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Credit Facility (Details) (USD $)
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0 Months Ended | 3 Months Ended | 9 Months Ended | |
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May 22, 2013
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Nov. 01, 2014
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Nov. 01, 2014
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Jun. 20, 2014
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| Line of Credit Facility [Line Items] | ||||
| 2014 Credit Facility, initiation date | Jun. 20, 2014 | |||
| 2014 Credit Facility | $ 2,350,000,000 | |||
| Revolving Facility, maximum borrowing capacity | 1,850,000,000 | 1,850,000,000 | 1,850,000,000 | |
| 2014 Credit Facility, maturity date | Jun. 20, 2019 | |||
| 2014 Credit Facility, letter of credit sublimit | 750,000,000 | 750,000,000 | ||
| Repayments of Lines of Credit | 650,000,000 | |||
| Revolving Facility, availability component, percentage, threshold of the borrowing base | 10.00% | |||
| Revolving Facility, availability component, amount, threshold of the borrowing base | 150,000,000 | |||
| 2014 Term Loan under the 2014 Credit Facility | 499,000,000 | 499,000,000 | 500,000,000 | |
| 2014 Term Loan under the Credit Facility, quarterly payment | 5,625,000 | |||
| Revolving Facility, total standby and import letters of credit outstanding | 429,000,000 | 429,000,000 | ||
| Revolving Facility, commitment fee interest rate on unused capacity | 0.375% | |||
| Revolving Facility, maximum borrowing capacity less amount outstanding | 1,421,000,000 | 1,421,000,000 | ||
| Revolving Facility, remaining borrowing capacity | 1,236,000,000 | 1,236,000,000 | ||
| 2014 Credit Facility, description | On June 20, 2014, J. C. Penney Company, Inc., JCP and J. C. Penney Purchasing Corporation (Purchasing) entered into a $2,350 million asset-based senior credit facility (2014 Credit Facility), comprised of a $1,850 million revolving line of credit (Revolving Facility) and a $500 million term loan (2014 Term Loan). The 2014 Credit Facility, which matures on June 20, 2019, replaced the Company’s prior credit agreement entered into in February 2013 and contains a letter of credit sublimit of $750 million. Proceeds from the 2014 Term Loan, in addition to $150 million of cash on hand, were used to pay down the $650 million cash borrowings that were outstanding under the previous facility. The 2014 Credit Facility is an asset-based senior credit facility and is secured by a perfected first-priority security interest in substantially all of our eligible credit card receivables, accounts receivable and inventory. The Revolving Facility is available for general corporate purposes, including the issuance of letters of credit. Pricing under the Revolving Facility is tiered based on our utilization under the line of credit. JCP’s obligations under the 2014 Credit Facility are guaranteed by J. C. Penney Company, Inc. | |||
| Revolving Facility, borrowing capacity, description | The borrowing base under the Revolving Facility, which is limited to a maximum of $1,850 million, is calculated as 85% of eligible accounts receivable, plus 90% of eligible credit card receivables, plus 90% of the liquidation value of our inventory, net of certain reserves. Letters of credit reduce the amount available to borrow by their face value. In addition, the maximum availability is limited by a minimum excess availability threshold which is the greater of 10% of the borrowing base or $150 million. | |||
| 2014 Term Loan, interest rate description | The 2014 Term Loan bears interest at a rate of LIBOR plus 4.0% | |||
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Cash on hand [Member]
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| Line of Credit Facility [Line Items] | ||||
| Repayments of Lines of Credit | 150,000,000 | |||
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Eligible accounts receivable [Member]
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| Line of Credit Facility [Line Items] | ||||
| Revolving Facility, borrowing base components | 85.00% | |||
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Eligible credit card receivables [Member]
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| Line of Credit Facility [Line Items] | ||||
| Revolving Facility, borrowing base components | 90.00% | |||
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2014 Credit Facility [Member]
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| Line of Credit Facility [Line Items] | ||||
| 2014 Term Loan under the Credit Facility, quarterly payment | $ 1,250,000 | |||
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Liquidation value of inventory, net of reserves [Member]
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| Line of Credit Facility [Line Items] | ||||
| Revolving Facility, borrowing base components | 90.00% | |||
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Interest rate in addition to LIBOR [Member]
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| Line of Credit Facility [Line Items] | ||||
| 2014 Term Loan under the 2014 Credit Facility, interest rate during period | 4.00% | |||
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Standby Letter of Credit [Member]
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| Line of Credit Facility [Line Items] | ||||
| Revolving Facility, interest rate at period end | 2.75% | 2.75% | ||
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Foreign Letter of Credit [Member]
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| Line of Credit Facility [Line Items] | ||||
| Revolving Facility, interest rate at period end | 1.375% | 1.375% |