Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Mar. 05, 2014 | Aug. 02, 2013 | |
Document and Entity Information [Text Block] [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Dollar Tree Inc | ' | ' |
Entity Central Index Key | '0000935703 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $11,637,937,009 |
Entity Common Stock, Shares Outstanding | ' | 206,224,996 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $7,840.30 | $7,394.50 | $6,630.50 |
Cost of sales | 5,050.50 | 4,741.80 | 4,252.20 |
Gross profit | 2,789.80 | 2,652.70 | 2,378.30 |
Selling, general and administrative | 1,819.50 | 1,732.60 | 1,596.20 |
Operating income | 970.3 | 920.1 | 782.1 |
Interest expense, net | 15.4 | 2.8 | 2.9 |
Other (income) expense, net | 0.6 | -61.6 | -0.3 |
Income before income taxes | 954.3 | 978.9 | 779.5 |
Provision for income taxes | 357.6 | 359.6 | 291.2 |
Net income | $596.70 | $619.30 | $488.30 |
Net income per share: | ' | ' | ' |
Basic net income per share (usd per share) | $2.74 | $2.70 | $2.03 |
Diluted net income per share (usd per share) | $2.72 | $2.68 | $2.01 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Statement (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net income | $596.70 | $619.30 | $488.30 |
Foreign currency translation adjustments | -15.4 | -0.9 | -0.3 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | 0 | 0.1 |
Total comprehensive income | $581.30 | $618.40 | $488.10 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $267.70 | $399.90 |
Merchandise inventories, net | 1,035.30 | 971.7 |
Current deferred tax assets, net | 18.9 | 22.5 |
Prepaid expenses and other current assets | 56.6 | 79.4 |
Total current assets | 1,378.50 | 1,473.50 |
Property, plant and equipment, net | 1,094 | 960.7 |
Goodwill | 169.3 | 173.3 |
Deferred tax assets, net | 24.1 | 28.3 |
Other assets, net | 106 | 116.2 |
TOTAL ASSETS | 2,771.90 | 2,752 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 12.8 | 14.3 |
Accounts payable | 393.9 | 346.5 |
Other current liabilities | 232.3 | 235.8 |
Income taxes payable | 47.3 | 79.6 |
Total current liabilities | 686.3 | 676.2 |
Long-term debt, excluding current portion | 757 | 257 |
Income taxes payable, long-term | 5.5 | 5.6 |
Other liabilities | 152.4 | 145.9 |
Total liabilities | 1,601.20 | 1,084.70 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, par value $0.01. 600,000 shares authorized, 208,131,669 and 224,584,393 shares issued and outstanding at February 1, 2014 and February 2, 2013, respectively | 2.1 | 2.2 |
Additional paid-in capital | 10.7 | 0.3 |
Accumulated other comprehensive loss | -16.9 | -1.5 |
Retained earnings | 1,174.80 | 1,666.30 |
Total shareholders' equity | 1,170.70 | 1,667.30 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $2,771.90 | $2,752 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS Parenthetical (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 600,000,000 | 400,000,000 |
Common stock, shares issued and outstanding (in shares) | 208,131,669 | 224,584,393 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Millions, except Share data, unless otherwise specified | |||||
Balance at Beginning of Year at Jan. 29, 2011 | $1,459 | $1.20 | $0 | ($0.40) | $1,458.20 |
Balance at Beginning of Year (in shares) at Jan. 29, 2011 | ' | 246,800,000 | ' | ' | ' |
Statement of Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 488.3 | ' | ' | ' | 488.3 |
Total other comprehensive loss | -0.2 | ' | ' | -0.2 | ' |
Issuance of stock under Employee Stock Purchase Plan (in shares) | ' | 200,000 | ' | ' | ' |
Issuance of stock under Employee Stock Purchase Plan | 4.4 | ' | 4.4 | ' | 0 |
Exercise of stock options, including income tax benefit (in shares) | ' | 700,000 | ' | ' | ' |
Exercise of stock options, including income tax benefit | 9.5 | ' | 9.5 | ' | 0 |
Repurchase and retirement of shares (in shares) | ' | -17,400,000 | ' | ' | ' |
Repurchase and retirement of shares | -645.9 | -0.1 | -43.4 | ' | -602.4 |
Stock-based compensation, net (in shares) | ' | 900,000 | ' | ' | ' |
Stock-based compensation, net , including income tax benefit | 29.5 | ' | 29.5 | ' | 0 |
Balance at End of Period at Jan. 28, 2012 | 1,344.60 | 1.1 | 0 | -0.6 | 1,344.10 |
Balance at End of Year (in shares) at Jan. 28, 2012 | ' | 231,200,000 | ' | ' | ' |
Statement of Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 619.3 | ' | ' | ' | 619.3 |
Total other comprehensive loss | -0.9 | ' | ' | -0.9 | ' |
Transfer from additional paid-in capital for Common Stock dividend | ' | 1.2 | -1.2 | ' | ' |
Issuance of stock under Employee Stock Purchase Plan (in shares) | ' | 100,000 | ' | ' | ' |
Issuance of stock under Employee Stock Purchase Plan | 4.8 | ' | 4.8 | ' | ' |
Exercise of stock options, including income tax benefit (in shares) | ' | 600,000 | ' | ' | ' |
Exercise of stock options, including income tax benefit | 12.8 | ' | 12.8 | ' | ' |
Repurchase and retirement of shares (in shares) | ' | -8,100,000 | ' | ' | ' |
Repurchase and retirement of shares | -340.2 | -0.1 | -43 | ' | -297.1 |
Stock-based compensation, net (in shares) | ' | 800,000 | ' | ' | ' |
Stock-based compensation, net , including income tax benefit | 26.9 | ' | 26.9 | ' | ' |
Balance at End of Period at Feb. 02, 2013 | 1,667.30 | 2.2 | 0.3 | -1.5 | 1,666.30 |
Balance at End of Year (in shares) at Feb. 02, 2013 | ' | 224,600,000 | ' | ' | ' |
Statement of Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 596.7 | ' | ' | ' | 596.7 |
Total other comprehensive loss | -15.4 | ' | ' | -15.4 | ' |
Issuance of stock under Employee Stock Purchase Plan (in shares) | ' | 100,000 | ' | ' | ' |
Issuance of stock under Employee Stock Purchase Plan | 4.8 | ' | 4.8 | ' | ' |
Exercise of stock options, including income tax benefit (in shares) | 138,673 | 100,000 | ' | ' | ' |
Exercise of stock options, including income tax benefit | 3.7 | ' | 3.7 | ' | ' |
Repurchase and retirement of shares (in shares) | ' | -17,400,000 | ' | ' | ' |
Repurchase and retirement of shares | -1,112.10 | -0.1 | -23.8 | ' | -1,088.20 |
Stock-based compensation, net (in shares) | ' | 700,000 | ' | ' | ' |
Stock-based compensation, net , including income tax benefit | 25.7 | ' | 25.7 | ' | ' |
Balance at End of Period at Feb. 01, 2014 | $1,170.70 | $2.10 | $10.70 | ($16.90) | $1,174.80 |
Balance at End of Year (in shares) at Feb. 01, 2014 | ' | 208,100,000 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Other comprehensive loss, income tax benefit (expense) | $0 | $0 | ($0.10) |
Tax benefit realized from exercise of stock options | 1.6 | 7 | 3 |
Tax benefit from stock-based compensation expense | $8.20 | $14.30 | $10.80 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $596.70 | $619.30 | $488.30 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 190.5 | 175.3 | 163.9 |
Gain on sale of Ollie's investment | 0 | -60.8 | ' |
Provision for deferred income taxes | 6.7 | -7.7 | 10.9 |
Stock-based compensation expense | 37 | 35.5 | 31.6 |
Other non-cash adjustments to net income | 3.9 | 4.1 | 4.4 |
Changes in assets and liabilities increasing (decreasing) cash and cash equivalents: | ' | ' | ' |
Merchandise inventories | -67.7 | -104 | -64.5 |
Other assets | 26.1 | -56.7 | -1.3 |
Accounts payable | 46.9 | 59.3 | 26.9 |
Income taxes payable | -32.3 | 16.3 | -1.1 |
Other current liabilities | -2.9 | 20.3 | 25.4 |
Other liabilities | -11.5 | -23.2 | 2 |
Net cash provided by operating activities | 793.4 | 677.7 | 686.5 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -330.1 | -312.2 | -250.1 |
Purchase of short-term investments | 0 | 0 | -6 |
Proceeds from sale of short-term investments | 0 | 0 | 180.8 |
Proceeds from sale of Ollie's investment | 0 | 62.3 | 0 |
Purchase of restricted investments | -8.8 | -11 | -16.3 |
Proceeds from sale of restricted investments | 15 | 0 | 5.3 |
Foreign currency gain (loss) | -0.1 | -0.4 | 0.2 |
Acquisition of favorable lease rights | -0.3 | 0 | 0 |
Net cash used in investing activities | -324.3 | -261.3 | -86.1 |
Cash flows from financing activities: | ' | ' | ' |
Principal payments under long-term debt and capital lease obligations | -271.5 | -1.5 | -2 |
Proceeds from long-term debt | 770 | 7 | 0 |
Payments for share repurchases | -1,112.10 | -340.2 | -645.9 |
Proceeds from stock issued pursuant to stock-based | 6 | 10 | 10.9 |
Tax benefit of exercises/vesting of equity based compensation | 9.8 | 21.3 | 13.8 |
Net cash used in financing activities | -597.8 | -303.4 | -623.2 |
Effect of exchange rate changes on cash and cash equivalents | -3.5 | -1.4 | -0.1 |
Net increase (decrease) in cash and cash equivalents | -132.2 | 111.6 | -22.9 |
Cash and cash equivalents at beginning of year | 399.9 | 288.3 | 311.2 |
Cash and cash equivalents at end of year | 267.7 | 399.9 | 288.3 |
Cash paid for: | ' | ' | ' |
Interest | 14.5 | 3.3 | 3.2 |
Income taxes | $373.20 | $333.90 | $268.30 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Feb. 02, 2013 | ||
Accounting Policies [Abstract] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Description of Business | ||
Dollar Tree, Inc. (the Company) is the leading operator of discount variety retail stores offering merchandise at the fixed price of $1.00 or less with 4,992 discount variety retail stores in the United States and Canada at February 1, 2014. Below are those accounting policies considered by the Company to be significant. | ||
Principles of Consolidation | ||
The consolidated financial statements include the financial statements of Dollar Tree, Inc., and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
Foreign Currency | ||
The functional currencies of the Company’s international subsidiaries are primarily the local currencies of the countries in which the subsidiaries are located. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on translation of assets and liabilities is included as a component of shareholders’ equity in accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions, which are included in non-operating income (expense), have not been significant. | ||
Stock Dividend | ||
On May 29, 2012, the Company's Board of Directors approved a 2-for-1 stock split in the form of a 100% common stock dividend. New shares were distributed on June 26, 2012 to shareholders of record as of the close of business on June 12, 2012. | ||
Segment Information | ||
The Company's retail stores represent a single operating segment based on the way the Company manages its business. Operating decisions are made at the Company level in order to maintain a consistent retail store presentation. The Company’s retail stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of customers. The amounts of long-lived assets and net sales outside of the U.S. were not significant for any of the periods presented. | ||
Fiscal Year | ||
The Company's fiscal year ends on the Saturday closest to January 31. Any reference herein to "2013" or "Fiscal 2013," “2012” or “Fiscal 2012,” and “2011” or “Fiscal 2011,” relates to as of or for the years ended February 1, 2014, February 2, 2013, and January 28, 2012, respectively. Fiscal 2012 ended on February 2, 2013 and included 53 weeks, commensurate with the retail calendar. Fiscal 2013 and 2011 each included 52 weeks. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents at February 1, 2014 and February 2, 2013 includes $172.6 million and $344.5 million, respectively, of investments primarily in money market securities which are valued at cost, which approximates fair value. For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with original maturities of 3 months or less to be cash equivalents. The majority of payments due from financial institutions for the settlement of debit card and credit card transactions process within 3 business days, and therefore are classified as cash and cash equivalents. | ||
Merchandise Inventories | ||
Merchandise inventories at the Company’s distribution centers are stated at the lower of cost or market, determined on a weighted-average cost basis. Cost is assigned to store inventories using the retail inventory method on a weighted-average basis. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are computed by applying a calculated cost-to-retail ratio to the retail value of inventories. | ||
Costs directly associated with warehousing and distribution are capitalized as merchandise inventories. Total warehousing and distribution costs capitalized into inventory amounted to $43.2 million and $38.8 million at February 1, 2014 and February 2, 2013, respectively. | ||
Property, Plant and Equipment | ||
Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: | ||
Buildings | 39 to 40 years | |
Furniture, fixtures and equipment | 3 to 15 years | |
Leasehold improvements and assets held under capital leases are amortized over the estimated useful lives of the respective assets or the committed terms of the related leases, whichever is shorter. Amortization is included in "selling, general and administrative expenses" in the accompanying consolidated statements of operations. | ||
Costs incurred related to software developed for internal use are capitalized and amortized, generally over 3 years. | ||
Goodwill | ||
Goodwill is not amortized, but rather tested for impairment at least annually. In addition, goodwill will be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. The Company performed its annual impairment testing in November 2013 and determined that no impairment loss existed. | ||
Other Assets, Net | ||
Other assets, net consists primarily of restricted investments, deferred compensation plan assets and deferred financing costs. Restricted investments were $87.9 million and $94.6 million at February 1, 2014 and February 2, 2013, respectively and were purchased to collateralize long-term insurance obligations. These investments are primarily in tax-exempt money market funds that invest in short-term municipal obligations. These investments are classified as available for sale and are recorded at fair value, which approximates cost. Deferred compensation plan assets were $5.1 million and $4.2 million at February 1, 2014 and February 2, 2013, respectively and are recorded at fair value. Deferred financing costs represent costs directly related to debt issuances and are amortized over the terms of the related debt. Deferred financing costs, net of amortization, were $4.3 million and $1.7 million at February 1, 2014 and February 2, 2013, respectively. | ||
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | ||
The Company reviews its long-lived assets and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets based on discounted cash flows or other readily available evidence of fair value, if any. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. In fiscal 2013, 2012 and 2011, the Company recorded charges of $0.5 million, $0.5 million and $0.9 million, respectively, to write down certain assets. These charges are recorded as a component of "selling, general and administrative expenses" in the accompanying consolidated statements of operations. | ||
Financial Instruments | ||
The Company utilizes derivative financial instruments to reduce its exposure to market risks from changes in interest rates and diesel fuel costs. By entering into receive-variable, pay-fixed interest rate and diesel fuel swaps, the Company limits its exposure to changes in variable interest rates and diesel fuel prices. The Company is exposed to credit-related losses in the event of non-performance by the counterparty to these instruments but minimizes this risk by entering into transactions with high quality counterparties. Interest rate or diesel fuel cost differentials paid or received on the swaps are recognized as adjustments to interest and freight expense, respectively, in the period earned or incurred. The Company formally documents all hedging relationships, if applicable, and assesses hedge effectiveness both at inception and on an ongoing basis. | ||
Fair Value Measurements | ||
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a fair value hierarchy has been established that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are as follows: | ||
Level 1 - Quoted prices in active markets for identical assets or liabilities; | ||
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and | ||
Level 3 - Unobservable inputs in which there is little or no market data which require the reporting entity to develop its own assumptions. | ||
The Company’s cash and cash equivalents, restricted investments and diesel fuel swaps represent the financial assets and liabilities that were accounted for at fair value as of February 1, 2014 and February 2, 2013. As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The fair value of the Company’s cash and cash equivalents was $267.7 million and $399.9 million as of February 1, 2014 and February 2, 2013, respectively. The fair value of the Company's restricted investments was $87.9 million and $94.6 million as of February 1, 2014 and February 2, 2013, respectively. These fair values were determined using Level 1 measurements in the fair value hierarchy. The Company did not have any active fuel derivative contracts as of February 1, 2014. The fair value of the diesel fuel swaps was an asset of $0.5 million as of February 2, 2013. The fair values of the swaps were estimated using Level 2 measurements in the fair value hierarchy. These estimates used discounted cash flow calculations based upon forward interest-rate yield and diesel cost curves. The curves were obtained from independent pricing services reflecting broker market quotes. | ||
The carrying value of the Company's Demand Revenue Bonds approximates its fair value because the debt’s interest rate varies with market interest rates. The carrying value of the Company's Senior Notes approximates its fair value because they were recently issued. | ||
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). The Company recorded an impairment charge of $0.5 million, $0.5 million, and $0.9 million in fiscal 2013, 2012 and 2011, respectively, to reduce certain store assets to their estimated fair value. The fair values were determined based on the income approach, in which the Company utilized internal cash flow projections over the life of the underlying lease agreements discounted based on a risk-free rate of return. These measures of fair value, and related inputs, are considered a level 3 approach under the fair value hierarchy. There were no other changes related to level 3 assets. | ||
Lease Accounting | ||
The Company leases almost all of its retail locations under operating leases. The Company recognizes minimum rent expense beginning when possession of the property is taken from the landlord, which normally includes a construction period prior to store opening. When a lease contains a predetermined fixed escalation of the minimum rent, the Company recognizes the related rent expense on a straight-line basis and records the difference between the recognized rental expense and the amounts payable under the lease as deferred rent. The Company also receives tenant allowances, which are recorded in deferred rent and are amortized as reductions of rent expense over the terms of the leases. | ||
Revenue Recognition | ||
The Company recognizes sales revenue at the time a sale is made to its customer. | ||
Taxes Collected | ||
The Company reports taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions (i.e., sales tax) on a net (excluded from revenues) basis. | ||
Cost of Sales | ||
The Company includes the cost of merchandise, warehousing and distribution costs, and certain occupancy costs in cost of sales. | ||
Pre-Opening Costs | ||
The Company expenses pre-opening costs for new, expanded and relocated stores, as incurred. | ||
Advertising Costs | ||
The Company expenses advertising costs as they are incurred and they are included in "selling, general and administrative expenses" on the accompanying consolidated statements of operations. Advertising costs approximated $14.9 million, $13.5 million and $13.8 million for the years ended February 1, 2014, February 2, 2013, and January 28, 2012, respectively. | ||
Income Taxes | ||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. | ||
The Company recognizes a financial statement benefit for a tax position if it determines that it is more likely than not that the position will be sustained upon examination. | ||
The Company includes interest and penalties in the provision for income tax expense and income taxes payable. The Company does not provide for any penalties associated with tax contingencies unless they are considered probable of assessment. | ||
Stock-Based Compensation | ||
The Company recognizes expense for all share-based payments to employees based on their fair values. Total stock-based compensation expense for 2013, 2012 and 2011 was $36.2 million, $34.9 million and $31.0 million, respectively. | ||
The Company recognizes expense related to the fair value of restricted stock units (RSUs) over the requisite service period on a straight-line basis or a shorter period based on the retirement eligibility of the grantee. The fair value is determined using the closing price of the Company’s common stock on the date of grant. | ||
Net Income Per Share | ||
Basic net income per share has been computed by dividing net income by the weighted average number of shares outstanding. Diluted net income per share reflects the potential dilution that could occur assuming the inclusion of dilutive potential shares and has been computed by dividing net income by the weighted average number of shares and dilutive potential shares outstanding. Dilutive potential shares include all outstanding stock options and unvested RSUs after applying the treasury stock method. |
BALANCE_SHEET_COMPONENTS
BALANCE SHEET COMPONENTS | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
BALANCE SHEET COMPONENTS | ' | |||||||
BALANCE SHEET COMPONENTS | ||||||||
Property, Plant and Equipment, Net | ||||||||
Property, plant and equipment, net, as of February 1, 2014 and February 2, 2013 consists of the following: | ||||||||
February 1, | February 2, | |||||||
(in millions) | 2014 | 2013 | ||||||
Land | $ | 65.2 | $ | 51.4 | ||||
Buildings | 319.8 | 223.9 | ||||||
Leasehold improvements | 960.7 | 876.2 | ||||||
Furniture, fixtures and equipment | 1,307.00 | 1,174.50 | ||||||
Construction in progress | 57.4 | 107.9 | ||||||
Total property, plant and equipment | 2,710.10 | 2,433.90 | ||||||
Less: accumulated depreciation | 1,616.10 | 1,473.20 | ||||||
Total property, plant and equipment, net | $ | 1,094.00 | $ | 960.7 | ||||
Depreciation expense was $190.7 million, $175.4 million and $164.2 million for the years ended February 1, 2014, February 2, 2013, and January 28, 2012, respectively. | ||||||||
Other Current Liabilities | ||||||||
Other current liabilities as of February 1, 2014 and February 2, 2013 consist of accrued expenses for the following: | ||||||||
February 1, | February 2, | |||||||
(in millions) | 2014 | 2013 | ||||||
Compensation and benefits | $ | 95.3 | $ | 99.1 | ||||
Taxes (other than income taxes) | 26.4 | 31.8 | ||||||
Insurance | 34.1 | 33 | ||||||
Other | 76.5 | 71.9 | ||||||
Total other current liabilities | $ | 232.3 | $ | 235.8 | ||||
Other Long-Term Liabilities | ||||||||
Other long-term liabilities as of February 1, 2014 and February 2, 2013 consist of the following: | ||||||||
February 1, | February 2, | |||||||
(in millions) | 2014 | 2013 | ||||||
Deferred rent | $ | 86.3 | $ | 83 | ||||
Insurance | 54.7 | 51.3 | ||||||
Other | 11.4 | 11.6 | ||||||
Total other long-term liabilities | $ | 152.4 | $ | 145.9 | ||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ||||||||||||
Total income taxes were allocated as follows: | ||||||||||||
Year Ended | ||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||
(in millions) | ||||||||||||
Income from continuing operations | $ | 357.6 | $ | 359.6 | $ | 291.2 | ||||||
Accumulated other comprehensive loss | ||||||||||||
marking derivative financial instruments | ||||||||||||
to fair value | — | — | (0.1 | ) | ||||||||
Shareholders' equity, tax benefit on | ||||||||||||
exercises/vesting of equity-based | ||||||||||||
compensation | (9.8 | ) | (21.3 | ) | (13.8 | ) | ||||||
$ | 347.8 | $ | 338.3 | $ | 277.3 | |||||||
The provision for income taxes consists of the following: | ||||||||||||
Year Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Federal - current | $ | 304.6 | $ | 324.5 | $ | 240.4 | ||||||
State - current | 45.9 | 42.4 | 39.4 | |||||||||
Foreign - current | 0.4 | 0.5 | 0.3 | |||||||||
Total current | 350.9 | 367.4 | 280.1 | |||||||||
Federal - deferred | 10.5 | 0.3 | 14.9 | |||||||||
State - deferred | 0.9 | (3.5 | ) | 0.1 | ||||||||
Foreign - deferred | (4.7 | ) | (4.6 | ) | (3.9 | ) | ||||||
Total deferred | $ | 6.7 | $ | (7.8 | ) | $ | 11.1 | |||||
Included in current tax expense for the years ended February 1, 2014, February 2, 2013 and January 28, 2012, are amounts related to uncertain tax positions associated with temporary differences, in accordance with ASC 740. | ||||||||||||
A reconciliation of the statutory federal income tax rate and the effective rate follows: | ||||||||||||
Year Ended | ||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Effect of: | ||||||||||||
State and local income taxes, | ||||||||||||
net of federal income tax benefit | 3.3 | 3 | 3.4 | |||||||||
Other, net | (0.8 | ) | (1.3 | ) | (1.0 | ) | ||||||
Effective tax rate | 37.5 | % | 36.7 | % | 37.4 | % | ||||||
The rate reduction in “other, net” consists primarily of benefits from the resolution of tax uncertainties, interest on tax reserves, federal jobs credits, foreign taxes and tax-exempt interest offset by certain nondeductible expenses. | ||||||||||||
United States income taxes have not been provided on accumulated but undistributed earnings of its foreign subsidiaries as the company intends to permanently reinvest earnings. | ||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are classified on the accompanying consolidated balance sheets based on the classification of the underlying asset or liability. Significant components of the Company's net deferred tax assets (liabilities) follow: | ||||||||||||
February 1, | February 2, | |||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Deferred tax assets: | ||||||||||||
Deferred rent | $ | 38.2 | $ | 35.6 | ||||||||
Accrued expenses | 34.2 | 32.6 | ||||||||||
Net operating losses and credit carryforwards | 19.3 | 14.4 | ||||||||||
Accrued compensation expense | 29.5 | 28.2 | ||||||||||
Other | 0.6 | 0.8 | ||||||||||
Total deferred tax assets | 121.8 | 111.6 | ||||||||||
Valuation allowance | (6.0 | ) | (4.3 | ) | ||||||||
Deferred tax assets, net | 115.8 | 107.3 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (46.6 | ) | (32.8 | ) | ||||||||
Goodwill | (16.9 | ) | (15.9 | ) | ||||||||
Prepaid expenses | (3.7 | ) | (4.0 | ) | ||||||||
Inventory | (5.6 | ) | (3.8 | ) | ||||||||
Total deferred tax liabilities | (72.8 | ) | (56.5 | ) | ||||||||
Net deferred tax asset | $ | 43 | $ | 50.8 | ||||||||
A valuation allowance of $6.0 million, net of federal tax benefits, has been provided principally for certain state credit carryforwards and net operating loss carryforwards. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred taxes will not be realized. Based upon the availability of carrybacks of future deductible amounts to the past two years’ taxable income and the Company's projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company believes it is more likely than not the remaining existing deductible temporary differences will reverse during periods in which carrybacks are available or in which the Company generates net taxable income. | ||||||||||||
The company is participating in the Internal Revenue Service (“IRS”) Compliance Assurance Program (“CAP”) for the 2013 fiscal year and has applied to participate for fiscal year 2014. This program accelerates the examination of key transactions with the goal of resolving any issues before the tax return is filed. Our federal tax returns have been examined and all issues have been settled through our fiscal 2012 tax year. In addition, several states completed their examination during fiscal 2013. In general, fiscal years 2010 and forward are within the statute of limitations for state tax purposes. The statute of limitations is still open prior to 2010 for some states. | ||||||||||||
The balance for unrecognized tax benefits at February 1, 2014, was $5.5 million. The total amount of unrecognized tax benefits at February 1, 2014, that, if recognized, would affect the effective tax rate was $3.6 million (net of the federal tax benefit). The following is a reconciliation of the Company’s total gross unrecognized tax benefits for the year ended February 1, 2014: | ||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||
Beginning Balance | $ | 5.6 | $ | 15.5 | ||||||||
Additions, based on tax positions related to current year | 0.2 | 2.5 | ||||||||||
Additions for tax positions of prior years | 0.8 | 2.1 | ||||||||||
Reductions for tax positions of prior years | (0.2 | ) | (3.1 | ) | ||||||||
Settlements | (0.3 | ) | (1.9 | ) | ||||||||
Lapses in statutes of limitation | (0.6 | ) | (9.5 | ) | ||||||||
Ending balance | $ | 5.5 | $ | 5.6 | ||||||||
During fiscal 2013, the Company accrued potential interest of $0.3 million, related to these unrecognized tax benefits. As of February 1, 2014, the Company has recorded a liability for potential interest of $0.5 million. | ||||||||||||
It is possible that state tax reserves will be reduced for audit settlements and statute expirations within the next 12 months. At this point it is not possible to estimate a range associated with the resolution of these audits. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
COMMITMENTS AND CONTINGENCIES [Text Block] | ' | |||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||
Operating Lease Commitments | ||||||||||||
Future minimum lease payments under noncancelable store and distribution center operating leases are as follows: | ||||||||||||
(in millions) | ||||||||||||
2014 | $ | 516.4 | ||||||||||
2015 | 476.4 | |||||||||||
2016 | 394.2 | |||||||||||
2017 | 329.6 | |||||||||||
2018 | 206.3 | |||||||||||
Thereafter | 403.4 | |||||||||||
Total minimum lease payments | $ | 2,326.30 | ||||||||||
The above future minimum lease payments include amounts for leases that were signed prior to February 1, 2014 for stores that were not open as of February 1, 2014. | ||||||||||||
Minimum rental payments for operating leases do not include contingent rentals that may be paid under certain store leases based on a percentage of sales in excess of stipulated amounts. Future minimum lease payments have not been reduced by expected future minimum sublease rentals of $0.6 million under operating leases. | ||||||||||||
Minimum and Contingent Rentals | ||||||||||||
Rental expense for store and distribution center operating leases (including payments to related parties) included in the accompanying consolidated statements of operations are as follows: | ||||||||||||
Year Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Minimum rentals | $ | 496.4 | $ | 455.5 | $ | 421.8 | ||||||
Contingent rentals | 1.8 | 2 | 1.8 | |||||||||
Technology Assets | ||||||||||||
The Company has commitments totaling approximately $2.4 million to purchase primarily store technology assets for its stores during 2014. | ||||||||||||
Telecommunication Contracts | ||||||||||||
The Company has contracted for telecommunication services with agreements expiring in 2017. The total amount of these commitments is approximately $19.3 million. | ||||||||||||
Letters of Credit | ||||||||||||
The Company is a party to three Letter of Credit Reimbursement and Security Agreements providing $130.0 million, $100.0 million, and $20.0 million, respectively for letters of credit. Letters of credit under these agreements are generally issued for the routine purchase of imported merchandise and approximately $144.1 million was committed to these letters of credit at February 1, 2014. As discussed in Note 5, the Company also has $150.0 million of available letters of credit included in the $750.0 million Unsecured Credit Agreement; however, as of February 1, 2014, there were no letters of credit committed under this agreement. | ||||||||||||
The Company also has approximately $12.9 million in stand-by letters of credit that serve as collateral for its large-deductible insurance programs and expire in fiscal 2014. The Company's Demand Revenue Bonds are also supported by a $13.0 million letter of credit that is renewable annually. | ||||||||||||
Surety Bonds | ||||||||||||
The Company has issued various surety bonds that primarily serve as collateral for utility payments at the Company’s stores. These bonds total approximately $3.8 million and are committed through various dates through fiscal 2015. | ||||||||||||
Contingencies | ||||||||||||
A collective action was filed against the Company in federal court in Alabama claiming that store managers should have been classified as non-exempt employees under the federal Fair Labor Standards Act (FLSA). The Court granted the Company's motion to decertify in 2012. The individual claims of the four named plaintiffs proceeded to trial and on March 1, 2013, the jury returned verdicts in all four cases in favor of the Company. Other plaintiffs filed individual suits in various federal courts throughout the country. All of these cases have been resolved for immaterial amounts. | ||||||||||||
A putative class action was filed in federal court in California alleging, among other things, a failure by the Company to provide uninterrupted meal periods, to compensate for all hours worked, and to pay overtime compensation for assistant store managers. This case has been resolved for an immaterial amount. | ||||||||||||
Winn-Dixie Stores instituted suit in federal court in Florida alleging that the Company sold products in 48 stores in violation of a lease exclusive. In August 2012, the Court denied Winn-Dixie's claim for damages and granted Winn-Dixie’s request for injunctive relief with respect to just one store. Winn-Dixie appealed to the U.S. Court of Appeals for the 11th Circuit, which recently affirmed that Winn-Dixie is not entitled to damages. However, it also held that Winn-Dixie's restriction for the Company's 21 Florida stores required the Company to restrict its sales of food and "many household supplies" such as "soap, matches and paper napkins" to 500 square feet of floor space plus a portion of the surrounding aisle. The 11th circuit remanded the case to the lower court for a new trial to determine the definition of "many household supplies" and how much aisle space should be included. As many as eleven to seventeen additional Florida leases could be impacted. The Company has previously restricted its sale of food only to 500 square feet not including the aisle. | ||||||||||||
A supermarket filed a lease exclusive case and a companion unfair competition case against the Company in a Pennsylvania state court. Discovery has closed in the first of these actions, and trial will occur in 2014. The related unfair competition case is in its early stages and no discovery has commenced. | ||||||||||||
A supermarket filed a lease exclusive case against the Company in Pennsylvania state court. After a trial on liability issues only, a jury determined that the Company violated the supermarket's lease exclusive. The Company plans to appeal and strongly disagrees with this verdict. A trial on damages will be held in 2014. Plaintiff's experts assert that plaintiff's damages are approximately $6.2 million. Defendant's experts contend there were no damages suffered as a result of the Company’s alleged conduct and that any damages sought cannot be reasonably proved. | ||||||||||||
In 2011, a collective action was filed against the Company by an assistant store manager and an hourly associate, alleging they were forced to work off the clock in violation of the FLSA and state law. A federal judge in Virginia ruled that all claims made on behalf of assistant store managers under both the FLSA and state law should be dismissed. The court, however, conditionally certified an opt-in collective action under the FLSA on behalf of all hourly sales associates who worked for the Company from October 2, 2009 to the present. Less than 4,300 plaintiffs remain in the case. In March 2014, the court denied the Company's motion to decertify the collective action and the case is now continuing. | ||||||||||||
Four other FLSA putative collective action lawsuits were filed against the Company in federal courts in Georgia, Colorado, Florida and Michigan alleging essentially the same claims on behalf of assistant store managers. A collective action was conditionally certified in one case in federal court in Colorado, and about 2,000 plaintiffs opted in, but the Court decertified the case in August 2013. These cases have been resolved, pending final court approval, for immaterial amounts. | ||||||||||||
A former non-exempt hourly associate who alleged his primary duty was to work a cash register, on behalf of himself and those similarly situated, filed a Complaint under California's Labor Code and Private Attorney General Act (PAGA) in a California state court alleging the Company failed to provide suitable seating at its cash registers as allegedly required by state law. The Company settled the matter in 2013 for an immaterial amount. | ||||||||||||
In 2012, a former assistant store manager, on behalf of himself and those alleged to be similarly situated, filed a putative class action in a California state court, alleging the Company failed to provide rest breaks to assistant store managers. The alleged time period is July 13, 2008 to the present. Discovery is ongoing. A hearing on class certification will be held in 2014. | ||||||||||||
In 2012, two former store managers, under California's Labor Code and Private Attorney General Act (PAGA), instituted suit now pending in the federal court in California on behalf of themselves and others alleged to be similarly aggrieved in the state of California, alleging they were misclassified by the Company as exempt employees. The Company settled with one plaintiff for an immaterial amount. The Company prevailed at trial in November 2013 with the other plaintiff and is awaiting a final order and a possible appeal by the plaintiff. | ||||||||||||
In 2013, a former assistant store manager on behalf of himself and others alleged to be similarly aggrieved filed a representative PAGA claim under California law currently pending in federal court in California. The suit alleges that the Company failed to provide uninterrupted meal periods and rest breaks; failed to pay minimum, regular and overtime wages; failed to maintain accurate time records and wage statements; and failed to pay wages due upon termination of employment. Discovery has not commenced and no trial date has been set. | ||||||||||||
In September 2013, district attorneys in California initiated an investigation of whether the Company properly disposed of certain damaged retail products under Federal and California state environmental law, primarily the Resource Conservation and Recovery Act. This matter is in early stages of investigation. | ||||||||||||
The Company will vigorously defend itself in these matters. The Company does not believe that any of these matters will, individually or in the aggregate, have a material effect on its business or financial condition. The Company cannot give assurance, however, that one or more of these lawsuits will not have a material effect on its results of operations for the period in which they are resolved. Based on the information available to the Company, including the amount of time remaining before trial, the results of discovery and the judgment of internal and external counsel, the Company is unable to express an opinion as to the outcome of those matters which are not settled and cannot estimate a potential range of loss except as specified above. When a range is expressed above, the Company is currently unable to determine the probability of loss within that range. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
LONG-TERM DEBT [Text Block] | ' | |||||||
NOTE 5 - LONG-TERM DEBT | ||||||||
Long-term debt at February 1, 2014 and February 2, 2013 consists of the following: | ||||||||
February 1, | February 2, | |||||||
(in millions) | 2014 | 2013 | ||||||
$750.0 million Senior Notes, | $ | 750 | $ | — | ||||
fixed rate interest payable semi-annually, January 15 and July 15 | ||||||||
$750.0 million Unsecured Credit Agreement, | ||||||||
interest payable monthly at LIBOR, | ||||||||
plus 0.90%, which was 1.06% at | ||||||||
February 1, 2014, amounts outstanding payable upon | ||||||||
expiration of the facility in February 2017 | — | 250 | ||||||
Demand Revenue Bonds, interest payable monthly | ||||||||
at a variable rate which was 0.19% at | ||||||||
February 1, 2014, principal payable on | ||||||||
demand, maturing June 2018 | 12.8 | 14.3 | ||||||
$7.0 million Forgivable Promissory Note, interest payable | ||||||||
beginning in November 2017 at a rate of 1%, | ||||||||
principal payable beginning November 2017 | 7 | 7 | ||||||
Total long-term debt | $ | 769.8 | $ | 271.3 | ||||
Less current portion | 12.8 | 14.3 | ||||||
Long-term debt, excluding current portion | $ | 757 | $ | 257 | ||||
Maturities of long-term debt are as follows: 2014 - $12.8 million, 2017 - $0.2 million, 2018 - $1.4 million and after 2018 - $755.4 million | ||||||||
Senior Notes | ||||||||
The Company entered into a Note Purchase Agreement on September 16, 2013 with institutional accredited investors in which the Company issued and sold $750.0 million of Senior Notes (the "Notes") in an offering exempt from the registration requirements of the Securities Act of 1933. The Notes consist of three tranches: $300.0 million of 4.03% Senior Notes due September 16, 2020; $350.0 million of 4.63% Senior Notes due September 16, 2023; and $100.0 million of 4.78% Senior Notes due September 16, 2025. Interest on the Notes is payable semi-annually on January 15 and July 15 of each year, beginning January 15, 2014. The Notes are unsecured and rank pari passu in right of repayment with the Company's other senior unsecured indebtedness. The Company may prepay some or all of the Notes at any time in an amount not less than 5% of the original aggregate principal amount of the Notes to be prepaid, at a price equal to the sum of (a) 100% of the principal amount thereof, plus accrued and unpaid interest, and (b) the applicable make-whole amount. In the event of a change in control (as defined in the Note Purchase Agreement), the Company may be required to prepay the Notes. The Note Purchase Agreement contains customary affirmative and restrictive covenants. The Company used the net proceeds of the Notes to finance share repurchases. | ||||||||
Unsecured Credit Agreement | ||||||||
In 2012, the Company entered into an Unsecured Credit Agreement (the Agreement) which provides for a $750.0 million revolving line of credit, including up to $150.0 million in available letters of credit. The interest rate on the facility is based, at the Company’s option, on a LIBOR rate, plus a margin, or an alternate base rate, plus a margin. The revolving line of credit also bears a facilities fee, calculated as a percentage, as defined, of the amount available under the line of credit, payable quarterly. The Agreement, among other things, requires the maintenance of certain specified financial ratios, restricts the payment of certain distributions and prohibits the incurrence of certain new indebtedness. As of February 1, 2014 no amount was outstanding under the $750.0 million revolving line of credit. | ||||||||
On September 16, 2013, the Company amended the Agreement to enable the issuance of the Notes. | ||||||||
Demand Revenue Bonds | ||||||||
In 1998, the Company entered into an unsecured Loan Agreement with the Mississippi Business Finance Corporation (MBFC) under which the MBFC issued Taxable Variable Rate Demand Revenue Bonds (the Bonds) in an aggregate principal amount of $19.0 million to finance the acquisition, construction, and installation of land, buildings, machinery and equipment for the Company's distribution facility in Olive Branch, Mississippi. The Bonds do not contain a prepayment penalty as long as the interest rate remains variable. The Bonds contain a demand provision and, therefore, are classified as current liabilities. | ||||||||
On March 3, 2014, the Company repaid the $12.8 million outstanding under the Demand Revenue Bonds and the debt was retired. | ||||||||
Forgivable Promissory Note | ||||||||
In 2012, the Company entered into a promissory note with the state of Connecticut under which the state loaned the Company $7.0 million in connection with the Company's acquisition, construction and installation of land, building, machinery and equipment for the Company's distribution facility in Windsor, Connecticut. If certain performance targets are met, the loan and any accrued interest will be forgiven in fiscal 2017. If the performance targets are not met, the loan and accrued interest must be repaid over a five-year period beginning in fiscal 2017. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Feb. 01, 2014 | |
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract] | ' |
DERIVATIVE FINANCIAL INSTRUMENTS | ' |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Hedging Derivatives | |
In order to manage fluctuations in cash flows resulting from changes in diesel fuel costs, the Company entered into fuel derivative contracts with third parties. The Company hedged 2.8 million, 4.8 million and 3.5 million gallons of diesel fuel in 2013, 2012 and 2011, respectively. These hedges represented approximately 20%, 35% and 31% of the total domestic truckload fuel needs in 2013, 2012 and 2011, respectively. Under these contracts, the Company pays the third party a fixed price for diesel fuel and receives variable diesel fuel prices at amounts approximating current diesel fuel costs, thereby creating the economic equivalent of a fixed-rate obligation. These derivative contracts do not qualify for hedge accounting and therefore all changes in fair value for these derivatives are included under "Other (income) expense, net" on the accompanying consolidated statements of operations. The Company did not have any active fuel derivative contracts as of February 1, 2014. | |
In 2008, the Company entered into two $75.0 million interest rate swap agreements. These interest rate swaps were used to manage the risk associated with interest rate fluctuations on a portion of the Company’s variable rate debt. Under these agreements, the Company paid interest to financial institutions at a fixed rate of 2.8%. In exchange, the financial institutions paid the Company at a variable rate, which equals the variable rate on the debt, excluding the credit spread. These swaps qualified for hedge accounting treatment and expired in March 2011. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
SHAREHOLDERS' EQUITY | ' | ||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||
Preferred Stock | |||||||||||||
The Company is authorized to issue 10,000,000 shares of Preferred Stock, $0.01 par value per share. No preferred shares are issued and outstanding at February 1, 2014 and February 2, 2013. | |||||||||||||
Net Income Per Share | |||||||||||||
The following table sets forth the calculation of basic and diluted net income per share: | |||||||||||||
Year Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
(in millions, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Basic net income per share: | |||||||||||||
Net income | $ | 596.7 | $ | 619.3 | $ | 488.3 | |||||||
Weighted average number of shares | |||||||||||||
outstanding | 218.1 | 229.3 | 240.6 | ||||||||||
Basic net income per share | $ | 2.74 | $ | 2.7 | $ | 2.03 | |||||||
Diluted net income per share: | |||||||||||||
Net income | $ | 596.7 | $ | 619.3 | $ | 488.3 | |||||||
Weighted average number of shares | |||||||||||||
outstanding | 218.1 | 229.3 | 240.6 | ||||||||||
Dilutive effect of stock options and | |||||||||||||
restricted stock (as determined by | |||||||||||||
applying the treasury stock method) | 1 | 1.4 | 1.8 | ||||||||||
Weighted average number of shares and | |||||||||||||
dilutive potential shares outstanding | 219.1 | 230.7 | 242.4 | ||||||||||
Diluted net income per share | $ | 2.72 | $ | 2.68 | $ | 2.01 | |||||||
At February 1, 2014, February 2, 2013 and January 28, 2012, substantially all of the stock options outstanding were included in the calculation of the weighted average number of shares and dilutive potential shares outstanding. | |||||||||||||
Share Repurchase Programs | |||||||||||||
The Company repurchases shares on the open market and under Accelerated Share Repurchase agreements. | |||||||||||||
On September 17, 2013, the Company entered into two $500.0 million variable maturity accelerated share repurchase agreements to repurchase $1.0 billion of the Company’s common shares in the aggregate. One agreement is collared and the other is uncollared. | |||||||||||||
The number of shares to be received by the Company under the collared agreement is determined based on the weighted average market price of the Company’s common stock, less a discount, during a calculation period ending on or before June 2014, subject to a minimum and maximum number of shares. Under this agreement, the Company received 7.8 million shares during the year ended February 1, 2014. This represents the minimum number of shares to be received based on a calculation using the "cap" or high-end of the price range of the "collar". | |||||||||||||
The number of shares to be received by the Company under the uncollared agreement is determined based on the weighted average market price of the Company's common stock, less a discount, during a calculation period ending on or before June 2014. The Company received an initial delivery of 7.2 million shares during the year ended February 1, 2014. If the actual number of shares to be repurchased under the agreement exceeds the number of shares initially delivered, the Company will receive the excess shares at the end of the calculation period. If the number of shares initially delivered exceeds the actual number of shares to be repurchased, the Company will pay or deliver an amount equal to that excess in either cash or shares at the Company's election. On February 14, 2014 the uncollared agreement concluded and the Company received an additional 1.9 million shares resulting in a total of 9.1 million shares repurchased under this agreement. | |||||||||||||
On November 21, 2011, the Company entered into an agreement to repurchase $300.0 million of the Company’s common shares under a “collared” Accelerated Share Repurchase Agreement (ASR). Under this agreement, the Company initially received 6.8 million shares through December 13, 2011, representing the minimum number of shares to be received based on a calculation using the “cap” or high-end of the price range of the “collar.” The ASR concluded on March 28, 2012 and the Company received an additional 0.5 million shares under the "collared" agreement resulting in 7.3 million total shares being repurchased under this ASR. The number of shares is determined based on the weighted average market price of the Company's common stock, less a discount, during a specified period of time. | |||||||||||||
On August 24, 2011, the Company entered into an agreement to repurchase $200.0 million of the Company’s common shares under a “collared” ASR. Under this agreement, the Company initially received 5.1 million shares through September 2, 2011, representing the minimum number of shares to be received based on a calculation using the “cap” or high-end of the price range of the “collar.” The ASR concluded on November 15, 2011 and the Company received an additional 0.3 million shares under the “collared” agreement resulting in 5.4 million total shares being repurchased under this ASR. The number of shares is determined based on the weighted average market price of the Company’s common stock, less a discount, during a specified period of time. | |||||||||||||
On the open market, the Company repurchased 2.4 million shares for $112.1 million in fiscal 2013. The Company repurchased 7.7 million shares for $340.2 million in fiscal 2012. The Company repurchased 5.3 million shares for $145.9 million in fiscal 2011. At February 1, 2014, the Company had $1.0 billion remaining under Board repurchase authorization. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||
Feb. 01, 2014 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||
EMPLOYEE BENEFIT PLANS | ' | ||
EMPLOYEE BENEFIT PLANS | |||
Profit Sharing and 401(k) Retirement Plan | |||
The Company maintains a defined contribution profit sharing and 401(k) plan which is available to all employees over 21 years of age who have completed one year of service in which they have worked at least 1,000 hours. Eligible employees may make elective salary deferrals. The Company may make contributions at its discretion. | |||
Contributions to and reimbursements by the Company of expenses of the plan included in the accompanying consolidated statements of operations were as follows: | |||
Year ended February 1, 2014 | $35.8 million | ||
Year ended February 2, 2013 | $40.7 million | ||
Year Ended January 28, 2012 | $37.9 million | ||
Eligible employees vest in the Company’s profit sharing contributions based on the following schedule: | |||
Ÿ | 20% after two years of service | ||
Ÿ | 40% after three years of service | ||
Ÿ | 60% after four years of service | ||
Ÿ | 100% after five years of service | ||
All eligible employees are immediately vested in any Company match contributions under the 401(k) portion of the plan. | |||
Deferred Compensation Plan | |||
The Company has a deferred compensation plan which provides certain officers and executives the ability to defer a portion of their base compensation and bonuses and invest their deferred amounts. The plan is a nonqualified plan and the Company may make discretionary contributions. The deferred amounts and earnings thereon are payable to participants, or designated beneficiaries, at specified future dates, or upon retirement or death. Total cumulative participant deferrals were approximately $5.1 million and $4.2 million, respectively, at February 1, 2014 and February 2, 2013, and are included in "other liabilities" on the accompanying consolidated balance sheets. The related assets are included in "other assets, net" on the accompanying consolidated balance sheets. The Company did not make any discretionary contributions in the years ended February 1, 2014, February 2, 2013, or January 28, 2012. |
STOCKBASED_COMPENSATION_PLAN
STOCK-BASED COMPENSATION PLAN | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
STOCK-BASED COMPENSATION PLAN [Abstract] | ' | ||||||||||||||||
STOCK-BASED COMPENSATION PLAN | ' | ||||||||||||||||
STOCK-BASED COMPENSATION PLANS | |||||||||||||||||
At February 1, 2014, the Company has seven stock-based compensation plans. Each plan and the accounting method are described below. | |||||||||||||||||
Fixed Stock Option Compensation Plans | |||||||||||||||||
Under the Equity Incentive Plan (EIP), the Company granted up to 18.0 million shares of its Common Stock, plus any shares available for future awards under the 1995 Stock Incentive Plan, to the Company’s employees, including executive officers and independent contractors. The EIP permitted the Company to grant equity awards in the form of stock options, stock appreciation rights and restricted stock. The exercise price of each stock option granted equaled the market price of the Company’s stock at the date of grant. The options generally vest over a three -year period and have a maximum term of 10 years. This plan was terminated on June 16, 2011 and replaced with the Company’s Omnibus Incentive Plan (Omnibus Plan). | |||||||||||||||||
The Executive Officer Equity Incentive Plan (EOEP) was available only to the Chief Executive Officer and certain other executive officers. These officers no longer received awards under the EIP. The EOEP allowed the Company to grant the same type of equity awards as the EIP. These awards generally vest over a three-year period, with a maximum term of 10 years for stock options. This plan was terminated on June 16, 2011 and replaced with the Omnibus Plan. | |||||||||||||||||
Stock appreciation rights may be awarded alone or in tandem with stock options. When the stock appreciation rights are exercisable, the holder may surrender all or a portion of the unexercised stock appreciation right and receive in exchange an amount equal to the excess of the fair market value at the date of exercise over the fair market value at the date of the grant. No stock appreciation rights have been granted to date. | |||||||||||||||||
Any restricted stock or RSUs awarded are subject to certain general restrictions. The restricted stock shares or units may not be sold, transferred, pledged or disposed of until the restrictions on the shares or units have lapsed or have been removed under the provisions of the plan. In addition, if a holder of restricted shares or units ceases to be employed by the Company, any shares or units in which the restrictions have not lapsed will be forfeited. | |||||||||||||||||
The 2003 Non-Employee Director Stock Option Plan (NEDP) provided non-qualified stock options to non-employee members of the Company's Board of Directors. The stock options were functionally equivalent to the options issued under the EIP discussed above. The exercise price of each stock option granted equaled the closing market price of the Company’s stock on the date of grant. The options generally vested immediately. This plan was terminated on June 16, 2011 and replaced with the Omnibus Plan. | |||||||||||||||||
The 2003 Director Deferred Compensation Plan permits any of the Company's directors who receive a retainer or other fees for Board or Board committee service to defer all or a portion of such fees until a future date, at which time they may be paid in cash or shares of the Company's common stock, or receive all or a portion of such fees in non-statutory stock options. Deferred fees that are paid out in cash will earn interest at the 30-year Treasury Bond Rate. If a director elects to be paid in common stock, the number of shares will be determined by dividing the deferred fee amount by the closing market price of a share of the Company's common stock on the date of deferral. The number of options issued to a director will equal the deferred fee amount divided by 33% of the price of a share of the Company's common stock. The exercise price will equal the fair market value of the Company's common stock at the date the option is issued. The options are fully vested when issued and have a term of 10 years. | |||||||||||||||||
Under the Omnibus Plan, the Company may grant up to 4.0 million shares of its Common Stock, plus any shares available for future awards under the EIP, EOEP, or NEDP plans, to the Company’s employees, including executive officers and independent contractors. The Omnibus Plan permits the Company to grant equity awards in the form of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance bonuses, performance units, non-employee director stock options and other equity-related awards. These awards generally vest over a three-year period with a maximum term of 10 years. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
The Company granted 0.5 million, 0.5 million and 0.7 million service-based RSUs, net of forfeitures in 2013, 2012 and 2011, respectively, from the Omnibus Plan, EIP and the EOEP to the Company’s employees and officers. The fair value of all of these RSUs is being expensed ratably over the three-year vesting periods, or a shorter period based on the retirement eligibility of the grantee. The fair value was determined using the Company’s closing stock price on the date of grant. The Company recognized $21.1 million, $21.9 million and $19.2 million of expense related to these RSUs during 2013, 2012 and 2011, respectively. As of February 1, 2014, there was approximately $21.4 million of total unrecognized compensation expense related to these RSUs which is expected to be recognized over a weighted-average period of 21 months. | |||||||||||||||||
In 2013, the Company granted 0.2 million RSUs from the Omnibus Plan to certain officers of the Company, contingent on the Company meeting certain performance targets in 2013 and future service of these officers through March 2016. The Company met these performance targets in fiscal 2013; therefore, the fair value of these RSUs of $9.9 million is being expensed over the service period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $6.5 million of expense related to these RSUs in 2013. The fair value of these RSUs was determined using the Company’s closing stock price on the grant date. | |||||||||||||||||
In 2012, the Company granted 0.2 million RSUs from the Omnibus Plan to certain officers of the Company, contingent on the Company meeting certain performance targets in 2012 and future service of these officers through March 2015. The Company met these performance targets in fiscal 2012; therefore, the fair value of these RSUs of $8.1 million is being expensed over the service period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $1.1 million and $5.7 million of expense related to these RSUs in 2013 and 2012, respectively. The fair value of these RSUs was determined using the Company’s closing stock price on the grant date. | |||||||||||||||||
In 2011, the Company granted 0.3 million RSUs from the EIP and the EOEP to certain officers of the Company, contingent on the Company meeting certain performance targets in 2011 and future service of these officers through March 2014. The Company met these performance targets in fiscal 2011; therefore, the fair value of these RSUs of $7.3 million is being expensed over the service period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $0.8 million, $0.9 million and $5.4 million of expense related to these RSUs in 2013, 2012 and 2011, respectively. The fair value of these RSUs was determined using the Company’s closing stock price on the grant date. | |||||||||||||||||
In 2013, the Company granted RSUs with an estimated value of $1.7 million from the Omnibus Plan to certain officers of the Company. Each officer has the opportunity to earn an amount between zero percent (0%) and two hundred percent (200%) of the individual target award contingent on the Company meeting certain performance targets for the period beginning on February 3, 2013 and ending on January 30, 2016. Providing the vesting conditions are satisfied, the awards will vest at the end of the performance period. The estimated value is being expensed over the performance period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $1.0 million of expense related to these RSUs in 2013. The estimated value of these RSUs was determined using the Company's closing stock price on the grant date. | |||||||||||||||||
In 2012, the Company granted RSUs with an estimated value of $1.7 million from the Omnibus Plan to certain officers of the Company. Each officer has the opportunity to earn an amount between zero percent (0%) and two hundred percent (200%) of the individual target award contingent on the Company meeting certain performance targets for the period beginning on January 29, 2012 and ending on January 31, 2015. Providing the vesting conditions are satisfied, the awards will vest at the end of the performance period. The estimated value is being expensed over the performance period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $0.2 million and $1.0 million of expense related to these RSUs in 2013 and 2012. The estimated value of these RSUs was determined using the Company's closing stock price on the grant date. | |||||||||||||||||
In 2011, the Company granted RSUs with an estimated value of $0.7 million from the Omnibus Plan to certain officers of the Company. Each officer has the opportunity to earn an amount between zero percent (0%) and two hundred percent (200%) of the individual target award contingent on the Company meeting certain performance targets for the period beginning on January 30, 2011 and ending on February 1, 2014. The estimated value is being expensed over the performance period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $0.1 million, $0.2 million and $0.4 million of expense related on these RSUs in 2013, 2012 and 2011, respectively. The estimated value of these RSUs was determined using the Company’s closing stock price on the grant date. | |||||||||||||||||
In 2012, the Company granted 0.2 million RSUs with a fair value of $10.0 million from the Omnibus Plan to the Chief Executive Officer of the Company, contingent on the Company meeting certain performance targets for the period beginning July 29, 2012 and ending on August 3, 2013 and the grantee completing a five-year service requirement. The fair value of these RSUs is being expensed ratably over the five-year vesting period. The Company recognized $2.0 million and $1.3 million of expense related to these RSUs in 2013 and 2012. The fair value of these RSUs was determined using the Company's closing stock price on the grant date. | |||||||||||||||||
The following table summarizes the status of RSUs as of February 1, 2014, and changes during the year then ended: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Nonvested at February 2, 2013 | 2,054,173 | $ | 35.37 | ||||||||||||||
Granted | 781,883 | 47.24 | |||||||||||||||
Vested | (1,026,993 | ) | 28.87 | ||||||||||||||
Forfeited | (85,429 | ) | 41.63 | ||||||||||||||
Nonvested at February 1, 2014 | 1,723,634 | $ | 41.64 | ||||||||||||||
In connection with the vesting of RSUs in 2013, 2012 and 2011, certain employees elected to receive shares net of minimum statutory tax withholding amounts which totaled $18.6 million, $22.1 million and $13.2 million, respectively. The total fair value of the restricted shares vested during the years ended February 1, 2014, February 2, 2013 and January 28, 2012 was $29.7 million, $26.6 million and $20.9 million, respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
Stock options granted in 2013, 2012 and 2011 were to directors under the Director Deferred Compensation Plan, vest immediately and are expensed on the grant date. | |||||||||||||||||
The following tables summarize the Company's various option plans and information about options outstanding at February 1, 2014 and changes during the year then ended. | |||||||||||||||||
Stock Option Activity | |||||||||||||||||
February 1, 2014 | |||||||||||||||||
Weighted | |||||||||||||||||
Average | Weighted | Aggregate | |||||||||||||||
Per Share | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value (in | |||||||||||||||
Shares | Price | Term | millions) | ||||||||||||||
Outstanding, beginning of period | 718,255 | $ | 11.66 | ||||||||||||||
Granted | 12,228 | 53.59 | |||||||||||||||
Exercised | (138,673 | ) | 9.05 | ||||||||||||||
Forfeited | (22,992 | ) | 6.67 | ||||||||||||||
Outstanding, end of period | 568,818 | $ | 13.4 | 3.7 | $ | 21.2 | |||||||||||
Options vested and expected to vest | |||||||||||||||||
at February 1, 2014 | 568,818 | $ | 13.4 | 3.7 | $ | 21.2 | |||||||||||
Options exercisable at end of period | 568,818 | $ | 13.4 | 3.7 | $ | 21.2 | |||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Options | Options | ||||||||||||||||
Range of | Outstanding | Weighted Avg. | Weighted Avg. | Exercisable | Weighted Avg. | ||||||||||||
Exercise | at February 1, | Remaining | Exercise | at February 1, | Exercise | ||||||||||||
Prices | 2014 | Contractual Life | Price | 2014 | Price | ||||||||||||
$7.21 to $9.71 | 305,840 | 2.3 | $ | 8.92 | 305,840 | $ | 8.92 | ||||||||||
$9.72 to $14.52 | 192,214 | 4.6 | 13.07 | 192,214 | 13.07 | ||||||||||||
$14.53 to $19.93 | 15,516 | 5.9 | 17.21 | 15,516 | 17.21 | ||||||||||||
$19.94 to $28.36 | 21,132 | 6.8 | 25.09 | 21,132 | 25.09 | ||||||||||||
$28.37 to $58.45 | 34,116 | 8.6 | 46.41 | 34,116 | 46.41 | ||||||||||||
$7.21 to $58.45 | 568,818 | 3.7 | $ | 13.4 | 568,818 | $ | 13.4 | ||||||||||
The intrinsic value of options exercised during 2013, 2012 and 2011 was approximately $5.6 million, $21.8 million and $16.4 million, respectively. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
Under the Dollar Tree, Inc. Employee Stock Purchase Plan (ESPP), the Company is authorized to issue up to 5,278,125 shares of Common Stock to eligible employees. Under the terms of the ESPP, employees can choose to have up to 10% of their annual base earnings withheld to purchase the Company's common stock. The purchase price of the stock is 85% of the lower of the price at the beginning or the end of the quarterly offering period. Under the ESPP, the Company has sold 4,683,801 shares as of February 1, 2014. | |||||||||||||||||
The fair value of the employees' purchase rights is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||
Expected term | 3 months | 3 months | 3 months | ||||||||||||||
Expected volatility | 11.6 | % | 11.9 | % | 12.6 | % | |||||||||||
Annual dividend yield | — | % | — | % | — | % | |||||||||||
Risk free interest rate | — | % | 0.1 | % | 0.1 | % | |||||||||||
The weighted average per share fair value of purchase rights granted in 2013, 2012 and 2011 was $8.26, $6.97 and $5.22, respectively. Total expense recognized for these purchase rights was $1.0 million in 2013 and $0.9 million in 2012 and 2011. |
SALES_OF_INVESTMENT_Notes
SALES OF INVESTMENT (Notes) | 12 Months Ended |
Feb. 01, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Gain (Loss) on Investments [Table Text Block] | ' |
SALE OF INVESTMENT | |
On September 28, 2012, the Company sold its ownership interest in Ollie's Holdings, Inc., which it originally acquired in 2003. As a result of the sale, the Company recorded a pre-tax gain of $60.8 million in 2012 which is included in “Other (income) expense, net” on the accompanying consolidated statements of operations. The gain, net of tax, was $38.1 million and increased earnings per diluted share for 2012 by $0.16. |
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (Unaudited) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
QUARTERLY FINANCIAL INFORMATION [Abstract] | ' | ||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (Unaudited) | ' | ||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (Unaudited) | |||||||||||||||||
The following table sets forth certain items from the Company's unaudited consolidated statements of operations for each quarter of fiscal year 2013 and 2012. The unaudited information has been prepared on the same basis as the audited consolidated financial statements appearing elsewhere in this report and includes all adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair presentation of the financial data shown. The operating results for any quarter are not necessarily indicative of results for a full year or for any future period. | |||||||||||||||||
(dollars in millions, except diluted net income per share data) | First | Second | Third | Fourth | |||||||||||||
Quarter (1) | Quarter | Quarter | Quarter (2) | ||||||||||||||
Fiscal 2013: | |||||||||||||||||
Net sales | $ | 1,865.80 | $ | 1,854.90 | $ | 1,884.70 | $ | 2,234.90 | |||||||||
Gross profit | $ | 656 | $ | 648.7 | $ | 659.9 | $ | 825.2 | |||||||||
Operating income | $ | 216.6 | $ | 201.3 | $ | 204.3 | $ | 348.2 | |||||||||
Net income | $ | 133.5 | $ | 124.7 | $ | 125.4 | $ | 213 | |||||||||
Diluted net income per share | $ | 0.59 | $ | 0.56 | $ | 0.58 | $ | 1.02 | |||||||||
Stores open at end of quarter | 4,763 | 4,842 | 4,953 | 4,992 | |||||||||||||
Comparable store net sales change | 2.1 | % | 3.7 | % | 3.1 | % | 1.2 | % | |||||||||
Fiscal 2012: | |||||||||||||||||
Net sales | $ | 1,723.60 | $ | 1,704.60 | $ | 1,720.50 | $ | 2,245.80 | |||||||||
Gross profit | $ | 602.7 | $ | 599.6 | $ | 599.6 | $ | 850.7 | |||||||||
Operating income | $ | 188 | $ | 184.4 | $ | 184.2 | $ | 363.5 | |||||||||
Net income | $ | 116.1 | $ | 119.2 | $ | 155.4 | $ | 228.6 | |||||||||
Diluted net income per share | $ | 0.5 | $ | 0.51 | $ | 0.68 | $ | 1.01 | |||||||||
Stores open at end of quarter | 4,451 | 4,523 | 4,630 | 4,671 | |||||||||||||
Comparable store net sales change | 5.6 | % | 4.5 | % | 1.6 | % | 2.4 | % | |||||||||
(1) Easter was observed on March 31, 2013 and April 8, 2012 | |||||||||||||||||
(2) Fiscal 2013 contains 13 weeks ended February 1, 2014 while Fiscal 2012 contains 14 weeks ended February 2, 2013 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |
Feb. 01, 2014 | ||
Accounting Policies [Abstract] | ' | |
Description of Business | ' | |
Description of Business | ||
Dollar Tree, Inc. (the Company) is the leading operator of discount variety retail stores offering merchandise at the fixed price of $1.00 or less with 4,992 discount variety retail stores in the United States and Canada at February 1, 2014. Below are those accounting policies considered by the Company to be significant. | ||
Principles of Consolidation | ' | |
Principles of Consolidation | ||
The consolidated financial statements include the financial statements of Dollar Tree, Inc., and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
Foreign Currency | ' | |
Foreign Currency | ||
The functional currencies of the Company’s international subsidiaries are primarily the local currencies of the countries in which the subsidiaries are located. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on translation of assets and liabilities is included as a component of shareholders’ equity in accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions, which are included in non-operating income (expense), have not been significant. | ||
Stock Dividend | ' | |
Stock Dividend | ||
On May 29, 2012, the Company's Board of Directors approved a 2-for-1 stock split in the form of a 100% common stock dividend. New shares were distributed on June 26, 2012 to shareholders of record as of the close of business on June 12, 2012. | ||
Segment Information | ' | |
Segment Information | ||
The Company's retail stores represent a single operating segment based on the way the Company manages its business. Operating decisions are made at the Company level in order to maintain a consistent retail store presentation. The Company’s retail stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of customers. The amounts of long-lived assets and net sales outside of the U.S. were not significant for any of the periods presented. | ||
Fiscal Year | ' | |
Fiscal Year | ||
The Company's fiscal year ends on the Saturday closest to January 31. Any reference herein to "2013" or "Fiscal 2013," “2012” or “Fiscal 2012,” and “2011” or “Fiscal 2011,” relates to as of or for the years ended February 1, 2014, February 2, 2013, and January 28, 2012, respectively. Fiscal 2012 ended on February 2, 2013 and included 53 weeks, commensurate with the retail calendar. Fiscal 2013 and 2011 each included 52 weeks. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash and cash equivalents at February 1, 2014 and February 2, 2013 includes $172.6 million and $344.5 million, respectively, of investments primarily in money market securities which are valued at cost, which approximates fair value. For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with original maturities of 3 months or less to be cash equivalents. The majority of payments due from financial institutions for the settlement of debit card and credit card transactions process within 3 business days, and therefore are classified as cash and cash equivalents. | ||
Merchandise Inventory | ' | |
Merchandise Inventories | ||
Merchandise inventories at the Company’s distribution centers are stated at the lower of cost or market, determined on a weighted-average cost basis. Cost is assigned to store inventories using the retail inventory method on a weighted-average basis. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are computed by applying a calculated cost-to-retail ratio to the retail value of inventories. | ||
Costs directly associated with warehousing and distribution are capitalized as merchandise inventories. Total warehousing and distribution costs capitalized into inventory amounted to $43.2 million and $38.8 million at February 1, 2014 and February 2, 2013, respectively. | ||
Property, Plant and Equipment | ' | |
Property, Plant and Equipment | ||
Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: | ||
Buildings | 39 to 40 years | |
Furniture, fixtures and equipment | 3 to 15 years | |
Leasehold improvements and assets held under capital leases are amortized over the estimated useful lives of the respective assets or the committed terms of the related leases, whichever is shorter. Amortization is included in "selling, general and administrative expenses" in the accompanying consolidated statements of operations. | ||
Costs incurred related to software developed for internal use are capitalized and amortized, generally over 3 years. | ||
Goodwill | ' | |
Goodwill | ||
Goodwill is not amortized, but rather tested for impairment at least annually. In addition, goodwill will be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. The Company performed its annual impairment testing in November 2013 and determined that no impairment loss existed. | ||
Other Assets, Net | ' | |
Other Assets, Net | ||
Other assets, net consists primarily of restricted investments, deferred compensation plan assets and deferred financing costs. Restricted investments were $87.9 million and $94.6 million at February 1, 2014 and February 2, 2013, respectively and were purchased to collateralize long-term insurance obligations. These investments are primarily in tax-exempt money market funds that invest in short-term municipal obligations. These investments are classified as available for sale and are recorded at fair value, which approximates cost. Deferred compensation plan assets were $5.1 million and $4.2 million at February 1, 2014 and February 2, 2013, respectively and are recorded at fair value. Deferred financing costs represent costs directly related to debt issuances and are amortized over the terms of the related debt. Deferred financing costs, net of amortization, were $4.3 million and $1.7 million at February 1, 2014 and February 2, 2013, respectively. | ||
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | ' | |
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | ||
The Company reviews its long-lived assets and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets based on discounted cash flows or other readily available evidence of fair value, if any. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. In fiscal 2013, 2012 and 2011, the Company recorded charges of $0.5 million, $0.5 million and $0.9 million, respectively, to write down certain assets. These charges are recorded as a component of "selling, general and administrative expenses" in the accompanying consolidated statements of operations. | ||
Financial Instruments | ' | |
Financial Instruments | ||
The Company utilizes derivative financial instruments to reduce its exposure to market risks from changes in interest rates and diesel fuel costs. By entering into receive-variable, pay-fixed interest rate and diesel fuel swaps, the Company limits its exposure to changes in variable interest rates and diesel fuel prices. The Company is exposed to credit-related losses in the event of non-performance by the counterparty to these instruments but minimizes this risk by entering into transactions with high quality counterparties. Interest rate or diesel fuel cost differentials paid or received on the swaps are recognized as adjustments to interest and freight expense, respectively, in the period earned or incurred. The Company formally documents all hedging relationships, if applicable, and assesses hedge effectiveness both at inception and on an ongoing basis. | ||
Fair Value Measurements | ' | |
Fair Value Measurements | ||
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a fair value hierarchy has been established that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are as follows: | ||
Level 1 - Quoted prices in active markets for identical assets or liabilities; | ||
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and | ||
Level 3 - Unobservable inputs in which there is little or no market data which require the reporting entity to develop its own assumptions. | ||
The Company’s cash and cash equivalents, restricted investments and diesel fuel swaps represent the financial assets and liabilities that were accounted for at fair value as of February 1, 2014 and February 2, 2013. As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The fair value of the Company’s cash and cash equivalents was $267.7 million and $399.9 million as of February 1, 2014 and February 2, 2013, respectively. The fair value of the Company's restricted investments was $87.9 million and $94.6 million as of February 1, 2014 and February 2, 2013, respectively. These fair values were determined using Level 1 measurements in the fair value hierarchy. The Company did not have any active fuel derivative contracts as of February 1, 2014. The fair value of the diesel fuel swaps was an asset of $0.5 million as of February 2, 2013. The fair values of the swaps were estimated using Level 2 measurements in the fair value hierarchy. These estimates used discounted cash flow calculations based upon forward interest-rate yield and diesel cost curves. The curves were obtained from independent pricing services reflecting broker market quotes. | ||
The carrying value of the Company's Demand Revenue Bonds approximates its fair value because the debt’s interest rate varies with market interest rates. The carrying value of the Company's Senior Notes approximates its fair value because they were recently issued. | ||
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). The Company recorded an impairment charge of $0.5 million, $0.5 million, and $0.9 million in fiscal 2013, 2012 and 2011, respectively, to reduce certain store assets to their estimated fair value. The fair values were determined based on the income approach, in which the Company utilized internal cash flow projections over the life of the underlying lease agreements discounted based on a risk-free rate of return. These measures of fair value, and related inputs, are considered a level 3 approach under the fair value hierarchy. There were no other changes related to level 3 assets. | ||
Lease Accounting | ' | |
Lease Accounting | ||
The Company leases almost all of its retail locations under operating leases. The Company recognizes minimum rent expense beginning when possession of the property is taken from the landlord, which normally includes a construction period prior to store opening. When a lease contains a predetermined fixed escalation of the minimum rent, the Company recognizes the related rent expense on a straight-line basis and records the difference between the recognized rental expense and the amounts payable under the lease as deferred rent. The Company also receives tenant allowances, which are recorded in deferred rent and are amortized as reductions of rent expense over the terms of the leases. | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
The Company recognizes sales revenue at the time a sale is made to its customer. | ||
Taxes Collected | ' | |
Taxes Collected | ||
The Company reports taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions (i.e., sales tax) on a net (excluded from revenues) basis. | ||
Cost of Sales | ' | |
Cost of Sales | ||
The Company includes the cost of merchandise, warehousing and distribution costs, and certain occupancy costs in cost of sales. | ||
Pre-Opening Costs | ' | |
Pre-Opening Costs | ||
The Company expenses pre-opening costs for new, expanded and relocated stores, as incurred. | ||
Advertising Costs | ' | |
Advertising Costs | ||
The Company expenses advertising costs as they are incurred and they are included in "selling, general and administrative expenses" on the accompanying consolidated statements of operations. Advertising costs approximated $14.9 million, $13.5 million and $13.8 million for the years ended February 1, 2014, February 2, 2013, and January 28, 2012, respectively. | ||
Income Taxes | ' | |
Income Taxes | ||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. | ||
The Company recognizes a financial statement benefit for a tax position if it determines that it is more likely than not that the position will be sustained upon examination. | ||
The Company includes interest and penalties in the provision for income tax expense and income taxes payable. The Company does not provide for any penalties associated with tax contingencies unless they are considered probable of assessment. | ||
Stock-Based Compensation | ' | |
Stock-Based Compensation | ||
The Company recognizes expense for all share-based payments to employees based on their fair values. Total stock-based compensation expense for 2013, 2012 and 2011 was $36.2 million, $34.9 million and $31.0 million, respectively. | ||
The Company recognizes expense related to the fair value of restricted stock units (RSUs) over the requisite service period on a straight-line basis or a shorter period based on the retirement eligibility of the grantee. The fair value is determined using the closing price of the Company’s common stock on the date of grant. | ||
Net Income Per Share | ' | |
Net Income Per Share | ||
Basic net income per share has been computed by dividing net income by the weighted average number of shares outstanding. Diluted net income per share reflects the potential dilution that could occur assuming the inclusion of dilutive potential shares and has been computed by dividing net income by the weighted average number of shares and dilutive potential shares outstanding. Dilutive potential shares include all outstanding stock options and unvested RSUs after applying the treasury stock method. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |
Feb. 01, 2014 | ||
Accounting Policies [Abstract] | ' | |
Property, Plant and Equipment Table | ' | |
Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: | ||
Buildings | 39 to 40 years | |
Furniture, fixtures and equipment | 3 to 15 years |
BALANCE_SHEET_COMPONENTS_Table
BALANCE SHEET COMPONENTS (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Property, Plant and Equipment, Net | ' | |||||||
Property, plant and equipment, net, as of February 1, 2014 and February 2, 2013 consists of the following: | ||||||||
February 1, | February 2, | |||||||
(in millions) | 2014 | 2013 | ||||||
Land | $ | 65.2 | $ | 51.4 | ||||
Buildings | 319.8 | 223.9 | ||||||
Leasehold improvements | 960.7 | 876.2 | ||||||
Furniture, fixtures and equipment | 1,307.00 | 1,174.50 | ||||||
Construction in progress | 57.4 | 107.9 | ||||||
Total property, plant and equipment | 2,710.10 | 2,433.90 | ||||||
Less: accumulated depreciation | 1,616.10 | 1,473.20 | ||||||
Total property, plant and equipment, net | $ | 1,094.00 | $ | 960.7 | ||||
Other Current Liabilities Table | ' | |||||||
Other current liabilities as of February 1, 2014 and February 2, 2013 consist of accrued expenses for the following: | ||||||||
February 1, | February 2, | |||||||
(in millions) | 2014 | 2013 | ||||||
Compensation and benefits | $ | 95.3 | $ | 99.1 | ||||
Taxes (other than income taxes) | 26.4 | 31.8 | ||||||
Insurance | 34.1 | 33 | ||||||
Other | 76.5 | 71.9 | ||||||
Total other current liabilities | $ | 232.3 | $ | 235.8 | ||||
Other Long-Term Liabilities Table | ' | |||||||
Other long-term liabilities as of February 1, 2014 and February 2, 2013 consist of the following: | ||||||||
February 1, | February 2, | |||||||
(in millions) | 2014 | 2013 | ||||||
Deferred rent | $ | 86.3 | $ | 83 | ||||
Insurance | 54.7 | 51.3 | ||||||
Other | 11.4 | 11.6 | ||||||
Total other long-term liabilities | $ | 152.4 | $ | 145.9 | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax Expense (Benefit), Intraperiod Tax Allocation Table | ' | |||||||||||
Total income taxes were allocated as follows: | ||||||||||||
Year Ended | ||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||
(in millions) | ||||||||||||
Income from continuing operations | $ | 357.6 | $ | 359.6 | $ | 291.2 | ||||||
Accumulated other comprehensive loss | ||||||||||||
marking derivative financial instruments | ||||||||||||
to fair value | — | — | (0.1 | ) | ||||||||
Shareholders' equity, tax benefit on | ||||||||||||
exercises/vesting of equity-based | ||||||||||||
compensation | (9.8 | ) | (21.3 | ) | (13.8 | ) | ||||||
$ | 347.8 | $ | 338.3 | $ | 277.3 | |||||||
Income tax provision (benefit) Table | ' | |||||||||||
The provision for income taxes consists of the following: | ||||||||||||
Year Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Federal - current | $ | 304.6 | $ | 324.5 | $ | 240.4 | ||||||
State - current | 45.9 | 42.4 | 39.4 | |||||||||
Foreign - current | 0.4 | 0.5 | 0.3 | |||||||||
Total current | 350.9 | 367.4 | 280.1 | |||||||||
Federal - deferred | 10.5 | 0.3 | 14.9 | |||||||||
State - deferred | 0.9 | (3.5 | ) | 0.1 | ||||||||
Foreign - deferred | (4.7 | ) | (4.6 | ) | (3.9 | ) | ||||||
Total deferred | $ | 6.7 | $ | (7.8 | ) | $ | 11.1 | |||||
Federal statutory tax rate reconciliation Table | ' | |||||||||||
A reconciliation of the statutory federal income tax rate and the effective rate follows: | ||||||||||||
Year Ended | ||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Effect of: | ||||||||||||
State and local income taxes, | ||||||||||||
net of federal income tax benefit | 3.3 | 3 | 3.4 | |||||||||
Other, net | (0.8 | ) | (1.3 | ) | (1.0 | ) | ||||||
Effective tax rate | 37.5 | % | 36.7 | % | 37.4 | % | ||||||
Components of Deferred Tax Assets and Liabilities Table | ' | |||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are classified on the accompanying consolidated balance sheets based on the classification of the underlying asset or liability. Significant components of the Company's net deferred tax assets (liabilities) follow: | ||||||||||||
February 1, | February 2, | |||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Deferred tax assets: | ||||||||||||
Deferred rent | $ | 38.2 | $ | 35.6 | ||||||||
Accrued expenses | 34.2 | 32.6 | ||||||||||
Net operating losses and credit carryforwards | 19.3 | 14.4 | ||||||||||
Accrued compensation expense | 29.5 | 28.2 | ||||||||||
Other | 0.6 | 0.8 | ||||||||||
Total deferred tax assets | 121.8 | 111.6 | ||||||||||
Valuation allowance | (6.0 | ) | (4.3 | ) | ||||||||
Deferred tax assets, net | 115.8 | 107.3 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (46.6 | ) | (32.8 | ) | ||||||||
Goodwill | (16.9 | ) | (15.9 | ) | ||||||||
Prepaid expenses | (3.7 | ) | (4.0 | ) | ||||||||
Inventory | (5.6 | ) | (3.8 | ) | ||||||||
Total deferred tax liabilities | (72.8 | ) | (56.5 | ) | ||||||||
Net deferred tax asset | $ | 43 | $ | 50.8 | ||||||||
Reconciliation of Unrecognized Tax Benefits Table | ' | |||||||||||
The balance for unrecognized tax benefits at February 1, 2014, was $5.5 million. The total amount of unrecognized tax benefits at February 1, 2014, that, if recognized, would affect the effective tax rate was $3.6 million (net of the federal tax benefit). The following is a reconciliation of the Company’s total gross unrecognized tax benefits for the year ended February 1, 2014: | ||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||
Beginning Balance | $ | 5.6 | $ | 15.5 | ||||||||
Additions, based on tax positions related to current year | 0.2 | 2.5 | ||||||||||
Additions for tax positions of prior years | 0.8 | 2.1 | ||||||||||
Reductions for tax positions of prior years | (0.2 | ) | (3.1 | ) | ||||||||
Settlements | (0.3 | ) | (1.9 | ) | ||||||||
Lapses in statutes of limitation | (0.6 | ) | (9.5 | ) | ||||||||
Ending balance | $ | 5.5 | $ | 5.6 | ||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Operating Lease Commitments Table | ' | |||||||||||
Future minimum lease payments under noncancelable store and distribution center operating leases are as follows: | ||||||||||||
(in millions) | ||||||||||||
2014 | $ | 516.4 | ||||||||||
2015 | 476.4 | |||||||||||
2016 | 394.2 | |||||||||||
2017 | 329.6 | |||||||||||
2018 | 206.3 | |||||||||||
Thereafter | 403.4 | |||||||||||
Total minimum lease payments | $ | 2,326.30 | ||||||||||
Minimum and Contingent Rentals Table | ' | |||||||||||
Rental expense for store and distribution center operating leases (including payments to related parties) included in the accompanying consolidated statements of operations are as follows: | ||||||||||||
Year Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Minimum rentals | $ | 496.4 | $ | 455.5 | $ | 421.8 | ||||||
Contingent rentals | 1.8 | 2 | 1.8 | |||||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-Term Debt Instruments Table | ' | |||||||
Long-term debt at February 1, 2014 and February 2, 2013 consists of the following: | ||||||||
February 1, | February 2, | |||||||
(in millions) | 2014 | 2013 | ||||||
$750.0 million Senior Notes, | $ | 750 | $ | — | ||||
fixed rate interest payable semi-annually, January 15 and July 15 | ||||||||
$750.0 million Unsecured Credit Agreement, | ||||||||
interest payable monthly at LIBOR, | ||||||||
plus 0.90%, which was 1.06% at | ||||||||
February 1, 2014, amounts outstanding payable upon | ||||||||
expiration of the facility in February 2017 | — | 250 | ||||||
Demand Revenue Bonds, interest payable monthly | ||||||||
at a variable rate which was 0.19% at | ||||||||
February 1, 2014, principal payable on | ||||||||
demand, maturing June 2018 | 12.8 | 14.3 | ||||||
$7.0 million Forgivable Promissory Note, interest payable | ||||||||
beginning in November 2017 at a rate of 1%, | ||||||||
principal payable beginning November 2017 | 7 | 7 | ||||||
Total long-term debt | $ | 769.8 | $ | 271.3 | ||||
Less current portion | 12.8 | 14.3 | ||||||
Long-term debt, excluding current portion | $ | 757 | $ | 257 | ||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Net Income Per Share Table | ' | ||||||||||||
The following table sets forth the calculation of basic and diluted net income per share: | |||||||||||||
Year Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
(in millions, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Basic net income per share: | |||||||||||||
Net income | $ | 596.7 | $ | 619.3 | $ | 488.3 | |||||||
Weighted average number of shares | |||||||||||||
outstanding | 218.1 | 229.3 | 240.6 | ||||||||||
Basic net income per share | $ | 2.74 | $ | 2.7 | $ | 2.03 | |||||||
Diluted net income per share: | |||||||||||||
Net income | $ | 596.7 | $ | 619.3 | $ | 488.3 | |||||||
Weighted average number of shares | |||||||||||||
outstanding | 218.1 | 229.3 | 240.6 | ||||||||||
Dilutive effect of stock options and | |||||||||||||
restricted stock (as determined by | |||||||||||||
applying the treasury stock method) | 1 | 1.4 | 1.8 | ||||||||||
Weighted average number of shares and | |||||||||||||
dilutive potential shares outstanding | 219.1 | 230.7 | 242.4 | ||||||||||
Diluted net income per share | $ | 2.72 | $ | 2.68 | $ | 2.01 | |||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||
Feb. 01, 2014 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||
Defined Contribution Plan Expenses Table | ' | ||
Contributions to and reimbursements by the Company of expenses of the plan included in the accompanying consolidated statements of operations were as follows: | |||
Year ended February 1, 2014 | $35.8 million | ||
Year ended February 2, 2013 | $40.7 million | ||
Year Ended January 28, 2012 | $37.9 million | ||
Defined Contribution Plan Vesting Schedule Table | ' | ||
Eligible employees vest in the Company’s profit sharing contributions based on the following schedule: | |||
Ÿ | 20% after two years of service | ||
Ÿ | 40% after three years of service | ||
Ÿ | 60% after four years of service | ||
Ÿ | 100% after five years of service |
STOCKBASED_COMPENSATION_PLAN_T
STOCK-BASED COMPENSATION PLAN (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
STOCK-BASED COMPENSATION PLAN - (Tables) [Abstract] | ' | ||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity | ' | ||||||||||||||||
The following table summarizes the status of RSUs as of February 1, 2014, and changes during the year then ended: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Nonvested at February 2, 2013 | 2,054,173 | $ | 35.37 | ||||||||||||||
Granted | 781,883 | 47.24 | |||||||||||||||
Vested | (1,026,993 | ) | 28.87 | ||||||||||||||
Forfeited | (85,429 | ) | 41.63 | ||||||||||||||
Nonvested at February 1, 2014 | 1,723,634 | $ | 41.64 | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||||||
The following tables summarize the Company's various option plans and information about options outstanding at February 1, 2014 and changes during the year then ended. | |||||||||||||||||
Stock Option Activity | |||||||||||||||||
February 1, 2014 | |||||||||||||||||
Weighted | |||||||||||||||||
Average | Weighted | Aggregate | |||||||||||||||
Per Share | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value (in | |||||||||||||||
Shares | Price | Term | millions) | ||||||||||||||
Outstanding, beginning of period | 718,255 | $ | 11.66 | ||||||||||||||
Granted | 12,228 | 53.59 | |||||||||||||||
Exercised | (138,673 | ) | 9.05 | ||||||||||||||
Forfeited | (22,992 | ) | 6.67 | ||||||||||||||
Outstanding, end of period | 568,818 | $ | 13.4 | 3.7 | $ | 21.2 | |||||||||||
Options vested and expected to vest | |||||||||||||||||
at February 1, 2014 | 568,818 | $ | 13.4 | 3.7 | $ | 21.2 | |||||||||||
Options exercisable at end of period | 568,818 | $ | 13.4 | 3.7 | $ | 21.2 | |||||||||||
Schedule of options outstanding and exercisable, by range of exercise prices | ' | ||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Options | Options | ||||||||||||||||
Range of | Outstanding | Weighted Avg. | Weighted Avg. | Exercisable | Weighted Avg. | ||||||||||||
Exercise | at February 1, | Remaining | Exercise | at February 1, | Exercise | ||||||||||||
Prices | 2014 | Contractual Life | Price | 2014 | Price | ||||||||||||
$7.21 to $9.71 | 305,840 | 2.3 | $ | 8.92 | 305,840 | $ | 8.92 | ||||||||||
$9.72 to $14.52 | 192,214 | 4.6 | 13.07 | 192,214 | 13.07 | ||||||||||||
$14.53 to $19.93 | 15,516 | 5.9 | 17.21 | 15,516 | 17.21 | ||||||||||||
$19.94 to $28.36 | 21,132 | 6.8 | 25.09 | 21,132 | 25.09 | ||||||||||||
$28.37 to $58.45 | 34,116 | 8.6 | 46.41 | 34,116 | 46.41 | ||||||||||||
$7.21 to $58.45 | 568,818 | 3.7 | $ | 13.4 | 568,818 | $ | 13.4 | ||||||||||
Weighted average assumptions | ' | ||||||||||||||||
The fair value of the employees' purchase rights is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||
Expected term | 3 months | 3 months | 3 months | ||||||||||||||
Expected volatility | 11.6 | % | 11.9 | % | 12.6 | % | |||||||||||
Annual dividend yield | — | % | — | % | — | % | |||||||||||
Risk free interest rate | — | % | 0.1 | % | 0.1 | % |
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
QUARTERLY FINANCIAL INFORMATION - (Tables) [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information Table | ' | ||||||||||||||||
The operating results for any quarter are not necessarily indicative of results for a full year or for any future period. | |||||||||||||||||
(dollars in millions, except diluted net income per share data) | First | Second | Third | Fourth | |||||||||||||
Quarter (1) | Quarter | Quarter | Quarter (2) | ||||||||||||||
Fiscal 2013: | |||||||||||||||||
Net sales | $ | 1,865.80 | $ | 1,854.90 | $ | 1,884.70 | $ | 2,234.90 | |||||||||
Gross profit | $ | 656 | $ | 648.7 | $ | 659.9 | $ | 825.2 | |||||||||
Operating income | $ | 216.6 | $ | 201.3 | $ | 204.3 | $ | 348.2 | |||||||||
Net income | $ | 133.5 | $ | 124.7 | $ | 125.4 | $ | 213 | |||||||||
Diluted net income per share | $ | 0.59 | $ | 0.56 | $ | 0.58 | $ | 1.02 | |||||||||
Stores open at end of quarter | 4,763 | 4,842 | 4,953 | 4,992 | |||||||||||||
Comparable store net sales change | 2.1 | % | 3.7 | % | 3.1 | % | 1.2 | % | |||||||||
Fiscal 2012: | |||||||||||||||||
Net sales | $ | 1,723.60 | $ | 1,704.60 | $ | 1,720.50 | $ | 2,245.80 | |||||||||
Gross profit | $ | 602.7 | $ | 599.6 | $ | 599.6 | $ | 850.7 | |||||||||
Operating income | $ | 188 | $ | 184.4 | $ | 184.2 | $ | 363.5 | |||||||||
Net income | $ | 116.1 | $ | 119.2 | $ | 155.4 | $ | 228.6 | |||||||||
Diluted net income per share | $ | 0.5 | $ | 0.51 | $ | 0.68 | $ | 1.01 | |||||||||
Stores open at end of quarter | 4,451 | 4,523 | 4,630 | 4,671 | |||||||||||||
Comparable store net sales change | 5.6 | % | 4.5 | % | 1.6 | % | 2.4 | % |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
29-May-12 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Fixed price of merchandise | ' | $1 | ' | ' |
Discount variety retail stores owned and operated | ' | 4,992 | ' | ' |
Common stock dividend (in hundredths) | 100.00% | ' | ' | ' |
Stock split conversion ratio | 2 | ' | ' | ' |
Fiscal Period Duration | ' | 'P52W | 'P53W | 'P52W |
Money market securities valued at cost, in Cash and cash equivalents | ' | 172,600,000 | 344,500,000 | ' |
Debt instruments with original maturities in months, considered cash equivalents, range maximum (in months) | ' | '3 months | ' | ' |
Settlement of debit card and credit card transaction process business days, range maximum (in business days) | ' | '3 days | ' | ' |
Warehousing and distribution costs capitalized into inventory | ' | 43,200,000 | 38,800,000 | ' |
Software amortization period (in years) | ' | '3 years | ' | ' |
Restricted investments | ' | 87,900,000 | 94,600,000 | ' |
Deferred Compensation Plan Assets | ' | 5,100,000 | 4,200,000 | ' |
Deferred Finance Costs, Noncurrent, Net | ' | 4,300,000 | 1,700,000 | ' |
Impairment charge for certain store assets | ' | 500,000 | 500,000 | 900,000 |
Cash and cash equivalents fair value | ' | 267,700,000 | 399,900,000 | ' |
Restricted investments fair value | ' | 87,900,000 | 94,600,000 | ' |
Fair value of diesel fuel swap | ' | ' | 500,000 | ' |
Advertising costs | ' | 14,900,000 | 13,500,000 | 13,800,000 |
Stock-based compensation expense | ' | $36,200,000 | $34,900,000 | $31,000,000 |
Buildings [Member] | Minimum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Useful life (in years) | ' | '39 years | ' | ' |
Buildings [Member] | Maximum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Useful life (in years) | ' | '40 years | ' | ' |
Furniture, fixtures and equipment [Member] | Minimum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Useful life (in years) | ' | '3 years | ' | ' |
Furniture, fixtures and equipment [Member] | Maximum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Useful life (in years) | ' | '15 years | ' | ' |
BALANCE_SHEET_COMPONENTS_Detai
BALANCE SHEET COMPONENTS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Property, Plant and Equipment, Net | ' | ' | ' |
Gross property, plant and equipment | $2,710.10 | $2,433.90 | ' |
Less: accumulated depreciation | 1,616.10 | 1,473.20 | ' |
Total property, plant and equipment, net | 1,094 | 960.7 | ' |
Depreciation expense | 190.7 | 175.4 | 164.2 |
Other Current Liabilities | ' | ' | ' |
Compensation and benefits | 95.3 | 99.1 | ' |
Taxes (other than income taxes) | 26.4 | 31.8 | ' |
Insurance | 34.1 | 33 | ' |
Other | 76.5 | 71.9 | ' |
Total other current liabilities | 232.3 | 235.8 | ' |
Other Long-Term Liabilities | ' | ' | ' |
Deferred rent | 86.3 | 83 | ' |
Insurance | 54.7 | 51.3 | ' |
Other | 11.4 | 11.6 | ' |
Total other long-term liabilities | 152.4 | 145.9 | ' |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Land | 65.2 | 51.4 | ' |
Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Buildings and Improvements, Gross | 319.8 | 223.9 | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Leasehold Improvements, Gross | 960.7 | 876.2 | ' |
Furniture, fixtures and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment, Net | ' | ' | ' |
Gross property, plant and equipment | 1,307 | 1,174.50 | ' |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment, Net | ' | ' | ' |
Gross property, plant and equipment | $57.40 | $107.90 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax Expense (Benefit), Intraperiod Tax Allocation | ' | ' | ' |
Income from continuing operations | $357.60 | $359.60 | $291.20 |
Accumulated other comprehensive income (loss) marking derivative financial instruments to fair value | 0 | 0 | -0.1 |
Stockholders' equity, tax benefit on exercises/vesting of equity based compensation | -9.8 | -21.3 | -13.8 |
Total allocated income tax | 347.8 | 338.3 | 277.3 |
Income tax provision (benefit) | ' | ' | ' |
Federal - current | 304.6 | 324.5 | 240.4 |
State - current | 45.9 | 42.4 | 39.4 |
Foreign - current | 0.4 | 0.5 | 0.3 |
Total current | 350.9 | 367.4 | 280.1 |
Federal - deferred | 10.5 | 0.3 | 14.9 |
State - deferred | 0.9 | -3.5 | 0.1 |
Foreign - deferred | -4.7 | -4.6 | -3.9 |
Total deferred | 6.7 | -7.8 | 11.1 |
Federal Statutory Tax Rate Reconciliation | ' | ' | ' |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Effect of: | ' | ' | ' |
State and local income taxes, net of federal income tax benefit (in hundredths) | 3.30% | 3.00% | 3.40% |
Other, net | -0.80% | -1.30% | -1.00% |
Effective tax rate | 37.50% | 36.70% | 37.40% |
Deferred tax assets: | ' | ' | ' |
Deferred rent | 38.2 | 35.6 | ' |
Accrued expenses | 34.2 | 32.6 | ' |
State tax net operating losses and credit carryforwards, net of federal benefit | 19.3 | 14.4 | ' |
Accrued compensation expense | 29.5 | 28.2 | ' |
Other | 0.6 | 0.8 | ' |
Total deferred tax assets | 121.8 | 111.6 | ' |
Valuation allowance | -6 | -4.3 | ' |
Deferred tax assets, net | 115.8 | 107.3 | ' |
Deferred tax liabilities: | ' | ' | ' |
Property and equipment | -46.6 | -32.8 | ' |
Goodwill | -16.9 | -15.9 | ' |
Prepaid expenses | -3.7 | -4 | ' |
Inventory | -5.6 | -3.8 | ' |
Total deferred tax liabilities | -72.8 | -56.5 | ' |
Net deferred tax asset | 43 | 50.8 | ' |
Income Tax Uncertainties | ' | ' | ' |
Valuation allowance | 6 | 4.3 | ' |
Number of prior years of taxable income used to assess the deductibility of carrybacks | '2 years | ' | ' |
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | 3.6 | ' | ' |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Beginning Balance | 5.6 | 15.5 | ' |
Additions, based on tax positions related to current year | 0.2 | 2.5 | ' |
Additions for tax positions of prior years | 0.8 | 2.1 | ' |
Reductions for tax positions of prior years | -0.2 | -3.1 | ' |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | -0.3 | -1.9 | ' |
Lapses in statutes of limitation | -0.6 | -9.5 | ' |
Ending balance | 5.5 | 5.6 | 15.5 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | ' | ' | ' |
Unrecognized Tax Benefits, accrued potential interest | 0.3 | ' | ' |
Liability for potential interest | $0.50 | ' | ' |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations and Audit Settlements | '12 months | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Future Minimum Lease Payments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
2014 | $516.40 | ' | ' |
2015 | 476.4 | ' | ' |
2016 | 394.2 | ' | ' |
2017 | 329.6 | ' | ' |
2018 | 206.3 | ' | ' |
Thereafter | 403.4 | ' | ' |
Total minimum lease payments | 2,326.30 | ' | ' |
Minimum and Contingent Rentals | ' | ' | ' |
Minimum rentals | 496.4 | 455.5 | 421.8 |
Contingent rentals | $1.80 | $2 | $1.80 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (USD $) | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Mar. 01, 2013 | Feb. 01, 2014 | Feb. 01, 2014 |
letter_of_credit | Technology Assets [Member] | Telecom Contracts [Member] | Line of Credit [Member] | Letter of Credit [Member] | Winn Dixie Exclusive Selling Rights Violations Member | Pending Or Threatened Litigation Colorado Federal Court [Member] | Pending Or Threatened Litigation Pennsylvania State Court [Member] | Pending Or Threatened Litigation Alabama Fair Labor Standards Act [Member] | Pending Or Threatened Litigation Multi State Litigation Member | PendingorThreatenedLitigationCalifornia'sPrivateAttorneyGeneralAct [Member] | |
claims | plantiff | plantiff | claims | plantiff | |||||||
sqft | plantiff | ||||||||||
locations | |||||||||||
Operating Lease Commitments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected future minimum sublease rentals | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Communications and Information Technology [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total commitment | ' | 2,400,000 | 19,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Number | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of Credit Reimbursement and Security Agreement capacity | 130,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Second Letter of Credit Reimbursement and Security Agreement amount | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third Letter of Credit Reimbursement and Security Agreement Amount | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed to letters of credit | 144,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available letter of credit capacity | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit capacity | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stand-by letters of credit | 12,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity | ' | ' | ' | ' | 13,000,000 | ' | ' | ' | ' | ' | ' |
Surety Bonds [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Surety bonds | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of plaintiffs | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 2 |
Number of opt-in plaintiffs | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | 4,300 | ' |
Number of Operating Locations Affected | ' | ' | ' | ' | ' | 48 | ' | ' | ' | ' | ' |
Action Taken by Court, Claims of Adverse Descision and Injunctive Relief, Number | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Stores Required To Restrict Sales Of Food | ' | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' |
Restricted Square Footage Area | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' |
Minimum Number of Additional Florida Leases That Could Be Impacted | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' |
Maximum Number of Additional Florida Leases That Could be Impacted | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' |
Previously Restricted Square Footage Area | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | ' | ' | $6,200,000 | ' | ' | ' |
Loss Contingency, Claims Settled and Dismissed, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' |
LONGTERM_DEBT_Details
LONG-TERM DEBT (Details) (USD $) | 12 Months Ended | |||
Feb. 01, 2014 | Mar. 03, 2014 | Sep. 16, 2013 | Feb. 02, 2013 | |
Debt Instrument Additional Information | ' | ' | ' | ' |
Long-Term Debt | $769,800,000 | ' | ' | $271,300,000 |
Current Portion of Long-Term Debt | 12,800,000 | ' | ' | 14,300,000 |
Long-term debt, excluding current portion | 757,000,000 | ' | ' | 257,000,000 |
2014 Maturities | 12,800,000 | ' | ' | ' |
2017 Maturities | 200,000 | ' | ' | ' |
2018 Maturities | 1,400,000 | ' | ' | ' |
Maturities after 2018 | 755,400,000 | ' | ' | ' |
Long-Term Debt, by Maturity | ' | ' | ' | ' |
Demand Revenue Bond Debt Repayment | ' | 12,800,000 | ' | ' |
Long-term Debt, Prepayment option at any time in amount not less than percent shown of the original aggregate amount | ' | ' | 5.00% | ' |
Long-term debt, prepayment option at a price equal to the sum of (a) 100% of the principal amount thereof, plus any accrued and unpaid interest | ' | ' | 100.00% | ' |
Forgivable Promissory Note Repayment Period | '5 years | ' | ' | ' |
Senior Notes [Member] | ' | ' | ' | ' |
Debt Instrument Additional Information | ' | ' | ' | ' |
Long-Term Debt | 750,000,000 | ' | ' | 0 |
Long-Term Debt, by Maturity | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | 750,000,000 | ' |
Number of Long-term debt tranches | ' | ' | 3 | ' |
Unsecured Debt [Member] | ' | ' | ' | ' |
Debt Instrument Additional Information | ' | ' | ' | ' |
Long-Term Debt | 0 | ' | ' | 250,000,000 |
Long-Term Debt, by Maturity | ' | ' | ' | ' |
Revolving line of credit capacity | 750,000,000 | ' | ' | ' |
Unsecured Credit Agreement maturity period | '5 years | ' | ' | ' |
Interest rate terms | 'LIBOR, plus 0.90% | ' | ' | ' |
Interest rate | 1.06% | ' | ' | ' |
Borrowing capacity | 750,000,000 | ' | ' | ' |
Demand Revenue Bonds [Member] | ' | ' | ' | ' |
Debt Instrument Additional Information | ' | ' | ' | ' |
Long-Term Debt | 12,800,000 | ' | ' | 14,300,000 |
Long-Term Debt, by Maturity | ' | ' | ' | ' |
Aggregate principal amount | 19,000,000 | ' | ' | ' |
Interest rate | 0.19% | ' | ' | ' |
Forgivable Loan [Member] | ' | ' | ' | ' |
Debt Instrument Additional Information | ' | ' | ' | ' |
Long-Term Debt | 7,000,000 | ' | ' | 7,000,000 |
Long-Term Debt, by Maturity | ' | ' | ' | ' |
Interest rate | 1.00% | ' | ' | ' |
Line of Credit [Member] | ' | ' | ' | ' |
Long-Term Debt, by Maturity | ' | ' | ' | ' |
Revolving line of credit capacity | 750,000,000 | ' | ' | ' |
Available letter of credit capacity | 150,000,000 | ' | ' | ' |
September 16, 2025 [Member] | Senior Notes [Member] | ' | ' | ' | ' |
Long-Term Debt, by Maturity | ' | ' | ' | ' |
Borrowing capacity | ' | ' | 100,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 4.78% | ' |
September 16, 2023 [Member] | Senior Notes [Member] | ' | ' | ' | ' |
Long-Term Debt, by Maturity | ' | ' | ' | ' |
Borrowing capacity | ' | ' | 350,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 4.63% | ' |
September 16, 2020 [Member] | Senior Notes [Member] | ' | ' | ' | ' |
Long-Term Debt, by Maturity | ' | ' | ' | ' |
Borrowing capacity | ' | ' | 300,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 4.03% | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $) | Feb. 29, 2008 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
In Millions, unless otherwise specified | Interest Rate Swaps [Member] | Fuel Derivative Contracts [Member] | Fuel Derivative Contracts [Member] | Fuel Derivative Contracts [Member] |
agreement | gal | gal | gal | |
Derivative [Line Items] | ' | ' | ' | ' |
Nonmonetary notional amount | ' | 2,800,000 | 4,800,000 | 3,500,000 |
Inception Date | '2008 | ' | ' | ' |
Number of interest rate swap agreements | 2 | ' | ' | ' |
Notional amount | $75 | ' | ' | ' |
Fixed Interest Rate | 2.80% | ' | ' | ' |
Interest rate swap expiration date | 'March 2011 | ' | ' | ' |
Diesel fuel need in derivative contracts (in hundredths) | ' | 20.00% | 35.00% | 31.00% |
SHAREHOLDERS_EQUITY_Narrative_
SHAREHOLDERS' EQUITY (Narrative) (Details) (USD $) | 3 Months Ended | 5 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Nov. 02, 2013 | Feb. 14, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Mar. 28, 2012 | Feb. 01, 2014 | |
Accelerated Share Repurchase Agreement November 2011 [Member] | Accelerated Share Repurchase Agreement November 2011 [Member] | Accelerated Share Repurchase Agreement November 2011 [Member] | Accelerated Share Repurchase Agreement August 2011 [Member] | ||||||
Accelerated Share Repurchases [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of accelerated share repurchase programs entered into | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of each accelerated share repurchase agreement | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated Share Repurchase Program Authorized Amount | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' |
Shares delivered under the conclusion of the Uncollared Agreement | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' |
Total shares delivered under Uncollared Repurchase Agreement | ' | 9,100,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock authorized to issue (in shares) | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock par value per share | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' |
Share Repurchase Programs | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares repurchased (in shares) | ' | ' | 2,400,000 | 7,700,000 | 5,300,000 | ' | ' | ' | ' |
Amount of shares repurchased | ' | ' | 112,100,000 | 340,200,000 | 145,900,000 | ' | ' | ' | ' |
Remaining amount of shares authorized to repurchase | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' |
Accelerated Share Repurchases | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated Share Repurchases Amount to Repurchase | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | $200,000,000 |
Initial number of shares repurchased (in shares) | ' | ' | ' | ' | ' | 6,800,000 | ' | ' | 5,100,000 |
Additional number of shares of common stock repurchased (in shares) | ' | ' | ' | ' | ' | ' | ' | 500,000 | 300,000 |
Total shares of common stock repurchased (in shares) | ' | ' | ' | ' | ' | ' | 7,300,000 | ' | 5,400,000 |
Minimum Number Of Shares To Be Received Under Collar Agreement | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Initial delivery of shares under the Uncollared Agreement | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
SHAREHOLDERS_EQUITY_Basic_and_
SHAREHOLDERS' EQUITY (Basic and Diluted Net Income Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||
Basic net income per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | $213 | [1] | $125.40 | $124.70 | $133.50 | [2] | $228.60 | [1] | $155.40 | $119.20 | $116.10 | [2] | $596.70 | $619.30 | $488.30 |
Weighted average number of shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 218.1 | 229.3 | 240.6 | ||||
Basic net income per share (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.74 | $2.70 | $2.03 | ||||
Diluted net income per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | $213 | [1] | $125.40 | $124.70 | $133.50 | [2] | $228.60 | [1] | $155.40 | $119.20 | $116.10 | [2] | $596.70 | $619.30 | $488.30 |
Weighted average number of shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 218.1 | 229.3 | 240.6 | ||||
Dilutive effect of stock options and restricted stock (as determined by applying the treasury stock method) (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1.4 | 1.8 | ||||
Weighted average number of shares and dilutive potential shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 219.1 | 230.7 | 242.4 | ||||
Diluted net income per share (usd per share) | $1.02 | [1] | $0.58 | $0.56 | $0.59 | [2] | $1.01 | [1] | $0.68 | $0.51 | $0.50 | [2] | $2.72 | $2.68 | $2.01 |
[1] | Fiscal 2012 contains 14 weeks ended February 2, 2013 | ||||||||||||||
[2] | Easter was observed on March 31, 2013 and April 8, 201 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Profit Sharing and 401(k) Retirement Plan [Abstract] | ' | ' | ' |
Defined Contribution Profit Sharing and 401(k) Plan Description | 'The Company maintains a defined contribution profit sharing and 401(k) plan which is available to all employees over 21 years of age who have completed one year of service in which they have worked at least 1,000 hours.B B Eligible employees may make elective salary deferrals.B B The Company may make contributions at its discretion. | ' | ' |
Age over which all employees have 401K benefits available | '21 years | ' | ' |
Employee service years required for available 401K benefits (in years) | 'P1Y | ' | ' |
Minimum hours in a 401K qualifying one year period (in hours) | '1000 hours | ' | ' |
Plan Expenses | $35.80 | $40.70 | $37.90 |
Profit Sharing Vesting Schedule | ' | ' | ' |
Percentage Vested in the Profit Sharing Plan After Two Years of Service (in Hundreths) | 20.00% | ' | ' |
Years of Service Required to vest 20% in the Profit Sharing Plan | '2 years | ' | ' |
Percentage Vested in the Profit Sharing Plan After Three Years of Service (in Hundreths) | 40.00% | ' | ' |
Years of Service Required to vest 40% in the Profit Sharing Plan | '3 years | ' | ' |
Percentage Vested in the Profit Sharing Plan After Four Years of Service (in Hundreths) | 60.00% | ' | ' |
Years of Service Required to vest 60% in the Profit Sharing Plan | '4 years | ' | ' |
Percentage Vested in the Profit Sharing Plan After Five Years of Service (in Hundreths) | 100.00% | ' | ' |
Years of Service Required to vest 100% in the Profit Sharing Plan | '5 years | ' | ' |
Deferred Compensation Plan [Abstract] | ' | ' | ' |
Cumulative participant deferrals | $5.10 | $4.20 | ' |
STOCKBASED_COMPENSATION_PLAN_N
STOCK-BASED COMPENSATION PLAN (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 29, 2011 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 |
Service Based Awards [Member] | Service Based Awards [Member] | Service Based Awards [Member] | Service Based Awards [Member] | EIP and EOEP [Member] | EIP and EOEP [Member] | EIP and EOEP [Member] | Eip [Member] | EOEP [Member] | Director Deferred Compensation Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | 2013 Restricted Stock Grant - Officers [Member] | 2012 Restricted Stock Grant - Officers [Member] | 2012 Restricted Stock Grant - Officers [Member] | 2011 Restricted Stock Grant - Officers [Member] | 2011 Restricted Stock Grant - Officers [Member] | ||||
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Performance And Service Based Awards [Member] | Performance And Service Based Awards [Member] | Performance And Service Based Awards [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Performance And Service Based Awards [Member] | Performance And Service Based Awards [Member] | Performance And Service Based Awards [Member] | Performance And Service Based Awards [Member] | Performance And Service Based Awards [Member] | Performance And Service Based Awards [Member] | Performance And Service Based Awards [Member] | Performance And Service Based Awards [Member] | Performance And Service Based Awards [Member] | Performance And Service Based Awards [Member] | Performance Shares [Member] | Performance Shares [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | ||||||||||||
Certain officers [Member] | Certain officers [Member] | Certain officers [Member] | Certain officers [Member] | Certain officers [Member] | Minimum [Member] | Ratable Annual Vesting [Member] | Certain officers [Member] | Certain officers [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | |||||||||||||||
Ratable Annual Vesting [Member] | Ratable Annual Vesting [Member] | Ratable Annual Vesting [Member] | Vesting at End of Performance Period [Member] | Vesting at End of Performance Period [Member] | Certain officers [Member] | Ratable Annual Vesting [Member] | Ratable Annual Vesting [Member] | Ratable Annual Vesting [Member] | Ratable Annual Vesting [Member] | Certain officers [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Certain officers [Member] | Certain officers [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Vesting at End of Performance Period [Member] | Vesting at End of Performance Period [Member] | Certain officers [Member] | Certain officers [Member] | Certain officers [Member] | Certain officers [Member] | Vesting at End of Performance Period [Member] | Vesting at End of Performance Period [Member] | Certain officers [Member] | Certain officers [Member] | Certain officers [Member] | Certain officers [Member] | Certain officers [Member] | |||||||||||||||||||||||||
Vesting at End of Performance Period [Member] | Vesting at End of Performance Period [Member] | Vesting at End of Performance Period [Member] | Vesting at End of Performance Period [Member] | Vesting at End of Performance Period [Member] | Vesting at End of Performance Period [Member] | Vesting at End of Performance Period [Member] | Vesting at End of Performance Period [Member] | Vesting at End of Performance Period [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock-based compensation plans | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | '3 years | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of granted purchase rights (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.26 | $6.97 | $5.22 | ' | ' | ' | ' | ' |
Intrinsic value of options exercised | $5.60 | $21.80 | $16.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum statutory tax withholding related to vested restricted shares | 18.6 | 22.1 | 13.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted under fixed stock option compensation plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the share price of common stock used in the calculation to determine the number of options issued to a director (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted under service and performance awards (in shares) | ' | ' | ' | ' | 500,000 | 500,000 | 700,000 | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | 200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expensed over the service period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.3 | ' | ' | ' | ' | ' | ' | ' | 9.9 | ' | 8.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share Based Compensation Expense Restricted Stock2012 Grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | 5.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Expense | 36.2 | 34.9 | 31 | ' | 21.1 | 21.9 | 19.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.5 | ' | ' | 2 | 1.3 | ' | ' | ' | ' | ' | 0.4 | ' | 1 | 0.9 | 0.9 | 1 | 0.2 | 1 | 0.1 | 0.2 |
Unrecognized compensation expense | ' | ' | ' | ' | 21.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period of recognition (in months) | ' | ' | ' | '21 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share Based Compensation Expense Restricted Stock2011 Grants | ' | ' | ' | ' | ' | ' | ' | 0.8 | 0.9 | 5.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' | ' | ' | ' | ' | 10 | 1.7 | ' | ' | ' | ' | ' | 1.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, service period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individual potential target award, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individual Potential Target Award Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of vested restricted shares | $29.70 | $26.60 | $20.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock purchase plan shares of common stock authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,278,125 | ' | ' | ' | ' | ' | ' | ' |
Percentage of employee compensation eligible to purchase shares of common stock, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
ESPP Plan purchase price of stock (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' |
Shares sold under the ESPP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,683,801 | ' | ' | ' | ' | ' | ' | ' |
STOCKBASED_COMPENSATION_PLAN_R
STOCK-BASED COMPENSATION PLAN (RSU's) (Details) (USD $) | 12 Months Ended |
Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Nonvested, beginning of period (shares) | 2,054,173 |
Granted (shares) | 781,883 |
Vested (shares) | -1,026,993 |
Forfeited (shares) | -85,429 |
Nonvested, end of period (shares) | 1,723,634 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted average grant date fair value, nonvested, beginning of period (dollars per share) | $35.37 |
Weighted average grant date fair value, granted (dollars per share) | $47.24 |
Weighted average grant date fair value, vested (dollars per share) | $28.87 |
Weighted average grant date fair value, forfeited (dollars per share) | $41.63 |
Weighted average grant date fair value, nonvested, end of period (dollars per share) | $41.64 |
STOCKBASED_COMPENSATION_PLAN_V
STOCK-BASED COMPENSATION PLAN (Various Option Plans and Options Outstanding) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Feb. 01, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Number of options outstanding, beginning balance | 718,255 |
Options granted | 12,228 |
Exercised | -138,673 |
Forfeited | -22,992 |
Number of options outstanding, ending balance | 568,818 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Weighted average exercise price per option, outstanding, beginning balance (dollars per share) | $11.66 |
Weighted average exercise price per option granted (dollars per share) | $53.59 |
Weighted average exercise price per option exercised (dollars per share) | $9.05 |
Weighted average exercise price per option forfeited (dollars per share) | $6.67 |
Weighted average exercise price per option, outstanding, ending balance (dollars per share) | $13.40 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' |
Weighted average remaining contractual term of options outstanding (in years) | '3 years 8 months 12 days |
Aggregate intrinsic value of options outstanding | $21.20 |
Options vested and expected to vest (shares) | 568,818 |
Options, vested and expected to vest weighted average exercise price (in dollars per share) | $13.40 |
Weighted average remaining contractual term, vested and expected to vest options (in years) | '3 years 8 months 12 days |
Aggregate intrinsic value, vested and expected to vest options | 21.2 |
Options exercisable at end of period (shares) | 568,818 |
Options exercisable at end of period, weighted average exercise price | $13.40 |
Options exercisable at end of period, weighted average remaining term | '3 years 8 months 12 days |
Options exercisable at end of period, aggregate intrinsic value | $21.20 |
$7.21 to $9.71 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $7.21 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $9.71 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ' |
Options outstanding | 305,840 |
Options outstanding, weighted average remaining contractual life (in years) | '2 years 3 months 18 days |
Options outstanding, weighted average exercise price (dollars per share) | $8.92 |
Options exercisable | 305,840 |
Options exercisable, weighted average exercise price (dollars per share) | $8.92 |
$9.72 to $14.52 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $9.72 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $14.52 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ' |
Options outstanding | 192,214 |
Options outstanding, weighted average remaining contractual life (in years) | '4 years 7 months 6 days |
Options outstanding, weighted average exercise price (dollars per share) | $13.07 |
Options exercisable | 192,214 |
Options exercisable, weighted average exercise price (dollars per share) | $13.07 |
$14.53 to $19.93 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $14.53 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $19.93 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ' |
Options outstanding | 15,516 |
Options outstanding, weighted average remaining contractual life (in years) | '5 years 10 months 24 days |
Options outstanding, weighted average exercise price (dollars per share) | $17.21 |
Options exercisable | 15,516 |
Options exercisable, weighted average exercise price (dollars per share) | $17.21 |
$19.94 to $28.36 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $19.94 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $28.36 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ' |
Options outstanding | 21,132 |
Options outstanding, weighted average remaining contractual life (in years) | '6 years 9 months 18 days |
Options outstanding, weighted average exercise price (dollars per share) | $25.09 |
Options exercisable | 21,132 |
Options exercisable, weighted average exercise price (dollars per share) | $25.09 |
$28.37 to $58.45 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $28.37 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $58.45 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ' |
Options outstanding | 34,116 |
Options outstanding, weighted average remaining contractual life (in years) | '8 years 7 months 6 days |
Options outstanding, weighted average exercise price (dollars per share) | $46.41 |
Options exercisable | 34,116 |
Options exercisable, weighted average exercise price (dollars per share) | $46.41 |
$7.21 to $58.45 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $7.21 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $58.45 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ' |
Options outstanding | 568,818 |
Options outstanding, weighted average remaining contractual life (in years) | '3 years 8 months 12 days |
Options outstanding, weighted average exercise price (dollars per share) | $13.40 |
Options exercisable | 568,818 |
Options exercisable, weighted average exercise price (dollars per share) | $13.40 |
STOCKBASED_COMPENSATION_PLAN_F
STOCK-BASED COMPENSATION PLAN (Fair Value of Employee's Purchase Rights) (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Expected Term | '3 months | '3 months | '3 months |
Expected volatility | 11.60% | 11.90% | 12.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Risk free interest rate | 0.00% | 0.10% | 0.10% |
SALES_OF_INVESTMENT_Details
SALES OF INVESTMENT (Details) (USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Feb. 02, 2013 |
Gain (Loss) on Investments [Line Items] | ' |
Pre-tax Gain on Sale of Investments | $60.80 |
Gain, net of tax, on Sale of Investments | $38.10 |
Increase in Earnings per Diluted Share | $0.16 |
QUARTERLY_FINANCIAL_INFORMATIO2
QUARTERLY FINANCIAL INFORMATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||||
store | store | store | store | store | store | store | store | store | store | ||||||||
QUARTERLY FINANCIAL INFORMATION - (Details) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net sales | $2,234.90 | [1] | $1,884.70 | $1,854.90 | $1,865.80 | [2] | $2,245.80 | [1] | $1,720.50 | $1,704.60 | $1,723.60 | [2] | $7,840.30 | $7,394.50 | $6,630.50 | ||
Gross profit | 825.2 | [1] | 659.9 | 648.7 | 656 | [2] | 850.7 | [1] | 599.6 | 599.6 | 602.7 | [2] | 2,789.80 | 2,652.70 | 2,378.30 | ||
Operating income | 348.2 | [1] | 204.3 | 201.3 | 216.6 | [2] | 363.5 | [1] | 184.2 | 184.4 | 188 | [2] | 970.3 | 920.1 | 782.1 | ||
Net income | $213 | [1] | $125.40 | $124.70 | $133.50 | [2] | $228.60 | [1] | $155.40 | $119.20 | $116.10 | [2] | $596.70 | $619.30 | $488.30 | ||
Diluted net income per share (usd per share) | $1.02 | [1] | $0.58 | $0.56 | $0.59 | [2] | $1.01 | [1] | $0.68 | $0.51 | $0.50 | [2] | $2.72 | $2.68 | $2.01 | ||
Stores open at end of quarter | 4,992 | [1] | 4,953 | 4,842 | 4,763 | [2] | 4,671 | [1] | 4,630 | 4,523 | 4,451 | [2] | 4,992 | [1] | 4,671 | [1] | ' |
Comparable store net sales change (in hundredths) | 1.20% | [1] | 3.10% | 3.70% | 2.10% | [2] | 2.40% | [1] | 1.60% | 4.50% | 5.60% | [2] | ' | ' | ' | ||
[1] | Fiscal 2012 contains 14 weeks ended February 2, 2013 | ||||||||||||||||
[2] | Easter was observed on March 31, 2013 and April 8, 201 |