Dillard's (DDS) 10-Q 5 Jun 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	3-May-14	31-May-14	31-May-14
		Common Stock Class A	Common Stock Class B
Entity Registrant Name	'DILLARDS INC	'	'
Entity Central Index Key	'0000028917	'	'
Document Type	'10-Q	'	'
Document Period End Date	3-May-14	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--01-31	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	39,207,762	4,010,929
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q1	'	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	3-May-14	Feb. 01, 2014	4-May-13
In Thousands, unless otherwise specified
Current assets:	'	'	'
Cash and cash equivalents	$312,081	$237,134	$155,958
Accounts receivable	19,178	30,840	27,806
Merchandise inventories	1,564,387	1,345,321	1,544,118
Other current assets	47,081	46,861	47,431
Total current assets	1,942,727	1,660,156	1,775,313
Property and equipment (net of accumulated depreciation and amortization of $2,319,162, $2,260,675 and $2,225,365)	2,096,010	2,134,200	2,228,095
Other assets	254,885	256,383	257,752
Total assets	4,293,622	4,050,739	4,261,160
Current liabilities:	'	'	'
Trade accounts payable and accrued expenses	820,782	640,336	847,625
Current portion of capital lease obligations	798	784	1,316
Federal and state income taxes including current deferred taxes	169,418	137,191	140,772
Total current liabilities	990,998	778,311	989,713
Long-term debt	614,785	614,785	614,785
Capital lease obligations	6,556	6,759	7,340
Other liabilities	230,112	228,439	226,228
Deferred income taxes	215,412	230,248	247,679
Subordinated debentures	200,000	200,000	200,000
Commitments and contingencies	'	'	'
Stockholdersb equity:	'	'	'
Common stock	1,237	1,237	1,237
Additional paid-in capital	935,208	935,208	932,495
Accumulated other comprehensive loss	-23,664	-24,074	-26,265
Retained earnings	3,522,314	3,413,240	3,214,446
Less treasury stock, at cost	-2,399,336	-2,333,414	-2,146,498
Total stockholdersb equity	2,035,759	1,992,197	1,975,415
Total liabilities and stockholdersb equity	$4,293,622	$4,050,739	$4,261,160

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	3-May-14	Feb. 01, 2014	4-May-13
In Thousands, unless otherwise specified
Statement of Financial Position [Abstract]	'	'	'
Property and equipment, accumulated depreciation and amortization	$2,319,162	$2,260,675	$2,225,365

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	3-May-14	4-May-13
Income Statement [Abstract]	'	'
Net sales	$1,551,314	$1,549,136
Service charges and other income	37,227	40,245
Total net sales, service charges and other income	1,588,541	1,589,381
Cost of sales	939,224	937,785
Selling, general and administrative expenses	393,651	390,196
Depreciation and amortization	61,959	65,116
Rentals	5,815	5,571
Interest and debt expense, net	15,841	16,310
Gain on disposal of assets	-389	-12,345
Asset impairment and store closing charges	0	6,527
Income before income taxes and income on and equity in losses of joint ventures	172,440	180,221
Income taxes	60,960	63,420
Income on and equity in losses of joint ventures	203	409
Net Income	111,683	117,210
Retained Earnings [Roll Forward]	'	'
Retained earnings at beginning of period	3,413,240	3,099,566
Cash dividends declared	-2,609	-2,330
Retained earnings at end of period	$3,522,314	$3,214,446
Earnings per share:	'	'
Earnings Per Share, Basic and Diluted	$2.56	$2.50
Cash dividends declared per common share (in dollars per share)	$0.06	$0.05

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
Statement of Other Comprehensive Income [Abstract]	'	'
Net Income	$111,683	$117,210
Other comprehensive income:	'	'
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $255 and $3,098)	410	5,010
Comprehensive income	$112,093	$122,220

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
Statement of Other Comprehensive Income [Abstract]	'	'
Amortization of retirement plan and other retiree benefit adjustments, tax	$255	$3,098

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
Operating activities:	'	'
Net Income	$111,683	$117,210
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization of property and deferred financing costs	62,344	65,608
Gain on disposal of assets	-389	-12,345
Asset impairment and store closing charges	0	6,527
Changes in operating assets and liabilities:	'	'
Decrease in accounts receivable	11,662	3,713
Increase in merchandise inventories	-219,066	-249,537
Increase in other current assets	-220	-5,611
Decrease in other assets	1,138	2,179
Increase in trade accounts payable and accrued expenses and other liabilities	177,316	187,972
Increase in income taxes payable	17,391	21,162
Net cash provided by operating activities	161,859	136,878
Investing activities:	'	'
Purchases of property and equipment	-22,774	-7,263
Proceeds from disposal of assets	4,609	17,511
Net cash (used in) provided by investing activities	-18,165	10,248
Financing activities:	'	'
Principal payments on long-term debt and capital lease obligations	-189	-578
Cash dividends paid	-2,636	0
Purchase of treasury stock	-65,922	-114,650
Net cash used in financing activities	-68,747	-115,228
Increase in cash and cash equivalents	74,947	31,898
Cash and cash equivalents, beginning of period	237,134	124,060
Cash and cash equivalents, end of period	312,081	155,958
Non-cash transactions:	'	'
Accrued capital expenditures	$15,015	$1,300

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	3-May-14
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying unaudited interim condensed consolidated financial statements of Dillard’s, Inc. (the “Company”) have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”).  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the three months ended May 3, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2015 due to the seasonal nature of the business.
	These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2014 filed with the SEC on March 27, 2014.

Business_Segments

Business Segments	3 Months Ended
	3-May-14
Segment Reporting [Abstract]	'
Business Segments	'
	Business Segments
	The Company operates in two reportable segments:  the operation of retail department stores (“retail operations”) and a general contracting construction company (“construction”).
	For the Company’s retail operations, the Company determined its operating segments on a store by store basis.  Each store’s operating performance has been aggregated into one reportable segment.  The Company’s operating segments are aggregated for financial reporting purposes because they are similar in each of the following areas: economic characteristics, class of consumer, nature of products and distribution methods. Revenues from external customers are derived from merchandise sales, and the Company does not rely on any major customers as a source of revenue. Across all stores, the Company operates one store format under the Dillard’s name where each store offers the same general mix of merchandise with similar categories and similar customers.  The Company believes that disaggregating its operating segments would not provide meaningful additional information.
	The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations:
	(in thousands of dollars)	Retail		Construction			Consolidated
		Operations
	Three Months Ended May 3, 2014:
	Net sales from external customers	$	1,539,193	$	12,121		$	1,551,314
	Gross profit	611,372		718			612,090
	Depreciation and amortization	61,885		74			61,959
	Interest and debt expense (income), net	15,854		(13		)	15,841
	Income before income taxes and income on and equity in losses of joint ventures	173,236		(796		)	172,440
	Income on and equity in losses of joint ventures	203		—			203
	Total assets	4,268,889		24,733			4,293,622
	Three Months Ended May 4, 2013:
	Net sales from external customers	$	1,530,000	$	19,136		$	1,549,136
	Gross profit	609,889		1,462			611,351
	Depreciation and amortization	65,057		59			65,116
	Interest and debt expense (income), net	16,330		(20		)	16,310
	Income before income taxes and income on and equity in losses of joint ventures	179,899		322			180,221
	Income on and equity in losses of joint ventures	409		—			409
	Total assets	4,230,148		31,012			4,261,160
	Intersegment construction revenues of $14.7 million and $1.7 million for the three months ended May 3, 2014 and May 4, 2013, respectively, were eliminated during consolidation and have been excluded from net sales for the respective periods.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	3-May-14
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation	'
	Stock-Based Compensation
	The Company has various stock option plans that provide for the granting of options to purchase shares of Class A Common Stock to certain key employees of the Company.  Exercise and vesting terms for options granted under the plans are determined at each grant date.  No stock options were granted during the three months ended May 3, 2014 and May 4, 2013, and no stock options were outstanding at May 3, 2014.

Asset_Impairment_and_Store_Clo

Asset Impairment and Store Closing Charges	3 Months Ended
	3-May-14
Asset Impairment and Store Closing Charges	'
Asset Impairment and Store Closing Charges	'
	Asset Impairment and Store Closing Charges
	During the three months ended May 4, 2013, the Company recorded a pretax charge of $6.5 million for asset impairment and store closing costs.  The charge was for the write-down of an operating property and certain cost method investments.

Earnings_Per_Share_Data

Earnings Per Share Data	3 Months Ended
	3-May-14
Earnings Per Share [Abstract]	'
Earnings Per Share Data	'
	Earnings Per Share Data
	The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data).
		Three Months Ended
		May 3,		May 4,
		2014		2013
	Net income	$	111,683	$	117,210
	Weighted average shares of common stock outstanding	43,651		46,936
	Basic and diluted earnings per share	$	2.56	$	2.5
	The Company maintains a capital structure in which common stock is the only security issued and outstanding, and there were no preferred stocks, stock options, other dilutive securities or potentially dilutive securities issued or outstanding during the three months ended May 3, 2014 and May 4, 2013.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	3-May-14
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Various legal proceedings, in the form of lawsuits and claims, which occur in the normal course of business, are pending against the Company and its subsidiaries.  In the opinion of management, disposition of these matters is not expected to have a material adverse effect on the Company’s financial position, cash flows or results of operations.
	At May 3, 2014, letters of credit totaling $35.4 million were issued under the Company’s revolving credit facility.

Benefit_Plans

Benefit Plans	3 Months Ended
	3-May-14
Compensation and Retirement Disclosure [Abstract]	'
Benefit Plans	'
	Benefit Plans
	The Company has an unfunded, nonqualified defined benefit plan (“Pension Plan”) for its officers.  The Pension Plan is noncontributory and provides benefits based on years of service and compensation during employment.  Pension expense is determined using various actuarial cost methods to estimate the total benefits ultimately payable to officers and allocates this cost to service periods.  The actuarial assumptions used to calculate pension costs are reviewed annually.  The Company made contributions to the Pension Plan of $0.6 million during the three months ended May 3, 2014.  The Company expects to make contributions to the Pension Plan of approximately $2.2 million for the remainder of fiscal 2014.
	The components of net periodic benefit costs are as follows (in thousands):
		Three Months Ended
		May 3,		May 4,
		2014		2013
	Components of net periodic benefit costs:
	Service cost	$	1,099	$	1,059
	Interest cost	1,911		1,696
	Net actuarial loss	665		753
	Amortization of prior service cost	—		24
	Plan curtailment gain	—		(1,480		)
	Net periodic benefit costs	$	3,675	$	2,052
	Net periodic benefit costs are included in selling, general and administrative expenses.

Revolving_Credit_Agreement

Revolving Credit Agreement	3 Months Ended
	3-May-14
Line of Credit Facility [Abstract]	'
Revolving Credit Agreement	'
	Revolving Credit Agreement
	At May 3, 2014, the Company maintained a $1.0 billion revolving credit facility (“credit agreement”) with J. P. Morgan Securities LLC (“JPMorgan”) and Wells Fargo Capital Finance, LLC as the lead agents for various banks, secured by the inventory of certain Dillard’s, Inc. operating subsidiaries.  The credit agreement expires July 1, 2018.
	Borrowings under the credit agreement accrue interest at either JPMorgan’s Base Rate or LIBOR plus 1.5% (1.65% at May 3, 2014) subject to certain availability thresholds as defined in the credit agreement.
	Limited to 90% of the inventory of certain Company subsidiaries, availability for borrowings and letter of credit obligations under the credit agreement was $1.0 billion at May 3, 2014.  No borrowings were outstanding at May 3, 2014, and letters of credit totaling $35.4 million were issued under this credit agreement leaving unutilized availability under the facility of approximately $965 million at May 3, 2014.  There are no financial covenant requirements under the credit agreement provided availability exceeds $100 million.  The Company pays an annual commitment fee to the banks of 0.25% of the committed amount less outstanding borrowings and letters of credit.

Stock_Repurchase_Programs

Stock Repurchase Programs	3 Months Ended
	3-May-14
Stock Repurchase Programs	'
Stock Repurchase Programs	'
	Stock Repurchase Programs
	All repurchases of the Company’s Class A Common Stock below were made at the market price at the trade date.  Accordingly, all amounts paid to reacquire these shares were allocated to Treasury Stock.
	November 2013 Stock Plan
	In November 2013, the Company’s Board of Directors authorized the Company to repurchase up to $250 million of the Company’s Class A Common Stock under an open-ended stock plan (“November 2013 Stock Plan”).  This authorization permits the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 (“Exchange Act”) or through privately negotiated transactions.  The November 2013 Stock Plan has no expiration date. During the three months ended May 3, 2014, the Company repurchased 0.3 million shares for $25.5 million at an average price of $89.82 per share.  At May 3, 2014, $224.5 million of authorization remained under the November 2013 Stock Plan.
	March 2013 Stock Plan
	In March 2013, the Company’s Board of Directors authorized the Company to repurchase up to $250 million of the Company’s Class A Common Stock under an open-ended stock plan (“March 2013 Stock Plan”).  This authorization permitted the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act or through privately negotiated transactions. During the three months ended May 3, 2014 and May 4, 2013, the Company repurchased 0.5 million and 0.3 million shares for $40.4 million and $22.7 million at an average price of $89.04 and $79.04 per share, respectively.  At May 3, 2014, no authorization remained under the March 2013 Stock Plan.
	2012 Stock Plan
	In February 2012, the Company’s Board of Directors authorized the Company to repurchase up to $250 million of the Company’s Class A Common Stock under an open-ended stock plan (“2012 Stock Plan”).  This authorization permitted the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act or through privately negotiated transactions.  During the three months ended May 4, 2013, the Company repurchased 1.2 million shares for $92.0 million at an average price of $79.14 per share, which completed the authorization under the 2012 Stock Plan.

Income_Taxes

Income Taxes	3 Months Ended
	3-May-14
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes
	During the three months ended May 3, 2014, income tax expense differed from what would be computed using the statutory federal tax rate primarily due to the effect of state and local income taxes.  During the three months ended May 4, 2013, income tax expense differed from what would be computed using the statutory federal tax rate primarily due to the effect of state and local income taxes partially offset by tax benefits recognized for federal tax credits.

Reclassifications_from_Accumul

Reclassifications from Accumulated Other Comprehensive Loss ("AOCL")	3 Months Ended
	3-May-14
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL")	'
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL")	'
	Reclassifications from Accumulated Other Comprehensive Loss (“AOCL”)
	Reclassifications from AOCL are summarized as follows (in thousands):
		Amount
		Reclassified
		from AOCL
		Three Months Ended				Affected Line Item in the Statement Where Net Income Is Presented
	Details about AOCL Components	3-May-14		4-May-13
	Defined benefit pension plan items
	Amortization of prior service cost	$	—	$	24	-1
	Amortization of actuarial losses	665		753		-1
	Plan curtailment gain	—		7,331		-2
		665		8,108		Total before tax
		255		3,098		Income tax expense
		$	410	$	5,010	Total net of tax
	_______________________________
	(1)        These items are included in the computation of net periodic pension cost.  See Note 7, Benefit Plans, for additional information.
	(2)        The excess of the pension liability for the curtailed plan over the amount shown here is included in the computation of net periodic pension cost.  See Note 7, Benefit Plans, for additional information.

Changes_in_Accumulated_Other_C

Changes in Accumulated Other Comprehensive Loss	3 Months Ended
	3-May-14
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]	'
Changes in Accumulated Other Comprehensive Loss	'
	Changes in Accumulated Other Comprehensive Loss
	Changes in AOCL by component (net of tax) are summarized as follows (in thousands):
		Defined Benefit
		Pension Plan Items
		Three Months Ended
		3-May-14			4-May-13
	Beginning balance	$	24,074		$	31,275
	Other comprehensive income before reclassifications	—			—
	Amounts reclassified from AOCL	(410		)	(5,010		)
	Net other comprehensive income	(410		)	(5,010		)
	Ending balance	$	23,664		$	26,265

Gain_on_Disposal_of_Assets

Gain on Disposal of Assets	3 Months Ended
	3-May-14
Discontinued Operations and Disposal Groups [Abstract]	'
Gain on Disposal of Assets	'
	Gain on Disposal of Assets
	During the three months ended May 4, 2013, the Company received proceeds of $15.7 million from the sale of its investment in Acumen Brands, an eCommerce company based in Fayetteville, Arkansas.  The sale resulted in a gain of $11.7 million that was recorded in gain on disposal of assets.
	During the three months ended May 4, 2013, the Company also received proceeds of $1.7 million from the sale of two former retail stores located in Oklahoma City, Oklahoma and Pasadena, Texas that were held for sale, resulting in a gain of $0.6 million that was recorded in gain on disposal of assets.

Fair_Value_Disclosures

Fair Value Disclosures	3 Months Ended
	3-May-14
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures	'
	Fair Value Disclosures
	The estimated fair values of financial instruments which are presented herein have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of amounts the Company could realize in a current market exchange.
	The fair value of the Company’s long-term debt and subordinated debentures is based on market prices or dealer quotes.
	The fair value of the Company’s cash and cash equivalents, accounts receivable and other short-term borrowings approximates their carrying values at May 3, 2014 due to the short-term maturities of these instruments.  The fair value of the Company’s long-term debt at May 3, 2014 was approximately $673 million.  The carrying value of the Company’s long-term debt at May 3, 2014 was $615 million.  The fair value of the Company’s subordinated debentures at May 3, 2014 was approximately $206 million.  The carrying value of the Company’s subordinated debentures at May 3, 2014 was $200 million.
	During the three months ended May 4, 2013, the Company recognized an impairment charge of $5.4 million on certain cost method investments.  The Company evaluated all factors and determined that an other-than-temporary impairment charge was necessary.  These investments are recorded in other assets on the balance sheet.
	Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
	The Financial Accounting Standards Board's ("FASB") accounting guidance utilizes a fair value hierarchy that prioritizes the inputs to the valuation techniques used to measure fair value into three broad levels:
	•	Level 1:  Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities
	•Level 2:  Inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active
	•	Level 3:  Unobservable inputs that reflect the reporting entity’s own assumptions
					Basis of Fair Value Measurements
			Fair Value		Quoted Prices In Active		Significant Other		Significant
			of Assets		Markets for		Observable		Unobservable
					Identical Items		Inputs		Inputs
	(in thousands)		(Liabilities)		(Level 1)		(Level 2)		(Level 3)
	Long-lived assets held for use
	As of May 4, 2013		$	3,000	$	—	$	3,000	$	—
	Long-lived assets held for use
	During the three months ended May 4, 2013, a long-lived asset group held for use was written down to its fair value of $3.0 million, resulting in an impairment charge of $1.2 million, which was charged against earnings during the period.  The inputs used to calculate the fair value of these long-lived assets held for use were based upon an offer to purchase the property.

Recently_Issued_Accounting_Sta

Recently Issued Accounting Standards	3 Months Ended
	3-May-14
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
Recently Issued Accounting Standards	'
	Recently Issued Accounting Standards
	Presentation of Discontinued Operations
	In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which stipulates that the disposal of a component of an entity is to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The pronouncement also removed the conditions that (a) the operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity as a result of the disposal transaction and (b) the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. The Company adopted this guidance as of the beginning of its fiscal year 2014. The adoption of this guidance had no impact on the Company's condensed consolidated financial statements in the first quarter of 2014.
	Revenue from Contracts with Customers
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This update will be effective for the Company retrospectively beginning in the first quarter of fiscal 2017 with early adoption not permitted. The Company is currently assessing the impact of this update on its operations.

Business_Segments_Tables

Business Segments (Tables)	3 Months Ended
	3-May-14
Segment Reporting [Abstract]	'
Schedule of segment information	'
	The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations:
	(in thousands of dollars)	Retail		Construction			Consolidated
		Operations
	Three Months Ended May 3, 2014:
	Net sales from external customers	$	1,539,193	$	12,121		$	1,551,314
	Gross profit	611,372		718			612,090
	Depreciation and amortization	61,885		74			61,959
	Interest and debt expense (income), net	15,854		(13		)	15,841
	Income before income taxes and income on and equity in losses of joint ventures	173,236		(796		)	172,440
	Income on and equity in losses of joint ventures	203		—			203
	Total assets	4,268,889		24,733			4,293,622
	Three Months Ended May 4, 2013:
	Net sales from external customers	$	1,530,000	$	19,136		$	1,549,136
	Gross profit	609,889		1,462			611,351
	Depreciation and amortization	65,057		59			65,116
	Interest and debt expense (income), net	16,330		(20		)	16,310
	Income before income taxes and income on and equity in losses of joint ventures	179,899		322			180,221
	Income on and equity in losses of joint ventures	409		—			409
	Total assets	4,230,148		31,012			4,261,160

Earnings_Per_Share_Data_Tables

Earnings Per Share Data (Tables)	3 Months Ended
	3-May-14
Earnings Per Share [Abstract]	'
Schedule of computation of basic and diluted earnings per share	'
	The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data).
		Three Months Ended
		May 3,		May 4,
		2014		2013
	Net income	$	111,683	$	117,210
	Weighted average shares of common stock outstanding	43,651		46,936
	Basic and diluted earnings per share	$	2.56	$	2.5

Benefit_Plans_Tables

Benefit Plans (Tables)	3 Months Ended
	3-May-14
Compensation and Retirement Disclosure [Abstract]	'
Schedule of components of net periodic benefit costs	'
	The components of net periodic benefit costs are as follows (in thousands):
		Three Months Ended
		May 3,		May 4,
		2014		2013
	Components of net periodic benefit costs:
	Service cost	$	1,099	$	1,059
	Interest cost	1,911		1,696
	Net actuarial loss	665		753
	Amortization of prior service cost	—		24
	Plan curtailment gain	—		(1,480		)
	Net periodic benefit costs	$	3,675	$	2,052
	Net periodic benefit costs are included in selling, general and administrative expenses.

Reclassifications_from_Accumul1

Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Tables)	3 Months Ended
	3-May-14
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL")	'
Summary of reclassifications from AOCL	'
	Reclassifications from AOCL are summarized as follows (in thousands):
		Amount
		Reclassified
		from AOCL
		Three Months Ended				Affected Line Item in the Statement Where Net Income Is Presented
	Details about AOCL Components	3-May-14		4-May-13
	Defined benefit pension plan items
	Amortization of prior service cost	$	—	$	24	-1
	Amortization of actuarial losses	665		753		-1
	Plan curtailment gain	—		7,331		-2
		665		8,108		Total before tax
		255		3,098		Income tax expense
		$	410	$	5,010	Total net of tax
	_______________________________
	(1)        These items are included in the computation of net periodic pension cost.  See Note 7, Benefit Plans, for additional information.
	(2)        The excess of the pension liability for the curtailed plan over the amount shown here is included in the computation of net periodic pension cost.  See Note 7, Benefit Plans, for additional information.

Changes_in_Accumulated_Other_C1

Changes in Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	3-May-14
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]	'
Summary of changes in AOCL by component (net of tax)	'
	Changes in AOCL by component (net of tax) are summarized as follows (in thousands):
		Defined Benefit
		Pension Plan Items
		Three Months Ended
		3-May-14			4-May-13
	Beginning balance	$	24,074		$	31,275
	Other comprehensive income before reclassifications	—			—
	Amounts reclassified from AOCL	(410		)	(5,010		)
	Net other comprehensive income	(410		)	(5,010		)
	Ending balance	$	23,664		$	26,265

Fair_Value_Disclosures_Tables

Fair Value Disclosures (Tables)	3 Months Ended
	3-May-14
Fair Value Disclosures [Abstract]	'
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis	'
	The Financial Accounting Standards Board's ("FASB") accounting guidance utilizes a fair value hierarchy that prioritizes the inputs to the valuation techniques used to measure fair value into three broad levels:
	•	Level 1:  Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities
	•Level 2:  Inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active
	•	Level 3:  Unobservable inputs that reflect the reporting entity’s own assumptions
					Basis of Fair Value Measurements
			Fair Value		Quoted Prices In Active		Significant Other		Significant
			of Assets		Markets for		Observable		Unobservable
					Identical Items		Inputs		Inputs
	(in thousands)		(Liabilities)		(Level 1)		(Level 2)		(Level 3)
	Long-lived assets held for use
	As of May 4, 2013		$	3,000	$	—	$	3,000	$	—

Business_Segments_Details

Business Segments (Details) (USD $)	3 Months Ended
	3-May-14	4-May-13	Feb. 01, 2014
	segment
Business Segments	'	'	'
Number of reportable segments	2	'	'
Net sales from external customers	$1,551,314,000	$1,549,136,000	'
Gross profit	612,090,000	611,351,000	'
Depreciation and amortization	61,959,000	65,116,000	'
Interest and debt expense (income), net	15,841,000	16,310,000	'
Income (loss) before income taxes and income on and equity in losses of joint ventures	172,440,000	180,221,000	'
Income on and equity in losses of joint ventures	203,000	409,000	'
Total assets	4,293,622,000	4,261,160,000	4,050,739,000
Intersegment revenues	14,700,000	1,700,000	'
Retail operations	'	'	'
Business Segments	'	'	'
Number of reportable segments	1	'	'
Number of store formats	1	'	'
Net sales from external customers	1,539,193,000	1,530,000,000	'
Gross profit	611,372,000	609,889,000	'
Depreciation and amortization	61,885,000	65,057,000	'
Interest and debt expense (income), net	15,854,000	16,330,000	'
Income (loss) before income taxes and income on and equity in losses of joint ventures	173,236,000	179,899,000	'
Income on and equity in losses of joint ventures	203,000	409,000	'
Total assets	4,268,889,000	4,230,148,000	'
Construction	'	'	'
Business Segments	'	'	'
Net sales from external customers	12,121,000	19,136,000	'
Gross profit	718,000	1,462,000	'
Depreciation and amortization	74,000	59,000	'
Interest and debt expense (income), net	-13,000	-20,000	'
Income (loss) before income taxes and income on and equity in losses of joint ventures	-796,000	322,000	'
Total assets	$24,733,000	$31,012,000	'

StockBased_Compensation_Detail

Stock-Based Compensation (Details)	3 Months Ended
	3-May-14	4-May-13
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'
Stock options granted during period (in shares)	0	0
Total stock options outstanding (in shares)	0	'

Asset_Impairment_and_Store_Clo1

Asset Impairment and Store Closing Charges (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
Asset Impairment and Store Closing Charges	'	'
Asset impairment and store closing charges	$0	$6,527

Earnings_Per_Share_Data_Detail

Earnings Per Share Data (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	3-May-14	4-May-13
Earnings Per Share [Abstract]	'	'
Net Income	$111,683	$117,210
Weighted Average Number of Shares Outstanding, Basic and Diluted	43,651,000	46,936,000
Earnings Per Share, Basic and Diluted	$2.56	$2.50
Total dilutive and potentially dilutive securities outstanding (in shares)	0	0

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3-May-14
In Millions, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]	'
Outstanding letters of credit under the Company's revolving credit facility	$35.40

Benefit_Plans_Details

Benefit Plans (Details) (USD $)	3 Months Ended
	3-May-14	4-May-13
Compensation and Retirement Disclosure [Abstract]	'	'
Employer contributions to pension plan	$600,000	'
Expected employer contributions to pension plan for remainder of current fiscal year	2,200,000	'
Components of net periodic benefit costs:	'	'
Service cost	1,099,000	1,059,000
Interest cost	1,911,000	1,696,000
Net actuarial loss	665,000	753,000
Amortization of prior service cost	0	24,000
Plan curtailment gain	0	-1,480,000
Net periodic benefit costs	$3,675,000	$2,052,000

Revolving_Credit_Agreement_Det

Revolving Credit Agreement (Details) (USD $)	3 Months Ended
	3-May-14
Credit agreement	'
Revolving credit facility	$1,000,000,000
Interest rate at end of period (as a percent)	1.65%
Limit on availability for borrowings and letter of credit obligations, expressed as a percentage of inventory of certain subsidiaries	90.00%
Availability for borrowings and letter of credit obligations	1,000,000,000
Outstanding borrowings under the credit facility	0
Letters of credit issued	35,400,000
Unutilized credit facility borrowing capacity	965,000,000
Annual commitment fee (as a percent)	0.25%
Minimum	'
Credit agreement	'
Minimum line of credit availability for no financial covenant requirements	$100,000,000
JP Morgan's base rate	'
Credit agreement	'
Reference rate	'JPMorganbs Base Rate
LIBOR	'
Credit agreement	'
Reference rate	'LIBOR
Percentage points added to reference rate	1.50%

Stock_Repurchase_Programs_Deta

Stock Repurchase Programs (Details) (USD $)	1 Months Ended	3 Months Ended	1 Months Ended	3 Months Ended		1 Months Ended	3 Months Ended
Share data in Millions, except Per Share data, unless otherwise specified	Nov. 30, 2013	3-May-14	Mar. 31, 2013	3-May-14	4-May-13	Feb. 29, 2012	4-May-13
	November 2013 Stock Plan [Member]	November 2013 Stock Plan [Member]	March 2013 Stock Plan	March 2013 Stock Plan	March 2013 Stock Plan	2012 Stock Plan	2012 Stock Plan
Stock Repurchase Programs	'	'	'	'	'	'	'
Stock repurchase authorization	$250,000,000	'	$250,000,000	'	'	$250,000,000	'
Number of shares repurchased	'	0.3	'	0.5	0.3	'	1.2
Amount of shares repurchased	'	25,500,000	'	40,400,000	22,700,000	'	92,000,000
Average price of shares repurchased (in dollars per share)	'	$89.82	'	$89.04	$79.04	'	$79.14
Repurchase of common stock remaining authorization	'	$224,500,000	'	$0	'	'	'

Reclassifications_from_Accumul2

Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14		4-May-13
Reclassifications from accumulated other comprehensive loss	'		'
Amortization of prior service cost	$0		$24
Amortization of actuarial losses	665		753
Income before income taxes and income on and equity in losses of joint ventures	-172,440		-180,221
Income tax expense	-60,960		-63,420
Net Income	-111,683		-117,210
Defined benefit pension plan | Amount Reclassified from AOCL	'		'
Reclassifications from accumulated other comprehensive loss	'		'
Amortization of prior service cost	0	[1]	24	[1]
Amortization of actuarial losses	665	[1]	753	[1]
Plan curtailment gain	0	[2]	7,331	[2]
Income before income taxes and income on and equity in losses of joint ventures	665		8,108
Income tax expense	255		3,098
Net Income	$410		$5,010
[1]	These items are included in the computation of net periodic pension cost. See Note 7, Benefit Plans, for additional information.
[2]	The excess of the pension liability for the curtailed plan over the amount shown here is included in the computation of net periodic pension cost. See Note 7, Benefit Plans, for additional information.

Changes_in_Accumulated_Other_C2

Changes in Accumulated Other Comprehensive Loss (Details) (USD $)	3-May-14	Feb. 01, 2014	4-May-13	3-May-14	4-May-13
In Thousands, unless otherwise specified				Defined benefit pension plan	Defined benefit pension plan
Changes in accumulated other comprehensive loss	'	'	'	'	'
Beginning balance	$23,664	$24,074	$26,265	$24,074	$31,275
Other comprehensive income before reclassifications	'	'	'	0	0
Amounts reclassified from AOCL	'	'	'	-410	-5,010
Net other comprehensive income	'	'	'	-410	-5,010
Ending balance	$23,664	$24,074	$26,265	$23,664	$26,265

Gain_on_Disposal_of_Assets_Det

Gain on Disposal of Assets (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
Gain on disposal of assets	'	'
Proceeds from disposal of assets	$4,609	$17,511
Gain on disposal of assets	389	12,345
Sale of investment	'	'
Gain on disposal of assets	'	'
Proceeds from disposal of assets	'	15,700
Gain on disposal of assets	'	11,700
Sale of retail store location	'	'
Gain on disposal of assets	'	'
Proceeds from disposal of assets	'	1,700
Gain on disposal of assets	'	$600
Number of former retail stores sold	'	2

Fair_Value_Disclosures_Details

Fair Value Disclosures (Details) (USD $)	3 Months Ended
	4-May-13	3-May-14	Feb. 01, 2014
Fair value disclosures	'	'	'
Subordinated debentures	$200,000,000	$200,000,000	$200,000,000
Impairment charge on cost method investments	5,400,000	'	'
Nonrecurring	'	'	'
Fair value disclosures	'	'	'
Impairment charge on long-lived assets held for use	1,200,000	'	'
Fair Value of Assets	'	'	'
Fair value disclosures	'	'	'
Long-term debt, including current portion, fair value	'	673,000,000	'
Subordinated debentures, fair value	'	206,000,000	'
Fair Value of Assets | Nonrecurring	'	'	'
Fair value disclosures	'	'	'
Long-lived assets held for use	3,000,000	'	'
Significant Other Observable Inputs (Level 2) | Nonrecurring	'	'	'
Fair value disclosures	'	'	'
Long-lived assets held for use	3,000,000	'	'
Carrying value	'	'	'
Fair value disclosures	'	'	'
Long-term debt, including current portion	'	615,000,000	'
Subordinated debentures	'	$200,000,000	'