Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 28, 2017 | Mar. 14, 2017 | Jul. 29, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 28, 2017 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
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 | 399,843,485 | ||
Entity Public Float | $ 6 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,783 | $ 1,370 |
Merchandise inventory | 1,830 | 1,873 |
Other current assets | 702 | 742 |
Total current assets | 4,315 | 3,985 |
Property and equipment, net | 2,616 | 2,850 |
Other long-term assets | 679 | 638 |
Total assets | 7,610 | 7,473 |
Current liabilities: | ||
Current maturities of debt | 65 | 421 |
Accounts payable | 1,243 | 1,112 |
Accrued expenses and other current liabilities | 1,113 | 979 |
Income taxes payable | 32 | 23 |
Total current liabilities | 2,453 | 2,535 |
Long-term liabilities: | ||
Long-term debt | 1,248 | 1,310 |
Lease incentives and other long-term liabilities | 1,005 | 1,083 |
Total long-term liabilities | 2,253 | 2,393 |
Stockholders' equity: | ||
Common stock $0.05 par value, Authorized 2,300 shares for all periods presented; Issued and Outstanding 399 and 397 shares | 20 | 20 |
Additional Paid in Capital | 81 | 0 |
Retained earnings | 2,749 | 2,440 |
Accumulated other comprehensive income | 54 | 85 |
Total stockholders' equity | 2,904 | 2,545 |
Total liabilities and stockholders' equity | $ 7,610 | $ 7,473 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
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) | 399 | 397 |
Common stock, shares outstanding (in shares) | 399 | 397 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Net sales | $ 15,516 | $ 15,797 | $ 16,435 |
Cost of goods sold and occupancy expenses | 9,876 | 10,077 | 10,146 |
Gross profit | 5,640 | 5,720 | 6,289 |
Operating expenses | 4,449 | 4,196 | 4,206 |
Operating income | 1,191 | 1,524 | 2,083 |
Interest expense | 75 | 59 | 75 |
Interest income | (8) | (6) | (5) |
Income before income taxes | 1,124 | 1,471 | 2,013 |
Income taxes | 448 | 551 | 751 |
Net income | $ 676 | $ 920 | $ 1,262 |
Weighted-average number of shares—basic (in shares) | 399 | 411 | 435 |
Weighted-average number of shares - diluted (in shares) | 400 | 413 | 440 |
Earnings per share - basic (in dollars per share) | $ 1.69 | $ 2.24 | $ 2.90 |
Earnings per share - diluted (in dollars per share) | $ 1.69 | $ 2.23 | $ 2.87 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Net income | $ 676 | $ 920 | $ 1,262 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation, net of tax benefit of $-, $(1), and $(2) | 7 | (38) | (47) |
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $(2), $21, and $48 | (26) | 60 | 118 |
Reclassification adjustment for gains on derivative financial instruments, net of tax of $(11), $(42), and $(20) | (12) | (102) | (41) |
Other comprehensive income (loss), net of tax | (31) | (80) | 30 |
Comprehensive income | $ 645 | $ 840 | $ 1,292 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Foreign currency translation, net of tax benefit of $-, $(1), and $(2) | $ 0 | $ (1) | $ (2) |
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $(2), $21, and $48 | (2) | 21 | 48 |
Reclassification adjustment for realized losses on derivative financial instruments, net of tax of $(11), $(42), and $(20) | $ (11) | $ (42) | $ (20) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Stock Options [Member]Common Stock | Stock Options [Member]Treasury Stock | Stock Units [Member]Common Stock | Stock Units [Member]Treasury Stock |
Balance at Feb. 01, 2014 | $ 3,062 | $ 55 | $ 2,899 | $ 14,218 | $ 135 | $ (14,245) | ||||
Balance (in shares) at Feb. 01, 2014 | 1,106,000,000 | (660,000,000) | ||||||||
Net income | 1,262 | 1,262 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 30 | 30 | ||||||||
Repurchases of common stock | $ (1,164) | $ (1) | (155) | (973) | $ (35) | |||||
Number of shares repurchased (in shares) | (30,000,000) | (29,000,000) | (1,000,000) | |||||||
Stock Issued During Period, Value, Other | $ 90 | $ 0 | 68 | $ 22 | ||||||
Stock Issued During Period, Shares, Other | 2,000,000 | 1,000,000 | 2,000,000 | 0 | ||||||
Adjustments Related to Tax Withholding for Share-based Compensation | (52) | 0 | (53) | 1 | ||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | $ (33) | (2,897) | (11,327) | $ 14,257 | |||||
Treasury Stock, Shares, Retired | (660,000,000) | 660,000,000 | ||||||||
Tax benefit from exercise of stock options and vesting of stock units | 37 | 37 | ||||||||
Share-based compensation, net of estimated forfeitures | 101 | 101 | ||||||||
Common stock cash dividends | (383) | (383) | ||||||||
Balance at Jan. 31, 2015 | 2,983 | $ 21 | 0 | 2,797 | 165 | $ 0 | ||||
Balance (in shares) at Jan. 31, 2015 | 421,000,000 | 0 | ||||||||
Net income | 920 | 920 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (80) | (80) | ||||||||
Repurchases of common stock | $ (1,000) | |||||||||
Number of shares repurchased (in shares) | (30,000,000) | |||||||||
Stock Repurchased and Retired During Period, Value | $ (1,000) | $ (1) | (99) | (900) | ||||||
Stock Repurchased and Retired During Period, Shares | (30,000,000) | |||||||||
Stock Issued During Period, Value, Other | 65 | $ 0 | 65 | |||||||
Stock Issued During Period, Shares, Other | 3,000,000 | 3,000,000 | ||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | (69) | 0 | (69) | |||||||
Tax benefit from exercise of stock options and vesting of stock units | 26 | 26 | ||||||||
Share-based compensation, net of estimated forfeitures | 77 | 77 | ||||||||
Common stock cash dividends | (377) | (377) | ||||||||
Balance at Jan. 30, 2016 | $ 2,545 | $ 20 | 0 | 2,440 | 85 | $ 0 | ||||
Balance (in shares) at Jan. 30, 2016 | 397,000,000 | 397,000,000 | 0 | |||||||
Net income | $ 676 | 676 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (31) | (31) | ||||||||
Repurchases of common stock | $ 0 | |||||||||
Number of shares repurchased (in shares) | 0 | |||||||||
Stock Issued During Period, Value, Other | $ 29 | $ 0 | 29 | |||||||
Stock Issued During Period, Shares, Other | 1,000,000 | 1,000,000 | ||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | (19) | 0 | (19) | |||||||
Tax benefit from exercise of stock options and vesting of stock units | (4) | (4) | ||||||||
Share-based compensation, net of estimated forfeitures | 75 | 75 | ||||||||
Common stock cash dividends | (367) | (367) | ||||||||
Balance at Jan. 28, 2017 | $ 2,904 | $ 20 | $ 81 | $ 2,749 | $ 54 | $ 0 | ||||
Balance (in shares) at Jan. 28, 2017 | 399,000,000 | 399,000,000 | 0 |
CONSOLIDATED STATEMENTS OF STO8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF STOCKHOLDERS" EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.92 | $ 0.92 | $ 0.88 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 676 | $ 920 | $ 1,262 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 593 | 592 | 564 |
Amortization Lease Incentives | (62) | (65) | (64) |
Share-based compensation | 76 | 76 | 100 |
Tax benefit from exercise of stock options and vesting of stock units | (4) | 26 | 37 |
Excess tax benefit from exercise of stock options and vesting of stock units | (1) | (28) | (38) |
Other Asset Impairment Charges | 107 | 54 | 10 |
Goodwill, Impairment Loss | 71 | 0 | 0 |
Non-cash and other items | (4) | (126) | (66) |
Deferred income taxes | (54) | 101 | 75 |
Changes in operating assets and liabilities: | |||
Merchandise inventory | 46 | (6) | (9) |
Other current assets and other long-term assets | 54 | 133 | 240 |
Accounts payable | 146 | (47) | (41) |
Accrued expenses and other current liabilities | 76 | (41) | (33) |
Income taxes payable, net of prepaid and other tax-related items | 19 | (24) | (87) |
Lease incentives and other long-term liabilities | (20) | 29 | 179 |
Net cash provided by operating activities | 1,719 | 1,594 | 2,129 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (524) | (726) | (714) |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | 121 |
Other | (5) | (4) | (3) |
Net cash used for investing activities | (529) | (730) | (596) |
Cash flows from financing activities: | |||
Proceeds from issuance of short-term debt | 0 | 400 | 0 |
Payments of short-term debt | (400) | 0 | 0 |
Payments of long-term debt | (21) | (21) | (21) |
Proceeds from issuances under share-based compensation plans | 29 | 65 | 90 |
Withholding tax payments related to vesting of stock units | (19) | (69) | (52) |
Repurchases of common stock | 0 | (1,015) | (1,179) |
Excess tax benefit from exercise of stock options and vesting of stock units | 1 | 28 | 38 |
Cash dividends paid | (367) | (377) | (383) |
Other | 0 | (1) | 0 |
Net cash used for financing activities | (777) | (990) | (1,507) |
Effect of foreign exchange rate fluctuations on cash and cash equivalents | 0 | (19) | (21) |
Net increase (decrease) in cash and cash equivalents | 413 | (145) | 5 |
Cash and cash equivalents at beginning of period | 1,370 | 1,515 | 1,510 |
Cash and cash equivalents at end of period | 1,783 | 1,370 | 1,515 |
Non-cash investing activities: | |||
Purchases of property and equipment not yet paid at end of period | 56 | 81 | 73 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest during the period | 82 | 78 | 77 |
Cash paid for income taxes during the period, net of refunds | $ 488 | $ 452 | $ 714 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Organization The Gap, Inc., a Delaware corporation, is a global omni-channel retailer offering apparel, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. We have Company-operated stores in the United States, Canada, the United Kingdom, France, Ireland, Japan, Italy, China, Hong Kong, Taiwan, and beginning in October 2015, Mexico. We also have franchise agreements with unaffiliated franchisees to operate Gap, Banana Republic, and Old Navy stores in approximately 40 other countries around the world. In addition, our products are available to customers online through Company-owned websites and through the use of third parties that provide logistics and fulfillment services. In December 2016, the Company acquired the net assets of Weddington Way, which does not have a material impact on our Consolidated Financial Statements. 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 January 28, 2017 ( fiscal 2016 ), January 30, 2016 ( fiscal 2015 ), and January 31, 2015 ( fiscal 2014 ) consisted of 52 weeks. The fiscal year ending February 3, 2018 (fiscal 2017) will consist 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 Cash includes funds deposited in banks and 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. Our cash equivalents are placed primarily in time deposits and money market funds. 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. Merchandise Inventory We value inventory at the lower of cost or market, with cost determined using the weighted-average cost method and market value determined based on the estimated net realizable value. 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 Software 3 to 7 years Buildings and building improvements Up to 39 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. 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. Asset retirement obligations are recorded in accrued expenses and other current liabilities and lease incentives and other long-term liabilities in the Consolidated Balance Sheets and are 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. Revenue Recognition Revenue is recognized for sales transacted at stores when the customer receives and pays for the merchandise at the register. For sales where we ship the merchandise to the customer from a distribution center or store, 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 predesignated 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 primarily based on a percentage of the total merchandise purchased by the franchisee, net of any refunds or credits due them. Royalty revenue is recognized primarily 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; • online shipping and packaging costs; • costs associated with our sourcing operations, including payroll, benefits, and other administrative expenses; • gains and losses associated with foreign currency exchange contracts related to hedging of merchandise purchases and intercompany revenue transactions; and • rent, occupancy, depreciation, and amortization related to our store operations, distribution centers, and certain corporate functions. Operating expenses include the following: • payroll, benefits, and other administrative expenses for our store operations and field management; • payroll, benefits, and other administrative expenses for our distribution centers; • payroll, benefits, and other administrative expenses for our corporate functions, including product design and development; • marketing; • information technology maintenance costs and expenses; • rent, occupancy, depreciation, and amortization for our corporate facilities; • third party credit card processing fees; and • other expenses (income). Payroll, benefits, and other administrative expenses for our distribution centers recorded in operating expenses were $254 million , $254 million , and $255 million in fiscal 2016 , 2015 , and 2014 , respectively. We receive payments from third parties that provide our customers with private label credit cards and/or co-branded credit cards. The majority of such income earned is recorded in other income, which is a component of operating expenses, and the remaining portion of income is recognized as a reduction to cost of goods sold and occupancy expenses. 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. 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. Costs related to common area maintenance, insurance, real estate taxes, and other occupancy costs the Company is obligated to pay are excluded from minimum rent expense. 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 a significant decrease in the operating performance of the long-lived asset, or the decision to close a store, corporate facility, or distribution center. Long-lived assets are considered impaired if the carrying amount exceeds the estimated undiscounted future cash flows of the asset or asset group. 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 related 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 in the fourth quarter of the fiscal year 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 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 of the assets and liabilities 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 reporting unit is an operating segment or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. We have deemed Athleta and Intermix to be the reporting units at which goodwill is tested for Athleta and Intermix, respectively. A trade name is considered impaired if the carrying amount exceeds its estimated fair value. 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. 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 $601 million , $578 million , and $639 million in fiscal 2016 , 2015 , and 2014 , respectively, and is recorded in operating expenses in the Consolidated Statements of Income. 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 data 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 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, Old Navy, or Athleta 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, Old Navy, or Athleta and can be used everywhere VISA credit cards are accepted. The Credit Card programs offer incentives to cardholders in the form of reward certificates upon the cumulative purchase of an established amount. Synchrony Financial ("Synchrony"), a third-party financing company, is the sole owner of the accounts and underwrites the credit issued under the Credit Card programs. We receive income from Synchrony in accordance with a revenue sharing arrangement and based on usage of the Credit Cards, which we recognize when the amounts are fixed or determinable and collectibility is reasonably assured. The majority of income from the Credit Card programs is recorded in other income and is partially offset by the administrative costs related to the programs, including payroll, marketing expenses, and other direct costs, all of which are recorded in operating expenses in the Consolidated Statements of Income. The cost associated with redemption of reward certificates is partially offset by income that we recognize as a reduction to cost of goods sold and occupancy expenses in our Consolidated Statements of Income. The cost associated with reward points and certificates is accrued as the rewards are earned by the cardholder and is recorded in accrued expenses and other current liabilities in the Consolidated Balance Sheets. 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 rates that approximate those 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 resulting from intercompany balances of a long-term investment nature are also classified as accumulated OCI. 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. The aggregate transaction gains and losses recorded in operating expenses in the Consolidated Statements of Income are as follows: Fiscal Year ($ in millions) 2016 2015 2014 Foreign currency transaction loss $ (18 ) $ (6 ) $ (34 ) Realized and unrealized gain from certain derivative financial instruments 10 25 28 Net foreign exchange gain (loss) $ (8 ) $ 19 $ (6 ) 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 Related to Revenue Recognition 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 EITF Meeting, 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 adds some practical expedients. The effective dates for these ASUs are the same as the effective date for ASU No. 2014-09. While we do not expect the adoption of these ASUs to have a material impact on our Consolidated Financial Statements, we expect the adoption to result in change in the timing of recognizing revenue for sales where we ship the merchandise to the customer from a distribution center or store, breakage income for gift cards, gift certificates, and credit vouchers, and credit card reward points and certificate liability. Under the new guidance, we expect to recognize revenue for sales where we ship the merchandise to the customer from a distribution center or store on the basis of control of the merchandise, rather than at the time the risk of loss is transferred. Additionally, the adoption is expected to result in change in the timing of recognition and classification of breakage income for gift cards, gift certificates, and credit vouchers. Our credit card incentive program is expected to be accounted for differently under the new guidance as the reward points and certificates are considered a separate performance obligation requiring the standalone value to be deferred until redemption or expiration. We currently do not defer any portion of revenue related to reward points and certificates and recognize cost associated with reward points and certificates as the rewards are earned and based on estimated redemption patterns. Additionally, under the new guidance, we expect to recognize allowances for estimated sales returns on a gross basis rather than net basis on the Consolidated Balance Sheets. We are still evaluating our method of adoption (full retrospective or modified retrospective). We will adopt these ASUs beginning in the first quarter of fiscal 2018. Other Recent Accounting Pronouncements 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. We adopted ASU No. 2015-17 prospectively effective January 30, 2016. 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 do not expect the adoption of this ASU to have a material impact on our 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 still assessing the impact of this ASU on our Consolidated Financial Statements, but we expect that it will result in a substantial increase in our long-term assets and liabilities. We will adopt the ASU beginning in the first quarter of fiscal 2019. 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 will adopt the provisions of this ASU in the first quarter of fiscal 2017. The ASU is expected to have an impact on our current accounting and reporting for share-based compensation, primarily related to income taxes. Additionally, we plan to make the policy election to account for forfeitures when they occur beginning in the first quarter of fiscal 2017. The significance of this ASU to the Company's financial statements is largely dependent on the Company's stock price and employee terminations and could vary in the future. However, we do not currently expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments. The amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2019. We do not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. The amendments provide guidance for eight specific cash flow issues and are intended to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The ASU is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. We will adopt the presentation and disclosure provisions of this ASU in the first quarter of fiscal 2018. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other than Inventory. The amendments remove the prohibition against the recognition of current and deferred income tax effects of intra-entity transfers of assets other than inventory until the asset has been sold to an outside party. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2017. We do not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements. In October 2016, the FASB issued ASU No. 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control. The amendments change how a reporting entity that is the single decision maker of a variable interest entity should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that variable interest entity. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We do not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash. The amendments address diversity in practice that exists in t |
Additional Financial Statement
Additional Financial Statement Information | 12 Months Ended |
Jan. 28, 2017 | |
Additional Financial Statement Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Additional Financial Statement Information Cash and Cash Equivalents Cash and cash equivalents consist of the following: ($ in millions) January 28, January 30, Cash (1) $ 1,086 $ 853 Bank certificates of deposit and time deposits 416 313 Money market funds 256 204 Domestic commercial paper 25 — Cash equivalents 697 517 Cash and cash equivalents $ 1,783 $ 1,370 __________ (1) Cash includes $58 million and $64 million of amounts in transit from banks for customer credit card and debit card transactions as of January 28, 2017 and January 30, 2016 , respectively. Other Current Assets Other current assets consist of the following: ($ in millions) January 28, January 30, Accounts receivable $ 335 $ 282 Prepaid minimum rent and occupancy expenses 154 155 Prepaid income taxes 89 142 Derivative financial instruments 41 85 Other 83 78 Other current assets $ 702 $ 742 Property and Equipment Property and equipment are stated at cost less accumulated depreciation and consist of the following: ($ in millions) January 28, January 30, Leasehold improvements $ 3,099 $ 3,252 Furniture and equipment 2,508 2,603 Software 1,600 1,433 Land, buildings, and building improvements 1,000 1,019 Construction-in-progress 222 187 Property and equipment, at cost 8,429 8,494 Less: Accumulated depreciation (5,813 ) (5,644 ) Property and equipment, net of accumulated depreciation $ 2,616 $ 2,850 Depreciation expense for property and equipment was $590 million , $588 million , and $560 million for fiscal 2016 , 2015 , and 2014 , respectively. Interest of $9 million , $8 million , and $7 million related to assets under construction was capitalized in fiscal 2016 , 2015 , and 2014 , respectively. We recorded a charge for the impairment of long-lived assets of $107 million , $54 million , and $10 million for fiscal 2016 , 2015 , and 2014 , respectively, related to store assets which is recorded in operating expenses in the Consolidated Statements of Income. Other Long-Term Assets Other long-term assets consist of the following: ($ in millions) January 28, January 30, Long-term income tax-related assets $ 282 $ 189 Goodwill 109 180 Trade names 95 92 Other 193 177 Other long-term assets $ 679 $ 638 In fiscal 2016, we recorded a charge for the impairment of goodwill related to the Intermix reporting unit of $71 million , which is recorded in operating expenses in the Consolidated Statement of Income. No goodwill impairment charges were recorded in fiscal 2015 or 2014. See Note 4 of Notes to Consolidated Financial Statements for additional disclosures on goodwill and other intangible assets. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: ($ in millions) January 28, January 30, Accrued compensation and benefits $ 312 $ 230 Unredeemed gift cards, gift certificates, and credit vouchers, net of breakage 256 254 Short-term deferred rent and tenant allowances 99 100 Accrued advertising 46 31 Other 400 364 Accrued expenses and other current liabilities $ 1,113 $ 979 No other individual items accounted for greater than five percent of total current liabilities as of January 28, 2017 or January 30, 2016 . Lease Incentives and Other Long-Term Liabilities Lease incentives and other long-term liabilities consist of the following: ($ in millions) January 28, January 30, Long-term deferred rent and tenant allowances $ 748 $ 776 Long-term asset retirement obligations 51 70 Long-term income tax-related liabilities 32 49 Other 174 188 Lease incentives and other long-term liabilities $ 1,005 $ 1,083 The activity related to asset retirement obligations includes adjustments to the asset retirement obligation balance and fluctuations in foreign currency exchange rates. Sales Return Allowance A summary of activity in the sales return allowance account is as follows: ($ in millions) January 28, January 30, January 31, Balance at beginning of fiscal year $ 27 $ 29 $ 26 Additions 861 865 896 Returns (858 ) (867 ) (893 ) Balance at end of fiscal year $ 30 $ 27 $ 29 Sales return allowances are recorded in accrued expenses and other current liabilities in the Consolidated Balance Sheets. |
Store Closing and Other Operati
Store Closing and Other Operating Charges Restructuing (Notes) | 12 Months Ended |
Jan. 28, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Store Closing and Other Operating Charges In May 2016, the Company announced measures to better align talent and financial resources against its most important priorities; these measures include (i) focusing each brand on geographies with the greatest potential and (ii) streamlining the Company’s operating model. The measures resulted in the closure of its fleet of 53 Old Navy stores in Japan, the closure of select international stores, primarily for Banana Republic in Europe, and the creation of a more efficient global brand structure. Including the Old Navy closures in Japan, the Company closed 67 stores in total related to these measures in fiscal 2016 . In connection with the decision to close stores and streamline the Company's operations, the Company incurred $197 million in restructuring costs, on a pre-tax basis, during fiscal 2016 . The measures were substantially completed in fiscal 2016 and the summary of the costs incurred are as follows: ($ in millions) Costs Incurred in Fiscal 2016 Costs recorded in cost of goods sold and occupancy expenses: Accelerated depreciation, net of reversal of depreciation expense related to asset retirement obligations $ (9 ) Employee related costs 14 Accelerated recognition of deferred rent (8 ) Other 3 Total costs recorded in cost of goods sold and occupancy expenses — Costs recorded in operating expenses: Lease termination fees and lease losses 77 Employee related costs 50 Store asset impairment 54 Other 16 Total costs recorded in operating expenses 197 Total restructuring costs $ 197 In addition to the total pre-tax amount incurred above, there was an unfavorable tax impact related to the restructuring costs incurred in certain foreign subsidiaries for which the Company was not able to recognize any tax benefit. The following table summarizes activities related to certain restructuring costs that will be settled with cash payments and the related liability balances as of January 28, 2017 : ($ in millions) Lease Termination Fees and Lease Losses Employee Related Costs Other Total Balance at January 30, 2016 $ — $ — $ — $ — Provision 80 69 22 171 Adjustments (3 ) (5 ) — (8 ) Settlements through existing lease deposits (10 ) — — (10 ) Cash payments (66 ) (32 ) (18 ) (116 ) Balance at January 28, 2017 $ 1 $ 32 $ 4 $ 37 The remaining liability balances are expected to settle with cash payments during fiscal 2017 . |
Goodwill and Trade Names
Goodwill and Trade Names | 12 Months Ended |
Jan. 28, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Trade Names The following goodwill and trade names are included in other long-term assets in the Consolidated Balance Sheets: ($ in millions) January 28, January 30, Goodwill $ 109 $ 180 Trade names $ 95 $ 92 Goodwill Goodwill consists of $99 million and $10 million related to Athleta and Intermix, respectively, as of January 28, 2017 and $99 million and $81 million related to Athleta and Intermix, respectively as of January 30, 2016 . We assess whether events or circumstances indicate the goodwill is impaired every quarter and evaluate goodwill impairment annually in the fourth quarter of the fiscal year. At the end of each of the first three quarters of fiscal 2016 , given the information available at the time of those assessments, we determined that there were no events or circumstances that indicated impairment for goodwill related to Intermix prior to the annual impairment test in the fourth quarter of fiscal 2016 . During the fourth quarter of fiscal 2016, management updated the fiscal 2017 budget and financial projections beyond fiscal 2017. There were several factors that arose during the fourth quarter of fiscal 2016 , which caused the financial projections and estimates of Intermix to significantly decrease from the previous estimates. Such factors included: poor fourth quarter of fiscal 2016 holiday performance at Intermix stores, the decision to reduce future store openings, the approval of additional store closures in fiscal 2017, and the budgeting of additional headcount required to support increased focus on the online business. These factors arising in the fourth quarter of fiscal 2016 had a significant and negative impact on the estimated fair value of the Intermix reporting unit, and we have determined that the carrying value of the reporting unit for Intermix exceeded its fair value as of the date of our annual impairment review. The fair value of the Intermix reporting unit was determined using level 3 inputs and a combination of an income approach using the estimated discounted cash flow and a market-based valuation methodology. In the second step of the goodwill impairment test, we performed a hypothetical acquisition and purchase price allocation and measured the implied fair value of goodwill related to Intermix. The second step of the goodwill impairment test resulted in an impairment charge of $71 million for goodwill related to the Intermix reporting unit in fiscal 2016. This impairment charge was recorded in operating expenses in the Consolidated Statement of Income and reduced the $81 million of purchase price allocated to goodwill in connection with the acquisition of Intermix in December 2012 to $10 million as of January 28, 2017. We did not recognize any impairment charge for goodwill related to Athleta. Trade Names Trade names primarily consist of $54 million and $38 million related to Athleta and Intermix, respectively, as of January 28, 2017 and January 30, 2016 . During the fourth quarter of fiscal 2016 , we completed our annual impairment test of trade names and we did not recognize any impairment charges. |
Debt
Debt | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt Long-term debt consists of the following: ($ in millions) January 28, January 30, Notes $ 1,248 $ 1,248 Japan Term Loan 65 83 Total debt 1,313 1,331 Less: Current portion of Japan Term Loan (65 ) (21 ) Total long-term debt $ 1,248 $ 1,310 We have $1.25 billion aggregate principal amount of 5.95 percent notes (the "Notes") due April 2021 . Interest is payable semi-annually on April 12 and October 12 of each year, and 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 January 28, 2017 and January 30, 2016 , the estimated fair value of the Notes was $1.32 billion and $1.29 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, four -year, unsecured term loan due January 2018 . Repayments of 2.5 billion Japanese yen were payable on January 15 of each year. A final repayment of 7.5 billion Japanese yen ( $65 million as of January 28, 2017 ) is due on January 15, 2018 . In addition, interest is payable at least quarterly based on an interest rate equal to the Tokyo Interbank Offered Rate plus a fixed margin. The average interest rate for fiscal 2016 was 1 percent . The carrying amount of the Japan Term Loan as of January 28, 2017 and January 30, 2016 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 January 28, 2017 , 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. In October 2015, we entered into a $400 million unsecured Term Loan. The Term Loan was originally scheduled to mature on October 15, 2016 , but had an option to be extended until October 15, 2017 . In August 2016, the Company exercised the option to extend the Term Loan. In January 2017, the Term Loan was repaid in full. Interest was payable at least quarterly based on an interest rate equal to the London Interbank Offered Rate ("LIBOR") plus a fixed margin. The average interest rate for fiscal 2016 was 1 percent . |
Credit Facilities
Credit Facilities | 12 Months Ended |
Jan. 28, 2017 | |
Line of Credit Facility [Abstract] | |
CreditFacilityDisclosure [Text Block] | Credit Facilities We have a $500 million , five -year, unsecured revolving credit facility (the "Facility"), which was set to expire in May 2018. On May 20, 2015, the Facility was amended under substantially similar terms to extend the expiration date to May 2020 . 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 January 28, 2017 , there were no borrowings and no material outstanding standby letters of credit under the Facility. 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 $46 million as of January 28, 2017 . As of January 28, 2017 , there were no borrowings under the Foreign Facilities. There were $12 million in bank guarantees issued and outstanding primarily related to store leases under the Foreign Facilities as of January 28, 2017 . We have bilateral unsecured standby letter of credit agreements that are uncommitted and do not have expiration dates. As of January 28, 2017 , we had $16 million in standby letters of credit issued under these agreements. The Facility contains financial and other covenants including, but not limited to, limitations on liens and subsidiary debt, as well as the maintenance of two financial ratios—a minimum annual fixed charge coverage ratio of 2.00 and a maximum annual leverage ratio of 2.25 . As of January 28, 2017 , we were in compliance with all such covenants. Violation of these covenants could result in a default under the Facility and Japan Term Loan, which would permit the participating banks to terminate our ability to access the Facility for letters of credit and advances and require the immediate repayment of any outstanding advances under the Facility or Japan Term Loan. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements There were no purchases, sales, issuances, or settlements related to recurring level 3 measurements during fiscal 2016 or 2015 . There were no transfers into or out of level 1 and level 2 during fiscal 2016 or 2015 . Financial Assets and Liabilities Financial assets and liabilities measured at fair value on a recurring basis and cash equivalents held at amortized cost are as follows: Fair Value Measurements at Reporting Date Using ($ in millions) January 28, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 697 $ 256 $ 441 $ — Derivative financial instruments 58 — 58 — Deferred compensation plan assets 40 40 — — Total $ 795 $ 296 $ 499 $ — Liabilities: Derivative financial instruments $ 21 $ — $ 21 $ — 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 $ — We have highly liquid investments classified as cash equivalents, which are placed primarily in time deposits, money market funds, and commercial paper. 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 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 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 and non-employee directors to defer compensation up to a maximum amount. Plan investments are directed by participants and are recorded at market value and 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 In May 2016, the Company announced measures that resulted in the closure of its fleet of 53 Old Navy stores in Japan and select Banana Republic stores, primarily internationally. In fiscal 2016, we recorded a charge for the impairment of long-lived assets of $54 million related to the announced store closures, and an additional $53 million for long-lived assets that were unrelated to the announced measures. In June 2015, the Company announced a series of strategic actions to position Gap brand for improved business performance in the future, including its plan to close about 175 Gap brand specialty stores in North America and a limited number of stores in Europe and Asia over the next few years. As a result of the strategic actions, in fiscal 2015, we recorded an impairment charge of $38 million related to long-lived assets. We also recorded an impairment charge of $16 million for long-lived assets that were unrelated to the Gap brand strategic actions. As discussed above and in Note 2 of Notes to Consolidated Financial Statements, we recorded a total charge for the impairment of long-lived assets of $107 million , $54 million , and $10 million in fiscal 2016 , 2015 , and 2014 , respectively. The impairment charge reduced the then carrying amount of the applicable long-lived assets of $125 million , $62 million , and $11 million to their fair value of $18 million , $8 million , and $1 million during fiscal 2016 , 2015 , and 2014 , 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. In fiscal 2015, we also recorded an impairment charge of $5 million related to an indefinite-lived intangible asset as a result of the strategic actions discussed above. The impairment charge was recorded in operating expenses in the Consolidated Statement of Income and reduced the then carrying amount of the applicable indefinite-lived intangible asset of $6 million to its fair value of $1 million during fiscal 2015. There were no impairment charges recorded for other indefinite-lived intangible assets for fiscal 2016 or 2014 . As discussed in Note 4 of Notes to Consolidated Financial Statements, we recorded an impairment charge of $71 million for Intermix goodwill in fiscal 2016 . The fair value of the Intermix reporting unit was determined using level 3 inputs and valuation techniques discussed in Note 4 of Notes to Consolidated Financial Statements. There were no impairment charges recorded for goodwill for fiscal 2015 or 2014 . |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Jan. 28, 2017 | |
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 principal 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 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 Consolidated Statements of Income for fiscal 2016 , 2015 , or 2014 as a result of our analysis of hedge ineffectiveness or hedge components excluded from the assessment of effectiveness. There were no material amounts reclassified into earnings for fiscal 2016 , 2015 , or 2014 as a result of 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 Consolidated Statements of Income for fiscal 2016 , 2015 , or 2014 as a result of our analysis of hedge ineffectiveness or hedge components excluded from the assessment of effectiveness. 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 that represent economic hedges, 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. Outstanding Notional Amounts As of January 28, 2017 and January 30, 2016 , we had foreign exchange forward contracts outstanding in the following notional amounts: ($ in millions) January 28, January 30, Derivatives designated as cash flow hedges $ 1,101 $ 1,220 Derivatives designated as net investment hedges 31 30 Derivatives not designated as hedging instruments 618 324 Total $ 1,750 $ 1,574 Quantitative Disclosures about Derivative Financial Instruments The fair values of foreign exchange forward contracts are as follows: ($ in millions) January 28, January 30, Derivatives designated as cash flow hedges: Other current assets $ 28 $ 71 Other long-term assets $ 16 $ 8 Accrued expenses and other current liabilities $ 10 $ 1 Lease incentives and other long-term liabilities $ 1 $ 1 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 $ 13 $ 13 Other long-term assets $ 1 $ — Accrued expenses and other current liabilities $ 10 $ 1 Lease incentives and other long-term liabilities $ — $ — Total derivatives in an asset position $ 58 $ 93 Total derivatives in a liability position $ 21 $ 3 The majority of the unrealized gains and losses from designated cash flow hedges as of January 28, 2017 will be recognized in income within the next 12 months at the then-current values, which may differ from the fair values as of January 28, 2017 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 Consolidated Balance Sheets, and as such, the fair values shown above represent gross amounts. The amounts subject to enforceable master netting arrangements are $18 million and $2 million as of January 28, 2017 and January 30, 2016 , respectively. If we did elect to offset, the net amounts of our derivative financial instruments in an asset position would be $40 million and $91 million and the net amounts of the derivative financial instruments in a liability position would be $3 million and $1 million as of January 28, 2017 and January 30, 2016 , respectively. See Note 7 of Notes to Consolidated Financial Statements for disclosures on the fair value measurements of our derivative financial instruments. The effective portion of gains and losses on foreign exchange forward contracts in cash flow hedging and net investment hedging relationships recorded in OCI and the Consolidated Statements of Income, on a pre-tax basis, are as follows : Fiscal Year ($ in millions) 2016 2015 2014 Derivatives in cash flow hedging relationships: Gain (loss) recognized in other comprehensive income $ (28 ) $ 81 $ 166 Gain reclassified into cost of goods sold and occupancy expenses $ 31 $ 135 $ 53 Gain (loss) reclassified into operating expenses $ (8 ) $ 9 $ 8 Derivatives in net investment hedging relationships: Gain (loss) recognized in other comprehensive income $ (2 ) $ 3 $ 4 For fiscal 2016 , 2015 , and 2014 , there were no amounts of gain or loss reclassified from accumulated 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. 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) 2016 2015 2014 Gain recognized in operating expenses $ 18 $ 16 $ 20 |
Common Stock
Common Stock | 12 Months Ended |
Jan. 28, 2017 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Common Stock Issuance and Repurchases | Common Stock Common and Preferred Stock The Company is authorized to issue 2.3 billion shares of common stock and 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 January 28, 2017 . The Company is authorized to issue 30 million shares of one or more series of preferred stock, which has a par value of $0.05 per share, and to establish at the time of issuance the issue price, dividend rate, redemption price, liquidation value, conversion features, and such other terms and conditions of each series (including voting rights) as the Board of Directors deems appropriate, without further action on the part of the stockholders. No preferred shares have been issued as of January 28, 2017 . Treasury Stock The Company retired all existing treasury stock as of March 1, 2014. All common stock repurchased subsequent to March 1, 2014 is immediately retired and all shares related to stock options and other stock awards are now issued from authorized but unissued common stock. Share Repurchases Share repurchase activity is as follows: Fiscal Year ($ and shares in millions except average per share cost) 2016 2015 2014 Number of shares repurchased — 30 30 Total cost $ — $ 1,000 $ 1,164 Average per share cost including commissions $ — $ 33.90 $ 39.28 Between November 2013 and October 2014, the Board of Directors authorized a total of $1.5 billion for share repurchases, 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 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 January 28, 2017 , as there were no shares repurchased during fiscal 2016 . All except $15 million of the share repurchases were paid for as of January 31, 2015. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Jan. 28, 2017 | |
Statement of Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Text Block] | Accumulated Other Comprehensive Income Changes in accumulated OCI by component, net of tax, are as follows: ($ in millions) Foreign Currency Translation Cash Flow Hedges Total Balance at January 30, 2016 $ 22 $ 63 $ 85 Foreign currency translation 7 — 7 Change in fair value of derivative financial instruments — (26 ) (26 ) Amounts reclassified from accumulated OCI — (12 ) (12 ) Other comprehensive income (loss), net 7 (38 ) (31 ) Balance at January 28, 2017 $ 29 $ 25 $ 54 ($ in millions) Foreign Currency Translation Cash Flow Hedges Total Balance at January 31, 2015 $ 60 $ 105 $ 165 Foreign currency translation (38 ) — (38 ) Change in fair value of derivative financial instruments — 60 60 Amounts reclassified from accumulated OCI — (102 ) (102 ) Other comprehensive loss, net (38 ) (42 ) (80 ) Balance at January 30, 2016 $ 22 $ 63 $ 85 ($ in millions) Foreign Currency Translation Cash Flow Hedges Total Balance at February 1, 2014 $ 107 $ 28 $ 135 Foreign currency translation (47 ) — (47 ) Change in fair value of derivative financial instruments — 118 118 Amounts reclassified from accumulated OCI — (41 ) (41 ) Other comprehensive income (loss), net (47 ) 77 30 Balance at January 31, 2015 $ 60 $ 105 $ 165 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. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation Share-based compensation expense is as follows: Fiscal Year ($ in millions) 2016 2015 2014 Stock units $ 61 $ 61 $ 86 Stock options 11 10 9 Employee stock purchase plan 4 5 5 Share-based compensation expense 76 76 100 Less: Income tax benefit (30 ) (28 ) (37 ) Share-based compensation expense, net of tax $ 46 $ 48 $ 63 No material share-based compensation expense was capitalized in fiscal 2016 , 2015 , or 2014 . There were no material modifications made to our outstanding stock options and other stock awards in fiscal 2016 , 2015 , or 2014 . 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 amended and restated in February 2014. The 2011 Plan was further amended and restated on May 17, 2016, and renamed the 2016 Long-Term Incentive Plan, and was further amended and restated in February 2017 (the “2016 Plan”). Under the 2016 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”). As of January 28, 2017 , there were 216,586,781 shares that have been authorized for issuance under the 2016 Plan. Stock Units Under the 2016 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, Stock Unit 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 2016 Plan for fiscal 2016 is as follows: Shares Weighted-Average Grant-Date Fair Value Per Share Balance as of January 30, 2016 4,353,962 $ 36.74 Granted 3,300,654 $ 26.42 Granted, with vesting subject to performance conditions 896,469 $ 26.68 Vested (1,701,985 ) $ 34.38 Forfeited (1,666,702 ) $ 30.70 Balance as of January 28, 2017 5,182,398 $ 31.14 A summary of additional information about Stock Units is as follows: Fiscal Year 2016 2015 2014 Weighted-average fair value per share of Stock Units granted $ 26.47 $ 37.80 $ 40.20 Fair value of Stock Units vested (in millions) $ 59 $ 77 $ 114 The aggregate intrinsic value of unvested Stock Units as of January 28, 2017 was $117 million . As of January 28, 2017 , there was $84 million (before any related tax benefit) of unrecognized share-based compensation expense, adjusted for estimated forfeitures, related to unvested Stock Units, which is expected to be recognized over a weighted-average period of 2.21 years. Total unrecognized share-based compensation may be adjusted for future forfeitures. Stock Units Granted Based on Performance Metrics Under the 2016 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 3,300,654 Stock Units granted in fiscal 2016 , 51,806 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 $1 million as of January 28, 2017 and was not material as of January 30, 2016 . Stock Options We have stock options outstanding under the 2016 Plan. Stock options generally expire the earlier of 10 years from the grant date, three months after employee termination, or one year after the date of an employee’s retirement or death. 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 2016 , 2015 , and 2014 was estimated on the date of grant using the following assumptions: Fiscal Year 2016 2015 2014 Expected term (in years) 3.7 3.8 4.4 Expected volatility 33.5 % 25.9 % 27.3 % Dividend yield 3.5 % 2.2 % 2.1 % Risk-free interest rate 1.2 % 1.2 % 1.3 % A summary of stock option activity under the 2016 Plan for fiscal 2016 is as follows: Shares Weighted- Average Exercise Price Per Share Balance as of January 30, 2016 4,251,555 $ 36.29 Granted 4,555,200 $ 28.63 Exercised (208,879 ) $ 23.06 Forfeited/Expired (1,073,840 ) $ 36.10 Balance as of January 28, 2017 7,524,036 $ 32.05 A summary of additional information about stock options is as follows: Fiscal Year 2016 2015 2014 Weighted-average fair value per share of stock options granted $ 5.60 $ 6.84 $ 8.20 Aggregate intrinsic value of stock options exercised (in millions) $ 1 $ 29 $ 63 Fair value of stock options vested (in millions) $ 9 $ 10 $ 10 Information about stock options outstanding, vested or expected to vest, and exercisable as of January 28, 2017 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Average Remaining Contractual Life (in years) Weighted- Average Exercise Price Per Share Number of Weighted- Average Exercise Price Per Share $11.77 - $23.18 799,993 6.51 $ 19.70 370,193 $ 20.73 $23.93 - $29.52 780,655 7.39 $ 24.96 360,905 $ 25.15 $30.18 - $30.18 3,366,560 8.53 $ 30.18 — n/a $35.10 - $41.27 1,850,165 6.71 $ 39.74 738,732 $ 38.61 $41.67 - $46.41 726,663 5.92 $ 42.32 382,590 $ 42.32 7,524,036 7.50 $ 32.05 1,852,420 $ 33.18 Vested or expected to vest as of January 28, 2017 7,043,018 7.40 $ 32.10 The aggregate intrinsic value of options outstanding, options vested or expected to vest, and options exercisable as of January 28, 2017 was $2 million , $2 million, and $1 million, respectively. Stock options exercisable as of January 28, 2017 had a weighted-average remaining contractual life of 5.09 years . Employee Stock Purchase Plan Under our Employee Stock Purchase Plan (“ESPP”), eligible U.S. employees are able to purchase our common stock at 85 percent of the closing price on the New York Stock Exchange on the last day of the three-month purchase periods. Accordingly, compensation expense is recognized for an amount equal to the 15 percent discount. Employees pay for their stock purchases through payroll deductions at a rate equal to any whole percentage from 1 percent to 15 percent. There were 1,260,361 , 949,751 , and 785,794 shares issued under the ESPP in fiscal 2016 , 2015 , and 2014 , respectively. As of January 28, 2017 , there were 1,257,830 shares reserved for future issuances under the ESPP. The ESPP was amended and restated in February 2017, subject to shareholder approval. |
Leases
Leases | 12 Months Ended |
Jan. 28, 2017 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases We lease most of our store premises and some of our corporate facilities and distribution centers. These operating leases expire at various dates through 2032 . Most store leases have a five-year base period and include options that allow us to extend the lease term beyond the initial base period, subject to terms agreed upon at lease inception. Some leases also include early termination options, which can be exercised under specific conditions. The aggregate minimum non-cancelable annual lease payments under leases in effect on January 28, 2017 are as follows: ($ in millions) Fiscal Year 2017 $ 1,128 2018 1,111 2019 980 2020 826 2021 623 Thereafter 1,874 Total minimum lease commitments $ 6,542 The total minimum lease commitment amount above does not include minimum sublease rent income of $20 million receivable in the future under non-cancelable sublease agreements. Rent expense related to our store premises, corporate facilities, and distribution centers under operating leases is as follows: Fiscal Year ($ in millions) 2016 2015 2014 Minimum rent expense $ 1,208 $ 1,211 $ 1,209 Contingent rent expense 107 106 114 Less: Sublease income (4 ) (4 ) (4 ) Total $ 1,311 $ 1,313 $ 1,319 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For financial reporting purposes, components of income before income taxes are as follows: Fiscal Year ($ in millions) 2016 2015 2014 United States $ 1,191 $ 1,401 $ 1,842 Foreign (67 ) 70 171 Income before income taxes $ 1,124 $ 1,471 $ 2,013 The provision for income taxes consists of the following: Fiscal Year ($ in millions) 2016 2015 2014 Current: Federal $ 405 $ 418 $ 547 State 47 25 61 Foreign 50 7 68 Total current 502 450 676 Deferred: Federal (41 ) 99 70 State (5 ) 12 6 Foreign (8 ) (10 ) (1 ) Total deferred (54 ) 101 75 Total provision $ 448 $ 551 $ 751 The difference between the effective tax rate and the U.S. federal statutory tax rate is as follows: Fiscal Year 2016 2015 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 3.7 2.5 3.3 Tax impact of foreign operations 4.5 0.3 1.0 Excess foreign tax credits (5.0 ) — (2.0 ) Non-deductible goodwill impairment charge 2.2 — — Other (0.5 ) (0.3 ) — Effective tax rate 39.9 % 37.5 % 37.3 % For fiscal 2016, the tax impact of foreign operations includes the effects of restructuring costs incurred in certain foreign subsidiaries for which the Company was not able to recognize any tax benefit. In connection with a review of the Company’s legal entity structure, we realigned certain entities in fiscal 2016, which resulted in an overall net tax benefit of approximately $57 million . This benefit is primarily due to the recognition of foreign tax credits which exceeded the taxes due upon the realignment. The impact of state and local income taxes for fiscal 2015, net of federal benefit, includes retroactive tax benefits resulting from the approval of certain state tax credits which the company received in fiscal 2015. In connection with a review of the Company’s overall cash position and anticipated cash needs, we made a $473 million distribution of certain foreign earnings in fiscal 2014 , resulting in an overall net tax benefit of approximately $41 million . The benefit is primarily due to the recognition of foreign tax credits which exceeded the taxes due on the distribution of foreign earnings. Deferred tax assets (liabilities) consist of the following: ($ in millions) January 28, January 30, Gross deferred tax assets: Deferred rent $ 164 $ 163 Accrued payroll and related benefits 98 69 Nondeductible accruals 112 116 Inventory capitalization and other adjustments 55 44 Deferred income 57 63 Federal, state, and foreign net operating losses 65 47 Other 48 39 Total gross deferred tax assets 599 541 Valuation allowance (133 ) (101 ) Total deferred tax assets, net of valuation allowance 466 440 Deferred tax liabilities: Depreciation and amortization (140 ) (169 ) Unremitted earnings of certain foreign subsidiaries (58 ) (56 ) Unrealized net gain on cash flow hedges (11 ) (24 ) Other (8 ) (7 ) Total deferred tax liabilities (217 ) (256 ) Net deferred tax assets $ 249 $ 184 As of January 28, 2017 , we had approximately $61 million of state and $250 million of 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 $4 million for state and $61 million for foreign as of January 28, 2017 . We provided a valuation allowance of approximately $39 million against the deferred tax assets related to the foreign loss carryovers. We also provided a valuation allowance of approximately $17 million and $77 million related to other federal and foreign deferred tax assets, respectively. The state losses expire between fiscal 2021 and fiscal 2035 , approximately $91 million of the foreign losses expire between fiscal 2017 and fiscal 2036 , and $159 million of the foreign losses do not expire. In fiscal 2016 , we assessed the forecasted cash needs and overall financial position of our foreign subsidiaries. As a result, we determined that no current year earnings were in excess of the amount we expect to utilize in our foreign operations for an indefinite period of time and, therefore, we have not recorded any related U.S. tax expense. U.S. income tax has not been recognized on the excess of the amount for financial reporting over the tax basis of investments in certain foreign subsidiaries that is indefinitely reinvested outside the United States, as we intend to utilize, or have utilized, the undistributed foreign earnings of these subsidiaries in our operations outside the United States for an indefinite period of time, primarily to support our international growth. This amount becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. The cumulative amount of such temporary differences totaled approximately $682 million as of January 28, 2017 , which substantially exceeds the cash available for repatriation currently held by these subsidiaries. The amount of any unrecognized deferred income tax liability on this temporary difference is estimated to be approximately $154 million . The activity related to our unrecognized tax benefits is as follows: Fiscal Year ($ in millions) 2016 2015 2014 Balance at beginning of fiscal year $ 47 $ 75 $ 72 Increases related to current year tax positions 4 3 9 Prior year tax positions: Increases 3 6 4 Decreases (5 ) (34 ) (9 ) Cash settlements (5 ) (3 ) (1 ) Balance at end of fiscal year $ 44 $ 47 $ 75 Of the $44 million , $47 million , and $75 million of total unrecognized tax benefits as of January 28, 2017 , January 30, 2016 , and January 31, 2015 , respectively, approximately $34 million , $34 million , and $31 million , respectively, represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. During fiscal 2016, there were no material amounts for interest expense relating to tax liabilities. During fiscal 2015 and 2014 , interest expense of $1 million and $2 million , respectively, was recognized in the Consolidated Statements of Income relating to tax liabilities. In fiscal 2015 , we also recognized an interest expense reversal of $15 million in the Consolidated Statement of Income, primarily as a result of a favorable foreign tax ruling and actions of foreign tax authorities related to transfer pricing matters. We reduced our unrecognized tax benefits for these matters by $32 million , and there was no impact on the tax provision due to the offsetting decrease for the U.S. indirect effect of these unrecognized tax benefits. As of January 28, 2017 and January 30, 2016 , the Company had total accrued interest related to the unrecognized tax benefits of $3 million and $5 million , respectively. There were no accrued penalties related to the unrecognized tax benefits as of January 28, 2017 or January 30, 2016 . 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 January 28, 2017 , we have not identified any gross unrecognized tax benefits where it is reasonably possible we will recognize a decrease within the next 12 months. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 28, 2017 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 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 $44 million , $42 million , and $40 million in fiscal 2016 , 2015 , and 2014 , 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 directed by participants and are recorded at market value and designated for the DCP. The fair value of the Company’s DCP assets is determined based on quoted market prices. As of January 28, 2017 and January 30, 2016 , the assets related to the DCP were $40 million and $37 million , respectively, and were recorded in other long-term assets in the Consolidated Balance Sheets. As of January 28, 2017 and January 30, 2016 , the corresponding liabilities related to the DCP were $41 million and $37 million , respectively, and were recorded in lease incentives and other long-term liabilities in the Consolidated Balance Sheets. We match all or a portion of employees’ contributions under a predetermined formula. Plan investments are elected by the participants, and investment returns are not guaranteed by the Company. Our matching contributions to the DCP in fiscal 2016 , 2015 , and 2014 were not material. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Weighted-average number of shares used for earnings per share is as follows: Fiscal Year (shares in millions) 2016 2015 2014 Weighted-average number of shares—basic 399 411 435 Common stock equivalents 1 2 5 Weighted-average number of shares—diluted 400 413 440 The above computations of weighted-average number of shares—diluted exclude 7 million , 4 million , and 2 million shares related to stock options and other stock awards for fiscal 2016 , 2015 , and 2014 , respectively, as their inclusion would have an anti-dilutive effect on earnings per share. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Our future purchase obligations and commitments as of January 28, 2017 are as follows: Payments Due by Period ($ in millions) Less than 1 1-3 Years 3-5 Years More Than 5 Total Purchase obligations and commitments (1) $ 4,098 $ 89 $ 56 $ 5 $ 4,248 __________ (1) Represents estimated open purchase orders to purchase inventory as well as commitments for products and services used in the normal course of business. 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 January 28, 2017 , 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 January 28, 2017 and January 30, 2016 , 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 January 28, 2017 and January 30, 2016 was not material for any individual Action or in total. Subsequent to January 28, 2017 and through the filing date of March 20, 2017 , no information has become available that indicates a change is required that would be material to our 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 Consolidated Financial Statements taken as a whole. Fire at the Fishkill Distribution Center On August 29, 2016, a fire occurred in one of the buildings at a Company-owned distribution center campus in Fishkill, New York. The impacted building primarily held Gap and Banana Republic products for distribution to stores and fulfilled online orders for Gap and Old Navy in the Northeast region of the United States. The Company maintains property and business interruption insurance coverage. Based on the provisions of the Company's insurance policies, the Company recorded insurance recoveries based on the determination that recovery of certain fire-related costs of $133 million incurred as of January 28, 2017 is probable. In January of fiscal 2016 , the Company agreed upon a partial settlement of $159 million related to the loss on inventory and recorded a gain of $73 million , representing the excess over the loss on inventory. During fiscal 2016 , the Company received $174 million of insurance proceeds. As a result, the insurance receivable balance was $32 million as of January 28, 2017 and was recorded in other current assets in the Consolidated Balance Sheet. Certain fire-related costs incurred in fiscal 2016 and expected insurance recoveries as well as the related insurance receivable as of January 28, 2017 are as follows: ($ in millions) Fiscal 2016 Loss on inventory $ 86 Loss on property, plant, and equipment 12 Other fire-related costs 35 Total 133 Add: Gain recorded on partial settlement related to inventory 73 Expected insurance recoveries 206 Less: Insurance proceeds received (174 ) Insurance receivable balance as of January 28, 2017 $ 32 In February 2017, the Company received an additional advance of about $73 million . |
Segment Information
Segment Information | 12 Months Ended |
Jan. 28, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We identify our operating segments according to how our business activities are managed and evaluated. As of January 28, 2017 , our operating segments included: Gap Global, Old Navy Global, Banana Republic Global, Athleta, and Intermix. Each operating segment has a brand president who is responsible for various geographies and channels. Each of our brands serves customers through its store and online channels, allowing us to execute on our omni-channel strategy where customers can shop seamlessly in retail stores and online through desktop or mobile devices. We have determined that each of our operating segments share similar economic and other qualitative characteristics, and therefore the results of our operating segments are aggregated into one reportable segment as of January 28, 2017 . Net sales by brand and region are as follows: ($ in millions) Gap Global Old Navy Global Banana Other (3) Total Percentage Fiscal 2016 U.S. (1) $ 3,113 $ 6,051 $ 2,052 $ 773 $ 11,989 77 % Canada 368 490 223 3 1,084 7 Europe 630 — 59 — 689 5 Asia 1,215 220 109 — 1,544 10 Other regions 129 53 28 — 210 1 Total $ 5,455 $ 6,814 $ 2,471 $ 776 $ 15,516 100 % ($ in millions) Gap Global Old Navy Global Banana Other (2) Total Percentage Fiscal 2015 U.S. (1) $ 3,303 $ 5,987 $ 2,211 $ 712 $ 12,213 77 % Canada 348 467 229 3 1,047 7 Europe 726 — 71 — 797 5 Asia 1,215 194 112 — 1,521 10 Other regions 159 27 33 — 219 1 Total $ 5,751 $ 6,675 $ 2,656 $ 715 $ 15,797 100 % ($ in millions) Gap Global Old Navy Global Banana Other (2) Total Percentage Fiscal 2014 U.S. (1) $ 3,575 $ 5,967 $ 2,405 $ 725 $ 12,672 77 % Canada 384 500 249 4 1,137 7 Europe 824 — 93 — 917 6 Asia 1,208 149 145 — 1,502 9 Other regions 174 3 30 — 207 1 Total $ 6,165 $ 6,619 $ 2,922 $ 729 $ 16,435 100 % __________ (1) U.S. includes the United States, Puerto Rico, and Guam. (2) Includes Athleta, Intermix, and Piperlime, which was discontinued as of the first quarter of fiscal 2015. (3) Includes Athleta, Intermix, and beginning in the fourth quarter of fiscal 2016, Weddington Way. Net sales by region are allocated 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. 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) January 28, January 30, U.S. (1) $ 2,424 $ 2,578 Other regions 606 719 Total long-lived assets $ 3,030 $ 3,297 __________ (1) U.S. includes the United States, Puerto Rico, and Guam. |
Quarterly Information
Quarterly Information | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Information (Unaudited) Selected quarterly and annual operating results are as follows: 13 Weeks Ended 13 Weeks Ended (2) 13 Weeks Ended (3) 13 Weeks Ended (4) 52 Weeks Ended (4) ($ in millions except per share amounts) April 30, July 30, October 29, January 28, January 28, 2017 Net sales $ 3,438 $ 3,851 $ 3,798 $ 4,429 $ 15,516 Gross profit $ 1,209 $ 1,437 $ 1,493 $ 1,501 $ 5,640 Net income $ 127 $ 125 $ 204 $ 220 $ 676 Earnings per share—basic (1) $ 0.32 $ 0.31 $ 0.51 $ 0.55 $ 1.69 Earnings per share—diluted (1) $ 0.32 $ 0.31 $ 0.51 $ 0.55 $ 1.69 13 Weeks Ended 13 Weeks Ended (5) 13 Weeks Ended (6) 13 Weeks Ended (7) 52 Weeks Ended (8) ($ in millions except per share amounts) May 2, August 1, October 31, January 30, January 30, 2016 Net sales $ 3,657 $ 3,898 $ 3,857 $ 4,385 $ 15,797 Gross profit $ 1,382 $ 1,458 $ 1,440 $ 1,440 $ 5,720 Net income $ 239 $ 219 $ 248 $ 214 $ 920 Earnings per share—basic (1) $ 0.57 $ 0.53 $ 0.61 $ 0.54 $ 2.24 Earnings per share—diluted (1) $ 0.56 $ 0.52 $ 0.61 $ 0.53 $ 2.23 __________ (1) Earnings per share ("EPS") was computed individually for each of the periods presented; therefore, the sum of the EPS for the quarters may not equal the total for the year. (2) During the second quarter of fiscal 2016, the Company incurred $150 million in restructuring costs on a pre-tax basis, of which $15 million was recorded in costs of goods sold and occupancy expenses. The impact of the restructuring costs to diluted EPS was $0.29 . (3) During the third quarter of fiscal 2016, the Company incurred $29 million in restructuring costs on a pre-tax basis, of which $7 million of credit, net, was recorded in cost of goods sold and occupancy expenses. The impact of the restructuring costs to diluted EPS was $0.09 . (4) During the fourth quarter of fiscal 2016, the Company incurred $18 million in restructuring costs on a pre-tax basis, of which $8 million of credit, net, was recorded in cost of goods sold and occupancy expenses. The impact of the restructuring costs to diluted EPS was $0.04 for the fourth quarter of fiscal 2016. During fiscal 2016, the Company incurred $197 million in restructuring costs on a pre-tax basis which was recorded in operating expenses. The impact of the restructuring costs to diluted EPS was $0.41 for fiscal 2016. During the fourth quarter of fiscal 2016, the Company recorded a non-tax deductible goodwill impairment charge of $71 million , or $0.18 impact to diluted EPS, related to Intermix. During the fourth quarter of fiscal 2016, the Company recorded a $73 million gain from insurance proceeds related to the fire that occurred at a Company-owned distribution center campus in Fishkill, New York. The impact of the gain from insurance proceeds to diluted EPS was an $0.11 benefit. The Company recognized a tax benefit of approximately $57 million as a result of a legal structure realignment in the fourth quarter of fiscal 2016, which was about a $0.15 benefit to diluted EPS. (5) During the second quarter of fiscal 2015, the Company incurred $83 million of charges related to strategic actions, on a pre-tax basis, of which $12 million was recorded in costs of goods sold and occupancy expenses. The impact of the strategic actions to diluted EPS was $0.12 . (6) During the third quarter of fiscal 2015, the Company incurred $13 million of charges related to strategic actions, on a pre-tax basis, of which $6 million was recorded in cost of goods sold and occupancy expenses. The impact of the strategic actions to diluted EPS was $0.02 . (7) During the fourth quarter of fiscal 2015, the Company incurred $25 million of charges related to strategic actions, on a pre-tax basis, of which $6 million was recorded in cost of goods sold and occupancy expenses. The impact of the strategic actions to diluted EPS was $0.04 . (8) During fiscal 2015, the Company incurred $132 million of charges related to strategic actions, on a pre-tax basis, of which $34 million was recorded in cost of goods sold and occupancy expenses. The impact of the strategic actions to diluted EPS was $0.20 . |
Organization and Summary of S28
Organization and Summary of Significant Accounting Policies Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Organization | Organization The Gap, Inc., a Delaware corporation, is a global omni-channel retailer offering apparel, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. We have Company-operated stores in the United States, Canada, the United Kingdom, France, Ireland, Japan, Italy, China, Hong Kong, Taiwan, and beginning in October 2015, Mexico. We also have franchise agreements with unaffiliated franchisees to operate Gap, Banana Republic, and Old Navy stores in approximately 40 other countries around the world. In addition, our products are available to customers online through Company-owned websites and through the use of third parties that provide logistics and fulfillment services. In December 2016, the Company acquired the net assets of Weddington Way, which does not have a material impact on our Consolidated Financial Statements. |
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 January 28, 2017 ( fiscal 2016 ), January 30, 2016 ( fiscal 2015 ), and January 31, 2015 ( fiscal 2014 ) consisted of 52 weeks. The fiscal year ending February 3, 2018 (fiscal 2017) will consist 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 | Cash and Cash Equivalents Cash includes funds deposited in banks and 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. Our cash equivalents are placed primarily in time deposits and money market funds. 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. |
Merchandise Inventory | Merchandise Inventory We value inventory at the lower of cost or market, with cost determined using the weighted-average cost method and market value determined based on the estimated net realizable value. 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 Software 3 to 7 years Buildings and building improvements Up to 39 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. |
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. Asset retirement obligations are recorded in accrued expenses and other current liabilities and lease incentives and other long-term liabilities in the Consolidated Balance Sheets and are 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. |
Revenue Recognition | Revenue Recognition Revenue is recognized for sales transacted at stores when the customer receives and pays for the merchandise at the register. For sales where we ship the merchandise to the customer from a distribution center or store, 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 predesignated 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 primarily based on a percentage of the total merchandise purchased by the franchisee, net of any refunds or credits due them. Royalty revenue is recognized primarily 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; • online shipping and packaging costs; • costs associated with our sourcing operations, including payroll, benefits, and other administrative expenses; • gains and losses associated with foreign currency exchange contracts related to hedging of merchandise purchases and intercompany revenue transactions; and • rent, occupancy, depreciation, and amortization related to our store operations, distribution centers, and certain corporate functions. Operating expenses include the following: • payroll, benefits, and other administrative expenses for our store operations and field management; • payroll, benefits, and other administrative expenses for our distribution centers; • payroll, benefits, and other administrative expenses for our corporate functions, including product design and development; • marketing; • information technology maintenance costs and expenses; • rent, occupancy, depreciation, and amortization for our corporate facilities; • third party credit card processing fees; and • other expenses (income). Payroll, benefits, and other administrative expenses for our distribution centers recorded in operating expenses were $254 million , $254 million , and $255 million in fiscal 2016 , 2015 , and 2014 , respectively. We receive payments from third parties that provide our customers with private label credit cards and/or co-branded credit cards. The majority of such income earned is recorded in other income, which is a component of operating expenses, and the remaining portion of income is recognized as a reduction to cost of goods sold and occupancy expenses. 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. |
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. Costs related to common area maintenance, insurance, real estate taxes, and other occupancy costs the Company is obligated to pay are excluded from minimum rent expense. 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 a significant decrease in the operating performance of the long-lived asset, or the decision to close a store, corporate facility, or distribution center. Long-lived assets are considered impaired if the carrying amount exceeds the estimated undiscounted future cash flows of the asset or asset group. 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 related 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 in the fourth quarter of the fiscal year 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 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 of the assets and liabilities 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 reporting unit is an operating segment or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. We have deemed Athleta and Intermix to be the reporting units at which goodwill is tested for Athleta and Intermix, respectively. A trade name is considered impaired if the carrying amount exceeds its estimated fair value. 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. |
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 $601 million , $578 million , and $639 million in fiscal 2016 , 2015 , and 2014 , respectively, and is recorded in operating expenses in the Consolidated Statements of Income. |
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 data 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 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, Old Navy, or Athleta 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, Old Navy, or Athleta and can be used everywhere VISA credit cards are accepted. The Credit Card programs offer incentives to cardholders in the form of reward certificates upon the cumulative purchase of an established amount. Synchrony Financial ("Synchrony"), a third-party financing company, is the sole owner of the accounts and underwrites the credit issued under the Credit Card programs. We receive income from Synchrony in accordance with a revenue sharing arrangement and based on usage of the Credit Cards, which we recognize when the amounts are fixed or determinable and collectibility is reasonably assured. The majority of income from the Credit Card programs is recorded in other income and is partially offset by the administrative costs related to the programs, including payroll, marketing expenses, and other direct costs, all of which are recorded in operating expenses in the Consolidated Statements of Income. The cost associated with redemption of reward certificates is partially offset by income that we recognize as a reduction to cost of goods sold and occupancy expenses in our Consolidated Statements of Income. The cost associated with reward points and certificates is accrued as the rewards are earned by the cardholder and is recorded in accrued expenses and other current liabilities in the Consolidated Balance Sheets. |
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 rates that approximate those 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 resulting from intercompany balances of a long-term investment nature are also classified as accumulated OCI. 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. The aggregate transaction gains and losses recorded in operating expenses in the Consolidated Statements of Income are as follows: Fiscal Year ($ in millions) 2016 2015 2014 Foreign currency transaction loss $ (18 ) $ (6 ) $ (34 ) Realized and unrealized gain from certain derivative financial instruments 10 25 28 Net foreign exchange gain (loss) $ (8 ) $ 19 $ (6 ) |
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 Recent Accounting Pronouncements Related to Revenue Recognition 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 EITF Meeting, 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 adds some practical expedients. The effective dates for these ASUs are the same as the effective date for ASU No. 2014-09. While we do not expect the adoption of these ASUs to have a material impact on our Consolidated Financial Statements, we expect the adoption to result in change in the timing of recognizing revenue for sales where we ship the merchandise to the customer from a distribution center or store, breakage income for gift cards, gift certificates, and credit vouchers, and credit card reward points and certificate liability. Under the new guidance, we expect to recognize revenue for sales where we ship the merchandise to the customer from a distribution center or store on the basis of control of the merchandise, rather than at the time the risk of loss is transferred. Additionally, the adoption is expected to result in change in the timing of recognition and classification of breakage income for gift cards, gift certificates, and credit vouchers. Our credit card incentive program is expected to be accounted for differently under the new guidance as the reward points and certificates are considered a separate performance obligation requiring the standalone value to be deferred until redemption or expiration. We currently do not defer any portion of revenue related to reward points and certificates and recognize cost associated with reward points and certificates as the rewards are earned and based on estimated redemption patterns. Additionally, under the new guidance, we expect to recognize allowances for estimated sales returns on a gross basis rather than net basis on the Consolidated Balance Sheets. We are still evaluating our method of adoption (full retrospective or modified retrospective). We will adopt these ASUs beginning in the first quarter of fiscal 2018. Other Recent Accounting Pronouncements 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. We adopted ASU No. 2015-17 prospectively effective January 30, 2016. 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 do not expect the adoption of this ASU to have a material impact on our 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 still assessing the impact of this ASU on our Consolidated Financial Statements, but we expect that it will result in a substantial increase in our long-term assets and liabilities. We will adopt the ASU beginning in the first quarter of fiscal 2019. 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 will adopt the provisions of this ASU in the first quarter of fiscal 2017. The ASU is expected to have an impact on our current accounting and reporting for share-based compensation, primarily related to income taxes. Additionally, we plan to make the policy election to account for forfeitures when they occur beginning in the first quarter of fiscal 2017. The significance of this ASU to the Company's financial statements is largely dependent on the Company's stock price and employee terminations and could vary in the future. However, we do not currently expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments. The amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2019. We do not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. The amendments provide guidance for eight specific cash flow issues and are intended to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The ASU is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. We will adopt the presentation and disclosure provisions of this ASU in the first quarter of fiscal 2018. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other than Inventory. The amendments remove the prohibition against the recognition of current and deferred income tax effects of intra-entity transfers of assets other than inventory until the asset has been sold to an outside party. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2017. We do not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements. In October 2016, the FASB issued ASU No. 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control. The amendments change how a reporting entity that is the single decision maker of a variable interest entity should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that variable interest entity. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We do not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash. The amendments address diversity in practice that exists in the classification and presentation of changes in restricted cash and require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The ASU is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. We will adopt the presentation and disclosure provisions of this ASU in the first quarter of fiscal 2018. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business. The amendments provide a more robust framework to use in determining when a set of assets and activities is a business. The ASU is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2017. The Company would apply this guidance to applicable transactions after the adoption date. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. The amendments simplify the subsequent measurement of goodwill and eliminate the two-step goodwill impairment test. Under the new guidance, an annual or interim goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and two-step goodwill impairment test. The ASU is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company recorded a goodwill impairment charge related to Intermix under the existing FASB Accounting Standards Codification No. 350 Intangibles - Goodwill and Other as the annual impairment test was performed prior to January 1, 2017. See Note 4 of Notes to Consolidated Financial Statements. We will early adopt this ASU for goodwill impairment tests beginning in the first quarter of fiscal 2017. In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets: Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The ASU was issued to clarify the scope of the previous standard and to add guidance for partial sales of nonfinancial assets. 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 Consolidated Financial Statements. |
Organization and Summary of S29
Organization and Summary of Significant Accounting Policies Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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 Software 3 to 7 years Buildings and building improvements Up to 39 years |
Foreign Currency Disclosure [Text Block] | The aggregate transaction gains and losses recorded in operating expenses in the Consolidated Statements of Income are as follows: Fiscal Year ($ in millions) 2016 2015 2014 Foreign currency transaction loss $ (18 ) $ (6 ) $ (34 ) Realized and unrealized gain from certain derivative financial instruments 10 25 28 Net foreign exchange gain (loss) $ (8 ) $ 19 $ (6 ) |
Additional Financial Statemen30
Additional Financial Statement Information Additional Financial Statement Information (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Additional Financial Statement Information [Abstract] | |
Cash and Cash Equivalents [Table Text Block] | Cash and cash equivalents consist of the following: ($ in millions) January 28, January 30, Cash (1) $ 1,086 $ 853 Bank certificates of deposit and time deposits 416 313 Money market funds 256 204 Domestic commercial paper 25 — Cash equivalents 697 517 Cash and cash equivalents $ 1,783 $ 1,370 __________ (1) Cash includes $58 million and $64 million of amounts in transit from banks for customer credit card and debit card transactions as of January 28, 2017 and January 30, 2016 , respectively. |
Other Current Assets [Table Text Block] | Other current assets consist of the following: ($ in millions) January 28, January 30, Accounts receivable $ 335 $ 282 Prepaid minimum rent and occupancy expenses 154 155 Prepaid income taxes 89 142 Derivative financial instruments 41 85 Other 83 78 Other current assets $ 702 $ 742 |
Property, Plant and Equipment [Table Text Block] | Property and equipment are stated at cost less accumulated depreciation and consist of the following: ($ in millions) January 28, January 30, Leasehold improvements $ 3,099 $ 3,252 Furniture and equipment 2,508 2,603 Software 1,600 1,433 Land, buildings, and building improvements 1,000 1,019 Construction-in-progress 222 187 Property and equipment, at cost 8,429 8,494 Less: Accumulated depreciation (5,813 ) (5,644 ) Property and equipment, net of accumulated depreciation $ 2,616 $ 2,850 |
Schedule of Other Assets, Noncurrent [Table Text Block] | Other long-term assets consist of the following: ($ in millions) January 28, January 30, Long-term income tax-related assets $ 282 $ 189 Goodwill 109 180 Trade names 95 92 Other 193 177 Other long-term assets $ 679 $ 638 |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses and other current liabilities consist of the following: ($ in millions) January 28, January 30, Accrued compensation and benefits $ 312 $ 230 Unredeemed gift cards, gift certificates, and credit vouchers, net of breakage 256 254 Short-term deferred rent and tenant allowances 99 100 Accrued advertising 46 31 Other 400 364 Accrued expenses and other current liabilities $ 1,113 $ 979 |
Lease Incentives and Other Long Term Liabilities [Table Text Block] | Lease incentives and other long-term liabilities consist of the following: ($ in millions) January 28, January 30, Long-term deferred rent and tenant allowances $ 748 $ 776 Long-term asset retirement obligations 51 70 Long-term income tax-related liabilities 32 49 Other 174 188 Lease incentives and other long-term liabilities $ 1,005 $ 1,083 |
Summary of Sales Return Allowance Account [Table Text Block] | A summary of activity in the sales return allowance account is as follows: ($ in millions) January 28, January 30, January 31, Balance at beginning of fiscal year $ 27 $ 29 $ 26 Additions 861 865 896 Returns (858 ) (867 ) (893 ) Balance at end of fiscal year $ 30 $ 27 $ 29 |
Store Closing and Other Opera31
Store Closing and Other Operating Charges Restructuring (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The measures were substantially completed in fiscal 2016 and the summary of the costs incurred are as follows: ($ in millions) Costs Incurred in Fiscal 2016 Costs recorded in cost of goods sold and occupancy expenses: Accelerated depreciation, net of reversal of depreciation expense related to asset retirement obligations $ (9 ) Employee related costs 14 Accelerated recognition of deferred rent (8 ) Other 3 Total costs recorded in cost of goods sold and occupancy expenses — Costs recorded in operating expenses: Lease termination fees and lease losses 77 Employee related costs 50 Store asset impairment 54 Other 16 Total costs recorded in operating expenses 197 Total restructuring costs $ 197 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes activities related to certain restructuring costs that will be settled with cash payments and the related liability balances as of January 28, 2017 : ($ in millions) Lease Termination Fees and Lease Losses Employee Related Costs Other Total Balance at January 30, 2016 $ — $ — $ — $ — Provision 80 69 22 171 Adjustments (3 ) (5 ) — (8 ) Settlements through existing lease deposits (10 ) — — (10 ) Cash payments (66 ) (32 ) (18 ) (116 ) Balance at January 28, 2017 $ 1 $ 32 $ 4 $ 37 |
Goodwill and Trade Names (Table
Goodwill and Trade Names (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Goodwill [Line Items] | |
Goodwill and Intangible Assets | The following goodwill and trade names are included in other long-term assets in the Consolidated Balance Sheets: ($ in millions) January 28, January 30, Goodwill $ 109 $ 180 Trade names $ 95 $ 92 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following: ($ in millions) January 28, January 30, Notes $ 1,248 $ 1,248 Japan Term Loan 65 83 Total debt 1,313 1,331 Less: Current portion of Japan Term Loan (65 ) (21 ) Total long-term debt $ 1,248 $ 1,310 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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 held at amortized cost are as follows: Fair Value Measurements at Reporting Date Using ($ in millions) January 28, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 697 $ 256 $ 441 $ — Derivative financial instruments 58 — 58 — Deferred compensation plan assets 40 40 — — Total $ 795 $ 296 $ 499 $ — Liabilities: Derivative financial instruments $ 21 $ — $ 21 $ — 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 $ — |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign Exchange Forward Contracts Outstanding | As of January 28, 2017 and January 30, 2016 , we had foreign exchange forward contracts outstanding in the following notional amounts: ($ in millions) January 28, January 30, Derivatives designated as cash flow hedges $ 1,101 $ 1,220 Derivatives designated as net investment hedges 31 30 Derivatives not designated as hedging instruments 618 324 Total $ 1,750 $ 1,574 |
Fair Values of Asset and Liability Derivative Financial Instruments | The fair values of foreign exchange forward contracts are as follows: ($ in millions) January 28, January 30, Derivatives designated as cash flow hedges: Other current assets $ 28 $ 71 Other long-term assets $ 16 $ 8 Accrued expenses and other current liabilities $ 10 $ 1 Lease incentives and other long-term liabilities $ 1 $ 1 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 $ 13 $ 13 Other long-term assets $ 1 $ — Accrued expenses and other current liabilities $ 10 $ 1 Lease incentives and other long-term liabilities $ — $ — Total derivatives in an asset position $ 58 $ 93 Total derivatives in a liability position $ 21 $ 3 |
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) 2016 2015 2014 Derivatives in cash flow hedging relationships: Gain (loss) recognized in other comprehensive income $ (28 ) $ 81 $ 166 Gain reclassified into cost of goods sold and occupancy expenses $ 31 $ 135 $ 53 Gain (loss) reclassified into operating expenses $ (8 ) $ 9 $ 8 Derivatives in net investment hedging relationships: Gain (loss) recognized in other comprehensive income $ (2 ) $ 3 $ 4 |
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 Consolidated Statements of Income, on a pre-tax basis are as follows: Fiscal Year ($ in millions) 2016 2015 2014 Gain recognized in operating expenses $ 18 $ 16 $ 20 |
Common Stock (Share Repurchases
Common Stock (Share Repurchases) (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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) 2016 2015 2014 Number of shares repurchased — 30 30 Total cost $ — $ 1,000 $ 1,164 Average per share cost including commissions $ — $ 33.90 $ 39.28 |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated OCI 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 7 — 7 Change in fair value of derivative financial instruments — (26 ) (26 ) Amounts reclassified from accumulated OCI — (12 ) (12 ) Other comprehensive income (loss), net 7 (38 ) (31 ) Balance at January 28, 2017 $ 29 $ 25 $ 54 ($ in millions) Foreign Currency Translation Cash Flow Hedges Total Balance at January 31, 2015 $ 60 $ 105 $ 165 Foreign currency translation (38 ) — (38 ) Change in fair value of derivative financial instruments — 60 60 Amounts reclassified from accumulated OCI — (102 ) (102 ) Other comprehensive loss, net (38 ) (42 ) (80 ) Balance at January 30, 2016 $ 22 $ 63 $ 85 ($ in millions) Foreign Currency Translation Cash Flow Hedges Total Balance at February 1, 2014 $ 107 $ 28 $ 135 Foreign currency translation (47 ) — (47 ) Change in fair value of derivative financial instruments — 118 118 Amounts reclassified from accumulated OCI — (41 ) (41 ) Other comprehensive income (loss), net (47 ) 77 30 Balance at January 31, 2015 $ 60 $ 105 $ 165 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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) 2016 2015 2014 Stock units $ 61 $ 61 $ 86 Stock options 11 10 9 Employee stock purchase plan 4 5 5 Share-based compensation expense 76 76 100 Less: Income tax benefit (30 ) (28 ) (37 ) Share-based compensation expense, net of tax $ 46 $ 48 $ 63 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of stock options issued during fiscal 2016 , 2015 , and 2014 was estimated on the date of grant using the following assumptions: Fiscal Year 2016 2015 2014 Expected term (in years) 3.7 3.8 4.4 Expected volatility 33.5 % 25.9 % 27.3 % Dividend yield 3.5 % 2.2 % 2.1 % Risk-free interest rate 1.2 % 1.2 % 1.3 % |
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 January 28, 2017 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted- Average Remaining Contractual Life (in years) Weighted- Average Exercise Price Per Share Number of Weighted- Average Exercise Price Per Share $11.77 - $23.18 799,993 6.51 $ 19.70 370,193 $ 20.73 $23.93 - $29.52 780,655 7.39 $ 24.96 360,905 $ 25.15 $30.18 - $30.18 3,366,560 8.53 $ 30.18 — n/a $35.10 - $41.27 1,850,165 6.71 $ 39.74 738,732 $ 38.61 $41.67 - $46.41 726,663 5.92 $ 42.32 382,590 $ 42.32 7,524,036 7.50 $ 32.05 1,852,420 $ 33.18 Vested or expected to vest as of January 28, 2017 7,043,018 7.40 $ 32.10 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity under the 2016 Plan for fiscal 2016 is as follows: Shares Weighted- Average Exercise Price Per Share Balance as of January 30, 2016 4,251,555 $ 36.29 Granted 4,555,200 $ 28.63 Exercised (208,879 ) $ 23.06 Forfeited/Expired (1,073,840 ) $ 36.10 Balance as of January 28, 2017 7,524,036 $ 32.05 |
Additional Information About Stock Unit Activity [Table Text Block] | A summary of additional information about stock options is as follows: Fiscal Year 2016 2015 2014 Weighted-average fair value per share of stock options granted $ 5.60 $ 6.84 $ 8.20 Aggregate intrinsic value of stock options exercised (in millions) $ 1 $ 29 $ 63 Fair value of stock options vested (in millions) $ 9 $ 10 $ 10 |
Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of Stock Unit activity under the 2016 Plan for fiscal 2016 is as follows: Shares Weighted-Average Grant-Date Fair Value Per Share Balance as of January 30, 2016 4,353,962 $ 36.74 Granted 3,300,654 $ 26.42 Granted, with vesting subject to performance conditions 896,469 $ 26.68 Vested (1,701,985 ) $ 34.38 Forfeited (1,666,702 ) $ 30.70 Balance as of January 28, 2017 5,182,398 $ 31.14 |
Additional Information About Stock Unit Activity [Table Text Block] | A summary of additional information about Stock Units is as follows: Fiscal Year 2016 2015 2014 Weighted-average fair value per share of Stock Units granted $ 26.47 $ 37.80 $ 40.20 Fair value of Stock Units vested (in millions) $ 59 $ 77 $ 114 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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 January 28, 2017 are as follows: ($ in millions) Fiscal Year 2017 $ 1,128 2018 1,111 2019 980 2020 826 2021 623 Thereafter 1,874 Total minimum lease commitments $ 6,542 |
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) 2016 2015 2014 Minimum rent expense $ 1,208 $ 1,211 $ 1,209 Contingent rent expense 107 106 114 Less: Sublease income (4 ) (4 ) (4 ) Total $ 1,311 $ 1,313 $ 1,319 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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) 2016 2015 2014 United States $ 1,191 $ 1,401 $ 1,842 Foreign (67 ) 70 171 Income before income taxes $ 1,124 $ 1,471 $ 2,013 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consists of the following: Fiscal Year ($ in millions) 2016 2015 2014 Current: Federal $ 405 $ 418 $ 547 State 47 25 61 Foreign 50 7 68 Total current 502 450 676 Deferred: Federal (41 ) 99 70 State (5 ) 12 6 Foreign (8 ) (10 ) (1 ) Total deferred (54 ) 101 75 Total provision $ 448 $ 551 $ 751 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The difference between the effective tax rate and the U.S. federal statutory tax rate is as follows: Fiscal Year 2016 2015 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 3.7 2.5 3.3 Tax impact of foreign operations 4.5 0.3 1.0 Excess foreign tax credits (5.0 ) — (2.0 ) Non-deductible goodwill impairment charge 2.2 — — Other (0.5 ) (0.3 ) — Effective tax rate 39.9 % 37.5 % 37.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets (liabilities) consist of the following: ($ in millions) January 28, January 30, Gross deferred tax assets: Deferred rent $ 164 $ 163 Accrued payroll and related benefits 98 69 Nondeductible accruals 112 116 Inventory capitalization and other adjustments 55 44 Deferred income 57 63 Federal, state, and foreign net operating losses 65 47 Other 48 39 Total gross deferred tax assets 599 541 Valuation allowance (133 ) (101 ) Total deferred tax assets, net of valuation allowance 466 440 Deferred tax liabilities: Depreciation and amortization (140 ) (169 ) Unremitted earnings of certain foreign subsidiaries (58 ) (56 ) Unrealized net gain on cash flow hedges (11 ) (24 ) Other (8 ) (7 ) Total deferred tax liabilities (217 ) (256 ) Net deferred tax assets $ 249 $ 184 |
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) 2016 2015 2014 Balance at beginning of fiscal year $ 47 $ 75 $ 72 Increases related to current year tax positions 4 3 9 Prior year tax positions: Increases 3 6 4 Decreases (5 ) (34 ) (9 ) Cash settlements (5 ) (3 ) (1 ) Balance at end of fiscal year $ 44 $ 47 $ 75 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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) 2016 2015 2014 Weighted-average number of shares—basic 399 411 435 Common stock equivalents 1 2 5 Weighted-average number of shares—diluted 400 413 440 |
Commitments and Contingencies P
Commitments and Contingencies Purchase Obligations And Commitments (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | Our future purchase obligations and commitments as of January 28, 2017 are as follows: Payments Due by Period ($ in millions) Less than 1 1-3 Years 3-5 Years More Than 5 Total Purchase obligations and commitments (1) $ 4,098 $ 89 $ 56 $ 5 $ 4,248 __________ (1) Represents estimated open purchase orders to purchase inventory as well as commitments for products and services used in the normal course of business. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Costs Related to Nonrecurring Event [Table Text Block] | Certain fire-related costs incurred in fiscal 2016 and expected insurance recoveries as well as the related insurance receivable as of January 28, 2017 are as follows: ($ in millions) Fiscal 2016 Loss on inventory $ 86 Loss on property, plant, and equipment 12 Other fire-related costs 35 Total 133 Add: Gain recorded on partial settlement related to inventory 73 Expected insurance recoveries 206 Less: Insurance proceeds received (174 ) Insurance receivable balance as of January 28, 2017 $ 32 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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 (3) Total Percentage Fiscal 2016 U.S. (1) $ 3,113 $ 6,051 $ 2,052 $ 773 $ 11,989 77 % Canada 368 490 223 3 1,084 7 Europe 630 — 59 — 689 5 Asia 1,215 220 109 — 1,544 10 Other regions 129 53 28 — 210 1 Total $ 5,455 $ 6,814 $ 2,471 $ 776 $ 15,516 100 % ($ in millions) Gap Global Old Navy Global Banana Other (2) Total Percentage Fiscal 2015 U.S. (1) $ 3,303 $ 5,987 $ 2,211 $ 712 $ 12,213 77 % Canada 348 467 229 3 1,047 7 Europe 726 — 71 — 797 5 Asia 1,215 194 112 — 1,521 10 Other regions 159 27 33 — 219 1 Total $ 5,751 $ 6,675 $ 2,656 $ 715 $ 15,797 100 % ($ in millions) Gap Global Old Navy Global Banana Other (2) Total Percentage Fiscal 2014 U.S. (1) $ 3,575 $ 5,967 $ 2,405 $ 725 $ 12,672 77 % Canada 384 500 249 4 1,137 7 Europe 824 — 93 — 917 6 Asia 1,208 149 145 — 1,502 9 Other regions 174 3 30 — 207 1 Total $ 6,165 $ 6,619 $ 2,922 $ 729 $ 16,435 100 % __________ (1) U.S. includes the United States, Puerto Rico, and Guam. (2) Includes Athleta, Intermix, and Piperlime, which was discontinued as of the first quarter of fiscal 2015. (3) Includes Athleta, Intermix, and beginning in the fourth quarter of fiscal 2016, Weddington Way. |
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) January 28, January 30, U.S. (1) $ 2,424 $ 2,578 Other regions 606 719 Total long-lived assets $ 3,030 $ 3,297 __________ (1) U.S. includes the United States, Puerto Rico, and Guam. |
Quarterly Financial Information
Quarterly Financial Information (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Data [Table] | Selected quarterly and annual operating results are as follows: 13 Weeks Ended 13 Weeks Ended (2) 13 Weeks Ended (3) 13 Weeks Ended (4) 52 Weeks Ended (4) ($ in millions except per share amounts) April 30, July 30, October 29, January 28, January 28, 2017 Net sales $ 3,438 $ 3,851 $ 3,798 $ 4,429 $ 15,516 Gross profit $ 1,209 $ 1,437 $ 1,493 $ 1,501 $ 5,640 Net income $ 127 $ 125 $ 204 $ 220 $ 676 Earnings per share—basic (1) $ 0.32 $ 0.31 $ 0.51 $ 0.55 $ 1.69 Earnings per share—diluted (1) $ 0.32 $ 0.31 $ 0.51 $ 0.55 $ 1.69 13 Weeks Ended 13 Weeks Ended (5) 13 Weeks Ended (6) 13 Weeks Ended (7) 52 Weeks Ended (8) ($ in millions except per share amounts) May 2, August 1, October 31, January 30, January 30, 2016 Net sales $ 3,657 $ 3,898 $ 3,857 $ 4,385 $ 15,797 Gross profit $ 1,382 $ 1,458 $ 1,440 $ 1,440 $ 5,720 Net income $ 239 $ 219 $ 248 $ 214 $ 920 Earnings per share—basic (1) $ 0.57 $ 0.53 $ 0.61 $ 0.54 $ 2.24 Earnings per share—diluted (1) $ 0.56 $ 0.52 $ 0.61 $ 0.53 $ 2.23 __________ (1) Earnings per share ("EPS") was computed individually for each of the periods presented; therefore, the sum of the EPS for the quarters may not equal the total for the year. (2) During the second quarter of fiscal 2016, the Company incurred $150 million in restructuring costs on a pre-tax basis, of which $15 million was recorded in costs of goods sold and occupancy expenses. The impact of the restructuring costs to diluted EPS was $0.29 . (3) During the third quarter of fiscal 2016, the Company incurred $29 million in restructuring costs on a pre-tax basis, of which $7 million of credit, net, was recorded in cost of goods sold and occupancy expenses. The impact of the restructuring costs to diluted EPS was $0.09 . (4) During the fourth quarter of fiscal 2016, the Company incurred $18 million in restructuring costs on a pre-tax basis, of which $8 million of credit, net, was recorded in cost of goods sold and occupancy expenses. The impact of the restructuring costs to diluted EPS was $0.04 for the fourth quarter of fiscal 2016. During fiscal 2016, the Company incurred $197 million in restructuring costs on a pre-tax basis which was recorded in operating expenses. The impact of the restructuring costs to diluted EPS was $0.41 for fiscal 2016. During the fourth quarter of fiscal 2016, the Company recorded a non-tax deductible goodwill impairment charge of $71 million , or $0.18 impact to diluted EPS, related to Intermix. During the fourth quarter of fiscal 2016, the Company recorded a $73 million gain from insurance proceeds related to the fire that occurred at a Company-owned distribution center campus in Fishkill, New York. The impact of the gain from insurance proceeds to diluted EPS was an $0.11 benefit. The Company recognized a tax benefit of approximately $57 million as a result of a legal structure realignment in the fourth quarter of fiscal 2016, which was about a $0.15 benefit to diluted EPS. (5) During the second quarter of fiscal 2015, the Company incurred $83 million of charges related to strategic actions, on a pre-tax basis, of which $12 million was recorded in costs of goods sold and occupancy expenses. The impact of the strategic actions to diluted EPS was $0.12 . (6) During the third quarter of fiscal 2015, the Company incurred $13 million of charges related to strategic actions, on a pre-tax basis, of which $6 million was recorded in cost of goods sold and occupancy expenses. The impact of the strategic actions to diluted EPS was $0.02 . (7) During the fourth quarter of fiscal 2015, the Company incurred $25 million of charges related to strategic actions, on a pre-tax basis, of which $6 million was recorded in cost of goods sold and occupancy expenses. The impact of the strategic actions to diluted EPS was $0.04 . (8) During fiscal 2015, the Company incurred $132 million of charges related to strategic actions, on a pre-tax basis, of which $34 million was recorded in cost of goods sold and occupancy expenses. The impact of the strategic actions to diluted EPS was $0.20 . |
Organization and Summary of S46
Organization and Summary of Significant Accounting Policies Other Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accounting Policies [Abstract] | |||
Payroll, benefits, and other administrative expenses for our distribution centers recorded in operating expenses | $ 254 | $ 254 | $ 255 |
Advertising expense | $ 601 | $ 578 | $ 639 |
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 | ||
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 | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated property and equipment useful lives | 39 years |
Organization and Summary of S47
Organization and Summary of Significant Accounting Policies Foreign Exchange Gain/Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accounting Policies [Abstract] | |||
Foreign currency transaction loss | $ (18) | $ (6) | $ (34) |
Realized and Unrealized gain (loss) from certain derivative financial instruments | 10 | 25 | 28 |
Net foreign exchange gain (loss) | $ (8) | $ 19 | $ (6) |
Additional Financial Statemen48
Additional Financial Statement Information Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Additional Financial Statement Information [Abstract] | |||||
Cash | [1] | $ 1,086 | $ 853 | ||
Bank certificates of deposit and time deposits | 416 | 313 | |||
Money market funds | 256 | 204 | |||
Domestic commercial paper | 25 | 0 | |||
Cash equivalents | 697 | 517 | |||
Cash and cash equivalents | 1,783 | 1,370 | $ 1,515 | $ 1,510 | |
Amount in transit from banks for customer credit and debit card transactions | $ 58 | $ 64 | |||
[1] | Cash includes $58 million and $64 million of amounts in transit from banks for customer credit card and debit card transactions as of January 28, 2017 and January 30, 2016, respectively. |
Additional Financial Statemen49
Additional Financial Statement Information Other Current Assets (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Additional Financial Statement Information [Abstract] | ||
Accounts receivable | $ 335 | $ 282 |
Prepaid minimum rent and occupancy expenses | 154 | 155 |
Prepaid income taxes | 89 | 142 |
Derivative financial instruments | 41 | 85 |
Other | 83 | 78 |
Other current assets | $ 702 | $ 742 |
Additional Financial Statemen50
Additional Financial Statement Information Property and Equipment (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 8,429 | $ 8,494 |
Less: Accumulated depreciation | (5,813) | (5,644) |
Property and equipment, net of accumulated depreciation | 2,616 | 2,850 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 3,099 | 3,252 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 2,508 | 2,603 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 1,600 | 1,433 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 1,000 | 1,019 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 222 | $ 187 |
Additional Financial Statemen51
Additional Financial Statement Information Other Long-Term Assets (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Additional Financial Statement Information [Abstract] | ||
Long-Term Tax-Related Assets | $ 282 | $ 189 |
Goodwill | 109 | 180 |
Trade names | 95 | 92 |
Other | 193 | 177 |
Other long-term assets | $ 679 | $ 638 |
Additional Financial Statemen52
Additional Financial Statement Information Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Additional Financial Statement Information [Abstract] | ||
Accrued compensation and benefits | $ 312 | $ 230 |
Unredeemed gift cards, gift certificates, and credit vouchers, net of breakage | 256 | 254 |
Short-term deferred rent and tenant allowances | 99 | 100 |
Accrued Advertising, Current | 46 | 31 |
Other | 400 | 364 |
Accrued expenses and other current liabilities | $ 1,113 | $ 979 |
Additional Financial Statemen53
Additional Financial Statement Information Lease Incentives and Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Additional Financial Statement Information [Abstract] | ||
Long-term deferred rent and tenant allowances | $ 748 | $ 776 |
Asset Retirement Obligations, Noncurrent | 51 | 70 |
Long-term income tax-related liabilities | 32 | 49 |
Other | 174 | 188 |
Lease incentives and other long-term liabilities | $ 1,005 | $ 1,083 |
Additional Financial Statemen54
Additional Financial Statement Information Sales Return Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Additional Financial Statement Information [Abstract] | ||||
Additions | $ 861 | $ 865 | $ 896 | |
Returns | (858) | (867) | (893) | |
Sales return allowance | $ 30 | $ 27 | $ 29 | $ 26 |
Additional Financial Statemen55
Additional Financial Statement Information Additional Financial Statement Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Additional Financial Statement Information [Abstract] | ||||
Depreciation | $ 590 | $ 588 | $ 560 | |
Interest Costs Capitalized | 9 | 8 | 7 | |
Other Asset Impairment Charges | 107 | 54 | 10 | |
Goodwill, Impairment Loss | $ 71 | $ 71 | $ 0 | $ 0 |
Store Closing and Other Opera56
Store Closing and Other Operating Charges Restructuring and Related Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Jan. 28, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 18 | $ 29 | $ 150 | $ 197 |
Cost of Goods Sold and Occupancy Expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 8 | $ 7 | $ 15 | 0 |
Operating expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 197 | |||
Accelerated depreciation, net of reversal of depreciation expense related to asset retirement obligations [Member] | Cost of Goods Sold and Occupancy Expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | (9) | |||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 69 | |||
Employee Severance [Member] | Cost of Goods Sold and Occupancy Expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 14 | |||
Employee Severance [Member] | Operating expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 50 | |||
Accelerated recognition of deferred rent [Member] | Cost of Goods Sold and Occupancy Expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | (8) | |||
Other Restructuring [Member] | Cost of Goods Sold and Occupancy Expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 3 | |||
Other Restructuring [Member] | Operating expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 16 | |||
Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 80 | |||
Contract Termination [Member] | Operating expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 77 | |||
Facility Closing [Member] | Operating expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 54 |
Store Closing and Other Opera57
Store Closing and Other Operating Charges Restructuring Reserve (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Jan. 28, 2017 | Jan. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | $ 37 | $ 37 | $ 0 | ||
Restructuring Charges | 18 | $ 29 | $ 150 | 197 | |
Settlements Through Existing Lease Deposits | (10) | ||||
Payments for Restructuring | (116) | ||||
Contract Termination [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 1 | 1 | 0 | ||
Restructuring Charges | 80 | ||||
Restructuring Reserve, Accrual Adjustment | (3) | ||||
Settlements Through Existing Lease Deposits | (10) | ||||
Payments for Restructuring | (66) | ||||
Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 32 | 32 | 0 | ||
Restructuring Charges | 69 | ||||
Restructuring Reserve, Accrual Adjustment | (5) | ||||
Settlements Through Existing Lease Deposits | 0 | ||||
Payments for Restructuring | (32) | ||||
Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | $ 4 | 4 | $ 0 | ||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Settlements Through Existing Lease Deposits | 0 | ||||
Payments for Restructuring | (18) | ||||
Charges that will be settled with cash payments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 171 | ||||
Restructuring Reserve, Accrual Adjustment | (8) | ||||
Charges that will be settled with cash payments [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 22 |
Store Closing and Other Opera58
Store Closing and Other Operating Charges Restructuring Additional Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Jul. 30, 2016USD ($) | Jan. 28, 2017USD ($) | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring Charges | $ 18 | $ 29 | $ 150 | $ 197 |
Number of Old Navy Japan Stores Closed Related to Restructuring | 53 | 53 | ||
Number of Total Stores Closed Related to Restructuring | 67 | 67 |
Goodwill and Trade Names (Detai
Goodwill and Trade Names (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 109 | $ 180 |
Trade names | $ 95 | $ 92 |
Goodwill and Trade Names - Addi
Goodwill and Trade Names - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 109 | $ 109 | $ 180 | |
Trade names | 95 | 95 | 92 | |
Goodwill, Impairment Loss | 71 | 71 | 0 | $ 0 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | $ 0 | ||
Intermix [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 10 | 10 | 81 | |
Trade names | 38 | 38 | 38 | |
Goodwill, Impairment Loss | 71 | |||
Athleta [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 99 | 99 | 99 | |
Trade names | $ 54 | 54 | $ 54 | |
Goodwill, Impairment Loss | 0 | |||
Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Debt Instrument [Line Items] | ||
Notes | $ 1,248 | $ 1,248 |
Japan Term Loan | 65 | 83 |
Total long-term debt | 1,313 | 1,331 |
Less: Current portion | (65) | (21) |
Total long-term debt, less current portion | $ 1,248 | $ 1,310 |
Debt - Additional Information (
Debt - Additional Information (Details) $ in Millions, ÂĄ in Billions | 12 Months Ended | ||||
Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Jan. 28, 2017JPY (ÂĄ) | Jan. 28, 2017USD ($) | |
Debt Instrument [Line Items] | |||||
Short-term Debt | $ 400 | ||||
Repayment of unsecured term loan | $ 21 | 21 | $ 21 | ||
Short-term Debt, Weighted Average Interest Rate | 1.00% | 1.00% | |||
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. 30, 2021 | ||||
Estimated fair value | 1,290 | $ 1,320 | |||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||||
Japan Term Loan | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of notes issued | ÂĄ | ÂĄ 15 | ||||
Notes, maturity date | Jan. 15, 2018 | ||||
Estimated fair value | $ 83 | 65 | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | ÂĄ 7.5 | $ 65 | |||
Long-term Debt, Weighted Average Interest Rate | 1.00% | 1.00% | |||
Debt Instrument, Term | 4 years | ||||
Five Year Unsecured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | ||||
Debt Instrument, Term | 5 years | ||||
400 million dollar term loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes, maturity date | Oct. 15, 2017 | ||||
Minimum [Member] | Japan Term Loan | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||
Minimum [Member] | 400 million dollar term loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Frequency of Periodic Payment | quarterly |
Credit Facilities Credit Facili
Credit Facilities Credit Facilities (Details) $ in Millions | 12 Months Ended |
Jan. 28, 2017USD ($) | |
Debt Instrument [Line Items] | |
Minimum Annual Fixed Coverage Ratio | 2 |
Maximum Annual Leverage Ratio | 2.25 |
Five Year Unsecured Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 |
Debt Instrument, Term | 5 years |
Line of Credit Facility, Expiration Date | May 1, 2020 |
Line of Credit Facility, Amount Outstanding | $ 0 |
Letters of Credit Outstanding, Amount | 0 |
Foreign Facilities [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 46 |
Line of Credit Facility, Amount Outstanding | 0 |
Bank Guarantees Related to Leases | 12 |
Standby Letters of Credit [Member] | |
Debt Instrument [Line Items] | |
Letters of Credit Outstanding, Amount | $ 16 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Assets: | ||
Cash equivalents | $ 697 | $ 517 |
Derivative financial instruments | 58 | 93 |
Deferred compensation plan assets | 40 | 37 |
Total | 795 | 647 |
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 21 | 3 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 256 | 204 |
Derivative financial instruments | 0 | 0 |
Deferred compensation plan assets | 40 | 37 |
Total | 296 | 241 |
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Cash equivalents | 441 | 313 |
Derivative financial instruments | 58 | 93 |
Deferred compensation plan assets | 0 | 0 |
Total | 499 | 406 |
Liabilities: | ||
Derivative Liability, Fair Value, Gross Liability | 21 | 3 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Cash equivalents | 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 - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Fair Value Of Financial Instruments [Line Items] | ||||
Goodwill, Impairment Loss | $ 71 | $ 71 | $ 0 | $ 0 |
Impaired Asset at Fair Value | 18 | 18 | 8 | 1 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | ||
Long-Lived Asset at Carrying Value | 125 | 125 | 62 | 11 |
Other Asset Impairment Charges | 107 | 54 | $ 10 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, Sales, Issues, Settlements | 0 | 0 | ||
Impaired other indefinite-lived intangible asset, fair value | 1 | |||
Other indefinite-lived intangible asset at carrying value | 6 | |||
Non Restructuring Impairment [Member] | ||||
Fair Value Of Financial Instruments [Line Items] | ||||
Other Asset Impairment Charges | 53 | |||
NonStrategicActionsImpairment [Member] | ||||
Fair Value Of Financial Instruments [Line Items] | ||||
Other Asset Impairment Charges | 16 | |||
StrategicActionsImpairment [Member] | ||||
Fair Value Of Financial Instruments [Line Items] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 5 | |||
Other Asset Impairment Charges | $ 38 | |||
Facility Closing [Member] | ||||
Fair Value Of Financial Instruments [Line Items] | ||||
Other Asset Impairment Charges | $ 54 |
Derivative Financial Instrume66
Derivative Financial Instruments - Foreign Exchange Contracts Outstanding to Sell Various Currencies (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,750 | $ 1,574 |
Derivatives in cash flow hedging relationships | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,101 | 1,220 |
Derivatives in net investment hedging relationships | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 31 | 30 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 618 | $ 324 |
Derivative Financial Instrume67
Derivative Financial Instruments - Fair Values of Asset and Liability Derivative Financial Instruments (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments, assets | $ 58 | $ 93 |
Total derivative instruments, liabilities | 21 | 3 |
Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments, assets | 58 | 93 |
Total derivative instruments, liabilities | 21 | 3 |
Foreign exchange forward contracts | Derivatives in cash flow hedging relationships | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments, assets | 28 | 71 |
Foreign exchange forward contracts | Derivatives in cash flow hedging relationships | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments, assets | 16 | 8 |
Foreign exchange forward contracts | Derivatives in cash flow hedging relationships | Accrued Liabilities Current [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments, liabilities | 10 | 1 |
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 | 1 |
Foreign exchange forward contracts | Derivatives in net investment hedging relationships | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments, assets | 0 | 1 |
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 | 0 |
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 | 13 | 13 |
Foreign exchange forward contracts | Derivatives not designated as hedging instruments | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments, assets | 1 | 0 |
Foreign exchange forward contracts | Derivatives not designated as hedging instruments | Accrued Liabilities Current [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative instruments, liabilities | 10 | 1 |
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 Instrume68
Derivative Financial Instruments - Effects Of Derivative Financial Instruments On OCI And Consolidated Statements Of Income (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
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 | (28,000,000) | 81,000,000 | 166,000,000 |
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 | (2,000,000) | 3,000,000 | 4,000,000 |
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 | 31,000,000 | 135,000,000 | 53,000,000 |
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 | 18,000,000 | 16,000,000 | 20,000,000 |
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 | $ (8,000,000) | $ 9,000,000 | $ 8,000,000 |
Derivative Financial Instrume69
Derivative Financial Instruments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Derivative [Line Items] | |||
Amounts subject to enforceable Master Netting Arrangement | $ 18,000,000 | $ 2,000,000 | |
Derivative asset, net of amount subject to master netting arrangement | 40,000,000 | 91,000,000 | |
Derivative liability, net of amount subject to master netting arrangement | 3,000,000 | 1,000,000 | |
Derivatives in cash flow hedging relationships | |||
Derivative [Line Items] | |||
Amounts recorded as a result of hedge ineffectiveness | 0 | 0 | $ 0 |
Amounts reclassified into earnings as a result of discontinuance of cash flow hedges | 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 |
Derivatives in net investment hedging relationships | |||
Derivative [Line Items] | |||
Amounts recorded as a result of hedge ineffectiveness | 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 |
Gain or loss reclassified from OCI into income for derivatives in net investment hedging relationships | $ 0 | $ 0 | $ 0 |
Common Stock (Share Repurchase
Common Stock (Share Repurchase Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Number of shares repurchased (in shares) | 0 | 30,000,000 | 30,000,000 |
Total cost | $ 0 | $ 1,000 | $ 1,164 |
Average per share cost including commissions (in dollars per share) | $ 0 | $ 33.90 | $ 39.28 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Jan. 28, 2017USD ($)Votes_per_share$ / sharesshares | Jan. 30, 2016USD ($)shares | Jan. 31, 2015USD ($)shares | Feb. 25, 2016USD ($) | Feb. 26, 2015USD ($) | Oct. 16, 2014USD ($) | |
Class of Stock [Line Items] | ||||||
Number of shares repurchased (in shares) | 0 | 30,000,000 | 30,000,000 | |||
Common Stock, Shares Authorized | 2,300,000,000 | 2,300,000,000 | ||||
Common stock, shares issued (in shares) | 399,000,000 | 397,000,000 | ||||
Preferred stock, shares authorized (in shares) | 30,000,000 | |||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.05 | |||||
Preferred stock, shares issued (in shares) | 0 | |||||
Share repurchases, authorized amount | $ | $ 1,000 | $ 1,000 | $ 1,500 | |||
Share repurchases, remaining amount | $ | $ 1,000 | $ 302 | ||||
Total share repurchases, unpaid amount | $ | $ 15 | |||||
Common Class B [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares Authorized | 60,000,000 | |||||
Common Stock Votes Per Share | Votes_per_share | 6 | |||||
Common stock, shares issued (in shares) | 0 |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 7 | $ (38) | $ (47) | |
Change in fair value of derivative financial instruments | (26) | 60 | 118 | |
Amounts reclassified from accumulated OCI | (12) | (102) | (41) | |
Other comprehensive income (loss), net | (31) | (80) | 30 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 54 | 85 | 165 | $ 135 |
Derivatives in cash flow hedging relationships | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | |
Change in fair value of derivative financial instruments | (26) | 60 | 118 | |
Amounts reclassified from accumulated OCI | (12) | (102) | (41) | |
Other comprehensive income (loss), net | (38) | (42) | 77 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 25 | 63 | 105 | 28 |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 7 | (38) | (47) | |
Change in fair value of derivative financial instruments | 0 | 0 | 0 | |
Amounts reclassified from accumulated OCI | 0 | 0 | 0 | |
Other comprehensive income (loss), net | 7 | (38) | (47) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 29 | $ 22 | $ 60 | $ 107 |
Share-Based Compensation - Tota
Share-Based Compensation - Total Share-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 76 | $ 76 | $ 100 |
Less: Income tax benefit | (30) | (28) | (37) |
Share-based compensation expense, net of tax | 46 | 48 | 63 |
Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 61 | 61 | 86 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 11 | 10 | 9 |
Employee stock purchase plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 4 | $ 5 | $ 5 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation - Stock Unit Activity (Details) - Stock Units [Member] - $ / shares | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Units Outstandings, Shares | 5,182,398 | 4,353,962 |
Stock Units Granted, Shares | 3,300,654 | |
Stock Units Granted, with vesting subject to performance conditions, Shares | 896,469 | |
Stock Units Vested, Shares | (1,701,985) | |
Stock Units Forfeited, Shares | (1,666,702) | |
Stock Units Outstanding, Weighted-Average Grant-Date Fair Value | $ 31.14 | $ 36.74 |
Granted, Weighted-Average Grant-Date Fair Value | 26.42 | |
Granted, with vesting subject to performance conditions, Weighted-Average Grant-Date Fair Value | 26.68 | |
Vested, Weighted-Average Grant-Date Fair Value | 34.38 | |
Forfeited, Weighted-Average Grant-Date Fair Value | $ 30.70 |
Share-Based Compensation Shar75
Share-Based Compensation Share-Based Compensation - Additional Information About Stock Unit Activity (Details) - Stock Units [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
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 | $ 26.47 | $ 37.80 | $ 40.20 |
Fair value of Stock Units vested (in millions) | $ 59 | $ 77 | $ 114 |
Share-Based Compensation Shar76
Share-Based Compensation Share-Based Compensation - Payment Awards, Stock Options, Valuation Assumptions (Details) - Stock Options [Member] | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 3 years 260 days | 3 years 300 days | 4 years 160 days |
Expected volatility | 33.50% | 25.90% | 27.30% |
Dividend yield | 3.50% | 2.20% | 2.10% |
Risk-free interest rate | 1.20% | 1.20% | 1.30% |
Share-Based Compensation Shar77
Share-Based Compensation Share-Based Compensation - Stock Options, Activity (Details) - $ / shares shares in Millions | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding, Shares | 7,524,036 | |
Options Outstanding, Weighted-Average Exercise Price | $ 32.05 | |
Options Exercised, Weighted-Average Exercise Price | $ 33.18 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding, Shares | 7,524,036 | 4,251,555 |
Options Granted, Shares | 4,555,200 | |
Options Exercised, Shares | (208,879) | |
Options Forfeited/Expired, Shares | (1,073,840) | |
Options Outstanding, Weighted-Average Exercise Price | $ 32.05 | $ 36.29 |
Options Granted, Weighted-Average Exercise Price | 28.63 | |
Options Exercised, Weighted-Average Exercise Price | 23.06 | |
Options Forfeited/Expired, Weighted Average Exercise Price | $ 36.10 |
Share-Based Compensation Shar78
Share-Based Compensation Share-Based Compensation - Additional Information About Stock Option Activity (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value per share of stock options granted | $ 5.60 | $ 6.84 | $ 8.20 |
Aggregate intrinsic value of stock options exercised (in millions) | $ 1 | $ 29 | $ 63 |
Fair value of stock options vested (in millions) | $ 9 | $ 10 | $ 10 |
Share-Based Compensation Shar79
Share-Based Compensation Share-Based Compensation - Arrangement By Share-Based Payment Award, Outstanding And Exercisable (Details) shares in Millions | 12 Months Ended |
Jan. 28, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | 7,524,036 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 7 years 183 days |
Options Outstanding, Weighted-Average Exercise Price | $ / shares | $ 32.05 |
Options Exercisable, Shares | 1,852,420 |
Options Exercised, Weighted-Average Exercise Price | $ / shares | $ 33.18 |
Vested or expected to vest as of January 30, 2016 Shares | 7,043,018 |
Vested or expected to vest as of January 30, 2016, Weighted-Average Remaining Contractual Life (in years) | 7 years 147 days |
Vested or expected to vest as of January 30, 2016, Weighted-Average Exercise Price | $ / shares | $ 32.10 |
$11.77 - $23.18 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | 799,993 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 187 days |
Options Outstanding, Weighted-Average Exercise Price | $ / shares | $ 19.70 |
Options Exercisable, Shares | 370,193 |
Options Exercised, Weighted-Average Exercise Price | $ / shares | $ 20.73 |
$23.93 - $29.52 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | 780,655 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 7 years 143 days |
Options Outstanding, Weighted-Average Exercise Price | $ / shares | $ 24.96 |
Options Exercisable, Shares | 360,905 |
Options Exercised, Weighted-Average Exercise Price | $ / shares | $ 25.15 |
$30.18 - $30.18 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | 3,366,560 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 195 days |
Options Outstanding, Weighted-Average Exercise Price | $ / shares | $ 30.18 |
Options Exercisable, Shares | 0 |
$35.10 - $41.27 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | 1,850,165 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 260 days |
Options Outstanding, Weighted-Average Exercise Price | $ / shares | $ 39.74 |
Options Exercisable, Shares | 738,732 |
Options Exercised, Weighted-Average Exercise Price | $ / shares | $ 38.61 |
$41.67 - $46.41 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | 726,663 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 337 days |
Options Outstanding, Weighted-Average Exercise Price | $ / shares | $ 42.32 |
Options Exercisable, Shares | 382,590 |
Options Exercised, Weighted-Average Exercise Price | $ / shares | $ 42.32 |
Share-Based Compensation Shar80
Share-Based Compensation Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Millions, $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
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 | $ 1 | $ 0 | |
Annual vesting percentage for stock options | 25.00% | ||
Aggregate intrinsic value of options outstanding | $ 2 | ||
Aggregate intrinsic value of options vested or expected to vest | 2 | ||
Aggregate intrinsic value of options exercisable | $ 1 | ||
Weighted-average reemaining contractual life of stock options exercisable | 5 years 34 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||
Stock issued during period, Shares, Employee Stock Purchase Plans | 1,260,361 | 949,751 | 785,794 |
2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 216,586,781 | ||
Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of unvested Stock Units | $ 117 | ||
Nonvested awards, total compensation cost not yet recognized | $ 84 | ||
Nonvested awards, total compensation cost not yet recognized, period for recognition | 2 years 77 days | ||
Stock Units Granted, Shares | 3,300,654 | ||
Stock Units [Member] | Maximum [Member] | 2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Stock Units [Member] | Minimum [Member] | 2016 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 | 51,806 | ||
Performance Shares [Member] | Maximum [Member] | 2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Performance Shares [Member] | Minimum [Member] | 2016 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 | 1,257,830 | ||
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
Leases Leases - Future Minimum Rental Payments (Details) $ in Millions | Jan. 28, 2017USD ($) |
Leases [Abstract] | |
2,017 | $ 1,128 |
2,018 | 1,111 |
2,019 | 980 |
2,020 | 826 |
2,021 | 623 |
Thereafter | 1,874 |
Total minimum lease commitments | $ 6,542 |
Leases Leases - Schedule Of Ren
Leases Leases - Schedule Of Rent Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Leases [Abstract] | |||
Minimum rent expense | $ 1,208 | $ 1,211 | $ 1,209 |
Contingent rent expense | 107 | 106 | 114 |
Less: Sublease income | (4) | (4) | (4) |
Total | $ 1,311 | $ 1,313 | $ 1,319 |
Leases Leases Additional Inform
Leases Leases Additional Information (Details) $ in Millions | 12 Months Ended |
Jan. 28, 2017USD ($) | |
Leases [Abstract] | |
Operating Leases, Income Statement, Sublease Revenue | $ 20 |
Latest Lease Expiration Date | Dec. 31, 2032 |
Income Taxes Income Taxes - Com
Income Taxes Income Taxes - Components Of Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 1,191 | $ 1,401 | $ 1,842 |
Foreign | (67) | 70 | 171 |
Income before income taxes | $ 1,124 | $ 1,471 | $ 2,013 |
Income Taxes Income Taxes - Tax
Income Taxes Income Taxes - Tax Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | $ 405 | $ 418 | $ 547 |
State | 47 | 25 | 61 |
Foreign | 50 | 7 | 68 |
Total current | 502 | 450 | 676 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | (41) | 99 | 70 |
State | (5) | 12 | 6 |
Foreign | (8) | (10) | (1) |
Total deferred | (54) | 101 | 75 |
Total provision | $ 448 | $ 551 | $ 751 |
Income Taxes Income Taxes - Eff
Income Taxes Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 3.70% | 2.50% | 3.30% |
Tax impact of foreign operations | 4.50% | 0.30% | 1.00% |
Excess Foreign Tax Credits | (5.00%) | 0.00% | (2.00%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | 2.20% | 0.00% | 0.00% |
Other | (0.50%) | (0.30%) | 0.00% |
Effective tax rate | 39.90% | 37.50% | 37.30% |
Income Taxes Income Taxes - Def
Income Taxes Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Gross deferred tax assets: | ||
Deferred rent | $ 164 | $ 163 |
Accrued payroll and related benefits | 98 | 69 |
Nondeductible accruals | 112 | 116 |
Inventory capitalization and other adjustments | 55 | 44 |
Deferred Tax Assets, Deferred Income | 57 | 63 |
Federal, state, and foreign net operating losses | 65 | 47 |
Other | 48 | 39 |
Total gross deferred tax assets | 599 | 541 |
Valuation allowance | (133) | (101) |
Total deferred tax assets, net of valuation allowance | 466 | 440 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Depreciation and amortization | (140) | (169) |
Unremitted earnings of certain foreign subsidiaries | (58) | (56) |
Unrealized net gain on cash flow hedges | (11) | (24) |
Other | (8) | (7) |
Total deferred tax liabilities | (217) | (256) |
Net deferred tax assets | $ 249 | $ 184 |
Income Taxes Income Taxes - Unr
Income Taxes Income Taxes - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of fiscal year | $ 47 | $ 75 | $ 72 |
Increases related to current year tax positions | 4 | 3 | 9 |
Prior year tax positions: | |||
Increases | 3 | 6 | 4 |
Decreases | (5) | (34) | (9) |
Cash settlements | (5) | (3) | (1) |
Balance at end of fiscal year | $ 44 | $ 47 | $ 75 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||
Foreign Earnings Repatriated | $ 473 | |||
Federal, state, and foreign net operating losses | $ 65 | $ 47 | ||
Excess Amount Of Undistributed Foreign Earnings Of Subsidiaries | 0 | |||
Unrecognized Tax Benefits | 44 | 47 | 75 | $ 72 |
Other Tax Expense (Benefit) | 57 | 41 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 34 | 34 | 31 | |
Interest Expense Reversed | 15 | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 32 | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 0 | |||
Excess Amount Over Tax Basis of Investments in Certain Foreign Subsidiaries | 682 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 1 | $ 2 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 3 | 5 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | $ 0 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 154 | |||
Benefit To Income Taxes If Decrease In Gross Unrecognized Tax Benefits Within 12 Months Are Recognized | 0 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | 61 | |||
Federal, state, and foreign net operating losses | 4 | |||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation Allowance related to other federal and foreign deferred tax assets | 17 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Valuation Allowance | 39 | |||
Valuation Allowance related to other federal and foreign deferred tax assets | 77 | |||
Foreign Operating Loss Carryforward That Will Expire | 91 | |||
Foreign Operating Loss Carryforward That Will Not Expire | 159 | |||
Operating Loss Carryforwards | 250 | |||
Federal, state, and foreign net operating losses | $ 61 | |||
Maximum [Member] | State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2035 | |||
Maximum [Member] | Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2036 | |||
Minimum [Member] | State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2021 | |||
Minimum [Member] | Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2017 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 44,000,000 | $ 42,000,000 | $ 40,000,000 |
Deferred compensation plan assets | 40,000,000 | 37,000,000 | |
Deferred Compensation Liability, Current and Noncurrent | 41,000,000 | 37,000,000 | |
Deferred Compensation Arrangement with Individual, Employer Contribution | $ 0 | $ 0 | $ 0 |
Earnings Per Share - Weighted A
Earnings Per Share - Weighted Average Number of Shares (Details) - shares shares in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Weighted-average number of shares - basic (in shares) | 399 | 411 | 435 |
Common stock equivalents (in shares) | 1 | 2 | 5 |
Weighted-average number of shares - diluted (in shares) | 400 | 413 | 440 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares shares in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Shares excluded from the computations of weighted-average number of shares - diluted | 7 | 4 | 2 |
Commitments and Contingencies93
Commitments and Contingencies Purchase Obligations And Commitments Table (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | [1] | $ 4,098 | |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | [1] | 89 | |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | [1] | 56 | |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | [1] | 5 | |
Unrecorded Unconditional Purchase Obligation | [1] | 4,248 | |
Loss Contingency, Estimate of Possible Loss | $ 0 | $ 0 | |
[1] | Represents estimated open purchase orders to purchase inventory as well as commitments for products and services used in the normal course of business. |
Commitments and Contingencies94
Commitments and Contingencies Commitments and Contingencies - Fire (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Jan. 28, 2017USD ($) | Jan. 28, 2017USD ($) | |
Commitments and Contingencies [Line Items] | ||
Gain recorded on partial settlement related to inventory | $ 73 | $ 73 |
Fire [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loss on inventory | 86 | |
Loss on property, plant, and equipment | 12 | |
Other fire-related costs | 35 | |
Total fire-related costs | 133 | |
Gain recorded on partial settlement related to inventory | 73 | |
Expected insurance Recoveries | 206 | |
Insurance Proceeds, Advance of Funds | (174) | |
Insurance Settlements Receivable | $ 32 | $ 32 |
Commitments and Contingencies95
Commitments and Contingencies Commitments and Contingencies Additional (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Jan. 28, 2017USD ($) | Jan. 28, 2017USD ($) | |
Commitments and Contingencies [Line Items] | ||
Gain recorded on partial settlement related to inventory | $ 73 | $ 73 |
Fire [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total fire-related costs | 133 | |
Partial Insurance Settlement | 159 | 159 |
Insurance Proceeds, Advance of Funds | 174 | |
Insurance Settlements Receivable | $ 32 | 32 |
Gain recorded on partial settlement related to inventory | $ 73 |
Commitments and Contingencies96
Commitments and Contingencies Commitments and Contingencies - Cash Proceeds after Year-End (Details) - Fire [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Feb. 25, 2017 | Jan. 28, 2017 | |
Subsequent Event [Line Items] | ||
Insurance Proceeds, Advance of Funds | $ 174 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Insurance Proceeds, Advance of Funds | $ 73 |
Segment Information - Net Sales
Segment Information - Net Sales by Brand and Region (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 4,429 | $ 3,798 | $ 3,851 | $ 3,438 | $ 4,385 | $ 3,857 | $ 3,898 | $ 3,657 | $ 15,516 | $ 15,797 | $ 16,435 | ||||
Percentage Of Net Sales | 100.00% | 100.00% | 100.00% | ||||||||||||
U.S. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1] | $ 11,989 | $ 12,213 | $ 12,672 | |||||||||||
Percentage Of Net Sales | 77.00% | 77.00% | 77.00% | ||||||||||||
Canada | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 1,084 | $ 1,047 | $ 1,137 | ||||||||||||
Percentage Of Net Sales | 7.00% | 7.00% | 7.00% | ||||||||||||
Europe | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 689 | $ 797 | $ 917 | ||||||||||||
Percentage Of Net Sales | 5.00% | 5.00% | 6.00% | ||||||||||||
Asia | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 1,544 | $ 1,521 | $ 1,502 | ||||||||||||
Percentage Of Net Sales | 10.00% | 10.00% | 9.00% | ||||||||||||
Other Regions | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 210 | $ 219 | $ 207 | ||||||||||||
Percentage Of Net Sales | 1.00% | 1.00% | 1.00% | ||||||||||||
Gap Global | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 5,455 | $ 5,751 | $ 6,165 | ||||||||||||
Gap Global | U.S. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1] | 3,113 | 3,303 | 3,575 | |||||||||||
Gap Global | Canada | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 368 | 348 | 384 | ||||||||||||
Gap Global | Europe | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 630 | 726 | 824 | ||||||||||||
Gap Global | Asia | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 1,215 | 1,215 | 1,208 | ||||||||||||
Gap Global | Other Regions | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 129 | 159 | 174 | ||||||||||||
Old Navy Global | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 6,814 | 6,675 | 6,619 | ||||||||||||
Old Navy Global | U.S. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1] | 6,051 | 5,987 | 5,967 | |||||||||||
Old Navy Global | Canada | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 490 | 467 | 500 | ||||||||||||
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 | 220 | 194 | 149 | ||||||||||||
Old Navy Global | Other Regions | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 53 | 27 | 3 | ||||||||||||
Banana Republic Global | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 2,471 | 2,656 | 2,922 | ||||||||||||
Banana Republic Global | U.S. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1] | 2,052 | 2,211 | 2,405 | |||||||||||
Banana Republic Global | Canada | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 223 | 229 | 249 | ||||||||||||
Banana Republic Global | Europe | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 59 | 71 | 93 | ||||||||||||
Banana Republic Global | Asia | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 109 | 112 | 145 | ||||||||||||
Banana Republic Global | Other Regions | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 28 | 33 | 30 | ||||||||||||
Other entities | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 776 | [2] | 715 | [3] | 729 | [3] | |||||||||
Other entities | U.S. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1] | 773 | [2] | 712 | [3] | 725 | [3] | ||||||||
Other entities | Canada | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 3 | [2] | 3 | [3] | 4 | [3] | |||||||||
Other entities | Europe | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 0 | [2] | 0 | [3] | 0 | [3] | |||||||||
Other entities | Asia | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 0 | [2] | 0 | [3] | 0 | [3] | |||||||||
Other entities | Other Regions | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 0 | [2] | $ 0 | [3] | $ 0 | [3] | |||||||||
[1] | U.S. includes the United States, Puerto Rico, and Guam. | ||||||||||||||
[2] | Includes Athleta, Intermix, and beginning in the fourth quarter of fiscal 2016, Weddington Way. | ||||||||||||||
[3] | Includes Athleta, Intermix, and Piperlime, which was discontinued as of the first quarter of fiscal 2015. |
Segment Information - Net Sal98
Segment Information - Net Sales And Long-Lived Assets By Geographic Location (Detail) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 | |
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | $ 3,030 | $ 3,297 | |
U.S. | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | [1] | 2,424 | 2,578 |
Other Foreign | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | $ 606 | $ 719 | |
[1] | U.S. includes the United States, Puerto Rico, and Guam |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Jan. 28, 2017 | |
Segment Reporting [Abstract] | |
Number of reportable segments (in segments) | 1 |
Quarterly Information Quarterly
Quarterly Information Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $ 4,429 | $ 3,798 | $ 3,851 | $ 3,438 | $ 4,385 | $ 3,857 | $ 3,898 | $ 3,657 | $ 15,516 | $ 15,797 | $ 16,435 |
Gross Profit | 1,501 | 1,493 | 1,437 | 1,209 | 1,440 | 1,440 | 1,458 | 1,382 | 5,640 | 5,720 | 6,289 |
Net income | $ 220 | $ 204 | $ 125 | $ 127 | $ 214 | $ 248 | $ 219 | $ 239 | $ 676 | $ 920 | $ 1,262 |
Earnings per share - basic (in dollars per share) | $ 0.55 | $ 0.51 | $ 0.31 | $ 0.32 | $ 0.54 | $ 0.61 | $ 0.53 | $ 0.57 | $ 1.69 | $ 2.24 | $ 2.90 |
Earnings per share - diluted (in dollars per share) | $ 0.55 | $ 0.51 | $ 0.31 | $ 0.32 | $ 0.53 | $ 0.61 | $ 0.52 | $ 0.56 | $ 1.69 | $ 2.23 | $ 2.87 |
Quarterly Information Quarte101
Quarterly Information Quarterly Financial Information - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Restructuring Charges | $ 18 | $ 29 | $ 150 | $ 197 | |||||
Unusual or Infrequent Item, or Both, Earnings Per Share Impact, Net | $ (0.09) | $ (0.29) | $ (0.04) | $ (0.02) | $ (0.12) | $ (0.20) | |||
Unusual or Infrequent Item, or Both, Tax Effect | 57 | ||||||||
Strategic Actions Charges | $ 25 | $ 13 | $ 83 | $ 132 | |||||
Gain recorded on partial settlement related to inventory | 73 | 73 | |||||||
Goodwill, Impairment Loss | $ 71 | 71 | 0 | $ 0 | |||||
Goodwill impairment [Member] | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Unusual or Infrequent Item, or Both, Earnings Per Share Impact, Net | $ (0.18) | ||||||||
Tax benefit from legal structure realignment [Member] | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Unusual or Infrequent Item, or Both, Earnings Per Share Impact, Net | $ 0.15 | ||||||||
Cost of Goods Sold and Occupancy Expense | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Restructuring Charges | $ 8 | $ 7 | $ 15 | $ 0 | |||||
Strategic Actions Charges | $ 6 | $ 6 | $ 12 | $ 34 | |||||
Insurance Settlement [Member] | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Unusual or Infrequent Item, or Both, Earnings Per Share Impact, Net | $ 0.11 | ||||||||
Restructuring Impairment [Member] | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Unusual or Infrequent Item, or Both, Earnings Per Share Impact, Net | $ (0.04) | $ (0.41) |