|
Stock-Based Compensation (Tables)
|
12 Months Ended |
|
Feb. 01, 2014
|
| Share-based Compensation [Abstract] |
|
| Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
The components of total stock-based compensation costs are as follows: | | | | | | | | | | | | | ($ in millions) | 2013 | | 2012 | | 2011 | Stock awards | $ | 14 |
| | $ | 33 |
| | $ | 22 |
| Stock options | 14 |
| | 17 |
| | 24 |
| Total stock-based compensation(1) | $ | 28 |
| | $ | 50 |
| | $ | 46 |
| | | | | | | Total income tax benefit recognized for stock-based compensation arrangements | $ | — |
| | $ | 19 |
| | $ | 18 |
|
| | (1) | Excludes $18 million, $11 million and $79 million for 2013, 2012 and 2011, respectively, of stock-based compensation costs reported in restructuring and management transition charges (see Note 16). |
|
| Schedule of Share-based Compensation, Stock Options, Activity |
The following table summarizes stock option activity during the year ended February 1, 2014: | | | | | | | | | | | | | | | | | Shares (in thousands) | | Weighted - Average Exercise Price Per Share | | Weighted - Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value ($ in millions)(1) | Outstanding at February 2, 2013 | | 13,593 |
| | $ | 40 |
| | | | | Granted | | 3,448 |
| | 15 |
| | | | | Exercised | | (397 | ) | | 16 |
| | | | | Forfeited/canceled | | (2,615 | ) | | 30 |
| | | | | Outstanding at February 1, 2014 | | 14,029 |
| | 36 |
| | 4.4 | | $ | — |
| Exercisable at February 1, 2014 | | 10,617 |
| | 41 |
| | 3.0 | | $ | — |
|
| | (1) | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option at year end. As of February 1, 2014, all outstanding stock options had an exercise price above the closing price of JCPenney common stock of $5.92. |
|
| Schedule of Cash Proceeds Received from Share-based Payment Awards |
Cash proceeds, tax benefits and intrinsic value related to total stock options exercised are provided in the following table: | | | | | | | | | | | | | | ($ in millions) | | 2013 | | 2012 | | 2011 | Proceeds from stock options exercised | | $ | 7 |
| | $ | 71 |
| | $ | 18 |
| Intrinsic value of stock options exercised | | 2 |
| | 38 |
| | 28 |
| Tax benefit related to stock-based compensation | | — |
| | 15 |
| | 11 |
| Excess tax benefits realized on stock-based compensation | | — |
| | 12 |
| | 10 |
|
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
Our weighted-average fair value of stock options at grant date was $7.15 in 2013, $11.49 in 2012 and $11.37 in 2011 using the binomial lattice valuation model and the following assumptions: | | | | | | | | | | 2013 | | 2012 | | 2011 | Weighted-average expected option term | | 4.4 years | | 4.9 years | | 4.5 years | Weighted-average expected volatility | | 62.00% | | 45.30% | | 41.20% | Weighted-average risk-free interest rate | | 0.64% | | 0.87% | | 1.75% | Weighted-average expected dividend yield | | —% | | 1.40% | | 2.20% | Expected dividend yield range | | —% | | 2.0% – 2.1% | | 1.8% – 2.2% |
|
| Schedule of Nonvested Restricted Stock Units Activity |
The following table summarizes our non-vested stock awards activity during the year ended February 1, 2014: | | | | | | | | | | | | | | | | Time-Based Stock Awards | | Performance-Based Stock Awards | (shares in thousands) | Number of Units | | Weighted- Date Fair Value | | Number of Units | | Weighted- Date Fair Value | Non-vested at February 2, 2013 | 3,418 |
| | $ | 31 |
| | 44 |
| | $ | 31 |
| Granted | 971 |
| | 15 |
| | 1,082 |
| | 14 |
| Vested | (1,344 | ) | | 29 |
| | (155 | ) | | 19 |
| Forfeited/canceled | (1,688 | ) | | 29 |
| | (898 | ) | | 14 |
| Non-vested at February 1, 2014 | 1,357 |
| | 23 |
| | 73 |
| | 7 |
|
|