Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Mar. 27, 2015 | Aug. 02, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | BIG LOTS INC | ||
Entity Central Index Key | 768835 | ||
Current Fiscal Year End Date | -30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 53,932,236 | ||
Entity Public Float | $2,360,292,069 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Statement [Abstract] | |||
Net sales | $5,177,078 | $5,124,755 | $5,212,318 |
Cost of sales (exclusive of depreciation expense shown separately below) | 3,133,124 | 3,117,386 | 3,157,632 |
Gross margin | 2,043,954 | 2,007,369 | 2,054,686 |
Selling and administrative expenses | 1,699,764 | 1,664,031 | 1,639,770 |
Depreciation expense | 119,702 | 113,228 | 103,146 |
Operating profit | 224,488 | 230,110 | 311,770 |
Interest expense | -2,588 | -3,293 | -4,184 |
Other income (expense) | 0 | -12 | 2 |
Income from continuing operations before income taxes | 221,900 | 226,805 | 307,588 |
Income tax expense | 85,239 | 85,515 | 117,071 |
Income from continuing operations | 136,661 | 141,290 | 190,517 |
Loss from discontinued operations, net of tax benefit (expense) of $13,852, $24,046 and $(45) in fiscal years 2014, 2013 and 2012, respectively | -22,385 | -15,995 | -13,396 |
Net income | $114,276 | $125,295 | $177,121 |
Earnings per common share - basic | |||
Continuing operations | $2.49 | $2.46 | $3.18 |
Discontinued operations | ($0.41) | ($0.28) | ($0.22) |
Earnings per common share - basic | $2.08 | $2.18 | $2.96 |
Earnings per common share - diluted | |||
Continuing operations | $2.46 | $2.44 | $3.15 |
Discontinued operations | ($0.40) | ($0.28) | ($0.22) |
Earnings per common share - diluted | $2.06 | $2.16 | $2.93 |
Cash dividends declared per common share | $0.51 | $0 | $0 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Statement [Abstract] | |||
Discontinued Operation, tax expense (benefit) | ($13,852) | ($24,046) | $45 |
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 |
Net income | $114,276 | $125,295 | $177,121 |
Other comprehensive income (loss): | |||
Foreign currency translation | 5,022 | -3,589 | -383 |
Amortization of pension, net of tax benefit of $(579), $(665), and $(921), respectively | 884 | 1,005 | 1,403 |
Valuation adjustment of pension, net of tax expense (benefit) of $4,613, $(1,589), and $(766), respectively | -7,051 | 2,403 | 1,169 |
Total other comprehensive (loss) income | -1,145 | -181 | 2,189 |
Comprehensive income | $113,131 | $125,114 | $179,310 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Other comprehensive income | |||
Amortization of pension, tax | ($579) | ($665) | ($921) |
Valuation adjustment of pension, tax | $4,613 | ($1,589) | ($766) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $52,261 | $68,629 |
Inventories | 851,669 | 914,965 |
Deferred income taxes | 39,154 | 59,781 |
Other current assets | 95,345 | 77,686 |
Total current assets | 1,038,429 | 1,121,061 |
Property and equipment - net | 550,555 | 569,682 |
Deferred income taxes | 7,139 | 5,106 |
Other assets | 39,768 | 43,750 |
Total assets | 1,635,891 | 1,739,599 |
Current liabilities: | ||
Accounts payable | 358,932 | 365,772 |
Property, payroll, and other taxes | 76,924 | 73,334 |
Accrued operating expenses | 62,955 | 57,167 |
Insurance reserves | 38,824 | 37,607 |
Accrued salaries and wages | 47,878 | 29,175 |
Income taxes payable | 2,316 | 14,392 |
Total current liabilities | 587,829 | 577,447 |
Long-term obligations | 62,100 | 77,000 |
Deferred rent | 65,930 | 76,364 |
Insurance reserves | 55,606 | 55,755 |
Unrecognized tax benefits | 17,888 | 17,975 |
Other liabilities | 56,988 | 33,631 |
Shareholders' equity: | ||
Preferred shares - authorized 2,000 shares; $0.01 par value; none issued | 0 | 0 |
Common shares - authorized 298,000 shares; $0.01 par value; issued 117,495 shares; outstanding 52,912 shares and 57,548 shares, respectively | 1,175 | 1,175 |
Treasury shares - 64,583 shares and 59,947 shares, respectively, at cost | -1,878,523 | -1,670,041 |
Additional paid-in capital | 574,454 | 562,447 |
Retained earnings | 2,107,100 | 2,021,357 |
Accumulated other comprehensive loss | -14,656 | -13,511 |
Total shareholders' equity | 789,550 | 901,427 |
Total liabilities and shareholders' equity | $1,635,891 | $1,739,599 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Shareholders' equity: | ||
Preferred shares - authorized shares (in shares) | 2,000 | 2,000 |
Preferred shares - par value (in dollars per share) | $0.01 | $0.01 |
Preferred shares - shares issued (in shares) | 0 | 0 |
Common shares - authorized shares (in shares) | 298,000 | 298,000 |
Common shares - par value (in dollars per share) | $0.01 | $0.01 |
Common shares - shares issued (in shares) | 117,495 | 117,495 |
Common shares - outstanding shares (in shares) | 52,912 | 57,548 |
Treasury shares - shares (in shares) | 64,583 | 59,947 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] |
In Thousands, except Share data, unless otherwise specified | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | |||||||
Balance at Jan. 28, 2012 | $823,233 | $1,175 | ($1,423,524) | $542,160 | $1,718,941 | ($15,519) | ||||||
Treasury stock (in shares) at Jan. 28, 2012 | 53,886,000 | |||||||||||
Balance (in shares) at Jan. 28, 2012 | 63,609,000 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Comprehensive income | 179,310 | 0 | 0 | 0 | 177,121 | 2,189 | ||||||
Purchases of common shares | -304,038 | 0 | -304,038 | 0 | 0 | 0 | ||||||
Purchases of common shares, (in shares) | -8,232,000 | 8,232,000 | ||||||||||
Exercise of stock options | 33,288 | 0 | 37,266 | -3,978 | 0 | 0 | ||||||
Exercise of stock options (in shares) | 1,406,262 | 1,406,000 | -1,406,000 | |||||||||
Restricted shares vested | 0 | 0 | 12,649 | -12,649 | 0 | 0 | ||||||
Restricted shares vested, (in shares) | 478,000 | -478,000 | ||||||||||
Tax benefit from share-based awards | 8,117 | 0 | 0 | 8,117 | 0 | 0 | ||||||
Share activity related to deferred compensation plan | 353 | 0 | 37 | 316 | 0 | 0 | ||||||
Share activity related to deferred compensation plan (in shares) | 8,000 | -8,000 | ||||||||||
Share-based employee compensation expense | 17,879 | 0 | 0 | 17,879 | 0 | 0 | ||||||
Balance at Feb. 02, 2013 | 758,142 | 1,175 | -1,677,610 | 551,845 | 1,896,062 | -13,330 | ||||||
Treasury stock (in shares) at Feb. 02, 2013 | 60,226,000 | |||||||||||
Balance (in shares) at Feb. 02, 2013 | 57,269,000 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Comprehensive income | 125,114 | 0 | 0 | 0 | 125,295 | -181 | ||||||
Purchases of common shares | -214 | 0 | -214 | 0 | 0 | 0 | ||||||
Purchases of common shares, (in shares) | -6,000 | 6,000 | ||||||||||
Exercise of stock options | 4,884 | 0 | 5,949 | -1,065 | 0 | 0 | ||||||
Exercise of stock options (in shares) | 213,520 | 214,000 | -214,000 | |||||||||
Restricted shares vested | 0 | 0 | 1,805 | -1,805 | 0 | 0 | ||||||
Restricted shares vested, (in shares) | 65,000 | -65,000 | ||||||||||
Tax benefit from share-based awards | 123 | 0 | 0 | 123 | 0 | 0 | ||||||
Share activity related to deferred compensation plan | 195 | 0 | 29 | 166 | 0 | 0 | ||||||
Share activity related to deferred compensation plan (in shares) | 6,000 | -6,000 | ||||||||||
Share-based employee compensation expense | 13,183 | 0 | 0 | 13,183 | 0 | 0 | ||||||
Balance at Feb. 01, 2014 | 901,427 | 1,175 | -1,670,041 | 562,447 | 2,021,357 | -13,511 | ||||||
Treasury stock (in shares) at Feb. 01, 2014 | 59,947,000 | 59,947,000 | ||||||||||
Balance (in shares) at Feb. 01, 2014 | 57,548,000 | 57,548,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Comprehensive income | 113,131 | 0 | 0 | 0 | 114,276 | -1,145 | ||||||
Dividends declared | -28,533 | 0 | 0 | 0 | -28,533 | 0 | ||||||
Purchases of common shares | -250,671 | 0 | -250,671 | 0 | 0 | 0 | ||||||
Purchases of common shares, (in shares) | -6,122,000 | 6,122,000 | ||||||||||
Exercise of stock options | 42,606 | 0 | 39,440 | 3,166 | 0 | 0 | ||||||
Exercise of stock options (in shares) | 1,389,040 | 1,389,000 | -1,389,000 | |||||||||
Restricted shares vested | 0 | 0 | 1,995 | -1,995 | 0 | 0 | ||||||
Restricted shares vested, (in shares) | 70,000 | -70,000 | ||||||||||
Performance shares vested | 0 | 0 | 716 | -716 | 0 | 0 | ||||||
Performance share vested, (in shares) | 25,000 | -25,000 | ||||||||||
Tax benefit from share-based awards | 994 | 0 | 0 | 994 | 0 | 0 | ||||||
Share activity related to deferred compensation plan | 62 | 0 | 38 | 24 | 0 | 0 | ||||||
Share activity related to deferred compensation plan (in shares) | 2,000 | -2,000 | ||||||||||
Share-based employee compensation expense | 10,534 | 0 | 0 | 10,534 | 0 | 0 | ||||||
Balance at Jan. 31, 2015 | $789,550 | $1,175 | ($1,878,523) | $574,454 | $2,107,100 | ($14,656) | ||||||
Treasury stock (in shares) at Jan. 31, 2015 | 64,583,000 | 64,583,000 | ||||||||||
Balance (in shares) at Jan. 31, 2015 | 52,912,000 | 52,912,000 |
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 |
Operating activities: | |||
Net income | $114,276 | $125,295 | $177,121 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 105,849 | 102,196 | 95,602 |
Deferred income taxes | 22,628 | -32,138 | 12,482 |
Non-cash share-based compensation expense | 10,534 | 13,183 | 17,879 |
Excess tax benefit from share-based awards | -3,776 | -123 | -8,144 |
Non-cash impairment charge | 3,532 | 21,091 | 984 |
Loss (gain) on disposition of property and equipment | 2,759 | -3,036 | 432 |
Pension expense, net of contributions | 4,190 | 3,378 | 3,810 |
Change in assets and liabilities, excluding effects of foreign currency adjustments: | |||
Inventories | 63,336 | 1,385 | -92,721 |
Accounts payable | -6,864 | -27,468 | 43,460 |
Current income taxes | -21,549 | -28,538 | 9,844 |
Other current assets | 3,181 | 420 | -4,078 |
Other current liabilities | 20,718 | 4,350 | 397 |
Other assets | 3,206 | 10,300 | -17,894 |
Other liabilities | -3,458 | 8,039 | 41,959 |
Net cash provided by operating activities | 318,562 | 198,334 | 281,133 |
Investing activities: | |||
Capital expenditures | -93,460 | -104,786 | -131,273 |
Cash proceeds from sale of property and equipment | 2,783 | 7,260 | 912 |
Other | -72 | 31 | 4 |
Net cash used in investing activities | -90,749 | -97,495 | -130,357 |
Financing activities: | |||
Net (repayments of) proceeds from borrowings under bank credit facility | -14,900 | -94,200 | 105,300 |
Payment of capital lease obligations | -2,365 | -1,089 | -1,321 |
Dividends paid | -27,828 | 0 | 0 |
Proceeds from the exercise of stock options | 42,606 | 4,884 | 33,288 |
Excess tax benefit from share-based awards | 3,776 | 123 | 8,144 |
Payment for treasury shares acquired | -250,671 | -214 | -304,038 |
Deferred bank credit facility fees paid | 0 | -895 | 0 |
Other | 62 | 195 | 353 |
Net cash used in financing activities | -249,320 | -91,196 | -158,274 |
Impact of foreign currency on cash | 5,139 | -1,595 | -468 |
Increase (Decrease) in cash and cash equivalents | -16,368 | 8,048 | -7,966 |
Cash and cash equivalents: | |||
Beginning of period | 68,629 | 60,581 | 68,547 |
End of period | $52,261 | $68,629 | $60,581 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Description of Business | ||||||||||||
We are a unique, non-traditional, discount retailer in the United States of America (“U.S.”). At January 31, 2015, we operated 1,460 stores in 48 states. Our goal is to exceed our core customer’s expectation by providing a product assortment of value-priced merchandise that is meaningful to our core customer, combined with the quality and ease of the shopping experience. Our value-priced merchandise is sourced through both traditional and close-out channels. | ||||||||||||
Basis of Presentation | ||||||||||||
The consolidated financial statements include Big Lots, Inc. and all of its subsidiaries, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and include all of our accounts. We consolidate all majority-owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated. | ||||||||||||
Management Estimates | ||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. The use of estimates, judgments, and assumptions creates a level of uncertainty with respect to reported or disclosed amounts in our consolidated financial statements or accompanying notes. On an ongoing basis, management evaluates its estimates, judgments, and assumptions, including those that management considers critical to the accurate presentation and disclosure of our consolidated financial statements and accompanying notes. Management bases its estimates, judgments, and assumptions on historical experience, current trends, and various other factors that it believes are reasonable under the circumstances. Because of the inherent uncertainty in using estimates, judgments, and assumptions, actual results may differ from these estimates. | ||||||||||||
Fiscal Periods | ||||||||||||
Our fiscal year ends on the Saturday nearest to January 31, which results in fiscal years consisting of 52 or 53 weeks. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal year 2014 (“2014”) is comprised of the 52 weeks that began on February 2, 2014 and ended on January 31, 2015. Fiscal year 2013 (“2013”) was comprised of the 52 weeks that began on February 3, 2013 and ended on February 1, 2014. Fiscal year 2012 (“2012”) was comprised of the 53 weeks that began on January 29, 2012 and ended on February 2, 2013. | ||||||||||||
Segment Reporting | ||||||||||||
We manage our business based on one segment, discount retailing. All of our stores are located in the U.S. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents primarily consist of amounts on deposit with financial institutions, outstanding checks, credit and debit card receivables, and highly liquid investments, including money market funds, which are unrestricted to withdrawal or use and which have an original maturity of three months or less. We review cash and cash equivalent balances on a bank by bank basis in order to identify book overdrafts. Book overdrafts occur when the amount of outstanding checks exceed the cash deposited at a given bank. We reclassify book overdrafts, if any, to accounts payable on our consolidated balance sheets. Amounts due from banks for credit and debit card transactions are typically settled in less than five days, and at January 31, 2015 and February 1, 2014, totaled $26.6 million and $24.5 million, respectively. | ||||||||||||
Investments | ||||||||||||
Investment securities are classified as available-for-sale, held-to-maturity, or trading at the date of purchase. Investments are recorded at fair value as either current assets or non-current assets based on the stated maturity or our plans to either hold or sell the investment. Unrealized holding gains and losses on trading securities are recognized in earnings. Unrealized holding gains and losses on available-for-sale securities are recognized in other comprehensive income, until realized. We did not own any held-to-maturity or available-for-sale securities as of January 31, 2015 and February 1, 2014. | ||||||||||||
Merchandise Inventories | ||||||||||||
Merchandise inventories are valued at the lower of cost or market using the average cost retail inventory method. Cost includes any applicable inbound shipping and handling costs associated with the receipt of merchandise into our distribution centers (see the discussion below under the caption “Selling and Administrative Expenses” for additional information regarding outbound shipping and handling costs to our stores). Market is determined based on the estimated net realizable value, which generally is the merchandise selling price. Under the average cost retail inventory method, inventory is segregated into classes of merchandise having similar characteristics at its current retail selling value. Current retail selling values are converted to a cost basis by applying an average cost factor to each specific merchandise class’ retail selling value. Cost factors represent the average cost-to-retail ratio computed using beginning inventory and all fiscal year-to-date purchase activity specific to each merchandise class. | ||||||||||||
Under our previous inventory management system which was used through the end of 2011, we calculated average cost at the department level which constituted 50 inventory cost pools. On January 29, 2012, the first day of 2012, we completed the implementation of our new inventory management systems, which has allowed us to more precisely determine our inventory cost under the average cost retail inventory method. We now calculate average cost at the class level which constitutes approximately 350 inventory cost pools. | ||||||||||||
As the impact of the accounting change in the beginning of the 2012 on inventory was immaterial, we recognized the cumulative effect of the change in accounting principle as an expense in 2012 by recording a reduction in inventory and a corresponding increase to cost of sales of approximately $5.6 million in the first quarter of 2012. This non-cash charge reduced the 2012 income from continuing operations and net income by approximately $3.4 million and reduced 2012 basic and diluted earnings per share from continuing operations by $0.06. | ||||||||||||
Under the average cost retail inventory method, permanent sales price markdowns result in cost reductions in inventory. Our permanent sales price markdowns are typically related to end of season clearance events and are recorded as a charge to cost of sales in the period of management's decision to initiate sales price reductions with the intent not to return the price to regular retail. Promotional markdowns are recorded as a charge to net sales in the period the merchandise is sold. Promotional markdowns are typically related to specific marketing efforts with respect to products maintained continuously in our stores or products that are only available in limited quantities but represent substantial value to our customers. Promotional markdowns are principally used to drive higher sales volume during a defined promotional period. | ||||||||||||
We record a reduction to inventories and charge to cost of sales for a shrinkage inventory allowance. The shrinkage allowance is calculated as a percentage of sales for the period from the last physical inventory date to the end of the reporting period. Such estimates are based on our historical and current year experience based on physical inventory results. | ||||||||||||
We record a reduction to inventories and charge to cost of sales for any excess or obsolete inventory. The excess or obsolete inventory is estimated based on a review of our aged inventory and takes into account any items that have already received a cost reduction as a result of the permanent markdown process discussed above. We estimate the reduction for excess or obsolete inventory based on historical sales trends, age and quantity of product on hand, and anticipated future sales. | ||||||||||||
Payments Received from Vendors | ||||||||||||
Payments received from vendors relate primarily to rebates and reimbursement for markdowns and are recognized in our consolidated statements of operations as a reduction to cost of inventory purchases in the period that the rebate or reimbursement is earned or realized and, consequently, result in a reduction in cost of sales when the related inventory is sold. | ||||||||||||
Store Supplies | ||||||||||||
When opening a new store, a portion of the initial shipment of supplies (including primarily display materials, signage, security-related items, and miscellaneous store supplies) is capitalized at the store opening date. These capitalized supplies represent more durable types of items for which we expect to receive future economic benefit. Subsequent replenishments of capitalized store supplies are expensed. The consumable/non-durable type items for which the future economic benefit is less measurable are expensed upon shipment to the store. Capitalized store supplies are adjusted periodically for changes in estimated quantities or costs and are included in other current assets in our consolidated balance sheets. | ||||||||||||
Property and Equipment - Net | ||||||||||||
Depreciation and amortization expense of property and equipment are recorded on a straight‑line basis using estimated service lives. The estimated service lives of our depreciable property and equipment by major asset category were as follows: | ||||||||||||
Land improvements | 15 years | |||||||||||
Buildings | 40 years | |||||||||||
Leasehold improvements | 5 years | |||||||||||
Store fixtures and equipment | 5 - 7 years | |||||||||||
Distribution and transportation fixtures and equipment | 5 - 15 years | |||||||||||
Office and computer equipment | 5 years | |||||||||||
Computer software costs | 5 - 8 years | |||||||||||
Company vehicles | 3 years | |||||||||||
Leasehold improvements are amortized on a straight-line basis using the shorter of their estimated service lives or the lease term. Because many initial lease terms range from five to seven years and the majority of our lease options have a term of five years, we estimate the useful life of leasehold improvements at five years. This amortization period is consistent with the amortization period for any lease incentives that we would typically receive when initially entering into a new lease that are recognized as deferred rent and amortized over the initial lease term. | ||||||||||||
Assets acquired under noncancellable leases, which meet the criteria of a capital lease, are capitalized in property and equipment - net and amortized over the estimated service life of the asset or the applicable lease term. | ||||||||||||
Depreciation estimates are revised prospectively to reflect the remaining depreciation or amortization of the asset over the shortened estimated service life when a decision is made to dispose of property and equipment prior to the end of its previously estimated service life. The cost of assets sold or retired and the related accumulated depreciation are removed from the accounts with any resulting gain or loss included in selling and administrative expenses. Major repairs that extend service lives are capitalized. Maintenance and repairs are charged to expense as incurred. Capitalized interest was not significant in any period presented. | ||||||||||||
Long-Lived Assets | ||||||||||||
Our long-lived assets primarily consist of property and equipment - net. In order to determine if impairment indicators are present for store property and equipment, we review historical operating results at the store level on an annual basis, or when other impairment indicators are present. Generally, all other property and equipment is reviewed for impairment at the enterprise level. If the net book value of a store’s long-lived assets is not recoverable by the expected undiscounted future cash flows of the store, we estimate the fair value of the store’s assets and recognize an impairment charge for the excess net book value of the store’s long-lived assets over their fair value. Our assumptions related to estimates of undiscounted future cash flows are based on historical results of cash flows adjusted for management projections for future periods. We estimate the fair value of our long-lived assets using expected cash flows, including salvage value, which is based on readily available market information for similar assets. | ||||||||||||
Closed Store Accounting | ||||||||||||
We recognize an obligation for the fair value of lease termination costs when we cease using the leased property in our operations. In measuring fair value of these lease termination obligations, we consider the remaining minimum lease payments, estimated sublease rentals that could be reasonably obtained, and other potentially mitigating factors. We discount the estimated obligation using the applicable credit adjusted interest rate, which results in accretion expense in periods subsequent to the period of initial measurement. We monitor the estimated obligation for lease termination liabilities in subsequent periods and revise our estimated liabilities, if necessary. Severance and benefits associated with terminating employees from employment are recognized ratably from the communication date through the estimated future service period, unless the estimated future service period is less than 60 days, in which case we recognize the impact at the communication date. Generally all other store closing costs are recognized when incurred. | ||||||||||||
When material, we classify the results of operations of closed stores to discontinued operations when both the operations and cash flows of the stores have been (or will be) eliminated from ongoing operations and we no longer have any significant continuing involvement in the operations associated with the stores after closure. We generally meet the second criteria on all closed stores, as upon closure, operations cease and we have no continuing involvement. To determine if cash flows have been (or will be) eliminated from ongoing operations, we evaluate a number of qualitative and quantitative factors, including, but not limited to, proximity of a closing store to any remaining open stores and the estimated sales migration from the closed store to any stores remaining open. The estimated sales migration is based on historical estimates of our sales migration upon opening or closing a store in a similar market. For purposes of reporting closed stores as discontinued operations, we report net sales, gross margin, and related operating costs that are directly related to and specifically identifiable with respect to the stores’ operations identified as discontinued operations. Certain corporate-level charges, such as general office cost, field operations, national advertising, fixed distribution costs, and interest cost are not allocated to closed stores’ discontinued operations because we believe that these costs are not specific to the stores’ operations. | ||||||||||||
Income Taxes | ||||||||||||
We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement basis and tax basis of assets and liabilities using enacted law and tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | ||||||||||||
We assess the adequacy and need for a valuation allowance for deferred tax assets. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. We have established a valuation allowance to reduce our deferred tax assets to the balance that is more likely than not to be realized. | ||||||||||||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the accompanying consolidated balance sheets. | ||||||||||||
The effective income tax rate in any period may be materially impacted by the overall level of income (loss) before income taxes, the jurisdictional mix and magnitude of income (loss), changes in the income tax laws (which may be retroactive to the beginning of the fiscal year), subsequent recognition, de-recognition and/or measurement of an uncertain tax benefit, changes in a deferred tax valuation allowance, and adjustments of a deferred tax asset or liability for enacted changes in tax laws or rates. | ||||||||||||
Pension | ||||||||||||
Pension assumptions are evaluated each year. Actuarial valuations are used to calculate the estimated expenses and obligations related to our pension plans. We review external data and historical trends to help determine the discount rate and expected long-term rate of return. Our objective in selecting a discount rate is to identify the best estimate of the rate at which the benefit obligations would be settled on the measurement date. In making this estimate, we review rates of return on high-quality, fixed-income investments available at the measurement date and expected to be available during the period to maturity of the benefits. This process includes a review of the bonds available on the measurement date with a quality rating of Aa or better. The expected long-term rate of return on assets is derived from detailed periodic studies, which include a review of asset allocation strategies, anticipated future long-term performance of individual asset classes, risks (standard deviations), and correlations of returns among the asset classes that comprise the plan’s asset mix. While the studies give appropriate consideration to recent plan performance and historical returns, the assumption for the expected long-term rate of return is primarily based on our expectation of a long-term, prospective rate of return. | ||||||||||||
Insurance and Insurance-Related Reserves | ||||||||||||
We are self-insured for certain losses relating to property, general liability, workers’ compensation, and employee medical, dental, and prescription drug benefit claims, a portion of which is paid by employees. We purchase stop-loss coverage to limit significant exposure in these areas. Accrued insurance-related liabilities and related expenses are based on actual claims filed and estimates of claims incurred but not reported. The estimated accruals are determined by applying actuarially-based calculations. General liability and workers’ compensation liabilities are recorded at our estimate of their net present value, using a 4% discount rate, while other liabilities for insurance-related reserves are not discounted. | ||||||||||||
Fair Value of Financial Instruments | ||||||||||||
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. | ||||||||||||
Level 1, defined as observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. | ||||||||||||
Level 2, defined as observable inputs other than Level 1 inputs. These include quoted prices for similar assets or liabilities in an active market, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||||||||||
The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates fair value because of the relatively short maturity of these items. | ||||||||||||
Costs Associated with Exit or Disposal Activities | ||||||||||||
Our accruals for costs associated with exit or disposal activities primarily consist of contract termination costs, principally related to operating leases, and severance benefits. The costs arose from our decision to wind down the operations of certain businesses. When determining the valuation of the liabilities for our contract termination cost estimates, we utilize the advice and input of outside experts who specialize in real estate activities. The accruals for contract termination costs and severance benefits factor in many variables including, but not limited to, buy-out scenarios and costs of capital. Additionally, these liabilities have been recorded at their net present value, which represents their fair value. Given the number of assumptions and the unobservable nature of certain of the inputs, these accruals for costs associated with exit or disposal activities are considered to be Level 3. | ||||||||||||
Commitments and Contingencies | ||||||||||||
We are subject to various claims and contingencies including legal actions and other claims arising out of the normal course of business. In connection with such claims and contingencies, we estimate the likelihood and amount of any potential obligation, where it is possible to do so, using management's judgment. Management uses various internal and external specialists to assist in the estimating process. We accrue, if material, a liability if the likelihood of an adverse outcome is probable and the amount is estimable. If the likelihood of an adverse outcome is only reasonably possible (as opposed to probable), or if it is probable but an estimate is not determinable, disclosure of a material claim or contingency is made in the notes to our consolidated financial statements and no accrual is made. | ||||||||||||
Revenue Recognition | ||||||||||||
We recognize sales at the time the customer takes possession of the merchandise. Sales are recorded net of discounts and estimated returns and exclude any sales tax. The reserve for merchandise returns is estimated based on our prior return experience. | ||||||||||||
We sell gift cards in our stores and issue merchandise credits, typically as a result of customer returns, on stored value cards. We do not charge administrative fees on unused gift card or merchandise credit balances and our gift cards and merchandise credits do not expire. We recognize sales revenue related to gift cards and merchandise credits when (1) the gift card or merchandise credit is redeemed in a sales transaction by the customer or (2) breakage occurs. We recognize gift card and merchandise credit breakage when we estimate that the likelihood of the card or credit being redeemed by the customer is remote and we determine that we do not have a legal obligation to remit the value of unredeemed cards or credits to the relevant regulatory authority. We estimate breakage based upon historical redemption patterns. For 2014, 2013, and 2012, we recognized in net sales on our consolidated statements of operations breakage of $0.2 million, $0.2 million, and $0.5 million, respectively, related to unredeemed gift card and merchandise credit balances that had aged at least four years beyond the end of their original issuance month. The liability for the unredeemed cash value of gift cards and merchandise credits is recorded in accrued operating expenses. | ||||||||||||
We offer price hold contracts on merchandise. Revenue for price hold contracts is recognized when the customer makes the final payment and takes possession of the merchandise. Amounts paid by customers under price hold contracts are recorded in accrued operating expenses until a sale is consummated. | ||||||||||||
Cost of Sales | ||||||||||||
Cost of sales includes the cost of merchandise, net of cash discounts and rebates, markdowns, and inventory shrinkage. Cost of merchandise includes related inbound freight to our distribution centers, duties, and commissions. We classify warehousing and outbound distribution and transportation costs as selling and administrative expenses. Due to this classification, our gross margin rates may not be comparable to those of other retailers that include warehousing and outbound distribution and transportation costs in cost of sales. | ||||||||||||
Selling and Administrative Expenses | ||||||||||||
Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, and overhead. Selling and administrative expense rates may not be comparable to those of other retailers that include warehousing, distribution, and outbound transportation costs in cost of sales. Distribution and outbound transportation costs included in selling and administrative expenses were $161.1 million, $158.9 million, and $153.4 million for 2014, 2013, and 2012, respectively. | ||||||||||||
Rent Expense | ||||||||||||
Rent expense is recognized over the term of the lease and is included in selling and administrative expenses. We recognize minimum rent starting when possession of the property is taken from the landlord, which normally includes a construction or set-up period prior to store opening. When a lease contains a predetermined fixed escalation of the minimum rent, we recognize the related rent expense on a straight-line basis and record the difference between the recognized rental expense and the amounts payable under the lease as deferred rent. We also receive tenant allowances, which are recorded in deferred incentive rent and are amortized as a reduction to rent expense over the term of the lease. | ||||||||||||
Our leases generally obligate us for our applicable portion of real estate taxes, common area maintenance (“CAM”), and property insurance that has been incurred by the landlord with respect to the leased property. We maintain accruals for our estimated applicable portion of real estate taxes, CAM, and property insurance incurred but not settled at each reporting date. We estimate these accruals based on historical payments made and take into account any known trends. Inherent in these estimates is the risk that actual costs incurred by landlords and the resulting payments by us may be higher or lower than the amounts we have recorded on our books. | ||||||||||||
Certain of our leases provide for contingent rents that are not measurable at the lease inception date. Contingent rent includes rent based on a percentage of sales that are in excess of a predetermined level. Contingent rent is excluded from minimum rent but is included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable. | ||||||||||||
Advertising Expense | ||||||||||||
Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, internet marketing and advertising, and in-store point-of-purchase presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $97.5 million, $97.9 million, and $100.8 million for 2014, 2013, and 2012, respectively. | ||||||||||||
Store Pre-opening Costs | ||||||||||||
Pre-opening costs incurred during the construction periods for new store openings are expensed as incurred and included in our selling and administrative expenses. | ||||||||||||
Share-Based Compensation | ||||||||||||
Share-based compensation expense is recognized in selling and administrative expense in our consolidated statements of operations for all awards that we expect to vest. We estimate forfeitures based on historical information. | ||||||||||||
Stock Options | ||||||||||||
We value and expense stock options with graded vesting as a single award with an average estimated life over the entire term of the award. The expense for options with graded vesting is recorded on a straight-line basis over the vesting period. Historically, we estimated the fair value of stock options using a binomial model. The binomial model takes into account variables such as volatility, dividend yield rate, risk-free rate, contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life, and the probability of retirement of the option holder in computing the value of the option. Expected volatility was based on historical implied volatilities from traded options on our common shares. The dividend yield on our common shares was assumed to be zero, since we had not paid dividends at the time of our most recent stock option grants in 2013, nor did we have intentions of doing so at that time. The risk-free rate was based on U.S. Treasury security yields at the time of the grant. The expected life was determined from the binomial model, which incorporates exercise and post-vesting forfeiture assumptions based on analysis of historical data. | ||||||||||||
Non-vested Restricted Stock Awards | ||||||||||||
Compensation expense for our performance-based non-vested restricted stock awards is recorded based on fair value of the award on the grant date and the estimated achievement date of the performance criteria. An estimated target achievement date is determined at the time of the award grant based on historical and forecasted performance of similar measures. We monitor the projected achievement of the performance targets at each reporting period and make prospective adjustments to the estimated vesting period when our internal models indicate that the estimated achievement date differs from the date being used to amortize expense. | ||||||||||||
Non-vested Restricted Stock Units | ||||||||||||
We expense our non-vested restricted stock units with graded vesting as a single award with an average estimated life over the entire term of the award. The expense for the non-vested restricted stock units is recorded on a straight-line basis over the vesting period. | ||||||||||||
CEO Performance Share Units | ||||||||||||
For the performance share units granted to our CEO during 2013, compensation expense is recorded based on fair value of the award on the grant date and the estimated achievement date of the performance criteria. An estimated target achievement date for each tranche of the award was determined at the time of the award grant based on a Monte Carlo simulation. We monitor the estimated achievement of the performance targets at each reporting period and if the achievement of the targets occurs prior to the estimated achievement based on the Monte Carlo simulation, we will accelerate the expensing of the award. | ||||||||||||
Performance Share Units | ||||||||||||
Compensation expense for performance share units will be recorded based on fair value of the award on the grant date and the estimated achievement of financial performance objectives. From an accounting perspective, the grant date is established once all financial performance targets have been set. We monitor the estimated achievement of the financial performance objectives at each reporting period and will potentially adjust the estimated expense on a cumulative basis. The expense for the performance share units is recorded on a straight-line basis from the grant date through the vesting date. | ||||||||||||
Earnings per Share | ||||||||||||
Basic earnings per share is based on the weighted-average number of shares outstanding during each period. Diluted earnings per share is based on the weighted-average number of shares outstanding during each period and the additional dilutive effect of stock options, restricted stock awards, and restricted stock units, calculated using the treasury stock method. | ||||||||||||
Guarantees | ||||||||||||
We have lease guarantees which were issued prior to January 1, 2003. We record a liability for these lease guarantees in the period when it becomes probable that the obligor will fail to perform its obligation and if the amount of our guarantee obligation is estimable. | ||||||||||||
Foreign Currency Translation | ||||||||||||
We had one foreign subsidiary domiciled in Canada, which was closed and dissolved in 2014. The functional currency of our former international subsidiary was the local currency of the country in which the subsidiary was located. Foreign currency denominated assets and liabilities are translated into U.S. Dollars using the exchange rate in effect at the consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. In 2012 and 2013, the effect of exchange rate fluctuations on translation of assets and liabilities was included as a component of shareholders’ equity in accumulated other comprehensive loss. Gains and losses from foreign currency transactions are included in discontinued operations because our Canadian subsidiary has ceased operations. There were losses from foreign currency transactions of $5.1 million, $1.2 million, and an immaterial amount for 2014, 2013, and 2012, respectively. Included in the foreign currency loss in 2014 is a $5.1 million loss related to the realization of the cumulative translation adjustment on our investment in our Canadian operations. | ||||||||||||
Other Comprehensive Income | ||||||||||||
Our other comprehensive income includes the impact of the amortization of our pension actuarial loss, net of tax, the revaluation of our pension actuarial loss, net of tax, and the impact of foreign currency translation. | ||||||||||||
Supplemental Cash Flow Disclosures | ||||||||||||
The following table provides supplemental cash flow information for 2014, 2013, and 2012: | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for interest, including capital leases | $ | 1,921 | $ | 2,687 | $ | 3,369 | ||||||
Cash paid for income taxes, excluding impact of refunds | $ | 69,919 | $ | 122,672 | $ | 95,596 | ||||||
Gross proceeds from borrowings under the bank credit facility | $ | 1,550,900 | $ | 1,330,100 | $ | 1,448,800 | ||||||
Gross payments of borrowings under the bank credit facility | $ | 1,565,800 | $ | 1,424,300 | $ | 1,343,500 | ||||||
Non-cash activity: | ||||||||||||
Assets acquired under capital leases | $ | 20,982 | $ | — | $ | 392 | ||||||
Accrued property and equipment | $ | 10,974 | $ | 5,296 | $ | 6,824 | ||||||
Reclassifications | ||||||||||||
Canadian Operations | ||||||||||||
During the first quarter of 2014, we executed the remainder of our wind down plan and ceased the operations of Big Lots Canada, Inc., our former Canadian segment. Therefore, we determined that the results of Big Lots Canada, Inc. should be reported as discontinued operations. As such, we have reclassified our results for all periods presented. Please see the Canadian Operations section of note 12 and note 13 to the consolidated financial statements for further discussion of the wind down of our Canadian operations and the costs we incurred in connection with the wind down during 2013 and 2014. | ||||||||||||
Merchandise Categories | ||||||||||||
We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. | ||||||||||||
Recent Accounting Standards | ||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. The pronouncement is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is not permitted. This ASU permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements as well as the expected adoption method. | ||||||||||||
Subsequent Events | ||||||||||||
We have evaluated events and transactions subsequent to the balance sheet date. Based on this evaluation, we are not aware of any events or transactions (other than those disclosed elsewhere) that occurred subsequent to the balance sheet date but prior to filing that would require recognition or disclosure in our consolidated financial statements. |
Property_and_Equipment_Net
Property and Equipment - Net | 12 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Property, Plant and Equipment [Abstract] | |||||||
PROPERTY AND EQUIPMENT - NET | PROPERTY AND EQUIPMENT - NET | ||||||
Property and equipment - net consist of: | |||||||
(In thousands) | January 31, 2015 | February 1, 2014 | |||||
Land and land improvements | $ | 51,044 | $ | 50,830 | |||
Buildings and leasehold improvements | 838,663 | 835,117 | |||||
Fixtures and equipment | 716,315 | 692,152 | |||||
Computer software costs | 129,994 | 128,787 | |||||
Transportation equipment | 7,408 | 26,763 | |||||
Construction-in-progress | 17,632 | 6,791 | |||||
Property and equipment - cost | 1,761,056 | 1,740,440 | |||||
Less accumulated depreciation and amortization | 1,210,501 | 1,170,758 | |||||
Property and equipment - net | $ | 550,555 | $ | 569,682 | |||
Property and equipment - cost includes $24.3 million and $4.2 million at January 31, 2015 and February 1, 2014, respectively, to recognize assets from capital leases. Accumulated depreciation and amortization includes $4.4 million and $3.2 million at January 31, 2015 and February 1, 2014, respectively, related to capital leases. | |||||||
During 2014, 2013, and 2012 respectively, we invested $93.5 million, $104.8 million, and $131.3 million of cash in capital expenditures and we recorded $119.7 million, $113.2 million, and $103.1 million of depreciation expense. | |||||||
We incurred $3.5 million, $7.8 million, and $1.0 million in asset impairment charges in 2014, 2013, and 2012, respectively. The charges in 2014 were primarily related to our corporate aircraft. During 2014, we made the decision to no longer own and operate corporate aircraft and entered into sales agreements for both our corporate aircraft. We sold our older corporate aircraft during the third quarter of 2014. At January 31, 2015, we still had possession of our newer corporate aircraft, but subsequent to January 31, 2015, we completed the sale of that asset. When determining the fair value of the newer corporate aircraft, we utilized other inputs that could be corroborated by observable market data; therefore the newer corporate aircraft was considered to be Level 2. Additionally, we wrote down the value of long-lived assets at three stores identified as part of our annual store impairment review. The total charges in 2013 principally related to the write-down of long-lived assets related to our former Canadian operations. With no expected future cash flows from our former Canadian operations beyond the first quarter of 2014, we impaired our property and equipment to its estimated salvage value at February 1, 2014, which resulted in an impairment charge of $6.5 million, which has been included in results from discontinued operations. The remaining charges in 2013 related to our continuing operations, which principally consisted of the write-down of long-lived assets at seven stores identified as part of our annual store impairment review. The charges in 2012 principally related to the write-down of long-lived assets at five stores identified as part of our annual store impairment review, four of the stores were related to our discontinued Canadian operations. | |||||||
Asset impairment charges are included in selling and administrative expenses in our accompanying consolidated statements of operations. We perform annual impairment reviews of our long-lived assets at the store level. When we perform the annual impairment reviews, we first determine which stores had impairment indicators present. We generally use actual historical cash flows to determine if stores had negative cash flows within the past two years. For each store with negative cash flows, we obtain future cash flow estimates based on operating performance estimates specific to each store's operations that are based on assumptions currently being used to develop our company level operating plans. If the net book value of a store's long-lived assets is not recoverable by the expected future cash flows of the store, we estimate the fair value of the store's assets and recognize an impairment charge for the excess net book value of the store's long-lived assets over their fair value. |
Bank_Credit_Facility
Bank Credit Facility | 12 Months Ended |
Jan. 31, 2015 | |
Debt Disclosure [Abstract] | |
BANK CREDIT FACILITY | BANK CREDIT FACILITY |
On July 22, 2011, we entered into a $700 million five-year unsecured credit facility and, on May 30, 2013, we entered into an amendment of the credit facility that extended its expiration from July 22, 2016 to May 30, 2018 (“2011 Credit Agreement”). In connection with our entry into the 2011 Credit Agreement, we paid bank fees and other expenses in the aggregate amount of $3.0 million, which are being amortized over the term of the agreement. In connection with the amendment of the 2011 Credit Agreement, we paid additional bank fees and other expenses in the aggregate amount of $0.9 million, which are being amortized over the term of the amended agreement. | |
Borrowings under the 2011 Credit Agreement are available for general corporate purposes and working capital. The 2011 Credit Agreement includes a $30 million swing loan sublimit and a $150 million letter of credit sublimit. The interest rates, pricing and fees under the 2011 Credit Agreement fluctuate based on our debt rating. The 2011 Credit Agreement allows us to select our interest rate for each borrowing from multiple interest rate options. The interest rate options are generally derived from the prime rate or LIBOR. We may prepay revolving loans made under the 2011 Credit Agreement. The 2011 Credit Agreement contains financial and other covenants, including, but not limited to, limitations on indebtedness, liens and investments, as well as the maintenance of two financial ratios – a leverage ratio and a fixed charge coverage ratio. A violation of any of the covenants could result in a default under the 2011 Credit Agreement that would permit the lenders to restrict our ability to further access the 2011 Credit Agreement for loans and letters of credit and require the immediate repayment of any outstanding loans under the 2011 Credit Agreement. At January 31, 2015, we had $62.1 million of borrowings outstanding under the 2011 Credit Agreement and $4.4 million was committed to outstanding letters of credit, leaving $633.5 million available under the 2011 Credit Agreement. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS |
In connection with our nonqualified deferred compensation plan, we had mutual fund investments of $16.9 million and $21.2 million at January 31, 2015 and February 1, 2014, respectively, which were recorded in other assets. These investments were classified as trading securities and were recorded at their fair value. The fair values of mutual fund investments were Level 1 valuations under the fair value hierarchy because each fund’s quoted market value per share was available in an active market. | |
The fair values of our long-term obligations are estimated based on the quoted market prices for the same or similar issues and the current interest rates offered for similar instruments. These fair value measurements are classified as Level 2 within the fair value hierarchy. Given the variable rate features and relatively short maturity of the instruments underlying our long-term obligations, the carrying value of these instruments approximates the fair value. |
Leases
Leases | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Leases [Abstract] | ||||||||||
LEASES | LEASES | |||||||||
Leased property consisted primarily of 1,405 of our retail stores and certain transportation, information technology and other office equipment. Many of the store leases obligate us to pay for our applicable portion of real estate taxes, CAM, and property insurance. Certain store leases provide for contingent rents, have rent escalations, and have tenant allowances or other lease incentives. Many of our leases contain provisions for options to renew or extend the original term for additional periods. | ||||||||||
Total rent expense, including real estate taxes, CAM, and property insurance, charged to continuing operations for operating leases consisted of the following: | ||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
Minimum leases | $ | 314,276 | $ | 309,935 | $ | 290,347 | ||||
Contingent leases | 312 | 308 | 416 | |||||||
Total rent expense | $ | 314,588 | $ | 310,243 | $ | 290,763 | ||||
Future minimum rental commitments for leases, excluding closed store leases, real estate taxes, CAM, and property insurance, at January 31, 2015, were as follows: | ||||||||||
Fiscal Year | (In thousands) | |||||||||
2015 | $ | 248,122 | ||||||||
2016 | 208,356 | |||||||||
2017 | 165,037 | |||||||||
2018 | 128,974 | |||||||||
2019 | 85,542 | |||||||||
Thereafter | 108,629 | |||||||||
Total leases | $ | 944,660 | ||||||||
We have obligations for capital leases primarily for store asset protection equipment and office equipment, included in accrued operating expenses and other liabilities on our consolidated balance sheet. Scheduled payments for all capital leases at January 31, 2015, were as follows: | ||||||||||
Fiscal Year | (In thousands) | |||||||||
2015 | $ | 4,010 | ||||||||
2016 | 3,938 | |||||||||
2017 | 3,584 | |||||||||
2018 | 2,881 | |||||||||
2019 | 2,881 | |||||||||
Thereafter | 5,045 | |||||||||
Total lease payments | $ | 22,339 | ||||||||
Less amount to discount to present value | (2,869 | ) | ||||||||
Capital lease obligation per balance sheet | $ | 19,470 | ||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY | |||||||||||
Earnings per Share | ||||||||||||
There were no adjustments required to be made to weighted-average common shares outstanding for purposes of computing basic and diluted earnings per share and there were no securities outstanding in any year presented, which were excluded from the computation of earnings per share other than antidilutive stock options, restricted stock awards, and restricted stock units. Stock options outstanding that were excluded from the diluted share calculation because their impact was antidilutive at the end of 2014, 2013, and 2012 were as follows: | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Antidilutive stock options excluded from dilutive share calculation | 1.1 | 2.8 | 1.9 | |||||||||
Antidilutive options are excluded from the calculation because they decrease the number of diluted shares outstanding under the treasury stock method. Antidilutive options are generally outstanding options where the exercise price per share is greater than the weighted-average market price per share for our common shares for each period. The restricted stock awards and restricted stock units that were antidilutive, as determined under the treasury stock method, were immaterial for all years presented. | ||||||||||||
A reconciliation of the number of weighted-average common shares outstanding used in the basic and diluted earnings per share computations is as follows: | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Weighted-average common shares outstanding: | ||||||||||||
Basic | 54,935 | 57,415 | 59,852 | |||||||||
Dilutive effect of share-based awards | 617 | 543 | 624 | |||||||||
Diluted | 55,552 | 57,958 | 60,476 | |||||||||
Share Repurchase Programs | ||||||||||||
On March 5, 2014, our Board of Directors authorized a share repurchase program providing for the repurchase of $125 million of our common shares (“March 2014 Repurchase Program”). The March 2014 Repurchase Program was exhausted during the second quarter of 2014. | ||||||||||||
On August 28, 2014, our Board of Directors authorized a new share repurchase program providing for the repurchase of $125 million of our common shares (“August 2014 Repurchase Program”). The August 2014 Repurchase Program was exhausted during the fourth quarter of 2014. | ||||||||||||
During the fourth quarter of 2014, we acquired approximately 0.2 million of our outstanding common shares for $10.2 million. During 2014, we acquired approximately 6.1 million of our outstanding common shares for $250 million, which is comprised of 3.3 million common shares for $125 million under the March 2014 Repurchase Program and 2.8 million common shares for $125 million under the August 2014 Repurchase Program. | ||||||||||||
Common shares acquired through the repurchase programs are held in treasury at cost and are available to meet obligations under equity compensation plans and for general corporate purposes. | ||||||||||||
Dividends | ||||||||||||
In the second quarter of 2014, our Board of Directors commenced a cash dividend program on our common shares. The Company declared and paid cash dividends per common share during the periods presented as follows: | ||||||||||||
Dividends | Amount Declared | Amount Paid | ||||||||||
Per Share | ||||||||||||
2014:00:00 | (in thousands) | (in thousands) | ||||||||||
Fourth quarter | $ | 0.17 | $ | 9,230 | $ | 9,005 | ||||||
Third quarter | 0.17 | 9,718 | 9,457 | |||||||||
Second quarter | 0.17 | 9,585 | 9,366 | |||||||||
Total | $ | 0.51 | $ | 28,533 | $ | 27,828 | ||||||
The amount of dividends declared may vary from the amount of dividends paid in a period based on certain instruments with restrictions on payment, including restricted stock awards, restricted stock units, and performance share units. Future dividends are subject to the discretion of the Board of Directors and will depend on our financial conditions, results of operations, capital requirements, compliance with applicable laws and agreements and any other factors deemed relevant by our Board of Directors. |
ShareBased_Plans
Share-Based Plans | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
SHARE-BASED PLANS | SHARE-BASED PLANS | ||||||||||||||||||||
Our shareholders approved the Big Lots 2012 Long-Term Incentive Plan (“2012 LTIP”) in May 2012. The 2012 LTIP authorizes the issuance of incentive and nonqualified stock options, restricted stock, restricted stock units, deferred stock awards, performance share units, stock appreciation rights, cash-based awards, and other share-based awards. We have issued nonqualified stock options, restricted stock, restricted stock units, and performance share units under the 2012 LTIP. The number of common shares available for issuance under the 2012 LTIP consists of an initial allocation of 7,750,000 common shares plus any common shares subject to the 4,702,362 outstanding awards as of March 15, 2012 under the Big Lots 2005 Long-Term Incentive Plan (“2005 LTIP”) that, on or after March 15, 2012, cease for any reason to be subject to such awards (other than by reason of exercise or settlement). The Compensation Committee of our Board of Directors (“Committee”), which is charged with administering the 2012 LTIP, has the authority to determine the terms of each award. Nonqualified stock options granted to employees under the 2012 LTIP, the exercise price of which may not be less than the fair market value of the underlying common shares on the grant date, generally expire on the earlier of: (1) the seven year term set by the Committee; or (2) one year following termination of employment, death, or disability. The nonqualified stock options generally vest ratably over a four-year period; however, upon a change in control, all awards outstanding automatically vest. | |||||||||||||||||||||
Our former equity compensation plan, the 2005 LTIP, approved by our shareholders in May 2005, expired on May 16, 2012. The 2005 LTIP authorized the issuance of nonqualified stock options, restricted stock, and other award types. We issued only nonqualified stock options and restricted stock under the 2005 LTIP. The Committee, which was charged with administering the 2005 LTIP, had the authority to determine the terms of each award. Nonqualified stock options granted to employees under the 2005 LTIP, the exercise price of which was not less than the fair market value of the underlying common shares on the grant date, generally expire on the earlier of: (1) the seven year term set by the Committee; or (2) one year following termination of employment, death, or disability. The nonqualified stock options generally vest ratably over a four-year period; however, upon a change in control, all awards outstanding automatically vest. | |||||||||||||||||||||
We previously maintained the Big Lots Director Stock Option Plan (“Director Stock Option Plan”) for non-employee directors. The Director Stock Option Plan was terminated on May 30, 2008. The Director Stock Option Plan was administered by the Committee pursuant to an established formula. Neither the Board of Directors nor the Committee exercised any discretion in administration of the Director Stock Option Plan. Grants were made annually at an exercise price equal to the fair market value of the underlying common shares on the date of grant. The annual grants to each non-employee director of an option to acquire 10,000 of our common shares became fully exercisable over a three‑year period: 20% of the shares on the first anniversary, 60% on the second anniversary, and 100% on the third anniversary. Stock options granted to non-employee directors expire on the earlier of: (1) 10 years plus one month; (2) one year following death or disability; or (3) at the end of our next trading window one year following termination. In connection with the amendment to the 2005 LTIP in May 2008, our Board of Directors amended the Director Stock Option Plan so that no additional awards may be made under that plan. Our non-employee directors did not receive any stock options in 2014, 2013, and 2012, but did, as discussed below, receive restricted stock awards under the 2012 and 2005 LTIPs. | |||||||||||||||||||||
Share-based compensation expense was $10.5 million, $13.2 million and $17.9 million in 2014, 2013, and 2012, respectively. We historically used a binomial model to estimate the fair value of stock options on the grant date. The binomial model takes into account variables such as volatility, dividend yield rate, risk-free rate, contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life, and the probability of retirement of the option holder in computing the value of the option. Expected volatility is based on historical and current implied volatilities from traded options on our common shares. The dividend yield on our common shares was assumed to be zero since we had not paid dividends, nor did we have any plans to do so at the time of those grants. The risk-free rate is based on U.S. Treasury security yields at the time of the grant. The expected life is determined from the binomial model, which incorporates exercise and post-vesting forfeiture assumptions based on analysis of historical data. | |||||||||||||||||||||
The weighted-average fair value of stock options granted and assumptions used in the stock option pricing model for each of the respective periods were as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Weighted-average fair value of stock options granted | $ | 12.08 | $ | 14.15 | |||||||||||||||||
Risk-free interest rates | 0.8 | % | 0.6 | % | |||||||||||||||||
Expected life (years) | 4.2 | 4.2 | |||||||||||||||||||
Expected volatility | 41.9 | % | 41.1 | % | |||||||||||||||||
Expected annual forfeiture rate | 3 | % | 3 | % | |||||||||||||||||
During 2014, we granted no stock options. | |||||||||||||||||||||
The following table summarizes information about our stock options outstanding and exercisable at January 31, 2015: | |||||||||||||||||||||
Range of Prices | Options Outstanding | Options Exercisable | |||||||||||||||||||
Greater Than | Less Than or Equal to | Options Outstanding | Weighted-Average Remaining Life (Years) | Weighted-Average Exercise Price | Options Exercisable | Weighted-Average Exercise Price | |||||||||||||||
$ | 10.01 | $ | 20 | 75,838 | 1 | $ | 16.73 | 75,838 | $ | 16.73 | |||||||||||
20.01 | 30 | 16,250 | 2.1 | 25.98 | 15,625 | 25.91 | |||||||||||||||
30.01 | 40 | 940,375 | 4.7 | 35.77 | 314,184 | 35.79 | |||||||||||||||
$ | 40.01 | $ | 50 | 670,750 | 3.7 | 42.79 | 370,625 | 42.57 | |||||||||||||
1,703,213 | 4.1 | $ | 37.59 | 776,272 | $ | 36.97 | |||||||||||||||
A summary of the annual stock option activity for fiscal years 2012, 2013, and 2014 is as follows: | |||||||||||||||||||||
Number of Options | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (000's) | ||||||||||||||||||
Outstanding stock options at January 28, 2012 | 3,676,423 | $ | 28.36 | ||||||||||||||||||
Granted | 982,000 | 43.23 | |||||||||||||||||||
Exercised | (1,406,262 | ) | 23.67 | ||||||||||||||||||
Forfeited | (223,075 | ) | 40.18 | ||||||||||||||||||
Outstanding stock options at February 2, 2013 | 3,029,086 | $ | 34.49 | ||||||||||||||||||
Granted | 1,159,500 | 35.8 | |||||||||||||||||||
Exercised | (213,520 | ) | 22.87 | ||||||||||||||||||
Forfeited | (597,763 | ) | 38.97 | ||||||||||||||||||
Outstanding stock options at February 1, 2014 | 3,377,303 | $ | 34.88 | ||||||||||||||||||
Granted | — | — | |||||||||||||||||||
Exercised | (1,389,040 | ) | 30.67 | ||||||||||||||||||
Forfeited | (285,050 | ) | 39.19 | ||||||||||||||||||
Outstanding stock options at January 31, 2015 | 1,703,213 | $ | 37.59 | 4.1 | $ | 14,165 | |||||||||||||||
Vested or expected to vest at January 31, 2015 | 1,616,703 | $ | 37.55 | 4.1 | $ | 13,514 | |||||||||||||||
Exercisable at January 31, 2015 | 776,272 | $ | 36.97 | 3.3 | $ | 6,943 | |||||||||||||||
The number of stock options expected to vest was based on our annual forfeiture rate assumption. | |||||||||||||||||||||
A summary of the nonvested awards other than stock options activity for fiscal years 2012, 2013, and 2014 is as follows: | |||||||||||||||||||||
Number of Shares | Weighted Average Grant-Date Fair Value Per Share | ||||||||||||||||||||
Outstanding non-vested restricted stock at January 28, 2012 | 741,289 | $ | 39.4 | ||||||||||||||||||
Granted | 589,784 | 42.9 | |||||||||||||||||||
Vested | (477,664 | ) | 38.52 | ||||||||||||||||||
Forfeited | (69,800 | ) | 43.04 | ||||||||||||||||||
Outstanding non-vested restricted stock at February 2, 2013 | 783,609 | $ | 42.25 | ||||||||||||||||||
Granted | 458,576 | 35.53 | |||||||||||||||||||
Vested | (64,784 | ) | 37.79 | ||||||||||||||||||
Forfeited | (513,300 | ) | 41.86 | ||||||||||||||||||
Outstanding non-vested restricted stock at February 1, 2014 | 664,101 | $ | 38.34 | ||||||||||||||||||
Granted | 317,641 | 37.81 | |||||||||||||||||||
Vested | (70,155 | ) | 34.54 | ||||||||||||||||||
Forfeited | (166,782 | ) | 39.87 | ||||||||||||||||||
Outstanding non-vested restricted stock at January 31, 2015 | 744,805 | $ | 38.13 | ||||||||||||||||||
The non-vested restricted stock units granted in 2014 generally vest on a ratable basis over three years from the grant date of the award, if certain threshold financial performance objectives are achieved and the grantee remains employed by us through the vesting dates. | |||||||||||||||||||||
The non-vested restricted stock awards granted to employees in 2011, 2012 and 2013 (other than the awards granted to Mr. Fishman, our former CEO in 2011 and 2012) vest if certain financial performance objectives are achieved. If we meet a threshold financial performance objective and the grantee remains employed by us, the restricted stock will vest on the opening of our first trading window five years after the grant date of the award. If we meet a higher financial performance objective and the grantee remains employed by us, the restricted stock will vest on the first trading day after we file our Annual Report on Form 10-K with the SEC for the fiscal year in which the higher objective is met. | |||||||||||||||||||||
On the grant date of the 2011 restricted stock awards (other than the award granted to Mr. Fishman), we estimated a three-year period for vesting based on the assumed achievement of the higher financial performance objective. In the fourth quarter of 2012, based on operating results and future projections, we changed the estimated vesting period of the 2011 restricted stock awards to four years. In the fourth quarter of 2013, based on operating results and future projections, we changed the estimated vesting period of the 2011 restricted stock awards to five years. The impact of this change in estimate will be recognized ratably over the remaining vesting period. | |||||||||||||||||||||
On the grant date of the 2012 restricted stock awards (other than the award granted to Mr. Fishman), we estimated a three-year period for vesting based on the assumed achievement of the higher financial performance objective. In the fourth quarter of 2012, based on operating results and future projections, we changed the estimated vesting period of the 2012 restricted stock awards to four years. In the fourth quarter of 2013, based on operating results and future projections, we changed the estimated vesting period of the 2012 restricted stock awards to five years. The impact of this change in estimate will be recognized ratably over the remaining vesting period. | |||||||||||||||||||||
On the grant date of the 2013 restricted stock awards, we estimated a three-year period for vesting based on the assumed achievement of the higher financial performance objective. In the fourth quarter of 2013, based on operating results and future projections, we changed the estimated vesting period of the 2013 restricted stock awards to five years. The impact of this change in estimate will be recognized ratably over the remaining vesting period. | |||||||||||||||||||||
In 2013, in connection with his appointment as CEO and President, Mr. Campisi was awarded 37,800 performance share units, which vest based on the achievement of share price performance goals, that had a weighted average grant-date fair value per share of $34.68. The performance share units have a contractual term of seven years. In the second quarter of 2014, Mr. Campisi’s first tranche of 12,600 performance share units vested. In the third quarter of 2014, Mr. Campisi’s second tranche of 12,600 performance share units vested. If the performance goals applicable to the performance share units are not achieved prior to expiration, the awards will be forfeited. A total of 12,600 performance share units remain unvested and outstanding at January 31, 2015. | |||||||||||||||||||||
The restricted stock award granted to Mr. Fishman in 2011 vested in 2012 based on achievement of the corporate financial goals for 2011. The nonvested restricted stock award granted to Mr. Fishman in 2012 was forfeited in the first quarter of 2013, because we failed to achieve a corporate financial goal set for 2012. | |||||||||||||||||||||
In 2014, we issued 433,350 performance share units, net of forfeitures, to certain members of management, which vest if certain financial performance objectives are achieved over a three-year performance period and the grantee remains employed by us during that period. The financial performance objectives for each fiscal year within the three-year performance period are approved by the Compensation Committee of our Board of Directors during the first quarter of the respective fiscal year. As a result of the process used to establish the financial performance objectives, we will only meet the requirements of establishing a grant date for the performance share units when we communicate the financial performance objectives for the third fiscal year of the award to the award recipients, which will then trigger the service inception date, the fair value of the awards, and the associated expense recognition period. Therefore, we have recognized no expense for these issued performance share units in 2014, and we do not expect to recognize expense in 2015. Based on the accounting treatment for performance share units, the expensing of the PSUs issued during 2014 could begin on or around March 2016, or the date that the targets are established for the third year for the three-year performance period. If we meet the applicable threshold financial performance objectives over the three-year performance period and the grantee remains employed by us through the end of the performance period, the performance share units will vest on the first trading day after we file our Annual Report on Form 10-K for the last year in the performance period. | |||||||||||||||||||||
In 2014, 2013, and 2012, we granted to each non-employee member of our Board of Directors a restricted stock award. In 2014, each had a fair value on the grant date of approximately $110,000. These awards vest on the earlier of (1) the trading day immediately preceding the next annual meeting of our shareholders or (2) the death or disability of the grantee. However, the restricted stock award will not vest if the non-employee director ceases to serve on our Board of Directors before either vesting event occurs. | |||||||||||||||||||||
During 2014, 2013, and 2012, the following activity occurred under our share-based compensation plans: | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 18,614 | $ | 2,646 | $ | 29,350 | |||||||||||||||
Total fair value of restricted stock vested | $ | 2,825 | $ | 2,237 | $ | 21,907 | |||||||||||||||
Total fair value of performance shares vested | $ | 1,143 | $ | — | $ | — | |||||||||||||||
The total unearned compensation cost related to all share-based awards outstanding, excluding performance share units, at January 31, 2015 was approximately $20.4 million. This compensation cost is expected to be recognized through January 2019 based on existing vesting terms with the weighted-average remaining expense recognition period being approximately 1.9 years from January 31, 2015. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||
We maintain the Pension Plan and Supplemental Pension Plan covering certain employees whose hire date was on or before April 1, 1994. Benefits under each plan are based on credited years of service and the employee's compensation during the last five years of employment. The Supplemental Pension Plan is maintained for certain highly compensated executives whose benefits were frozen in the Pension Plan in 1996. The Supplemental Pension Plan is designed to pay benefits in the same amount as if the participants continued to accrue benefits under the Pension Plan. We have no obligation to fund the Supplemental Pension Plan, and all assets and amounts payable under the Supplemental Pension Plan are subject to the claims of our general creditors. | ||||||||||||||||||||||||||
The components of net periodic pension expense were comprised of the following: | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Service cost - benefits earned in the period | $ | 1,951 | $ | 2,086 | $ | 2,171 | ||||||||||||||||||||
Interest cost on projected benefit obligation | 3,218 | 3,041 | 3,292 | |||||||||||||||||||||||
Expected investment return on plan assets | (3,219 | ) | (2,893 | ) | (3,089 | ) | ||||||||||||||||||||
Amortization of prior service cost | (34 | ) | (34 | ) | (34 | ) | ||||||||||||||||||||
Amortization of transition obligation | — | 12 | 13 | |||||||||||||||||||||||
Amortization of actuarial loss | 1,497 | 1,692 | 2,345 | |||||||||||||||||||||||
Settlement loss | 1,868 | 83 | 298 | |||||||||||||||||||||||
Net periodic pension cost | $ | 5,281 | $ | 3,987 | $ | 4,996 | ||||||||||||||||||||
In 2014, 2013, and 2012, we incurred pretax non-cash settlement charges of $1.9 million, $0.1 million and $0.3 million, respectively. The settlement charges were caused by lump sum benefit payments made to plan participants in excess of combined annual service cost and interest cost for each year. | ||||||||||||||||||||||||||
The weighted-average assumptions used to determine net periodic pension expense were: | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Discount rate | 5 | % | 4.6 | % | 5 | % | ||||||||||||||||||||
Rate of increase in compensation levels | 3 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||||
Expected long-term rate of return | 6 | % | 5.1 | % | 5.5 | % | ||||||||||||||||||||
The weighted-average assumptions used to determine benefit obligations were: | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Discount rate | 3.3 | % | 5 | % | ||||||||||||||||||||||
Rate of increase in compensation levels | 2.8 | % | 3 | % | ||||||||||||||||||||||
The following schedule provides a reconciliation of projected benefit obligations, plan assets, funded status, and amounts recognized for the Pension Plan and Supplemental Pension Plan at January 31, 2015 and February 1, 2014: | ||||||||||||||||||||||||||
(In thousands) | January 31, 2015 | February 1, 2014 | ||||||||||||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 64,878 | $ | 70,210 | ||||||||||||||||||||||
Service cost | 1,951 | 2,086 | ||||||||||||||||||||||||
Interest cost | 3,218 | 3,041 | ||||||||||||||||||||||||
Plan amendments | 217 | — | ||||||||||||||||||||||||
Benefits and settlements paid | (7,857 | ) | (5,035 | ) | ||||||||||||||||||||||
Actuarial loss (gain) | 15,780 | (5,424 | ) | |||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 78,187 | $ | 64,878 | ||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Fair market value at beginning of year | $ | 56,329 | $ | 59,376 | ||||||||||||||||||||||
Actual return on plan assets | 5,685 | 1,379 | ||||||||||||||||||||||||
Employer contributions | 1,135 | 609 | ||||||||||||||||||||||||
Benefits and settlements paid | (7,857 | ) | (5,035 | ) | ||||||||||||||||||||||
Fair market value at end of year | $ | 55,292 | $ | 56,329 | ||||||||||||||||||||||
Under funded and net amount recognized | $ | (22,895 | ) | $ | (8,549 | ) | ||||||||||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||||||||
Current liabilities | $ | (372 | ) | $ | (340 | ) | ||||||||||||||||||||
Noncurrent liabilities | (22,523 | ) | (8,209 | ) | ||||||||||||||||||||||
Net amount recognized | $ | (22,895 | ) | $ | (8,549 | ) | ||||||||||||||||||||
The following are components of accumulated other comprehensive income and, as such, are not yet reflected in net periodic pension expense: | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Unrecognized past service credit | $ | (195 | ) | $ | 56 | |||||||||||||||||||||
Unrecognized actuarial loss | (24,074 | ) | (14,124 | ) | ||||||||||||||||||||||
Accumulated other comprehensive loss, pretax | $ | (24,269 | ) | $ | (14,068 | ) | ||||||||||||||||||||
We expect to reclassify $2.0 million of the actuarial loss along with an immaterial amount of past service credit into net periodic pension expense during 2015. | ||||||||||||||||||||||||||
The following table sets forth certain information for the Pension Plan and the Supplemental Pension Plan at January 31, 2015 and February 1, 2014: | ||||||||||||||||||||||||||
Pension Plan | Supplemental Pension Plan | |||||||||||||||||||||||||
(In thousands) | January 31, 2015 | February 1, 2014 | January 31, 2015 | February 1, 2014 | ||||||||||||||||||||||
Projected benefit obligation | $ | 72,659 | $ | 59,724 | $ | 5,528 | $ | 5,154 | ||||||||||||||||||
Accumulated benefit obligation | 65,627 | 54,635 | 4,667 | 4,643 | ||||||||||||||||||||||
Fair market value of plan assets | $ | 55,292 | $ | 56,329 | $ | — | $ | — | ||||||||||||||||||
We elected not to make a discretionary contribution to the Pension Plan in 2014 or 2013. Our funding policy of the Pension Plan is to make annual contributions based on advice from our actuaries and the evaluation of our cash position, but not less than the minimum required by applicable regulations. Currently, we expect no required contributions to the Pension Plan during 2015, however, discretionary contributions could be made depending upon further analysis. | ||||||||||||||||||||||||||
Using the same assumptions as those used to measure our benefit obligations, the Pension Plan and the Supplemental Pension Plan benefits expected to be paid in each of the following fiscal years are as follows: | ||||||||||||||||||||||||||
Fiscal Year | (In thousands) | |||||||||||||||||||||||||
2015 | $ | 6,030 | ||||||||||||||||||||||||
2016 | 5,650 | |||||||||||||||||||||||||
2017 | 5,689 | |||||||||||||||||||||||||
2018 | 5,337 | |||||||||||||||||||||||||
2019 | 5,476 | |||||||||||||||||||||||||
2020 - 2024 | $ | 27,007 | ||||||||||||||||||||||||
Our overall investment strategy is to earn a long-term rate of return sufficient to meet the liability needs of the Pension Plan, within prudent risk constraints. In order to develop the appropriate asset allocation and investment strategy, an actuarial review of the Pension Plan's expected future distributions was completed. The strategy provides a well-defined risk management approach designed to reduce risks based on the Pension Plan's funded status. | ||||||||||||||||||||||||||
Assets can generally be considered as filling one of the following roles within the strategy: (1) liability-hedging assets, which are designed to meet the cash payment needs of the plan's obligation and provide downside protection, primarily invested in intermediate and long maturity investment grade bonds; or (2) return-seeking assets, which are designed to deliver returns in excess of the Pension Plan's obligation growth rates, with broadly diversified assets including U.S. and non-U.S. equities, real estate, and high yield bonds. The current target allocation is approximately 80% liability-hedging assets and 20% return-seeking assets. Target allocations may change over time due to changes in the plan's funded status, or in response to changes in plan or market conditions. All assets must have readily ascertainable market values and be easily marketable. The portfolio of assets maintains a high degree of liquidity in order to meet benefit payment requirements and to allow responsiveness to evolving Pension Plan and market conditions. | ||||||||||||||||||||||||||
The investment managers have the discretion to invest within sub-classes of assets within the parameters of their investment guidelines. Fixed income managers can adjust duration exposure as deemed appropriate given current or expected market conditions. Additionally, the investment managers have the authority to invest in financial futures contracts and financial options contracts for the purposes of implementing hedging strategies. There were no futures contracts owned directly by the Pension Plan at January 31, 2015 and February 1, 2014. The primary benchmark for assessing the effectiveness of the Pension Plan investments is that of the plan’s liabilities themselves. Asset class returns are also judged relative to common benchmark indices such as the Russell 3000 and Barclay's Capital Long Credit Bond. Investment results and plan funded status are monitored daily, with a detailed performance review completed on a quarterly basis. | ||||||||||||||||||||||||||
The fair value of our Pension Plan assets at January 31, 2015 and February 1, 2014 by asset category was comprised of the following: | ||||||||||||||||||||||||||
January 31, 2015 | February 1, 2014 | |||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Cash and Cash Equivalents | $ | 1,096 | $ | 1,096 | $ | — | $ | — | $ | 1,418 | $ | 1,418 | $ | — | $ | — | ||||||||||
Common / Collective Trusts | ||||||||||||||||||||||||||
Long Credit | 25,317 | — | 25,317 | — | 44,239 | — | 44,239 | — | ||||||||||||||||||
Intermediate Credit | 17,972 | — | 17,972 | — | 8 | — | 8 | — | ||||||||||||||||||
Global Real Estate | 2,894 | — | 2,894 | — | 2,623 | — | 2,623 | — | ||||||||||||||||||
High Yield | 2,674 | — | 2,674 | — | 2,629 | — | 2,629 | — | ||||||||||||||||||
U.S. Equity Index | 2,183 | — | 2,183 | — | 2,165 | — | 2,165 | — | ||||||||||||||||||
International Equities | 2,034 | — | 2,034 | — | 2,172 | — | 2,172 | — | ||||||||||||||||||
U.S. Small Cap | 1,122 | — | 1,122 | — | 1,075 | — | 1,075 | — | ||||||||||||||||||
Total | $ | 55,292 | $ | 1,096 | $ | 54,196 | $ | — | $ | 56,329 | $ | 1,418 | $ | 54,911 | $ | — | ||||||||||
Savings Plans | ||||||||||||||||||||||||||
We have a savings plan with a 401(k) deferral feature and a nonqualified deferred compensation plan with a similar deferral feature for eligible employees. We contribute a matching percentage of employee contributions. Our matching contributions are subject to Internal Revenue Service (“IRS”) regulations. For 2014, 2013, and 2012, we expensed $5.9 million, $5.7 million, and $5.6 million, respectively, related to our matching contributions. In connection with our nonqualified deferred compensation plan, we had liabilities of $17.2 million and $21.4 million at January 31, 2015 and February 1, 2014, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
INCOME TAXES | INCOME TAXES | |||||||||
The provision for income taxes from continuing operations was comprised of the following: | ||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
Current: | ||||||||||
U.S. Federal | $ | 74,235 | $ | 81,270 | $ | 91,373 | ||||
U.S. State and local | 12,840 | 14,506 | 13,380 | |||||||
Total current tax expense | 87,075 | 95,776 | 104,753 | |||||||
Deferred: | ||||||||||
U.S. Federal | (2,022 | ) | (8,275 | ) | 10,269 | |||||
U.S. State and local | 186 | (1,986 | ) | 2,049 | ||||||
Total deferred tax expense | (1,836 | ) | (10,261 | ) | 12,318 | |||||
Income tax provision | $ | 85,239 | $ | 85,515 | $ | 117,071 | ||||
Net deferred tax assets fluctuated by items that are not reflected in deferred tax expense in the above table, primarily related to matters associated with discontinued operations. Net deferred tax assets decreased by $24.3 million in 2014, increased by $22.0 million in 2013, and decreased by $0.3 million in 2012 as a result of deferred income tax expense associated with our discontinued operations. Additionally, net deferred tax assets also increased by $4.0 million in 2014, $2.3 million in 2013, and $1.7 million in 2012, principally from pension-related charges recorded in accumulated other comprehensive loss. | ||||||||||
Reconciliation between the statutory federal income tax rate and the effective income tax rate for continuing operations was as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||||
Effect of: | ||||||||||
State and local income taxes, net of federal tax benefit | 3.8 | 3.6 | 3.3 | |||||||
Work opportunity tax and other employment tax credits | (0.7 | ) | (1.0 | ) | (0.3 | ) | ||||
Valuation allowance | — | — | — | |||||||
Other, net | 0.3 | 0.1 | 0.1 | |||||||
Effective income tax rate | 38.4 | % | 37.7 | % | 38.1 | % | ||||
Income tax payments and refunds were as follows: | ||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
Income taxes paid | $ | 69,919 | $ | 122,672 | $ | 95,596 | ||||
Income taxes refunded | (135 | ) | (551 | ) | (2,764 | ) | ||||
Net income taxes paid | $ | 69,784 | $ | 122,121 | $ | 92,832 | ||||
Deferred taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax, including income tax uncertainties. Significant components of our deferred tax assets and liabilities were as follows: | ||||||||||
(In thousands) | January 31, 2015 | February 1, 2014 | ||||||||
Deferred tax assets: | ||||||||||
Workers’ compensation and other insurance reserves | $ | 32,242 | $ | 31,483 | ||||||
Compensation related | 28,047 | 24,505 | ||||||||
Accrued rent | 26,283 | 30,962 | ||||||||
Uniform inventory capitalization | 17,649 | 20,708 | ||||||||
Depreciation and fixed asset basis differences | 9,972 | 12,727 | ||||||||
Pension plans | 9,086 | 3,414 | ||||||||
Accrued state taxes | 6,869 | 7,540 | ||||||||
State tax credits, net of federal tax benefit | 4,048 | 3,987 | ||||||||
Accrued operating liabilities | 1,751 | 2,585 | ||||||||
Non-U.S. net operating losses | — | 24,430 | ||||||||
Impaired investment in foreign subsidiary | — | 23,899 | ||||||||
Other | 20,099 | 26,105 | ||||||||
Valuation allowances - primarily related to non-U.S. operations | (2,373 | ) | (30,013 | ) | ||||||
Total deferred tax assets | 153,673 | 182,332 | ||||||||
Deferred tax liabilities: | ||||||||||
Accelerated depreciation and fixed asset basis differences | 67,299 | 71,829 | ||||||||
Lease construction reimbursements | 15,317 | 16,773 | ||||||||
Prepaid expenses | 6,247 | 6,220 | ||||||||
Workers’ compensation and other insurance reserves | 4,203 | 5,121 | ||||||||
Other | 14,314 | 17,502 | ||||||||
Total deferred tax liabilities | 107,380 | 117,445 | ||||||||
Net deferred tax assets | $ | 46,293 | $ | 64,887 | ||||||
Net deferred tax assets are shown separately on our consolidated balance sheets as current and non-current deferred income taxes. The following table summarizes net deferred income tax assets from the consolidated balance sheets: | ||||||||||
(In thousands) | January 31, 2015 | February 1, 2014 | ||||||||
Current deferred income taxes | $ | 39,154 | $ | 59,781 | ||||||
Noncurrent deferred income taxes | 7,139 | 5,106 | ||||||||
Net deferred tax assets | $ | 46,293 | $ | 64,887 | ||||||
In 2013, we fully reduced the amount of net deferred income tax assets (including a net operating loss carryforward) of Big Lots Canada, Inc. by a valuation allowance. Big Lots Canada, Inc. had an accumulated retained deficit in 2013, thus we did not provide for income taxes in the United States on undistributed earnings. The deferred tax asset related to the impaired investment in a foreign subsidiary was recovered as a worthless stock deduction in 2014. | ||||||||||
We have the following income tax loss and credit carryforwards at January 31, 2015 (amounts are shown net of tax excluding the federal income tax effect of the state and local items): | ||||||||||
(In thousands) | ||||||||||
U.S. State and local: | ||||||||||
State net operating loss carryforwards | $ | 144 | Expires fiscal years 2020 through 2025 | |||||||
California enterprise zone credits | 5,967 | Predominately expires fiscal year 2023 | ||||||||
Texas business loss credits | 261 | Expires fiscal years through 2025 | ||||||||
Total income tax loss and credit carryforwards | $ | 6,372 | ||||||||
Income taxes payable on our consolidated balance sheets have been reduced by the tax benefits primarily associated with share-based compensation. We receive an income tax deduction upon the exercise of non-qualified stock options and the vesting of restricted stock. Tax benefits of $1.2 million, $0.2 million, and $8.1 million in 2014, 2013, and 2012, respectively, were credited directly to shareholders' equity related to share-based compensation deductions in excess of expense recognized for these awards. | ||||||||||
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for 2014, 2013, and 2012: | ||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
Unrecognized tax benefits - beginning of year | $ | 16,650 | $ | 16,019 | $ | 16,755 | ||||
Gross increases - tax positions in current year | 898 | 991 | 838 | |||||||
Gross increases - tax positions in prior period | 820 | 1,247 | 1,626 | |||||||
Gross decreases - tax positions in prior period | (2,418 | ) | (532 | ) | (1,928 | ) | ||||
Settlements | (488 | ) | (4 | ) | (382 | ) | ||||
Lapse of statute of limitations | (566 | ) | (949 | ) | (890 | ) | ||||
Foreign currency translation | 26 | (122 | ) | — | ||||||
Unrecognized tax benefits - end of year | $ | 14,922 | $ | 16,650 | $ | 16,019 | ||||
At the end of 2014 and 2013, the total amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate is $9.6 million and $11.0 million, respectively, after considering the federal tax benefit of state and local income taxes of $4.7 million and $5.0 million, respectively. Unrecognized tax benefits of $0.6 million and $0.7 million in 2014 and 2013, respectively, relate to tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The uncertain timing items could result in the acceleration of the payment of cash to the taxing authority to an earlier period. | ||||||||||
We recognized an expense (benefit) associated with interest and penalties on unrecognized tax benefits of approximately $0.5 million, $0.5 million, and $(0.7) million during 2014, 2013, and 2012, respectively, as a component of income tax expense. The amount of accrued interest and penalties recognized in the accompanying consolidated balance sheets at January 31, 2015 and February 1, 2014 was $6.0 million and $5.7 million, respectively. | ||||||||||
We are subject to U.S. federal income tax, income tax of multiple state and local jurisdictions, and Canadian and provincial taxes. The statute of limitations for assessments on our federal income tax returns for periods prior to 2011 has lapsed. In addition, the state income tax returns filed by us are subject to examination generally for periods beginning with 2006, although state income tax carryforward attributes generated prior to 2006 and non-filing positions may still be adjusted upon examination. We have various state returns in the process of examination or administrative appeal. Generally, the time limit for reassessing returns for Canadian and provincial income taxes for periods prior to the year ending October 4, 2009 have lapsed. | ||||||||||
We have estimated the reasonably possible expected net change in unrecognized tax benefits through January 30, 2016, based on expected cash and noncash settlements or payments of uncertain tax positions and lapses of the applicable statutes of limitations for unrecognized tax benefits. The estimated net decrease in unrecognized tax benefits for the next 12 months is approximately $4.0 million. Actual results may differ materially from this estimate. |
Contingencies
Contingencies | 12 Months Ended |
Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES, AND LEGAL PROCEEDINGS | COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS |
On May 21, May 22 and July 2, 2012, three shareholder derivative lawsuits were filed in the U.S. District Court for the Southern District of Ohio against us and certain of our current and former outside directors and executive officers (Jeffrey Berger, David Kollat, Brenda Lauderback, Philip Mallott, Russell Solt, Dennis Tishkoff, Robert Claxton, Joe Cooper, Steven Fishman, Charles Haubiel, Timothy Johnson, John Martin, Norman Rankin, Paul Schroeder, Robert Segal and Steven Smart). The lawsuits were consolidated, and, on August 13, 2012, plaintiffs filed a consolidated complaint, which generally alleges that the individual defendants traded in our common shares based on material, nonpublic information concerning our guidance for fiscal 2012 and the first quarter of fiscal 2012 and the director defendants failed to suspend our share repurchase program during such trading activity. The consolidated complaint asserts claims under Ohio law for breach of fiduciary duty, unjust enrichment, misappropriation of trade secrets and corporate waste and seeks declaratory relief and disgorgement to us of proceeds from any wrongful sales of our common shares, plus attorneys’ fees and expenses. The defendants have filed a motion to dismiss the consolidated complaint, and that motion is fully briefed and awaiting a decision. | |
We received a letter dated January 28, 2013, sent on behalf of a shareholder demanding that our Board of Directors investigate and take action in connection with the allegations made in the derivative and securities lawsuits described above. The shareholder indicated that he would commence a derivative lawsuit if our Board of Directors failed to take the demanded action. On March 6, 2013, our Board of Directors referred the shareholder’s letter to a committee of independent directors to investigate the matter. That committee, with the assistance of independent outside counsel, investigated the allegations in the shareholder’s demand letter and, on August 28, 2013, reported its findings to our Board of Directors along with its recommendation that the Board reject the shareholder’s demand. Our Board of Directors unanimously accepted the recommendation of the demand investigation committee and, on September 9, 2013, outside counsel for the committee sent a letter to counsel for the shareholder informing the shareholder of the Board’s determination. On October 18, 2013, the shareholder filed a derivative lawsuit in the U.S. District Court for the Southern District of Ohio against us and each of the current and former outside directors and executive officers named in the 2012 shareholder derivative lawsuit. The plaintiff’s complaint generally alleges that the individual defendants traded in our common shares based on material, nonpublic information concerning our guidance for fiscal 2012 and the first quarter of fiscal 2012 and the director defendants failed to suspend our share repurchase program during such trading activity. The complaint asserts claims under Ohio law for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, corporate waste and misappropriation of trade secrets and seeks damages, injunctive relief and disgorgement to us of proceeds from any wrongful sales of our common shares, plus attorneys’ fees and expenses. The defendants have filed a motion to dismiss the complaint, and that motion is fully briefed and awaiting a decision. | |
On February 10, 2014, a shareholder derivative lawsuit was filed in the Franklin County Common Pleas Court in Columbus, Ohio, against us and certain of our current and former outside directors and executive officers (David Campisi, Steven Fishman, Joe Cooper, Charles Haubiel, Timothy Johnson, Robert Claxton, John Martin, Norman Rankin, Paul Schroeder, Robert Segal, Steven Smart, David Kollat, Jeffrey Berger, James Chambers, Peter Hayes, Brenda Lauderback, Philip Mallott, Russell Solt, James Tener and Dennis Tishkoff). The plaintiff’s complaint generally alleges that the individual defendants traded in our common shares based on material, nonpublic information concerning our guidance for fiscal 2012 and the first quarter of fiscal 2012 and the director defendants failed to suspend our share repurchase program during such trading activity. The complaint also alleges that we and various individual defendants made false and misleading statements regarding our Canadian operations prior to our announcement on December 5, 2013 that we were exiting the Canadian market. The complaint asserts claims under Ohio law for breach of fiduciary duty, unjust enrichment, waste of corporate assets and misappropriation of insider information and seeks damages, injunctive relief and disgorgement to us of proceeds from any wrongful sales of our common shares, plus attorneys’ fees and expenses. At the parties’ request, the court has stayed this lawsuit until after the judge in the federal lawsuits discussed in the preceding paragraphs has ruled on the motions to dismiss pending in those federal lawsuits. | |
On July 9, 2012, a putative securities class action lawsuit was filed in the U.S. District Court for the Southern District of Ohio on behalf of persons who acquired our common shares between February 2, 2012 and April 23, 2012. This lawsuit was filed against us, Lisa Bachmann, Mr. Cooper, Mr. Fishman and Mr. Haubiel. The complaint in the putative class action generally alleges that the defendants made statements concerning our financial performance that were false or misleading. The complaint asserts claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 and seeks damages in an unspecified amount, plus attorneys’ fees and expenses. The lead plaintiff filed an amended complaint on April 4, 2013, which added Mr. Johnson as a defendant, removed Ms. Bachmann as a defendant, and extended the putative class period to August 23, 2012. The defendants have filed a motion to dismiss the putative class action complaint, and that motion is fully briefed and awaiting a decision. | |
We believe that the shareholder derivative and putative class action lawsuits are without merit, and we intend to defend ourselves vigorously against the allegations levied in these lawsuits. While a loss from these lawsuits is reasonably possible, at this time, we cannot reasonably estimate the amount of any loss that may result or whether the lawsuits will have a material impact on our financial statements. | |
On June 13, 2013, we received a voluntary document request from the Division of Enforcement of the SEC relating principally to our participation in investor and analyst meetings in the first fiscal quarter of 2012. We have produced documents and are cooperating with the SEC’s investigation, which is ongoing. | |
On October 1, 2013, we received a subpoena from the District Attorney for the County of Alameda, State of California, seeking information concerning our handling of hazardous materials and hazardous waste in the State of California. We have provided information and are cooperating with the authorities from multiple counties and cities in California in connection with this ongoing matter. While a loss related to this matter is reasonably possible, at this time, we cannot reasonably estimate the possible loss or range of loss that may arise from this matter or whether this matter will have a material impact on our financial statements. In October 2014, Big Lots received a notice of a second violation from the California Air Resources Board alleging that it sold certain products that contained volatile organic compounds in excess of regulated limits (windshield washer fluid). This matter is in its early stages and settlement discussions are continuing. We anticipate that any resolution of this matter is likely to exceed $100,000. | |
We are involved in other legal actions and claims arising in the ordinary course of business. We currently believe that each such action and claim will be resolved without a material effect on our financial condition, results of operations, or liquidity. However, litigation involves an element of uncertainty. Future developments could cause these actions or claims to have a material effect on our financial condition, results of operations, and liquidity. | |
We are self-insured for certain losses relating to property, general liability, workers' compensation, and employee medical, dental, and prescription drug benefit claims, a portion of which is paid by employees, and we have purchased stop-loss coverage in order to limit significant exposure in these areas. Accrued insurance liabilities are actuarially determined based on claims filed and estimates of claims incurred but not reported. We use letters of credit, which amounted to $55.1 million at January 31, 2015, as collateral to back certain of our self-insured losses with our claims administrators. | |
We have purchase obligations for outstanding purchase orders for merchandise issued in the ordinary course of our business that are valued at $470.4 million, the entirety of which represents obligations due within one year of January 31, 2015. In addition, we have a purchase commitment for future inventory purchases totaling $32.2 million at January 31, 2015. We paid $16.8 million, $21.7 million, and $19.9 million related to this commitment during 2014, 2013, and 2012, respectively. We are not required to meet any periodic minimum purchase requirements under this commitment. The term of the commitment extends until the purchase requirement is satisfied. We have additional purchase obligations in the amount of $199.7 million primarily related to distribution and transportation, information technology, print advertising, energy procurement, and other store security, supply, and maintenance commitments. |
Goodwill
Goodwill | 12 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||
GOODWILL | GOODWILL | ||||||
The changes in the carrying amount of goodwill, which is generally not deductible for income tax purposes, for the fiscal years 2013 and 2012 were as follows: | |||||||
(In thousands) | 2013 | 2012 | |||||
Beginning of year | $ | 13,522 | $ | 12,282 | |||
Goodwill adjustments | — | 1,191 | |||||
Foreign currency impact | (818 | ) | 49 | ||||
Impairment loss | (12,704 | ) | — | ||||
End of year | $ | — | $ | 13,522 | |||
The goodwill adjustments in 2012 were associated with our acquisition of Big Lots Canada, Inc. in the second quarter of 2011, and primarily related to fair value adjustments on our intangible assets and liabilities associated with the acquired operating leases. Our entire balance of goodwill was related to our acquisition of Big Lots Canada, Inc. | |||||||
During the third and fourth quarters of 2013, our senior management team conducted certain strategic planning activities. As a result of those planning activities in the fourth quarter of 2013, we announced our intentions to wind down the operations of Big Lots Canada, Inc. The decision to wind down was considered a triggering event for the performance of an impairment review, as the wind down would result in the elimination of future cash flows from Big Lots Canada, Inc. Therefore, in the fourth quarter of 2013, we determined that our goodwill had been impaired and we recorded an impairment charge of $12.7 million. Please see the Canadian Operations section of note 12 to the consolidated financial statements for further discussion. |
Costs_Associated_With_Wind_Dow
Costs Associated With Wind Down Activities | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
COSTS ASSOCIATED WITH WIND DOWN ACTIVITIES | COSTS ASSOCIATED WITH WIND DOWN ACTIVITIES | |||||||||||
Canadian Operations | ||||||||||||
During the fourth quarter of 2013, we announced our intention to wind down our Canadian operations. At that time, we conducted detailed evaluations of our long range strategic objectives as well as performed a preliminary review of our 2014 financial plan. As a result of that evaluation and review, we determined our Canadian operations did not fit into our strategic plan for maximizing long-term shareholder returns based on our expectations of the required investments necessary to improve the financial performance of our Canadian operations, both in the near and long-term. During the fourth quarter of 2013, we began a markdown strategy with the intent to liquidate our inventory prior to closing our stores. At February 1, 2014, we re-valued our inventory at our net realizable value based on estimated cash proceeds prior to closing, which represents our estimate of its market value. We, also, conducted a review of our long-lived assets. We determined that the elimination of future cash flows from our operations beyond the first quarter of 2014 resulted in the impairment of our property and equipment and our tradename intangible assets; therefore, we recorded a $6.5 million impairment charge for property and equipment, in order to reduce its value to estimated salvage value, and recorded a $0.5 million charge to fully impair our Canadian tradenames. Please see note 2 to the consolidated financial statements for further discussion. Additionally, we conducted an impairment review of our goodwill associated with our Canadian operations, determined that the goodwill had been impaired, and we recorded a $12.7 million impairment charge. Please see note 11 to the consolidated financial statements for further discussion. | ||||||||||||
The wind down of our Canadian operations was separated into two phases: our distribution centers and our stores. During the fourth quarter of 2013, we ceased the operations in our distribution centers, as receiving, processing, and distributing activities were completed. Associated with the closure of our distribution centers and certain administrative activities, we recorded both an employee severance charge and contract termination costs related to leased distribution centers. During the first quarter of 2014, we ceased all operations in Canada by closing all stores and terminating all remaining Canadian employees, which resulted in additional severance charges and contract termination costs. | ||||||||||||
The following table summarizes the components of our wind down activities associated with our Canadian operations and the related liabilities for 2013 and 2014: | ||||||||||||
(In thousands) | Severance | Contract Termination Costs | Total | |||||||||
Balance at February 2, 2013 | $ | — | $ | — | $ | — | ||||||
Charges | 2,739 | 1,276 | 4,015 | |||||||||
Adjustments | — | — | — | |||||||||
Payments | (319 | ) | — | (319 | ) | |||||||
Period change | 2,420 | 1,276 | 3,696 | |||||||||
Balance at February 1, 2014 | $ | 2,420 | $ | 1,276 | $ | 3,696 | ||||||
Charges | 2,206 | 23,126 | 25,332 | |||||||||
Adjustments | — | 218 | 218 | |||||||||
Payments | (4,588 | ) | (24,531 | ) | (29,119 | ) | ||||||
Foreign currency translation | (38 | ) | 186 | 148 | ||||||||
Period change | (2,420 | ) | (1,001 | ) | (3,421 | ) | ||||||
Balance at January 31, 2015 | $ | — | $ | 275 | $ | 275 | ||||||
As of January 31, 2015, we anticipate any future charges associated with the wind down of our Canadian operations will be immaterial. As our Canadian operations had ceased during the first quarter of 2014, the results of our Canadian operations were reclassified to discontinued operations. Please see the Canadian Operations section of note 13 to the consolidated financial statements for further information regarding this discontinued operation. | ||||||||||||
Wholesale Business | ||||||||||||
During the third quarter of 2013, we announced our intention to wind down the operations of our wholesale business during the fourth quarter of 2013. In conjunction with our decision to wind down the operations of our wholesale business, we reviewed the valuation of the inventory associated with the wholesale business and based on the composition of the merchandise, we recorded an impairment of $3.7 million, which reduced the value of the inventory to our estimate of its market value. Additionally, we recorded a severance charge for this exit activity of approximately $0.8 million and we recorded contract termination costs of approximately $0.2 million, when we closed the leased facilities in which we operated our wholesale business. During 2013, we paid $0.3 million of the severance liability and $0.2 million for our contract termination costs. Our liability for severance costs was $0.5 million and our liability for contract termination costs was zero at February 1, 2014. | ||||||||||||
During 2014, we paid $0.5 million for severance cost reducing the liability to zero at January 31, 2015. We anticipate no additional charges associated with the wind down of the operations of our wholesale business. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS | |||||||||
Our discontinued operations for 2014, 2013, and 2012, were comprised of the following: | ||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
Canadian operations | $ | (35,998 | ) | $ | (40,918 | ) | $ | (13,698 | ) | |
Wholesale business | (248 | ) | (4,371 | ) | 423 | |||||
KB Toys matters | 9 | 5,248 | (78 | ) | ||||||
Other | — | — | 2 | |||||||
Total loss from discontinued operations, pretax | $ | (36,237 | ) | $ | (40,041 | ) | $ | (13,351 | ) | |
Canadian Operations | ||||||||||
During the fourth quarter of 2013, we announced our intention to wind down our Canadian operations. We began the wind down activities during the fourth quarter of 2013, which included the closing of our Canadian distribution centers, and completed the wind down activities during the first quarter of 2014, which included the closing of our Canadian stores and corporate offices. Therefore, we determined the results of our Canadian operations should be reported as discontinued operations for all periods presented. The results of our Canadian operations have historically consisted of sales of product to retail customers, the costs associated with those products, and selling and administrative expenses, including personnel, purchasing, warehousing, distribution, occupancy and overhead costs. During 2013, the results of our Canadian operations also included significant impairment charges related to goodwill, property and equipment, tradenames, severance and contract termination costs. During 2014, the results of our Canadian operations also included significant contract termination costs, severance charges associated with the wind down of the operations, and a loss on the realization of our cumulative translation adjustment on our investment in our Canadian operations. Please see the Canadian Operations section of note 12 to the consolidated financial statements for additional details regarding the costs we incurred in connection with the wind down of our Canadian operations during 2013 and 2014. | ||||||||||
In addition to the costs associated with our Canadian operations, we reclassified to discontinued operations the direct expenses incurred by our U.S. operations to facilitate the wind down. These costs primarily consist of professional fees. We also reclassified the income tax benefit that our U.S. operations should generate as a result of the wind down of our Canadian operations, based principally on our ability to recover a worthless stock deduction in the foreseeable future. During 2013 and 2014, the amount of this income tax benefit that we recognized was approximately $24.4 million and $13.8 million, respectively. | ||||||||||
Wholesale Business | ||||||||||
During the third quarter of 2013, we announced our intention to wind down the operations of our wholesale business. During the fourth quarter of 2013, we executed our wind down plan and ceased the operations of our wholesale business; therefore, we determined the results of our wholesale business should be reported as discontinued operations for all periods presented. The results of operations of our wholesale business primarily consist of sales of product to wholesale customers, the costs associated with those products, and selling and administrative expenses, including personnel, purchasing, warehousing, distribution, occupancy and overhead costs. Please see the Wholesale Business section of note 12 to the consolidated financial statements for further information regarding the costs we incurred in connection with the wind down of our wholesale business during 2013. | ||||||||||
KB Toys Matters | ||||||||||
We acquired the KB Toys business from Melville Corporation (now known as CVS New York, Inc., and together with its subsidiaries “CVS”) in May 1996. As part of that acquisition, we provided, among other things, an indemnity to CVS with respect to any losses resulting from KB Toys' failure to pay all monies due and owing under any KB Toys lease or mortgage obligation. While we controlled the KB Toys business, we provided guarantees with respect to a limited number of additional KB Toys store leases. We sold the KB Toys business to KB Acquisition Corp. (“KBAC”), an affiliate of Bain Capital, pursuant to a Stock Purchase Agreement. KBAC similarly agreed to indemnify us with respect to all lease and mortgage obligations. These guarantee and lease obligations are collectively referred to as the “KB Lease Obligations.” | ||||||||||
On January 14, 2004, KBAC and certain affiliated entities (collectively referred to as “KB-I”) filed for bankruptcy protection pursuant to Chapter 11 of title 11 of the United States Code. In 2007, we reduced our liabilities for potential remaining claims to zero for the KB-I bankruptcy. During the fourth quarter of 2013, we received a final distribution from the KB-I bankruptcy estate in the amount of $2.1 million. | ||||||||||
On August 30, 2005, in connection with the acquisition by an affiliate of Prentice Capital Management of majority ownership of KB-I, KB-I emerged from its 2004 bankruptcy (the KB Toys business that emerged from bankruptcy is hereinafter referred to as “KB-II”). In 2007, we entered into an agreement with KB-II and various Prentice Capital entities which we believe provides a cap on our liability under the existing KB Lease Obligations and an indemnity from the Prentice Capital entities with respect to any renewals, extensions, modifications or amendments of the KB Lease Obligations which otherwise could potentially expose us to additional incremental liability beyond the date of the agreement, September 24, 2007. Under the agreement, KB-II is required to update us periodically with respect to the status of any remaining leases for which they believe we have a guarantee or indemnification obligation. In addition, we have the right to request a statement of the net asset value of Prentice Capital Offshore in order to monitor the sufficiency of the indemnity. | ||||||||||
On December 11, 2008, KB-II filed for bankruptcy protection pursuant to Chapter 11 of title 11 of the United States Code. Based on information provided to us by KB-II, we believe that we continue to have KB Lease Obligations with respect to certain KB Toys stores (“KB-II Bankruptcy Lease Obligations”). In the fourth fiscal quarter of 2008, we recorded a charge in the amount of $5.0 million, pretax, in income (loss) from discontinued operations to reflect the estimated amount that we expect to pay for KB-II Bankruptcy Lease Obligations. In the fourth quarter of 2013, we recorded approximately $3.1 million in income for the KB-II Bankruptcy Lease Obligations to reduce the amount on our consolidated balance sheet to zero as of February 1, 2014. We based this reversal on the following factors: (1) we had not received any new demand letters from landlords during the past two years; (2) all prior demands against us by landlords had been settled or paid or the landlords had stopped pursuing their demands; (3) the KB-II bankruptcy occurred more than five years prior to the end of 2008 and most of the lease rejections occurred more than two years prior to the end of 2013; and (4) we believed that the likelihood of new claims against us was remote, and, if incurred, the amount would be immaterial. |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS | COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||
The following table summarizes the components of accumulated other comprehensive loss, net of tax, during 2012, 2013, and 2014: | ||||||||||||
(In thousands) | Foreign currency translation | Pension Plan | Total accumulated other comprehensive loss | |||||||||
Balance at January 28, 2012 | $ | (1,050 | ) | $ | (14,469 | ) | $ | (15,519 | ) | |||
Other comprehensive income (loss) before reclassifications | (383 | ) | 989 | 606 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 1,583 | 1,583 | |||||||||
Period change | (383 | ) | 2,572 | 2,189 | ||||||||
Balance at February 2, 2013 | (1,433 | ) | (11,897 | ) | (13,330 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (3,589 | ) | 2,352 | (1,237 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | 1,056 | 1,056 | |||||||||
Period change | (3,589 | ) | 3,408 | (181 | ) | |||||||
Balance at February 1, 2014 | (5,022 | ) | (8,489 | ) | (13,511 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (39 | ) | (8,180 | ) | (8,219 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 5,061 | 2,013 | 7,074 | |||||||||
Period change | 5,022 | (6,167 | ) | (1,145 | ) | |||||||
Balance at January 31, 2015 | $ | — | $ | (14,656 | ) | $ | (14,656 | ) | ||||
The amounts reclassified from accumulated other comprehensive income (loss) associated with our pension plans have been reclassified to selling and administrative expenses in our statement of operations. Please see note 8 to the consolidated financial statements for further information on our pension plans. | ||||||||||||
The amounts reclassified from accumulated other comprehensive income (loss) associated with foreign currency translation have been reclassified to loss from discontinued operations in our statements of operations, as the amounts related to our Canadian operations. Please see note 13 to the consolidated financial statements for further information on our discontinued operations. |
Sale_of_Real_Estate
Sale of Real Estate | 12 Months Ended |
Jan. 31, 2015 | |
Sale of Real Estate [Abstract] | |
SALE OF REAL ESTATE | SALE OF REAL ESTATE |
In October 2013, we sold company-owned real property in California, on a component of which we operated a store, for $5.1 million. Concurrently with the sale, we entered into a lease agreement with the purchaser of the property which allowed us to continue to operate our store on an uninterrupted basis. As a result of the sale and concurrent leaseback, we determined that only a portion of the gain on the transaction could be recognized at that time. Based on the terms of the transaction, we recognized a gain of $3.6 million during the third quarter of 2013 and deferred a gain of $0.8 million, which will be amortized over the committed lease term. |
Business_Segment_Data
Business Segment Data | 12 Months Ended | ||||||||||
Jan. 31, 2015 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
BUSINESS SEGMENT DATA | BUSINESS SEGMENT DATA | ||||||||||
We use the following seven merchandise categories, which match our internal management and reporting of merchandise net sales: Food, Consumables, Soft Home, Hard Home, Furniture & Home Décor, Seasonal, and Electronics & Accessories. The Food category includes our beverage & grocery, candy & snacks, and specialty foods departments. The Consumables category includes our health and beauty, plastics, paper, chemical, and pet departments. The Soft Home category includes the fashion bedding, utility bedding, bath, window, decorative textile, and area rugs departments. The Hard Home category includes our small appliances, table top, food preparation, stationery, greeting card, tools, paint, and home maintenance departments. The Furniture & Home Décor category includes our upholstery, mattress, ready-to-assemble, case goods, home décor, and frames departments. The Seasonal category includes our lawn & garden, summer, Christmas, toys, books, sporting goods, and other holiday departments. The Electronics & Accessories category includes the electronics, jewelry, apparel, hosiery, and infant accessories departments. | |||||||||||
We periodically assess, and potentially enact minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. | |||||||||||
The following table presents net sales data by merchandise category: | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Furniture & Home Décor | $ | 1,160,640 | $ | 1,072,410 | $ | 1,060,993 | |||||
Consumables | 953,028 | 918,124 | 905,444 | ||||||||
Seasonal | 888,146 | 907,787 | 923,434 | ||||||||
Food | 821,915 | 747,840 | 742,267 | ||||||||
Hard Home | 499,034 | 565,126 | 591,523 | ||||||||
Soft Home | 460,256 | 427,137 | 431,999 | ||||||||
Electronics & Accessories | 394,059 | 486,331 | 556,658 | ||||||||
Net sales | $ | 5,177,078 | $ | 5,124,755 | $ | 5,212,318 | |||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||
Summarized fiscal quarterly financial data for 2014 and 2013 is as follows: | ||||||||||||||||
Fiscal Year 2014 | First | Second | Third | Fourth | Year | |||||||||||
(In thousands, except per share amounts) (a) | ||||||||||||||||
Net sales | $ | 1,281,271 | $ | 1,195,363 | $ | 1,107,095 | $ | 1,593,349 | $ | 5,177,078 | ||||||
Gross margin | 493,556 | 469,527 | 430,942 | 649,929 | 2,043,954 | |||||||||||
Income (loss) from continuing operations | 28,581 | 17,212 | (3,115 | ) | 93,983 | 136,661 | ||||||||||
Income (loss) from discontinued operations | (25,233 | ) | 2,726 | (326 | ) | 448 | (22,385 | ) | ||||||||
Net income (loss) | 3,348 | 19,938 | (3,441 | ) | 94,431 | 114,276 | ||||||||||
Earnings (loss) per share - basic: | ||||||||||||||||
Continuing operations | $ | 0.5 | $ | 0.31 | $ | (0.06 | ) | $ | 1.78 | $ | 2.49 | |||||
Discontinued operations | (0.44 | ) | 0.05 | (0.01 | ) | 0.01 | (0.41 | ) | ||||||||
$ | 0.06 | $ | 0.36 | $ | (0.06 | ) | $ | 1.79 | $ | 2.08 | ||||||
Earnings (loss) per share - diluted: | ||||||||||||||||
Continuing operations | $ | 0.5 | $ | 0.31 | $ | (0.06 | ) | $ | 1.76 | $ | 2.46 | |||||
Discontinued operations | (0.44 | ) | 0.05 | (0.01 | ) | 0.01 | (0.40 | ) | ||||||||
$ | 0.06 | $ | 0.36 | $ | (0.06 | ) | $ | 1.77 | $ | 2.06 | ||||||
Fiscal Year 2013 | First | Second | Third | Fourth | Year | |||||||||||
(In thousands, except per share amounts) (a) | ||||||||||||||||
Net sales | $ | 1,267,020 | $ | 1,180,905 | $ | 1,104,918 | $ | 1,571,912 | $ | 5,124,755 | ||||||
Gross margin | 502,195 | 464,115 | 431,428 | 609,631 | 2,007,369 | |||||||||||
Income (loss) from continuing operations | 37,065 | 21,944 | (1,948 | ) | 84,229 | 141,290 | ||||||||||
Income (loss) from discontinued operations | (4,732 | ) | (3,818 | ) | (7,569 | ) | 124 | (15,995 | ) | |||||||
Net income (loss) | 32,333 | 18,126 | (9,517 | ) | 84,353 | 125,295 | ||||||||||
Earnings (loss) per share - basic: | ||||||||||||||||
Continuing operations | $ | 0.65 | $ | 0.38 | $ | (0.03 | ) | $ | 1.46 | $ | 2.46 | |||||
Discontinued operations | (0.08 | ) | (0.07 | ) | (0.13 | ) | — | (0.28 | ) | |||||||
$ | 0.56 | $ | 0.32 | $ | (0.17 | ) | $ | 1.47 | $ | 2.18 | ||||||
Earnings (loss) per share - diluted: | ||||||||||||||||
Continuing operations | $ | 0.64 | $ | 0.38 | $ | (0.03 | ) | $ | 1.45 | $ | 2.44 | |||||
Discontinued operations | (0.08 | ) | (0.07 | ) | (0.13 | ) | — | (0.28 | ) | |||||||
$ | 0.56 | $ | 0.31 | $ | (0.17 | ) | $ | 1.45 | $ | 2.16 | ||||||
(a) | Earnings per share calculations for each fiscal quarter are based on the applicable weighted-average shares outstanding for each period and the sum of the earnings per share for the four fiscal quarters may not necessarily be equal to the full year earnings per share amount. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Jan. 31, 2015 | |
Subsequent Event [Line Items] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT |
On March 6, 2015, we announced that our Board of Directors authorized the repurchase of up to $200.0 million of our common shares (“2015 Repurchase Program”). Pursuant to the 2015 Repurchase Program, we may repurchase shares in the open market and/or in privately negotiated transactions at our discretion, subject to market conditions and other factors. Common shares acquired through the 2015 Repurchase Program will be available to meet obligations under our equity compensation plans and for general corporate purposes. The 2015 Repurchase Program has no scheduled termination date and will be funded with cash and cash equivalents, cash generated from operations or, if needed, by drawing on the 2011 Credit Agreement. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Jan. 31, 2015 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Business Description and Basis of Presentation [Text Block] | Description of Business | |
We are a unique, non-traditional, discount retailer in the United States of America (“U.S.”). At January 31, 2015, we operated 1,460 stores in 48 states. Our goal is to exceed our core customer’s expectation by providing a product assortment of value-priced merchandise that is meaningful to our core customer, combined with the quality and ease of the shopping experience. Our value-priced merchandise is sourced through both traditional and close-out channels. | ||
Basis of Presentation | ||
The consolidated financial statements include Big Lots, Inc. and all of its subsidiaries, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and include all of our accounts. We consolidate all majority-owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated. | ||
Use of Estimates, Policy [Policy Text Block] | Management Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. The use of estimates, judgments, and assumptions creates a level of uncertainty with respect to reported or disclosed amounts in our consolidated financial statements or accompanying notes. On an ongoing basis, management evaluates its estimates, judgments, and assumptions, including those that management considers critical to the accurate presentation and disclosure of our consolidated financial statements and accompanying notes. Management bases its estimates, judgments, and assumptions on historical experience, current trends, and various other factors that it believes are reasonable under the circumstances. Because of the inherent uncertainty in using estimates, judgments, and assumptions, actual results may differ from these estimates. | ||
Fiscal Period, Policy [Policy Text Block] | Fiscal Periods | |
Our fiscal year ends on the Saturday nearest to January 31, which results in fiscal years consisting of 52 or 53 weeks. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal year 2014 (“2014”) is comprised of the 52 weeks that began on February 2, 2014 and ended on January 31, 2015. Fiscal year 2013 (“2013”) was comprised of the 52 weeks that began on February 3, 2013 and ended on February 1, 2014. Fiscal year 2012 (“2012”) was comprised of the 53 weeks that began on January 29, 2012 and ended on February 2, 2013. | ||
Segment Reporting, Policy [Policy Text Block] | Segment Reporting | |
We manage our business based on one segment, discount retailing. All of our stores are located in the U.S. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |
Cash and cash equivalents primarily consist of amounts on deposit with financial institutions, outstanding checks, credit and debit card receivables, and highly liquid investments, including money market funds, which are unrestricted to withdrawal or use and which have an original maturity of three months or less. We review cash and cash equivalent balances on a bank by bank basis in order to identify book overdrafts. Book overdrafts occur when the amount of outstanding checks exceed the cash deposited at a given bank. We reclassify book overdrafts, if any, to accounts payable on our consolidated balance sheets. Amounts due from banks for credit and debit card transactions are typically settled in less than five days, and at January 31, 2015 and February 1, 2014, totaled $26.6 million and $24.5 million, respectively. | ||
Investment, Policy [Policy Text Block] | Investments | |
Investment securities are classified as available-for-sale, held-to-maturity, or trading at the date of purchase. Investments are recorded at fair value as either current assets or non-current assets based on the stated maturity or our plans to either hold or sell the investment. Unrealized holding gains and losses on trading securities are recognized in earnings. Unrealized holding gains and losses on available-for-sale securities are recognized in other comprehensive income, until realized. We did not own any held-to-maturity or available-for-sale securities as of January 31, 2015 and February 1, 2014. | ||
Inventory, Policy [Policy Text Block] | Merchandise Inventories | |
Merchandise inventories are valued at the lower of cost or market using the average cost retail inventory method. Cost includes any applicable inbound shipping and handling costs associated with the receipt of merchandise into our distribution centers (see the discussion below under the caption “Selling and Administrative Expenses” for additional information regarding outbound shipping and handling costs to our stores). Market is determined based on the estimated net realizable value, which generally is the merchandise selling price. Under the average cost retail inventory method, inventory is segregated into classes of merchandise having similar characteristics at its current retail selling value. Current retail selling values are converted to a cost basis by applying an average cost factor to each specific merchandise class’ retail selling value. Cost factors represent the average cost-to-retail ratio computed using beginning inventory and all fiscal year-to-date purchase activity specific to each merchandise class. | ||
Under our previous inventory management system which was used through the end of 2011, we calculated average cost at the department level which constituted 50 inventory cost pools. On January 29, 2012, the first day of 2012, we completed the implementation of our new inventory management systems, which has allowed us to more precisely determine our inventory cost under the average cost retail inventory method. We now calculate average cost at the class level which constitutes approximately 350 inventory cost pools. | ||
As the impact of the accounting change in the beginning of the 2012 on inventory was immaterial, we recognized the cumulative effect of the change in accounting principle as an expense in 2012 by recording a reduction in inventory and a corresponding increase to cost of sales of approximately $5.6 million in the first quarter of 2012. This non-cash charge reduced the 2012 income from continuing operations and net income by approximately $3.4 million and reduced 2012 basic and diluted earnings per share from continuing operations by $0.06. | ||
Under the average cost retail inventory method, permanent sales price markdowns result in cost reductions in inventory. Our permanent sales price markdowns are typically related to end of season clearance events and are recorded as a charge to cost of sales in the period of management's decision to initiate sales price reductions with the intent not to return the price to regular retail. Promotional markdowns are recorded as a charge to net sales in the period the merchandise is sold. Promotional markdowns are typically related to specific marketing efforts with respect to products maintained continuously in our stores or products that are only available in limited quantities but represent substantial value to our customers. Promotional markdowns are principally used to drive higher sales volume during a defined promotional period. | ||
We record a reduction to inventories and charge to cost of sales for a shrinkage inventory allowance. The shrinkage allowance is calculated as a percentage of sales for the period from the last physical inventory date to the end of the reporting period. Such estimates are based on our historical and current year experience based on physical inventory results. | ||
We record a reduction to inventories and charge to cost of sales for any excess or obsolete inventory. The excess or obsolete inventory is estimated based on a review of our aged inventory and takes into account any items that have already received a cost reduction as a result of the permanent markdown process discussed above. We estimate the reduction for excess or obsolete inventory based on historical sales trends, age and quantity of product on hand, and anticipated future sales. | ||
Cost of Sales, Vendor Allowances, Policy [Policy Text Block] | Payments Received from Vendors | |
Payments received from vendors relate primarily to rebates and reimbursement for markdowns and are recognized in our consolidated statements of operations as a reduction to cost of inventory purchases in the period that the rebate or reimbursement is earned or realized and, consequently, result in a reduction in cost of sales when the related inventory is sold. | ||
Store Supplies Policy [Policy Text Block] | Store Supplies | |
When opening a new store, a portion of the initial shipment of supplies (including primarily display materials, signage, security-related items, and miscellaneous store supplies) is capitalized at the store opening date. These capitalized supplies represent more durable types of items for which we expect to receive future economic benefit. Subsequent replenishments of capitalized store supplies are expensed. The consumable/non-durable type items for which the future economic benefit is less measurable are expensed upon shipment to the store. Capitalized store supplies are adjusted periodically for changes in estimated quantities or costs and are included in other current assets in our consolidated balance sheets. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment - Net | |
Depreciation and amortization expense of property and equipment are recorded on a straight‑line basis using estimated service lives. The estimated service lives of our depreciable property and equipment by major asset category were as follows: | ||
Land improvements | 15 years | |
Buildings | 40 years | |
Leasehold improvements | 5 years | |
Store fixtures and equipment | 5 - 7 years | |
Distribution and transportation fixtures and equipment | 5 - 15 years | |
Office and computer equipment | 5 years | |
Computer software costs | 5 - 8 years | |
Company vehicles | 3 years | |
Leasehold improvements are amortized on a straight-line basis using the shorter of their estimated service lives or the lease term. Because many initial lease terms range from five to seven years and the majority of our lease options have a term of five years, we estimate the useful life of leasehold improvements at five years. This amortization period is consistent with the amortization period for any lease incentives that we would typically receive when initially entering into a new lease that are recognized as deferred rent and amortized over the initial lease term. | ||
Assets acquired under noncancellable leases, which meet the criteria of a capital lease, are capitalized in property and equipment - net and amortized over the estimated service life of the asset or the applicable lease term. | ||
Depreciation estimates are revised prospectively to reflect the remaining depreciation or amortization of the asset over the shortened estimated service life when a decision is made to dispose of property and equipment prior to the end of its previously estimated service life. The cost of assets sold or retired and the related accumulated depreciation are removed from the accounts with any resulting gain or loss included in selling and administrative expenses. Major repairs that extend service lives are capitalized. Maintenance and repairs are charged to expense as incurred. Capitalized interest was not significant in any period presented. | ||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets | |
Our long-lived assets primarily consist of property and equipment - net. In order to determine if impairment indicators are present for store property and equipment, we review historical operating results at the store level on an annual basis, or when other impairment indicators are present. Generally, all other property and equipment is reviewed for impairment at the enterprise level. If the net book value of a store’s long-lived assets is not recoverable by the expected undiscounted future cash flows of the store, we estimate the fair value of the store’s assets and recognize an impairment charge for the excess net book value of the store’s long-lived assets over their fair value. Our assumptions related to estimates of undiscounted future cash flows are based on historical results of cash flows adjusted for management projections for future periods. We estimate the fair value of our long-lived assets using expected cash flows, including salvage value, which is based on readily available market information for similar assets. | ||
Closed Store Poilcy [Policy Text Block] | Closed Store Accounting | |
We recognize an obligation for the fair value of lease termination costs when we cease using the leased property in our operations. In measuring fair value of these lease termination obligations, we consider the remaining minimum lease payments, estimated sublease rentals that could be reasonably obtained, and other potentially mitigating factors. We discount the estimated obligation using the applicable credit adjusted interest rate, which results in accretion expense in periods subsequent to the period of initial measurement. We monitor the estimated obligation for lease termination liabilities in subsequent periods and revise our estimated liabilities, if necessary. Severance and benefits associated with terminating employees from employment are recognized ratably from the communication date through the estimated future service period, unless the estimated future service period is less than 60 days, in which case we recognize the impact at the communication date. Generally all other store closing costs are recognized when incurred. | ||
When material, we classify the results of operations of closed stores to discontinued operations when both the operations and cash flows of the stores have been (or will be) eliminated from ongoing operations and we no longer have any significant continuing involvement in the operations associated with the stores after closure. We generally meet the second criteria on all closed stores, as upon closure, operations cease and we have no continuing involvement. To determine if cash flows have been (or will be) eliminated from ongoing operations, we evaluate a number of qualitative and quantitative factors, including, but not limited to, proximity of a closing store to any remaining open stores and the estimated sales migration from the closed store to any stores remaining open. The estimated sales migration is based on historical estimates of our sales migration upon opening or closing a store in a similar market. For purposes of reporting closed stores as discontinued operations, we report net sales, gross margin, and related operating costs that are directly related to and specifically identifiable with respect to the stores’ operations identified as discontinued operations. Certain corporate-level charges, such as general office cost, field operations, national advertising, fixed distribution costs, and interest cost are not allocated to closed stores’ discontinued operations because we believe that these costs are not specific to the stores’ operations. | ||
Income Tax, Policy [Policy Text Block] | Income Taxes | |
We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement basis and tax basis of assets and liabilities using enacted law and tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | ||
We assess the adequacy and need for a valuation allowance for deferred tax assets. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. We have established a valuation allowance to reduce our deferred tax assets to the balance that is more likely than not to be realized. | ||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the accompanying consolidated balance sheets. | ||
The effective income tax rate in any period may be materially impacted by the overall level of income (loss) before income taxes, the jurisdictional mix and magnitude of income (loss), changes in the income tax laws (which may be retroactive to the beginning of the fiscal year), subsequent recognition, de-recognition and/or measurement of an uncertain tax benefit, changes in a deferred tax valuation allowance, and adjustments of a deferred tax asset or liability for enacted changes in tax laws or rates. | ||
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Pension | |
Pension assumptions are evaluated each year. Actuarial valuations are used to calculate the estimated expenses and obligations related to our pension plans. We review external data and historical trends to help determine the discount rate and expected long-term rate of return. Our objective in selecting a discount rate is to identify the best estimate of the rate at which the benefit obligations would be settled on the measurement date. In making this estimate, we review rates of return on high-quality, fixed-income investments available at the measurement date and expected to be available during the period to maturity of the benefits. This process includes a review of the bonds available on the measurement date with a quality rating of Aa or better. The expected long-term rate of return on assets is derived from detailed periodic studies, which include a review of asset allocation strategies, anticipated future long-term performance of individual asset classes, risks (standard deviations), and correlations of returns among the asset classes that comprise the plan’s asset mix. While the studies give appropriate consideration to recent plan performance and historical returns, the assumption for the expected long-term rate of return is primarily based on our expectation of a long-term, prospective rate of return. | ||
Self Insurance Policy [Policy Text Block] | Insurance and Insurance-Related Reserves | |
We are self-insured for certain losses relating to property, general liability, workers’ compensation, and employee medical, dental, and prescription drug benefit claims, a portion of which is paid by employees. We purchase stop-loss coverage to limit significant exposure in these areas. Accrued insurance-related liabilities and related expenses are based on actual claims filed and estimates of claims incurred but not reported. The estimated accruals are determined by applying actuarially-based calculations. General liability and workers’ compensation liabilities are recorded at our estimate of their net present value, using a 4% discount rate, while other liabilities for insurance-related reserves are not discounted. | ||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments | |
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. | ||
Level 1, defined as observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. | ||
Level 2, defined as observable inputs other than Level 1 inputs. These include quoted prices for similar assets or liabilities in an active market, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||
The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates fair value because of the relatively short maturity of these items. | ||
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Costs Associated with Exit or Disposal Activities | |
Our accruals for costs associated with exit or disposal activities primarily consist of contract termination costs, principally related to operating leases, and severance benefits. The costs arose from our decision to wind down the operations of certain businesses. When determining the valuation of the liabilities for our contract termination cost estimates, we utilize the advice and input of outside experts who specialize in real estate activities. The accruals for contract termination costs and severance benefits factor in many variables including, but not limited to, buy-out scenarios and costs of capital. Additionally, these liabilities have been recorded at their net present value, which represents their fair value. Given the number of assumptions and the unobservable nature of certain of the inputs, these accruals for costs associated with exit or disposal activities are considered to be Level 3. | ||
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and Contingencies | |
We are subject to various claims and contingencies including legal actions and other claims arising out of the normal course of business. In connection with such claims and contingencies, we estimate the likelihood and amount of any potential obligation, where it is possible to do so, using management's judgment. Management uses various internal and external specialists to assist in the estimating process. We accrue, if material, a liability if the likelihood of an adverse outcome is probable and the amount is estimable. If the likelihood of an adverse outcome is only reasonably possible (as opposed to probable), or if it is probable but an estimate is not determinable, disclosure of a material claim or contingency is made in the notes to our consolidated financial statements and no accrual is made. | ||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |
We recognize sales at the time the customer takes possession of the merchandise. Sales are recorded net of discounts and estimated returns and exclude any sales tax. The reserve for merchandise returns is estimated based on our prior return experience. | ||
We sell gift cards in our stores and issue merchandise credits, typically as a result of customer returns, on stored value cards. We do not charge administrative fees on unused gift card or merchandise credit balances and our gift cards and merchandise credits do not expire. We recognize sales revenue related to gift cards and merchandise credits when (1) the gift card or merchandise credit is redeemed in a sales transaction by the customer or (2) breakage occurs. We recognize gift card and merchandise credit breakage when we estimate that the likelihood of the card or credit being redeemed by the customer is remote and we determine that we do not have a legal obligation to remit the value of unredeemed cards or credits to the relevant regulatory authority. We estimate breakage based upon historical redemption patterns. For 2014, 2013, and 2012, we recognized in net sales on our consolidated statements of operations breakage of $0.2 million, $0.2 million, and $0.5 million, respectively, related to unredeemed gift card and merchandise credit balances that had aged at least four years beyond the end of their original issuance month. The liability for the unredeemed cash value of gift cards and merchandise credits is recorded in accrued operating expenses. | ||
We offer price hold contracts on merchandise. Revenue for price hold contracts is recognized when the customer makes the final payment and takes possession of the merchandise. Amounts paid by customers under price hold contracts are recorded in accrued operating expenses until a sale is consummated. | ||
Cost of Sales, Policy [Policy Text Block] | Cost of Sales | |
Cost of sales includes the cost of merchandise, net of cash discounts and rebates, markdowns, and inventory shrinkage. Cost of merchandise includes related inbound freight to our distribution centers, duties, and commissions. We classify warehousing and outbound distribution and transportation costs as selling and administrative expenses. Due to this classification, our gross margin rates may not be comparable to those of other retailers that include warehousing and outbound distribution and transportation costs in cost of sales. | ||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling and Administrative Expenses | |
Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, and overhead. Selling and administrative expense rates may not be comparable to those of other retailers that include warehousing, distribution, and outbound transportation costs in cost of sales. Distribution and outbound transportation costs included in selling and administrative expenses were $161.1 million, $158.9 million, and $153.4 million for 2014, 2013, and 2012, respectively. | ||
Lease, Policy [Policy Text Block] | Rent Expense | |
Rent expense is recognized over the term of the lease and is included in selling and administrative expenses. We recognize minimum rent starting when possession of the property is taken from the landlord, which normally includes a construction or set-up period prior to store opening. When a lease contains a predetermined fixed escalation of the minimum rent, we recognize the related rent expense on a straight-line basis and record the difference between the recognized rental expense and the amounts payable under the lease as deferred rent. We also receive tenant allowances, which are recorded in deferred incentive rent and are amortized as a reduction to rent expense over the term of the lease. | ||
Our leases generally obligate us for our applicable portion of real estate taxes, common area maintenance (“CAM”), and property insurance that has been incurred by the landlord with respect to the leased property. We maintain accruals for our estimated applicable portion of real estate taxes, CAM, and property insurance incurred but not settled at each reporting date. We estimate these accruals based on historical payments made and take into account any known trends. Inherent in these estimates is the risk that actual costs incurred by landlords and the resulting payments by us may be higher or lower than the amounts we have recorded on our books. | ||
Certain of our leases provide for contingent rents that are not measurable at the lease inception date. Contingent rent includes rent based on a percentage of sales that are in excess of a predetermined level. Contingent rent is excluded from minimum rent but is included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable. | ||
Advertising Costs, Policy [Policy Text Block] | Advertising Expense | |
Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, internet marketing and advertising, and in-store point-of-purchase presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $97.5 million, $97.9 million, and $100.8 million for 2014, 2013, and 2012, respectively. | ||
Store Pre-opening Costs [Policy Text Block] | Store Pre-opening Costs | |
Pre-opening costs incurred during the construction periods for new store openings are expensed as incurred and included in our selling and administrative expenses. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation | |
Share-based compensation expense is recognized in selling and administrative expense in our consolidated statements of operations for all awards that we expect to vest. We estimate forfeitures based on historical information. | ||
Stock Options | ||
We value and expense stock options with graded vesting as a single award with an average estimated life over the entire term of the award. The expense for options with graded vesting is recorded on a straight-line basis over the vesting period. Historically, we estimated the fair value of stock options using a binomial model. The binomial model takes into account variables such as volatility, dividend yield rate, risk-free rate, contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life, and the probability of retirement of the option holder in computing the value of the option. Expected volatility was based on historical implied volatilities from traded options on our common shares. The dividend yield on our common shares was assumed to be zero, since we had not paid dividends at the time of our most recent stock option grants in 2013, nor did we have intentions of doing so at that time. The risk-free rate was based on U.S. Treasury security yields at the time of the grant. The expected life was determined from the binomial model, which incorporates exercise and post-vesting forfeiture assumptions based on analysis of historical data. | ||
Non-vested Restricted Stock Awards | ||
Compensation expense for our performance-based non-vested restricted stock awards is recorded based on fair value of the award on the grant date and the estimated achievement date of the performance criteria. An estimated target achievement date is determined at the time of the award grant based on historical and forecasted performance of similar measures. We monitor the projected achievement of the performance targets at each reporting period and make prospective adjustments to the estimated vesting period when our internal models indicate that the estimated achievement date differs from the date being used to amortize expense. | ||
Non-vested Restricted Stock Units | ||
We expense our non-vested restricted stock units with graded vesting as a single award with an average estimated life over the entire term of the award. The expense for the non-vested restricted stock units is recorded on a straight-line basis over the vesting period. | ||
CEO Performance Share Units | ||
For the performance share units granted to our CEO during 2013, compensation expense is recorded based on fair value of the award on the grant date and the estimated achievement date of the performance criteria. An estimated target achievement date for each tranche of the award was determined at the time of the award grant based on a Monte Carlo simulation. We monitor the estimated achievement of the performance targets at each reporting period and if the achievement of the targets occurs prior to the estimated achievement based on the Monte Carlo simulation, we will accelerate the expensing of the award. | ||
Performance Share Units | ||
Compensation expense for performance share units will be recorded based on fair value of the award on the grant date and the estimated achievement of financial performance objectives. From an accounting perspective, the grant date is established once all financial performance targets have been set. We monitor the estimated achievement of the financial performance objectives at each reporting period and will potentially adjust the estimated expense on a cumulative basis. The expense for the performance share units is recorded on a straight-line basis from the grant date through the vesting date. | ||
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share | |
Basic earnings per share is based on the weighted-average number of shares outstanding during each period. Diluted earnings per share is based on the weighted-average number of shares outstanding during each period and the additional dilutive effect of stock options, restricted stock awards, and restricted stock units, calculated using the treasury stock method. | ||
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Guarantees | |
We have lease guarantees which were issued prior to January 1, 2003. We record a liability for these lease guarantees in the period when it becomes probable that the obligor will fail to perform its obligation and if the amount of our guarantee obligation is estimable. | ||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation | |
We had one foreign subsidiary domiciled in Canada, which was closed and dissolved in 2014. The functional currency of our former international subsidiary was the local currency of the country in which the subsidiary was located. Foreign currency denominated assets and liabilities are translated into U.S. Dollars using the exchange rate in effect at the consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. In 2012 and 2013, the effect of exchange rate fluctuations on translation of assets and liabilities was included as a component of shareholders’ equity in accumulated other comprehensive loss. Gains and losses from foreign currency transactions are included in discontinued operations because our Canadian subsidiary has ceased operations. There were losses from foreign currency transactions of $5.1 million, $1.2 million, and an immaterial amount for 2014, 2013, and 2012, respectively. Included in the foreign currency loss in 2014 is a $5.1 million loss related to the realization of the cumulative translation adjustment on our investment in our Canadian operations. | ||
Stockholders' Equity, Policy [Policy Text Block] | Other Comprehensive Income | |
Our other comprehensive income includes the impact of the amortization of our pension actuarial loss, net of tax, the revaluation of our pension actuarial loss, net of tax, and the impact of foreign currency translation. | ||
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Reclassifications | |
Canadian Operations | ||
During the first quarter of 2014, we executed the remainder of our wind down plan and ceased the operations of Big Lots Canada, Inc., our former Canadian segment. Therefore, we determined that the results of Big Lots Canada, Inc. should be reported as discontinued operations. As such, we have reclassified our results for all periods presented. Please see the Canadian Operations section of note 12 and note 13 to the consolidated financial statements for further discussion of the wind down of our Canadian operations and the costs we incurred in connection with the wind down during 2013 and 2014. | ||
Merchandise Categories | ||
We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. The pronouncement is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is not permitted. This ASU permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements as well as the expected adoption method. | ||
Subsequent Events, Policy [Policy Text Block] | Subsequent Events | |
We have evaluated events and transactions subsequent to the balance sheet date. Based on this evaluation, we are not aware of any events or transactions (other than those disclosed elsewhere) that occurred subsequent to the balance sheet date but prior to filing that would require recognition or disclosure in our consolidated financial statements. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Schedule of Estimated Useful Lives of Property, Plant and Equipment [Table Text Block] | The estimated service lives of our depreciable property and equipment by major asset category were as follows: | |||||||||||
Land improvements | 15 years | |||||||||||
Buildings | 40 years | |||||||||||
Leasehold improvements | 5 years | |||||||||||
Store fixtures and equipment | 5 - 7 years | |||||||||||
Distribution and transportation fixtures and equipment | 5 - 15 years | |||||||||||
Office and computer equipment | 5 years | |||||||||||
Computer software costs | 5 - 8 years | |||||||||||
Company vehicles | 3 years | |||||||||||
Supplemental disclosure of cash flow information [Table Text Block] | The following table provides supplemental cash flow information for 2014, 2013, and 2012: | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for interest, including capital leases | $ | 1,921 | $ | 2,687 | $ | 3,369 | ||||||
Cash paid for income taxes, excluding impact of refunds | $ | 69,919 | $ | 122,672 | $ | 95,596 | ||||||
Gross proceeds from borrowings under the bank credit facility | $ | 1,550,900 | $ | 1,330,100 | $ | 1,448,800 | ||||||
Gross payments of borrowings under the bank credit facility | $ | 1,565,800 | $ | 1,424,300 | $ | 1,343,500 | ||||||
Non-cash activity: | ||||||||||||
Assets acquired under capital leases | $ | 20,982 | $ | — | $ | 392 | ||||||
Accrued property and equipment | $ | 10,974 | $ | 5,296 | $ | 6,824 | ||||||
Property_and_Equipment_Net_Tab
Property and Equipment - Net (Tables) | 12 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment [Table Text Block] | Property and equipment - net consist of: | ||||||
(In thousands) | January 31, 2015 | February 1, 2014 | |||||
Land and land improvements | $ | 51,044 | $ | 50,830 | |||
Buildings and leasehold improvements | 838,663 | 835,117 | |||||
Fixtures and equipment | 716,315 | 692,152 | |||||
Computer software costs | 129,994 | 128,787 | |||||
Transportation equipment | 7,408 | 26,763 | |||||
Construction-in-progress | 17,632 | 6,791 | |||||
Property and equipment - cost | 1,761,056 | 1,740,440 | |||||
Less accumulated depreciation and amortization | 1,210,501 | 1,170,758 | |||||
Property and equipment - net | $ | 550,555 | $ | 569,682 | |||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Leases, Operating [Abstract] | ||||||||||
Schedule of Rent Expense [Table Text Block] | Total rent expense, including real estate taxes, CAM, and property insurance, charged to continuing operations for operating leases consisted of the following: | |||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
Minimum leases | $ | 314,276 | $ | 309,935 | $ | 290,347 | ||||
Contingent leases | 312 | 308 | 416 | |||||||
Total rent expense | $ | 314,588 | $ | 310,243 | $ | 290,763 | ||||
Operating Leases of Lessee Disclosure [Table Text Block] | Future minimum rental commitments for leases, excluding closed store leases, real estate taxes, CAM, and property insurance, at January 31, 2015, were as follows: | |||||||||
Fiscal Year | (In thousands) | |||||||||
2015 | $ | 248,122 | ||||||||
2016 | 208,356 | |||||||||
2017 | 165,037 | |||||||||
2018 | 128,974 | |||||||||
2019 | 85,542 | |||||||||
Thereafter | 108,629 | |||||||||
Total leases | $ | 944,660 | ||||||||
Leases, Capital [Abstract] | ||||||||||
Schedule of Capital Leased Asssets [Table Text Block] | Scheduled payments for all capital leases at January 31, 2015, were as follows: | |||||||||
Fiscal Year | (In thousands) | |||||||||
2015 | $ | 4,010 | ||||||||
2016 | 3,938 | |||||||||
2017 | 3,584 | |||||||||
2018 | 2,881 | |||||||||
2019 | 2,881 | |||||||||
Thereafter | 5,045 | |||||||||
Total lease payments | $ | 22,339 | ||||||||
Less amount to discount to present value | (2,869 | ) | ||||||||
Capital lease obligation per balance sheet | $ | 19,470 | ||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Stock options outstanding that were excluded from the diluted share calculation because their impact was antidilutive at the end of 2014, 2013, and 2012 were as follows: | |||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Antidilutive stock options excluded from dilutive share calculation | 1.1 | 2.8 | 1.9 | |||||||||
Schedule of Stock by Class [Table Text Block] | A reconciliation of the number of weighted-average common shares outstanding used in the basic and diluted earnings per share computations is as follows: | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Weighted-average common shares outstanding: | ||||||||||||
Basic | 54,935 | 57,415 | 59,852 | |||||||||
Dilutive effect of share-based awards | 617 | 543 | 624 | |||||||||
Diluted | 55,552 | 57,958 | 60,476 | |||||||||
Dividends Declared [Table Text Block] | The Company declared and paid cash dividends per common share during the periods presented as follows: | |||||||||||
Dividends | Amount Declared | Amount Paid | ||||||||||
Per Share | ||||||||||||
2014:00:00 | (in thousands) | (in thousands) | ||||||||||
Fourth quarter | $ | 0.17 | $ | 9,230 | $ | 9,005 | ||||||
Third quarter | 0.17 | 9,718 | 9,457 | |||||||||
Second quarter | 0.17 | 9,585 | 9,366 | |||||||||
Total | $ | 0.51 | $ | 28,533 | $ | 27,828 | ||||||
ShareBased_Plans_Tables
Share-Based Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted-average fair value of stock options granted and assumptions used in the stock option pricing model for each of the respective periods were as follows: | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Weighted-average fair value of stock options granted | $ | 12.08 | $ | 14.15 | |||||||||||||||||
Risk-free interest rates | 0.8 | % | 0.6 | % | |||||||||||||||||
Expected life (years) | 4.2 | 4.2 | |||||||||||||||||||
Expected volatility | 41.9 | % | 41.1 | % | |||||||||||||||||
Expected annual forfeiture rate | 3 | % | 3 | % | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | The following table summarizes information about our stock options outstanding and exercisable at January 31, 2015: | ||||||||||||||||||||
Range of Prices | Options Outstanding | Options Exercisable | |||||||||||||||||||
Greater Than | Less Than or Equal to | Options Outstanding | Weighted-Average Remaining Life (Years) | Weighted-Average Exercise Price | Options Exercisable | Weighted-Average Exercise Price | |||||||||||||||
$ | 10.01 | $ | 20 | 75,838 | 1 | $ | 16.73 | 75,838 | $ | 16.73 | |||||||||||
20.01 | 30 | 16,250 | 2.1 | 25.98 | 15,625 | 25.91 | |||||||||||||||
30.01 | 40 | 940,375 | 4.7 | 35.77 | 314,184 | 35.79 | |||||||||||||||
$ | 40.01 | $ | 50 | 670,750 | 3.7 | 42.79 | 370,625 | 42.57 | |||||||||||||
1,703,213 | 4.1 | $ | 37.59 | 776,272 | $ | 36.97 | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the annual stock option activity for fiscal years 2012, 2013, and 2014 is as follows: | ||||||||||||||||||||
Number of Options | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (000's) | ||||||||||||||||||
Outstanding stock options at January 28, 2012 | 3,676,423 | $ | 28.36 | ||||||||||||||||||
Granted | 982,000 | 43.23 | |||||||||||||||||||
Exercised | (1,406,262 | ) | 23.67 | ||||||||||||||||||
Forfeited | (223,075 | ) | 40.18 | ||||||||||||||||||
Outstanding stock options at February 2, 2013 | 3,029,086 | $ | 34.49 | ||||||||||||||||||
Granted | 1,159,500 | 35.8 | |||||||||||||||||||
Exercised | (213,520 | ) | 22.87 | ||||||||||||||||||
Forfeited | (597,763 | ) | 38.97 | ||||||||||||||||||
Outstanding stock options at February 1, 2014 | 3,377,303 | $ | 34.88 | ||||||||||||||||||
Granted | — | — | |||||||||||||||||||
Exercised | (1,389,040 | ) | 30.67 | ||||||||||||||||||
Forfeited | (285,050 | ) | 39.19 | ||||||||||||||||||
Outstanding stock options at January 31, 2015 | 1,703,213 | $ | 37.59 | 4.1 | $ | 14,165 | |||||||||||||||
Vested or expected to vest at January 31, 2015 | 1,616,703 | $ | 37.55 | 4.1 | $ | 13,514 | |||||||||||||||
Exercisable at January 31, 2015 | 776,272 | $ | 36.97 | 3.3 | $ | 6,943 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of the nonvested awards other than stock options activity for fiscal years 2012, 2013, and 2014 is as follows: | ||||||||||||||||||||
Number of Shares | Weighted Average Grant-Date Fair Value Per Share | ||||||||||||||||||||
Outstanding non-vested restricted stock at January 28, 2012 | 741,289 | $ | 39.4 | ||||||||||||||||||
Granted | 589,784 | 42.9 | |||||||||||||||||||
Vested | (477,664 | ) | 38.52 | ||||||||||||||||||
Forfeited | (69,800 | ) | 43.04 | ||||||||||||||||||
Outstanding non-vested restricted stock at February 2, 2013 | 783,609 | $ | 42.25 | ||||||||||||||||||
Granted | 458,576 | 35.53 | |||||||||||||||||||
Vested | (64,784 | ) | 37.79 | ||||||||||||||||||
Forfeited | (513,300 | ) | 41.86 | ||||||||||||||||||
Outstanding non-vested restricted stock at February 1, 2014 | 664,101 | $ | 38.34 | ||||||||||||||||||
Granted | 317,641 | 37.81 | |||||||||||||||||||
Vested | (70,155 | ) | 34.54 | ||||||||||||||||||
Forfeited | (166,782 | ) | 39.87 | ||||||||||||||||||
Outstanding non-vested restricted stock at January 31, 2015 | 744,805 | $ | 38.13 | ||||||||||||||||||
Schedule of Share Based Compensation, Additional Information [Table Text Block] | During 2014, 2013, and 2012, the following activity occurred under our share-based compensation plans: | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 18,614 | $ | 2,646 | $ | 29,350 | |||||||||||||||
Total fair value of restricted stock vested | $ | 2,825 | $ | 2,237 | $ | 21,907 | |||||||||||||||
Total fair value of performance shares vested | $ | 1,143 | $ | — | $ | — | |||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic pension expense were comprised of the following: | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Service cost - benefits earned in the period | $ | 1,951 | $ | 2,086 | $ | 2,171 | ||||||||||||||||||||
Interest cost on projected benefit obligation | 3,218 | 3,041 | 3,292 | |||||||||||||||||||||||
Expected investment return on plan assets | (3,219 | ) | (2,893 | ) | (3,089 | ) | ||||||||||||||||||||
Amortization of prior service cost | (34 | ) | (34 | ) | (34 | ) | ||||||||||||||||||||
Amortization of transition obligation | — | 12 | 13 | |||||||||||||||||||||||
Amortization of actuarial loss | 1,497 | 1,692 | 2,345 | |||||||||||||||||||||||
Settlement loss | 1,868 | 83 | 298 | |||||||||||||||||||||||
Net periodic pension cost | $ | 5,281 | $ | 3,987 | $ | 4,996 | ||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The weighted-average assumptions used to determine net periodic pension expense were: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Discount rate | 5 | % | 4.6 | % | 5 | % | ||||||||||||||||||||
Rate of increase in compensation levels | 3 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||||
Expected long-term rate of return | 6 | % | 5.1 | % | 5.5 | % | ||||||||||||||||||||
The weighted-average assumptions used to determine benefit obligations were: | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Discount rate | 3.3 | % | 5 | % | ||||||||||||||||||||||
Rate of increase in compensation levels | 2.8 | % | 3 | % | ||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following schedule provides a reconciliation of projected benefit obligations, plan assets, funded status, and amounts recognized for the Pension Plan and Supplemental Pension Plan at January 31, 2015 and February 1, 2014: | |||||||||||||||||||||||||
(In thousands) | January 31, 2015 | February 1, 2014 | ||||||||||||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 64,878 | $ | 70,210 | ||||||||||||||||||||||
Service cost | 1,951 | 2,086 | ||||||||||||||||||||||||
Interest cost | 3,218 | 3,041 | ||||||||||||||||||||||||
Plan amendments | 217 | — | ||||||||||||||||||||||||
Benefits and settlements paid | (7,857 | ) | (5,035 | ) | ||||||||||||||||||||||
Actuarial loss (gain) | 15,780 | (5,424 | ) | |||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 78,187 | $ | 64,878 | ||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Fair market value at beginning of year | $ | 56,329 | $ | 59,376 | ||||||||||||||||||||||
Actual return on plan assets | 5,685 | 1,379 | ||||||||||||||||||||||||
Employer contributions | 1,135 | 609 | ||||||||||||||||||||||||
Benefits and settlements paid | (7,857 | ) | (5,035 | ) | ||||||||||||||||||||||
Fair market value at end of year | $ | 55,292 | $ | 56,329 | ||||||||||||||||||||||
Under funded and net amount recognized | $ | (22,895 | ) | $ | (8,549 | ) | ||||||||||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||||||||
Current liabilities | $ | (372 | ) | $ | (340 | ) | ||||||||||||||||||||
Noncurrent liabilities | (22,523 | ) | (8,209 | ) | ||||||||||||||||||||||
Net amount recognized | $ | (22,895 | ) | $ | (8,549 | ) | ||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The following are components of accumulated other comprehensive income and, as such, are not yet reflected in net periodic pension expense: | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Unrecognized past service credit | $ | (195 | ) | $ | 56 | |||||||||||||||||||||
Unrecognized actuarial loss | (24,074 | ) | (14,124 | ) | ||||||||||||||||||||||
Accumulated other comprehensive loss, pretax | $ | (24,269 | ) | $ | (14,068 | ) | ||||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | The following table sets forth certain information for the Pension Plan and the Supplemental Pension Plan at January 31, 2015 and February 1, 2014: | |||||||||||||||||||||||||
Pension Plan | Supplemental Pension Plan | |||||||||||||||||||||||||
(In thousands) | January 31, 2015 | February 1, 2014 | January 31, 2015 | February 1, 2014 | ||||||||||||||||||||||
Projected benefit obligation | $ | 72,659 | $ | 59,724 | $ | 5,528 | $ | 5,154 | ||||||||||||||||||
Accumulated benefit obligation | 65,627 | 54,635 | 4,667 | 4,643 | ||||||||||||||||||||||
Fair market value of plan assets | $ | 55,292 | $ | 56,329 | $ | — | $ | — | ||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Using the same assumptions as those used to measure our benefit obligations, the Pension Plan and the Supplemental Pension Plan benefits expected to be paid in each of the following fiscal years are as follows: | |||||||||||||||||||||||||
Fiscal Year | (In thousands) | |||||||||||||||||||||||||
2015 | $ | 6,030 | ||||||||||||||||||||||||
2016 | 5,650 | |||||||||||||||||||||||||
2017 | 5,689 | |||||||||||||||||||||||||
2018 | 5,337 | |||||||||||||||||||||||||
2019 | 5,476 | |||||||||||||||||||||||||
2020 - 2024 | $ | 27,007 | ||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The fair value of our Pension Plan assets at January 31, 2015 and February 1, 2014 by asset category was comprised of the following: | |||||||||||||||||||||||||
January 31, 2015 | February 1, 2014 | |||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Cash and Cash Equivalents | $ | 1,096 | $ | 1,096 | $ | — | $ | — | $ | 1,418 | $ | 1,418 | $ | — | $ | — | ||||||||||
Common / Collective Trusts | ||||||||||||||||||||||||||
Long Credit | 25,317 | — | 25,317 | — | 44,239 | — | 44,239 | — | ||||||||||||||||||
Intermediate Credit | 17,972 | — | 17,972 | — | 8 | — | 8 | — | ||||||||||||||||||
Global Real Estate | 2,894 | — | 2,894 | — | 2,623 | — | 2,623 | — | ||||||||||||||||||
High Yield | 2,674 | — | 2,674 | — | 2,629 | — | 2,629 | — | ||||||||||||||||||
U.S. Equity Index | 2,183 | — | 2,183 | — | 2,165 | — | 2,165 | — | ||||||||||||||||||
International Equities | 2,034 | — | 2,034 | — | 2,172 | — | 2,172 | — | ||||||||||||||||||
U.S. Small Cap | 1,122 | — | 1,122 | — | 1,075 | — | 1,075 | — | ||||||||||||||||||
Total | $ | 55,292 | $ | 1,096 | $ | 54,196 | $ | — | $ | 56,329 | $ | 1,418 | $ | 54,911 | $ | — | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes from continuing operations was comprised of the following: | |||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
Current: | ||||||||||
U.S. Federal | $ | 74,235 | $ | 81,270 | $ | 91,373 | ||||
U.S. State and local | 12,840 | 14,506 | 13,380 | |||||||
Total current tax expense | 87,075 | 95,776 | 104,753 | |||||||
Deferred: | ||||||||||
U.S. Federal | (2,022 | ) | (8,275 | ) | 10,269 | |||||
U.S. State and local | 186 | (1,986 | ) | 2,049 | ||||||
Total deferred tax expense | (1,836 | ) | (10,261 | ) | 12,318 | |||||
Income tax provision | $ | 85,239 | $ | 85,515 | $ | 117,071 | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation between the statutory federal income tax rate and the effective income tax rate for continuing operations was as follows: | |||||||||
2014 | 2013 | 2012 | ||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||||
Effect of: | ||||||||||
State and local income taxes, net of federal tax benefit | 3.8 | 3.6 | 3.3 | |||||||
Work opportunity tax and other employment tax credits | (0.7 | ) | (1.0 | ) | (0.3 | ) | ||||
Valuation allowance | — | — | — | |||||||
Other, net | 0.3 | 0.1 | 0.1 | |||||||
Effective income tax rate | 38.4 | % | 37.7 | % | 38.1 | % | ||||
Schedule of Income Taxes Paid [Table Text Block] | Income tax payments and refunds were as follows: | |||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
Income taxes paid | $ | 69,919 | $ | 122,672 | $ | 95,596 | ||||
Income taxes refunded | (135 | ) | (551 | ) | (2,764 | ) | ||||
Net income taxes paid | $ | 69,784 | $ | 122,121 | $ | 92,832 | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of our deferred tax assets and liabilities were as follows: | |||||||||
(In thousands) | January 31, 2015 | February 1, 2014 | ||||||||
Deferred tax assets: | ||||||||||
Workers’ compensation and other insurance reserves | $ | 32,242 | $ | 31,483 | ||||||
Compensation related | 28,047 | 24,505 | ||||||||
Accrued rent | 26,283 | 30,962 | ||||||||
Uniform inventory capitalization | 17,649 | 20,708 | ||||||||
Depreciation and fixed asset basis differences | 9,972 | 12,727 | ||||||||
Pension plans | 9,086 | 3,414 | ||||||||
Accrued state taxes | 6,869 | 7,540 | ||||||||
State tax credits, net of federal tax benefit | 4,048 | 3,987 | ||||||||
Accrued operating liabilities | 1,751 | 2,585 | ||||||||
Non-U.S. net operating losses | — | 24,430 | ||||||||
Impaired investment in foreign subsidiary | — | 23,899 | ||||||||
Other | 20,099 | 26,105 | ||||||||
Valuation allowances - primarily related to non-U.S. operations | (2,373 | ) | (30,013 | ) | ||||||
Total deferred tax assets | 153,673 | 182,332 | ||||||||
Deferred tax liabilities: | ||||||||||
Accelerated depreciation and fixed asset basis differences | 67,299 | 71,829 | ||||||||
Lease construction reimbursements | 15,317 | 16,773 | ||||||||
Prepaid expenses | 6,247 | 6,220 | ||||||||
Workers’ compensation and other insurance reserves | 4,203 | 5,121 | ||||||||
Other | 14,314 | 17,502 | ||||||||
Total deferred tax liabilities | 107,380 | 117,445 | ||||||||
Net deferred tax assets | $ | 46,293 | $ | 64,887 | ||||||
Net deferred tax assets are shown separately on our consolidated balance sheets as current and non-current deferred income taxes. The following table summarizes net deferred income tax assets from the consolidated balance sheets: | ||||||||||
(In thousands) | January 31, 2015 | February 1, 2014 | ||||||||
Current deferred income taxes | $ | 39,154 | $ | 59,781 | ||||||
Noncurrent deferred income taxes | 7,139 | 5,106 | ||||||||
Net deferred tax assets | $ | 46,293 | $ | 64,887 | ||||||
Summary of Tax Credit Carryforwards [Table Text Block] | We have the following income tax loss and credit carryforwards at January 31, 2015 (amounts are shown net of tax excluding the federal income tax effect of the state and local items): | |||||||||
(In thousands) | ||||||||||
U.S. State and local: | ||||||||||
State net operating loss carryforwards | $ | 144 | Expires fiscal years 2020 through 2025 | |||||||
California enterprise zone credits | 5,967 | Predominately expires fiscal year 2023 | ||||||||
Texas business loss credits | 261 | Expires fiscal years through 2025 | ||||||||
Total income tax loss and credit carryforwards | $ | 6,372 | ||||||||
Summary of Income Tax Contingencies [Table Text Block] | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for 2014, 2013, and 2012: | |||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
Unrecognized tax benefits - beginning of year | $ | 16,650 | $ | 16,019 | $ | 16,755 | ||||
Gross increases - tax positions in current year | 898 | 991 | 838 | |||||||
Gross increases - tax positions in prior period | 820 | 1,247 | 1,626 | |||||||
Gross decreases - tax positions in prior period | (2,418 | ) | (532 | ) | (1,928 | ) | ||||
Settlements | (488 | ) | (4 | ) | (382 | ) | ||||
Lapse of statute of limitations | (566 | ) | (949 | ) | (890 | ) | ||||
Foreign currency translation | 26 | (122 | ) | — | ||||||
Unrecognized tax benefits - end of year | $ | 14,922 | $ | 16,650 | $ | 16,019 | ||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill, which is generally not deductible for income tax purposes, for the fiscal years 2013 and 2012 were as follows: | ||||||
(In thousands) | 2013 | 2012 | |||||
Beginning of year | $ | 13,522 | $ | 12,282 | |||
Goodwill adjustments | — | 1,191 | |||||
Foreign currency impact | (818 | ) | 49 | ||||
Impairment loss | (12,704 | ) | — | ||||
End of year | $ | — | $ | 13,522 | |||
Costs_Associated_With_Wind_Dow1
Costs Associated With Wind Down Activities (Tables) (CANADA) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
CANADA | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and Related Costs [Table Text Block] | The following table summarizes the components of our wind down activities associated with our Canadian operations and the related liabilities for 2013 and 2014: | |||||||||||
(In thousands) | Severance | Contract Termination Costs | Total | |||||||||
Balance at February 2, 2013 | $ | — | $ | — | $ | — | ||||||
Charges | 2,739 | 1,276 | 4,015 | |||||||||
Adjustments | — | — | — | |||||||||
Payments | (319 | ) | — | (319 | ) | |||||||
Period change | 2,420 | 1,276 | 3,696 | |||||||||
Balance at February 1, 2014 | $ | 2,420 | $ | 1,276 | $ | 3,696 | ||||||
Charges | 2,206 | 23,126 | 25,332 | |||||||||
Adjustments | — | 218 | 218 | |||||||||
Payments | (4,588 | ) | (24,531 | ) | (29,119 | ) | ||||||
Foreign currency translation | (38 | ) | 186 | 148 | ||||||||
Period change | (2,420 | ) | (1,001 | ) | (3,421 | ) | ||||||
Balance at January 31, 2015 | $ | — | $ | 275 | $ | 275 | ||||||
Discontinued_Operation_Tables
Discontinued Operation (Tables) | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Our discontinued operations for 2014, 2013, and 2012, were comprised of the following: | |||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||
Canadian operations | $ | (35,998 | ) | $ | (40,918 | ) | $ | (13,698 | ) | |
Wholesale business | (248 | ) | (4,371 | ) | 423 | |||||
KB Toys matters | 9 | 5,248 | (78 | ) | ||||||
Other | — | — | 2 | |||||||
Total loss from discontinued operations, pretax | $ | (36,237 | ) | $ | (40,041 | ) | $ | (13,351 | ) |
Components_of_Accumulated_Othe1
Components of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME | The following table summarizes the components of accumulated other comprehensive loss, net of tax, during 2012, 2013, and 2014: | |||||||||||
(In thousands) | Foreign currency translation | Pension Plan | Total accumulated other comprehensive loss | |||||||||
Balance at January 28, 2012 | $ | (1,050 | ) | $ | (14,469 | ) | $ | (15,519 | ) | |||
Other comprehensive income (loss) before reclassifications | (383 | ) | 989 | 606 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 1,583 | 1,583 | |||||||||
Period change | (383 | ) | 2,572 | 2,189 | ||||||||
Balance at February 2, 2013 | (1,433 | ) | (11,897 | ) | (13,330 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (3,589 | ) | 2,352 | (1,237 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | 1,056 | 1,056 | |||||||||
Period change | (3,589 | ) | 3,408 | (181 | ) | |||||||
Balance at February 1, 2014 | (5,022 | ) | (8,489 | ) | (13,511 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (39 | ) | (8,180 | ) | (8,219 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 5,061 | 2,013 | 7,074 | |||||||||
Period change | 5,022 | (6,167 | ) | (1,145 | ) | |||||||
Balance at January 31, 2015 | $ | — | $ | (14,656 | ) | $ | (14,656 | ) | ||||
Business_Segment_Data_Tables
Business Segment Data (Tables) | 12 Months Ended | ||||||||||
Jan. 31, 2015 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Schedule of Net Sales by Category [Table Text Block] | The following table presents net sales data by merchandise category: | ||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Furniture & Home Décor | $ | 1,160,640 | $ | 1,072,410 | $ | 1,060,993 | |||||
Consumables | 953,028 | 918,124 | 905,444 | ||||||||
Seasonal | 888,146 | 907,787 | 923,434 | ||||||||
Food | 821,915 | 747,840 | 742,267 | ||||||||
Hard Home | 499,034 | 565,126 | 591,523 | ||||||||
Soft Home | 460,256 | 427,137 | 431,999 | ||||||||
Electronics & Accessories | 394,059 | 486,331 | 556,658 | ||||||||
Net sales | $ | 5,177,078 | $ | 5,124,755 | $ | 5,212,318 | |||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Summarized fiscal quarterly financial data for 2014 and 2013 is as follows: | |||||||||||||||
Fiscal Year 2014 | First | Second | Third | Fourth | Year | |||||||||||
(In thousands, except per share amounts) (a) | ||||||||||||||||
Net sales | $ | 1,281,271 | $ | 1,195,363 | $ | 1,107,095 | $ | 1,593,349 | $ | 5,177,078 | ||||||
Gross margin | 493,556 | 469,527 | 430,942 | 649,929 | 2,043,954 | |||||||||||
Income (loss) from continuing operations | 28,581 | 17,212 | (3,115 | ) | 93,983 | 136,661 | ||||||||||
Income (loss) from discontinued operations | (25,233 | ) | 2,726 | (326 | ) | 448 | (22,385 | ) | ||||||||
Net income (loss) | 3,348 | 19,938 | (3,441 | ) | 94,431 | 114,276 | ||||||||||
Earnings (loss) per share - basic: | ||||||||||||||||
Continuing operations | $ | 0.5 | $ | 0.31 | $ | (0.06 | ) | $ | 1.78 | $ | 2.49 | |||||
Discontinued operations | (0.44 | ) | 0.05 | (0.01 | ) | 0.01 | (0.41 | ) | ||||||||
$ | 0.06 | $ | 0.36 | $ | (0.06 | ) | $ | 1.79 | $ | 2.08 | ||||||
Earnings (loss) per share - diluted: | ||||||||||||||||
Continuing operations | $ | 0.5 | $ | 0.31 | $ | (0.06 | ) | $ | 1.76 | $ | 2.46 | |||||
Discontinued operations | (0.44 | ) | 0.05 | (0.01 | ) | 0.01 | (0.40 | ) | ||||||||
$ | 0.06 | $ | 0.36 | $ | (0.06 | ) | $ | 1.77 | $ | 2.06 | ||||||
Fiscal Year 2013 | First | Second | Third | Fourth | Year | |||||||||||
(In thousands, except per share amounts) (a) | ||||||||||||||||
Net sales | $ | 1,267,020 | $ | 1,180,905 | $ | 1,104,918 | $ | 1,571,912 | $ | 5,124,755 | ||||||
Gross margin | 502,195 | 464,115 | 431,428 | 609,631 | 2,007,369 | |||||||||||
Income (loss) from continuing operations | 37,065 | 21,944 | (1,948 | ) | 84,229 | 141,290 | ||||||||||
Income (loss) from discontinued operations | (4,732 | ) | (3,818 | ) | (7,569 | ) | 124 | (15,995 | ) | |||||||
Net income (loss) | 32,333 | 18,126 | (9,517 | ) | 84,353 | 125,295 | ||||||||||
Earnings (loss) per share - basic: | ||||||||||||||||
Continuing operations | $ | 0.65 | $ | 0.38 | $ | (0.03 | ) | $ | 1.46 | $ | 2.46 | |||||
Discontinued operations | (0.08 | ) | (0.07 | ) | (0.13 | ) | — | (0.28 | ) | |||||||
$ | 0.56 | $ | 0.32 | $ | (0.17 | ) | $ | 1.47 | $ | 2.18 | ||||||
Earnings (loss) per share - diluted: | ||||||||||||||||
Continuing operations | $ | 0.64 | $ | 0.38 | $ | (0.03 | ) | $ | 1.45 | $ | 2.44 | |||||
Discontinued operations | (0.08 | ) | (0.07 | ) | (0.13 | ) | — | (0.28 | ) | |||||||
$ | 0.56 | $ | 0.31 | $ | (0.17 | ) | $ | 1.45 | $ | 2.16 | ||||||
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Component of Operating Other Cost and Expense [Abstract] | |||
Current Fiscal Year End Date | -30 | ||
Number of Stores | 1,460 | ||
Number of States in which Entity Operates | 48 | ||
Operating Cycle | 52 or 53 weeks | ||
Fiscal Period | P52W | P52W | P53W |
Credit and Debit Card Receivables, at Carrying Value | $26.60 | $24.50 | |
Revenue Recognition, Gift Cards, Breakage | 0.2 | 0.2 | 0.5 |
Distribution And Transportation Expense | 161.1 | 158.9 | 153.4 |
Advertising Expense | 97.5 | 97.9 | 100.8 |
Foreign Currency [Abstract] | |||
Foreign Currency Transaction Gain (Loss) | -5.1 | -1.2 | 0 |
CANADA | |||
Foreign Currency [Abstract] | |||
Foreign Currency Transaction Gain (Loss) | ($5.10) |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies - Useful Lives of Fixed Assets (Details) | 12 Months Ended |
Jan. 31, 2015 | |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Store Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Store Fixtures and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Distribution and Transportation Fixtures and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Distribution and Transportation Fixtures and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Office and Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer Software Costs [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer Software Costs [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Company Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Basis_of_Presentation_and_Summ5
Basis of Presentation and Summary of Significant Accounting Policies - Merchandise Inventories (Details) (Change in Accounting Principle, Increase in Merchandise Inventory Cost Pools [Member], USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 4-May-13 | Feb. 01, 2014 | Feb. 02, 2013 |
cost_pool | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | ($5.60) | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Income from Continuing Operations | -3.4 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Income Per Diluted Share from Continuing Operations | ($0.06) | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | ($3.40) | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Income Per Basic Share from Continuing Operations | ($0.06) | ||
Scenario, Actual [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of Inventory Cost Pools | 350 | ||
Scenario, Previously Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of Inventory Cost Pools | 50 |
Basis_of_Presentation_and_Summ6
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, including capital leases | $1,921 | $2,687 | $3,369 |
Cash paid for income taxes, excluding impact of refunds | 69,919 | 122,672 | 95,596 |
Gross proceeds from borrowings under the bank credit facility | 1,550,900 | 1,330,100 | 1,448,800 |
Gross repayments of borrowings under the bank credit facility | 1,565,800 | 1,424,300 | 1,343,500 |
Non-cash activity: | |||
Assets acquired under capital leases | 20,982 | 0 | 392 |
Accrued property and equipment | $10,974 | $5,296 | $6,824 |
Property_and_Equipment_Net_Det
Property and Equipment - Net (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment - cost | $1,761,056,000 | $1,740,440,000 | $1,740,440,000 | |
Less accumulated depreciation and amortization | 1,210,501,000 | 1,170,758,000 | 1,170,758,000 | |
Property and equipment - net | 550,555,000 | 569,682,000 | 569,682,000 | |
Capital Leased Assets, Gross | 24,300,000 | 4,200,000 | 4,200,000 | |
Accumulated Depreciation, Depletion and Amortization, Capital Leases | 4,400,000 | 3,200,000 | 3,200,000 | |
Payments to Acquire Property, Plant, and Equipment | 93,460,000 | 104,786,000 | 131,273,000 | |
Depreciation | 119,702,000 | 113,228,000 | 103,146,000 | |
Asset Impairment Charges | 3,500,000 | 7,800,000 | 1,000,000 | |
Number of Stores Impaired | 3 | 7 | 5 | |
Land and land improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment - cost | 51,044,000 | 50,830,000 | 50,830,000 | |
Buildings and leasehold improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment - cost | 838,663,000 | 835,117,000 | 835,117,000 | |
Fixtures and equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment - cost | 716,315,000 | 692,152,000 | 692,152,000 | |
Computer Software Costs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment - cost | 129,994,000 | 128,787,000 | 128,787,000 | |
Transportation equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment - cost | 7,408,000 | 26,763,000 | 26,763,000 | |
Construction-in-progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment - cost | 17,632,000 | 6,791,000 | 6,791,000 | |
CANADA | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset Impairment Charges | $6,500,000 | |||
Number of Stores Impaired | 4 |
Bank_Credit_Facility_Details
Bank Credit Facility (Details) (2011 Credit Agreement [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | 30-May-13 | Jul. 21, 2011 |
2011 Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility | $700 | ||
Deferred Finance Costs | 0.9 | 3 | |
Line of Credit Facility, Swing Loan Sublimit | 30 | ||
Line of Credit Facility, Letter of Credit Sublimit | 150 | ||
Line of Credit Facility, Amount Outstanding | 62.1 | ||
Line of Credit Facility, Letters of Credit Outstanding | 4.4 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $633.50 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], Level 1 [Member], USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value Disclosure | $16.90 | $21.20 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
store | |||
Leases, Operating [Abstract] | |||
Number of Stores Leased | 1,405 | ||
Operating Leases, Rent Expense, Net [Abstract] | |||
Minimum Leases | $314,276 | $309,935 | $290,347 |
Contingent Leases | 312 | 308 | 416 |
Total Rent Expense | 314,588 | 310,243 | 290,763 |
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2015 | 248,122 | ||
2016 | 208,356 | ||
2017 | 165,037 | ||
2018 | 128,974 | ||
2019 | 85,542 | ||
Thereafter | 108,629 | ||
Total Leases | 944,660 | ||
Capital Leases, Future Minimum Payments, Net Minimum Payments [Abstract] | |||
2015 | 4,010 | ||
2016 | 3,938 | ||
2017 | 3,584 | ||
2018 | 2,881 | ||
2019 | 2,881 | ||
Thereafter | 5,045 | ||
Total Lease Payments | 22,339 | ||
Less amount to discount to present value | -2,869 | ||
Capital Lease Obligations Per Balance Sheet | $19,470 |
Shareholders_Equity_Earnings_P
Shareholders' Equity - Earnings Per Share (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Class of Stock [Line Items] | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Other Than Stock Options and Restricted Stock Awards, Amount | 0 | 0 | 0 |
Weighted-average common shares outstanding: | |||
Basic | 54,935,000 | 57,415,000 | 59,852,000 |
Dilutive effect of share-based awards | 617,000 | 543,000 | 624,000 |
Diluted | 55,552,000 | 57,958,000 | 60,476,000 |
Employee Stock Option [Member] | |||
Class of Stock [Line Items] | |||
Antidilutive stock options excluded from dilutive share calculation | 1,100,000 | 2,800,000 | 1,900,000 |
Shareholders_Equity_Share_Repu
Shareholders' Equity - Share Repurchase Programs (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
Share data in Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 31, 2015 | Mar. 31, 2014 | Aug. 31, 2014 |
Class of Stock [Line Items] | ||||||
Stock Repurchased During Period, Value | $250,671,000 | $214,000 | $304,038,000 | |||
2014 Repurchase Programs [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchased During Period, Shares | 6,100 | |||||
Stock Repurchased During Period, Value | 250,000,000 | |||||
March 2014 Repurchase Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | 125,000,000 | |||||
Stock Repurchased During Period, Shares | 3,300 | |||||
Stock Repurchased During Period, Value | 125,000,000 | |||||
August 2014 Repurchase Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | 125,000,000 | |||||
Stock Repurchased During Period, Shares | 2,800 | 200 | ||||
Stock Repurchased During Period, Value | $125,000,000 | $10,200,000 |
Shareholders_Equity_Dividends_
Shareholders' Equity - Dividends (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 |
Dividends, Common Stock [Abstract] | ||||||
Amount declared (Dividends) | $28,533 | |||||
Amount paid (Dividends) | 27,828 | 0 | 0 | |||
Common Stock [Member] | ||||||
Dividends, Common Stock [Abstract] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $0.51 | $0.17 | $0.17 | $0.17 | ||
Amount declared (Dividends) | 28,533 | 9,230 | 9,718 | 9,585 | ||
Amount paid (Dividends) | $27,828 | $9,005 | $9,457 | $9,366 |
ShareBased_Plans_Details
Share-Based Plans (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Nov. 02, 2013 | Aug. 03, 2013 | 15-May-12 | 14-May-12 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | $10,500,000 | $13,200,000 | $17,900,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||
Weighted-average fair value of stock options granted | $12.08 | $14.15 | ||||||
Risk-free interest rates | 0.80% | 0.60% | ||||||
Expected life (years) | 4 years 2 months 12 days | 4 years 2 months 12 days | ||||||
Expected volatility | 41.90% | 41.10% | ||||||
Expected annual forfeiture rate | 3.00% | 3.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Options, Vested and Expected to Vest, Outstanding, Number | 1,616,703 | |||||||
Options, Exercisable, Number | 776,272 | |||||||
Options, Outstanding, Weighted Average Exercise Price | $37.59 | $34.88 | $34.49 | 28.36 | ||||
Options, Grants in Period, Weighted Average Exercise Price | $0 | $35.80 | $43.23 | |||||
Options, Exercises in Period, Weighted Average Exercise Price | $30.67 | $22.87 | $23.67 | |||||
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $39.19 | $38.97 | $40.18 | |||||
Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $37.55 | |||||||
Options, Exercisable, Weighted Average Exercise Price | $36.97 | |||||||
Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 1 month 15 days | |||||||
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 1 month 15 days | |||||||
Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months 15 days | |||||||
Options, Outstanding, Intrinsic Value | 14,165,000 | |||||||
Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 13,514,000 | |||||||
Options, Exercisable, Intrinsic Value | 6,943,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Outstanding stock options | 3,377,303 | 3,029,086 | 3,676,423 | |||||
Granted | 0 | 1,159,500 | 982,000 | |||||
Exercised | -1,389,040 | -213,520 | -1,406,262 | |||||
Forfeited | -285,050 | -597,763 | -223,075 | |||||
Outstanding stock options | 1,703,213 | 3,377,303 | 3,029,086 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Nonvested, beginning balance | 664,101 | 783,609 | 741,289 | |||||
Grants | 317,641 | 458,576 | 589,784 | |||||
Vested | -70,155 | -64,784 | -477,664 | |||||
Forfeited | -166,782 | -513,300 | -69,800 | |||||
Nonvested, ending balance | 744,805 | 664,101 | 783,609 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||||
Grants | 317,641 | 458,576 | 589,784 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||||||||
Total intrinsic value of stock options exercised | 18,614,000 | 2,646,000 | 29,350,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 20,400,000 | |||||||
Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 11 months 0 days | |||||||
LTIP 2012 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 7,750,000 | 4,702,362 | ||||||
Stock Options [Member] | LTIP 2012 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Term | 7 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Term Following Termination of Employment, Death, or Disability | 1 year | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | |||||||
Stock Options [Member] | LTIP 2005 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Term | 7 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Term Following Termination of Employment, Death, or Disability | 1 year | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||||
Nonvested, Weighted Average Grant Date Fair Value | $38.13 | $38.34 | $42.25 | 39.4 | ||||
Grants in Period, Weighted Average Grant Date Fair Value | $37.81 | $35.53 | $42.90 | |||||
Vested in Period, Weighted Average Grant Date Fair Value | $34.54 | $37.79 | $38.52 | |||||
Forfeited in Period, Weighted Average Grant Date Fair Value | $39.87 | $41.86 | $43.04 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||||||||
Total fair value of restricted stock vested | 2,825,000 | 2,237,000 | 21,907,000 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Restricted Stock Awards (RSAs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 5 years | |||||||
Share Based Awards 2011 [Member] | Initial [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Share Based Awards 2011 [Member] | Current [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 4 years | ||||||
Share Based Awards 2012 [Member] | Initial [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Share Based Awards 2012 [Member] | Current [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 4 years | ||||||
Share Based Awards 2013 [Member] | Initial [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Share Based Awards 2013 [Member] | Current [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 433,350 | |||||||
Allocated Share-based Compensation Expense | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
CEO Performance Share Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Term | 7 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Grants | 37,800 | |||||||
Vested | -12,600 | -12,600 | ||||||
Nonvested, ending balance | 12,600 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||||
Grants in Period, Weighted Average Grant Date Fair Value | $34.68 | |||||||
Grants | 37,800 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||||||||
Total fair value of restricted stock vested | $1,143,000 | $0 | $0 |
ShareBased_Plans_Exercise_Pric
Share-Based Plans - Exercise Price Range (Details) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 1,703,213 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $37.59 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 776,272 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $36.97 |
10.01 - 20.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $10.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $20 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 75,838 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 2 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $16.73 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 75,838 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $16.73 |
20.01 - 30.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $20.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $30 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 16,250 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 21 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $25.98 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 15,625 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $25.91 |
30.01 - 40.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $30.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $40 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 940,375 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 8 months 6 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $35.77 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 314,184 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $35.79 |
40.01 - 50.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $40.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $50 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 670,750 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 8 months 6 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $42.79 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 370,625 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $42.57 |
ShareBased_Plans_Board_of_Dire
Share-Based Plans - Board of Directors (Details) (Nonemployee Board of Directors [Member]) | 12 Months Ended |
Jan. 31, 2015 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued to Each Individual | 110,000 |
Director Stock Option Plan [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Annual Shares Issued | 10,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Vested on First Anniversary | 20.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Vested on Second Anniversary | 60.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Vested on Third Anniversary | 100.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Award Term Following Termination of Employment, Death, or Disability | 1 year |
Share Based Compensation Arrangement By Share Based Payment Award, Award Expiration Period From Grant Date | 10 years 1 month |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost - benefits earned in the period | $1,951,000 | $2,086,000 | $2,171,000 |
Interest cost on projected benefit obligation | 3,218,000 | 3,041,000 | 3,292,000 |
Expected investment return on plan assets | -3,219,000 | -2,893,000 | -3,089,000 |
Amortization of prior service cost | -34,000 | -34,000 | -34,000 |
Amortization of transition obligation | 0 | 12,000 | 13,000 |
Amortization of actuarial loss | 1,497,000 | 1,692,000 | 2,345,000 |
Settlement loss | 1,868,000 | 83,000 | 298,000 |
Net periodic pension cost | 5,281,000 | 3,987,000 | 4,996,000 |
Non-cash settlement charges | 1,900,000 | 100,000 | 300,000 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount Rate | 5.00% | 4.60% | 5.00% |
Rate of Increase in Compensation Levels | 3.00% | 3.50% | 3.50% |
Expected Long-term Rate of Return | 6.00% | 5.10% | 5.50% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount Rate | 3.30% | 5.00% | |
Rate of increase in compensation levels | 2.80% | 3.00% | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 64,878,000 | 70,210,000 | |
Service cost | 1,951,000 | 2,086,000 | 2,171,000 |
Interest cost | 3,218,000 | 3,041,000 | 3,292,000 |
Plan amendments | 217,000 | 0 | |
Benefits and settlements paid | -7,857,000 | -5,035,000 | |
Actuarial loss (gain) | 15,780,000 | -5,424,000 | |
Projected benefit obligation at end of year | 78,187,000 | 64,878,000 | 70,210,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at beginning of year | 56,329,000 | 59,376,000 | |
Actual return on plan assets | 5,685,000 | 1,379,000 | |
Employer contributions | 1,135,000 | 609,000 | |
Benefit and settlements paid | -7,857,000 | -5,035,000 | |
Fair market value at end of year | 55,292,000 | 56,329,000 | 59,376,000 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Defined Benefit Plan, Funded Status of Plan | -22,895,000 | -8,549,000 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Current Liabilities | -372,000 | -340,000 | |
Noncurrent Liabilities | -22,523,000 | -8,209,000 | |
Net Amount Recognized | -22,895,000 | -8,549,000 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Unrecognized past service cost | 195,000 | -56,000 | |
Unrecognized actuarial loss | -24,074,000 | -14,124,000 | |
Accumulated other comprehensive loss, pretax | -24,269,000 | -14,068,000 | |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 2,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
2015 | 6,030,000 | ||
2016 | 5,650,000 | ||
2017 | 5,689,000 | ||
2018 | 5,337,000 | ||
2019 | 5,476,000 | ||
2020 - 2024 | 27,007,000 | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Target Allocation Percentage of Assets, Liability Hedging Assets | 80.00% | ||
Target Allocation Percentage of Assets, Return Seeking Assets | 20.00% | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 55,292,000 | 56,329,000 | 59,376,000 |
Defined Contribution Plan, Cost Recognized | 5,900,000 | 5,700,000 | 5,600,000 |
Deferred Compensation Liability, Classified, Noncurrent | 17,200,000 | 21,400,000 | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation | 5,528,000 | 5,154,000 | |
Accumulated benefit obligation | 4,667,000 | 4,643,000 | |
Fair market value of plan assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at beginning of year | 56,329,000 | ||
Fair market value at end of year | 55,292,000 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation | 72,659,000 | 59,724,000 | |
Accumulated benefit obligation | 65,627,000 | 54,635,000 | |
Fair market value of plan assets | 55,292,000 | 56,329,000 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 0 | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 55,292,000 | ||
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 1,096,000 | 1,418,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,096,000 | 1,418,000 | |
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 54,196,000 | 54,911,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 54,196,000 | 54,911,000 | |
Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 1,096,000 | 1,418,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,096,000 | 1,418,000 | |
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 1,096,000 | 1,418,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,096,000 | 1,418,000 | |
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Long Credit [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 25,317,000 | 44,239,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 25,317,000 | 44,239,000 | |
Pension Plans, Defined Benefit [Member] | Long Credit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Long Credit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 25,317,000 | 44,239,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 25,317,000 | 44,239,000 | |
Pension Plans, Defined Benefit [Member] | Long Credit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Intermediate Credit [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 17,972,000 | 8,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 17,972,000 | 8,000 | |
Pension Plans, Defined Benefit [Member] | Intermediate Credit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Intermediate Credit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 17,972,000 | 8,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 17,972,000 | 8,000 | |
Pension Plans, Defined Benefit [Member] | Intermediate Credit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | High Yield [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 2,674,000 | 2,629,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,674,000 | 2,629,000 | |
Pension Plans, Defined Benefit [Member] | High Yield [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | High Yield [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 2,674,000 | 2,629,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,674,000 | 2,629,000 | |
Pension Plans, Defined Benefit [Member] | High Yield [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Global Real Estate [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 2,894,000 | 2,623,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,894,000 | 2,623,000 | |
Pension Plans, Defined Benefit [Member] | Global Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | Global Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 2,894,000 | 2,623,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,894,000 | 2,623,000 | |
Pension Plans, Defined Benefit [Member] | Global Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | U.S. Equity Index [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 2,183,000 | 2,165,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,183,000 | 2,165,000 | |
Pension Plans, Defined Benefit [Member] | U.S. Equity Index [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | U.S. Equity Index [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 2,183,000 | 2,165,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,183,000 | 2,165,000 | |
Pension Plans, Defined Benefit [Member] | U.S. Equity Index [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | International Equities [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 2,034,000 | 2,172,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,034,000 | 2,172,000 | |
Pension Plans, Defined Benefit [Member] | International Equities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | International Equities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 2,034,000 | 2,172,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,034,000 | 2,172,000 | |
Pension Plans, Defined Benefit [Member] | International Equities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | U.S. Small Cap [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 1,122,000 | 1,075,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,122,000 | 1,075,000 | |
Pension Plans, Defined Benefit [Member] | U.S. Small Cap [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Pension Plans, Defined Benefit [Member] | U.S. Small Cap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 1,122,000 | 1,075,000 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,122,000 | 1,075,000 | |
Pension Plans, Defined Benefit [Member] | U.S. Small Cap [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair market value at end of year | 0 | 0 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Current | |||
U.S. Federal | $74,235,000 | $81,270,000 | $91,373,000 |
U.S. State and Local | 12,840,000 | 14,506,000 | 13,380,000 |
Total current tax expense | 87,075,000 | 95,776,000 | 104,753,000 |
Deferred | |||
U.S. Federal | -2,022,000 | -8,275,000 | 10,269,000 |
U.S. State and Local | 186,000 | -1,986,000 | 2,049,000 |
Total deferred tax expense | -1,836,000 | -10,261,000 | 12,318,000 |
Income tax provision | 85,239,000 | 85,515,000 | 117,071,000 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 3.80% | 3.60% | 3.30% |
Effective Income Tax Rate Reconciliation, Tax Credits | -0.70% | -1.00% | -0.30% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 0.00% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Other Adjustments | 0.30% | 0.10% | 0.10% |
Effective Income Tax Rate, Continuing Operations | 38.40% | 37.70% | 38.10% |
Income Taxes Paid, Net [Abstract] | |||
Income taxes paid | 69,919,000 | 122,672,000 | 95,596,000 |
Income taxes refunded | -135,000 | -551,000 | -2,764,000 |
Net income taxes paid | 69,784,000 | 122,121,000 | 92,832,000 |
Deferred Tax Assets, Gross [Abstract] | |||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance | 32,242,000 | 31,483,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 28,047,000 | 24,505,000 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent | 26,283,000 | 30,962,000 | |
Deferred Tax Assets, Inventory | 17,649,000 | 20,708,000 | |
Deferred Tax Assets, Depreciation and Fixed Asset Basis Differences | 9,972,000 | 12,727,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 9,086,000 | 3,414,000 | |
Deferred Tax Assets, State Taxes | 6,869,000 | 7,540,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 4,048,000 | 3,987,000 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 1,751,000 | 2,585,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 0 | 24,430,000 | |
Deferred Tax Assets, Investment in Subsidiaries | 0 | 23,899,000 | |
Deferred Tax Assets, Other | 20,099,000 | 26,105,000 | |
Deferred Tax Assets, Valuation Allowance | -2,373,000 | -30,013,000 | |
Deferred Tax Assets, Net | 153,673,000 | 182,332,000 | |
Deferred Tax Liabilities [Abstract] | |||
Deferred Tax Liabilities, Property, Plant and Equipment | 67,299,000 | 71,829,000 | |
Deferred Tax Liabilities, Lease Construction Reimbursements | 15,317,000 | 16,773,000 | |
Deferred Tax Liabilities, Deferred Expense, Other Capitalized Costs | 6,247,000 | 6,220,000 | |
Deferred Tax Liabilities, Insurance Proceeds Receivable | 4,203,000 | 5,121,000 | |
Deferred Tax Liabilities, Other | 14,314,000 | 17,502,000 | |
Deferred Tax Liabilities | 107,380,000 | 117,445,000 | |
Net deferred tax assets | 46,293,000 | 64,887,000 | |
Deferred Tax Assets (Liabilities), Net [Abstract] | |||
Current deferred income taxes | 39,154,000 | 59,781,000 | |
Noncurrent deferred income taxes | 7,139,000 | 5,106,000 | |
Net deferred tax assets | 46,293,000 | 64,887,000 | |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 1,200,000 | 200,000 | 8,100,000 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits | 16,650,000 | 16,019,000 | 16,755,000 |
Gross increases - tax positions in current year | 898,000 | 991,000 | 838,000 |
Gross increases - tax positions in prior period | 820,000 | 1,247,000 | 1,626,000 |
Gross decreases - tax positions in prior period | -2,418,000 | -532,000 | -1,928,000 |
Settlements | -488,000 | -4,000 | -382,000 |
Lapse of statute of limitations | -566,000 | -949,000 | -890,000 |
Foreign currency translation | -26,000 | 122,000 | 0 |
Unrecognized Tax Benefits | 14,922,000 | 16,650,000 | 16,019,000 |
Income Tax Uncertainties [Abstract] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 9,600,000 | 11,000,000 | |
Federal Tax Expense (Benefit) on State and Local Income Taxes | 4,700,000 | 5,000,000 | |
Unrecognized Tax Benefits, Tax Positions with Uncertain Timing of Deductability | 600,000 | 700,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 500,000 | 500,000 | -700,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 6,000,000 | 5,700,000 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 4,000,000 | ||
Deferred Tax Assets, Increase (Decrease) from Discontinued Operations | -24,300,000 | 22,000,000 | -300,000 |
Deferred Tax Assets, Increase (Decrease) from Pension Related Charges Recorded in Accumulated Other Comprehensive Income | $4,000,000 | $2,300,000 | $1,700,000 |
Income_Taxes_Carryforwards_Det
Income Taxes - Carryforwards (Details) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards and Tax Credit Carryforward | $6,372 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 144 |
California Enterprise Zone [Member] | State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax Credit Carryforward, Amount | 5,967 |
Texas Business Loss [Member] | State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax Credit Carryforward, Amount | $261 |
Contingencies_Details
Contingencies (Details) (Pending or Threatened Litigation [Member]) | 12 Months Ended |
Feb. 01, 2014 | |
Pending or Threatened Litigation [Member] | |
Loss Contingencies [Line Items] | |
Number of Shareholder Derivative Lawsuits | 3 |
Contingencies_Commitments_Deta
Contingencies - Commitments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Commitments Disclosure [Abstract] | |||
Self-insurance letters of credit | $55.10 | ||
Inventories [Member] | |||
Commitments Disclosure [Abstract] | |||
Purchase Commitment, Remaining Minimum Amount Committed | 470.4 | ||
Purchase Commitment [Member] | |||
Commitments Disclosure [Abstract] | |||
Purchase Commitment, Remaining Minimum Amount Committed | 199.7 | ||
Inventories [Member] | |||
Commitments Disclosure [Abstract] | |||
Long-term Purchase Commitment, Amount | 32.2 | ||
Long-term Commitments, Purchases | $16.80 | $21.70 | $19.90 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 |
Goodwill [Roll Forward] | |||
Goodwill | $13,522 | $12,282 | |
Goodwill adjustments | 0 | 1,191 | |
Foreign currency impact | -818 | 49 | |
Impairment Loss | -12,700 | -12,704 | 0 |
Goodwill | 0 | 0 | 13,522 |
Impairment Loss | ($12,700) | ($12,704) | $0 |
Costs_Associated_With_Wind_Dow2
Costs Associated With Wind Down Activities (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Feb. 01, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Exit or Disposal Costs [Line Items] | ||||
Tangible Asset, Impairment Loss | $3,500,000 | $7,800,000 | $1,000,000 | |
Goodwill, Impairment Loss | 12,700,000 | 12,704,000 | 0 | |
CANADA | ||||
Exit or Disposal Costs [Line Items] | ||||
Tangible Asset, Impairment Loss | 6,500,000 | |||
Tradename Intangible Assets, Impairment Loss | 500,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 3,696,000 | 0 | ||
Charges | 25,332,000 | 4,015,000 | ||
Adjustments | 218,000 | 0 | ||
Payments | -29,119,000 | -319,000 | ||
Foreign currency translation | -148,000 | |||
Period change | -3,421,000 | 3,696,000 | ||
Restructuring Reserve | 3,696,000 | 275,000 | 3,696,000 | |
CANADA | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 2,420,000 | 0 | ||
Charges | 2,206,000 | 2,739,000 | ||
Adjustments | 0 | 0 | ||
Payments | -4,588,000 | -319,000 | ||
Foreign currency translation | 38,000 | |||
Period change | -2,420,000 | 2,420,000 | ||
Restructuring Reserve | 2,420,000 | 0 | 2,420,000 | |
CANADA | Contract Termination [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 1,276,000 | 0 | ||
Charges | 23,126,000 | 1,276,000 | ||
Adjustments | 218,000 | 0 | ||
Payments | -24,531,000 | 0 | ||
Foreign currency translation | -186,000 | |||
Period change | -1,001,000 | 1,276,000 | ||
Restructuring Reserve | 1,276,000 | 275,000 | 1,276,000 | |
Wholesale [Member] | ||||
Exit or Disposal Costs [Line Items] | ||||
Inventory Write-down | 3,700,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | |||
Wholesale [Member] | Employee Severance [Member] | ||||
Exit or Disposal Costs [Line Items] | ||||
Severance Costs | 800,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 500,000 | |||
Payments | -500,000 | -300,000 | ||
Restructuring Reserve | 500,000 | 0 | 500,000 | |
Wholesale [Member] | Contract Termination [Member] | ||||
Exit or Disposal Costs [Line Items] | ||||
Contract Termination Costs | 200,000 | |||
Restructuring Reserve [Roll Forward] | ||||
Payments | -200,000 | |||
Restructuring Reserve | $0 | $0 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Jan. 31, 2009 | Feb. 02, 2008 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ($36,237,000) | ($40,041,000) | ($13,351,000) | |||
Discontinued Operation, Tax Effect of Discontinued Operation | -13,852,000 | -24,046,000 | 45,000 | |||
CANADA | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | -35,998,000 | -40,918,000 | -13,698,000 | |||
Discontinued Operation, Tax Effect of Discontinued Operation | -24,400,000 | -13,800,000 | ||||
Wholesale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | -248,000 | -4,371,000 | 423,000 | |||
KB Toys [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 9,000 | 5,248,000 | -78,000 | |||
KB-I Bankruptcy [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 0 | |||||
Discontinued Operation, Bankrupty Lease Obligation Accrual Expense | -2,100,000 | |||||
KB-II Bankruptcy [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 0 | 0 | ||||
Discontinued Operation, Bankrupty Lease Obligation Accrual Expense | -3,100,000 | 5,000,000 | ||||
Closed Stores [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $0 | $0 | $2,000 |
Components_of_Accumulated_Othe2
Components of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($5,022) | ($1,433) | ($1,050) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -39 | -3,589 | -383 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 5,061 | 0 | 0 |
Foreign currency translation | 5,022 | -3,589 | -383 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 0 | -5,022 | -1,433 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -8,489 | -11,897 | -14,469 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | -8,180 | 2,352 | 989 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 2,013 | 1,056 | 1,583 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -6,167 | 3,408 | 2,572 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -14,656 | -8,489 | -11,897 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -13,511 | -13,330 | -15,519 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -8,219 | -1,237 | 606 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7,074 | 1,056 | 1,583 |
Other Comprehensive Income (Loss), Net of Tax | -1,145 | -181 | 2,189 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($14,656) | ($13,511) | ($13,330) |
Sale_of_Real_Estate_Details
Sale of Real Estate (Details) (CALIFORNIA, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 |
CALIFORNIA | ||
Sale Leaseback Transaction [Line Items] | ||
Sale Leaseback Transaction, Net Proceeds | $5.10 | |
Sale Leaseback Transaction, Current Period Gain Recognized | 3.6 | |
Sale Leaseback Transaction, Deferred Gain, Gross | $0.80 |
Business_Segment_Data_Details
Business Segment Data (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 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $1,593,349 | $1,107,095 | $1,195,363 | $1,281,271 | $1,571,912 | $1,104,918 | $1,180,905 | $1,267,020 | $5,177,078 | $5,124,755 | $5,212,318 |
Furniture & Home Decor [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,160,640 | 1,072,410 | 1,060,993 | ||||||||
Consumables [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 953,028 | 918,124 | 905,444 | ||||||||
Seasonal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 888,146 | 907,787 | 923,434 | ||||||||
Food [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 821,915 | 747,840 | 742,267 | ||||||||
Hard Home [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 499,034 | 565,126 | 591,523 | ||||||||
Soft Home [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 460,256 | 427,137 | 431,999 | ||||||||
Electronics & Accessories [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $394,059 | $486,331 | $556,658 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (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 |
Selected Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $1,593,349 | $1,107,095 | $1,195,363 | $1,281,271 | $1,571,912 | $1,104,918 | $1,180,905 | $1,267,020 | $5,177,078 | $5,124,755 | $5,212,318 |
Gross margin | 649,929 | 430,942 | 469,527 | 493,556 | 609,631 | 431,428 | 464,115 | 502,195 | 2,043,954 | 2,007,369 | 2,054,686 |
Income (loss) from continuing operations | 93,983 | -3,115 | 17,212 | 28,581 | 84,229 | -1,948 | 21,944 | 37,065 | 136,661 | 141,290 | 190,517 |
Income (loss) from discontinued operations | 448 | -326 | 2,726 | -25,233 | 124 | -7,569 | -3,818 | -4,732 | -22,385 | -15,995 | -13,396 |
Net income (loss) | $94,431 | ($3,441) | $19,938 | $3,348 | $84,353 | ($9,517) | $18,126 | $32,333 | $114,276 | $125,295 | $177,121 |
Earnings Per Share, Basic [Abstract] | |||||||||||
Continuing operations | $1.78 | ($0.06) | $0.31 | $0.50 | $1.46 | ($0.03) | $0.38 | $0.65 | $2.49 | $2.46 | $3.18 |
Discontinued operations | $0.01 | ($0.01) | $0.05 | ($0.44) | $0 | ($0.13) | ($0.07) | ($0.08) | ($0.41) | ($0.28) | ($0.22) |
Earnings per common share - basic | $1.79 | ($0.06) | $0.36 | $0.06 | $1.47 | ($0.17) | $0.32 | $0.56 | $2.08 | $2.18 | $2.96 |
Earnings Per Share, Diluted [Abstract] | |||||||||||
Continuing operations | $1.76 | ($0.06) | $0.31 | $0.50 | $1.45 | ($0.03) | $0.38 | $0.64 | $2.46 | $2.44 | $3.15 |
Discontinued operations | $0.01 | ($0.01) | $0.05 | ($0.44) | $0 | ($0.13) | ($0.07) | ($0.08) | ($0.40) | ($0.28) | ($0.22) |
Earnings per common share - diluted | $1.77 | ($0.06) | $0.36 | $0.06 | $1.45 | ($0.17) | $0.31 | $0.56 | $2.06 | $2.16 | $2.93 |
Subsequent_Event_Details
Subsequent Event (Details) (Common Stock [Member], 2015 Repurchase Program [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Common Stock [Member] | 2015 Repurchase Program [Member] | |
Subsequent Event [Line Items] | |
Stock Repurchase Program, Authorized Amount | $200 |