Quarterly report pursuant to Section 13 or 15(d)

Credit Facility (Details)

v2.4.0.8
Credit Facility (Details) (USD $)
3 Months Ended
May 03, 2014
Feb. 01, 2014
May 04, 2013
Feb. 08, 2013
Line of Credit Facility [Line Items]        
2013 Credit Facility, initiation date Feb. 08, 2013      
2013 Credit facility, maximum borrowing capacity       $ 1,850,000,000
2013 Credit Facility, maturity date Apr. 29, 2016      
2013 Credit Facility, capacity available for letters of credit       750,000,000
2013 Credit Facility, maximum amount accordion feature can potentially increases credit facility size       400,000,000
2013 Credit Facility, debt covenant, fixed charge coverage ratio 1.0      
Short-term borrowings under 2013 Credit Facility 650,000,000 650,000,000 850,000,000  
2013 Credit Facility, total standby and import letters of credit outstanding 501,000,000      
2013 Credit Facility, commitment fee interest rate on unused capacity 0.50%      
2013 Credit Facility, maximum borrowing capacity less amount outstanding 699,000,000      
2013 Credit Facility, remaining borrowing capacity 514,000,000      
2013 Credit Facility, description On February 8, 2013, J. C. Penney Company, Inc., JCP and J. C. Penney Purchasing Corporation (Purchasing) entered into an amended and restated revolving credit agreement in the amount up to $1,850 million (2013 Credit Facility), which replaced the Company’s prior credit agreement entered into in January 2012, with largely the same syndicate of lenders under the previous agreement, with JPMorgan Chase Bank, N.A., as administrative agent. The 2013 Credit Facility matures on April 29, 2016, increases the letter of credit sublimit to $750 million and provides an accordion feature that could potentially increase the size of the facility by an additional amount not to exceed $400 million. The 2013 Credit Facility is an asset-based revolving 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 2013 Credit Facility is available for general corporate purposes, including the issuance of letters of credit. Pricing under the 2013 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 2013 Credit Facility are guaranteed by J. C. Penney Company, Inc.      
2013 Credit Facility, borrowing capacity, description Availability under the 2013 Credit Facility is limited to a borrowing base which allows us to borrow up to 85% of eligible accounts receivable, plus 90% of eligible credit card receivables, plus 85% 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 the event that availability under the 2013 Credit Facility is at any time less than the greater of (1) $125 million or (2) 10% of the lesser of the total facility or the borrowing base then in effect, for a period of at least 30 days, the Company will be subject to a fixed charge coverage ratio covenant of 1.0 to 1.0 which is calculated as of the last day of the quarter and measured on a trailing four-quarter basis.      
2013 Credit Facility, interest rate description The borrowing bears interest at a rate of LIBOR plus 3.0%      
Eligible accounts receivable [Member]
       
Line of Credit Facility [Line Items]        
2013 Credit Facility, borrowing base components 85.00%      
Eligible credit card receivables [Member]
       
Line of Credit Facility [Line Items]        
2013 Credit Facility, borrowing base components 90.00%      
Liquidation value of inventory, net of reserves [Member]
       
Line of Credit Facility [Line Items]        
2013 Credit Facility, borrowing base components 85.00%      
Avaliability factor, dollars, threshold for fixed charge coverage ratio [Member]
       
Line of Credit Facility [Line Items]        
2013 Credit Facility, availability component, dollars, threshold for fixed charge coverage ratio $ 125,000,000      
Lesser of total facility or borrowing base, factor, threshold for fixed charge coverage ratio [Member]
       
Line of Credit Facility [Line Items]        
2013 Credit Facility, availability component, percentage, threshold for fixed charge coverage ratio 10.00%      
Interest rate in addition to LIBOR [Member]
       
Line of Credit Facility [Line Items]        
2013 Credit Facility, interest rate during period 3.00%      
Standby Letter of Credit [Member]
       
Line of Credit Facility [Line Items]        
2013 Credit Facility, interest rate at period end 3.00%      
Foreign Letter of Credit [Member]
       
Line of Credit Facility [Line Items]        
2013 Credit Facility, interest rate at period end 1.50%