Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Nov. 01, 2014 | Nov. 28, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 1-Nov-14 | ' |
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 | '--01-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 142,086,468 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | |
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ' | |
Cash and cash equivalents | $916 | $858 | [1] | $764 |
Short-term investments | 0 | 9 | [1] | 32 |
Merchandise inventories | 1,324 | 1,220 | [1] | 1,316 |
Other current assets | 244 | 263 | [1] | 208 |
Assets, Current, Total | 2,484 | 2,350 | [1] | 2,320 |
Property and equipment, net | 613 | 590 | [1] | 589 |
Deferred taxes | 237 | 241 | [1] | 257 |
Goodwill | 160 | 163 | [1] | 163 |
Other intangible assets, net | 56 | 67 | [1] | 70 |
Other assets | 68 | 76 | [1] | 78 |
Assets, Total | 3,618 | 3,487 | [1] | 3,477 |
Current liabilities | ' | ' | ' | |
Accounts payable | 287 | 263 | [1] | 310 |
Accrued and other liabilities | 358 | 360 | [1] | 330 |
Current portion of capital lease obligations | 3 | 3 | [1] | 3 |
Liabilities, Current, Total | 648 | 626 | [1] | 643 |
Long-term debt and obligations under capital leases | 132 | 136 | [1] | 137 |
Other liabilities | 236 | 229 | [1] | 231 |
Total liabilities | 1,016 | 991 | [1] | 1,011 |
Shareholders' equity | ' | ' | ' | |
Common stock and paid-in capital: 170,469,434; 168,675,093; and 169,039,095 shares, respectively | 971 | 921 | [1] | 905 |
Retained earnings | 2,665 | 2,387 | [1] | 2,295 |
Accumulated other comprehensive loss | -221 | -186 | [1] | -170 |
Less: Treasury stock at cost: 27,323,176; 22,035,758; and 23,612,273 shares, respectively | -813 | -626 | [1] | -564 |
Total shareholders' equity | 2,602 | 2,496 | [1] | 2,466 |
Liabilites and Shareholders' Equity, Total | $3,618 | $3,487 | [1] | $3,477 |
[1] | The balance sheet at February 1, 2014 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 2013 Annual Report on Form 10-K. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
Common stock, shares issued | 170,469,434 | 169,039,095 | 168,675,093 |
Treasury stock, shares | 27,323,176 | 23,612,273 | 22,035,758 |
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. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | ||||
Sales | $1,731 | $1,622 | $5,240 | $4,714 | ||||
Cost of sales | 1,157 | 1,085 | 3,495 | 3,163 | ||||
Selling, general and administrative expenses | 353 | 340 | 1,051 | 969 | ||||
Depreciation and amortization | 34 | 35 | 106 | 97 | ||||
Impairment and other charges | 0 | 0 | 3 | 2 | ||||
Interest expense, net | 1 | 2 | 3 | 4 | ||||
Other income | -1 | [1] | 0 | [1] | -3 | [1] | -3 | [1] |
Costs and Expenses, Total | 1,544 | 1,462 | 4,655 | 4,232 | ||||
Income before income taxes | 187 | 160 | 585 | 482 | ||||
Income tax expense | 67 | 56 | 211 | 174 | ||||
Net income | $120 | $104 | $374 | $308 | ||||
Basic earnings per share (in dollars per share) | $0.84 | $0.70 | $2.59 | $2.06 | ||||
Weighted-average common shares outstanding (in shares) | 143.6 | 147.7 | 144.5 | 149.2 | ||||
Diluted earnings per share (in dollars per share) | $0.82 | $0.70 | $2.55 | $2.04 | ||||
Weighted-average common shares assuming dilution (in shares) | 145.7 | 149.5 | 146.6 | 151.2 | ||||
[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. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Net income | $120 | $104 | $374 | $308 |
Foreign currency translation adjustment: | ' | ' | ' | ' |
Translation adjustment arising during the period, net of income tax | -42 | 22 | -42 | -5 |
Cash flow hedges: | ' | ' | ' | ' |
Change in fair value of derivatives, net of income tax | 1 | -2 | 1 | -2 |
Pension and postretirement adjustments: | ' | ' | ' | ' |
Amortization of net actuarial gain/loss included in net periodic benefit costs, net of income tax expense of $2, $1, $4, and $3 million, respectively | 2 | 3 | 6 | 7 |
Comprehensive income | $81 | $127 | $339 | $308 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Amortization of net actuarial gain/loss included in net periodic benefit costs, net of income tax expense | $2 | $1 | $4 | $3 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | |
From Operating Activities: | ' | ' | |
Net income | $374 | $308 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | |
Non-cash impairment charges | 3 | 0 | |
Depreciation and amortization | 106 | 97 | |
Share-based compensation expense | 18 | 19 | |
Qualified pension plan contributions | -2 | -2 | |
Excess tax benefits on share-based compensation | -11 | -7 | |
Change in assets and liabilities: | ' | ' | |
Merchandise inventories | -124 | -108 | |
Accounts payable | 28 | -3 | |
Accrued and other liabilities | -7 | -44 | |
Other, net | 54 | 67 | |
Net cash provided by operating activities | 439 | 327 | |
From Investing Activities: | ' | ' | |
Lease termination gains | 0 | 2 | |
Sales and maturities of short-term investments | 9 | 38 | |
Purchases of short-term investments | 0 | -23 | |
Capital expenditures | -138 | -157 | |
Purchase of business, net of cash acquired | 0 | -81 | |
Net cash used in investing activities | -129 | -221 | |
From Financing Activities: | ' | ' | |
Purchase of treasury shares | -174 | -167 | |
Dividends paid | -96 | -89 | |
Issuance of common stock | 17 | 19 | |
Treasury stock issued under employee stock purchase plan | 5 | 3 | |
Excess tax benefits on share-based compensation | 11 | 8 | |
Repayments of long-term debt and obligations under capital leases | -3 | 0 | |
Net cash used in financing activities | -240 | -226 | |
Effect of exchange rate fluctuations on Cash and Cash Equivalents | -12 | 4 | |
Net change in Cash and Cash Equivalents | 58 | -116 | |
Cash and Cash Equivalents at beginning of year | 858 | [1] | 880 |
Cash and Cash Equivalents at end of interim period | 916 | 764 | |
Cash paid during the period: | ' | ' | |
Interest | 5 | 5 | |
Income taxes | $200 | $123 | |
[1] | The balance sheet at February 1, 2014 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 2013 Annual Report on Form 10-K. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 01, 2014 | |
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 the management of Foot Locker, Inc. (the “Company”), 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 January 31, 2015 and of the fiscal year ended February 1, 2014. 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 1, 2014, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2014. | |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this update change the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results and when the component or group of components meets the criteria to be classified as held for sale, is disposed by sale or is disposed of by other than by sale. ASU 2014-08 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014, with earlier adoption permitted. The adoption of this guidance did not have a significant effect on our consolidated financial position, results of operations or cash flows. | |
In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers, issued as a new Topic, Accounting Standards Codification Topic 606. The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption not permitted. ASU 2014-09 can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. The adoption of this guidance is not expected to have a significant effect on our consolidated financial position, results of operations or cash flows. | |
In June 2014, FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period. ASU 2014-12 affects entities that grant their employees share-based payments in which terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with earlier adoption permitted. The adoption of this guidance is not expected to have a significant effect on our consolidated financial position, results of operations or cash flows. | |
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. | |
Impairment_and_Other_Charges
Impairment and Other Charges | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Asset Impairment Charges [Abstract] | ' | |||||||||||||
Impairment and Other Charges | ' | |||||||||||||
2. Impairment and Other Charges | ||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
November 1, | November 2, | November 1, | November 2, | |||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Impairment of intangibles | $ | — | $ | — | $ | 3 | $ | — | ||||||
CCS store closure costs | — | — | — | 2 | ||||||||||
$ | — | $ | — | $ | 3 | $ | 2 | |||||||
During the first quarter of 2014, the Company recorded a charge of $1 million to fully write down the tradename related to the Company’s stores in the Republic of Ireland, reflecting historical and projected underperformance. Additionally, during the second quarter of 2014, the Company announced a plan to shut down its e-commerce skate business, CCS.com, and transition customers to its Eastbay brand. Accordingly, an impairment charge of $2 million was recorded to write down the value of the CCS tradename. The liquidation was substantially completed during the third quarter ended November 1, 2014. This closure does not meet the definition of a discontinued operation as it is not considered a strategic shift that will have a major effect on operations. | ||||||||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
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 1, 2014, the Company has two reportable segments, Athletic Stores and Direct-to-Customers. The Company evaluates performance based on several factors, of which the primary financial measure is division profit. Division profit reflects income before income taxes, corporate expense, non-operating income, and net interest expense. Sales and division profit for the Company’s reportable segments for the thirteen weeks and thirty-nine weeks ended November 1, 2014 and November 2, 2013 are presented below. | ||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
Sales | November 1, | November 2, | November 1, | November 2, | ||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Athletic Stores | $ | 1,521 | $ | 1,444 | $ | 4,646 | $ | 4,228 | ||||||
Direct-to-Customers | 210 | 178 | 594 | 486 | ||||||||||
Total sales | $ | 1,731 | $ | 1,622 | $ | 5,240 | $ | 4,714 | ||||||
Operating Results | ||||||||||||||
(in millions) | ||||||||||||||
Athletic Stores (1) | $ | 181 | $ | 159 | $ | 577 | $ | 486 | ||||||
Direct-to-Customers (2) | 25 | 20 | 67 | 53 | ||||||||||
Division profit | 206 | 179 | 644 | 539 | ||||||||||
Less: Corporate expense, net | 19 | 17 | 59 | 56 | ||||||||||
Operating profit | 187 | 162 | 585 | 483 | ||||||||||
Other income (3) | 1 | — | 3 | 3 | ||||||||||
Interest expense, net | 1 | 2 | 3 | 4 | ||||||||||
Income before income taxes | $ | 187 | $ | 160 | $ | 585 | $ | 482 | ||||||
-1 | Included in the Athletic Stores segment for the thirty-nine weeks ended November 1, 2014 is a $1 million tradename impairment charge related to the Company’s stores in the Republic of Ireland. 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 | Included in the Direct-to-Customers segment for the thirty-nine weeks ended November 1, 2014 is a $2 million impairment charge related to the CCS tradename. | |||||||||||||
-3 | 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_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||||||
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 review of goodwill performed during the first quarter of 2014 did not result in impairment charges as the fair value of each of the reporting units substantially exceeded its carrying value. During the second quarter of 2014, in connection with the shutdown of the CCS e-commerce business, the Company recorded a non-cash impairment charge of $2 million to write down the value of the CCS tradename. Additionally, during the first quarter of 2014, the Company recorded a non-cash impairment charge of $1 million to fully write down the remaining value of the tradename related to the Company’s stores in the Republic of Ireland, reflecting historical and projected underperformance. | |||||||||||||||||||||||||||||
The following table provides a summary of goodwill by reportable segment. The change represents foreign exchange fluctuations. | |||||||||||||||||||||||||||||
Goodwill | November 1, | November 2, | February 1, | ||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | ||||||||||||||||||||||||||
Athletic Stores | $ | 19 | $ | 21 | $ | 21 | |||||||||||||||||||||||
Direct-to-Customers | 141 | 142 | 142 | ||||||||||||||||||||||||||
$ | 160 | $ | 163 | $ | 163 | ||||||||||||||||||||||||
The components of finite-lived intangible assets and intangible assets not subject to amortization are as follows: | |||||||||||||||||||||||||||||
November 1, 2014 | November 2, 2013 | February 1, 2014 | |||||||||||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | Gross | Accum. | Net | |||||||||||||||||||||
(in millions) | value | amort. | Value | value | amort. | value | value | amort. | value | ||||||||||||||||||||
Amortized intangible assets:(1) | |||||||||||||||||||||||||||||
Lease acquisition costs | $ | 143 | $ | -129 | $ | 14 | $ | 159 | $ | -140 | $ | 19 | $ | 155 | $ | -137 | $ | 18 | |||||||||||
Trademarks | 21 | -11 | 10 | 21 | -10 | 11 | 21 | -11 | 10 | ||||||||||||||||||||
Favorable leases | 7 | -4 | 3 | 9 | -4 | 5 | 8 | -3 | 5 | ||||||||||||||||||||
Customer relationships | 21 | -21 | — | 21 | -21 | — | 21 | -21 | — | ||||||||||||||||||||
$ | 192 | $ | -165 | $ | 27 | $ | 210 | $ | -175 | $ | 35 | $ | 205 | $ | -172 | $ | 33 | ||||||||||||
Indefinite life intangible assets: (1) | |||||||||||||||||||||||||||||
Runners Point Group trademarks | 28 | 30 | 30 | ||||||||||||||||||||||||||
Other trademarks (2) | 1 | 5 | 4 | ||||||||||||||||||||||||||
$ | 29 | $ | 35 | $ | 34 | ||||||||||||||||||||||||
Other intangible assets, net | $ | 56 | $ | 70 | $ | 67 | |||||||||||||||||||||||
-1 | Includes the effect of foreign currency translation related primarily to the movements of the euro in relation to the U.S. dollar. | ||||||||||||||||||||||||||||
-2 | The accumulated impairment charge related to other trademarks is $27 million. This includes $3 million of impairment charges recorded during the thirty-nine weeks ended November 1, 2014. | ||||||||||||||||||||||||||||
The $11 million change in goodwill and other intangible assets for the thirty-nine week period ended November 1, 2014, included $5 million of amortization expense, $3 million related to the impairment charges noted above, and a $4 million decrease related to foreign currency exchange fluctuations. This was offset by $1 million of lease acquisition additions related to Foot Locker Europe, which are being amortized over a weighted-average life of 9 years. | |||||||||||||||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Amortization expense | $ | 2 | $ | 3 | $ | 5 | $ | 9 | |||||||||||||||||||||
Future expected amortization expense for finite life intangible assets is estimated as follows: | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Remainder of 2014 | $ | 1 | |||||||||||||||||||||||||||
2015 | 4 | ||||||||||||||||||||||||||||
2016 | 4 | ||||||||||||||||||||||||||||
2017 | 4 | ||||||||||||||||||||||||||||
2018 | 3 | ||||||||||||||||||||||||||||
2019 | 3 | ||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
5. Accumulated Other Comprehensive Loss | |||||||||||||||||
Accumulated other comprehensive loss was comprised of the following: | |||||||||||||||||
November 1, | November 2, | February 1, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | ||||||||||||||
Foreign currency translation adjustments | $ | 15 | $ | 77 | $ | 57 | |||||||||||
Cash flow hedges | -1 | 1 | -2 | ||||||||||||||
Unrecognized pension cost and postretirement benefit | -234 | -247 | -240 | ||||||||||||||
Unrealized loss on available-for-sale security | -1 | -1 | -1 | ||||||||||||||
$ | -221 | $ | -170 | $ | -186 | ||||||||||||
The changes in accumulated other comprehensive loss for the thirty-nine weeks ended November 1, 2014 were as follows: | |||||||||||||||||
(in millions) | Foreign | Cash flow | Items related to | Unrealized | Total | ||||||||||||
currency | hedges | pension and | loss on | ||||||||||||||
translation | postretirement | available-for- | |||||||||||||||
adjustments | benefits | sale security | |||||||||||||||
Balance as of February 1, 2014 | $ | 57 | -2 | -240 | -1 | $ | -186 | ||||||||||
Other comprehensive income before reclassification | -42 | 1 | — | — | -41 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 6 | — | 6 | ||||||||||||
Other comprehensive income | -42 | 1 | 6 | — | -35 | ||||||||||||
Balance as of November 1, 2014 | $ | 15 | -1 | -234 | -1 | $ | -221 | ||||||||||
Reclassifications from accumulated other comprehensive loss for the thirty-nine weeks ended November 1, 2014 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 | -4 | ||||||||||||||||
Net of tax | $ | 6 | |||||||||||||||
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
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 practice 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 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, substantially all of the Company’s hedged forecasted transactions are less than twelve months, and the Company expects substantially 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 a $1 million loss for both the thirteen and thirty-nine weeks ended November 1, 2014. The net change in fair value was not significant for the prior-year periods. | |||||||||||||
The notional value of the contracts outstanding at November 1, 2014 was $77 million, and these contracts extend through January 2016. | |||||||||||||
Derivative Holdings Designated as Non-Hedges | |||||||||||||
The Company enters into foreign exchange forward contracts that are not designated as hedges in order to manage the costs of foreign currency-denominated merchandise purchases and intercompany transactions. Changes in the fair value of these foreign exchange forward contracts are recorded in earnings immediately within selling, general and administrative expenses. The net change in fair value was not significant for the thirteen weeks ended November 1, 2014 and resulted in $1 million of income for the thirty-nine weeks ended November 1, 2014. The net change in fair value was not significant for the prior-year periods. The notional value of the contracts outstanding at November 1, 2014 was $18 million and these contracts extend through December 2014. | |||||||||||||
The Company mitigates the effect of fluctuating foreign exchange rates on the reporting of foreign-currency denominated earnings by entering into currency option contracts. Changes in the fair value of these foreign currency option contracts, which are designated as non-hedges, are recorded in earnings immediately within other income. The realized gains, premiums paid, and changes in the fair market value recorded were $1 million for the thirteen and thirty-nine weeks ended November 1, 2014 and were not significant for the prior-year periods. The notional value of the contract outstanding at November 1, 2014 was $31 million and this contract extends through January 2015. | |||||||||||||
Fair Value of Derivative Contracts | |||||||||||||
Many of the Company’s agreements allow for a netting arrangement. The following, presented on a gross basis, by type of contract, represents the fair value of the Company’s derivative contracts: | |||||||||||||
Balance Sheet | November 1, | November 2, | February 1, | ||||||||||
(in millions) | Caption | 2014 | 2013 | 2014 | |||||||||
Hedging Instruments: | |||||||||||||
Foreign exchange forward contracts | Current assets | $ | — | $ | 1 | $ | — | ||||||
Foreign exchange forward contracts | Current liabilities | $ | 2 | $ | — | $ | 2 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
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 1, 2014 | At November 2, 2013 | At February 1, 2014 | |||||||||||||||||||||||||||
(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 | $ | — | $ | — | $ | 9 | $ | — | |||||||||||
Auction rate security | — | $ | 6 | — | — | 6 | — | — | 6 | — | |||||||||||||||||||
Foreign exchange forward contracts | — | — | — | — | 1 | — | — | — | — | ||||||||||||||||||||
Total Assets | $ | — | $ | 6 | $ | — | $ | — | $ | 39 | $ | — | $ | — | $ | 15 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||||||||||||
Foreign exchange forward contracts | — | $ | 2 | — | — | — | — | — | 2 | — | |||||||||||||||||||
Total Liabilities | $ | — | $ | 2 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2 | $ | — | |||||||||||
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. The Company’s short-term investments matured during the second quarter of 2014. In the prior periods presented, these investments represented corporate bonds with maturity dates within one year from the purchase date. These securities were valued using model-derived valuations in which all significant inputs or significant value-drivers were observable in active markets and therefore were 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. | |||||||||||||||||||||||||||||
The carrying value and estimated fair value of long-term debt and obligations under capital leases were as follows: | |||||||||||||||||||||||||||||
November 1, | November 2, | February 1, | |||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | ||||||||||||||||||||||||||
Carrying value | $ | 135 | $ | 140 | $ | 139 | |||||||||||||||||||||||
Fair value | $ | 161 | $ | 157 | $ | 159 | |||||||||||||||||||||||
The fair value of long-term debt and obligations under capital leases 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. 01, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
8. Earnings Per Share | ||||||||||||||
The Company accounts for and discloses earnings per share using the treasury stock method. Basic earnings per share is computed by dividing reported net income for the period by the weighted-average number of common shares outstanding at the end of the period. 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 computation of basic and diluted earnings per share is as follows: | ||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
November 1, | November 2, | November 1, | November 2, | |||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Weighted-average common shares outstanding | 143.6 | 147.7 | 144.5 | 149.2 | ||||||||||
Effect of Dilution: | ||||||||||||||
Stock options and awards | 2.1 | 1.8 | 2.1 | 2 | ||||||||||
Weighted-average common shares assuming dilution | 145.7 | 149.5 | 146.6 | 151.2 | ||||||||||
The number of options excluded from the computation was not significant for the thirteen and thirty-nine weeks ended November 1, 2014. Options to purchase 1.1 million and 0.9 million shares of common stock were not included in the computation for the thirteen and thirty-nine weeks ended November 2, 2013, respectively. These options were not included because the effect would have been antidilutive. Contingently issuable shares of 0.4 million have not been included as the vesting conditions have not been satisfied as of both November 1, 2014 and November 2, 2013. | ||||||||||||||
Pension_and_Postretirement_Pla
Pension and Postretirement Plans | 9 Months Ended | |||||||||||||||||||||||||
Nov. 01, 2014 | ||||||||||||||||||||||||||
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 1, | November 2, | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, | |||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 3 | $ | 4 | $ | 11 | $ | 11 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Interest cost | 7 | 6 | 21 | 19 | — | — | — | — | ||||||||||||||||||
Expected return on | ||||||||||||||||||||||||||
plan assets | -9 | -10 | -28 | -30 | — | — | — | — | ||||||||||||||||||
Amortization of net | ||||||||||||||||||||||||||
loss (gain) | 5 | 4 | 12 | 12 | -1 | -1 | -2 | -2 | ||||||||||||||||||
Net benefit expense (income) | $ | 6 | $ | 4 | $ | 16 | $ | 12 | $ | -1 | $ | -1 | $ | -2 | $ | -2 | ||||||||||
During the first quarters of both 2014 and 2013, the Company made contributions of $2 million to the Canadian qualified plan. No pension contributions to the U.S. qualified plan were made during the thirty-nine weeks ended November 1, 2014 and November 2, 2013. 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. 01, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
10. Share-Based Compensation | |||||||||||||||||
Total compensation expense and the associated tax benefits recognized related to the Company’s share-based compensation plans is as follows: | |||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Share-based compensation expense | $ | 6 | $ | 6 | $ | 18 | $ | 19 | |||||||||
Tax benefit | $ | 1 | $ | 2 | $ | 5 | $ | 6 | |||||||||
Tax deductions in excess of the cumulative compensation cost recognized for share-based compensation arrangements were $11 million for the thirty-nine weeks ended November 1, 2014 and $8 million for the thirty-nine weeks ended November 2, 2013 and are classified as a financing activity within the Condensed Consolidated Statements of Cash Flows. | |||||||||||||||||
Valuation Model and Assumptions | |||||||||||||||||
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 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted-average risk free rate of interest | 2.12 | % | 1.02 | % | 0.14 | % | 0.17 | % | |||||||||
Expected volatility | 39 | % | 42 | % | 24 | % | 40 | % | |||||||||
Weighted-average expected award life | 6.1 years | 6.0 years | 1.0 year | 1.0 year | |||||||||||||
Dividend yield | 2 | % | 2.3 | % | 2 | % | 2.3 | % | |||||||||
Weighted-average fair value | $ | 14.91 | $ | 10.98 | $ | 7.11 | $ | 5.8 | |||||||||
Compensation expense related to the Company’s stock option and stock purchase plans was $3 million and $9 million for both the thirteen and thirty-nine weeks ended November 1, 2014 and November 2, 2013, respectively. As of November 1, 2014, there was $10 million of total unrecognized compensation cost, related to nonvested stock options, which is expected to be recognized over a weighted-average period of 1.02 years. | |||||||||||||||||
The information in the following table covers options granted under the Company’s stock option plans for the thirty-nine weeks ended November 1, 2014. | |||||||||||||||||
(in thousands, except price per share and weighted- | Shares | Weighted- | Weighted-Average | ||||||||||||||
average term) | Average Term | Exercise | |||||||||||||||
Price | |||||||||||||||||
Options outstanding at the beginning of the year | 5,668 | $ | 22.66 | ||||||||||||||
Granted | 767 | 45.11 | |||||||||||||||
Exercised | -769 | 21.58 | |||||||||||||||
Expired or cancelled | -62 | 39.65 | |||||||||||||||
Options outstanding at November 1, 2014 | 5,604 | 6.51 | $ | 25.69 | |||||||||||||
Options exercisable at November 1, 2014 | 3,798 | 5.49 | $ | 19.78 | |||||||||||||
Options vested and expected to vest at November 1, 2014 | 5,567 | 6.5 | $ | 25.59 | |||||||||||||
Options available for future grant at November 1, 2014 | 14,018 | ||||||||||||||||
On May 21, 2014, the Foot Locker 2007 Stock Incentive Plan was amended to increase to 14 million shares the number of shares of the Company’s common stock reserved for all awards. | |||||||||||||||||
The total intrinsic value of options exercised (the difference between the market price of the Company’s common stock on the exercise date and the price paid by the optionee to exercise the option) is presented below: | |||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Exercised | $ | 6 | $ | 2 | $ | 21 | $ | 15 | |||||||||
The aggregate intrinsic value for stock options outstanding and for stock options exercisable (the difference between the Company’s closing stock price on the last trading day of the period and the exercise price of the options, multiplied by the number of in-the-money stock options) is presented below: | |||||||||||||||||
Thirty-nine weeks ended | |||||||||||||||||
November 1, | November 2, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Outstanding | $ | 170 | $ | 74 | |||||||||||||
Outstanding and exercisable | $ | 138 | $ | 64 | |||||||||||||
Vested and expected to vest | $ | 169 | $ | 74 | |||||||||||||
The cash received from option exercises for the thirteen and thirty-nine weeks ended November 1, 2014 was $4 million and $17 million, respectively. 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 total tax benefit realized from option exercises for the thirteen and thirty-nine weeks ended November 1, 2014, was $2 million and $7 million respectively, and was $1 million and $5 million for the corresponding prior-year periods. | |||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at November 1, 2014: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||
Contractual | Price | Price | |||||||||||||||
Life | |||||||||||||||||
(in thousands, except prices per share and contractual life) | |||||||||||||||||
$9.85 to $15.10 | 1,470 | 4.87 | $ | 12.39 | 1,470 | $ | 12.39 | ||||||||||
$18.80 to $24.75 | 1,460 | 5.27 | $ | 20.11 | 1,460 | $ | 20.11 | ||||||||||
$24.76 to $34.24 | 1,906 | 7.6 | $ | 32.6 | 852 | $ | 31.64 | ||||||||||
$34.27 to $45.08 | 768 | 9.31 | $ | 44.62 | 16 | $ | 38.72 | ||||||||||
5,604 | 6.51 | $ | 25.69 | 3,798 | $ | 19.78 | |||||||||||
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. Awards made to executives outside of the United States and to nonemployee directors are made in the form of restricted stock units. Each restricted stock unit represents the right to receive one share of the Company’s common stock provided that the vesting conditions are satisfied. There were 734,295 and 997,542 restricted stock units outstanding as of November 1, 2014 and November 2, 2013, respectively. | |||||||||||||||||
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 vest with the passage of time; for performance-based restricted stock, dividends will be accumulated and paid after the performance criteria are met. No dividends are paid on restricted stock units. | |||||||||||||||||
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. The Company recorded compensation expense related to restricted stock awards, net of forfeitures, of $3 million for both the thirteen weeks ended November 1, 2014 and November 2, 2013, and $9 million and $10 million for the thirty-nine weeks ended November 1, 2014 and November 2, 2013, respectively. As of November 1, 2014, there was $14 million of total unrecognized compensation cost related to nonvested restricted awards. | |||||||||||||||||
Restricted shares and units activity for the thirty-nine weeks ended November 1, 2014 are summarized as follows: | |||||||||||||||||
(in thousands, except price per share) | Number of | Weighted-Average | |||||||||||||||
Shares | Grant Date Fair | ||||||||||||||||
Value per Share | |||||||||||||||||
Nonvested at the beginning of the year | 1,369 | $ | 27.2 | ||||||||||||||
Granted | 320 | 45.24 | |||||||||||||||
Vested | -649 | 20.84 | |||||||||||||||
Expired or cancelled | -42 | 24.69 | |||||||||||||||
Nonvested at November 1, 2014 | 998 | $ | 37.23 | ||||||||||||||
Aggregate value (in millions) | $ | 37 | |||||||||||||||
Weighted-average remaining contractual life | 1.32 years | ||||||||||||||||
The weighted-average grant-date fair value per share was $45.24 and $34.59 for the thirty-nine weeks ended November 1, 2014 and November 2, 2013, respectively. The total value of awards for which restrictions lapsed during the thirty-nine weeks ended November 1, 2014 and November 2, 2013 was $14 million and $9 million, respectively. | |||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 01, 2014 | |
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 the management of Foot Locker, Inc. (the “Company”), 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 January 31, 2015 and of the fiscal year ended February 1, 2014. 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 1, 2014, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2014. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this update change the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results and when the component or group of components meets the criteria to be classified as held for sale, is disposed by sale or is disposed of by other than by sale. ASU 2014-08 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014, with earlier adoption permitted. The adoption of this guidance did not have a significant effect on our consolidated financial position, results of operations or cash flows. | |
In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers, issued as a new Topic, Accounting Standards Codification Topic 606. The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption not permitted. ASU 2014-09 can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. The adoption of this guidance is not expected to have a significant effect on our consolidated financial position, results of operations or cash flows. | |
In June 2014, FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period. ASU 2014-12 affects entities that grant their employees share-based payments in which terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with earlier adoption permitted. The adoption of this guidance is not expected to have a significant effect on our consolidated financial position, results of operations or cash flows. | |
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. | |
Impairment_and_Other_Charges_T
Impairment and Other Charges (Tables) | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Asset Impairment Charges [Abstract] | ' | |||||||||||||
Impairment Charges | ' | |||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
November 1, | November 2, | November 1, | November 2, | |||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Impairment of intangibles | $ | — | $ | — | $ | 3 | $ | — | ||||||
CCS store closure costs | — | — | — | 2 | ||||||||||
$ | — | $ | — | $ | 3 | $ | 2 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Sales and Division Operating Results for Reportable Segments | ' | |||||||||||||
Sales and division profit for the Company’s reportable segments for the thirteen weeks and thirty-nine weeks ended November 1, 2014 and November 2, 2013 are presented below. | ||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
Sales | November 1, | November 2, | November 1, | November 2, | ||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Athletic Stores | $ | 1,521 | $ | 1,444 | $ | 4,646 | $ | 4,228 | ||||||
Direct-to-Customers | 210 | 178 | 594 | 486 | ||||||||||
Total sales | $ | 1,731 | $ | 1,622 | $ | 5,240 | $ | 4,714 | ||||||
Operating Results | ||||||||||||||
(in millions) | ||||||||||||||
Athletic Stores (1) | $ | 181 | $ | 159 | $ | 577 | $ | 486 | ||||||
Direct-to-Customers (2) | 25 | 20 | 67 | 53 | ||||||||||
Division profit | 206 | 179 | 644 | 539 | ||||||||||
Less: Corporate expense, net | 19 | 17 | 59 | 56 | ||||||||||
Operating profit | 187 | 162 | 585 | 483 | ||||||||||
Other income (3) | 1 | — | 3 | 3 | ||||||||||
Interest expense, net | 1 | 2 | 3 | 4 | ||||||||||
Income before income taxes | $ | 187 | $ | 160 | $ | 585 | $ | 482 | ||||||
-1 | Included in the Athletic Stores segment for the thirty-nine weeks ended November 1, 2014 is a $1 million tradename impairment charge related to the Company’s stores in the Republic of Ireland. 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 | Included in the Direct-to-Customers segment for the thirty-nine weeks ended November 1, 2014 is a $2 million impairment charge related to the CCS tradename. | |||||||||||||
-3 | 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. 01, 2014 | |||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of Goodwill by Reportable Segment | ' | ||||||||||||||||||||||||||||
The following table provides a summary of goodwill by reportable segment. The change represents foreign exchange fluctuations. | |||||||||||||||||||||||||||||
Goodwill | November 1, | November 2, | February 1, | ||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | ||||||||||||||||||||||||||
Athletic Stores | $ | 19 | $ | 21 | $ | 21 | |||||||||||||||||||||||
Direct-to-Customers | 141 | 142 | 142 | ||||||||||||||||||||||||||
$ | 160 | $ | 163 | $ | 163 | ||||||||||||||||||||||||
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 1, 2014 | November 2, 2013 | February 1, 2014 | |||||||||||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | Gross | Accum. | Net | |||||||||||||||||||||
(in millions) | value | amort. | Value | value | amort. | value | value | amort. | value | ||||||||||||||||||||
Amortized intangible assets:(1) | |||||||||||||||||||||||||||||
Lease acquisition costs | $ | 143 | $ | -129 | $ | 14 | $ | 159 | $ | -140 | $ | 19 | $ | 155 | $ | -137 | $ | 18 | |||||||||||
Trademarks | 21 | -11 | 10 | 21 | -10 | 11 | 21 | -11 | 10 | ||||||||||||||||||||
Favorable leases | 7 | -4 | 3 | 9 | -4 | 5 | 8 | -3 | 5 | ||||||||||||||||||||
Customer relationships | 21 | -21 | — | 21 | -21 | — | 21 | -21 | — | ||||||||||||||||||||
$ | 192 | $ | -165 | $ | 27 | $ | 210 | $ | -175 | $ | 35 | $ | 205 | $ | -172 | $ | 33 | ||||||||||||
Indefinite life intangible assets: (1) | |||||||||||||||||||||||||||||
Runners Point Group trademarks | 28 | 30 | 30 | ||||||||||||||||||||||||||
Other trademarks (2) | 1 | 5 | 4 | ||||||||||||||||||||||||||
$ | 29 | $ | 35 | $ | 34 | ||||||||||||||||||||||||
Other intangible assets, net | $ | 56 | $ | 70 | $ | 67 | |||||||||||||||||||||||
-1 | Includes the effect of foreign currency translation related primarily to the movements of the euro in relation to the U.S. dollar. | ||||||||||||||||||||||||||||
-2 | The accumulated impairment charge related to other trademarks is $27 million. This includes $3 million of impairment charges recorded during the thirty-nine weeks ended November 1, 2014. | ||||||||||||||||||||||||||||
Amortization Expense | ' | ||||||||||||||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Amortization expense | $ | 2 | $ | 3 | $ | 5 | $ | 9 | |||||||||||||||||||||
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 2014 | $ | 1 | |||||||||||||||||||||||||||
2015 | 4 | ||||||||||||||||||||||||||||
2016 | 4 | ||||||||||||||||||||||||||||
2017 | 4 | ||||||||||||||||||||||||||||
2018 | 3 | ||||||||||||||||||||||||||||
2019 | 3 | ||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Accumulated other comprehensive loss was comprised of the following: | |||||||||||||||||
November 1, | November 2, | February 1, | |||||||||||||||
(in millions) | 2014 | 2013 | 2014 | ||||||||||||||
Foreign currency translation adjustments | $ | 15 | $ | 77 | $ | 57 | |||||||||||
Cash flow hedges | -1 | 1 | -2 | ||||||||||||||
Unrecognized pension cost and postretirement benefit | -234 | -247 | -240 | ||||||||||||||
Unrealized loss on available-for-sale security | -1 | -1 | -1 | ||||||||||||||
$ | -221 | $ | -170 | $ | -186 | ||||||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
The changes in accumulated other comprehensive loss for the thirty-nine weeks ended November 1, 2014 were as follows: | |||||||||||||||||
(in millions) | Foreign | Cash flow | Items related to | Unrealized | Total | ||||||||||||
currency | hedges | pension and | loss on | ||||||||||||||
translation | postretirement | available-for- | |||||||||||||||
adjustments | benefits | sale security | |||||||||||||||
Balance as of February 1, 2014 | $ | 57 | -2 | -240 | -1 | $ | -186 | ||||||||||
Other comprehensive income before reclassification | -42 | 1 | — | — | -41 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 6 | — | 6 | ||||||||||||
Other comprehensive income | -42 | 1 | 6 | — | -35 | ||||||||||||
Balance as of November 1, 2014 | $ | 15 | -1 | -234 | -1 | $ | -221 | ||||||||||
Reclassification from Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Reclassifications from accumulated other comprehensive loss for the thirty-nine weeks ended November 1, 2014 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 | -4 | ||||||||||||||||
Net of tax | $ | 6 | |||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Fair Value of Derivative Contracts on Gross Basis, by Type of Contract | ' | ||||||||||||
Many of the Company’s agreements allow for a netting arrangement. The following, presented on a gross basis, by type of contract, represents the fair value of the Company’s derivative contracts: | |||||||||||||
Balance Sheet | November 1, | November 2, | February 1, | ||||||||||
(in millions) | Caption | 2014 | 2013 | 2014 | |||||||||
Hedging Instruments: | |||||||||||||
Foreign exchange forward contracts | Current assets | $ | — | $ | 1 | $ | — | ||||||
Foreign exchange forward contracts | Current liabilities | $ | 2 | $ | — | $ | 2 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||||||
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 1, 2014 | At November 2, 2013 | At February 1, 2014 | |||||||||||||||||||||||||||
(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 | $ | — | $ | — | $ | 9 | $ | — | |||||||||||
Auction rate security | — | $ | 6 | — | — | 6 | — | — | 6 | — | |||||||||||||||||||
Foreign exchange forward contracts | — | — | — | — | 1 | — | — | — | — | ||||||||||||||||||||
Total Assets | $ | — | $ | 6 | $ | — | $ | — | $ | 39 | $ | — | $ | — | $ | 15 | $ | — | |||||||||||
Liabilities | |||||||||||||||||||||||||||||
Foreign exchange forward contracts | — | $ | 2 | — | — | — | — | — | 2 | — | |||||||||||||||||||
Total Liabilities | $ | — | $ | 2 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2 | $ | — | |||||||||||
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 1, | November 2, | February 1, | |||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | ||||||||||||||||||||||||||
Carrying value | $ | 135 | $ | 140 | $ | 139 | |||||||||||||||||||||||
Fair value | $ | 161 | $ | 157 | $ | 159 | |||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Basic and Diluted Weighted-Average Number of Common Shares Outstanding | ' | |||||||||||||
The computation of basic and diluted earnings per share is as follows: | ||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||
November 1, | November 2, | November 1, | November 2, | |||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Weighted-average common shares outstanding | 143.6 | 147.7 | 144.5 | 149.2 | ||||||||||
Effect of Dilution: | ||||||||||||||
Stock options and awards | 2.1 | 1.8 | 2.1 | 2 | ||||||||||
Weighted-average common shares assuming dilution | 145.7 | 149.5 | 146.6 | 151.2 | ||||||||||
Pension_and_Postretirement_Pla1
Pension and Postretirement Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Nov. 01, 2014 | ||||||||||||||||||||||||||
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 1, | November 2, | November 1, | November 2, | November 1, | November 2, | November 1, | November 2, | |||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 3 | $ | 4 | $ | 11 | $ | 11 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Interest cost | 7 | 6 | 21 | 19 | — | — | — | — | ||||||||||||||||||
Expected return on | ||||||||||||||||||||||||||
plan assets | -9 | -10 | -28 | -30 | — | — | — | — | ||||||||||||||||||
Amortization of net | ||||||||||||||||||||||||||
loss (gain) | 5 | 4 | 12 | 12 | -1 | -1 | -2 | -2 | ||||||||||||||||||
Net benefit expense (income) | $ | 6 | $ | 4 | $ | 16 | $ | 12 | $ | -1 | $ | -1 | $ | -2 | $ | -2 | ||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Total compensation expense and the related tax benefits recognized | ' | ||||||||||||||||
Total compensation expense and the associated tax benefits recognized related to the Company’s share-based compensation plans is as follows: | |||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Share-based compensation expense | $ | 6 | $ | 6 | $ | 18 | $ | 19 | |||||||||
Tax benefit | $ | 1 | $ | 2 | $ | 5 | $ | 6 | |||||||||
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 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted-average risk free rate of interest | 2.12 | % | 1.02 | % | 0.14 | % | 0.17 | % | |||||||||
Expected volatility | 39 | % | 42 | % | 24 | % | 40 | % | |||||||||
Weighted-average expected award life | 6.1 years | 6.0 years | 1.0 year | 1.0 year | |||||||||||||
Dividend yield | 2 | % | 2.3 | % | 2 | % | 2.3 | % | |||||||||
Weighted-average fair value | $ | 14.91 | $ | 10.98 | $ | 7.11 | $ | 5.8 | |||||||||
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 1, 2014. | |||||||||||||||||
(in thousands, except price per share and weighted- | Shares | Weighted- | Weighted-Average | ||||||||||||||
average term) | Average Term | Exercise | |||||||||||||||
Price | |||||||||||||||||
Options outstanding at the beginning of the year | 5,668 | $ | 22.66 | ||||||||||||||
Granted | 767 | 45.11 | |||||||||||||||
Exercised | -769 | 21.58 | |||||||||||||||
Expired or cancelled | -62 | 39.65 | |||||||||||||||
Options outstanding at November 1, 2014 | 5,604 | 6.51 | $ | 25.69 | |||||||||||||
Options exercisable at November 1, 2014 | 3,798 | 5.49 | $ | 19.78 | |||||||||||||
Options vested and expected to vest at November 1, 2014 | 5,567 | 6.5 | $ | 25.59 | |||||||||||||
Options available for future grant at November 1, 2014 | 14,018 | ||||||||||||||||
Total Intrinsic Value of Options Exercised | ' | ||||||||||||||||
The total intrinsic value of options exercised (the difference between the market price of the Company’s common stock on the exercise date and the price paid by the optionee to exercise the option) is presented below: | |||||||||||||||||
Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||
November 1, | November 2, | November 1, | November 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Exercised | $ | 6 | $ | 2 | $ | 21 | $ | 15 | |||||||||
Aggregate Intrinsic Value for Stock Options Outstanding and Exercisable | ' | ||||||||||||||||
The aggregate intrinsic value for stock options outstanding and for stock options exercisable (the difference between the Company’s closing stock price on the last trading day of the period and the exercise price of the options, multiplied by the number of in-the-money stock options) is presented below: | |||||||||||||||||
Thirty-nine weeks ended | |||||||||||||||||
November 1, | November 2, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Outstanding | $ | 170 | $ | 74 | |||||||||||||
Outstanding and exercisable | $ | 138 | $ | 64 | |||||||||||||
Vested and expected to vest | $ | 169 | $ | 74 | |||||||||||||
Information about Stock Options Outstanding and Exercisable | ' | ||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at November 1, 2014: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||
Contractual | Price | Price | |||||||||||||||
Life | |||||||||||||||||
(in thousands, except prices per share and contractual life) | |||||||||||||||||
$9.85 to $15.10 | 1,470 | 4.87 | $ | 12.39 | 1,470 | $ | 12.39 | ||||||||||
$18.80 to $24.75 | 1,460 | 5.27 | $ | 20.11 | 1,460 | $ | 20.11 | ||||||||||
$24.76 to $34.24 | 1,906 | 7.6 | $ | 32.6 | 852 | $ | 31.64 | ||||||||||
$34.27 to $45.08 | 768 | 9.31 | $ | 44.62 | 16 | $ | 38.72 | ||||||||||
5,604 | 6.51 | $ | 25.69 | 3,798 | $ | 19.78 | |||||||||||
Restricted Shares and Units Activity | ' | ||||||||||||||||
Restricted shares and units activity for the thirty-nine weeks ended November 1, 2014 are summarized as follows: | |||||||||||||||||
(in thousands, except price per share) | Number of | Weighted-Average | |||||||||||||||
Shares | Grant Date Fair | ||||||||||||||||
Value per Share | |||||||||||||||||
Nonvested at the beginning of the year | 1,369 | $ | 27.2 | ||||||||||||||
Granted | 320 | 45.24 | |||||||||||||||
Vested | -649 | 20.84 | |||||||||||||||
Expired or cancelled | -42 | 24.69 | |||||||||||||||
Nonvested at November 1, 2014 | 998 | $ | 37.23 | ||||||||||||||
Aggregate value (in millions) | $ | 37 | |||||||||||||||
Weighted-average remaining contractual life | 1.32 years | ||||||||||||||||
Impairment_and_Other_Charges_A
Impairment and Other Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Impairment Of Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment of assets | $0 | $2 | $1 | $0 | $3 | $0 |
Impairment_and_Other_Charges_D
Impairment and Other Charges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment of intangibles | $0 | $2 | $1 | $0 | $3 | $0 |
CCS store closure costs | 0 | ' | ' | 0 | 0 | 2 |
Total Impairment And Other Charges | $0 | ' | ' | $0 | $3 | $2 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment and other charges | $0 | $2 | $1 | $0 | $3 | $0 |
Lease Closure Costs | 0 | ' | ' | 0 | 0 | 2 |
Direct-to-Customers | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment and other charges | ' | 2 | ' | ' | 2 | ' |
Athletic Store | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment and other charges | ' | ' | 1 | ' | 1 | 2 |
Lease Closure Costs | ' | ' | ' | ' | ' | $2 |
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. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Sales | $1,731 | $1,622 | $5,240 | $4,714 | ||||
Division profit | 206 | 179 | 644 | 539 | ||||
Less: Corporate expense, net | 19 | 17 | 59 | 56 | ||||
Operating profit | 187 | 162 | 585 | 483 | ||||
Other income | 1 | [1] | 0 | [1] | 3 | [1] | 3 | [1] |
Interest expense, net | 1 | 2 | 3 | 4 | ||||
Income before income taxes | 187 | 160 | 585 | 482 | ||||
Athletic Stores | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Sales | 1,521 | 1,444 | 4,646 | 4,228 | ||||
Division profit | 181 | [2] | 159 | [2] | 577 | [2] | 486 | [2] |
Direct-to-Customers | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Sales | 210 | 178 | 594 | 486 | ||||
Division profit | $25 | [3] | $20 | [3] | $67 | [3] | $53 | [3] |
[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 1, 2014 is a $1 million tradename impairment charge related to the Company’s stores in the Republic of Ireland. 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. | |||||||
[3] | Included in the Direct-to-Customers segment for the thirty-nine weeks ended November 1, 2014 is a $2 million impairment charge related to the CCS tradename. |
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. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Amortization Of Intangible Assets | $2 | ' | ' | $3 | $5 | $9 |
Foreign Currency Transaction Gain (Loss), Realized | ' | ' | ' | ' | 4 | ' |
Impairment of Intangible Assets (Excluding Goodwill), Total | 0 | 2 | 1 | 0 | 3 | 0 |
Finite-Lived Intangible Assets, Remaining Amortization Period | ' | ' | ' | ' | '9 years | ' |
Increase (Decrease) in Lease Acquisition Costs | ' | ' | ' | ' | 1 | ' |
Goodwill and Intangible Asset Impairment | ' | ' | ' | ' | 11 | ' |
Other Trademarks | ' | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill), Total | ' | ' | ' | ' | 3 | ' |
Direct-to-Customers | ' | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill), Total | ' | 2 | ' | ' | 2 | ' |
Athletic Stores | ' | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill), Total | ' | ' | 1 | ' | 1 | 2 |
Accumulated Impairment Charge | ' | ' | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill), Total | ' | ' | ' | ' | $27 | ' |
Summary_of_Goodwill_by_Reporta
Summary of Goodwill by Reportable Segment (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | |
In Millions, unless otherwise specified | ||||
Goodwill [Line Items] | ' | ' | ' | |
Goodwill | $160 | $163 | [1] | $163 |
Athletic Stores | ' | ' | ' | |
Goodwill [Line Items] | ' | ' | ' | |
Goodwill | 19 | 21 | 21 | |
Direct-to-Customers | ' | ' | ' | |
Goodwill [Line Items] | ' | ' | ' | |
Goodwill | $141 | $142 | $142 | |
[1] | The balance sheet at February 1, 2014 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 2013 Annual Report on Form 10-K. |
Components_of_FiniteLived_Inta
Components of Finite-Lived Intangible Assets and Intangible Assets Not Subject To Amortization (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | |||
In Millions, unless otherwise specified | ||||||
Amortized intangible assets: | ' | ' | ' | |||
Amortized intangible assets, Gross value | $192 | [1] | $205 | [1] | $210 | [1] |
Amortized intangible assets, Accum. amort. | -165 | [1] | -172 | [1] | -175 | [1] |
Amortized intangible assets, Net value | 27 | [1] | 33 | [1] | 35 | [1] |
Indefinite life intangible assets: | ' | ' | ' | |||
Net Value | 29 | [1] | 34 | [1] | 35 | [1] |
Other intangible assets, net | 56 | 67 | [2] | 70 | ||
Lease acquisition costs | ' | ' | ' | |||
Amortized intangible assets: | ' | ' | ' | |||
Amortized intangible assets, Gross value | 143 | [1] | 155 | [1] | 159 | [1] |
Amortized intangible assets, Accum. amort. | -129 | [1] | -137 | [1] | -140 | [1] |
Amortized intangible assets, Net value | 14 | [1] | 18 | [1] | 19 | [1] |
Favorable leases | ' | ' | ' | |||
Amortized intangible assets: | ' | ' | ' | |||
Amortized intangible assets, Gross value | 7 | [1] | 8 | [1] | 9 | [1] |
Amortized intangible assets, Accum. amort. | -4 | [1] | -3 | [1] | -4 | [1] |
Amortized intangible assets, Net value | 3 | [1] | 5 | [1] | 5 | [1] |
Trademarks | ' | ' | ' | |||
Amortized intangible assets: | ' | ' | ' | |||
Amortized intangible assets, Gross value | 21 | [1] | 21 | [1] | 21 | [1] |
Amortized intangible assets, Accum. amort. | -11 | [1] | -11 | [1] | -10 | [1] |
Amortized intangible assets, Net value | 10 | [1] | 10 | [1] | 11 | [1] |
Customer relationships | ' | ' | ' | |||
Amortized intangible assets: | ' | ' | ' | |||
Amortized intangible assets, Gross value | 21 | [1] | 21 | [1] | 21 | [1] |
Amortized intangible assets, Accum. amort. | -21 | [1] | -21 | [1] | -21 | [1] |
Amortized intangible assets, Net value | 0 | [1] | 0 | [1] | 0 | [1] |
Other trademarks | ' | ' | ' | |||
Indefinite life intangible assets: | ' | ' | ' | |||
Net Value | 1 | [1],[3] | 4 | [1],[3] | 5 | [1],[3] |
Runners Point Group trademarks | ' | ' | ' | |||
Indefinite life intangible assets: | ' | ' | ' | |||
Net Value | $28 | [1] | $30 | [1] | $30 | [1] |
[1] | Includes the effect of foreign currency translation related primarily to the movements of the euro in relation to the U.S. dollar. | |||||
[2] | The balance sheet at February 1, 2014 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 2013 Annual Report on Form 10-K. | |||||
[3] | The accumulated impairment charge related to other trademarks is $27 million. This includes $3 million of impairment charges recorded during the thirty-nine weeks ended November 1, 2014. |
Amortization_Expense_Detail
Amortization Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' |
Amortization expense | $2 | $3 | $5 | $9 |
Estimated_Future_Amortization_
Estimated Future Amortization Expense for Finite Lived Intangibles (Detail) (USD $) | Nov. 01, 2014 |
In Millions, unless otherwise specified | |
Expected Amortization Expense [Line Items] | ' |
Remainder of 2014 | $1 |
2015 | 4 |
2016 | 4 |
2017 | 4 |
2018 | 3 |
2019 | $3 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | |
In Millions, unless otherwise specified | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |
Foreign currency translation adjustments | $15 | $57 | $77 | |
Cash flow hedges | -1 | -2 | 1 | |
Unrecognized pension cost and postretirement benefit | -234 | -240 | -247 | |
Unrealized loss on available-for-sale security | -1 | -1 | -1 | |
Accumulated other comprehensive loss | ($221) | ($186) | [1] | ($170) |
[1] | The balance sheet at February 1, 2014 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 2013 Annual Report on Form 10-K. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Beginning Balance | ($186) | [1] | ($170) |
Other comprehensive income before reclassification | -41 | ' | |
Amounts reclassified from accumulated other comprehensive income | 6 | ' | |
Other comprehensive income | -35 | ' | |
Ending Balance | -221 | -170 | |
Foreign currency translation adjustments | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Beginning Balance | 57 | ' | |
Other comprehensive income before reclassification | -42 | ' | |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | |
Other comprehensive income | -42 | ' | |
Ending Balance | 15 | ' | |
Cash flow hedges | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Beginning Balance | -2 | ' | |
Other comprehensive income before reclassification | 1 | ' | |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | |
Other comprehensive income | 1 | ' | |
Ending Balance | -1 | ' | |
Items related to pension and postretirement benefits | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Beginning Balance | -240 | ' | |
Other comprehensive income before reclassification | 0 | ' | |
Amounts reclassified from accumulated other comprehensive income | 6 | ' | |
Other comprehensive income | 6 | ' | |
Ending Balance | -234 | ' | |
Unrealized loss on available-for- sale security | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Beginning Balance | -1 | ' | |
Other comprehensive income before reclassification | 0 | ' | |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | |
Other comprehensive income | 0 | ' | |
Ending Balance | ($1) | ' | |
[1] | The balance sheet at February 1, 2014 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 2013 Annual Report on Form 10-K. |
Reclassifications_from_Accumul
Reclassifications from Accumulated Other Comprehensive Loss (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 01, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Net periodic benefit cost | $10 |
Income tax expense | -4 |
Net of tax | 6 |
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 $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 01, 2014 |
Derivatives Designated as Hedging Instruments | Forward foreign exchange contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value of contracts outstanding | $77 | $77 |
Derivative contracts maturity period | '2016-01 | ' |
Derivative, Loss on Derivative | 1 | 1 |
Derivatives Designated as Non-Hedging Instruments | Forward foreign exchange contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value of contracts outstanding | 18 | 18 |
Derivative contracts maturity period | '2014-12 | ' |
Changes in the fair value of the contracts | 0 | 1 |
Derivatives Designated as Non-Hedging Instruments | Foreign currency option contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value of contracts outstanding | 31 | 31 |
Derivative contracts maturity period | '2015-01 | ' |
Changes in the fair value of the contracts | $1 | $1 |
Fair_Value_of_Derivative_Contr
Fair Value of Derivative Contracts on Gross Basis, by Type of Contract (Detail) (Derivatives Designated as Hedging Instruments, USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Current Assets | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value of derivative asset | $0 | $0 | $1 |
Current Liabilities | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value of derivative liability | $2 | $2 | $0 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Level 1 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Assets measured at fair value on recurring basis | $0 | $0 | $0 |
Liabilities measured at fair value on recurring basis | 0 | 0 | 0 |
Level 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 | 0 | 0 | 0 |
Level 1 | 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 | 0 | 0 | 0 |
Level 1 | 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 | 0 | 0 | 0 |
Liabilities measured at fair value on recurring basis | 0 | 0 | 0 |
Level 2 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Assets measured at fair value on recurring basis | 6 | 15 | 39 |
Liabilities measured at fair value on recurring basis | 2 | 2 | 0 |
Level 2 | 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 | 0 | 9 | 32 |
Level 2 | 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 |
Level 2 | 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 | 0 | 0 | 1 |
Liabilities measured at fair value on recurring basis | 2 | 2 | 0 |
Level 3 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Assets measured at fair value on recurring basis | 0 | 0 | 0 |
Liabilities measured at fair value on recurring basis | 0 | 0 | 0 |
Level 3 | 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 | 0 | 0 | 0 |
Level 3 | 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 | 0 | 0 | 0 |
Level 3 | 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 | 0 | 0 | 0 |
Liabilities measured at fair value on recurring basis | $0 | $0 | $0 |
Carrying_Value_and_Estimated_F
Carrying Value and Estimated Fair Value of Long-Term Debt (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Carrying value | $135 | $139 | $140 |
Fair value | $161 | $159 | $157 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional information (Detail) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 |
Stock Option Plans | 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 |
Contingently issuable shares excluded from diluted earnings per share | 0.4 | 0.4 | ' | ' |
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. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Weighted-average common shares outstanding | 143.6 | 147.7 | 144.5 | 149.2 |
Effect of Dilution: | ' | ' | ' | ' |
Stock options and awards | 2.1 | 1.8 | 2.1 | 2 |
Weighted-average common shares assuming dilution | 145.7 | 149.5 | 146.6 | 151.2 |
Pension_and_Postretirement_Pla2
Pension and Postretirement Plans - Additional Information (Detail) (Canadian Qualified Pension Plan, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Canadian Qualified Pension Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Contributions by Employer | $2 | $2 |
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. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $3 | $4 | $11 | $11 |
Interest cost | 7 | 6 | 21 | 19 |
Expected return on plan assets | -9 | -10 | -28 | -30 |
Amortization of net loss (gain) | 5 | 4 | 12 | 12 |
Net benefit expense (income) | 6 | 4 | 16 | 12 |
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 | -2 |
Net benefit expense (income) | ($1) | ($1) | ($2) | ($2) |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 02, 2013 | 21-May-14 |
Stock Option and Stock Purchase Plan | Stock Option and Stock Purchase Plan | Stock Option and Stock Purchase Plan | Stock Option and Stock Purchase Plan | Nonvested stock options | Restricted Stock and Units | Restricted Stock and Units | Stock Incentive Plan 2007 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 |
Share-based compensation expense | $6 | $6 | $18 | $19 | $3 | $9 | $3 | $9 | ' | ' | ' | ' |
Tax deductions in excess of the cumulative compensation cost | ' | ' | 11 | 8 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from options exercised | 4 | 4 | 17 | 19 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit realized from options exercised | 2 | 1 | 7 | 5 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost, nonvested | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' |
Unrecognized compensation cost related to nonvested stock options, weighted-average period expected to be recognized | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 7 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | 734,295 | 997,542 | ' |
Weighted-average grant-date fair value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45.24 | $34.59 | ' |
Total value of awards for which restrictions lapsed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 9 | ' |
Restricted Stock or Unit Expense | 3 | 3 | 9 | 10 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $14 | ' | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total_compensation_expense_and
Total compensation expense and the related tax benefits recognized (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $6 | $6 | $18 | $19 |
Tax benefit | $1 | $2 | $5 | $6 |
Assumptions_used_to_Compute_Sh
Assumptions used to Compute Share-Based Compensation Expense (Detail) (USD $) | 9 Months Ended | |
Nov. 01, 2014 | Nov. 02, 2013 | |
Stock Option Plans | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average risk free rate of interest | 2.12% | 1.02% |
Expected volatility | 39.00% | 42.00% |
Weighted-average expected award life | '6 years 1 month 6 days | '6 years |
Dividend yield | 2.00% | 2.30% |
Weighted-average fair value | $14.91 | $10.98 |
Stock Purchase Plan | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average risk free rate of interest | 0.14% | 0.17% |
Expected volatility | 24.00% | 40.00% |
Weighted-average expected award life | '1 year | '1 year |
Dividend yield | 2.00% | 2.30% |
Weighted-average fair value | $7.11 | $5.80 |
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. 01, 2014 |
Shares | ' |
Options outstanding at the beginning of the year | 5,668 |
Granted | 767 |
Exercised | -769 |
Expired or cancelled | -62 |
Options outstanding at end of period | 5,604 |
Options exercise at end of period | 3,798 |
Options vested and expected to vest at end of period | 5,567 |
Options available for future grant at end of period | 14,018 |
Weighted-Average Term | ' |
Options outstanding at end of period | '6 years 6 months 4 days |
Options exercisable at end of period | '5 years 5 months 26 days |
Options vested and expected to vest at end of period | '6 years 6 months |
Weighted-Average Exercise Price | ' |
Weighted Average Exercise Price at the beginning of the year | $22.66 |
Granted | $45.11 |
Exercised | $21.58 |
Expired or cancelled | $39.65 |
Weighted Average Exercise Price at end of period | $25.69 |
Weighted Average Exercise Price Exercisable at end of period | $19.78 |
Weighted Average Exercise Price vested and expected to vest at end of period | $25.59 |
Total_Intrinsic_Value_of_Optio
Total Intrinsic Value of Options Exercised (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Intrinsic value of stock options | ' | ' | ' | ' |
Exercised | $6 | $2 | $21 | $15 |
Aggregate_Intrinsic_Value_for_
Aggregate Intrinsic Value for Stock Options Outstanding and Exercisable (Detail) (USD $) | Nov. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding | $170 | $74 |
Outstanding and exercisable | 138 | 64 |
Vested and expected to vest | $169 | $74 |
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. 01, 2014 | Feb. 01, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Number of Shares | 5,604 | 5,668 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '6 years 6 months 4 days | ' |
Options Outstanding, Weighted-Average Exercise Price | $25.69 | $22.66 |
Options Exercisable, Number of Shares | 3,798 | ' |
Options Exercisable, Weighted-Average Exercise Price | $19.78 | ' |
$9.85 to $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 | 1,470 | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '4 years 10 months 13 days | ' |
Options Outstanding, Weighted-Average Exercise Price | $12.39 | ' |
Options Exercisable, Number of Shares | 1,470 | ' |
Options Exercisable, Weighted-Average Exercise Price | $12.39 | ' |
$18.80 to $24.75 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices, Lower Limit | $18.80 | ' |
Range of Exercise Prices, Upper Limit | $24.75 | ' |
Options Outstanding, Number of Shares | 1,460 | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '5 years 3 months 7 days | ' |
Options Outstanding, Weighted-Average Exercise Price | $20.11 | ' |
Options Exercisable, Number of Shares | 1,460 | ' |
Options Exercisable, Weighted-Average Exercise Price | $20.11 | ' |
$24.76 to $34.24 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices, Lower Limit | $24.76 | ' |
Range of Exercise Prices, Upper Limit | $34.24 | ' |
Options Outstanding, Number of Shares | 1,906 | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '7 years 7 months 6 days | ' |
Options Outstanding, Weighted-Average Exercise Price | $32.60 | ' |
Options Exercisable, Number of Shares | 852 | ' |
Options Exercisable, Weighted-Average Exercise Price | $31.64 | ' |
$34.27 to $45.08 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Range of Exercise Prices, Lower Limit | $34.27 | ' |
Range of Exercise Prices, Upper Limit | $45.08 | ' |
Options Outstanding, Number of Shares | 768 | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '9 years 3 months 22 days | ' |
Options Outstanding, Weighted-Average Exercise Price | $44.62 | ' |
Options Exercisable, Number of Shares | 16 | ' |
Options Exercisable, Weighted-Average Exercise Price | $38.72 | ' |
Restricted_Shares_and_Units_Ac
Restricted Shares and Units Activity (Detail) (Restricted Stock Units R S U [Member], USD $) | 9 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 |
Restricted Stock Units R S U [Member] | ' | ' |
Number of Shares | ' | ' |
Nonvested, Beginning Balance | 1,369 | ' |
Granted | 320 | ' |
Vested | -649 | ' |
Expired or cancelled | -42 | ' |
Nonvested, Ending Balance | 998 | ' |
Aggregate value (in millions) | $37 | ' |
Weighted-average remaining contractual life | '1 year 3 months 25 days | ' |
Weighted-Average Grant Date Fair Value per Share | ' | ' |
Nonvested, Beginning Balance | $27.20 | ' |
Weighted-average grant-date fair value per share | $45.24 | $34.59 |
Vested | $20.84 | ' |
Expired or cancelled | $24.69 | ' |
Nonvested, Ending Balance | $37.23 | ' |