The Gap, Inc. (GAP) 10-Q 5 Jun 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 29, 2017	May 26, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 29, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	GPS
Entity Registrant Name	GAP INC
Entity Central Index Key	39,911
Current Fiscal Year End Date	--02-03
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		395,759,031

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 29, 2017	Jan. 28, 2017	Apr. 30, 2016
Current assets:
Cash and cash equivalents	$ 1,583	$ 1,783	$ 1,313
Merchandise inventory	1,961	1,830	1,958
Other current assets	575	702	674
Total current assets	4,119	4,315	3,945
Property and equipment, net of accumulated depreciation of $5,877, $5,813, and $5,673	2,605	2,616	2,864
Other long-term assets	687	679	698
Total assets	7,411	7,610	7,507
Current liabilities:
Current maturities of debt	67	65	424
Accounts payable	1,119	1,243	1,108
Accrued expenses and other current liabilities	1,088	1,113	974
Income taxes payable	28	32	49
Total current liabilities	2,302	2,453	2,555
Long-term liabilities:
Total long-term debt	1,248	1,248	1,318
Lease incentives and other long-term liabilities	999	1,005	1,112
Total long-term liabilities	2,247	2,253	2,430
Commitments and contingencies (see Note 11)
Stockholders' equity:
Authorized 2,300 shares for all periods presented; Issued and Outstanding 396, 399, and 398 shares	20	20	20
Additional Paid in Capital	0	81	6
Retained earnings	2,796	2,749	2,476
Amounts reclassified from accumulated other comprehensive income	46	54	20
Total stockholders' equity	2,862	2,904	2,522
Total liabilities and stockholders' equity	$ 7,411	$ 7,610	$ 7,507

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Apr. 29, 2017	Jan. 28, 2017	Apr. 30, 2016
Property and equipment, accumulated depreciation	$ 5,877	$ 5,813	$ 5,763
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05	$ 0.05
Common stock, shares authorized (in shares)	2,300	2,300	2,300
Common stock, shares issued (in shares)	396	399	398
Common stock, shares outstanding (in shares)	396	399	398

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Net sales	$ 3,440	$ 3,438
Cost of goods sold and occupancy expenses	2,137	2,229
Gross profit	1,303	1,209
Operating expenses	1,049	987
Operating income	254	222
Interest expense	19	19
Interest income	(3)	(1)
Income before income taxes	238	204
Income taxes	95	77
Net income	$ 143	$ 127
Weighted-average number of shares - basic (in shares)	399	398
Weighted-average number of shares - diluted (in shares)	400	399
Earnings per share - basic (in dollars per share)	$ 0.36	$ 0.32
Earnings per share - diluted (in dollars per share)	0.36	0.32
Cash dividends declared and paid per share (in dollars per share)	$ 0.23	$ 0.23

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Net income	$ 143	$ 127
Other comprehensive income (loss), net of tax:
Foreign currency translation	(4)	31
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $4 and $(36)	0	(89)
Reclassification adjustment for gains on derivative financial instruments, net of tax of $(2) and $(4)	(4)	(7)
Other comprehensive loss, net of tax	(8)	(65)
Comprehensive income	$ 135	$ 62

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Change in fair value of derivative financial instruments, net of tax (tax benefit)	$ 4	$ (36)
Reclassification adjustment for gains on derivative financial instruments, net of tax	$ (2)	$ (4)

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Cash flows from operating activities:
Net income	$ 143	$ 127
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	138	148
Amortization of lease incentives	(15)	(16)
Share-based compensation	20	15
Tax benefit from exercise of stock options and vesting of stock units	0	(3)
Excess tax benefit from exercise of stock options and vesting of stock units	0	(1)
Asset Impairment Charges	2	0
Non-cash and other items	(1)	(6)
Deferred income taxes	(10)	(9)
Changes in operating assets and liabilities:
Merchandise inventory	(133)	(53)
Other current assets and other long-term assets	58	9
Accounts payable	(135)	(20)
Accrued expenses and other current liabilities	(50)	(67)
Income taxes payable, net of prepaid and other tax-related items	71	46
Lease incentives and other long-term liabilities	3	(2)
Net cash provided by operating activities	91	168
Cash flows from investing activities:
Purchases of property and equipment	(110)	(139)
Insurance proceeds related to loss on property and equipment	14	0
Other	(3)	(1)
Net cash used for investing activities	(99)	(140)
Cash flows from financing activities:
Proceeds from issuances under share-based compensation plans	8	10
Withholding tax payments related to vesting of stock units	(13)	(17)
Repurchases of common stock	(96)	0
Excess tax benefit from exercise of stock options and vesting of stock units	0	1
Cash dividends paid	(92)	(91)
Net cash used for financing activities	(193)	(97)
Effect of foreign exchange rate fluctuations on cash and cash equivalents	1	12
Net decrease in cash and cash equivalents	(200)	(57)
Cash and cash equivalents at beginning of period	1,783	1,370
Cash and cash equivalents at end of period	1,583	1,313
Supplemental disclosure of cash flow information:
Cash paid for interest during the period	38	39
Cash paid for income taxes during the period, net of refunds	$ 35	$ 43

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 29, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Condensed Consolidated Balance Sheets as of April 29, 2017 and April 30, 2016 , and the Condensed Consolidated Statements of Income, the Condensed Consolidated Statements of Comprehensive Income, and the Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended April 29, 2017 and April 30, 2016 have been prepared by The Gap, Inc. (the “Company,” “we,” and “our”). In the opinion of management, such statements include all adjustments (which include normal recurring adjustments) considered necessary to present fairly our financial position, results of operations, and cash flows as of April 29, 2017 and April 30, 2016 and for all periods presented. The Condensed Consolidated Balance Sheet as of January 28, 2017 has been derived from our audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted from these interim financial statements, although the Company believes that the disclosures made are adequate to make the information not misleading. We suggest that you read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2017 . The results of operations for the thirteen weeks ended April 29, 2017 are not necessarily indicative of the operating results that may be expected for the 53-week period ending February 3, 2018 .

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Apr. 29, 2017
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Except as noted below, the Company has considered all recent accounting pronouncements and has concluded that there are no recent accounting pronouncements that may have a material impact on its Consolidated Financial Statements, based on current information. 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, ASU No. 2014-09 is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. Subsequently, the FASB has issued the following ASUs related to revenue recognition, all with the same effective date as ASU No. 2014-09: • ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations; • ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing; • 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; and • ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients. 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, as well as credit card reward points and certificate liability. 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 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. We adopted the provisions of this ASU in the first quarter of fiscal 2017. Beginning in the first quarter of fiscal 2017, we have made the policy election to account for forfeitures when they occur, rather than estimating expected forfeitures, when recognizing share-based compensation cost. We adopted this provision of the ASU using a modified retrospective transition method, which resulted in the cumulative-effect adjustment of $3 million to retained earnings as of the beginning of the period. Also, all excess tax benefits and tax deficiencies related to share-based payment awards are now reflected in the Consolidated Statement of Income as a component of the provision for income taxes on a prospective basis, whereas they were recognized in equity under the previous guidance. Additionally, excess tax benefits related to share-based payment awards are now reflected in operating activities, along with other income tax related cash flows, in our Consolidated Statement of Cash Flows on a prospective basis. 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. 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. We early adopted this ASU for the interim goodwill impairment test in the first quarter of fiscal 2017. The adoption of this ASU did not have any impact on the Consolidated Financial Statements.

Debt and Credit Facilities

Debt and Credit Facilities	3 Months Ended
	Apr. 29, 2017
Debt Disclosure [Abstract]
Debt and Credit Facilities	Debt and Credit Facilities Long-term debt consists of the following: ($ in millions) April 29, January 28, April 30, Notes $ 1,248 $ 1,248 $ 1,248 Japan Term Loan 67 65 94 Total debt 1,315 1,313 1,342 Less: Current portion of Japan Term Loan (67 ) (65 ) (24 ) Total long-term debt $ 1,248 $ 1,248 $ 1,318 As of April 29, 2017 , January 28, 2017 , and April 30, 2016 , the estimated fair value of our $1.25 billion aggregate principal amount of 5.95 percent notes (the "Notes”) due April 2021 was $1.35 billion , $1.32 billion , and $1.33 billion , respectively, and was based on the quoted market price of the Notes (level 1 inputs) as of the last business day of the respective fiscal quarter. The aggregate principal amount of the Notes is recorded in long-term debt in the Condensed Consolidated Balance Sheets, net of the unamortized discount. As of April 29, 2017 , January 28, 2017 , and April 30, 2016 , the carrying amount of our 15 billion Japanese yen, four -year, unsecured term loan ("Japan Term Loan") approximated its fair value, as the interest rate varies depending on quoted market rates (level 1 inputs). Repayments of 2.5 billion Japanese yen were paid on January 15 of each year, and a final repayment of 7.5 billion Japanese yen ( $67 million as of April 29, 2017 ) is due on January 15, 2018 . Interest is payable at least quarterly based on an interest rate equal to the Tokyo Interbank Offered Rate plus a fixed margin. In October 2015, we entered into a $400 million unsecured term loan (the “Term Loan”), which was included in current maturities of debt in the Condensed Consolidated Balance Sheet as of April 30, 2016. The Term Loan was repaid in full in January 2017. Interest was payable at least quarterly based on an interest rate equal to the London Interbank Offered Rate plus a fixed margin. We have a $500 million , five -year, unsecured revolving credit facility (the “Facility”), which is scheduled to expire in May 2020 . There were no borrowings and no material outstanding standby letters of credit under the Facility as of April 29, 2017 . 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 April 29, 2017 . As of April 29, 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 April 29, 2017 . We have bilateral unsecured standby letter of credit agreements that are uncommitted and do not have expiration dates. As of April 29, 2017 , we had $15 million in standby letters of credit issued under these agreements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 29, 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 the thirteen weeks ended April 29, 2017 or April 30, 2016 . There were no transfers of financial assets or liabilities into or out of level 1 and level 2 during the thirteen weeks ended April 29, 2017 or April 30, 2016 . Financial Assets and Liabilities Financial assets and liabilities measured at fair value on a recurring basis and cash equivalents are as follows: Fair Value Measurements at Reporting Date Using ($ in millions) April 29, 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 $ 579 $ 102 $ 477 $ — Derivative financial instruments 49 — 49 — Deferred compensation plan assets 44 44 — — Total $ 672 $ 146 $ 526 $ — Liabilities: Derivative financial instruments $ 19 $ — $ 19 $ — 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) April 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 589 $ 131 $ 458 $ — Derivative financial instruments 18 — 18 — Deferred compensation plan assets 40 40 — — Total $ 647 $ 171 $ 476 $ — Liabilities: Derivative financial instruments $ 85 $ — $ 85 $ — 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 Condensed Consolidated Balance Sheets. Derivative financial instruments in a liability position are recorded in accrued expenses and other current liabilities or lease incentives and other long-term liabilities in the Condensed Consolidated Balance Sheets. We maintain the Gap Inc. Deferred Compensation Plan (“DCP”), which allows eligible employees and non-employee directors to defer compensation up to a maximum amount. Plan investments are 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 Condensed Consolidated Balance Sheets. Nonfinancial Assets We review the carrying amount of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of the long-lived assets is determined using level 3 inputs and based on discounted future cash flows of the asset or asset group using a discount rate commensurate with the risk. The asset group is defined as the lowest level for which identifiable cash flows are available and largely independent of the cash flows of other groups of assets, which for our retail stores is primarily at the store level. There were no material impairment charges recorded for other long-lived assets for the thirteen weeks ended April 29, 2017 or April 30, 2016 . We review the carrying amount of goodwill and other indefinite-lived intangible assets for impairment annually and whenever events or changes in circumstances indicate that it is more likely than not that the carrying amount may not be recoverable. There were no impairment charges recorded for goodwill or other indefinite-lived intangible assets for the thirteen weeks ended April 29, 2017 or April 30, 2016 .

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Apr. 29, 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 flows from derivative financial instruments are classified as cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. Cash Flow Hedges We designate the following foreign exchange forward contracts as cash flow hedges: (1) forward contracts used to hedge forecasted merchandise purchases and related costs denominated in U.S. dollars made by our international subsidiaries whose functional currencies are their local currencies; (2) forward contracts used to hedge forecasted intercompany royalty payments denominated in foreign currencies received by entities whose functional currencies are U.S. dollars; and (3) forward contracts used to hedge forecasted intercompany revenue transactions related to merchandise sold from our regional purchasing entities, whose functional currency is the U.S. dollar, to certain international subsidiaries in their local currencies. The foreign exchange forward contracts entered into to hedge forecasted merchandise purchases and related costs, intercompany royalty payments, and intercompany revenue transactions generally have terms of up to 24 months. The effective portion of the gain or loss on the derivative financial instruments is reported as a component of other comprehensive income and is recognized in income in the period in which the underlying transaction impacts the income statement. There were no material amounts recorded in the Condensed Consolidated Statements of Income for the thirteen weeks ended April 29, 2017 or April 30, 2016 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 during the thirteen weeks ended April 29, 2017 or April 30, 2016 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 Condensed Consolidated Statements of Income for the thirteen weeks ended April 29, 2017 or April 30, 2016 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 enter into foreign exchange forward contracts to hedge our market risk exposure associated with foreign currency exchange rate fluctuations for certain intercompany balances denominated in currencies other than the functional currency of the entity with the intercompany balance. The gain or loss on the derivative financial instruments that represent economic hedges, as well as the remeasurement impact of the underlying intercompany balances, is recorded in operating expenses in the Condensed Consolidated Statements of Income in the same period and generally offset. Outstanding Notional Amounts We had foreign exchange forward contracts outstanding in the following notional amounts: ($ in millions) April 29, January 28, April 30, Derivatives designated as cash flow hedges $ 920 $ 1,101 $ 1,441 Derivatives designated as net investment hedges 31 31 32 Derivatives not designated as hedging instruments 610 618 422 Total $ 1,561 $ 1,750 $ 1,895 Quantitative Disclosures about Derivative Financial Instruments The fair values of foreign exchange forward contracts are as follows: ($ in millions) April 29, January 28, April 30, Derivatives designated as cash flow hedges: Other current assets $ 31 $ 28 $ 15 Other long-term assets $ 11 $ 16 $ 2 Accrued expenses and other current liabilities $ 9 $ 10 $ 37 Lease incentives and other long-term liabilities $ — $ 1 $ 29 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 $ 6 $ 13 $ 1 Other long-term assets $ — $ 1 $ — Accrued expenses and other current liabilities $ 10 $ 10 $ 19 Lease incentives and other long-term liabilities $ — $ — $ — Total derivatives in an asset position $ 49 $ 58 $ 18 Total derivatives in a liability position $ 19 $ 21 $ 85 The majority of the unrealized gains and losses from designated cash flow hedges as of April 29, 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 April 29, 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 Condensed Consolidated Balance Sheets, and as such, the fair values shown above represent gross amounts. The amounts subject to enforceable master netting arrangements are $13 million , $18 million , and $9 million as of April 29, 2017 , January 28, 2017 , and April 30, 2016 , respectively. If we did elect to offset, the net amounts of our derivative financial instruments in an asset position would be $36 million , $40 million , and $9 million and the net amounts of the derivative financial instruments in a liability position would be $6 million , $3 million , and $76 million as of April 29, 2017 , January 28, 2017 and April 30, 2016 , respectively. See Note 4 of Notes to Condensed Consolidated Financial Statements for disclosures on the fair value measurements of our derivative financial instruments. The effective portion of gains and losses on foreign exchange forward contracts in cash flow hedging and net investment hedging relationships recorded in other comprehensive income and the Condensed Consolidated Statements of Income, on a pre-tax basis, are as follows: 13 Weeks Ended ($ in millions) April 29, April 30, Derivatives in cash flow hedging relationships: Gain (loss) recognized in other comprehensive income $ 4 $ (125 ) Gain reclassified into cost of goods sold and occupancy expenses $ 6 $ 13 Loss reclassified into operating expenses $ — $ (2 ) Derivatives in net investment hedging relationships: Gain (loss) recognized in other comprehensive income $ 1 $ (3 ) For the thirteen weeks ended April 29, 2017 and April 30, 2016 , there were no amounts of gains or losses reclassified from accumulated other comprehensive income into net income for derivative financial instruments in net investment hedging relationships, as we did not sell or liquidate (or substantially liquidate) any of our hedged subsidiaries during the periods. Gains and losses on foreign exchange forward contracts not designated as hedging instruments recorded in the Condensed Consolidated Statements of Income, on a pre-tax basis, are as follows: 13 Weeks Ended ($ in millions) April 29, April 30, Loss recognized in operating expenses $ (12 ) $ (27 )

Share Repurchases

Share Repurchases	3 Months Ended
	Apr. 29, 2017
Disclosure Share Repurchase Activity [Abstract]
Share Repurchases	Share Repurchases Share repurchase activity is as follows: 13 Weeks Ended ($ and shares in millions except average per share cost) April 29, April 30, Number of shares repurchased (1) 4.2 — Total cost $ 100 $ — Average per share cost including commissions $ 24.07 $ — __________ (1) Excludes shares withheld to settle employee statutory tax withholding related to the vesting of stock units. In February 2015, we announced that the Board of Directors approved a $1.0 billion share repurchase authorization (the "February 2015 repurchase program"). In February 2016, we announced that the Board of Directors approved a new $1.0 billion share repurchase authorization (the "February 2016 repurchase program"). The February 2015 repurchase program, which had $302 million remaining, was superseded and replaced by the February 2016 repurchase program. The February 2016 repurchase program had $900 million remaining as of April 29, 2017 . All except $4 million of the total share repurchases were paid for as of April 29, 2017 . The $4 million of the share repurchases that settled subsequent to April 29, 2017 are included in accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheet as of April 29, 2017 . All common stock repurchased is immediately retired.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Apr. 29, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income by component, net of tax, are as follows: ($ in millions) Foreign Currency Translation Cash Flow Hedges Total Balance at January 28, 2017 $ 29 $ 25 $ 54 13 Weeks Ended April 29, 2017: Foreign currency translation (4 ) — (4 ) Change in fair value of derivative financial instruments — — — Amounts reclassified from accumulated other comprehensive income — (4 ) (4 ) Other comprehensive loss, net (4 ) (4 ) (8 ) Balance at April 29, 2017 $ 25 $ 21 $ 46 ($ in millions) Foreign Currency Translation Cash Flow Hedges Total Balance at January 30, 2016 $ 22 $ 63 $ 85 13 Weeks Ended April 30, 2016: Foreign currency translation 31 — 31 Change in fair value of derivative financial instruments — (89 ) (89 ) Amounts reclassified from accumulated other comprehensive income — (7 ) (7 ) Other comprehensive income (loss), net 31 (96 ) (65 ) Balance at April 30, 2016 $ 53 $ (33 ) $ 20 See Note 5 of Notes to Condensed Consolidated Financial Statements for additional disclosures about reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in the Condensed Consolidated Statements of Income.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Apr. 29, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation Share-based compensation expense recognized in the Condensed Consolidated Statements of Income, primarily in operating expenses, is as follows: 13 Weeks Ended ($ in millions) April 29, April 30, Stock units $ 16 $ 12 Stock options 3 2 Employee stock purchase plan 1 1 Share-based compensation expense 20 15 Less: Income tax benefit (8 ) (6 ) Share-based compensation expense, net of tax $ 12 $ 9

Income Taxes

Income Taxes	3 Months Ended
	Apr. 29, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company conducts business globally, and as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as the United States, Canada, France, the United Kingdom, China, Hong Kong, Japan, and India. We are no longer subject to U.S. federal income tax examinations for fiscal years before 2009, and with few exceptions, we are also no longer subject to U.S. state, local, or non-U.S. income tax examinations for fiscal years before 2008. The Company is in continual discussions with taxing authorities regarding tax matters in the various U.S. and foreign jurisdictions in the normal course of business. As of April 29, 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 29, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Weighted-average number of shares used for earnings per share is as follows: 13 Weeks Ended (shares in millions) April 29, April 30, Weighted-average number of shares - basic 399 398 Common stock equivalents 1 1 Weighted-average number of shares - diluted 400 399 The above computations of weighted-average number of shares – diluted exclude 9 million and 7 million shares related to stock options and other stock awards for the thirteen weeks ended April 29, 2017 and April 30, 2016 , respectively, as their inclusion would have an anti-dilutive effect on earnings per share.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 29, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are a party to a variety of contractual agreements under which we may be obligated to indemnify the other party for certain matters. These contracts primarily relate to our commercial contracts, operating leases, trademarks, intellectual property, financial agreements, and various other agreements. Under these contracts, we may provide certain routine indemnifications relating to representations and warranties (e.g., ownership of assets, environmental or tax indemnifications), or personal injury matters. The terms of these indemnifications range in duration and may not be explicitly defined. Generally, the maximum obligation under such indemnifications is not explicitly stated, and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our Condensed Consolidated Financial Statements taken as a whole. As a multinational company, we are subject to various proceedings, lawsuits, disputes, and claims (“Actions”) arising in the ordinary course of our business. Many of these Actions raise complex factual and legal issues and are subject to uncertainties. As of April 29, 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 April 29, 2017 , January 28, 2017 , and April 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 April 29, 2017 , January 28, 2017 , and April 30, 2016 was not material for any individual Action or in total. Subsequent to April 29, 2017 and through the filing date of this Quarterly Report on Form 10-Q, no information has become available that indicates a change is required that would be material to our Condensed Consolidated Financial Statements taken as a whole. We cannot predict with assurance the outcome of Actions brought against us. Accordingly, developments, settlements, or resolutions may occur and impact income in the quarter of such development, settlement, or resolution. However, we do not believe that the outcome of any current Action would have a material effect on our Condensed Consolidated Financial Statements taken as a whole. 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 has begun reconstruction of the impacted building on the Fishkill campus. 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 is probable. During fiscal 2016, the Company incurred a total of $133 million in certain fire-related costs. 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. During the thirteen weeks ended April 29, 2017 , the Company incurred an additional $5 million in other fire-related costs for which the Company recorded insurance recoveries as of April 29, 2017 . The Company also received an additional $73 million of insurance proceeds during the thirteen weeks ended April 29, 2017 . For the thirteen weeks ended April 29, 2017 , the Company did not record any gain from insurance recoveries as no settlement was reached during the period. As a result, the Company recorded $36 million of advance payments of insurance proceeds in excess of the expected insurance recoveries recorded to date in accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheet as of April 29, 2017 . We will continue to incur additional costs related to reconstruction of the impacted building and record probable recoveries until the insurance claim is settled. We will also continue to incur additional logistics costs related to the disruption to our North American supply chain network. As settlements are reached, any gains related to property and recoveries related to business interruption insurance will be recognized in operating expenses in the Condensed Consolidated Statements of Income. The following table summarizes fire-related costs incurred and expected insurance recoveries, as well as insurance proceeds received and the remaining balance as of April 29, 2017 : ($ 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 in fiscal 2016 73 Expected insurance recoveries 206 Less: Insurance proceeds received (174 ) Insurance receivable balance as of January 28, 2017 32 13 Weeks Ended April 29, 2017: Other fire-related costs 5 Less: Insurance proceeds received (73 ) Insurance proceeds in excess of expected recoveries as of April 29, 2017 $ (36 ) During the thirteen weeks ended April 29, 2017 , we allocated $14 million of advance payments of insurance proceeds to the loss on property and equipment based on the current estimate of recovery of certain fire-related costs, and the amount has been reported as insurance proceeds allocated to loss on property and equipment, a component of cash flows related to investing activities, in the Condensed Consolidated Statement of Cash Flows.

Segment Information

Segment Information	3 Months Ended
	Apr. 29, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information The Gap, Inc. is a global retailer that sells apparel, accessories, and personal care products under the Gap, Old Navy, Banana Republic, Athleta, and Intermix brands. We identify our operating segments according to how our business activities are managed and evaluated. As of April 29, 2017 , our operating segments included Gap Global, Old Navy Global, Banana Republic Global, Athleta, and Intermix. We have determined that each of our operating segments share similar economic and other qualitative characteristics, and therefore the results of our operating segments are aggregated into one reportable segment as of April 29, 2017 . Net sales by brand and region are as follows: ($ in millions) Gap Global Old Navy Global Banana Republic Global Other (2) Total Percentage of Net Sales 13 Weeks Ended April 29, 2017 U.S. (1) $ 668 $ 1,426 $ 437 $ 202 $ 2,733 79 % Canada 77 111 45 1 234 7 Europe 133 — 4 — 137 4 Asia 250 9 24 — 283 8 Other regions 30 16 7 — 53 2 Total $ 1,158 $ 1,562 $ 517 $ 203 $ 3,440 100 % ($ in millions) Gap Global Old Navy Global Banana Republic Global Other (3) Total Percentage of Net Sales 13 Weeks Ended April 30, 2016 U.S. (1) $ 698 $ 1,328 $ 454 $ 178 $ 2,658 77 % Canada 70 98 47 1 216 6 Europe 144 — 14 — 158 5 Asia 280 50 26 — 356 11 Other regions 31 10 9 — 50 1 Total $ 1,223 $ 1,486 $ 550 $ 179 $ 3,438 100 % __________ (1) U.S. includes the United States, Puerto Rico, and Guam. (2) Includes Athleta, Intermix, and Weddington Way. (3) Includes Athleta and Intermix. 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.

Debt and Credit Facilities Long

Debt and Credit Facilities Long Term Debt (Tables)	3 Months Ended
	Apr. 29, 2017
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt consists of the following: ($ in millions) April 29, January 28, April 30, Notes $ 1,248 $ 1,248 $ 1,248 Japan Term Loan 67 65 94 Total debt 1,315 1,313 1,342 Less: Current portion of Japan Term Loan (67 ) (65 ) (24 ) Total long-term debt $ 1,248 $ 1,248 $ 1,318

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 29, 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 are as follows: Fair Value Measurements at Reporting Date Using ($ in millions) April 29, 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 $ 579 $ 102 $ 477 $ — Derivative financial instruments 49 — 49 — Deferred compensation plan assets 44 44 — — Total $ 672 $ 146 $ 526 $ — Liabilities: Derivative financial instruments $ 19 $ — $ 19 $ — 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) April 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 589 $ 131 $ 458 $ — Derivative financial instruments 18 — 18 — Deferred compensation plan assets 40 40 — — Total $ 647 $ 171 $ 476 $ — Liabilities: Derivative financial instruments $ 85 $ — $ 85 $ —

Derivative Financial Instrume22

Derivative Financial Instruments (Tables)	3 Months Ended
	Apr. 29, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	Gains and losses on foreign exchange forward contracts not designated as hedging instruments recorded in the Condensed Consolidated Statements of Income, on a pre-tax basis, are as follows: 13 Weeks Ended ($ in millions) April 29, April 30, Loss recognized in operating expenses $ (12 ) $ (27 )
Foreign Exchange Forward Contracts Outstanding	We had foreign exchange forward contracts outstanding in the following notional amounts: ($ in millions) April 29, January 28, April 30, Derivatives designated as cash flow hedges $ 920 $ 1,101 $ 1,441 Derivatives designated as net investment hedges 31 31 32 Derivatives not designated as hedging instruments 610 618 422 Total $ 1,561 $ 1,750 $ 1,895
Fair Values of Asset and Liability Derivative Financial Instruments	The fair values of foreign exchange forward contracts are as follows: ($ in millions) April 29, January 28, April 30, Derivatives designated as cash flow hedges: Other current assets $ 31 $ 28 $ 15 Other long-term assets $ 11 $ 16 $ 2 Accrued expenses and other current liabilities $ 9 $ 10 $ 37 Lease incentives and other long-term liabilities $ — $ 1 $ 29 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 $ 6 $ 13 $ 1 Other long-term assets $ — $ 1 $ — Accrued expenses and other current liabilities $ 10 $ 10 $ 19 Lease incentives and other long-term liabilities $ — $ — $ — Total derivatives in an asset position $ 49 $ 58 $ 18 Total derivatives in a liability position $ 19 $ 21 $ 85
Effects of Derivative Financial Instruments on OCI and Condensed Consolidated Statements of Income	The effective portion of gains and losses on foreign exchange forward contracts in cash flow hedging and net investment hedging relationships recorded in other comprehensive income and the Condensed Consolidated Statements of Income, on a pre-tax basis, are as follows: 13 Weeks Ended ($ in millions) April 29, April 30, Derivatives in cash flow hedging relationships: Gain (loss) recognized in other comprehensive income $ 4 $ (125 ) Gain reclassified into cost of goods sold and occupancy expenses $ 6 $ 13 Loss reclassified into operating expenses $ — $ (2 ) Derivatives in net investment hedging relationships: Gain (loss) recognized in other comprehensive income $ 1 $ (3 )

Share Repurchases (Tables)

Share Repurchases (Tables)	3 Months Ended
	Apr. 29, 2017
Disclosure Share Repurchase Activity [Abstract]
Share Repurchase Activity	Share repurchase activity is as follows: 13 Weeks Ended ($ and shares in millions except average per share cost) April 29, April 30, Number of shares repurchased (1) 4.2 — Total cost $ 100 $ — Average per share cost including commissions $ 24.07 $ — __________ (1) Excludes shares withheld to settle employee statutory tax withholding related to the vesting of stock units.

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Apr. 29, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in Accumulated Other Comprehensive Income by Component	Changes in accumulated other comprehensive income by component, net of tax, are as follows: ($ in millions) Foreign Currency Translation Cash Flow Hedges Total Balance at January 28, 2017 $ 29 $ 25 $ 54 13 Weeks Ended April 29, 2017: Foreign currency translation (4 ) — (4 ) Change in fair value of derivative financial instruments — — — Amounts reclassified from accumulated other comprehensive income — (4 ) (4 ) Other comprehensive loss, net (4 ) (4 ) (8 ) Balance at April 29, 2017 $ 25 $ 21 $ 46 ($ in millions) Foreign Currency Translation Cash Flow Hedges Total Balance at January 30, 2016 $ 22 $ 63 $ 85 13 Weeks Ended April 30, 2016: Foreign currency translation 31 — 31 Change in fair value of derivative financial instruments — (89 ) (89 ) Amounts reclassified from accumulated other comprehensive income — (7 ) (7 ) Other comprehensive income (loss), net 31 (96 ) (65 ) Balance at April 30, 2016 $ 53 $ (33 ) $ 20

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Apr. 29, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Expense	Share-based compensation expense recognized in the Condensed Consolidated Statements of Income, primarily in operating expenses, is as follows: 13 Weeks Ended ($ in millions) April 29, April 30, Stock units $ 16 $ 12 Stock options 3 2 Employee stock purchase plan 1 1 Share-based compensation expense 20 15 Less: Income tax benefit (8 ) (6 ) Share-based compensation expense, net of tax $ 12 $ 9

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 29, 2017
Earnings Per Share [Abstract]
Weighted-Average Number of Shares	Weighted-average number of shares used for earnings per share is as follows: 13 Weeks Ended (shares in millions) April 29, April 30, Weighted-average number of shares - basic 399 398 Common stock equivalents 1 1 Weighted-average number of shares - diluted 400 399

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contigencies (Tables)	3 Months Ended
	Apr. 29, 2017
Nonrecurring Item [Abstract]
Schedule of Costs Related to Nonrecurring Event [Table Text Block]	The following table summarizes fire-related costs incurred and expected insurance recoveries, as well as insurance proceeds received and the remaining balance as of April 29, 2017 : ($ 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 in fiscal 2016 73 Expected insurance recoveries 206 Less: Insurance proceeds received (174 ) Insurance receivable balance as of January 28, 2017 32 13 Weeks Ended April 29, 2017: Other fire-related costs 5 Less: Insurance proceeds received (73 ) Insurance proceeds in excess of expected recoveries as of April 29, 2017 $ (36 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Apr. 29, 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 Republic Global Other (2) Total Percentage of Net Sales 13 Weeks Ended April 29, 2017 U.S. (1) $ 668 $ 1,426 $ 437 $ 202 $ 2,733 79 % Canada 77 111 45 1 234 7 Europe 133 — 4 — 137 4 Asia 250 9 24 — 283 8 Other regions 30 16 7 — 53 2 Total $ 1,158 $ 1,562 $ 517 $ 203 $ 3,440 100 % ($ in millions) Gap Global Old Navy Global Banana Republic Global Other (3) Total Percentage of Net Sales 13 Weeks Ended April 30, 2016 U.S. (1) $ 698 $ 1,328 $ 454 $ 178 $ 2,658 77 % Canada 70 98 47 1 216 6 Europe 144 — 14 — 158 5 Asia 280 50 26 — 356 11 Other regions 31 10 9 — 50 1 Total $ 1,223 $ 1,486 $ 550 $ 179 $ 3,438 100 % __________ (1) U.S. includes the United States, Puerto Rico, and Guam. (2) Includes Athleta, Intermix, and Weddington Way. (3) Includes Athleta and Intermix.

Recent Accounting Pronounceme29

Recent Accounting Pronouncements - Additional Information (Details) $ in Millions	Apr. 29, 2017USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 3

Debt and Credit Facilities Lo30

Debt and Credit Facilities Long Term Debt (Details) - USD ($) $ in Millions	Apr. 29, 2017	Jan. 28, 2017	Apr. 30, 2016
Debt Instrument [Line Items]
Notes	$ 1,248	$ 1,248	$ 1,248
Japan Term Loan	67	65	94
Total debt	1,315	1,313	1,342
Less: Current portion of Japan Term Loan	(67)	(65)	(24)
Total long-term debt	$ 1,248	$ 1,248	$ 1,318

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details) $ in Millions, ¥ in Billions	3 Months Ended
	Apr. 29, 2017JPY (¥)	Apr. 29, 2017USD ($)	Jan. 28, 2017USD ($)	Apr. 30, 2016JPY (¥)	Apr. 30, 2016USD ($)
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%
Estimated fair value		$ 1,350	$ 1,320		$ 1,330
Notes, maturity date	Apr. 12, 2021
Japan Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount of notes issued | ¥	¥ 15
Estimated fair value		67	$ 65		94
Debt Instrument, Term	4 years
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	¥ 7.5	67
Debt Instrument, Annual Principal Payment | ¥				¥ 2.5
Notes, maturity date	Jan. 15, 2018
Foreign Facilities [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		46
Borrowings		0
Bank guarantees related to store leases		12
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Unsecured committed letter of credit amount		15
400 Million Dollar Term Loan with Extension [Member]
Debt Instrument [Line Items]
Short-Term Loans Payable					$ 400
Five-Year Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	5 years
Maximum borrowing capacity		500
Unsecured committed letter of credit amount		0
Borrowings		$ 0
Expiration date	May 1, 2020

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Apr. 29, 2017	Jan. 28, 2017	Apr. 30, 2016
Assets:
Cash equivalents	$ 579	$ 697	$ 589
Derivative financial instruments	49	58	18
Deferred compensation plan assets	44	40	40
Total	672	795	647
Liabilities:
Derivative financial instruments	19	21	85
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash equivalents	102	256	131
Derivative financial instruments	0	0	0
Deferred compensation plan assets	44	40	40
Total	146	296	171
Liabilities:
Derivative financial instruments	0	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash equivalents	477	441	458
Derivative financial instruments	49	58	18
Deferred compensation plan assets	0	0	0
Total	526	499	476
Liabilities:
Derivative financial instruments	19	21	85
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash equivalents	0	0	0
Derivative financial instruments	0	0	0
Deferred compensation plan assets	0	0	0
Total	0	0	0
Liabilities:
Derivative financial instruments	$ 0	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other indefinite-lived intangible assets impairment charges	$ 0	$ 0
Other long-lived asset impairment charges	0	0
Goodwill impairment charges	0	0
Transfers into or out of level 2	0	0
Transfers into or out of level 1	0	0
Purchases, sales, issuances, or settlements related to recurring level 3 measurements	$ 0	$ 0

Derivative Financial Instrume34

Derivative Financial Instruments - Foreign Exchange Contracts Outstanding to Sell Various Currencies (Details) - USD ($) $ in Millions	Apr. 29, 2017	Jan. 28, 2017	Apr. 30, 2016
Derivative [Line Items]
Derivative, Notional Amount	$ 1,561	$ 1,750	$ 1,895
Derivatives in cash flow hedging relationships
Derivative [Line Items]
Derivative, Notional Amount	920	1,101	1,441
Derivatives in net investment hedging relationships
Derivative [Line Items]
Derivative, Notional Amount	31	31	32
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	$ 610	$ 618	$ 422

Derivative Financial Instrume35

Derivative Financial Instruments - Fair Values of Asset and Liability Derivative Financial Instruments (Details) - USD ($) $ in Millions	Apr. 29, 2017	Jan. 28, 2017	Apr. 30, 2016
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	$ 49	$ 58	$ 18
Derivative financial instruments, liabilities	19	21	85
Foreign Exchange Forward Contract
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	49	58	18
Derivative financial instruments, liabilities	19	21	85
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	31	28	15
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	11	16	2
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Accrued Liabilities Current [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	9	10	37
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Lease Incentive And Other Long Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	0	1	29
Derivatives in net investment hedging relationships | Foreign Exchange Forward Contract | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	1	0	0
Derivatives in net investment hedging relationships | Foreign Exchange Forward Contract | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	0	0	0
Derivatives in net investment hedging relationships | Foreign Exchange Forward Contract | Accrued Liabilities Current [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	0	0	0
Derivatives in net investment hedging relationships | Foreign Exchange Forward Contract | Lease Incentive And Other Long Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	0	0	0
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	6	13	1
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	0	1	0
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Accrued Liabilities Current [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	10	10	19
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Lease Incentive And Other Long Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	$ 0	$ 0	$ 0

Derivative Financial Instrume36

Derivative Financial Instruments - Effects Of Derivative Financial Instruments On OCI And Condensed Consolidated Statements Of Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Derivatives in net investment hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated OCI into income, effective portion, net	$ 0	$ 0
Foreign Exchange Forward Contract | Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in OCI, effective portion, net	4	(125)
Foreign Exchange Forward Contract | Derivatives in net investment hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in OCI, effective portion, net	1	(3)
Foreign Exchange Forward Contract | Cost of Goods Sold and Occupancy Expense | Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated OCI into income, effective portion, net	6	13
Foreign Exchange Forward Contract | Operating Expenses [Member] | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amounts of gain (loss) recognized in income on derivatives	(12)	(27)
Foreign Exchange Forward Contract | Operating Expenses [Member] | Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated OCI into income, effective portion, net	$ 0	$ (2)

Derivative Financial Instrume37

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Jan. 28, 2017
Derivative [Line Items]
Derivative liabilities, net of amount subject to master netting arrangement	$ 6	$ 76	$ 3
Derivative assets, net of amount subject to master netting arrangement	36	9	40
Amounts Subject to Enforceable Master Netting Arrangements	13	9	$ 18
Derivatives in cash flow hedging relationships
Derivative [Line Items]
Amounts recorded as a result of hedge ineffectiveness	0	0
Amounts reclassified in earnings as a result of discontinuance of cash flow hedges	0	0
Amounts recorded in net income as a result of hedge components excluded from the assessment of cash flow hedge effectiveness	0	0
Derivatives in net investment hedging relationships
Derivative [Line Items]
Amounts recorded as a result of hedge ineffectiveness	0	0
Amounts recorded in net income as a result of hedge components excluded from the assessment of net investment hedge effectiveness	$ 0	$ 0

Share Repurchase Activity (Deta

Share Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Apr. 29, 2017	Apr. 30, 2016
Disclosure Share Repurchase Activity [Abstract]
Number of shares repurchased	[1]	4.2	0
Total cost		$ 100	$ 0
Average per share cost including commissions (in dollars per share)		$ 24.07	$ 0
[1]	Excludes shares withheld to settle employee statutory tax withholding related to the vesting of stock units.

Share Repurchases - Additional

Share Repurchases - Additional Information (Details) - USD ($) $ in Millions	Apr. 29, 2017	Jan. 28, 2017	Apr. 30, 2016	Feb. 25, 2016	Jan. 30, 2016	Feb. 26, 2015
Disclosure Share Repurchases Additional Information [Abstract]
Stock Repurchase Program, Authorized Amount				$ 1,000		$ 1,000
Share repurchases, remaining amount	$ 900				$ 302
Stock Repurchase Program Amount Not Paid	$ 4	$ 0	$ 0

Accumulated Other Comprehensi40

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Jan. 28, 2017	Jan. 30, 2016
Foreign currency translation	$ (4)	$ 31
Change in fair value of derivative financial instruments	0	(89)
Amounts reclassified from accumulated other comprehensive income	(4)	(7)
Other comprehensive loss, net	(8)	(65)
Accumulated Other Comprehensive Income (Loss), Net of Tax	46	20	$ 54	$ 85
Accumulated Translation Adjustment [Member]
Foreign currency translation	(4)	31
Change in fair value of derivative financial instruments	0	0
Amounts reclassified from accumulated other comprehensive income	0	0
Other comprehensive loss, net	(4)	31
Accumulated Other Comprehensive Income (Loss), Net of Tax	25	53	29	22
Derivatives in cash flow hedging relationships
Foreign currency translation	0	0
Change in fair value of derivative financial instruments	0	(89)
Amounts reclassified from accumulated other comprehensive income	(4)	(7)
Other comprehensive loss, net	(4)	(96)
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 21	$ (33)	$ 25	$ 63

Share-Based Compensation Expens

Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 20	$ 15
Less: Income tax benefit	(8)	(6)
Share-based compensation expense, net of tax	12	9
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	16	12
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3	2
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	Apr. 29, 2017USD ($)
Income Tax Disclosure [Abstract]
Decrease In Gross Unrecognized Tax Benefits Within The Next 12 Months	$ 0

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Number of Shares (Details) - shares shares in Millions	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Earnings Per Share [Abstract]
Weighted-average number of shares - basic (in shares)	399	398
Common stock equivalents (in shares)	1	1
Weighted-average number of shares - diluted (in shares)	400	399

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Earnings Per Share [Abstract]
Shares excluded from the computations of weighted-average number of shares - diluted	9	7

Commitments and Contingencies45

Commitments and Contingencies Commitments and Contingencies - Fire (Details) - Fire [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 29, 2017	Jan. 28, 2017
Commitments and Contingencies [Line Items]
Loss on inventory		$ 86
Loss on property, plant, and equipment		12
Other fire-related costs	$ 5	35
Total fire-related costs		133
Insured Event, Gain (Loss)		73
Expected insurance recoveries		206
Insurance Proceeds, Advance of Funds	(73)	(174)
Fire-related costs, net		$ 32
Insurance proceeds received in excess of expected recoveries	$ (36)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Jan. 28, 2017
Commitments and Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 0	$ 0	$ 0
Insurance proceeds related to loss on property and equipment	(14)	$ 0
Fire [Member]
Commitments and Contingencies [Line Items]
Total fire-related costs			133
Partial Insurance Settlement			159
Insured Event, Gain (Loss)			73
Insurance Proceeds, Advance of Funds	73		174
Fire-related costs, net			32
Other fire-related costs	5		$ 35
Insurance proceeds received in excess of expected recoveries	$ 36

Segment Information - Net Sales

Segment Information - Net Sales by Brand and Region (Details) - USD ($) $ in Millions		3 Months Ended
		Apr. 29, 2017		Apr. 30, 2016
Segment Reporting Information [Line Items]
Net sales		$ 3,440		$ 3,438
Percentage of Net Sales		100.00%		100.00%
U.S.
Segment Reporting Information [Line Items]
Net sales	[1]	$ 2,733		$ 2,658
Percentage of Net Sales	[1]	79.00%		77.00%
Canada
Segment Reporting Information [Line Items]
Net sales		$ 234		$ 216
Percentage of Net Sales		7.00%		6.00%
Europe
Segment Reporting Information [Line Items]
Net sales		$ 137		$ 158
Percentage of Net Sales		4.00%		5.00%
Asia
Segment Reporting Information [Line Items]
Net sales		$ 283		$ 356
Percentage of Net Sales		8.00%		11.00%
Other Regions
Segment Reporting Information [Line Items]
Net sales		$ 53		$ 50
Percentage of Net Sales		2.00%		1.00%
Gap
Segment Reporting Information [Line Items]
Net sales		$ 1,158		$ 1,223
Gap | U.S.
Segment Reporting Information [Line Items]
Net sales	[1]	668		698
Gap | Canada
Segment Reporting Information [Line Items]
Net sales		77		70
Gap | Europe
Segment Reporting Information [Line Items]
Net sales		133		144
Gap | Asia
Segment Reporting Information [Line Items]
Net sales		250		280
Gap | Other Regions
Segment Reporting Information [Line Items]
Net sales		30		31
Old Navy
Segment Reporting Information [Line Items]
Net sales		1,562		1,486
Old Navy | U.S.
Segment Reporting Information [Line Items]
Net sales	[1]	1,426		1,328
Old Navy | Canada
Segment Reporting Information [Line Items]
Net sales		111		98
Old Navy | Europe
Segment Reporting Information [Line Items]
Net sales		0		0
Old Navy | Asia
Segment Reporting Information [Line Items]
Net sales		9		50
Old Navy | Other Regions
Segment Reporting Information [Line Items]
Net sales		16		10
Banana Republic
Segment Reporting Information [Line Items]
Net sales		517		550
Banana Republic | U.S.
Segment Reporting Information [Line Items]
Net sales	[1]	437		454
Banana Republic | Canada
Segment Reporting Information [Line Items]
Net sales		45		47
Banana Republic | Europe
Segment Reporting Information [Line Items]
Net sales		4		14
Banana Republic | Asia
Segment Reporting Information [Line Items]
Net sales		24		26
Banana Republic | Other Regions
Segment Reporting Information [Line Items]
Net sales		7		9
Other
Segment Reporting Information [Line Items]
Net sales		203	[2]	179	[3]
Other | U.S.
Segment Reporting Information [Line Items]
Net sales	[1]	202	[2]	178	[3]
Other | Canada
Segment Reporting Information [Line Items]
Net sales		1	[2]	1	[3]
Other | Europe
Segment Reporting Information [Line Items]
Net sales		0	[2]	0	[3]
Other | Asia
Segment Reporting Information [Line Items]
Net sales		0	[2]	0	[3]
Other | Other Regions
Segment Reporting Information [Line Items]
Net sales		$ 0	[2]	$ 0	[3]
[1]	U.S. includes the United States, Puerto Rico, and Guam.
[2]	Includes Athleta, Intermix, and Weddington Way.
[3]	Includes Athleta and Intermix.

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Apr. 29, 2017Segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	1