Kohl's (KSS) 10-Q 2 Sep 16 2016 Q2 Quarterly report Financial data

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