DICK'S Sporting Goods (DKS) 10-Q 26 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	May 01, 2021	May 21, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 1, 2021
Document Transition Report	false
Entity File Number	001-31463
Entity Registrant Name	DICK’S SPORTING GOODS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1241537
Entity Address, Address Line One	345 Court Street
Entity Address, City or Town	Coraopolis
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15108
City Area Code	724
Local Phone Number	273-3400
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DKS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001089063
Current Fiscal Year End Date	--01-29
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		65,533,744
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,735,633

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Income Statement [Abstract]
Net sales	$ 2,918,719	$ 1,333,228
Cost of goods sold, including occupancy and distribution costs	1,830,092	1,113,900
GROSS PROFIT	1,088,627	219,328
Selling, general and administrative expenses	608,294	403,221
Pre-opening expenses	4,524	2,280
INCOME (LOSS) FROM OPERATIONS	475,809	(186,173)
Interest expense	13,381	8,045
Other (income) expense	(7,350)	13,522
INCOME (LOSS) BEFORE INCOME TAXES	469,778	(207,740)
Provision for (benefit from) income taxes	108,022	(64,318)
NET INCOME (LOSS)	$ 361,756	$ (143,422)
EARNINGS (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	$ 4.27	$ (1.71)
Diluted (in dollars per share)	$ 3.41	$ (1.71)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	84,750	83,734
Diluted (in shares)	106,010	83,734

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 361,756	$ (143,422)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of tax	64	(63)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	64	(63)
COMPREHENSIVE INCOME (LOSS)	$ 361,820	$ (143,485)

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021	May 02, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 1,858,737	$ 1,658,067	$ 1,484,004
Accounts receivable, net	67,145	53,149	100,895
Income taxes receivable	2,803	6,396	56,291
Inventories, net	2,012,054	1,953,568	2,096,964
Prepaid expenses and other current assets	100,586	88,470	102,249
Total current assets	4,041,325	3,759,650	3,840,403
Property and equipment, net	1,319,774	1,300,265	1,369,873
Operating lease assets	2,150,664	2,149,913	2,260,189
Intangible assets, net	89,119	90,051	93,676
Goodwill	245,857	245,857	245,857
Deferred income taxes	47,491	51,475	14,263
Other assets	172,350	155,648	128,289
TOTAL ASSETS	8,066,580	7,752,859	7,952,550
CURRENT LIABILITIES:
Accounts payable	1,239,503	1,258,093	844,991
Accrued expenses	499,071	518,134	317,026
Operating lease liabilities	468,318	472,670	505,678
Income taxes payable	141,868	40,997	2,062
Deferred revenue and other liabilities	238,751	260,304	217,223
Total current liabilities	2,587,511	2,550,198	1,886,980
LONG-TERM LIABILITIES:
Revolving credit borrowings	0	0	1,429,000
Convertible senior notes due 2025	425,799	418,493	398,121
Long-term operating lease liabilities	2,253,883	2,259,308	2,428,133
Deferred income taxes	0	0	4,362
Other long-term liabilities	200,663	185,326	133,929
Total long-term liabilities	2,880,345	2,863,127	4,393,545
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Additional paid-in capital	1,448,892	1,442,298	1,364,568
Retained earnings	3,394,067	3,064,702	2,475,065
Accumulated other comprehensive income (loss)	15	(49)	(183)
Treasury stock, at cost	(2,245,097)	(2,168,266)	(2,168,266)
Total stockholders' equity	2,598,724	2,339,534	1,672,025
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	8,066,580	7,752,859	7,952,550
Common Stock
STOCKHOLDERS' EQUITY:
Common stock	610	612	598
Class B Common Stock
STOCKHOLDERS' EQUITY:
Common stock	$ 237	$ 237	$ 243

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Common StockCommon Stock	Class B Common StockCommon Stock
BALANCE at Feb. 01, 2020	$ 1,731,598	$ 1,253,867	$ 2,645,281	$ (120)	$ (2,168,266)	$ 593	$ 243
BALANCE (in shares) at Feb. 01, 2020						59,256,000	24,291,000
Increase (Decrease) in Stockholders' Equity
Equity component value of convertible note issuance	160,693	160,693
Purchase of convertible note hedge	(161,057)	(161,057)
Sale of common stock warrants	105,225	105,225
Restricted stock vested	0	(7)				$ 7
Restricted stock vested (in shares)						745,000
Minimum tax withholding requirements	(3,390)	(3,388)				$ (2)
Minimum tax withholding requirements (in shares)						(185,000)
Net income (loss)	(143,422)		(143,422)
Stock-based compensation	9,235	9,235
Foreign currency translation adjustment, net of taxes	(63)			(63)
Cash dividend declared	(26,794)		(26,794)
BALANCE at May. 02, 2020	1,672,025	1,364,568	2,475,065	(183)	(2,168,266)	$ 598	$ 243
BALANCE (in shares) at May. 02, 2020						59,816,000	24,291,000
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustment, taxes	$ 20
Cash dividend declared per share (in dollars per share)	$ 0.3125
BALANCE at Jan. 30, 2021	$ 2,339,534	1,442,298	3,064,702	(49)	(2,168,266)	$ 612	$ 237
BALANCE (in shares) at Jan. 30, 2021						61,195,000	23,736,000
Increase (Decrease) in Stockholders' Equity
Exercise of stock options	12,333	12,330				$ 3
Exercise of stock options (in shares)						297,000
Restricted stock vested	0	(8)				$ 8
Restricted stock vested (in shares)						791,000
Minimum tax withholding requirements	(18,601)	(18,598)				$ (3)
Minimum tax withholding requirements (in shares)						(237,000)
Net income (loss)	361,756		361,756
Stock-based compensation	12,870	12,870
Foreign currency translation adjustment, net of taxes	64			64
Purchase of shares for treasury	(76,841)				(76,831)	$ (10)
Purchase of shares for treasury (in shares)						(1,030,000)
Cash dividend declared	(32,391)		(32,391)
BALANCE at May. 01, 2021	2,598,724	$ 1,448,892	$ 3,394,067	$ 15	$ (2,245,097)	$ 610	$ 237
BALANCE (in shares) at May. 01, 2021						61,016,000	23,736,000
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustment, taxes	$ (20)
Cash dividend declared per share (in dollars per share)	$ 0.3625

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 361,756	$ (143,422)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, amortization, and other	78,366	86,081
Amortization of convertible notes discount and issuance costs	7,306	1,094
Non-cash lease costs	(27,276)	69,560
Deferred income taxes	3,984	(4,676)
Stock-based compensation	12,870	9,235
Changes in assets and liabilities:
Accounts receivable	(12,439)	(14,745)
Inventories	(58,486)	105,311
Prepaid expenses and other assets	(9,603)	(13,190)
Accounts payable	38,057	(167,707)
Accrued expenses	(44,310)	(90,047)
Income taxes payable / receivable	104,464	(58,922)
Construction allowances provided by landlords	13,902	8,638
Deferred revenue and other liabilities	(21,240)	(2,063)
Net cash provided by (used in) operating activities	447,351	(214,853)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(71,097)	(59,591)
Deposits and purchases of other assets	(2,338)	0
Net cash used in investing activities	(73,435)	(59,591)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings	0	1,291,700
Revolving credit repayments	0	(86,800)
Proceeds from issuance of convertible notes	0	575,000
Payments for purchase of bond hedges	0	(161,057)
Proceeds from issuance of warrants	0	105,225
Transaction costs paid in connection with convertible notes issuance	0	(14,341)
Payments on other long-term debt and finance lease obligations	(220)	(199)
Proceeds from exercise of stock options	12,333	0
Minimum tax withholding requirements	(18,601)	(3,390)
Cash paid for treasury stock	(76,841)	0
Cash dividend paid to stockholders	(33,334)	(28,070)
(Decrease) increase in bank overdraft	(56,647)	11,109
Net cash (used in) provided by financing activities	(173,310)	1,689,177
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	64	(63)
NET INCREASE IN CASH AND CASH EQUIVALENTS	200,670	1,414,670
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,658,067	69,334
CASH AND CASH EQUIVALENTS, END OF PERIOD	1,858,737	1,484,004
Supplemental disclosure of cash flow information:
Accrued property and equipment	52,228	21,033
Accrued transaction costs	0	2,939
Cash paid for interest	10,375	5,138
Cash paid for income taxes	$ 3,249	$ 182

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	May 01, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and 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 teammates, in-store services and unique specialty shop-in-shops. The Company also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as GameChanger, a youth sports mobile app for video streaming, scorekeeping, scheduling and communications. In addition, the Company offers its products through an eCommerce platform that is integrated with its store network, providing athletes with expertise as well as the convenience of a 24-hour storefront. When used in this Quarterly Report on Form 10-Q, unless the context otherwise requires or otherwise specifies, any reference to a “year” is to the Company’s fiscal year. Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared 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. The unaudited interim financial information should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 30, 2021 as filed with the Securities and Exchange Commission on March 24, 2021. Operating results for the 13 weeks ended May 1, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending January 29, 2022 or any other period. COVID-19 The impact of the coronavirus (“COVID-19”) pandemic on the Company’s business remains uncertain, including the longer-term economic recovery and what consumer discretionary spending behavior patterns may emerge when the pandemic subsides. Therefore, the Company currently cannot estimate the full impact that the COVID-19 pandemic may have on its financial condition and future results of operations, and it will continue to actively monitor its impact to the business. Accordingly, the Company continues to consider and assess the potential impact that the COVID-19 pandemic could have on its operations, as well as the assumptions and estimates used to prepare its financial statements such as inventory valuations, fair value measurements and potential asset impairment charges. Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This update simplifies the accounting for income taxes by removing certain exceptions to the general principles in Accounting Standard Codification (“ASC”) 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 during the first quarter of 2021. The adoption did not have a significant impact on the Company’s financial condition, results of operations, cash flows or disclosures. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (“LIBOR”). The amendments in this ASU can be applied anytime between the first quarter of fiscal 2020 and the fourth quarter of fiscal 2022 and apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The impact of Topic 848 on the Company's financial statements and related disclosures is not expected to be significant. Convertible Instruments

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	Earnings (Loss) Per Common Share Basic earnings (loss) per common share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) 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 include shares the Company could be obligated to issue from its Convertible Senior Notes and warrants, and stock-based awards, such as stock options and restricted stock. The computations for basic and diluted earnings (loss) per common share were as follows for the periods presented ( in thousands, except per share data) 13 Weeks Ended May 1, May 2, Net income (loss) $ 361,756 $ (143,422) Weighted average common shares outstanding - basic 84,750 83,734 Dilutive effect of stock-based awards 6,407 — Dilutive effect of Convertible Senior Notes and warrants 14,853 — Weighted average common shares outstanding - diluted 106,010 83,734 Earnings (loss) per common share - basic $ 4.27 $ (1.71) Earnings (loss) per common share - diluted $ 3.41 $ (1.71) Potentially dilutive shares are excluded from the computation of earnings (loss) per share if their effect is anti-dilutive. Anti-dilutive options and restricted stock awards excluded from the calculation of earnings (loss) per share for the 13 weeks ended May 1, 2021 and May 2, 2020

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 01, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurement and Disclosures , outlines a valuation framework and creates a fair value hierarchy for assets and liabilities 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. Recurring The Company measures its deferred compensation plan assets held in trust at fair value on a recurring basis using Level 1 inputs. Such assets consist of investments in various mutual funds made by eligible individuals as part of the Company’s deferred compensation plans. As of May 1, 2021 and January 30, 2021, the fair value of the Company’s deferred compensation plans was $142.1 million and $125.7 million, respectively, as determined by quoted prices in active markets. The Company bases the fair value of its Convertible Senior Notes on Level 2 inputs, specifically their quoted price in an inactive market on the last trading day in a reporting period. On May 1, 2021, the fair value of the Convertible Senior Notes was approximately $1.4 billion, compared to their carrying value of $425.8 million. Because the closing price of the Company’s common stock of $82.58 at the 13 weeks ended May 1, 2021 exceeded the conversion price of $34.56, the if-converted value exceeded the principal amount of the Convertible Senior Notes by approximately $799.0 million at May 1, 2021. The carrying value excluded amounts classified within additional paid-in capital and any unamortized discounts. Due to the short-term nature of these instruments, the fair value of cash and cash equivalents, accounts receivable, accounts payable, borrowings under the Credit Facility and certain other liabilities approximated their carrying values at both May 1, 2021 and January 30, 2021. Nonrecurring

Leases

Leases	3 Months Ended
	May 01, 2021
Leases [Abstract]
Leases	Leases The Company leases all of its stores, three of its distribution centers and certain equipment under non-cancellable operating leases that expire at various dates through 2033. The Company’s stores generally have initial lease terms of 10 to 15 years and contain multiple five-year renewal options and rent escalation provisions. The lease agreements are primarily for the payment of minimum annual rentals, costs of utilities, property taxes, maintenance, common areas and insurance. In response to the COVID-19 pandemic, the Company negotiated rent deferrals with its landlords, affecting its payments for the 13 weeks ended May 2, 2020. Supplemental cash flow information related to operating leases for the 13 weeks ended May 1, 2021 and May 2, 2020 were as follows ( in millions ): 13 weeks ended May 1, May 2, Cash paid for amounts included in the measurement of operating lease liabilities $ 171.6 $ 78.5 Non-cash operating lease assets and liabilities obtained in exchange for new or modified leases $ 118.1 $ 91.9

Income Taxes

Income Taxes	3 Months Ended
	May 01, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate was 23.0% for the quarter ended May 1, 2021, and 31.0% for the quarter ended May 2, 2020. The effective tax rate for the current quarter included the favorable tax impact from the vesting of certain share-based payments during the period due to increases in the Company’s share price. Due to the anticipated net operating loss for fiscal 2020, the Company’s effective tax rate for the quarter ended May 2, 2020 included an estimated benefit resulting from the CARES Act, which allows for the carry-back of net operating losses to periods prior to the Tax Cuts and Jobs Act, when the federal statutory tax rate was 35%. The Company subsequently adjusted its effective tax rate in the second fiscal quarter of 2020 as it no longer anticipated a net operating loss following the reopening of its stores. The benefit from the CARES Act was partially offset by the unfavorable tax impact of certain share-based payments that vested during the first quarter of 2020.

Subsequent Event

Subsequent Event	3 Months Ended
	May 01, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn May 21, 2021, the Company's Board of Directors authorized and declared a quarterly cash dividend in the amount of $0.3625 per share on the Company's common stock and Class B common stock payable on June 25, 2021 to stockholders of record as of the close of business on June 11, 2021.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	May 01, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Adopted Accounting Pronouncements / Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This update simplifies the accounting for income taxes by removing certain exceptions to the general principles in Accounting Standard Codification (“ASC”) 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 during the first quarter of 2021. The adoption did not have a significant impact on the Company’s financial condition, results of operations, cash flows or disclosures. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (“LIBOR”). The amendments in this ASU can be applied anytime between the first quarter of fiscal 2020 and the fourth quarter of fiscal 2022 and apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The impact of Topic 848 on the Company's financial statements and related disclosures is not expected to be significant. Convertible Instruments

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Table)	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Schedule of the computations for basic and diluted earnings (loss) per common share	The computations for basic and diluted earnings (loss) per common share were as follows for the periods presented ( in thousands, except per share data) 13 Weeks Ended May 1, May 2, Net income (loss) $ 361,756 $ (143,422) Weighted average common shares outstanding - basic 84,750 83,734 Dilutive effect of stock-based awards 6,407 — Dilutive effect of Convertible Senior Notes and warrants 14,853 — Weighted average common shares outstanding - diluted 106,010 83,734 Earnings (loss) per common share - basic $ 4.27 $ (1.71) Earnings (loss) per common share - diluted $ 3.41 $ (1.71)

Leases (Table)

Leases (Table)	3 Months Ended
	May 01, 2021
Leases [Abstract]
Other information related to operating leases	Supplemental cash flow information related to operating leases for the 13 weeks ended May 1, 2021 and May 2, 2020 were as follows ( in millions ): 13 weeks ended May 1, May 2, Cash paid for amounts included in the measurement of operating lease liabilities $ 171.6 $ 78.5 Non-cash operating lease assets and liabilities obtained in exchange for new or modified leases $ 118.1 $ 91.9

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 361,756	$ (143,422)
Weighted average common shares outstanding - basic (in shares)	84,750	83,734
Dilutive effect of stock-based awards (in shares)	6,407	0
Dilutive effect of Convertible Senior Notes and warrants (in shares)	14,853	0
Weighted average common shares outstanding - diluted (in shares)	106,010	83,734
Earnings (loss) per common share (in dollars per share) - basic	$ 4.27	$ (1.71)
Earnings (loss) per common share (in dollars per share) - diluted	$ 3.41	$ (1.71)
Share-based Payment Arrangement
Antidilutive securities excluded from computation of earnings per share
Anti-dilutive shares excluded from diluted calculation (in shares)	200	7,800
Bond Hedge
Antidilutive securities excluded from computation of earnings per share
Anti-dilutive shares excluded from diluted calculation (in shares)	9,200

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 01, 2021	Jan. 30, 2021	May 02, 2020
Fair Value Measurements
Carrying amount	$ 425,799	$ 418,493	$ 398,121
Closing price of the Company's common stock at the end of Q1 2021 (in dollars per share)	$ 82.58
Conversion price (in dollars per share)	$ 34.56
Amount in which the if-converted value exceeds the principal amount	$ 799,000
Level 1
Fair Value Measurements
Deferred compensation plan assets held in trust	142,100	$ 125,700
Level 2
Fair Value Measurements
Convertible Senior Notes, fair value	$ 1,400,000

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended
	May 01, 2021USD ($)DistributionCenter	May 02, 2020USD ($)
Leases
Number of distribution centers leased | DistributionCenter	3
Additional renewal period	5 years
Cash paid for amounts included in the measurement of operating lease liabilities	$ 171,600	$ 78,500
Non-cash operating lease assets and liabilities obtained in exchange for new or modified leases	$ 118,100	$ 91,900
Minimum
Leases
Initial tenure of operating leases	10 years
Maximum
Leases
Initial tenure of operating leases	15 years

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	May 01, 2021	May 02, 2020
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	23.00%	31.00%

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event	May 21, 2021$ / shares
Common Stock
Subsequent Event
Dividend amount (in dollars per share)	$ 0.3625
Class B Common Stock
Subsequent Event
Dividend amount (in dollars per share)	$ 0.3625