Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 05, 2018 | Jun. 02, 2018 | |
Entity Registrant Name | DILLARD'S, INC. | |
Entity Central Index Key | 28,917 | |
Document Type | 10-Q | |
Document Period End Date | May 5, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-02 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Common Stock Class A | ||
Entity Common Stock, Shares Outstanding | 23,591,225 | |
Common Stock Class B | ||
Entity Common Stock, Shares Outstanding | 4,010,401 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | May 05, 2018 | Feb. 03, 2018 | Apr. 29, 2017 |
Current assets: | |||
Cash and cash equivalents | $ 164,081 | $ 187,028 | $ 301,481 |
Restricted cash | 1,910 | 0 | 0 |
Accounts receivable | 43,069 | 38,437 | 38,560 |
Merchandise inventories | 1,780,783 | 1,463,561 | 1,713,881 |
Other current assets | 55,540 | 50,359 | 50,449 |
Total current assets | 2,045,383 | 1,739,385 | 2,104,371 |
Property and equipment (net of accumulated depreciation and amortization of $2,583,199, $2,531,435 and $2,520,550, respectively) | 1,662,852 | 1,696,276 | 1,764,519 |
Other assets | 73,228 | 247,042 | 257,644 |
Total assets | 3,781,463 | 3,682,703 | 4,126,534 |
Current liabilities: | |||
Trade accounts payable and accrued expenses | 1,052,310 | 845,281 | 1,069,958 |
Long-term Debt, Current Maturities | 160,941 | 160,927 | 87,201 |
Current portion of capital lease obligations | 1,133 | 1,107 | 3,305 |
Other Short-term Borrowings | 0 | ||
Accrued Income Taxes, Current | 63,905 | 41,920 | 86,861 |
Total current liabilities | 1,278,289 | 1,049,235 | 1,247,325 |
Long-term debt | 365,464 | 365,429 | 526,167 |
Capital lease obligations | 2,587 | 2,880 | 3,721 |
Other liabilities | 240,478 | 240,173 | 238,276 |
Deferred Tax Liabilities, Net, Noncurrent | 12,559 | 116,831 | 220,633 |
Subordinated debentures | 200,000 | 200,000 | 200,000 |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Common stock | 1,239 | 1,239 | 1,238 |
Additional paid-in capital | 946,147 | 946,147 | 943,467 |
Accumulated other comprehensive loss | (17,886) | (15,444) | (11,137) |
Retained earnings | 4,376,408 | 4,365,219 | 4,217,972 |
Less treasury stock, at cost | (3,623,822) | (3,589,006) | (3,461,128) |
Total stockholders’ equity | 1,682,086 | 1,708,155 | 1,690,412 |
Total liabilities and stockholders’ equity | $ 3,781,463 | $ 3,682,703 | $ 4,126,534 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | May 05, 2018 | Feb. 03, 2018 | Apr. 29, 2017 |
Statement of Financial Position [Abstract] | |||
Property and equipment, accumulated depreciation and amortization | $ 2,583,199 | $ 2,531,435 | $ 2,520,550 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS - USD ($) $ in Thousands | 3 Months Ended | |
May 05, 2018 | Apr. 29, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 1,456,327 | $ 1,418,148 |
Service charges and other income | 34,398 | 34,613 |
Total net sales, service charges and other income | 1,490,725 | 1,452,761 |
Cost of sales | 903,046 | 869,972 |
Selling, General and Administrative Expense | 405,870 | 396,645 |
Depreciation and amortization | 56,003 | 60,011 |
Rentals | 6,549 | 6,202 |
Interest Expense | 14,022 | 15,682 |
Other expense | 1,915 | 1,807 |
Loss (gain) on disposal of assets | 82 | (19) |
Income before income taxes and income on and equity in earnings of joint ventures | 103,238 | 102,461 |
Income taxes | 22,690 | 36,170 |
Income on and equity in earnings of joint ventures | 0 | 11 |
Net Income | 80,548 | 66,302 |
Retained Earnings [Roll Forward] | ||
Retained earnings at beginning of period | 4,365,219 | 4,153,844 |
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | (66,574) | 0 |
Cash dividends declared | (2,785) | (2,174) |
Retained earnings at end of period | $ 4,376,408 | $ 4,217,972 |
Earnings per share: | ||
Earnings Per Share, Basic and Diluted | $ 2.89 | $ 2.12 |
Cash dividends declared per common share (in dollars per share) | $ 0.10 | $ 0.07 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
May 05, 2018 | Apr. 29, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 80,548 | $ 66,302 |
Other comprehensive income: | ||
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $32 and $0, respectively) | 100 | 0 |
Comprehensive income | $ 80,648 | $ 66,302 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
May 05, 2018 | Apr. 29, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Amortization of retirement plan and other retiree benefit adjustments, tax | $ 32 | $ 0 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
May 05, 2018 | Apr. 29, 2017 | |
Operating activities: | ||
Net Income | $ 80,548 | $ 66,302 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property and other deferred costs | 56,471 | 60,585 |
Loss (gain) on disposal of assets | 82 | (19) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (4,632) | 8,748 |
Increase in merchandise inventories | (317,222) | (307,478) |
Increase in other current assets | (5,181) | (2,910) |
(Increase) decrease in other assets | (1,352) | 1,428 |
Increase in trade accounts payable and accrued expenses and other liabilities | 224,352 | 221,707 |
Increase in income taxes | 22,325 | 35,080 |
Net cash provided by operating activities | 55,391 | 83,443 |
Investing activities: | ||
Purchases of property and equipment | (39,191) | (34,538) |
Proceeds from disposal of assets | 1,918 | 69 |
Proceeds from Insurance Settlement, Investing Activities | 0 | 1,875 |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 765 | 340 |
Net cash used in investing activities | (36,508) | (32,254) |
Financing activities: | ||
Principal payments on long-term debt and capital lease obligations | (267) | (243) |
Cash dividends paid | (2,837) | (2,312) |
Purchase of treasury stock | (36,816) | (94,138) |
Net cash used in financing activities | (39,920) | (96,693) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (21,037) | (45,504) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 165,991 | 301,481 |
Non-cash transactions: | ||
Accrued capital expenditures | 8,117 | 3,205 |
Accrued treasury stock purchases | $ 0 | $ 2,997 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
May 05, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of Dillard’s, Inc. (the “Company”) have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended May 5, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending February 2, 2019 due to, among other factors, the seasonal nature of the business. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2018 filed with the SEC on March 30, 2018. Effective February 4, 2018, we adopted the requirements of Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) , and all related amendments using the full retrospective method and adopted the requirements of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost retrospectively as discussed in Note 2. All amounts and disclosures set forth in this Form 10-Q have been updated to comply with the new standards. Restricted Cash - Restricted cash consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements. The escrow accounts are administered by an intermediary. Pursuant to the like-kind exchange agreements, the cash remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. Effective February 4, 2018, we adopted the amendments of ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows. (in thousands) May 5, April 29, Cash and cash equivalents $ 164,081 $ 301,481 Restricted cash 1,910 — Total cash, cash equivalents and restricted cash $ 165,991 $ 301,481 Reclassifications —Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
May 05, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | Accounting Standards Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which stipulates 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. To achieve this core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This ASU was supplemented by amendments which clarify the guidance of the initial ASU. We refer to this ASU and related amendments as the "new standard." We adopted the requirements of the new standard as of February 4, 2018, utilizing the full retrospective method of transition. Adoption of the new standard resulted in changes to our accounting policies for revenue recognition, as further described in Note 3. We applied the new standard using the following practical expedients: 1) for a completed contract for which all (or substantially all) of the revenue was recognized in accordance with revenue guidance that is in effect before the date of initial application, an entity need not restate contracts that begin and end within the same annual reporting period; 2) for completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed, rather than estimating variable consideration amounts in the comparative reporting periods; 3) for all reporting periods presented before the date of initial application, February 4, 2018, an entity is not required to disclose the amount of the transaction price allocated to the remaining performance obligations or when the entity expects to recognize that amount as revenue; and 4) for contracts modified prior to the beginning of fiscal year 2016, an entity can reflect the aggregate effect of all contract modifications that occurred before the beginning of the earliest period presented under the new standard when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price to the satisfied and unsatisfied performance obligations for the modified contract at transition. The application of these practical expedients primarily impacted our evaluation of the revenue recognition of our construction segment. Through our analysis of the new standard, we considered the presentation of sales returns, the deferral of revenue related to our loyalty program, the deferral of revenue related to internet sales, credit card income, gift card breakage, principal versus agent considerations and revenue from our construction segment contracts. The impact of adopting the new standard on our fiscal 2017 and 2016 revenues was not material. We adjusted our condensed consolidated financial statements from amounts previously reported due to the adoption of the new standard. The Company's net sales are recorded net of anticipated returns of merchandise. Under the new standard, both a return asset and an allowance for sales returns are recorded, which differs from the historical presentation of a net allowance for sales returns. The return asset and the allowance for sales returns are recorded in the condensed consolidated balance sheets in other current assets and trade accounts payable and accrued expenses, respectively. Additionally, we reclassed contract assets related to our construction segment from accounts receivable to other current assets in our condensed consolidated balance sheets. Select condensed consolidated balance sheet line items, which reflect the adoption of the new standard, are as follows (in thousands): April 29, As previously reported Adjustments As adjusted Assets Accounts receivable $ 39,424 $ (864 ) $ 38,560 Other current assets 37,956 12,493 50,449 Liabilities and stockholders' equity Trade accounts payable and accrued expenses 1,058,329 11,629 1,069,958 February 3, As previously reported Adjustments As adjusted Assets Accounts receivable $ 39,650 $ (1,213 ) $ 38,437 Other current assets 39,612 10,747 50,359 Liabilities and stockholders' equity Trade accounts payable and accrued expenses 835,747 9,534 845,281 Select condensed consolidated statement of income line items, including net sales, service charges and other income and cost of sales, reflect the adoption of the new standard. The impact of the adoption on the condensed consolidated statements of income and retained earnings for the three months ended April 29, 2017 was not material. Select condensed consolidated statement of cash flow line items within operating activities reflect the adoption of the new standard. The impact on the condensed consolidated statements of cash flows for the three months ended April 29, 2017 was not material. The Company operates in two reportable segments: the operation of retail department stores (“retail operations”) and a general contracting construction company (“construction”). The Company determined that the presentation of the percentage of net sales by segment and major product line was consistent with the disaggregation of revenue required by the new standard. See Note 4, Business Segments. For the retail operations segment, total assets increased by $11.6 million as of April 29, 2017. Construction contracts give rise to accounts receivable, contract assets and contract liabilities. We record accounts receivable based on amounts billed to customers. We also record costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) in other current assets and trade accounts payable and accrued expenses in the condensed consolidated balance sheets, respectively. The amounts included in the condensed consolidated balance sheets are as follows: Construction (in thousands of dollars) February 3, May 5, January 28, April 29, Accounts receivable $ 20,136 $ 26,782 $ 30,190 $ 26,528 Costs and estimated earnings in excess of billings on uncompleted contracts 1,213 861 922 864 Billings in excess of costs and estimated earnings on uncompleted contracts 5,503 4,665 8,826 8,007 During the three months ended May 5, 2018 and April 29, 2017, the Company recorded $4.0 million and $7.8 million , respectively, in revenue that was previously included in billings in excess of costs and estimated earnings on uncompleted contracts of $5.5 million and $8.8 million at February 3, 2018 and January 28, 2017, respectively. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, to improve the presentation of net periodic pension cost in the income statement. We adopted the requirements of ASU No. 2017-07 as of February 4, 2018 and applied the amendments retrospectively, as required. As a result of the adoption of ASU No. 2017-07, the service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest costs and net actuarial loss components are included in other expense in the condensed consolidated statements of income and retained earnings. For the three months ended April 29, 2017, $1.8 million has been reclassified from selling, general and administrative expenses to other expense. See Note 7, Benefit Plans. Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, as part of its initiative to reduce complexity in accounting standards. Under these amendments, an entity is required to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments within ASU No. 2016-16 were effective for the Company beginning in the first quarter of fiscal 2018. At February 3, 2018, other assets included a deferred charge related to the income tax effects of the intra-entity transfer pursuant to the previously disclosed REIT Transaction. During the fourth quarter of 2017, the Company terminated REIT status of its subsidiary, which did not have a material impact to the Company’s fiscal 2017 consolidated financial statements. Prior to the adoption of ASU No. 2016-16, income tax consequences of the intra-entity transfer remained recorded as a deferred charge, which was not subject to remeasurement for the lower tax rates enacted through tax reform. The Company adopted the standard at the beginning of the first quarter of fiscal 2018, at which time the deferred charge was removed through a cumulative-effect adjustment directly to retained earnings, resulting in a decrease to other assets of approximately $173.7 million . A deferred tax asset of approximately $104.6 million was recorded through a cumulative-effect adjustment directly to retained earnings to reflect future income tax benefits of the intra-entity transfer at newly-enacted tax rates, resulting in a reduction to net deferred tax liabilities. These adjustments resulted in a net decrease to retained earnings of approximately $69.1 million . Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220) : Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, to improve the usefulness of information reported to financial statement users by allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company adopted ASU No. 2018-02 during the first quarter of fiscal 2018 and applied the amendments in the period of adoption. The adoption of ASU No. 2018-02 resulted in an increase of approximately $2.5 million to both accumulated other comprehensive loss and retained earnings in the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements Leases: Amendments to the FASB Accounting Standards Codification In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification, to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under these amendments, lessees are required to recognize lease assets and lease liabilities for leases classified as operating leases under ASC 840. ASU No. 2016-02 is effective for financial statements issued for fiscal years beginning after December 15, 2018, and early adoption is permitted. The Company's operating leases include building and equipment leases. The Company is evaluating our current operating leases and expects that the majority of these current operating leases will be impacted by this ASU resulting in increases in assets and liabilities in the Company's consolidated financial statements. The Company intends to adopt the standard during the first quarter of fiscal 2019. |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
May 05, 2018 | Feb. 03, 2018 | |
Significant Accounting Policies Updates [Abstract] | ||
Revenue Recognition, Policy [Policy Text Block] | Significant Accounting Policies Updates Revenue Recognition —The Company's retail operations segment recognizes merchandise revenue at the "point of sale." Allowance for sales returns and a return asset are recorded as components of net sales in the period in which the related sales are recorded. Sales taxes collected from customers are excluded from revenue and are recorded in trade accounts payable and accrued expenses until remitted to the taxing authorities. Wells Fargo Bank, N.A. ("Wells Fargo") owns and manages Dillard's private label credit cards under a long-term marketing and servicing alliance under a 10 -year agreement ("Wells Fargo Alliance"). The Company's share of income earned under the Wells Fargo Alliance is included as a component of service charges and other income. The Company recorded income of approximately $22 million from the alliance during both the three months ended May 5, 2018 and April 29, 2017. The Company participates in the marketing of the private label credit cards, which includes the cost of customer reward programs. Through the reward programs, customers earn points that are redeemable for discounts on future purchases. The Company defers a portion of its net sales upon the sale of merchandise to its customer reward program members that is recognized in net sales when the reward is redeemed at a future date.The Company accepts payments on the private label cards in its stores as a convenience to customers who prefer to pay in person rather than by mailing their payments to Wells Fargo. Revenue from construction segment contracts is generally recognized by applying percentages of completion for each period to the total estimated profits for the respective contracts. The length of each contract varies but is typically nine to eighteen months. The percentages of completion are determined by relating the actual costs of work performed to date to the current estimated total costs of the respective contracts. When the estimate on a contract indicates a loss, the entire loss is recorded in the current period. | |
Private Label Card Revenue | $ 22 | |
Original term of Wells Fargo Alliance | 10 years |
Business Segments
Business Segments | 3 Months Ended |
May 05, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company operates in two reportable segments: the operation of retail department stores (“retail operations”) and a general contracting construction company (“construction”). For the Company’s retail operations, the Company determined its operating segments on a store by store basis. Each store’s operating performance has been aggregated into one reportable segment. The Company’s operating segments are aggregated for financial reporting purposes because they are similar in each of the following areas: economic characteristics, class of consumer, nature of products and distribution methods. Revenues from external customers are derived from merchandise sales, and the Company does not rely on any major customers as a source of revenue. Across all stores, the Company operates one store format under the Dillard’s name where each store offers the same general mix of merchandise with similar categories and similar customers. The Company believes that disaggregating its operating segments would not provide meaningful additional information. The following table summarizes the percentage of net sales by segment and major product line: Three Months Ended May 5, 2018 April 29, 2017 Retail operations segment Cosmetics 14 % 14 % Ladies’ apparel 24 25 Ladies’ accessories and lingerie 14 14 Juniors’ and children’s apparel 10 10 Men’s apparel and accessories 16 16 Shoes 16 16 Home and furniture 3 3 97 98 Construction segment 3 2 Total 100 % 100 % The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations: (in thousands of dollars) Retail Operations Construction Consolidated Three Months Ended May 5, 2018: Net sales from external customers $ 1,409,409 $ 46,918 $ 1,456,327 Gross profit 551,625 1,656 553,281 Depreciation and amortization 55,844 159 56,003 Interest and debt expense (income), net 14,030 (8 ) 14,022 Income (loss) before income taxes and income on and equity in earnings of joint ventures 103,404 (166 ) 103,238 Total assets 3,742,719 38,744 3,781,463 Three Months Ended April 29, 2017: Net sales from external customers $ 1,385,557 $ 32,591 $ 1,418,148 Gross profit 546,650 1,526 548,176 Depreciation and amortization 59,843 168 60,011 Interest and debt expense (income), net 15,703 (21 ) 15,682 Income before income taxes and income on and equity in earnings of joint ventures 102,361 100 102,461 Income on and equity in earnings of joint ventures 11 — 11 Total assets 4,073,502 53,032 4,126,534 Intersegment construction revenues of $5.4 million and $9.0 million for the three months ended May 5, 2018 and April 29, 2017, respectively, were eliminated during consolidation and have been excluded from net sales for the respective periods. |
Earnings Per Share Data
Earnings Per Share Data | 3 Months Ended |
May 05, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Data | Earnings Per Share Data The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data). Three Months Ended May 5, April 29, Net income $ 80,548 $ 66,302 Weighted average shares of common stock outstanding 27,849 31,257 Basic and diluted earnings per share $ 2.89 $ 2.12 The Company maintains a capital structure in which common stock is the only equity security issued and outstanding, and there were no shares of preferred stock, stock options, other dilutive securities or potentially dilutive securities issued or outstanding during the three months ended May 5, 2018 and April 29, 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
May 05, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Various legal proceedings, in the form of lawsuits and claims, which occur in the normal course of business, are pending against the Company and its subsidiaries. In the opinion of management, disposition of these matters, individually or in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, cash flows or results of operations. At May 5, 2018 , letters of credit totaling $24.8 million were issued under the Company’s revolving credit facility. |
Benefit Plans
Benefit Plans | 3 Months Ended |
May 05, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans The Company has an unfunded, nonqualified defined benefit plan (“Pension Plan”) for its officers. The Pension Plan is noncontributory and provides benefits based on years of service and compensation during employment. The Company determines pension expense using an actuarial cost method to estimate the total benefits ultimately payable to officers and allocates this cost to service periods. The actuarial assumptions used to calculate pension costs are reviewed annually. The Company contributed $1.3 million to the Pension Plan during the three months ended May 5, 2018 and expects to make additional contributions to the Pension Plan of approximately $3.8 million during the remainder of fiscal 2018 . The components of net periodic benefit costs are as follows (in thousands): Three Months Ended May 5, April 29, Components of net periodic benefit costs: Service cost $ 922 $ 873 Interest cost 1,783 1,807 Net actuarial loss 132 — Net periodic benefit costs $ 2,837 $ 2,680 The service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest cost and net actuarial loss components are included in other expense. |
Revolving Credit Agreement
Revolving Credit Agreement | 3 Months Ended |
May 05, 2018 | |
Line of Credit Facility [Abstract] | |
Revolving Credit Agreement | Revolving Credit Agreement At May 5, 2018 , the Company maintained an unsecured revolving credit facility that provides a borrowing capacity of $800 million with a $200 million expansion option and matures on August 9, 2022 (“credit agreement”). The credit agreement is available to the Company for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. The Company pays a variable rate of interest on borrowings under the credit agreement and a commitment fee to the participating banks based on the Company's debt rating. The rate of interest on borrowings is LIBOR plus 1.375% , and the commitment fee for unused borrowings is 0.20% per annum. At May 5, 2018 , no borrowings were outstanding, and letters of credit totaling $24.8 million were issued under the credit agreement leaving unutilized availability under the facility of $775.2 million . To be in compliance with the financial covenants of the credit agreement, the Company's total leverage ratio cannot exceed 3.5 to 1.0, and the coverage ratio cannot be less than 2.5 to 1.0, as defined in the credit agreement. At May 5, 2018 , the Company was in compliance with all financial covenants related to the credit agreement. |
Stock Repurchase Programs
Stock Repurchase Programs | 3 Months Ended |
May 05, 2018 | |
Schedule of Share Repurchase Program Activity [Abstract] | |
Stock Repurchase Programs | Stock Repurchase Program The Company's Board of Directors has authorized the Company to repurchase the Company’s Class A Common Stock pursuant to open-ended stock repurchase plans. These authorizations permit the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 or through privately negotiated transactions. The authorizations have no expiration date. The following is a summary of share repurchase activity for the periods indicated (in millions, except per share data): Three Months Ended May 5, April 29, Cost of shares repurchased $ 34.8 $ 91.1 Number of shares repurchased 0.5 1.7 Average price per share $ 72.77 $ 53.79 All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date. Accordingly, all amounts paid to reacquire these shares were allocated to treasury stock. During the three months ended May 5, 2018, the Company completed the authorized purchases under the February 2016 $500 million stock repurchase plan. In March 2018, the Company's Board of Directors authorized a new $500 million stock repurchase plan (the "March 2018 Plan"). As of May 5, 2018 , $500 million of authorization remained under the March 2018 Plan. |
Income Taxes
Income Taxes | 3 Months Ended |
May 05, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Tax Cuts and Jobs Act (the "Act”) was signed into law on December 22, 2017. The Act’s primary impact to the Company’s consolidated financial statements was its reduction of the federal corporate income tax rate from 35% to 21% , effective January 1, 2018. The Company determined a reasonable estimate of the income tax effects of the Act and recorded provisional amounts within its consolidated financial statements during fiscal 2017. During the three months ended May 5, 2018, no adjustments were made to the provisional amounts recorded. The Company continues to analyze additional information and guidance related to certain aspects of the Act, including, but not limited to, increased expensing of business assets, limitations on the deductibility of executive compensation, conformity or changes by state taxing authorities in response to the Act, and any impact on the final determination of the net deferred tax liabilities. The final income tax effects of the Act may differ from the provisional amounts recorded due to, among other factors, anticipated guidance to be released in the coming year, including IRS notices, and any resulting changes in the Company’s interpretation and application of the Act. The Company will finalize its accounting for the income tax effects of the Act within the one-year measurement period provided under SEC Staff Accounting Bulletin No. 118. During the three months ended May 5, 2018 and April 29, 2017, income tax expense differed from what would be computed using the applicable statutory federal tax rate primarily due to the effect of state and local income taxes partially offset by tax benefits recognized for federal tax credits. See Note 2, Accounting Standards, for the Company's adoption of ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, and the impact of the adoption on deferred taxes. |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | 3 Months Ended |
May 05, 2018 | |
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | |
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | Reclassifications from Accumulated Other Comprehensive Loss (“AOCL”) Reclassifications from AOCL are summarized as follows (in thousands): Amount Reclassified from AOCL Three Months Ended Affected Line Item in the Statement Where Net Income Is Presented Details about AOCL Components May 5, 2018 April 29, 2017 Defined benefit pension plan items Amortization of actuarial losses $ 132 $ — Total before tax (1) 32 — Income tax expense $ 100 $ — Total net of tax For fiscal year 2017, there was no amortization of the net loss in AOCL as the net loss did not exceed 10% of the projected benefit obligation. _______________________________ (1) This item is included in the computation of net periodic pension cost. See Note 7, Benefit Plans , for additional information. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 3 Months Ended |
May 05, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss Changes in AOCL by component (net of tax) are summarized as follows (in thousands): Defined Benefit Pension Plan Items Three Months Ended May 5, 2018 April 29, 2017 Beginning balance $ 15,444 $ 11,137 Amounts reclassified from AOCL (100 ) — Reclassification due to the adoption of ASU No. 2018-02 2,542 — Ending balance $ 17,886 $ 11,137 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
May 05, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The estimated fair values of financial instruments presented herein have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of amounts the Company could realize in a current market exchange. The fair value of the Company’s long-term debt and subordinated debentures is based on market prices and are categorized as Level 1 in the fair value hierarchy. The fair value of the Company’s cash and cash equivalents and accounts receivable approximates their carrying values at May 5, 2018 due to the short-term maturities of these instruments. The fair value of the Company’s long-term debt (including current portion) at May 5, 2018 was approximately $563 million . The carrying value of the Company’s long-term debt (including current portion) at May 5, 2018 was $526.4 million . The fair value of the Company’s subordinated debentures at May 5, 2018 was approximately $205 million . The carrying value of the Company’s subordinated debentures at May 5, 2018 was $200.0 million . |
Basis of Presentation Cash, Cas
Basis of Presentation Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
May 05, 2018 | |
Condensed Cash Flow Statement [Table Text Block] | (in thousands) May 5, April 29, Cash and cash equivalents $ 164,081 $ 301,481 Restricted cash 1,910 — Total cash, cash equivalents and restricted cash $ 165,991 $ 301,481 |
Recently Issued Accounting St22
Recently Issued Accounting Standards ASU 2014-09, Balance Sheet Impact (Tables) | 3 Months Ended | 12 Months Ended | |
May 05, 2018 | Apr. 29, 2017 | Feb. 03, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | April 29, As previously reported Adjustments As adjusted Assets Accounts receivable $ 39,424 $ (864 ) $ 38,560 Other current assets 37,956 12,493 50,449 Liabilities and stockholders' equity Trade accounts payable and accrued expenses 1,058,329 11,629 1,069,958 | February 3, As previously reported Adjustments As adjusted Assets Accounts receivable $ 39,650 $ (1,213 ) $ 38,437 Other current assets 39,612 10,747 50,359 Liabilities and stockholders' equity Trade accounts payable and accrued expenses 835,747 9,534 845,281 | |
Schedule of AR, Contract Assets and Liabilities - Construction [Table Text Block] | Construction (in thousands of dollars) February 3, May 5, January 28, April 29, Accounts receivable $ 20,136 $ 26,782 $ 30,190 $ 26,528 Costs and estimated earnings in excess of billings on uncompleted contracts 1,213 861 922 864 Billings in excess of costs and estimated earnings on uncompleted contracts 5,503 4,665 8,826 8,007 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
May 05, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Entity Wide Information Percentage of Revenue from External Customers by Product and Segment [Table Text Block] | Three Months Ended May 5, 2018 April 29, 2017 Retail operations segment Cosmetics 14 % 14 % Ladies’ apparel 24 25 Ladies’ accessories and lingerie 14 14 Juniors’ and children’s apparel 10 10 Men’s apparel and accessories 16 16 Shoes 16 16 Home and furniture 3 3 97 98 Construction segment 3 2 Total 100 % 100 % |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations: (in thousands of dollars) Retail Operations Construction Consolidated Three Months Ended May 5, 2018: Net sales from external customers $ 1,409,409 $ 46,918 $ 1,456,327 Gross profit 551,625 1,656 553,281 Depreciation and amortization 55,844 159 56,003 Interest and debt expense (income), net 14,030 (8 ) 14,022 Income (loss) before income taxes and income on and equity in earnings of joint ventures 103,404 (166 ) 103,238 Total assets 3,742,719 38,744 3,781,463 Three Months Ended April 29, 2017: Net sales from external customers $ 1,385,557 $ 32,591 $ 1,418,148 Gross profit 546,650 1,526 548,176 Depreciation and amortization 59,843 168 60,011 Interest and debt expense (income), net 15,703 (21 ) 15,682 Income before income taxes and income on and equity in earnings of joint ventures 102,361 100 102,461 Income on and equity in earnings of joint ventures 11 — 11 Total assets 4,073,502 53,032 4,126,534 |
Earnings Per Share Data (Tables
Earnings Per Share Data (Tables) | 3 Months Ended |
May 05, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data). Three Months Ended May 5, April 29, Net income $ 80,548 $ 66,302 Weighted average shares of common stock outstanding 27,849 31,257 Basic and diluted earnings per share $ 2.89 $ 2.12 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
May 05, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of components of net periodic benefit costs | The components of net periodic benefit costs are as follows (in thousands): Three Months Ended May 5, April 29, Components of net periodic benefit costs: Service cost $ 922 $ 873 Interest cost 1,783 1,807 Net actuarial loss 132 — Net periodic benefit costs $ 2,837 $ 2,680 The service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest cost and net actuarial loss components are included in other expense. |
Stock Repurchase Programs Sched
Stock Repurchase Programs Schedule of Repurchase Program Activity (Tables) | 3 Months Ended |
May 05, 2018 | |
Schedule of Share Repurchase Program Activity [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | The following is a summary of share repurchase activity for the periods indicated (in millions, except per share data): Three Months Ended May 5, April 29, Cost of shares repurchased $ 34.8 $ 91.1 Number of shares repurchased 0.5 1.7 Average price per share $ 72.77 $ 53.79 |
Reclassifications from Accumu27
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Tables) | 3 Months Ended |
May 05, 2018 | |
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | |
Summary of reclassifications from AOCL | Reclassifications from AOCL are summarized as follows (in thousands): Amount Reclassified from AOCL Three Months Ended Affected Line Item in the Statement Where Net Income Is Presented Details about AOCL Components May 5, 2018 April 29, 2017 Defined benefit pension plan items Amortization of actuarial losses $ 132 $ — Total before tax (1) 32 — Income tax expense $ 100 $ — Total net of tax For fiscal year 2017, there was no amortization of the net loss in AOCL as the net loss did not exceed 10% of the projected benefit obligation. _______________________________ (1) This item is included in the computation of net periodic pension cost. See Note 7, Benefit Plans , for additional information. |
Changes in Accumulated Other 28
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
May 05, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of changes in AOCL by component (net of tax) | Changes in AOCL by component (net of tax) are summarized as follows (in thousands): Defined Benefit Pension Plan Items Three Months Ended May 5, 2018 April 29, 2017 Beginning balance $ 15,444 $ 11,137 Amounts reclassified from AOCL (100 ) — Reclassification due to the adoption of ASU No. 2018-02 2,542 — Ending balance $ 17,886 $ 11,137 |
Basis of Presentation Cash, C29
Basis of Presentation Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | May 05, 2018 | Feb. 03, 2018 | Apr. 29, 2017 | Jan. 28, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 164,081 | $ 187,028 | $ 301,481 | |
Restricted cash | 1,910 | 0 | 0 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 165,991 | $ 187,028 | $ 301,481 | $ 346,985 |
Recently Issued Accounting St30
Recently Issued Accounting Standards New Accounting Pronouncements or Change in Accounting Principle (Details) $ in Thousands | 3 Months Ended | |||
May 05, 2018USD ($)segment | Apr. 29, 2017USD ($) | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Number of Reportable Segments | segment | 2 | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 2,500 | |||
Accounts Receivable, Net, Current | $ 38,560 | $ 38,437 | ||
Other current assets | 55,540 | 50,449 | 50,359 | |
Accounts Payable and Accrued Liabilities | 1,069,958 | 845,281 | ||
Other expense | 1,915 | 1,807 | ||
Costs and estimated earnings in excess of billings on uncompleted contracts, construction segment | 861 | 864 | 1,213 | $ 922 |
Billings in excess of costs and estimated earnings on uncompleted contracts, construction segment | 4,665 | 8,007 | 5,503 | 8,826 |
Accounts Receivable, Construction Segment | 26,782 | 26,528 | 20,136 | $ 30,190 |
Deferred Charge Related to REIT Transaction | 173,700 | |||
Deferred Tax Assets, Net | 104,600 | |||
Cumulative Effect on Retained Earnings, Net of Tax | 69,100 | |||
Revenue Recognized, previously recorded in Billings in excess of costs and estimated earnings | $ 4,000 | 7,800 | ||
Scenario, Previously Reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounts Receivable, Net, Current | 39,424 | 39,650 | ||
Other current assets | 37,956 | 39,612 | ||
Accounts Payable and Accrued Liabilities | 1,058,329 | 835,747 | ||
Restatement Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounts Receivable, Net, Current | (864) | (1,213) | ||
Other current assets | 12,493 | 10,747 | ||
Accounts Payable and Accrued Liabilities | $ 11,629 | $ 9,534 |
Description of Business and S31
Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
May 05, 2018 | Feb. 03, 2018 | |
Joint venture through equity method investment and gain on disposal of assets | ||
Original term of Wells Fargo Alliance | 10 years | |
Private Label Card Revenue | $ 22 | |
Minimum [Member] | ||
Joint venture through equity method investment and gain on disposal of assets | ||
Construction Contract | 9 months | |
Maximum [Member] | ||
Joint venture through equity method investment and gain on disposal of assets | ||
Construction Contract | 18 months |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
May 05, 2018USD ($)segment | Apr. 29, 2017USD ($) | Feb. 03, 2018USD ($) | |
Business Segments | |||
Concentration Risk, Percentage | 100.00% | 100.00% | |
Number of Reportable Segments | segment | 2 | ||
Net sales from external customers | $ 1,456,327 | $ 1,418,148 | |
Gross profit | 553,281 | 548,176 | |
Depreciation and amortization | 56,003 | 60,011 | |
Interest and debt expense (income), net | 14,022 | 15,682 | |
Income before income taxes and income on and equity in earnings of joint ventures | 103,238 | 102,461 | |
Income on and equity in earnings of joint ventures | 0 | 11 | |
Total assets | $ 3,781,463 | $ 4,126,534 | $ 3,682,703 |
Retail operations | |||
Business Segments | |||
Concentration Risk, Percentage | 97.00% | 98.00% | |
Number of Reportable Segments | segment | 1 | ||
Number of store formats | segment | 1 | ||
Net sales from external customers | $ 1,409,409 | $ 1,385,557 | |
Gross profit | 551,625 | 546,650 | |
Depreciation and amortization | 55,844 | 59,843 | |
Interest and debt expense (income), net | 14,030 | 15,703 | |
Income before income taxes and income on and equity in earnings of joint ventures | 103,404 | 102,361 | |
Income on and equity in earnings of joint ventures | 11 | ||
Total assets | $ 3,742,719 | $ 4,073,502 | |
Construction | |||
Business Segments | |||
Concentration Risk, Percentage | 3.00% | 2.00% | |
Net sales from external customers | $ 46,918 | $ 32,591 | |
Gross profit | 1,656 | 1,526 | |
Depreciation and amortization | 159 | 168 | |
Interest and debt expense (income), net | (8) | (21) | |
Income before income taxes and income on and equity in earnings of joint ventures | (166) | 100 | |
Income on and equity in earnings of joint ventures | 0 | ||
Total assets | 38,744 | 53,032 | |
Intersegment Eliminations [Member] | |||
Business Segments | |||
Net sales from external customers | $ 5,400 | $ 9,000 | |
Cosmetics [Member] | Retail operations | |||
Business Segments | |||
Concentration Risk, Percentage | 14.00% | 14.00% | |
Ladies Apparel [Member] | Retail operations | |||
Business Segments | |||
Concentration Risk, Percentage | 24.00% | 25.00% | |
Ladies Accessories and Lingerie [Member] | Retail operations | |||
Business Segments | |||
Concentration Risk, Percentage | 14.00% | 14.00% | |
Juniors and Children's Apparel [Member] | Retail operations | |||
Business Segments | |||
Concentration Risk, Percentage | 10.00% | 10.00% | |
Mens Apparel and Accessories [Member] | Retail operations | |||
Business Segments | |||
Concentration Risk, Percentage | 16.00% | 16.00% | |
Shoes [Member] | Retail operations | |||
Business Segments | |||
Concentration Risk, Percentage | 16.00% | 16.00% | |
Home and Furniture [Member] | Retail operations | |||
Business Segments | |||
Concentration Risk, Percentage | 3.00% | 3.00% | |
Maximum [Member] | |||
Business Segments | |||
Construction Contract | 18 months | ||
Minimum [Member] | |||
Business Segments | |||
Construction Contract | 9 months |
Earnings Per Share Data (Detail
Earnings Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
May 05, 2018 | Apr. 29, 2017 | |
Earnings Per Share [Abstract] | ||
Net Income | $ 80,548 | $ 66,302 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 27,849,000 | 31,257,000 |
Earnings Per Share, Basic and Diluted | $ 2.89 | $ 2.12 |
Total dilutive and potentially dilutive securities outstanding (in shares) | 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | May 05, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding letters of credit under the Company's revolving credit facility | $ 24.8 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 05, 2018 | Apr. 29, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions to pension plan | $ 1,300 | |
Components of net periodic benefit costs: | ||
Service cost | 922 | $ 873 |
Interest cost | 1,783 | 1,807 |
Net actuarial loss | 0 | |
Net periodic benefit costs | 2,837 | $ 2,680 |
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Year | $ 3,800 |
Revolving Credit Agreement (Det
Revolving Credit Agreement (Details) | 3 Months Ended |
May 05, 2018USD ($) | |
Credit agreement | |
Minimum Coverage Ratio Under Credit Facility | 2.5 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 800,000,000 |
Reference rate | LIBOR |
Percentage points added to reference rate | 1.375% |
Letters of credit issued | $ 24,800,000 |
Unutilized credit facility borrowing capacity | $ 775,000,000 |
Maximum Leverage Ratio Under Credit Facility | 3.5 |
Annual commitment fee (as a percent) | 0.20% |
Stock Repurchase Programs (Deta
Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
May 05, 2018 | Apr. 29, 2017 | Jan. 28, 2017 | |
Schedule of Share Repurchase Program Activity [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 500 | $ 500 | |
Number of shares repurchased | 0.5 | 1.7 | |
Amount of shares repurchased | $ 34.8 | $ 91.1 | |
Average price of shares repurchased (in dollars per share) | $ 72.77 | $ 53.79 | |
Repurchase of common stock remaining authorization | $ 500 |
Reclassifications from Accumu38
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 05, 2018 | Apr. 29, 2017 | Feb. 03, 2018 | |
Reclassifications from accumulated other comprehensive loss | |||
Amortization of actuarial losses | $ 0 | ||
Income before income taxes and income on and equity in losses of joint ventures | $ (103,238) | (102,461) | |
Income tax expense | (22,690) | (36,170) | |
Net Income | (80,548) | (66,302) | |
Net Actuarial Loss less than 10 percent of PBO | 10.00% | ||
Defined benefit pension plan | Amount Reclassified from AOCL | |||
Reclassifications from accumulated other comprehensive loss | |||
Amortization of actuarial losses | 132 | 0 | |
Income tax expense | 32 | 0 | |
Net Income | $ 100 | $ 0 |
Changes in Accumulated Other 39
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 05, 2018 | Apr. 29, 2017 | |
Changes in accumulated other comprehensive loss | ||
Beginning balance | $ 15,444 | |
Ending balance | 17,886 | $ 11,137 |
Defined benefit pension plan | ||
Changes in accumulated other comprehensive loss | ||
Beginning balance | 15,444 | 11,137 |
Amounts reclassified from AOCL | (100) | 0 |
Reclassification due to the adoption of ASU No. 2018-02 | 2,542 | 0 |
Ending balance | $ 17,886 | $ 11,137 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | May 05, 2018 | Feb. 03, 2018 | Apr. 29, 2017 |
Fair value disclosures | |||
Subordinated debentures | $ 200,000 | $ 200,000 | $ 200,000 |
Fair Value of Assets | |||
Fair value disclosures | |||
Long-term debt, including current portion, fair value | 563,000 | ||
Subordinated debentures | 205,000 | ||
Carrying value | |||
Fair value disclosures | |||
Long-term debt, including current portion | 526,000 | ||
Subordinated debentures | $ 200,000 |