2.0.0.10 false Credit Facility 204 - Disclosure - Credit Facility true false false false 1 usd $ false false Unit_1 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit_2 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 5 Credit Facility 3 us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock us-gaap true na duration string No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 <div> <div><div><div> Note 4 – Credit Facility    On April 8, 2009, J. C. Penney Company, Inc., JCP and J. C. Penney Purchasing Corporation entered into a three-year, $750 million revolving credit agreement (2009 Credit Facility) with a syndicate of lenders with JPMorgan Chase Bank, N.A., as administrative agent.  The facility is secured by our inventory, which security interest can be released upon attainment of certain credit rating levels.  The 2009 Credit Facility is available for general corporate purposes, including the issuance of letters of credit.  Pricing under the 2009 Credit Facility is tiered based on JCP’s senior unsecured long-term credit ratings issued by Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services.  JCP’s obligations under the 2009 Credit Facility are guaranteed by J. C. Penney Company, Inc.    The 2009 Credit Facility requires that we maintain certain financial covenants, which include a leverage ratio, a fixed charge coverage ratio and an asset coverage ratio (each as defined in the 2009 Credit Facility).  Under the terms of the 2009 Credit Facility, non-cash charges or credits related to retirement plans are not included in the calculation of EBITDA (consolidated earnings before income taxes less depreciation and amortization), which is used in the leverage ratio and fixed charge coverage ratio.   <ul style="margin-top: 0in;" type="disc"> <li class="MsoNormal" style="margin: 0in 0in 0pt; color: black; text-autospace: ideograph-numeric; tab-stops: list .5in;">The leverage ratio, which is calculated as of the last day of the quarter and measured on a trailing four-quarter basis, cannot exceed 3.5 to 1 from January 31, 2010 through October 30, 2010 and 3.0 to 1 thereafter.   </li> <li class="MsoNormal" style="margin: 0in 0in 0pt; color: black; text-autospace: ideograph-numeric; tab-stops: list .5in;">The fixed charge coverage ratio, which is calculated as of the last day of the quarter and measured on a trailing four-quarter basis, cannot be less than 2.25 to 1 through October 30, 2010, 2.5 to 1 from October 31, 2010 through October 29, 2011; and 3.0 to 1 thereafter.  </li> <li class="MsoNormal" style="margin: 0in 0in 0pt; color: black; text-autospace: ideograph-numeric; tab-stops: list .5in;">The asset coverage ratio, which is calculated as of the last day of each fiscal month, cannot be less than 3.0 to 1.</li> </ul> As of May 1, 2010, we were in compliance with these requirements with a leverage ratio of 2.0 to 1, a fixed charge coverage ratio of 3.5 to 1 and an asset coverage ratio of 24 to 1.  No borrowings, other than the issuance of standby and import letters of credit totaling $133 million as of the end of the first quarter of 2010, have been made under the 2009 Credit Facility. </div></div></div> </div> Note 4 – Credit Facility    On April 8, 2009, J. C. Penney Company, Inc., JCP and J. C. Penney Purchasing Corporation entered into a false false false This element may be used to capture the complete disclosure pertaining to short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph f -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 false false 1 1 false UnKnown UnKnown UnKnown false true