Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May 01, 2021 | May 21, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001531152 | |
Entity Registrant Name | BJ's Wholesale Club Holdings, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-29 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 1, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38559 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-2936287 | |
Entity Address, Address Line One | 25 Research Drive | |
Entity Address, City or Town | Westborough | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01581 | |
City Area Code | 774 | |
Local Phone Number | 512-7400 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | BJ | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 137,133,779 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 62,954 | $ 43,518 | $ 132,915 |
Accounts receivable, net | 197,991 | 172,719 | 193,884 |
Merchandise inventories | 1,120,334 | 1,205,695 | 1,024,937 |
Prepaid expenses and other current assets | 54,258 | 48,649 | 46,631 |
Total current assets | 1,435,537 | 1,470,581 | 1,398,367 |
Operating lease right-of-use assets, net | 2,119,629 | 2,058,763 | 2,087,902 |
Property and equipment: | |||
Land and buildings | 397,254 | 385,572 | 383,915 |
Leasehold costs and improvements | 250,392 | 249,073 | 215,878 |
Furniture, fixtures and equipment | 1,336,576 | 1,298,440 | 1,170,139 |
Construction in progress | 31,283 | 23,633 | 37,781 |
Property, Plant and Equipment, Gross, Ending Balance | 2,015,505 | 1,956,718 | 1,807,713 |
Less: accumulated depreciation and amortization | (1,200,202) | (1,158,929) | (1,054,416) |
Total property and equipment, net | 815,303 | 797,789 | 753,297 |
Goodwill | 924,134 | 924,134 | 924,134 |
Intangibles, net | 132,502 | 135,123 | 144,019 |
Deferred income taxes | 3,349 | 5,737 | 0 |
Other assets | 18,752 | 19,403 | 20,350 |
Total assets | 5,449,206 | 5,411,530 | 5,328,069 |
Current liabilities: | |||
Current portion of long-term debt | 210,000 | 260,000 | 15,377 |
Current portion of operating lease liabilities | 132,869 | 131,513 | 125,976 |
Accounts payable | 1,023,140 | 988,074 | 990,420 |
Accrued expenses and other current liabilities | 669,924 | 651,625 | 588,431 |
Total current liabilities | 2,035,933 | 2,031,212 | 1,720,204 |
Long-term operating lease liabilities | 2,050,950 | 1,988,840 | 2,016,206 |
Long-term debt | 747,311 | 846,175 | 1,334,795 |
Deferred income taxes | 45,529 | 45,096 | 42,369 |
Other non-current liabilities | 155,959 | 180,880 | 181,998 |
Commitments and Contingencies (see Note 6) | |||
STOCKHOLDERS’ EQUITY | |||
Preferred stock; par value $0.01; 5,000 shares authorized, and no shares issued or outstanding | 0 | 0 | 0 |
Common stock, par value $0.01; 300,000 shares authorized, 144,018 shares issued and 137,240 outstanding at May 1, 2021; 143,428 shares issued and 137,192 outstanding at January 30, 2021; and 142,349 shares issued and 138,666 outstanding at May 2, 2020 | 1,440 | 1,434 | 1,423 |
Additional paid-in capital | 855,168 | 826,377 | 784,724 |
Accumulated deficit | (213,760) | (295,339) | (620,635) |
Accumulated other comprehensive loss | (12,676) | (20,528) | (40,528) |
Treasury stock, at cost, 6,778 shares at May 1, 2021; 6,236 shares at January 30, 2021; 3,683 shares at May 2, 2020 | (216,648) | (192,617) | (92,487) |
Total stockholders’ equity | 413,524 | 319,327 | 32,497 |
Total liabilities and stockholders’ equity | $ 5,449,206 | $ 5,411,530 | $ 5,328,069 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 5,000 | 5,000 | 5,000 |
Preferred stock, issued (in shares) | 0 | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 300,000 | 300,000 | 300,000 |
Common stock, issued (in shares) | 144,018 | 143,428 | 142,349 |
Common stock, outstanding (in shares) | 137,240 | 137,192 | 138,666 |
Treasury stock, shares (in shares) | 6,778 | 6,236 | 3,683 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Total revenues | $ 3,868,222 | $ 3,797,605 |
Cost of sales | 3,141,497 | 3,060,893 |
Selling, general and administrative expenses | 599,910 | 590,361 |
Pre-opening expense | 561 | 2,601 |
Operating income | 126,254 | 143,750 |
Interest expense, net | 19,285 | 21,844 |
Income from continuing operations before income taxes | 106,969 | 121,906 |
Provision for income taxes | 25,383 | 26,164 |
Income from continuing operations | 81,586 | 95,742 |
Loss from discontinued operations, net of income taxes | (7) | (8) |
Net income | $ 81,579 | $ 95,734 |
Income per share attributable to common stockholders—basic: | ||
Income from continuing operations, basic (in dollars per share) | $ 0.60 | $ 0.70 |
Loss from discontinued operations, basic (in dollars per share) | 0 | 0 |
Net income, basic (in dollars per share) | 0.60 | 0.70 |
Income per share attributable to common stockholders—diluted: | ||
Income from continuing operations, diluted (in dollars per share) | 0.59 | 0.69 |
Loss from discontinued operations, diluted (in dollars per share) | 0 | 0 |
Net income, diluted (in dollars per share) | $ 0.59 | $ 0.69 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 135,708,783 | 136,089,960 |
Diluted (in shares) | 138,661,964 | 138,427,740 |
Other comprehensive income (loss): | ||
Amounts reclassified from other comprehensive income (loss), net of tax | $ 4,665 | $ 0 |
Unrealized gain (loss) on cash flow hedge, net of income tax provision of $1,240 and income tax benefit of $5,421, respectively | 3,187 | (13,942) |
Total other comprehensive income (loss) | 7,852 | (13,942) |
Total comprehensive income | 89,431 | 81,792 |
Product [Member] | ||
Total revenues | 3,781,834 | 3,718,040 |
Membership [Member] | ||
Total revenues | $ 86,388 | $ 79,565 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Unrealized gain (loss) on cash flow hedge, tax | $ 1,240 | $ 5,421 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Feb. 01, 2020 | 140,723 | (3,425) | ||||
Balance at Feb. 01, 2020 | $ 1,407 | $ 773,618 | $ (716,369) | $ (26,586) | $ (86,414) | $ (54,344) |
Net income | 0 | 0 | 95,734 | 0 | 0 | 95,734 |
Amounts reclassified from other comprehensive income (loss), net of tax | 0 | |||||
Unrealized gain (loss) on cash flow hedge, net of income tax provision of $1,240 and income tax benefit of $5,421, respectively | $ 0 | 0 | 0 | (13,942) | $ 0 | (13,942) |
Common stock issued under stock incentive plans (in shares) | 1,626 | 0 | ||||
Common stock issued under stock incentive plans | $ 16 | (16) | 0 | 0 | $ 0 | 0 |
Stock compensation expense | 0 | 5,514 | 0 | 0 | 0 | 5,514 |
Net cash received on option exercises | $ 0 | 5,608 | 0 | 0 | $ 0 | 5,608 |
Treasury stock purchases (in shares) | 0 | (258) | ||||
Treasury stock purchases | $ 0 | 0 | 0 | 0 | $ (6,073) | (6,073) |
Balance (in shares) at May. 02, 2020 | 142,349 | (3,683) | ||||
Balance at May. 02, 2020 | $ 1,423 | 784,724 | (620,635) | (40,528) | $ (92,487) | 32,497 |
Balance (in shares) at Jan. 30, 2021 | 143,428 | (6,236) | ||||
Balance at Jan. 30, 2021 | $ 1,434 | 826,377 | (295,339) | (20,528) | $ (192,617) | 319,327 |
Net income | 0 | 0 | 81,579 | 0 | 0 | 81,579 |
Amounts reclassified from other comprehensive income (loss), net of tax | 0 | 0 | 0 | 4,665 | 0 | 4,665 |
Unrealized gain (loss) on cash flow hedge, net of income tax provision of $1,240 and income tax benefit of $5,421, respectively | $ 0 | 0 | 0 | 3,187 | $ 0 | 3,187 |
Common stock issued under stock incentive plans (in shares) | 590 | 0 | ||||
Common stock issued under stock incentive plans | $ 6 | (6) | 0 | 0 | $ 0 | 0 |
Stock compensation expense | 0 | 27,300 | 0 | 0 | 0 | 27,300 |
Net cash received on option exercises | $ 0 | 1,497 | 0 | 0 | $ 0 | 1,497 |
Treasury stock purchases (in shares) | 0 | (542) | ||||
Treasury stock purchases | $ 0 | 0 | 0 | 0 | $ (24,031) | (24,031) |
Balance (in shares) at May. 01, 2021 | 144,018 | (6,778) | ||||
Balance at May. 01, 2021 | $ 1,440 | $ 855,168 | $ (213,760) | $ (12,676) | $ (216,648) | $ 413,524 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 81,579 | $ 95,734 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 44,386 | 40,839 |
Amortization of debt issuance costs and accretion of original issue discount | 891 | 1,197 |
Debt extinguishment charges | 657 | 0 |
Stock-based compensation expense | 27,300 | 5,514 |
Deferred income tax provision (benefit) | (233) | 1,590 |
Changes in operating leases and other non-cash items | 1,200 | 2,637 |
Increase (decrease) in cash due to changes in: | ||
Accounts receivable | (25,272) | 12,469 |
Merchandise inventories | 85,361 | 56,565 |
Prepaid expenses and other current assets | (2,180) | (200) |
Other assets | 1,302 | (1,389) |
Accounts payable | 35,066 | 204,008 |
Accrued expenses | 13,127 | 40,983 |
Other non-current liabilities | (14,219) | 9,955 |
Net cash provided by operating activities | 248,965 | 469,902 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property and equipment, net of disposals | (74,690) | (35,212) |
Proceeds from sale leaseback transaction | 16,630 | 0 |
Net cash used in investing activities | (58,060) | (35,212) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments on long term debt | (100,000) | (3,297) |
Proceeds from ABL Facility | 0 | 736,000 |
Payments on ABL Facility | (50,000) | (1,064,000) |
Net cash received from stock option exercises | 1,497 | 5,608 |
Acquisition of treasury stock | (24,031) | (6,073) |
Proceeds from financing obligations | 1,333 | 0 |
Other financing activities | (268) | (217) |
Net cash used in financing activities | (171,469) | (331,979) |
Net increase in cash and cash equivalents | 19,436 | 102,711 |
Cash and cash equivalents at beginning of period | 43,518 | 30,204 |
Cash and cash equivalents at end of period | 62,954 | 132,915 |
Supplemental cash flow information: | ||
Interest paid | 12,021 | 18,418 |
Income taxes paid | 5,668 | 3,872 |
Non-cash financing and investing activities: | ||
Lease liabilities arising from obtaining right-of-use assets | 101,222 | 65,893 |
Property additions included in accrued expenses | $ 13,515 | $ 21,734 |
Note 1 - Description of Busines
Note 1 - Description of Business | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. BJ’s Wholesale Club Holdings, Inc. and its wholly-owned subsidiaries is a leading warehouse club operator primarily on the east coast of the United States. As of May 1, 2021 The Company follows, and reports based on the National Retail Federation’s fiscal calendar. The thirteen May 1, 2021 May 2, 2020 first 2021 first 2020 The novel coronavirus ("COVID- 19" 19 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation The accompanying interim financial statements of BJ’s Wholesale Club Holdings, Inc. are unaudited and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial statements in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The consolidated balance sheet as of January 30, 2021 first 2021 not 2021. fourth first These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10 2020, March 19, 2021. Recently Adopted Accounting Pronouncements The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2020. no 2021. Income Taxes (ASU 2019 12 In December 2019, 2019 12, 740 740 December 15, 2020. January 31, 2021. not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Performance Obligations The Company identifies each distinct performance obligation to transfer goods (or bundle of goods) or services. The Company recognizes revenue as it satisfies a performance obligation by transferring control of the goods or services to the customer. Net sales—The Company recognizes net sales at clubs and gas stations when the customer takes possession of the goods and tenders payment. Point of sale transactions at the Company’s clubs and gas stations, excluding sales taxes, represented approximately 93% of the Company’s net sales and approximately 91% of the Company’s total revenues for the thirteen May 1, 2021 BJ’s Perks Rewards and My BJ's Perks programs—The Company’s BJ’s Perks Rewards ® ® ® may six Earned awards may one May 1, 2021 January 30, 2021 May 2, 2020 Royalty revenue received in connection with the My BJ's Perks co-brand credit card program is variable consideration and is considered deferred until the card holder makes a purchase. The Company’s total deferred royalty revenue related to the outstanding My BJ’s Perks Rewards was $18.0 million, $13.5 million and $14.8 million at May 1, 2021, January 30, 2021 May 2, 2020 May 1, 2021 2021 Membership—The Company charges a membership fee to its customers. That fee allows customers to shop in the Company’s clubs, shop on the Company’s website and purchase gasoline at the Company’s gas stations for the duration of the membership, which is generally 12 months. Because the Company has the obligation to provide access to its clubs, website and gas stations for the duration of the membership term, the Company recognizes membership fees on a straight-line basis over the life of the membership. The Company’s deferred revenue related to membership fees was $167.8 million, $155.6 million and $157.6 million at May 1, 2021, January 30, 2021 May 2, 2020 Gift Card Program—The Company sells BJ’s gift cards in both physical and digital format, which allow customers to redeem the card for future purchases equal to the amount of the original purchase price of the gift card. Revenue from gift card sales is recognized in proportion to its rate of gift card redemptions because the Company’s performance obligation to redeem the gift card for merchandise is satisfied when the gift card is redeemed. The Company also recognizes breakage in proportion to its rate of gift card redemptions. Deferred revenue related to gift cards was $9.6 million, $10.3 million and $9.8 million at May 1, 2021, January 30, 2021 May 2, 2020 first 2021 first 2020 Disaggregation of Revenue The Company’s club retail operations, which represent substantially all of its consolidated total revenues, are the Company’s only reportable segment. All the Company’s identifiable assets are in the United States. The Company does not 10% The following table summarizes the Company's percentage of net sales disaggregated by category: Thirteen Weeks Ended May 1, 2021 May 2, 2020 Grocery 72 % 81 % General Merchandise & Services 15 % 11 % Gasoline and Other 13 % 8 % |
Note 4 - Debt and Credit Arrang
Note 4 - Debt and Credit Arrangements | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. The following table summarizes the Company's debt (in thousands): May 1, 2021 January 30, 2021 May 2, 2020 ABL Facility $ 260,000 $ 310,000 $ 50,000 First Lien Term Loan 701,920 801,920 1,311,919 Unamortized debt discount and debt issuance cost (4,609 ) (5,745 ) (11,747 ) Less: current portion (210,000 ) (260,000 ) (15,377 ) Long-term debt $ 747,311 $ 846,175 $ 1,334,795 ABL Facility The ABL Facility is comprised of a $950.0 million revolving credit facility and a $50.0 million term loan. The ABL Facility is secured on a senior basis by certain "liquid assets" of the Company and secured on a junior basis by certain "fixed assets" of the Company. The $50.0 million term loan payment terms are restricted in that the term loan cannot be repaid unless all loans outstanding under the revolving credit facility are repaid, and once repaid, cannot be re-borrowed. The availability under the $950.0 million revolving credit facility is restricted based on eligible monthly merchandise inventories and receivables, as defined in the agreement governing the ABL Facility (the "ABL Facility Agreement"). As amended, interest on the revolving credit facility is calculated either at LIBOR plus a range of 125 to 175 basis points or a base rate plus a range of 25 to 75 basis points; and interest on the term loan is calculated at LIBOR plus a range of 200 to 250 basis points or a base rate plus a range of 100 to 150 basis points, in all cases based on excess availability. The applicable spread of LIBOR and base rate loans at all levels of excess availability steps down by 12.5 basis points upon achieving total net leverage of 3.00 to 1.00. August 17, 2023. April 30, 2021, At May 1, 2021 May 1, 2021 At January 30, 2021 July 2020. January 30, 2021 At May 2, 2020 May 2, 2020 First Lien Term Loan The Company's First Lien Term Loan matures on February 3, 2024. 1.00. no On January 29, 2020, third On July 13, 2020, July 29, 2020, On October 30, 2020, On April 30, 2021, There was $701.9 million, $801.9 million and $1,311.9 million outstanding on the First Lien Term Loan at May 1, 2021, January 30, 2021 May 2, 2020, May 1, 2021, January 30, 2021 May 2, 2020, |
Note 5 - Interest Expense, Net
Note 5 - Interest Expense, Net | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | 5. The following details the components of interest expense for the periods presented (in thousands): Thirteen Weeks Ended May 1, 2021 May 2, 2020 Interest on debt $ 12,032 $ 19,643 Interest on capital lease and financing obligations 998 1,008 Debt issuance costs amortization 562 657 Original issue discount amortization 329 539 Loss on debt extinguishment 657 — Loss on cash flow hedge 4,709 — Capitalized interest (2 ) (3 ) Interest expense, net $ 19,285 $ 21,844 Interest expense decreased due to lower debt balances outstanding and lower interest rates, partially offset by a $4.7 million loss on our cash flow hedge and a $0.7 million loss on the debt extinguishment in the first 2021. |
Note 6 - Commitment and Conting
Note 6 - Commitment and Contingencies | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. The Company is involved in various legal proceedings that are typical of a retail business. In accordance with applicable accounting guidance, an accrual will be established for legal proceedings if and when those matters present loss contingencies that are both probable and estimable. The Company does not |
Note 7 - Stock Incentive Plans
Note 7 - Stock Incentive Plans | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 7. On June 13, 2018, 2018 "2018 2018 2018 2011 "2011 2012 "2012 No 2011 2012 The 2018 not 2011 2012 2018 2011 2012 may, 2018 2018 2011 2012 2018 may not 2018 1 not 2 2018 2011 2012 May 1, 2021 2018 On April 16, 2021, 2011 2012 2018 The following table summarizes the Company’s stock award activity during the thirteen May 1, 2021 Stock Options Restricted Stock Restricted Stock Units Performance Stock Weighted Weighted Weighted Weighted Average Average Average Average Grant Grant Grant Exercise Date Fair Date Fair Date Fair Shares Price Shares Value Shares Value Shares Value Outstanding, January 30, 2021 3,673 $ 17.50 1,575 $ 26.29 29 $ 34.54 527 $ 23.96 Granted — — 473 44.37 — — 401 44.28 Forfeited/canceled — — — — — — (282 ) 28.98 Exercised/vested (117 ) 14.57 (673 ) 32.04 — — — — Outstanding, May 1, 2021 3,556 $ 17.60 1,375 $ 31.52 29 $ 34.54 646 $ 38.97 Stock-based compensation expense was $27.3 million and $5.5 million for the thirteen May 1, 2021 May 2, 2020 thirteen May 1, 2021 On June 14, 2018, first first 2019 2028 January 1, 2019. thirteen May 1, 2021 May 2, 2020 May 1, 2021, Treasury Shares Acquired The Company reacquired 226,404 shares to satisfy employees’ tax withholding obligations upon the vesting of restricted stock awards in the thirteen May 1, 2021 thirteen May 2, 2020 thirteen May 1, 2021 May 2, 2020, Share Repurchase Program On December 19, 2019, 2021. May 1, 2021 thirteen May 1, 2021 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. The effective income tax rate is based on estimated income from continuing operations for the fiscal year, as well as discrete adjustments, if any, in the applicable quarterly periods. The Company projects the estimated annual effective tax rate for fiscal year 2021 The Company’s effective income tax rate from continuing operations was 23.7% and 21.5% for the thirteen May 1, 2021 May 2, 2020 first 2021 first 2020. We are subject to taxation in the U.S. federal and various state taxing jurisdictions. In general, the Company’s tax years from 2016 2016. |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price.” The inputs used to measure fair value are generally classified into the following hierarchy: Level 1: Level 2: not Level 3: Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair values of the Company’s derivative instruments are based on quotes received from third 2. Financial Assets and Liabilities The gross carrying amount and fair value of the Company’s debt at May 1, 2021 Carrying Amount Fair Value First Lien Term Loan $ 701,920 $ 701,042 ABL Facility 260,000 260,000 Total Debt $ 961,920 $ 961,042 The gross carrying amount and fair value of the Company’s debt at January 30, 2021 Carrying Amount Fair Value First Lien Term Loan $ 801,920 $ 802,256 ABL Facility 310,000 310,000 Total Debt $ 1,111,920 $ 1,112,256 The gross carrying amount and fair value of the Company’s debt at May 2, 2020 Carrying Amount Fair Value First Lien Term Loan $ 1,311,919 $ 1,268,758 ABL Facility 50,000 50,000 Total Debt $ 1,361,919 $ 1,318,758 The fair value of debt was based on quoted market prices and on borrowing rates available to the Company as of May 1, 2021, January 30, 2021 May 2, 2020 2. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company measures certain non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. The Company believes that the carrying amounts of its other financial instruments, including cash, accounts receivable, and accounts payable, approximates their carrying value due to the short-term maturities of these instruments. |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the thirteen May 1, 2021 May 2, 2020 Thirteen Weeks Ended May 1, 2021 May 2, 2020 Weighted-average common shares outstanding, used for basic computation 135,708,783 136,089,960 Plus: Incremental shares of potentially dilutive securities 2,953,181 2,337,780 Weighted-average number of common and dilutive potential common shares outstanding 138,661,964 138,427,740 112,759 restricted shares and no options were excluded from the computation of diluted earnings for the thirteen May 1, 2021 thirteen May 2, 2020 |
Note 11 - Derivative Financial
Note 11 - Derivative Financial Instruments | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. Interest Rate Swaps On November 13, 2018, February 13, 2019. February 13, 2019 February 13, 2022. On October 30, 2020, no one On November 10, 2020, one On April 30, 2021, The interest rate swaps were recorded as a liability of $20.2 million and $26.4 million at May 1, 2021 January 30, 2021, May 2, 2020, The Company elected hedge accounting for the interest rate swap agreements, and as such, the effective portion of the gains or losses was recorded as a component of other comprehensive income (loss) and the ineffective portion of gains or losses were recorded as interest expense. There were $4.4 million of gains and $19.4 million of losses recorded in other comprehensive loss for the thirteen May 1, 2021 May 2, 2020 first 2021 first 2020, The fair values of derivative instruments included on the consolidated balance sheets are as follows (in thousands): Fair Value at Accounting for cash flow hedges Notional Amount Fixed Rate Balance Sheet Classification May 1, 2021 January 30, 2021 May 2, 2020 Interest rate swap $ 600,000 3.00 % Other current liabilities $ (14,453 ) $ (18,828 ) $ (29,934 ) Interest rate swap 360,000 3.00 % Other current liabilities — — (17,941 ) Interest rate swap 240,000 3.00 % Other current liabilities (5,777 ) (7,525 ) (11,965 ) Net carrying amount $ 1,200,000 Total liabilities $ (20,230 ) $ (26,353 ) $ (59,840 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
May 01, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying interim financial statements of BJ’s Wholesale Club Holdings, Inc. are unaudited and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial statements in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The consolidated balance sheet as of January 30, 2021 first 2021 not 2021. fourth first These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10 2020, March 19, 2021. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2020. no 2021. Income Taxes (ASU 2019 12 In December 2019, 2019 12, 740 740 December 15, 2020. January 31, 2021. not |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Thirteen Weeks Ended May 1, 2021 May 2, 2020 Grocery 72 % 81 % General Merchandise & Services 15 % 11 % Gasoline and Other 13 % 8 % |
Note 4 - Debt and Credit Arra_2
Note 4 - Debt and Credit Arrangements (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | May 1, 2021 January 30, 2021 May 2, 2020 ABL Facility $ 260,000 $ 310,000 $ 50,000 First Lien Term Loan 701,920 801,920 1,311,919 Unamortized debt discount and debt issuance cost (4,609 ) (5,745 ) (11,747 ) Less: current portion (210,000 ) (260,000 ) (15,377 ) Long-term debt $ 747,311 $ 846,175 $ 1,334,795 |
Note 5 - Interest Expense, Net
Note 5 - Interest Expense, Net (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Thirteen Weeks Ended May 1, 2021 May 2, 2020 Interest on debt $ 12,032 $ 19,643 Interest on capital lease and financing obligations 998 1,008 Debt issuance costs amortization 562 657 Original issue discount amortization 329 539 Loss on debt extinguishment 657 — Loss on cash flow hedge 4,709 — Capitalized interest (2 ) (3 ) Interest expense, net $ 19,285 $ 21,844 |
Note 7 - Stock Incentive Plans
Note 7 - Stock Incentive Plans (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Activity [Table Text Block] | Stock Options Restricted Stock Restricted Stock Units Performance Stock Weighted Weighted Weighted Weighted Average Average Average Average Grant Grant Grant Exercise Date Fair Date Fair Date Fair Shares Price Shares Value Shares Value Shares Value Outstanding, January 30, 2021 3,673 $ 17.50 1,575 $ 26.29 29 $ 34.54 527 $ 23.96 Granted — — 473 44.37 — — 401 44.28 Forfeited/canceled — — — — — — (282 ) 28.98 Exercised/vested (117 ) 14.57 (673 ) 32.04 — — — — Outstanding, May 1, 2021 3,556 $ 17.60 1,375 $ 31.52 29 $ 34.54 646 $ 38.97 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Amount Fair Value First Lien Term Loan $ 701,920 $ 701,042 ABL Facility 260,000 260,000 Total Debt $ 961,920 $ 961,042 Carrying Amount Fair Value First Lien Term Loan $ 801,920 $ 802,256 ABL Facility 310,000 310,000 Total Debt $ 1,111,920 $ 1,112,256 Carrying Amount Fair Value First Lien Term Loan $ 1,311,919 $ 1,268,758 ABL Facility 50,000 50,000 Total Debt $ 1,361,919 $ 1,318,758 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen Weeks Ended May 1, 2021 May 2, 2020 Weighted-average common shares outstanding, used for basic computation 135,708,783 136,089,960 Plus: Incremental shares of potentially dilutive securities 2,953,181 2,337,780 Weighted-average number of common and dilutive potential common shares outstanding 138,661,964 138,427,740 |
Note 11 - Derivative Financia_2
Note 11 - Derivative Financial Instruments (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Fair Value at Accounting for cash flow hedges Notional Amount Fixed Rate Balance Sheet Classification May 1, 2021 January 30, 2021 May 2, 2020 Interest rate swap $ 600,000 3.00 % Other current liabilities $ (14,453 ) $ (18,828 ) $ (29,934 ) Interest rate swap 360,000 3.00 % Other current liabilities — — (17,941 ) Interest rate swap 240,000 3.00 % Other current liabilities (5,777 ) (7,525 ) (11,965 ) Net carrying amount $ 1,200,000 Total liabilities $ (20,230 ) $ (26,353 ) $ (59,840 ) |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) | May 01, 2021 |
Number of Stores | 221 |
Number of Gas Stations | 151 |
Number of States in which Entity Operates | 17 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | |||
May 01, 2021 | May 02, 2020 | Jan. 30, 2021 | Jan. 30, 2020 | |
Percentage of Cash Back Earned | 2.00% | |||
Maximum Annual Cash Back Amount | $ 500 | |||
Percentage of Cash Back Earned, Eligible Purchases | 5.00% | |||
Cash Back In Form Of Electronic Awards Issued | $ 10 | |||
Other Liabilities, Current, Total | 24,800,000 | $ 28,600,000 | $ 25,500,000 | |
Revenue, Remaining Performance Obligation, Amount | 18,000,000 | 14,800,000 | 13,500,000 | |
Contract with Customer, Liability, Total | 12,800,000 | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 3,868,222,000 | 3,797,605,000 | ||
Membership [Member] | ||||
Contract with Customer, Liability, Total | $ 167,800,000 | 157,600,000 | $ 155,600,000 | |
Revenue From Contract With Customers, Term Of Contract (Month) | 12 months | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 86,388,000 | 79,565,000 | ||
Gift Card Programs [Member] | ||||
Contract with Customer, Liability, Total | 9,600,000 | 9,800,000 | $ 10,300,000 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 8,800,000 | $ 10,200,000 | ||
Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 93.00% | |||
Revenues Net [Member] | Revenue from Rights Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 91.00% |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Percentage of Net Sales Disaggregated by Category (Details) | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Grocery [Member] | ||
Grocery | 72.00% | 81.00% |
General Merchandise and Services [Member] | ||
Grocery | 15.00% | 11.00% |
Gasoline and Other [Member] | ||
Grocery | 13.00% | 8.00% |
Note 4 - Debt and Credit Arra_3
Note 4 - Debt and Credit Arrangements (Details Textual) $ in Thousands | Apr. 30, 2021USD ($) | Oct. 30, 2020USD ($) | Jul. 29, 2020 | Jul. 13, 2020USD ($) | Jan. 29, 2020USD ($) | May 01, 2021USD ($) | May 02, 2020USD ($) | Jan. 30, 2021USD ($) |
Long-term Debt, Gross | $ 961,920 | $ 1,361,919 | $ 1,111,920 | |||||
Proceeds from Lines of Credit, Total | 0 | 736,000 | ||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 100,000 | 62,954 | 132,915 | 43,518 | ||||
Amortization of Debt Issuance Costs and Discounts, Total | 891 | 1,197 | ||||||
ABL Facility [Member] | ||||||||
Long-term Debt, Gross | 260,000 | $ 50,000 | $ 310,000 | |||||
Proceeds from Lines of Credit, Total | $ 260,000 | |||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 100,000 | |||||||
ABL Facility [Member] | Term Loan [Member] | ||||||||
Debt Instrument, Face Amount | $ 50,000 | |||||||
Debt Instrument, Minimum Net Leverage Ratio for Interest Rate Adjustment | 3 | |||||||
Repayments of Debt | 50,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.11% | 2.98% | 2.14% | |||||
Repayments of Long-term Debt, Total | 50,000 | |||||||
ABL Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Decrease in Basis Spread on Variable Rate Upon Achievement of Certain Net Leverage Ratio | 0.125% | |||||||
ABL Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||
ABL Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||
ABL Facility [Member] | Term Loan [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
ABL Facility [Member] | Term Loan [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 950,000 | |||||||
Long-term Debt, Gross | $ 260,000 | $ 50,000 | $ 310,000 | |||||
Line of Credit Facility, Interest Rate at Period End | 1.24% | 1.45% | 1.25% | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 650,400 | $ 770,600 | $ 641,100 | |||||
ABL Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
ABL Facility [Member] | Letter of Credit [Member] | ||||||||
Long-term Debt, Gross | $ 15,500 | 22,100 | 15,000 | |||||
First Lien Term Loan [Member] | ||||||||
Debt Instrument, Face Amount | $ 1,315,200 | |||||||
Debt Instrument, Minimum Net Leverage Ratio for Interest Rate Adjustment | 3.50 | |||||||
Long-term Debt, Gross | $ 701,920 | $ 1,311,919 | $ 801,920 | |||||
Debt Instrument, Interest Rate Step Down Based On Achievement Of Certain Debt Ratings Upgrade | 0.25% | |||||||
Debt Instrument, Refinancing Expenses | $ 1,700 | |||||||
Write off of Deferred Debt Issuance Cost | $ 1,300 | $ 100 | ||||||
Repayments of Secured Debt | $ 150,000 | |||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 150,000 | 100,000 | ||||||
Repayments of Long-term Debt, Total | 100,000 | 360,000 | ||||||
Amortization of Debt Issuance Costs and Discounts, Total | $ 700 | $ 2,800 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.11% | 3.08% | 2.13% | |||||
First Lien Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.25% | ||||||
First Lien Term Loan [Member] | Base Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Note 4 - Debt and Credit Arra_4
Note 4 - Debt and Credit Arrangements - Debt Component (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Long-term debt gross | $ 961,920 | $ 1,111,920 | $ 1,361,919 |
Unamortized debt discount and debt issuance cost | (4,609) | (5,745) | (11,747) |
Less: current portion | (210,000) | (260,000) | (15,377) |
Long-term debt | 747,311 | 846,175 | 1,334,795 |
ABL Facility [Member] | |||
Long-term debt gross | 260,000 | 310,000 | 50,000 |
First Lien Term Loan [Member] | |||
Long-term debt gross | $ 701,920 | $ 801,920 | $ 1,311,919 |
Note 5 - Interest Expense, Ne_2
Note 5 - Interest Expense, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Gain (Loss) on Hedging Activity | $ (4,709) | $ 0 |
Gain (Loss) on Extinguishment of Debt, Total | $ (657) | $ 0 |
Note 5 - Interest Expense, Ne_3
Note 5 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Interest on debt | $ 12,032 | $ 19,643 |
Interest on capital lease and financing obligations | 998 | 1,008 |
Debt issuance costs amortization | 562 | 657 |
Original issue discount amortization | 329 | 539 |
Debt extinguishment charges | 657 | 0 |
Loss on cash flow hedge | 4,709 | 0 |
Capitalized interest | (2) | (3) |
Interest expense, net | $ 19,285 | $ 21,844 |
Note 7 - Stock Incentive Plan_2
Note 7 - Stock Incentive Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||||
May 01, 2021 | May 02, 2020 | Dec. 19, 2019 | Jun. 14, 2018 | Jun. 13, 2018 | |
Share-based Payment Arrangement, Expense | $ 27,300 | $ 5,500 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 226,404 | 83,353 | |||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 10,000 | $ 2,100 | |||
Treasury Stock, Value, Acquired, Cost Method | 24,031 | 6,073 | |||
Chief Executive Officer [Member] | |||||
Share-based Payment Arrangement, Plan Modification, Incremental Cost | $ 17,500 | ||||
The 2011 Plan and 2012 Director Plan [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 985,369 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 5,470,034 | ||||
The 2018 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 13,148,058 | ||||
Employee Stock Purchase Plan [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,236,366 | ||||
Share-based Payment Arrangement, Expense | $ 100 | $ 100 | |||
Employee Stock Purchase Plan, Number of Allocated Shares (in shares) | 973,014 | ||||
Employee Stock Purchase Plan, Annual Increase in Number of Shares, Minimum (in shares) | 486,507 | ||||
Employee Stock Purchase Plan, Annual Increase in Number of Shares, Percent of Shares Outstanding | 0.50% | ||||
The Program [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 250,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 136,400 | ||||
Treasury Stock, Shares, Acquired (in shares) | 315,000 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 14,000 |
Note 7 - Stock Incentive Plan_3
Note 7 - Stock Incentive Plans - Non-vested Restricted Shares, Restricted Stock Units and Performance Stock (Details) shares in Thousands | 3 Months Ended |
May 01, 2021$ / sharesshares | |
Share-based Payment Arrangement, Option [Member] | |
Balance (in shares) | shares | 3,673 |
Outstanding, weighted-average grant-date fair value, stock options (in dollars per share) | $ / shares | $ 17.50 |
Granted (in shares) | shares | 0 |
Granted, weighted-average grant-date fair value, stock options (in dollars per share) | $ / shares | $ 0 |
Forfeited/canceled (in shares) | shares | 0 |
Forfeited, weighted-average grant-date fair value, stock options (in dollars per share) | $ / shares | $ 0 |
Exercised/vested (in shares) | shares | (117) |
Vested, weighted-average grant-date fair value, stock options (in dollars per share) | $ / shares | $ 14.57 |
Balance (in shares) | shares | 3,556 |
Outstanding, weighted-average grant-date fair value, stock options (in dollars per share) | $ / shares | $ 17.60 |
Restricted Stock [Member] | |
Outstanding, beginning of period, shares (in shares) | shares | 1,575 |
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 26.29 |
Granted, shares (in shares) | shares | 473 |
Granted, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 44.37 |
Forfeited/canceled, shares (in shares) | shares | 0 |
Forfeited/canceled, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 0 |
Exercised/vested, shares (in shares) | shares | (673) |
Exercised/vested, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 32.04 |
Outstanding, beginning of period, shares (in shares) | shares | 1,375 |
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 31.52 |
Restricted Stock Units (RSUs) [Member] | |
Outstanding, beginning of period, shares (in shares) | shares | 29 |
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 34.54 |
Granted, shares (in shares) | shares | 0 |
Granted, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeited/canceled, shares (in shares) | shares | 0 |
Forfeited/canceled, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 0 |
Exercised/vested, shares (in shares) | shares | 0 |
Exercised/vested, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding, beginning of period, shares (in shares) | shares | 29 |
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 34.54 |
Performance Shares [Member] | |
Outstanding, beginning of period, shares (in shares) | shares | 527 |
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 23.96 |
Granted, shares (in shares) | shares | 401 |
Granted, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 44.28 |
Forfeited/canceled, shares (in shares) | shares | (282) |
Forfeited/canceled, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 28.98 |
Exercised/vested, shares (in shares) | shares | 0 |
Exercised/vested, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding, beginning of period, shares (in shares) | shares | 646 |
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 38.97 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 3 Months Ended | 12 Months Ended | |
May 01, 2021 | May 02, 2020 | Jan. 29, 2022 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.70% | 21.50% | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2016 2017 2018 2019 2020 2021 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2016 2017 2018 2019 2020 2021 | ||
Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 26.70% |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Long-term debt gross | $ 961,920 | $ 1,111,920 | $ 1,361,919 |
Debt, fair value | 961,042 | 1,112,256 | 1,318,758 |
First Lien Term Loan [Member] | |||
Long-term debt gross | 701,920 | 801,920 | 1,311,919 |
Debt, fair value | 701,042 | 802,256 | 1,268,758 |
ABL Facility [Member] | |||
Long-term debt gross | 260,000 | 310,000 | 50,000 |
Debt, fair value | $ 260,000 | $ 310,000 | $ 50,000 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 112,759 | 780,256 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 875,894 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Summary of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Details) - shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Basic (in shares) | 135,708,783 | 136,089,960 |
Plus: Incremental shares of potentially dilutive securities (in shares) | 2,953,181 | 2,337,780 |
Weighted-average number of common and dilutive potential common shares outstanding (in shares) | 138,661,964 | 138,427,740 |
Note 11 - Derivative Financia_3
Note 11 - Derivative Financial Instruments (Details Textual) $ in Thousands | Apr. 30, 2021USD ($) | Oct. 30, 2020USD ($) | Nov. 13, 2018 | May 01, 2021USD ($) | May 02, 2020USD ($) | Jan. 30, 2021USD ($) | Nov. 10, 2020USD ($) | Feb. 13, 2019USD ($) |
Number of Derivative Instruments Entered | 3 | |||||||
Derivative, Amount of Hedged Item | $ 1,200,000 | |||||||
Derivative, Average Fixed Interest Rate | 3.00% | |||||||
Proceeds from Lines of Credit, Total | $ 0 | $ 736,000 | ||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 100,000 | 62,954 | 132,915 | $ 43,518 | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 4,700 | $ 3,700 | ||||||
Derivative, Notional Amount | 1,200,000 | |||||||
Derivative Liability, Total | 20,230 | 59,840 | $ 26,353 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 4,400 | $ (19,400) | ||||||
Interest Expense, Total | $ 1,800 | |||||||
Terminated Interest Rate Swaps [Member] | ||||||||
Derivative, Notional Amount | $ 360,000 | |||||||
Derivative, Fixed Interest Rate | 3.00% | |||||||
Ineffective Interest Rate Swap [Member] | ||||||||
Derivative, Notional Amount | $ 240,000 | |||||||
Derivative, Fixed Interest Rate | 3.00% | |||||||
ABL Facility [Member] | ||||||||
Proceeds from Lines of Credit, Total | 260,000 | |||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 100,000 | |||||||
ABL Facility [Member] | Term Loan [Member] | ||||||||
Repayments of Long-term Debt, Total | 50,000 | |||||||
First Lien Term Loan [Member] | ||||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 150,000 | 100,000 | ||||||
Repayments of Long-term Debt, Total | $ 100,000 | $ 360,000 |
Note 11 - Derivative Financia_4
Note 11 - Derivative Financial Instruments - Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Interest rate swap, notional amount | $ 1,200,000 | ||
Interest rate swap, fair value | (20,230) | $ (26,353) | $ (59,840) |
Interest Rate Swap 1 [Member] | |||
Interest rate swap, notional amount | $ 600,000 | ||
Interest rate swap, fixed rate | 3.00% | ||
Interest rate swap, fair value | $ (14,453) | (18,828) | (29,934) |
Interest Rate Swap 2 [Member] | |||
Interest rate swap, notional amount | $ 360,000 | ||
Interest rate swap, fixed rate | 3.00% | ||
Interest rate swap, fair value | $ 0 | 0 | (17,941) |
Interest Rate Swap 3 [Member] | |||
Interest rate swap, notional amount | $ 240,000 | ||
Interest rate swap, fixed rate | 3.00% | ||
Interest rate swap, fair value | $ (5,777) | $ (7,525) | $ (11,965) |