Document and Entity Information
Document and Entity Information | 9 Months Ended |
Oct. 31, 2015shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | KOHLS CORP |
Entity Central Index Key | 885,639 |
Current Fiscal Year End Date | --01-30 |
Entity Filer Category | Large Accelerated Filer |
Trading Symbol | KSS |
Document Type | 10-Q |
Document Period End Date | Oct. 31, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 189,820,241 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Income Taxes Receivable | $ 25 | $ 24 | |
Current assets: | |||
Cash and cash equivalents | $ 501 | 1,407 | 631 |
Merchandise inventories | 5,254 | 3,814 | 4,973 |
Income Taxes Receivable, Current | 36 | 25 | 76 |
Deferred income taxes | 136 | 116 | 125 |
Other | 276 | 334 | 295 |
Total current assets | 6,203 | 5,696 | 6,100 |
Property and equipment, net | 8,499 | 8,515 | 8,671 |
Long-term investments | 2,900 | 3,100 | 3,100 |
Other assets | 196 | 207 | 243 |
Total assets | 14,898 | 14,418 | 15,014 |
Current liabilities: | |||
Accounts payable | 2,141 | 1,511 | 2,384 |
Accrued liabilities | 1,244 | 1,160 | 1,162 |
Income taxes payable | 28 | 78 | 24 |
Short-term Debt | 400 | 0 | 0 |
Current portion of capital lease and financing obligations | 126 | 110 | 109 |
Total current liabilities | 3,939 | 2,859 | 3,679 |
Long-term debt | 2,792 | 2,780 | 2,779 |
Capital lease and financing obligations | 1,817 | 1,858 | 1,886 |
Deferred income taxes | 305 | 368 | 293 |
Other long-term liabilities | 571 | 562 | 572 |
Shareholders’ equity: | |||
Common stock | 4 | 4 | 4 |
Paid-in capital | 2,926 | 2,743 | 2,719 |
Treasury stock, at cost | (9,556) | (8,744) | (8,615) |
Accumulated other comprehensive loss | (18) | (20) | (21) |
Retained earnings | 12,118 | 12,008 | 11,718 |
Total shareholders’ equity | 5,474 | 5,991 | 5,805 |
Total liabilities and shareholders’ equity | $ 14,898 | $ 14,418 | $ 15,014 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Net sales | $ 4,427 | $ 4,374 | $ 12,817 | $ 12,686 |
Cost of merchandise sold | 2,784 | 2,746 | 7,990 | 7,908 |
Gross margin | 1,643 | 1,628 | 4,827 | 4,778 |
Operating expenses: | ||||
Selling, general and administrative | 1,099 | 1,097 | 3,120 | 3,078 |
Depreciation and amortization | 236 | 227 | 695 | 665 |
Operating income | 308 | 304 | 1,012 | 1,035 |
Interest expense, net | 81 | 85 | 248 | 255 |
Gains (Losses) on Extinguishment of Debt | 38 | 0 | 169 | 0 |
Income before income taxes | 189 | 219 | 595 | 780 |
Provision for income taxes | 69 | 77 | 218 | 282 |
Net income | $ 120 | $ 142 | $ 377 | $ 498 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.63 | $ 0.70 | $ 1.93 | $ 2.44 |
Diluted (in dollars per share) | 0.63 | 0.70 | 1.92 | 2.43 |
Dividends declared and paid per share | $ 0.45 | $ 0.39 | $ 1.35 | $ 1.17 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings [Member] |
Long-term Debt, Fair Value | $ 3,100 | |||||
Beginning Balance (in shares) at Jan. 31, 2015 | 367 | (166) | ||||
Beginning Balance at Jan. 31, 2015 | 5,991 | $ 4 | $ 2,743 | $ (8,744) | $ (20) | $ 12,008 |
Comprehensive income (loss) | 379 | 2 | ||||
Net income | 377 | 377 | ||||
Stock options and awards, (in shares) | 3 | 0 | ||||
Stock options and awards | 157 | 183 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ (26) | |||||
Dividends paid ($1.35 per common share) | (264) | 0 | $ 3 | (267) | ||
Treasury stock purchases, (in shares) | (13) | |||||
Treasury stock purchases | (789) | $ (789) | ||||
Ending Balance (in shares) at Oct. 31, 2015 | 370 | (179) | ||||
Ending Balance at Oct. 31, 2015 | 5,474 | $ 4 | $ 2,926 | $ (9,556) | $ (18) | $ 12,118 |
Long-term Debt, Fair Value | $ 2,900 |
CONSOLIDATED STATEMENT OF CHAN5
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Dividends declared and paid per share | $ 0.45 | $ 0.39 | $ 1.35 | $ 1.17 |
Treasury Stock | ||||
Stock Issued During Period Shares Stock Options Exercised And Restricted Stock Grants | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Payments of Debt Extinguishment Costs | $ (163) | $ 0 |
Operating activities | ||
Net income | 377 | 498 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 695 | 665 |
Share-based compensation | 36 | 38 |
Excess tax benefits from share-based compensation | (10) | (2) |
Deferred income taxes | (84) | (37) |
Other non-cash revenues and expenses | 23 | 19 |
Extinguishment of Debt, Amount | 169 | 0 |
Changes in operating assets and liabilities: | ||
Merchandise inventories | (1,433) | (1,093) |
Other current and long-term assets | 74 | (1) |
Accounts payable | 630 | 1,019 |
Accrued and other long-term liabilities | (6) | (1) |
Income taxes | (64) | (175) |
Net cash provided by operating activities | 407 | 930 |
Investing activities | ||
Acquisition of property and equipment | (551) | (561) |
Sales of investments in auction rate securities | 0 | 59 |
Other | 3 | 6 |
Net cash used in investing activities | (548) | (496) |
Financing activities | ||
Treasury stock purchases | (789) | (549) |
Shares withheld for taxes on vested restricted shares | (26) | (17) |
Dividends paid | (264) | (239) |
Proceeds from Lines of Credit | 400 | 0 |
Proceeds from Issuance of Debt | 1,098 | 0 |
Payments of Financing Costs | (10) | 0 |
Repayments of Long-term Debt | (1,085) | 0 |
Capital lease and financing obligation payments | (83) | (87) |
Proceeds from stock option exercises | 146 | 111 |
Excess tax benefits from share-based compensation | 10 | 2 |
Proceeds from financing obligations | 1 | 5 |
Net cash used in financing activities | (765) | (774) |
Net decrease in cash and cash equivalents | (906) | (340) |
Cash and cash equivalents at beginning of period | 1,407 | 971 |
Cash and cash equivalents at end of period | 501 | 631 |
Supplemental information | ||
Interest paid, net of capitalized interest | 220 | 216 |
Income taxes paid | 370 | 493 |
Non-cash investing and financing activities | ||
Property and equipment acquired through additional liabilities | $ 59 | $ 40 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Summary of Accounting Policies | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for fiscal year end consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 (Commission File No. 1-11084) as filed with the Securities and Exchange Commission on March 20, 2015. Due to the seasonality of our business, results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. We operate as a single business unit. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which defers the effective date of ASU 2014-09 for all entities by one year. The original ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Under the current pronouncements, we are required to adopt the new guidance in the first quarter of fiscal 2018 using one of two retrospective application methods. We are evaluating the application method and the impact of this new statement on our financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30). This ASU requires an entity to present such costs on the balance sheet as a direct deduction from the related debt liability rather than as an asset. We early adopted ASU No. 2015-03 during the quarter ended August 1, 2015 and applied it retrospectively. The early adoption resulted in the reclassification of debt issuance costs from other current and long-term assets to long-term debt on the balance sheet of $18 million as of October 31, 2015 , $13 million as of January 31, 2015, and $14 million as of November 1, 2014. To conform to the current year presentation, we have corrected the presentation of $43 million of deferred income taxes that were previously recorded as long-term other assets and $24 million of income taxes payable that were previously recorded as income taxes receivable as of November 1, 2014 . We also corrected the presentation of $25 million of income taxes receivable that were recorded as current other assets as of January 31, 2015. |
Debt
Debt | 9 Months Ended |
Oct. 31, 2015 | |
Debt [Abstract] | |
Debt | Debt Long-term debt, which excludes draws on revolving credit facilities, consists of the following unsecured senior debt: October 31, 2015 Outstanding Maturity Effective Rate Coupon Rate Outstanding January 31, 2015 November 1, 2014 (Dollars in Millions) 2021 4.81 % 4.00 % $ 650 $ 650 $ 650 2023 3.25 % 3.25 % 350 350 350 2023 4.78 % 4.75 % 300 300 300 2025 4.25 % 4.25 % 650 — — 2029 7.36 % 7.25 % 99 200 200 2033 6.05 % 6.00 % 166 300 300 2037 6.89 % 6.88 % 150 350 350 2045 5.57 % 5.55 % 450 — — 2017 — — — 650 650 4.88 % 2,815 2,800 2,800 Unamortized debt discount (5 ) (7 ) (7 ) Deferred financing costs (18 ) (13 ) (14 ) Long-term debt $ 2,792 $ 2,780 $ 2,779 ASC No. 820, Fair Value Measurements and Disclosures, requires fair value measurements be classified in various pricing categories. Our long-term debt is classified as Level 1, financial instruments with unadjusted, quoted prices listed on active market exchanges. The estimated fair value of our long-term debt was $2.9 billion at October 31, 2015 and $3.1 billion at both January 31, 2015 and November 1, 2014. In July 2015, we completed a cash tender offer for $767 million of senior unsecured debt. We recognized a $131 million loss on extinguishment of debt in the second quarter of 2015 which includes the $126 million bond tender premium paid to holders as a result of the tender offer and a $5 million non-cash write-off of deferred financing costs and original issue discounts associated with the extinguished debt. Concurrent with the settlement of the tender offer, we exercised our right to redeem $318 million ( $317 million , net of discount) of 6.25% notes due in 2017 . The redemption was completed in August 2015 and included a $37 million "make-whole" premium and a $1 million non-cash write-off of deferred financing costs and original issue discounts associated with the extinguished debt which was expensed in the third quarter. In July 2015, we issued $650 million of 4.25% notes due in July 2025 and $450 million of 5.55% notes due in July 2045. Both notes include semi-annual, interest-only payments beginning January 17, 2016. Proceeds of the issuances and cash on hand were used to pay the principal, premium and accrued interest of the debt which was settled in July and August 2015. On July 1, 2015, we entered into an Amended and Restated Credit Agreement with various lenders which provides for a $1.0 billion senior unsecured five-year revolving credit facility that will mature in June 2020. Among other things, the agreement includes a maximum leverage ratio financial covenant (which is consistent with the ratio under our prior credit agreement) and restrictions on liens and subsidiary indebtedness. As of October 31, 2015 , the outstanding balance on the revolving credit facility was $400 million and the effective interest rate was 1.27%. The fair value of the short-term debt under the revolving credit facility approximates its carrying value due to the short-term nature of the agreement. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation Stock options The following table summarizes our stock option activity for the nine months ended October 31, 2015 : Shares Weighted Average Exercise Price (Shares in Thousands) Balance at beginning of period 6,211 $ 52.95 Exercised (2,786 ) 52.88 Forfeited/expired (152 ) 50.32 Balance at end of period 3,273 $ 53.14 Nonvested stock awards The following table summarizes nonvested stock activity, including restricted stock equivalents issued in lieu of cash dividends, for the nine months ended October 31, 2015 : Shares Weighted Average Grant Date Fair Value (Shares in Thousands) Balance at beginning of period 2,431 $ 52.29 Granted 755 69.72 Vested (886 ) 52.54 Forfeited (196 ) 54.58 Balance at end of period 2,104 $ 58.22 Performance share units During the nine months ended October 31, 2015, we granted performance-based restricted stock units ("performance share units") to certain executives. The performance measurement period for these performance share units is fiscal years 2015 through 2017. The fair market value of the grants were determined using a Monte-Carlo valuation on the date of grant. The performance share units cover a target of 153,000 shares. The actual number of shares which will be earned at the end of the three-year vesting period will vary based on our cumulative financial performance over the vesting period. The number of performance share units earned will be modified up or down based on Kohl’s Relative Total Shareholder Return against a defined peer group during the vesting period. The payouts, if earned, will be settled in Kohl's common stock after the end of the multi-year performance period. |
Contingencies
Contingencies | 9 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies We are subject to certain legal proceedings and claims arising out of the conduct of our business. In the opinion of management, the outcome of these proceedings and litigation will not have a material adverse impact on our consolidated financial statements. |
Net Income Per Section
Net Income Per Section | 9 Months Ended |
Oct. 31, 2015 | |
Net Income Per Section [Abstract] | |
Earnings Per Share | Net Income Per Share The following table summarizes our basic and diluted net income per share calculations: Three Months Ended Nine Months Ended October 31, November 1, October 31, November 1, (In Millions) Numerator—Net income $ 120 $ 142 $ 377 $ 498 Denominator—Weighted average shares: Basic 191 202 196 204 Impact of dilutive employee stock-based awards 1 1 1 1 Diluted 192 203 197 205 Antidilutive shares 3 4 1 5 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Components of long-term debt | Long-term debt, which excludes draws on revolving credit facilities, consists of the following unsecured senior debt: October 31, 2015 Outstanding Maturity Effective Rate Coupon Rate Outstanding January 31, 2015 November 1, 2014 (Dollars in Millions) 2021 4.81 % 4.00 % $ 650 $ 650 $ 650 2023 3.25 % 3.25 % 350 350 350 2023 4.78 % 4.75 % 300 300 300 2025 4.25 % 4.25 % 650 — — 2029 7.36 % 7.25 % 99 200 200 2033 6.05 % 6.00 % 166 300 300 2037 6.89 % 6.88 % 150 350 350 2045 5.57 % 5.55 % 450 — — 2017 — — — 650 650 4.88 % 2,815 2,800 2,800 Unamortized debt discount (5 ) (7 ) (7 ) Deferred financing costs (18 ) (13 ) (14 ) Long-term debt $ 2,792 $ 2,780 $ 2,779 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table summarizes our stock option activity for the nine months ended October 31, 2015 : Shares Weighted Average Exercise Price (Shares in Thousands) Balance at beginning of period 6,211 $ 52.95 Exercised (2,786 ) 52.88 Forfeited/expired (152 ) 50.32 Balance at end of period 3,273 $ 53.14 Nonvested stock awards The following table summarizes nonvested stock activity, including restricted stock equivalents issued in lieu of cash dividends, for the nine months ended October 31, 2015 : Shares Weighted Average Grant Date Fair Value (Shares in Thousands) Balance at beginning of period 2,431 $ 52.29 Granted 755 69.72 Vested (886 ) 52.54 Forfeited (196 ) 54.58 Balance at end of period 2,104 $ 58.22 Performance share units During the nine months ended October 31, 2015, we granted performance-based restricted stock units ("performance share units") to certain executives. The performance measurement period for these performance share units is fiscal years 2015 through 2017. The fair market value of the grants were determined using a Monte-Carlo valuation on the date of grant. The performance share units cover a target of 153,000 shares. The actual number of shares which will be earned at the end of the three-year vesting period will vary based on our cumulative financial performance over the vesting period. The number of performance share units earned will be modified up or down based on Kohl’s Relative Total Shareholder Return against a defined peer group during the vesting period. The payouts, if earned, will be settled in Kohl's common stock after the end of the multi-year performance period. |
Net Income Per Section Net Inco
Net Income Per Section Net Income Per Section (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Net Income Per Section [Abstract] | |
Basic and diluted net income per share calculation | The following table summarizes our basic and diluted net income per share calculations: Three Months Ended Nine Months Ended October 31, November 1, October 31, November 1, (In Millions) Numerator—Net income $ 120 $ 142 $ 377 $ 498 Denominator—Weighted average shares: Basic 191 202 196 204 Impact of dilutive employee stock-based awards 1 1 1 1 Diluted 192 203 197 205 Antidilutive shares 3 4 1 5 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Basis of Presentation (Narrative) [Abstract] | |||
Deferred Finance Costs, Net | $ 18 | $ 13 | $ 14 |
Increase (Decrease) in Income Taxes Receivable | 43 | ||
Income Taxes Receivable | $ 25 | $ 24 |
Debt - Components of Long Term
Debt - Components of Long Term Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2015 | Oct. 31, 2015 | Aug. 01, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | Jan. 31, 2015 | |
Debt Instrument [Line Items] | |||||||
Long-term Debt, Fair Value | $ 2,900 | $ 3,100 | $ 2,900 | $ 3,100 | $ 3,100 | ||
Long-term Debt, Current Maturities | $ 317 | ||||||
Unamortized debt discount | 5 | 7 | 5 | 7 | 7 | ||
Deferred Finance Costs, Net | (18) | (14) | (18) | (14) | (13) | ||
Long-term debt | 2,792 | 2,779 | 2,792 | 2,779 | 2,780 | ||
Repayments of Debt | (318) | 767 | |||||
Gains (Losses) on Extinguishment of Debt | 38 | 131 | 0 | 169 | 0 | ||
Payments of Debt Extinguishment Costs | 126 | $ 163 | 0 | ||||
Redemption Premium | $ (37) | ||||||
Write off of Deferred Debt Issuance Cost | $ 1 | 5 | |||||
Line of Credit Facility, Description | 1 | ||||||
Short-term Debt | $ 400 | 0 | $ 400 | 0 | 0 | ||
Senior Notes Due Twenty Twenty Five [Member] | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Total senior debt | $ 650 | ||||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 5.00% | 5.00% | |||||
Total senior debt | $ 2,815 | 2,800 | $ 2,815 | 2,800 | 2,800 | ||
Senior Notes | Senior Notes Due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 0.00% | 0.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 6.00% | 0.00% | ||||
Total senior debt | $ 0 | 650 | $ 0 | 650 | 650 | ||
Senior Notes | Senior Notes Due Two Thousand And Twenty One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 5.00% | 5.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |||||
Total senior debt | $ 650 | 650 | $ 650 | 650 | 650 | ||
Senior Notes | Senior Notes Due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 3.00% | 3.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | |||||
Total senior debt | $ 350 | 350 | $ 350 | 350 | 350 | ||
Senior Notes | Senior Notes Due Twenty Twenty Three [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 5.00% | 5.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||||
Total senior debt | $ 300 | 300 | $ 300 | 300 | 300 | ||
Senior Notes | Senior Notes Due Twenty Twenty Five [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 4.00% | 4.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | 4.00% | ||||
Total senior debt | $ 650 | 0 | $ 650 | 0 | 0 | ||
Senior Notes | Senior Notes Due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 7.00% | 7.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | |||||
Total senior debt | $ 99 | 200 | $ 99 | 200 | 200 | ||
Senior Notes | Senior Notes Due 2033 | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 6.00% | 6.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||||
Total senior debt | $ 166 | 300 | $ 166 | 300 | 300 | ||
Senior Notes | Senior Notes Due 2037 | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 7.00% | 7.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | |||||
Total senior debt | $ 150 | 350 | $ 150 | 350 | 350 | ||
Senior Notes | Senior Notes Due 2045 | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 6.00% | 6.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | ||||
Total senior debt | $ 450 | $ 450 | $ 0 | $ 450 | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Feb. 01, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 501 | $ 1,407 | $ 631 | $ 971 |
Long-term Debt, Excluding Current Maturities | 2,792 | 2,780 | 2,779 | |
Long Term Investments Fair Value | $ 2,900 | $ 3,100 | $ 3,100 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Based Compensation Grants (Details) - $ / shares | 9 Months Ended | |
Oct. 31, 2015 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,104,000 | 2,431,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 6,211,000 | |
Restricted shares and units granted, excluding shares earned in lieu of cash dividends | 755,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 69.72 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 52.95 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,786,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 52.88 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 152,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,273,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 53.14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 58.22 | $ 52.29 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 886,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 52.54 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 196,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ 54.58 | |
Performance restricted shares units | 153,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 50.32 |
Net Income Per Section Net In19
Net Income Per Section Net Income Per Section (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Net Income Per Section [Abstract] | ||||
Net income | $ 120 | $ 142 | $ 377 | $ 498 |
Basic | 191 | 202 | 196 | 204 |
Impact of dilutive employee stock-based awards | 1 | 1 | 1 | 1 |
Diluted | 192 | 203 | 197 | 205 |
Antidilutive shares | 3 | 4 | 1 | 5 |