Cover Page
Cover Page - shares | 3 Months Ended | |
May 01, 2021 | May 29, 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 1, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-6140 | |
Entity Registrant Name | DILLARD’S, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 71-0388071 | |
Entity Address, Address Line One | 1600 CANTRELL ROAD | |
Entity Address, City or Town | LITTLE ROCK | |
Entity Address, State or Province | AR | |
Entity Address, Postal Zip Code | 72201 | |
City Area Code | 501 | |
Local Phone Number | 376-5200 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | DDS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0000028917 | |
Entity Shell Company | false | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-29 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Common Stock Class A | ||
Entity Common Stock, Shares Outstanding | 17,144,186 | |
Common Stock Class B | ||
Entity Common Stock, Shares Outstanding | 3,998,233 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 615,920 | $ 360,339 | $ 69,994 |
Accounts receivable | 33,941 | 36,693 | 44,964 |
Merchandise inventories | 1,306,508 | 1,087,763 | 1,570,313 |
Federal and state income taxes | 73,461 | 118,439 | 39,176 |
Other current assets | 79,004 | 58,706 | 55,223 |
Total current assets | 2,108,834 | 1,661,940 | 1,779,670 |
Property and equipment (net of accumulated depreciation and amortization of $2,488,446, $2,466,000 and $2,385,686, respectively) | 1,257,254 | 1,289,302 | 1,434,601 |
Operating lease assets | 47,716 | 47,612 | 47,852 |
Deferred income taxes | 24,815 | 23,453 | 4,908 |
Other assets | 69,041 | 70,208 | 75,314 |
Total assets | 3,507,660 | 3,092,515 | 3,342,345 |
Current liabilities: | |||
Trade accounts payable and accrued expenses | 1,075,534 | 758,363 | 1,055,891 |
Current portion of finance lease liabilities | 527 | 695 | 1,109 |
Current portion of operating lease liabilities | 12,960 | 13,819 | 14,880 |
Total current liabilities | 1,089,021 | 772,877 | 1,071,880 |
Long-term debt | 365,884 | 365,849 | 365,743 |
Finance lease liabilities | 0 | 0 | 528 |
Operating lease liabilities | 34,536 | 33,392 | 33,353 |
Other liabilities | 280,522 | 279,389 | 274,435 |
Subordinated debentures | 200,000 | 200,000 | 200,000 |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Common stock | 1,240 | 1,240 | 1,239 |
Additional paid-in capital | 954,131 | 954,131 | 951,726 |
Accumulated other comprehensive loss | (34,406) | (34,935) | (30,628) |
Retained earnings | 4,626,243 | 4,471,269 | 4,391,039 |
Less treasury stock, at cost | (4,009,511) | (3,950,697) | (3,916,970) |
Total stockholders’ equity | 1,537,697 | 1,441,008 | 1,396,406 |
Total liabilities and stockholders’ equity | $ 3,507,660 | $ 3,092,515 | $ 3,342,345 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Statement of Financial Position [Abstract] | |||
Property and equipment, accumulated depreciation and amortization | $ 2,488,446 | $ 2,466,000 | $ 2,385,686 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 1,328,543 | $ 786,655 |
Service charges and other income | 28,992 | 34,921 |
Total net sales, service charges and other income | 1,357,535 | 821,576 |
Cost of sales | 774,089 | 688,469 |
Selling, general and administrative expenses | 336,614 | 290,446 |
Depreciation and amortization | 46,408 | 50,901 |
Rentals | 5,111 | 5,550 |
Interest and debt expense, net | 11,535 | 12,270 |
Other expense | 4,964 | 2,104 |
Gain on disposal of assets | (24,673) | (19) |
Income (loss) before income taxes | 203,487 | (228,145) |
Income taxes (benefit) | 45,240 | (66,170) |
Net income (loss) | $ 158,247 | $ (161,975) |
Earnings (loss) per share: | ||
Earnings (loss) per share: basic and diluted | $ 7.25 | $ (6.94) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 158,247 | $ (161,975) |
Other comprehensive income: | ||
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $168 and $138, respectively) | 529 | 431 |
Comprehensive income (loss) | $ 158,776 | $ (161,544) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Amortization of retirement plan and other retiree benefit adjustments, tax | $ 168 | $ 138 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] |
Balance at Feb. 01, 2020 | $ 1,623,259 | $ 1,239 | $ 951,726 | $ (31,059) | $ 4,556,494 | $ (3,855,141) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | (161,975) | (161,975) | ||||
Other comprehensive income | 431 | 431 | ||||
Purchase of 624,893 and 998,742 shares of treasury stock during the three months ended May 1, 2021 and May 2, 2020, respectively | (61,829) | (61,829) | ||||
Cash dividends declared: | ||||||
Common Stock, $0.15 per share | (3,480) | (3,480) | ||||
Balance at May. 02, 2020 | 1,396,406 | 1,239 | 951,726 | (30,628) | 4,391,039 | (3,916,970) |
Balance at Jan. 30, 2021 | 1,441,008 | 1,240 | 954,131 | (34,935) | 4,471,269 | (3,950,697) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | 158,247 | 158,247 | ||||
Other comprehensive income | 529 | 529 | ||||
Purchase of 624,893 and 998,742 shares of treasury stock during the three months ended May 1, 2021 and May 2, 2020, respectively | (58,814) | (58,814) | ||||
Cash dividends declared: | ||||||
Common Stock, $0.15 per share | (3,273) | (3,273) | ||||
Balance at May. 01, 2021 | $ 1,537,697 | $ 1,240 | $ 954,131 | $ (34,406) | $ 4,626,243 | $ (4,009,511) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY [Abstract] | ||
Treasury Stock, Shares, Acquired | 624,893 | 998,742 |
Common Stock, Dividends, Per Share, Declared | $ 0.15 | $ 0.15 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 0 | 0 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Operating activities: | ||
Net income (loss) | $ 158,247 | $ (161,975) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of property and other deferred cost | 47,241 | 51,381 |
Gain on disposal of assets | (24,673) | (19) |
Proceeds from insurance | 1,755 | 0 |
Loss on early extinguishment of debt | 2,830 | 0 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 2,752 | 1,196 |
Increase in merchandise inventories | (218,745) | (105,306) |
(Increase) decrease in other current assets | (23,113) | 4,615 |
(Increase) decrease in other assets | (461) | 1,162 |
Increase in trade accounts payable and accrued expenses and other liabilities | 311,416 | 161,463 |
Increase (decrease) in income taxes | 45,164 | (63,642) |
Net cash provided by (used in) operating activities | 302,413 | (111,125) |
Investing activities: | ||
Purchase of property and equipment and capitalized software | (16,850) | (20,230) |
Proceeds from disposal of assets | 29,276 | 111 |
Proceeds from insurance | 1,757 | 0 |
Distribution from joint venture | 0 | 215 |
Net cash provided by (used in) investing activities | 14,183 | (19,904) |
Financing activities: | ||
Principal payments on long-term debt and finance lease liabilities | (168) | (277) |
Issuance cost of line of credit | (2,733) | (2,920) |
Cash dividends paid | (3,300) | (3,705) |
Purchase of treasury stock | (54,814) | (69,152) |
Net cash used in financing activities | (61,015) | (76,054) |
Increase (decrease) in cash and cash equivalents | 255,581 | (207,083) |
Cash and cash equivalents, beginning of period | 360,339 | 277,077 |
Cash and cash equivalents, end of period | 615,920 | 69,994 |
Non-cash transactions: | ||
Accrued capital expenditures | 8,808 | 8,314 |
Accrued purchase of treasury stock | 4,000 | 0 |
Lease assets obtained in exchange for new operating lease liabilities | $ 3,815 | $ 3,972 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending January 29, 2022 due to, among other factors, the seasonal nature of the business and the ongoing effect of the COVID-19 pandemic. 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 January 30, 2021 filed with the SEC on March 29, 2021. COVID-19 In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic, which continues to impact the United States and global economies. The COVID-19 pandemic has had and may continue to have a significant impact on the Company's business, results of operations and financial position. The Company began closing stores on March 19, 2020 as mandated by state and local governments, and by April 9, 2020, all brick-and-mortar store locations were temporarily closed to the public. Our eCommerce capabilities allowed us to use our closed store locations (with limited staffing) to fill orders from our Internet store. During the month ended May 30, 2020 (fiscal May), we re-opened most of our full-line stores, and by June 2, 2020 all Dillard's store locations had been re-opened. Following our re-opening, a very small |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
May 01, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles | Accounting Standards Recently Adopted Accounting Pronouncements Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , as part of its initiative to reduce complexity in accounting standards. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments within ASU No. 2019-12 are effective for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and early adoption is permitted. The adoption of this update did not have a material impact on the Company's consolidated financial statements. Facilitation of the Effects of Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. This guidance is optional for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. More specifically, the amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This guidance is effective from March 12, 2020 through December 31, 2022. Entities may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. The adoption of this update did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements Management believes there is no other accounting guidance issued but not yet effective that would be relevant to the Company's current financial statements. |
Business Segments
Business Segments | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 May 2, 2020 Retail operations segment Cosmetics 14 % 15 % Ladies’ apparel 23 22 Ladies’ accessories and lingerie 15 14 Juniors’ and children’s apparel 11 10 Men’s apparel and accessories 17 16 Shoes 15 15 Home and furniture 3 3 98 95 Construction segment 2 5 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 Construction Consolidated Three Months Ended May 1, 2021 Net sales from external customers $ 1,296,736 $ 31,807 $ 1,328,543 Gross profit 553,001 1,453 554,454 Depreciation and amortization 46,338 70 46,408 Interest and debt expense (income), net 11,550 (15) 11,535 Income before income taxes 203,198 289 203,487 Total assets 3,460,352 47,308 3,507,660 Three Months Ended May 2, 2020 Net sales from external customers $ 751,027 $ 35,628 $ 786,655 Gross profit 96,034 2,152 98,186 Depreciation and amortization 50,732 169 50,901 Interest and debt expense (income), net 12,291 (21) 12,270 (Loss) income before income taxes (228,667) 522 (228,145) Total assets 3,299,363 42,982 3,342,345 Intersegment construction revenues of $4.3 million and $11.4 million for the three months ended May 1, 2021 and May 2, 2020, respectively, were eliminated during consolidation and have been excluded from net sales for the respective periods. The retail operations segment gives rise to contract liabilities through the customer loyalty program associated with Dillard's private label cards and through the issuances of gift cards. The loyalty program liability and a portion of the gift card liability is included in trade accounts payable and accrued expenses, and a portion of the gift card liability is included in other liabilities on the condensed consolidated balance sheets. Our retail operations segment contract liabilities are as follows: Retail (in thousands of dollars) May 1, January 30, May 2, February 1, Contract liabilities $ 61,367 $ 68,021 $ 67,107 $ 75,229 During the three months ended May 1, 2021 and May 2, 2020, the Company recorded $18.1 million and $18.9 million, respectively, in revenue that was previously included in the retail operations contract liability balances of $68.0 million and $75.2 million at January 30, 2021 and February 1, 2020, respectively. Construction contracts give rise to accounts receivable, contract assets and contract liabilities. We record accounts receivable based on amounts expected to be collected from 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) May 1, January 30, May 2, February 1, Accounts receivable $ 24,064 $ 25,094 $ 33,736 $ 28,522 Costs and estimated earnings in excess of billings on uncompleted contracts 1,195 450 894 2,179 Billings in excess of costs and estimated earnings on uncompleted contracts 4,941 4,685 9,603 5,737 During the three months ended May 1, 2021 and May 2, 2020, the Company recorded $3.7 million and $4.2 million, respectively, in revenue that was previously included in billings in excess of costs and estimated earnings on uncompleted contracts of $4.7 million and $5.7 million at January 30, 2021 and February 1, 2020, respectively. The remaining performance obligations related to executed construction contracts totaled $54.4 million, $76.2 million and $145.4 million at May 1, 2021, January 30, 2021 and May 2, 2020, respectively. |
Earnings Per Share Data
Earnings Per Share Data | 3 Months Ended |
May 01, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Data | Earnings (Loss) Per Share Data The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods indicated (in thousands, except per share data). Three Months Ended May 1, May 2, Net income (loss) $ 158,247 $ (161,975) Weighted average shares of common stock outstanding 21,837 23,354 Basic and diluted earnings (loss) per share $ 7.25 $ (6.94) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
May 01, 2021 | |
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 1, 2021, letters of credit totaling $20.1 million were issued under the Company’s revolving credit facility. See Note 7, Revolving Credit Agreement , for additional information. |
Benefit Plans
Benefit Plans | 3 Months Ended |
May 01, 2021 | |
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 $1.4 million to the Pension Plan during the three months ended May 1, 2021 and expects to make additional contributions to the Pension Plan of approximately $4.9 million during the remainder of fiscal 2021. The components of net periodic benefit costs are as follows (in thousands): Three Months Ended May 1, May 2, Components of net periodic benefit costs: Service cost $ 1,067 $ 1,090 Interest cost 1,437 1,536 Net actuarial loss 697 569 Net periodic benefit costs $ 3,201 $ 3,195 |
Revolving Credit Agreement
Revolving Credit Agreement | 3 Months Ended |
May 01, 2021 | |
Line of Credit Facility [Abstract] | |
Short-term Debt | Revolving Credit Agreement The Company maintained an unsecured credit facility that provided a borrowing capacity of $800 million with a $200 million expansion option ("credit agreement") until the credit agreement was amended in April 2020 (the "2020 amended credit agreement"). After giving effect to the amendment, the 2020 amended credit agreement became secured by certain deposit accounts of the Company and certain inventory of certain subsidiaries. In April 2021, the Company further amended its secured credit agreement (the "2021 amended credit agreement"). The borrowing capacity remained at $800 million, subject to certain limitations as outlined in the 2021 amended credit agreement, with a $200 million expansion option. The 2021 amended 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 2021 amended credit agreement and a commitment fee to the participating banks. The rate of interest on borrowings under the 2021 amended credit agreement is LIBOR plus 1.75% if average quarterly availability is less than 50% of the total commitment, as defined in the 2021 amended credit agreement ("total commitment"), and the rate of interest on borrowings is LIBOR plus 1.50% if average quarterly availability is greater than or equal to 50% of the total commitment. The commitment fee for unused borrowings is 0.30% per annum if availability is less than 35% of the total commitment and 0.25% if availability is greater than or equal to 35% of the total commitment. As long as availability exceeds $80 million and certain events of default have not occurred and are not continuing, there are no financial covenant requirements under the 2021 amended credit agreement. The 2021 amended credit agreement matures on April 28, 2026. At May 1, 2021, no borrowings were outstanding, and letters of credit totaling $20.1 million were issued under the amended credit agreement leaving unutilized availability under the credit facility of $779.9 million. |
Stock Repurchase Programs
Stock Repurchase Programs | 3 Months Ended |
May 01, 2021 | |
Schedule of Share Repurchase Program Activity [Abstract] | |
Stock Repurchase Programs | Stock Repurchase Programs In March 2018, the Company's Board of Directors authorized the repurchase of up to $500 million of the Company’s Class A Common Stock under an open-ended stock repurchase plan ("March 2018 Plan"). The March 2018 Plan permits 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 and has no expiration date. As of May 1, 2021, $114.3 million of authorization remained under the March 2018 Plan. The following is a summary of share repurchase activity under the March 2018 Plan for the periods indicated (in thousands, except per share data): Three Months Ended May 1, May 2, Cost of shares repurchased $ 58,814 $ 61,829 Number of shares repurchased 625 999 Average price per share $ 94.12 $ 61.91 All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date. All amounts paid to reacquire these shares were allocated to treasury stock. |
Income Taxes
Income Taxes | 3 Months Ended |
May 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesDuring the three months ended May 1, 2021, income tax expense differed from what would be computed using the statutory federal income tax rate primarily due to the effects of state and local income taxes and federal tax credits. The Company was in a net operating loss position for the fiscal year ended January 30, 2021. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act, signed into law on March 27, 2020, allows for net operating loss carryback to years in which the statutory federal tax rate was 35% rather than the current 21%. During the three months ended May 2, 2020, income tax benefit differed from what would be computed using the current statutory federal tax rate of 21% primarily due to the recognition of a net tax benefit of $14.8 million related to the rate differential in the carryback year. Income tax benefit for the quarter also included the effects of state and local income taxes and federal tax credits. |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 May 2, 2020 Defined benefit pension plan items Amortization of actuarial losses $ 697 $ 569 Total before tax (1) 168 138 Income tax expense $ 529 $ 431 Total net of tax _______________________________ (1) This item is included in the computation of net periodic pension cost. See Note 6, Benefit Plans |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 3 Months Ended |
May 01, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Defined Benefit Pension Plan Items | 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 1, 2021 May 2, 2020 Beginning balance $ 34,935 $ 31,059 Amounts reclassified from AOCL (529) (431) Ending balance $ 34,406 $ 30,628 |
Leases
Leases | 3 Months Ended |
May 01, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases The Company leases retail stores, office space and equipment under operating leases. As of May 1, 2021, January 30, 2021 and May 2, 2020, right-of-use operating lease assets, which are recorded in operating lease assets in the condensed consolidated balance sheets, totaled $47.7 million, $47.6 million and $47.9 million, respectively, and operating lease liabilities, which are recorded in current portion of operating lease liabilities and operating lease liabilities, totaled $47.5 million, $47.2 million and $48.2 million, respectively. In determining our operating lease assets and operating lease liabilities, we apply an incremental borrowing rate to the minimum lease payments within each lease agreement. GAAP requires the use of the rate implicit in the lease whenever that rate is readily determinable; furthermore, if the implicit rate is not readily determinable, a lessee may use its incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate our specific incremental borrowing rates that align with applicable lease terms, we utilize a model consistent with the credit quality of our outstanding debt instruments. Renewal options of five Contingent rentals on certain leases are based on a percentage of annual sales in excess of specified amounts. Other contingent rentals are based entirely on a percentage of sales. The Company's operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table summarizes the Company's operating and finance leases: (in thousands of dollars) Classification - Condensed Consolidated Balance Sheets May 1, 2021 January 30, 2021 May 2, 2020 Assets Finance lease assets Property and equipment, net (a) $ 185 $ 247 $ 564 Operating lease assets Operating lease assets 47,716 47,612 47,852 Total leased assets $ 47,901 $ 47,859 $ 48,416 Liabilities Current Finance Current portion of finance lease liabilities $ 527 $ 695 $ 1,109 Operating Current portion of operating lease liabilities 12,960 13,819 14,880 Noncurrent Finance Finance lease liabilities — — 528 Operating Operating lease liabilities 34,536 33,392 33,353 Total lease liabilities $ 48,023 $ 47,906 $ 49,870 (a) Finance lease assets are recorded net of accumulated amortization of $14.4 million, $14.3 million and $14.0 million as of May 1, 2021, January 30, 2021 and May 2, 2020, respectively. Lease Cost Three Months Ended (in thousands of dollars) Classification - Condensed Consolidated Statements of Operations May 1, 2021 May 2, 2020 Operating lease cost (a) Rentals $ 5,111 $ 5,550 Finance lease cost Amortization of leased assets Depreciation and amortization 62 106 Interest on lease liabilities Interest and debt expense, net 14 79 Net lease cost $ 5,187 $ 5,735 (a) Includes short term lease costs of $0.4 million and $0.5 million for the three months ended May 1, 2021 and May 2, 2020, respectively, and variable lease costs, including contingent rent, of $0.4 million and $0.3 million for the three months ended May 1, 2021 and May 2, 2020, respectively. Maturities of Lease Liabilities (in thousands of dollars) Fiscal Year Operating Finance Total 2021 (excluding the three months ended May 1, 2021) $ 11,865 $ 544 $ 12,409 2022 13,017 — 13,017 2023 9,347 — 9,347 2024 4,673 — 4,673 2025 4,013 — 4,013 After 2025 14,138 — 14,138 Total minimum lease payments 57,053 544 57,597 Less amount representing interest (9,557) (17) (9,574) Present value of lease liabilities $ 47,496 $ 527 $ 48,023 Lease Term and Discount Rate May 1, 2021 Weighted-average remaining lease term Operating leases 5.9 years Finance leases 0.8 years Weighted-average discount rate Operating leases 6.1 % Finance leases 9.5 % Other Information Three Months Ended (in thousands of dollars) May 1, 2021 May 2, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,244 $ 4,720 Operating cash flows from finance leases 14 79 Financing cash flows from finance leases 168 277 Lease assets obtained in exchange for new operating lease liabilities $ 3,815 $ 3,972 |
Gain on Disposal of Assets
Gain on Disposal of Assets | 3 Months Ended |
May 01, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
(Gain) Loss on Disposal of Fixed Assets | Gain on Disposal of AssetsDuring the three months ended May 1, 2021, the Company recorded proceeds of $29.3 million primarily from the sale of three store properties, resulting in a gain of $24.7 million that was recorded in gain on disposal of assets. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
May 01, 2021 | |
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 is 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 1, 2021 due to the short-term maturities of these instruments. The fair value of the Company’s long-term debt at May 1, 2021 was approximately $422 million. The carrying value of the Company’s long-term debt at May 1, 2021 was $365.9 million. The fair value of the Company’s subordinated debentures at May 1, 2021 was approximately $206 million. The carrying value of the Company’s subordinated debentures at May 1, 2021 was $200.0 million. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 May 2, 2020 Retail operations segment Cosmetics 14 % 15 % Ladies’ apparel 23 22 Ladies’ accessories and lingerie 15 14 Juniors’ and children’s apparel 11 10 Men’s apparel and accessories 17 16 Shoes 15 15 Home and furniture 3 3 98 95 Construction segment 2 5 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 Construction Consolidated Three Months Ended May 1, 2021 Net sales from external customers $ 1,296,736 $ 31,807 $ 1,328,543 Gross profit 553,001 1,453 554,454 Depreciation and amortization 46,338 70 46,408 Interest and debt expense (income), net 11,550 (15) 11,535 Income before income taxes 203,198 289 203,487 Total assets 3,460,352 47,308 3,507,660 Three Months Ended May 2, 2020 Net sales from external customers $ 751,027 $ 35,628 $ 786,655 Gross profit 96,034 2,152 98,186 Depreciation and amortization 50,732 169 50,901 Interest and debt expense (income), net 12,291 (21) 12,270 (Loss) income before income taxes (228,667) 522 (228,145) Total assets 3,299,363 42,982 3,342,345 |
Schedule of Contract Liabilities - Retail [Table Text Block] | Retail (in thousands of dollars) May 1, January 30, May 2, February 1, Contract liabilities $ 61,367 $ 68,021 $ 67,107 $ 75,229 |
Schedule of AR, Contract Assets and Liabilities - Construction [Table Text Block] | Construction (in thousands of dollars) May 1, January 30, May 2, February 1, Accounts receivable $ 24,064 $ 25,094 $ 33,736 $ 28,522 Costs and estimated earnings in excess of billings on uncompleted contracts 1,195 450 894 2,179 Billings in excess of costs and estimated earnings on uncompleted contracts 4,941 4,685 9,603 5,737 |
Earnings Per Share Data (Tables
Earnings Per Share Data (Tables) | 3 Months Ended |
May 01, 2021 | |
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 (loss) per share for the periods indicated (in thousands, except per share data). Three Months Ended May 1, May 2, Net income (loss) $ 158,247 $ (161,975) Weighted average shares of common stock outstanding 21,837 23,354 Basic and diluted earnings (loss) per share $ 7.25 $ (6.94) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
May 01, 2021 | |
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 1, May 2, Components of net periodic benefit costs: Service cost $ 1,067 $ 1,090 Interest cost 1,437 1,536 Net actuarial loss 697 569 Net periodic benefit costs $ 3,201 $ 3,195 |
Stock Repurchase Programs Sched
Stock Repurchase Programs Schedule of Repurchase Program Activity (Tables) | 3 Months Ended |
May 01, 2021 | |
Schedule of Share Repurchase Program Activity [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | The following is a summary of share repurchase activity under the March 2018 Plan for the periods indicated (in thousands, except per share data): Three Months Ended May 1, May 2, Cost of shares repurchased $ 58,814 $ 61,829 Number of shares repurchased 625 999 Average price per share $ 94.12 $ 61.91 |
Reclassifications from Accumu_2
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Tables) | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 May 2, 2020 Defined benefit pension plan items Amortization of actuarial losses $ 697 $ 569 Total before tax (1) 168 138 Income tax expense $ 529 $ 431 Total net of tax _______________________________ (1) This item is included in the computation of net periodic pension cost. See Note 6, Benefit Plans |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 May 2, 2020 Beginning balance $ 34,935 $ 31,059 Amounts reclassified from AOCL (529) (431) Ending balance $ 34,406 $ 30,628 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 01, 2021 | |
Leases [Abstract] | |
Operating and Finance Lease Assets and Liabilities [Table Text Block] | (in thousands of dollars) Classification - Condensed Consolidated Balance Sheets May 1, 2021 January 30, 2021 May 2, 2020 Assets Finance lease assets Property and equipment, net (a) $ 185 $ 247 $ 564 Operating lease assets Operating lease assets 47,716 47,612 47,852 Total leased assets $ 47,901 $ 47,859 $ 48,416 Liabilities Current Finance Current portion of finance lease liabilities $ 527 $ 695 $ 1,109 Operating Current portion of operating lease liabilities 12,960 13,819 14,880 Noncurrent Finance Finance lease liabilities — — 528 Operating Operating lease liabilities 34,536 33,392 33,353 Total lease liabilities $ 48,023 $ 47,906 $ 49,870 |
Lease, Cost [Table Text Block] | Lease Cost Three Months Ended (in thousands of dollars) Classification - Condensed Consolidated Statements of Operations May 1, 2021 May 2, 2020 Operating lease cost (a) Rentals $ 5,111 $ 5,550 Finance lease cost Amortization of leased assets Depreciation and amortization 62 106 Interest on lease liabilities Interest and debt expense, net 14 79 Net lease cost $ 5,187 $ 5,735 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (in thousands of dollars) Fiscal Year Operating Finance Total 2021 (excluding the three months ended May 1, 2021) $ 11,865 $ 544 $ 12,409 2022 13,017 — 13,017 2023 9,347 — 9,347 2024 4,673 — 4,673 2025 4,013 — 4,013 After 2025 14,138 — 14,138 Total minimum lease payments 57,053 544 57,597 Less amount representing interest (9,557) (17) (9,574) Present value of lease liabilities $ 47,496 $ 527 $ 48,023 |
Lease Term and Discount Rate [Table Text Block] | May 1, 2021 Weighted-average remaining lease term Operating leases 5.9 years Finance leases 0.8 years Weighted-average discount rate Operating leases 6.1 % Finance leases 9.5 % |
Cash Flow, Operating Activities, Lessee [Abstract] | Three Months Ended (in thousands of dollars) May 1, 2021 May 2, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,244 $ 4,720 Operating cash flows from finance leases 14 79 Financing cash flows from finance leases 168 277 Lease assets obtained in exchange for new operating lease liabilities $ 3,815 $ 3,972 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | |||
May 01, 2021USD ($)segment | May 02, 2020USD ($) | Jan. 30, 2021USD ($) | Feb. 01, 2020USD ($) | |
Business Segments | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | ||
Net sales | $ 1,328,543 | $ 786,655 | ||
Number of Reportable Segments | segment | 2 | |||
Gross profit | $ 554,454 | 98,186 | ||
Depreciation and amortization | 46,408 | 50,901 | ||
Interest and debt expense (income), net | 11,535 | 12,270 | ||
Income (loss) before income taxes | 203,487 | (228,145) | ||
Total assets | 3,507,660 | 3,342,345 | $ 3,092,515 | |
Contract with Customer, Liability | 61,367 | 67,107 | 68,021 | $ 75,229 |
Contract with Customer, Liability, Revenue Recognized | 18,100 | 18,900 | ||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||
Accounts Receivable, Construction Segment | 24,064 | 33,736 | 25,094 | 28,522 |
Costs and estimated earnings in excess of billings on uncompleted contracts, construction segment | 1,195 | 894 | 450 | 2,179 |
Billings in excess of costs and estimated earnings on uncompleted contracts, construction segment | 4,941 | 9,603 | 4,685 | $ 5,737 |
Revenue Recognized, previously recorded in Billings in excess of costs and estimated earnings, construction segment | 3,700 | 4,200 | ||
Revenue, Remaining Performance Obligation, Amount, construction segment | $ 54,400 | $ 145,400 | $ 76,200 | |
Retail operations | ||||
Business Segments | ||||
Concentration Risk, Percentage | 98.00% | 95.00% | ||
Net sales | $ 1,296,736 | $ 751,027 | ||
Number of Reportable Segments | segment | 1 | |||
Number of store formats | segment | 1 | |||
Gross profit | $ 553,001 | 96,034 | ||
Depreciation and amortization | 46,338 | 50,732 | ||
Interest and debt expense (income), net | 11,550 | 12,291 | ||
Income (loss) before income taxes | 203,198 | (228,667) | ||
Total assets | $ 3,460,352 | $ 3,299,363 | ||
Construction | ||||
Business Segments | ||||
Concentration Risk, Percentage | 2.00% | 5.00% | ||
Net sales | $ 31,807 | $ 35,628 | ||
Gross profit | 1,453 | 2,152 | ||
Depreciation and amortization | 70 | 169 | ||
Interest and debt expense (income), net | (15) | (21) | ||
Income (loss) before income taxes | 289 | 522 | ||
Total assets | 47,308 | 42,982 | ||
Intersegment Eliminations [Member] | ||||
Business Segments | ||||
Net sales | $ 4,300 | $ 11,400 | ||
Cosmetics [Member] | Retail operations | ||||
Business Segments | ||||
Concentration Risk, Percentage | 14.00% | 15.00% | ||
Ladies Apparel [Member] | Retail operations | ||||
Business Segments | ||||
Concentration Risk, Percentage | 23.00% | 22.00% | ||
Ladies Accessories and Lingerie [Member] | Retail operations | ||||
Business Segments | ||||
Concentration Risk, Percentage | 15.00% | 14.00% | ||
Juniors and Children's Apparel [Member] | Retail operations | ||||
Business Segments | ||||
Concentration Risk, Percentage | 11.00% | 10.00% | ||
Mens Apparel and Accessories [Member] | Retail operations | ||||
Business Segments | ||||
Concentration Risk, Percentage | 17.00% | 16.00% | ||
Shoes [Member] | Retail operations | ||||
Business Segments | ||||
Concentration Risk, Percentage | 15.00% | 15.00% | ||
Home and Furniture [Member] | Retail operations | ||||
Business Segments | ||||
Concentration Risk, Percentage | 3.00% | 3.00% |
Earnings Per Share Data - Sched
Earnings Per Share Data - Schedule (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 158,247 | $ (161,975) |
Weighted average shares of common stock outstanding | 21,837 | 23,354 |
Basic and diluted earnings (loss) per share | $ 7.25 | $ (6.94) |
Earnings Per Share Data - Narra
Earnings Per Share Data - Narrative (Details) - shares | May 01, 2021 | May 02, 2020 |
Earnings Per Share [Abstract] | ||
Total dilutive and potentially dilutive securities outstanding (in shares) | 0 | 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | May 01, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding letters of credit under the Company's revolving credit facility | $ 20.1 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Retirement Benefits [Abstract] | ||
Employer contributions to pension plan | $ 1,400 | |
Components of net periodic benefit costs: | ||
Service cost | 1,067 | $ 1,090 |
Interest cost | 1,437 | 1,536 |
Net actuarial loss | 697 | 569 |
Net periodic benefit costs | 3,201 | $ 3,195 |
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Year | $ 4,900 |
Revolving Credit Agreement (Det
Revolving Credit Agreement (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | May 01, 2021 | |
Line of Credit Facility [Abstract] | |||
Borrowing capacity | $ 800,000,000 | $ 800,000,000 | |
Expansion option | $ 200,000,000 | $ 200,000,000 | |
Reference rate | LIBOR | ||
Basis spread on variable rate, condition one | 1.75% | ||
Quarterly availability, percentage of commitment fee maximum for condition one | 50.00% | ||
Basis spread on variable rate, condition two | 1.50% | ||
Quarterly availability, percentage of commitment fee minimum for condition two | 50.00% | ||
Commitment fee for unused borrowings, condition one | 0.30% | ||
Unused borrowings, percentage of total commitment maximum for condition one | 35.00% | ||
Commitment fee for unused borrowings, condition two | 0.25% | ||
Unused borrowings, percentage of total commitment minimum for condition two | 35.00% | ||
Minimum line of credit availability for no financial covenant requirements | $ 80,000,000 | ||
Borrowings outstanding | 0 | ||
Letters of credit issued | 20,100,000 | ||
Unutilized credit facility borrowing capacity | $ 779,900,000 |
Stock Repurchase Programs (Deta
Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | May 15, 2021 | |
Repurchase Agreement Counterparty [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 500,000 | ||
Treasury Stock, Shares, Acquired | 624,893 | 998,742 | |
Cost of shares repurchased | $ 58,814 | $ 61,829 | |
Average price per share | $ 94.12 | $ 61.91 | |
Repurchase of common stock remaining authorization | $ 114,300 | ||
Subsequent Event [Member] | |||
Repurchase Agreement Counterparty [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 500,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 11 Months Ended |
May 01, 2021 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
Tax benefit related to carryback provision of the CARES Act | $ 14.8 |
Reclassifications from Accumu_3
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Amount Reclassified from AOCL | ||
Amortization of actuarial losses | $ 697 | $ 569 |
Income Tax Expense (Benefit) | (45,240) | 66,170 |
Net income (loss) | (158,247) | 161,975 |
Defined benefit pension plan items [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Amount Reclassified from AOCL | ||
Amortization of actuarial losses | 697 | 569 |
Income Tax Expense (Benefit) | 168 | 138 |
Net income (loss) | $ 529 | $ 431 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Defined Benefit Pension Plan Items | ||
Beginning balance | $ 34,935 | |
Ending balance | 34,406 | $ 30,628 |
Defined benefit pension plan items [Member] | ||
Defined Benefit Pension Plan Items | ||
Beginning balance | 34,935 | 31,059 |
Amounts reclassified from AOCL | (529) | (431) |
Ending balance | $ 34,406 | $ 30,628 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Lessee, Lease, Description [Line Items] | |||
Operating lease assets | $ 47,716 | $ 47,612 | $ 47,852 |
Operating lease liability | $ 47,496 | $ 47,200 | $ 48,200 |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Renewal options | 5 years | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Renewal options | 10 years |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Assets | |||
Finance lease assets | $ 185 | $ 247 | $ 564 |
Operating lease assets | 47,716 | 47,612 | 47,852 |
Total leased assets | 47,901 | 47,859 | 48,416 |
Current | |||
Finance lease liability | 527 | 695 | 1,109 |
Operating lease liability | 12,960 | 13,819 | 14,880 |
Noncurrent | |||
Finance lease liability | 0 | 0 | 528 |
Operating lease liability | 34,536 | 33,392 | 33,353 |
Total lease liabilities | 48,023 | 47,906 | 49,870 |
Accumulated amortization, finance leases | $ 14,400 | $ 14,300 | $ 14,000 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 5,111 | $ 5,550 |
Finance lease cost | ||
Amortization of leased assets | 62 | 106 |
Interest on lease liabilities | 14 | 79 |
Net lease cost | 5,187 | 5,735 |
Short-term lease cost | 400 | 500 |
Variable lease cost | $ 400 | $ 300 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Operating Leases | |||
2021 (excluding the three months ended May 1, 2021) | $ 11,865 | ||
2022 | 13,017 | ||
2023 | 9,347 | ||
2024 | 4,673 | ||
2025 | 4,013 | ||
After 2025 | 14,138 | ||
Total minimum lease payments | 57,053 | ||
Less amount representing interest | (9,557) | ||
Present value of lease liabilities | 47,496 | $ 47,200 | $ 48,200 |
Finance Leases | |||
2021 (excluding the three months ended May 1, 2021) | 544 | ||
2022 | 0 | ||
2023 | 0 | ||
2024 | 0 | ||
2025 | 0 | ||
After 2025 | 0 | ||
Total minimum lease payments | 544 | ||
Less amount representing interest | (17) | ||
Present value of lease liabilities | 527 | ||
Total | |||
2021 (excluding the three months ended May 1, 2021) | 12,409 | ||
2022 | 13,017 | ||
2023 | 9,347 | ||
2024 | 4,673 | ||
2025 | 4,013 | ||
After 2025 | 14,138 | ||
Total minimum lease payments | 57,597 | ||
Less amount representing interest | (9,574) | ||
Present value of lease liabilities | $ 48,023 | $ 47,906 | $ 49,870 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Details) | May 01, 2021 |
Weighted-average remaining lease term | |
Operating leases | 5 years 10 months 24 days |
Finance leases | 9 months 18 days |
Weighted-average discount rate | |
Operating leases | 6.10% |
Finance leases | 9.50% |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 4,244 | $ 4,720 |
Operating cash flows from finance leases | 14 | 79 |
Financing cash flows from finance leases | 168 | 277 |
Lease assets obtained in exchange for new operating lease liabilities | $ 3,815 | $ 3,972 |
Gain on Disposal of Assets (Det
Gain on Disposal of Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Gain on disposal of assets | ||
Proceeds from disposal of assets | $ 29,276 | $ 111 |
Gain on disposal of assets | $ 24,673 | $ 19 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
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 | 422,000 | ||
Subordinated debentures | 206,000 | ||
Carrying value | |||
Fair value disclosures | |||
Long-term debt, including current portion | 365,900 | ||
Subordinated debentures | $ 200,000 |