Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Oct. 31, 2013 | |
Document Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Oct-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Trading Symbol | 'TIF |
Entity Registrant Name | 'TIFFANY & CO |
Entity Central Index Key | '0000098246 |
Current Fiscal Year End Date | '--01-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 128,048,324 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $521,200 | $504,838 | $344,512 |
Accounts receivable, less allowances of $10,456, $9,710 and $8,796 | 165,862 | 173,998 | 160,604 |
Inventories, net | 2,418,710 | 2,234,334 | 2,289,571 |
Deferred income taxes | 78,020 | 79,508 | 106,744 |
Prepaid expenses and other current assets | 178,710 | 158,911 | 181,375 |
Total current assets | 3,362,502 | 3,151,589 | 3,082,806 |
Property, plant and equipment, net | 836,062 | 818,838 | 800,225 |
Deferred income taxes | 315,398 | 306,385 | 269,546 |
Other assets, net | 365,539 | 354,038 | 297,418 |
Total Assets | 4,879,501 | 4,630,850 | 4,449,995 |
Current liabilities: | ' | ' | ' |
Short-term borrowings | 252,016 | 194,034 | 196,279 |
Accounts payable and accrued liabilities | 309,798 | 295,424 | 284,189 |
Income taxes payable | 16,190 | 30,487 | 17,958 |
Merchandise and other customer credits | 66,110 | 66,647 | 65,996 |
Total current liabilities | 644,114 | 586,592 | 564,422 |
Long-term debt | 755,724 | 765,238 | 781,637 |
Pension/postretirement benefit obligations | 348,561 | 361,246 | 322,033 |
Deferred gains on sale-leasebacks | 85,464 | 96,724 | 108,962 |
Other long-term liabilities | 223,684 | 209,732 | 205,720 |
Commitments and contingencies | ' | ' | ' |
Stockholders' equity: | ' | ' | ' |
Preferred Stock, $0.01 par value; authorized 2,000 shares, none issued and outstanding | 0 | 0 | 0 |
Common Stock, $0.01 par value; authorized 240,000 shares, issued and outstanding 128,048, 126,934 and 126,774 | 1,280 | 1,269 | 1,267 |
Additional paid-in capital | 1,074,522 | 1,019,997 | 1,010,418 |
Retained earnings | 1,829,591 | 1,671,341 | 1,532,358 |
Accumulated other comprehensive loss, net of tax | -96,177 | -93,875 | -89,320 |
Total Tiffany & Co. stockholders' equity | 2,809,216 | 2,598,732 | 2,454,723 |
Non-controlling interests | 12,738 | 12,586 | 12,498 |
Total stockholders' equity | 2,821,954 | 2,611,318 | 2,467,221 |
Total Liabilities and Stockholders' Equity | $4,879,501 | $4,630,850 | $4,449,995 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | ' | ' | ' |
Allowance for doubtful accounts receivable, current | $10,456 | $9,710 | $8,796 |
Preferred Stock, par value | $0.01 | $0.01 | $0.01 |
Preferred Stock, shares authorized | 2,000 | 2,000 | 2,000 |
Preferred Stock, shares issued | ' | ' | ' |
Preferred Stock, shares outstanding | ' | ' | ' |
Common Stock, par value | $0.01 | $0.01 | $0.01 |
Common Stock, shares authorized | 240,000 | 240,000 | 240,000 |
Common Stock, shares issued | 128,048 | 126,934 | 126,744 |
Common Stock, shares outstanding | 128,048 | 126,934 | 126,744 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $911,478 | $852,741 | $2,732,846 | $2,558,480 |
Cost of sales | 391,997 | 388,452 | 1,178,012 | 1,126,011 |
Gross profit | 519,481 | 464,289 | 1,554,834 | 1,432,469 |
Selling, general and administrative expenses | 365,863 | 346,994 | 1,083,172 | 1,025,609 |
Earnings from operations | 153,618 | 117,295 | 471,662 | 406,860 |
Interest and other expenses, net | 13,922 | 14,783 | 41,328 | 39,587 |
Earnings from operations before income taxes | 139,696 | 102,512 | 430,334 | 367,273 |
Provision for income taxes | 45,086 | 39,333 | 145,366 | 130,759 |
Net earnings | $94,610 | $63,179 | $284,968 | $236,514 |
Net earnings per share: | ' | ' | ' | ' |
Basic | $0.74 | $0.50 | $2.23 | $1.87 |
Diluted | $0.73 | $0.49 | $2.21 | $1.85 |
Weighted-average number of common shares: | ' | ' | ' | ' |
Basic | 128,004 | 126,737 | 127,716 | 126,697 |
Diluted | 128,974 | 127,902 | 128,729 | 127,914 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $94,610 | $63,179 | $284,968 | $236,514 |
Other comprehensive (loss) earnings, net of tax | ' | ' | ' | ' |
Foreign currency translation adjustments | 19,555 | 15,338 | -11,229 | -4,942 |
Unrealized gain on marketable securities | 1,982 | 647 | 1,877 | 1,363 |
Unrealized loss (gain) on hedging instruments | -1,409 | 5,518 | -1,599 | -8,095 |
Net unrealized gain on benefit plans | 3,013 | 2,479 | 8,649 | 7,484 |
Other comprehensive earnings (loss), net of tax | 23,141 | 23,982 | -2,302 | -4,190 |
Comprehensive earnings | $117,751 | $87,161 | $282,666 | $232,324 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (USD $) | Total | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Non-controlling Interests [Member] |
In Thousands | ||||||
Beginning Balances at Jan. 31, 2013 | $2,611,318 | $1,671,341 | ($93,875) | $1,269 | $1,019,997 | $12,586 |
Beginning Balance, Shares at Jan. 31, 2013 | 126,934 | ' | ' | 126,934 | ' | ' |
Exercise of stock options and vesting of restricted stock units ("RSUs") | 18,687 | 0 | 0 | 11 | 18,676 | 0 |
Exercise of stock options and vesting of restricted stock units ("RSUs"), shares | ' | ' | ' | 1,114 | ' | ' |
Tax effect of exercise of stock options and vesting of RSUs | 12,178 | 0 | 0 | 0 | 12,178 | 0 |
Share-based compensation expense | 23,671 | 0 | 0 | 0 | 23,671 | 0 |
Cash dividends on Common Stock | -126,718 | -126,718 | 0 | 0 | 0 | 0 |
Other comprehensive loss, net of tax | -2,302 | 0 | -2,302 | 0 | 0 | 0 |
Net earnings | 284,968 | 284,968 | 0 | 0 | 0 | 0 |
Non-controlling interests | 152 | 0 | 0 | 0 | 0 | 152 |
Ending Balances at Oct. 31, 2013 | $2,821,954 | $1,829,591 | ($96,177) | $1,280 | $1,074,522 | $12,738 |
Ending Balance, Shares at Oct. 31, 2013 | 128,048 | ' | ' | 128,048 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net earnings | $284,968,000 | $236,514,000 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 131,921,000 | 120,158,000 |
Amortization of gain on sale-leasebacks | -7,110,000 | -8,181,000 |
Excess tax benefits from share-based payment arrangements | -12,112,000 | -10,847,000 |
Provision for inventories | 26,638,000 | 28,346,000 |
Deferred income taxes | -15,446,000 | -24,389,000 |
Provision for pension/postretirement benefits | 36,753,000 | 34,486,000 |
Share-based compensation expense | 23,435,000 | 22,618,000 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 3,481,000 | 20,351,000 |
Inventories | -232,654,000 | -250,222,000 |
Prepaid expenses and other current assets | -9,862,000 | -16,319,000 |
Accounts payable and accrued liabilities | 11,100,000 | -31,009,000 |
Income taxes payable | -9,054,000 | -61,936,000 |
Merchandise and other customer credits | -78,000 | -406,000 |
Other, net | -26,848,000 | -38,029,000 |
Net cash provided by (used in) operating activities | 205,132,000 | 21,135,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of marketable securities and short-term investments | -945,000 | -13,164,000 |
Proceeds from sale of marketable securities and short-term investments | 0 | 19,289,000 |
Capital expenditures | -148,520,000 | -157,264,000 |
Notes receivable funded | -3,050,000 | -1,000,000 |
Proceeds from notes receivable | 837,000 | 0 |
Investment in leasehold rights | 0 | -35,605,000 |
Payment for acquisition | 0 | -25,000,000 |
Net cash used in investing activities | -151,678,000 | -212,744,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from credit facility borrowings, net | 43,233,000 | 57,340,000 |
Proceeds from other credit facility borrowings | 87,670,000 | 26,972,000 |
Repayment of other credit facility borrowings | -68,751,000 | 0 |
Repayments of Long-term Debt | 0 | -60,000,000 |
Proceeds from Issuance of Long-term Debt | 0 | 250,000,000 |
Payment for settlement of interest rate swaps | 0 | -29,335,000 |
Repurchase of Common Stock | 0 | -54,107,000 |
Proceeds from exercise of stock options | 18,687,000 | 8,751,000 |
Excess tax benefits from share-based payment arrangements | 12,112,000 | 10,847,000 |
Cash dividends on Common Stock | -126,718,000 | -117,934,000 |
Proceeds from Noncontrolling Interests | 0 | 12,750,000 |
Distribution to non-controlling interest | -666,000 | 0 |
Financing fees | -949,000 | -1,199,000 |
Net cash (used in) provided by financing activities | -35,382,000 | 104,085,000 |
Effect of exchange rate changes on cash and cash equivalents | -1,710,000 | -1,918,000 |
Net decrease in cash and cash equivalents | 16,362,000 | -89,442,000 |
Cash and cash equivalents at beginning of year | 504,838,000 | 433,954,000 |
Cash and cash equivalents at end of six months | $521,200,000 | $344,512,000 |
Condensed_Consolidated_Financi
Condensed Consolidated Financial Statements | 9 Months Ended |
Oct. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Condensed Consolidated Financial Statements | ' |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |
The accompanying condensed consolidated financial statements include the accounts of Tiffany & Co. (also referred to as the Registrant) and its subsidiaries (the “Company”) in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights or, in the case of variable interest entities (VIEs), if the Company has the power to significantly direct the activities of a VIE, as well as the obligation to absorb significant losses of or the right to receive significant benefits from the VIE. Intercompany accounts, transactions and profits have been eliminated in consolidation. The interim statements are unaudited and, in the opinion of management, include all adjustments (which represent normal recurring adjustments) necessary to fairly state the Company’s financial position as of October 31, 2013 and 2012 and the results of its operations and cash flows for the interim periods presented. The condensed consolidated balance sheet data for January 31, 2013 is derived from the audited financial statements, which are included in the Company’s Annual Report on Form 10-K and should be read in connection with these financial statements. As permitted by the rules of the Securities and Exchange Commission, these financial statements do not include all disclosures required by generally accepted accounting principles. | |
The Company’s business is seasonal in nature, with the fourth quarter typically representing at least one-third of annual net sales and a higher percentage of annual net earnings. Therefore, the results of its operations for the three and nine months ended October 31, 2013 and 2012 are not necessarily indicative of the results of the entire fiscal year. |
New_Accounting_Standards_New_A
New Accounting Standards New Accounting Standards | 9 Months Ended |
Oct. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements, Policy | ' |
NEW ACCOUNTING STANDARDS | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”, which requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss (“NOL”) carryforward, a similar tax loss, or a tax credit carryforward. If an NOL carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The new guidance is effective for fiscal years beginning after December 15, 2013 and earlier adoption is permitted. The Company is currently evaluating the impact of the new guidance; however, management does not believe it will have a material effect on the Company’s financial position or earnings. |
Receivables_and_Financing_Arra
Receivables and Financing Arrangements | 9 Months Ended |
Oct. 31, 2013 | |
Receivables [Abstract] | ' |
Receivables and Financing Arrangements | ' |
RECEIVABLES AND FINANCING ARRANGEMENTS | |
Receivables. The Company maintains an allowance for doubtful accounts for estimated losses associated with the accounts receivable recorded on the balance sheet. The allowance is determined based on a combination of factors including, but not limited to, the length of time that the receivables are past due, the Company’s knowledge of the customer, economic and market conditions and historical write-off experiences. | |
For the receivables associated with Tiffany & Co. credit cards (“Credit Card Receivables”), the Company uses various indicators to determine whether to extend credit to customers and the amount of credit. Such indicators include reviewing prior experience with the customer, including sales and collection history, and using applicants’ credit reports and scores provided by credit rating agencies. Credit Card Receivables require minimum balance payments. The Company classifies a Credit Card account as overdue if a minimum balance payment has not been received within the allotted timeframe (generally 30 days), after which internal collection efforts commence. For all accounts receivable recorded on the balance sheet, once all internal collection efforts have been exhausted and management has reviewed the account, the account balance is written off and may be sent for external collection or legal action. At October 31, 2013 and 2012, the carrying amount of the Credit Card Receivables (recorded in accounts receivable, net) was $51,623,000 and $52,717,000, of which 97% were considered current in both periods. The allowance for doubtful accounts for estimated losses associated with the Credit Card Receivables (approximately $1,000,000 at October 31, 2013 and $1,500,000 at October 31, 2012) was determined based on the factors discussed above. Finance charges on Credit Card accounts are not significant. | |
Financing Arrangements. The Company may, from time to time, provide financing to diamond mining and exploration companies in order to obtain rights to purchase the mine’s output. Management evaluates these and any other financing arrangements that may arise for potential impairment by reviewing the parties’ financial statements and projections and business, operational and other economic factors on a periodic basis. As of October 31, 2013 and 2012, the current portion of the carrying amount of financing arrangements including accrued interest was $14,765,000 and $12,426,000 and was recorded in prepaid expenses and other current assets. As of October 31, 2013 and 2012, the non-current portion of the carrying amount of financing arrangements including accrued interest was $59,179,000 and $46,808,000 and was included in other assets, net. The Company has not recorded any material impairment charges on such loans as of October 31, 2013 and 2012. |
Inventories
Inventories | 9 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
INVENTORIES | ||||||||||||
(in thousands) | October 31, | January 31, | October 31, | |||||||||
2013 | 2013 | 2012 | ||||||||||
Finished goods | $ | 1,440,114 | $ | 1,291,235 | $ | 1,377,518 | ||||||
Raw materials | 860,507 | 790,732 | 745,334 | |||||||||
Work-in-process | 118,089 | 152,367 | 166,719 | |||||||||
Inventories, net | $ | 2,418,710 | $ | 2,234,334 | $ | 2,289,571 | ||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The effective income tax rates for the three and nine months ended October 31, 2013 were 32.3% and 33.8% versus 38.4% and 35.6% in the prior year. The lower effective income tax rate for the three and nine months ended October 31, 2013 is due to the one-time impact of favorable tax regulations as well as differences in the geographical mix of earnings. The higher effective income tax rate for the three months ended October 31, 2012 was primarily due to the true-up of the prior year's tax provision upon filing the 2011 tax returns. | |
During the nine months ended October 31, 2013, the change in the gross amount of unrecognized tax benefits and accrued interest and penalties was not significant. | |
The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. As a matter of course, various taxing authorities regularly audit the Company. The Company’s tax filings are currently being examined by a number of tax authorities in various jurisdictions. Ongoing audits where subsidiaries have a material presence include New York state (tax years 2008–2011), New York City (tax years 2009–2010), as well as an audit that is being conducted by the Internal Revenue Service (tax years 2006–2009). Tax years from 2006–present are open to examination in U.S. Federal and various state, local and foreign jurisdictions. The Company believes that its tax positions comply with applicable tax laws and that it has adequately provided for these matters. However, the audits may result in proposed assessments where the ultimate resolution may result in the Company owing additional taxes. Management anticipates that it is reasonably possible that the total gross amount of unrecognized tax benefits will decrease by approximately $20,000,000 in the next 12 months, a portion of which may affect the effective tax rate; however, management does not currently anticipate a significant effect on net earnings. Future developments may result in a change in this assessment. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
Basic earnings per share (“EPS”) is computed as net earnings divided by the weighted-average number of common shares outstanding for the period. Diluted EPS includes the dilutive effect of the assumed exercise of stock options and unvested restricted stock units. | ||||||||||||||||
The following table summarizes the reconciliation of the numerators and denominators for the basic and diluted EPS computations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net earnings for basic and diluted EPS | $ | 94,610 | $ | 63,179 | $ | 284,968 | $ | 236,514 | ||||||||
Weighted-average shares for basic EPS | 128,004 | 126,737 | 127,716 | 126,697 | ||||||||||||
Incremental shares based upon the assumed exercise of | 970 | 1,165 | 1,013 | 1,217 | ||||||||||||
stock options and unvested restricted stock units | ||||||||||||||||
Weighted-average shares for diluted EPS | 128,974 | 127,902 | 128,729 | 127,914 | ||||||||||||
For the three months ended October 31, 2013 and 2012, there were 350,000 and 758,000 stock options and restricted stock units excluded from the computations of earnings per diluted share due to their antidilutive effect. For the nine months ended October 31, 2013 and 2012, there were 509,000 and 843,000 stock options and restricted stock units excluded from the computations of earnings per diluted share due to their antidilutive effect. |
Hedging_Instruments
Hedging Instruments | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Hedging Instruments | ' | |||||||||||||||
HEDGING INSTRUMENTS | ||||||||||||||||
Background Information | ||||||||||||||||
The Company uses derivative financial instruments, including interest rate swaps, forward contracts, put option contracts and net-zero-cost collar arrangements (combination of call and put option contracts) to mitigate its exposures to changes in interest rates, foreign currency and precious metal prices. Derivative instruments are recorded on the consolidated balance sheet at their fair values, as either assets or liabilities, with an offset to current or comprehensive earnings, depending on whether the derivative is designated as part of an effective hedge transaction and, if it is, the type of hedge transaction. If a derivative instrument meets certain hedge accounting criteria, it is designated as one of the following on the date it is entered into: | ||||||||||||||||
• | Fair Value Hedge – A hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment. For fair value hedge transactions, both the effective and ineffective portions of the changes in the fair value of the derivative and changes in the fair value of the item being hedged are recorded in current earnings. | |||||||||||||||
• | Cash Flow Hedge – A hedge of the exposure to variability in the cash flows of a recognized asset, liability or a forecasted transaction. For cash flow hedge transactions, the effective portion of the changes in fair value of derivatives are reported as other comprehensive income (“OCI”) and are recognized in current earnings in the period or periods during which the hedged transaction affects current earnings. Amounts excluded from the effectiveness calculation and any ineffective portions of the change in fair value of the derivative are recognized in current earnings. | |||||||||||||||
The Company formally documents the nature of and relationships between the hedging instruments and hedged items for a derivative to qualify as a hedge at inception and throughout the hedged period. The Company also documents its risk management objectives, strategies for undertaking the various hedge transactions and method of assessing hedge effectiveness. Additionally, for hedges of forecasted transactions, the significant characteristics and expected terms of a forecasted transaction must be identified, and it must be probable that each forecasted transaction will occur. If it were deemed probable that the forecasted transaction would not occur, the gain or loss on the derivative financial instrument would be recognized in current earnings. Derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedge instrument and the item being hedged, both at inception and throughout the hedged period. | ||||||||||||||||
The Company does not use derivative financial instruments for trading or speculative purposes. | ||||||||||||||||
Types of Derivative Instruments | ||||||||||||||||
Interest Rate Swaps – In the six months ended July 31, 2012, the Company entered into forward-starting interest rate swaps to hedge the impact of interest rate volatility on future interest payments associated with the anticipated incurrence of additional long-term debt which was incurred in July 2012. The Company accounted for the forward-starting interest rate swaps as cash flow hedges. The Company settled the interest rate swaps in the three months ended July 31, 2012 and paid $29,335,000. | ||||||||||||||||
Foreign Exchange Forward and Put Option Contracts – The Company uses foreign exchange forward contracts or put option contracts to offset the foreign currency exchange risks associated with foreign currency-denominated liabilities, intercompany transactions and forecasted purchases of merchandise between entities with differing functional currencies. For put option contracts, if the market exchange rate at the time of the put option contract’s expiration is stronger than the contracted exchange rate, the Company allows the put option contract to expire, limiting its loss to the cost of the put option contract. The Company assesses hedge effectiveness based on the total changes in the put option contracts’ cash flows. These foreign exchange forward contracts and put option contracts are designated and accounted for as either cash flow hedges or economic hedges that are not designated as hedging instruments. | ||||||||||||||||
As of October 31, 2013, the notional amount of foreign exchange forward contracts accounted for as cash flow hedges was $162,035,000 and the notional amount of foreign exchange forward contracts accounted for as undesignated hedges was $29,193,000. The term of all outstanding foreign exchange forward and put option contracts as of October 31, 2013 ranged from less than one month to 12 months. | ||||||||||||||||
Precious Metal Collars & Forward Contracts – The Company periodically hedges a portion of its forecasted purchases of precious metals for use in its internal manufacturing operations in order to minimize the effect of volatility in precious metal prices. The Company may use either a combination of call and put option contracts in net-zero-cost collar arrangements (“precious metal collars”) or forward contracts. For precious metal collars, if the price of the precious metal at the time of the expiration of the precious metal collar is within the call and put price, the precious metal collar expires at no cost to the Company. The Company accounts for its precious metal collars and forward contracts as cash flow hedges. The Company assesses hedge effectiveness based on the total changes in the precious metal collars and forward contracts’ cash flows. The maximum term over which the Company is hedging its exposure to the variability of future cash flows for all forecasted transactions is 12 months. As of October 31, 2013, there were approximately 17,400 ounces of platinum and 411,000 ounces of silver precious metal derivative instruments outstanding. | ||||||||||||||||
Information on the location and amounts of derivative gains and losses in the condensed consolidated financial statements is as follows: | ||||||||||||||||
Three Months Ended October 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | Pre-Tax Gain | Gain (Loss) | Pre-Tax Gain (Loss) | Loss Reclassified | ||||||||||||
(Loss) Recognized | Reclassified from | Recognized | from Accumulated | |||||||||||||
in OCI (Effective | Accumulated OCI | in OCI | OCI into Earnings | |||||||||||||
Portion) | into Earnings | (Effective Portion) | (Effective Portion) | |||||||||||||
(Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging | ||||||||||||||||
Relationships: | ||||||||||||||||
Foreign exchange forward contracts a | $ | 1,084 | $ | 5,642 | $ | 2,513 | $ | (589 | ) | |||||||
Put option contracts a | (6 | ) | 669 | (47 | ) | — | ||||||||||
Precious metal forward contracts a | 1,743 | (1,105 | ) | 3,192 | (2,153 | ) | ||||||||||
Forward-starting interest rate swaps b | — | (381 | ) | — | (399 | ) | ||||||||||
$ | 2,821 | $ | 4,825 | $ | 5,658 | $ | (3,141 | ) | ||||||||
Nine Months Ended October 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | Pre-Tax Gain | Gain (Loss) | Pre-Tax Gain | Loss Reclassified | ||||||||||||
(Loss) Recognized | Reclassified from | (Loss) Recognized | from Accumulated | |||||||||||||
in OCI (Effective | Accumulated OCI | in OCI | OCI into Earnings | |||||||||||||
Portion) | into Earnings | (Effective Portion) | (Effective Portion) | |||||||||||||
(Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging | ||||||||||||||||
Relationships: | ||||||||||||||||
Foreign exchange forward contracts a | $ | 10,451 | $ | 10,710 | $ | 6,774 | $ | (4,902 | ) | |||||||
Put option contracts a | 1,264 | 1,599 | (456 | ) | (129 | ) | ||||||||||
Precious metal forward contracts a | (5,656 | ) | (3,038 | ) | (4,520 | ) | (5,292 | ) | ||||||||
Forward-starting interest rate swaps b | — | (1,157 | ) | (26,511 | ) | (533 | ) | |||||||||
$ | 6,059 | $ | 8,114 | $ | (24,713 | ) | $ | (10,856 | ) | |||||||
a | The gain or loss recognized in earnings is included within Cost of sales. | |||||||||||||||
b | The gain or loss recognized in earnings is included within Interest and other expenses, net. | |||||||||||||||
The gains and losses on derivatives not designated as hedging instruments were not significant in the three and nine months ended October 31, 2013 and 2012. There was no material ineffectiveness related to the Company’s hedging instruments for the periods ended October 31, 2013 and 2012. The Company expects approximately $15,459,000 of net pre-tax derivative gains included in accumulated other comprehensive income at October 31, 2013 will be reclassified into earnings within the next 12 months. This amount will vary due to fluctuations in foreign currency exchange rates and precious metal prices. | ||||||||||||||||
For information regarding the location and amount of the derivative instruments in the Condensed Consolidated Balance Sheet, refer to “Note 8. Fair Value of Financial Instruments.” | ||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||
A number of major international financial institutions are counterparties to the Company’s derivative financial instruments. The Company enters into derivative financial instrument agreements only with counterparties meeting certain credit standards (a credit rating of A/A2 or better at the time of the agreement) and limits the amount of agreements or contracts it enters into with any one party. The Company may be exposed to credit losses in the event of nonperformance by individual counterparties or the entire group of counterparties. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. U.S. GAAP prescribes three levels of inputs that may be used to measure fair value: | ||||||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 inputs are considered to carry the most weight within the fair value hierarchy due to the low levels of judgment required in determining fair values. | ||||||||||||||||||||
Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||||||||||
Level 3 – Unobservable inputs reflecting the reporting entity’s own assumptions. Level 3 inputs are considered to carry the least weight within the fair value hierarchy due to substantial levels of judgment required in determining fair values. | ||||||||||||||||||||
The Company uses the market approach to measure fair value for its marketable securities, time deposits and derivative instruments. The Company’s interest rate swaps were primarily valued using the 3-month LIBOR rate. The Company’s put option contracts, as well as its foreign exchange forward contracts, are primarily valued using the appropriate foreign exchange spot rates. The Company’s precious metal forward contracts are primarily valued using the relevant precious metal spot rate. For further information on the Company’s hedging instruments and program, see “Note 7. Hedging Instruments.” | ||||||||||||||||||||
Financial assets and liabilities carried at fair value at October 31, 2013 are classified in the table below in one of the three categories described above: | ||||||||||||||||||||
Carrying | Estimated Fair Value | Total Fair | ||||||||||||||||||
(in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||
Marketable securities a | $ | 52,201 | $ | 52,201 | $ | — | $ | — | $ | 52,201 | ||||||||||
Derivatives designated as hedging | ||||||||||||||||||||
instruments: | ||||||||||||||||||||
Precious metal forward contracts b | 952 | — | 952 | — | 952 | |||||||||||||||
Foreign exchange forward contracts b | 8,590 | — | 8,590 | — | 8,590 | |||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||||
instruments: | ||||||||||||||||||||
Foreign exchange forward contracts b | 353 | — | 353 | — | 353 | |||||||||||||||
Total financial assets | $ | 62,096 | $ | 52,201 | $ | 9,895 | $ | — | $ | 62,096 | ||||||||||
Carrying | Estimated Fair Value | Total Fair | ||||||||||||||||||
(in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||
Derivatives designated as hedging | ||||||||||||||||||||
instruments: | ||||||||||||||||||||
Precious metal forward contracts c | $ | 824 | $ | — | $ | 824 | $ | — | $ | 824 | ||||||||||
Foreign exchange forward contracts c | 490 | — | 490 | — | 490 | |||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||||
instruments: | ||||||||||||||||||||
Foreign exchange forward contracts c | 27 | — | 27 | — | 27 | |||||||||||||||
Total financial liabilities | $ | 1,341 | $ | — | $ | 1,341 | $ | — | $ | 1,341 | ||||||||||
Financial assets and liabilities carried at fair value at October 31, 2012 are classified in the table below in one of the three categories described above: | ||||||||||||||||||||
Carrying | Estimated Fair Value | Total Fair | ||||||||||||||||||
(in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||
Marketable securities a | $ | 42,399 | $ | 42,399 | $ | — | $ | — | $ | 42,399 | ||||||||||
Time deposits b | 1,362 | 1,362 | — | — | 1,362 | |||||||||||||||
Derivatives designated as hedging | ||||||||||||||||||||
instruments: | ||||||||||||||||||||
Precious metal forward contracts b | 783 | — | 783 | — | 783 | |||||||||||||||
Put option contracts b | 95 | — | 95 | — | 95 | |||||||||||||||
Foreign exchange forward contracts b | 2,762 | — | 2,762 | — | 2,762 | |||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||||
instruments: | ||||||||||||||||||||
Foreign exchange forward contracts b | 55 | — | 55 | — | 55 | |||||||||||||||
Total financial assets | $ | 47,456 | $ | 43,761 | $ | 3,695 | $ | — | $ | 47,456 | ||||||||||
Carrying | Estimated Fair Value | Total Fair | ||||||||||||||||||
(in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||
Derivatives designated as hedging | ||||||||||||||||||||
instruments: | ||||||||||||||||||||
Precious metal forward contracts c | $ | 1,144 | $ | — | $ | 1,144 | $ | — | $ | 1,144 | ||||||||||
Foreign exchange forward contracts c | 12 | — | 12 | — | 12 | |||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||||
instruments: | ||||||||||||||||||||
Foreign exchange forward contracts c | 824 | — | 824 | — | 824 | |||||||||||||||
Total financial liabilities | $ | 1,980 | $ | — | $ | 1,980 | $ | — | $ | 1,980 | ||||||||||
a | Included within Other assets, net. | |||||||||||||||||||
b | Included within Prepaid expenses and other current assets. | |||||||||||||||||||
c | Included within Accounts payable and accrued liabilities. | |||||||||||||||||||
The fair value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates carrying value due to the short-term maturities of these assets and liabilities and would be measured using Level 1 inputs. The fair value of debt with variable interest rates approximates carrying value and is measured using Level 2 inputs. The fair value of debt with fixed interest rates was determined using the quoted market prices of debt instruments with similar terms and maturities, which are considered Level 2 inputs. The total carrying value of short-term borrowings and long-term debt was $1,007,740,000 and $977,916,000 and the corresponding fair value was approximately $1,100,000,000 at both October 31, 2013 and 2012. |
Debt_Debt_Notes
Debt Debt (Notes) | 9 Months Ended |
Oct. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure | ' |
DEBT | |
In July 2013, Tiffany & Co.’s wholly-owned subsidiary, Tiffany & Co. (Shanghai) Commercial Company Limited (“Tiffany-Shanghai”), entered into a three-year multi-bank revolving credit agreement (the “Credit Agreement”). The Credit Agreement has an aggregate borrowing limit of RMB 930,000,000 ($152,594,000 at October 31, 2013). The Credit Agreement is available for Tiffany-Shanghai’s general working capital requirements, which included repayment of a portion of the indebtedness under Tiffany-Shanghai’s existing bank loan facilities. The Credit Agreement contains affirmative and negative covenants usual and customary for facilities of this size and purpose. The six lenders party to the Credit Agreement will make loans, upon Tiffany-Shanghai’s request, for periods of up to 12 months at the applicable interest rates as announced by the People's Bank of China. There was $57,428,000 outstanding and $95,166,000 available to be borrowed under the Credit Agreement at October 31, 2013. The interest rate applicable to the outstanding borrowings at October 31, 2013 was 6.0%. The Credit Agreement matures in July 2016. | |
Under all of the Company’s revolving credit facilities (including the Credit Agreement discussed above), there were $252,016,000 of borrowings outstanding, $4,003,000 letters of credit issued but not outstanding and $566,852,000 available for borrowing at October 31, 2013. The weighted-average interest rate for the amount outstanding at October 31, 2013 was 3.26%. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||
Oct. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
Leases. In April 2010, Tiffany and Company (“Tiffany”), the Company’s principal operating subsidiary, committed to a plan to consolidate and relocate its New York headquarters staff to a single leased location in New York City from three separate locations leased in midtown Manhattan. The move occurred in June 2011. Tiffany subleased most of those previously occupied properties through the end of their lease terms which run through 2015, but has recovered only a portion of its rent obligations due to market conditions. | ||||
The Company recorded accrued exit charges of $30,884,000 during the second quarter of 2011 within other long-term liabilities associated with the relocation. The following is a reconciliation of the accrued exit charges: | ||||
(in thousands) | ||||
Balance at January 31, 2013 | $ | 16,164 | ||
Cash payments, net of estimated sublease income | (1,518 | ) | ||
Interest accretion | 108 | |||
Balance at April 30, 2013 | 14,754 | |||
Cash payments, net of estimated sublease income | (1,518 | ) | ||
Interest accretion | 98 | |||
Balance at July 31, 2013 | 13,334 | |||
Cash payments, net of estimated sublease income | (1,518 | ) | ||
Interest accretion | 89 | |||
Balance at October 31, 2013 | $ | 11,905 | ||
Diamond sourcing activities. In March 2011, Laurelton Diamonds, Inc. (“Laurelton”), a wholly-owned subsidiary of the Company, as lender, entered into a $50,000,000 amortizing term loan facility agreement (the “Loan”) with Koidu Limited (previously Koidu Holdings S.A.) (“Koidu”), as borrower, and BSG Resources Limited, as a limited guarantor. Koidu operates a kimberlite diamond mine in Sierra Leone (the “Mine”) from which Laurelton now acquires diamonds. On March 29, 2013, the Company entered into an amendment relating to the Loan, deferring principal and interest payments due in 2013 to subsequent years. The Loan, as amended, is required to be repaid in full by March 2017 through semi-annual payments scheduled to begin in March 2014. | ||||
Litigation. On June 24, 2011, The Swatch Group Ltd. (“Swatch”) and its wholly-owned subsidiary Tiffany Watch Co. (“Watch Company”; Swatch and Watch Company, together, the “Swatch Parties”), initiated an arbitration proceeding against the Registrant and its wholly-owned subsidiaries, Tiffany and Company and Tiffany (NJ) Inc. (the Registrant and such subsidiaries, together, the “Tiffany Parties”), seeking damages for alleged breach of agreements entered into by and among the Swatch Parties and the Tiffany Parties that came into effect in December 2007 (the “Agreements”). The Agreements pertain to the development and commercialization of a watch business and, among other things, contained various licensing and governance provisions and approval requirements relating to business, marketing and branding plans and provisions allocating profits relating to sales of the watch business between the Swatch Parties and the Tiffany Parties. | ||||
All claims and counterclaims between and among the Swatch Parties and the Tiffany Parties under the Agreements will be determined through a confidential arbitration (the “Arbitration”). The Arbitration is pending before a three member arbitral panel (the “Panel”) convened pursuant to the Arbitration Rules of the Netherlands Arbitration Institute in the Netherlands. | ||||
On September 12, 2011, the Swatch Parties publicly issued a Notice of Termination purporting to terminate the Agreements due to alleged material breach by the Tiffany Parties. | ||||
On December 23, 2011, the Swatch Parties filed a Statement of Claim in the Arbitration providing additional detail with regard to the allegations by the Swatch Parties and setting forth their damage claims. In general terms, the Swatch Parties allege that the Tiffany Parties have breached the Agreements by obstructing and delaying development of Watch Company’s business and otherwise failing to proceed in good faith. The Swatch Parties seek damages based on alternate theories ranging from CHF 73,000,000 (or approximately $81,000,000 at October 31, 2013) (based on alleged wasted investment) to CHF 3,800,000,000 (or approximately $4,200,000,000 at October 31, 2013) (calculated based on alleged future lost profits of the Swatch Parties and their affiliates over the entire term of the Agreements). | ||||
The Registrant believes that the claims of the Swatch Parties are without merit and has defended vigorously and (together with the other Tiffany Parties) filed a Statement of Defense and Counterclaim on March 9, 2012. As detailed in the filing, the Tiffany Parties disputed both the merits of the Swatch Parties’ claims and the calculation of the alleged damages. The Tiffany Parties also asserted counterclaims for damages attributable to breach by the Swatch Parties and for termination due to such breach. In general terms, the Tiffany Parties allege that the Swatch Parties did not have grounds for termination, failed to meet the high standard for proving material breach set forth in the Agreements and failed to provide appropriate management, distribution, marketing and other resources for TIFFANY & CO. brand watches and to honor their contractual obligations to the Tiffany Parties regarding brand management. The Tiffany Parties’ counterclaims seek damages based on alternate theories ranging from CHF 120,000,000 (or approximately $133,000,000 at October 31, 2013) (based on wasted investment) to approximately CHF 540,000,000 (or approximately $600,000,000 at October 31, 2013) (calculated based on future lost profits of the Tiffany Parties). | ||||
Management has not included any accrual in the condensed consolidated financial statements related to the Arbitration as a result of its assessment that an award of damages to the Swatch Parties in the Arbitration is not probable. If the Swatch Parties’ claims were accepted on their merits, the damages award cannot be reasonably estimated at this time but could have a material adverse effect on the Registrant’s consolidated financial statements or liquidity. | ||||
The arbitration hearing was held in October 2012. At the hearing, witnesses were examined and the Panel ordered additional briefs and submissions to complete the record. The record was completed in mid-February 2013, and the Panel will issue its decision at an undetermined future date. In their submissions to the Panel, the Swatch Parties and the Tiffany Parties requested that the Panel determine that the Agreements should be terminated and asked, should the Panel find neither the Swatch Parties nor the Tiffany Parties to be in material breach of their respective obligations under the Agreements, that the Panel nonetheless determine that the Agreements be deemed terminated as of October 1, 2013. Upon termination of the Agreements, the Swatch Parties will no longer be responsible for the manufacture and distribution, through third party retailers, of TIFFANY & CO. brand watches. Royalties payable to the Tiffany Parties by Watch Company under the Agreements have not been significant in any year. Watches manufactured by Watch Company and sold in TIFFANY & CO. stores constituted 1% of worldwide net sales in 2012, 2011 and 2010. | ||||
During the third quarter ended October 31, 2013, the Registrant and certain of its subsidiaries received numerous communications from the Swatch Parties indicating that the Swatch Parties view the Agreements as having been terminated as of October 1, 2013, and the Registrant and its subsidiaries are proceeding on that basis with plans to design, produce, market and distribute TIFFANY & CO. brand watches through alternative arrangements. | ||||
Other. In the three months ended April 30, 2013, the Company implemented specific cost reduction initiatives and recorded $9,379,000 of expense within selling, general and administrative expenses. These cost reduction initiatives included severance related to staffing reductions (all of which was paid by the end of the third quarter of 2013) and subleasing of certain office space for which only a portion of the Company’s future rent obligations will be recovered. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Stockholders' Equity | ' | |||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||
Accumulated Other Comprehensive (Loss) Earnings | ||||||||||||||||
(in thousands) | October 31, | January 31, | October 31, | |||||||||||||
2013 | 2013 | 2012 | ||||||||||||||
Accumulated other comprehensive (loss) earnings, | ||||||||||||||||
net of tax: | ||||||||||||||||
Foreign currency translation adjustments | $ | 32,835 | $ | 44,064 | $ | 44,267 | ||||||||||
Deferred hedging loss | (4,806 | ) | (3,207 | ) | (16,824 | ) | ||||||||||
Unrealized gain on marketable securities | 3,726 | 1,849 | 1,493 | |||||||||||||
Net unrealized loss on benefit plans | (127,932 | ) | (136,581 | ) | (118,256 | ) | ||||||||||
$ | (96,177 | ) | $ | (93,875 | ) | $ | (89,320 | ) | ||||||||
Additions to and reclassifications out of accumulated other comprehensive earnings are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Foreign currency translation adjustments | $ | 19,706 | $ | 15,029 | $ | (13,646 | ) | $ | (6,324 | ) | ||||||
Income tax (expense) benefit | (151 | ) | 309 | 2,417 | 1,382 | |||||||||||
Foreign currency adjustments, net of tax | 19,555 | 15,338 | (11,229 | ) | (4,942 | ) | ||||||||||
Unrealized gain on marketable securities | 2,595 | 989 | 2,785 | 2,091 | ||||||||||||
Reclassification adjustment for loss included in net earnings a | — | 6 | — | 6 | ||||||||||||
Income tax expense | (613 | ) | (348 | ) | (908 | ) | (734 | ) | ||||||||
Unrealized gain on marketable securities, net of tax | 1,982 | 647 | 1,877 | 1,363 | ||||||||||||
Unrealized gain (loss) on hedging instruments | 2,821 | 5,658 | 6,059 | (24,713 | ) | |||||||||||
Reclassification adjustment for (gain) loss included in net earnings b | (4,825 | ) | 3,141 | (8,114 | ) | 10,904 | ||||||||||
Income tax benefit (expense) | 595 | (3,281 | ) | 456 | 5,714 | |||||||||||
Unrealized (loss) gain on hedging instruments, net of tax | (1,409 | ) | 5,518 | (1,599 | ) | (8,095 | ) | |||||||||
Amortization of net loss included in net earnings c | 4,806 | 3,956 | 14,417 | 11,949 | ||||||||||||
Amortization of prior service cost included in net earnings c | 78 | 89 | 234 | 267 | ||||||||||||
Income tax expense | (1,871 | ) | (1,566 | ) | (6,002 | ) | (4,732 | ) | ||||||||
Net unrealized gain on benefit plans, net of tax | 3,013 | 2,479 | 8,649 | 7,484 | ||||||||||||
Total other comprehensive earnings (loss), net of tax | $ | 23,141 | $ | 23,982 | $ | (2,302 | ) | $ | (4,190 | ) | ||||||
a | These losses are reclassified into Interest and other expenses, net. | |||||||||||||||
b | These (gains) losses are reclassified into Interest and other expenses and Cost of sales, net (see Note 7. Hedging Instruments for additional details). | |||||||||||||||
c | These accumulated other comprehensive income components are included in the computation of net periodic pension costs (see Note 12. Employee Benefit Plans for additional details). | |||||||||||||||
The Company's Board of Directors declared quarterly dividends which totaled $0.34 and $0.32 per share of Common Stock in the three months ended October 31, 2013 and 2012 and $1.00 and $0.93 per share of Common Stock in the nine months ended October 31, 2013 and 2012. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||
The Company maintains several pension and retirement plans, and also provides certain health-care and life insurance benefits. | ||||||||||||||||
Net periodic pension and other postretirement benefit expense included the following components: | ||||||||||||||||
Three Months Ended October 31, | ||||||||||||||||
Pension Benefits | Other | |||||||||||||||
Postretirement Benefits | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Periodic Benefit Cost: | ||||||||||||||||
Service cost | $ | 4,783 | $ | 4,528 | $ | 698 | $ | 596 | ||||||||
Interest cost | 6,752 | 6,701 | 691 | 710 | ||||||||||||
Expected return on plan assets | (5,560 | ) | (5,104 | ) | — | — | ||||||||||
Amortization of prior service cost | 243 | 254 | (165 | ) | (165 | ) | ||||||||||
Amortization of net loss | 4,753 | 3,949 | 53 | 7 | ||||||||||||
Net expense | $ | 10,971 | $ | 10,328 | $ | 1,277 | $ | 1,148 | ||||||||
Nine Months Ended October 31, | ||||||||||||||||
Pension Benefits | Other | |||||||||||||||
Postretirement Benefits | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Periodic Benefit Cost: | ||||||||||||||||
Service cost | $ | 14,360 | $ | 13,566 | $ | 2,094 | $ | 1,787 | ||||||||
Interest cost | 20,256 | 20,099 | 2,072 | 2,130 | ||||||||||||
Expected return on plan assets | (16,680 | ) | (15,312 | ) | — | — | ||||||||||
Amortization of prior service cost | 729 | 762 | (495 | ) | (495 | ) | ||||||||||
Amortization of net loss | 14,258 | 11,927 | 159 | 22 | ||||||||||||
Net expense | $ | 32,923 | $ | 31,042 | $ | 3,830 | $ | 3,444 | ||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
The Company’s reportable segments are as follows: | ||||||||||||||||
• | Americas includes sales in TIFFANY & CO. stores in the United States, Canada and Latin America, as well as sales of TIFFANY & CO. products in certain markets through business-to-business, Internet, catalog and wholesale operations; | |||||||||||||||
• | Asia-Pacific includes sales in TIFFANY & CO. stores, as well as sales of TIFFANY & CO. products in certain markets through Internet and wholesale operations; | |||||||||||||||
• | Japan includes sales in TIFFANY & CO. stores, as well as sales of TIFFANY & CO. products through business-to-business, Internet and wholesale operations; | |||||||||||||||
• | Europe includes sales in TIFFANY & CO. stores, as well as sales of TIFFANY & CO. products in certain markets through Internet and wholesale operations; and | |||||||||||||||
• | Other consists of all non-reportable segments. Other consists of retail sales in five TIFFANY & CO. stores in the United Arab Emirates which were converted from independently-operated to Company-operated stores in July 2012, and wholesale sales of TIFFANY & CO. merchandise to independent distributors for resale in certain emerging markets (primarily in the Middle East and Russia). In addition, Other includes wholesale sales of diamonds obtained through bulk purchases that were subsequently deemed not suitable for the Company’s needs as well as earnings received from third-party licensing agreements. | |||||||||||||||
Certain information relating to the Company’s segments is set forth below: | ||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales: | ||||||||||||||||
Americas | $ | 416,748 | $ | 400,113 | $ | 1,268,301 | $ | 1,219,776 | ||||||||
Asia-Pacific | 238,412 | 187,685 | 670,164 | 556,893 | ||||||||||||
Japan | 128,300 | 146,723 | 409,222 | 447,175 | ||||||||||||
Europe | 104,488 | 97,644 | 308,721 | 285,765 | ||||||||||||
Total reportable segments | 887,948 | 832,165 | 2,656,408 | 2,509,609 | ||||||||||||
Other | 23,530 | 20,576 | 76,438 | 48,871 | ||||||||||||
$ | 911,478 | $ | 852,741 | $ | 2,732,846 | $ | 2,558,480 | |||||||||
Earnings (losses) from operations*: | ||||||||||||||||
Americas | $ | 61,662 | $ | 51,890 | $ | 208,355 | $ | 191,697 | ||||||||
Asia-Pacific | 59,975 | 36,589 | 165,316 | 122,675 | ||||||||||||
Japan | 46,528 | 42,732 | 148,182 | 135,558 | ||||||||||||
Europe | 17,672 | 16,119 | 54,288 | 53,371 | ||||||||||||
Total reportable segments | 185,837 | 147,330 | 576,141 | 503,301 | ||||||||||||
Other | (1,722 | ) | 586 | (2,066 | ) | (3,353 | ) | |||||||||
$ | 184,115 | $ | 147,916 | $ | 574,075 | $ | 499,948 | |||||||||
* Represents earnings (losses) from operations before unallocated corporate expenses, other operating expense and interest and other expenses, net. | ||||||||||||||||
The following table sets forth a reconciliation of the segments’ earnings from operations to the Company’s consolidated earnings from operations before income taxes: | ||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Earnings from operations for segments | $ | 184,115 | $ | 147,916 | $ | 574,075 | $ | 499,948 | ||||||||
Unallocated corporate expenses | (30,497 | ) | (30,621 | ) | (93,034 | ) | (93,088 | ) | ||||||||
Interest and other expenses, net | (13,922 | ) | (14,783 | ) | (41,328 | ) | (39,587 | ) | ||||||||
Other operating expense | — | — | (9,379 | ) | — | |||||||||||
Earnings from operations before income taxes | $ | 139,696 | $ | 102,512 | $ | 430,334 | $ | 367,273 | ||||||||
Unallocated corporate expenses includes certain costs related to administrative support functions which the Company does not allocate to its segments. Such unallocated costs include those for centralized information technology, finance, legal and human resources departments. | ||||||||||||||||
Other operating expense in the nine months ended October 31, 2013 represents expenses related to specific cost reduction initiatives. See “Note 10. Commitments and Contingencies.” |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Oct. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
SUBSEQUENT EVENT | |
On November 21, 2013, the Company’s Board of Directors approved a quarterly dividend of $0.34 per share of Common Stock. This dividend will be paid on January 10, 2014 to stockholders of record on December 20, 2013. |
Receivables_and_Financing_Arra1
Receivables and Financing Arrangements Receivables Accounting Policy (Policies) | 9 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Receivables, Policy | ' |
The Company maintains an allowance for doubtful accounts for estimated losses associated with the accounts receivable recorded on the balance sheet. The allowance is determined based on a combination of factors including, but not limited to, the length of time that the receivables are past due, the Company’s knowledge of the customer, economic and market conditions and historical write-off experiences. | |
For the receivables associated with Tiffany & Co. credit cards (“Credit Card Receivables”), the Company uses various indicators to determine whether to extend credit to customers and the amount of credit. Such indicators include reviewing prior experience with the customer, including sales and collection history, and using applicants’ credit reports and scores provided by credit rating agencies. Credit Card Receivables require minimum balance payments. The Company classifies a Credit Card account as overdue if a minimum balance payment has not been received within the allotted timeframe (generally 30 days), after which internal collection efforts commence. For all accounts receivable recorded on the balance sheet, once all internal collection efforts have been exhausted and management has reviewed the account, the account balance is written off and may be sent for external collection or legal action. |
Hedging_Instruments_Hedging_Ac
Hedging Instruments Hedging Accounting Policy (Policies) | 9 Months Ended | |
Oct. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Derivatives, Policy | ' | |
The Company uses derivative financial instruments, including interest rate swaps, forward contracts, put option contracts and net-zero-cost collar arrangements (combination of call and put option contracts) to mitigate its exposures to changes in interest rates, foreign currency and precious metal prices. Derivative instruments are recorded on the consolidated balance sheet at their fair values, as either assets or liabilities, with an offset to current or comprehensive earnings, depending on whether the derivative is designated as part of an effective hedge transaction and, if it is, the type of hedge transaction. If a derivative instrument meets certain hedge accounting criteria, it is designated as one of the following on the date it is entered into: | ||
• | Fair Value Hedge – A hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment. For fair value hedge transactions, both the effective and ineffective portions of the changes in the fair value of the derivative and changes in the fair value of the item being hedged are recorded in current earnings. | |
• | Cash Flow Hedge – A hedge of the exposure to variability in the cash flows of a recognized asset, liability or a forecasted transaction. For cash flow hedge transactions, the effective portion of the changes in fair value of derivatives are reported as other comprehensive income (“OCI”) and are recognized in current earnings in the period or periods during which the hedged transaction affects current earnings. Amounts excluded from the effectiveness calculation and any ineffective portions of the change in fair value of the derivative are recognized in current earnings. | |
The Company formally documents the nature of and relationships between the hedging instruments and hedged items for a derivative to qualify as a hedge at inception and throughout the hedged period. The Company also documents its risk management objectives, strategies for undertaking the various hedge transactions and method of assessing hedge effectiveness. Additionally, for hedges of forecasted transactions, the significant characteristics and expected terms of a forecasted transaction must be identified, and it must be probable that each forecasted transaction will occur. If it were deemed probable that the forecasted transaction would not occur, the gain or loss on the derivative financial instrument would be recognized in current earnings. Derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedge instrument and the item being hedged, both at inception and throughout the hedged period. | ||
The Company does not use derivative financial instruments for trading or speculative purposes. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments Fair Value Accounting Policy (Policies) | 9 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Fair Value of Financial Instruments, Policy | ' |
The Company uses the market approach to measure fair value for its marketable securities, time deposits and derivative instruments. The Company’s interest rate swaps were primarily valued using the 3-month LIBOR rate. The Company’s put option contracts, as well as its foreign exchange forward contracts, are primarily valued using the appropriate foreign exchange spot rates. The Company’s precious metal forward contracts are primarily valued using the relevant precious metal spot rate. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Components of Inventories | ' | |||||||||||
(in thousands) | October 31, | January 31, | October 31, | |||||||||
2013 | 2013 | 2012 | ||||||||||
Finished goods | $ | 1,440,114 | $ | 1,291,235 | $ | 1,377,518 | ||||||
Raw materials | 860,507 | 790,732 | 745,334 | |||||||||
Work-in-process | 118,089 | 152,367 | 166,719 | |||||||||
Inventories, net | $ | 2,418,710 | $ | 2,234,334 | $ | 2,289,571 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of Numerators and Denominators for Basic and Diluted EPS Computations | ' | |||||||||||||||
The following table summarizes the reconciliation of the numerators and denominators for the basic and diluted EPS computations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net earnings for basic and diluted EPS | $ | 94,610 | $ | 63,179 | $ | 284,968 | $ | 236,514 | ||||||||
Weighted-average shares for basic EPS | 128,004 | 126,737 | 127,716 | 126,697 | ||||||||||||
Incremental shares based upon the assumed exercise of | 970 | 1,165 | 1,013 | 1,217 | ||||||||||||
stock options and unvested restricted stock units | ||||||||||||||||
Weighted-average shares for diluted EPS | 128,974 | 127,902 | 128,729 | 127,914 | ||||||||||||
Hedging_Instruments_Tables
Hedging Instruments (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Information on Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Financial Statements | ' | |||||||||||||||
Information on the location and amounts of derivative gains and losses in the condensed consolidated financial statements is as follows: | ||||||||||||||||
Three Months Ended October 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | Pre-Tax Gain | Gain (Loss) | Pre-Tax Gain (Loss) | Loss Reclassified | ||||||||||||
(Loss) Recognized | Reclassified from | Recognized | from Accumulated | |||||||||||||
in OCI (Effective | Accumulated OCI | in OCI | OCI into Earnings | |||||||||||||
Portion) | into Earnings | (Effective Portion) | (Effective Portion) | |||||||||||||
(Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging | ||||||||||||||||
Relationships: | ||||||||||||||||
Foreign exchange forward contracts a | $ | 1,084 | $ | 5,642 | $ | 2,513 | $ | (589 | ) | |||||||
Put option contracts a | (6 | ) | 669 | (47 | ) | — | ||||||||||
Precious metal forward contracts a | 1,743 | (1,105 | ) | 3,192 | (2,153 | ) | ||||||||||
Forward-starting interest rate swaps b | — | (381 | ) | — | (399 | ) | ||||||||||
$ | 2,821 | $ | 4,825 | $ | 5,658 | $ | (3,141 | ) | ||||||||
Nine Months Ended October 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | Pre-Tax Gain | Gain (Loss) | Pre-Tax Gain | Loss Reclassified | ||||||||||||
(Loss) Recognized | Reclassified from | (Loss) Recognized | from Accumulated | |||||||||||||
in OCI (Effective | Accumulated OCI | in OCI | OCI into Earnings | |||||||||||||
Portion) | into Earnings | (Effective Portion) | (Effective Portion) | |||||||||||||
(Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging | ||||||||||||||||
Relationships: | ||||||||||||||||
Foreign exchange forward contracts a | $ | 10,451 | $ | 10,710 | $ | 6,774 | $ | (4,902 | ) | |||||||
Put option contracts a | 1,264 | 1,599 | (456 | ) | (129 | ) | ||||||||||
Precious metal forward contracts a | (5,656 | ) | (3,038 | ) | (4,520 | ) | (5,292 | ) | ||||||||
Forward-starting interest rate swaps b | — | (1,157 | ) | (26,511 | ) | (533 | ) | |||||||||
$ | 6,059 | $ | 8,114 | $ | (24,713 | ) | $ | (10,856 | ) | |||||||
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | |||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Carried at Fair Value | ' | ' | ||||||||||||||||||||||||||||||||||||||
Financial assets and liabilities carried at fair value at October 31, 2013 are classified in the table below in one of the three categories described above: | Financial assets and liabilities carried at fair value at October 31, 2012 are classified in the table below in one of the three categories described above: | |||||||||||||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | Total Fair | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | Carrying | Estimated Fair Value | Total Fair | ||||||||||||||||||||||||||||||||
Marketable securities a | $ | 52,201 | $ | 52,201 | $ | — | $ | — | $ | 52,201 | (in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | ||||||||||||||||||||||||
Marketable securities a | $ | 42,399 | $ | 42,399 | $ | — | $ | — | $ | 42,399 | ||||||||||||||||||||||||||||||
Derivatives designated as hedging | ||||||||||||||||||||||||||||||||||||||||
instruments: | Time deposits b | 1,362 | 1,362 | — | — | 1,362 | ||||||||||||||||||||||||||||||||||
Precious metal forward contracts b | 952 | — | 952 | — | 952 | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts b | 8,590 | — | 8,590 | — | 8,590 | instruments: | ||||||||||||||||||||||||||||||||||
Precious metal forward contracts b | 783 | — | 783 | — | 783 | |||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||||||||||||||||||||||||
instruments: | Put option contracts b | 95 | — | 95 | — | 95 | ||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts b | 353 | — | 353 | — | 353 | |||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts b | 2,762 | — | 2,762 | — | 2,762 | |||||||||||||||||||||||||||||||||||
Total financial assets | $ | 62,096 | $ | 52,201 | $ | 9,895 | $ | — | $ | 62,096 | ||||||||||||||||||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||||||||||||||||||||||||
instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts b | 55 | — | 55 | — | 55 | |||||||||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | Total Fair | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | Total financial assets | $ | 47,456 | $ | 43,761 | $ | 3,695 | $ | — | $ | 47,456 | ||||||||||||||||||||||||
Derivatives designated as hedging | ||||||||||||||||||||||||||||||||||||||||
instruments: | ||||||||||||||||||||||||||||||||||||||||
Precious metal forward contracts c | $ | 824 | $ | — | $ | 824 | $ | — | $ | 824 | ||||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | Total Fair | ||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts c | 490 | — | 490 | — | 490 | (in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||||||||||||||||
Derivatives designated as hedging | ||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging | instruments: | |||||||||||||||||||||||||||||||||||||||
instruments: | Precious metal forward contracts c | $ | 1,144 | $ | — | $ | 1,144 | $ | — | $ | 1,144 | |||||||||||||||||||||||||||||
Foreign exchange forward contracts c | 27 | — | 27 | — | 27 | |||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts c | 12 | — | 12 | — | 12 | |||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | 1,341 | $ | — | $ | 1,341 | $ | — | $ | 1,341 | ||||||||||||||||||||||||||||||
Derivatives not designated as hedging | ||||||||||||||||||||||||||||||||||||||||
instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts c | 824 | — | 824 | — | 824 | |||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | 1,980 | $ | — | $ | 1,980 | $ | — | $ | 1,980 | ||||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||
Oct. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Summary of Accrued Exit Charges Associated with Relocation | ' | |||
The following is a reconciliation of the accrued exit charges: | ||||
(in thousands) | ||||
Balance at January 31, 2013 | $ | 16,164 | ||
Cash payments, net of estimated sublease income | (1,518 | ) | ||
Interest accretion | 108 | |||
Balance at April 30, 2013 | 14,754 | |||
Cash payments, net of estimated sublease income | (1,518 | ) | ||
Interest accretion | 98 | |||
Balance at July 31, 2013 | 13,334 | |||
Cash payments, net of estimated sublease income | (1,518 | ) | ||
Interest accretion | 89 | |||
Balance at October 31, 2013 | $ | 11,905 | ||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive (Loss) Gain | ' | |||||||||||||||
Accumulated Other Comprehensive (Loss) Earnings | ||||||||||||||||
(in thousands) | October 31, | January 31, | October 31, | |||||||||||||
2013 | 2013 | 2012 | ||||||||||||||
Accumulated other comprehensive (loss) earnings, | ||||||||||||||||
net of tax: | ||||||||||||||||
Foreign currency translation adjustments | $ | 32,835 | $ | 44,064 | $ | 44,267 | ||||||||||
Deferred hedging loss | (4,806 | ) | (3,207 | ) | (16,824 | ) | ||||||||||
Unrealized gain on marketable securities | 3,726 | 1,849 | 1,493 | |||||||||||||
Net unrealized loss on benefit plans | (127,932 | ) | (136,581 | ) | (118,256 | ) | ||||||||||
$ | (96,177 | ) | $ | (93,875 | ) | $ | (89,320 | ) | ||||||||
Additions to and Reclassifications out of Accumulated Other Comprehensive Earnings | ' | |||||||||||||||
Additions to and reclassifications out of accumulated other comprehensive earnings are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 31, | October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Foreign currency translation adjustments | $ | 19,706 | $ | 15,029 | $ | (13,646 | ) | $ | (6,324 | ) | ||||||
Income tax (expense) benefit | (151 | ) | 309 | 2,417 | 1,382 | |||||||||||
Foreign currency adjustments, net of tax | 19,555 | 15,338 | (11,229 | ) | (4,942 | ) | ||||||||||
Unrealized gain on marketable securities | 2,595 | 989 | 2,785 | 2,091 | ||||||||||||
Reclassification adjustment for loss included in net earnings a | — | 6 | — | 6 | ||||||||||||
Income tax expense | (613 | ) | (348 | ) | (908 | ) | (734 | ) | ||||||||
Unrealized gain on marketable securities, net of tax | 1,982 | 647 | 1,877 | 1,363 | ||||||||||||
Unrealized gain (loss) on hedging instruments | 2,821 | 5,658 | 6,059 | (24,713 | ) | |||||||||||
Reclassification adjustment for (gain) loss included in net earnings b | (4,825 | ) | 3,141 | (8,114 | ) | 10,904 | ||||||||||
Income tax benefit (expense) | 595 | (3,281 | ) | 456 | 5,714 | |||||||||||
Unrealized (loss) gain on hedging instruments, net of tax | (1,409 | ) | 5,518 | (1,599 | ) | (8,095 | ) | |||||||||
Amortization of net loss included in net earnings c | 4,806 | 3,956 | 14,417 | 11,949 | ||||||||||||
Amortization of prior service cost included in net earnings c | 78 | 89 | 234 | 267 | ||||||||||||
Income tax expense | (1,871 | ) | (1,566 | ) | (6,002 | ) | (4,732 | ) | ||||||||
Net unrealized gain on benefit plans, net of tax | 3,013 | 2,479 | 8,649 | 7,484 | ||||||||||||
Total other comprehensive earnings (loss), net of tax | $ | 23,141 | $ | 23,982 | $ | (2,302 | ) | $ | (4,190 | ) | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Net Periodic Pension and Other Postretirement Benefit Expense | ' | |||||||||||||||
Net periodic pension and other postretirement benefit expense included the following components: | ||||||||||||||||
Three Months Ended October 31, | ||||||||||||||||
Pension Benefits | Other | |||||||||||||||
Postretirement Benefits | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Periodic Benefit Cost: | ||||||||||||||||
Service cost | $ | 4,783 | $ | 4,528 | $ | 698 | $ | 596 | ||||||||
Interest cost | 6,752 | 6,701 | 691 | 710 | ||||||||||||
Expected return on plan assets | (5,560 | ) | (5,104 | ) | — | — | ||||||||||
Amortization of prior service cost | 243 | 254 | (165 | ) | (165 | ) | ||||||||||
Amortization of net loss | 4,753 | 3,949 | 53 | 7 | ||||||||||||
Net expense | $ | 10,971 | $ | 10,328 | $ | 1,277 | $ | 1,148 | ||||||||
Nine Months Ended October 31, | ||||||||||||||||
Pension Benefits | Other | |||||||||||||||
Postretirement Benefits | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Periodic Benefit Cost: | ||||||||||||||||
Service cost | $ | 14,360 | $ | 13,566 | $ | 2,094 | $ | 1,787 | ||||||||
Interest cost | 20,256 | 20,099 | 2,072 | 2,130 | ||||||||||||
Expected return on plan assets | (16,680 | ) | (15,312 | ) | — | — | ||||||||||
Amortization of prior service cost | 729 | 762 | (495 | ) | (495 | ) | ||||||||||
Amortization of net loss | 14,258 | 11,927 | 159 | 22 | ||||||||||||
Net expense | $ | 32,923 | $ | 31,042 | $ | 3,830 | $ | 3,444 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Company's Segments Information | ' | |||||||||||||||
Certain information relating to the Company’s segments is set forth below: | ||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales: | ||||||||||||||||
Americas | $ | 416,748 | $ | 400,113 | $ | 1,268,301 | $ | 1,219,776 | ||||||||
Asia-Pacific | 238,412 | 187,685 | 670,164 | 556,893 | ||||||||||||
Japan | 128,300 | 146,723 | 409,222 | 447,175 | ||||||||||||
Europe | 104,488 | 97,644 | 308,721 | 285,765 | ||||||||||||
Total reportable segments | 887,948 | 832,165 | 2,656,408 | 2,509,609 | ||||||||||||
Other | 23,530 | 20,576 | 76,438 | 48,871 | ||||||||||||
$ | 911,478 | $ | 852,741 | $ | 2,732,846 | $ | 2,558,480 | |||||||||
Earnings (losses) from operations*: | ||||||||||||||||
Americas | $ | 61,662 | $ | 51,890 | $ | 208,355 | $ | 191,697 | ||||||||
Asia-Pacific | 59,975 | 36,589 | 165,316 | 122,675 | ||||||||||||
Japan | 46,528 | 42,732 | 148,182 | 135,558 | ||||||||||||
Europe | 17,672 | 16,119 | 54,288 | 53,371 | ||||||||||||
Total reportable segments | 185,837 | 147,330 | 576,141 | 503,301 | ||||||||||||
Other | (1,722 | ) | 586 | (2,066 | ) | (3,353 | ) | |||||||||
$ | 184,115 | $ | 147,916 | $ | 574,075 | $ | 499,948 | |||||||||
Reconciliation of Segments' Earnings from Operations to Company's Consolidated Earnings from Operations Before Income Taxes | ' | |||||||||||||||
The following table sets forth a reconciliation of the segments’ earnings from operations to the Company’s consolidated earnings from operations before income taxes: | ||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Earnings from operations for segments | $ | 184,115 | $ | 147,916 | $ | 574,075 | $ | 499,948 | ||||||||
Unallocated corporate expenses | (30,497 | ) | (30,621 | ) | (93,034 | ) | (93,088 | ) | ||||||||
Interest and other expenses, net | (13,922 | ) | (14,783 | ) | (41,328 | ) | (39,587 | ) | ||||||||
Other operating expense | — | — | (9,379 | ) | — | |||||||||||
Earnings from operations before income taxes | $ | 139,696 | $ | 102,512 | $ | 430,334 | $ | 367,273 | ||||||||
Receivables_and_Financing_Arra2
Receivables and Financing Arrangements - Additional Information (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Receivables [Abstract] | ' | ' |
Amount of the Credit Card Receivables | $51,623,000 | $52,717,000 |
Percentage of Credit Card Receivables as recorded in accounts receivable considered current | 97.00% | 97.00% |
Allowance for doubtful accounts for estimated losses associated with the Credit Card Receivables | 1,000,000 | 1,500,000 |
Current portion of carrying amount of financing arrangements including accrued interest | 14,765,000 | 12,426,000 |
Non-current portion of carrying amount of financing arrangements including accrued interest | $59,179,000 | $46,808,000 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Finished goods | $1,440,114 | $1,291,235 | $1,377,518 |
Raw materials | 860,507 | 790,732 | 745,334 |
Work-in-process | 118,089 | 152,367 | 166,719 |
Inventories, net | $2,418,710 | $2,234,334 | $2,289,571 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Effective income tax rate | 32.30% | 38.40% | 33.80% | 35.60% |
Unrecognized tax benefits, decreases resulting from current period tax positions | $20,000,000 | ' | $20,000,000 | ' |
Minimum [Member] | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Income tax examination, tax years | ' | ' | '2006 | ' |
Minimum [Member] | Internal Revenue Service [Member] | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Income tax examination, tax years | ' | ' | '2006 | ' |
Minimum [Member] | New York state [Member] | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Income tax examination, tax years | ' | ' | '2008 | ' |
Minimum [Member] | New York City [Member] | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Income tax examination, tax years | ' | ' | '2009 | ' |
Maximum [Member] | Internal Revenue Service [Member] | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Income tax examination, tax years | ' | ' | '2009 | ' |
Maximum [Member] | New York state [Member] | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Income tax examination, tax years | ' | ' | '2011 | ' |
Maximum [Member] | New York City [Member] | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Income tax examination, tax years | ' | ' | '2010 | ' |
Earning_Per_Share_Reconciliati
Earning Per Share - Reconciliation of Numerators and Denominators for Basic and Diluted EPS Computations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net earnings for basic and diluted EPS | $94,610 | $63,179 | $284,968 | $236,514 |
Weighted-average shares for basic EPS | 128,004 | 126,737 | 127,716 | 126,697 |
Incremental shares based upon the assumed exercise of stock options and unvested restricted stock units | 970 | 1,165 | 1,013 | 1,217 |
Weighted-average shares for diluted EPS | 128,974 | 127,902 | 128,729 | 127,914 |
Earning_Per_Share_Additional_I
Earning Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive stock options and restricted stock units excluded from the computations of earnings per diluted share | 350,000 | 758,000 | 509,000 | 843,000 |
Hedging_Instruments_Additional
Hedging Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
Jul. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Payment for settlement of interest rate swaps | $29,335,000 | $0 | $29,335,000 |
Notional amount of foreign exchange forward contracts as cash flow hedges | ' | 162,035,000 | ' |
Notional amount of foreign exchange forward contracts as undesignated hedges | ' | 29,193,000 | ' |
Expected approximately amount of net pre-tax derivative gains included in accumulated other comprehensive income that will be reclassified into earnings within the next 12 months | ' | $15,459,000 | ' |
Platinum [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Notional amount of precious metal hedge | ' | 17,400 | ' |
Silver [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Notional amount of precious metal hedge | ' | 411,000 | ' |
Hedging_Instruments_Informatio
Hedging Instruments - Information on Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Financial Statements (Detail) (Cash flow hedging [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Pre-Tax Gain (Loss) Gain Recognized in OCI (Effective Portion) | $2,821 | $5,658 | $6,059 | ($24,713) | ||||
Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | 4,825 | -3,141 | 8,114 | -10,856 | ||||
Foreign exchange forward contracts [Member] | Cost of sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Pre-Tax Gain (Loss) Gain Recognized in OCI (Effective Portion) | 1,084 | [1] | 2,513 | [1] | 10,451 | [1] | 6,774 | [1] |
Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | 5,642 | [1] | -589 | [1] | 10,710 | [1] | -4,902 | [1] |
Put option contracts [Member] | Cost of sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Pre-Tax Gain (Loss) Gain Recognized in OCI (Effective Portion) | -6 | [1] | -47 | [1] | 1,264 | [1] | -456 | [1] |
Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | 669 | [1] | 0 | [1] | 1,599 | [1] | -129 | [1] |
Precious metal forward contracts [Member] | Cost of sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Pre-Tax Gain (Loss) Gain Recognized in OCI (Effective Portion) | 1,743 | [1] | 3,192 | [1] | -5,656 | [1] | -4,520 | [1] |
Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | -1,105 | [1] | -2,153 | [1] | -3,038 | [1] | -5,292 | [1] |
Forward-starting interest rate swaps [Member] | Interest and other expenses, net [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Pre-Tax Gain (Loss) Gain Recognized in OCI (Effective Portion) | 0 | [2] | 0 | [2] | 0 | [2] | -26,511 | [2] |
Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | ($381) | [2] | ($399) | [2] | ($1,157) | [2] | ($533) | [2] |
[1] | The gain or loss recognized in earnings is included within Cost of sales. | |||||||
[2] | The gain or loss recognized in earnings is included within Interest and other expenses, net. |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Financial Assets and Liabilities Carried at Fair Value (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets, Fair Value | $62,096 | $47,456 | ||
Total financial liabilities, Fair Value | 1,341 | 1,980 | ||
Other assets, net [Member] | Marketable securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets, Fair Value | 52,201 | [1] | 42,399 | [1] |
Prepaid expenses and other current assets [Member] | Bank Time Deposits [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets, Fair Value | ' | 1,362 | [2] | |
Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Precious metal forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 952 | [2] | 783 | [2] |
Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Put option contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | ' | 95 | [2] | |
Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 8,590 | [2] | 2,762 | [2] |
Prepaid expenses and other current assets [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 353 | [2] | 55 | [2] |
Accounts payable and accrued liabilities [Member] | Cash flow hedging [Member] | Precious metal forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 824 | [3] | 1,144 | [3] |
Accounts payable and accrued liabilities [Member] | Cash flow hedging [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 490 | [3] | 12 | [3] |
Accounts payable and accrued liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 27 | [3] | 824 | [3] |
Carrying Value [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets, Fair Value | 62,096 | 47,456 | ||
Total financial liabilities, Fair Value | 1,341 | 1,980 | ||
Carrying Value [Member] | Other assets, net [Member] | Marketable securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets, Fair Value | 52,201 | [1] | 42,399 | [1] |
Carrying Value [Member] | Prepaid expenses and other current assets [Member] | Bank Time Deposits [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets, Fair Value | ' | 1,362 | [2] | |
Carrying Value [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Precious metal forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 952 | [2] | 783 | [2] |
Carrying Value [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Put option contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | ' | 95 | [2] | |
Carrying Value [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 8,590 | [2] | 2,762 | [2] |
Carrying Value [Member] | Prepaid expenses and other current assets [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 353 | [2] | 55 | [2] |
Carrying Value [Member] | Accounts payable and accrued liabilities [Member] | Cash flow hedging [Member] | Precious metal forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 824 | [3] | 1,144 | [3] |
Carrying Value [Member] | Accounts payable and accrued liabilities [Member] | Cash flow hedging [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 490 | [3] | 12 | [3] |
Carrying Value [Member] | Accounts payable and accrued liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 27 | [3] | 824 | [3] |
Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets, Fair Value | 52,201 | 43,761 | ||
Total financial liabilities, Fair Value | 0 | 0 | ||
Level 1 [Member] | Other assets, net [Member] | Marketable securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets, Fair Value | 52,201 | [1] | 42,399 | [1] |
Level 1 [Member] | Prepaid expenses and other current assets [Member] | Bank Time Deposits [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets, Fair Value | ' | 1,362 | [2] | |
Level 1 [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Precious metal forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 0 | [2] | 0 | [2] |
Level 1 [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Put option contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | ' | 0 | [2] | |
Level 1 [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 0 | [2] | 0 | [2] |
Level 1 [Member] | Prepaid expenses and other current assets [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 0 | [2] | 0 | [2] |
Level 1 [Member] | Accounts payable and accrued liabilities [Member] | Cash flow hedging [Member] | Precious metal forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 0 | [3] | 0 | [3] |
Level 1 [Member] | Accounts payable and accrued liabilities [Member] | Cash flow hedging [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 0 | [3] | 0 | [3] |
Level 1 [Member] | Accounts payable and accrued liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 0 | [3] | 0 | [3] |
Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets, Fair Value | 9,895 | 3,695 | ||
Total financial liabilities, Fair Value | 1,341 | 1,980 | ||
Level 2 [Member] | Other assets, net [Member] | Marketable securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets, Fair Value | 0 | [1] | 0 | [1] |
Level 2 [Member] | Prepaid expenses and other current assets [Member] | Bank Time Deposits [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets, Fair Value | ' | 0 | [2] | |
Level 2 [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Precious metal forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 952 | [2] | 783 | [2] |
Level 2 [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Put option contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | ' | 95 | [2] | |
Level 2 [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 8,590 | [2] | 2,762 | [2] |
Level 2 [Member] | Prepaid expenses and other current assets [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 353 | [2] | 55 | [2] |
Level 2 [Member] | Accounts payable and accrued liabilities [Member] | Cash flow hedging [Member] | Precious metal forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 824 | [3] | 1,144 | [3] |
Level 2 [Member] | Accounts payable and accrued liabilities [Member] | Cash flow hedging [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 490 | [3] | 12 | [3] |
Level 2 [Member] | Accounts payable and accrued liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 27 | [3] | 824 | [3] |
Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets, Fair Value | 0 | 0 | ||
Total financial liabilities, Fair Value | 0 | 0 | ||
Level 3 [Member] | Other assets, net [Member] | Marketable securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets, Fair Value | 0 | [1] | 0 | [1] |
Level 3 [Member] | Prepaid expenses and other current assets [Member] | Bank Time Deposits [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets, Fair Value | ' | 0 | [2] | |
Level 3 [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Precious metal forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 0 | [2] | 0 | [2] |
Level 3 [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Put option contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | ' | 0 | [2] | |
Level 3 [Member] | Prepaid expenses and other current assets [Member] | Cash flow hedging [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 0 | [2] | 0 | [2] |
Level 3 [Member] | Prepaid expenses and other current assets [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets, Fair Value | 0 | [2] | 0 | [2] |
Level 3 [Member] | Accounts payable and accrued liabilities [Member] | Cash flow hedging [Member] | Precious metal forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 0 | [3] | 0 | [3] |
Level 3 [Member] | Accounts payable and accrued liabilities [Member] | Cash flow hedging [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | 0 | [3] | 0 | [3] |
Level 3 [Member] | Accounts payable and accrued liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange forward contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities, Fair Value | $0 | [3] | $0 | [3] |
[1] | Included within Other assets, net. | |||
[2] | Included within Prepaid expenses and other current assets. | |||
[3] | Included within Accounts payable and accrued liabilities. |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
The total carrying value of short-term borrowings and long-term debt | $1,007,740,000 | $977,916,000 |
Total fair value of short-term borrowings and long-term debt | $1,100,000,000 | $1,100,000,000 |
Debt_Debt_Details
Debt Debt (Details) | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 |
Credit Agreement [Member] | Credit Agreement [Member] | Total Credit Facilities [Member] | |
USD ($) | CNY | USD ($) | |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | 3.26% |
Line of Credit Facility, Remaining Borrowing Capacity | $95,166,000 | ' | $566,852,000 |
Line of Credit Facility, Amount Outstanding | 57,428,000 | ' | 252,016,000 |
Letters of Credit | ' | ' | 4,003,000 |
Line of Credit Facility, Interest Rate at Period End | 6.00% | 6.00% | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $152,594,000 | 930,000,000 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 2 Months Ended | 1 Months Ended | ||||
Jul. 31, 2011 | Mar. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
USD ($) | Koidu Holdings S.A. [Member] | Swatch Parties [Member] | Swatch Parties [Member] | Tiffany Parties [Member] | Tiffany Parties [Member] | |
USD ($) | USD ($) | CHF | USD ($) | CHF | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Lease exit charge | $30,884,000 | ' | ' | ' | ' | ' |
Amount of term loan given | ' | 50,000,000 | ' | ' | ' | ' |
Minimum damage claim sought by third party | ' | ' | 81,000,000 | 73,000,000 | ' | ' |
Maximum damage claim sought by third party | ' | ' | 4,200,000,000 | 3,800,000,000 | ' | ' |
Minimum damage claims sought by the company | ' | ' | ' | ' | 133,000,000 | 120,000,000 |
Maximum damage claims sought by the company | ' | ' | ' | ' | $600,000,000 | 540,000,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies Commitments and Contingencies Other (Details) (USD $) | 3 Months Ended |
Apr. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Expense Incurred For Cost Reduction Initiatives | $9,379,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Summary of Accrued Exit Charges Associated with Relocation (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 |
Restructuring and Related Activities [Abstract] | ' | ' | ' |
Opening balance | $13,334 | $14,754 | $16,164 |
Cash payments, net of estimated sublease income | -1,518 | -1,518 | -1,518 |
Interest accretion | 89 | 98 | 108 |
Ending balance | $11,905 | $13,334 | $14,754 |
Commitments_and_Contingencies_4
Commitments and Contingencies Commitments and Contingencies - Watches sold as a percentage of net sales (Details) | 12 Months Ended | ||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | |
Commitments and Contingencies Watches Disclosure [Abstract] | ' | ' | ' |
Branded Watch Sales As Percentage Of Net Sales | 1.00% | 1.00% | 1.00% |
Stockholders_Equity_Accumulate
Stockholders' Equity - Accumulated Other Comprehensive (Loss) Gain (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accumulated other comprehensive (loss) gain, net of tax: | ' | ' | ' |
Foreign currency translation adjustments | $32,835 | $44,064 | $44,267 |
Deferred hedging loss | -4,806 | -3,207 | -16,824 |
Unrealized gain on marketable securities | 3,726 | 1,849 | 1,493 |
Net unrealized loss on benefit plans | -127,932 | -136,581 | -118,256 |
Accumulated other comprehensive loss, net of tax | ($96,177) | ($93,875) | ($89,320) |
Stockholders_Equity_Additions_
Stockholders' Equity - Additions to and Reclassifications out of Accumulated Other Comprehensive Earnings (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | ||||
Additions To And Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Foreign currency translation adjustments | $19,706 | $15,029 | ($13,646) | ($6,324) | ||||
Income tax (expense) benefit | -151 | 309 | 2,417 | 1,382 | ||||
Foreign currency translation adjustments | 19,555 | 15,338 | -11,229 | -4,942 | ||||
Unrealized gain on marketable securities | 2,595 | 989 | 2,785 | 2,091 | ||||
Income tax expense | -613 | -348 | -908 | -734 | ||||
Unrealized gain on marketable securities, net of tax | 1,982 | 647 | 1,877 | 1,363 | ||||
Unrealized gain (loss) on hedging instruments | 2,821 | 5,658 | 6,059 | -24,713 | ||||
Income tax benefit (expense) | 595 | -3,281 | 456 | 5,714 | ||||
Unrealized (loss) gain on hedging instruments, net of tax | -1,409 | 5,518 | -1,599 | -8,095 | ||||
Amortization of net loss included in net earnings | 4,806 | [1] | 3,956 | [1] | 14,417 | [1] | 11,949 | [1] |
Amortization of prior service cost included in net earnings | 78 | [1] | 89 | [1] | 234 | [1] | 267 | [1] |
Income tax expense | -1,871 | -1,566 | -6,002 | -4,732 | ||||
Net unrealized gain on benefit plans, net of tax | -3,013 | -2,479 | -8,649 | -7,484 | ||||
Other comprehensive earnings (loss), net of tax | 23,141 | 23,982 | -2,302 | -4,190 | ||||
Interest and other expenses, net [Member] | ' | ' | ' | ' | ||||
Additions To And Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Reclassification adjustment for loss included in net earnings | 0 | [2] | 6 | [2] | 0 | [2] | 6 | [2] |
Cost of sales [Member] | Interest and other expenses, net [Member] | ' | ' | ' | ' | ||||
Additions To And Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Reclassification adjustment for (gain) loss included in net earnings | ($4,825) | [3] | $3,141 | [3] | ($8,114) | [3] | $10,904 | [3] |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension costs (see Note 12. Employee Benefit Plans for additional details). | |||||||
[2] | These losses are reclassified into Interest and other expenses, net. | |||||||
[3] | These (gains) losses are reclassified into Interest and other expenses and Cost of sales, net (see Note 7. Hedging Instruments for additional details). |
Stockholders_Equity_Stockholde
Stockholders' Equity Stockholders' Equity -Dividends Declared (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Dividends [Abstract] | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.34 | $0.32 | $1 | $0.93 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Net Periodic Pension and Other Postretirement Benefit Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $4,783 | $4,528 | $14,360 | $13,566 |
Interest cost | 6,752 | 6,701 | 20,256 | 20,099 |
Expected return on plan assets | -5,560 | -5,104 | -16,680 | -15,312 |
Amortization of prior service cost | 243 | 254 | 729 | 762 |
Amortization of net loss | 4,753 | 3,949 | 14,258 | 11,927 |
Net expense | 10,971 | 10,328 | 32,923 | 31,042 |
Other Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 698 | 596 | 2,094 | 1,787 |
Interest cost | 691 | 710 | 2,072 | 2,130 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | -165 | -165 | -495 | -495 |
Amortization of net loss | 53 | 7 | 159 | 22 |
Net expense | $1,277 | $1,148 | $3,830 | $3,444 |
Segment_Information_Companys_S
Segment Information - Company's Segments Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Net sales: | ' | ' | ' | ' |
Net sales | $911,478 | $852,741 | $2,732,846 | $2,558,480 |
Earnings (losses) from operations: | ' | ' | ' | ' |
Earnings (losses) from operations | 184,115 | 147,916 | 574,075 | 499,948 |
Americas [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 416,748 | 400,113 | 1,268,301 | 1,219,776 |
Earnings (losses) from operations: | ' | ' | ' | ' |
Earnings (losses) from operations | 61,662 | 51,890 | 208,355 | 191,697 |
Asia-Pacific [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 238,412 | 187,685 | 670,164 | 556,893 |
Earnings (losses) from operations: | ' | ' | ' | ' |
Earnings (losses) from operations | 59,975 | 36,589 | 165,316 | 122,675 |
Japan [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 128,300 | 146,723 | 409,222 | 447,175 |
Earnings (losses) from operations: | ' | ' | ' | ' |
Earnings (losses) from operations | 46,528 | 42,732 | 148,182 | 135,558 |
Europe [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 104,488 | 97,644 | 308,721 | 285,765 |
Earnings (losses) from operations: | ' | ' | ' | ' |
Earnings (losses) from operations | 17,672 | 16,119 | 54,288 | 53,371 |
Total reportable segments [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 887,948 | 832,165 | 2,656,408 | 2,509,609 |
Earnings (losses) from operations: | ' | ' | ' | ' |
Earnings (losses) from operations | 185,837 | 147,330 | 576,141 | 503,301 |
Other [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 23,530 | 20,576 | 76,438 | 48,871 |
Earnings (losses) from operations: | ' | ' | ' | ' |
Earnings (losses) from operations | ($1,722) | $586 | ($2,066) | ($3,353) |
Segment_Information_Reconcilia
Segment Information - Reconciliation of Segments' Earnings from Operations to Company's Consolidated Earnings from Operations Before Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Earnings from operations for segments | $184,115 | $147,916 | $574,075 | $499,948 |
Unallocated corporate expenses | -30,497 | -30,621 | -93,034 | -93,088 |
Interest and other expenses, net | -13,922 | -14,783 | -41,328 | -39,587 |
Other operating expense | 0 | 0 | -9,379 | 0 |
Earnings from operations before income taxes | $139,696 | $102,512 | $430,334 | $367,273 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) | 3 Months Ended | |
Oct. 31, 2013 | Nov. 21, 2013 | |
Subsequent Event [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Subsequent Event related to quarterly dividend Per Share on Common Stock Declared by Board of Directors | ' | $0.34 |
Quarterly dividend declared date | 21-Nov-13 | ' |
Quarterly dividend payment record date | 20-Dec-13 | ' |
Quarterly dividend payment date | 10-Jan-14 | ' |