Ross Stores (ROST) 10-Q 9 Jun 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 02, 2020	May 18, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 2, 2020
Document Transition Report	false
Entity File Number	0-14678
Entity Registrant Name	Ross Stores, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-1390387
Entity Address, Address Line One	5130 Hacienda Drive,
Entity Address, City or Town	Dublin,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94568-7579
City Area Code	(925)
Local Phone Number	965-4400
Title of 12(b) Security	Common stock,
Trading Symbol	ROST
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		355,921,611
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000745732
Current Fiscal Year End Date	--01-30

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations shares in Thousands, $ in Thousands	3 Months Ended
	May 02, 2020USD ($)stores$ / sharesshares	May 04, 2019USD ($)stores$ / sharesshares
Income Statement [Abstract]
Sales	$ 1,842,673	$ 3,796,642
Costs and Expenses
Cost of goods sold	1,889,991	2,701,668
Selling, general and administrative	415,305	558,250
Interest expense (income), net	6,666	(5,635)
Total costs and expenses	2,311,962	3,254,283
(Loss) earnings before taxes	(469,289)	542,359
(Benefit) provision for taxes on (loss) earnings	(163,447)	121,217
Net (loss) earnings	$ (305,842)	$ 421,142
(Loss) earnings per share
Basic (in dollars per share) | $ / shares	$ (0.87)	$ 1.16
Diluted (in dollars per share) | $ / shares	$ (0.87)	$ 1.15
Weighted average shares outstanding
Basic (in shares) | shares	352,202	363,085
Diluted (in shares) | shares	352,202	365,912
Store count at end of period (in number of stores) | stores	1,832	1,745

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) earnings	$ (305,842)	$ 421,142
Other comprehensive (loss) income:	0	0
Comprehensive (loss) income	$ (305,842)	$ 421,142

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 02, 2020	Feb. 01, 2020	May 04, 2019
Current Assets
Cash and cash equivalents	$ 2,669,535	$ 1,351,205	$ 1,366,592
Accounts receivable	49,624	102,236	121,607
Merchandise inventory	1,757,263	1,832,339	1,813,773
Prepaid expenses and other	111,493	147,048	160,733
Total current assets	4,587,915	3,432,828	3,462,705
Property and Equipment
Land and buildings	1,177,847	1,177,262	1,129,049
Fixtures and equipment	3,125,333	3,115,003	2,844,135
Leasehold improvements	1,238,313	1,219,736	1,139,600
Construction-in-progress	281,692	189,536	148,021
Property and equipment, gross	5,823,185	5,701,537	5,260,805
Less accumulated depreciation and amortization	3,126,467	3,048,101	2,824,433
Property and equipment, net	2,696,718	2,653,436	2,436,372
Operating lease assets	3,078,373	3,053,782	2,942,980
Other long-term assets	365,040	208,321	207,063
Total assets	10,728,046	9,348,367	9,049,120
Current Liabilities
Accounts payable	706,267	1,296,482	1,296,183
Accrued expenses and other	374,811	462,111	450,762
Current operating lease liabilities	570,832	564,481	536,900
Accrued payroll and benefits	166,707	364,435	220,376
Income taxes payable	0	14,425	89,290
Short-term debt	805,000	0	0
Total current liabilities	2,623,617	2,701,934	2,593,511
Long-term debt	2,285,614	312,891	312,552
Non-current operating lease liabilities	2,631,769	2,610,528	2,514,530
Other long-term liabilities	206,504	214,086	226,788
Deferred income taxes	163,150	149,679	134,213
Commitments and contingencies
Stockholders’ Equity
Common stock, par value $.01 per share Authorized 1,000,000,000 shares Issued and outstanding 355,922,000, 356,775,000 and 365,260,000 shares, respectively	3,559	3,568	3,653
Additional paid-in capital	1,484,911	1,458,307	1,391,558
Treasury stock	(465,645)	(433,328)	(423,543)
Retained earnings	1,794,567	2,330,702	2,295,858
Total stockholders’ equity	2,817,392	3,359,249	3,267,526
Total liabilities and stockholders’ equity	$ 10,728,046	$ 9,348,367	$ 9,049,120

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	May 02, 2020	Feb. 01, 2020	May 04, 2019
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	1,000,000,000	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued (in shares)	355,922,000	356,775,000	365,260,000
Common Stock, Shares, Outstanding (in shares)	355,922,000	356,775,000	365,260,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common stock	Additional paid-in capital	Treasury stock	Retained earnings	Retained earningsCumulative Effect, Period of Adoption, Adjustment
Total common stock, beginning balance (in shares) at Feb. 02, 2019			368,242
Total stockholders’ equity, beginning balance at Feb. 02, 2019	$ 3,305,746	$ (19,614)	$ 3,682	$ 1,375,965	$ (372,663)	$ 2,298,762	$ (19,614)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	421,142					421,142
Common stock issued under stock planes, net of shares used for tax withholding (in shares)			390
Common stock issued under stock planes, net of shares used for tax withholding	(45,585)		$ 4	5,291	(50,880)
Stock-based compensation	19,689			19,689	0
Common stock repurchased (in shares)			(3,372)
Common stock repurchased	(320,130)		$ (33)	(9,387)		(310,710)
Dividends declared	(93,722)					(93,722)
Total common stock, ending balance (in shares) at May. 04, 2019			365,260
Total stockholders’ equity, ending balance at May. 04, 2019	$ 3,267,526		$ 3,653	1,391,558	(423,543)	2,295,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)	$ 0.255
Total common stock, beginning balance (in shares) at Feb. 01, 2020			356,775
Total stockholders’ equity, beginning balance at Feb. 01, 2020	$ 3,359,249		$ 3,568	1,458,307	(433,328)	2,330,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(305,842)					(305,842)
Common stock issued under stock planes, net of shares used for tax withholding (in shares)			318
Common stock issued under stock planes, net of shares used for tax withholding	(26,873)		$ 3	5,441	(32,317)
Stock-based compensation	24,739			24,739
Common stock repurchased (in shares)			(1,171)
Common stock repurchased	(132,467)		$ (12)	(3,576)		(128,879)
Dividends declared	(101,414)					(101,414)
Total common stock, ending balance (in shares) at May. 02, 2020			355,922
Total stockholders’ equity, ending balance at May. 02, 2020	$ 2,817,392		$ 3,559	$ 1,484,911	$ (465,645)	$ 1,794,567

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Cash Flows From Operating Activities
Net (loss) earnings	$ (305,842)	$ 421,142
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities:
Depreciation and amortization	90,598	82,757
Stock-based compensation	24,739	19,689
Deferred income taxes	13,471	16,543
Change in assets and liabilities:
Merchandise inventory	75,076	(63,331)
Other current assets	88,286	(41,777)
Accounts payable	(600,918)	122,654
Other current liabilities	(268,925)	(108,208)
Income taxes	(175,142)	56,206
Operating lease assets and liabilities, net	3,001	2,855
Other long-term, net	(2,786)	457
Net cash (used in) provided by operating activities	(1,058,442)	508,987
Cash Flows From Investing Activities
Additions to property and equipment	(139,729)	(95,629)
Proceeds from investments	0	517
Net cash used in investing activities	(139,729)	(95,112)
Cash Flows From Financing Activities
Net proceeds from issuance of short-term debt	805,601	0
Payments of short-term debt	(615)	0
Net proceeds from issuance of long-term debt	1,976,030	0
Payments of debt issuance costs	(3,135)	0
Issuance of common stock related to stock plans	5,444	5,295
Treasury stock purchased	(32,317)	(50,880)
Repurchase of common stock	(132,467)	(320,130)
Dividends paid	(101,414)	(93,722)
Net cash provided by (used in) financing activities	2,517,127	(459,437)
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	1,318,956	(45,562)
Cash, cash equivalents, and restricted cash and cash equivalents:
Beginning of period	1,411,410	1,478,079
End of period	2,730,366	1,432,517
Supplemental Cash Flow Disclosures
Interest paid	4,235	4,219
Income taxes (refunded) paid	$ (1,777)	$ 48,468

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	1 Months Ended					3 Months Ended
	Mar. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Mar. 31, 2019	May 04, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 0.285	$ 0.255	$ 0.255	$ 0.255	$ 0.255	$ 0.255

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	May 02, 2020
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 May 2, 2020 and May 4, 2019, the results of operations, comprehensive (loss) income, stockholders' equity, and cash flows for the three month periods ended May 2, 2020 and May 4, 2019. The Condensed Consolidated Balance Sheet as of February 1, 2020, presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended. 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 ("GAAP") 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 February 1, 2020. The results of operations, comprehensive (loss) income, stockholders' equity, and cash flows for the three month periods ended May 2, 2020 and May 4, 2019 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. Use of accounting estimates. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company’s significant accounting estimates include valuation reserves for inventory (including shortage), packaway inventory costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, estimates for provisions of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), and legal claims. Given the global economic climate and additional, or unforeseen effects, from the COVID-19 pandemic, these estimates are more challenging, and actual results could differ materially from the Company's estimates. Revenue recognition. All of the Company's store locations, its primary source of revenue, were temporarily closed from March 20, 2020 through the end of the quarter due to the COVID-19 pandemic. The following sales mix table disaggregates revenue by merchandise category for the three month periods ended May 2, 2020 and May 4, 2019: Three Months Ended May 2, 2020 1 May 4, 2019 Home Accents and Bed and Bath 27 % 25 % Ladies 25 % 27 % Shoes 14 % 14 % Accessories, Lingerie, Fine Jewelry, and Fragrances 13 % 13 % Men's 12 % 13 % Children's 9 % 8 % Total 100 % 100 % 1 Sales mix for the three months ended May 2, 2020 represents sales through the temporary closure of all stores on March 20, 2020. Cash, restricted cash, and restricted investments. Restricted cash, cash equivalents, and investments 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 classification between current and long-term is based on the timing of expected payments of the insurance obligations. The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents in the Condensed Consolidated Balance Sheets that reconcile to the amounts shown on the Condensed Consolidated Statements of Cash Flows: ($000) May 2, 2020 February 1, 2020 May 4, 2019 Cash and cash equivalents $ 2,669,535 $ 1,351,205 $ 1,366,592 Restricted cash and cash equivalents included in: Prepaid expenses and other 10,341 10,235 11,867 Other long-term assets 50,490 49,970 54,058 Total restricted cash and cash equivalents 60,831 60,205 65,925 Total cash, cash equivalents, and restricted cash and cash equivalents $ 2,730,366 $ 1,411,410 $ 1,432,517 Property and equipment. As of May 2, 2020 and May 4, 2019, the Company had $34.5 million and $14.8 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. Operating leases. Operating lease assets obtained in exchange for new operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) during the three month periods ended May 2, 2020 and May 4, 2019 were $165.0 million and $207.8 million, respectively. Cash dividends. The Company’s Board of Directors declared a cash dividend of $0.285 per common share in March 2020, and $0.255 per common share in March, May, August, and November 2019, respectively. In May 2020, the Company announced the suspension of its quarterly dividends. Litigation, claims, and assessments. Like many retailers, the Company has been named in class/representative action lawsuits, primarily in California, alleging violation of wage and hour/employment laws and consumer protection laws. Class/representative action litigation remains pending as of May 2, 2020. 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, consumer, intellectual property, environmental, 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/representative 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 adopted accounting standards. In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes (Accounting Standards Codification "ASC" 740). ASU 2019-12 eliminates certain exceptions in ASC 740 related to the methodology for calculating income taxes in an interim period. It also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company adopted ASU 2019-12 on a prospective basis in the first quarter of fiscal 2020. The most significant impact to the Company is the removal of a limit on the tax benefit recognized on pre-tax losses in interim periods. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements for the first quarter of fiscal 2020 and is not expected to have a material impact on the Company's fiscal 2020 results. Recently issued accounting standards. The Company considers the applicability and impact of all ASUs issued by the FASB. For the three month period ended May 2, 2020, the ASUs issued by the FASB were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 02, 2020
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 month period ended May 2, 2020. The fair value of the Company’s financial instruments are as follows: ($000) May 2, 2020 February 1, 2020 May 4, 2019 Cash and cash equivalents (Level 1) $ 2,669,535 $ 1,351,205 $ 1,366,592 Restricted cash and cash equivalents (Level 1) $ 60,831 $ 60,205 $ 65,925 Investments (Level 2) $ 8 $ 8 $ 8 The underlying assets in the Company’s non-qualified deferred compensation program as of May 2, 2020, February 1, 2020, and May 4, 2019 (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) May 2, 2020 February 1, 2020 May 4, 2019 Level 1 $ 121,198 $ 134,440 $ 127,785 Level 2 11,068 7,003 10,626 Total $ 132,266 $ 141,443 $ 138,411

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	May 02, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation. For the three month periods ended May 2, 2020 and May 4, 2019, the Company recognized stock-based compensation expense as follows: Three Months Ended ($000) May 2, 2020 May 4, 2019 Restricted stock $ 16,482 $ 9,449 Performance awards 7,296 9,304 Employee stock purchase plan 961 936 Total $ 24,739 $ 19,689 Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations for the three month periods ended May 2, 2020 and May 4, 2019, is as follows: Three Months Ended Statements of Operations Classification ($000) May 2, 2020 May 4, 2019 Cost of goods sold $ 12,666 $ 13,122 Selling, general and administrative 12,073 6,567 Total $ 24,739 $ 19,689 The tax benefits related to stock-based compensation expense for the three month periods ended May 2, 2020 and May 4, 2019 were $5.4 million and $3.7 million, respectively. Restricted stock awards. 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 five During the three month periods ended May 2, 2020 and May 4, 2019, shares purchased by the Company for tax withholding totaled 349,513 and 555,997, respectively, and are considered treasury shares which are available for reissuance. Performance share awards. 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 three As of May 2, 2020, shares related to unvested restricted stock and performance share awards totaled 4.1 million shares. A summary of restricted stock and performance share award activity for the three month period ended May 2, 2020, is presented below: (000, except per share data) Number of Weighted-average Unvested at February 1, 2020 4,394 $ 76.20 Awarded 592 97.85 Released (891) 61.03 Forfeited (7) 79.37 Unvested at May 2, 2020 4,088 $ 82.63 The unamortized compensation expense at May 2, 2020, was $209.5 million, which is expected to be recognized over a weighted-average remaining period of 2.4 years. The unamortized compensation expense at May 4, 2019, was $178.7 million, which was expected to be recognized over a weighted-average remaining period of 2.5 years. Employee stock purchase plan. Under the Employee Stock Purchase Plan (“ESPP”), eligible employees participating in the quarterly offering period can choose to have 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. The purchase price of the stock is 85% of the closing market price on the date of purchase. Purchases occur on a quarterly basis (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.

(Loss) Earnings Per Share

(Loss) Earnings Per Share	3 Months Ended
	May 02, 2020
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	(Loss) Earnings Per Share The Company computes and reports both basic (loss) earnings per share ("EPS") and diluted EPS. Basic EPS is computed by dividing net (loss) earnings by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net (loss) earnings by the sum of the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period, except in cases where the effect of the common stock equivalents would be antidilutive. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards and unvested shares of both performance and non-performance based awards of restricted stock. For periods of net loss, basic and diluted EPS are the same as the effect of the assumed vesting of restricted stock units is anti-dilutive. For the three month period ended May 2, 2020, basic and diluted EPS are the same due to the Company's net loss per share. For the three month period ended May 4, 2019, approximately 700 weighted-average shares were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for the period presented. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: Three Months Ended Shares in (000s) Basic EPS Effect of Diluted May 2, 2020 Shares 352,202 — 352,202 Amount $ (0.87) $ — $ (0.87) May 4, 2019 Shares 363,085 2,827 365,912 Amount $ 1.16 $ (0.01) $ 1.15

Debt

Debt	3 Months Ended
	May 02, 2020
Debt Disclosure [Abstract]
Debt	Debt Short-term debt and long-term debt. Short-term debt and unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following: ($000) May 2, 2020 February 1, 2020 May 4, 2019 $800 million revolving credit facility $ 800,000 $ — $ — Other short-term debt financing 5,000 — — Total short-term debt $ 805,000 $ — $ — 6.530% Series B Senior Notes due 2021 $ 64,968 $ 64,963 $ 64,947 3.375% Senior Notes due 2024 248,037 247,928 247,605 4.600% Senior Notes due 2025 693,676 — — 4.700% Senior Notes due 2027 394,953 — — 4.800% Senior Notes due 2030 394,635 — — 5.450% Senior Notes due 2050 489,345 — — Total long-term debt $ 2,285,614 $ 312,891 $ 312,552 Revolving credit facilities. In July 2019, the Company entered into a $800 million unsecured revolving credit facility, which replaced the Company’s previous $600 million unsecured revolving credit facility. This current credit facility expires in July 2024, and contains a $300 million sublimit for issuance of standby letters of credit. The facility also contains an option allowing the Company to increase the size of its credit facility by up to an additional $300 million, with the agreement of the lenders. Interest on borrowings under this facility is based on LIBOR (or an alternate benchmark rate, if LIBOR is no longer available) plus an applicable margin 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. In March 2020, the Company borrowed $800 million available under its revolving credit facility. The loan bears interest at LIBOR plus 0.875% (currently 1.76%). As of May 2, 2020, the Company had $800 million outstanding, and no standby letters of credit were outstanding, under the revolving credit facility. On May 1, 2020, the Company amended its $800 million unsecured revolving credit facility (the “Amended Credit Facility”) to temporarily suspend, for the second and third quarters of fiscal 2020, the Consolidated Adjusted Debt to EBITDAR ratio financial covenant, and to apply a transitional modification to that ratio effective in the fourth quarter of fiscal 2020. The Amended Credit facility also established a new temporary minimum liquidity requirement, effective for the first quarter of fiscal 2020 and through the end of April 2021. As of May 2, 2020, the Company was in compliance with these covenants. On May 1, 2020, the Company also entered into an additional new $500 million 364-day senior revolving credit facility which expires in April 2021. Interest on borrowings under this new facility is based on LIBOR (or an alternate benchmark rate, if LIBOR is no longer available) plus an applicable margin (currently 175 basis points) and is payable quarterly and upon maturity. As of May 2, 2020, the Company had no borrowings under this facility and the $500 million credit facility remains in place and available. The new revolving credit facility is subject to the same minimum liquidity and Consolidated Adjusted Debt to EBITDAR ratio financial covenants as are provided in the Amended Credit Facility. In addition, the new revolving credit facility contains restrictions on stock repurchases and restrictions on post draw down cash balances on the new revolving credit facility. As of May 2, 2020, the Company was in compliance with these covenants. Senior notes. As of May 2, 2020, the Company had outstanding Series B unsecured Senior Notes in the aggregate principal amount of $65 million held by various institutional investors. The Series B notes are due in December 2021, and bear interest at 6.530%. Borrowings under these Senior Notes are subject to certain financial covenants, including interest coverage and other financial ratios. As of May 2, 2020, the Company was in compliance with these covenants. As of May 2, 2020, the Company also 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. In April 2020, the Company issued an aggregate of $2.0 billion in unsecured senior notes in four tenors as follows: 4.600% Senior Notes due April 2025 (the “2025 Notes”) with an aggregate principal amount of $700 million, 4.700% Senior Notes due April 2027 (the “2027 Notes”) with an aggregate principal amount of $400 million, 4.800% Senior Notes due April 2030 (the “2030 Notes”) with an aggregate principal amount of $400 million, and 5.450% Senior Notes due April 2050 (the “2050 Notes”) with an aggregate principal amount of $500 million. Cash proceeds, net of discounts and other issuance costs, were approximately $1.973 billion. Interest on the 2025, 2027, 2030, and 2050 Notes is payable semi-annually beginning October 2020. The 2024, 2025, 2027, 2030, and 2050 Notes and the Series B Senior Notes are all subject to prepayment penalties for early payment of principal. As of May 2, 2020, February 1, 2020, and May 4, 2019, total unamortized discount and debt issuance costs were $29.4 million, $2.1 million, and $2.4 million, respectively, and were classified as a reduction of Long-term debt. The aggregate fair value of the six outstanding series of Senior Notes was approximately $2.5 billion as of May 2, 2020. The aggregate fair value of the two then outstanding series of Senior Notes was approximately $335 million and $318 million as of February 1, 2020 and May 4, 2019, 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. The table below shows the components of interest expense and income for the three month periods ended May 2, 2020 and May 4, 2019: Three Months Ended ($000) May 2, 2020 May 4, 2019 Interest expense on long-term debt $ 10,181 $ 3,283 Interest expense on short-term debt 1,697 — Other interest expense 278 313 Capitalized interest (2,154) (765) Interest income (3,336) (8,466) Interest expense (income), net $ 6,666 $ (5,635)

Taxes on (Loss) Earnings

Taxes on (Loss) Earnings	3 Months Ended
	May 02, 2020
Income Tax Disclosure [Abstract]
Taxes on (Loss) Earnings	Taxes on (Loss) Earnings On March 27, 2020, the CARES Act was signed into law. The CARES Act made several significant changes to business tax provisions including modifications for net operating losses, employee retention credits, and deferral of employer payroll tax payments. The modifications for net operating losses eliminate the taxable income limitation for certain net operating losses and allow the carry back of net operating losses arising in 2018, 2019, and 2020 to the five prior tax years. The Company's effective tax rate for the three month periods ended May 2, 2020 and May 4, 2019, was approximately 35% and 22%, respectively. The increase in the effective tax rate was primarily due to the CARES Act and the expected carry back of net operating losses to a prior year in which the U.S. federal tax rate was 35%. The effective tax rate is impacted by changes in tax law and accounting guidance, location of new stores, level of earnings, tax effects associated with share-based compensation, and the resolution of tax positions. As of May 2, 2020, February 1, 2020, and May 4, 2019, the reserves for unrecognized tax benefits were $68.8 million, $67.1 million, and $83.5 million, inclusive of $8.0 million, $7.2 million, and $13.7 million of related interest and penalties, respectively. In November 2019, the Company resolved uncertain tax positions with a tax authority. As a result, the Company recognized a decrease in reserves for tax positions in prior periods of $16.2 million, inclusive of $6.6 million of related reserves for interest and penalties. The Company accounts for interest and penalties related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $54.6 million would impact the Company’s effective tax rate. It is reasonably possible that certain state tax matters may be concluded or statutes of limitations may lapse during the next 12 months. Accordingly, the total amount of unrecognized tax benefits may decrease by up to $10.3 million. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	May 02, 2020
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 May 2, 2020 and May 4, 2019, the results of operations, comprehensive (loss) income, stockholders' equity, and cash flows for the three month periods ended May 2, 2020 and May 4, 2019. The Condensed Consolidated Balance Sheet as of February 1, 2020, presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended. 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 ("GAAP") 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 February 1, 2020. The results of operations, comprehensive (loss) income, stockholders' equity, and cash flows for the three month periods ended May 2, 2020 and May 4, 2019 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. Use of accounting estimates. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company’s significant accounting estimates include valuation reserves for inventory (including shortage), packaway inventory costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, estimates for provisions of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), and legal claims. Given the global economic climate and additional, or unforeseen effects, from the COVID-19 pandemic, these estimates are more challenging, and actual results could differ materially from the Company's estimates.
Use of accounting estimates	Use of accounting estimates. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company’s significant accounting estimates include valuation reserves for inventory (including shortage), packaway inventory costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, estimates for provisions of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), and legal claims. Given the global economic climate and additional, or unforeseen effects, from the COVID-19 pandemic, these estimates are more challenging, and actual results could differ materially from the Company's estimates.
Cash, restricted cash, and restricted investments	Cash, restricted cash, and restricted investments. Restricted cash, cash equivalents, and investments 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 classification between current and long-term is based on the timing of expected payments of the insurance obligations.
Property and equipment	Property and equipment. As of May 2, 2020 and May 4, 2019, the Company had $34.5 million and $14.8 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.
Recently adopted accounting standards and Recently issued accounting standards	Recently adopted accounting standards. In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes (Accounting Standards Codification "ASC" 740). ASU 2019-12 eliminates certain exceptions in ASC 740 related to the methodology for calculating income taxes in an interim period. It also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company adopted ASU 2019-12 on a prospective basis in the first quarter of fiscal 2020. The most significant impact to the Company is the removal of a limit on the tax benefit recognized on pre-tax losses in interim periods. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements for the first quarter of fiscal 2020 and is not expected to have a material impact on the Company's fiscal 2020 results. Recently issued accounting standards. The Company considers the applicability and impact of all ASUs issued by the FASB. For the three month period ended May 2, 2020, the ASUs issued by the FASB were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results.
Fair value measurement	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.
Earnings per share	(Loss) Earnings Per ShareThe Company computes and reports both basic (loss) earnings per share ("EPS") and diluted EPS. Basic EPS is computed by dividing net (loss) earnings by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net (loss) earnings by the sum of the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period, except in cases where the effect of the common stock equivalents would be antidilutive. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards and unvested shares of both performance and non-performance based awards of restricted stock. For periods of net loss, basic and diluted EPS are the same as the effect of the assumed vesting of restricted stock units is anti-dilutive.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	May 02, 2020
Accounting Policies [Abstract]
Disaggregation of revenue	The following sales mix table disaggregates revenue by merchandise category for the three month periods ended May 2, 2020 and May 4, 2019: Three Months Ended May 2, 2020 1 May 4, 2019 Home Accents and Bed and Bath 27 % 25 % Ladies 25 % 27 % Shoes 14 % 14 % Accessories, Lingerie, Fine Jewelry, and Fragrances 13 % 13 % Men's 12 % 13 % Children's 9 % 8 % Total 100 % 100 % 1 Sales mix for the three months ended May 2, 2020 represents sales through the temporary closure of all stores on March 20, 2020.
Schedule of restricted cash reconciliation	The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents in the Condensed Consolidated Balance Sheets that reconcile to the amounts shown on the Condensed Consolidated Statements of Cash Flows: ($000) May 2, 2020 February 1, 2020 May 4, 2019 Cash and cash equivalents $ 2,669,535 $ 1,351,205 $ 1,366,592 Restricted cash and cash equivalents included in: Prepaid expenses and other 10,341 10,235 11,867 Other long-term assets 50,490 49,970 54,058 Total restricted cash and cash equivalents 60,831 60,205 65,925 Total cash, cash equivalents, and restricted cash and cash equivalents $ 2,730,366 $ 1,411,410 $ 1,432,517

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 02, 2020
Fair Value Disclosures [Abstract]
Schedule of fair values	The fair value of the Company’s financial instruments are as follows: ($000) May 2, 2020 February 1, 2020 May 4, 2019 Cash and cash equivalents (Level 1) $ 2,669,535 $ 1,351,205 $ 1,366,592 Restricted cash and cash equivalents (Level 1) $ 60,831 $ 60,205 $ 65,925 Investments (Level 2) $ 8 $ 8 $ 8
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) May 2, 2020 February 1, 2020 May 4, 2019 Level 1 $ 121,198 $ 134,440 $ 127,785 Level 2 11,068 7,003 10,626 Total $ 132,266 $ 141,443 $ 138,411

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	May 02, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Schedule of stock-based compensation expense by award type	For the three month periods ended May 2, 2020 and May 4, 2019, the Company recognized stock-based compensation expense as follows: Three Months Ended ($000) May 2, 2020 May 4, 2019 Restricted stock $ 16,482 $ 9,449 Performance awards 7,296 9,304 Employee stock purchase plan 961 936 Total $ 24,739 $ 19,689
Total stock-based compensation recognized in the condensed consolidated statements of earnings	Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations for the three month periods ended May 2, 2020 and May 4, 2019, is as follows: Three Months Ended Statements of Operations Classification ($000) May 2, 2020 May 4, 2019 Cost of goods sold $ 12,666 $ 13,122 Selling, general and administrative 12,073 6,567 Total $ 24,739 $ 19,689
Unvested restricted stock activity	A summary of restricted stock and performance share award activity for the three month period ended May 2, 2020, is presented below: (000, except per share data) Number of Weighted-average Unvested at February 1, 2020 4,394 $ 76.20 Awarded 592 97.85 Released (891) 61.03 Forfeited (7) 79.37 Unvested at May 2, 2020 4,088 $ 82.63

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	3 Months Ended
	May 02, 2020
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 Shares in (000s) Basic EPS Effect of Diluted May 2, 2020 Shares 352,202 — 352,202 Amount $ (0.87) $ — $ (0.87) May 4, 2019 Shares 363,085 2,827 365,912 Amount $ 1.16 $ (0.01) $ 1.15

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 02, 2020
Debt Disclosure [Abstract]
Schedule of short-term and long-term debt	Short-term debt and unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following: ($000) May 2, 2020 February 1, 2020 May 4, 2019 $800 million revolving credit facility $ 800,000 $ — $ — Other short-term debt financing 5,000 — — Total short-term debt $ 805,000 $ — $ — 6.530% Series B Senior Notes due 2021 $ 64,968 $ 64,963 $ 64,947 3.375% Senior Notes due 2024 248,037 247,928 247,605 4.600% Senior Notes due 2025 693,676 — — 4.700% Senior Notes due 2027 394,953 — — 4.800% Senior Notes due 2030 394,635 — — 5.450% Senior Notes due 2050 489,345 — — Total long-term debt $ 2,285,614 $ 312,891 $ 312,552
Interest income and interest expense disclosure	The table below shows the components of interest expense and income for the three month periods ended May 2, 2020 and May 4, 2019: Three Months Ended ($000) May 2, 2020 May 4, 2019 Interest expense on long-term debt $ 10,181 $ 3,283 Interest expense on short-term debt 1,697 — Other interest expense 278 313 Capitalized interest (2,154) (765) Interest income (3,336) (8,466) Interest expense (income), net $ 6,666 $ (5,635)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended					3 Months Ended
	Mar. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Mar. 31, 2019	May 02, 2020	May 04, 2019
Summary of Significant Accounting Policies [Line Items]
Operating lease assets obtained in exchange for new operating lease liabilities						$ 165	$ 207.8
Cash dividends declared per share (in dollars per share)	$ 0.285	$ 0.255	$ 0.255	$ 0.255	$ 0.255		$ 0.255
Property, Plant and Equipment
Summary of Significant Accounting Policies [Line Items]
Property and equipment purchased but not yet paid						$ 34.5	$ 14.8

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Disaggregation of Revenue) (Details)	3 Months Ended
	May 02, 2020	May 04, 2019
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	100.00%	100.00%
Home Accents and Bed and Bath
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	27.00%	25.00%
Ladies
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	25.00%	27.00%
Shoes
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	14.00%	14.00%
Accessories, Lingerie, Fine Jewelry, and Fragrances
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	13.00%	13.00%
Men's
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	12.00%	13.00%
Children's
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	9.00%	8.00%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Restricted Cash Reconciliation) (Details) - USD ($) $ in Thousands	May 02, 2020	Feb. 01, 2020	May 04, 2019	Feb. 02, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,669,535	$ 1,351,205	$ 1,366,592
Restricted cash and cash equivalents included in:
Prepaid expenses and other	10,341	10,235	11,867
Other long-term assets	50,490	49,970	54,058
Total restricted cash and cash equivalents	60,831	60,205	65,925
Total cash, cash equivalents, and restricted cash and cash equivalents	$ 2,730,366	$ 1,411,410	$ 1,432,517	$ 1,478,079

Fair Value Measurements - Balan

Fair Value Measurements - Balance Sheet Items (Details) - USD ($) $ in Thousands	May 02, 2020	Feb. 01, 2020	May 04, 2019
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents (Level 1)	$ 2,669,535	$ 1,351,205	$ 1,366,592
Restricted cash and cash equivalents (Level 1)	60,831	60,205	65,925
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments (Level 2)	$ 8	$ 8	$ 8

Fair Value Measurements - Under

Fair Value Measurements - Underlying Asset Value (Details) - USD ($) $ in Thousands	May 02, 2020	Feb. 01, 2020	May 04, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underlying assets in non-qualified deferred compensation program	$ 132,266	$ 141,443	$ 138,411
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underlying assets in non-qualified deferred compensation program	121,198	134,440	127,785
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underlying assets in non-qualified deferred compensation program	$ 11,068	$ 7,003	$ 10,626

Stock-Based Compensation (Recog

Stock-Based Compensation (Recognized Stock-Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 24,739	$ 19,689
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	16,482	9,449
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	7,296	9,304
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 961	$ 936

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
	May 02, 2020	May 04, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 24,739	$ 19,689
Cost of goods sold
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	12,666	13,122
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 12,073	$ 6,567

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended
	May 02, 2020	May 04, 2019	Feb. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit related to stock-based compensation	$ 5,400,000	$ 3,700,000
Plan participant's annual percentage ceiling for ESPP (up to, as a percentage)	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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury shares purchased for tax withholding and available for reissuance (in shares)	349,513	555,997
Unvested restricted stock (in shares)	4,088,000		4,394,000
Unamortized compensation expense	$ 209,500,000	$ 178,700,000
Unamortized compensation expense, remaining weighted-average period of recognition	2 years 4 months 24 days	2 years 6 months
Minimum | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period	3 years
Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	2 years
Maximum | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period	5 years
Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	3 years

Stock-Based Compensation (Unves

Stock-Based Compensation (Unvested Restricted Stock Activity) (Details) - Restricted stock shares in Thousands	3 Months Ended
	May 02, 2020$ / sharesshares
Number of shares
Beginning balance (in shares) | shares	4,394
Awarded (in shares) | shares	592
Released (in shares) | shares	(891)
Forfeited (in shares) | shares	(7)
Ending balance (in shares) | shares	4,088
Weighted-average grant date fair value
Beginning Balance (in dollars per share) | $ / shares	$ 76.20
Awarded (in dollars per share) | $ / shares	97.85
Released (in dollars per share) | $ / shares	61.03
Forfeited (in dollars per share) | $ / shares	79.37
Ending Balance (in dollars per share) | $ / shares	$ 82.63

(Loss) Earnings Per Share - Nar

(Loss) Earnings Per Share - Narrative (Details)	3 Months Ended
	May 04, 2019shares
Earnings Per Share [Abstract]
Weighted average shares excluded from calculation of diluted EPS (in shares)	700

(Loss) Earnings Per Share - Sch

(Loss) Earnings Per Share - Schedule of Basic and Diluted EPS Computations (Details) - $ / shares shares in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Earnings Per Share [Abstract]
Basic EPS (in shares)	352,202	363,085
Basic EPS (in dollars per share)	$ (0.87)	$ 1.16
Effect of dilutive common stock equivalents, (in shares)	0	2,827
Effect of dilutive common stock equivalents, (in dollars per share)	$ 0	$ (0.01)
Diluted EPS (in shares)	352,202	365,912
Diluted EPS (in dollars per share)	$ (0.87)	$ 1.15

Debt - Schedule of short-term a

Debt - Schedule of short-term and long-term debt (Details) - USD ($) $ in Thousands	May 02, 2020	Feb. 01, 2020	May 04, 2019
Debt Instrument [Line Items]
Short-term debt	$ 805,000	$ 0	$ 0
Long-term debt	$ 2,285,614	312,891	312,552
3.375% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate (percent)	3.375%
$800 million revolving credit facility
Debt Instrument [Line Items]
Short-term debt	$ 800,000	0	0
Other short-term debt financing
Debt Instrument [Line Items]
Short-term debt	5,000	0	0
6.530% Series B Senior Notes due 2021
Debt Instrument [Line Items]
Long-term debt	64,968	64,963	64,947
3.375% Senior Notes due 2024
Debt Instrument [Line Items]
Long-term debt	248,037	247,928	247,605
4.600% Senior Notes due 2025
Debt Instrument [Line Items]
Long-term debt	693,676	0	0
4.700% Senior Notes due 2027
Debt Instrument [Line Items]
Long-term debt	394,953	0	0
4.800% Senior Notes due 2030
Debt Instrument [Line Items]
Long-term debt	394,635	0	0
5.450% Senior Notes due 2050
Debt Instrument [Line Items]
Long-term debt	$ 489,345	$ 0	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended			3 Months Ended
	Apr. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jul. 31, 2019USD ($)renewal_option	May 02, 2020USD ($)note	May 01, 2020USD ($)	Feb. 01, 2020USD ($)	Jun. 30, 2019USD ($)	May 04, 2019USD ($)
Debt Instrument [Line Items]
Short-term debt				$ 805,000,000		$ 0		$ 0
Proceeds from debt issuance, net of discounts and other issuance costs	$ 1,973,000,000
Total unamortized discount and debt issuance costs				$ 29,400,000		2,100,000		2,400,000
Number of series notes | note				6
$800 million revolving credit facility
Debt Instrument [Line Items]
Current borrowing capacity					$ 800,000,000		$ 600,000,000
Sublimit for issuance of standby letters of credit			$ 300,000,000
Maximum borrowing capacity (up to)			$ 300,000,000	$ 800,000,000
Number of renewal options | renewal_option			2
Renewal option, term			1 year
Proceeds from borrowings	2,000,000,000	$ 800,000,000
Basis points margin over LIBOR (percent)		0.875%
Interest rate (percent)				1.76%
Amount outstanding under the revolving credit facility				$ 800,000,000
Standby Letters of Credit
Debt Instrument [Line Items]
Amount outstanding under the revolving credit facility				$ 0
Senior Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity (up to)					$ 500,000,000
Basis points margin over LIBOR (percent)				1.75%
Short-term debt				$ 0
Borrowing capacity				500,000,000
Level 1
Debt Instrument [Line Items]
Unsecured senior notes estimated fair value				2,500,000,000		$ 335,000,000		$ 318,000,000
6.53% Series B Senior Notes due 2021 | 6.530% Series B Senior Notes due 2021
Debt Instrument [Line Items]
Debt instrument				$ 65,000,000
Unsecured senior notes interest rate (percent)				6.53%
3.375% Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument				$ 250,000,000
Unsecured senior notes interest rate (percent)				3.375%
4.600% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument	700,000,000
Unsecured senior notes interest rate (percent)				4.60%
4.700% Senior Notes due 2027
Debt Instrument [Line Items]
Debt instrument	$ 400,000,000
Unsecured senior notes interest rate (percent)	4.70%			4.70%
4.800% Senior Notes due 2030
Debt Instrument [Line Items]
Debt instrument	$ 400,000,000
Unsecured senior notes interest rate (percent)	4.80%			4.80%
5.450% Senior Notes due 2050
Debt Instrument [Line Items]
Debt instrument	$ 500,000,000
Unsecured senior notes interest rate (percent)	5.45%			5.45%

Debt - Interest Expense, Net (D

Debt - Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Debt Disclosure [Abstract]
Interest expense on long-term debt	$ 10,181	$ 3,283
Interest expense on short-term debt	1,697	0
Other interest expense	278	313
Capitalized interest	(2,154)	(765)
Interest income	(3,336)	(8,466)
Interest expense (income), net	$ 6,666	$ (5,635)

Taxes on (Loss) Earnings (Detai

Taxes on (Loss) Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	May 02, 2020	Feb. 01, 2020	May 04, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	35.00%		22.00%
Unrecognized tax benefits	$ 68.8	$ 67.1	$ 83.5
Income tax penalties and interest accrued	8	7.2	$ 13.7
Amount recognized by Company related to decrease in reserves for tax positions in prior period, including interest and penalties		16.2
Amount recognized by Company related to decrease in reserves for tax positions in prior period, interest and penalties		$ 6.6
Impact of recognizing taxes and interest related to unrecognized tax benefits	54.6
Unrecognized tax benefits reduction resulting from lapse of applicable statute of limitations (up to)	$ 10.3