Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 30, 2016 | Aug. 27, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | KOHLS CORP | |
Entity Central Index Key | 885,639 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | KSS | |
Document Type | 10-Q | |
Document Period End Date | Jul. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 179,593,056 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 700 | $ 707 | $ 934 |
Merchandise inventories | 3,928 | 4,038 | 4,252 |
Other | 327 | 331 | 310 |
Total current assets | 4,955 | 5,076 | 5,496 |
Property and equipment, net | 8,192 | 8,308 | 8,528 |
Long-term investments | 3,000 | 2,800 | 3,200 |
Other assets | 213 | 222 | 232 |
Total assets | 13,360 | 13,606 | 14,256 |
Current liabilities: | |||
Accounts payable | 1,375 | 1,251 | 1,566 |
Accrued liabilities | 1,146 | 1,206 | 1,125 |
Income taxes payable | 155 | 130 | 53 |
Short-term Debt | 0 | 0 | 317 |
Current portion of capital lease and financing obligations | 127 | 127 | 117 |
Total current liabilities | 2,803 | 2,714 | 3,178 |
Long-term debt | 2,793 | 2,792 | 2,791 |
Capital lease and financing obligations | 1,709 | 1,789 | 1,821 |
Deferred income taxes | 184 | 257 | 235 |
Other long-term liabilities | 656 | 563 | 554 |
Shareholders’ equity: | |||
Common stock | 4 | 4 | 4 |
Paid-in capital | 2,973 | 2,944 | 2,914 |
Treasury stock, at cost | (10,047) | (9,769) | (9,308) |
Accumulated other comprehensive loss | (16) | (17) | (18) |
Retained earnings | 12,301 | 12,329 | 12,085 |
Total shareholders’ equity | 5,215 | 5,491 | 5,677 |
Total liabilities and shareholders’ equity | $ 13,360 | $ 13,606 | $ 14,256 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Net sales | $ 4,182 | $ 4,267 | $ 8,154 | $ 8,390 |
Cost of merchandise sold | 2,532 | 2,605 | 5,092 | 5,206 |
Gross margin | 1,650 | 1,662 | 3,062 | 3,184 |
Operating expenses: | ||||
Selling, general and administrative | 986 | 1,005 | 1,994 | 2,021 |
Depreciation and amortization | 234 | 233 | 468 | 459 |
Impairments, store closing and other costs | 128 | 0 | 192 | 0 |
Operating income | 302 | 424 | 408 | 704 |
Interest expense, net | 78 | 84 | 157 | 168 |
Gains (Losses) on Extinguishment of Debt | 0 | 131 | 0 | 131 |
Income before income taxes | 224 | 209 | 251 | 405 |
Provision for income taxes | $ 84 | $ 79 | 94 | 148 |
Net income | $ 157 | $ 257 | ||
Net income per share: | ||||
Basic (in dollars per share) | $ 0.77 | $ 0.66 | $ 0.86 | $ 1.30 |
Diluted (in dollars per share) | 0.77 | 0.66 | 0.86 | 1.29 |
Dividends declared and paid per share | $ 0.50 | $ 0.45 | $ 1 | $ 0.90 |
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 | $ 2,800 | |||||
Beginning Balance (in shares) at Jan. 30, 2016 | 370 | (184) | ||||
Beginning Balance at Jan. 30, 2016 | 5,491 | $ 4 | $ 2,944 | $ (9,769) | $ (17) | $ 12,329 |
Comprehensive income (loss) | 158 | 1 | ||||
Net income | 157 | 157 | ||||
Stock options and awards, (in shares) | 1 | 0 | ||||
Stock options and awards | 15 | 29 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ (14) | |||||
Dividends paid ($1.00 per common share) | (182) | 0 | $ 3 | (185) | ||
Treasury stock purchases, (in shares) | (7) | |||||
Treasury stock purchases | (267) | $ (267) | ||||
Ending Balance (in shares) at Jul. 30, 2016 | 371 | (191) | ||||
Ending Balance at Jul. 30, 2016 | 5,215 | $ 4 | $ 2,973 | $ (10,047) | $ (16) | $ 12,301 |
Long-term Debt, Fair Value | $ 3,000 |
CONSOLIDATED STATEMENT OF CHAN5
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Dividends declared and paid per share | $ 0.50 | $ 0.45 | $ 1 | $ 0.90 |
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 | 6 Months Ended | |
Jul. 30, 2016 | Aug. 01, 2015 | |
Payments of Debt Extinguishment Costs | $ 0 | $ (126) |
Operating activities | ||
Net income | 157 | 257 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 468 | 459 |
Share-based compensation | 22 | 24 |
Excess tax benefits from share-based compensation | 0 | (10) |
Deferred income taxes | (74) | (65) |
Extinguishment of Debt, Amount | 0 | 131 |
Impairments, store closing and other costs cash flow | 57 | 0 |
Other non-cash revenues and expenses | 14 | 17 |
Changes in operating assets and liabilities: | ||
Merchandise inventories | 114 | (433) |
Other current and long-term assets | 8 | 60 |
Accounts payable | 124 | 55 |
Accrued and other long-term liabilities | (69) | (121) |
Income taxes | 25 | (21) |
Net cash provided by operating activities | 846 | 353 |
Investing activities | ||
Acquisition of property and equipment | (340) | (377) |
Other | 3 | 3 |
Net cash used in investing activities | (337) | (374) |
Financing activities | ||
Treasury stock purchases | (267) | (543) |
Shares withheld for taxes on vested restricted shares | (14) | (23) |
Dividends paid | (182) | (178) |
Proceeds from Lines of Credit | 0 | 1,089 |
Repayments of Long-term Debt | 0 | (767) |
Capital lease and financing obligation payments | (63) | (54) |
Proceeds from stock option exercises | 6 | 140 |
Excess tax benefits from share-based compensation | 0 | 10 |
Proceeds from financing obligations | 4 | 0 |
Net cash used in financing activities | (516) | (452) |
Net decrease in cash and cash equivalents | (7) | (473) |
Cash and cash equivalents at beginning of period | 707 | 1,407 |
Cash and cash equivalents at end of period | 700 | 934 |
Supplemental information | ||
Interest paid, net of capitalized interest | 102 | 167 |
Income taxes paid | 153 | 242 |
Non-cash investing and financing activities | ||
Property and equipment acquired through additional liabilities | $ 24 | $ 21 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 30, 2016 | |
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 30, 2016 (Commission File No. 1-11084) as filed with the Securities and Exchange Commission on March 18, 2016. 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") No. 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. This ASU is effective in the first quarter of 2018. It will change the way we account for sales returns, our loyalty program and certain promotional programs. Based on current estimates, we do not expect this ASU to have a material impact on our financial statements and, therefore, we expect to use the modified retrospective method to adopt the standard. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)". The core principle of the standard is that a lessee should recognize the assets and liabilities that arise from leases. A lessee should recognize in its statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. We will be required to adopt the new standard in the first quarter of 2019. We are currently evaluating the impact this new standard will have on our financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718)". This ASU modifies several aspects of accounting and reporting for share-based payment transactions. Under the new rules, excess income tax benefits and tax deficiencies related to share-based payments will be recognized within income tax expense in the statement of income, rather than within additional paid-in capital on the balance sheet. We are currently evaluating the potential impact that this provision, which is to be applied prospectively, will have on our financial statements. ASU 2016-09 also permits changes to an employers’ accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures. We do not expect these provisions will have a material impact on our financial statements. We will be required to adopt this new standard in the first quarter of 2017. In 2015, we adopted ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes (Topic 740)" which requires us to present deferred tax liabilities and assets as non-current in our balance sheet and corrected the presentation of certain other tax assets and liabilities. The following table summarizes changes to our August 1, 2015 balance sheet: (Dollars in Millions) Prior Classification Current Classification Deferred taxes Current deferred tax asset Long-term deferred tax liability $ 130 Deferred taxes Long-term deferred tax liability Other long-term assets 31 Deferred taxes Other long-term liabilities Long-term deferred tax liability 16 |
Debt
Debt | 6 Months Ended |
Jul. 30, 2016 | |
Debt [Abstract] | |
Debt | Debt Long-term debt consists of the following unsecured senior debt: July 30, 2016 Outstanding Maturity Effective Rate Coupon Rate Outstanding January 30, 2016 August 1, 2015 (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 % 650 650 650 2029 7.36 % 7.25 % 99 99 99 2033 6.05 % 6.00 % 166 166 166 2037 6.89 % 6.88 % 150 150 150 2045 5.57 % 5.55 % 450 450 450 2017 — — — — 318 4.88 % 2,815 2,815 3,133 Unamortized debt discount (5 ) (5 ) (5 ) Deferred financing costs (17 ) (18 ) (19 ) Current potion of long-term debt — — (318 ) Long-term debt $ 2,793 $ 2,792 $ 2,791 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 $3.0 billion at July 30, 2016 , $2.8 billion at January 30, 2016, and $3.2 billion at August 1, 2015. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation The following table summarizes our stock-based compensation activity for the six months ended July 30, 2016 : Stock Options Nonvested Stock Awards Performance Share Units (Shares and Units in Thousands) Shares Weighted Average Exercise Price Shares Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of period 3,076 $ 52.65 2,211 $ 57.37 347 $ 67.53 Granted — — 1,280 46.20 8 67.48 Exercised/vested (146 ) 41.82 (782 ) 56.37 — — Forfeited/expired (209 ) 56.03 (167 ) 55.73 (32 ) 67.98 Balance at end of period 2,721 $ 52.97 2,542 $ 52.16 323 $ 67.49 |
Contingencies
Contingencies | 6 Months Ended |
Jul. 30, 2016 | |
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 | 6 Months Ended |
Jul. 30, 2016 | |
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 Six Months Ended (Dollar and Shares in Millions) July 30, August 1, July 30, August 1, Numerator—Net income $ 140 $ 130 $ 157 $ 257 Denominator—Weighted average shares: Basic 180 196 182 198 Impact of dilutive stock-based awards 1 1 — 1 Diluted 181 197 182 199 Antidilutive shares 5 1 4 — |
Store Closures (Notes)
Store Closures (Notes) | 6 Months Ended |
Jul. 30, 2016 | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | On February 25, 2016, we announced plans to close 18 underperforming stores in fiscal 2016. The specific locations were announced in March 2016. Seventeen of the stores closed in June 2016. We plan to close the final store in November. Store employees impacted by the closures were offered the opportunity to work at nearby Kohl’s locations or a severance package. The second quarter charge includes $119 million in future store lease obligations, the write-off of $23 million in software licenses which did not align with the strategic vision of our restructured IT leadership team, and $7 million in severance and other costs, which were partially offset by the write-off of $21 million in net lease obligations that were previously recorded on our books. The $119 million lease obligation charge represents the discounted value of rents and other lease liabilities under non-cancelable lease terms and will be paid over the next 13 years. All of the severance will be paid out within two years. The remaining charge is primarily non-cash write-offs of assets and liabilities that were previously recorded on our books. We incurred the following costs related to the store closures and the organizational realignment at our corporate office: (Dollars in Millions) Three Months Ended Six Months Ended July 30, 2016 Store leases: Record future obligations $ 119 $ 119 Write-off net obligations (21 ) (21 ) Impairments: Software licenses 23 23 Buildings and other store assets — 53 Severance and other 7 18 Total $ 128 $ 192 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Debt Disclosure [Abstract] | |
Components of long-term debt | Long-term debt consists of the following unsecured senior debt: July 30, 2016 Outstanding Maturity Effective Rate Coupon Rate Outstanding January 30, 2016 August 1, 2015 (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 % 650 650 650 2029 7.36 % 7.25 % 99 99 99 2033 6.05 % 6.00 % 166 166 166 2037 6.89 % 6.88 % 150 150 150 2045 5.57 % 5.55 % 450 450 450 2017 — — — — 318 4.88 % 2,815 2,815 3,133 Unamortized debt discount (5 ) (5 ) (5 ) Deferred financing costs (17 ) (18 ) (19 ) Current potion of long-term debt — — (318 ) Long-term debt $ 2,793 $ 2,792 $ 2,791 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
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-based compensation activity for the six months ended July 30, 2016 : Stock Options Nonvested Stock Awards Performance Share Units (Shares and Units in Thousands) Shares Weighted Average Exercise Price Shares Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of period 3,076 $ 52.65 2,211 $ 57.37 347 $ 67.53 Granted — — 1,280 46.20 8 67.48 Exercised/vested (146 ) 41.82 (782 ) 56.37 — — Forfeited/expired (209 ) 56.03 (167 ) 55.73 (32 ) 67.98 Balance at end of period 2,721 $ 52.97 2,542 $ 52.16 323 $ 67.49 |
Net Income Per Section Net Inco
Net Income Per Section Net Income Per Section (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
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 Six Months Ended (Dollar and Shares in Millions) July 30, August 1, July 30, August 1, Numerator—Net income $ 140 $ 130 $ 157 $ 257 Denominator—Weighted average shares: Basic 180 196 182 198 Impact of dilutive stock-based awards 1 1 — 1 Diluted 181 197 182 199 Antidilutive shares 5 1 4 — |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
Basis of Presentation (Narrative) [Abstract] | |||
Deferred Finance Costs, Net | $ 17 | $ 18 | $ 19 |
Deferred Tax Reclass | 130 | ||
Deferred Tax Asset Reclass | 31 | ||
FIN 48 Reclass | $ 16 |
Debt - Components of Long Term
Debt - Components of Long Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | Jan. 30, 2016 | |
Debt Instrument [Line Items] | |||||
Long-term Debt, Fair Value | $ 3,000 | $ 3,200 | $ 3,000 | $ 3,200 | $ 2,800 |
Unamortized debt discount | 5 | 5 | 5 | 5 | 5 |
Deferred Finance Costs, Net | (17) | (19) | (17) | (19) | (18) |
Long-term Debt, Current Maturities - Gross | 0 | (318) | 0 | (318) | 0 |
Long-term debt | 2,793 | 2,791 | 2,793 | 2,791 | 2,792 |
Gains (Losses) on Extinguishment of Debt | 0 | 131 | 0 | 131 | |
Payments of Debt Extinguishment Costs | 0 | 126 | |||
Short-term Debt | $ 0 | 317 | $ 0 | 317 | 0 |
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Effective Rate | 5.00% | 5.00% | |||
Total senior debt | $ 2,815 | 3,133 | $ 2,815 | 3,133 | 2,815 |
Senior Notes | Senior Notes Due 2017 | |||||
Debt Instrument [Line Items] | |||||
Effective Rate | 0.00% | 0.00% | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% | |||
Total senior debt | $ 0 | 318 | $ 0 | 318 | 0 |
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% | |||
Total senior debt | $ 650 | 650 | $ 650 | 650 | 650 |
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 | 99 | $ 99 | 99 | 99 |
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 | 166 | $ 166 | 166 | 166 |
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 | 150 | $ 150 | 150 | 150 |
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% | |||
Total senior debt | $ 450 | $ 450 | $ 450 | $ 450 | $ 450 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 | Jan. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 700 | $ 707 | $ 934 | $ 1,407 |
Long-term Debt, Excluding Current Maturities | 2,793 | 2,792 | 2,791 | |
Long Term Investments Fair Value | $ 3,000 | $ 2,800 | $ 3,200 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Based Compensation Grants (Details) - $ / shares shares in Thousands | 6 Months Ended | |
Jul. 30, 2016 | Jan. 30, 2016 | |
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 | 2,542 | 2,211 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 3,076 | |
Restricted shares and units granted, excluding shares earned in lieu of cash dividends | 1,280 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 46.20 | |
Granted performance restricted share units | 8 | |
Performance Restricted Shares Fair Value, Granted | $ 67.48 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 52.65 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 146 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 41.82 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 209 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,721 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 52.97 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 52.16 | $ 57.37 |
Performance restricted shares units, beginning | 347 | |
Performance Restricted Shares, Fair Value Beginning | $ 67.53 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 782 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 56.37 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 167 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ 55.73 | |
Forfeited performance restricted share units | (32) | |
Performance Restricted Shares Fair Value, Forfeited | $ 67.98 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 56.03 | |
Performance restricted shares units, ending | 323 | |
Performance Restricted Shares, Fair Value Ending | $ 67.49 |
Stock-Based Compensation Perfor
Stock-Based Compensation Performance Share Unit Activity (Details) - $ / shares shares in Thousands | 6 Months Ended | |
Jul. 30, 2016 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance Restricted Shares, Fair Value Beginning | $ 67.53 | |
Granted performance restricted share units | 8 | |
Performance Restricted Shares Fair Value, Granted | $ 67.48 | |
Forfeited performance restricted share units | (32) | |
Performance Restricted Shares Fair Value, Forfeited | $ 67.98 | |
Performance restricted shares units, ending | 323 | |
Performance Restricted Shares, Fair Value Ending | $ 67.49 |
Net Income Per Section Net In21
Net Income Per Section Net Income Per Section (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Net income | $ 157 | $ 257 | ||
Basic | 180 | 196 | 182 | 198 |
Impact of dilutive stock-based awards | 1 | 1 | 0 | 1 |
Diluted | 181 | 197 | 182 | 199 |
Antidilutive shares | 5 | 1 | 4 | 0 |
Retained Earnings [Member] | ||||
Net income | $ 140 | $ 130 | $ 157 | $ 257 |
Store Closures (Details)
Store Closures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Store closure, future lease obligation | $ 119 | $ 119 | ||
Store closure, write-off net obligation | 21 | 21 | ||
Impairment, software license | 23 | 23 | ||
Restructuring and Related Cost, Incurred Cost | 0 | 53 | ||
Severance and other store closure costs | 7 | 18 | ||
Impairments, store closing and other costs | $ 128 | $ 0 | $ 192 | $ 0 |