Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Mar. 09, 2015 | Aug. 02, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ROSS STORES INC | ||
Entity Central Index Key | 745732 | ||
Current Fiscal Year End Date | -30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 207,489,276 | ||
Entity Public Float | $13,252,215,244 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||||||||
Income Statement [Abstract] | |||||||||||||||||||
Sales | $3,032,698 | $2,598,820 | $2,729,566 | $2,680,593 | $2,741,040 | $2,398,122 | $2,551,277 | $2,539,914 | $11,041,677 | $10,230,353 | $9,721,065 | ||||||||
Costs and Expenses | |||||||||||||||||||
Cost of goods sold | 2,203,570 | 1,882,185 | 1,944,017 | 1,908,184 | 1,992,101 | 1,746,235 | 1,823,777 | 1,798,811 | 7,937,956 | 7,360,924 | 7,011,428 | ||||||||
Selling, general and administrative | 430,342 | 410,002 | 395,225 | 379,802 | 401,345 | 381,860 | 381,193 | 361,968 | 1,615,371 | 1,526,366 | 1,437,886 | ||||||||
Interest expense (income), net | 2,406 | 777 | -95 | -104 | -129 | -152 | -175 | 209 | 2,984 | -247 | 6,907 | ||||||||
Total costs and expenses | 2,636,318 | 2,292,964 | 2,339,147 | 2,287,882 | 2,393,317 | 2,127,943 | 2,204,795 | 2,160,988 | 9,556,311 | 8,887,043 | 8,456,221 | ||||||||
Earnings before taxes | 396,380 | 305,856 | 390,419 | 392,711 | 347,723 | 270,179 | 346,482 | 378,926 | 1,485,366 | 1,343,310 | 1,264,844 | ||||||||
Provision for taxes on earnings | 147,850 | 113,136 | 150,858 | 148,798 | 129,770 | 98,561 | 133,361 | 144,314 | 560,642 | 506,006 | 478,081 | ||||||||
Net earnings | $248,530 | $192,720 | $239,561 | $243,913 | $217,953 | $171,618 | $213,121 | $234,612 | $924,724 | $837,304 | $786,763 | ||||||||
Earnings per share | |||||||||||||||||||
Basic (in dollars per share) | $1.21 | [1] | $0.94 | [1] | $1.15 | [1] | $1.17 | [1] | $1.04 | [1] | $0.81 | [1] | $1 | [1] | $1.09 | [1] | $4.47 | $3.93 | $3.59 |
Diluted (in dollars per share) | $1.20 | [1] | $0.93 | [1] | $1.14 | [1] | $1.15 | [1] | $1.02 | [1] | $0.80 | [1] | $0.98 | [1] | $1.07 | [1] | $4.42 | $3.88 | $3.53 |
Weighted average shares outstanding (000) | |||||||||||||||||||
Basic (in shares) | 206,777 | 212,881 | 219,130 | ||||||||||||||||
Diluted (in shares) | 209,039 | 215,805 | 222,784 | ||||||||||||||||
[1] | EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $924,724 | $837,304 | $786,763 |
Other comprehensive income: | |||
Change in unrealized loss on investments, net of tax | -59 | -196 | -50 |
Comprehensive income | $924,665 | $837,108 | $786,713 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $696,608 | $423,168 |
Short-term investments | 500 | 12,006 |
Accounts receivable | 73,278 | 62,612 |
Merchandise inventory | 1,372,675 | 1,257,155 |
Prepaid expenses and other | 106,778 | 101,991 |
Deferred income taxes | 12,951 | 10,227 |
Total current assets | 2,262,790 | 1,867,159 |
Property and Equipment | ||
Land and buildings | 952,428 | 478,973 |
Fixtures and equipment | 1,933,383 | 1,678,397 |
Leasehold improvements | 854,572 | 813,972 |
Construction-in-progress | 293,715 | 510,221 |
Property and equipment, gross | 4,034,098 | 3,481,563 |
Less accumulated depreciation and amortization | 1,760,346 | 1,606,264 |
Property and equipment, net | 2,273,752 | 1,875,299 |
Long-term investments | 3,110 | 3,710 |
Other long-term assets | 163,482 | 150,629 |
Total assets | 4,703,134 | 3,896,797 |
Current Liabilities | ||
Accounts payable | 1,000,700 | 779,455 |
Accrued expenses and other | 385,325 | 359,929 |
Accrued payroll and benefits | 256,141 | 235,324 |
Income taxes payable | 17,202 | 18,349 |
Total current liabilities | 1,659,368 | 1,393,057 |
Long-term debt | 398,375 | 150,000 |
Other long-term liabilities | 279,500 | 287,567 |
Deferred income taxes | 86,681 | 58,871 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Common stock, par value $.01 per share, authorized 600,000,000 shares, issued and outstanding 207,470,000 and 213,420,000 shares, respectively | 2,075 | 2,134 |
Additional paid-in capital | 1,015,681 | 935,591 |
Treasury stock | -160,600 | -121,559 |
Accumulated other comprehensive income | 330 | 389 |
Retained earnings | 1,421,724 | 1,190,747 |
Total stockholders’ equity | 2,279,210 | 2,007,302 |
Total liabilities and stockholders’ equity | $4,703,134 | $3,896,797 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 |
Common Stock, Shares, Issued | 207,470,000 | 213,420,000 |
Common Stock, Shares, Outstanding | 207,470,000 | 213,420,000 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity Statement (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands, unless otherwise specified | ||||||
Balance, Value at Jan. 28, 2012 | $1,493,012 | $2,269 | $788,895 | ($62,262) | $635 | $763,475 |
Balance, Shares at Jan. 28, 2012 | 226,864 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 786,763 | 786,763 | ||||
Unrealized investment gain (loss), net | -50 | -50 | ||||
Common stock issued under stock plans, net of shares used for tax withholding, Shares | 1,315 | |||||
Common stock issued under stock plans, net of shares used for tax withholding, Value | -10,403 | 13 | 19,030 | -29,446 | ||
Tax benefit from equity issuance | 29,989 | 29,989 | ||||
Stock-based compensation | 48,952 | 48,952 | ||||
Common stock repurchased, Shares | -7,458 | |||||
Common stock repurchased, Value | -450,000 | -75 | -20,347 | -429,578 | ||
Dividends declared | -131,400 | -131,400 | ||||
Balance, Value at Feb. 02, 2013 | 1,766,863 | 2,207 | 866,519 | -91,708 | 585 | 989,260 |
Balance, Shares at Feb. 02, 2013 | 220,721 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 837,304 | 837,304 | ||||
Unrealized investment gain (loss), net | -196 | -196 | ||||
Common stock issued under stock plans, net of shares used for tax withholding, Shares | 878 | |||||
Common stock issued under stock plans, net of shares used for tax withholding, Value | -10,777 | 9 | 19,065 | -29,851 | ||
Tax benefit from equity issuance | 27,661 | 27,661 | ||||
Stock-based compensation | 46,847 | 46,847 | ||||
Common stock repurchased, Shares | -8,179 | |||||
Common stock repurchased, Value | -550,000 | -82 | -24,501 | -525,417 | ||
Dividends declared | -110,400 | -110,400 | ||||
Balance, Value at Feb. 01, 2014 | 2,007,302 | 2,134 | 935,591 | -121,559 | 389 | 1,190,747 |
Balance, Shares at Feb. 01, 2014 | 213,420 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 924,724 | 924,724 | ||||
Unrealized investment gain (loss), net | -59 | -59 | ||||
Common stock issued under stock plans, net of shares used for tax withholding, Shares | 1,453 | |||||
Common stock issued under stock plans, net of shares used for tax withholding, Value | -17,063 | 15 | 21,963 | -39,041 | ||
Tax benefit from equity issuance | 29,759 | 29,759 | ||||
Stock-based compensation | 53,001 | 53,001 | ||||
Common stock repurchased, Shares | -7,403 | |||||
Common stock repurchased, Value | -550,000 | -74 | -24,633 | -525,293 | ||
Dividends declared | -168,454 | -168,454 | ||||
Balance, Value at Jan. 31, 2015 | $2,279,210 | $2,075 | $1,015,681 | ($160,600) | $330 | $1,421,724 |
Balance, Shares at Jan. 31, 2015 | 207,470 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Jan. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Jan. 31, 2012 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||||||||||||||
Cash dividends declared per share (in dollars per share) | $0.20 | $0.20 | $0.20 | $0.20 | $0.17 | $0.17 | $0.17 | $0.17 | $0.14 | $0.14 | $0.14 | $0.14 | $0.20 | $0.20 | $0.20 | $0.20 | $0.17 | $0.17 | $0.17 | $0 | $0.80 | $0.51 | $0.59 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Cash Flows From Operating Activities | |||
Net earnings | $924,724 | $837,304 | $786,763 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 232,959 | 206,111 | 185,491 |
Stock-based compensation | 53,001 | 46,847 | 48,952 |
Deferred income taxes | 25,086 | -15,250 | -39,028 |
Tax benefit from equity issuance | 29,759 | 27,661 | 29,989 |
Excess tax benefit from stock-based compensation | -29,415 | -26,906 | -29,103 |
Change in assets and liabilities: | |||
Merchandise inventory | -115,520 | -47,918 | -79,167 |
Other current assets | -16,410 | -9,875 | -14,474 |
Accounts payable | 204,158 | -4,104 | 40,109 |
Other current liabilities | 69,568 | -18,562 | 18,146 |
Other long-term, net | -5,045 | 26,695 | 31,966 |
Net cash provided by operating activities | 1,372,865 | 1,022,003 | 979,644 |
Cash Flows From Investing Activities | |||
Additions to property and equipment | -646,691 | -550,515 | -424,434 |
Increase in restricted cash and investments | -4,329 | -2,895 | -2,107 |
Purchases of investments | 0 | -12,012 | -5,430 |
Proceeds from investments | 12,021 | 1,614 | 6,247 |
Net cash used in investing activities | -638,999 | -563,808 | -425,724 |
Cash Flows From Financing Activities | |||
Excess tax benefit from stock-based compensation | 29,415 | 26,906 | 29,103 |
Net proceeds from issuance of long-term debt | 245,676 | 0 | 0 |
Issuance of common stock related to stock plans | 21,978 | 19,074 | 19,043 |
Treasury stock purchased | -39,041 | -29,851 | -29,446 |
Repurchase of common stock | -550,000 | -550,000 | -450,000 |
Dividends paid | -168,454 | -147,917 | -125,694 |
Net cash used in financing activities | -460,426 | -681,788 | -556,994 |
Net increase (decrease) in cash and cash equivalents | 273,440 | -223,593 | -3,074 |
Cash and cash equivalents: | |||
Beginning of year | 423,168 | 646,761 | 649,835 |
End of year | 696,608 | 423,168 | 646,761 |
Supplemental Cash Flow Disclosures | |||
Interest paid | 9,668 | 9,668 | 9,668 |
Income taxes paid | $510,145 | $506,182 | $435,808 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies | ||||||||||||||||
Business. Ross Stores, Inc. and its subsidiaries (the “Company”) is an off-price retailer of first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family. At the end of fiscal 2014, the Company operated 1,210 Ross Dress for Less® (“Ross”) locations in 33 states, the District of Columbia and Guam, and 152 dd’s DISCOUNTS® stores in 15 states. The Ross and dd's DISCOUNTS stores are supported by five distribution centers. The Company’s headquarters, one buying office, two operating distribution centers, two warehouses, and 25% of its stores are located in California. | |||||||||||||||||
Segment reporting. The Company has one reportable segment. The Company’s operations include only activities related to off-price retailing in stores throughout the United States. | |||||||||||||||||
Basis of presentation and fiscal year. The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. Intercompany transactions and accounts have been eliminated. The Company follows the National Retail Federation fiscal calendar and utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest to January 31. The fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013 are referred to as fiscal 2014, fiscal 2013, and fiscal 2012, respectively. Fiscal 2014 and 2013 were each 52-week years. Fiscal 2012 was a 53-week year. | |||||||||||||||||
Use of accounting estimates. The preparation of consolidated financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant accounting estimates include valuation reserves for inventory shortage, packaway inventory costs, useful lives of fixed assets, insurance reserves, and reserves for uncertain tax positions. | |||||||||||||||||
Purchase obligations. As of January 31, 2015, the Company had purchase obligations of approximately $1,953 million. These purchase obligations primarily consist of merchandise inventory purchase orders, commitments related to construction projects, store fixtures and supplies, and information technology service, transportation, and maintenance contracts. | |||||||||||||||||
Cash and cash equivalents. Cash equivalents consist of highly liquid, fixed income instruments purchased with an original maturity of three months or less. | |||||||||||||||||
Restricted cash, cash equivalents, and investments. The Company has restricted cash, cash equivalents, and investments that serve as collateral for certain insurance obligations of the Company. These restricted funds are invested in bank deposits, money market mutual funds, U.S. Government and agency securities, and corporate securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. The following table summarizes total restricted cash, cash equivalents, and investments which were included in Prepaid expenses and other and Other long-term assets in the Consolidated Balance Sheets as of January 31, 2015 and February 1, 2014: | |||||||||||||||||
Restricted Assets ($000) | 2014 | 2013 | |||||||||||||||
Prepaid expenses and other | $ | 19,713 | $ | 20,734 | |||||||||||||
Other long-term assets | 56,107 | 50,763 | |||||||||||||||
Total | $ | 75,820 | $ | 71,497 | |||||||||||||
The classification between current and long-term is based on the timing of expected payments of the insurance obligations. | |||||||||||||||||
Estimated fair value of financial instruments. The carrying value of cash and cash equivalents, short- and long-term investments, restricted cash and cash equivalents, restricted investments, accounts receivable, other long-term assets, accounts payable, and other long-term liabilities approximates their estimated fair value. See Note B and Note D for additional fair value information. | |||||||||||||||||
Cash and cash equivalents were $696.6 million and $423.2 million, at January 31, 2015 and February 1, 2014, respectively, and include bank deposits and money market funds for which the fair value was determined using quoted prices for identical assets in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. | |||||||||||||||||
Investments. The Company’s investments are comprised of various debt securities. At January 31, 2015 and February 1, 2014, these investments were classified as available-for-sale and are stated at fair value. Investments are classified as either short- or long-term based on their original maturities and the Company’s intent. Investments with an original maturity of less than one year are classified as short-term. See Note B for additional information. | |||||||||||||||||
Merchandise inventory. Merchandise inventory is stated at the lower of cost (determined using a weighted average basis) or net realizable value. The Company purchases manufacturer overruns and canceled orders both during and at the end of a season which are referred to as "packaway" inventory. Packaway inventory is purchased with the intent that it will be stored in the Company's warehouses until a later date. The timing of the release of packaway inventory to the stores is principally driven by the product mix and seasonality of the merchandise, and its relation to the Company’s store merchandise assortment plans. As such, the aging of packaway varies by merchandise category and seasonality of purchase, but typically packaway remains in storage less than six months. Merchandise inventory includes acquisition, processing, and storage costs related to packaway inventory. The cost of the Company’s merchandise inventory is reduced by valuation reserves for shortage based on historical shortage experience from the Company’s physical merchandise inventory counts and cycle counts. | |||||||||||||||||
Cost of goods sold. In addition to product costs, the Company includes in cost of goods sold its buying, distribution and freight expenses as well as occupancy costs, and depreciation and amortization related to the Company’s retail stores, buying, and distribution facilities. Buying expenses include costs to procure merchandise inventories. Distribution expenses include the cost of operating the Company’s distribution centers and warehouse facilities. | |||||||||||||||||
Prepaid expenses and other. Prepaid expenses and other as of January 31, 2015 and February 1, 2014 consisted of the following: | |||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Restricted cash and investments | $ | 19,713 | $ | 20,734 | |||||||||||||
Prepaid expenses | 87,065 | 81,257 | |||||||||||||||
Total | $ | 106,778 | $ | 101,991 | |||||||||||||
Property and equipment. Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset, typically ranging from three to 12 years for equipment and 20 to 40 years for land improvements and buildings. Depreciation and amortization expense on property and equipment was $233.0 million, $206.1 million, and $185.5 million for fiscal 2014, 2013, and 2012, respectively. The cost of leasehold improvements is amortized over the useful life of the asset or the applicable lease term, whichever is less. The Company capitalizes interest during the construction period. Interest capitalized was $10.8 million, $10.8 million, and $3.9 million in fiscal 2014, fiscal 2013, and fiscal 2012, respectively. As of January 31, 2015, February 1, 2014, and February 2, 2013 the Company had $58.6 million, $61.3 million, and $23.7 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment and in Accounts payable and Accrued expenses and other in the accompanying Consolidated Balance Sheets. | |||||||||||||||||
In September 2014, the Company completed the purchase of its previously leased New York buying office for $222 million. | |||||||||||||||||
Other long-term assets. Other long-term assets as of January 31, 2015 and February 1, 2014 consisted of the following: | |||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Deferred compensation (Note B) | $ | 94,054 | $ | 88,269 | |||||||||||||
Restricted cash and investments | 56,107 | 50,763 | |||||||||||||||
Deposits | 3,285 | 3,285 | |||||||||||||||
Goodwill | 2,889 | 2,889 | |||||||||||||||
Other | 7,147 | 5,423 | |||||||||||||||
Total | $ | 163,482 | $ | 150,629 | |||||||||||||
Property and other long-term assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Intangible assets that are not subject to amortization, including goodwill, are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. Based on the Company’s evaluation during fiscal 2014, 2013, and 2012, no impairment charges were recorded. | |||||||||||||||||
Store closures. The Company continually reviews the operating performance of individual stores. For stores that are closed, the Company records a liability for future minimum lease payments net of estimated sublease recoveries and related ancillary costs at the time the liability is incurred. In 2014, the Company closed nine stores. In 2013, the Company closed 11 stores. The lease loss liability was $2.7 million and $6.3 million, as of January 31, 2015 and February 1, 2014, respectively. Operating costs, including depreciation, of stores to be closed are expensed during the period they remain in use. | |||||||||||||||||
Accounts payable. Accounts payable represents amounts owed to third parties at the end of the period. Accounts payable includes book cash overdrafts (checks issued under zero balance accounts not yet presented for payment) in excess of cash balances in such accounts of approximately $123.8 million and $75.7 million at January 31, 2015 and February 1, 2014, respectively. The Company includes the change in book cash overdrafts in operating cash flows. | |||||||||||||||||
Insurance obligations. The Company uses a combination of insurance and self-insurance for a number of risk management activities, including workers’ compensation, general liability, and employee-related health care benefits. The self-insurance and deductible liability is determined actuarially, based on claims filed and an estimate of claims incurred but not yet reported. Self-insurance and deductible reserves as of January 31, 2015 and February 1, 2014 consisted of the following: | |||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Workers’ compensation | $ | 87,388 | $ | 82,223 | |||||||||||||
General liability | 37,253 | 34,524 | |||||||||||||||
Medical plans | 3,159 | 3,537 | |||||||||||||||
Total | $ | 127,800 | $ | 120,284 | |||||||||||||
Workers’ compensation and self-insured medical plan liabilities are included in Accrued payroll and benefits, and accruals for general liability are included in Accrued expenses and other in the accompanying Consolidated Balance Sheets. | |||||||||||||||||
Other long-term liabilities. Other long-term liabilities as of January 31, 2015 and February 1, 2014 consisted of the following: | |||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Income taxes (Note F) | $ | 101,696 | $ | 104,944 | |||||||||||||
Deferred compensation (Note G) | 94,054 | 88,269 | |||||||||||||||
Deferred rent | 59,465 | 64,671 | |||||||||||||||
Tenant improvement allowances | 19,562 | 19,744 | |||||||||||||||
Other | 4,723 | 9,939 | |||||||||||||||
Total | $ | 279,500 | $ | 287,567 | |||||||||||||
Lease accounting. When a lease contains “rent holidays” or requires fixed escalations of the minimum lease payments, the Company records rental expense on a straight-line basis over the term of the lease and the difference between the average rental amount charged to expense and the amount payable under the lease is recorded as deferred rent. The Company begins recording rent expense on the lease possession date. Tenant improvement allowances are included in Other long-term liabilities and are amortized over the lease term. Changes in tenant improvement allowances are included as a component of operating activities in the Consolidated Statements of Cash Flows. | |||||||||||||||||
Revenue recognition. The Company recognizes revenue at the point of sale and maintains an allowance for estimated future returns. Sales of stored value cards are deferred until they are redeemed for the purchase of Company merchandise. The Company’s stored value cards do not have expiration dates. Based upon historical redemption rates, a small percentage of stored value cards will never be redeemed, which represents breakage. The Company recognizes income from stored value card breakage as a reduction of operating expenses when redemption by a customer is considered to be remote. Income recognized from breakage was not significant in fiscal 2014, 2013, and 2012. | |||||||||||||||||
Sales tax collected is not recognized as revenue and is included in Accrued expenses and other. | |||||||||||||||||
Sales mix. The Company’s sales mix is shown below for fiscal 2014, 2013, and 2012: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Ladies | 29 | % | 29 | % | 29 | % | |||||||||||
Home Accents and Bed and Bath | 24 | % | 24 | % | 24 | % | |||||||||||
Accessories, Lingerie, Fine Jewelry, and Fragrances | 13 | % | 13 | % | 13 | % | |||||||||||
Men's | 13 | % | 13 | % | 13 | % | |||||||||||
Shoes | 13 | % | 13 | % | 13 | % | |||||||||||
Children's | 8 | % | 8 | % | 8 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||
Allowance for sales returns. An allowance for the gross margin loss on estimated sales returns is included in Accrued expenses and other in the Consolidated Balance Sheets. The allowance for sales returns consists of the following: | |||||||||||||||||
$0 | Beginning Balance | Additions | Returns | Ending Balance | |||||||||||||
Year ended: | |||||||||||||||||
January 31, 2015 | $ | 7,431 | $ | 717,040 | $ | (715,877 | ) | $ | 8,594 | ||||||||
February 1, 2014 | $ | 7,165 | $ | 699,835 | $ | (699,569 | ) | $ | 7,431 | ||||||||
February 2, 2013 | $ | 6,426 | $ | 680,058 | $ | (679,319 | ) | $ | 7,165 | ||||||||
Store pre-opening. Store pre-opening costs are expensed in the period incurred. | |||||||||||||||||
Advertising. Advertising costs are expensed in the period incurred and are included in Selling, general and administrative expenses. Advertising costs for fiscal 2014, 2013, and 2012 were $72.1 million, $70.2 million, and $67.7 million, respectively. | |||||||||||||||||
Stock-based compensation. The Company recognizes compensation expense based upon the grant date fair value of all stock-based awards, typically over the vesting period. See Note C for more information on the Company’s stock-based compensation plans. | |||||||||||||||||
Taxes on earnings. The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's consolidated financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than changes in the tax law or tax rates. ASC 740 clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company’s consolidated financial statements. ASC 740 prescribes a recognition threshold of more-likely-than-not, and a measurement standard for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the consolidated financial statements. See Note F. | |||||||||||||||||
Treasury stock. The Company records treasury stock at cost. Treasury stock includes shares purchased from employees for tax withholding purposes related to vesting of restricted stock grants. | |||||||||||||||||
Earnings per share (“EPS”). The Company computes and reports both basic EPS and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards, including unexercised stock options and unvested shares of both performance and non-performance based awards of restricted stock and restricted stock units. | |||||||||||||||||
In fiscal 2014, 2013, and 2012 there were 2,500, 2,900, and 53,900 weighted average shares, respectively, that were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for those years. | |||||||||||||||||
The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: | |||||||||||||||||
Shares in (000s) | Basic EPS | Effect of dilutive | Diluted EPS | ||||||||||||||
common stock equivalents | |||||||||||||||||
2014 | |||||||||||||||||
Shares | 206,777 | 2,262 | 209,039 | ||||||||||||||
Amount | $ | 4.47 | $ | (0.05 | ) | $ | 4.42 | ||||||||||
2013 | |||||||||||||||||
Shares | 212,881 | 2,924 | 215,805 | ||||||||||||||
Amount | $ | 3.93 | $ | (0.05 | ) | $ | 3.88 | ||||||||||
2012 | |||||||||||||||||
Shares | 219,130 | 3,654 | 222,784 | ||||||||||||||
Amount | $ | 3.59 | $ | (0.06 | ) | $ | 3.53 | ||||||||||
Comprehensive income. Comprehensive income includes net earnings and components of other comprehensive income (loss), net of tax, consisting of unrealized investment gains or losses. | |||||||||||||||||
Recently issued accounting standards. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue when the customer obtains control of promised goods or services in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for the Company’s annual and interim reporting periods beginning in fiscal 2017. The Company is currently evaluating the effect that adoption of this new guidance will have on its consolidated financial statements. |
Investments_And_Restricted_Inv
Investments And Restricted Investments | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Investments And Restricted Investments [Abstract] | |||||||||||||||||||||||||
Investments And Restricted Investments | Investments and Restricted Investments | ||||||||||||||||||||||||
The amortized cost and fair value of the Company’s available-for-sale securities as of January 31, 2015 were: | |||||||||||||||||||||||||
$0 | Amortized | Unrealized | Unrealized | Fair value | Short-term | Long-term | |||||||||||||||||||
cost | gains | losses | |||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Corporate securities | $ | 3,298 | $ | 243 | $ | (5 | ) | $ | 3,536 | $ | 500 | $ | 3,036 | ||||||||||||
Mortgage-backed securities | 69 | 5 | — | 74 | — | 74 | |||||||||||||||||||
Total investments | 3,367 | 248 | (5 | ) | 3,610 | 500 | 3,110 | ||||||||||||||||||
Restricted Investments | |||||||||||||||||||||||||
U.S. government and agency securities | 3,563 | 265 | — | 3,828 | — | 3,828 | |||||||||||||||||||
Total restricted investments | 3,563 | 265 | — | 3,828 | — | 3,828 | |||||||||||||||||||
Total | $ | 6,930 | $ | 513 | $ | (5 | ) | $ | 7,438 | $ | 500 | $ | 6,938 | ||||||||||||
The amortized cost and fair value of the Company's available-for-sale securities as of February 1, 2014 were: | |||||||||||||||||||||||||
$0 | Amortized | Unrealized | Unrealized | Fair value | Short-term | Long-term | |||||||||||||||||||
cost | gains | losses | |||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Corporate securities | $ | 3,298 | $ | 325 | $ | (4 | ) | $ | 3,619 | $ | — | $ | 3,619 | ||||||||||||
U.S. government and agency securities | 12,005 | 1 | — | 12,006 | 12,006 | — | |||||||||||||||||||
Mortgage-backed securities | 86 | 5 | — | 91 | — | 91 | |||||||||||||||||||
Total investments | 15,389 | 331 | (4 | ) | 15,716 | 12,006 | 3,710 | ||||||||||||||||||
Restricted Investments | |||||||||||||||||||||||||
Corporate securities | 110 | 5 | — | 115 | 115 | — | |||||||||||||||||||
U.S. government and agency securities | 3,728 | 266 | — | 3,994 | 145 | 3,849 | |||||||||||||||||||
Total restricted investments | 3,838 | 271 | — | 4,109 | 260 | 3,849 | |||||||||||||||||||
Total | $ | 19,227 | $ | 602 | $ | (4 | ) | $ | 19,825 | $ | 12,266 | $ | 7,559 | ||||||||||||
The change in fair value of investment securities for fiscal years 2014, 2013, and 2012 was a decrease of $0.1 million, $0.3 million, and $0.1 million, respectively. | |||||||||||||||||||||||||
Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. This fair value hierarchy also requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. | |||||||||||||||||||||||||
Investments and restricted investments measured at fair value at January 31, 2015 are summarized below: | |||||||||||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||||||||||
January 31, | Quoted prices in | Significant | Significant | ||||||||||||||||||||||
2015 | active markets for | other | unobservable | ||||||||||||||||||||||
identical assets | observable | inputs | |||||||||||||||||||||||
inputs | |||||||||||||||||||||||||
$0 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Corporate securities | $ | 3,536 | $ | — | $ | 3,536 | $ | — | |||||||||||||||||
Mortgage-backed securities | 74 | — | 74 | — | |||||||||||||||||||||
Total investments | 3,610 | — | 3,610 | — | |||||||||||||||||||||
Restricted Investments | |||||||||||||||||||||||||
U.S. government and agency securities | 3,828 | 3,828 | — | — | |||||||||||||||||||||
Total restricted investments | 3,828 | 3,828 | — | — | |||||||||||||||||||||
Total | $ | 7,438 | $ | 3,828 | $ | 3,610 | $ | — | |||||||||||||||||
Investments and restricted investments measured at fair value at February 1, 2014 are summarized below: | |||||||||||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||||||||||
February 1, | Quoted prices in | Significant | Significant | ||||||||||||||||||||||
2014 | active markets for | other | unobservable | ||||||||||||||||||||||
identical assets | observable | inputs | |||||||||||||||||||||||
inputs | |||||||||||||||||||||||||
$0 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Corporate securities | $ | 3,619 | $ | — | $ | 3,619 | $ | — | |||||||||||||||||
U.S. government and agency securities | 12,006 | 12,006 | — | — | |||||||||||||||||||||
Mortgage-backed securities | 91 | — | 91 | — | |||||||||||||||||||||
Total investments | 15,716 | 12,006 | 3,710 | — | |||||||||||||||||||||
Restricted Investments | |||||||||||||||||||||||||
Corporate securities | 115 | — | 115 | — | |||||||||||||||||||||
U.S. government and agency securities | 3,994 | 3,994 | — | — | |||||||||||||||||||||
Total restricted investments | 4,109 | 3,994 | 115 | — | |||||||||||||||||||||
Total | $ | 19,825 | $ | 16,000 | $ | 3,825 | $ | — | |||||||||||||||||
The future maturities of investment and restricted investment securities at January 31, 2015 were: | |||||||||||||||||||||||||
Investments | Restricted Investments | ||||||||||||||||||||||||
$0 | Cost basis | Estimated fair value | Cost basis | Estimated fair value | |||||||||||||||||||||
Maturing in one year or less | $ | 500 | $ | 500 | $ | — | $ | — | |||||||||||||||||
Maturing after one year through five years | 2,867 | 3,110 | 3,563 | 3,828 | |||||||||||||||||||||
Total | $ | 3,367 | $ | 3,610 | $ | 3,563 | $ | 3,828 | |||||||||||||||||
The underlying assets in the Company’s non-qualified deferred compensation program as of January 31, 2015 and February 1, 2014 (included in Other long-term assets and in Other long-term liabilities) primarily consist of participant-directed money market, stable value, stock, and bond funds. The fair value measurement for funds with quoted market prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows: | |||||||||||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||||||||||
Level 1 | $ | 81,926 | $ | 76,913 | |||||||||||||||||||||
Level 2 | 12,128 | 11,356 | |||||||||||||||||||||||
Total | $ | 94,054 | $ | 88,269 | |||||||||||||||||||||
Fair market value for Level 2 funds is considered to be the sum of participant funds invested under a group annuity contract plus accrued interest. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||
For fiscal 2014, 2013, and 2012, the Company recognized stock-based compensation expense as follows: | ||||||||||||
$0 | 2014 | 2013 | 2012 | |||||||||
Restricted stock | $ | 34,729 | $ | 30,921 | $ | 29,191 | ||||||
Performance awards | 16,003 | 13,812 | 17,872 | |||||||||
ESPP | 2,269 | 2,114 | 1,889 | |||||||||
Total | $ | 53,001 | $ | 46,847 | $ | 48,952 | ||||||
Capitalized stock-based compensation cost was not significant in any year. | ||||||||||||
No stock options were granted during fiscal 2014, 2013, and 2012. The Company recognizes expense for ESPP purchase rights equal to the value of the 15% discount given on the purchase date. At January 31, 2015, the Company had one active stock-based compensation plan, which is further described in Note H. | ||||||||||||
Total stock-based compensation recognized in the Company's Consolidated Statements of Earnings for fiscal 2014, 2013, and 2012 is as follows: | ||||||||||||
Statements of Earnings Classification ($000) | 2014 | 2013 | 2012 | |||||||||
Cost of goods sold | $ | 27,088 | $ | 24,432 | $ | 22,915 | ||||||
Selling, general and administrative | 25,913 | 22,415 | 26,037 | |||||||||
Total | $ | 53,001 | $ | 46,847 | $ | 48,952 | ||||||
Debt
Debt | 12 Months Ended | ||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||
Debt | Debt | ||||||||||||||||||||||
Senior notes. Unsecured senior debt, net of unamortized discounts, as of January 31, 2015 and February 1, 2014 consisted of the following: | |||||||||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||||||||
6.38% Series A Senior Notes due 2018 | $ | 85,000 | $ | 85,000 | |||||||||||||||||||
6.53% Series B Senior Notes due 2021 | 65,000 | 65,000 | |||||||||||||||||||||
3.375% Senior Notes due 2024¹ | 248,375 | — | |||||||||||||||||||||
Total | $ | 398,375 | $ | 150,000 | |||||||||||||||||||
¹Net of unamortized discount of $1.6 million at January 31, 2015. | |||||||||||||||||||||||
In September 2014, the Company issued unsecured 3.375% Senior Notes due September 2024 (the “2024 Notes”) with an aggregate principal amount of $250 million at a price equal to 99.329% of the principal amount. Cash proceeds, net of discount and other issuance fees and expenses, were approximately $246 million and were used to purchase the Company’s New York buying office for $222 million and for other general corporate purposes. Interest on the 2024 Notes is payable semi-annually beginning March 2015. | |||||||||||||||||||||||
At January 31, 2015, the Company also had outstanding two series of unsecured senior notes in the aggregate principal amount of $150 million, held by various institutional investors. The Series A notes totaling $85 million are due in December 2018 and bear interest at a rate of 6.38%. The Series B notes totaling $65 million are due in December 2021 and bear interest at a rate of 6.53%. Borrowings under these senior notes are subject to certain financial covenants, including interest coverage and other financial ratios. As of January 31, 2015, the Company was in compliance with these covenants. | |||||||||||||||||||||||
The 2024 Notes, Series A, and Series B senior notes are all subject to prepayment penalties for early payment of principal. | |||||||||||||||||||||||
The aggregate fair value of the three outstanding senior note issuances was approximately $442 million as of January 31, 2015 and the aggregate fair value of the Series A and Series B notes was $182 million as of February 1, 2014. The fair value is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. | |||||||||||||||||||||||
The following table shows scheduled annual principal payments on Long-term debt: | |||||||||||||||||||||||
$0 | |||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||
$ | — | $ | — | $ | — | $ | 85,000 | $ | — | $ | 315,000 | ||||||||||||
The table below shows the components of interest expense and income for fiscal 2014, 2013, and 2012: | |||||||||||||||||||||||
$0 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Interest expense on long-term debt | $ | 12,990 | $ | 9,721 | $ | 9,721 | |||||||||||||||||
Other interest expense | 1,230 | 1,350 | 1,665 | ||||||||||||||||||||
Capitalized interest | (10,825 | ) | (10,799 | ) | (3,851 | ) | |||||||||||||||||
Interest income | (411 | ) | (519 | ) | (628 | ) | |||||||||||||||||
Total interest expense (income), net | $ | 2,984 | $ | (247 | ) | $ | 6,907 | ||||||||||||||||
Revolving credit facility. The Company's $600 million unsecured revolving credit facility expires in June 2017 and contains a $300 million sublimit for issuance of standby letters of credit. Interest on this facility is based on LIBOR plus an applicable margin (currently 100 basis points) and is payable quarterly and upon maturity. As of January 31, 2015 the Company had no borrowings or standby letters of credit outstanding under this facility and the $600 million credit facility remains in place and available. | |||||||||||||||||||||||
The revolving credit facility is subject to certain financial covenants, including interest coverage and other financial ratios. In addition, the interest rates under the revolving credit facility may vary depending on actual interest coverage ratios achieved. As of January 31, 2015, the Company was in compliance with these covenants. | |||||||||||||||||||||||
Standby letters of credit and collateral trust. The Company uses standby letters of credit outside of its revolving credit facility in addition to a funded trust to collateralize its insurance obligations. As of January 31, 2015 and February 1, 2014, the Company had $19.5 million and $24.3 million, respectively, in standby letters of credit and $56.3 million and $47.2 million, respectively, in a collateral trust. The standby letters of credit are collateralized by restricted cash and the collateral trust consists of restricted cash, cash equivalents, and investments. | |||||||||||||||||||||||
Trade letters of credit. The Company had $32.8 million and $31.6 million in trade letters of credit outstanding at January 31, 2015 and February 1, 2014, respectively. |
Leases
Leases | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Leases [Abstract] | |||||
Leases | Leases | ||||
The Company currently leases all but three of its store locations with original, non-cancelable terms that in general range from three to ten years. Store leases typically contain provisions for three to four renewal options of five years each. Most store leases also provide for minimum annual rentals and for payment of certain expenses. In addition, some store leases also have provisions for additional rent based on a percentage of sales. | |||||
The Company leases three warehouses. Two of the warehouses are in Carlisle, Pennsylvania with leases expiring in 2016 and 2017. The third warehouse is in Fort Mill, South Carolina, with a lease expiring in 2019. The leases for the two Carlisle, Pennsylvania warehouses contain renewal provisions. | |||||
The Company leases approximately 68,000 square feet of office space for its Los Angeles buying office. The lease term for this facility expires in 2017 and contains renewal provisions. In addition, the Company has a ground lease related to its New York buying office. | |||||
The aggregate future minimum annual lease payments under leases in effect at January 31, 2015 are as follows: | |||||
$0 | Total operating leases | ||||
2015 | $ | 438,423 | |||
2016 | 462,606 | ||||
2017 | 405,809 | ||||
2018 | 340,607 | ||||
2019 | 261,768 | ||||
Thereafter | 1,434,485 | ||||
Total minimum lease payments | $ | 3,343,698 | |||
Total rent expense was $457.0 million, $434.9 million, and $406.6 million in fiscal 2014, 2013, and 2012, respectively. |
Taxes_On_Earnings
Taxes On Earnings | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Taxes On Earnings | Taxes on Earnings | ||||||||||||
The provision for income taxes consisted of the following: | |||||||||||||
$0 | 2014 | 2013 | 2012 | ||||||||||
Current | |||||||||||||
Federal | $ | 499,009 | $ | 486,203 | $ | 485,882 | |||||||
State | 36,547 | 35,053 | 31,227 | ||||||||||
535,556 | 521,256 | 517,109 | |||||||||||
Deferred | |||||||||||||
Federal | 23,452 | (11,055 | ) | (37,178 | ) | ||||||||
State | 1,634 | (4,195 | ) | (1,850 | ) | ||||||||
25,086 | (15,250 | ) | (39,028 | ) | |||||||||
Total | $ | 560,642 | $ | 506,006 | $ | 478,081 | |||||||
In fiscal 2014, 2013, and 2012, the Company realized tax benefits of $29.8 million, $27.7 million and $30.0 million, respectively, related to employee equity programs that were recorded in additional paid-in capital. | |||||||||||||
The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory federal income tax rate. The differences are reconciled below: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income taxes at the statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes (net of federal benefit) and other, net | 3 | % | 3 | % | 3 | % | |||||||
Total | 38 | % | 38 | % | 38 | % | |||||||
The components of deferred income taxes at January 31, 2015 and February 1, 2014 are as follows: | |||||||||||||
$0 | 2014 | 2013 | |||||||||||
Deferred Tax Assets | |||||||||||||
Accrued liabilities | $ | 77,791 | $ | 87,835 | |||||||||
Deferred compensation | 33,456 | 31,034 | |||||||||||
Stock-based compensation | 35,332 | 33,048 | |||||||||||
Deferred rent | 26,370 | 17,888 | |||||||||||
California franchise taxes and credits | 18,478 | 16,479 | |||||||||||
Employee benefits | 23,136 | 16,177 | |||||||||||
Other | 4,927 | 4,992 | |||||||||||
219,490 | 207,453 | ||||||||||||
Deferred Tax Liabilities | |||||||||||||
Depreciation | (252,013 | ) | (212,383 | ) | |||||||||
Merchandise inventory | (26,668 | ) | (28,558 | ) | |||||||||
Supplies | (11,616 | ) | (10,730 | ) | |||||||||
Prepaid expenses | (2,923 | ) | (4,426 | ) | |||||||||
(293,220 | ) | (256,097 | ) | ||||||||||
Net Deferred Tax Liabilities | $ | (73,730 | ) | $ | (48,644 | ) | |||||||
Classified as: | |||||||||||||
Current net deferred tax asset | $ | 12,951 | $ | 10,227 | |||||||||
Long-term net deferred tax liability | (86,681 | ) | (58,871 | ) | |||||||||
Net Deferred Tax Liabilities | $ | (73,730 | ) | $ | (48,644 | ) | |||||||
At the end of fiscal 2014 and 2013, the Company's state tax credit carryforwards for income tax purposes were approximately $12.1 million and $11.0 million, respectively. The state tax credit carryforwards will begin to expire in fiscal 2023. | |||||||||||||
The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2014, 2013, and 2012 are as follows: | |||||||||||||
$0 | 2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefits - beginning of year | $ | 80,323 | $ | 65,667 | $ | 56,524 | |||||||
Gross increases: | |||||||||||||
Tax positions in current period | 15,441 | 15,591 | 11,009 | ||||||||||
Tax positions in prior period | — | 2,418 | 4,167 | ||||||||||
Gross decreases: | |||||||||||||
Tax positions in prior periods | (9,432 | ) | (519 | ) | (1,476 | ) | |||||||
Lapse of statute limitations | (5,732 | ) | (2,274 | ) | (1,312 | ) | |||||||
Settlements | (2,484 | ) | (560 | ) | (3,245 | ) | |||||||
Unrecognized tax benefits - end of year | $ | 78,116 | $ | 80,323 | $ | 65,667 | |||||||
At the end of fiscal 2014, 2013, and 2012, the reserves for unrecognized tax benefits were $101.7 million, $104.9 million, and $82.5 million inclusive of $23.6 million, $24.6 million, and $16.8 million of related interest and penalties, respectively. The Company accounts for interest and penalties related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $51.0 million would impact the Company’s effective tax rate. The difference between the total amount of unrecognized tax benefits and the amounts that would impact the effective tax rate relates to amounts attributable to deferred income tax assets and liabilities. These amounts are net of federal and state income taxes. | |||||||||||||
During the next twelve months, it is reasonably possible that the statute of limitations may lapse pertaining to positions taken by the Company in prior year tax returns. If this occurs, the total amount of unrecognized tax benefits may decrease, reducing the provision for taxes on earnings by up to $6.3 million. | |||||||||||||
The Company is generally open to audit by the Internal Revenue Service under the statute of limitations for fiscal years 2011 through 2014. The Company’s state income tax returns are generally open to audit under the various statutes of limitations for fiscal years 2010 through 2014. Certain state tax returns are currently under audit by state tax authorities. The Company does not expect the results of these audits to have a material impact on the consolidated financial statements. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 31, 2015 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans |
The Company has a defined contribution plan that is available to certain employees. Under the plan, employee and Company contributions and accumulated plan earnings qualify for favorable tax treatment under Section 401(k) of the Internal Revenue Code. This plan permits employees to make contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches up to 4% of the employee’s salary up to the plan limits. Company matching contributions to the 401(k) plan were $11.4 million, $10.4 million, and $9.4 million in fiscal 2014, 2013, and 2012, respectively. | |
The Company also has an Incentive Compensation Plan which provides cash awards to key management and employees based on Company and individual performance. | |
The Company also makes available to management a Non-qualified Deferred Compensation Plan which allows management to make payroll contributions on a pre-tax basis in addition to the 401(k) plan. Other long-term assets include $94.1 million and $88.3 million at January 31, 2015 and February 1, 2014, respectively, of long-term plan investments, at market value, set aside or designated for the Non-qualified Deferred Compensation Plan (See Note B). Plan investments are designated by the participants, and investment returns are not guaranteed by the Company. The Company has a corresponding liability to participants of $94.1 million and $88.3 million at January 31, 2015 and February 1, 2014, respectively, included in Other long-term liabilities in the Consolidated Balance Sheets. | |
In addition, the Company has certain individuals who receive or will receive post-employment medical benefits. The estimated liability for these benefits of $9.7 million and $6.8 million is included in Accrued expenses and other in the accompanying Consolidated Balance Sheets as of January 31, 2015 and February 1, 2014, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||
Stockholders' Equity | Stockholders' Equity | |||||||||||||||||
Common stock. In February 2015, the Company’s Board of Directors approved a two-year $1.4 billion stock repurchase program for fiscal 2015 and 2016. | ||||||||||||||||||
The following table summarizes the Company’s stock repurchase activity in fiscal 2014, 2013, and 2012: | ||||||||||||||||||
Fiscal Year | Shares repurchased (in millions) | Average repurchase price | Repurchased | |||||||||||||||
(in millions) | ||||||||||||||||||
2014 | 7.4 | $74.30 | $550 | |||||||||||||||
2013 | 8.2 | $67.24 | $550 | |||||||||||||||
2012 | 7.5 | $60.34 | $450 | |||||||||||||||
Preferred stock. The Company has four million shares of preferred stock authorized, with a par value of $.01 per share. No preferred stock is issued or outstanding. | ||||||||||||||||||
Dividends. In February 2015, the Company’s Board of Directors declared a quarterly cash dividend of $0.235 per common share, payable on March 31, 2015. The Company’s Board of Directors declared cash dividends of $0.20 per common share in February, May, August, and November 2014, cash dividends of $0.17 per common share in January, May, August, and November 2013, and cash dividends of $0.14 per common share in January, May, August, and November 2012. | ||||||||||||||||||
In March 2015, the Company’s Board of Directors approved a two-for-one stock split in the form of a 100 percent stock dividend, to be paid on June 11, 2015 to stockholders of record as of April 22, 2015. The stock split will not have an impact on the Company’s consolidated financial position or results of operations. Share and per share amounts have not been restated to reflect the pending stock split. | ||||||||||||||||||
2008 Equity Incentive Plan. In 2008, the Company’s stockholders approved the adoption of the Ross Stores, Inc. 2008 Equity Incentive Plan (the “2008 Plan”) with an initial share reserve of 16.5 million shares of the Company’s common stock, of which 12.0 million shares can be issued as full value awards. The 2008 Plan provides for various types of incentive awards, which may potentially include the grant of stock options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses, restricted stock units, performance shares, performance units, and deferred compensation awards. As of January 31, 2015, there were 6.6 million shares that remained available for grant under the 2008 Plan. | ||||||||||||||||||
A summary of the stock option activity for fiscal 2014 is presented below: | ||||||||||||||||||
(000, except per share data) | Number of shares | Weighted | Weighted average remaining contractual term | Aggregate | ||||||||||||||
average | intrinsic value | |||||||||||||||||
exercise price | ||||||||||||||||||
Outstanding at February 1, 2014 | 1,169 | $14.07 | ||||||||||||||||
Granted | — | — | ||||||||||||||||
Exercised | (650 | ) | 14.05 | |||||||||||||||
Forfeited | — | — | ||||||||||||||||
Outstanding at January 31, 2015, all vested | 519 | $14.09 | 0.99 | $40,285 | ||||||||||||||
The following table summarizes information about the weighted average remaining contractual life (in years) and the weighted average exercise prices for stock options both outstanding and exercisable as of January 31, 2015 (number of shares in thousands): | ||||||||||||||||||
Options outstanding and exercisable | ||||||||||||||||||
Exercise price range | Number of shares | Remaining life | Exercise price | |||||||||||||||
$ | 11.47 | to | $ | 13.77 | 116 | 0.98 | $13.28 | |||||||||||
13.84 | to | 13.89 | 56 | 0.29 | 13.85 | |||||||||||||
13.91 | to | 13.91 | 185 | 1.11 | 13.91 | |||||||||||||
13.92 | to | 14.65 | 106 | 0.52 | 14.32 | |||||||||||||
14.7 | to | 16.39 | 56 | 2.19 | 16.22 | |||||||||||||
$ | 11.47 | to | $ | 16.39 | 519 | 0.99 | $14.09 | |||||||||||
A summary of the restricted stock activity for fiscal 2014 is presented below: | ||||||||||||||||||
(000, except per share data) | Number of | Weighted | ||||||||||||||||
shares | average | |||||||||||||||||
grant date | ||||||||||||||||||
fair value | ||||||||||||||||||
Unvested at February 1, 2014 | 3,914 | $37.14 | ||||||||||||||||
Awarded | 967 | 67.15 | ||||||||||||||||
Released | (1,316 | ) | 29.29 | |||||||||||||||
Forfeited | (74 | ) | 55.46 | |||||||||||||||
Unvested at January 31, 2015 | 3,491 | $48.02 | ||||||||||||||||
The market value of shares of restricted stock and of the stock underlying restricted stock units at the date of grant is amortized to expense over the vesting period of generally three to five years. The unamortized compensation expense at January 31, 2015 and February 1, 2014 was $87.4 million and $74.9 million, respectively, which is expected to be recognized over a weighted average remaining period of 1.7 years. Intrinsic value for restricted stock, defined as the closing market value on the last business day of fiscal year 2014 (or $91.71), was $320.2 million. A total of 6,628,000, 6,986,000, and 7,202,000 shares were available for new restricted stock awards at the end of fiscal 2014, 2013, and 2012, respectively. During fiscal 2014, 2013, and 2012, shares purchased by the Company for tax withholding totaled 534,000, 496,000, and 505,000 shares, respectively, and are considered treasury shares which are available for reissuance. As of January 31, 2015 and February 1, 2014, the Company held 4,888,000 and 4,354,000 shares of treasury stock, respectively. | ||||||||||||||||||
Performance share awards. The Company has a performance share award program for senior executives. A performance share award represents a right to receive shares of restricted stock or restricted stock units on a specified settlement date based on the Company’s attainment of a profitability-based performance goal during the performance period, which is the Company’s fiscal year. If attained, the restricted stock or units then vest over a service period, generally two to three years from the date the performance award was granted. The release of shares related to restricted stock units earned is deferred generally for one year from the date earned. The Company issued approximately 303,000, 240,000, and 280,000 shares in settlement of the fiscal 2014, 2013, and 2012 awards. | ||||||||||||||||||
Employee Stock Purchase Plan. Under the Employee Stock Purchase Plan (“ESPP”), eligible employees participating in the quarterly offering period can choose to have up to the lesser of 10% of their annual base earnings or the IRS annual share purchase limit of $25,000 in aggregate market value to purchase the Company’s common stock. The purchase price of the stock is 85% of the closing market price on the date of purchase. Purchases occur on a quarterly basis (on the last trading day of each calendar quarter). The Company recognizes expense for ESPP purchase rights equal to the value of the 15% discount given on the purchase date. | ||||||||||||||||||
During fiscal 2014, 2013, and 2012, employees purchased approximately 200,000, 208,000, and 211,000 shares, respectively, of the Company’s common stock under the plan at weighted average per share prices of $64.35, $57.57, and $50.67, respectively. Through January 31, 2015, approximately 19,342,000 shares had been issued under this plan and 658,000 shares remained available for future issuance. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jan. 31, 2015 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
Related Party Transactions | Related Party Transactions |
The Company has a consulting agreement with Norman Ferber, its Chairman Emeritus of the Board of Directors, under which the Company pays him an annual consulting fee of $1.5 million through May 2018. In addition, the agreement provides for administrative support and health and other benefits for the individual and his dependents, which totaled approximately $0.3 million in fiscal 2014, 2013, and 2012, along with amounts to cover premiums through May 2018 on a life insurance policy with a death benefit of $2.0 million. On termination of Mr. Ferber’s consultancy with the Company, the Company will pay Mr. Ferber $75,000 per year for a period of 10 years. | |
Robert Ferber, the son of Norman Ferber, is a buyer with the Company. For fiscal 2014, the Company paid Robert Ferber compensation including salary and bonus of approximately $133,000. |
Litigation_Claims_and_Assessme
Litigation, Claims, and Assessments | 12 Months Ended |
Jan. 31, 2015 | |
Litigation Claims And Assessments [Abstract] | |
Litigation, Claims, and Assessments | Litigation, Claims, and Assessments |
Like many California retailers, the Company has been named in class action lawsuits alleging violation of wage and hour and other employment laws. Class action litigation remains pending as of January 31, 2015. | |
The Company is also party to various other legal and regulatory proceedings arising in the normal course of business. Actions filed against the Company include commercial, product and product safety, customer, intellectual property, and labor and employment-related claims, including lawsuits in which private plaintiffs or governmental agencies allege that the Company violated federal, state, and / or local laws. Actions against the Company are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. | |
In the opinion of management, the resolution of pending class action litigation and other currently pending legal and regulatory proceedings will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) | |||||||||||||||||
Summarized quarterly financial information for fiscal 2014 and 2013 is presented in the tables below. | ||||||||||||||||||
Year ended January 31, 2015: | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||
($000, except per share data) | May 3, 2014 | August 2, 2014 | November 1, 2014 | January 31, 2015 | ||||||||||||||
Sales | $ | 2,680,593 | $ | 2,729,566 | $ | 2,598,820 | $ | 3,032,698 | ||||||||||
Cost of goods sold | 1,908,184 | 1,944,017 | 1,882,185 | 2,203,570 | ||||||||||||||
Selling, general and administrative | 379,802 | 395,225 | 410,002 | 430,342 | ||||||||||||||
Interest (income) expense, net | (104 | ) | (95 | ) | 777 | 2,406 | ||||||||||||
Total costs and expenses | 2,287,882 | 2,339,147 | 2,292,964 | 2,636,318 | ||||||||||||||
Earnings before taxes | 392,711 | 390,419 | 305,856 | 396,380 | ||||||||||||||
Provision for taxes on earnings | 148,798 | 150,858 | 113,136 | 147,850 | ||||||||||||||
Net earnings | $ | 243,913 | $ | 239,561 | $ | 192,720 | $ | 248,530 | ||||||||||
Earnings per share – basic1 | $ | 1.17 | $ | 1.15 | $ | 0.94 | $ | 1.21 | ||||||||||
Earnings per share – diluted1 | $ | 1.15 | $ | 1.14 | $ | 0.93 | $ | 1.2 | ||||||||||
Cash dividends declared per share | ||||||||||||||||||
on common stock | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | ||||||||||
Stock price | ||||||||||||||||||
High | $ | 74.09 | $ | 69.66 | $ | 80.83 | $ | 96.94 | ||||||||||
Low | $ | 65.78 | $ | 62.15 | $ | 64.64 | $ | 80.44 | ||||||||||
1 EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. | ||||||||||||||||||
Year ended February 1, 2014: | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||
($000, except per share data) | May 4, 2013 | August 3, 2013 | November 2, 2013 | February 1, 2014 | ||||||||||||||
Sales | $ | 2,539,914 | $ | 2,551,277 | $ | 2,398,122 | $ | 2,741,040 | ||||||||||
Cost of goods sold | 1,798,811 | 1,823,777 | 1,746,235 | 1,992,101 | ||||||||||||||
Selling, general and administrative | 361,968 | 381,193 | 381,860 | 401,345 | ||||||||||||||
Interest expense (income), net | 209 | (175 | ) | (152 | ) | (129 | ) | |||||||||||
Total costs and expenses | 2,160,988 | 2,204,795 | 2,127,943 | 2,393,317 | ||||||||||||||
Earnings before taxes | 378,926 | 346,482 | 270,179 | 347,723 | ||||||||||||||
Provision for taxes on earnings | 144,314 | 133,361 | 98,561 | 129,770 | ||||||||||||||
Net earnings | $ | 234,612 | $ | 213,121 | $ | 171,618 | $ | 217,953 | ||||||||||
Earnings per share – basic1 | $ | 1.09 | $ | 1 | $ | 0.81 | $ | 1.04 | ||||||||||
Earnings per share – diluted1 | $ | 1.07 | $ | 0.98 | $ | 0.8 | $ | 1.02 | ||||||||||
Cash dividends declared per share | ||||||||||||||||||
on common stock | $ | — | $ | 0.17 | $ | 0.17 | $ | 0.17 | ||||||||||
Stock price | ||||||||||||||||||
High | $ | 66.07 | $ | 69.2 | $ | 77.63 | $ | 81.64 | ||||||||||
Low | $ | 55.23 | $ | 63.29 | $ | 64.76 | $ | 67.66 | ||||||||||
1 EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Business | Business. Ross Stores, Inc. and its subsidiaries (the “Company”) is an off-price retailer of first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family. At the end of fiscal 2014, the Company operated 1,210 Ross Dress for Less® (“Ross”) locations in 33 states, the District of Columbia and Guam, and 152 dd’s DISCOUNTS® stores in 15 states. The Ross and dd's DISCOUNTS stores are supported by five distribution centers. The Company’s headquarters, one buying office, two operating distribution centers, two warehouses, and 25% of its stores are located in California. | ||||||||||||||||
Segment Reporting | Segment reporting. The Company has one reportable segment. The Company’s operations include only activities related to off-price retailing in stores throughout the United States. | ||||||||||||||||
Basis Of Presentation And Fiscal Year | Basis of presentation and fiscal year. The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. Intercompany transactions and accounts have been eliminated. The Company follows the National Retail Federation fiscal calendar and utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest to January 31. The fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013 are referred to as fiscal 2014, fiscal 2013, and fiscal 2012, respectively. Fiscal 2014 and 2013 were each 52-week years. Fiscal 2012 was a 53-week year. | ||||||||||||||||
Use Of Accounting Estimates | Use of accounting estimates. The preparation of consolidated financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant accounting estimates include valuation reserves for inventory shortage, packaway inventory costs, useful lives of fixed assets, insurance reserves, and reserves for uncertain tax positions. | ||||||||||||||||
Purchase Obligations | Purchase obligations. As of January 31, 2015, the Company had purchase obligations of approximately $1,953 million. These purchase obligations primarily consist of merchandise inventory purchase orders, commitments related to construction projects, store fixtures and supplies, and information technology service, transportation, and maintenance contracts. | ||||||||||||||||
Cash and Cash Equivalents | Cash and cash equivalents. Cash equivalents consist of highly liquid, fixed income instruments purchased with an original maturity of three months or less. | ||||||||||||||||
Restricted Cash, Cash Equivalents, And Investments | Restricted cash, cash equivalents, and investments. The Company has restricted cash, cash equivalents, and investments that serve as collateral for certain insurance obligations of the Company. These restricted funds are invested in bank deposits, money market mutual funds, U.S. Government and agency securities, and corporate securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. The following table summarizes total restricted cash, cash equivalents, and investments which were included in Prepaid expenses and other and Other long-term assets in the Consolidated Balance Sheets as of January 31, 2015 and February 1, 2014: | ||||||||||||||||
Restricted Assets ($000) | 2014 | 2013 | |||||||||||||||
Prepaid expenses and other | $ | 19,713 | $ | 20,734 | |||||||||||||
Other long-term assets | 56,107 | 50,763 | |||||||||||||||
Total | $ | 75,820 | $ | 71,497 | |||||||||||||
The classification between current and long-term is based on the timing of expected payments of the insurance obligations. | |||||||||||||||||
Estimated Fair Value Of Financial Instruments | Estimated fair value of financial instruments. The carrying value of cash and cash equivalents, short- and long-term investments, restricted cash and cash equivalents, restricted investments, accounts receivable, other long-term assets, accounts payable, and other long-term liabilities approximates their estimated fair value. See Note B and Note D for additional fair value information. | ||||||||||||||||
Cash and cash equivalents were $696.6 million and $423.2 million, at January 31, 2015 and February 1, 2014, respectively, and include bank deposits and money market funds for which the fair value was determined using quoted prices for identical assets in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. | |||||||||||||||||
Investments | Investments. The Company’s investments are comprised of various debt securities. At January 31, 2015 and February 1, 2014, these investments were classified as available-for-sale and are stated at fair value. Investments are classified as either short- or long-term based on their original maturities and the Company’s intent. Investments with an original maturity of less than one year are classified as short-term. See Note B for additional information. | ||||||||||||||||
Merchandise Inventory | Merchandise inventory. Merchandise inventory is stated at the lower of cost (determined using a weighted average basis) or net realizable value. The Company purchases manufacturer overruns and canceled orders both during and at the end of a season which are referred to as "packaway" inventory. Packaway inventory is purchased with the intent that it will be stored in the Company's warehouses until a later date. The timing of the release of packaway inventory to the stores is principally driven by the product mix and seasonality of the merchandise, and its relation to the Company’s store merchandise assortment plans. As such, the aging of packaway varies by merchandise category and seasonality of purchase, but typically packaway remains in storage less than six months. Merchandise inventory includes acquisition, processing, and storage costs related to packaway inventory. The cost of the Company’s merchandise inventory is reduced by valuation reserves for shortage based on historical shortage experience from the Company’s physical merchandise inventory counts and cycle counts. | ||||||||||||||||
Cost of Goods Sold | Cost of goods sold. In addition to product costs, the Company includes in cost of goods sold its buying, distribution and freight expenses as well as occupancy costs, and depreciation and amortization related to the Company’s retail stores, buying, and distribution facilities. Buying expenses include costs to procure merchandise inventories. Distribution expenses include the cost of operating the Company’s distribution centers and warehouse facilities. | ||||||||||||||||
Prepaid Expenses And Other | Prepaid expenses and other. Prepaid expenses and other as of January 31, 2015 and February 1, 2014 consisted of the following: | ||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Restricted cash and investments | $ | 19,713 | $ | 20,734 | |||||||||||||
Prepaid expenses | 87,065 | 81,257 | |||||||||||||||
Total | $ | 106,778 | $ | 101,991 | |||||||||||||
Property And Equipment | Property and equipment. Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset, typically ranging from three to 12 years for equipment and 20 to 40 years for land improvements and buildings. Depreciation and amortization expense on property and equipment was $233.0 million, $206.1 million, and $185.5 million for fiscal 2014, 2013, and 2012, respectively. The cost of leasehold improvements is amortized over the useful life of the asset or the applicable lease term, whichever is less. The Company capitalizes interest during the construction period. Interest capitalized was $10.8 million, $10.8 million, and $3.9 million in fiscal 2014, fiscal 2013, and fiscal 2012, respectively. As of January 31, 2015, February 1, 2014, and February 2, 2013 the Company had $58.6 million, $61.3 million, and $23.7 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment and in Accounts payable and Accrued expenses and other in the accompanying Consolidated Balance Sheets. | ||||||||||||||||
In September 2014, the Company completed the purchase of its previously leased New York buying office for $222 million. | |||||||||||||||||
Other Long-Term Assets | Other long-term assets. Other long-term assets as of January 31, 2015 and February 1, 2014 consisted of the following: | ||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Deferred compensation (Note B) | $ | 94,054 | $ | 88,269 | |||||||||||||
Restricted cash and investments | 56,107 | 50,763 | |||||||||||||||
Deposits | 3,285 | 3,285 | |||||||||||||||
Goodwill | 2,889 | 2,889 | |||||||||||||||
Other | 7,147 | 5,423 | |||||||||||||||
Total | $ | 163,482 | $ | 150,629 | |||||||||||||
Property and other long-term assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Intangible assets that are not subject to amortization, including goodwill, are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. Based on the Company’s evaluation during fiscal 2014, 2013, and 2012, no impairment charges were recorded. | |||||||||||||||||
Store Closures | Store closures. The Company continually reviews the operating performance of individual stores. For stores that are closed, the Company records a liability for future minimum lease payments net of estimated sublease recoveries and related ancillary costs at the time the liability is incurred. In 2014, the Company closed nine stores. In 2013, the Company closed 11 stores. The lease loss liability was $2.7 million and $6.3 million, as of January 31, 2015 and February 1, 2014, respectively. Operating costs, including depreciation, of stores to be closed are expensed during the period they remain in use. | ||||||||||||||||
Accounts Payable | Accounts payable. Accounts payable represents amounts owed to third parties at the end of the period. Accounts payable includes book cash overdrafts (checks issued under zero balance accounts not yet presented for payment) in excess of cash balances in such accounts of approximately $123.8 million and $75.7 million at January 31, 2015 and February 1, 2014, respectively. The Company includes the change in book cash overdrafts in operating cash flows. | ||||||||||||||||
Insurance Obligations | Insurance obligations. The Company uses a combination of insurance and self-insurance for a number of risk management activities, including workers’ compensation, general liability, and employee-related health care benefits. The self-insurance and deductible liability is determined actuarially, based on claims filed and an estimate of claims incurred but not yet reported. Self-insurance and deductible reserves as of January 31, 2015 and February 1, 2014 consisted of the following: | ||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Workers’ compensation | $ | 87,388 | $ | 82,223 | |||||||||||||
General liability | 37,253 | 34,524 | |||||||||||||||
Medical plans | 3,159 | 3,537 | |||||||||||||||
Total | $ | 127,800 | $ | 120,284 | |||||||||||||
Other Long-Term Liabilities | Other long-term liabilities. Other long-term liabilities as of January 31, 2015 and February 1, 2014 consisted of the following: | ||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Income taxes (Note F) | $ | 101,696 | $ | 104,944 | |||||||||||||
Deferred compensation (Note G) | 94,054 | 88,269 | |||||||||||||||
Deferred rent | 59,465 | 64,671 | |||||||||||||||
Tenant improvement allowances | 19,562 | 19,744 | |||||||||||||||
Other | 4,723 | 9,939 | |||||||||||||||
Total | $ | 279,500 | $ | 287,567 | |||||||||||||
Lease Accounting | Lease accounting. When a lease contains “rent holidays” or requires fixed escalations of the minimum lease payments, the Company records rental expense on a straight-line basis over the term of the lease and the difference between the average rental amount charged to expense and the amount payable under the lease is recorded as deferred rent. The Company begins recording rent expense on the lease possession date. Tenant improvement allowances are included in Other long-term liabilities and are amortized over the lease term. Changes in tenant improvement allowances are included as a component of operating activities in the Consolidated Statements of Cash Flows. | ||||||||||||||||
Revenue Recognition | Revenue recognition. The Company recognizes revenue at the point of sale and maintains an allowance for estimated future returns. Sales of stored value cards are deferred until they are redeemed for the purchase of Company merchandise. The Company’s stored value cards do not have expiration dates. Based upon historical redemption rates, a small percentage of stored value cards will never be redeemed, which represents breakage. The Company recognizes income from stored value card breakage as a reduction of operating expenses when redemption by a customer is considered to be remote. Income recognized from breakage was not significant in fiscal 2014, 2013, and 2012. | ||||||||||||||||
Sales tax collected is not recognized as revenue and is included in Accrued expenses and other. | |||||||||||||||||
Allowance For Sales Returns | Allowance for sales returns. An allowance for the gross margin loss on estimated sales returns is included in Accrued expenses and other in the Consolidated Balance Sheets. The allowance for sales returns consists of the following: | ||||||||||||||||
$0 | Beginning Balance | Additions | Returns | Ending Balance | |||||||||||||
Year ended: | |||||||||||||||||
January 31, 2015 | $ | 7,431 | $ | 717,040 | $ | (715,877 | ) | $ | 8,594 | ||||||||
February 1, 2014 | $ | 7,165 | $ | 699,835 | $ | (699,569 | ) | $ | 7,431 | ||||||||
February 2, 2013 | $ | 6,426 | $ | 680,058 | $ | (679,319 | ) | $ | 7,165 | ||||||||
Store Pre-Opening | Store pre-opening. Store pre-opening costs are expensed in the period incurred. | ||||||||||||||||
Advertising | Advertising. Advertising costs are expensed in the period incurred and are included in Selling, general and administrative expenses. Advertising costs for fiscal 2014, 2013, and 2012 were $72.1 million, $70.2 million, and $67.7 million, respectively. | ||||||||||||||||
Share-Based Compensation | Stock-based compensation. The Company recognizes compensation expense based upon the grant date fair value of all stock-based awards, typically over the vesting period. See Note C for more information on the Company’s stock-based compensation plans. | ||||||||||||||||
Taxes On Earnings | Taxes on earnings. The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's consolidated financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than changes in the tax law or tax rates. ASC 740 clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company’s consolidated financial statements. ASC 740 prescribes a recognition threshold of more-likely-than-not, and a measurement standard for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the consolidated financial statements. See Note F. | ||||||||||||||||
Treasury Stock | Treasury stock. The Company records treasury stock at cost. Treasury stock includes shares purchased from employees for tax withholding purposes related to vesting of restricted stock grants. | ||||||||||||||||
Earnings Per Share (EPS) | Earnings per share (“EPS”). The Company computes and reports both basic EPS and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards, including unexercised stock options and unvested shares of both performance and non-performance based awards of restricted stock and restricted stock units. | ||||||||||||||||
In fiscal 2014, 2013, and 2012 there were 2,500, 2,900, and 53,900 weighted average shares, respectively, that were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for those years. | |||||||||||||||||
The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: | |||||||||||||||||
Shares in (000s) | Basic EPS | Effect of dilutive | Diluted EPS | ||||||||||||||
common stock equivalents | |||||||||||||||||
2014 | |||||||||||||||||
Shares | 206,777 | 2,262 | 209,039 | ||||||||||||||
Amount | $ | 4.47 | $ | (0.05 | ) | $ | 4.42 | ||||||||||
2013 | |||||||||||||||||
Shares | 212,881 | 2,924 | 215,805 | ||||||||||||||
Amount | $ | 3.93 | $ | (0.05 | ) | $ | 3.88 | ||||||||||
2012 | |||||||||||||||||
Shares | 219,130 | 3,654 | 222,784 | ||||||||||||||
Amount | $ | 3.59 | $ | (0.06 | ) | $ | 3.53 | ||||||||||
Comprehensive Income | Comprehensive income. Comprehensive income includes net earnings and components of other comprehensive income (loss), net of tax, consisting of unrealized investment gains or losses | ||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently issued accounting standards. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue when the customer obtains control of promised goods or services in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for the Company’s annual and interim reporting periods beginning in fiscal 2017. The Company is currently evaluating the effect that adoption of this new guidance will have on its consolidated financial statements. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Schedule of Restricted Cash, Cash Equivalents and Investments | The following table summarizes total restricted cash, cash equivalents, and investments which were included in Prepaid expenses and other and Other long-term assets in the Consolidated Balance Sheets as of January 31, 2015 and February 1, 2014: | ||||||||||||||||
Restricted Assets ($000) | 2014 | 2013 | |||||||||||||||
Prepaid expenses and other | $ | 19,713 | $ | 20,734 | |||||||||||||
Other long-term assets | 56,107 | 50,763 | |||||||||||||||
Total | $ | 75,820 | $ | 71,497 | |||||||||||||
Schedule Of Prepaid Expenses And Other Assets | Prepaid expenses and other as of January 31, 2015 and February 1, 2014 consisted of the following: | ||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Restricted cash and investments | $ | 19,713 | $ | 20,734 | |||||||||||||
Prepaid expenses | 87,065 | 81,257 | |||||||||||||||
Total | $ | 106,778 | $ | 101,991 | |||||||||||||
Schedule of Other Long-Term Assets | Other long-term assets as of January 31, 2015 and February 1, 2014 consisted of the following: | ||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Deferred compensation (Note B) | $ | 94,054 | $ | 88,269 | |||||||||||||
Restricted cash and investments | 56,107 | 50,763 | |||||||||||||||
Deposits | 3,285 | 3,285 | |||||||||||||||
Goodwill | 2,889 | 2,889 | |||||||||||||||
Other | 7,147 | 5,423 | |||||||||||||||
Total | $ | 163,482 | $ | 150,629 | |||||||||||||
Summary Of Insurance Obligations | Self-insurance and deductible reserves as of January 31, 2015 and February 1, 2014 consisted of the following: | ||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Workers’ compensation | $ | 87,388 | $ | 82,223 | |||||||||||||
General liability | 37,253 | 34,524 | |||||||||||||||
Medical plans | 3,159 | 3,537 | |||||||||||||||
Total | $ | 127,800 | $ | 120,284 | |||||||||||||
Schedule Of Other Long-Term Liabilities | Other long-term liabilities as of January 31, 2015 and February 1, 2014 consisted of the following: | ||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||
Income taxes (Note F) | $ | 101,696 | $ | 104,944 | |||||||||||||
Deferred compensation (Note G) | 94,054 | 88,269 | |||||||||||||||
Deferred rent | 59,465 | 64,671 | |||||||||||||||
Tenant improvement allowances | 19,562 | 19,744 | |||||||||||||||
Other | 4,723 | 9,939 | |||||||||||||||
Total | $ | 279,500 | $ | 287,567 | |||||||||||||
Schedule of Sales Mix | The Company’s sales mix is shown below for fiscal 2014, 2013, and 2012: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Ladies | 29 | % | 29 | % | 29 | % | |||||||||||
Home Accents and Bed and Bath | 24 | % | 24 | % | 24 | % | |||||||||||
Accessories, Lingerie, Fine Jewelry, and Fragrances | 13 | % | 13 | % | 13 | % | |||||||||||
Men's | 13 | % | 13 | % | 13 | % | |||||||||||
Shoes | 13 | % | 13 | % | 13 | % | |||||||||||
Children's | 8 | % | 8 | % | 8 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||
Schedule Of Allowance For Sales Returns | The allowance for sales returns consists of the following: | ||||||||||||||||
$0 | Beginning Balance | Additions | Returns | Ending Balance | |||||||||||||
Year ended: | |||||||||||||||||
January 31, 2015 | $ | 7,431 | $ | 717,040 | $ | (715,877 | ) | $ | 8,594 | ||||||||
February 1, 2014 | $ | 7,165 | $ | 699,835 | $ | (699,569 | ) | $ | 7,431 | ||||||||
February 2, 2013 | $ | 6,426 | $ | 680,058 | $ | (679,319 | ) | $ | 7,165 | ||||||||
Schedule Of Basic And Diluted EPS | The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: | ||||||||||||||||
Shares in (000s) | Basic EPS | Effect of dilutive | Diluted EPS | ||||||||||||||
common stock equivalents | |||||||||||||||||
2014 | |||||||||||||||||
Shares | 206,777 | 2,262 | 209,039 | ||||||||||||||
Amount | $ | 4.47 | $ | (0.05 | ) | $ | 4.42 | ||||||||||
2013 | |||||||||||||||||
Shares | 212,881 | 2,924 | 215,805 | ||||||||||||||
Amount | $ | 3.93 | $ | (0.05 | ) | $ | 3.88 | ||||||||||
2012 | |||||||||||||||||
Shares | 219,130 | 3,654 | 222,784 | ||||||||||||||
Amount | $ | 3.59 | $ | (0.06 | ) | $ | 3.53 | ||||||||||
Investments_And_Restricted_Inv1
Investments And Restricted Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Investments And Restricted Investments [Abstract] | |||||||||||||||||||||||||
Amortized Cost And Fair Value Of Available-For-Sale Securities | The amortized cost and fair value of the Company’s available-for-sale securities as of January 31, 2015 were: | ||||||||||||||||||||||||
$0 | Amortized | Unrealized | Unrealized | Fair value | Short-term | Long-term | |||||||||||||||||||
cost | gains | losses | |||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Corporate securities | $ | 3,298 | $ | 243 | $ | (5 | ) | $ | 3,536 | $ | 500 | $ | 3,036 | ||||||||||||
Mortgage-backed securities | 69 | 5 | — | 74 | — | 74 | |||||||||||||||||||
Total investments | 3,367 | 248 | (5 | ) | 3,610 | 500 | 3,110 | ||||||||||||||||||
Restricted Investments | |||||||||||||||||||||||||
U.S. government and agency securities | 3,563 | 265 | — | 3,828 | — | 3,828 | |||||||||||||||||||
Total restricted investments | 3,563 | 265 | — | 3,828 | — | 3,828 | |||||||||||||||||||
Total | $ | 6,930 | $ | 513 | $ | (5 | ) | $ | 7,438 | $ | 500 | $ | 6,938 | ||||||||||||
The amortized cost and fair value of the Company's available-for-sale securities as of February 1, 2014 were: | |||||||||||||||||||||||||
$0 | Amortized | Unrealized | Unrealized | Fair value | Short-term | Long-term | |||||||||||||||||||
cost | gains | losses | |||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Corporate securities | $ | 3,298 | $ | 325 | $ | (4 | ) | $ | 3,619 | $ | — | $ | 3,619 | ||||||||||||
U.S. government and agency securities | 12,005 | 1 | — | 12,006 | 12,006 | — | |||||||||||||||||||
Mortgage-backed securities | 86 | 5 | — | 91 | — | 91 | |||||||||||||||||||
Total investments | 15,389 | 331 | (4 | ) | 15,716 | 12,006 | 3,710 | ||||||||||||||||||
Restricted Investments | |||||||||||||||||||||||||
Corporate securities | 110 | 5 | — | 115 | 115 | — | |||||||||||||||||||
U.S. government and agency securities | 3,728 | 266 | — | 3,994 | 145 | 3,849 | |||||||||||||||||||
Total restricted investments | 3,838 | 271 | — | 4,109 | 260 | 3,849 | |||||||||||||||||||
Total | $ | 19,227 | $ | 602 | $ | (4 | ) | $ | 19,825 | $ | 12,266 | $ | 7,559 | ||||||||||||
Investments And Restricted Investments | Investments and restricted investments measured at fair value at January 31, 2015 are summarized below: | ||||||||||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||||||||||
January 31, | Quoted prices in | Significant | Significant | ||||||||||||||||||||||
2015 | active markets for | other | unobservable | ||||||||||||||||||||||
identical assets | observable | inputs | |||||||||||||||||||||||
inputs | |||||||||||||||||||||||||
$0 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Corporate securities | $ | 3,536 | $ | — | $ | 3,536 | $ | — | |||||||||||||||||
Mortgage-backed securities | 74 | — | 74 | — | |||||||||||||||||||||
Total investments | 3,610 | — | 3,610 | — | |||||||||||||||||||||
Restricted Investments | |||||||||||||||||||||||||
U.S. government and agency securities | 3,828 | 3,828 | — | — | |||||||||||||||||||||
Total restricted investments | 3,828 | 3,828 | — | — | |||||||||||||||||||||
Total | $ | 7,438 | $ | 3,828 | $ | 3,610 | $ | — | |||||||||||||||||
Investments and restricted investments measured at fair value at February 1, 2014 are summarized below: | |||||||||||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||||||||||
February 1, | Quoted prices in | Significant | Significant | ||||||||||||||||||||||
2014 | active markets for | other | unobservable | ||||||||||||||||||||||
identical assets | observable | inputs | |||||||||||||||||||||||
inputs | |||||||||||||||||||||||||
$0 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Corporate securities | $ | 3,619 | $ | — | $ | 3,619 | $ | — | |||||||||||||||||
U.S. government and agency securities | 12,006 | 12,006 | — | — | |||||||||||||||||||||
Mortgage-backed securities | 91 | — | 91 | — | |||||||||||||||||||||
Total investments | 15,716 | 12,006 | 3,710 | — | |||||||||||||||||||||
Restricted Investments | |||||||||||||||||||||||||
Corporate securities | 115 | — | 115 | — | |||||||||||||||||||||
U.S. government and agency securities | 3,994 | 3,994 | — | — | |||||||||||||||||||||
Total restricted investments | 4,109 | 3,994 | 115 | — | |||||||||||||||||||||
Total | $ | 19,825 | $ | 16,000 | $ | 3,825 | $ | — | |||||||||||||||||
Maturities Of Investment And Restricted Investment Securities | The future maturities of investment and restricted investment securities at January 31, 2015 were: | ||||||||||||||||||||||||
Investments | Restricted Investments | ||||||||||||||||||||||||
$0 | Cost basis | Estimated fair value | Cost basis | Estimated fair value | |||||||||||||||||||||
Maturing in one year or less | $ | 500 | $ | 500 | $ | — | $ | — | |||||||||||||||||
Maturing after one year through five years | 2,867 | 3,110 | 3,563 | 3,828 | |||||||||||||||||||||
Total | $ | 3,367 | $ | 3,610 | $ | 3,563 | $ | 3,828 | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair value measurement for funds with quoted market prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows: | ||||||||||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||||||||||
Level 1 | $ | 81,926 | $ | 76,913 | |||||||||||||||||||||
Level 2 | 12,128 | 11,356 | |||||||||||||||||||||||
Total | $ | 94,054 | $ | 88,269 | |||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
Recognized Stock-Based Compensation | For fiscal 2014, 2013, and 2012, the Company recognized stock-based compensation expense as follows: | |||||||||||
$0 | 2014 | 2013 | 2012 | |||||||||
Restricted stock | $ | 34,729 | $ | 30,921 | $ | 29,191 | ||||||
Performance awards | 16,003 | 13,812 | 17,872 | |||||||||
ESPP | 2,269 | 2,114 | 1,889 | |||||||||
Total | $ | 53,001 | $ | 46,847 | $ | 48,952 | ||||||
Total Stock-Based Compensation Recognized In The Condensed Consolidated Statements Of Earnings | Total stock-based compensation recognized in the Company's Consolidated Statements of Earnings for fiscal 2014, 2013, and 2012 is as follows: | |||||||||||
Statements of Earnings Classification ($000) | 2014 | 2013 | 2012 | |||||||||
Cost of goods sold | $ | 27,088 | $ | 24,432 | $ | 22,915 | ||||||
Selling, general and administrative | 25,913 | 22,415 | 26,037 | |||||||||
Total | $ | 53,001 | $ | 46,847 | $ | 48,952 | ||||||
Debt_Debt_Tables
Debt Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Senior notes. Unsecured senior debt, net of unamortized discounts, as of January 31, 2015 and February 1, 2014 consisted of the following: | ||||||||||||||||||||||
$0 | 2014 | 2013 | |||||||||||||||||||||
6.38% Series A Senior Notes due 2018 | $ | 85,000 | $ | 85,000 | |||||||||||||||||||
6.53% Series B Senior Notes due 2021 | 65,000 | 65,000 | |||||||||||||||||||||
3.375% Senior Notes due 2024¹ | 248,375 | — | |||||||||||||||||||||
Total | $ | 398,375 | $ | 150,000 | |||||||||||||||||||
¹Net of unamortized discount of $1.6 million at January 31, 2015. | |||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table shows scheduled annual principal payments on Long-term debt: | ||||||||||||||||||||||
$0 | |||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||
$ | — | $ | — | $ | — | $ | 85,000 | $ | — | $ | 315,000 | ||||||||||||
Interest Income and Interest Expense Disclosure [Table Text Block] | The table below shows the components of interest expense and income for fiscal 2014, 2013, and 2012: | ||||||||||||||||||||||
$0 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Interest expense on long-term debt | $ | 12,990 | $ | 9,721 | $ | 9,721 | |||||||||||||||||
Other interest expense | 1,230 | 1,350 | 1,665 | ||||||||||||||||||||
Capitalized interest | (10,825 | ) | (10,799 | ) | (3,851 | ) | |||||||||||||||||
Interest income | (411 | ) | (519 | ) | (628 | ) | |||||||||||||||||
Total interest expense (income), net | $ | 2,984 | $ | (247 | ) | $ | 6,907 | ||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Leases [Abstract] | |||||
Future Minimum Annual Lease Payments | The aggregate future minimum annual lease payments under leases in effect at January 31, 2015 are as follows: | ||||
$0 | Total operating leases | ||||
2015 | $ | 438,423 | |||
2016 | 462,606 | ||||
2017 | 405,809 | ||||
2018 | 340,607 | ||||
2019 | 261,768 | ||||
Thereafter | 1,434,485 | ||||
Total minimum lease payments | $ | 3,343,698 | |||
Taxes_On_Earnings_Tables
Taxes On Earnings (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule for income tax provision | The provision for income taxes consisted of the following: | ||||||||||||
$0 | 2014 | 2013 | 2012 | ||||||||||
Current | |||||||||||||
Federal | $ | 499,009 | $ | 486,203 | $ | 485,882 | |||||||
State | 36,547 | 35,053 | 31,227 | ||||||||||
535,556 | 521,256 | 517,109 | |||||||||||
Deferred | |||||||||||||
Federal | 23,452 | (11,055 | ) | (37,178 | ) | ||||||||
State | 1,634 | (4,195 | ) | (1,850 | ) | ||||||||
25,086 | (15,250 | ) | (39,028 | ) | |||||||||
Total | $ | 560,642 | $ | 506,006 | $ | 478,081 | |||||||
Provision for Taxes Effective Rate | The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory federal income tax rate. The differences are reconciled below: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income taxes at the statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes (net of federal benefit) and other, net | 3 | % | 3 | % | 3 | % | |||||||
Total | 38 | % | 38 | % | 38 | % | |||||||
Components Of Deferred Income Taxes | The components of deferred income taxes at January 31, 2015 and February 1, 2014 are as follows: | ||||||||||||
$0 | 2014 | 2013 | |||||||||||
Deferred Tax Assets | |||||||||||||
Accrued liabilities | $ | 77,791 | $ | 87,835 | |||||||||
Deferred compensation | 33,456 | 31,034 | |||||||||||
Stock-based compensation | 35,332 | 33,048 | |||||||||||
Deferred rent | 26,370 | 17,888 | |||||||||||
California franchise taxes and credits | 18,478 | 16,479 | |||||||||||
Employee benefits | 23,136 | 16,177 | |||||||||||
Other | 4,927 | 4,992 | |||||||||||
219,490 | 207,453 | ||||||||||||
Deferred Tax Liabilities | |||||||||||||
Depreciation | (252,013 | ) | (212,383 | ) | |||||||||
Merchandise inventory | (26,668 | ) | (28,558 | ) | |||||||||
Supplies | (11,616 | ) | (10,730 | ) | |||||||||
Prepaid expenses | (2,923 | ) | (4,426 | ) | |||||||||
(293,220 | ) | (256,097 | ) | ||||||||||
Net Deferred Tax Liabilities | $ | (73,730 | ) | $ | (48,644 | ) | |||||||
Classified as: | |||||||||||||
Current net deferred tax asset | $ | 12,951 | $ | 10,227 | |||||||||
Long-term net deferred tax liability | (86,681 | ) | (58,871 | ) | |||||||||
Net Deferred Tax Liabilities | $ | (73,730 | ) | $ | (48,644 | ) | |||||||
Unrecognized Tax Benefits | The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2014, 2013, and 2012 are as follows: | ||||||||||||
$0 | 2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefits - beginning of year | $ | 80,323 | $ | 65,667 | $ | 56,524 | |||||||
Gross increases: | |||||||||||||
Tax positions in current period | 15,441 | 15,591 | 11,009 | ||||||||||
Tax positions in prior period | — | 2,418 | 4,167 | ||||||||||
Gross decreases: | |||||||||||||
Tax positions in prior periods | (9,432 | ) | (519 | ) | (1,476 | ) | |||||||
Lapse of statute limitations | (5,732 | ) | (2,274 | ) | (1,312 | ) | |||||||
Settlements | (2,484 | ) | (560 | ) | (3,245 | ) | |||||||
Unrecognized tax benefits - end of year | $ | 78,116 | $ | 80,323 | $ | 65,667 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||
Schedule Of Stock Repurchase Activity | The following table summarizes the Company’s stock repurchase activity in fiscal 2014, 2013, and 2012: | |||||||||||||||||
Fiscal Year | Shares repurchased (in millions) | Average repurchase price | Repurchased | |||||||||||||||
(in millions) | ||||||||||||||||||
2014 | 7.4 | $74.30 | $550 | |||||||||||||||
2013 | 8.2 | $67.24 | $550 | |||||||||||||||
2012 | 7.5 | $60.34 | $450 | |||||||||||||||
Summary Of Stock Option Activity | A summary of the stock option activity for fiscal 2014 is presented below: | |||||||||||||||||
(000, except per share data) | Number of shares | Weighted | Weighted average remaining contractual term | Aggregate | ||||||||||||||
average | intrinsic value | |||||||||||||||||
exercise price | ||||||||||||||||||
Outstanding at February 1, 2014 | 1,169 | $14.07 | ||||||||||||||||
Granted | — | — | ||||||||||||||||
Exercised | (650 | ) | 14.05 | |||||||||||||||
Forfeited | — | — | ||||||||||||||||
Outstanding at January 31, 2015, all vested | 519 | $14.09 | 0.99 | $40,285 | ||||||||||||||
Summary of Weighted Average Remaining Contractual Life And The Weighted Average Exercise Prices For Stock Options Both Outstanding and Exercisable | The following table summarizes information about the weighted average remaining contractual life (in years) and the weighted average exercise prices for stock options both outstanding and exercisable as of January 31, 2015 (number of shares in thousands): | |||||||||||||||||
Options outstanding and exercisable | ||||||||||||||||||
Exercise price range | Number of shares | Remaining life | Exercise price | |||||||||||||||
$ | 11.47 | to | $ | 13.77 | 116 | 0.98 | $13.28 | |||||||||||
13.84 | to | 13.89 | 56 | 0.29 | 13.85 | |||||||||||||
13.91 | to | 13.91 | 185 | 1.11 | 13.91 | |||||||||||||
13.92 | to | 14.65 | 106 | 0.52 | 14.32 | |||||||||||||
14.7 | to | 16.39 | 56 | 2.19 | 16.22 | |||||||||||||
$ | 11.47 | to | $ | 16.39 | 519 | 0.99 | $14.09 | |||||||||||
Summary of Unvested Restricted Stock Activity | A summary of the restricted stock activity for fiscal 2014 is presented below: | |||||||||||||||||
(000, except per share data) | Number of | Weighted | ||||||||||||||||
shares | average | |||||||||||||||||
grant date | ||||||||||||||||||
fair value | ||||||||||||||||||
Unvested at February 1, 2014 | 3,914 | $37.14 | ||||||||||||||||
Awarded | 967 | 67.15 | ||||||||||||||||
Released | (1,316 | ) | 29.29 | |||||||||||||||
Forfeited | (74 | ) | 55.46 | |||||||||||||||
Unvested at January 31, 2015 | 3,491 | $48.02 | ||||||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||
Schedule of Quarterly Financial Data | Summarized quarterly financial information for fiscal 2014 and 2013 is presented in the tables below. | |||||||||||||||||
Year ended January 31, 2015: | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||
($000, except per share data) | May 3, 2014 | August 2, 2014 | November 1, 2014 | January 31, 2015 | ||||||||||||||
Sales | $ | 2,680,593 | $ | 2,729,566 | $ | 2,598,820 | $ | 3,032,698 | ||||||||||
Cost of goods sold | 1,908,184 | 1,944,017 | 1,882,185 | 2,203,570 | ||||||||||||||
Selling, general and administrative | 379,802 | 395,225 | 410,002 | 430,342 | ||||||||||||||
Interest (income) expense, net | (104 | ) | (95 | ) | 777 | 2,406 | ||||||||||||
Total costs and expenses | 2,287,882 | 2,339,147 | 2,292,964 | 2,636,318 | ||||||||||||||
Earnings before taxes | 392,711 | 390,419 | 305,856 | 396,380 | ||||||||||||||
Provision for taxes on earnings | 148,798 | 150,858 | 113,136 | 147,850 | ||||||||||||||
Net earnings | $ | 243,913 | $ | 239,561 | $ | 192,720 | $ | 248,530 | ||||||||||
Earnings per share – basic1 | $ | 1.17 | $ | 1.15 | $ | 0.94 | $ | 1.21 | ||||||||||
Earnings per share – diluted1 | $ | 1.15 | $ | 1.14 | $ | 0.93 | $ | 1.2 | ||||||||||
Cash dividends declared per share | ||||||||||||||||||
on common stock | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | ||||||||||
Stock price | ||||||||||||||||||
High | $ | 74.09 | $ | 69.66 | $ | 80.83 | $ | 96.94 | ||||||||||
Low | $ | 65.78 | $ | 62.15 | $ | 64.64 | $ | 80.44 | ||||||||||
1 EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. | ||||||||||||||||||
Year ended February 1, 2014: | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||
($000, except per share data) | May 4, 2013 | August 3, 2013 | November 2, 2013 | February 1, 2014 | ||||||||||||||
Sales | $ | 2,539,914 | $ | 2,551,277 | $ | 2,398,122 | $ | 2,741,040 | ||||||||||
Cost of goods sold | 1,798,811 | 1,823,777 | 1,746,235 | 1,992,101 | ||||||||||||||
Selling, general and administrative | 361,968 | 381,193 | 381,860 | 401,345 | ||||||||||||||
Interest expense (income), net | 209 | (175 | ) | (152 | ) | (129 | ) | |||||||||||
Total costs and expenses | 2,160,988 | 2,204,795 | 2,127,943 | 2,393,317 | ||||||||||||||
Earnings before taxes | 378,926 | 346,482 | 270,179 | 347,723 | ||||||||||||||
Provision for taxes on earnings | 144,314 | 133,361 | 98,561 | 129,770 | ||||||||||||||
Net earnings | $ | 234,612 | $ | 213,121 | $ | 171,618 | $ | 217,953 | ||||||||||
Earnings per share – basic1 | $ | 1.09 | $ | 1 | $ | 0.81 | $ | 1.04 | ||||||||||
Earnings per share – diluted1 | $ | 1.07 | $ | 0.98 | $ | 0.8 | $ | 1.02 | ||||||||||
Cash dividends declared per share | ||||||||||||||||||
on common stock | $ | — | $ | 0.17 | $ | 0.17 | $ | 0.17 | ||||||||||
Stock price | ||||||||||||||||||
High | $ | 66.07 | $ | 69.2 | $ | 77.63 | $ | 81.64 | ||||||||||
Low | $ | 55.23 | $ | 63.29 | $ | 64.76 | $ | 67.66 | ||||||||||
1 EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Sep. 30, 2014 | |
segment | |||||
center | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of distribution centers | 5 | ||||
Number of reportable segments | 1 | ||||
Purchase obligations | $1,953,000,000 | ||||
Fair value of cash and cash equivalents considered as Level 1 inputs | 696,608,000 | 423,168,000 | 646,761,000 | 649,835,000 | |
Packaway inventory, storage period, less than | 6 months | ||||
Depreciation and amortization expense on property and equipment | 232,959,000 | 206,111,000 | 185,491,000 | ||
Capitalized interest | 10,825,000 | 10,799,000 | 3,851,000 | ||
Asset impairment charges | 0 | 0 | 0 | ||
Lease loss liability | 2,700,000 | 6,300,000 | |||
Book cash overdrafts | 123,800,000 | 75,700,000 | |||
Advertising costs | 72,100,000 | 70,200,000 | 67,700,000 | ||
Anti-dilutive weighted average shares excluded from EPS calculation | 2,500 | 2,900 | 53,900 | ||
Property, Plant and Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property and equipment purchased but not yet paid | 58,600,000 | 61,300,000 | 23,700,000 | ||
Minimum [Member] | Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property and equipment estimated useful life, straight-line method | 3 years | ||||
Minimum [Member] | Land Improvements and Buildings [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property and equipment estimated useful life, straight-line method | 20 years | ||||
Maximum [Member] | Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property and equipment estimated useful life, straight-line method | 12 years | ||||
Maximum [Member] | Land Improvements and Buildings [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property and equipment estimated useful life, straight-line method | 40 years | ||||
Ross Dress For Less [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of stores | 1,210 | ||||
Number of states company operates in | 33 | ||||
Number of stores closed | 9 | 11 | |||
DD's Discounts [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of stores | 152 | ||||
Number of states company operates in | 15 | ||||
California [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of distribution centers | 2 | ||||
Number of buying offices | 1 | ||||
Number of warehouses | 2 | ||||
Stores as percentage of total | 25.00% | ||||
New York City Office [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Sales and purchase agreement, property purchase price agreed upon | $222,000,000 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Restricted Cash, Cash Equivalents, and Investments) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Prepaid expenses and other | $19,713 | $20,734 |
Other long-term assets | 56,107 | 50,763 |
Total | $75,820 | $71,497 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Prepaid Expenses And Other Assets) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Restricted cash and investments | $19,713 | $20,734 |
Prepaid expenses | 87,065 | 81,257 |
Total | $106,778 | $101,991 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Other Long-Term Assets) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Deferred compensation (Note B) | $94,054 | $88,269 |
Restricted cash and investments | 56,107 | 50,763 |
Deposits | 3,285 | 3,285 |
Goodwill | 2,889 | 2,889 |
Other | 7,147 | 5,423 |
Total | $163,482 | $150,629 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Summary Of Insurance Obligations) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Workers’ compensation | $87,388 | $82,223 |
General liability | 37,253 | 34,524 |
Medical plans | 3,159 | 3,537 |
Total | $127,800 | $120,284 |
Summary_Of_Significant_Account7
Summary Of Significant Accounting Policies (Schedule Of Other Long-Term Liabilities) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | |||
Accounting Policies [Abstract] | |||
Income taxes (Note F) | $101,696 | $104,944 | $82,500 |
Deferred compensation (Note G) | 94,054 | 88,269 | |
Deferred rent | 59,465 | 64,671 | |
Tenant improvement allowances | 19,562 | 19,744 | |
Other Liabilities | 4,723 | 9,939 | |
Total | $279,500 | $287,567 |
Summary_Of_Significant_Account8
Summary Of Significant Accounting Policies (Schedule Of Sales Mix) (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Sales Mix [Line Items] | |||
Company's sales mix as a percent of total sales | 100.00% | 100.00% | 100.00% |
Ladies [Member] | |||
Sales Mix [Line Items] | |||
Company's sales mix as a percent of total sales | 29.00% | 29.00% | 29.00% |
Home Accents And Bed And Bath [Member] | |||
Sales Mix [Line Items] | |||
Company's sales mix as a percent of total sales | 24.00% | 24.00% | 24.00% |
Accessories, Lingerie, Fine Jewelry, And Fragrances [Member] | |||
Sales Mix [Line Items] | |||
Company's sales mix as a percent of total sales | 13.00% | 13.00% | 13.00% |
Men's [Member] | |||
Sales Mix [Line Items] | |||
Company's sales mix as a percent of total sales | 13.00% | 13.00% | 13.00% |
Shoes [Member] | |||
Sales Mix [Line Items] | |||
Company's sales mix as a percent of total sales | 13.00% | 13.00% | 13.00% |
Children's [Member] | |||
Sales Mix [Line Items] | |||
Company's sales mix as a percent of total sales | 8.00% | 8.00% | 8.00% |
Summary_Of_Significant_Account9
Summary Of Significant Accounting Policies (Schedule Of Allowance For Sales Returns) (Details) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Allowance for Sales Returns [Roll Forward] | |||
Allowance For Sales Return, Beginning Balance | $7,431 | $7,165 | $6,426 |
Allowance For Sales Return, Additions | 717,040 | 699,835 | 680,058 |
Allowance For Sales Return, Returns | -715,877 | -699,569 | -679,319 |
Allowance For Sales Return, Ending Balance | $8,594 | $7,431 | $7,165 |
Recovered_Sheet2
Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted EPS) (Details) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||||||||
Accounting Policies [Abstract] | |||||||||||||||||||
Basic (in shares) | 206,777 | 212,881 | 219,130 | ||||||||||||||||
Basic (in dollars per share) | $1.21 | [1] | $0.94 | [1] | $1.15 | [1] | $1.17 | [1] | $1.04 | [1] | $0.81 | [1] | $1 | [1] | $1.09 | [1] | $4.47 | $3.93 | $3.59 |
Effect of dilutive common stock equivalents (in share) | 2,262 | 2,924 | 3,654 | ||||||||||||||||
Effect of dilutive common stock equivalents (in dollars per share) | ($0.05) | ($0.05) | ($0.06) | ||||||||||||||||
Diluted (in shares) | 209,039 | 215,805 | 222,784 | ||||||||||||||||
Diluted (in dollars per share) | $1.20 | [1] | $0.93 | [1] | $1.14 | [1] | $1.15 | [1] | $1.02 | [1] | $0.80 | [1] | $0.98 | [1] | $1.07 | [1] | $4.42 | $3.88 | $3.53 |
[1] | EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. |
Investments_And_Restricted_Inv2
Investments And Restricted Investments (Amortized Cost And Fair Value Of Available-For-Sale Securities) (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | $6,930,000 | $19,227,000 | |
Unrealized gains | 513,000 | 602,000 | |
Unrealized losses | -5,000 | -4,000 | |
Fair value | 7,438,000 | 19,825,000 | |
Short-term | 500,000 | 12,266,000 | |
Long-term | 6,938,000 | 7,559,000 | |
Increase Decrease in available for sale securities | -100,000 | -300,000 | -100,000 |
Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3,367,000 | 15,389,000 | |
Unrealized gains | 248,000 | 331,000 | |
Unrealized losses | -5,000 | -4,000 | |
Fair value | 3,610,000 | 15,716,000 | |
Short-term | 500,000 | 12,006,000 | |
Long-term | 3,110,000 | 3,710,000 | |
Investments [Member] | Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3,298,000 | 3,298,000 | |
Unrealized gains | 243,000 | 325,000 | |
Unrealized losses | -5,000 | -4,000 | |
Fair value | 3,536,000 | 3,619,000 | |
Short-term | 500,000 | 0 | |
Long-term | 3,036,000 | 3,619,000 | |
Investments [Member] | U.S. Government And Agency Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 12,005,000 | ||
Unrealized gains | 1,000 | ||
Unrealized losses | 0 | ||
Fair value | 12,006,000 | ||
Short-term | 12,006,000 | ||
Long-term | 0 | ||
Investments [Member] | Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 69,000 | 86,000 | |
Unrealized gains | 5,000 | 5,000 | |
Unrealized losses | 0 | 0 | |
Fair value | 74,000 | 91,000 | |
Short-term | 0 | 0 | |
Long-term | 74,000 | 91,000 | |
Restricted Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3,563,000 | 3,838,000 | |
Unrealized gains | 265,000 | 271,000 | |
Unrealized losses | 0 | 0 | |
Fair value | 3,828,000 | 4,109,000 | |
Short-term | 0 | 260,000 | |
Long-term | 3,828,000 | 3,849,000 | |
Restricted Investments [Member] | Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 110,000 | ||
Unrealized gains | 5,000 | ||
Unrealized losses | 0 | ||
Fair value | 115,000 | ||
Short-term | 115,000 | ||
Long-term | 0 | ||
Restricted Investments [Member] | U.S. Government And Agency Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3,563,000 | 3,728,000 | |
Unrealized gains | 265,000 | 266,000 | |
Unrealized losses | 0 | 0 | |
Fair value | 3,828,000 | 3,994,000 | |
Short-term | 0 | 145,000 | |
Long-term | $3,828,000 | $3,849,000 |
Investments_And_Restricted_Inv3
Investments And Restricted Investments (Investments And Restricted Investments) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | $7,438 | $19,825 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 3,828 | 16,000 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 3,610 | 3,825 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | 0 |
Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 3,610 | 15,716 |
Investments [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 3,536 | 3,619 |
Investments [Member] | U.S. Government And Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 12,006 | |
Investments [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 74 | 91 |
Investments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | 12,006 |
Investments [Member] | Level 1 [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | 0 |
Investments [Member] | Level 1 [Member] | U.S. Government And Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 12,006 | |
Investments [Member] | Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | 0 |
Investments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 3,610 | 3,710 |
Investments [Member] | Level 2 [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 3,536 | 3,619 |
Investments [Member] | Level 2 [Member] | U.S. Government And Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | |
Investments [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 74 | 91 |
Investments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | 0 |
Investments [Member] | Level 3 [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | 0 |
Investments [Member] | Level 3 [Member] | U.S. Government And Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | |
Investments [Member] | Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | 0 |
Restricted Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 3,828 | 4,109 |
Restricted Investments [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 115 | |
Restricted Investments [Member] | U.S. Government And Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 3,828 | 3,994 |
Restricted Investments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 3,828 | 3,994 |
Restricted Investments [Member] | Level 1 [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | |
Restricted Investments [Member] | Level 1 [Member] | U.S. Government And Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 3,828 | 3,994 |
Restricted Investments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | 115 |
Restricted Investments [Member] | Level 2 [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 115 | |
Restricted Investments [Member] | Level 2 [Member] | U.S. Government And Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | 0 |
Restricted Investments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | 0 |
Restricted Investments [Member] | Level 3 [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | 0 | |
Restricted Investments [Member] | Level 3 [Member] | U.S. Government And Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments measured at fair value | $0 | $0 |
Investments_And_Restricted_Inv4
Investments And Restricted Investments (Maturities Of Investment And Restricted Investment Securities) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Investments and Restricted Investments [Line Items] | ||
Total, Cost basis | $6,930 | $19,227 |
Fair value | 7,438 | 19,825 |
Investments [Member] | ||
Investments and Restricted Investments [Line Items] | ||
Maturing in one year or less, Cost basis | 500 | |
Maturing after one year through five years, Cost basis | 2,867 | |
Total, Cost basis | 3,367 | 15,389 |
Maturing in one year or less, Estimated fair value | 500 | |
Maturing after one year through five years, Estimated fair value | 3,110 | |
Fair value | 3,610 | 15,716 |
Restricted Investments [Member] | ||
Investments and Restricted Investments [Line Items] | ||
Maturing in one year or less, Cost basis | 0 | |
Maturing after one year through five years, Cost basis | 3,563 | |
Total, Cost basis | 3,563 | 3,838 |
Maturing in one year or less, Estimated fair value | 0 | |
Maturing after one year through five years, Estimated fair value | 3,828 | |
Fair value | $3,828 | $4,109 |
Investments_And_Restricted_Inv5
Investments And Restricted Investments Underlying Assets in Deferred Compensation Program (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ||
Underlying assets in non-qualified deferred compensation program | $94,054 | $88,269 |
Level 1 [Member] | ||
Investment [Line Items] | ||
Underlying assets in non-qualified deferred compensation program | 81,926 | 76,913 |
Level 2 [Member] | ||
Investment [Line Items] | ||
Underlying assets in non-qualified deferred compensation program | $12,128 | $11,356 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 0 | 0 | 0 |
Discount rate under the ESPP | 15.00% | ||
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock-based compensation plans | 1 |
StockBased_Compensation_Recogn
Stock-Based Compensation (Recognized Stock-Based Compensation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $53,001 | $46,847 | $48,952 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 34,729 | 30,921 | 29,191 |
Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 16,003 | 13,812 | 17,872 |
ESPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $2,269 | $2,114 | $1,889 |
StockBased_Compensation_Total_
Stock-Based Compensation (Total Stock-Based Compensation Recognized In The Consolidated Statements Of Earnings) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $53,001 | $46,847 | $48,952 |
Cost Of Goods Sold [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 27,088 | 24,432 | 22,915 |
Selling, General And Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $25,913 | $22,415 | $26,037 |
Debt_Table_Details
Debt Table (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | |
In Thousands, unless otherwise specified | note | note | |
Debt Instrument [Line Items] | |||
Number of unsecured senior notes held | 3 | 2 | |
Long-term debt | $398,375 | $150,000 | |
Series A Unsecured Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 85,000 | 85,000 | |
Series B Unsecured Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 65,000 | 65,000 | |
3.375% Senior Notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $248,375 | [1] | $0 |
[1] | Net of unamortized discount of $1.6 million at January 31, 2015. |
Debt_Schedule_of_Maturities_of
Debt Schedule of Maturities of Long-term Debt (Details) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $0 |
2016 | 0 |
2017 | 0 |
2018 | 85,000 |
2019 | 0 |
Thereafter | $315,000 |
Debt_Interest_Expense_Income_N
Debt Interest Expense (Income) Net (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Debt Disclosure [Abstract] | |||||||||||
Interest expense on long-term debt | $12,990 | $9,721 | $9,721 | ||||||||
Other interest expense | 1,230 | 1,350 | 1,665 | ||||||||
Capitalized interest | -10,825 | -10,799 | -3,851 | ||||||||
Interest income | -411 | -519 | -628 | ||||||||
Total interest expense (income), net | $2,406 | $777 | ($95) | ($104) | ($129) | ($152) | ($175) | $209 | $2,984 | ($247) | $6,907 |
Debt_Details
Debt (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | ||
Debt Instrument [Line Items] | ||||
Debt Instrument, Unamortized Discount | $1,600,000 | |||
Proceeds from Debt, Net of Issuance Costs | 246,000,000 | |||
Number of unsecured senior notes held | 3 | 2 | ||
Unsecured senior notes | 398,375,000 | 150,000,000 | ||
Unsecured senior notes estimated fair value | 442,000,000 | 182,000,000 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | |||
Collateral trust | 56,300,000 | 47,200,000 | ||
Trade Letters Of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Trade Letters Of Credit Amount | 32,800,000 | 31,600,000 | ||
3.375% Senior Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Debt Issuance, Net of Debt Discount, Percent | 99.33% | |||
Unsecured senior notes | 248,375,000 | [1] | 0 | |
Unsecured senior notes due date | 1-Sep-24 | |||
Unsecured senior notes interest rate | 3.38% | |||
Debt Instrument, Face Amount | 250,000,000 | |||
Unsecured Series A and B Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 150,000,000 | |||
Series A Unsecured Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | 85,000,000 | 85,000,000 | ||
Unsecured senior notes due date | 1-Dec-18 | |||
Unsecured senior notes interest rate | 6.38% | |||
Debt Instrument, Face Amount | 85,000,000 | |||
Series B Unsecured Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes | 65,000,000 | 65,000,000 | ||
Unsecured senior notes due date | 1-Dec-21 | |||
Unsecured senior notes interest rate | 6.53% | |||
Debt Instrument, Face Amount | 65,000,000 | |||
Unsecured Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity for revolving credit facility | 600,000,000 | |||
Revolving credit facility expiration date | 1-Jun-17 | |||
Sublimit for issuance of standby letters of credit | 300,000,000 | |||
Basis points margin over LIBOR | 1.00% | |||
Standby Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Standby letter of credit, amount outstanding | 19,500,000 | 24,300,000 | ||
New York City Office [Member] | ||||
Debt Instrument [Line Items] | ||||
Sales and purchase agreement, property purchase price agreed upon | $222,000,000 | |||
[1] | Net of unamortized discount of $1.6 million at January 31, 2015. |
Leases_Narrative_Details
Leases (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
option | |||
store | |||
Operating Leased Assets [Line Items] | |||
Number of store sites owned | 3 | ||
Number of options to renew store lease for five year period, minimum | 3 | ||
Number of options to renew store lease for five year period, maximum | 4 | ||
Renewal option term of leases | 5 years | ||
Operating leases, rent expense | $457 | $434.90 | $406.60 |
Los Angeles Office [Member] | |||
Operating Leased Assets [Line Items] | |||
Facility, square foot area | 68,000 | ||
Warehouse [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of warehouses leased | 3 | ||
Warehouse [Member] | Carlisle, Pennsylvania [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of warehouses leased | 2 | ||
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Non-cancelable lease term | 3 years | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Non-cancelable lease term | 10 years |
Lease_Future_Minimum_Annual_Le
Lease (Future Minimum Annual Lease Payments) (Details) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $438,423 |
2016 | 462,606 |
2017 | 405,809 |
2018 | 340,607 |
2019 | 261,768 |
Thereafter | 1,434,485 |
Total minimum lease payments | $3,343,698 |
Taxes_On_Earnings_Narrative_De
Taxes On Earnings (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Contingency [Line Items] | |||
Realized tax benefits related to employee equity programs | $29,759,000 | $27,661,000 | $29,989,000 |
Reserves for unrecognized tax benefits | 101,696,000 | 104,944,000 | 82,500,000 |
Interest related to the reserve for unrecognized tax benefits | 23,600,000 | 24,600,000 | 16,800,000 |
Impact of recognizing taxes and interest related to unrecognized tax benefits | 51,000,000 | ||
Unrecognized tax benefits reduction resulting from lapse of applicable statute of limitations | 6,300,000 | ||
Internal Revenue Service [Member] | Earliest [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2011 | ||
Internal Revenue Service [Member] | Latest [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2014 | ||
State [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforward | $12,100,000 | $11,000,000 | |
State [Member] | Earliest [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2010 | ||
State [Member] | Latest [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2014 |
Taxes_On_Earnings_Provision_Fo
Taxes On Earnings (Provision For Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Current | |||||||||||
Federal | $499,009 | $486,203 | $485,882 | ||||||||
State | 36,547 | 35,053 | 31,227 | ||||||||
Current income taxes | 535,556 | 521,256 | 517,109 | ||||||||
Deferred | |||||||||||
Federal | 23,452 | -11,055 | -37,178 | ||||||||
State | 1,634 | -4,195 | -1,850 | ||||||||
Deferred income taxes | 25,086 | -15,250 | -39,028 | ||||||||
Income Tax Expense (Benefit) | $147,850 | $113,136 | $150,858 | $148,798 | $129,770 | $98,561 | $133,361 | $144,314 | $560,642 | $506,006 | $478,081 |
Taxes_On_Earnings_Provision_Fo1
Taxes On Earnings (Provision For Taxes Effective Rate) (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal income taxes at the statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes (net of federal benefit) and other, net | 3.00% | 3.00% | 3.00% |
Total | 38.00% | 38.00% | 38.00% |
Taxes_On_Earnings_Components_O
Taxes On Earnings (Components Of Deferred Income Taxes) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets | ||
Accrued liabilities | $77,791 | $87,835 |
Deferred compensation | 33,456 | 31,034 |
Stock-based compensation | 35,332 | 33,048 |
Deferred rent | 26,370 | 17,888 |
Deferred Tax Assets, State Taxes | 18,478 | 16,479 |
Employee benefits | 23,136 | 16,177 |
Other | 4,927 | 4,992 |
Deferred tax assets | 219,490 | 207,453 |
Deferred Tax Liabilities | ||
Depreciation | -252,013 | -212,383 |
Merchandise inventory | -26,668 | -28,558 |
Supplies | -11,616 | -10,730 |
Prepaid expenses | -2,923 | -4,426 |
Deferred tax liabilities | -293,220 | -256,097 |
Classified as: | ||
Current net deferred tax asset | 12,951 | 10,227 |
Long-term net deferred tax liability | -86,681 | -58,871 |
Net Deferred Tax Liabilities | ($73,730) | ($48,644) |
Taxes_On_Earnings_Unrecognized
Taxes On Earnings (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits - beginning of year | $80,323 | $65,667 | $56,524 |
Tax positions in current period, gross increases | 15,441 | 15,591 | 11,009 |
Tax positions in prior periods, gross increases | 0 | 2,418 | 4,167 |
Tax positions in prior periods, gross decreases | -9,432 | -519 | -1,476 |
Lapse of statute of limitations | -5,732 | -2,274 | -1,312 |
settlements | -2,484 | -560 | -3,245 |
Unrecognized tax benefits - end of year | $78,116 | $80,323 | $65,667 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
Company match of employee salary, percent | 4.00% | ||
Company contributions | $11,400,000 | $10,400,000 | $9,400,000 |
Underlying assets in non-qualified deferred compensation program | 94,054,000 | 88,269,000 | |
Liability to participants | 94,054,000 | 88,269,000 | |
Estimated liability for post-employment medical benefits | $9,700,000 | $6,800,000 |
Stockholders_Equity_Common_Sto
Stockholders' Equity (Common Stock) (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Class of Stock [Line Items] | |||
Stock repurchased program period | 2 years | ||
Stock repurchase program, approved amount | $1,400,000,000 | ||
Average repurchase (in dollars per share) | $74.30 | $67.24 | $60.34 |
Common stock repurchased, Value | 550,000,000 | 550,000,000 | 450,000,000 |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock repurchased, Shares | -7,403 | -8,179 | -7,458 |
Common stock repurchased, Value | $74,000 | $82,000 | $75,000 |
Stockholders_Equity_Preferred_
Stockholders' Equity (Preferred Stock) (Details) (USD $) | Jan. 31, 2015 |
Stockholders' Equity Note [Abstract] | |
Preferred stock, shares authorized | 4,000,000 |
Preferred stock, par value | $0.01 |
Preferred stock, shares issued | 0 |
Preferred stock, shares outstanding | 0 |
Stockholders_Equity_Dividends_
Stockholders' Equity (Dividends) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||
Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Jan. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Jan. 31, 2012 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Mar. 30, 2015 | Feb. 28, 2015 | |
Class of Stock [Line Items] | |||||||||||||||||||||||||
Cash dividends declared per share (in dollars per share) | $0.20 | $0.20 | $0.20 | $0.20 | $0.17 | $0.17 | $0.17 | $0.17 | $0.14 | $0.14 | $0.14 | $0.14 | $0.20 | $0.20 | $0.20 | $0.20 | $0.17 | $0.17 | $0.17 | $0 | $0.80 | $0.51 | $0.59 | ||
Subsequent Event [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Cash dividends declared per share (in dollars per share) | $0.24 | ||||||||||||||||||||||||
Stock Split, Conversion Ratio | 2 |
Stockholders_Equity_Stock_Opti
Stockholders' Equity (Stock Option Activity) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 31, 2009 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Stock options granted | 0 | 0 | 0 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for new restricted stock awards | 6,986,000 | 7,202,000 | ||
2008 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for new restricted stock awards | 6,628,000 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at beginning of period, Number of shares | 1,169,000 | |||
Stock options granted | 0 | |||
Exercised, Number of shares | -650,000 | |||
Forfeited, Number of shares | 0 | |||
Outstanding at end of period, all vested, Number of shares | 519,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Outstanding at beginning of period, Weighted average exercise price | 14.07 | |||
Granted, Weighted average exercise price | 0 | |||
Exercised, Weighted average exercise price | 14.05 | |||
Forfeited, Weighted average exercise price | 0 | |||
Outstanding at end of period, all vested, Weighted average exercise price | 14.09 | |||
Outstanding at end of period, all vested, Weighted average remaining contractual term | 0 years 11 months 26 days | |||
Outstanding at end of period, all vested, Aggregate intrinsic value | 40,285 | |||
2008 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Initial share reserve | 16,500,000 | |||
Full value awards | 12,000,000 |
Stockholders_Equity_Stock_Opti1
Stockholders' Equity (Stock Options Outstanding And Exercisable) (Details) (Stock Options [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 |
$11.47 to $13.77 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding and exercisable, Number of shares | 116 |
Options outstanding and exercisable, Remaining life | 0 years 11 months 22 days |
Options outstanding and exercisable, Exercise price | $13.28 |
Exercise price range, lower range limit | $11.47 |
Exercise price range, upper range limit | $13.77 |
$13.84 to $13.89 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding and exercisable, Number of shares | 56 |
Options outstanding and exercisable, Remaining life | 0 years 3 months 14 days |
Options outstanding and exercisable, Exercise price | $13.85 |
Exercise price range, lower range limit | $13.84 |
Exercise price range, upper range limit | $13.89 |
$13.91 to $13.91 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding and exercisable, Number of shares | 185 |
Options outstanding and exercisable, Remaining life | 1 year 1 month 9 days |
Options outstanding and exercisable, Exercise price | $13.91 |
Exercise price range, lower range limit | $13.91 |
Exercise price range, upper range limit | $13.91 |
$13.92 to $14.65 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding and exercisable, Number of shares | 106 |
Options outstanding and exercisable, Remaining life | 0 years 6 months 7 days |
Options outstanding and exercisable, Exercise price | $14.32 |
Exercise price range, lower range limit | $13.92 |
Exercise price range, upper range limit | $14.65 |
$14.70 to $16.39 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding and exercisable, Number of shares | 56 |
Options outstanding and exercisable, Remaining life | 2 years 2 months 8 days |
Options outstanding and exercisable, Exercise price | $16.22 |
Exercise price range, lower range limit | $14.70 |
Exercise price range, upper range limit | $16.39 |
$11.47 to $16.39 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding and exercisable, Number of shares | 519 |
Options outstanding and exercisable, Remaining life | 0 years 11 months 26 days |
Options outstanding and exercisable, Exercise price | $14.09 |
Exercise price range, lower range limit | $11.47 |
Exercise price range, upper range limit | $16.39 |
Stockholders_Equity_Restricted
Stockholders' Equity (Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Unvested at beginning of period | 3,914 | ||
Awarded, Number of shares | 967 | ||
Released, Number of shares | -1,316 | ||
Forfeited, Number of shares | -74 | ||
Unvested at end of period | 3,491 | 3,914 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Unvested at beginning of period, Weighted average grant date fair value | $37.14 | ||
Awarded, Weighted average grant date fair value | $67.15 | ||
Released, Weighted average grant date fair value | $29.29 | ||
Forfeited, Weighted average grant date fair value | $55.46 | ||
Unvested at end of period, Weighted average grant date fair value | $48.02 | $37.14 | |
Unamortized compensation expense | $87.40 | $74.90 | |
Employee service share-based compensation, unrecognized compensation costs on nonvested awards, weighted average period of recognition | 1 year 8 months 12 days | ||
Intrinsic value per share, end of period | $91.71 | ||
Intrinsic value, end of period | $320.20 | ||
Treasury Stock shares acquired | 534 | 496 | 505 |
Treasury stock, number of shares held | 4,888 | 4,354 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Restricted stock vesting period | 3 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Restricted stock vesting period | 5 years |
Stockholders_Equity_Performanc
Stockholders' Equity (Performance Share Awards) (Details) (Performance Shares [Member]) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period Restricted Stock Units Are Deferred From The Time They Are Earned | 1 year | ||
Restricted stock issued in settlement of performance share awards | 303 | 240 | 280 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 2 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 3 years |
Stockholders_Equity_Employee_S
Stockholders' Equity (Employee Stock Purchase Plan) (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Stockholders' Equity Note [Abstract] | |||
Plan participant's annual percentage ceiling for ESPP | 10.00% | ||
Plan participant's annual dollar amount ceiling for ESPP | $25,000 | ||
Purchase price for shares under ESPP | 85.00% | ||
Discount rate under the ESPP | 15.00% | ||
Shares purchased by employees | 200 | 208 | 211 |
Shares purchased by employees, average price per share | $64.35 | $57.57 | $50.67 |
Shares issued under plan during period | 19,342 | ||
Shares remaining for future issuance | 658 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Chairman Emeritus of the Board of Directors, consulting fee | $1,500,000 | ||
Chairman Emeritus of the Board of Directors, administrative support, health, other benefits | 300,000 | 300,000 | 300,000 |
Chairman Emeritus of the Board of Directors, life insurance death benefit | 2,000,000 | ||
Chairman Emeritus of the Board of Directors, severance pay | 75,000 | ||
Chairman Emeritus of the Board of Directors, severance term | 10 years | ||
Son of Chairman Emeritus of the Board of Directors, compensation expense | $133,000 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Jan. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Jan. 31, 2012 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||
Sales | $3,032,698 | $2,598,820 | $2,729,566 | $2,680,593 | $2,741,040 | $2,398,122 | $2,551,277 | $2,539,914 | $11,041,677 | $10,230,353 | $9,721,065 | ||||||||||||||||||||
Cost of goods sold | 2,203,570 | 1,882,185 | 1,944,017 | 1,908,184 | 1,992,101 | 1,746,235 | 1,823,777 | 1,798,811 | 7,937,956 | 7,360,924 | 7,011,428 | ||||||||||||||||||||
Selling, general and administrative | 430,342 | 410,002 | 395,225 | 379,802 | 401,345 | 381,860 | 381,193 | 361,968 | 1,615,371 | 1,526,366 | 1,437,886 | ||||||||||||||||||||
Total interest expense (income), net | 2,406 | 777 | -95 | -104 | -129 | -152 | -175 | 209 | 2,984 | -247 | 6,907 | ||||||||||||||||||||
Total costs and expenses | 2,636,318 | 2,292,964 | 2,339,147 | 2,287,882 | 2,393,317 | 2,127,943 | 2,204,795 | 2,160,988 | 9,556,311 | 8,887,043 | 8,456,221 | ||||||||||||||||||||
Earnings before taxes | 396,380 | 305,856 | 390,419 | 392,711 | 347,723 | 270,179 | 346,482 | 378,926 | 1,485,366 | 1,343,310 | 1,264,844 | ||||||||||||||||||||
Provision for taxes on earnings | 147,850 | 113,136 | 150,858 | 148,798 | 129,770 | 98,561 | 133,361 | 144,314 | 560,642 | 506,006 | 478,081 | ||||||||||||||||||||
Net earnings | $248,530 | $192,720 | $239,561 | $243,913 | $217,953 | $171,618 | $213,121 | $234,612 | $924,724 | $837,304 | $786,763 | ||||||||||||||||||||
Basic (in dollars per share) | $1.21 | [1] | $0.94 | [1] | $1.15 | [1] | $1.17 | [1] | $1.04 | [1] | $0.81 | [1] | $1 | [1] | $1.09 | [1] | $4.47 | $3.93 | $3.59 | ||||||||||||
Diluted (in dollars per share) | $1.20 | [1] | $0.93 | [1] | $1.14 | [1] | $1.15 | [1] | $1.02 | [1] | $0.80 | [1] | $0.98 | [1] | $1.07 | [1] | $4.42 | $3.88 | $3.53 | ||||||||||||
Cash dividends declared per share on common stock (in dollars per share) | $0.20 | $0.20 | $0.20 | $0.20 | $0.17 | $0.17 | $0.17 | $0.17 | $0.14 | $0.14 | $0.14 | $0.14 | $0.20 | $0.20 | $0.20 | $0.20 | $0.17 | $0.17 | $0.17 | $0 | $0.80 | $0.51 | $0.59 | ||||||||
High [Member] | |||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||
Stock price | $96.94 | $80.83 | $69.66 | $74.09 | $81.64 | $77.63 | $69.20 | $66.07 | $96.94 | $81.64 | |||||||||||||||||||||
Low [Member] | |||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||
Stock price | $80.44 | $64.64 | $62.15 | $65.78 | $67.66 | $64.76 | $63.29 | $55.23 | $80.44 | $67.66 | |||||||||||||||||||||
[1] | EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. |