Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 28, 2017 | Dec. 01, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BIG LOTS INC | |
Entity Central Index Key | 768,835 | |
Current Fiscal Year End Date | --02-03 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 42,032,765 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 28, 2017 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,110,824 | $ 1,105,498 | $ 3,628,912 | $ 3,621,228 |
Cost of sales (exclusive of depreciation expense shown separately below) | 667,198 | 663,506 | 2,168,511 | 2,175,132 |
Gross margin | 443,626 | 441,992 | 1,460,401 | 1,446,096 |
Selling and administrative expenses | 408,314 | 409,695 | 1,239,440 | 1,251,844 |
Depreciation expense | 29,508 | 30,294 | 87,489 | 90,770 |
Operating profit | 5,804 | 2,003 | 133,472 | 103,482 |
Interest expense | (2,077) | (1,665) | (4,705) | (3,793) |
Other income (expense) | 405 | 673 | 323 | 1,031 |
Income before income taxes | 4,132 | 1,011 | 129,090 | 100,720 |
Income tax (benefit) expense | (240) | (365) | 44,086 | 37,970 |
Net income | $ 4,372 | $ 1,376 | $ 85,004 | $ 62,750 |
Earnings per common share | ||||
Earnings per common share - basic (in dollars per share) | $ 0.10 | $ 0.03 | $ 1.97 | $ 1.37 |
Earnings per common share - diluted (in dollars per share) | $ 0.10 | $ 0.03 | $ 1.95 | $ 1.36 |
Weighted-average common shares outstanding: | ||||
Basic | 41,967 | 44,165 | 43,155 | 45,678 |
Dilutive effect of share-based awards | 557 | 761 | 409 | 578 |
Diluted | 42,524 | 44,926 | 43,564 | 46,256 |
Cash dividends declared per common share | $ 0.25 | $ 0.21 | $ 0.75 | $ 0.63 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Net income | $ 4,372 | $ 1,376 | $ 85,004 | $ 62,750 |
Other comprehensive income: | ||||
Amortization of pension, net of tax expense of $0, $217, $0, and $686, respectively | 0 | 323 | 0 | 1,036 |
Valuation adjustment of pension, net of tax expense of $0, $111, $0, and $655, respectively | 0 | 160 | 0 | 992 |
Total other comprehensive income | 0 | 483 | 0 | 2,028 |
Comprehensive income | $ 4,372 | $ 1,859 | $ 85,004 | $ 64,778 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Other comprehensive income | ||||
Amortization of pension, tax expense | $ 0 | $ 217 | $ 0 | $ 686 |
Valuation adjustment of pension, tax expense | $ 0 | $ 111 | $ 0 | $ 655 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 58,012 | $ 51,164 |
Inventories | 1,038,156 | 858,689 |
Other current assets | 118,822 | 84,526 |
Total current assets | 1,214,990 | 994,379 |
Property and equipment - net | 537,563 | 525,851 |
Deferred income taxes | 47,027 | 46,469 |
Other assets | 46,529 | 41,008 |
Total assets | 1,846,109 | 1,607,707 |
Current liabilities: | ||
Accounts payable | 493,097 | 400,495 |
Property, payroll, and other taxes | 87,007 | 81,306 |
Accrued operating expenses | 77,683 | 71,251 |
Insurance reserves | 41,561 | 40,269 |
Accrued salaries and wages | 31,563 | 54,009 |
Income taxes payable | 865 | 31,265 |
Total current liabilities | 731,776 | 678,595 |
Long-term obligations | 371,900 | 106,400 |
Deferred rent | 56,622 | 56,035 |
Insurance reserves | 56,948 | 56,593 |
Unrecognized tax benefits | 15,732 | 15,853 |
Other liabilities | 47,467 | 43,601 |
Shareholders' equity: | ||
Preferred shares - authorized 2,000 shares; $0.01 par value; none issued | 0 | 0 |
Common shares - authorized 298,000 shares; $0.01 par value; issued 117,495 shares; outstanding 41,482 shares and 44,259 shares, respectively | 1,175 | 1,175 |
Treasury shares - 75,653 shares and 73,236 shares, respectively, at cost | (2,425,049) | (2,291,379) |
Additional paid-in capital | 615,205 | 617,516 |
Retained earnings | 2,374,333 | 2,323,318 |
Accumulated other comprehensive loss | 0 | 0 |
Total shareholders' equity | 565,664 | 650,630 |
Total liabilities and shareholders' equity | $ 1,846,109 | $ 1,607,707 |
Consolidated Balance Sheets (U6
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands | Oct. 28, 2017 | Jan. 28, 2017 |
Shareholders' equity: | ||
Preferred shares - authorized shares (in shares) | 2,000 | 2,000 |
Preferred shares - par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares - shares issued (in shares) | 0 | 0 |
Common shares - authorized shares (in shares) | 298,000 | 298,000 |
Common shares - par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares - shares issued (in shares) | 117,495 | 117,495 |
Common shares - outstanding shares (in shares) | 41,842 | 44,259 |
Treasury shares - shares (in shares) | 75,653 | 73,236 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at Jan. 30, 2016 | $ 720,470 | $ 1,175 | $ (2,063,091) | $ 588,124 | $ 2,210,239 | $ (15,977) |
Balance (in shares) at Jan. 30, 2016 | 49,101 | |||||
Treasury stock (in shares) at Jan. 30, 2016 | 68,394 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 64,778 | $ 0 | $ 0 | 0 | 62,750 | 2,028 |
Dividends declared | (29,989) | 0 | 0 | 0 | (29,989) | 0 |
Purchases of common shares | (254,289) | $ 0 | $ (254,289) | 0 | 0 | 0 |
Purchases of common shares, (in shares) | (5,684) | 5,684 | ||||
Exercise of stock options | 18,663 | $ 0 | $ 15,309 | 3,354 | 0 | 0 |
Exercise of stock options (in shares) | 492 | (492) | ||||
Restricted shares vested | 0 | $ 0 | $ 7,623 | (7,623) | 0 | 0 |
Restricted shares vested (in shares) | 251 | (251) | ||||
Performance shares vested | 0 | $ 0 | $ 394 | (394) | 0 | 0 |
Performance shares vested (in shares) | 13 | (13) | ||||
Tax benefit from share-based awards | 413 | $ 0 | $ 0 | 413 | 0 | 0 |
Share activity related to deferred compensation plan | 10 | $ 0 | $ 1 | 9 | 0 | 0 |
Share activity related to deferred compensation plan (in shares) | 0 | 0 | ||||
Other | 204 | $ 0 | $ 136 | 68 | 0 | 0 |
Other (in shares) | 5 | (5) | ||||
Share-based employee compensation expense | 24,815 | $ 0 | $ 0 | 24,815 | 0 | 0 |
Balance at Oct. 29, 2016 | 545,075 | $ 1,175 | $ (2,293,917) | 608,766 | 2,243,000 | (13,949) |
Balance (in shares) at Oct. 29, 2016 | 44,178 | |||||
Treasury stock (in shares) at Oct. 29, 2016 | 73,317 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 104,027 | $ 0 | $ 0 | 0 | 90,078 | 13,949 |
Dividends declared | (9,760) | 0 | 0 | 0 | (9,760) | 0 |
Purchases of common shares | (15) | $ 0 | $ (15) | 0 | 0 | 0 |
Purchases of common shares, (in shares) | (1) | 1 | ||||
Exercise of stock options | 2,993 | $ 0 | $ 2,525 | 468 | 0 | 0 |
Exercise of stock options (in shares) | 81 | (81) | ||||
Restricted shares vested | 0 | $ 0 | $ 26 | (26) | 0 | 0 |
Restricted shares vested (in shares) | 1 | (1) | ||||
Performance shares vested | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Performance shares vested (in shares) | 0 | 0 | ||||
Tax benefit from share-based awards | 97 | $ 0 | $ 0 | 97 | 0 | 0 |
Share activity related to deferred compensation plan | (1) | $ 0 | $ 2 | (3) | 0 | 0 |
Share activity related to deferred compensation plan (in shares) | 0 | 0 | ||||
Other | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Other (in shares) | 0 | 0 | ||||
Share-based employee compensation expense | 8,214 | $ 0 | $ 0 | 8,214 | 0 | 0 |
Balance at Jan. 28, 2017 | $ 650,630 | $ 1,175 | $ (2,291,379) | 617,516 | 2,323,318 | 0 |
Balance (in shares) at Jan. 28, 2017 | 44,259 | 44,259 | ||||
Treasury stock (in shares) at Jan. 28, 2017 | 73,236 | 73,236 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | $ 85,004 | $ 0 | $ 0 | 0 | 85,004 | 0 |
Dividends declared | (33,843) | 0 | 0 | 0 | (33,843) | 0 |
Purchases of common shares | (165,732) | $ 0 | $ (165,732) | 0 | 0 | 0 |
Purchases of common shares, (in shares) | (3,437) | 3,437 | ||||
Exercise of stock options | 8,414 | $ 0 | $ 7,023 | 1,391 | 0 | 0 |
Exercise of stock options (in shares) | 222 | (222) | ||||
Restricted shares vested | 0 | $ 0 | $ 11,520 | (11,520) | 0 | 0 |
Restricted shares vested (in shares) | 367 | (367) | ||||
Performance shares vested | 0 | $ 0 | $ 13,523 | (13,523) | 0 | 0 |
Performance shares vested (in shares) | 431 | (431) | ||||
Share activity related to deferred compensation plan | (4) | $ 0 | $ (4) | 0 | 0 | 0 |
Share activity related to deferred compensation plan (in shares) | 0 | 0 | ||||
Other | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Other (in shares) | 0 | 0 | ||||
Share-based employee compensation expense | 21,100 | $ 0 | $ 0 | 21,100 | 0 | 0 |
Balance at Oct. 28, 2017 | $ 565,664 | $ 1,175 | $ (2,425,049) | 615,205 | 2,374,333 | 0 |
Balance (in shares) at Oct. 28, 2017 | 41,842 | 41,842 | ||||
Treasury stock (in shares) at Oct. 28, 2017 | 75,653 | 75,653 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2016-09 [Member] | $ 95 | $ 0 | $ 0 | $ 241 | $ (146) | $ 0 |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||||
Cash dividends declared per common share | $ 0.25 | $ 0.21 | $ 0.21 | $ 0.75 | $ 0.63 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 28, 2017 | Oct. 29, 2016 | |
Operating activities: | ||
Net income | $ 85,004 | $ 62,750 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 79,404 | 81,813 |
Deferred income taxes | (463) | (9,703) |
(Gain) loss on disposition of property and equipment | (48) | 760 |
Non-cash share-based compensation expense | 21,100 | 24,815 |
Excess tax benefit from share-based awards, operating activities | 0 | (1,000) |
Unrealized gain on fuel derivative instruments | (961) | (2,844) |
Pension expense, net of contributions | 0 | (3,213) |
Change in assets and liabilities, excluding effects of foreign currency adjustments: | ||
Inventories | (179,466) | (186,355) |
Accounts payable | 92,603 | 121,348 |
Current income taxes | (54,016) | (47,032) |
Other current assets | (11,994) | 1,836 |
Other current liabilities | (12,355) | (6,105) |
Other assets | (5,884) | (4,870) |
Other liabilities | 16,148 | 11,336 |
Net cash provided by operating activities | 29,072 | 43,536 |
Investing activities: | ||
Capital expenditures | (95,081) | (72,105) |
Cash proceeds from sale of property and equipment | 1,798 | 266 |
Other | (10) | (3) |
Net cash used in investing activities | (93,293) | (71,842) |
Financing activities: | ||
Net proceeds from borrowings under bank credit facility | 265,500 | 300,600 |
Payment of capital lease obligations | (2,916) | (3,114) |
Dividends paid | (34,193) | (29,169) |
Proceeds from the exercise of stock options | 8,414 | 18,663 |
Excess tax benefit from share-based awards, financing activities | 0 | 1,000 |
Payment for treasury shares acquired | (165,732) | (254,289) |
Other | (4) | 214 |
Net cash provided by financing activities | 71,069 | 33,905 |
Increase in cash and cash equivalents | 6,848 | 5,599 |
Cash and cash equivalents: | ||
Beginning of period | 51,164 | 54,144 |
End of period | $ 58,012 | $ 59,743 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 28, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES All references in this report to “we,” “us,” or “our” are to Big Lots, Inc. and its subsidiaries. We are a unique, non-traditional, discount retailer in the United States (“U.S.”). At October 28, 2017 , we operated 1,426 stores in 47 states. We make available, free of charge, through the “Investor Relations” section of our website ( www.biglots.com ) under the “SEC Filings” caption, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after we file such material with, or furnish it to, the Securities and Exchange Commission (“SEC”). The contents of our websites are not part of this report. The accompanying consolidated financial statements and these notes have been prepared in accordance with the rules and regulations of the SEC for interim financial information. The consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly our financial condition, results of operations, and cash flows for all periods presented. The consolidated financial statements, however, do not include all information necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Interim results may not necessarily be indicative of results that may be expected for, or actually result during, any other interim period or for the year as a whole. We have historically experienced, and expect to continue to experience, seasonal fluctuations, with a larger percentage of our net sales and operating profit realized in our fourth fiscal quarter. The accompanying consolidated financial statements and these notes should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2017 (“2016 Form 10-K”). Fiscal Periods Our fiscal year ends on the Saturday nearest to January 31, which results in fiscal years consisting of 52 or 53 weeks . Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal year 2017 (“ 2017 ”) is comprised of the 53 weeks that began on January 29, 2017 and will end on February 3, 2018 . Fiscal year 2016 (“ 2016 ”) was comprised of the 52 weeks that began on January 31, 2016 and ended on January 28, 2017 . The fiscal quarters ended October 28, 2017 (“ third quarter of 2017 ”) and October 29, 2016 (“ third quarter of 2016 ”) were both comprised of 13 weeks. The year-to-date periods ended October 28, 2017 (“year-to-date 2017 ”) and October 29, 2016 (“year-to-date 2016 ”) were both comprised of 39 weeks. Selling and Administrative Expenses Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, accepting credit/debit cards, and overhead. Our selling and administrative expense rates may not be comparable to those of other retailers that include warehousing, distribution, and outbound transportation costs in cost of sales. Warehousing, distribution, and outbound transportation costs included in selling and administrative expenses were $39.4 million and $38.2 million for the third quarter of 2017 and the third quarter of 2016 , respectively, and $115.6 million and $111.3 million for the year-to-date 2017 and the year-to-date 2016 , respectively. Advertising Expense Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, digital or internet marketing and advertising, and in-store point-of-purchase presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $15.3 million and $15.6 million for the third quarter of 2017 and the third quarter of 2016 , respectively, and $51.1 million and $52.3 million for the year-to-date 2017 and the year-to-date 2016 , respectively. Derivative Instruments We use derivative instruments to mitigate the risk of market fluctuations in the price of diesel fuel that we expect to consume to support our outbound transportation of inventory to our stores. We do not enter into derivative instruments for speculative purposes. Our derivative instruments may consist of collar or swap contracts. Our current derivative instruments do not meet the requirements for cash flow hedge accounting. Instead, our derivative instruments are marked-to-market to determine their fair value and any gains or losses are recognized currently in other income (expense) on our consolidated statements of operations. Supplemental Cash Flow Disclosures The following table provides supplemental cash flow information for the year-to-date 2017 and the year-to-date 2016 : Thirty-Nine Weeks Ended (In thousands) October 28, 2017 October 29, 2016 Supplemental disclosure of cash flow information: Cash paid for interest, including capital leases $ 3,835 $ 3,127 Cash paid for income taxes, excluding impact of refunds $ 99,037 $ 102,418 Gross proceeds from borrowings under bank credit facility $ 1,246,300 $ 1,285,500 Gross repayments of borrowings under bank credit facility $ 980,800 $ 984,900 Non-cash activity: Assets acquired under capital leases $ 90 $ 171 Accrued property and equipment $ 15,224 $ 10,074 Reclassifications Merchandise Categories We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) . This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. The pronouncement was originally set to be effective for annual and interim reporting periods beginning after December 15, 2016. In July 2015, the FASB approved a one-year deferral of the effective date from December 15, 2016 to December 15, 2017, but allowed for early adoption as of December 15, 2016. This ASU permits the use of either the retrospective or cumulative effect transition method. We have evaluated the impact this guidance will have on our consolidated financial statements as well as considered our adoption method. There will not be a significant change in the timing of the recognition of our revenue or costs; although upon adoption of this standard, our principal versus agent presentation of an immaterial portion of our vendor relationships will be impacted. We will adopt the new standard effective February 4, 2018, using the full retrospective method. We will continue to evaluate ASU 2014-09 through the date of adoption. In February 2016, the FASB issued ASU 2016-02, Leases . The update requires a lessee to recognize a liability to make lease payments and a right-of-use asset representing a right to use the underlying asset for the lease term on the balance sheet. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating both the impact that this standard will have on our consolidated financial statements and which method of adoption to employ. We do not currently anticipate early adopting this standard. Recently Adopted Accounting Standards In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This update makes several modifications to the accounting for employee share-based payment transactions, including the requirement to recognize the income tax deduction excess or deficiency attributable to awards that vest or settle as income tax expense in the reporting period they vest or settle. Additionally, this update clarifies the presentation of certain components of share-based awards in the statement of cash flows. The ASU was effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. We selected a modified retrospective method to adopt the recognition of the cumulative income tax effects and a prospective method for cash flow presentations. In the first quarter of 2017, we recorded a $3.1 million benefit to income tax expense. For 2016, $0.5 million of excess tax benefits were recorded to additional paid-in capital that would have been recorded as a reduction to the provision for income taxes if this new guidance had been adopted on a full retrospective basis. Additionally, we recorded an insignificant adjustment to retained earnings to change our accounting method from an estimated forfeiture rate approach to actual forfeiture approach, which accounts for forfeitures as they occur. |
Bank Credit Facility
Bank Credit Facility | 9 Months Ended |
Oct. 28, 2017 | |
Debt Disclosure [Abstract] | |
BANK CREDIT FACILITY | BANK CREDIT FACILITY On July 22, 2011, we entered into a $700 million five -year unsecured credit facility, which was first amended on May 30, 2013. On May 28, 2015, we entered into a second amendment of the credit facility that among other things extended its expiration date to May 30, 2020 (as amended, the “2011 Credit Agreement”). Borrowings under the 2011 Credit Agreement are available for general corporate purposes and working capital. The 2011 Credit Agreement includes a $30 million swing loan sublimit and a $150 million letter of credit sublimit. The interest rates, pricing and fees under the 2011 Credit Agreement fluctuate based on our debt rating. The 2011 Credit Agreement allows us to select our interest rate for each borrowing from multiple interest rate options. The interest rate options are generally derived from the prime rate or LIBOR. We may prepay revolving loans made under the 2011 Credit Agreement. The 2011 Credit Agreement contains financial and other covenants, including, but not limited to, limitations on indebtedness, liens and investments, as well as the maintenance of two financial ratios – a leverage ratio and a fixed charge coverage ratio. A violation of any of the covenants could result in a default under the 2011 Credit Agreement that would permit the lenders to restrict our ability to further access the 2011 Credit Agreement for loans and letters of credit and require the immediate repayment of any outstanding loans under the 2011 Credit Agreement. At October 28, 2017 , we had $371.9 million of borrowings outstanding under the 2011 Credit Agreement and $8.4 million was committed to outstanding letters of credit, leaving $319.7 million available under the 2011 Credit Agreement. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 28, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS In connection with our nonqualified deferred compensation plan, we had mutual fund investments of $30.7 million and $24.1 million at October 28, 2017 and January 28, 2017 , respectively, which were recorded in other assets. These investments were classified as trading securities and were recorded at their fair value. The fair values of mutual fund investments were Level 1 valuations under the fair value hierarchy because each fund’s quoted market value per share was available in an active market. The fair values of our long-term obligations are estimated based on the quoted market prices for the same or similar issues and the current interest rates offered for similar instruments. These fair value measurements are classified as Level 2 within the fair value hierarchy. Given the variable rate features and relatively short maturity of the instruments underlying our long-term obligations, the carrying value of these instruments approximates the fair value. The carrying value of accounts receivable, accounts payable, and accrued expenses approximates fair value because of the relatively short maturity of these items. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Oct. 28, 2017 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Earnings per Share There were no adjustments required to be made to the weighted-average common shares outstanding for purposes of computing basic and diluted earnings per share and there were no securities outstanding at October 28, 2017 or October 29, 2016 which were excluded from the computation of earnings per share other than antidilutive stock options, restricted stock awards, restricted stock units, and performance share units. For all periods presented, the stock options outstanding that were antidilutive and excluded from the computation of diluted earnings per share were immaterial. Antidilutive stock options generally consist of outstanding stock options with an exercise price per share that is greater than the weighted-average market price per share for our common shares for each period. Antidilutive stock options, restricted stock awards, restricted stock units, and performance share units are excluded from the calculation because they decrease the number of diluted shares outstanding under the treasury stock method. The restricted stock awards, restricted stock units, and performance share units that were antidilutive, as determined under the treasury stock method, were immaterial for all periods presented. Share Repurchase Programs On February 28, 2017, our Board of Directors authorized a share repurchase program providing for the repurchase of up to $150 million of our common shares (“2017 Repurchase Program”). The 2017 Repurchase Program was exhausted during the third quarter of 2017. During the third quarter of 2017, we acquired approximately 0.5 million of our outstanding common shares for $21.7 million under the 2017 Repurchase Program. During the year-to-date 2017, we acquired approximately 3.1 million of our outstanding common shares for $150.0 million under the 2017 Repurchase Program. Dividends The Company declared and paid cash dividends per common share during the periods presented as follows: Dividends Amount Declared Amount Paid 2017: (In thousands) (In thousands) First quarter $ 0.25 $ 11,547 $ 12,683 Second quarter 0.25 11,289 10,872 Third quarter 0.25 11,007 10,638 Total $ 0.75 $ 33,843 $ 34,193 The amount of dividends declared may vary from the amount of dividends paid in a period based on certain instruments with restrictions on payment, including restricted stock awards, restricted stock units, and performance share units. The payment of future dividends will be at the discretion of our Board of Directors and will depend on our financial condition, results of operations, capital requirements, compliance with applicable laws and agreements and any other factors deemed relevant by our Board of Directors. |
Share-Based Plans
Share-Based Plans | 9 Months Ended |
Oct. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED PLANS | SHARE-BASED PLANS We have issued nonqualified stock options, restricted stock awards, restricted stock units, and performance share units under our shareholder-approved equity compensation plans. Our restricted stock awards and restricted stock units, as described below and/or in note 7 to the consolidated financial statements in our 2016 Form 10-K, are expensed and reported as nonvested shares. We recognized share-based compensation expense of $6.6 million and $8.1 million in the third quarter of 2017 and the third quarter of 2016 , respectively, and $21.1 million and $24.8 million for the year-to-date 2017 and the year-to-date 2016 , respectively. Non-vested Restricted Stock The following table summarizes the non-vested restricted stock awards and restricted stock units activity for the year-to-date 2017 : Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding non-vested restricted stock at January 28, 2017 771,521 $ 42.12 Granted 180,196 51.49 Vested (311,180 ) 43.27 Forfeited (9,893 ) 42.71 Outstanding non-vested restricted stock at April 29, 2017 630,644 $ 44.22 Granted 24,710 48.75 Vested (33,104 ) 46.11 Forfeited (1,021 ) 48.99 Outstanding non-vested restricted stock at July 29, 2017 621,229 $ 44.29 Granted 830 51.00 Vested (22,806 ) 32.23 Forfeited (3,901 ) 44.71 Outstanding non-vested restricted stock at October 28, 2017 595,352 $ 44.76 The non-vested restricted stock units granted in the year-to-date 2017 generally vest, and are expensed, on a ratable basis over three years from the grant date of the award, if it is probable that certain threshold financial performance objectives will be achieved and the grantee remains employed by us through the vesting dates. The non-vested restricted stock awards granted in 2013 have met the applicable threshold financial performance objective and will vest in 2018 on the five -year anniversary of the grant date of the award. Non-vested Stock Awards to Non-Employee Directors In the second quarter of 2017 , 16,816 common shares underlying the restricted stock awards granted in 2016 to the non-employee members of our Board of Directors vested on the trading day immediately preceding our 2017 Annual Meeting of Shareholders. These awards were part of the annual compensation to the non-employee members of the Board of Directors. Additionally, in the second quarter of 2017 , the chairman of our Board of Directors received an annual restricted stock unit grant having a grant date fair value of approximately $200,000 . The remaining non-employees elected to our Board of Directors at our 2017 Annual Meeting of Shareholders each received an annual restricted stock unit grant having a grant date fair value of approximately $135,000 . The 2017 restricted stock units will vest on the earlier of (1) the trading day immediately preceding our 2018 Annual Meeting of Shareholders, or (2) the non-employee director’s death or disability. However, the restricted stock units will not vest if the non-employee director ceases to serve on our Board of Directors before either vesting event occurs. Performance Share Units In the year-to-date 2017, we issued performance share units (“PSUs”) to certain members of management, which vest if certain financial performance objectives are achieved over a three -year performance period and the grantee remains employed by us during that period. The financial performance objectives for each fiscal year within the three-year performance period are approved by the Compensation Committee of our Board of Directors during the first quarter of the respective fiscal year. As a result of the process used to establish the financial performance objectives, we will only meet the requirements of establishing a grant date for the PSUs when we communicate the financial performance objectives for the third fiscal year of the award to the award recipients, which will then trigger the service inception date, the fair value of the awards, and the associated expense recognition period. If we meet the applicable threshold financial performance objectives over the three-year performance period and the grantee remains employed by us through the end of the performance period, the PSUs will vest on the first trading day after we file our Annual Report on Form 10-K for the last fiscal year in the performance period. We have begun or expect to begin recognizing expense related to PSUs that have been issued and are outstanding as follows: Issue Year PSUs at October 28, 2017 Actual Grant Date Expected Valuation (Grant) Date Actual or Expected Expense Period 2015 250,219 March 2017 Fiscal 2017 2016 339,847 March 2018 Fiscal 2018 2017 270,721 March 2019 Fiscal 2019 Total 860,787 The number of shares to be distributed upon vesting of the PSUs depends on our average performance attained during the three-year performance period as compared to the targets defined by the Compensation Committee, and may result in the distribution of an amount of shares that is greater or less than the number of PSUs granted, as defined in the award agreement. At October 28, 2017 , we estimate the attainment of an average performance that is greater than the targets established for the PSUs issued in 2015. In the year-to-date 2017 and the year-to-date 2016 , we recognized $11.7 million and $13.1 million , respectively in share-based compensation expense related to PSUs. The following table summarizes the activity related to PSUs for the year-to-date 2017 : Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding PSUs at January 28, 2017 360,357 $ 41.04 Granted 259,042 51.49 Vested (360,357 ) 41.04 Forfeited (7,730 ) 51.49 Outstanding PSUs at April 29, 2017 251,312 $ 51.49 Granted — — Vested — — Forfeited (841 ) 51.49 Outstanding PSUs at July 29, 2017 250,471 $ 51.49 Granted — — Vested — — Forfeited (252 ) 51.49 Outstanding PSUs at October 28, 2017 250,219 $ 51.49 Stock Options The following table summarizes stock option activity for the year-to-date 2017 : Number of Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (000's) Outstanding stock options at January 28, 2017 589,675 $ 38.75 Exercised (104,987 ) 36.88 Forfeited (5,000 ) 36.93 Outstanding stock options at April 29, 2017 479,688 $ 39.18 2.2 $ 5,424 Exercised (41,687 ) 37.00 Forfeited — — Outstanding stock options at July 29, 2017 438,001 $ 39.39 1.9 $ 4,835 Exercised (75,125 ) 39.92 Forfeited — — Outstanding stock options at October 28, 2017 362,876 $ 39.28 1.8 $ 4,550 Vested or expected to vest at October 28, 2017 362,876 $ 39.28 1.8 $ 4,550 Exercisable at October 28, 2017 352,562 $ 39.35 1.8 $ 4,398 The stock options granted in prior years vest in equal amounts on the first four anniversaries of the grant date and have a contractual term of seven years. With the adoption of ASU 2016-09, we have eliminated our annual forfeiture rate assumption. The following activity occurred under our share-based plans during the respective periods shown: Third Quarter Year-to-Date (In thousands) 2017 2016 2017 2016 Total intrinsic value of stock options exercised $ 875 $ 549 $ 2,952 $ 6,129 Total fair value of restricted stock vested 1,114 397 18,943 11,469 Total fair value of performance shares vested — — 21,026 621 The total unearned compensation cost related to all share-based awards outstanding, excluding PSUs issued in 2016 and 2017, at October 28, 2017 was approximately $18.0 million . This compensation cost is expected to be recognized through October 2020 based on existing vesting terms with the weighted-average remaining expense recognition period being approximately 1.5 years from October 28, 2017 . |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Oct. 28, 2017 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS We maintained a qualified defined benefit pension plan (“Pension Plan”) and a nonqualified supplemental defined benefit pension plan (“Supplemental Pension Plan”) covering certain employees whose hire date was on or before April 1, 1994. Benefits under each plan were based on credited years of service and the employee’s compensation during the last five years of employment. On October 31, 2015, our Board of Directors approved amendments to freeze benefits and terminate the Pension Plan. The Pension Plan discontinued accruing benefits on December 31, 2015 and the termination was effective January 31, 2016. On December 2, 2015, our Board of Directors approved amendments to freeze benefits and terminate the Supplemental Pension Plan. The Supplemental Pension Plan discontinued accruing benefits on December 31, 2015 and the termination was effective December 31, 2015. During 2016, we completed the termination proceedings for the Pension Plan, including seeking and receiving a favorable IRS determination letter, conducting a lump sum offering to our active and terminated vested participants, and conducting an insurance placement for the annuity purchasers. Additionally, we funded the Pension Plan and reduced our liability thereunder to zero. In January 2017, we completed the termination proceedings for the Supplemental Pension Plan and paid all accrued balances to located participants through lump sum settlements. The weighted-average assumptions used to determine net periodic pension cost for our plans were as follows: 2016 Discount rate 1.1 % Expected long-term rate of return 2.8 % The components of combined net periodic pension cost were as follows: Third Quarter Year-to-Date (In thousands) 2016 2016 Interest cost on projected benefit obligation $ 208 $ 652 Expected investment return on plan assets (388 ) (1,169 ) Amortization of actuarial loss 540 1,722 Settlement loss 316 1,571 Net periodic pension cost $ 676 $ 2,776 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES We have estimated the reasonably possible expected net change in unrecognized tax benefits through November 3, 2018, based on 1) expected cash and noncash settlements or payments of uncertain tax positions, and 2) lapses of the applicable statutes of limitations for unrecognized tax benefits. The estimated net decrease in unrecognized tax benefits for the next 12 months is approximately $3.0 million . Actual results may differ materially from this estimate. |
Contingencies
Contingencies | 9 Months Ended |
Oct. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Shareholder and Derivative Matters On May 21, May 22 and July 2, 2012, three shareholder derivative lawsuits were filed in the U.S. District Court for the Southern District of Ohio against us and certain of our current and former outside directors and executive officers. The lawsuits were consolidated, and, on August 13, 2012, plaintiffs filed a consolidated complaint captioned In re Big Lots, Inc. Shareholder Litigation , No. 2:12-cv-00445 (S.D. Ohio) (the “Consolidated Derivative Action”), which generally alleged that the individual defendants traded in our common shares based on material, nonpublic information concerning our guidance for fiscal 2012 and the first quarter of fiscal 2012 and the director defendants failed to suspend our share repurchase program during such trading activity. The consolidated complaint asserted claims under Ohio law for breach of fiduciary duty, unjust enrichment, misappropriation of trade secrets and corporate waste and sought declaratory relief and disgorgement to us of proceeds from any wrongful sales of our common shares, plus attorneys’ fees and expenses. The defendants filed a motion to dismiss the consolidated complaint, which was granted by the Court in an Opinion and Order dated April 14, 2015, pursuant to which plaintiffs’ claims were all dismissed with prejudice, with the exception of their claim for corporate waste, which was dismissed without prejudice. On May 5, 2015, plaintiffs filed a Motion for Leave to File Verified Consolidated Amended Shareholder Derivative Complaint, which sought to replead the claim for corporate waste that was dismissed without prejudice by the Court, as well as a Motion for Reconsideration and, in the Alternative, for Certification of Question of State Law to the Supreme Court of Ohio. Defendants’ responses to both motions were filed on May 29, 2015. On August 3, 2015, the Court granted Plaintiffs’ Motion for Leave to File Verified Consolidated Amended Shareholder Derivative Complaint, and Plaintiffs filed the amended complaint on the same date, asserting a claim for corporate waste against Jeffrey Berger, Steven Fishman, David Kollat, Brenda Lauderback, Philip Mallott, Russell Solt, and Dennis Tishkoff. On September 30, 2015, defendants filed an answer to the amended complaint. We received a letter dated January 28, 2013, sent on behalf of a shareholder demanding that our Board of Directors investigate and take action in connection with the allegations made in the derivative and securities lawsuits described here within. The shareholder indicated that he would commence a derivative lawsuit if our Board of Directors failed to take the demanded action. On March 6, 2013, our Board of Directors referred the shareholder’s letter to a committee of independent directors to investigate the matter. That committee, with the assistance of independent outside counsel, investigated the allegations in the shareholder’s demand letter and, on August 28, 2013, reported its findings to our Board of Directors along with its recommendation that the Board reject the shareholder’s demand. Our Board of Directors unanimously accepted the recommendation of the demand investigation committee and, on September 9, 2013, outside counsel for the committee sent a letter to counsel for the shareholder informing the shareholder of the Board’s determination. On October 18, 2013, the shareholder filed a derivative lawsuit captioned Brosz v. Fishman et al. , No. 1:13-cv-00753 (S.D. Ohio) (the “Brosz Action”) in the U.S. District Court for the Southern District of Ohio against us and each of the current and former outside directors and executive officers originally named in the 2012 shareholder derivative lawsuit. The plaintiff’s complaint generally alleged that the individual defendants traded in our common shares based on material, nonpublic information concerning our guidance for fiscal 2012 and the first quarter of fiscal 2012 and the director defendants failed to suspend our share repurchase program during such trading activity. The complaint asserted claims under Ohio law for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, corporate waste and misappropriation of trade secrets and sought damages, injunctive relief and disgorgement to us of proceeds from any wrongful sales of our common shares, plus attorneys’ fees and expenses. The defendants filed a motion to dismiss the complaint, which was granted by the Court in an Opinion and Order dated April 14, 2015, which dismissed the plaintiff’s claims with prejudice with the exception of his claim for corporate waste and his assertion that our Board of Directors wrongfully rejected his demand to take action against the individually named defendants. On May 5, 2015, the Court so ordered the parties’ stipulation, staying plaintiff’s time to seek leave to amend his complaint in order to make a request to inspect the Company’s books and records pursuant to Ohio Revised Code §1701.37, and plaintiff served that request for inspection on May 8, 2015. On August 17, 2015, plaintiff filed an Amended Verified Shareholder Derivative Complaint. On September 30, 2015, defendants moved to dismiss the amended complaint. On December 29, 2016, the Court denied defendants’ motion to dismiss the amended complaint and ordered that the Brosz Action be consolidated with the Consolidated Derivative Action. On February 10, 2014, a shareholder derivative lawsuit was filed in the Franklin County Common Pleas Court in Columbus, Ohio, captioned Tremblay v. Campisi et al. , No. 14CV-02-1421 (Ohio Ct. Com. Pl., Franklin Cnty.) (the “Tremblay Action”), against us and certain of our current and former outside directors and executive officers (David Campisi, Steven Fishman, Joe Cooper, Charles Haubiel, Timothy Johnson, Robert Claxton, John Martin, Norman Rankin, Paul Schroeder, Robert Segal, Steven Smart, David Kollat, Jeffrey Berger, James Chambers, Peter Hayes, Brenda Lauderback, Philip Mallott, Russell Solt, James Tener and Dennis Tishkoff). The plaintiff’s complaint generally alleges that the individual defendants traded in our common shares based on material, nonpublic information concerning our guidance for fiscal 2012 and the first quarter of fiscal 2012 and the director defendants failed to suspend our share repurchase program during such trading activity. The complaint also alleges that we and various individual defendants made false and misleading statements regarding our Canadian operations prior to our announcement on December 5, 2013 that we were exiting the Canadian market. The complaint asserts claims under Ohio law for breach of fiduciary duty, unjust enrichment, waste of corporate assets and misappropriation of insider information and seeks damages, injunctive relief and disgorgement to us of proceeds from any wrongful sales of our common shares, plus attorneys’ fees and expenses. At the parties’ request, the court stayed this lawsuit until after the judge in the federal derivative lawsuits discussed in the preceding paragraphs ruled on the motions to dismiss pending in those actions. On January 12, 2017, the Tremblay Action was voluntarily dismissed by the plaintiffs, without prejudice to refiling. On August 1, 2016, our Board of Directors passed a resolution creating a special litigation committee (“SLC”) to conduct an independent investigation and determine, in its sole discretion, whether it is in the best interests of the Company to pursue, settle, or seek dismissal of, the claims asserted in the Consolidated Derivative Action, the Brosz Action, and the Tremblay Action. The SLC is composed of three members, each of whom is a director that is not a party to any of the derivative actions and was not a member of the Board until well after the relevant time period. The SLC retained independent counsel and conducted an investigation. On October 20, 2016, the Company filed motions to stay all proceedings in the Consolidated Derivative Action and the Brosz Action pending the completion of the SLC’s investigation. The court granted the motion to stay all proceedings on December 15, 2016. As noted above, the Brosz action was consolidated with the Consolidated Derivative Action on December 29, 2016, and the Tremblay Action was voluntarily dismissed on January 12, 2017. On May 18, 2017, after concluding its investigation, the SLC filed a motion to dismiss the Consolidated Derivative Action. On May 19, 2017, the Court issued an order providing for discovery and briefing in connection with the SLC’s motion to dismiss and setting a schedule for further litigation of the merits of the lawsuit. The parties have reached an agreement in principle to settle the lawsuit, subject to execution of final documentation and Court approval. On July 9, 2012, a putative securities class action lawsuit captioned Willis, et al. v. Big Lots, Inc., et al. , 2:12-cv-00604 (S.D. Ohio) was filed in the U.S. District Court for the Southern District of Ohio on behalf of persons who acquired our common shares between February 2, 2012 and April 23, 2012. This lawsuit was filed against us, Lisa Bachmann, Mr. Cooper, Mr. Fishman and Mr. Haubiel. The complaint in the putative class action generally alleges that the defendants made statements concerning our financial performance that were false or misleading. The complaint asserts claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 and seeks damages in an unspecified amount, plus attorneys’ fees and expenses. The lead plaintiff filed an amended complaint on April 4, 2013, which added Mr. Johnson as a defendant, removed Ms. Bachmann as a defendant, and extended the putative class period to August 23, 2012. On May 6, 2013, the defendants filed a motion to dismiss the putative class action complaint. On January 21, 2016, the Court granted in part and denied in part the defendants’ motion to dismiss, allowing some claims to move forward. On May 27, 2016, the lead plaintiff moved for class certification (requesting a class period from March 2, 2012 through August 23, 2012) and to appoint class representatives and class counsel. Defendants opposed the motion. On March 17, 2017, the Court granted plaintiffs' motion, certifying the class and appointing class representatives and class counsel. On March 31, 2017, defendants filed a petition pursuant to Federal Rule of Civil Procedure 23(f) for appeal of the Court's ruling with the U.S. Court of Appeals for the Sixth Circuit. Defendant’s petition was granted on August 23, 2017, and briefing on the appeal is currently underway. On August 28, 2017, defendants filed a motion in the District Court to stay all further proceedings pending the resolution of defendants’ appeal of class certification. On September 19, 2017, the District Court granted defendants’ motion and stayed all proceedings, except for the exchange of expert reports, pending the resolution of defendants’ appeal. Fact discovery in the District Court was substantially completed on May 26, 2017. We believe that the shareholder derivative and putative class action lawsuits are without merit, and we intend to defend ourselves vigorously against the allegations levied in these lawsuits. While a loss from these lawsuits is reasonably possible, at this time, we cannot reasonably estimate the amount of any loss that may result or whether the lawsuits will have a material impact on our financial statements. Tabletop Torches Matter In 2013, we sold certain tabletop torch and citronella products manufactured by third parties. In August 2013, we recalled the tabletop torches and discontinued their sale in our stores. In 2014, we were named as a defendant in a number of lawsuits relating to these products alleging personal injuries suffered as a result of negligent shelving and pairing of the products, product design, manufacturing and marketing defects and/or breach of warranties. Although we believe that we are entitled to indemnification from the third-party manufacturers of the products and the company that tested the tabletop torches for all of the expenses that we have incurred with respect to these matters and that these expenses are covered by our insurance (subject to a $1 million deductible), in the second quarter of 2015, we (1) determined that our ability to obtain any recovery from the manufacturer of the tabletop torches may be limited because, among other things, the manufacturer has exhausted its applicable insurance coverage, is domiciled outside the United States and has been dissolved by its parent and (2) became engaged in litigation with our excess insurance carrier regarding the scope of our coverage. In the second quarter of 2015, we settled one of the lawsuits and settled another lawsuit in the third quarter of 2015. We settled an additional lawsuit in the first quarter of 2017. In the second quarter of 2017, we reached a settlement with the plaintiff in the final lawsuit. Additionally, we have brought a separate lawsuit in the United States District Court of Massachusetts against the company that tested the tabletop torch and an additional lawsuit in the United States District Court for the Southern District of Ohio against the third-party manufacturers and the company that tested the tabletop torch. In the second quarter of 2017, we reached a settlement in principle with our primary and excess insurance carriers. In the third quarter of 2017, we finalized the settlement with our insurance carriers and collected the associated settlement funds, which resulted in a $3.0 million gain. In addition, our excess insurance carrier has negotiated a settlement with each of the third-party manufacturers and the company that tested the tabletop torch. Once those settlements are finalized, all pending actions will be dismissed. During the second quarter of 2015, we recorded a $4.5 million charge related to these matters. Other Matters We are involved in other legal actions and claims arising in the ordinary course of business. We currently believe that each such action and claim will be resolved without a material effect on our financial condition, results of operations, or liquidity. However, litigation involves an element of uncertainty. Future developments could cause these actions or claims to have a material effect on our financial condition, results of operations, and liquidity. |
Business Segment Data
Business Segment Data | 9 Months Ended |
Oct. 28, 2017 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT DATA | BUSINESS SEGMENT DATA We use the following seven merchandise categories, which match our internal management and reporting of merchandise net sales: Food, Consumables, Soft Home, Hard Home, Furniture, Seasonal, and Electronics, Toys, & Accessories. The Food category includes our beverage & grocery, candy & snacks, and specialty foods departments. The Consumables category includes our health, beauty and cosmetics, plastics, paper, chemical, and pet departments. The Soft Home category includes the home décor, frames, fashion bedding, utility bedding, bath, window, decorative textile, home organization and area rugs departments. The Hard Home category includes our small appliances, table top, food preparation, stationery, greeting cards, and home maintenance departments. The Furniture category includes our upholstery, mattress, ready-to-assemble, and case goods departments. The Seasonal category includes our lawn & garden, summer, Christmas, and other holiday departments. The Electronics, Toys, & Accessories category includes the electronics, jewelry, hosiery, toys and infant accessories departments. We periodically assess, and potentially enact minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. The following table presents net sales data by merchandise category: Third Quarter Year-to-Date (In thousands) 2017 2016 2017 2016 Furniture $ 278,017 $ 272,639 $ 900,395 $ 878,972 Consumables 198,236 197,545 586,735 593,859 Food 193,984 199,063 573,387 590,742 Soft Home 188,342 180,389 552,856 534,919 Hard Home 97,676 98,140 285,835 299,348 Seasonal 83,672 77,183 500,233 478,311 Electronics, Toys, & Accessories 70,897 80,539 229,471 245,077 Net sales $ 1,110,824 $ 1,105,498 $ 3,628,912 $ 3,621,228 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Loss | 9 Months Ended |
Oct. 28, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS | COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the components of accumulated other comprehensive loss, net of tax: Third Quarter Year-to-Date (In thousands) 2016 2016 Beginning of period $ (14,432 ) $ (15,977 ) Other comprehensive income before reclassifications (27 ) 46 Amounts reclassified from accumulated other comprehensive loss 510 1,982 Net period change 483 2,028 End of period (13,949 ) (13,949 ) The amounts reclassified from accumulated other comprehensive loss are associated with our pension plans and have been reclassified to selling and administrative expenses in our statements of operations. Please see note 6 to the consolidated financial statements for further information on our pension plans. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Oct. 28, 2017 | |
Derivative [Line Items] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS We may enter into derivative instruments designed to mitigate certain risks, including collar contracts to mitigate our risk associated with market fluctuations in diesel fuel prices. These contracts are used strictly to limit our risk exposure and not as speculative transactions. Our derivative instruments associated with diesel fuel do not meet the requirements for cash flow hedge accounting. Therefore, our derivative instruments associated with diesel fuel will be marked-to-market to determine their fair value and the associated gains and losses will be recognized currently in other income (expense) on our consolidated statements of operations. Our outstanding derivative instrument contracts were comprised of the following: (In thousands) October 28, 2017 January 28, 2017 Diesel fuel collars (in gallons) 4,400 4,425 The fair value of our outstanding derivative instrument contracts was as follows: (In thousands) Assets (Liabilities) Derivative Instrument Balance Sheet Location October 28, 2017 January 28, 2017 Diesel fuel collars Other current assets $ 190 $ 135 Other assets 291 180 Accrued operating expenses (273 ) (1,001 ) Other liabilities (255 ) (322 ) Total derivative instruments $ (47 ) $ (1,008 ) The effect of derivative instruments on the consolidated statements of operations was as follows: Amount of Gain (Loss) (In thousands) Third Quarter Year-to-Date Derivative Instrument Statements of Operations Location 2017 2016 2017 2016 Diesel fuel collars Realized Other income (expense) $ (180 ) $ (483 ) $ (678 ) $ (1,845 ) Unrealized Other income (expense) 611 1,180 961 2,844 Total derivative instruments $ 431 $ 697 $ 283 $ 999 The fair values of our derivative instruments are determined using observable inputs from commonly quoted markets. These fair value measurements are classified as Level 2 within the fair value hierarchy. |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 28, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | Fiscal Periods Our fiscal year ends on the Saturday nearest to January 31, which results in fiscal years consisting of 52 or 53 weeks . Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal year 2017 (“ 2017 ”) is comprised of the 53 weeks that began on January 29, 2017 and will end on February 3, 2018 . Fiscal year 2016 (“ 2016 ”) was comprised of the 52 weeks that began on January 31, 2016 and ended on January 28, 2017 . The fiscal quarters ended October 28, 2017 (“ third quarter of 2017 ”) and October 29, 2016 (“ third quarter of 2016 ”) were both comprised of 13 weeks. The year-to-date periods ended October 28, 2017 (“year-to-date 2017 ”) and October 29, 2016 (“year-to-date 2016 ”) were both comprised of 39 weeks. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling and Administrative Expenses Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, accepting credit/debit cards, and overhead. Our selling and administrative expense rates may not be comparable to those of other retailers that include warehousing, distribution, and outbound transportation costs in cost of sales. Warehousing, distribution, and outbound transportation costs included in selling and administrative expenses were $39.4 million and $38.2 million for the third quarter of 2017 and the third quarter of 2016 , respectively, and $115.6 million and $111.3 million for the year-to-date 2017 and the year-to-date 2016 , respectively. |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, digital or internet marketing and advertising, and in-store point-of-purchase presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $15.3 million and $15.6 million for the third quarter of 2017 and the third quarter of 2016 , respectively, and $51.1 million and $52.3 million for the year-to-date 2017 and the year-to-date 2016 , respectively. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments We use derivative instruments to mitigate the risk of market fluctuations in the price of diesel fuel that we expect to consume to support our outbound transportation of inventory to our stores. We do not enter into derivative instruments for speculative purposes. Our derivative instruments may consist of collar or swap contracts. Our current derivative instruments do not meet the requirements for cash flow hedge accounting. Instead, our derivative instruments are marked-to-market to determine their fair value and any gains or losses are recognized currently in other income (expense) on our consolidated statements of operations. |
Reclassification, Policy [Policy Text Block] | Reclassifications Merchandise Categories We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) . This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. The pronouncement was originally set to be effective for annual and interim reporting periods beginning after December 15, 2016. In July 2015, the FASB approved a one-year deferral of the effective date from December 15, 2016 to December 15, 2017, but allowed for early adoption as of December 15, 2016. This ASU permits the use of either the retrospective or cumulative effect transition method. We have evaluated the impact this guidance will have on our consolidated financial statements as well as considered our adoption method. There will not be a significant change in the timing of the recognition of our revenue or costs; although upon adoption of this standard, our principal versus agent presentation of an immaterial portion of our vendor relationships will be impacted. We will adopt the new standard effective February 4, 2018, using the full retrospective method. We will continue to evaluate ASU 2014-09 through the date of adoption. In February 2016, the FASB issued ASU 2016-02, Leases . The update requires a lessee to recognize a liability to make lease payments and a right-of-use asset representing a right to use the underlying asset for the lease term on the balance sheet. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating both the impact that this standard will have on our consolidated financial statements and which method of adoption to employ. We do not currently anticipate early adopting this standard. Recently Adopted Accounting Standards In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This update makes several modifications to the accounting for employee share-based payment transactions, including the requirement to recognize the income tax deduction excess or deficiency attributable to awards that vest or settle as income tax expense in the reporting period they vest or settle. Additionally, this update clarifies the presentation of certain components of share-based awards in the statement of cash flows. The ASU was effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. We selected a modified retrospective method to adopt the recognition of the cumulative income tax effects and a prospective method for cash flow presentations. In the first quarter of 2017, we recorded a $3.1 million benefit to income tax expense. For 2016, $0.5 million of excess tax benefits were recorded to additional paid-in capital that would have been recorded as a reduction to the provision for income taxes if this new guidance had been adopted on a full retrospective basis. Additionally, we recorded an insignificant adjustment to retained earnings to change our accounting method from an estimated forfeiture rate approach to actual forfeiture approach, which accounts for forfeitures as they occur. |
Basis of Presentation and Sum22
Basis of Presentation and Summary of Significant Account Policies (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Other Significant Noncash Transactions [Line Items] | |
Schedule of Other Significant Noncash Transactions [Table Text Block] | The following table provides supplemental cash flow information for the year-to-date 2017 and the year-to-date 2016 : Thirty-Nine Weeks Ended (In thousands) October 28, 2017 October 29, 2016 Supplemental disclosure of cash flow information: Cash paid for interest, including capital leases $ 3,835 $ 3,127 Cash paid for income taxes, excluding impact of refunds $ 99,037 $ 102,418 Gross proceeds from borrowings under bank credit facility $ 1,246,300 $ 1,285,500 Gross repayments of borrowings under bank credit facility $ 980,800 $ 984,900 Non-cash activity: Assets acquired under capital leases $ 90 $ 171 Accrued property and equipment $ 15,224 $ 10,074 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Equity [Abstract] | |
Dividends Declared [Table Text Block] | The Company declared and paid cash dividends per common share during the periods presented as follows: Dividends Amount Declared Amount Paid 2017: (In thousands) (In thousands) First quarter $ 0.25 $ 11,547 $ 12,683 Second quarter 0.25 11,289 10,872 Third quarter 0.25 11,007 10,638 Total $ 0.75 $ 33,843 $ 34,193 |
Share-Based Plans (Tables)
Share-Based Plans (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units, Activity [Table Text Block] | The following table summarizes the non-vested restricted stock awards and restricted stock units activity for the year-to-date 2017 : Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding non-vested restricted stock at January 28, 2017 771,521 $ 42.12 Granted 180,196 51.49 Vested (311,180 ) 43.27 Forfeited (9,893 ) 42.71 Outstanding non-vested restricted stock at April 29, 2017 630,644 $ 44.22 Granted 24,710 48.75 Vested (33,104 ) 46.11 Forfeited (1,021 ) 48.99 Outstanding non-vested restricted stock at July 29, 2017 621,229 $ 44.29 Granted 830 51.00 Vested (22,806 ) 32.23 Forfeited (3,901 ) 44.71 Outstanding non-vested restricted stock at October 28, 2017 595,352 $ 44.76 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table summarizes the activity related to PSUs for the year-to-date 2017 : Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding PSUs at January 28, 2017 360,357 $ 41.04 Granted 259,042 51.49 Vested (360,357 ) 41.04 Forfeited (7,730 ) 51.49 Outstanding PSUs at April 29, 2017 251,312 $ 51.49 Granted — — Vested — — Forfeited (841 ) 51.49 Outstanding PSUs at July 29, 2017 250,471 $ 51.49 Granted — — Vested — — Forfeited (252 ) 51.49 Outstanding PSUs at October 28, 2017 250,219 $ 51.49 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity for the year-to-date 2017 : Number of Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (000's) Outstanding stock options at January 28, 2017 589,675 $ 38.75 Exercised (104,987 ) 36.88 Forfeited (5,000 ) 36.93 Outstanding stock options at April 29, 2017 479,688 $ 39.18 2.2 $ 5,424 Exercised (41,687 ) 37.00 Forfeited — — Outstanding stock options at July 29, 2017 438,001 $ 39.39 1.9 $ 4,835 Exercised (75,125 ) 39.92 Forfeited — — Outstanding stock options at October 28, 2017 362,876 $ 39.28 1.8 $ 4,550 Vested or expected to vest at October 28, 2017 362,876 $ 39.28 1.8 $ 4,550 Exercisable at October 28, 2017 352,562 $ 39.35 1.8 $ 4,398 |
Schedule of Share Based Compensation, Additional Information [Table Text Block] | The following activity occurred under our share-based plans during the respective periods shown: Third Quarter Year-to-Date (In thousands) 2017 2016 2017 2016 Total intrinsic value of stock options exercised $ 875 $ 549 $ 2,952 $ 6,129 Total fair value of restricted stock vested 1,114 397 18,943 11,469 Total fair value of performance shares vested — — 21,026 621 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share Based Compensation, Additional Information [Table Text Block] | We have begun or expect to begin recognizing expense related to PSUs that have been issued and are outstanding as follows: Issue Year PSUs at October 28, 2017 Actual Grant Date Expected Valuation (Grant) Date Actual or Expected Expense Period 2015 250,219 March 2017 Fiscal 2017 2016 339,847 March 2018 Fiscal 2018 2017 270,721 March 2019 Fiscal 2019 Total 860,787 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Assumptions Used [Table Text Block] | The weighted-average assumptions used to determine net periodic pension cost for our plans were as follows: 2016 Discount rate 1.1 % Expected long-term rate of return 2.8 % |
Schedule of Net Benefit Costs [Table Text Block] | The components of combined net periodic pension cost were as follows: Third Quarter Year-to-Date (In thousands) 2016 2016 Interest cost on projected benefit obligation $ 208 $ 652 Expected investment return on plan assets (388 ) (1,169 ) Amortization of actuarial loss 540 1,722 Settlement loss 316 1,571 Net periodic pension cost $ 676 $ 2,776 |
Business Segment Data (Tables)
Business Segment Data (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales by Category [Table Text Block] | The following table presents net sales data by merchandise category: Third Quarter Year-to-Date (In thousands) 2017 2016 2017 2016 Furniture $ 278,017 $ 272,639 $ 900,395 $ 878,972 Consumables 198,236 197,545 586,735 593,859 Food 193,984 199,063 573,387 590,742 Soft Home 188,342 180,389 552,856 534,919 Hard Home 97,676 98,140 285,835 299,348 Seasonal 83,672 77,183 500,233 478,311 Electronics, Toys, & Accessories 70,897 80,539 229,471 245,077 Net sales $ 1,110,824 $ 1,105,498 $ 3,628,912 $ 3,621,228 |
Components of Accumulated Oth27
Components of Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS | The following table summarizes the components of accumulated other comprehensive loss, net of tax: Third Quarter Year-to-Date (In thousands) 2016 2016 Beginning of period $ (14,432 ) $ (15,977 ) Other comprehensive income before reclassifications (27 ) 46 Amounts reclassified from accumulated other comprehensive loss 510 1,982 Net period change 483 2,028 End of period (13,949 ) (13,949 ) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Our outstanding derivative instrument contracts were comprised of the following: (In thousands) October 28, 2017 January 28, 2017 Diesel fuel collars (in gallons) 4,400 4,425 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The fair value of our outstanding derivative instrument contracts was as follows: (In thousands) Assets (Liabilities) Derivative Instrument Balance Sheet Location October 28, 2017 January 28, 2017 Diesel fuel collars Other current assets $ 190 $ 135 Other assets 291 180 Accrued operating expenses (273 ) (1,001 ) Other liabilities (255 ) (322 ) Total derivative instruments $ (47 ) $ (1,008 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | The effect of derivative instruments on the consolidated statements of operations was as follows: Amount of Gain (Loss) (In thousands) Third Quarter Year-to-Date Derivative Instrument Statements of Operations Location 2017 2016 2017 2016 Diesel fuel collars Realized Other income (expense) $ (180 ) $ (483 ) $ (678 ) $ (1,845 ) Unrealized Other income (expense) 611 1,180 961 2,844 Total derivative instruments $ 431 $ 697 $ 283 $ 999 |
Basis of Presentation and Sum29
Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 28, 2017USD ($) | Apr. 29, 2017USD ($) | Oct. 29, 2016USD ($) | Oct. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Jan. 28, 2017USD ($) | |
Component of Operating Other Cost and Expense [Line Items] | ||||||
Number of Stores | 1,426 | 1,426 | ||||
Number of States in which Entity Operates | 47 | 47 | ||||
Operating Cycle | 52 or 53 weeks | |||||
Fiscal Period | P53W | P52W | ||||
Current Quarter Period | P13W | P13W | ||||
Current Quarter Year To Date Period | P39W | P39W | ||||
Distribution and Outbound Transportation Costs | $ 39.4 | $ 38.2 | $ 115.6 | $ 111.3 | ||
Advertising Expense | $ 15.3 | $ 15.6 | $ 51.1 | $ 52.3 | ||
Accounting Standards Update 2016-09 [Member] | ||||||
Item Effected [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 3.1 | $ 0.5 |
Basis of Presentation and Sum30
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 28, 2017 | Oct. 29, 2016 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest, including capital leases | $ 3,835 | $ 3,127 |
Cash paid for income taxes, excluding impact of refunds | 99,037 | 102,418 |
Gross proceeds from borrowings under the bank credit facility | 1,246,300 | 1,285,500 |
Gross repayments of borrowings under the bank credit facility | 980,800 | 984,900 |
Non-cash activity: | ||
Assets acquired under capital leases | 90 | 171 |
Accrued property and equipment | $ 15,224 | $ 10,074 |
Bank Credit Facility (Details)
Bank Credit Facility (Details) - 2011 Credit Agreement [Member] - USD ($) $ in Millions | 1 Months Ended | ||
May 30, 2015 | Oct. 28, 2017 | May 28, 2015 | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 700 | ||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Swing Loan Sublimit | $ 30 | ||
Line of Credit Facility, Letter of Credit Sublimit | $ 150 | ||
Line of Credit Facility, Amount Outstanding | $ 371.9 | ||
Line of Credit Facility, Letters of Credit Outstanding | 8.4 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 319.7 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Oct. 28, 2017 | Jan. 28, 2017 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value Disclosure | $ 30.7 | $ 24.1 |
Shareholders' Equity - Earnings
Shareholders' Equity - Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 0 | 0 |
Employee Stock Option [Member] | ||||
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Restricted Stock [Member] | ||||
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase Programs (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2017 | Jan. 28, 2017 | Oct. 28, 2017 | Oct. 29, 2016 | Feb. 28, 2017 | |
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Value | $ 15 | $ 165,732 | $ 254,289 | ||
2017 Repurchase Program [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 150,000 | ||||
Stock Repurchased During Period, Shares | 0.5 | 3.1 | |||
Stock Repurchased During Period, Value | $ 21,700 | $ 150,000 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 28, 2017 | Oct. 29, 2016 | |
Dividends, Common Stock [Abstract] | ||||||
Amount declared (Dividends) | $ 9,760 | $ 33,843 | $ 29,989 | |||
Amount paid (Dividends) | $ 34,193 | $ 29,169 | ||||
Common Stock [Member] | ||||||
Dividends, Common Stock [Abstract] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.75 | ||
Amount declared (Dividends) | $ 11,007 | $ 11,289 | $ 11,547 | $ 33,843 | ||
Amount paid (Dividends) | $ 10,638 | $ 10,872 | $ 12,683 | $ 34,193 |
Share-Based Plans - General and
Share-Based Plans - General and Other than Options (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | Jan. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ 6,600,000 | $ 8,100,000 | $ 21,100,000 | $ 24,800,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 18,000,000 | $ 18,000,000 | |||||
Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months 1 day | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Nonvested, beginning balance | 621,229 | 630,644 | 771,521 | 771,521 | |||
Granted | 830 | 24,710 | 180,196 | ||||
Vested | (22,806) | (33,104) | (311,180) | ||||
Forfeited | (3,901) | (1,021) | (9,893) | ||||
Nonvested, ending balance | 595,352 | 621,229 | 630,644 | 595,352 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Nonvested, Weighted Average Grant Date Fair Value | $ 44.76 | $ 44.29 | $ 44.22 | $ 44.76 | $ 42.12 | ||
Grants in Period, Weighted Average Grant Date Fair Value | 51 | 48.75 | 51.49 | ||||
Vested in Period, Weighted Average Grant Date Fair Value | 32.23 | 46.11 | 43.27 | ||||
Forfeited in Period, Weighted Average Grant Date Fair Value | $ 44.71 | $ 48.99 | $ 42.71 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||||||
Total fair value of equity instrument other than options vested | $ 1,114,000 | 397,000 | $ 18,943,000 | 11,469,000 | |||
Restricted Stock [Member] | Nonemployee Board of Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Vested | (16,816) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Deferred Compensation Arrangement, Fair Value of Shares Issued to Each Director | $ 135,000 | ||||||
Restricted Stock [Member] | Board of Directors Chairman [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Deferred Compensation Arrangement, Fair Value of Shares Issued to Each Director | $ 200,000 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Restricted Stock Awards (RSAs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 5 years | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ 11,700,000 | 13,100,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Nonvested, beginning balance | 250,471 | 251,312 | 360,357 | 360,357 | |||
Granted | 0 | 0 | 259,042 | ||||
Vested | 0 | 0 | (360,357) | ||||
Forfeited | (252) | (841) | (7,730) | ||||
Nonvested, ending balance | 250,219 | 250,471 | 251,312 | 250,219 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Nonvested, Weighted Average Grant Date Fair Value | $ 51.49 | $ 51.49 | $ 51.49 | $ 51.49 | $ 41.04 | ||
Grants in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 51.49 | ||||
Vested in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 41.04 | ||||
Forfeited in Period, Weighted Average Grant Date Fair Value | $ 51.49 | $ 51.49 | $ 51.49 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 860,787 | 860,787 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||||||
Total fair value of equity instrument other than options vested | $ 0 | $ 0 | $ 21,026,000 | $ 621,000 | |||
2015 PSU Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 250,219 | 250,219 | |||||
2016 PSU Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 339,847 | 339,847 | |||||
2017 PSU Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 270,721 | 270,721 |
Share-Based Plans - Options (De
Share-Based Plans - Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||
Outstanding stock options, beginning balance | 438,001 | 479,688 | 589,675 | 589,675 | |||
Exercised | (75,125) | (41,687) | (104,987) | ||||
Forfeited | 0 | 0 | (5,000) | ||||
Outstanding stock options, ending balance | 362,876 | 438,001 | 479,688 | 589,675 | 362,876 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||||
Options, Vested and Expected to Vest, Outstanding, Number | 362,876 | 362,876 | |||||
Options, Exercisable, Number | 352,562 | 352,562 | |||||
Options, Outstanding, Weighted Average Exercise Price | $ 39.28 | $ 39.39 | $ 39.18 | $ 38.75 | $ 39.28 | ||
Options, Exercises in Period, Weighted Average Exercise Price | 39.92 | 37 | 36.88 | ||||
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 0 | $ 0 | $ 36.93 | ||||
Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 39.28 | 39.28 | |||||
Options, Exercisable, Weighted Average Exercise Price | $ 39.35 | $ 39.35 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months 11 days | 1 year 11 months 11 days | 2 years 2 months 1 day | ||||
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months 11 days | ||||||
Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 9 months 11 days | ||||||
Options, Outstanding, Intrinsic Value | $ 4,550 | $ 4,835 | $ 5,424 | $ 4,550 | |||
Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 4,550 | 4,550 | |||||
Options, Exercisable, Intrinsic Value | 4,398 | 4,398 | |||||
Total intrinsic value of stock options exercised | $ 875 | $ 549 | $ 2,952 | $ 6,129 | |||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | ||||||
Share Based Compensation Arrangement By Share Based Payment Award, Award Expiration Period From Grant Date | 7 years |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 29, 2016 | Oct. 29, 2016 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount Rate | 1.10% | |
Expected Long-term Rate of Return | 2.80% | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Interest cost on projected benefit obligation | $ 208 | $ 652 |
Expected investment return on plan assets | (388) | (1,169) |
Amortization of actuarial loss | 540 | 1,722 |
Settlement loss | 316 | 1,571 |
Net periodic pension cost | $ 676 | $ 2,776 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Oct. 28, 2017USD ($) |
Income Tax Contingency [Line Items] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 3 |
Contingencies (Details)
Contingencies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 28, 2017USD ($) | Jul. 29, 2017 | Apr. 29, 2017 | Oct. 31, 2015 | Aug. 01, 2015USD ($) | Oct. 28, 2017USD ($) | |
Pending Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of Shareholder Derivative Lawsuits | 3 | |||||
Tabletop Torch and Citronella Matter [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Loss in Period | $ (3) | $ 4.5 | ||||
General Liability Insurance Deductible | $ 1 | $ 1 | ||||
Loss Contingency, Claims Settled, Number | 1 | 1 | 1 | |||
Loss Contingency, Claims Settled in Principle, Number | 1 |
Business Segment Data (Details)
Business Segment Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,110,824 | $ 1,105,498 | $ 3,628,912 | $ 3,621,228 |
Furniture [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 278,017 | 272,639 | 900,395 | 878,972 |
Consumables [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 198,236 | 197,545 | 586,735 | 593,859 |
Food [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 193,984 | 199,063 | 573,387 | 590,742 |
Soft Home [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 188,342 | 180,389 | 552,856 | 534,919 |
Hard Home [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 97,676 | 98,140 | 285,835 | 299,348 |
Seasonal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 83,672 | 77,183 | 500,233 | 478,311 |
Electronics, Toys, & Accessories [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 70,897 | $ 80,539 | $ 229,471 | $ 245,077 |
Components of Accumulated Oth42
Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 29, 2016 | Oct. 29, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (14,432) | $ (15,977) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (27) | 46 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 510 | 1,982 |
Total other comprehensive income (loss) | 483 | 2,028 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (13,949) | $ (13,949) |
Derivative Instruments (Details
Derivative Instruments (Details) number in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Oct. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Jan. 28, 2017USD ($) | |
Fuel [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Nonmonetary Notional Amount | 4,400 | 4,400 | 4,425 | ||
Energy Related Derivative [Member] | |||||
Derivative Liability [Abstract] | |||||
Derivative, Fair Value, Net | $ (47) | $ (47) | $ (1,008) | ||
Energy Related Derivative [Member] | Other Nonoperating Income (Expense) [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Sale of Commodity Contracts | (180) | $ (483) | (678) | $ (1,845) | |
Unrealized Gain (Loss) on Commodity Contracts | 611 | 1,180 | 961 | 2,844 | |
Derivative, Gain (Loss) on Derivative, Net | 431 | $ 697 | 283 | $ 999 | |
Energy Related Derivative [Member] | Other Current Assets [Member] | |||||
Derivative Asset [Abstract] | |||||
Derivative Asset, Current | 190 | 190 | 135 | ||
Energy Related Derivative [Member] | Other Assets [Member] | |||||
Derivative Asset [Abstract] | |||||
Derivative Asset | 291 | 291 | 180 | ||
Energy Related Derivative [Member] | Accrued Operating Expenses [Member] | |||||
Derivative Liability [Abstract] | |||||
Derivative Liability, Current | (273) | (273) | (1,001) | ||
Energy Related Derivative [Member] | Other Liabilities [Member] | |||||
Derivative Liability [Abstract] | |||||
Derivative Liability | $ (255) | $ (255) | $ (322) |