Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Mar. 06, 2023 | Jul. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 28, 2023 | ||
Current Fiscal Year End Date | --01-28 | ||
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, par value $.01 | ||
Trading Symbol | ROST | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 27,695,651,182 | ||
Entity Common Stock, Shares Outstanding (in shares) | 342,048,439 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the Registrant’s 2023 Annual Meeting of Stockholders, which will be filed on or before May 28, 2023, are incorporated herein by reference into Part III. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000745732 |
Audit Information
Audit Information | 12 Months Ended |
Jan. 28, 2023 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | San Francisco, California |
Auditor Firm ID | 34 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Statement [Abstract] | |||
Sales | $ 18,695,829 | $ 18,916,244 | $ 12,531,565 |
Costs and Expenses | |||
Cost of goods sold | 13,946,230 | 13,708,907 | 9,838,574 |
Selling, general and administrative | 2,759,268 | 2,874,469 | 2,503,281 |
Interest expense, net | 2,842 | 74,328 | 83,413 |
Total costs and expenses | 16,708,340 | 16,657,704 | 12,425,268 |
Earnings before taxes | 1,987,489 | 2,258,540 | 106,297 |
Provision for taxes on earnings | 475,448 | 535,951 | 20,915 |
Net earnings | $ 1,512,041 | $ 1,722,589 | $ 85,382 |
Earnings per share | |||
Basic (in dollars per share) | $ 4.40 | $ 4.90 | $ 0.24 |
Diluted (in dollars per share) | $ 4.38 | $ 4.87 | $ 0.24 |
Weighted-average shares outstanding (000) | |||
Basic (in shares) | 343,452 | 351,496 | 352,392 |
Diluted (in shares) | 345,222 | 353,734 | 354,619 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 1,512,041 | $ 1,722,589 | $ 85,382 |
Other comprehensive income (loss) | 0 | 0 | 0 |
Comprehensive income | $ 1,512,041 | $ 1,722,589 | $ 85,382 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 4,551,876 | $ 4,922,365 |
Accounts receivable | 145,694 | 119,247 |
Merchandise inventory | 2,023,495 | 2,262,273 |
Prepaid expenses and other | 183,654 | 169,291 |
Total current assets | 6,904,719 | 7,473,176 |
Property and Equipment | ||
Land and buildings | 1,495,006 | 1,240,246 |
Fixtures and equipment | 3,961,733 | 3,425,762 |
Leasehold improvements | 1,433,647 | 1,332,687 |
Construction-in-progress | 319,319 | 574,333 |
Property and equipment, gross | 7,209,705 | 6,573,028 |
Less accumulated depreciation and amortization | 4,028,178 | 3,674,501 |
Property and equipment, net | 3,181,527 | 2,898,527 |
Operating lease assets | 3,098,134 | 3,027,272 |
Other long-term assets | 232,083 | 241,281 |
Total assets | 13,416,463 | 13,640,256 |
Current Liabilities | ||
Accounts payable | 2,009,924 | 2,372,302 |
Accrued expenses and other | 638,561 | 613,089 |
Current operating lease liabilities | 655,976 | 630,517 |
Accrued payroll and benefits | 279,710 | 588,772 |
Income taxes payable | 52,075 | 10,249 |
Total current liabilities | 3,636,246 | 4,214,929 |
Long-term debt | 2,456,510 | 2,452,325 |
Non-current operating lease liabilities | 2,593,961 | 2,539,297 |
Other long-term liabilities | 224,104 | 236,013 |
Deferred income taxes | 217,059 | 137,642 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Common stock, par value $.01 per share, Authorized 1,000,000,000 shares, issued and outstanding 342,753,000 and 351,720,000 and shares, respectively | 3,428 | 3,517 |
Additional paid-in capital | 1,820,249 | 1,717,530 |
Treasury stock | (584,750) | (535,895) |
Retained earnings | 3,049,656 | 2,874,898 |
Total stockholders’ equity | 4,288,583 | 4,060,050 |
Total liabilities and stockholders’ equity | $ 13,416,463 | $ 13,640,256 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 28, 2023 | Jan. 29, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 342,753,000 | 351,720,000 |
Common stock, shares outstanding (in shares) | 342,753,000 | 351,720,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Additional paid-in capital | Treasury stock | Retained earnings |
Beginning balance (in shares) at Feb. 01, 2020 | 356,775 | ||||
Beginning balance, value 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 earnings | 85,382 | 85,382 | |||
Common stock issued under stock plans, net of shares used for tax withholding (in shares) | 899 | ||||
Common stock issued under stock plans, net of shares used for tax withholding, value | (21,688) | $ 9 | 23,525 | (45,222) | |
Stock-based compensation | $ 101,568 | 101,568 | |||
Common stock repurchased (in shares) | (1,200) | (1,171) | |||
Common stock repurchased | $ (132,467) | $ (12) | (3,576) | (128,879) | |
Dividends declared | (101,404) | (101,404) | |||
Ending balance (in shares) at Jan. 30, 2021 | 356,503 | ||||
Ending balance, value at Jan. 30, 2021 | 3,290,640 | $ 3,565 | 1,579,824 | (478,550) | 2,185,801 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net earnings | 1,722,589 | 1,722,589 | |||
Common stock issued under stock plans, net of shares used for tax withholding (in shares) | 905 | ||||
Common stock issued under stock plans, net of shares used for tax withholding, value | (32,276) | $ 9 | 25,060 | (57,345) | |
Stock-based compensation | $ 134,217 | 134,217 | |||
Common stock repurchased (in shares) | (5,700) | (5,688) | |||
Common stock repurchased | $ (649,997) | $ (57) | (21,571) | (628,369) | |
Dividends declared | $ (405,123) | (405,123) | |||
Ending balance (in shares) at Jan. 29, 2022 | 351,720 | 351,720 | |||
Ending balance, value at Jan. 29, 2022 | $ 4,060,050 | $ 3,517 | 1,717,530 | (535,895) | 2,874,898 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net earnings | 1,512,041 | 1,512,041 | |||
Common stock issued under stock plans, net of shares used for tax withholding (in shares) | 1,343 | ||||
Common stock issued under stock plans, net of shares used for tax withholding, value | (24,153) | $ 14 | 24,688 | (48,855) | |
Stock-based compensation | $ 121,936 | 121,936 | |||
Common stock repurchased (in shares) | (10,300) | (10,310) | |||
Common stock repurchased | $ (949,996) | $ (103) | (43,905) | (905,988) | |
Dividends declared | $ (431,295) | (431,295) | |||
Ending balance (in shares) at Jan. 28, 2023 | 342,753 | 342,753 | |||
Ending balance, value at Jan. 28, 2023 | $ 4,288,583 | $ 3,428 | $ 1,820,249 | $ (584,750) | $ 3,049,656 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 1 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Mar. 31, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||||
Dividends declared per share (in dollars per share) | $ 0.310 | $ 0.310 | $ 0.310 | $ 0.310 | $ 0.285 | $ 0.285 | $ 0.285 | $ 0.285 | $ 0.285 | $ 1.240 | $ 1.140 | $ 0.285 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Cash Flows From Operating Activities | |||
Net earnings | $ 1,512,041 | $ 1,722,589 | $ 85,382 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 394,655 | 360,664 | 364,245 |
Loss on early extinguishment of debt | 0 | 0 | 239,953 |
Stock-based compensation | 121,936 | 134,217 | 101,568 |
Deferred income taxes | 79,417 | 15,775 | (27,812) |
Change in assets and liabilities: | |||
Merchandise inventory | 238,778 | (753,291) | 323,357 |
Other current assets | (39,487) | 1,420 | (39,406) |
Accounts payable | (365,262) | 135,311 | 938,837 |
Other current liabilities | (304,454) | 198,595 | 171,444 |
Income taxes | 33,876 | (44,579) | 39,806 |
Operating lease assets and liabilities, net | 9,261 | 7,647 | 13,669 |
Other long-term, net | 8,612 | (39,499) | 34,890 |
Net cash provided by operating activities | 1,689,373 | 1,738,849 | 2,245,933 |
Cash Flows From Investing Activities | |||
Additions to property and equipment | (654,070) | (557,840) | (405,433) |
Net cash used in investing activities | (654,070) | (557,840) | (405,433) |
Cash Flows From Financing Activities | |||
Issuance of common stock related to stock plans | 24,702 | 25,069 | 23,534 |
Treasury stock purchased | (48,855) | (57,345) | (45,222) |
Repurchase of common stock | (949,996) | (649,997) | (132,467) |
Dividends paid | (431,295) | (405,123) | (101,404) |
Net proceeds from issuance of short-term debt | 0 | 0 | 805,601 |
Payments of short-term debt | 0 | 0 | (805,601) |
Net proceeds from issuance of long-term debt | 0 | 0 | 2,965,115 |
Payments of long-term debt | 0 | (65,000) | (775,009) |
Payments of debt extinguishment and debt issuance costs | 0 | 0 | (232,688) |
Net cash (used in) provided by financing activities | (1,405,444) | (1,152,396) | 1,701,859 |
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents | (370,141) | 28,613 | 3,542,359 |
Cash and cash equivalents, and restricted cash and cash equivalents: | |||
Beginning of year | 4,982,382 | 4,953,769 | 1,411,410 |
End of year | 4,612,241 | 4,982,382 | 4,953,769 |
Supplemental Cash Flow Disclosures | |||
Interest paid | 80,316 | 84,331 | 72,471 |
Income taxes paid | $ 362,156 | $ 564,755 | $ 8,921 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business. Ross Stores, Inc. and its subsidiaries (the “Company”) is an off-price retailer of first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family. At the end of fiscal 2022, the Company operated 1,693 Ross Dress for Less ® (“Ross”) locations in 40 states, the District of Columbia, and Guam, and 322 dd’s DISCOUNTS ® stores in 21 states. The Ross and dd’s DISCOUNTS stores are supported by the Company’s headquarters, buying offices, and its network of distribution centers/warehouses. Basis of presentation and fiscal year. The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. Intercompany transactions and accounts have been eliminated. The Company follows the National Retail Federation fiscal calendar and utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest to January 31. The fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021 are referred to as fiscal 2022, fiscal 2021, and fiscal 2020, respectively, and were 52-week years. Use of accounting estimates. The preparation of consolidated financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“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 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, packaway and other inventory carrying costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, and legal claims. The uncertainties and potential impacts from macroeconomic factors, such as inflation, increase the challenge of making these estimates; actual results could differ materially from the Company’s estimates. Segment reporting. The Company has one reportable segment. The Company’s operations include only activities related to off-price retailing in stores throughout the United States. Cash and cash equivalents. Cash equivalents consist of highly liquid, fixed income instruments purchased with an original maturity of three months or less. The institutions where these instruments are held could potentially subject the Company to concentrations of credit risk. The Company manages its risk associated with these instruments by primarily holding its cash and cash equivalents across a highly diversified set of banks and other financial institutions. Restricted cash, cash equivalents, and investments. Restricted cash, cash equivalents, and investments serve as collateral for certain insurance obligations and has also served as collateral for certain trade payable 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 obligations. The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents in the Consolidated Balance Sheets that reconcile to the amounts shown on the Consolidated Statements of Cash Flows: ($000) 2022 2021 2020 Cash and cash equivalents $ 4,551,876 $ 4,922,365 $ 4,819,293 Restricted cash and cash equivalents included in: Prepaid expenses and other 12,677 11,403 85,711 Other long-term assets 47,688 48,614 48,765 Total restricted cash and cash equivalents 60,365 60,017 134,476 Total cash and cash equivalents, and restricted cash and cash equivalents $ 4,612,241 $ 4,982,382 $ 4,953,769 The Company had no restricted investments as of January 28, 2023, January 29, 2022, and January 30, 2021. Estimated fair value of financial instruments. 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. Refer to Note B: Fair Value Measurements and Note D: Debt for additional information. Cash and cash equivalents were $4.6 billion and $4.9 billion at January 28, 2023 and January 29, 2022, respectively, and include bank deposits and money market funds for which the fair value was determined using quoted prices for identical assets in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. Merchandise inventory. Merchandise inventory is stated at the lower of cost (determined using a weighted-average basis) or net realizable value. The Company purchases inventory that can either be shipped to stores or processed as packaway merchandise with the intent that it will be warehoused and released to stores at a later date. The timing of the release of packaway inventory to the stores is principally driven by the product mix, seasonality of the merchandise, and its relation to the Company’s store merchandise assortment plans. As such, the aging of packaway varies by merchandise category and seasonality of purchase, but typically packaway remains in storage less than six months. Merchandise inventory includes acquisition, transportation, processing, and storage costs related to packaway inventory. The cost of the Company’s merchandise inventory is reduced by valuation reserves for shortage based on historical shortage experience from the Company’s physical merchandise inventory counts and cycle counts. Cost of goods sold. In addition to product costs, the Company includes in cost of goods sold its buying, distribution, and freight expenses, as well as occupancy costs and depreciation and amortization related to the Company’s retail stores, buying, and distribution facilities. Buying expenses include costs to procure merchandise inventories. Distribution expenses include the cost of operating the Company’s distribution centers, warehouses, and cross-dock facilities. Property and equipment. Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset, typically ranging from three years to 12 years for equipment, 20 years to 40 years for land improvements and buildings, and three years to seven years for computer software costs incurred in developing or obtaining software for internal use. The cost of leasehold improvements is amortized over the useful life of the asset or the applicable lease term, whichever is less. Depreciation and amortization expense on property and equipment was $394.7 million, $360.7 million, and $364.2 million for fiscal 2022, 2021, and 2020, respectively. The Company capitalizes interest during the construction period of facilities and during the development and implementation phase of software projects. Interest capitalized was $5.7 million, $14.5 million, and $12.3 million in fiscal 2022, 2021, and 2020, respectively. As of January 28, 2023, January 29, 2022, and January 30, 2021, the Company had $71.0 million, $47.3 million, and $56.2 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment and in Accounts payable and Accrued expenses and other in the accompanying Consolidated Balance Sheets. Other long-term assets. Other long-term assets as of January 28, 2023 and January 29, 2022 consisted of the following: ($000) 2022 2021 Deferred compensation (Note G) $ 155,496 $ 163,891 Restricted cash and cash equivalents 47,688 48,614 Other 28,899 28,776 Total $ 232,083 $ 241,281 Impairment of long-lived assets. Property and other long-term assets that are subject to depreciation and amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on estimated undiscounted future cash flows. For stores that are closed, the Company records an impairment charge, if appropriate, or accelerates depreciation over the revised useful life of the asset. Intangible assets that are not subject to amortization, including goodwill, are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. No material impairment charges were recorded during fiscal 2022, 2021, and 2020. Accounts payable. Accounts payable represents amounts owed to third parties at the end of the period. Accounts payable includes book cash overdrafts (checks issued under zero balance accounts not yet presented for payment) in excess of cash balances in such accounts of approximately $110.6 million and $99.1 million at January 28, 2023 and January 29, 2022, respectively. The Company includes the change in book cash overdrafts in operating cash flows. Insurance obligations. The Company uses a combination of insurance and self-insurance for a number of risk management activities, including workers’ compensation, general liability, and employee-related health care benefits. The self-insurance and deductible liability is determined actuarially, based on claims filed and an estimate of claims incurred but not yet reported. Self-insurance and deductible reserves as of January 28, 2023 and January 29, 2022 consisted of the following: ($000) 2022 2021 Workers’ compensation $ 80,275 $ 83,771 General liability 48,754 45,589 Medical plans 9,650 7,660 Total $ 138,679 $ 137,020 Workers’ compensation and self-insured medical plan liabilities are included in Accrued payroll and benefits and accruals for general liability are included in Accrued expenses and other in the accompanying Consolidated Balance Sheets. Other long-term liabilities. Other long-term liabilities as of January 28, 2023 and January 29, 2022 consisted of the following: ($000) 2022 2021 Income taxes (Note F) $ 57,409 $ 65,359 Deferred compensation (Note G) 155,496 163,891 Other 11,199 6,763 Total $ 224,104 $ 236,013 Lease accounting. As the Company’s leases generally do not provide an implicit discount rate, the Company uses the estimated collateralized incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments for use in the calculation of the operating lease liabilities and right-of-use assets. This rate is determined using a portfolio approach based on the risk-adjusted rate of interest and requires estimates and assumptions including credit rating, credit spread, and adjustments for the impact of collateral. The Company believes that this is the rate it would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar lease term. Operating lease liabilities and corresponding right-of-use assets include options to extend lease terms that are reasonably certain of being exercised. The Company does not record a lease liability and corresponding right-of-use asset for leases with terms of 12 months or less and accounts for lease and non-lease components as a single lease component. The Company’s lease portfolio is comprised of operating leases with the lease cost recorded on a straight-line basis over the lease term. Refer to Note E: Leases for additional information. Revenue recognition. The Company recognizes revenue at the point of sale, net of sales taxes collected and an allowance for estimated future returns, as required by Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , or Accounting Standards Codification (“ASC”) 606. The Company recognizes allowances for estimated sales returns on a gross basis as a reduction to sales. The asset recorded for the expected recovery of merchandise inventory was $11.8 million , $10.5 million, and $10.7 million and the liability recorded for the refund due to the customer was $23.1 million , $20.3 million, and $21.2 million as of January 28, 2023, January 29, 2022, and January 30, 2021, respectively. Sales taxes collected that are outstanding and the allowance for estimated future returns are included in Accrued expenses and other and the asset for expected recovery of merchandise is included in Prepaid expenses and other in the Consolidated Balance Sheets. Sales of stored value cards are deferred until they are redeemed for the purchase of Company merchandise. The Company’s stored value cards do not have expiration dates. Based upon historical redemption rates, a small percentage of stored value cards will never be redeemed, which represents breakage. Breakage is estimated and recognized as revenue based upon the historical pattern of customer redemptions. Breakage was not material to the consolidated financial statements in fiscal 2022, 2021, and 2020. The following sales mix table disaggregates revenue by merchandise category for fiscal 2022, 2021, and 2020: 2022 1 2021 2020 Home Accents and Bed and Bath 26 % 26 % 28 % Ladies 24 % 25 % 23 % Men’s 15 % 14 % 14 % Accessories, Lingerie, Fine Jewelry, and Cosmetics 14 % 14 % 14 % Shoes 12 % 12 % 12 % Children’s 9 % 9 % 9 % Total 100 % 100 % 100 % Store pre-opening. Store pre-opening costs are expensed in the period incurred. Advertising. Advertising costs are expensed in the period incurred and are included in Selling, general and administrative expenses. Advertising costs for fiscal 2022, 2021, and 2020 were $66.5 million, $65.1 million, and $42.5 million, respectively. Stock-based compensation. The Company recognizes compensation expense based upon the grant date fair value of all stock-based awards, typically over the vesting period. Refer to Note C: Stock-Based Compensation, for more information on the Company’s stock-based compensation plans. Taxes on earnings. The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes , which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than changes in the tax law or tax rates. ASC 740 clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company’s consolidated financial statements. ASC 740 prescribes a recognition threshold of more-likely-than-not and a measurement standard for all tax positions taken or expected to be taken on a tax return in order for those tax positions to be recognized in the consolidated financial statements. Refer to Note F: Taxes on Earnings for additional information. Treasury stock. The Company records treasury stock at cost. Treasury stock includes shares purchased from employees for tax withholding purposes related to vesting of restricted stock grants. Earnings per share (“EPS”). The Company computes and reports both basic 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 and unvested shares of both performance and non-performance based awards of restricted stock and restricted stock units. For periods of net loss, basic and diluted EPS are the same as the effect of the assumed vesting of restricted stock, restricted stock units, and performance share awards are anti-dilutive. In fiscal 2022, 2021, and 2020 there were 11,100, 3,500, and 79,500 weighted-average shares, respectively, that were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for those years. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: Shares in (000s) Basic EPS Effect of dilutive Diluted 2022 Shares 343,452 1,770 345,222 Amount $ 4.40 $ (0.02) $ 4.38 2021 Shares 351,496 2,238 353,734 Amount $ 4.90 $ (0.03) $ 4.87 2020 Shares 352,392 2,227 354,619 Amount $ 0.24 $ — $ 0.24 Recently issued accounting standards. In September 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , to enhance transparency about an entity’s use of supplier finance programs. The ASU requires enhanced and additional disclosures about the key terms of supplier finance programs including a description of where in the financial statements any related amounts are presented. The initial guidance in the ASU will be effective for the Company for interim and annual reporting periods beginning after December 15, 2022, with early adoption permitted. The Company will begin adopting ASU 2022-04 as required at the beginning of fiscal 2023 and does not expect the adoption of this standard will have a material impact on the Company’s financial statement disclosures. Recently adopted accounting standards. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, to increase the transparency of the effects of government assistance, including disclosure of the types of assistance an entity receives, an entity’s method of accounting for government assistance, and the effect of government assistance on an entity’s financial statements. The Company adopted ASU 2021-10 on a prospective basis as of January 28, 2023. The adoption of ASU 2021-10 did not have a material impact on the Company’s disclosures as of January 28, 2023. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (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 fiscal 2020 results. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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. The fair value of the Company’s financial instruments as of January 28, 2023 and January 29, 2022 are as follows: ($000) 2022 2021 Cash and cash equivalents (Level 1) $ 4,551,876 $ 4,922,365 Restricted cash and cash equivalents (Level 1) $ 60,365 $ 60,017 The underlying assets in the Company’s nonqualified deferred compensation program as of January 28, 2023 and January 29, 2022 (included in Other long-term assets and Other long-term liabilities) primarily consist of participant-directed money market, st ock, and bond funds. The fair value measurement for funds with quoted market prices in active markets (Level 1) are as follows: ($000) 2022 2021 Level 1 $ 155,496 $ 163,891 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 28, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation For fiscal 2022, 2021, and 2020, the Company recognized stock-based compensation expense as follows: ($000) 2022 2021 2020 Restricted stock $ 85,092 $ 72,210 $ 66,908 Performance awards 32,484 57,582 30,506 Employee stock purchase plan (“ESPP”) 4,360 4,425 4,154 Total $ 121,936 $ 134,217 $ 101,568 Capitalized stock-based compensation cost was not significant in any year. At January 28, 2023, the Company had one active stock-based compensation plan (further described in Note H: Stockholders’ Equity). The Company recognizes expense for ESPP purchase rights equal to the value of the 15% discount given on the purchase date. Total stock-based compensation recognized in the Company’s Consolidated Statements of Earnings for fiscal 2022, 2021, and 2020 is as follows: Statements of Earnings Classification ($000) 2022 2021 2020 Cost of goods sold $ 67,141 $ 66,500 $ 52,267 Selling, general and administrative 54,795 67,717 49,301 Total $ 121,936 $ 134,217 $ 101,568 The tax benefits related to stock-based compensation expense for fiscal 2022, 2021, and 2020 |
Debt
Debt | 12 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt. Unsecured senior debt (the “Senior Notes”), net of unamortized discounts and debt issuance costs, as of January 28, 2023 and January 29, 2022 consisted of the following: ($000) 2022 2021 3.375% Senior Notes due 2024 249,257 248,808 4.600% Senior Notes due 2025 697,161 695,888 0.875% Senior Notes due 2026 496,038 494,814 4.700% Senior Notes due 2027 239,899 239,470 4.800% Senior Notes due 2030 132,602 132,431 1.875% Senior Notes due 2031 495,254 494,691 5.450% Senior Notes due 2050 146,299 146,223 Total long-term debt $ 2,456,510 $ 2,452,325 Interest on all Senior Notes is payable semi-annually in April and October and all Senior Notes are subject to prepayment penalties for early payment of principal. As of January 28, 2023 and January 29, 2022, total unamortized discount and debt issuance costs were $18.5 million and $22.7 million, respectively, and were classified as a reduction of long-term debt. As of January 28, 2023 and January 29, 2022, the aggregate fair value of the seven outstanding series of Senior Notes was approximately $2.3 billion and $2.6 billion, 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 following table shows scheduled annual principal payments on long-term debt: ($000) 2024 $ 250,000 2025 $ 700,000 2026 $ 500,000 2027 $ 241,786 Thereafter $ 783,205 The table below shows the components of interest expense and income for fiscal 2022, 2021, and 2020: ($000) 2022 2021 2020 Interest expense on long-term debt $ 84,558 $ 88,286 $ 88,544 Interest expense on short-term debt — — 7,863 Other interest expense 1,668 1,351 3,908 Capitalized interest (5,678) (14,476) (12,251) Interest income (77,706) (833) (4,651) Interest expense, net $ 2,842 $ 74,328 $ 83,413 Revolving credit facilities. In February 2022 (the “Effective Date”), the Company entered into a new, $1.3 billion senior unsecured revolving Credit Agreement (the “2022 Credit Facility”). The 2022 Credit Facility replaced the Company’s previous $800 million unsecured revolving credit facility, which was entered into in July 2019 (the “Prior Credit Facility”). The 2022 Credit Facility expires in February 2027 and may be extended at the Company’s option for up to two additional one year periods subject to customary conditions. The new facility contains a $300 million sublimit for issuance of standby letters of credit. It also contains an option allowing the Company to increase the size of its credit facility by up to an additional $700 million, with the agreement of the committing lenders. The interest rate on borrowings under the 2022 Credit Facility is a term rate based on the Secured Overnight Financing Rate (“Term SOFR”) (or an alternate benchmark rate, if Term SOFR is no longer available) plus an applicable margin and is payable quarterly and upon maturity. The 2022 Credit Facility is subject to a quarterly Consolidated Adjusted Debt to Consolidated EBITDAR financial leverage ratio covenant. As of January 28, 2023, the Company was in compliance with this financial covenant. As of January 28, 2023 , the Company had no borrowings or standby letters of credit outstanding under the 2022 Credit Facility and the $1.3 billion credit facility remained in place and available. In March 2020, the Company borrowed $800 million, available under its Prior Credit Facility. Interest on the loan was based on LIBOR plus 0.875% (or 1.76%). In October 2020, the Company repaid in full the amount it had borrowed under the Prior Credit Facility. Standby letters of credit and collateral trust. The Company uses standby letters of credit outside of its revolving credit facility in addition to a funded trust to collateralize some of its insurance obligations. The Company has also used standby letters of credit outside of its revolving credit facility to collateralize some of its trade payable obligations. As of January 28, 2023 and January 29, 2022, the Company had $2.6 million and $3.3 million, respectively, in standby letters of credit and $57.8 million and $56.7 million, respectively, in a collateral trust. The standby letters of credit are collateralized by restricted cash and the collateral trust consists of restricted cash, cash equivalents, and investments. Trade letters of credit. The Company had $7.6 million and $19.3 million in trade letters of credit outstanding at January 28, 2023 and January 29, 2022, respectively. |
Leases
Leases | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company currently leases its store locations with original, non-cancelable terms that in general range from three years to ten years. Store leases typically contain provisions for three to four renewal options of five years each. The exercise of lease renewal options is at the sole discretion of the Company. Most store leases also provide for minimum annual rentals and for payment of variable lease costs. In addition, some store leases also have provisions for additional rent based on a percentage of sales (“percentage rent”) and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual guarantees or material restrictive covenants. The Company does not have any financing leases. The Company leases certain d istribution/warehouse facilities with expiration dates ranging from 2023 to 2029 and the majority contain renewal provisions. The Company also leases office space for its Los Angeles and Boston buying offices. The lease terms for these facilities expire in 2027 and 2024, respectively. The Los Angeles buying office facility contains renewal provisions. I n addition, the Company has a ground lease related to its New York buying office. The following table presents net operating lease cost included in the Consolidated Statement of Earnings for fiscal 2022, 2021, and 2020: ($000) 2022 2021 2020 Operating lease cost 1 $ 721,340 $ 687,187 $ 669,339 Variable lease costs 2 206,262 194,112 172,036 Net lease cost 3 $ 927,602 $ 881,299 $ 841,375 1 Net of sublease income which was immaterial. 2 Includes property and rent taxes, insurance, common area maintenance, percentage rent, and rent abatements negotiated due to the COVID-19 pandemic. 3 Excludes short-term lease costs which were immaterial. The maturity of operating lease liabilities, including the ground lease related to the New York buying office as of January 28, 2023, are as follows: ($000) Operating Leases 1 2023 $ 692,539 2024 696,514 2025 591,229 2026 476,484 2027 365,013 Thereafter 1,592,842 Total lease payments $ 4,414,621 Less: interest 1,164,684 Present value of lease liabilities $ 3,249,937 Less: current operating lease liabilities 655,976 Non-current operating lease liabilities $ 2,593,961 1 Operating leases exclude $275.8 million of minimum lease payments for leases signed that have not yet commenced. The weighted-average remaining lease term and the weighted-average discount rate for operating leases as of January 28, 2023 and January 29, 2022 are as follows: 2022 2021 Weighted-average remaining lease term (years): Including the long-term ground lease related to the New York buying office 10.0 10.2 Excluding the long-term ground lease related to the New York buying office 5.5 5.6 Weighted-average discount rate: Including the long-term ground lease related to the New York buying office 3.5 % 3.2 % Excluding the long-term ground lease related to the New York buying office 3.1 % 2.8 % The following table presents cash paid for amounts included in the measurement of operating lease liabilities and operating lease assets obtained in exchange for operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) for fiscal 2022, 2021, and 2020: ($000) 2022 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 701,478 $ 745,110 $ 554,620 Operating lease assets obtained in exchange for operating lease liabilities $ 705,220 $ 545,401 $ 610,552 |
Taxes on Earnings
Taxes on Earnings | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxes on Earnings | Taxes on Earnings The provision for income taxes consisted of the following: ($000) 2022 2021 2020 Current Federal $ 338,479 $ 442,152 $ 44,164 State 57,552 78,024 4,563 396,031 520,176 48,727 Deferred Federal 74,062 21,103 (27,487) State 5,355 (5,328) (325) 79,417 15,775 (27,812) Total $ 475,448 $ 535,951 $ 20,915 The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory federal income tax rate. The differences are reconciled below: 2022 2021 2020 Federal income taxes at the statutory rate 21.0 % 21.0 % 21.0 % State income taxes (net of federal benefit) 3.2 % 3.2 % 4.1 % Hiring tax credits (0.5) % (0.5) % (5.4) % Other, net 0.2 % — % — % Total 23.9 % 23.7 % 19.7 % The components of deferred taxes at January 28, 2023 and January 29, 2022 are as follows: ($000) 2022 2021 Deferred Tax Assets Accrued liabilities $ 31,303 $ 34,211 Deferred compensation 40,201 38,685 Stock-based compensation 46,139 45,840 State taxes and credits 15,755 18,501 Employee benefits 24,715 28,430 Operating lease liabilities 820,219 801,186 Other 7,976 9,632 Gross Deferred Tax Assets 986,308 976,485 Less: Valuation allowance — (1,931) Deferred Tax Assets 986,308 974,554 Deferred Tax Liabilities Depreciation and amortization (372,497) (293,065) Merchandise inventory (24,493) (27,699) Supplies (13,239) (12,280) Operating lease assets (781,277) (764,557) Other (11,861) (14,595) Deferred Tax Liabilities (1,203,367) (1,112,196) Net Deferred Tax Liabilities $ (217,059) $ (137,642) At the end of fiscal 2022 and 2021, the Company’s state tax credit carryforwards for income tax purposes were approximately $10.0 million and $12.0 million, respectively. The state tax credit carryforwards will begin to expire in fiscal 2023. The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2022, 2021, and 2020 are as follows: ($000) 2022 2021 2020 Unrecognized tax benefits - beginning of year $ 60,547 $ 60,240 $ 59,887 Gross increases: Tax positions in current period 10,132 10,381 12,310 Tax positions in prior period 672 1,494 2,860 Gross decreases: Tax positions in prior periods (6,808) (1,795) (2,624) Lapse of statutes of limitations (9,989) (9,757) (9,861) Settlements (1,010) (16) (2,332) Unrecognized tax benefits - end of year $ 53,544 $ 60,547 $ 60,240 At the end of fiscal 2022, 2021, and 2020, the reserves for unrecognized tax benefits were $60.6 million, $68.1 million, and $67.9 million inclusive of $7.1 million, $7.6 million, and $7.7 million of related reserves for 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, $48.7 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 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 by up to $13.5 million. The Company is open to audit by the Internal Revenue Service under the statute of limitations for fiscal years 2019 through 2022. The Company’s state income tax returns are generally open to audit under the various statutes of limitations for fiscal years 2018 through 2022. Certain 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. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 28, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company has a defined contribution plan that is available to certain employees. Under the plan, employee and Company contributions and accumulated plan earnings qualify for favorable tax treatment under Section 401(k) of the Internal Revenue Code. This plan permits employees to make contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches up to 4% of the employee’s salary up to the plan limits. Company matching contributions to the 401(k) plan were $24.8 million, $23.6 million, and $20.8 million in fiscal 2022, 2021, and 2020, respectively. The Company also makes available to management a Nonqualified Deferred Compensation Plan which allows management to make payroll contributions on a pre-tax basis in addition to the 401(k) plan. Other long-term assets include $155.5 million and $163.9 million at January 28, 2023 and January 29, 2022, respectively, of long-term plan investments, at market value, set aside or designated for the Nonqualified Deferred Compensation Plan. Refer to Note B: Fair Value Measurements for additional information. Plan investments are designated by the participants, and investment returns are not guaranteed by the Company. The Company has a corresponding liability to participants of $155.5 million and $163.9 million at January 28, 2023 and January 29, 2022, respectively, included in Other long-term liabilities in the Consolidated Balance Sheets. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 28, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common stock. In March 2019, the Company’s Board of Directors approved a two-year $2.55 billion stock repurchase program through fiscal 2020. Due to the economic uncertainty stemming from the severe impact of the COVID-19 pandemic, the Company suspended its stock repurchase program as of March 2020, at which time the Company had repurchased $1.407 billion under the $2.55 billion stock repurchase program. In May 2021, the Company’s Board of Directors authorized a program to repurchase up to $1.5 billion of the Company’s common stock through fiscal 2022. In March 2022, the Company ’ s Board of Directors approved a new two-year program to repurchase up to $1.9 billion of the Company ’ s common stock through fiscal 2023. This new program replaced the previous $1.5 billion stock repurchase program, effective at the end of fiscal 2021 (at which time the Company had repurchased $650 million under the $1.5 billion program). The following table summarizes the Company’s stock repurchase activity in fiscal 2022, 2021, and 2020: Fiscal Year Shares repurchased Average repurchase Repurchased 2022 10.3 $92.15 $950 2021 5.7 $114.29 $650 2020 1.2 $113.10 $132 Preferred stock. The Company has 4.0 million shares of preferred stock authorized, with a par value of $.01 per share. No preferred stock is issued or outstanding. Dividends. On February 28, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.335 per common share, payable on March 31, 2023. The Company’s Board of Directors declared cash dividends of $0.310 per common share in March, May, August, and November 2022. The Company’s Board of Directors declared cash dividends of $0.285 per common share in March, May, August, and November 2021. The Company’s Board of Directors declared a cash dividend of $0.285 per common share in March 2020. In May 2020, the Company temporarily suspended its quarterly dividends due to the economic uncertainty stemming from the COVID-19 pandemic. During fiscal 2022, 2021, and 2020, the Company paid dividends of $431.3 million, $405.1 million, and $101.4 million, respectively. 2017 Equity Incentive Plan. On May 17, 2017, the Company’s stockholders approved the Ross Stores, Inc. 2017 Equity Incentive Plan (the “2017 Plan”) which replaced the Company’s 2008 Equity Incentive Plan (“Predecessor Plan”). The 2017 Plan, which was authorized to issue a maximum of 12.0 million shares, was immediately effective upon approval and no further awards were granted under the Predecessor Plan, which was terminated. The 2017 Plan has an initial share reserve of 12.0 million shares of the Company’s common stock which can be increased by a maximum of 5.5 million shares from certain expired, withheld, or forfeited shares from the 2017 Plan or the Predecessor Plan. The 2017 Plan provides for various types of incentive awards, which may potentially include the grant of stock options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses, restricted stock units, performance shares, performance units, and deferred compensation awards. As of January 28, 2023, there were 8.9 million shares available for grant under the 2017 Plan. A summary of restricted stock and performance share award activity for fiscal 2022 is presented below: Number of Weighted-average Unvested at January 29, 2022 4,378 $ 99.58 Awarded 1,535 89.40 Released (1,340) 90.96 Forfeited (630) 91.38 Unvested at January 28, 2023 3,943 $ 99.69 All unvested shares at January 28, 2023 are only subject to service vesting conditions. The market value of shares of restricted stock and performance shares at the date of grant is amortized to expense over the vesting period of generally three to five years. The unamortized compensation expense at January 28, 2023 and January 29, 2022 was $183.2 million and $181.8 million, respectively, which is expected to be recognized over a weighted-average remaining period of 1.8 years for both years. Intrinsic value for unvested restricted stock, defined as the closing market value per share on the last business day of fiscal year 2022 (or $119.48), applied to the unvested shares was $471.1 million. A total of 8.9 million, 9.3 million, and 10.2 million shares were available for new restricted stock awards at the end of fiscal 2022, 2021, and 2020, respectively. During fiscal 2022, 2021, and 2020, shares purchased by the Company for tax withholding totaled 0.5 million shares in each year and are considered treasury shares which are available for reissuance. As of January 28, 2023 and January 29, 2022, the Company held 15.3 million and 14.8 million shares of treasury stock, respectively. 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 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 three years from the date the performance award was granted. Employee Stock Purchase Plan. Under the Employee Stock Purchase Plan, 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. During fiscal 2022, 2021, and 2020, employees purchased approximately 0.3 million shares in each year of the Company’s common stock under the plan at weighted-average per share prices of $74.54, $99.07, and $81.45, respectively. Through January 28, 2023, approximately 41.0 million shares had been issued under this plan and 3.9 million shares remained available for future issuance. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 28, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Norman Ferber was considered a related party in fiscal 2021 and 2020 while serving as a member of the Board of Directors. Mr. Ferber completed his service on the Board of Directors during fiscal 2021 and is no longer considered a related party for fiscal 2022. The Company paid Mr. Ferber $1.8 million and $2.1 million in fiscal 2021 and 2020, respectively, in consulting fees for his additional role as a strategic advisor. Under the terms of Mr. Ferber ’ s consulting agreement in effect during fiscal 2021 and 2020, he was paid an annual fee of $2.3 million from May 31, 2020 through May 31, 2021 and $1.6 million from June 1, 2021 through May 31, 2022. In addition, the consulting agreement provides for administrative support and health and other benefits for Mr. Ferber and his dependents, which totaled approximately $0.4 million in both fiscal 2021 and 2020, along with amounts to cover premiums through May 2022 on a life insurance policy with a death benefit of $2.0 million. On termination of Mr. Ferber’s consultancy with the Company, the Company will pay Mr. Ferber $75,000 per year for a period of 10 years. Mr. Ferber’s son, Robert Ferber, is a Vice President, Divisional Merchandise Manager with the Company. The Company paid Robert Ferber compensation including salary and bonus of approximately $254,000 and $248,000 in fiscal 2021 and 2020, respectively. |
Litigation, Claims, and Assessm
Litigation, Claims, and Assessments | 12 Months Ended |
Jan. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Claims, and Assessments | Litigation, Claims, and Assessments Like many retailers, the Company has been named in class/representative action lawsuits, primarily in California, alleging violations by the Company of wage and hour laws and consumer protection laws. Class/representative action litigation remains pending as of January 28, 2023. 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 currently 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Business | Business. Ross Stores, Inc. and its subsidiaries (the “Company”) is an off-price retailer of first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family. At the end of fiscal 2022, the Company operated 1,693 Ross Dress for Less ® (“Ross”) locations in 40 states, the District of Columbia, and Guam, and 322 dd’s DISCOUNTS ® |
Basis of presentation | Basis of presentation and fiscal year. |
Fiscal year | The Company follows the National Retail Federation fiscal calendar and utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest to January 31. The fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021 are referred to as fiscal 2022, fiscal 2021, and fiscal 2020, respectively, and were 52-week years. |
Use of accounting estimates | Use of accounting estimates. The preparation of consolidated financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“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 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, packaway and other inventory carrying costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, and legal claims. The uncertainties and potential impacts from macroeconomic factors, such as inflation, increase the challenge of making these estimates; actual results could differ materially from the Company’s estimates. |
Segment reporting | Segment reporting. The Company has one reportable segment. The Company’s operations include only activities related to off-price retailing in stores throughout the United States. |
Cash and cash equivalents | Cash and cash equivalents. Cash equivalents consist of highly liquid, fixed income instruments purchased with an original maturity of three months or less. The institutions where these instruments are held could potentially subject the Company to concentrations of credit risk. The Company manages its risk associated with these instruments by primarily holding its cash and cash equivalents across a highly diversified set of banks and other financial institutions. |
Restricted cash, cash equivalents, and investments | Restricted cash, cash equivalents, and investments. Restricted cash, cash equivalents, and investments serve as collateral for certain insurance obligations and has also served as collateral for certain trade payable 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 obligations. |
Estimated fair value of financial instruments | Estimated fair value of financial instruments. 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. Refer to Note B: Fair Value Measurements and Note D: Debt for additional information. Cash and cash equivalents were $4.6 billion and $4.9 billion at January 28, 2023 and January 29, 2022, respectively, and include bank deposits and money market funds for which the fair value was determined using quoted prices for identical assets in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. |
Merchandise inventory | Merchandise inventory. Merchandise inventory is stated at the lower of cost (determined using a weighted-average basis) or net realizable value. The Company purchases inventory that can either be shipped to stores or processed as packaway merchandise with the intent that it will be warehoused and released to stores at a later date. The timing of the release of packaway inventory to the stores is principally driven by the product mix, seasonality of the merchandise, and its relation to the Company’s store merchandise assortment plans. As such, the aging of packaway varies by merchandise category and seasonality of purchase, but typically packaway remains in storage less than six months. Merchandise inventory includes acquisition, transportation, processing, and storage costs related to packaway inventory. The cost of the Company’s merchandise inventory is reduced by valuation reserves for shortage based on historical shortage experience from the Company’s physical merchandise inventory counts and cycle counts. |
Cost of goods sold and Revenue recognition | Cost of goods sold. In addition to product costs, the Company includes in cost of goods sold its buying, distribution, and freight expenses, as well as occupancy costs and depreciation and amortization related to the Company’s retail stores, buying, and distribution facilities. Buying expenses include costs to procure merchandise inventories. Distribution expenses include the cost of operating the Company’s distribution centers, warehouses, and cross-dock facilities. Revenue recognition. The Company recognizes revenue at the point of sale, net of sales taxes collected and an allowance for estimated future returns, as required by Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , or Accounting Standards Codification (“ASC”) 606. The Company recognizes allowances for estimated sales returns on a gross basis as a reduction to sales. The asset recorded for the expected recovery of merchandise inventory was $11.8 million , $10.5 million, and $10.7 million and the liability recorded for the refund due to the customer was $23.1 million , $20.3 million, and $21.2 million as of January 28, 2023, January 29, 2022, and January 30, 2021, respectively. Sales taxes collected that are outstanding and the allowance for estimated future returns are included in Accrued expenses and other and the asset for expected recovery of merchandise is included in Prepaid expenses and other in the Consolidated Balance Sheets. |
Property and equipment | Property and equipment. Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset, typically ranging from three years to 12 years for equipment, 20 years to 40 years for land improvements and buildings, and three years to seven years |
Impairment of long-lived assets | Impairment of long-lived assets. Property and other long-term assets that are subject to depreciation and amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on estimated undiscounted future cash flows. For stores that are closed, the Company records an impairment charge, if appropriate, or accelerates depreciation over the revised useful life of the asset. Intangible assets that are not subject to amortization, including goodwill, are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. |
Accounts payable | Accounts payable. Accounts payable represents amounts owed to third parties at the end of the period. Accounts payable includes book cash overdrafts (checks issued under zero balance accounts not yet presented for payment) in excess of cash balances in such accounts of approximately $110.6 million and $99.1 million at January 28, 2023 and January 29, 2022, respectively. The Company includes the change in book cash overdrafts in operating cash flows. |
Insurance obligations | Insurance obligations. |
Lease accounting | Lease accounting. As the Company’s leases generally do not provide an implicit discount rate, the Company uses the estimated collateralized incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments for use in the calculation of the operating lease liabilities and right-of-use assets. This rate is determined using a portfolio approach based on the risk-adjusted rate of interest and requires estimates and assumptions including credit rating, credit spread, and adjustments for the impact of collateral. The Company believes that this is the rate it would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar lease term. Operating lease liabilities and corresponding right-of-use assets include options to extend lease terms that are reasonably certain of being exercised. The Company does not record a lease liability and corresponding right-of-use asset for leases with terms of 12 months or less and accounts for lease and non-lease components as a single lease component. The Company’s lease portfolio is comprised of operating leases with the lease cost recorded on a straight-line basis over the lease term. Refer to Note E: Leases for additional information. |
Store pre-opening | Store pre-opening. Store pre-opening costs are expensed in the period incurred. |
Advertising | Advertising. |
Stock-based compensation | Stock-based compensation. |
Taxes on earnings | Taxes on earnings. The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes |
Treasury stock | Treasury stock. The Company records treasury stock at cost. Treasury stock includes shares purchased from employees for tax withholding purposes related to vesting of restricted stock grants. |
Earnings per share ("EPS") | Earnings per share (“EPS”). The Company computes and reports both basic 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 and unvested shares of both performance and non-performance based awards of restricted stock and restricted stock units. For periods of net loss, basic and diluted EPS are the same as the effect of the assumed vesting of restricted stock, restricted stock units, and performance share awards are anti-dilutive. |
Recently issued and Recently adopted accounting standards | Recently issued accounting standards. In September 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , to enhance transparency about an entity’s use of supplier finance programs. The ASU requires enhanced and additional disclosures about the key terms of supplier finance programs including a description of where in the financial statements any related amounts are presented. The initial guidance in the ASU will be effective for the Company for interim and annual reporting periods beginning after December 15, 2022, with early adoption permitted. The Company will begin adopting ASU 2022-04 as required at the beginning of fiscal 2023 and does not expect the adoption of this standard will have a material impact on the Company’s financial statement disclosures. Recently adopted accounting standards. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, to increase the transparency of the effects of government assistance, including disclosure of the types of assistance an entity receives, an entity’s method of accounting for government assistance, and the effect of government assistance on an entity’s financial statements. The Company adopted ASU 2021-10 on a prospective basis as of January 28, 2023. The adoption of ASU 2021-10 did not have a material impact on the Company’s disclosures as of January 28, 2023. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (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 fiscal 2020 results. |
Fair value measurement | 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Restricted Cash Reconciliation | The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents in the Consolidated Balance Sheets that reconcile to the amounts shown on the Consolidated Statements of Cash Flows: ($000) 2022 2021 2020 Cash and cash equivalents $ 4,551,876 $ 4,922,365 $ 4,819,293 Restricted cash and cash equivalents included in: Prepaid expenses and other 12,677 11,403 85,711 Other long-term assets 47,688 48,614 48,765 Total restricted cash and cash equivalents 60,365 60,017 134,476 Total cash and cash equivalents, and restricted cash and cash equivalents $ 4,612,241 $ 4,982,382 $ 4,953,769 |
Schedule of Other Long-Term Assets | Other long-term assets as of January 28, 2023 and January 29, 2022 consisted of the following: ($000) 2022 2021 Deferred compensation (Note G) $ 155,496 $ 163,891 Restricted cash and cash equivalents 47,688 48,614 Other 28,899 28,776 Total $ 232,083 $ 241,281 |
Summary of Insurance Obligations | Self-insurance and deductible reserves as of January 28, 2023 and January 29, 2022 consisted of the following: ($000) 2022 2021 Workers’ compensation $ 80,275 $ 83,771 General liability 48,754 45,589 Medical plans 9,650 7,660 Total $ 138,679 $ 137,020 |
Schedule of Other Long-Term Liabilities | Other long-term liabilities as of January 28, 2023 and January 29, 2022 consisted of the following: ($000) 2022 2021 Income taxes (Note F) $ 57,409 $ 65,359 Deferred compensation (Note G) 155,496 163,891 Other 11,199 6,763 Total $ 224,104 $ 236,013 |
Schedule of Disaggregation of Revenue | The following sales mix table disaggregates revenue by merchandise category for fiscal 2022, 2021, and 2020: 2022 1 2021 2020 Home Accents and Bed and Bath 26 % 26 % 28 % Ladies 24 % 25 % 23 % Men’s 15 % 14 % 14 % Accessories, Lingerie, Fine Jewelry, and Cosmetics 14 % 14 % 14 % Shoes 12 % 12 % 12 % Children’s 9 % 9 % 9 % Total 100 % 100 % 100 % |
Schedule of Basic and Diluted EPS | The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: Shares in (000s) Basic EPS Effect of dilutive Diluted 2022 Shares 343,452 1,770 345,222 Amount $ 4.40 $ (0.02) $ 4.38 2021 Shares 351,496 2,238 353,734 Amount $ 4.90 $ (0.03) $ 4.87 2020 Shares 352,392 2,227 354,619 Amount $ 0.24 $ — $ 0.24 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | The fair value of the Company’s financial instruments as of January 28, 2023 and January 29, 2022 are as follows: ($000) 2022 2021 Cash and cash equivalents (Level 1) $ 4,551,876 $ 4,922,365 Restricted cash and cash equivalents (Level 1) $ 60,365 $ 60,017 |
Schedule of Fair Value of Assets and Liabilities | The fair value measurement for funds with quoted market prices in active markets (Level 1) are as follows: ($000) 2022 2021 Level 1 $ 155,496 $ 163,891 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Recognized Stock-Based Compensation | For fiscal 2022, 2021, and 2020, the Company recognized stock-based compensation expense as follows: ($000) 2022 2021 2020 Restricted stock $ 85,092 $ 72,210 $ 66,908 Performance awards 32,484 57,582 30,506 Employee stock purchase plan (“ESPP”) 4,360 4,425 4,154 Total $ 121,936 $ 134,217 $ 101,568 |
Schedule of Stock-Based Compensation Recognized in the Consolidated Statements of Earnings | Total stock-based compensation recognized in the Company’s Consolidated Statements of Earnings for fiscal 2022, 2021, and 2020 is as follows: Statements of Earnings Classification ($000) 2022 2021 2020 Cost of goods sold $ 67,141 $ 66,500 $ 52,267 Selling, general and administrative 54,795 67,717 49,301 Total $ 121,936 $ 134,217 $ 101,568 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Unsecured senior debt (the “Senior Notes”), net of unamortized discounts and debt issuance costs, as of January 28, 2023 and January 29, 2022 consisted of the following: ($000) 2022 2021 3.375% Senior Notes due 2024 249,257 248,808 4.600% Senior Notes due 2025 697,161 695,888 0.875% Senior Notes due 2026 496,038 494,814 4.700% Senior Notes due 2027 239,899 239,470 4.800% Senior Notes due 2030 132,602 132,431 1.875% Senior Notes due 2031 495,254 494,691 5.450% Senior Notes due 2050 146,299 146,223 Total long-term debt $ 2,456,510 $ 2,452,325 |
Schedule of Annual Principal Payments of Long-term Debt | The following table shows scheduled annual principal payments on long-term debt: ($000) 2024 $ 250,000 2025 $ 700,000 2026 $ 500,000 2027 $ 241,786 Thereafter $ 783,205 |
Schedule of Components of Interest Expense and Income | The table below shows the components of interest expense and income for fiscal 2022, 2021, and 2020: ($000) 2022 2021 2020 Interest expense on long-term debt $ 84,558 $ 88,286 $ 88,544 Interest expense on short-term debt — — 7,863 Other interest expense 1,668 1,351 3,908 Capitalized interest (5,678) (14,476) (12,251) Interest income (77,706) (833) (4,651) Interest expense, net $ 2,842 $ 74,328 $ 83,413 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Schedule of Net Operating Lease Costs | The following table presents net operating lease cost included in the Consolidated Statement of Earnings for fiscal 2022, 2021, and 2020: ($000) 2022 2021 2020 Operating lease cost 1 $ 721,340 $ 687,187 $ 669,339 Variable lease costs 2 206,262 194,112 172,036 Net lease cost 3 $ 927,602 $ 881,299 $ 841,375 1 Net of sublease income which was immaterial. 2 Includes property and rent taxes, insurance, common area maintenance, percentage rent, and rent abatements negotiated due to the COVID-19 pandemic. 3 Excludes short-term lease costs which were immaterial. |
Schedule of Maturities of Operating Lease Liabilities | The maturity of operating lease liabilities, including the ground lease related to the New York buying office as of January 28, 2023, are as follows: ($000) Operating Leases 1 2023 $ 692,539 2024 696,514 2025 591,229 2026 476,484 2027 365,013 Thereafter 1,592,842 Total lease payments $ 4,414,621 Less: interest 1,164,684 Present value of lease liabilities $ 3,249,937 Less: current operating lease liabilities 655,976 Non-current operating lease liabilities $ 2,593,961 1 Operating leases exclude $275.8 million of minimum lease payments for leases signed that have not yet commenced. |
Schedule of Lease Term, Discount Rate, and Assets and Liabilities Obtained in Exchange for New Operating Lease Liabilities | The weighted-average remaining lease term and the weighted-average discount rate for operating leases as of January 28, 2023 and January 29, 2022 are as follows: 2022 2021 Weighted-average remaining lease term (years): Including the long-term ground lease related to the New York buying office 10.0 10.2 Excluding the long-term ground lease related to the New York buying office 5.5 5.6 Weighted-average discount rate: Including the long-term ground lease related to the New York buying office 3.5 % 3.2 % Excluding the long-term ground lease related to the New York buying office 3.1 % 2.8 % The following table presents cash paid for amounts included in the measurement of operating lease liabilities and operating lease assets obtained in exchange for operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) for fiscal 2022, 2021, and 2020: ($000) 2022 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 701,478 $ 745,110 $ 554,620 Operating lease assets obtained in exchange for operating lease liabilities $ 705,220 $ 545,401 $ 610,552 |
Taxes on Earnings (Tables)
Taxes on Earnings (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule for Income Tax Provision | The provision for income taxes consisted of the following: ($000) 2022 2021 2020 Current Federal $ 338,479 $ 442,152 $ 44,164 State 57,552 78,024 4,563 396,031 520,176 48,727 Deferred Federal 74,062 21,103 (27,487) State 5,355 (5,328) (325) 79,417 15,775 (27,812) Total $ 475,448 $ 535,951 $ 20,915 |
Schedule of Provision for Taxes Effective Rate | The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory federal income tax rate. The differences are reconciled below: 2022 2021 2020 Federal income taxes at the statutory rate 21.0 % 21.0 % 21.0 % State income taxes (net of federal benefit) 3.2 % 3.2 % 4.1 % Hiring tax credits (0.5) % (0.5) % (5.4) % Other, net 0.2 % — % — % Total 23.9 % 23.7 % 19.7 % |
Schedule of Components of Deferred Income Taxes | The components of deferred taxes at January 28, 2023 and January 29, 2022 are as follows: ($000) 2022 2021 Deferred Tax Assets Accrued liabilities $ 31,303 $ 34,211 Deferred compensation 40,201 38,685 Stock-based compensation 46,139 45,840 State taxes and credits 15,755 18,501 Employee benefits 24,715 28,430 Operating lease liabilities 820,219 801,186 Other 7,976 9,632 Gross Deferred Tax Assets 986,308 976,485 Less: Valuation allowance — (1,931) Deferred Tax Assets 986,308 974,554 Deferred Tax Liabilities Depreciation and amortization (372,497) (293,065) Merchandise inventory (24,493) (27,699) Supplies (13,239) (12,280) Operating lease assets (781,277) (764,557) Other (11,861) (14,595) Deferred Tax Liabilities (1,203,367) (1,112,196) Net Deferred Tax Liabilities $ (217,059) $ (137,642) |
Schedule of Changes in Amounts of Unrecognized Tax Benefits | The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2022, 2021, and 2020 are as follows: ($000) 2022 2021 2020 Unrecognized tax benefits - beginning of year $ 60,547 $ 60,240 $ 59,887 Gross increases: Tax positions in current period 10,132 10,381 12,310 Tax positions in prior period 672 1,494 2,860 Gross decreases: Tax positions in prior periods (6,808) (1,795) (2,624) Lapse of statutes of limitations (9,989) (9,757) (9,861) Settlements (1,010) (16) (2,332) Unrecognized tax benefits - end of year $ 53,544 $ 60,547 $ 60,240 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of Stock Repurchase Activity | The following table summarizes the Company’s stock repurchase activity in fiscal 2022, 2021, and 2020: Fiscal Year Shares repurchased Average repurchase Repurchased 2022 10.3 $92.15 $950 2021 5.7 $114.29 $650 2020 1.2 $113.10 $132 |
Summary of Unvested Restricted Stock Activity | A summary of restricted stock and performance share award activity for fiscal 2022 is presented below: Number of Weighted-average Unvested at January 29, 2022 4,378 $ 99.58 Awarded 1,535 89.40 Released (1,340) 90.96 Forfeited (630) 91.38 Unvested at January 28, 2023 3,943 $ 99.69 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Jan. 28, 2023 USD ($) state segment number_of_store shares | Jan. 29, 2022 USD ($) shares | Jan. 30, 2021 USD ($) shares | |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Restricted investments | $ 0 | $ 0 | $ 0 |
Cash and cash equivalents | $ 4,551,876,000 | 4,922,365,000 | 4,819,293,000 |
Packaway inventory, storage period, less than | 6 months | ||
Depreciation and amortization expense on property and equipment | $ 394,655,000 | 360,664,000 | 364,245,000 |
Capitalized interest | 5,678,000 | 14,476,000 | 12,251,000 |
Asset impairment charges | 0 | 0 | 0 |
Book cash overdrafts | 110,600,000 | 99,100,000 | |
Expected recovery of merchandise inventory | 11,800,000 | 10,500,000 | 10,700,000 |
Refund due to customers | 23,100,000 | 20,300,000 | 21,200,000 |
Advertising costs | $ 66,500,000 | $ 65,100,000 | $ 42,500,000 |
Anti-dilutive weighted average shares excluded from EPS calculation (in shares) | shares | 11,100 | 3,500 | 79,500 |
Property, Plant and Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment purchased but not yet paid | $ 71,000,000 | $ 47,300,000 | $ 56,200,000 |
Minimum | Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated useful life, straight-line method | 3 years | ||
Minimum | Land Improvements and Buildings | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated useful life, straight-line method | 20 years | ||
Minimum | Computer Software | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated useful life, straight-line method | 3 years | ||
Maximum | Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated useful life, straight-line method | 12 years | ||
Maximum | Land Improvements and Buildings | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated useful life, straight-line method | 40 years | ||
Maximum | Computer Software | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated useful life, straight-line method | 7 years | ||
Ross Dress for Less | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of stores | number_of_store | 1,693 | ||
Number of states company operates in | state | 40 | ||
dd's Discounts | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of stores | number_of_store | 322 | ||
Number of states company operates in | state | 21 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Restricted Cash Reconciliation) (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 4,551,876 | $ 4,922,365 | $ 4,819,293 | |
Restricted cash and cash equivalents included in: | ||||
Prepaid expenses and other | 12,677 | 11,403 | 85,711 | |
Other long-term assets | 47,688 | 48,614 | 48,765 | |
Total restricted cash and cash equivalents | 60,365 | 60,017 | 134,476 | |
Total cash and cash equivalents, and restricted cash and cash equivalents | $ 4,612,241 | $ 4,982,382 | $ 4,953,769 | $ 1,411,410 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Other Long-Term Assets) (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Accounting Policies [Abstract] | ||
Deferred compensation (Note G) | $ 155,496 | $ 163,891 |
Restricted cash and cash equivalents | 47,688 | 48,614 |
Other | 28,899 | 28,776 |
Total | $ 232,083 | $ 241,281 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Summary of Insurance Obligations) (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Accounting Policies [Abstract] | ||
Workers’ compensation | $ 80,275 | $ 83,771 |
General liability | 48,754 | 45,589 |
Medical plans | 9,650 | 7,660 |
Total | $ 138,679 | $ 137,020 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Accounting Policies [Abstract] | ||
Income taxes (Note F) | $ 57,409 | $ 65,359 |
Deferred compensation (Note G) | 155,496 | 163,891 |
Other | 11,199 | 6,763 |
Total | $ 224,104 | $ 236,013 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Schedule of Disaggregation of Revenue) (Details) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total | 100% | 100% | 100% |
Home Accents and Bed and Bath | |||
Disaggregation of Revenue [Line Items] | |||
Total | 26% | 26% | 28% |
Ladies | |||
Disaggregation of Revenue [Line Items] | |||
Total | 24% | 25% | 23% |
Men’s | |||
Disaggregation of Revenue [Line Items] | |||
Total | 15% | 14% | 14% |
Accessories, Lingerie, Fine Jewelry, and Cosmetics | |||
Disaggregation of Revenue [Line Items] | |||
Total | 14% | 14% | 14% |
Shoes | |||
Disaggregation of Revenue [Line Items] | |||
Total | 12% | 12% | 12% |
Children’s | |||
Disaggregation of Revenue [Line Items] | |||
Total | 9% | 9% | 9% |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Schedule of Basic and Diluted EPS) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Accounting Policies [Abstract] | |||
Basic EPS (in shares) | 343,452 | 351,496 | 352,392 |
Basic EPS (in dollars per share) | $ 4.40 | $ 4.90 | $ 0.24 |
Effect of dilutive common stock equivalents (in shares) | 1,770 | 2,238 | 2,227 |
Effect of dilutive common stock equivalents (in dollars per share) | $ (0.02) | $ (0.03) | $ 0 |
Diluted EPS (in shares) | 345,222 | 353,734 | 354,619 |
Diluted EPS (in dollars per share) | $ 4.38 | $ 4.87 | $ 0.24 |
Fair Value Measurements (Balanc
Fair Value Measurements (Balance Sheet Items) (Details) - Level 1 - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents (Level 1) | $ 4,551,876 | $ 4,922,365 |
Restricted cash and cash equivalents (Level 1) | $ 60,365 | $ 60,017 |
Fair Value Measurements (Underl
Fair Value Measurements (Underlying Assets in Deferred Compensation Program) (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $ 155,496 | $ 163,891 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $ 155,496 | $ 163,891 |
Stock-Based Compensation (Recog
Stock-Based Compensation (Recognized Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | $ 121,936 | $ 134,217 | $ 101,568 |
Restricted stock | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | 85,092 | 72,210 | 66,908 |
Performance awards | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | 32,484 | 57,582 | 30,506 |
Employee stock purchase plan (“ESPP”) | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | $ 4,360 | $ 4,425 | $ 4,154 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 USD ($) plan | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||
Number of active stock-based compensation plans | plan | 1 | ||
Discount rate under the ESPP (in percentage) | 15% | ||
Tax benefit related to stock-based compensation | $ | $ 24.8 | $ 25.6 | $ 20.6 |
Stock-Based Compensation (Total
Stock-Based Compensation (Total Stock-Based Compensation Recognized in the Consolidated Statements of Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | $ 121,936 | $ 134,217 | $ 101,568 |
Cost of goods sold | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | 67,141 | 66,500 | 52,267 |
Selling, general and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total | $ 54,795 | $ 67,717 | $ 49,301 |
Debt (Schedule of Long-Term Deb
Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 2,456,510 | $ 2,452,325 |
Senior Notes | 3.375% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 3.375% | |
Total long-term debt | $ 249,257 | 248,808 |
Senior Notes | 4.600% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 4.60% | |
Total long-term debt | $ 697,161 | 695,888 |
Senior Notes | 0.875% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 0.875% | |
Total long-term debt | $ 496,038 | 494,814 |
Senior Notes | 4.700% Senior Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 4.70% | |
Total long-term debt | $ 239,899 | 239,470 |
Senior Notes | 4.800% Senior Notes due 2030 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 4.80% | |
Total long-term debt | $ 132,602 | 132,431 |
Senior Notes | 1.875% Senior Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 1.875% | |
Total long-term debt | $ 495,254 | 494,691 |
Senior Notes | 5.450% Senior Notes due 2050 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 5.45% | |
Total long-term debt | $ 146,299 | $ 146,223 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 1 Months Ended | ||||
Feb. 28, 2022 USD ($) renewal_option | Mar. 31, 2020 USD ($) | Jan. 28, 2023 USD ($) note | Jan. 31, 2022 USD ($) | Jan. 29, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||
Collateral trust | $ 57,800,000 | $ 56,700,000 | |||
Standby Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding | 2,600,000 | 3,300,000 | |||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Unamortized discount and debt issuance costs | $ 18,500,000 | 22,700,000 | |||
Number of series notes | note | 7 | ||||
Senior Notes | Level 1 | |||||
Debt Instrument [Line Items] | |||||
Unsecured senior notes estimated fair value | $ 2,300,000,000 | 2,600,000,000 | |||
Unsecured Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity for revolving credit facility | $ 800,000,000 | ||||
Amount borrowed from revolving credit facility | $ 800,000,000 | ||||
Current interest rate for revolving credit facility borrowings (percent) | 1.76% | ||||
Unsecured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Interest rate, margin in addition to LIBOR (percent) | 0.875% | ||||
Senior Unsecured Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity for revolving credit facility | 1,300,000,000 | ||||
Number of renewal options (up to) | renewal_option | 2 | ||||
Renewal option, term | 1 year | ||||
Option to increase credit facility, additional amount (up to) | $ 700,000,000 | ||||
Amount outstanding under the revolving credit facility | 0 | ||||
Senior Unsecured Revolving Credit Facility | Standby Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity for revolving credit facility | $ 300,000,000 | ||||
Amount outstanding under the revolving credit facility | 0 | ||||
Trade Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Letters of credit, outstanding | $ 7,600,000 | $ 19,300,000 |
Debt (Schedule of Maturities of
Debt (Schedule of Maturities of Long-term Debt) (Details) $ in Thousands | Jan. 28, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 250,000 |
2025 | 700,000 |
2026 | 500,000 |
2027 | 241,786 |
Thereafter | $ 783,205 |
Debt (Interest Expense_Income,
Debt (Interest Expense/Income, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Debt Disclosure [Abstract] | |||
Interest expense on long-term debt | $ 84,558 | $ 88,286 | $ 88,544 |
Interest expense on short-term debt | 0 | 0 | 7,863 |
Other interest expense | 1,668 | 1,351 | 3,908 |
Capitalized interest | (5,678) | (14,476) | (12,251) |
Interest income | (77,706) | (833) | (4,651) |
Interest expense, net | $ 2,842 | $ 74,328 | $ 83,413 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 12 Months Ended |
Jan. 28, 2023 option | |
Operating Leased Assets [Line Items] | |
Renewal option term of leases | 5 years |
Minimum | |
Operating Leased Assets [Line Items] | |
Non-cancelable lease term | 3 years |
Number of options to renew store lease for five year period | 3 |
Maximum | |
Operating Leased Assets [Line Items] | |
Non-cancelable lease term | 10 years |
Number of options to renew store lease for five year period | 4 |
Leases (Lease Costs) (Details)
Leases (Lease Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 721,340 | $ 687,187 | $ 669,339 |
Variable lease costs | 206,262 | 194,112 | 172,036 |
Net lease cost | $ 927,602 | $ 881,299 | $ 841,375 |
Leases (Maturities of Operating
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Leases [Abstract] | ||
2023 | $ 692,539 | |
2024 | 696,514 | |
2025 | 591,229 | |
2026 | 476,484 | |
2027 | 365,013 | |
Thereafter | 1,592,842 | |
Total lease payments | 4,414,621 | |
Less: interest | 1,164,684 | |
Present value of lease liabilities | 3,249,937 | |
Less: current operating lease liabilities | 655,976 | $ 630,517 |
Non-current operating lease liabilities | 2,593,961 | $ 2,539,297 |
Minimum lease payments for leases signed that have not yet commenced | $ 275,800 |
Leases (Lease Term and Discount
Leases (Lease Term and Discount Rate) (Details) | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Weighted-average remaining lease term (years): | ||
Including the long-term ground lease related to the New York buying office | 10 years | 10 years 2 months 12 days |
Excluding the long-term ground lease related to the New York buying office | 5 years 6 months | 5 years 7 months 6 days |
Weighted-average discount rate: | ||
Including the long-term ground lease related to the New York buying office | 3.50% | 3.20% |
Excluding the long-term ground lease related to the New York buying office | 0.031 | 0.028 |
Leases (Exchange for New Operat
Leases (Exchange for New Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 701,478 | $ 745,110 | $ 554,620 |
Operating lease assets obtained in exchange for operating lease liabilities | $ 705,220 | $ 545,401 | $ 610,552 |
Taxes on Earnings (Provision fo
Taxes on Earnings (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Current | |||
Federal | $ 338,479 | $ 442,152 | $ 44,164 |
State | 57,552 | 78,024 | 4,563 |
Current income taxes | 396,031 | 520,176 | 48,727 |
Deferred | |||
Federal | 74,062 | 21,103 | (27,487) |
State | 5,355 | (5,328) | (325) |
Deferred income taxes | 79,417 | 15,775 | (27,812) |
Total | $ 475,448 | $ 535,951 | $ 20,915 |
Taxes on Earnings (Provision _2
Taxes on Earnings (Provision for Taxes Effective Rate) (Details) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal income taxes at the statutory rate | 21% | 21% | 21% |
State income taxes (net of federal benefit) | 3.20% | 3.20% | 4.10% |
Hiring tax credits | (0.50%) | (0.50%) | (5.40%) |
Other, net | 0.20% | 0% | 0% |
Total | 23.90% | 23.70% | 19.70% |
Taxes on Earnings (Narrative) (
Taxes on Earnings (Narrative) (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 |
Income Tax Contingency [Line Items] | |||
Reserves for unrecognized tax benefits | $ 60.6 | $ 68.1 | $ 67.9 |
Interest related to the reserve for unrecognized tax benefits | 7.1 | 7.6 | $ 7.7 |
Impact of recognizing taxes and interest related to unrecognized tax benefits | 48.7 | ||
Unrecognized tax benefits reduction resulting from lapse of applicable statute of limitations (up to) | 13.5 | ||
State | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforward | $ 10 | $ 12 |
Taxes on Earnings (Components o
Taxes on Earnings (Components of Deferred Income Taxes) (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Deferred Tax Assets | ||
Accrued liabilities | $ 31,303 | $ 34,211 |
Deferred compensation | 40,201 | 38,685 |
Stock-based compensation | 46,139 | 45,840 |
State taxes and credits | 15,755 | 18,501 |
Employee benefits | 24,715 | 28,430 |
Operating lease liabilities | 820,219 | 801,186 |
Other | 7,976 | 9,632 |
Gross Deferred Tax Assets | 986,308 | 976,485 |
Less: Valuation allowance | 0 | (1,931) |
Deferred Tax Assets | 986,308 | 974,554 |
Deferred Tax Liabilities | ||
Depreciation and amortization | (372,497) | (293,065) |
Merchandise inventory | (24,493) | (27,699) |
Supplies | (13,239) | (12,280) |
Operating lease assets | (781,277) | (764,557) |
Other | (11,861) | (14,595) |
Deferred Tax Liabilities | (1,203,367) | (1,112,196) |
Net Deferred Tax Liabilities | $ (217,059) | $ (137,642) |
Taxes on Earnings (Unrecognized
Taxes on Earnings (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits - beginning of year | $ 60,547 | $ 60,240 | $ 59,887 |
Gross increases: | |||
Tax positions in current period | 10,132 | 10,381 | 12,310 |
Tax positions in prior period | 672 | 1,494 | 2,860 |
Gross decreases: | |||
Tax positions in prior periods | (6,808) | (1,795) | (2,624) |
Lapse of statutes of limitations | (9,989) | (9,757) | (9,861) |
Settlements | (1,010) | (16) | (2,332) |
Unrecognized tax benefits - end of year | $ 53,544 | $ 60,547 | $ 60,240 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Retirement Benefits [Abstract] | |||
Employer match as a percentage of employee's salary (percent) (up to) | 4% | ||
Company contributions | $ 24,800 | $ 23,600 | $ 20,800 |
Long-term plan investments | 155,496 | 163,891 | |
Liability to participants | 155,496 | 163,891 | |
Estimated liability for post-employment medical benefits | $ 13,300 | $ 15,500 |
Stockholders' Equity (Common St
Stockholders' Equity (Common Stock, Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2019 | Jan. 29, 2022 | May 31, 2021 | |
Stockholders' Equity Note [Abstract] | ||||
Stock repurchased program period | 2 years | 2 years | ||
Stock repurchase program, approved amount | $ 1,900,000,000 | $ 2,550,000,000 | $ 1,500,000,000 | |
Stock repurchase, planned amount | $ 1,407,000,000 | $ 650,000,000 |
Stockholders' Equity (Common _2
Stockholders' Equity (Common Stock Repurchase Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Equity [Abstract] | |||
Shares repurchased (in millions) (in shares) | 10.3 | 5.7 | 1.2 |
Average repurchase price (in dollars per share) | $ 92.15 | $ 114.29 | $ 113.10 |
Repurchased (in millions) | $ 949,996 | $ 649,997 | $ 132,467 |
Stockholders' Equity (Preferred
Stockholders' Equity (Preferred Stock) (Details) | Jan. 28, 2023 $ / shares shares |
Stockholders' Equity Note [Abstract] | |
Preferred stock, shares authorized (in shares) | 4,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 |
Preferred stock, shares outstanding (in shares) | 0 |
Stockholders' Equity (Dividends
Stockholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||
Feb. 28, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Mar. 31, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Class of Stock [Line Items] | |||||||||||||
Dividends declared per share (in dollars per share) | $ 0.310 | $ 0.310 | $ 0.310 | $ 0.310 | $ 0.285 | $ 0.285 | $ 0.285 | $ 0.285 | $ 0.285 | $ 1.240 | $ 1.140 | $ 0.285 | |
Dividends paid | $ 431,295 | $ 405,123 | $ 101,404 | ||||||||||
Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividends declared per share (in dollars per share) | $ 0.335 |
Stockholders' Equity (2017 Equi
Stockholders' Equity (2017 Equity Incentive Plan) (Details) - shares | May 17, 2017 | Jan. 28, 2023 |
2017 Equity Incentive Plan | ||
Class of Stock [Line Items] | ||
Initial share reserve (in shares) | 12,000,000 | |
Shares available for new restricted stock awards (in shares) | 8,900,000 | |
2008 and 2017 Equity Plan | ||
Class of Stock [Line Items] | ||
Share increase for equity plan (in shares) | 5,500,000 |
Stockholders' Equity (Performan
Stockholders' Equity (Performance Shares and Restricted Stock, Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
2017 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for new restricted stock awards (in shares) | 8.9 | ||
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unamortized compensation expense | $ 183.2 | $ 181.8 | |
Weighted average remaining period of unrecognized compensation expense | 1 year 9 months 18 days | 1 year 9 months 18 days | |
Intrinsic value per share, end of period (in dollars per share) | $ 119.48 | ||
Intrinsic value, end of period | $ 471.1 | ||
Treasury stock shares acquired (in shares) | 0.5 | 0.5 | 0.5 |
Treasury stock, number of shares held (in shares) | 15.3 | 14.8 | |
Restricted stock | 2017 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for new restricted stock awards (in shares) | 8.9 | 9.3 | 10.2 |
Restricted stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 3 years | ||
Restricted stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 5 years | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 3 years |
Stockholders' Equity (Restricte
Stockholders' Equity (Restricted Stock Activity) (Details) - Restricted stock shares in Thousands | 12 Months Ended |
Jan. 28, 2023 $ / shares shares | |
Number of shares (000) | |
Unvested at beginning of period (in shares) | shares | 4,378 |
Awarded (in shares) | shares | 1,535 |
Released (in shares) | shares | (1,340) |
Forfeited (in shares) | shares | (630) |
Unvested at end of period (in shares) | shares | 3,943 |
Weighted-average grant date fair value | |
Unvested at beginning of period (in dollars per share) | $ / shares | $ 99.58 |
Awarded (in dollars per share) | $ / shares | 89.40 |
Released (in dollars per share) | $ / shares | 90.96 |
Forfeited (in dollars per share) | $ / shares | 91.38 |
Unvested at end of period (in dollars per share) | $ / shares | $ 99.69 |
Stockholders' Equity (Employee
Stockholders' Equity (Employee Stock Purchase Plan) (Details) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | 36 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Jan. 28, 2023 | |
Stockholders' Equity Note [Abstract] | ||||
Plan participant's annual percentage ceiling for ESPP (in percentage) | 10% | 10% | ||
Plan participant's annual dollar amount ceiling for ESPP | $ 25,000 | |||
Purchase price for shares under ESPP (in percentage) | 85% | |||
Discount rate under the ESPP (in percentage) | 15% | |||
Shares purchased by employees (in shares) | 0.3 | 0.3 | 0.3 | |
Shares purchased by employees, average price per share (in dollars per share) | $ 74.54 | $ 99.07 | $ 81.45 | $ 74.54 |
Shares issued under plan (in shares) | 41 | |||
Shares remaining for future issuance (in shares) | 3.9 | 3.9 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Strategic Advisor | Consulting Agreement | |||
Related Party Transaction [Line Items] | |||
Related party transaction amount | $ 1,800 | $ 2,100 | |
Related party transaction, administrative support, health, other benefits | 400 | 400 | |
Related party transaction, life insurance death benefit | 2,000 | 2,000 | |
Related party transaction, annual severance pay | $ 75 | ||
Related party transaction, annual severance pay, term | 10 years | ||
Strategic Advisor | Consulting Agreement From May 31, 2020 Through May 31, 2021 | |||
Related Party Transaction [Line Items] | |||
Related party transaction, annual fee | 2,300 | ||
Strategic Advisor | Consulting Agreement from June 1, 2021 through May 31, 2022 | |||
Related Party Transaction [Line Items] | |||
Related party transaction, annual fee | 1,600 | ||
Vice President, Divisional Merchandise Manager | Buyer | |||
Related Party Transaction [Line Items] | |||
Related party transaction, compensation expense | $ 254 | $ 248 |