Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Mar. 23, 2017 | Jul. 29, 2016 | |
Document and Entity Information [Text Block] [Abstract] | |||
Entity Registrant Name | Dollar Tree Inc | ||
Entity Central Index Key | 935,703 | ||
Current Fiscal Year End Date | --01-28 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 21,781,519,553 | ||
Entity Common Stock, Shares Outstanding | 236,297,936 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 28, 2017 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 5,635.3 | $ 5,001.6 | $ 4,996.3 | $ 5,085.8 | $ 5,365.3 | $ 4,945.2 | $ 3,011.2 | $ 2,176.7 | $ 20,719.2 | $ 15,498.4 | $ 8,602.2 |
Cost of sales | 14,324.5 | 10,841.7 | 5,568.2 | ||||||||
Gross profit | 1,807 | 1,520.5 | 1,512.4 | 1,554.6 | 1,652.6 | 1,400 | 855.2 | 748.9 | 6,394.7 | 4,656.7 | 3,034 |
Selling, general and administrative expenses | 4,689.9 | 3,607 | 1,993.8 | ||||||||
Operating income | 586.5 | 342.4 | 357.2 | 418.7 | 469.7 | 223.7 | 123.4 | 232.8 | 1,704.8 | 1,049.7 | 1,040.2 |
Interest expense, net | 375.5 | 599.4 | 80.1 | ||||||||
Other (income) expense, net | (0.1) | 2.1 | 5.9 | ||||||||
Income before income taxes | 1,329.4 | 448.2 | 954.2 | ||||||||
Provision for income taxes | 433.2 | 165.8 | 355 | ||||||||
Net income | $ 321.8 | $ 171.6 | $ 170.2 | $ 232.7 | $ 229 | $ 81.9 | $ (98) | $ 69.5 | $ 896.2 | $ 282.4 | $ 599.2 |
Net income per share: | |||||||||||
Basic net income per share (usd per share) | $ 3.80 | $ 1.27 | $ 2.91 | ||||||||
Diluted net income per share (usd per share) | $ 1.36 | $ 0.72 | $ 0.72 | $ 0.98 | $ 0.97 | $ 0.35 | $ (0.46) | $ 0.34 | $ 3.78 | $ 1.26 | $ 2.90 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 321.8 | $ 171.6 | $ 170.2 | $ 232.7 | $ 229 | $ 81.9 | $ (98) | $ 69.5 | $ 896.2 | $ 282.4 | $ 599.2 |
Foreign currency translation adjustments | 5.5 | (9) | (17.2) | ||||||||
Total comprehensive income | $ 901.7 | $ 273.4 | $ 582 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 866.4 | $ 736.1 |
Short-term investments | 4 | 4 |
Merchandise inventories, net | 2,865.8 | 2,885.5 |
Other current assets | 201.8 | 310.3 |
Total current assets | 3,938 | 3,935.9 |
Property, plant and equipment, net of accumulated depreciation of $2,694.5 and $2,172.0, respectively | 3,115.8 | 3,125.5 |
Assets available for sale | 9 | 12.1 |
Goodwill | 5,023.5 | 5,021.7 |
Favorable lease rights, net | 468.6 | 569.4 |
Tradename intangible asset | 3,100 | 3,100 |
Other intangible assets, net | 5.1 | 5.8 |
Other assets | 41.6 | 130.8 |
Total assets | 15,701.6 | 15,901.2 |
Current liabilities: | ||
Current portion of long-term debt | 152.1 | 108 |
Accounts payable | 1,119.6 | 1,251.9 |
Other current liabilities | 744.2 | 722.6 |
Income taxes payable | 90 | 12.9 |
Total current liabilities | 2,105.9 | 2,095.4 |
Long-term debt, net, excluding current portion | 6,169.7 | 7,238.4 |
Unfavorable lease rights, net | 124 | 149.3 |
Deferred tax liabilities, net | 1,458.9 | 1,586.6 |
Income taxes payable, long-term | 71.2 | 71.4 |
Other liabilities | 382.4 | 353.2 |
Total liabilities | 10,312.1 | 11,494.3 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, par value $0.01; 600,000,000 shares authorized, 236,136,439 and 234,968,078 shares issued and outstanding at January 28, 2017 and January 30, 2016, respectively | 2.4 | 2.4 |
Additional paid-in capital | 2,472.1 | 2,391.2 |
Accumulated other comprehensive loss | (37.6) | (43.1) |
Retained earnings | 2,952.6 | 2,056.4 |
Total shareholders' equity | 5,389.5 | 4,406.9 |
Total liabilities and shareholders' equity | $ 15,701.6 | $ 15,901.2 |
CONSOLIDATED BALANCE SHEETS Par
CONSOLIDATED BALANCE SHEETS Parenthetical - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Less: accumulated depreciation | $ 2,694.5 | $ 2,172 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 236,136,439 | 234,968,078 |
Common stock, shares outstanding (in shares) | 236,136,439 | 234,968,078 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
Balance at Beginning of Year (in shares) at Feb. 01, 2014 | 208,100,000 | ||||
Balance at Beginning of Year at Feb. 01, 2014 | $ 1,170.7 | $ 2.1 | $ 10.7 | $ (16.9) | $ 1,174.8 |
Statement of Stockholders' Equity [Roll Forward] | |||||
Net income | 599.2 | 599.2 | |||
Total other comprehensive income (loss) | (17.2) | (17.2) | |||
Issuance of stock under Employee Stock Purchase Plan (in shares) | 100,000 | ||||
Issuance of stock under Employee Stock Purchase Plan | 4.7 | 4.7 | |||
Exercise of stock options, including income tax benefit (in shares) | 100,000 | ||||
Exercise of stock options, including income tax benefit | 2.1 | 2.1 | |||
Repurchase and retirement of shares (in shares) | (3,100,000) | ||||
Repurchase and retirement of shares | 0 | ||||
Stock-based compensation, net (in shares) | 500,000 | ||||
Stock-based compensation, net , including income tax benefit | 25.5 | 25.5 | |||
Balance at End of Year (in shares) at Jan. 31, 2015 | 205,700,000 | ||||
Balance at End of Period at Jan. 31, 2015 | 1,785 | $ 2.1 | 43 | (34.1) | 1,774 |
Statement of Stockholders' Equity [Roll Forward] | |||||
Net income | 282.4 | 282.4 | |||
Total other comprehensive income (loss) | (9) | (9) | |||
Acquisition of Family Dollar (in shares) | 28,500,000 | ||||
Acquisition of Family Dollar | 2,290.1 | $ 0.3 | 2,289.8 | ||
Issuance of stock under Employee Stock Purchase Plan (in shares) | 100,000 | ||||
Issuance of stock under Employee Stock Purchase Plan | 5.1 | 5.1 | |||
Exercise of stock options, including income tax benefit (in shares) | 300,000 | ||||
Exercise of stock options, including income tax benefit | 9.5 | 9.5 | |||
Stock-based compensation, net (in shares) | 400,000 | ||||
Stock-based compensation, net , including income tax benefit | 43.8 | 43.8 | |||
Balance at End of Year (in shares) at Jan. 30, 2016 | 235,000,000 | ||||
Balance at End of Period at Jan. 30, 2016 | 4,406.9 | $ 2.4 | 2,391.2 | (43.1) | 2,056.4 |
Statement of Stockholders' Equity [Roll Forward] | |||||
Net income | 896.2 | 896.2 | |||
Total other comprehensive income (loss) | 5.5 | 5.5 | |||
Issuance of stock under Employee Stock Purchase Plan (in shares) | 100,000 | ||||
Issuance of stock under Employee Stock Purchase Plan | $ 8 | 8 | |||
Exercise of stock options, including income tax benefit (in shares) | 613,013 | 600,000 | |||
Exercise of stock options, including income tax benefit | $ 33.5 | 33.5 | |||
Stock-based compensation, net (in shares) | 400,000 | ||||
Stock-based compensation, net , including income tax benefit | 39.4 | 39.4 | |||
Balance at End of Year (in shares) at Jan. 28, 2017 | 236,100,000 | ||||
Balance at End of Period at Jan. 28, 2017 | $ 5,389.5 | $ 2.4 | $ 2,472.1 | $ (37.6) | $ 2,952.6 |
CONSOLIDATED STATEMENTS OF SHA7
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Tax benefit from exercise of stock options | $ 0.7 | $ 1.4 |
Tax benefit from stock-based compensation expense | $ 12.1 | $ 3.1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 896.2 | $ 282.4 | $ 599.2 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 637.5 | 487.6 | 205.9 |
Provision for deferred income taxes | (124.1) | 25.6 | (18.1) |
Stock-based compensation expense | 61.6 | 53.2 | 38.3 |
Amortization of debt discount and debt-issuance costs | 55.2 | 64.7 | 0 |
Other non-cash adjustments to net income | 9.4 | 7.7 | 4.3 |
Changes in assets and liabilities increasing (decreasing) cash and cash equivalents: | |||
Merchandise inventories | 21.9 | (87.8) | (6) |
Prepaids and other current assets | 117.2 | (63.5) | (12.2) |
Accounts payable | (133.8) | 183.9 | 41.9 |
Income taxes payable | 77.1 | 3.1 | (4.6) |
Other current liabilities | 30.4 | (164.1) | 87.5 |
Other liabilities | 24.7 | 9.7 | 6.6 |
Net cash provided by operating activities | 1,673.3 | 802.5 | 942.8 |
Cash flows from investing activities: | |||
Capital expenditures | (564.7) | (480.5) | (325.6) |
Acquisition of Family Dollar, net of common stock issued, equity compensation and cash acquired | 0 | (6,527.7) | 0 |
Purchase of restricted cash and investments | (36.1) | (23.7) | (6.8) |
Proceeds from sale of restricted investments | 118.1 | 53 | 15.8 |
Proceeds from (payments for) fixed asset disposition | (0.9) | 0.5 | 1.6 |
Net cash used in investing activities | (483.6) | (6,978.4) | (315) |
Cash flows from financing activities: | |||
Principal payments for long-term debt | (4,036.2) | (5,926.7) | (12.8) |
Proceeds from long-term debt, net of discount | 2,962.5 | 12,130.2 | 0 |
Debt-issuance costs | (6.1) | (159.8) | (11.8) |
Repayments of revolving credit facility | (140) | 0 | 0 |
Proceeds from revolving credit facility | 140 | 0 | 0 |
Proceeds from stock issued pursuant to stock-based compensation plans | 41.5 | 13.9 | 5.5 |
Cash paid for taxes on exercises/vesting of stock-based compensation | (22.2) | (21.6) | (16) |
Tax benefit of exercises/vesting of stock-based compensation | 0 | 12.8 | 4.5 |
Net cash provided by (used in) financing activities | (1,060.5) | 6,048.8 | (30.6) |
Effect of exchange rate changes on cash and cash equivalents | 1.1 | (0.9) | (0.8) |
Net increase (decrease) in cash and cash equivalents | 130.3 | (128) | 596.4 |
Cash and cash equivalents at beginning of year | 736.1 | 864.1 | 267.7 |
Cash and cash equivalents at end of year | 866.4 | 736.1 | 864.1 |
Cash paid for: | |||
Interest, net of amounts capitalized | 329.1 | 487 | 33.9 |
Income taxes | 501.8 | 138.4 | 372.3 |
Accrued capital expenditures | 30.3 | 72.4 | 19.7 |
Acquisition cost paid in common stock and equity compensation | $ 0 | $ 2,290.1 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Dollar Tree, Inc. (the Company) is a leading operator of discount retail stores in the United States and Canada. Below are those accounting policies considered by the Company to be significant. Acquisition On July 6, 2015 , the Company acquired Family Dollar Stores, Inc. ("Family Dollar") for cash consideration of $6.8 billion and the issuance of 28.5 million shares of the Company's common stock valued at $2.3 billion based on the closing price of the Company's common stock on July 2, 2015 (the "Acquisition"). The results of operations of Family Dollar are included in the Company's results of operations beginning on July 6, 2015 (the "Acquisition Date"). Principles of Consolidation The consolidated financial statements include the financial statements of Dollar Tree, Inc., and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Segment Information At January 28, 2017 , the Company operates more than 14,300 discount retail stores in 48 states and five Canadian provinces. The Company's operations are conducted in two reporting business segments: Dollar Tree and Family Dollar. The Company defines its segments as those operations whose results its chief operating decision maker ("CODM") regularly reviews to analyze performance and allocate resources. The results of operations of Family Dollar are included in the Company's results of operations beginning on July 6, 2015 . The Dollar Tree segment is the leading operator of discount variety stores offering merchandise at the fixed price of $1.00 . The Dollar Tree segment includes the Company's operations under the "Dollar Tree" and "Dollar Tree Canada" brands, eleven distribution centers in the United States, two distribution centers in Canada and a Store Support Center in Chesapeake, Virginia. The Family Dollar segment operates a chain of general merchandise discount retail stores providing consumers with a selection of competitively-priced merchandise in convenient neighborhood stores. The Family Dollar segment consists of the Company's operations under the "Family Dollar" brand, eleven distribution centers and a Store Support Center in Matthews, North Carolina. Foreign Currency The functional currencies of certain of the Company’s international subsidiaries are the local currencies of the countries in which the subsidiaries are located. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on translation of assets and liabilities is included as a component of shareholders’ equity in accumulated other comprehensive loss. Gains and losses from foreign currency transactions, which are included in "Other (income) expense, net" have not been significant. Fiscal Year The Company's fiscal year ends on the Saturday closest to January 31. Any reference herein to " 2016 " or "Fiscal 2016 ," “ 2015 ” or “Fiscal 2015 ,” and “ 2014 ” or “Fiscal 2014 ,” relates to as of or for the year ended January 28, 2017 , January 30, 2016 , and January 31, 2015 , respectively. Each fiscal year included 52 weeks. " 2017 " or "Fiscal 2017 " ends on February 3, 2018 and will include 53 weeks, commensurate with the retail calendar. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Purchase Price Allocation Determining the fair value of certain assets and liabilities acquired is subjective in nature and often involves the use of significant estimates and assumptions, which are inherently uncertain. Many of the estimates and assumptions used to determine fair values, such as those used for intangible assets, are made based on forecasted information and discount rates. In addition, the judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company's results of operations. To assist in the purchase price allocation for the Acquisition, the Company engaged a third-party appraisal firm. See Note 2 for more information regarding the Acquisition. Cash and Cash Equivalents Cash and cash equivalents at January 28, 2017 and January 30, 2016 includes $554.4 million and $462.9 million , respectively, of investments primarily in money market securities which are valued at cost, which approximates fair value. For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of 3 months or less to be cash equivalents. The majority of payments due from financial institutions for the settlement of debit card and credit card transactions process within 3 business days, and therefore are classified as cash and cash equivalents. Merchandise Inventories Merchandise inventories at the Company’s distribution centers are stated at the lower of cost or market, determined on a weighted-average cost basis. Cost is assigned to store inventories using the retail inventory method on a weighted-average basis. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are computed by applying a calculated cost-to-retail ratio to the retail value of inventories. Costs directly associated with warehousing and distribution are capitalized as merchandise inventories. Total warehousing and distribution costs capitalized into inventory amounted to $116.9 million and $114.0 million at January 28, 2017 and January 30, 2016 , respectively. Property, Plant and Equipment Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Buildings 39 to 40 years Furniture, fixtures and equipment 3 to 15 years Leasehold improvements are amortized over the estimated useful lives of the respective assets or the committed terms of the related leases, whichever is shorter. Amortization is included in "Selling, general and administrative expenses" in the accompanying consolidated income statements. Costs incurred related to software developed for internal use are capitalized and amortized, generally over three years. Capitalized Interest The Company capitalizes interest on borrowed funds during the construction of certain property and equipment. The Company capitalized $2.4 million and $1.3 million of interest costs in the years ended January 28, 2017 and January 30, 2016 , respectively. No interest costs were capitalized in the year ended January 31, 2015 . Goodwill and Nonamortizing Intangible Assets Goodwill and nonamortizing intangible assets are not amortized, but rather tested for impairment at least annually. In addition, goodwill and nonamortizing intangible assets will be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. The Company performed its annual impairment testing in November 2016 and determined that no impairment existed. Other Assets Other assets historically consisted primarily of restricted investments and deferred compensation plan assets. Restricted investments were purchased to collateralize long-term insurance obligations. In 2016, the Company liquidated its restricted investments and began to use standby letters of credit to collateralize long-term insurance obligations. No restricted investments existed at January 28, 2017 . As of January 30, 2016 , the Company held $82.0 million of restricted investments. These investments were primarily in tax-exempt money market funds that invested in short-term municipal obligations. These investments were classified as available-for-sale and were recorded at fair value, which approximated cost. Deferred compensation plan assets were $19.8 million and $21.1 million at January 28, 2017 and January 30, 2016 , respectively, and are recorded at fair value. Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of The Company reviews its long-lived assets and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets based on discounted cash flows or other readily available evidence of fair value, if any. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. In fiscal 2016 , 2015 and 2014 , the Company recorded charges of $3.7 million , $1.6 million and $1.5 million , respectively, to write down certain assets. These charges are recorded as a component of "Selling, general and administrative expenses" in the accompanying consolidated income statements. Financial Instruments The Company utilizes derivative financial instruments to reduce its exposure to market risks from changes in interest rates and diesel fuel costs. By entering into receive-variable, pay-fixed interest rate and diesel fuel swaps, the Company limits its exposure to changes in variable interest rates and diesel fuel prices. The Company is exposed to credit-related losses in the event of non-performance by the counterparty to these instruments but minimizes this risk by entering into transactions with high quality counterparties. Interest rate or diesel fuel cost differentials paid or received on the swaps are recognized as adjustments to interest in the period earned or incurred. The Company formally documents all hedging relationships, if applicable, and assesses hedge effectiveness both at inception and on an ongoing basis. Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a fair value hierarchy has been established that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities; Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and Level 3 - Unobservable inputs in which there is little or no market data which require the reporting entity to develop its own assumptions. As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following table sets forth the Company's financial assets and liabilities that are accounted for at fair value on a recurring basis: (in millions) January 28, January 30, Level 1 Restricted investments $ — $ 82.0 Short-term investments 4.0 4.0 Long-term debt - Secured Senior Notes and Acquisition Notes 3,740.3 3,754.6 Level 2 Diesel fuel swap liabilities — 0.8 Long-term debt - term loans 2,828.2 3,886.1 The Company’s cash and cash equivalents are valued at cost, which approximates fair value, due to the short-term maturities of these instruments. The fair values of the diesel fuel swaps were estimated using discounted cash flow calculations based upon forward interest-rate yield and diesel cost curves. The curves were obtained from independent pricing services reflecting broker market quotes. As of January 28, 2017, the Company did not have any diesel fuel swaps outstanding. The fair values of the Company's Secured Senior Notes and Acquisition Notes were determined using Level 1 inputs as quoted prices in active markets for identical assets or liabilities are available. The fair values of the Company's term loans were determined using Level 2 inputs as quoted prices are readily available from pricing services, but the prices are not published. The carrying values of the Company's Tranche A Revolving Credit Facility at January 28, 2017 and the Company's Revolving Credit Agreement at January 30, 2016, approximated their fair values because the interest rates vary with market interest rates. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). The Company recorded impairment charges of $0.7 million , $1.6 million , and $1.5 million in fiscal 2016 , 2015 and 2014 , respectively, to reduce certain store assets to their estimated fair values. The fair values were determined based on the income approach, in which the Company utilized internal cash flow projections over the life of the underlying lease agreements discounted based on a risk-free rate of return. These measures of fair value, and related inputs, are considered a Level 3 approach under the fair value hierarchy. There were no other changes related to Level 3 assets. The Company also recorded impairment charges of $3.0 million to reduce certain assets held for sale to their estimated fair values. The fair values were determined based on the market prices of identical assets. The measures of fair value are considered a Level 1 approach under the fair value hierarchy. Lease Accounting The Company generally leases its retail locations under operating leases. The Company recognizes minimum rent expense beginning when possession of the property is taken from the landlord, which normally includes a construction period prior to store opening. When a lease contains a predetermined fixed escalation of the minimum rent, the Company recognizes the related rent expense on a straight-line basis and records the difference between the recognized rental expense and the amounts payable under the lease as deferred rent. The Company also receives tenant allowances, which are recorded in deferred rent and are amortized as reductions of rent expense over the terms of the leases. Revenue Recognition The Company recognizes sales revenue, net of estimated returns and sales tax, at the time the customer tenders payment for and takes possession of the merchandise. Taxes Collected The Company reports taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions (i.e., sales tax) on a net (excluded from revenue) basis. Cost of Sales The Company includes the cost of merchandise, warehousing and distribution costs, and certain occupancy costs in cost of sales. Vendor Allowances The Company receives vendor support in the form of cash payments or allowances through a variety of reimbursements such as purchase discounts, cooperative advertising, markdowns, scandowns and volume rebates. The Company has agreements with vendors setting forth the specific conditions for each allowance or payment. The Company either recognizes the allowance as a reduction of current costs or defers the payment over the period the related merchandise is sold. If the payment is a reimbursement for costs incurred, it is offset against those related costs; otherwise, it is treated as a reduction to the cost of merchandise. Pre-Opening Costs The Company expenses pre-opening costs for new, expanded, relocated and rebannered stores, as incurred. Advertising Costs The Company expenses advertising costs as they are incurred and they are included in "Selling, general and administrative expenses" on the accompanying consolidated income statements. Advertising costs, net of co-op recoveries from vendors, approximated $60.1 million , $32.5 million and $18.1 million for the years ended January 28, 2017 , January 30, 2016 , and January 31, 2015 , respectively. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. The Company recognizes a financial statement benefit for a tax position if it determines that it is more likely than not that the position will be sustained upon examination. The Company includes interest and penalties in the provision for income tax expense and income taxes payable. The Company does not provide for any penalties associated with tax contingencies unless they are considered probable of assessment. Stock-Based Compensation The Company recognizes expense for all share-based payments to employees based on their fair values. Total stock-based compensation expense for 2016 , 2015 and 2014 was $60.3 million , $52.3 million and $37.4 million , respectively. The Company recognizes expense related to the fair value of restricted stock units (RSUs) and stock options over the requisite service period on a straight-line basis or a shorter period based on the retirement eligibility of the grantee. The fair value of RSUs is determined using the closing price of the Company’s common stock on the date of grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. During 2016, the Company adopted Accounting Standards Update ("ASU") No. 2016-09, "Compensation-Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting." This update provides for simplification of the accounting for share-based payment transactions, including the income tax consequences and classification on the statement of cash flows. Under the update, the excess tax benefits and deficiencies that result from the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes should be recognized as income tax expense or benefit in the reporting period in which they occur. Previously, the excess tax benefits were recognized in additional paid-in capital and tax deficiencies were recognized either as an offset to accumulated excess tax benefits, if any, or in the income statement. This amendment has been adopted by the Company on a prospective basis. The update also provides that excess tax benefits should be classified along with other income tax cash flows as an operating activity on the statement of cash flows. Prior to the update, excess tax benefits were separated from other income tax cash flows and classified as a financing activity. This amendment has been adopted by the Company on a prospective transition method basis. Additionally, cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. Previously, no guidance was provided for cash flow classification of cash paid for tax-withholding purposes for shares withheld for tax purposes. This amendment has been adopted by the Company on a retrospective basis. As a result of the retrospective adoption of this amendment, $21.6 million and $16.0 million was reclassified in the accompanying Consolidated Statements of Cash Flows from "Changes in assets and liabilities increasing (decreasing) cash and cash equivalents" from "Other liabilities" to "Cash paid for taxes on exercises/vesting of stock-based compensation" for the years ended January 30, 2016 and January 31, 2015, respectively. Under the update, an entity can elect to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The Company has elected to account for forfeitures when they occur. All amendments of the update have been adopted for all periods beginning on or after January 31, 2016. The effect of the adoption of ASU No. 2016-09 on Retained earnings was not material. Net Income Per Share Basic net income per share has been computed by dividing net income by the weighted average number of shares outstanding. Diluted net income per share reflects the potential dilution that could occur assuming the inclusion of dilutive potential shares and has been computed by dividing net income by the weighted average number of shares and dilutive potential shares outstanding. Dilutive potential shares include all outstanding stock options and unvested RSUs after applying the treasury stock method. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases." This update will replace existing lease guidance in GAAP and will require lessees to recognize lease assets and lease liabilities on the balance sheet for all leases and disclose key information about leasing arrangements, such as information about variable lease payments and options to renew and terminate leases. When implemented, lessees and lessors will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The update is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently finalizing its implementation plan and evaluating the impact of the new pronouncement on its consolidated financial statements. The Company expects the adoption of this pronouncement to result in a material increase in the assets and liabilities on its consolidated balance sheets and to not have a material impact on its consolidated income statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This update will replace existing revenue recognition guidance in GAAP and requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. In July 2015, the FASB deferred the effective date of the new standard to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date for public business entities (interim and annual reporting periods beginning after December 15, 2016). ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company does not expect the adoption of this pronouncement to have a material impact on its financial statements. |
ACQUISITION (Notes)
ACQUISITION (Notes) | 12 Months Ended |
Jan. 28, 2017 | |
Business Combinations [Abstract] | |
Acquisition | ACQUISITION On July 27, 2014, the Company executed an Agreement and Plan of Merger to acquire Family Dollar in a cash and stock transaction. On July 6, 2015, the Company completed the Acquisition and Family Dollar became a direct, wholly-owned subsidiary of the Company. Under the Acquisition, the Family Dollar shareholders received $59.60 in cash and 0.2484 shares of the Company's common stock for each share of Family Dollar common stock they owned, plus cash in lieu of fractional shares (the "Merger Consideration"). As of the Acquisition Date, each outstanding performance share right of Family Dollar common stock was canceled in exchange for the right of the holder to receive the Merger Consideration (the "PSR Payment"). The aggregate amount paid by the Company for the Merger Consideration and PSR Payment was $6.8 billion in cash and the Company issued 28.5 million shares of the Company's common stock, valued at $2.3 billion based on the closing price of the Company's common stock on July 2, 2015. Additionally, outstanding Family Dollar stock options and restricted stock units were converted into mirror awards exercisable or to be earned in the Company's common stock. The value of these awards was apportioned between total Merger Consideration and unearned compensation to be recognized over the remaining original vesting periods of the awards. The Company's common stock continues to trade on the Nasdaq Exchange under the symbol "DLTR." Following the Acquisition Date, Family Dollar's common stock ceased trading on, and was delisted from, the New York Stock Exchange. Family Dollar's results from the Acquisition Date are included in the consolidated income statements. The following table summarizes the final allocation of the fair values of the identifiable assets acquired and liabilities assumed as of the Acquisition Date. No adjustments to the fair values of the identifiable assets acquired and liabilities assumed as of the Acquisition Date were recorded in fiscal 2016. The measurement period closed during the second quarter of 2016: (in millions) Cash $ 305.3 Short-term investments 4.0 Accounts receivable 71.1 Inventory 1,765.5 Taxes receivable 32.9 Other current assets 100.1 Property, plant and equipment 1,893.3 Assets available for sale 10.1 Goodwill 4,859.9 Intangible assets, net 3,570.4 Other assets 78.1 Long-term debt, including current portion (497.0 ) Accounts payable (635.2 ) Other current liabilities (563.4 ) Deferred tax liabilities, net (1,618.4 ) Other liabilities (253.6 ) Total purchase price $ 9,123.1 Less: Cash acquired (305.3 ) Total purchase price, net of cash acquired 8,817.8 Acquisition cost paid in common stock (2,272.4 ) Acquisition cost paid in equity compensation (17.7 ) Acquisition cost paid in cash, net of cash acquired $ 6,527.7 On November 1, 2015, the Company completed the transaction pursuant to which it divested 330 Family Dollar stores, 325 of which were already open, to Dollar Express LLC, a portfolio company of Sycamore Partners. The divestiture satisfied a condition as required by the Federal Trade Commission in connection with the Acquisition. The divested stores represented approximately $45.5 million of annual operating income and will operate under the Dollar Express banner. The table above reflects the effect of the divestiture as required by purchase accounting, as the divestiture was a condition of the Acquisition. As part of the divestiture, the Company was required to guarantee payments under 316 store leases and the fair value of the guarantee is immaterial. Goodwill is calculated as the excess of the purchase price over the net assets acquired. The goodwill recognized is attributable to growth opportunities and expected synergies of at least $300 million annually (unaudited), which is expected to be achieved by the third year following the Acquisition Date. Expected sources of synergies include the following: • Savings from sourcing and procurement of merchandise and non-merchandise goods and services driven by leveraging the combined volume of the Dollar Tree and Family Dollar banners, among other things; • Rebannering to optimize store formats; • A reduction in overhead and corporate selling, general and administrative expenses by eliminating redundant positions and optimizing processes; and • Savings resulting from the optimization of distribution and logistics networks. Intangible assets, net consist of three separately identified assets and one liability. First, the Company identified the Family Dollar trade name as an indefinite-lived intangible asset with a fair value of $3.1 billion . The trade name is not subject to amortization but is evaluated annually for impairment. No related impairment losses were recognized in 2016 or 2015. Second, the Company recognized an intangible asset of $629.2 million for favorable Family Dollar leases and a liability of $164.3 million for unfavorable Family Dollar leases (as compared to prevailing market rates) which are being amortized over the remaining lease terms, including, in some cases, an assumed renewal. Amortization expense of $75.7 million and $45.3 million was recognized in 2016 and 2015 , respectively, related to these lease rights. Lastly, the Company recognized an intangible asset of $5.5 million for a customer list. The Company assumed Family Dollar's $185.2 million of private placement unsecured senior notes which were due September 27, 2015 and Family Dollar's unsecured revolving credit facilities. Following the Acquisition, the Company repaid the amount outstanding under the unsecured senior notes and terminated the unsecured revolving credit facilities. The Company also assumed Family Dollar's $300.0 million of 5% unsecured senior notes due February 1, 2021 , which became secured upon closing of the Acquisition and which had an estimated fair value of $311.8 million on the Acquisition Date. The results of operations of Family Dollar are included in the Company's results of operations beginning on July 6, 2015. From July 6, 2015 through January 30, 2016, Family Dollar generated net sales of $6,162.0 million and an operating loss of $30.8 million . These results included: $73.0 million of inventory markdowns due to sku rationalization and planned liquidations; $156.8 million of expenses related to purchase accounting, primarily amortization of the step-up of the inventory value, amortization of intangible assets and higher depreciation expense; and $13.4 million of severance and integration costs. The following unaudited consolidated pro forma summary has been prepared by adjusting the Company's historical data to give effect to the Acquisition as if it had occurred on February 2, 2014 : Pro Forma - Unaudited Year Ended (in millions, except per share data) January 30, 2016 January 31, 2015 Net sales $ 19,782.3 $ 18,720.0 Net income $ 565.7 $ 608.2 Basic net income per share $ 2.41 $ 2.59 Diluted net income per share $ 2.40 $ 2.58 The unaudited consolidated pro forma financial information was prepared in accordance with existing standards and is not necessarily indicative of the results of operations that would have occurred if the Acquisition had been completed on the date indicated, nor is it indicative of the future operating results of the Company. The unaudited pro forma results do not reflect events that either have occurred or may occur after the Acquisition, including, but not limited to, the anticipated realization of ongoing savings from operating synergies in subsequent periods. They also do not give effect to certain charges that the Company incurred in connection with the Acquisition, including, but not limited to, additional professional fees, employee integration, retention and severance costs, potential asset impairments, or product rationalization charges. The unaudited pro forma results reflect the divestiture of 330 Family Dollar stores which results in the exclusion of net income of $20.9 million and $25.8 million , or $0.09 and $0.11 per basic and diluted share, in the years ended January 30, 2016 and January 31, 2015, respectively. Material non-recurring adjustments excluded from the pro forma financial information above consist of the effects of the divested stores and the step-up of Family Dollar inventory to its fair value. Acquisition expenses totaled $39.2 million and $28.5 million in 2015 and 2014, respectively, excluding acquisition-related interest expense. For additional discussion of the Acquisition, please see the "Acquisition and Divestiture" section included in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" beginning on page 27 of this Form 10-K. |
BALANCE SHEET COMPONENTS
BALANCE SHEET COMPONENTS | 12 Months Ended |
Jan. 28, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS Property, Plant and Equipment, Net Property, plant and equipment, net, as of January 28, 2017 and January 30, 2016 consists of the following: January 28, January 30, (in millions) 2017 2016 Land $ 193.8 $ 180.8 Buildings 1,044.9 906.0 Leasehold improvements 1,690.2 1,556.7 Furniture, fixtures and equipment 2,735.4 2,457.8 Construction in progress 146.0 196.2 Total property, plant and equipment 5,810.3 5,297.5 Less: accumulated depreciation 2,694.5 2,172.0 Total property, plant and equipment, net $ 3,115.8 $ 3,125.5 Depreciation expense was $561.8 million , $442.1 million , and $206.0 million for the years ended January 28, 2017 , January 30, 2016 , and January 31, 2015 , respectively. Other Current Assets Other current assets as of January 28, 2017 and January 30, 2016 consist of the following: January 28, January 30, (in millions) 2017 2016 Other accounts receivable $ 82.0 $ 77.8 Accounts receivable - divestiture-related 55.9 76.9 Prepaid store supplies 38.6 42.1 Other prepaid assets 23.4 59.7 Prepaid rent 1.9 53.8 Total other current assets $ 201.8 $ 310.3 Other Current Liabilities Other current liabilities as of January 28, 2017 and January 30, 2016 consist of accrued expenses for the following: January 28, January 30, (in millions) 2017 2016 Compensation and benefits $ 194.9 $ 195.8 Taxes (other than income taxes) 163.1 143.1 Insurance 101.7 111.1 Accrued interest 84.7 92.8 Rent liabilities 36.1 35.8 Accrued construction costs 30.3 39.5 Accrued utility expenses 21.2 20.8 Accrued repairs 18.3 3.6 Other 93.9 80.1 Total other current liabilities $ 744.2 $ 722.6 Other Liabilities Other long-term liabilities as of January 28, 2017 and January 30, 2016 consist of the following: January 28, January 30, (in millions) 2017 2016 Deferred rent $ 122.6 $ 102.2 Insurance 224.0 205.1 Other 35.8 45.9 Total other long-term liabilities $ 382.4 $ 353.2 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Total income taxes were allocated as follows: Year Ended (in millions) January 28, 2017 January 30, 2016 January 31, 2015 Income from continuing operations $ 433.2 $ 165.8 $ 355.0 Shareholders' equity, tax benefit on exercises/vesting of equity-based — (12.8 ) (4.5 ) $ 433.2 $ 153.0 $ 350.5 The provision for income taxes consists of the following: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Federal - current $ 480.5 $ 126.9 $ 325.1 State - current 79.5 14.6 47.6 Foreign - current 0.8 0.5 0.4 Total current 560.8 142.0 373.1 Federal - deferred (37.7 ) 7.4 (9.7 ) State - deferred (89.9 ) 3.3 (3.2 ) Foreign - deferred — 13.1 (5.2 ) Total deferred $ (127.6 ) $ 23.8 $ (18.1 ) Included in current tax expense for the years ended January 28, 2017 , January 30, 2016 and January 31, 2015 , are amounts related to uncertain tax positions associated with temporary differences, in accordance with ASC 740. A reconciliation of the statutory federal income tax rate and the effective rate follows: Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Statutory tax rate 35.0 % 35.0 % 35.0 % Effect of: State and local income taxes, net of federal income tax benefit 3.0 3.0 3.3 Work Opportunity Tax Credit (1.6 ) (3.8 ) (1.0 ) State tax election (1.4 ) — — Deferred tax rate change (1.6 ) — — Incremental tax benefit of exercises/vesting of equity-based (0.6 ) — — International taxes — (4.5 ) — Change in valuation allowance 0.1 4.1 — Nondeductible acquisition costs — 1.5 — Other, net (0.3 ) 1.7 (0.1 ) Effective tax rate 32.6 % 37.0 % 37.2 % The decrease in the 2016 effective tax rate includes a one-time election allowing the Family Dollar acquisition to be treated as an asset purchase for certain state tax purposes, the adoption of ASU No. 2016-09 under which the incremental tax benefit recognized upon RSU vesting is recorded in income tax expense and a change in the statutory rate for North Carolina. On August 2, 2016, the state of North Carolina announced that it would lower its corporate income tax rate from 4% to 3% for tax years beginning on or after January 1, 2017. This change in North Carolina’s statutory rate significantly decreased the deferred tax liability related to the trade name intangible asset. United States income taxes have not been provided on accumulated but undistributed earnings of the Company's foreign subsidiaries as the Company intends to permanently reinvest earnings. To date, the earnings and related taxes of the legacy Dollar Tree foreign subsidiaries are negligible. The Company has reserved United States income taxes on accumulated but undistributed earnings for Family Dollar's foreign subsidiaries as of the Acquisition Date. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. All deferred tax assets and liabilities are classified on the accompanying consolidated balance sheets as noncurrent in accordance with ASU 2015-17 "Income Taxes (Topic 740) " and are netted based on taxing jurisdiction. Significant components of the Company's net deferred tax assets (liabilities) follow: (in millions) January 28, January 30, Deferred tax assets: Deferred rent $ 59.9 $ 47.3 Accrued expenses 71.4 73.2 Net operating losses and credit carryforwards 71.4 53.1 Accrued compensation expense 71.3 77.8 State tax election 20.4 — Other 3.4 0.3 Total deferred tax assets 297.8 251.7 Valuation allowance (49.7 ) (48.4 ) Deferred tax assets, net 248.1 203.3 Deferred tax liabilities: Property and equipment (331.3 ) (369.3 ) Other intangibles (1,368.7 ) (1,415.9 ) Prepaid expenses — (3.3 ) Inventory (7.0 ) (1.4 ) Total deferred tax liabilities (1,707.0 ) (1,789.9 ) Net deferred tax liability $ (1,458.9 ) $ (1,586.6 ) Deferred tax liabilities have been provided for the tax effects of the differences between the book and tax bases in the assets acquired from Family Dollar. The decrease in the deferred tax liability was primarily related to the tax effects of the decrease in the statutory rate in North Carolina, a one-time election allowing the Family Dollar acquisition to be treated as an asset purchase for certain state tax purposes, amortization of favorable lease rights and depreciation of property plant and equipment. At January 28, 2017, the Company had certain state tax credit carryforwards, net operating loss carryforwards and capital loss carryforwards totaling approximately $71.4 million . These carryforwards will expire, if not utilized, beginning in 2017 through 2036. A valuation allowance of $49.7 million , net of federal tax benefits, has been provided principally for certain state credit carryforwards, net operating loss and capital loss carryforwards. Since January 30, 2016, the valuation allowance has been increased as a result of an increased valuation allowance against our Canadian operations deferred tax assets and a decreased valuation allowance on capital loss carryforwards. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred taxes will not be realized. Based upon the availability of carrybacks of future deductible amounts to the past two years’ taxable income and the Company's projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company believes it is more likely than not the remaining existing deductible temporary differences will reverse during periods in which carrybacks are available or in which the Company generates net taxable income. The Company is participating in the Internal Revenue Service (“IRS”) Compliance Assurance Program (“CAP”) for the 2016 fiscal year and will participate in the program for fiscal year 2017. This program accelerates the examination of key transactions with the goal of resolving any issues before the tax return is filed. The Dollar Tree segment's federal tax returns have been examined and all issues have been settled through the fiscal 2014 tax year. The federal statute of limitations is still open for Family Dollar's tax returns for the fiscal year ended August 31, 2013 and forward. Several states completed their examinations during fiscal 2016. In general, fiscal years 2013 and forward are within the statute of limitations for state tax purposes. The statute of limitations is still open prior to 2013 for some states. The balance for unrecognized tax benefits at January 28, 2017 was $71.2 million . The total amount of unrecognized tax benefits at January 28, 2017 that, if recognized, would affect the effective tax rate was $16.3 million (net of the federal tax benefit). The following is a reconciliation of the Company’s total gross unrecognized tax benefits: (in millions) January 28, 2017 January 30, 2016 Beginning Balance $ 71.4 $ 6.5 Additions, Acquisition of Family Dollar — 64.4 Additions, based on tax positions related to current year 5.9 1.9 Additions for tax positions of prior years 3.7 1.6 Settlements (2.2 ) (1.8 ) Lapses in statutes of limitation (7.6 ) (1.2 ) Ending balance $ 71.2 $ 71.4 The Company believes it is reasonably possible that $20.0 million to $27.0 million of the reserve for uncertain tax positions may be reduced during the next 12 months principally as a result of the effective settlement of outstanding issues. It is also possible that state tax reserves will be reduced for audit settlements and statute expirations within the next 12 months. At this point it is not possible to estimate a range associated with the resolution of these audits. The Company does not expect any change to have a significant impact to its consolidated financial statements. As of January 28, 2017, the Company has recorded a liability for potential interest and penalties of $7.9 million . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jan. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Operating Lease Commitments Future minimum lease payments under noncancelable store and distribution center operating leases are as follows: (in millions) 2017 $ 1,369.5 2018 1,180.4 2019 1,021.7 2020 815.9 2021 670.9 Thereafter 2,150.9 Total minimum lease payments $ 7,209.3 The above future minimum lease payments include amounts for leases that were signed prior to January 28, 2017 for stores that were not open as of January 28, 2017 . Minimum rental payments for operating leases do not include contingent rentals that may be paid under certain store leases based on a percentage of sales in excess of stipulated amounts. Future minimum lease payments have not been reduced by expected future minimum sublease rentals of $0.6 million under operating leases. Minimum and Contingent Rentals Rental expense for store and distribution center operating leases included in the accompanying consolidated income statements are as follows: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Minimum rentals $ 1,276.6 $ 993.6 $ 536.5 Contingent rentals 6.3 5.5 1.8 Technology Assets The Company has commitments totaling approximately $13.5 million to purchase primarily store technology assets and maintenance for its stores during 2017 . Telecommunication Contracts The Company has contracted for telecommunication services with agreements expiring in 2020 . The total amount of these commitments is approximately $104.7 million . Letters of Credit The Company is a party to three Letter of Credit Reimbursement and Security Agreements providing $120.0 million , $110.0 million , and $100.0 million , respectively, for letters of credit. Letters of credit under these agreements are generally issued for the routine purchase of imported merchandise and approximately $194.9 million was committed to these letters of credit at January 28, 2017 . At January 28, 2017 , the Company also had approximately $160.7 million in standby letters of credit that serve as collateral for its large-deductible insurance programs and expire in fiscal 2017 . Surety Bonds The Company has issued various surety bonds that primarily serve as collateral for utility payments at the Company's stores and self-insured insurance programs. These bonds total approximately $69.8 million and are committed through various dates through fiscal 2020 . Contingencies The Company is a defendant in legal proceedings including those described below and will vigorously defend itself in these matters. The Company does not believe that any of these matters will, individually or in the aggregate, have a material effect on its business or financial condition. The Company cannot give assurance, however, that one or more of these matters will not have a material effect on its results of operations for the quarter or year in which they are resolved. The Company assesses its legal proceedings and reserves are established if a loss is probable and the amount of such loss can be reasonably estimated. Many if not substantially all of the contingencies described below are subject to significant uncertainties and, therefore, determining the likelihood of a loss and the measurement of any loss can be complex and subject to judgment. With respect to legal proceedings where the Company has determined that a loss is reasonably possible but not probable, the Company is unable to estimate the amount or range of reasonably possible loss due to the inherent difficulty of predicting the outcome of and uncertainties regarding legal proceedings. The Company’s assessments are based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause the Company to change those estimates and assumptions. Management’s assessment of legal proceedings could change because of future determinations or the discovery of facts which are not presently known. Accordingly, the ultimate costs of resolving these proceedings may be substantially higher or lower than currently estimated. Dollar Tree Active Matters In April 2015, a distribution center employee filed a class action in California state court with allegations concerning wages, meal and rest breaks, recovery periods, wage statements and timely termination pay. The employee filed an amended complaint in which he abandoned his attempt to certify a nation-wide class of non-exempt distribution center employees for alleged improper calculation of overtime compensation. The Company removed this lawsuit to federal court. The court is now considering the employee’s motion to certify the case as a state-wide class action. In April 2015, a former store manager filed a class action in California state court alleging store managers were improperly classified as exempt employees and, among other things, did not receive overtime compensation and meal and rest periods and alleging PAGA claims on behalf of all store employees, including claims for failure to make wage statements readily available to employees who did not receive paper checks. The Court denied certification of the classification issue and related claims but did certify a wage statement class. There has been no ruling on the PAGA claims. In April 2016, the Company was served with a putative class action in Florida state court brought by a former store employee asserting the Company violated the Fair Credit Reporting Act in the way it handled background checks. Specifically, the former employee alleged the Company used disclosure forms that did not meet the statute’s requirements and failed to provide notices accompanied by background reports prior to taking adverse actions against prospective and existing employees based on information in the background reports. The plaintiff is seeking statutory damages of $100 to $1,000 per violation. In April 2016, a former store manager filed a lawsuit in California state court alleging individual claims of pregnancy and disability discrimination in addition to asserting PAGA claims on behalf of herself and other store managers alleging they were improperly classified as exempt and therefore, among other things, did not receive overtime compensation and meal and rest periods. The classification claims have been stayed pending the outcome of other lawsuits which were previously filed alleging similar PAGA claims. In July 2016, a former non-exempt sales associate filed in federal court in Arkansas a putative nationwide collective action alleging the Company forced sales associates and assistant store managers to work off the clock while clocked out for meal breaks and, as a result, underpaid regular and overtime pay. In September 2016, the court granted the Company’s motion to compel arbitration. To date, the former associate has not initiated any arbitration proceedings. In March 2017, a former store manager filed suit in a state court in Florida, seeking to represent a collective, alleging failure to pay non-exempt employees minimum wage for all time worked and overtime in violation of the Fair Labor Standards Act, and, individually, alleging race discrimination and retaliation in violation of federal and state civil rights laws. Dollar Tree Resolved Matters In 2011, an assistant store manager and an hourly associate filed a collective action against the Company alleging they were forced to work off the clock in violation of the Fair Labor Standards Act (“FLSA”) and state law. A federal judge in Virginia ruled that all claims made on behalf of assistant store managers under both the FLSA and state law should be dismissed. The court, however, certified an opt-in collective action under the FLSA on behalf of hourly sales associates. Approximately 4,300 plaintiffs remained in the case. The court approved settlement of the lawsuit which it has now dismissed. The settlement amount has been paid. In 2013, a former assistant store manager on behalf of himself and others alleged to be similarly aggrieved filed a representative Private Attorney General Act ("PAGA") claim under California law currently pending in federal court in California. The suit alleges that the Company failed to provide uninterrupted meal periods and rest breaks; failed to pay minimum, regular and overtime wages; failed to maintain accurate time records and wage statements; and failed to pay wages due upon termination of employment. In May 2014, the same assistant store manager filed a putative class action in a California state court for essentially the same conduct alleged in the federal court PAGA case. The parties have reached an agreement to settle the two cases and the proposed settlement amount has been accrued. The two trial courts have now approved the terms of the settlement. In May 2014, the US Consumer Product Safety Commission ("CPSC") began a staff investigation of circumstances related to Letters of Advice that the Company received from the CPSC from 2009 to 2013. The CPSC also investigated Letters of Advice the Company received in 2014 and 2015. The CPSC has now closed its investigations without any penalty or adverse action against the Company. In November 2015, the Company was served in a PAGA representative action under California law in California state court on behalf of former assistant store managers alleging defective wage statements. This case had been stayed pending the outcome of previously filed lawsuits alleging defective wage statements and has now been resolved on a single plaintiff basis. In February 2016, the Company was served in a putative collective action under the Fair Labor Standards Act in Florida federal court. The case was resolved without any class being certified. In October 2016, a former employee filed a PAGA representative action in California state court alleging the Company failed to provide California employees information concerning the amount of sick leave available to them. The case was dismissed with prejudice in December 2016. Family Dollar Active Matters In 2008, a complaint was filed alleging discriminatory practices with respect to the pay of Family Dollar's female store managers. Among other things, the plaintiffs seek recovery of back pay, monetary and punitive remedies, interest, attorneys' fees, and equitable relief. In June 2016, the United States District Court in North Carolina ordered that the case be continued for merits discovery. The court also certified the case as a class action of approximately 30,000 current and former female store managers employed as far back as July 2002. The court stated that it could modify its order or even decertify the action in the future as the case develops. The Company believes the class action cannot be certified under the principles of Wal-Mart Stores, Inc. v. Dukes and prevailing case law. Although the Company believes that insurance is available for this matter, potential losses may materially exceed policy coverages if plaintiffs substantially prevail. The Company disagrees with plaintiffs’ claims, does not believe the class should remain certified, and will vigorously defend itself in this matter. In 2014, a putative class action was filed in a California Federal Court by a former employee alleging that the Company had a policy of requiring employee bag checks while the employees were not clocked in for work. As a result of those actions, the employee alleges the Company violated California law by failing to provide meal periods and rest breaks, failing to pay regular and overtime wages for work performed off the clock, failing to provide accurate wage statements, failing to timely pay all final wages and by engaging in unfair competition. He has also alleged PAGA claims. The former employee dismissed his individual claims after the court ruled that the claims were subject to arbitration. The court ruled that the PAGA claims may proceed. In 2015, former employees filed a nationwide class action in federal court in Connecticut alleging the Company had violated ERISA by overcharging employees who purchased supplemental life insurance through a Company sponsored plan. In March 2016, the district court dismissed the lawsuit. Plaintiffs have appealed the dismissal to the Second Circuit Court of Appeals. In January 2017, a customer filed a class action in federal court in Illinois alleging the Company violated various state consumer fraud laws as well as express and implied warranties by selling a product that purported to contain aloe vera when it did not. The requested class is limited to the state of Illinois. The Company believes that it is fully indemnified by the entities that supplied it with the product. Family Dollar Resolved Matters In 2008, a Multi-District Litigation forum ("MDL") was created in North Carolina federal court to handle cases alleging FLSA violations against the Company. In the first two cases, the court entered orders finding the plaintiffs were not similarly situated and, therefore, neither nationwide notice nor collective treatment under the FLSA was appropriate. Since that time, the court has granted 60 summary judgments ruling Store Managers are properly classified as exempt from overtime. The remaining plaintiffs have now signed an agreement with the Company to settle all remaining cases. The settlement agreements have been approved by the courts handling the cases and all settlement monies have been fully paid. In 2013, plaintiffs filed a claim in Massachusetts seeking unpaid overtime for a class of current and former Massachusetts Store Managers whom plaintiffs claim are not properly classified as exempt from overtime under Massachusetts law. The plaintiffs have signed an agreement with the Company to settle the class action. The court approved the settlement and the settlement amount has been paid. In 2014, the Company was served with a putative class action in Missouri Federal Court alleging the Company sent customers Short Message Service ("SMS") text message advertisements, without providing appropriate express written consent in violation of the Telephone Consumer Protection Act. The plaintiff signed an agreement with the Company to settle the class action. The court approved the settlement and the settlement amount has been paid. In 2014, a former employee filed a nationwide class action in federal court in Virginia alleging the Company violated the Fair Credit Reporting Act by failing to comply with its requirements to give an individual proper notice and a reasonable time to challenge the results of a background check before taking action to deny the person employment (or terminate existing employment). The plaintiffs were seeking statutory damages of $100 to $1,000 per violation. The district court granted the Company’s motion for summary judgment in July 2016 without any liability to the Company. Plaintiffs did not appeal and this case is now resolved. In 2014, a former employee brought a putative class action and asserted claims under PAGA alleging the Company failed to provide suitable seating to its California store employees. The court dismissed the case in December 2016 and the former employee did not appeal the decision. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | NOTE 6 - LONG-TERM DEBT Long-term debt at January 28, 2017 and January 30, 2016 consists of the following: As of January 28, 2017 As of January 30, 2016 (in millions) Principal Unamortized Debt Premium and Issuance Costs Principal Unamortized Debt Premium and Issuance Costs Forgivable Promissory Note, interest payable beginning in December 2017 at a rate of 1%, principal payable beginning January 2019 7.0 — 7.0 — 5.25% Acquisition Notes, due 2020 750.0 8.7 750.0 11.1 5.75% Acquisition Notes, due 2023 2,500.0 35.9 2,500.0 40.1 Term Loan A — — 975.0 3.6 Term Loan A-1, interest payable at LIBOR, plus 1.75%, which was 2.53% at January 28, 2017 2,184.8 6.2 — — Term Loan B-1 — — 2,283.5 42.6 Term Loan B-2, fixed interest rate of 4.25% 650.0 10.4 650.0 12.0 Secured Senior Notes, fixed interest rate of 5.00% 300.0 (8.8 ) 300.0 (10.7 ) $1.25 billion Revolving Credit Facility — — — 20.4 $1.25 billion Tranche A Revolving Credit Facility, interest payable at LIBOR, plus 1.75%, which was 2.53% at January 28, 2017 — 17.6 — — Total $6,391.8 $70.0 $7,465.5 $119.1 Maturities of long-term debt are as follows: 2017 - $152.1 million , 2018 - $166.0 million , 2019 - $167.3 million , 2020 - $2,452.3 million , 2021 - $301.4 million and after 2021 - $3,152.7 million . Acquisition Notes On February 23, 2015 , the Company completed the offering of $750.0 million aggregate principal amount of 5.25% senior notes due 2020 (the “2020 Notes”) and $2.5 billion aggregate principal amount of 5.75% senior notes due 2023 (the “2023 Notes”, and together with the 2020 Notes, the “Acquisition Notes”). The Acquisition Notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. On August 1, 2016, the Company completed the exchange of the Acquisition Notes for registered notes with substantially identical terms. The Acquisition Notes are fully, unconditionally, jointly and severally guaranteed on an unsecured, unsubordinated basis, subject to certain exceptions, by each of the Company’s subsidiaries which guarantee the obligations under the Company’s senior secured credit facilities or certain other indebtedness, including Family Dollar and certain of its subsidiaries. The 2020 Notes, which mature on March 1, 2020 , were issued pursuant to an indenture, dated as of February 23, 2015 , with U.S. Bank National Association, as trustee (the “2020 Notes Indenture”). The 2023 Notes, which mature on March 1, 2023 , were issued pursuant to an indenture, dated as of February 23, 2015 , with U.S. Bank National Association, as trustee (the “2023 Notes Indenture”, and together with the 2020 Notes Indenture, the “Indentures”). Interest on the Acquisition Notes is due semiannually on March 1 and September 1 and commenced on September 1, 2015 . The Indentures contain covenants that limit the ability of the Company and certain of its subsidiaries to, among other things and subject to certain significant exceptions: (i) incur, assume or guarantee additional indebtedness; (ii) declare or pay dividends or make other distributions with respect to, or purchase or otherwise acquire or retire for value, equity interests; (iii) make any principal payment on, or redeem or repurchase, subordinated debt; (iv) make loans, advances or other investments; (v) incur liens; (vi) sell or otherwise dispose of assets, including capital stock of subsidiaries; (vii) consolidate or merge with or into, or sell all or substantially all assets to, another person; and (viii) enter into transactions with affiliates. The Indentures also provide for certain events of default, which, if any of them occurs, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Acquisition Notes under the applicable indenture to be declared immediately due and payable. The restriction in the Indentures on the Company's ability to pay dividends is subject to certain significant exceptions, including an exception that permits the Company to pay dividends and make other distributions regardless of dollar amount so long as, after giving pro forma effect thereto, the Company would have a consolidated total net leverage ratio, as defined under the Indentures, no greater than 3.50 to 1.00. As of January 28, 2017, the Company's consolidated total net leverage ratio, as defined in the Indentures, was below 3.50 to 1.00. So long as the Company's consolidated total net leverage ratio remains below 3.50 to 1.00, the Indentures do not restrict the ability of the Company to pay dividends. Credit Facility and Term Loans On March 9, 2015 , the Company entered into a credit agreement, with JPMorgan Chase Bank, N.A., as administrative agent, providing for $6.2 billion in senior secured credit facilities (the “New Senior Secured Credit Facilities”) consisting of a $1.25 billion revolving credit facility (the “New Revolving Credit Facility”) and $4.95 billion of term loan facilities (the “New Term Loan Facilities”). The New Term Loan Facilities consisted of a $1.0 billion Term Loan A tranche and a $3.95 billion Term Loan B tranche. The Term Loan B tranche also included a discount of 50 basis points or $19.8 million . The New Revolving Credit Facility and the borrowings under the Term Loan A tranche mature five years after the Acquisition Date, unless any of the 2020 Notes remain outstanding as of 91 days prior to their stated maturity, in which case the New Revolving Credit Facility and the borrowings under the Term Loan A tranche will mature at such time. The borrowings under the Term Loan B tranche mature seven years after the Acquisition Date. The New Senior Secured Credit Facilities were not guaranteed by the Company or any of its subsidiaries prior to the consummation of the Acquisition, but upon and after the Acquisition Date, the New Senior Secured Credit Facilities are guaranteed by certain of the Company's direct or indirect wholly-owned U.S. subsidiaries, including Family Dollar and certain of its subsidiaries (collectively, the “Credit Agreement Guarantors”). Upon and after the Acquisition Date, the New Senior Secured Credit Facilities are secured by a security interest in substantially all of the assets of the Company and the Credit Agreement Guarantors, subject to certain exceptions. The New Senior Secured Credit Facilities contain representations and warranties, events of default and affirmative and negative covenants. These include, among other things and subject to certain significant exceptions, restrictions on the Company's ability to declare or pay dividends, repay the Acquisition Notes, create liens, incur additional indebtedness, make investments, dispose of assets and merge or consolidate with any other person. In addition, a financial maintenance covenant based on the Company’s consolidated first lien secured net leverage ratio applies to the New Revolving Credit Facility and the Term Loan A tranche of the New Term Loan Facilities. The restriction in the New Senior Secured Credit Facilities on the Company's ability to pay dividends is subject to certain significant exceptions, including an exception that permits the Company to pay dividends and make other restricted payments regardless of dollar amount so long as, after giving pro forma effect thereto, the Company would have a consolidated total net leverage ratio, as defined under the New Senior Secured Credit Facilities, no greater than 3.50 to 1.00. As of January 28, 2017, the Company's consolidated total net leverage ratio, as defined in the New Senior Secured Credit Facilities, was below 3.50 to 1.00. So long as the Company's consolidated total net leverage ratio remains below 3.50 to 1.00, the New Senior Secured Credit Facilities do not restrict the ability of the Company to pay dividends. On June 11, 2015 , the Company amended the terms of the New Senior Secured Credit Facilities to refinance the Term Loan B tranche with $3.3 billion of floating-rate Term Loan B-1 and $650.0 million of 4.25% fixed-rate Term Loan B-2. The Company incurred charges on the amendment of $69.1 million , comprised of a 1.0% prepayment penalty and the write-off of the debt discount and related debt issuance costs. These charges were recorded in "Interest expense, net" for the year ended January 30, 2016 in the accompanying consolidated income statements. The loans under the Term Loan A tranche and the New Revolving Credit Facility bore interest at LIBOR plus 2.25% per annum (or a base rate plus 1.25% ) and the Term Loan B-1 of the New Senior Secured Credit Facilities bore interest at LIBOR plus 2.75% per annum (or a base rate plus 1.75% ). The Term Loan B-1 tranche was subject to a “LIBOR floor” of 0.75% . The Term Loan A tranche of the New Term Loan Facilities required quarterly amortization payments of 1.25% of the original principal amount thereof in the first year following the Acquisition Date, 2.5% of the original principal amount thereof in the second year following the Acquisition Date, and 3.75% of the original principal amount thereof thereafter. The Term Loan B-1 required quarterly amortization payments of 0.25% of the original principal amount thereof after the Acquisition Date and the Term Loan B-2 does not require amortization payments prior to maturity. The New Term Loan Facilities, excluding the Term Loan B-2, also required mandatory prepayments in connection with certain asset sales and out of excess cash flow, among other things, and were subject in each case to certain significant exceptions. The Company was required to pay certain commitment fees in connection with the New Revolving Credit Facility. Additionally, the Term Loan B-1 required the Company to pay a 1.0% prepayment fee if the loans thereunder were subject to certain repricing transactions before June 11, 2016 . The Term Loan B-2 requires the Company to pay a 2.0% prepayment fee if it is repaid in the second year after the refinance date and a 1.0% prepayment fee if it is repaid in the third year after the refinance date. On January 26, 2016 , the Company prepaid $1.0 billion of its $3.3 billion Term Loan B-1. The prepayment resulted in an acceleration of the amortization of debt issuance costs of $19.0 million . On August 30, 2016, the Company entered into an amendment (the "Third Amendment") to the New Senior Secured Credit Facilities. The Third Amendment reduced the applicable interest rate margin with respect to the Term Loan A tranche of the Company's New Term Loan Facilities, which had $937.5 million outstanding immediately prior to the date of the Third Amendment, and the Company’s New Revolving Credit Facility, which was undrawn other than letters of credit immediately prior to the date of the Third Amendment. The reduction in the interest rate margins was accomplished by replacing the existing Term Loan A tranche with a new Term Loan A-1 tranche and the New Revolving Credit Facility with new revolving facility commitments (the “Tranche A Revolving Credit Facility”) that, except as set forth below, have terms identical to the existing Term Loan A tranche and New Revolving Credit Facility. As a result, the total amount borrowed under the Third Amendment was unchanged from the total amount borrowed under the New Senior Secured Credit Facilities. Loans made under the Tranche A Revolving Credit Facility or the Term Loan A-1 tranche will bear interest at LIBOR plus 1.75% annually (or a base rate plus 0.75% ) until the Company delivers its quarterly compliance certificate to the lenders outlining its secured net leverage ratio for the quarter ended January 28, 2017. Prior to that date, the Company will pay a commitment fee on the unused portion of the Tranche A Revolving Credit Facility of 0.30% annually. After January 28, 2017, loans made under the Tranche A Revolving Credit Facility or the Term Loan A-1 tranche will bear interest at LIBOR plus 1.50% to 2.25% or at a base rate plus 0.50% to 1.25% and the Company will pay a commitment fee on the unused portion of the Tranche A Revolving Credit Facility ranging from 0.25% to 0.375% (in each case, determined based on the Company’s secured net leverage ratio). Beginning on January 13, 2017, loans made under the Term Loan A-1 tranche require quarterly amortization payments of 1.25% of the original principal amount until April 15, 2017 and 1.875% after April 15, 2017. The restrictive covenants and events of default in the Third Amendment are unchanged from the provisions in the New Senior Secured Credit Facilities. On September 22, 2016, the Company entered into an amendment (the "Fourth Amendment") to the New Senior Secured Credit Facilities. The Fourth Amendment provided for an additional $1,275.0 million in additional principal amounts under the Term Loan A-1 tranche and $750.0 million in total principal amount of Term Loan B-3. The proceeds of the additional loans under the Term Loan A-1 tranche and the Term Loan B-3 were used to prepay the $2,025.0 million of existing Term Loan B-1. In addition, the Company used $242.0 million of cash on hand to prepay the remainder of the Term Loan B-1. The additional loans under the Term Loan A-1 tranche have terms identical to the Term Loan A-1 tranche made under the Third Amendment to the New Senior Secured Credit Facilities. The Term Loan B-3 had terms identical to the Term Loan B-1 under the New Senior Secured Credit Facilities, except as set forth below. The Term Loan B-3 bore interest at LIBOR plus 2.50% annually (or a base rate plus 1.50% ). Beginning on January 13, 2017, the Term Loan B-3 required quarterly amortization payments of 0.25% of the original principal amount until maturity. The obligations and additional loans under the Tranche A Revolving Credit Facilities, the Term Loan A-1 tranche and the Term Loan B-3 are secured by the same collateral and subject to the same guarantees as the other classes of loans under the New Senior Secured Credit Facilities. The restrictive covenants and events of default in the Fourth Amendment are substantially the same as the provisions in the New Senior Secured Credit Facilities. In connection with the Third Amendment and Fourth Amendment to the New Senior Secured Credit Facilities, the Company accelerated the amortization of approximately $26.6 million of debt-issuance costs and expensed approximately $2.6 million in transaction-related costs. On January 20, 2017, the Company prepaid the $748.1 million remaining outstanding under its Term Loan B-3. The prepayment resulted in an acceleration of the amortization of debt-issuance costs associated with the Term Loan B-3 of $11.7 million . Secured Senior Notes As a result of the Acquisition, the Company assumed the liability for $300.0 million of 5.0% unsecured senior notes due February 1, 2021 which were issued by Family Dollar on January 28, 2011 through a public offering. These notes became equally and ratably secured on the Acquisition Date. Forgivable Promissory Note In 2012 , the Company entered into a promissory note with the state of Connecticut under which the state loaned the Company $7.0 million in connection with the Company's acquisition, construction and installation of land, building, machinery and equipment for the Company's distribution facility in Windsor, Connecticut. If certain performance targets are met, the loan will be forgiven in fiscal 2018 . If the performance targets are not met, the loan and accrued interest must be repaid over a five -year period beginning in fiscal 2018 . Senior Notes On the Acquisition Date, the Company prepaid in full $750.0 million in Senior Notes comprised of (i) $300.0 million in aggregate principal amount of 4.03% Series A Senior Notes due September 16, 2020, (ii) $350.0 million in aggregate principal amount of 4.63% Series B Senior Notes due September 16, 2023 and (iii) $100.0 million in aggregate principal amount of 4.78% Series C Senior Notes due September 16, 2025, issued pursuant to that certain Note Purchase Agreement, dated as of September 16, 2013 (as amended on January 20, 2015, the “Dollar Tree NPA”) among the Company, Dollar Tree Stores, Inc., and the Purchasers party thereto, plus accrued and unpaid interest thereon and a make-whole premium of $89.5 million determined in accordance with the provisions of the Dollar Tree NPA plus additional interest in accordance with the provisions of the first amendment to the Dollar Tree NPA. Unsecured Credit Agreement On the Acquisition Date, the Company paid in full all amounts under the Unsecured Credit Agreement, dated as of June 6, 2012, and terminated all commitments to extend further credit. Debt Covenants As of January 28, 2017 , the Company was in compliance with its debt covenants. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Jan. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Preferred Stock The Company is authorized to issue 10,000,000 shares of Preferred Stock, $0.01 par value per share. No preferred shares are issued and outstanding at January 28, 2017 and January 30, 2016 . Net Income Per Share The following table sets forth the calculations of basic and diluted net income per share: Year Ended January 28, January 30, January 31, (in millions, except per share data) 2017 2016 2015 Basic net income per share: Net income $ 896.2 $ 282.4 $ 599.2 Weighted average number of shares outstanding 235.7 222.5 206.0 Basic net income per share $ 3.80 $ 1.27 $ 2.91 Diluted net income per share: Net income $ 896.2 $ 282.4 $ 599.2 Weighted average number of shares outstanding 235.7 222.5 206.0 Dilutive effect of stock options and restricted stock (as determined by 1.1 1.0 1.0 Weighted average number of shares and dilutive potential shares 236.8 223.5 207.0 Diluted net income per share $ 3.78 $ 1.26 $ 2.90 At January 28, 2017 , January 30, 2016 and January 31, 2015 , substantially all of the stock options outstanding were included in the calculation of the weighted average number of shares and dilutive potential shares outstanding. Share Repurchase Programs The Company repurchases shares on the open market and under Accelerated Share Repurchase agreements. On September 17, 2013, the Company entered into two $500.0 million variable maturity accelerated share repurchase agreements to repurchase $1.0 billion of the Company’s common shares in the aggregate. One agreement was collared and the other was uncollared. The number of shares to be received by the Company under the collared agreement was determined based on the weighted average market price of the Company’s common stock, less a discount, during a calculation period ending on or before June 2014, subject to a minimum and maximum number of shares. Under this agreement, the Company received 7.8 million shares during the year ended February 1, 2014. This represents the minimum number of shares to be received based on a calculation using the "cap" or high-end of the price range of the "collar". On May 15, 2014, the collared agreement concluded and the Company received an additional 1.2 million shares resulting in a total of 9.0 million shares repurchased under this agreement. The number of shares to be received by the Company under the uncollared agreement was determined based on the weighted average market price of the Company's common stock, less a discount, during a calculation period ending on or before June 2014. The Company received an initial delivery of 7.2 million shares during the year ended February 1, 2014. On February 14, 2014, the uncollared agreement concluded and the Company received an additional 1.9 million shares resulting in a total of 9.1 million shares repurchased under this agreement. The Company did not repurchase any shares of common stock on the open market in fiscal 2016 , fiscal 2015 or fiscal 2014 . At January 28, 2017 , the Company had $1.0 billion remaining under Board repurchase authorization. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Jan. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Dollar Tree Retirement Savings Plan The Company maintains a defined contribution profit sharing and 401(k) plan which is available to all United States-based Dollar Tree employees over 21 years of age who have completed one year of service in which they have worked at least 1,000 hours. Eligible employees may make elective salary deferrals. The Company may make contributions at its discretion. Contributions to and reimbursements by the Company of expenses of the plan included in "Selling, general and administrative expenses" in the accompanying consolidated income statements were as follows: Year ended January 28, 2017 $ 39.0 million Year ended January 30, 2016 $ 36.6 million Year ended January 31, 2015 $ 41.1 million Eligible employees vest in the Company’s profit sharing contributions based on the following schedule: 20% after two years of service 40% after three years of service 60% after four years of service 100% after five years of service All eligible employees are immediately vested in any Company match contributions under the 401(k) portion of the plan. Effective January 1, 2017, the plan was renamed and all the assets of the Family Dollar Employee Savings and Retirement Plan and Trust were merged into the plan. The plan was formerly named the Dollar Tree Inc. Affiliates and Subsidiaries Profit Sharing and 401(k) Retirement Plan. Family Dollar Employee Savings and Retirement Plan and Trust Prior to January 1, 2017, the Company maintained a defined contribution 401(k) plan which was available to all eligible Family Dollar employees. The Company may have made contributions at its discretion. Contributions to and reimbursements by the Company of expenses of the plan included in "Selling, general and administrative expenses" in the accompanying consolidated income statements were as follows: Year ended January 28, 2017 $ 10.1 million Year ended January 30, 2016 $ 6.2 million Effective January 1, 2017, all of the assets of the Family Dollar 401(k) Retirement Plan were merged into the Dollar Tree Retirement Savings Plan. Family Dollar Compensation Deferral Plan The Company has a deferred compensation plan which provides certain officers and executives the ability to defer a portion of their base compensation and bonuses and invest their deferred amounts. The plan is a nonqualified plan and the Company does not make contributions to this plan or guarantee earnings. The deferred amounts and earnings thereon are payable to participants, or designated beneficiaries, at either specified future dates, or upon separation of service or death. Total cumulative participant deferrals and earnings were approximately $14.6 million and $15.9 million at January 28, 2017 and January 30, 2016 , respectively, and are included in "Other liabilities" on the accompanying consolidated balance sheets. The related assets are included in "Other assets" on the accompanying consolidated balance sheets. Dollar Tree, Inc. Supplemental Deferred Compensation Plan The Company has a deferred compensation plan which provided certain Dollar Tree officers and executives the ability to defer a portion of their base compensation and bonuses and invest their deferred amounts. The plan is a nonqualified plan and the Company could have made discretionary contributions. The deferred amounts and earnings thereon are payable to participants, or designated beneficiaries, at specified future dates, or upon retirement or death. Total cumulative participant deferrals and earnings were approximately $5.2 million at January 28, 2017 and January 30, 2016 , and are included in "Other liabilities" on the accompanying consolidated balance sheets. The related assets are included in "Other assets" on the accompanying consolidated balance sheets. The Company did not make any discretionary contributions in the years ended January 28, 2017 , January 30, 2016 , or January 31, 2015 . Effective December 31, 2016, the plan was frozen for contributions earned after calendar year 2016. The plan continues to exist going forward and retains all contributions and earnings previously allocated to it. Participants can continue to make investment and distribution election changes. All contributions earned on or after January 1, 2017 are allocated to the Family Dollar Compensation Deferral Plan. |
STOCK-BASED COMPENSATION PLAN
STOCK-BASED COMPENSATION PLAN | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION PLAN | STOCK-BASED COMPENSATION PLANS Fixed Stock Option Compensation Plans Under the Equity Incentive Plan (EIP), the Company granted up to 18.0 million shares of its Common Stock, plus any shares available for future awards under the 1995 Stock Incentive Plan, to the Company’s employees, including executive officers and independent contractors. The EIP permitted the Company to grant equity awards in the form of stock options, stock appreciation rights and restricted stock. The exercise price of each stock option granted equaled the market price of the Company’s stock at the date of grant. The options generally vested over a three -year period and have a maximum term of 10 years. This plan was terminated on June 16, 2011 and replaced with the Company’s Omnibus Incentive Plan (Omnibus Plan). The Executive Officer Equity Incentive Plan (EOEP) was available only to the Chief Executive Officer and certain other executive officers. These officers no longer received awards under the EIP. The EOEP allowed the Company to grant the same types of equity awards as the EIP. These awards generally vested over a three -year period, with a maximum term of 10 years for stock options. This plan was terminated on June 16, 2011 and replaced with the Omnibus Plan. Stock appreciation rights may be awarded alone or in tandem with stock options. When the stock appreciation rights are exercisable, the holder may surrender all or a portion of the unexercised stock appreciation right and receive in exchange an amount equal to the excess of the fair market value at the date of exercise over the fair market value at the date of the grant. No stock appreciation rights have been granted to date. Any restricted stock or RSUs awarded are subject to certain general restrictions. The restricted stock shares or units may not be sold, transferred, pledged or disposed of until the restrictions on the shares or units have lapsed or have been removed under the provisions of the plan. In addition, if a holder of restricted shares or units ceases to be employed by the Company, any shares or units in which the restrictions have not lapsed will be forfeited. The 2003 Non-Employee Director Stock Option Plan (NEDP) provided non-qualified stock options to non-employee members of the Company's Board of Directors. The stock options were functionally equivalent to the options issued under the EIP discussed above. The exercise price of each stock option granted equaled the closing market price of the Company’s stock on the date of grant. The options generally vested immediately. This plan was terminated on June 16, 2011 and replaced with the Omnibus Plan. The 2003 Director Deferred Compensation Plan permits any of the Company's directors who receive a retainer or other fees for Board or Board committee service to defer all or a portion of such fees until a future date, at which time they may be paid in cash or shares of the Company's common stock, or receive all or a portion of such fees in non-statutory stock options. Deferred fees that are paid out in cash will earn interest at the 30 -year Treasury Bond Rate. If a director elects to be paid in common stock, the number of shares will be determined by dividing the deferred fee amount by the closing market price of a share of the Company's common stock on the date of deferral. The number of options issued to a director will equal the deferred fee amount divided by 33% of the price of a share of the Company's common stock. The exercise price will equal the fair market value of the Company's common stock at the date the option is issued. The options are fully vested when issued and have a term of 10 years. Under the Omnibus Plan, the Company may grant up to 4.0 million shares of its Common Stock, plus any shares available for future awards under the EIP, EOEP, or NEDP plans, to the Company’s employees, including executive officers and independent contractors. The Omnibus Plan permits the Company to grant equity awards in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance bonuses, performance units, non-employee director stock options and other equity-related awards. These awards generally vest over a three -year period with a maximum term of 10 years. In conjunction with the Acquisition, the Company assumed the Family Dollar Stores, Inc. 2006 Incentive Plan (the "2006 Plan"). The 2006 Plan permits the granting of a variety of compensatory award types, including stock options and performance share rights. Restricted Stock In connection with the Acquisition, unvested Family Dollar RSUs that were outstanding prior to the Acquisition were converted into unvested Dollar Tree RSUs with the same substantive terms and conditions as were applicable to the Family Dollar RSUs, in respect of a number of shares of common stock of the Company determined by multiplying the number of shares of Family Dollar RSUs by 1.0000 (the "Award Exchange Ratio"). The Company converted approximately 0.1 million unvested Family Dollar RSUs into unvested Dollar Tree RSUs at the date of Acquisition and recognized $1.8 million and $2.8 million of expense related to these RSUs in 2016 and 2015 , respectively. The Company granted 0.5 million , 0.3 million and 0.5 million service-based RSUs, net of forfeitures in 2016 , 2015 and 2014 , respectively, from the Omnibus Plan to the Company’s employees and officers. The fair value of all of these RSUs is being expensed ratably over the three -year vesting periods, or shorter periods based on the retirement eligibility of certain grantees. The fair value was determined using the Company’s closing stock price on the date of grant. The Company recognized $28.2 million , $22.6 million and $22.2 million of expense related to service-based RSUs during 2016 , 2015 and 2014 , respectively. As of January 28, 2017 , there was approximately $30.6 million of total unrecognized compensation expense related to these RSUs which is expected to be recognized over a weighted-average period of 22.3 months. In 2016 , the Company granted 0.2 million RSUs from the Omnibus Plan to certain officers of the Company, contingent on the Company meeting certain performance targets in 2016 and future service of these officers through March 2019 . The Company met these performance targets in fiscal 2016 ; therefore, the fair value of these RSUs of $17.1 million is being expensed over the service period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $11.4 million of expense related to these RSUs in 2016 . The fair value of these RSUs was determined using the Company’s closing stock price on the grant date. In 2015 , the Company granted 0.1 million RSUs from the Omnibus Plan to certain officers of the Company, contingent on the Company meeting certain performance targets in 2015 and future service of these officers through March 2018 . The Company met these performance targets in fiscal 2015 ; therefore, the fair value of these RSUs of $11.3 million is being expensed over the service period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $1.8 million and $8.7 million of expense related to these RSUs in 2016 and 2015 , respectively. The fair value of these RSUs was determined using the Company’s closing stock price on the grant date. In 2014 , the Company granted 0.2 million RSUs from the Omnibus Plan to certain officers of the Company, contingent on the Company meeting certain performance targets in 2014 and future service of these officers through March 2017 . The Company met these performance targets in fiscal 2014 ; therefore, the fair value of these RSUs of $10.0 million is being expensed over the service period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $1.0 million , $1.6 million and $6.7 million of expense related to these RSUs in 2016 , 2015 and 2014 , respectively. The fair value of these RSUs was determined using the Company’s closing stock price on the grant date. In 2016 , the Company granted RSUs with an estimated fair value of $3.2 million from the Omnibus Plan to certain officers of the Company. Each officer has the opportunity to earn an amount between zero percent ( 0% ) and two hundred percent ( 200% ) of the individual target award contingent on the Company meeting certain performance targets for the period beginning on January 31, 2016 and ending on February 2, 2019 . Provided the vesting conditions are satisfied, the awards will vest at the end of the performance period. The estimated fair value of these RSUs is being expensed over the performance period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $2.0 million of expense related to these RSUs in 2016 . The estimated fair value of these RSUs was determined using the Company's closing stock price on the grant date. In 2015 , the Company granted RSUs with an estimated grant date fair value of $2.3 million from the Omnibus Plan to certain officers of the Company. Each officer has the opportunity to earn an amount between zero percent ( 0% ) and two hundred percent ( 200% ) of the individual target award contingent on the Company meeting certain performance targets for the period beginning on February 1, 2015 and ending on February 3, 2018 . Providing the vesting conditions are satisfied, the awards will vest at the end of the performance period. The current estimated fair value of these RSUs of $4.6 million is being expensed over the performance period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $2.3 million and $1.4 million of expense related to these RSUs in 2016 and 2015 , respectively. The estimated fair value of these RSUs was determined using the Company's closing stock price on the grant date. In 2014 , the Company granted RSUs with an estimated fair value of $ 2.0 million from the Omnibus Plan to certain officers of the Company. Each officer had the opportunity to earn an amount between zero percent ( 0% ) and two hundred percent ( 200% ) of the individual target award contingent on the Company meeting certain performance targets for the period beginning on February 2, 2014 and ending on January 28, 2017 . The estimated fair value was being expensed over the performance period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $0.3 million , $0.4 million and $1.0 million of expense related to these RSUs in 2016 , 2015 and 2014 , respectively. The estimated fair value of these RSUs was determined using the Company's closing stock price on the grant date. In 2013, the Company granted RSUs ("2013 Grants") with an estimated fair value of $1.7 million from the Omnibus Plan to certain officers of the Company. Each officer had the opportunity to earn an amount between zero percent ( 0% ) and two hundred percent ( 200% ) of the individual target award contingent on the Company meeting certain performance targets for the period beginning on February 3, 2013 and ending on January 30, 2016 ("2013 Goal"). The estimated fair value was being expensed over the performance period or a shorter period based on the retirement eligibility of the grantee. The Company recognized $0.4 million and $1.0 million of expense related to these RSUs in 2014 and 2013, respectively. The estimated fair value of these RSUs was determined using the Company's closing stock price on the grant date. However, because the Acquisition was not yet contemplated as of the grant date, the 2013 Goal did not exclude costs related to the Acquisition or any income that may be attributable to Family Dollar during the performance period. In 2015, the Company concluded that maintaining the 2013 Grants in their original form would undermine the Company's goals and create skewed incentives for the grantees. Because amending the 2013 Goal would have jeopardized deductibility of the awards under Section 162(m) of the Internal Revenue Service Code, in 2015 the Compensation Committee of the Board of Directors canceled the 2013 Grants and approved new awards ("2015 Supplemental Grants"), with a fair value of $2.2 million and a new operating income goal for the one -year period ending January 30, 2016 ("2015 Supplemental Goal"). The 2015 Supplemental Goal equals the amount remaining in the final year of the 2013 Goal, giving credit for actual Company performance utilizing an operating income definition that excludes both costs related to the Acquisition and income from Family Dollar. As such, the 2015 Supplemental Grants exactly replicate the incentive structure of the 2013 Grants had those awards excluded the effect of the then-unknown and unforeseeable Acquisition when they were granted. The Company recognized a $1.2 million reduction of expense related to the 2013 Grants cancellation in 2015 and recognized $0.2 million and $2.4 million of expense related to the 2015 Supplemental Grants in 2016 and 2015, respectively. In 2012, the Company granted 0.2 million RSUs with a fair value of $10.0 million from the Omnibus Plan to the Chief Executive Officer of the Company, contingent on the Company meeting certain performance targets for the period beginning July 29, 2012 and ending on August 3, 2013 and the grantee completing a five -year service requirement. The fair value of these RSUs is being expensed ratably over the five -year vesting period. The Company recognized $2.0 million , $2.0 million and $2.0 million of expense related to these RSUs in 2016 , 2015 and 2014 , respectively. The fair value of these RSUs was determined using the Company's closing stock price on the grant date. In 2015, the Company granted 0.1 million service-based RSUs with a fair value of $7.9 million from the Omnibus Plan. The estimated fair value of these RSUs is being expensed ratably over the three -year vesting period. The Company recognized $2.0 million and $1.0 million of expense related to these RSUs in 2016 and 2015, respectively. On March 18, 2016 , the Company granted approximately 0.1 million RSUs with a fair value of $5.0 million from the Omnibus Plan to the President of the Company, contingent on the Company meeting certain performance targets for the period beginning January 31, 2016 and ending on February 2, 2019 and the grantee completing a five -year service requirement. The fair value of these RSUs is being expensed ratably over the five -year vesting period. The Company recognized $0.8 million of expense related to these RSUs in 2016. The fair value of these RSUs was determined using the Company's closing stock price on the grant date. The following table summarizes the status of RSUs as of January 28, 2017 , and changes during the year then ended: Shares Weighted Average Grant Date Fair Value Nonvested at January 30, 2016 1,569,421 $ 63.24 Granted 897,479 80.13 Vested (697,780 ) 60.83 Forfeited (149,619 ) 76.45 Nonvested at January 28, 2017 1,619,501 $ 73.43 In connection with the vesting of RSUs in 2016 , 2015 and 2014 , certain employees elected to receive shares net of minimum statutory tax withholding amounts which totaled $21.9 million , $21.6 million and $15.8 million , respectively. The total fair value of the restricted shares vested during the years ended January 28, 2017 , January 30, 2016 and January 31, 2015 was $42.4 million , $36.8 million and $31.8 million , respectively. Stock Options Stock options granted under the Omnibus Plan in 2016 were to directors and certain officers. Stock options granted in 2015 and 2014 were to directors. Stock options granted to directors were under the Director Deferred Compensation Plan, vest immediately and are expensed on the grant date. During 2016, the Company granted 0.2 million stock options with a fair value of $4.0 million from the Omnibus Plan to an officer of the Company. The fair value of these stock options will be expensed over the five -year vesting period. The Company did not recognize any expense related to these stock options in 2016. In connection with the Acquisition, options to purchase Family Dollar common stock ("Family Dollar Options") that were outstanding prior to the Acquisition were converted into options to purchase, on the same substantive terms and conditions as were applicable to Family Dollar Options, a number of shares of common stock of the Company determined by multiplying the number of shares of Family Dollar common stock subject to such Family Dollar Options by 1.0000 (the "Award Exchange Ratio"), at an exercise price per share equal to the per share exercise price for the shares of Family Dollar common stock otherwise purchasable pursuant to the Family Dollar Options divided by the Award Exchange Ratio. The Company converted approximately 1.5 million Family Dollar vested and unvested options into equivalent options to purchase Dollar Tree Common Stock at the date of Acquisition and recognized $2.6 million and $6.2 million of expense related to these options in 2016 and 2015 , respectively. Stock options are valued using the Black-Scholes option-pricing model and compensation expense is recognized on a straight-line basis, net of estimated forfeitures, over the requisite service period. The fair value of each option grant was estimated on the Acquisition date using the Black-Scholes option-pricing model. The expected term of the awards granted is based on an analysis of historical and expected future exercise behavior. Expected volatility is derived from an analysis of the historical volatility of the Company’s publicly traded stock. The risk free rate is based on the U.S. Treasury rates on the Acquisition date with maturity dates approximating the expected life of the option on the Acquisition date. The weighted average assumptions used in the Black-Scholes option pricing model for awards granted to certain officers in 2016 and converted awards in 2015 are as follows: Fiscal 2016 Fiscal 2015 Expected term in years 6.50 2.03 Expected volatility 24.51 % 20.77 % Annual dividend yield — % — % Risk free interest rate 2.09 % 0.60 % Weighted-average fair value of options granted during the period $ 22.10 $ 23.15 Amounts for options granted in 2015 and 2014 are immaterial. The following tables summarize information about options outstanding at January 28, 2017 and changes during the year then ended. Stock Option Activity January 28, 2017 Weighted Average Weighted Aggregate Per Share Average Intrinsic Exercise Remaining Value Shares Price Term (in millions) Outstanding, beginning of period 1,549,999 $ 58.41 Granted 189,543 74.45 Exercised (613,013 ) 54.73 Forfeited (85,094 ) 72.73 Outstanding, end of period 1,041,435 $ 62.38 1.3 $ 12.2 Options vested at January 28, 2017 664,854 $ 55.97 1.2 $ 12.0 Options exercisable at end of period 664,854 $ 55.97 1.2 $ 12.0 Options Outstanding Options Exercisable Options Options Range of Outstanding Weighted Avg. Weighted Avg. Exercisable Weighted Avg. Exercise at January 28, Remaining Exercise at January 28, Exercise Prices 2017 Contractual Life Price 2017 Price $8.91 to $12.66 134,627 1.2 $ 10.67 134,627 $ 10.67 $12.67 to $48.30 47,807 4.6 32.36 47,807 32.36 $48.31 to $58.58 25,462 2.5 55.03 22,691 54.72 $58.59 to $70.71 365,014 0.6 68.41 290,657 68.48 $70.72 to $93.78 468,525 2.0 76.01 169,072 77.37 $8.91 to $93.78 1,041,435 1.3 $ 59.93 664,854 $ 55.97 The intrinsic value of options exercised during 2016 , 2015 and 2014 was approximately $11.8 million , $13.2 million and $3.7 million , respectively. Employee Stock Purchase Plan Under the Dollar Tree, Inc. Employee Stock Purchase Plan (ESPP), the Company is authorized to issue up to 8,707,692 shares of Common Stock to eligible employees. Under the terms of the ESPP, employees can choose to have up to 10% of their annual base earnings withheld to purchase the Company's common stock. The purchase price of the stock is 85% of the lower of the price at the beginning or the end of the quarterly offering period. Under the ESPP, the Company has sold 4,990,145 shares as of January 28, 2017 . The fair value of the employees' purchase rights is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: Fiscal 2016 Fiscal 2015 Fiscal 2014 Expected term 3 months 3 months 3 months Expected volatility 14.6 % 13.2 % 8.8 % Annual dividend yield — % — % — % Risk free interest rate 0.4 % 0.2 % — % The weighted average per share fair value of purchase rights granted in 2016 , 2015 and 2014 was $13.43 , $11.65 and $8.17 , respectively. Total expense recognized for these purchase rights was $1.6 million , $1.0 million and $0.8 million in 2016 , 2015 and 2014 , respectively. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Jan. 28, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING The Company operates a chain of more than 14,300 retail discount stores in 48 states and five Canadian provinces. The Company's operations are conducted in two reporting business segments: Dollar Tree and Family Dollar. The Company defines its segments as those operations whose results its chief operating decision maker ("CODM") regularly reviews to analyze performance and allocate resources. The results of operations of Family Dollar are included in the Company's results of operations beginning on July 6, 2015 . The Dollar Tree segment is the leading operator of discount variety stores offering merchandise at the fixed price of $1.00 . The Dollar Tree segment includes the Company's operations under the "Dollar Tree" and "Dollar Tree Canada" brands, 11 distribution centers in the United States, two distribution centers in Canada and a Store Support Center in Chesapeake, Virginia. The Family Dollar segment operates a chain of general merchandise retail discount stores providing consumers with a selection of competitively-priced merchandise in convenient neighborhood stores. The Family Dollar segment consists of the Company's operations under the "Family Dollar" brand, 11 distribution centers and a Store Support Center in Matthews, North Carolina. The Company measures the results of its segments using, among other measures, each segment's net sales, gross profit and operating income (loss). The Company may revise the measurement of each segment's operating income (loss), including the allocation of distribution center and Store Support Center costs, as determined by the information regularly reviewed by the CODM. When the measurement of a segment changes, previous period amounts and balances are reclassified to be comparable to the current period's presentation. Net sales by segment are as follows: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Net sales: Dollar Tree $ 10,138.7 $ 9,336.4 $ 8,602.2 Family Dollar 10,580.5 6,162.0 — Total net sales $ 20,719.2 $ 15,498.4 $ 8,602.2 Gross profit by segment is as follows: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Gross profit: Dollar Tree $ 3,584.7 $ 3,249.3 $ 3,034.0 Family Dollar 2,810.0 1,407.4 — Total gross profit $ 6,394.7 $ 4,656.7 $ 3,034.0 Depreciation and amortization expense by segment is as follows: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Depreciation and amortization expense: Dollar Tree $ 241.3 $ 223.4 $ 206.0 Family Dollar 396.5 264.3 — Total depreciation and amortization expense $ 637.8 $ 487.7 $ 206.0 Operating income (loss) by segment is as follows: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Operating income (loss): Dollar Tree $ 1,305.3 $ 1,080.5 $ 1,040.2 Family Dollar 399.5 (30.8 ) — Total operating income $ 1,704.8 $ 1,049.7 $ 1,040.2 Total assets by segment are as follows: As of January 28, January 30, (in millions) 2017 2016 Total assets: Dollar Tree $ 3,705.5 $ 3,472.0 Family Dollar 11,996.1 12,429.2 Total assets $ 15,701.6 $ 15,901.2 Total goodwill by segment is as follows: As of January 28, January 30, (in millions) 2017 2016 Total goodwill: Dollar Tree $ 345.4 $ 283.6 Family Dollar 4,678.1 4,738.1 Total goodwill $ 5,023.5 $ 5,021.7 Goodwill is reassigned between segments when stores are rebannered between segments. During 2016 and 2015, the Company reassigned $60.0 million and $121.8 million , respectively, of goodwill from Family Dollar to Dollar Tree as a result of rebannering. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL INFORMATION CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 12 Months Ended |
Jan. 28, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | CONDENSED CONSOLIDATING FINANCIAL INFORMATION As discussed in Note 6, at January 28, 2017 , the Company had outstanding $750.0 million principal amount of 5.25% Acquisition Notes due March 1, 2020 and $2,500.0 million principal amount of 5.75% Acquisition Notes due March 1, 2023, which are unsecured obligations of the Company and are also fully, unconditionally, jointly and severally guaranteed on an unsecured, unsubordinated basis, subject to certain exceptions, by certain of the Company's direct or indirect wholly-owned U.S. subsidiaries, including Family Dollar and certain of its subsidiaries. All of the subsidiaries, guarantor and non-guarantor are 100% owned by the parent. Supplemental condensed consolidated financial information of the Company, including such information for the Guarantors, is presented below. The information is presented in accordance with the requirements of Rule 3-10 under Regulation S-X of the Securities and Exchange Commission (the "SEC"). The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the guarantor or the non-guarantor subsidiaries operated as independent entities. Investments in subsidiaries are presented using the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. Separate financial statements of the Guarantors are not provided as the condensed consolidating financial information contained herein provides a more meaningful disclosure to allow investors to determine the nature of the assets held by, and the operations of, the combined groups. The Company completed the exchange of the Acquisition Notes for registered notes with substantially identical terms on August 1, 2016. Condensed Consolidating Statements of Comprehensive Income Year Ended January 28, 2017 Guarantor Non-Guarantor Consolidation Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net sales $ — $ 20,506.9 $ 731.6 $ (519.3 ) $ 20,719.2 Cost of sales — 14,178.1 584.4 (438.0 ) 14,324.5 Gross profit — 6,328.8 147.2 (81.3 ) 6,394.7 Selling, general and administrative expenses 7.4 4,631.0 125.2 (73.7 ) 4,689.9 Operating income (loss) (7.4 ) 1,697.8 22.0 (7.6 ) 1,704.8 Interest expense (income), net 316.8 66.3 (7.6 ) — 375.5 Other (income) expense, net 7.4 (0.7 ) 0.8 (7.6 ) (0.1 ) Income (loss) before income taxes (331.6 ) 1,632.2 28.8 — 1,329.4 Provision for income taxes (133.3 ) 558.8 7.7 — 433.2 Equity in earnings of subsidiaries (1,094.5 ) (15.4 ) — 1,109.9 — Net income 896.2 1,088.8 21.1 (1,109.9 ) 896.2 Other comprehensive income 5.5 1.7 5.5 (7.2 ) 5.5 Comprehensive income $ 901.7 $ 1,090.5 $ 26.6 $ (1,117.1 ) $ 901.7 Year Ended January 30, 2016 Guarantor Non-Guarantor Consolidation Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net sales $ — $ 15,312.2 $ 737.6 $ (551.4 ) $ 15,498.4 Cost of sales — 10,715.6 664.1 (538.0 ) 10,841.7 Gross profit — 4,596.6 73.5 (13.4 ) 4,656.7 Selling, general and administrative expenses 48.4 3,505.5 62.5 (9.4 ) 3,607.0 Operating (loss) income (48.4 ) 1,091.1 11.0 (4.0 ) 1,049.7 Interest expense (income), net 464.4 139.1 (4.1 ) — 599.4 Other (income) expense, net 4.0 (0.2 ) 2.3 (4.0 ) 2.1 Income (loss) before income taxes (516.8 ) 952.2 12.8 — 448.2 Provision for income taxes (213.3 ) 361.6 17.5 — 165.8 Equity in earnings of subsidiaries (585.9 ) (31.1 ) — 617.0 — Net income (loss) 282.4 621.7 (4.7 ) (617.0 ) 282.4 Other comprehensive loss — — (9.0 ) — (9.0 ) Comprehensive income $ 282.4 $ 621.7 $ (13.7 ) $ (617.0 ) $ 273.4 Condensed Consolidating Statements of Comprehensive Income (Continued) Year Ended January 31, 2015 Guarantor Non-Guarantor Consolidation Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net sales $ — $ 8,420.3 $ 184.0 $ (2.1 ) $ 8,602.2 Cost of sales — 5,427.7 142.6 (2.1 ) 5,568.2 Gross profit — 2,992.6 41.4 — 3,034.0 Selling, general and administrative expenses 33.7 1,904.0 58.3 (2.2 ) 1,993.8 Operating (loss) income (33.7 ) 1,088.6 (16.9 ) 2.2 1,040.2 Interest expense (income), net 35.7 44.5 (0.1 ) — 80.1 Other (income) expense, net (2.1 ) 5.5 0.4 2.1 5.9 Income (loss) before income taxes (67.3 ) 1,038.6 (17.2 ) 0.1 954.2 Provision for income taxes (27.4 ) 387.2 (4.8 ) — 355.0 Equity in earnings of subsidiaries (639.1 ) — — 639.1 — Net income (loss) 599.2 651.4 (12.4 ) (639.0 ) 599.2 Other comprehensive loss — — (17.2 ) — (17.2 ) Comprehensive income $ 599.2 $ 651.4 $ (29.6 ) $ (639.0 ) $ 582.0 Condensed Consolidating Balance Sheets January 28, 2017 Guarantor Non-Guarantor Consolidating Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company ASSETS Current assets: Cash and cash equivalents $ 562.4 $ 139.2 $ 164.8 $ — $ 866.4 Short-term investments — — 4.0 — 4.0 Merchandise inventories, net — 2,826.3 41.2 (1.7 ) 2,865.8 Current deferred tax assets, net — (9.3 ) 9.3 — — Due from intercompany, net 58.7 1,041.5 42.8 (1,143.0 ) — Other current assets 0.5 198.7 2.3 0.3 201.8 Total current assets 621.6 4,196.4 264.4 (1,144.4 ) 3,938.0 Property, plant and equipment, net — 3,085.3 30.5 — 3,115.8 Assets available for sale — 9.0 — — 9.0 Goodwill — 4,993.1 30.4 — 5,023.5 Favorable lease rights, net — 468.6 — — 468.6 Tradename intangible asset — 3,100.0 — — 3,100.0 Other intangible assets, net — 5.1 — — 5.1 Investment in subsidiaries 8,640.1 106.6 — (8,746.7 ) — Intercompany note receivable 1,926.4 — 188.8 (2,115.2 ) — Due from intercompany, net 1,243.8 — — (1,243.8 ) — Other assets — 41.3 3.3 (3.0 ) 41.6 Total assets $ 12,431.9 $ 16,005.4 $ 517.4 $ (13,253.1 ) $ 15,701.6 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 152.1 $ — $ — $ — $ 152.1 Accounts payable — 1,105.9 14.7 (1.0 ) 1,119.6 Due to intercompany, net 969.6 121.5 51.9 (1,143.0 ) — Other current liabilities 66.4 470.5 207.3 — 744.2 Income taxes payable (1.9 ) 91.0 0.9 — 90.0 Total current liabilities 1,186.2 1,788.9 274.8 (1,144.0 ) 2,105.9 Long-term debt, net, excluding current portion 5,853.9 315.8 — — 6,169.7 Unfavorable lease rights, net — 124.0 — — 124.0 Deferred tax liabilities, net 2.0 1,456.9 — — 1,458.9 Income taxes payable, long-term — 71.2 — — 71.2 Due to intercompany, net — 1,243.8 — (1,243.8 ) — Intercompany note payable — 2,115.2 — (2,115.2 ) — Other liabilities — 377.5 8.1 (3.2 ) 382.4 Total liabilities 7,042.1 7,493.3 282.9 (4,506.2 ) 10,312.1 Shareholders' equity 5,389.8 8,512.1 234.5 (8,746.9 ) 5,389.5 Total liabilities and equity $ 12,431.9 $ 16,005.4 $ 517.4 $ (13,253.1 ) $ 15,701.6 Condensed Consolidating Balance Sheets (Continued) January 30, 2016 Guarantor Non-Guarantor Consolidating Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company ASSETS Current assets: Cash and cash equivalents $ — $ 636.9 $ 116.5 $ (17.3 ) $ 736.1 Short-term investments — — 4.0 — 4.0 Merchandise inventories, net — 2,850.0 51.4 (15.9 ) 2,885.5 Due from intercompany, net 262.2 548.3 186.4 (996.9 ) — Other current assets 1.0 308.7 0.6 — 310.3 Total current assets 263.2 4,343.9 358.9 (1,030.1 ) 3,935.9 Property, plant and equipment, net — 3,089.5 36.0 — 3,125.5 Assets available for sale — 12.1 — — 12.1 Goodwill — 4,993.2 28.5 — 5,021.7 Deferred tax assets, net 0.5 — 9.6 (10.1 ) — Favorable lease rights, net — 569.4 — — 569.4 Tradename intangible asset — 3,100.0 — — 3,100.0 Other intangible assets, net — 5.5 0.3 — 5.8 Investment in subsidiaries 8,403.9 74.4 — (8,478.3 ) — Intercompany note receivable 1,526.4 — 188.8 (1,715.2 ) — Due from intercompany, net 1,930.3 — — (1,930.3 ) — Other assets — 130.6 4.6 (4.4 ) 130.8 Total assets $ 12,124.3 $ 16,318.6 $ 626.7 $ (13,168.4 ) $ 15,901.2 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 108.0 $ — $ — $ — $ 108.0 Accounts payable 17.5 1,136.3 131.2 (33.1 ) 1,251.9 Due to intercompany, net 582.5 369.2 45.2 (996.9 ) — Other current liabilities 84.9 433.5 204.2 — 722.6 Income taxes payable 3.8 1.9 7.2 — 12.9 Total current liabilities 796.7 1,940.9 387.8 (1,030.0 ) 2,095.4 Long-term debt, net, excluding current portion 6,920.7 317.7 — — 7,238.4 Unfavorable lease rights, net — 149.3 — — 149.3 Deferred tax liabilities, net — 1,596.7 — (10.1 ) 1,586.6 Due to intercompany, net — 1,930.3 — (1,930.3 ) — Intercompany note payable — 1,715.2 — (1,715.2 ) — Other liabilities — 421.0 8.0 (4.4 ) 424.6 Total liabilities 7,717.4 8,071.1 395.8 (4,690.0 ) 11,494.3 Shareholders' equity 4,406.9 8,247.5 230.9 (8,478.4 ) 4,406.9 Total liabilities and equity $ 12,124.3 $ 16,318.6 $ 626.7 $ (13,168.4 ) $ 15,901.2 Condensed Consolidating Statements of Cash Flows Year Ended January 28, 2017 Guarantor Non-Guarantor Consolidating Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net cash provided by operating activities $ 2,022.9 $ 1,121.1 $ 71.5 $ (1,542.2 ) $ 1,673.3 Cash flows from investing activities: Capital expenditures — (563.4 ) (1.3 ) — (564.7 ) Purchase of restricted investments — (36.1 ) — — (36.1 ) Proceeds from sale of restricted investments — 118.1 — — 118.1 Other — (0.9 ) — — (0.9 ) Net cash used in investing activities — (482.3 ) (1.3 ) — (483.6 ) Cash flows from financing activities: Principal payments for long-term debt (4,036.2 ) — — — (4,036.2 ) Proceeds from long-term debt, net of discount 2,962.5 — — — 2,962.5 Repayments of revolving credit facility (140.0 ) — — — (140.0 ) Proceeds from revolving credit facility 140.0 — — — 140.0 Net intercompany note activity (400.0 ) 400.0 — — — Dividends paid — (1,536.5 ) (23.0 ) 1,559.5 — Proceeds from stock issued pursuant to stock-based compensation plans 41.5 — — — 41.5 Cash paid for taxes on exercises/vesting of stock-based compensation (22.2 ) — — — (22.2 ) Other (6.1 ) — — — (6.1 ) Net cash used in financing activities (1,460.5 ) (1,136.5 ) (23.0 ) 1,559.5 (1,060.5 ) Effect of exchange rate changes on cash and cash equivalents — — 1.1 — 1.1 Net (decrease) increase in cash and cash equivalents 562.4 (497.7 ) 48.3 17.3 130.3 Cash and cash equivalents at beginning of period — 636.9 116.5 (17.3 ) 736.1 Cash and cash equivalents at end of period $ 562.4 $ 139.2 $ 164.8 $ — $ 866.4 Condensed Consolidating Statements of Cash Flows (continued) Year Ended January 30, 2016 Guarantor Non-Guarantor Consolidating Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net cash provided by (used in) operating activities $ 765.1 $ 720.8 $ (19.4 ) $ (664.0 ) $ 802.5 Cash flows from investing activities: Capital expenditures — (475.7 ) (4.8 ) — (480.5 ) Acquisition of Family Dollar, net of common stock issued, equity compensation and cash acquired (6,833.0 ) 207.3 98.0 — (6,527.7 ) Other — (7.5 ) 37.3 — 29.8 Net cash provided by (used in) investing activities (6,833.0 ) (275.9 ) 130.5 — (6,978.4 ) Cash flows from financing activities: Principal payments for long-term debt (4,991.5 ) (935.2 ) — — (5,926.7 ) Proceeds from long-term debt, net of discount 12,130.2 — — — 12,130.2 Net intercompany note activity (1,109.6 ) 1,109.6 — — — Dividends paid — (646.7 ) — 646.7 — Debt-issuance costs (159.8 ) — — — (159.8 ) Cash paid for taxes on exercises/vesting of stock-based compensation (21.6 ) — — — (21.6 ) Other 26.7 — — — 26.7 Net cash provided by (used in) financing activities 5,874.4 (472.3 ) — 646.7 6,048.8 Effect of exchange rate changes on cash and cash equivalents — — (0.9 ) — (0.9 ) Net (decrease) increase in cash and cash equivalents (193.5 ) (27.4 ) 110.2 (17.3 ) (128.0 ) Cash and cash equivalents at beginning of period 193.5 664.3 6.3 — 864.1 Cash and cash equivalents at end of period $ — $ 636.9 $ 116.5 $ (17.3 ) $ 736.1 Condensed Consolidating Statements of Cash Flows (continued) Year Ended January 31, 2015 Guarantor Non-Guarantor Consolidating Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net cash provided by (used in) operating activities $ 39.9 $ 911.9 $ (11.5 ) $ 2.5 $ 942.8 Cash flows from investing activities: Capital expenditures — (312.2 ) (13.4 ) — (325.6 ) Other — 10.6 — — 10.6 Net cash used in investing activities — (301.6 ) (13.4 ) — (315.0 ) Cash flows from financing activities: Principal payments for long-term debt — (12.8 ) — — (12.8 ) Net intercompany note activity 8.2 (8.2 ) — — — Debt-issuance costs (11.8 ) — — — (11.8 ) Cash paid for taxes on exercises/vesting of stock-based compensation (16.0 ) — — — (16.0 ) Other 10.0 2.5 — (2.5 ) 10.0 Net cash used in financing activities (9.6 ) (18.5 ) — (2.5 ) (30.6 ) Effect of exchange rate changes on cash and cash equivalents — — (0.8 ) — (0.8 ) Net (decrease) increase in cash and cash equivalents 30.3 591.8 (25.7 ) — 596.4 Cash and cash equivalents at beginning of period 163.2 72.5 32.0 — 267.7 Cash and cash equivalents at end of period $ 193.5 $ 664.3 $ 6.3 $ — $ 864.1 |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (Unaudited) | 12 Months Ended |
Jan. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (Unaudited) | QUARTERLY FINANCIAL INFORMATION (Unaudited) The following table sets forth certain items from the Company's unaudited consolidated income statements for each quarter of fiscal year 2016 and 2015 . The unaudited information has been prepared on the same basis as the audited consolidated financial statements appearing elsewhere in this report and includes all adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair presentation of the financial data shown. On July 6, 2015 , the Company acquired Family Dollar and the results of operations of Family Dollar are included beginning on that date. The operating results for any quarter are not necessarily indicative of results for a full year or for any future period. (dollars in millions, except diluted net income per share data) First Quarter (1) Second Quarter (4) Third Quarter Fourth Quarter Fiscal 2016: Net sales $ 5,085.8 $ 4,996.3 $ 5,001.6 $ 5,635.3 Gross profit $ 1,554.6 $ 1,512.4 $ 1,520.5 $ 1,807.0 Operating income $ 418.7 $ 357.2 $ 342.4 $ 586.5 Net income $ 232.7 $ 170.2 $ 171.6 $ 321.8 Diluted net income per share $ 0.98 $ 0.72 $ 0.72 $ 1.36 Stores open at end of quarter 13,997 14,129 14,284 14,334 Comparable store net sales change 2.2 % 1.1 % 1.8 % 1.3 % Fiscal 2015: Net sales $ 2,176.7 $ 3,011.2 $ 4,945.2 $ 5,365.3 Gross profit $ 748.9 $ 855.2 $ 1,400.0 $ 1,652.6 Operating income (2) $ 232.8 $ 123.4 $ 223.7 $ 469.7 Net income (loss) (3) $ 69.5 $ (98.0 ) $ 81.9 $ 229.0 Diluted net income (loss) per share (3) $ 0.34 $ (0.46 ) $ 0.35 $ 0.97 Stores open at end of quarter 5,454 13,864 14,038 13,851 Comparable store net sales change 3.1 % 2.4 % 1.7 % 1.3 % (1) Easter was observed on March 27, 2016 and April 5, 2015. (2) In the first, second and third quarters of 2015, the Company incurred $10.4 million , $17.7 million and $11.8 million , respectively, in selling, general and administrative expenses related to the Acquisition. (3) In the first, second and third quarters of 2015, net income (loss) and diluted net income (loss) per share were reduced by the costs related to the Acquisition noted in (2) above and interest expense related to the debt issued and retired in connection with the Acquisition, each of which was tax-effected, in the amounts of $76.8 million and $0.37 per share; $151.5 million and $0.70 per share; and $7.3 million and $0.03 per share, respectively. (4) In addition to the costs noted in (2) and (3) above, gross profit in the second quarter of 2015 was reduced by $60.0 million of markdown expense related to sku rationalization and planned liquidations and $11.1 million related to the amortization of the stepped-up inventory sold in the quarter. |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Dollar Tree, Inc. (the Company) is a leading operator of discount retail stores in the United States and Canada. Below are those accounting policies considered by the Company to be significant. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the financial statements of Dollar Tree, Inc., and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Segment Information | Segment Information At January 28, 2017 , the Company operates more than 14,300 discount retail stores in 48 states and five Canadian provinces. The Company's operations are conducted in two reporting business segments: Dollar Tree and Family Dollar. The Company defines its segments as those operations whose results its chief operating decision maker ("CODM") regularly reviews to analyze performance and allocate resources. The results of operations of Family Dollar are included in the Company's results of operations beginning on July 6, 2015 . The Dollar Tree segment is the leading operator of discount variety stores offering merchandise at the fixed price of $1.00 . The Dollar Tree segment includes the Company's operations under the "Dollar Tree" and "Dollar Tree Canada" brands, eleven distribution centers in the United States, two distribution centers in Canada and a Store Support Center in Chesapeake, Virginia. The Family Dollar segment operates a chain of general merchandise discount retail stores providing consumers with a selection of competitively-priced merchandise in convenient neighborhood stores. The Family Dollar segment consists of the Company's operations under the "Family Dollar" brand, eleven distribution centers and a Store Support Center in Matthews, North Carolina. |
Foreign Currency | Foreign Currency The functional currencies of certain of the Company’s international subsidiaries are the local currencies of the countries in which the subsidiaries are located. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on translation of assets and liabilities is included as a component of shareholders’ equity in accumulated other comprehensive loss. Gains and losses from foreign currency transactions, which are included in "Other (income) expense, net" have not been significant. |
Fiscal Year | Fiscal Year The Company's fiscal year ends on the Saturday closest to January 31. Any reference herein to " 2016 " or "Fiscal 2016 ," “ 2015 ” or “Fiscal 2015 ,” and “ 2014 ” or “Fiscal 2014 ,” relates to as of or for the year ended January 28, 2017 , January 30, 2016 , and January 31, 2015 , respectively. Each fiscal year included 52 weeks. " 2017 " or "Fiscal 2017 " ends on February 3, 2018 and will include 53 weeks, commensurate with the retail calendar. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Purchase Price Allocation | Purchase Price Allocation Determining the fair value of certain assets and liabilities acquired is subjective in nature and often involves the use of significant estimates and assumptions, which are inherently uncertain. Many of the estimates and assumptions used to determine fair values, such as those used for intangible assets, are made based on forecasted information and discount rates. In addition, the judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company's results of operations. To assist in the purchase price allocation for the Acquisition, the Company engaged a third-party appraisal firm. See Note 2 for more information regarding the Acquisition. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents at January 28, 2017 and January 30, 2016 includes $554.4 million and $462.9 million , respectively, of investments primarily in money market securities which are valued at cost, which approximates fair value. For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of 3 months or less to be cash equivalents. The majority of payments due from financial institutions for the settlement of debit card and credit card transactions process within 3 business days, and therefore are classified as cash and cash equivalents. |
Merchandise Inventories | Merchandise Inventories Merchandise inventories at the Company’s distribution centers are stated at the lower of cost or market, determined on a weighted-average cost basis. Cost is assigned to store inventories using the retail inventory method on a weighted-average basis. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are computed by applying a calculated cost-to-retail ratio to the retail value of inventories. Costs directly associated with warehousing and distribution are capitalized as merchandise inventories. Total warehousing and distribution costs capitalized into inventory amounted to $116.9 million and $114.0 million at January 28, 2017 and January 30, 2016 , respectively. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Buildings 39 to 40 years Furniture, fixtures and equipment 3 to 15 years Leasehold improvements are amortized over the estimated useful lives of the respective assets or the committed terms of the related leases, whichever is shorter. Amortization is included in "Selling, general and administrative expenses" in the accompanying consolidated income statements. Costs incurred related to software developed for internal use are capitalized and amortized, generally over three years. Property, plant and equipment, net, as of January 28, 2017 and January 30, 2016 consists of the following: January 28, January 30, (in millions) 2017 2016 Land $ 193.8 $ 180.8 Buildings 1,044.9 906.0 Leasehold improvements 1,690.2 1,556.7 Furniture, fixtures and equipment 2,735.4 2,457.8 Construction in progress 146.0 196.2 Total property, plant and equipment 5,810.3 5,297.5 Less: accumulated depreciation 2,694.5 2,172.0 Total property, plant and equipment, net $ 3,115.8 $ 3,125.5 |
Capitalized Interest | Capitalized Interest The Company capitalizes interest on borrowed funds during the construction of certain property and equipment. The Company capitalized $2.4 million and $1.3 million of interest costs in the years ended January 28, 2017 and January 30, 2016 , respectively. No interest costs were capitalized in the year ended January 31, 2015 . |
Goodwill and Nonamortizing Intangible Assets | Goodwill and Nonamortizing Intangible Assets Goodwill and nonamortizing intangible assets are not amortized, but rather tested for impairment at least annually. In addition, goodwill and nonamortizing intangible assets will be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. The Company performed its annual impairment testing in November 2016 and determined that no impairment existed. |
Other Assets | Other Assets Other assets historically consisted primarily of restricted investments and deferred compensation plan assets. Restricted investments were purchased to collateralize long-term insurance obligations. In 2016, the Company liquidated its restricted investments and began to use standby letters of credit to collateralize long-term insurance obligations. No restricted investments existed at January 28, 2017 . As of January 30, 2016 , the Company held $82.0 million of restricted investments. These investments were primarily in tax-exempt money market funds that invested in short-term municipal obligations. These investments were classified as available-for-sale and were recorded at fair value, which approximated cost. Deferred compensation plan assets were $19.8 million and $21.1 million at January 28, 2017 and January 30, 2016 , respectively, and are recorded at fair value. |
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of The Company reviews its long-lived assets and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets based on discounted cash flows or other readily available evidence of fair value, if any. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. In fiscal 2016 , 2015 and 2014 , the Company recorded charges of $3.7 million , $1.6 million and $1.5 million , respectively, to write down certain assets. These charges are recorded as a component of "Selling, general and administrative expenses" in the accompanying consolidated income statements. |
Financial Instruments | Financial Instruments The Company utilizes derivative financial instruments to reduce its exposure to market risks from changes in interest rates and diesel fuel costs. By entering into receive-variable, pay-fixed interest rate and diesel fuel swaps, the Company limits its exposure to changes in variable interest rates and diesel fuel prices. The Company is exposed to credit-related losses in the event of non-performance by the counterparty to these instruments but minimizes this risk by entering into transactions with high quality counterparties. Interest rate or diesel fuel cost differentials paid or received on the swaps are recognized as adjustments to interest in the period earned or incurred. The Company formally documents all hedging relationships, if applicable, and assesses hedge effectiveness both at inception and on an ongoing basis. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a fair value hierarchy has been established that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities; Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and Level 3 - Unobservable inputs in which there is little or no market data which require the reporting entity to develop its own assumptions. As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following table sets forth the Company's financial assets and liabilities that are accounted for at fair value on a recurring basis: (in millions) January 28, January 30, Level 1 Restricted investments $ — $ 82.0 Short-term investments 4.0 4.0 Long-term debt - Secured Senior Notes and Acquisition Notes 3,740.3 3,754.6 Level 2 Diesel fuel swap liabilities — 0.8 Long-term debt - term loans 2,828.2 3,886.1 The Company’s cash and cash equivalents are valued at cost, which approximates fair value, due to the short-term maturities of these instruments. The fair values of the diesel fuel swaps were estimated using discounted cash flow calculations based upon forward interest-rate yield and diesel cost curves. The curves were obtained from independent pricing services reflecting broker market quotes. As of January 28, 2017, the Company did not have any diesel fuel swaps outstanding. The fair values of the Company's Secured Senior Notes and Acquisition Notes were determined using Level 1 inputs as quoted prices in active markets for identical assets or liabilities are available. The fair values of the Company's term loans were determined using Level 2 inputs as quoted prices are readily available from pricing services, but the prices are not published. The carrying values of the Company's Tranche A Revolving Credit Facility at January 28, 2017 and the Company's Revolving Credit Agreement at January 30, 2016, approximated their fair values because the interest rates vary with market interest rates. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). The Company recorded impairment charges of $0.7 million , $1.6 million , and $1.5 million in fiscal 2016 , 2015 and 2014 , respectively, to reduce certain store assets to their estimated fair values. The fair values were determined based on the income approach, in which the Company utilized internal cash flow projections over the life of the underlying lease agreements discounted based on a risk-free rate of return. These measures of fair value, and related inputs, are considered a Level 3 approach under the fair value hierarchy. There were no other changes related to Level 3 assets. The Company also recorded impairment charges of $3.0 million to reduce certain assets held for sale to their estimated fair values. The fair values were determined based on the market prices of identical assets. The measures of fair value are considered a Level 1 approach under the fair value hierarchy. |
Lease Accounting | Lease Accounting The Company generally leases its retail locations under operating leases. The Company recognizes minimum rent expense beginning when possession of the property is taken from the landlord, which normally includes a construction period prior to store opening. When a lease contains a predetermined fixed escalation of the minimum rent, the Company recognizes the related rent expense on a straight-line basis and records the difference between the recognized rental expense and the amounts payable under the lease as deferred rent. The Company also receives tenant allowances, which are recorded in deferred rent and are amortized as reductions of rent expense over the terms of the leases. |
Revenue Recognition | Revenue Recognition The Company recognizes sales revenue, net of estimated returns and sales tax, at the time the customer tenders payment for and takes possession of the merchandise. |
Taxes Collected | Taxes Collected The Company reports taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions (i.e., sales tax) on a net (excluded from revenue) basis. |
Cost of Sales | Cost of Sales The Company includes the cost of merchandise, warehousing and distribution costs, and certain occupancy costs in cost of sales. |
Vendor Allowances | Vendor Allowances The Company receives vendor support in the form of cash payments or allowances through a variety of reimbursements such as purchase discounts, cooperative advertising, markdowns, scandowns and volume rebates. The Company has agreements with vendors setting forth the specific conditions for each allowance or payment. The Company either recognizes the allowance as a reduction of current costs or defers the payment over the period the related merchandise is sold. If the payment is a reimbursement for costs incurred, it is offset against those related costs; otherwise, it is treated as a reduction to the cost of merchandise. |
Pre-Opening Costs | Pre-Opening Costs The Company expenses pre-opening costs for new, expanded, relocated and rebannered stores, as incurred. |
Advertising Costs | Advertising Costs The Company expenses advertising costs as they are incurred and they are included in "Selling, general and administrative expenses" on the accompanying consolidated income statements. Advertising costs, net of co-op recoveries from vendors, approximated $60.1 million , $32.5 million and $18.1 million for the years ended January 28, 2017 , January 30, 2016 , and January 31, 2015 , respectively. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. The Company recognizes a financial statement benefit for a tax position if it determines that it is more likely than not that the position will be sustained upon examination. The Company includes interest and penalties in the provision for income tax expense and income taxes payable. The Company does not provide for any penalties associated with tax contingencies unless they are considered probable of assessment. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes expense for all share-based payments to employees based on their fair values. Total stock-based compensation expense for 2016 , 2015 and 2014 was $60.3 million , $52.3 million and $37.4 million , respectively. The Company recognizes expense related to the fair value of restricted stock units (RSUs) and stock options over the requisite service period on a straight-line basis or a shorter period based on the retirement eligibility of the grantee. The fair value of RSUs is determined using the closing price of the Company’s common stock on the date of grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. |
Net Income Per Share | Net Income Per Share Basic net income per share has been computed by dividing net income by the weighted average number of shares outstanding. Diluted net income per share reflects the potential dilution that could occur assuming the inclusion of dilutive potential shares and has been computed by dividing net income by the weighted average number of shares and dilutive potential shares outstanding. Dilutive potential shares include all outstanding stock options and unvested RSUs after applying the treasury stock method. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases." This update will replace existing lease guidance in GAAP and will require lessees to recognize lease assets and lease liabilities on the balance sheet for all leases and disclose key information about leasing arrangements, such as information about variable lease payments and options to renew and terminate leases. When implemented, lessees and lessors will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The update is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently finalizing its implementation plan and evaluating the impact of the new pronouncement on its consolidated financial statements. The Company expects the adoption of this pronouncement to result in a material increase in the assets and liabilities on its consolidated balance sheets and to not have a material impact on its consolidated income statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This update will replace existing revenue recognition guidance in GAAP and requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. In July 2015, the FASB deferred the effective date of the new standard to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date for public business entities (interim and annual reporting periods beginning after December 15, 2016). ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company does not expect the adoption of this pronouncement to have a material impact on its financial statements. During 2016, the Company adopted Accounting Standards Update ("ASU") No. 2016-09, "Compensation-Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting." This update provides for simplification of the accounting for share-based payment transactions, including the income tax consequences and classification on the statement of cash flows. Under the update, the excess tax benefits and deficiencies that result from the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes should be recognized as income tax expense or benefit in the reporting period in which they occur. Previously, the excess tax benefits were recognized in additional paid-in capital and tax deficiencies were recognized either as an offset to accumulated excess tax benefits, if any, or in the income statement. This amendment has been adopted by the Company on a prospective basis. The update also provides that excess tax benefits should be classified along with other income tax cash flows as an operating activity on the statement of cash flows. Prior to the update, excess tax benefits were separated from other income tax cash flows and classified as a financing activity. This amendment has been adopted by the Company on a prospective transition method basis. Additionally, cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. Previously, no guidance was provided for cash flow classification of cash paid for tax-withholding purposes for shares withheld for tax purposes. This amendment has been adopted by the Company on a retrospective basis. As a result of the retrospective adoption of this amendment, $21.6 million and $16.0 million was reclassified in the accompanying Consolidated Statements of Cash Flows from "Changes in assets and liabilities increasing (decreasing) cash and cash equivalents" from "Other liabilities" to "Cash paid for taxes on exercises/vesting of stock-based compensation" for the years ended January 30, 2016 and January 31, 2015, respectively. Under the update, an entity can elect to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The Company has elected to account for forfeitures when they occur. All amendments of the update have been adopted for all periods beginning on or after January 31, 2016. The effect of the adoption of ASU No. 2016-09 on Retained earnings was not material. |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment Table | Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Buildings 39 to 40 years Furniture, fixtures and equipment 3 to 15 years |
Fair Value, Assets Measured on Recurring Basis | The following table sets forth the Company's financial assets and liabilities that are accounted for at fair value on a recurring basis: (in millions) January 28, January 30, Level 1 Restricted investments $ — $ 82.0 Short-term investments 4.0 4.0 Long-term debt - Secured Senior Notes and Acquisition Notes 3,740.3 3,754.6 Level 2 Diesel fuel swap liabilities — 0.8 Long-term debt - term loans 2,828.2 3,886.1 |
ACQUISITION (Tables)
ACQUISITION (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the final allocation of the fair values of the identifiable assets acquired and liabilities assumed as of the Acquisition Date. No adjustments to the fair values of the identifiable assets acquired and liabilities assumed as of the Acquisition Date were recorded in fiscal 2016. The measurement period closed during the second quarter of 2016: (in millions) Cash $ 305.3 Short-term investments 4.0 Accounts receivable 71.1 Inventory 1,765.5 Taxes receivable 32.9 Other current assets 100.1 Property, plant and equipment 1,893.3 Assets available for sale 10.1 Goodwill 4,859.9 Intangible assets, net 3,570.4 Other assets 78.1 Long-term debt, including current portion (497.0 ) Accounts payable (635.2 ) Other current liabilities (563.4 ) Deferred tax liabilities, net (1,618.4 ) Other liabilities (253.6 ) Total purchase price $ 9,123.1 Less: Cash acquired (305.3 ) Total purchase price, net of cash acquired 8,817.8 Acquisition cost paid in common stock (2,272.4 ) Acquisition cost paid in equity compensation (17.7 ) Acquisition cost paid in cash, net of cash acquired $ 6,527.7 |
Business Acquisition, Pro Forma Information | The following unaudited consolidated pro forma summary has been prepared by adjusting the Company's historical data to give effect to the Acquisition as if it had occurred on February 2, 2014 : Pro Forma - Unaudited Year Ended (in millions, except per share data) January 30, 2016 January 31, 2015 Net sales $ 19,782.3 $ 18,720.0 Net income $ 565.7 $ 608.2 Basic net income per share $ 2.41 $ 2.59 Diluted net income per share $ 2.40 $ 2.58 |
BALANCE SHEET COMPONENTS (Table
BALANCE SHEET COMPONENTS (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Buildings 39 to 40 years Furniture, fixtures and equipment 3 to 15 years Leasehold improvements are amortized over the estimated useful lives of the respective assets or the committed terms of the related leases, whichever is shorter. Amortization is included in "Selling, general and administrative expenses" in the accompanying consolidated income statements. Costs incurred related to software developed for internal use are capitalized and amortized, generally over three years. Property, plant and equipment, net, as of January 28, 2017 and January 30, 2016 consists of the following: January 28, January 30, (in millions) 2017 2016 Land $ 193.8 $ 180.8 Buildings 1,044.9 906.0 Leasehold improvements 1,690.2 1,556.7 Furniture, fixtures and equipment 2,735.4 2,457.8 Construction in progress 146.0 196.2 Total property, plant and equipment 5,810.3 5,297.5 Less: accumulated depreciation 2,694.5 2,172.0 Total property, plant and equipment, net $ 3,115.8 $ 3,125.5 |
Schedule of Other Current Assets | Other current assets as of January 28, 2017 and January 30, 2016 consist of the following: January 28, January 30, (in millions) 2017 2016 Other accounts receivable $ 82.0 $ 77.8 Accounts receivable - divestiture-related 55.9 76.9 Prepaid store supplies 38.6 42.1 Other prepaid assets 23.4 59.7 Prepaid rent 1.9 53.8 Total other current assets $ 201.8 $ 310.3 |
Other Current Liabilities Table | Other current liabilities as of January 28, 2017 and January 30, 2016 consist of accrued expenses for the following: January 28, January 30, (in millions) 2017 2016 Compensation and benefits $ 194.9 $ 195.8 Taxes (other than income taxes) 163.1 143.1 Insurance 101.7 111.1 Accrued interest 84.7 92.8 Rent liabilities 36.1 35.8 Accrued construction costs 30.3 39.5 Accrued utility expenses 21.2 20.8 Accrued repairs 18.3 3.6 Other 93.9 80.1 Total other current liabilities $ 744.2 $ 722.6 |
Other Long-Term Liabilities Table | Other long-term liabilities as of January 28, 2017 and January 30, 2016 consist of the following: January 28, January 30, (in millions) 2017 2016 Deferred rent $ 122.6 $ 102.2 Insurance 224.0 205.1 Other 35.8 45.9 Total other long-term liabilities $ 382.4 $ 353.2 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit), Intraperiod Tax Allocation Table | Total income taxes were allocated as follows: Year Ended (in millions) January 28, 2017 January 30, 2016 January 31, 2015 Income from continuing operations $ 433.2 $ 165.8 $ 355.0 Shareholders' equity, tax benefit on exercises/vesting of equity-based — (12.8 ) (4.5 ) $ 433.2 $ 153.0 $ 350.5 |
Income tax provision (benefit) Table | The provision for income taxes consists of the following: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Federal - current $ 480.5 $ 126.9 $ 325.1 State - current 79.5 14.6 47.6 Foreign - current 0.8 0.5 0.4 Total current 560.8 142.0 373.1 Federal - deferred (37.7 ) 7.4 (9.7 ) State - deferred (89.9 ) 3.3 (3.2 ) Foreign - deferred — 13.1 (5.2 ) Total deferred $ (127.6 ) $ 23.8 $ (18.1 ) |
Federal statutory tax rate reconciliation Table | A reconciliation of the statutory federal income tax rate and the effective rate follows: Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Statutory tax rate 35.0 % 35.0 % 35.0 % Effect of: State and local income taxes, net of federal income tax benefit 3.0 3.0 3.3 Work Opportunity Tax Credit (1.6 ) (3.8 ) (1.0 ) State tax election (1.4 ) — — Deferred tax rate change (1.6 ) — — Incremental tax benefit of exercises/vesting of equity-based (0.6 ) — — International taxes — (4.5 ) — Change in valuation allowance 0.1 4.1 — Nondeductible acquisition costs — 1.5 — Other, net (0.3 ) 1.7 (0.1 ) Effective tax rate 32.6 % 37.0 % 37.2 % |
Components of Deferred Tax Assets and Liabilities Table | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. All deferred tax assets and liabilities are classified on the accompanying consolidated balance sheets as noncurrent in accordance with ASU 2015-17 "Income Taxes (Topic 740) " and are netted based on taxing jurisdiction. Significant components of the Company's net deferred tax assets (liabilities) follow: (in millions) January 28, January 30, Deferred tax assets: Deferred rent $ 59.9 $ 47.3 Accrued expenses 71.4 73.2 Net operating losses and credit carryforwards 71.4 53.1 Accrued compensation expense 71.3 77.8 State tax election 20.4 — Other 3.4 0.3 Total deferred tax assets 297.8 251.7 Valuation allowance (49.7 ) (48.4 ) Deferred tax assets, net 248.1 203.3 Deferred tax liabilities: Property and equipment (331.3 ) (369.3 ) Other intangibles (1,368.7 ) (1,415.9 ) Prepaid expenses — (3.3 ) Inventory (7.0 ) (1.4 ) Total deferred tax liabilities (1,707.0 ) (1,789.9 ) Net deferred tax liability $ (1,458.9 ) $ (1,586.6 ) |
Reconciliation of Unrecognized Tax Benefits Table | The following is a reconciliation of the Company’s total gross unrecognized tax benefits: (in millions) January 28, 2017 January 30, 2016 Beginning Balance $ 71.4 $ 6.5 Additions, Acquisition of Family Dollar — 64.4 Additions, based on tax positions related to current year 5.9 1.9 Additions for tax positions of prior years 3.7 1.6 Settlements (2.2 ) (1.8 ) Lapses in statutes of limitation (7.6 ) (1.2 ) Ending balance $ 71.2 $ 71.4 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Lease Commitments Table | Future minimum lease payments under noncancelable store and distribution center operating leases are as follows: (in millions) 2017 $ 1,369.5 2018 1,180.4 2019 1,021.7 2020 815.9 2021 670.9 Thereafter 2,150.9 Total minimum lease payments $ 7,209.3 |
Minimum and Contingent Rentals Table | Rental expense for store and distribution center operating leases included in the accompanying consolidated income statements are as follows: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Minimum rentals $ 1,276.6 $ 993.6 $ 536.5 Contingent rentals 6.3 5.5 1.8 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments Table | Long-term debt at January 28, 2017 and January 30, 2016 consists of the following: As of January 28, 2017 As of January 30, 2016 (in millions) Principal Unamortized Debt Premium and Issuance Costs Principal Unamortized Debt Premium and Issuance Costs Forgivable Promissory Note, interest payable beginning in December 2017 at a rate of 1%, principal payable beginning January 2019 7.0 — 7.0 — 5.25% Acquisition Notes, due 2020 750.0 8.7 750.0 11.1 5.75% Acquisition Notes, due 2023 2,500.0 35.9 2,500.0 40.1 Term Loan A — — 975.0 3.6 Term Loan A-1, interest payable at LIBOR, plus 1.75%, which was 2.53% at January 28, 2017 2,184.8 6.2 — — Term Loan B-1 — — 2,283.5 42.6 Term Loan B-2, fixed interest rate of 4.25% 650.0 10.4 650.0 12.0 Secured Senior Notes, fixed interest rate of 5.00% 300.0 (8.8 ) 300.0 (10.7 ) $1.25 billion Revolving Credit Facility — — — 20.4 $1.25 billion Tranche A Revolving Credit Facility, interest payable at LIBOR, plus 1.75%, which was 2.53% at January 28, 2017 — 17.6 — — Total $6,391.8 $70.0 $7,465.5 $119.1 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Net Income Per Share Table | The following table sets forth the calculations of basic and diluted net income per share: Year Ended January 28, January 30, January 31, (in millions, except per share data) 2017 2016 2015 Basic net income per share: Net income $ 896.2 $ 282.4 $ 599.2 Weighted average number of shares outstanding 235.7 222.5 206.0 Basic net income per share $ 3.80 $ 1.27 $ 2.91 Diluted net income per share: Net income $ 896.2 $ 282.4 $ 599.2 Weighted average number of shares outstanding 235.7 222.5 206.0 Dilutive effect of stock options and restricted stock (as determined by 1.1 1.0 1.0 Weighted average number of shares and dilutive potential shares 236.8 223.5 207.0 Diluted net income per share $ 3.78 $ 1.26 $ 2.90 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | |
Jan. 28, 2017 | Jan. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Defined Contribution Plan Expenses Table | Contributions to and reimbursements by the Company of expenses of the plan included in "Selling, general and administrative expenses" in the accompanying consolidated income statements were as follows: Year ended January 28, 2017 $ 10.1 million Year ended January 30, 2016 $ 6.2 million | Contributions to and reimbursements by the Company of expenses of the plan included in "Selling, general and administrative expenses" in the accompanying consolidated income statements were as follows: Year ended January 28, 2017 $ 39.0 million Year ended January 30, 2016 $ 36.6 million Year ended January 31, 2015 $ 41.1 million |
Defined Contribution Plan Vesting Schedule Table | Eligible employees vest in the Company’s profit sharing contributions based on the following schedule: 20% after two years of service 40% after three years of service 60% after four years of service 100% after five years of service |
STOCK-BASED COMPENSATION PLAN (
STOCK-BASED COMPENSATION PLAN (Tables) | 12 Months Ended | |
Jan. 28, 2017 | Jan. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the status of RSUs as of January 28, 2017 , and changes during the year then ended: Shares Weighted Average Grant Date Fair Value Nonvested at January 30, 2016 1,569,421 $ 63.24 Granted 897,479 80.13 Vested (697,780 ) 60.83 Forfeited (149,619 ) 76.45 Nonvested at January 28, 2017 1,619,501 $ 73.43 | |
Schedule of Share-based Compensation, Stock Options, Activity | The following tables summarize information about options outstanding at January 28, 2017 and changes during the year then ended. Stock Option Activity January 28, 2017 Weighted Average Weighted Aggregate Per Share Average Intrinsic Exercise Remaining Value Shares Price Term (in millions) Outstanding, beginning of period 1,549,999 $ 58.41 Granted 189,543 74.45 Exercised (613,013 ) 54.73 Forfeited (85,094 ) 72.73 Outstanding, end of period 1,041,435 $ 62.38 1.3 $ 12.2 Options vested at January 28, 2017 664,854 $ 55.97 1.2 $ 12.0 Options exercisable at end of period 664,854 $ 55.97 1.2 $ 12.0 | |
Schedule of options outstanding and exercisable, by range of exercise prices | Options Outstanding Options Exercisable Options Options Range of Outstanding Weighted Avg. Weighted Avg. Exercisable Weighted Avg. Exercise at January 28, Remaining Exercise at January 28, Exercise Prices 2017 Contractual Life Price 2017 Price $8.91 to $12.66 134,627 1.2 $ 10.67 134,627 $ 10.67 $12.67 to $48.30 47,807 4.6 32.36 47,807 32.36 $48.31 to $58.58 25,462 2.5 55.03 22,691 54.72 $58.59 to $70.71 365,014 0.6 68.41 290,657 68.48 $70.72 to $93.78 468,525 2.0 76.01 169,072 77.37 $8.91 to $93.78 1,041,435 1.3 $ 59.93 664,854 $ 55.97 | |
Weighted average assumptions | The weighted average assumptions used in the Black-Scholes option pricing model for awards granted to certain officers in 2016 and converted awards in 2015 are as follows: Fiscal 2016 Fiscal 2015 Expected term in years 6.50 2.03 Expected volatility 24.51 % 20.77 % Annual dividend yield — % — % Risk free interest rate 2.09 % 0.60 % Weighted-average fair value of options granted during the period $ 22.10 $ 23.15 The fair value of the employees' purchase rights is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: Fiscal 2016 Fiscal 2015 Fiscal 2014 Expected term 3 months 3 months 3 months Expected volatility 14.6 % 13.2 % 8.8 % Annual dividend yield — % — % — % Risk free interest rate 0.4 % 0.2 % — % |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Net sales by segment are as follows: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Net sales: Dollar Tree $ 10,138.7 $ 9,336.4 $ 8,602.2 Family Dollar 10,580.5 6,162.0 — Total net sales $ 20,719.2 $ 15,498.4 $ 8,602.2 Gross profit by segment is as follows: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Gross profit: Dollar Tree $ 3,584.7 $ 3,249.3 $ 3,034.0 Family Dollar 2,810.0 1,407.4 — Total gross profit $ 6,394.7 $ 4,656.7 $ 3,034.0 Depreciation and amortization expense by segment is as follows: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Depreciation and amortization expense: Dollar Tree $ 241.3 $ 223.4 $ 206.0 Family Dollar 396.5 264.3 — Total depreciation and amortization expense $ 637.8 $ 487.7 $ 206.0 Operating income (loss) by segment is as follows: Year Ended January 28, January 30, January 31, (in millions) 2017 2016 2015 Operating income (loss): Dollar Tree $ 1,305.3 $ 1,080.5 $ 1,040.2 Family Dollar 399.5 (30.8 ) — Total operating income $ 1,704.8 $ 1,049.7 $ 1,040.2 Total assets by segment are as follows: As of January 28, January 30, (in millions) 2017 2016 Total assets: Dollar Tree $ 3,705.5 $ 3,472.0 Family Dollar 11,996.1 12,429.2 Total assets $ 15,701.6 $ 15,901.2 Total goodwill by segment is as follows: As of January 28, January 30, (in millions) 2017 2016 Total goodwill: Dollar Tree $ 345.4 $ 283.6 Family Dollar 4,678.1 4,738.1 Total goodwill $ 5,023.5 $ 5,021.7 |
CONDENSED CONSOLIDATING FINAN32
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Statement of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income Year Ended January 28, 2017 Guarantor Non-Guarantor Consolidation Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net sales $ — $ 20,506.9 $ 731.6 $ (519.3 ) $ 20,719.2 Cost of sales — 14,178.1 584.4 (438.0 ) 14,324.5 Gross profit — 6,328.8 147.2 (81.3 ) 6,394.7 Selling, general and administrative expenses 7.4 4,631.0 125.2 (73.7 ) 4,689.9 Operating income (loss) (7.4 ) 1,697.8 22.0 (7.6 ) 1,704.8 Interest expense (income), net 316.8 66.3 (7.6 ) — 375.5 Other (income) expense, net 7.4 (0.7 ) 0.8 (7.6 ) (0.1 ) Income (loss) before income taxes (331.6 ) 1,632.2 28.8 — 1,329.4 Provision for income taxes (133.3 ) 558.8 7.7 — 433.2 Equity in earnings of subsidiaries (1,094.5 ) (15.4 ) — 1,109.9 — Net income 896.2 1,088.8 21.1 (1,109.9 ) 896.2 Other comprehensive income 5.5 1.7 5.5 (7.2 ) 5.5 Comprehensive income $ 901.7 $ 1,090.5 $ 26.6 $ (1,117.1 ) $ 901.7 Year Ended January 30, 2016 Guarantor Non-Guarantor Consolidation Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net sales $ — $ 15,312.2 $ 737.6 $ (551.4 ) $ 15,498.4 Cost of sales — 10,715.6 664.1 (538.0 ) 10,841.7 Gross profit — 4,596.6 73.5 (13.4 ) 4,656.7 Selling, general and administrative expenses 48.4 3,505.5 62.5 (9.4 ) 3,607.0 Operating (loss) income (48.4 ) 1,091.1 11.0 (4.0 ) 1,049.7 Interest expense (income), net 464.4 139.1 (4.1 ) — 599.4 Other (income) expense, net 4.0 (0.2 ) 2.3 (4.0 ) 2.1 Income (loss) before income taxes (516.8 ) 952.2 12.8 — 448.2 Provision for income taxes (213.3 ) 361.6 17.5 — 165.8 Equity in earnings of subsidiaries (585.9 ) (31.1 ) — 617.0 — Net income (loss) 282.4 621.7 (4.7 ) (617.0 ) 282.4 Other comprehensive loss — — (9.0 ) — (9.0 ) Comprehensive income $ 282.4 $ 621.7 $ (13.7 ) $ (617.0 ) $ 273.4 Condensed Consolidating Statements of Comprehensive Income (Continued) Year Ended January 31, 2015 Guarantor Non-Guarantor Consolidation Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net sales $ — $ 8,420.3 $ 184.0 $ (2.1 ) $ 8,602.2 Cost of sales — 5,427.7 142.6 (2.1 ) 5,568.2 Gross profit — 2,992.6 41.4 — 3,034.0 Selling, general and administrative expenses 33.7 1,904.0 58.3 (2.2 ) 1,993.8 Operating (loss) income (33.7 ) 1,088.6 (16.9 ) 2.2 1,040.2 Interest expense (income), net 35.7 44.5 (0.1 ) — 80.1 Other (income) expense, net (2.1 ) 5.5 0.4 2.1 5.9 Income (loss) before income taxes (67.3 ) 1,038.6 (17.2 ) 0.1 954.2 Provision for income taxes (27.4 ) 387.2 (4.8 ) — 355.0 Equity in earnings of subsidiaries (639.1 ) — — 639.1 — Net income (loss) 599.2 651.4 (12.4 ) (639.0 ) 599.2 Other comprehensive loss — — (17.2 ) — (17.2 ) Comprehensive income $ 599.2 $ 651.4 $ (29.6 ) $ (639.0 ) $ 582.0 |
Condensed Balance Sheet | Condensed Consolidating Balance Sheets January 28, 2017 Guarantor Non-Guarantor Consolidating Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company ASSETS Current assets: Cash and cash equivalents $ 562.4 $ 139.2 $ 164.8 $ — $ 866.4 Short-term investments — — 4.0 — 4.0 Merchandise inventories, net — 2,826.3 41.2 (1.7 ) 2,865.8 Current deferred tax assets, net — (9.3 ) 9.3 — — Due from intercompany, net 58.7 1,041.5 42.8 (1,143.0 ) — Other current assets 0.5 198.7 2.3 0.3 201.8 Total current assets 621.6 4,196.4 264.4 (1,144.4 ) 3,938.0 Property, plant and equipment, net — 3,085.3 30.5 — 3,115.8 Assets available for sale — 9.0 — — 9.0 Goodwill — 4,993.1 30.4 — 5,023.5 Favorable lease rights, net — 468.6 — — 468.6 Tradename intangible asset — 3,100.0 — — 3,100.0 Other intangible assets, net — 5.1 — — 5.1 Investment in subsidiaries 8,640.1 106.6 — (8,746.7 ) — Intercompany note receivable 1,926.4 — 188.8 (2,115.2 ) — Due from intercompany, net 1,243.8 — — (1,243.8 ) — Other assets — 41.3 3.3 (3.0 ) 41.6 Total assets $ 12,431.9 $ 16,005.4 $ 517.4 $ (13,253.1 ) $ 15,701.6 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 152.1 $ — $ — $ — $ 152.1 Accounts payable — 1,105.9 14.7 (1.0 ) 1,119.6 Due to intercompany, net 969.6 121.5 51.9 (1,143.0 ) — Other current liabilities 66.4 470.5 207.3 — 744.2 Income taxes payable (1.9 ) 91.0 0.9 — 90.0 Total current liabilities 1,186.2 1,788.9 274.8 (1,144.0 ) 2,105.9 Long-term debt, net, excluding current portion 5,853.9 315.8 — — 6,169.7 Unfavorable lease rights, net — 124.0 — — 124.0 Deferred tax liabilities, net 2.0 1,456.9 — — 1,458.9 Income taxes payable, long-term — 71.2 — — 71.2 Due to intercompany, net — 1,243.8 — (1,243.8 ) — Intercompany note payable — 2,115.2 — (2,115.2 ) — Other liabilities — 377.5 8.1 (3.2 ) 382.4 Total liabilities 7,042.1 7,493.3 282.9 (4,506.2 ) 10,312.1 Shareholders' equity 5,389.8 8,512.1 234.5 (8,746.9 ) 5,389.5 Total liabilities and equity $ 12,431.9 $ 16,005.4 $ 517.4 $ (13,253.1 ) $ 15,701.6 Condensed Consolidating Balance Sheets (Continued) January 30, 2016 Guarantor Non-Guarantor Consolidating Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company ASSETS Current assets: Cash and cash equivalents $ — $ 636.9 $ 116.5 $ (17.3 ) $ 736.1 Short-term investments — — 4.0 — 4.0 Merchandise inventories, net — 2,850.0 51.4 (15.9 ) 2,885.5 Due from intercompany, net 262.2 548.3 186.4 (996.9 ) — Other current assets 1.0 308.7 0.6 — 310.3 Total current assets 263.2 4,343.9 358.9 (1,030.1 ) 3,935.9 Property, plant and equipment, net — 3,089.5 36.0 — 3,125.5 Assets available for sale — 12.1 — — 12.1 Goodwill — 4,993.2 28.5 — 5,021.7 Deferred tax assets, net 0.5 — 9.6 (10.1 ) — Favorable lease rights, net — 569.4 — — 569.4 Tradename intangible asset — 3,100.0 — — 3,100.0 Other intangible assets, net — 5.5 0.3 — 5.8 Investment in subsidiaries 8,403.9 74.4 — (8,478.3 ) — Intercompany note receivable 1,526.4 — 188.8 (1,715.2 ) — Due from intercompany, net 1,930.3 — — (1,930.3 ) — Other assets — 130.6 4.6 (4.4 ) 130.8 Total assets $ 12,124.3 $ 16,318.6 $ 626.7 $ (13,168.4 ) $ 15,901.2 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 108.0 $ — $ — $ — $ 108.0 Accounts payable 17.5 1,136.3 131.2 (33.1 ) 1,251.9 Due to intercompany, net 582.5 369.2 45.2 (996.9 ) — Other current liabilities 84.9 433.5 204.2 — 722.6 Income taxes payable 3.8 1.9 7.2 — 12.9 Total current liabilities 796.7 1,940.9 387.8 (1,030.0 ) 2,095.4 Long-term debt, net, excluding current portion 6,920.7 317.7 — — 7,238.4 Unfavorable lease rights, net — 149.3 — — 149.3 Deferred tax liabilities, net — 1,596.7 — (10.1 ) 1,586.6 Due to intercompany, net — 1,930.3 — (1,930.3 ) — Intercompany note payable — 1,715.2 — (1,715.2 ) — Other liabilities — 421.0 8.0 (4.4 ) 424.6 Total liabilities 7,717.4 8,071.1 395.8 (4,690.0 ) 11,494.3 Shareholders' equity 4,406.9 8,247.5 230.9 (8,478.4 ) 4,406.9 Total liabilities and equity $ 12,124.3 $ 16,318.6 $ 626.7 $ (13,168.4 ) $ 15,901.2 |
Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows Year Ended January 28, 2017 Guarantor Non-Guarantor Consolidating Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net cash provided by operating activities $ 2,022.9 $ 1,121.1 $ 71.5 $ (1,542.2 ) $ 1,673.3 Cash flows from investing activities: Capital expenditures — (563.4 ) (1.3 ) — (564.7 ) Purchase of restricted investments — (36.1 ) — — (36.1 ) Proceeds from sale of restricted investments — 118.1 — — 118.1 Other — (0.9 ) — — (0.9 ) Net cash used in investing activities — (482.3 ) (1.3 ) — (483.6 ) Cash flows from financing activities: Principal payments for long-term debt (4,036.2 ) — — — (4,036.2 ) Proceeds from long-term debt, net of discount 2,962.5 — — — 2,962.5 Repayments of revolving credit facility (140.0 ) — — — (140.0 ) Proceeds from revolving credit facility 140.0 — — — 140.0 Net intercompany note activity (400.0 ) 400.0 — — — Dividends paid — (1,536.5 ) (23.0 ) 1,559.5 — Proceeds from stock issued pursuant to stock-based compensation plans 41.5 — — — 41.5 Cash paid for taxes on exercises/vesting of stock-based compensation (22.2 ) — — — (22.2 ) Other (6.1 ) — — — (6.1 ) Net cash used in financing activities (1,460.5 ) (1,136.5 ) (23.0 ) 1,559.5 (1,060.5 ) Effect of exchange rate changes on cash and cash equivalents — — 1.1 — 1.1 Net (decrease) increase in cash and cash equivalents 562.4 (497.7 ) 48.3 17.3 130.3 Cash and cash equivalents at beginning of period — 636.9 116.5 (17.3 ) 736.1 Cash and cash equivalents at end of period $ 562.4 $ 139.2 $ 164.8 $ — $ 866.4 Condensed Consolidating Statements of Cash Flows (continued) Year Ended January 30, 2016 Guarantor Non-Guarantor Consolidating Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net cash provided by (used in) operating activities $ 765.1 $ 720.8 $ (19.4 ) $ (664.0 ) $ 802.5 Cash flows from investing activities: Capital expenditures — (475.7 ) (4.8 ) — (480.5 ) Acquisition of Family Dollar, net of common stock issued, equity compensation and cash acquired (6,833.0 ) 207.3 98.0 — (6,527.7 ) Other — (7.5 ) 37.3 — 29.8 Net cash provided by (used in) investing activities (6,833.0 ) (275.9 ) 130.5 — (6,978.4 ) Cash flows from financing activities: Principal payments for long-term debt (4,991.5 ) (935.2 ) — — (5,926.7 ) Proceeds from long-term debt, net of discount 12,130.2 — — — 12,130.2 Net intercompany note activity (1,109.6 ) 1,109.6 — — — Dividends paid — (646.7 ) — 646.7 — Debt-issuance costs (159.8 ) — — — (159.8 ) Cash paid for taxes on exercises/vesting of stock-based compensation (21.6 ) — — — (21.6 ) Other 26.7 — — — 26.7 Net cash provided by (used in) financing activities 5,874.4 (472.3 ) — 646.7 6,048.8 Effect of exchange rate changes on cash and cash equivalents — — (0.9 ) — (0.9 ) Net (decrease) increase in cash and cash equivalents (193.5 ) (27.4 ) 110.2 (17.3 ) (128.0 ) Cash and cash equivalents at beginning of period 193.5 664.3 6.3 — 864.1 Cash and cash equivalents at end of period $ — $ 636.9 $ 116.5 $ (17.3 ) $ 736.1 Condensed Consolidating Statements of Cash Flows (continued) Year Ended January 31, 2015 Guarantor Non-Guarantor Consolidating Consolidated (in millions) Parent Subsidiaries Subsidiaries Adjustments Company Net cash provided by (used in) operating activities $ 39.9 $ 911.9 $ (11.5 ) $ 2.5 $ 942.8 Cash flows from investing activities: Capital expenditures — (312.2 ) (13.4 ) — (325.6 ) Other — 10.6 — — 10.6 Net cash used in investing activities — (301.6 ) (13.4 ) — (315.0 ) Cash flows from financing activities: Principal payments for long-term debt — (12.8 ) — — (12.8 ) Net intercompany note activity 8.2 (8.2 ) — — — Debt-issuance costs (11.8 ) — — — (11.8 ) Cash paid for taxes on exercises/vesting of stock-based compensation (16.0 ) — — — (16.0 ) Other 10.0 2.5 — (2.5 ) 10.0 Net cash used in financing activities (9.6 ) (18.5 ) — (2.5 ) (30.6 ) Effect of exchange rate changes on cash and cash equivalents — — (0.8 ) — (0.8 ) Net (decrease) increase in cash and cash equivalents 30.3 591.8 (25.7 ) — 596.4 Cash and cash equivalents at beginning of period 163.2 72.5 32.0 — 267.7 Cash and cash equivalents at end of period $ 193.5 $ 664.3 $ 6.3 $ — $ 864.1 |
QUARTERLY FINANCIAL INFORMATI33
QUARTERLY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information Table | The operating results for any quarter are not necessarily indicative of results for a full year or for any future period. (dollars in millions, except diluted net income per share data) First Quarter (1) Second Quarter (4) Third Quarter Fourth Quarter Fiscal 2016: Net sales $ 5,085.8 $ 4,996.3 $ 5,001.6 $ 5,635.3 Gross profit $ 1,554.6 $ 1,512.4 $ 1,520.5 $ 1,807.0 Operating income $ 418.7 $ 357.2 $ 342.4 $ 586.5 Net income $ 232.7 $ 170.2 $ 171.6 $ 321.8 Diluted net income per share $ 0.98 $ 0.72 $ 0.72 $ 1.36 Stores open at end of quarter 13,997 14,129 14,284 14,334 Comparable store net sales change 2.2 % 1.1 % 1.8 % 1.3 % Fiscal 2015: Net sales $ 2,176.7 $ 3,011.2 $ 4,945.2 $ 5,365.3 Gross profit $ 748.9 $ 855.2 $ 1,400.0 $ 1,652.6 Operating income (2) $ 232.8 $ 123.4 $ 223.7 $ 469.7 Net income (loss) (3) $ 69.5 $ (98.0 ) $ 81.9 $ 229.0 Diluted net income (loss) per share (3) $ 0.34 $ (0.46 ) $ 0.35 $ 0.97 Stores open at end of quarter 5,454 13,864 14,038 13,851 Comparable store net sales change 3.1 % 2.4 % 1.7 % 1.3 % |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) shares in Millions | Jul. 06, 2015USD ($)shares | Oct. 29, 2016segment | Jan. 28, 2017USD ($)statedistribution_centerprovince | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) |
Property, Plant and Equipment [Line Items] | |||||
Acquisition cost paid in common stock and equity compensation | $ 0 | $ 2,290,100,000 | $ 0 | ||
Number of retail discount stores | 14,300 | ||||
Number of U.S. States, stores operating in | state | 48 | ||||
Number of Canadian provinces | province | 5 | ||||
Number of reportable Segments | segment | 2 | ||||
Money market securities valued at cost, in Cash and cash equivalents | $ 554,400,000 | 462,900,000 | |||
Debt instruments with original maturities in months, considered cash equivalents, range maximum (in months) | 3 months | ||||
Settlement of debit card and credit card transaction process business days, range maximum (in business days) | 3 months | ||||
Warehousing and distribution costs capitalized into inventory | $ 116,900,000 | 114,000,000 | |||
Software amortization period (in years) | 3 years | ||||
Interest Costs Capitalized | $ 2,400,000 | 1,300,000 | $ 0 | ||
Restricted investments | 0 | 82,000,000 | |||
Deferred Compensation Plan Assets | 19,800,000 | 21,100,000 | |||
Asset Impairment Charges | 3,700,000 | 1,600,000 | 1,500,000 | ||
Impairment charge for certain store assets | 700,000 | ||||
Impairment of Long-Lived Assets to be Disposed of | 3,000,000 | ||||
Short-term investments | 4,000,000 | 4,000,000 | |||
Advertising costs | 60,100,000 | 32,500,000 | 18,100,000 | ||
Stock-based compensation expense | 60,300,000 | 52,300,000 | 37,400,000 | ||
Payments Related to Tax Withholding for Share-based Compensation | 22,200,000 | 21,600,000 | 16,000,000 | ||
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities | 24,700,000 | 9,700,000 | $ 6,600,000 | ||
Fair Value, Inputs, Level 1 [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Restricted investments | 0 | 82,000,000 | |||
Short-term investments | 4,000,000 | 4,000,000 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Diesel fuel swap liabilities | 0 | 800,000 | |||
Secure Senior Notes and Acquisition Notes [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Long-term Debt, Fair Value | 3,740,300,000 | 3,754,600,000 | |||
Long term debt - term loans [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Long-term Debt, Fair Value | 2,828,200,000 | 3,886,100,000 | |||
Restatement Adjustment [Member] | Accounting Standards Update 2016-09 [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Payments Related to Tax Withholding for Share-based Compensation | (21,600,000) | (16,000,000) | |||
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities | $ (21,600,000) | $ (16,000,000) | |||
Buildings [Member] | Minimum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life (in years) | 39 years | ||||
Buildings [Member] | Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life (in years) | 40 years | ||||
Furniture, fixtures and equipment [Member] | Minimum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life (in years) | 3 years | ||||
Furniture, fixtures and equipment [Member] | Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life (in years) | 15 years | ||||
Dollar Tree [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Price point | $ 1 | ||||
Family Dollar [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of distribution centers | distribution_center | 11 | ||||
UNITED STATES | Dollar Tree [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of distribution centers | distribution_center | 11 | ||||
CANADA | Dollar Tree [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of distribution centers | distribution_center | 2 | ||||
Family Dollar [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Business Combination, Consideration Transferred | $ 6,800,000,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 28.5 | ||||
Acquisition cost paid in common stock and equity compensation | $ 2,300,000,000 |
ACQUISITION - Additional Inform
ACQUISITION - Additional Information (Details) $ / shares in Units, $ in Millions | Nov. 01, 2015USD ($)store | Jul. 06, 2015USD ($)intangible_liabilityintangible_asset$ / sharesshares | Jan. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Jul. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 30, 2016USD ($) | Oct. 31, 2015USD ($) | Aug. 01, 2015USD ($) | May 02, 2015USD ($) | Jan. 30, 2016USD ($) | Jan. 28, 2017USD ($)$ / shares | Jan. 30, 2016USD ($)$ / shares | Jan. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Acquisition cost paid in common stock and equity compensation | $ 0 | $ 2,290.1 | $ 0 | |||||||||||
Operating income | $ 586.5 | $ 342.4 | $ 357.2 | $ 418.7 | $ 469.7 | $ 223.7 | $ 123.4 | $ 232.8 | 1,704.8 | 1,049.7 | 1,040.2 | |||
Expected Synergies | 300 | |||||||||||||
Number of separately identified Intangible assets acquired | intangible_asset | 3 | |||||||||||||
Number of separately identified intangible liabilities acquired | intangible_liability | 1 | |||||||||||||
Favorable lease rights, net | 468.6 | 569.4 | $ 569.4 | 468.6 | 569.4 | |||||||||
Unfavorable lease rights, net | 124 | 149.3 | 149.3 | 124 | 149.3 | |||||||||
Net sales | $ 5,635.3 | $ 5,001.6 | $ 4,996.3 | $ 5,085.8 | 5,365.3 | $ 4,945.2 | $ 3,011.2 | $ 2,176.7 | 20,719.2 | 15,498.4 | 8,602.2 | |||
Inventory write-down | 73 | |||||||||||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 156.8 | |||||||||||||
Business Combination, Integration Related Costs | 13.4 | |||||||||||||
Family Dollar [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Share Price | $ / shares | $ 59.60 | |||||||||||||
Business Combination, Consideration Transferred | $ 6,800 | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 28,500,000 | |||||||||||||
Acquisition cost paid in common stock and equity compensation | $ 2,300 | |||||||||||||
Number of stores required for divestiture | store | 330 | |||||||||||||
Number of Stores Required for Divestiture that Were Already Opened | store | 325 | |||||||||||||
Operating income | $ 45.5 | 30.8 | ||||||||||||
Number of Stores Included In Divestiture With Guaranteed Payments | store | 316 | |||||||||||||
Indefinite-lived Intangible Assets Acquired | 3,100 | |||||||||||||
Favorable lease rights, net | 629.2 | |||||||||||||
Unfavorable lease rights, net | 164.3 | |||||||||||||
Amortization of Intangible Assets | 75.7 | 45.3 | ||||||||||||
Finite-lived Intangible Assets Acquired | 5.5 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 497 | 497 | 497 | |||||||||||
Net sales | $ 6,162 | |||||||||||||
Business Acquisition, Pro Forma Net Income (Loss), Excluded Amount | $ 20.9 | $ 25.8 | ||||||||||||
Business Acquisition, Pro Forma Income (Loss) From Continuing Operations, Net Of Tax, Per Share, Basic And Diluted, Excluded Amount | $ / shares | $ 0.09 | $ 0.11 | ||||||||||||
Business Acquisition, Transaction Costs | $ 39.2 | $ 28.5 | ||||||||||||
Family Dollar [Member] | Private Placement [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 185.2 | |||||||||||||
Family Dollar [Member] | Senior Notes [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 300 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||||
Senior Notes | $ 311.8 | |||||||||||||
Family Dollar [Member] | Common Stock [Member] | Minimum [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Conversion of Stock, Shares Converted | shares | 0.2484 |
ACQUISITION - Purchase Price Al
ACQUISITION - Purchase Price Allocation (Details) - USD ($) $ in Millions | Jul. 06, 2015 | Jan. 30, 2016 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 5,021.7 | $ 5,023.5 | $ 5,021.7 | ||
Acquisition cost paid in common stock and equity compensation | 0 | 2,290.1 | $ 0 | ||
Acquisition cost paid in cash, net of cash acquired | $ 0 | 6,527.7 | $ 0 | ||
Family Dollar [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | 305.3 | 305.3 | |||
Short-term investments | 4 | 4 | |||
Accounts receivable | 71.1 | 71.1 | |||
Inventory | 1,765.5 | 1,765.5 | |||
Taxes receivable | 32.9 | 32.9 | |||
Other current assets | 100.1 | 100.1 | |||
Property, plant and equipment | 1,893.3 | 1,893.3 | |||
Assets available for sale | 10.1 | 10.1 | |||
Goodwill | 4,859.9 | 4,859.9 | |||
Intangible assets, net | 3,570.4 | 3,570.4 | |||
Other assets | 78.1 | 78.1 | |||
Long-term debt, including current portion | (497) | (497) | |||
Accounts payable | (635.2) | (635.2) | |||
Other current liabilities | (563.4) | (563.4) | |||
Deferred tax liabilities, net | (1,618.4) | (1,618.4) | |||
Other liabilities | (253.6) | (253.6) | |||
Total purchase price | 9,123.1 | $ 9,123.1 | |||
Less: Cash acquired | (305.3) | ||||
Total purchase price, net of cash acquired | 8,817.8 | ||||
Acquisition cost paid in common stock and equity compensation | $ 2,300 | ||||
Acquisition cost paid in cash, net of cash acquired | 6,527.7 | ||||
Family Dollar [Member] | Common Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition cost paid in common stock and equity compensation | 2,272.4 | ||||
Family Dollar [Member] | Stock Compensation Plan [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition cost paid in common stock and equity compensation | $ 17.7 |
ACQUISITION - Pro Forma Informa
ACQUISITION - Pro Forma Information (Details) - Family Dollar [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 19,782.3 | $ 18,720 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 565.7 | $ 608.2 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 2.41 | $ 2.59 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 2.40 | $ 2.58 |
BALANCE SHEET COMPONENTS (Detai
BALANCE SHEET COMPONENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Property, Plant and Equipment, Net | |||
Gross property, plant and equipment | $ 5,810.3 | $ 5,297.5 | |
Less: accumulated depreciation | 2,694.5 | 2,172 | |
Total property, plant and equipment, net | 3,115.8 | 3,125.5 | |
Depreciation expense | 561.8 | 442.1 | $ 206 |
Other Current Assets | |||
Other accounts receivable | 82 | 77.8 | |
Accounts receivable - divestiture-related | 55.9 | 76.9 | |
Prepaid store supplies | 38.6 | 42.1 | |
Other prepaid assets | 23.4 | 59.7 | |
Prepaid rent | 1.9 | 53.8 | |
Total other current assets | 201.8 | 310.3 | |
Other Current Liabilities | |||
Compensation and benefits | 194.9 | 195.8 | |
Insurance | 163.1 | 143.1 | |
Accrued interest | 101.7 | 111.1 | |
Accrued interest | 84.7 | 92.8 | |
Rent liabilities | 36.1 | 35.8 | |
Accrued construction costs | 30.3 | 39.5 | |
Accrued utility expenses | 21.2 | 20.8 | |
Accrued repairs | 18.3 | 3.6 | |
Other | 93.9 | 80.1 | |
Total other current liabilities | 744.2 | 722.6 | |
Other Long-Term Liabilities | |||
Deferred rent | 122.6 | 102.2 | |
Insurance | 224 | 205.1 | |
Other | 35.8 | 45.9 | |
Total other long-term liabilities | 382.4 | 353.2 | |
Land [Member] | |||
Property, Plant and Equipment, Net | |||
Gross property, plant and equipment | 193.8 | 180.8 | |
Buildings [Member] | |||
Property, Plant and Equipment, Net | |||
Gross property, plant and equipment | 1,044.9 | 906 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Net | |||
Gross property, plant and equipment | 1,690.2 | 1,556.7 | |
Furniture, fixtures and equipment [Member] | |||
Property, Plant and Equipment, Net | |||
Gross property, plant and equipment | 2,735.4 | 2,457.8 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment, Net | |||
Gross property, plant and equipment | $ 146 | $ 196.2 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Expense (Benefit), Intraperiod Tax Allocation | |||
Income from continuing operations | $ 433.2 | $ 165.8 | $ 355 |
Shareholders' equity, tax benefit on exercises/vesting of equity-based compensation | 0 | (12.8) | (4.5) |
Total allocated income tax | 433.2 | 153 | 350.5 |
Income tax provision (benefit) | |||
Federal - current | 480.5 | 126.9 | 325.1 |
State - current | 79.5 | 14.6 | 47.6 |
Foreign - current | 0.8 | 0.5 | 0.4 |
Total current | 560.8 | 142 | 373.1 |
Federal - deferred | (37.7) | 7.4 | (9.7) |
State - deferred | (89.9) | 3.3 | (3.2) |
Foreign - deferred | 0 | 13.1 | (5.2) |
Total deferred | $ (127.6) | $ 23.8 | $ (18.1) |
Federal Statutory Tax Rate Reconciliation | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Effect of: | |||
State and local income taxes, net of federal income tax benefit | 3.00% | 3.00% | 3.30% |
Work Opportunity Tax Credit | (1.60%) | (3.80%) | (1.00%) |
State tax election | (1.40%) | 0.00% | 0.00% |
Deferred tax rate change | (1.60%) | 0.00% | 0.00% |
Incremental tax benefit of exercises/vesting of equity-based compensation | (0.60%) | 0.00% | 0.00% |
International taxes | 0.00% | (4.50%) | 0.00% |
Change in valuation allowance | 0.10% | 4.10% | 0.00% |
Nondeductible acquisition costs | 0.00% | 1.50% | 0.00% |
Other, net | (0.30%) | 1.70% | (0.10%) |
Effective tax rate | 32.60% | 37.00% | 37.20% |
Deferred tax assets: | |||
Deferred rent | $ 59.9 | $ 47.3 | |
Accrued expenses | 71.4 | 73.2 | |
Net operating losses and credit carryforwards | 71.4 | 53.1 | |
Accrued compensation expense | 71.3 | 77.8 | |
State tax election | 20.4 | 0 | |
Other | 3.4 | 0.3 | |
Total deferred tax assets | 297.8 | 251.7 | |
Valuation allowance | (49.7) | (48.4) | |
Deferred tax assets, net | 248.1 | 203.3 | |
Deferred tax liabilities: | |||
Property and equipment | (331.3) | (369.3) | |
Other intangibles | (1,368.7) | (1,415.9) | |
Prepaid expenses | 0 | (3.3) | |
Inventory | (7) | (1.4) | |
Total deferred tax liabilities | (1,707) | (1,789.9) | |
Net deferred tax liability | (1,458.9) | (1,586.6) | |
Income Tax Uncertainties | |||
Operating Loss Carryforward, Credit Carryforward And Capital Loss Carryforward | 71.4 | ||
Valuation allowance | $ 49.7 | 48.4 | |
Number of prior years of taxable income used to assess the deductibility of carrybacks | 2 years | ||
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | $ 16.3 | ||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Beginning Balance | 71.4 | 6.5 | |
Additions, Acquisition of Family Dollar | 0 | 64.4 | |
Additions, based on tax positions related to current year | 5.9 | 1.9 | |
Additions for tax positions of prior years | 3.7 | 1.6 | |
Settlements | (2.2) | (1.8) | |
Lapses in statutes of limitation | (7.6) | (1.2) | |
Ending balance | $ 71.2 | $ 71.4 | $ 6.5 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions | Aug. 02, 2016 | Aug. 01, 2016 | Jan. 28, 2017 |
Income Tax Contingency [Line Items] | |||
Liability for potential interest and penalties | $ 7.9 | ||
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 20 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 27 | ||
NORTH CAROLINA | State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Corporate Statutory Income Tax Rate, Percent | 3.00% | 4.00% |
COMMITMENTS AND CONTINGENCIES41
COMMITMENTS AND CONTINGENCIES (Future Minimum Lease Payments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
2,017 | $ 1,369.5 | ||
2,018 | 1,180.4 | ||
2,019 | 1,021.7 | ||
2,020 | 815.9 | ||
2,021 | 670.9 | ||
Thereafter | 2,150.9 | ||
Total minimum lease payments | 7,209.3 | ||
Minimum and Contingent Rentals | |||
Minimum rentals | 1,276.6 | $ 993.6 | $ 536.5 |
Contingent rentals | $ 6.3 | $ 5.5 | $ 1.8 |
COMMITMENTS AND CONTINGENCIES42
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) Manager in Thousands | 1 Months Ended | 12 Months Ended | 58 Months Ended | |||
Jun. 30, 2016Manager | May 31, 2014claims | Jan. 28, 2017USD ($)letter_of_creditjudgments | Oct. 31, 2015plantiff | Apr. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
Operating Lease Commitments [Abstract] | ||||||
Expected future minimum sublease rentals | $ 600,000 | |||||
Letters of Credit [Abstract] | ||||||
Letters of Credit Outstanding, Number | letter_of_credit | 3 | |||||
Letter of Credit Reimbursement and Security Agreement capacity | $ 120,000,000 | |||||
Second Letter of Credit Reimbursement and Security Agreement amount | 110,000,000 | |||||
Third Letter of Credit Reimbursement and Security Agreement Amount | 100,000,000 | |||||
Committed to letters of credit | 194,900,000 | |||||
Stand-by letters of credit | 160,700,000 | |||||
Surety Bonds [Abstract] | ||||||
Surety bonds | $ 69,800,000 | |||||
Pending Or Threatened Litigation Multi State Litigation Member | ||||||
Loss Contingency [Abstract] | ||||||
Number of opt-in plaintiffs | plantiff | 4,300 | |||||
ResolvedLitigationCalifornia'sPrivateAttorneyGeneralAct [Member] [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Loss Contingency, Claims Settled, Number | claims | 2 | |||||
Family Dollar [Member] | Discriminatory Practices Case [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Certified Participants | Manager | 30 | |||||
Family Dollar [Member] | Multi-District Litigation FLSA Violations [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Summary Judgments Granted | judgments | 60 | |||||
Minimum [Member] | Family Dollar [Member] | Fair Credit Reporting Act Violation [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Loss Contingency, Estimate of Possible Loss | $ 100 | $ 100 | ||||
Maximum [Member] | Dollar Tree [Member] | Fair Credit Reporting Act Violation [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Loss Contingency, Estimate of Possible Loss | $ 1,000 | $ 1,000 | ||||
Technology Assets [Member] | ||||||
Communications and Information Technology [Abstract] | ||||||
Total commitment | $ 13,500,000 | |||||
Telecom Contracts [Member] | ||||||
Communications and Information Technology [Abstract] | ||||||
Total commitment | $ 104,700,000 |
LONG-TERM DEBT - Summary Of Lon
LONG-TERM DEBT - Summary Of Long-term Debt (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Oct. 29, 2016 | Jan. 30, 2016 | Mar. 09, 2015 |
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 6,391.8 | $ 7,465.5 | ||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs | 70 | 119.1 | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||
2,017 | 152.1 | |||
2,018 | 166 | |||
2,019 | 167.3 | |||
2,020 | 2,452.3 | |||
2,021 | 301.4 | |||
After 2,021 | 3,152.7 | |||
Notes Payable, Forgivable Promissory Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 7 | 7 | ||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs | 0 | 0 | ||
Senior Notes [Member] | Five Point Two Five Percent Notes Acquired in Acquisition, Due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 750 | $ 750 | 750 | |
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs | 8.7 | 11.1 | ||
Senior Notes [Member] | Five Point Seven Five Percent Notes Acquired in Acquisition, Due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 2,500 | $ 2,500 | 2,500 | |
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs | 35.9 | 40.1 | ||
Loans Payable [Member] | Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 0 | 975 | $ 1,000 | |
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs | 0 | 3.6 | ||
Loans Payable [Member] | Term Loan A-1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 2,184.8 | 0 | ||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs | 6.2 | 0 | ||
Loans Payable [Member] | Term Loan B-1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 0 | 2,283.5 | $ 3,950 | |
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs | 0 | 42.6 | ||
Loans Payable [Member] | Term Loan B-2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 650 | 650 | ||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs | 10.4 | 12 | ||
Unsecured Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 300 | 300 | ||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs | (8.8) | (10.7) | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 0 | 0 | ||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs | 0 | 20.4 | ||
Line of Credit [Member] | Tranche A Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 0 | 0 | ||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs | $ 17.6 | $ 0 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) | Jan. 20, 2017USD ($) | Jan. 26, 2016USD ($) | Mar. 09, 2015USD ($) | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Oct. 29, 2016USD ($) | Jul. 06, 2015USD ($) | Jun. 11, 2015USD ($) | Feb. 23, 2015USD ($) | Jan. 28, 2012USD ($) |
Debt Instrument [Line Items] | |||||||||||
Repayments of Lines of Credit | $ 140,000,000 | $ 0 | $ 0 | ||||||||
Long-term Debt | $ 6,391,800,000 | 7,465,500,000 | |||||||||
Term Loan A Repayment Period | 5 years | ||||||||||
Days Outstanding prior to stated maturity | 91 days | ||||||||||
Term Loan B Repayment Period | 7 years | ||||||||||
Term Loan B-1 Loan Prepayment Amount | 1,000,000,000 | ||||||||||
Acceleration of Amortization of Debt Issuance Costs | $ 19,000,000 | ||||||||||
Forgivable Promissory Note Repayment Period | 5 years | ||||||||||
Forgivable Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.00% | ||||||||||
Long-Term Debt | $ 7,000,000 | ||||||||||
Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 750,000,000 | ||||||||||
Accrued interest, unpaid interest and make whole premium | $ 89,500,000 | ||||||||||
Senior Notes [Member] | September 16, 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.03% | ||||||||||
Borrowing capacity | $ 300,000,000 | ||||||||||
Senior Notes [Member] | September 16, 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.63% | ||||||||||
Borrowing capacity | $ 350,000,000 | ||||||||||
Senior Notes [Member] | September 16, 2025 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.78% | ||||||||||
Borrowing capacity | $ 100,000,000 | ||||||||||
Senior Notes [Member] | Five Point Two Five Percent Notes Acquired in Acquisition, Due 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 750,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | 5.25% | ||||||||
Long-term Debt | $ 750,000,000 | 750,000,000 | $ 750,000,000 | ||||||||
Senior Notes [Member] | Five Point Seven Five Percent Notes Acquired in Acquisition, Due 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 2,500,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | 5.75% | ||||||||
Long-term Debt | $ 2,500,000,000 | 2,500,000,000 | $ 2,500,000,000 | ||||||||
Senior Notes [Member] | Acquisition Notes [Member] | Debt Covenant, Maximum Ratio for Ability to Pay Dividends [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consolidated Total Net Leverage Ratio | 3.50 | ||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 0 | 0 | |||||||||
Borrowing capacity | $ 1,250,000,000 | ||||||||||
Line of Credit [Member] | Tranche A Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||
Line of Credit [Member] | Term Loan A-1 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Quarterly Amortization Payment, Percentage of Original Principal | 1.25% | ||||||||||
Line of Credit [Member] | Term B-3 Loans [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of Lines of Credit | $ 748,100,000 | ||||||||||
Acceleration of Amortization of Debt Issuance Costs | $ 11,700,000 | ||||||||||
Line of Credit [Member] | Senior Secured Credit Facilities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 6,200,000,000 | ||||||||||
Line of Credit [Member] | Senior Secured Credit Facilities [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 1,250,000,000 | ||||||||||
Line of Credit [Member] | Senior Secured Credit Facilities [Member] | Debt Covenant, Maximum Ratio for Ability to Pay Dividends [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consolidated Total Net Leverage Ratio | 3.50 | ||||||||||
Line of Credit [Member] | Tranche A Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.53% | ||||||||||
Long-term Debt | $ 0 | 0 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||
Borrowing capacity | $ 1,250,000,000 | ||||||||||
Loans Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Prepayment Fee If Loans Subject to Certain Repricing Transactions, Amount | $ 69,100,000 | ||||||||||
Loans Payable [Member] | Prepayment Risk [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Prepayment fee if Loans Subject to Certain Repricing Transactions | 1.00% | ||||||||||
Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ||||||||||
Base Rate plus Interest per Annum | 1.25% | 1.75% | |||||||||
Quarterly Amortization Payments Percentage of Original Principal Amount Year Two | 2.50% | ||||||||||
Quarterly Amortization Payments Percentage of Original Principal Amount Beyond Year Two | 3.75% | ||||||||||
Quarterly Amortization Payments of Original Principal Amount after Closing | 0.25% | ||||||||||
Prepayment fee second year | 2.00% | ||||||||||
Prepayment fee third year | 1.00% | ||||||||||
Loans Payable [Member] | Term Loan A-1 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.53% | ||||||||||
Long-term Debt | $ 2,184,800,000 | 0 | |||||||||
Loans Payable [Member] | Term Loan A-1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||
Loans Payable [Member] | Senior Secured Credit Facilities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 4,950,000,000 | ||||||||||
Loans Payable [Member] | Term Loan A [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | 1,000,000,000 | $ 0 | 975,000,000 | ||||||||
Loans Payable [Member] | Term Loan B-1 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 3,950,000,000 | $ 0 | 2,283,500,000 | ||||||||
Debt Instrument, Unamortized Discount, Percent | 0.50% | ||||||||||
Debt Instrument, Unamortized Discount | $ 19,800,000 | ||||||||||
Senior Secured Credit Facilities | $ 3,300,000,000 | ||||||||||
Loans Payable [Member] | Term Loan B-1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||
Loans Payable [Member] | Term Loan B-2 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | |||||||||
Long-term Debt | $ 650,000,000 | 650,000,000 | |||||||||
Senior Secured Credit Facilities | $ 650,000,000 | ||||||||||
Unsecured Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||||||||
Long-term Debt | $ 300,000,000 | $ 300,000,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 300,000,000 |
SHAREHOLDERS' EQUITY (Narrative
SHAREHOLDERS' EQUITY (Narrative) (Details) | May 15, 2014shares | Feb. 14, 2014shares | Sep. 17, 2013USD ($)agreement | Feb. 01, 2014shares | Jan. 28, 2017USD ($)$ / sharesshares | Jan. 30, 2016shares |
Preferred Stock | ||||||
Preferred Stock authorized to issue (in shares) | 10,000,000 | |||||
Preferred Stock par value per share | $ / shares | $ 0.01 | |||||
Preferred Stock, Shares Issued | 0 | 0 | ||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||
Share Repurchase Programs | ||||||
Number of accelerated share repurchase programs entered into | agreement | 2 | |||||
Amount of each accelerated share repurchase agreement | $ | $ 500,000,000 | |||||
Accelerated Share Repurchase Program Authorized Amount | $ | $ 1,000,000,000 | |||||
Share Repurchase Program, Number Of Programs With Collar Agreements | agreement | 1 | |||||
Minimum Number Of Shares To Be Received Under Collar Agreement | 7,800,000 | |||||
Shares Received at Conclusion Collared ASR Agreement | 1,200,000 | |||||
Total Shares Delivered Under Conclusion of Collared ASR Agreement | 9,000,000 | |||||
Initial delivery of shares under the Uncollared Agreement | 7,200,000 | |||||
Shares delivered under the conclusion of the Uncollared Agreement | 1,900,000 | |||||
Total shares delivered under Uncollared Repurchase Agreement | 9,100,000 | |||||
Remaining amount of shares authorized to repurchase | $ | $ 1,000,000,000 |
SHAREHOLDERS' EQUITY (Basic and
SHAREHOLDERS' EQUITY (Basic and Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Basic net income per share: | |||||||||||
Net income | $ 321.8 | $ 171.6 | $ 170.2 | $ 232.7 | $ 229 | $ 81.9 | $ (98) | $ 69.5 | $ 896.2 | $ 282.4 | $ 599.2 |
Weighted average number of shares outstanding (in shares) | 235.7 | 222.5 | 206 | ||||||||
Basic net income per share (usd per share) | $ 3.80 | $ 1.27 | $ 2.91 | ||||||||
Diluted net income per share: | |||||||||||
Net income | $ 321.8 | $ 171.6 | $ 170.2 | $ 232.7 | $ 229 | $ 81.9 | $ (98) | $ 69.5 | $ 896.2 | $ 282.4 | $ 599.2 |
Weighted average number of shares outstanding (in shares) | 235.7 | 222.5 | 206 | ||||||||
Dilutive effect of stock options and restricted stock (as determined by applying the treasury stock method) (in shares) | 1.1 | 1 | 1 | ||||||||
Weighted average number of shares and dilutive potential shares outstanding (in shares) | 236.8 | 223.5 | 207 | ||||||||
Diluted net income per share (usd per share) | $ 1.36 | $ 0.72 | $ 0.72 | $ 0.98 | $ 0.97 | $ 0.35 | $ (0.46) | $ 0.34 | $ 3.78 | $ 1.26 | $ 2.90 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017USD ($)Years_Oldhour | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
Profit Sharing and 401(k) Retirement Plan [Abstract] | |||
Age over which all employees have 401K benefits available | Years_Old | 21 | ||
Employee service years required for available 401K benefits (in years) | one | ||
Minimum hours in a 401K qualifying one year period (in hours) | hour | 1,000 | ||
Plan Expenses | $ 39 | $ 36.6 | $ 41.1 |
Profit Sharing Vesting Schedule | |||
Percentage Vested in the Profit Sharing Plan After Two Years of Service (in Hundreths) | 20.00% | ||
Years of Service Required to vest 20% in the Profit Sharing Plan | 2 years | ||
Percentage Vested in the Profit Sharing Plan After Three Years of Service (in Hundreths) | 40.00% | ||
Years of Service Required to vest 40% in the Profit Sharing Plan | 3 years | ||
Percentage Vested in the Profit Sharing Plan After Four Years of Service (in Hundreths) | 60.00% | ||
Years of Service Required to vest 60% in the Profit Sharing Plan | 4 years | ||
Percentage Vested in the Profit Sharing Plan After Five Years of Service (in Hundreths) | 100.00% | ||
Years of Service Required to vest 100% in the Profit Sharing Plan | 5 years | ||
Deferred Compensation Plan [Abstract] | |||
Cumulative participant deferrals | $ 5.2 | 5.2 | |
Family Dollar [Member] | |||
Profit Sharing and 401(k) Retirement Plan [Abstract] | |||
Plan Expenses | 10.1 | 6.2 | |
Deferred Compensation Plan [Abstract] | |||
Cumulative participant deferrals | $ 14.6 | $ 15.9 |
STOCK-BASED COMPENSATION PLAN48
STOCK-BASED COMPENSATION PLAN (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 18, 2016 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected term | 3 months | 3 months | 3 months | ||||
Intrinsic value of options exercised | $ 11.8 | $ 13.2 | $ 3.7 | ||||
Minimum statutory tax withholding related to vested restricted shares | 21.9 | 21.6 | 15.8 | ||||
Compensation Expense | $ 60.3 | 52.3 | 37.4 | ||||
Granted (shares) | 897,479 | ||||||
Total fair value of vested restricted shares | $ 42.4 | $ 36.8 | $ 31.8 | ||||
Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected term | 6 years 6 months | 2 years 11 days | |||||
Service Based Awards [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Restricted stock granted under service and performance awards (in shares) | 500,000 | 300,000 | 500,000 | ||||
Compensation Expense | $ 28.2 | $ 22.6 | $ 22.2 | ||||
Unrecognized compensation expense | $ 30.6 | ||||||
Weighted average period of recognition (in months) | 1 year 10 months 9 days | ||||||
Eip [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Expected term | 10 years | ||||||
Shares granted under fixed stock option compensation plans | 18,000,000 | ||||||
EOEP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Expected term | 10 years | ||||||
Director Deferred Compensation Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected term | 10 years | ||||||
Percentage of the share price of common stock used in the calculation to determine the number of options issued to a director (in hundredths) | 33.00% | ||||||
Omnibus Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Expected term | 10 years | ||||||
Shares available for grant | 4,000,000 | ||||||
Omnibus Incentive Plan [Member] | Employee Stock Option [Member] | Directors and Officers [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 200,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 4 | ||||||
Omnibus Incentive Plan [Member] | Service Based Awards [Member] | Ratable Annual Vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expensed over the service period | $ 7.9 | ||||||
Omnibus Incentive Plan [Member] | Performance And Service Based Awards [Member] | Ratable Annual Vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock granted under service and performance awards (in shares) | 200,000 | 100,000 | |||||
Compensation expensed over the service period | $ 17.1 | $ 11.3 | |||||
Compensation Expense | 8.7 | ||||||
Omnibus Incentive Plan [Member] | Performance And Service Based Awards [Member] | Certain officers [Member] | Ratable Annual Vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock granted under service and performance awards (in shares) | 200,000 | ||||||
Compensation expensed over the service period | $ 10 | ||||||
Allocated Share Based Compensation Expense Restricted Stock2012 Grants | 1 | 1.6 | 6.7 | ||||
Omnibus Incentive Plan [Member] | Performance And Service Based Awards [Member] | President [Member] | Ratable Annual Vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||
Compensation Expense | 0.8 | ||||||
Granted (shares) | 100,000 | ||||||
Target Value | $ 5 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 5 years | ||||||
Omnibus Incentive Plan [Member] | Performance And Service Based Awards [Member] | Chief Executive Officer [Member] | Ratable Annual Vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock granted under service and performance awards (in shares) | 200,000 | ||||||
Compensation Expense | $ 2 | $ 2 | $ 2 | ||||
Target Value | $ 10 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 5 years | ||||||
Omnibus Incentive Plan [Member] | Performance And Service Based Awards [Member] | Restricted Stock Units (RSUs) [Member] | Certain officers [Member] | Vesting at End of Performance Period [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Individual potential target award, minimum (in hundredths) | 0.00% | 0.00% | |||||
Individual Potential Target Award Maximum | 200.00% | 200.00% | |||||
Omnibus Incentive Plan [Member] | Performance Shares [Member] | Restricted Stock Units (RSUs) [Member] | Certain officers [Member] | Vesting at End of Performance Period [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Target Value | $ 2 | $ 1.7 | |||||
Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average fair value of granted purchase rights (in dollars per share) | $ 13,430,000 | $ 11,650,000 | $ 8,170,000 | ||||
Compensation Expense | $ 1.6 | $ 1 | $ 0.8 | ||||
Employee stock purchase plan shares of common stock authorized for issuance | 8,707,692 | ||||||
Amount allowed to be withheld to purchase Common Stock | 10.00% | ||||||
ESPP Plan purchase price of stock (in hundredths) | 85.00% | ||||||
Shares sold under the ESPP | 4,990,145 | ||||||
2016 Restricted Stock Grant - Officers [Member] | Omnibus Incentive Plan [Member] | Performance And Service Based Awards [Member] | Certain officers [Member] | Ratable Annual Vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation Expense | $ 11.4 | ||||||
2016 Restricted Stock Grant - Officers [Member] | Omnibus Incentive Plan [Member] | Performance And Service Based Awards [Member] | Restricted Stock Units (RSUs) [Member] | Certain officers [Member] | Vesting at End of Performance Period [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Target Value | $ 3.2 | ||||||
Individual potential target award, minimum (in hundredths) | 0.00% | ||||||
Individual Potential Target Award Maximum | 200.00% | ||||||
2016 Restricted Stock Grant - Officers [Member] | Omnibus Incentive Plan [Member] | Performance Shares [Member] | Restricted Stock Units (RSUs) [Member] | Certain officers [Member] | Vesting at End of Performance Period [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation Expense | $ 2 | ||||||
2015 Restricted Stock Grant - Officers [Member] | Omnibus Incentive Plan [Member] | Performance And Service Based Awards [Member] | Certain officers [Member] | Ratable Annual Vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation Expense | 1.8 | ||||||
2015 Restricted Stock Grant - Officers [Member] | Omnibus Incentive Plan [Member] | Performance And Service Based Awards [Member] | Restricted Stock Units (RSUs) [Member] | Certain officers [Member] | Vesting at End of Performance Period [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Target Value | $ 2.3 | ||||||
Individual potential target award, minimum (in hundredths) | 0.00% | ||||||
Individual Potential Target Award Maximum | 200.00% | ||||||
2015 Restricted Stock Grant - Officers [Member] | Omnibus Incentive Plan [Member] | Performance Shares [Member] | Restricted Stock Units (RSUs) [Member] | Certain officers [Member] | Vesting at End of Performance Period [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation Expense | 2.3 | $ 1.4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 4.6 | ||||||
2014 Restricted Stock Grant - Officers [Member] | Omnibus Incentive Plan [Member] | Performance Shares [Member] | Restricted Stock Units (RSUs) [Member] | Certain officers [Member] | Vesting at End of Performance Period [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation Expense | 0.3 | 0.4 | 1 | ||||
2013 Restricted Stock Grant - Officers [Member] | Omnibus Incentive Plan [Member] | Performance Shares [Member] | Restricted Stock Units (RSUs) [Member] | Certain officers [Member] | Vesting at End of Performance Period [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation Expense | $ 0.4 | $ 1 | |||||
Family Dollar [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation Expense | $ 2.6 | 6.2 | |||||
Conversion of Stock, Award Exchange Ratio | 1 | ||||||
Conversion of Stock, Shares Converted | 1,500,000 | ||||||
Family Dollar [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation Expense | $ 1.8 | $ 2.8 | |||||
Conversion of Stock, Award Exchange Ratio | 1 | ||||||
Conversion of Stock, Shares Converted | 100,000 | ||||||
2013 LTPP REGRANT [Member] | Omnibus Incentive Plan [Member] | Performance And Service Based Awards [Member] | Restricted Stock Units (RSUs) [Member] | Certain officers [Member] | Vesting at End of Performance Period [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Compensation Expense | $ 2.4 | ||||||
Target Value | 2.2 | ||||||
2013 ORIGINAL LTPP GRANT [Member] | Omnibus Incentive Plan [Member] | Performance And Service Based Awards [Member] | Restricted Stock Units (RSUs) [Member] | Certain officers [Member] | Vesting at End of Performance Period [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation Expense | $ 1.2 | ||||||
Family Dollar [Member] | Service Based Awards [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Compensation Expense | $ 2 | $ 1 | |||||
Granted (shares) | 100,000 |
STOCK-BASED COMPENSATION PLAN49
STOCK-BASED COMPENSATION PLAN (RSU's) (Details) | 12 Months Ended |
Jan. 28, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested, beginning of period (shares) | shares | 1,569,421 |
Granted (shares) | shares | 897,479 |
Vested (shares) | shares | (697,780) |
Forfeited (shares) | shares | (149,619) |
Nonvested, end of period (shares) | shares | 1,619,501 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, nonvested, beginning of period (dollars per share) | $ / shares | $ 63.24 |
Weighted average grant date fair value, granted (dollars per share) | $ / shares | 80.13 |
Weighted average grant date fair value, vested (dollars per share) | $ / shares | 60.83 |
Weighted average grant date fair value, forfeited (dollars per share) | $ / shares | 76.45 |
Weighted average grant date fair value, nonvested, end of period (dollars per share) | $ / shares | $ 73.43 |
STOCK-BASED COMPENSATION PLAN50
STOCK-BASED COMPENSATION PLAN (Various Option Plans and Options Outstanding) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jan. 28, 2017 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of options outstanding, beginning balance | 1,549,999 | |
Options granted | 189,543 | |
Exercised | (613,013) | |
Forfeited | (85,094) | |
Number of options outstanding, ending balance | 1,041,435 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Weighted average exercise price per option, outstanding, beginning balance (dollars per share) | $ 58.41 | |
Weighted average exercise price per option granted (dollars per share) | 74.45 | |
Weighted average exercise price per option exercised (dollars per share) | 54.73 | |
Weighted average exercise price per option forfeited (dollars per share) | 72.73 | |
Weighted average exercise price per option, outstanding, ending balance (dollars per share) | $ 62.38 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted average remaining contractual term of options outstanding (in years) | 1 year 3 months 18 days | |
Aggregate intrinsic value of options outstanding | $ 12.2 | |
Options vested and expected to vest (shares) | 664,854 | |
Options, vested and expected to vest weighted average exercise price (in dollars per share) | $ 55.97 | |
Weighted average remaining contractual term, vested and expected to vest options (in years) | 1 year 2 months 12 days | |
Aggregate intrinsic value, vested and expected to vest options | $ 12 | |
Options exercisable at end of period (shares) | 664,854 | |
Options exercisable at end of period, weighted average exercise price | $ 55.97 | |
Options exercisable at end of period, weighted average remaining term | 1 year 2 months 12 days | |
Options exercisable at end of period, aggregate intrinsic value | $ 12 | |
$7.21 to $9.71 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 8.91 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | 12.66 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ||
Options outstanding | 134,627 | |
Options outstanding, weighted average remaining contractual life (in years) | 1 year 2 months 12 days | |
Options outstanding, weighted average exercise price (dollars per share) | $ 10.67 | |
Options exercisable | 134,627 | |
Options exercisable, weighted average exercise price (dollars per share) | $ 10.67 | |
$9.72 to $14.52 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 12.67 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | 48.30 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ||
Options outstanding | 47,807 | |
Options outstanding, weighted average remaining contractual life (in years) | 4 years 7 months 6 days | |
Options outstanding, weighted average exercise price (dollars per share) | $ 32.36 | |
Options exercisable | 47,807 | |
Options exercisable, weighted average exercise price (dollars per share) | $ 32.36 | |
$14.53 to $19.93 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 48.31 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | 58.58 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ||
Options outstanding | 25,462 | |
Options outstanding, weighted average remaining contractual life (in years) | 2 years 6 months | |
Options outstanding, weighted average exercise price (dollars per share) | $ 55.03 | |
Options exercisable | 22,691 | |
Options exercisable, weighted average exercise price (dollars per share) | $ 54.72 | |
$19.94 to $28.36 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 58.59 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | 70.71 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ||
Options outstanding | 365,014 | |
Options outstanding, weighted average remaining contractual life (in years) | 7 months 6 days | |
Options outstanding, weighted average exercise price (dollars per share) | $ 68.41 | |
Options exercisable | 290,657 | |
Options exercisable, weighted average exercise price (dollars per share) | $ 68.48 | |
$28.37 to $70.38 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 70.72 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | 93.78 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ||
Options outstanding | 468,525 | |
Options outstanding, weighted average remaining contractual life (in years) | 2 years | |
Options outstanding, weighted average exercise price (dollars per share) | $ 76.01 | |
Options exercisable | 169,072 | |
Options exercisable, weighted average exercise price (dollars per share) | $ 77.37 | |
$7.21 to $70.38 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 8.91 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 93.78 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Beginning of Period [Abstract] | ||
Options outstanding | 1,041,435 | |
Options outstanding, weighted average remaining contractual life (in years) | 1 year 3 months 18 days | |
Options outstanding, weighted average exercise price (dollars per share) | $ 59.93 | |
Options exercisable | 664,854 | |
Options exercisable, weighted average exercise price (dollars per share) | $ 55.97 |
STOCK-BASED COMPENSATION PLAN51
STOCK-BASED COMPENSATION PLAN (Fair Value of Employee's Purchase Rights) (Details) - $ / shares | 12 Months Ended | |||||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected term in years | 3 months | 3 months | 3 months | |||
Expected volatility | 14.60% | 13.20% | 8.80% | |||
Annual dividend yield | 0.00% | 0.00% | 0.00% | |||
Risk free interest rate | 0.40% | 0.20% | 0.00% | |||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected term in years | 6 years 6 months | 2 years 11 days | ||||
Expected volatility | 24.51% | 20.77% | ||||
Annual dividend yield | 0.00% | 0.00% | ||||
Risk free interest rate | 2.09% | 0.60% | ||||
Weighted-average fair value of options granted during the period | $ 22.10 | $ 23.15 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Jul. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 30, 2016USD ($) | Oct. 31, 2015USD ($) | Aug. 01, 2015USD ($) | May 02, 2015USD ($) | Oct. 29, 2016segment | Jan. 28, 2017USD ($)statedistribution_centerprovince | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||
Number of retail discount stores | 14,300 | |||||||||||
Number of U.S. States, stores operating in | state | 48 | |||||||||||
Number of Canadian provinces | province | 5 | |||||||||||
Number of reportable Segments | segment | 2 | |||||||||||
Net sales | $ 5,635,300,000 | $ 5,001,600,000 | $ 4,996,300,000 | $ 5,085,800,000 | $ 5,365,300,000 | $ 4,945,200,000 | $ 3,011,200,000 | $ 2,176,700,000 | $ 20,719,200,000 | $ 15,498,400,000 | $ 8,602,200,000 | |
Gross profit | 1,807,000,000 | 1,520,500,000 | 1,512,400,000 | 1,554,600,000 | 1,652,600,000 | 1,400,000,000 | 855,200,000 | 748,900,000 | 6,394,700,000 | 4,656,700,000 | 3,034,000,000 | |
Depreciation and amortization expense | 637,800,000 | 487,700,000 | 206,000,000 | |||||||||
Operating income | 586,500,000 | $ 342,400,000 | $ 357,200,000 | $ 418,700,000 | 469,700,000 | $ 223,700,000 | $ 123,400,000 | $ 232,800,000 | 1,704,800,000 | 1,049,700,000 | 1,040,200,000 | |
Assets | 15,701,600,000 | 15,901,200,000 | 15,701,600,000 | 15,901,200,000 | ||||||||
Goodwill | 5,023,500,000 | 5,021,700,000 | 5,023,500,000 | 5,021,700,000 | ||||||||
Goodwill transfers | 60,000,000 | 121,800,000 | ||||||||||
Dollar Tree [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Price point | 1 | |||||||||||
Net sales | 10,138,700,000 | 9,336,400,000 | 8,602,200,000 | |||||||||
Gross profit | 3,584,700,000 | 3,249,300,000 | 3,034,000,000 | |||||||||
Depreciation and amortization expense | 241,300,000 | 223,400,000 | 206,000,000 | |||||||||
Operating income | 1,305,300,000 | 1,080,500,000 | 1,040,200,000 | |||||||||
Assets | 3,705,500,000 | 3,472,000,000 | 3,705,500,000 | 3,472,000,000 | ||||||||
Goodwill | 345,400,000 | 283,600,000 | $ 345,400,000 | 283,600,000 | ||||||||
Dollar Tree [Member] | UNITED STATES | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of distribution centers | distribution_center | 11 | |||||||||||
Dollar Tree [Member] | CANADA | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of distribution centers | distribution_center | 2 | |||||||||||
Family Dollar [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of distribution centers | distribution_center | 11 | |||||||||||
Net sales | $ 10,580,500,000 | 6,162,000,000 | 0 | |||||||||
Gross profit | 2,810,000,000 | 1,407,400,000 | 0 | |||||||||
Depreciation and amortization expense | 396,500,000 | 264,300,000 | 0 | |||||||||
Operating income | 399,500,000 | (30,800,000) | $ 0 | |||||||||
Assets | 11,996,100,000 | 12,429,200,000 | 11,996,100,000 | 12,429,200,000 | ||||||||
Goodwill | $ 4,678,100,000 | $ 4,738,100,000 | $ 4,678,100,000 | $ 4,738,100,000 |
CONDENSED CONSOLIDATING FINAN53
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Narrative) (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Oct. 29, 2016 | Jan. 30, 2016 | Feb. 23, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||||
Long-term Debt | $ 6,391.8 | $ 7,465.5 | ||
Senior Notes [Member] | Five Point Two Five Percent Notes Acquired in Acquisition, Due 2020 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Long-term Debt | $ 750 | $ 750 | 750 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | 5.25% | |
Senior Notes [Member] | Five Point Seven Five Percent Notes Acquired in Acquisition, Due 2023 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Long-term Debt | $ 2,500 | $ 2,500 | $ 2,500 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | 5.75% |
CONDENSED CONSOLIDATING FINAN54
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ 5,635.3 | $ 5,001.6 | $ 4,996.3 | $ 5,085.8 | $ 5,365.3 | $ 4,945.2 | $ 3,011.2 | $ 2,176.7 | $ 20,719.2 | $ 15,498.4 | $ 8,602.2 |
Cost of sales | 14,324.5 | 10,841.7 | 5,568.2 | ||||||||
Gross profit | 1,807 | 1,520.5 | 1,512.4 | 1,554.6 | 1,652.6 | 1,400 | 855.2 | 748.9 | 6,394.7 | 4,656.7 | 3,034 |
Selling, general and administrative expenses | 4,689.9 | 3,607 | 1,993.8 | ||||||||
Operating income | 586.5 | 342.4 | 357.2 | 418.7 | 469.7 | 223.7 | 123.4 | 232.8 | 1,704.8 | 1,049.7 | 1,040.2 |
Interest Income (Expense), Net | 375.5 | 599.4 | 80.1 | ||||||||
Other Nonoperating Income (Expense) | (0.1) | 2.1 | 5.9 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,329.4 | 448.2 | 954.2 | ||||||||
Income from continuing operations | 433.2 | 165.8 | 355 | ||||||||
Subsidiary or Equity Method Investee, Noncontrolling Interest in Income of Subsidiary | 0 | 0 | 0 | ||||||||
Net income | $ 321.8 | $ 171.6 | $ 170.2 | $ 232.7 | $ 229 | $ 81.9 | $ (98) | $ 69.5 | 896.2 | 282.4 | 599.2 |
Foreign currency translation adjustments | 5.5 | (9) | (17.2) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 901.7 | 273.4 | 582 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | (519.3) | (551.4) | (2.1) | ||||||||
Cost of sales | (438) | (538) | (2.1) | ||||||||
Gross profit | (81.3) | (13.4) | 0 | ||||||||
Selling, general and administrative expenses | (73.7) | (9.4) | (2.2) | ||||||||
Operating income | (7.6) | (4) | 2.2 | ||||||||
Interest Income (Expense), Net | 0 | 0 | 0 | ||||||||
Other Nonoperating Income (Expense) | (7.6) | (4) | 2.1 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 0 | 0 | 0.1 | ||||||||
Income from continuing operations | 0 | 0 | 0 | ||||||||
Subsidiary or Equity Method Investee, Noncontrolling Interest in Income of Subsidiary | 1,109.9 | 617 | 639.1 | ||||||||
Net income | (1,109.9) | (617) | (639) | ||||||||
Foreign currency translation adjustments | (7.2) | 0 | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (1,117.1) | (617) | (639) | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 731.6 | 737.6 | 184 | ||||||||
Cost of sales | 584.4 | 664.1 | 142.6 | ||||||||
Gross profit | 147.2 | 73.5 | 41.4 | ||||||||
Selling, general and administrative expenses | 125.2 | 62.5 | 58.3 | ||||||||
Operating income | 22 | 11 | (16.9) | ||||||||
Interest Income (Expense), Net | (7.6) | (4.1) | (0.1) | ||||||||
Other Nonoperating Income (Expense) | 0.8 | 2.3 | 0.4 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 28.8 | 12.8 | (17.2) | ||||||||
Income from continuing operations | 7.7 | 17.5 | (4.8) | ||||||||
Subsidiary or Equity Method Investee, Noncontrolling Interest in Income of Subsidiary | 0 | 0 | 0 | ||||||||
Net income | 21.1 | (4.7) | (12.4) | ||||||||
Foreign currency translation adjustments | 5.5 | (9) | (17.2) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 26.6 | (13.7) | (29.6) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 7.4 | 48.4 | 33.7 | ||||||||
Operating income | (7.4) | (48.4) | (33.7) | ||||||||
Interest Income (Expense), Net | 316.8 | 464.4 | 35.7 | ||||||||
Other Nonoperating Income (Expense) | 7.4 | 4 | (2.1) | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (331.6) | (516.8) | (67.3) | ||||||||
Income from continuing operations | (133.3) | (213.3) | (27.4) | ||||||||
Subsidiary or Equity Method Investee, Noncontrolling Interest in Income of Subsidiary | (1,094.5) | (585.9) | (639.1) | ||||||||
Net income | 896.2 | 282.4 | 599.2 | ||||||||
Foreign currency translation adjustments | 5.5 | 0 | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 901.7 | 282.4 | 599.2 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 20,506.9 | 15,312.2 | 8,420.3 | ||||||||
Cost of sales | 14,178.1 | 10,715.6 | 5,427.7 | ||||||||
Gross profit | 6,328.8 | 4,596.6 | 2,992.6 | ||||||||
Selling, general and administrative expenses | 4,631 | 3,505.5 | 1,904 | ||||||||
Operating income | 1,697.8 | 1,091.1 | 1,088.6 | ||||||||
Interest Income (Expense), Net | 66.3 | 139.1 | 44.5 | ||||||||
Other Nonoperating Income (Expense) | (0.7) | (0.2) | 5.5 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,632.2 | 952.2 | 1,038.6 | ||||||||
Income from continuing operations | 558.8 | 361.6 | 387.2 | ||||||||
Subsidiary or Equity Method Investee, Noncontrolling Interest in Income of Subsidiary | (15.4) | (31.1) | 0 | ||||||||
Net income | 1,088.8 | 621.7 | 651.4 | ||||||||
Foreign currency translation adjustments | 1.7 | 0 | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 1,090.5 | $ 621.7 | $ 651.4 |
CONDENSED CONSOLIDATING FINAN55
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 866.4 | $ 736.1 | $ 864.1 | $ 267.7 |
Short-term investments | 4 | 4 | ||
Retail Related Inventory, Merchandise | 2,865.8 | 2,885.5 | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | 0 | |||
Property, Plant and Equipment, Net | 3,115.8 | 3,125.5 | ||
Assets available for sale | 9 | 12.1 | ||
Deferred Tax Assets, Investment in Subsidiaries | 0 | 0 | ||
Intercompany Notes Receivable, Noncurrent | 0 | 0 | ||
Due from Intercompany, Net, Noncurrent | 0 | 0 | ||
Other Assets, Current | 201.8 | 310.3 | ||
Due from Related Parties | 0 | 0 | ||
Prepaid Expense and Other Assets, Current | 201.8 | 310.3 | ||
Assets, Current | 3,938 | 3,935.9 | ||
Goodwill | 5,023.5 | 5,021.7 | ||
Deferred Tax Assets, Net of Valuation Allowance | 0 | |||
Favorable lease rights, net | 468.6 | 569.4 | ||
Tradename intangible asset | 3,100 | 3,100 | ||
Other intangible assets, net | 5.1 | 5.8 | ||
Other assets | 41.6 | 130.8 | ||
Assets | 15,701.6 | 15,901.2 | ||
Long-term Debt, Current Maturities | 152.1 | 108 | ||
Accounts Payable, Current | 1,119.6 | 1,251.9 | ||
Due to Intercompany, Net, Current | 0 | 0 | ||
Other Liabilities, Current | 744.2 | 722.6 | ||
Accrued Income Taxes, Current | 90 | 12.9 | ||
Liabilities, Current | 2,105.9 | 2,095.4 | ||
Long-term debt, excluding current portion | 6,169.7 | 7,238.4 | ||
Unfavorable lease rights, net | 124 | 7,238.4 | ||
Deferred Tax Liabilities, Net, Noncurrent | 1,458.9 | 149.3 | ||
Deferred tax liabilities, net | 1,458.9 | 1,586.6 | ||
Liabilities | 10,312.1 | 11,494.3 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 5,389.5 | 4,406.9 | 1,785 | 1,170.7 |
Liabilities and Equity | 15,701.6 | 15,901.2 | ||
Income taxes payable, long-term | 71.2 | 71.4 | ||
Due to Related Parties | 0 | 0 | ||
Intercompany Notes Payable, Noncurrent | 0 | 0 | ||
Income Taxes and Other Liabilities | 424.6 | |||
Other Liabilities, Noncurrent | 382.4 | 353.2 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | (17.3) | 0 | 0 |
Short-term investments | 0 | 0 | ||
Retail Related Inventory, Merchandise | (1.7) | (15.9) | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | 0 | |||
Property, Plant and Equipment, Net | 0 | 0 | ||
Assets available for sale | 0 | 0 | ||
Deferred Tax Assets, Investment in Subsidiaries | (8,746.7) | (8,478.3) | ||
Intercompany Notes Receivable, Noncurrent | (2,115.2) | (1,715.2) | ||
Due from Intercompany, Net, Noncurrent | (1,243.8) | (996.9) | ||
Other Assets, Current | 0 | |||
Due from Related Parties | (1,143) | (1,930.3) | ||
Prepaid Expense and Other Assets, Current | 0.3 | |||
Assets, Current | (1,144.4) | (1,030.1) | ||
Goodwill | 0 | 0 | ||
Deferred Tax Assets, Net of Valuation Allowance | (10.1) | |||
Favorable lease rights, net | 0 | 0 | ||
Tradename intangible asset | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other assets | (3) | (4.4) | ||
Assets | (13,253.1) | (13,168.4) | ||
Long-term Debt, Current Maturities | 0 | 0 | ||
Accounts Payable, Current | (1) | (33.1) | ||
Due to Intercompany, Net, Current | (1,143) | (996.9) | ||
Other Liabilities, Current | 0 | 0 | ||
Accrued Income Taxes, Current | 0 | 0 | ||
Liabilities, Current | (1,144) | (1,030) | ||
Long-term debt, excluding current portion | 0 | |||
Unfavorable lease rights, net | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Deferred tax liabilities, net | (10.1) | |||
Liabilities | (4,506.2) | (4,690) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (8,746.9) | (8,478.4) | ||
Liabilities and Equity | (13,253.1) | (13,168.4) | ||
Income taxes payable, long-term | 0 | |||
Due to Related Parties | (1,243.8) | (1,930.3) | ||
Intercompany Notes Payable, Noncurrent | (2,115.2) | (1,715.2) | ||
Income Taxes and Other Liabilities | (4.4) | |||
Other Liabilities, Noncurrent | (3.2) | |||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 562.4 | 0 | 193.5 | 163.2 |
Short-term investments | 0 | 0 | ||
Retail Related Inventory, Merchandise | 0 | 0 | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | 0 | |||
Property, Plant and Equipment, Net | 0 | 0 | ||
Assets available for sale | 0 | 0 | ||
Deferred Tax Assets, Investment in Subsidiaries | 8,640.1 | 8,403.9 | ||
Intercompany Notes Receivable, Noncurrent | 1,926.4 | 1,526.4 | ||
Due from Intercompany, Net, Noncurrent | 1,243.8 | 262.2 | ||
Other Assets, Current | 1 | |||
Due from Related Parties | 58.7 | 1,930.3 | ||
Prepaid Expense and Other Assets, Current | 0.5 | |||
Assets, Current | 621.6 | 263.2 | ||
Goodwill | 0 | 0 | ||
Deferred Tax Assets, Net of Valuation Allowance | 0.5 | |||
Favorable lease rights, net | 0 | 0 | ||
Tradename intangible asset | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other assets | 0 | 0 | ||
Assets | 12,431.9 | 12,124.3 | ||
Long-term Debt, Current Maturities | 152.1 | 108 | ||
Accounts Payable, Current | 0 | 17.5 | ||
Due to Intercompany, Net, Current | 969.6 | 582.5 | ||
Other Liabilities, Current | 66.4 | 84.9 | ||
Accrued Income Taxes, Current | (1.9) | 3.8 | ||
Liabilities, Current | 1,186.2 | 796.7 | ||
Long-term debt, excluding current portion | 5,853.9 | |||
Unfavorable lease rights, net | 0 | 6,920.7 | ||
Deferred Tax Liabilities, Net, Noncurrent | 2 | 0 | ||
Deferred tax liabilities, net | 0 | |||
Liabilities | 7,042.1 | 7,717.4 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 5,389.8 | 4,406.9 | ||
Liabilities and Equity | 12,431.9 | 12,124.3 | ||
Income taxes payable, long-term | 0 | |||
Due to Related Parties | 0 | 0 | ||
Intercompany Notes Payable, Noncurrent | 0 | 0 | ||
Income Taxes and Other Liabilities | 0 | |||
Other Liabilities, Noncurrent | 0 | |||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 139.2 | 636.9 | 664.3 | 72.5 |
Short-term investments | 0 | 0 | ||
Retail Related Inventory, Merchandise | 2,826.3 | 2,850 | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | (9.3) | |||
Property, Plant and Equipment, Net | 3,085.3 | 3,089.5 | ||
Assets available for sale | 9 | 12.1 | ||
Deferred Tax Assets, Investment in Subsidiaries | 106.6 | 74.4 | ||
Intercompany Notes Receivable, Noncurrent | 0 | 0 | ||
Due from Intercompany, Net, Noncurrent | 0 | 548.3 | ||
Other Assets, Current | 308.7 | |||
Due from Related Parties | 1,041.5 | 0 | ||
Prepaid Expense and Other Assets, Current | 198.7 | |||
Assets, Current | 4,196.4 | 4,343.9 | ||
Goodwill | 4,993.1 | 4,993.2 | ||
Deferred Tax Assets, Net of Valuation Allowance | 0 | |||
Favorable lease rights, net | 468.6 | 569.4 | ||
Tradename intangible asset | 3,100 | 3,100 | ||
Other intangible assets, net | 5.1 | 5.5 | ||
Other assets | 41.3 | 130.6 | ||
Assets | 16,005.4 | 16,318.6 | ||
Long-term Debt, Current Maturities | 0 | 0 | ||
Accounts Payable, Current | 1,105.9 | 1,136.3 | ||
Due to Intercompany, Net, Current | 121.5 | 369.2 | ||
Other Liabilities, Current | 470.5 | 433.5 | ||
Accrued Income Taxes, Current | 91 | 1.9 | ||
Liabilities, Current | 1,788.9 | 1,940.9 | ||
Long-term debt, excluding current portion | 315.8 | |||
Unfavorable lease rights, net | 124 | 317.7 | ||
Deferred Tax Liabilities, Net, Noncurrent | 1,456.9 | 149.3 | ||
Deferred tax liabilities, net | 1,596.7 | |||
Liabilities | 7,493.3 | 8,071.1 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 8,512.1 | 8,247.5 | ||
Liabilities and Equity | 16,005.4 | 16,318.6 | ||
Income taxes payable, long-term | 71.2 | |||
Due to Related Parties | 1,243.8 | 1,930.3 | ||
Intercompany Notes Payable, Noncurrent | 2,115.2 | 1,715.2 | ||
Income Taxes and Other Liabilities | 421 | |||
Other Liabilities, Noncurrent | 377.5 | |||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 164.8 | 116.5 | $ 6.3 | $ 32 |
Short-term investments | 4 | 4 | ||
Retail Related Inventory, Merchandise | 41.2 | 51.4 | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | 9.3 | |||
Property, Plant and Equipment, Net | 30.5 | 36 | ||
Assets available for sale | 0 | 0 | ||
Deferred Tax Assets, Investment in Subsidiaries | 0 | 0 | ||
Intercompany Notes Receivable, Noncurrent | 188.8 | 188.8 | ||
Due from Intercompany, Net, Noncurrent | 0 | 186.4 | ||
Other Assets, Current | 0.6 | |||
Due from Related Parties | 42.8 | 0 | ||
Prepaid Expense and Other Assets, Current | 2.3 | |||
Assets, Current | 264.4 | 358.9 | ||
Goodwill | 30.4 | 28.5 | ||
Deferred Tax Assets, Net of Valuation Allowance | 9.6 | |||
Favorable lease rights, net | 0 | 0 | ||
Tradename intangible asset | 0 | 0 | ||
Other intangible assets, net | 0 | 0.3 | ||
Other assets | 3.3 | 4.6 | ||
Assets | 517.4 | 626.7 | ||
Long-term Debt, Current Maturities | 0 | 0 | ||
Accounts Payable, Current | 14.7 | 131.2 | ||
Due to Intercompany, Net, Current | 51.9 | 45.2 | ||
Other Liabilities, Current | 207.3 | 204.2 | ||
Accrued Income Taxes, Current | 0.9 | 7.2 | ||
Liabilities, Current | 274.8 | 387.8 | ||
Long-term debt, excluding current portion | 0 | |||
Unfavorable lease rights, net | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Deferred tax liabilities, net | 0 | |||
Liabilities | 282.9 | 395.8 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 234.5 | 230.9 | ||
Liabilities and Equity | 517.4 | 626.7 | ||
Income taxes payable, long-term | 0 | |||
Due to Related Parties | 0 | 0 | ||
Intercompany Notes Payable, Noncurrent | 0 | 0 | ||
Income Taxes and Other Liabilities | $ 8 | |||
Other Liabilities, Noncurrent | $ 8.1 |
CONDENSED CONSOLIDATING FINAN56
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ 1,673.3 | $ 802.5 | $ 942.8 | |
Payments to Acquire Property, Plant, and Equipment | (564.7) | (480.5) | (325.6) | |
Payments to Acquire Restricted Investments | (36.1) | (23.7) | (6.8) | |
Proceeds from sale of restricted investments | 118.1 | 53 | 15.8 | |
Other Cash Flows from Investing Activities | (0.9) | 29.8 | 10.6 | |
Acquisition of Family Dollar, net of common stock issued, equity compensation and cash acquired | 0 | (6,527.7) | 0 | |
Net Cash Provided by (Used in) Investing Activities | (483.6) | (6,978.4) | (315) | |
Repayments Of Long Term Debt And Long Term Capital Lease Obligations | (4,036.2) | (5,926.7) | (12.8) | |
Proceeds from long-term debt, net of discount | 2,962.5 | 12,130.2 | 0 | |
Repayments of revolving credit facility | (140) | 0 | 0 | |
Proceeds from revolving credit facility | 140 | 0 | 0 | |
Proceeds from (Repayments of) Intercompany Notes | 0 | 0 | 0 | |
Dividends | 0 | 0 | ||
Proceeds from stock issued pursuant to stock-based compensation plans | 41.5 | 13.9 | 5.5 | |
Cash paid for taxes on exercises/vesting of stock-based compensation | (22.2) | (21.6) | (16) | |
Cash Flows from Other Financing Activities | (6.1) | 26.7 | 10 | |
Debt-issuance costs | (6.1) | (159.8) | (11.8) | |
Net Cash Provided by (Used in) Financing Activities | (1,060.5) | 6,048.8 | (30.6) | |
Effect of exchange rate changes on cash and cash equivalents | 1.1 | (0.9) | (0.8) | |
Cash and Cash Equivalents, Period Increase (Decrease) | 130.3 | (128) | 596.4 | |
Cash and cash equivalents | 866.4 | 736.1 | 864.1 | $ 267.7 |
Consolidation, Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (1,542.2) | (664) | 2.5 | |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | |
Payments to Acquire Restricted Investments | 0 | |||
Proceeds from sale of restricted investments | 0 | |||
Other Cash Flows from Investing Activities | 0 | 0 | 0 | |
Acquisition of Family Dollar, net of common stock issued, equity compensation and cash acquired | 0 | |||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 | |
Repayments Of Long Term Debt And Long Term Capital Lease Obligations | 0 | 0 | 0 | |
Proceeds from long-term debt, net of discount | 0 | 0 | ||
Repayments of revolving credit facility | 0 | |||
Proceeds from revolving credit facility | 0 | |||
Proceeds from (Repayments of) Intercompany Notes | 0 | 0 | 0 | |
Dividends | 1,559.5 | 646.7 | ||
Proceeds from stock issued pursuant to stock-based compensation plans | 0 | |||
Cash paid for taxes on exercises/vesting of stock-based compensation | 0 | 0 | 0 | |
Cash Flows from Other Financing Activities | 0 | 0 | (2.5) | |
Debt-issuance costs | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 1,559.5 | 646.7 | (2.5) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 17.3 | (17.3) | 0 | |
Cash and cash equivalents | 0 | (17.3) | 0 | 0 |
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 2,022.9 | 765.1 | 39.9 | |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | |
Payments to Acquire Restricted Investments | 0 | |||
Proceeds from sale of restricted investments | 0 | |||
Other Cash Flows from Investing Activities | 0 | 0 | 0 | |
Acquisition of Family Dollar, net of common stock issued, equity compensation and cash acquired | (6,833) | |||
Net Cash Provided by (Used in) Investing Activities | 0 | (6,833) | 0 | |
Repayments Of Long Term Debt And Long Term Capital Lease Obligations | (4,036.2) | (4,991.5) | 0 | |
Proceeds from long-term debt, net of discount | 2,962.5 | 12,130.2 | ||
Repayments of revolving credit facility | (140) | |||
Proceeds from revolving credit facility | 140 | |||
Proceeds from (Repayments of) Intercompany Notes | (400) | (1,109.6) | 8.2 | |
Dividends | 0 | 0 | ||
Proceeds from stock issued pursuant to stock-based compensation plans | 41.5 | |||
Cash paid for taxes on exercises/vesting of stock-based compensation | (22.2) | (21.6) | (16) | |
Cash Flows from Other Financing Activities | (6.1) | 26.7 | 10 | |
Debt-issuance costs | (159.8) | (11.8) | ||
Net Cash Provided by (Used in) Financing Activities | (1,460.5) | 5,874.4 | (9.6) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 562.4 | (193.5) | 30.3 | |
Cash and cash equivalents | 562.4 | 0 | 193.5 | 163.2 |
Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 1,121.1 | 720.8 | 911.9 | |
Payments to Acquire Property, Plant, and Equipment | (563.4) | (475.7) | (312.2) | |
Payments to Acquire Restricted Investments | (36.1) | |||
Proceeds from sale of restricted investments | 118.1 | |||
Other Cash Flows from Investing Activities | (0.9) | (7.5) | 10.6 | |
Acquisition of Family Dollar, net of common stock issued, equity compensation and cash acquired | 207.3 | |||
Net Cash Provided by (Used in) Investing Activities | (482.3) | (275.9) | (301.6) | |
Repayments Of Long Term Debt And Long Term Capital Lease Obligations | 0 | (935.2) | (12.8) | |
Proceeds from long-term debt, net of discount | 0 | 0 | ||
Repayments of revolving credit facility | 0 | |||
Proceeds from revolving credit facility | 0 | |||
Proceeds from (Repayments of) Intercompany Notes | 400 | 1,109.6 | (8.2) | |
Dividends | (1,536.5) | (646.7) | ||
Proceeds from stock issued pursuant to stock-based compensation plans | 0 | |||
Cash paid for taxes on exercises/vesting of stock-based compensation | 0 | 0 | 0 | |
Cash Flows from Other Financing Activities | 0 | 0 | 2.5 | |
Debt-issuance costs | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (1,136.5) | (472.3) | (18.5) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Cash and Cash Equivalents, Period Increase (Decrease) | (497.7) | (27.4) | 591.8 | |
Cash and cash equivalents | 139.2 | 636.9 | 664.3 | 72.5 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 71.5 | (19.4) | (11.5) | |
Payments to Acquire Property, Plant, and Equipment | (1.3) | (4.8) | (13.4) | |
Payments to Acquire Restricted Investments | 0 | |||
Proceeds from sale of restricted investments | 0 | |||
Other Cash Flows from Investing Activities | 0 | 37.3 | 0 | |
Acquisition of Family Dollar, net of common stock issued, equity compensation and cash acquired | 98 | |||
Net Cash Provided by (Used in) Investing Activities | (1.3) | 130.5 | (13.4) | |
Repayments Of Long Term Debt And Long Term Capital Lease Obligations | 0 | 0 | 0 | |
Proceeds from long-term debt, net of discount | 0 | 0 | ||
Repayments of revolving credit facility | 0 | |||
Proceeds from revolving credit facility | 0 | |||
Proceeds from (Repayments of) Intercompany Notes | 0 | 0 | 0 | |
Dividends | (23) | 0 | ||
Proceeds from stock issued pursuant to stock-based compensation plans | 0 | |||
Cash paid for taxes on exercises/vesting of stock-based compensation | 0 | 0 | 0 | |
Cash Flows from Other Financing Activities | 0 | 0 | 0 | |
Debt-issuance costs | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (23) | 0 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 1.1 | (0.9) | (0.8) | |
Cash and Cash Equivalents, Period Increase (Decrease) | 48.3 | 110.2 | (25.7) | |
Cash and cash equivalents | $ 164.8 | $ 116.5 | $ 6.3 | $ 32 |
QUARTERLY FINANCIAL INFORMATI57
QUARTERLY FINANCIAL INFORMATION (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017USD ($)store$ / shares | Oct. 29, 2016USD ($)store$ / shares | Jul. 30, 2016USD ($)store$ / shares | Apr. 30, 2016USD ($)store$ / shares | Jan. 30, 2016USD ($)store$ / shares | Oct. 31, 2015USD ($)store$ / shares | Aug. 01, 2015USD ($)store$ / shares | May 02, 2015USD ($)store$ / shares | Jan. 30, 2016USD ($)store | Jan. 28, 2017USD ($)store$ / shares | Jan. 30, 2016USD ($)store$ / shares | Jan. 31, 2015USD ($)$ / shares | |
Selected Quarterly Financial Information [Abstract] | ||||||||||||
Net sales | $ 5,635.3 | $ 5,001.6 | $ 4,996.3 | $ 5,085.8 | $ 5,365.3 | $ 4,945.2 | $ 3,011.2 | $ 2,176.7 | $ 20,719.2 | $ 15,498.4 | $ 8,602.2 | |
Gross profit | 1,807 | 1,520.5 | 1,512.4 | 1,554.6 | 1,652.6 | 1,400 | 855.2 | 748.9 | 6,394.7 | 4,656.7 | 3,034 | |
Operating income | 586.5 | 342.4 | 357.2 | 418.7 | 469.7 | 223.7 | 123.4 | 232.8 | 1,704.8 | 1,049.7 | 1,040.2 | |
Net income | $ 321.8 | $ 171.6 | $ 170.2 | $ 232.7 | $ 229 | $ 81.9 | $ (98) | $ 69.5 | $ 896.2 | $ 282.4 | $ 599.2 | |
Diluted net income per share (usd per share) | $ / shares | $ 1.36 | $ 0.72 | $ 0.72 | $ 0.98 | $ 0.97 | $ 0.35 | $ (0.46) | $ 0.34 | $ 3.78 | $ 1.26 | $ 2.90 | |
Stores open at end of quarter | store | 14,334 | 14,284 | 14,129 | 13,997 | 13,851 | 14,038 | 13,864 | 5,454 | 13,851 | 14,334 | 13,851 | |
Comparable store net sales change (in hundredths) | 1.30% | 1.80% | 1.10% | 2.20% | 1.30% | 1.70% | 2.40% | 3.10% | ||||
Selling, general and administrative expenses | $ 4,689.9 | $ 3,607 | $ 1,993.8 | |||||||||
Inventory write-down | $ 73 | |||||||||||
Acquisition-related Costs [Member] | ||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||
Selling, general and administrative expenses | $ 11.8 | $ 17.7 | $ 10.4 | |||||||||
Interest expense | $ 7.3 | $ 151.5 | $ 76.8 | |||||||||
Reduction in diluted earnings per share | $ / shares | $ 0.03 | $ 0.70 | $ 0.37 | |||||||||
Inventory write-down | $ 60 | |||||||||||
Amortization stepped up inventory | $ 11.1 |