Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
2-May-15 | 30-May-15 | |
Entity Registrant Name | DILLARDS INC | |
Entity Central Index Key | 28917 | |
Document Type | 10-Q | |
Document Period End Date | 2-May-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -29 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Common Stock Class A | ||
Entity Common Stock, Shares Outstanding | 36,330,901 | |
Common Stock Class B | ||
Entity Common Stock, Shares Outstanding | 4,010,929 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $457,622 | $403,752 | $312,081 |
Restricted cash | 0 | 7,346 | 0 |
Accounts receivable | 57,522 | 56,510 | 19,178 |
Merchandise inventories | 1,640,924 | 1,374,481 | 1,564,387 |
Other current assets | 50,873 | 46,353 | 47,081 |
Total current assets | 2,206,941 | 1,888,442 | 1,942,727 |
Property and equipment (net of accumulated depreciation and amortization of $2,402,420, $2,341,948 and $2,319,162) | 2,010,281 | 2,029,171 | 2,096,010 |
Other assets | 255,736 | 252,458 | 254,885 |
Total assets | 4,472,958 | 4,170,071 | 4,293,622 |
Current liabilities: | |||
Trade accounts payable and accrued expenses | 927,754 | 730,422 | 820,782 |
Current portion of capital lease obligations | 860 | 840 | 798 |
Federal and state income taxes including current deferred taxes | 166,766 | 154,061 | 169,418 |
Total current liabilities | 1,095,380 | 885,323 | 990,998 |
Long-term debt | 614,785 | 614,785 | 614,785 |
Capital lease obligations | 5,696 | 5,919 | 6,556 |
Other liabilities | 253,038 | 250,455 | 230,112 |
Deferred income taxes | 177,118 | 194,319 | 215,412 |
Subordinated debentures | 200,000 | 200,000 | 200,000 |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Common stock | 1,237 | 1,237 | 1,237 |
Additional paid-in capital | 937,993 | 937,993 | 935,208 |
Accumulated other comprehensive loss | -30,457 | -31,029 | -23,664 |
Retained earnings | 3,841,990 | 3,734,891 | 3,522,314 |
Less treasury stock, at cost | -2,623,822 | -2,623,822 | -2,399,336 |
Total stockholders’ equity | 2,126,941 | 2,019,270 | 2,035,759 |
Total liabilities and stockholders’ equity | $4,472,958 | $4,170,071 | $4,293,622 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Statement of Financial Position [Abstract] | |||
Property and equipment, accumulated depreciation and amortization | $2,402,420 | $2,341,948 | $2,319,162 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
Net sales | $1,573,493 | $1,551,314 |
Service charges and other income | 39,925 | 37,227 |
Total net sales, service charges and other income | 1,613,418 | 1,588,541 |
Cost of sales | 960,419 | 939,224 |
Selling, general and administrative expenses | 403,560 | 393,651 |
Depreciation and amortization | 61,153 | 61,959 |
Rentals | 5,757 | 5,815 |
Interest and debt expense, net | 15,227 | 15,841 |
Gain on disposal of assets | -43 | -389 |
Income before income taxes and income on and equity in earnings of joint ventures | 167,345 | 172,440 |
Income taxes | 58,040 | 60,960 |
Income on and equity in earnings of joint ventures | 266 | 203 |
Net Income | 109,571 | 111,683 |
Retained Earnings [Roll Forward] | ||
Retained earnings at beginning of period | 3,734,891 | 3,413,240 |
Cash dividends declared | -2,472 | -2,609 |
Retained earnings at end of period | $3,841,990 | $3,522,314 |
Earnings per share: | ||
Earnings Per Share, Basic and Diluted | $2.66 | $2.56 |
Cash dividends declared per common share (in dollars per share) | $0.06 | $0.06 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $109,571 | $111,683 |
Other comprehensive income: | ||
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $352 and $255) | 572 | 410 |
Comprehensive income | $110,143 | $112,093 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Statement of Comprehensive Income [Abstract] | ||
Amortization of retirement plan and other retiree benefit adjustments, tax | $352 | $255 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Operating activities: | ||
Net Income | $109,571 | $111,683 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property and other deferred cost | 61,657 | 62,344 |
Gain on disposal of assets | -43 | -389 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | -1,012 | 11,662 |
Increase in merchandise inventories | -266,443 | -219,066 |
Increase in other current assets | -4,520 | -220 |
(Increase) decrease in other assets | -3,735 | 1,138 |
Increase in trade accounts payable and accrued expenses and other liabilities | 200,294 | 177,316 |
(Decrease) increase in income taxes payable | -4,496 | 17,391 |
Net cash provided by operating activities | 91,273 | 161,859 |
Investing activities: | ||
Purchases of property and equipment | -42,161 | -22,774 |
Proceeds from disposal of assets | 86 | 4,609 |
Decrease in restricted cash | 7,346 | 0 |
Net cash used in investing activities | -34,729 | -18,165 |
Financing activities: | ||
Principal payments on long-term debt and capital lease obligations | -203 | -189 |
Cash dividends paid | -2,471 | -2,636 |
Purchase of treasury stock | 0 | -65,922 |
Net cash used in financing activities | -2,674 | -68,747 |
Increase in cash and cash equivalents | 53,870 | 74,947 |
Cash and cash equivalents, beginning of period | 403,752 | 237,134 |
Cash and cash equivalents, end of period | 457,622 | 312,081 |
Non-cash transactions: | ||
Accrued capital expenditures | $12,243 | $15,015 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
2-May-15 | |
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 2, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending January 30, 2016 due to, among other things, 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 January 31, 2015 filed with the SEC on March 25, 2015. |
Business_Segments
Business Segments | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
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 2, 2015: | |||||||||||||
Net sales from external customers | $ | 1,518,360 | $ | 55,133 | $ | 1,573,493 | |||||||
Gross profit | 610,993 | 2,081 | 613,074 | ||||||||||
Depreciation and amortization | 61,063 | 90 | 61,153 | ||||||||||
Interest and debt expense (income), net | 15,240 | (13 | ) | 15,227 | |||||||||
Income before income taxes and income on and equity in earnings of joint ventures | 166,390 | 955 | 167,345 | ||||||||||
Income on and equity in earnings of joint ventures | 266 | — | 266 | ||||||||||
Total assets | 4,412,150 | 60,808 | 4,472,958 | ||||||||||
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 (loss) before income taxes and income on and equity in earnings of joint ventures | 173,236 | (796 | ) | 172,440 | |||||||||
Income on and equity in earnings of joint ventures | 203 | — | 203 | ||||||||||
Total assets | 4,268,889 | 24,733 | 4,293,622 | ||||||||||
Intersegment construction revenues of $22.7 million and $14.7 million for the three months ended May 2, 2015 and May 3, 2014, respectively, were eliminated during consolidation and have been excluded from net sales for the respective periods. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended |
2-May-15 | |
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 2, 2015 and May 3, 2014, and no stock options were outstanding at May 2, 2015. |
Earnings_Per_Share_Data
Earnings Per Share Data | 3 Months Ended | ||||||||
2-May-15 | |||||||||
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 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Net income | $ | 109,571 | $ | 111,683 | |||||
Weighted average shares of common stock outstanding | 41,192 | 43,651 | |||||||
Basic and diluted earnings per share | $ | 2.66 | $ | 2.56 | |||||
The Company maintains a capital structure in which common stock is the only security issued and outstanding, and there were no shares of preferred stock, stock options, other dilutive securities or potentially dilutive securities issued or outstanding during the three months ended May 2, 2015 and May 3, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
2-May-15 | |
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, individually or in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, cash flows or results of operations. | |
At May 2, 2015, letters of credit totaling $28.2 million were issued under the Company’s revolving credit facility. |
Benefit_Plans
Benefit Plans | 3 Months Ended | ||||||||
2-May-15 | |||||||||
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 contributed $0.7 million to the Pension Plan during the three months ended May 2, 2015 and expects to make additional contributions to the Pension Plan of approximately $3.8 million during the remainder of fiscal 2015. | |||||||||
The components of net periodic benefit costs are as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Components of net periodic benefit costs: | |||||||||
Service cost | $ | 983 | $ | 1,099 | |||||
Interest cost | 1,684 | 1,911 | |||||||
Net actuarial loss | 924 | 665 | |||||||
Net periodic benefit costs | $ | 3,591 | $ | 3,675 | |||||
Net periodic benefit costs are included in selling, general and administrative expenses. |
Revolving_Credit_Agreement
Revolving Credit Agreement | 3 Months Ended |
2-May-15 | |
Line of Credit Facility [Abstract] | |
Revolving Credit Agreement | Revolving Credit Agreement |
At May 2, 2015, the Company maintained a $1.0 billion revolving secured 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. | |
Borrowings under the credit agreement accrued interest at either JPMorgan’s Base Rate or LIBOR plus 1.5% (1.68% at May 2, 2015) 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 2, 2015. No borrowings were outstanding at May 2, 2015, and letters of credit totaling $28.2 million were issued under this credit agreement leaving unutilized availability under the facility of approximately $972 million at May 2, 2015. There were no financial covenant requirements under the credit agreement provided availability exceeded $100 million. The Company paid an annual commitment fee to the banks of 0.25% of the committed amount less outstanding borrowings and letters of credit. | |
See Note 14, Subsequent Event, for additional information. |
Stock_Repurchase_Programs
Stock Repurchase Programs | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Schedule of Share Repurchase Program Activity [Abstract] | |||||||||
Stock Repurchase Programs | Stock Repurchase Programs | ||||||||
The Company’s Board of Directors authorized the Company to repurchase the Company’s Class A Common Stock under open-ended stock plans. These authorizations 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 Securities Exchange Act of 1934 or through privately negotiated transactions. The authorizations had no expiration date. The following is a summary of share repurchase activity (in millions, except per share data): | |||||||||
Three Months Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Cost of shares repurchased | $ | — | $ | 65.9 | |||||
Number of shares repurchased | — | 0.7 | |||||||
Average price per share | $ | — | $ | 89.34 | |||||
All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date. Accordingly, all amounts paid to reacquire these shares were allocated to Treasury Stock. As of May 2, 2015, $500.0 million of authorization remained. |
Income_Taxes
Income Taxes | 3 Months Ended |
2-May-15 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
During the three months ended May 2, 2015 and 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. |
Reclassifications_from_Accumul
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | 3 Months Ended | ||||||||||
2-May-15 | |||||||||||
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 | May 2, | May 3, | |||||||||
2015 | 2014 | ||||||||||
Defined benefit pension plan items | |||||||||||
Amortization of actuarial losses | $ | 924 | $ | 665 | Total before tax (1) | ||||||
352 | 255 | Income tax expense | |||||||||
$ | 572 | $ | 410 | Total net of tax | |||||||
_______________________________ | |||||||||||
(1) These items are included in the computation of net periodic pension cost. See Note 6, Benefit Plans, for additional information. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||
2-May-15 | |||||||||
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 | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 31,029 | $ | 24,074 | |||||
Other comprehensive income before reclassifications | — | — | |||||||
Amounts reclassified from AOCL | (572 | ) | (410 | ) | |||||
Net other comprehensive income | (572 | ) | (410 | ) | |||||
Ending balance | $ | 30,457 | $ | 23,664 | |||||
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended |
2-May-15 | |
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 and accounts receivable approximates their carrying values at May 2, 2015 due to the short-term maturities of these instruments. The fair value of the Company’s long-term debt at May 2, 2015 was approximately $689 million. The carrying value of the Company’s long-term debt at May 2, 2015 was $615 million. The fair value of the Company’s subordinated debentures at May 2, 2015 was approximately $209 million. The carrying value of the Company’s subordinated debentures at May 2, 2015 was $200 million. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended |
2-May-15 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards |
Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 is currently effective for the Company 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 consolidated financial statements. | |
Presentation of Financial Statements - Going Concern | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. This ASU is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements. | |
Simplifying the Presentation of Debt Issuance Costs | |
In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, to amend ASC Topic 835. The amendment adds the requirement for an entity to present debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset and to report amortization of the debt issuance costs as interest expense. This update will be effective for the Company beginning in the first quarter of fiscal 2016. The Company is currently assessing the impact of this update on its consolidated financial statements. |
Subsequent_Event
Subsequent Event | 3 Months Ended |
2-May-15 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event |
In May 2015, the Company entered into a new $1.0 billion senior unsecured revolving credit facility, replacing the secured credit facility. This credit facility matures on May 13, 2020 and is available to the Company for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. To be in compliance with the financial covenants of the new credit facility, the Company's total leverage ratio cannot exceed 4.0 to 1.0 and the coverage ratio cannot be less than 2.5 to 1.0, as defined in the credit facility agreement. |
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
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 2, 2015: | |||||||||||||
Net sales from external customers | $ | 1,518,360 | $ | 55,133 | $ | 1,573,493 | |||||||
Gross profit | 610,993 | 2,081 | 613,074 | ||||||||||
Depreciation and amortization | 61,063 | 90 | 61,153 | ||||||||||
Interest and debt expense (income), net | 15,240 | (13 | ) | 15,227 | |||||||||
Income before income taxes and income on and equity in earnings of joint ventures | 166,390 | 955 | 167,345 | ||||||||||
Income on and equity in earnings of joint ventures | 266 | — | 266 | ||||||||||
Total assets | 4,412,150 | 60,808 | 4,472,958 | ||||||||||
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 (loss) before income taxes and income on and equity in earnings of joint ventures | 173,236 | (796 | ) | 172,440 | |||||||||
Income on and equity in earnings of joint ventures | 203 | — | 203 | ||||||||||
Total assets | 4,268,889 | 24,733 | 4,293,622 | ||||||||||
Earnings_Per_Share_Data_Tables
Earnings Per Share Data (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
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 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Net income | $ | 109,571 | $ | 111,683 | |||||
Weighted average shares of common stock outstanding | 41,192 | 43,651 | |||||||
Basic and diluted earnings per share | $ | 2.66 | $ | 2.56 | |||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
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 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Components of net periodic benefit costs: | |||||||||
Service cost | $ | 983 | $ | 1,099 | |||||
Interest cost | 1,684 | 1,911 | |||||||
Net actuarial loss | 924 | 665 | |||||||
Net periodic benefit costs | $ | 3,591 | $ | 3,675 | |||||
Net periodic benefit costs are included in selling, general and administrative expenses. |
Stock_Repurchase_Programs_Sche
Stock Repurchase Programs Schedule of Repurchase Program Activity (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Schedule of Share Repurchase Program Activity [Abstract] | |||||||||
Schedule of Repurchase Agreements [Table Text Block] | The following is a summary of share repurchase activity (in millions, except per share data): | ||||||||
Three Months Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Cost of shares repurchased | $ | — | $ | 65.9 | |||||
Number of shares repurchased | — | 0.7 | |||||||
Average price per share | $ | — | $ | 89.34 | |||||
Reclassifications_from_Accumul1
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Tables) | 3 Months Ended | ||||||||||
2-May-15 | |||||||||||
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 | May 2, | May 3, | |||||||||
2015 | 2014 | ||||||||||
Defined benefit pension plan items | |||||||||||
Amortization of actuarial losses | $ | 924 | $ | 665 | Total before tax (1) | ||||||
352 | 255 | Income tax expense | |||||||||
$ | 572 | $ | 410 | Total net of tax | |||||||
_______________________________ | |||||||||||
(1) These items are included in the computation of net periodic pension cost. See Note 6, Benefit Plans, for additional information. |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
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 | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Beginning balance | $ | 31,029 | $ | 24,074 | |||||
Other comprehensive income before reclassifications | — | — | |||||||
Amounts reclassified from AOCL | (572 | ) | (410 | ) | |||||
Net other comprehensive income | (572 | ) | (410 | ) | |||||
Ending balance | $ | 30,457 | $ | 23,664 | |||||
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
segment | |||
Business Segments | |||
Number of reportable segments | 2 | ||
Net sales from external customers | $1,573,493 | $1,551,314 | |
Gross profit | 613,074 | 612,090 | |
Depreciation and amortization | 61,153 | 61,959 | |
Interest and debt expense (income), net | 15,227 | 15,841 | |
Income before income taxes and income on and equity in earnings of joint ventures | 167,345 | 172,440 | |
Income on and equity in earnings of joint ventures | 266 | 203 | |
Total assets | 4,472,958 | 4,293,622 | 4,170,071 |
Retail operations | |||
Business Segments | |||
Number of reportable segments | 1 | ||
Number of store formats | 1 | ||
Net sales from external customers | 1,518,360 | 1,539,193 | |
Gross profit | 610,993 | 611,372 | |
Depreciation and amortization | 61,063 | 61,885 | |
Interest and debt expense (income), net | 15,240 | 15,854 | |
Income before income taxes and income on and equity in earnings of joint ventures | 166,390 | 173,236 | |
Income on and equity in earnings of joint ventures | 266 | 203 | |
Total assets | 4,412,150 | 4,268,889 | |
Construction | |||
Business Segments | |||
Net sales from external customers | 55,133 | 12,121 | |
Gross profit | 2,081 | 718 | |
Depreciation and amortization | 90 | 74 | |
Interest and debt expense (income), net | -13 | -13 | |
Income before income taxes and income on and equity in earnings of joint ventures | 955 | -796 | |
Income on and equity in earnings of joint ventures | 0 | ||
Total assets | 60,808 | 24,733 | |
Intersegment Eliminations [Member] | |||
Business Segments | |||
Net sales from external customers | $22,700 | $14,700 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
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 |
Earnings_Per_Share_Data_Detail
Earnings Per Share Data (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Earnings Per Share [Abstract] | ||
Net Income | $109,571 | $111,683 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 41,192,000 | 43,651,000 |
Earnings Per Share, Basic and Diluted | $2.66 | $2.56 |
Total dilutive and potentially dilutive securities outstanding (in shares) | 0 | 0 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 2-May-15 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding letters of credit under the Company's revolving credit facility | $28.20 |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Compensation and Retirement Disclosure [Abstract] | ||
Employer contributions to pension plan | $700,000 | |
Expected employer contributions to pension plan for remainder of current fiscal year | 3,800,000 | |
Components of net periodic benefit costs: | ||
Service cost | 983,000 | 1,099,000 |
Interest cost | 1,684,000 | 1,911,000 |
Net actuarial loss | 924,000 | 665,000 |
Net periodic benefit costs | $3,591,000 | $3,675,000 |
Revolving_Credit_Agreement_Det
Revolving Credit Agreement (Details) (USD $) | 3 Months Ended |
2-May-15 | |
Credit agreement | |
Line of Credit Facility, Maximum Borrowing Capacity | $1,000,000,000 |
Interest rate at end of period (as a percent) | 1.68% |
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 |
Other short-term borrowings | 0 |
Letters of credit issued | 28,200,000 |
Unutilized credit facility borrowing capacity | 972,000,000 |
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 | JPMorgan’s 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 $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Schedule of Share Repurchase Program Activity [Abstract] | ||
Number of shares repurchased | 0 | 0.7 |
Amount of shares repurchased | $0 | $65.90 |
Average price of shares repurchased (in dollars per share) | $0 | $89.34 |
Repurchase of common stock remaining authorization | $500 |
Reclassifications_from_Accumul2
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | ||
Reclassifications from accumulated other comprehensive loss | ||||
Amortization of actuarial losses | $924 | $665 | ||
Income before income taxes and income on and equity in losses of joint ventures | -167,345 | -172,440 | ||
Income tax expense | -58,040 | -60,960 | ||
Net Income | -109,571 | -111,683 | ||
Defined benefit pension plan | Amount Reclassified from AOCL | ||||
Reclassifications from accumulated other comprehensive loss | ||||
Amortization of actuarial losses | 924 | [1] | 665 | [1] |
Income tax expense | 352 | 255 | ||
Net Income | $572 | $410 | ||
[1] | These items are included in the computation of net periodic pension cost. See Note 6, Benefit Plans, for additional information. |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Changes in accumulated other comprehensive loss | |||
Beginning balance | $31,029 | ||
Ending balance | 30,457 | 23,664 | 31,029 |
Defined benefit pension plan | |||
Changes in accumulated other comprehensive loss | |||
Beginning balance | 31,029 | 24,074 | |
Other comprehensive income before reclassifications | 0 | 0 | |
Amounts reclassified from AOCL | -572 | -410 | |
Net other comprehensive income | -572 | -410 | |
Ending balance | $30,457 | $23,664 |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
Fair value disclosures | |||
Subordinated debentures | $200,000,000 | $200,000,000 | $200,000,000 |
Fair Value of Assets | |||
Fair value disclosures | |||
Long-term debt, including current portion, fair value | 689,000,000 | ||
Subordinated debentures | 209,000,000 | ||
Carrying value | |||
Fair value disclosures | |||
Long-term debt, including current portion | 615,000,000 | ||
Subordinated debentures | $200,000,000 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 0 Months Ended | |
30-May-15 | 2-May-15 | |
Subsequent Event | ||
Line of Credit Facility, Maximum Borrowing Capacity | $1,000,000,000 | |
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||
Subsequent Event | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000,000 | |
Subsequent Event [Member] | Revolving Credit Facility [Member] | Maximum | ||
Subsequent Event | ||
Maximum Leverage Ratio Under Credit Facility | 4 | |
Subsequent Event [Member] | Revolving Credit Facility [Member] | Minimum | ||
Subsequent Event | ||
Minimum Coverage Ratio Under Credit Facility | 2.5 |