The Gap, Inc. (GAP) 10-Q 3 Jun 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2016	May. 27, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	GPS
Entity Registrant Name	GAP INC
Entity Central Index Key	39,911
Current Fiscal Year End Date	--01-28
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		397,964,335

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Current assets:
Cash and cash equivalents	$ 1,313	$ 1,370	$ 1,234
Merchandise inventory	1,958	1,873	2,010
Other current assets	674	742	874
Total current assets	3,945	3,985	4,118
Property and equipment, net of accumulated depreciation of $5,763, $5,644, and $5,599	2,864	2,850	2,790
Other long-term assets	698	638	587
Total assets	7,507	7,473	7,495
Current liabilities:
Current maturities of debt	424	421	21
Accounts payable	1,108	1,112	1,156
Accrued expenses and other current liabilities	974	979	960
Income taxes payable	49	23	37
Total current liabilities	2,555	2,535	2,174
Long-term liabilities:
Total long-term debt, less current portion	1,318	1,310	1,331
Lease incentives and other long-term liabilities	1,112	1,083	1,111
Total long-term liabilities	$ 2,430	$ 2,393	$ 2,442
Commitments and contingencies (see Note 11)
Stockholders' equity:
Authorized 2,300 shares for all periods presented; Issued and Outstanding 398, 397, and 419 shares	$ 20	$ 20	$ 21
Additional Paid in Capital	6	0	0
Retained earnings	2,476	2,440	2,718
Amounts reclassified from accumulated other comprehensive income	20	85	140
Total stockholders' equity	2,522	2,545	2,879
Total liabilities and stockholders' equity	$ 7,507	$ 7,473	$ 7,495

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Property and equipment, accumulated depreciation	$ 5,763	$ 5,644	$ 5,599
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05	$ 0.05
Common stock, shares authorized (in shares)	2,300	2,300	2,300
Common stock, shares issued (in shares)	398	397	419
Common stock, shares outstanding (in shares)	398	397	419

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Net sales	$ 3,438	$ 3,657
Cost of goods sold and occupancy expenses	2,229	2,275
Gross profit	1,209	1,382
Operating expenses	987	996
Operating income	222	386
Interest expense	19	5
Interest income	(1)	(1)
Income before income taxes	204	382
Income taxes	77	143
Net income	$ 127	$ 239
Weighted-average number of shares - basic (in shares)	398	421
Weighted-average number of shares - diluted (in shares)	399	424
Earnings per share - basic (in dollars per share)	$ 0.32	$ 0.57
Earnings per share - diluted (in dollars per share)	0.32	0.56
Cash dividends declared and paid per share (in dollars per share)	$ 0.23	$ 0.23

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Net income	$ 127	$ 239
Other comprehensive income (loss), net of tax:
Foreign currency translation	31	6
Change in fair value of derivative financial instruments, net of tax benefit of $(36) and $(4)	(89)	(10)
Reclassification adjustment for realized gains on derivative financial instruments, net of tax of $(4) and $(9)	(7)	(21)
Other comprehensive income (loss), net of tax	(65)	(25)
Comprehensive income	$ 62	$ 214

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Change in fair value of derivative financial instruments, tax (tax benefit)	$ (36)	$ (4)
Reclassification adjustment for realized gains on derivative financial instruments, tax benefit (tax)	$ (4)	$ (9)

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Cash flows from operating activities:
Net income	$ 127	$ 239
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	148	148
Amortization of lease incentives	(16)	(15)
Share-based compensation	15	22
Tax benefit from exercise of stock options and vesting of stock units	(3)	15
Excess tax benefit from exercise of stock options and vesting of stock units	(1)	(17)
Non-cash and other items	(6)	(20)
Deferred income taxes	(9)	2
Changes in operating assets and liabilities:
Merchandise inventory	(53)	(117)
Other current assets and other long-term assets	9	(8)
Accounts payable	(20)	(20)
Accrued expenses and other current liabilities	(67)	(81)
Income taxes payable, net of prepaid and other tax-related items	46	61
Lease incentives and other long-term liabilities	(2)	2
Net cash provided by operating activities	168	211
Cash flows from investing activities:
Purchases of property and equipment	(139)	(150)
Other	(1)	0
Net cash used for investing activities	(140)	(150)
Cash flows from financing activities:
Proceeds from issuances under share-based compensation plans	10	35
Withholding tax payments related to vesting of stock units	(17)	(66)
Repurchases of common stock	0	(232)
Excess tax benefit from exercise of stock options and vesting of stock units	1	17
Cash dividends paid	(91)	(97)
Net cash used for financing activities	(97)	(343)
Effect of foreign exchange rate fluctuations on cash and cash equivalents	12	1
Net decrease in cash and cash equivalents	(57)	(281)
Cash and cash equivalents at beginning of period	1,370	1,515
Cash and cash equivalents at end of period	1,313	1,234
Non-cash investing activities:
Purchases of property and equipment not yet paid at end of period	61	85
Supplemental disclosure of cash flow information:
Cash paid for interest during the period	39	38
Cash paid for income taxes during the period, net of refunds	$ 43	$ 63

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Condensed Consolidated Balance Sheets as of April 30, 2016 and May 2, 2015 , the Condensed Consolidated Statements of Income, the Condensed Consolidated Statements of Comprehensive Income, and the Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended April 30, 2016 and May 2, 2015 have been prepared by The Gap, Inc. (the “Company,” “we,” and “our”). In the opinion of management, such statements include all adjustments (which include normal recurring adjustments) considered necessary to present fairly our financial position, results of operations, and cash flows as of April 30, 2016 and May 2, 2015 and for all periods presented. The Condensed Consolidated Balance Sheet as of January 30, 2016 has been derived from our audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from these interim financial statements, although the Company believes that the disclosures made are adequate to make the information not misleading. We suggest that you read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2016 . The results of operations for the thirteen weeks ended April 30, 2016 are not necessarily indicative of the operating results that may be expected for the 52-week period ending January 28, 2017 . Subsequent Event On May 19, 2016 , the Company announced measures to better align talent and financial resources against its most important priorities; these measures are (i) a focus on geographies with the greatest potential and (ii) a streamlining of the Company’s operating model. The measures will result in the closure of its fleet of 53 Old Navy stores in Japan, the closure of select Banana Republic stores, primarily internationally, and the creation of a more efficient global brand structure. Including the Old Navy closures in Japan, the Company expects to close about 75 stores in total related to these measures in fiscal 2016. The Company expects to recognize pre-tax restructuring costs in fiscal 2016 of about $300 million , about $100 million of which is non-cash, from these measures. The Company expects that the charges will include long-term asset and lease-related costs, as well as employee-related costs and inventory impairment.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Apr. 30, 2016
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") No. 2014-09, Revenue from Contracts with Customers, to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. GAAP and International Financial Reporting Standards. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers, Deferral of the Effective Date, which defers the effective date of the new revenue recognition standard by one year. As a result, the ASU No. 2014-09 is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations, which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, which clarifies the identification of performance obligations and the licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-11, Revenue Recognition and Derivatives and Hedging: Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 Emerging Issues Task Force Meeting (“EITF”), which rescinds SEC paragraphs pursuant to SEC staff announcements. These rescissions include changes to topics pertaining to accounting for shipping and handling fees and costs and accounting for consideration given by a vendor to a customer. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients, which provides clarifying guidance in certain narrow areas and add some practical expedients. The effective dates for these ASU’s are the same as the effective date for ASU No. 2014-09. We are currently assessing the potential impact of these ASU’s on our Condensed Consolidated Financial Statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes, which changes how deferred taxes are classified on the balance sheet. The ASU eliminates the requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. Early adoption is permitted under this ASU. We adopted ASU No. 2015-17 prospectively effective January 30, 2016, which resulted in a reclassification of our net current deferred tax assets to the net noncurrent deferred tax assets in our Consolidated Balance Sheet. No prior periods were retrospectively adjusted. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The new guidance is intended to improve the recognition and measurement of financial instruments. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2017. We are currently assessing the potential impact of this ASU on our Condensed Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016-02, Leases. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2018. We are currently assessing the impact of this ASU on our Condensed Consolidated Financial Statements, but expect that it will result in a significant increase in our long-term assets and liabilities. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The amendments are intended to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We are currently assessing the potential impact of this ASU on our Condensed Consolidated Financial Statements.

Debt and Credit Facilities

Debt and Credit Facilities	3 Months Ended
	Apr. 30, 2016
Debt Disclosure [Abstract]
Debt and Credit Facilities	Debt and Credit Facilities Long-term debt consists of the following: ($ in millions) April 30, January 30, May 2, Notes $ 1,248 $ 1,248 $ 1,247 Japan Term Loan 94 83 105 Total long-term debt 1,342 1,331 1,352 Less: Current portion (24 ) (21 ) (21 ) Total long-term debt, less current portion $ 1,318 $ 1,310 $ 1,331 As of April 30, 2016 , January 30, 2016 , and May 2, 2015 , the estimated fair value of our $1.25 billion aggregate principal amount of 5.95 percent notes (the "Notes”) due April 2021 was $1.33 billion , $1.29 billion , and $1.43 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 quarter. The aggregate principal amount of the Notes is recorded in long-term debt in the Condensed Consolidated Balance Sheets, net of the unamortized discount. As of April 30, 2016 , January 30, 2016 , and May 2, 2015 , the carrying amount of our 15 billion Japanese yen, four -year, unsecured term loan ("Japan Term Loan") approximated its fair value, as the interest rate varies depending on quoted market rates (level 1 inputs). Repayments of 2.5 billion Japanese yen ( $24 million as of April 30, 2016 ) are payable on January 15 of each year, and commenced on January 15, 2015 , with a final repayment of 7.5 billion Japanese yen ( $70 million as of April 30, 2016 ) due on January 15, 2018 . Interest is payable at least quarterly based on an interest rate equal to the Tokyo Interbank Offered Rate plus a fixed margin. In October 2015, we entered into a $400 million unsecured term loan (the “Term Loan”). The Term Loan matures and is payable in full on October 15, 2016 , but may be extended until October 15, 2017 . As of April 30, 2016 , the carrying amount of our $400 million Term Loan approximated its fair value due to the short-term nature of the loan. Interest is payable at least quarterly based on an interest rate equal to the London Interbank Offered Rate plus a fixed margin. The Term Loan is included in current maturities of debt in the Condensed Consolidated Balance Sheet. We have a $500 million , five -year, unsecured revolving credit facility (the “Facility”), which is scheduled to expire in May 2020 . There were no borrowings and no material outstanding standby letters of credit under the Facility as of April 30, 2016 . We maintain multiple agreements with third parties that make unsecured revolving credit facilities available for our operations in foreign locations (the “Foreign Facilities”). These Foreign Facilities are uncommitted and are generally available for borrowings, overdraft borrowings, and the issuance of bank guarantees. The total capacity of the Foreign Facilities was $48 million as of April 30, 2016 . As of April 30, 2016 , there were no borrowings under the Foreign Facilities. There were $13 million in bank guarantees issued and outstanding primarily related to store leases under the Foreign Facilities as of April 30, 2016 . We have bilateral unsecured standby letter of credit agreements that are uncommitted and do not have expiration dates. As of April 30, 2016 , we had $18 million in standby letters of credit issued under these agreements. We also have a $50 million , two -year, unsecured committed letter of credit agreement, which expires in September 2016 . We had no trade letters of credit issued under this letter of credit agreement as of April 30, 2016 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements There were no purchases, sales, issuances, or settlements related to recurring level 3 measurements during the thirteen weeks ended April 30, 2016 or May 2, 2015 . There were no transfers of financial assets or liabilities into or out of level 1 and level 2 during the thirteen weeks ended April 30, 2016 or May 2, 2015 . Financial Assets and Liabilities Financial assets and liabilities measured at fair value on a recurring basis and cash equivalents are as follows: Fair Value Measurements at Reporting Date Using ($ in millions) April 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 589 $ 131 $ 458 $ — Derivative financial instruments 18 — 18 — Deferred compensation plan assets 40 40 — — Total $ 647 $ 171 $ 476 $ — Liabilities: Derivative financial instruments $ 85 $ — $ 85 $ — Fair Value Measurements at Reporting Date Using ($ in millions) January 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 517 $ 204 $ 313 $ — Derivative financial instruments 93 — 93 — Deferred compensation plan assets 37 37 — — Total $ 647 $ 241 $ 406 $ — Liabilities: Derivative financial instruments $ 3 $ — $ 3 $ — Fair Value Measurements at Reporting Date Using ($ in millions) May 2, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 201 $ 72 $ 129 $ — Derivative financial instruments 118 — 118 — Deferred compensation plan assets 45 45 — — Total $ 364 $ 117 $ 247 $ — Liabilities: Derivative financial instruments $ 13 $ — $ 13 $ — We have highly liquid investments classified as cash equivalents, which are placed primarily in time deposits, money market funds, 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 currencies hedged against changes in the U.S. dollar are Japanese yen, Canadian dollars, British pounds, Euro, Mexican pesos, Chinese yuan, and Taiwan dollars. 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 Condensed 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 Condensed Consolidated Balance Sheets. We maintain the Gap Inc. Deferred Compensation Plan (“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, and the assets are recorded in other long-term assets in the Condensed Consolidated Balance Sheets. Nonfinancial 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. 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 it is more likely than not that the carrying amount may not be recoverable. There were no material impairment charges recorded for goodwill, other indefinite-lived intangible assets, or other long-lived assets for the thirteen weeks ended April 30, 2016 or May 2, 2015 .

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Apr. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We operate in foreign countries, which exposes us to market risk associated with foreign currency exchange rate fluctuations. We use derivative financial instruments to manage our exposure to foreign currency exchange rate risk and do not enter into derivative financial contracts for trading purposes. 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. These contracts are entered into with large, reputable financial institutions that are monitored for counterparty risk. The currencies hedged against changes in the U.S. dollar are Japanese yen, Canadian dollars, British pounds, Euro, Mexican pesos, Chinese yuan, and Taiwan dollars. Cash flows from derivative financial instruments are classified as cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. 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 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 entities, whose functional currency is the U.S. dollar, to certain international subsidiaries in their local currencies. 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 24 months. There were no material amounts recorded in the Condensed Consolidated Statements of Income for the thirteen weeks ended April 30, 2016 or May 2, 2015 as a result of our analysis 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 the Condensed Consolidated Statements of Income for the thirteen weeks ended April 30, 2016 or May 2, 2015 as a result of our analysis 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 enter into 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 that represent economic hedges, as well as the remeasurement impact of the underlying intercompany balances, is recorded in operating expenses in the Condensed Consolidated Statements of Income in the same period and generally offset. Outstanding Notional Amounts We had foreign exchange forward contracts outstanding in the following notional amounts: ($ in millions) April 30, January 30, May 2, Derivatives designated as cash flow hedges $ 1,441 $ 1,220 $ 1,687 Derivatives designated as net investment hedges 32 30 33 Derivatives not designated as hedging instruments 422 324 293 Total $ 1,895 $ 1,574 $ 2,013 Quantitative Disclosures about Derivative Financial Instruments The fair values of foreign exchange forward contracts are as follows: ($ in millions) April 30, January 30, May 2, Derivatives designated as cash flow hedges: Other current assets $ 15 $ 71 $ 89 Other long-term assets $ 2 $ 8 $ 19 Accrued expenses and other current liabilities $ 37 $ 1 $ 3 Lease incentives and other long-term liabilities $ 29 $ 1 $ 8 Derivatives designated as net investment hedges: Other current assets $ — $ 1 $ — Other long-term assets $ — $ — $ — Accrued expenses and other current liabilities $ — $ — $ — Lease incentives and other long-term liabilities $ — $ — $ — Derivatives not designated as hedging instruments: Other current assets $ 1 $ 13 $ 10 Other long-term assets $ — $ — $ — Accrued expenses and other current liabilities $ 19 $ 1 $ 2 Lease incentives and other long-term liabilities $ — $ — $ — Total derivatives in an asset position $ 18 $ 93 $ 118 Total derivatives in a liability position $ 85 $ 3 $ 13 The majority of the unrealized gains and losses from designated cash flow hedges as of April 30, 2016 will be recognized in income within the next 12 months at the then-current values, which may differ from the fair values as of April 30, 2016 shown above. 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 Condensed Consolidated Balance Sheets, and as such, the fair values shown above represent gross amounts. The amounts subject to enforceable master netting arrangements are $9 million , $2 million , and $11 million as of April 30, 2016 , January 30, 2016 , and May 2, 2015 , respectively. If we did elect to offset, the net amounts of our derivative financial instruments in an asset position would be $9 million , $91 million , and $107 million and the net amounts of the derivative financial instruments in a liability position would be $76 million , $1 million , and $2 million as of April 30, 2016 , January 30, 2016 and May 2, 2015 , respectively. See Note 4 of Notes to Condensed Consolidated Financial Statements for disclosures on the fair value measurements of our derivative financial instruments. The effective portion of gains and losses on foreign exchange forward contracts in cash flow hedging and net investment hedging relationships recorded in other comprehensive income and the Condensed Consolidated Statements of Income, on a pre-tax basis, are as follows: 13 Weeks Ended ($ in millions) April 30, May 2, Derivatives in cash flow hedging relationships: Loss recognized in other comprehensive income $ (125 ) $ (14 ) Gain reclassified into cost of goods sold and occupancy expenses $ 13 $ 28 Gain (loss) reclassified into operating expenses $ (2 ) $ 2 Derivatives in net investment hedging relationships: Loss recognized in other comprehensive income $ (3 ) $ (1 ) For the thirteen weeks ended April 30, 2016 and May 2, 2015 , there were no amounts of gain or loss reclassified from accumulated other comprehensive income into net 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. Gains and losses on foreign exchange forward contracts not designated as hedging instruments recorded in the Condensed Consolidated Statements of Income, on a pre-tax basis, are as follows: 13 Weeks Ended ($ in millions) April 30, May 2, Loss recognized in operating expenses $ (27 ) $ —

Share Repurchases

Share Repurchases	3 Months Ended
	Apr. 30, 2016
Disclosure Share Repurchase Activity [Abstract]
Share Repurchases	Share Repurchases Share repurchase activity is as follows: 13 Weeks Ended ($ and shares in millions except average per share cost) April 30, May 2, Number of shares repurchased — 5.6 Total cost $ — $ 230 Average per share cost including commissions $ — $ 41.01 In October 2014, we announced that the Board of Directors approved a $500 million share repurchase authorization, all of which was completed by the end of May 2015. In February 2015, we announced that the Board of Directors approved a $1.0 billion share repurchase authorization (the "February 2015 repurchase program"). In February 2016, we announced that the Board of Directors approved a new $1.0 billion share repurchase authorization (the "February 2016 repurchase program"). The February 2015 repurchase program, which had $302 million remaining, was superseded and replaced by the February 2016 repurchase program. The February 2016 repurchase program still had $1.0 billion remaining as of April 30, 2016 , as there were no shares repurchased during the thirteen weeks ended April 30, 2016 . All except $13 million of the total share repurchases were paid for as of May 2, 2015 . All of the share repurchases were paid for as of January 30, 2016 . All common stock repurchased is immediately retired.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Apr. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation Share-based compensation expense recognized in the Condensed Consolidated Statements of Income, primarily in operating expenses, is as follows: 13 Weeks Ended ($ in millions) April 30, May 2, Stock units $ 12 $ 18 Stock options 2 3 Employee stock purchase plan 1 1 Share-based compensation expense 15 22 Less: Income tax benefit (6 ) (8 ) Share-based compensation expense, net of tax $ 9 $ 14

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Apr. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	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 January 30, 2016 $ 22 $ 63 $ 85 Foreign currency translation 31 — 31 Change in fair value of derivative financial instruments — (89 ) (89 ) Amounts reclassified from accumulated other comprehensive income — (7 ) (7 ) Other comprehensive income (loss), net 31 (96 ) (65 ) Balance at April 30, 2016 $ 53 $ (33 ) $ 20 ($ in millions) Foreign Currency Translation Cash Flow Hedges Total Balance at January 31, 2015 $ 60 $ 105 $ 165 Foreign currency translation 6 — 6 Change in fair value of derivative financial instruments — (10 ) (10 ) Amounts reclassified from accumulated other comprehensive income — (21 ) (21 ) Other comprehensive income (loss), net 6 (31 ) (25 ) Balance at May 2, 2015 $ 66 $ 74 $ 140 See Note 5 of Notes to Condensed 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 Condensed Consolidated Statements of Income.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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, the United Kingdom, China, Hong Kong, Japan, and India. 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 in the normal course of business. As of April 30, 2016 , it is reasonably possible that we will recognize a decrease in gross unrecognized tax benefits within the next 12 months of up to $3 million , primarily due to the closing of audits. If we do recognize such a decrease, the net impact on the Condensed Consolidated Statement of Income would not be material.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Weighted-average number of shares used for earnings per share is as follows: 13 Weeks Ended (shares in millions) April 30, May 2, Weighted-average number of shares - basic 398 421 Common stock equivalents 1 3 Weighted-average number of shares - diluted 399 424 The above computations of weighted-average number of shares – diluted exclude 7 million and 2 million shares related to stock options and other stock awards for the thirteen weeks ended April 30, 2016 and May 2, 2015 , respectively, as their inclusion would have an anti-dilutive effect on earnings per share.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 Condensed Consolidated Financial Statements taken as a whole. As a multinational company, we are subject to various proceedings, lawsuits, disputes, and claims (“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 April 30, 2016 , 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 April 30, 2016 , January 30, 2016 , and May 2, 2015 , 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 April 30, 2016 , January 30, 2016 , and May 2, 2015 was not material for any individual Action or in total. Subsequent to April 30, 2016 and through the filing date of this Quarterly Report on Form 10-Q, no information has become available that indicates a change is required that would be material to our Condensed Consolidated Financial Statements taken as a whole. 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 Condensed Consolidated Financial Statements taken as a whole.

Segment Information

Segment Information	3 Months Ended
	Apr. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Gap, Inc. is a global retailer that sells apparel, accessories, and personal care products under the Gap, Old Navy, Banana Republic, Athleta, and Intermix brands. We identify our operating segments according to how our business activities are managed and evaluated. As of April 30, 2016 , our operating segments included Gap Global, Old Navy Global, Banana Republic Global, Athleta, and Intermix. The operating results for the thirteen weeks ended May 2, 2015 also include Piperlime, which was discontinued as of the first quarter of fiscal 2015. We have determined that each of our operating segments share similar economic and other qualitative characteristics, and therefore the results of our operating segments are aggregated into one reportable segment as of April 30, 2016 . Net sales by brand and region are as follows: ($ in millions) Gap Global Old Navy Global Banana Republic Global Other (2) Total Percentage of Net Sales 13 Weeks Ended April 30, 2016 U.S. (1) $ 698 $ 1,328 $ 454 $ 178 $ 2,658 77 % Canada 70 98 47 1 216 6 Europe 144 — 14 — 158 5 Asia 280 50 26 — 356 11 Other regions 31 10 9 — 50 1 Total $ 1,223 $ 1,486 $ 550 $ 179 $ 3,438 100 % Sales growth (decline) (6 )% (4 )% (11 )% 2 % (6 )% ($ in millions) Gap Global Old Navy Global Banana Republic Global Other (3) Total Percentage of Net Sales 13 Weeks Ended May 2, 2015 U.S. (1) $ 735 $ 1,403 $ 515 $ 175 $ 2,828 77 % Canada 69 102 52 1 224 6 Europe 164 — 17 — 181 5 Asia 285 43 27 — 355 10 Other regions 55 4 10 — 69 2 Total $ 1,308 $ 1,552 $ 621 $ 176 $ 3,657 100 % Sales growth (decline) (9 )% 5 % (7 )% (4 )% (3 )% __________ (1) U.S. includes the United States, Puerto Rico, and Guam. (2) Includes Athleta and Intermix. (3) Includes Athleta, Intermix, and Piperlime. Net sales by region are allocated based on the location in which the sale originated. This is determined based on the location of the store where the customer paid for and received the merchandise or the distribution center or store from which the products were shipped.

Debt and Credit Facilities Long

Debt and Credit Facilities Long Term Debt (Tables)	3 Months Ended
	Apr. 30, 2016
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt consists of the following: ($ in millions) April 30, January 30, May 2, Notes $ 1,248 $ 1,248 $ 1,247 Japan Term Loan 94 83 105 Total long-term debt 1,342 1,331 1,352 Less: Current portion (24 ) (21 ) (21 ) Total long-term debt, less current portion $ 1,318 $ 1,310 $ 1,331

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2016
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 are as follows: Fair Value Measurements at Reporting Date Using ($ in millions) April 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 589 $ 131 $ 458 $ — Derivative financial instruments 18 — 18 — Deferred compensation plan assets 40 40 — — Total $ 647 $ 171 $ 476 $ — Liabilities: Derivative financial instruments $ 85 $ — $ 85 $ — Fair Value Measurements at Reporting Date Using ($ in millions) January 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 517 $ 204 $ 313 $ — Derivative financial instruments 93 — 93 — Deferred compensation plan assets 37 37 — — Total $ 647 $ 241 $ 406 $ — Liabilities: Derivative financial instruments $ 3 $ — $ 3 $ — Fair Value Measurements at Reporting Date Using ($ in millions) May 2, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 201 $ 72 $ 129 $ — Derivative financial instruments 118 — 118 — Deferred compensation plan assets 45 45 — — Total $ 364 $ 117 $ 247 $ — Liabilities: Derivative financial instruments $ 13 $ — $ 13 $ —

Derivative Financial Instrume22

Derivative Financial Instruments (Tables)	3 Months Ended
	Apr. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	Gains and losses on foreign exchange forward contracts not designated as hedging instruments recorded in the Condensed Consolidated Statements of Income, on a pre-tax basis, are as follows: 13 Weeks Ended ($ in millions) April 30, May 2, Loss recognized in operating expenses $ (27 ) $ —
Foreign Exchange Forward Contracts Outstanding	We had foreign exchange forward contracts outstanding in the following notional amounts: ($ in millions) April 30, January 30, May 2, Derivatives designated as cash flow hedges $ 1,441 $ 1,220 $ 1,687 Derivatives designated as net investment hedges 32 30 33 Derivatives not designated as hedging instruments 422 324 293 Total $ 1,895 $ 1,574 $ 2,013
Fair Values of Asset and Liability Derivative Financial Instruments	The fair values of foreign exchange forward contracts are as follows: ($ in millions) April 30, January 30, May 2, Derivatives designated as cash flow hedges: Other current assets $ 15 $ 71 $ 89 Other long-term assets $ 2 $ 8 $ 19 Accrued expenses and other current liabilities $ 37 $ 1 $ 3 Lease incentives and other long-term liabilities $ 29 $ 1 $ 8 Derivatives designated as net investment hedges: Other current assets $ — $ 1 $ — Other long-term assets $ — $ — $ — Accrued expenses and other current liabilities $ — $ — $ — Lease incentives and other long-term liabilities $ — $ — $ — Derivatives not designated as hedging instruments: Other current assets $ 1 $ 13 $ 10 Other long-term assets $ — $ — $ — Accrued expenses and other current liabilities $ 19 $ 1 $ 2 Lease incentives and other long-term liabilities $ — $ — $ — Total derivatives in an asset position $ 18 $ 93 $ 118 Total derivatives in a liability position $ 85 $ 3 $ 13
Effects of Derivative Financial Instruments on OCI and Condensed 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 other comprehensive income and the Condensed Consolidated Statements of Income, on a pre-tax basis, are as follows: 13 Weeks Ended ($ in millions) April 30, May 2, Derivatives in cash flow hedging relationships: Loss recognized in other comprehensive income $ (125 ) $ (14 ) Gain reclassified into cost of goods sold and occupancy expenses $ 13 $ 28 Gain (loss) reclassified into operating expenses $ (2 ) $ 2 Derivatives in net investment hedging relationships: Loss recognized in other comprehensive income $ (3 ) $ (1 )

Share Repurchases (Tables)

Share Repurchases (Tables)	3 Months Ended
	Apr. 30, 2016
Disclosure Share Repurchase Activity [Abstract]
Share Repurchase Activity	Share repurchase activity is as follows: 13 Weeks Ended ($ and shares in millions except average per share cost) April 30, May 2, Number of shares repurchased — 5.6 Total cost $ — $ 230 Average per share cost including commissions $ — $ 41.01

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Apr. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Expense	Share-based compensation expense recognized in the Condensed Consolidated Statements of Income, primarily in operating expenses, is as follows: 13 Weeks Ended ($ in millions) April 30, May 2, Stock units $ 12 $ 18 Stock options 2 3 Employee stock purchase plan 1 1 Share-based compensation expense 15 22 Less: Income tax benefit (6 ) (8 ) Share-based compensation expense, net of tax $ 9 $ 14

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Apr. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in Accumulated Other Comprehensive Income by Component	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 January 30, 2016 $ 22 $ 63 $ 85 Foreign currency translation 31 — 31 Change in fair value of derivative financial instruments — (89 ) (89 ) Amounts reclassified from accumulated other comprehensive income — (7 ) (7 ) Other comprehensive income (loss), net 31 (96 ) (65 ) Balance at April 30, 2016 $ 53 $ (33 ) $ 20 ($ in millions) Foreign Currency Translation Cash Flow Hedges Total Balance at January 31, 2015 $ 60 $ 105 $ 165 Foreign currency translation 6 — 6 Change in fair value of derivative financial instruments — (10 ) (10 ) Amounts reclassified from accumulated other comprehensive income — (21 ) (21 ) Other comprehensive income (loss), net 6 (31 ) (25 ) Balance at May 2, 2015 $ 66 $ 74 $ 140

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 30, 2016
Earnings Per Share [Abstract]
Weighted-Average Number of Shares	Weighted-average number of shares used for earnings per share is as follows: 13 Weeks Ended (shares in millions) April 30, May 2, Weighted-average number of shares - basic 398 421 Common stock equivalents 1 3 Weighted-average number of shares - diluted 399 424

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Apr. 30, 2016
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 Republic Global Other (2) Total Percentage of Net Sales 13 Weeks Ended April 30, 2016 U.S. (1) $ 698 $ 1,328 $ 454 $ 178 $ 2,658 77 % Canada 70 98 47 1 216 6 Europe 144 — 14 — 158 5 Asia 280 50 26 — 356 11 Other regions 31 10 9 — 50 1 Total $ 1,223 $ 1,486 $ 550 $ 179 $ 3,438 100 % Sales growth (decline) (6 )% (4 )% (11 )% 2 % (6 )% ($ in millions) Gap Global Old Navy Global Banana Republic Global Other (3) Total Percentage of Net Sales 13 Weeks Ended May 2, 2015 U.S. (1) $ 735 $ 1,403 $ 515 $ 175 $ 2,828 77 % Canada 69 102 52 1 224 6 Europe 164 — 17 — 181 5 Asia 285 43 27 — 355 10 Other regions 55 4 10 — 69 2 Total $ 1,308 $ 1,552 $ 621 $ 176 $ 3,657 100 % Sales growth (decline) (9 )% 5 % (7 )% (4 )% (3 )% __________ (1) U.S. includes the United States, Puerto Rico, and Guam. (2) Includes Athleta and Intermix. (3) Includes Athleta, Intermix, and Piperlime.

Basis of Presentation Subsequen

Basis of Presentation Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ in Millions	1 Months Ended
	May. 28, 2016	May. 19, 2016
Subsequent Event [Line Items]
Restructuring and Related Cost, Expected Cost Non-Cash Portion		$ 100
Restructuring and Related Cost, Expected Cost		$ 300
Subsequent Event, Date	May 19, 2016

Debt and Credit Facilities Lo29

Debt and Credit Facilities Long Term Debt (Details) - USD ($) $ in Millions	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Debt Instrument [Line Items]
Notes	$ 1,248	$ 1,248	$ 1,247
Japan Term Loan	94	83	105
Total long-term debt	1,342	1,331	1,352
Less: Current portion	(24)	(21)	(21)
Total long-term debt, less current portion	$ 1,318	$ 1,310	$ 1,331

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details) $ in Millions, ¥ in Billions	3 Months Ended
	Apr. 30, 2016JPY (¥)	Apr. 30, 2016USD ($)	Jan. 30, 2016USD ($)	May. 02, 2015USD ($)
Letter of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	2 years
Maximum borrowing capacity		$ 50
Expiration date	Sep. 30, 2016
Borrowings		0
5.95 Percent Notes Due April 2021
Debt Instrument [Line Items]
Aggregate principal amount of notes issued		$ 1,250
Notes, interest rate	5.95%	5.95%
Notes, maturity date	Apr. 12, 2021
Estimated fair value		$ 1,330	$ 1,290	$ 1,430
Japan Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount of notes issued | ¥	¥ 15
Notes, maturity date	Jan. 15, 2018
Estimated fair value		94	$ 83	$ 105
Debt Instrument, Term	4 years
Debt Instrument, Date of First Required Payment	Jan. 15, 2015
Long-term Debt, Maturities, Repayments of Principal in Year Two	¥ 7.5	70
Debt Instrument, Annual Principal Payment	¥ 2.5	24
Foreign Facilities [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		48
Borrowings		0
Bank guarantees related to store leases		13
Amended Five-Year Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	5 years
Maximum borrowing capacity		500
Expiration date	May 1, 2020
Unsecured committed letter of credit amount		0
Borrowings		0
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Unsecured committed letter of credit amount		18
400 Million Dollar Term Loan [Member]
Debt Instrument [Line Items]
Notes, maturity date	Oct. 15, 2016
Short-Term Loans Payable		400
Short-term Debt, Fair Value		$ 400

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Assets:
Cash equivalents	$ 589	$ 517	$ 201
Derivative financial instruments	18	93	118
Deferred compensation plan assets	40	37	45
Total	647	647	364
Liabilities:
Derivative financial instruments	85	3	13
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash equivalents	131	204	72
Derivative financial instruments	0	0	0
Deferred compensation plan assets	40	37	45
Total	171	241	117
Liabilities:
Derivative financial instruments	0	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash equivalents	458	313	129
Derivative financial instruments	18	93	118
Deferred compensation plan assets	0	0	0
Total	476	406	247
Liabilities:
Derivative financial instruments	85	3	13
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash equivalents	0	0	0
Derivative financial instruments	0	0	0
Deferred compensation plan assets	0	0	0
Total	0	0	0
Liabilities:
Derivative financial instruments	$ 0	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-lived asset impairment charges	$ 0	$ 0
Other indefinite-lived intangible assets impairment charges	0	0
Goodwill impairment charges	0	0
Transfers into or out of level 2	0	0
Transfers into or out of level 1	0	0
Purchases, sales, issuances, or settlements related to recurring level 3 measurements	$ 0	$ 0

Derivative Financial Instrume33

Derivative Financial Instruments - Foreign Exchange Contracts Outstanding to Sell Various Currencies (Details) - USD ($) $ in Millions	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Derivative [Line Items]
Derivative, Notional Amount	$ 1,895	$ 1,574	$ 2,013
Derivatives in cash flow hedging relationships
Derivative [Line Items]
Derivative, Notional Amount	1,441	1,220	1,687
Derivatives in net investment hedging relationships
Derivative [Line Items]
Derivative, Notional Amount	32	30	33
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	$ 422	$ 324	$ 293

Derivative Financial Instrume34

Derivative Financial Instruments - Fair Values of Asset and Liability Derivative Financial Instruments (Details) - USD ($) $ in Millions	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	$ 18	$ 93	$ 118
Derivative financial instruments, liabilities	85	3	13
Foreign Exchange Forward Contract
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	18	93	118
Derivative financial instruments, liabilities	85	3	13
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	15	71	89
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	2	8	19
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Accrued Liabilities Current [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	37	1	3
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Lease Incentive And Other Long Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	29	1	8
Derivatives in net investment hedging relationships | Foreign Exchange Forward Contract | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	0	1	0
Derivatives in net investment hedging relationships | Foreign Exchange Forward Contract | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	0	0	0
Derivatives in net investment hedging relationships | Foreign Exchange Forward Contract | Accrued Liabilities Current [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	0	0	0
Derivatives in net investment hedging relationships | Foreign Exchange Forward Contract | Lease Incentive And Other Long Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	0	0	0
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	1	13	10
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	0	0	0
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Accrued Liabilities Current [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	19	1	2
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Lease Incentive And Other Long Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	$ 0	$ 0	$ 0

Derivative Financial Instrume35

Derivative Financial Instruments - Effects Of Derivative Financial Instruments On OCI And Condensed Consolidated Statements Of Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Derivatives in net investment hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated OCI into income, effective portion, net	$ 0	$ 0
Foreign Exchange Forward Contract | Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in OCI, effective portion, net	(125)	(14)
Foreign Exchange Forward Contract | Derivatives in net investment hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in OCI, effective portion, net	(3)	(1)
Foreign Exchange Forward Contract | Cost of Goods Sold and Occupancy Expense | Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated OCI into income, effective portion, net	13	28
Foreign Exchange Forward Contract | Operating Expenses [Member] | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amounts of gain (loss) recognized in income on derivatives	(27)	0
Foreign Exchange Forward Contract | Operating Expenses [Member] | Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated OCI into income, effective portion, net	$ (2)	$ 2

Derivative Financial Instrume36

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015	Jan. 30, 2016
Derivative [Line Items]
Derivative liabilities, net of amount subject to master netting arrangement	$ 76	$ 2	$ 1
Derivative assets, net of amount subject to master netting arrangement	9	107	91
Amounts Subject to Enforceable Master Netting Arrangements	9	11	$ 2
Derivatives in cash flow hedging relationships
Derivative [Line Items]
Amounts recorded as a result of hedge ineffectiveness	0	0
Amounts recorded in net income as a result of discontinuance of cash flow hedges	0	0
Amounts recorded in net income as a result of hedge components excluded from the assessment of cash flow hedge effectiveness	0	0
Derivatives in net investment hedging relationships
Derivative [Line Items]
Amounts recorded as a result of hedge ineffectiveness	0	0
Amounts recorded in net income as a result of discontinuance of net investment hedges	0	0
Amounts recorded in net income as a result of hedge components excluded from the assessment of net investment hedge effectiveness	$ 0	$ 0

Share Repurchase Activity (Deta

Share Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Disclosure Share Repurchase Activity [Abstract]
Number of shares repurchased	0	5.6
Total cost	$ 0	$ 230
Average per share cost including commissions (in dollars per share)	$ 0	$ 41.01

Share Repurchases - Additional

Share Repurchases - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015	Feb. 25, 2016	Jan. 30, 2016	Feb. 26, 2015	Oct. 16, 2014
Disclosure Share Repurchases Additional Information [Abstract]
Stock Repurchase Program, Authorized Amount			$ 1,000		$ 1,000	$ 500
Share repurchases, remaining amount	$ 1,000			$ 302
Stock Repurchase Program Amount Not Paid		$ 13		$ 0
Number of shares repurchased	0	5.6

Share-Based Compensation Expens

Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 15	$ 22
Less: Income tax benefit	(6)	(8)
Share-based compensation expense, net of tax	9	14
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	12	18
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2	3
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 1

Accumulated Other Comprehensi40

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015	Jan. 30, 2016	Jan. 31, 2015
Foreign currency translation	$ 31	$ 6
Change in fair value of derivative financial instruments	(89)	(10)
Amounts reclassified from accumulated other comprehensive income	(7)	(21)
Other comprehensive income (loss), net	(65)	(25)
Accumulated Other Comprehensive Income (Loss), Net of Tax	20	140	$ 85	$ 165
Accumulated Translation Adjustment [Member]
Foreign currency translation	31	6
Change in fair value of derivative financial instruments	0	0
Amounts reclassified from accumulated other comprehensive income	0	0
Other comprehensive income (loss), net	31	6
Accumulated Other Comprehensive Income (Loss), Net of Tax	53	66	22	60
Derivatives in cash flow hedging relationships
Foreign currency translation	0	0
Change in fair value of derivative financial instruments	(89)	(10)
Amounts reclassified from accumulated other comprehensive income	(7)	(21)
Other comprehensive income (loss), net	(96)	(31)
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (33)	$ 74	$ 63	$ 105

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	3 Months Ended
	Apr. 30, 2016USD ($)
Income Tax Disclosure [Abstract]
Decrease In Gross Unrecognized Tax Benefits Within The Next 12 Months	$ 3
Benefit To Income Taxes If Decrease In Gross Unrecognized Tax Benefits Within 12 Months Are Recognized	$ 0

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Number of Shares (Details) - shares shares in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Earnings Per Share [Abstract]
Weighted-average number of shares - basic (in shares)	398	421
Common stock equivalents (in shares)	1	3
Weighted-average number of shares - diluted (in shares)	399	424

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Earnings Per Share [Abstract]
Shares excluded from the computations of weighted-average number of shares - diluted	7	2

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Estimate of Possible Loss Related to Actions	$ 0	$ 0	$ 0

Segment Information - Net Sales

Segment Information - Net Sales by Brand and Region (Details) - USD ($) $ in Millions		3 Months Ended
		Apr. 30, 2016		May. 02, 2015
Segment Reporting Information [Line Items]
Net sales		$ 3,438		$ 3,657
Percentage of Net Sales		100.00%		100.00%
Sales growth (decline)		(6.00%)		(3.00%)
U.S.
Segment Reporting Information [Line Items]
Net sales	[1]	$ 2,658		$ 2,828
Percentage of Net Sales	[1]	77.00%		77.00%
Canada
Segment Reporting Information [Line Items]
Net sales		$ 216		$ 224
Percentage of Net Sales		6.00%		6.00%
Europe
Segment Reporting Information [Line Items]
Net sales		$ 158		$ 181
Percentage of Net Sales		5.00%		5.00%
Asia
Segment Reporting Information [Line Items]
Net sales		$ 356		$ 355
Percentage of Net Sales		11.00%		10.00%
Other Regions
Segment Reporting Information [Line Items]
Net sales		$ 50		$ 69
Percentage of Net Sales		1.00%		2.00%
Gap
Segment Reporting Information [Line Items]
Net sales		$ 1,223		$ 1,308
Sales growth (decline)		(6.00%)		(9.00%)
Gap | U.S.
Segment Reporting Information [Line Items]
Net sales	[1]	$ 698		$ 735
Gap | Canada
Segment Reporting Information [Line Items]
Net sales		70		69
Gap | Europe
Segment Reporting Information [Line Items]
Net sales		144		164
Gap | Asia
Segment Reporting Information [Line Items]
Net sales		280		285
Gap | Other Regions
Segment Reporting Information [Line Items]
Net sales		31		55
Old Navy
Segment Reporting Information [Line Items]
Net sales		$ 1,486		$ 1,552
Sales growth (decline)		(4.00%)		5.00%
Old Navy | U.S.
Segment Reporting Information [Line Items]
Net sales	[1]	$ 1,328		$ 1,403
Old Navy | Canada
Segment Reporting Information [Line Items]
Net sales		98		102
Old Navy | Europe
Segment Reporting Information [Line Items]
Net sales		0		0
Old Navy | Asia
Segment Reporting Information [Line Items]
Net sales		50		43
Old Navy | Other Regions
Segment Reporting Information [Line Items]
Net sales		10		4
Banana Republic
Segment Reporting Information [Line Items]
Net sales		$ 550		$ 621
Sales growth (decline)		(11.00%)		(7.00%)
Banana Republic | U.S.
Segment Reporting Information [Line Items]
Net sales	[1]	$ 454		$ 515
Banana Republic | Canada
Segment Reporting Information [Line Items]
Net sales		47		52
Banana Republic | Europe
Segment Reporting Information [Line Items]
Net sales		14		17
Banana Republic | Asia
Segment Reporting Information [Line Items]
Net sales		26		27
Banana Republic | Other Regions
Segment Reporting Information [Line Items]
Net sales		9		10
Other
Segment Reporting Information [Line Items]
Net sales		$ 179	[2]	$ 176	[3]
Sales growth (decline)		2.00%	[2]	(4.00%)	[3]
Other | U.S.
Segment Reporting Information [Line Items]
Net sales	[1]	$ 178	[2]	$ 175	[3]
Other | Canada
Segment Reporting Information [Line Items]
Net sales		1	[2]	1	[3]
Other | Europe
Segment Reporting Information [Line Items]
Net sales		0	[2]	0	[3]
Other | Asia
Segment Reporting Information [Line Items]
Net sales		0	[2]	0	[3]
Other | Other Regions
Segment Reporting Information [Line Items]
Net sales		$ 0	[2]	$ 0	[3]
[1]	U.S. includes the United States, Puerto Rico, and Guam.
[2]	Includes Athleta and Intermix.
[3]	Includes Athleta, Intermix, and Piperlime.

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Apr. 30, 2016Segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	1