Document and Entity Information
Document and Entity Information | 9 Months Ended |
Nov. 03, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Nov. 3, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | BJ |
Entity Registrant Name | BJ's Wholesale Club Holdings, Inc. |
Entity Central Index Key | 1,531,152 |
Current Fiscal Year End Date | --02-02 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 136,838,433 |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 | Oct. 28, 2017 |
Current assets: | |||
Cash and cash equivalents | $ 31,502 | $ 34,954 | $ 31,745 |
Accounts receivable, net | 179,091 | 190,756 | 179,776 |
Merchandise inventories | 1,245,110 | 1,019,138 | 1,183,562 |
Prepaid expenses and other current assets | 78,179 | 81,972 | 35,534 |
Prepaid federal and state income taxes | 26,079 | 9,784 | 4,043 |
Total current assets | 1,559,961 | 1,336,604 | 1,434,660 |
Property and equipment: | |||
Land and buildings | 396,900 | 404,400 | 404,277 |
Leasehold costs and improvements | 197,006 | 184,165 | 180,303 |
Furniture, fixtures and equipment | 1,012,195 | 924,616 | 879,579 |
Construction in progress | 15,065 | 20,775 | 21,862 |
Total property and equipment, gross | 1,621,166 | 1,533,956 | 1,486,021 |
Less: accumulated depreciation and amortization | (875,277) | (775,206) | (741,258) |
Total property and equipment, net | 745,889 | 758,750 | 744,763 |
Goodwill | 924,134 | 924,134 | 924,134 |
Intangibles, net | 206,706 | 224,876 | 231,736 |
Other assets | 28,265 | 29,492 | 30,911 |
Total assets | 3,464,955 | 3,273,856 | 3,366,204 |
Current liabilities: | |||
Current portion of long-term debt | 389,377 | 219,750 | 231,250 |
Accounts payable | 976,518 | 751,948 | 891,134 |
Accrued expenses and other current liabilities | 485,786 | 495,767 | 445,975 |
Closed store obligations due within one year | 2,126 | 2,122 | 2,013 |
Total current liabilities | 1,853,807 | 1,469,587 | 1,570,372 |
Long-term debt | 1,549,406 | 2,492,660 | 2,529,380 |
Noncurrent closed store obligations | 5,344 | 6,561 | 5,044 |
Deferred income taxes | 51,810 | 57,074 | 77,142 |
Other noncurrent liabilities | 261,206 | 267,393 | 267,351 |
Commitments and Contingencies (see Note 8) | |||
Contingently redeemable common stock, par value $0.01; no shares issued and outstanding at November 3, 2018, 1,456 shares issued and outstanding at February 3, 2018 and 1,365 shares issued and outstanding at October 28, 2017 | 10,438 | 8,975 | |
STOCKHOLDERS' DEFICIT | |||
Preferred stock; par value $0.01; 5,000 shares authorized, and no shares issued or outstanding | |||
Common stock, par value $0.01; 300,000 shares authorized, 137,620 shares issued and 136,838 outstanding at November 3, 2018; 305,000 shares authorized, 87,073 shares issued and outstanding at February 3, 2018 and October 28, 2017 | 1,376 | 871 | 871 |
Additional paid-in capital | 738,134 | 2,883 | 6,303 |
Accumulated deficit | (979,420) | (1,036,012) | (1,101,515) |
Accumulated other comprehensive income | 2,401 | 2,401 | 2,281 |
Treasury stock, at cost, 782 shares at November 3, 2018 and no shares at February 3, 2018 and October 28, 2017 | (19,109) | ||
Total stockholders' deficit | (256,618) | (1,029,857) | (1,092,060) |
Total liabilities and stockholders' deficit | $ 3,464,955 | $ 3,273,856 | $ 3,366,204 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 03, 2018 | Feb. 03, 2018 | Oct. 28, 2017 |
Statement of Financial Position [Abstract] | |||
Contingently redeemable common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Contingently redeemable common stock, shares issued | 0 | 1,456,000 | 1,365,000 |
Contingently redeemable common stock, shares outstanding | 0 | 1,456,000 | 1,365,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 305,000,000 | 305,000,000 |
Common stock, shares issued | 137,620,000 | 87,073,000 | 87,073,000 |
Common stock, shares outstanding | 136,838,000 | 87,073,000 | 87,073,000 |
Treasury stock, at cost, shares | 782,000 | 0 | 0 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Total revenues | $ 3,221,663 | $ 3,084,245 | $ 9,590,465 | $ 9,198,600 |
Cost of sales | 2,629,575 | 2,523,297 | 7,858,515 | 7,578,790 |
Selling, general and administrative expenses | 499,554 | 480,285 | 1,534,314 | 1,490,117 |
Preopening expense | 2,207 | 123 | 4,065 | 2,156 |
Operating income | 90,327 | 80,540 | 193,571 | 127,537 |
Interest expense, net | 33,029 | 42,321 | 137,787 | 150,211 |
Income (loss) from continuing operations before income taxes | 57,298 | 38,219 | 55,784 | (22,674) |
Provision (benefit) for income taxes | 2,730 | 15,346 | (7,595) | (6,575) |
Income (loss) from continuing operations | 54,568 | 22,873 | 63,379 | (16,099) |
Loss from discontinued operations, net of income taxes | (137) | (98) | (425) | (308) |
Net income (loss) and total comprehensive income (loss) | $ 54,431 | $ 22,775 | $ 62,954 | $ (16,407) |
Income (loss) per share attributable to common stockholders-basic: | ||||
Income (loss) from continuing operations | $ 0.40 | $ 0.26 | $ 0.58 | $ (0.18) |
Loss from discontinued operations | 0 | 0 | 0 | 0 |
Net income (loss) | 0.40 | 0.26 | 0.58 | (0.18) |
Income (loss) per share attributable to common stockholders-diluted: | ||||
Income (loss) from continuing operations | 0.39 | 0.25 | 0.55 | (0.18) |
Loss from discontinued operations | 0 | 0 | 0 | 0 |
Net income (loss) | $ 0.39 | $ 0.25 | $ 0.55 | $ (0.18) |
Weighted average number of common shares outstanding: | ||||
Basic | 135,018,238 | 88,442,052 | 110,162,167 | 88,363,302 |
Diluted | 139,367,737 | 92,285,008 | 114,943,739 | 88,363,302 |
Product [Member] | ||||
Total revenues | $ 3,150,234 | $ 3,019,389 | $ 9,380,640 | $ 9,006,022 |
Membership [Member] | ||||
Total revenues | $ 71,429 | $ 64,856 | $ 209,825 | $ 192,578 |
Consolidated Statement Of Conti
Consolidated Statement Of Contingently Redeemable Common Stock And Stockholders' Deficit - 9 months ended Nov. 03, 2018 - USD ($) $ in Thousands | Total | Contingently Redeemable Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Beginning balance at Feb. 03, 2018 | $ (1,029,857) | $ 871 | $ 2,883 | $ (1,036,012) | $ 2,401 | ||
Beginning balance at Feb. 03, 2018 | $ 10,438 | $ 10,438 | |||||
Beginning balance, shares at Feb. 03, 2018 | 87,073,000 | 87,073,000 | |||||
Beginning balance, shares at Feb. 03, 2018 | 1,456,000 | 1,456,000 | |||||
Net income | $ 62,954 | 62,954 | |||||
Common stock issued for public offering, net of related fees, shares | 43,125,000 | ||||||
Common stock issued for public offering, net of related fees | 685,889 | $ 431 | 685,458 | ||||
Common stock issued under stock incentive plans, shares | 4,396,000 | ||||||
Common stock issued under stock incentive plans | $ 44 | (44) | |||||
Stock reclassification as a result of public offering, shares | 1,736,000 | ||||||
Stock reclassification as a result of public offering, shares | (1,736,000) | ||||||
Stock reclassification as a result of public offering | 13,202 | $ 17 | 13,185 | ||||
Stock reclassification as a result of public offering | $ (13,202) | ||||||
Common stock issued related to follow-on offering , shares | 1,290,000 | ||||||
Common stock issued related to follow-on offering | $ 13 | (13) | |||||
Common stock repurchased upon vesting of stock awards, shares | (782,000) | ||||||
Common stock repurchased upon vesting of stock awards | (19,109) | $ (19,109) | |||||
Stock compensation expense | 54,746 | 54,746 | |||||
Options exercised prior to public offering, shares | 280,000 | ||||||
Options exercised prior to public offering | (2,210) | $ 2,792 | (2,210) | ||||
Call of shares prior to public offering, shares | 0 | 0 | |||||
Call of shares prior to public offering | $ (28) | ||||||
Call of shares prior to public offering | (12) | (12) | |||||
Net shares used to pay tax withholdings upon option exercise | (21,900) | (21,900) | |||||
Cash received on option exercises | 6,041 | 6,041 | |||||
Cumulative effect of change in Accounting principle | (6,362) | (6,362) | |||||
Ending balance at Nov. 03, 2018 | $ (256,618) | $ 1,376 | $ 738,134 | $ (979,420) | $ 2,401 | $ (19,109) | |
Ending balance, shares at Nov. 03, 2018 | 136,838,000 | 137,620,000 | (782,000) | ||||
Ending balance, shares at Nov. 03, 2018 | 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 03, 2018 | Oct. 28, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 62,954 | $ (16,407) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Charges for discontinued operations | 590 | 523 |
Depreciation and amortization | 122,434 | 123,404 |
Amortization of debt issuance costs and accretion of original issue discount | 5,233 | 6,347 |
Debt extinguishment and refinancing charges | 23,602 | 9,788 |
Impairment charge for asset held for sale | 3,962 | |
Other non-cash items, net | 18,714 | (1,334) |
Stock-based compensation expense | 54,746 | 7,649 |
Deferred income tax provision | (2,729) | (15,758) |
Increase (decrease) in cash due to changes in: | ||
Accounts receivable | 11,233 | (13,527) |
Merchandise inventories | (225,972) | (151,718) |
Prepaid expenses and other current assets | 3,793 | (1,429) |
Other assets | 703 | 69 |
Accounts payable | 231,687 | 182,646 |
Change in book overdrafts | (29,057) | (14,604) |
Accrued expenses | 9,355 | (14,480) |
Accrued income taxes | (33,773) | (3,810) |
Closed store obligations | (1,802) | (1,737) |
Other noncurrent liabilities | (4,780) | 4,737 |
Net cash provided by operating activities | 250,893 | 100,359 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property and equipment, net of disposals | (103,340) | (86,122) |
Net cash used in investing activities | (103,340) | (86,122) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long term debt | 547,544 | |
Payments on long term debt | (32,323) | (9,625) |
Paydown of First Lien Term Loan and extinguishment of Second Lien Term Loan | (975,633) | |
Proceeds from ABL Facility | 1,302,000 | 1,276,182 |
Payments on ABL Facility | (1,095,000) | (1,069,182) |
Debt issuance costs paid | (982) | (24,635) |
Dividends paid | (735,492) | |
Capital lease and financing obligations payments | (530) | (489) |
Net cash received (paid) from stock option exercises | (15,277) | 741 |
Acquisition of treasury stock | (19,109) | |
Proceeds from Initial Public Offering, net of underwriters' discount and commission | 690,970 | |
Payment of Initial Public Offering costs | (5,081) | |
Other financing activities | (40) | 500 |
Net cash used in financing activities | (151,005) | (14,456) |
Net decrease in cash and cash equivalents | (3,452) | (219) |
Cash and cash equivalents at beginning of period | 34,954 | 31,964 |
Cash and cash equivalents at end of period | 31,502 | 31,745 |
Supplemental cash flow information: | ||
Interest paid, net of capitalized interest | 127,253 | 122,263 |
Income taxes paid | 14,992 | 12,438 |
Noncash financing and investing activities: | ||
Conversion of contingently redeemable common stock into common stock | 13,202 | |
Property additions included in accrued expenses | $ 13,070 | $ 22,094 |
Description of Business
Description of Business | 9 Months Ended |
Nov. 03, 2018 | |
Accounting Policies [Abstract] | |
Description of Business | 1. Description of Business BJ’s Wholesale Club Holdings, Inc. (the “Company”) is a leading warehouse club operator in the Eastern United States. As of November 3, 2018, the Company operated 216 warehouse clubs, 136 of which operate gasoline stations, in 16 states. The Company became a publicly traded entity in connection with its initial public offering (“IPO”) of common stock and listing on the New York Stock Exchange (“NYSE”) under the ticker symbol “BJ.” The Company follows, and reports based on the National Retail Federation’s fiscal calendar. The thirteen-week periods ended November 3, 2018 and October 28, 2017 are referred to as the third quarter of 2018 and 2017, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 03, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying interim financial statements of BJ’s Wholesale Club Holdings, Inc. are unaudited and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial statements in accordance with generally accepted accounting principles in the United States of America. References to “BJ’s” or the “Company” refer to BJ’s Wholesale Club Holdings, Inc. and its consolidated subsidiaries, unless the context indicates otherwise. The consolidated balance sheet as of February 3, 2018 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the quarter ended November 3, 2018 are not necessarily indicative of future results or results to be expected for the full year ending February 2, 2019. The Company’s business, in common with the business of retailers generally, is subject to seasonal influences. The Company’s sales and operating income have typically been highest in the fourth quarter holiday season and lowest in the first quarter of each fiscal year. You should read these statements in conjunction with the Company’s audited consolidated financial statements and related notes starting in page F-1 Initial Public Offering On July 2, 2018, the Company completed its IPO, in which the Company issued and sold 43,125,000 shares of its common stock (including 5,625,000 shares of common stock that were subject to the underwriters’ option to purchase additional shares) at an initial public offering price of $17.00 per share. The Company received total aggregate proceeds of $685.9 million net of underwriters’ discounts, commissions and other transaction expenses, which totaled $47.2 million. On July 2, 2018, the Company used the net proceeds from the IPO to extinguish the total outstanding balance of $623.3 million of its senior secured second lien term loan facility (the “Second Lien Term Loan”). See Note 6, Debt and Credit Arrangements footnote, for further discussion regarding the Second Lien Term Loan extinguishment. On October 1, 2018, certain selling stockholders completed the registered sale of 32,200,000 shares of the Company’s common stock at a public offering price of $26.00 per share. Of the 32,200,000 shares sold, 4,200,000 shares represented the underwriters’ exercise of their overallotment option. The Company did not receive any proceeds from this offering or incur underwriters’ discounts or commissions on the sale. The Company incurred transaction costs of $2.4 million primarily for legal, accounting and printer services related to the offering. Stock Split On June 15, 2018, the Company effected a seven-to-one Deferred Offering Costs The Company capitalized certain legal, professional, accounting and other third-party fees that were directly associated with the July 2, 2018 IPO as deferred offering costs. Upon the consummation of the IPO, $47.2 million was recorded in stockholders’ deficit as a reduction of additional paid-in Recent Accounting Pronouncements The accounting policies the Company follows are set forth in the Company’s audited financial statements for the fiscal year ended February 3, 2018 and included in the Company’s final Prospectus. There have been no material changes to these accounting policies, except as noted below for new accounting pronouncements adopted at the beginning of fiscal year 2018. Revenue from Contracts with Customers (ASC No. 606) In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, The Company adopted the new guidance at the beginning of fiscal year 2018 using the modified retrospective adoption method and recognized the cumulative effect of initially applying the new guidance as an adjustment to the opening balance of accumulated deficit. The new guidance was only applied to contracts not completed as of the initial date of application. Additionally, any contract that was modified prior to the adoption date has been reflected in the cumulative adjustment giving effect to the aggregate effect of all contract modifications prior to the initial application date. The impact of employing this practical expedient for contract modifications is immaterial. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of the changes made to the Company’s February 3, 2018 balance sheet for the adoption of the standard update was as follows (in thousands): Balance as of February 3, 2018 Adjustment for new Standard Balance as of February 4, 2018 Prepaid expenses and other current assets $ 81,972 $ 7,820 $ 89,792 Accrued expenses and other current liabilities 495,767 16,645 512,412 Deferred income taxes 57,074 (2,463 ) 54,611 Accumulated deficit (1,036,012 ) (6,362 ) (1,042,374 ) The impact of the adoption of the standards update on the Company’s Consolidated Statement of Operations for the thirteen and thirty-nine weeks ended November 3, 2018, resulted in an increase to cost of sales and net sales of $0.2 million and a decrease to cost of sales and net sales of $5.5 million, respectively, due to recording the allowance for returns reserve on a gross basis. The remaining impact of the adoption of the standards on the Company’s Consolidated Statement of Operations for the thirteen weeks and thirty-nine weeks ended November 3, 2018 was immaterial. The impact of the adoption of the standards update on the Company’s Consolidated Balance Sheet as of November 3, 2018 was as follows (in thousands): As of November 3, 2018 As Balance without adoption Effect of change Prepaid expenses and other current assets $ 78,179 $ 71,603 $ 6,576 Accrued expenses and other current liabilities 485,786 469,447 16,339 Deferred income taxes 51,810 54,346 (2,536 ) Accumulated deficit (979,420 ) (972,193 ) (7,227 ) Classification of Costs Related to Defined Benefit Pension and Other Post-Retirement Benefit Plans (ASU 2017-07) At the beginning of fiscal year 2018, the Company adopted ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost 2017-07”). ASU 2017-07 2017-07 Modifications to Share-based Compensation Awards (ASU 2017-09) At the beginning of fiscal year 2018, the Company adopted ASU No. 2017-09, Compensation-Stock Compensation Topic 718-Scope 2017-09”). 2017-09 2017-09. Definition of a Business (ASU 2017-01) At the beginning of fiscal year 2018, the Company adopted ASU No. 2017-01 , Business Combinations (Topic 805): Clarifying the Definition of a Business 2017-01”). 2017-01 2017-01, 2017-01, 2017-01. Statement of Cash Flows (ASU 2016-15) At the beginning of fiscal year 2018, the Company adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230) 2016-15”). 2016-15 2016-15 Recently Issued Accounting Pronouncements Leases (ASU 2016-02) In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) right-of-use Derivatives and Hedging (ASU 2017-12) In August 2017, the FASB issued ASU 2017-12 Derivatives and Hedging (Topic 815) Non-Employee Share-Based Compensation (ASU 2018-07) In June 2018, the FASB issued ASU 2018-07 Improvements to Nonemployee Share-Based Payment Accounting Fair Value Measurement (ASU 2018-13) In August 2018, the FASB issued ASU 2018-13 Changes to the Disclosure Requirements for Fair Value Measurement Intangibles-Goodwill and Other-Internal-Use Software (ASU 2018-15) In August 2018, the FASB issued ASU 2018-15 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Nov. 03, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition At the beginning of fiscal year 2018, the Company adopted the provisions of ASC No. 606, Revenue from Contracts with Customers, and related amendments Revenue Recognition The Company uses the five-step model to recognize revenue: 1) Identify the contract with the customer; 2) Identity the performance obligation(s); 3) Determine the transaction price; 4) Allocate the transaction price to each performance obligation if multiple obligations exist; and 5) Recognize the revenue as the performance obligations are satisfied. Performance Obligations The Company identifies each distinct performance obligation to transfer goods (or bundle of goods) or services. The Company recognizes revenue when (or as) it satisfies a performance obligation by transferring control of the goods or services to the customer. Merchandise sales—The Company recognizes sale of merchandise at clubs and gas stations at the point of sale when the customer takes possession of the goods and tenders payment. At point of sale, the performance obligation is satisfied because control of the merchandise transfers to the customer. Sales of merchandise at the Company’s clubs and gas stations, excluding sales taxes, represent approximately 97% of the Company’s net sales and approximately 95% of the Company’s total revenues. Sales taxes are recorded as a liability at the point of sale. Revenue is recorded at the point of sale based on the transaction price on the merchandise tag, net of any applicable discounts, sales taxes and expected refunds. For e-commerce BJ’s Perks Rewards—The Company has a customer loyalty program for which the Company offers points based on dollars spent by the customer. The Company also has a co-branded ® ® in-club Earned awards may be redeemed on future purchases made at the Company. The Company recognizes revenue for earned awards when customers redeem such awards as part of a purchase at one of the Company’s clubs or the Company’s website. The Company accounts for these transactions as multiple element arrangements and allocates the transaction price to separate performance obligations using their relative fair values. The Company includes the fair value of award dollars earned in deferred revenue at the time the award dollars are earned. Royalty revenue received in connection with the co-brand The Company’s total deferred revenue related to the outstanding BJ’s Perks Rewards was $13.6 million at November 3, 2018. The timing of revenue recognition of these awards dollars is driven by actual customer activities, such as redemptions and expirations. The Company recognized $33.1 million of royalty revenue in the thirty-nine weeks ended November 3, 2018. The Company expects to recognize $9.1 million of the deferred revenue at November 3, 2018 in fiscal year 2018, and the remainder will be recognized in the years thereafter. Membership—The Company charges a membership fee to its customers. That fee allows customers to shop in the Company’s clubs, shop on the Company’s website and purchase gas at the Company’s gas stations for the duration of the membership, which is generally 12 months. Because the Company has the obligation to provide access to its clubs, website and gas stations for the duration of the membership term, the Company recognizes membership fees on a straight-line basis over the life of the membership. The Company’s deferred revenue related to membership fees was $127.1 million at November 3, 2018. Gift Card Programs—The Company sells BJ’s gift cards that allow the customer to redeem the card for future purchases equal to the amount of the original purchase price of the gift card. Revenue from gift card sales is recognized upon redemption of the gift card because the Company’s performance obligation to redeem the gift card for merchandise is satisfied when the gift card is redeemed. Historically, the Company has recognized breakage under the remote model, which recognizes breakage income when the likelihood of the customer exercising its remaining rights becomes remote. Under the new guidance, the Company recognizes breakage in proportion to its rate of gift card redemptions. This change in breakage recognition model resulted in a $1.8 million increase to accumulated deficit upon adoption and had an immaterial impact on the Company’s results of operations for the thirty-nine weeks ended November 3, 2018. Deferred revenue related to gift cards was $8.8 million immediately after the adoption and $11.0 million at November 3, 2018. The Company recognized $30.8 million of revenue from gift card redemptions in the thirty-nine weeks ended November 3, 2018 and expects to recognize approximately $10.4 million of the third quarter deferral in fiscal year 2018. Determine the Transaction Price The transaction price is the amount of consideration the Company expects to receive under the arrangement. The Company is required to estimate variable consideration (if any) and to factor that estimate into the determination of the transaction price. The Company may offer sales incentives to customers, including discounts. For retail transactions, the Company has significant experience with return patterns and relies on this experience to estimate expected returns when determining the transaction price. Returns and Refunds — Customer Discounts — Agent Relationships Ancillary Business Revenue—The Company enters into certain agreements with service providers that offer goods and services to the Company’s members. These service providers sell goods and services including home improvement services, vision care and cell phones to the Company’s customers. In exchange, the Company receives payments in the form of commissions and other fees. The Company evaluates the criteria outlined in ASC 606-10-55, Significant Judgments Standalone Selling Prices—For arrangements that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation on a relative standalone selling price basis. Costs Incurred to Obtain a Contract—Incremental costs to obtain contracts are not material to the Company. Policy Elections In addition to those previously disclosed, the Company has made the following accounting policy elections and practical expedients: Portfolio Approach—The Company uses the portfolio approach when multiple contracts or performance obligations are involved in the determination of revenue recognition. Taxes—The Company excludes from the transaction price any taxes collected from customers that are remitted to taxing authorities. Shipping and Handling Charges—Charges that are incurred before and after the customer obtains control of goods are deemed to be fulfillment costs. Time Value of Money—The Company’s payment terms are less than one year from the transfer of goods. Therefore, the Company does not adjust promised amounts of consideration for the effects of the time value of money. Disclosure of Remaining Performance Obligations—The Company does not disclose the aggregate amount of the transaction price allocated to remaining performance obligations for contracts that are one year or less in term. Additionally, the Company does not disclose the aggregate amount of the transaction price allocated to remaining performance obligations when the transaction price is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a good or service that forms part of a series of distinct goods or services. Disaggregation of Revenue The Company’s club retail operations, which represent substantially all the consolidated total revenues, are the Company’s only reportable segment. All the Company’s identifiable assets are in the United States. The Company does not have significant sales outside the United States, nor does any customer represent more than 10% of total revenues for any period presented. The following table summarizes the Company’s percentage of sales disaggregated by category for the thirteen and thirty-nine weeks ended November 3, 2018: Thirteen Weeks Thirty-Nine Weeks 2018 Edible Grocery 25% 24% Perishables 27% 28% Non-Edible 22% 21% General Merchandise 12% 13% Gasoline and Other Ancillary Services 14% 14% |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Nov. 03, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions Management Agreement The Company had a management services agreement with the Sponsors for ongoing consulting and advisory services that terminated upon the consummation of the Company’s IPO. The management services agreement provided for the aggregate payment of management fees to the Sponsors (or advisory affiliates thereof) of $8.0 million per year, plus out of pocket expenses. The Company incurred no management fees for the thirteen weeks ended November 3, 2018 and incurred $2.0 million in such fees for the thirteen weeks ended October 28, 2017. The Company expensed $3.3 million and $6.1 million of management fees and out of pocket expenses for the thirty-nine weeks ended November 3, 2018 and October 28, 2017, respectively. Management fees and expenses are reported in Selling, general and administrative expenses (“SG&A”) in the consolidated statements of operations and comprehensive income. One of the Company’s suppliers, Advantage Solutions Inc., is controlled by affiliates of the Sponsors. Advantage Solutions Inc. is principally a provider of in-club on-floor The Company believes the terms obtained or consideration paid or received, as applicable, in connection with the transactions were comparable to terms available or amounts that would be paid or received, as applicable, in arms’-length transactions with unrelated parties. |
Dividend Recapitalization
Dividend Recapitalization | 9 Months Ended |
Nov. 03, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Dividend Recapitalization | 5. Dividend Recapitalization On February 3, 2017, the Company distributed a $735.5 million dividend to its common stockholders. In conjunction with the dividend, the Company paid $67.5 million to stock option holders of the Company as required under the Fourth Amended and Restated 2011 Stock Option Plan of BJ’s Wholesale Club Holdings, Inc. (as further amended) (“2011 Plan”) and the 2012 Director Stock Option Plan of BJ’s Wholesale Club Holdings, Inc. (as further amended) (“2012 Director Plan”). The payments to option holders were recorded as compensation expense in SG&A in the first quarter of fiscal 2017. The Company also paid $5.4 million to employees under retention bonus arrangements, of which $4.6 million was accrued in 2016, and the remaining $0.8 million was recognized as compensation expense in the first quarter of 2017. In order to fund these payments, the Company executed the following transactions immediately prior to the payment of the dividend: • Refinanced and upsized the senior secured first lien term loan facility (the “First Lien Term Loan”) to $1,925.0 million, subject to an original issue discount (“OID”) of $4.8 million. • Refinanced and upsized the existing senior secured second lien term loan facility (the “Second Lien Term Loan”) to $625.0 million, subject to an OID of $6.2 million. • Amended and restated the senior secured asset based revolving credit and term facility the (“ABL Facility”) and borrowed $340.0 million. The maturity date on the ABL Facility was extended to February 3, 2022 and there were no changes to the material terms. The Company paid accrued outstanding interest of $11.0 million in conjunction with the refinancing. |
Debt and Credit Arrangements
Debt and Credit Arrangements | 9 Months Ended |
Nov. 03, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Credit Arrangements | 6. Debt and Credit Arrangements Debt consisted of the following at November 3, 2018, February 3, 2018 and October 28, 2017 (in thousands): November 3, 2018 February 3, 2018 October 28, 2017 ABL Facility $ 424,000 $ 217,000 $ 262,000 First Lien Term Loan 1,533,890 1,910,563 1,915,375 Second Lien Term Loan — 625,000 625,000 Unamortized debt discount and debt issuance cost (19,107 ) (40,153 ) (41,745 ) Less: current portion (389,377 ) (219,750 ) (231,250 ) Long-term debt $ 1,549,406 $ 2,492,660 $ 2,529,380 ABL Facility On August 17, 2018, the Company amended its ABL Facility to extend the maturity date from February 3, 2022 to August 17, 2023 and reduce the applicable interest rates and letter of credit fees on the facility. Total fees associated with the refinancing were approximately $1.0 million. The Company capitalized approximately $0.9 million of new debt issuance costs and had immaterial write-offs for previously capitalized debt issuance costs and third-party fees. The ABL Facility is comprised of a $950.0 million revolving credit facility and a $50.0 million term loan. The ABL Facility is secured on a senior basis by certain “liquid assets” of the Company and secured on a junior basis by certain “fixed assets” of the Company. The $50.0 million term loan payment terms are restricted in that the term loan cannot be repaid unless all loans outstanding under the ABL Facility are repaid, and once repaid, cannot be re-borrowed. sub-facility At November 3, 2018, there was $424.0 million outstanding in loans under the ABL Facility and $45.1 million in outstanding letters of credit. At February 3, 2018, there was $217.0 million outstanding in loans under the ABL Facility and $44.2 million in outstanding letters of credit. At October 28, 2017, there was $262.0 million outstanding in loans under the ABL Facility and $42.0 million in outstanding letters of credit. As of November 3, 2018, the interest rate on the revolving credit facility was 3.56%, and borrowing availability was $521.6 million. As of February 3, 2018, the interest rate on the revolving credit facility was 3.08%, and borrowing availability was $574.8 million. As of October 28, 2017, the interest rate on the revolving credit facility was 2.74%, and borrowing availability was $666.7 million. First Lien Term Loan On February 3, 2017, the Company refinanced its First Lien Term Loan to extend the maturity date to February 3, 2024, increase the First Lien Term Loan borrowings to $1,925.0 million subject to a $4.8 million OID and change the interest rate. Interest on the First Lien Term Loan is calculated either at LIBOR plus a range of 350 to 375 basis points where LIBOR is subject to a floor of zero or an alternative base rate calculation based on the higher of prime, the federal funds effective rate plus 50 basis points or one-month On August 13, 2018, the Company amended its First Lien Term Loan to reduce the applicable interest rates and reduce the principal on the loan. The Company drew $350.0 million under its ABL Facility to fund the transaction. As amended, the First Lien Term Loan has an initial principal amount of $1,537.7 million and interest is calculated either at LIBOR plus 275 to 300 basis points or a base rate plus 175 to 200 basis points based on the Company achieving a net leverage ratio of 3.00 to 1.00. Total fees associated with the refinancing were approximately $1.8 million. The Company wrote-off At November 3, 2018, the interest rate for the First Lien Term Loan was 5.28%. At February 3, 2018, the interest rate for the First Lien Term Loan was 4.95%. At October 28, 2017, the interest rate for the First Lien Term Loan was 4.99%. Principal payments on the First Lien Term Loan are required in quarterly installments of 0.25% of the original principal amount with the balance due upon maturity on February 3, 2024. Voluntary prepayments are permitted subject to premium payments. Principal payments must be made on the First Lien Term Loan pursuant to an annual excess cash flow calculation. The First Lien Term Loan is subject to certain affirmative and negative covenants but no financial covenants. It is secured on a senior basis by certain “fixed assets” of the Company and on a junior basis by certain of “liquid” assets of the Company. At November 3, 2018, there was $1,533.9 million outstanding on the First Lien Term Loan. At February 3, 2018, there was $1,910.6 million outstanding on the First Lien Term Loan. At October 28, 2017, there was $1,915.4 million outstanding on the First Lien Term Loan. Second Lien Term Loan On February 3, 2017, the Company refinanced its Second Lien Term Loan to extend the maturity date to February 3, 2025 and increased the Second Lien Term Loan borrowings to $625.0 million, subject to a $6.2 million OID. Interest was calculated either at LIBOR plus 750 basis points where LIBOR is subject to a floor of zero or an alternative base rate calculation based on the higher of the prime, the federal funds effective rate plus 50 basis points or one-month On July 2, 2018, the Company paid off the Second Lien Term Loan by extinguishing the entire outstanding amount of $623.2 million. In connection with the debt extinguishment, the Company paid a $6.2 million prepayment premium. The Company recorded debt extinguishment charges of $19.2 million in conjunction with the pay down, of which $13.0 million represents the write-off There was a balance of $625.0 million outstanding on the Second Lien Term Loan as of February 3, 2018 and October 28, 2017. At February 3, 2018, the interest rate for the Second Lien Term Loan was 8.95% and at October 28, 2017, the interest rate for the Second Lien Term Loan was 8.74%. |
Interest Expense, net
Interest Expense, net | 9 Months Ended |
Nov. 03, 2018 | |
Text Block [Abstract] | |
Interest Expense, net | 7. Interest Expense, net The following details the components of interest expense for the periods presented (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Interest on debt $ 24,411 $ 40,537 $ 104,173 $ 119,849 Interest on capital lease and financing obligations 1,037 1,050 3,122 3,158 Debt issuance costs amortization 696 950 2,626 3,045 Original issue discount amortization 627 1,272 2,606 3,302 Loss on debt extinguishment and charges related to debt refinancing 6,246 (1,402 ) 25,405 21,061 Capitalized interest 12 (86 ) (145 ) (204 ) Interest expense, net $ 33,029 $ 42,321 $ 137,787 $ 150,211 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 03, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies The Company is subject to various claims and pending or threatened lawsuits in the normal course of business. The Company is not currently a party to any legal proceedings that it believes would have a material adverse impact on its financial position, results of operations, or cash flows. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Nov. 03, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 9. Discontinued Operations The following tables summarize the activity for the thirty-nine weeks ended November 3, 2018 and October 28, 2017 associated with our discontinued operations, which consist of closing two BJ’s clubs in January 2011 (in thousands): Discontinued Operations-Thirty-Nine Weeks ended November 3, 2018 Liabilities February 3, 2018 Charges Payments/ Increase Liabilities November 3, 2018 Cumulative Charges to Date, Net BJ’s clubs $ 8,683 $ 590 $ (1,803 ) $ 7,470 $ 60,189 Current portion $ 2,122 $ 2,126 Long-term portion 6,561 5,344 Total $ 8,683 $ 7,470 Discontinued Operations-Thirty-Nine Weeks ended October 28, 2017 Liabilities January 28, 2017 Charges Payments/ Increase Liabilities October 28, 2017 BJ’s clubs $ 8,271 $ 523 $ (1,737 ) $ 7,057 Current portion $ 2,013 $ 2,013 Long-term portion 6,258 5,044 Total $ 8,271 $ 7,057 The charges for BJ’s lease obligations are based on the present value of rent liabilities under the relevant leases, including estimated real estate taxes and common area maintenance charges, reduced by estimated income from the potential subleasing of these properties. Charges in both periods represent accretion expense on lease obligations. On June 12, 2014, the Company entered into a sublease agreement for one of the clubs that pays a portion of BJ’s lease obligation through the end of the lease term. The rental income received from that sublease is included in the payments referenced in the tables above. During the second half of 2017, the Company experienced a lapse in the sublease rental income which resulted in the eviction of the current tenant. In January 2018, the Company entered into a new sublease agreement for the same property with a new tenant who will continue to pay a portion of the BJ’s lease obligation through the end of the lease term. The interruption of sublease income in the second half of 2017, and adjustment of future rental income from the new sublease agreement signed in January 2018, resulted in an additional charge of $0.7 million to the reserve. In addition, the Company lowered the estimated sublease income at the other existing closed location which resulted in an additional charge of $1.4 million to the reserve. |
Contingently Redeemable Common
Contingently Redeemable Common Stock | 9 Months Ended |
Nov. 03, 2018 | |
Text Block [Abstract] | |
Contingently Redeemable Common Stock | 10. Contingently Redeemable Common Stock The Company and certain current and former management employees were party to the Management Stockholders Agreement (the “MSA”). All grants of equity by the Company to the employees were governed by the terms of individual equity award agreements and the MSA through the date of the Company’s IPO. The MSA specified certain transfer restrictions, tag-along The MSA also gave the employees the ability to put any shares back to the Company at fair market value upon death or disability while actively employed. As neither death nor disability while actively employed was a certainty, the shares of common stock held by the employee stockholders were considered to be contingently redeemable common stock and were accounted for outside of stockholders’ equity until the shares of common stock were either repurchased by the Company or the put right terminated. The contingently redeemable common stock was recorded at fair value of the common stock as of the date of issuance. Because meeting the contingency was not probable, the contingently redeemable $10.4 million and $9.0 million of mezzanine equity was recorded on the Company’s consolidated balance sheet related to these agreements as of February 3, 2018 and October 28, 2017, respectively. Both the Company’s repurchase right, and the employee stockholder’s put right terminated upon the consummation of the Company’s IPO and reclassified all contingently redeemable common stock to common stock on the Company’s consolidated balance sheet. As of November 3, 2018, there was no contingently redeemable common stock outstanding in the Company’s balance sheet. When the Company exercised its call option to repurchase shares classified outside of stockholders’ equity, it is deemed to be a constructive retirement of the contingently redeemable share for accounting purposes. The Company recorded the excess of the fair value paid to repurchase the share over the carrying value of the contingently redeemable share within additional paid-in |
Stock Incentive Plans
Stock Incentive Plans | 9 Months Ended |
Nov. 03, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | 11. Stock Incentive Plans On June 13, 2018, the Company’s Board of Directors adopted, and its stockholders approved, the 2018 Incentive Award Plan (the “2018 Plan”). The 2018 Plan provides for the grant of stock options, restricted stock, dividend equivalents, stock payments, restricted stock units, performance shares, other incentive awards, stock appreciation rights, and cash awards. Prior to the adoption of the 2018 Plan, the Company granted stock-based compensation to employees and non-employee The 2018 Plan authorizes the issuance of 13,148,058 shares, including 985,369 shares that were reserved but not issued under the 2011 Plan and the 2012 Director Plan. If an award under the 2018 Plan, 2011 Plan or 2012 Director Plan is forfeited, expires or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the 2018 Plan. Additionally, shares tendered or withheld to satisfy grant or exercise price, or tax withholding obligations associated with an award under the 2018 Plan, the 2011 Plan or the 2012 Director Plan will be added to the shares authorized for grant under the 2018 Plan. The following shares may not be used again for grant under the 2018 Plan: (1) shares subject to a stock appreciation right, that are not issued in connection with the stock settlement of the SAR on its exercise and (2) shares purchased on the open market with the cash proceeds from the exercise of options under the 2018 Plan, 2011 Plan or 2012 Director Plan. The following table summarizes the Company’s stock award activity during the thirty-nine weeks ended November 3, 2018 (shares in thousands): Stock Options Restricted Stock Restricted Stock Units Shares Weighted Shares Weighted Value Shares Weighted Date Fair Outstanding, February 3, 2018 8,981 $ 4.00 — $ — $ Granted 2,791 16.39 2,960 22.04 13 27.85 Exercised/vested (4,602 ) 2.90 (1,954 ) 22.00 — — Forfeited/canceled (364 ) 6.10 (3 ) 22.00 — — Outstanding, November 3, 2018 6,806 $ 9.71 1,003 $ 22.13 13 $ 27.85 Stock-based compensation expense was $2.6 million and $1.9 million for the thirteen weeks ended November 3, 2018 and October 28, 2017, respectively. Stock-based compensation expense was $54.7 million and $7.6 million for the thirty-nine weeks ended November 3, 2018 and October 28, 2017, respectively. In connection with the IPO, the Board of Directors granted the following new awards to certain employees under the 2018 Plan, subject to vesting: stock options to purchase 2,510 shares of common stock, with an exercise price of $17.00 and restricted stock in the amount of 2,943 shares with a grant date fair value of $22.00, equivalent to the closing price of the first day of trading. Treasury Shares Acquired on Restricted Stock Awards Upon the vesting of 1,954 restricted stock awards, 782 shares in this year’s thirty-nine weeks ended November 3, 2018 were reacquired to satisfy employees’ tax withholding obligations. These reacquired shares were recorded as $19.1 million of treasury stock and accordingly, reduced the number of common shares outstanding by 782 shares. |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The effective income tax rate is based on estimated income from continuing operations for the year as well as discrete adjustments, if any, in the applicable quarterly periods. The Company projects the estimated annual effective tax rate for the year to be approximately 27%, excluding the tax effect of discrete events. Potential discrete adjustments include tax charges or benefits related to stock-based compensation, changes in tax legislation, settlements of tax audits and changes in uncertain tax positions, among others. The Company’s effective income tax rate from continuing operations was 4.8% and 40.2% for the thirteen weeks ended November 3, 2018 and October 28, 2017, respectively. The Company’s effective income tax rate from continuing operations was a rate of (13.6)% and 29.0% for the thirty-nine weeks ended November 3, 2018 and October 28, 2017, respectively. The decrease in the effective tax rate for both the thirteen and thirty-nine weeks ended November 3, 2018, is due to stock option windfall tax benefits recorded in the current year; a reduction in the U.S. federal statutory tax rate from 35.0% to 21.0% as part of the U.S. Tax Cuts and Jobs Act (the “TCJA”) that was enacted in December 2017, the net reduction of liabilities for uncertain tax positions primarily resulting from the expiration of the statute of limitations; and an adjustment to the remeasurement of the Company’s deferred tax balances due to TCJA. The Company previously recorded a provisional tax benefit amount of $32.1 million related to the re-measurement |
Postretirement Medical Benefits
Postretirement Medical Benefits | 9 Months Ended |
Nov. 03, 2018 | |
Retirement Benefits [Abstract] | |
Postretirement Medical Benefits | 13. Postretirement Medical Benefits Net periodic benefit cost recognized for the thirteen weeks and thirty-nine weeks ended November 3, 2018 and October 28, 2017 consists of the following (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Company service cost $ 36 $ 46 $ 108 $ 137 Interest cost 38 37 113 111 Net prior service credit amortization (174 ) (174 ) (521 ) (521 ) Amortization of unrecognized gain (79 ) (63 ) (237 ) (188 ) Net periodic postretirement benefit cost $ (179 ) $ (154 ) $ (537 ) $ (461 ) The components of net periodic benefit cost are included in the line item SG&A in the income statement. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 03, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. 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 or “exit price.” The inputs used to measure fair value are generally classified into the following hierarchy: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not observable for the asset or liability. Level 3: Unobservable inputs for the asset or liability. The fair value of the Company’s debt was determined based on comparable quoted market prices and on borrowing rates available to the Company at November 3, 2018, February 3, 2018 and October 28, 2017. These inputs are considered to be Level 2. At November 3, 2018, the fair value of total debt was $1,959.3 million compared to a carrying value of $1,957.9 million. At February 3, 2018, the fair value of total debt was $2,750.2 million compared to a carrying value of $2,752.6 million. At October 28, 2017, the fair value of total debt was $2,721.6 million compared to a carrying value of $2,802.4 million. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Nov. 03, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 15. Earnings Per Share The following table summarizes the computation of basic and diluted net income per share attributable to common stockholders: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, October 28, November 3, October 28, Weighted-average common shares outstanding, used for basic computation 135,018,238 88,442,052 110,162,167 88,363,302 Plus: Incremental shares of potentially dilutive securities 4,349,499 3,842,956 4,781,572 — Weighted-average number of common and dilutive potential common shares outstanding 139,367,737 92,285,008 114,943,739 88,363,302 Stock options of 652,743 and 1,569,949 were not included in the computation of diluted earnings for the thirteen and thirty-nine weeks ended November 3, 2018, respectively, because their inclusion would have been anti-dilutive. Similarly, stock options of 1,663,426 and 2,017,695 were excluded from the computation of diluted earnings for the thirteen and thirty-nine weeks ended October 28, 2017, respectively. |
Assets Held for Sale
Assets Held for Sale | 9 Months Ended |
Nov. 03, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | 16. Assets Held for Sale The Company’s club in Hooksett, New Hampshire was relocated to Manchester, New Hampshire in March 2018. In fiscal year 2018, the Company recorded an impairment loss of $4.0 million on the fixed assets of the Hooksett, New Hampshire location to lower the carrying value of the fixed assets to its estimated fair value less cost to sell. This charge is included within SG&A in the income statement. On August 15, 2018, the Company closed on the sale of the Hooksett, New Hampshire location and received net proceeds of $6.1 million in exchange for all assets related to the club. The Company has no future obligations, outstanding liens or continuing involvement with this location. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Nov. 03, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events On November 13, 2018, the Company entered into three forward starting interest rate swaps. Through these arrangements, which are effective on February 13, 2019, the Company has fixed the LIBOR component of $1,200.0 million of its floating rate debt at a rate of approximately 3.0%. The Company intends to elect hedge accounting for the agreements and expects the derivatives to be highly effective. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 03, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim financial statements of BJ’s Wholesale Club Holdings, Inc. are unaudited and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial statements in accordance with generally accepted accounting principles in the United States of America. References to “BJ’s” or the “Company” refer to BJ’s Wholesale Club Holdings, Inc. and its consolidated subsidiaries, unless the context indicates otherwise. The consolidated balance sheet as of February 3, 2018 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the quarter ended November 3, 2018 are not necessarily indicative of future results or results to be expected for the full year ending February 2, 2019. The Company’s business, in common with the business of retailers generally, is subject to seasonal influences. The Company’s sales and operating income have typically been highest in the fourth quarter holiday season and lowest in the first quarter of each fiscal year. You should read these statements in conjunction with the Company’s audited consolidated financial statements and related notes starting in page F-1 |
Initial Public Offering | Initial Public Offering On July 2, 2018, the Company completed its IPO, in which the Company issued and sold 43,125,000 shares of its common stock (including 5,625,000 shares of common stock that were subject to the underwriters’ option to purchase additional shares) at an initial public offering price of $17.00 per share. The Company received total aggregate proceeds of $685.9 million net of underwriters’ discounts, commissions and other transaction expenses, which totaled $47.2 million. On July 2, 2018, the Company used the net proceeds from the IPO to extinguish the total outstanding balance of $623.3 million of its senior secured second lien term loan facility (the “Second Lien Term Loan”). See Note 6, Debt and Credit Arrangements footnote, for further discussion regarding the Second Lien Term Loan extinguishment. On October 1, 2018, certain selling stockholders completed the registered sale of 32,200,000 shares of the Company’s common stock at a public offering price of $26.00 per share. Of the 32,200,000 shares sold, 4,200,000 shares represented the underwriters’ exercise of their overallotment option. The Company did not receive any proceeds from this offering or incur underwriters’ discounts or commissions on the sale. The Company incurred transaction costs of $2.4 million primarily for legal, accounting and printer services related to the offering. |
Stock Split | Stock Split On June 15, 2018, the Company effected a seven-to-one |
Deferred Offering Costs | Deferred Offering Costs The Company capitalized certain legal, professional, accounting and other third-party fees that were directly associated with the July 2, 2018 IPO as deferred offering costs. Upon the consummation of the IPO, $47.2 million was recorded in stockholders’ deficit as a reduction of additional paid-in |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The accounting policies the Company follows are set forth in the Company’s audited financial statements for the fiscal year ended February 3, 2018 and included in the Company’s final Prospectus. There have been no material changes to these accounting policies, except as noted below for new accounting pronouncements adopted at the beginning of fiscal year 2018. Revenue from Contracts with Customers (ASC No. 606) In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, The Company adopted the new guidance at the beginning of fiscal year 2018 using the modified retrospective adoption method and recognized the cumulative effect of initially applying the new guidance as an adjustment to the opening balance of accumulated deficit. The new guidance was only applied to contracts not completed as of the initial date of application. Additionally, any contract that was modified prior to the adoption date has been reflected in the cumulative adjustment giving effect to the aggregate effect of all contract modifications prior to the initial application date. The impact of employing this practical expedient for contract modifications is immaterial. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of the changes made to the Company’s February 3, 2018 balance sheet for the adoption of the standard update was as follows (in thousands): Balance as of February 3, 2018 Adjustment for new Standard Balance as of February 4, 2018 Prepaid expenses and other current assets $ 81,972 $ 7,820 $ 89,792 Accrued expenses and other current liabilities 495,767 16,645 512,412 Deferred income taxes 57,074 (2,463 ) 54,611 Accumulated deficit (1,036,012 ) (6,362 ) (1,042,374 ) The impact of the adoption of the standards update on the Company’s Consolidated Statement of Operations for the thirteen and thirty-nine weeks ended November 3, 2018, resulted in an increase to cost of sales and net sales of $0.2 million and a decrease to cost of sales and net sales of $5.5 million, respectively, due to recording the allowance for returns reserve on a gross basis. The remaining impact of the adoption of the standards on the Company’s Consolidated Statement of Operations for the thirteen weeks and thirty-nine weeks ended November 3, 2018 was immaterial. The impact of the adoption of the standards update on the Company’s Consolidated Balance Sheet as of November 3, 2018 was as follows (in thousands): As of November 3, 2018 As Balance without adoption Effect of change Prepaid expenses and other current assets $ 78,179 $ 71,603 $ 6,576 Accrued expenses and other current liabilities 485,786 469,447 16,339 Deferred income taxes 51,810 54,346 (2,536 ) Accumulated deficit (979,420 ) (972,193 ) (7,227 ) Classification of Costs Related to Defined Benefit Pension and Other Post-Retirement Benefit Plans (ASU 2017-07) At the beginning of fiscal year 2018, the Company adopted ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost 2017-07”). ASU 2017-07 2017-07 Modifications to Share-based Compensation Awards (ASU 2017-09) At the beginning of fiscal year 2018, the Company adopted ASU No. 2017-09, Compensation-Stock Compensation Topic 718-Scope 2017-09”). 2017-09 2017-09. Definition of a Business (ASU 2017-01) At the beginning of fiscal year 2018, the Company adopted ASU No. 2017-01 , Business Combinations (Topic 805): Clarifying the Definition of a Business 2017-01”). 2017-01 2017-01, 2017-01, 2017-01. Statement of Cash Flows (ASU 2016-15) At the beginning of fiscal year 2018, the Company adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230) 2016-15”). 2016-15 2016-15 Recently Issued Accounting Pronouncements Leases (ASU 2016-02) In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) right-of-use Derivatives and Hedging (ASU 2017-12) In August 2017, the FASB issued ASU 2017-12 Derivatives and Hedging (Topic 815) Non-Employee Share-Based Compensation (ASU 2018-07) In June 2018, the FASB issued ASU 2018-07 Improvements to Nonemployee Share-Based Payment Accounting Fair Value Measurement (ASU 2018-13) In August 2018, the FASB issued ASU 2018-13 Changes to the Disclosure Requirements for Fair Value Measurement Intangibles-Goodwill and Other-Internal-Use Software (ASU 2018-15) In August 2018, the FASB issued ASU 2018-15 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Accounting Standards Update 2014-09 [Member] | |
Summary of Impact of Adoption of Topic 606 on Consolidated Balance Sheet | The cumulative effect of the changes made to the Company’s February 3, 2018 balance sheet for the adoption of the standard update was as follows (in thousands): Balance as of February 3, 2018 Adjustment for new Standard Balance as of February 4, 2018 Prepaid expenses and other current assets $ 81,972 $ 7,820 $ 89,792 Accrued expenses and other current liabilities 495,767 16,645 512,412 Deferred income taxes 57,074 (2,463 ) 54,611 Accumulated deficit (1,036,012 ) (6,362 ) (1,042,374 ) The impact of the adoption of the standards update on the Company’s Consolidated Balance Sheet as of November 3, 2018 was as follows (in thousands): As of November 3, 2018 As Balance without adoption Effect of change Prepaid expenses and other current assets $ 78,179 $ 71,603 $ 6,576 Accrued expenses and other current liabilities 485,786 469,447 16,339 Deferred income taxes 51,810 54,346 (2,536 ) Accumulated deficit (979,420 ) (972,193 ) (7,227 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue | The following table summarizes the Company’s percentage of sales disaggregated by category for the thirteen and thirty-nine weeks ended November 3, 2018: Thirteen Weeks Thirty-Nine Weeks 2018 Edible Grocery 25% 24% Perishables 27% 28% Non-Edible 22% 21% General Merchandise 12% 13% Gasoline and Other Ancillary Services 14% 14% |
Debt and Credit Arrangements (T
Debt and Credit Arrangements (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following at November 3, 2018, February 3, 2018 and October 28, 2017 (in thousands): November 3, 2018 February 3, 2018 October 28, 2017 ABL Facility $ 424,000 $ 217,000 $ 262,000 First Lien Term Loan 1,533,890 1,910,563 1,915,375 Second Lien Term Loan — 625,000 625,000 Unamortized debt discount and debt issuance cost (19,107 ) (40,153 ) (41,745 ) Less: current portion (389,377 ) (219,750 ) (231,250 ) Long-term debt $ 1,549,406 $ 2,492,660 $ 2,529,380 |
Interest Expense, net (Tables)
Interest Expense, net (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Text Block [Abstract] | |
Summary of Interest Expense | The following details the components of interest expense for the periods presented (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Interest on debt $ 24,411 $ 40,537 $ 104,173 $ 119,849 Interest on capital lease and financing obligations 1,037 1,050 3,122 3,158 Debt issuance costs amortization 696 950 2,626 3,045 Original issue discount amortization 627 1,272 2,606 3,302 Loss on debt extinguishment and charges related to debt refinancing 6,246 (1,402 ) 25,405 21,061 Capitalized interest 12 (86 ) (145 ) (204 ) Interest expense, net $ 33,029 $ 42,321 $ 137,787 $ 150,211 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Discontinued Operations | The following tables summarize the activity for the thirty-nine weeks ended November 3, 2018 and October 28, 2017 associated with our discontinued operations, which consist of closing two BJ’s clubs in January 2011 (in thousands): Discontinued Operations-Thirty-Nine Weeks ended November 3, 2018 Liabilities February 3, 2018 Charges Payments/ Increase Liabilities November 3, 2018 Cumulative Charges to Date, Net BJ’s clubs $ 8,683 $ 590 $ (1,803 ) $ 7,470 $ 60,189 Current portion $ 2,122 $ 2,126 Long-term portion 6,561 5,344 Total $ 8,683 $ 7,470 Discontinued Operations-Thirty-Nine Weeks ended October 28, 2017 Liabilities January 28, 2017 Charges Payments/ Increase Liabilities October 28, 2017 BJ’s clubs $ 8,271 $ 523 $ (1,737 ) $ 7,057 Current portion $ 2,013 $ 2,013 Long-term portion 6,258 5,044 Total $ 8,271 $ 7,057 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Company's Stock Award Activity | The following table summarizes the Company’s stock award activity during the thirty-nine weeks ended November 3, 2018 (shares in thousands): Stock Options Restricted Stock Restricted Stock Units Shares Weighted Shares Weighted Value Shares Weighted Date Fair Outstanding, February 3, 2018 8,981 $ 4.00 — $ — $ Granted 2,791 16.39 2,960 22.04 13 27.85 Exercised/vested (4,602 ) 2.90 (1,954 ) 22.00 — — Forfeited/canceled (364 ) 6.10 (3 ) 22.00 — — Outstanding, November 3, 2018 6,806 $ 9.71 1,003 $ 22.13 13 $ 27.85 |
Postretirement Medical Benefi_2
Postretirement Medical Benefits (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Retirement Benefits [Abstract] | |
Summary of Net Periodic Benefit Cost Recognized | Net periodic benefit cost recognized for the thirteen weeks and thirty-nine weeks ended November 3, 2018 and October 28, 2017 consists of the following (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Company service cost $ 36 $ 46 $ 108 $ 137 Interest cost 38 37 113 111 Net prior service credit amortization (174 ) (174 ) (521 ) (521 ) Amortization of unrecognized gain (79 ) (63 ) (237 ) (188 ) Net periodic postretirement benefit cost $ (179 ) $ (154 ) $ (537 ) $ (461 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted net income per share attributable to common stockholders | The following table summarizes the computation of basic and diluted net income per share attributable to common stockholders: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, October 28, November 3, October 28, Weighted-average common shares outstanding, used for basic computation 135,018,238 88,442,052 110,162,167 88,363,302 Plus: Incremental shares of potentially dilutive securities 4,349,499 3,842,956 4,781,572 — Weighted-average number of common and dilutive potential common shares outstanding 139,367,737 92,285,008 114,943,739 88,363,302 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | Nov. 03, 2018StateStore |
Organization and Description of Business [Line Items] | |
Number of warehouses operated | 216 |
Number of states in country | State | 16 |
Gasoline Station [Member] | |
Organization and Description of Business [Line Items] | |
Number of warehouses operated | 136 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands | Oct. 01, 2018USD ($)$ / sharesshares | Jul. 02, 2018USD ($)$ / sharesshares | Jun. 15, 2018 | Nov. 03, 2018USD ($) | Oct. 28, 2017USD ($) | Nov. 03, 2018USD ($)shares | Oct. 28, 2017USD ($) | Feb. 03, 2018USD ($) |
Summary of Significant Accounting Policies [Line Items] | ||||||||
Aggregate net proceeds received by the Company after deducting underwriters' discounts and commissions | $ 690,970 | |||||||
Deferrred offering costs | 5,081 | |||||||
Term loan outstanding | $ 1,549,406 | $ 2,529,380 | 1,549,406 | $ 2,529,380 | $ 2,492,660 | |||
Stock split, conversion ratio | 0.14285714 | |||||||
Description of stock split | Seven-to-one | |||||||
Net sales | 3,221,663 | 3,084,245 | 9,590,465 | 9,198,600 | ||||
Cost of sales | 2,629,575 | 2,523,297 | $ 7,858,515 | $ 7,578,790 | ||||
Second Lien Term Loan [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Term loan outstanding | $ 623,300 | |||||||
Common Stock [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Common stock, shares issued | shares | 43,125,000 | |||||||
Underwriter [Member] | Common Stock [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Exercise of stock options (in shares) | shares | 4,200,000 | 5,625,000 | ||||||
IPO [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Stockholders' deficit as reduction of additional paid-in capital | $ 47,200 | |||||||
IPO [Member] | Common Stock [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Common stock, shares issued | shares | 32,200,000 | 43,125,000 | ||||||
Common stock, par value | $ / shares | $ 26 | $ 17 | ||||||
Aggregate net proceeds received by the Company after deducting underwriters' discounts and commissions | $ 685,900 | |||||||
Deferrred offering costs | $ 2,400 | $ 47,200 | ||||||
Accounting Standards Update 2016-15 [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Insurance proceeds | $ 0 | |||||||
Allowance for Returns Reserve [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Net sales | 200 | (5,500) | ||||||
Cost of sales | $ 200 | $ (5,500) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Impact of Adoption of Topic 606 on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 04, 2018 | Feb. 03, 2018 | Oct. 28, 2017 |
Item Effected [Line Items] | ||||
Prepaid expenses and other current assets | $ 78,179 | $ 81,972 | $ 35,534 | |
Accrued expenses and other current liabilities | 485,786 | |||
Deferred income taxes | 51,810 | 57,074 | 77,142 | |
Accumulated deficit | (979,420) | $ (1,036,012) | $ (1,101,515) | |
Accounting Standards Update 2014-09 [Member] | ||||
Item Effected [Line Items] | ||||
Prepaid expenses and other current assets | $ 89,792 | |||
Accrued expenses and other current liabilities | 512,412 | |||
Deferred income taxes | 54,611 | |||
Accumulated deficit | (1,042,374) | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Item Effected [Line Items] | ||||
Prepaid expenses and other current assets | 71,603 | 81,972 | ||
Accrued expenses and other current liabilities | 469,447 | 495,767 | ||
Deferred income taxes | 54,346 | 57,074 | ||
Accumulated deficit | (972,193) | (1,036,012) | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Item Effected [Line Items] | ||||
Prepaid expenses and other current assets | 6,576 | 7,820 | ||
Accrued expenses and other current liabilities | 16,339 | 16,645 | ||
Deferred income taxes | (2,536) | (2,463) | ||
Accumulated deficit | $ (7,227) | $ (6,362) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Aug. 04, 2018 | Feb. 04, 2018 | Feb. 03, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Percentage of cash back earned | 2.00% | ||||||
Maximum annual cash back amount | $ 500 | ||||||
Cash back in form of electronic awards issued | 20 | ||||||
Royalty revenue | $ 3,221,663,000 | $ 3,084,245,000 | 9,590,465,000 | $ 9,198,600,000 | |||
Expects deferred revenue | 9,100,000 | ||||||
Accumulated deficit | (979,420,000) | $ (1,101,515,000) | (979,420,000) | $ (1,101,515,000) | $ (1,036,012,000) | ||
Annual Membership Fees [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Deferred revenue | 127,100,000 | $ 127,100,000 | |||||
Maximum [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Percentage of total revenues customer represent outside the United States | 10.00% | ||||||
My BJ's Perks Mastercard [Member] | Minimum [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Percentage of cash back earned | 3.00% | ||||||
My BJ's Perks Mastercard [Member] | Maximum [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Percentage of cash back earned | 5.00% | ||||||
Card Outside of BJ's [Member] | Minimum [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Percentage of cash back earned | 1.00% | ||||||
Card Outside of BJ's [Member] | Maximum [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Percentage of cash back earned | 2.00% | ||||||
BJ's Perks Rewards [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Deferred revenue | 13,600,000 | $ 13,600,000 | |||||
Royalty [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Royalty revenue | 33,100,000 | ||||||
Gift Card Programs [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Deferred revenue | 11,000,000 | 11,000,000 | $ 8,800,000 | ||||
Expects deferred revenue | 10,400,000 | 30,800,000 | |||||
Gift Card Programs [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Accumulated deficit | $ 1,800,000 | $ 1,800,000 | |||||
Sales Revenue, Net [Member] | Revenue from Rights Concentration Risk [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Concentration risk percentage | 97.00% | ||||||
Revenues Net [Member] | Revenue from Rights Concentration Risk [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Concentration risk percentage | 95.00% |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregation of Revenue (Detail) | 3 Months Ended | 9 Months Ended |
Nov. 03, 2018 | Nov. 03, 2018 | |
Edible Grocery [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue recognized | 25.00% | 24.00% |
Perishables [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue recognized | 27.00% | 28.00% |
Non-Edible Grocery [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue recognized | 22.00% | 21.00% |
General Merchandise [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue recognized | 12.00% | 13.00% |
Gasoline and Other Ancillary Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue recognized | 14.00% | 14.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Management Service [Member] | ||||
Related Party Transaction [Line Items] | ||||
Aggregate payment of management fees per year, plus out of pocket expenses | $ 8 | |||
Costs for services rendered | 0 | $ 2 | $ 3.3 | $ 6.1 |
Advantage Solutions Inc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Costs for services rendered | $ 11.6 | $ 10.6 | $ 33 | $ 29.4 |
Dividend Recapitalization - Add
Dividend Recapitalization - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 17, 2018 | Feb. 03, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | May 05, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2017 | Feb. 04, 2017 |
Dividends Payable [Line Items] | |||||||||
Dividend paid to common stockholders | $ 735,500 | ||||||||
Compensation expense | $ 2,600 | $ 1,900 | $ 54,700 | $ 7,600 | |||||
Bonus paid | 5,400 | ||||||||
Accrued bonus | $ 4,600 | ||||||||
Payment of accrued outstanding interest | 11,000 | $ 127,253 | $ 122,263 | ||||||
Deferred Bonus [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Compensation expense | $ 800 | ||||||||
2011 Plan and the 2012 Director Stock Option Plan [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Payments to stock option holders | 67,500 | ||||||||
2011 Plan and the 2012 Director Stock Option Plan [Member] | Selling, General and Administrative Expenses [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Compensation expense | 67,500 | ||||||||
First Lien Term Loan [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Term loan, refinanced and upsized | 1,925,000 | $ 1,925,000 | |||||||
Term loan, original issue discount | 4,800 | 4,800 | |||||||
Second Lien Term Loan [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Term loan, refinanced and upsized | 625,000 | 625,000 | |||||||
Term loan, original issue discount | 6,200 | 6,200 | |||||||
Amended And Restated ABL Facility [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Credit facility, borrowed | $ 340,000 | $ 340,000 | |||||||
Credit facility, maturity period | Aug. 17, 2023 | Feb. 3, 2022 |
Debt and Credit Arrangements -
Debt and Credit Arrangements - Schedule of Debt (Detail) - USD ($) $ in Thousands | Nov. 03, 2018 | Jul. 02, 2018 | Feb. 03, 2018 | Oct. 28, 2017 |
Debt Instrument [Line Items] | ||||
Debt instrument carrying amount | $ 1,957,900 | $ 2,752,600 | $ 2,802,400 | |
Unamortized debt discount and debt issuance cost | (19,107) | (40,153) | (41,745) | |
Less: current portion | (389,377) | (219,750) | (231,250) | |
Long-term debt | 1,549,406 | 2,492,660 | 2,529,380 | |
Abl Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, borrowed | 424,000 | 217,000 | 262,000 | |
First Lien Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument carrying amount | $ 1,533,890 | 1,910,563 | 1,915,375 | |
Second Lien Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument carrying amount | $ 625,000 | $ 625,000 | ||
Long-term debt | $ 623,300 |
Debt and Credit Arrangements _2
Debt and Credit Arrangements - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 17, 2018 | Aug. 13, 2018 | Jul. 02, 2018 | Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 | Feb. 03, 2017 |
Debt Instrument [Line Items] | |||||||||
Term Loan outstanding | $ 1,957,900 | $ 2,802,400 | $ 1,957,900 | $ 2,802,400 | $ 2,752,600 | ||||
Debt extinguishment charges | (6,246) | 1,402 | (25,405) | (21,061) | |||||
Abl Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Outstanding loans | 424,000 | 262,000 | 424,000 | 262,000 | 217,000 | ||||
Outstanding letter of credit | 45,100 | 42,000 | 45,100 | $ 42,000 | $ 44,200 | ||||
Abl Facility [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
ABL Facility | 950,000 | $ 950,000 | |||||||
Debt instrument interest rate term description | As amended, interest on the revolving credit facility is calculated either at LIBOR plus a range of 125 to 175 basis points or a base rate plus a range of 25 to 75 basis points; and interest on the term loan is calculated at LIBOR plus a range of 200 to 250 basis points or a base rate plus a range of 100 to 150 basis points, in all cases based on excess availability. | ||||||||
Debt instrument, description of variable rate basis | Interest on the revolving credit facility is calculated either at LIBOR plus a range of 125 to 175 basis points or | ||||||||
Interest rate on revolving credit facility | 3.56% | 2.74% | 3.08% | ||||||
Borrowing availability | 521,600 | 666,700 | $ 521,600 | $ 666,700 | $ 574,800 | ||||
Abl Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.25% | ||||||||
Abl Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.75% | ||||||||
Abl Facility [Member] | Revolving Credit Facility [Member] | Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, description of variable rate basis | A base rate plus a range of 25 to 75 basis points; | ||||||||
Abl Facility [Member] | Revolving Credit Facility [Member] | Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.25% | ||||||||
Abl Facility [Member] | Revolving Credit Facility [Member] | Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.75% | ||||||||
Abl Facility [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Term loan | $ 50,000 | $ 50,000 | |||||||
Debt instrument payment term description | The $50.0 million term loan payment terms are restricted in that the term loan cannot be repaid unless all loans outstanding under the ABL Facility are repaid, and once repaid, cannot be re-borrowed. The availability under the $950.0 million revolving credit facility is restricted based on eligible monthly merchandise inventories and receivables as defined in the facility agreement. | ||||||||
Debt instrument interest rate term description | Interest on the term loan is calculated at LIBOR plus a range of 200 to 250 basis points or a base rate plus a range of 100 to 150 basis points, in all cases based on excess availability. | ||||||||
Debt instrument, description of variable rate basis | Interest on the term loan is calculated at LIBOR plus a range of 200 to 250 basis points | ||||||||
Abl Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||||
Abl Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||
Abl Facility [Member] | Term Loan [Member] | Alternate Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, description of variable rate basis | A base rate plus a range of 100 to 150 basis points, in all cases based on excess availability. | ||||||||
Abl Facility [Member] | Term Loan [Member] | Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.125% | ||||||||
Leverage ratio | 0.03% | 0.03% | |||||||
Abl Facility [Member] | Term Loan [Member] | Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||
Abl Facility [Member] | Term Loan [Member] | Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.50% | ||||||||
First Lien Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Refinancing fees | $ 1,800 | ||||||||
Debt issuance costs | 4,400 | ||||||||
Term loan | $ 1,925,000 | ||||||||
Debt instrument interest rate term description | Interest on the First Lien Term Loan is calculated either at LIBOR plus a range of 350 to 375 basis points where LIBOR is subject to a floor of zero or an alternative base rate calculation based on the higher of prime, the federal funds effective rate plus 50 basis points or one-month LIBOR plus 100 basis points, plus a range of 250 to 275 basis points. | ||||||||
Debt instrument, description of variable rate basis | Interest on the First Lien Term Loan is calculated either at LIBOR plus a range of 350 to 375 basis points where LIBOR is subject to a floor of zero | ||||||||
Debt instrument maturity date | Feb. 3, 2024 | ||||||||
Term loan, original issue discount | $ 4,800 | ||||||||
Term Loan drew amount | 350,000 | ||||||||
Debt instrument principal amount | 1,537,700 | ||||||||
Debt issuance third party costs | $ 1,800 | ||||||||
Debt instrument interest rate | 5.28% | 4.99% | 4.95% | ||||||
Percentage of original principal amount required to pay in quarterly installments | 0.25% | ||||||||
Term Loan outstanding | $ 1,533,890 | 1,915,375 | $ 1,533,890 | $ 1,915,375 | $ 1,910,563 | ||||
Term Loan, frequency of periodic payment | Quarterly | ||||||||
First Lien Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.75% | 3.50% | |||||||
First Lien Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 3.00% | 3.75% | |||||||
First Lien Term Loan [Member] | Alternate Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, description of variable rate basis | An alternative base rate calculation based on the higher of prime, the federal funds effective rate plus 50 basis points or one-month LIBOR plus 100 basis points, plus a range of 250 to 275 basis points. | ||||||||
First Lien Term Loan [Member] | Alternate Base Rate [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||
First Lien Term Loan [Member] | Alternate Base Rate [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.75% | ||||||||
First Lien Term Loan [Member] | Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||
Leverage ratio | 0.03% | ||||||||
First Lien Term Loan [Member] | Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.75% | ||||||||
First Lien Term Loan [Member] | Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||||
First Lien Term Loan [Member] | Alternate Base Rate [Member] | Federal Funds Effective Swap Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||
Second Lien Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Term loan | $ 625,000 | ||||||||
Debt instrument interest rate term description | Interest was calculated either at LIBOR plus 750 basis points where LIBOR is subject to a floor of zero or an alternative base rate calculation based on the higher of the prime, the federal funds effective rate plus 50 basis points or one-month LIBOR plus 100 basis points, plus 650 basis points. | ||||||||
Debt instrument, description of variable rate basis | Interest was calculated either at LIBOR plus 750 basis points where LIBOR is subject to a floor of zero. | ||||||||
Debt instrument maturity date | Feb. 3, 2025 | ||||||||
Term loan, original issue discount | $ 6,200 | ||||||||
Term Loan outstanding | $ 625,000 | $ 625,000 | $ 625,000 | ||||||
Payments Of debt | $ 623,200 | ||||||||
Payment for repayment premiums | 6,200 | ||||||||
Debt extinguishment charges | 19,200 | ||||||||
Write off deferred debt issuance cost | $ 13,000 | ||||||||
Debt instrument interest rate | 8.74% | 8.74% | 8.95% | ||||||
Second Lien Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 7.50% | ||||||||
Second Lien Term Loan [Member] | Alternate Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, description of variable rate basis | An alternative base rate calculation based on the higher of the prime, the federal funds effective rate plus 50 basis points or one-month LIBOR plus 100 basis points, plus 650 basis points. | ||||||||
Debt instrument, basis spread on variable rate | 6.50% | ||||||||
Second Lien Term Loan [Member] | Alternate Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||
Second Lien Term Loan [Member] | Alternate Base Rate [Member] | Federal Funds Effective Swap Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||
Amended And Restated ABL Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, maturity period | Aug. 17, 2023 | Feb. 3, 2022 | |||||||
Refinancing fees | $ 1,000 | ||||||||
Debt issuance costs | $ 900 | ||||||||
Outstanding loans | $ 340,000 |
Interest Expense, Net - Summary
Interest Expense, Net - Summary of Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Other Income and Expenses [Abstract] | ||||
Interest on debt | $ 24,411 | $ 40,537 | $ 104,173 | $ 119,849 |
Interest on capital lease and financing obligations | 1,037 | 1,050 | 3,122 | 3,158 |
Debt issuance costs amortization | 696 | 950 | 2,626 | 3,045 |
Original issue discount amortization | 627 | 1,272 | 2,606 | 3,302 |
Loss on debt extinguishment and charges related to debt refinancing | 6,246 | (1,402) | 25,405 | 21,061 |
Capitalized interest | 12 | (86) | (145) | (204) |
Interest expense, net | $ 33,029 | $ 42,321 | $ 137,787 | $ 150,211 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Discontinued Operations (Detail) - BJ's Clubs [Member] - USD ($) $ in Thousands | 9 Months Ended | |||
Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 | Jan. 28, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities,beginning balance | $ 8,683 | $ 8,271 | ||
Charges | 590 | 523 | ||
Payments/ Increase | (1,803) | (1,737) | ||
Liabilities,ending balance | 7,470 | 7,057 | ||
Cumulative Charges to Date, Net | 60,189 | |||
Current portion | 2,126 | 2,013 | $ 2,122 | $ 2,013 |
Long-term portion | $ 5,344 | $ 5,044 | $ 6,561 | $ 6,258 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) $ in Millions | 1 Months Ended |
Jan. 31, 2018USD ($) | |
New Sub Lease Agreement [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Additional charges to reserve | $ 0.7 |
Existing Sub Lease Agreement [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Additional charges to reserve | $ 1.4 |
Contingently Redeemable Commo_2
Contingently Redeemable Common Stock - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 | Oct. 28, 2017 |
Temporary Equity [Abstract] | |||
Contingently redeemable common stock | $ 10,438 | $ 8,975 | |
Contingently redeemable common stock | 0 | 1,456,000 | 1,365,000 |
Stock Incentive Plans - Schedul
Stock Incentive Plans - Schedule of Value of Stock Option (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 13, 2018 | Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares, authorized shares | 300,000,000 | 305,000,000 | 300,000,000 | 305,000,000 | 305,000,000 | |
Stock-based Compensation expense | $ 2,600 | $ 1,900 | $ 54,700 | $ 7,600 | ||
Treasury Shares, value | $ 19,109 | $ 19,109 | ||||
Share reacquired to satisfy tax withholding | 782 | |||||
Decrease In Number Of Common Stock Outstanding | 782 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of share granted under stock incentive plans | 2,960,000 | |||||
Restricted stock options to purchase, grant date fair value | $ 22.04 | |||||
Number of vested share under restricted stock award | 1,954 | |||||
2011 Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of share granted under stock incentive plans | 0 | |||||
2012 Director Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of share granted under stock incentive plans | 0 | |||||
2018 Incentive Award Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares reserved and not issued | 985,369 | 985,369 | ||||
Number of shares, authorized shares | 13,148,058 | 13,148,058 | ||||
Common stock options to purchase, exercise price | $ 17 | |||||
Stock options to purchase common stock | 2,510 | |||||
2018 Incentive Award Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock options to purchase common stock | 2,943 | |||||
Restricted stock options to purchase, grant date fair value | $ 22 |
Stock Incentive Plans - Sched_2
Stock Incentive Plans - Schedule of Company's Stock Award Activity (Detail) shares in Thousands | 9 Months Ended |
Nov. 03, 2018$ / sharesshares | |
Stocks Options [Member] | |
Stock Option Activity Under The Company's Incentive Plans [Line Items] | |
Outstanding, beginning balance | $ 4 |
Granted | 16.39 |
Exercised/vested | 2.90 |
Forfeited/canceled | 6.10 |
Outstanding, ending balance | $ 9.71 |
Outstanding, beginning balance | shares | 8,981 |
Granted | shares | 2,791 |
Exercised/vested | shares | (4,602) |
Forfeited/canceled | shares | (364) |
Outstanding, ending balance | shares | 6,806 |
Restricted Stock [Member] | |
Stock Option Activity Under The Company's Incentive Plans [Line Items] | |
Outstanding, beginning balance | $ 0 |
Granted | 22.04 |
Exercised/vested | 22 |
Forfeited/canceled | 22 |
Outstanding, ending balance | $ 22.13 |
Granted | shares | 2,960 |
Exercised/vested | shares | (1,954) |
Forfeited/canceled | shares | (3) |
Outstanding, ending balance | shares | 1,003 |
Restricted Stock Units (RSUs) [Member] | |
Stock Option Activity Under The Company's Incentive Plans [Line Items] | |
Outstanding, beginning balance | $ 0 |
Granted | 27.85 |
Outstanding, ending balance | $ 27.85 |
Granted | shares | 13 |
Outstanding, ending balance | shares | 13 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Feb. 03, 2018 | Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 02, 2019 |
Income Tax Disclosure [Line Items] | ||||||
Effective income tax rate | 4.80% | 40.20% | (13.60%) | 29.00% | ||
Effective income tax rate reconciliation, at Federal Statutory tax rate | 35.00% | 21.00% | ||||
Re-measurement of the Company's deferred tax balances | $ 32.1 | |||||
Additional tax benefit | $ 2.4 | |||||
Scenario, Forecast [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Effective income tax rate | 27.00% |
Postretirement Medical Benefi_3
Postretirement Medical Benefits - Summary of Net Periodic Benefit Cost Recognized (Detail) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Company service cost | $ 36 | $ 46 | $ 108 | $ 137 |
Interest cost | 38 | 37 | 113 | 111 |
Net prior service credit amortization | (174) | (174) | (521) | (521) |
Amortization of unrecognized gain | (79) | (63) | (237) | (188) |
Net periodic postretirement benefit cost | $ (179) | $ (154) | $ (537) | $ (461) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Nov. 03, 2018 | Feb. 03, 2018 | Oct. 28, 2017 |
Fair Value Disclosures [Abstract] | |||
Fair value of total debt | $ 1,959.3 | $ 2,750.2 | $ 2,721.6 |
Carrying value of debt | $ 1,957.9 | $ 2,752.6 | $ 2,802.4 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common shares outstanding, used for basic computation | 135,018,238 | 88,442,052 | 110,162,167 | 88,363,302 |
Plus: Incremental shares of potentially dilutive securities | 4,349,499 | 3,842,956 | 4,781,572 | |
Weighted-average number of common and dilutive potential common shares outstanding | 139,367,737 | 92,285,008 | 114,943,739 | 88,363,302 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Earnings Per Share [Abstract] | ||||
Stock options not included in the computation of diluted earnings | 652,743 | 1,663,426 | 1,569,949 | 2,017,695 |
Assets Held for Sale - Addition
Assets Held for Sale - Additional Information (Detail) - USD ($) $ in Millions | Aug. 15, 2018 | Nov. 03, 2018 |
Selling, General and Administrative Expenses [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment loss | $ 4 | |
Hookset, New Hampshire [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from assets held for sale | $ 6.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Interest Rate Swap [Member] $ in Millions | Nov. 13, 2018USD ($) |
Subsequent Event [Line Items] | |
Notional transaction amount | $ 1,200 |
Debt instrument, effective Date | Feb. 13, 2019 |
Debt instrument interest rate | 3.00% |