Document and Entity Information
Document and Entity Information | 9 Months Ended |
Oct. 28, 2017shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Oct. 28, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | BURL |
Entity Registrant Name | BURLINGTON STORES, INC. |
Entity Central Index Key | 1,579,298 |
Current Fiscal Year End Date | --02-03 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 68,247,877 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
REVENUES: | ||||
Net sales | $ 1,438,167 | $ 1,342,600 | $ 4,147,937 | $ 3,880,322 |
Other revenue | 6,405 | 6,447 | 17,834 | 18,324 |
Total revenue | 1,444,572 | 1,349,047 | 4,165,771 | 3,898,646 |
COSTS AND EXPENSES: | ||||
Cost of sales | 831,728 | 789,858 | 2,436,250 | 2,316,162 |
Selling, general and administrative expenses | 480,194 | 451,072 | 1,338,247 | 1,261,559 |
Costs related to debt amendments | 1,346 | |||
Stock option modification expense | 26 | 106 | 131 | 520 |
Depreciation and amortization | 50,836 | 46,472 | 147,547 | 136,630 |
Impairment charges - long-lived assets | 988 | 109 | ||
Other income - net | (1,362) | (1,473) | (6,948) | (7,361) |
Loss on extinguishment of debt | 3,805 | |||
Interest expense | 15,351 | 13,159 | 43,409 | 43,196 |
Total costs and expenses | 1,376,773 | 1,299,194 | 3,959,624 | 3,755,966 |
Income before income tax expense | 67,799 | 49,853 | 206,147 | 142,680 |
Income tax expense | 22,920 | 17,449 | 61,998 | 52,368 |
Net income | $ 44,879 | $ 32,404 | $ 144,149 | $ 90,312 |
Net income per common stock - basic | $ 0.66 | $ 0.46 | $ 2.10 | $ 1.28 |
Net income per common stock - diluted | $ 0.65 | $ 0.45 | $ 2.04 | $ 1.25 |
Weighted average number of common stock - basic | 67,694 | 70,347 | 68,611 | 70,757 |
Weighted average number of common stock - diluted | 69,541 | 71,597 | 70,616 | 72,002 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 44,879 | $ 32,404 | $ 144,149 | $ 90,312 |
Interest rate cap contracts: | ||||
Net unrealized gains (losses) arising during the period | 1,144 | 239 | 45 | (3,054) |
Reclassification into earnings during the period | 908 | 442 | 2,654 | 860 |
Other comprehensive income (loss), net of tax: | 2,052 | 681 | 2,699 | (2,194) |
Total comprehensive income | $ 46,931 | $ 33,085 | $ 146,848 | $ 88,118 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 |
Current assets: | |||
Cash and cash equivalents | $ 48,080 | $ 81,597 | $ 32,799 |
Restricted cash and cash equivalents | 27,800 | 27,800 | 27,800 |
Accounts receivable—net | 78,995 | 43,252 | 59,757 |
Merchandise inventories | 903,663 | 701,891 | 822,469 |
Prepaid and other current assets | 91,917 | 73,784 | 104,051 |
Total current assets | 1,150,455 | 928,324 | 1,046,876 |
Property and equipment—net | 1,111,949 | 1,049,447 | 1,040,297 |
Tradenames | 238,000 | 238,000 | 238,000 |
Favorable leases—net | 195,374 | 213,180 | 220,680 |
Goodwill | 47,064 | 47,064 | 47,064 |
Deferred tax assets | 7,939 | 7,973 | |
Other assets | 92,582 | 90,495 | 95,203 |
Total assets | 2,843,363 | 2,574,483 | 2,688,120 |
Current liabilities: | |||
Accounts payable | 764,563 | 640,326 | 691,971 |
Other current liabilities | 361,170 | 354,870 | 326,114 |
Current maturities of long term debt | 1,942 | 1,638 | 1,574 |
Total current liabilities | 1,127,675 | 996,834 | 1,019,659 |
Long term debt | 1,294,300 | 1,128,843 | 1,303,001 |
Other liabilities | 309,848 | 290,683 | 294,740 |
Deferred tax liabilities | 222,073 | 207,935 | 206,124 |
Commitments and contingencies (Notes 2, 9 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: 78,314,940 shares, 77,653,924 shares and 77,500,291 shares, respectively; Outstanding: 68,247,877 shares, 70,180,713 shares and 70,597,057 shares, respectively | 7 | 7 | 7 |
Additional paid-in-capital | 1,448,347 | 1,420,581 | 1,413,955 |
Accumulated deficit | (916,367) | (1,060,099) | (1,185,660) |
Accumulated other comprehensive loss | (4,492) | (7,191) | (11,186) |
Treasury stock, at cost | (638,028) | (403,110) | (352,520) |
Total stockholders' deficit | (110,533) | (49,812) | (135,404) |
Total liabilities and stockholders' deficit | $ 2,843,363 | $ 2,574,483 | $ 2,688,120 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 |
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 | 78,314,940 | 77,653,924 | 77,500,291 |
Common Stock, Shares Outstanding | 68,247,877 | 70,180,713 | 70,597,057 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | ||
OPERATING ACTIVITIES | |||
Net income | $ 144,149 | $ 90,312 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 147,547 | 136,630 | |
Impairment charges - long-lived assets | 988 | 109 | |
Amortization of deferred financing costs | 1,897 | 2,052 | |
Accretion of long term debt instruments | 816 | 670 | |
Deferred income taxes | 12,375 | 5,891 | |
Non-cash loss on extinguishment of debt | 3,805 | ||
Non-cash stock compensation expense | [1] | 19,655 | 11,634 |
Non-cash rent | (17,940) | (22,052) | |
Deferred rent incentives | 33,557 | 17,884 | |
Changes in assets and liabilities: | |||
Accounts receivable | (25,894) | (13,671) | |
Merchandise inventories | (201,772) | (39,518) | |
Prepaid and other current assets | (18,513) | (37,529) | |
Accounts payable | 125,067 | 88,090 | |
Other current liabilities | (7,646) | 47,510 | |
Other long term assets and long term liabilities | 581 | 4,187 | |
Other operating activities | 6,629 | 2,216 | |
Net cash provided by operating activities | 221,496 | 298,220 | |
INVESTING ACTIVITIES | |||
Cash paid for property and equipment | (192,491) | (137,643) | |
Proceeds from insurance recoveries related to property and equipment | 3,069 | ||
Other investing activities | 990 | 104 | |
Net cash (used in) investing activities | (188,432) | (137,539) | |
FINANCING ACTIVITIES | |||
Purchase of treasury shares | (234,918) | (151,781) | |
Proceeds from stock option exercises | 7,696 | 3,919 | |
Other financing activities | (4,559) | (5,043) | |
Net cash used in financing activities | (66,581) | (148,797) | |
(Decrease) increase in cash and cash equivalents | (33,517) | 11,884 | |
Cash and cash equivalents at beginning of period | 81,597 | 20,915 | |
Cash and cash equivalents at end of period | 48,080 | 32,799 | |
Supplemental disclosure of cash flow information: | |||
Interest paid | 36,221 | 40,623 | |
Income tax payments - net | 108,742 | 62,548 | |
Non-cash investing activities: | |||
Accrued purchases of property and equipment | 34,466 | 26,045 | |
ABL senior secured revolving facility | |||
FINANCING ACTIVITIES | |||
Proceeds from long term debt | 1,124,300 | 1,286,100 | |
Principal payments on long term debt | $ (959,100) | (1,279,200) | |
Senior Secured Term B-4 Loans | |||
FINANCING ACTIVITIES | |||
Proceeds from long term debt | 1,114,208 | ||
Senior Secured Term B-3 Loans | |||
FINANCING ACTIVITIES | |||
Principal payments on long term debt | $ (1,117,000) | ||
[1] | The amounts presented in the table above exclude taxes. For the three and nine month periods ended October 28, 2017, the tax benefit related to the Company’s non-cash stock compensation was approximately $2.4 million and $5.9 million, respectively. For the three and nine month periods ended October 29, 2016, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.5 million and $4.3 million, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 28, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation As of October 28, 2017, Burlington Stores, Inc., a Delaware Corporation, and its subsidiaries (collectively, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), has expanded its store base to 631 retail stores, inclusive of an internet store, of which 12 remained closed as of October 28, 2017, primarily as a result of weather-related incidents as discussed below. 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 28, 2017 (Fiscal 2016 10-K). The balance sheet at January 28, 2017 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2016 10-K. Because the Company’s business is seasonal in nature, the operating results for the three and nine month periods ended October 28, 2017 are not necessarily indicative of results for the fiscal year. Accounting policies followed by the Company are described in Note 1 to the Fiscal 2016 10-K, “Summary of Significant Accounting Policies.” Fiscal Year The Company defines its fiscal year as the 52 or 53 week period ending on the Saturday closest to January 31. The current fiscal year ends February 3, 2018 (Fiscal 2017) and is a 53-week fiscal year. The fiscal year ended January 28, 2017 (Fiscal 2016) was 52-week fiscal year. Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-09, “Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09). ASU 2016-09 changes how companies account for certain aspects of share-based payments to employees including: (i) requiring all income tax effects of awards to be recognized in the income statement, rather than in additional paid in capital, when the awards vest or are settled, (ii) eliminating the requirement that excess tax benefits be realized before companies can recognize them, (iii) requiring companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity, (iv) increasing the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation, (v) requiring an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows and (vi) requiring an employer to elect whether to account for forfeitures of share-based payments by (a) recognizing forfeitures of awards as they occur or (b) estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as is currently required. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016. The Company adopted this standard effective January 29, 2017. The primary impact of adoption was the prospective recognition of excess tax benefits in the income statement as an income tax benefit rather than equity, which increased net income per share during the three and nine month periods ended October 28, 2017 by $ 0.04 0.20 430 730 The Company has applied the amendment relating to the presentation of the excess tax benefits on the Condensed Consolidated Statements of Cash Flows retrospectively, resulting in the reclassification of $11.7 million of excess tax benefits from cash flows from financing activities to cash flows from operating activities for the nine month period ended October 29, 2016. The Company has elected to account for forfeitures of share-based awards as they occur, on a modified retrospective basis, resulting in a $0.4 million cumulative-effect adjustment to retained earnings as of January 29, 2017. The presentation requirements for cash flows related to employee taxes paid upon the vesting of restricted stock awards had no impact to any of the periods presented in the Company’s Condensed Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. Pending Accounting Standards In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which converges revenue recognition under U.S. GAAP and International Financial Reporting Standards. The new guidance supersedes most preexisting revenue recognition guidance, and provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 for public companies to periods beginning after December 15, 2017, with early adoption permitted. The standard shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. This ASU will be effective for the Company as of the beginning of the fiscal year ending February 2, 2019 (Fiscal 2018). The Company is in the process of determining the impact of the adoption of this guidance on its consolidated financial statements or notes thereto. The Company believes that there will be no change in the timing or amount of revenue recognized under the new standard as it relates to revenue from point of sale at the registers in our stores, which constitutes more than 99% of the Company’s revenue. The new standard will require a change in the presentation of the Company’s sales return reserve on the balance sheet, which is currently recorded net. The new standard will require the reserve to be established at the gross sales value with an asset established for the value of the merchandise returned. The Company does not, however, anticipate that the new guidance will have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases.” The standard’s core principle is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. This ASU will be effective for the Company as of the beginning of the fiscal year ending February 1, 2020 (Fiscal 2019). Early adoption is permitted. While the Company is continuing to evaluate the impact of the adoption of this guidance on its consolidated financial statements or notes thereto, it does expect that this new guidance will result in a significant increase to the assets and liabilities presented on its consolidated balance sheets. Refer to Note 13 to the Company’s Consolidated Financial Statements included in the Fiscal 2016 10-K (entitled “Lease Commitments”) for further detail of the Company’s future minimum lease payments. This guidance is not expected, however, to have a material impact on the Company's liquidity. On August 26, 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.” The primary purpose of this ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. This ASU is effective for fiscal years beginning after December 15, 2017. This ASU will be effective for the Company as of the beginning of Fiscal 2018. Early adoption is permitted in any interim or annual period. The Company does not anticipate that the new guidance will have a significant impact on its consolidated financial statements. On November 17, 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Restricted Cash.” The primary purpose of this ASU is to reduce the diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. This ASU will require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017. This ASU will be effective for the Company as of the beginning of Fiscal 2018. Early adoption is permitted in any interim or annual period. While t he Company is still in the process of determining the impact of the adoption of this guidance on its consolidated financial statements or notes thereto, it does not anticipate that the new guidance will have a significant impact on its consolidated financial statements On January 26, 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment,” which aims to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, goodwill impairment will be measured as the amount by which the carrying value exceeds the fair value. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods. This ASU will be effective for the Company as of the beginning of Fiscal 2020. Early adoption is permitted for annual or interim goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate that the new guidance will have a significant impact on its 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 and nine month periods ended October 28, 2017, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of October 28, 2017 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective. Weather-Related Incidents As a result of the effects of certain weather-related incidents during the third quarter of Fiscal 2017, 80 of the Company’s stores were closed for at least one day during the quarter. The Company incurred losses of (i) $5.9 million related to the net book values of merchandise inventories, and (ii) $9.7 million related to the net book values of property and equipment and other long-lived assets, as well as repair and maintenance costs related to the clean-up of its stores. These costs are recorded in the line items “Cost of sales” and “Selling general and administrative expenses” on the Company’s Condensed Consolidated Statements of Income, respectively, for the three and nine months ended October 28, 2017. As of October 31, 2017, the Company received approximately $11.7 million of insurance proceeds to offset some of its losses. The Company allocated $3.1 million of these proceeds to property and equipment, which is included in the line item “Proceeds from insurance recoveries related to property and equipment,” a component of cash flows from investing activities, on the Company’s Condensed Consolidated Statements of Cash Flows during the nine months ended October 28, 2017. The Company is insured at the selling price of the inventory and at replacement costs for the property and equipment and other long-lived assets, less a deductible. The Company has recorded a $2.8 million receivable related to these losses as of October 28, 2017, as the collection is deemed probable based on the insurance contracts the Company had in place at the time of the losses, which is included in the line item “Accounts receivable” on the Company’s Condensed Consolidated Balance Sheets. |
Long Term Debt
Long Term Debt | 9 Months Ended |
Oct. 28, 2017 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 2. Long Term Debt Long term debt consists of: (in thousands) October 28, January 28, October 29, 2017 2017 2016 $1,200,000 senior secured term loan facility (Term B-4 Loans), LIBOR (with a floor of 0.75%) plus 2.75%, matures on August 13, 2021 $ 1,112,860 $ 1,112,044 $ 1,111,772 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures on August 13, 2019 165,200 — 174,300 Capital lease obligations 22,531 23,643 23,972 Unamortized deferred financing costs (4,349 ) (5,206 ) (5,469 ) Total debt 1,296,242 1,130,481 1,304,575 Less: current maturities (1,942 ) (1,638 ) (1,574 ) Long term debt, net of current maturities $ 1,294,300 $ 1,128,843 $ 1,303,001 Term Loan Facility At October 28, 2017 and October 29, 2016, the Company’s borrowing rate related to its senior secured term loan facility 4.0 On November 17, 2017, BCFWC entered into Amendment No. 6 (the Sixth 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 Sixth Amendment, among other things, reduced the interest rate margins applicable to the Term Loan Facility from 1.75% to 1.50% in the case of prime rate loans, and from 2.75% to 2.50% in the case of LIBOR loans, with the LIBOR floor continuing to be 0.75%. The Sixth Amendment also extended the maturity date from August 13, 2021 to November 17, 2024. The Sixth Amendment was accomplished by replacing the outstanding $1,117.0 million principal amount of Term B-4 Loans with a like aggregate principal amount of Term B-5 Loans. The Company is required to make quarterly payments of $2.8 million on the Term B-5 Loans, due on the last fiscal day of each quarter, with the balance due upon maturity. As a result of this transaction, the Company will incur approximately a $3 million charge to loss on extinguishment of debt and approximately a $1 million charge to costs related to debt amendments in the fourth quarter of Fiscal 2017. ABL Line of Credit At October 28, 2017, the Company had $ 380.6 235.5 147.4 86.1 At October 29, 2016, the Company had $383.7 million available under the ABL Line of Credit. The maximum borrowings under the facility during the three and nine month periods ended October 29, 2016 amounted to $300.0 million and $350.0 million, respectively. Average borrowings during the three and nine month periods ended October 29, 2016 amounted to $201.4 million and $216.8 million, respectively, at average interest rates of 1.8% for both periods. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Oct. 28, 2017 | |
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 these objectives, 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 and nine month periods ended October 28, 2017 or October 29, 2016. The Company financed the cost of the interest rate cap contracts, which will be amortized through the life of the caps. During the three and nine month periods ended October 28, 2017, the Company paid $0.8 million and $3.4 million, respectively, exclusive of $ 0.3 1.4 As of October 28, 2017, 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 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 Asset Derivatives October 28, 2017 January 28, 2017 October 29, 2016 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 assets $ 340 N/A $ — N/A $ — (in thousands) Fair Values of Derivative Instruments Liability Derivatives October 28, 2017 January 28, 2017 October 29, 2016 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 $ — Other $ 3,183 Other $ 9,957 The following table presents the unrealized losses deferred to accumulated other comprehensive loss resulting from the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Three Months Ended Nine Months Ended Interest Rate Cap Contracts: October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 Unrealized gains (losses), before taxes $ 1,907 $ 398 $ 77 $ (5,090 ) Income tax (expense) benefit (763 ) (159 ) (32 ) 2,036 Unrealized gains (losses), net of taxes $ 1,144 $ 239 $ 45 $ (3,054 ) The following table presents information about the reclassification of losses from accumulated other comprehensive loss into earnings related to the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Three Months Ended Nine Months Ended Component of Earnings: October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 Interest expense $ 1,513 $ 738 $ 4,418 $ 1,434 Income tax (benefit) (605 ) (296 ) (1,764 ) (574 ) Net income $ 908 $ 442 $ 2,654 $ 860 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Oct. 28, 2017 | |
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 28, 2017 $ (7,191 ) Unrealized gains, net of related taxes of less than $0.1 million 45 Amount reclassified into earnings, net of related taxes of $1.8 million 2,654 Balance at October 28, 2017 $ (4,492 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 28, 2017 | |
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 October 28, 2017, January 28, 2017 and October 29, 2016 are summarized below: (in thousands) Fair Value Measurements at October 28, January 28, October 29, 2017 2017 2016 Assets: Level 1 Cash equivalents (including restricted cash) $ 28,247 $ 28,167 $ 28,153 Non-financial Assets Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of Topic No. 820. The fair value of the Company’s long-lived assets is generally calculated using discounted cash flows. During the nine month period ended October 28, 2017, the Company recorded impairment charges of $1.0 million, primarily related to declines in revenues and operating results for one leased store, which was fully impaired, and a decline in the appraised fair value of one of the Company’s owned stores, which was partially impaired. These costs were recorded in the line item “Impairment charges – long-lived assets” in the Company’s Condensed Consolidated Statements of Income. The fully impaired store had zero fair value as of October 28, 2017, and would be categorized as Level 3 in the fair value hierarchy described above. The table below sets forth the aggregate impairment charges and the remaining fair value, by level within the fair value hierarchy, of the partially-impaired store as of October 28, 2017: (in thousands) Quoted in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Un- Observable Inputs (Level 3) Total Total Impairment Losses Land $ — $ — $ 470 $ — $ 247 Buildings — — 374 — 227 Store fixtures and equipment — — 9 — 203 Leasehold improvements — — — — 108 Other assets — 203 Total $ — $ — $ 853 $ — $ 988 Financial Liabilities The fair values of the Company’s financial liabilities are summarized below: (in thousands) October 28, 2017 January 28, 2017 October 29, 2016 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-4 Loans), LIBOR (with a floor of 0.75%) plus 2.75%, matures on August 13, 2021 $ 1,112,860 $ 1,116,106 $ 1,112,044 $ 1,116,678 $ 1,111,772 $ 1,116,404 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures on August 13, 2019(a) 165,200 165,200 — — 174,300 174,300 Total debt $ 1,278,060 $ 1,281,306 $ 1,112,044 $ 1,116,678 $ 1,286,072 $ 1,290,704 (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. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Net deferred taxes are as follows: (in thousands) October 28, January 28, October 29, 2017 2017 2016 Deferred tax asset $ 7,939 $ 7,973 $ — Deferred tax liability 222,073 207,935 206,124 Net deferred tax liability $ 214,134 $ 199,962 $ 206,124 Deferred tax assets relate to Puerto Rico deferred tax balances that have a net future benefit for tax purposes. Deferred tax liabilities primarily relate to intangible assets and depreciation expense where the Company has a future obligation for tax purposes. As of October 28, 2017, January 28, 2017 and October 29, 2016, valuation allowances amounted to $6.8 million, $7.4 million and $7.8 million, respectively, 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 these state tax net operating losses and state tax credit carry forwards will not be realized. As of October 28, 2017, the Company had $6.1 million of deferred tax assets recorded for state net operating losses, which will expire between 2017 and 2037. In addition, there was no valuation allowance required against the tax benefit associated with Puerto Rico deferred tax assets as of October 28, 2017 and January 28, 2017 compared to a full valuation allowance of $5.5 million as of October 29, 2016. |
Capital Stock
Capital Stock | 9 Months Ended |
Oct. 28, 2017 | |
Capital Stock [Abstract] | |
Capital Stock | 7. Capital Stock Treasury Stock The Company accounts for treasury stock under the cost method. During the nine month period ended October 28, 2017, the Company acquired 44,660 shares of common stock from employees for approximately $4.2 million to satisfy their minimum statutory tax withholdings related to the vesting of restricted stock awards. Share Repurchase Programs On November 15, 2016, the Company’s Board of Directors authorized the repurchase of up to $200 million of the Company’s common stock, which the Company completed during the third quarter of Fiscal 2017. On August 16 During the nine month period ended October 28, 2017, the Company repurchased 2,549,192 shares of its common stock for $230.7 million, inclusive of commissions, under these share repurchase programs. The amount repurchased during the nine month period ended October 28, 2017 was recorded in the line item “Treasury stock” on the Company’s Condensed Consolidated Balance Sheets. As of October 28, 2017, the Company had $269.0 million remaining under its share repurchase authorization. The Company is authorized to repurchase, from time to time, shares of its outstanding common stock on the open market or in privately negotiated transactions under its repurchase programs. The timing and amount of stock repurchases will depend on a variety of factors, including the market conditions as well as corporate and regulatory considerations. The share repurchase programs may be suspended, modified or discontinued at any time and the Company has no obligation to repurchase any amount of the Company’s common stock under the programs. |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Oct. 28, 2017 | |
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 number of common shares outstanding. Dilutive 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. The following table presents the computation of basic and diluted net income per share: (in thousands, except per share data) Three Months Ended Nine Months Ended October 28, October 29, October 28, October 29, 2017 2016 2017 2016 Basic net income per share Net income $ 44,879 $ 32,404 $ 144,149 $ 90,312 Weighted average number of common shares – basic 67,694 70,347 68,611 70,757 Net income per common share – basic $ 0.66 $ 0.46 $ 2.10 $ 1.28 Diluted net income per share Net income $ 44,879 $ 32,404 $ 144,149 $ 90,312 Shares for basic and diluted net income per share: Weighted average number of common shares – basic 67,694 70,347 68,611 70,757 Assumed exercise of stock options and vesting of restricted stock 1,847 1,250 2,005 1,245 Weighted average number of common shares – diluted 69,541 71,597 70,616 72,002 Net income per common share – diluted $ 0.65 $ 0.45 $ 2.04 $ 1.25 Approximately 325,000 shares and 170,000 Less than 100,000 shares and approximately 105,000 shares were excluded from diluted net income per share for the three and nine month periods ended October 29, 2016, respectively, since their effect was anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 28, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation As of October 28, 2017, there were 4,972,757 Non-cash stock compensation expense is as follows: (in thousands) Three Months Ended Nine Months Ended October 28, October 29, October 28, October 29, Type of Non-Cash Stock Compensation 2017 2016 2017 2016 Restricted stock grants (a) $ 4,189 $ 2,405 $ 11,622 $ 6,397 Stock option grants (a) 2,955 1,760 7,910 4,809 Stock option modification (b) 24 93 123 428 Total (c) $ 7,168 $ 4,258 $ 19,655 $ 11,634 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. (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 Income. Refer to Note 12 to the Company’s Consolidated Financial Statements included in the Fiscal 2016 10-K (entitled “Stock-Based Compensation”) for further detail of the Company’s May 2013 stock option modification. (c) The amounts presented in the table above exclude taxes. For the three and nine month periods ended October 28, 2017, the tax benefit related to the Company’s non-cash stock compensation was approximately $2.4 million and $5.9 million, respectively. For the three and nine month periods ended October 29, 2016, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.5 million and $4.3 million, respectively. Stock Options Stock option transactions during the nine month period ended October 28, 2017 are summarized as follows: Number of Shares Weighted Average Exercise Price Per Share Options outstanding, January 28, 2017 2,646,123 $ 22.41 Options granted 590,491 96.96 Options exercised (a) (457,892 ) 16.81 Options forfeited (80,716 ) 56.52 Options outstanding, October 28, 2017 2,698,006 38.65 (a) Options exercised during the nine month period ended October 28, 2017 had a total intrinsic value of $ 36.0 The following table summarizes information about the stock options vested and expected to vest during the contractual term as of October 28, 2017: Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) Vested and expected to vest 2,698,006 7.1 $ 38.65 $ 144.9 The fair value of each stock option granted during the nine month period ended October 28, 2017 was estimated using the Black Scholes option pricing model using the following assumptions: Nine Months Ended October 28, 2017 Risk-free interest rate 1.43% - 2.13% Expected volatility 34% - 37% Expected life (years) 6.15 - 6.25 Contractual life (years) 10.0 Expected dividend yield 0.0% Weighted average grant date fair value of options issued $ 36.28 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 nine month period ended October 28, 2017, 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 the Company’s common stock has been publicly traded. Restricted Stock Awards Restricted stock transactions during the nine month period ended October 28, 2017 are summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Per Awards Non-vested awards outstanding, January 28, 2017 744,634 $ 54.28 Awards granted 229,058 94.99 Awards vested (a) (132,533 ) 48.92 Awards forfeited (25,934 ) 59.68 Non-vested awards outstanding, October 28, 2017 815,225 66.45 (a) Restricted stock awards vested during the nine month period ended October 28, 2017 had a total intrinsic value of $ 12.6 The fair value of each share of restricted stock granted during Fiscal 2017 was based upon (a) the closing price of the Company’s common stock on the date prior to the grant date for grants made before May 17, 2017 (the date on which the Company’s stockholders approved the Amended Plan ) and (b) the closing price of the Company’s common stock on the grant date for grants made from and after May 17, 2017 |
Other Liabilities
Other Liabilities | 9 Months Ended |
Oct. 28, 2017 | |
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 ASC Topic No. 740, “Income Taxes.” 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 Income. At October 28, 2017, January 28, 2017 and October 29, 2016, deferred lease incentives were $200.0 million, $180.9 million and $181.3 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 | 9 Months Ended |
Oct. 28, 2017 | |
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. The Company’s 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. 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. 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 $ 83.3 358.9 349.7 327.6 303.5 1,533.6 293.7 443.0 54 Letters of Credit The Company had letter of credit arrangements with various banks in the aggregate amount of $ 54.2 43.6 10.6 380.6 Purchase Commitments The Company had $ 804.4 Death Benefits In November 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 | 9 Months Ended |
Oct. 28, 2017 | |
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 Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 28, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation As of October 28, 2017, Burlington Stores, Inc., a Delaware Corporation, and its subsidiaries (collectively, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), has expanded its store base to 631 retail stores, inclusive of an internet store, of which 12 remained closed as of October 28, 2017, primarily as a result of weather-related incidents as discussed below. 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 28, 2017 (Fiscal 2016 10-K). The balance sheet at January 28, 2017 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2016 10-K. Because the Company’s business is seasonal in nature, the operating results for the three and nine month periods ended October 28, 2017 are not necessarily indicative of results for the fiscal year. Accounting policies followed by the Company are described in Note 1 to the Fiscal 2016 10-K, “Summary of Significant Accounting Policies.” |
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. The current fiscal year ends February 3, 2018 (Fiscal 2017) and is a 53-week fiscal year. The fiscal year ended January 28, 2017 (Fiscal 2016) was 52-week fiscal year. |
Adopted Accounting Standards | Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-09, “Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09). ASU 2016-09 changes how companies account for certain aspects of share-based payments to employees including: (i) requiring all income tax effects of awards to be recognized in the income statement, rather than in additional paid in capital, when the awards vest or are settled, (ii) eliminating the requirement that excess tax benefits be realized before companies can recognize them, (iii) requiring companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity, (iv) increasing the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation, (v) requiring an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows and (vi) requiring an employer to elect whether to account for forfeitures of share-based payments by (a) recognizing forfeitures of awards as they occur or (b) estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as is currently required. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016. The Company adopted this standard effective January 29, 2017. The primary impact of adoption was the prospective recognition of excess tax benefits in the income statement as an income tax benefit rather than equity, which increased net income per share during the three and nine month periods ended October 28, 2017 by $ 0.04 0.20 430 730 The Company has applied the amendment relating to the presentation of the excess tax benefits on the Condensed Consolidated Statements of Cash Flows retrospectively, resulting in the reclassification of $11.7 million of excess tax benefits from cash flows from financing activities to cash flows from operating activities for the nine month period ended October 29, 2016. The Company has elected to account for forfeitures of share-based awards as they occur, on a modified retrospective basis, resulting in a $0.4 million cumulative-effect adjustment to retained earnings as of January 29, 2017. The presentation requirements for cash flows related to employee taxes paid upon the vesting of restricted stock awards had no impact to any of the periods presented in the Company’s Condensed Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. |
Pending Accounting Standards | Pending Accounting Standards In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which converges revenue recognition under U.S. GAAP and International Financial Reporting Standards. The new guidance supersedes most preexisting revenue recognition guidance, and provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 for public companies to periods beginning after December 15, 2017, with early adoption permitted. The standard shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. This ASU will be effective for the Company as of the beginning of the fiscal year ending February 2, 2019 (Fiscal 2018). The Company is in the process of determining the impact of the adoption of this guidance on its consolidated financial statements or notes thereto. The Company believes that there will be no change in the timing or amount of revenue recognized under the new standard as it relates to revenue from point of sale at the registers in our stores, which constitutes more than 99% of the Company’s revenue. The new standard will require a change in the presentation of the Company’s sales return reserve on the balance sheet, which is currently recorded net. The new standard will require the reserve to be established at the gross sales value with an asset established for the value of the merchandise returned. The Company does not, however, anticipate that the new guidance will have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases.” The standard’s core principle is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. This ASU will be effective for the Company as of the beginning of the fiscal year ending February 1, 2020 (Fiscal 2019). Early adoption is permitted. While the Company is continuing to evaluate the impact of the adoption of this guidance on its consolidated financial statements or notes thereto, it does expect that this new guidance will result in a significant increase to the assets and liabilities presented on its consolidated balance sheets. Refer to Note 13 to the Company’s Consolidated Financial Statements included in the Fiscal 2016 10-K (entitled “Lease Commitments”) for further detail of the Company’s future minimum lease payments. This guidance is not expected, however, to have a material impact on the Company's liquidity. On August 26, 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.” The primary purpose of this ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. This ASU is effective for fiscal years beginning after December 15, 2017. This ASU will be effective for the Company as of the beginning of Fiscal 2018. Early adoption is permitted in any interim or annual period. The Company does not anticipate that the new guidance will have a significant impact on its consolidated financial statements. On November 17, 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Restricted Cash.” The primary purpose of this ASU is to reduce the diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. This ASU will require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017. This ASU will be effective for the Company as of the beginning of Fiscal 2018. Early adoption is permitted in any interim or annual period. While t he Company is still in the process of determining the impact of the adoption of this guidance on its consolidated financial statements or notes thereto, it does not anticipate that the new guidance will have a significant impact on its consolidated financial statements On January 26, 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment,” which aims to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, goodwill impairment will be measured as the amount by which the carrying value exceeds the fair value. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods. This ASU will be effective for the Company as of the beginning of Fiscal 2020. Early adoption is permitted for annual or interim goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate that the new guidance will have a significant impact on its 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 and nine month periods ended October 28, 2017, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of October 28, 2017 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective. |
Weather-Related Incidents | Weather-Related Incidents As a result of the effects of certain weather-related incidents during the third quarter of Fiscal 2017, 80 of the Company’s stores were closed for at least one day during the quarter. The Company incurred losses of (i) $5.9 million related to the net book values of merchandise inventories, and (ii) $9.7 million related to the net book values of property and equipment and other long-lived assets, as well as repair and maintenance costs related to the clean-up of its stores. These costs are recorded in the line items “Cost of sales” and “Selling general and administrative expenses” on the Company’s Condensed Consolidated Statements of Income, respectively, for the three and nine months ended October 28, 2017. As of October 31, 2017, the Company received approximately $11.7 million of insurance proceeds to offset some of its losses. The Company allocated $3.1 million of these proceeds to property and equipment, which is included in the line item “Proceeds from insurance recoveries related to property and equipment,” a component of cash flows from investing activities, on the Company’s Condensed Consolidated Statements of Cash Flows during the nine months ended October 28, 2017. The Company is insured at the selling price of the inventory and at replacement costs for the property and equipment and other long-lived assets, less a deductible. The Company has recorded a $2.8 million receivable related to these losses as of October 28, 2017, as the collection is deemed probable based on the insurance contracts the Company had in place at the time of the losses, which is included in the line item “Accounts receivable” on the Company’s Condensed Consolidated Balance Sheets. |
Long Term Debt (Tables)
Long Term Debt (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Debt Disclosure [Abstract] | |
Long Term Debt | Long term debt consists of: (in thousands) October 28, January 28, October 29, 2017 2017 2016 $1,200,000 senior secured term loan facility (Term B-4 Loans), LIBOR (with a floor of 0.75%) plus 2.75%, matures on August 13, 2021 $ 1,112,860 $ 1,112,044 $ 1,111,772 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures on August 13, 2019 165,200 — 174,300 Capital lease obligations 22,531 23,643 23,972 Unamortized deferred financing costs (4,349 ) (5,206 ) (5,469 ) Total debt 1,296,242 1,130,481 1,304,575 Less: current maturities (1,942 ) (1,638 ) (1,574 ) Long term debt, net of current maturities $ 1,294,300 $ 1,128,843 $ 1,303,001 |
Derivative Instruments and He21
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
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 Asset Derivatives October 28, 2017 January 28, 2017 October 29, 2016 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 assets $ 340 N/A $ — N/A $ — (in thousands) Fair Values of Derivative Instruments Liability Derivatives October 28, 2017 January 28, 2017 October 29, 2016 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 $ — Other $ 3,183 Other $ 9,957 |
Summary of Unrealized Losses Deferred to Accumulated Other Comprehensive Loss | The following table presents the unrealized losses deferred to accumulated other comprehensive loss resulting from the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Three Months Ended Nine Months Ended Interest Rate Cap Contracts: October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 Unrealized gains (losses), before taxes $ 1,907 $ 398 $ 77 $ (5,090 ) Income tax (expense) benefit (763 ) (159 ) (32 ) 2,036 Unrealized gains (losses), net of taxes $ 1,144 $ 239 $ 45 $ (3,054 ) |
Reclassification of Losses from Accumulated Other Comprehensive Loss into Earnings | The following table presents information about the reclassification of losses from accumulated other comprehensive loss into earnings related to the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Three Months Ended Nine Months Ended Component of Earnings: October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 Interest expense $ 1,513 $ 738 $ 4,418 $ 1,434 Income tax (benefit) (605 ) (296 ) (1,764 ) (574 ) Net income $ 908 $ 442 $ 2,654 $ 860 |
Derivatives Designated as Hedging Instruments | |
Outstanding Interest Rate Derivatives in Qualifying Hedging Relationships | As of October 28, 2017, 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 Comprehensi22
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
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 28, 2017 $ (7,191 ) Unrealized gains, net of related taxes of less than $0.1 million 45 Amount reclassified into earnings, net of related taxes of $1.8 million 2,654 Balance at October 28, 2017 $ (4,492 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
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 October 28, 2017, January 28, 2017 and October 29, 2016 are summarized below: (in thousands) Fair Value Measurements at October 28, January 28, October 29, 2017 2017 2016 Assets: Level 1 Cash equivalents (including restricted cash) $ 28,247 $ 28,167 $ 28,153 |
Aggregate Impairment Charges and Remaining Fair Value by Level within Fair Value Hierarchy of Long-Lived Assets | The table below sets forth the aggregate impairment charges and the remaining fair value, by level within the fair value hierarchy, of the partially-impaired store as of October 28, 2017: (in thousands) Quoted in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Un- Observable Inputs (Level 3) Total Total Impairment Losses Land $ — $ — $ 470 $ — $ 247 Buildings — — 374 — 227 Store fixtures and equipment — — 9 — 203 Leasehold improvements — — — — 108 Other assets — 203 Total $ — $ — $ 853 $ — $ 988 |
Fair Values of Financial Liabilities | The fair values of the Company’s financial liabilities are summarized below: (in thousands) October 28, 2017 January 28, 2017 October 29, 2016 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-4 Loans), LIBOR (with a floor of 0.75%) plus 2.75%, matures on August 13, 2021 $ 1,112,860 $ 1,116,106 $ 1,112,044 $ 1,116,678 $ 1,111,772 $ 1,116,404 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures on August 13, 2019(a) 165,200 165,200 — — 174,300 174,300 Total debt $ 1,278,060 $ 1,281,306 $ 1,112,044 $ 1,116,678 $ 1,286,072 $ 1,290,704 (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) | 9 Months Ended |
Oct. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Net Deferred Taxes | Net deferred taxes are as follows: (in thousands) October 28, January 28, October 29, 2017 2017 2016 Deferred tax asset $ 7,939 $ 7,973 $ — Deferred tax liability 222,073 207,935 206,124 Net deferred tax liability $ 214,134 $ 199,962 $ 206,124 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
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 Nine Months Ended October 28, October 29, October 28, October 29, 2017 2016 2017 2016 Basic net income per share Net income $ 44,879 $ 32,404 $ 144,149 $ 90,312 Weighted average number of common shares – basic 67,694 70,347 68,611 70,757 Net income per common share – basic $ 0.66 $ 0.46 $ 2.10 $ 1.28 Diluted net income per share Net income $ 44,879 $ 32,404 $ 144,149 $ 90,312 Shares for basic and diluted net income per share: Weighted average number of common shares – basic 67,694 70,347 68,611 70,757 Assumed exercise of stock options and vesting of restricted stock 1,847 1,250 2,005 1,245 Weighted average number of common shares – diluted 69,541 71,597 70,616 72,002 Net income per common share – diluted $ 0.65 $ 0.45 $ 2.04 $ 1.25 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
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 Nine Months Ended October 28, October 29, October 28, October 29, Type of Non-Cash Stock Compensation 2017 2016 2017 2016 Restricted stock grants (a) $ 4,189 $ 2,405 $ 11,622 $ 6,397 Stock option grants (a) 2,955 1,760 7,910 4,809 Stock option modification (b) 24 93 123 428 Total (c) $ 7,168 $ 4,258 $ 19,655 $ 11,634 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. (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 Income. Refer to Note 12 to the Company’s Consolidated Financial Statements included in the Fiscal 2016 10-K (entitled “Stock-Based Compensation”) for further detail of the Company’s May 2013 stock option modification. (c) The amounts presented in the table above exclude taxes. For the three and nine month periods ended October 28, 2017, the tax benefit related to the Company’s non-cash stock compensation was approximately $2.4 million and $5.9 million, respectively. For the three and nine month periods ended October 29, 2016, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.5 million and $4.3 million, respectively. |
Stock Option Transactions | Stock option transactions during the nine month period ended October 28, 2017 are summarized as follows: Number of Shares Weighted Average Exercise Price Per Share Options outstanding, January 28, 2017 2,646,123 $ 22.41 Options granted 590,491 96.96 Options exercised (a) (457,892 ) 16.81 Options forfeited (80,716 ) 56.52 Options outstanding, October 28, 2017 2,698,006 38.65 (a) Options exercised during the nine month period ended October 28, 2017 had a total intrinsic value of $ 36.0 |
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 October 28, 2017: Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) Vested and expected to vest 2,698,006 7.1 $ 38.65 $ 144.9 |
Weighted Average Assumptions Used to Estimate Fair Value of Each Stock Option Granted | The fair value of each stock option granted during the nine month period ended October 28, 2017 was estimated using the Black Scholes option pricing model using the following assumptions: Nine Months Ended October 28, 2017 Risk-free interest rate 1.43% - 2.13% Expected volatility 34% - 37% Expected life (years) 6.15 - 6.25 Contractual life (years) 10.0 Expected dividend yield 0.0% Weighted average grant date fair value of options issued $ 36.28 |
Award Grant and Vesting Transactions | Restricted stock transactions during the nine month period ended October 28, 2017 are summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Per Awards Non-vested awards outstanding, January 28, 2017 744,634 $ 54.28 Awards granted 229,058 94.99 Awards vested (a) (132,533 ) 48.92 Awards forfeited (25,934 ) 59.68 Non-vested awards outstanding, October 28, 2017 815,225 66.45 (a) Restricted stock awards vested during the nine month period ended October 28, 2017 had a total intrinsic value of $ 12.6 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Millions | Oct. 31, 2017USD ($) | Oct. 28, 2017USD ($)Store$ / shares | Oct. 28, 2017USD ($)Store$ / shares | Oct. 29, 2016USD ($) | Jan. 29, 2017USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of stores | Store | 631 | 631 | |||
Increased net income per share | $ / shares | $ 0.04 | $ 0.20 | |||
Effective tax rate of basis points | 4.30% | 7.30% | |||
Reclassification of excess of tax benefits | $ 11.7 | ||||
Cumulative-effect adjustment to retained earnings | $ 0.4 | ||||
ASU 2015-14 | Stores | Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of revenue recognized | 99.00% | ||||
Weather Related Incidents | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of stores remained closed | Store | 12 | 12 | |||
Number of stores closed at least one day | Store | 80 | ||||
Insurance receivable related to losses | $ 2.8 | $ 2.8 | |||
Weather Related Incidents | Subsequent Event | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Insurance proceeds | $ 11.7 | ||||
Weather Related Incidents | Merchandise Inventories | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Losses incurred related to significant damage to assets written-off | 5.9 | ||||
Weather Related Incidents | Property and Equipment and Other Long-lived Assets, Repair and Maintenance Costs | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Losses incurred related to significant damage to assets written-off | $ 9.7 | ||||
Weather Related Incidents | Property and Equipment | Subsequent Event | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Insurance proceeds | $ 3.1 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 |
Debt Instrument [Line Items] | |||
Capital lease obligations | $ 22,531 | $ 23,643 | $ 23,972 |
Unamortized deferred financing costs | (4,349) | (5,206) | (5,469) |
Total debt | 1,296,242 | 1,130,481 | 1,304,575 |
Less: current maturities | (1,942) | (1,638) | (1,574) |
Long term debt, net of current maturities | 1,294,300 | 1,128,843 | 1,303,001 |
Senior Secured Term B-4 Loans | |||
Debt Instrument [Line Items] | |||
Long Term Debt | 1,112,860 | $ 1,112,044 | 1,111,772 |
ABL senior secured revolving facility | |||
Debt Instrument [Line Items] | |||
Long Term Debt | $ 165,200 | $ 174,300 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Oct. 28, 2017 | Oct. 29, 2016 | Jan. 28, 2017 | |
Senior Secured Term B-4 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-4 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, interest rate | 0.75% | 0.75% | 0.75% |
London Interbank Offered Rate (LIBOR) | Senior Secured Term B-4 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, interest rate | 2.75% | 2.75% | 2.75% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Nov. 17, 2017 | Nov. 16, 2017 | Feb. 03, 2018 | Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | Jan. 28, 2017 |
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $ 3,805,000 | |||||||
Costs related to debt amendments | $ 1,346,000 | |||||||
Senior Secured Term Loan Facilities | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing, interest rate | 4.00% | 3.50% | 4.00% | 3.50% | ||||
Senior Secured Term B-4 Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument maturity date | Aug. 13, 2021 | Aug. 13, 2021 | Aug. 13, 2021 | |||||
Senior Secured Term B-4 Loans | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 2.75% | 2.75% | 2.75% | |||||
Senior Secured Term B-4 Loans | London Interbank Offered Rate Floor | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 0.75% | 0.75% | 0.75% | |||||
Senior Secured Term B-4 Loans | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, amount outstanding | $ 1,117,000,000 | |||||||
Senior Secured Term B-4 Loans | Subsequent Event | Prime Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 1.50% | 1.75% | ||||||
Senior Secured Term B-4 Loans | Subsequent Event | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 2.50% | 2.75% | ||||||
Senior Secured Term B-4 Loans | Subsequent Event | London Interbank Offered Rate Floor | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 0.75% | |||||||
Senior Secured Term B-5 Loan | Scenario, Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $ 3,000,000 | |||||||
Costs related to debt amendments | $ 1,000,000 | |||||||
Senior Secured Term B-5 Loan | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument maturity date | Nov. 17, 2024 | |||||||
Debt instrument frequency of periodic payments | quarterly | |||||||
Debt instrument periodic payments | $ 2,800,000 | |||||||
ABL senior secured revolving facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument maturity date | Aug. 13, 2019 | Aug. 13, 2019 | Aug. 13, 2019 | |||||
Line of Credit Facility, amount available | $ 380,600,000 | $ 383,700,000 | $ 380,600,000 | $ 383,700,000 | ||||
Line of Credit Facility, maximum amount outstanding during period | 235,500,000 | 300,000,000 | 235,500,000 | 350,000,000 | ||||
Line of Credit Facility, Average borrowings | $ 147,400,000 | $ 201,400,000 | $ 86,100,000 | $ 216,800,000 | ||||
Line of Credit Facility, Average interest rate | 2.70% | 1.80% | 2.70% | 1.80% |
Derivative Instruments And He31
Derivative Instruments And Hedging Activities - Additional Information (Detail) - Interest rate cap - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Derivative [Line Items] | ||||
Ineffective portion of change in fair value of derivatives | $ 0 | $ 0 | $ 0 | $ 0 |
Amount related to interest rate cap contracts | 800,000 | 900,000 | 3,400,000 | 3,500,000 |
Amount related to interest rate cap contracts, taxes | 300,000 | $ 400,000 | 1,400,000 | $ 1,400,000 |
Amounts reported in Accumulated Other Comprehensive Loss to be reclassified to interest expense, during the next twelve months | $ 5,400,000 | $ 5,400,000 |
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 | 9 Months Ended |
Oct. 28, 2017USD ($)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 He33
Derivative Instruments and Hedging Activities (Detail) - Interest rate cap - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 |
Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Asset at Fair Value | $ 340 | ||
Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value | $ 3,183 | $ 9,957 |
Summary of Unrealized Losses De
Summary of Unrealized Losses Deferred to Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Unrealized gains (losses), net of taxes | $ 1,144 | $ 239 | $ 45 | $ (3,054) |
Derivatives Designated as Hedging Instruments | Interest rate cap | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Unrealized gains (losses), before taxes | 1,907 | 398 | 77 | (5,090) |
Income tax (expense) benefit | (763) | (159) | (32) | 2,036 |
Unrealized gains (losses), net of taxes | $ 1,144 | $ 239 | $ 45 | $ (3,054) |
Reclassification of Losses from
Reclassification of Losses from Accumulated Other Comprehensive Loss into Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ||||
Interest expense | $ (15,351) | $ (13,159) | $ (43,409) | $ (43,196) |
Income tax (benefit) | (22,920) | (17,449) | (61,998) | (52,368) |
Net income | 44,879 | 32,404 | 144,149 | 90,312 |
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 | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ||||
Interest expense | 1,513 | 738 | 4,418 | 1,434 |
Income tax (benefit) | (605) | (296) | (1,764) | (574) |
Net income | $ 908 | $ 442 | $ 2,654 | $ 860 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss (Detail) $ in Thousands | 9 Months Ended |
Oct. 28, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at beginning of period | $ (49,812) |
Balance at end of period | (110,533) |
Derivative Instruments | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at beginning of period | (7,191) |
Unrealized gains, net of related taxes of less than $0.1 million | 45 |
Amount reclassified into earnings, net of related taxes of $1.8 million | 2,654 |
Balance at end of period | $ (4,492) |
Changes in Accumulated Other 37
Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - Derivative Instruments $ in Millions | 9 Months Ended |
Oct. 28, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Amount reclassified into earnings on Interest Rate Cap Contracts, Tax | $ 1.8 |
Maximum | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Unrealized gains 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 | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 |
Fair Value, Inputs, Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash equivalents (including restricted cash) | $ 28,247 | $ 28,167 | $ 28,153 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Oct. 28, 2017 | Oct. 29, 2016 | |
Fair Value Disclosures [Abstract] | ||
Impaired long-lived assets held and used, method for determining fair value | Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of Topic No. 820. The fair value of the Company’s long-lived assets is generally calculated using discounted cash flows. | |
Impairment charges - long-lived assets | $ 988,000 | $ 109,000 |
Long-lived assets fair value | $ 0 |
Aggregate Impairment Charges an
Aggregate Impairment Charges and Remaining Fair Value by Level within Fair Value Hierarchy of Long-Lived Assets (Detail) - USD ($) | 9 Months Ended | |
Oct. 28, 2017 | Oct. 29, 2016 | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||
Long-Lived assets fair value, Total | $ 0 | |
Total Impairment Losses | 988,000 | $ 109,000 |
Significant Un-Observable Inputs (Level 3) | ||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||
Long-Lived assets fair value, Total | 853,000 | |
Land | ||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||
Total Impairment Losses | 247,000 | |
Land | Significant Un-Observable Inputs (Level 3) | ||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||
Long-Lived assets fair value, Total | 470,000 | |
Buildings | ||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||
Total Impairment Losses | 227,000 | |
Buildings | Significant Un-Observable Inputs (Level 3) | ||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||
Long-Lived assets fair value, Total | 374,000 | |
Store fixtures and equipment | ||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||
Total Impairment Losses | 203,000 | |
Store fixtures and equipment | Significant Un-Observable Inputs (Level 3) | ||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||
Long-Lived assets fair value, Total | 9,000 | |
Leasehold improvements | ||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||
Total Impairment Losses | 108,000 | |
Other assets | ||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||
Total Impairment Losses | $ 203,000 |
Fair Values of Financial Liabil
Fair Values of Financial Liabilities (Detail) - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1] | $ 1,278,060 | $ 1,112,044 | $ 1,286,072 |
Long-Term Debt, Fair Value | [1] | 1,281,306 | 1,116,678 | 1,290,704 |
ABL senior secured revolving facility | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1],[2] | 165,200 | 174,300 | |
Long-Term Debt, Fair Value | [1],[2] | 165,200 | 174,300 | |
Senior secured term loans | Term B-4 Loans | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1] | 1,112,860 | 1,112,044 | 1,111,772 |
Long-Term Debt, Fair Value | [1] | $ 1,116,106 | $ 1,116,678 | $ 1,116,404 |
[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 Liab42
Fair Values of Financial Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Oct. 28, 2017 | Oct. 29, 2016 | Jan. 28, 2017 | |
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-4 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-4 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 | 0.75% | 0.75% | 0.75% |
Term B-4 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 | 2.75% | 2.75% | 2.75% |
Net Deferred Taxes (Detail)
Net Deferred Taxes (Detail) - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 |
Income Tax Disclosure [Abstract] | |||
Deferred tax asset | $ 7,939 | $ 7,973 | |
Deferred tax liability | 222,073 | 207,935 | $ 206,124 |
Net deferred tax liability | $ 214,134 | $ 199,962 | $ 206,124 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | |
Income Tax Disclosure [Line Items] | |||
Valuation allowances | $ 6,800,000 | $ 7,400,000 | $ 7,800,000 |
State and local jurisdiction | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax asset for net operating loss | $ 6,100,000 | ||
State and local jurisdiction | Minimum | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses subject to expiration year | 2,017 | ||
State and local jurisdiction | Maximum | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses subject to expiration year | 2,037 | ||
Puerto Rico | |||
Income Tax Disclosure [Line Items] | |||
Valuation allowances | $ 0 | $ 0 | $ 5,500,000 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | Aug. 16, 2017 | Oct. 28, 2017 | Nov. 15, 2016 |
Statement Equity Components [Line Items] | |||
Shares Used for Tax Withholdings (in shares) | 44,660 | ||
Shares Used for Tax Withholdings | $ 4,200,000 | ||
2017 Stock Repurchase Program | |||
Statement Equity Components [Line Items] | |||
Stock repurchase program, authorized amount | $ 300,000,000 | $ 200,000,000 | |
Stock repurchase program, authorized execution month and year | 2019-08 | ||
Common stock repurchased, shares | 2,549,192 | ||
Common stock repurchased, value | $ 230,700,000 | ||
Remaining authorized repurchase amount | $ 269,000,000 |
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 | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Basic net income per share | ||||
Net income | $ 44,879 | $ 32,404 | $ 144,149 | $ 90,312 |
Weighted average number of common shares – basic | 67,694 | 70,347 | 68,611 | 70,757 |
Net income per common share – basic | $ 0.66 | $ 0.46 | $ 2.10 | $ 1.28 |
Diluted net income per share | ||||
Net income | $ 44,879 | $ 32,404 | $ 144,149 | $ 90,312 |
Weighted average number of common shares – basic | 67,694 | 70,347 | 68,611 | 70,757 |
Assumed exercise of stock options and vesting of restricted stock | 1,847 | 1,250 | 2,005 | 1,245 |
Weighted average number of common shares – diluted | 69,541 | 71,597 | 70,616 | 72,002 |
Net income per common share – diluted | $ 0.65 | $ 0.45 | $ 2.04 | $ 1.25 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from diluted net income per share | 325,000 | 170,000 | 105,000 | |
Maximum | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from diluted net income per share | 100,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - 2013 Plan - shares | May 17, 2017 | Oct. 28, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares available for grant equity awards | 4,972,757 | |
Shares reserve at ratio for every share | 2 | |
Stock conversion basis | 1-for-1 basis | |
Stock options and stock appreciation rights description | Stock options and stock appreciation rights continue to reduce the share reserve on a 1-for-1 basis under the Amended Plan. |
Non-Cash Stock Compensation Exp
Non-Cash Stock Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [1] | $ 7,168 | $ 4,258 | $ 19,655 | $ 11,634 |
Restricted Stock Grants | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [2] | 4,189 | 2,405 | 11,622 | 6,397 |
Stock Option Grants | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [2] | 2,955 | 1,760 | 7,910 | 4,809 |
Stock Option Modification | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [3] | $ 24 | $ 93 | $ 123 | $ 428 |
[1] | The amounts presented in the table above exclude taxes. For the three and nine month periods ended October 28, 2017, the tax benefit related to the Company’s non-cash stock compensation was approximately $2.4 million and $5.9 million, respectively. For the three and nine month periods ended October 29, 2016, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.5 million and $4.3 million, respectively. | ||||
[2] | Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. | ||||
[3] | Represents non-cash compensation related to the May 2013 stock option modification. Amounts are included in the line item “Stock option modification expense” in the Company’s Condensed Consolidated Statements of Income. Refer to Note 12 to the Company’s Consolidated Financial Statements included in the Fiscal 2016 10-K (entitled “Stock-Based Compensation”) for further detail of the Company’s May 2013 stock option modification. |
Non-Cash Stock Compensation E50
Non-Cash Stock Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Non-Cash Stock Compensation tax benefit | $ 2.4 | $ 1.5 | $ 5.9 | $ 4.3 |
Stock Option Transactions (Deta
Stock Option Transactions (Detail) | 9 Months Ended | |
Oct. 28, 2017$ / sharesshares | ||
Number of Shares | ||
Options Outstanding at Beginning of Period | shares | 2,646,123 | |
Options Granted | shares | 590,491 | |
Options Exercised | shares | (457,892) | [1] |
Options Forfeited | shares | (80,716) | |
Options Outstanding at End of Period | shares | 2,698,006 | |
Weighted Average Exercise Price Per Share | ||
Options Outstanding at Beginning of Period | $ / shares | $ 22.41 | |
Options Granted | $ / shares | 96.96 | |
Options Exercised | $ / shares | 16.81 | [1] |
Options Forfeited | $ / shares | 56.52 | |
Options Outstanding at End of Period | $ / shares | $ 38.65 | |
[1] | Options exercised during the nine month period ended October 28, 2017 had a total intrinsic value of $36.0 million. |
Stock Option Transactions (Pare
Stock Option Transactions (Parenthetical) (Detail) $ in Millions | 9 Months Ended |
Oct. 28, 2017USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share based compensation option exercised total intrinsic value | $ 36 |
Stock Options Vested and Expect
Stock Options Vested and Expected to Vest (Detail) $ / shares in Units, $ in Millions | 9 Months Ended |
Oct. 28, 2017USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options, vested and expected to vest | shares | 2,698,006 |
Weighted Average Remaining Contractual Life (Years) | 7 years 1 month 6 days |
Weighted Average Exercise Price | $ / shares | $ 38.65 |
Aggregate Intrinsic Value | $ | $ 144.9 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) | 9 Months Ended |
Oct. 28, 2017$ / shares | |
Share Based Compensation Arrangement Assumptions Used To Estimate Fair Values Of Share Options Granted [Line Items] | |
Risk-free interest rate, minimum | 1.43% |
Risk-free interest rate, maximum | 2.13% |
Expected volatility, minimum | 34.00% |
Expected volatility, maximum | 37.00% |
Contractual life (years) | 10 years |
Expected dividend yield | 0.00% |
Weighted average grant date fair value of options issued | $ 36.28 |
Minimum | |
Share Based Compensation Arrangement Assumptions Used To Estimate Fair Values Of Share Options Granted [Line Items] | |
Expected life (years) | 6 years 1 month 24 days |
Maximum | |
Share Based Compensation Arrangement Assumptions Used To Estimate Fair Values Of Share Options Granted [Line Items] | |
Expected life (years) | 6 years 2 months 30 days |
Award Grant, Vested and Forfeit
Award Grant, Vested and Forfeiture Transactions (Detail) - Non Vested Restricted Stock | 9 Months Ended | |
Oct. 28, 2017$ / sharesshares | ||
Number of Shares | ||
Non-Vested Awards Outstanding at Beginning of Period | shares | 744,634 | |
Awards Granted | shares | 229,058 | |
Awards Vested | shares | (132,533) | [1] |
Awards Forfeited | shares | (25,934) | |
Non-Vested Awards Outstanding at End of Period | shares | 815,225 | |
Weighted Average Grant Date Fair Value Per Awards | ||
Non-Vested Awards Outstanding at Beginning of Period | $ / shares | $ 54.28 | |
Awards Granted | $ / shares | 94.99 | |
Awards Vested | $ / shares | 48.92 | [1] |
Awards Forfeited | $ / shares | 59.68 | |
Non-Vested Awards Outstanding at End of Period | $ / shares | $ 66.45 | |
[1] | Restricted stock awards vested during the nine month period ended October 28, 2017 had a total intrinsic value of $12.6 million. |
Award Grant, Vested and Forfe56
Award Grant, Vested and Forfeiture Transactions (Parenthetical) (Detail) $ in Millions | 9 Months Ended |
Oct. 28, 2017USD ($) | |
Restricted Stock Issuances | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share based compensation awards vested total intrinsic value | $ 12.6 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 |
Other Liabilities Disclosure [Abstract] | |||
Deferred lease incentives | $ 200 | $ 180.9 | $ 181.3 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Oct. 28, 2017USD ($)Store | Jan. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Nov. 30, 2005USD ($) |
Commitments And Contingencies Disclosure [Line Items] | ||||
Minimum lease payments for operating leases February 3, 2018 | $ 83,300,000 | |||
Minimum lease payments for operating leases February 2, 2019 | 358,900,000 | |||
Minimum lease payments for operating leases February 1, 2020 | 349,700,000 | |||
Minimum lease payments for operating leases January 30,2021 | 327,600,000 | |||
Minimum lease payments for operating leases January 29, 2022 | 303,500,000 | |||
Minimum lease payments for operating leases thereafter | 1,533,600,000 | |||
Letters of credit, outstanding amount | 54,200,000 | $ 53,100,000 | $ 42,000,000 | |
Purchase commitments related to goods or services | 804,400,000 | |||
Death benefits | $ 1,000,000 | |||
ABL senior secured revolving facility | Maximum | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Letters of credit, outstanding amount | 380,600,000 | 427,800,000 | 383,700,000 | |
Guarantee Performance Under Insurance And Utility Agreement | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Letters of credit, outstanding amount | 43,600,000 | 44,200,000 | 31,900,000 | |
Merchandising Agreement | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Letters of credit, outstanding amount | $ 10,600,000 | $ 8,900,000 | $ 10,100,000 | |
Other Capitalized Property Plant and Equipment | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Number of stores committed to be opened | Store | 54 | |||
Options to Extend Lease Terms | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Minimum lease payments | $ 293,700,000 | |||
New Stores | Other Capitalized Property Plant and Equipment | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Minimum lease payments | $ 443,000,000 |