Kohl's (KSS) 10-Q 4 Dec 15 2015 Q3 Quarterly report Financial data

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