XML 81 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information (USD $)
12 Months Ended
Feb. 02, 2013
Mar. 11, 2013
Document and Entity Information    
Entity Registrant Name MICHAELS STORES INC  
Entity Central Index Key 0000740670  
Document Type 10-K/A  
Document Period End Date Feb. 02, 2013  
Amendment Flag true  
Amendment Description Michaels Stores Inc. (?Company?) is filing this Amendment No. 1 (this ?Form 10-K/A?) to its Annual Report on Form 10-K for the fiscal year ended February 2, 2013, filed with the Securities and Exchange Commission (?SEC?) on March 15, 2013 (the ?Form 10-K?), for the purpose of correcting historical share-based compensation expense caused by the Company?s immediate repurchase of shares following the exercise of stock options under its equity incentive plans. Since the participants held such shares for less than six months following exercise (?immature shares?), liability accounting applies to the plan. The Company has determined its previously issued audited consolidated financial statements for the fiscal years ended February 2, 2013 and January 28, 2012, contained an error with respect to ASC 718, Compensation ? Stock Compensation. Specifically, former participants in the Company?s Equity Incentive Plan and its successor Plan (The Michaels Companies, Inc. (?Parent?) Equity Incentive Plan, together the ?Plan?) exercised stock options upon their termination from the Company, and the Company repurchased the immature shares. The Company consistently repurchased shares in this manner and therefore, under accounting rules, established a pattern of repurchasing immature shares during the third quarter of 2011. The Company determined all stock options should have been treated as liability awards in accordance with the rules of ASC 718-10-25-9. Under liability accounting, the Company re-measures the fair value of stock compensation each period and recognizes changes in fair value as awards vest and until the award is settled. The Company originally recognized expense ratably over the vesting period based on the grant date fair value of the option in accordance with the fixed method of accounting. The Company determined the accounting error was material to fiscal 2011 and fiscal 2012 financial statements and those financial statements required restatement. The non-cash impact to share-based compensation expense was $18 million ($11, net of taxes) and $32 million ($20, net of taxes) for the fiscal years ended February 2, 2013 and January 28, 2012, respectively. As part of the restatement, the Company also recorded other adjustments related to merchandise inventories and closed store reserve which were previously determined to be immaterial to the respective periods. In total, the adjustments resulted in a decline of net income by $14 million for fiscal year ended February 2, 2013, and $19 million for fiscal year ended January 28, 2012.  
Current Fiscal Year End Date --02-02  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers Yes  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Entity Public Float $ 0  
Entity Common Stock, Shares Outstanding   118,460,909
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus FY