	6 Months Ended
Retirement Benefit Plans	Jul. 30, 2016
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) and non-contributory supplemental pension plans were as follows: Three Months Ended Six Months Ended ($ in millions) July 30, August 1, July 30, August 1, Primary Pension Plan Service cost $ 14 $ 18 $ 28 $ 35 Interest cost 38 49 76 98 Other cost — 3 — 3 Expected return on plan assets (54 ) (89 ) (108 ) (178 ) Amortization of prior service cost/(credit) 2 2 4 4 Net periodic benefit expense/(income) $ — $ (17 ) $ — $ (38 ) Supplemental Pension Plans Interest cost 2 1 4 3 Net periodic benefit expense/(income) $ 2 $ 1 $ 4 $ 3 Primary and Supplemental Pension Plans Total Service cost $ 14 $ 18 $ 28 $ 35 Interest cost 40 50 80 101 Other cost — 3 — 3 Expected return on plan assets (54 ) (89 ) (108 ) (178 ) Amortization of prior service cost/(credit) 2 2 4 4 Net periodic benefit expense/(income) $ 2 $ (16 ) $ 4 $ (35 ) Additionally, the Company had net periodic postretirement income of $4 million and $2 million , respectively, in the three months ended July 30, 2016 and August 1, 2015 and net periodic postretirement income of $8 million and $4 million , respectively, in the six months ended July 30, 2016 and August 1, 2015 . These amounts are related to the Company's noncontributory postretirement health and welfare plan and are included in SG&A expense in the unaudited Interim Consolidated Statements of Operations. The Company communicated to plan participants that the postretirement health and welfare plan will terminate by December 2016 and this resulted in a reduction of the accumulated plan benefit obligation from $8 million at January 30, 2016 to $1 million at July 30, 2016.

Restructuring and Management Tr

Restructuring and Management Transition	6 Months Ended
Restructuring and Management Transition	Jul. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Management Transition	Restructuring and Management Transition The components of Restructuring and management transition include: • Home office and stores -- charges for actions to reduce our store and home office expenses including employee termination benefits, store lease termination and impairment charges; • Management transition -- charges related to implementing changes within our management leadership team for both incoming and outgoing members of management; and • Other -- charges related primarily to contract termination costs and other costs associated with our previous shops strategy and costs related to the closure of certain supply chain locations. The composition of restructuring and management transition charges was as follows: Three Months Ended Six Months Ended Cumulative Amount From Program Inception Through July 30, 2016 ($ in millions) July 30, August 1, July 30, August 1, Home office and stores $ — $ 15 $ 4 $ 29 $ 293 Management transition 1 1 3 7 255 Other 8 1 8 3 171 Total $ 9 $ 17 $ 15 $ 39 $ 719 Activity for the restructuring and management transition liability for the six months ended July 30, 2016 was as follows: ($ in millions) Home Office and Stores Management Transition Other Total January 30, 2016 $ 18 $ 10 $ 23 $ 51 Charges 4 3 8 15 Cash payments (15 ) (12 ) (8 ) (35 ) Non-cash 1 — — 1 July 30, 2016 $ 8 $ 1 $ 23 $ 32 Non-cash amounts represent charges that do not result in cash outflows.

Real Estate and Other, Net

Real Estate and Other, Net	6 Months Ended
Real Estate and Other, Net	Jul. 30, 2016
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, accruals for certain litigation 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 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. The composition of Real estate and other, net was as follows: Three Months Ended Six Months Ended ($ in millions) July 30, August 1, July 30, August 1, Net gain from sale of non-operating assets $ — $ (6 ) $ (5 ) $ (8 ) Investment income from Home Office Land Joint Venture (5 ) — (29 ) (22 ) Net gain from sale of operating assets (2 ) — (10 ) (8 ) Other (2 ) 25 (3 ) 22 Total expense/(income) $ (9 ) $ 19 $ (47 ) $ (16 ) Investment Income from Joint Ventures During the second quarter and first six months of 2016, the Company had $5 million and $29 million , respectively, in income related to its proportional share of the net income in the Home Office Land Joint Venture and received an aggregate cash distribution of $6 million and $44 million , respectively. During the second quarter of 2015, no investment income was generated from the Home Office Land Joint Venture. During the first half of 2015, the Company had $22 million in income related to its proportional share of the net income in the Home Office Land Joint Venture and received an aggregate cash distribution of $22 million .

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jul. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The net tax expense of $5 million for the three months ended July 30, 2016 consisted of state and foreign tax expenses of $4 million , $1 million of expense related to the deferred tax asset change arising from the tax amortization of indefinite-lived intangible assets and $2 million of expense relating to other comprehensive income, offset by a $2 million benefit for state audit settlements. The net tax expense of $4 million for the six months ended July 30, 2016 consisted of state and foreign tax expenses of $7 million and $3 million of expense related to the deferred tax asset change arising from the tax amortization of indefinite-lived intangible assets, offset by net tax benefits of $4 million to adjust the valuation allowance and $2 million for state audit settlements. As of July 30, 2016 , we have approximately $2.6 billion of net operating losses (NOLs) available for U.S. federal income tax purposes, which expire in 2032 through 2034 and $62 million of tax credit carryforwards that expire at various dates through 2035. For these NOL and tax credit carryforwards a net deferred tax asset of $78 million has been recorded, net of a valuation allowance of $818 million . A valuation allowance of $239 million fully offsets the deferred tax assets resulting from the state NOL carryforwards that expire at various dates through 2034. 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 periodic assessment, our estimate of the realization of deferred tax assets is solely based 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 NOL and tax credit carryforwards. Accordingly, in the second quarter and first six months of 2016, the valuation allowance was increased by $19 million and $32 million , respectively, to offset the net deferred tax assets created in those periods relating primarily to the increase in NOL carryforwards.

Litigation, Other Contingencies

Litigation, Other Contingencies and Guarantees	6 Months Ended
Litigation, Other Contingencies and Guarantees	Jul. 30, 2016
Litigation, Other Contingencies and Guarantees [Abstract]
Litigation, Other Contingencies and Guarantees	Litigation and Other Contingencies Litigation Macy’s Litigation On August 16, 2012, Macy’s, Inc. and Macy’s Merchandising Group, Inc. (together the Plaintiffs) filed suit against JCP 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 the Company 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, the Company 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. On June 17, 2015, Macy’s appealed the court’s order that the Judicial Hearing Officer proceed with the damages phase of the proceedings on the tortious interference claim. On November 24, 2015, the Judicial Hearing Officer issued a recommendation on the amount of damages to be awarded to Macy’s. On December 1, 2015, the appellate court heard oral argument on Macy's appeal of the trial court's order referring issues related to damages to the Judicial Hearing Officer and the parties are awaiting a decision. On June 6, 2016, the court adopted the Judicial Hearing Officer's recommendation on the amount of damages to be awarded to Macy's. Both parties have filed a notice of appeal. 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. Ozenne Derivative Lawsuit On January 19, 2012, a purported shareholder of the Company, Everett Ozenne, filed a shareholder derivative lawsuit in the 193 rd District Court of Dallas County, Texas, against certain of the Company’s Board of Directors and executives. The Company is a nominal defendant in the suit. The lawsuit alleged breaches of fiduciary duties, corporate waste and unjust enrichment involving decisions regarding executive compensation, specifically that compensation paid to certain executive officers from 2008 to 2011 was too high in light of the Company’s financial performance. The suit sought damages including unspecified compensatory damages, disgorgement by the former officers of allegedly excessive compensation, and equitable relief to reform the Company’s compensation practices. The Company and the named individuals filed an Answer and Special Exceptions to the lawsuit, arguing primarily that the plaintiff could not proceed with his suit because he failed to make demand on the Company’s Board of Directors, and that because demand on the Board would not be futile, demand was not excused. The trial court heard arguments on the Special Exceptions on June 25, 2012 and denied them. The Company and named individuals filed a mandamus proceeding in the Fifth District Court of Appeals challenging the trial court’s decision. The parties then settled the litigation and the appellate court stayed the appeal so that the trial court could review the proposed settlement. The trial court approved the settlement at a hearing on October 28, 2013 and, despite objection, awarded the plaintiff $3.1 million in attorneys’ fees and costs. The Fifth District Court of Appeals affirmed the award on December 19, 2014. The Company filed a Petition for Review with the Texas Supreme Court, which was denied on May 27, 2016. Class Action Securities Litigation The Company, Myron E. Ullman, III and Kenneth H. Hannah are parties to the Marcus consolidated purported class action lawsuit in the U.S. District Court, Eastern District of Texas, Tyler Division. The Marcus consolidated complaint is purportedly brought on behalf of persons who acquired our common stock during the period from August 20, 2013 through September 26, 2013, and alleges claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Plaintiff claims that the defendants made false and misleading statements and/or omissions regarding the Company’s financial condition and business prospects that caused our common stock to trade at artificially inflated prices. The consolidated complaint seeks class certification, unspecified compensatory damages, including interest, reasonable costs and expenses, and other relief as the court may deem just and proper. Defendants filed a motion to dismiss the consolidated complaint which was denied by the court on September 29, 2015. Defendants filed an answer to the consolidated complaint on November 12, 2015. Plaintiff filed a motion for class certification on January 25, 2016, and defendants submitted a response to the motion on April 15, 2016. The motion was heard by the court on June 29, 2016. Also, on August 26, 2014, plaintiff Nathan Johnson filed a purported class action lawsuit against the Company, Myron E. Ullman, III and Kenneth H. Hannah in the U.S. District Court, Eastern District of Texas, Tyler Division. The suit is purportedly brought on behalf of persons who acquired our securities other than common stock during the period from August 20, 2013 through September 26, 2013, generally mirrors the allegations contained in the Marcus lawsuit discussed above, and seeks similar relief. On June 8, 2015, plaintiff in the Marcus lawsuit amended the consolidated complaint to include the members of the purported class in the Johnson lawsuit, and on June 10, 2015, the Johnson lawsuit was consolidated into the Marcus lawsuit. We believe these lawsuits are without merit and we intend to vigorously defend them. While no assurance can be given as to the ultimate outcome of these matters, we believe that the final resolution of these actions will not have a material adverse effect on our results of operations, financial position, liquidity or capital resources. Shareholder Derivative Litigation In October, 2013, two purported shareholder derivative actions were filed against certain present and former members of the Company’s Board of Directors and executives by the following parties in the U.S. District Court, Eastern District of Texas, Sherman Division: Weitzman (filed October 2, 2013) and Zauderer (filed October 3, 2013). The Company is named as a nominal defendant in both suits. The lawsuits assert claims for breaches of fiduciary duties and unjust enrichment based upon alleged false and misleading statements and/or omissions regarding the Company’s financial condition. The lawsuits seek unspecified compensatory damages, restitution, disgorgement by the defendants of all profits, benefits and other compensation, equitable relief to reform the Company’s corporate governance and internal procedures, reasonable costs and expenses, and other relief as the court may deem just and proper. On October 28, 2013, the Court consolidated the two cases into the Weitzman lawsuit. On January 15, 2014, the Court entered an order staying the derivative suits pending certain events in the class action securities litigation described above. Also, in March 2016, plaintiff Frank Lipsius filed a purported shareholder derivative action against certain present and former members of the Company's Board of Directors and executives in the District Court of Collin County in the State of Texas. The Company is named as a nominal defendant in the suit. The suit generally mirrors the allegations contained in the Weitzman and Zauderer suits discussed above, and seeks similar relief. While no assurance can be given as to the ultimate outcome of these matters, we believe that the final resolution of these actions will not have a material adverse effect on our results of operations, financial position, liquidity or capital resources. ERISA Class Action Litigation JCP and certain present and former members of JCP's Board of Directors have been sued in a purported class action complaint by plaintiffs Roberto Ramirez and Thomas Ihle, individually and on behalf of all others similarly situated, which was filed on July 8, 2014 in the U.S. District Court, Eastern District of Texas, Tyler Division. The suit alleges that the defendants violated Section 502 of the Employee Retirement Income Security Act (ERISA) by breaching fiduciary duties relating to the J. C. Penney Corporation, Inc. Savings, Profit-Sharing and Stock Ownership Plan (the Plan). The class period is alleged to be between November 1, 2011 and September 27, 2013. Plaintiffs allege that they and others who invested in or held Company stock in the Plan during this period were injured because defendants allegedly made false and misleading statements and/or omissions regarding the Company’s financial condition and business prospects that caused the Company’s common stock to trade at artificially inflated prices. The complaint seeks class certification, declaratory relief, a constructive trust, reimbursement of alleged losses to the Plan, actual damages, attorneys’ fees and costs, and other relief. Defendants filed a motion to dismiss the complaint which was granted in part and denied in part by the court on September 29, 2015. The parties have reached a settlement agreement, subject to court approval, pursuant to which JCP would make available $4.5 million to settle class members’ claims. 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. Employment Class Action Litigation JCP is a defendant in a class action proceeding entitled Tschudy v. JCPenney Corporation filed on April 15, 2011 in the U.S. District Court, Southern District of California. The lawsuit alleges that JCP violated the California Labor Code in connection with the alleged forfeiture of accrued and vested vacation time under its “My Time Off” policy. The class consists of all JCP employees who worked in California from April 5, 2007 to the present. Plaintiffs amended the complaint to assert additional claims under the Illinois Wage Payment and Collection Act on behalf of all JCP employees who worked in Illinois from January 1, 2004 to the present. After the court granted JCP’s motion to transfer the Illinois claims, those claims are now pending in a separate action in the U.S. District Court, Northern District of Illinois, entitled Garcia v. JCPenney Corporation . The lawsuits seek compensatory damages, penalties, interest, disgorgement, declaratory and injunctive relief, and attorney’s fees and costs. Plaintiffs in both lawsuits filed motions, which the Company opposed, to certify these actions on behalf of all employees in California and Illinois based on the specific claims at issue. On December 17, 2014, the California court granted plaintiffs’ motion for class certification. Pursuant to a motion by the Company, the California court decertified the class on December 9, 2015. On March 30, 2016, the California court granted JCP’s motion for summary judgment, and on May 4, 2016, entered judgment for JCP on all plaintiffs’ claims. The Illinois court denied without prejudice plaintiffs' motion for class certification pending the filing of an amended complaint. Plaintiffs filed their amended complaint in the Illinois lawsuit on April 14, 2015 and the Company has answered. On July 2, 2015, the Illinois plaintiffs renewed their motion for class certification, which the Illinois court granted on March 8, 2016. We believe these lawsuits are without merit and we intend to continue to vigorously defend these lawsuits. While no assurance can be given as to the ultimate outcome of these matters, we believe that the final resolution of these actions will not have a material adverse effect on our results of operations, financial position, liquidity or capital resources. Pricing Class Action Litigation JCP is a defendant in a class action proceeding entitled Spann v. J. C. Penney Corporation, Inc. filed on February 8, 2012 in the U.S. District Court, Central District of California. The lawsuit alleges that JCP violated California’s Unfair Competition Law and related state statutes in connection with its advertising of sale prices for private label apparel and accessories. The lawsuit seeks restitution, damages, injunctive relief, and attorney’s fees and costs. On May 18, 2015, the court granted plaintiff's request for certification of a class consisting of all people who, between November 5, 2010 and January 31, 2012, made purchases in California of JCP private or exclusive label apparel or accessories advertised at a discount of at least 30% off the stated original or regular price (excluding those who only received such discount by using coupon(s)), and who have not received a refund or credit for their purchases. The parties have reached a settlement agreement, subject to court approval, and in accordance with the term of the settlement, we have established a $50 million reserve to settle class members' claims. The court has granted preliminary approval of the settlement. A final approval hearing was held on August 25, 2016 and the parties are awaiting the court's decision. Other Legal Proceedings We are subject to various other legal and governmental proceedings involving routine litigation incidental to our business. Accruals have been established based on our best estimates of our potential liability in certain of these matters, including certain matters discussed above, all of which we believe aggregate to an amount that is not material to the Consolidated Financial Statements. 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, we currently believe 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 July 30, 2016 , we estimated our total potential environmental liabilities to range from $19 million to $25 million and recorded our best estimate of $23 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.

Basis of Presentation and Con21

Basis of Presentation and Consolidation (Policy)	6 Months Ended
Basis of Presentation and Consolidation (Policy)	Jul. 30, 2016
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 30, 2016 ( 2015 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 2015 Form 10-K. The January 30, 2016 financial information was derived from the audited Consolidated Financial Statements, with related footnotes, included in the 2015 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 July 30, 2016 ” and “three months ended August 1, 2015 ” refer to the 13-week periods ended July 30, 2016 and August 1, 2015 , respectively. “Six months ended July 30, 2016 ” and “six months ended August 1, 2015 ” refer to the 26-week periods ended July 30, 2016 and August 1, 2015 , respectively. Fiscal years 2016 and 2015 contain 52 weeks.

Change in Accounting for Reti22

Change in Accounting for Retirement-Related Benefits (Tables)	6 Months Ended
	Jul. 30, 2016
Change in Accounting for Retirement-Related Benefits [Abstract]
Schedule of Prior Period Adjustments Made to Consolidated Statements of Operations [Table Text Block]	Consolidated Statements of Operations Three Months Ended Six Months Ended August 1, 2015 August 1, 2015 ($ in millions, except per share data) Previously Reported As Adjusted Effect of Change Previously Reported As Adjusted Effect of Change Pension $ 13 $ (16 ) $ (29 ) $ 23 $ (35 ) $ (58 ) Income/(loss) before income taxes (141 ) (112 ) 29 (314 ) (256 ) 58 Income tax expense/(benefit) (3 ) 5 8 (9 ) 11 20 Net income/(loss) $ (138 ) (117 ) $ 21 $ (305 ) (267 ) $ 38 Basic earnings/(loss) per common share $ (0.45 ) $ (0.38 ) $ 0.07 $ (1.00 ) $ (0.87 ) $ 0.13 Diluted earnings/(loss) per common share $ (0.45 ) $ (0.38 ) $ 0.07 $ (1.00 ) $ (0.87 ) $ 0.13
Schedule of Prior Period Adjustments Made to Consolidated Statements of Comprehensive Income/(Loss) [Table Text Block]	Consolidated Statements of Comprehensive Income/(Loss) Three Months Ended Six Months Ended August 1, 2015 August 1, 2015 ($ in millions) Previously Reported As Adjusted Effect of Change Previously Reported As Adjusted Effect of Change Net income/(loss) $ (138 ) $ (117 ) $ 21 $ (305 ) $ (267 ) $ 38 Reclassifications for amortization of net actuarial (gain)/loss 18 — (18 ) 35 — (35 ) Deferred tax valuation allowance — (3 ) (3 ) — (3 ) (3 ) Total other comprehensive income/(loss), net of tax 12 (9 ) (21 ) 29 (9 ) (38 ) Total comprehensive income/(loss), net of tax $ (126 ) $ (126 ) $ — $ (276 ) $ (276 ) $ —
Schedule of Prior Period Adjustments Made to Consolidated Balance Sheet [Table Text Block]	Consolidated Balance Sheets August 1, 2015 ($ in millions) Previously Reported As Adjusted Effect of Change Reinvested earnings/(accumulated deficit) $ (2,084 ) $ (2,761 ) $ (677 ) Accumulated other comprehensive income/(loss) (1,036 ) (359 ) 677
Schedule of Prior Period Adjustments Made to Consolidated Statements of Cash Flows [Table Text Block]	Consolidated Statements of Cash Flows Three Months Ended Six Months Ended August 1, 2015 August 1, 2015 ($ in millions) Previously Reported As Adjusted Effect of Change Previously Reported As Adjusted Effect of Change Cash flows from operating activities: Net income/(loss) $ (138 ) $ (117 ) $ 21 $ (305 ) $ (267 ) $ 38 Benefit plans 6 (23 ) (29 ) 10 (48 ) (58 ) Deferred taxes $ (6 ) $ 2 $ 8 $ (17 ) $ 3 $ 20

Earnings_(Loss) per Share (Tabl

Earnings/(Loss) per Share (Tables)	6 Months Ended
Earnings/(Loss) per Share (Tables)	Jul. 30, 2016
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 Six Months Ended (in millions, except per share data) July 30, August 1, July 30, August 1, Earnings/(loss) Net income/(loss) $ (56 ) $ (117 ) $ (124 ) $ (267 ) Shares Weighted average common shares outstanding (basic shares) 308.0 305.9 307.6 305.7 Adjustment for assumed dilution: Stock options, restricted stock awards and warrant — — — — Weighted average shares assuming dilution (diluted shares) 308.0 305.9 307.6 305.7 EPS Basic $ (0.18 ) $ (0.38 ) $ (0.40 ) $ (0.87 ) Diluted $ (0.18 ) $ (0.38 ) $ (0.40 ) $ (0.87 )
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 Six Months Ended (Shares in millions) July 30, August 1, July 30, August 1, Stock options, restricted stock awards and warrant 34.8 34.6 35.0 33.2

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Tables)	6 Months Ended
Long-Term Debt Long-Term Debt (Tables)	Jul. 30, 2016
Debt Instrument [Line Items]
Schedule of Debt [Table Text Block]	($ in millions) July 30, 2016 August 1, 2015 January 30, 2016 Issue: 5.65% Senior Notes Due 2020 (1) $ 400 $ 400 $ 400 5.75% Senior Notes Due 2018 (1) 265 300 300 5.875% Senior Secured Notes Due 2023 (1) 500 — — 6.375% Senior Notes Due 2036 (1) 388 400 400 6.9% Notes Due 2026 2 2 2 7.125% Debentures Due 2023 10 10 10 7.4% Debentures Due 2037 313 326 326 7.625% Notes Due 2097 500 500 500 7.65% Debentures Due 2016 78 78 78 7.95% Debentures Due 2017 220 220 220 8.125% Senior Notes Due 2019 400 400 400 2016 Term Loan Facility 1,688 — — 2013 Term Loan Facility — 2,205 2,194 2014 Term Loan — 495 — Total debt, excluding unamortized debt issuance costs, capital leases and note payable 4,764 5,336 4,830 Unamortized debt issuance costs (67 ) (83 ) (61 ) Total debt, excluding capital leases and note payable 4,697 5,253 4,769 Less: current maturities 341 28 101 Total long-term debt, excluding capital leases and note payable $ 4,356 $ 5,225 $ 4,668 (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%.

Derivative Financial Instrume25

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jul. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	Information regarding the gross amounts of our derivative instruments in the unaudited Interim Consolidated Balance Sheets is as follows: Asset Derivatives at Fair Value Liability Derivatives at Fair Value ($ in millions) Balance Sheet Location July 30, 2016 August 1, 2015 January 30, 2016 Balance Sheet Location July 30, 2016 August 1, 2015 January 30, 2016 Derivatives designated as hedging instruments: Interest rate swaps N/A $ — $ — $ — Other accounts payable and accrued expenses $ 2 $ 2 $ 2 Interest rate swaps N/A — — — Other liabilities 35 9 28 Total derivatives designated as hedging instruments $ — $ — $ — $ 37 $ 11 $ 30

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
Fair Value Disclosures (Tables)	Jul. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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: July 30, 2016 August 1, 2015 January 30, 2016 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Total debt, excluding unamortized debt issuance costs, capital leases and note payable $ 4,764 $ 4,530 $ 5,336 $ 5,002 $ 4,830 $ 4,248

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jul. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Components in Stockholders' Equity	The following table shows the change in the components of stockholders’ equity for the six months ended July 30, 2016 : (in millions) Number Shares Common Stock Additional Capital Reinvested Deficit) Accumulated Income/(Loss) Total Equity January 30, 2016 306.1 $ 153 $ 4,654 $ (3,007 ) $ (491 ) $ 1,309 Net income/(loss) — — — (124 ) — (124 ) Other comprehensive income/(loss) — — — — (3 ) (3 ) Stock-based compensation and other 1.5 1 14 — — 15 July 30, 2016 307.6 $ 154 $ 4,668 $ (3,131 ) $ (494 ) $ 1,197
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The following table shows the changes in accumulated other comprehensive income/(loss) balances for the six months ended July 30, 2016 : ($ in millions) Net Actuarial Gain/(Loss) Prior Service Credit/(Cost) Foreign Currency Translation Gain/(Loss) on Cash Flow Hedges Accumulated Other Income/(Loss) January 30, 2016 $ (423 ) $ (38 ) $ (2 ) $ (28 ) $ (491 ) Other comprehensive income/(loss) before reclassifications — 8 — (13 ) (5 ) Amounts reclassified from accumulated other comprehensive income (4 ) — — 6 2 July 30, 2016 $ (427 ) $ (30 ) $ (2 ) $ (35 ) $ (494 )

Retirement Benefit Plans (Table

Retirement Benefit Plans (Tables)	6 Months Ended
Retirement Benefit Plans (Tables)	Jul. 30, 2016
Retirement Benefit Plans [Abstract]
Schedule of Pension Plan Expense/(Income)	he components of net periodic benefit expense/(income) for our non-contributory qualified defined benefit pension plan (Primary Pension Plan) and non-contributory supplemental pension plans were as follows: Three Months Ended Six Months Ended ($ in millions) July 30, August 1, July 30, August 1, Primary Pension Plan Service cost $ 14 $ 18 $ 28 $ 35 Interest cost 38 49 76 98 Other cost — 3 — 3 Expected return on plan assets (54 ) (89 ) (108 ) (178 ) Amortization of prior service cost/(credit) 2 2 4 4 Net periodic benefit expense/(income) $ — $ (17 ) $ — $ (38 ) Supplemental Pension Plans Interest cost 2 1 4 3 Net periodic benefit expense/(income) $ 2 $ 1 $ 4 $ 3 Primary and Supplemental Pension Plans Total Service cost $ 14 $ 18 $ 28 $ 35 Interest cost 40 50 80 101 Other cost — 3 — 3 Expected return on plan assets (54 ) (89 ) (108 ) (178 ) Amortization of prior service cost/(credit) 2 2 4 4 Net periodic benefit expense/(income) $ 2 $ (16 ) $ 4 $ (35 )

Restructuring and Management 29

Restructuring and Management Transition Charges (Tables)	6 Months Ended
Restructuring and Management Transition Charges (Tables)	Jul. 30, 2016
Restructuring Reserve [Abstract]
Composition of Restructuring and Management Transition Charges	The composition of restructuring and management transition charges was as follows: Three Months Ended Six Months Ended Cumulative Amount From Program Inception Through July 30, 2016 ($ in millions) July 30, August 1, July 30, August 1, Home office and stores $ — $ 15 $ 4 $ 29 $ 293 Management transition 1 1 3 7 255 Other 8 1 8 3 171 Total $ 9 $ 17 $ 15 $ 39 $ 719
Restructuring and Management Transition Charges	Activity for the restructuring and management transition liability for the six months ended July 30, 2016 was as follows: ($ in millions) Home Office and Stores Management Transition Other Total January 30, 2016 $ 18 $ 10 $ 23 $ 51 Charges 4 3 8 15 Cash payments (15 ) (12 ) (8 ) (35 ) Non-cash 1 — — 1 July 30, 2016 $ 8 $ 1 $ 23 $ 32

Real Estate and Other, Net Real

Real Estate and Other, Net Real Estate and Other, Net (Tables)	6 Months Ended
	Jul. 30, 2016
Real Estate and Other, Net [Abstract]
Schedule of Other Operating Cost and Expense, by Component [Table Text Block]	The composition of Real estate and other, net was as follows: Three Months Ended Six Months Ended ($ in millions) July 30, August 1, July 30, August 1, Net gain from sale of non-operating assets $ — $ (6 ) $ (5 ) $ (8 ) Investment income from Home Office Land Joint Venture (5 ) — (29 ) (22 ) Net gain from sale of operating assets (2 ) — (10 ) (8 ) Other (2 ) 25 (3 ) 22 Total expense/(income) $ (9 ) $ 19 $ (47 ) $ (16 )

Basis of Presentation and Con31

Basis of Presentation and Consolidation (Nature of Operations) (Details)	6 Months Ended
	Jul. 30, 2016
Entity Information [Line Items]
State of incorporation	Delaware
J. C. Penney Corporation, Inc. [Member]
Entity Information [Line Items]
Year Incorporated	1,924
J. C. Penney Company, Inc. [Member]
Entity Information [Line Items]
Year Incorporated	2,002

Change in Accounting for Reti32

Change in Accounting for Retirement-Related Benefits (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015		Jul. 30, 2016	Aug. 01, 2015		Jan. 30, 2016
Pension	$ 2	$ (16)	[1]	$ 4	$ (35)
Income/(loss) before income taxes	(51)	(112)	[1]	(120)	(256)	[1]
Income tax expense/(benefit)	$ 5	$ 5	[1]	$ 4	$ 11
Basic earnings/(loss) per common share	$ (0.18)	$ (0.38)	[1]	$ (0.40)	$ (0.87)	[1]
Diluted earnings/(loss) per common share	$ (0.18)	$ (0.38)	[1]	$ (0.40)	$ (0.87)	[1]
Reclassifications for amortization of net actuarial (gain)/loss	$ (1)	$ 0	[1]	$ (2)	$ 0	[1]
Deferred tax valuation allowance	(1)	(3)	[1]	(1)	(3)	[1]
Other Comprehensive Income (Loss), Net of Tax	(6)	(9)	[1]	(3)	(9)	[1]
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(62)	(126)	[1]	(127)	(276)	[1]
Benefit plans	(15)	(23)	[1]	(27)	(48)	[1]
Reinvested earnings/(accumulated deficit)	(3,131)	(2,761)	[1]	(3,131)	(2,761)	[1]	$ (3,007)
Net income/(loss)	(56)	(117)	[1]	(124)	(267)	[1]
Accumulated other comprehensive income/(loss)	(494)	(359)	[1]	(494)	(359)	[1]	$ (491)
Deferred taxes	$ 3	2	[1]	$ 0	3	[1]
Previously Reported [Member]
Pension		13			23
Income/(loss) before income taxes		(141)			(314)
Income tax expense/(benefit)		$ (3)			$ (9)
Basic earnings/(loss) per common share		$ (0.45)			$ (1)
Diluted earnings/(loss) per common share		$ (0.45)			$ (1)
Reclassifications for amortization of net actuarial (gain)/loss		$ 18			$ 35
Deferred tax valuation allowance		0			0
Other Comprehensive Income (Loss), Net of Tax		12			29
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		(126)			(276)
Benefit plans		6			10
Reinvested earnings/(accumulated deficit)		(2,084)			(2,084)
Net income/(loss)		(138)			(305)
Accumulated other comprehensive income/(loss)		(1,036)			(1,036)
Deferred taxes		(6)			(17)
As Adjusted [Member]
Income/(loss) before income taxes		$ (112)			$ (256)
Basic earnings/(loss) per common share		$ (0.38)			$ (0.87)
Diluted earnings/(loss) per common share		$ (0.38)			$ (0.87)
Reclassifications for amortization of net actuarial (gain)/loss		$ 0			$ 0
Deferred tax valuation allowance		(3)			(3)
Other Comprehensive Income (Loss), Net of Tax		(9)			(9)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		(126)			(276)
Net income/(loss)		(117)			(267)
Effect of Change [Member]
Pension		(29)			(58)
Income/(loss) before income taxes		29			58
Income tax expense/(benefit)		$ 8			$ 20
Basic earnings/(loss) per common share		$ 0.07			$ 0.13
Diluted earnings/(loss) per common share		$ 0.07			$ 0.13
Reclassifications for amortization of net actuarial (gain)/loss		$ (18)			$ (35)
Deferred tax valuation allowance		(3)			(3)
Other Comprehensive Income (Loss), Net of Tax		(21)			(38)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		0			0
Benefit plans		(29)			(58)
Reinvested earnings/(accumulated deficit)		(677)			(677)
Net income/(loss)		21			38
Accumulated other comprehensive income/(loss)		677			677
Deferred taxes		$ 8			$ 20

[1]	As Adjusted

Effect of New Accounting Stan33

Effect of New Accounting Standards (Details)	6 Months Ended
Effect of New Accounting Standards (Details)	Jul. 30, 2016
Accounting standards update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement or change in accounting principle, description	In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 will change how companies account for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled (i.e., additional paid-in capital or APIC pools will be eliminated). The guidance on employers’ accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures is changing. The ASU also provides a practical expedient for public companies that will allow the use of a simplified method to estimate the expected term for certain awards. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the effect that adopting this new accounting guidance will have on our financial condition, results of operations or cash flows.
Accounting standards update 2016-05 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement or change in accounting principle, description	In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the FASB Emerging Issues Task Force) (ASU 2016-05). Under the ASU, the novation of a derivative contract (i.e., a change in the counterparty) in a hedge accounting relationship does not, in and of itself, require dedesignation of that hedge accounting relationship. The hedge accounting relationship could continue uninterrupted if all of the other hedge accounting criteria are met, including the expectation that the hedge will be highly effective when the creditworthiness of the new counterparty to the derivative contract is considered. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods therein. Early adoption is permitted. Entities may apply the guidance prospectively or on a modified retrospective basis. We are currently evaluating the effect that adopting this new accounting guidance will have on our financial condition, results of operations or cash flows.

Earnings_(Loss) per Share (Deta

Earnings/(Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015		Jul. 30, 2016	Aug. 01, 2015
Earnings Per Share [Abstract]
Net income/(loss)	$ (56)	$ (117)	[1]	$ (124)	$ (267)	[1]
Weighted average common shares outstanding (basic shares)	308	305.9	[1]	307.6	305.7	[1]
Weighted average shares assuming dilution (diluted shares)	308	305.9	[1]	307.6	305.7	[1]
Basic (in dollars per share)	$ (0.18)	$ (0.38)	[1]	$ (0.40)	$ (0.87)	[1]
Diluted (in dollars per share)	$ (0.18)	$ (0.38)	[1]	$ (0.40)	$ (0.87)	[1]
Stock options, restricted stock awards and warrant	34.8	34.6		35	33.2

[1]	As Adjusted

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
Long-Term Debt (Details) - USD ($) $ in Millions		Jul. 30, 2016	Apr. 30, 2016	Aug. 01, 2015		Jul. 30, 2016	Aug. 01, 2015		Jan. 30, 2016
Debt Instrument, Repurchased Face Amount			$ 60
Less: current maturities		$ 341		$ 28	[1]	$ 341	$ 28	[1]	$ 101
Unamortized debt issuance costs		(67)		(83)		(67)	(83)		(61)
Total debt, excluding capital leases and note payable		4,697		5,253		4,697	5,253		4,769
Total debt, excluding unamortized debt issuance costs, capital leases and note payable		4,764		5,336		4,764	5,336		4,830
Total long-term debt, excluding capital leases and note payable		4,356		5,225	[1]	4,356	5,225	[1]	4,668
(Gain)/loss on extinguishment of debt		$ 34	$ (4)	0	[1]	$ 30	0	[1]
Senior Notes 5.65% Due 2020 [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.65%				5.65%
Unsecured Long-term Debt, Noncurrent	[2]	$ 400		400		$ 400	400		400
Senior Notes 5.75% Due 2018 [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.75%				5.75%
Unsecured Long-term Debt, Noncurrent	[2]	$ 265		300		$ 265	300		300
Senior Secured Notes Five Point Eight Seven Five Percent Due2023 [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.875%				5.875%
Secured Long-term Debt, Noncurrent	[2]	$ 500				$ 500
Senior Notes 6.375% Due 2036 [Member]
Debt Instrument, Interest Rate, Stated Percentage		6.375%				6.375%
Unsecured Long-term Debt, Noncurrent	[2]	$ 388		400		$ 388	400		400
Notes 6.9% Due 2026 [Member]
Debt Instrument, Interest Rate, Stated Percentage		6.90%				6.90%
Unsecured Long-term Debt, Noncurrent		$ 2		2		$ 2	2		2
Debentures 7.125% Due 2023 [Member]
Debt Instrument, Interest Rate, Stated Percentage		7.125%				7.125%
Unsecured Long-term Debt, Noncurrent		$ 10		10		$ 10	10		10
Debentures 7.4% Due 2037 [Member]
Debt Instrument, Interest Rate, Stated Percentage		7.40%				7.40%
Unsecured Long-term Debt, Noncurrent		$ 313		326		$ 313	326		326
Notes 7.625% Due 2097 [Member]
Debt Instrument, Interest Rate, Stated Percentage		7.625%				7.625%
Unsecured Long-term Debt, Noncurrent		$ 500		500		$ 500	500		500
Debentures Seven Point Six Five Percent Due2016 [Member]
Debt Instrument, Interest Rate, Stated Percentage		7.65%				7.65%
Unsecured Long-term Debt, Noncurrent		$ 78		78		$ 78	78		78
Debentures Seven Point Nine Five Percent Due2017 [Member]
Debt Instrument, Interest Rate, Stated Percentage		7.95%				7.95%
Unsecured Long-term Debt, Noncurrent		$ 220		220		$ 220	220		220
Senior Notes 8.125% due 2019 [Member]
Debt Instrument, Interest Rate, Stated Percentage		8.125%				8.125%
Unsecured Long-term Debt, Noncurrent		$ 400		400		$ 400	400		400
2016 Term Loan Facility [Member]
Unsecured Long-term Debt, Noncurrent		1,688				1,688
2013 Term Loan Facility [Member]
Debt Instrument, Repurchased Face Amount		2,250				2,250
Unsecured Long-term Debt, Noncurrent		0		2,205		0	2,205		2,194
2014 Term Loan [Member]
Unsecured Long-term Debt, Noncurrent		0		495		0	495		0
Notes And Debentures Including Current Maturities [Member]
Total debt, excluding unamortized debt issuance costs, capital leases and note payable		$ 4,764		$ 5,336		$ 4,764	$ 5,336		$ 4,830

[1]	As Adjusted
[2]	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%.

Long-Term Debt 2013 Term Loan F

Long-Term Debt 2013 Term Loan Facility (Details) - USD ($) $ in Millions	Jul. 30, 2016	Apr. 30, 2016	Jan. 30, 2016	Aug. 01, 2015
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount		$ 60
2013 Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	$ 2,250
Unsecured Long-term Debt, Noncurrent	$ 0		$ 2,194	$ 2,205

Long-Term Debt 2016 Term Loan F

Long-Term Debt 2016 Term Loan Facility (Details) - 2016 Term Loan Facility [Member] $ in Thousands	3 Months Ended
	Jul. 30, 2016USD ($)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.25%
Debt Instrument, Periodic Payment, Principal	$ 10,550

Derivative Financial Instrume38

Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 30, 2016	Jan. 30, 2016	Aug. 01, 2015	May 07, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Discussion of Objectives for Using Interest Rate Derivative Instruments	Fix a portion of our variable LIBOR-based interest payments
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 37	$ 30	$ 11
Derivative, Notional Amount				$ 1,250
Derivative, Average Fixed Interest Rate				2.04%
Description of Reclassification of Interest Rate Cash Flow Hedge Gain (Loss)	Amounts in Accumulated other comprehensive income/(loss) are reclassified into net income/(loss) when the related interest payments affect earnings
Description of Location of Interest Rate Cash Flow Hedge Derivative on Balance Sheet	The fair value of our interest rate swaps are recorded on the unaudited Interim Consolidated Balance Sheets as an asset or a liability (see Note 7).
Description of Location of Gain (Loss) on Interest Rate Cash Flow Hedge Derivative in Financial Statements	The effective portion of the interest rate swaps' changes in fair values is reported in Accumulated other comprehensive income/(loss) (see Note 8), and the ineffective portion is reported in Net income/(loss).
Description of Interest Rate Derivative Activities	We have 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 have a weighted-average fixed rate of 2.04%, mature on May 7, 2020 and have been designated as cash flow hedges.
Effectiveness of interest rate swaps	100.00%
Other Liabilities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 35	28	9
Other Accounts Payable and Accrued Expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 2	$ 2	$ 2

Fair Value Disclosures (Other F

Fair Value Disclosures (Other Financial Instruments) (Details) - USD ($) $ in Millions	Jul. 30, 2016	Jan. 30, 2016	Aug. 01, 2015
Fair Value Disclosures [Abstract]
Long-term debt, excluding unamortized debt issuance costs, including current maturities, Fair Value	$ 4,530	$ 4,248	$ 5,002
Long-term debt, excluding unamortized debt issuance costs, including current maturities, carrying amount	4,764	4,830	5,336
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ 37	$ 30	$ 11

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015		Jul. 30, 2016	Aug. 01, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 30, 2016, shares				306.1
January 30, 2016				$ 1,309
Net income/(loss)	$ (56)	$ (117)	[1]	(124)	$ (267)	[1]
Other comprehensive income/(loss)	$ (6)	$ (9)	[1]	(3)	$ (9)	[1]
Stock-based compensation and other				$ 15
July 30, 2016, shares	307.6	305.5		307.6	305.5
July 30, 2016	$ 1,197			$ 1,197
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 30, 2016, shares				306.1
January 30, 2016				$ 153
Stock-based compensation, shares				1.5
Stock-based compensation and other				$ 1
July 30, 2016, shares	307.6			307.6
July 30, 2016	$ 154			$ 154
Additional Paid-in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 30, 2016				4,654
Stock-based compensation and other				14
July 30, 2016	4,668			4,668
Reinvested Earnings/(Accumulated Deficit) [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 30, 2016				(3,007)
Net income/(loss)				(124)
July 30, 2016	(3,131)			(3,131)
Accumulated Other Comprehensive Income/(Loss) [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
January 30, 2016				(491)
Other comprehensive income/(loss)				(3)
July 30, 2016	$ (494)			$ (494)

[1]	As Adjusted

Stockholders' Equity (Component

Stockholders' Equity (Components of Other Comprehensive Income/ (Loss) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	[1]	Jul. 30, 2016	Aug. 01, 2015	[1]
Stockholders' Equity Note [Abstract]
Reclassification for amortization of net actuarial (gain)/loss, net of tax	$ (1)	$ 0		$ (2)	$ 0
Reclassification for amortization of prior service credit/(cost), net of tax	0	0		0	0
Total, net of tax	$ (6)	$ (9)		$ (3)	$ (9)

[1]	As Adjusted

Stockholders' Equity (Accumulat

Stockholders' Equity (Accumulated Other Comprehensive Income/ (Loss) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	[1]	Jul. 30, 2016	Aug. 01, 2015	[1]
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
January 30, 2016				$ (491)
Amounts reclassified from accumulated other comprehensive income, Net Actuarial Gain/(Loss), net of tax	$ 1	$ 0		2	$ 0
Amounts reclassified from accumulated other comprehensive income, Prior Service Credit/(Cost), net of tax	0	0		0	0
Net current-period other comprehensive income	(6)	(9)		(3)	(9)
July 30, 2016	(494)	$ (359)		(494)	$ (359)
Net Actuarial Gain/(Loss) [Member]
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
January 30, 2016				(423)
Amounts reclassified from accumulated other comprehensive income, Net Actuarial Gain/(Loss), net of tax				4
July 30, 2016	(427)			(427)
Prior Service Credit/(Cost) [Member]
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
January 30, 2016				(38)
Other comprehensive income (loss) before reclassifications, gain (loss) on cash flow hedges, net of tax				8
Amounts reclassified from accumulated other comprehensive income, Prior Service Credit/(Cost), net of tax				0
July 30, 2016	(30)			(30)
Accumulated Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
January 30, 2016				(2)
July 30, 2016	(2)			(2)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
January 30, 2016				(28)
Other comprehensive income (loss) before reclassifications, gain (loss) on cash flow hedges, net of tax				(13)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax				6
July 30, 2016	(35)			(35)
Accumulated Other Comprehensive Income/(Loss) [Member]
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
January 30, 2016				(491)
Other comprehensive income (loss) before reclassifications, gain (loss) on cash flow hedges, net of tax				(5)
Amounts reclassified from accumulated other comprehensive income, Accumulated Other Comprehensive Income/(Loss)				2
Net current-period other comprehensive income				(3)
July 30, 2016	$ (494)			$ (494)

[1]	As Adjusted

Stockholders' Equity (Reclassif

Stockholders' Equity (Reclassifications Out of Accumulated Other Comprehensive Income/ (Loss) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015		Jul. 30, 2016	Aug. 01, 2015
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Total, net of tax	$ (6)	$ (9)	[1]	$ (3)	$ (9)	[1]

[1]	As Adjusted

Retirement Benefit Plans (Net P

Retirement Benefit Plans (Net Periodic Expense) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015		Jul. 30, 2016	Aug. 01, 2015	Jan. 30, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit expense/(income)	$ 2	$ (16)	[1]	$ 4	$ (35)
Other Postretirement Benefit Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit expense/(income)	(4)	(2)		(8)	(4)
Defined Benefit Plan, Accumulated Benefit Obligation	1			1		$ 8
Primary Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	14	18		28	35
Interest cost	38	49		76	98
Other cost	0	3		0	3
Expected return on plan assets	(54)	(89)		(108)	(178)
Amortization of prior service cost/(credit)	2	2		4	4
Net periodic benefit expense/(income)	0	(17)		0	(38)
Supplemental Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	2	1		4	3
Net periodic benefit expense/(income)	2	1		4	3
Primary and Supplemental Pension Plans Total
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	14	18		28	35
Interest cost	40	50		80	101
Other cost	0	3		0	3
Expected return on plan assets	(54)	(89)		(108)	(178)
Amortization of prior service cost/(credit)	2	2		4	4
Net periodic benefit expense/(income)	$ 2	$ (16)		$ 4	$ (35)

[1]	As Adjusted

Restructuring and Management 45

Restructuring and Management Transition Cumulative Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Home Office And Stores [Member]
Restructuring Cost and Reserve [Line Items]
Charges	$ 0	$ 15	$ 4	$ 29
Cumulative Amount	293		293
Management Transition [Member]
Restructuring Cost and Reserve [Line Items]
Charges	1	1	3	7
Cumulative Amount	255		255
Other Restructuring And Management Transition [Member]
Restructuring Cost and Reserve [Line Items]
Charges	8	1	8	3
Cumulative Amount	171		171
Total [Member]
Restructuring Cost and Reserve [Line Items]
Charges	9	$ 17	15	$ 39
Cumulative Amount	$ 719		$ 719

Restructuring and Management 46

Restructuring and Management Transition Charges (Liability Activity) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Home Office And Stores [Member]
Restructuring Reserve [Roll Forward]
January 30, 2016			$ 18
Charges	$ 0	$ 15	4	$ 29
Cash payments			(15)
Non-cash			1
July 30, 2016	8		8
Management Transition [Member]
Restructuring Reserve [Roll Forward]
January 30, 2016			10
Charges	1	1	3	7
Cash payments			(12)
Non-cash			0
July 30, 2016	1		1
Other Restructuring And Management Transition [Member]
Restructuring Reserve [Roll Forward]
January 30, 2016			23
Charges	8	1	8	3
Cash payments			(8)
Non-cash			0
July 30, 2016	23		23
Total [Member]
Restructuring Reserve [Roll Forward]
January 30, 2016			51
Charges	9	$ 17	15	$ 39
Cash payments			(35)
Non-cash			1
July 30, 2016	$ 32		$ 32

Real Estate and Other, Net (Det

Real Estate and Other, Net (Details) $ in Millions	3 Months Ended			6 Months Ended
Real Estate and Other, Net (Details) $ in Millions	Jul. 30, 2016USD ($)	Aug. 01, 2015USD ($)		Jul. 30, 2016USD ($)	Aug. 01, 2015USD ($)		May 03, 2014a
Real Estate and Other, Net [Abstract]
Joint venture land (in acres) \| a							220
Real estate and other income/(expense), net	$ (9)	$ 19	[1]	$ (47)	$ (16)	[1]
Net proceeds from sale of a former department store location	4	0	[1]	16	5	[1]
Net gain from sale of non-operating assets	0	6	[1]	5	8	[1]
Investment income from Home Office Land Joint Venture	(5)	0		(29)	(22)
Home Office Land Joint Venture, aggregate cash distribution	6			44	22
Net gain from sale of operating assets	2	0	[1]	10	8	[1]
Other Cost and Expense, Operating	$ (2)	$ 25		$ (3)	$ 22

[1]	As Adjusted

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jul. 30, 2016	Aug. 01, 2015	[1]	Jul. 30, 2016	Aug. 01, 2015
Income Tax Contingency [Line Items]
Income tax expense/(benefit)	$ 5	$ 5		$ 4	$ 11
Increase to tax valuation allowance for deferred tax assets	19			$ 32
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 periodic assessment, our estimate of the realization of deferred tax assets is solely based 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 NOL and tax credit carryforwards. Accordingly, in the second quarter and first six months of 2016, the valuation allowance was increased by $19 million and $32 million, respectively, to offset the net deferred tax assets created in those periods relating primarily to the increase in NOL carryforwards.
Income tax expense (benefit), tax allocation	$ 2
State Audit Settlement	2			2
Net operating loss carryforwards	$ 2,600			$ 2,600
State and foreign [Member]
Income Tax Contingency [Line Items]
State and foreign tax expenses	(4)			(7)
Amortization of certain indefinite lived intangible assets [Member]
Income Tax Contingency [Line Items]
State and foreign tax expenses	(1)			(3)
Settlement with Taxing Authority [Member]
Income Tax Contingency [Line Items]
State and foreign tax expenses				4
Federal [Member]
Income Tax Contingency [Line Items]
Tax credit carryforwards	62			62
Federal tax authority [Member]
Income Tax Contingency [Line Items]
Valuation allowance	818			818
Net deferred tax asset, NOL and tax credit carryforwards	78			78
State Tax Authority [Member]
Income Tax Contingency [Line Items]
Valuation allowance	$ 239			$ 239

[1]	As Adjusted

Litigation, Other Contingenci49

Litigation, Other Contingencies and Guarantees (Narrative) (Details) $ in Millions	33 Months Ended
	Jul. 30, 2016USD ($)
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	$ 3.1
Recorded Best Estimate Environmental Liabilities	23
ERISA Class Action Litigation [Member]
Loss Contingencies [Line Items]
Estimated Litigation Liability	4.5
Pricing Class Action Litigation [Member]
Loss Contingencies [Line Items]
Estimated Litigation Liability	50
Minimum [Member]
Loss Contingencies [Line Items]
Estimate Potential Environmental Liabilities	19
Maximum [Member]
Loss Contingencies [Line Items]
Estimate Potential Environmental Liabilities	$ 25