Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 29, 2016 | Nov. 23, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Oct. 29, 2016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --01-28 | |
Document Fiscal Year Focus | 2,016 | |
Amendment Flag | false | |
Entity Registrant Name | Nordstrom Inc. | |
Entity Central Index Key | 72,333 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 173,342,135 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 3,472 | $ 3,239 | $ 10,255 | $ 9,953 |
Credit card revenues, net | 70 | 89 | 186 | 291 |
Total revenues | 3,542 | 3,328 | 10,441 | 10,244 |
Cost of sales and related buying and occupancy costs | (2,261) | (2,142) | (6,720) | (6,468) |
Selling, general and administrative expenses | (1,029) | (1,031) | (3,143) | (2,999) |
Goodwill impairment | (197) | 0 | (197) | 0 |
Earnings before interest and income taxes | 55 | 155 | 381 | 777 |
Interest expense, net | (30) | (30) | (90) | (94) |
Earnings before income taxes | 25 | 125 | 291 | 683 |
Income tax expense | (35) | (44) | (138) | (263) |
Net (loss) earnings | $ (10) | $ 81 | $ 153 | $ 420 |
(Loss) Earnings per share: | ||||
Basic (in dollars per share) | $ (0.06) | $ 0.43 | $ 0.88 | $ 2.22 |
Diluted (in dollars per share) | $ (0.06) | $ 0.42 | $ 0.87 | $ 2.17 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 173.4 | 187.2 | 173.3 | 189.1 |
Diluted (in shares) | 173.4 | 191.3 | 175.6 | 193.2 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net (loss) earnings | $ (10) | $ 81 | $ 153 | $ 420 |
Postretirement plan adjustments, net of tax | 0 | 2 | 1 | 5 |
Foreign currency translation adjustment | (9) | 0 | 8 | (5) |
Comprehensive net (loss) earnings | $ (19) | $ 83 | $ 162 | $ 420 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Assets | |||
Cash and cash equivalents | $ 531 | $ 595 | $ 821 |
Accounts receivable, net | 216 | 196 | 215 |
Merchandise inventories | 2,411 | 1,945 | 2,402 |
Current deferred tax assets, net | 0 | 0 | 247 |
Prepaid expenses and other | 227 | 278 | 202 |
Total current assets | 3,385 | 3,014 | 3,887 |
Land, property and equipment (net of accumulated depreciation of $5,462, $5,108 and $5,020) | 3,865 | 3,735 | 3,742 |
Goodwill | 238 | 435 | 447 |
Other assets | 478 | 514 | 510 |
Total assets | 7,966 | 7,698 | 8,586 |
Liabilities and Shareholders' Equity | |||
Accounts payable | 1,653 | 1,324 | 1,688 |
Accrued salaries, wages and related benefits | 391 | 416 | 417 |
Other current liabilities | 1,186 | 1,161 | 1,075 |
Current portion of long-term debt | 11 | 10 | 9 |
Total current liabilities | 3,241 | 2,911 | 3,189 |
Long-term debt, net | 2,767 | 2,795 | 2,800 |
Deferred property incentives, net | 532 | 540 | 568 |
Other liabilities | 566 | 581 | 621 |
Commitments and contingencies (Note 5) | |||
Shareholders' equity: | |||
Common stock, no par value: 1,000 shares authorized; 173.2, 173.5 and 185.4 shares issued and outstanding | 2,651 | 2,539 | 2,519 |
Accumulated deficit | (1,742) | (1,610) | (1,047) |
Accumulated other comprehensive loss | (49) | (58) | (64) |
Total shareholders' equity | 860 | 871 | 1,408 |
Total liabilities and shareholders' equity | $ 7,966 | $ 7,698 | $ 8,586 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Assets | |||
Accumulated depreciation | $ 5,462 | $ 5,108 | $ 5,020 |
Shareholders' equity | |||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized | 1,000 | 1,000 | 1,000 |
Common stock, shares issued | 173.2 | 173.5 | 185.4 |
Common stock, shares outstanding | 173.2 | 173.5 | 185.4 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance at Jan. 31, 2015 | $ 2,440 | $ 2,338 | $ 166 | $ (64) |
Beginning balance (in shares) at Jan. 31, 2015 | 190.1 | |||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||
Net earnings | 420 | 420 | ||
Other comprehensive earnings | 0 | 0 | ||
Dividends | Special Dividend [Member] | (905) | (905) | ||
Dividends | (211) | (211) | ||
Issuance of common stock for Trunk Club acquisition | 23 | $ 23 | ||
Issuance of common stock for Trunk Club acquisition (in shares) | 0.3 | |||
Issuance of common stock under stock compensation plans | 104 | $ 104 | ||
Issuance of common stock under stock compensation plans (in shares) | 1.9 | |||
Stock-based compensation | 54 | $ 54 | ||
Stock-based compensation (in shares) | 0.1 | |||
Repurchase of common stock | (517) | (517) | ||
Repurchase of common stock (in shares) | (7) | |||
Ending balance at Oct. 31, 2015 | $ 1,408 | $ 2,519 | (1,047) | (64) |
Ending balance (in shares) at Oct. 31, 2015 | 185.4 | 185.4 | ||
Beginning balance at Jan. 30, 2016 | $ 871 | $ 2,539 | (1,610) | (58) |
Beginning balance (in shares) at Jan. 30, 2016 | 173.5 | 173.5 | ||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||
Net earnings | $ 153 | 153 | ||
Other comprehensive earnings | 9 | 9 | ||
Dividends | (192) | (192) | ||
Issuance of common stock under stock compensation plans | 50 | $ 50 | ||
Issuance of common stock under stock compensation plans (in shares) | 1.4 | |||
Stock-based compensation | 62 | $ 62 | ||
Stock-based compensation (in shares) | 0.2 | |||
Repurchase of common stock | $ (93) | (93) | ||
Repurchase of common stock (in shares) | (1.9) | (1.9) | ||
Ending balance at Oct. 29, 2016 | $ 860 | $ 2,651 | $ (1,742) | $ (49) |
Ending balance (in shares) at Oct. 29, 2016 | 173.2 | 173.2 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Dividends (in dollars per share) | $ 1.11 | $ 1.11 |
Special Dividend [Member] | ||
Dividends (in dollars per share) | $ 4.85 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Operating Activities | ||
Net earnings | $ 153 | $ 420 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization expenses | 480 | 424 |
Goodwill impairment | 197 | 0 |
Amortization of deferred property incentives and other, net | (57) | (107) |
Deferred income taxes, net | (14) | (78) |
Stock-based compensation expense | 68 | 57 |
Tax (deficiency) benefit from stock-based compensation | (2) | 14 |
Excess tax benefit from stock-based compensation | (2) | (14) |
Bad debt expense | 0 | 26 |
Change in operating assets and liabilities: | ||
Accounts receivable | (20) | (73) |
Proceeds from sale of credit card receivables originated at Nordstrom | 0 | 1,297 |
Merchandise inventories | (393) | (607) |
Prepaid expenses and other assets | 25 | (36) |
Accounts payable | 360 | 326 |
Accrued salaries, wages and related benefits | (30) | (2) |
Other current liabilities | 33 | (34) |
Deferred property incentives | 54 | 128 |
Other liabilities | 20 | 4 |
Net cash provided by operating activities | 872 | 1,745 |
Investing Activities | ||
Capital expenditures | (625) | (857) |
Change in credit card receivables originated at third parties | 0 | 33 |
Proceeds from sale of credit card receivables originated at third parties | 0 | 890 |
Other, net | 47 | 3 |
Net cash (used in) provided by investing activities | (578) | 69 |
Financing Activities | ||
Proceeds from long-term borrowings, net of discounts | 0 | 13 |
Principal payments on long-term borrowings | (7) | (6) |
Defeasance of long-term debt | 0 | (339) |
(Decrease) increase in cash book overdrafts | (127) | 7 |
Cash dividends paid | (192) | (1,116) |
Payments for repurchase of common stock | (91) | (517) |
Proceeds from issuances under stock compensation plans | 51 | 90 |
Excess tax benefit from stock-based compensation | 2 | 14 |
Other, net | 6 | 34 |
Net cash used in financing activities | (358) | (1,820) |
Net decrease in cash and cash equivalents | (64) | (6) |
Cash and cash equivalents at beginning of period | 595 | 827 |
Cash and cash equivalents at end of period | 531 | 821 |
Cash paid during the period for: | ||
Income taxes, net | 99 | 383 |
Interest, net of capitalized interest | 83 | 86 |
Non-cash investing and financing activities: | ||
Beneficial interest asset acquired from the sale of credit card receivables | 0 | 62 |
Issuance of common stock for Trunk Club acquisition | $ 0 | $ 23 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Oct. 29, 2016 | |
Basis of Presentation [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION The accompanying Condensed Consolidated Financial Statements include the balances of Nordstrom, Inc. and its subsidiaries (the “Company”). All intercompany transactions and balances are eliminated in consolidation. The interim Condensed Consolidated Financial Statements have been prepared on a basis consistent in all material respects with the accounting policies described and applied in our 2015 Annual Report on Form 10-K (“Annual Report”), and reflect all adjustments of a normal recurring nature that are, in management’s opinion, necessary for the fair presentation of the results of operations, financial position and cash flows for the periods presented. The Condensed Consolidated Financial Statements as of and for the periods ended October 29, 2016 and October 31, 2015 are unaudited. The Condensed Consolidated Balance Sheet as of January 30, 2016 has been derived from the audited Consolidated Financial Statements included in our 2015 Annual Report. The interim Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and related footnote disclosures contained in our 2015 Annual Report. The preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. We base our estimates on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates and assumptions. Our business, like that of other retailers, is subject to seasonal fluctuations. Due to our Anniversary Sale in July and the holidays in the fourth quarter, our sales are typically higher in the second and fourth quarters than in the first and third quarters of the fiscal year. In 2016, the Anniversary Sale event started one week later in July relative to last year, shifting one week of the event into the third quarter. Results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. Loyalty Program Prior to the second quarter of 2016, customers who used Nordstrom Visa or Nordstrom credit or debit cards were able to participate in the Nordstrom Rewards program. During the second quarter of 2016, the Nordstrom Rewards program was expanded to enable all customers to earn benefits regardless of how they choose to pay. Customers accumulate points based on their level of spending. Upon reaching a certain points threshold, customers receive Nordstrom Notes, which can be redeemed for any goods or services offered at Nordstrom full-line stores, Nordstrom.com, Nordstrom Rack and Nordstromrack.com/HauteLook. Customers who use Nordstrom private label credit or debit cards or Nordstrom Visa credit cards receive additional benefits, including reimbursements for alterations, shopping and fashion events and early access to the Anniversary Sale. We estimate the net cost of Nordstrom Notes that will be issued and redeemed and record this cost as rewards points are accumulated. These costs, as well as reimbursed alterations, are recorded in cost of sales as we provide customers with products and services for these rewards. Other benefits of the loyalty program, including shopping and fashion events, are recorded in selling, general and administrative expenses. Reclassification Reclassifications were made to our fiscal 2015 Condensed Consolidated Statements of Earnings and Condensed Consolidated Statement of Cash Flows to conform with current period presentation. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , which was subsequently modified in August 2015 by ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date . The core principle of ASU No. 2014-09 is that companies should recognize revenue when the transfer of promised goods or services to customers occurs in an amount that reflects what the company expects to receive. It requires additional disclosures to describe the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers. In 2016, the FASB issued additional ASUs which clarify the implementation guidance on principal versus agent considerations, on identifying performance obligations and licensing and on the revenue recognition criteria. This guidance is effective for us beginning in the first quarter of 2018. We are currently evaluating the impact these provisions will have on our Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016-02, Leases . This ASU increases transparency and comparability by recognizing a lessee’s rights and obligations resulting from leases by recording them on the balance sheet as lease assets and lease liabilities. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification dictates whether lease expense is to be recognized based on an effective interest method or on a straight-line basis over the term of the lease. This ASU is effective for us beginning in the first quarter of 2019. Though we are currently evaluating the impact of these provisions, we expect they will have a material impact on our Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation — Improvements to Employee Share-Based Payment Accounting . This ASU impacts several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for us beginning in the first quarter of 2017. We have evaluated this ASU and believe the impact to our Consolidated Financial Statements upon adoption will be nominal, however, actual results will be dependent on unpredictable events, including the future price of our common stock, option exercise activity and forfeitures. |
Credit Card Receivable Transact
Credit Card Receivable Transaction | 9 Months Ended |
Oct. 29, 2016 | |
Credit Card Receivable Transaction [Abstract] | |
Credit Card Receivable Transaction | CREDIT CARD RECEIVABLE TRANSACTION On October 1, 2015 , we completed the sale of a substantial majority of our U.S. Visa and private label credit card portfolio to TD Bank, N.A. (“TD”) and we entered into a long-term program agreement under which TD is the exclusive issuer of our U.S. consumer credit cards. In connection with the close of the credit card receivable transaction, we completed the defeasance of our $325 Series 2011-1 Class A Notes in order to provide the credit card receivables to TD free and clear. At close, we received $2.2 billion in cash consideration reflecting the par value of the receivables sold and incurred $32 in transaction-related expenses during the third quarter of 2015. Pursuant to the agreement, we are obligated to offer and administer our loyalty program and perform other account servicing functions. In return, we receive a portion of the ongoing credit card revenue, net of credit losses, from both the sold and newly generated credit card receivables. We recorded certain assets and liabilities associated with the arrangement. The beneficial interest asset is carried at fair value (see Note 4: Fair Value Measurements) and is amortized over approximately four years based primarily on the payment rate of the associated receivables. The deferred revenue and investment in contract asset are recognized/amortized over seven years on a straight line basis, following the delivery of the contract obligations and expected life of the agreement. We record each of these items in credit card revenue, net in our Condensed Consolidated Statements of Earnings. |
Debt And Credit Facilities
Debt And Credit Facilities | 9 Months Ended |
Oct. 29, 2016 | |
Debt Disclosure [Abstract] | |
Debt And Credit Facilities | DEBT AND CREDIT FACILITIES Debt A summary of our long-term debt, including capital leases, is as follows: October 29, 2016 January 30, 2016 October 31, 2015 Secured Mortgage payable, 7.68%, due April 2020 $26 $30 $32 Other 3 5 5 Total secured debt 29 35 37 Unsecured Net of unamortized discount: Senior notes, 6.25%, due January 2018 650 649 649 Senior notes, 4.75%, due May 2020 499 499 499 Senior notes, 4.00%, due October 2021 500 500 499 Senior debentures, 6.95%, due March 2028 300 300 300 Senior notes, 7.00%, due January 2038 146 146 146 Senior notes, 5.00%, due January 2044 602 600 600 Other 52 76 79 Total unsecured debt 2,749 2,770 2,772 Total long-term debt 2,778 2,805 2,809 Less: current portion (11 ) (10 ) (9 ) Total due beyond one year $2,767 $2,795 $2,800 Credit Facilities As of October 29, 2016 , we had total short-term borrowing capacity of $800 under our senior unsecured revolving credit facility (“revolver”) that expires in April 2020 , with an option to extend for an additional year. Under the terms of our revolver, we pay a variable rate of interest and a commitment fee based on our debt rating. The revolver is available for working capital, capital expenditures and general corporate purposes. We have the option to increase the revolving commitment by up to $200 , to a total of $1,000 , provided that we obtain written consent from the lenders. As of October 29, 2016 , we had no issuances outstanding under our commercial paper program and no borrowings outstanding under our revolver. The revolver requires that we maintain an adjusted debt to earnings before interest, income taxes, depreciation, amortization and rent (“EBITDAR”) leverage ratio of less than four times. As of October 29, 2016 , we were in compliance with this covenant. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We disclose our financial assets and liabilities that are measured at fair value in our Condensed Consolidated Balance Sheets by level within the fair value hierarchy as defined by applicable accounting standards: Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Other observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that cannot be corroborated by market data that reflect the reporting entity’s own assumptions Financial Instruments Measured at Fair Value on a Recurring Basis We recorded a beneficial interest asset when we completed the sale of a substantial majority of our U.S. Visa and private label credit card portfolio (see Note 2: Credit Card Receivable Transaction). We determined the fair value of the beneficial interest asset based on a discounted cash flow model using Level 3 inputs of the fair value hierarchy. Inputs and assumptions include the discount rate, payment rate, credit loss rate and revenues and expenses associated with the program agreement. Given our review of market participant capital structures in the banking and credit card industries and our historical and expected portfolio performance, we used the following ranges of input assumptions to determine the fair value as of October 29, 2016 and October 31, 2015 : October 29, 2016 October 31, 2015 Minimum Maximum Minimum Maximum Discount rate 12 % 12 % 12 % 12 % Monthly payment rate 6 % 11 % 6 % 33 % Annual credit loss rate 3 % 4 % 1 % 4 % Annual revenues as a percent to credit card receivables 14 % 18 % 6 % 18 % Annual expenses as a percent to credit card receivables 5 % 9 % 2 % 9 % We recognized $5 and $22 of amortization expense for the quarter and nine months ended October 29, 2016 on the beneficial interest asset, which had a fair value of $15 and $37 as of October 29, 2016 and January 30, 2016 . Amortization primarily reflects payments received on the receivables sold and is recorded in credit card revenues, net. Financial Instruments Not Measured at Fair Value Financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable, accounts payable and certificates of deposit, which approximate fair value due to their short-term nature, and long-term debt. We estimate the fair value of our long-term debt using quoted market prices of the same or similar issues and, as such, this is considered a Level 2 fair value measurement. The following table summarizes the carrying value and fair value estimate of our long-term debt, including current maturities: October 29, 2016 January 30, 2016 October 31, 2015 Carrying value of long-term debt $2,778 $2,805 $2,809 Fair value of long-term debt 3,064 3,077 3,177 Non-financial Assets Measured at Fair Value on a Nonrecurring Basis We also measure certain non-financial assets at fair value on a nonrecurring basis, primarily goodwill, investment in contract asset and long-lived tangible and intangible assets, in connection with periodic evaluations for potential impairment. We estimate the fair value of these assets using primarily unobservable inputs and, as such, these are considered Level 3 fair value measurements. During the quarter, the long-term operating plan for Trunk Club was updated to reflect current expectations for future growth and profitability which were lower than previous expectations. Due to lowered expectations, we tested Trunk Club goodwill for impairment in the third quarter, one quarter prior to the annual evaluation. Step 1 test results indicated that the estimated fair value of the reporting unit was less than the carrying value. In our Step 2 analysis, we used a combination of the expected present value of future cash flows (income approach) and comparable public companies (market approach) to determine the fair value of the reporting unit. These approaches use primarily unobservable inputs, including discount, sales growth and profit margin rates, which are considered Level 3 fair value measurements. The fair value analysis took into account recent and expected operating performance as well as the overall decline in the retail industry. Within our Retail Segment, we recognized a goodwill impairment charge of $197 , reducing Trunk Club goodwill to $ 64 as of October 29, 2016 from $ 261 as of January 30, 2016. There were no material impairment charges for the nine months ended October 31, 2015 . |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Oct. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Plans for our Manhattan full-line store, which we currently expect to open in 2019, ultimately include owning a condominium interest in a mixed-use tower and leasing certain nearby properties. As of October 29, 2016 , we had approximately $201 of fee interest in land, which is expected to convert to a condominium interest once the store is constructed. We have committed to make future installment payments based on the developer meeting pre-established construction and development milestones. In the event that this project is not completed, the opening may be delayed and we may be subject to future losses or capital commitments in order to complete construction or to monetize our investment in the land. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Oct. 29, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | SHAREHOLDERS’ EQUITY On October 1, 2015 , our Board of Directors authorized a program to repurchase up to $1,000 of our outstanding common stock through March 1, 2017. During the nine months ended October 29, 2016 , we repurchased 1.9 shares of our common stock for an aggregate purchase price of $93 and had $718 remaining in share repurchase capacity as of October 29, 2016 . The actual number, price, manner and timing of future share repurchases, if any, will be subject to market and economic conditions and applicable Securities and Exchange Commission (“SEC”) rules. In November 2016 , subsequent to quarter end, we declared a quarterly dividend of $0.37 per share, which will be paid on December 13, 2016 . |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 29, 2016 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION The following table summarizes our stock-based compensation expense: Quarter Ended Nine Months Ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Stock options $9 $7 $28 $26 Restricted stock units 10 4 25 14 Acquisition-related stock compensation 2 5 10 14 Performance share units — (1 ) 1 (1 ) Other — 1 4 4 Total stock-based compensation expense, before income tax benefit 21 16 68 57 Income tax benefit (7 ) (5 ) (22 ) (18 ) Total stock-based compensation expense, net of income tax benefit $14 $11 $46 $39 The following table summarizes our grants: Nine Months Ended October 29, 2016 October 31, 2015 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit Stock options 2.9 $15 1.8 $21 Stock options special dividend adjustment — N/A 0.9 N/A Restricted stock units 1.9 $44 0.5 $77 Restricted stock units special dividend adjustment — N/A 0.1 N/A Performance share units 1 0.1 $44 0.1 N/A 1 Performance share units granted in 2015 were liability-based awards, therefore the weighted-average grant-date fair value is not meaningful. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | (LOSS) EARNINGS PER SHARE The computation of (loss) earnings per share is as follows: Quarter Ended Nine Months Ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Net (loss) earnings ($10 ) $81 $153 $420 Basic shares 173.4 187.2 173.3 189.1 Dilutive effect of stock options and other 1 — 4.1 2.3 4.1 Diluted shares 173.4 191.3 175.6 193.2 (Loss) Earnings per basic share ($0.06 ) $0.43 $0.88 $2.22 (Loss) Earnings per diluted share ($0.06 ) $0.42 $0.87 $2.17 Anti-dilutive stock options and other 6.5 1.9 9.0 1.8 1 Due to the anti-dilutive effect resulting from the reported net loss for the quarter ended October 29, 2016, the impact of potentially dilutive securities on the weighted-average shares outstanding has been omitted from the quarterly calculation of loss per diluted share. The impact of these potentially dilutive securities has been included in the calculation of weighted-average shares for the nine months ended October 29, 2016 . |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 29, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING The following table sets forth information for our reportable segments: Retail Corporate/Other Retail Business Credit Total Quarter Ended October 29, 2016 Net sales $3,317 $155 $3,472 $— $3,472 Credit card revenues, net — — — 70 70 Earnings before interest and income taxes 18 5 23 32 55 Interest expense, net — (30 ) (30 ) — (30 ) Earnings (loss) before income taxes 18 (25 ) (7 ) 32 25 Assets 1 5,760 1,759 7,519 447 7,966 Quarter Ended October 31, 2015 Net sales $3,169 $70 $3,239 $— $3,239 Credit card revenues, net — — — 89 89 Earnings (loss) before interest and income taxes 178 (30 ) 148 7 155 Interest expense, net — (27 ) (27 ) (3 ) (30 ) Earnings (loss) before income taxes 178 (57 ) 121 4 125 Assets 1 6,140 1,869 8,009 577 8,586 Nine Months Ended October 29, 2016 Net sales $10,446 ($191 ) $10,255 $— $10,255 Credit card revenues, net — — — 186 186 Earnings (loss) before interest and income taxes 590 (274 ) 316 65 381 Interest expense, net — (90 ) (90 ) — (90 ) Earnings (loss) before income taxes 590 (364 ) 226 65 291 Assets 1 5,760 1,759 7,519 447 7,966 Nine Months Ended October 31, 2015 Net sales $10,135 ($182 ) $9,953 $— $9,953 Credit card revenues, net — — — 291 291 Earnings (loss) before interest and income taxes 836 (227 ) 609 168 777 Interest expense, net — (82 ) (82 ) (12 ) (94 ) Earnings (loss) before income taxes 836 (309 ) 527 156 683 Assets 1 6,140 1,869 8,009 577 8,586 1 Assets in Corporate/Other include unallocated assets in corporate headquarters, consisting primarily of cash, land, property and equipment and deferred tax assets. The following table summarizes net sales within our reportable segments: Quarter Ended Nine Months Ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Nordstrom full-line stores - U.S. $1,568 $1,634 $5,128 $5,431 Nordstrom.com 497 414 1,675 1,518 Nordstrom 2,065 2,048 6,803 6,949 Nordstrom Rack 958 885 2,777 2,573 Nordstromrack.com/HauteLook 159 129 482 363 Off-price 1,117 1,014 3,259 2,936 Other retail 1 135 107 384 250 Total Retail segment 3,317 3,169 10,446 10,135 Corporate/Other 155 70 (191 ) (182 ) Total net sales $3,472 $3,239 $10,255 $9,953 1 Other retail includes Nordstrom Canada full-line stores, Trunk Club and Jeffrey boutiques. |
Basis Of Presentation (Policies
Basis Of Presentation (Policies) | 9 Months Ended |
Oct. 29, 2016 | |
Basis of Presentation [Abstract] | |
Loyalty Program | Loyalty Program Prior to the second quarter of 2016, customers who used Nordstrom Visa or Nordstrom credit or debit cards were able to participate in the Nordstrom Rewards program. During the second quarter of 2016, the Nordstrom Rewards program was expanded to enable all customers to earn benefits regardless of how they choose to pay. Customers accumulate points based on their level of spending. Upon reaching a certain points threshold, customers receive Nordstrom Notes, which can be redeemed for any goods or services offered at Nordstrom full-line stores, Nordstrom.com, Nordstrom Rack and Nordstromrack.com/HauteLook. Customers who use Nordstrom private label credit or debit cards or Nordstrom Visa credit cards receive additional benefits, including reimbursements for alterations, shopping and fashion events and early access to the Anniversary Sale. We estimate the net cost of Nordstrom Notes that will be issued and redeemed and record this cost as rewards points are accumulated. These costs, as well as reimbursed alterations, are recorded in cost of sales as we provide customers with products and services for these rewards. Other benefits of the loyalty program, including shopping and fashion events, are recorded in selling, general and administrative expenses. |
Reclassification | Reclassification Reclassifications were made to our fiscal 2015 Condensed Consolidated Statements of Earnings and Condensed Consolidated Statement of Cash Flows to conform with current period presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , which was subsequently modified in August 2015 by ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date . The core principle of ASU No. 2014-09 is that companies should recognize revenue when the transfer of promised goods or services to customers occurs in an amount that reflects what the company expects to receive. It requires additional disclosures to describe the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers. In 2016, the FASB issued additional ASUs which clarify the implementation guidance on principal versus agent considerations, on identifying performance obligations and licensing and on the revenue recognition criteria. This guidance is effective for us beginning in the first quarter of 2018. We are currently evaluating the impact these provisions will have on our Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016-02, Leases . This ASU increases transparency and comparability by recognizing a lessee’s rights and obligations resulting from leases by recording them on the balance sheet as lease assets and lease liabilities. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification dictates whether lease expense is to be recognized based on an effective interest method or on a straight-line basis over the term of the lease. This ASU is effective for us beginning in the first quarter of 2019. Though we are currently evaluating the impact of these provisions, we expect they will have a material impact on our Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation — Improvements to Employee Share-Based Payment Accounting . This ASU impacts several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for us beginning in the first quarter of 2017. We have evaluated this ASU and believe the impact to our Consolidated Financial Statements upon adoption will be nominal, however, actual results will be dependent on unpredictable events, including the future price of our common stock, option exercise activity and forfeitures. |
Debt And Credit Facilities (Tab
Debt And Credit Facilities (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Debt Disclosure [Abstract] | |
Summary Of Long-Term Debt | A summary of our long-term debt, including capital leases, is as follows: October 29, 2016 January 30, 2016 October 31, 2015 Secured Mortgage payable, 7.68%, due April 2020 $26 $30 $32 Other 3 5 5 Total secured debt 29 35 37 Unsecured Net of unamortized discount: Senior notes, 6.25%, due January 2018 650 649 649 Senior notes, 4.75%, due May 2020 499 499 499 Senior notes, 4.00%, due October 2021 500 500 499 Senior debentures, 6.95%, due March 2028 300 300 300 Senior notes, 7.00%, due January 2038 146 146 146 Senior notes, 5.00%, due January 2044 602 600 600 Other 52 76 79 Total unsecured debt 2,749 2,770 2,772 Total long-term debt 2,778 2,805 2,809 Less: current portion (11 ) (10 ) (9 ) Total due beyond one year $2,767 $2,795 $2,800 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Summary Of Carrying Value And Fair Value Estimate Of Long-Term Debt | The following table summarizes the carrying value and fair value estimate of our long-term debt, including current maturities: October 29, 2016 January 30, 2016 October 31, 2015 Carrying value of long-term debt $2,778 $2,805 $2,809 Fair value of long-term debt 3,064 3,077 3,177 |
Recurring Measurements [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range Of Input Assumptions | Given our review of market participant capital structures in the banking and credit card industries and our historical and expected portfolio performance, we used the following ranges of input assumptions to determine the fair value as of October 29, 2016 and October 31, 2015 : October 29, 2016 October 31, 2015 Minimum Maximum Minimum Maximum Discount rate 12 % 12 % 12 % 12 % Monthly payment rate 6 % 11 % 6 % 33 % Annual credit loss rate 3 % 4 % 1 % 4 % Annual revenues as a percent to credit card receivables 14 % 18 % 6 % 18 % Annual expenses as a percent to credit card receivables 5 % 9 % 2 % 9 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Share-based Compensation [Abstract] | |
Summary Of Stock-Based Compensation Expense | The following table summarizes our stock-based compensation expense: Quarter Ended Nine Months Ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Stock options $9 $7 $28 $26 Restricted stock units 10 4 25 14 Acquisition-related stock compensation 2 5 10 14 Performance share units — (1 ) 1 (1 ) Other — 1 4 4 Total stock-based compensation expense, before income tax benefit 21 16 68 57 Income tax benefit (7 ) (5 ) (22 ) (18 ) Total stock-based compensation expense, net of income tax benefit $14 $11 $46 $39 |
Summary Of Grants | The following table summarizes our grants: Nine Months Ended October 29, 2016 October 31, 2015 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit Stock options 2.9 $15 1.8 $21 Stock options special dividend adjustment — N/A 0.9 N/A Restricted stock units 1.9 $44 0.5 $77 Restricted stock units special dividend adjustment — N/A 0.1 N/A Performance share units 1 0.1 $44 0.1 N/A 1 Performance share units granted in 2015 were liability-based awards, therefore the weighted-average grant-date fair value is not meaningful. |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |
Computation Of (Loss) Earnings Per Share | The computation of (loss) earnings per share is as follows: Quarter Ended Nine Months Ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Net (loss) earnings ($10 ) $81 $153 $420 Basic shares 173.4 187.2 173.3 189.1 Dilutive effect of stock options and other 1 — 4.1 2.3 4.1 Diluted shares 173.4 191.3 175.6 193.2 (Loss) Earnings per basic share ($0.06 ) $0.43 $0.88 $2.22 (Loss) Earnings per diluted share ($0.06 ) $0.42 $0.87 $2.17 Anti-dilutive stock options and other 6.5 1.9 9.0 1.8 1 Due to the anti-dilutive effect resulting from the reported net loss for the quarter ended October 29, 2016, the impact of potentially dilutive securities on the weighted-average shares outstanding has been omitted from the quarterly calculation of loss per diluted share. The impact of these potentially dilutive securities has been included in the calculation of weighted-average shares for the nine months ended October 29, 2016 . |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Segment Reporting [Abstract] | |
Information By Reportable Segment | The following table sets forth information for our reportable segments: Retail Corporate/Other Retail Business Credit Total Quarter Ended October 29, 2016 Net sales $3,317 $155 $3,472 $— $3,472 Credit card revenues, net — — — 70 70 Earnings before interest and income taxes 18 5 23 32 55 Interest expense, net — (30 ) (30 ) — (30 ) Earnings (loss) before income taxes 18 (25 ) (7 ) 32 25 Assets 1 5,760 1,759 7,519 447 7,966 Quarter Ended October 31, 2015 Net sales $3,169 $70 $3,239 $— $3,239 Credit card revenues, net — — — 89 89 Earnings (loss) before interest and income taxes 178 (30 ) 148 7 155 Interest expense, net — (27 ) (27 ) (3 ) (30 ) Earnings (loss) before income taxes 178 (57 ) 121 4 125 Assets 1 6,140 1,869 8,009 577 8,586 Nine Months Ended October 29, 2016 Net sales $10,446 ($191 ) $10,255 $— $10,255 Credit card revenues, net — — — 186 186 Earnings (loss) before interest and income taxes 590 (274 ) 316 65 381 Interest expense, net — (90 ) (90 ) — (90 ) Earnings (loss) before income taxes 590 (364 ) 226 65 291 Assets 1 5,760 1,759 7,519 447 7,966 Nine Months Ended October 31, 2015 Net sales $10,135 ($182 ) $9,953 $— $9,953 Credit card revenues, net — — — 291 291 Earnings (loss) before interest and income taxes 836 (227 ) 609 168 777 Interest expense, net — (82 ) (82 ) (12 ) (94 ) Earnings (loss) before income taxes 836 (309 ) 527 156 683 Assets 1 6,140 1,869 8,009 577 8,586 1 Assets in Corporate/Other include unallocated assets in corporate headquarters, consisting primarily of cash, land, property and equipment and deferred tax assets. |
Summary Of Net Sales Within Reportable Segments | The following table summarizes net sales within our reportable segments: Quarter Ended Nine Months Ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Nordstrom full-line stores - U.S. $1,568 $1,634 $5,128 $5,431 Nordstrom.com 497 414 1,675 1,518 Nordstrom 2,065 2,048 6,803 6,949 Nordstrom Rack 958 885 2,777 2,573 Nordstromrack.com/HauteLook 159 129 482 363 Off-price 1,117 1,014 3,259 2,936 Other retail 1 135 107 384 250 Total Retail segment 3,317 3,169 10,446 10,135 Corporate/Other 155 70 (191 ) (182 ) Total net sales $3,472 $3,239 $10,255 $9,953 1 Other retail includes Nordstrom Canada full-line stores, Trunk Club and Jeffrey boutiques. |
Credit Card Receivable Transa24
Credit Card Receivable Transaction (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Oct. 29, 2016 | Jan. 30, 2016 | Oct. 01, 2015 | |
Credit Card Receivable Transaction [Line Items] | |||
Cash acquired in credit transaction | $ 2,200 | ||
Transaction-related expenses | $ 32 | ||
Beneficial interest asset, useful life (in years) | 4 years | ||
Deferred revenue, recognition period (in years) | 7 years | ||
Investment in contract asset, useful life (in years) | 7 years | ||
Series 2011-1 Class A Notes [Member] | |||
Credit Card Receivable Transaction [Line Items] | |||
Debt defeased as a condition of closing the credit card receivable transaction | $ 325 |
Debt And Credit Facilities (Sum
Debt And Credit Facilities (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | Jan. 30, 2016 | |
Debt Instrument [Line Items] | |||
Total secured debt | $ 29 | $ 37 | $ 35 |
Total unsecured debt | 2,749 | 2,772 | 2,770 |
Total long-term debt | 2,778 | 2,809 | 2,805 |
Less: current portion | (11) | (9) | (10) |
Total due beyond one year | 2,767 | 2,800 | 2,795 |
Mortgage payable, 7.68%, due April 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Total secured debt | $ 26 | $ 32 | $ 30 |
Debt instrument interest rate | 7.68% | 7.68% | 7.68% |
Maturity date | April 2,020 | April 2,020 | April 2,020 |
Other secured debt [Member] | |||
Debt Instrument [Line Items] | |||
Total secured debt | $ 3 | $ 5 | $ 5 |
Senior notes, 6.25%, due January 2018, net of unamortized discount [Member] | |||
Debt Instrument [Line Items] | |||
Total unsecured debt | $ 650 | $ 649 | $ 649 |
Debt instrument interest rate | 6.25% | 6.25% | 6.25% |
Maturity date | January 2,018 | January 2,018 | January 2,018 |
Senior notes, 4.75%, due May 2020, net of unamortized discount [Member] | |||
Debt Instrument [Line Items] | |||
Total unsecured debt | $ 499 | $ 499 | $ 499 |
Debt instrument interest rate | 4.75% | 4.75% | 4.75% |
Maturity date | May 2,020 | May 2,020 | May 2,020 |
Senior notes, 4.00%, due October 2021, net of unamortized discount [Member] | |||
Debt Instrument [Line Items] | |||
Total unsecured debt | $ 500 | $ 499 | $ 500 |
Debt instrument interest rate | 4.00% | 4.00% | 4.00% |
Maturity date | October 2,021 | October 2,021 | October 2,021 |
Senior debentures, 6.95%, due March 2028, net of unamortized discount [Member] | |||
Debt Instrument [Line Items] | |||
Total unsecured debt | $ 300 | $ 300 | $ 300 |
Debt instrument interest rate | 6.95% | 6.95% | 6.95% |
Maturity date | March 2,028 | March 2,028 | March 2,028 |
Senior notes, 7.00%, due January 2038, net of unamortized discount [Member] | |||
Debt Instrument [Line Items] | |||
Total unsecured debt | $ 146 | $ 146 | $ 146 |
Debt instrument interest rate | 7.00% | 7.00% | 7.00% |
Maturity date | January 2,038 | January 2,038 | January 2,038 |
Senior notes, 5.00%, due January 2044, net of unamortized discount [Member] | |||
Debt Instrument [Line Items] | |||
Total unsecured debt | $ 602 | $ 600 | $ 600 |
Debt instrument interest rate | 5.00% | 5.00% | 5.00% |
Maturity date | January 2,044 | January 2,044 | January 2,044 |
Other unsecured debt [Member] | |||
Debt Instrument [Line Items] | |||
Total unsecured debt | $ 52 | $ 79 | $ 76 |
Debt And Credit Facilities (Nar
Debt And Credit Facilities (Narrative) (Details) $ in Millions | 9 Months Ended |
Oct. 29, 2016USD ($) | |
Commercial paper [Member] | |
Debt Instrument [Line Items] | |
Issuances or borrowings | $ 0 |
Unsecured revolving credit facility [Member] | |
Debt Instrument [Line Items] | |
Maturity date | April 2,020 |
Option to increase the maximum capacity of revolving credit facility | $ 200 |
Maximum borrowing capacity with option | 1,000 |
Issuances or borrowings | $ 0 |
Debt covenant leverage ratio | 4 |
Unsecured revolving credit facility [Member] | Commercial paper [Member] | |
Debt Instrument [Line Items] | |
Total short-term borrowing capacity | $ 800 |
Fair Value Measurements (Range
Fair Value Measurements (Range Of Input Assumptions) (Details) - Recurring Measurements [Member] - Level 3 [Member] | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 12.00% | 12.00% |
Monthly payment rate | 6.00% | 6.00% |
Annual credit loss rate | 3.00% | 1.00% |
Annual revenues as a percent to credit card receivables | 14.00% | 6.00% |
Annual expenses as a percent to credit card receivables | 5.00% | 2.00% |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 12.00% | 12.00% |
Monthly payment rate | 11.00% | 33.00% |
Annual credit loss rate | 4.00% | 4.00% |
Annual revenues as a percent to credit card receivables | 18.00% | 18.00% |
Annual expenses as a percent to credit card receivables | 9.00% | 9.00% |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Carrying Value And Fair Value Estimate Of Long-Term Debt) (Details) - USD ($) $ in Millions | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Fair Value Measurements, Long-term Debt [Line Items] | |||
Carrying value of long-term debt | $ 2,778 | $ 2,805 | $ 2,809 |
Level 2 [Member] | |||
Fair Value Measurements, Long-term Debt [Line Items] | |||
Fair value of long-term debt | $ 3,064 | $ 3,077 | $ 3,177 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Jan. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill impairment charge | $ 197 | $ 0 | $ 197 | $ 0 | |
Goodwill | 238 | $ 447 | 238 | 447 | $ 435 |
Impairment charges | $ 0 | ||||
Recurring Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Beneficial interest amortization expense | 5 | 22 | |||
Level 3 [Member] | Recurring Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of beneficial interest, remaining | 15 | 15 | 37 | ||
Trunk Club [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill | 64 | 64 | $ 261 | ||
Trunk Club [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill impairment charge | $ 197 | $ 197 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Millions | Oct. 29, 2016USD ($) |
Manhattan full-line store [Member] | |
Property Assets Subject to Lien [Line Items] | |
Amount of property assets subject to lien | $ 201 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | |
Nov. 29, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | |
Retained Earnings Adjustments [Line Items] | |||
Shares repurchased (in shares) | 1.9 | ||
Repurchase of common stock, amount | $ 93 | $ 517 | |
Remaining share repurchase capacity | 718 | ||
Subsequent Event [Member] | |||
Retained Earnings Adjustments [Line Items] | |||
Quarterly dividend declared and paid in subsequent quarter | $ 0.37 | ||
2015 Program [Member] | |||
Retained Earnings Adjustments [Line Items] | |||
Share repurchase authorization | $ 1,000 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, before income tax benefit | $ 21 | $ 16 | $ 68 | $ 57 |
Income tax benefit | (7) | (5) | (22) | (18) |
Total stock-based compensation expense, net of income tax benefit | 14 | 11 | 46 | 39 |
Acquisition-related stock compensation [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, before income tax benefit | 2 | 5 | 10 | 14 |
Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, before income tax benefit | 9 | 7 | 28 | 26 |
Restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, before income tax benefit | 10 | 4 | 25 | 14 |
Performance share units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, before income tax benefit | 0 | (1) | 1 | (1) |
Other [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense, before income tax benefit | $ 0 | $ 1 | $ 4 | $ 4 |
Stock-Based Compensation (Sum33
Stock-Based Compensation (Summary Of Grants) (Details) - $ / shares shares in Millions | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted (in shares) | 2.9 | 1.8 | |
Weighted-average grant-date fair value per stock option (in dollars per share) | $ 15 | $ 21 | |
Stock options special dividend adjustment | 0 | 0.9 | |
Restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 1.9 | 0.5 | |
Weighted-average grant-date fair value per unit (in dollars per share) | $ 44 | $ 77 | |
Restricted stock units special dividend adjustment | 0 | 0.1 | |
Performance share units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | [1] | 0.1 | 0.1 |
Weighted-average grant-date fair value per unit (in dollars per share) | [1] | $ 44 | |
[1] | Performance share units granted in 2015 were liability-based awards, therefore the weighted-average grant-date fair value is not meaningful. |
(Loss) Earnings Per Share (Comp
(Loss) Earnings Per Share (Computation Of (Loss) Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | ||
Earnings Per Share [Abstract] | |||||
Net (loss) earnings | $ (10) | $ 81 | $ 153 | $ 420 | |
Basic shares (in shares) | 173.4 | 187.2 | 173.3 | 189.1 | |
Dilutive effect of stock options and other (in shares) | [1] | 0 | 4.1 | 2.3 | 4.1 |
Diluted shares (in shares) | 173.4 | 191.3 | 175.6 | 193.2 | |
(Loss) Earnings per basic share (in dollars per share) | $ (0.06) | $ 0.43 | $ 0.88 | $ 2.22 | |
(Loss) Earnings per diluted share (in dollars per share) | $ (0.06) | $ 0.42 | $ 0.87 | $ 2.17 | |
Anti-dilutive stock options and other (in shares) | 6.5 | 1.9 | 9 | 1.8 | |
[1] | Due to the anti-dilutive effect resulting from the reported net loss for the quarter ended October 29, 2016, the impact of potentially dilutive securities on the weighted-average shares outstanding has been omitted from the quarterly calculation of loss per diluted share. The impact of these potentially dilutive securities has been included in the calculation of weighted-average shares for the nine months ended October 29, 2016. |
Segment Reporting (Information
Segment Reporting (Information By Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Jan. 30, 2016 | ||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 3,472 | $ 3,239 | $ 10,255 | $ 9,953 | ||
Credit card revenues, net | 70 | 89 | 186 | 291 | ||
Earnings (loss) before interest and income taxes | 55 | 155 | 381 | 777 | ||
Interest expense, net | (30) | (30) | (90) | (94) | ||
Earnings (loss) before income taxes | 25 | 125 | 291 | 683 | ||
Assets | 7,966 | 8,586 | 7,966 | 8,586 | $ 7,698 | |
Retail [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 3,317 | 3,169 | 10,446 | 10,135 | ||
Credit card revenues, net | 0 | 0 | 0 | 0 | ||
Earnings (loss) before interest and income taxes | 18 | 178 | 590 | 836 | ||
Interest expense, net | 0 | 0 | 0 | 0 | ||
Earnings (loss) before income taxes | 18 | 178 | 590 | 836 | ||
Assets | [1] | 5,760 | 6,140 | 5,760 | 6,140 | |
Corporate/Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 155 | 70 | (191) | (182) | ||
Credit card revenues, net | 0 | 0 | 0 | 0 | ||
Earnings (loss) before interest and income taxes | 5 | (30) | (274) | (227) | ||
Interest expense, net | (30) | (27) | (90) | (82) | ||
Earnings (loss) before income taxes | (25) | (57) | (364) | (309) | ||
Assets | [1] | 1,759 | 1,869 | 1,759 | 1,869 | |
Retail Business [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 3,472 | 3,239 | 10,255 | 9,953 | ||
Credit card revenues, net | 0 | 0 | 0 | 0 | ||
Earnings (loss) before interest and income taxes | 23 | 148 | 316 | 609 | ||
Interest expense, net | (30) | (27) | (90) | (82) | ||
Earnings (loss) before income taxes | (7) | 121 | 226 | 527 | ||
Assets | [1] | 7,519 | 8,009 | 7,519 | 8,009 | |
Credit [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Credit card revenues, net | 70 | 89 | 186 | 291 | ||
Earnings (loss) before interest and income taxes | 32 | 7 | 65 | 168 | ||
Interest expense, net | 0 | (3) | 0 | (12) | ||
Earnings (loss) before income taxes | 32 | 4 | 65 | 156 | ||
Assets | [1] | $ 447 | $ 577 | $ 447 | $ 577 | |
[1] | Assets in Corporate/Other include unallocated assets in corporate headquarters, consisting primarily of cash, land, property and equipment and deferred tax assets. |
Segment Reporting (Summary Of N
Segment Reporting (Summary Of Net Sales Within Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | ||
Segment Reporting Information [Line Items] | |||||
Net sales | $ 3,472 | $ 3,239 | $ 10,255 | $ 9,953 | |
Nordstrom full-line stores - U.S. [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,568 | 1,634 | 5,128 | 5,431 | |
Nordstrom.com [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 497 | 414 | 1,675 | 1,518 | |
Nordstrom [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,065 | 2,048 | 6,803 | 6,949 | |
Nordstrom Rack [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 958 | 885 | 2,777 | 2,573 | |
Nordstromrack.com/HauteLook [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 159 | 129 | 482 | 363 | |
Off-price [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,117 | 1,014 | 3,259 | 2,936 | |
Other retail [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | [1] | 135 | 107 | 384 | 250 |
Total Retail segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 3,317 | 3,169 | 10,446 | 10,135 | |
Corporate/Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | $ 155 | $ 70 | $ (191) | $ (182) | |
[1] | Other retail includes Nordstrom Canada full-line stores, Trunk Club and Jeffrey boutiques. |