Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 01, 2015 | Aug. 21, 2015 | |
Entity Registrant Name | DICKS SPORTING GOODS INC | |
Entity Central Index Key | 1,089,063 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Aug. 1, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Common Stock | ||
Entity Common Stock, Shares Outstanding | 93,664,821 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 24,900,870 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,822,979 | $ 1,688,890 | $ 3,388,287 | $ 3,127,798 |
Cost of goods sold, including occupancy and distribution costs | 1,269,421 | 1,186,334 | 2,365,741 | 2,184,359 |
GROSS PROFIT | 553,558 | 502,556 | 1,022,546 | 943,439 |
Selling, general and administrative expenses | 395,935 | 383,054 | 756,671 | 705,643 |
Pre-opening expenses | 9,216 | 7,940 | 15,557 | 14,146 |
INCOME FROM OPERATIONS | 148,407 | 111,562 | 250,318 | 223,650 |
Interest expense | 840 | 763 | 1,474 | 1,372 |
Other expense (income) | 153 | (2,013) | (1,997) | (4,377) |
INCOME BEFORE INCOME TAXES | 147,414 | 112,812 | 250,841 | 226,655 |
Provision for income taxes | 56,575 | 43,345 | 96,657 | 87,205 |
NET INCOME | $ 90,839 | $ 69,467 | $ 154,184 | $ 139,450 |
EARNINGS PER COMMON SHARE: | ||||
Basic (in dollars per share) | $ 0.78 | $ 0.58 | $ 1.32 | $ 1.16 |
Diluted (in dollars per share) | $ 0.77 | $ 0.57 | $ 1.30 | $ 1.14 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
Basic (in shares) | 116,281 | 119,950 | 116,662 | 120,544 |
Diluted (in shares) | 117,805 | 121,840 | 118,356 | 122,600 |
Cash dividends declared per common share (in dollars per share) | $ 0.1375 | $ 0.1250 | $ 0.2750 | $ 0.2500 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 90,839 | $ 69,467 | $ 154,184 | $ 139,450 |
OTHER COMPREHENSIVE (LOSS) INCOME: | ||||
Foreign currency translation adjustment, net of tax | (67) | 9 | (36) | 16 |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (67) | 9 | (36) | 16 |
COMPREHENSIVE INCOME | $ 90,772 | $ 69,476 | $ 154,148 | $ 139,466 |
CONSOLIDATED BALANCE SHEETS - U
CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 123,220 | $ 221,679 | $ 100,132 |
Accounts receivable, net | 106,753 | 80,292 | 102,248 |
Income taxes receivable | 4,652 | 14,293 | 6,328 |
Inventories, net | 1,615,722 | 1,390,767 | 1,418,660 |
Prepaid expenses and other current assets | 99,882 | 91,767 | 90,369 |
Deferred income taxes | 46,130 | 51,586 | 39,423 |
Total current assets | 1,996,359 | 1,850,384 | 1,757,160 |
Property and equipment, net | 1,297,302 | 1,203,382 | 1,138,182 |
Intangible assets, net | 108,240 | 110,162 | 84,901 |
Goodwill | 200,594 | 200,594 | 200,594 |
Other assets: | |||
Deferred income taxes | 910 | 1,862 | 3,169 |
Other | 72,453 | 69,814 | 71,477 |
Total other assets | 73,363 | 71,676 | 74,646 |
TOTAL ASSETS | 3,675,858 | 3,436,198 | 3,255,483 |
CURRENT LIABILITIES: | |||
Accounts payable | 783,722 | 614,511 | 688,442 |
Accrued expenses | 336,597 | 283,828 | 305,937 |
Deferred revenue and other liabilities | 142,083 | 172,259 | 125,258 |
Income taxes payable | 19,131 | 47,698 | 12,784 |
Current portion of other long-term debt and leasing obligations | 560 | 537 | 461 |
Total current liabilities | 1,282,093 | 1,118,833 | 1,132,882 |
LONG-TERM LIABILITIES: | |||
Other long-term debt and leasing obligations | 5,627 | 5,913 | 6,232 |
Deferred income taxes | 36,767 | 44,494 | 18,473 |
Deferred revenue and other liabilities | 517,873 | 434,733 | 401,021 |
Total long-term liabilities | $ 560,267 | $ 485,140 | $ 425,726 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY: | |||
Additional paid-in capital | $ 1,045,084 | $ 1,015,404 | $ 979,696 |
Retained earnings | 1,592,803 | 1,471,182 | 1,296,434 |
Accumulated other comprehensive (loss) income | (109) | (73) | 40 |
Treasury stock, at cost | (805,443) | (655,469) | (580,485) |
Total stockholders' equity | 1,833,498 | 1,832,225 | 1,696,875 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,675,858 | 3,436,198 | 3,255,483 |
Common Stock | |||
STOCKHOLDERS' EQUITY: | |||
Common stock | 914 | 932 | 941 |
Class B Common Stock | |||
STOCKHOLDERS' EQUITY: | |||
Common stock | $ 249 | $ 249 | $ 249 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED - 6 months ended Aug. 01, 2015 - USD ($) $ in Thousands | Total | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Common StockCommon Stock | Common StockClass B Common Stock |
BALANCE at Jan. 31, 2015 | $ 1,832,225 | $ 1,015,404 | $ 1,471,182 | $ (73) | $ (655,469) | $ 932 | $ 249 |
BALANCE (in shares) at Jan. 31, 2015 | 93,205,708 | 24,900,870 | |||||
(Decrease) Increase in Stockholders' Equity | |||||||
Exercise of stock options | 17,870 | 17,865 | $ 5 | ||||
Exercise of stock options (in shares) | 612,746 | ||||||
Restricted stock vested | 0 | (4) | $ 4 | ||||
Restricted stock vested (in shares) | 388,944 | ||||||
Minimum tax withholding requirements | (7,619) | (7,618) | $ (1) | ||||
Minimum tax withholding requirements (in shares) | (131,014) | ||||||
Net income | 154,184 | 154,184 | |||||
Stock-based compensation | 14,200 | 14,200 | |||||
Total tax benefit from exercise of stock options | 5,237 | 5,237 | |||||
Foreign currency translation adjustment, net of taxes of $21 | (36) | (36) | |||||
Purchase of shares for treasury | (150,000) | (149,974) | $ (26) | ||||
Purchase of shares for treasury (in shares) | (2,627,320) | ||||||
Cash dividends declared | (32,563) | (32,563) | |||||
BALANCE at Aug. 01, 2015 | $ 1,833,498 | $ 1,045,084 | $ 1,592,803 | $ (109) | $ (805,443) | $ 914 | $ 249 |
BALANCE (in shares) at Aug. 01, 2015 | 91,449,064 | 24,900,870 |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED (Parenthetical) $ in Thousands | 6 Months Ended |
Aug. 01, 2015USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Foreign currency translation adjustment, taxes | $ 21 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 01, 2015 | Aug. 02, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 154,184 | $ 139,450 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 90,596 | 89,771 |
Deferred income taxes | (1,319) | (21,424) |
Stock-based compensation | 14,200 | 12,915 |
Excess tax benefit from exercise of stock options | (5,842) | (6,566) |
Gain on sale of asset | 0 | (14,428) |
Other non-cash items | 265 | 290 |
Changes in assets and liabilities: | ||
Accounts receivable | (12,659) | (11,023) |
Inventories | (224,955) | (186,595) |
Prepaid expenses and other assets | (7,977) | (10,980) |
Accounts payable | 147,888 | 133,245 |
Accrued expenses | 9,638 | 7,697 |
Income taxes payable / receivable | (13,690) | 494 |
Deferred construction allowances | 75,082 | 44,934 |
Deferred revenue and other liabilities | (22,372) | (25,561) |
Net cash provided by operating activities | 203,039 | 152,219 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (154,785) | (150,382) |
Proceeds from sale of other assets | 0 | 73,392 |
Deposits and purchases of other assets | (406) | (79) |
Net cash used in investing activities | (155,191) | (77,069) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Revolving credit borrowings | 465,600 | 456,400 |
Revolving credit repayments | (465,600) | (456,400) |
Payments on other long-term debt and leasing obligations | (263) | (682) |
Construction allowance receipts | 0 | 0 |
Proceeds from exercise of stock options | 17,870 | 8,879 |
Excess tax benefit from exercise of stock options | 5,843 | 6,588 |
Minimum tax withholding requirements | (7,619) | (7,645) |
Cash paid for treasury stock | (150,000) | (124,999) |
Cash dividends paid to stockholders | (33,425) | (31,664) |
Increase (decrease) in bank overdraft | 21,323 | (7,242) |
Net cash used in financing activities | (146,271) | (156,765) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (36) | 16 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (98,459) | (81,599) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 221,679 | 181,731 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 123,220 | 100,132 |
Supplemental disclosure of cash flow information: | ||
Accrued property and equipment | 85,907 | 71,077 |
Cash paid for interest | 1,095 | 1,176 |
Cash paid for income taxes | $ 112,292 | $ 107,880 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Aug. 01, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Dick's Sporting Goods, Inc. (together with its subsidiaries, referred to as the "Company", "we", "us" and "our" unless specified otherwise) is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories through a blend of dedicated associates, in-store services and unique specialty shop-in-shops. The Company also owns and operates Golf Galaxy, Field & Stream and True Runner specialty stores. When used in this Quarterly Report on Form 10-Q, unless the context otherwise requires or otherwise specifies, any reference to "year" is to our fiscal year. The accompanying unaudited consolidated financial statements have been prepared by us in accordance with the requirements for Quarterly Reports on Form 10-Q and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim consolidated financial statements are unaudited and have been prepared on the same basis as the annual audited consolidated financial statements. In the opinion of management, such unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the interim financial information. This unaudited interim financial information should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended January 31, 2015 as filed with the Securities and Exchange Commission on March 27, 2015 . Operating results for the 13 and 26 weeks ended August 1, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending January 30, 2016 or any other period. Recently Issued Accounting Pronouncements Measurement of Inventory In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-11, " Simplifying the Measurement of Inventory. " This update requires an entity that determines the cost of inventory by methods other than last-in, first-out (LIFO) and the retail inventory method (RIM) to measure inventory at the lower of cost and net realizable value. ASU 2015-11 is effective for annual reporting periods, and interim periods within, beginning after December 15, 2016. Prospective application is required. Early application is permitted as of the beginning of the interim or annual reporting period. The Company does not expect that the adoption of this guidance will have a significant impact on the Company's Consolidated Financial Statements. Contracts with Customers In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers. " This update requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the update (1) specifies the accounting for some costs to obtain or fulfill a contract with a customer and (2) expands disclosure requirements related to revenue and cash flows arising from contracts with customers. The update permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB subsequently issued ASU 2015-14, " Revenue from Contracts with Customers - Deferral of the Effective Date, " which approved a one year deferral of ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted as of the original effective date for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact of the adoption of ASU 2014-09 and ASU 2015-14 on the Company's Consolidated Financial Statements. |
Store Closings
Store Closings | 6 Months Ended |
Aug. 01, 2015 | |
Store Closings [Abstract] | |
Store Closings | Store Closings The calculation of accrued store closing and relocation reserves primarily includes future minimum lease payments, maintenance costs and taxes from the date of closure or relocation to the end of the remaining lease term, net of contractual or estimated sublease income. The liability is discounted using a credit-adjusted risk-free rate of interest. The assumptions used in the calculation of the accrued store closing and relocation reserves are evaluated each quarter. The following table summarizes the activity in fiscal 2015 and 2014 (in thousands): 26 Weeks Ended August 1, August 2, Accrued store closing and relocation reserves, beginning of period $ 12,785 $ 17,102 Expense charged to earnings 1,066 2,119 Cash payments (2,230 ) (4,080 ) Interest accretion and other changes in assumptions 27 (152 ) Accrued store closing and relocation reserves, end of period 11,648 14,989 Less: current portion of accrued store closing and relocation reserves (3,713 ) (4,579 ) Long-term portion of accrued store closing and relocation reserves $ 7,935 $ 10,410 The current portion of accrued store closing and relocation reserves is included within accrued expenses and the long-term portion is included within long-term deferred revenue and other liabilities on the unaudited Consolidated Balance Sheets. The related expense is recorded within selling, general and administrative expenses on the unaudited Consolidated Statements of Income. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Aug. 01, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock outstanding, plus the effect of dilutive potential common shares outstanding during the period, using the treasury stock method. Dilutive potential common shares are stock-based awards, which include outstanding stock options, restricted stock and warrants. The computations for basic and diluted earnings per common share are as follows (in thousands, except per share data): 13 Weeks Ended 26 Weeks Ended August 1, August 2, August 1, August 2, Net income $ 90,839 $ 69,467 $ 154,184 $ 139,450 Weighted average common shares outstanding - basic 116,281 119,950 116,662 120,544 Dilutive effect of stock-based awards 1,524 1,890 1,694 2,056 Weighted average common shares outstanding - diluted 117,805 121,840 118,356 122,600 Earnings per common share - basic $ 0.78 $ 0.58 $ 1.32 $ 1.16 Earnings per common share - diluted $ 0.77 $ 0.57 $ 1.30 $ 1.14 Anti-dilutive stock-based awards excluded from diluted calculation 1,255 1,903 1,069 1,438 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Aug. 01, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accounting Standard Codification ("ASC") 820, " Fair Value Measurement and Disclosures ," outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures, and prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets measured at fair value on a recurring basis as of August 1, 2015 and January 31, 2015 are set forth in the table below (in thousands): Description Level 1 Level 2 Level 3 As of August 1, 2015 Assets: Deferred compensation plan assets held in trust (1) $ 56,002 $ — $ — Total assets $ 56,002 $ — $ — As of January 31, 2015 Assets: Deferred compensation plan assets held in trust (1) $ 52,193 $ — $ — Total assets $ 52,193 $ — $ — (1) Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plan. The fair value of cash and cash equivalents, accounts receivable, accounts payable, and certain other liabilities approximated book value due to the short-term nature of these instruments at both August 1, 2015 and January 31, 2015 . The Company uses quoted prices in active markets to determine the fair value of the aforementioned assets determined to be Level 1 instruments. The Company's policy for recognition of transfers between levels of the fair value hierarchy is to recognize any transfer at the end of the fiscal quarter in which the determination to transfer was made. The Company did not transfer any assets or liabilities among the levels within the fair value hierarchy during the 26 weeks ended August 1, 2015 or the fiscal year ended January 31, 2015. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Aug. 01, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend - On August 12, 2015 , our Board of Directors declared a quarterly cash dividend in the amount of $0.1375 per share of common stock and Class B common stock payable on September 30, 2015 to stockholders of record as of the close of business on September 11, 2015 . Revolving Credit Agreement - On August 12, 2015, the Company entered into a five -year senior secured revolving credit agreement (the "Amended Credit Agreement") that amended and restated the Company's then existing credit facility. The Amended Credit Agreement provides for a $1 billion revolving credit facility, including up to $150 million in the form of letters of credit and allows the Company, subject to the satisfaction of certain conditions, to request an increase of up to $250 million. The Amended Credit Agreement matures on August 12, 2020. It is secured by a first priority security interest in certain property and assets, including receivables, inventory, deposit accounts, securities accounts and other personal property of the Company and is guaranteed by the Company's domestic subsidiaries. The interest rates per annum applicable to loans under the Amended Credit Agreement are, at the Company's option, equal to a base rate or an adjusted LIBOR rate plus, in each case, an applicable margin percentage. The applicable margin percentage for base rate loans is 0.125% to 0.375% and for adjusted LIBOR rate loans is 1.125% to 1.375% , depending on the borrowing availability of the Company. The Amended Credit Agreement contains certain covenants that limit the ability of the Company to, among other things: incur or guarantee additional indebtedness; pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt; make certain investments; sell assets; or consolidate, merge or transfer all or substantially all of the Company's assets. In addition, the Amended Credit Agreement contains a covenant that requires the Company to maintain a minimum adjusted availability of 7.5% of its borrowing base. |
Store Closings (Tables)
Store Closings (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Store Closings [Abstract] | |
Schedule of the entity's accrued store closing and relocation reserves | The following table summarizes the activity in fiscal 2015 and 2014 (in thousands): 26 Weeks Ended August 1, August 2, Accrued store closing and relocation reserves, beginning of period $ 12,785 $ 17,102 Expense charged to earnings 1,066 2,119 Cash payments (2,230 ) (4,080 ) Interest accretion and other changes in assumptions 27 (152 ) Accrued store closing and relocation reserves, end of period 11,648 14,989 Less: current portion of accrued store closing and relocation reserves (3,713 ) (4,579 ) Long-term portion of accrued store closing and relocation reserves $ 7,935 $ 10,410 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of the computations for basic and diluted earnings per common share | The computations for basic and diluted earnings per common share are as follows (in thousands, except per share data): 13 Weeks Ended 26 Weeks Ended August 1, August 2, August 1, August 2, Net income $ 90,839 $ 69,467 $ 154,184 $ 139,450 Weighted average common shares outstanding - basic 116,281 119,950 116,662 120,544 Dilutive effect of stock-based awards 1,524 1,890 1,694 2,056 Weighted average common shares outstanding - diluted 117,805 121,840 118,356 122,600 Earnings per common share - basic $ 0.78 $ 0.58 $ 1.32 $ 1.16 Earnings per common share - diluted $ 0.77 $ 0.57 $ 1.30 $ 1.14 Anti-dilutive stock-based awards excluded from diluted calculation 1,255 1,903 1,069 1,438 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on a recurring basis | Assets measured at fair value on a recurring basis as of August 1, 2015 and January 31, 2015 are set forth in the table below (in thousands): Description Level 1 Level 2 Level 3 As of August 1, 2015 Assets: Deferred compensation plan assets held in trust (1) $ 56,002 $ — $ — Total assets $ 56,002 $ — $ — As of January 31, 2015 Assets: Deferred compensation plan assets held in trust (1) $ 52,193 $ — $ — Total assets $ 52,193 $ — $ — (1) Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plan. |
Store Closings (Details)
Store Closings (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 01, 2015 | Aug. 02, 2014 | |
Store Closings | ||
Accrued store closing and relocation reserves, beginning of period | $ 12,785 | $ 17,102 |
Expense charged to earnings | 1,066 | 2,119 |
Cash payments | (2,230) | (4,080) |
Interest accretion and other changes in assumptions | 27 | (152) |
Accrued store closing and relocation reserves, end of period | 11,648 | 14,989 |
Less: current portion of accrued store closing and relocation reserves | (3,713) | (4,579) |
Long-term portion of accrued store closing and relocation reserves | $ 7,935 | $ 10,410 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 90,839 | $ 69,467 | $ 154,184 | $ 139,450 |
Weighted average common shares outstanding - basic | 116,281 | 119,950 | 116,662 | 120,544 |
Dilutive effect of stock-based awards (in shares) | 1,524 | 1,890 | 1,694 | 2,056 |
Weighted average common shares outstanding - diluted | 117,805 | 121,840 | 118,356 | 122,600 |
Earnings per common share - basic (in dollars per share) | $ 0.78 | $ 0.58 | $ 1.32 | $ 1.16 |
Earnings per common share - diluted (in dollars per share) | $ 0.77 | $ 0.57 | $ 1.30 | $ 1.14 |
Anti-dilutive stock-based awards excluded from diluted calculation (in shares) | 1,255 | 1,903 | 1,069 | 1,438 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | |
Level 1 | |||
Fair Value Measurements | |||
Deferred compensation plan assets held in trust | [1] | $ 56,002 | $ 52,193 |
Total assets | 56,002 | 52,193 | |
Level 2 | |||
Fair Value Measurements | |||
Deferred compensation plan assets held in trust | [1] | 0 | 0 |
Total assets | 0 | 0 | |
Level 3 | |||
Fair Value Measurements | |||
Deferred compensation plan assets held in trust | [1] | 0 | 0 |
Total assets | $ 0 | $ 0 | |
[1] | Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plan. |
Subsequent Events- Dividend (De
Subsequent Events- Dividend (Details) - Aug. 12, 2015 - Subsequent event - $ / shares | Total |
Subsequent Event | |
Declaration date | Aug. 12, 2015 |
Payment date | Sep. 30, 2015 |
Record date | Sep. 11, 2015 |
Common Stock | |
Subsequent Event | |
Dividend amount (in dollars per share) | $ 0.1375 |
Class B Common Stock | |
Subsequent Event | |
Dividend amount (in dollars per share) | $ 0.1375 |
Subsequent Events - Revolving C
Subsequent Events - Revolving Credit Agreement (Details) - Aug. 12, 2015 - Subsequent event - USD ($) $ in Millions | Total |
Base rate | |
Subsequent Event | |
Variable rate basis | Base rate |
Base rate | Minimum | |
Subsequent Event | |
Interest rate margin (as a percent) | 0.125% |
Base rate | Maximum | |
Subsequent Event | |
Interest rate margin (as a percent) | 0.375% |
Adjusted LIBOR rate | |
Subsequent Event | |
Variable rate basis | Adjusted LIBOR rate |
Adjusted LIBOR rate | Minimum | |
Subsequent Event | |
Interest rate margin (as a percent) | 1.125% |
Adjusted LIBOR rate | Maximum | |
Subsequent Event | |
Interest rate margin (as a percent) | 1.375% |
Revolving credit agreement | |
Subsequent Event | |
Term of credit agreement | 5 years |
Credit facility borrowing capacity | $ 1,000 |
Adjusted availability of borrowing base (as a percent) | 7.50% |
Revolving credit agreement | Maximum | |
Subsequent Event | |
Credit facility borrowing capacity extension | $ 250 |
Letters of credit | |
Subsequent Event | |
Letters of credit maximum | $ 150 |