Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 02, 2019 | Mar. 15, 2019 | Aug. 03, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | BJ's Wholesale Club Holdings, Inc. | ||
Trading Symbol | BJ | ||
Entity Central Index Key | 0001531152 | ||
Current Fiscal Year End Date | --02-02 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Feb. 2, 2019 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 137,830,842 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,178,447,664 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Feb. 02, 2019 | Feb. 03, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 27,146,000 | $ 34,954,000 |
Accounts receivable, net | 194,300,000 | 190,756,000 |
Merchandise inventories | 1,052,306,000 | 1,019,138,000 |
Prepaid expenses and other current assets | 63,454,000 | 81,972,000 |
Prepaid federal and state income taxes | 0 | 9,784,000 |
Total current assets | 1,337,206,000 | 1,336,604,000 |
Property and equipment: | ||
Land and buildings | 390,243,000 | 404,400,000 |
Leasehold costs and improvements | 203,394,000 | 184,165,000 |
Furniture, fixtures and equipment | 1,039,360,000 | 924,616,000 |
Construction in progress | 23,749,000 | 20,775,000 |
Total property and equipment, gross | 1,656,746,000 | 1,533,956,000 |
Less: accumulated depreciation and amortization | (907,968,000) | (775,206,000) |
Total property and equipment, net | 748,778,000 | 758,750,000 |
Goodwill | 924,134,000 | 924,134,000 |
Intangibles, net | 200,870,000 | 224,876,000 |
Other assets | 28,297,000 | 29,492,000 |
Total assets | 3,239,285,000 | 3,273,856,000 |
Current liabilities: | ||
Current portion of long-term debt | 254,377,000 | 219,750,000 |
Accounts payable | 816,880,000 | 751,948,000 |
Accrued expenses and other current liabilities | 504,834,000 | 495,767,000 |
Closed store obligations due within one year | 739,000 | 2,122,000 |
Accrued federal and state income taxes | 858,000 | 0 |
Total current liabilities | 1,577,688,000 | 1,469,587,000 |
Long-term debt | 1,546,471,000 | 2,492,660,000 |
Noncurrent closed store obligations | 2,450,000 | 6,561,000 |
Deferred income taxes | 36,937,000 | 57,074,000 |
Other noncurrent liabilities | 277,823,000 | 267,393,000 |
Commitments and contingencies (see Note 8) | ||
Contingently redeemable common stock, par value $0.01; no shares issued and outstanding at February 2, 2019 and 1,456 shares issued and outstanding at February 3, 2018 | 0 | 10,438,000 |
STOCKHOLDERS’ DEFICIT | ||
Common stock; par value $0.01; 305,000 shares authorized, 138,099 shares issued and 137,317 shares outstanding at February 2, 2019; 305,000 shares authorized, 87,073 shares issued and outstanding at February 3, 2018 | 1,381,000 | 871,000 |
Additional paid-in capital | 742,072,000 | 2,883,000 |
Accumulated deficit | (915,113,000) | (1,036,012,000) |
Accumulated other comprehensive income (loss) | (11,315,000) | 2,401,000 |
Treasury stock, at cost, 782 shares at February 2, 2019 and no shares at February 3, 2018 | (19,109,000) | 0 |
Total stockholders’ deficit | (202,084,000) | (1,029,857,000) |
Total liabilities and stockholders’ deficit | $ 3,239,285,000 | $ 3,273,856,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
Statement of Financial Position [Abstract] | ||||
Contingently redeemable common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Contingently redeemable common stock, issued (in shares) | 0 | 1,456,000 | ||
Contingently redeemable common stock, outstanding (in shares) | 0 | 1,456,000 | 1,043,000 | 945,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Common stock, authorized (in shares) | 305,000,000 | 305,000,000 | ||
Common stock, issued (in shares) | 138,099,000 | 87,073,000 | ||
Common stock, outstanding (in shares) | 137,317,000 | 87,073,000 | ||
Treasury stock (in shares) | 782,000 | 0 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Total revenues | $ 13,007,347 | $ 12,754,589 | $ 12,350,537 |
Cost of sales | 10,646,452 | 10,513,492 | 10,223,017 |
Selling, general and administrative expenses | 2,051,324 | 2,017,821 | 1,908,752 |
Preopening expense | 6,118 | 3,004 | 2,749 |
Operating income | 303,453 | 220,272 | 216,019 |
Interest expense, net | 164,535 | 196,724 | 143,351 |
Income from continuing operations before income taxes | 138,918 | 23,548 | 72,668 |
Provision (benefit) for income taxes | 11,826 | (28,427) | 27,968 |
Income from continuing operations | 127,092 | 51,975 | 44,700 |
Income (loss) from discontinued operations, net of income taxes | 169 | (1,674) | (476) |
Net income | $ 127,261 | $ 50,301 | $ 44,224 |
Income per share attributable to common stockholders — basic: | |||
Income from continuing operations (in usd per share) | $ 1.09 | $ 0.59 | $ 0.51 |
Loss from discontinued operations (in usd per share) | 0 | (0.02) | (0.01) |
Net income (in usd per share) | 1.09 | 0.57 | 0.50 |
Income (loss) per share attributable to common stockholders - diluted: | |||
Income from continuing operations (in usd per share) | 1.05 | 0.56 | 0.49 |
Loss from discontinued operations (in usd per share) | 0 | (0.02) | (0.01) |
Net income (in usd per share) | $ 1.05 | $ 0.54 | $ 0.48 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 116,599,102 | 88,385,864 | 88,163,992 |
Diluted (in shares) | 121,134,850 | 92,263,577 | 90,736,079 |
Other comprehensive income: | |||
Postretirement medical plan adjustment, net of income tax of $94, $204 and $744, respectively | $ 240 | $ (312) | $ (1,086) |
Unrealized gain (loss) on cash flow hedge, net of income tax of $5,454, $0 and $25, respectively | (13,956) | 0 | 38 |
Total other comprehensive income | (13,716) | (312) | (1,048) |
Total comprehensive income | 113,545 | 49,989 | 43,176 |
Product | |||
Total revenues | 12,724,454 | 12,495,995 | 12,095,302 |
Membership | |||
Total revenues | $ 282,893 | $ 258,594 | $ 255,235 |
Consolidated Statements Of Op_2
Consolidated Statements Of Operations And Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Income Statement [Abstract] | |||
Postretirement medical plan adjustment, income tax | $ 94 | $ (204) | $ (744) |
Unrealized gain (loss) on cash flow hedge, income tax | $ (5,454) | $ 0 | $ 25 |
Consolidated Statements Of Cont
Consolidated Statements Of Contingently Redeemable Common Stock And Stockholders' Deficit - USD ($) shares in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Treasury Stock |
Beginning balance (in shares) at Jan. 30, 2016 | 87,073 | 0 | ||||
Beginning balance at Jan. 30, 2016 | $ (401,073,000) | $ 871,000 | $ (4,289,000) | $ (400,984,000) | $ 3,329,000 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 44,224,000 | 44,224,000 | ||||
Postretirement medical plan adjustment, net of tax | (1,086,000) | (1,086,000) | ||||
Unrealized loss on cash flow hedge, net of tax | 38,000 | 38,000 | ||||
Dividend paid | (25,000) | (25,000) | ||||
Stock compensation expense | 11,828,000 | 11,828,000 | ||||
Option exercises | (661,000) | (661,000) | ||||
Call of shares | (583,000) | (583,000) | ||||
Other equity transactions | 127,000 | 127,000 | ||||
Ending balance at Jan. 28, 2017 | $ (347,211,000) | $ 871,000 | 6,397,000 | (356,760,000) | 2,281,000 | $ 0 |
Ending balance (in shares) at Jan. 28, 2017 | 87,073 | 0 | ||||
Beginning balance (in shares) at Jan. 30, 2016 | 945 | |||||
Beginning balance at Jan. 30, 2016 | $ 7,951,000 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Options exercises (in shares) | 217 | |||||
Option exercises | $ 1,038,000 | |||||
Call of shares (in shares) | (119) | |||||
Call of shares | $ (844,000) | |||||
Ending balance (in shares) at Jan. 28, 2017 | 1,043 | |||||
Ending balance at Jan. 28, 2017 | $ 8,145,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 50,301,000 | 50,301,000 | ||||
Postretirement medical plan adjustment, net of tax | (312,000) | (312,000) | ||||
Unrealized loss on cash flow hedge, net of tax | 0 | |||||
Dividend paid | (735,518,000) | (6,397,000) | (729,121,000) | |||
Stock compensation expense | 9,102,000 | 9,102,000 | ||||
Option exercises | (2,850,000) | (2,850,000) | ||||
Call of shares | (554,000) | (554,000) | ||||
Other equity transactions | (2,815,000) | (2,815,000) | (432,000) | 432,000 | ||
Ending balance at Feb. 03, 2018 | $ (1,029,857,000) | $ 871,000 | 2,883,000 | (1,036,012,000) | 2,401,000 | $ 0 |
Ending balance (in shares) at Feb. 03, 2018 | 87,073 | 87,073 | 0 | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Options exercises (in shares) | 616 | |||||
Option exercises | $ 3,708,000 | |||||
Call of shares (in shares) | (203) | |||||
Call of shares | $ (1,415,000) | |||||
Ending balance (in shares) at Feb. 03, 2018 | 1,456 | |||||
Ending balance at Feb. 03, 2018 | $ 10,438,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 127,261,000 | 127,261,000 | ||||
Postretirement medical plan adjustment, net of tax | 240,000 | 240,000 | ||||
Unrealized loss on cash flow hedge, net of tax | (13,956,000) | (13,956,000) | ||||
Dividend paid | (25,000) | (25,000) | ||||
Common stock issued for public offering, net of related fees (in shares) | 43,125 | |||||
Common stock issued for public offering, net of related fees | 685,889,000 | $ 431,000 | 685,458,000 | |||
Common stock issued under stock incentive plans (in shares) | 4,875 | |||||
Common stock issued under stock incentive plans | $ 49,000 | (49,000) | ||||
Stock reclassification as a result of public offering (in shares) | 1,736 | |||||
Stock reclassification as a result of public offering | $ 13,202,000 | $ 17,000 | 13,185,000 | |||
Common stock issued related to follow-on offering (in shares) | 1,290 | |||||
Common stock issued related to follow-on offering | $ 13,000 | (13,000) | ||||
Common stock repurchased upon vesting of stock awards (in shares) | (782) | (782) | ||||
Common stock repurchased upon vesting of stock awards | $ (19,109,000) | $ (19,109,000) | ||||
Stock compensation expense | 57,677,000 | 57,677,000 | ||||
Option exercises | (2,210,000) | (2,210,000) | ||||
Call of shares | (12,000) | (12,000) | ||||
Net shares used to pay tax withholdings upon option exercise | (22,883,000) | (22,883,000) | ||||
Net cash received on option exercises | 8,061,000 | 8,061,000 | ||||
Cumulative effect of change in Accounting principle | (6,362,000) | (6,362,000) | ||||
Ending balance at Feb. 02, 2019 | $ (202,084,000) | $ 1,381,000 | $ 742,072,000 | $ (915,113,000) | $ (11,315,000) | $ (19,109,000) |
Ending balance (in shares) at Feb. 02, 2019 | 137,317 | 138,099 | (782) | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Stock reclassification as a result of public offering (in shares) | (1,736) | |||||
Stock reclassification as a result of public offering | $ (13,202,000) | |||||
Options exercises (in shares) | 280 | |||||
Option exercises | $ 2,792,000 | |||||
Call of shares | $ (28,000) | |||||
Ending balance (in shares) at Feb. 02, 2019 | 0 | |||||
Ending balance at Feb. 02, 2019 | $ 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 127,261 | $ 50,301 | $ 44,224 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Charges for discontinued operations | (235) | 2,766 | 802 |
Depreciation and amortization | 162,223 | 164,061 | 178,325 |
Amortization of debt issuance costs and accretion of original issues discount | 6,556 | 8,463 | 17,091 |
Debt extinguishment and refinancing charges | 23,602 | 9,788 | 0 |
Impairment charges for assets held for sale | 3,962 | 0 | 0 |
Other non-cash items, net | 2,362 | 3,892 | 32 |
Stock-based compensation expense | 57,677 | 9,102 | 11,828 |
Deferred income tax provision | (12,314) | (35,623) | (23,530) |
Increase (decrease) in cash due to changes in: | |||
Accounts receivable | (3,976) | (24,507) | 26,533 |
Merchandise inventories | (33,168) | 12,706 | 30,010 |
Prepaid expenses and other current assets | 26,338 | (47,867) | 16,184 |
Other assets | 874 | 967 | 2,034 |
Accounts payable | 68,884 | 36,081 | (29,277) |
Change in book overdrafts | (19,770) | 7,523 | (42,781) |
Accrued expenses | 13,738 | 23,241 | 49,441 |
Accrued income taxes | 10,642 | (12,651) | 6,343 |
Closed store obligations | (5,259) | (2,354) | (1,942) |
Other noncurrent liabilities | (2,294) | 4,196 | 12,111 |
Net cash provided by operating activities | 427,103 | 210,085 | 297,428 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to property and equipment, net of disposals | (145,913) | (137,466) | (114,756) |
Net cash used in investing activities | (145,913) | (137,466) | (114,756) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from long term debt | 0 | 547,544 | 0 |
Payments on long term debt | (36,167) | (14,437) | (65,161) |
Paydown of the First Lien Term Loan and extinguishment of Second Lien Term Loan | (975,633) | 0 | 0 |
Proceeds from ABL facility | 1,587,000 | 1,645,000 | 1,166,000 |
Payments on ABL facility | (1,515,000) | (1,483,000) | (1,287,000) |
Debt issuance costs paid | (982) | (24,635) | (754) |
Dividends paid | (25) | (735,518) | (25) |
Capital lease and financing obligations payments | (691) | (657) | (535) |
Net cash received (paid) from stock option exercises | (14,240) | 858 | 377 |
Cash paid for share repurchases/Acquisition of treasury stock | (19,109) | (1,969) | (1,427) |
Proceeds from Initial Public Offering, net of underwriters discount and commission | 690,970 | 0 | 0 |
Payment of Initial Public Offering costs | (5,081) | 0 | 0 |
Other financing activities | (40) | (2,815) | 407 |
Net cash used in financing activities | (288,998) | (69,629) | (188,118) |
Net increase (decrease) in cash and cash equivalents | (7,808) | 2,990 | (5,446) |
Cash and cash equivalents at beginning of period | 34,954 | 31,964 | 37,410 |
Cash and cash equivalents at end of period | 27,146 | 34,954 | 31,964 |
Supplemental cash flow information: | |||
Interest paid, net of capitalized interest | 152,882 | 152,178 | 126,919 |
Income taxes paid | 15,845 | 14,820 | 45,746 |
Non-cash financing and investing activities: | |||
Conversion of contingently redeemable common stock into common stock | 13,202 | 0 | 0 |
Property additions included in accrued expenses | 13,849 | 19,405 | 16,915 |
Property acquired through financing obligations | $ 0 | $ 0 | $ 6,500 |
Description of Business
Description of Business | 12 Months Ended |
Feb. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business BJ’s Wholesale Club Holdings, Inc. and its wholly owned subsidiaries (the “Company” or “BJ’s”) is a leading warehouse club operator in the eastern United States of America. As of February 2, 2019 , BJ’s operated 216 warehouse clubs in 16 states. BJ’s business, in common with the business of retailers generally, is subject to seasonal influences. Sales and operating income have typically been strongest in the fourth quarter holiday season and lowest in the first quarter of each fiscal year. BJ's Wholesale Club, Inc., the primary operating subsidiary of the registrant, was previously an independent publicly traded corporation until its acquisition on September 30, 2011, by a subsidiary of Beacon Holding Inc., a company incorporated on June 24, 2011 by investment funds affiliated with or advised by Leonard Green & Partners and CVC Capital Partners, (collectively, "the Sponsors") for the purpose of the acquisition. On February 23, 2018, Beacon Holding Inc. changed its name to BJ's Wholesale Club Holdings, Inc. On July 2, 2018, BJ's Wholesale Club Holdings, Inc. 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". |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 02, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on the Saturday closest to January 31. Fiscal year 2018 (“2018") consists of the 52 weeks ended February 2, 2019 , fiscal year 2017 (“2017”) consists of the 53 weeks ended February 3, 2018 and fiscal year 2016 (“2016”) consists of the 52 weeks ended January 28, 2017 . Initial Public Offering and 2018 Secondary 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 our 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 stock split of its issued and outstanding shares of common stock and proportional adjustment to the existing conversion ratios for each series of the Company’s Contingently Redeemable Common Stock (see Note 10). Accordingly, all shares and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this stock split and adjustment of the contingently redeemable common stock conversion ratios. 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 capital. Estimates Included in Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and stockholders’ equity, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates relied upon in preparing these consolidated financial statements include, but are not limited to, revenue recognition; vendor rebates and allowances; estimating inventory reserves; estimating impairment assessments of goodwill, intangible assets, and other long-lived assets; estimating self-insurance reserves; estimating income taxes and equity-based compensation. Actual results could differ from those estimates. Segment Reporting The Company’s club retail operations, which represent substantially all of the Company’s consolidated total revenues, are the Company’s only reportable operating segment. All of the Company’s identifiable assets are located 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 percentage of net sales by category: Fiscal Year 2018 % of Total 2017 % of Total 2016 % of Total Edible Grocery 24 % 24 % 25 % Perishables 28 % 29 % 29 % Non-Edible Grocery 21 % 21 % 22 % General Merchandise 14 % 14 % 14 % Gasoline & Other Ancillary Services 13 % 12 % 10 % Concentration Risk An adverse change in the Company’s relationships with its key suppliers could have a material effect on the business and results of operations of the Company. Currently, one distributor consolidates a substantial majority of perishables for shipment to the clubs. While the Company believes that such a consolidation is in its best interest overall, a prolonged disruption in logistics processes could materially impact sales and profitability for the near term. All of the warehouse clubs are located in the eastern United States. Sales from the New York metropolitan area made up approximately 25% of net sales in 2018 , 2017 and 2016 . Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of cash held in financial institutions. The Company considers the credit risk associated with these financial instruments to be minimal. Cash is held by financial institutions with high credit ratings and the Company has not historically sustained any credit losses associated with its cash balances. Cash and Cash Equivalents Highly liquid investments with a maturity of three months or less at the time of purchase are considered to be cash equivalents. Book overdrafts not subject to offset with other accounts with the same financial institution are classified as accounts payable. Accounts Receivable Accounts receivable consists primarily of credit card receivables and receivables from vendors related to rebates and coupons and is stated net of allowances for doubtful accounts of $0.9 million at February 2, 2019 and $1.2 million at February 3, 2018 . The determination of the allowance for doubtful accounts is based on BJ’s historical experience applied to an aging of accounts and a review of individual accounts with a known potential for write-off. Merchandise Inventories Inventories are stated at the lower of cost, determined under the average cost method, or net realizable value. The Company recognizes the write-down of slow-moving or obsolete inventory in cost of sales when such write-downs are probable and estimable. The Company writes down inventory for estimated shrinkage for the period between physical inventories based on historical results of previous physical inventories, shrinkage trends or other judgments management believes to be reasonable under the circumstances. Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Buildings and improvements are depreciated over estimated useful lives of 33 years . Interest related to the development of buildings is capitalized during the construction period. Leasehold costs and improvements are amortized over the remaining lease term (which includes renewal periods that are reasonably assured) or the asset’s estimated useful life, whichever is shorter. Furniture, fixtures and equipment are depreciated over estimated useful lives, ranging from three to ten years . Depreciation expense was $140.4 million in 2018 , $138.0 million in 2017 and $149.5 million in 2016 . Certain costs incurred in connection with developing or obtaining computer software for internal use are capitalized. Capitalized software costs are included in furniture, fixtures, and equipment and are amortized on a straight-line basis over the estimated useful life of the software, which is three to seven years . Software costs not meeting the criteria for capitalization are expensed as incurred. Expenditures for betterments and major improvements that significantly enhance the value and increase the estimated useful life of the assets are capitalized and depreciated over the new estimated useful life. Repairs and maintenance costs on all assets are expensed as incurred. Deferred Issuance Costs The Company defers costs directly associated with acquiring third-party financing. Debt issuance costs related to the term loans are recorded as a direct deduction from the carrying amount of the debt and debt issuance costs associated with the ABL are recorded within other assets. Debt issuance costs are amortized over the term of the related financing arrangements on a straight-line basis, which is materially consistent with the effective interest method. Amortization of deferred debt issuance costs is recorded in interest expense and was $3.3 million in 2018 , $4.1 million in 2017 and $7.7 million in 2016 . Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived trade name intangible assets are not subject to amortization. The Company assesses the recoverability of its goodwill and trade name annually in the fourth quarter or whenever events or changes in circumstances indicate it may be impaired. The Company has determined it has one reporting unit for goodwill impairment testing purposes. The Company may assess its goodwill for impairment initially using a qualitative approach (“step zero”) to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If management concludes, based on its assessment of relevant events, facts and circumstances that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment. The Company may also elect to initially perform a quantitative analysis instead of starting with step zero. The quantitative assessment for goodwill is a two-step assessment. “Step one” requires comparing the carrying value of a reporting unit, including goodwill, to its fair value. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and no further testing is required. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is to measure the amount of impairment loss, if any. “Step two” compares the implied fair value of goodwill to the carrying amount of goodwill. The implied fair value of goodwill is determined by a hypothetical purchase price allocation using the reporting unit’s fair value as the purchase price. If the carrying amount of goodwill exceeds the implied fair value, an impairment charge is recorded to write down goodwill to its implied fair value and is recorded as a component of selling, general and administrative expense (“SG&A”). The Company assessed the recoverability of goodwill in fiscal years 2018 , 2017 and 2016 and determined that there was no impairment. The Company assesses the recoverability of its trade name whenever there are indicators of impairment, or at least annually in the fourth quarter. If the recorded carrying value of the trade name exceeds its estimated fair value, the Company records a charge to write the intangible asset down to its estimated fair value as a component of SG&A. The Company assessed the recoverability of the BJ’s trade name and determined that its estimated fair value exceeded its carrying value and that no impairment was necessary in fiscal years 2018 , 2017 or 2016 . Impairment of Long-lived Assets The Company reviews the realizability of long-lived assets periodically and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Current and expected operating results and cash flows and other factors are considered in connection with management’s reviews. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows of individual clubs and consolidated net cash flows for long-lived assets not identifiable to individual clubs. Impairment losses are measured as the difference between the carrying amount and the estimated fair value of the assets being evaluated. In fiscal year 2018 we recorded an impairment loss of $4.0 million on the fixed assets of Hooksett, New Hampshire to lower the carrying value of the fixed assets to its estimated fair value less cost to sell. No impairment charges were recorded in fiscal years 2017 or 2016 . Asset Retirement Obligations An asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development or normal operation of that long-lived asset. The Company recognizes asset retirement obligations in the period in which they are placed in service, if a reasonable estimate of fair value can be made. The asset retirement obligation is subsequently adjusted for changes in fair value. The associated estimated asset retirement costs are capitalized in leasehold improvements and depreciated over their useful life. The Company’s asset retirement obligations relate to the future removal of gasoline tanks and solar panels installed at leased clubs and the related assets associated with the gas stations and solar panel locations. See our Asset Retirement Obligations footnote for further information on the amounts accrued. Self-Insurance Reserves The Company is primarily self-insured for workers’ compensation, general liability claims and medical claims. Reported reserves for these claims are derived from estimated ultimate costs based upon individual claim file reserves and estimates for incurred but not reported claims. The Company carries stop-loss insurance on its workers’ compensation and general liability claims to mitigate its exposure to large claims. Revenue Recognition At the beginning of fiscal year 2018, the Company adopted the provisions of ASC 606, Revenue from Contracts with Customers, and related amendments (“ASC 606”) using the modified retrospective adoption method. The following describes the changes to the Company’s accounting policies due to the adoption of ASC 606: The Company uses the five-step model to recognize revenue: 1) Identify the contract with the customer; 2) Identify the performance obligation; 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 sales, the Company recognizes sales when control of the merchandise is transferred to the customer, which is typically at the shipping point. BJ's Perks Rewards— The Company’s BJ’s Perks Rewards members earn 2% cash back, up to a maximum of $500 per year, on all qualified purchases made at BJ’s. The Company’s My BJ’s Perks ® Mastercard ® credit card holders earn 3% or 5% cash back on all qualified purchases made at BJ’s and 1% or 2% cash back on purchases made with the card outside of BJ’s. Cash back is in the form of electronic awards issued in $20 increments that may be used at checkout at BJ's and expire six months from the date issued. The Company accounts for the awards as a reduction of net sales, with the related liability classified within other current liabilities. This liability was $25.8 million at February 2, 2019 and $22.7 million at February 3, 2018. 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 credit card program is variable consideration and is considered constrained until the card holder makes a purchase. The Company's total deferred royalty revenue related to the My BJ's Perks credit card program was $13.4 million at February 2, 2019. The timing of revenue recognition of this deferred balance is driven by actual customer activities, such as redemptions and expirations. The Company expects to recognize $11.5 million of the deferred revenue at February 2, 2019 in fiscal year 2019, 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 $134.4 million and $125.6 million at February 2, 2019 and February 3, 2018, respectively. 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 fiscal year ended February 2, 2019. Deferred revenue related to gift cards was $8.8 million immediately after the adoption and $9.1 million at February 2, 2019. The Company recognized approximately $50.0 million of revenue from gift card redemptions in the fiscal year ended February 2, 2019. Warranty Programs The Company passes on any manufacturers’ warranties to the members. In addition, BJ’s includes an extended warranty on tires sold at the clubs, under which BJ’s customers receive tire repair services or tire replacement in certain circumstances. This warranty is included in the sale price of the tire and it cannot be declined by the customers. The Company is fully liable for claims under the tire warranty program. As the primary obligor in these arrangements, associated revenue is recognized on the date of sale and an estimated warranty obligation is accrued based on claims experience. The liability for future claims under this program is not material to the financial statements. Extended warranties are also offered on certain types of products such as appliances, electronics and jewelry. These warranties are provided by a third party at fixed prices to BJ’s. No liability is retained to satisfy warranty claims under these arrangements. The Company is not the primary obligor under these warranties, and as such net revenue is recorded on these arrangements at the time of sale. Revenue from warranty sales is included in net sales on the income statement. 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 — The Company’s products are generally sold with a right of return and may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company records an allowance for returns based on current period revenues and historical returns experience. The Company analyzes actual historical returns, current economic trends and changes in sales volume and acceptance of the Company’s products when evaluating the adequacy of the sales returns allowance in any accounting period. The sales returns reserve, which reduces sales and cost of sales for the estimated impact of returns, was $6.8 million in 2018 , $1.5 million in 2017 and $2.0 million in 2016 . Customer Discounts — Discounts given to customers are usually in the form of coupons and instant markdowns and are recognized as redeemed and recorded in contra revenue accounts, as they are part of the transaction price of the merchandise sale. Manufacturer coupons that are available for redemption at all retailers are not reduced from the sale price of merchandise. 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 relevant criteria to determine whether they serve as the principal or agent in these contracts with customers, in determining whether it is appropriate in these arrangements to record the gross amount of merchandise sales and related costs, or the net amount earned as commissions. When the Company is considered the principal in a transaction, revenue is recorded gross; otherwise, revenue is recorded on a net basis. The majority of the Company’s ancillary business revenue is recorded on a net basis. Commissions received from these service providers are considered variable consideration and are constrained until the third-party customer makes a purchase from one of the service providers. 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. Cost of Sales The Company’s cost of sales includes the direct costs of sold merchandise, which includes customs, taxes, duties and inbound shipping costs, inventory shrinkage and adjustments and reserves for excess, aged and obsolete inventory. Cost of goods sold also includes certain distribution center costs and allocations of certain indirect costs, such as occupancy, depreciation, amortization, labor and benefits. Presentation of Sales Tax Collected from Customers and Remitted to Governmental Authorities In the ordinary course of business, sales tax is collected on items purchased by the members that are taxable in the jurisdictions when the purchases take place. These taxes are then remitted to the appropriate taxing authority. These taxes collected are excluded from revenues in the financial statements. Vendor Rebates and Allowances The Company receives various types of cash consideration from vendors, principally in the form of rebates, based on purchasing or selling certain volumes of product, time-based rebates or allowances, which may include product placement allowances or exclusivity arrangements covering a predetermined period of time, price protection rebates and allowances for retail price reductions on certain merchandise and salvage allowances for product that is damaged, defective or becomes out-of-date. Such vendor rebates and allowances are recognized based on a systematic and rational allocation of the cash consideration offered to the underlying transaction that results in progress by BJ’s toward earning the rebates and allowances, provided the amounts to be earned are probable and reasonably estimable. Otherwise, rebates and allowances are recognized only when predetermined milestones are met. The Company recognizes product placement allowances as a reduction of cost of sales in the period in which the product placement is completed. Time-based rebates or allowances are recognized as a reduction of cost of sales over the performance period on a straight-line basis. All other vendor rebates and allowances are recognized as a reduction of cost of sales when the merchandise is sold or otherwise disposed. Cash consideration is also received for advertising products in publications sent to BJ’s members. Such cash consideration is recognized as a reduction of SG&A to the extent it represents a reimbursement of specific, incremental and identifiable SG&A costs incurred by BJ’s to sell the vendors’ products. If the cash consideration exceeds the costs being reimbursed, the excess is characterized as a reduction of cost of sales. Cash consideration for advertising vendors’ products is recognized in the period in which the advertising takes place. Manufacturers’ Incentives Tendered by Consumers Consideration from manufacturers’ incentives (such as rebates or coupons) is recorded gross in net sales when the incentive is generic and can be tendered by a consumer at any reseller and the Company receives direct reimbursement from the manufacturer, or clearinghouse authorized by the manufacturer, based on the face value of the incentive. If these conditions are not met, such consideration is recorded as a decrease in cost of sales. Leases The majority of leases are accounted for as operating leases in accordance with ASC 840, Leases . Assets subject to an operating lease and the related lease payments are not recorded on the balance sheet. Rent expense is recognized on a straight-line basis over the expected lease term. The lease term begins on the date the Company becomes legally obligated for the rent payments or takes possession of the property, whichever is earlier. The lease term includes cancelable option periods where failure to exercise such options would result in economic penalty. Sometimes, the Company is involved in the construction of leased clubs. In these situations, the Company evaluates whether it is deemed the owner of the club for accounting purposes. If deemed the owner of the construction project, the Company capitalizes the construction costs of the club on the balance sheet and records financing obligations equal to the cash proceeds or fair value of the assets received from the landlord. Upon the completion of the project, a sale-leaseback analysis is performed pursuant to current leasing guidance to determine if the assets and related financing obligations can be removed from the balance sheet. Assuming the assets and liabilities are removed from the balance sheet, leases are classified as either operating or capital. In some of the leases, the Company is reimbursed only a portion of the construction cost or the lease has terms that fix the rental payments for a significant percentage of the leased asset’s economic life. These items generally are considered continuing involvement which precludes removing the assets and related financing obligation from the balance sheet when construction is complete. Rent expense is not reported for any properties which are considered owned for accounting purposes. Rental payments under these leases are allocated as a reduction of the financing obligation and interest expense. Assets recorded under capital lease and financing obligations are included in land and buildings on the balance sheet and are depreciated over their estimated useful lives using the straight-line method. As of February 2, 2019 , and February 3, 2018 , the gross amount of assets recorded under capital lease and financing obligations was $41.6 million and $49.4 million , respectively. Related accumulated depreciation for these assets as of February 2, 2019 and February 3, 2018 was $12.6 million and $12.2 million , respectively. Preopening Costs Preopening costs consist of direct incremental costs of opening or relocating a facility and are expensed as incurred. Advertising Costs Advertising costs generally consist of efforts to acquire new members and typically include media advertising (some of which is vendor-funded). BJ’s expenses advertising as incurred as a component of SG&A. Advertising expenses were approximately 0.7% , 0.6% and 0.5% of net sales in 2018 , 2017 and 2016 , respectively. Stock-Based Compensation The fair value of service-based employee awards is recognized as compensation expense on a straight-line basis over the requisite service period of the award. The fair value of the performance-based awards is recognized as compensation expense ratably over the service period of each performance tranche. The fair value of the stock-based awards is determined using the Black-Scholes option pricing model. Determining the fair value of options at the grant date requires judgment, including estimating the expected term that stock options will be outstanding prior to exercise and the associated volatility. Prior to the consummation of the IPO on June 28, 2018, the estimated fair value of the Company's stock was determined by its board of directors, with input from management and considering third-party valuations of common stock. Subsequent to the IPO date, the Company's common stock was listed on the New York Stock Exchange ("NYSE") and its value was determined by the market price on the NYSE. See our Stock Incentive Plans footnote for additional description of the accounting for stock-based awards. Earnings Per Share Basic net income per share attributable to common sto |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Feb. 02, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Management Agreement The Company had a management services agreement with the Sponsors for ongoing consulting and advisory services that terminated upon 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 expensed $3.3 million , $8.0 million and $8.1 million of management fees and out of pocket expenses in 2018 , 2017 and 2016 respectively. Management fees and expenses are reported in SG&A in the consolidated statements of operations and comprehensive income. Other Relationships 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 product demonstration and sampling services, and the Company also engages them from time to time to provide ancillary support services, including for example, seasonal gift wrapping, on-floor sales assistance and display maintenance. In fiscal years 2018 , 2017 and 2016 the Company incurred costs of approximately $43.9 million , $44.8 million and $41.0 million , respectively. The demonstration and sampling service fees are fully funded by merchandise vendors who participate in the program. 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 | 12 Months Ended |
Feb. 02, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Dividend Recapitalization | 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 fiscal year 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 fiscal year 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 Company paid accrued outstanding interest of $11.0 million and capitalized debt issuance costs of $24.6 million in conjunction with the refinancing. The Company recorded a loss on the debt refinancing of $21.1 million in fiscal year 2017 of which $9.8 million represents the write-off of previously capitalized deferred debt issuance costs. |
Debt and Credit Arrangements
Debt and Credit Arrangements | 12 Months Ended |
Feb. 02, 2019 | |
Debt Disclosure [Abstract] | |
Debt and Credit Arrangements | Debt and Credit Arrangements Debt consisted of the following at February 2, 2019 and February 3, 2018 (in thousands): February 2, 2019 February 3, 2018 ABL Facility $ 289,000 $ 217,000 First Lien Term Loan 1,530,045 1,910,563 Second Lien Term Loan — 625,000 Unamortized debt discount and debt issuance costs (18,197 ) (40,153 ) Less: current portion (254,377 ) (219,750 ) Long-term debt $ 1,546,471 $ 2,492,660 ABL Facility On February 3, 2017, the Company amended the ABL Facility to extend the maturity date to February 3, 2022. The Company wrote-off $2.2 million of previously capitalized debt issuance costs, expensed $0.2 million of new third-party fees and capitalized $7.9 million of new debt issuance costs. 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 of 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. 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. 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. The applicable spread of LIBOR and base rate loans at all levels of excess availability steps down by 12.5 basis points upon achieving total net leverage of 3.00 to 1.00. The ABL Facility also provides a sub-facility for issuance of letters of credit subject to certain fees defined in the ABL Facility agreement. The ABL Facility is subject to various commitment fees during the term of the facility based on utilization of the revolver. At February 2, 2019 , there was $289.0 million outstanding in borrowings under the ABL Facility and $41.2 million in outstanding letters of credit. As of February 2, 2019 , the interest rate on the revolving credit facility was 3.76% and borrowing availability was $545.6 million . 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. As of February 3, 2018 , the interest rate on the revolving credit facility was 3.08% and borrowing availability was $574.8 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 original issue discount and change the interest rate. Interest on the First Lien Term Loan was 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. 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 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 $4.4 million of previously capitalized debt issuance costs and OID and expensed $1.8 million of new third-party fees. At February 2, 2019 , the interest rate for the First Lien Term Loan was 5.51% . At February 3, 2018 , the interest rate for the First Lien Term Loan was 4.95% . 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 February 2, 2019 , there was $1,530.0 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. Second Lien Term Loan On February 3, 2017, the Company refinanced the previously existing Second Lien Term Loan to extend the maturity date to February 3, 2025 and increase the Second Lien Term Loan borrowings to $625.0 million subject to a $6.2 million original issue discount. 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. The Second Lien Term Loan had a maturity date of February 3, 2025 with the entire principal balance due on such maturity date. Voluntary prepayments were permitted. Principal payments had to be made on the Second Lien Term Loan pursuant to an annual excess cash flow calculation. The Second Lien Term Loan was subject to certain affirmative and negative covenants but no financial covenants. 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 paydown, of which $13.0 million represents write-off of previously capitalized deferred debt issuance costs associated with the Second Lien Term Loan. There was a balance of $625.0 million outstanding on the Second Lien Term Loan as of February 3, 2018. The interest rate for the Second Lien Term Loan was 8.95% as of February 3, 2018. Future minimum payments Scheduled future minimum principal payments on debt as of February 2, 2019 are as follows: Fiscal Year: Dollars in 2019 $ 254,377 2020 15,377 2021 15,377 2022 15,377 2023 1,518,537 Thereafter — Total $ 1,819,045 |
Interest Expense, net
Interest Expense, net | 12 Months Ended |
Feb. 02, 2019 | |
Other Income and Expenses [Abstract] | |
Interest Expense, net | Interest Expense, net The following details the components of interest expense for the periods presented (in thousands): Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Interest on debt $ 128,643 $ 163,210 $ 122,193 Interest on capital lease and financing obligations 4,119 4,205 4,244 Debt issuance costs amortization 3,322 4,060 7,693 Original issue discount amortization 3,233 4,403 9,398 Charges related to debt refinancing 25,405 21,061 — Capitalized interest (187 ) (215 ) (68 ) Unrealized loss on interest rate caps — — 73 Other interest income — — (182 ) Interest expense, net $ 164,535 $ 196,724 $ 143,351 |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Feb. 02, 2019 | |
Goodwill Intangible Assets And Deferred Charge Disclosure [Abstract] | |
Intangible Assets and Liabilities | Intangible Assets and Liabilities Intangible assets and liabilities consist of the following (in thousands): February 2, 2019 Gross Carrying Accumulated Net Amount Goodwill $ 924,134 $ — $ 924,134 Intangible Assets Not Subject to Amortization: BJ’s trade name $ 90,500 $ — $ 90,500 Intangible Assets Subject to Amortization: Member relationships 245,000 (178,330 ) 66,670 Private label brands 8,500 (5,194 ) 3,306 Below market leases 120,182 (79,788 ) 40,394 Total intangible assets $ 464,182 $ (263,312 ) $ 200,870 Intangible Liabilities Subject to Amortization: Above market leases $ (30,515 ) $ 16,872 $ (13,643 ) February 3, 2018 Gross Carrying Accumulated Net Amount Goodwill $ 924,134 $ — $ 924,134 Intangible Assets Not Subject to Amortization: BJ’s trade name $ 90,500 $ — $ 90,500 Intangible Assets Subject to Amortization: Member relationships 245,000 (163,668 ) 81,332 Private label brands 8,500 (4,486 ) 4,014 Below market leases 120,182 (71,152 ) 49,030 Total intangible assets $ 464,182 $ (239,306 ) $ 224,876 Intangible Liabilities Subject to Amortization: Above market leases $ (30,515 ) $ 14,709 $ (15,806 ) The Company records amortization expenses of intangible assets as a component of SG&A expenses. Member relationships are amortized over a period of 15.3 years , Private label brands are amortized over 12 years and below and above market leases are amortized over the estimated benefit of the intangible asset that was created. The Company recorded amortization expense of $21.8 million , $26.0 million and $28.8 million as a component of SG&A for the fiscal years ended February 2, 2019 , February 3, 2018 and January 28, 2017 , respectively. The Company estimates that amortization expense related to intangible assets and liabilities will be as follows in each of the next five fiscal years (in thousands): Below Market Leases Above Market Leases Other Intangibles Total 2019 $ 7,633 $ (2,077 ) $ 13,491 $ 19,047 2020 7,117 (1,846 ) 11,862 17,133 2021 6,153 (1,581 ) 10,483 15,055 2022 4,507 (1,526 ) 9,230 12,211 2023 3,743 (1,374 ) 7,866 10,235 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitment and Contingencies Leases The Company is obligated under long-term leases for the rental of real estate. In addition, generally the Company is required to pay insurance, real estate taxes and other operating expenses and, in some cases, additional rentals based on a percentage of sales in excess of certain thresholds, or other factors. Many of the leases require escalating payments during the lease term. Rent expense for such leases is recognized on a straight-line basis over the lease term. The initial primary term of the real estate club leases ranges from 5 to 25 years , with most of these leases having an initial term of 20 years . The initial primary term of the ground leases ranges from 14 to 44 years , and averages approximately 21 years . As of February 2, 2019 , the Company has options to renew all but three of its leases for periods that range from 5 to 65 years , and average approximately 21 years . Future minimum lease payments of operating leases as of February 2, 2019 were as follows (in thousands): Fiscal Year Future minimum payments 2019 $ 309,785 2020 310,956 2021 299,410 2022 282,841 2023 264,363 Thereafter 1,778,207 Total $ 3,245,562 The payments above do not include future payments due under the lease for a BJ's club location that closed in January 2011. Rent liabilities for the closed location is included in current and noncurrent closed store obligations on the consolidated balance sheets. Rental expense under real estate operating leases (including contingent rentals, which were not material) was $308.2 million in 2018 , $301.9 million in 2017 and $298.1 million in 2016 . These amounts do not include rental expense on equipment and equipment space of $0.8 million for 2018 and $0.7 million for both 2017 and 2016 . Future minimum lease payments of capital leases and financing obligations for arrangements that did not qualify for sale-lease back accounting as of February 2, 2019 are as follows (in thousands): Fiscal Year Future minimum 2018 $ 4,510 2019 4,807 2020 4,833 2021 4,894 2022 4,956 Thereafter 34,377 Total Minimum payments 58,377 Less: amount representing interest (37,855 ) Total $ 20,522 These capital lease and financing obligations are primarily included in other noncurrent liabilities on the consolidated balance sheet. Legal Contingencies The Company is involved in various legal proceedings that are typical of a retail business. In accordance with applicable accounting guidance, an accrual will be established for legal proceedings if and when those matters present loss contingencies that are both probable and estimable. The Company does not believe the resolution of any current proceedings will result in a material loss to the consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Feb. 02, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations The following tables summarize the activity for the periods ended February 2, 2019 and February 3, 2018 associated with discontinued operations, which consist of closing two BJ’s clubs in January 2011 (in thousands): Discontinued Operations 2018 Liabilities Charges Payments/ Liabilities Cumulative BJ’s clubs $ 8,683 $ (235 ) $ (5,259 ) $ 3,189 $ 59,364 Current portion $ 2,122 $ 739 Long-term portion 6,561 2,450 Total $ 8,683 $ 3,189 Discontinued Operations 2017 Liabilities Charges Payments/ Liabilities Cumulative BJ’s clubs $ 8,271 $ 2,766 $ (2,354 ) $ 8,683 $ 59,599 Current portion $ 2,013 $ 2,122 Long-term portion 6,258 6,561 Total $ 8,271 $ 8,683 On June 12, 2014, the Company entered into a sublease agreement for one of the closed clubs that paid 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 eviction of the tenant. In January 2018, the Company entered into a new sublease agreement for the same property which 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. On December 12, 2018, the Company entered into a termination agreement with the landlord at its Austell, Georgia location, whereby the landlord agreed to terminate the lease associated with this location. The Company incurred total termination fees of $3.1 million , including brokerage fees. 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 . Charges for the period ended February 2, 2019 , also includes income of $1.0 million for the reserve reversal associated with the lease termination for the Austell, Georgia location. The income tax benefit recorded related to loss from discontinued operations was $0.1 million , $1.1 million and $0.3 million for 2018 , 2017 and 2016 , respectively. The remaining lease obligation is expected to be paid over the next four years . The liabilities for the closed club leases are included in current and non-current closed store obligations on the consolidated balance sheet. |
Contingently Redeemable Common
Contingently Redeemable Common Stock | 12 Months Ended |
Feb. 02, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Contingently Redeemable Common Stock | Contingently Redeemable Common Stock The Company and certain current and former management employees were parties to the Management Stockholders Agreement (the “MSA”). Grants of equity by the Company to employees were governed by the terms of individual equity award agreements and the MSA. The MSA specified certain transfer restrictions, tag-along and drag-along rights, put and call rights and various other rights and restrictions applicable to any equity held by employees. The call right permitted the Company to repurchase common stock held by an employee stockholder following a minimum holding period and prior to the expiration of a specified time period following the later of the employee’s termination of employment with the Company or acquisition of the common stock. If the employee’s employment was terminated for cause, the repurchase price was the least of (a) the fair market value as of the repurchase date, (b) the fair market value at issuance or (c) the price paid by the employee stockholder for such shares. If the employee’s employment was terminated other than for cause, the repurchase price was the fair market value as of the repurchase date. The MSA also gave 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 is 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. Both the Company’s repurchase right and the employee stockholder’s put right terminated upon the consummation the IPO. The contingently redeemable common stock was recorded at fair value of the common stock at the date of issuance. Because meeting the contingency is not probable, the contingently redeemable common stock was not remeasured to fair value at each reporting date. When the Company executed its IPO in 2018, all remaining grants under the MSA were reclassified to common stock. As of February 2, 2019 there is no contingently redeemable common stock recorded on the consolidated balance sheet. The Company recorded $10.4 million of contingently redeemable common stock on its consolidated balance sheet related to these agreements as of February 3, 2018 . Prior to the IPO, when the Company exercised its call option to repurchase shares classified outside of stockholders’ equity, it was 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 capital, as the Company had an accumulated deficit. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Feb. 02, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | 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 directors under the 2011 Plan and the 2012 Director Plan, respectively. No further grants will be made under 2011 Plan or the 2012 Director Plan. 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 stock appreciation right 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. As of February 2, 2019, there were 8,572,846 shares available for future issuance under the 2018 Plan. Stock option awards are generally granted with vesting periods of three years . All options have a contractual term of ten years . The Company recognized $57.7 million ( $41.5 million post-tax), $9.1 million ( $5.4 million post-tax) and $11.8 million ( $7.1 million post-tax) of total stock-based compensation for 2018 , 2017 and 2016 , respectively. As of February 2, 2019 , there was approximately $24.7 million of unrecognized compensation cost, which is expected to be recognized over the next three years . The fair value of the options was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions (no dividends were expected): Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Risk-free interest rate range 2.56% - 2.73% 1.40% - 1.40% 1.35% - 1.98% Expected volatility factor 26.9% 35.0% 35.0% Weighted-average expected option life (yrs.) 5.9 5.7 6.0 Weighted-average grant-date fair value $5.16 $2.51 $4.40 The Company historically has been a private company and lacks certain company-specific historical and implied volatility information. Expected volatility was determined based on the historical and implied volatilities of comparable public companies. The risk-free interest rate was based on United States Treasury yields in effect at the time of the grant for notes with terms comparable to the awards. The expected option life represents an estimate of the period of time options are expected to remain outstanding based upon an average of the vesting and contractual terms of the options. Forfeitures are recorded as incurred. Presented below is a summary of stock option activity and weighted-average exercise prices for fiscal year ended February 2, 2019 : (options in thousands) Number of Weighted- Weighted-average Outstanding, beginning of period 8,981 $ 4.00 Granted 2,791 16.39 Forfeited (409 ) 6.88 Exercised (5,111 ) 3.09 Outstanding, end of period 6,252 10.09 7.7 Vested and expected to vest, end of period 6,252 10.09 7.7 Exercisable, end of period 3,480 $ 5.31 6.4 The total intrinsic value of options exercised in 2018 , 2017 and 2016 was $88.2 million , $7.6 million and $1.2 million , respectively. The Company received a tax benefit related to these option exercises of approximately $24.8 million , $3.1 million and $0.5 million in 2018 , 2017 and 2016 , respectively. As of February 2, 2019 , the total intrinsic value of options vested and expected to vest was $102.5 million . Presented below is a summary of our non-vested restricted shares and restricted stock units and weighted-average grant-date fair values for the periods ended February 2, 2019: Restricted Stock Restricted Stock Units (shares in thousands) Shares Weighted-Average Grant-Date Fair Value Shares Weighted-Average Grant-Date Fair Value Unvested at beginning of year — $ — — $ — Granted 2,960 22.04 16 27.59 Forfeited (33 ) 22.00 — — Vested (1,954 ) 22.00 — — Outstanding, February 2, 2019 973 $ 22.14 16 $ 27.59 2018 Employee Stock Purchase Plan On June 14, 2018, the Company’s board of directors adopted and its stockholders approved the 2018 Employee Stock Purchase Plan (the “ESPP”), which became effective the day prior to the first day of public trading of the company’s equity securities. The aggregate number of shares of common stock that was be reserved for issuance under our ESPP was be equal to the sum of (i) 973,014 shares and (ii) an annual increase on the first day of each calendar year beginning in 2019 and ending in 2028 equal to the lesser of (A) 486,507 shares, (B) 0.5% of the shares outstanding (on an as converted basis) on the last day of the immediately preceding fiscal year and (C) such smaller number of shares as determined by the board of directors. The offering under the ESPP commenced on January 1, 2019. The amount of expense recognized in the fiscal year ended February 2, 2019 was immaterial. Treasury Shares Acquired on Restricted Stock Awards Upon the vesting of 1,954 thousand restricted stock awards, 782 thousand shares 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 thousand shares. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision (benefit) for income taxes from continuing operations includes the following (in thousands): Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Federal: Current $ 14,641 $ 1,976 $ 42,268 Deferred (9,563 ) (33,219 ) (19,457 ) State: Current 11,877 5,220 9,230 Deferred (5,129 ) (2,404 ) (4,073 ) Total income tax provision (benefit) $ 11,826 $ (28,427 ) $ 27,968 A reconciliation of the statutory federal income tax rate with the Company’s effective income tax rate is as follows: Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Statutory federal income tax rates 21.0 % 33.7 % 35.0 % State income taxes, net of federal tax benefit 3.8 7.5 4.5 Effect of federal rate change (1.8 ) (136.2 ) — Work opportunity and solar tax credit (1.3 ) (17.9 ) (1.6 ) Charitable contributions (0.5 ) (1.0 ) (0.3 ) Prior year adjustments 0.1 (3.2 ) — Stock options (10.8 ) (4.8 ) — Other (2.0 ) 1.2 0.9 Effective income tax rate 8.5 % (120.7 )% 38.5 % On December 22, 2017, the TCJA was signed into law. The TCJA includes significant changes to the Internal Revenue Code impacting the taxation of business entities. The most significant change in the TCJA that impacts the Company is the reduction in the corporate federal income tax rate from 35% to 21% for tax years (or portions thereof) beginning after December 31, 2017. As the result of our initial analysis of the impact of the TCJA, we recorded a provisional amount of net tax benefit of $32.1 million in the fiscal year ended February 3, 2018 related to the remeasurement of our deferred tax balances. We completed our accounting for the income tax effects of the TCJA in fiscal year ended February 2, 2019 and recorded an additional tax benefit of $2.4 million to the provisional amounts initially recorded. Significant components of the Company’s deferred tax assets and liabilities as of February 2, 2019 and February 3, 2018 were as follows (in thousands): February 2, 2019 February 3, 2018 Deferred tax assets: Self-insurance reserves $ 29,288 $ 27,595 Rental step liabilities 23,194 21,336 Compensation and benefits 13,823 15,975 Interest 12,354 — Capital lease and financing obligations 5,826 7,542 Interest rate swap 5,454 — Deferred gain amortization 4,956 5,279 Intangible liabilities 3,834 4,408 Environment clean up reserve 3,664 3,312 Startup costs 3,276 3,675 Lease incentive gain 2,963 3,029 Closed store obligations 896 2,421 Other 16,926 13,677 Total deferred tax assets $ 126,454 $ 108,249 Deferred tax liabilities: Fixed assets $ 87,413 $ 79,388 Intangible assets 56,444 62,716 Debt costs 5,152 7,728 Capital lease and financings obligations 5,079 7,014 Other 9,303 8,477 Total deferred tax liabilities 163,391 165,323 Net deferred tax liabilities $ (36,937 ) $ (57,074 ) The ultimate realization of deferred tax assets is dependent upon the Company’s ability to generate sufficient taxable income during the periods in which the temporary differences become deductible. The Company has determined that it is more likely than not that the results of future operations and the reversals of existing taxable temporary differences will generate sufficient taxable income to realize the deferred tax assets. Therefore, no valuation allowance has been recorded. In making this determination, the Company considered historical levels of income as well as projections for future periods. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Fiscal year Ended Fiscal year Ended Balance at the beginning of the period $ 4,357 $ 4,199 Additions (reductions) for tax positions taken during prior years (142 ) 607 Additions for tax positions taken during the current year 960 43 Settlements (125 ) (260 ) Lapses in statute of limitations (2,526 ) (232 ) Balance at the end of the period $ 2,524 $ 4,357 The total amount of unrecognized tax benefits, reflective of federal tax benefits at February 2, 2019 and February 3, 2018 that, if recognized, would favorably affect the effective tax rate was $2.2 million and $3.9 million , respectively. As of February 2, 2019 , management has determined it is reasonably possible that the total amount of unrecognized tax benefits could decrease within the next twelve months by less than $0.1 million , due to the expected resolution of state tax audits and the expiration of statute of limitations. The Company’s tax years from 2014 forward remain open and are subject to examination by the IRS and various state taxing jurisdictions. The Company classifies interest expense and any penalties related to income tax uncertainties as a component of income tax expense, which is consistent with the recognition of these items in prior reporting periods. For the period ended February 2, 2019 , the Company recognized $0.4 million in interest income. For the periods ended February 3, 2018 and January 28, 2017 the Company recognized $0.7 million and $0.3 million in interest expense, respectively. As of February 2, 2019 , and February 3, 2018 , the Company had $0.5 million and $1.0 million , respectively, of accrued interest related to income tax uncertainties. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Feb. 02, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans Under BJ’s 401(k) savings plans, participating employees may make pretax contributions up to 50% of covered compensation subject to federal limits. BJ’s matches employee contributions at 50% of the first six percent of covered compensation. The Company’s expense under these plans was $9.3 million , $9.6 million and $8.7 million for 2018 , 2017 and 2016 , respectively. The Company has a non-contributory defined contribution retirement plan for certain key employees. Under this plan, BJ’s funds annual retirement contributions for the designated participants on an after-tax basis. For the last two years, the Company’s contributions equaled 5% of the participants’ base salary. Participants become fully vested in their contribution accounts at the end of the fiscal year in which they complete four full fiscal years of service. Pretax expense under this plan was $2.4 million , $2.4 million and $2.3 million in 2018 , 2017 and 2016 , respectively. |
Postretirement Medical Benefits
Postretirement Medical Benefits | 12 Months Ended |
Feb. 02, 2019 | |
Retirement Benefits [Abstract] | |
Postretirement Medical Benefits | Postretirement Medical Benefits The Company has a defined benefit postretirement medical plan which covers employees who retire after age 55 with at least 10 years of service, who are not eligible for Medicare, and who participated in a Company-sponsored medical plan. Spouses and eligible dependents are also covered under the plan. Amounts contributed by retired employees under this plan are based on years of service prior to retirement. The plan was amended in 2015 to limit eligibility to only those who meet the eligibility criteria, of age and years of service, by June 30, 2017. The plan can no longer accept any new enrollees, with estimated future benefit payments ending by June 30, 2027. The Company recognizes the funded status of the postretirement medical plan in the balance sheet. The funded status represents the difference between the projected benefit liability obligation of the plan and the fair value of the plan’s assets. Previously unrecognized deferred amounts such as actuarial gains and losses and the impact of plan changes are included in accumulated other comprehensive income. Changes in these amounts in future years are adjusted as they occur through accumulated other comprehensive income. The discount rates presented in the tables below were selected by referencing yields on high quality corporate bonds, using the Citigroup Pension Yield Curve. Obligation and Funded Status The change in obligation and funded status of the plan at February 2, 2019 and February 3, 2018 was as follows (in thousands): Fiscal Year Ended Fiscal Year Ended Change in Obligation Projected benefit obligation at beginning of period $ 5,360 $ 5,927 Company service cost 143 182 Interest cost 150 147 Plan participants’ contributions 270 316 Net actuarial loss (1,336 ) (392 ) Benefit payments made directly by the Company (413 ) (820 ) Projected benefit obligation at end of period $ 4,174 $ 5,360 Change in Plan Assets Fair value of plan assets at beginning of period $ — $ — Company contributions 143 504 Plan participants’ contributions 270 316 Benefit payments made directly by the Company (413 ) (820 ) Fair value of plan assets at end of period — — Funded status at end of year $ (4,174 ) $ (5,360 ) The funded status of the plan as of February 2, 2019 is recognized as a net liability in other noncurrent liabilities on the consolidated balance sheet. The Company expects to contribute approximately $0.8 million to the postretirement plan in 2019 . Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income Net periodic postretirement benefit cost for the last three fiscal years consists of the following (in thousands): Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Company service cost $ 143 $ 182 $ 204 Interest cost 150 147 142 Net prior service credit amortization (693 ) (693 ) (693 ) Amortization of unrecognized gain (316 ) (250 ) (510 ) Net periodic postretirement benefit cost $ (716 ) $ (614 ) $ (857 ) Discount rate used to determine cost 3.00 % 2.63 % 2.45 % Health care cost trend rates 6.50 % 7.00 % 7.00 % The change in accumulated other comprehensive income (“AOCI”), gross of tax, consists of the following (in thousands): Fiscal Year Ended Fiscal Year Ended AOCI at the beginning of period $ (3,331 ) $ (3,882 ) Net prior service credit amortization 693 693 Amortization of net actuarial gain 316 250 Net actuarial loss for the period (1,336 ) (392) AOCI at the end of the period $ (3,658 ) $ (3,331 ) The Company expects to amortize approximately $1.0 million of net actuarial gain from AOCI into net periodic postretirement benefit cost in 2019 . Assumptions The following weighted-average assumptions were used to determine the postretirement benefit obligations: February 2, 2019 February 3, 2018 Discount rate 3.04 % 3.00 % Health care cost trend rate assumed for next year 6.50 % 6.50 % Ultimate trend rate 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2024 2024 Assumed health care cost trend rates have a significant effect on the amounts reported for the post-retirement health care plans. A one -percentage point change in assumed health care cost trend rates would have the following effects as of February 2, 2019 (in thousands): Effect of 1% Increase in Medical Trend Rates Postretirement benefit obligation increases by $ 124 Total of service and interest cost increases by 16 Effect of 1% Decrease in Medical Trend Rates Postretirement benefit obligation decreases by $ 120 Total of service and interest cost decreases by 15 Cash Flows The estimated future benefit payments for the postretirement health care plan at February 2, 2019 are (in thousands): Fiscal Year Future 2019 $ 774 2020 707 2021 692 2022 706 2023 640 2024 to 2028 1,357 Total 4,876 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Feb. 02, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The following is a summary of activity relating to the liability for asset retirement obligations, which the Company will incur primarily in connection with the future removal of gasoline tanks and the related infrastructure. The following is included in other noncurrent liabilities on the consolidated balance sheets (in thousands): Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Balance, beginning of period $ 12,998 $ 11,846 $ 10,714 Accretion expense 1,031 959 895 Liabilities incurred during the year 1,219 193 237 Balance, end of period $ 15,248 $ 12,998 $ 11,846 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Feb. 02, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities The major components of accrued expenses and other current liabilities are as follows (in thousands): February 2, 2019 February 3, 2018 Deferred membership fee income $ 134,415 $ 126,216 Employee compensation 77,663 83,921 Outstanding checks and payables 58,840 34,002 Insurance reserves 47,813 40,620 BJ’s Perks rewards 34,083 22,736 Sales, property, use and other taxes 29,050 33,031 Deferred revenues 26,800 16,977 Fixed asset accruals 13,849 19,405 Professional services 20,197 7,998 Utilities, advertising and accrued interest 16,177 41,709 MFI Sales and legal reserves 12,744 6,652 Repairs and maintenance 11,808 17,734 Other 21,395 44,766 Total $ 504,834 $ 495,767 The following table summarizes membership fee income activity for each of the last two fiscal years (in thousands): Fiscal Year Ended Fiscal Year Ended Deferred MFI, beginning of period $ 126,216 $ 116,483 Cash received from members 291,092 268,327 Revenue recognized in earnings (282,893 ) (258,594 ) Deferred MFI, end of period $ 134,415 $ 126,216 |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 12 Months Ended |
Feb. 02, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | Other Noncurrent Liabilities The major components of other noncurrent liabilities are as follows (in thousands): February 2, 2019 February 3, 2018 Rent escalation liability $ 82,907 $ 76,867 Workers’ compensation and general liability 70,585 72,317 Capital leases and financing obligations 28,824 35,147 Interest rate swap liability 19,410 — Postretirement medical benefit and other 16,938 21,634 Deferred gain on sale leasebacks 16,348 17,639 Asset retirement obligations 15,248 12,998 Lease incentives 13,920 14,985 Above market leases 13,643 15,806 Total noncurrent liabilities $ 277,823 $ 267,393 |
Book Overdrafts
Book Overdrafts | 12 Months Ended |
Feb. 02, 2019 | |
Payables and Accruals [Abstract] | |
Book Overdrafts | Book Overdrafts Banking arrangements provide for the daily replenishment of vendor payable bank accounts as checks are presented. The balances of checks outstanding in these bank accounts, which represent book overdrafts, totaled approximately $50.3 million at February 2, 2019 and approximately $70.0 million at February 3, 2018 . Amounts payable to merchandise vendors are included in accounts payable on the consolidated balance sheets and were approximately $32.1 million and $36.0 million at the end of 2018 and 2017 , respectively. Amounts payable to non-merchandise vendors are included in accrued expenses and other current liabilities on the consolidated balance sheets and were approximately $18.2 million and $34.0 million at the end of 2018 and 2017 , respectively. Changes in these balances are reflected in operating activities in the consolidated statements of cash flows. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Feb. 02, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Interest Rate Caps Both the Company’s First Lien Term Loan and Second Lien Term Loan were subject to interest rates based on LIBOR. The Company had interest rate hedge arrangements that effectively capped a portion of its interest rate exposure on three-month LIBOR at 1.5% through March 31, 2016 (the “Interest Rate Caps”). The aggregate notional amount of the Interest Rate Caps was $1.7 billion . The Company also had a 2.5% forward cap arrangement covering $1.0 billion notional of the outstanding principal balance of the First and Second Lien Term Loans from April 1, 2016 through September 29, 2017. Hedge accounting for these arrangements was not elected and therefore all unrealized gains and losses required to value the instruments to fair value were recorded in earnings for the period of the change. Unrealized losses were not material for 2017 and 2016 . Unrealized losses were recorded in interest expense in order to value the cap arrangements at fair value. Interest Rate Swaps On November 13, 2018, the Company entered into three forward starting interest rate swaps (the "Interest Rate Swaps"), which were effective starting on February 13, 2019. The Company has fixed the LIBOR component of $1.2 billion of its floating rate debt at a rate of approximately 3.0% . The Interest Rate Swaps are recorded as a liability of $19.4 million , with the net of tax amount recorded in Other Comprehensive Income. In 2016 , the Company was party to an interest rate swap arrangement whereby the Company fixed a portion of its interest rate exposure on one-month LIBOR. The interest rate swap agreement, which expired on March 30, 2016, was for a notional amount of $100.0 million and required the Company to pay the counterparty a fixed interest rate and receive from the counterparty a floating interest rate based on one-month LIBOR. The Company elected hedge accounting for the interest rate swap agreements, and as such, the effective portion of the gains and losses was recorded as a component of other comprehensive income. There were $19.4 million of unrealized losses recorded in 2018, and immaterial amounts for 2017 and 2016 in other comprehensive income. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Feb. 02, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair values of the Company’s derivative instruments are based on quotes received from third-party banks and represent the estimated amount the Company would pay to terminate the agreements taking into consideration current interest rates as well as the creditworthiness of the counterparties. These inputs are considered to be Level 2. Financial Assets and Liabilities The gross carrying amount and fair value of the Company’s debt at February 2, 2019 are as follows (in thousands): Carrying Fair Value First Lien Term Loan $ 1,530,045 $ 1,516,872 ABL Facility 289,000 289,000 Total Debt $ 1,819,045 $ 1,805,872 The fair value of debt was determined based on quoted market prices and on borrowing rates available to the Company at February 2, 2019 . These inputs are considered to be Level 2. The gross carrying amount and fair value of the Company’s debt at February 3, 2018 are as follows (in thousands): Carrying Fair Value First Lien Term Loan $ 1,910,563 $ 1,908,174 Second Lien Term Loan 625,000 625,000 ABL Facility 217,000 217,000 Total Debt $ 2,752,563 $ 2,750,174 The fair value of debt was determined based on quoted market prices and on borrowing rates available to the Company at February 3, 2018 . These inputs are considered to be Level 2. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company measures certain non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. See Note 2 for further information. The Company believes that the carrying amounts of its other financial instruments, including cash, accounts receivable, and accounts payable approximates their carrying value due to the short-term maturities of these instruments. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Feb. 02, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for fiscal years 2018 , 2017 and 2016 : Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Weighted-average common shares outstanding, used for basic computation 116,599,102 88,385,864 88,163,992 Plus: Incremental shares of potentially dilutive securities Stock incentive awards 4,535,748 3,877,713 2,572,087 Weighted-average number of common and dilutive potential common shares outstanding 121,134,850 92,263,577 90,736,079 Stock incentive awards not included in the computation of diluted earnings were 1,190,597 ; 811,272 and 3,416,707 as of the end of fiscal years 2018 , 2017 and 2016 , respectively. |
Condensed Financial Information
Condensed Financial Information of Registrant (Parent Company Only) | 12 Months Ended |
Feb. 02, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Registrant (Parent Company Only) | Condensed Financial Information of Registrant (Parent Company Only) BJ’S WHOLESALE CLUB HOLDINGS, INC. (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS (Amounts in thousands) Fiscal Year Ended Fiscal Year Ended ASSETS Investment in subsidiaries $ (202,084 ) $ (1,019,419 ) Contingently redeemable common stock, par value $0.01; 0 shares issued and outstanding at February 2, 2019 and 1,456 shares issued and outstanding at February 3, 2018: — 10,438 STOCKHOLDERS’ DEFICIT Common stock, par value $0.01; 305,000 shares authorized; 138,099 shares issued and 137,317 shares outstanding at February 2, 2019; 87,073 shares issued and outstanding at February 3, 2018 1,381 871 Additional paid-in capital 730,757 4,537 Accumulated deficit (915,113 ) (1,035,265 ) Treasury stock, at cost, 782 shares and no shares outstanding at February 2, 2019 and February 3, 2018, respectively. (19,109 ) — Total contingently redeemable common stock and stockholders’ deficit $ (202,084 ) $ (1,019,419 ) BJ’S WHOLESALE CLUB HOLDINGS, INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in thousands, except per share amounts) Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Equity in net income of subsidiaries $ 127,261 $ 50,301 $ 44,224 Net income 127,261 50,301 44,224 Net income per share attributable to common stockholders’: Basic $ 1.09 $ 0.57 $ 0.50 Diluted 1.05 0.54 0.48 Weighted average number of common shares outstanding: Basic 116,599 88,386 88,164 Diluted 121,135 92,264 90,736 A statement of cash flows has not been presented as BJ’s Wholesale Club, Holdings, Inc. did not have any cash as of, or for the years ended February 2, 2019 , February 3, 2018 or January 28, 2017 . See Note 4 for dividends paid to parent. Basis of Presentation These condensed parent company-only financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of BJ’s Wholesale Club Holdings, Inc. (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the consolidated net assets of the Company. The ability of BJ’s Wholesale Club Holdings, Inc.’s operating subsidiaries to pay dividends may be restricted due to terms of the subsidiaries’ first lien term loan and ABL credit agreements, as defined in Note 5. For example, the covenants of the ABL credit agreement restrict the payment of dividends to, among other exceptions, (i) a $25.0 million general basket, (ii) a basket for unlimited dividends and distributions if there is no event of default, availability under the ABL credit agreement is greater than 12.5% of the lesser of the commitments under the ABL credit agreement and the borrowing base under the ABL credit agreement for 6 months following such dividend or distribution and, if availability is less than 20% of the lesser of the commitments under the ABL credit agreement and the borrowing base under the ABL credit agreement, a 1.00 to 1.00 (or higher) fixed charge coverage ratio for 12 months after giving effect to such dividend or distribution, and (iii) a basket for up to 6.0% per annum of the net proceeds received by or contributed to the borrower’s common stock from certain of such public offerings. The covenants of the first term loan facility restrict the payment of dividends and distributions to, among other exceptions, (i) a $25.0 million general basket, (ii) a basket for unlimited dividends and distributions if no event of default exists and the pro forma total net leverage ratio is less than or equal to 4.25 to 1.00, (iii) a “growing” basket based on, among other things, retained excess cash flow subject to no event of default and compliance with a pro forma interest coverage ratio of greater than or equal to 2.00 to 1.00, and (iv) a basket for 6% per annum of the net cash proceeds received from such qualified IPO that are contributed to the borrower in cash. As of February 2, 2019, the amount of net income free of such restrictions and available for payment by BJ’s Wholesale Club Holdings, Inc. as dividends was $127.3 million , and the total amount of restricted net assets of consolidated subsidiaries of BJ’s Wholesale Club Holdings, Inc. was $131.3 million . All subsidiaries of BJ’s Wholesale Club, Inc. are consolidated. These condensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the equity method. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Feb. 02, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) Presented below is the selected quarterly financial data for fiscal year 2018 and fiscal year 2017, which was prepared on the same basis as the audited consolidated financial statements and includes all adjustments necessary to present fairly, in all material respects, the information set forth therein on a consistent basis. The fourth quarter of fiscal year 2017 consisted of 14 weeks, whereas the fourth quarter of fiscal year 2018 consisted of 13 weeks. Quarters in which there are 14 weeks will see increased net sales and expenses from the additional week. Also, in the second quarter of fiscal year 2018, the Company paid the entire outstanding amount on its Second Lien Term Loan of $623.2 million . In the first quarter of fiscal year 2017, the Company distributed a $735.5 million dividend to its common stockholders. (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Ended February 2, 2019 (52 weeks) Net sales $ 2,993,742 $ 3,236,664 $ 3,150,234 $ 3,343,814 Total revenue 3,061,697 3,307,105 3,221,663 3,416,882 Gross profit 551,359 588,503 592,088 628,945 Net income (loss) 14,137 (5,614 ) 54,431 64,307 Basic earnings (loss) per share 0.16 (0.05 ) 0.40 0.47 Diluted earnings (loss) per share 0.15 (0.05 ) 0.39 0.46 Fiscal Year Ended February 3, 2018 (53 weeks) Net sales 2,883,298 3,103,335 3,019,389 3,489,973 Total revenue 2,946,828 3,167,527 3,084,245 3,555,989 Gross profit 505,523 553,340 560,948 621,286 Net income (loss) (58,894 ) 19,712 22,775 66,708 Basic earnings (loss) per share (0.67 ) 0.22 0.26 0.75 Diluted earnings (loss) per share (0.67 ) 0.22 0.25 0.71 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Feb. 02, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On March 11, 2019, the Company completed an underwritten public offering of 17,000,000 shares of its common stock by certain selling stockholders. Such selling stockholders granted the underwriters a 30 -day option to purchase up to an additional 2,550,000 shares of the Company's common stock, which was exercised. The Company did not receive any of the proceeds from the sale of the shares of its common stock being offered by the selling stockholders. However, the Company did bear the costs associated with the sale of such shares, except for costs associated with underwriting discounts and commissions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 02, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Fiscal Year | The Company’s fiscal year ends on the Saturday closest to January 31. Fiscal year 2018 (“2018") consists of the 52 weeks ended February 2, 2019 , fiscal year 2017 (“2017”) consists of the 53 weeks ended February 3, 2018 and fiscal year 2016 (“2016”) consists of the 52 weeks ended January 28, 2017 . |
Initial Public Offering and 2018 Secondary Offering | Initial Public Offering and 2018 Secondary 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 our 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 stock split of its issued and outstanding shares of common stock and proportional adjustment to the existing conversion ratios for each series of the Company’s Contingently Redeemable Common Stock (see Note 10). Accordingly, all shares and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this stock split and adjustment of the contingently redeemable common stock conversion ratios. |
Deferred Costs | Deferred Issuance Costs The Company defers costs directly associated with acquiring third-party financing. Debt issuance costs related to the term loans are recorded as a direct deduction from the carrying amount of the debt and debt issuance costs associated with the ABL are recorded within other assets. Debt issuance costs are amortized over the term of the related financing arrangements on a straight-line basis, which is materially consistent with the effective interest method. 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. |
Estimates Included in Financial Statements | Estimates Included in Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and stockholders’ equity, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates relied upon in preparing these consolidated financial statements include, but are not limited to, revenue recognition; vendor rebates and allowances; estimating inventory reserves; estimating impairment assessments of goodwill, intangible assets, and other long-lived assets; estimating self-insurance reserves; estimating income taxes and equity-based compensation. Actual results could differ from those estimates. |
Segment Reporting | Segment Reporting The Company’s club retail operations, which represent substantially all of the Company’s consolidated total revenues, are the Company’s only reportable operating segment. All of the Company’s identifiable assets are located in the United States. |
Concentration Risk | Concentration Risk An adverse change in the Company’s relationships with its key suppliers could have a material effect on the business and results of operations of the Company. Currently, one distributor consolidates a substantial majority of perishables for shipment to the clubs. While the Company believes that such a consolidation is in its best interest overall, a prolonged disruption in logistics processes could materially impact sales and profitability for the near term. All of the warehouse clubs are located in the eastern United States. Sales from the New York metropolitan area made up approximately 25% of net sales in 2018 , 2017 and 2016 . Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of cash held in financial institutions. The Company considers the credit risk associated with these financial instruments to be minimal. Cash is held by financial institutions with high credit ratings and the Company has not historically sustained any credit losses associated with its cash balances. |
Cash and Cash Equivalents | Cash and Cash Equivalents Highly liquid investments with a maturity of three months or less at the time of purchase are considered to be cash equivalents. Book overdrafts not subject to offset with other accounts with the same financial institution are classified as accounts payable. |
Accounts Receivable | Accounts Receivable Accounts receivable consists primarily of credit card receivables and receivables from vendors related to rebates and coupons and is stated net of allowances for doubtful accounts of $0.9 million at February 2, 2019 and $1.2 million at February 3, 2018 . The determination of the allowance for doubtful accounts is based on BJ’s historical experience applied to an aging of accounts and a review of individual accounts with a known potential for write-off. |
Merchandise Inventories | Merchandise Inventories Inventories are stated at the lower of cost, determined under the average cost method, or net realizable value. The Company recognizes the write-down of slow-moving or obsolete inventory in cost of sales when such write-downs are probable and estimable. The Company writes down inventory for estimated shrinkage for the period between physical inventories based on historical results of previous physical inventories, shrinkage trends or other judgments management believes to be reasonable under the circumstances. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Buildings and improvements are depreciated over estimated useful lives of 33 years . Interest related to the development of buildings is capitalized during the construction period. Leasehold costs and improvements are amortized over the remaining lease term (which includes renewal periods that are reasonably assured) or the asset’s estimated useful life, whichever is shorter. Furniture, fixtures and equipment are depreciated over estimated useful lives, ranging from three to ten years . Depreciation expense was $140.4 million in 2018 , $138.0 million in 2017 and $149.5 million in 2016 . Certain costs incurred in connection with developing or obtaining computer software for internal use are capitalized. Capitalized software costs are included in furniture, fixtures, and equipment and are amortized on a straight-line basis over the estimated useful life of the software, which is three to seven years . Software costs not meeting the criteria for capitalization are expensed as incurred. Expenditures for betterments and major improvements that significantly enhance the value and increase the estimated useful life of the assets are capitalized and depreciated over the new estimated useful life. Repairs and maintenance costs on all assets are expensed as incurred. |
Goodwill and Indefinite-Lived Intangible Assets | 2016 . Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived trade name intangible assets are not subject to amortization. The Company assesses the recoverability of its goodwill and trade name annually in the fourth quarter or whenever events or changes in circumstances indicate it may be impaired. The Company has determined it has one reporting unit for goodwill impairment testing purposes. The Company may assess its goodwill for impairment initially using a qualitative approach (“step zero”) to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If management concludes, based on its assessment of relevant events, facts and circumstances that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment. The Company may also elect to initially perform a quantitative analysis instead of starting with step zero. The quantitative assessment for goodwill is a two-step assessment. “Step one” requires comparing the carrying value of a reporting unit, including goodwill, to its fair value. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and no further testing is required. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is to measure the amount of impairment loss, if any. “Step two” compares the implied fair value of goodwill to the carrying amount of goodwill. The implied fair value of goodwill is determined by a hypothetical purchase price allocation using the reporting unit’s fair value as the purchase price. If the carrying amount of goodwill exceeds the implied fair value, an impairment charge is recorded to write down goodwill to its implied fair value and is recorded as a component of selling, general and administrative expense (“SG&A”). The Company assessed the recoverability of goodwill in fiscal years 2018 , 2017 and 2016 and determined that there was no impairment. The Company assesses the recoverability of its trade name whenever there are indicators of impairment, or at least annually in the fourth quarter. If the recorded carrying value of the trade name exceeds its estimated fair value, the Company records a charge to write the intangible asset down to its estimated fair value as a component of SG&A. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews the realizability of long-lived assets periodically and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Current and expected operating results and cash flows and other factors are considered in connection with management’s reviews. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows of individual clubs and consolidated net cash flows for long-lived assets not identifiable to individual clubs. Impairment losses are measured as the difference between the carrying amount and the estimated fair value of the assets being evaluated. In fiscal year 2018 we recorded an impairment loss of $4.0 million on the fixed assets of Hooksett, New Hampshire to lower the carrying value of the fixed assets to its estimated fair value less cost to sell. |
Asset Retirement Obligations | Asset Retirement Obligations An asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development or normal operation of that long-lived asset. The Company recognizes asset retirement obligations in the period in which they are placed in service, if a reasonable estimate of fair value can be made. The asset retirement obligation is subsequently adjusted for changes in fair value. The associated estimated asset retirement costs are capitalized in leasehold improvements and depreciated over their useful life. The Company’s asset retirement obligations relate to the future removal of gasoline tanks and solar panels installed at leased clubs and the related assets associated with the gas stations and solar panel locations. |
Self-Insurance Reserves | Self-Insurance Reserves The Company is primarily self-insured for workers’ compensation, general liability claims and medical claims. Reported reserves for these claims are derived from estimated ultimate costs based upon individual claim file reserves and estimates for incurred but not reported claims. The Company carries stop-loss insurance on its workers’ compensation and general liability claims to mitigate its exposure to large claims. |
Revenue Recognition and Related | Revenue Recognition At the beginning of fiscal year 2018, the Company adopted the provisions of ASC 606, Revenue from Contracts with Customers, and related amendments (“ASC 606”) using the modified retrospective adoption method. The following describes the changes to the Company’s accounting policies due to the adoption of ASC 606: The Company uses the five-step model to recognize revenue: 1) Identify the contract with the customer; 2) Identify the performance obligation; 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 sales, the Company recognizes sales when control of the merchandise is transferred to the customer, which is typically at the shipping point. BJ's Perks Rewards— The Company’s BJ’s Perks Rewards members earn 2% cash back, up to a maximum of $500 per year, on all qualified purchases made at BJ’s. The Company’s My BJ’s Perks ® Mastercard ® credit card holders earn 3% or 5% cash back on all qualified purchases made at BJ’s and 1% or 2% cash back on purchases made with the card outside of BJ’s. Cash back is in the form of electronic awards issued in $20 increments that may be used at checkout at BJ's and expire six months from the date issued. The Company accounts for the awards as a reduction of net sales, with the related liability classified within other current liabilities. This liability was $25.8 million at February 2, 2019 and $22.7 million at February 3, 2018. 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 credit card program is variable consideration and is considered constrained until the card holder makes a purchase. The Company's total deferred royalty revenue related to the My BJ's Perks credit card program was $13.4 million at February 2, 2019. The timing of revenue recognition of this deferred balance is driven by actual customer activities, such as redemptions and expirations. The Company expects to recognize $11.5 million of the deferred revenue at February 2, 2019 in fiscal year 2019, 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 $134.4 million and $125.6 million at February 2, 2019 and February 3, 2018, respectively. 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 fiscal year ended February 2, 2019. Deferred revenue related to gift cards was $8.8 million immediately after the adoption and $9.1 million at February 2, 2019. The Company recognized approximately $50.0 million of revenue from gift card redemptions in the fiscal year ended February 2, 2019. Warranty Programs The Company passes on any manufacturers’ warranties to the members. In addition, BJ’s includes an extended warranty on tires sold at the clubs, under which BJ’s customers receive tire repair services or tire replacement in certain circumstances. This warranty is included in the sale price of the tire and it cannot be declined by the customers. The Company is fully liable for claims under the tire warranty program. As the primary obligor in these arrangements, associated revenue is recognized on the date of sale and an estimated warranty obligation is accrued based on claims experience. The liability for future claims under this program is not material to the financial statements. Extended warranties are also offered on certain types of products such as appliances, electronics and jewelry. These warranties are provided by a third party at fixed prices to BJ’s. No liability is retained to satisfy warranty claims under these arrangements. The Company is not the primary obligor under these warranties, and as such net revenue is recorded on these arrangements at the time of sale. Revenue from warranty sales is included in net sales on the income statement. 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 — The Company’s products are generally sold with a right of return and may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company records an allowance for returns based on current period revenues and historical returns experience. The Company analyzes actual historical returns, current economic trends and changes in sales volume and acceptance of the Company’s products when evaluating the adequacy of the sales returns allowance in any accounting period. The sales returns reserve, which reduces sales and cost of sales for the estimated impact of returns, was $6.8 million in 2018 , $1.5 million in 2017 and $2.0 million in 2016 . Customer Discounts — Discounts given to customers are usually in the form of coupons and instant markdowns and are recognized as redeemed and recorded in contra revenue accounts, as they are part of the transaction price of the merchandise sale. Manufacturer coupons that are available for redemption at all retailers are not reduced from the sale price of merchandise. 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 relevant criteria to determine whether they serve as the principal or agent in these contracts with customers, in determining whether it is appropriate in these arrangements to record the gross amount of merchandise sales and related costs, or the net amount earned as commissions. When the Company is considered the principal in a transaction, revenue is recorded gross; otherwise, revenue is recorded on a net basis. The majority of the Company’s ancillary business revenue is recorded on a net basis. Commissions received from these service providers are considered variable consideration and are constrained until the third-party customer makes a purchase from one of the service providers. 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. Cost of Sales The Company’s cost of sales includes the direct costs of sold merchandise, which includes customs, taxes, duties and inbound shipping costs, inventory shrinkage and adjustments and reserves for excess, aged and obsolete inventory. Cost of goods sold also includes certain distribution center costs and allocations of certain indirect costs, such as occupancy, depreciation, amortization, labor and benefits. Presentation of Sales Tax Collected from Customers and Remitted to Governmental Authorities In the ordinary course of business, sales tax is collected on items purchased by the members that are taxable in the jurisdictions when the purchases take place. These taxes are then remitted to the appropriate taxing authority. These taxes collected are excluded from revenues in the financial statements. Vendor Rebates and Allowances The Company receives various types of cash consideration from vendors, principally in the form of rebates, based on purchasing or selling certain volumes of product, time-based rebates or allowances, which may include product placement allowances or exclusivity arrangements covering a predetermined period of time, price protection rebates and allowances for retail price reductions on certain merchandise and salvage allowances for product that is damaged, defective or becomes out-of-date. Such vendor rebates and allowances are recognized based on a systematic and rational allocation of the cash consideration offered to the underlying transaction that results in progress by BJ’s toward earning the rebates and allowances, provided the amounts to be earned are probable and reasonably estimable. Otherwise, rebates and allowances are recognized only when predetermined milestones are met. The Company recognizes product placement allowances as a reduction of cost of sales in the period in which the product placement is completed. Time-based rebates or allowances are recognized as a reduction of cost of sales over the performance period on a straight-line basis. All other vendor rebates and allowances are recognized as a reduction of cost of sales when the merchandise is sold or otherwise disposed. Cash consideration is also received for advertising products in publications sent to BJ’s members. Such cash consideration is recognized as a reduction of SG&A to the extent it represents a reimbursement of specific, incremental and identifiable SG&A costs incurred by BJ’s to sell the vendors’ products. If the cash consideration exceeds the costs being reimbursed, the excess is characterized as a reduction of cost of sales. Cash consideration for advertising vendors’ products is recognized in the period in which the advertising takes place. Manufacturers’ Incentives Tendered by Consumers Consideration from manufacturers’ incentives (such as rebates or coupons) is recorded gross in net sales when the incentive is generic and can be tendered by a consumer at any reseller and the Company receives direct reimbursement from the manufacturer, or clearinghouse authorized by the manufacturer, based on the face value of the incentive. If these conditions are not met, such consideration is recorded as a decrease in cost of sales. |
Leases | Leases The majority of leases are accounted for as operating leases in accordance with ASC 840, Leases . Assets subject to an operating lease and the related lease payments are not recorded on the balance sheet. Rent expense is recognized on a straight-line basis over the expected lease term. The lease term begins on the date the Company becomes legally obligated for the rent payments or takes possession of the property, whichever is earlier. The lease term includes cancelable option periods where failure to exercise such options would result in economic penalty. Sometimes, the Company is involved in the construction of leased clubs. In these situations, the Company evaluates whether it is deemed the owner of the club for accounting purposes. If deemed the owner of the construction project, the Company capitalizes the construction costs of the club on the balance sheet and records financing obligations equal to the cash proceeds or fair value of the assets received from the landlord. Upon the completion of the project, a sale-leaseback analysis is performed pursuant to current leasing guidance to determine if the assets and related financing obligations can be removed from the balance sheet. Assuming the assets and liabilities are removed from the balance sheet, leases are classified as either operating or capital. In some of the leases, the Company is reimbursed only a portion of the construction cost or the lease has terms that fix the rental payments for a significant percentage of the leased asset’s economic life. These items generally are considered continuing involvement which precludes removing the assets and related financing obligation from the balance sheet when construction is complete. Rent expense is not reported for any properties which are considered owned for accounting purposes. Rental payments under these leases are allocated as a reduction of the financing obligation and interest expense. Assets recorded under capital lease and financing obligations are included in land and buildings on the balance sheet and are depreciated over their estimated useful lives using the straight-line method. |
Preopening Costs | Preopening Costs Preopening costs consist of direct incremental costs of opening or relocating a facility and are expensed as incurred. |
Advertising Costs | Advertising Costs Advertising costs generally consist of efforts to acquire new members and typically include media advertising (some of which is vendor-funded). BJ’s expenses advertising as incurred as a component of SG&A. |
Stock-Based Compensation | Stock-Based Compensation The fair value of service-based employee awards is recognized as compensation expense on a straight-line basis over the requisite service period of the award. The fair value of the performance-based awards is recognized as compensation expense ratably over the service period of each performance tranche. The fair value of the stock-based awards is determined using the Black-Scholes option pricing model. Determining the fair value of options at the grant date requires judgment, including estimating the expected term that stock options will be outstanding prior to exercise and the associated volatility. Prior to the consummation of the IPO on June 28, 2018, the estimated fair value of the Company's stock was determined by its board of directors, with input from management and considering third-party valuations of common stock. Subsequent to the IPO date, the Company's common stock was listed on the New York Stock Exchange ("NYSE") and its value was determined by the market price on the NYSE. |
Earnings Per Share | Earnings Per Share Basic net income per share attributable to common stockholders is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period, including contingently redeemable common stock recorded outside of stockholders’ equity. Basic income from continuing operations per share attributable to common stockholders is calculated by dividing income from continuing operations available to common stockholders by the weighted average number of common shares outstanding for the period, including contingently redeemable common stock recorded outside of stockholders’ equity. Basic loss from discontinuing operations per share attributable to common stockholders is calculated by dividing loss from discontinuing operations available to common stockholders by the weighted average number of common shares outstanding for the period, including contingently redeemable common stock recorded outside of stockholders’ equity. Diluted net income per share attributable to common stockholders is calculated by dividing net income available to common stockholders by the diluted weighted average number of common shares outstanding for the period. Diluted income from continuing operations per share attributable to common stockholders is calculated by dividing income from continuing operations available to common stockholders by the diluted weighted average number of common shares outstanding for the period. Diluted loss from discontinuing operations per share attributable to common stockholders is calculated by dividing loss from discontinuing operations available to common stockholders by the diluted weighted average number of common shares outstanding for the period. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying values and their respective tax bases, using enacted tax rates expected to be applicable in the years in which the temporary differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company evaluates the realizability of its deferred tax assets and establishes a valuation allowance when it is more likely than not that all or a portion of the deferred tax assets will not be realized. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected, scheduling of anticipated reversals of taxable temporary differences, and considering prudent and feasible tax planning strategies. The Company records liabilities for uncertain income tax positions based on a two-step process. The first step is recognition, where an individual tax position is evaluated as to whether it has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have less than a 50% likelihood of being sustained, no tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, the Company performs the second step of measuring the benefit to be recorded. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized on ultimate settlement. The actual benefits ultimately realized may differ from the estimates. In future periods, changes in facts, circumstances and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in income tax expense and liability in the period in which such changes occur. Any interest or penalties incurred related to unrecognized tax benefits are recorded as a component of the provision for income tax expense. |
Derivative Financial Instruments | Derivative Financial Instruments All derivatives are recognized as either assets or liabilities on the consolidated balance sheet and measurement of these instruments is at fair value. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive income and are recognized in the consolidated statement of operations when the hedged item affects earnings. Any portion of the change in fair value that is determined to be ineffective is immediately recognized in earnings as SG&A. Derivative gains or losses included in accumulated other comprehensive income are reclassified into earnings at the time the hedged transaction occurs as a component of SG&A. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value in accordance with GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1, quoted market prices in active markets for identical assets or liabilities. • Level 2, observable inputs other than quoted market prices included in Level 1 such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data. • Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |
Comprehensive Income | Comprehensive Income Comprehensive income is a measure of net income and all other changes in equity that result from transactions other than with equity holders, and would normally be recorded in the consolidated statements of stockholders’ equity and the consolidated statements of comprehensive income. Other comprehensive income consists of unrealized gains and losses from derivative instruments designated as cash flow hedges, and postretirement medical plan adjustments. |
Recently Adopted and Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers (ASU 2014-09) In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (“ASC No. 606”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU replaced most existing revenue recognition guidance in U.S. GAAP as of its effective date. 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 ASU on the Company’s Consolidated Statement of Operations for the fiscal year ended February 2, 2019, resulted in a decrease to cost of sales and net sales of $5.7 million and $6.8 million , respectively, due to recording the allowance for returns reserve on a gross basis. The remaining impact of the adoption of the ASU on the Company’s Consolidated Statement of Operations for the fiscal year ended February 2, 2019 was immaterial. The impact of the adoption of the ASU on the Company’s Consolidated Balance Sheet as of February 2, 2019 was as follows (in thousands): As Reported Balance without adoption Effect of change Prepaid expenses and other current assets $ 63,454 $ 57,785 $ 5,669 Accrued expenses and other current liabilities 504,834 489,492 15,342 Deferred income taxes 36,937 39,636 (2,699 ) Accumulated deficit (915,113 ) (908,139 ) (6,974 ) Derivatives and Hedging (ASU 2017-12) In August 2017, the FASB issued ASU 2017-12 Derivatives and Hedging (Topic 815) . The update allows hedge accounting for new types of interest rate hedges of financial instruments and simplifies the documentation requirements to qualify for hedge accounting. In addition, any gain or loss from hedge ineffectiveness will be reported in the same income statement line with the effective hedge results and the hedged transaction. The updated guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. The Company adopted this guidance at the beginning of its fourth quarter of fiscal year 2018 and the effect of the adoption did not have a material impact on the Company’s consolidated financial statements. Employee Share-Based Payments (ASU 2016-09) In March 2016, the FASB issued an accounting standard update that aims to simplify accounting for stock-based compensation. The changes include accounting for income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross share compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The Company elected to account for forfeitures as they occur rather than apply an estimated forfeiture rate to stock-based compensation expense. The Company adopted this standard update in 2017 and applied the changes prospectively. The effect of the adoption did not have a material impact on the Company’s consolidated financial statements. Inventory Measurement (ASU 2015-11) In July 2015, the FASB issued an accounting standard update that aims to simplify the measurement of inventory. The changes include measuring inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company adopted this standard on a prospective basis in 2017 and prior periods were not retrospectively adjusted. The effect of the adoption did not have a material impact on the Company’s consolidated financial statements. Reclassifications of Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02) In February 2018 , the FASB issued an accounting standard update that allows the reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. The Company adopted this standard update in 2017 and applied the changes prospectively for the fiscal year ended February 3, 2018 and reclassified $432 thousand from accumulated other comprehensive income to retained earnings as of February 3, 2018 . 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 of Modification Accounting (“ASU 2017-09”). ASU 2017-09 clarifies when changes to the terms and conditions of share-based payment awards must be accounted for as modifications. Entities apply the modification accounting guidance if the value, vesting conditions, or classification of an award changes. The Company has not modified any share-based payment awards. Should the Company modify share-based payment awards in the future, it will apply the provisions of ASU 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 (“ASU 2017-01”). ASU 2017-01 assists entities in determining if acquired assets constitute the acquisition of a business or the acquisition of assets for accounting and reporting purposes. This distinction is important because goodwill can only be recognized in an acquisition of a business. Prior to ASU 2017-01, if revenues were generated immediately before and after a transaction, the acquisition was typically considered a business. Under ASU 2017-01, entities are required to further assess the substance of the processes they acquire. Should the Company commence or complete an acquisition in future periods, it will apply the provisions of ASU 2017-01. 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 (“ASU 2017-07”). ASU 2017-07 changes how employers that sponsor defined benefit pension and/or other post-retirement benefit plans present the net periodic benefit costs in the statement of operations. Under this new guidance, an employer’s statement of operations presents service cost arising in the current period in the same statement line item as other employee compensation. However, all other components of current period costs related to defined benefit plans, such as prior service costs and actuarial gains and losses, are presented on the statement of operations on a line item outside (or below) operating income. ASU 2017-07 affects only the classification of certain costs on the statement of operations, not the determination of costs. Net periodic pension costs related to the Company’s frozen defined benefit pension plan and post-retirement medical benefit plan were not material for fiscal year 2018 or prior periods. The retrospective impact of this standard on our historical financial statements is not material, and future filings will not be restated. 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) (“ASU 2016-15”). ASU 2016-15 represents a consensus of the FASB’s Emerging Issues Task Force on eight separate issues that, if present, can impact classifications on the statement of cash flows. The guidance requires application using a retrospective transition method. The adoption of ASU 2016-15 only impacted the classification of certain insurance proceeds on the Company consolidated statement of cash flows for the first quarter of fiscal year 2017. The Company’s insurance proceeds were not material for fiscal year 2018 or fiscal year 2017. The retrospective impact of this standard on our historical financial statements is not material and future filings will not be restated. Recent Accounting Pronouncements Leases (ASU 2016-02) In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) which will require recognition on the balance sheet for the rights and obligations created by leases with terms greater than twelve months. The new standard is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt this guidance at the beginning of its first quarter of fiscal 2019 and plans to utilize the transition option which does not require application of the guidance to comparative periods in the year of adoption. Upon adoption of the standard, the Company will be required to record substantially all leases on the balance sheet as a right-of-use ("ROU") asset and a lease liability. The Company expects to utilize the related package of practical expedients permitted by the transition guidance in ASU 2016-02, which allows the Company to carry forward its identification of contracts that are or contain leases, its historical lease classification and its initial direct costs for existing leases. The Company expects to recognize lease liabilities for its operating leases totaling between $1.9 billion and $2.1 billion upon adoption. The initial ROU assets recognized will be equal to the initial operating lease liabilities, adjusted for the balance on adoption date of prepaid and accrued rent, lease incentives and unamortized initial direct costs. The Company currently expects to recognize ROU assets in the same range as its lease liabilities for its operating leases. The Company does not expect adoption of the standard to have a material impact on the Company’s historical capital leases, which will be presented as finance leases under ASU 2016-02. Additionally, the Company does not believe adoption of this standard will have a material effect on the Company's consolidated results of operations or cash flows. Non-Employee Share-Based Compensation (ASU 2018-07) In June 2018, the FASB issued ASU 2018-07 Improvements to Non-employee Share-Based Payment Accounting which updates the guidance to Compensation—Stock Compensation (Topic 718). The updated guidance aligns the measurement and classification guidance for share-based payments to non-employees with the guidance for share-based payments to employees, with certain exceptions. The updated guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018, with early adoption permitted. The Company does not anticipate the updated guidance will have a material impact on its consolidated financial statements. Fair Value Measurement (ASU 2018-13) In August 2018, the FASB issued ASU 2018-13 Changes to the Disclosure Requirements for Fair Value Measurement which updates the guidance to Fair Value Measurement (Topic 820). The updated guidance modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The updated guidance is effective for fiscal periods beginning after December 15, 2019 including interim periods within those fiscal years, with early adoption permitted. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company does not anticipate the updated guidance will have a material impact on its consolidated financial statements. Goodwill Impairment (ASU 2017-04) In January 2017, the FASB issued ASU 2017-04. ASU 2017-04 provides amendments to ASC 350, "Intangibles - Goodwill and Other", which eliminate Step 2 from the goodwill impairment test. Entities should perform their goodwill impairment tests by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The amendments in this update are effective prospectively during interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company does not believe adoption of this standard will have a material effect on the Company's consolidated results of operations or cash flows. 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). The update related to accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The update allows entities who are customers in hosting arrangements that are service contracts to apply the existing internal-use software guidance to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The update specifies classification for capitalizing implementation costs and related amortization expense within the financial statements and requires additional disclosures. The updated guidance is effective for fiscal reporting periods, including interim reporting within those periods, beginning after December 15, 2019. Early adoption is permitted and can be applied either retrospectively or prospectively. The Company is currently evaluating the transition methods and the impact of the adoption of this standard on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Accounting Policies [Abstract] | |
Percentages of net sales by product line | The following table summarizes the percentage of net sales by category: Fiscal Year 2018 % of Total 2017 % of Total 2016 % of Total Edible Grocery 24 % 24 % 25 % Perishables 28 % 29 % 29 % Non-Edible Grocery 21 % 21 % 22 % General Merchandise 14 % 14 % 14 % Gasoline & Other Ancillary Services 13 % 12 % 10 % |
Impact of adoption of ASU 2014-09 | 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 ASU on the Company’s Consolidated Balance Sheet as of February 2, 2019 was as follows (in thousands): As Reported Balance without adoption Effect of change Prepaid expenses and other current assets $ 63,454 $ 57,785 $ 5,669 Accrued expenses and other current liabilities 504,834 489,492 15,342 Deferred income taxes 36,937 39,636 (2,699 ) Accumulated deficit (915,113 ) (908,139 ) (6,974 ) |
Debt and Credit Arrangements (T
Debt and Credit Arrangements (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt consisted of the following at February 2, 2019 and February 3, 2018 (in thousands): February 2, 2019 February 3, 2018 ABL Facility $ 289,000 $ 217,000 First Lien Term Loan 1,530,045 1,910,563 Second Lien Term Loan — 625,000 Unamortized debt discount and debt issuance costs (18,197 ) (40,153 ) Less: current portion (254,377 ) (219,750 ) Long-term debt $ 1,546,471 $ 2,492,660 |
Schedule of future minimum principal payments on debt | Scheduled future minimum principal payments on debt as of February 2, 2019 are as follows: Fiscal Year: Dollars in 2019 $ 254,377 2020 15,377 2021 15,377 2022 15,377 2023 1,518,537 Thereafter — Total $ 1,819,045 |
Interest Expense, net (Tables)
Interest Expense, net (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Other Income and Expenses [Abstract] | |
Components of interest expense | The following details the components of interest expense for the periods presented (in thousands): Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Interest on debt $ 128,643 $ 163,210 $ 122,193 Interest on capital lease and financing obligations 4,119 4,205 4,244 Debt issuance costs amortization 3,322 4,060 7,693 Original issue discount amortization 3,233 4,403 9,398 Charges related to debt refinancing 25,405 21,061 — Capitalized interest (187 ) (215 ) (68 ) Unrealized loss on interest rate caps — — 73 Other interest income — — (182 ) Interest expense, net $ 164,535 $ 196,724 $ 143,351 |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Goodwill Intangible Assets And Deferred Charge Disclosure [Abstract] | |
Intangible assets and liabilities | Intangible assets and liabilities consist of the following (in thousands): February 2, 2019 Gross Carrying Accumulated Net Amount Goodwill $ 924,134 $ — $ 924,134 Intangible Assets Not Subject to Amortization: BJ’s trade name $ 90,500 $ — $ 90,500 Intangible Assets Subject to Amortization: Member relationships 245,000 (178,330 ) 66,670 Private label brands 8,500 (5,194 ) 3,306 Below market leases 120,182 (79,788 ) 40,394 Total intangible assets $ 464,182 $ (263,312 ) $ 200,870 Intangible Liabilities Subject to Amortization: Above market leases $ (30,515 ) $ 16,872 $ (13,643 ) February 3, 2018 Gross Carrying Accumulated Net Amount Goodwill $ 924,134 $ — $ 924,134 Intangible Assets Not Subject to Amortization: BJ’s trade name $ 90,500 $ — $ 90,500 Intangible Assets Subject to Amortization: Member relationships 245,000 (163,668 ) 81,332 Private label brands 8,500 (4,486 ) 4,014 Below market leases 120,182 (71,152 ) 49,030 Total intangible assets $ 464,182 $ (239,306 ) $ 224,876 Intangible Liabilities Subject to Amortization: Above market leases $ (30,515 ) $ 14,709 $ (15,806 ) |
Estimated future intangible assets and liabilities amortization | The Company estimates that amortization expense related to intangible assets and liabilities will be as follows in each of the next five fiscal years (in thousands): Below Market Leases Above Market Leases Other Intangibles Total 2019 $ 7,633 $ (2,077 ) $ 13,491 $ 19,047 2020 7,117 (1,846 ) 11,862 17,133 2021 6,153 (1,581 ) 10,483 15,055 2022 4,507 (1,526 ) 9,230 12,211 2023 3,743 (1,374 ) 7,866 10,235 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease payments of operating leases | Future minimum lease payments of operating leases as of February 2, 2019 were as follows (in thousands): Fiscal Year Future minimum payments 2019 $ 309,785 2020 310,956 2021 299,410 2022 282,841 2023 264,363 Thereafter 1,778,207 Total $ 3,245,562 |
Future minimum lease payments of capital leases and financing obligations | Future minimum lease payments of capital leases and financing obligations for arrangements that did not qualify for sale-lease back accounting as of February 2, 2019 are as follows (in thousands): Fiscal Year Future minimum 2018 $ 4,510 2019 4,807 2020 4,833 2021 4,894 2022 4,956 Thereafter 34,377 Total Minimum payments 58,377 Less: amount representing interest (37,855 ) Total $ 20,522 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Activity associated with discontinued operations | The following tables summarize the activity for the periods ended February 2, 2019 and February 3, 2018 associated with discontinued operations, which consist of closing two BJ’s clubs in January 2011 (in thousands): Discontinued Operations 2018 Liabilities Charges Payments/ Liabilities Cumulative BJ’s clubs $ 8,683 $ (235 ) $ (5,259 ) $ 3,189 $ 59,364 Current portion $ 2,122 $ 739 Long-term portion 6,561 2,450 Total $ 8,683 $ 3,189 Discontinued Operations 2017 Liabilities Charges Payments/ Liabilities Cumulative BJ’s clubs $ 8,271 $ 2,766 $ (2,354 ) $ 8,683 $ 59,599 Current portion $ 2,013 $ 2,122 Long-term portion 6,258 6,561 Total $ 8,271 $ 8,683 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted-average assumptions used to estimate fair value of options using Black-Scholes option pricing model | The fair value of the options was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions (no dividends were expected): Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Risk-free interest rate range 2.56% - 2.73% 1.40% - 1.40% 1.35% - 1.98% Expected volatility factor 26.9% 35.0% 35.0% Weighted-average expected option life (yrs.) 5.9 5.7 6.0 Weighted-average grant-date fair value $5.16 $2.51 $4.40 |
Stock option activity | Presented below is a summary of stock option activity and weighted-average exercise prices for fiscal year ended February 2, 2019 : (options in thousands) Number of Weighted- Weighted-average Outstanding, beginning of period 8,981 $ 4.00 Granted 2,791 16.39 Forfeited (409 ) 6.88 Exercised (5,111 ) 3.09 Outstanding, end of period 6,252 10.09 7.7 Vested and expected to vest, end of period 6,252 10.09 7.7 Exercisable, end of period 3,480 $ 5.31 6.4 |
Restricted shares and restricted stock units activity | Presented below is a summary of our non-vested restricted shares and restricted stock units and weighted-average grant-date fair values for the periods ended February 2, 2019: Restricted Stock Restricted Stock Units (shares in thousands) Shares Weighted-Average Grant-Date Fair Value Shares Weighted-Average Grant-Date Fair Value Unvested at beginning of year — $ — — $ — Granted 2,960 22.04 16 27.59 Forfeited (33 ) 22.00 — — Vested (1,954 ) 22.00 — — Outstanding, February 2, 2019 973 $ 22.14 16 $ 27.59 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Provision (benefit) for income taxes from continuing operations | The provision (benefit) for income taxes from continuing operations includes the following (in thousands): Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Federal: Current $ 14,641 $ 1,976 $ 42,268 Deferred (9,563 ) (33,219 ) (19,457 ) State: Current 11,877 5,220 9,230 Deferred (5,129 ) (2,404 ) (4,073 ) Total income tax provision (benefit) $ 11,826 $ (28,427 ) $ 27,968 |
Reconciliation of statutory federal income tax rate | A reconciliation of the statutory federal income tax rate with the Company’s effective income tax rate is as follows: Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Statutory federal income tax rates 21.0 % 33.7 % 35.0 % State income taxes, net of federal tax benefit 3.8 7.5 4.5 Effect of federal rate change (1.8 ) (136.2 ) — Work opportunity and solar tax credit (1.3 ) (17.9 ) (1.6 ) Charitable contributions (0.5 ) (1.0 ) (0.3 ) Prior year adjustments 0.1 (3.2 ) — Stock options (10.8 ) (4.8 ) — Other (2.0 ) 1.2 0.9 Effective income tax rate 8.5 % (120.7 )% 38.5 % |
Significant components of deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities as of February 2, 2019 and February 3, 2018 were as follows (in thousands): February 2, 2019 February 3, 2018 Deferred tax assets: Self-insurance reserves $ 29,288 $ 27,595 Rental step liabilities 23,194 21,336 Compensation and benefits 13,823 15,975 Interest 12,354 — Capital lease and financing obligations 5,826 7,542 Interest rate swap 5,454 — Deferred gain amortization 4,956 5,279 Intangible liabilities 3,834 4,408 Environment clean up reserve 3,664 3,312 Startup costs 3,276 3,675 Lease incentive gain 2,963 3,029 Closed store obligations 896 2,421 Other 16,926 13,677 Total deferred tax assets $ 126,454 $ 108,249 Deferred tax liabilities: Fixed assets $ 87,413 $ 79,388 Intangible assets 56,444 62,716 Debt costs 5,152 7,728 Capital lease and financings obligations 5,079 7,014 Other 9,303 8,477 Total deferred tax liabilities 163,391 165,323 Net deferred tax liabilities $ (36,937 ) $ (57,074 ) |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Fiscal year Ended Fiscal year Ended Balance at the beginning of the period $ 4,357 $ 4,199 Additions (reductions) for tax positions taken during prior years (142 ) 607 Additions for tax positions taken during the current year 960 43 Settlements (125 ) (260 ) Lapses in statute of limitations (2,526 ) (232 ) Balance at the end of the period $ 2,524 $ 4,357 |
Postretirement Medical Benefi_2
Postretirement Medical Benefits (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Retirement Benefits [Abstract] | |
Change in obligation and funded status | The change in obligation and funded status of the plan at February 2, 2019 and February 3, 2018 was as follows (in thousands): Fiscal Year Ended Fiscal Year Ended Change in Obligation Projected benefit obligation at beginning of period $ 5,360 $ 5,927 Company service cost 143 182 Interest cost 150 147 Plan participants’ contributions 270 316 Net actuarial loss (1,336 ) (392 ) Benefit payments made directly by the Company (413 ) (820 ) Projected benefit obligation at end of period $ 4,174 $ 5,360 Change in Plan Assets Fair value of plan assets at beginning of period $ — $ — Company contributions 143 504 Plan participants’ contributions 270 316 Benefit payments made directly by the Company (413 ) (820 ) Fair value of plan assets at end of period — — Funded status at end of year $ (4,174 ) $ (5,360 ) |
Net periodic postretirement benefit cost | Net periodic postretirement benefit cost for the last three fiscal years consists of the following (in thousands): Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Company service cost $ 143 $ 182 $ 204 Interest cost 150 147 142 Net prior service credit amortization (693 ) (693 ) (693 ) Amortization of unrecognized gain (316 ) (250 ) (510 ) Net periodic postretirement benefit cost $ (716 ) $ (614 ) $ (857 ) Discount rate used to determine cost 3.00 % 2.63 % 2.45 % Health care cost trend rates 6.50 % 7.00 % 7.00 % |
Change in accumulated other comprehensive income | The change in accumulated other comprehensive income (“AOCI”), gross of tax, consists of the following (in thousands): Fiscal Year Ended Fiscal Year Ended AOCI at the beginning of period $ (3,331 ) $ (3,882 ) Net prior service credit amortization 693 693 Amortization of net actuarial gain 316 250 Net actuarial loss for the period (1,336 ) (392) AOCI at the end of the period $ (3,658 ) $ (3,331 ) |
Weighted-average assumptions used to determine postretirement benefit obligations | The following weighted-average assumptions were used to determine the postretirement benefit obligations: February 2, 2019 February 3, 2018 Discount rate 3.04 % 3.00 % Health care cost trend rate assumed for next year 6.50 % 6.50 % Ultimate trend rate 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2024 2024 |
Effects of one-percentage point change in assumed health care cost trend rates | A one -percentage point change in assumed health care cost trend rates would have the following effects as of February 2, 2019 (in thousands): Effect of 1% Increase in Medical Trend Rates Postretirement benefit obligation increases by $ 124 Total of service and interest cost increases by 16 Effect of 1% Decrease in Medical Trend Rates Postretirement benefit obligation decreases by $ 120 Total of service and interest cost decreases by 15 |
Estimated future benefit payments for postretirement plan | The estimated future benefit payments for the postretirement health care plan at February 2, 2019 are (in thousands): Fiscal Year Future 2019 $ 774 2020 707 2021 692 2022 706 2023 640 2024 to 2028 1,357 Total 4,876 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Activity relating to liability for asset retirement obligations | The following is a summary of activity relating to the liability for asset retirement obligations, which the Company will incur primarily in connection with the future removal of gasoline tanks and the related infrastructure. The following is included in other noncurrent liabilities on the consolidated balance sheets (in thousands): Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Balance, beginning of period $ 12,998 $ 11,846 $ 10,714 Accretion expense 1,031 959 895 Liabilities incurred during the year 1,219 193 237 Balance, end of period $ 15,248 $ 12,998 $ 11,846 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Payables and Accruals [Abstract] | |
Major components of accrued expenses and other current liabilities | The major components of accrued expenses and other current liabilities are as follows (in thousands): February 2, 2019 February 3, 2018 Deferred membership fee income $ 134,415 $ 126,216 Employee compensation 77,663 83,921 Outstanding checks and payables 58,840 34,002 Insurance reserves 47,813 40,620 BJ’s Perks rewards 34,083 22,736 Sales, property, use and other taxes 29,050 33,031 Deferred revenues 26,800 16,977 Fixed asset accruals 13,849 19,405 Professional services 20,197 7,998 Utilities, advertising and accrued interest 16,177 41,709 MFI Sales and legal reserves 12,744 6,652 Repairs and maintenance 11,808 17,734 Other 21,395 44,766 Total $ 504,834 $ 495,767 |
Deferred membership fee income activity | The following table summarizes membership fee income activity for each of the last two fiscal years (in thousands): Fiscal Year Ended Fiscal Year Ended Deferred MFI, beginning of period $ 126,216 $ 116,483 Cash received from members 291,092 268,327 Revenue recognized in earnings (282,893 ) (258,594 ) Deferred MFI, end of period $ 134,415 $ 126,216 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Major components of other noncurrent liabilities | The major components of other noncurrent liabilities are as follows (in thousands): February 2, 2019 February 3, 2018 Rent escalation liability $ 82,907 $ 76,867 Workers’ compensation and general liability 70,585 72,317 Capital leases and financing obligations 28,824 35,147 Interest rate swap liability 19,410 — Postretirement medical benefit and other 16,938 21,634 Deferred gain on sale leasebacks 16,348 17,639 Asset retirement obligations 15,248 12,998 Lease incentives 13,920 14,985 Above market leases 13,643 15,806 Total noncurrent liabilities $ 277,823 $ 267,393 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Fair Value Disclosures [Abstract] | |
Gross carrying amount and fair value of debt | The gross carrying amount and fair value of the Company’s debt at February 2, 2019 are as follows (in thousands): Carrying Fair Value First Lien Term Loan $ 1,530,045 $ 1,516,872 ABL Facility 289,000 289,000 Total Debt $ 1,819,045 $ 1,805,872 The gross carrying amount and fair value of the Company’s debt at February 3, 2018 are as follows (in thousands): Carrying Fair Value First Lien Term Loan $ 1,910,563 $ 1,908,174 Second Lien Term Loan 625,000 625,000 ABL Facility 217,000 217,000 Total Debt $ 2,752,563 $ 2,750,174 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of weighted-average common shares outstanding | The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for fiscal years 2018 , 2017 and 2016 : Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Weighted-average common shares outstanding, used for basic computation 116,599,102 88,385,864 88,163,992 Plus: Incremental shares of potentially dilutive securities Stock incentive awards 4,535,748 3,877,713 2,572,087 Weighted-average number of common and dilutive potential common shares outstanding 121,134,850 92,263,577 90,736,079 |
Condensed Financial Informati_2
Condensed Financial Information of Registrant (Parent Company Only) (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Condensed Balance Sheets | BJ’S WHOLESALE CLUB HOLDINGS, INC. (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS (Amounts in thousands) Fiscal Year Ended Fiscal Year Ended ASSETS Investment in subsidiaries $ (202,084 ) $ (1,019,419 ) Contingently redeemable common stock, par value $0.01; 0 shares issued and outstanding at February 2, 2019 and 1,456 shares issued and outstanding at February 3, 2018: — 10,438 STOCKHOLDERS’ DEFICIT Common stock, par value $0.01; 305,000 shares authorized; 138,099 shares issued and 137,317 shares outstanding at February 2, 2019; 87,073 shares issued and outstanding at February 3, 2018 1,381 871 Additional paid-in capital 730,757 4,537 Accumulated deficit (915,113 ) (1,035,265 ) Treasury stock, at cost, 782 shares and no shares outstanding at February 2, 2019 and February 3, 2018, respectively. (19,109 ) — Total contingently redeemable common stock and stockholders’ deficit $ (202,084 ) $ (1,019,419 ) |
Parent Company Only Consolidated Statements of Operations and Comprehensive Income | BJ’S WHOLESALE CLUB HOLDINGS, INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in thousands, except per share amounts) Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Equity in net income of subsidiaries $ 127,261 $ 50,301 $ 44,224 Net income 127,261 50,301 44,224 Net income per share attributable to common stockholders’: Basic $ 1.09 $ 0.57 $ 0.50 Diluted 1.05 0.54 0.48 Weighted average number of common shares outstanding: Basic 116,599 88,386 88,164 Diluted 121,135 92,264 90,736 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected quarterly financial data | Presented below is the selected quarterly financial data for fiscal year 2018 and fiscal year 2017, which was prepared on the same basis as the audited consolidated financial statements and includes all adjustments necessary to present fairly, in all material respects, the information set forth therein on a consistent basis. The fourth quarter of fiscal year 2017 consisted of 14 weeks, whereas the fourth quarter of fiscal year 2018 consisted of 13 weeks. Quarters in which there are 14 weeks will see increased net sales and expenses from the additional week. Also, in the second quarter of fiscal year 2018, the Company paid the entire outstanding amount on its Second Lien Term Loan of $623.2 million . In the first quarter of fiscal year 2017, the Company distributed a $735.5 million dividend to its common stockholders. (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Ended February 2, 2019 (52 weeks) Net sales $ 2,993,742 $ 3,236,664 $ 3,150,234 $ 3,343,814 Total revenue 3,061,697 3,307,105 3,221,663 3,416,882 Gross profit 551,359 588,503 592,088 628,945 Net income (loss) 14,137 (5,614 ) 54,431 64,307 Basic earnings (loss) per share 0.16 (0.05 ) 0.40 0.47 Diluted earnings (loss) per share 0.15 (0.05 ) 0.39 0.46 Fiscal Year Ended February 3, 2018 (53 weeks) Net sales 2,883,298 3,103,335 3,019,389 3,489,973 Total revenue 2,946,828 3,167,527 3,084,245 3,555,989 Gross profit 505,523 553,340 560,948 621,286 Net income (loss) (58,894 ) 19,712 22,775 66,708 Basic earnings (loss) per share (0.67 ) 0.22 0.26 0.75 Diluted earnings (loss) per share (0.67 ) 0.22 0.25 0.71 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | Feb. 02, 2019statestore |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of warehouses operated | store | 216 |
Number of states operated in | state | 16 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Net Sales by Category (Detail) | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Edible Grocery | |||
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | 24.00% | 24.00% | 25.00% |
Perishables | |||
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | 28.00% | 29.00% | 29.00% |
Non-Edible Grocery | |||
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | 21.00% | 21.00% | 22.00% |
General Merchandise | |||
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | 14.00% | 14.00% | 14.00% |
Gasoline & Other Ancillary Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | 13.00% | 12.00% | 10.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Impact of Adoption of ASU 2014-09 (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 04, 2018 | Feb. 03, 2018 |
Item Effected [Line Items] | |||
Prepaid expenses and other current assets | $ 63,454 | $ 89,792 | $ 81,972 |
Accrued expenses and other current liabilities | 504,834 | 512,412 | 495,767 |
Deferred income taxes | 36,937 | 54,611 | 57,074 |
Accumulated deficit | (915,113) | (1,042,374) | (1,036,012) |
Calculated under Revenue Guidance in Effect before Topic 606 | |||
Item Effected [Line Items] | |||
Prepaid expenses and other current assets | 57,785 | 81,972 | |
Accrued expenses and other current liabilities | 489,492 | 495,767 | |
Deferred income taxes | 39,636 | 57,074 | |
Accumulated deficit | (908,139) | $ (1,036,012) | |
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | |||
Item Effected [Line Items] | |||
Prepaid expenses and other current assets | 5,669 | 7,820 | |
Accrued expenses and other current liabilities | 15,342 | 16,645 | |
Deferred income taxes | (2,699) | (2,463) | |
Accumulated deficit | $ (6,974) | $ (6,362) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Detail) | Oct. 01, 2018USD ($)$ / sharesshares | Jul. 02, 2018USD ($)$ / sharesshares | Jun. 15, 2018 | Feb. 02, 2019USD ($) | Nov. 03, 2018USD ($) | Aug. 04, 2018USD ($) | May 05, 2018USD ($) | Feb. 03, 2018USD ($) | Oct. 28, 2017USD ($) | Jul. 29, 2017USD ($) | Apr. 29, 2017USD ($) | Feb. 02, 2019USD ($)reporting_unitshares | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Feb. 03, 2019USD ($) | Feb. 04, 2018USD ($) |
Accounting Policies [Abstract] | ||||||||||||||||
Deferred revenue, remaining performance obligations | $ 13,400,000 | $ 13,400,000 | ||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Aggregate net offering proceeds | 690,970,000 | $ 0 | $ 0 | |||||||||||||
Stock issuance costs | 5,081,000 | 0 | 0 | |||||||||||||
Repayment of debt | 975,633,000 | 0 | 0 | |||||||||||||
Stock split, conversion ratio | 7 | |||||||||||||||
Allowances for doubtful accounts | 900,000 | $ 1,200,000 | 900,000 | 1,200,000 | ||||||||||||
Depreciation expense | 140,400,000 | 138,000,000 | 149,500,000 | |||||||||||||
Amortization of deferred debt issuance costs | $ 3,322,000 | 4,060,000 | 7,693,000 | |||||||||||||
Number of reporting units for goodwill impairment testing | reporting_unit | 1 | |||||||||||||||
Impairment of goodwill | $ 0 | 0 | 0 | |||||||||||||
Impairment of long-lived assets | $ 4,000,000 | 0 | 0 | |||||||||||||
Percentage of cash back earned | 2.00% | |||||||||||||||
Maximum annual cash back amount | $ 500 | |||||||||||||||
Cash back in form of electronic awards issued | $ 20 | |||||||||||||||
Cash back in form of electronic awards issued, expiration term | 6 months | |||||||||||||||
Other current liabilities | 25,800,000 | 22,700,000 | $ 25,800,000 | 22,700,000 | ||||||||||||
Accumulated deficit | 915,113,000 | 1,036,012,000 | 915,113,000 | 1,036,012,000 | $ 1,042,374,000 | |||||||||||
Sales returns reserve | 6,800,000 | 1,500,000 | $ 2,000,000 | |||||||||||||
Gross amount of assets recorded under capital lease and financing obligations | 41,600,000 | 49,400,000 | 41,600,000 | 49,400,000 | ||||||||||||
Accumulated depreciation for capital lease | 12,600,000 | 12,200,000 | $ 12,600,000 | $ 12,200,000 | ||||||||||||
Advertising expenses as a percent of net sales | 0.70% | 0.60% | 0.50% | |||||||||||||
Cost of sales | $ 10,646,452,000 | $ 10,513,492,000 | $ 10,223,017,000 | |||||||||||||
Net sales | 3,416,882,000 | $ 3,221,663,000 | $ 3,307,105,000 | $ 3,061,697,000 | 3,555,989,000 | $ 3,084,245,000 | $ 3,167,527,000 | $ 2,946,828,000 | $ 13,007,347,000 | 12,754,589,000 | 12,350,537,000 | |||||
Membership | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Membership term | 12 months | |||||||||||||||
Deferred revenue | 134,400,000 | 125,600,000 | $ 134,400,000 | 125,600,000 | ||||||||||||
Revenue recognized | 282,893,000 | 258,594,000 | ||||||||||||||
Net sales | 282,893,000 | 258,594,000 | 255,235,000 | |||||||||||||
Gift Card Programs | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Deferred revenue | 9,100,000 | 9,100,000 | 8,800,000 | |||||||||||||
Revenue recognized | 50,000,000 | |||||||||||||||
Product | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Net sales | 3,343,814,000 | $ 3,150,234,000 | $ 3,236,664,000 | $ 2,993,742,000 | $ 3,489,973,000 | $ 3,019,389,000 | $ 3,103,335,000 | $ 2,883,298,000 | 12,724,454,000 | 12,495,995,000 | 12,095,302,000 | |||||
BJ’s trade name | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Impairment of indefinite-lived intangible assets | $ 0 | $ 0 | $ 0 | |||||||||||||
Minimum | ASU 2016-02 | Scenario, Forecast | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Operating lease liabilities | $ 1,900,000,000 | |||||||||||||||
Minimum | My BJ's Perks Mastercard | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Percentage of cash back earned | 3.00% | |||||||||||||||
Minimum | Card outside of BJ's | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Percentage of cash back earned | 1.00% | |||||||||||||||
Maximum | ASU 2016-02 | Scenario, Forecast | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Operating lease liabilities | $ 2,100,000,000 | |||||||||||||||
Maximum | My BJ's Perks Mastercard | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Percentage of cash back earned | 5.00% | |||||||||||||||
Maximum | Card outside of BJ's | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Percentage of cash back earned | 2.00% | |||||||||||||||
Buildings and improvements | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Estimated useful life | 33 years | |||||||||||||||
Furniture, fixtures and equipment | Minimum | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Estimated useful life | 3 years | |||||||||||||||
Furniture, fixtures and equipment | Maximum | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Estimated useful life | 10 years | |||||||||||||||
Software | Minimum | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Estimated useful life | 3 years | |||||||||||||||
Software | Maximum | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Estimated useful life | 7 years | |||||||||||||||
Net sales | Geographic concentration risk | New York metropolitan area | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration risk percentage | 25.00% | 25.00% | 25.00% | |||||||||||||
Net sales | Revenue from rights concentration risk | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration risk percentage | 97.00% | |||||||||||||||
Revenues | Revenue from rights concentration risk | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration risk percentage | 95.00% | |||||||||||||||
Second Lien Term Loan | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Repayment of debt | $ 623,300,000 | |||||||||||||||
Common Stock | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Common stock issued (in shares) | shares | 43,125,000 | |||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Reclassification of stranded tax effects from Tax Cuts and Jobs Act | $ (432,000) | |||||||||||||||
Accumulated Deficit | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Reclassification of stranded tax effects from Tax Cuts and Jobs Act | $ 432,000 | |||||||||||||||
IPO | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Reduction to additional paid-in capital for deferred offering costs | $ 47,200,000 | |||||||||||||||
IPO | Common Stock | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Common stock issued (in shares) | shares | 32,200,000 | 43,125,000 | ||||||||||||||
Common stock, offering price (in usd per share) | $ / shares | $ 26 | $ 17 | ||||||||||||||
Aggregate net offering proceeds | $ 685,900,000 | |||||||||||||||
Stock issuance costs | $ 2,400,000 | $ 47,200,000 | ||||||||||||||
Underwriters' option | Common Stock | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Common stock issued (in shares) | shares | 4,200,000 | 5,625,000 | ||||||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-02-03 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Deferred revenue, remaining performance obligations | $ 11,500,000 | $ 11,500,000 | ||||||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||||||||||||
Deferred revenue, remaining performance obligations, period of recognition | 1 year | 1 year | ||||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Accumulated deficit | $ 6,974,000 | $ 6,974,000 | 6,362,000 | |||||||||||||
Cost of sales | (5,700,000) | |||||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Gift Card Programs | ASU 2014-09 | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Accumulated deficit | $ 1,800,000 | |||||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Product | ASU 2014-09 | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Net sales | $ (6,800,000) |
Related Party Transactions (Det
Related Party Transactions (Detail) - USD ($) | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Management services | |||
Related Party Transaction [Line Items] | |||
Management services agreement, amount per year | $ 8,000,000 | ||
Management fees and expenses | 3,300,000 | $ 8,000,000 | $ 8,100,000 |
Advantage Solutions Inc. | |||
Related Party Transaction [Line Items] | |||
Demonstration and sampling service fees | $ 43,900,000 | $ 44,800,000 | $ 41,000,000 |
Dividend Recapitalization (Deta
Dividend Recapitalization (Detail) - USD ($) | Aug. 13, 2018 | Jul. 02, 2018 | Feb. 03, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Dividends Payable [Line Items] | |||||||
Dividend paid to common stockholders | $ 735,500,000 | $ 735,500,000 | |||||
Bonus paid | $ 5,400,000 | ||||||
Accrued bonus | $ 4,600,000 | ||||||
Compensation expense | $ 57,700,000 | 9,100,000 | 11,800,000 | ||||
Payment of accrued outstanding interest | 11,000,000 | 152,882,000 | 152,178,000 | $ 126,919,000 | |||
Capitalized debt issuance costs | 24,600,000 | ||||||
Loss on the debt refinancing | 21,100,000 | ||||||
Write-off of debt issuance costs | 9,800,000 | ||||||
Deferred Bonus | |||||||
Dividends Payable [Line Items] | |||||||
Compensation expense | 800,000 | ||||||
2011 Plan and the 2012 Director Stock Option Plan | |||||||
Dividends Payable [Line Items] | |||||||
Payments to stock option holders | 67,500,000 | ||||||
First Lien Term Loan | |||||||
Dividends Payable [Line Items] | |||||||
Term loan, refinanced and upsized | $ 1,537,700,000 | 1,925,000,000 | |||||
Term loan, original issue discount | 4,800,000 | ||||||
Write-off of debt issuance costs | $ 4,400,000 | ||||||
Second Lien Term Loan | |||||||
Dividends Payable [Line Items] | |||||||
Term loan, refinanced and upsized | 625,000,000 | ||||||
Term loan, original issue discount | 6,200,000 | ||||||
Loss on the debt refinancing | $ 19,200,000 | ||||||
Write-off of debt issuance costs | $ 13,000,000 | ||||||
ABL Facility | |||||||
Dividends Payable [Line Items] | |||||||
Credit facility outstanding | 340,000,000 | $ 289,000,000 | $ 217,000,000 | ||||
Write-off of debt issuance costs | $ 2,200,000 |
Debt and Credit Arrangements -
Debt and Credit Arrangements - Schedule of Debt (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 | Feb. 03, 2017 |
Debt Instrument [Line Items] | |||
Unamortized debt discount and debt issuance costs | $ (18,197) | $ (40,153) | |
Less: current portion | (254,377) | (219,750) | |
Long-term debt | 1,546,471 | 2,492,660 | |
ABL Facility | |||
Debt Instrument [Line Items] | |||
Credit facility outstanding | 289,000 | 217,000 | $ 340,000 |
First Lien Term Loan | |||
Debt Instrument [Line Items] | |||
Term loans outstanding | 1,530,045 | 1,910,563 | |
Second Lien Term Loan | |||
Debt Instrument [Line Items] | |||
Term loans outstanding | $ 0 | $ 625,000 |
Debt and Credit Arrangements _2
Debt and Credit Arrangements - Future Minimum Principal Payments (Detail) $ in Thousands | Feb. 02, 2019USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 254,377 |
2020 | 15,377 |
2021 | 15,377 |
2022 | 15,377 |
2023 | 1,518,537 |
Thereafter | 0 |
Total | $ 1,819,045 |
Debt and Credit Arrangements _3
Debt and Credit Arrangements - Additional Information (Detail) | Aug. 17, 2018USD ($) | Aug. 13, 2018USD ($) | Jul. 02, 2018USD ($) | Feb. 03, 2017USD ($) | Aug. 04, 2018USD ($) | Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||
Write-off of debt issuance costs | $ 9,800,000 | |||||||
Proceeds from ABL facility | $ 1,587,000,000 | 1,645,000,000 | $ 1,166,000,000 | |||||
Debt extinguishment charges | 21,100,000 | |||||||
ABL Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Write-off of debt issuance costs | $ 2,200,000 | |||||||
Debt issuance third party costs | 200,000 | |||||||
Debt issuance costs | $ 900,000 | 7,900,000 | ||||||
Refinancing fees | $ 1,000,000 | |||||||
Decrease in basis spread on variable rate upon achievement of certain leverage ratio | 0.125% | |||||||
Net leverage ratio required for basis spread decrease | 3 | |||||||
Credit facility outstanding | 340,000,000 | $ 289,000,000 | 217,000,000 | |||||
Outstanding letters of credit | 41,200,000 | $ 44,200,000 | ||||||
Proceeds from ABL facility | $ 350,000,000 | |||||||
ABL Facility | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 950,000,000 | |||||||
Interest rate on revolving credit facility | 3.76% | 3.08% | ||||||
Borrowing availability | $ 545,600,000 | $ 574,800,000 | ||||||
ABL Facility | Revolving credit facility | LIBOR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.25% | |||||||
ABL Facility | Revolving credit facility | LIBOR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
ABL Facility | Revolving credit facility | Base rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.25% | |||||||
ABL Facility | Revolving credit facility | Base rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.75% | |||||||
ABL Facility | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 50,000,000 | |||||||
ABL Facility | Term Loan | LIBOR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.00% | |||||||
ABL Facility | Term Loan | LIBOR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.50% | |||||||
ABL Facility | Term Loan | Base rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
ABL Facility | Term Loan | Base rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | |||||||
First Lien Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Write-off of debt issuance costs | 4,400,000 | |||||||
Debt issuance third party costs | 1,800,000 | |||||||
Refinancing fees | $ 1,800,000 | |||||||
Net leverage ratio required for basis spread decrease | 3 | |||||||
Debt, face amount | $ 1,537,700,000 | 1,925,000,000 | ||||||
Term loan, original issue discount | $ 4,800,000 | |||||||
Debt instrument interest rate | 5.51% | 4.95% | ||||||
Percentage of original principal amount required to pay in quarterly installments | 0.25% | |||||||
Term loans outstanding | $ 1,530,045,000 | $ 1,910,563,000 | ||||||
First Lien Term Loan | Revolving credit facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate floor | 0.00% | |||||||
First Lien Term Loan | Revolving credit facility | LIBOR | Variable rate component two | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
First Lien Term Loan | Revolving credit facility | LIBOR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.75% | 3.50% | ||||||
First Lien Term Loan | Revolving credit facility | LIBOR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 3.00% | 3.75% | ||||||
First Lien Term Loan | Revolving credit facility | Federal funds effective rate | Variable rate component one | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
First Lien Term Loan | Revolving credit facility | Base rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
Additional basis spread on variable rate | 2.50% | |||||||
First Lien Term Loan | Revolving credit facility | Base rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.00% | |||||||
Additional basis spread on variable rate | 2.75% | |||||||
Second Lien Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Write-off of debt issuance costs | $ 13,000,000 | |||||||
Debt, face amount | $ 625,000,000 | |||||||
Term loan, original issue discount | $ 6,200,000 | |||||||
Debt instrument interest rate | 8.95% | |||||||
Term loans outstanding | $ 0 | $ 625,000,000 | ||||||
Debt extinguishment amount | 623,200,000 | $ 623,200,000 | ||||||
Prepayment premium on debt extinguishment | 6,200,000 | |||||||
Debt extinguishment charges | $ 19,200,000 | |||||||
Second Lien Term Loan | Revolving credit facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 7.50% | |||||||
Interest rate floor | 0.00% | |||||||
Second Lien Term Loan | Revolving credit facility | LIBOR | Variable rate component two | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Second Lien Term Loan | Revolving credit facility | Federal funds effective rate | Variable rate component one | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Second Lien Term Loan | Revolving credit facility | Base rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Additional basis spread on variable rate | 6.50% |
Interest Expense, net - Compone
Interest Expense, net - Components of Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Other Income and Expenses [Abstract] | |||
Interest on debt | $ 128,643 | $ 163,210 | $ 122,193 |
Interest on capital lease and financing obligations | 4,119 | 4,205 | 4,244 |
Debt issuance costs amortization | 3,322 | 4,060 | 7,693 |
Original issue discount amortization | 3,233 | 4,403 | 9,398 |
Charges related to debt refinancing | 25,405 | 21,061 | 0 |
Capitalized interest | (187) | (215) | (68) |
Unrealized loss on interest rate caps | 0 | 0 | 73 |
Other interest income | 0 | 0 | (182) |
Interest expense, net | $ 164,535 | $ 196,724 | $ 143,351 |
Intangible Assets and Liabili_3
Intangible Assets and Liabilities - Goodwill and Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Goodwill Intangible Assets And Deferred Charge Disclosure [Abstract] | ||
Goodwill | $ 924,134 | $ 924,134 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, accumulated amortization | (263,312) | (239,306) |
Total intangible assets, gross carrying amount | 464,182 | 464,182 |
Total intangible assets, net amount | 200,870 | 224,876 |
Intangible liabilities subject to amortization, above market leases, gross carrying amount | (30,515) | (30,515) |
Intangible liabilities subject to amortization, above market leases, accumulated amortization | 16,872 | 14,709 |
Intangible liabilities subject to amortization, above market leases, net amount | (13,643) | (15,806) |
BJ’s trade name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | 90,500 | 90,500 |
Member relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross carrying amount | 245,000 | 245,000 |
Intangible assets subject to amortization, accumulated amortization | (178,330) | (163,668) |
Intangible assets subject to amortization, net amount | 66,670 | 81,332 |
Private label brands | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross carrying amount | 8,500 | 8,500 |
Intangible assets subject to amortization, accumulated amortization | (5,194) | (4,486) |
Intangible assets subject to amortization, net amount | 3,306 | 4,014 |
Below market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross carrying amount | 120,182 | 120,182 |
Intangible assets subject to amortization, accumulated amortization | (79,788) | (71,152) |
Intangible assets subject to amortization, net amount | $ 40,394 | $ 49,030 |
Intangible Assets and Liabili_4
Intangible Assets and Liabilities - Amortization Expense Related to Intangible Assets and Liabilities (Detail) $ in Thousands | Feb. 02, 2019USD ($) |
Above Market Leases, Amortization Income, Maturity Schedule [Abstract] | |
2019 | $ (2,077) |
2020 | (1,846) |
2021 | (1,581) |
2022 | (1,526) |
2023 | (1,374) |
Finite-Lived Intangible Assets (Liabilities), Amortization Expense (Income), Maturity Schedule [Abstract] | |
2019 | 19,047 |
2020 | 17,133 |
2021 | 15,055 |
2022 | 12,211 |
2023 | 10,235 |
Below market leases | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2019 | 7,633 |
2020 | 7,117 |
2021 | 6,153 |
2022 | 4,507 |
2023 | 3,743 |
Other Intangibles | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2019 | 13,491 |
2020 | 11,862 |
2021 | 10,483 |
2022 | 9,230 |
2023 | $ 7,866 |
Intangible Assets and Liabili_5
Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 21.8 | $ 26 | $ 28.8 |
Member relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 15 years 3 months 18 days | ||
Private label brands | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 12 years |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Lease Payments of Operating Leases (Detail) $ in Thousands | Feb. 02, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 309,785 |
2020 | 310,956 |
2021 | 299,410 |
2022 | 282,841 |
2023 | 264,363 |
Thereafter | 1,778,207 |
Total | $ 3,245,562 |
Commitments and Contingencies_2
Commitments and Contingencies - Minimum Lease Payments of Capital Leases (Detail) $ in Thousands | Feb. 02, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2018 | $ 4,510 |
2019 | 4,807 |
2020 | 4,833 |
2021 | 4,894 |
2022 | 4,956 |
Thereafter | 34,377 |
Total Minimum payments | 58,377 |
Less: amount representing interest | (37,855) |
Total | $ 20,522 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Commitment And Contingencies [Line Items] | |||
Average lease period | 21 years | ||
Real estate leases | |||
Commitment And Contingencies [Line Items] | |||
Average lease period | 20 years | ||
Rental expense | $ 308.2 | $ 301.9 | $ 298.1 |
Ground leases | |||
Commitment And Contingencies [Line Items] | |||
Average lease period | 21 years | ||
Equipment and equipment space | |||
Commitment And Contingencies [Line Items] | |||
Rental expense | $ 0.8 | $ 0.7 | $ 0.7 |
Minimum | |||
Commitment And Contingencies [Line Items] | |||
Renewal lease term period | 5 years | ||
Minimum | Real estate leases | |||
Commitment And Contingencies [Line Items] | |||
Lease term period | 5 years | ||
Minimum | Ground leases | |||
Commitment And Contingencies [Line Items] | |||
Lease term period | 14 years | ||
Maximum | |||
Commitment And Contingencies [Line Items] | |||
Renewal lease term period | 65 years | ||
Maximum | Real estate leases | |||
Commitment And Contingencies [Line Items] | |||
Lease term period | 25 years | ||
Maximum | Ground leases | |||
Commitment And Contingencies [Line Items] | |||
Lease term period | 44 years |
Discontinued Operations - Activ
Discontinued Operations - Activity Associated With Discontinued Operations (Detail) - BJ’s clubs - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Disposal Group, Including Discontinued Operation, Liabilities [Roll Forward] | |||
Liabilities | $ 8,683 | $ 8,271 | |
Charges | (235) | 2,766 | |
Payments/ Increase | (5,259) | (2,354) | |
Liabilities | 3,189 | 8,683 | |
Cumulative charges to date, net | 59,364 | 59,599 | |
Current portion | 739 | 2,122 | $ 2,013 |
Long-term portion | $ 2,450 | $ 6,561 | $ 6,258 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) $ in Millions | Dec. 12, 2018USD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2011store | Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of BJ's clubs closed | store | 2 | |||||
Lease termination cost (reversal of cost) | $ 3.1 | $ (1) | ||||
Income tax expense benefit, discontinued operation | $ 0.1 | $ 1.1 | $ 0.3 | |||
Remaining lease obligation payment period | 4 years | |||||
New sublease agreement | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Additional charges to reserve | $ 0.7 | |||||
Existing sublease agreement | ||||||
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 ($) | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
Temporary Equity Disclosure [Abstract] | ||||
Contingently redeemable common stock | $ 0 | $ 10,438,000 | $ 8,145,000 | $ 7,951,000 |
Stock Incentive Plans - Weighte
Stock Incentive Plans - Weighted-Average Assumptions Used To Estimate Fair Value of Options (Detail) - $ / shares | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate - minimum | 2.56% | 1.40% | 1.35% |
Risk-free interest rate - maximum | 2.73% | 1.40% | 1.98% |
Expected volatility factor | 26.90% | 35.00% | 35.00% |
Weighted-average grant-date fair value (in usd per share) | $ 5.16 | $ 2.51 | $ 4.40 |
Weighted-average | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average expected option life | 5 years 10 months 24 days | 5 years 8 months 12 days | 6 years |
Stock Incentive Plans - Stock O
Stock Incentive Plans - Stock Option Activity (Detail) - Stocks options shares in Thousands | 12 Months Ended |
Feb. 02, 2019$ / sharesshares | |
Number of securities to be issued upon exercise of outstanding options | |
Outstanding (in shares) | shares | 8,981 |
Granted (in shares) | shares | 2,791 |
Exercised (in shares) | shares | (409) |
Forfeited (in shares) | shares | (5,111) |
Outstanding (in shares) | shares | 6,252 |
Vested and expected to vest (in shares) | shares | 6,252 |
Exercisable (in shares) | shares | 3,480 |
Weighted-average exercise price | |
Outstanding (in usd per share) | $ / shares | $ 4 |
Granted (in usd per share) | $ / shares | 16.39 |
Exercised (in usd per share) | $ / shares | 6.88 |
Forfeited (in usd per share) | $ / shares | 3.09 |
Outstanding (in usd per share) | $ / shares | 10.09 |
Vested and expected to vest (in usd per share) | $ / shares | 10.09 |
Exercisable (in usd per share) | $ / shares | $ 5.31 |
Outstanding, weighted-average remaining contractual life | 7 years 8 months 12 days |
Vested and expected to vest, weighted-average remaining contractual life | 7 years 8 months 12 days |
Exercisable, weighted-average remaining contractual life | 6 years 4 months 24 days |
Stock Incentive Plans - Restric
Stock Incentive Plans - Restricted Stock and Restricted Stock Units Activity (Details) shares in Thousands | 12 Months Ended |
Feb. 02, 2019$ / sharesshares | |
Restricted Stock | |
Shares | |
Outstanding (in shares) | shares | 0 |
Granted (in shares) | shares | 2,960 |
Forfeited (in shares) | shares | (33) |
Vested (in shares) | shares | (1,954) |
Outstanding (in shares) | shares | 973 |
Weighted-Average Grant-Date Fair Value | |
Outstanding (in usd per share) | $ / shares | $ 0 |
Granted (in usd per share) | $ / shares | 22.04 |
Forfeited (in usd per share) | $ / shares | 22 |
Vested (in usd per share) | $ / shares | 22 |
Outstanding (in usd per share) | $ / shares | $ 22.14 |
Restricted Stock Units | |
Shares | |
Outstanding (in shares) | shares | 0 |
Granted (in shares) | shares | 16 |
Forfeited (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Outstanding (in shares) | shares | 16 |
Weighted-Average Grant-Date Fair Value | |
Outstanding (in usd per share) | $ / shares | $ 0 |
Granted (in usd per share) | $ / shares | 27.59 |
Forfeited (in usd per share) | $ / shares | 0 |
Vested (in usd per share) | $ / shares | 0 |
Outstanding (in usd per share) | $ / shares | $ 27.59 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 14, 2018 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 57,700 | $ 9,100 | $ 11,800 | |
Stock-based compensation expense, post-tax | 41,500 | 5,400 | 7,100 | |
Unrecognized compensation cost | 24,700 | |||
Intrinsic value of options exercised | 88,200 | 7,600 | 1,200 | |
Income tax benefit from stock option exercised | 24,800 | $ 3,100 | $ 500 | |
Intrinsic value of option vested and expected to vest | $ 102,500 | |||
Share reacquired to satisfy tax withholding (in shares) | 782,000 | |||
Treasury stock acquired | $ 19,109 | |||
2018 Incentive Award Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for issuance (in shares) | 13,148,058 | |||
Shares reserved for issuance (in shares) | 985,369 | |||
Shares available for future issuance (in shares) | 8,572,846 | |||
2018 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for issuance (in shares) | 973,014 | |||
Annual increase in shares reserved for issuance (in shares) | 486,507 | |||
Annual increase in shares reserved for issuance, calculated as percentage of shares outstanding | 0.50% | |||
Stocks options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Contractual life of options | 10 years | |||
Unrecognized compensation cost, period for recognition | 3 years | |||
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vested (in shares) | 1,954,000 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Federal: | |||
Current | $ 14,641 | $ 1,976 | $ 42,268 |
Deferred | (9,563) | (33,219) | (19,457) |
State: | |||
Current | 11,877 | 5,220 | 9,230 |
Deferred | (5,129) | (2,404) | (4,073) |
Total income tax provision (benefit) | $ 11,826 | $ (28,427) | $ 27,968 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rates | 21.00% | 33.70% | 35.00% |
State income taxes, net of federal tax benefit | 3.80% | 7.50% | 4.50% |
Effect of federal rate change | (1.80%) | (136.20%) | 0.00% |
Work opportunity and solar tax credit | (1.30%) | (17.90%) | (1.60%) |
Charitable contributions | (0.50%) | (1.00%) | (0.30%) |
Prior year adjustments | 0.10% | (3.20%) | 0.00% |
Stock options | (10.80%) | (4.80%) | 0.00% |
Other | (2.00%) | 1.20% | 0.90% |
Effective income tax rate | 8.50% | (120.70%) | 38.50% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Deferred tax assets: | ||
Self-insurance reserves | $ 29,288 | $ 27,595 |
Rental step liabilities | 23,194 | 21,336 |
Compensation and benefits | 13,823 | 15,975 |
Interest | 12,354 | 0 |
Capital lease and financing obligations | 5,826 | 7,542 |
Interest rate swap | 5,454 | 0 |
Deferred gain amortization | 4,956 | 5,279 |
Intangible liabilities | 3,834 | 4,408 |
Environment clean up reserve | 3,664 | 3,312 |
Startup costs | 3,276 | 3,675 |
Lease incentive gain | 2,963 | 3,029 |
Closed store obligations | 896 | 2,421 |
Other | 16,926 | 13,677 |
Total deferred tax assets | 126,454 | 108,249 |
Deferred tax liabilities: | ||
Fixed assets | 87,413 | 79,388 |
Intangible assets | 56,444 | 62,716 |
Debt costs | 5,152 | 7,728 |
Capital lease and financings obligations | 5,079 | 7,014 |
Other | 9,303 | 8,477 |
Total deferred tax liabilities | 163,391 | 165,323 |
Net deferred tax liabilities | $ (36,937) | $ (57,074) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at the beginning of the period | $ 4,357 | $ 4,199 |
Reductions for tax positions taken during prior years | (142) | |
Additions for tax positions taken during prior years | 607 | |
Additions for tax positions taken during the current year | 960 | 43 |
Settlements | (125) | (260) |
Lapses in statute of limitations | (2,526) | (232) |
Balance at the end of the period | $ 2,524 | $ 4,357 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |||
TCJA, provisional net tax benefit | $ 32,100,000 | ||
TCJA, additional tax benefit | $ 2,400,000 | ||
Valuation allowance | 0 | ||
Unrecognized tax benefits that would favorable affect the effective tax rate | 2,200,000 | 3,900,000 | |
Amount of reasonably possible decrease in unrecognized tax benefits within the next twelve months | 100,000 | ||
Interest (income) expense related to income tax uncertainties | (400,000) | 700,000 | $ 300,000 |
Accrued interest related to income tax uncertainties | $ 500,000 | $ 1,000,000 |
Retirement Plans (Detail)
Retirement Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
BJ's 401(k) savings plans | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum percentage of compensation employee may contribute | 50.00% | ||
Company matching contribution, percent of match | 50.00% | ||
Company matching contribution, percent of base salary | 6.00% | ||
Plan expenses | $ 9.3 | $ 9.6 | $ 8.7 |
BJ's non-contributory defined contribution retirement plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Company matching contribution, percent of base salary | 5.00% | ||
Plan expenses | $ 2.4 | $ 2.4 | $ 2.3 |
Pension contributions vesting period | 4 years |
Postretirement Medical Benefi_3
Postretirement Medical Benefits - Change in Obligation and Funded Status (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Change in Obligation | |||
Projected benefit obligation at beginning of period | $ 5,360 | $ 5,927 | |
Company service cost | 143 | 182 | $ 204 |
Interest cost | 150 | 147 | 142 |
Plan participants’ contributions | 270 | 316 | |
Net actuarial loss | (1,336) | (392) | |
Benefit payments made directly by the Company | (413) | (820) | |
Projected benefit obligation at end of period | 4,174 | 5,360 | 5,927 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Company contributions | 143 | 504 | |
Plan participants’ contributions | 270 | 316 | |
Benefit payments made directly by the Company | (413) | (820) | |
Fair value of plan assets at end of period | 0 | 0 | $ 0 |
Funded status at end of year | $ (4,174) | $ (5,360) |
Postretirement Medical Benefi_4
Postretirement Medical Benefits - Net Periodic Postretirement Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Retirement Benefits [Abstract] | |||
Company service cost | $ 143 | $ 182 | $ 204 |
Interest cost | 150 | 147 | 142 |
Net prior service credit amortization | (693) | (693) | (693) |
Amortization of unrecognized gain | (316) | (250) | (510) |
Net periodic postretirement benefit cost | $ (716) | $ (614) | $ (857) |
Discount rate used to determine cost | 3.00% | 2.63% | 2.45% |
Health care cost trend rates | 6.50% | 7.00% | 7.00% |
Postretirement Medical Benefi_5
Postretirement Medical Benefits - Change in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Retirement Benefits [Abstract] | ||
AOCI at the beginning of period | $ (3,331) | $ (3,882) |
Net prior service credit amortization | 693 | 693 |
Amortization of net actuarial gain | 316 | 250 |
Net actuarial loss for the period | (1,336) | (392) |
AOCI at the end of the period | $ (3,658) | $ (3,331) |
Postretirement Medical Benefi_6
Postretirement Medical Benefits - Weighted-Average Assumptions Used to Determine Postretirement Benefit Obligations (Detail) | Feb. 02, 2019 | Feb. 03, 2018 |
Retirement Benefits [Abstract] | ||
Discount rate | 3.04% | 3.00% |
Health care cost trend rate assumed for next year | 6.50% | 6.50% |
Ultimate trend rate | 5.00% | 5.00% |
Postretirement Medical Benefi_7
Postretirement Medical Benefits - Effects of One-Percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Thousands | 12 Months Ended |
Feb. 02, 2019USD ($) | |
Retirement Benefits [Abstract] | |
Effect of 1% increase in medical trend rates, increase in postretirement benefit obligation | $ 124 |
Effect of 1% increase in medical trend rates, increase in service and interest cost | 16 |
Effect of 1% decrease in medical trend rates, decrease in postretirement benefit obligation | 120 |
Effect of 1% decrease in medical trend rates, decrease in service and interest cost | $ 15 |
Postretirement Medical Benefi_8
Postretirement Medical Benefits - Estimated Future Benefit Payments for Postretirement Plan (Detail) $ in Thousands | Feb. 02, 2019USD ($) |
Retirement Benefits [Abstract] | |
2019 | $ 774 |
2020 | 707 |
2021 | 692 |
2022 | 706 |
2023 | 640 |
2024 to 2028 | 1,357 |
Total | $ 4,876 |
Postretirement Medical Benefi_9
Postretirement Medical Benefits - Additional Information (Detail) $ in Millions | 12 Months Ended |
Feb. 02, 2019USD ($) | |
Retirement Benefits [Abstract] | |
Minimum retirement age for participation in plan | 55 years |
Minimum service period for participation in plan | 10 years |
Expected contributions in 2019 | $ 0.8 |
Expected amortization of net actuarial gain in 2019 | $ 1 |
Asset Retirement Obligations -
Asset Retirement Obligations - Activity Relating to Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance, beginning of period | $ 12,998 | $ 11,846 | $ 10,714 |
Accretion expense | 1,031 | 959 | 895 |
Liabilities incurred during the year | 1,219 | 193 | 237 |
Balance, end of period | $ 15,248 | $ 12,998 | $ 11,846 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Major Components of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 04, 2018 | Feb. 03, 2018 | Jan. 28, 2017 |
Accrued expenses and other current liabilities [Abstract] | ||||
Employee compensation | $ 77,663 | $ 83,921 | ||
Outstanding checks and payables | 58,840 | 34,002 | ||
Insurance reserves | 47,813 | 40,620 | ||
BJ’s Perks rewards | 34,083 | 22,736 | ||
Sales, property, use and other taxes | 29,050 | 33,031 | ||
Fixed asset accruals | 13,849 | 19,405 | ||
Professional services | 20,197 | 7,998 | ||
Utilities, advertising and accrued interest | 16,177 | 41,709 | ||
MFI Sales and legal reserves | 12,744 | 6,652 | ||
Repairs and maintenance | 11,808 | 17,734 | ||
Other | 21,395 | 44,766 | ||
Total | 504,834 | $ 512,412 | 495,767 | |
Membership | ||||
Accrued expenses and other current liabilities [Abstract] | ||||
Deferred revenue | 134,415 | 126,216 | $ 116,483 | |
Other | ||||
Accrued expenses and other current liabilities [Abstract] | ||||
Deferred revenue | $ 26,800 | $ 16,977 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities - Deferred Membership Fee Income Activity (Detail) - Membership - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Contract with Customer, Liability [Roll Forward] | ||
Deferred MFI, beginning of period | $ 126,216 | $ 116,483 |
Cash received from members | 291,092 | 268,327 |
Revenue recognized in earnings | (282,893) | (258,594) |
Deferred MFI, end of period | $ 134,415 | $ 126,216 |
Other Noncurrent Liabilities -
Other Noncurrent Liabilities - Major Components of Other Noncurrent Liabilities (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Rent escalation liability | $ 82,907 | $ 76,867 |
Workers’ compensation and general liability | 70,585 | 72,317 |
Capital leases and financing obligations | 28,824 | 35,147 |
Interest rate swap liability | 19,410 | 0 |
Postretirement medical benefit and other | 16,938 | 21,634 |
Deferred gain on sale leasebacks | 16,348 | 17,639 |
Asset retirement obligations | 15,248 | 12,998 |
Lease incentives | 13,920 | 14,985 |
Above market leases | 13,643 | 15,806 |
Total noncurrent liabilities | $ 277,823 | $ 267,393 |
Book Overdrafts (Detail)
Book Overdrafts (Detail) - USD ($) $ in Millions | Feb. 02, 2019 | Feb. 03, 2018 |
Debt Instrument [Line Items] | ||
Bank overdraft | $ 50.3 | $ 70 |
Accounts payable | ||
Debt Instrument [Line Items] | ||
Bank overdraft | 32.1 | 36 |
Accrued expenses and other current liabilities | ||
Debt Instrument [Line Items] | ||
Bank overdraft | $ 18.2 | $ 34 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Detail) | Feb. 13, 2019USD ($)derivative_instrument | Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Sep. 29, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 30, 2016USD ($) |
Interest rate caps | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional amount | $ 1,000,000,000 | $ 1,700,000,000 | |||||
Forward cap rate | 2.50% | ||||||
Interest rate caps | LIBOR | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Interest rate basis spread on variable rate | 1.50% | ||||||
Interest rate swaps | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional amount | $ 100,000,000 | ||||||
Unrealized losses on derivatives | $ 19,400,000 | $ 0 | $ 0 | ||||
Subsequent event | Interest rate swaps | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Number of derivative instruments entered | derivative_instrument | 3 | ||||||
Amount of hedged debt | $ 1,200,000,000 | ||||||
Interest rate swap, interest rate | 3.00% | ||||||
Derivative liability | $ 19,400,000 |
Fair Value Measurements - Gross
Fair Value Measurements - Gross Carrying Values and Fair Value of Debt (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 1,819,045 | $ 2,752,563 |
Carrying Amount | First Lien Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 1,530,045 | 1,910,563 |
Carrying Amount | Second Lien Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 625,000 | |
Carrying Amount | ABL Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 289,000 | 217,000 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 1,805,872 | 2,750,174 |
Fair Value | First Lien Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 1,516,872 | 1,908,174 |
Fair Value | Second Lien Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 625,000 | |
Fair Value | ABL Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 289,000 | $ 217,000 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Weighted-Average Shares Outstanding (Detail) - shares | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |||
Weighted-average common shares outstanding, used for basic computation (in shares) | 116,599,102 | 88,385,864 | 88,163,992 |
Plus: Incremental shares of potentially dilutive securities | |||
Stock incentive awards (in shares) | 4,535,748 | 3,877,713 | 2,572,087 |
Weighted-average number of common and dilutive potential common shares outstanding (in shares) | 121,134,850 | 92,263,577 | 90,736,079 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |||
Stock incentive awards not included in the computation of diluted earnings (in shares) | 1,190,597 | 811,272 | 3,416,707 |
Condensed Financial Informati_3
Condensed Financial Information of Registrant (Parent Company Only) - Condensed Balance Sheets (Detail) - USD ($) | Feb. 02, 2019 | Feb. 04, 2018 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
ASSETS | |||||
Contingently redeemable common stock, par value $0.01; 0 shares issued and outstanding at February 2, 2019 and 1,456 shares issued and outstanding at February 3, 2018: | $ 0 | $ 10,438,000 | $ 8,145,000 | $ 7,951,000 | |
STOCKHOLDERS’ DEFICIT | |||||
Common stock, par value $0.01; 305,000 shares authorized; 138,099 shares issued and 137,317 shares outstanding at February 2, 2019; 87,073 shares issued and outstanding at February 3, 2018 | 1,381,000 | 871,000 | |||
Additional paid-in capital | 742,072,000 | 2,883,000 | |||
Accumulated deficit | (915,113,000) | $ (1,042,374,000) | (1,036,012,000) | ||
Treasury stock, at cost, 782 shares and no shares outstanding at February 2, 2019 and February 3, 2018, respectively. | (19,109,000) | 0 | |||
Total liabilities and stockholders’ deficit | 3,239,285,000 | 3,273,856,000 | |||
Parent Company | |||||
ASSETS | |||||
Investment in subsidiaries | (202,084,000) | (1,019,419,000) | |||
Contingently redeemable common stock, par value $0.01; 0 shares issued and outstanding at February 2, 2019 and 1,456 shares issued and outstanding at February 3, 2018: | 0 | 10,438,000 | |||
STOCKHOLDERS’ DEFICIT | |||||
Common stock, par value $0.01; 305,000 shares authorized; 138,099 shares issued and 137,317 shares outstanding at February 2, 2019; 87,073 shares issued and outstanding at February 3, 2018 | 1,381,000 | 871,000 | |||
Additional paid-in capital | 730,757,000 | 4,537,000 | |||
Accumulated deficit | (915,113,000) | (1,035,265,000) | |||
Treasury stock, at cost, 782 shares and no shares outstanding at February 2, 2019 and February 3, 2018, respectively. | 19,109,000 | 0 | |||
Total liabilities and stockholders’ deficit | $ (202,084,000) | $ (1,019,419,000) |
Condensed Financial Informati_4
Condensed Financial Information of Registrant (Parent Company Only) - Condensed Balance Sheets - Additional Information (Detail) - $ / shares | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Contingently redeemable common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Contingently redeemable common stock, issued (in shares) | 0 | 1,456,000 | ||
Contingently redeemable common stock, outstanding (in shares) | 0 | 1,456,000 | 1,043,000 | 945,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Common stock, authorized (in shares) | 305,000,000 | 305,000,000 | ||
Common stock, issued (in shares) | 138,099,000 | 87,073,000 | ||
Common stock, outstanding (in shares) | 137,317,000 | 87,073,000 | ||
Treasury stock (in shares) | 782,000 | 0 | ||
Parent Company | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Contingently redeemable common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Contingently redeemable common stock, issued (in shares) | 0 | 1,456,000 | ||
Contingently redeemable common stock, outstanding (in shares) | 0 | 1,456,000 | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Common stock, authorized (in shares) | 305,000,000 | 305,000,000 | ||
Common stock, issued (in shares) | 138,099,000 | 87,073,000 | ||
Common stock, outstanding (in shares) | 137,317,000 | 87,073,000 | ||
Treasury stock (in shares) | 782,000 | 0 |
Condensed Financial Informati_5
Condensed Financial Information of Registrant (Parent Company Only) - Condensed Statements of Operations and Comprehensive Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net income (loss) | $ 64,307 | $ 54,431 | $ (5,614) | $ 14,137 | $ 66,708 | $ 22,775 | $ 19,712 | $ (58,894) | $ 127,261 | $ 50,301 | $ 44,224 |
Net income per share attributable to common stockholders': | |||||||||||
Basic (in usd per share) | $ 0.47 | $ 0.40 | $ (0.05) | $ 0.16 | $ 0.75 | $ 0.26 | $ 0.22 | $ (0.67) | $ 1.09 | $ 0.57 | $ 0.50 |
Diluted (in usd per share) | $ 0.46 | $ 0.39 | $ (0.05) | $ 0.15 | $ 0.71 | $ 0.25 | $ 0.22 | $ (0.67) | $ 1.05 | $ 0.54 | $ 0.48 |
Weighted-average number of common shares outstanding: | |||||||||||
Basic (in shares) | 116,599,102 | 88,385,864 | 88,163,992 | ||||||||
Diluted (in shares) | 121,134,850 | 92,263,577 | 90,736,079 | ||||||||
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Equity in net income of subsidiaries | $ 127,261 | $ 50,301 | $ 44,224 | ||||||||
Net income (loss) | $ 127,261 | $ 50,301 | $ 44,224 | ||||||||
Net income per share attributable to common stockholders': | |||||||||||
Basic (in usd per share) | $ 1.09 | $ 0.57 | $ 0.50 | ||||||||
Diluted (in usd per share) | $ 1.05 | $ 0.54 | $ 0.48 | ||||||||
Weighted-average number of common shares outstanding: | |||||||||||
Basic (in shares) | 116,599,000 | 88,386,000 | 88,164,000 | ||||||||
Diluted (in shares) | 121,135,000 | 92,264,000 | 90,736,000 |
Condensed Financial Informati_6
Condensed Financial Information of Registrant (Parent Company Only) - Additional Information (Detail) - Parent Company $ in Millions | Feb. 02, 2019USD ($) |
Condensed Financial Statements, Captions [Line Items] | |
Net Income free of restrictions and available for payment of dividends | $ 127.3 |
Restricted net assets of consolidated subsidiaries | $ 131.3 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 02, 2018 | Feb. 03, 2017 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Dividend paid to common stockholders | $ 735,500 | $ 735,500 | |||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||
Revenue | $ 3,416,882 | $ 3,221,663 | $ 3,307,105 | $ 3,061,697 | $ 3,555,989 | $ 3,084,245 | $ 3,167,527 | 2,946,828 | $ 13,007,347 | $ 12,754,589 | $ 12,350,537 | ||
Gross profit | 628,945 | 592,088 | 588,503 | 551,359 | 621,286 | 560,948 | 553,340 | 505,523 | |||||
Net income (loss) | $ 64,307 | $ 54,431 | $ (5,614) | $ 14,137 | $ 66,708 | $ 22,775 | $ 19,712 | $ (58,894) | $ 127,261 | $ 50,301 | $ 44,224 | ||
Basic earnings (loss) per share (in usd per share) | $ 0.47 | $ 0.40 | $ (0.05) | $ 0.16 | $ 0.75 | $ 0.26 | $ 0.22 | $ (0.67) | $ 1.09 | $ 0.57 | $ 0.50 | ||
Diluted earnings (loss) per share (in usd per share) | $ 0.46 | $ 0.39 | $ (0.05) | $ 0.15 | $ 0.71 | $ 0.25 | $ 0.22 | $ (0.67) | $ 1.05 | $ 0.54 | $ 0.48 | ||
Product | |||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||
Revenue | $ 3,343,814 | $ 3,150,234 | $ 3,236,664 | $ 2,993,742 | $ 3,489,973 | $ 3,019,389 | $ 3,103,335 | $ 2,883,298 | $ 12,724,454 | $ 12,495,995 | $ 12,095,302 | ||
Second Lien Term Loan | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Debt extinguishment amount | $ 623,200 | $ 623,200 |
Subsequent Events (Detail)
Subsequent Events (Detail) - Subsequent event | Mar. 11, 2019shares |
Subsequent Event [Line Items] | |
Term of purchase option granted to underwriters by selling stockholders | 30 days |
Public offering - shares sold by existing stockholders | |
Subsequent Event [Line Items] | |
Common stock sold by certain selling stockholders (in shares) | 17,000,000 |
Public offering - shares sold by existing stockholders to underwriters | |
Subsequent Event [Line Items] | |
Common stock sold by certain selling stockholders (in shares) | 2,550,000 |