Document and Entity Information
Document and Entity Information | 3 Months Ended |
Apr. 30, 2016shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Apr. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | BURL |
Entity Registrant Name | BURLINGTON STORES, INC. |
Entity Central Index Key | 1,579,298 |
Current Fiscal Year End Date | --01-28 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 71,513,289 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
REVENUES: | ||
Net sales | $ 1,282,670 | $ 1,183,059 |
Other revenue | 6,214 | 7,860 |
Total revenue | 1,288,884 | 1,190,919 |
COSTS AND EXPENSES: | ||
Cost of sales | 768,681 | 712,930 |
Selling, general and administrative expenses | 403,385 | 377,679 |
Costs related to secondary offering | 259 | |
Stock option modification expense | 236 | 460 |
Depreciation and amortization | 45,545 | 42,155 |
Impairment charges-long-lived assets | 109 | 1,715 |
Other income—net | (4,169) | (1,072) |
Loss on extinguishment of debt | 649 | |
Interest expense | 14,952 | 14,803 |
Total cost and expenses | 1,228,739 | 1,149,578 |
Income before income tax expense | 60,145 | 41,341 |
Income tax expense | 22,631 | 15,646 |
Net income | $ 37,514 | $ 25,695 |
Net income (loss) per common stock - basic | $ 0.53 | $ 0.34 |
Net income (loss) per common stock - diluted | $ 0.52 | $ 0.34 |
Weighted average number of common stock - basic | 71,166 | 74,982 |
Weighted average number of common stock - diluted | 72,423 | 76,501 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 37,514 | $ 25,695 |
Interest rate cap contracts: | ||
Unrealized (losses) gains, net of related taxes of $0.8 million and $0.6 million, respectively | (1,151) | 901 |
Amount reclassified into earnings, net of related taxes of $0.1 million | 157 | |
Other comprehensive (loss) income, net of tax: | (994) | 901 |
Total comprehensive income | $ 36,520 | $ 26,596 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized (losses) gains on Interest Rate Cap Contracts, Tax | $ 0.8 | $ 0.6 |
Amount reclassified into earnings on Interest Rate Cap Contracts, Tax | $ 0.1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 28,100 | $ 20,915 | $ 34,748 |
Restricted cash and cash equivalents | 27,800 | 27,800 | 27,800 |
Accounts receivable—net | 51,371 | 38,571 | 45,717 |
Merchandise inventories | 804,694 | 783,528 | 822,313 |
Deferred tax assets | 35,821 | ||
Prepaid and other current assets | 69,525 | 62,168 | 90,173 |
Total current assets | 981,490 | 932,982 | 1,056,572 |
Property and equipment—net | 1,011,869 | 1,018,570 | 967,054 |
Tradenames | 238,000 | 238,000 | 238,000 |
Favorable leases—net | 232,482 | 238,753 | 260,291 |
Goodwill | 47,064 | 47,064 | 47,064 |
Other assets | 94,996 | 96,444 | 104,666 |
Total assets | 2,605,901 | 2,571,813 | 2,673,647 |
Current liabilities: | |||
Accounts payable | 594,381 | 598,199 | 631,790 |
Other current liabilities | 279,076 | 286,986 | 261,691 |
Current maturities of long term debt | 1,452 | 1,403 | 1,195 |
Total current liabilities | 874,909 | 886,588 | 894,676 |
Long term debt | 1,350,176 | 1,295,163 | 1,306,570 |
Other liabilities | 285,554 | 287,389 | 273,335 |
Deferred tax liabilities | $ 200,500 | $ 201,695 | $ 229,418 |
Commitments and contingencies (Notes 2, 9, 10 and 11) | |||
Stockholders’ deficit: | |||
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: 77,079,034 shares, 76,711,663 shares and 76,346,273 shares, respectively; Outstanding: 71,513,289 shares, 72,071,177 shares and 75,669,129 shares, respectively | $ 7 | $ 7 | $ 7 |
Additional paid-in-capital | 1,393,955 | 1,395,863 | 1,379,832 |
Accumulated deficit | (1,238,458) | (1,275,972) | (1,400,759) |
Accumulated other comprehensive loss | (9,986) | (8,992) | (843) |
Treasury stock, at cost | (250,756) | (209,928) | (8,589) |
Total stockholders' deficit | (105,238) | (99,022) | (30,352) |
Total liabilities and stockholders' deficit | $ 2,605,901 | $ 2,571,813 | $ 2,673,647 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
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 | 77,079,034 | 76,711,663 | 76,346,273 |
Common Stock, Shares Outstanding | 71,513,289 | 72,071,177 | 75,669,129 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2016 | May. 02, 2015 | ||
OPERATING ACTIVITIES | |||
Net income | $ 37,514 | $ 25,695 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 45,545 | 42,155 | |
Impairment charges—long-lived assets | 109 | 1,715 | |
Amortization of deferred financing costs | 712 | 734 | |
Accretion of long-term debt instruments | 199 | 211 | |
Deferred income tax (benefit) | (533) | (4,135) | |
Non-cash loss on extinguishment of debt—write-off of deferred financing costs and original issue discount | 649 | ||
Non-cash stock compensation expense | [1] | 3,283 | 2,119 |
Non-cash rent expense | (7,331) | (5,586) | |
Deferred rent incentives | 2,476 | 11,301 | |
Excess tax benefit from stock based compensation | (3,070) | (6,150) | |
Changes in assets and liabilities: | |||
Accounts receivable | (13,287) | (2,015) | |
Merchandise inventories | (21,166) | (33,605) | |
Prepaid and other current assets | (8,384) | (31,492) | |
Accounts payable | (2,959) | 10,108 | |
Other current liabilities | (7,004) | (33,350) | |
Other long term assets and long term liabilities | 1,469 | (913) | |
Other operating activities | 2,804 | 701 | |
Net cash provided by (used in) operating activities | 30,377 | (21,858) | |
INVESTING ACTIVITIES | |||
Cash paid for property and equipment | (30,425) | (43,088) | |
Proceeds from sale of property and equipment and assets held for sale | 83 | 108 | |
Net cash used in investing activities | (30,342) | (42,980) | |
FINANCING ACTIVITIES | |||
Proceeds from long term debt—ABL Line of Credit | 450,200 | 436,100 | |
Principal payments on long term debt—ABL Line of Credit | (395,400) | (319,400) | |
Proceeds from sale of interest rate cap contracts | 1,169 | ||
Purchase of treasury shares | (50,017) | (331) | |
Proceeds from stock option exercises | 927 | 903 | |
Excess tax benefit from stock based compensation | 3,070 | 6,150 | |
Other financing activities | (1,630) | (354) | |
Net cash provided by financing activities | 7,150 | 74,237 | |
Increase in cash and cash equivalents | 7,185 | 9,399 | |
Cash and cash equivalents at beginning of period | 20,915 | 25,349 | |
Cash and cash equivalents at end of period | 28,100 | 34,748 | |
Supplemental disclosure of cash flow information: | |||
Interest paid | 13,958 | 13,885 | |
Income tax payments - net | 5,251 | 18,499 | |
Non-cash investing activities: | |||
Accrued purchases of property and equipment | $ 18,316 | 12,571 | |
Term B-3 Loans | |||
FINANCING ACTIVITIES | |||
Principal payments on long term debt | $ (50,000) | ||
[1] | The amounts presented in the table above exclude taxes. For the three month period ended April 30, 2016, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.2 million. For the three month period ended May 2, 2015, the tax benefit related to the Company’s non-cash stock compensation was approximately $0.8 million. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation As of April 30, 2016, Burlington Stores, Inc. and its subsidiaries (the Company), a Delaware Corporation, through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 570 retail stores, inclusive of an internet store. 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 January 30, 2016 (Fiscal 2015 10-K). The balance sheet at January 30, 2016 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2015 10-K. Because the Company’s business is seasonal in nature, the operating results for the three month period ended April 30, 2016 are not necessarily indicative of results for the fiscal year ending January 28, 2017 (Fiscal 2016). Accounting policies followed by the Company are described in Note 1 to the Fiscal 2015 10-K, “Summary of Significant Accounting Policies.” In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration included in the transaction price and allocating the transaction price to each separate performance obligation. At its July 9, 2015 meeting, the FASB affirmed its proposal to defer the effective date of this ASU for reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods. The effective date of this ASU for the Company is the beginning of the fiscal year ended February 2, 2019 (Fiscal 2018). The Company is currently in the process of evaluating the impact of adoption of this ASU on its Condensed Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, “Leases” which provides guidance for leases. The standard’s core principle is to increase In April 2015, the FASB issued ASU 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This standard requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability. Further, on August 16, 2015, the FASB issued ASU 2015-15 to clarify the SEC staff’s position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements given the lack of guidance on this topic in ASU 2015-03. The SEC staff has stated that it would “not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement.” These standards become effective for fiscal years beginning after December 15, 2015. The Company adopted these standards during the first quarter of Fiscal 2016 on a retrospective basis. As a result, $8.3 million and $9.5 million of deferred financing costs associated with the Term Loan Facility (as defined in Note 2, “Long Term Debt,”) as of January 30, 2016 and May 2, 2015, respectively, have been reclassified and shown as a deduction from the line item “Long term debt” on our Condensed Consolidated Balance Sheets. These amounts were previously recorded in the line item “Other assets” on our Condensed Consolidated Balance Sheets. The remaining deferred financing costs associated with the Company’s ABL Line of Credit (as defined in Note 2, “Long Term Debt,”) and interest rate cap contracts continue to be shown in the line item “Other assets” on our Condensed Consolidated Balance Sheets in accordance with ASU 2015-15. On March 30, 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted in any interim or annual period. Once adopted, all excess tax benefits and tax deficiencies from stock based compensation will be recognized as income tax expense or benefit in the statement of operations as discrete items in the reporting period in which they occur, regardless of whether the benefit reduces taxes payable in the current period. In addition, any excess tax benefit from stock based compensation will be classified along with other income tax cash flows as an operating activity on the statement of cash flows. Currently, the Company records all excess tax benefits in additional paid-in capital on the balance sheet when the deduction reduces taxes payable and records tax deficiencies in the statement of operations and separates any excess tax benefit from stock based compensation from other income tax cash flows and classifies them as a financing activity on the statement of cash flows with a corresponding offset in operating activities. The Company is currently in the process of evaluating the impact of adoption of this ASU on its Condensed Consolidated Financial Statements. There were no other new accounting standards that had a material impact on the Company’s Condensed Consolidated Financial Statements during the three month period ended April 30, 2016, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of April 30, 2016 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective. |
Long Term Debt
Long Term Debt | 3 Months Ended |
Apr. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 2. Long Term Debt Long term debt consists of: (in thousands) April 30, January 30, May 2, 2016 2016 2015 $1,200,000 senior secured term loan facility (Term B-3 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, matures on August 13, 2021 $ 1,112,774 $ 1,112,575 $ 1,111,977 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures August 13, 2019 222,200 167,400 180,000 Capital lease obligations 24,613 24,925 25,255 Unamortized deferred financing costs (7,959 ) (8,334 ) (9,467 ) Total debt 1,351,628 1,296,566 1,307,765 Less: current maturities (1,452 ) (1,403 ) (1,195 ) Long term debt, net of current maturities $ 1,350,176 $ 1,295,163 $ 1,306,570 Term Loan Facility On August 13, 2014, BCFWC entered into Amendment No. 4 (the Fourth Amendment) to the Term Loan Credit Agreement (as amended, the Amended Term Loan Credit Agreement) governing its senior secured term loan facility (the Term Loan Facility). The Fourth Amendment, among other things, (i) increased the available incremental amount to $400.0 million plus unlimited amounts so long as BCFWC’s pro forma consolidated secured leverage ratio does not exceed 3.50 to 1.00 and (ii) gave BCFWC and its restricted subsidiaries additional flexibility to make investments, restricted payments (including dividends), incur additional debt, grant liens and otherwise comply with its covenants under the Amended Term Loan Credit Agreement. The interest rate margin applicable under the Amended Term Loan Credit Agreement is 3.25% in the case of loans drawn at LIBOR and 2.25% in the case of loans drawn under the prime rate (as determined by the Term Loan Facility Administrative Agent). The Fourth Amendment removed the variable pricing mechanism that was formerly in place, which was based on BCFWC’s pro forma consolidated secured leverage ratio. The Term Loan Facility is collateralized by a first lien on our favorable leases, real estate and property & equipment and a second lien on our inventory and receivables. The Term B-3 Loans outstanding under the Term Loan Facility mature on August 13, 2021. The Company elected to make a prepayment of $50.0 million on May 1, 2015, which offset the mandatory quarterly payments through May 1, 2021. In accordance with ASC Topic No. 470-50, “Debt Modifications and Extinguishments” (Topic No. 470), the Company recognized a non-cash loss on the partial extinguishment of debt of $0.6 million, representing the write-off of $0.4 million and $0.2 million in deferred financing costs and unamortized original issue discount, respectively, which was recorded in the line item “Loss on extinguishment of debt” in the Company’s Condensed Consolidated Statements of Operations. Interest rates for the Term Loan Facility are based on: (i) for LIBOR rate loans for any interest period, at a rate per annum equal to the greater of (x) the LIBOR rate, as determined by the Term Loan Facility Administrative Agent, for such interest period multiplied by the Statutory Reserve Rate (as defined in the Term Loan Credit Agreement) and (y) 1.00% (the Term Loan Adjusted LIBOR Rate), plus an applicable margin; 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 funds rate in effect on such date plus 0.50% per annum, and (c) the Term Loan Adjusted LIBOR Rate for the applicable class of term loans for one-month plus 1.00%, plus, in each case, an applicable margin. At April 30, 2016, the Company’s borrowing rate related to the Term Loan Facility was 4.25%. ABL Line of Credit On August 13, 2014, BCFWC also entered into Amendment No. 1 (the ABL Amendment) to the Second Amended and Restated Credit Agreement, dated September 2, 2011 (as amended, the Amended ABL Credit Agreement) governing BCFWC’s existing senior secured asset-based revolving credit facility (the ABL Line of Credit). The ABL Amendment, among other things, provided BCFWC and certain of its subsidiaries with additional flexibility to make investments, restricted payments (including dividends), incur additional debt, grant liens and otherwise comply with its covenants under the Amended ABL Credit Agreement. The Company believes that the Amended ABL Credit Agreement provides the liquidity and flexibility to meet its operating and capital requirements over the remaining term of the ABL Line of Credit. Further, the calculation of the borrowing base under the amended and restated credit agreement has been amended to allow for increased availability, particularly during the September 1st through December 15th period of each year. The ABL Line of Credit matures on August 13, 2019. The aggregate amount of commitments under the Amended ABL Credit Agreement is $600.0 million and, subject to the satisfaction of certain conditions, the Company can increase the aggregate amount of commitments up to $900.0 million. Interest rate margin applicable under the Amended ABL Credit Agreement in the case of loans drawn at LIBOR is 1.25% - 1.50% (based on total commitments or borrowing base availability), and the fee on the average daily balance of unused loan commitments is 0.25%. The ABL Line of Credit is collateralized by a first lien on the Company’s inventory and receivables and a second lien on the Company’s real estate and property and equipment. At April 30, 2016, the Company had $339.3 million available under the Amended ABL Line of Credit and $222.2 million of outstanding borrowings. The maximum borrowings under the facility during the three month period ended April 30, 2016 amounted to $315.0 million. Average borrowings during the three month period ended April 30, 2016 amounted to $224.9 million, at an average interest rate of 1.7%. The Company had outstanding borrowings under the Amended ABL Line of Credit of $167.4 million as of January 30, 2016. At May 2, 2015, the Company had $382.6 million available under the ABL Line of Credit and $180.0 million of outstanding borrowings. The maximum borrowings under the facility during the three month period ended May 2, 2015 amounted to $181.8 million. Average borrowings during the three month period ended May 2, 2015 amounted to $113.3 million, at an average interest rate of 1.6%. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Apr. 30, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 3. Derivative Instruments and Hedging Activities The Company accounts for derivatives and hedging activities in accordance with ASC Topic No. 815 “Derivatives and Hedging” (Topic No. 815). As required by Topic No. 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 Topic No. 820, “Fair Value Measurements” (Topic No. 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 Topic No. 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’s only derivatives are interest rate cap contracts that are with separate counterparties and are under separate master netting agreements. 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 this objective, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract. The Company did not record any hedge ineffectiveness in its earnings during the three month period ended April 30, 2016. As of April 30, 2016, the Company estimates that approximately $3.8 million will be reclassified into interest expense during the next twelve months. As of April 30, 2016, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Aggregate Principal Amount Interest Cap Rate Maturity Date Interest rate cap contracts Two $ 800.0 million 1.0% May 31, 2019 Tabular Disclosure The tables below present 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 Asset Derivatives April 30, 2016 January 30, 2016 May 2, 2015 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate cap contracts N/A $ — Other assets $ — Other assets $ 1,905 (in thousands) Fair Values of Derivative Instruments Liability Derivatives April 30, 2016 January 30, 2016 May 2, 2015 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate cap contracts Other $ 9,016 Other $ 8,415 N/A $ — The tables below present the amounts of losses recognized in other comprehensive loss, net of taxes, and the classification of losses reclassified into earnings related to the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Amount of Losses Recognized in Other Comprehensive Loss Related to Derivatives Derivatives Designated as Three Months Ended Hedging Instruments April 30, 2016 May 2, 2015 Interest rate cap contracts $ (1,151 ) $ 901 (in thousands) Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Earnings Related to Derivatives Derivatives Designated as Three Months Ended Component of Hedging Instruments April 30, 2016 May 2, 2015 Earnings Interest rate cap contracts $ 157 $ — Interest |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 4. Accumulated Other Comprehensive Loss Amounts included in accumulated other comprehensive loss are recorded net of the related income tax effects. The following table details the changes in accumulated other comprehensive loss: (in thousands) Derivative Instruments Balance at January 30, 2016 $ (8,992 ) Unrealized losses, net of related tax benefit of $0.8 million (1,151 ) Amount reclassified into earnings, net of related taxes of $0.1 million 157 Balance at April 30, 2016 $ (9,986 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The Company accounts for fair value measurements in accordance with Topic No. 820, which defines fair value, establishes a framework for measurement and expands disclosure about fair value measurements. Topic No. 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 3, “Derivative Instruments and Hedging Activities,” for further discussion regarding the fair value of the Company’s interest rate cap contracts. Financial Assets The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of April 30, 2016, January 30, 2016 and May 2, 2015 are summarized below: (in thousands) Fair Value Measurements at April 30, January 30, May 2, 2016 2016 2015 Assets: Level 1 Cash equivalents (including restricted cash) $ 28,125 $ 28,114 $ 28,099 Financial Liabilities The fair values of the Company’s financial liabilities are summarized below: (in thousands) April 30, 2016 January 30, 2016 May 2, 2015 Carrying Amount (b) Fair Value (b) Carrying Amount (b) Fair Value (b) Carrying Amount (b) Fair Value (b) $1,200,000 senior secured term loan facility (Term B-3 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, matures on August 13, 2021 $ 1,112,774 $ 1,116,465 $ 1,112,575 $ 1,107,921 $ 1,111,977 $ 1,120,317 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures August 13, 2019(a) 222,200 222,200 167,400 167,400 180,000 180,000 Total debt $ 1,334,974 $ 1,338,665 $ 1,279,975 $ 1,275,321 $ 1,291,977 $ 1,300,317 (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 (borrowings are typically done in 30 day increments). (b) Capital lease obligations are excluded from the table above. 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. Although management is not aware of any factors that could significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these Condensed Consolidated Financial Statements since April 30, 2016, and current estimates of fair value may differ from amounts presented herein. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Net deferred taxes are as follows: (in thousands) April 30, January 30, May 2, 2016 2016 2015 Current deferred tax asset $ — $ — $ 35,821 Non-current deferred tax liability 200,500 201,695 229,418 Net deferred tax liability $ 200,500 $ 201,695 $ 193,597 The amounts presented in the table above are reflective of the prospective adoption of Accounting Standards Update 2015-17, “Income Taxes: Balance Sheet Classification of Deferred Taxes,” which called for the presentation of deferred tax assets and deferred tax liabilities as non-current. The Company adopted this standard on a prospective basis during the fourth quarter of Fiscal 2015. Amounts as of May 2, 2015 have not been retrospectively adjusted to reflect the adoption of this standard. Deferred tax liabilities primarily relate to rent expense, intangible assets, and depreciation expense where the Company has a future obligation for tax purposes. As of April 30, 2016, January 30, 2016 and May 2, 2015, valuation allowances amounted to $7.8 million, $7.8 million and $6.2 million, respectively, primarily related to state tax net operating losses and state tax credit carry forwards. The Company believes that it is more likely than not that a portion of the benefit of the state tax net operating losses will not be realized. As of April 30, 2016, the Company had $7.3 million of deferred tax assets recorded for state net operating losses, which will expire between 2016 and 2026. In addition, management also determined that a full valuation allowance of $5.4 million, $5.1 million and $4.8 million were required against the tax benefit associated with Puerto Rico deferred tax assets as of April 30, 2016, January 30, 2016 and May 2, 2015, respectively. |
Capital Stock
Capital Stock | 3 Months Ended |
Apr. 30, 2016 | |
Capital Stock [Abstract] | |
Capital Stock | 7. Capital Stock Treasury Stock The Company accounts for treasury stock under the cost method. During the three month period ended April 30, 2016, the Company acquired 306 shares of common stock from employees for less than $0.1 million to satisfy their minimum statutory tax withholdings related to the vesting of restricted stock awards. During the three month period ended April 30, 2016, the Company re-issued 688,880 shares held in its treasury stock pool for re-issuance under the 2006 Management Incentive Plan. As a result of this transaction, the Company reclassified approximately $9.2 million from treasury stock to additional paid-in-capital. Share Repurchase Programs During the three month period ended April 30, 2016, the Company repurchased 924,953 shares of its common stock for $50.0 million, inclusive of commissions, under its share repurchase program, which was recorded in the line item “Treasury stock” on the Company’s Condensed Consolidated Balance Sheet. As of April 30, 2016, the Company had $149.6 million available for purchase under its share repurchase program. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 8. Net Income Per Share Basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Dilutive net income per share is calculated by dividing net income by the weighted-average common shares and potentially dilutive securities outstanding during the period using the treasury stock method. (in thousands, except per share data) Three Months Ended April 30, May 2, 2016 2015 Basic net income per share Net income $ 37,514 $ 25,695 Weighted average number of common shares – basic 71,166 74,982 Net income per common share – basic $ 0.53 $ 0.34 Diluted net income per share Net income $ 37,514 $ 25,695 Shares for basic and diluted net income per share: Weighted average number of common shares – basic 71,166 74,982 Assumed exercise of stock options and vesting of restricted stock 1,257 1,519 Weighted average number of common shares – diluted 72,423 76,501 Net income per common share – diluted $ 0.52 $ 0.34 Approximately 120,000 options to purchase shares of common stock and unvested restricted stock awards were excluded from diluted net income per share for the three month period ended April 30, 2016, since their effect was anti-dilutive. For the three month period ended May 2, 2015, there were less than 100,000 outstanding options to purchase shares of common stock and shares of unvested restricted stock awards that were excluded from diluted earnings per share since their effect was anti-dilutive. |
Stock Option and Award Plans an
Stock Option and Award Plans and Stock-Based Compensation | 3 Months Ended |
Apr. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option and Award Plans and Stock-Based Compensation | 9. Stock Option and Award Plans and Stock-Based Compensation As of April 30, 2016, there were 6,000,000 shares of common stock authorized for issuance under the 2013 Omnibus Incentive Plan (the 2013 Plan). The 2006 Management Incentive Plan (the 2006 Plan and, together with the 2013 Plan, the Plans) terminated on April 12, 2016. Stock Options The Company accounts for awards issued under the Plans in accordance with ASC Topic No. 718, “ ” With the exception of the special one-time grant of options to purchase shares of common stock to certain members of management made during Fiscal 2013, all options awarded prior to Fiscal 2016 become exercisable upon a change of control; options awarded after Fiscal 2015 become exercisable if the grantee’s employment is terminated without cause or, in some instances, the recipient resigns with good reason within a certain period of time following a change in control. The vesting of special one-time grants will not be accelerated in the event of a change of control, provided, however, that in the event that within two years after a change of control, the grantee’s employment is terminated without cause or, in some instances, the grantee resigns with good reason, then an incremental 20% of the special one-time grants shall be deemed vested as of the date of termination of grantee’s employment, but in no event more than the total number of special one-time grants granted to such grantee. Unless determined otherwise by the plan administrator, upon cessation of employment, the majority of options that have not vested will terminate immediately (subject to the potential acceleration of special one-time grants in the event of a change of control, as described above) and unexercised vested options will be exercisable for a period of 60 days. The final exercise date for any option granted is the tenth anniversary of the grant date. Non-cash stock compensation expense is as follows: (in thousands) Three Months Ended April 30, May 2, Type of Non-Cash Stock Compensation 2016 2015 Restricted stock grants (a) $ 1,758 $ 1,218 Stock option grants (a) 1,324 561 Stock option modification (b) 201 340 Total (c) $ 3,283 $ 2,119 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Operations. (b) Represents non-cash compensation related to the May 2013 stock option modification. Amounts are included in the line item “Stock option modification expense” in the Company’s Condensed Consolidated Statements of Operations. (c) The amounts presented in the table above exclude taxes. For the three month period ended April 30, 2016, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.2 million. For the three month period ended May 2, 2015, the tax benefit related to the Company’s non-cash stock compensation was approximately $0.8 million. As of April 30, 2016, the Company had 3,106,899 options outstanding to purchase shares of common stock under the Plans. Stock option transactions during the three month period ended April 30, 2016 are summarized as follows: Number of Shares Weighted Average Exercise Price Per Share Options outstanding, January 30, 2016 2,744,671 $ 12.43 Options granted 546,890 54.60 Options exercised (a) (170,848 ) 5.42 Options forfeited (13,814 ) 22.70 Options outstanding, April 30, 2016 3,106,899 $ 20.19 (a) Options exercised during the three month period ended April 30, 2016 had a total intrinsic value of $8.4 million. The following table summarizes information about the stock options vested and expected to vest during the contractual term as of April 30, 2016: Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value Vested and expected to vest 2,735,595 7.6 $ 19.61 $ 102.2 million The fair value of each stock option granted during the three month period ended April 30, 2016 was estimated using the Black Scholes option pricing model using the following assumptions: Three Months Ended April 30, 2016 Risk-free interest rate 1.43% - 1.81% Expected volatility 36.0% - 37.0% Expected life (years) 6.25 Contractual life (years) 10.0 Expected dividend yield 0.0% Weighted average grant date fair value of options issued $ 21.00 The expected dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. Since the Company completed its initial public offering in October 2013, it does not have sufficient history as a publicly traded company to evaluate its volatility factor. As such, the expected stock price volatility is based upon the historical volatility of the stock price over the expected life of the options of peer companies that are publicly traded. 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. For grants issued during the three month period ended April 30, 2016 and May 2, 2015, the expected life of the options was calculated using the simplified method. The simplified method defines the life as the average of the contractual term of the options and the weighted average vesting period for all option tranches. This methodology was utilized due to the short length of time our common stock has been publicly traded. Restricted Stock Awards Under the Plans, the Company also has the ability to grant shares of restricted stock. During the three month period ended April 30, 2016, the Company granted 173,113 shares and 27,633 shares of restricted stock under the 2006 Plan and 2013 Plan, respectively. These grants are service-based awards that cliff vest at the end of the requisite service period, which typically are three or four years. Following a change of control, all unvested shares of restricted stock shall remain unvested, provided, however, that 100% of such shares shall vest if, following such change of control, the employment of the recipient is terminated without cause or, in some instances, the recipient resigns with good reason. Restricted stock transactions during the three month period ended April 30, 2016 are summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Per Awards Non-vested awards outstanding, May 2, 2015 509,543 $ 45.33 Awards granted 200,746 54.57 Awards vested (898 ) 34.45 Awards forfeited (4,223 ) 41.28 Non-vested awards outstanding, April 30, 2016 705,168 $ 48.00 The fair value of each share of restricted stock granted during the three month period ended April 30, 2016 was based upon the closing price of the Company’s common stock on the date of grant (for awards made under the 2006 Plan) or the closing price of the Company’s common stock on the date prior to the grant date (for awards made under the 2013 Plan). |
Other Liabilities
Other Liabilities | 3 Months Ended |
Apr. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 10. Other Liabilities Other liabilities primarily consist of deferred lease incentives, the long term portion of self-insurance reserves, the excess of straight-line rent expense over actual rental payments and tax liabilities associated with the uncertain tax positions recognized by the Company in accordance with Topic No. 740. Deferred lease incentives are funds received or receivable from landlords used primarily to offset costs incurred for leasehold improvements and fixturing of new and remodeled stores. These deferred lease incentives are amortized over the expected lease term including rent holiday periods and option periods where the exercise of the option can be reasonably assured. Amortization of deferred lease incentives is included in the line item “Selling, general and administrative expenses” on the Company’s Condensed Consolidated Statements of Operations. At April 30, 2016, January 30, 2016 and May 2, 2015, deferred lease incentives were $176.0 million, $179.3 million and $174.6 million, respectively, and are recorded in the line item “Other liabilities” on the Company’s Condensed Consolidated Balance Sheets. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Legal The Company establishes accruals relating to legal claims, in connection with litigation to which the Company is party from time to time in the ordinary course of business. Like many retailers, the Company has been named in class or collective actions on behalf of various groups alleging violations of federal and state wage and hour and other labor statutes, and alleged violation of state consumer and/or privacy protection statutes. In the normal course of business, we are also party to various other lawsuits and regulatory proceedings including, among others, commercial, product, product safety, 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. To determine the likelihood of a loss and/or the measurement of any loss can be complex. Consequently, we are unable to estimate the range of reasonably possible loss in excess of amounts accrued. Our assessments are based on estimates and assumptions that have been deemed reasonable by management, but the assessment process relies heavily on estimates and assumptions that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. The ultimate outcome of these cases could have a material adverse effect on the Company’s results of operations. Lease Agreements The Company enters into lease agreements during the ordinary course of business in order to secure favorable store locations. The Company’s minimum lease payments for all operating leases are expected to be $227.2 million for the remainder of Fiscal 2016 and $314.9 million, $296.2 million, $252.1 million, $218.4 million and $1,032.5 million for the fiscal years ended February 3, 2018, February 2, 2019, February 1, 2020, January 30, 2021 and all subsequent years thereafter, respectively. Total future minimum lease payments include $118.5 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $346.4 million of minimum lease payments for 31 stores that the Company has committed to open or relocate. Letters of Credit The Company had letters of credit arrangements with various banks in the aggregate amount of $38.4 million, $41.3 million and $37.5 million as of April 30, 2016, January 30, 2016 and May 2, 2015, respectively. Among these arrangements as of April 30, 2016, January 30, 2016 and May 2, 2015, the Company had letters of credit in the amount of $32.2 million, $32.2 million and $32.1 million, respectively, guaranteeing performance under various insurance contracts and utility agreements. In addition, the Company had outstanding letters of credit agreements in the amounts of $6.2 million, $9.1 million and $5.4 million at April 30, 2016, January 30, 2016 and May 2, 2015, respectively, related to certain merchandising agreements. Based on the terms of the credit agreement related to the ABL Line of Credit, the Company had the ability to enter into letters of credit up to $339.3 million, $335.4 million and $382.6 million as of April 30, 2016, January 30, 2016 and May 2, 2015, respectively. Purchase Commitments The Company had $737.7 million of purchase commitments related to goods that were not received as of April 30, 2016. Death Benefits In November of 2005, the Company entered into agreements with three of the Company’s former executives whereby upon each of their deaths the Company will pay $1.0 million to each respective designated beneficiary. |
Related Parties
Related Parties | 3 Months Ended |
Apr. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | 12. Related Parties The brother-in-law of one of the Company’s Executive Vice Presidents is an independent sales representative of one of the Company’s suppliers of merchandise inventory. This relationship predated the commencement of the Executive Vice President’s employment with the Company. The Company has determined that the dollar amount of purchases through such supplier represents an insignificant amount of its inventory purchases. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation As of April 30, 2016, Burlington Stores, Inc. and its subsidiaries (the Company), a Delaware Corporation, through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 570 retail stores, inclusive of an internet store. 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 January 30, 2016 (Fiscal 2015 10-K). The balance sheet at January 30, 2016 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2015 10-K. Because the Company’s business is seasonal in nature, the operating results for the three month period ended April 30, 2016 are not necessarily indicative of results for the fiscal year ending January 28, 2017 (Fiscal 2016). Accounting policies followed by the Company are described in Note 1 to the Fiscal 2015 10-K, “Summary of Significant Accounting Policies.” In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration included in the transaction price and allocating the transaction price to each separate performance obligation. At its July 9, 2015 meeting, the FASB affirmed its proposal to defer the effective date of this ASU for reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods. The effective date of this ASU for the Company is the beginning of the fiscal year ended February 2, 2019 (Fiscal 2018). The Company is currently in the process of evaluating the impact of adoption of this ASU on its Condensed Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, “Leases” which provides guidance for leases. The standard’s core principle is to increase In April 2015, the FASB issued ASU 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This standard requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability. Further, on August 16, 2015, the FASB issued ASU 2015-15 to clarify the SEC staff’s position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements given the lack of guidance on this topic in ASU 2015-03. The SEC staff has stated that it would “not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement.” These standards become effective for fiscal years beginning after December 15, 2015. The Company adopted these standards during the first quarter of Fiscal 2016 on a retrospective basis. As a result, $8.3 million and $9.5 million of deferred financing costs associated with the Term Loan Facility (as defined in Note 2, “Long Term Debt,”) as of January 30, 2016 and May 2, 2015, respectively, have been reclassified and shown as a deduction from the line item “Long term debt” on our Condensed Consolidated Balance Sheets. These amounts were previously recorded in the line item “Other assets” on our Condensed Consolidated Balance Sheets. The remaining deferred financing costs associated with the Company’s ABL Line of Credit (as defined in Note 2, “Long Term Debt,”) and interest rate cap contracts continue to be shown in the line item “Other assets” on our Condensed Consolidated Balance Sheets in accordance with ASU 2015-15. On March 30, 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted in any interim or annual period. Once adopted, all excess tax benefits and tax deficiencies from stock based compensation will be recognized as income tax expense or benefit in the statement of operations as discrete items in the reporting period in which they occur, regardless of whether the benefit reduces taxes payable in the current period. In addition, any excess tax benefit from stock based compensation will be classified along with other income tax cash flows as an operating activity on the statement of cash flows. Currently, the Company records all excess tax benefits in additional paid-in capital on the balance sheet when the deduction reduces taxes payable and records tax deficiencies in the statement of operations and separates any excess tax benefit from stock based compensation from other income tax cash flows and classifies them as a financing activity on the statement of cash flows with a corresponding offset in operating activities. The Company is currently in the process of evaluating the impact of adoption of this ASU on its Condensed Consolidated Financial Statements. There were no other new accounting standards that had a material impact on the Company’s Condensed Consolidated Financial Statements during the three month period ended April 30, 2016, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of April 30, 2016 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective. |
Long Term Debt (Tables)
Long Term Debt (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long Term Debt | Long term debt consists of: (in thousands) April 30, January 30, May 2, 2016 2016 2015 $1,200,000 senior secured term loan facility (Term B-3 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, matures on August 13, 2021 $ 1,112,774 $ 1,112,575 $ 1,111,977 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures August 13, 2019 222,200 167,400 180,000 Capital lease obligations 24,613 24,925 25,255 Unamortized deferred financing costs (7,959 ) (8,334 ) (9,467 ) Total debt 1,351,628 1,296,566 1,307,765 Less: current maturities (1,452 ) (1,403 ) (1,195 ) Long term debt, net of current maturities $ 1,350,176 $ 1,295,163 $ 1,306,570 |
Derivative Instruments and He22
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Fair Value of Company's Derivative Financial Instruments on Gross Basis as well as Classification | The tables below present 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 Asset Derivatives April 30, 2016 January 30, 2016 May 2, 2015 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate cap contracts N/A $ — Other assets $ — Other assets $ 1,905 (in thousands) Fair Values of Derivative Instruments Liability Derivatives April 30, 2016 January 30, 2016 May 2, 2015 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate cap contracts Other $ 9,016 Other $ 8,415 N/A $ — The tables below present the amounts of losses recognized in other comprehensive loss, net of taxes, and the classification of losses reclassified into earnings related to the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Amount of Losses Recognized in Other Comprehensive Loss Related to Derivatives Derivatives Designated as Three Months Ended Hedging Instruments April 30, 2016 May 2, 2015 Interest rate cap contracts $ (1,151 ) $ 901 (in thousands) Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Earnings Related to Derivatives Derivatives Designated as Three Months Ended Component of Hedging Instruments April 30, 2016 May 2, 2015 Earnings Interest rate cap contracts $ 157 $ — Interest |
Derivatives Designated as Hedging Instruments | |
Outstanding Interest Rate Derivatives in Qualifying Hedging Relationships | As of April 30, 2016, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Aggregate Principal Amount Interest Cap Rate Maturity Date Interest rate cap contracts Two $ 800.0 million 1.0% May 31, 2019 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The following table details the changes in accumulated other comprehensive loss: (in thousands) Derivative Instruments Balance at January 30, 2016 $ (8,992 ) Unrealized losses, net of related tax benefit of $0.8 million (1,151 ) Amount reclassified into earnings, net of related taxes of $0.1 million 157 Balance at April 30, 2016 $ (9,986 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
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 April 30, 2016, January 30, 2016 and May 2, 2015 are summarized below: (in thousands) Fair Value Measurements at April 30, January 30, May 2, 2016 2016 2015 Assets: Level 1 Cash equivalents (including restricted cash) $ 28,125 $ 28,114 $ 28,099 |
Fair Values of Financial Liabilities | The fair values of the Company’s financial liabilities are summarized below: (in thousands) April 30, 2016 January 30, 2016 May 2, 2015 Carrying Amount (b) Fair Value (b) Carrying Amount (b) Fair Value (b) Carrying Amount (b) Fair Value (b) $1,200,000 senior secured term loan facility (Term B-3 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, matures on August 13, 2021 $ 1,112,774 $ 1,116,465 $ 1,112,575 $ 1,107,921 $ 1,111,977 $ 1,120,317 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures August 13, 2019(a) 222,200 222,200 167,400 167,400 180,000 180,000 Total debt $ 1,334,974 $ 1,338,665 $ 1,279,975 $ 1,275,321 $ 1,291,977 $ 1,300,317 (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 (borrowings are typically done in 30 day increments). (b) Capital lease obligations are excluded from the table above. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Net Deferred Taxes | Net deferred taxes are as follows: (in thousands) April 30, January 30, May 2, 2016 2016 2015 Current deferred tax asset $ — $ — $ 35,821 Non-current deferred tax liability 200,500 201,695 229,418 Net deferred tax liability $ 200,500 $ 201,695 $ 193,597 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted per Common Share | Basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Dilutive net income per share is calculated by dividing net income by the weighted-average common shares and potentially dilutive securities outstanding during the period using the treasury stock method. (in thousands, except per share data) Three Months Ended April 30, May 2, 2016 2015 Basic net income per share Net income $ 37,514 $ 25,695 Weighted average number of common shares – basic 71,166 74,982 Net income per common share – basic $ 0.53 $ 0.34 Diluted net income per share Net income $ 37,514 $ 25,695 Shares for basic and diluted net income per share: Weighted average number of common shares – basic 71,166 74,982 Assumed exercise of stock options and vesting of restricted stock 1,257 1,519 Weighted average number of common shares – diluted 72,423 76,501 Net income per common share – diluted $ 0.52 $ 0.34 |
Stock Option and Award Plans 27
Stock Option and Award Plans and Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Non-Cash Stock Compensation Expense | Non-cash stock compensation expense is as follows: (in thousands) Three Months Ended April 30, May 2, Type of Non-Cash Stock Compensation 2016 2015 Restricted stock grants (a) $ 1,758 $ 1,218 Stock option grants (a) 1,324 561 Stock option modification (b) 201 340 Total (c) $ 3,283 $ 2,119 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Operations. (b) Represents non-cash compensation related to the May 2013 stock option modification. Amounts are included in the line item “Stock option modification expense” in the Company’s Condensed Consolidated Statements of Operations. (c) The amounts presented in the table above exclude taxes. For the three month period ended April 30, 2016, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.2 million. For the three month period ended May 2, 2015, the tax benefit related to the Company’s non-cash stock compensation was approximately $0.8 million. |
Stock Option Transactions | Stock option transactions during the three month period ended April 30, 2016 are summarized as follows: Number of Shares Weighted Average Exercise Price Per Share Options outstanding, January 30, 2016 2,744,671 $ 12.43 Options granted 546,890 54.60 Options exercised (a) (170,848 ) 5.42 Options forfeited (13,814 ) 22.70 Options outstanding, April 30, 2016 3,106,899 $ 20.19 (a) Options exercised during the three month period ended April 30, 2016 had a total intrinsic value of $8.4 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 as of April 30, 2016: Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value Vested and expected to vest 2,735,595 7.6 $ 19.61 $ 102.2 million |
Weighted Average Assumptions Used to Estimate Fair Value of Each Stock Option Granted | The fair value of each stock option granted during the three month period ended April 30, 2016 was estimated using the Black Scholes option pricing model using the following assumptions: Three Months Ended April 30, 2016 Risk-free interest rate 1.43% - 1.81% Expected volatility 36.0% - 37.0% Expected life (years) 6.25 Contractual life (years) 10.0 Expected dividend yield 0.0% Weighted average grant date fair value of options issued $ 21.00 |
Award Grant and Vesting Transactions | Restricted stock transactions during the three month period ended April 30, 2016 are summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Per Awards Non-vested awards outstanding, May 2, 2015 509,543 $ 45.33 Awards granted 200,746 54.57 Awards vested (898 ) 34.45 Awards forfeited (4,223 ) 41.28 Non-vested awards outstanding, April 30, 2016 705,168 $ 48.00 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Apr. 30, 2016USD ($)Store | Jan. 30, 2016USD ($) | May. 02, 2015USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of stores | Store | 570 | ||
Deferred finance costs | $ 7,959 | $ 8,334 | $ 9,467 |
Term Loan Facility | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred finance costs | $ 8,300 | $ 9,500 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Debt Instrument [Line Items] | |||
Capital lease obligations | $ 24,613 | $ 24,925 | $ 25,255 |
Unamortized deferred financing costs | (7,959) | (8,334) | (9,467) |
Total debt | 1,351,628 | 1,296,566 | 1,307,765 |
Less: current maturities | (1,452) | (1,403) | (1,195) |
Long term debt, net of current maturities | 1,350,176 | 1,295,163 | 1,306,570 |
Senior Secured Term B-3 Loans | |||
Debt Instrument [Line Items] | |||
Long Term Debt | 1,112,774 | 1,112,575 | 1,111,977 |
ABL senior secured revolving facility | |||
Debt Instrument [Line Items] | |||
Long Term Debt | $ 222,200 | $ 167,400 | $ 180,000 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | Jan. 30, 2016 | |
Senior Secured Term B-3 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, maturity date | Aug. 13, 2021 | Aug. 13, 2021 | Aug. 13, 2021 |
Long-Term Debt, face amount | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 |
ABL senior secured revolving facility | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, maturity date | Aug. 13, 2019 | Aug. 13, 2019 | Aug. 13, 2019 |
Long-Term Debt, face amount | $ 600,000 | $ 600,000 | $ 600,000 |
London Interbank Offered Rate Floor | Senior Secured Term B-3 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, interest rate | 1.00% | 1.00% | 1.00% |
London Interbank Offered Rate (LIBOR) | Senior Secured Term B-3 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, interest rate | 3.25% | 3.25% | 3.25% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | May. 01, 2015 | Aug. 13, 2014 | Apr. 30, 2016 | May. 02, 2015 | Jan. 30, 2016 |
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ (649,000) | ||||
Senior Secured Term B-3 Loans | |||||
Debt Instrument [Line Items] | |||||
Long-Term Debt, date of first installment | Jul. 29, 2017 | ||||
Long-Term Debt, frequency of periodic payment | Mandatory quarterly payments of $3.0 million were payable as of the last day of each quarter, beginning with the quarter ended July 29, 2017 | ||||
Long-Term Debt, maturity date | Aug. 13, 2021 | Aug. 13, 2021 | Aug. 13, 2021 | ||
Long-Term Debt, payment | $ 50,000,000 | ||||
Mandatory quarterly payments due date | May 1, 2021 | ||||
Loss on extinguishment of debt | (600,000) | ||||
Borrowing, interest rate | 4.25% | ||||
Senior Secured Term B-3 Loans | Adjusted London Interbank Offered Rate | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, interest rate | 1.00% | ||||
Senior Secured Term B-3 Loans | Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, interest rate | 0.50% | ||||
Senior Secured Term B-3 Loans | One Month Adjusted London Interbank Offered Rate | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, interest rate | 1.00% | ||||
Senior Secured Term B-3 Loans | Write-off in Deferred Financing Costs [Member] | |||||
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | 400,000 | ||||
Senior Secured Term B-3 Loans | Write-off of Unamortized Original Issue Discount [Member] | |||||
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ 200,000 | ||||
ABL senior secured revolving facility | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 900,000,000 | ||||
Long-Term Debt, maturity date | Aug. 13, 2019 | Aug. 13, 2019 | Aug. 13, 2019 | ||
Line of credit facility, current | $ 600,000,000 | ||||
Line of Credit Facility, unused loan commitments | 0.25% | ||||
Line of Credit Facility, amount available | $ 339,300,000 | $ 382,600,000 | |||
Line of Credit Facility, amount outstanding | 222,200,000 | 180,000,000 | $ 167,400,000 | ||
Line of Credit Facility, maximum borrowing during period | 315,000,000 | 181,800,000 | |||
Line of Credit Facility, Average borrowings | $ 224,900,000 | $ 113,300,000 | |||
Line of Credit Facility, Average interest rate | 1.70% | 1.60% | |||
Fourth Amendment | Senior Secured Term B-3 Loans | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | ||||
Line of Credit Facility, maximum consolidated secured leverage ratio | 3.50% | ||||
London Interbank Offered Rate (LIBOR) | Senior Secured Term B-3 Loans | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, interest rate | 3.25% | 3.25% | 3.25% | ||
London Interbank Offered Rate (LIBOR) | ABL senior secured revolving facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, interest rate | 1.25% | ||||
London Interbank Offered Rate (LIBOR) | ABL senior secured revolving facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, interest rate | 1.50% | ||||
London Interbank Offered Rate (LIBOR) | Fourth Amendment | Senior Secured Term B-3 Loans | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, interest rate | 3.25% | ||||
Prime Rate | Fourth Amendment | Senior Secured Term B-3 Loans | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, interest rate | 2.25% |
Derivative Instruments And He32
Derivative Instruments And Hedging Activities - Additional Information (Detail) - Interest rate cap | 3 Months Ended |
Apr. 30, 2016USD ($) | |
Derivative [Line Items] | |
Ineffective portion of change in fair value of derivatives | $ 0 |
Amounts reported in Accumulated Other Comprehensive Loss to be reclassified to interest expense, during the next twelve months | $ 3,800,000 |
Outstanding Interest Rate Deriv
Outstanding Interest Rate Derivatives in Qualifying Hedging Relationships (Detail) - Cash Flow Hedging - Derivatives Designated as Hedging Instruments - Interest Rate Cap Contract One | 3 Months Ended |
Apr. 30, 2016USD ($)Derivative | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Number of Instruments | Derivative | 2 |
Notional Aggregate Principal Amount | $ | $ 800,000,000 |
Interest Cap Rate | 1.00% |
Maturity Date | May 31, 2019 |
Derivative Instruments and He34
Derivative Instruments and Hedging Activities (Detail) - Interest rate cap - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Asset at Fair Value | $ 1,905 | ||
Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value | $ 9,016 | $ 8,415 |
Amounts of Losses Recognized in
Amounts of Losses Recognized in Other Comprehensive Loss Net of Taxes and Classifications and Amounts of Losses Reclassified Into Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Reclassified from Other Comprehensive Loss into Earnings Related to Derivatives | $ (14,952) | $ (14,803) |
Derivatives Designated as Hedging Instruments | Interest rate cap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Other Comprehensive Income Related to Derivatives | (1,151) | $ 901 |
Derivatives Designated as Hedging Instruments | Interest rate cap | Reclassification out of accumulated other comprehensive income | Accumulated net gain (loss) from cash flow hedges including portion attributable to noncontrolling interest | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Reclassified from Other Comprehensive Loss into Earnings Related to Derivatives | $ 157 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (8,992) | |
Unrealized losses, net of related tax benefit of $0.8 million | (1,151) | $ 901 |
Amount reclassified into earnings, net of related taxes of $0.1 million | 157 | |
Ending Balance | (9,986) | $ (843) |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (8,992) | |
Unrealized losses, net of related tax benefit of $0.8 million | (1,151) | |
Amount reclassified into earnings, net of related taxes of $0.1 million | 157 | |
Ending Balance | $ (9,986) |
Changes in Accumulated Other 37
Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized losses on Interest Rate Cap Contracts, Tax Benefit | $ (0.8) | $ (0.6) |
Amount reclassified into earnings on Interest Rate Cap Contracts, Tax | 0.1 | |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized losses on Interest Rate Cap Contracts, Tax Benefit | 0.8 | |
Amount reclassified into earnings on Interest Rate Cap Contracts, Tax | $ 0.1 |
Fair Values of Financial Assets
Fair Values of Financial Assets and Hierarchy of Level of Inputs (Detail) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Fair Value, Inputs, Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash equivalents (including restricted cash) | $ 28,125 | $ 28,114 | $ 28,099 |
Fair Values of Financial Liabil
Fair Values of Financial Liabilities (Detail) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1] | $ 1,334,974 | $ 1,279,975 | $ 1,291,977 |
Long-Term Debt, Fair Value | [1] | 1,338,665 | 1,275,321 | 1,300,317 |
ABL senior secured revolving facility | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1],[2] | 222,200 | 167,400 | 180,000 |
Long-Term Debt, Fair Value | [1],[2] | 222,200 | 167,400 | 180,000 |
senior secured term loans | Term B-3 Loans | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1] | 1,112,774 | 1,112,575 | 1,111,977 |
Long-Term Debt, Fair Value | [1] | $ 1,116,465 | $ 1,107,921 | $ 1,120,317 |
[1] | Capital lease obligations are excluded from the table above. | |||
[2] | 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 (borrowings are typically done in 30 day increments). |
Fair Values of Financial Liab40
Fair Values of Financial Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | Jan. 30, 2016 | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Borrowings increments number of days | 30 days | ||
ABL senior secured revolving facility | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, maturity date | Aug. 13, 2019 | Aug. 13, 2019 | Aug. 13, 2019 |
Long-Term Debt, face amount | $ 600,000 | $ 600,000 | $ 600,000 |
Term B-3 Loans | senior secured term loans | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, maturity date | Aug. 13, 2021 | Aug. 13, 2021 | Aug. 13, 2021 |
Long-Term Debt, face amount | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 |
Term B-3 Loans | senior secured term loans | London Interbank Offered Rate Floor | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, interest rate | 1.00% | 1.00% | 1.00% |
Term B-3 Loans | senior secured term loans | London Interbank Offered Rate (LIBOR) | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, interest rate | 3.25% | 3.25% | 3.25% |
Net Deferred Taxes (Detail)
Net Deferred Taxes (Detail) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Income Tax Disclosure [Abstract] | |||
Current deferred tax asset | $ 35,821 | ||
Non-current deferred tax liability | $ 200,500 | $ 201,695 | 229,418 |
Net deferred tax liability | $ 200,500 | $ 201,695 | $ 193,597 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 | |
Income Tax Disclosure [Line Items] | |||
Valuation allowances | $ 7.8 | $ 7.8 | $ 6.2 |
State and local jurisdiction | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax asset for net operating loss | $ 7.3 | ||
State and local jurisdiction | Minimum | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses subject to expiration year | 2,016 | ||
State and local jurisdiction | Maximum | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses subject to expiration year | 2,026 | ||
Puerto Rico | |||
Income Tax Disclosure [Line Items] | |||
Valuation allowances | $ 5.4 | $ 5.1 | $ 4.8 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 | |
Statement Equity Components [Line Items] | |||
Shares Used for Tax Withholdings (in shares) | 306 | ||
Shares Used for Tax Withholdings | $ 100 | ||
Common stock repurchased, value | $ 250,756 | $ 209,928 | $ 8,589 |
2015 Stock Repurchase Program | |||
Statement Equity Components [Line Items] | |||
Common stock repurchased, shares | 924,953 | ||
Common stock repurchased, value | $ 50,000 | ||
Remaining authorized repurchase amount | $ 149,600 | ||
2006 Plan | |||
Statement Equity Components [Line Items] | |||
Treasury stock pool for re-issuance | 688,880 | ||
Treasury stock to additional paid-in-capital | $ 9,200 |
Computation of Basic and Dilute
Computation of Basic and Diluted per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Basic net income per share | ||
Net income | $ 37,514 | $ 25,695 |
Weighted average number of common shares – basic | 71,166 | 74,982 |
Net income per common share – basic | $ 0.53 | $ 0.34 |
Diluted net income per share | ||
Net income | $ 37,514 | $ 25,695 |
Weighted average number of common shares – basic | 71,166 | 74,982 |
Assumed exercise of stock options and vesting of restricted stock | 1,257 | 1,519 |
Weighted average number of common shares – diluted | 72,423 | 76,501 |
Net income per common share – diluted | $ 0.52 | $ 0.34 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - Maximum - shares | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Stock Option | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Awards excluded from diluted earnings per share | 120,000 | 100,000 |
Restricted Stock Issuances | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Awards excluded from diluted earnings per share | 120,000 |
Stock Option and Award Plans 46
Stock Option and Award Plans and Stock-Based Compensation - Additional Information (Detail) - $ / shares | 2 Months Ended | 3 Months Ended | |||
May. 02, 2015 | Apr. 30, 2016 | May. 02, 2015 | Apr. 13, 2016 | Jan. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options granted, exercise price lower range | $ 54.11 | ||||
Options granted, exercise price upper range | $ 56.06 | ||||
Stock options granted | 546,890 | ||||
Common stock reserved for options outstanding | 3,106,899 | 2,744,671 | |||
Restricted Stock Issuances | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of shares vested if change in control | 100.00% | ||||
Restricted Stock Issuances | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Service-based awards, service period | 3 years | ||||
Restricted Stock Issuances | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Service-based awards, service period | 4 years | ||||
2006 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for grant equity awards | 0 | ||||
Options granted, exercise price lower range | $ 52.02 | ||||
Options granted, exercise price upper range | $ 52.75 | ||||
Stock options granted | 533,731 | ||||
Unexercised vested options, exercisable period | 60 days | ||||
2006 Plan | One Time Grant | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options vesting period | 2 years | ||||
2006 Plan | Stock Option | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for options outstanding | 3,106,899 | ||||
2006 Plan | Restricted Stock Issuances | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted stock, granted | 173,113 | ||||
2006 Plan | Share Based Compensation Award Tranche One | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Service-based awards granted subsequent to offering vesting percentage on each of the first four anniversaries of the grant date | 25.00% | 25.00% | |||
2013 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of units reserved under plans | 6,000,000 | ||||
Stock options granted | 13,159 | ||||
2013 Plan | Restricted Stock Issuances | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted stock, granted | 27,633 |
Non-Cash Stock Compensation Exp
Non-Cash Stock Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2016 | May. 02, 2015 | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Non-Cash Stock Compensation | [1] | $ 3,283 | $ 2,119 |
Restricted Stock Grants | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Non-Cash Stock Compensation | [2] | 1,758 | 1,218 |
Stock Option Grants | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Non-Cash Stock Compensation | [2] | 1,324 | 561 |
Stock Option Modification | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Non-Cash Stock Compensation | [3] | $ 201 | $ 340 |
[1] | The amounts presented in the table above exclude taxes. For the three month period ended April 30, 2016, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.2 million. For the three month period ended May 2, 2015, the tax benefit related to the Company’s non-cash stock compensation was approximately $0.8 million. | ||
[2] | Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Operations. | ||
[3] | Represents non-cash compensation related to the May 2013 stock option modification. Amounts are included in the line item “Stock option modification expense” in the Company’s Condensed Consolidated Statements of Operations. |
Non-Cash Stock Compensation E48
Non-Cash Stock Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Non-Cash Stock Compensation tax benefit | $ 1.2 | $ 0.8 |
Stock Option Transactions (Deta
Stock Option Transactions (Detail) | 3 Months Ended | |
Apr. 30, 2016$ / sharesshares | ||
Number of Shares | ||
Options Outstanding at Beginning of Period | shares | 2,744,671 | |
Options Granted | shares | 546,890 | |
Options Exercised | shares | (170,848) | [1] |
Options Forfeited | shares | (13,814) | |
Options Outstanding at End of Period | shares | 3,106,899 | |
Weighted Average Exercise Price Per Share | ||
Options Outstanding at Beginning of Period | $ / shares | $ 12.43 | |
Options Granted | $ / shares | 54.60 | |
Options Exercised | $ / shares | 5.42 | [1] |
Options Forfeited | $ / shares | 22.70 | |
Options Outstanding at End of Period | $ / shares | $ 20.19 | |
[1] | Options exercised during the three month period ended April 30, 2016 had a total intrinsic value of $8.4 million. |
Stock Option Transactions (Pare
Stock Option Transactions (Parenthetical) (Detail) $ in Millions | 3 Months Ended |
Apr. 30, 2016USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share based compensation option exercised total intrinsic value | $ 8.4 |
Stock Options Vested and Expect
Stock Options Vested and Expected to Vest (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Apr. 30, 2016USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options, vested and expected to vest | shares | 2,735,595 |
Weighted Average Remaining Contractual Life (Years) | 7 years 7 months 6 days |
Weighted Average Exercise Price | $ / shares | $ 19.61 |
Aggregate Intrinsic Value | $ | $ 102.2 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) | 3 Months Ended |
Apr. 30, 2016$ / shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Risk-free interest rate, minimum | 1.43% |
Risk-free interest rate, maximum | 1.81% |
Expected volatility, minimum | 36.00% |
Expected volatility, maximum | 37.00% |
Expected life (years) | 6 years 3 months |
Contractual life (years) | 10 years |
Expected dividend yield | 0.00% |
Weighted average grant date fair value of options issued | $ 21 |
Award Grant, Vested and Forfeit
Award Grant, Vested and Forfeiture Transactions (Detail) - Non Vested Restricted Stock | 3 Months Ended |
Apr. 30, 2016$ / sharesshares | |
Number of Shares | |
Non-Vested Awards Outstanding at Beginning of Period | shares | 509,543 |
Awards Granted | shares | 200,746 |
Awards Vested | shares | (898) |
Awards Forfeited | shares | (4,223) |
Non-Vested Awards Outstanding at End of Period | shares | 705,168 |
Weighted Average Grant Date Fair Value Per Awards | |
Non-Vested Awards Outstanding at Beginning of Period | $ / shares | $ 45.33 |
Awards Granted | $ / shares | 54.57 |
Awards Vested | $ / shares | 34.45 |
Awards Forfeited | $ / shares | 41.28 |
Non-Vested Awards Outstanding at End of Period | $ / shares | $ 48 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Other Liabilities Disclosure [Abstract] | |||
Deferred lease incentives | $ 176 | $ 179.3 | $ 174.6 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Apr. 30, 2016USD ($)Store | Jan. 30, 2016USD ($) | May. 02, 2015USD ($) | Nov. 30, 2005USD ($) |
Commitments And Contingencies Disclosure [Line Items] | ||||
Minimum lease payments for operating leases January 28, 2017 | $ 227.2 | |||
Minimum lease payments for operating leases February 3, 2018 | 314.9 | |||
Minimum lease payments for operating leases February 2, 2019 | 296.2 | |||
Minimum lease payments for operating leases February 1, 2020 | 252.1 | |||
Minimum lease payments for operating leases January 30, 2021 | 218.4 | |||
Minimum lease payments for operating leases thereafter | 1,032.5 | |||
Letters of credit, outstanding amount | 38.4 | $ 41.3 | $ 37.5 | |
Purchase commitments related to goods or services | 737.7 | |||
Death benefits | $ 1 | |||
Guarantee Performance Under Insurance And Utility Agreement | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Letters of credit, outstanding amount | 32.2 | 32.2 | 32.1 | |
Merchandising Agreement | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Letters of credit, outstanding amount | 6.2 | 9.1 | 5.4 | |
Letter of Credit | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Letters of credit, outstanding amount | $ 339.3 | $ 335.4 | $ 382.6 | |
Other Capitalized Property Plant and Equipment | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Number of stores committed to be opened | Store | 31 | |||
Options to Extend Lease Terms | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Minimum lease payments | $ 118.5 | |||
New Stores | Other Capitalized Property Plant and Equipment | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Minimum lease payments | $ 346.4 |