Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 29, 2016 | Nov. 15, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 29, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | ROSS STORES INC | |
Entity Central Index Key | 745,732 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 394,120,444 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016USD ($)stores$ / sharesshares | Oct. 31, 2015USD ($)stores$ / sharesshares | Oct. 29, 2016USD ($)stores$ / sharesshares | Oct. 31, 2015USD ($)stores$ / sharesshares | |
Income Statement [Abstract] | ||||
Sales | $ 3,086,687 | $ 2,782,855 | $ 9,356,599 | $ 8,689,273 |
Costs and Expenses | ||||
Cost of goods sold | 2,206,092 | 2,003,347 | 6,634,142 | 6,190,282 |
Selling, general and administrative | 490,171 | 443,354 | 1,396,606 | 1,287,878 |
Interest expense, net | 4,156 | 4,427 | 12,733 | 8,082 |
Total costs and expenses | 2,700,419 | 2,451,128 | 8,043,481 | 7,486,242 |
Earnings before taxes | 386,268 | 331,727 | 1,313,118 | 1,203,031 |
Provision for taxes on earnings | 141,722 | 116,071 | 496,032 | 446,531 |
Net earnings | $ 244,546 | $ 215,656 | $ 817,086 | $ 756,500 |
Earnings per share | ||||
Basic (in dollars per share) | $ / shares | $ 0.63 | $ 0.54 | $ 2.08 | $ 1.87 |
Diluted (in dollars per share) | $ / shares | $ 0.62 | $ 0.53 | $ 2.06 | $ 1.85 |
Weighted average shares outstanding | ||||
Basic (in shares) | shares | 390,870 | 401,494 | 393,412 | 404,636 |
Diluted (in shares) | shares | 393,372 | 404,504 | 396,056 | 407,888 |
Dividends | ||||
Cash dividends declared per share (in dollars per share) | $ / shares | $ 0.135 | $ 0.1175 | $ 0.405 | $ 0.3525 |
Stores open at end of period (in number of stores) | stores | 1,535 | 1,448 | 1,535 | 1,448 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 244,546 | $ 215,656 | $ 817,086 | $ 756,500 |
Other comprehensive (loss) income: | ||||
Change in unrealized loss on investments, net of tax | (35) | (10) | (58) | (117) |
Comprehensive income | $ 244,511 | $ 215,646 | $ 817,028 | $ 756,383 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Current Assets | |||
Cash and cash equivalents | $ 878,811 | $ 761,602 | $ 485,703 |
Short-term investments | 803 | 1,737 | 1,413 |
Accounts receivable | 91,355 | 73,627 | 81,324 |
Merchandise inventory | 1,763,745 | 1,419,104 | 1,700,834 |
Prepaid expenses and other | 140,662 | 116,125 | 156,130 |
Total current assets | 2,875,376 | 2,372,195 | 2,425,404 |
Property and Equipment | |||
Land and buildings | 1,094,932 | 1,084,328 | 1,085,367 |
Fixtures and equipment | 2,358,189 | 2,244,790 | 2,179,860 |
Leasehold improvements | 979,907 | 920,392 | 908,749 |
Construction-in-progress | 69,808 | 90,399 | 66,137 |
Property and equipment, gross | 4,502,836 | 4,339,909 | 4,240,113 |
Less accumulated depreciation and amortization | 2,192,166 | 1,997,003 | 1,932,448 |
Property and equipment, net | 2,310,670 | 2,342,906 | 2,307,665 |
Long-term investments | 1,316 | 1,331 | 2,190 |
Other long-term assets | 162,525 | 152,687 | 159,326 |
Total assets | 5,349,887 | 4,869,119 | 4,894,585 |
Current Liabilities | |||
Accounts payable | 1,149,136 | 945,559 | 1,053,013 |
Accrued expenses and other | 439,570 | 376,522 | 417,156 |
Accrued payroll and benefits | 299,238 | 280,766 | 279,310 |
Total current liabilities | 1,887,944 | 1,602,847 | 1,749,479 |
Long-term debt | 396,376 | 396,025 | 395,909 |
Other long-term liabilities | 293,997 | 268,168 | 284,799 |
Deferred income taxes | 122,048 | 130,088 | 70,316 |
Commitments and contingencies | |||
Stockholders’ Equity | |||
Common stock | 3,944 | 4,023 | 4,053 |
Additional paid-in capital | 1,199,922 | 1,122,329 | 1,095,568 |
Treasury stock | (272,388) | (229,525) | (227,676) |
Accumulated other comprehensive income | 124 | 182 | 213 |
Retained earnings | 1,717,920 | 1,574,982 | 1,521,924 |
Total stockholders’ equity | 2,649,522 | 2,471,991 | 2,394,082 |
Total liabilities and stockholders’ equity | $ 5,349,887 | $ 4,869,119 | $ 4,894,585 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Cash Flows From Operating Activities | ||
Net earnings | $ 817,086 | $ 756,500 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 224,136 | 202,174 |
Stock-based compensation | 56,489 | 45,573 |
Deferred income taxes | (8,040) | (3,414) |
Tax benefit from equity issuance | 24,558 | 39,486 |
Excess tax benefit from stock-based compensation | (24,558) | (39,406) |
Change in assets and liabilities: | ||
Merchandise inventory | (344,641) | (328,159) |
Other current assets | (43,045) | (57,271) |
Accounts payable | 213,168 | 73,715 |
Other current liabilities | 100,385 | 65,802 |
Other long-term, net | 13,690 | 7,027 |
Net cash provided by operating activities | 1,029,228 | 762,027 |
Cash Flows From Investing Activities | ||
Additions to property and equipment | (220,442) | (285,560) |
Decrease (increase) in restricted cash and investments | 3,496 | (91) |
Purchases of investments | 0 | (718) |
Proceeds from investments | 914 | 603 |
Net cash used in investing activities | (216,032) | (285,766) |
Cash Flows From Financing Activities | ||
Excess tax benefit from stock-based compensation | 24,558 | 39,406 |
Issuance of common stock related to stock plans | 14,182 | 15,647 |
Treasury stock purchased | (42,870) | (67,083) |
Repurchase of common stock | (530,303) | (530,303) |
Dividends paid | (161,554) | (144,833) |
Net cash used in financing activities | (695,987) | (687,166) |
Net increase (decrease) in cash and cash equivalents | 117,209 | (210,905) |
Cash and cash equivalents: | ||
Beginning of period | 761,602 | 696,608 |
End of period | 878,811 | 485,703 |
Supplemental Cash Flow Disclosures | ||
Interest paid | 13,271 | 13,201 |
Income taxes paid | $ 482,801 | $ 465,548 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 29, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation. The accompanying unaudited interim condensed consolidated financial statements have been prepared from the records of Ross Stores, Inc. and subsidiaries (the “Company”) without audit and, in the opinion of management, include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the Company’s financial position as of October 29, 2016 and October 31, 2015 , the results of operations and comprehensive income for the three and nine month periods ended October 29, 2016 and October 31, 2015 , and cash flows for the nine month periods ended October 29, 2016 and October 31, 2015 . The Condensed Consolidated Balance Sheet as of January 30, 2016 , presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended. Accounting policies followed by the Company are described in Note A to the audited consolidated financial statements for the fiscal year ended January 30, 2016 . Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, contained in the Company’s Annual Report on Form 10-K for the year ended January 30, 2016 . The results of operations and comprehensive income for the three and nine month periods ended October 29, 2016 and October 31, 2015 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. Restricted cash, cash equivalents, and investments. The Company has restricted cash, cash equivalents, and investments that serve as collateral for certain insurance obligations of the Company. These restricted funds are invested in bank deposits, money market mutual funds, U.S. Government and agency securities, and corporate securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. The following table summarizes total restricted cash, cash equivalents, and investments which were included in Prepaid expenses and other and Other long-term assets in the Condensed Consolidated Balance Sheets as of October 29, 2016 , January 30, 2016 , and October 31, 2015 : Restricted Assets ($000) October 29, 2016 January 30, 2016 October 31, 2015 Prepaid expenses and other $ 14,990 $ 15,770 $ 19,721 Other long-term assets 53,145 55,913 56,130 Total $ 68,135 $ 71,683 $ 75,851 The classification between current and long-term is based on the timing of expected payments of the insurance obligations. Property and equipment. As of October 29, 2016 and October 31, 2015 , the Company had $7.4 million and $9.2 million , respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment, Accounts payable, and Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets. Cash Dividends. Dividends included in the Condensed Consolidated Statements of Cash Flows reflect cash dividends paid during the periods shown. Dividends per share reported on the Condensed Consolidated Statements of Earnings reflect cash dividends declared during the periods shown. The Company's Board of Directors declared a cash dividend of $0.1350 per common share in March, May, and August 2016, respectively, and $0.1175 per common share in February, May, August, and November 2015, respectively. In November 2016 , the Company's Board of Directors declared a cash dividend of $0.1350 per common share, payable on December 30, 2016 . Litigation, claims, and assessments. Like many retailers, the Company has been named in class action lawsuits, primarily in California, alleging violation of wage and hour laws and consumer protection laws. Class action litigation remains pending as of October 29, 2016 . The Company is also party to various other legal and regulatory proceedings arising in the normal course of business. Actions filed against the Company may include commercial, product and product safety, customer, intellectual property, and labor and employment-related claims, including lawsuits in which private plaintiffs or governmental agencies allege that the Company violated federal, state, and/or local laws. Actions against the Company are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. In the opinion of management, the resolution of pending class action litigation and other currently pending legal and regulatory proceedings will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Recently issued accounting standards. In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update ("ASU") No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This ASU simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for the Company's annual and interim reporting periods beginning in fiscal 2017. The Company is currently assessing the impact adoption of this standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires balance sheet recognition for all leases with lease terms greater than one year, including a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 is effective for the Company's annual and interim reporting periods beginning in fiscal 2019. The Company is currently evaluating the effect adoption of this new guidance will have on its consolidated financial statements. Recently adopted accounting standards. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred taxes by requiring deferred tax assets and liabilities be classified as noncurrent on the balance sheet. The Company early adopted ASU 2015-17 retrospectively, as of January 30, 2016. As a result, $9.2 million of its deferred tax assets previously presented in current assets have been reclassified to long-term deferred tax liabilities in the Condensed Consolidated Balance Sheet as of October 31, 2015. Adoption of this standard did not impact results of operations, retained earnings, or cash flows in the current or previous annual reporting periods. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying value of cash and cash equivalents, short- and long-term investments, restricted cash and cash equivalents, restricted investments, accounts receivable, other long-term assets, accounts payable, and other long-term liabilities approximates their estimated fair value. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The inputs used to measure fair value include: Level 1, observable inputs such as quoted prices in active markets; Level 2, inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, unobservable inputs in which little or no market data exists. This fair value hierarchy requires the Company to develop its own assumptions and maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. There were no transfers between Level 1 and Level 2 categories during the three and nine month periods ended October 29, 2016 . The fair value of the Company’s financial instruments are as follows: ($000) October 29, 2016 January 30, 2016 October 31, 2015 Cash and cash equivalents ( Level 1) $ 878,811 $ 761,602 $ 485,703 Investments (Level 2) $ 2,119 $ 3,068 $ 3,603 Restricted cash and cash equivalents (Level 1) $ 64,468 $ 67,947 $ 72,101 Restricted investments (Level 1) $ 3,667 $ 3,736 $ 3,750 The underlying assets in the Company’s non-qualified deferred compensation program as of October 29, 2016 , January 30, 2016 , and October 31, 2015 (included in Other long-term assets and in Other long-term liabilities) primarily consist of participant-directed money market, stable value, stock, and bond funds. The fair value measurement for funds with quoted market prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows: ($000) October 29, 2016 January 30, 2016 October 31, 2015 Level 1 $ 81,001 $ 73,633 $ 80,116 Level 2 15,841 12,440 12,996 Total $ 96,842 $ 86,073 $ 93,112 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 29, 2016 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation. For the three and nine month periods ended October 29, 2016 and October 31, 2015 , the Company recognized stock-based compensation expense as follows: Three Months Ended Nine Months Ended ($000) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Restricted stock $ 10,108 $ 9,449 $ 28,657 $ 27,417 Performance awards 9,423 5,553 25,661 16,195 Employee stock purchase plan 753 690 2,171 1,961 Total $ 20,284 $ 15,692 $ 56,489 $ 45,573 Total stock-based compensation recognized in the Company's Condensed Consolidated Statements of Earnings for the three and nine month periods ended October 29, 2016 and October 31, 2015 is as follows: Three Months Ended Nine Months Ended Statements of Earnings Classification ($000) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Cost of goods sold $ 9,569 $ 7,342 $ 25,677 $ 21,824 Selling, general and administrative 10,715 8,350 30,812 23,749 Total $ 20,284 $ 15,692 $ 56,489 $ 45,573 Restricted stock. The Company grants shares of restricted stock to directors, officers, and key employees. The market value of shares of restricted stock at the date of grant is amortized to expense over the vesting period of generally three to five years. During the three and nine month periods ended October 29, 2016 and October 31, 2015 , shares purchased by the Company for tax withholding totaled 55,831 and 737,891 and 71,893 and 1,278,796 respectively, and are considered treasury shares which are available for reissuance. Performance shares. The Company has a performance share award program for senior executives. A performance share award represents a right to receive shares of restricted stock on a specified settlement date based on the Company’s attainment of a profitability-based performance goal during the performance period, which is the Company’s fiscal year. If attained, the restricted stock then vests over a service period, generally two to three years from the date the performance award was granted. As of October 29, 2016 , shares related to unvested restricted stock and performance share awards totaled 5.4 million shares. A summary of restricted stock and performance share award activity for the nine month period ended October 29, 2016 is presented below: (000, except per share data) Number of shares Weighted average grant date fair value Unvested at January 30, 2016 6,104 $ 34.87 Awarded 1,325 56.92 Released (1,897 ) 27.80 Forfeited (148 ) 37.34 Unvested at October 29, 2016 5,384 $ 43.04 The unamortized compensation expense at October 29, 2016 was $112.8 million which is expected to be recognized over a weighted-average remaining period of 2.1 years. The unamortized compensation expense at October 31, 2015 was $105.1 million , which was expected to be recognized over a weighted-average remaining period of 2.0 years. Employee stock purchase plan. Under the Employee Stock Purchase Plan (“ESPP”), eligible employees participating in the quarterly offering period can choose to spend up to the lesser of 10% of their annual base earnings or the IRS annual share purchase limit of $25,000 in aggregate market value to purchase the Company’s common stock each year. The purchase price of the stock is 85% of the closing market price on the date of purchase. Purchases occur on the last trading day of each calendar quarter. The Company recognizes expense for ESPP purchase rights equal to the value of the 15% discount given on the purchase date. Stock option activity. A summary of the stock option activity for the nine month period ended October 29, 2016 is presented below: ($000, except per share data) Number of shares Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding at January 30, 2016 310,066 $ 7.34 Granted — — Exercised (261,502 ) 7.18 Forfeited — — Outstanding at October 29, 2016, all vested 48,564 $ 8.19 0.57 $ 2,627 No stock options were granted during the nine month periods ended October 29, 2016 and October 31, 2015 . As of October 29, 2016 , the outstanding and exercisable options to purchase 48,564 shares of common stock had a weighted average exercise price of $8.19 and a weighted average remaining contractual life of 0.57 years. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company computes and reports both basic earnings per share ("EPS") and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards, including unexercised stock options, and unvested shares of both performance and non-performance based awards of restricted stock. For the three and nine month periods ended October 29, 2016 , approximately 7,500 and 20,100 weighted average shares, respectively, were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for those periods presented. For the three and nine month periods ended October 31, 2015 , approximately 28,400 and 8,600 weighted average shares, respectively, were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for those periods presented. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: Three Months Ended Nine Months Ended Shares in (000s) Basic EPS Effect of dilutive common stock equivalents Diluted EPS Basic EPS Effect of dilutive common stock equivalents Diluted EPS October 29, 2016 Shares 390,870 2,502 393,372 393,412 2,644 396,056 Amount $ 0.63 $ (0.01 ) $ 0.62 $ 2.08 $ (0.02 ) $ 2.06 October 31, 2015 Shares 401,494 3,010 404,504 404,636 3,252 407,888 Amount $ 0.54 $ (0.01 ) $ 0.53 $ 1.87 $ (0.02 ) $ 1.85 |
Debt
Debt | 9 Months Ended |
Oct. 29, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Senior notes. Unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following: ($000) October 29, 2016 January 30, 2016 October 31, 2015 6.38% Series A Senior Notes due 2018 $ 84,931 $ 84,906 $ 84,898 6.53% Series B Senior Notes due 2021 64,897 64,882 64,877 3.375% Senior Notes due 2024 246,548 246,237 246,134 Total $ 396,376 $ 396,025 $ 395,909 As of October 29, 2016 , the Company had outstanding unsecured 3.375% Senior Notes due September 2024 (the “2024 Notes”) with an aggregate principal amount of $250 million . Interest on the 2024 Notes is payable semi-annually. As of October 29, 2016 , the Company also had outstanding two other series of unsecured senior notes in the aggregate principal amount of $150 million , held by various institutional investors. The Series A notes totaling $85 million are due in December 2018 and bear interest at 6.38% . The Series B notes totaling $65 million are due in December 2021 and bear interest at 6.53% . Borrowings under these senior notes are subject to certain financial covenants, including interest coverage and other financial ratios. As of October 29, 2016 , the Company was in compliance with these covenants. As of October 29, 2016 , January 30, 2016 , and October 31, 2015 , total unamortized discount and debt issuance costs were $3.6 million , $4.0 million , and $4.1 million , respectively, and were classified as a reduction of Long-term debt. The 2024 Notes, Series A, and Series B senior notes are all subject to prepayment penalties for early payment of principal. The aggregate fair value of the three outstanding senior note issuances was approximately $433 million , $423 million , and $423 million as of October 29, 2016 , January 30, 2016 , and October 31, 2015 , respectively. The fair value is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. Interest expense for the three and nine month periods ended October 29, 2016 and October 31, 2015 consisted of the following: Three Months Ended Nine Months Ended ($000) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Interest expense on long-term debt $ 4,643 $ 4,642 $ 13,929 $ 13,926 Other interest expense 235 303 788 947 Capitalized interest (7 ) (406 ) (16 ) (6,408 ) Interest income (715 ) (112 ) (1,968 ) (383 ) Interest expense, net $ 4,156 $ 4,427 $ 12,733 $ 8,082 Revolving credit facility. In April 2016, the Company entered into a new $600 million unsecured revolving credit facility. This credit facility, which replaced the Company's previous $600 million unsecured revolving credit facility, expires in April 2021 and contains a $300 million sublimit for issuance of standby letters of credit (subject to increase in proportion to any increase in the size of the credit facility). The facility also contains an option allowing the Company to increase the size of its credit facility by up to an additional $200 million , with the agreement of the lenders. Interest on any borrowings under this facility is based on LIBOR plus an applicable margin (currently 100 basis points) and is payable quarterly and upon maturity. The revolving credit facility may be extended, at the Company’s option, for up to two additional one year periods, subject to customary conditions. As of October 29, 2016 , the Company had no borrowings or standby letters of credit outstanding under this facility and the $600 million credit facility remains in place and available. The revolving credit facility is subject to a financial leverage ratio covenant. As of October 29, 2016 , the Company was in compliance with this covenant. |
Taxes on Earnings
Taxes on Earnings | 9 Months Ended |
Oct. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Taxes on Earnings | Taxes on Earnings As of October 29, 2016 , January 30, 2016 , and October 31, 2015 , the reserves for unrecognized tax benefits were $105.5 million , $94.2 million , and $103.4 million inclusive of $21.5 million , $18.8 million , and $20.3 million of related interest and penalties, respectively. The Company accounts for interest and penalties related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $52.0 million would impact the Company’s effective tax rate. The difference between the total amount of unrecognized tax benefits and the amounts that would impact the effective tax rate relates to amounts attributable to deferred income tax assets and liabilities. These amounts are net of federal and state income taxes. It is reasonably possible that certain federal and state tax matters may be concluded or statutes of limitations may lapse during the next twelve months. Accordingly, the total amount of unrecognized tax benefits may decrease, reducing the provision for taxes on earnings by up to $8.2 million . The Company is open to audit by the Internal Revenue Service under the statute of limitations for fiscal years 2013 through 2015 . The Company’s state income tax returns are generally open to audit under the various statutes of limitations for fiscal years 2011 through 2015 . Certain federal and state tax returns are currently under audit by various tax authorities. The Company does not expect the results of these audits to have a material impact on the consolidated financial statements. |
Summary of Significant Accoun12
Summary of Significant Accounting Policies (Policy) | 9 Months Ended |
Oct. 29, 2016 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation. The accompanying unaudited interim condensed consolidated financial statements have been prepared from the records of Ross Stores, Inc. and subsidiaries (the “Company”) without audit and, in the opinion of management, include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the Company’s financial position as of October 29, 2016 and October 31, 2015 , the results of operations and comprehensive income for the three and nine month periods ended October 29, 2016 and October 31, 2015 , and cash flows for the nine month periods ended October 29, 2016 and October 31, 2015 . The Condensed Consolidated Balance Sheet as of January 30, 2016 , presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended. Accounting policies followed by the Company are described in Note A to the audited consolidated financial statements for the fiscal year ended January 30, 2016 . Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, contained in the Company’s Annual Report on Form 10-K for the year ended January 30, 2016 . The results of operations and comprehensive income for the three and nine month periods ended October 29, 2016 and October 31, 2015 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. |
Restricted cash, cash equivalents and investments | Restricted cash, cash equivalents, and investments. The Company has restricted cash, cash equivalents, and investments that serve as collateral for certain insurance obligations of the Company. These restricted funds are invested in bank deposits, money market mutual funds, U.S. Government and agency securities, and corporate securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. |
Property and equipment | Property and equipment. As of October 29, 2016 and October 31, 2015 , the Company had $7.4 million and $9.2 million , respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment, Accounts payable, and Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets. |
Litigation, claims, and assessments | Litigation, claims, and assessments. Like many retailers, the Company has been named in class action lawsuits, primarily in California, alleging violation of wage and hour laws and consumer protection laws. Class action litigation remains pending as of October 29, 2016 . The Company is also party to various other legal and regulatory proceedings arising in the normal course of business. Actions filed against the Company may include commercial, product and product safety, customer, intellectual property, and labor and employment-related claims, including lawsuits in which private plaintiffs or governmental agencies allege that the Company violated federal, state, and/or local laws. Actions against the Company are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. In the opinion of management, the resolution of pending class action litigation and other currently pending legal and regulatory proceedings will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. |
Recently issued and adopted accounting standards | Recently issued accounting standards. In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update ("ASU") No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This ASU simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for the Company's annual and interim reporting periods beginning in fiscal 2017. The Company is currently assessing the impact adoption of this standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires balance sheet recognition for all leases with lease terms greater than one year, including a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 is effective for the Company's annual and interim reporting periods beginning in fiscal 2019. The Company is currently evaluating the effect adoption of this new guidance will have on its consolidated financial statements. Recently adopted accounting standards. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred taxes by requiring deferred tax assets and liabilities be classified as noncurrent on the balance sheet. The Company early adopted ASU 2015-17 retrospectively, as of January 30, 2016. As a result, $9.2 million of its deferred tax assets previously presented in current assets have been reclassified to long-term deferred tax liabilities in the Condensed Consolidated Balance Sheet as of October 31, 2015. Adoption of this standard did not impact results of operations, retained earnings, or cash flows in the current or previous annual reporting periods. |
Summary of Significant Accoun13
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Accounting Policies [Abstract] | |
Schedule of restricted cash, cash equivalents and investments | The following table summarizes total restricted cash, cash equivalents, and investments which were included in Prepaid expenses and other and Other long-term assets in the Condensed Consolidated Balance Sheets as of October 29, 2016 , January 30, 2016 , and October 31, 2015 : Restricted Assets ($000) October 29, 2016 January 30, 2016 October 31, 2015 Prepaid expenses and other $ 14,990 $ 15,770 $ 19,721 Other long-term assets 53,145 55,913 56,130 Total $ 68,135 $ 71,683 $ 75,851 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair values | The fair value of the Company’s financial instruments are as follows: ($000) October 29, 2016 January 30, 2016 October 31, 2015 Cash and cash equivalents ( Level 1) $ 878,811 $ 761,602 $ 485,703 Investments (Level 2) $ 2,119 $ 3,068 $ 3,603 Restricted cash and cash equivalents (Level 1) $ 64,468 $ 67,947 $ 72,101 Restricted investments (Level 1) $ 3,667 $ 3,736 $ 3,750 |
Schedule of fair value, assets and liabilities measured on recurring basis | The fair value measurement for funds with quoted market prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows: ($000) October 29, 2016 January 30, 2016 October 31, 2015 Level 1 $ 81,001 $ 73,633 $ 80,116 Level 2 15,841 12,440 12,996 Total $ 96,842 $ 86,073 $ 93,112 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Share-based Compensation [Abstract] | |
Schedule of stock-based compensation expense by award type | For the three and nine month periods ended October 29, 2016 and October 31, 2015 , the Company recognized stock-based compensation expense as follows: Three Months Ended Nine Months Ended ($000) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Restricted stock $ 10,108 $ 9,449 $ 28,657 $ 27,417 Performance awards 9,423 5,553 25,661 16,195 Employee stock purchase plan 753 690 2,171 1,961 Total $ 20,284 $ 15,692 $ 56,489 $ 45,573 |
Total stock-based compensation recognized in the condensed consolidated statements of earnings | Total stock-based compensation recognized in the Company's Condensed Consolidated Statements of Earnings for the three and nine month periods ended October 29, 2016 and October 31, 2015 is as follows: Three Months Ended Nine Months Ended Statements of Earnings Classification ($000) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Cost of goods sold $ 9,569 $ 7,342 $ 25,677 $ 21,824 Selling, general and administrative 10,715 8,350 30,812 23,749 Total $ 20,284 $ 15,692 $ 56,489 $ 45,573 |
Unvested restricted stock activity | A summary of restricted stock and performance share award activity for the nine month period ended October 29, 2016 is presented below: (000, except per share data) Number of shares Weighted average grant date fair value Unvested at January 30, 2016 6,104 $ 34.87 Awarded 1,325 56.92 Released (1,897 ) 27.80 Forfeited (148 ) 37.34 Unvested at October 29, 2016 5,384 $ 43.04 |
Stock option activity | A summary of the stock option activity for the nine month period ended October 29, 2016 is presented below: ($000, except per share data) Number of shares Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding at January 30, 2016 310,066 $ 7.34 Granted — — Exercised (261,502 ) 7.18 Forfeited — — Outstanding at October 29, 2016, all vested 48,564 $ 8.19 0.57 $ 2,627 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations | The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: Three Months Ended Nine Months Ended Shares in (000s) Basic EPS Effect of dilutive common stock equivalents Diluted EPS Basic EPS Effect of dilutive common stock equivalents Diluted EPS October 29, 2016 Shares 390,870 2,502 393,372 393,412 2,644 396,056 Amount $ 0.63 $ (0.01 ) $ 0.62 $ 2.08 $ (0.02 ) $ 2.06 October 31, 2015 Shares 401,494 3,010 404,504 404,636 3,252 407,888 Amount $ 0.54 $ (0.01 ) $ 0.53 $ 1.87 $ (0.02 ) $ 1.85 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following: ($000) October 29, 2016 January 30, 2016 October 31, 2015 6.38% Series A Senior Notes due 2018 $ 84,931 $ 84,906 $ 84,898 6.53% Series B Senior Notes due 2021 64,897 64,882 64,877 3.375% Senior Notes due 2024 246,548 246,237 246,134 Total $ 396,376 $ 396,025 $ 395,909 |
Interest income and interest expense disclosure | Interest expense for the three and nine month periods ended October 29, 2016 and October 31, 2015 consisted of the following: Three Months Ended Nine Months Ended ($000) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Interest expense on long-term debt $ 4,643 $ 4,642 $ 13,929 $ 13,926 Other interest expense 235 303 788 947 Capitalized interest (7 ) (406 ) (16 ) (6,408 ) Interest income (715 ) (112 ) (1,968 ) (383 ) Interest expense, net $ 4,156 $ 4,427 $ 12,733 $ 8,082 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Restricted Cash, Cash Equivalents and Investments) (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Accounting Policies [Abstract] | |||
Prepaid expenses and other | $ 14,990 | $ 15,770 | $ 19,721 |
Other long-term assets | 53,145 | 55,913 | 56,130 |
Total | $ 68,135 | $ 71,683 | $ 75,851 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Mar. 31, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Jan. 30, 2016 | |
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Cash dividends declared per share (in dollars per share) | $ 0.135 | $ 0.1350 | $ 0.135 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.135 | $ 0.1175 | $ 0.405 | $ 0.3525 | ||
Reclassification into long-term deferred tax liabilities | $ 122,048 | $ 70,316 | $ 122,048 | $ 70,316 | $ 130,088 | ||||||||
Property, Plant and Equipment [Member] | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Property and equipment purchased but not yet paid | $ 7,400 | 9,200 | |||||||||||
Accounting Standards Update 2015-17 [Member] | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Reclassification out of current deferred tax assets | 9,200 | 9,200 | |||||||||||
Reclassification into long-term deferred tax liabilities | $ 9,200 | $ 9,200 | |||||||||||
Subsequent Event [Member] | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Cash dividends declared per share (in dollars per share) | $ 0.135 |
Fair Value Measurements - Balan
Fair Value Measurements - Balance Sheet Items (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 878,811 | $ 761,602 | $ 485,703 |
Restricted cash and cash equivalents | 64,468 | 67,947 | 72,101 |
Restricted investments | 3,667 | 3,736 | 3,750 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | $ 2,119 | $ 3,068 | $ 3,603 |
Fair Value Measurements - Under
Fair Value Measurements - Underlying Asset Value (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Investment [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | $ 96,842 | $ 86,073 | $ 93,112 |
Level 1 [Member] | |||
Investment [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | 81,001 | 73,633 | 80,116 |
Level 2 [Member] | |||
Investment [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | $ 15,841 | $ 12,440 | $ 12,996 |
Stock-Based Compensation (Recog
Stock-Based Compensation (Recognized Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 20,284 | $ 15,692 | $ 56,489 | $ 45,573 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 10,108 | 9,449 | 28,657 | 27,417 |
Performance Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 9,423 | 5,553 | 25,661 | 16,195 |
Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 753 | $ 690 | $ 2,171 | $ 1,961 |
Stock-Based Compensation (Total
Stock-Based Compensation (Total Stock-Based Compensation Recognized In The Consolidated Statements Of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 20,284 | $ 15,692 | $ 56,489 | $ 45,573 |
Cost of Goods Sold [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 9,569 | 7,342 | 25,677 | 21,824 |
Selling, General and Administrative Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 10,715 | $ 8,350 | $ 30,812 | $ 23,749 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Plan participant's annual percentage ceiling for ESPP (up to) | 10.00% | 10.00% | |||
Plan participant's annual dollar amount ceiling for ESPP (up to) | $ 25,000 | ||||
Purchase price for shares under the ESPP (as a percentage) | 85.00% | ||||
Discount rate under the ESPP (as a percentage) | 15.00% | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Treasury shares purchased for tax withholding and available for reissuance (in shares) | 55,831 | 71,893 | 737,891 | 1,278,796 | |
Unvested restricted stock (in shares) | 5,384,000 | 5,384,000 | 6,104,000 | ||
Unamortized compensation expense | $ 112,800,000 | $ 105,100,000 | $ 112,800,000 | $ 105,100,000 | |
Unamortized compensation expense, remaining weighted-average period of recognition (in years) | 2 years 25 days | 2 years | |||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 0 | 0 | |||
Stock options outstanding and exercisable (in shares) | 48,564 | 48,564 | |||
Weighted average exercise price of stock options (in dollars per share) | $ 8.19 | $ 8.19 | |||
Weighted average remaining contractual life (in years) | 6 months 25 days | ||||
Minimum [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock vesting period (in years) | 3 years | ||||
Minimum [Member] | Performance Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Requisite service period (in years) | 2 years | ||||
Maximum [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock vesting period (in years) | 5 years | ||||
Maximum [Member] | Performance Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Requisite service period (in years) | 3 years |
Stock-Based Compensation (Unves
Stock-Based Compensation (Unvested Restricted Stock Activity) (Details) - Restricted Stock [Member] shares in Thousands | 9 Months Ended |
Oct. 29, 2016$ / sharesshares | |
Number of shares | |
Unvested at January 30, 2016 (in shares) | shares | 6,104 |
Awarded (in shares) | shares | 1,325 |
Released (in shares) | shares | (1,897) |
Forfeited (in shares) | shares | (148) |
Unvested at October 29, 2016 (in shares) | shares | 5,384 |
Weighted average grant date fair value | |
Unvested at January 30, 2016 (in dollars per share) | $ / shares | $ 34.87 |
Awarded (in dollars per share) | $ / shares | 56.92 |
Released (in dollars per share) | $ / shares | 27.80 |
Forfeited (in dollars per share) | $ / shares | 37.34 |
Unvested at October 29, 2016 (in dollars per share) | $ / shares | $ 43.04 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Number of shares | ||
Outstanding at January 30, 2016 (in shares) | 310,066 | |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | (261,502) | |
Forfeited (in shares) | 0 | |
Outstanding at October 29, 2016, all vested (in shares) | 48,564 | |
Weighted average exercise price | ||
Outstanding at January 30, 2016 (in dollars per share) | $ 7.34 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 7.18 | |
Forfeited (in dollars per share) | 0 | |
Outstanding at October 29, 2016, all vested (in dollars per share) | $ 8.19 | |
Weighted average remaining contractual term (in years) | 6 months 25 days | |
Aggregate intrinsic value | $ 2,627 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares excluded from calculation of diluted EPS (in shares) | 7,500 | 28,400 | 20,100 | 8,600 |
Earnings Per Share (Details)
Earnings Per Share (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Earnings Per Share [Abstract] | ||||
Basic EPS (in shares) | 390,870 | 401,494 | 393,412 | 404,636 |
Basic EPS (in dollars per share) | $ 0.63 | $ 0.54 | $ 2.08 | $ 1.87 |
Effect of dilutive common stock equivalents, (in shares) | 2,502 | 3,010 | 2,644 | 3,252 |
Effect of dilutive common stock equivalents, (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Diluted EPS (in shares) | 393,372 | 404,504 | 396,056 | 407,888 |
Diluted EPS (in dollars per share) | $ 0.62 | $ 0.53 | $ 2.06 | $ 1.85 |
Debt - Unsecured Senior Debt, N
Debt - Unsecured Senior Debt, Net of Unamortized Discounts and Issuance Costs (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 396,376 | $ 396,025 | $ 395,909 |
6.38% Series A Senior Notes due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 84,931 | 84,906 | 84,898 |
6.53% Series B Senior Notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 64,897 | 64,882 | 64,877 |
3.375% Senior Notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 246,548 | $ 246,237 | $ 246,134 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016USD ($)renewal_option | Oct. 29, 2016USD ($)note | Jan. 30, 2016USD ($) | Oct. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||
Total unamortized discount and debt issuance costs | $ 3,600,000 | $ 4,000,000 | $ 4,100,000 | |
3.375% Senior Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument | 250,000,000 | |||
Unsecured Series A and B Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument | 150,000,000 | |||
6.38% Series A Senior Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument | 85,000,000 | |||
6.53% Series B Senior Notes due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument | $ 65,000,000 | |||
Unsecured Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | $ 600,000,000 | |||
Sublimit for issuance of standby letters of credit | 300,000,000 | |||
Maximum borrowing capacity | $ 200,000,000 | |||
Basis points margin over LIBOR | 1.00% | |||
Number of renewal options (up to) | renewal_option | 2 | |||
Renewal term | 1 year | |||
Borrowings or standby letters of credit | $ 0 | |||
Level 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes estimated fair value | $ 433,000,000 | $ 423,000,000 | $ 423,000,000 | |
3.375% Senior Notes due 2024 [Member] | 3.375% Senior Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes interest rate | 3.375% | 3.375% | 3.375% | |
Senior Note Held by Various Investors [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of unsecured senior notes held | note | 2 | |||
6.38% Series A Senior Notes due 2018 [Member] | 6.38% Series A Senior Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes interest rate | 6.38% | 6.38% | 6.38% | |
6.53% Series B Senior Notes due 2021 [Member] | 6.53% Series B Senior Notes due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes interest rate | 6.53% | 6.53% | 6.53% |
Debt - Interest Expense (Income
Debt - Interest Expense (Income) Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Debt Disclosure [Abstract] | ||||
Interest expense on long-term debt | $ 4,643 | $ 4,642 | $ 13,929 | $ 13,926 |
Other interest expense | 235 | 303 | 788 | 947 |
Capitalized interest | (7) | (406) | (16) | (6,408) |
Interest income | (715) | (112) | (1,968) | (383) |
Interest expense (income), net | $ 4,156 | $ 4,427 | $ 12,733 | $ 8,082 |
Taxes on Earnings (Details)
Taxes on Earnings (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | $ 105.5 | $ 94.2 | $ 103.4 |
Income tax penalties and interest accrued | 21.5 | $ 18.8 | $ 20.3 |
Impact of recognizing taxes and interest related to unrecognized tax benefits | 52 | ||
Unrecognized tax benefits reduction resulting from lapse of applicable statute of limitations (up to) | $ 8.2 | ||
Maximum [Member] | Internal Revenue Service [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2,015 | ||
Maximum [Member] | State [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2,015 | ||
Minimum [Member] | Internal Revenue Service [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2,013 | ||
Minimum [Member] | State [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2,011 |