Document and Entity Information
Document and Entity Information | 6 Months Ended |
Aug. 03, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Aug. 03, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | BURL |
Entity Registrant Name | BURLINGTON STORES, INC. |
Entity Central Index Key | 0001579298 |
Current Fiscal Year End Date | --02-01 |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 63,662,358 |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity File Number | 001-36107 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 80-0895227 |
Entity Address, Address Line One | 2006 Route 130 North |
Entity Address, City or Town | Burlington |
Entity Address, State or Province | NJ |
Entity Address, Postal Zip Code | 08016 |
City Area Code | 609 |
Local Phone Number | 387-7800 |
Entity Interactive Data Current | Yes |
Title of 12(b) Security | Common stock |
Security Exchange Name | NYSE |
Document Quarterly Report | true |
Document Transition Report | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
REVENUES: | ||||
Net sales | $ 2,461,193 | $ 2,170,445 | $ 4,818,510 | $ 4,303,239 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Other revenue | $ 4,324 | $ 4,362 | $ 8,560 | $ 8,524 |
Total revenue | 2,465,517 | 2,174,807 | 4,827,070 | 4,311,763 |
COSTS AND EXPENSES: | ||||
Cost of sales | 1,408,120 | 1,266,210 | 2,738,846 | 2,497,856 |
Selling, general and administrative expenses | 863,981 | 775,285 | 1,689,207 | 1,530,913 |
Costs related to debt amendments | 97 | 97 | ||
Depreciation and amortization | 86,659 | 73,133 | 168,624 | 143,662 |
Impairment charges - long-lived assets | 4,709 | 8,210 | 5,552 | |
Other income - net | (9,492) | (6,165) | (20,354) | (15,163) |
Loss on extinguishment of debt | 24,644 | |||
Interest expense | 16,582 | 19,545 | 33,231 | 38,890 |
Total costs and expenses | 2,365,850 | 2,132,814 | 4,617,764 | 4,226,451 |
Income before income tax expense | 99,667 | 41,993 | 209,306 | 85,312 |
Income tax expense | 25,907 | 11,101 | 57,032 | 21,672 |
Net income | $ 73,760 | $ 30,892 | $ 152,274 | $ 63,640 |
Net income per common stock - basic | $ 1.16 | $ 0.48 | $ 2.39 | $ 0.98 |
Net income per common stock - diluted | $ 1.15 | $ 0.47 | $ 2.37 | $ 0.98 |
Weighted average number of common stock - basic | 63,734 | 64,895 | 63,803 | 64,925 |
Weighted average number of common stock - diluted | 64,328 | 65,039 | 64,284 | 65,141 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 73,760 | $ 30,892 | $ 152,274 | $ 63,640 |
Interest rate derivative contracts: | ||||
Net unrealized (loss) gain arising during the period | (9,037) | 8,465 | (1,302) | 9,412 |
Net reclassification into earnings during the period | (3,347) | (1,179) | (6,690) | (2,006) |
Other comprehensive (loss) income, net of tax | (12,384) | 7,286 | (7,992) | 7,406 |
Total comprehensive income | $ 61,376 | $ 38,178 | $ 144,282 | $ 71,046 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
Current assets: | |||
Cash and cash equivalents | $ 659,910 | $ 925,359 | $ 520,974 |
Accounts receivable—net | 99,659 | 74,361 | 80,742 |
Merchandise inventories | 1,222,714 | 1,087,841 | 1,161,523 |
Assets held for disposal | 27,963 | 23,299 | 5,120 |
Prepaid and other current assets | 247,678 | 216,164 | 148,711 |
Total current assets | 2,257,924 | 2,327,024 | 1,917,070 |
Property and equipment—net | 2,063,818 | 1,880,325 | 1,699,469 |
Operating lease assets | 3,144,169 | 3,132,768 | 2,925,595 |
Tradenames | 238,000 | 238,000 | 238,000 |
Goodwill | 47,064 | 47,064 | 47,064 |
Deferred tax assets | 2,190 | 2,436 | 2,925 |
Other assets | 68,271 | 79,223 | 85,415 |
Total assets | 7,821,436 | 7,706,840 | 6,915,538 |
Current liabilities: | |||
Accounts payable | 1,017,449 | 956,350 | 773,494 |
Current operating lease liabilities | 388,849 | 411,395 | 400,266 |
Other current liabilities | 604,465 | 647,338 | 456,075 |
Current maturities of long term debt | 167,892 | 13,703 | 13,867 |
Total current liabilities | 2,178,655 | 2,028,786 | 1,643,702 |
Long term debt | 1,234,521 | 1,394,942 | 1,347,727 |
Long term operating lease liabilities | 3,020,557 | 2,984,794 | 2,801,058 |
Other liabilities | 74,092 | 73,793 | 70,771 |
Deferred tax liabilities | 243,274 | 227,593 | 226,421 |
Commitments and contingencies (Note 11) | |||
Stockholders’ equity: | |||
Preferred stock, $0.0001 par value: authorized: 50,000,000 shares; no shares issued and outstanding | |||
Common stock, $0.0001 par value: Authorized: 500,000,000 shares Issued: 82,746,507 shares, 82,399,577 shares and 82,326,476 shares, respectively Outstanding: 63,662,358 shares, 63,964,371 shares and 64,850,028 shares, respectively | 8 | 8 | 8 |
Additional paid-in-capital | 2,186,107 | 2,118,356 | 2,064,048 |
Accumulated earnings | 1,136,338 | 984,064 | 708,055 |
Accumulated other comprehensive income | 25,541 | 33,533 | 36,154 |
Treasury stock, at cost | (2,277,657) | (2,139,029) | (1,982,406) |
Total stockholders' equity | 1,070,337 | 996,932 | 825,859 |
Total liabilities and stockholders' equity | $ 7,821,436 | $ 7,706,840 | $ 6,915,538 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
Statement of Financial Position [Abstract] | |||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred Stock, Authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred Stock, Issued | 0 | 0 | 0 |
Preferred Stock, Outstanding | 0 | 0 | 0 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common Stock, Authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 82,746,507 | 82,399,577 | 82,326,476 |
Common Stock, Shares Outstanding | 63,662,358 | 63,964,371 | 64,850,028 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Aug. 03, 2024 | Jul. 29, 2023 | ||
OPERATING ACTIVITIES | |||
Net income | $ 152,274 | $ 63,640 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 168,624 | 143,662 | |
Impairment charges—long-lived assets | 8,210 | 5,552 | |
Amortization of deferred financing costs | 1,512 | 1,620 | |
Accretion of long term debt instruments | 466 | 471 | |
Deferred income taxes | 18,831 | 18,001 | |
Loss on extinguishment of debt | 24,644 | ||
Non-cash stock compensation expense | [1] | 43,885 | 36,147 |
Non-cash lease expense | (3,084) | (2,993) | |
Cash received from landlord allowances | 4,491 | 4,540 | |
Changes in assets and liabilities: | |||
Accounts receivable | (26,304) | (9,774) | |
Merchandise inventories | (134,872) | 20,460 | |
Prepaid and other current assets | (31,515) | (17,020) | |
Accounts payable | 76,011 | (183,775) | |
Other current liabilities | (62,049) | (72,833) | |
Other long term assets and long term liabilities | 323 | 1,368 | |
Other operating activities | (6,997) | (3,884) | |
Net cash provided by operating activities | 209,806 | 29,826 | |
INVESTING ACTIVITIES | |||
Cash paid for property and equipment | (360,438) | (184,752) | |
Lease acquisition costs | (575) | (6,737) | |
Net (removal costs) proceeds from sale of property and equipment and assets held for sale | (1,259) | 13,831 | |
Net cash used in investing activities | (362,272) | (177,658) | |
FINANCING ACTIVITIES | |||
Principal payment on long term debt- 2025 Convertible Notes | (133,724) | ||
Purchase of treasury shares | (137,739) | (88,056) | |
Proceeds from stock option exercises | 23,866 | 12,276 | |
Other financing activities | 5,697 | 3,912 | |
Net cash used in financing activities | (112,983) | (210,399) | |
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents | (265,449) | (358,231) | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 925,359 | 879,205 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 659,910 | 520,974 | |
Supplemental disclosure of cash flow information: | |||
Interest paid | 40,380 | 44,969 | |
Income tax payments - net | 129,347 | 63,574 | |
Non-cash investing and financing activities: | |||
Finance lease modification | (1,523) | ||
Accrued purchases of property and equipment | 114,426 | 54,503 | |
Senior Secured Term B-6 Loans | |||
FINANCING ACTIVITIES | |||
Principal payments on long term debt | $ (4,807) | $ (4,807) | |
[1] The amounts presented in the table above exclude taxes. For the three and six month periods ended August 3, 2024 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 4.3 million and $ 7.9 million, respectively. For the three and six month periods ended July 29, 2023 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.6 million and $ 6.9 million, respectively . |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ 73,760 | $ 78,514 | $ 30,892 | $ 32,748 | $ 152,274 | $ 63,640 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Aug. 03, 2024 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On June 21, 2024 , Travis Marquette , the Company’s President and Chief Operating Officer , adopted a written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 50% of the net vested shares of the Company’s common stock received in connection with the vesting of certain restricted stock units and performance stock units in 2024 and 2025, subject to certain conditions. The plan’s expiration date is May 31, 2025 . During the three-month period ended August 3, 2024, other than the trading arrangement noted above, no director or officer of the Company adopted , modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K |
Travis Marquette | |
Trading Arrangements, by Individual | |
Name | Travis Marquette |
Title | President and Chief Operating Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 21, 2024 |
Expiration Date | May 31, 2025 |
Arrangement Duration | 345 days |
Other Director Or Officer | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule 10b5-1 Arrangement Modified | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 03, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation As of August 3, 2024, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 1,057 retail stores. These unaudited Condensed Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The Condensed Consolidated Financial Statements are unaudited, but in the opinion of management reflect all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of operations for the interim periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 (Fiscal 2023 10-K). The balance sheet at February 3, 2024 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2023 10-K. Because the Company’s business is seasonal in nature, the operating results for the three and six month periods ended August 3, 2024 are not necessarily indicative of results for the fiscal year. Accounting policies followed by the Company are described in Note 1, “Summary of Significant Accounting Policies,” included in Part II, Item 8 of the Fiscal 2023 10-K. Fiscal Year The Company defines its fiscal year as the 52 or 53-week period ending on the Saturday closest to January 31. Fiscal 2024 is defined as the 52-week year ending February 1, 2025, and Fiscal 2023 is defined as the 53-week year ended February 3, 2024. The first and second quarters of Fiscal 2024 and Fiscal 2023 each consist of 13 weeks. Recently Adopted Accounting Standards There were no new accounting standards that had a material impact on the Company’s Condensed Consolidated Financial Statements and notes thereto during the three and six month periods ended August 3, 2024. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" (ASU 2023-09) to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. We are currently determining the impact that ASU 2023-09 will have on the Company's consolidated financial statement disclosures |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Aug. 03, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity | 2. Stockholders’ Equity Activity for the three and six month periods ended August 3, 2024 and July 29, 2023 in the Company’s stockholders’ equity is summarized below: (in thousands, except share data) Common Stock Additional Accumulated Accumulated Treasury Stock Shares Amount Capital Earnings Income Shares Amount Total Balance at February 3, 2024 82,399,577 $ 8 $ 2,118,356 $ 984,064 $ 33,533 ( 18,435,206 ) $ ( 2,139,029 ) $ 996,932 Net income — — — 78,514 — — — 78,514 Stock options exercised 55,688 — 8,472 — — — — 8,472 Shares used for tax withholding — — — — — ( 63,407 ) ( 12,222 ) ( 12,222 ) Shares purchased as part of publicly announced program, inclusive of $ 0.4 million related to excise tax — — — — — ( 312,238 ) ( 63,769 ) ( 63,769 ) Vesting of restricted shares 181,607 — — — — — — — Stock based compensation — — 19,107 — — — — 19,107 Unrealized gains on interest rate derivative contracts, net of related taxes of $ 2.8 million — — — — 7,735 — — 7,735 Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $ 1.2 million — — — — ( 3,343 ) — — ( 3,343 ) Balance at May 4, 2024 82,636,872 8 2,145,935 1,062,578 37,925 ( 18,810,851 ) ( 2,215,020 ) 1,031,426 Net income — — — 73,760 — — — 73,760 Stock options exercised 89,961 — 15,393 — — — — 15,393 Shares used for tax withholding — — — — — ( 3,790 ) ( 916 ) ( 916 ) Shares purchased as part of publicly announced program, inclusive of $ 0.5 million related to excise tax — — — — — ( 269,508 ) ( 61,721 ) ( 61,721 ) Vesting of restricted shares 19,674 — — — — — — — Stock based compensation — — 24,779 — — — — 24,779 Unrealized losses on interest rate derivative contracts, net of related taxes of $ 3.3 million — — — — ( 9,037 ) — — ( 9,037 ) Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $ 1.2 million — — — — ( 3,347 ) — — ( 3,347 ) Balance at August 3, 2024 82,746,507 $ 8 $ 2,186,107 $ 1,136,338 $ 25,541 ( 19,084,149 ) $ ( 2,277,657 ) $ 1,070,337 (in thousands, except share data) Common Stock Additional Accumulated (Deficit) Accumulated Treasury Stock Shares Amount Capital Earnings (Loss) Income Shares Amount Total Balance at January 28, 2023 82,037,994 $ 8 $ 2,015,625 $ 644,415 $ 28,748 ( 17,018,281 ) $ ( 1,893,891 ) $ 794,905 Net income — — — 32,748 — — — 32,748 Stock options exercised 90,971 — 10,764 — — — — 10,764 Shares used for tax withholding — — — — — ( 9,457 ) ( 1,962 ) ( 1,962 ) Shares purchased as part of publicly announced program, inclusive of $ 0.4 million related to excise tax — — — — — ( 245,414 ) ( 51,823 ) ( 51,823 ) Vesting of restricted shares 28,536 — — — — — — — Stock based compensation — — 16,722 — — — — 16,722 Unrealized gains on interest rate derivative contracts, net of related taxes of $ 0.3 million — — — — 947 — — 947 Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $ 0.3 million — — — — ( 827 ) — — ( 827 ) Balance at April 29, 2023 82,157,501 8 2,043,111 677,163 28,868 ( 17,273,152 ) ( 1,947,676 ) 801,474 Net income — — — 30,892 — — — 30,892 Stock options exercised 15,236 — 1,512 — — — — 1,512 Shares used for tax withholding — — — — — ( 48,938 ) ( 8,626 ) ( 8,626 ) Shares purchased as part of publicly announced program, inclusive of $ 0.1 million related to excise tax — — — — — ( 154,358 ) ( 26,104 ) ( 26,104 ) Vesting of restricted shares 153,739 — — — — — — — Stock based compensation — — 19,425 — — — — 19,425 Unrealized gains on interest rate derivative contracts, net of related taxes of $ 3.1 million — — — — 8,465 — — 8,465 Amount reclassified from accumulated other comprehensive loss into earnings, net of related taxes of $ 0.4 million — — — — ( 1,179 ) — — ( 1,179 ) Balance at July 29, 2023 82,326,476 $ 8 $ 2,064,048 $ 708,055 $ 36,154 ( 17,476,448 ) $ ( 1,982,406 ) $ 825,859 |
Lease Commitments
Lease Commitments | 6 Months Ended |
Aug. 03, 2024 | |
Leases [Abstract] | |
Lease Commitments | 3. Lease Commitments The Company’s leases primarily consist of stores, distribution facilities and office space under operating and finance leases that will expire principally during the next 30 years. The leases typically include renewal options at five-year intervals and escalation clauses. Lease renewals are only included in the lease liability to the extent that they are reasonably assured of being exercised. The Company’s leases typically provide for contingent rentals based on a percentage of gross sales. Contingent rentals are not included in the lease liability, and they are recognized as variable lease cost when incurred. The following is a schedule of the Company’s future lease payments: (in thousands) Fiscal Year Operating Finance 2024 (remainder) $ 256,021 $ 1,737 2025 635,498 3,526 2026 595,703 3,640 2027 553,437 3,640 2028 505,187 3,447 Thereafter 1,767,772 20,787 Total future minimum lease payments 4,313,618 36,777 Amount representing interest ( 904,212 ) ( 10,754 ) Total lease liabilities 3,409,406 26,023 Less: current portion of lease liabilities ( 388,849 ) ( 2,123 ) Total long term lease liabilities $ 3,020,557 $ 23,900 Weighted average discount rate 5.9 % 5.5 .% Weighted average remaining lease term (years) 7.9 12.4 The above schedule excludes approximately $ 609.4 million for 68 stores and one distribution center that the Company has committed to open or relocate but has not yet taken possession of the space. The discount rates used in valuing the Company’s leases are not readily determinable, and are based on the Company’s incremental borrowing rate on a fully collateralized basis. The Company has entered into a lease agreement for a new distribution center in Ellabell, GA, which is expected to commence in Spring 2025. The Company does not have control of the asset during construction, but it is involved in the design and construction of the related asset. Additionally, the lease agreement has a purchase option, which can be exercised beginning after the earlier of (a) substantial completion of construction or (b) the date the Company commences business operations in the premises. The following is a schedule of net lease costs for the periods indicated: (in thousands) Three Months Ended Six Months Ended August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Finance lease cost: Amortization of finance lease asset (a) $ 643 $ 877 $ 1,442 $ 1,753 Interest on lease liabilities (b) 362 475 745 971 Operating lease cost (c) 156,848 140,852 308,028 279,802 Variable lease cost (c) 61,596 55,878 122,552 109,949 Total lease cost 219,449 198,082 432,767 392,475 Impairment (gain) on sale and leaseback transaction (d) — — 8,210 ( 1,958 ) Less all rental income (e) ( 1,334 ) ( 1,442 ) ( 2,713 ) ( 2,840 ) Total net rent expense (f) $ 218,115 $ 196,640 $ 438,264 $ 387,677 (a) Included in the line item “Depreciation and amortization” in the Company’s Condensed Consolidated Statements of Income. (b) Included in the line item “Interest expense” in the Company’s Condensed Consolidated Statements of Income. (c) Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. (d) Impairment included in the line item "Impairment charges - long-lived assets" and gain included in line item “Other income - net” in the Company’s Condensed Consolidated Statements of Income. (e) Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of Income. (f) Excludes an immaterial amount of short-term lease cost. Supplemental cash flow disclosures related to leases are as follows: (in thousands) Six Months Ended August 3, 2024 July 29, 2023 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (a) $ 311,147 $ 282,825 Cash payments for the principal portion of finance lease liabilities (b) $ 1,523 $ 1,952 Cash payments for the interest portion of finance lease liabilities (a) $ 745 $ 971 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 305,936 $ 188,878 (a) Included within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows. (b) Included within financing activities in the Company’s Condensed Consolidated Statements of Cash Flows. |
Long Term Debt
Long Term Debt | 6 Months Ended |
Aug. 03, 2024 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 4. Long Term Debt Long term debt consists of: (in thousands) August 3, February 3, July 29, 2024 2024 2023 Senior secured term loan facility (Term B-6 Loans), adjusted SOFR (with a floor of 0.00 %) plus 2.00 %, matures on June 24, 2028 $ 929,014 $ 933,355 $ 937,676 Convertible senior notes, 2.25 %, mature on April 15, 2025 156,155 156,155 397,375 Convertible senior notes, 1.25 %, mature on December 15, 2027 297,069 297,069 — ABL senior secured revolving facility, SOFR plus spread based on average outstanding balance, matures on December 22, 2026 — — — Finance lease obligations 26,023 29,069 31,495 Unamortized deferred financing costs ( 5,848 ) ( 7,003 ) ( 4,952 ) Total debt 1,402,413 1,408,645 1,361,594 Less: current maturities ( 167,892 ) ( 13,703 ) ( 13,867 ) Long term debt, net of current maturities $ 1,234,521 $ 1,394,942 $ 1,347,727 Term Loan Facility BCFWC and certain of its subsidiaries and holding companies are party to a Credit Agreement (as amended, supplemented and otherwise modified, the Term Loan Facility) that provides for term loans in an aggregate principal amount as of August 3, 2024 of $ 932.6 million maturing on June 24, 2028 . The Term Loan Facility is collateralized by a first lien on BCFWC’s and each guarantor’s equity interests, equipment, intellectual property, and certain favorable leases and real estate, and certain related assets and proceeds thereof (subject to certain exceptions), and a second lien on BCFWC’s and each guarantor’s other assets and proceeds thereof (subject to certain exceptions). On May 11, 2023, the Company amended the Term Loan Credit Agreement to, effective as of June 30, 2023, change one of the reference interest rates for borrowings under the Term Loan Facility from the Term Loan Adjusted LIBOR Rate to the Adjusted Term Secured Overnight Financing Rate (SOFR) Rate (as defined in the Term Loan Credit Agreement). The Adjusted Term SOFR Rate includes a credit spread adjustment of 0.11 % for an interest period of one-month’s duration, 0.26 % for an interest period of three-months’ duration and 0.43 % for an interest period of six-months’ duration, with a floor of 0.00 %. Interest rates for the Term Loan Facility are based on: (i) for SOFR loans, a rate per annum equal to the Adjusted Term SOFR Rate for the applicable interest period, plus a margin of 2.00 %; and (ii) for prime rate loans, a rate per annum equal to the highest of (a) the variable annual rate of interest then announced by JPMorgan Chase Bank, N.A. at its head office as its “prime rate,” (b) the federal reserve bank of New York rate in effect on such date plus 0.50 % per annum, and (c) the Adjusted Term SOFR Rate for the applicable class of term loans for one-month plus 1.00 %, plus, in each case, a margin of 1.00 %. At August 3, 2024 and July 29, 2023 , the interest rate related to the Term Loan Facility was 7.5 % and 7.4 %, respectively. 2025 Convertible Notes On April 16, 2020, the Company issued $ 805.0 million of its 2.25 % Convertible Senior Notes due 2025 (2025 Convertible Notes). The 2025 Convertible Notes are general unsecured obligations of the Company. The 2025 Convertible Notes bear interest at a rate of 2.25 % per year, payable semi-annually in cash, in arrears, on April 15 and October 15 of each year. The 2025 Convertible Notes will mature on April 15, 2025 , unless earlier converted, redeemed or repurchased. During the first quarter of Fiscal 2023, the Company entered into separate, privately negotiated exchange agreements with certain holders of the 2025 Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $ 110.3 million in aggregate principal amount of 2025 Convertible Notes held by them for $ 133.3 million in cash. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $ 24.6 million. Prior to the close of business on the business day immediately preceding January 15, 2025, the 2025 Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the 2025 Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2025 Convertible Notes have an initial conversion rate of 4.5418 shares per $ 1,000 principal amount of 2025 Convertible Notes (equivalent to an initial conversion price of approximately $ 220.18 per share of the Company’s common stock), subject to adjustment if certain events occur. The initial conversion price represents a conversion premium of approximately 32.50 % over $ 166.17 per share, the last reported sale price of the Company’s common stock on April 13, 2020 (the pricing date of the offering) on the New York Stock Exchange. During the first quarter of Fiscal 2021, the Company made an irrevocable settlement election for any conversions of the 2025 Convertible Notes. Upon conversion, the Company will pay cash for the principal amount. For any excess above principal, the Company will deliver shares of its common stock. The Company was not permitted to redeem the 2025 Convertible Notes prior to April 15, 2023. From and after April 15, 2023, the Company is able to redeem for cash all or any portion of the 2025 Convertible Notes, at its option, if the last reported sale price of the Company’s common stock is equal to or greater than 130 % of the conversion price for a specified period of time, at a redemption price equal to 100 % of the principal aggregate amount of the 2025 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Holders of the 2025 Convertible Notes may require the Company to repurchase their 2025 Convertible Notes upon the occurrence of certain events that constitute a fundamental change under the indenture governing the 2025 Convertible Notes at a purchase price equal to 100 % of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2025 Convertible Notes in connection with such corporate event or during the relevant redemption period for such 2025 Convertible Notes. The effective interest rate is 2.8 %. 2027 Convertible Notes On September 12, 2023, the Company closed the issuance of approximately $ 297.1 million aggregate principal amount of its 1.25 % Convertible Senior Notes due 2027 (2027 Convertible Notes) pursuant to separate, privately negotiated exchange and subscription agreements with a limited number of holders of its 2025 Convertible Notes and certain investors, in each case pursuant to exemptions from registration under the Securities Act of 1933. The Company exchanged approximately $ 241.2 million in aggregate principal amount of the 2025 Convertible Notes for approximately $ 255.0 million in aggregate principal amount of the 2027 Convertible Notes. This exchange resulted in aggregate pre-tax debt extinguishment charges of $ 13.6 million. The Company also issued approximately $ 42.1 million in aggregate principal amount of 2027 Convertible Notes in a private placement to certain investors. An aggregate of up to 1,422,568 shares of common stock may be issued upon conversion of the 2027 Convertible Notes, which number is subject to adjustment up to an aggregate of 1,911,372 shares following certain corporate events that occur prior to the maturity date or if the Company issues a notice of redemption, and which is also subject to certain anti-dilution adjustments. The 2027 Convertible Notes will bear interest at a rate of 1.25 % per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2023. The 2027 Convertible Notes will mature on December 15, 2027 , unless earlier converted, redeemed or repurchased. Prior to the close of business on the business day immediately preceding September 15, 2027, the 2027 Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the 2027 Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2027 Convertible Notes have an initial conversion rate of 4.8560 shares per $ 1,000 principal amount of 2027 Convertible Notes (equivalent to an initial conversion price of approximately $ 205.93 per share of the Company’s common stock), subject to adjustment if certain events occur. The initial conversion price represents a conversion premium of approximately 32.50 % over $ 155.42 per share, the last reported sale price of the Company’s common stock on September 7, 2023 on The New York Stock Exchange. Upon conversion, the Company will pay cash up to the aggregate principal amount of 2027 Convertible Notes being converted, and pay (and deliver, if applicable) cash, shares of the Company’s common stock or a combination thereof, at its election, in respect of the remainder (if any) of the Company’s conversion obligation in excess of such aggregate principal amount. The Company will not be able to redeem the 2027 Convertible Notes prior to December 20, 2025. On or after December 20, 2025 and prior to the 21st scheduled trading day immediately preceding December 15, 2027, the Company will be able to redeem for cash all or any portion of the 2027 Convertible Notes, at its option, if the last reported sale price of the Company’s common stock is equal to or greater than 130 % of the conversion price for a specified period of time, at a redemption price equal to 100 % of the aggregate principal amount of the 2027 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company undergoes a fundamental change, subject to certain conditions, holders of the 2027 Convertible Notes may require the Company to repurchase for cash all or any portion of their 2027 New Convertible Notes. The fundamental change repurchase price will be 100 % of the aggregate principal amount of the 2027 Convertible Notes to be repurchased plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The effective interest rate is 1.7 %. ABL Line of Credit BCFWC and certain of its subsidiaries and holding companies are party to a Second Amended and Restated Credit Agreement (as amended, supplemented and otherwise modified, the ABL Line of Credit) that provides for $ 900.0 million of revolving commitments (subject to a borrowing base limitation) maturing on December 22, 2026 , and, subject to the satisfaction of certain conditions, BCFWC can increase the aggregate amount of commitments up to $ 1,200 million. The interest rate margin applicable under the ABL Line of Credit is 1.125 % to 1.375 % in the case of a daily SOFR rate or a term SOFR rate (in each case, plus a credit spread adjustment of 0.10 %), and 0.125 % to 0.375 % in the case of a prime rate, depending on the average daily availability of the lesser of (a) the total commitments or (b) the borrowing base. The ABL Line of Credit is collateralized by a first priority lien on BCFWC’s and each guarantor's inventory, receivables, bank accounts, and certain related assets and proceeds thereof (subject to certain exceptions), and a second priority lien on BCFWC’s and each guarantor's other assets and proceeds thereof (other than real estate and subject to certain exceptions). On June 26, 2023, BCFWC entered into a Fifth Amendment to the Second Amended and Restated Credit Agreement, which increased the sublimit for letters of credit thereunder from $ 150 million to $ 250 million. The letter of credit sublimit was automatically reduced to $ 225 million on July 1, 2024, and will be automatically reduced to (i) $ 212.5 million on October 1, 2024, and (ii) $ 200 million on January 1, 2025. BCFWC and the agent may extend the foregoing date under clause (i), as long as the sublimit is reduced to $ 200 million no later than January 1, 2025. At August 3, 2024 , the Company had $ 816.1 million available under the ABL Line of Credit. There were no borrowings under the ABL Line of Credit during the three and six month periods ended August 3, 2024. At July 29, 2023 , the Company had $ 818.7 million available under the ABL Line of Credit. There were no borrowings under the ABL Line of Credit during the three and six month periods ended July 29, 2023 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Aug. 03, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 5. Derivative Instruments and Hedging Activities The Company accounts for derivatives and hedging activities in accordance with ASC 815, “Derivatives and Hedging” (ASC 815). As required by ASC 815, the Company records all derivatives on the balance sheet at fair value and adjusts to market on a quarterly basis. In addition, to comply with the provisions of ASC 820, “Fair Value Measurements” (ASC 820), credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees. In accordance with ASC 820, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. There is no impact of netting, because the Company has only one derivative. The Company classifies its derivative valuations in Level 2 of the fair value hierarchy. On December 17, 2018, the Company entered into an interest rate swap, which hedged $ 450 million of the variable rate exposure under the Term Loan Facility at a rate of 2.72 %. On June 24, 2021, the Company terminated this previous interest rate swap, and entered into a new interest rate swap, which hedges $ 450 million of the variable rate exposure on the Term Loan Facility at a blended rate of 2.19 %, and is designated as a cash flow hedge. During the second quarter of Fiscal 2023, the Company amended its interest rate swap to be based on SOFR rather than LIBOR, which resulted in an updated swap rate of 2.16 %. This amendment was covered under the guidance in ASC Topic No. 848 "Reference Rate Reform" (ASC 848) and did not impact the hedge accounting relationship. The amount of loss deferred for the previous interest rate swap was $ 26.9 million. The Company amortized this amount from accumulated other comprehensive income into interest expense over the original life of the previous interest rate swap, which had an original maturity date of December 29, 2023 . The new interest rate swap had a liability fair value at inception of $ 26.9 million. The Company is accreting this amount into accumulated other comprehensive income as a benefit to interest expense over the life of the new interest rate swap, which has a maturity date of June 24, 2028 . Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of August 3, 2024, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk: Interest Rate Derivative Number of Notional Aggregate Principal Amount Interest Swap Rate Maturity Date Interest rate swap contract One $ 450.0 million 2.16 % June 24, 2028 Tabular Disclosure The table below presents the fair value of the Company’s derivative financial instruments on a gross basis as well as their classification on the Company’s Condensed Consolidated Balance Sheets: (in thousands) Fair Values of Derivative Instruments August 3, 2024 February 3, 2024 July 29, 2023 Derivatives Designated as Hedging Instruments Balance Fair Balance Fair Balance Fair Interest rate swap contracts Other assets $ 20,090 Other assets $ 29,075 Other assets $ 36,134 The following table presents the unrealized gains and losses deferred to accumulated other comprehensive income resulting from the Company’s derivative financial instruments for each of the reporting periods. (in thousands) Three Months Ended Six Months Ended Interest Rate Derivatives: August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Unrealized (losses) gains, before taxes $ ( 12,338 ) $ 11,560 $ ( 1,765 ) $ 12,853 Income tax expense (benefit) 3,301 ( 3,095 ) 463 ( 3,441 ) Unrealized (losses) gains, net of taxes $ ( 9,037 ) $ 8,465 $ ( 1,302 ) $ 9,412 The following table presents information about the reclassification of gains and losses from accumulated other comprehensive income into earnings related to the Company’s derivative instruments for each of the reporting periods. (in thousands) Three Months Ended Six Months Ended Component of Earnings: August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Interest benefit $ ( 4,568 ) $ ( 1,610 ) $ ( 9,131 ) $ ( 2,739 ) Income tax expense 1,221 431 2,441 733 Net reclassification into earnings $ ( 3,347 ) $ ( 1,179 ) $ ( 6,690 ) $ ( 2,006 ) The Company estimates that approximately $ 12.8 million will be reclassified from accumulated other comprehensive income as a reduction to interest expense during the next twelve months. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Aug. 03, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements The Company accounts for fair value measurements in accordance with ASC 820, which defines fair value, establishes a framework for measurement and expands disclosure about fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price), and classifies the inputs used to measure fair value into the following hierarchy: Level 1: Quoted prices for identical assets or liabilities in active markets. Level 2: Quoted market prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Pricing inputs that are unobservable for the assets and liabilities and include situations where there is little, if any, market activity for the assets and liabilities. The inputs into the determination of fair value require significant management judgment or estimation. The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments. Refer to Note 5, “Derivative Instruments and Hedging Activities,” for further discussion regarding the fair value of the Company’s interest rate swap contract. Financial Assets The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of August 3, 2024, February 3, 2024 and July 29, 2023 are summarized below: (in thousands) Fair Value Measurements at August 3, February 3, July 29, 2024 2024 2023 Level 1 Cash equivalents (including restricted cash equivalents) $ 276,780 $ 657,292 $ 206,373 Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of ASC 820. The fair value of the Company’s long-lived assets is calculated using a discounted cash-flow model that used level 3 inputs. In calculating future cash flows, the Company makes estimates regarding future operating results and market rent rates, based on its experience and knowledge of market factors in which the retail location is located. There were no impairment charges on long-lived assets during the second quarter of Fiscal 2024. Impairment charges on long-lived assets were $ 2.3 million during the second quarter of Fiscal 2023, related to declines in revenue and operating results for eight stores, as well as lease asset impairment of $ 2.4 million related to one of those stores. Impairment charges on long-lived assets were $ 8.2 million during the six months ended August 3, 2024, related to a sale-leaseback transaction at one owned store sold below net carrying value. Impairment charges on long-lived assets were $ 2.9 million during the six months ended July 29, 2023, related to declines in revenue and operating results for ten stores, as well as lease asset impairment of $ 2.6 million related to three of those stores. During the six months ended August 3, 2024 and the six months ended July 29, 2023, the assets impaired had a remaining carrying value after impairments of $ 9.8 million and $ 75.9 million, respectively. Financial Liabilities The fair values of the Company’s financial liabilities are summarized below: (in thousands) August 3, 2024 February 3, 2024 July 29, 2023 Principal Fair Principal Fair Principal Fair Term B-6 Loans $ 932,573 $ 934,904 $ 937,379 $ 934,450 $ 942,187 $ 939,831 2025 Convertible Notes 156,155 187,870 156,155 169,384 397,375 429,860 2027 Convertible Notes 297,069 402,196 297,069 342,384 — — ABL Line of Credit (a) — — — — — — Total debt (b) $ 1,385,797 $ 1,524,970 $ 1,390,603 $ 1,446,218 $ 1,339,562 $ 1,369,691 (a) To the extent the Company has any outstanding borrowings under the ABL Line of Credit, the fair value would approximate its reported value, because the interest rate is variable and reflects current market rates, due to its short term nature. (b) The table above excludes finance lease obligations, debt discount and deferred debt costs. The fair values presented herein are based on pertinent information available to management as of the respective period end dates. The estimated fair values of the Company’s debt are classified as Level 2 in the fair value hierarchy, and are based on current market quotes received from inactive markets. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 03, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes Income tax expense was $ 25.9 million during the second quarter of Fiscal 2024 compared with $ 11.1 million during the second quarter of Fiscal 2023. The effective tax rate for the second quarter of Fiscal 2024 was 26.0 % compared with 26.4 % during the second quarter of Fiscal 2023. The increase in income tax expense is due to higher pre-tax income. The decrease in tax rate is due to less tax expense from stock-based compensation. Income tax expense was $ 57.0 million during the first half of Fiscal 2024 compared with $ 21.7 million during the first half of Fiscal 2023. The effective tax rate for the first half of Fiscal 2024 was 27.2 % compared with 25.4 % during the first half of Fiscal 2023. The increase in income tax expense and tax rate is due to higher pre-tax income and higher tax expense from stock based compensation, respectively. Net deferred taxes are as follows: (in thousands) August 3, February 3, July 29, 2024 2024 2023 Deferred tax asset $ 2,190 $ 2,436 $ 2,925 Deferred tax liability 243,274 227,593 226,421 Net deferred tax liability $ 241,084 $ 225,157 $ 223,496 Net deferred tax assets relate to Puerto Rico deferred balances that have a future net benefit for tax purposes. Net deferred tax liabilities primarily relate to intangible assets and depreciation expense where the Company has a future obligation for tax purposes. As of August 3, 2024 , the Company had a deferred tax asset related to net operating losses of $ 5.4 million, inclusive of $ 5.1 million related to state net operating losses that expire at various dates between 2024 and 2041 , as well as $ 0.3 million related to Puerto Rico net operating losses that will expire in 2025 . As of August 3, 2024, the Company had a deferred tax asset related to tax credit carry-forwards of $ 7.6 million, inclusive of $ 7.4 million of state tax credit carry-forwards, which will begin to expire in 2024 , and $ 0.2 million of deferred tax assets recorded for Puerto Rico alternative minimum tax credits that have an indefinite life . As of August 3, 2024, February 3, 2024 and July 29, 2023 , valuation allowances amounted to $ 8.6 million, $ 11.4 million and $ 13.8 million, respectively, related to state and Puerto Rico net operating losses and state tax credit carry-forwards. The Company believes that it is more likely than not that this portion of state and Puerto Rico net operating losses and state tax credit carry-forwards will not be realized. |
Capital Stock
Capital Stock | 6 Months Ended |
Aug. 03, 2024 | |
Capital Stock [Abstract] | |
Capital Stock | 8. Capital Stock Treasury Stock The Company accounts for treasury stock under the cost method. Shares Used to Satisfy Tax Withholding During the six month period ended August 3, 2024 , the Company acquired 67,197 shares of common stock from employees for approximately $ 13.1 million to satisfy their minimum statutory tax withholdings related to the vesting of restricted stock and restricted stock unit awards, which was recorded in the line item “Treasury stock, at cost” on the Company’s Condensed Consolidated Balance Sheets, and the line item “Purchase of treasury shares” on the Company’s Condensed Consolidated Statements of Cash Flows. Share Repurchase Program On February 16, 2022, the Company's Board of Directors authorized the repurchase of up to $ 500 million of common stock, which expired in February 2024 . On August 15, 2023, the Company's Board of Directors authorized the repurchase of up to an additional $ 500 million of common stock, which is authorized to be executed through August 2025 . During the six month period ended August 3, 2024 , the Company repurchased 581,746 shares of common stock for $ 124.6 million under these repurchase programs, which was recorded in the line item “Treasury stock, at cost” on the Company’s Condensed Consolidated Balance Sheets, and the line item “Purchase of treasury shares” on the Company’s Condensed Consolidated Statements of Cash Flows. As of August 3, 2024, the Company had $ 380.5 million remaining under its share repurchase authorization. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Aug. 03, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 9. Net Income Per Share Basic net income per share is calculated by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company’s stock option, restricted stock and restricted stock unit awards, and the if-converted method for the Convertible Notes. The following table presents the computation of basic and diluted net income per share: (in thousands, except per share data) Three Months Ended Six Months Ended August 3, July 29, August 3, July 29, 2024 2023 2024 2023 Basic net income per share Net income $ 73,760 $ 30,892 $ 152,274 $ 63,640 Weighted average number of common shares – basic 63,734 64,895 63,803 64,925 Net income per common share – basic $ 1.16 $ 0.48 $ 2.39 $ 0.98 Diluted net income per share Net income $ 73,760 $ 30,892 $ 152,274 $ 63,640 Shares for basic and diluted net income per share: Weighted average number of common shares – basic 63,734 64,895 63,803 64,925 Assumed exercise of stock options and vesting of restricted stock 431 144 421 216 Assumed conversion of convertible debt 163 — 60 — Weighted average number of common shares – diluted 64,328 65,039 64,284 65,141 Net income per common share – diluted $ 1.15 $ 0.47 $ 2.37 $ 0.98 Approximately 1,044,000 and 913,000 shares of the Company’s stock-based compensation grants were excluded from diluted net income per share for the three and six month periods ended August 3, 2024, respectively, since their effect was anti-dilutive. Approximately 1,821,000 and 1,282,000 shares related to the Company’s stock-based compensation grants were excluded from diluted net income per share for the three and six month periods ended July 29, 2023, respectively , since their effect was anti-dilutive. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Aug. 03, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | 10. Stock Based Compensation As of August 3, 2024 , there were 3,955,470 shares of common stock available for issuance under the Company’s 2022 Omnibus Incentive Plan. Non-cash stock compensation expense is as follows: (in thousands) Three Months Ended Six Months Ended August 3, July 29, August 3, July 29, Type of Non-Cash Stock Compensation 2024 2023 2024 2023 Restricted stock unit grants (a) $ 10,823 $ 11,178 $ 20,771 $ 20,544 Stock option grants (a) 5,042 4,996 9,608 9,198 Performance stock unit grants (a) 8,914 3,251 13,506 6,405 Total (b) $ 24,779 $ 19,425 $ 43,885 $ 36,147 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. (b) The amounts presented in the table above exclude taxes. For the three and six month periods ended August 3, 2024 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 4.3 million and $ 7.9 million, respectively. For the three and six month periods ended July 29, 2023 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.6 million and $ 6.9 million, respectively . Stock Options Stock option transactions during the six month period ended August 3, 2024 are summarized as follows: Number of Weighted Options outstanding, February 3, 2024 1,356,258 $ 197.90 Options granted 372,174 179.80 Options exercised (a) ( 145,649 ) 163.83 Options forfeited ( 62,528 ) 205.63 Options outstanding, August 3, 2024 1,520,255 196.42 (a) Options exercised during the six month period ended August 3, 2024 had a total intrinsic value of $ 9.5 million . The following table summarizes information about the stock options vested and expected to vest during the contractual term of such options as of August 3, 2024: Options Weighted Weighted Aggregate Options vested and expected to vest 1,520,255 7.4 $ 196.42 $ 91.8 Options exercisable 753,189 5.9 $ 202.00 $ 44.2 The fair value of each stock option granted during the six month period ended August 3, 2024 was estimated using the Black Scholes option pricing model using the following assumptions on a weighted average basis: Six Months Ended August 3, 2024 Risk-free interest rate 4.69 % Expected volatility 42 % Expected life (years) 4.03 Contractual life (years) 10.0 Expected dividend yield 0 % Grant date fair value of options issued $ 69.20 The expected dividend yield was based on the Company’s expectation of not paying dividends in the near term. To evaluate its volatility factor, the Company uses the historical volatility of its stock price over the expected life of the options. The risk free interest rate was based on the U.S. Treasury rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the awards being valued. The expected life of the options was estimated using historical exercise rates. Restricted Stock Restricted stock transactions during the six month period ended August 3, 2024 are summarized as follows: Number of Weighted Non-vested awards outstanding, February 3, 2024 570,952 $ 204.97 Awards granted 309,973 183.23 Awards vested (a) ( 156,746 ) 224.77 Awards forfeited ( 41,846 ) 195.52 Non-vested awards outstanding, August 3, 2024 682,333 191.13 (a) Restricted stock awards vested during the six month period ended August 3, 2024 had a total intrinsic value of $ 29.3 million . The fair value of each share of restricted stock granted during the six month period ended August 3, 2024 was based upon the closing price of the Company’s common stock on the grant date. Performance Stock Units The Company grants performance-based restricted stock units to its senior executives. Vesting of the performance stock units granted in Fiscal 2021 is based on continued service and the achievement of pre-established adjusted EBIT margin expansion and sales compounded annual growth rate (CAGR) goals (each weighted equally) over a three-year performance period. Vesting of the performance stock units granted in Fiscal 2022, Fiscal 2023, and Fiscal 2024 are based on continued service and the achievement of pre-established adjusted net income per share growth over a three-year performance period. Based on the Company’s achievement of these goals, each award may be earned up to 200 % of the target award. In the event that actual performance is below threshold, no award will be made. Compensation costs recognized on the performance stock units are adjusted, as applicable, for performance above or below the target specified in the award. Performance stock unit transactions during the six month period ended August 3, 2024 are summarized as follows: Number of Weighted Non-vested awards outstanding, February 3, 2024 226,917 $ 217.29 Awards granted 124,624 185.10 Awards vested (a) ( 44,535 ) 319.32 Awards forfeited ( 10,535 ) 219.54 Non-vested awards outstanding, August 3, 2024 296,471 188.35 (a) Performance-based stock awards vested during the six month period ended August 3, 2024 had a total intrinsic value of $ 10.1 million. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 03, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Legal In the course of business, the Company is party to class or collective actions alleging violations of federal and state wage and hour and other labor statutes, representative claims under the California Private Attorneys’ General Act and various other lawsuits and regulatory proceedings from time to time including, among others, commercial, product, employee, customer, intellectual property and other claims. Actions against us are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. While no assurance can be given as to the ultimate outcome of these matters, the Company believes that the final resolution of these actions will not have a material adverse effect on the Company’s results of operations, financial position, liquidity or capital resources. Letters of Credit The Company had letters of credit arrangements with various banks in the aggregate amount of $ 83.9 million, $ 75.8 million and $ 56.4 million as of August 3, 2024, February 3, 2024 and July 29, 2023, respectively. Among these arrangements, as of August 3, 2024, February 3, 2024 and July 29, 2023 , the Company had letters of credit outstanding in the amount of $ 77.3 million, $ 75.8 million and $ 50.4 million, respectively, guaranteeing performance under various lease agreements, insurance contracts, and utility agreements. In addition, the Company had outstanding letters of credit arrangements in the amounts of $ 6.6 million and $ 6.0 million at August 3, 2024 and July 29, 2023 , respectively, related to certain merchandising agreements, and none at February 3, 2024. Based on the terms of the agreement governing the ABL Line of Credit, the Company had the ability to enter into letters of credit up to $ 141.1 million, $ 174.2 million and $ 193.6 million as of August 3, 2024, February 3, 2024 and July 29, 2023, respectively. Purchase Commitments The Company had $ 1,798.0 million of purchase commitments related to goods that were not received as of August 3, 2024. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 03, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation As of August 3, 2024, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 1,057 retail stores. These unaudited Condensed Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The Condensed Consolidated Financial Statements are unaudited, but in the opinion of management reflect all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of operations for the interim periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 (Fiscal 2023 10-K). The balance sheet at February 3, 2024 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2023 10-K. Because the Company’s business is seasonal in nature, the operating results for the three and six month periods ended August 3, 2024 are not necessarily indicative of results for the fiscal year. Accounting policies followed by the Company are described in Note 1, “Summary of Significant Accounting Policies,” included in Part II, Item 8 of the Fiscal 2023 10-K. |
Fiscal Year | Fiscal Year The Company defines its fiscal year as the 52 or 53-week period ending on the Saturday closest to January 31. Fiscal 2024 is defined as the 52-week year ending February 1, 2025, and Fiscal 2023 is defined as the 53-week year ended February 3, 2024. The first and second quarters of Fiscal 2024 and Fiscal 2023 each consist of 13 weeks. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards There were no new accounting standards that had a material impact on the Company’s Condensed Consolidated Financial Statements and notes thereto during the three and six month periods ended August 3, 2024. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" (ASU 2023-09) to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. We are currently determining the impact that ASU 2023-09 will have on the Company's consolidated financial statement disclosures |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Aug. 03, 2024 | |
Stockholders' Equity Note [Abstract] | |
Company's Stockholders Equity | Activity for the three and six month periods ended August 3, 2024 and July 29, 2023 in the Company’s stockholders’ equity is summarized below: (in thousands, except share data) Common Stock Additional Accumulated Accumulated Treasury Stock Shares Amount Capital Earnings Income Shares Amount Total Balance at February 3, 2024 82,399,577 $ 8 $ 2,118,356 $ 984,064 $ 33,533 ( 18,435,206 ) $ ( 2,139,029 ) $ 996,932 Net income — — — 78,514 — — — 78,514 Stock options exercised 55,688 — 8,472 — — — — 8,472 Shares used for tax withholding — — — — — ( 63,407 ) ( 12,222 ) ( 12,222 ) Shares purchased as part of publicly announced program, inclusive of $ 0.4 million related to excise tax — — — — — ( 312,238 ) ( 63,769 ) ( 63,769 ) Vesting of restricted shares 181,607 — — — — — — — Stock based compensation — — 19,107 — — — — 19,107 Unrealized gains on interest rate derivative contracts, net of related taxes of $ 2.8 million — — — — 7,735 — — 7,735 Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $ 1.2 million — — — — ( 3,343 ) — — ( 3,343 ) Balance at May 4, 2024 82,636,872 8 2,145,935 1,062,578 37,925 ( 18,810,851 ) ( 2,215,020 ) 1,031,426 Net income — — — 73,760 — — — 73,760 Stock options exercised 89,961 — 15,393 — — — — 15,393 Shares used for tax withholding — — — — — ( 3,790 ) ( 916 ) ( 916 ) Shares purchased as part of publicly announced program, inclusive of $ 0.5 million related to excise tax — — — — — ( 269,508 ) ( 61,721 ) ( 61,721 ) Vesting of restricted shares 19,674 — — — — — — — Stock based compensation — — 24,779 — — — — 24,779 Unrealized losses on interest rate derivative contracts, net of related taxes of $ 3.3 million — — — — ( 9,037 ) — — ( 9,037 ) Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $ 1.2 million — — — — ( 3,347 ) — — ( 3,347 ) Balance at August 3, 2024 82,746,507 $ 8 $ 2,186,107 $ 1,136,338 $ 25,541 ( 19,084,149 ) $ ( 2,277,657 ) $ 1,070,337 (in thousands, except share data) Common Stock Additional Accumulated (Deficit) Accumulated Treasury Stock Shares Amount Capital Earnings (Loss) Income Shares Amount Total Balance at January 28, 2023 82,037,994 $ 8 $ 2,015,625 $ 644,415 $ 28,748 ( 17,018,281 ) $ ( 1,893,891 ) $ 794,905 Net income — — — 32,748 — — — 32,748 Stock options exercised 90,971 — 10,764 — — — — 10,764 Shares used for tax withholding — — — — — ( 9,457 ) ( 1,962 ) ( 1,962 ) Shares purchased as part of publicly announced program, inclusive of $ 0.4 million related to excise tax — — — — — ( 245,414 ) ( 51,823 ) ( 51,823 ) Vesting of restricted shares 28,536 — — — — — — — Stock based compensation — — 16,722 — — — — 16,722 Unrealized gains on interest rate derivative contracts, net of related taxes of $ 0.3 million — — — — 947 — — 947 Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $ 0.3 million — — — — ( 827 ) — — ( 827 ) Balance at April 29, 2023 82,157,501 8 2,043,111 677,163 28,868 ( 17,273,152 ) ( 1,947,676 ) 801,474 Net income — — — 30,892 — — — 30,892 Stock options exercised 15,236 — 1,512 — — — — 1,512 Shares used for tax withholding — — — — — ( 48,938 ) ( 8,626 ) ( 8,626 ) Shares purchased as part of publicly announced program, inclusive of $ 0.1 million related to excise tax — — — — — ( 154,358 ) ( 26,104 ) ( 26,104 ) Vesting of restricted shares 153,739 — — — — — — — Stock based compensation — — 19,425 — — — — 19,425 Unrealized gains on interest rate derivative contracts, net of related taxes of $ 3.1 million — — — — 8,465 — — 8,465 Amount reclassified from accumulated other comprehensive loss into earnings, net of related taxes of $ 0.4 million — — — — ( 1,179 ) — — ( 1,179 ) Balance at July 29, 2023 82,326,476 $ 8 $ 2,064,048 $ 708,055 $ 36,154 ( 17,476,448 ) $ ( 1,982,406 ) $ 825,859 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 6 Months Ended |
Aug. 03, 2024 | |
Leases [Abstract] | |
Future Lease Payments | The following is a schedule of the Company’s future lease payments: (in thousands) Fiscal Year Operating Finance 2024 (remainder) $ 256,021 $ 1,737 2025 635,498 3,526 2026 595,703 3,640 2027 553,437 3,640 2028 505,187 3,447 Thereafter 1,767,772 20,787 Total future minimum lease payments 4,313,618 36,777 Amount representing interest ( 904,212 ) ( 10,754 ) Total lease liabilities 3,409,406 26,023 Less: current portion of lease liabilities ( 388,849 ) ( 2,123 ) Total long term lease liabilities $ 3,020,557 $ 23,900 Weighted average discount rate 5.9 % 5.5 .% Weighted average remaining lease term (years) 7.9 12.4 |
Schedule of Net Lease Costs | The following is a schedule of net lease costs for the periods indicated: (in thousands) Three Months Ended Six Months Ended August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Finance lease cost: Amortization of finance lease asset (a) $ 643 $ 877 $ 1,442 $ 1,753 Interest on lease liabilities (b) 362 475 745 971 Operating lease cost (c) 156,848 140,852 308,028 279,802 Variable lease cost (c) 61,596 55,878 122,552 109,949 Total lease cost 219,449 198,082 432,767 392,475 Impairment (gain) on sale and leaseback transaction (d) — — 8,210 ( 1,958 ) Less all rental income (e) ( 1,334 ) ( 1,442 ) ( 2,713 ) ( 2,840 ) Total net rent expense (f) $ 218,115 $ 196,640 $ 438,264 $ 387,677 (a) Included in the line item “Depreciation and amortization” in the Company’s Condensed Consolidated Statements of Income. (b) Included in the line item “Interest expense” in the Company’s Condensed Consolidated Statements of Income. (c) Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. (d) Impairment included in the line item "Impairment charges - long-lived assets" and gain included in line item “Other income - net” in the Company’s Condensed Consolidated Statements of Income. (e) Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of Income. (f) Excludes an immaterial amount of short-term lease cost. |
Schedule of Supplemental Cash Flow Disclosures Related to Leases | Supplemental cash flow disclosures related to leases are as follows: (in thousands) Six Months Ended August 3, 2024 July 29, 2023 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (a) $ 311,147 $ 282,825 Cash payments for the principal portion of finance lease liabilities (b) $ 1,523 $ 1,952 Cash payments for the interest portion of finance lease liabilities (a) $ 745 $ 971 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 305,936 $ 188,878 (a) Included within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows. (b) Included within financing activities in the Company’s Condensed Consolidated Statements of Cash Flows. |
Long Term Debt (Tables)
Long Term Debt (Tables) | 6 Months Ended |
Aug. 03, 2024 | |
Debt Disclosure [Abstract] | |
Long Term Debt | Long term debt consists of: (in thousands) August 3, February 3, July 29, 2024 2024 2023 Senior secured term loan facility (Term B-6 Loans), adjusted SOFR (with a floor of 0.00 %) plus 2.00 %, matures on June 24, 2028 $ 929,014 $ 933,355 $ 937,676 Convertible senior notes, 2.25 %, mature on April 15, 2025 156,155 156,155 397,375 Convertible senior notes, 1.25 %, mature on December 15, 2027 297,069 297,069 — ABL senior secured revolving facility, SOFR plus spread based on average outstanding balance, matures on December 22, 2026 — — — Finance lease obligations 26,023 29,069 31,495 Unamortized deferred financing costs ( 5,848 ) ( 7,003 ) ( 4,952 ) Total debt 1,402,413 1,408,645 1,361,594 Less: current maturities ( 167,892 ) ( 13,703 ) ( 13,867 ) Long term debt, net of current maturities $ 1,234,521 $ 1,394,942 $ 1,347,727 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Aug. 03, 2024 | |
Fair Value of Company's Derivative Financial Instruments on Gross Basis as well as Classification | The table below presents the fair value of the Company’s derivative financial instruments on a gross basis as well as their classification on the Company’s Condensed Consolidated Balance Sheets: (in thousands) Fair Values of Derivative Instruments August 3, 2024 February 3, 2024 July 29, 2023 Derivatives Designated as Hedging Instruments Balance Fair Balance Fair Balance Fair Interest rate swap contracts Other assets $ 20,090 Other assets $ 29,075 Other assets $ 36,134 |
Summary of Unrealized Gains and Losses Deferred to Accumulated Other Comprehensive Income | The following table presents the unrealized gains and losses deferred to accumulated other comprehensive income resulting from the Company’s derivative financial instruments for each of the reporting periods. (in thousands) Three Months Ended Six Months Ended Interest Rate Derivatives: August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Unrealized (losses) gains, before taxes $ ( 12,338 ) $ 11,560 $ ( 1,765 ) $ 12,853 Income tax expense (benefit) 3,301 ( 3,095 ) 463 ( 3,441 ) Unrealized (losses) gains, net of taxes $ ( 9,037 ) $ 8,465 $ ( 1,302 ) $ 9,412 |
Reclassification of Gains and Losses from Accumulated Other Comprehensive Income into Earnings | The following table presents information about the reclassification of gains and losses from accumulated other comprehensive income into earnings related to the Company’s derivative instruments for each of the reporting periods. (in thousands) Three Months Ended Six Months Ended Component of Earnings: August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Interest benefit $ ( 4,568 ) $ ( 1,610 ) $ ( 9,131 ) $ ( 2,739 ) Income tax expense 1,221 431 2,441 733 Net reclassification into earnings $ ( 3,347 ) $ ( 1,179 ) $ ( 6,690 ) $ ( 2,006 ) |
Derivatives Designated as Hedging Instruments | |
Outstanding Interest Rate Derivative in Qualifying Hedging Relationships | As of August 3, 2024, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk: Interest Rate Derivative Number of Notional Aggregate Principal Amount Interest Swap Rate Maturity Date Interest rate swap contract One $ 450.0 million 2.16 % June 24, 2028 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Aug. 03, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Assets and Hierarchy of Level of Inputs | The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of August 3, 2024, February 3, 2024 and July 29, 2023 are summarized below: (in thousands) Fair Value Measurements at August 3, February 3, July 29, 2024 2024 2023 Level 1 Cash equivalents (including restricted cash equivalents) $ 276,780 $ 657,292 $ 206,373 |
Fair Values of Financial Liabilities | The fair values of the Company’s financial liabilities are summarized below: (in thousands) August 3, 2024 February 3, 2024 July 29, 2023 Principal Fair Principal Fair Principal Fair Term B-6 Loans $ 932,573 $ 934,904 $ 937,379 $ 934,450 $ 942,187 $ 939,831 2025 Convertible Notes 156,155 187,870 156,155 169,384 397,375 429,860 2027 Convertible Notes 297,069 402,196 297,069 342,384 — — ABL Line of Credit (a) — — — — — — Total debt (b) $ 1,385,797 $ 1,524,970 $ 1,390,603 $ 1,446,218 $ 1,339,562 $ 1,369,691 (a) To the extent the Company has any outstanding borrowings under the ABL Line of Credit, the fair value would approximate its reported value, because the interest rate is variable and reflects current market rates, due to its short term nature. (b) The table above excludes finance lease obligations, debt discount and deferred debt costs. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Aug. 03, 2024 | |
Income Tax Disclosure [Abstract] | |
Net Deferred Taxes | Net deferred taxes are as follows: (in thousands) August 3, February 3, July 29, 2024 2024 2023 Deferred tax asset $ 2,190 $ 2,436 $ 2,925 Deferred tax liability 243,274 227,593 226,421 Net deferred tax liability $ 241,084 $ 225,157 $ 223,496 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Aug. 03, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income per Share | The following table presents the computation of basic and diluted net income per share: (in thousands, except per share data) Three Months Ended Six Months Ended August 3, July 29, August 3, July 29, 2024 2023 2024 2023 Basic net income per share Net income $ 73,760 $ 30,892 $ 152,274 $ 63,640 Weighted average number of common shares – basic 63,734 64,895 63,803 64,925 Net income per common share – basic $ 1.16 $ 0.48 $ 2.39 $ 0.98 Diluted net income per share Net income $ 73,760 $ 30,892 $ 152,274 $ 63,640 Shares for basic and diluted net income per share: Weighted average number of common shares – basic 63,734 64,895 63,803 64,925 Assumed exercise of stock options and vesting of restricted stock 431 144 421 216 Assumed conversion of convertible debt 163 — 60 — Weighted average number of common shares – diluted 64,328 65,039 64,284 65,141 Net income per common share – diluted $ 1.15 $ 0.47 $ 2.37 $ 0.98 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Aug. 03, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Non-Cash Stock Compensation Expense | Non-cash stock compensation expense is as follows: (in thousands) Three Months Ended Six Months Ended August 3, July 29, August 3, July 29, Type of Non-Cash Stock Compensation 2024 2023 2024 2023 Restricted stock unit grants (a) $ 10,823 $ 11,178 $ 20,771 $ 20,544 Stock option grants (a) 5,042 4,996 9,608 9,198 Performance stock unit grants (a) 8,914 3,251 13,506 6,405 Total (b) $ 24,779 $ 19,425 $ 43,885 $ 36,147 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. The amounts presented in the table above exclude taxes. For the three and six month periods ended August 3, 2024 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 4.3 million and $ 7.9 million, respectively. For the three and six month periods ended July 29, 2023 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.6 million and $ 6.9 million, respectively . |
Stock Option Transactions | Stock option transactions during the six month period ended August 3, 2024 are summarized as follows: Number of Weighted Options outstanding, February 3, 2024 1,356,258 $ 197.90 Options granted 372,174 179.80 Options exercised (a) ( 145,649 ) 163.83 Options forfeited ( 62,528 ) 205.63 Options outstanding, August 3, 2024 1,520,255 196.42 (a) Options exercised during the six month period ended August 3, 2024 had a total intrinsic value of $ 9.5 million . |
Stock Options Vested and Expected to Vest | The following table summarizes information about the stock options vested and expected to vest during the contractual term of such options as of August 3, 2024: Options Weighted Weighted Aggregate Options vested and expected to vest 1,520,255 7.4 $ 196.42 $ 91.8 Options exercisable 753,189 5.9 $ 202.00 $ 44.2 |
Weighted Average Assumptions Used to Estimate Fair Value of Each Stock Option Granted | The fair value of each stock option granted during the six month period ended August 3, 2024 was estimated using the Black Scholes option pricing model using the following assumptions on a weighted average basis: Six Months Ended August 3, 2024 Risk-free interest rate 4.69 % Expected volatility 42 % Expected life (years) 4.03 Contractual life (years) 10.0 Expected dividend yield 0 % Grant date fair value of options issued $ 69.20 |
Award Grant and Vesting Transactions | Restricted stock transactions during the six month period ended August 3, 2024 are summarized as follows: Number of Weighted Non-vested awards outstanding, February 3, 2024 570,952 $ 204.97 Awards granted 309,973 183.23 Awards vested (a) ( 156,746 ) 224.77 Awards forfeited ( 41,846 ) 195.52 Non-vested awards outstanding, August 3, 2024 682,333 191.13 (a) Restricted stock awards vested during the six month period ended August 3, 2024 had a total intrinsic value of $ 29.3 million . |
Performance Stock Unit Transactions | Performance stock unit transactions during the six month period ended August 3, 2024 are summarized as follows: Number of Weighted Non-vested awards outstanding, February 3, 2024 226,917 $ 217.29 Awards granted 124,624 185.10 Awards vested (a) ( 44,535 ) 319.32 Awards forfeited ( 10,535 ) 219.54 Non-vested awards outstanding, August 3, 2024 296,471 188.35 (a) Performance-based stock awards vested during the six month period ended August 3, 2024 had a total intrinsic value of $ 10.1 million. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | Aug. 03, 2024 Store |
Summary Of Significant Accounting Policies [Line Items] | |
Number of stores operated | 1,057 |
Company's Stockholders' Equity
Company's Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | ||
Balance at beginning of period | $ 1,031,426 | $ 996,932 | $ 801,474 | $ 794,905 | $ 996,932 | $ 794,905 | |
Net income | 73,760 | 78,514 | 30,892 | 32,748 | $ 152,274 | $ 63,640 | |
Stock options exercised | 15,393 | 8,472 | 1,512 | 10,764 | |||
Stock options exercised (in shares) | [1] | 145,649 | |||||
Shares used for tax withholding | (916) | (12,222) | (8,626) | (1,962) | |||
Shares purchased as part of publicly announced program | $ (61,721) | (63,769) | $ (26,104) | (51,823) | |||
Vesting of restricted shares | 431,000 | 144,000 | 421,000 | 216,000 | |||
Stock based compensation | $ 24,779 | 19,107 | $ 19,425 | 16,722 | |||
Unrealized gains (losses) on interest rate derivative contracts, net of related taxes benefit | (9,037) | 7,735 | 8,465 | 947 | $ (1,302) | $ 9,412 | |
Amount reclassified from accumulated other comprehensive income (loss) into earnings, net of related taxes | (3,347) | (3,343) | (1,179) | (827) | (6,690) | (2,006) | |
Balance at end of period | 1,070,337 | 1,031,426 | 825,859 | 801,474 | 1,070,337 | 825,859 | |
Common Stock | |||||||
Balance at beginning of period | $ 8 | $ 8 | $ 8 | $ 8 | $ 8 | $ 8 | |
Balance at beginning of period (in shares) | 82,636,872 | 82,399,577 | 82,157,501 | 82,037,994 | 82,399,577 | 82,037,994 | |
Stock options exercised (in shares) | 89,961 | 55,688 | 15,236 | 90,971 | |||
Vesting of restricted shares | 19,674 | 181,607 | 153,739 | 28,536 | |||
Balance at end of period | $ 8 | $ 8 | $ 8 | $ 8 | $ 8 | $ 8 | |
Balance at end of period (in shares) | 82,746,507 | 82,636,872 | 82,326,476 | 82,157,501 | 82,746,507 | 82,326,476 | |
Additional Paid-in Capital | |||||||
Balance at beginning of period | $ 2,145,935 | $ 2,118,356 | $ 2,043,111 | $ 2,015,625 | $ 2,118,356 | $ 2,015,625 | |
Stock options exercised | 15,393 | 8,472 | 1,512 | 10,764 | |||
Stock based compensation | 24,779 | 19,107 | 19,425 | 16,722 | |||
Balance at end of period | 2,186,107 | 2,145,935 | 2,064,048 | 2,043,111 | 2,186,107 | 2,064,048 | |
Accumulated (Deficit) Earnings | |||||||
Balance at beginning of period | 1,062,578 | 984,064 | 677,163 | 644,415 | 984,064 | 644,415 | |
Net income | 73,760 | 78,514 | 30,892 | 32,748 | |||
Balance at end of period | 1,136,338 | 1,062,578 | 708,055 | 677,163 | 1,136,338 | 708,055 | |
Accumulated Other Comprehensive (Loss) Income | |||||||
Balance at beginning of period | 37,925 | 33,533 | 28,868 | 28,748 | 33,533 | 28,748 | |
Unrealized gains (losses) on interest rate derivative contracts, net of related taxes benefit | (9,037) | 7,735 | 8,465 | 947 | |||
Amount reclassified from accumulated other comprehensive income (loss) into earnings, net of related taxes | (3,347) | (3,343) | (1,179) | (827) | |||
Balance at end of period | 25,541 | 37,925 | 36,154 | 28,868 | 25,541 | 36,154 | |
Treasury Stock | |||||||
Balance at beginning of period | $ (2,215,020) | $ (2,139,029) | $ (1,947,676) | $ (1,893,891) | $ (2,139,029) | $ (1,893,891) | |
Balance at beginning of period (in shares) | (18,810,851) | (18,435,206) | (17,273,152) | (17,018,281) | (18,435,206) | (17,018,281) | |
Shares used for tax withholding | $ (916) | $ (12,222) | $ (8,626) | $ (1,962) | $ (13,100) | ||
Shares used for tax withholding (in shares) | (3,790) | (63,407) | (48,938) | (9,457) | (67,197) | ||
Shares purchased as part of publicly announced program | $ (61,721) | $ (63,769) | $ (26,104) | $ (51,823) | |||
Shares purchased as part of publicly announced program, (in shares) | (269,508) | (312,238) | (154,358) | (245,414) | |||
Balance at end of period | $ (2,277,657) | $ (2,215,020) | $ (1,982,406) | $ (1,947,676) | $ (2,277,657) | $ (1,982,406) | |
Balance at end of period (in shares) | (19,084,149) | (18,810,851) | (17,476,448) | (17,273,152) | (19,084,149) | (17,476,448) | |
[1] Options exercised during the six month period ended August 3, 2024 had a total intrinsic value of $ 9.5 million . |
Company's Stockholders' Equit_2
Company's Stockholders' Equity (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Excise tax | $ 0.5 | $ 0.4 | $ 0.1 | $ 0.4 |
Unrealized gains (losses) on interest rate derivative contracts, Tax | 3.3 | 2.8 | 3.1 | 0.3 |
Amount reclassified from accumulated other comprehensive income (loss) into earnings on Interest Rate Cap Contracts, Tax | $ 1.2 | $ 1.2 | $ 0.4 | $ 0.3 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Detail) $ in Millions | 6 Months Ended |
Aug. 03, 2024 USD ($) Store | |
Future Minimum Payments Receivable [Line Items] | |
Operating and finance leases, expiration period | 30 years |
Leases renewal option | 5 years |
Accrued lease liability | $ | $ 609.4 |
Number of store committed to open or relocate but has not yet taken possession | Store | 68 |
Future Lease Payments (Detail)
Future Lease Payments (Detail) - USD ($) $ in Thousands | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
Operating Leases | |||
2024 (remainder) | $ 256,021 | ||
2025 | 635,498 | ||
2026 | 595,703 | ||
2027 | 553,437 | ||
2028 | 505,187 | ||
Thereafter | 1,767,772 | ||
Total future minimum lease payments | 4,313,618 | ||
Amount representing interest | (904,212) | ||
Total lease liabilities | 3,409,406 | ||
Less: current portion of lease liabilities | (388,849) | $ (411,395) | $ (400,266) |
Total long term lease liabilities | $ 3,020,557 | 2,984,794 | 2,801,058 |
Weighted average discount rate | 5.90% | ||
Weighted average remaining lease term (years) | 7 years 10 months 24 days | ||
Finance Leases | |||
2024 (remainder) | $ 1,737 | ||
2025 | 3,526 | ||
2026 | 3,640 | ||
2027 | 3,640 | ||
2028 | 3,447 | ||
Thereafter | 20,787 | ||
Total future minimum lease payments | 36,777 | ||
Amount representing interest | (10,754) | ||
Total lease liabilities | $ 26,023 | $ 29,069 | $ 31,495 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long Term Debt And Capital Lease Obligations Current and Noncurrent | Long Term Debt And Capital Lease Obligations Current and Noncurrent | Long Term Debt And Capital Lease Obligations Current and Noncurrent |
Less: current portion of lease liabilities | $ (2,123) | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation, Current | ||
Total long term lease liabilities | $ 23,900 | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation | ||
Weighted average discount rate | 5.50% | ||
Weighted average remaining lease term (years) | 12 years 4 months 24 days |
Schedule of Net Lease Costs (De
Schedule of Net Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | ||
Finance lease cost: | |||||
Amortization of finance lease asset | [1] | $ 643 | $ 877 | $ 1,442 | $ 1,753 |
Interest on lease liabilities | [2] | 362 | 475 | 745 | 971 |
Operating lease cost | [3] | 156,848 | 140,852 | 308,028 | 279,802 |
Variable lease cost | [3] | 61,596 | 55,878 | 122,552 | 109,949 |
Total lease cost | 219,449 | 198,082 | 432,767 | 392,475 | |
Impairment (gain) on sale and leaseback transaction | [4] | 8,210 | (1,958) | ||
Less all rental income | [5] | (1,334) | (1,442) | (2,713) | (2,840) |
Total net rent expense | [6] | $ 218,115 | $ 196,640 | $ 438,264 | $ 387,677 |
[1] Included in the line item “Depreciation and amortization” in the Company’s Condensed Consolidated Statements of Income. Included in the line item “Interest expense” in the Company’s Condensed Consolidated Statements of Income. Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. Impairment included in the line item "Impairment charges - long-lived assets" and gain included in line item “Other income - net” in the Company’s Condensed Consolidated Statements of Income. Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of Income. Excludes an immaterial amount of short-term lease cost. |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Disclosures Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Aug. 03, 2024 | Jul. 29, 2023 | ||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Cash payments arising from operating lease liabilities | [1] | $ 311,147 | $ 282,825 |
Cash payments for the principal portion of finance lease liabilities | [2] | 1,523 | 1,952 |
Cash payments for the interest portion of finance lease liabilities | [1] | 745 | 971 |
Operating lease liabilities arising from obtaining right-of-use assets | $ 305,936 | $ 188,878 | |
[1] Included within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows. Included within financing activities in the Company’s Condensed Consolidated Statements of Cash Flows. |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
Debt Instrument [Line Items] | |||
Finance lease obligations | $ 26,023 | $ 29,069 | $ 31,495 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long term debt and capital lease obligations current and noncurrent | Long term debt and capital lease obligations current and noncurrent | Long term debt and capital lease obligations current and noncurrent |
Unamortized deferred financing costs | $ (5,848) | $ (7,003) | $ (4,952) |
Total debt | 1,402,413 | 1,408,645 | 1,361,594 |
Less: current maturities | (167,892) | (13,703) | (13,867) |
Long term debt, net of current maturities | 1,234,521 | 1,394,942 | 1,347,727 |
Senior Secured Term B-6 Loans | |||
Debt Instrument [Line Items] | |||
Long Term Debt | 929,014 | 933,355 | 937,676 |
Convertible Senior Notes 2.25% Due April 15 2025 | |||
Debt Instrument [Line Items] | |||
Long Term Debt | 156,155 | 156,155 | $ 397,375 |
Convertible Senior Notes 1.25% Due December 15 2027 | |||
Debt Instrument [Line Items] | |||
Long Term Debt | $ 297,069 | $ 297,069 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | ||
Apr. 16, 2020 | Aug. 03, 2024 | Jul. 29, 2023 | Feb. 03, 2024 | |
Senior Secured Term B-6 Loans | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, maturity date | Jun. 24, 2028 | Jun. 24, 2028 | Jun. 24, 2028 | |
Convertible Senior Notes 2.25% Due April 15 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, maturity date | Apr. 15, 2025 | Apr. 15, 2025 | Apr. 15, 2025 | |
Long-Term Debt, interest rate | 2.25% | 2.25% | 2.25% | |
Convertible Senior Notes 1.25% Due December 15 2027 | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, maturity date | Dec. 15, 2027 | Dec. 15, 2027 | Dec. 15, 2027 | |
Long-Term Debt, interest rate | 1.25% | 1.25% | 1.25% | |
Convertible Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, maturity date | Apr. 15, 2025 | |||
Long-Term Debt, interest rate | 2.25% | |||
ABL senior secured revolving facility | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, maturity date | Dec. 22, 2026 | Dec. 22, 2026 | Dec. 22, 2026 | |
Secured Overnight Financing Rate Floor | Senior Secured Term B-6 Loans | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, interest rate | 0% | 0% | 0% | |
Secured Overnight Financing Rate (SOFR) | Senior Secured Term B-6 Loans | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, interest rate | 2% | 2% | 2% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Sep. 12, 2023 USD ($) $ / shares shares | May 11, 2023 | Apr. 16, 2020 USD ($) $ / shares | Aug. 03, 2024 USD ($) shares | Jul. 29, 2023 USD ($) | Apr. 29, 2023 USD ($) | Aug. 03, 2024 USD ($) shares | Jul. 29, 2023 USD ($) | Feb. 03, 2024 USD ($) | Jun. 26, 2023 USD ($) | Jun. 25, 2023 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Loss on extinguishment of debt | $ (24,644,000) | ||||||||||
Assumed conversion of convertible debt | shares | 163,000 | 60,000 | |||||||||
Letters of credit, outstanding amount | $ 83,900,000 | $ 56,400,000 | $ 83,900,000 | $ 56,400,000 | $ 75,800,000 | ||||||
Senior Secured Term Loan Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 7.50% | 7.40% | 7.50% | 7.40% | |||||||
Convertible Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss on extinguishment of debt | $ 24,600,000 | ||||||||||
Debt instrument maturity date | Apr. 15, 2025 | ||||||||||
Interest rate | 2.80% | ||||||||||
Long-Term Debt, face amount | $ 805,000,000 | ||||||||||
Long-Term Debt, interest rate | 2.25% | ||||||||||
Debt instrument frequency of periodic payments | semi-annually | ||||||||||
Debt instrument, conversion ratio | 4.5418 | ||||||||||
Debt instrument, principal amount for conversion | $ 1,000,000 | ||||||||||
Debt conversion, aggregate principal amount of convertible debt | $ 241,200,000 | 110,300,000 | |||||||||
Debt conversion, converted instrument, in cash | $ 133,300,000 | ||||||||||
Debt instrument, conversion price | $ / shares | $ 220.18 | ||||||||||
Debt instrument, conversion premium | 32.50% | ||||||||||
Share price | $ / shares | $ 166.17 | ||||||||||
Debt instrument, convertible, stock price trigger | 130% | ||||||||||
Debt instrument, redemption price, percentage | 100% | ||||||||||
Debt instrument repurchase percentage on conditional basis | 100% | ||||||||||
New Convertible Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss on extinguishment of debt | $ 13,600,000 | ||||||||||
Debt instrument maturity date | Dec. 15, 2027 | ||||||||||
Conversion of convertible securities contingent conditions | shares | 1,911,372 | ||||||||||
Interest rate | 1.70% | ||||||||||
Long-Term Debt, interest rate | 1.25% | ||||||||||
Debt instrument frequency of periodic payments | semi-annually | ||||||||||
Debt instrument, conversion ratio | 4.856 | ||||||||||
Debt instrument, principal amount for conversion | $ 1,000,000 | ||||||||||
Debt conversion, aggregate principal amount of convertible debt | $ 255,000,000 | ||||||||||
Debt instrument, conversion price | $ / shares | $ 205.93 | ||||||||||
Debt instrument, conversion premium | 32.50% | ||||||||||
Share price | $ / shares | $ 155.42 | ||||||||||
Debt instrument, convertible, stock price trigger | 130% | ||||||||||
Debt instrument, redemption price, percentage | 100% | ||||||||||
Debt instrument repurchase percentage on conditional basis | 100% | ||||||||||
Long Term Debt | $ 297,100,000 | ||||||||||
Assumed conversion of convertible debt | shares | 1,422,568 | ||||||||||
New Convertible Senior Notes | Private Placement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long Term Debt | $ 42,100,000 | ||||||||||
ABL senior secured revolving facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Dec. 22, 2026 | Dec. 22, 2026 | Dec. 22, 2026 | ||||||||
Line of Credit Facility, maximum borrowing capacity | $ 900,000,000 | $ 900,000,000 | |||||||||
Line of Credit Facility, amount available | 816,100,000 | $ 818,700,000 | 816,100,000 | $ 818,700,000 | |||||||
Line of Credit Facility, amount outstanding during period | 0 | $ 0 | 0 | $ 0 | |||||||
Letters of credit, outstanding amount | $ 250,000,000 | $ 150,000,000 | |||||||||
ABL senior secured revolving facility | On July 1, 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit, outstanding amount | 225,000,000 | ||||||||||
ABL senior secured revolving facility | On October 1, 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit, outstanding amount | 212,500,000 | ||||||||||
ABL senior secured revolving facility | On January 1, 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit, outstanding amount | 200,000,000 | ||||||||||
ABL senior secured revolving facility | No Later than January 1, 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit, outstanding amount | $ 200,000,000 | ||||||||||
Amended ABL senior secured revolving facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, maximum borrowing capacity | 1,200,000,000 | $ 1,200,000,000 | |||||||||
Federal Funds Rate | Senior Secured Term Loan Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 0.50% | ||||||||||
One Month Adjusted London Interbank Offered Rate | Senior Secured Term Loan Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 1% | ||||||||||
One Month Adjusted Secured Overnight Financing Rate | Senior Secured Term Loan Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 0.11% | ||||||||||
Three Month Adjusted Secured Overnight Financing Rate | Senior Secured Term Loan Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 0.26% | ||||||||||
Six Month Adjusted Secured Overnight Financing Rate | Senior Secured Term Loan Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 0.43% | ||||||||||
Applicable Interest Period Adjusted London Interbank Offered Rate Margin | Senior Secured Term Loan Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 2% | ||||||||||
One Month Adjusted London Interbank Offered Rate Margin | Senior Secured Term Loan Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 1% | ||||||||||
Secured Overnight Financing Rate (SOFR) | Amended ABL senior secured revolving facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit spread adjustment | 0.10% | ||||||||||
Secured Overnight Financing Rate Floor | Senior Secured Term Loan Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 0% | ||||||||||
Term Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Jun. 24, 2028 | ||||||||||
Long-Term Debt, face amount | $ 932,600,000 | $ 932,600,000 | |||||||||
Maximum | Prime Rate | Amended ABL senior secured revolving facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 0.375% | ||||||||||
Maximum | Secured Overnight Financing Rate (SOFR) | Amended ABL senior secured revolving facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 1.375% | ||||||||||
Minimum | Prime Rate | Amended ABL senior secured revolving facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 0.125% | ||||||||||
Minimum | Secured Overnight Financing Rate (SOFR) | Amended ABL senior secured revolving facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, interest rate | 1.125% |
Derivative Instruments And He_3
Derivative Instruments And Hedging Activities - Additional Information (Detail) $ in Millions | 6 Months Ended | |||
Jun. 24, 2021 USD ($) | Dec. 17, 2018 USD ($) | Aug. 03, 2024 USD ($) Derivative | Jul. 29, 2023 | |
Interest Rate Cap Contracts | ||||
Derivative [Line Items] | ||||
Interest rate cap contracts, number | Derivative | 1 | |||
Amounts reported in Accumulated Other Comprehensive Income to be reclassified to interest expense, during the next twelve months | $ 12.8 | |||
Interest Rate Swap Contract | Derivatives Designated as Hedging Instruments | Secured Overnight Financing Rate (SOFR) | ||||
Derivative [Line Items] | ||||
Interest swap rate | 2.16% | |||
Interest Rate Swap Contract | Cash Flow Hedging | Derivatives Designated as Hedging Instruments | ||||
Derivative [Line Items] | ||||
Notional aggregate principal amount | $ 450 | $ 450 | $ 450 | |
Interest swap rate | 2.19% | 2.72% | 2.16% | |
Amount of loss deferred for previous interest rate swap | $ 26.9 | |||
Interest rate swap liability fair value | $ 26.9 | |||
Maturity date | Jun. 24, 2028 | Dec. 29, 2023 | Jun. 24, 2028 |
Outstanding Interest Rate Deriv
Outstanding Interest Rate Derivative in Qualifying Hedging Relationships (Detail) - Cash Flow Hedging - Derivatives Designated as Hedging Instruments - Interest Rate Swap Contract $ in Millions | 6 Months Ended | ||
Jun. 24, 2021 USD ($) | Dec. 17, 2018 USD ($) | Aug. 03, 2024 USD ($) Derivative | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of Instruments | Derivative | 1 | ||
Notional aggregate principal amount | $ | $ 450 | $ 450 | $ 450 |
Interest Swap Rate | 2.19% | 2.72% | 2.16% |
Maturity Date | Jun. 24, 2028 | Dec. 29, 2023 | Jun. 24, 2028 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Detail) - USD ($) $ in Thousands | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
Interest Rate Swap Contracts | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value | $ 20,090 | $ 29,075 | $ 36,134 |
Summary of Unrealized Gains and
Summary of Unrealized Gains and Losses Deferred to Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
Derivative Instruments Gain Loss [Line Items] | ||||||
Income tax expense (benefit) | $ (3,300) | $ (2,800) | $ (3,100) | $ (300) | ||
Unrealized (losses) gains, net of taxes | (9,037) | $ 7,735 | 8,465 | $ 947 | $ (1,302) | $ 9,412 |
Derivatives Designated as Hedging Instruments | Interest Rate Derivatives | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Unrealized (losses) gains, before taxes | (12,338) | 11,560 | (1,765) | 12,853 | ||
Income tax expense (benefit) | 3,301 | (3,095) | 463 | (3,441) | ||
Unrealized (losses) gains, net of taxes | $ (9,037) | $ 8,465 | $ (1,302) | $ 9,412 |
Reclassification of Gains and L
Reclassification of Gains and Losses from Accumulated Other Comprehensive Income into Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ||||||
Interest benefit | $ 16,582 | $ 19,545 | $ 33,231 | $ 38,890 | ||
Income tax expense | 25,907 | 11,101 | 57,032 | 21,672 | ||
Net reclassification into earnings | (3,347) | $ (3,343) | (1,179) | $ (827) | (6,690) | (2,006) |
Reclassification out of accumulated other comprehensive income | Derivatives Designated as Hedging Instruments | Accumulated net gain (loss) from cash flow hedges including portion attributable to noncontrolling interest | Interest Rate Cap Contracts | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ||||||
Interest benefit | (4,568) | (1,610) | (9,131) | (2,739) | ||
Income tax expense | 1,221 | 431 | 2,441 | 733 | ||
Net reclassification into earnings | $ (3,347) | $ (1,179) | $ (6,690) | $ (2,006) |
Fair Values of Financial Assets
Fair Values of Financial Assets and Hierarchy of Level of Inputs (Detail) - USD ($) $ in Thousands | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
Fair Value, Inputs, Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash equivalents (including restricted cash equivalents) | $ 276,780 | $ 657,292 | $ 206,373 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2024 USD ($) | Jul. 29, 2023 USD ($) Store | Aug. 03, 2024 USD ($) Store | Jul. 29, 2023 USD ($) Store | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset impairment carrying value related to right of use assets | $ | $ 9,800,000 | $ 75,900,000 | ||
Impairment charges-Long lived assets | $ | $ 0 | $ 2,300,000 | $ 8,200,000 | 2,900,000 |
Impairment of operating lease assets | $ | $ 2,400,000 | $ 2,600,000 | ||
Assets Impairments | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Number of stores expected to sale | Store | 1 | |||
Impairment of store level assets, number of stores | Store | 8 | 10 | ||
Lease Asset Impairment | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Impairment of store level assets, number of stores | Store | 1 | 3 |
Fair Values of Financial Liabil
Fair Values of Financial Liabilities (Detail) - USD ($) $ in Thousands | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Principal Amount | [1] | $ 1,385,797 | $ 1,390,603 | $ 1,339,562 |
Long-Term Debt, Fair Value | [1] | 1,524,970 | 1,446,218 | 1,369,691 |
Term B-6 Loans | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Principal Amount | 932,573 | 937,379 | 942,187 | |
Long-Term Debt, Fair Value | 934,904 | 934,450 | 939,831 | |
2025 Convertible Notes | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Principal Amount | 156,155 | 156,155 | 397,375 | |
Long-Term Debt, Fair Value | 187,870 | 169,384 | $ 429,860 | |
2027 Convertible Notes | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Principal Amount | 297,069 | 297,069 | ||
Long-Term Debt, Fair Value | $ 402,196 | $ 342,384 | ||
[1] The table above excludes finance lease obligations, debt discount and deferred debt costs. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | Feb. 03, 2024 | |
Income Tax Disclosure [Line Items] | |||||
Income tax expense | $ 25,907 | $ 11,101 | $ 57,032 | $ 21,672 | |
Effective tax rate | 26% | 26.40% | 27.20% | 25.40% | |
Deferred tax asset for net operating loss | $ 5,400 | $ 5,400 | |||
Tax credit carryforwards | 7,600 | 7,600 | |||
Amount of alternative minimum tax credits | 200 | 200 | |||
Valuation allowances | 8,600 | $ 13,800 | 8,600 | $ 13,800 | $ 11,400 |
State and local jurisdiction | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax asset for net operating loss | 5,100 | 5,100 | |||
Tax credit carryforwards | 7,400 | $ 7,400 | |||
Tax credit expiration period | 2024 | ||||
State and local jurisdiction | Minimum | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating losses subject to expiration year | 2024 | ||||
State and local jurisdiction | Maximum | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating losses subject to expiration year | 2041 | ||||
Puerto Rico | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax asset for net operating loss | $ 300 | $ 300 | |||
Net operating losses subject to expiration year | 2025 | ||||
Alternative minimum tax credits, expiration life | indefinite life |
Net Deferred Taxes (Detail)
Net Deferred Taxes (Detail) - USD ($) $ in Thousands | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
Income Tax Disclosure [Abstract] | |||
Deferred tax asset | $ 2,190 | $ 2,436 | $ 2,925 |
Deferred tax liability | 243,274 | 227,593 | 226,421 |
Net deferred tax liability | $ 241,084 | $ 225,157 | $ 223,496 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Aug. 15, 2023 | Feb. 16, 2022 | Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Aug. 03, 2024 | |
Statement Equity Components [Line Items] | |||||||
Shares Used for Tax Withholdings | $ 916,000 | $ 12,222,000 | $ 8,626,000 | $ 1,962,000 | |||
2021 Stock Repurchase Program | |||||||
Statement Equity Components [Line Items] | |||||||
Stock repurchase programs, authorized amount | $ 500,000,000 | $ 500,000,000 | |||||
Stock repurchase programs, authorized execution month and year | 2025-08 | 2024-02 | |||||
Remaining authorized repurchase amount | 380,500,000 | $ 380,500,000 | |||||
Common stock repurchased, shares | 581,746 | ||||||
Common stock repurchased, value | $ 124,600,000 | $ 124,600,000 | |||||
Treasury Stock | |||||||
Statement Equity Components [Line Items] | |||||||
Shares Used for Tax Withholdings (in shares) | 3,790 | 63,407 | 48,938 | 9,457 | 67,197 | ||
Shares Used for Tax Withholdings | $ 916,000 | $ 12,222,000 | $ 8,626,000 | $ 1,962,000 | $ 13,100,000 | ||
Common stock repurchased, shares | 269,508 | 312,238 | 154,358 | 245,414 |
Computation of Basic and Dilute
Computation of Basic and Diluted Net Income per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
Basic net income per share | ||||
Net income | $ 73,760 | $ 30,892 | $ 152,274 | $ 63,640 |
Weighted average number of common shares – basic | 63,734 | 64,895 | 63,803 | 64,925 |
Net income per common stock - basic | $ 1.16 | $ 0.48 | $ 2.39 | $ 0.98 |
Diluted net income per share | ||||
Net income | $ 73,760 | $ 30,892 | $ 152,274 | $ 63,640 |
Weighted average number of common shares – basic | 63,734 | 64,895 | 63,803 | 64,925 |
Assumed exercise of stock options and vesting of restricted stock | 431 | 144 | 421 | 216 |
Assumed conversion of convertible debt | 163 | 60 | ||
Weighted average number of common shares – diluted | 64,328 | 65,039 | 64,284 | 65,141 |
Net income per common stock - diluted | $ 1.15 | $ 0.47 | $ 2.37 | $ 0.98 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from diluted net income per share | 1,044,000 | 1,821,000 | 913,000 | 1,282,000 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) | 6 Months Ended |
Aug. 03, 2024 shares | |
Performance Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Service-based awards, vesting period | 3 years |
Performance Stock Units | Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Target award threshold range | 200% |
2022 Omnibus Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares available for grant equity awards | 3,955,470 |
Non-Cash Stock Compensation Exp
Non-Cash Stock Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [1] | $ 24,779 | $ 19,425 | $ 43,885 | $ 36,147 |
Restricted Stock Unit Grants | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [2] | 10,823 | 11,178 | 20,771 | 20,544 |
Stock Option Grants | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [2] | 5,042 | 4,996 | 9,608 | 9,198 |
Performance Stock Unit Grants | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [2] | $ 8,914 | $ 3,251 | $ 13,506 | $ 6,405 |
[1] The amounts presented in the table above exclude taxes. For the three and six month periods ended August 3, 2024 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 4.3 million and $ 7.9 million, respectively. For the three and six month periods ended July 29, 2023 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.6 million and $ 6.9 million, respectively . Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. |
Non-Cash Stock Compensation E_2
Non-Cash Stock Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||||
Non-Cash Stock Compensation tax benefit | $ 4.3 | $ 3.6 | $ 7.9 | $ 6.9 |
Stock Option Transactions (Deta
Stock Option Transactions (Detail) | 6 Months Ended | |
Aug. 03, 2024 $ / shares shares | ||
Number of Shares | ||
Options Outstanding at Beginning of Period | shares | 1,356,258 | |
Options Granted | shares | 372,174 | |
Options Exercised | shares | (145,649) | [1] |
Options Forfeited | shares | (62,528) | |
Options Outstanding at End of Period | shares | 1,520,255 | |
Weighted Average Exercise Price Per Share | ||
Options Outstanding at Beginning of Period | $ / shares | $ 197.9 | |
Options Granted | $ / shares | 179.8 | |
Options Exercised | $ / shares | 163.83 | [1] |
Options Forfeited | $ / shares | 205.63 | |
Options Outstanding at End of Period | $ / shares | $ 196.42 | |
[1] Options exercised during the six month period ended August 3, 2024 had a total intrinsic value of $ 9.5 million . |
Stock Option Transactions (Pare
Stock Option Transactions (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Aug. 03, 2024 USD ($) | |
Share-Based Payment Arrangement [Abstract] | |
Share based compensation option exercised total intrinsic value | $ 9.5 |
Stock Options Vested and Expect
Stock Options Vested and Expected to Vest (Detail) $ / shares in Units, $ in Millions | 6 Months Ended |
Aug. 03, 2024 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Vested and expected to vest, Options | shares | 1,520,255 |
Vested and expected to vest, Weighted Average Remaining Contractual Life (Years) | 7 years 4 months 24 days |
Vested and expected to vest, Weighted Average Exercise Price | $ / shares | $ 196.42 |
Vested and expected to vest, Aggregate Intrinsic Value | $ | $ 91.8 |
Options exercisable, Options | shares | 753,189 |
Options exercisable, Weighted Average Remaining Contractual Life (Years) | 5 years 10 months 24 days |
Options exercisable, Weighted Average Exercise Price | $ / shares | $ 202 |
Options exercisable, Aggregate Intrinsic Value | $ | $ 44.2 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) | 6 Months Ended |
Aug. 03, 2024 $ / shares | |
Share-Based Payment Arrangement [Abstract] | |
Risk-free interest rate | 4.69% |
Expected volatility | 42% |
Expected life (years) | 4 years 10 days |
Contractual life (years) | 10 years |
Expected dividend yield | 0% |
Grant date fair value of options issued | $ 69.2 |
Award Grant, Vested and Forfeit
Award Grant, Vested and Forfeiture Transactions (Detail) - Non Vested Restricted Stock | 6 Months Ended | |
Aug. 03, 2024 $ / shares shares | ||
Number of Shares | ||
Non-Vested Awards Outstanding at Beginning of Period | shares | 570,952 | |
Awards Granted | shares | 309,973 | |
Awards Vested | shares | (156,746) | [1] |
Awards Forfeited | shares | (41,846) | |
Non-Vested Awards Outstanding at End of Period | shares | 682,333 | |
Weighted Average Grant Date Fair Value Per Award | ||
Non-Vested Awards Outstanding at Beginning of Period | $ / shares | $ 204.97 | |
Awards Granted | $ / shares | 183.23 | |
Awards Vested | $ / shares | 224.77 | [1] |
Awards Forfeited | $ / shares | 195.52 | |
Non-Vested Awards Outstanding at End of Period | $ / shares | $ 191.13 | |
[1] Restricted stock awards vested during the six month period ended August 3, 2024 had a total intrinsic value of $ 29.3 million . |
Award Grant, Vested and Forfe_2
Award Grant, Vested and Forfeiture Transactions (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Aug. 03, 2024 USD ($) | |
Restricted Stock Issuances | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share based compensation awards vested total intrinsic value | $ 29.3 |
Performance Stock Units Transac
Performance Stock Units Transactions (Detail) - Performance Stock Units | 6 Months Ended | |
Aug. 03, 2024 $ / shares shares | ||
Number of Shares | ||
Non-Vested Awards Outstanding at Beginning of Period | shares | 226,917 | |
Awards Granted | shares | 124,624 | |
Awards Vested | shares | (44,535) | [1] |
Awards Forfeited | shares | (10,535) | |
Non-Vested Awards Outstanding at End of Period | shares | 296,471 | |
Weighted Average Grant Date Fair Value Per Award | ||
Non-Vested Awards Outstanding at Beginning of Period | $ / shares | $ 217.29 | |
Awards Granted | $ / shares | 185.1 | |
Awards Vested | $ / shares | 319.32 | [1] |
Awards Forfeited | $ / shares | 219.54 | |
Non-Vested Awards Outstanding at End of Period | $ / shares | $ 188.35 | |
[1] Performance-based stock awards vested during the six month period ended August 3, 2024 had a total intrinsic value of $ 10.1 million. |
Performance Stock Units Trans_2
Performance Stock Units Transactions (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Aug. 03, 2024 USD ($) | |
Performance Shares [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share based compensation awards vested total intrinsic value | $ 10.1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 | Jun. 26, 2023 | Jun. 25, 2023 |
Commitments And Contingencies Disclosure [Line Items] | |||||
Letters of credit, outstanding amount | $ 83,900,000 | $ 75,800,000 | $ 56,400,000 | ||
Purchase commitments related to goods or services | 1,798,000,000 | ||||
ABL senior secured revolving facility | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Letters of credit, outstanding amount | $ 250,000,000 | $ 150,000,000 | |||
Guarantee Performance Under Insurance And Utility Agreement | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Letters of credit, outstanding amount | 77,300,000 | 75,800,000 | 50,400,000 | ||
Merchandising Agreement | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Letters of credit, outstanding amount | 6,600,000 | 0 | 6,000,000 | ||
Letters of Credit | ABL senior secured revolving facility | Maximum | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Letters of credit, outstanding amount | $ 141,100,000 | $ 174,200,000 | $ 193,600,000 |