Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Feb. 01, 2014 | Mar. 18, 2014 | Aug. 02, 2013 |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'GPS | ' | ' |
Entity Registrant Name | 'GAP INC | ' | ' |
Entity Central Index Key | '0000039911 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 447,001,764 | ' |
Entity Public Float | ' | ' | $14 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,510 | $1,460 |
Short-term investments | 0 | 50 |
Merchandise inventory | 1,928 | 1,758 |
Other current assets | 992 | 864 |
Total current assets | 4,430 | 4,132 |
Property and equipment, net | 2,758 | 2,619 |
Other long-term assets | 661 | 719 |
Total assets | 7,849 | 7,470 |
Current liabilities: | ' | ' |
Current maturities of debt | 25 | 0 |
Accounts payable | 1,242 | 1,144 |
Accrued expenses and other current liabilities | 1,142 | 1,092 |
Income taxes payable | 36 | 108 |
Total current liabilities | 2,445 | 2,344 |
Long-term liabilities: | ' | ' |
Long-term debt | 1,369 | 1,246 |
Lease incentives and other long-term liabilities | 973 | 986 |
Total long-term liabilities | 2,342 | 2,232 |
Stockholders' equity: | ' | ' |
Common stock $0.05 par value, Authorized 2,300 shares and Issued 1,106 shares for all periods presented; Outstanding 446 and 463 shares | 55 | 55 |
Additional paid-in capital | 2,899 | 2,864 |
Retained earnings | 14,218 | 13,259 |
Accumulated other comprehensive income | 135 | 181 |
Treasury stock at cost (660 and 643 shares) | -14,245 | -13,465 |
Total stockholders' equity | 3,062 | 2,894 |
Total liabilities and stockholders' equity | $7,849 | $7,470 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Common stock, par value (in dollars per share) | $0.05 | $0.05 |
Common stock, shares authorized (in shares) | 2,300 | 2,300 |
Common stock, shares issued (in shares) | 1,106 | 1,106 |
Common stock, shares outstanding (in shares) | 446 | 463 |
Treasury stock, shares (in shares) | 660 | 643 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||
Net sales | $16,148 | $15,651 | $14,549 | ||
Cost of goods sold and occupancy expenses | 9,855 | 9,480 | 9,275 | ||
Gross profit | 6,293 | 6,171 | 5,274 | ||
Operating expenses | 4,144 | 4,229 | 3,836 | ||
Operating income | 2,149 | 1,942 | 1,438 | ||
Interest expense | 61 | 87 | 74 | ||
Interest income | -5 | -6 | -5 | ||
Income before income taxes | 2,093 | 1,861 | 1,369 | ||
Income taxes | 813 | 726 | 536 | ||
Net income | $1,280 | $1,135 | $833 | ||
Weighted-average number of sharesbbasic | 461 | 482 | 529 | ||
Weighted-average number of shares - diluted (in shares) | 467 | 488 | 533 | ||
Earnings per share - basic (in dollars per share) | $2.78 | [1] | $2.35 | [1] | $1.57 |
Earnings per share - diluted (in dollars per share) | $2.74 | [1] | $2.33 | [1] | $1.56 |
[1] | (1)Earnings per share was computed individually for each of the periods presented; therefore, the sum of the earnings per share amounts for the quarters may not equal the total for the year. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net income | $1,280 | $1,135 | $833 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation, net of tax (tax benefit) of $5, $-, and $(2) | -51 | -71 | 24 |
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $30, $18, and $(8) | 48 | 28 | -11 |
Reclassification adjustment for realized (gains) losses on derivative financial instruments, net of (tax) tax benefit of $(27), $(4), and $20 | -43 | -5 | 31 |
Other comprehensive income (loss), net of tax | -46 | -48 | 44 |
Comprehensive income | $1,234 | $1,087 | $877 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Foreign currency translation, tax (tax benefit) | $5 | $0 | ($2) |
Change in fair value of derivative financial instruments, tax (tax benefit) | 30 | 18 | -8 |
Reclassification adjustment for realized losses on derivative financial instruments, tax benefit (tax) | ($27) | ($4) | $20 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
In Millions | ||||||
Balance at Jan. 29, 2011 | $4,080 | $55 | $2,939 | $11,767 | $185 | ($10,866) |
Balance (in shares) at Jan. 29, 2011 | ' | 1,106 | ' | ' | ' | -518 |
Net income | 833 | ' | ' | 833 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 44 | ' | ' | ' | 44 | ' |
Repurchases of common stock | -2,096 | ' | ' | ' | ' | -2,096 |
Repurchases of common stock (in shares) | -111 | ' | ' | ' | ' | -111 |
Reissuance of treasury stock under share-based compensation plans, net of shares withheld for employee taxes | 62 | ' | -140 | ' | ' | 202 |
Reissuance of treasury stock under share-based compensation plans, net of shares withheld for employee taxes (in shares) | ' | ' | ' | ' | ' | 8 |
Tax benefit from exercise of stock options and vesting of stock units | 10 | ' | 10 | ' | ' | ' |
Share-based compensation, net of estimated forfeitures | 58 | ' | 58 | ' | ' | ' |
Common stock cash dividends | -236 | ' | ' | -236 | ' | ' |
Balance at Jan. 28, 2012 | 2,755 | 55 | 2,867 | 12,364 | 229 | -12,760 |
Balance (in shares) at Jan. 28, 2012 | ' | 1,106 | ' | ' | ' | -621 |
Net income | 1,135 | ' | ' | 1,135 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -48 | ' | ' | ' | -48 | ' |
Repurchases of common stock | -1,026 | ' | ' | ' | ' | -1,026 |
Repurchases of common stock (in shares) | -34 | ' | ' | ' | ' | -34 |
Reissuance of treasury stock under share-based compensation plans, net of shares withheld for employee taxes | 174 | ' | -147 | ' | ' | 321 |
Reissuance of treasury stock under share-based compensation plans, net of shares withheld for employee taxes (in shares) | ' | ' | ' | ' | ' | 12 |
Tax benefit from exercise of stock options and vesting of stock units | 33 | ' | 33 | ' | ' | ' |
Share-based compensation, net of estimated forfeitures | 111 | ' | 111 | ' | ' | ' |
Common stock cash dividends | -240 | ' | ' | -240 | ' | ' |
Balance at Feb. 02, 2013 | 2,894 | 55 | 2,864 | 13,259 | 181 | -13,465 |
Balance (in shares) at Feb. 02, 2013 | 1,106 | 1,106 | ' | ' | ' | -643 |
Net income | 1,280 | ' | ' | 1,280 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -46 | ' | ' | ' | -46 | ' |
Repurchases of common stock | -1,009 | ' | ' | ' | ' | -1,009 |
Repurchases of common stock (in shares) | -26 | ' | ' | ' | ' | -26 |
Reissuance of treasury stock under share-based compensation plans, net of shares withheld for employee taxes | 97 | ' | -132 | ' | ' | 229 |
Reissuance of treasury stock under share-based compensation plans, net of shares withheld for employee taxes (in shares) | ' | ' | ' | ' | ' | 9 |
Tax benefit from exercise of stock options and vesting of stock units | 50 | ' | 50 | ' | ' | ' |
Share-based compensation, net of estimated forfeitures | 117 | ' | 117 | ' | ' | ' |
Common stock cash dividends | -321 | ' | ' | -321 | ' | ' |
Balance at Feb. 01, 2014 | $3,062 | $55 | $2,899 | $14,218 | $135 | ($14,245) |
Balance (in shares) at Feb. 01, 2014 | 1,106 | 1,106 | ' | ' | ' | -660 |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF STOCKHOLDERS" EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividends declared and paid per share (in dollars per share) | $0.70 | $0.50 | $0.45 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $1,280 | $1,135 | $833 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 536 | 559 | 592 |
Amortization of lease incentives | -66 | -76 | -86 |
Share-based compensation | 116 | 113 | 58 |
Tax benefit from exercise of stock options and vesting of stock units | 50 | 33 | 10 |
Excess tax benefit from exercise of stock options and vesting of stock units | -56 | -34 | -13 |
Non-cash and other items | -60 | 11 | 74 |
Deferred income taxes | 69 | -37 | -11 |
Changes in operating assets and liabilities: | ' | ' | ' |
Merchandise inventory | -193 | -143 | 4 |
Other current assets and other long-term assets | -44 | -44 | -101 |
Accounts payable | 105 | 91 | 11 |
Accrued expenses and other current liabilities | -5 | 68 | -45 |
Income taxes payable, net of prepaid and other tax-related items | -74 | 146 | -91 |
Lease incentives and other long-term liabilities | 47 | 114 | 128 |
Net cash provided by operating activities | 1,705 | 1,936 | 1,363 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property and equipment | -670 | -659 | -548 |
Purchases of short-term investments | 0 | -200 | -50 |
Maturities of short-term investments | 50 | 150 | 150 |
Acquisition of business | 0 | -129 | 0 |
Other | -4 | -6 | -6 |
Net cash used for investing activities | -624 | -844 | -454 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of short-term debt | 0 | 0 | 16 |
Payments of short-term debt | 0 | -19 | 0 |
Proceeds from issuance of long-term debt | 144 | 0 | 1,646 |
Payments of long-term debt issuance costs | 0 | 0 | -11 |
Payments of long-term debt | 0 | -400 | 0 |
Proceeds from issuances under share-based compensation plans, net of withholding tax payments | 97 | 174 | 62 |
Repurchases of common stock | -979 | -1,030 | -2,092 |
Excess tax benefit from exercise of stock options and vesting of stock units | 56 | 34 | 13 |
Cash dividends paid | -321 | -240 | -236 |
Other | -1 | 0 | 0 |
Net cash used for financing activities | -1,004 | -1,481 | -602 |
Effect of foreign exchange rate fluctuations on cash and cash equivalents | -27 | -36 | 17 |
Net increase (decrease) in cash and cash equivalents | 50 | -425 | 324 |
Cash and cash equivalents at beginning of period | 1,460 | 1,885 | 1,561 |
Cash and cash equivalents at end of period | 1,510 | 1,460 | 1,885 |
Non-cash investing activities: | ' | ' | ' |
Purchases of property and equipment not yet paid at end of period | 90 | 74 | 61 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest during the period | 77 | 83 | 45 |
Cash paid for income taxes during the period | $805 | $582 | $599 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||
Feb. 01, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Organization and Summary of Significant Accounting Policies | ' | ||
Note 1. Organization and Summary of Significant Accounting Policies | |||
Organization | |||
The Gap, Inc., a Delaware Corporation, is a global retailer offering apparel, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. We have Company-operated stores in the United States, Canada, the United Kingdom, France, Ireland, Japan, Italy, China, Hong Kong, and beginning in March 2014, Taiwan. We also have franchise agreements with unaffiliated franchisees to operate Gap, Banana Republic, and Old Navy stores in many other countries around the world. In addition, our products are available to customers online through Company-owned websites and through use of third parties that provide logistics and fulfillment services. | |||
Principles of Consolidation | |||
The Consolidated Financial Statements include the accounts of The Gap, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated. | |||
Fiscal Year and Presentation | |||
Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to January 31. The fiscal years ended February 1, 2014 (fiscal 2013) and January 28, 2012 (fiscal 2011) consisted of 52 weeks. The fiscal year ended February 2, 2013 (fiscal 2012) consisted of 53 weeks. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||
Cash and Cash Equivalents and Short-Term Investments | |||
Cash includes funds deposited in banks as well as amounts in transit from banks for customer credit card and debit card transactions that process in less than seven days. | |||
All highly liquid investments with original maturities of 91 days or less are classified as cash equivalents. Highly liquid investments with original maturities of greater than 91 days that will mature less than one year from the balance sheet date are classified as short-term investments. Our cash equivalents and short-term investments are placed primarily in money market funds, time deposits, and commercial paper and are classified as held-to-maturity based on our positive intent and ability to hold the securities to maturity. We value these investments at their original purchase prices plus interest that has accrued at the stated rate. Income related to these securities is recorded in interest income in the Consolidated Statements of Income. | |||
Restricted Cash | |||
Restricted cash consists primarily of cash that serves as collateral for our insurance obligations. Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is included in other long-term assets. Otherwise, restricted cash is included in other current assets in the Consolidated Balance Sheets. | |||
Merchandise Inventory | |||
We value inventory at the lower of cost or market, with cost determined using the weighted-average cost method. We record an adjustment when future estimated selling price is less than cost. We review our inventory levels in order to identify slow-moving merchandise and broken assortments (items no longer in stock in a sufficient range of sizes or colors) and use promotions and markdowns to clear merchandise. In addition, we estimate and accrue shortage for the period between the last physical count and the balance sheet date. | |||
Derivative Financial Instruments | |||
Derivative financial instruments are recorded at fair value in the Consolidated Balance Sheets as other current assets, other long-term assets, accrued expenses and other current liabilities, or lease incentives and other long-term liabilities. | |||
For derivative financial instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative financial instruments is reported as a component of other comprehensive income (“OCI”) and is recognized in income in the period in which the underlying transaction impacts the income statement. For derivative financial instruments that are designated and qualify as net investment hedges, the effective portion of the gain or loss on the derivative financial instruments is reported as a component of OCI and is reclassified into income in the period or periods during which the hedged subsidiary is either sold or liquidated (or substantially liquidated). Gains and losses on the derivative financial instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, if any, are recognized in current income. For derivative financial instruments not designated as hedging instruments, the gain or loss on the derivative financial instruments is recorded in operating expenses in the Consolidated Statements of Income. Cash flows from derivative financial instruments are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. | |||
Property and Equipment | |||
Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are as follows: | |||
Category | Term | ||
Leasehold improvements | Shorter of remaining lease term or economic life, up to 15 years | ||
Furniture and equipment | Up to 15 years | ||
Buildings and building improvements | Up to 39 years | ||
Software | 3 to 7 years | ||
When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts, with any resulting gain or loss recorded in operating expenses in the Consolidated Statements of Income. Costs of maintenance and repairs are expensed as incurred. | |||
Lease Rights, Key Money, and Favorable Lease Assets | |||
Lease rights are costs incurred to acquire the right to lease a specific property. A majority of our lease rights are related to premiums paid to landlords, lease buy-out costs, and broker fees. Key money is the amount of funds paid to a landlord or tenant to acquire the rights of tenancy under a commercial property lease for a property located in France. These rights can be subsequently sold by us to a new tenant or the amount of key money paid can potentially be recovered from the landlord should the landlord refuse to allow the automatic right of renewal to be exercised. Lease rights and key money are recorded at cost and are amortized over the corresponding lease term. Lease rights and key money are recorded in other long-term assets in the Consolidated Balance Sheets, net of related amortization. | |||
In connection with our acquisition of Intermix in December 2012, we acquired favorable lease assets as a result of leases with terms that were considered favorable relative to market terms for similar leases as of the date of acquisition. The favorable lease assets are recognized as rent expense in cost of goods sold and occupancy expenses in the Consolidated Statements of Income over the remaining term of the leases. | |||
Insurance and Self-Insurance | |||
We retain a portion of the risk for certain losses related to employee health and welfare, workers’ compensation, and general liability claims. Undiscounted liabilities associated with these programs are estimated based primarily on actuarially-determined amounts and are accrued in part by considering historical claims experience, demographic factors, severity factors, and other actuarial assumptions. | |||
Asset Retirement Obligations | |||
An asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development, or normal operation of that long-lived asset. The Company’s asset retirement obligations are primarily associated with leasehold improvements that we are contractually obligated to remove at the end of a lease to comply with the lease agreement. We recognize asset retirement obligations at the inception of a lease with such conditions if a reasonable estimate of fair value can be made. The asset retirement obligation is recorded in accrued expenses and other current liabilities and lease incentives and other long-term liabilities in the Consolidated Balance Sheets and is subsequently adjusted for changes in estimated asset retirement obligations. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life. | |||
Treasury Stock | |||
We account for treasury stock under the cost method, using the first-in, first-out flow assumption, and we include treasury stock as a component of stockholders’ equity. In February 2014, the Board of Directors approved the retirement of all existing treasury stock effective March 1, 2014. All common stock repurchased subsequent to March 1, 2014 will be immediately retired and all shares related to stock options and other stock awards will be issued from authorized but unissued common stock. | |||
Revenue Recognition | |||
Revenue is recognized for store sales when the customer receives and pays for the merchandise at the register. For sales through online and catalog orders, revenue is recognized at the time we estimate the customer receives the product. Amounts related to shipping and handling that are billed to customers are recorded in net sales, and the related costs are recorded in cost of goods sold and occupancy expenses in the Consolidated Statements of Income. Revenues are presented net of estimated returns and any taxes collected from customers and remitted to governmental authorities. Allowances for estimated returns are recorded based on estimated margin using our historical return patterns. | |||
We sell merchandise to franchisees under multi-year franchise agreements. We recognize revenue from sales to franchisees at the time merchandise ownership is transferred to the franchisee, which generally occurs when the merchandise reaches the franchisee’s pre-designated turnover point. These sales are recorded in net sales, and the related cost of goods sold is recorded in cost of goods sold and occupancy expenses in the Consolidated Statements of Income. We also receive royalties from franchisees based on a percentage of the total merchandise purchased by the franchisee, net of any refunds or credits due them. Royalty revenue is recognized when merchandise ownership is transferred to the franchisee and is recorded in net sales in the Consolidated Statements of Income. | |||
Classification of Expenses | |||
Cost of goods sold and occupancy expenses include the following: | |||
• | the cost of merchandise; | ||
• | inventory shortage and valuation adjustments; | ||
• | freight charges; | ||
• | shipping and handling costs; | ||
• | costs associated with our sourcing operations, including payroll and related benefits; | ||
• | production costs; | ||
• | insurance costs related to merchandise; and | ||
• | rent, occupancy, depreciation, and amortization related to our store operations, distribution centers, and certain corporate functions. | ||
Operating expenses include the following: | |||
• | payroll and related benefits (for our store operations, field management, distribution centers, and corporate functions); | ||
• | marketing; | ||
• | general and administrative expenses; | ||
• | costs to design and develop our products; | ||
• | merchandise handling and receiving in distribution centers; | ||
• | distribution center general and administrative expenses; | ||
• | rent, occupancy, depreciation, and amortization for our corporate facilities; and | ||
• | other expenses (income). | ||
The classification of expenses varies across the apparel retail industry. Accordingly, our cost of goods sold and occupancy expenses and operating expenses may not be comparable to those of other companies. Merchandise handling and receiving expenses and distribution center general and administrative expenses recorded in operating expenses were $243 million, $231 million, and $224 million in fiscal 2013, 2012, and 2011, respectively. | |||
Rent Expense | |||
Minimum rent expense is recognized over the term of the lease, starting when possession of the property is taken from the landlord, which normally includes a construction period prior to the store opening. When a lease contains a predetermined fixed escalation of the minimum rent, we recognize the related rent expense on a straight-line basis and record the difference between the recognized rent expense and the amounts payable under the lease as a short-term or long-term deferred rent liability. We also receive tenant allowances upon entering into certain leases, which are recorded as a short-term or long-term tenant allowance liability and amortized using the straight-line method as a reduction to rent expense over the term of the lease. A co-tenancy failure by our landlord during the lease term may result in a reduction of the required cash payments made to the landlord for the duration of the co-tenancy failure and is recorded as a reduction to rent expense as the reduced cash payments are made. Future payments for common area maintenance, insurance, real estate taxes, and other occupancy costs the Company is obligated to make are excluded from minimum lease payments. | |||
Certain leases provide for contingent rents that are not measurable at inception. These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level and/or rent increase based on a change in the consumer price index or fair market value. These amounts are excluded from minimum rent and are included in the determination of rent expense when it is probable that the expense has been incurred and the amount can be reasonably estimated. | |||
Impairment of Long-Lived Assets | |||
We review the carrying amount of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Events that result in an impairment review include the decision to close a store, corporate facility, or distribution center, or a significant decrease in the operating performance of the long-lived asset. Long-lived assets are considered impaired if the estimated undiscounted future cash flows of the asset or asset group are less than the carrying amount. For impaired assets, we recognize a loss equal to the difference between the carrying amount of the asset or asset group and its estimated fair value, which is recorded in operating expenses in the Consolidated Statements of Income. The estimated fair value of the asset or asset group is based on discounted future cash flows of the asset or asset group using a discount rate commensurate with the risk. The asset group is defined as the lowest level for which identifiable cash flows are available and largely independent of the cash flows of other groups of assets, which for our retail stores is primarily at the store level. | |||
Goodwill and Intangible Assets | |||
We review the carrying amount of goodwill and other indefinite-lived intangible assets for impairment annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Events that result in an impairment review include significant changes in the business climate, declines in our operating results, or an expectation that the carrying amount may not be recoverable. We assess potential impairment by considering present economic conditions as well as future expectations. | |||
We review goodwill for impairment, as appropriate, by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. If it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the two-step test is performed to identify potential goodwill impairment. If it is determined that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, it is unnecessary to perform the two-step goodwill impairment test. Based on certain circumstances, we may elect to bypass the qualitative assessment and proceed directly to performing the first step of the two-step goodwill impairment test. The first step of the two-step goodwill impairment test compares the fair value of the reporting unit to its carrying amount, including goodwill. The second step includes hypothetically valuing all the tangible and intangible assets of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. | |||
A trade name is considered impaired if the estimated fair value of the trade name is less than the carrying amount. If a trade name is considered impaired, we recognize a loss equal to the difference between the carrying amount and the estimated fair value of the trade name. The fair value of a trade name is determined using the relief from royalty method, which requires management to make assumptions and to apply judgment, including forecasting future sales and expenses, and selecting appropriate discount rates and royalty rates. | |||
Goodwill and other indefinite-lived intangible assets, including the trade names, are recorded in other long-term assets in the Consolidated Balance Sheets. | |||
Lease Losses | |||
The decision to close a store, corporate facility, or distribution center can result in accelerated depreciation and amortization over the revised remaining useful lives of the associated long-lived assets. In addition, upon exiting leased premises, we record a charge and corresponding lease loss reserve equal to the incremental amount of the present value of the net future obligation greater than the remaining rent-related deferred balances. The net future obligation is determined as the remaining contractual rent obligations less the amount for which we are able to or expect to be able to sublease the properties. We estimate the amount for which we expect to be able to sublease the properties based on the status of our efforts to sublease vacant office space and stores, a review of real estate market conditions, our projections for sublease income, and our assumptions regarding sublease commencement. Lease losses are recorded in operating expenses in the Consolidated Statements of Income. | |||
Pre-Opening Costs | |||
Pre-opening and start-up activity costs, which include rent and occupancy, supplies, advertising, and payroll expenses incurred prior to the opening of a new store or other facility, are expensed in the period in which they occur. | |||
Advertising | |||
Costs associated with the production of advertising, such as writing, copy, printing, and other costs, are expensed as incurred. Costs associated with communicating advertising that has been produced, such as television and magazine costs, are expensed when the advertising event takes place. Advertising expense was $637 million, $653 million, and $548 million in fiscal 2013, 2012, and 2011, respectively, and is recorded in operating expenses in the Consolidated Statements of Income. | |||
Prepaid catalog expense consists of the cost to prepare, print, and distribute catalogs. Such costs are amortized over their expected period of future benefit, which is approximately one to eight months. | |||
Share-Based Compensation | |||
Share-based compensation expense for stock options and other stock awards is determined based on the grant-date fair value. We use the Black-Scholes-Merton option-pricing model to determine the fair value of stock options, which requires the input of subjective assumptions regarding the expected term, expected volatility, dividend yield, and risk-free interest rate. For units granted whereby one share of common stock is issued for each unit as the unit vests (“Stock Units”), the fair value is determined based on the Company’s stock price on the date of grant less future expected dividends during the vesting period. For stock options and Stock Units, we recognize share-based compensation cost net of estimated forfeitures and revise the estimates in subsequent periods if actual forfeitures differ from the estimates. We estimate the forfeiture rate based on historical experience as well as expected future behavior. Share-based compensation expense is recorded primarily in operating expenses in the Consolidated Statements of Income over the period during which the employee is required to provide service in exchange for stock options and Stock Units. | |||
Unredeemed Gift Cards, Gift Certificates, and Credit Vouchers | |||
Upon issuance of a gift card, gift certificate, or credit voucher, a liability is established for its cash value. The liability is relieved and net sales are recorded upon redemption by the customer. Over time, some portion of these instruments is not redeemed. We determine breakage income for gift cards, gift certificates, and credit vouchers based on historical redemption patterns. Breakage income is recorded in other income, which is a component of operating expenses in the Consolidated Statements of Income, when we can determine the portion of the liability where redemption is remote. Based on our historical information, three years after the gift card, gift certificate, or credit voucher is issued, we can determine the portion of the liability where redemption is remote. When breakage income is recorded, a liability is recognized for any legal obligation to remit the unredeemed portion to relevant jurisdictions. Substantially all of our gift cards, gift certificates, and credit vouchers have no expiration dates. | |||
Credit Cards | |||
We have credit card agreements (the “Agreements”) with third parties to provide our customers with private label credit cards and/or co-branded credit cards (collectively, the “Credit Cards”). Each private label credit card bears the logo of Gap, Banana Republic, or Old Navy and can be used at any of our U.S. or Canadian store locations and online. The co-branded credit card is a VISA credit card bearing the logo of Gap, Banana Republic, or Old Navy and can be used everywhere VISA credit cards are accepted. A third-party financing company is the sole owner of the accounts issued under the Credit Card programs, and this third party absorbs the losses associated with non-payment by the cardholder and a portion of any fraudulent usage of the accounts. We receive cash from the third-party financing company in accordance with the Agreements and based on usage of the Credit Cards. We also receive payment from Visa U.S.A. Inc. in accordance with the Agreements and based on specified transactional fees. We recognize income for such cash receipts when the amounts are fixed or determinable and collectibility is reasonably assured, which is generally the time at which the actual usage of the Credit Cards or specified transaction occurs. The income is recorded in other income, which is a component of operating expenses in our Consolidated Statements of Income. In February 2014, our agreement with the third-party financing company was amended and extended through May 2022. | |||
The Credit Card programs offer incentives to cardholders in the form of reward certificates upon the cumulative purchase of an established amount. The cost associated with reward points and certificates is accrued as the rewards are earned by the cardholder and is recorded in cost of goods sold and occupancy expenses in the Consolidated Statements of Income. Other administrative costs related to the Credit Card programs, including payroll, marketing expenses, and other direct costs, are recorded in operating expenses in the Consolidated Statements of Income. | |||
Earnings per Share | |||
Basic earnings per share is computed as net income divided by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed as net income divided by the weighted-average number of common shares outstanding for the period including common stock equivalents. Common stock equivalents consist of shares subject to share-based awards with exercise prices less than the average market price of our common stock for the period, to the extent their inclusion would be dilutive. Stock options and other stock awards that contain performance conditions are not included in the calculation of common stock equivalents until such performance conditions have been achieved. | |||
Foreign Currency | |||
Our international subsidiaries primarily use local currencies as their functional currency and translate their assets and liabilities at the current rate of exchange in effect at the balance sheet date. Revenue and expenses from their operations are translated using the monthly average exchange rates in effect during the period in which the transactions occur. The resulting gains and losses from translation are recorded in the Consolidated Statements of Comprehensive Income and in accumulated OCI in the Consolidated Statements of Stockholders’ Equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in the Consolidated Statements of Income. There were no material transaction gains and losses recorded in the Consolidated Statements of Income for fiscal 2013, 2012, or 2011. | |||
Comprehensive Income | |||
Comprehensive income is comprised of net income and other gains and losses affecting equity that are excluded from net income. The components of OCI consist of foreign currency translation gains and losses, net of tax, changes in the fair value of derivative financial instruments, net of tax, and reclassification adjustments for realized gains and losses on derivative financial instruments, net of tax. | |||
Income Taxes | |||
Deferred income taxes are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the Consolidated Financial Statements. A valuation allowance is established against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||
Our income tax expense includes changes in our estimated liability for exposures associated with our various tax filing positions. At any point in time, many tax years are subject to or in the process of being audited by various taxing authorities. To the extent our estimates of settlements change or the final tax outcome of these matters is different from the amounts recorded, such differences will impact the income tax provision in the period in which such determinations are made. | |||
The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties related to unrecognized tax benefits in operating expenses in the Consolidated Statements of Income. | |||
Recent Accounting Pronouncements | |||
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2013-11, Income Taxes, to clarify the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2013. We do not expect the adoption of the ASU to have a material impact on our consolidated financial statements. |
Additional_Financial_Statement
Additional Financial Statement Information | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Additional Financial Statement Information [Abstract] | ' | ||||||||||||
Additional Financial Information Disclosure [Text Block] | ' | ||||||||||||
Note 2. Additional Financial Statement Information | |||||||||||||
Cash and Cash Equivalents and Short-Term Investments | |||||||||||||
Cash and cash equivalents and short-term investments consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Cash (1) | $ | 991 | $ | 942 | |||||||||
Bank certificates of deposit and time deposits | 323 | 304 | |||||||||||
Money market funds | 196 | 189 | |||||||||||
Domestic commercial paper | — | 25 | |||||||||||
Cash equivalents | 519 | 518 | |||||||||||
Cash and cash equivalents | $ | 1,510 | $ | 1,460 | |||||||||
Bank certificates of deposit and time deposits | $ | — | $ | 50 | |||||||||
Short-term investments | $ | — | $ | 50 | |||||||||
__________ | |||||||||||||
-1 | Cash includes $64 million and $71 million of amounts in transit from banks for customer credit card and debit card transactions as of February 1, 2014 and February 2, 2013, respectively. | ||||||||||||
We did not record any impairment charges on our cash equivalents or short-term investments in fiscal 2013, 2012, or 2011. | |||||||||||||
Other Current Assets | |||||||||||||
Other current assets consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable | $ | 462 | $ | 331 | |||||||||
Current portion of deferred tax assets | 179 | 220 | |||||||||||
Prepaid minimum rent and occupancy expenses | 155 | 147 | |||||||||||
Prepaid income taxes | 84 | 60 | |||||||||||
Derivative financial instruments | 58 | 49 | |||||||||||
Prepaid catalog expenses | 3 | 4 | |||||||||||
Other | 51 | 53 | |||||||||||
Other current assets | $ | 992 | $ | 864 | |||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost less accumulated depreciation and consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Leasehold improvements | $ | 3,211 | $ | 3,131 | |||||||||
Furniture and equipment | 2,493 | 2,464 | |||||||||||
Software | 1,173 | 1,078 | |||||||||||
Land, buildings, and building improvements | 1,106 | 1,101 | |||||||||||
Construction-in-progress | 176 | 136 | |||||||||||
Property and equipment, at cost | 8,159 | 7,910 | |||||||||||
Less: Accumulated depreciation | (5,401 | ) | (5,291 | ) | |||||||||
Property and equipment, net of accumulated depreciation | $ | 2,758 | $ | 2,619 | |||||||||
Depreciation expense for property and equipment was $530 million, $554 million, and $586 million for fiscal 2013, 2012, and 2011, respectively. | |||||||||||||
Interest of $8 million, $6 million, and $4 million related to assets under construction was capitalized in fiscal 2013, 2012, and 2011, respectively. | |||||||||||||
We recorded a charge for the impairment of long-lived assets of $1 million, $8 million, and $16 million for fiscal 2013, 2012, and 2011, respectively, which is recorded in operating expenses in the Consolidated Statements of Income. | |||||||||||||
Other Long-Term Assets | |||||||||||||
Other long-term assets consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Long-term income tax-related assets | $ | 185 | $ | 244 | |||||||||
Goodwill | 180 | 184 | |||||||||||
Trade names | 92 | 92 | |||||||||||
Deferred compensation plan assets | 37 | 27 | |||||||||||
Lease rights, key money, and favorable lease assets, net of accumulated amortization of $145 and $144 | 32 | 31 | |||||||||||
Restricted cash | 14 | 11 | |||||||||||
Other indefinite-lived intangible assets | 6 | 6 | |||||||||||
Derivative financial instruments | 6 | 2 | |||||||||||
Intangible assets subject to amortization, net of accumulated amortization of $17 and $15 | 1 | 3 | |||||||||||
Other | 108 | 119 | |||||||||||
Other long-term assets | $ | 661 | $ | 719 | |||||||||
Accrued Expenses and Other Current Liabilities | |||||||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Accrued compensation and benefits | $ | 327 | $ | 369 | |||||||||
Unredeemed gift cards, gift certificates, and credit vouchers, net of breakage | 238 | 232 | |||||||||||
Short-term deferred rent and tenant allowances | 93 | 93 | |||||||||||
Insurance liabilities | 69 | 72 | |||||||||||
Accrued advertising | 42 | 26 | |||||||||||
Credit card reward points and certificates liability | 29 | 18 | |||||||||||
Sales return allowance | 26 | 27 | |||||||||||
Derivative financial instruments | 14 | 14 | |||||||||||
Short-term asset retirement obligations | 8 | 6 | |||||||||||
Short-term lease loss reserve | — | 5 | |||||||||||
Other | 296 | 230 | |||||||||||
Accrued expenses and other current liabilities | $ | 1,142 | $ | 1,092 | |||||||||
The activity related to short-term asset retirement obligations includes adjustments to the asset retirement obligation balance and fluctuations in foreign currency exchange rates. The activity was not material for fiscal 2013 or 2012. | |||||||||||||
No other individual items accounted for greater than five percent of total current liabilities as of February 1, 2014 or February 2, 2013. | |||||||||||||
Lease Incentives and Other Long-Term Liabilities | |||||||||||||
Lease incentives and other long-term liabilities consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Long-term deferred rent, tenant allowances, and unfavorable lease liabilities | $ | 766 | $ | 750 | |||||||||
Long-term income tax-related liabilities | 83 | 132 | |||||||||||
Long-term asset retirement obligations | 59 | 49 | |||||||||||
Deferred compensation plan liabilities | 37 | 27 | |||||||||||
Long-term lease loss reserve | 1 | 1 | |||||||||||
Derivative financial instruments | 1 | — | |||||||||||
Other | 26 | 27 | |||||||||||
Lease incentives and other long-term liabilities | $ | 973 | $ | 986 | |||||||||
The activity related to long-term asset retirement obligations includes adjustments to the asset retirement obligation balance and fluctuations in foreign currency exchange rates. The activity was not material for fiscal 2013 or 2012. | |||||||||||||
Sales Return Allowance | |||||||||||||
A summary of activity in the sales return allowance account is as follows: | |||||||||||||
($ in millions) | February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of fiscal year | $ | 27 | $ | 21 | $ | 22 | |||||||
Additions | 896 | 845 | 720 | ||||||||||
Returns | (897 | ) | (839 | ) | (721 | ) | |||||||
Balance at end of fiscal year | $ | 26 | $ | 27 | $ | 21 | |||||||
Acquisition
Acquisition | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||
Note 3. Acquisition | ||||||||||||
On December 31, 2012, we acquired all of the outstanding capital stock of Intermix Holdco Inc. ("Intermix"), a multi-brand retailer of luxury and contemporary women's apparel and accessories based in New York, New York, for an aggregate purchase price of $129 million in cash. The acquisition allows us to extend our portfolio of brands and further penetrate the higher-end apparel market with an established brand. | ||||||||||||
The results of operations for Intermix since the date of acquisition are not material to the Consolidated Statements of Income for fiscal 2013 and 2012. In addition, the impact of the acquisition on the Company's results of operations, as if the acquisition had been completed as of the beginning of the periods presented, is not significant. | ||||||||||||
During the fourth quarter of fiscal 2013, the valuation of assets acquired and liabilities assumed as of the acquisition date was completed. The following table summarizes the final purchase price allocation, as well as the measurement period adjustments made during fiscal 2013, to the amounts initially recognized as of the date of acquisition. The measurement period adjustments did not have a material impact on our Consolidated Financial Statements for any period reported, and therefore, we have not retrospectively adjusted our Consolidated Balance Sheet as of February 2, 2013. | ||||||||||||
($ in millions) | Purchase Price Allocation as of Acquisition Date (1) | Measurement Period Adjustments | Final Purchase Price Allocation | |||||||||
Goodwill | $ | 85 | $ | (4 | ) | $ | 81 | |||||
Trade name | 38 | — | 38 | |||||||||
Intangible assets subject to amortization | 3 | — | 3 | |||||||||
Net assets acquired | 3 | 4 | 7 | |||||||||
Total purchase price | $ | 129 | $ | — | $ | 129 | ||||||
__________ | ||||||||||||
-1 | As previously reported in our Form 10-K for the year ended February 2, 2013. | |||||||||||
See Note 4 of Notes to Consolidated Financial Statements for disclosures about goodwill and intangible assets. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||
Note 4. Goodwill and Other Intangible Assets | |||||||||
Goodwill and other intangible assets consist of the following and are included in other long-term assets in the Consolidated Balance Sheets: | |||||||||
($ in millions) | February 1, | February 2, | |||||||
2014 | 2013 | ||||||||
Goodwill | $ | 180 | $ | 184 | |||||
Trade names | $ | 92 | $ | 92 | |||||
Other indefinite-lived intangible assets | $ | 6 | $ | 6 | |||||
Intangible assets subject to amortization | $ | 18 | $ | 18 | |||||
Less: Accumulated amortization | (17 | ) | (15 | ) | |||||
Intangible assets subject to amortization, net | $ | 1 | $ | 3 | |||||
Goodwill | |||||||||
As discussed in Note 3 of Notes to Consolidated Financial Statements, the carrying amount of goodwill related to the acquisition of Intermix decreased by $4 million from $85 million to $81 million due to an adjustment of the initial fair values. During fiscal 2013, 2012, and 2011, there were no changes in the $99 million carrying amount of goodwill related to Athleta. | |||||||||
During the fourth quarter of fiscal 2013, we completed our annual impairment test of goodwill and we did not recognize any impairment charges. | |||||||||
Other Intangible Assets | |||||||||
Trade names consist of $54 million and $38 million related to Athleta and Intermix, respectively, as of February 1, 2014. During the fourth quarter of fiscal 2013, we completed our annual impairment test of trade names and we did not recognize any impairment charges. | |||||||||
The intangible assets subject to amortization consist of customer relationships and non-compete agreements related to Athleta and Intermix of $15 million and $3 million, respectively. Athleta's intangible assets subject to amortization were fully amortized in fiscal 2012. Intermix's non-compete agreements were fully amortized in fiscal 2013 and its customer relationships are being amortized over a period of four years. | |||||||||
There was no material amortization expense for intangible assets subject to amortization recorded in operating expenses in the Consolidated Statements of Income for fiscal 2013, 2012, and 2011. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
Note 5. Long-Term Debt | |||||||||
Long-term debt consists of the following: | |||||||||
($ in millions) | February 1, | February 2, | |||||||
2014 | 2013 | ||||||||
Notes | $ | 1,247 | $ | 1,246 | |||||
Term loan | 147 | — | |||||||
Total long-term debt | 1,394 | 1,246 | |||||||
Less: Current portion | (25 | ) | — | ||||||
Total long-term debt, less current portion | $ | 1,369 | $ | 1,246 | |||||
In April 2011, we issued $1.25 billion aggregate principal amount of 5.95 percent Notes due April 2021 and received proceeds of $1.24 billion in cash, net of underwriting and other fees of $11 million. Interest is payable semi-annually on April 12 and October 12 of each year and commenced on October 12, 2011. We have an option to call the Notes in whole or in part at any time, subject to a make-whole premium. The Notes agreement is unsecured and does not contain any financial covenants. The amount recorded in long-term debt in the Consolidated Balance Sheets for the Notes is equal to the aggregate principal amount of the Notes, net of the unamortized discount. As of February 1, 2014 and February 2, 2013, the estimated fair value of the Notes was $1.39 billion and $1.41 billion, respectively, and was based on the quoted market price of the Notes (level 1 inputs) as of the last business day of the respective fiscal year. | |||||||||
In January 2014, we entered into a 15 billion Japanese yen ($147 million as of February 1, 2014), four-year, unsecured Japan Term Loan due January 2018. Repayments of 2.5 billion Japanese yen ($25 million as of February 1, 2014) are payable on January 15 of each year, commencing on January 15, 2015, with a final repayment of 7.5 billion Japanese yen due on January 15, 2018. In addition, interest is payable at least quarterly based on an interest rate equal to TIBOR plus a fixed margin. The average interest rate for fiscal 2013 was 1 percent. The carrying amount of the Japan Term Loan as of February 1, 2014 approximated its fair value, as the interest rate varies depending on quoted market rates (level 1 inputs). The Japan Term Loan agreement contains certain requirements, including that the covenants in our $500 million, five-year, unsecured revolving credit facility are upheld. As of February 1, 2014, we were in compliance with all such covenants. Violation of these covenants would result in a default under the Japan Term Loan agreement, which, at the bank's discretion, could require the immediate repayment of outstanding amounts. |
Credit_Facilities
Credit Facilities | 12 Months Ended |
Feb. 01, 2014 | |
Line of Credit Facility [Abstract] | ' |
CreditFacilityDisclosure [Text Block] | ' |
Note 6. Credit Facilities | |
We have a $500 million, five-year, unsecured revolving credit facility (the "Facility"), which was set to expire in April 2016. On May 1, 2013, the Facility was amended to extend the expiration date to May 2018 and to improve the pricing structure. The Facility is available for general corporate purposes including working capital, trade letters of credit, and standby letters of credit. The Facility fees fluctuate based on our long-term senior unsecured credit ratings and our leverage ratio. If we were to draw on the Facility, interest would be a base rate (typically LIBOR) plus a margin based on our long-term senior unsecured credit ratings and our leverage ratio on the unpaid principal amount. To maintain availability of funds under the Facility, we pay a facility fee on the full facility amount, regardless of usage. As of February 1, 2014, there were no borrowings under the Facility. The net availability of the Facility, reflecting $23 million of outstanding standby letters of credit, was $477 million as of February 1, 2014. | |
In conjunction with our financings in April 2011 as discussed in Note 5 of Notes to Consolidated Financial Statements, we obtained long-term senior unsecured credit ratings from Moody’s and Fitch. Moody’s assigned a rating of Baa3, and Fitch assigned a rating of BBB-. In fiscal 2013, Standard & Poor’s raised its rating of us to BBB- from BB+. As of February 1, 2014, there were no updates in these credit ratings. Any future change in the Moody’s or Standard & Poor’s ratings would change any future interest expense if we were to draw on the Facility. | |
We maintain two separate agreements in China (the "China Facilities") to make unsecured revolving credit facilities available for our operations in China; they are uncommitted and are available for borrowings, overdraft borrowings, and the issuance of bank guarantees. The 196 million Chinese yuan China Facilities expired in October 2012 and they were subsequently renewed with an increased availability of 250 million Chinese yuan ($41 million as of February 1, 2014) and no expiration date. As of February 1, 2014, there were no borrowings under the China Facilities. There were 42 million Chinese yuan ($7 million as of February 1, 2014) in bank guarantees primarily related to store leases under the China Facilities as of February 1, 2014. The China Facility agreements do not contain any financial covenants. | |
We have a bilateral unsecured standby letter of credit agreement that is uncommitted and does not have an expiration date. As of February 1, 2014, we had $50 million in standby letters of credit issued under the agreement. We also have a $50 million, two-year, unsecured committed letter of credit agreement with an expiration date of September 2014. As of February 1, 2014, we had no trade letters of credit issued under this letter of credit agreement. | |
The Facility and the unsecured committed letter of credit agreement contain financial and other covenants including, but not limited to, limitations on liens and subsidiary debt, as well as the maintenance of two financial ratios—a minimum annual fixed charge coverage ratio of 2.00 and a maximum annual leverage ratio of 2.25. As of February 1, 2014, we were in compliance with all such covenants. Violation of these covenants could result in a default under the Facility and letter of credit agreement, which would permit the participating banks to terminate our ability to access the Facility for letters of credit and advances, terminate our ability to request letters of credit under the letter of credit agreement, require the immediate repayment of any outstanding advances under the Facility, and require the immediate posting of cash collateral in support of any outstanding letters of credit under the letter of credit agreement. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 7. Fair Value Measurements | |||||||||||||||||
There were no purchases, sales, issuances, or settlements related to recurring level 3 measurements during fiscal 2013 or 2012. There were no transfers into or out of level 1 and level 2 during fiscal 2013 or 2012. | |||||||||||||||||
Financial Assets and Liabilities | |||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis and cash equivalents and short-term investments held at amortized cost are as follows: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
($ in millions) | 1-Feb-14 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 519 | $ | 196 | $ | 323 | $ | — | |||||||||
Derivative financial instruments | 64 | — | 64 | — | |||||||||||||
Deferred compensation plan assets | 37 | 37 | — | — | |||||||||||||
Total | $ | 620 | $ | 233 | $ | 387 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments | $ | 15 | $ | — | $ | 15 | $ | — | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
($ in millions) | 2-Feb-13 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 518 | $ | 189 | $ | 329 | $ | — | |||||||||
Short-term investments | 50 | — | 50 | — | |||||||||||||
Derivative financial instruments | 51 | — | 51 | — | |||||||||||||
Deferred compensation plan assets | 27 | 27 | — | — | |||||||||||||
Total | $ | 646 | $ | 216 | $ | 430 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments | $ | 14 | $ | — | $ | 14 | $ | — | |||||||||
We have highly liquid investments classified as cash equivalents and short-term investments, which are placed primarily in money market funds, time deposits, and commercial paper. These investments are classified as held-to-maturity based on our positive intent and ability to hold the securities to maturity. We value these investments at their original purchase prices plus interest that has accrued at the stated rate. | |||||||||||||||||
Derivative financial instruments primarily include foreign exchange forward contracts. The principal currencies hedged against changes in the U.S. dollar are British pounds, Canadian dollars, Euro, and Japanese yen. The fair value of the Company’s derivative financial instruments is determined using pricing models based on current market rates. Derivative financial instruments in an asset position are recorded in other current assets or other long-term assets in the Consolidated Balance Sheets. Derivative financial instruments in a liability position are recorded in accrued expenses and other current liabilities or lease incentives and other long-term liabilities in the Consolidated Balance Sheets. | |||||||||||||||||
We maintain the Gap Inc. Deferred Compensation Plan (“DCP”), which allows eligible employees to defer compensation up to a maximum amount. Plan investments are recorded at market value and are designated for the DCP. The fair value of the Company’s DCP assets is determined based on quoted market prices, and the assets are recorded in other long-term assets in the Consolidated Balance Sheets. | |||||||||||||||||
Nonfinancial Assets | |||||||||||||||||
As discussed in Note 2 of Notes to Consolidated Financial Statements, we recorded a charge for the impairment of long-lived assets of $1 million, $8 million, and $16 million in fiscal 2013, 2012, and 2011, respectively. The impairment charge reduced the then carrying amount of the applicable long-lived assets of $2 million, $11 million, and $21 million to their fair value of $1 million, $3 million, and $5 million during fiscal 2013, 2012, and 2011, respectively. The fair value of the long-lived assets was determined using level 3 inputs and the valuation techniques discussed in Note 1 of Notes to Consolidated Financial Statements. | |||||||||||||||||
As discussed in Note 4 of Notes to Consolidated Financial Statements, there were no impairment charges recorded for goodwill or other indefinite-lived intangible assets for fiscal 2013, 2012, or 2011. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Derivative Financial Instruments | ' | |||||||||||
Note 8. Derivative Financial Instruments | ||||||||||||
We operate in foreign countries, which exposes us to market risk associated with foreign currency exchange rate fluctuations. Consistent with our risk management guidelines, we hedge a portion of our transactions related to merchandise purchases for foreign operations and certain intercompany transactions using foreign exchange forward contracts. The principal currencies hedged against changes in the U.S. dollar are British pounds, Canadian dollars, Euro, and Japanese yen. We do not enter into derivative financial contracts for trading purposes. | ||||||||||||
Cash Flow Hedges | ||||||||||||
We designate the following foreign exchange forward contracts as cash flow hedges: (1) forward contracts used to hedge forecasted merchandise purchases and related costs denominated primarily in U.S. dollars made by our international subsidiaries whose functional currencies are their local currencies; (2) forward contracts used to hedge forecasted intercompany royalty payments denominated in foreign currencies received by entities whose functional currencies are U.S. dollars; and (3) forward contracts used to hedge forecasted intercompany revenue transactions related to merchandise sold from our regional purchasing entity, whose functional currency is the U.S. dollar, to certain international subsidiaries in their local currencies of British pounds and Euro. The foreign exchange forward contracts entered into to hedge forecasted merchandise purchases and related costs, intercompany royalty payments, and intercompany revenue transactions generally have terms of up to 18 months. | ||||||||||||
During fiscal 2011, we entered into and settled treasury rate lock agreements in anticipation of issuing our 5.95 percent fixed-rate Notes of $1.25 billion in April 2011. Prior to the issuance of the Notes, we were subject to changes in interest rates, and we therefore locked into fixed-rate coupons to hedge against the interest rate fluctuations. The gain related to the treasury lock agreements is reported as a component of OCI and is recognized in income over the life of the Notes. | ||||||||||||
There were no material amounts recorded in income for fiscal 2013, 2012, or 2011 as a result of hedge ineffectiveness, hedge components excluded from the assessment of effectiveness, or the discontinuance of cash flow hedges because the forecasted transactions were no longer probable. | ||||||||||||
Net Investment Hedges | ||||||||||||
We also use foreign exchange forward contracts to hedge the net assets of international subsidiaries to offset the foreign currency translation and economic exposures related to our investment in the subsidiaries. | ||||||||||||
There were no material amounts recorded in income for fiscal 2013, 2012, or 2011 as a result of hedge ineffectiveness, hedge components excluded from the assessment of effectiveness, or the discontinuance of net investment hedges. | ||||||||||||
Other Derivatives Not Designated as Hedging Instruments | ||||||||||||
We use foreign exchange forward contracts to hedge our market risk exposure associated with foreign currency exchange rate fluctuations for certain intercompany balances denominated in currencies other than the functional currency of the entity with the intercompany balance. The gain or loss on the derivative financial instruments, as well as the remeasurement of the underlying intercompany balances, is recorded in operating expenses in the Consolidated Statements of Income in the same period and generally offset. We generally enter into foreign exchange forward contracts as needed to hedge intercompany balances that bear foreign exchange risk. | ||||||||||||
Outstanding Notional Amounts | ||||||||||||
As of February 1, 2014 and February 2, 2013, we had foreign exchange forward contracts outstanding in the following notional amounts: | ||||||||||||
(notional amounts in millions) | February 1, | February 2, | ||||||||||
2014 | 2013 | |||||||||||
U.S. dollars (1) | $ | 1,309 | $ | 988 | ||||||||
British pounds | £ | — | £ | 31 | ||||||||
Canadian dollars | C$ | 8 | C$ | — | ||||||||
Euro | € | 25 | € | 25 | ||||||||
__________ | ||||||||||||
-1 | The principal currencies hedged against changes in the U.S. dollar were British pounds, Canadian dollars, Euro, and Japanese yen. | |||||||||||
Contingent Features | ||||||||||||
We had no derivative financial instruments with credit-risk-related contingent features underlying the agreements as of February 1, 2014 or February 2, 2013. | ||||||||||||
Quantitative Disclosures about Derivative Financial Instruments | ||||||||||||
The fair values of foreign exchange forward contracts are as follows: | ||||||||||||
($ in millions) | February 1, | February 2, | ||||||||||
2014 | 2013 | |||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Other current assets | $ | 48 | $ | 41 | ||||||||
Other long-term assets | $ | 6 | $ | 2 | ||||||||
Accrued expenses and other current liabilities | $ | 13 | $ | 10 | ||||||||
Lease incentives and other long-term liabilities | $ | 1 | $ | — | ||||||||
Derivatives designated as net investment hedges: | ||||||||||||
Other current assets | $ | 1 | $ | — | ||||||||
Other long-term assets | $ | — | $ | — | ||||||||
Accrued expenses and other current liabilities | $ | — | $ | 1 | ||||||||
Lease incentives and other long-term liabilities | $ | — | $ | — | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Other current assets | $ | 9 | $ | 8 | ||||||||
Other long-term assets | $ | — | $ | — | ||||||||
Accrued expenses and other current liabilities | $ | 1 | $ | 3 | ||||||||
Lease incentives and other long-term liabilities | $ | — | $ | — | ||||||||
Total derivatives in an asset position | $ | 64 | $ | 51 | ||||||||
Total derivatives in a liability position | $ | 15 | $ | 14 | ||||||||
Substantially all of the unrealized gains and losses from designated cash flow hedges as of February 1, 2014 will be recognized in income within the next 12 months at the then-current values, which may differ from the fair values as of February 1, 2014 shown above. | ||||||||||||
Effective February 3, 2013, we adopted requirements to disclose the potential effect of rights of setoff associated with our derivative financial instruments. Our foreign exchange forward contracts are subject to master netting arrangements with each of our counterparties and such arrangements are enforceable in the event of default or early termination of the contract. We do not elect to offset the fair values of our derivative financial instruments in the Consolidated Balance Sheets, and as such, the fair values shown above represent gross amounts. The amounts subject to enforceable master netting arrangements are $1 million and $4 million as of February 1, 2014 and February 2, 2013, respectively. If we did elect to offset, the net amounts of our derivative financial instruments in an asset position would be $63 million and $47 million and the net amounts of the derivative financial instruments in a liability position would be $14 million and $10 million as of February 1, 2014 and February 2, 2013, respectively. | ||||||||||||
See Note 7 of Notes to Consolidated Financial Statements for disclosures on the fair value measurements of our derivative financial instruments. | ||||||||||||
The effective portion of gains and losses on foreign exchange forward contracts in cash flow hedging and net investment hedging relationships recorded in OCI and the Consolidated Statements of Income, on a pre-tax basis, are as follows: | ||||||||||||
Fiscal Year | ||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||
Gain (loss) recognized in other comprehensive income | $ | 78 | $ | 46 | $ | (20 | ) | |||||
Gain (loss) reclassified into cost of goods sold and occupancy expenses | $ | 59 | $ | 5 | $ | (46 | ) | |||||
Gain (loss) reclassified into operating expenses | $ | 11 | $ | 4 | $ | (5 | ) | |||||
Derivatives in net investment hedging relationships: | ||||||||||||
Gain (loss) recognized in other comprehensive income | $ | 17 | $ | — | $ | (1 | ) | |||||
For fiscal 2013, 2012, and 2011, there were no amounts of gain or loss reclassified from OCI into income for derivative financial instruments in net investment hedging relationships, as we did not sell or liquidate (or substantially liquidate) any of our hedged subsidiaries during the periods. | ||||||||||||
During fiscal 2011, there was a gain of $1 million recognized in OCI related to treasury rate lock agreements, which is recognized in income over the life of the 5.95 percent Notes. | ||||||||||||
Gains and losses on foreign exchange forward contracts not designated as hedging instruments recorded in the Consolidated Statements of Income, on a pre-tax basis are as follows: | ||||||||||||
Fiscal Year | ||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||
Gain recognized in operating expenses | $ | 5 | $ | 5 | $ | 7 | ||||||
Common_Stock
Common Stock | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ||||||||||||
Common Stock Issuance and Repurchases | ' | ||||||||||||
Note 9. Common Stock | |||||||||||||
Common and Preferred Stock | |||||||||||||
The Company is authorized to issue 2.3 billion shares of common stock. We are also authorized to issue 60 million shares of Class B common stock, which is convertible into shares of common stock on a share-for-share basis. Transfer of the Class B shares is restricted. In addition, the holders of the Class B common stock have six votes per share on most matters and are entitled to a lower cash dividend. No Class B shares have been issued as of February 1, 2014. | |||||||||||||
The Company is authorized to issue 30 million shares of one or more series of preferred stock, which has a par value of $0.05 per share, and to establish at the time of issuance the issue price, dividend rate, redemption price, liquidation value, conversion features, and such other terms and conditions of each series (including voting rights) as the Board of Directors deems appropriate, without further action on the part of the stockholders. No preferred shares have been issued as of February 1, 2014. | |||||||||||||
Share Repurchases | |||||||||||||
Share repurchase activity is as follows: | |||||||||||||
Fiscal Year | |||||||||||||
($ and shares in millions except average per share cost) | 2013 | 2012 | 2011 | ||||||||||
Number of shares repurchased | 26 | 34 | 111 | ||||||||||
Total cost | $ | 1,009 | $ | 1,026 | $ | 2,096 | |||||||
Average per share cost including commissions | $ | 38.42 | $ | 29.89 | $ | 18.88 | |||||||
Between August 2010 and January 2013, the Board of Directors authorized a total of $5.25 billion for share repurchases, all of which was completed by the end of January 2014. In November 2013, we announced that the Board of Directors approved a new $1 billion share repurchase authorization, of which $966 million was remaining as of February 1, 2014. | |||||||||||||
All except $30 million of total share repurchases in fiscal 2013 were paid for as of February 1, 2014. All of the share repurchases in fiscal 2012 were paid for as of February 2, 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Text Block] | ' | |||||||||||
Note 10. Accumulated Other Comprehensive Income | ||||||||||||
Effective February 3, 2013, we adopted enhanced disclosure requirements for the reporting of reclassifications out of accumulated other comprehensive income. | ||||||||||||
Changes in accumulated other comprehensive income by component, net of tax, are as follows: | ||||||||||||
($ in millions) | Foreign Currency Translation | Cash Flow Hedges | Total | |||||||||
Balance at February 2, 2013 | $ | 158 | $ | 23 | $ | 181 | ||||||
Foreign currency translation | (51 | ) | — | (51 | ) | |||||||
Change in fair value of derivative financial instruments | — | 48 | 48 | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | (43 | ) | (43 | ) | |||||||
Other comprehensive income (loss), net | (51 | ) | 5 | (46 | ) | |||||||
Balance at February 1, 2014 | $ | 107 | $ | 28 | $ | 135 | ||||||
See Note 8 of Notes to Consolidated Financial Statements for additional disclosures about reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in the Consolidated Statements of Income. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Note 11. Share-Based Compensation | |||||||||||||||||
Share-based compensation expense is as follows: | |||||||||||||||||
Fiscal Year | |||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||||||
Stock units | $ | 99 | $ | 92 | $ | 39 | |||||||||||
Stock options | 12 | 17 | 15 | ||||||||||||||
Employee stock purchase plan | 5 | 4 | 4 | ||||||||||||||
Share-based compensation expense | 116 | 113 | 58 | ||||||||||||||
Less: Income tax benefit | (45 | ) | (44 | ) | (23 | ) | |||||||||||
Share-based compensation expense, net of tax | $ | 71 | $ | 69 | $ | 35 | |||||||||||
No material share-based compensation expense was capitalized in fiscal 2013, 2012, or 2011. | |||||||||||||||||
There were no material modifications made to our outstanding stock options and other stock awards in fiscal 2013, 2012, or 2011. | |||||||||||||||||
General Description of Stock Option and Other Stock Award Plans | |||||||||||||||||
The 1996 Stock Option and Award Plan (the “1996 Plan”) was established on March 26, 1996 and amended and restated on January 28, 2003. The 1996 Plan was further amended and restated on January 24, 2006 and renamed the 2006 Long-Term Incentive Plan (the “2006 Plan”). The 2006 Plan was amended and restated on August 20, 2008. The 2006 Plan was further amended and restated on May 17, 2011 and renamed the 2011 Long-Term Incentive Plan (the “2011 Plan”). The 2011 Plan was further amended and restated in February 2014. Under the 2011 Plan, nonqualified stock options and other stock awards are granted to officers, directors, eligible employees, and consultants at exercise prices or initial values equal to the fair market value of the Company’s common stock at the date of grant or as determined by the Compensation and Management Development Committee of the Board of Directors (the “Committee”). | |||||||||||||||||
The 2002 Stock Option Plan (the “2002 Plan”) was established on January 1, 1999. The 2002 Plan empowered the Committee to award nonqualified stock options to non-officer employees. On May 9, 2006, the 2002 Plan was discontinued, and those awards then outstanding continued to be subject to the terms of the 2002 Plan under which they were granted. Pursuant to the 2011 Plan, any shares (not to exceed 28,019,786 shares) that otherwise would have been returned to the 2002 Plan after May 9, 2006 on account of expiration, cancellation, or forfeiture of awards granted are available for grant under the 2011 Plan. | |||||||||||||||||
As of February 1, 2014, there were 216,586,781 shares that have been authorized for issuance under the 2011 Plan, including those shares available for issuance under the 2002 Plan, which have or may become available for issuance under the 2011 Plan. | |||||||||||||||||
All shares related to stock options and other stock awards are currently issued from treasury stock. As discussed in Note 1 of Notes to Consolidated Financial Statements, in February 2014, the Board of Directors approved the retirement of all existing treasury stock effective March 1, 2014. All common stock repurchased subsequent to March 1, 2014 will be immediately retired and all shares related to stock options and other stock awards will be issued from authorized but unissued common stock. | |||||||||||||||||
Stock Units | |||||||||||||||||
Under the 2011 Plan, Stock Units are granted to employees and members of the Board of Directors. Vesting generally occurs over a period of three to four years of continued service by the employee in equal annual installments. Vesting is immediate in the case of members of the Board of Directors. In some cases, vesting is subject to the attainment of a pre-determined financial target (“Performance Shares”). Performance Shares generally vest over a period of three to four years. | |||||||||||||||||
At the end of each reporting period, we evaluate the probability that the Performance Shares will vest. We record share-based compensation expense on an accelerated basis based on the grant-date fair value and the probability that the pre-determined financial target will be achieved. | |||||||||||||||||
A summary of Stock Unit activity under the 2011 Plan for fiscal 2013 is as follows: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance as of February 2, 2013 | 9,365,435 | $ | 22.62 | ||||||||||||||
Granted | 2,345,598 | $ | 36.84 | ||||||||||||||
Granted, with vesting subject to performance conditions | 1,602,859 | $ | 35.15 | ||||||||||||||
Vested | (3,031,421 | ) | $ | 20.69 | |||||||||||||
Forfeited | (1,621,836 | ) | $ | 29.1 | |||||||||||||
Balance as of February 1, 2014 | 8,660,635 | $ | 28.25 | ||||||||||||||
A summary of additional information about Stock Units is as follows: | |||||||||||||||||
Fiscal Year | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-average fair value per share of Stock Units granted | $ | 36.15 | $ | 24.95 | $ | 20.19 | |||||||||||
Grant-date fair value of Stock Units vested (in millions) | $ | 63 | $ | 50 | $ | 58 | |||||||||||
The aggregate intrinsic value of unvested Stock Units as of February 1, 2014 was $330 million. | |||||||||||||||||
As of February 1, 2014, there was $108 million (before any related tax benefit) of unrecognized share-based compensation, adjusted for estimated forfeitures, related to unvested Stock Units, which is expected to be recognized over a weighted-average period of 1.64 years. Total unrecognized share-based compensation may be adjusted for future changes in estimated forfeitures. | |||||||||||||||||
Stock Units Granted Based on Performance Metrics | |||||||||||||||||
Under the 2011 Plan, some Stock Units are granted to certain employees only after the achievement of pre-determined performance metrics. Once the Stock Unit is granted, vesting is then subject to continued service by the employee, and expense is recognized over a period of three years on an accelerated basis. | |||||||||||||||||
At the end of each reporting period, we evaluate the probability that Stock Units will be granted. We record share-based compensation expense based on the probability that the performance metrics will be achieved, with an offsetting increase to current liabilities. We revalue the liability at the end of each reporting period and record an adjustment to share-based compensation expense as required, based on the probability that the performance metrics will be achieved. Upon achievement of the performance metrics, a Stock Unit is granted. At that time, the associated liability is reclassified to stockholders’ equity. | |||||||||||||||||
Out of 2,345,598 Stock Units granted in fiscal 2013, 419,501 Stock Units were granted based on satisfaction of performance metrics. | |||||||||||||||||
The liability related to potential Stock Units based on performance metrics, which is recorded in accrued expenses and other current liabilities in the Consolidated Balance Sheets, was $2 million and $3 million as of February 1, 2014 and February 2, 2013, respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
We have stock options outstanding under the 2011 Plan and the 2002 Plan. Stock options generally expire 10 years from the grant date, three months after employee termination, or one year after the date of an employee’s retirement or death, if earlier. Vesting generally occurs over a period of four years of continued service by the employee, with 25 percent vesting on each of the four anniversary dates. | |||||||||||||||||
The fair value of stock options issued during fiscal 2013, 2012, and 2011 was estimated on the date of grant using the following assumptions: | |||||||||||||||||
Fiscal Year | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected term (in years) | 4.5 | 4.6 | 4.9 | ||||||||||||||
Expected volatility | 31.5 | % | 33.6 | % | 30.6 | % | |||||||||||
Dividend yield | 1.7 | % | 2.1 | % | 2.1 | % | |||||||||||
Risk-free interest rate | 0.7 | % | 1 | % | 2.3 | % | |||||||||||
A summary of stock option activity under the 2011 Plan and the 2002 Plan for fiscal 2013 is as follows: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Exercise Price | |||||||||||||||||
Balance as of February 2, 2013 | 12,800,355 | $ | 20.56 | ||||||||||||||
Granted | 1,498,050 | $ | 36.54 | ||||||||||||||
Exercised | (6,151,766 | ) | $ | 18.75 | |||||||||||||
Forfeited/Expired | (746,817 | ) | $ | 24.77 | |||||||||||||
Balance as of February 1, 2014 | 7,399,822 | $ | 24.89 | ||||||||||||||
A summary of additional information about stock options is as follows: | |||||||||||||||||
Fiscal Year | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-average fair value per share of stock options granted | $ | 8.25 | $ | 6.35 | $ | 5.28 | |||||||||||
Aggregate intrinsic value of stock options exercised (in millions) | $ | 125 | $ | 94 | $ | 19 | |||||||||||
Fair value of stock options vested (in millions) | $ | 14 | $ | 15 | $ | 15 | |||||||||||
Information about stock options outstanding, vested or expected to vest, and exercisable as of February 1, 2014 is as follows: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number of | Weighted- | Weighted- | Number of | Weighted- | ||||||||||||
Shares as of | Average | Average | Shares as of | Average | |||||||||||||
1-Feb-14 | Remaining | Exercise Price | 1-Feb-14 | Exercise Price | |||||||||||||
Contractual | |||||||||||||||||
Life (in years) | |||||||||||||||||
$11.77-$18.91 | 1,501,474 | 3.66 | $ | 17.35 | 1,490,849 | $ | 17.36 | ||||||||||
$19.00-$21.63 | 695,652 | 1.85 | $ | 20.8 | 672,152 | $ | 20.85 | ||||||||||
$21.79 | 1,481,784 | 7.1 | $ | 21.79 | 474,487 | $ | 21.79 | ||||||||||
$21.88-$25.09 | 1,970,612 | 7.14 | $ | 24.37 | 443,425 | $ | 23.48 | ||||||||||
$27.43-$43.31 | 1,750,300 | 9.04 | $ | 36.17 | 89,800 | $ | 34.97 | ||||||||||
7,399,822 | 6.38 | $ | 24.89 | 3,170,713 | $ | 20.12 | |||||||||||
Vested or expected to vest as of February 1, 2014 | 6,698,572 | 6.19 | $ | 24.46 | |||||||||||||
The aggregate intrinsic value of options outstanding, options vested or expected to vest, and options exercisable as of February 1, 2014 was $98 million, $91 million, and $57 million, respectively. Stock options exercisable as of February 1, 2014 had a weighted-average remaining contractual life of 2.02 years. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
Under our Employee Stock Purchase Plan (“ESPP”), eligible U.S. employees are able to purchase our common stock at 85 percent of the closing price on the New York Stock Exchange on the last day of the three-month purchase periods. Accordingly, compensation expense is recognized for an amount equal to the 15 percent discount. Employees pay for their stock purchases through payroll deductions at a rate equal to any whole percentage from 1 percent to 15 percent. There were 811,223, 960,930, and 1,357,769 shares issued under the ESPP in fiscal 2013, 2012, and 2011, respectively. As of February 1, 2014, there were 4,253,737 shares reserved for future issuances under the ESPP. |
Leases
Leases | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases of Lessee Disclosure [Text Block] | ' | ||||||||||||
Note 12. Leases | |||||||||||||
We lease most of our store premises and some of our corporate facilities and distribution centers. These operating leases expire at various dates through 2030. Most store leases have a five-year base period and include options that allow us to extend the lease term beyond the initial base period, subject to terms agreed upon at lease inception. Some leases also include early termination options, which can be exercised under specific conditions. | |||||||||||||
The aggregate minimum non-cancelable annual lease payments under leases in effect on February 1, 2014 are as follows: | |||||||||||||
($ in millions) | |||||||||||||
Fiscal Year | |||||||||||||
2014 | $ | 1,105 | |||||||||||
2015 | 1,087 | ||||||||||||
2016 | 915 | ||||||||||||
2017 | 738 | ||||||||||||
2018 | 586 | ||||||||||||
Thereafter | 1,716 | ||||||||||||
Total minimum lease commitments | $ | 6,147 | |||||||||||
The total minimum lease commitment amount above does not include minimum sublease rent income of $27 million receivable in the future under non-cancelable sublease agreements. | |||||||||||||
Rent expense related to our store premises, corporate facilities, and distribution centers under operating leases is as follows: | |||||||||||||
Fiscal Year | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Minimum rent expense | $ | 1,162 | $ | 1,104 | $ | 1,072 | |||||||
Contingent rent expense | 121 | 123 | 123 | ||||||||||
Less: Sublease income | (4 | ) | (4 | ) | (8 | ) | |||||||
Total | $ | 1,279 | $ | 1,223 | $ | 1,187 | |||||||
There were no material lease loss reserves as of February 1, 2014 and February 2, 2013. Based on our current assumptions as of February 1, 2014, we do not expect our lease payments associated with our lease loss reserves, net of sublease income, to be paid over the remaining terms through 2027, to be material. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 13. Income Taxes | |||||||||||||
For financial reporting purposes, components of income before income taxes are as follows: | |||||||||||||
Fiscal Year | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 1,817 | $ | 1,692 | $ | 1,253 | |||||||
Foreign | 276 | 169 | 116 | ||||||||||
Income before income taxes | $ | 2,093 | $ | 1,861 | $ | 1,369 | |||||||
The provision for income taxes consists of the following: | |||||||||||||
Fiscal Year | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 616 | $ | 617 | $ | 419 | |||||||
State | 65 | 56 | 37 | ||||||||||
Foreign | 63 | 90 | 91 | ||||||||||
Total current | 744 | 763 | 547 | ||||||||||
Deferred: | |||||||||||||
Federal | 76 | (37 | ) | 14 | |||||||||
State | — | (6 | ) | (6 | ) | ||||||||
Foreign | (7 | ) | 6 | (19 | ) | ||||||||
Total deferred | 69 | (37 | ) | (11 | ) | ||||||||
Total provision | $ | 813 | $ | 726 | $ | 536 | |||||||
Except as noted below and where required by U.S. tax law, no provision has been made for U.S. income taxes on the undistributed earnings of our foreign subsidiaries, as we intend to utilize those earnings in our foreign operations for an indefinite period of time. Such undistributed earnings and profits of foreign subsidiaries as of February 1, 2014 and February 2, 2013 were approximately $1.6 billion and $1.7 billion, respectively. Cash balances in these foreign subsidiaries are substantially lower than these undistributed earnings. If we had not intended to utilize the undistributed earnings in our foreign operations for an indefinite period of time, the deferred tax liability as of February 1, 2014 and February 2, 2013 would have been approximately $203 million and $237 million, respectively. | |||||||||||||
In fiscal 2013, we assessed the forecasted cash needs and overall financial position of our foreign subsidiaries. As a result, we determined that approximately $211 million of current year earnings was in excess of the amount we expect to utilize in certain foreign operations for an indefinite period of time, and accordingly, we have established a deferred tax liability for U.S. income taxes with respect to such earnings as of February 1, 2014 and we have recorded related tax expense of $38 million in fiscal 2013. | |||||||||||||
The difference between the effective tax rate and the U.S. federal tax rate is as follows: | |||||||||||||
Fiscal Year | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, less federal benefit | 3.1 | 2.7 | 2.2 | ||||||||||
Tax impact of foreign operations | 0.8 | 2 | 2.1 | ||||||||||
Other | (0.1 | ) | (0.7 | ) | (0.1 | ) | |||||||
Effective tax rate | 38.8 | % | 39 | % | 39.2 | % | |||||||
Deferred tax assets (liabilities) consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Gross deferred tax assets: | |||||||||||||
Deferred rent | $ | 147 | $ | 136 | |||||||||
Accrued payroll and related benefits | 127 | 124 | |||||||||||
Nondeductible accruals | 104 | 79 | |||||||||||
Inventory capitalization and other adjustments | 62 | 66 | |||||||||||
Federal, State, and foreign net operating losses ("NOLs") | 45 | 37 | |||||||||||
Other | 98 | 100 | |||||||||||
Total gross deferred tax assets | 583 | 542 | |||||||||||
Valuation allowance | (85 | ) | (56 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | 498 | 486 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation | (71 | ) | (14 | ) | |||||||||
Unremitted earnings of certain foreign subsidiaries | (38 | ) | (5 | ) | |||||||||
Other | (33 | ) | (40 | ) | |||||||||
Total deferred tax liabilities | (142 | ) | (59 | ) | |||||||||
Net deferred tax assets | $ | 356 | $ | 427 | |||||||||
Current portion (included in other current assets) | $ | 179 | $ | 220 | |||||||||
Non-current portion (included in other long-term assets) | 177 | 207 | |||||||||||
Total | $ | 356 | $ | 427 | |||||||||
As of February 1, 2014, we had approximately $6 million federal, $66 million state, and $162 million foreign loss carryovers in multiple taxing jurisdictions that could be utilized to reduce the tax liabilities of future years. The tax-effected loss carryovers were approximately $2 million for federal, $4 million for state, and $39 million for foreign as of February 1, 2014. We provided a valuation allowance of approximately $2 million and $36 million against the deferred tax assets related to the state and foreign loss carryovers, respectively. We also provided a valuation allowance of approximately $47 million related to other federal, state, and foreign deferred tax assets. The federal losses expire between fiscal 2030 and fiscal 2033, the state losses expire between fiscal 2019 and fiscal 2032, approximately $90 million of the foreign losses expire between fiscal 2014 and fiscal 2024, and $72 million of the foreign losses do not expire. | |||||||||||||
The activity related to our unrecognized tax benefits is as follows: | |||||||||||||
Fiscal Year | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of fiscal year | $ | 109 | $ | 102 | $ | 67 | |||||||
Increases related to current year tax positions | 8 | 10 | 10 | ||||||||||
Prior year tax positions: | |||||||||||||
Increases | 8 | 10 | 31 | ||||||||||
Decreases | (47 | ) | (12 | ) | (2 | ) | |||||||
Cash settlements | (5 | ) | (4 | ) | (2 | ) | |||||||
Expiration of statute of limitations | — | 3 | (1 | ) | |||||||||
Foreign currency translation | (1 | ) | — | (1 | ) | ||||||||
Balance at end of fiscal year | $ | 72 | $ | 109 | $ | 102 | |||||||
Of the $72 million, $109 million, and $102 million of total unrecognized tax benefits as of February 1, 2014, February 2, 2013, and January 28, 2012, respectively, approximately $27 million, $29 million, and $25 million (net of the federal benefit on state issues), respectively, represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. The decrease in our unrecognized tax benefits during the year was primarily attributable to the favorable resolution of foreign tax matters. | |||||||||||||
During fiscal 2013, an interest expense reversal of $18 million was recognized in the Consolidated Statement of Income relating to the favorable resolution of foreign tax matters. This was partially offset by an additional interest expense of $4 million relating to tax liabilities. During fiscal 2012 and 2011, interest expense of $5 million and $6 million, respectively, was recognized in the Consolidated Statements of Income relating to tax liabilities. As of February 1, 2014 and February 2, 2013, the Company had total accrued interest related to the unrecognized tax benefits of $17 million and $33 million, respectively. There were no accrued penalties related to the unrecognized tax benefits as of February 1, 2014 or February 2, 2013. | |||||||||||||
The Company conducts business globally, and as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as the United States, Canada, France, Hong Kong, Japan, India, and the United Kingdom. We are no longer subject to U.S. federal income tax examinations for fiscal years before 2009, and with few exceptions, we are also no longer subject to U.S. state, local, or non-U.S. income tax examinations for fiscal years before 2008. | |||||||||||||
The Company engages in continual discussions with taxing authorities regarding tax matters in the various U.S. and foreign jurisdictions. As of February 1, 2014, it is reasonably possible that we will recognize a decrease in gross unrecognized tax benefits within the next 12 month of up to $18 million, primarily due to the possible completion of several advance pricing agreements and the closing of audits. If we do recognize such a decrease, the net impact on the Consolidated Statement of Income would not be material. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 01, 2014 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
Note 14. Employee Benefit Plans | |
We have two qualified defined contribution retirement plans, the GapShare 401(k) Plan and the GapShare Puerto Rico Plan (the “Plans”), which are available to employees who meet the eligibility requirements. The Plans permit eligible employees to make contributions up to the maximum limits allowable under the applicable Internal Revenue Codes. Under the Plans, we match, in cash, all or a portion of employees’ contributions under a predetermined formula. Our contributions vest immediately. Our matching contributions to the Plans were $37 million, $37 million, and $36 million in fiscal 2013, 2012, and 2011, respectively. | |
We maintain the Gap Inc. DCP, which allows eligible employees and non-employee directors to defer compensation up to a maximum amount. Plan investments are recorded at market value and are designated for the DCP. The fair value of the Company’s DCP assets is determined based on quoted market prices. As of February 1, 2014 and February 2, 2013, the assets related to the DCP were $37 million and $27 million, respectively, and were recorded in other long-term assets in the Consolidated Balance Sheets. As of February 1, 2014 and February 2, 2013, the corresponding liabilities related to the DCP were $37 million and $27 million, respectively, and were recorded in lease incentives and other long-term liabilities in the Consolidated Balance Sheets. We match all or a portion of employees’ contributions under a predetermined formula. Plan investments are elected by the participants, and investment returns are not guaranteed by the Company. Our matching contributions to the DCP in fiscal 2013, 2012, and 2011 were not material. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share | ' | |||||||||
Note 15. Earnings per Share | ||||||||||
Weighted-average number of shares used for earnings per share is as follows: | ||||||||||
Fiscal Year | ||||||||||
(shares in millions) | 2013 | 2012 | 2011 | |||||||
Weighted-average number of shares—basic | 461 | 482 | 529 | |||||||
Common stock equivalents | 6 | 6 | 4 | |||||||
Weighted-average number of shares—diluted | 467 | 488 | 533 | |||||||
The above computations of weighted-average number of shares—diluted exclude 2 million and 12 million shares related to stock options and other stock awards for fiscal 2013 and 2011, respectively, as their inclusion would have an anti-dilutive effect on earnings per share. There were no material shares with an anti-dilutive effect on earnings per share for fiscal 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||
Note 16. Commitments and Contingencies | |||||||||||||||||||||
Our future purchase obligations and commitments as of February 1, 2014 are as follows: | |||||||||||||||||||||
Payments Due by Period | |||||||||||||||||||||
($ in millions) | Less than 1 | 1-3 Years | 3-5 Years | More Than 5 | Total | ||||||||||||||||
Year | Years | ||||||||||||||||||||
Purchase obligations and commitments (1) | $ | 3,519 | $ | 137 | $ | 47 | $ | 15 | $ | 3,718 | |||||||||||
__________ | |||||||||||||||||||||
-1 | Represents estimated open purchase orders to purchase inventory as well as commitments for products and services used in the normal course of business. | ||||||||||||||||||||
In January 2006, we entered into a ten-year non-exclusive services agreement with IBM under which IBM operates certain significant aspects of our IT infrastructure. The service agreement was set to expire in March 2016. During the first quarter of fiscal 2013, we executed an amendment to extend the term of the agreement through February 2018 and to reduce the scope of services provided by IBM as we opted to take back certain services related to our mainframe services, our data centers, and our corporate network. We pay IBM a combination of fixed and variable charges, with the variable charges fluctuating based on our actual consumption of services, and we have various options to terminate the agreement. IBM also has certain termination rights in the event of our material breach of the agreement and failure to cure. We paid $64 million, $95 million, and $107 million to IBM for fixed charges in fiscal 2013, 2012, and 2011, respectively. Based on the current projection of service needs, we expect to pay approximately $152 million to IBM over the remaining four years of the contract. | |||||||||||||||||||||
We are a party to a variety of contractual agreements under which we may be obligated to indemnify the other party for certain matters. These contracts primarily relate to our commercial contracts, operating leases, trademarks, intellectual property, financial agreements, and various other agreements. Under these contracts, we may provide certain routine indemnifications relating to representations and warranties (e.g., ownership of assets, environmental or tax indemnifications), or personal injury matters. The terms of these indemnifications range in duration and may not be explicitly defined. Generally, the maximum obligation under such indemnifications is not explicitly stated, and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our Consolidated Financial Statements taken as a whole. | |||||||||||||||||||||
As a multinational company, we are subject to various Actions arising in the ordinary course of our business. Many of these Actions raise complex factual and legal issues and are subject to uncertainties. As of February 1, 2014, Actions filed against us included commercial, intellectual property, customer, employment, and data privacy claims, including class action lawsuits. The plaintiffs in some Actions seek unspecified damages or injunctive relief, or both. Actions are in various procedural stages and some are covered in part by insurance. As of February 1, 2014 and February 2, 2013, we recorded a liability for an estimated loss if the outcome of an Action is expected to result in a loss that is considered probable and reasonably estimable. The liability recorded as of February 1, 2014 and February 2, 2013 was not material for any individual Action or in total. Subsequent to February 1, 2014 and through the filing date of March 24, 2014, no information has become available that indicates a material change to our estimate is required. | |||||||||||||||||||||
We cannot predict with assurance the outcome of Actions brought against us. Accordingly, developments, settlements, or resolutions may occur and impact income in the quarter of such development, settlement, or resolution. However, we do not believe that the outcome of any current Action would have a material effect on our Consolidated Financial Statements taken as a whole. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
Note 17. Segment Information | ||||||||||||||||||||||||
We identify our operating segments according to how our business activities are managed and evaluated. Prior to fiscal 2013, we had two reportable segments: Stores and Direct. The Stores reportable segment included the results of the retail stores for Gap, Old Navy, and Banana Republic. The Direct reportable segment included the results of our online brands, as well as Piperlime, Athleta, and Intermix. | ||||||||||||||||||||||||
Beginning in fiscal 2013, we combined all channels and geographies under one global leader for each of the Gap, Old Navy, and Banana Republic brands. Each global brand president oversees their brand's specialty, outlet, online, and franchise operations. Our newer brands, Piperlime, Athleta, and Intermix, are managed by the president of our Growth, Innovation, and Digital ("GID") division, who oversees those brands' store and online operations. Each of our brands serves customers through its store and online channels. We have determined that each of our operating segments (Gap Global, Old Navy Global, Banana Republic Global, and GID) share similar economic and other qualitative characteristics and, effective February 3, 2013, we have aggregated the results of our operating segments into one reportable segment. | ||||||||||||||||||||||||
Online sales are now reflected within the respective results of each brand and region in the net sales below. Fiscal 2012 and 2011 net sales have been conformed to the current year presentation. | ||||||||||||||||||||||||
Net sales by brand and region are as follows: | ||||||||||||||||||||||||
($ in millions) | Gap Global | Old Navy Global | Banana | Other (2) | Total | Percentage | ||||||||||||||||||
Fiscal 2013 | Republic Global | of Net Sales | ||||||||||||||||||||||
U.S. (1) | $ | 3,800 | $ | 5,698 | $ | 2,365 | $ | 668 | $ | 12,531 | 78 | % | ||||||||||||
Canada | 404 | 482 | 238 | 4 | 1,128 | 7 | ||||||||||||||||||
Europe | 809 | — | 82 | — | 891 | 5 | ||||||||||||||||||
Asia | 1,165 | 77 | 155 | — | 1,397 | 9 | ||||||||||||||||||
Other regions | 173 | — | 28 | — | 201 | 1 | ||||||||||||||||||
Total | $ | 6,351 | $ | 6,257 | $ | 2,868 | $ | 672 | $ | 16,148 | 100 | % | ||||||||||||
Sales growth (decline) | 2 | % | 2 | % | (1 | )% | 70 | % | 3 | % | ||||||||||||||
($ in millions) | Gap Global | Old Navy Global | Banana | Other (2) | Total | Percentage | ||||||||||||||||||
Fiscal 2012 | Republic Global | of Net Sales | ||||||||||||||||||||||
U.S. (1) | $ | 3,783 | $ | 5,630 | $ | 2,386 | $ | 395 | $ | 12,194 | 78 | % | ||||||||||||
Canada | 384 | 473 | 238 | — | 1,095 | 7 | ||||||||||||||||||
Europe | 787 | — | 83 | — | 870 | 6 | ||||||||||||||||||
Asia | 1,138 | 9 | 163 | — | 1,310 | 8 | ||||||||||||||||||
Other regions | 162 | — | 20 | — | 182 | 1 | ||||||||||||||||||
Total | $ | 6,254 | $ | 6,112 | $ | 2,890 | $ | 395 | $ | 15,651 | 100 | % | ||||||||||||
Sales growth | 6 | % | 8 | % | 9 | % | 31 | % | 8 | % | ||||||||||||||
($ in millions) | Gap Global | Old Navy Global | Banana | Other (2) | Total | Percentage | ||||||||||||||||||
Fiscal 2011 | Republic Global | of Net Sales | ||||||||||||||||||||||
U.S. (1) | $ | 3,608 | $ | 5,234 | $ | 2,225 | $ | 301 | $ | 11,368 | 78 | % | ||||||||||||
Canada | 359 | 440 | 208 | — | 1,007 | 7 | ||||||||||||||||||
Europe | 795 | — | 68 | — | 863 | 6 | ||||||||||||||||||
Asia | 1,031 | — | 145 | — | 1,176 | 8 | ||||||||||||||||||
Other regions | 119 | — | 16 | — | 135 | 1 | ||||||||||||||||||
Total | $ | 5,912 | $ | 5,674 | $ | 2,662 | $ | 301 | $ | 14,549 | 100 | % | ||||||||||||
Sales growth (decline) | — | % | (4 | )% | 2 | % | 22 | % | (1 | )% | ||||||||||||||
__________ | ||||||||||||||||||||||||
-1 | U.S. includes the United States, Puerto Rico, and Guam. | |||||||||||||||||||||||
-2 | Includes Piperlime and Athleta, and fiscal 2013 net sales also include Intermix. | |||||||||||||||||||||||
Total online sales were $2.3 billion, $1.9 billion, and $1.6 billion in fiscal 2013, 2012, and 2011, respectively. | ||||||||||||||||||||||||
Total franchise sales were $359 million, $331 million, and $283 million in fiscal 2013, 2012, and 2011, respectively. | ||||||||||||||||||||||||
Net sales by region are allocated based on the location in which the sale was originated. Store sales are allocated based on the location of the store, and online sales are allocated based on the location of the distribution center or store from which the products were shipped. | ||||||||||||||||||||||||
Long-lived assets, excluding long-term derivative financial instruments in an asset position and long-term deferred tax assets, by geographic location are as follows: | ||||||||||||||||||||||||
($ in millions) | February 1, | February 2, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
U.S. (1) | $ | 2,548 | $ | 2,488 | ||||||||||||||||||||
Canada | 176 | 196 | ||||||||||||||||||||||
Total North America | 2,724 | 2,684 | ||||||||||||||||||||||
Other regions | 513 | 445 | ||||||||||||||||||||||
Total long-lived assets | $ | 3,237 | $ | 3,129 | ||||||||||||||||||||
__________ | ||||||||||||||||||||||||
-1 | U.S. includes the United States, Puerto Rico, and Guam. |
Quarterly_Information
Quarterly Information | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
Note 18. Quarterly Information (Unaudited) | |||||||||||||||||||||
Selected quarterly and annual operating results are as follows: | |||||||||||||||||||||
13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 52 Weeks Ended | |||||||||||||||||
($ in millions except per share amounts) | May 4, | August 3, | November 2, | February 1, | February 1, 2014 | ||||||||||||||||
2013 | 2013 | 2013 | 2014 | (fiscal 2013) | |||||||||||||||||
Net sales | $ | 3,729 | $ | 3,868 | $ | 3,976 | $ | 4,575 | $ | 16,148 | |||||||||||
Gross profit | $ | 1,544 | $ | 1,567 | $ | 1,589 | $ | 1,593 | $ | 6,293 | |||||||||||
Net income | $ | 333 | $ | 303 | $ | 337 | $ | 307 | $ | 1,280 | |||||||||||
Earnings per share—basic (1) | $ | 0.72 | $ | 0.65 | $ | 0.73 | $ | 0.69 | $ | 2.78 | |||||||||||
Earnings per share—diluted (1) | $ | 0.71 | $ | 0.64 | $ | 0.72 | $ | 0.68 | $ | 2.74 | |||||||||||
13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 14 Weeks Ended | 53 Weeks Ended | |||||||||||||||||
($ in millions except per share amounts) | April 28, | July 28, | October 27, | February 2, | February 2, 2013 | ||||||||||||||||
2012 | 2012 | 2012 | 2013 | (fiscal 2012) | |||||||||||||||||
Net sales | $ | 3,487 | $ | 3,575 | $ | 3,864 | $ | 4,725 | $ | 15,651 | |||||||||||
Gross profit | $ | 1,375 | $ | 1,427 | $ | 1,593 | $ | 1,776 | $ | 6,171 | |||||||||||
Net income | $ | 233 | $ | 243 | $ | 308 | $ | 351 | $ | 1,135 | |||||||||||
Earnings per share—basic (1) | $ | 0.48 | $ | 0.5 | $ | 0.64 | $ | 0.74 | $ | 2.35 | |||||||||||
Earnings per share—diluted (1) | $ | 0.47 | $ | 0.49 | $ | 0.63 | $ | 0.73 | $ | 2.33 | |||||||||||
__________ | |||||||||||||||||||||
-1 | Earnings per share was computed individually for each of the periods presented; therefore, the sum of the earnings per share amounts for the quarters may not equal the total for the year. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies Significant Accounting Policies (Policies) | 12 Months Ended | ||
Feb. 01, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Organization | ' | ||
Organization | |||
The Gap, Inc., a Delaware Corporation, is a global retailer offering apparel, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. We have Company-operated stores in the United States, Canada, the United Kingdom, France, Ireland, Japan, Italy, China, Hong Kong, and beginning in March 2014, Taiwan. We also have franchise agreements with unaffiliated franchisees to operate Gap, Banana Republic, and Old Navy stores in many other countries around the world. In addition, our products are available to customers online through Company-owned websites and through use of third parties that provide logistics and fulfillment services. | |||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The Consolidated Financial Statements include the accounts of The Gap, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated. | |||
Fiscal Year and Presentation | ' | ||
Fiscal Year and Presentation | |||
Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to January 31. The fiscal years ended February 1, 2014 (fiscal 2013) and January 28, 2012 (fiscal 2011) consisted of 52 weeks. The fiscal year ended February 2, 2013 (fiscal 2012) consisted of 53 weeks. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||
Cash and Cash Equivalents and Short Term Investments | ' | ||
Cash and Cash Equivalents and Short-Term Investments | |||
Cash includes funds deposited in banks as well as amounts in transit from banks for customer credit card and debit card transactions that process in less than seven days. | |||
All highly liquid investments with original maturities of 91 days or less are classified as cash equivalents. Highly liquid investments with original maturities of greater than 91 days that will mature less than one year from the balance sheet date are classified as short-term investments. Our cash equivalents and short-term investments are placed primarily in money market funds, time deposits, and commercial paper and are classified as held-to-maturity based on our positive intent and ability to hold the securities to maturity. We value these investments at their original purchase prices plus interest that has accrued at the stated rate. Income related to these securities is recorded in interest income in the Consolidated Statements of Income. | |||
Restricted Cash | ' | ||
Restricted Cash | |||
Restricted cash consists primarily of cash that serves as collateral for our insurance obligations. Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is included in other long-term assets. Otherwise, restricted cash is included in other current assets in the Consolidated Balance Sheets. | |||
Merchandise Inventory | ' | ||
Merchandise Inventory | |||
We value inventory at the lower of cost or market, with cost determined using the weighted-average cost method. We record an adjustment when future estimated selling price is less than cost. We review our inventory levels in order to identify slow-moving merchandise and broken assortments (items no longer in stock in a sufficient range of sizes or colors) and use promotions and markdowns to clear merchandise. In addition, we estimate and accrue shortage for the period between the last physical count and the balance sheet date. | |||
Derivative Financial Instruments | ' | ||
Derivative Financial Instruments | |||
Derivative financial instruments are recorded at fair value in the Consolidated Balance Sheets as other current assets, other long-term assets, accrued expenses and other current liabilities, or lease incentives and other long-term liabilities. | |||
For derivative financial instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative financial instruments is reported as a component of other comprehensive income (“OCI”) and is recognized in income in the period in which the underlying transaction impacts the income statement. For derivative financial instruments that are designated and qualify as net investment hedges, the effective portion of the gain or loss on the derivative financial instruments is reported as a component of OCI and is reclassified into income in the period or periods during which the hedged subsidiary is either sold or liquidated (or substantially liquidated). Gains and losses on the derivative financial instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, if any, are recognized in current income. For derivative financial instruments not designated as hedging instruments, the gain or loss on the derivative financial instruments is recorded in operating expenses in the Consolidated Statements of Income. Cash flows from derivative financial instruments are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. | |||
Property and Equipment | ' | ||
Property and Equipment | |||
Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are as follows: | |||
Category | Term | ||
Leasehold improvements | Shorter of remaining lease term or economic life, up to 15 years | ||
Furniture and equipment | Up to 15 years | ||
Buildings and building improvements | Up to 39 years | ||
Software | 3 to 7 years | ||
When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts, with any resulting gain or loss recorded in operating expenses in the Consolidated Statements of Income. Costs of maintenance and repairs are expensed as incurred. | |||
Lease Rights, Key Money, and Favorable Lease Assets | ' | ||
Lease Rights, Key Money, and Favorable Lease Assets | |||
Lease rights are costs incurred to acquire the right to lease a specific property. A majority of our lease rights are related to premiums paid to landlords, lease buy-out costs, and broker fees. Key money is the amount of funds paid to a landlord or tenant to acquire the rights of tenancy under a commercial property lease for a property located in France. These rights can be subsequently sold by us to a new tenant or the amount of key money paid can potentially be recovered from the landlord should the landlord refuse to allow the automatic right of renewal to be exercised. Lease rights and key money are recorded at cost and are amortized over the corresponding lease term. Lease rights and key money are recorded in other long-term assets in the Consolidated Balance Sheets, net of related amortization. | |||
In connection with our acquisition of Intermix in December 2012, we acquired favorable lease assets as a result of leases with terms that were considered favorable relative to market terms for similar leases as of the date of acquisition. The favorable lease assets are recognized as rent expense in cost of goods sold and occupancy expenses in the Consolidated Statements of Income over the remaining term of the leases. | |||
Insurance and Self-Insurance | ' | ||
Insurance and Self-Insurance | |||
We retain a portion of the risk for certain losses related to employee health and welfare, workers’ compensation, and general liability claims. Undiscounted liabilities associated with these programs are estimated based primarily on actuarially-determined amounts and are accrued in part by considering historical claims experience, demographic factors, severity factors, and other actuarial assumptions. | |||
Asset Retirement Obligations | ' | ||
Asset Retirement Obligations | |||
An asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development, or normal operation of that long-lived asset. The Company’s asset retirement obligations are primarily associated with leasehold improvements that we are contractually obligated to remove at the end of a lease to comply with the lease agreement. We recognize asset retirement obligations at the inception of a lease with such conditions if a reasonable estimate of fair value can be made. The asset retirement obligation is recorded in accrued expenses and other current liabilities and lease incentives and other long-term liabilities in the Consolidated Balance Sheets and is subsequently adjusted for changes in estimated asset retirement obligations. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life. | |||
Treasury Stock | ' | ||
Treasury Stock | |||
We account for treasury stock under the cost method, using the first-in, first-out flow assumption, and we include treasury stock as a component of stockholders’ equity. In February 2014, the Board of Directors approved the retirement of all existing treasury stock effective March 1, 2014. All common stock repurchased subsequent to March 1, 2014 will be immediately retired and all shares related to stock options and other stock awards will be issued from authorized but unissued common stock. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Revenue is recognized for store sales when the customer receives and pays for the merchandise at the register. For sales through online and catalog orders, revenue is recognized at the time we estimate the customer receives the product. Amounts related to shipping and handling that are billed to customers are recorded in net sales, and the related costs are recorded in cost of goods sold and occupancy expenses in the Consolidated Statements of Income. Revenues are presented net of estimated returns and any taxes collected from customers and remitted to governmental authorities. Allowances for estimated returns are recorded based on estimated margin using our historical return patterns. | |||
We sell merchandise to franchisees under multi-year franchise agreements. We recognize revenue from sales to franchisees at the time merchandise ownership is transferred to the franchisee, which generally occurs when the merchandise reaches the franchisee’s pre-designated turnover point. These sales are recorded in net sales, and the related cost of goods sold is recorded in cost of goods sold and occupancy expenses in the Consolidated Statements of Income. We also receive royalties from franchisees based on a percentage of the total merchandise purchased by the franchisee, net of any refunds or credits due them. Royalty revenue is recognized when merchandise ownership is transferred to the franchisee and is recorded in net sales in the Consolidated Statements of Income. | |||
Classification of Expenses | ' | ||
Classification of Expenses | |||
Cost of goods sold and occupancy expenses include the following: | |||
• | the cost of merchandise; | ||
• | inventory shortage and valuation adjustments; | ||
• | freight charges; | ||
• | shipping and handling costs; | ||
• | costs associated with our sourcing operations, including payroll and related benefits; | ||
• | production costs; | ||
• | insurance costs related to merchandise; and | ||
• | rent, occupancy, depreciation, and amortization related to our store operations, distribution centers, and certain corporate functions. | ||
Operating expenses include the following: | |||
• | payroll and related benefits (for our store operations, field management, distribution centers, and corporate functions); | ||
• | marketing; | ||
• | general and administrative expenses; | ||
• | costs to design and develop our products; | ||
• | merchandise handling and receiving in distribution centers; | ||
• | distribution center general and administrative expenses; | ||
• | rent, occupancy, depreciation, and amortization for our corporate facilities; and | ||
• | other expenses (income). | ||
The classification of expenses varies across the apparel retail industry. Accordingly, our cost of goods sold and occupancy expenses and operating expenses may not be comparable to those of other companies. Merchandise handling and receiving expenses and distribution center general and administrative expenses recorded in operating expenses were $243 million, $231 million, and $224 million in fiscal 2013, 2012, and 2011, respectively. | |||
Rent Expense | ' | ||
Rent Expense | |||
Minimum rent expense is recognized over the term of the lease, starting when possession of the property is taken from the landlord, which normally includes a construction period prior to the store opening. When a lease contains a predetermined fixed escalation of the minimum rent, we recognize the related rent expense on a straight-line basis and record the difference between the recognized rent expense and the amounts payable under the lease as a short-term or long-term deferred rent liability. We also receive tenant allowances upon entering into certain leases, which are recorded as a short-term or long-term tenant allowance liability and amortized using the straight-line method as a reduction to rent expense over the term of the lease. A co-tenancy failure by our landlord during the lease term may result in a reduction of the required cash payments made to the landlord for the duration of the co-tenancy failure and is recorded as a reduction to rent expense as the reduced cash payments are made. Future payments for common area maintenance, insurance, real estate taxes, and other occupancy costs the Company is obligated to make are excluded from minimum lease payments. | |||
Certain leases provide for contingent rents that are not measurable at inception. These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level and/or rent increase based on a change in the consumer price index or fair market value. These amounts are excluded from minimum rent and are included in the determination of rent expense when it is probable that the expense has been incurred and the amount can be reasonably estimated. | |||
Impairment of Long-Lived Assets | ' | ||
Impairment of Long-Lived Assets | |||
We review the carrying amount of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Events that result in an impairment review include the decision to close a store, corporate facility, or distribution center, or a significant decrease in the operating performance of the long-lived asset. Long-lived assets are considered impaired if the estimated undiscounted future cash flows of the asset or asset group are less than the carrying amount. For impaired assets, we recognize a loss equal to the difference between the carrying amount of the asset or asset group and its estimated fair value, which is recorded in operating expenses in the Consolidated Statements of Income. The estimated fair value of the asset or asset group is based on discounted future cash flows of the asset or asset group using a discount rate commensurate with the risk. The asset group is defined as the lowest level for which identifiable cash flows are available and largely independent of the cash flows of other groups of assets, which for our retail stores is primarily at the store level. | |||
Goodwill and Intangible Assets | ' | ||
Goodwill and Intangible Assets | |||
We review the carrying amount of goodwill and other indefinite-lived intangible assets for impairment annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Events that result in an impairment review include significant changes in the business climate, declines in our operating results, or an expectation that the carrying amount may not be recoverable. We assess potential impairment by considering present economic conditions as well as future expectations. | |||
We review goodwill for impairment, as appropriate, by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. If it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the two-step test is performed to identify potential goodwill impairment. If it is determined that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, it is unnecessary to perform the two-step goodwill impairment test. Based on certain circumstances, we may elect to bypass the qualitative assessment and proceed directly to performing the first step of the two-step goodwill impairment test. The first step of the two-step goodwill impairment test compares the fair value of the reporting unit to its carrying amount, including goodwill. The second step includes hypothetically valuing all the tangible and intangible assets of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. | |||
A trade name is considered impaired if the estimated fair value of the trade name is less than the carrying amount. If a trade name is considered impaired, we recognize a loss equal to the difference between the carrying amount and the estimated fair value of the trade name. The fair value of a trade name is determined using the relief from royalty method, which requires management to make assumptions and to apply judgment, including forecasting future sales and expenses, and selecting appropriate discount rates and royalty rates. | |||
Goodwill and other indefinite-lived intangible assets, including the trade names, are recorded in other long-term assets in the Consolidated Balance Sheets. | |||
Lease Losses | ' | ||
Lease Losses | |||
The decision to close a store, corporate facility, or distribution center can result in accelerated depreciation and amortization over the revised remaining useful lives of the associated long-lived assets. In addition, upon exiting leased premises, we record a charge and corresponding lease loss reserve equal to the incremental amount of the present value of the net future obligation greater than the remaining rent-related deferred balances. The net future obligation is determined as the remaining contractual rent obligations less the amount for which we are able to or expect to be able to sublease the properties. We estimate the amount for which we expect to be able to sublease the properties based on the status of our efforts to sublease vacant office space and stores, a review of real estate market conditions, our projections for sublease income, and our assumptions regarding sublease commencement. Lease losses are recorded in operating expenses in the Consolidated Statements of Income. | |||
Pre-Opening Costs | ' | ||
Pre-Opening Costs | |||
Pre-opening and start-up activity costs, which include rent and occupancy, supplies, advertising, and payroll expenses incurred prior to the opening of a new store or other facility, are expensed in the period in which they occur. | |||
Advertising | ' | ||
Advertising | |||
Costs associated with the production of advertising, such as writing, copy, printing, and other costs, are expensed as incurred. Costs associated with communicating advertising that has been produced, such as television and magazine costs, are expensed when the advertising event takes place. Advertising expense was $637 million, $653 million, and $548 million in fiscal 2013, 2012, and 2011, respectively, and is recorded in operating expenses in the Consolidated Statements of Income. | |||
Prepaid catalog expense consists of the cost to prepare, print, and distribute catalogs. Such costs are amortized over their expected period of future benefit, which is approximately one to eight months. | |||
Share-Based Compensation | ' | ||
Share-Based Compensation | |||
Share-based compensation expense for stock options and other stock awards is determined based on the grant-date fair value. We use the Black-Scholes-Merton option-pricing model to determine the fair value of stock options, which requires the input of subjective assumptions regarding the expected term, expected volatility, dividend yield, and risk-free interest rate. For units granted whereby one share of common stock is issued for each unit as the unit vests (“Stock Units”), the fair value is determined based on the Company’s stock price on the date of grant less future expected dividends during the vesting period. For stock options and Stock Units, we recognize share-based compensation cost net of estimated forfeitures and revise the estimates in subsequent periods if actual forfeitures differ from the estimates. We estimate the forfeiture rate based on historical experience as well as expected future behavior. Share-based compensation expense is recorded primarily in operating expenses in the Consolidated Statements of Income over the period during which the employee is required to provide service in exchange for stock options and Stock Units. | |||
Unredeemed Gift Cards, Gift Certificates, and Credit Vouchers | ' | ||
Unredeemed Gift Cards, Gift Certificates, and Credit Vouchers | |||
Upon issuance of a gift card, gift certificate, or credit voucher, a liability is established for its cash value. The liability is relieved and net sales are recorded upon redemption by the customer. Over time, some portion of these instruments is not redeemed. We determine breakage income for gift cards, gift certificates, and credit vouchers based on historical redemption patterns. Breakage income is recorded in other income, which is a component of operating expenses in the Consolidated Statements of Income, when we can determine the portion of the liability where redemption is remote. Based on our historical information, three years after the gift card, gift certificate, or credit voucher is issued, we can determine the portion of the liability where redemption is remote. When breakage income is recorded, a liability is recognized for any legal obligation to remit the unredeemed portion to relevant jurisdictions. Substantially all of our gift cards, gift certificates, and credit vouchers have no expiration dates. | |||
Credit Cards | ' | ||
Credit Cards | |||
We have credit card agreements (the “Agreements”) with third parties to provide our customers with private label credit cards and/or co-branded credit cards (collectively, the “Credit Cards”). Each private label credit card bears the logo of Gap, Banana Republic, or Old Navy and can be used at any of our U.S. or Canadian store locations and online. The co-branded credit card is a VISA credit card bearing the logo of Gap, Banana Republic, or Old Navy and can be used everywhere VISA credit cards are accepted. A third-party financing company is the sole owner of the accounts issued under the Credit Card programs, and this third party absorbs the losses associated with non-payment by the cardholder and a portion of any fraudulent usage of the accounts. We receive cash from the third-party financing company in accordance with the Agreements and based on usage of the Credit Cards. We also receive payment from Visa U.S.A. Inc. in accordance with the Agreements and based on specified transactional fees. We recognize income for such cash receipts when the amounts are fixed or determinable and collectibility is reasonably assured, which is generally the time at which the actual usage of the Credit Cards or specified transaction occurs. The income is recorded in other income, which is a component of operating expenses in our Consolidated Statements of Income. In February 2014, our agreement with the third-party financing company was amended and extended through May 2022. | |||
The Credit Card programs offer incentives to cardholders in the form of reward certificates upon the cumulative purchase of an established amount. The cost associated with reward points and certificates is accrued as the rewards are earned by the cardholder and is recorded in cost of goods sold and occupancy expenses in the Consolidated Statements of Income. Other administrative costs related to the Credit Card programs, including payroll, marketing expenses, and other direct costs, are recorded in operating expenses in the Consolidated Statements of Income. | |||
Earnings Per Share | ' | ||
Earnings per Share | |||
Basic earnings per share is computed as net income divided by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed as net income divided by the weighted-average number of common shares outstanding for the period including common stock equivalents. Common stock equivalents consist of shares subject to share-based awards with exercise prices less than the average market price of our common stock for the period, to the extent their inclusion would be dilutive. Stock options and other stock awards that contain performance conditions are not included in the calculation of common stock equivalents until such performance conditions have been achieved. | |||
Foreign Currency | ' | ||
Foreign Currency | |||
Our international subsidiaries primarily use local currencies as their functional currency and translate their assets and liabilities at the current rate of exchange in effect at the balance sheet date. Revenue and expenses from their operations are translated using the monthly average exchange rates in effect during the period in which the transactions occur. The resulting gains and losses from translation are recorded in the Consolidated Statements of Comprehensive Income and in accumulated OCI in the Consolidated Statements of Stockholders’ Equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in the Consolidated Statements of Income. There were no material transaction gains and losses recorded in the Consolidated Statements of Income for fiscal 2013, 2012, or 2011. | |||
Comprehensive Income | ' | ||
Comprehensive Income | |||
Comprehensive income is comprised of net income and other gains and losses affecting equity that are excluded from net income. The components of OCI consist of foreign currency translation gains and losses, net of tax, changes in the fair value of derivative financial instruments, net of tax, and reclassification adjustments for realized gains and losses on derivative financial instruments, net of tax. | |||
Income Taxes | ' | ||
Income Taxes | |||
Deferred income taxes are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the Consolidated Financial Statements. A valuation allowance is established against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||
Our income tax expense includes changes in our estimated liability for exposures associated with our various tax filing positions. At any point in time, many tax years are subject to or in the process of being audited by various taxing authorities. To the extent our estimates of settlements change or the final tax outcome of these matters is different from the amounts recorded, such differences will impact the income tax provision in the period in which such determinations are made. | |||
The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties related to unrecognized tax benefits in operating expenses in the Consolidated Statements of Income. | |||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2013-11, Income Taxes, to clarify the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2013. We do not expect the adoption of the ASU to have a material impact on our consolidated financial statements. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies Schedule of estimated PP&E useful lives (Tables) | 12 Months Ended | ||
Feb. 01, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Schedule of estimated property and equipment useful lives | ' | ||
Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives are as follows: | |||
Category | Term | ||
Leasehold improvements | Shorter of remaining lease term or economic life, up to 15 years | ||
Furniture and equipment | Up to 15 years | ||
Buildings and building improvements | Up to 39 years | ||
Software | 3 to 7 years |
Additional_Financial_Statement1
Additional Financial Statement Information Additional Financial Statement Information (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Additional Financial Statement Information [Abstract] | ' | ||||||||||||
Cash and Cash Equivalents and Short-Term Investments [Table Text Block] | ' | ||||||||||||
Cash and cash equivalents and short-term investments consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Cash (1) | $ | 991 | $ | 942 | |||||||||
Bank certificates of deposit and time deposits | 323 | 304 | |||||||||||
Money market funds | 196 | 189 | |||||||||||
Domestic commercial paper | — | 25 | |||||||||||
Cash equivalents | 519 | 518 | |||||||||||
Cash and cash equivalents | $ | 1,510 | $ | 1,460 | |||||||||
Bank certificates of deposit and time deposits | $ | — | $ | 50 | |||||||||
Short-term investments | $ | — | $ | 50 | |||||||||
__________ | |||||||||||||
-1 | Cash includes $64 million and $71 million of amounts in transit from banks for customer credit card and debit card transactions as of February 1, 2014 and February 2, 2013, respectively. | ||||||||||||
Other Current Assets [Table Text Block] | ' | ||||||||||||
Other current assets consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable | $ | 462 | $ | 331 | |||||||||
Current portion of deferred tax assets | 179 | 220 | |||||||||||
Prepaid minimum rent and occupancy expenses | 155 | 147 | |||||||||||
Prepaid income taxes | 84 | 60 | |||||||||||
Derivative financial instruments | 58 | 49 | |||||||||||
Prepaid catalog expenses | 3 | 4 | |||||||||||
Other | 51 | 53 | |||||||||||
Other current assets | $ | 992 | $ | 864 | |||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||||
Property and equipment are stated at cost less accumulated depreciation and consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Leasehold improvements | $ | 3,211 | $ | 3,131 | |||||||||
Furniture and equipment | 2,493 | 2,464 | |||||||||||
Software | 1,173 | 1,078 | |||||||||||
Land, buildings, and building improvements | 1,106 | 1,101 | |||||||||||
Construction-in-progress | 176 | 136 | |||||||||||
Property and equipment, at cost | 8,159 | 7,910 | |||||||||||
Less: Accumulated depreciation | (5,401 | ) | (5,291 | ) | |||||||||
Property and equipment, net of accumulated depreciation | $ | 2,758 | $ | 2,619 | |||||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | ' | ||||||||||||
Other long-term assets consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Long-term income tax-related assets | $ | 185 | $ | 244 | |||||||||
Goodwill | 180 | 184 | |||||||||||
Trade names | 92 | 92 | |||||||||||
Deferred compensation plan assets | 37 | 27 | |||||||||||
Lease rights, key money, and favorable lease assets, net of accumulated amortization of $145 and $144 | 32 | 31 | |||||||||||
Restricted cash | 14 | 11 | |||||||||||
Other indefinite-lived intangible assets | 6 | 6 | |||||||||||
Derivative financial instruments | 6 | 2 | |||||||||||
Intangible assets subject to amortization, net of accumulated amortization of $17 and $15 | 1 | 3 | |||||||||||
Other | 108 | 119 | |||||||||||
Other long-term assets | $ | 661 | $ | 719 | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Accrued compensation and benefits | $ | 327 | $ | 369 | |||||||||
Unredeemed gift cards, gift certificates, and credit vouchers, net of breakage | 238 | 232 | |||||||||||
Short-term deferred rent and tenant allowances | 93 | 93 | |||||||||||
Insurance liabilities | 69 | 72 | |||||||||||
Accrued advertising | 42 | 26 | |||||||||||
Credit card reward points and certificates liability | 29 | 18 | |||||||||||
Sales return allowance | 26 | 27 | |||||||||||
Derivative financial instruments | 14 | 14 | |||||||||||
Short-term asset retirement obligations | 8 | 6 | |||||||||||
Short-term lease loss reserve | — | 5 | |||||||||||
Other | 296 | 230 | |||||||||||
Accrued expenses and other current liabilities | $ | 1,142 | $ | 1,092 | |||||||||
Lease Incentives and Other Long Term Liabilities [Table Text Block] | ' | ||||||||||||
Lease incentives and other long-term liabilities consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Long-term deferred rent, tenant allowances, and unfavorable lease liabilities | $ | 766 | $ | 750 | |||||||||
Long-term income tax-related liabilities | 83 | 132 | |||||||||||
Long-term asset retirement obligations | 59 | 49 | |||||||||||
Deferred compensation plan liabilities | 37 | 27 | |||||||||||
Long-term lease loss reserve | 1 | 1 | |||||||||||
Derivative financial instruments | 1 | — | |||||||||||
Other | 26 | 27 | |||||||||||
Lease incentives and other long-term liabilities | $ | 973 | $ | 986 | |||||||||
Summary of Sales Return Allowance Account [Table Text Block] | ' | ||||||||||||
A summary of activity in the sales return allowance account is as follows: | |||||||||||||
($ in millions) | February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of fiscal year | $ | 27 | $ | 21 | $ | 22 | |||||||
Additions | 896 | 845 | 720 | ||||||||||
Returns | (897 | ) | (839 | ) | (721 | ) | |||||||
Balance at end of fiscal year | $ | 26 | $ | 27 | $ | 21 | |||||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Purchase Price Allocation [Table Text Block] | ' | |||||||||||
($ in millions) | Purchase Price Allocation as of Acquisition Date (1) | Measurement Period Adjustments | Final Purchase Price Allocation | |||||||||
Goodwill | $ | 85 | $ | (4 | ) | $ | 81 | |||||
Trade name | 38 | — | 38 | |||||||||
Intangible assets subject to amortization | 3 | — | 3 | |||||||||
Net assets acquired | 3 | 4 | 7 | |||||||||
Total purchase price | $ | 129 | $ | — | $ | 129 | ||||||
__________ | ||||||||||||
-1 | As previously reported in our Form 10-K for the year ended February 2, 2013. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill and Intangible Assets | ' | ||||||||
($ in millions) | February 1, | February 2, | |||||||
2014 | 2013 | ||||||||
Goodwill | $ | 180 | $ | 184 | |||||
Trade names | $ | 92 | $ | 92 | |||||
Other indefinite-lived intangible assets | $ | 6 | $ | 6 | |||||
Intangible assets subject to amortization | $ | 18 | $ | 18 | |||||
Less: Accumulated amortization | (17 | ) | (15 | ) | |||||
Intangible assets subject to amortization, net | $ | 1 | $ | 3 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-term debt consists of the following: | |||||||||
($ in millions) | February 1, | February 2, | |||||||
2014 | 2013 | ||||||||
Notes | $ | 1,247 | $ | 1,246 | |||||
Term loan | 147 | — | |||||||
Total long-term debt | 1,394 | 1,246 | |||||||
Less: Current portion | (25 | ) | — | ||||||
Total long-term debt, less current portion | $ | 1,369 | $ | 1,246 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Assets And Liabilities Measured At Fair Value On Recurring Basis | ' | ||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis and cash equivalents and short-term investments held at amortized cost are as follows: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
($ in millions) | 1-Feb-14 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 519 | $ | 196 | $ | 323 | $ | — | |||||||||
Derivative financial instruments | 64 | — | 64 | — | |||||||||||||
Deferred compensation plan assets | 37 | 37 | — | — | |||||||||||||
Total | $ | 620 | $ | 233 | $ | 387 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments | $ | 15 | $ | — | $ | 15 | $ | — | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
($ in millions) | 2-Feb-13 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 518 | $ | 189 | $ | 329 | $ | — | |||||||||
Short-term investments | 50 | — | 50 | — | |||||||||||||
Derivative financial instruments | 51 | — | 51 | — | |||||||||||||
Deferred compensation plan assets | 27 | 27 | — | — | |||||||||||||
Total | $ | 646 | $ | 216 | $ | 430 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments | $ | 14 | $ | — | $ | 14 | $ | — | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Derivative [Line Items] | ' | |||||||||||
Foreign Exchange Forward Contracts Outstanding | ' | |||||||||||
As of February 1, 2014 and February 2, 2013, we had foreign exchange forward contracts outstanding in the following notional amounts: | ||||||||||||
(notional amounts in millions) | February 1, | February 2, | ||||||||||
2014 | 2013 | |||||||||||
U.S. dollars (1) | $ | 1,309 | $ | 988 | ||||||||
British pounds | £ | — | £ | 31 | ||||||||
Canadian dollars | C$ | 8 | C$ | — | ||||||||
Euro | € | 25 | € | 25 | ||||||||
__________ | ||||||||||||
-1 | The principal currencies hedged against changes in the U.S. dollar were British pounds, Canadian dollars, Euro, and Japanese yen. | |||||||||||
Fair Values of Asset and Liability Derivative Financial Instruments | ' | |||||||||||
The fair values of foreign exchange forward contracts are as follows: | ||||||||||||
($ in millions) | February 1, | February 2, | ||||||||||
2014 | 2013 | |||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Other current assets | $ | 48 | $ | 41 | ||||||||
Other long-term assets | $ | 6 | $ | 2 | ||||||||
Accrued expenses and other current liabilities | $ | 13 | $ | 10 | ||||||||
Lease incentives and other long-term liabilities | $ | 1 | $ | — | ||||||||
Derivatives designated as net investment hedges: | ||||||||||||
Other current assets | $ | 1 | $ | — | ||||||||
Other long-term assets | $ | — | $ | — | ||||||||
Accrued expenses and other current liabilities | $ | — | $ | 1 | ||||||||
Lease incentives and other long-term liabilities | $ | — | $ | — | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Other current assets | $ | 9 | $ | 8 | ||||||||
Other long-term assets | $ | — | $ | — | ||||||||
Accrued expenses and other current liabilities | $ | 1 | $ | 3 | ||||||||
Lease incentives and other long-term liabilities | $ | — | $ | — | ||||||||
Total derivatives in an asset position | $ | 64 | $ | 51 | ||||||||
Total derivatives in a liability position | $ | 15 | $ | 14 | ||||||||
Effects of Derivative Financial Instruments on OCI and Consolidated Statements of Income | ' | |||||||||||
The effective portion of gains and losses on foreign exchange forward contracts in cash flow hedging and net investment hedging relationships recorded in OCI and the Consolidated Statements of Income, on a pre-tax basis, are as follows: | ||||||||||||
Fiscal Year | ||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||
Gain (loss) recognized in other comprehensive income | $ | 78 | $ | 46 | $ | (20 | ) | |||||
Gain (loss) reclassified into cost of goods sold and occupancy expenses | $ | 59 | $ | 5 | $ | (46 | ) | |||||
Gain (loss) reclassified into operating expenses | $ | 11 | $ | 4 | $ | (5 | ) | |||||
Derivatives in net investment hedging relationships: | ||||||||||||
Gain (loss) recognized in other comprehensive income | $ | 17 | $ | — | $ | (1 | ) | |||||
Not Designated as Hedging Instrument [Member] | ' | |||||||||||
Derivative [Line Items] | ' | |||||||||||
Effects of Derivative Financial Instruments on OCI and Consolidated Statements of Income | ' | |||||||||||
Gains and losses on foreign exchange forward contracts not designated as hedging instruments recorded in the Consolidated Statements of Income, on a pre-tax basis are as follows: | ||||||||||||
Fiscal Year | ||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||
Gain recognized in operating expenses | $ | 5 | $ | 5 | $ | 7 | ||||||
Common_Stock_Share_Repurchases
Common Stock (Share Repurchases) (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ||||||||||||
Share Repurchase Activity | ' | ||||||||||||
Share repurchase activity is as follows: | |||||||||||||
Fiscal Year | |||||||||||||
($ and shares in millions except average per share cost) | 2013 | 2012 | 2011 | ||||||||||
Number of shares repurchased | 26 | 34 | 111 | ||||||||||
Total cost | $ | 1,009 | $ | 1,026 | $ | 2,096 | |||||||
Average per share cost including commissions | $ | 38.42 | $ | 29.89 | $ | 18.88 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
Changes in accumulated other comprehensive income by component, net of tax, are as follows: | ||||||||||||
($ in millions) | Foreign Currency Translation | Cash Flow Hedges | Total | |||||||||
Balance at February 2, 2013 | $ | 158 | $ | 23 | $ | 181 | ||||||
Foreign currency translation | (51 | ) | — | (51 | ) | |||||||
Change in fair value of derivative financial instruments | — | 48 | 48 | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | (43 | ) | (43 | ) | |||||||
Other comprehensive income (loss), net | (51 | ) | 5 | (46 | ) | |||||||
Balance at February 1, 2014 | $ | 107 | $ | 28 | $ | 135 | ||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Share-Based Compensation Expense | ' | ||||||||||||||||
Share-based compensation expense is as follows: | |||||||||||||||||
Fiscal Year | |||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||||||
Stock units | $ | 99 | $ | 92 | $ | 39 | |||||||||||
Stock options | 12 | 17 | 15 | ||||||||||||||
Employee stock purchase plan | 5 | 4 | 4 | ||||||||||||||
Share-based compensation expense | 116 | 113 | 58 | ||||||||||||||
Less: Income tax benefit | (45 | ) | (44 | ) | (23 | ) | |||||||||||
Share-based compensation expense, net of tax | $ | 71 | $ | 69 | $ | 35 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | ' | ||||||||||||||||
Information about stock options outstanding, vested or expected to vest, and exercisable as of February 1, 2014 is as follows: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number of | Weighted- | Weighted- | Number of | Weighted- | ||||||||||||
Shares as of | Average | Average | Shares as of | Average | |||||||||||||
1-Feb-14 | Remaining | Exercise Price | 1-Feb-14 | Exercise Price | |||||||||||||
Contractual | |||||||||||||||||
Life (in years) | |||||||||||||||||
$11.77-$18.91 | 1,501,474 | 3.66 | $ | 17.35 | 1,490,849 | $ | 17.36 | ||||||||||
$19.00-$21.63 | 695,652 | 1.85 | $ | 20.8 | 672,152 | $ | 20.85 | ||||||||||
$21.79 | 1,481,784 | 7.1 | $ | 21.79 | 474,487 | $ | 21.79 | ||||||||||
$21.88-$25.09 | 1,970,612 | 7.14 | $ | 24.37 | 443,425 | $ | 23.48 | ||||||||||
$27.43-$43.31 | 1,750,300 | 9.04 | $ | 36.17 | 89,800 | $ | 34.97 | ||||||||||
7,399,822 | 6.38 | $ | 24.89 | 3,170,713 | $ | 20.12 | |||||||||||
Vested or expected to vest as of February 1, 2014 | 6,698,572 | 6.19 | $ | 24.46 | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
The fair value of stock options issued during fiscal 2013, 2012, and 2011 was estimated on the date of grant using the following assumptions: | |||||||||||||||||
Fiscal Year | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected term (in years) | 4.5 | 4.6 | 4.9 | ||||||||||||||
Expected volatility | 31.5 | % | 33.6 | % | 30.6 | % | |||||||||||
Dividend yield | 1.7 | % | 2.1 | % | 2.1 | % | |||||||||||
Risk-free interest rate | 0.7 | % | 1 | % | 2.3 | % | |||||||||||
Stock Options [Member] | ' | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Additional Information About Stock Unit Activity [Table Text Block] | ' | ||||||||||||||||
A summary of additional information about stock options is as follows: | |||||||||||||||||
Fiscal Year | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-average fair value per share of stock options granted | $ | 8.25 | $ | 6.35 | $ | 5.28 | |||||||||||
Aggregate intrinsic value of stock options exercised (in millions) | $ | 125 | $ | 94 | $ | 19 | |||||||||||
Fair value of stock options vested (in millions) | $ | 14 | $ | 15 | $ | 15 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
A summary of stock option activity under the 2011 Plan and the 2002 Plan for fiscal 2013 is as follows: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Exercise Price | |||||||||||||||||
Balance as of February 2, 2013 | 12,800,355 | $ | 20.56 | ||||||||||||||
Granted | 1,498,050 | $ | 36.54 | ||||||||||||||
Exercised | (6,151,766 | ) | $ | 18.75 | |||||||||||||
Forfeited/Expired | (746,817 | ) | $ | 24.77 | |||||||||||||
Balance as of February 1, 2014 | 7,399,822 | $ | 24.89 | ||||||||||||||
Stock Units [Member] | ' | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||
Additional Information About Stock Unit Activity [Table Text Block] | ' | ||||||||||||||||
A summary of additional information about Stock Units is as follows: | |||||||||||||||||
Fiscal Year | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-average fair value per share of Stock Units granted | $ | 36.15 | $ | 24.95 | $ | 20.19 | |||||||||||
Grant-date fair value of Stock Units vested (in millions) | $ | 63 | $ | 50 | $ | 58 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
A summary of Stock Unit activity under the 2011 Plan for fiscal 2013 is as follows: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance as of February 2, 2013 | 9,365,435 | $ | 22.62 | ||||||||||||||
Granted | 2,345,598 | $ | 36.84 | ||||||||||||||
Granted, with vesting subject to performance conditions | 1,602,859 | $ | 35.15 | ||||||||||||||
Vested | (3,031,421 | ) | $ | 20.69 | |||||||||||||
Forfeited | (1,621,836 | ) | $ | 29.1 | |||||||||||||
Balance as of February 1, 2014 | 8,660,635 | $ | 28.25 | ||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||
The aggregate minimum non-cancelable annual lease payments under leases in effect on February 1, 2014 are as follows: | |||||||||||||
($ in millions) | |||||||||||||
Fiscal Year | |||||||||||||
2014 | $ | 1,105 | |||||||||||
2015 | 1,087 | ||||||||||||
2016 | 915 | ||||||||||||
2017 | 738 | ||||||||||||
2018 | 586 | ||||||||||||
Thereafter | 1,716 | ||||||||||||
Total minimum lease commitments | $ | 6,147 | |||||||||||
Schedule of Rent Expense [Table Text Block] | ' | ||||||||||||
Rent expense related to our store premises, corporate facilities, and distribution centers under operating leases is as follows: | |||||||||||||
Fiscal Year | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Minimum rent expense | $ | 1,162 | $ | 1,104 | $ | 1,072 | |||||||
Contingent rent expense | 121 | 123 | 123 | ||||||||||
Less: Sublease income | (4 | ) | (4 | ) | (8 | ) | |||||||
Total | $ | 1,279 | $ | 1,223 | $ | 1,187 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||
For financial reporting purposes, components of income before income taxes are as follows: | |||||||||||||
Fiscal Year | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 1,817 | $ | 1,692 | $ | 1,253 | |||||||
Foreign | 276 | 169 | 116 | ||||||||||
Income before income taxes | $ | 2,093 | $ | 1,861 | $ | 1,369 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
The provision for income taxes consists of the following: | |||||||||||||
Fiscal Year | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 616 | $ | 617 | $ | 419 | |||||||
State | 65 | 56 | 37 | ||||||||||
Foreign | 63 | 90 | 91 | ||||||||||
Total current | 744 | 763 | 547 | ||||||||||
Deferred: | |||||||||||||
Federal | 76 | (37 | ) | 14 | |||||||||
State | — | (6 | ) | (6 | ) | ||||||||
Foreign | (7 | ) | 6 | (19 | ) | ||||||||
Total deferred | 69 | (37 | ) | (11 | ) | ||||||||
Total provision | $ | 813 | $ | 726 | $ | 536 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
The difference between the effective tax rate and the U.S. federal tax rate is as follows: | |||||||||||||
Fiscal Year | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, less federal benefit | 3.1 | 2.7 | 2.2 | ||||||||||
Tax impact of foreign operations | 0.8 | 2 | 2.1 | ||||||||||
Other | (0.1 | ) | (0.7 | ) | (0.1 | ) | |||||||
Effective tax rate | 38.8 | % | 39 | % | 39.2 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
Deferred tax assets (liabilities) consist of the following: | |||||||||||||
($ in millions) | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
Gross deferred tax assets: | |||||||||||||
Deferred rent | $ | 147 | $ | 136 | |||||||||
Accrued payroll and related benefits | 127 | 124 | |||||||||||
Nondeductible accruals | 104 | 79 | |||||||||||
Inventory capitalization and other adjustments | 62 | 66 | |||||||||||
Federal, State, and foreign net operating losses ("NOLs") | 45 | 37 | |||||||||||
Other | 98 | 100 | |||||||||||
Total gross deferred tax assets | 583 | 542 | |||||||||||
Valuation allowance | (85 | ) | (56 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | 498 | 486 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation | (71 | ) | (14 | ) | |||||||||
Unremitted earnings of certain foreign subsidiaries | (38 | ) | (5 | ) | |||||||||
Other | (33 | ) | (40 | ) | |||||||||
Total deferred tax liabilities | (142 | ) | (59 | ) | |||||||||
Net deferred tax assets | $ | 356 | $ | 427 | |||||||||
Current portion (included in other current assets) | $ | 179 | $ | 220 | |||||||||
Non-current portion (included in other long-term assets) | 177 | 207 | |||||||||||
Total | $ | 356 | $ | 427 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||
The activity related to our unrecognized tax benefits is as follows: | |||||||||||||
Fiscal Year | |||||||||||||
($ in millions) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of fiscal year | $ | 109 | $ | 102 | $ | 67 | |||||||
Increases related to current year tax positions | 8 | 10 | 10 | ||||||||||
Prior year tax positions: | |||||||||||||
Increases | 8 | 10 | 31 | ||||||||||
Decreases | (47 | ) | (12 | ) | (2 | ) | |||||||
Cash settlements | (5 | ) | (4 | ) | (2 | ) | |||||||
Expiration of statute of limitations | — | 3 | (1 | ) | |||||||||
Foreign currency translation | (1 | ) | — | (1 | ) | ||||||||
Balance at end of fiscal year | $ | 72 | $ | 109 | $ | 102 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Weighted-Average Number of Shares | ' | |||||||||
Weighted-average number of shares used for earnings per share is as follows: | ||||||||||
Fiscal Year | ||||||||||
(shares in millions) | 2013 | 2012 | 2011 | |||||||
Weighted-average number of shares—basic | 461 | 482 | 529 | |||||||
Common stock equivalents | 6 | 6 | 4 | |||||||
Weighted-average number of shares—diluted | 467 | 488 | 533 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies Purchase Obligations And Commitments (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | ' | ||||||||||||||||||||
Our future purchase obligations and commitments as of February 1, 2014 are as follows: | |||||||||||||||||||||
Payments Due by Period | |||||||||||||||||||||
($ in millions) | Less than 1 | 1-3 Years | 3-5 Years | More Than 5 | Total | ||||||||||||||||
Year | Years | ||||||||||||||||||||
Purchase obligations and commitments (1) | $ | 3,519 | $ | 137 | $ | 47 | $ | 15 | $ | 3,718 | |||||||||||
__________ | |||||||||||||||||||||
-1 | Represents estimated open purchase orders to purchase inventory as well as commitments for products and services used in the normal course of business. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Net Sales by Brand and Region | ' | |||||||||||||||||||||||
Net sales by brand and region are as follows: | ||||||||||||||||||||||||
($ in millions) | Gap Global | Old Navy Global | Banana | Other (2) | Total | Percentage | ||||||||||||||||||
Fiscal 2013 | Republic Global | of Net Sales | ||||||||||||||||||||||
U.S. (1) | $ | 3,800 | $ | 5,698 | $ | 2,365 | $ | 668 | $ | 12,531 | 78 | % | ||||||||||||
Canada | 404 | 482 | 238 | 4 | 1,128 | 7 | ||||||||||||||||||
Europe | 809 | — | 82 | — | 891 | 5 | ||||||||||||||||||
Asia | 1,165 | 77 | 155 | — | 1,397 | 9 | ||||||||||||||||||
Other regions | 173 | — | 28 | — | 201 | 1 | ||||||||||||||||||
Total | $ | 6,351 | $ | 6,257 | $ | 2,868 | $ | 672 | $ | 16,148 | 100 | % | ||||||||||||
Sales growth (decline) | 2 | % | 2 | % | (1 | )% | 70 | % | 3 | % | ||||||||||||||
($ in millions) | Gap Global | Old Navy Global | Banana | Other (2) | Total | Percentage | ||||||||||||||||||
Fiscal 2012 | Republic Global | of Net Sales | ||||||||||||||||||||||
U.S. (1) | $ | 3,783 | $ | 5,630 | $ | 2,386 | $ | 395 | $ | 12,194 | 78 | % | ||||||||||||
Canada | 384 | 473 | 238 | — | 1,095 | 7 | ||||||||||||||||||
Europe | 787 | — | 83 | — | 870 | 6 | ||||||||||||||||||
Asia | 1,138 | 9 | 163 | — | 1,310 | 8 | ||||||||||||||||||
Other regions | 162 | — | 20 | — | 182 | 1 | ||||||||||||||||||
Total | $ | 6,254 | $ | 6,112 | $ | 2,890 | $ | 395 | $ | 15,651 | 100 | % | ||||||||||||
Sales growth | 6 | % | 8 | % | 9 | % | 31 | % | 8 | % | ||||||||||||||
($ in millions) | Gap Global | Old Navy Global | Banana | Other (2) | Total | Percentage | ||||||||||||||||||
Fiscal 2011 | Republic Global | of Net Sales | ||||||||||||||||||||||
U.S. (1) | $ | 3,608 | $ | 5,234 | $ | 2,225 | $ | 301 | $ | 11,368 | 78 | % | ||||||||||||
Canada | 359 | 440 | 208 | — | 1,007 | 7 | ||||||||||||||||||
Europe | 795 | — | 68 | — | 863 | 6 | ||||||||||||||||||
Asia | 1,031 | — | 145 | — | 1,176 | 8 | ||||||||||||||||||
Other regions | 119 | — | 16 | — | 135 | 1 | ||||||||||||||||||
Total | $ | 5,912 | $ | 5,674 | $ | 2,662 | $ | 301 | $ | 14,549 | 100 | % | ||||||||||||
Sales growth (decline) | — | % | (4 | )% | 2 | % | 22 | % | (1 | )% | ||||||||||||||
__________ | ||||||||||||||||||||||||
-1 | U.S. includes the United States, Puerto Rico, and Guam. | |||||||||||||||||||||||
-2 | Includes Piperlime and Athleta, and fiscal 2013 net sales also include Intermix. | |||||||||||||||||||||||
Net sales by brand and region are as follows: | ||||||||||||||||||||||||
($ in millions) | Gap Global | Old Navy Global | Banana | Other (2) | Total | Percentage | ||||||||||||||||||
Fiscal 2013 | Republic Global | of Net Sales | ||||||||||||||||||||||
U.S. (1) | $ | 3,800 | $ | 5,698 | $ | 2,365 | $ | 668 | $ | 12,531 | 78 | % | ||||||||||||
Canada | 404 | 482 | 238 | 4 | 1,128 | 7 | ||||||||||||||||||
Europe | 809 | — | 82 | — | 891 | 5 | ||||||||||||||||||
Asia | 1,165 | 77 | 155 | — | 1,397 | 9 | ||||||||||||||||||
Other regions | 173 | — | 28 | — | 201 | 1 | ||||||||||||||||||
Total | $ | 6,351 | $ | 6,257 | $ | 2,868 | $ | 672 | $ | 16,148 | 100 | % | ||||||||||||
Sales growth (decline) | 2 | % | 2 | % | (1 | )% | 70 | % | 3 | % | ||||||||||||||
($ in millions) | Gap Global | Old Navy Global | Banana | Other (2) | Total | Percentage | ||||||||||||||||||
Fiscal 2012 | Republic Global | of Net Sales | ||||||||||||||||||||||
U.S. (1) | $ | 3,783 | $ | 5,630 | $ | 2,386 | $ | 395 | $ | 12,194 | 78 | % | ||||||||||||
Canada | 384 | 473 | 238 | — | 1,095 | 7 | ||||||||||||||||||
Europe | 787 | — | 83 | — | 870 | 6 | ||||||||||||||||||
Asia | 1,138 | 9 | 163 | — | 1,310 | 8 | ||||||||||||||||||
Other regions | 162 | — | 20 | — | 182 | 1 | ||||||||||||||||||
Total | $ | 6,254 | $ | 6,112 | $ | 2,890 | $ | 395 | $ | 15,651 | 100 | % | ||||||||||||
Sales growth | 6 | % | 8 | % | 9 | % | 31 | % | 8 | % | ||||||||||||||
($ in millions) | Gap Global | Old Navy Global | Banana | Other (2) | Total | Percentage | ||||||||||||||||||
Fiscal 2011 | Republic Global | of Net Sales | ||||||||||||||||||||||
U.S. (1) | $ | 3,608 | $ | 5,234 | $ | 2,225 | $ | 301 | $ | 11,368 | 78 | % | ||||||||||||
Canada | 359 | 440 | 208 | — | 1,007 | 7 | ||||||||||||||||||
Europe | 795 | — | 68 | — | 863 | 6 | ||||||||||||||||||
Asia | 1,031 | — | 145 | — | 1,176 | 8 | ||||||||||||||||||
Other regions | 119 | — | 16 | — | 135 | 1 | ||||||||||||||||||
Total | $ | 5,912 | $ | 5,674 | $ | 2,662 | $ | 301 | $ | 14,549 | 100 | % | ||||||||||||
Sales growth (decline) | — | % | (4 | )% | 2 | % | 22 | % | (1 | )% | ||||||||||||||
__________ | ||||||||||||||||||||||||
-1 | U.S. includes the United States, Puerto Rico, and Guam. | |||||||||||||||||||||||
-2 | Includes Piperlime and Athleta, and fiscal 2013 net sales also include Intermix. | |||||||||||||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | ' | |||||||||||||||||||||||
Long-lived assets, excluding long-term derivative financial instruments in an asset position and long-term deferred tax assets, by geographic location are as follows: | ||||||||||||||||||||||||
($ in millions) | February 1, | February 2, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
U.S. (1) | $ | 2,548 | $ | 2,488 | ||||||||||||||||||||
Canada | 176 | 196 | ||||||||||||||||||||||
Total North America | 2,724 | 2,684 | ||||||||||||||||||||||
Other regions | 513 | 445 | ||||||||||||||||||||||
Total long-lived assets | $ | 3,237 | $ | 3,129 | ||||||||||||||||||||
__________ | ||||||||||||||||||||||||
-1 | U.S. includes the United States, Puerto Rico, and Guam. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||||||||||
Schedule Of Quarterly Data [Table] | ' | ||||||||||||||||||||
Selected quarterly and annual operating results are as follows: | |||||||||||||||||||||
13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 52 Weeks Ended | |||||||||||||||||
($ in millions except per share amounts) | May 4, | August 3, | November 2, | February 1, | February 1, 2014 | ||||||||||||||||
2013 | 2013 | 2013 | 2014 | (fiscal 2013) | |||||||||||||||||
Net sales | $ | 3,729 | $ | 3,868 | $ | 3,976 | $ | 4,575 | $ | 16,148 | |||||||||||
Gross profit | $ | 1,544 | $ | 1,567 | $ | 1,589 | $ | 1,593 | $ | 6,293 | |||||||||||
Net income | $ | 333 | $ | 303 | $ | 337 | $ | 307 | $ | 1,280 | |||||||||||
Earnings per share—basic (1) | $ | 0.72 | $ | 0.65 | $ | 0.73 | $ | 0.69 | $ | 2.78 | |||||||||||
Earnings per share—diluted (1) | $ | 0.71 | $ | 0.64 | $ | 0.72 | $ | 0.68 | $ | 2.74 | |||||||||||
13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | 14 Weeks Ended | 53 Weeks Ended | |||||||||||||||||
($ in millions except per share amounts) | April 28, | July 28, | October 27, | February 2, | February 2, 2013 | ||||||||||||||||
2012 | 2012 | 2012 | 2013 | (fiscal 2012) | |||||||||||||||||
Net sales | $ | 3,487 | $ | 3,575 | $ | 3,864 | $ | 4,725 | $ | 15,651 | |||||||||||
Gross profit | $ | 1,375 | $ | 1,427 | $ | 1,593 | $ | 1,776 | $ | 6,171 | |||||||||||
Net income | $ | 233 | $ | 243 | $ | 308 | $ | 351 | $ | 1,135 | |||||||||||
Earnings per share—basic (1) | $ | 0.48 | $ | 0.5 | $ | 0.64 | $ | 0.74 | $ | 2.35 | |||||||||||
Earnings per share—diluted (1) | $ | 0.47 | $ | 0.49 | $ | 0.63 | $ | 0.73 | $ | 2.33 | |||||||||||
__________ | |||||||||||||||||||||
-1 | Earnings per share was computed individually for each of the periods presented; therefore, the sum of the earnings per share amounts for the quarters may not equal the total for the year. |
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies PP&E Useful Lives and Foreign Currency Transaction Gains/Losses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Merchandise handling and receiving expenses and distribution center general and administrative expenses | $243 | $231 | $224 |
Advertising expense | 637 | 653 | 548 |
Foreign Currency Transaction Gain (Loss), before Tax | $0 | $0 | $0 |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated property and equipment useful lives | '15 years | ' | ' |
Furniture and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated property and equipment useful lives | '15 years | ' | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated property and equipment useful lives | '39 years | ' | ' |
Software [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated property and equipment useful lives | '7 years | ' | ' |
Software [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated property and equipment useful lives | '3 years | ' | ' |
Additional_Financial_Statement2
Additional Financial Statement Information Cash and Cash Equivalents and Short-Term Investments (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | ||
In Millions, unless otherwise specified | ||||
Additional Financial Statement Information [Abstract] | ' | ' | ||
Cash | $991 | [1] | $942 | [1] |
Bank certificates of deposit and time deposits | 323 | 304 | ||
Money market funds | 196 | 189 | ||
Domestic commercial paper | 0 | 25 | ||
Cash equivalents | 519 | 518 | ||
Cash and cash equivalents | 1,510 | 1,460 | ||
Bank certificates of deposit and time deposits | 0 | 50 | ||
Short-term investments | 0 | 50 | ||
Amount in transit from banks for customer credit and debit card transactions | $64 | $71 | ||
[1] | Cash includes $64 million and $71 million of amounts in transit from banks for customer credit card and debit card transactions as of February 1, 2014 and February 2, 2013, respectively. |
Additional_Financial_Statement3
Additional Financial Statement Information Other Current Assets (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Additional Financial Statement Information [Abstract] | ' | ' |
Accounts receivable | $462 | $331 |
Current portion of deferred tax assets | 179 | 220 |
Prepaid minimum rent and occupancy expenses | 155 | 147 |
Prepaid income taxes | 84 | 60 |
Derivative financial instruments | 58 | 49 |
Prepaid catalog expenses | 3 | 4 |
Other | 51 | 53 |
Other current assets | $992 | $864 |
Additional_Financial_Statement4
Additional Financial Statement Information Property and Equipment (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | $8,159 | $7,910 |
Less: Accumulated depreciation | -5,401 | -5,291 |
Property and equipment, net of accumulated depreciation | 2,758 | 2,619 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 3,211 | 3,131 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 2,493 | 2,464 |
Land, Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 1,106 | 1,101 |
Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 1,173 | 1,078 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | $176 | $136 |
Additional_Financial_Statement5
Additional Financial Statement Information Other Long-Term Assets (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Additional Financial Statement Information [Abstract] | ' | ' |
Long-term income tax-related assets | $185 | $244 |
Goodwill | 180 | 184 |
Trade names | 92 | 92 |
Deferred compensation plan assets | 37 | 27 |
Lease rights, key money, and favorable lease assets, net of accumulated amortization of $145 and $144 | 32 | 31 |
Restricted cash | 14 | 11 |
Other indefinite-lived intangible assets | 6 | 6 |
Derivative financial instruments | 6 | 2 |
Intangible assets subject to amortization, net of accumulated amortization of $17 and $15 | 1 | 3 |
Other | 108 | 119 |
Other long-term assets | 661 | 719 |
Lease rights, key money, and favorable lease assets, accumulated amortization | 145 | 144 |
Intangible assets, accumulated amortization | $17 | $15 |
Additional_Financial_Statement6
Additional Financial Statement Information Accrued Expenses and Other Current Liabilities (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 |
In Millions, unless otherwise specified | ||||
Additional Financial Statement Information [Abstract] | ' | ' | ' | ' |
Accrued compensation and benefits | $327 | $369 | ' | ' |
Unredeemed gift cards, gift certificates, and credit vouchers, net of breakage | 238 | 232 | ' | ' |
Short-term deferred rent and tenant allowances | 93 | 93 | ' | ' |
Insurance liabilities | 69 | 72 | ' | ' |
Accrued advertising | 42 | 26 | ' | ' |
Credit card reward points and certificates liability | 29 | 18 | ' | ' |
Sales return allowance | 26 | 27 | 21 | 22 |
Derivative financial instruments | 14 | 14 | ' | ' |
Short-term asset retirement obligations | 8 | 6 | ' | ' |
Short-term lease loss reserve | 0 | 5 | ' | ' |
Other | 296 | 230 | ' | ' |
Accrued expenses and other current liabilities | $1,142 | $1,092 | ' | ' |
Additional_Financial_Statement7
Additional Financial Statement Information Lease Incentives and Other Long-Term Liabilities (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Additional Financial Statement Information [Abstract] | ' | ' |
Long-term deferred rent, tenant allowances, and unfavorable lease liabilities | $766 | $750 |
Long-term income tax-related liabilities | 83 | 132 |
Long-term asset retirement obligations | 59 | 49 |
Deferred compensation plan liabilities | 37 | 27 |
Long-term lease loss reserve | 1 | 1 |
Derivative financial instruments | 1 | 0 |
Other | 26 | 27 |
Lease incentives and other long-term liabilities | $973 | $986 |
Additional_Financial_Statement8
Additional Financial Statement Information Sales Return Allowance (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 |
Additional Financial Statement Information [Abstract] | ' | ' | ' | ' |
Additions | $896 | $845 | $720 | ' |
Returns | -897 | -839 | -721 | ' |
Sales return allowance | $26 | $27 | $21 | $22 |
Additional_Financial_Statement9
Additional Financial Statement Information Additional Financial Statement Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Additional Financial Statement Information [Abstract] | ' | ' | ' |
Cash Equivalents And Short Term Investments Impairment Charge | $0 | $0 | $0 |
Depreciation | 530 | 554 | 586 |
Interest Costs Capitalized | 8 | 6 | 4 |
Other Asset Impairment Charges | 1 | 8 | 16 |
Activity Related to Asset Retirement Obligations | $0 | $0 | ' |
Acquisition_Acquisition_Detail
Acquisition Acquisition (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | ||
Business Acquisition [Line Items] | ' | ' | ||
Trade names | $92 | $92 | ||
Intermix [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Goodwill | 81 | 85 | [1] | |
Trade names | 38 | [1] | ' | |
Goodwill, Purchase Accounting Adjustments | 0 | ' | ||
Trade name | 38 | ' | ||
Intangible assets subject to amortization | 3 | [1] | ' | |
Net assets acquired | 7 | 3 | [1] | |
Total purchase price | 129 | 129 | [1] | |
Trade Names [Member] | Intermix [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Goodwill, Purchase Accounting Adjustments | 0 | ' | ||
Goodwill [Member] | Intermix [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Goodwill, Purchase Accounting Adjustments | -4 | ' | ||
Finite-Lived Intangible Assets [Member] | Intermix [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Goodwill, Purchase Accounting Adjustments | 0 | ' | ||
Other Assets [Member] | Intermix [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Goodwill, Purchase Accounting Adjustments | $4 | ' | ||
[1] | (1)As previously reported in our Form 10-K for the year ended February 2, 2013. |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill | $180 | $184 |
Trade names | 92 | 92 |
Other indefinite-lived intangible assets | 6 | 6 |
Intangible assets subject to amortization | 18 | 18 |
Less: Accumulated amortization | -17 | -15 |
Intangible assets subject to amortization, net | $1 | $3 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Goodwill | $180 | $184 | ' | ||
Amortization of Intangible Assets | 0 | 0 | 0 | ||
Trade names | 92 | 92 | ' | ||
Goodwill, Impairment Loss | 0 | 0 | 0 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | 0 | ||
Changes in the carrying amount of goodwill | 0 | 0 | 0 | ||
Indefinite-lived Intangible Assets, Period Increase (Decrease) | 0 | 0 | 0 | ||
Intermix [Member] | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Goodwill, Purchase Accounting Adjustments | 0 | ' | ' | ||
Goodwill, Acquired During Period | 81 | 85 | [1] | ' | |
Trade names | 38 | [1] | ' | ' | |
Intangible assets subject to amortization | 3 | [1] | ' | ' | |
Athleta [Member] | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Goodwill | 99 | ' | ' | ||
Trade names | 54 | ' | ' | ||
Intangible assets subject to amortization | 15 | ' | ' | ||
Changes in the carrying amount of goodwill | 0 | 0 | 0 | ||
Indefinite-lived Intangible Assets, Period Increase (Decrease) | ' | 0 | 0 | ||
Intermix - Customer Relationships Intangible Assets [Member] | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '4 years | ' | ' | ||
Goodwill [Member] | Intermix [Member] | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ||
Goodwill, Purchase Accounting Adjustments | ($4) | ' | ' | ||
[1] | (1)As previously reported in our Form 10-K for the year ended February 2, 2013. |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-Term Debt (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Notes | $1,247 | $1,246 |
Term loan | 147 | 0 |
Total long-term debt | 1,394 | 1,246 |
Less: Current portion | -25 | 0 |
Total long-term debt, less current portion | $1,369 | $1,246 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Details) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Apr. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | |
USD ($) | USD ($) | USD ($) | 5.95 Percent Notes Due April 2021 | 5.95 Percent Notes Due April 2021 | 5.95 Percent Notes Due April 2021 | Japan Term Loan | Japan Term Loan | Five Year Unsecured Revolving Credit Facility [Member] | Minimum [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | Japan Term Loan | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of notes issued | ' | ' | ' | $1,250,000,000 | ' | ' | $147,000,000 | ¥ 15,000,000,000 | ' | ' |
Notes, interest rate | ' | ' | ' | 5.95% | ' | ' | ' | ' | ' | ' |
Notes, maturity date | ' | ' | ' | 12-Apr-21 | ' | ' | 15-Jan-18 | 15-Jan-18 | ' | ' |
Proceeds from Issuance of Debt | ' | ' | ' | 1,240,000,000 | ' | ' | ' | ' | ' | ' |
Payments of Debt Issuance Costs | 0 | 0 | 11,000,000 | 11,000,000 | ' | ' | ' | ' | ' | ' |
Estimated fair value | ' | ' | ' | ' | 1,390,000,000 | 1,410,000,000 | 147,000,000 | ' | ' | ' |
Debt Instrument, Annual Principal Payment | ' | ' | ' | ' | ' | ' | 25,000,000 | 2,500,000,000 | ' | ' |
Debt instrument maturity term, years | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Final repayment | ' | ' | ' | ' | ' | ' | ' | 7,500,000,000 | ' | ' |
Repayment of unsecured term loan | 0 | 400,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' |
Debt Instrument, Frequency of Periodic Payment | ' | ' | ' | ' | 'semi-annually | ' | ' | ' | ' | 'quarterly |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' |
Credit_Facilities_Credit_Facil
Credit Facilities Credit Facilities (Details) | Feb. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 |
In Millions, unless otherwise specified | Agreement | Five Year Unsecured Revolving Credit Facility [Member] | China Facilities [Member] | Amended China Facilities [Member] [Domain] | Amended China Facilities [Member] [Domain] | Letter of Credit [Member] | Standby Letters of Credit [Member] | Standard & Poor's, BB+ Rating [Member] | Fitch, BBB- Rating [Member] | Moody's, Baa3 Rating [Member] |
USD ($) | CNY | USD ($) | CNY | USD ($) | USD ($) | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $500 | 196 | $41 | 250 | $50 | $50 | ' | ' | ' |
Debt instrument maturity term, years | ' | '5 years | ' | ' | ' | '2 years | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | 31-May-18 | ' | ' | ' | 30-Sep-14 | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | 23 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | 477 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Agreements Related to China Credit Facilities | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank Guarantees Related to Leases | ' | ' | ' | $7 | 42 | ' | ' | ' | ' | ' |
Minimum Annual Fixed Coverage Ratio | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Annual Leverage Ratio | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Credit Rating | ' | ' | ' | ' | ' | ' | ' | 'BB+ | 'BBB- | 'Baa3 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Cash equivalents | $519 | $518 |
Short-term investments | 0 | 50 |
Derivative financial instruments | 64 | 51 |
Deferred compensation plan assets | 37 | 27 |
Total | 620 | 646 |
Liabilities: | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 15 | 14 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 196 | 189 |
Short-term investments | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Deferred compensation plan assets | 37 | 27 |
Total | 233 | 216 |
Liabilities: | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 323 | 329 |
Short-term investments | 0 | 50 |
Derivative financial instruments | 64 | 51 |
Deferred compensation plan assets | 0 | 0 |
Total | 387 | 430 |
Liabilities: | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 15 | 14 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Total | 0 | 0 |
Liabilities: | ' | ' |
Derivative Liability, Fair Value, Gross Liability | $0 | $0 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, Sales, Issues, Settlements | $0 | $0 | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ' |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | ' |
Other Asset Impairment Charges | 1 | 8 | 16 |
Long-Lived Asset at Carrying Value | 2 | 11 | 21 |
Impaired Asset at Fair Value | 1 | 3 | 5 |
Goodwill, Impairment Loss | 0 | 0 | 0 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $0 | $0 | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Foreign Exchange Contracts Outstanding to Sell Various Currencies (Details) | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2013 | Feb. 02, 2013 | Feb. 02, 2013 | ||
In Millions, unless otherwise specified | USD ($) | CAD | EUR (€) | GBP (£) | USD ($) | CAD | EUR (€) | GBP (£) | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative, Notional Amount | $1,309 | [1] | 8 | € 25 | £ 0 | $988 | [1] | 0 | € 25 | £ 31 |
[1] | (1)The principal currencies hedged against changes in the U.S. dollar were British pounds, Canadian dollars, Euro, and Japanese yen. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Fair Values of Asset and Liability Derivative Financial Instruments (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, assets | $64 | $51 |
Total derivative instruments, liabilities | 15 | 14 |
Foreign exchange forward contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, assets | 64 | 51 |
Total derivative instruments, liabilities | 15 | 14 |
Foreign exchange forward contracts | Derivatives in cash flow hedging relationships | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, assets | 48 | 41 |
Foreign exchange forward contracts | Derivatives in cash flow hedging relationships | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, assets | 6 | 2 |
Foreign exchange forward contracts | Derivatives in cash flow hedging relationships | Accrued Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, liabilities | 13 | 10 |
Foreign exchange forward contracts | Derivatives in cash flow hedging relationships | Lease Incentive And Other Long Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, liabilities | 1 | 0 |
Foreign exchange forward contracts | Derivatives in net investment hedging relationships | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, assets | 1 | 0 |
Foreign exchange forward contracts | Derivatives in net investment hedging relationships | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, assets | 0 | 0 |
Foreign exchange forward contracts | Derivatives in net investment hedging relationships | Accrued Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, liabilities | 0 | 1 |
Foreign exchange forward contracts | Derivatives in net investment hedging relationships | Lease Incentive And Other Long Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, liabilities | 0 | 0 |
Foreign exchange forward contracts | Derivatives not designated as hedging instruments | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, assets | 9 | 8 |
Foreign exchange forward contracts | Derivatives not designated as hedging instruments | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, assets | 0 | 0 |
Foreign exchange forward contracts | Derivatives not designated as hedging instruments | Accrued Liabilities Current [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, liabilities | 1 | 3 |
Foreign exchange forward contracts | Derivatives not designated as hedging instruments | Lease Incentive And Other Long Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative instruments, liabilities | $0 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Effects Of Derivative Financial Instruments On OCI And Consolidated Statements Of Income (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | $1,000,000 |
Derivatives in net investment hedging relationships | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Foreign exchange forward contracts | Derivatives in cash flow hedging relationships | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative instruments, gain (loss) recognized in OCI, effective portion, net | 78,000,000 | 46,000,000 | -20,000,000 |
Foreign exchange forward contracts | Derivatives in net investment hedging relationships | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative instruments, gain (loss) recognized in OCI, effective portion, net | 17,000,000 | 0 | -1,000,000 |
Foreign exchange forward contracts | Cost of Goods Sold and Occupancy Expense | Derivatives in cash flow hedging relationships | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 59,000,000 | 5,000,000 | -46,000,000 |
Foreign exchange forward contracts | Operating expenses | Derivatives not designated as hedging instruments | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amounts of gain (loss) recognized in income on derivatives | 5,000,000 | 5,000,000 | 7,000,000 |
Foreign exchange forward contracts | Operating expenses | Derivatives in cash flow hedging relationships | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $11,000,000 | $4,000,000 | ($5,000,000) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Additional Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Apr. 30, 2011 | |
Derivatives in cash flow hedging relationships | Derivatives in cash flow hedging relationships | Derivatives in cash flow hedging relationships | Derivatives in net investment hedging relationships | Derivatives in net investment hedging relationships | Derivatives in net investment hedging relationships | 5.95 Percent Notes Due April 2021 | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.95% |
Aggregate principal amount of notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,250,000,000 |
Amounts recorded as a result of hedge ineffectiveness | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' |
Amounts recorded in net income as a result of discontinuance of cash flow hedges | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' |
Amounts recorded in net income as a result of hedge components excluded from the assessment of cash flow hedge effectiveness | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' |
Amounts recorded in net income as a result of hedge components excluded from the assessment of net investment hedge effectiveness | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Derivative financial instruments with credit-risk-related contingent features underlying agreements | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Amounts subject to enforceable Master Netting Arrangement | ' | 1,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset | ' | 63,000,000 | 47,000,000 | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability | ' | 14,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Gain or loss reclassified from OCI into income for derivatives in net investment hedging relationships | $1,000,000 | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' |
Common_Stock_Share_Repurchase_
Common Stock (Share Repurchase Activity) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' |
Number of shares repurchased (in shares) | 26 | 34 | 111 |
Total cost | $1,009 | $1,026 | $2,096 |
Average per share cost including commissions (in dollars per share) | $38.42 | $29.89 | $18.88 |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Details) (USD $) | 12 Months Ended | 30 Months Ended | ||
Feb. 01, 2014 | Jan. 31, 2013 | Nov. 21, 2013 | Feb. 02, 2013 | |
Class of Stock [Line Items] | ' | ' | ' | ' |
Common Stock, Shares Authorized | 2,300,000,000 | ' | ' | 2,300,000,000 |
Common stock, shares issued (in shares) | -1,106,000,000 | ' | ' | -1,106,000,000 |
Preferred stock, shares authorized (in shares) | 30,000,000 | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0.05 | ' | ' | ' |
Preferred stock, shares issued (in shares) | 0 | ' | ' | ' |
Share repurchases, authorized amount as of January 2013 | ' | $5,250,000,000 | ' | ' |
Share Authorization - November 2013 | ' | ' | 1,000,000,000 | ' |
Share repurchases, remaining amount | 966,000,000 | ' | ' | ' |
Total share repurchases, unpaid amount | $30,000,000 | ' | ' | $0 |
Common Class B [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Common Stock, Shares Authorized | 60,000,000 | ' | ' | ' |
Number of common stock votes per share (in votes) | 6 | ' | ' | ' |
Common stock, shares issued (in shares) | 0 | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Other comprehensive income (loss), net | ($46) | ($48) | $44 |
Amounts reclassified from accumulated other comprehensive income | -43 | -5 | 31 |
Change in fair value of derivative financial instruments | 48 | 28 | -11 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -51 | -71 | 24 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 135 | 181 | ' |
Cash Flow Hedging [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Other comprehensive income (loss), net | 5 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -43 | ' | ' |
Change in fair value of derivative financial instruments | 48 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 28 | 23 | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Other comprehensive income (loss), net | -51 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | ' |
Change in fair value of derivative financial instruments | 0 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -51 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $107 | $158 | ' |
ShareBased_Compensation_Total_
Share-Based Compensation - Total Share-Based Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | $116 | $113 | $58 |
Less: Income tax benefit | -45 | -44 | -23 |
Share-based compensation expense, net of tax | 71 | 69 | 35 |
Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | 99 | 92 | 39 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | 12 | 17 | 15 |
Employee stock purchase plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | $5 | $4 | $4 |
ShareBased_Compensation_ShareB
Share-Based Compensation Share-Based Compensation - Stock Unit Activity (Details) (Stock Units [Member], USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock Units Outstandings, Shares | 8,660,635 | 9,365,435 |
Stock Units Granted, Shares | 2,345,598 | ' |
Stock Units Granted, with vesting subject to performance conditions, Shares | 1,602,859 | ' |
Stock Units Vested, Shares | -3,031,421 | ' |
Stock Units Forfeited, Shares | -1,621,836 | ' |
Stock Units Outstanding, Weighted-Average Grant-Date Fair Value | $28.25 | $22.62 |
Granted, Weighted-Average Grant-Date Fair Value | $36.84 | ' |
Granted, with vesting subject to performance conditions, Weighted-Average Grant-Date Fair Value | $35.15 | ' |
Vested, Weighted-Average Grant-Date Fair Value | $20.69 | ' |
Forfeited, Weighted-Average Grant-Date Fair Value | $29.10 | ' |
ShareBased_Compensation_ShareB1
Share-Based Compensation Share-Based Compensation - Additional Information About Stock Unit Activity (Details) (Stock Units [Member], USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Fair Value Per Share of Stock Units Granted Including Those Subject to Performance Conditions | $36.15 | $24.95 | $20.19 |
Grant-date fair value of Stock Units vested (in millions) | $63 | $50 | $58 |
ShareBased_Compensation_ShareB2
Share-Based Compensation Share-Based Compensation - Payment Awards, Stock Options, Valuation Assumptions (Details) (Stock Options [Member]) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term (in years) | '4 years 185 days | '4 years 219 days | '4 years 329 days |
Expected volatility | 31.50% | 33.60% | 30.60% |
Dividend yield | 1.70% | 2.10% | 2.10% |
Risk-free interest rate | 0.70% | 1.00% | 2.30% |
ShareBased_Compensation_ShareB3
Share-Based Compensation Share-Based Compensation - Stock Options, Activity (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options Outstanding, Shares | 7,399,822 | ' |
Options Outstanding, Weighted-Average Exercise Price | $24.89 | ' |
Options Exercised, Weighted-Average Exercise Price | $20.12 | ' |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options Outstanding, Shares | 7,399,822 | 12,800,355 |
Options Granted, Shares | 1,498,050 | ' |
Options Exercised, Shares | -6,151,766 | ' |
Options Forfeited/Expired, Shares | -746,817 | ' |
Options Outstanding, Weighted-Average Exercise Price | $24.89 | $20.56 |
Options Granted, Weighted-Average Exercise Price | $36.54 | ' |
Options Exercised, Weighted-Average Exercise Price | $18.75 | ' |
Options Forfeited/Expired, Weighted Average Exercise Price | $24.77 | ' |
ShareBased_Compensation_ShareB4
Share-Based Compensation Share-Based Compensation - Additional Information About Stock Option Activity (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average fair value per share of stock options granted | $8.25 | $6.35 | $5.28 |
Aggregate intrinsic value of stock options exercised (in millions) | $125 | $94 | $19 |
Fair value of stock options vested (in millions) | $14 | $15 | $15 |
ShareBased_Compensation_ShareB5
Share-Based Compensation Share-Based Compensation - Arrangement By Share-Based Payment Award, Outstanding And Exercisable (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 7,399,822 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | '6 years 140 days |
Options Outstanding, Weighted-Average Exercise Price | $24.89 |
Options Exercisable, Shares | 3,170,713 |
Options Exercised, Weighted-Average Exercise Price | $20.12 |
Vested or expected to vest as of February 1, 2014, Shares | 6,698,572 |
Vested or expected to vest as of February 1, 2014, Weighted-Average Remaining Contractual Life (in years) | '6 years 70 days |
Vested or expected to vest as of February 1, 2014, Weighted-Average Exercise Price | $24.46 |
$11.77-$18.91 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 1,501,474 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | '3 years 240 days |
Options Outstanding, Weighted-Average Exercise Price | $17.35 |
Options Exercisable, Shares | 1,490,849 |
Options Exercised, Weighted-Average Exercise Price | $17.36 |
$19-$21.63 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 695,652 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | '1 year 310 days |
Options Outstanding, Weighted-Average Exercise Price | $20.80 |
Options Exercisable, Shares | 672,152 |
Options Exercised, Weighted-Average Exercise Price | $20.85 |
$21.79 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 1,481,784 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | '7 years 38 days |
Options Outstanding, Weighted-Average Exercise Price | $21.79 |
Options Exercisable, Shares | 474,487 |
Options Exercised, Weighted-Average Exercise Price | $21.79 |
$21.88-$25.09 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 1,970,612 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | '7 years 50 days |
Options Outstanding, Weighted-Average Exercise Price | $24.37 |
Options Exercisable, Shares | 443,425 |
Options Exercised, Weighted-Average Exercise Price | $23.48 |
$27.43-$43.31 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 1,750,300 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | '9 years 15 days |
Options Outstanding, Weighted-Average Exercise Price | $36.17 |
Options Exercisable, Shares | 89,800 |
Options Exercised, Weighted-Average Exercise Price | $34.97 |
ShareBased_Compensation_ShareB6
Share-Based Compensation Share-Based Compensation - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
No material capitalized share-based compensation expense | $0 | $0 | $0 |
No material modifications made to our outstanding stock options and stock awards | '0 | '0 | '0 |
Liability related to Stock Units based on performance metrics, recorded in accrued expenses and other current liabilities | 2 | 3 | ' |
Annual vesting percentage for stock options | 25.00% | ' | ' |
Aggregate intrinsic value of options outstanding | 98 | ' | ' |
Aggregate intrinsic value of options vested or expected to vest | 91 | ' | ' |
Aggregate intrinsic value of options exercisable | 57 | ' | ' |
Weighted-average reemaining contractual life of stock options exercisable | '2 years 8 days | ' | ' |
Stock issued during period, Shares, Employee Stock Purchase Plans | 811,223 | 960,930 | 1,357,769 |
2011 Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized for issuance | 216,586,781 | ' | ' |
Maximum [Member] | 2011 Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares available for grant | 28,019,786 | ' | ' |
Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Aggregate intrinsic value of unvested Stock Units | $330 | ' | ' |
Nonvested awards, total compensation cost not yet recognized | $108 | ' | ' |
Nonvested awards, total compensation cost not yet recognized, period for recognition | '1 year 235 days | ' | ' |
Stock Units Granted, Shares | 2,345,598 | ' | ' |
Stock Units [Member] | Maximum [Member] | 2011 Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Stock Units [Member] | Minimum [Member] | 2011 Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock Units Granted, Shares | 419,501 | ' | ' |
Performance Shares [Member] | Maximum [Member] | 2011 Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Performance Shares [Member] | Minimum [Member] | 2011 Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Employee stock purchase plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, discount from market price, purchase date | 15.00% | ' | ' |
Common stock, capital shares reserved for future issuance | 4,253,737 | ' | ' |
Employee stock purchase plan | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage deduction from payroll for Employee Stock Purchase | 15.00% | ' | ' |
Employee stock purchase plan | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage deduction from payroll for Employee Stock Purchase | 1.00% | ' | ' |
Leases_Leases_Future_Minimum_R
Leases Leases - Future Minimum Rental Payments (Details) (USD $) | Feb. 01, 2014 |
In Millions, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $1,105 |
2015 | 1,087 |
2016 | 915 |
2017 | 738 |
2018 | 586 |
Thereafter | 1,716 |
Total minimum lease commitments | $6,147 |
Leases_Leases_Schedule_Of_Rent
Leases Leases - Schedule Of Rent Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Leases [Abstract] | ' | ' | ' |
Minimum rent expense | $1,162 | $1,104 | $1,072 |
Contingent rent expense | 121 | 123 | 123 |
Less: Sublease income | -4 | -4 | -8 |
Total | $1,279 | $1,223 | $1,187 |
Leases_Leases_Additional_Infor
Leases Leases Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $1,279 | $1,223 | $1,187 |
Operating Leases, Income Statement, Sublease Revenue | 27 | ' | ' |
Lease Loss Reserve | 0 | 0 | ' |
Lease Loss Reserve Paid Expiration Date | '2027 | ' | ' |
Net Cash Outlay Operating Lease Future Rent | $0 | ' | ' |
Retail Site [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Latest Lease Expiration Date | '2030 | ' | ' |
Income_Taxes_Income_Taxes_Comp
Income Taxes Income Taxes - Components Of Income Before Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States | $1,817 | $1,692 | $1,253 |
Foreign | 276 | 169 | 116 |
Income before income taxes | $2,093 | $1,861 | $1,369 |
Income_Taxes_Income_Taxes_Tax_
Income Taxes Income Taxes - Tax Provision (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Federal | $616 | $617 | $419 |
State | 65 | 56 | 37 |
Foreign | 63 | 90 | 91 |
Total current | 744 | 763 | 547 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Federal | 76 | -37 | 14 |
State | 0 | -6 | -6 |
Foreign | -7 | 6 | -19 |
Total deferred | 69 | -37 | -11 |
Total provision | $813 | $726 | $536 |
Income_Taxes_Income_Taxes_Effe
Income Taxes Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, less federal benefit | 3.10% | 2.70% | 2.20% |
Tax impact of foreign operations | 0.80% | 2.00% | 2.10% |
Other | -0.10% | -0.70% | -0.10% |
Effective tax rate | 38.80% | 39.00% | 39.20% |
Income_Taxes_Income_Taxes_Defe
Income Taxes Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Gross deferred tax assets: | ' | ' |
Deferred rent | $147 | $136 |
Accrued payroll and related benefits | 127 | 124 |
Nondeductible accruals | 104 | 79 |
Inventory capitalization and other adjustments | 62 | 66 |
Federal, State, and foreign net operating losses (NOLs) | 45 | 37 |
Other | 98 | 100 |
Total gross deferred tax assets | 583 | 542 |
Valuation allowance | -85 | -56 |
Total deferred tax assets, net of valuation allowance | 498 | 486 |
Deferred Tax Liabilities, Gross [Abstract] | ' | ' |
Depreciation | -71 | -14 |
Unremitted earnings of certain foreign subsidiaries | -38 | -5 |
Other | -33 | -40 |
Total deferred tax liabilities | -142 | -59 |
Net deferred tax assets | 356 | 427 |
Current portion (included in other current assets) | 179 | 220 |
Non-current portion (included in other long-term assets) | $177 | $207 |
Income_Taxes_Income_Taxes_Unre
Income Taxes Income Taxes - Unrecognized Tax Benefits Roll Forward (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of fiscal year | $109 | $102 | $67 |
Increases related to current year tax positions | 8 | 10 | 10 |
Prior year tax positions: | ' | ' | ' |
Increases | 8 | 10 | 31 |
Decreases | -47 | -12 | -2 |
Cash settlements | -5 | -4 | -2 |
Expiration of statute of limitations | 0 | 3 | ' |
Cash settlements | ' | ' | -1 |
Foreign currency translation | -1 | 0 | -1 |
Balance at end of fiscal year | $72 | $109 | $102 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | |||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | $0 | ' | ' | ' |
Valuation Allowance related to other federal, state, and foreign deferred tax assets | 47,000,000 | ' | ' | ' |
Federal, State, and foreign net operating losses (NOLs) | 45,000,000 | 37,000,000 | ' | ' |
Undistributed earnings and profits of Foreign Subsidiaries | 1,600,000,000 | 1,700,000,000 | ' | ' |
Deferred Tax Liability If Undistributed Foreign Earnings Had Not Intended To Be Utilized in Foreign Operations | 203,000,000 | 237,000,000 | ' | ' |
Excess Amount Of Undistributed Foreign Earnings Of Subsidiaries | 211,000,000 | ' | ' | ' |
Tax Expense Related To Undistributed Earnings in Excess of the Amount Expected to be Utilized | 38,000,000 | ' | ' | ' |
Unrecognized Tax Benefits | 72,000,000 | 109,000,000 | 102,000,000 | 67,000,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 27,000,000 | 29,000,000 | 25,000,000 | ' |
Interest Expense Reversed | 18,000,000 | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 4,000,000 | 5,000,000 | 6,000,000 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 17,000,000 | 33,000,000 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | ' | ' |
Decrease In Gross Unrecognized Tax Benefits Within The Next 12 Months | 18,000,000 | ' | ' | ' |
Benefit To Income Taxes If Decrease In Gross Unrecognized Tax Benefits Within 12 Months Are Recognized | 0 | ' | ' | ' |
Federal Tax Authority [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards | 6,000,000 | ' | ' | ' |
Federal, State, and foreign net operating losses (NOLs) | 2,000,000 | ' | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards, Valuation Allowance | 2,000,000 | ' | ' | ' |
Operating Loss Carryforwards | 66,000,000 | ' | ' | ' |
Federal, State, and foreign net operating losses (NOLs) | 4,000,000 | ' | ' | ' |
Foreign Tax Authority [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards, Valuation Allowance | 36,000,000 | ' | ' | ' |
Foreign Operating Loss Carryforward That Will Expire | 90,000,000 | ' | ' | ' |
Foreign Operating Loss Carryforward That Will Not Expire | 72,000,000 | ' | ' | ' |
Operating Loss Carryforwards | 162,000,000 | ' | ' | ' |
Federal, State, and foreign net operating losses (NOLs) | $39,000,000 | ' | ' | ' |
Maximum [Member] | Federal Tax Authority [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 31-Dec-33 | ' | ' | ' |
Maximum [Member] | State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 31-Dec-32 | ' | ' | ' |
Maximum [Member] | Foreign Tax Authority [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 31-Dec-24 | ' | ' | ' |
Minimum [Member] | Federal Tax Authority [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 31-Dec-30 | ' | ' | ' |
Minimum [Member] | State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 31-Dec-19 | ' | ' | ' |
Minimum [Member] | Foreign Tax Authority [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 31-Dec-14 | ' | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $37,000,000 | $37,000,000 | $36,000,000 |
Deferred compensation plan assets | 37,000,000 | 27,000,000 | ' |
Deferred Compensation Liability, Current and Noncurrent | 37,000,000 | 27,000,000 | ' |
Deferred Compensation Arrangement with Individual, Employer Contribution | $0 | $0 | $0 |
Earnings_Per_Share_Weighted_Av
Earnings Per Share - Weighted Average Number of Shares (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' |
Weighted-average number of shares - basic (in shares) | 461 | 482 | 529 |
Common stock equivalents (in shares) | 6 | 6 | 4 |
Weighted-average number of shares - diluted (in shares) | 467 | 488 | 533 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' |
Shares excluded from the computations of weighted-average number of shares - diluted | 2 | 0 | 12 |
Commitments_and_Contingencies_1
Commitments and Contingencies Purchase Pbligations And Commitments Table (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | ' | ' | |
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $3,519 | [1] | ' | ' |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 137 | [1] | ' | ' |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 47 | [1] | ' | ' |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 15 | [1] | ' | ' |
Unrecorded Unconditional Purchase Obligation | 3,718 | [1] | ' | ' |
Loss Contingency, Estimate of Possible Loss | 0 | 0 | ' | |
IBM Service Agreement [Member] | ' | ' | ' | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | ' | ' | |
Unrecorded Unconditional Purchase Obligation, Purchases | 64 | 95 | 107 | |
Unrecorded Unconditional Purchase Obligation | $152 | ' | ' | |
Lease Expiration Date | 28-Feb-18 | ' | ' | |
[1] | (1)Represents estimated open purchase orders to purchase inventory as well as commitments for products and services used in the normal course of business. |
Segment_Information_Net_Sales_
Segment Information - Net Sales by Brand and Region (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $4,575 | $3,976 | $3,868 | $3,729 | $4,725 | $3,864 | $3,575 | $3,487 | $16,148 | $15,651 | $14,549 | |||
Percentage Of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | |||
Sales Increase Decrease Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 8.00% | -1.00% | |||
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 12,531 | [1] | 12,194 | [1] | 11,368 | [1] |
Percentage Of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 78.00% | 78.00% | 78.00% | |||
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,128 | 1,095 | 1,007 | |||
Percentage Of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | 7.00% | |||
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 891 | 870 | 863 | |||
Percentage Of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 6.00% | 6.00% | |||
Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,397 | 1,310 | 1,176 | |||
Percentage Of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 8.00% | 8.00% | |||
Other Regions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 201 | 182 | 135 | |||
Percentage Of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 1.00% | |||
Gap Global | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,351 | 6,254 | 5,912 | |||
Sales Increase Decrease Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 6.00% | 0.00% | |||
Gap Global | U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,800 | [1] | 3,783 | [1] | 3,608 | [1] |
Gap Global | Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 404 | 384 | 359 | |||
Gap Global | Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 809 | 787 | 795 | |||
Gap Global | Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,165 | 1,138 | 1,031 | |||
Gap Global | Other Regions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 173 | 162 | 119 | |||
Old Navy Global | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,257 | 6,112 | 5,674 | |||
Sales Increase Decrease Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 8.00% | -4.00% | |||
Old Navy Global | U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,698 | [1] | 5,630 | [1] | 5,234 | [1] |
Old Navy Global | Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 482 | 473 | 440 | |||
Old Navy Global | Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Old Navy Global | Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 77 | 9 | 0 | |||
Old Navy Global | Other Regions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Banana Republic Global | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,868 | 2,890 | 2,662 | |||
Sales Increase Decrease Percentage | ' | ' | ' | ' | ' | ' | ' | ' | -1.00% | 9.00% | 2.00% | |||
Banana Republic Global | U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,365 | [1] | 2,386 | [1] | 2,225 | [1] |
Banana Republic Global | Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 238 | 238 | 208 | |||
Banana Republic Global | Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 82 | 83 | 68 | |||
Banana Republic Global | Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 155 | 163 | 145 | |||
Banana Republic Global | Other Regions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 20 | 16 | |||
Other entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 672 | [2] | 395 | [2] | 301 | [2] |
Sales Increase Decrease Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | 31.00% | 22.00% | |||
Other entities | U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 668 | [1],[2] | 395 | [1],[2] | 301 | [1],[2] |
Other entities | Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 4 | [2] | 0 | [2] | 0 | [2] |
Other entities | Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] |
Other entities | Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] |
Other entities | Other Regions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] |
Franchise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 359 | 331 | 283 | |||
Online | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $2,300 | $1,900 | $1,600 | |||
[1] | U.S. includes the United States, Puerto Rico, and Guam. | |||||||||||||
[2] | Includes Piperlime and Athleta, and fiscal 2013 net sales also include Intermix. |
Segment_Information_Net_Sales_1
Segment Information - Net Sales And Long-Lived Assets By Geographic Location (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | $4,575 | $3,976 | $3,868 | $3,729 | $4,725 | $3,864 | $3,575 | $3,487 | $16,148 | $15,651 | $14,549 | |||||
Long-Lived Assets | 3,237 | ' | ' | ' | 3,129 | ' | ' | ' | 3,237 | 3,129 | ' | |||||
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 12,531 | [1] | 12,194 | [1] | 11,368 | [1] | ||
Long-Lived Assets | 2,548 | [2] | ' | ' | ' | 2,488 | [2] | ' | ' | ' | 2,548 | [2] | 2,488 | [2] | ' | |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,128 | 1,095 | 1,007 | |||||
Long-Lived Assets | 176 | ' | ' | ' | 196 | ' | ' | ' | 176 | 196 | ' | |||||
Total North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Long-Lived Assets | 2,724 | ' | ' | ' | 2,684 | ' | ' | ' | 2,724 | 2,684 | ' | |||||
Other Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Long-Lived Assets | $513 | ' | ' | ' | $445 | ' | ' | ' | $513 | $445 | ' | |||||
[1] | U.S. includes the United States, Puerto Rico, and Guam. | |||||||||||||||
[2] | U.S. includes the United States, Puerto Rico, and Guam |
Segment_Information_Additional
Segment Information - Additional Information (Details) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Segment | Segment | |
Segment Reporting [Abstract] | ' | ' |
Number of reportable segments (in segments) | 1 | 2 |
Quarterly_Information_Quarterl
Quarterly Information Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||||||||
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net sales | $4,575 | $3,976 | $3,868 | $3,729 | $4,725 | $3,864 | $3,575 | $3,487 | $16,148 | $15,651 | $14,549 | ||||||||||
Gross Profit | 1,593 | 1,589 | 1,567 | 1,544 | 1,776 | 1,593 | 1,427 | 1,375 | 6,293 | 6,171 | 5,274 | ||||||||||
Net income | $307 | $337 | $303 | $333 | $351 | $308 | $243 | $233 | $1,280 | $1,135 | $833 | ||||||||||
Earnings per share - basic (in dollars per share) | $0.69 | [1] | $0.73 | [1] | $0.65 | [1] | $0.72 | [1] | $0.74 | [1] | $0.64 | [1] | $0.50 | [1] | $0.48 | [1] | $2.78 | [1] | $2.35 | [1] | $1.57 |
Earnings per share - diluted (in dollars per share) | $0.68 | [1] | $0.72 | [1] | $0.64 | [1] | $0.71 | [1] | $0.73 | [1] | $0.63 | [1] | $0.49 | [1] | $0.47 | [1] | $2.74 | [1] | $2.33 | [1] | $1.56 |
[1] | (1)Earnings per share was computed individually for each of the periods presented; therefore, the sum of the earnings per share amounts for the quarters may not equal the total for the year. |