Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
2-May-15 | 20-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 2-May-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | ROSS STORES INC | |
Entity Central Index Key | 745732 | |
Current Fiscal Year End Date | -29 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 205,678,629 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Earnings (store, USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
Sales | $2,938,148 | $2,680,593 |
Costs and Expenses | ||
Cost of goods sold | 2,067,455 | 1,908,184 |
Selling, general and administrative | 409,298 | 379,802 |
Interest expense (income), net | 2,003 | -104 |
Total costs and expenses | 2,478,756 | 2,287,882 |
Earnings before taxes | 459,392 | 392,711 |
Provision for taxes on earnings | 177,187 | 148,798 |
Net earnings | $282,205 | $243,913 |
Earnings per share | ||
Basic (in dollars per share) | $1.38 | $1.17 |
Diluted (in dollars per share) | $1.37 | $1.15 |
Weighted average shares outstanding (000) | ||
Basic (in shares) | 203,827 | 208,949 |
Diluted (in shares) | 205,693 | 211,515 |
Dividends | ||
Cash dividends declared per share (in dollars per share) | $0.24 | $0.20 |
Stores open at end of period (in number of stores) | 1,399 | 1,309 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $282,205 | $243,913 |
Other comprehensive (loss) income: | ||
Change in unrealized loss on investments, net of tax | -82 | -33 |
Comprehensive income | $282,123 | $243,880 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Current Assets | |||
Cash and cash equivalents | $761,356 | $696,608 | $595,950 |
Short-term investments | 500 | 500 | 0 |
Accounts receivable | 88,258 | 73,278 | 84,492 |
Merchandise inventory | 1,504,281 | 1,372,675 | 1,250,759 |
Prepaid expenses and other | 119,381 | 106,778 | 118,751 |
Deferred income taxes | 12,590 | 12,951 | 13,070 |
Total current assets | 2,486,366 | 2,262,790 | 2,063,022 |
Property and Equipment | |||
Land and buildings | 948,551 | 952,428 | 625,371 |
Fixtures and equipment | 1,962,115 | 1,933,383 | 1,722,928 |
Leasehold improvements | 876,002 | 854,572 | 819,524 |
Construction-in-progress | 302,464 | 293,715 | 362,076 |
Property and equipment, gross | 4,089,132 | 4,034,098 | 3,529,899 |
Less accumulated depreciation and amortization | 1,812,385 | 1,760,346 | 1,605,861 |
Property and equipment, net | 2,276,747 | 2,273,752 | 1,924,038 |
Long-term investments | 3,141 | 3,110 | 3,670 |
Other long-term assets | 169,795 | 160,669 | 160,558 |
Total assets | 4,936,049 | 4,700,321 | 4,151,288 |
Current Liabilities | |||
Accounts payable | 1,128,808 | 1,000,700 | 930,576 |
Accrued expenses and other | 389,804 | 385,325 | 352,559 |
Accrued payroll and benefits | 198,081 | 256,141 | 171,535 |
Income taxes payable | 108,314 | 17,202 | 121,683 |
Total current liabilities | 1,825,007 | 1,659,368 | 1,576,353 |
Long-term debt | 395,677 | 395,562 | 149,694 |
Other long-term liabilities | 296,490 | 279,500 | 286,672 |
Deferred income taxes | 85,376 | 86,681 | 63,291 |
Commitments and contingencies | |||
Stockholders’ Equity | |||
Common stock | 2,060 | 2,075 | 2,119 |
Additional paid-in capital | 1,068,554 | 1,015,681 | 970,187 |
Treasury stock | -222,571 | -160,600 | -157,030 |
Accumulated other comprehensive income | 248 | 330 | 356 |
Retained earnings | 1,485,208 | 1,421,724 | 1,259,646 |
Total stockholders’ equity | 2,333,499 | 2,279,210 | 2,075,278 |
Total liabilities and stockholders’ equity | $4,936,049 | $4,700,321 | $4,151,288 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Cash Flows From Operating Activities | ||
Net earnings | $282,205 | $243,913 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 63,316 | 56,465 |
Stock-based compensation | 14,288 | 12,035 |
Deferred income taxes | -944 | 1,577 |
Tax benefit from equity issuance | 37,320 | 23,141 |
Excess tax benefit from stock-based compensation | -37,255 | -22,943 |
Change in assets and liabilities: | ||
Merchandise inventory | -131,606 | 6,396 |
Other current assets | -27,539 | -36,623 |
Accounts payable | 143,038 | 157,254 |
Other current liabilities | 63,217 | 71,446 |
Other long-term, net | 7,948 | -8,084 |
Net cash provided by operating activities | 413,988 | 504,577 |
Cash Flows From Investing Activities | ||
Additions to property and equipment | -106,928 | -148,700 |
Increase in restricted cash and investments | -9 | -6,980 |
Purchases of investments | -718 | 0 |
Proceeds from investments | 601 | 12,022 |
Net cash used in investing activities | -107,054 | -143,658 |
Cash Flows From Financing Activities | ||
Excess tax benefit from stock-based compensation | 37,255 | 22,943 |
Issuance of common stock related to stock plans | 7,036 | 5,668 |
Treasury stock purchased | -61,977 | -35,471 |
Repurchase of common stock | -175,757 | -138,696 |
Dividends paid | -48,743 | -42,581 |
Net cash used in financing activities | -242,186 | -188,137 |
Net increase in cash and cash equivalents | 64,748 | 172,782 |
Cash and cash equivalents: | ||
Beginning of period | 696,608 | 423,168 |
End of period | 761,356 | 595,950 |
Supplemental Cash Flow Disclosures | ||
Interest paid | 4,148 | 0 |
Income taxes paid | $43,302 | $28,936 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||
Basis of presentation. The accompanying unaudited interim condensed consolidated financial statements have been prepared from the records of Ross Stores, Inc. and subsidiaries (the “Company”) without audit and, in the opinion of management, include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the Company’s financial position as of May 2, 2015 and May 3, 2014, the results of operations and comprehensive income for the three month periods ended May 2, 2015 and May 3, 2014, and cash flows for the three month periods ended May 2, 2015 and May 3, 2014. The Condensed Consolidated Balance Sheet as of January 31, 2015, presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended. | ||||||||||||
Accounting policies followed by the Company are described in Note A to the audited consolidated financial statements for the fiscal year ended January 31, 2015. Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, contained in the Company’s Annual Report on Form 10-K for the year ended January 31, 2015. | ||||||||||||
The results of operations and comprehensive income for the three month periods ended May 2, 2015 and May 3, 2014 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. | ||||||||||||
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 Condensed Consolidated Balance Sheets as of May 2, 2015, January 31, 2015, and May 3, 2014: | ||||||||||||
Restricted Assets ($000) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Prepaid expenses and other | $ | 19,706 | $ | 19,713 | $ | 22,751 | ||||||
Other long-term assets | 56,085 | 56,107 | 55,699 | |||||||||
Total | $ | 75,791 | $ | 75,820 | $ | 78,450 | ||||||
The classification between current and long-term is based on the timing of expected payments of the insurance obligations. | ||||||||||||
Property and equipment. As of May 2, 2015 and May 3, 2014, the Company had $18.0 million and $17.8 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment, Accounts payable, and Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets. | ||||||||||||
Sales mix. The Company’s sales mix is shown below for the three month periods ended May 2, 2015 and May 3, 2014: | ||||||||||||
Three Months Ended | ||||||||||||
May 2, 2015 | May 3, 2014 | |||||||||||
Ladies | 30 | % | 31 | % | ||||||||
Home Accents and Bed and Bath | 23 | % | 23 | % | ||||||||
Shoes | 14 | % | 13 | % | ||||||||
Accessories, Lingerie, Fine Jewelry, and Fragrances | 13 | % | 13 | % | ||||||||
Men's | 12 | % | 12 | % | ||||||||
Children's | 8 | % | 8 | % | ||||||||
Total | 100 | % | 100 | % | ||||||||
Dividends. Dividends included in the Condensed Consolidated Statements of Cash Flows reflect dividends paid during the periods shown. Dividends per share reported on the Condensed Consolidated Statements of Earnings reflect dividends declared during the periods shown. | ||||||||||||
In February 2015, the Company's Board of Directors declared a quarterly cash dividend of $0.235 per common share, that was paid in March 2015. The Company's Board of Directors declared cash dividends of $0.20 per common share in February, May, August, and November 2014, respectively. | ||||||||||||
In May 2015, the Company's Board of Directors declared a cash dividend of $0.235 per common share, payable on June 30, 2015. | ||||||||||||
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. | ||||||||||||
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 May 2, 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. | ||||||||||||
Recently issued and adopted accounting standards. In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). The standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as an asset. ASU 2015-03 is effective for annual and interim reporting periods after December 15, 2015, with early adoption permitted. The Company early adopted ASU 2015-03 retrospectively in its first fiscal quarter ended May 2, 2015. As a result of the retrospective adoption, the Company reclassified unamortized debt issuance costs of $2.8 million and $0.3 million as of January 31, 2015 and May 3, 2014, respectively, from Other long-term assets to a reduction in Long-term debt on the condensed consolidated balance sheets. Adoption of this standard did not impact results of operations, retained earnings, or cash flows in the current or previous interim and annual reporting periods. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||
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. | |||||||||||||
Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The inputs used to measure fair value include: Level 1, observable inputs such as quoted prices in active markets; Level 2, inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, unobservable inputs in which little or no market data exists. This fair value hierarchy requires the Company to develop its own assumptions and maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||
There were no transfers between Level 1 and Level 2 categories during the three month period ended May 2, 2015. | |||||||||||||
The fair value of the Company’s financial instruments were as follows: | |||||||||||||
$0 | May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||
Cash and cash equivalents | |||||||||||||
Level 1 | $ | 761,356 | $ | 696,608 | $ | 595,950 | |||||||
Investments | |||||||||||||
Level 2 | 3,641 | 3,610 | 3,670 | ||||||||||
Restricted cash and cash equivalents | |||||||||||||
Level 1 | $ | 72,006 | $ | 71,992 | $ | 74,518 | |||||||
Restricted investments | |||||||||||||
Level 1 | $ | 3,785 | $ | 3,828 | $ | 3,819 | |||||||
Level 2 | — | — | 113 | ||||||||||
The underlying assets in the Company’s non-qualified deferred compensation program as of May 2, 2015, January 31, 2015, and May 3, 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 | May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||
Level 1 | $ | 89,536 | $ | 81,926 | $ | 79,361 | |||||||
Level 2 | 13,325 | 12,128 | 13,517 | ||||||||||
Total | $ | 102,861 | $ | 94,054 | $ | 92,878 | |||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||||
2-May-15 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||||
Stock-based compensation. For the three month periods ended May 2, 2015 and May 3, 2014, the Company recognized stock-based compensation expense as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
$0 | May 2, 2015 | May 3, 2014 | ||||||||||||||
Restricted stock | $ | 8,573 | $ | 7,953 | ||||||||||||
Performance awards | 5,106 | 3,524 | ||||||||||||||
Employee stock purchase plan | 609 | 558 | ||||||||||||||
Total | $ | 14,288 | $ | 12,035 | ||||||||||||
Total stock-based compensation recognized in the Company's Condensed Consolidated Statements of Earnings for the three month periods ended May 2, 2015 and May 3, 2014 is as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
Statements of Earnings Classification ($000) | May 2, 2015 | May 3, 2014 | ||||||||||||||
Cost of goods sold | $ | 7,063 | $ | 6,178 | ||||||||||||
Selling, general and administrative | 7,225 | 5,857 | ||||||||||||||
Total | $ | 14,288 | $ | 12,035 | ||||||||||||
Restricted stock. The Company grants shares of restricted stock or restricted stock units to directors, officers, and key employees. 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. | ||||||||||||||||
During the three month periods ended May 2, 2015 and May 3, 2014, shares purchased by the Company for tax withholding totaled 586,599 and 484,354, respectively, and are considered treasury shares which are available for reissuance. | ||||||||||||||||
Performance shares. 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 are deferred generally for one year from the date earned. | ||||||||||||||||
As of May 2, 2015, shares subject to repurchase related to unvested restricted stock and performance share awards totaled 3.0 million shares. A summary of restricted stock and performance share award activity for the three month period ended May 2, 2015 is presented below: | ||||||||||||||||
(000, except per share data) | Number of | Weighted | ||||||||||||||
shares | average | |||||||||||||||
grant date | ||||||||||||||||
fair value | ||||||||||||||||
Unvested at January 31, 2015 | 3,491 | $ | 48.02 | |||||||||||||
Awarded | 888 | 103.95 | ||||||||||||||
Released | (1,187 | ) | 32.46 | |||||||||||||
Forfeited | (171 | ) | 57.08 | |||||||||||||
Unvested at May 2, 2015 | 3,021 | $ | 66.67 | |||||||||||||
The unamortized compensation expense at May 2, 2015 was $120.9 million which is expected to be recognized over a weighted-average remaining period of 2.3 years. The unamortized compensation expense at May 3, 2014 was $98.1 million, which was expected to be recognized over a weighted-average remaining period of 2.1 years. | ||||||||||||||||
Employee stock purchase plan. Under the Employee Stock Purchase Plan (“ESPP”), eligible employees participating in the quarterly offering period can choose to spend 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 each year. 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. | ||||||||||||||||
Stock option activity. A summary of the stock option activity for the three month period ended May 2, 2015 is presented below: | ||||||||||||||||
(000, except per share data) | Number of | Weighted average | Weighted average remaining contractual term | Aggregate intrinsic value | ||||||||||||
shares | exercise price | |||||||||||||||
Outstanding at January 31, 2015 | 519 | $ | 14.09 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (259 | ) | 13.9 | |||||||||||||
Forfeited | — | — | ||||||||||||||
Outstanding at May 2, 2015, all vested | 260 | $ | 14.28 | 1 | $ | 22,756 | ||||||||||
No stock options were granted during the three month periods ended May 2, 2015 and May 3, 2014. | ||||||||||||||||
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 May 2, 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 | 69 | 0.8 | $ | 13.31 | ||||||||
13.85 | to | 13.85 | 18 | 0.05 | 13.85 | |||||||||||
13.91 | to | 13.91 | 85 | 0.86 | 13.91 | |||||||||||
13.92 | to | 16.39 | 88 | 1.49 | 15.52 | |||||||||||
$ | 11.47 | to | $ | 16.39 | 260 | 1 | $ | 14.28 | ||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||
The Company computes and reports both basic earnings per share ("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. | ||||||||||||
For the three month periods ended May 2, 2015 and May 3, 2014, approximately 142,500 and 127,000 weighted average shares, respectively, were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for those periods presented. | ||||||||||||
The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: | ||||||||||||
Three Months Ended | ||||||||||||
Shares in (000s) | Basic EPS | Effect of | Diluted | |||||||||
dilutive | EPS | |||||||||||
common stock | ||||||||||||
equivalents | ||||||||||||
May 2, 2015 | ||||||||||||
Shares | 203,827 | 1,866 | 205,693 | |||||||||
Amount | $ | 1.38 | $ | (0.01 | ) | $ | 1.37 | |||||
May 3, 2014 | ||||||||||||
Shares | 208,949 | 2,566 | 211,515 | |||||||||
Amount | $ | 1.17 | $ | (0.02 | ) | $ | 1.15 | |||||
Debt
Debt | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt | Debt | ||||||||||||
Senior notes. Unsecured senior debt, net of unamortized discounts and debt issuance costs, consists of the following: | |||||||||||||
$0 | 2-May-15 | January 31, 2015 | May 3, 2014 | ||||||||||
6.38% Series A Senior Notes due 2018 | $ | 84,881 | $ | 84,873 | $ | 84,848 | |||||||
6.53% Series B Senior Notes due 2021 | 64,866 | 64,861 | 64,846 | ||||||||||
3.375% Senior Notes due 2024 | 245,930 | 245,828 | — | ||||||||||
Total | $ | 395,677 | $ | 395,562 | $ | 149,694 | |||||||
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. Interest on the 2024 Notes is payable semi-annually. | |||||||||||||
As of May 2, 2015, the Company also had outstanding two other 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 May 2, 2015, the Company was in compliance with these covenants. | |||||||||||||
As of May 2, 2015, January 31, 2015, and May 3, 2014, total unamortized discount and debt issuance costs were $4.3 million, $4.4 million, and $0.3 million, respectively, and were classified as a reduction of Long-term debt. | |||||||||||||
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 long-term debt was approximately $430 million, $442 million, and $182 million as of May 2, 2015, January 31, 2015, and May 3, 2014, respectively. The fair values are estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. | |||||||||||||
Interest expense and income for the three month periods ended May 2, 2015 and May 3, 2014 consists of the following: | |||||||||||||
Three Months Ended | |||||||||||||
$0 | 2-May-15 | May 3, 2014 | |||||||||||
Interest expense on long-term debt | $ | 4,642 | $ | 2,430 | |||||||||
Other interest expense | 341 | 341 | |||||||||||
Capitalized interest | (2,810 | ) | (2,771 | ) | |||||||||
Interest income | (170 | ) | (104 | ) | |||||||||
Interest expense (income), net | $ | 2,003 | $ | (104 | ) | ||||||||
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 May 2, 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 May 2, 2015, the Company was in compliance with these covenants. |
Taxes_On_Earnings
Taxes On Earnings | 3 Months Ended |
2-May-15 | |
Income Tax Disclosure [Abstract] | |
Taxes On Earnings | Taxes on Earnings |
As of May 2, 2015, January 31, 2015, and May 3, 2014, the reserves for unrecognized tax benefits were $108.1 million, $101.7 million, and $96.7 million inclusive of $25.1 million, $23.6 million, and $22.4 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, $54.4 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 $3.6 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. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
2-May-15 | |
Accounting Policies [Abstract] | |
Basis of presentation | The accompanying unaudited interim condensed consolidated financial statements have been prepared from the records of Ross Stores, Inc. and subsidiaries (the “Company”) without audit and, in the opinion of management, include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the Company’s financial position as of May 2, 2015 and May 3, 2014, the results of operations and comprehensive income for the three month periods ended May 2, 2015 and May 3, 2014, and cash flows for the three month periods ended May 2, 2015 and May 3, 2014. The Condensed Consolidated Balance Sheet as of January 31, 2015, presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended. |
Accounting policies followed by the Company are described in Note A to the audited consolidated financial statements for the fiscal year ended January 31, 2015. Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, contained in the Company’s Annual Report on Form 10-K for the year ended January 31, 2015. | |
The results of operations and comprehensive income for the three month periods ended May 2, 2015 and May 3, 2014 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. | |
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 Condensed Consolidated Balance Sheets as of May 2, 2015, January 31, 2015, and May 3, 2014: |
Property and equipment | As of May 2, 2015 and May 3, 2014, the Company had $18.0 million and $17.8 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment, Accounts payable, and Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets. |
Provision for litigation costs and other legal proceedings | 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 May 2, 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. | |
Recently issued accounting standards | In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). The standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as an asset. ASU 2015-03 is effective for annual and interim reporting periods after December 15, 2015, with early adoption permitted. The Company early adopted ASU 2015-03 retrospectively in its first fiscal quarter ended May 2, 2015. As a result of the retrospective adoption, the Company reclassified unamortized debt issuance costs of $2.8 million and $0.3 million as of January 31, 2015 and May 3, 2014, respectively, from Other long-term assets to a reduction in Long-term debt on the condensed consolidated balance sheets. Adoption of this standard did not impact results of operations, retained earnings, or cash flows in the current or previous interim and annual reporting periods. |
Taxes on Earnings | The Company accounts for interest and penalties related to unrecognized tax benefits as a part of its provision for taxes on earnings. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
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 Condensed Consolidated Balance Sheets as of May 2, 2015, January 31, 2015, and May 3, 2014: | |||||||||||
Restricted Assets ($000) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Prepaid expenses and other | $ | 19,706 | $ | 19,713 | $ | 22,751 | ||||||
Other long-term assets | 56,085 | 56,107 | 55,699 | |||||||||
Total | $ | 75,791 | $ | 75,820 | $ | 78,450 | ||||||
Schedule Of Sales Mix | The Company’s sales mix is shown below for the three month periods ended May 2, 2015 and May 3, 2014: | |||||||||||
Three Months Ended | ||||||||||||
May 2, 2015 | May 3, 2014 | |||||||||||
Ladies | 30 | % | 31 | % | ||||||||
Home Accents and Bed and Bath | 23 | % | 23 | % | ||||||||
Shoes | 14 | % | 13 | % | ||||||||
Accessories, Lingerie, Fine Jewelry, and Fragrances | 13 | % | 13 | % | ||||||||
Men's | 12 | % | 12 | % | ||||||||
Children's | 8 | % | 8 | % | ||||||||
Total | 100 | % | 100 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Schedule of fair values | The fair value of the Company’s financial instruments were as follows: | ||||||||||||
$0 | May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||
Cash and cash equivalents | |||||||||||||
Level 1 | $ | 761,356 | $ | 696,608 | $ | 595,950 | |||||||
Investments | |||||||||||||
Level 2 | 3,641 | 3,610 | 3,670 | ||||||||||
Restricted cash and cash equivalents | |||||||||||||
Level 1 | $ | 72,006 | $ | 71,992 | $ | 74,518 | |||||||
Restricted investments | |||||||||||||
Level 1 | $ | 3,785 | $ | 3,828 | $ | 3,819 | |||||||
Level 2 | — | — | 113 | ||||||||||
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 | May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||
Level 1 | $ | 89,536 | $ | 81,926 | $ | 79,361 | |||||||
Level 2 | 13,325 | 12,128 | 13,517 | ||||||||||
Total | $ | 102,861 | $ | 94,054 | $ | 92,878 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||
2-May-15 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Schedule of Stock-Based Compensation Expense By Award Type | For the three month periods ended May 2, 2015 and May 3, 2014, the Company recognized stock-based compensation expense as follows: | |||||||||||||||
Three Months Ended | ||||||||||||||||
$0 | May 2, 2015 | May 3, 2014 | ||||||||||||||
Restricted stock | $ | 8,573 | $ | 7,953 | ||||||||||||
Performance awards | 5,106 | 3,524 | ||||||||||||||
Employee stock purchase plan | 609 | 558 | ||||||||||||||
Total | $ | 14,288 | $ | 12,035 | ||||||||||||
Total Stock-Based Compensation Recognized In The Condensed Consolidated Statements Of Earnings | Total stock-based compensation recognized in the Company's Condensed Consolidated Statements of Earnings for the three month periods ended May 2, 2015 and May 3, 2014 is as follows: | |||||||||||||||
Three Months Ended | ||||||||||||||||
Statements of Earnings Classification ($000) | May 2, 2015 | May 3, 2014 | ||||||||||||||
Cost of goods sold | $ | 7,063 | $ | 6,178 | ||||||||||||
Selling, general and administrative | 7,225 | 5,857 | ||||||||||||||
Total | $ | 14,288 | $ | 12,035 | ||||||||||||
Unvested Restricted Stock Activity | A summary of restricted stock and performance share award activity for the three month period ended May 2, 2015 is presented below: | |||||||||||||||
(000, except per share data) | Number of | Weighted | ||||||||||||||
shares | average | |||||||||||||||
grant date | ||||||||||||||||
fair value | ||||||||||||||||
Unvested at January 31, 2015 | 3,491 | $ | 48.02 | |||||||||||||
Awarded | 888 | 103.95 | ||||||||||||||
Released | (1,187 | ) | 32.46 | |||||||||||||
Forfeited | (171 | ) | 57.08 | |||||||||||||
Unvested at May 2, 2015 | 3,021 | $ | 66.67 | |||||||||||||
Stock Option Activity | A summary of the stock option activity for the three month period ended May 2, 2015 is presented below: | |||||||||||||||
(000, except per share data) | Number of | Weighted average | Weighted average remaining contractual term | Aggregate intrinsic value | ||||||||||||
shares | exercise price | |||||||||||||||
Outstanding at January 31, 2015 | 519 | $ | 14.09 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (259 | ) | 13.9 | |||||||||||||
Forfeited | — | — | ||||||||||||||
Outstanding at May 2, 2015, all vested | 260 | $ | 14.28 | 1 | $ | 22,756 | ||||||||||
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 May 2, 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 | 69 | 0.8 | $ | 13.31 | ||||||||
13.85 | to | 13.85 | 18 | 0.05 | 13.85 | |||||||||||
13.91 | to | 13.91 | 85 | 0.86 | 13.91 | |||||||||||
13.92 | to | 16.39 | 88 | 1.49 | 15.52 | |||||||||||
$ | 11.47 | to | $ | 16.39 | 260 | 1 | $ | 14.28 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Reconciliation Of The Number Of Shares (Denominator) Used In The Basic And Diluted EPS Computations | The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: | |||||||||||
Three Months Ended | ||||||||||||
Shares in (000s) | Basic EPS | Effect of | Diluted | |||||||||
dilutive | EPS | |||||||||||
common stock | ||||||||||||
equivalents | ||||||||||||
May 2, 2015 | ||||||||||||
Shares | 203,827 | 1,866 | 205,693 | |||||||||
Amount | $ | 1.38 | $ | (0.01 | ) | $ | 1.37 | |||||
May 3, 2014 | ||||||||||||
Shares | 208,949 | 2,566 | 211,515 | |||||||||
Amount | $ | 1.17 | $ | (0.02 | ) | $ | 1.15 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Long-term Debt | Unsecured senior debt, net of unamortized discounts and debt issuance costs, consists of the following: | ||||||||||||
$0 | 2-May-15 | January 31, 2015 | May 3, 2014 | ||||||||||
6.38% Series A Senior Notes due 2018 | $ | 84,881 | $ | 84,873 | $ | 84,848 | |||||||
6.53% Series B Senior Notes due 2021 | 64,866 | 64,861 | 64,846 | ||||||||||
3.375% Senior Notes due 2024 | 245,930 | 245,828 | — | ||||||||||
Total | $ | 395,677 | $ | 395,562 | $ | 149,694 | |||||||
Interest Income and Interest Expense Disclosure | Interest expense and income for the three month periods ended May 2, 2015 and May 3, 2014 consists of the following: | ||||||||||||
Three Months Ended | |||||||||||||
$0 | 2-May-15 | May 3, 2014 | |||||||||||
Interest expense on long-term debt | $ | 4,642 | $ | 2,430 | |||||||||
Other interest expense | 341 | 341 | |||||||||||
Capitalized interest | (2,810 | ) | (2,771 | ) | |||||||||
Interest income | (170 | ) | (104 | ) | |||||||||
Interest expense (income), net | $ | 2,003 | $ | (104 | ) | ||||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | 2-May-15 | 3-May-14 | 31-May-15 | Jan. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||||||||||
Cash dividends declared per share (in dollars per share) | $0.24 | $0.20 | $0.20 | $0.20 | $0.20 | $0.24 | $0.20 | |||
Stock split, conversion ratio | 2 | |||||||||
Other Long-term Assets [Member] | Restatement Adjustment [Member] | Accounting Standards Update 2015-03 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
New accounting pronouncement, reclassification amount | $0.30 | $2.80 | ||||||||
Long-term Debt [Member] | Restatement Adjustment [Member] | Accounting Standards Update 2015-03 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
New accounting pronouncement, reclassification amount | 0.3 | 2.8 | ||||||||
Property, Plant and Equipment [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Property and equipment purchased but not yet paid | $18 | $17.80 | ||||||||
Subsequent Event [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Cash dividends declared per share (in dollars per share) | $0.24 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Restricted Cash, Cash Equivalents and Investments) (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Cash and Cash Equivalents [Abstract] | |||
Restricted cash, cash equivalents, and investments included in prepaid expenses and other | $19,706 | $19,713 | $22,751 |
Restricted cash, cash equivalents, and investments included in other long-term assets | 56,085 | 56,107 | 55,699 |
Restricted cash, cash equivalents, and investments | $75,791 | $75,820 | $78,450 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Sales Mix) (Details) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Sales Mix [Line Items] | ||
Company's sales mix as a percent of total sales | 100.00% | 100.00% |
Ladies [Member] | ||
Sales Mix [Line Items] | ||
Company's sales mix as a percent of total sales | 30.00% | 31.00% |
Home accents and bed and bath [Member] | ||
Sales Mix [Line Items] | ||
Company's sales mix as a percent of total sales | 23.00% | 23.00% |
Shoes [Member] | ||
Sales Mix [Line Items] | ||
Company's sales mix as a percent of total sales | 14.00% | 13.00% |
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% |
Men's [Member] | ||
Sales Mix [Line Items] | ||
Company's sales mix as a percent of total sales | 12.00% | 12.00% |
Children's [Member] | ||
Sales Mix [Line Items] | ||
Company's sales mix as a percent of total sales | 8.00% | 8.00% |
Fair_Value_Measurements_Balanc
Fair Value Measurements - Balance Sheet Items (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $761,356 | $696,608 | $595,950 |
Restricted cash and cash equivalents | 72,006 | 71,992 | 74,518 |
Restricted investments | 3,785 | 3,828 | 3,819 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 3,641 | 3,610 | 3,670 |
Restricted investments | $0 | $0 | $113 |
Fair_Value_Measurements_Underl
Fair Value Measurements - Underlying Asset Value (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Investment [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | $102,861 | $94,054 | $92,878 |
Level 1 [Member] | |||
Investment [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | 89,536 | 81,926 | 79,361 |
Level 2 [Member] | |||
Investment [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | $13,325 | $12,128 | $13,517 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | ||
2-May-15 | 3-May-14 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
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 the ESPP | 85.00% | ||
Discount rate under the ESPP | 15.00% | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Treasury shares purchased for tax withholding and available for reissuance | 586,599 | 484,354 | |
Unvested restricted stock, shares | 3,021,000 | 3,491,000 | |
Unamortized compensation expense | $120,900,000 | $98,100,000 | |
Unamortized compensation expense, remaining weighted-average period of recognition | 2 years 4 months 2 days | 2 years 1 month 6 days | |
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 3 years | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 5 years | ||
Performance Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period | 2 years | ||
Performance Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period | 3 years | ||
Peformance Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock deferment period | 1 year | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of shares | 0 |
StockBased_Compensation_Recogn
Stock-Based Compensation (Recognized Stock-Based Compensation) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $14,288 | $12,035 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 8,573 | 7,953 |
Performance Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 5,106 | 3,524 |
Employee Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $609 | $558 |
StockBased_Compensation_Total_
Stock-Based Compensation (Total Stock-Based Compensation Recognized In The Consolidated Statements Of Earnings) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $14,288 | $12,035 |
Cost of Sales [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 7,063 | 6,178 |
Selling, General and Administrative Expenses [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $7,225 | $5,857 |
StockBased_Compensation_Unvest
Stock-Based Compensation (Unvested Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding (in shares) [Roll Forward] | |
Unvested at January 31, 2015 | 3,491 |
Awarded, Number of shares | 888 |
Released, Number of shares | -1,187 |
Forfeited, Number of shares | -171 |
Unvested at May 2, 2015 | 3,021 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) [Abstract] | |
Unvested at January 31, 2015, Weighted average grant date fair value | $48.02 |
Awarded, Weighted average grant date fair value | $103.95 |
Released, Weighted average grant date fair value | $32.46 |
Forfeited, Weighted average grant date fair value | $57.08 |
Unvested at May 2, 2015, Weighted average grant date fair value | $66.67 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Activity) (Details) (Stock Options [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding (in shares) [Roll Forward] | |
Outstanding at January 31, 2015, Number of shares | 519 |
Granted, Number of shares | 0 |
Exercised, Number of shares | -259 |
Forfeited, Number of shares | 0 |
Outstanding at May 2, 2015, all vested, Number of shares | 260 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) [Abstract] | |
Outstanding at January 31, 2015, Weighted average exercise price | $14.09 |
Granted, Weighted average exercise price | $0 |
Exercised, Weighted average exercise price | $13.90 |
Forfeited, Weighted average exercise price | $0 |
Outstanding at May 2, 2015, all vested, Weighted average exercise price | $14.28 |
Outstanding at May 2, 2015, all vested, Weighted average remaining contractual term | 1 year 0 months 0 days |
Outstanding at May 2, 2015, all vested, Aggregate intrinsic value | $22,756 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Weighted Average Remaining Contractual Life And The Weighted Average Exercise Prices For Stock Options Both Outstanding And Exercisable) (Details) (Stock Options [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding and exercisable, Number of shares | 260 |
Options outstanding and exercisable, Remaining life | 1 year 0 months 0 days |
Options outstanding and exercisable, Exercise price (in dollars per share) | $14.28 |
Exercise price range, lower range limit (in dollars per share) | $11.47 |
Exercise price range, upper range limit (in dollars per share) | $16.39 |
$11.47 - $13.77 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding and exercisable, Number of shares | 69 |
Options outstanding and exercisable, Remaining life | 0 years 9 months 18 days |
Options outstanding and exercisable, Exercise price (in dollars per share) | $13.31 |
Exercise price range, lower range limit (in dollars per share) | $11.47 |
Exercise price range, upper range limit (in dollars per share) | $13.77 |
$13.85 - $13.85 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding and exercisable, Number of shares | 18 |
Options outstanding and exercisable, Remaining life | 0 years 0 months 18 days |
Options outstanding and exercisable, Exercise price (in dollars per share) | $13.85 |
Exercise price range, lower range limit (in dollars per share) | $13.85 |
Exercise price range, upper range limit (in dollars per share) | $13.85 |
$13.91 - $13.91 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding and exercisable, Number of shares | 85 |
Options outstanding and exercisable, Remaining life | 0 years 10 months 9 days |
Options outstanding and exercisable, Exercise price (in dollars per share) | $13.91 |
Exercise price range, lower range limit (in dollars per share) | $13.91 |
Exercise price range, upper range limit (in dollars per share) | $13.91 |
$13.92 - $16.39 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding and exercisable, Number of shares | 88 |
Options outstanding and exercisable, Remaining life | 1 year 5 months 26 days |
Options outstanding and exercisable, Exercise price (in dollars per share) | $15.52 |
Exercise price range, lower range limit (in dollars per share) | $13.92 |
Exercise price range, upper range limit (in dollars per share) | $16.39 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Earnings Per Share [Abstract] | ||
Weighted average shares excluded from calculation of diluted EPS | 142,500 | 127,000 |
Basic (in shares) | 203,827,000 | 208,949,000 |
Basic (in dollars per share) | $1.38 | $1.17 |
Effect of dilutive common stock equivalents, (in shares) | 1,866,000 | 2,566,000 |
Effect of dilutive common stock equivalents, (in dollars per share) | ($0.01) | ($0.02) |
Diluted (in shares) | 205,693,000 | 211,515,000 |
Diluted (in dollars per share) | $1.37 | $1.15 |
Debt_Details
Debt (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Long-term debt | $395,677 | $395,562 | $149,694 |
6.38% Series A Senior Notes due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 84,881 | 84,873 | 84,848 |
6.53% Series B Senior Notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 64,866 | 64,861 | 64,846 |
3.375% Senior Notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $245,930 | $245,828 | $0 |
Debt_Interest_Expense_Income_N
Debt - Interest Expense (Income) Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Debt Disclosure [Abstract] | ||
Interest expense on long-term debt | $4,642 | $2,430 |
Other interest expense | 341 | 341 |
Capitalized interest | -2,810 | -2,771 |
Interest income | -170 | -104 |
Interest expense (income), net | $2,003 | ($104) |
Debt_Narrative_Details
Debt - Narrative (Details) (USD $) | 3 Months Ended | |||
2-May-15 | Jan. 31, 2015 | 3-May-14 | Sep. 30, 2014 | |
Debt Instrument [Line Items] | ||||
Total unamortized discount and debt issuance costs | $4,300,000 | $4,400,000 | $300,000 | |
3.375% Senior Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes interest rate | 3.38% | |||
Debt instrument | 250,000,000 | |||
Unsecured Series A and B Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument | 150,000,000 | |||
6.38% Series A Senior Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes interest rate | 6.38% | |||
Debt instrument | 85,000,000 | |||
6.53% Series B Senior Notes due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes interest rate | 6.53% | |||
Debt instrument | 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% | |||
Letters of Credit Outstanding, Amount | 0 | |||
Level 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes estimated fair value | $430,000,000 | $442,000,000 | $182,000,000 | |
Senior Note Held by Various Investors [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of unsecured senior notes held | 2 |
Taxes_On_Earnings_Details
Taxes On Earnings (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | 108.1 | $101.70 | $96.70 |
Income tax penalties and interest accrued | 25.1 | 23.6 | 22.4 |
Impact of recognizing taxes and interest related to unrecognized tax benefits | 54.4 | ||
Unrecognized tax benefits reduction resulting from lapse of applicable statute of limitations | 3.6 | ||
Earliest Tax Year [Member] | Internal Revenue Service [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2011 | ||
Earliest Tax Year [Member] | State [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2010 | ||
Latest Tax Year [Member] | Internal Revenue Service [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2014 | ||
Latest Tax Year [Member] | State [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2014 |