Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Mar. 16, 2015 | Jul. 31, 2014 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TIF | ||
Entity Registrant Name | TIFFANY & CO | ||
Entity Central Index Key | 98246 | ||
Current Fiscal Year End Date | -30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 129,151,634 | ||
Entity Public Float | $12,523,379,301 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $729,957,000 | $345,778,000 |
Short-term investments | 1,500,000 | 21,257,000 |
Accounts receivable, less allowances of $10,599 and $10,337 | 195,168,000 | 188,814,000 |
Inventories, net | 2,362,112,000 | 2,326,580,000 |
Deferred income taxes | 102,613,000 | 101,012,000 |
Prepaid expenses and other current assets | 220,037,000 | 244,947,000 |
Total current assets | 3,611,387,000 | 3,228,388,000 |
Property, plant and equipment, net | 899,507,000 | 855,095,000 |
Deferred income taxes | 323,449,000 | 278,390,000 |
Other assets, net | 346,260,000 | 390,478,000 |
Total Assets | 5,180,603,000 | 4,752,351,000 |
Current liabilities: | ||
Short-term borrowings | 234,013,000 | 252,365,000 |
Accounts payable and accrued liabilities | 318,023,000 | 342,090,000 |
Income taxes payable | 39,859,000 | 31,976,000 |
Merchandise and other customer credits | 66,138,000 | 70,309,000 |
Total current liabilities | 658,033,000 | 696,740,000 |
Long-term debt | 882,535,000 | 751,154,000 |
Pension/postretirement benefit obligations | 524,218,000 | 268,112,000 |
Deferred gains on sale-leasebacks | 64,471,000 | 81,865,000 |
Other long-term liabilities | 200,675,000 | 220,512,000 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred Stock, $0.01 par value; authorized 2,000 shares, none issued and outstanding | 0 | 0 |
Common Stock, $0.01 par value; authorized 240,000 shares, issued and outstanding 129,326 and 128,312 | 1,293,000 | 1,283,000 |
Additional paid-in capital | 1,173,625,000 | 1,095,304,000 |
Retained earnings | 1,950,603,000 | 1,682,398,000 |
Accumulated other comprehensive loss, net of tax | -290,462,000 | -58,548,000 |
Total Tiffany & Co. stockholders' equity | 2,835,059,000 | 2,720,437,000 |
Non-controlling interests | 15,612,000 | 13,531,000 |
Total stockholders' equity | 2,850,671,000 | 2,733,968,000 |
Total Liabilities and Stockholders' Equity | $5,180,603,000 | $4,752,351,000 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable, current | $10,599 | $10,337 |
Preferred Stock, par value | $0.01 | $0.01 |
Preferred Stock, shares authorized | 2,000 | 2,000 |
Preferred Stock, shares issued | ||
Preferred Stock, shares outstanding | ||
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 240,000 | 240,000 |
Common Stock, shares issued | 129,326 | 128,312 |
Common Stock, shares outstanding | 129,326 | 128,312 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $4,249,913,000 | $4,031,130,000 | $3,794,249,000 |
Cost of sales | 1,712,738,000 | 1,690,687,000 | 1,630,965,000 |
Gross profit | 2,537,175,000 | 2,340,443,000 | 2,163,284,000 |
Selling, general and administrative expenses | 1,645,746,000 | 1,555,903,000 | 1,466,067,000 |
Arbitration award expense | 0 | 480,211,000 | 0 |
Earnings from operations | 891,429,000 | 304,329,000 | 697,217,000 |
Interest expense and financing costs | 62,903,000 | 62,654,000 | 59,069,000 |
Other income, net | 2,790,000 | 13,191,000 | 5,428,000 |
Loss on Extinguishment of Debt | 93,779,000 | 0 | 0 |
Earnings from operations before income taxes | 737,537,000 | 254,866,000 | 643,576,000 |
Provision for income taxes | 253,358,000 | 73,497,000 | 227,419,000 |
Net earnings | $484,179,000 | $181,369,000 | $416,157,000 |
Net earnings per share: | |||
Basic | $3.75 | $1.42 | $3.28 |
Diluted | $3.73 | $1.41 | $3.25 |
Weighted-average number of common shares: | |||
Basic | 129,221,000 | 127,835,000 | 126,737,000 |
Diluted | 129,918,000 | 128,867,000 | 127,934,000 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $484,179,000 | $181,369,000 | $416,157,000 |
Other comprehensive (loss) earnings, net of tax | |||
Foreign currency translation adjustments | -93,130,000 | -27,218,000 | -5,145,000 |
Unrealized (loss) gain on marketable securities | -765,000 | 828,000 | 1,719,000 |
Unrealized gain (loss) on hedging instruments | 1,208,000 | -3,400,000 | 5,522,000 |
Net unrealized (loss) gain on benefit plans | -139,227,000 | 65,117,000 | -10,841,000 |
Other comprehensive (loss) earnings, net of tax | -231,914,000 | 35,327,000 | -8,745,000 |
Comprehensive earnings | $252,265,000 | $216,696,000 | $407,412,000 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Non-controlling Interests [Member] |
Beginning Balances at Jan. 31, 2012 | $2,348,905,000 | $1,462,553,000 | ($85,130,000) | $1,267,000 | $970,215,000 | $0 |
Beginning Balance, Shares at Jan. 31, 2012 | 126,676,000 | |||||
Exercise of stock options and vesting of restricted stock units ("RSUs") | 13,012,000 | 0 | 0 | 10,000 | 13,002,000 | 0 |
Exercise of stock options and vesting of restricted stock units ("RSUs"), shares | 1,026,000 | |||||
Tax effect of exercise of stock options and vesting of RSUs | 11,730,000 | 0 | 0 | 0 | 11,730,000 | 0 |
Share-based compensation expense | 27,224,000 | 0 | 0 | 0 | 27,224,000 | 0 |
Issuance Of Common Stock Under EPSRS Plan | 3,150,000 | 0 | 0 | 0 | 3,150,000 | 0 |
Issuance Of Shares Common Stock Under Employee Profit Sharing And Retirement Savings (EPSRS) Plan | 45,000 | |||||
Purchase and retirement of Common Stock, Value | -54,107,000 | -48,775,000 | 0 | -8,000 | -5,324,000 | 0 |
Purchase and retirement of Common Stock, Shares | -813,000 | -813,000 | ||||
Cash dividends on Common Stock | -158,594,000 | -158,594,000 | 0 | 0 | 0 | 0 |
Other comprehensive (loss) earnings, net of tax | -8,745,000 | 0 | -8,745,000 | 0 | 0 | 0 |
Net earnings | 416,157,000 | 416,157,000 | 0 | 0 | 0 | 0 |
Non-controlling interests | 12,586,000 | 12,586,000 | ||||
Ending Balances at Jan. 31, 2013 | 2,611,318,000 | 1,671,341,000 | -93,875,000 | 1,269,000 | 1,019,997,000 | 12,586,000 |
Ending Balance, Shares at Jan. 31, 2013 | 126,934,000 | |||||
Exercise of stock options and vesting of restricted stock units ("RSUs") | 27,895,000 | 0 | 0 | 14,000 | 27,881,000 | 0 |
Exercise of stock options and vesting of restricted stock units ("RSUs"), shares | 1,378,000 | |||||
Tax effect of exercise of stock options and vesting of RSUs | 14,922,000 | 0 | 0 | 0 | 14,922,000 | 0 |
Share-based compensation expense | -32,504,000 | -32,504,000 | ||||
Issuance Of Common Stock Under EPSRS Plan | 0 | |||||
Purchase and retirement of Common Stock, Shares | 0 | 0 | ||||
Cash dividends on Common Stock | -170,312,000 | -170,312,000 | 0 | 0 | 0 | 0 |
Other comprehensive (loss) earnings, net of tax | 35,327,000 | 0 | 35,327,000 | 0 | 0 | 0 |
Net earnings | 181,369,000 | 181,369,000 | 0 | 0 | 0 | 0 |
Non-controlling interests | 945,000 | 0 | 0 | 0 | 0 | 945,000 |
Ending Balances at Jan. 31, 2014 | 2,733,968,000 | 1,682,398,000 | -58,548,000 | 1,283,000 | 1,095,304,000 | 13,531,000 |
Ending Balance, Shares at Jan. 31, 2014 | 128,312,000 | 128,312,000 | ||||
Exercise of stock options and vesting of restricted stock units ("RSUs") | 36,908,000 | 0 | 0 | 13,000 | 36,895,000 | 0 |
Exercise of stock options and vesting of restricted stock units ("RSUs"), shares | 1,270,000 | |||||
Tax effect of exercise of stock options and vesting of RSUs | 14,066,000 | 0 | 0 | 0 | 14,066,000 | 0 |
Share-based compensation expense | 26,738,000 | 0 | 0 | 0 | 26,738,000 | 0 |
Issuance Of Common Stock Under EPSRS Plan | 3,925,000 | 3,925,000 | ||||
Issuance Of Shares Common Stock Under Employee Profit Sharing And Retirement Savings (EPSRS) Plan | 45,000 | |||||
Purchase and retirement of Common Stock, Value | -27,028,000 | -24,803,000 | 0 | -3,000 | -2,222,000 | 0 |
Purchase and retirement of Common Stock, Shares | -301,000 | -301,000 | ||||
Cash dividends on Common Stock | -191,171,000 | -191,171,000 | 0 | 0 | 0 | 0 |
Other comprehensive (loss) earnings, net of tax | -231,914,000 | 0 | -231,914,000 | 0 | 0 | 0 |
Net earnings | 484,179,000 | 484,179,000 | 0 | 0 | 0 | 0 |
Redemption of non-controlling interest | 0 | 0 | 0 | 0 | -1,081,000 | 1,081,000 |
Non-controlling interests | 1,000,000 | 0 | 0 | 0 | 0 | 1,000,000 |
Ending Balances at Jan. 31, 2015 | $2,850,671,000 | $1,950,603,000 | ($290,462,000) | $1,293,000 | $1,173,625,000 | $15,612,000 |
Ending Balance, Shares at Jan. 31, 2015 | 129,326,000 | 129,326,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings | $484,179,000 | $181,369,000 | $416,157,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 194,158,000 | 180,629,000 | 163,649,000 |
Amortization of gain on sale-leasebacks | -9,156,000 | -9,453,000 | -10,812,000 |
Excess tax benefits from share-based payment arrangements | -14,111,000 | -14,876,000 | -11,763,000 |
Provision for inventories | 33,620,000 | 31,667,000 | 32,228,000 |
Deferred income taxes | 37,712,000 | -27,855,000 | -19,282,000 |
Provision for pension/postretirement benefits | 39,234,000 | 48,980,000 | 46,008,000 |
Share-based compensation expense | 26,451,000 | 32,188,000 | 26,938,000 |
Changes in assets and liabilities: | |||
Accounts receivable | -17,561,000 | -23,239,000 | -1,393,000 |
Inventories | -167,607,000 | -168,273,000 | -233,700,000 |
Prepaid expenses and other current assets | -20,864,000 | -14,654,000 | -22,121,000 |
Other assets, net | -20,180,000 | -21,333,000 | -4,561,000 |
Accounts payable and accrued liabilities | -5,927,000 | 45,413,000 | -13,680,000 |
Income taxes payable | 81,890,000 | -70,143,000 | -16,559,000 |
Merchandise and other customer credits | -2,739,000 | 4,711,000 | 1,640,000 |
Other long term liabilities | -23,982,000 | -20,479,000 | -24,459,000 |
Net cash provided by operating activities | 615,117,000 | 154,652,000 | 328,290,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of marketable securities and short-term investments | -40,063,000 | -23,460,000 | -15,226,000 |
Proceeds from sale of marketable securities and short-term investments | 55,308,000 | 0 | 19,289,000 |
Capital expenditures | -247,394,000 | -221,452,000 | -219,530,000 |
Notes receivable funded | 0 | -3,050,000 | -8,015,000 |
Proceeds from notes receivable | 15,160,000 | 1,181,000 | 0 |
Payments to acquire intangible assets | 0 | 0 | -82,664,000 |
Payment for acquisition | 0 | 0 | -25,000,000 |
Net cash used in investing activities | -216,989,000 | -246,781,000 | -331,146,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
(Repayments of) proceeds from credit facility borrowings, net | -12,454,000 | 49,883,000 | 47,278,000 |
Proceeds from other credit facility borrowings | 19,803,000 | 89,806,000 | 40,298,000 |
Repayment of other credit facility borrowings | -3,412,000 | -69,737,000 | -361,000 |
Proceeds from issuance of long-term debt | 548,037,000 | 0 | 250,000,000 |
Repayment of long-term debt | -400,000,000 | 0 | -60,000,000 |
Payment for settlement of interest rate swaps | -4,180,000 | 0 | -29,335,000 |
Repurchase of Common Stock | -27,028,000 | 0 | -54,107,000 |
Proceeds from exercised stock options | 42,902,000 | 27,895,000 | 13,012,000 |
Excess tax benefits from share-based payment arrangements | 14,111,000 | 14,876,000 | 11,763,000 |
Cash dividends on Common Stock | -191,171,000 | -170,312,000 | -158,594,000 |
Proceeds from non-controlling interest | 0 | 0 | 12,750,000 |
Distribution to non-controlling interest | -1,910,000 | -666,000 | 0 |
Financing fees | -8,073,000 | -7,171,000 | -1,258,000 |
Net cash (used in) provided by financing activities | -23,375,000 | -65,426,000 | 71,446,000 |
Effect of exchange rate changes on cash and cash equivalents | 9,426,000 | -1,505,000 | 2,294,000 |
Net increase/(decrease) in cash and cash equivalents | 384,179,000 | -159,060,000 | 70,884,000 |
Cash and cash equivalents at beginning of year | 345,778,000 | 504,838,000 | 433,954,000 |
Cash and cash equivalents at end of year | $729,957,000 | $345,778,000 | $504,838,000 |
Nature_of_Business_Notes
Nature of Business (Notes) | 12 Months Ended | |
Jan. 31, 2015 | ||
Disclosure Text Block [Abstract] | ||
Nature of Business | NATURE OF BUSINESS | |
Tiffany & Co. is a holding company that operates through its subsidiary companies (collectively, the "Company"). The Company's principal subsidiary, Tiffany and Company ("Tiffany"), is a jeweler and specialty retailer whose principal merchandise offering is jewelry. The Company also sells timepieces, leather goods, sterling silverware, china, crystal, stationery, fragrances and accessories. Through Tiffany and other subsidiaries, the Company is engaged in product design, manufacturing and retailing activities. | ||
The Company's reportable segments are as follows: | ||
• | Americas includes sales in Company-operated 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 Company-operated TIFFANY & CO. stores, as well as sales of TIFFANY & CO. products in certain markets through Internet and wholesale operations; | |
• | Japan includes sales in Company-operated TIFFANY & CO. stores, as well as sales of | |
TIFFANY & CO. products through business-to-business, Internet and wholesale operations; | ||
• | Europe includes sales in Company-operated TIFFANY & CO. stores, as well as sales of TIFFANY & CO. products in certain markets through the Internet; and | |
• | Other consists of all non-reportable segments. Other includes the Emerging Markets region, which consists of retail sales in Company-operated TIFFANY & CO. stores in the United Arab Emirates ("U.A.E.") and, beginning in February 2014, in Russia and wholesale sales of TIFFANY & CO. merchandise to independent distributors for resale in certain emerging markets (primarily in the Middle East and, through January 2014, in 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. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Notes) | 12 Months Ended | ||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||
Fiscal Year | |||||||||||||||||||
The Company's fiscal year ends on January 31 of the following calendar year. All references to years relate to fiscal years rather than calendar years. | |||||||||||||||||||
Basis of Reporting | |||||||||||||||||||
The accompanying consolidated financial statements include the accounts of Tiffany & Co. and its subsidiaries 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 equity method of accounting is used for investments in which the Company has significant influence, but not a controlling interest. | |||||||||||||||||||
Use of Estimates | |||||||||||||||||||
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America; these principles require management to make certain estimates and assumptions that affect amounts reported and disclosed in the consolidated financial statements and related notes to the consolidated financial statements. Actual results could differ from these estimates and the differences could be material. Periodically, the Company reviews all significant estimates and assumptions affecting the financial statements relative to current conditions and records the effect of any necessary adjustments. | |||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||
Cash and cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash equivalents include highly liquid investments with an original maturity of three months or less and consist of time deposits and/or money market fund investments with a number of U.S. and non-U.S. financial institutions with high credit ratings. The Company's policy restricts the amount invested with any one institution. | |||||||||||||||||||
Short-term Investments | |||||||||||||||||||
Short-term investments are classified as available-for-sale and are carried at fair value. At January 31, 2015 and 2014, the Company's short-term available-for-sale investments consisted entirely of time deposits. At the time of purchase, management determines the appropriate classification of these investments and reevaluates such designation as of each balance sheet date. | |||||||||||||||||||
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, management'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"), management 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. A Credit Card account is classified 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 Credit Card Receivables 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 January 31, 2015 and 2014, the carrying amount of the Credit Card Receivables (recorded in accounts receivable, net) was $63,904,000 and $59,278,000, of which 98% and 97% were considered current, respectively. The allowance for doubtful accounts for estimated losses associated with the Credit Card Receivables (approximately $1,000,000 at January 31, 2015 and 2014) was determined based on the factors discussed above. Finance charges earned on Credit Card accounts are not significant. | |||||||||||||||||||
Financing Arrangements. The Company has provided financing to diamond mining and exploration companies in order to obtain rights to purchase the mine's output (see "Note J - Commitments and Contingencies"). Management evaluates these financing arrangements for potential impairment by reviewing the parties' financial statements along with projections and business, operational and other economic factors on a periodic basis. At January 31, 2015 and 2014, the current portion of the carrying amount of financing arrangements including accrued interest was $18,598,000 and $14,208,000 and was recorded in prepaid expenses and other current assets. At January 31, 2015 and 2014, the non-current portion of the carrying amount of financing arrangements including accrued interest was $40,747,000 and $58,786,000 and was included in other assets, net. The Company recorded no material impairment charges on such loans as of January 31, 2015 and 2014. | |||||||||||||||||||
Inventories | |||||||||||||||||||
Inventories are valued at the lower of cost or market using the average cost method except for certain diamond and gemstone jewelry which uses the specific identification method. | |||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: | |||||||||||||||||||
Buildings | 39 years | ||||||||||||||||||
Machinery and Equipment | 5-15 years | ||||||||||||||||||
Office Equipment | 3-8 years | ||||||||||||||||||
Furniture and Fixtures | 2-10 years | ||||||||||||||||||
Leasehold improvements and building improvements are amortized over the shorter of their estimated useful lives (ranging from 8-10 years) or the related lease terms or building life, respectively. Maintenance and repair costs are charged to earnings while expenditures for major renewals and improvements are capitalized. Upon the disposition of property, plant and equipment, the accumulated depreciation is deducted from the original cost and any gain or loss is reflected in current earnings. | |||||||||||||||||||
The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. The Company's capitalized interest costs were not significant in 2014, 2013 or 2012. | |||||||||||||||||||
Intangible Assets and Key Money | |||||||||||||||||||
Intangible assets, consisting of product rights and trademarks, are recorded at cost and are amortized on a straight-line basis over their estimated useful lives which range from 15 to 20 years. Intangible assets are reviewed for impairment in accordance with the Company's policy for impairment of long-lived assets (see "Impairment of Long-Lived Assets" below). | |||||||||||||||||||
Key money is the amount of funds paid to a landlord or tenant to acquire the rights of tenancy under a commercial property lease for a certain property. Key money represents the "right to lease" with an automatic right of renewal. This right can be subsequently sold by the Company or can be recovered should the landlord refuse to allow the automatic right of renewal to be exercised. Key money is amortized over the estimated useful life, 39 years. | |||||||||||||||||||
The following table summarizes intangible assets and key money, included in other assets, net, as follows: | |||||||||||||||||||
January 31, 2015 | January 31, 2014 | ||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying | Accumulated Amortization | |||||||||||||||
Amount | |||||||||||||||||||
Product rights | $ | 59,409 | $ | (16,186 | ) | $ | 59,409 | $ | (9,405 | ) | |||||||||
Key money deposits | 33,740 | (2,443 | ) | 39,588 | (1,722 | ) | |||||||||||||
Trademarks | 2,452 | (2,452 | ) | 2,452 | (2,452 | ) | |||||||||||||
$ | 95,601 | $ | (21,081 | ) | $ | 101,449 | $ | (13,579 | ) | ||||||||||
Amortization of intangible assets and key money for the years ended January 31, 2015, 2014 and 2013 was $7,802,000, $4,172,000 and $1,685,000. Amortization expense is estimated to be approximately $3,500,000 in each of the next five years. | |||||||||||||||||||
Goodwill | |||||||||||||||||||
Goodwill represents the excess of cost over fair value of net assets acquired in a business combination. Goodwill is evaluated for impairment annually in the fourth quarter or when events or changes in circumstances indicate that the value of goodwill may be impaired. A qualitative assessment is first performed for each reporting unit to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, a quantitative evaluation, based on discounted cash flows, is performed and requires management to estimate future cash flows, growth rates and economic and market conditions. If the quantitative evaluation indicates that goodwill is not recoverable, an impairment loss is calculated and recognized during that period. At January 31, 2015 and 2014, goodwill, included in other assets, net, consisted of the following by segment: | |||||||||||||||||||
(in thousands) | Americas | Asia-Pacific | Japan | Europe | Other | Total | |||||||||||||
January 31, 2013 | $ | 12,368 | $ | 280 | $ | 1,103 | $ | 1,108 | $ | 24,905 | $ | 39,764 | |||||||
Translation | (13 | ) | (2 | ) | (6 | ) | (2 | ) | (5 | ) | (28 | ) | |||||||
January 31, 2014 | 12,355 | 278 | 1,097 | 1,106 | 24,900 | 39,736 | |||||||||||||
Translation | (94 | ) | 5 | (33 | ) | (27 | ) | (751 | ) | (900 | ) | ||||||||
January 31, 2015 | $ | 12,261 | $ | 283 | $ | 1,064 | $ | 1,079 | $ | 24,149 | $ | 38,836 | |||||||
Impairment of Long-Lived Assets | |||||||||||||||||||
The Company reviews its long-lived assets (such as property, plant and equipment) other than goodwill for impairment when management determines that the carrying value of such assets may not be recoverable due to events or changes in circumstances. Recoverability of long-lived assets is evaluated by comparing the carrying value of the asset with the estimated future undiscounted cash flows. If the comparisons indicate that the asset is not recoverable, an impairment loss is calculated as the difference between the carrying value and the fair value of the asset and the loss is recognized during that period. The Company recorded no material impairment charges in 2014, 2013 or 2012. | |||||||||||||||||||
Hedging Instruments | |||||||||||||||||||
The Company uses derivative financial instruments to mitigate a portion of its foreign currency, precious metal price and interest rate exposures. 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 a derivative is designated as part of an effective hedge transaction and, if it is, the type of hedge transaction. | |||||||||||||||||||
Marketable Securities | |||||||||||||||||||
The Company's marketable securities, recorded within other assets, net, are classified as available-for-sale and are recorded at fair value with unrealized gains and losses reported as a separate component of stockholders' equity. Realized gains and losses are recorded in other income, net. The marketable securities are held for an indefinite period of time, but may be sold in the future as changes in market conditions or economic factors occur. The fair value of the marketable securities is determined based on prevailing market prices. The Company recorded $5,123,000 and $4,889,000 of gross unrealized gains and $1,908,000 and $804,000 of gross unrealized losses within accumulated other comprehensive loss as of January 31, 2015 and 2014. | |||||||||||||||||||
Realized gains or losses reclassified from other comprehensive earnings are determined on the basis of specific identification. | |||||||||||||||||||
The Company's marketable securities primarily consist of investments in mutual funds. When evaluating the marketable securities for other-than-temporary impairment, the Company reviews factors such as the length of time and the extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company's ability and intent to hold the investments for a period of time which may be sufficient for anticipated recovery in market value. Based on the Company's evaluations, it determined that any unrealized losses on its outstanding mutual funds were temporary in nature and, therefore, did not record any impairment charges as of January 31, 2015, 2014 or 2013. | |||||||||||||||||||
Merchandise and Other Customer Credits | |||||||||||||||||||
Merchandise and other customer credits represent outstanding credits issued to customers for returned merchandise. It also includes outstanding gift cards sold to customers. All such outstanding items may be tendered for future merchandise purchases. A merchandise credit liability is established when a merchandise credit is issued to a customer for a returned item and the original sale is reversed. A gift card liability is established when the gift card is sold. The liabilities are relieved and revenue is recognized when merchandise is purchased and delivered to the customer and the merchandise credit or gift card is used as a form of payment. | |||||||||||||||||||
If merchandise credits or gift cards are not redeemed over an extended period of time (approximately three to five years), the value of the merchandise credits or gift cards is generally remitted to the applicable jurisdiction in accordance with unclaimed property laws. | |||||||||||||||||||
Revenue Recognition | |||||||||||||||||||
Sales are recognized at the "point of sale," which occurs when merchandise is taken in an "over-the-counter" transaction or upon receipt by a customer in a shipped transaction, such as through the Internet and catalog channels. Revenue associated with gift cards and merchandise credits is recognized upon redemption. Sales are reported net of returns, sales tax and other similar taxes. Shipping and handling fees billed to customers are included in net sales. The Company maintains a reserve for potential product returns and it records, as a reduction to sales and cost of sales, its provision for estimated product returns, which is determined based on historical experience. | |||||||||||||||||||
Additionally, outside of the U.S., the Company operates certain TIFFANY & CO. stores within various department stores. Sales transacted at these store locations are recognized at the "point of sale." The Company and these department store operators have distinct responsibilities and risks in the operation of such TIFFANY & CO. stores. The Company (i) owns and manages the merchandise; (ii) establishes retail prices; (iii) has merchandising, marketing and display responsibilities; and (iv) in almost all locations provides retail staff and bears the risk of inventory loss. The department store operators (i) provide and maintain store facilities; (ii) in almost all locations assume retail credit and certain other risks; and (iii) act for the Company in the sale of merchandise. In return for their services and use of their facilities, the department store operators retain a portion of net retail sales made in TIFFANY & CO. stores which is recorded as commission expense within selling, general and administrative expenses. | |||||||||||||||||||
Cost of Sales | |||||||||||||||||||
Cost of sales includes costs to internally manufacture merchandise (primarily metal, gemstones, labor and overhead), costs related to the purchase of merchandise from third-parties, inbound freight, purchasing and receiving, inspection, warehousing, internal transfers and other costs associated with distribution and merchandising. Cost of sales also includes royalty fees paid to outside designers and customer shipping and handling charges. | |||||||||||||||||||
Selling, General and Administrative ("SG&A") Expenses | |||||||||||||||||||
SG&A expenses include costs associated with the selling and marketing of products as well as administrative expenses. The types of expenses associated with these functions are store operating expenses (such as labor, rent and utilities), advertising and other corporate level administrative expenses. | |||||||||||||||||||
Advertising, Marketing, Public and Media Relations Costs | |||||||||||||||||||
Advertising, marketing, public and media relations costs include media, production, catalogs, Internet, marketing events, visual merchandising costs (in-store and window displays) and other related costs. In 2014, 2013 and 2012, these costs totaled $283,648,000, $253,164,000 and $250,297,000, representing 6.7%, 6.3% and 6.6% of worldwide net sales in each of those periods. Media and production costs for print and digital advertising are expensed as incurred, while catalog costs are expensed upon first distribution. | |||||||||||||||||||
Pre-opening Costs | |||||||||||||||||||
Costs associated with the opening of new retail stores are expensed in the period incurred. | |||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
New, modified and unvested share-based payment transactions with employees, such as stock options and restricted stock, are measured at fair value and recognized as compensation expense over the requisite service period. | |||||||||||||||||||
Merchandise Design Activities | |||||||||||||||||||
Merchandise design activities consist of conceptual formulation and design of possible products and creation of pre-production prototypes and molds. Costs associated with these activities are expensed as incurred. | |||||||||||||||||||
Foreign Currency | |||||||||||||||||||
The functional currency of most of the Company's foreign subsidiaries and branches is the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the average exchange rates during the period. The resulting translation adjustments are recorded as a component of other comprehensive earnings within stockholders' equity. The Company also recognizes gains and losses associated with transactions that are denominated in foreign currencies. The Company recorded a net (loss) gain resulting from foreign currency transactions of $(3,726,000), $4,672,000 and $(2,147,000) in 2014, 2013 and 2012 within other income, net. Included within the amount for 2013 was a $7,489,000 transaction gain related to amounts associated with the award issued in the arbitration between the Swatch Group Ltd. and the Company. See "Note J - Commitments and Contingencies." | |||||||||||||||||||
Income Taxes | |||||||||||||||||||
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are recognized by applying statutory tax rates in effect in the years in which the differences between the financial reporting and tax filing bases of existing assets and liabilities are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||||||||||||||||
The Company records net deferred tax assets to the extent management believes these assets will more likely than not be realized. In making such determination, the Company considers all available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event management were to determine that the Company would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. | |||||||||||||||||||
In evaluating the exposures associated with the Company's various tax filing positions, management records reserves using a more-likely-than-not recognition threshold for income tax positions taken or expected to be taken. | |||||||||||||||||||
The Company, its U.S. subsidiaries and the foreign branches of its U.S. subsidiaries file a consolidated Federal income tax return. | |||||||||||||||||||
Earnings Per Share ("EPS") | |||||||||||||||||||
Basic 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: | |||||||||||||||||||
Years Ended January 31, | |||||||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | ||||||||||||||||
Net earnings for basic and diluted EPS | $ | 484,179 | $ | 181,369 | $ | 416,157 | |||||||||||||
Weighted-average shares for basic EPS | 129,221 | 127,835 | 126,737 | ||||||||||||||||
Incremental shares based upon the assumed | 697 | 1,032 | 1,197 | ||||||||||||||||
exercise of stock options and unvested restricted | |||||||||||||||||||
stock units | |||||||||||||||||||
Weighted-average shares for diluted EPS | 129,918 | 128,867 | 127,934 | ||||||||||||||||
For the years ended January 31, 2015, 2014 and 2013, there were 334,000, 422,000 and 869,000 stock options and restricted stock units excluded from the computations of earnings per diluted share due to their antidilutive effect. | |||||||||||||||||||
New Accounting Standards | |||||||||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 – Revenue From Contracts with Customers, to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. Generally Accepted Accounting Principles ("GAAP") and International Financial Reporting Standards. The core principle of the guidance is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. This ASU is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2016 and early adoption is not permitted. Management is currently evaluating the impact of this ASU on the consolidated financial statements. | |||||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12 – Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period which requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition, and to apply existing guidance as it relates to awards with performance conditions that affect vesting to account for such awards. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. This ASU is not expected to have a material impact on the consolidated financial statements or disclosures. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information (Notes) | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||
Cash paid during the year for: | ||||||||||
Years Ended January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
Interest, net of interest capitalization | $ | 59,668 | $ | 58,532 | $ | 49,785 | ||||
Income taxes | $ | 133,430 | $ | 160,736 | $ | 266,829 | ||||
Supplemental noncash investing and financing activities: | ||||||||||
Years Ended January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
Issuance of Common Stock under the Employee Profit Sharing and Retirement Savings Plan | $ | 3,925 | $ | $ | 3,150 | |||||
Inventories_Notes
Inventories (Notes) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | INVENTORIES | |||||||
January 31, | ||||||||
(in thousands) | 2015 | 2014 | ||||||
Finished goods | $ | 1,386,823 | $ | 1,333,926 | ||||
Raw materials | 866,934 | 874,799 | ||||||
Work-in-process | 108,355 | 117,855 | ||||||
Inventories, net | $ | 2,362,112 | $ | 2,326,580 | ||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Notes) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT AND EQUIPMENT | |||||||
January 31, | ||||||||
(in thousands) | 2015 | 2014 | ||||||
Land | $ | 42,666 | $ | 42,710 | ||||
Buildings | 125,846 | 118,622 | ||||||
Leasehold and building improvements | 1,036,422 | 990,488 | ||||||
Office equipment | 586,225 | 517,622 | ||||||
Furniture and fixtures | 261,076 | 246,751 | ||||||
Machinery and equipment | 155,184 | 141,880 | ||||||
Construction-in-progress | 59,771 | 40,569 | ||||||
2,267,190 | 2,098,642 | |||||||
Accumulated depreciation and amortization | (1,367,683 | ) | (1,243,547 | ) | ||||
$ | 899,507 | $ | 855,095 | |||||
The provision for depreciation and amortization for the years ended January 31, 2015, 2014 and 2013 was $182,761,000, $171,452,000 and $159,018,000. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities (Notes) | 12 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Payables and Accruals [Abstract] | |||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ACCOUNTS PAYABLE AND ACCRUED LIABILTIES | ||||||
January 31, | |||||||
(in thousands) | 2015 | 2014 | |||||
Accounts payable - trade | $ | 118,012 | $ | 116,601 | |||
Accrued compensation and commissions | 83,949 | 86,549 | |||||
Accrued sales, withholding and other taxes | 21,770 | 23,935 | |||||
Other | 94,292 | 115,005 | |||||
$ | 318,023 | $ | 342,090 | ||||
Debt_Notes
Debt (Notes) | 12 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Debt Disclosure [Abstract] | |||||||
Debt Disclosure [Text Block] | DEBT | ||||||
January 31, | |||||||
(in thousands) | 2015 | 2014 | |||||
Short-term borrowings: | |||||||
Credit Facilities | $ | 92,519 | $ | 119,212 | |||
Other credit facilities | 141,494 | 133,153 | |||||
$ | 234,013 | $ | 252,365 | ||||
Long-term debt: | |||||||
Unsecured Senior Notes: | |||||||
2008 9.05% Series A, due December 2015 a, b | $ | $ | 103,804 | ||||
2009 10.00% Series A, due April 2018 a | — | 50,000 | |||||
2009 10.00% Series A, due February 2017 a | — | 125,000 | |||||
2009 10.00% Series B, due February 2019 a | — | 125,000 | |||||
2010 1.72% Notes, due September 2016 c, d | 84,470 | 97,350 | |||||
2012 4.40% Series B Notes, due July 2042 e | 250,000 | 250,000 | |||||
2014 3.80% Senior Notes, due October 2024 c, f | 249,277 | — | |||||
2014 4.90% Senior Notes, due October 2044 c, f | 298,788 | — | |||||
$ | 882,535 | $ | 751,154 | ||||
a | These Notes were redeemed with the net proceeds from the offering of the 2024 Notes and the 2044 Notes. | ||||||
b | These Notes were issued, at par, $100,000,000. In 2009, the Company entered into an interest rate swap to effectively convert this fixed rate obligation to a floating rate obligation. The Company terminated the interest rate swap in 2011 and recognized the remaining gain on the swap upon redemption of these Notes. | ||||||
c | These agreements require lump sum repayments upon maturity. | ||||||
d | These Notes were issued, at par, ¥10,000,000,000. | ||||||
e | The agreements governing these Notes require repayments of $50,000,000 in aggregate every five years beginning in 2022. | ||||||
f | These Notes were issued at a discount which will be amortized until the debt maturity. | ||||||
Credit Facilities | |||||||
In October 2014, Tiffany & Co. entered into a four-year $375,000,000 and a five-year $375,000,000 multi-bank, multi-currency, committed unsecured revolving credit facility, including letter of credit subfacilities, (collectively, the "New Credit Facilities") resulting in a total borrowing capacity of $750,000,000. The New Credit Facilities replaced the previously existing $275,000,000 three-year unsecured revolving credit facility and $275,000,000 five-year unsecured revolving credit facility (collectively, the "Previously Existing Credit Facilities"), which were terminated and repaid concurrently with Tiffany & Co.'s entry into the New Credit Facilities. The New Credit Facilities are available for working capital and other corporate purposes. Borrowings under the New Credit Facilities will bear interest at a rate per annum equal to, at the option of the Company, (1) LIBOR (or other applicable reference rate) for the relevant currency plus an applicable margin based upon the Company's leverage ratio as defined under the New Credit Facilities, or (2) an alternate base rate equal to the highest of (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.’s prime rate and (iii) one-month LIBOR plus 1%, plus an applicable margin based upon the Company's leverage ratio as defined under the New Credit Facilities. The New Credit Facilities also require payment to the lenders of a facility fee on the amount of the lenders’ commitments under the credit facilities from time to time at rates based upon the Company's leverage ratio as defined under the New Credit Facilities. Voluntary prepayments of the loans and voluntary reductions of the unutilized portion of the commitments under the New Credit Facilities are permissible without penalty, subject to certain conditions pertaining to minimum notice and minimum reduction amounts. | |||||||
At January 31, 2015, there were $92,519,000 of borrowings outstanding, $5,671,000 of letters of credit issued but not outstanding and $651,810,000 available for borrowing under the New Credit Facilities. The weighted-average interest rate under the New Credit Facilities was 1.49% at January 31, 2015. The weighted-average interest rate under the Previously Existing Credit Facilities was 2.35% at January 31, 2014. The four-year credit facility will expire in October 2018. The five-year credit facility will expire in October 2019. | |||||||
Other Credit Facilities | |||||||
Tiffany-Shanghai Credit Agreement. 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 "Tiffany-Shanghai Credit Agreement"). The Tiffany-Shanghai Credit Agreement has an aggregate borrowing limit of RMB 930,000,000 ($148,879,000 at January 31, 2015). The Tiffany-Shanghai 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 six lenders that are party to the Tiffany-Shanghai 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 $37,620,000 outstanding and $111,259,000 available to be borrowed under the Tiffany-Shanghai Credit Agreement at January 31, 2015. The interest rate applicable to the outstanding borrowings at January 31, 2015 and 2014 was 6.0% in both periods. The Tiffany-Shanghai Credit Agreement matures in July 2016. In connection with this agreement, the Company entered into a guaranty agreement by and between the Company and the facility agent under the Tiffany-Shanghai Credit Agreement (the "Guaranty"). | |||||||
Other. The Company has various other revolving credit facilities, primarily in Japan and China. At | |||||||
January 31, 2015, the facilities totaled $112,960,000, of which $103,874,000 was outstanding at a weighted-average interest rate of 3.90%. At January 31, 2014, the facilities totaled $118,400,000, of which $75,400,000 was outstanding at a weighted-average interest rate of 2.96%. | |||||||
Senior Notes | |||||||
In September 2014, Tiffany & Co. issued $250,000,000 aggregate principal amount of 3.80% Senior Notes due 2024 (the "2024 Notes") and $300,000,000 aggregate principal amount of 4.90% Senior Notes due 2044 (the "2044 Notes" and, together with the 2024 Notes, the "Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Notes were issued at a discount with aggregate net proceeds of $548,037,000 (with an effective yield of 3.836% for the 2024 Notes and an effective yield of 4.926% for the 2044 Notes). Tiffany & Co. used the net proceeds from the issuance of the Notes to redeem all of the aggregate principal amount outstanding of its (i) $100,000,000 principal amount of 9.05% Series A Senior Notes due December 23, 2015; (ii) $125,000,000 principal amount of 10.0% Series A-2009 Senior Notes due February 13, 2017; (iii) $50,000,000 principal amount of 10.0% Series A Senior Notes due April 9, 2018; and (iv) $125,000,000 principal amount of 10.0% Series B-2009 Senior Notes due February 13, 2019 (collectively, the "Private Placement Notes") prior to maturity in accordance with the respective note purchase agreements governing each series of Private Placement Notes, which included provisions for make-whole payments in the event of early redemption. As a result of the redemptions, the Company recorded a loss on extinguishment of debt of $93,779,000 in the three months ended October 31, 2014. The Company used the remaining net proceeds from the sale of the Notes for general corporate purposes. The Notes are Tiffany & Co.’s general unsecured obligations and rank equally in right of payment with all of Tiffany & Co.’s existing and any future unsecured senior debt and rank senior in right of payment to any of Tiffany & Co.’s future subordinated debt. | |||||||
The 2024 Notes bear interest at a fixed rate of 3.80% per annum and the 2044 Notes bear interest at a fixed rate of 4.90% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2015. Tiffany & Co. will make each interest payment to the holders of record of the Notes on the immediately preceding March 15 and September 15. | |||||||
Tiffany & Co. has the option to redeem the Notes, in whole or in part, by providing no less than 30 nor more than 60 days' prior notice at a redemption price equal to the sum of (i) 100% of the principal amount of the Notes to be redeemed, plus (ii) accrued and unpaid interest, if any, on those Notes to the redemption date, plus (iii) a make-whole premium as of the redemption date, as defined in the indenture governing the Notes, as amended and supplemented in respect of each series of Notes (the "Indenture"). In addition, Tiffany & Co. has the option to redeem some or all of the 2024 Notes on or after July 1, 2024, at a redemption price equal to the sum of 100% of the principal amount of the 2024 Notes to be redeemed, together with accrued and unpaid interest, if any, on those 2024 Notes to the redemption date. Tiffany & Co. also has the option to redeem some or all of the 2044 Notes on or after April 1, 2044, at a redemption price equal to the sum of 100% of the principal amount of the 2044 Notes to be redeemed, together with accrued and unpaid interest, if any, on those 2044 Notes to the redemption date. | |||||||
Upon the occurrence of a change of control triggering event (as defined in the Indenture), unless | |||||||
Tiffany & Co. has exercised its right to redeem the Notes, each holder of Notes will have the right to require Tiffany & Co. to repurchase all or a portion of such holder’s Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase. | |||||||
Debt Covenants | |||||||
The agreements governing the New Credit Facilities include specific financial covenants, as well as other covenants that limit the ability of Tiffany & Co. to incur certain subsidiary indebtedness, incur liens, impose restrictions on subsidiary distributions and engage in mergers, consolidations and sales of all or substantially all of Tiffany & Co. and its subsidiaries’ assets, in addition to other requirements and “Events of Default” (as defined in the agreements governing the New Credit Facilities) customary to such borrowings. | |||||||
The Tiffany-Shanghai Credit Agreement includes certain covenants that limit Tiffany-Shanghai's ability to pay certain dividends, make certain investments and incur certain indebtedness, and the Guaranty requires maintenance by Tiffany & Co. of specific financial covenants and ratios, in addition to other requirements and limitations customary to such borrowings. | |||||||
The Indenture contains covenants that, among other things, limit the ability of Tiffany & Co. and its subsidiaries under certain circumstances to create liens and impose conditions on Tiffany & Co.’s ability to engage in mergers, consolidations and sales of all or substantially all of its or its subsidiaries’ assets. The Indenture also contains certain “Events of Default” (as defined in the Indenture) customary for indentures of this type. The Indenture does not contain any specific financial covenants. | |||||||
The agreements governing the 2010 1.72% Notes and the 2012 4.40% Series B Notes require maintenance of specific financial covenants and ratios and limit certain changes to indebtedness of Tiffany & Co. and its subsidiaries and the general nature of the business, in addition to other requirements customary to such borrowings. | |||||||
At January 31, 2015, the Company was in compliance with all debt covenants. In the event of any default of payment or performance obligations extending beyond applicable cure periods under the provisions of any one of the New Credit Facilities, the Tiffany-Shanghai Credit Agreement, the Indenture, the agreements governing the 2010 1.72% Notes and the 2012 4.40% Series B Notes, and other loan agreements, such agreements may be terminated or payment of the applicable debt accelerated. Further, each of the New Credit Facilities, the Tiffany-Shanghai Credit Agreement, the agreements governing the 2010 1.72% Notes and the 2012 4.40% Series B Notes, and certain other loan agreements contain cross default provisions permitting the termination and acceleration of the loans, or acceleration of the notes, as the case may be, in the event that certain of the Company's other debt obligations are terminated or accelerated prior to their maturity. | |||||||
Long-Term Debt Maturities | |||||||
Aggregate maturities of long-term debt as of January 31, 2015 are as follows: | |||||||
Years Ending January 31, | Amount a | ||||||
(in thousands) | |||||||
2016 | $ | ||||||
2017 | 84,470 | ||||||
2018 | — | ||||||
2019 | — | ||||||
2020 | — | ||||||
Thereafter | 800,000 | ||||||
$ | 884,470 | ||||||
a | Amounts exclude any unamortized discount or premium. | ||||||
Letters of Credit | |||||||
The Company has available letters of credit and financial guarantees of $72,194,000 of which $24,092,000 was outstanding at January 31, 2015. Of those available letters of credit and financial guarantees, $59,092,000 expires within one year. These amounts do not include letters of credit issued under the Credit Facilities. |
Hedging_Instruments
Hedging Instruments | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
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 and put option contracts to mitigate a portion of 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 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 $250,000,000 of additional debt which was incurred in July 2012. The Company accounted for the forward-starting interest rate swaps as cash flow hedges. | ||||||||||||||||
In 2014, 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 long-term debt which was incurred in September 2014 (refer to "Note G - Debt"). The Company accounted for the forward-starting interest rate swaps as cash flow hedges. The Company settled the interest rate swap in the three months ended October 31, 2014 and recorded an unrealized loss within accumulated other comprehensive loss, which is being amortized over the terms of the respective 2024 Notes or 2044 Notes to which the interest rate swaps related. | ||||||||||||||||
Foreign Exchange Forward and Put Option Contracts – The Company uses foreign exchange forward contracts or put option contracts to offset a portion of 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 foreign exchange forward and 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 January 31, 2015, the notional amount of foreign exchange forward contracts accounted for as cash flow hedges was $160,245,000 and the notional amount of foreign exchange forward contracts accounted for as undesignated hedges was $77,314,000. The maximum term of the Company's outstanding foreign exchange forward contracts as of January 31, 2015 is 12 months. | ||||||||||||||||
Precious Metal Forward Contracts – The Company periodically hedges a portion of its forecasted purchases of precious metals for use in its internal manufacturing operations through the use of forward contracts in order to manage the effect of volatility in precious metal prices. The Company accounts for its precious metal forward contracts as cash flow hedges. The Company assesses hedge effectiveness based on the total changes in the precious metal forward contracts' cash flows. As of January 31, 2015, 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 January 31, 2015, there were precious metal derivative instruments outstanding for approximately 14,800 ounces of platinum, 459,000 ounces of silver and 50,100 ounces of gold. | ||||||||||||||||
Information on the location and amounts of derivative gains and losses in the consolidated financial statements is as follows: | ||||||||||||||||
Years Ended January 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(in thousands) | Pre-Tax Gain | Pre-Tax Gain (Loss) | Pre-Tax Gain | 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 | $ | 23,225 | $ | 18,717 | $ | 16,184 | $ | 17,660 | ||||||||
Put option contracts a | — | — | 1,241 | 2,201 | ||||||||||||
Precious metal forward contracts a | (4,428 | ) | (4,173 | ) | (8,709 | ) | (4,376 | ) | ||||||||
Forward-starting interest rate swaps b | (4,177 | ) | (1,517 | ) | — | (1,535 | ) | |||||||||
$ | 14,620 | $ | 13,027 | $ | 8,716 | $ | 13,950 | |||||||||
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 expense and financing costs. | |||||||||||||||
The pre-tax gains recognized in earnings on derivatives not designated as hedging instruments related to foreign exchange forward contracts were $10,484,000 in the year ended January 31, 2015 and are included in other income, net. Such gains were not material in the year ended January 31, 2014. There was no material ineffectiveness related to the Company's hedging instruments for the periods ended January 31, 2015 and 2014. The Company expects approximately $13,351,000 of net pre-tax derivative gains included in accumulated other comprehensive income at January 31, 2015 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 Consolidated Balance Sheet, see "Note I - 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 | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||
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 foreign exchange forward contracts, as well as its put option 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 H - Hedging Instruments." | ||||||||||||||||||||
Financial assets and liabilities carried at fair value at January 31, 2015 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 | $ | 53,545 | $ | 53,545 | $ | — | $ | — | $ | 53,545 | ||||||||||
Time deposits b | 1,500 | 1,500 | — | — | 1,500 | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Precious metal forward contracts c | 250 | — | 250 | — | 250 | |||||||||||||||
Foreign exchange forward contracts c | 15,070 | — | 15,070 | — | 15,070 | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange forward contracts c | 7,173 | — | 7,173 | — | 7,173 | |||||||||||||||
Total financial assets | $ | 77,538 | $ | 55,045 | $ | 22,493 | $ | — | $ | 77,538 | ||||||||||
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 d | $ | 3,150 | $ | — | $ | 3,150 | $ | — | $ | 3,150 | ||||||||||
Foreign exchange forward contracts d | 118 | — | 118 | — | 118 | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange forward contracts d | 1,986 | — | 1,986 | — | 1,986 | |||||||||||||||
Total financial liabilities | $ | 5,254 | $ | — | $ | 5,254 | $ | — | $ | 5,254 | ||||||||||
Financial assets and liabilities carried at fair value at January 31, 2014 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 | $ | 51,781 | $ | 51,781 | $ | — | $ | — | $ | 51,781 | ||||||||||
Time deposits b | 21,257 | 21,257 | — | — | 21,257 | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Precious metal forward contracts c | 53 | — | 53 | — | 53 | |||||||||||||||
Foreign exchange forward contracts c | 6,699 | — | 6,699 | — | 6,699 | |||||||||||||||
Total financial assets | $ | 79,790 | $ | 73,038 | $ | 6,752 | $ | — | $ | 79,790 | ||||||||||
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 d | $ | 1,652 | $ | — | $ | 1,652 | $ | — | $ | 1,652 | ||||||||||
Foreign exchange forward contracts d | 246 | — | 246 | — | 246 | |||||||||||||||
Total financial liabilities | $ | 1,898 | $ | — | $ | 1,898 | $ | — | $ | 1,898 | ||||||||||
a | Included within Other assets, net. | |||||||||||||||||||
b | Included within Short-term investments. | |||||||||||||||||||
c | Included within Prepaid expenses and other current assets. | |||||||||||||||||||
d | Included within Accounts payable and accrued liabilities. | |||||||||||||||||||
The fair value of derivatives not designated as hedging instruments was not significant in the year ended January 31, 2014. 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 $1,116,548,000 and $1,003,519,000 and the corresponding fair value was approximately $1,200,000,000 and $1,100,000,000 at January 31, 2015 and 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||||
Leases | ||||||||||
The Company leases certain office, distribution, retail and manufacturing facilities, land and equipment. Retail store leases may require the payment of minimum rentals and contingent rent based on a percentage of sales exceeding a stipulated amount. The lease agreements, which expire at various dates through 2062, are subject, in many cases, to renewal options and provide for the payment of taxes, insurance and maintenance. Certain leases contain escalation clauses resulting from the pass-through of increases in operating costs, property taxes and the effect on costs from changes in consumer price indices. | ||||||||||
Rent-free periods and other incentives granted under certain leases and scheduled rent increases are charged to rent expense on a straight-line basis over the related terms of such leases. Lease expense includes predetermined rent escalations (including escalations based on the Consumer Price Index or other indices) and is recorded on a straight-line basis over the term of the lease. Adjustments to indices are treated as contingent rent and recorded in the period that such adjustments are determined. | ||||||||||
The Company entered into sale-leaseback arrangements for its Retail Service Center, a distribution and administrative office facility in New Jersey, in 2005 and for the TIFFANY & CO. stores in Tokyo's Ginza shopping district and on London's Old Bond Street in 2007. These sale-leaseback arrangements resulted in total deferred gains of $144,505,000 which are being amortized in SG&A expenses over periods that range from 15 to 20 years. As of January 31, 2015, $64,471,000 of these deferred gains remained to be amortized. | ||||||||||
In April 2010, Tiffany committed to a plan to consolidate and relocate its New York headquarters staff to a single leased location in Manhattan. The move occurred in June 2011. Tiffany sublet 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. Tiffany recorded expenses of $42,719,000 during the year ended January 31, 2012 (primarily within SG&A expenses), of which $30,884,000 was related to the fair value of the remaining non-cancelable lease obligations reduced by the estimated sublease rental income. The remaining expense of $11,835,000 (primarily recorded in SG&A expenses) was due to the acceleration of the useful lives of certain property and equipment, incremental rent during the transition period and lease termination payments. | ||||||||||
The following is a reconciliation of the accrued exit charges, recorded within other long-term liabilities, associated with the relocation: | ||||||||||
(in thousands) | ||||||||||
January 31, 2013 | $ | 16,164 | ||||||||
Cash payments, net of estimated sublease income | (6,072 | ) | ||||||||
Interest accretion | 373 | |||||||||
31-Jan-14 | 10,465 | |||||||||
Cash payments, net of estimated sublease income | (5,727 | ) | ||||||||
Interest accretion | 217 | |||||||||
31-Jan-15 | $ | 4,955 | ||||||||
Rent expense for the Company's operating leases consisted of the following: | ||||||||||
Years Ended January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
Minimum rent for retail locations | $ | 158,188 | $ | 146,109 | $ | 127,267 | ||||
Contingent rent based on sales | 38,572 | 36,289 | 31,918 | |||||||
Office, distribution and manufacturing facilities and equipment | 35,812 | 42,466 | 38,156 | |||||||
$ | 232,572 | $ | 224,864 | $ | 197,341 | |||||
In addition, the Company operates certain TIFFANY & CO. stores within various department stores outside the U.S. and has agreements where the department store operators provide store facilities and other services. The Company pays the department store operators a percentage fee based on sales generated in these locations (recorded as commission expense within SG&A expenses) which totaled $113,682,000, $117,079,000 and $120,967,000 in 2014, 2013 and 2012, and which are not included in the table above. | ||||||||||
Aggregate annual minimum rental payments under non-cancelable operating leases are as follows: | ||||||||||
Years Ending January 31, | Annual Minimum Rental Payments a | |||||||||
(in thousands) | ||||||||||
2016 | $ | 237,091 | ||||||||
2017 | 211,881 | |||||||||
2018 | 186,463 | |||||||||
2019 | 144,048 | |||||||||
2020 | 126,178 | |||||||||
Thereafter | 556,016 | |||||||||
a | Operating lease obligations do not include obligations for property taxes, insurance and maintenance that are required by most lease agreements. | |||||||||
Diamond Sourcing Activities | ||||||||||
The Company has agreements with various diamond producers to purchase defined portions of their mines' output at prevailing fair market prices. Under those agreements, management anticipates that it will purchase approximately $160,000,000 of rough diamonds in 2015. Purchases beyond 2015 that are contingent upon mine production at then-prevailing fair market prices cannot be reasonably estimated. In addition, the Company also regularly purchases rough and polished diamonds from other suppliers, although it has no contractual obligations to do so. | ||||||||||
In consideration of its diamond supply agreements, the Company has provided financing to certain suppliers of its rough diamonds. 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 acquires diamonds. Koidu was required under the terms of the Loan to apply the proceeds of the Loan to capital expenditures necessary to increase the output of the Mine, among other purposes. As of July 31, 2011, the Loan was fully funded. In consideration of the Loan, Laurelton entered into a supply agreement, pursuant to which Laurelton is required to purchase at fair market value diamonds recovered from the Mine that meet Laurelton's quality standards. The assets of Koidu, including all equipment and rights in respect of the Mine, are subject to the security interest of a lender that is not affiliated with the Company. The Loan is partially secured by diamonds that have been extracted from the Mine and that have not been sold to third parties. The Company has evaluated the variable interest entity consolidation requirements with respect to this transaction and has determined that it is not the primary beneficiary, as it does not have the power to direct any of the activities that most significantly impact Koidu's economic performance. | ||||||||||
On March 29, 2013, the Company entered into an amendment relating to the Loan which deferred principal and interest payments due in 2013 to subsequent years (the "2013 Amendment") and, on March 31, 2014, the Company entered into a further amendment providing that the principal payments due in 2014 shall be paid on a monthly basis rather than on a semi-annual basis. The Loan, as amended, is required to be repaid in full by March 2017 through monthly payments from March through December 2014 and semi-annual payments beginning in March 2015. Interest accrues at a rate per annum that is the greater of (i) LIBOR plus 3.5% or (ii) 4%. Koidu is also required to pay an additional 2% per annum of interest on the principal payments deferred pursuant to the 2013 Amendment, until such amounts are paid. Koidu has requested that the principal and interest payments due in March 2015 be deferred pending the completion of certain technical studies with respect to the Mine and additional discussions between the parties regarding a further revised repayment schedule. The terms and conditions of the proposed deferral are currently under discussion. Based on management's review, it has been determined that the full amount outstanding under the loan, including accrued interest, continues to be collectible. | ||||||||||
The Company also provided financing of $3,050,000 and $8,015,000 during the years ended | ||||||||||
January 31, 2014 and 2013 to other diamond mining and exploration companies. | ||||||||||
Contractual Cash Obligations and Contingent Funding Commitments | ||||||||||
At January 31, 2015, the Company's contractual cash obligations and contingent funding commitments were for inventory purchases of $376,202,000 (which includes the $160,000,000 obligation discussed in Diamond Sourcing Activities above), as well as for other contractual obligations of $108,922,000 (primarily for technology licensing and service contracts, fixed royalty commitments, construction-in-progress and packaging supplies). | ||||||||||
Litigation | ||||||||||
Arbitration Award. On December 21, 2013, an award was issued (the "Arbitration Award") in favor of The Swatch Group Ltd. ("Swatch") and its wholly-owned subsidiary Tiffany Watch Co. ("Watch Company"; Swatch and Watch Company, together, the "Swatch Parties") in an arbitration proceeding (the "Arbitration") between the Registrant and its wholly-owned subsidiaries, Tiffany and Company and Tiffany (NJ) Inc. (the Registrant and such subsidiaries, together, the "Tiffany Parties") and the Swatch Parties. | ||||||||||
The Arbitration was initiated in June 2011 by the Swatch Parties, who sought damages for alleged breach of agreements entered into by and among the Swatch Parties and the Tiffany Parties in December 2007 (the "Agreements"). The Agreements pertained 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. | ||||||||||
In general terms, the Swatch Parties alleged that the Tiffany Parties breached the Agreements by obstructing and delaying development of Watch Company’s business and otherwise failing to proceed in good faith. The Swatch Parties sought damages based on alternate theories ranging from CHF 73,000,000 (or approximately $79,000,000 at January 31, 2015) (based on its alleged wasted investment) to CHF 3,800,000,000 (or approximately $4,100,000,000 at January 31, 2015) (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. In the Arbitration, the Tiffany Parties defended against the Swatch Parties’ claims vigorously, disputing both the merits of the claims and the calculation of the alleged damages. The Tiffany Parties also asserted counterclaims for damages attributable to breach by the Swatch Parties, stemming from the Swatch Parties’ September 12, 2011 public issuance of a Notice of Termination purporting to terminate the Agreements due to alleged material breach by the Tiffany Parties, and for termination due to such breach. In general terms, the Tiffany Parties alleged 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 sought damages based on alternate theories ranging from CHF 120,000,000 (or approximately $130,000,000 at January 31, 2015) (based on its wasted investment) to approximately CHF 540,000,000 (or approximately $584,000,000 at January 31, 2015) (calculated based on alleged future lost profits of the Tiffany Parties). | ||||||||||
The Arbitration hearing was held in October 2012 before a three-member arbitral panel convened in the Netherlands pursuant to the Arbitration Rules of the Netherlands Arbitration Institute (the "Rules"), and the Arbitration record was completed in February 2013. | ||||||||||
Under the terms of the Arbitration Award, and at the request of the Swatch Parties and the Tiffany Parties, the Agreements were deemed terminated. The Arbitration Award stated that the effective date of termination was March 1, 2013. Pursuant to the Arbitration Award, the Tiffany Parties were ordered to pay the Swatch Parties damages of CHF 402,737,000 (the "Arbitration Damages"), as well as interest from June 30, 2012 to the date of payment, two-thirds of the cost of the Arbitration and two-thirds of the Swatch Parties' legal fees, expenses and costs. These amounts were paid in full in January 2014. | ||||||||||
Prior to the ruling of the arbitral panel, no accrual was established in the Company's consolidated financial statements because management did not believe the likelihood of an award of damages to the Swatch Parties was probable. As a result of the ruling, in the fourth quarter of 2013, the Company recorded a charge of $480,211,000, which includes the damages, interest, and other costs associated with the ruling and which has been classified as Arbitration award expense in the consolidated statement of earnings. | ||||||||||
On March 31, 2014, the Tiffany Parties took action in the District Court of Amsterdam to annul the Arbitration Award. Generally, arbitration awards are final; however, Dutch law does provide for limited grounds on which arbitral awards may be set aside. The Tiffany Parties petitioned to annul the Arbitration Award on these statutory grounds. These grounds include, for example, that the arbitral tribunal violated its mandate by changing the express terms of the Agreements. | ||||||||||
A three-judge panel presided over the annulment hearing on January 19, 2015, and, on March 4, 2015, issued a decision in favor of the Tiffany Parties. Under this decision, the Arbitration Award is set aside. However, the Swatch Parties have the right to file an appeal of the District Court's decision, and the Arbitration Award may ultimately be upheld by the courts of the Netherlands. If the Swatch Parties assert their right to appeal, which expires on June 4, 2015, Registrant’s management expects that the annulment action will not be ultimately resolved for at least 18 months. | ||||||||||
If the Arbitration Award is finally annulled, management anticipates that the claims and counterclaims that formed the basis of the Arbitration, and potentially additional claims and counterclaims, will be litigated in court proceedings between and among the Swatch Parties and the Tiffany Parties. The identity and location of the courts that would hear such actions have not been determined at this time. Management also anticipates that the Tiffany Parties would seek the return of the amounts paid by them under the Arbitration Award in court proceedings. | ||||||||||
In any litigation regarding the claims and counterclaims that formed the basis of the arbitration, issues of liability and damages will be pled and determined without regard to the findings of the arbitral panel. As such, it is possible that the court could find that the Swatch Parties were in material breach of their obligations under the Agreements, that the Tiffany Parties were in material breach of their obligations under the Agreements or that neither the Swatch Parties nor the Tiffany Parties were in material breach. If the Swatch Parties’ claims of liability were accepted by the court, the damages award cannot be reasonably estimated at this time, but could exceed the Arbitration Damages and could have a material adverse effect on the Registrant’s consolidated financial statements or liquidity. | ||||||||||
Although the District Court has issued a decision in favor of the Tiffany Parties, an amount will only be recorded for any return of amounts paid under the Arbitration Award when the District’s Court decision is final (i.e., after any right of appeal has been exhausted) and return of these amounts is deemed probable and collection is reasonably assured. As such, the Company has not recorded any amounts in its consolidated financial statements related to the District Court’s decision. | ||||||||||
Additionally, management has not established any accrual in the Company's consolidated financial statements for the year ended January 31, 2015 related to the annulment process or any potential subsequent litigation because it does not believe that the final annulment of the Arbitration Award and a subsequent award of damages exceeding the Arbitration Damages is probable. | ||||||||||
Royalties payable to the Tiffany Parties by Watch Company under the Agreements were not significant in any year and watches manufactured by Watch Company and sold in TIFFANY & CO. stores constituted 1% of worldwide net sales in 2013 and 2012. | ||||||||||
The Company is proceeding with plans to design, produce, market and distribute TIFFANY & CO. brand watches through certain of its Swiss subsidiaries. Management expects to introduce new TIFFANY & CO. brand watches in April 2015. The effective development and growth of this watch business has required and will continue to require additional resources and involves risks and uncertainties. | ||||||||||
Other Litigation Matters. The Company is from time to time involved in routine litigation incidental to the conduct of its business, including proceedings to protect its trademark rights, litigation with parties claiming infringement of patents and other intellectual property rights by the Company, litigation instituted by persons alleged to have been injured upon premises under the Company's control and litigation with present and former employees and customers. Although litigation with present and former employees is routine and incidental to the conduct of the Company's business, as well as for any business employing significant numbers of employees, such litigation can result in large monetary awards when a civil jury is allowed to determine compensatory and/or punitive damages for actions claiming discrimination on the basis of age, gender, race, religion, disability or other legally-protected characteristic or for termination of employment that is wrongful or in violation of implied contracts. However, the Company believes that all such litigation currently pending to which it is a party or to which its properties are subject will be resolved without any material adverse effect on the Company's financial position, earnings or cash flows. | ||||||||||
Environmental Matter | ||||||||||
In 2005, the US Environmental Protection Agency (“EPA”) designated a 17-mile stretch of the Passaic River (the “River”) part of the Diamond Alkali “Superfund” site. This designation resulted from the detection of hazardous substances at the site, which was previously home to the Diamond Shamrock Corporation, a manufacturer of pesticides and herbicides. Under the Superfund law, the EPA will negotiate with potentially responsible parties to agree on remediation approaches. | ||||||||||
The Company, which operated a silverware manufacturing facility on a tributary of the River from approximately 1897 to 1985, is one of more than 300 parties (the "Potentially Responsible Parties") designated by the EPA as potentially responsible parties with respect to the River. Of these parties, the Company, along with approximately 70 other Potentially Responsible Parties (collectively, the “Cooperating Parties Group” or “CPG”) voluntarily entered into an Administrative Settlement Agreement and Order on Consent (“AOC”) with the EPA in May 2007 to perform a Remedial Investigation/Feasibility Study (the “RI/FS”) of the lower 17 miles of the River. In June 2012, the CPG voluntarily entered into a second AOC related to focused remediation actions at Mile 10.9 of the River. The actions under the Mile 10.9 AOC are substantially complete, and the RI/FS under the 2007 AOC is expected to be substantially complete no earlier than April 15, 2015. The Company has accrued for its financial obligations under both AOCs, which have not been material to its financial position or results of operations in previous financial periods or on a cumulative basis. | ||||||||||
Separately, the EPA has issued and is reviewing comments on its proposed plan for remediating the lower eight miles of the River, which is supported by a Focused Feasibility Study (the “FFS”). The FFS provides multiple approaches to remediation, which range in cost from $360,000,000 to $3,250,000,000, with the cost of the EPA-recommended approach ranging from $950,000,000 to $1,731,000,000. It cannot be determined how any costs of remediation identified as a result of the FFS would be allocated among any of the potentially responsible parties. | ||||||||||
The Remedial Investigation portion of the RI/FS was submitted to the EPA on February 19, 2015, and the Company expects that the Feasibility Study portion of the RI/FS will be submitted to the EPA no earlier than April 15, 2015. The Company expects that the RI/FS will be reviewed and subject to comment by the EPA and other governmental agencies and stakeholders, with the EPA ultimately issuing a Record of Decision identifying a proposed remediation approach. With respect to the FFS, the Company expects that the EPA will, after review of the comments, identify and negotiate with any or all of the potentially responsible parties regarding any remediation action that may be necessary, and ultimately issue a Record of Decision with a proposed remediation approach. | ||||||||||
Until one or more Records of Decision are issued, neither the ultimate remedial approaches and their costs, nor the Company’s participation, if any, relative to the other potentially responsible parties in these approaches and costs, can be determined. As such, the Company’s obligations, if any, beyond those already recorded for the 2007 AOC and the Mile 10.9 AOC cannot be identified or estimated at this time, and the Company has therefore not recorded any additional liability related to this matter. In light of the number of companies in the CPG participating in the 2007 AOC and the Mile 10.9 AOC and the Company’s relative participation in the costs related thereto, the Company does not expect that its ultimate liability, if any, related to these matters will be material to its financial position. However, it is possible that, when the uncertainties discussed above are resolved, such liability could be material to its results of operations or cash flows in the period in which such uncertainties are resolved. | ||||||||||
Other | ||||||||||
In the first quarter of 2013, the Company implemented specific cost-reduction initiatives and recorded $9,379,000 of expense within SG&A 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. |
Related_Parties_Notes
Related Parties (Notes) | 12 Months Ended |
Jan. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTIES |
The Company's Chairman of the Board (and Chief Executive Officer through March 31, 2015) is a member of the Board of Directors of The Bank of New York Mellon, but will not stand for re-election at its upcoming annual meeting of stockholders scheduled to be held on April 14, 2015. The Bank of New York Mellon serves as the Company's trustee for its Senior Notes due in 2024 and 2044, participates as a co-syndication agent and lender for its New Credit Facilities, served as the lead bank for its Previously Existing Credit Facilities, provides other general banking services and serves as the trustee and an investment manager for the Company's pension plan. Fees paid to the bank for services rendered and interest on debt amounted to $1,254,000, $1,569,000 and $1,658,000 in 2014, 2013 and 2012. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Equity [Abstract] | ||||||||||
Stockholders' Equity | STOCKHOLDERS' EQUITY | |||||||||
Accumulated Other Comprehensive Loss | ||||||||||
January 31, | ||||||||||
(in thousands) | 2015 | 2014 | ||||||||
Accumulated other comprehensive (loss) earnings, net of tax: | ||||||||||
Foreign currency translation adjustments | $ | (76,284 | ) | $ | 16,846 | |||||
Unrealized gain on marketable securities | 1,912 | 2,677 | ||||||||
Deferred hedging loss | (5,399 | ) | (6,607 | ) | ||||||
Net unrealized loss on benefit plans | (210,691 | ) | (71,464 | ) | ||||||
$ | (290,462 | ) | $ | (58,548 | ) | |||||
Additions to and reclassifications out of accumulated other comprehensive (loss) earnings are as follows: | ||||||||||
Years Ended January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
Foreign currency translation adjustments | $ | (101,900 | ) | $ | (31,742 | ) | $ | (11,567 | ) | |
Income tax benefit | 8,770 | 4,524 | 6,422 | |||||||
Foreign currency adjustments, net of tax | (93,130 | ) | (27,218 | ) | (5,145 | ) | ||||
Unrealized (loss) gain on marketable securities | (870 | ) | 1,234 | 2,640 | ||||||
Reclassification for loss included in net earnings a | — | — | 6 | |||||||
Income tax benefit (expense) | 105 | (406 | ) | (927 | ) | |||||
Unrealized (loss) gain on marketable securities, net of tax | (765 | ) | 828 | 1,719 | ||||||
Unrealized gain (loss) on hedging instruments | 14,620 | 8,716 | (4,439 | ) | ||||||
Reclassification adjustment for (gain) loss included in | (13,017 | ) | (13,950 | ) | 12,168 | |||||
net earnings b | ||||||||||
Income tax (expense) benefit | (395 | ) | 1,834 | (2,207 | ) | |||||
Unrealized gain (loss) on hedging instruments, net of tax | 1,208 | (3,400 | ) | 5,522 | ||||||
Prior service cost | (477 | ) | — | — | ||||||
Net actuarial (loss) gain | (234,669 | ) | 86,310 | (34,520 | ) | |||||
Amortization of net loss included in net earnings c | 13,144 | 19,217 | 15,993 | |||||||
Amortization of prior service (credit) cost included in | (407 | ) | 313 | 356 | ||||||
net earnings c | ||||||||||
Income tax benefit (expense) | 83,182 | (40,723 | ) | 7,330 | ||||||
Net unrealized (loss) gain on benefit plans, net of tax | (139,227 | ) | 65,117 | (10,841 | ) | |||||
Total other comprehensive (loss) earnings, net of tax | $ | (231,914 | ) | $ | 35,327 | $ | (8,745 | ) | ||
a | These losses are reclassified into Other income, net. | |||||||||
b | These (gains) losses are reclassified into Interest expense and financing costs and Cost of sales (see "Note H - Hedging Instruments" for additional details). | |||||||||
c | These accumulated other comprehensive income components are included in the computation of net periodic pension costs (see "Note N - Employee Benefit Plans" for additional details). | |||||||||
Stock Repurchase Program | ||||||||||
In January 2011, the Company's Board of Directors approved a stock repurchase program ("2011 Program") and terminated a previously-existing program. The 2011 Program authorized the Company to repurchase up to $400,000,000 of its Common Stock through open market or private transactions. The timing of repurchases and the actual number of shares to be repurchased depended on a variety of discretionary factors such as stock price, cash-flow forecasts and other market conditions. The Company suspended share repurchases during the second quarter of 2012. In January 2013, the Board of Directors extended the expiration date of the 2011 Program to January 31, 2014. The 2011 Program expired on January 31, 2014. | ||||||||||
In March 2014, the Company's Board of Directors approved a share repurchase program which authorizes the Company to repurchase up to $300,000,000 of its Common Stock through open market transactions. Purchases are executed under a written plan for trading securities as specified under Rule 10b5-1 promulgated under the Securities and Exchange Act of 1934, as amended, the terms of which are within the Company's discretion, subject to applicable securities laws, and are based on market conditions and the Company's liquidity needs. The program will expire on March 31, 2017. | ||||||||||
The Company's share repurchase activity was as follows: | ||||||||||
Years Ended January 31, | ||||||||||
(in thousands, except per share amounts) | 2015 | 2014 | 2013 | |||||||
Cost of repurchases | $ | 27,028 | $ | — | $ | 54,107 | ||||
Shares repurchased and retired | 301 | — | 813 | |||||||
Average cost per share | $ | 89.91 | $ | — | $ | 66.54 | ||||
At January 31, 2015, $272,972,000 remained available for share repurchases under this authorization. | ||||||||||
Cash Dividends | ||||||||||
The Company's Board of Directors declared quarterly dividends which, on an annual basis, totaled $1.48, $1.34 and $1.25 per share of Common Stock in 2014, 2013 and 2012. | ||||||||||
On February 19, 2015, the Company's Board of Directors declared a quarterly dividend of $0.38 per share of Common Stock. This dividend will be paid on April 10, 2015 to stockholders of record on March 20, 2015. |
Stock_Compensation_Plans_Notes
Stock Compensation Plans (Notes) | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments | STOCK COMPENSATION PLANS | |||||||||
The Company has two stock compensation plans under which awards may be made: the Employee Incentive Plan and the Directors Option Plan, both of which were approved by the stockholders. No award may be made under the Employee Incentive Plan after May 22, 2024 or under the Directors Option Plan after May 15, 2018. | ||||||||||
Under the Employee Incentive Plan, the maximum number of common shares authorized for issuance was 8,650,000. Awards may be made to employees of the Company or its related companies in the form of stock options, stock appreciation rights, shares of stock (or rights to receive shares of stock) and cash. Awards made in the form of non-qualified stock options, tax-qualified incentive stock options or stock appreciation rights have a maximum term of 10 years from the grant date and may not be granted for an exercise price below fair market value. | ||||||||||
The Company has granted time-vesting restricted stock units ("RSUs"), performance-based restricted stock units ("PSUs") and stock options under the Employee Incentive Plan. Stock options vest primarily in increments of 25% per year over four years. RSUs and PSUs issued to the executive officers vest at the end of a three-year period. RSUs issued to other management employees vest primarily in increments of 25% per year over a four-year period. Vesting of all PSUs is contingent on the Company's performance against pre-set objectives established by the Compensation Committee of the Company's Board of Directors. The PSUs and RSUs require no payment from the employee. PSU and RSU payouts will be in shares of Company stock at vesting. Compensation expense is recognized using the fair market value at the date of grant and recorded ratably over the vesting period. However, PSU compensation expense may be adjusted over the vesting period based on interim estimates of performance against the pre-set objectives. Award holders are not entitled to receive dividends on unvested stock options, PSUs or RSUs. | ||||||||||
Under the Directors Option Plan, the maximum number of shares of Common Stock authorized for issuance was 1,000,000 (subject to adjustment); awards may be made to non-employee directors of the Company in the form of stock options or shares of stock but may not exceed 25,000 (subject to adjustment) shares per non-employee director in any fiscal year. Awards of shares (or rights to receive shares) reduce the above authorized amount by 1.58 shares for every share delivered pursuant to such an award. Awards made in the form of stock options may have a maximum term of 10 years from the grant date and may not be granted for an exercise price below fair market value unless the director has agreed to forego all or a portion of his or her annual cash retainer or other fees for service as a director in exchange for below-market exercise price options. Director options vest immediately. Director RSUs vest over a one-year period. | ||||||||||
The Company uses newly-issued shares to satisfy stock option exercises and the vesting of PSUs and RSUs. | ||||||||||
The fair value of each option award is estimated on the grant date using a Black-Scholes option valuation model and compensation expense is recognized ratably over the vesting period. The valuation model uses the assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company's stock. The Company uses historical data to estimate the expected term of the option that represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the grant date. | ||||||||||
Years Ended January 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||
Dividend yield | 1.3 | % | 1.2 | % | 1.6 | % | ||||
Expected volatility | 30.2 | % | 39.6 | % | 42.2 | % | ||||
Risk-free interest rate | 1.5 | % | 1.4 | % | 1 | % | ||||
Expected term in years | 5 | 5 | 6 | |||||||
A summary of the option activity for the Company's stock option plans is presented below: | ||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||
Shares | Average | Average | Intrinsic | |||||||
Exercise Price | Remaining | Value | ||||||||
Contractual | (in thousands) | |||||||||
Term in Years | ||||||||||
Outstanding at January 31, 2014 | 2,322,145 | $ | 55.63 | 6.62 | $ | 65,033 | ||||
Granted | 479,378 | 88.32 | ||||||||
Exercised | (939,321 | ) | 45.67 | |||||||
Forfeited/canceled | (170,150 | ) | 72.08 | |||||||
Outstanding at January 31, 2015 | 1,692,052 | $ | 68.76 | 7.38 | $ | 32,288 | ||||
Exercisable at January 31, 2015 | 850,767 | $ | 56.02 | 5.79 | $ | 26,866 | ||||
The weighted-average grant-date fair value of options granted for the years ended January 31, 2015, 2014 and 2013 was $22.25, $29.11 and $21.78. The total intrinsic value (market value on date of exercise less grant price) of options exercised during the years ended January 31, 2015, 2014 and 2013 was $44,128,000, $39,542,000 and $14,359,000. | ||||||||||
A summary of the activity for the Company's RSUs is presented below: | ||||||||||
Number of Shares | Weighted-Average | |||||||||
Grant-Date Fair Value | ||||||||||
Non-vested at January 31, 2014 | 742,302 | $ | 63.33 | |||||||
Granted | 252,339 | 90.68 | ||||||||
Vested | (297,909 | ) | 92.65 | |||||||
Forfeited | (115,103 | ) | 68.87 | |||||||
Non-vested at January 31, 2015 | 581,629 | $ | 75.46 | |||||||
A summary of the activity for the Company's PSUs is presented below: | ||||||||||
Number of Shares | Weighted-Average | |||||||||
Grant-Date Fair Value | ||||||||||
Non-vested at January 31, 2014 | 879,038 | $ | 63.27 | |||||||
Granted | 210,477 | 82.88 | ||||||||
Vested | (91,815 | ) | 56.95 | |||||||
Forfeited/canceled | (305,223 | ) | 61.61 | |||||||
Non-vested at January 31, 2015 | 692,477 | $ | 70.8 | |||||||
The weighted-average grant-date fair value of RSUs granted for the years ended January 31, 2014 and 2013 was $68.66 and $66.18. The weighted-average grant-date fair value of PSUs granted for the years ended January 31, 2014 and 2013 was $83.73 and $59.85. | ||||||||||
As of January 31, 2015, there was $69,092,000 of total unrecognized compensation expense related to non-vested share-based compensation arrangements granted under the Employee Incentive Plan and Directors Option Plan. The expense is expected to be recognized over a weighted-average period of 2.7 years. The total fair value of RSUs vested during the years ended January 31, 2015, 2014 and 2013 was $27,711,000, $26,497,000 and $21,752,000. The total fair value of PSUs vested during the years ended January 31, 2015, 2014 and 2013 was $8,071,000, $10,192,000 and $20,340,000. | ||||||||||
Total compensation cost for stock-based compensation awards recognized in income and the related income tax benefit was $26,451,000 and $8,879,000 for the year ended January 31, 2015, $32,188,000 and $11,434,000 for the year ended January 31, 2014 and $26,938,000 and $9,541,000 for the year ended January 31, 2013. Total stock-based compensation cost capitalized in inventory was not significant. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS | |||||||||||||||||||
Pensions and Other Postretirement Benefits | ||||||||||||||||||||
The Company maintains the following pension plans: a noncontributory defined benefit pension plan qualified in accordance with the Internal Revenue Service Code ("Qualified Plan") covering substantially all U.S. employees hired before January 1, 2006, a non-qualified unfunded retirement income plan ("Excess Plan") covering certain U.S. employees hired before January 1, 2006 and affected by Internal Revenue Service Code compensation limits, a non-qualified unfunded Supplemental Retirement Income Plan ("SRIP") covering certain executive officers of the Company hired before January 1, 2006 and noncontributory defined benefit pension plans in certain of its international locations ("Other Plans"). | ||||||||||||||||||||
Qualified Plan benefits are based on (i) average compensation in the highest paid five years of the last 10 years of employment ("average final compensation") and (ii) the number of years of service. Participants with at least 10 years of service who retire after attaining age 55 may receive reduced retirement benefits. The Company funds the Qualified Plan's trust in accordance with regulatory limits to provide for current service and for the unfunded benefit obligation over a reasonable period and for current service benefit accruals. To the extent that these requirements are fully covered by assets in the Qualified Plan, the Company may elect not to make any contribution in a particular year. No cash contribution was required in 2014 and none is required in 2015 to meet the minimum funding requirements of the Employee Retirement Income Security Act. The Company periodically evaluates whether to make discretionary cash contributions to the Qualified Plan, and did not make such contributions in 2014 and currently does not anticipate making such contributions in 2015. This expectation is subject to change based on management’s assessment of a variety of factors, including, but not limited to, asset performance, interest rates and changes in actuarial assumptions. | ||||||||||||||||||||
The Qualified Plan, Excess Plan and SRIP exclude all employees hired on or after January 1, 2006. Instead, employees hired on or after January 1, 2006 will be eligible to receive a defined contribution retirement benefit under the Employee Profit Sharing and Retirement Savings ("EPSRS") Plan (see "Employee Profit Sharing and Retirement Savings Plan" below). Employees hired before January 1, 2006 will continue to be eligible for and accrue benefits under the Qualified Plan. | ||||||||||||||||||||
The Excess Plan uses the same retirement benefit formula set forth in the Qualified Plan, but includes earnings that are excluded under the Qualified Plan due to Internal Revenue Service Code qualified pension plan limitations. Benefits payable under the Qualified Plan offset benefits payable under the Excess Plan. Employees vested under the Qualified Plan are vested under the Excess Plan; however, benefits under the Excess Plan are subject to forfeiture if employment is terminated for cause and, for those who leave the Company prior to age 65, if they fail to execute and adhere to noncompetition and confidentiality covenants. The Excess Plan allows participants with at least 10 years of service who retire after attaining age 55 to receive reduced retirement benefits. | ||||||||||||||||||||
The SRIP supplements the Qualified Plan, Excess Plan and Social Security by providing additional payments upon a participant's retirement. SRIP benefits are determined by a percentage of average final compensation; this percentage increases as specified service plateaus are achieved. Benefits payable under the Qualified Plan, Excess Plan and Social Security offset benefits payable under the SRIP. Under the SRIP, benefits vest when a participant both (i) attains age 55 while employed by the Company and (ii) has provided at least 10 years of service. In certain limited circumstances, early vesting can occur due to a change in control. Benefits under the SRIP are forfeited if benefits under the Excess Plan are forfeited. | ||||||||||||||||||||
Benefits for the Other Plans are typically based on monthly eligible compensation and the number of years of service. Benefits are typically payable in a lump sum upon retirement, termination, resignation or death if the participant has completed the requisite service period. | ||||||||||||||||||||
The Company accounts for pension expense using the projected unit credit actuarial method for financial reporting purposes. The actuarial present value of the benefit obligation is calculated based on the expected date of separation or retirement of the Company's eligible employees. | ||||||||||||||||||||
The Company provides certain health-care and life insurance benefits ("Other Postretirement Benefits") for certain retired employees and accrues the cost of providing these benefits throughout the employees' active service period until they attain full eligibility for those benefits. Substantially all of the Company's U.S. full-time employees, hired on or before March 31, 2012, may become eligible for these benefits if they reach normal or early retirement age while working for the Company. The cost of providing postretirement health-care benefits is shared by the retiree and the Company, with retiree contributions evaluated annually and adjusted in order to maintain the Company/retiree cost-sharing target ratio. The life insurance benefits are noncontributory. The Company's employee and retiree health-care benefits are administered by an insurance company, and premiums on life insurance are based on prior years' claims experience. | ||||||||||||||||||||
Obligations and Funded Status | ||||||||||||||||||||
The following tables provide a reconciliation of benefit obligations, plan assets and funded status of the pension and other postretirement benefit plans as of the measurement date: | ||||||||||||||||||||
January 31, | ||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 615,870 | $ | 631,538 | $ | 54,723 | $ | 65,723 | ||||||||||||
Service cost | 16,894 | 19,127 | 2,327 | 2,791 | ||||||||||||||||
Interest cost | 28,253 | 27,005 | 2,646 | 2,762 | ||||||||||||||||
Participants' contributions | — | — | 1,468 | 1,638 | ||||||||||||||||
Amendments | 817 | — | — | — | ||||||||||||||||
MMA retiree drug subsidy | — | — | 119 | 97 | ||||||||||||||||
Actuarial loss (gain) | 202,345 | (40,130 | ) | 34,867 | (15,131 | ) | ||||||||||||||
Benefits paid | (20,247 | ) | (19,794 | ) | (3,262 | ) | (3,157 | ) | ||||||||||||
Translation | (2,232 | ) | (1,876 | ) | — | — | ||||||||||||||
Benefit obligation at end of year | 841,700 | 615,870 | 92,888 | 54,723 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||
Fair value of plan assets at beginning of year | 397,430 | 331,181 | — | — | ||||||||||||||||
Actual return on plan assets | 26,104 | 53,276 | — | — | ||||||||||||||||
Employer contribution | 2,758 | 32,767 | 1,675 | 1,422 | ||||||||||||||||
Participants' contributions | — | — | 1,468 | 1,638 | ||||||||||||||||
MMA retiree drug subsidy | — | — | 119 | 97 | ||||||||||||||||
Benefits paid | (20,247 | ) | (19,794 | ) | (3,262 | ) | (3,157 | ) | ||||||||||||
Fair value of plan assets at end of year | 406,045 | 397,430 | — | — | ||||||||||||||||
Funded status at end of year | $ | (435,655 | ) | $ | (218,440 | ) | $ | (92,888 | ) | $ | (54,723 | ) | ||||||||
Actuarial losses in 2014 reflect decreases in the discount rates for all plans, and for the U.S. plans, also reflect the impact of adopting updated mortality assumptions issued by the Society of Actuaries in October 2014. | ||||||||||||||||||||
The following tables provide additional information regarding the Company's pension plans' projected benefit obligations and assets (included in pension benefits in the table above) and accumulated benefit obligation: | ||||||||||||||||||||
January 31, 2015 | ||||||||||||||||||||
(in thousands) | Qualified | Excess/SRIP | Other | Total | ||||||||||||||||
Projected benefit obligation | $ | 693,350 | $ | 133,136 | $ | 15,214 | $ | 841,700 | ||||||||||||
Fair value of plan assets | 406,045 | — | — | 406,045 | ||||||||||||||||
Funded status | $ | (287,305 | ) | $ | (133,136 | ) | $ | (15,214 | ) | $ | (435,655 | ) | ||||||||
Accumulated benefit obligation | $ | 620,632 | $ | 97,425 | $ | 12,590 | $ | 730,647 | ||||||||||||
January 31, 2014 | ||||||||||||||||||||
(in thousands) | Qualified | Excess/SRIP | Other | Total | ||||||||||||||||
Projected benefit obligation | $ | 501,178 | $ | 99,380 | $ | 15,312 | $ | 615,870 | ||||||||||||
Fair value of plan assets | 397,430 | — | — | 397,430 | ||||||||||||||||
Funded status | $ | (103,748 | ) | $ | (99,380 | ) | $ | (15,312 | ) | $ | (218,440 | ) | ||||||||
Accumulated benefit obligation | $ | 450,255 | $ | 70,847 | $ | 12,814 | $ | 533,916 | ||||||||||||
At January 31, 2015, the Company had a current liability of $4,325,000 and a non-current liability of $524,218,000 for pension and other postretirement benefits. At January 31, 2014, the Company had a current liability of $5,051,000 and a non-current liability of $268,112,000 for pension and other postretirement benefits. | ||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | ||||||||||||||||||||
January 31, | ||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Net actuarial loss (gain) | $ | 311,216 | $ | 124,542 | $ | 32,370 | $ | (2,477 | ) | |||||||||||
Prior service cost (credit) | 872 | 661 | (3,725 | ) | (4,398 | ) | ||||||||||||||
Total before tax | $ | 312,088 | $ | 125,203 | $ | 28,645 | $ | (6,875 | ) | |||||||||||
The estimated pre-tax amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost within the next 12 months is as follows: | ||||||||||||||||||||
(in thousands) | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
Net actuarial loss | $ | 29,690 | $ | 1,590 | ||||||||||||||||
Prior service credit | (7 | ) | (687 | ) | ||||||||||||||||
$ | 29,683 | $ | 903 | |||||||||||||||||
Components of Net Periodic Benefit Cost and | ||||||||||||||||||||
Other Amounts Recognized in Other Comprehensive Earnings | ||||||||||||||||||||
Years Ended January 31, | ||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 16,894 | $ | 19,127 | $ | 18,058 | $ | 2,327 | $ | 2,791 | $ | 2,382 | ||||||||
Interest cost | 28,253 | 27,005 | 26,796 | 2,646 | 2,762 | 2,839 | ||||||||||||||
Expected return on plan assets | (23,630 | ) | (22,240 | ) | (20,416 | ) | — | — | — | |||||||||||
Amortization of prior service cost | 273 | 972 | 1,015 | (673 | ) | (659 | ) | (659 | ) | |||||||||||
Amortization of net loss | 13,124 | 19,010 | 15,964 | 20 | 212 | 29 | ||||||||||||||
Net periodic benefit cost | 34,914 | 43,874 | 41,417 | 4,320 | 5,106 | 4,591 | ||||||||||||||
Net actuarial loss (gain) | 199,802 | (71,179 | ) | 34,080 | 34,867 | (15,131 | ) | 440 | ||||||||||||
Recognized actuarial loss | (13,124 | ) | (19,005 | ) | (15,964 | ) | (20 | ) | (212 | ) | (29 | ) | ||||||||
Prior service cost | 477 | — | — | — | — | — | ||||||||||||||
Recognized prior service (cost) credit | (266 | ) | (972 | ) | (1,015 | ) | 673 | 659 | 659 | |||||||||||
Total recognized in other comprehensive earnings | 186,889 | (91,156 | ) | 17,101 | 35,520 | (14,684 | ) | 1,070 | ||||||||||||
Total recognized in net periodic benefit cost and other comprehensive earnings | $ | 221,803 | $ | (47,282 | ) | $ | 58,518 | $ | 39,840 | $ | (9,578 | ) | $ | 5,661 | ||||||
Assumptions | ||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | ||||||||||||||||||||
January 31, | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Discount rate: | ||||||||||||||||||||
Qualified Plan | 3.75 | % | 4.75 | % | ||||||||||||||||
Excess Plan/SRIP | 3.75 | % | 5 | % | ||||||||||||||||
Other Plans | 1.12 | % | 1.25 | % | ||||||||||||||||
Other Postretirement Benefits | 3.5 | % | 5 | % | ||||||||||||||||
Rate of increase in compensation: | ||||||||||||||||||||
Qualified Plan | 2.75 | % | 2.75 | % | ||||||||||||||||
Excess Plan | 4.25 | % | 4.25 | % | ||||||||||||||||
SRIP | 7.25 | % | 7.25 | % | ||||||||||||||||
Other Plans | 1.22 | % | 1 | % | ||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||
Years Ended January 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||
Discount rate: | ||||||||||||||||||||
Qualified Plan | 4.75 | % | 4.5 | % | 5 | % | ||||||||||||||
Excess Plan/SRIP | 5 | % | 4.5 | % | 5 | % | ||||||||||||||
Other Plans | 1.81 | % | 1.25 | % | 1.5 | % | ||||||||||||||
Other Postretirement Benefits | 5 | % | 4.5 | % | 5.25 | % | ||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | ||||||||||||||
Rate of increase in compensation: | ||||||||||||||||||||
Qualified Plan | 2.75 | % | 2.75 | % | 2.75 | % | ||||||||||||||
Excess Plan | 4.25 | % | 4.25 | % | 4.25 | % | ||||||||||||||
SRIP | 7.25 | % | 7.25 | % | 7.25 | % | ||||||||||||||
Other Plans | 1.33 | % | 1 | % | 1 | % | ||||||||||||||
The expected long-term rate of return on Qualified Plan assets is selected by taking into account the average rate of return expected on the funds invested or to be invested to provide for benefits included in the projected benefit obligation. More specifically, consideration is given to the expected rates of return (including reinvestment asset return rates) based upon the plan's current asset mix, investment strategy and the historical performance of plan assets. | ||||||||||||||||||||
For postretirement benefit measurement purposes, 7.50% (for pre-age 65 retirees) and 6.50% (for post-age 65 retirees) annual rates of increase in the per capita cost of covered health care were assumed for 2015. The rates were assumed to decrease gradually to 4.75% by 2023 and remain at that level thereafter. | ||||||||||||||||||||
Assumed health-care cost trend rates affect amounts reported for the Company's postretirement health-care benefits plan. A one-percentage-point increase in the assumed health-care cost trend rate would increase the Company's accumulated postretirement benefit obligation by approximately $6,200,000 for the year ended January 31, 2015. Decreasing the assumed health-care cost trend rate by one-percentage point would decrease the Company's accumulated postretirement benefit obligation by approximately $4,200,000 for the year ended January 31, 2015. A one-percentage-point change in the assumed health-care cost trend rate would not have a significant effect on the Company's aggregate service and interest cost components of the 2014 postretirement expense. | ||||||||||||||||||||
Plan Assets | ||||||||||||||||||||
The Company's investment objectives, related to the Qualified Plan's assets, are the preservation of principal and the achievement of a reasonable rate of return over time. The Qualified Plan's assets are allocated based on an expectation that equity securities will outperform debt securities over the long term. The Company's target asset allocations are as follows: 60% - 70% in equity securities; 20% - 30% in fixed income securities; and 5% - 15% in other securities. The Company attempts to mitigate investment risk by rebalancing asset allocation periodically. | ||||||||||||||||||||
The fair value of the Qualified Plan's assets at January 31, 2015 and 2014 by asset category is as follows: | ||||||||||||||||||||
Fair Value at | Fair Value Measurements | |||||||||||||||||||
Using Inputs Considered as* | ||||||||||||||||||||
(in thousands) | January 31, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||
Common/collective trusts a | $ | 288,480 | $ | — | $ | 288,480 | $ | — | ||||||||||||
Fixed income securities: | ||||||||||||||||||||
Government bonds | 27,714 | 23,603 | 4,111 | — | ||||||||||||||||
Corporate bonds | 33,882 | — | 33,882 | — | ||||||||||||||||
Mortgage obligations | 37,012 | — | 37,012 | — | ||||||||||||||||
Other types of investments: | ||||||||||||||||||||
Limited partnerships | 18,957 | — | — | 18,957 | ||||||||||||||||
$ | 406,045 | $ | 23,603 | $ | 363,485 | $ | 18,957 | |||||||||||||
Fair Value at | Fair Value Measurements | |||||||||||||||||||
Using Inputs Considered as* | ||||||||||||||||||||
(in thousands) | 31-Jan-14 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||
Common/collective trusts a | $ | 293,484 | $ | — | $ | 293,484 | $ | — | ||||||||||||
Fixed income securities: | ||||||||||||||||||||
Government bonds | 28,773 | 24,428 | 4,345 | — | ||||||||||||||||
Corporate bonds | 28,318 | — | 28,318 | — | ||||||||||||||||
Mortgage obligations | 32,457 | — | 32,457 | — | ||||||||||||||||
Other types of investments: | ||||||||||||||||||||
Limited partnerships | 14,398 | — | — | 14,398 | ||||||||||||||||
$ | 397,430 | $ | 24,428 | $ | 358,604 | $ | 14,398 | |||||||||||||
* | See "Note I - Fair Value of Financial Instruments" for a description of the levels of inputs. | |||||||||||||||||||
a | Common/collective trusts include investments in U.S. and international large, middle and small capitalization equities. | |||||||||||||||||||
The changes in fair value of the Qualified Plan's Level 3 assets is as follows: | ||||||||||||||||||||
(in thousands) | Limited partnerships | |||||||||||||||||||
31-Jan-13 | $ | 14,655 | ||||||||||||||||||
Unrealized loss, net | (313 | ) | ||||||||||||||||||
Realized gain, net | 1,643 | |||||||||||||||||||
Purchases | 1,856 | |||||||||||||||||||
Settlements | (3,443 | ) | ||||||||||||||||||
31-Jan-14 | 14,398 | |||||||||||||||||||
Unrealized gain, net | 1,376 | |||||||||||||||||||
Realized gain, net | 633 | |||||||||||||||||||
Purchases | 5,609 | |||||||||||||||||||
Settlements | (3,059 | ) | ||||||||||||||||||
31-Jan-15 | $ | 18,957 | ||||||||||||||||||
Valuation Techniques | ||||||||||||||||||||
Investments in common/collective trusts are stated at estimated fair value which represents the net asset value of shares held by the Qualified Plan as reported by the investment advisor. Investments in limited partnerships are valued at estimated fair value based on financial information received from the investment advisor and/or general partner. The net asset value is based on the value of the underlying assets owned by the fund, minus its liabilities and then divided by the number of shares outstanding. | ||||||||||||||||||||
Securities traded on the national securities exchange (certain government bonds) are valued at the last reported sales price or closing price on the last business day of the fiscal year. Investments traded in the over-the-counter market and listed securities for which no sales were reported (certain government bonds, corporate bonds and mortgage obligations) are valued at the last reported bid price. | ||||||||||||||||||||
Benefit Payments | ||||||||||||||||||||
The Company expects the following future benefit payments to be paid: | ||||||||||||||||||||
Years Ending January 31, | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||
2016 | $ | 20,610 | $ | 1,734 | ||||||||||||||||
2017 | 21,596 | 1,741 | ||||||||||||||||||
2018 | 23,711 | 1,760 | ||||||||||||||||||
2019 | 24,661 | 1,772 | ||||||||||||||||||
2020 | 25,548 | 1,821 | ||||||||||||||||||
2021-2025 | 162,567 | 10,707 | ||||||||||||||||||
Employee Profit Sharing and Retirement Savings ("EPSRS") Plan | ||||||||||||||||||||
The Company maintains an EPSRS Plan that covers substantially all U.S.-based employees. Under the profit-sharing feature of the EPSRS Plan, the Company made contributions, in the form of newly-issued Company Common Stock through 2014, to the employees' accounts based on the achievement of certain targeted earnings objectives established by, or as otherwise determined by, the Company's Board of Directors. Beginning in 2015, these contributions will be made in cash. The Company recorded expense of $3,075,000 in 2014, $3,925,000 in 2013 and recorded no expense in 2012. Under the retirement savings feature of the EPSRS Plan, employees who meet certain eligibility requirements may participate by contributing up to 50% of their annual compensation beginning in 2012, not to exceed Internal Revenue Service limits, and the Company may provide up to a 50% matching cash contribution up to 6% of each participant's total compensation. The Company recorded expense of $7,735,000, $7,088,000 and $7,278,000 in 2014, 2013 and 2012. Contributions to both features of the EPSRS Plan are made in the following year. | ||||||||||||||||||||
Under the profit-sharing feature of the EPSRS Plan, for contributions made in the Company's stock, the Company's stock contribution is required to be maintained in such stock until the employee has two or more years of service, at which time the employee may diversify his or her Company stock account into other investment options provided under the plan. For contributions made in cash, the contribution is allocated within the participant's account based on their investment elections under the EPSRS Plan. If the participant has made no election, the contribution will be invested in the appropriate default target fund as determined by each participant's date of birth. Under the retirement savings portion of the EPSRS Plan, the employees have the ability to elect to invest their contribution and the matching contribution in Company stock. At January 31, 2015, investments in Company stock represented 26% of total EPSRS Plan assets. | ||||||||||||||||||||
The EPSRS Plan provides a defined contribution retirement benefit ("DCRB") to eligible employees hired on or after January 1, 2006. Under the DCRB, the Company makes contributions each year to each employee's account at a rate based upon age and years of service. These contributions are deposited into individual accounts in each employee's name to be invested in a manner similar to the retirement savings portion of the EPSRS Plan. The Company recorded expense of $4,584,000, $3,640,000 and $3,387,000 in 2014, 2013 and 2012. | ||||||||||||||||||||
Deferred Compensation Plan | ||||||||||||||||||||
The Company has a non-qualified deferred compensation plan for directors, executives and certain management employees, whereby eligible participants may defer a portion of their compensation for payment at specified future dates, upon retirement, death or termination of employment. This plan also provides for an excess defined contribution retirement benefit ("Excess DC benefit") for certain eligible executives and management employees, hired on or after January 1, 2006. The Excess DC benefit is credited to the eligible employee's account, based on the compensation paid to the employee in excess of the IRS limits for contribution under the DCRB Plan. Under the plan, the deferred compensation is adjusted to reflect performance, whether positive or negative, of selected investment options chosen by each participant during the deferral period. The amounts accrued under the plans were $27,087,000 and $27,828,000 at January 31, 2015 and 2014, and are reflected in other long-term liabilities. The Company does not promise or guarantee any rate of return on amounts deferred. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Income Taxes | INCOME TAXES | |||||||||
Earnings from operations before income taxes consisted of the following: | ||||||||||
Years Ended January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
United States | $ | 484,467 | $ | 65,164 | $ | 510,853 | ||||
Foreign | 253,070 | 189,702 | 132,723 | |||||||
$ | 737,537 | $ | 254,866 | $ | 643,576 | |||||
The settlement of the Arbitration Award, as discussed in "Note J - Commitments and Contingencies", resulted in a significant change in the composition of geographical earnings from operations for the year ended January 31, 2014. This change resulted in a lower effective tax rate for the year ended January 31, 2014 because of lower tax rates on foreign earnings. | ||||||||||
Components of the provision for income taxes were as follows: | ||||||||||
Years Ended January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
Current: | ||||||||||
Federal | $ | 130,901 | $ | 39,028 | $ | 167,462 | ||||
State | 18,193 | 9,897 | 28,461 | |||||||
Foreign | 66,552 | 52,427 | 50,778 | |||||||
215,646 | 101,352 | 246,701 | ||||||||
Deferred: | ||||||||||
Federal | 25,156 | (28,640 | ) | 378 | ||||||
State | 13,217 | (2,265 | ) | 223 | ||||||
Foreign | (661 | ) | 3,050 | (19,883 | ) | |||||
37,712 | (27,855 | ) | (19,282 | ) | ||||||
$ | 253,358 | $ | 73,497 | $ | 227,419 | |||||
Reconciliations of the provision for income taxes at the statutory Federal income tax rate to the Company's effective income tax rate were as follows: | ||||||||||
Years Ended January 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||
Statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||
State income taxes, net of Federal benefit | 2.8 | 2 | 3 | |||||||
Foreign losses with no tax benefit | 0.7 | 1.3 | 0.5 | |||||||
Undistributed foreign earnings | (4.2 | ) | (7.8 | ) | (3.4 | ) | ||||
Net change in uncertain tax positions | 0.3 | 0.5 | 0.9 | |||||||
Domestic manufacturing deduction | (1.3 | ) | (2.5 | ) | (1.4 | ) | ||||
Other | 1.1 | 0.3 | 0.7 | |||||||
34.4 | % | 28.8 | % | 35.3 | % | |||||
The Company has the intent to indefinitely reinvest any undistributed earnings of substantially all foreign subsidiaries. As of January 31, 2015 and 2014, the Company has not provided deferred taxes on approximately $612,000,000 and $542,000,000 of undistributed earnings. Generally, such amounts become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. U.S. Federal income taxes of approximately $107,000,000 and $98,000,000 would be incurred if these earnings were distributed. | ||||||||||
Deferred tax assets (liabilities) consisted of the following: | ||||||||||
January 31, | ||||||||||
(in thousands) | 2015 | 2014 | ||||||||
Deferred tax assets: | ||||||||||
Pension/postretirement benefits | $ | 203,045 | $ | 106,585 | ||||||
Accrued expenses | 36,441 | 38,141 | ||||||||
Share-based compensation | 17,280 | 22,719 | ||||||||
Depreciation | 14,406 | 52,530 | ||||||||
Amortization | 11,415 | 11,305 | ||||||||
Foreign and state net operating losses | 22,911 | 27,806 | ||||||||
Sale-leaseback | 36,321 | 47,900 | ||||||||
Inventory | 72,715 | 66,227 | ||||||||
Financial hedging instruments | 14,050 | 14,141 | ||||||||
Unearned income | 11,188 | 11,407 | ||||||||
Other | 37,018 | 37,052 | ||||||||
476,790 | 435,813 | |||||||||
Valuation allowance | (16,232 | ) | (17,693 | ) | ||||||
460,558 | 418,120 | |||||||||
Deferred tax liabilities: | ||||||||||
Foreign tax credit | (34,744 | ) | (40,246 | ) | ||||||
Net deferred tax asset | $ | 425,814 | $ | 377,874 | ||||||
The Company has recorded a valuation allowance against certain deferred tax assets related to foreign net operating loss carryforwards where management has determined it is more likely than not that deferred tax assets will not be realized in the future. The overall valuation allowance relates to tax loss carryforwards and temporary differences for which no benefit is expected to be realized. Tax loss carryforwards of approximately $98,000,000 exist in certain foreign jurisdictions. Whereas some of these tax loss carryforwards do not have an expiration date, others expire at various times from 2015 through 2022. | ||||||||||
The following table reconciles the unrecognized tax benefits: | ||||||||||
January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
Unrecognized tax benefits at beginning of year | $ | 27,626 | $ | 28,217 | $ | 25,509 | ||||
Gross increases – tax positions in prior period | 960 | 345 | 4,426 | |||||||
Gross decreases – tax positions in prior period | (5,395 | ) | (391 | ) | (1,713 | ) | ||||
Gross increases – tax positions in current period | 105 | 115 | 156 | |||||||
Settlements | (14,837 | ) | (284 | ) | — | |||||
Lapse of statute of limitations | (126 | ) | (376 | ) | (161 | ) | ||||
Unrecognized tax benefits at end of year | $ | 8,333 | $ | 27,626 | $ | 28,217 | ||||
Included in the balance of unrecognized tax benefits at January 31, 2015, 2014 and 2013 are $5,251,000, $18,748,000 and $17,564,000 of tax benefits that, if recognized, would affect the effective income tax rate. | ||||||||||
The Company recognizes interest expense and penalties related to unrecognized tax benefits within the provision for income taxes. During the years ended January 31, 2015, 2014 and 2013, the Company recognized approximately $1,802,000, $1,874,000 and $650,000 of expense associated with interest and penalties. Accrued interest and penalties are included within accounts payable and accrued liabilities and other long-term liabilities, and were $6,010,000 and $9,752,000 at January 31, 2015 and 2014. | ||||||||||
At January 31, 2015, the Company's gross uncertain tax positions and the associated accrued interest and penalties decreased $19,293,000 and $3,742,000, respectively, from January 31, 2014 primarily as a result of the settlement of an audit conducted by the Internal Revenue Service ("IRS"). These decreases were primarily a result of payments due to federal and state taxing authorities. The effect of this settlement on the Consolidated Statements of Earnings was not material for the year ended | ||||||||||
January 31, 2015. | ||||||||||
The Company conducts business globally, and, as a result, is subject to taxation in the U.S. and various state and foreign jurisdictions. As a matter of course, tax authorities regularly audit the Company. The Company's tax filings are currently being examined by a number of tax authorities in several jurisdictions. Ongoing audits where subsidiaries have a material presence include New York City (tax years 2011–2012), as well as an audit that is being conducted by the IRS (tax years 2010–2012). Tax years from 2006–present are open to examination in U.S. Federal and various state, local and foreign jurisdictions. As part of these audits, the Company engages in discussions with taxing authorities regarding tax positions. As of January 31, 2015, unrecognized tax benefits are not expected to change materially in the next 12 months. Future developments may result in a change in this assessment. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Information | SEGMENT INFORMATION | |||||||||||
The Company's products are primarily sold in TIFFANY & CO. retail locations around the world. Net sales by geographic area are presented by attributing revenues from external customers on the basis of the country in which the merchandise is sold. | ||||||||||||
In deciding how to allocate resources and assess performance, the Company's Chief Operating Decision Maker regularly evaluates the performance of its reportable segments on the basis of net sales and earnings from operations, after the elimination of inter-segment sales and transfers. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. | ||||||||||||
Certain information relating to the Company's segments is set forth below: | ||||||||||||
Years Ended January 31, | ||||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||||
Net sales: | ||||||||||||
Americas | $ | 2,033,453 | $ | 1,926,864 | $ | 1,839,969 | ||||||
Asia-Pacific | 1,025,169 | 944,676 | 810,420 | |||||||||
Japan | 554,258 | 578,571 | 639,185 | |||||||||
Europe | 497,287 | 469,784 | 432,167 | |||||||||
Total reportable segments | 4,110,167 | 3,919,895 | 3,721,741 | |||||||||
Other | 139,746 | 111,235 | 72,508 | |||||||||
$ | 4,249,913 | $ | 4,031,130 | $ | 3,794,249 | |||||||
Earnings (losses) from operations*: | ||||||||||||
Americas | $ | 435,507 | $ | 374,342 | $ | 345,917 | ||||||
Asia-Pacific | 281,586 | 244,142 | 188,510 | |||||||||
Japan | 195,985 | 215,582 | 204,510 | |||||||||
Europe | 107,806 | 101,153 | 90,955 | |||||||||
Total reportable segments | 1,020,884 | 935,219 | 829,892 | |||||||||
Other | 7,610 | (649 | ) | (6,254 | ) | |||||||
$ | 1,028,494 | $ | 934,570 | $ | 823,638 | |||||||
* | Represents earnings (losses) from operations before (i) unallocated corporate expenses, (ii) interest expense, financing costs and other income, net, (iii) loss on extinguishment of debt, and (iv) other operating expenses. | |||||||||||
The Company's Chief Operating Decision Maker does not evaluate the performance of the Company's assets on a segment basis for internal management reporting and, therefore, such information is not presented. | ||||||||||||
The following table sets forth a reconciliation of the segments' earnings from operations to the Company's consolidated earnings from operations before income taxes: | ||||||||||||
Years Ended January 31, | ||||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||||
Earnings from operations for segments | $ | 1,028,494 | $ | 934,570 | $ | 823,638 | ||||||
Unallocated corporate expenses | (137,065 | ) | (140,651 | ) | (126,421 | ) | ||||||
Interest expense, financing costs and other | (60,113 | ) | (49,463 | ) | (53,641 | ) | ||||||
income, net | ||||||||||||
Loss on extinguishment of debt | (93,779 | ) | — | — | ||||||||
Other operating expense | — | (489,590 | ) | — | ||||||||
Earnings from operations before income taxes | $ | 737,537 | $ | 254,866 | $ | 643,576 | ||||||
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. | ||||||||||||
Loss on extinguishment of debt in the year ended January 31, 2015 was related to the redemption of $400,000,000 in aggregate principal amount of the Private Placement Notes prior to their scheduled maturities (see "Note G - Debt" for additional details). | ||||||||||||
Other operating expense in the year ended January 31, 2014 was related to specific cost-reduction initiatives and the Arbitration Award. See "Note J - Commitments and Contingencies." | ||||||||||||
Sales to unaffiliated customers and long-lived assets by geographic areas were as follows: | ||||||||||||
Years Ended January 31, | ||||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||||
Net sales: | ||||||||||||
United States | $ | 1,870,843 | $ | 1,770,731 | $ | 1,696,502 | ||||||
Japan | 554,258 | 578,571 | 639,185 | |||||||||
Other countries | 1,824,812 | 1,681,828 | 1,458,562 | |||||||||
$ | 4,249,913 | $ | 4,031,130 | $ | 3,794,249 | |||||||
Long-lived assets: | ||||||||||||
United States | $ | 680,080 | $ | 632,907 | $ | 630,805 | ||||||
Japan | 24,407 | 21,571 | 28,971 | |||||||||
Other countries | 239,257 | 241,951 | 200,480 | |||||||||
$ | 943,744 | $ | 896,429 | $ | 860,256 | |||||||
Classes of Similar Products | ||||||||||||
Years Ended January 31, | ||||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||||
Net sales: | ||||||||||||
Statement, fine & solitaire jewelry | $ | 930,155 | $ | 916,804 | $ | 749,097 | ||||||
Engagement jewelry & wedding bands | 1,245,101 | 1,182,226 | 1,132,757 | |||||||||
Fashion jewelry | 1,755,233 | 1,618,194 | 1,581,648 | |||||||||
All other | 319,424 | 313,906 | 330,747 | |||||||||
$ | 4,249,913 | $ | 4,031,130 | $ | 3,794,249 | |||||||
Certain reclassifications have been made to the prior years' classes of similar products to conform with management's current internal analysis of product sales. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) (Notes) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Quarterly Financial Information | QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||
2014 Quarters Ended | |||||||||||||
(in thousands, except per share amounts) | 30-Apr | 31-Jul | October 31 a | 31-Jan | |||||||||
Net sales | $ | 1,012,132 | $ | 992,930 | $ | 959,589 | $ | 1,285,262 | |||||
Gross profit | 589,526 | 595,163 | 570,871 | 781,615 | |||||||||
Earnings from operations | 209,793 | 208,521 | 168,491 | 304,624 | |||||||||
Net earnings | 125,609 | 124,120 | 38,268 | 196,182 | |||||||||
Net earnings per share: | |||||||||||||
Basic | $ | 0.97 | $ | 0.96 | $ | 0.3 | $ | 1.52 | |||||
Diluted | $ | 0.97 | $ | 0.96 | $ | 0.29 | $ | 1.51 | |||||
a | On a pre-tax basis, includes a charge of $93,779,000 for the quarter ended October 31, which reduced net earnings per diluted share by $0.47, associated with the redemption of $400,000,000 in aggregate principal amount of the Private Placement Notes prior to their scheduled maturities (see "Note G - Debt"). | ||||||||||||
2013 Quarters Ended | |||||||||||||
(in thousands, except per share amounts) | April 30 a | 31-Jul | 31-Oct | January 31 b | |||||||||
Net sales | $ | 895,484 | $ | 925,884 | $ | 911,478 | $ | 1,298,284 | |||||
Gross profit | 503,224 | 532,129 | 519,481 | 785,609 | |||||||||
Earnings (loss) from operations | 141,158 | 176,886 | 153,618 | (167,333 | ) | ||||||||
Net earnings (loss) | 83,577 | 106,781 | 94,610 | (103,599 | ) | ||||||||
Net earnings (loss) per share: | |||||||||||||
Basic | $ | 0.66 | $ | 0.84 | $ | 0.74 | $ | (0.81 | ) | ||||
Diluted | $ | 0.65 | $ | 0.83 | $ | 0.73 | $ | (0.81 | ) | ||||
a | On a pre-tax basis, includes charges of $9,379,000 for the quarter ended April 30, which reduced net earnings per diluted share by $0.05, associated with severance related to staffing reductions and subleasing of certain office space for which only a portion of the Company's future rent obligations will be recovered (see "Note J - Commitments and Contingencies"). | ||||||||||||
b | On a pre-tax basis, includes charges of $480,211,000 for the quarter ended January 31, related to the adverse arbitration ruling between The Swatch Group Ltd. and the Company (see "Note J - Commitments and Contingencies") and pre-tax income of $7,489,000 associated with foreign currency transaction gains on this expense. This reduced net earnings per diluted share by $2.27 when using weighted-average diluted shares of 129,283,000, which include 1,091,000 of incremental shares based upon the assumed exercise of stock options and unvested restricted stock units. | ||||||||||||
Basic and diluted earnings per share are computed independently for each quarter presented. Accordingly, the sum of the quarterly earnings per share may not agree with the calculated full year earnings per share. |
Schedule_of_Valuation_and_Qual
Schedule of Valuation and Qualifying Accounts and Reserves (Notes) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Tiffany & Co. and Subsidiaries | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | |||||||||||||||||
(in thousands) | |||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||
Additions | |||||||||||||||||
Description | Balance at beginning of period | Charged to costs and expenses | Charged to other accounts | Deductions | Balance at end | ||||||||||||
of period | |||||||||||||||||
Year Ended January 31, 2015: | |||||||||||||||||
Reserves deducted from assets: | |||||||||||||||||
Accounts receivable allowances: | |||||||||||||||||
Doubtful accounts | $ | 1,860 | $ | 1,859 | $ | — | $ | 1,951 | a | $ | 1,768 | ||||||
Sales returns | 8,477 | 1,880 | — | 1,526 | b | 8,831 | |||||||||||
Allowance for inventory liquidation | 64,113 | 33,620 | — | 34,485 | c | 63,248 | |||||||||||
and obsolescence | |||||||||||||||||
Allowance for inventory shrinkage | 1,458 | 2,633 | — | 1,904 | d | 2,187 | |||||||||||
Deferred tax valuation allowance | 17,693 | 4,023 | — | 5,484 | e | 16,232 | |||||||||||
a) Uncollectible accounts written off. | |||||||||||||||||
b) Adjustment related to sales returns previously provided for. | |||||||||||||||||
c) Liquidation of inventory previously written down to market. | |||||||||||||||||
d) Physical inventory losses. | |||||||||||||||||
e) Reversal of deferred tax valuation allowance and utilization of deferred tax loss carryforward. | |||||||||||||||||
Tiffany & Co. and Subsidiaries | |||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | |||||||||||||||||
(in thousands) | |||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||
Additions | |||||||||||||||||
Description | Balance at beginning of period | Charged to costs and expenses | Charged to other accounts | Deductions | Balance at end | ||||||||||||
of period | |||||||||||||||||
Year Ended January 31, 2014: | |||||||||||||||||
Reserves deducted from assets: | |||||||||||||||||
Accounts receivable allowances: | |||||||||||||||||
Doubtful accounts | $ | 2,080 | $ | 2,256 | $ | — | $ | 2,476 | a | $ | 1,860 | ||||||
Sales returns | 7,630 | 2,477 | — | 1,630 | b | 8,477 | |||||||||||
Allowance for inventory liquidation | 54,175 | 31,667 | — | 21,729 | c | 64,113 | |||||||||||
and obsolescence | |||||||||||||||||
Allowance for inventory shrinkage | 1,232 | 3,062 | — | 2,836 | d | 1,458 | |||||||||||
Deferred tax valuation allowance | 14,181 | 5,630 | — | 2,118 | e | 17,693 | |||||||||||
a) Uncollectible accounts written off. | |||||||||||||||||
b) Adjustment related to sales returns previously provided for. | |||||||||||||||||
c) Liquidation of inventory previously written down to market. | |||||||||||||||||
d) Physical inventory losses. | |||||||||||||||||
e) Reversal of deferred tax valuation allowance and utilization of deferred tax loss carryforward. | |||||||||||||||||
Tiffany & Co. and Subsidiaries | |||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | |||||||||||||||||
(in thousands) | |||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||
Additions | |||||||||||||||||
Description | Balance at beginning of period | Charged to costs and expenses | Charged to other accounts | Deductions | Balance at end | ||||||||||||
of period | |||||||||||||||||
Year Ended January 31, 2013 | |||||||||||||||||
Reserves deducted from assets: | |||||||||||||||||
Accounts receivable allowances: | |||||||||||||||||
Doubtful accounts | $ | 2,466 | $ | 1,346 | $ | — | $ | 1,732 | a | $ | 2,080 | ||||||
Sales returns | 9,306 | 3,367 | — | 5,043 | b | 7,630 | |||||||||||
Allowance for inventory liquidation | 53,938 | 32,228 | — | 31,991 | c | 54,175 | |||||||||||
and obsolescence | |||||||||||||||||
Allowance for inventory shrinkage | 1,495 | 2,600 | — | 2,863 | d | 1,232 | |||||||||||
Deferred tax valuation allowance | 13,570 | 6,786 | — | 6,175 | e | 14,181 | |||||||||||
a) Uncollectible accounts written off. | |||||||||||||||||
b) Adjustment related to sales returns previously provided for. | |||||||||||||||||
c) Liquidation of inventory previously written down to market. | |||||||||||||||||
d) Physical inventory losses. | |||||||||||||||||
e) Reversal of deferred tax valuation allowance and utilization of deferred tax loss carryforward. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Policy Text Block [Abstract] | |||||||||||||
Fiscal Year | Fiscal Year | ||||||||||||
The Company's fiscal year ends on January 31 of the following calendar year. All references to years relate to fiscal years rather than calendar years. | |||||||||||||
Basis of Reporting | Basis of Reporting | ||||||||||||
The accompanying consolidated financial statements include the accounts of Tiffany & Co. and its subsidiaries 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 equity method of accounting is used for investments in which the Company has significant influence, but not a controlling interest. | |||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America; these principles require management to make certain estimates and assumptions that affect amounts reported and disclosed in the consolidated financial statements and related notes to the consolidated financial statements. Actual results could differ from these estimates and the differences could be material. Periodically, the Company reviews all significant estimates and assumptions affecting the financial statements relative to current conditions and records the effect of any necessary adjustments. | |||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash equivalents include highly liquid investments with an original maturity of three months or less and consist of time deposits and/or money market fund investments with a number of U.S. and non-U.S. financial institutions with high credit ratings. The Company's policy restricts the amount invested with any one institution. | |||||||||||||
Short-term investments | Short-term Investments | ||||||||||||
Short-term investments are classified as available-for-sale and are carried at fair value. At January 31, 2015 and 2014, the Company's short-term available-for-sale investments consisted entirely of time deposits. At the time of purchase, management determines the appropriate classification of these investments and reevaluates such designation as of each balance sheet date. | |||||||||||||
Receivables and Finance Charges | 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, management'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"), management 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. A Credit Card account is classified 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 Credit Card Receivables 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 January 31, 2015 and 2014, the carrying amount of the Credit Card Receivables (recorded in accounts receivable, net) was $63,904,000 and $59,278,000, of which 98% and 97% were considered current, respectively. The allowance for doubtful accounts for estimated losses associated with the Credit Card Receivables (approximately $1,000,000 at January 31, 2015 and 2014) was determined based on the factors discussed above. Finance charges earned on Credit Card accounts are not significant. | |||||||||||||
Financing Arrangements. The Company has provided financing to diamond mining and exploration companies in order to obtain rights to purchase the mine's output (see "Note J - Commitments and Contingencies"). Management evaluates these financing arrangements for potential impairment by reviewing the parties' financial statements along with projections and business, operational and other economic factors on a periodic basis. At January 31, 2015 and 2014, the current portion of the carrying amount of financing arrangements including accrued interest was $18,598,000 and $14,208,000 and was recorded in prepaid expenses and other current assets. At January 31, 2015 and 2014, the non-current portion of the carrying amount of financing arrangements including accrued interest was $40,747,000 and $58,786,000 and was included in other assets, net. The Company recorded no material impairment charges on such loans as of January 31, 2015 and 2014. | |||||||||||||
Inventories | Inventories | ||||||||||||
Inventories are valued at the lower of cost or market using the average cost method except for certain diamond and gemstone jewelry which uses the specific identification method. | |||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: | |||||||||||||
Buildings | 39 years | ||||||||||||
Machinery and Equipment | 5-15 years | ||||||||||||
Office Equipment | 3-8 years | ||||||||||||
Furniture and Fixtures | 2-10 years | ||||||||||||
Leasehold improvements and building improvements are amortized over the shorter of their estimated useful lives (ranging from 8-10 years) or the related lease terms or building life, respectively. Maintenance and repair costs are charged to earnings while expenditures for major renewals and improvements are capitalized. Upon the disposition of property, plant and equipment, the accumulated depreciation is deducted from the original cost and any gain or loss is reflected in current earnings. | |||||||||||||
The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. The Company's capitalized interest costs were not significant in 2014, 2013 or 2012. | |||||||||||||
Intangible Assets And Key Money | Intangible Assets and Key Money | ||||||||||||
Intangible assets, consisting of product rights and trademarks, are recorded at cost and are amortized on a straight-line basis over their estimated useful lives which range from 15 to 20 years. Intangible assets are reviewed for impairment in accordance with the Company's policy for impairment of long-lived assets (see "Impairment of Long-Lived Assets" below). | |||||||||||||
Key money is the amount of funds paid to a landlord or tenant to acquire the rights of tenancy under a commercial property lease for a certain property. Key money represents the "right to lease" with an automatic right of renewal. This right can be subsequently sold by the Company or can be recovered should the landlord refuse to allow the automatic right of renewal to be exercised. Key money is amortized over the estimated useful life, 39 years. | |||||||||||||
The following table summarizes intangible assets and key money, included in other assets, net, as follows: | |||||||||||||
January 31, 2015 | January 31, 2014 | ||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying | Accumulated Amortization | |||||||||
Amount | |||||||||||||
Product rights | $ | 59,409 | $ | (16,186 | ) | $ | 59,409 | $ | (9,405 | ) | |||
Key money deposits | 33,740 | (2,443 | ) | 39,588 | (1,722 | ) | |||||||
Trademarks | 2,452 | (2,452 | ) | 2,452 | (2,452 | ) | |||||||
$ | 95,601 | $ | (21,081 | ) | $ | 101,449 | $ | (13,579 | ) | ||||
Amortization of intangible assets and key money for the years ended January 31, 2015, 2014 and 2013 was $7,802,000, $4,172,000 and $1,685,000. Amortization expense is estimated to be approximately $3,500,000 in each of the next five years. | |||||||||||||
Goodwill | Goodwill | ||||||||||||
Goodwill represents the excess of cost over fair value of net assets acquired in a business combination. Goodwill is evaluated for impairment annually in the fourth quarter or when events or changes in circumstances indicate that the value of goodwill may be impaired. A qualitative assessment is first performed for each reporting unit to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, a quantitative evaluation, based on discounted cash flows, is performed and requires management to estimate future cash flows, growth rates and economic and market conditions. If the quantitative evaluation indicates that goodwill is not recoverable, an impairment loss is calculated and recognized during that period. | |||||||||||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | ||||||||||||
The Company reviews its long-lived assets (such as property, plant and equipment) other than goodwill for impairment when management determines that the carrying value of such assets may not be recoverable due to events or changes in circumstances. Recoverability of long-lived assets is evaluated by comparing the carrying value of the asset with the estimated future undiscounted cash flows. If the comparisons indicate that the asset is not recoverable, an impairment loss is calculated as the difference between the carrying value and the fair value of the asset and the loss is recognized during that period. The Company recorded no material impairment charges in 2014, 2013 or 2012. | |||||||||||||
Hedging Instruments | Hedging Instruments | ||||||||||||
The Company uses derivative financial instruments to mitigate a portion of its foreign currency, precious metal price and interest rate exposures. 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 a derivative is designated as part of an effective hedge transaction and, if it is, the type of hedge transaction. | |||||||||||||
Marketable Securities | Marketable Securities | ||||||||||||
The Company's marketable securities, recorded within other assets, net, are classified as available-for-sale and are recorded at fair value with unrealized gains and losses reported as a separate component of stockholders' equity. Realized gains and losses are recorded in other income, net. The marketable securities are held for an indefinite period of time, but may be sold in the future as changes in market conditions or economic factors occur. The fair value of the marketable securities is determined based on prevailing market prices. The Company recorded $5,123,000 and $4,889,000 of gross unrealized gains and $1,908,000 and $804,000 of gross unrealized losses within accumulated other comprehensive loss as of January 31, 2015 and 2014. | |||||||||||||
Realized gains or losses reclassified from other comprehensive earnings are determined on the basis of specific identification. | |||||||||||||
The Company's marketable securities primarily consist of investments in mutual funds. When evaluating the marketable securities for other-than-temporary impairment, the Company reviews factors such as the length of time and the extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company's ability and intent to hold the investments for a period of time which may be sufficient for anticipated recovery in market value. Based on the Company's evaluations, it determined that any unrealized losses on its outstanding mutual funds were temporary in nature and, therefore, did not record any impairment charges as of January 31, 2015, 2014 or 2013. | |||||||||||||
Merchandise and Other Customer Credits | Merchandise and Other Customer Credits | ||||||||||||
Merchandise and other customer credits represent outstanding credits issued to customers for returned merchandise. It also includes outstanding gift cards sold to customers. All such outstanding items may be tendered for future merchandise purchases. A merchandise credit liability is established when a merchandise credit is issued to a customer for a returned item and the original sale is reversed. A gift card liability is established when the gift card is sold. The liabilities are relieved and revenue is recognized when merchandise is purchased and delivered to the customer and the merchandise credit or gift card is used as a form of payment. | |||||||||||||
If merchandise credits or gift cards are not redeemed over an extended period of time (approximately three to five years), the value of the merchandise credits or gift cards is generally remitted to the applicable jurisdiction in accordance with unclaimed property laws. | |||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||
Sales are recognized at the "point of sale," which occurs when merchandise is taken in an "over-the-counter" transaction or upon receipt by a customer in a shipped transaction, such as through the Internet and catalog channels. Revenue associated with gift cards and merchandise credits is recognized upon redemption. Sales are reported net of returns, sales tax and other similar taxes. Shipping and handling fees billed to customers are included in net sales. The Company maintains a reserve for potential product returns and it records, as a reduction to sales and cost of sales, its provision for estimated product returns, which is determined based on historical experience. | |||||||||||||
Additionally, outside of the U.S., the Company operates certain TIFFANY & CO. stores within various department stores. Sales transacted at these store locations are recognized at the "point of sale." The Company and these department store operators have distinct responsibilities and risks in the operation of such TIFFANY & CO. stores. The Company (i) owns and manages the merchandise; (ii) establishes retail prices; (iii) has merchandising, marketing and display responsibilities; and (iv) in almost all locations provides retail staff and bears the risk of inventory loss. The department store operators (i) provide and maintain store facilities; (ii) in almost all locations assume retail credit and certain other risks; and (iii) act for the Company in the sale of merchandise. In return for their services and use of their facilities, the department store operators retain a portion of net retail sales made in TIFFANY & CO. stores which is recorded as commission expense within selling, general and administrative expenses. | |||||||||||||
Cost of Sales | Cost of Sales | ||||||||||||
Cost of sales includes costs to internally manufacture merchandise (primarily metal, gemstones, labor and overhead), costs related to the purchase of merchandise from third-parties, inbound freight, purchasing and receiving, inspection, warehousing, internal transfers and other costs associated with distribution and merchandising. Cost of sales also includes royalty fees paid to outside designers and customer shipping and handling charges. | |||||||||||||
Selling, General and Administrative Expenses | Selling, General and Administrative ("SG&A") Expenses | ||||||||||||
SG&A expenses include costs associated with the selling and marketing of products as well as administrative expenses. The types of expenses associated with these functions are store operating expenses (such as labor, rent and utilities), advertising and other corporate level administrative expense | |||||||||||||
Advertising Marketing, Public and Media Relations Costs | Advertising, Marketing, Public and Media Relations Costs | ||||||||||||
Advertising, marketing, public and media relations costs include media, production, catalogs, Internet, marketing events, visual merchandising costs (in-store and window displays) and other related costs. In 2014, 2013 and 2012, these costs totaled $283,648,000, $253,164,000 and $250,297,000, representing 6.7%, 6.3% and 6.6% of worldwide net sales in each of those periods. Media and production costs for print and digital advertising are expensed as incurred, while catalog costs are expensed upon first distribution. | |||||||||||||
Pre-opening Costs | Pre-opening Costs | ||||||||||||
Costs associated with the opening of new retail stores are expensed in the period incurred. | |||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||
New, modified and unvested share-based payment transactions with employees, such as stock options and restricted stock, are measured at fair value and recognized as compensation expense over the requisite service period. | |||||||||||||
Merchandise Design Activities | Merchandise Design Activities | ||||||||||||
Merchandise design activities consist of conceptual formulation and design of possible products and creation of pre-production prototypes and molds. Costs associated with these activities are expensed as incurred. | |||||||||||||
Foreign Currency | Foreign Currency | ||||||||||||
The functional currency of most of the Company's foreign subsidiaries and branches is the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the average exchange rates during the period. The resulting translation adjustments are recorded as a component of other comprehensive earnings within stockholders' equity. The Company also recognizes gains and losses associated with transactions that are denominated in foreign currencies. The Company recorded a net (loss) gain resulting from foreign currency transactions of $(3,726,000), $4,672,000 and $(2,147,000) in 2014, 2013 and 2012 within other income, net. Included within the amount for 2013 was a $7,489,000 transaction gain related to amounts associated with the award issued in the arbitration between the Swatch Group Ltd. and the Company. See "Note J - Commitments and Contingencies." | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are recognized by applying statutory tax rates in effect in the years in which the differences between the financial reporting and tax filing bases of existing assets and liabilities are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||||||||||
The Company records net deferred tax assets to the extent management believes these assets will more likely than not be realized. In making such determination, the Company considers all available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event management were to determine that the Company would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. | |||||||||||||
In evaluating the exposures associated with the Company's various tax filing positions, management records reserves using a more-likely-than-not recognition threshold for income tax positions taken or expected to be taken. | |||||||||||||
The Company, its U.S. subsidiaries and the foreign branches of its U.S. subsidiaries file a consolidated Federal income tax return. | |||||||||||||
Earnings Per Share | Earnings Per Share ("EPS") | ||||||||||||
Basic 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: | |||||||||||||
Years Ended January 31, | |||||||||||||
(in thousands) | 2015 | 2014 | 2013 | ||||||||||
Net earnings for basic and diluted EPS | $ | 484,179 | $ | 181,369 | $ | 416,157 | |||||||
Weighted-average shares for basic EPS | 129,221 | 127,835 | 126,737 | ||||||||||
Incremental shares based upon the assumed | 697 | 1,032 | 1,197 | ||||||||||
exercise of stock options and unvested restricted | |||||||||||||
stock units | |||||||||||||
Weighted-average shares for diluted EPS | 129,918 | 128,867 | 127,934 | ||||||||||
For the years ended January 31, 2015, 2014 and 2013, there were 334,000, 422,000 and 869,000 stock options and restricted stock units excluded from the computations of earnings per diluted share due to their antidilutive effect. | |||||||||||||
New Accounting Standards | New Accounting Standards | ||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 – Revenue From Contracts with Customers, to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. Generally Accepted Accounting Principles ("GAAP") and International Financial Reporting Standards. The core principle of the guidance is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. This ASU is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2016 and early adoption is not permitted. Management is currently evaluating the impact of this ASU on the consolidated financial statements. | |||||||||||||
In June 2014, the FASB issued ASU No. 2014-12 – Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period which requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition, and to apply existing guidance as it relates to awards with performance conditions that affect vesting to account for such awards. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. This ASU is not expected to have a material impact on the consolidated financial statements or disclosures. |
Hedging_Instruments_Policies
Hedging Instruments (Policies) | 12 Months Ended | |
Jan. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 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. | ||
Derivatives, Policy [Policy Text Block] | The Company uses derivative financial instruments, including interest rate swaps, forward contracts and put option contracts to mitigate a portion of 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 (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Accounting Policies [Abstract] | |
Fair Value Measurement, Policy [Policy Text Block] | 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. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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 foreign exchange forward contracts, as well as its put option 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table summarizes the reconciliation of the numerators and denominators for the basic and diluted EPS computations: | ||||||||||||||||||
Years Ended January 31, | |||||||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | ||||||||||||||||
Net earnings for basic and diluted EPS | $ | 484,179 | $ | 181,369 | $ | 416,157 | |||||||||||||
Weighted-average shares for basic EPS | 129,221 | 127,835 | 126,737 | ||||||||||||||||
Incremental shares based upon the assumed | 697 | 1,032 | 1,197 | ||||||||||||||||
exercise of stock options and unvested restricted | |||||||||||||||||||
stock units | |||||||||||||||||||
Weighted-average shares for diluted EPS | 129,918 | 128,867 | 127,934 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Schedule of Goodwill | At January 31, 2015 and 2014, goodwill, included in other assets, net, consisted of the following by segment: | ||||||||||||||||||
(in thousands) | Americas | Asia-Pacific | Japan | Europe | Other | Total | |||||||||||||
January 31, 2013 | $ | 12,368 | $ | 280 | $ | 1,103 | $ | 1,108 | $ | 24,905 | $ | 39,764 | |||||||
Translation | (13 | ) | (2 | ) | (6 | ) | (2 | ) | (5 | ) | (28 | ) | |||||||
January 31, 2014 | 12,355 | 278 | 1,097 | 1,106 | 24,900 | 39,736 | |||||||||||||
Translation | (94 | ) | 5 | (33 | ) | (27 | ) | (751 | ) | (900 | ) | ||||||||
January 31, 2015 | $ | 12,261 | $ | 283 | $ | 1,064 | $ | 1,079 | $ | 24,149 | $ | 38,836 | |||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The following table summarizes intangible assets and key money, included in other assets, net, as follows: | ||||||||||||||||||
January 31, 2015 | January 31, 2014 | ||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying | Accumulated Amortization | |||||||||||||||
Amount | |||||||||||||||||||
Product rights | $ | 59,409 | $ | (16,186 | ) | $ | 59,409 | $ | (9,405 | ) | |||||||||
Key money deposits | 33,740 | (2,443 | ) | 39,588 | (1,722 | ) | |||||||||||||
Trademarks | 2,452 | (2,452 | ) | 2,452 | (2,452 | ) | |||||||||||||
$ | 95,601 | $ | (21,081 | ) | $ | 101,449 | $ | (13,579 | ) | ||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||
Property, Plant and Equipment | Depreciation is calculated on a straight-line basis over the following estimated useful lives: | ||||||||||||||||||
Buildings | 39 years | ||||||||||||||||||
Machinery and Equipment | 5-15 years | ||||||||||||||||||
Office Equipment | 3-8 years | ||||||||||||||||||
Furniture and Fixtures | 2-10 years | ||||||||||||||||||
January 31, | |||||||||||||||||||
(in thousands) | 2015 | 2014 | |||||||||||||||||
Land | $ | 42,666 | $ | 42,710 | |||||||||||||||
Buildings | 125,846 | 118,622 | |||||||||||||||||
Leasehold and building improvements | 1,036,422 | 990,488 | |||||||||||||||||
Office equipment | 586,225 | 517,622 | |||||||||||||||||
Furniture and fixtures | 261,076 | 246,751 | |||||||||||||||||
Machinery and equipment | 155,184 | 141,880 | |||||||||||||||||
Construction-in-progress | 59,771 | 40,569 | |||||||||||||||||
2,267,190 | 2,098,642 | ||||||||||||||||||
Accumulated depreciation and amortization | (1,367,683 | ) | (1,243,547 | ) | |||||||||||||||
$ | 899,507 | $ | 855,095 | ||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||
Supplemental Cash Flow Information-Schedule of Cash Paid During Year | Cash paid during the year for: | |||||||||
Years Ended January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
Interest, net of interest capitalization | $ | 59,668 | $ | 58,532 | $ | 49,785 | ||||
Income taxes | $ | 133,430 | $ | 160,736 | $ | 266,829 | ||||
Supplemental Cash Flow Information - Supplemental Noncash Investing and Financing Activities | Supplemental noncash investing and financing activities: | |||||||||
Years Ended January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
Issuance of Common Stock under the Employee Profit Sharing and Retirement Savings Plan | $ | 3,925 | $ | $ | 3,150 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Components of Inventories | ||||||||
January 31, | ||||||||
(in thousands) | 2015 | 2014 | ||||||
Finished goods | $ | 1,386,823 | $ | 1,333,926 | ||||
Raw materials | 866,934 | 874,799 | ||||||
Work-in-process | 108,355 | 117,855 | ||||||
Inventories, net | $ | 2,362,112 | $ | 2,326,580 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Depreciation is calculated on a straight-line basis over the following estimated useful lives: | |||||||
Buildings | 39 years | |||||||
Machinery and Equipment | 5-15 years | |||||||
Office Equipment | 3-8 years | |||||||
Furniture and Fixtures | 2-10 years | |||||||
January 31, | ||||||||
(in thousands) | 2015 | 2014 | ||||||
Land | $ | 42,666 | $ | 42,710 | ||||
Buildings | 125,846 | 118,622 | ||||||
Leasehold and building improvements | 1,036,422 | 990,488 | ||||||
Office equipment | 586,225 | 517,622 | ||||||
Furniture and fixtures | 261,076 | 246,751 | ||||||
Machinery and equipment | 155,184 | 141,880 | ||||||
Construction-in-progress | 59,771 | 40,569 | ||||||
2,267,190 | 2,098,642 | |||||||
Accumulated depreciation and amortization | (1,367,683 | ) | (1,243,547 | ) | ||||
$ | 899,507 | $ | 855,095 | |||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Payables and Accruals [Abstract] | |||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | |||||||
January 31, | |||||||
(in thousands) | 2015 | 2014 | |||||
Accounts payable - trade | $ | 118,012 | $ | 116,601 | |||
Accrued compensation and commissions | 83,949 | 86,549 | |||||
Accrued sales, withholding and other taxes | 21,770 | 23,935 | |||||
Other | 94,292 | 115,005 | |||||
$ | 318,023 | $ | 342,090 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Debt Disclosure [Abstract] | |||||||
Short-Term Borrowings | |||||||
January 31, | |||||||
(in thousands) | 2015 | 2014 | |||||
Short-term borrowings: | |||||||
Credit Facilities | $ | 92,519 | $ | 119,212 | |||
Other credit facilities | 141,494 | 133,153 | |||||
$ | 234,013 | $ | 252,365 | ||||
Long-Term Debt | |||||||
Long-term debt: | |||||||
Unsecured Senior Notes: | |||||||
2008 9.05% Series A, due December 2015 a, b | $ | $ | 103,804 | ||||
2009 10.00% Series A, due April 2018 a | — | 50,000 | |||||
2009 10.00% Series A, due February 2017 a | — | 125,000 | |||||
2009 10.00% Series B, due February 2019 a | — | 125,000 | |||||
2010 1.72% Notes, due September 2016 c, d | 84,470 | 97,350 | |||||
2012 4.40% Series B Notes, due July 2042 e | 250,000 | 250,000 | |||||
2014 3.80% Senior Notes, due October 2024 c, f | 249,277 | — | |||||
2014 4.90% Senior Notes, due October 2044 c, f | 298,788 | — | |||||
$ | 882,535 | $ | 751,154 | ||||
a | These Notes were redeemed with the net proceeds from the offering of the 2024 Notes and the 2044 Notes. | ||||||
b | These Notes were issued, at par, $100,000,000. In 2009, the Company entered into an interest rate swap to effectively convert this fixed rate obligation to a floating rate obligation. The Company terminated the interest rate swap in 2011 and recognized the remaining gain on the swap upon redemption of these Notes. | ||||||
c | These agreements require lump sum repayments upon maturity. | ||||||
d | These Notes were issued, at par, ¥10,000,000,000. | ||||||
e | The agreements governing these Notes require repayments of $50,000,000 in aggregate every five years beginning in 2022. | ||||||
f | These Notes were issued at a discount which will be amortized until the debt maturity. | ||||||
Aggregate Maturities of Long-term Debt | Aggregate maturities of long-term debt as of January 31, 2015 are as follows: | ||||||
Years Ending January 31, | Amount a | ||||||
(in thousands) | |||||||
2016 | $ | ||||||
2017 | 84,470 | ||||||
2018 | — | ||||||
2019 | — | ||||||
2020 | — | ||||||
Thereafter | 800,000 | ||||||
$ | 884,470 | ||||||
a | Amounts exclude any unamortized discount or premium. |
Hedging_Instruments_Tables
Hedging Instruments (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
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 consolidated financial statements is as follows: | |||||||||||||||
Years Ended January 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(in thousands) | Pre-Tax Gain | Pre-Tax Gain (Loss) | Pre-Tax Gain | 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 | $ | 23,225 | $ | 18,717 | $ | 16,184 | $ | 17,660 | ||||||||
Put option contracts a | — | — | 1,241 | 2,201 | ||||||||||||
Precious metal forward contracts a | (4,428 | ) | (4,173 | ) | (8,709 | ) | (4,376 | ) | ||||||||
Forward-starting interest rate swaps b | (4,177 | ) | (1,517 | ) | — | (1,535 | ) | |||||||||
$ | 14,620 | $ | 13,027 | $ | 8,716 | $ | 13,950 | |||||||||
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 expense and financing costs. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jan. 31, 2015 | Jan. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Carried at Fair Value | Financial assets and liabilities carried at fair value at January 31, 2015 are classified in the table below in one of the three categories described above: | Financial assets and liabilities carried at fair value at January 31, 2014 are classified in the table below in one of the three categories described above: | ||||||||||||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | Total Fair | Carrying | Estimated Fair Value | Total Fair | |||||||||||||||||||||||||||||||||||
(in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | (in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||||||||||||||||
Marketable securities a | $ | 53,545 | $ | 53,545 | $ | — | $ | — | $ | 53,545 | Marketable securities a | $ | 51,781 | $ | 51,781 | $ | — | $ | — | $ | 51,781 | |||||||||||||||||||
Time deposits b | 1,500 | 1,500 | — | — | 1,500 | Time deposits b | 21,257 | 21,257 | — | — | 21,257 | |||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||
Precious metal forward contracts c | 250 | — | 250 | — | 250 | Precious metal forward contracts c | 53 | — | 53 | — | 53 | |||||||||||||||||||||||||||||
Foreign exchange forward contracts c | 15,070 | — | 15,070 | — | 15,070 | Foreign exchange forward contracts c | 6,699 | — | 6,699 | — | 6,699 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Total financial assets | $ | 79,790 | $ | 73,038 | $ | 6,752 | $ | — | $ | 79,790 | |||||||||||||||||||||||||||||
Foreign exchange forward contracts c | 7,173 | — | 7,173 | — | 7,173 | |||||||||||||||||||||||||||||||||||
Total financial assets | $ | 77,538 | $ | 55,045 | $ | 22,493 | $ | — | $ | 77,538 | ||||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | Total Fair | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | Total Fair | Precious metal forward contracts d | $ | 1,652 | $ | — | $ | 1,652 | $ | — | $ | 1,652 | |||||||||||||||||||||||||||
(in thousands) | Value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Foreign exchange forward contracts d | 246 | — | 246 | — | 246 | ||||||||||||||||||||||||||||||||||
Precious metal forward contracts d | $ | 3,150 | $ | — | $ | 3,150 | $ | — | $ | 3,150 | ||||||||||||||||||||||||||||||
Total financial liabilities | $ | 1,898 | $ | — | $ | 1,898 | $ | — | $ | 1,898 | ||||||||||||||||||||||||||||||
Foreign exchange forward contracts d | 118 | — | 118 | — | 118 | |||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | a | Included within Other assets, net. | ||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts d | 1,986 | — | 1,986 | — | 1,986 | |||||||||||||||||||||||||||||||||||
b | Included within Short-term investments. | |||||||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | 5,254 | $ | — | $ | 5,254 | $ | — | $ | 5,254 | ||||||||||||||||||||||||||||||
c | Included within Prepaid expenses and other current assets. | |||||||||||||||||||||||||||||||||||||||
d | Included within Accounts payable and accrued liabilities. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Summary of Accrued Exit Charges Associated with Relocation | The following is a reconciliation of the accrued exit charges, recorded within other long-term liabilities, associated with the relocation: | |||||||||
(in thousands) | ||||||||||
January 31, 2013 | $ | 16,164 | ||||||||
Cash payments, net of estimated sublease income | (6,072 | ) | ||||||||
Interest accretion | 373 | |||||||||
31-Jan-14 | 10,465 | |||||||||
Cash payments, net of estimated sublease income | (5,727 | ) | ||||||||
Interest accretion | 217 | |||||||||
31-Jan-15 | $ | 4,955 | ||||||||
Schedule of Rent Expense [Table Text Block] | Rent expense for the Company's operating leases consisted of the following: | |||||||||
Years Ended January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
Minimum rent for retail locations | $ | 158,188 | $ | 146,109 | $ | 127,267 | ||||
Contingent rent based on sales | 38,572 | 36,289 | 31,918 | |||||||
Office, distribution and manufacturing facilities and equipment | 35,812 | 42,466 | 38,156 | |||||||
$ | 232,572 | $ | 224,864 | $ | 197,341 | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Aggregate annual minimum rental payments under non-cancelable operating leases are as follows: | |||||||||
Years Ending January 31, | Annual Minimum Rental Payments a | |||||||||
(in thousands) | ||||||||||
2016 | $ | 237,091 | ||||||||
2017 | 211,881 | |||||||||
2018 | 186,463 | |||||||||
2019 | 144,048 | |||||||||
2020 | 126,178 | |||||||||
Thereafter | 556,016 | |||||||||
a | Operating lease obligations do not include obligations for property taxes, insurance and maintenance that are required by most lease agreements. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss | |||||||||||||
January 31, | ||||||||||||||
(in thousands) | 2015 | 2014 | ||||||||||||
Accumulated other comprehensive (loss) earnings, net of tax: | ||||||||||||||
Foreign currency translation adjustments | $ | (76,284 | ) | $ | 16,846 | |||||||||
Unrealized gain on marketable securities | 1,912 | 2,677 | ||||||||||||
Deferred hedging loss | (5,399 | ) | (6,607 | ) | ||||||||||
Net unrealized loss on benefit plans | (210,691 | ) | (71,464 | ) | ||||||||||
$ | (290,462 | ) | $ | (58,548 | ) | |||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | ||||||||||||||
January 31, | ||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Net actuarial loss (gain) | $ | 311,216 | $ | 124,542 | $ | 32,370 | $ | (2,477 | ) | |||||
Prior service cost (credit) | 872 | 661 | (3,725 | ) | (4,398 | ) | ||||||||
Total before tax | $ | 312,088 | $ | 125,203 | $ | 28,645 | $ | (6,875 | ) | |||||
Additions to and Reclassifications out of Accumulated Other Comprehensive Earnings | Additions to and reclassifications out of accumulated other comprehensive (loss) earnings are as follows: | |||||||||||||
Years Ended January 31, | ||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||||||
Foreign currency translation adjustments | $ | (101,900 | ) | $ | (31,742 | ) | $ | (11,567 | ) | |||||
Income tax benefit | 8,770 | 4,524 | 6,422 | |||||||||||
Foreign currency adjustments, net of tax | (93,130 | ) | (27,218 | ) | (5,145 | ) | ||||||||
Unrealized (loss) gain on marketable securities | (870 | ) | 1,234 | 2,640 | ||||||||||
Reclassification for loss included in net earnings a | — | — | 6 | |||||||||||
Income tax benefit (expense) | 105 | (406 | ) | (927 | ) | |||||||||
Unrealized (loss) gain on marketable securities, net of tax | (765 | ) | 828 | 1,719 | ||||||||||
Unrealized gain (loss) on hedging instruments | 14,620 | 8,716 | (4,439 | ) | ||||||||||
Reclassification adjustment for (gain) loss included in | (13,017 | ) | (13,950 | ) | 12,168 | |||||||||
net earnings b | ||||||||||||||
Income tax (expense) benefit | (395 | ) | 1,834 | (2,207 | ) | |||||||||
Unrealized gain (loss) on hedging instruments, net of tax | 1,208 | (3,400 | ) | 5,522 | ||||||||||
Prior service cost | (477 | ) | — | — | ||||||||||
Net actuarial (loss) gain | (234,669 | ) | 86,310 | (34,520 | ) | |||||||||
Amortization of net loss included in net earnings c | 13,144 | 19,217 | 15,993 | |||||||||||
Amortization of prior service (credit) cost included in | (407 | ) | 313 | 356 | ||||||||||
net earnings c | ||||||||||||||
Income tax benefit (expense) | 83,182 | (40,723 | ) | 7,330 | ||||||||||
Net unrealized (loss) gain on benefit plans, net of tax | (139,227 | ) | 65,117 | (10,841 | ) | |||||||||
Total other comprehensive (loss) earnings, net of tax | $ | (231,914 | ) | $ | 35,327 | $ | (8,745 | ) | ||||||
a | These losses are reclassified into Other income, net. | |||||||||||||
b | These (gains) losses are reclassified into Interest expense and financing costs and Cost of sales (see "Note H - Hedging Instruments" for additional details). | |||||||||||||
c | These accumulated other comprehensive income components are included in the computation of net periodic pension costs (see "Note N - Employee Benefit Plans" for additional details). | |||||||||||||
Schedule Of Share Repurchases Table | The Company's share repurchase activity was as follows: | |||||||||||||
Years Ended January 31, | ||||||||||||||
(in thousands, except per share amounts) | 2015 | 2014 | 2013 | |||||||||||
Cost of repurchases | $ | 27,028 | $ | — | $ | 54,107 | ||||||||
Shares repurchased and retired | 301 | — | 813 | |||||||||||
Average cost per share | $ | 89.91 | $ | — | $ | 66.54 | ||||||||
Stock_Compensation_Plans_Table
Stock Compensation Plans (Tables) | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ||||||||||
Years Ended January 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||
Dividend yield | 1.3 | % | 1.2 | % | 1.6 | % | ||||
Expected volatility | 30.2 | % | 39.6 | % | 42.2 | % | ||||
Risk-free interest rate | 1.5 | % | 1.4 | % | 1 | % | ||||
Expected term in years | 5 | 5 | 6 | |||||||
Schedule of Share-based Compensation, Activity | A summary of the option activity for the Company's stock option plans is presented below: | |||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||
Shares | Average | Average | Intrinsic | |||||||
Exercise Price | Remaining | Value | ||||||||
Contractual | (in thousands) | |||||||||
Term in Years | ||||||||||
Outstanding at January 31, 2014 | 2,322,145 | $ | 55.63 | 6.62 | $ | 65,033 | ||||
Granted | 479,378 | 88.32 | ||||||||
Exercised | (939,321 | ) | 45.67 | |||||||
Forfeited/canceled | (170,150 | ) | 72.08 | |||||||
Outstanding at January 31, 2015 | 1,692,052 | $ | 68.76 | 7.38 | $ | 32,288 | ||||
Exercisable at January 31, 2015 | 850,767 | $ | 56.02 | 5.79 | $ | 26,866 | ||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of the activity for the Company's RSUs is presented below: | |||||||||
Number of Shares | Weighted-Average | |||||||||
Grant-Date Fair Value | ||||||||||
Non-vested at January 31, 2014 | 742,302 | $ | 63.33 | |||||||
Granted | 252,339 | 90.68 | ||||||||
Vested | (297,909 | ) | 92.65 | |||||||
Forfeited | (115,103 | ) | 68.87 | |||||||
Non-vested at January 31, 2015 | 581,629 | $ | 75.46 | |||||||
Schedule Of Share Based Compensation Performance Stock Units Award Activity Table | A summary of the activity for the Company's PSUs is presented below: | |||||||||
Number of Shares | Weighted-Average | |||||||||
Grant-Date Fair Value | ||||||||||
Non-vested at January 31, 2014 | 879,038 | $ | 63.27 | |||||||
Granted | 210,477 | 82.88 | ||||||||
Vested | (91,815 | ) | 56.95 | |||||||
Forfeited/canceled | (305,223 | ) | 61.61 | |||||||
Non-vested at January 31, 2015 | 692,477 | $ | 70.8 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Net Funded Status | The following tables provide a reconciliation of benefit obligations, plan assets and funded status of the pension and other postretirement benefit plans as of the measurement date: | |||||||||||||||||||
January 31, | ||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 615,870 | $ | 631,538 | $ | 54,723 | $ | 65,723 | ||||||||||||
Service cost | 16,894 | 19,127 | 2,327 | 2,791 | ||||||||||||||||
Interest cost | 28,253 | 27,005 | 2,646 | 2,762 | ||||||||||||||||
Participants' contributions | — | — | 1,468 | 1,638 | ||||||||||||||||
Amendments | 817 | — | — | — | ||||||||||||||||
MMA retiree drug subsidy | — | — | 119 | 97 | ||||||||||||||||
Actuarial loss (gain) | 202,345 | (40,130 | ) | 34,867 | (15,131 | ) | ||||||||||||||
Benefits paid | (20,247 | ) | (19,794 | ) | (3,262 | ) | (3,157 | ) | ||||||||||||
Translation | (2,232 | ) | (1,876 | ) | — | — | ||||||||||||||
Benefit obligation at end of year | 841,700 | 615,870 | 92,888 | 54,723 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||
Fair value of plan assets at beginning of year | 397,430 | 331,181 | — | — | ||||||||||||||||
Actual return on plan assets | 26,104 | 53,276 | — | — | ||||||||||||||||
Employer contribution | 2,758 | 32,767 | 1,675 | 1,422 | ||||||||||||||||
Participants' contributions | — | — | 1,468 | 1,638 | ||||||||||||||||
MMA retiree drug subsidy | — | — | 119 | 97 | ||||||||||||||||
Benefits paid | (20,247 | ) | (19,794 | ) | (3,262 | ) | (3,157 | ) | ||||||||||||
Fair value of plan assets at end of year | 406,045 | 397,430 | — | — | ||||||||||||||||
Funded status at end of year | $ | (435,655 | ) | $ | (218,440 | ) | $ | (92,888 | ) | $ | (54,723 | ) | ||||||||
Schedule of Accumulated and Projected Benefit Obligations | The following tables provide additional information regarding the Company's pension plans' projected benefit obligations and assets (included in pension benefits in the table above) and accumulated benefit obligation: | |||||||||||||||||||
January 31, 2015 | ||||||||||||||||||||
(in thousands) | Qualified | Excess/SRIP | Other | Total | ||||||||||||||||
Projected benefit obligation | $ | 693,350 | $ | 133,136 | $ | 15,214 | $ | 841,700 | ||||||||||||
Fair value of plan assets | 406,045 | — | — | 406,045 | ||||||||||||||||
Funded status | $ | (287,305 | ) | $ | (133,136 | ) | $ | (15,214 | ) | $ | (435,655 | ) | ||||||||
Accumulated benefit obligation | $ | 620,632 | $ | 97,425 | $ | 12,590 | $ | 730,647 | ||||||||||||
January 31, 2014 | ||||||||||||||||||||
(in thousands) | Qualified | Excess/SRIP | Other | Total | ||||||||||||||||
Projected benefit obligation | $ | 501,178 | $ | 99,380 | $ | 15,312 | $ | 615,870 | ||||||||||||
Fair value of plan assets | 397,430 | — | — | 397,430 | ||||||||||||||||
Funded status | $ | (103,748 | ) | $ | (99,380 | ) | $ | (15,312 | ) | $ | (218,440 | ) | ||||||||
Accumulated benefit obligation | $ | 450,255 | $ | 70,847 | $ | 12,814 | $ | 533,916 | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss | |||||||||||||||||||
January 31, | ||||||||||||||||||||
(in thousands) | 2015 | 2014 | ||||||||||||||||||
Accumulated other comprehensive (loss) earnings, net of tax: | ||||||||||||||||||||
Foreign currency translation adjustments | $ | (76,284 | ) | $ | 16,846 | |||||||||||||||
Unrealized gain on marketable securities | 1,912 | 2,677 | ||||||||||||||||||
Deferred hedging loss | (5,399 | ) | (6,607 | ) | ||||||||||||||||
Net unrealized loss on benefit plans | (210,691 | ) | (71,464 | ) | ||||||||||||||||
$ | (290,462 | ) | $ | (58,548 | ) | |||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | ||||||||||||||||||||
January 31, | ||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Net actuarial loss (gain) | $ | 311,216 | $ | 124,542 | $ | 32,370 | $ | (2,477 | ) | |||||||||||
Prior service cost (credit) | 872 | 661 | (3,725 | ) | (4,398 | ) | ||||||||||||||
Total before tax | $ | 312,088 | $ | 125,203 | $ | 28,645 | $ | (6,875 | ) | |||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated pre-tax amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost within the next 12 months is as follows: | |||||||||||||||||||
(in thousands) | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
Net actuarial loss | $ | 29,690 | $ | 1,590 | ||||||||||||||||
Prior service credit | (7 | ) | (687 | ) | ||||||||||||||||
$ | 29,683 | $ | 903 | |||||||||||||||||
Schedule of Net Periodic Pension and Other Postretirement Benefit Expense | Components of Net Periodic Benefit Cost and | |||||||||||||||||||
Other Amounts Recognized in Other Comprehensive Earnings | ||||||||||||||||||||
Years Ended January 31, | ||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 16,894 | $ | 19,127 | $ | 18,058 | $ | 2,327 | $ | 2,791 | $ | 2,382 | ||||||||
Interest cost | 28,253 | 27,005 | 26,796 | 2,646 | 2,762 | 2,839 | ||||||||||||||
Expected return on plan assets | (23,630 | ) | (22,240 | ) | (20,416 | ) | — | — | — | |||||||||||
Amortization of prior service cost | 273 | 972 | 1,015 | (673 | ) | (659 | ) | (659 | ) | |||||||||||
Amortization of net loss | 13,124 | 19,010 | 15,964 | 20 | 212 | 29 | ||||||||||||||
Net periodic benefit cost | 34,914 | 43,874 | 41,417 | 4,320 | 5,106 | 4,591 | ||||||||||||||
Net actuarial loss (gain) | 199,802 | (71,179 | ) | 34,080 | 34,867 | (15,131 | ) | 440 | ||||||||||||
Recognized actuarial loss | (13,124 | ) | (19,005 | ) | (15,964 | ) | (20 | ) | (212 | ) | (29 | ) | ||||||||
Prior service cost | 477 | — | — | — | — | — | ||||||||||||||
Recognized prior service (cost) credit | (266 | ) | (972 | ) | (1,015 | ) | 673 | 659 | 659 | |||||||||||
Total recognized in other comprehensive earnings | 186,889 | (91,156 | ) | 17,101 | 35,520 | (14,684 | ) | 1,070 | ||||||||||||
Total recognized in net periodic benefit cost and other comprehensive earnings | $ | 221,803 | $ | (47,282 | ) | $ | 58,518 | $ | 39,840 | $ | (9,578 | ) | $ | 5,661 | ||||||
Schedule of Assumptions Used | Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||||
January 31, | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Discount rate: | ||||||||||||||||||||
Qualified Plan | 3.75 | % | 4.75 | % | ||||||||||||||||
Excess Plan/SRIP | 3.75 | % | 5 | % | ||||||||||||||||
Other Plans | 1.12 | % | 1.25 | % | ||||||||||||||||
Other Postretirement Benefits | 3.5 | % | 5 | % | ||||||||||||||||
Rate of increase in compensation: | ||||||||||||||||||||
Qualified Plan | 2.75 | % | 2.75 | % | ||||||||||||||||
Excess Plan | 4.25 | % | 4.25 | % | ||||||||||||||||
SRIP | 7.25 | % | 7.25 | % | ||||||||||||||||
Other Plans | 1.22 | % | 1 | % | ||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||
Years Ended January 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||
Discount rate: | ||||||||||||||||||||
Qualified Plan | 4.75 | % | 4.5 | % | 5 | % | ||||||||||||||
Excess Plan/SRIP | 5 | % | 4.5 | % | 5 | % | ||||||||||||||
Other Plans | 1.81 | % | 1.25 | % | 1.5 | % | ||||||||||||||
Other Postretirement Benefits | 5 | % | 4.5 | % | 5.25 | % | ||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | ||||||||||||||
Rate of increase in compensation: | ||||||||||||||||||||
Qualified Plan | 2.75 | % | 2.75 | % | 2.75 | % | ||||||||||||||
Excess Plan | 4.25 | % | 4.25 | % | 4.25 | % | ||||||||||||||
SRIP | 7.25 | % | 7.25 | % | 7.25 | % | ||||||||||||||
Other Plans | 1.33 | % | 1 | % | 1 | % | ||||||||||||||
Fair Value Of Companys Qualified Plan Assets | The fair value of the Qualified Plan's assets at January 31, 2015 and 2014 by asset category is as follows: | |||||||||||||||||||
Fair Value at | Fair Value Measurements | |||||||||||||||||||
Using Inputs Considered as* | ||||||||||||||||||||
(in thousands) | January 31, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||
Common/collective trusts a | $ | 288,480 | $ | — | $ | 288,480 | $ | — | ||||||||||||
Fixed income securities: | ||||||||||||||||||||
Government bonds | 27,714 | 23,603 | 4,111 | — | ||||||||||||||||
Corporate bonds | 33,882 | — | 33,882 | — | ||||||||||||||||
Mortgage obligations | 37,012 | — | 37,012 | — | ||||||||||||||||
Other types of investments: | ||||||||||||||||||||
Limited partnerships | 18,957 | — | — | 18,957 | ||||||||||||||||
$ | 406,045 | $ | 23,603 | $ | 363,485 | $ | 18,957 | |||||||||||||
Fair Value at | Fair Value Measurements | |||||||||||||||||||
Using Inputs Considered as* | ||||||||||||||||||||
(in thousands) | 31-Jan-14 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||
Common/collective trusts a | $ | 293,484 | $ | — | $ | 293,484 | $ | — | ||||||||||||
Fixed income securities: | ||||||||||||||||||||
Government bonds | 28,773 | 24,428 | 4,345 | — | ||||||||||||||||
Corporate bonds | 28,318 | — | 28,318 | — | ||||||||||||||||
Mortgage obligations | 32,457 | — | 32,457 | — | ||||||||||||||||
Other types of investments: | ||||||||||||||||||||
Limited partnerships | 14,398 | — | — | 14,398 | ||||||||||||||||
$ | 397,430 | $ | 24,428 | $ | 358,604 | $ | 14,398 | |||||||||||||
* | See "Note I - Fair Value of Financial Instruments" for a description of the levels of inputs. | |||||||||||||||||||
a | Common/collective trusts include investments in U.S. and international large, middle and small capitalization equities. | |||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The changes in fair value of the Qualified Plan's Level 3 assets is as follows: | |||||||||||||||||||
(in thousands) | Limited partnerships | |||||||||||||||||||
31-Jan-13 | $ | 14,655 | ||||||||||||||||||
Unrealized loss, net | (313 | ) | ||||||||||||||||||
Realized gain, net | 1,643 | |||||||||||||||||||
Purchases | 1,856 | |||||||||||||||||||
Settlements | (3,443 | ) | ||||||||||||||||||
31-Jan-14 | 14,398 | |||||||||||||||||||
Unrealized gain, net | 1,376 | |||||||||||||||||||
Realized gain, net | 633 | |||||||||||||||||||
Purchases | 5,609 | |||||||||||||||||||
Settlements | (3,059 | ) | ||||||||||||||||||
31-Jan-15 | $ | 18,957 | ||||||||||||||||||
Schedule of Expected Benefit Payments | The Company expects the following future benefit payments to be paid: | |||||||||||||||||||
Years Ending January 31, | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||
2016 | $ | 20,610 | $ | 1,734 | ||||||||||||||||
2017 | 21,596 | 1,741 | ||||||||||||||||||
2018 | 23,711 | 1,760 | ||||||||||||||||||
2019 | 24,661 | 1,772 | ||||||||||||||||||
2020 | 25,548 | 1,821 | ||||||||||||||||||
2021-2025 | 162,567 | 10,707 | ||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | Earnings from operations before income taxes consisted of the following: | |||||||||
Years Ended January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
United States | $ | 484,467 | $ | 65,164 | $ | 510,853 | ||||
Foreign | 253,070 | 189,702 | 132,723 | |||||||
$ | 737,537 | $ | 254,866 | $ | 643,576 | |||||
Schedule of Components of Income Tax Expense (Benefit) | Components of the provision for income taxes were as follows: | |||||||||
Years Ended January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
Current: | ||||||||||
Federal | $ | 130,901 | $ | 39,028 | $ | 167,462 | ||||
State | 18,193 | 9,897 | 28,461 | |||||||
Foreign | 66,552 | 52,427 | 50,778 | |||||||
215,646 | 101,352 | 246,701 | ||||||||
Deferred: | ||||||||||
Federal | 25,156 | (28,640 | ) | 378 | ||||||
State | 13,217 | (2,265 | ) | 223 | ||||||
Foreign | (661 | ) | 3,050 | (19,883 | ) | |||||
37,712 | (27,855 | ) | (19,282 | ) | ||||||
$ | 253,358 | $ | 73,497 | $ | 227,419 | |||||
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of the provision for income taxes at the statutory Federal income tax rate to the Company's effective income tax rate were as follows: | |||||||||
Years Ended January 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||
Statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||
State income taxes, net of Federal benefit | 2.8 | 2 | 3 | |||||||
Foreign losses with no tax benefit | 0.7 | 1.3 | 0.5 | |||||||
Undistributed foreign earnings | (4.2 | ) | (7.8 | ) | (3.4 | ) | ||||
Net change in uncertain tax positions | 0.3 | 0.5 | 0.9 | |||||||
Domestic manufacturing deduction | (1.3 | ) | (2.5 | ) | (1.4 | ) | ||||
Other | 1.1 | 0.3 | 0.7 | |||||||
34.4 | % | 28.8 | % | 35.3 | % | |||||
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) consisted of the following: | |||||||||
January 31, | ||||||||||
(in thousands) | 2015 | 2014 | ||||||||
Deferred tax assets: | ||||||||||
Pension/postretirement benefits | $ | 203,045 | $ | 106,585 | ||||||
Accrued expenses | 36,441 | 38,141 | ||||||||
Share-based compensation | 17,280 | 22,719 | ||||||||
Depreciation | 14,406 | 52,530 | ||||||||
Amortization | 11,415 | 11,305 | ||||||||
Foreign and state net operating losses | 22,911 | 27,806 | ||||||||
Sale-leaseback | 36,321 | 47,900 | ||||||||
Inventory | 72,715 | 66,227 | ||||||||
Financial hedging instruments | 14,050 | 14,141 | ||||||||
Unearned income | 11,188 | 11,407 | ||||||||
Other | 37,018 | 37,052 | ||||||||
476,790 | 435,813 | |||||||||
Valuation allowance | (16,232 | ) | (17,693 | ) | ||||||
460,558 | 418,120 | |||||||||
Deferred tax liabilities: | ||||||||||
Foreign tax credit | (34,744 | ) | (40,246 | ) | ||||||
Net deferred tax asset | $ | 425,814 | $ | 377,874 | ||||||
Summary of Income Tax Contingencies | The following table reconciles the unrecognized tax benefits: | |||||||||
January 31, | ||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||
Unrecognized tax benefits at beginning of year | $ | 27,626 | $ | 28,217 | $ | 25,509 | ||||
Gross increases – tax positions in prior period | 960 | 345 | 4,426 | |||||||
Gross decreases – tax positions in prior period | (5,395 | ) | (391 | ) | (1,713 | ) | ||||
Gross increases – tax positions in current period | 105 | 115 | 156 | |||||||
Settlements | (14,837 | ) | (284 | ) | — | |||||
Lapse of statute of limitations | (126 | ) | (376 | ) | (161 | ) | ||||
Unrecognized tax benefits at end of year | $ | 8,333 | $ | 27,626 | $ | 28,217 | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Company's Segments Information | Certain information relating to the Company's segments is set forth below: | |||||||||||
Years Ended January 31, | ||||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||||
Net sales: | ||||||||||||
Americas | $ | 2,033,453 | $ | 1,926,864 | $ | 1,839,969 | ||||||
Asia-Pacific | 1,025,169 | 944,676 | 810,420 | |||||||||
Japan | 554,258 | 578,571 | 639,185 | |||||||||
Europe | 497,287 | 469,784 | 432,167 | |||||||||
Total reportable segments | 4,110,167 | 3,919,895 | 3,721,741 | |||||||||
Other | 139,746 | 111,235 | 72,508 | |||||||||
$ | 4,249,913 | $ | 4,031,130 | $ | 3,794,249 | |||||||
Earnings (losses) from operations*: | ||||||||||||
Americas | $ | 435,507 | $ | 374,342 | $ | 345,917 | ||||||
Asia-Pacific | 281,586 | 244,142 | 188,510 | |||||||||
Japan | 195,985 | 215,582 | 204,510 | |||||||||
Europe | 107,806 | 101,153 | 90,955 | |||||||||
Total reportable segments | 1,020,884 | 935,219 | 829,892 | |||||||||
Other | 7,610 | (649 | ) | (6,254 | ) | |||||||
$ | 1,028,494 | $ | 934,570 | $ | 823,638 | |||||||
* | Represents earnings (losses) from operations before (i) unallocated corporate expenses, (ii) interest expense, financing costs and other income, net, (iii) loss on extinguishment of debt, and (iv) other operating expenses. | |||||||||||
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: | |||||||||||
Years Ended January 31, | ||||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||||
Earnings from operations for segments | $ | 1,028,494 | $ | 934,570 | $ | 823,638 | ||||||
Unallocated corporate expenses | (137,065 | ) | (140,651 | ) | (126,421 | ) | ||||||
Interest expense, financing costs and other | (60,113 | ) | (49,463 | ) | (53,641 | ) | ||||||
income, net | ||||||||||||
Loss on extinguishment of debt | (93,779 | ) | — | — | ||||||||
Other operating expense | — | (489,590 | ) | — | ||||||||
Earnings from operations before income taxes | $ | 737,537 | $ | 254,866 | $ | 643,576 | ||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Sales to unaffiliated customers and long-lived assets by geographic areas were as follows: | |||||||||||
Years Ended January 31, | ||||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||||
Net sales: | ||||||||||||
United States | $ | 1,870,843 | $ | 1,770,731 | $ | 1,696,502 | ||||||
Japan | 554,258 | 578,571 | 639,185 | |||||||||
Other countries | 1,824,812 | 1,681,828 | 1,458,562 | |||||||||
$ | 4,249,913 | $ | 4,031,130 | $ | 3,794,249 | |||||||
Long-lived assets: | ||||||||||||
United States | $ | 680,080 | $ | 632,907 | $ | 630,805 | ||||||
Japan | 24,407 | 21,571 | 28,971 | |||||||||
Other countries | 239,257 | 241,951 | 200,480 | |||||||||
$ | 943,744 | $ | 896,429 | $ | 860,256 | |||||||
Revenue from External Customers by Products and Services | Classes of Similar Products | |||||||||||
Years Ended January 31, | ||||||||||||
(in thousands) | 2015 | 2014 | 2013 | |||||||||
Net sales: | ||||||||||||
Statement, fine & solitaire jewelry | $ | 930,155 | $ | 916,804 | $ | 749,097 | ||||||
Engagement jewelry & wedding bands | 1,245,101 | 1,182,226 | 1,132,757 | |||||||||
Fashion jewelry | 1,755,233 | 1,618,194 | 1,581,648 | |||||||||
All other | 319,424 | 313,906 | 330,747 | |||||||||
$ | 4,249,913 | $ | 4,031,130 | $ | 3,794,249 | |||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Jan. 31, 2015 | Jan. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ||||||||||||||||||||||||||
2014 Quarters Ended | 2013 Quarters Ended | |||||||||||||||||||||||||
(in thousands, except per share amounts) | 30-Apr | 31-Jul | October 31 a | 31-Jan | (in thousands, except per share amounts) | April 30 a | 31-Jul | 31-Oct | January 31 b | |||||||||||||||||
Net sales | $ | 1,012,132 | $ | 992,930 | $ | 959,589 | $ | 1,285,262 | Net sales | $ | 895,484 | $ | 925,884 | $ | 911,478 | $ | 1,298,284 | |||||||||
Gross profit | 589,526 | 595,163 | 570,871 | 781,615 | Gross profit | 503,224 | 532,129 | 519,481 | 785,609 | |||||||||||||||||
Earnings from operations | 209,793 | 208,521 | 168,491 | 304,624 | Earnings (loss) from operations | 141,158 | 176,886 | 153,618 | (167,333 | ) | ||||||||||||||||
Net earnings | 125,609 | 124,120 | 38,268 | 196,182 | Net earnings (loss) | 83,577 | 106,781 | 94,610 | (103,599 | ) | ||||||||||||||||
Net earnings per share: | Net earnings (loss) per share: | |||||||||||||||||||||||||
Basic | $ | 0.97 | $ | 0.96 | $ | 0.3 | $ | 1.52 | Basic | $ | 0.66 | $ | 0.84 | $ | 0.74 | $ | (0.81 | ) | ||||||||
Diluted | $ | 0.97 | $ | 0.96 | $ | 0.29 | $ | 1.51 | Diluted | $ | 0.65 | $ | 0.83 | $ | 0.73 | $ | (0.81 | ) | ||||||||
a | On a pre-tax basis, includes a charge of $93,779,000 for the quarter ended October 31, which reduced net earnings per diluted share by $0.47, associated with the redemption of $400,000,000 in aggregate principal amount of the Private Placement Notes prior to their scheduled maturities (see "Note G - Debt"). | a | On a pre-tax basis, includes charges of $9,379,000 for the quarter ended April 30, which reduced net earnings per diluted share by $0.05, associated with severance related to staffing reductions and subleasing of certain office space for which only a portion of the Company's future rent obligations will be recovered (see "Note J - Commitments and Contingencies"). | |||||||||||||||||||||||
b | On a pre-tax basis, includes charges of $480,211,000 for the quarter ended January 31, related to the adverse arbitration ruling between The Swatch Group Ltd. and the Company (see "Note J - Commitments and Contingencies") and pre-tax income of $7,489,000 associated with foreign currency transaction gains on this expense. This reduced net earnings per diluted share by $2.27 when using weighted-average diluted shares of 129,283,000, which include 1,091,000 of incremental shares based upon the assumed exercise of stock options and unvested restricted stock units. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Receivables (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Receivables [Abstract] | ||
Consumer Credit Card Financing Receivables | $63,904,000 | $59,278,000 |
Consumer Credit Card Financing Receivables Percentage Current | 98.00% | 97.00% |
Consumer Credit Card Financing Receivable Allowance For Credit Losses | 1,000,000 | 1,000,000 |
Financing Receivables Gross Current | 18,598,000 | 14,208,000 |
Financing Receivables Gross Non Current | $40,747,000 | $58,786,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Property, Plant & Equipment (Details) | 12 Months Ended |
Jan. 31, 2015 | |
Building [Member] | |
Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Life | 39 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Office Equipment [Member] | |
Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Maximum [Member] | Building Improvements [Member] | |
Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Maximum [Member] | Office Equipment [Member] | |
Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Intangibles (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | ($21,081) | ($13,579) |
Finite-Lived Intangible Assets, Gross | 95,601 | 101,449 |
Product Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | -16,186 | -9,405 |
Finite-Lived Intangible Assets, Gross | 59,409 | 59,409 |
Key Money Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 39 years | |
Finite-Lived Intangible Assets, Accumulated Amortization | -2,443 | -1,722 |
Finite-Lived Intangible Assets, Gross | 33,740 | 39,588 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | -2,452 | -2,452 |
Finite-Lived Intangible Assets, Gross | $2,452 | $2,452 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies Additional Intangible (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Amortization of Intangible Assets | $7,802,000 | $4,172,000 | $1,685,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,500,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,500,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,500,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,500,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $3,500,000 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies Goodwill (Details) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $39,736,000 | $39,764,000 |
Goodwill, Translation Adjustments | -900,000 | -28,000 |
Goodwill, ending balance | 38,836,000 | 39,736,000 |
Americas [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 12,355,000 | 12,368,000 |
Goodwill, Translation Adjustments | -94,000 | -13,000 |
Goodwill, ending balance | 12,261,000 | 12,355,000 |
Asia-Pacific [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 278,000 | 280,000 |
Goodwill, Translation Adjustments | 5,000 | -2,000 |
Goodwill, ending balance | 283,000 | 278,000 |
Japan [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,097,000 | 1,103,000 |
Goodwill, Translation Adjustments | -33,000 | -6,000 |
Goodwill, ending balance | 1,064,000 | 1,097,000 |
Europe [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,106,000 | 1,108,000 |
Goodwill, Translation Adjustments | -27,000 | -2,000 |
Goodwill, ending balance | 1,079,000 | 1,106,000 |
Other [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 24,900,000 | 24,905,000 |
Goodwill, Translation Adjustments | -751,000 | -5,000 |
Goodwill, ending balance | $24,149,000 | $24,900,000 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies Marketable Securities (Details) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Marketable Securities [Abstract] | ||
Gross Unrealized Gains | $5,123,000 | $4,889,000 |
Gross Unrealized Losses | $1,908,000 | $804,000 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies Advertising (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Marketing and Advertising Expense [Abstract] | |||
Advertising, Marketing, Public and Media Relations Costs | $283,648,000 | $253,164,000 | $250,297,000 |
Advertising costs as Percentage of Net Sales | 6.70% | 6.30% | 6.60% |
Recovered_Sheet1
Summary of Significant Accounting Policies Foreign Currency (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Foreign Currency [Abstract] | ||||
Net Gain (Loss) on Foreign Currency Transactions | ($3,726,000) | $4,672,000 | ($2,147,000) | |
Transaction Gain Related to Arbitration Award | $7,489,000 | $7,489,000 |
Recovered_Sheet2
Summary of Significant Accounting Policies Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,091,000 | 334,000 | 422,000 | 869,000 | ||||||||||
Net earnings | $196,182,000 | $38,268,000 | [1] | $124,120,000 | $125,609,000 | ($103,599,000) | [2] | $94,610,000 | $106,781,000 | $83,577,000 | [3] | $484,179,000 | $181,369,000 | $416,157,000 |
Basic | 129,221,000 | 127,835,000 | 126,737,000 | |||||||||||
Incremental shares based upon the assumed exercise of stock options and unvested restricted stock units | 697,000 | 1,032,000 | 1,197,000 | |||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 129,283,000 | 129,918,000 | 128,867,000 | 127,934,000 | ||||||||||
[1] | aB On a pre-tax basis, includes a charge of $93,779,000 for the quarter ended October 31, which reduced net earnings per diluted share by $0.47, associated with the redemption of $400,000,000 in aggregate principal amount of the Private Placement Notes prior to their scheduled maturities (see "Note G - Debt"). | |||||||||||||
[2] | bB On a pre-tax basis, includes charges of $480,211,000 for the quarter ended January 31, related to the adverse arbitration ruling between The Swatch Group Ltd. and the Company (see "Note J - Commitments and Contingencies") and pre-tax income of $7,489,000 associated with foreign currency transaction gains on this expense. This reduced net earnings per diluted share by $2.27 when using weighted-average diluted shares of 129,283,000, which include 1,091,000 of incremental shares based upon the assumed exercise of stock options and unvested restricted stock units. | |||||||||||||
[3] | aB On a pre-tax basis, includes charges of $9,379,000 for the quarter ended April 30, which reduced net earnings per diluted share by $0.05, associated with severance related to staffing reductions and subleasing of certain office space for which only a portion of the Company's future rent obligations will be recovered (see "Note J - Commitments and Contingencies"). |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information Cash Paid (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Supplemental Cash Flow Information [Abstract] | |||
Interest, net of interest capitalization | $59,668 | $58,532 | $49,785 |
Income Taxes | $133,430 | $160,736 | $266,829 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information Non Cash Disclosures (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Issuance Of Common Stock Under EPSRS Plan | $3,925,000 | $0 | $3,150,000 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Finished goods | $1,386,823,000 | $1,333,926,000 |
Raw materials | 866,934,000 | 874,799,000 |
Work-in-process | 108,355,000 | 117,855,000 |
Inventories, net | $2,362,112,000 | $2,326,580,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $42,666,000 | $42,710,000 |
Buildings | 125,846,000 | 118,622,000 |
Leasehold And Building Improvements | 1,036,422,000 | 990,488,000 |
Office Equipment | 586,225,000 | 517,622,000 |
Furniture and Fixtures | 261,076,000 | 246,751,000 |
Machinery and Equipment | 155,184,000 | 141,880,000 |
Construction-in-Progress | 59,771,000 | 40,569,000 |
Property, Plant and Equipment, Gross | 2,267,190,000 | 2,098,642,000 |
Accumulated Depreciation and Amortization | -1,367,683,000 | -1,243,547,000 |
Property, Plant and Equipment, Net | $899,507,000 | $855,095,000 |
Property_Plant_and_Equipment_P
Property, Plant and Equipment Property, Plant and Equipment Additional (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Provision for depreciation and amortization | $182,761,000 | $171,452,000 | $159,018,000 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accounts payable- trade | $118,012 | $116,601 |
Accrued compensation and commissions | 83,949 | 86,549 |
Accured sales, witholding and other taxes | 21,770 | 23,935 |
Other | 94,292 | 115,005 |
Accounts Payable and Accrued Liabilities | $318,023 | $342,090 |
Debt_Shortterm_Debt_Table_Deta
Debt Short-term Debt Table (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Short-term Debt [Line Items] | ||
Short-term borrowings | $234,013,000 | $252,365,000 |
Credit Facilities [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 119,212,000 | |
Other Credit Facilities [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $141,494,000 | $133,153,000 |
Debt_Long_Term_Debt_Table_Deta
Debt Long Term Debt Table (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Long-term Debt | $882,535,000 | $751,154,000 | ||
2008 9.05% Series A, due December 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 0 | [1],[2] | 103,804,000 | [1],[2] |
2009 10.00% Series A, due April 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 0 | [1] | 50,000,000 | [1] |
2009 10.00% Series A, due February 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 0 | [1] | 125,000,000 | [1] |
2009 10.00% Series B, due February 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 0 | [1] | 125,000,000 | [1] |
2010 1.72% Notes, due September 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 84,470,000 | [3],[4] | 97,350,000 | [3],[4] |
2012 4.40% Series B Notes, due July 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 250,000,000 | [5] | 250,000,000 | [5] |
2014 3.80% Senior Notes, due October 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 249,277,000 | [3],[6] | 0 | [3],[6] |
2014 4.90% Senior Notes, due October 2044 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $298,788,000 | [3],[6] | $0 | [3],[6] |
[1] | aThese Notes were redeemed with the net proceeds from the offering of the 2024 Notes and the 2044 Notes | |||
[2] | bThese Notes were issued, at par, $100,000,000. In 2009, the Company entered into an interest rate swap to effectively convert this fixed rate obligation to a floating rate obligation. The Company terminated the interest rate swap in 2011 and recognized the remaining gain on the swap upon redemption of these Notes. | |||
[3] | cB These agreements require lump sum repayments upon maturity. | |||
[4] | dB These Notes were issued, at par, ¥10,000,000,000 | |||
[5] | eB The agreements governing these Notes require repayments of $50,000,000 in aggregate every five years beginning in 2022. | |||
[6] | fB These Notes were issued at a discount which will be amortized until the debt maturity. |
Debt_Senior_Notes_Details
Debt Senior Notes (Details) | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2013 | Jan. 31, 2015 | Jan. 31, 2015 | |
USD ($) | USD ($) | USD ($) | USD ($) | 2009 10.00% Series A, due April 2018 [Member] | 2008 9.05% Series A, due December 2015 [Member] | 2009 10.00% Series A, due February 2017 [Member] | 2009 10.00% Series B, due February 2019 [Member] | 2010 1.72% Notes, due September 2016 [Member] | 2010 1.72% Notes, due September 2016 [Member] | 2012 4.40% Series B Notes, due July 2042 [Member] | 2012 4.40% Series B Notes, due July 2042 [Member] | 2012 4.40% Series B Notes, due July 2042 [Member] | 2014 3.80% Senior Notes, due October 2024 [Member] | 2014 4.90% Senior Notes, due October 2044 [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on Extinguishment of Debt | ($93,779,000) | ($93,779,000) | $0 | $0 | |||||||||||
Debt Instrument, Periodic Payment, Principal | 50,000,000 | ||||||||||||||
Debt Instrument, Face Amount | 50,000,000 | 100,000,000 | 125,000,000 | 125,000,000 | 10,000,000,000 | 250,000,000 | 250,000,000 | 300,000,000 | |||||||
Proceeds from issuance of long-term debt | $548,037,000 | $0 | $250,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 9.05% | 10.00% | 10.00% | 1.72% | 4.40% | 3.80% | 4.90% | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.84% | 4.93% |
Debt_Credit_Facilities_Details
Debt Credit Facilities (Details) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 |
USD ($) | USD ($) | Credit Facilities [Member] | Tiffany Shanghai Credit Agreement [Member] | Tiffany Shanghai Credit Agreement [Member] | Tiffany Shanghai Credit Agreement [Member] | Three Year Revolving Credit Facility [Member] | Five Year Revolving Credit Facility [Member] | Other Credit Facilities [Member] | Other Credit Facilities [Member] | Four-year Credit Facility maturing October 2018 [Member] | Five-year Credit Facility maturing October 2019 [Member] | New Credit Facilities [Member] | |
USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 3.90% | 2.96% | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $111,259,000 | $651,810,000 | |||||||||||
Letters of Credit | 5,671,000 | ||||||||||||
Line of Credit Facility, Amount Outstanding | 37,620,000 | 103,874,000 | 75,400,000 | 92,519,000 | |||||||||
Line of Credit Facility, Interest Rate at Period End | 2.35% | 6.00% | 6.00% | 6.00% | 1.49% | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000,000 | 148,879,000 | 930,000,000 | 112,960,000 | 118,400,000 | 375,000,000 | 375,000,000 | ||||||
Short-term borrowings | 234,013,000 | 252,365,000 | 119,212,000 | 141,494,000 | 133,153,000 | 92,519,000 | |||||||
Line Of Credit Facility Previous Borrowing Capacity | $275,000,000 | $275,000,000 | |||||||||||
Line of Credit Facility, Expiration Date | 19-Jul-16 | 19-Jul-16 | 7-Oct-18 | 7-Oct-19 |
Debt_Maturities_Details
Debt Maturities (Details) (USD $) | Jan. 31, 2015 |
Debt Disclosure [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 84,470,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 800,000,000 |
Long-term Debt | $884,470,000 |
Debt_Letters_of_Credit_Details
Debt Letters of Credit (Details) (USD $) | Jan. 31, 2015 |
Letters of Credit Disclosure [Abstract] | |
Available Letters Of Credit And Financial Guarantees | $72,194,000 |
Letters Of Credit And Financial Guarantees Outstanding | 24,092,000 |
Letters Of Credit And Financial Guarantees Current | $59,092,000 |
Debt_Covenants_Details
Debt Covenants (Details) | 12 Months Ended |
Jan. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Instrument, Covenant Compliance | At January 31, 2015, the Company was in compliance with all debt covenants. |
Hedging_Instruments_Additional
Hedging Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Payment for settlement of interest rate swaps | $4,180,000 | $0 | $29,335,000 | |
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 | 13,351,000 | |||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | 77,314,000 | |||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | 160,245,000 | |||
Platinum [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional amount of precious metal hedge | 14,800 | |||
Silver [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional amount of precious metal hedge | 459,000 | |||
Gold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional amount of precious metal hedge | 50,100 | |||
Maximum [Member] | Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Term of Contract | 12 months | |||
Maximum [Member] | Precious Metal Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Term of Contract | 12 months | |||
2012 4.40% Series B Notes, due July 2042 [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Debt Instrument, Face Amount | 250,000,000 | |||
Other income, net [Domain] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $10,484,000 | [1] | ||
[1] | The gain or loss recognized in earnings is included within Cost of sales. |
Hedging_Instruments_Informatio
Hedging Instruments - Information on Location and Amounts of Derivative Gains and Losses in Consolidated Financial Statements (Detail) (Cash Flow Hedging [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Gain Recognized in OCI (Effective Portion) | $14,620 | $8,716 | ||
Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | 13,027 | 13,950 | ||
Foreign Exchange Contract [Member] | Cost of sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Gain Recognized in OCI (Effective Portion) | 23,225 | 16,184 | ||
Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | 18,717 | [1] | 17,660 | [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) | 0 | 1,241 | ||
Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | 0 | [1] | 2,201 | [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) | -4,428 | -8,709 | ||
Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | -4,173 | [1] | -4,376 | [1] |
Forward-starting interest rate swaps [Member] | Interest expense and financing costs [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Gain Recognized in OCI (Effective Portion) | -4,177 | 0 | ||
Gain (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | ($1,517) | [2] | ($1,535) | [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 expense and financing costs. |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Financial Assets and Liabilities Carried at Fair Value (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total financial assets, Fair Value | $77,538 | $79,790 | ||
Total financial liabilities, Fair Value | 5,254 | 1,898 | ||
Other assets, net [Member] | Marketable securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Assets, Fair Value | 53,545 | [1] | 51,781 | [1] |
Short-term Investments [Member] | Bank Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Assets, Fair Value | 1,500 | [2] | 21,257 | [2] |
Prepaid expenses and other current assets [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets, Fair Value | 15,070 | [3] | 6,699 | [3] |
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 | 250 | [3] | 53 | [3] |
Accounts payable and accrued liabilities [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value | 118 | [4] | 246 | [4] |
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 Liability, Fair Value | 3,150 | [4] | 1,652 | [4] |
Accounts payable and accrued liabilities [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets, Fair Value | 7,173 | [3] | ||
Derivative Liability, Fair Value | 1,986 | [4] | ||
Carrying Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total financial assets, Fair Value | 77,538 | 79,790 | ||
Total financial liabilities, Fair Value | 5,254 | 1,898 | ||
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 | 53,545 | [1] | 51,781 | [1] |
Carrying Value [Member] | Short-term Investments [Member] | Bank Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Assets, Fair Value | 1,500 | [2] | 21,257 | [2] |
Carrying Value [Member] | Prepaid expenses and other current assets [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets, Fair Value | 15,070 | [3] | 6,699 | [3] |
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 | 250 | [3] | 53 | [3] |
Carrying Value [Member] | Accounts payable and accrued liabilities [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value | 118 | [4] | 246 | [4] |
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 Liability, Fair Value | 3,150 | [4] | 1,652 | [4] |
Carrying Value [Member] | Accounts payable and accrued liabilities [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets, Fair Value | 7,173 | [3] | ||
Derivative Liability, Fair Value | 1,986 | [4] | ||
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total financial assets, Fair Value | 55,045 | 73,038 | ||
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 | 53,545 | [1] | 51,781 | [1] |
Level 1 [Member] | Short-term Investments [Member] | Bank Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Assets, Fair Value | 1,500 | [2] | 21,257 | [2] |
Level 1 [Member] | Prepaid expenses and other current assets [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets, Fair Value | 0 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
Level 1 [Member] | Accounts payable and accrued liabilities [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value | 0 | [4] | 0 | [4] |
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 Liability, Fair Value | 0 | [4] | 0 | [4] |
Level 1 [Member] | Accounts payable and accrued liabilities [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets, Fair Value | 0 | [3] | ||
Derivative Liability, Fair Value | 0 | [4] | ||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total financial assets, Fair Value | 22,493 | 6,752 | ||
Total financial liabilities, Fair Value | 5,254 | 1,898 | ||
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] | Short-term Investments [Member] | Bank Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Assets, Fair Value | 0 | [2] | 0 | [2] |
Level 2 [Member] | Prepaid expenses and other current assets [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets, Fair Value | 15,070 | [3] | 6,699 | [3] |
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 | 250 | [3] | 53 | [3] |
Level 2 [Member] | Accounts payable and accrued liabilities [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value | 118 | [4] | 246 | [4] |
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 Liability, Fair Value | 3,150 | [4] | 1,652 | [4] |
Level 2 [Member] | Accounts payable and accrued liabilities [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets, Fair Value | 7,173 | [3] | ||
Derivative Liability, Fair Value | 1,986 | [4] | ||
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] | Short-term Investments [Member] | Bank Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Assets, Fair Value | 0 | [2] | 0 | [2] |
Level 3 [Member] | Prepaid expenses and other current assets [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets, Fair Value | 0 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
Level 3 [Member] | Accounts payable and accrued liabilities [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value | 0 | [4] | 0 | [4] |
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 Liability, Fair Value | 0 | [4] | 0 | [4] |
Level 3 [Member] | Accounts payable and accrued liabilities [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets, Fair Value | 0 | [3] | ||
Derivative Liability, Fair Value | $0 | [4] | ||
[1] | Included within Other assets, net. | |||
[2] | Included within Short-term investments. | |||
[3] | Included within Prepaid expenses and other current assets. | |||
[4] | Included within Accounts payable and accrued liabilities. |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Debt Disclosure [Abstract] | ||
The total carrying value of short-term borrowings and long-term debt | $1,116,548,000 | $1,003,519,000 |
Total fair value of short-term borrowings and long-term debt | $1,200,000,000 | $1,100,000,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies Leases (Details) (USD $) | 12 Months Ended | |||
Jan. 31, 2012 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2008 | |
Sale Leaseback Transaction [Line Items] | ||||
Expense Due To Acceleration Of Useful Lives | $11,835,000 | |||
Deferred gains on sale-leasebacks | 64,471,000 | 81,865,000 | 144,505,000 | |
Actual Expense Incurred For Headquarters Relocation | 42,719,000 | |||
Lease Exit Charge | $30,884,000 | |||
Minimum [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Amortization Period of Sale-Leaseback Deferred Gains | 15 years | |||
Maximum [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Amortization Period of Sale-Leaseback Deferred Gains | 20 years |
Commitments_and_Contingencies_2
Commitments and Contingencies - Accrued Exit Charges Reconciliation (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Restructuring and Related Activities [Abstract] | ||
Opening balance | $10,465 | $16,164 |
Cash payments, net of estimated sublease income | -5,727 | -6,072 |
Interest accretion | 217 | 373 |
Ending balance | $4,955 | $10,465 |
Commitments_and_Contingencies_3
Commitments and Contingencies Rent Expenses for Operating Leases (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases Rent Expense Minimum Rentals Excluding Office Distribution And Manufacturing Facilities And Equipment | $158,188,000 | $146,109,000 | $127,267,000 |
Operating Leases, Rent Expense, Contingent Rentals | 38,572,000 | 36,289,000 | 31,918,000 |
Operating Leases Rent Expenses Office Distribution And Manufacturing Facilities And Equipment | 35,812,000 | 42,466,000 | 38,156,000 |
Operating Leases, Rent Expense, Net | 232,572,000 | 224,864,000 | 197,341,000 |
Fees Paid To Department Store Operators | $113,682,000 | $117,079,000 | $120,967,000 |
Commitments_and_Contingencies_4
Commitments and Contingencies Minimum Rental Payments under Non-Cancelable Operating Leases (Details) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $237,091 |
Operating Leases, Future Minimum Payments, Due in Two Years | 211,881 |
Operating Leases, Future Minimum Payments, Due in Three Years | 186,463 |
Operating Leases, Future Minimum Payments, Due in Four Years | 144,048 |
Operating Leases, Future Minimum Payments, Due in Five Years | 126,178 |
Operating Leases, Future Minimum Payments, Due Thereafter | $556,016 |
Commitments_and_Contingencies_5
Commitments and Contingencies Diamond Sourcing Activities (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2015 | Mar. 31, 2011 | Jan. 31, 2014 | Jan. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, Description of Variable Rate Basis | LIBOR | |||
Loans Receivable, Basis Spread on Variable Rate | 3.50% | |||
Loans Receivable Fixed Rate | 4.00% | |||
Diamond Purchase Commitments Amount Committed | $160,000,000 | |||
Koidu Limited [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Commitments, Variable Rates | 50,000,000 | |||
Other diamond mining and exploration companies [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Commitments, Variable Rates | $3,050,000 | $8,015,000 |
Commitments_and_Contingencies_6
Commitments and Contingencies Contractual Cash Obligations and Contingent Funding Commitments (Details) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Inventory Purchase Commitments Including Diamond Purchase Commitments Amount Committed | $376,202,000 |
Diamond Purchase Commitments Amount Committed | 160,000,000 |
Other Contractual Obligations | $108,922,000 |
Commitments_and_Contingencies_7
Commitments and Contingencies - Litigation (Detail) | 12 Months Ended | |||||||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | |
USD ($) | USD ($) | CHF | USD ($) | Swatch Parties [Member] | Swatch Parties [Member] | Tiffany Parties [Member] | Tiffany Parties [Member] | |
USD ($) | CHF | USD ($) | CHF | |||||
Loss Contingencies [Line Items] | ||||||||
Minimum Damage Claim Sought | $130,000,000 | 120,000,000 | ||||||
Maximum Damage Claim Sought | 584,000,000 | 540,000,000 | ||||||
Minimum Damage Claim Sought By Third Party | 79,000,000 | 73,000,000 | ||||||
Maximum Damage Claim Sought By Third Party | 4,100,000,000 | 3,800,000,000 | ||||||
Loss Contingency, Damages Paid, Value | 402,737,000 | |||||||
Branded Watch Sales As Percentage Of Net Sales | 1.00% | 1.00% | 1.00% | |||||
Arbitration award expense | $0 | $480,211,000 | $0 |
Commitments_and_Contingencies_8
Commitments and Contingencies Environmental Matter (Details) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
EPA's FFS remediation approaches [Member] | Minimum [Member] | |
Environmental Matter Disclosure [Line Items] | |
Estimated Remediation Costs Low Estimate | $360,000,000 |
EPA's FFS remediation approaches [Member] | Maximum [Member] | |
Environmental Matter Disclosure [Line Items] | |
Estimated Remediation Costs High Estimate | 3,250,000,000 |
EPA-recommended remediation approach [Member] | Minimum [Member] | |
Environmental Matter Disclosure [Line Items] | |
Estimated Remediation Costs EPA Preferred Method Low Estimate | 950,000,000 |
EPA-recommended remediation approach [Member] | Maximum [Member] | |
Environmental Matter Disclosure [Line Items] | |
Estimated Remediation Costs EPA Preferred Method High Estimate | $1,731,000,000 |
Commitments_and_Contingencies_9
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 |
Related_Parties_Details
Related Parties (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Related Party Transactions [Abstract] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $1,254,000 | $1,569,000 | $1,658,000 |
Stockholders_Equity_Accumulate
Stockholders' Equity - Accumulated Other Comprehensive Loss (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Accumulated other comprehensive (loss) earnings, net of tax: | ||
Foreign currency translation adjustments | ($76,284,000) | $16,846,000 |
Unrealized gain on marketable securities | 1,912,000 | 2,677,000 |
Deferred hedging loss | -5,399,000 | -6,607,000 |
Net unrealized loss on benefit plans | -210,691,000 | -71,464,000 |
Accumulated other comprehensive (loss) gain, net of tax | ($290,462,000) | ($58,548,000) |
Stockholders_Equity_Additions_
Stockholders' Equity - Additions to and Reclassifications out of Accumulated Other Comprehensive (Loss) Earnings (Detail) (USD $) | 12 Months Ended | |||||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | ||||
Equity [Abstract] | ||||||
Foreign currency translation adjustments | ($101,900,000) | ($31,742,000) | ($11,567,000) | |||
Income tax benefit | 8,770,000 | 4,524,000 | 6,422,000 | |||
Foreign currency translation adjustments | -93,130,000 | -27,218,000 | -5,145,000 | |||
Unrealized (loss) gain on marketable securities | -870,000 | 1,234,000 | 2,640,000 | |||
Reclassification for loss included in net earnings | 0 | [1] | 0 | [1] | 6,000 | [1] |
Income tax benefit (expense) | 105,000 | -406,000 | -927,000 | |||
Unrealized (loss) gain on marketable securities | -765,000 | 828,000 | 1,719,000 | |||
Unrealized gain (loss) on hedging instruments | 14,620,000 | 8,716,000 | -4,439,000 | |||
Reclassification adjustment for (gain) loss included in net earnings | -13,017,000 | [2] | -13,950,000 | [2] | 12,168,000 | [2] |
Income tax (expense) benefit | -395,000 | 1,834,000 | -2,207,000 | |||
Unrealized gain (loss) on hedging instruments | 1,208,000 | -3,400,000 | 5,522,000 | |||
Prior service cost | -477,000 | |||||
Net actuarial (loss) gain | -234,669,000 | 86,310,000 | -34,520,000 | |||
Amortization of net loss included in net earnings | 13,144,000 | [3] | 19,217,000 | [3] | 15,993,000 | [3] |
Amortization of prior service (credit) cost included in net earnings | -407,000 | [3] | 313,000 | [3] | 356,000 | [3] |
Income tax benefit (expense) | 83,182,000 | -40,723,000 | 7,330,000 | |||
Net unrealized (loss) gain on benefit plans | -139,227,000 | 65,117,000 | -10,841,000 | |||
Other comprehensive (loss) earnings, net of tax | ($231,914,000) | $35,327,000 | ($8,745,000) | |||
[1] | These losses are reclassified into Other income, net. | |||||
[2] | These (gains) losses are reclassified into Interest expense and financing costs and Cost of sales (see "Note H - Hedging Instruments" for additional details). | |||||
[3] | These accumulated other comprehensive income components are included in the computation of net periodic pension costs (see "Note N - Employee Benefit Plans" for additional details). |
Stockholders_Equity_Stock_Repu
Stockholders' Equity Stock Repurchase Program (Details) (USD $) | Jan. 31, 2011 | Mar. 21, 2014 |
2011 Program [Member] | ||
Share Repurchase [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $400,000,000 | |
2014 Program [Member] | ||
Share Repurchase [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $300,000,000 |
Stockholders_Equity_Share_Repu
Stockholders' Equity Share Repurchase Table (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Equity [Abstract] | |||
Cost of repurchases | $27,028,000 | $0 | $54,107,000 |
Purchase and retirement of Common Stock, Shares | 301 | 0 | 813 |
Average cost per share | $89.91 | $0 | $66.54 |
Stockholders_Equity_Dividends_
Stockholders' Equity Dividends Declared (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2015 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Feb. 19, 2015 | |
Dividends [Abstract] | |||||
Dividends Payable, Amount Per Share | $0.38 | ||||
Common Stock, Dividends, Per Share, Declared | $1.48 | $1.34 | $1.25 | ||
Dividends Payable, Date Declared | 19-Feb-15 | ||||
Dividends Payable, Date to be Paid | 10-Apr-15 | ||||
Dividends Payable, Date of Record | 20-Mar-15 |
Stock_Compensation_Plans_Detai
Stock Compensation Plans (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $69,092,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $22.25 | $29.11 | $21.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 44,128,000 | 39,542,000 | 14,359,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 8 months | ||
Allocated Share-based Compensation Expense | 26,451,000 | 32,188,000 | 26,938,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 8,879,000 | 11,434,000 | 9,541,000 |
Performance Based Restricted Stock units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 8,071,000 | 10,192,000 | 20,340,000 |
Employee Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8,650,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $27,711,000 | $26,497,000 | $21,752,000 |
Directors Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | ||
Reduction In Authorized Shares For Every Share Delivered To Stock Based Compensation Award | 1.58 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 25,000 | ||
Executive Officer [Member] | Performance Based Restricted Stock units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Other Management Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Stock_Compensation_Plans_Valua
Stock Compensation Plans Valuation Assumptions (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend yield | 1.30% | 1.20% | 1.60% |
Expected Volatility | 30.20% | 39.60% | 42.20% |
Risk Free Interest Rate | 1.50% | 1.40% | 1.00% |
Expected Term in years | 5 years | 5 years | 6 years |
Stock_Compensation_Plans_Optio
Stock Compensation Plans Option Activity (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, beginning balance | 2,322,145 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 479,378 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -939,321 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | -170,150 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, ending balance | 1,692,052 | 2,322,145 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 850,767 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, beginning of period | $55.63 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $88.32 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $45.67 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $72.08 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, end of period | $68.76 | $55.63 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $56.02 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 4 months 18 days | 6 years 7 months 14 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 9 months 15 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value, beginning of period | $65,033 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value, end of period | 32,288 | 65,033 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $26,866 |
Stock_Compensation_Plans_RSU_a
Stock Compensation Plans RSU and PSU activity (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, beginning balance | 742,302 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 252,339 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -297,909 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -115,103 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, ending balance | 581,629 | 742,302 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, beginning of period | $63.33 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $90.68 | $68.66 | $66.18 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $92.65 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $68.87 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, end of period | $75.46 | $63.33 | |
Performance Based Restricted Stock units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, beginning balance | 879,038 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 210,477 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -91,815 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -305,223 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, ending balance | 692,477 | 879,038 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, beginning of period | $63.27 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $82.88 | $83.73 | $59.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $56.95 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $61.61 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, end of period | $70.80 | $63.27 |
Employee_Benefit_Plans_Pension
Employee Benefit Plans Pension and Other Postretirement Benefits (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | $4,325,000 | $5,051,000 | |
Pension/postretirement benefit obligations | 524,218,000 | 268,112,000 | |
Health Care Cost Trend Rate | 4.75% | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 6,200,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 4,200,000 | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | 27,087,000 | 27,828,000 | |
Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Average Compensation Term Of Employment | five years of the last 10 years | ||
Years of Service | 10 years | ||
Excess Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Years of Service | 10 years | ||
SRIP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Years of Service | 10 years | ||
EPSRS [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 3,075,000 | 3,925,000 | 0 |
Retirement Savings Feature of EPSRS [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 7,735,000 | 7,088,000 | 7,278,000 |
Employees Contribution Percentage | 50.00% | ||
Percentage Of Matching Contribution Made By Company Of First Six Percentage Of Participating Employees Contribution | 50.00% | ||
Percentage Of Participating Employees Contribution Fifty Percent Matched By Employer | 6.00% | ||
Employee Profit Sharing and Retirement Savings Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent Investment In Company Stock | 26.00% | ||
DCRB Feature of EPSRS Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 4,584,000 | 3,640,000 | 3,387,000 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer Contribution | $2,758,000 | $32,767,000 | |
Equity Securities [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Plan Asset Allocations Range Minimum | 60.00% | ||
Target Plan Asset Allocations Range Maximum | 70.00% | ||
Debt Securities [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Plan Asset Allocations Range Minimum | 20.00% | ||
Target Plan Asset Allocations Range Maximum | 30.00% | ||
Other Investments [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Plan Asset Allocations Range Minimum | 5.00% | ||
Target Plan Asset Allocations Range Maximum | 15.00% | ||
Pre-age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.50% | ||
Post-age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.50% |
Employee_Benefit_Plans_Reconci
Employee Benefit Plans Reconcilation of Benefit Obligations, Plan Assets and Funded Status (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at end of year | $406,045 | $397,430 | |
Pension Benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at beginning of year | 615,870 | 631,538 | |
Service cost | 16,894 | 19,127 | 18,058 |
Interest cost | 28,253 | 27,005 | 26,796 |
Participants' contributions | 0 | 0 | |
Amendments | 817 | ||
MMA retiree drug subsidy | 0 | 0 | |
Actuarial (Loss) Gain | 202,345 | -40,130 | |
Benefits Paid | -20,247 | -19,794 | |
Translation | -2,232 | -1,876 | |
Benefit Obligation at end of year | 841,700 | 615,870 | 631,538 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at beginning of the year | 397,430 | 331,181 | |
Actual Return on Plan Assets | 26,104 | 53,276 | |
Employer Contribution | 2,758 | 32,767 | |
Participants' contributions | 0 | 0 | |
MMA retiree drug subsidy | 0 | 0 | |
Benefits Paid | -20,247 | -19,794 | |
Fair Value of Plan Assets at end of year | 406,045 | 397,430 | 331,181 |
Funded Status | -435,655 | -218,440 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation at beginning of year | 54,723 | 65,723 | |
Service cost | 2,327 | 2,791 | 2,382 |
Interest cost | 2,646 | 2,762 | 2,839 |
Participants' contributions | 1,468 | 1,638 | |
MMA retiree drug subsidy | 119 | 97 | |
Actuarial (Loss) Gain | 34,867 | -15,131 | |
Benefits Paid | -3,262 | -3,157 | |
Translation | 0 | 0 | |
Benefit Obligation at end of year | 92,888 | 54,723 | 65,723 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at beginning of the year | 0 | 0 | |
Actual Return on Plan Assets | 0 | 0 | |
Employer Contribution | 1,675 | 1,422 | |
Participants' contributions | 1,468 | 1,638 | |
MMA retiree drug subsidy | 119 | 97 | |
Benefits Paid | -3,262 | -3,157 | |
Fair Value of Plan Assets at end of year | 0 | 0 | 0 |
Funded Status | ($92,888) | ($54,723) |
Employee_Benefit_Plans_Project
Employee Benefit Plans Projected Benefit Obligation, Plan Assets and Accumulated Benefit Obligation (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $406,045 | $397,430 | |
Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligation | 693,350 | 501,178 | |
Fair Value of Plan Assets | 406,045 | 397,430 | |
Funded Status | -287,305 | -103,748 | |
Accumulated Benefit Obligation | 620,632 | 450,255 | |
Excess/SRIP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligation | 133,136 | 99,380 | |
Fair Value of Plan Assets | 0 | 0 | |
Funded Status | -133,136 | -99,380 | |
Accumulated Benefit Obligation | 97,425 | 70,847 | |
Other Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligation | 15,214 | 15,312 | |
Fair Value of Plan Assets | 0 | 0 | |
Funded Status | -15,214 | -15,312 | |
Accumulated Benefit Obligation | 12,590 | 12,814 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligation | 841,700 | 615,870 | 631,538 |
Fair Value of Plan Assets | 406,045 | 397,430 | 331,181 |
Funded Status | -435,655 | -218,440 | |
Accumulated Benefit Obligation | $730,647 | $533,916 |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans Amounts Recognized in Accumulated Other Comprehensive Loss (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | $311,216 | $124,542 |
Prior service credit | 872 | 661 |
Total before tax | 312,088 | 125,203 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 32,370 | -2,477 |
Prior service credit | -3,725 | -4,398 |
Total before tax | $28,645 | ($6,875) |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans Estimated Pre-Tax Amount to be Amortized from Accumulated Other Comprehensive Loss into Net Periodic Benefit Cost Over Next 12 Months (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2015 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $29,690 |
Prior service cost (credit) | -7 |
Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 29,683 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 1,590 |
Prior service cost (credit) | -687 |
Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | $903 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Earnings (Detail) (USD $) | 12 Months Ended | |||||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net actuarial loss (gain) | $234,669,000 | ($86,310,000) | $34,520,000 | |||
Prior service cost | -477,000 | |||||
Recognized Prior Service (Cost) Credit | -407,000 | [1] | 313,000 | [1] | 356,000 | [1] |
Pension Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 16,894,000 | 19,127,000 | 18,058,000 | |||
Interest cost | 28,253,000 | 27,005,000 | 26,796,000 | |||
Expected return on plan assets | -23,630,000 | -22,240,000 | -20,416,000 | |||
Amortization of prior service cost | 273,000 | 972,000 | 1,015,000 | |||
Amortization of net loss | 13,124,000 | 19,010,000 | 15,964,000 | |||
Net periodic benefit cost | 34,914,000 | 43,874,000 | 41,417,000 | |||
Net actuarial loss (gain) | 199,802,000 | -71,179,000 | 34,080,000 | |||
Recognized actuarial loss | -13,124,000 | -19,005,000 | -15,964,000 | |||
Prior service cost | 477,000 | |||||
Recognized Prior Service (Cost) Credit | -266,000 | -972,000 | -1,015,000 | |||
Total recognized in other comprehensive earnings | 186,889,000 | -91,156,000 | 17,101,000 | |||
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Earnings | 221,803,000 | -47,282,000 | 58,518,000 | |||
Other Postretirement Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 2,327,000 | 2,791,000 | 2,382,000 | |||
Interest cost | 2,646,000 | 2,762,000 | 2,839,000 | |||
Expected return on plan assets | 0 | 0 | 0 | |||
Amortization of prior service cost | -673,000 | -659,000 | -659,000 | |||
Amortization of net loss | 20,000 | 212,000 | 29,000 | |||
Net periodic benefit cost | 4,320,000 | 5,106,000 | 4,591,000 | |||
Net actuarial loss (gain) | 34,867,000 | -15,131,000 | 440,000 | |||
Recognized actuarial loss | -20,000 | -212,000 | -29,000 | |||
Recognized Prior Service (Cost) Credit | 673,000 | 659,000 | 659,000 | |||
Total recognized in other comprehensive earnings | 35,520,000 | -14,684,000 | 1,070,000 | |||
Total Recognized In Net Periodic Benefit Cost And Other Comprehensive Earnings | $39,840,000 | ($9,578,000) | $5,661,000 | |||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension costs (see "Note N - Employee Benefit Plans" for additional details). |
Employee_Benefit_Plans_Benefit
Employee Benefit Plans Benefit Obligations Weighted Average Assumptions (Details) | Jan. 31, 2015 | Jan. 31, 2014 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.75% | 4.75% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.75% | 2.75% |
Excess Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.25% | 4.25% |
Excess/SRIP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.75% | 5.00% |
Other Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.12% | 1.25% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.22% | 1.00% |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | 5.00% |
SRIP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 7.25% | 7.25% |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans Net Periodic Benefit Costs Weighted Average Assumptions (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Return on Plan Assets | 7.50% | 7.50% | 7.50% |
Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.75% | 4.50% | 5.00% |
Rate of Increase in compensation | 2.75% | 2.75% | 2.75% |
Excess Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of Increase in compensation | 4.25% | 4.25% | 4.25% |
SRIP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of Increase in compensation | 7.25% | 7.25% | 7.25% |
Excess/SRIP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 5.00% | 4.50% | 5.00% |
Other Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 1.81% | 1.25% | 1.50% |
Rate of Increase in compensation | 1.33% | 1.00% | 1.00% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 5.00% | 4.50% | 5.25% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans Fair Value of Plan Assets (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | ||
In Thousands, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | $406,045 | $397,430 | |||
Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 23,603 | 24,428 | |||
Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 363,485 | 358,604 | |||
Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 18,957 | 14,398 | |||
Limited Partnerships [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 18,957 | 14,398 | 14,655 | ||
Equity Securities [Member] | Common/Collective Trusts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 288,480 | [1] | 293,484 | [1] | |
Equity Securities [Member] | Common/Collective Trusts [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 0 | [1] | 0 | [1] | |
Equity Securities [Member] | Common/Collective Trusts [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 288,480 | [1] | 293,484 | [1] | |
Equity Securities [Member] | Common/Collective Trusts [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 0 | [1] | 0 | [1] | |
Fixed Income Securities [Member] | Government Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 27,714 | 28,773 | |||
Fixed Income Securities [Member] | Government Bonds [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 23,603 | 24,428 | |||
Fixed Income Securities [Member] | Government Bonds [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 4,111 | 4,345 | |||
Fixed Income Securities [Member] | Government Bonds [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 0 | 0 | |||
Fixed Income Securities [Member] | Corporate Bond Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 33,882 | 28,318 | |||
Fixed Income Securities [Member] | Corporate Bond Securities [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 0 | 0 | |||
Fixed Income Securities [Member] | Corporate Bond Securities [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 33,882 | 28,318 | |||
Fixed Income Securities [Member] | Corporate Bond Securities [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 0 | 0 | |||
Fixed Income Securities [Member] | Mortgage Obligations [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 37,012 | 32,457 | |||
Fixed Income Securities [Member] | Mortgage Obligations [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 0 | 0 | |||
Fixed Income Securities [Member] | Mortgage Obligations [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 37,012 | 32,457 | |||
Fixed Income Securities [Member] | Mortgage Obligations [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 0 | 0 | |||
Other Investments [Member] | Limited Partnerships [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 18,957 | 14,398 | |||
Other Investments [Member] | Limited Partnerships [Member] | Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 0 | 0 | |||
Other Investments [Member] | Limited Partnerships [Member] | Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | 0 | 0 | |||
Other Investments [Member] | Limited Partnerships [Member] | Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair Value of Plan Assets | $18,957 | $14,398 | |||
[1] | Common/collective trusts include investments in U.S. and international large, middle and small capitalization equities. |
Employee_Benefit_Plans_Level_3
Employee Benefit Plans Level 3 Asset Reconciliation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets at end of year | $406,045 | $397,430 |
Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets at end of year | 18,957 | 14,398 |
Limited Partnerships [Member] | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets at beginning of the year | 14,398 | 14,655 |
Unrealized Gain (loss), net | 1,376 | -313 |
Realized gain (loss), net | 633 | 1,643 |
Purchases | 5,609 | 1,856 |
Settlements | -3,059 | -3,443 |
Fair Value of Plan Assets at end of year | $18,957 | $14,398 |
Employee_Benefit_Plans_Future_
Employee Benefit Plans Future Benefit Payments (Details) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2016 | $20,610 |
2017 | 21,596 |
2018 | 23,711 |
2019 | 24,661 |
2020 | 25,548 |
2021-2025 | 162,567 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2016 | 1,734 |
2017 | 1,741 |
2018 | 1,760 |
2019 | 1,772 |
2020 | 1,821 |
2021-2025 | $10,707 |
Income_Taxes_Earnings_from_Ope
Income Taxes Earnings from Operations Before Taxes (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $484,467,000 | $65,164,000 | $510,853,000 |
Foreign | 253,070,000 | 189,702,000 | 132,723,000 |
Earnings from operations before income taxes | $737,537,000 | $254,866,000 | $643,576,000 |
Income_Taxes_Components_of_Inc
Income Taxes Components of Income Tax Provision (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $130,901,000 | $39,028,000 | $167,462,000 |
Current State and Local Tax Expense (Benefit) | 18,193,000 | 9,897,000 | 28,461,000 |
Current Foreign Tax Expense (Benefit) | 66,552,000 | 52,427,000 | 50,778,000 |
Current Income Tax Expense (Benefit) | 215,646,000 | 101,352,000 | 246,701,000 |
Deferred Federal Income Tax Expense (Benefit) | 25,156,000 | -28,640,000 | 378,000 |
Deferred State and Local Income Tax Expense (Benefit) | 13,217,000 | -2,265,000 | 223,000 |
Deferred Foreign Income Tax Expense (Benefit) | -661,000 | 3,050,000 | -19,883,000 |
Deferred Income Tax Expense (Benefit) | 37,712,000 | -27,855,000 | -19,282,000 |
Income Tax Expense (Benefit) | $253,358,000 | $73,497,000 | $227,419,000 |
Income_Taxes_Reconciliations_o
Income Taxes Reconciliations of Provision for Income Taxes at Statutory Federal Income Tax Rate (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory Federal Income Tax Rate | 35.00% | 35.00% | 35.00% |
State income Taxes, net of Federal benefit | 2.80% | 2.00% | 3.00% |
Foreign Losses With No Tax Benefit | 0.70% | 1.30% | 0.50% |
Undistributed Foreign Earnings | -4.20% | -7.80% | -3.40% |
Net change in uncertain tax positions | 0.30% | 0.50% | 0.90% |
Domestic manufacturing deduction | -1.30% | -2.50% | -1.40% |
Other | 1.10% | 0.30% | 0.70% |
Effective Income Tax Rate Reconciliation, Percent | 34.40% | 28.80% | 35.30% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Income Tax Examination [Line Items] | |||
Undistributed Earnings of Foreign Subsidiaries | $612,000,000 | $542,000,000 | |
Expected increase in U.S. Federal income taxes upon distribution of earnings | 107,000,000 | 98,000,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,251,000 | 18,748,000 | 17,564,000 |
Income Tax Examination, Penalties and Interest Expense | 1,802,000 | 1,874,000 | 650,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 6,010,000 | 9,752,000 | |
Change in Unrecognized Tax Benefits | 19,293,000 | ||
Change in Income Tax Penalties and Interest Accrued | 3,742,000 | ||
Foreign Tax Authority [Member] | |||
Income Tax Examination [Line Items] | |||
Operating Loss Carryforwards | $98,000,000 | ||
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 | 2010 | ||
Minimum [Member] | New York City [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax examination, tax years | 2011 | ||
Maximum [Member] | Internal Revenue Service [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax examination, tax years | 2012 | ||
Maximum [Member] | New York City [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax examination, tax years | 2012 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes Deferred Tax Assets (Liabilities) (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Pension/postretirement benefits | $203,045 | $106,585 |
Accrued expenses | 36,441 | 38,141 |
Share-based Compensation | 17,280 | 22,719 |
Depreciation | 14,406 | 52,530 |
Amortization | 11,415 | 11,305 |
Foreign and state net operating losses | 22,911 | 27,806 |
Sale Leaseback | 36,321 | 47,900 |
Inventory | 72,715 | 66,227 |
Financial hedging instruments | 14,050 | 14,141 |
Unearned Income | 11,188 | 11,407 |
Other | 37,018 | 37,052 |
Deferred Tax Assets, Gross | 476,790 | 435,813 |
Valuation Allowance | -16,232 | -17,693 |
Deferred Tax Assets, Net of Valuation Allowance | 460,558 | 418,120 |
Foreign Tax Credit | -34,744 | -40,246 |
Deferred Tax Assets, Net | $425,814 | $377,874 |
Income_Taxes_Reconciliation_of
Income Taxes Reconciliation of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits at beginning of period | $27,626 | $28,217 | $25,509 |
Gross increases - tax positions in prior period | 960 | 345 | 4,426 |
Gross decreases - tax positions in prior period | -5,395 | -391 | -1,713 |
Gross increases - tax positions in current period | 105 | 115 | 156 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | -14,837 | -284 | 0 |
Lapse of Statute of Limitations | -126 | -376 | -161 |
Unrecognized Tax Benefits at end of period | $8,333 | $27,626 | $28,217 |
Segment_Information_Companys_S
Segment Information - Company's Segments Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | ||||
Net sales: | ||||||||||||||
Net sales | $1,285,262,000 | $959,589,000 | [1] | $992,930,000 | $1,012,132,000 | $1,298,284,000 | [2] | $911,478,000 | $925,884,000 | $895,484,000 | [3] | $4,249,913,000 | $4,031,130,000 | $3,794,249,000 |
Earnings (losses) from operations: | ||||||||||||||
Segment Reporting Earnings Losses From Continuing Operations Before Unallocated Corporate Expenses Interest | 1,028,494,000 | 934,570,000 | 823,638,000 | |||||||||||
Americas [Member] | ||||||||||||||
Net sales: | ||||||||||||||
Net sales | 2,033,453,000 | 1,926,864,000 | 1,839,969,000 | |||||||||||
Earnings (losses) from operations: | ||||||||||||||
Segment Reporting Earnings Losses From Continuing Operations Before Unallocated Corporate Expenses Interest | 435,507,000 | 374,342,000 | 345,917,000 | |||||||||||
Asia-Pacific [Member] | ||||||||||||||
Net sales: | ||||||||||||||
Net sales | 1,025,169,000 | 944,676,000 | 810,420,000 | |||||||||||
Earnings (losses) from operations: | ||||||||||||||
Segment Reporting Earnings Losses From Continuing Operations Before Unallocated Corporate Expenses Interest | 281,586,000 | 244,142,000 | 188,510,000 | |||||||||||
Japan [Member] | ||||||||||||||
Net sales: | ||||||||||||||
Net sales | 554,258,000 | 578,571,000 | 639,185,000 | |||||||||||
Earnings (losses) from operations: | ||||||||||||||
Segment Reporting Earnings Losses From Continuing Operations Before Unallocated Corporate Expenses Interest | 195,985,000 | 215,582,000 | 204,510,000 | |||||||||||
Europe [Member] | ||||||||||||||
Net sales: | ||||||||||||||
Net sales | 497,287,000 | 469,784,000 | 432,167,000 | |||||||||||
Earnings (losses) from operations: | ||||||||||||||
Segment Reporting Earnings Losses From Continuing Operations Before Unallocated Corporate Expenses Interest | 107,806,000 | 101,153,000 | 90,955,000 | |||||||||||
Reportable Geographical Components [Member] | ||||||||||||||
Net sales: | ||||||||||||||
Net sales | 4,110,167,000 | 3,919,895,000 | 3,721,741,000 | |||||||||||
Earnings (losses) from operations: | ||||||||||||||
Segment Reporting Earnings Losses From Continuing Operations Before Unallocated Corporate Expenses Interest | 1,020,884,000 | 935,219,000 | 829,892,000 | |||||||||||
Other [Member] | ||||||||||||||
Net sales: | ||||||||||||||
Net sales | 139,746,000 | 111,235,000 | 72,508,000 | |||||||||||
Earnings (losses) from operations: | ||||||||||||||
Segment Reporting Earnings Losses From Continuing Operations Before Unallocated Corporate Expenses Interest | $7,610,000 | ($649,000) | ($6,254,000) | |||||||||||
[1] | aB On a pre-tax basis, includes a charge of $93,779,000 for the quarter ended October 31, which reduced net earnings per diluted share by $0.47, associated with the redemption of $400,000,000 in aggregate principal amount of the Private Placement Notes prior to their scheduled maturities (see "Note G - Debt"). | |||||||||||||
[2] | bB On a pre-tax basis, includes charges of $480,211,000 for the quarter ended January 31, related to the adverse arbitration ruling between The Swatch Group Ltd. and the Company (see "Note J - Commitments and Contingencies") and pre-tax income of $7,489,000 associated with foreign currency transaction gains on this expense. This reduced net earnings per diluted share by $2.27 when using weighted-average diluted shares of 129,283,000, which include 1,091,000 of incremental shares based upon the assumed exercise of stock options and unvested restricted stock units. | |||||||||||||
[3] | aB On a pre-tax basis, includes charges of $9,379,000 for the quarter ended April 30, which reduced net earnings per diluted share by $0.05, associated with severance related to staffing reductions and subleasing of certain office space for which only a portion of the Company's future rent obligations will be recovered (see "Note J - Commitments and Contingencies"). |
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 | 12 Months Ended | ||
Oct. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Segment Reporting [Abstract] | ||||
Repayment of Long-term Debt | $400,000,000 | $0 | $60,000,000 | |
Earnings from operations for segments | 1,028,494,000 | 934,570,000 | 823,638,000 | |
Unallocated corporate expenses | -137,065,000 | -140,651,000 | -126,421,000 | |
Interest expense, financing costs and other income, net | -60,113,000 | -49,463,000 | -53,641,000 | |
Loss on Extinguishment of Debt | -93,779,000 | -93,779,000 | 0 | 0 |
Other operating expense | 0 | -489,590,000 | 0 | |
Earnings from operations before income taxes | $737,537,000 | $254,866,000 | $643,576,000 |
Segment_Information_Sales_to_U
Segment Information Sales to Unaffiliated Customers and Long-Lived Assets by Geographic Areas (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | $1,285,262,000 | $959,589,000 | [1] | $992,930,000 | $1,012,132,000 | $1,298,284,000 | [2] | $911,478,000 | $925,884,000 | $895,484,000 | [3] | $4,249,913,000 | $4,031,130,000 | $3,794,249,000 |
Long-Lived Assets | 943,744,000 | 896,429,000 | 943,744,000 | 896,429,000 | 860,256,000 | |||||||||
UNITED STATES [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | 1,870,843,000 | 1,770,731,000 | 1,696,502,000 | |||||||||||
Long-Lived Assets | 680,080,000 | 632,907,000 | 680,080,000 | 632,907,000 | 630,805,000 | |||||||||
Japan [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | 554,258,000 | 578,571,000 | 639,185,000 | |||||||||||
Long-Lived Assets | 24,407,000 | 21,571,000 | 24,407,000 | 21,571,000 | 28,971,000 | |||||||||
Other Countries [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net sales | 1,824,812,000 | 1,681,828,000 | 1,458,562,000 | |||||||||||
Long-Lived Assets | $239,257,000 | $241,951,000 | $239,257,000 | $241,951,000 | $200,480,000 | |||||||||
[1] | aB On a pre-tax basis, includes a charge of $93,779,000 for the quarter ended October 31, which reduced net earnings per diluted share by $0.47, associated with the redemption of $400,000,000 in aggregate principal amount of the Private Placement Notes prior to their scheduled maturities (see "Note G - Debt"). | |||||||||||||
[2] | bB On a pre-tax basis, includes charges of $480,211,000 for the quarter ended January 31, related to the adverse arbitration ruling between The Swatch Group Ltd. and the Company (see "Note J - Commitments and Contingencies") and pre-tax income of $7,489,000 associated with foreign currency transaction gains on this expense. This reduced net earnings per diluted share by $2.27 when using weighted-average diluted shares of 129,283,000, which include 1,091,000 of incremental shares based upon the assumed exercise of stock options and unvested restricted stock units. | |||||||||||||
[3] | aB On a pre-tax basis, includes charges of $9,379,000 for the quarter ended April 30, which reduced net earnings per diluted share by $0.05, associated with severance related to staffing reductions and subleasing of certain office space for which only a portion of the Company's future rent obligations will be recovered (see "Note J - Commitments and Contingencies"). |
Segment_Information_Revenue_fr
Segment Information Revenue from External Customers by Products and Services (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | ||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | $1,285,262,000 | $959,589,000 | [1] | $992,930,000 | $1,012,132,000 | $1,298,284,000 | [2] | $911,478,000 | $925,884,000 | $895,484,000 | [3] | $4,249,913,000 | $4,031,130,000 | $3,794,249,000 |
Statement, fine and solitare jewelry [Member] | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 930,155,000 | 916,804,000 | 749,097,000 | |||||||||||
Engagement jewelry and wedding bands [Member] | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 1,245,101,000 | 1,182,226,000 | 1,132,757,000 | |||||||||||
Fashion jewelry [Member] | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | 1,755,233,000 | 1,618,194,000 | 1,581,648,000 | |||||||||||
Other products/services [Member] | ||||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||||
Net sales | $319,424,000 | $313,906,000 | $330,747,000 | |||||||||||
[1] | aB On a pre-tax basis, includes a charge of $93,779,000 for the quarter ended October 31, which reduced net earnings per diluted share by $0.47, associated with the redemption of $400,000,000 in aggregate principal amount of the Private Placement Notes prior to their scheduled maturities (see "Note G - Debt"). | |||||||||||||
[2] | bB On a pre-tax basis, includes charges of $480,211,000 for the quarter ended January 31, related to the adverse arbitration ruling between The Swatch Group Ltd. and the Company (see "Note J - Commitments and Contingencies") and pre-tax income of $7,489,000 associated with foreign currency transaction gains on this expense. This reduced net earnings per diluted share by $2.27 when using weighted-average diluted shares of 129,283,000, which include 1,091,000 of incremental shares based upon the assumed exercise of stock options and unvested restricted stock units. | |||||||||||||
[3] | aB On a pre-tax basis, includes charges of $9,379,000 for the quarter ended April 30, which reduced net earnings per diluted share by $0.05, associated with severance related to staffing reductions and subleasing of certain office space for which only a portion of the Company's future rent obligations will be recovered (see "Note J - Commitments and Contingencies"). |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Net sales | $1,285,262,000 | $959,589,000 | [1] | $992,930,000 | $1,012,132,000 | $1,298,284,000 | [2] | $911,478,000 | $925,884,000 | $895,484,000 | [3] | $4,249,913,000 | $4,031,130,000 | $3,794,249,000 |
Gross Profit | 781,615,000 | 570,871,000 | [1] | 595,163,000 | 589,526,000 | 785,609,000 | [2] | 519,481,000 | 532,129,000 | 503,224,000 | [3] | 2,537,175,000 | 2,340,443,000 | 2,163,284,000 |
Earnings from operations | 304,624,000 | 168,491,000 | [1] | 208,521,000 | 209,793,000 | -167,333,000 | [2] | 153,618,000 | 176,886,000 | 141,158,000 | [3] | 891,429,000 | 304,329,000 | 697,217,000 |
Net earnings | $196,182,000 | $38,268,000 | [1] | $124,120,000 | $125,609,000 | ($103,599,000) | [2] | $94,610,000 | $106,781,000 | $83,577,000 | [3] | $484,179,000 | $181,369,000 | $416,157,000 |
Basic | $1.52 | $0.30 | [1] | $0.96 | $0.97 | ($0.81) | [2] | $0.74 | $0.84 | $0.66 | [3] | $3.75 | $1.42 | $3.28 |
Diluted | $1.51 | $0.29 | [1] | $0.96 | $0.97 | ($0.81) | [2] | $0.73 | $0.83 | $0.65 | [3] | $3.73 | $1.41 | $3.25 |
[1] | aB On a pre-tax basis, includes a charge of $93,779,000 for the quarter ended October 31, which reduced net earnings per diluted share by $0.47, associated with the redemption of $400,000,000 in aggregate principal amount of the Private Placement Notes prior to their scheduled maturities (see "Note G - Debt"). | |||||||||||||
[2] | bB On a pre-tax basis, includes charges of $480,211,000 for the quarter ended January 31, related to the adverse arbitration ruling between The Swatch Group Ltd. and the Company (see "Note J - Commitments and Contingencies") and pre-tax income of $7,489,000 associated with foreign currency transaction gains on this expense. This reduced net earnings per diluted share by $2.27 when using weighted-average diluted shares of 129,283,000, which include 1,091,000 of incremental shares based upon the assumed exercise of stock options and unvested restricted stock units. | |||||||||||||
[3] | aB On a pre-tax basis, includes charges of $9,379,000 for the quarter ended April 30, which reduced net earnings per diluted share by $0.05, associated with severance related to staffing reductions and subleasing of certain office space for which only a portion of the Company's future rent obligations will be recovered (see "Note J - Commitments and Contingencies"). |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) Text (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Oct. 31, 2014 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||
Loss on Extinguishment of Debt | ($93,779,000) | ($93,779,000) | $0 | $0 | ||
Cost Reduction Initiatives Expense | 9,379,000 | |||||
Cost Reduction Initiative Per Share Impact | $0.05 | |||||
Arbitration award expense | 0 | 480,211,000 | 0 | |||
Transaction Gain Related to Arbitration Award | 7,489,000 | 7,489,000 | ||||
Arbitration Award per share impact | $2.27 | |||||
Diluted | 129,283,000 | 129,918,000 | 128,867,000 | 127,934,000 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,091,000 | 334,000 | 422,000 | 869,000 | ||
Loss on extinguishment of debt per share impact | $0.47 | |||||
Repayment of Long-term Debt | $400,000,000 | $0 | $60,000,000 |
Schedule_of_Valuation_and_Qual1
Schedule of Valuation and Qualifying Accounts and Reserves (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |||
Accounts Receivable: Allowance for Doubtful Accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Balance at beginning of period | $1,860 | $2,080 | $2,466 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,859 | 2,256 | 1,346 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 | |||
Valuation Allowances and Reserves, Deductions | 1,951 | [1] | 2,476 | [1] | 1,732 | [1] |
Valuation Allowances and Reserves, Balance at end of period | 1,768 | 1,860 | 2,080 | |||
Accounts Receivable: Allowance for Sales Returns [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Balance at beginning of period | 8,477 | 7,630 | 9,306 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,880 | 2,477 | 3,367 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 | |||
Valuation Allowances and Reserves, Deductions | 1,526 | [2] | 1,630 | [2] | 5,043 | [2] |
Valuation Allowances and Reserves, Balance at end of period | 8,831 | 8,477 | 7,630 | |||
Allowance for inventory liquidation and obsolescence [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Balance at beginning of period | 64,113 | 54,175 | 53,938 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 33,620 | 31,667 | 32,228 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 | |||
Valuation Allowances and Reserves, Deductions | 34,485 | [3] | 21,729 | [3] | 31,991 | [3] |
Valuation Allowances and Reserves, Balance at end of period | 63,248 | 64,113 | 54,175 | |||
Allowance for inventory shrinkage [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Balance at beginning of period | 1,458 | 1,232 | 1,495 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 2,633 | 3,062 | 2,600 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 | |||
Valuation Allowances and Reserves, Deductions | 1,904 | [4] | 2,836 | [4] | 2,863 | [4] |
Valuation Allowances and Reserves, Balance at end of period | 2,187 | 1,458 | 1,232 | |||
Deferred Tax Valuation Allowance [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Balance at beginning of period | 17,693 | 14,181 | 13,570 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 4,023 | 5,630 | 6,786 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 | |||
Valuation Allowances and Reserves, Deductions | 5,484 | [5] | 2,118 | [5] | 6,175 | [5] |
Valuation Allowances and Reserves, Balance at end of period | $16,232 | $17,693 | $14,181 | |||
[1] | Uncollectible accounts written off. | |||||
[2] | Adjustment related to sales returns previously provided for. | |||||
[3] | Liquidation of inventory previously written down to market. | |||||
[4] | Physical inventory losses. | |||||
[5] | Reversal of deferred tax valuation allowance and utilization of deferred tax loss carryforward. |