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Document and Company Information
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9 Months Ended | |
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Oct. 31, 2009
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Nov. 27, 2009
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| Document and Company Information [Abstract] | ||
| Entity Registrant Name | NORDSTROM INC | |
| Entity Central Index Key | 0000072333 | |
| Document Type | 10-Q | |
| Document Period End Date | Oct. 31, 2009 | |
| Amendment Flag | false | |
| Current Fiscal Year End Date | --01-30 | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 217,493,438 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Condensed Consolidated Statements of Earnings (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Oct. 31, 2009
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Nov. 01, 2008
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Oct. 31, 2009
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Nov. 01, 2008
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| Net sales | $ 1,868 | $ 1,805 | $ 5,719 | $ 5,971 |
| Credit card revenues | 95 | 74 | 268 | 216 |
| Total revenues | 1,963 | 1,879 | 5,987 | 6,187 |
| Cost of sales and related buying and occupancy costs | (1,210) | (1,185) | (3,735) | (3,852) |
| Selling, general and administrative expenses: | ||||
| Retail stores, direct and other segments | (500) | (490) | (1,478) | (1,528) |
| Credit segment | (81) | (77) | (250) | (184) |
| Earnings before interest and income taxes | 172 | 127 | 524 | 623 |
| Interest expense, net | (38) | (33) | (105) | (98) |
| Earnings before income taxes | 134 | 94 | 419 | 525 |
| Income tax expense | (51) | (23) | (150) | (192) |
| Net earnings | $ 83 | $ 71 | $ 269 | $ 333 |
| Earnings per basic share | $ 0.38 | $ 0.33 | $ 1.24 | $ 1.54 |
| Earnings per diluted share | $ 0.38 | $ 0.33 | $ 1.23 | $ 1.52 |
| Basic shares | 217.1 | 215.6 | 216.5 | 216.9 |
| Diluted shares | 220.7 | 218.1 | 219.0 | 219.8 |
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- Definition
The aggregate of cost of sales, buying and occupancy costs during the reporting period. Buying costs consist primarily of compensation and other costs incurred by our merchandise and product development groups. Occupancy costs include rent, depreciation, property taxes and facility operating costs of our retail, corporate center and distribution operations. No definition available.
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- Definition
For our Credit segment: The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, utilities, communication, etc. No definition available.
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- Definition
For our Retail stores, Direct and Other segments: The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, utilities, communication, etc. No definition available.
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- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Interest and fee income from credit card balances due from individuals. Such loans are considered revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate of prepaid expenses, deferred bond issuance costs, and income taxes receivable. Prepaid expenses include amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year. Deferred bond issuance costs include specific incremental costs directly attributable to a proposed or actual offering of securities which are deferred at the end of the reporting period. Income Taxes Receivable include carrying amounts due within one year of the balance sheet date from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. No definition available.
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- Definition
Accounts Payable and Accrued Liabilities, Current Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of short-term borrowings using unsecured obligations issued by banks, corporations and other borrowers to investors. The maturities of these money market securities generally do not exceed 270 days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the deferred credit for an incentive or inducement received by a lessee from a lessor, in order to motivate the lessee to enter the lease agreement, which incentive or inducement is to be recognized as a reduction of rental expense over the lease term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). No definition available.
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer plus capital lease obligations due to be paid more than one year after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Obligation related to long-term debt (excluding convertible debt) and capital leases, the portion which is due in one year or less in the future. No definition available.
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current obligations not separately disclosed in the balance sheet due to materiality considerations. Current liabilities are expected to be paid within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified |
Oct. 31, 2009
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Jan. 31, 2009
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Nov. 01, 2008
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| Shareholders' equity: | |||
| Common stock, par value | $ 0 | $ 0 | $ 0 |
| Common stock, shares authorized | 1,000 | 1,000 | 1,000 |
| Common stock, shares issued | 217.3 | 215.4 | 215.4 |
| Common stock, shares outstanding | 217.3 | 215.4 | 215.4 |
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- Definition
Issuance value per share of no-par value common stock; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Definition
Stockholders Equity Other Shares. No definition available.
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- Definition
This element represents the amount of recognized share-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cash dividends declared by an entity during the period for all classes of stock (common, preferred). This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Net changes to accumulated comprehensive income during the period related to benefit plans, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. No definition available.
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- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy. No definition available.
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- Definition
Number of shares issued during the period as a result of an employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate change in value for stock issued during the period as a result of employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value stock issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Condensed Consolidated Statements of Shareholders Equity (Parenthetical) (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified |
9 Months Ended | ||||
|---|---|---|---|---|---|
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Oct. 31, 2009
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Nov. 01, 2008
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||||
| Other comprehensive earnings: | |||||
| Tax effect of amounts amortized into net periodic benefit cost | $ 0 | [1] | $ (1) | ||
| Dividends paid (per share) | $ 0.48 | $ 0.48 | |||
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Retained Earnings
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|||||
| Other comprehensive earnings: | |||||
| Dividends paid (per share) | $ 0.48 | $ 0.48 | |||
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Accumulated Other Comprehensive (Loss) Earnings
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|||||
| Other comprehensive earnings: | |||||
| Tax effect of amounts amortized into net periodic benefit cost | $ 0 | [1] | $ (1) | ||
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| X | ||||||||||
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- Definition
Aggregate dividends paid during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tax effects of the net changes to accumulated comprehensive income during the period related to benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | |
|---|---|---|
|
Oct. 31, 2009
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Nov. 01, 2008
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|
| Operating Activities | ||
| Net earnings | $ 269 | $ 333 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
| Depreciation and amortization of buildings and equipment, net | 234 | 222 |
| Amortization of deferred property incentives and other, net | (31) | (30) |
| Stock-based compensation expense | 24 | 21 |
| Deferred income taxes, net | (45) | (59) |
| Tax benefit from stock-based payments | 4 | 4 |
| Excess tax benefit from stock-based payments | (5) | (4) |
| Provision for bad debt expense | 175 | 106 |
| Change in operating assets and liabilities: | ||
| Accounts receivable | (119) | (62) |
| Merchandise inventories | (264) | (301) |
| Prepaid expenses and other assets | (13) | 18 |
| Accounts payable | 401 | 280 |
| Accrued salaries, wages and related benefits | 41 | (66) |
| Other current liabilities | (1) | (83) |
| Deferred property incentives | 86 | 87 |
| Other liabilities | 45 | (12) |
| Net cash provided by operating activities | 801 | 454 |
| Investing Activities | ||
| Capital expenditures | (281) | (439) |
| Change in credit card receivables originated at third parties | (129) | (171) |
| Other, net | 1 | 2 |
| Net cash used in investing activities | (409) | (608) |
| Financing Activities | ||
| (Repayments of) proceeds from commercial paper borrowings, net | (135) | 102 |
| Repayment of commercial paper classified as long-term | (140) | 0 |
| Proceeds from long-term borrowings, net | 399 | 150 |
| Principal payments on long-term borrowings | (24) | (8) |
| Decrease in cash book overdrafts | 0 | (45) |
| Proceeds from exercise of stock options | 15 | 13 |
| Proceeds from employee stock purchase plan | 13 | 16 |
| Excess tax benefit from stock-based payments | 5 | 4 |
| Cash dividends paid | (104) | (104) |
| Repurchase of common stock | 0 | (264) |
| Other, net | (9) | 0 |
| Net cash provided by (used in) financing activities | 20 | (136) |
| Net increase (decrease) in cash and cash equivalents | 412 | (290) |
| Cash and cash equivalents at beginning of period | 72 | 358 |
| Cash and cash equivalents at end of period | 484 | 68 |
| Cash paid during the period for: | ||
| Interest (net of capitalized interest) | 81 | 91 |
| Income taxes | $ 175 | $ 319 |
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Financing activity related to the change during the period for checks not yet presented for payment drawn in excess of our bank deposit balances. No definition available.
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| X | ||||||||||
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- Definition
The cash outflows related to repayments of commercial paper which were classified as long-term debt, as amounts were repaid with the proceeds from a long-term debt issuance. No definition available.
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| X | ||||||||||
|
- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of intangible assets over their estimated remaining economic lives. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element reduces net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate amount of pension, postretirement, workers' compensation, and other similar obligations and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in other expenses incurred but not yet paid. This element should be used when there is no other more specific or appropriate element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in other obligations not otherwise defined in the taxonomy where the payments will be made in future periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The net change during the reporting period in other operating obligations not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the value of this group of assets within the working capital section. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period for interest owed on money borrowed, net of interest capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash from (used in) the entity's financing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in financing activities. Such reporting would necessitate the entity to use the Net Cash Provided by (Used in) Discontinued Operations, Total element provided in the taxonomy. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
The net cash from (used in) the entity's investing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in investing activities. Such reporting would necessitate the entity to use the Net Cash Provided by (Used in) Discontinued Operations, Total element provided in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
The net cash from (used in) the entity's continuing operations. This element specifically EXCLUDES the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net amount paid (received) by the reporting entity associated with purchase (sale or collection) of loans receivable arising from the financing of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The net cash outflow (inflow) from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow from the entity's earnings to the shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow from a borrowing net of the cash outflow from repayment of a borrowing having initial term of repayment within three months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from the stock plan during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow associated with security instrument that either represents a creditor or an ownership relationship with the holder of the investment security with a maturity of beyond one year or normal operating cycle, if longer. The nature of such security interests included herein may consist of debt securities, long-term capital lease obligations, and capital securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified stock options) recognized on the entity's tax return exceeds compensation cost from non-qualified stock options recognized on the income statement. This element increases net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Summary of Significant Accounting Policies
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9 Months Ended |
|---|---|
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Oct. 31, 2009
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| Summary of Significant Accounting Policies [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying condensed consolidated financial statements should be read in conjunction with the
Notes to Consolidated Financial Statements contained in our 2008 Annual Report on Form 10-K. The
same accounting policies are followed for preparing quarterly and annual financial information. All
adjustments necessary for the fair presentation of the results of operations, financial position
and cash flows have been included and are of a normal, recurring nature.
Our business, like that of other retailers, is subject to seasonal fluctuations. Our Anniversary
Sale in July, the holidays in December, and our Half-yearly sales events typically result in higher
sales in the second and fourth quarters of our fiscal years. Accordingly, results for any quarter
are not necessarily indicative of the results that may be achieved for a full fiscal year.
Accounting Policies
The preparation of our financial statements requires that we make estimates and judgments that
affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of
contingent assets and liabilities. We base our estimates on historical experience and other
assumptions that we believe to be reasonable under the circumstances. Actual results may differ
from these estimates.
Our accounting policies in 2009 are consistent with those discussed in our 2008 Annual Report on
Form 10-K.
Reclassification
In order to improve the transparency related to our Credit segment, we have reclassified credit
card revenues and expenses in our consolidated statements of earnings for the quarter and nine
months ended November 1, 2008 to conform to our 2009 presentation. Credit card revenues were
previously included in finance charges and other, net in our consolidated statements of earnings,
and selling, general and administrative expenses for our credit segment were previously included in
total selling, general and administrative expenses in our consolidated statements of earnings.
These reclassifications, which were made beginning with our 2008 Annual Report on Form 10-K, did
not impact our reported net earnings, earnings per share or cash flows for the quarter and nine
months ended November 1, 2008.
Recent Accounting Pronouncements
In June 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update
No. 2009-01, Generally Accepted Accounting Principles (ASC 105, Generally Accepted Accounting
Principles), which establishes the FASB Accounting Standards Codification (“the Codification” or
“ASC”) as the official single source of authoritative U.S. generally accepted accounting principles
(“GAAP”). All existing accounting standards are superseded. All other accounting guidance not
included in the Codification will be considered non-authoritative. The Codification also includes
all relevant Securities and Exchange Commission (“SEC”) guidance organized using the same topical
structure in separate sections within the Codification.
Following the Codification, the FASB will no longer issue new standards in the form of Statements,
FASB Staff Positions or Emerging Issues Task Force Abstracts. Instead, it will issue Accounting
Standards Updates (“ASU”) which will serve to update the Codification, provide background
information about the guidance and the basis for conclusions on the changes to the Codification.
The Codification is not intended to change GAAP, but is meant to organize and simplify
authoritative GAAP literature. The Codification is effective for interim and annual periods ending
after September 15, 2009. The impact on our consolidated financial statements is disclosure-only in
nature as all references to authoritative accounting literature will be made in accordance with the
Codification.
In order to ease the transition to the Codification, we are providing the Codification
cross-reference alongside the references to the standards issued and adopted prior to the effective
date of the Codification.
In December 2007, the FASB issued Statement of Financial Accounting Standards No. 160,
Noncontrolling Interests in Consolidated Financial Statements — an amendment of ARB No. 51 (“SFAS
160”) (contained within ASC 810, Consolidation). SFAS 160 establishes new accounting and reporting
standards for a noncontrolling interest (minority interest) in a subsidiary, provides guidance on
the accounting for and reporting of the deconsolidation of a subsidiary, and increases transparency
through expanded disclosures. Specifically, SFAS 160 requires the recognition of a minority
interest as equity in the consolidated financial statements and separate from the parent company’s
equity. It also requires consolidated net earnings in the consolidated statement of earnings to
include the amount of net earnings attributable to minority interest. This statement became
effective for Nordstrom as of the beginning of fiscal year 2009 and did not have a material impact
on our consolidated financial statements.
In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures
About Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133 (“SFAS
161”) (contained within ASC 815, Derivatives and Hedging). SFAS 161 expands the disclosure
requirements in SFAS 133 about an entity’s derivative instruments and hedging activities. This
statement became effective for Nordstrom as of the beginning of fiscal year 2009 and did not have a
material impact on our consolidated financial statements.
In April 2009, the FASB issued Staff Position No. FAS 107-1 and APB 28-1, Disclosures about Fair
Value of Financial Instruments (“FSP FAS 107-1 and APB 28-1”) (contained within ASC 825, Financial
Instuments). FSP FAS 107-1 and APB 28-1, which requires disclosure about the fair value of
financial instruments in interim financial statements as well as in annual financial statements, is
effective for interim periods ending after June 15, 2009. We have adopted this guidance and have
included the required disclosures in this Form 10-Q for the quarter ended October 31, 2009. This
FSP has not impacted our consolidated financial position or results of operations, as its
requirements are disclosure-only in nature.
In May 2009, the FASB issued Statement of Accounting Standards No. 165, Subsequent Events (“SFAS
165”) (contained within ASC 855, Subsequent Events), which establishes general standards of
accounting and disclosure for events that occur after the balance sheet date but before financial
statements are issued. This standard is effective for reporting periods ending after June 15, 2009.
We have included the required disclosures in this Form 10-Q for the quarter ended October 31, 2009.
This statement did not impact our consolidated financial position or results of operations, as its
requirements are disclosure-only in nature.
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- Details
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| X | ||||||||||
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- Definition
Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. Additionally, this item represents the disclosure necessary for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections that may be reported in the Company's financial statements for the period. No definition available.
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Accounts Receivable
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2009
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| Accounts Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCOUNTS RECEIVABLE |
NOTE 2: ACCOUNTS RECEIVABLE
The components of accounts receivable are as follows:
The restricted trade receivables secure our Series 2007-1 Notes, the Series 2007-2 Notes and
our two variable funding notes. The restricted trade receivables relate to substantially all of our
Nordstrom private label card receivables and Nordstrom VISA credit card receivables.
The unrestricted trade receivables consist primarily of the remaining portion of our Nordstrom
private label and Nordstrom VISA credit card receivables and accrued finance charges not yet
allocated to customer accounts. Other accounts receivable consist primarily of credit card
receivables due from third-party financial institutions and vendor claims.
Our Nordstrom private label cards can be used only in Nordstrom stores, while the Nordstrom VISA
cards allow our customers the option of using the cards for purchases of Nordstrom merchandise and
services, as well as for purchases outside of Nordstrom. We record the Nordstrom private label and
Nordstrom VISA credit card receivables as trade receivables on our consolidated balance sheets at
outstanding principal, net of an allowance for doubtful accounts.
Cash flows from the use of both the private label cards and Nordstrom VISA credit cards for sales
originating at our Nordstrom stores are treated as an operating activity in the condensed
consolidated statements of cash flows as they relate to sales at Nordstrom. Cash flows arising from
the use of Nordstrom VISA cards outside of Nordstrom stores are treated as an investing activity
within the condensed consolidated statements of cash flows, as they represent loans made to our
customers for purchases at third parties.
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- Details
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| X | ||||||||||
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- Definition
Includes disclosure of claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt and Credit Facilities
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2009
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| Debt and Credit Facilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT AND CREDIT FACILITIES |
NOTE 3: DEBT AND CREDIT FACILITIES
We hold both secured and unsecured debt. The primary collateral for our secured debt is our
Nordstrom private label card and Nordstrom VISA credit card receivables. A summary of long-term
debt is as follows:
As of October 31, 2009 and November 1, 2008, we had $356 and $425 classified as the current
portion of long-term debt in our condensed consolidated balance sheets. As of October 31, 2009,
this balance was primarily composed of $350 related to our series 2007-1 notes due in April 2010.
As of November 1, 2008, the current portion of long-term debt consisted primarily of $250 related
to our senior notes paid in January 2009, as well as $150 in outstanding issuances against our
Variable Funding Note facility (“2007-A VFN”).
During the third quarter of 2009, we entered into a new unsecured revolving credit facility with a
capacity of $650. This credit facility replaced our previously existing $650 unsecured line of
credit, which was scheduled to expire in November 2010. The new facility is available for working
capital, capital expenditure and general corporate purposes, including liquidity support for our
commercial paper program. Under the terms of the agreement, we pay a variable rate of interest and
a facility fee based on our debt rating. Consistent with our previous unsecured revolving credit
facility, the new revolving credit facility requires that we maintain a leverage ratio of not
greater than four times Adjusted Debt to EBITDAR. The new facility also requires that we maintain a
fixed charge coverage ratio of at least two times, defined as:
EBITDAR less gross capital expenditures
Interest expense, net + rent expense Under the new credit facility we have the option to increase the revolving commitment by up to
$100, to a total of $750, provided that we obtain written consent from the lenders who choose to
increase their commitment. We had no outstanding issuances under our $650 commercial paper program
as of October 31, 2009. The issuance of commercial paper has the effect, while it is outstanding,
of reducing borrowing capacity under our unsecured revolving credit facility by an amount equal to
the principal amount of commercial paper. As of October 31, 2009, we had no outstanding borrowings
under our credit facility.
During the third quarter of 2009, we also repaid $19 in liabilities related to the acquisition of
Jeffrey. Other debt now consists primarily of capital lease obligations.
During the second quarter of 2009, we issued $400 senior unsecured notes at 6.75%, due June 2014.
After deducting the original issue discount of $1 and other fees and expenses of $3, net proceeds
from the offering were $396. We used a portion of the proceeds from the issuance to repay the $140
in outstanding issuances of commercial paper as of May 26, 2009, the date the senior notes were
issued.
Additionally, we had $300 in short-term capacity as of October 31, 2009 available under a Variable
Funding Note facility (“2007-A VFN”). As of October 31, 2009 we had no outstanding issuances
against this facility. On November 13, 2009, we renewed this facility which was scheduled to mature
in November 2009. The 2007-A VFN will now mature in November 2010. See further discussion of our
$300 2007-A VFN in Note 8: Subsequent Event.
As of October 31, 2009, the fair value of long-term debt, including current maturities, using
quoted market prices of the same or similar issues, was $2,700.
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- Definition
Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock Compensation Plans
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Oct. 31, 2009
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| Stock Compensation Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK COMPENSATION PLANS |
NOTE 4: STOCK COMPENSATION PLANS
Stock-based compensation expense before income tax benefit was recorded in our condensed
consolidated statements of earnings as follows:
Stock Options
During the nine months ended October 31, 2009, 4.9 options were granted, 1.1 options were exercised, 0.1 options expired and 0.5 options were cancelled. During the nine months ended November 1, 2008, 2.2 options were granted, 0.8 options were exercised, and 0.5 options were cancelled. The weighted average fair values per option at the dates of grant were $7 and $15 in 2009 and 2008. We used the following assumptions to estimate the fair value of stock options at the date of grant:
Performance Share Units
As of October 31, 2009, our liabilities included $1 for performance share units. As of both January 31, 2009 and November 1, 2008, we had no liabilities related to performance share units. For both the nine months ended October 31, 2009 and November 1, 2008, stock-based compensation expense related to performance share units was approximately $1. As of October 31, 2009, the remaining unrecognized stock-based compensation expense related to unvested performance share units was $3, which is expected to be recognized over a weighted average period of 27 months. At January 31, 2009, 117,389 units were unvested. During the nine months ended October 31, 2009, 144,891 units were granted, no units vested and 8,007 units cancelled, resulting in an ending balance of 254,273 unvested units as of October 31, 2009. |
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Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Share
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Oct. 31, 2009
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE |
NOTE 5: EARNINGS PER SHARE
The computation of earnings per share is as follows:
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This element may be used to capture the complete disclosure pertaining to an entity's earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Reporting
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Oct. 31, 2009
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT REPORTING |
NOTE 6: SEGMENT REPORTING
We aggregate our full-line, Rack and Jeffrey stores into the Retail Stores segment and report
Direct as a separate segment. The Credit segment earns finance charges, interchange and late fee
income through operation of the Nordstrom private label and Nordstrom VISA credit cards. The Other
segment includes our product development group, which coordinates the design and production of
private label merchandise sold in our retail stores, and our distribution network. This segment
also includes our corporate center operations. In addition, our sales
return reserve and other corporate adjustments are recorded in the
Other segment. The following tables set forth the information for
our reportable segments:
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- Definition
This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Contingent Liabilities
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Oct. 31, 2009
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| Contingent Liabilities [Abstract] | |
| CONTINGENT LIABILITIES |
NOTE 7: CONTINGENT LIABILITIES
We are subject from time to time to various claims, proceedings and litigation arising from the
normal course of our business including lawsuits alleging violations of state and/or federal wage
and hour laws. Some of these suits purport or have been determined to be class actions and/or seek
substantial damages. The results of these claims, proceedings and litigation cannot be predicted
with certainty. However, we do not believe any such claim, proceeding or litigation, either alone
or in aggregate, will have a material impact on our results of operations, financial position or
cash flows.
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- Definition
Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Event
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9 Months Ended |
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Oct. 31, 2009
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| Subsequent Event [Abstract] | |
| SUBSEQUENT EVENT |
NOTE 8: SUBSEQUENT EVENT
On November 13, 2009, we renewed our Variable Funding Note facility (“2007-A VFN”) which was
scheduled to mature in November 2009. The 2007-A VFN continues to have a capacity of $300 and will
now mature in November 2010. The 2007-A VFN is backed by substantially all of the Nordstrom private
label card receivables and a 90% interest in the co-branded Nordstrom VISA credit card receivables.
Borrowings under the 2007-A VFN incur interest based upon the cost of commercial paper issued by a
third-party bank conduit plus specified fees. We pay a commitment fee for the notes based on the
size of the commitment.
Under the renewed 2007-A VFN, we have the option to reduce the total capacity and provided that
written consent is obtained from each of the parties to the Note Purchase Agreement, the facility
contains the option to increase the total capacity.
We evaluated subsequent events through December 8, 2009, which is the date the financial statements
were issued. We are not aware of any significant events, other than those identified above, which
occurred subsequent to the balance sheet date but prior to December 8, 2009, that would have a
material impact on our financial statements.
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- Definition
Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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