Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Nov. 02, 2013 | Nov. 29, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 2-Nov-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'FL | ' |
Entity Registrant Name | 'FOOT LOCKER INC | ' |
Entity Central Index Key | '0000850209 | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 146,739,055 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | |
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ' | |
Cash and cash equivalents | $764 | $880 | [1] | $804 |
Short-term investments | 32 | 48 | [1] | 49 |
Merchandise inventories | 1,316 | 1,167 | [1] | 1,240 |
Other current assets | 208 | 268 | [1] | 202 |
Assets, Current, Total | 2,320 | 2,363 | [1] | 2,295 |
Property and equipment, net | 589 | 490 | [1] | 462 |
Deferred taxes | 257 | 257 | [1] | 285 |
Goodwill | 163 | 145 | [1] | 144 |
Other intangibles and other assets | 148 | 112 | [1] | 113 |
Assets, Total | 3,477 | 3,367 | [1] | 3,299 |
Current liabilities | ' | ' | ' | |
Accounts payable | 310 | 298 | [1] | 327 |
Accrued expenses and other current liabilities | 330 | 338 | [1] | 298 |
Current portion of capital lease obligations | 3 | 0 | [1] | 0 |
Liabilities, Current, Total | 643 | 636 | [1] | 625 |
Long-term debt and obligations under capital leases | 137 | 133 | [1] | 133 |
Other liabilities | 231 | 221 | [1] | 252 |
Liabilities, Total | 1,011 | 990 | [1] | 1,010 |
Shareholders' equity | ' | ' | ' | |
Common stock and paid-in capital: 168,675,093, 166,510,340 and 166,909,151 shares, respectively | 905 | 856 | [1] | 842 |
Retained earnings | 2,295 | 2,076 | [1] | 1,999 |
Accumulated other comprehensive loss | -170 | -171 | [1] | -203 |
Less: Treasury stock at cost: 22,035,758, 15,800,222 and 16,839,222 shares, respectively | -564 | -384 | [1] | -349 |
Total shareholders’ equity | 2,466 | 2,377 | [1] | 2,289 |
Liabilities and Equity, Total | $3,477 | $3,367 | [1] | $3,299 |
[1] | The balance sheet at February 2, 2013 has been derived from the previously reported audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 2, 2013. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | |
Common stock, shares issued | 168,675,093 | 166,909,151 | [1] | 166,510,340 |
Treasury stock, shares | 22,035,758 | 16,839,222 | [1] | 15,800,222 |
[1] | The balance sheet at February 2, 2013 has been derived from the previously reported audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 2, 2013. |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | ||||
Sales | $1,622 | $1,524 | $4,714 | $4,469 | ||||
Cost of sales | 1,085 | 1,019 | 3,163 | 2,999 | ||||
Selling, general and administrative expenses | 340 | 319 | 969 | 931 | ||||
Depreciation and amortization | 35 | 30 | 97 | 88 | ||||
Other charges | 0 | 0 | 2 | 0 | ||||
Interest expense, net | 2 | 1 | 4 | 3 | ||||
Other income | 0 | [1] | 0 | [1] | -3 | [1] | -1 | [1] |
Costs and Expenses, Total | 1,462 | 1,369 | 4,232 | 4,020 | ||||
Income before income taxes | 160 | 155 | 482 | 449 | ||||
Income tax expense | 56 | 49 | 174 | 156 | ||||
Net income | $104 | $106 | $308 | $293 | ||||
Basic earnings per share (in dollars per share) | $0.70 | $0.70 | $2.06 | $1.93 | ||||
Weighted-average common shares outstanding (in shares) | 147.7 | 151 | 149.2 | 151.4 | ||||
Diluted earnings per share (in dollars per share) | $0.70 | $0.69 | $2.04 | $1.90 | ||||
Weighted-average common shares assuming dilution (in shares) | 149.5 | 153.9 | 151.2 | 154 | ||||
[1] | Other income includes non-operating items, such as lease termination gains, royalty income, and the changes in fair value, premiums paid and realized gains associated with foreign currency option contracts. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Nov. 02, 2013 |
Net income | $104 | $106 | $308 | $293 |
Foreign currency translation adjustment: | ' | ' | ' | ' |
Translation adjustment arising during the period, net of income tax | 22 | 35 | -5 | -7 |
Cash flow hedges: | ' | ' | ' | ' |
Change in fair value of derivatives, net of income tax | -2 | 2 | -2 | 1 |
Available for sale securities: | ' | ' | ' | ' |
Unrealized gain | 0 | 0 | 0 | 1 |
Pension and postretirement adjustments: | ' | ' | ' | ' |
Amortization of net actuarial gain/loss included in net periodic benefit costs, net of income tax expense of $1 $1, $3, and $3 million, respectively | 3 | 2 | 7 | 6 |
Comprehensive income | $127 | $145 | $308 | $294 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Amortization of net actuarial gain/loss included in net periodic benefit costs, net of income tax expense | $1 | $1 | $3 | $3 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | |
From Operating Activities: | ' | ' | |
Net income | $308 | $293 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | |
Depreciation and amortization | 97 | 88 | |
Share-based compensation expense | 19 | 15 | |
Qualified pension plan contributions | -2 | 0 | |
Excess tax benefits on share-based compensation | -7 | -8 | |
Change in assets and liabilities: | ' | ' | |
Merchandise inventories | -108 | -172 | |
Accounts payable | -3 | 87 | |
Other accruals | -44 | -18 | |
Other, net | 67 | -26 | |
Net cash provided by operating activities | 327 | 259 | |
From Investing Activities: | ' | ' | |
Lease termination gains | 2 | 0 | |
Sales and maturities of short-term investments | 38 | 7 | |
Purchases of short-term investments | -23 | -57 | |
Capital expenditures | -157 | -120 | |
Purchase of business, net of cash acquired | -81 | 0 | |
Net cash used in investing activities | -221 | -170 | |
From Financing Activities: | ' | ' | |
Purchase of treasury shares | -167 | -94 | |
Dividends paid | -89 | -82 | |
Issuance of common stock | 19 | 35 | |
Treasury stock issued under employee stock purchase plan | 3 | 5 | |
Excess tax benefits on share-based compensation | 8 | 9 | |
Reduction in long-term debt | 0 | -2 | |
Net cash used in financing activities | -226 | -129 | |
Effect of exchange rate fluctuations on Cash and Cash Equivalents | 4 | -7 | |
Net change in Cash and Cash Equivalents | -116 | -47 | |
Cash and Cash Equivalents at beginning of year | 880 | [1] | 851 |
Cash and Cash Equivalents at end of interim period | 764 | 804 | |
Cash paid during the period: | ' | ' | |
Interest | 5 | 6 | |
Income taxes | $123 | $182 | |
[1] | The balance sheet at February 2, 2013 has been derived from the previously reported audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 2, 2013. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 02, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying condensed consolidated financial statements contained in this report are unaudited. In the opinion of management, the condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods of the fiscal year ending February 1, 2014 and of the fiscal year ended February 2, 2013. Certain items included in these statements are based on management’s estimates. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Notes to Consolidated Financial Statements contained in the Company’s Form 10-K for the year ended February 2, 2013, as filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2013. | |
Recent Accounting Pronouncements | |
During the first quarter of 2013, the Company adopted Accounting Standards Update 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 amended existing guidance by requiring additional disclosure either on the face of the income statement or in the notes to the financial statements of significant amounts reclassified out of accumulated other comprehensive income. The provisions of this new guidance were effective prospectively as of the beginning of 2013. Accordingly, enhanced footnote disclosure is included in Note 5. The adoption of ASU 2013-02 had no effect on our results of operations or financial position. | |
We performed our annual goodwill impairment assessment during the first quarter of 2013, using a qualitative approach as permitted under Accounting Standards Update No. 2011-08, Testing Goodwill for Impairment. In performing the assessment, we identified and considered the significance of relevant key factors, events, and circumstances that affected the fair value and/or carrying amounts of our reporting units. These factors included external factors such as macroeconomic, industry and market conditions, as well as entity-specific factors, such as our actual and planned financial performance. Based on the results of the impairment assessment performed, we concluded that it is more likely than not that the fair values of our reporting units substantially exceeded their respective carrying values and there are no reporting units at risk of impairment. | |
Other recently issued accounting pronouncements did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements. | |
Acquisition
Acquisition | 9 Months Ended | ||||
Nov. 02, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisition | ' | ||||
2. Acquisition | |||||
Effective July 7, 2013, the Company acquired 100 percent of the shares of Runners Point Warenhandelsgesellschaft mbH, (“Runners Point Group”) a specialty athletic store and online retailer based in Recklinghausen, Germany. The aggregate purchase price paid for the acquisition was $87 million in cash, subject to adjustment for finalization of the purchase price for working capital adjustments. At the date of acquisition, Runners Point Group operated 194 stores in Germany, Austria, and the Netherlands. Additionally, there were 24 Runners Point Group franchise stores operating in Germany and Switzerland. The acquisition is intended to enhance the Company’s position in Germany and also provide additional banners to further diversify and expand the Company’s European business. Also, the addition of the strong digital capabilities of Tredex, the e-commerce subsidiary of Runners Point Group, allows for the potential of accelerated e-commerce growth in Europe. | |||||
The results of Runners Point Group are included in our consolidated financial statements since the acquisition date. | |||||
The following table summarizes allocation of the purchase price to the fair value of assets acquired, based on the exchange rate in effect at the date of our acquisition of Runners Point Group. The Company has allocated the purchase price, in part, upon internal estimates of cash flows and considering the report of a third-party valuation expert retained to assist the Company. The allocation of the purchase price in the table below is preliminary and subject to change based on the finalization of the purchase price. | |||||
Allocation | |||||
(in millions) | as Revised | ||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 6 | |||
Inventory | 41 | ||||
Other current assets | 11 | ||||
Property and equipment | 24 | ||||
Other long-term assets | 1 | ||||
Tradenames | 29 | -1 | |||
Favorable leases | 5 | ||||
Liabilities assumed: | |||||
Accounts payable and other accruals | -27 | ||||
Income taxes and deferred taxes, net | -11 | ||||
Obligations under capital leases | -9 | ||||
Other long-term liabilities | -1 | ||||
Goodwill | 18 | ||||
Total purchase price | $ | 87 | |||
(1) Due to foreign currency fluctuations, the U.S. dollar value of tradenames increased to $30 million as of November 2, 2013. | |||||
We determined that the tradenames have an indefinite life and will not be amortized. These tradenames will be tested annually for impairment, along with the goodwill recorded for the purchase. The value of the favorable leases will be amortized over the terms of the respective leases. | |||||
The amount of goodwill expected to be tax deductible is $4 million. | |||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||
Nov. 02, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Information | ' | |||||||||||||
3. Segment Information | ||||||||||||||
The Company has determined that its reportable segments are those that are based on its method of internal reporting. As of November 2, 2013, the Company has two reportable segments, Athletic Stores and Direct-to-Customers. Sales and division results for the Company’s reportable segments for the thirteen weeks and thirty-nine weeks ended November 2, 2013 and October 27, 2012 are presented below. Division profit reflects income before income taxes, corporate expense, net interest expense, and net non-operating income. | ||||||||||||||
As discussed in Note 2, Acquisition, the Company acquired Runners Point Group during the second quarter of 2013. Sales and division results for the Runners Point Group stores, including Runners Point, Sidestep and Run2, are included in the Athletic Stores segment since the date of acquisition. Sales and division results for Tredex, a direct-to-customer subsidiary of Runners Point Group, are included in the Direct-to-Customers segment since the date of acquisition. | ||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
Sales | November 2, | October 27, | November 2, | October 27, | ||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Athletic Stores | $ | 1,444 | $ | 1,375 | $ | 4,228 | $ | 4,060 | ||||||
Direct-to-Customers | 178 | 149 | 486 | 409 | ||||||||||
Total sales | $ | 1,622 | $ | 1,524 | $ | 4,714 | $ | 4,469 | ||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
Operating Results | November 2, | October 27, | November 2, | October 27, | ||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Athletic Stores (1) | $ | 159 | $ | 166 | $ | 486 | $ | 480 | ||||||
Direct-to-Customers | 20 | 18 | 53 | 47 | ||||||||||
Division profit | 179 | 184 | 539 | 527 | ||||||||||
Less: Corporate expense, net | 17 | 28 | 56 | 76 | ||||||||||
Operating profit | 162 | 156 | 483 | 451 | ||||||||||
Other income (2) | — | — | 3 | 1 | ||||||||||
Interest expense, net | 2 | 1 | 4 | 3 | ||||||||||
Income before income taxes | $ | 160 | $ | 155 | $ | 482 | $ | 449 | ||||||
-1 | Included in the Athletic Stores segment for the thirty-nine weeks ended November 2, 2013 is a $2 million charge recorded in connection with the closure of all CCS stores. | |||||||||||||
-2 | Other income includes non-operating items, such as lease termination gains, royalty income, and the changes in fair value, premiums paid and realized gains associated with foreign currency option contracts. | |||||||||||||
During the second quarter of 2013 the Company closed all 22 of its CCS stores. As of November 2, 2013, 12 of these stores were converted to other store formats, 2 will be converted by the end of the year and 1 will be converted during the first quarter of 2014. The CCS store closures are not presented as part of discontinued operations as the operations and cash flows related to the majority of the closed stores are expected to continue through other store formats and the Company’s websites. The Company will continue to operate the CCS catalog and e-commerce website. | ||||||||||||||
Athletic Stores sales include $64 million and $84 million for thirteen and thirty-nine week periods ended November 2, 2013, respectively, related to the Runners Point Group stores. Direct-to-Customers sales include $8 million and $10 million, respectively, related to the Tredex division of Runners Point Group. | ||||||||||||||
Athletic Stores division profit includes $1 million and $3 million for thirteen and thirty-nine week periods ended November 2, 2013, respectively, related to the Runners Point Group stores. The effect on Direct-to-Customers division profit was not significant. Costs associated with the acquisition and integration of $1 million and $4 million for the thirteen and thirty-nine weeks ended November 2, 2013 are included in corporate expense. | ||||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||||||
4. Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||||
Annually during the first quarter, or more frequently if impairment indicators arise, the Company reviews goodwill and intangible assets with indefinite lives for impairment. The annual assessment of goodwill and assets with indefinite lives performed during the first quarters of 2013 and 2012 did not result in impairment charges. The fair value of each of the reporting units substantially exceeds its carrying value for both periods. The following table provides a summary of goodwill by reportable segment. | |||||||||||||||||||||||||||||
Goodwill as of November 2, 2013 includes $18 million relating to the acquisition of Runners Point Group, which was allocated to the segments based upon their relative fair values. Other changes include foreign exchange fluctuations. Of the $18 million of goodwill relating to the acquisition of Runners Point Group, $3 million was allocated to the Athletic Stores segment related to the Runners Point Group stores and $15 million was allocated to the Direct-to-Customers segment related to the Tredex division. | |||||||||||||||||||||||||||||
November 2, | October 27, | February 2, | |||||||||||||||||||||||||||
Goodwill (in millions) | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||
Athletic Stores | $ | 21 | $ | 17 | $ | 18 | |||||||||||||||||||||||
Direct-to-Customers | 142 | 127 | 127 | ||||||||||||||||||||||||||
$ | 163 | $ | 144 | $ | 145 | ||||||||||||||||||||||||
The components of finite-lived intangible assets and intangible assets not subject to amortization are as follows: | |||||||||||||||||||||||||||||
November 2, 2013 | October 27, 2012 | February 2, 2013 | |||||||||||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | Gross | Accum. | Net | |||||||||||||||||||||
(in millions) | value | amort. | value | value | amort. | value | value | amort. | value | ||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||||||
Lease acquisition costs | $ | 159 | $ | -140 | $ | 19 | $ | 163 | $ | -141 | $ | 22 | $ | 158 | $ | -137 | $ | 21 | |||||||||||
Trademarks | 21 | -10 | 11 | 21 | -9 | 12 | 21 | -9 | 12 | ||||||||||||||||||||
Favorable leases | 9 | -4 | 5 | 5 | -5 | — | 5 | -5 | — | ||||||||||||||||||||
Customer relationships | 21 | -21 | — | 21 | -17 | 4 | 21 | -18 | 3 | ||||||||||||||||||||
$ | 210 | $ | -175 | $ | 35 | $ | 210 | $ | -172 | $ | 38 | $ | 205 | $ | -169 | $ | 36 | ||||||||||||
Indefinite life intangible assets: | |||||||||||||||||||||||||||||
Tradenames: | |||||||||||||||||||||||||||||
Republic of Ireland | 2 | 1 | 1 | ||||||||||||||||||||||||||
CCS | 3 | 10 | 3 | ||||||||||||||||||||||||||
Runners Point Group | 30 | — | — | ||||||||||||||||||||||||||
$ | 35 | $ | 11 | $ | 4 | ||||||||||||||||||||||||
Other intangible assets, net | $ | 70 | $ | 49 | $ | 40 | |||||||||||||||||||||||
As of November 2, 2013, in connection with the allocation of the purchase price of the Runners Point Group acquisition, the Company recognized $30 million of indefinite life intangible assets for the Runners Point Group tradenames. Also as a result of the purchase price allocation, $5 million was recognized for favorable leases in 15 locations with rents below their fair value, which are being amortized over a weighted-average life of 6 years. | |||||||||||||||||||||||||||||
The change since year end also includes $2 million of lease acquisition additions related to Foot Locker Europe, which are being amortized over a weighted-average life of 10 years. Foreign exchange fluctuations related to the euro increased the balance by $2 million. This was offset by amortization expense of $9 million recorded for the thirty-nine weeks ended November 2, 2013. | |||||||||||||||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Amortization expense | $ | 3 | $ | 3 | $ | 9 | $ | 10 | |||||||||||||||||||||
Future expected amortization expense for finite life intangible assets is estimated as follows: | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Remainder of 2013 | $ | 2 | |||||||||||||||||||||||||||
2014 | 6 | ||||||||||||||||||||||||||||
2015 | 5 | ||||||||||||||||||||||||||||
2016 | 4 | ||||||||||||||||||||||||||||
2017 | 4 | ||||||||||||||||||||||||||||
2018 | 3 | ||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
5. Accumulated Other Comprehensive Loss | |||||||||||||||||
Accumulated other comprehensive loss comprised the following: | |||||||||||||||||
November 2, | October 27, | February 2, | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | ||||||||||||||
Foreign currency translation adjustments | $ | 77 | $ | 56 | $ | 82 | |||||||||||
Cash flow hedges | 1 | — | 3 | ||||||||||||||
Unrecognized pension cost and postretirement benefit | -247 | -258 | -255 | ||||||||||||||
Unrealized loss on available-for-sale security | -1 | -1 | -1 | ||||||||||||||
$ | -170 | $ | -203 | $ | -171 | ||||||||||||
The changes in accumulated other comprehensive loss for the thirty-nine week period ended November 2, 2013 were as follows: | |||||||||||||||||
(in millions) | Foreign | Cash flow | Items related to | Unrealized | Total | ||||||||||||
currency | hedges | pension and | loss on | ||||||||||||||
translation | postretirement | available- | |||||||||||||||
adjustments | benefits | for-sale | |||||||||||||||
security | |||||||||||||||||
Balance as of February 2, 2013 | $ | 82 | $ | 3 | $ | -255 | $ | -1 | $ | -171 | |||||||
Other comprehensive income (loss) before reclassification | -5 | -2 | 1 | — | -6 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 7 | — | 7 | ||||||||||||
Other comprehensive income (loss) | -5 | -2 | 8 | — | 1 | ||||||||||||
Balance as of November 2, 2013 | $ | 77 | $ | 1 | $ | -247 | $ | -1 | $ | -170 | |||||||
Reclassifications from accumulated other comprehensive loss for the thirty-nine week period ended November 2, 2013 were as follows: | |||||||||||||||||
(in millions) | |||||||||||||||||
Amortization of actuarial (gain) loss: | |||||||||||||||||
Pension benefits- amortization of actuarial loss | $ | 12 | |||||||||||||||
Postretirement benefits- amortization of actuarial gain | -2 | ||||||||||||||||
Net periodic benefit cost (see Note 9) | 10 | ||||||||||||||||
Income tax expense | -3 | ||||||||||||||||
Net of tax | $ | 7 | |||||||||||||||
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Financial Instruments | ' | ||||||||||||
6. Financial Instruments | |||||||||||||
The Company operates internationally and utilizes certain derivative financial instruments to mitigate its foreign currency exposures, primarily related to third-party and intercompany forecasted transactions. As a result of the use of derivative instruments, the Company is exposed to the risk that counterparties will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company has a policy of entering into contracts only with major financial institutions, selected based upon their credit ratings and other financial factors. The Company monitors the creditworthiness of counterparties throughout the duration of the derivative instrument. | |||||||||||||
Additional information is contained within Note 7, Fair Value Measurements. | |||||||||||||
Derivative Holdings Designated as Hedges | |||||||||||||
For a derivative to qualify as a hedge at inception and throughout the hedged period, the Company formally documents the nature of the hedged items and the relationships between the hedging instruments and the hedged items, as well as its risk-management objectives, strategies for undertaking the various hedge transactions, and the methods of assessing hedge effectiveness and hedge ineffectiveness. In addition, for hedges of forecasted transactions, the significant characteristics and expected terms of a forecasted transaction must be specifically identified, and it must be probable that each forecasted transaction would occur. If it were deemed probable that the forecasted transaction would not occur, the gain or loss on the derivative instrument would be recognized in earnings immediately. No such gains or losses were recognized in earnings for any of the periods presented. Derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged, both at inception and throughout the hedged period, which management evaluates periodically. | |||||||||||||
The primary currencies to which the Company is exposed are the euro, British pound, Canadian dollar, and Australian dollar. For option and foreign exchange forward contracts designated as cash flow hedges of the purchase of inventory, the effective portion of gains and losses is deferred as a component of Accumulated Other Comprehensive Loss (“AOCL”) and is recognized as a component of cost of sales when the related inventory is sold. The amount reclassified to cost of sales related to such contracts was not significant for any of the periods presented. The effective portion of gains or losses associated with other forward contracts is deferred as a component of AOCL until the underlying transaction is reported in earnings. The ineffective portion of gains and losses related to cash flow hedges recorded to earnings was also not significant for any of the periods presented. When using a forward contract as a hedging instrument, the Company excludes the time value of the contract from the assessment of effectiveness. At each quarter-end, the Company had not hedged forecasted transactions for more than the next twelve months, and the Company expects all derivative-related amounts reported in AOCL to be reclassified to earnings within twelve months. | |||||||||||||
The net change in the fair value of foreign exchange derivative financial instruments designated as cash flow hedges of the purchase of inventory was not significant for any of the periods presented. The notional value of the contracts outstanding at November 2, 2013 was $58 million and these contracts extend through July 2014. | |||||||||||||
Derivative Holdings Designated as Non-Hedges | |||||||||||||
The Company enters into foreign exchange forward contracts to hedge foreign-currency denominated merchandise purchases and intercompany transactions that are not designated as hedges. The net change in fair value was not significant for any of the periods presented. The notional value of the contracts outstanding at November 2, 2013 was $33 million and these contracts extend through December 2013. | |||||||||||||
Additionally, the Company enters into diesel fuel forward and option contracts to mitigate a portion of the Company’s freight expense due to the variability caused by fuel surcharges imposed by our third-party freight carriers. Changes in the fair value of these contracts are recorded in earnings immediately. The effect was not significant for any of the periods presented. The notional value of the contracts outstanding at November 2, 2013 was not significant. | |||||||||||||
Fair Value of Derivative Contracts | |||||||||||||
The following represents the fair value of the Company’s derivative contracts. Many of the Company’s agreements allow for a netting arrangement. The following is presented on a gross basis, by type of contract: | |||||||||||||
Balance Sheet | November 2, | October 27, | February 2, | ||||||||||
(in millions) | Caption | 2013 | 2012 | 2013 | |||||||||
Hedging Instruments: | |||||||||||||
Foreign exchange forward contracts | Current assets | $ | 1 | $ | 1 | $ | 4 | ||||||
Foreign exchange forward contracts | Current liabilities | $ | — | $ | 1 | $ | — | ||||||
Non-Hedging Instruments: | |||||||||||||
Foreign exchange forward contracts | Current assets | $ | — | $ | — | $ | 2 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||
7. Fair Value Measurements | |||||||||||||||||||||||||||||
The Company’s financial assets recorded at fair value are categorized as follows: | |||||||||||||||||||||||||||||
Level 1 – | Quoted prices for identical instruments in active markets. | ||||||||||||||||||||||||||||
Level 2 – | Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. | ||||||||||||||||||||||||||||
Level 3 – | Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. | ||||||||||||||||||||||||||||
Fair Value of Recognized Assets and Liabilities | |||||||||||||||||||||||||||||
The following tables provide a summary of the Company’s recognized assets and liabilities that are measured at fair value on a recurring basis: | |||||||||||||||||||||||||||||
At November 2, 2013 | At October 27, 2012 | At February 2, 2013 | |||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Short-term investments | $ | — | $ | 32 | $ | — | $ | — | $ | 49 | $ | — | $ | — | $ | 48 | $ | — | |||||||||||
Auction rate security | — | 6 | — | — | 6 | — | — | 6 | — | ||||||||||||||||||||
Foreign exchange forward contracts | — | 1 | — | — | 1 | — | — | 6 | — | ||||||||||||||||||||
Total Assets | $ | — | $ | 39 | $ | — | $ | — | $ | 56 | $ | — | $ | — | $ | 60 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||||||||||||
Foreign exchange forward contracts | — | — | — | — | 1 | — | — | — | — | ||||||||||||||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Available-for-sale securities are recorded at fair value with unrealized gains and losses reported, net of tax, in other comprehensive income, unless unrealized losses are determined to be other than temporary. As of November 2, 2013, the Company held $38 million of available-for-sale securities, which was comprised of $32 million of short-term investments and a $6 million auction rate security, which is included in other assets. | |||||||||||||||||||||||||||||
Short-term investments represent corporate bonds with maturity dates within one year from the purchase date. These securities are valued using model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets and therefore are classified as Level 2 instruments. | |||||||||||||||||||||||||||||
The fair value of the auction rate security is determined by using quoted prices for similar instruments in active markets and accordingly is classified as a Level 2 instrument. | |||||||||||||||||||||||||||||
The Company’s derivative financial instruments are valued using market-based inputs to valuation models. These valuation models require a variety of inputs, including contractual terms, market prices, yield curves, and measures of volatility. There were no transfers into or out of Level 1, Level 2, or Level 3 assets and liabilities for any of the periods presented. | |||||||||||||||||||||||||||||
Additionally, in connection with the acquisition and purchase price allocation of Runners Point Group, the Company recognized its assets and liabilities at fair value. See Note 2, Acquisition, for further discussion and additional disclosures. All amounts are categorized as Level 3. | |||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||
The carrying value and estimated fair value of long-term debt and obligations under capital leases were as follows: | |||||||||||||||||||||||||||||
November 2, | October 27, | February 2, | |||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||
Carrying value (1) | $ | 140 | $ | 133 | $ | 133 | |||||||||||||||||||||||
Fair value (1) | $ | 157 | $ | 145 | $ | 152 | |||||||||||||||||||||||
-1 | In connection with the acquisition of Runners Point Group in the second quarter of 2013, the Company recognized capital lease obligations. These were existing agreements primarily related to the financing of certain store fixtures. As of November 2, 2013, $8 million is included in the total above; $3 million is classified as short-term and $5 million is classified as long-term. | ||||||||||||||||||||||||||||
The fair value of long-term debt is determined by using model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets and therefore is classified as Level 2. | |||||||||||||||||||||||||||||
The carrying values of cash and cash equivalents, short-term investments, and other current receivables and payables approximate their fair value. | |||||||||||||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Nov. 02, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
8. Earnings Per Share | ||||||||||||||
The Company accounts for and discloses net earnings per share using the treasury stock method. The Company’s basic earnings per share is computed by dividing the Company’s reported net income for the period by the weighted-average number of common shares outstanding at the end of the period. The Company’s restricted stock awards, which contain non-forfeitable rights to dividends, are considered participating securities and are included in the calculation of basic earnings per share. Diluted earnings per share reflects the weighted-average number of common shares outstanding during the period used in the basic earnings per share computation plus dilutive common stock equivalents. | ||||||||||||||
The Company’s basic and diluted weighted-average number of common shares outstanding was as follows: | ||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Weighted-average common shares outstanding | 147.7 | 151 | 149.2 | 151.4 | ||||||||||
Effect of Dilution: | ||||||||||||||
Stock options and awards | 1.8 | 2.9 | 2 | 2.6 | ||||||||||
Weighted-average common shares assuming dilution | 149.5 | 153.9 | 151.2 | 154 | ||||||||||
Options to purchase 1.1 million and 0.9 million shares of common stock were not included in the computation for the thirteen weeks ended November 2, 2013 and October 27, 2012, respectively. Options to purchase 0.9 million and 0.7 million shares of common stock were not included in the computation for the thirty-nine weeks ended November 2, 2013 and October 27, 2012, respectively. These options were not included primarily because the exercise prices of the options were greater than the average market price of the common shares and, therefore, the effect would have been antidilutive. As of November 2, 2013, contingently issuable shares of 0.4 million have not been included as the vesting conditions have not been satisfied. | ||||||||||||||
Pension_and_Postretirement_Pla
Pension and Postretirement Plans | 9 Months Ended | |||||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Pension and Postretirement Plans | ' | |||||||||||||||||||||||||
9. Pension and Postretirement Plans | ||||||||||||||||||||||||||
The Company has defined benefit pension plans covering certain of its North American employees, which are funded in accordance with the provisions of the laws where the plans are in effect. In addition to providing pension benefits, the Company sponsors postretirement medical and life insurance plans, which are available to most of its retired U.S. employees. These medical and life insurance plans are contributory and are not funded. | ||||||||||||||||||||||||||
The following are the components of net periodic pension benefit cost and net periodic postretirement benefit income, which is recognized as part of SG&A expense: | ||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||
Thirteen weeks | Thirty-nine weeks | Thirteen weeks | Thirty-nine weeks | |||||||||||||||||||||||
ended | ended | ended | ended | |||||||||||||||||||||||
November 2, | October 27, | November 2, | October 27, | November 2, | October 27, | November 2, | October 27, | |||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 4 | $ | 3 | $ | 11 | $ | 10 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Interest cost | 6 | 7 | 19 | 21 | — | — | — | — | ||||||||||||||||||
Expected return on plan assets | -10 | -10 | -30 | -30 | — | — | — | — | ||||||||||||||||||
Amortization of net loss (gain) | 4 | 4 | 12 | 12 | -1 | -1 | -2 | -3 | ||||||||||||||||||
Net benefit expense (income) | $ | 4 | $ | 4 | $ | 12 | $ | 13 | $ | -1 | $ | -1 | $ | -2 | $ | -3 | ||||||||||
During the second quarter of 2013, the Company made a $2 million contribution to the Canadian qualified plan. No pension contributions to the U.S. qualified plan were made during the thirty-nine weeks ended November 2, 2013 and October 27, 2012. The Company continually evaluates the amount and timing of any future contributions. Additional contributions will depend on the plan asset performance and other factors. | ||||||||||||||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||||
10. Share-Based Compensation | ||||||||||||||||||
Total compensation expense related to the Company’s share-based compensation plans was $6 million for the thirteen weeks ended November 2, 2013, $5 million for the thirteen weeks ended October 27, 2012, and was $19 million and $15 million for the thirty-nine weeks ended November 2, 2013 and October 27, 2012, respectively. The associated tax benefits recognized for the thirteen weeks ended November 2, 2013 and October 27, 2012 was $2 million for both periods. The associated tax benefit recognized was $6 million for the thirty-nine weeks ended November 2, 2013 and $5 million for the thirty-nine weeks ended October 27, 2012. | ||||||||||||||||||
Tax deductions in excess of the cumulative compensation cost recognized for share-based compensation arrangements were $8 million and $9 million for the thirty-nine weeks ended November 2, 2013 and October 27, 2012, respectively, and are classified as a financing activity within the Condensed Consolidated Statements of Cash Flows. | ||||||||||||||||||
The Company uses a Black-Scholes option-pricing model to estimate the fair value of share-based awards. The Black-Scholes option-pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. | ||||||||||||||||||
The following table shows the Company’s assumptions used to compute the share-based compensation expense: | ||||||||||||||||||
Stock Option Plans | Stock Purchase Plan | |||||||||||||||||
Thirty-nine weeks ended | Thirty-nine weeks ended | |||||||||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Weighted-average risk free rate of interest | 1.02 | % | 1.5 | % | 0.17 | % | 0.22 | % | ||||||||||
Expected volatility | 42 | % | 43 | % | 40 | % | 38 | % | ||||||||||
Weighted-average expected award life | 6.0 years | 5.5 years | 1.0 year | 1.0 year | ||||||||||||||
Dividend yield | 2.3 | % | 2.3 | % | 2.3 | % | 2.5 | % | ||||||||||
Weighted-average fair value | $ | 10.98 | $ | 10.12 | $ | 5.8 | $ | 5.91 | ||||||||||
The information in the following table covers options granted under the Company’s stock option plans for the thirty-nine weeks ended November 2, 2013: | ||||||||||||||||||
(in thousands, except price per share and weighted-average term) | Shares | Weighted- | Weighted- | |||||||||||||||
Average | Average | |||||||||||||||||
Term | Exercise | |||||||||||||||||
Price | ||||||||||||||||||
Options outstanding at the beginning of the year | 5,907 | $ | 19.93 | |||||||||||||||
Granted | 1,154 | 34.25 | ||||||||||||||||
Exercised | -964 | 19.12 | ||||||||||||||||
Expired or cancelled | -59 | 29.56 | ||||||||||||||||
Options outstanding at November 2, 2013 | 6,038 | 6.59 | $ | 22.7 | ||||||||||||||
Options exercisable at November 2, 2013 | 3,857 | 5.4 | $ | 18.51 | ||||||||||||||
Options available for future grant at November 2, 2013 | 3,336 | |||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||||||
Intrinsic value of stock options (in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Exercised | $ | 2 | $ | 9 | $ | 15 | $ | 24 | ||||||||||
Outstanding | $ | 74 | $ | 85 | ||||||||||||||
Outstanding and exercisable | $ | 64 | $ | 61 | ||||||||||||||
The cash received from option exercises for the thirteen and thirty-nine weeks ended November 2, 2013 was $4 million and $19 million, respectively. The cash received from option exercises for the thirteen and thirty-nine weeks ended October 27, 2012 was $15 million and $35 million, respectively. The total tax benefit realized from option exercises was $1 million and $5 million for the thirteen and thirty-nine weeks ended November 2, 2013, respectively, and was $3 million and $8 million for the corresponding prior-year periods. | ||||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at November 2, 2013: | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Range of Exercise | Number | Weighted- | Weighted- | Number | Weighted- | |||||||||||||
Prices | Outstanding | Average | Average | Exercisable | Average | |||||||||||||
Remaining | Exercise | Exercise Price | ||||||||||||||||
Contractual Life | Price | |||||||||||||||||
(in thousands, except price per share and contractual life) | ||||||||||||||||||
$ | 9.85 | $ | 15.1 | 1,756 | 5.86 | $ | 12.6 | 1,756 | $ | 12.6 | ||||||||
$ | 15.74 | $ | 23.42 | 1,603 | 6.36 | $ | 19.71 | 1,156 | $ | 20.04 | ||||||||
$ | 23.63 | $ | 30.92 | 1,540 | 5.61 | $ | 28.77 | 937 | $ | 27.55 | ||||||||
$ | 31.79 | $ | 36.59 | 1,139 | 9.36 | $ | 34.26 | 8 | $ | 34.17 | ||||||||
$ | 9.85 | $ | 36.59 | 6,038 | 6.59 | $ | 22.7 | 3,857 | $ | 18.51 | ||||||||
Changes in the Company’s nonvested options for the thirty-nine weeks ended November 2, 2013 are summarized as follows: | ||||||||||||||||||
(in thousands, except price per share) | Number of | Weighted- | ||||||||||||||||
Shares | Average Grant | |||||||||||||||||
Date Fair Value | ||||||||||||||||||
per Share | ||||||||||||||||||
Nonvested at the beginning of the year | 2,314 | $ | 23.18 | |||||||||||||||
Granted | 1,154 | 34.25 | ||||||||||||||||
Vested | -1,228 | 20.97 | ||||||||||||||||
Expired or cancelled | -59 | 29.56 | ||||||||||||||||
Nonvested at November 2, 2013 | 2,181 | $ | 30.11 | |||||||||||||||
Compensation expense related to the Company’s stock option and stock purchase plans was $3 million and $9 million for the thirteen and thirty-nine weeks ended November 2, 2013, respectively, and was $2 million and $7 million for the thirteen and thirty-nine weeks ended October 27, 2012, respectively. As of November 2, 2013, there was $11 million of total unrecognized compensation cost related to nonvested stock options, which is expected to be recognized over a weighted-average period of 1.10 years. | ||||||||||||||||||
Restricted Stock and Units | ||||||||||||||||||
Restricted shares of the Company’s common stock and restricted stock units may be awarded to certain officers and key employees of the Company. The Company also issues restricted stock units to its non-employee directors. Each restricted stock unit represents the right to receive one share of the Company’s common stock, provided that the vesting conditions are satisfied. As of November 2, 2013, 997,542 restricted stock units were outstanding. Compensation expense is recognized using the fair market value at the date of grant and is amortized over the vesting period, provided the recipient continues to be employed by the Company. | ||||||||||||||||||
Generally, awards fully vest after the passage of time, typically three years. However, restricted stock unit grants made in connection with the Company’s long-term incentive program vest after the attainment of certain performance metrics and the passage of time. Restricted stock is considered outstanding at the time of grant and the holders have voting rights. Dividends are paid to holders of restricted stock that vests with the passage of time; for any performance-based restricted stock granted after May 19, 2010, dividends will be accumulated and paid after the performance criteria are met. | ||||||||||||||||||
Restricted share and unit activity for the thirty-nine weeks ended November 2, 2013 and October 27, 2012 is summarized as follows: | ||||||||||||||||||
Number of Shares and Units | ||||||||||||||||||
(in thousands) | November 2, 2013 | October 27, 2012 | ||||||||||||||||
Outstanding at beginning of period | 1,564 | 2,068 | ||||||||||||||||
Granted | 440 | 264 | ||||||||||||||||
Vested | -649 | -482 | ||||||||||||||||
Cancelled or forfeited | -15 | — | ||||||||||||||||
Outstanding at end of period | 1,340 | 1,850 | ||||||||||||||||
Aggregate value (in millions) | $ | 36 | $ | 33 | ||||||||||||||
Weighted-average remaining contractual life | 1.09 years | 0.95 years | ||||||||||||||||
The weighted-average grant-date fair value per share was $34.59 and $30.75 for the thirty-nine weeks ended November 2, 2013 and October 27, 2012, respectively. The total value of awards for which restrictions lapsed during the thirty-nine weeks ended November 2, 2013 and October 27, 2012 was $9 million and $5 million, respectively. As of November 2, 2013, there was $13 million of total unrecognized compensation cost related to nonvested restricted awards. The Company recorded compensation expense related to restricted stock awards, net of forfeitures, of $3 million for both the thirteen weeks ended November 2, 2013 and October 27, 2012, and $10 million and $8 million for the thirty-nine weeks ended November 2, 2013 and October 27, 2012, respectively. | ||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 02, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying condensed consolidated financial statements contained in this report are unaudited. In the opinion of management, the condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods of the fiscal year ending February 1, 2014 and of the fiscal year ended February 2, 2013. Certain items included in these statements are based on management’s estimates. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Notes to Consolidated Financial Statements contained in the Company’s Form 10-K for the year ended February 2, 2013, as filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2013. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
During the first quarter of 2013, the Company adopted Accounting Standards Update 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 amended existing guidance by requiring additional disclosure either on the face of the income statement or in the notes to the financial statements of significant amounts reclassified out of accumulated other comprehensive income. The provisions of this new guidance were effective prospectively as of the beginning of 2013. Accordingly, enhanced footnote disclosure is included in Note 5. The adoption of ASU 2013-02 had no effect on our results of operations or financial position. | |
We performed our annual goodwill impairment assessment during the first quarter of 2013, using a qualitative approach as permitted under Accounting Standards Update No. 2011-08, Testing Goodwill for Impairment. In performing the assessment, we identified and considered the significance of relevant key factors, events, and circumstances that affected the fair value and/or carrying amounts of our reporting units. These factors included external factors such as macroeconomic, industry and market conditions, as well as entity-specific factors, such as our actual and planned financial performance. Based on the results of the impairment assessment performed, we concluded that it is more likely than not that the fair values of our reporting units substantially exceeded their respective carrying values and there are no reporting units at risk of impairment. | |
Other recently issued accounting pronouncements did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements. | |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||
Nov. 02, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Allocation of the purchase price | ' | ||||
The allocation of the purchase price in the table below is preliminary and subject to change based on the finalization of the purchase price. | |||||
Allocation | |||||
(in millions) | as Revised | ||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 6 | |||
Inventory | 41 | ||||
Other current assets | 11 | ||||
Property and equipment | 24 | ||||
Other long-term assets | 1 | ||||
Tradenames | 29 | -1 | |||
Favorable leases | 5 | ||||
Liabilities assumed: | |||||
Accounts payable and other accruals | -27 | ||||
Income taxes and deferred taxes, net | -11 | ||||
Obligations under capital leases | -9 | ||||
Other long-term liabilities | -1 | ||||
Goodwill | 18 | ||||
Total purchase price | $ | 87 | |||
(1) Due to foreign currency fluctuations, the U.S. dollar value of tradenames increased to $30 million as of November 2, 2013. | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||
Nov. 02, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Sales and Division Results for Reportable Segments | ' | |||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
Sales | November 2, | October 27, | November 2, | October 27, | ||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Athletic Stores | $ | 1,444 | $ | 1,375 | $ | 4,228 | $ | 4,060 | ||||||
Direct-to-Customers | 178 | 149 | 486 | 409 | ||||||||||
Total sales | $ | 1,622 | $ | 1,524 | $ | 4,714 | $ | 4,469 | ||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
Operating Results | November 2, | October 27, | November 2, | October 27, | ||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Athletic Stores (1) | $ | 159 | $ | 166 | $ | 486 | $ | 480 | ||||||
Direct-to-Customers | 20 | 18 | 53 | 47 | ||||||||||
Division profit | 179 | 184 | 539 | 527 | ||||||||||
Less: Corporate expense, net | 17 | 28 | 56 | 76 | ||||||||||
Operating profit | 162 | 156 | 483 | 451 | ||||||||||
Other income (2) | — | — | 3 | 1 | ||||||||||
Interest expense, net | 2 | 1 | 4 | 3 | ||||||||||
Income before income taxes | $ | 160 | $ | 155 | $ | 482 | $ | 449 | ||||||
-1 | Included in the Athletic Stores segment for the thirty-nine weeks ended November 2, 2013 is a $2 million charge recorded in connection with the closure of all CCS stores. | |||||||||||||
-2 | Other income includes non-operating items, such as lease termination gains, royalty income, and the changes in fair value, premiums paid and realized gains associated with foreign currency option contracts. | |||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of Goodwill by Reportable Segment | ' | ||||||||||||||||||||||||||||
Of the $18 million of goodwill relating to the acquisition of Runners Point Group, $3 million was allocated to the Athletic Stores segment related to the Runners Point Group stores and $15 million was allocated to the Direct-to-Customers segment related to the Tredex division. | |||||||||||||||||||||||||||||
November 2, | October 27, | February 2, | |||||||||||||||||||||||||||
Goodwill (in millions) | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||
Athletic Stores | $ | 21 | $ | 17 | $ | 18 | |||||||||||||||||||||||
Direct-to-Customers | 142 | 127 | 127 | ||||||||||||||||||||||||||
$ | 163 | $ | 144 | $ | 145 | ||||||||||||||||||||||||
Components of Finite-Lived Intangible Assets and Intangible Assets Not Subject to Amortization | ' | ||||||||||||||||||||||||||||
The components of finite-lived intangible assets and intangible assets not subject to amortization are as follows: | |||||||||||||||||||||||||||||
November 2, 2013 | October 27, 2012 | February 2, 2013 | |||||||||||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | Gross | Accum. | Net | |||||||||||||||||||||
(in millions) | value | amort. | value | value | amort. | value | value | amort. | value | ||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||||||
Lease acquisition costs | $ | 159 | $ | -140 | $ | 19 | $ | 163 | $ | -141 | $ | 22 | $ | 158 | $ | -137 | $ | 21 | |||||||||||
Trademarks | 21 | -10 | 11 | 21 | -9 | 12 | 21 | -9 | 12 | ||||||||||||||||||||
Favorable leases | 9 | -4 | 5 | 5 | -5 | — | 5 | -5 | — | ||||||||||||||||||||
Customer relationships | 21 | -21 | — | 21 | -17 | 4 | 21 | -18 | 3 | ||||||||||||||||||||
$ | 210 | $ | -175 | $ | 35 | $ | 210 | $ | -172 | $ | 38 | $ | 205 | $ | -169 | $ | 36 | ||||||||||||
Indefinite life intangible assets: | |||||||||||||||||||||||||||||
Tradenames: | |||||||||||||||||||||||||||||
Republic of Ireland | 2 | 1 | 1 | ||||||||||||||||||||||||||
CCS | 3 | 10 | 3 | ||||||||||||||||||||||||||
Runners Point Group | 30 | — | — | ||||||||||||||||||||||||||
$ | 35 | $ | 11 | $ | 4 | ||||||||||||||||||||||||
Other intangible assets, net | $ | 70 | $ | 49 | $ | 40 | |||||||||||||||||||||||
Amortization Expense | ' | ||||||||||||||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Amortization expense | $ | 3 | $ | 3 | $ | 9 | $ | 10 | |||||||||||||||||||||
Estimated Future Expected Amortization Expense for Finite Life Intangible Assets | ' | ||||||||||||||||||||||||||||
Future expected amortization expense for finite life intangible assets is estimated as follows: | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Remainder of 2013 | $ | 2 | |||||||||||||||||||||||||||
2014 | 6 | ||||||||||||||||||||||||||||
2015 | 5 | ||||||||||||||||||||||||||||
2016 | 4 | ||||||||||||||||||||||||||||
2017 | 4 | ||||||||||||||||||||||||||||
2018 | 3 | ||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Accumulated other comprehensive loss comprised the following: | |||||||||||||||||
November 2, | October 27, | February 2, | |||||||||||||||
(in millions) | 2013 | 2012 | 2013 | ||||||||||||||
Foreign currency translation adjustments | $ | 77 | $ | 56 | $ | 82 | |||||||||||
Cash flow hedges | 1 | — | 3 | ||||||||||||||
Unrecognized pension cost and postretirement benefit | -247 | -258 | -255 | ||||||||||||||
Unrealized loss on available-for-sale security | -1 | -1 | -1 | ||||||||||||||
$ | -170 | $ | -203 | $ | -171 | ||||||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
The changes in accumulated other comprehensive loss for the thirty-nine week period ended November 2, 2013 were as follows: | |||||||||||||||||
(in millions) | Foreign | Cash flow | Items related to | Unrealized | Total | ||||||||||||
currency | hedges | pension and | loss on | ||||||||||||||
translation | postretirement | available- | |||||||||||||||
adjustments | benefits | for-sale | |||||||||||||||
security | |||||||||||||||||
Balance as of February 2, 2013 | $ | 82 | $ | 3 | $ | -255 | $ | -1 | $ | -171 | |||||||
Other comprehensive income (loss) before reclassification | -5 | -2 | 1 | — | -6 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 7 | — | 7 | ||||||||||||
Other comprehensive income (loss) | -5 | -2 | 8 | — | 1 | ||||||||||||
Balance as of November 2, 2013 | $ | 77 | $ | 1 | $ | -247 | $ | -1 | $ | -170 | |||||||
Reclassification from Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Reclassifications from accumulated other comprehensive loss for the thirty-nine week period ended November 2, 2013 were as follows: | |||||||||||||||||
(in millions) | |||||||||||||||||
Amortization of actuarial (gain) loss: | |||||||||||||||||
Pension benefits- amortization of actuarial loss | $ | 12 | |||||||||||||||
Postretirement benefits- amortization of actuarial gain | -2 | ||||||||||||||||
Net periodic benefit cost (see Note 9) | 10 | ||||||||||||||||
Income tax expense | -3 | ||||||||||||||||
Net of tax | $ | 7 | |||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Fair Value of Derivative Contracts on Gross Basis, by Type of Contract | ' | ||||||||||||
The following represents the fair value of the Company’s derivative contracts. Many of the Company’s agreements allow for a netting arrangement. The following is presented on a gross basis, by type of contract: | |||||||||||||
Balance Sheet | November 2, | October 27, | February 2, | ||||||||||
(in millions) | Caption | 2013 | 2012 | 2013 | |||||||||
Hedging Instruments: | |||||||||||||
Foreign exchange forward contracts | Current assets | $ | 1 | $ | 1 | $ | 4 | ||||||
Foreign exchange forward contracts | Current liabilities | $ | — | $ | 1 | $ | — | ||||||
Non-Hedging Instruments: | |||||||||||||
Foreign exchange forward contracts | Current assets | $ | — | $ | — | $ | 2 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||
The following tables provide a summary of the Company’s recognized assets and liabilities that are measured at fair value on a recurring basis: | |||||||||||||||||||||||||||||
At November 2, 2013 | At October 27, 2012 | At February 2, 2013 | |||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Short-term investments | $ | — | $ | 32 | $ | — | $ | — | $ | 49 | $ | — | $ | — | $ | 48 | $ | — | |||||||||||
Auction rate security | — | 6 | — | — | 6 | — | — | 6 | — | ||||||||||||||||||||
Foreign exchange forward contracts | — | 1 | — | — | 1 | — | — | 6 | — | ||||||||||||||||||||
Total Assets | $ | — | $ | 39 | $ | — | $ | — | $ | 56 | $ | — | $ | — | $ | 60 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||||||||||||
Foreign exchange forward contracts | — | — | — | — | 1 | — | — | — | — | ||||||||||||||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Carrying Value and Estimated Fair Value of Long-Term Debt | ' | ||||||||||||||||||||||||||||
The carrying value and estimated fair value of long-term debt and obligations under capital leases were as follows: | |||||||||||||||||||||||||||||
November 2, | October 27, | February 2, | |||||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||
Carrying value (1) | $ | 140 | $ | 133 | $ | 133 | |||||||||||||||||||||||
Fair value (1) | $ | 157 | $ | 145 | $ | 152 | |||||||||||||||||||||||
-1 | In connection with the acquisition of Runners Point Group in the second quarter of 2013, the Company recognized capital lease obligations. These were existing agreements primarily related to the financing of certain store fixtures. As of November 2, 2013, $8 million is included in the total above; $3 million is classified as short-term and $5 million is classified as long-term. | ||||||||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Nov. 02, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Basic and Diluted Weighted-Average Number of Common Shares Outstanding | ' | |||||||||||||
The Company’s basic and diluted weighted-average number of common shares outstanding was as follows: | ||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Weighted-average common shares outstanding | 147.7 | 151 | 149.2 | 151.4 | ||||||||||
Effect of Dilution: | ||||||||||||||
Stock options and awards | 1.8 | 2.9 | 2 | 2.6 | ||||||||||
Weighted-average common shares assuming dilution | 149.5 | 153.9 | 151.2 | 154 | ||||||||||
Pension_and_Postretirement_Pla1
Pension and Postretirement Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Components of Net Periodic Pension Benefit Cost and Postretirement Benefit Income | ' | |||||||||||||||||||||||||
The following are the components of net periodic pension benefit cost and net periodic postretirement benefit income, which is recognized as part of SG&A expense: | ||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||
Thirteen weeks | Thirty-nine weeks | Thirteen weeks | Thirty-nine weeks | |||||||||||||||||||||||
ended | ended | ended | ended | |||||||||||||||||||||||
November 2, | October 27, | November 2, | October 27, | November 2, | October 27, | November 2, | October 27, | |||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 4 | $ | 3 | $ | 11 | $ | 10 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Interest cost | 6 | 7 | 19 | 21 | — | — | — | — | ||||||||||||||||||
Expected return on plan assets | -10 | -10 | -30 | -30 | — | — | — | — | ||||||||||||||||||
Amortization of net loss (gain) | 4 | 4 | 12 | 12 | -1 | -1 | -2 | -3 | ||||||||||||||||||
Net benefit expense (income) | $ | 4 | $ | 4 | $ | 12 | $ | 13 | $ | -1 | $ | -1 | $ | -2 | $ | -3 | ||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |||||||||||||||||
Assumptions used to Compute Share-Based Compensation Expense | ' | |||||||||||||||||
The following table shows the Company’s assumptions used to compute the share-based compensation expense: | ||||||||||||||||||
Stock Option Plans | Stock Purchase Plan | |||||||||||||||||
Thirty-nine weeks ended | Thirty-nine weeks ended | |||||||||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Weighted-average risk free rate of interest | 1.02 | % | 1.5 | % | 0.17 | % | 0.22 | % | ||||||||||
Expected volatility | 42 | % | 43 | % | 40 | % | 38 | % | ||||||||||
Weighted-average expected award life | 6.0 years | 5.5 years | 1.0 year | 1.0 year | ||||||||||||||
Dividend yield | 2.3 | % | 2.3 | % | 2.3 | % | 2.5 | % | ||||||||||
Weighted-average fair value | $ | 10.98 | $ | 10.12 | $ | 5.8 | $ | 5.91 | ||||||||||
Options Granted under Stock Option Plans | ' | |||||||||||||||||
The information in the following table covers options granted under the Company’s stock option plans for the thirty-nine weeks ended November 2, 2013: | ||||||||||||||||||
(in thousands, except price per share and weighted-average term) | Shares | Weighted- | Weighted- | |||||||||||||||
Average | Average | |||||||||||||||||
Term | Exercise | |||||||||||||||||
Price | ||||||||||||||||||
Options outstanding at the beginning of the year | 5,907 | $ | 19.93 | |||||||||||||||
Granted | 1,154 | 34.25 | ||||||||||||||||
Exercised | -964 | 19.12 | ||||||||||||||||
Expired or cancelled | -59 | 29.56 | ||||||||||||||||
Options outstanding at November 2, 2013 | 6,038 | 6.59 | $ | 22.7 | ||||||||||||||
Options exercisable at November 2, 2013 | 3,857 | 5.4 | $ | 18.51 | ||||||||||||||
Options available for future grant at November 2, 2013 | 3,336 | |||||||||||||||||
Aggregate Intrinsic Value for Stock Options Outstanding and Exercisable | ' | |||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||||||
Intrinsic value of stock options (in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Exercised | $ | 2 | $ | 9 | $ | 15 | $ | 24 | ||||||||||
Outstanding | $ | 74 | $ | 85 | ||||||||||||||
Outstanding and exercisable | $ | 64 | $ | 61 | ||||||||||||||
Information about Stock Options Outstanding and Exercisable | ' | |||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at November 2, 2013: | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Range of Exercise | Number | Weighted- | Weighted- | Number | Weighted- | |||||||||||||
Prices | Outstanding | Average | Average | Exercisable | Average | |||||||||||||
Remaining | Exercise | Exercise Price | ||||||||||||||||
Contractual Life | Price | |||||||||||||||||
(in thousands, except price per share and contractual life) | ||||||||||||||||||
$ | 9.85 | $ | 15.1 | 1,756 | 5.86 | $ | 12.6 | 1,756 | $ | 12.6 | ||||||||
$ | 15.74 | $ | 23.42 | 1,603 | 6.36 | $ | 19.71 | 1,156 | $ | 20.04 | ||||||||
$ | 23.63 | $ | 30.92 | 1,540 | 5.61 | $ | 28.77 | 937 | $ | 27.55 | ||||||||
$ | 31.79 | $ | 36.59 | 1,139 | 9.36 | $ | 34.26 | 8 | $ | 34.17 | ||||||||
$ | 9.85 | $ | 36.59 | 6,038 | 6.59 | $ | 22.7 | 3,857 | $ | 18.51 | ||||||||
Changes in Nonvested Options | ' | |||||||||||||||||
Changes in the Company’s nonvested options for the thirty-nine weeks ended November 2, 2013 are summarized as follows: | ||||||||||||||||||
(in thousands, except price per share) | Number of | Weighted- | ||||||||||||||||
Shares | Average Grant | |||||||||||||||||
Date Fair Value | ||||||||||||||||||
per Share | ||||||||||||||||||
Nonvested at the beginning of the year | 2,314 | $ | 23.18 | |||||||||||||||
Granted | 1,154 | 34.25 | ||||||||||||||||
Vested | -1,228 | 20.97 | ||||||||||||||||
Expired or cancelled | -59 | 29.56 | ||||||||||||||||
Nonvested at November 2, 2013 | 2,181 | $ | 30.11 | |||||||||||||||
Restricted Shares and Units Activity | ' | |||||||||||||||||
Restricted share and unit activity for the thirty-nine weeks ended November 2, 2013 and October 27, 2012 is summarized as follows: | ||||||||||||||||||
Number of Shares and Units | ||||||||||||||||||
(in thousands) | November 2, 2013 | October 27, 2012 | ||||||||||||||||
Outstanding at beginning of period | 1,564 | 2,068 | ||||||||||||||||
Granted | 440 | 264 | ||||||||||||||||
Vested | -649 | -482 | ||||||||||||||||
Cancelled or forfeited | -15 | — | ||||||||||||||||
Outstanding at end of period | 1,340 | 1,850 | ||||||||||||||||
Aggregate value (in millions) | $ | 36 | $ | 33 | ||||||||||||||
Weighted-average remaining contractual life | 1.09 years | 0.95 years | ||||||||||||||||
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | Jul. 07, 2013 |
Payments to Acquire Businesses, Gross | $87 | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | 100.00% |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 4 | ' |
Trade names | ' | ' |
Indefinite-lived Intangible Assets, Period Increase (Decrease) | $30 | ' |
Runners Point Group | ' | ' |
Number of Stores | ' | 194 |
Number of Franchise Stores | ' | 24 |
Allocation_of_the_purchase_pri
Allocation of the purchase price (Detail) (Allocation as Revised, USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | |
Allocation as Revised | ' | |
Assets acquired: | ' | |
Cash and cash equivalents | $6 | |
Inventory | 41 | |
Other current assets | 11 | |
Property and equipment | 24 | |
Other long-term assets | 1 | |
Tradenames | 29 | [1] |
Favorable leases | 5 | |
Liabilities assumed: | ' | |
Accounts payable and other accruals | -27 | |
Income taxes and deferred taxes, net | -11 | |
Obligations under capital leases | -9 | |
Other long-term liabilities | -1 | |
Goodwill | 18 | |
Total purchase price | $87 | |
[1] | Due to foreign currency fluctuations, the U.S. dollar value of tradenames increased to $30 million as of November 2, 2013. |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 |
Runners Point Group | Runners Point Group | CCS | CCS | CCS | Direct-to-Customers | Direct-to-Customers | Direct-to-Customers | Direct-to-Customers | Direct-to-Customers | Direct-to-Customers | Athletic Store | Athletic Store | Athletic Store | |||||
Subsequent Event | Runners Point Group | Runners Point Group | Runners Point Group | Runners Point Group | ||||||||||||||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Exit Costs | $0 | $0 | $2 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' |
Reportable Segments | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Stores Closed | ' | ' | ' | ' | ' | ' | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Stores Converted | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Stores To Be Converted | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Stores To Be Converted Future Period | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue Net | 1,622 | 1,524 | 4,714 | 4,469 | ' | ' | ' | ' | ' | 178 | 149 | 486 | 409 | 8 | 10 | ' | 64 | 84 |
Operating Income Loss Before Corporate Costs And Other | 179 | 184 | 539 | 527 | ' | ' | ' | ' | ' | 20 | 18 | 53 | 47 | ' | ' | ' | 1 | 3 |
Acquisition and Integration costs | ' | ' | ' | ' | $1 | $4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales_and_Division_Operating_R
Sales and Division Operating Results for Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Sales | $1,622 | $1,524 | $4,714 | $4,469 | ||||
Division profit | 179 | 184 | 539 | 527 | ||||
Less: Corporate expense, net | 17 | 28 | 56 | 76 | ||||
Operating profit | 162 | 156 | 483 | 451 | ||||
Other income | 0 | [1] | 0 | [1] | 3 | [1] | 1 | [1] |
Interest expense, net | 2 | 1 | 4 | 3 | ||||
Income before income taxes | 160 | 155 | 482 | 449 | ||||
Athletic Stores | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Sales | 1,444 | 1,375 | 4,228 | 4,060 | ||||
Division profit | 159 | [2] | 166 | [2] | 486 | [2] | 480 | [2] |
Direct-to-Customers | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Sales | 178 | 149 | 486 | 409 | ||||
Division profit | $20 | $18 | $53 | $47 | ||||
[1] | Other income includes non-operating items, such as lease termination gains, royalty income, and the changes in fair value, premiums paid and realized gains associated with foreign currency option contracts. | |||||||
[2] | Included in the Athletic Stores segment for the thirty-nine weeks ended November 2, 2013 is a $2 million charge recorded in connection with the closure of all CCS stores. |
Summary_of_Goodwill_by_Reporta
Summary of Goodwill by Reportable Segment (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | |
In Millions, unless otherwise specified | ||||
Goodwill [Line Items] | ' | ' | ' | |
Goodwill | $163 | $145 | [1] | $144 |
Athletic Stores | ' | ' | ' | |
Goodwill [Line Items] | ' | ' | ' | |
Goodwill | 21 | 18 | 17 | |
Direct-to-Customers | ' | ' | ' | |
Goodwill [Line Items] | ' | ' | ' | |
Goodwill | $142 | $127 | $127 | |
[1] | The balance sheet at February 2, 2013 has been derived from the previously reported audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 2, 2013. |
Components_of_FiniteLived_Inta
Components of Finite-Lived Intangible Assets and Intangible Assets Not Subject To Amortization (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Amortized intangible assets: | ' | ' | ' |
Amortized intangible assets, Gross value | $210 | $205 | $210 |
Amortized intangible assets, Accum. amort. | -175 | -169 | -172 |
Amortized intangible assets, Net value | 35 | 36 | 38 |
Indefinite life intangible assets: | ' | ' | ' |
Tradenames, Net Value | 35 | 4 | 11 |
Other intangible assets, net | 70 | 40 | 49 |
Lease acquisition costs | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Amortized intangible assets, Gross value | 159 | 158 | 163 |
Amortized intangible assets, Accum. amort. | -140 | -137 | -141 |
Amortized intangible assets, Net value | 19 | 21 | 22 |
Favorable leases | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Amortized intangible assets, Gross value | 9 | 5 | 5 |
Amortized intangible assets, Accum. amort. | -4 | -5 | -5 |
Amortized intangible assets, Net value | 5 | 0 | 0 |
Trademarks | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Amortized intangible assets, Gross value | 21 | 21 | 21 |
Amortized intangible assets, Accum. amort. | -10 | -9 | -9 |
Amortized intangible assets, Net value | 11 | 12 | 12 |
Customer relationships | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Amortized intangible assets, Gross value | 21 | 21 | 21 |
Amortized intangible assets, Accum. amort. | -21 | -18 | -17 |
Amortized intangible assets, Net value | 0 | 3 | 4 |
Republic of Ireland | ' | ' | ' |
Indefinite life intangible assets: | ' | ' | ' |
Tradenames, Net Value | 2 | 1 | 1 |
CCS | ' | ' | ' |
Indefinite life intangible assets: | ' | ' | ' |
Tradenames, Net Value | 3 | 3 | 10 |
Runners Point Group | ' | ' | ' |
Indefinite life intangible assets: | ' | ' | ' |
Tradenames, Net Value | 30 | 0 | 0 |
Runners Point Group | Favorable leases | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Amortized intangible assets, Net value | 5 | ' | ' |
Runners Point Group | Trade names | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Amortized intangible assets, Net value | $30 | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net, Total | $35 | $38 | $35 | $38 | $36 |
Runners Point Favorable Leases Acquired | ' | ' | 15 | ' | ' |
Amortization Of Intangible Assets | 3 | 3 | 9 | 10 | ' |
Direct-to-Customers | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | 15 | ' | ' |
Athletic Store | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | 3 | ' | ' |
Lease acquisition costs | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net, Total | 19 | 22 | 19 | 22 | 21 |
Lease acquisition costs | Foot Locker Europe | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net, Total | 2 | ' | 2 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | '10 years | ' | ' |
Amortization Of Intangible Assets | ' | ' | 9 | ' | ' |
Intangible Asset Foreign Exchange Fluctuations | ' | ' | 2 | ' | ' |
Favorable leases | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net, Total | 5 | 0 | 5 | 0 | 0 |
Runners Point Group | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | 18 | ' | ' |
Runners Point Group | Trade Names | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net, Total | 30 | ' | 30 | ' | ' |
Runners Point Group | Favorable leases | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net, Total | $5 | ' | $5 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | '6 years | ' | ' |
Amortization_Expense_Detail
Amortization Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' |
Amortization expense | $3 | $3 | $9 | $10 |
Estimated_Future_Amortization_
Estimated Future Amortization Expense for Finite Lived Intangibles (Detail) (USD $) | Nov. 02, 2013 |
In Millions, unless otherwise specified | |
Expected Amortization Expense [Line Items] | ' |
Remainder of 2013 | $2 |
2014 | 6 |
2015 | 5 |
2016 | 4 |
2017 | 4 |
2018 | $3 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | |
In Millions, unless otherwise specified | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |
Foreign currency translation adjustments | $77 | $82 | $56 | |
Cash flow hedges | 1 | 3 | 0 | |
Unrecognized pension cost and postretirement benefit | -247 | -255 | -258 | |
Unrealized loss on available-for-sale security | -1 | -1 | -1 | |
Accumulated other comprehensive loss | ($170) | ($171) | [1] | ($203) |
[1] | The balance sheet at February 2, 2013 has been derived from the previously reported audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 2, 2013. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Beginning Balance | ($171) | [1] | ($203) |
Other comprehensive income (loss) before reclassification | -6 | ' | |
Amounts reclassified from accumulated other comprehensive income | 7 | ' | |
Other comprehensive income (loss) | 1 | ' | |
Ending Balance | -170 | -203 | |
Foreign currency translation adjustments | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Beginning Balance | 82 | ' | |
Other comprehensive income (loss) before reclassification | -5 | ' | |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | |
Other comprehensive income (loss) | -5 | ' | |
Ending Balance | 77 | ' | |
Cash flow hedges | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Beginning Balance | 3 | ' | |
Other comprehensive income (loss) before reclassification | -2 | ' | |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | |
Other comprehensive income (loss) | -2 | ' | |
Ending Balance | 1 | ' | |
Items related to pension and postretirement benefits | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Beginning Balance | -255 | ' | |
Other comprehensive income (loss) before reclassification | 1 | ' | |
Amounts reclassified from accumulated other comprehensive income | 7 | ' | |
Other comprehensive income (loss) | 8 | ' | |
Ending Balance | -247 | ' | |
Unrealized loss on available-for- sale security | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Beginning Balance | -1 | ' | |
Other comprehensive income (loss) before reclassification | 0 | ' | |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | |
Other comprehensive income (loss) | 0 | ' | |
Ending Balance | ($1) | ' | |
[1] | The balance sheet at February 2, 2013 has been derived from the previously reported audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 2, 2013. |
Reclassifications_from_Accumul
Reclassifications from Accumulated Other Comprehensive Loss (Detail) (Reclassification out of Accumulated Other Comprehensive Income, USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 02, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Net periodic benefit cost | $10 |
Income tax expense | -3 |
Net of tax | 7 |
Pension Benefits | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Net periodic benefit cost | 12 |
Postretirement Benefits | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Net periodic benefit cost | ($2) |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 02, 2013 |
Derivatives Designated as Hedging Instruments | ' |
Derivative [Line Items] | ' |
Derivative, Notional Amount | 58 |
Derivatives Designated as Hedging Instruments | Forward foreign exchange contracts | ' |
Derivative [Line Items] | ' |
Derivative contracts maturity date | '2014-07 |
Derivatives Designated as Non-Hedging Instruments | ' |
Derivative [Line Items] | ' |
Derivative, Notional Amount | 33 |
Derivatives Designated as Non-Hedging Instruments | Forward foreign exchange contracts | ' |
Derivative [Line Items] | ' |
Derivative contracts maturity date | '2013-12 |
Fair_Value_of_Derivative_Contr
Fair Value of Derivative Contracts on Gross Basis, by Type of Contract (Detail) (Diesel fuel forward contracts, USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Derivatives Designated as Hedging Instruments | Current Assets | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value of derivative asset | $1 | $4 | $1 |
Derivatives Designated as Hedging Instruments | Current Liabilities | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value of derivative liability | 0 | 0 | 1 |
Derivatives Designated as Non-Hedging Instruments | Current Assets | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value of derivative asset | $0 | $2 | $0 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Level 2, Fair Value, Measurements, Recurring, USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Assets measured at fair value on recurring basis | $39 | $60 | $56 |
Liabilities measured at fair value on recurring basis | 0 | 0 | 1 |
Short-term Investments | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Assets measured at fair value on recurring basis | 32 | 48 | 49 |
Auction rate security | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Assets measured at fair value on recurring basis | 6 | 6 | 6 |
Foreign exchange forward contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Assets measured at fair value on recurring basis | 1 | 6 | 1 |
Liabilities measured at fair value on recurring basis | $0 | $0 | $1 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | |
In Millions, unless otherwise specified | ||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | ' | ' | ' | |
Available-for-sale securities, short-term | $38 | ' | ' | |
Short term investments | 32 | 48 | [1] | 49 |
Available-for-sale securities, auction rate security | 6 | ' | ' | |
Capital Lease Obligations, Current | 3 | 0 | [1] | 0 |
Capital Lease Obligations, Noncurrent | 5 | ' | ' | |
Runners Point Group | ' | ' | ' | |
Fair Value, Measurement Inputs, Disclosure [Line Items] | ' | ' | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation | $8 | ' | ' | |
[1] | The balance sheet at February 2, 2013 has been derived from the previously reported audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 2, 2013. |
Carrying_Value_and_Estimated_F
Carrying Value and Estimated Fair Value of Long-Term Debt (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | |||
In Millions, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Long-term debt and obligations under capital leases | $140 | [1] | $133 | [1] | $133 | [1] |
Long Term Debt And Capital Lease Obligations Fair value | $157 | [1] | $152 | [1] | $145 | [1] |
[1] | In connection with the acquisition of Runners Point Group in the second quarter of 2013, the Company recognized capital leases. These were existing agreements primarily related to the financing of certain store fixtures. As of November 2, 2013, $8 million is included in the total above; $3 million is classified as short-term and $5 million is classified as long-term. |
Basic_and_Diluted_WeightedAver
Basic and Diluted Weighted-Average Number of Common Shares Outstanding (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Weighted-average common shares outstanding | 147.7 | 151 | 149.2 | 151.4 |
Effect of Dilution: | ' | ' | ' | ' |
Stock options and awards | 1.8 | 2.9 | 2 | 2.6 |
Weighted Average Number Of Diluted Shares Outstanding | 149.5 | 153.9 | 151.2 | 154 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional information (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Contingently issuable shares excluded from diluted earnings per share | ' | ' | 0.4 | ' |
Stock Option Plans | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potential common shares excluded from calculation of diluted earning per share | 1.1 | 0.9 | 0.9 | 0.7 |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension Benefit Cost and Net Postretirement Benefit Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $4 | $3 | $11 | $10 |
Interest cost | 6 | 7 | 19 | 21 |
Expected return on plan assets | -10 | -10 | -30 | -30 |
Amortization of net loss (gain) | 4 | 4 | 12 | 12 |
Net benefit expense (income) | 4 | 4 | 12 | 13 |
Postretirement Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 0 | 0 | 0 | 0 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net loss (gain) | -1 | -1 | -2 | -3 |
Net benefit expense (income) | ($1) | ($1) | ($2) | ($3) |
Pension_and_Postretirement_Pla2
Pension and Postretirement Plans - Additional Information (Detail) (Canadian Qualified Pension Plan, USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Aug. 03, 2013 |
Canadian Qualified Pension Plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Contributions by Employer | $2 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $6 | $5 | $19 | $15 |
Share-based compensation, realized tax benefit | 2 | 2 | 6 | 5 |
Tax deductions in excess of the cumulative compensation cost | ' | ' | 8 | 9 |
Cash received from options exercised | 4 | 15 | 19 | 35 |
Tax benefit realized from options exercised | 1 | 3 | 5 | 8 |
Stock Option and Stock Purchase Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 3 | 2 | 9 | 7 |
Nonvested stock options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized compensation cost, nonvested | 11 | ' | 11 | ' |
Unrecognized compensation cost related to nonvested stock options, weighted-average period expected to be recognized | ' | ' | '1 year 1 month 6 days | ' |
Restricted Stock and Units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 3 | 3 | 10 | 8 |
Unrecognized compensation cost, nonvested | 13 | ' | 13 | ' |
Restricted stock outstanding | 997,542 | ' | 997,542 | ' |
Awards vesting period description | ' | ' | 'Generally, awards fully vest after the passage of time, typically three years. However, restricted stock unit grants made in connection with the Companys long-term incentive program vest after the attainment of certain performance metrics and the passage of time. | ' |
Awards fully vesting period, term | ' | ' | '3 years | ' |
Weighted-average grant-date fair value per share | ' | ' | $34.59 | $30.75 |
Total value of awards for which restrictions lapsed | ' | ' | $9 | $5 |
Assumptions_used_to_Compute_Sh
Assumptions used to Compute Share-Based Compensation Expense (Detail) (USD $) | 9 Months Ended | |
Nov. 02, 2013 | Oct. 27, 2012 | |
Stock Option Plans | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average risk free rate of interest | 1.02% | 1.50% |
Expected volatility | 42.00% | 43.00% |
Weighted-average expected award life- in years | '6 years | '5 years 6 months |
Dividend yield | 2.30% | 2.30% |
Weighted-average fair value | $10.98 | $10.12 |
Employee Stock Purchase Plan | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average risk free rate of interest | 0.17% | 0.22% |
Expected volatility | 40.00% | 38.00% |
Weighted-average expected award life- in years | '1 year | '1 year |
Dividend yield | 2.30% | 2.50% |
Weighted-average fair value | $5.80 | $5.91 |
Options_Granted_under_Stock_Op
Options Granted under Stock Option Plans (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 |
Shares | ' |
Options outstanding at the beginning of the year | 5,907 |
Granted | 1,154 |
Exercised | -964 |
Expired or cancelled | -59 |
Options outstanding at end of period | 6,038 |
Options exercise at end of period | 3,857 |
Options available for future grant at end of period | 3,336 |
Weighted-Average Term | ' |
Options outstanding at end of period | '6 years 7 months 2 days |
Options exercisable at end of period | '5 years 4 months 24 days |
Weighted-Average Exercise Price | ' |
Weighted Average Exercise Price at the beginning of the year | $19.93 |
Granted | $34.25 |
Exercised | $19.12 |
Expired or cancelled | $29.56 |
Weighted Average Exercise Price at end of year | $22.70 |
Weighted Average Exercise Price Exercisable at end of year | $18.51 |
Aggregate_Intrinsic_Value_for_
Aggregate Intrinsic Value for Stock Options Outstanding and Exercisable (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Intrinsic value of stock options | ' | ' | ' | ' |
Exercised | $2 | $9 | $15 | $24 |
Outstanding | 74 | 85 | 74 | 85 |
Outstanding and exercisable | $64 | $61 | $64 | $61 |
Information_about_Stock_Option
Information about Stock Options Outstanding and Exercisable (Detail) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Feb. 02, 2013 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices, Lower Limit | $9.85 | ' |
Range of Exercise Prices, Upper Limit | $36.59 | ' |
Options Outstanding, Number of Shares | 6,038 | 5,907 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '6 years 7 months 2 days | ' |
Options Outstanding, Weighted-Average Exercise Price | $22.70 | $19.93 |
Options Exercisable, Number of Shares | 3,857 | ' |
Options Exercisable, Weighted-Average Exercise Price | $18.51 | ' |
$9.85 - $15.10 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices, Lower Limit | $9.85 | ' |
Range of Exercise Prices, Upper Limit | $15.10 | ' |
Options Outstanding, Number of Shares | 1,756 | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '5 years 10 months 10 days | ' |
Options Outstanding, Weighted-Average Exercise Price | $12.60 | ' |
Options Exercisable, Number of Shares | 1,756 | ' |
Options Exercisable, Weighted-Average Exercise Price | $12.60 | ' |
$15.74 - $ 23.42 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices, Lower Limit | $15.74 | ' |
Range of Exercise Prices, Upper Limit | $23.42 | ' |
Options Outstanding, Number of Shares | 1,603 | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '6 years 4 months 10 days | ' |
Options Outstanding, Weighted-Average Exercise Price | $19.71 | ' |
Options Exercisable, Number of Shares | 1,156 | ' |
Options Exercisable, Weighted-Average Exercise Price | $20.04 | ' |
$23.63 - $ 30.92 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices, Lower Limit | $23.63 | ' |
Range of Exercise Prices, Upper Limit | $30.92 | ' |
Options Outstanding, Number of Shares | 1,540 | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '5 years 7 months 10 days | ' |
Options Outstanding, Weighted-Average Exercise Price | $28.77 | ' |
Options Exercisable, Number of Shares | 937 | ' |
Options Exercisable, Weighted-Average Exercise Price | $27.55 | ' |
$31.79 - $35.50 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices, Lower Limit | $31.79 | ' |
Range of Exercise Prices, Upper Limit | $36.59 | ' |
Options Outstanding, Number of Shares | 1,139 | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '9 years 4 months 10 days | ' |
Options Outstanding, Weighted-Average Exercise Price | $34.26 | ' |
Options Exercisable, Number of Shares | 8 | ' |
Options Exercisable, Weighted-Average Exercise Price | $34.17 | ' |
Changes_in_Nonvested_Options_D
Changes in Nonvested Options (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 |
Number of Shares | ' |
Granted | 1,154 |
Expired or cancelled | -59 |
Nonvested stock options | ' |
Number of Shares | ' |
Nonvested, Beginning Balance | 2,314 |
Granted | 1,154 |
Vested | -1,228 |
Expired or cancelled | -59 |
Nonvested, Ending Balance | 2,181 |
Weighted-Average Grant Date Fair Value per Share | ' |
Nonvested, Beginning Balance | 23.18 |
Granted | 34.25 |
Vested | 20.97 |
Expired or cancelled | 29.56 |
Nonvested, Ending Balance | 30.11 |
Restricted_Shares_and_Units_Ac
Restricted Shares and Units Activity (Detail) (Restricted Stock Awards, USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Restricted Stock Awards | ' | ' |
Number of Shares and Units | ' | ' |
Outstanding at beginning of period | 1,564,000 | 2,068,000 |
Granted | 440,000 | 264,000 |
Vested | -649,000 | -482,000 |
Cancelled or forfeited | -15,000 | 0 |
Outstanding at end of period | 1,340,000 | 1,850,000 |
Aggregate value | $36 | $33 |
Weighted-average remaining contractual life | '1 year 1 month 2 days | '11 months 12 days |