Dillard's (DDS) 10-Q 2 Jun 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2016	May. 28, 2016
Entity Registrant Name	DILLARDS INC
Entity Central Index Key	28,917
Document Type	10-Q
Document Period End Date	Apr. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--01-28
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Common Stock Class A
Entity Common Stock, Shares Outstanding		30,525,394
Common Stock Class B
Entity Common Stock, Shares Outstanding		4,010,401

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Current assets:
Cash and cash equivalents	$ 150,310	$ 202,869	$ 457,622
Accounts receivable	42,532	47,138	57,522
Merchandise inventories	1,647,845	1,374,505	1,640,924
Other current assets	42,007	44,371	50,873
Total current assets	1,882,694	1,668,883	2,206,941
Property and equipment (net of accumulated depreciation and amortization of $2,437,660, $2,385,012 and $2,402,420, respectively)	1,889,318	1,939,832	2,010,281
Other assets	253,634	255,186	253,828
Total assets	4,025,646	3,863,901	4,471,050
Current liabilities:
Trade accounts payable and accrued expenses	846,819	691,310	927,754
Current portion of capital lease obligations	3,305	3,284	860
Federal and state income taxes	49,762	56,622	78,750
Total current liabilities	899,886	751,216	1,007,364
Long-term debt	613,122	613,061	612,877
Capital lease obligations	7,025	7,269	5,696
Other liabilities	241,251	238,980	253,038
Deferred income taxes	252,350	258,070	265,134
Subordinated debentures	$ 200,000	$ 200,000	$ 200,000
Commitments and contingencies
Stockholders’ equity:
Common stock	$ 1,238	$ 1,238	$ 1,237
Additional paid-in capital	940,796	940,796	937,993
Accumulated other comprehensive loss	(16,932)	(17,118)	(30,457)
Retained earnings	4,069,151	3,994,211	3,841,990
Less treasury stock, at cost	(3,182,241)	(3,123,822)	(2,623,822)
Total stockholders’ equity	1,812,012	1,795,305	2,126,941
Total liabilities and stockholders’ equity	$ 4,025,646	$ 3,863,901	$ 4,471,050

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation and amortization	$ 2,437,660	$ 2,385,012	$ 2,402,420

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Income Statement [Abstract]
Net sales	$ 1,503,242	$ 1,573,493
Service charges and other income	35,555	39,925
Total net sales, service charges and other income	1,538,797	1,613,418
Cost of sales	938,579	960,419
Selling, general and administrative expenses	398,344	403,560
Depreciation and amortization	60,645	61,153
Rentals	5,990	5,757
Interest and debt expense, net	15,714	15,227
Gain on disposal of assets	(95)	(43)
Income before income taxes and income on and equity in earnings of joint ventures	119,620	167,345
Income taxes	42,200	58,040
Income on and equity in earnings of joint ventures	11	266
Net Income	77,431	109,571
Retained Earnings [Roll Forward]
Retained earnings at beginning of period	3,994,211	3,734,891
Cash dividends declared	(2,491)	(2,472)
Retained earnings at end of period	$ 4,069,151	$ 3,841,990
Earnings per share:
Earnings Per Share, Basic and Diluted	$ 2.17	$ 2.66
Cash dividends declared per common share (in dollars per share)	$ 0.07	$ 0.06

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Statement of Comprehensive Income [Abstract]
Net Income	$ 77,431	$ 109,571
Other comprehensive income:
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $115 and $352, respectively)	186	572
Comprehensive income	$ 77,617	$ 110,143

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Statement of Comprehensive Income [Abstract]
Amortization of retirement plan and other retiree benefit adjustments, tax	$ 115	$ 352

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Operating activities:
Net Income	$ 77,431	$ 109,571
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and other deferred cost	61,188	61,657
Gain on disposal of assets	(95)	(43)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	4,606	(1,012)
Increase in merchandise inventories	(273,340)	(266,443)
Decrease (increase) in other current assets	2,364	(4,520)
Decrease (increase) in other assets	1,117	(3,735)
Increase in trade accounts payable and accrued expenses and other liabilities	159,485	200,294
Decrease in income taxes payable	(12,580)	(4,496)
Net cash provided by operating activities	20,176	91,273
Investing activities:
Purchases of property and equipment	(17,741)	(42,161)
Proceeds from disposal of assets	167	86
Decrease in restricted cash	0	7,346
Net cash used in investing activities	(17,574)	(34,729)
Financing activities:
Principal payments on long-term debt and capital lease obligations	(223)	(203)
Cash dividends paid	(2,512)	(2,471)
Purchase of treasury stock	(52,426)	0
Net cash used in financing activities	(55,161)	(2,674)
(Decrease) increase in cash and cash equivalents	(52,559)	53,870
Cash and cash equivalents, beginning of period	202,869	403,752
Cash and cash equivalents, end of period	150,310	457,622
Non-cash transactions:
Accrued capital expenditures	3,418	$ 12,243
Accrued treasury stock purchases	$ 5,993

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 30, 2016
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 April 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending January 28, 2017 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 30, 2016 filed with the SEC on March 23, 2016. Reclassifications - Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported.

Business Segments

Business Segments	3 Months Ended
	Apr. 30, 2016
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 April 30, 2016: Net sales from external customers $ 1,449,389 $ 53,853 $ 1,503,242 Gross profit 562,181 2,482 564,663 Depreciation and amortization 60,476 169 60,645 Interest and debt expense (income), net 15,730 (16 ) 15,714 Income before income taxes and income on and equity in earnings of joint ventures 118,779 841 119,620 Income on and equity in earnings of joint ventures 11 — 11 Total assets 3,980,286 45,360 4,025,646 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 4,410,242 60,808 4,471,050 Intersegment construction revenues of $9.8 million and $22.7 million for the three months ended April 30, 2016 and May 2, 2015 , respectively, were eliminated during consolidation and have been excluded from net sales for the respective periods.

Earnings Per Share Data

Earnings Per Share Data	3 Months Ended
	Apr. 30, 2016
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 April 30, May 2, Net income $ 77,431 $ 109,571 Weighted average shares of common stock outstanding 35,652 41,192 Basic and diluted earnings per share $ 2.17 $ 2.66 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 April 30, 2016 and May 2, 2015 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 30, 2016
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 April 30, 2016 , letters of credit totaling $26.4 million were issued under the Company’s revolving credit facility.

Benefit Plans

Benefit Plans	3 Months Ended
	Apr. 30, 2016
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 $1.0 million to the Pension Plan during the three months ended April 30, 2016 and expects to make additional contributions to the Pension Plan of approximately $3.0 million during the remainder of fiscal 2016 . The components of net periodic benefit costs are as follows (in thousands): Three Months Ended April 30, May 2, Components of net periodic benefit costs: Service cost $ 983 $ 983 Interest cost 1,920 1,684 Net actuarial loss 301 924 Net periodic benefit costs $ 3,204 $ 3,591 Net periodic benefit costs are included in selling, general and administrative expenses.

Revolving Credit Agreement

Revolving Credit Agreement	3 Months Ended
	Apr. 30, 2016
Line of Credit Facility [Abstract]
Revolving Credit Agreement	Revolving Credit Agreement At April 30, 2016 , the Company maintained a $1.0 billion unsecured revolving credit facility (“credit agreement”). The 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. At April 30, 2016, no borrowings were outstanding, and letters of credit totaling $26.4 million were issued under the credit agreement leaving unutilized availability under the facility of approximately $973.6 million . 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 April 30, 2016, the Company was in compliance with all financial covenants related to the credit agreement.

Stock Repurchase Programs

Stock Repurchase Programs	3 Months Ended
	Apr. 30, 2016
Schedule of Share Repurchase Program Activity [Abstract]
Stock Repurchase Programs	Stock Repurchase Programs On February 25, 2016, the Company’s Board of Directors authorized the Company to repurchase $500 million of the Company’s Class A Common Stock under an open-ended stock repurchase plan. The repurchase plan 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 or through privately negotiated transactions up to the dollar amount authorized in the repurchase plan. The repurchase plan has no expiration date. The following is a summary of share repurchase activity for the periods indicated (in millions, except per share data): Three Months Ended April 30, May 2, Cost of shares repurchased $ 58.4 $ — Number of shares repurchased 0.7 — Average price per share $ 80.98 $ — 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 April 30, 2016 , $441.6 million of authorization remained under the Company's stock repurchase plan.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended April 30, 2016 , 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. During the three months ended May 2, 2015, 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")	3 Months Ended
	Apr. 30, 2016
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 April 30, May 2, Defined benefit pension plan items Amortization of actuarial losses $ 301 $ 924 Total before tax (1) 115 352 Income tax expense $ 186 $ 572 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	3 Months Ended
	Apr. 30, 2016
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 April 30, May 2, Beginning balance $ 17,118 $ 31,029 Other comprehensive income before reclassifications — — Amounts reclassified from AOCL (186 ) (572 ) Net other comprehensive income (186 ) (572 ) Ending balance $ 16,932 $ 30,457

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Apr. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures The estimated fair values of financial instruments 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 April 30, 2016 due to the short-term maturities of these instruments. The fair value of the Company’s long-term debt at April 30, 2016 was approximately $692 million . The carrying value of the Company’s long-term debt at April 30, 2016 was $613.1 million . The fair value of the Company’s subordinated debentures at April 30, 2016 was approximately $212 million . The carrying value of the Company’s subordinated debentures at April 30, 2016 was $200.0 million .

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Apr. 30, 2016
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. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). This ASU clarifies the implementation guidance on principal versus agent considerations, as it assists in the determination of whether the entity controls the good or service before it is transferred to the customer. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. This ASU clarifies two aspects of Topic 606, including identifying performance obligations and the licensing implementation guidance, while retaining the principles for those areas. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients . This ASU clarifies three aspects of Topic 606, including the objective of the collectibility criterion, the measurement date for noncash consideration and the requirements for a completed contract. The ASU also includes a practical expedient for contract modifications. Additionally, the amendments allow an entity to exclude amounts collected from customers for all sales taxes from the transaction price. The Company is currently assessing the impact of these updates 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 reporting periods ending after December 15, 2016, and we plan to adopt this ASU for the annual period ending on January 28, 2017. We do not believe the adoption of this guidance will have a material 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 balance sheet. Under this amendment, entities will no longer be required to separate deferred income tax liabilities and assets into current and noncurrent amounts in the balance sheet. Rather, the amendment requires deferred tax liabilities and assets be classified as noncurrent in the balance sheet. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and early adoption is permitted as of the beginning of an interim or annual reporting period. The Company elected to adopt the accounting standard in the beginning of the fourth quarter of fiscal 2015. The prior period in our consolidated financial statements were retrospectively adjusted. 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. ASU No. 2015-03 requires retrospective application and represents a change in accounting principle. The Company adopted ASU No. 2015-03 during the first quarter of fiscal 2016, using retrospective application as permitted. Prior period amounts in our condensed consolidated financial statements have been reclassified to conform with current presentation. As a result, the Company reclassified $1.7 million and $1.9 million of debt issuance costs from other assets to reduce long-term debt on our condensed consolidated balance sheets at January 30, 2016 and May 2, 2015, respectively. 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. The Company adopted ASU No. 2015-15 at the beginning of the first quarter of fiscal 2016. The adoption of this guidance had no impact on the Company's consolidated financial statements. Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory , to simplify the measurement of inventory using the first-in, first out (FIFO) or average cost methods. Under this amendment, inventory under the FIFO or average cost methods should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This update will be effective for the Company beginning in the first quarter of fiscal 2017. Approximately 96% of the Company's merchandise inventories are valued using the retail inventory method, which is outside the scope of ASU No. 2015-11. The remaining 4% of the Company's merchandise inventories are valued at the lower of cost or market using the average cost or specific identified cost methods, and the Company is evaluating the effect of this update on these inventory values. The adoption of this guidance is not expected to have a significant impact on the Company's consolidated financial statements. Leases: Amendments to the FASB Accounting Standards Codification In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification, to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under these amendments, lessees are required to recognize lease assets and lease liabilities for leases classified as operating leases under ASC 840. ASU No. 2016-02 is effective for financial statements issued for fiscal years beginning after December 15, 2018, and early adoption is permitted. The Company is currently assessing the impact of this update on its consolidated financial statements.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Apr. 30, 2016
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 April 30, 2016: Net sales from external customers $ 1,449,389 $ 53,853 $ 1,503,242 Gross profit 562,181 2,482 564,663 Depreciation and amortization 60,476 169 60,645 Interest and debt expense (income), net 15,730 (16 ) 15,714 Income before income taxes and income on and equity in earnings of joint ventures 118,779 841 119,620 Income on and equity in earnings of joint ventures 11 — 11 Total assets 3,980,286 45,360 4,025,646 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 4,410,242 60,808 4,471,050

Earnings Per Share Data (Tables

Earnings Per Share Data (Tables)	3 Months Ended
	Apr. 30, 2016
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 April 30, May 2, Net income $ 77,431 $ 109,571 Weighted average shares of common stock outstanding 35,652 41,192 Basic and diluted earnings per share $ 2.17 $ 2.66

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Apr. 30, 2016
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 April 30, May 2, Components of net periodic benefit costs: Service cost $ 983 $ 983 Interest cost 1,920 1,684 Net actuarial loss 301 924 Net periodic benefit costs $ 3,204 $ 3,591 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)	3 Months Ended
	Apr. 30, 2016
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 millions, except per share data): Three Months Ended April 30, May 2, Cost of shares repurchased $ 58.4 $ — Number of shares repurchased 0.7 — Average price per share $ 80.98 $ —

Reclassifications from Accumu24

Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Tables)	3 Months Ended
	Apr. 30, 2016
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 April 30, May 2, Defined benefit pension plan items Amortization of actuarial losses $ 301 $ 924 Total before tax (1) 115 352 Income tax expense $ 186 $ 572 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 25

Changes in Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Apr. 30, 2016
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 April 30, May 2, Beginning balance $ 17,118 $ 31,029 Other comprehensive income before reclassifications — — Amounts reclassified from AOCL (186 ) (572 ) Net other comprehensive income (186 ) (572 ) Ending balance $ 16,932 $ 30,457

Business Segments (Details)

Business Segments (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2016USD ($)formatsegment	May. 02, 2015USD ($)	Jan. 30, 2016USD ($)
Business Segments
Number of reportable segments | segment	2
Net sales from external customers	$ 1,503,242	$ 1,573,493
Gross profit	564,663	613,074
Depreciation and amortization	60,645	61,153
Interest and debt expense (income), net	15,714	15,227
Income before income taxes and income on and equity in earnings of joint ventures	119,620	167,345
Income on and equity in earnings of joint ventures	11	266
Total assets	$ 4,025,646	4,471,050	$ 3,863,901
Retail operations
Business Segments
Number of reportable segments | segment	1
Number of store formats | format	1
Net sales from external customers	$ 1,449,389	1,518,360
Gross profit	562,181	610,993
Depreciation and amortization	60,476	61,063
Interest and debt expense (income), net	15,730	15,240
Income before income taxes and income on and equity in earnings of joint ventures	118,779	166,390
Income on and equity in earnings of joint ventures	11	266
Total assets	3,980,286	4,410,242
Construction
Business Segments
Net sales from external customers	53,853	55,133
Gross profit	2,482	2,081
Depreciation and amortization	169	90
Interest and debt expense (income), net	(16)	(13)
Income before income taxes and income on and equity in earnings of joint ventures	841	955
Income on and equity in earnings of joint ventures	0
Total assets	45,360	60,808
Intersegment Eliminations [Member]
Business Segments
Net sales from external customers	$ 9,800	$ 22,700

Earnings Per Share Data (Detail

Earnings Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Earnings Per Share [Abstract]
Net Income	$ 77,431	$ 109,571
Weighted Average Number of Shares Outstanding, Basic and Diluted	35,652,000	41,192,000
Earnings Per Share, Basic and Diluted	$ 2.17	$ 2.66
Diluted:
Total dilutive and potentially dilutive securities outstanding (in shares)	0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Apr. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit under the Company's revolving credit facility	$ 26.4

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Compensation and Retirement Disclosure [Abstract]
Employer contributions to pension plan	$ 1,000
Expected employer contributions to pension plan for remainder of current fiscal year	3,000
Components of net periodic benefit costs:
Service cost	983	$ 983
Interest cost	1,920	1,684
Net actuarial loss	301	924
Net periodic benefit costs	$ 3,204	$ 3,591

Revolving Credit Agreement (Det

Revolving Credit Agreement (Details)	3 Months Ended
	Apr. 30, 2016USD ($)
Credit agreement
Minimum Coverage Ratio Under Credit Facility	2.5
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000,000
Reference rate	LIBOR
Percentage points added to reference rate	1.375%
Letters of credit issued	$ 26,400,000
Unutilized credit facility borrowing capacity	$ 974,000,000
Maximum Leverage Ratio Under Credit Facility	4
Annual commitment fee (as a percent)	0.20%

Stock Repurchase Programs (Deta

Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Schedule of Share Repurchase Program Activity [Abstract]
Stock Repurchase Program, Authorized Amount	$ 500
Number of shares repurchased	0.7	0
Amount of shares repurchased	$ 58.4	$ 0
Average price of shares repurchased (in dollars per share)	$ 80.98	$ 0
Repurchase of common stock remaining authorization	$ 441.6

Reclassifications from Accumu32

Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Details) - USD ($) $ in Thousands		3 Months Ended
		Apr. 30, 2016	May. 02, 2015
Reclassifications from accumulated other comprehensive loss
Amortization of actuarial losses		$ 301	$ 924
Income before income taxes and income on and equity in losses of joint ventures		(119,620)	(167,345)
Income tax expense		(42,200)	(58,040)
Net Income		(77,431)	(109,571)
Defined benefit pension plan | Amount Reclassified from AOCL
Reclassifications from accumulated other comprehensive loss
Amortization of actuarial losses	[1]	301	924
Income tax expense		115	352
Net Income		$ 186	$ 572
[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 33

Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Changes in accumulated other comprehensive loss
Beginning balance	$ 17,118
Ending balance	16,932	$ 30,457
Defined benefit pension plan
Changes in accumulated other comprehensive loss
Beginning balance	17,118	31,029
Other comprehensive income before reclassifications	0	0
Amounts reclassified from AOCL	(186)	(572)
Net other comprehensive income	(186)	(572)
Ending balance	$ 16,932	$ 30,457

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
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	212,000
Carrying value
Fair value disclosures
Long-term debt, including current portion	613,000
Subordinated debentures	$ 200,000