Dillard's (DDS) 10-Q 4 Dec 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 31, 2015	Nov. 28, 2015
Entity Registrant Name	DILLARDS INC
Entity Central Index Key	28,917
Document Type	10-Q
Document Period End Date	Oct. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--01-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Common Stock Class A
Entity Common Stock, Shares Outstanding		32,704,459
Common Stock Class B
Entity Common Stock, Shares Outstanding		4,010,401

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015	Nov. 01, 2014
Current assets:
Cash and cash equivalents	$ 100,110	$ 403,752	$ 91,901
Restricted cash	0	7,346	9,930
Accounts receivable	47,114	56,510	41,661
Merchandise inventories	1,933,472	1,374,481	1,832,297
Other current assets	70,175	46,353	64,920
Total current assets	2,150,871	1,888,442	2,040,709
Property and equipment (net of accumulated depreciation and amortization of $2,493,815, $2,341,948 and $2,437,364)	1,976,614	2,029,171	2,064,303
Other assets	252,701	252,458	252,056
Total assets	4,380,186	4,170,071	4,357,068
Current liabilities:
Trade accounts payable and accrued expenses	1,094,718	730,422	1,025,968
Current portion of capital lease obligations	3,263	840	828
Other short-term borrowings	126,000	0	63,000
Federal and state income taxes including current deferred taxes	106,823	154,061	124,332
Total current liabilities	1,330,804	885,323	1,214,128
Long-term debt	614,785	614,785	614,785
Capital lease obligations	7,507	5,919	6,136
Other liabilities	252,359	250,455	233,213
Deferred income taxes	157,576	194,319	191,256
Subordinated debentures	$ 200,000	$ 200,000	$ 200,000
Commitments and contingencies
Stockholders’ equity:
Common stock	$ 1,238	$ 1,237	$ 1,237
Additional paid-in capital	938,922	937,993	936,106
Accumulated other comprehensive loss	(29,314)	(31,029)	(22,842)
Retained earnings	3,912,626	3,734,891	3,606,871
Less treasury stock, at cost	(3,006,317)	(2,623,822)	(2,623,822)
Total stockholders’ equity	1,817,155	2,019,270	1,897,550
Total liabilities and stockholders’ equity	$ 4,380,186	$ 4,170,071	$ 4,357,068

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015	Nov. 01, 2014
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation and amortization	$ 2,493,815	$ 2,341,948	$ 2,437,364

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Income Statement [Abstract]
Net sales	$ 1,434,654	$ 1,459,781	$ 4,521,925	$ 4,485,579
Service charges and other income	38,200	39,363	115,191	114,994
Total net sales, service charges and other income	1,472,854	1,499,144	4,637,116	4,600,573
Cost of sales	912,920	924,443	2,893,670	2,839,936
Selling, general and administrative expenses	412,715	412,259	1,220,553	1,206,369
Depreciation and amortization	65,600	62,714	187,253	186,731
Rentals	5,804	5,780	17,280	17,455
Interest and debt expense, net	14,872	14,598	44,864	45,642
Gain on disposal of assets	(9,400)	(5,923)	(9,495)	(6,362)
Income before income taxes and income on and equity in earnings of joint ventures	70,343	85,273	282,991	310,802
Income taxes	24,970	30,110	98,660	109,960
Income on and equity in earnings of joint ventures	371	68	934	521
Net Income	45,744	55,231	185,265	201,363
Retained Earnings [Roll Forward]
Retained earnings at beginning of period	3,869,549	3,554,170	3,734,891	3,413,240
Cash dividends declared	(2,667)	(2,530)	(7,530)	(7,732)
Retained earnings at end of period	$ 3,912,626	$ 3,606,871	$ 3,912,626	$ 3,606,871
Earnings per share:
Earnings Per Share, Basic and Diluted	$ 1.19	$ 1.30	$ 4.65	$ 4.67
Cash dividends declared per common share (in dollars per share)	$ 0.07	$ 0.06	$ 0.19	$ 0.18

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Statement of Comprehensive Income [Abstract]
Net Income	$ 45,744	$ 55,231	$ 185,265	$ 201,363
Other comprehensive income:
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $352, $254, $1,057 and $763)	572	411	1,715	1,232
Comprehensive income	$ 46,316	$ 55,642	$ 186,980	$ 202,595

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Statement of Comprehensive Income [Abstract]
Amortization of retirement plan and other retiree benefit adjustments, tax	$ 352	$ 254	$ 1,057	$ 763

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Operating activities:
Net Income	$ 185,265	$ 201,363
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and other deferred cost	188,847	187,907
Gain on disposal of assets	(9,495)	(6,362)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	9,396	(10,821)
Increase in merchandise inventories	(558,992)	(486,976)
Increase in other current assets	(22,893)	(17,161)
Decrease in other assets	1,172	3,248
Increase in trade accounts payable and accrued expenses and other liabilities	373,972	390,555
Decrease in income taxes payable	(83,981)	(51,851)
Net cash provided by operating activities	83,291	209,902
Investing activities:
Purchases of property and equipment	(141,929)	(124,103)
Proceeds from disposal of assets	19,422	14,723
Decrease (increase) in restricted cash	7,346	(9,930)
Net cash used in investing activities	(115,161)	(119,310)
Financing activities:
Principal payments on long-term debt and capital lease obligations	(5,081)	(579)
Issuance cost of line of credit	(2,863)	0
Proceeds from (Repayments of) Lines of Credit	126,000	63,000
Cash dividends paid	(7,334)	(7,838)
Purchase of treasury stock	(382,494)	(290,408)
Net cash used in financing activities	(271,772)	(235,825)
Decrease in cash and cash equivalents	(303,642)	(145,233)
Cash and cash equivalents, beginning of period	403,752	237,134
Cash and cash equivalents, end of period	100,110	91,901
Non-cash transactions:
Accrued capital expenditures	5,797	10,964
Stock Issued	929	898
Capital Lease Obligations Incurred	$ 9,093	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 31, 2015
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 and nine months ended October 31, 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	9 Months Ended
	Oct. 31, 2015
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 Operations Construction Consolidated Three Months Ended October 31, 2015: Net sales from external customers $ 1,381,821 $ 52,833 $ 1,434,654 Gross profit 520,033 1,701 521,734 Depreciation and amortization 65,437 163 65,600 Interest and debt expense (income), net 14,887 (15 ) 14,872 Income before income taxes and income on and equity in earnings of joint ventures 69,734 609 70,343 Income on and equity in earnings of joint ventures 371 — 371 Total assets 4,319,946 60,240 4,380,186 Three Months Ended November 1, 2014: Net sales from external customers $ 1,422,359 $ 37,422 $ 1,459,781 Gross profit 533,679 1,659 535,338 Depreciation and amortization 62,639 75 62,714 Interest and debt expense (income), net 14,606 (8 ) 14,598 Income before income taxes and income on and equity in earnings of joint ventures 84,332 941 85,273 Income on and equity in earnings of joint ventures 27 41 68 Total assets 4,314,799 42,269 4,357,068 Nine Months Ended October 31, 2015: Net sales from external customers $ 4,367,890 $ 154,035 $ 4,521,925 Gross profit 1,622,672 5,583 1,628,255 Depreciation and amortization 186,915 338 187,253 Interest and debt expense (income), net 44,908 (44 ) 44,864 Income before income taxes and income on and equity in earnings of joint ventures 280,934 2,057 282,991 Income on and equity in earnings of joint ventures 934 — 934 Total assets 4,319,946 60,240 4,380,186 Nine Months Ended November 1, 2014: Net sales from external customers $ 4,422,686 $ 62,893 $ 4,485,579 Gross profit 1,642,370 3,273 1,645,643 Depreciation and amortization 186,507 224 186,731 Interest and debt expense (income), net 45,672 (30 ) 45,642 Income (loss) before income taxes and income on and equity in earnings of joint ventures 311,320 (518 ) 310,802 Income on and equity in earnings of joint ventures 480 41 521 Total assets 4,314,799 42,269 4,357,068 Intersegment construction revenues of $22.9 million and $65.4 million for the three and nine months ended October 31, 2015, respectively, and intersegment construction revenues of $23.3 million and $67.1 million for the three and nine months ended November 1, 2014 , respectively, were eliminated during consolidation and have been excluded from net sales for the respective periods.

Earnings Per Share Data

Earnings Per Share Data	9 Months Ended
	Oct. 31, 2015
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 Nine Months Ended October 31, November 1, October 31, November 1, Net income $ 45,744 $ 55,231 $ 185,265 $ 201,363 Weighted average shares of common stock outstanding 38,341 42,369 39,876 43,079 Basic and diluted earnings per share $ 1.19 $ 1.30 $ 4.65 $ 4.67 The Company maintains a capital structure in which common stock is the only security issued and outstanding, and no shares of preferred stock, stock options, other dilutive securities or potentially dilutive securities were issued or outstanding during the three or nine months ended October 31, 2015 and November 1, 2014 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 31, 2015
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 October 31, 2015 , letters of credit totaling $28.1 million were issued under the Company’s revolving credit facility.

Benefit Plans

Benefit Plans	9 Months Ended
	Oct. 31, 2015
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. The Company determines pension expense using an actuarial cost method 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 $1.4 million and $2.9 million to the Pension Plan during the three and nine months ended October 31, 2015 , respectively, and expects to make additional contributions to the Pension Plan of approximately $1.1 million during the remainder of fiscal 2015 . The components of net periodic benefit costs are as follows (in thousands): Three Months Ended Nine Months Ended October 31, November 1, October 31, November 1, Components of net periodic benefit costs: Service cost $ 983 $ 1,099 $ 2,949 $ 3,297 Interest cost 1,684 1,911 5,052 5,733 Net actuarial loss 924 665 2,772 1,995 Net periodic benefit costs $ 3,591 $ 3,675 $ 10,773 $ 11,025 Net periodic benefit costs are included in selling, general and administrative expenses.

Revolving Credit Agreement

Revolving Credit Agreement	9 Months Ended
	Oct. 31, 2015
Line of Credit Facility [Abstract]
Revolving Credit Agreement	Revolving Credit Agreement In May 2015, the Company entered into a new $1.0 billion senior unsecured revolving credit facility ("credit agreement") replacing the Company's previous secured revolving credit facility. The new credit agreement matures on May 13, 2020 and is available to the Company for working capital needs and general corporate purposes. The Company pays a variable rate of interest on borrowings under the credit agreement and a commitment fee to the participating banks based on the Company's debt rating. The rate of interest on borrowings is LIBOR plus 1.375% , and the commitment fee for unused borrowings is 0.20% per annum. To be in compliance with the financial covenants of the credit agreement, 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. At October 31, 2015, the Company was in compliance with all financial covenants related to the credit agreement. At October 31, 2015, $126.0 million in borrowings were outstanding and letters of credit totaling $28.1 million were issued under the credit agreement. The weighted average interest rate under the credit agreement at October 31, 2015 was 1.56% .

Stock Repurchase Programs

Stock Repurchase Programs	9 Months Ended
	Oct. 31, 2015
Schedule of Share Repurchase Program Activity [Abstract]
Stock Repurchase Programs	Stock Repurchase Programs The Company’s Board of Directors has authorized the Company to repurchase the Company’s Class A Common Stock under open-ended stock repurchase plans. These authorizations permit 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 have no expiration date. The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data): Three Months Ended Nine Months Ended October 31, November 1, October 31, November 1, Cost of shares repurchased $ 174,550 $ 224,486 $ 382,494 $ 290,408 Number of shares repurchased 1,888 2,043 3,731 2,781 Average price per share $ 92.45 $ 109.89 $ 102.52 $ 104.44 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 October 31, 2015 , $117.5 million of authorization remained under the Company's stock repurchase plans.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three and nine months ended October 31, 2015 and November 1, 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 Accumula

Reclassifications from Accumulated Other Comprehensive Loss ("AOCL")	9 Months Ended
	Oct. 31, 2015
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 Nine Months Ended Affected Line Item in the Statement Where Net Income Is Presented Details about AOCL Components October 31, 2015 November 1, 2014 October 31, November 1, Defined benefit pension plan items Amortization of actuarial losses $ 924 $ 665 $ 2,772 $ 1,995 Total before tax (1) 352 254 1,057 763 Income tax expense $ 572 $ 411 $ 1,715 $ 1,232 Total net of tax _______________________________ (1) These items are included in the computation of net periodic pension cost. See Note 5, Benefit Plans , for additional information.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss	9 Months Ended
	Oct. 31, 2015
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 Nine Months Ended October 31, 2015 November 1, 2014 October 31, November 1, Beginning balance $ 29,886 $ 23,253 $ 31,029 $ 24,074 Other comprehensive income before reclassifications — — — — Amounts reclassified from AOCL (572 ) (411 ) (1,715 ) (1,232 ) Net other comprehensive income (572 ) (411 ) (1,715 ) (1,232 ) Ending balance $ 29,314 $ 22,842 $ 29,314 $ 22,842

Gain on Disposal of Assets

Gain on Disposal of Assets	9 Months Ended
	Oct. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Disposal of Assets	Gain on Disposal of Assets During the three months ended October 31, 2015, the Company received proceeds of $19.2 million primarily from the sale of three store locations, resulting in a gain of $9.4 million that was recorded in gain on disposal of assets. During the three months ended November 1, 2014 , the Company received proceeds of $9.9 million from the sale of a store location, resulting in a gain of $5.9 million that was recorded in gain on disposal of assets.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Oct. 31, 2015
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 short-term borrowings approximates their carrying values at October 31, 2015 due to the short-term maturities of these instruments. The fair value of the Company’s long-term debt at October 31, 2015 was approximately $692 million . The carrying value of the Company’s long-term debt at October 31, 2015 was $615 million . The fair value of the Company’s subordinated debentures at October 31, 2015 was approximately $213 million . The carrying value of the Company’s subordinated debentures at October 31, 2015 was $200 million .

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Oct. 31, 2015
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 was amended by ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the effective date for the Company from the first quarter of fiscal 2017 to the first quarter of fiscal 2018 with early adoption 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 adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements. Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, to provide authoritative guidance related to line-of-credit arrangements, which were not addressed in ASU No. 2015-03. An entity may defer and present debt issuance costs related to line-of-credit arrangements as an asset. Subsequently, the debt issuance costs may be amortized as interest expense ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This update will be effective for the Company beginning in the first quarter of fiscal 2016. The adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, to simplify the presentation of deferred taxes in the statement of financial position. Under this amendment, entities will no longer be required to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. Rather, the amendment requires deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and early application is permitted as of the beginning of an interim or annual reporting period. The Company is currently assessing the impact of this update on its consolidated financial statements.

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Oct. 31, 2015
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 Operations Construction Consolidated Three Months Ended October 31, 2015: Net sales from external customers $ 1,381,821 $ 52,833 $ 1,434,654 Gross profit 520,033 1,701 521,734 Depreciation and amortization 65,437 163 65,600 Interest and debt expense (income), net 14,887 (15 ) 14,872 Income before income taxes and income on and equity in earnings of joint ventures 69,734 609 70,343 Income on and equity in earnings of joint ventures 371 — 371 Total assets 4,319,946 60,240 4,380,186 Three Months Ended November 1, 2014: Net sales from external customers $ 1,422,359 $ 37,422 $ 1,459,781 Gross profit 533,679 1,659 535,338 Depreciation and amortization 62,639 75 62,714 Interest and debt expense (income), net 14,606 (8 ) 14,598 Income before income taxes and income on and equity in earnings of joint ventures 84,332 941 85,273 Income on and equity in earnings of joint ventures 27 41 68 Total assets 4,314,799 42,269 4,357,068 Nine Months Ended October 31, 2015: Net sales from external customers $ 4,367,890 $ 154,035 $ 4,521,925 Gross profit 1,622,672 5,583 1,628,255 Depreciation and amortization 186,915 338 187,253 Interest and debt expense (income), net 44,908 (44 ) 44,864 Income before income taxes and income on and equity in earnings of joint ventures 280,934 2,057 282,991 Income on and equity in earnings of joint ventures 934 — 934 Total assets 4,319,946 60,240 4,380,186 Nine Months Ended November 1, 2014: Net sales from external customers $ 4,422,686 $ 62,893 $ 4,485,579 Gross profit 1,642,370 3,273 1,645,643 Depreciation and amortization 186,507 224 186,731 Interest and debt expense (income), net 45,672 (30 ) 45,642 Income (loss) before income taxes and income on and equity in earnings of joint ventures 311,320 (518 ) 310,802 Income on and equity in earnings of joint ventures 480 41 521 Total assets 4,314,799 42,269 4,357,068

Earnings Per Share Data (Tables

Earnings Per Share Data (Tables)	9 Months Ended
	Oct. 31, 2015
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 Nine Months Ended October 31, November 1, October 31, November 1, Net income $ 45,744 $ 55,231 $ 185,265 $ 201,363 Weighted average shares of common stock outstanding 38,341 42,369 39,876 43,079 Basic and diluted earnings per share $ 1.19 $ 1.30 $ 4.65 $ 4.67

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Oct. 31, 2015
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 Nine Months Ended October 31, November 1, October 31, November 1, Components of net periodic benefit costs: Service cost $ 983 $ 1,099 $ 2,949 $ 3,297 Interest cost 1,684 1,911 5,052 5,733 Net actuarial loss 924 665 2,772 1,995 Net periodic benefit costs $ 3,591 $ 3,675 $ 10,773 $ 11,025 Net periodic benefit costs are included in selling, general and administrative expenses.

Stock Repurchase Programs Sched

Stock Repurchase Programs Schedule of Repurchase Program Activity (Tables)	9 Months Ended
	Oct. 31, 2015
Schedule of Share Repurchase Program Activity [Abstract]
Schedule of Repurchase Agreements [Table Text Block]	The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data): Three Months Ended Nine Months Ended October 31, November 1, October 31, November 1, Cost of shares repurchased $ 174,550 $ 224,486 $ 382,494 $ 290,408 Number of shares repurchased 1,888 2,043 3,731 2,781 Average price per share $ 92.45 $ 109.89 $ 102.52 $ 104.44

Reclassifications from Accumu25

Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Tables)	9 Months Ended
	Oct. 31, 2015
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 Nine Months Ended Affected Line Item in the Statement Where Net Income Is Presented Details about AOCL Components October 31, 2015 November 1, 2014 October 31, November 1, Defined benefit pension plan items Amortization of actuarial losses $ 924 $ 665 $ 2,772 $ 1,995 Total before tax (1) 352 254 1,057 763 Income tax expense $ 572 $ 411 $ 1,715 $ 1,232 Total net of tax _______________________________ (1) These items are included in the computation of net periodic pension cost. See Note 5, Benefit Plans , for additional information.

Changes in Accumulated Other 26

Changes in Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Oct. 31, 2015
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 Nine Months Ended October 31, 2015 November 1, 2014 October 31, November 1, Beginning balance $ 29,886 $ 23,253 $ 31,029 $ 24,074 Other comprehensive income before reclassifications — — — — Amounts reclassified from AOCL (572 ) (411 ) (1,715 ) (1,232 ) Net other comprehensive income (572 ) (411 ) (1,715 ) (1,232 ) Ending balance $ 29,314 $ 22,842 $ 29,314 $ 22,842

Business Segments (Details)

Business Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015USD ($)	Nov. 01, 2014USD ($)	Oct. 31, 2015USD ($)formatsegment	Nov. 01, 2014USD ($)	Jan. 31, 2015USD ($)
Business Segments
Number of reportable segments | segment			2
Net sales from external customers	$ 1,434,654	$ 1,459,781	$ 4,521,925	$ 4,485,579
Gross profit	521,734	535,338	1,628,255	1,645,643
Depreciation and amortization	65,600	62,714	187,253	186,731
Interest and debt expense (income), net	14,872	14,598	44,864	45,642
Income before income taxes and income on and equity in earnings of joint ventures	70,343	85,273	282,991	310,802
Income on and equity in earnings of joint ventures	371	68	934	521
Total assets	4,380,186	4,357,068	$ 4,380,186	4,357,068	$ 4,170,071
Retail operations
Business Segments
Number of reportable segments | segment			1
Number of store formats | format			1
Net sales from external customers	1,381,821	1,422,359	$ 4,367,890	4,422,686
Gross profit	520,033	533,679	1,622,672	1,642,370
Depreciation and amortization	65,437	62,639	186,915	186,507
Interest and debt expense (income), net	14,887	14,606	44,908	45,672
Income before income taxes and income on and equity in earnings of joint ventures	69,734	84,332	280,934	311,320
Income on and equity in earnings of joint ventures	371	27	934	480
Total assets	4,319,946	4,314,799	4,319,946	4,314,799
Construction
Business Segments
Net sales from external customers	52,833	37,422	154,035	62,893
Gross profit	1,701	1,659	5,583	3,273
Depreciation and amortization	163	75	338	224
Interest and debt expense (income), net	(15)	(8)	(44)	(30)
Income before income taxes and income on and equity in earnings of joint ventures	609	941	2,057	(518)
Income on and equity in earnings of joint ventures	0	41	0	41
Total assets	60,240	42,269	60,240	42,269
Intersegment Eliminations [Member]
Business Segments
Net sales from external customers	$ 22,900	$ 23,300	$ 65,400	$ 67,100

Earnings Per Share Data (Detail

Earnings Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Earnings Per Share [Abstract]
Net Income	$ 45,744	$ 55,231	$ 185,265	$ 201,363
Weighted Average Number of Shares Outstanding, Basic and Diluted	38,341,000	42,369,000	39,876,000	43,079,000
Earnings Per Share, Basic and Diluted	$ 1.19	$ 1.30	$ 4.65	$ 4.67
Diluted:
Total dilutive and potentially dilutive securities outstanding (in shares)	0		0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Oct. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit under the Company's revolving credit facility	$ 28.1

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Compensation and Retirement Disclosure [Abstract]
Employer contributions to pension plan	$ 1,400		$ 2,900
Expected employer contributions to pension plan for remainder of current fiscal year			1,100
Components of net periodic benefit costs:
Service cost	983	$ 1,099	2,949	$ 3,297
Interest cost	1,684	1,911	5,052	5,733
Net actuarial loss	924	665	2,772	1,995
Net periodic benefit costs	$ 3,591	$ 3,675	$ 10,773	$ 11,025

Revolving Credit Agreement (Det

Revolving Credit Agreement (Details)	3 Months Ended	9 Months Ended
	Oct. 31, 2015USD ($)	Oct. 31, 2015USD ($)	Jan. 31, 2015USD ($)	Nov. 01, 2014USD ($)
Credit agreement
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000,000	$ 1,000,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
Other short-term borrowings	$ 126,000,000	126,000,000	$ 0	$ 63,000,000
Letters of credit issued	$ 28,100,000	$ 28,100,000
Debt Instrument, Basis Spread on Variable Rate	1.56%
Debt Instrument Variable Rate Base LIBOR [Member]
Credit agreement
Debt Instrument, Description of Variable Rate Basis		LIBOR
Debt Instrument, Basis Spread on Variable Rate		1.375%
Revolving Credit Facility [Member] | Maximum [Member]
Credit agreement
Maximum Leverage Ratio Under Credit Facility	4
Revolving Credit Facility [Member] | Minimum
Credit agreement
Minimum Coverage Ratio Under Credit Facility	2.5

Stock Repurchase Programs (Deta

Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Schedule of Share Repurchase Program Activity [Abstract]
Number of shares repurchased	1,888	2,043	3,731	2,781
Amount of shares repurchased	$ 174,550	$ 224,486	$ 382,494	$ 290,408
Average price of shares repurchased (in dollars per share)	$ 92.45	$ 109.89	$ 102.52	$ 104.44
Repurchase of common stock remaining authorization	$ 117,500		$ 117,500

Reclassifications from Accumu33

Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Reclassifications from accumulated other comprehensive loss
Amortization of actuarial losses		$ 924	$ 665	$ 2,772	$ 1,995
Income before income taxes and income on and equity in earnings of joint ventures		(70,343)	(85,273)	(282,991)	(310,802)
Income tax expense		(24,970)	(30,110)	(98,660)	(109,960)
Net Income		(45,744)	(55,231)	(185,265)	(201,363)
Defined benefit pension plan | Amount Reclassified from AOCL
Reclassifications from accumulated other comprehensive loss
Amortization of actuarial losses	[1]	924	665	2,772	1,995
Income tax expense		352	254	1,057	763
Net Income		$ 572	$ 411	$ 1,715	$ 1,232
[1]	These items are included in the computation of net periodic pension cost. See Note 5, Benefit Plans, for additional information.

Changes in Accumulated Other 34

Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Changes in accumulated other comprehensive loss
Beginning balance			$ 31,029
Ending balance	$ 29,314	$ 22,842	29,314	$ 22,842
Defined benefit pension plan
Changes in accumulated other comprehensive loss
Beginning balance	29,886	23,253	31,029	24,074
Other comprehensive income before reclassifications	0	0	0	0
Amounts reclassified from AOCL	(572)	(411)	(1,715)	(1,232)
Net other comprehensive income	(572)	(411)	(1,715)	(1,232)
Ending balance	$ 29,314	$ 22,842	$ 29,314	$ 22,842

Gain on Disposal of Assets (Det

Gain on Disposal of Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposal of assets			$ 19,422	$ 14,723
Gain on disposal of assets	$ 9,400	$ 5,923	$ 9,495	$ 6,362
Sale of retail store location
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposal of assets	19,200	9,900
Gain on disposal of assets	$ 9,400	$ 5,900

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015	Nov. 01, 2014
Fair value disclosures
Subordinated debentures	$ 200,000	$ 200,000	$ 200,000
Fair Value of Assets
Fair value disclosures
Long-term debt, including current portion, fair value	692,000
Subordinated debentures	213,000
Carrying value
Fair value disclosures
Long-term debt, including current portion	615,000
Subordinated debentures	$ 200,000