Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Feb. 25, 2023 | Jul. 29, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 28, 2023 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BURL | ||
Entity Registrant Name | BURLINGTON STORES, INC. | ||
Entity Central Index Key | 0001579298 | ||
Current Fiscal Year End Date | --01-29 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock, Shares Outstanding | 64,973,669 | ||
Entity Public Float | $ 9,229,223,447 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 80-0895227 | ||
Entity File Number | 001-36107 | ||
Entity Address, Address Line One | 2006 Route 130 North | ||
Entity Address, City or Town | Burlington | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08016 | ||
City Area Code | 609 | ||
Local Phone Number | 387-7800 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Security Exchange Name | NYSE | ||
Auditor Firm ID | 34 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Parsippany, New Jersey | ||
Documents Incorporated by Reference | Certain provisions of the registrant’s definitive proxy statement for the 2023 Annual Meeting of Stockholders, to be filed within 120 days of the close of the registrant’s 2022 fiscal year, are incorporated by reference in Part III of this Form 10-K to the extent described herein. |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
REVENUES: | |||
Net sales | $ 8,684,545 | $ 9,306,549 | $ 5,751,541 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Other revenue | $ 18,059 | $ 15,707 | $ 12,439 |
Total revenue | 8,702,604 | 9,322,256 | 5,763,980 |
COSTS AND EXPENSES: | |||
Cost of sales | 5,171,715 | 5,436,155 | 3,555,024 |
Selling, general and administrative expenses | 2,877,356 | 2,868,527 | 2,326,928 |
Costs related to debt issuances and amendments | 3,419 | 3,633 | |
Depreciation and amortization | 270,398 | 249,217 | 220,390 |
Impairment charges - long-lived assets | 21,402 | 7,748 | 6,012 |
Other income - net | (26,907) | (11,630) | (8,353) |
Loss on extinguishment of debt | 14,657 | 156,020 | 202 |
Interest expense | 66,474 | 67,502 | 97,767 |
Total costs and expenses | 8,395,095 | 8,776,958 | 6,201,603 |
Income (loss) before income tax expense (benefit) | 307,509 | 545,298 | (437,623) |
Income tax expense (benefit) | 77,386 | 136,459 | (221,124) |
Net income (loss) | $ 230,123 | $ 408,839 | $ (216,499) |
Net income (loss) per common stock - basic | $ 3.51 | $ 6.14 | $ (3.28) |
Net income (loss) per common stock - diluted | $ 3.49 | $ 6 | $ (3.28) |
Weighted average number of common stock - basic | 65,637 | 66,588 | 65,962 |
Weighted average number of common stock - diluted | 65,901 | 68,126 | 65,962 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 230,123 | $ 408,839 | $ (216,499) |
Interest rate derivative contracts: | |||
Net unrealized gain (loss) arising during the period | 27,726 | 7,931 | (11,458) |
Net reclassification into earnings during the period | 5,463 | 10,643 | 7,403 |
Other comprehensive income (loss), net of tax | 33,189 | 18,574 | (4,055) |
Total comprehensive income (loss) | $ 263,312 | $ 427,413 | $ (220,554) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 872,623 | $ 1,091,091 |
Restricted cash and cash equivalents | 6,582 | 6,582 |
Accounts receivable-net | 71,091 | 54,089 |
Merchandise inventories | 1,181,982 | 1,021,009 |
Assets held for disposal | 19,823 | 4,358 |
Prepaid and other current assets | 131,691 | 370,515 |
Total current assets | 2,283,792 | 2,547,644 |
Property and equipment—net | 1,668,005 | 1,552,237 |
Operating lease assets | 2,945,932 | 2,638,473 |
Tradenames | 238,000 | 238,000 |
Goodwill | 47,064 | 47,064 |
Deferred tax assets | 3,205 | 3,959 |
Other assets | 83,599 | 62,136 |
Total assets | 7,269,597 | 7,089,513 |
Current liabilities: | ||
Accounts payable | 955,793 | 1,080,802 |
Current operating lease liabilities | 401,111 | 358,793 |
Other current liabilities | 541,413 | 493,695 |
Current maturities of long term debt | 13,634 | 14,357 |
Total current liabilities | 1,911,951 | 1,947,647 |
Long term debt | 1,462,072 | 1,541,102 |
Long term operating lease liabilities | 2,825,292 | 2,539,420 |
Other liabilities | 69,386 | 80,904 |
Deferred tax liabilities | 205,991 | 220,023 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value: authorized: 50,000,000 shares; no shares issued and outstanding | ||
Common stock, $0.0001 par value: Authorized: 500,000,000 shares; Issued: 82,037,994 shares and 81,677,315 shares, respectively; Outstanding: 65,019,713 shares and 66,491,555 shares, respectively | 8 | 7 |
Additional paid-in-capital | 2,015,625 | 1,927,554 |
Accumulated earnings | 644,415 | 414,292 |
Accumulated other comprehensive income (loss) | 28,748 | (4,441) |
Treasury stock, at cost | (1,893,891) | (1,576,995) |
Total stockholders' equity | 794,905 | 760,417 |
Total liabilities and stockholders' equity | $ 7,269,597 | $ 7,089,513 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowances for Doubtful Accounts | $ 1,252 | $ 3,305 |
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Issued | 0 | 0 |
Preferred Stock, Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 |
Common Stock, Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 82,037,994 | 81,677,315 |
Common Stock, Shares Outstanding | 65,019,713 | 66,491,555 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | ||
OPERATING ACTIVITIES | ||||
Net income (loss) | $ 230,123 | $ 408,839 | $ (216,499) | |
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Depreciation and amortization | 270,398 | 249,217 | 220,390 | |
Impairment charges - long-lived assets | 21,402 | 7,748 | 6,012 | |
Amortization of deferred financing costs | 3,633 | 5,323 | 4,450 | |
Accretion of long term debt instruments | 949 | 889 | 24,775 | |
Deferred income taxes | (25,431) | 51,952 | (24,959) | |
Loss on extinguishment of debt | 14,657 | 156,020 | 202 | |
Non-cash stock compensation expense | [1] | 67,480 | 58,546 | 55,845 |
Non-cash lease expense | (523) | (10,294) | (1,530) | |
Cash received from landlord allowances | 23,137 | 34,051 | 40,663 | |
Changes in assets and liabilities: | ||||
Accounts receivable | (13,012) | 10,186 | 26,858 | |
Merchandise inventories | (160,974) | (280,220) | 36,459 | |
Prepaid and other current assets | 244,852 | (56,363) | (177,454) | |
Accounts payable | (125,006) | 214,792 | 104,607 | |
Other current liabilities | 44,830 | (33,129) | 103,871 | |
Other long term assets and long term liabilities | (360) | (2,782) | 562 | |
Other operating activities | 230 | 18,384 | 14,929 | |
Net cash provided by operating activities | 596,385 | 833,159 | 219,181 | |
INVESTING ACTIVITIES | ||||
Cash paid for property and equipment | (447,393) | (352,467) | (273,282) | |
Lease acquisition costs | (3,710) | (576) | ||
Proceeds from insurance recoveries related to property and equipment | 220 | |||
Proceeds from sale of property and equipment and assets held for sale | 27,961 | 8,654 | ||
Other investing activities | (1,070) | |||
Net cash (used in) investing activities | (423,142) | (344,389) | (274,132) | |
FINANCING ACTIVITIES | ||||
Proceeds from long term debt | 400,000 | |||
Principal payments on long term debt | (400,000) | |||
Proceeds from long term debt-Convertible Notes | 805,000 | |||
Principal payment on long term debt-Convertible Notes | (78,240) | (201,695) | ||
Proceeds from long term debt-Secured Notes | 300,000 | |||
Principal payments on long term debt-Secured Notes | (323,905) | |||
Purchase of treasury shares | (316,896) | (266,628) | (65,526) | |
Proceeds from stock option exercises | 20,592 | 39,887 | 34,924 | |
Deferred financing costs | (2,143) | (28,815) | ||
Other financing activities | (7,553) | (13,857) | (13,430) | |
Net cash (used in) provided by financing activities | (391,711) | (777,955) | 1,032,153 | |
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents | (218,468) | (289,185) | 977,202 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 1,097,673 | 1,386,858 | 409,656 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 879,205 | 1,097,673 | 1,386,858 | |
Supplemental disclosure of cash flow information: | ||||
Interest paid | 51,445 | 52,671 | 48,392 | |
Income tax (refund) payments - net | (208,333) | $ 130,247 | 44,993 | |
Non-cash investing and financing activities: | ||||
Shares issued to repurchase Convertible Notes | 151,206 | |||
Finance lease modification | (6,042) | |||
Accrued purchases of property and equipment | 66,007 | $ 63,296 | $ 44,490 | |
Exchange of noncash assets | 7,300 | |||
Senior Secured Term B-6 Loans | ||||
FINANCING ACTIVITIES | ||||
Proceeds from long term debt | 956,608 | |||
Principal payments on long term debt | $ (9,614) | (4,807) | ||
Senior Secured Term B-5 Loans | ||||
FINANCING ACTIVITIES | ||||
Principal payments on long term debt | $ (961,415) | |||
[1] The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $ 12.5 million, $ 10.3 million and $ 9.1 million during Fiscal 2022, Fiscal 2021 and Fiscal 2020 , respectively. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Equity - USD ($) $ in Thousands | Total | Cumulative-effect Adjustment | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital Cumulative-effect Adjustment | Accumulated Deficit | Accumulated Deficit Cumulative-effect Adjustment | Accumulated Other Comprehensive Loss | Treasury Stock | |
Balance at beginning of period at Feb. 01, 2020 | $ 528,149 | $ 7 | $ 1,587,146 | $ 204,797 | $ (18,960) | $ (1,244,841) | ||||
Balance at beginning of period (in shares) at Feb. 01, 2020 | 79,882,506 | (13,952,534) | ||||||||
Net income (loss) | (216,499) | (216,499) | ||||||||
Stock options exercised | 34,924 | 34,924 | ||||||||
Stock options exercised (in shares) | 731,954 | |||||||||
Shares used for tax withholding | (15,368) | $ (15,368) | ||||||||
Shares used for tax withholding (in shares) | (79,015) | |||||||||
Shares purchased as part of publicly announced programs | (50,158) | $ (50,158) | ||||||||
Shares purchased as part of publicly announced programs, (in shares) | (243,573) | |||||||||
Vesting of restricted shares, net of forfeitures of restricted shares | 46,993 | |||||||||
Stock based compensation | 55,845 | 55,845 | ||||||||
Equity component of convertible notes issuance, net of related taxes of $44.1 million | 131,916 | 131,916 | ||||||||
Unrealized gains (losses) on interest rate derivative contracts, net of related taxes | (11,458) | (11,458) | ||||||||
Amount reclassified into earnings, net of related taxes | 7,403 | 7,403 | ||||||||
Balance at end of period at Jan. 30, 2021 | 464,754 | $ 7 | 1,809,831 | (11,702) | (23,015) | $ (1,310,367) | ||||
Balance at end of period (in shares) at Jan. 30, 2021 | 80,661,453 | (14,275,122) | ||||||||
Net income (loss) | 408,839 | 408,839 | ||||||||
Stock options exercised | 39,887 | 39,887 | ||||||||
Stock options exercised (in shares) | 418,173 | |||||||||
Shares used for tax withholding | (16,612) | $ (16,612) | ||||||||
Shares used for tax withholding (in shares) | (53,783) | |||||||||
Shares purchased as part of publicly announced programs | $ (250,016) | $ (250,016) | ||||||||
Shares purchased as part of publicly announced programs, (in shares) | (856,855) | |||||||||
Vesting of restricted shares, net of forfeitures of restricted shares | 685,000 | 83,698 | ||||||||
Stock based compensation | $ 58,546 | 58,546 | ||||||||
Shares issued to redeem convertible notes | $ 151,206 | 151,206 | ||||||||
Shares issued to redeem convertible notes (in shares) | 853,000 | 513,991 | ||||||||
Unrealized gains (losses) on interest rate derivative contracts, net of related taxes | $ 7,931 | 7,931 | ||||||||
Amount reclassified into earnings, net of related taxes | 10,643 | 10,643 | ||||||||
Balance at end of period at Jan. 29, 2022 | 760,417 | $ 7 | 1,927,554 | 414,292 | (4,441) | $ (1,576,995) | ||||
Balance at end of period (ASU 2020-06) at Jan. 29, 2022 | $ (114,761) | $ (131,916) | $ 17,155 | |||||||
Balance at end of period (in shares) at Jan. 29, 2022 | 81,677,315 | (15,185,760) | ||||||||
Net income (loss) | 230,123 | 230,123 | ||||||||
Stock options exercised | $ 20,592 | $ 1 | 20,591 | |||||||
Stock options exercised (in shares) | 168,720 | [1] | 168,720 | |||||||
Shares used for tax withholding | $ (14,238) | $ (14,238) | ||||||||
Shares used for tax withholding (in shares) | (75,710) | |||||||||
Shares purchased as part of publicly announced programs | $ (302,658) | $ (302,658) | ||||||||
Shares purchased as part of publicly announced programs, (in shares) | (1,756,811) | |||||||||
Vesting of restricted shares, net of forfeitures of restricted shares | 264,000 | 191,959 | ||||||||
Stock based compensation | $ 67,480 | 67,480 | ||||||||
Unrealized gains (losses) on interest rate derivative contracts, net of related taxes | 27,726 | 27,726 | ||||||||
Amount reclassified into earnings, net of related taxes | 5,463 | 5,463 | ||||||||
Balance at end of period at Jan. 28, 2023 | $ 794,905 | $ 8 | $ 2,015,625 | $ 644,415 | $ 28,748 | $ (1,893,891) | ||||
Balance at end of period (in shares) at Jan. 28, 2023 | 82,037,994 | (17,018,281) | ||||||||
[1] Options exercised during Fiscal 2022 had a total intrinsic value of $11.4 million. |
Consolidated Statements of St_2
Consolidated Statements of Stockholder's Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Forfeited restricted shares | 199 | 2,886 | 9,437 |
Unrealized gains (losses) on interest rate derivative contracts, Tax | $ 10.1 | $ 3 | $ 4.1 |
Amount reclassified into earnings on Interest Rate Derivative Contracts, Tax | $ 2 | $ 4 | 2.8 |
Equity component of convertible notes issuance, related taxes | $ 44.1 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Business As of January 28, 2023, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), has expanded its store base to 927 retail stores in 46 states and Puerto Rico. The Company sells in-season, fashion-focused merchandise at up to 60 % off other retailers’ prices, including: women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. As of January 28, 2023 , the Company operated stores under the names “Burlington Stores” ( 925 stores), and “Cohoes Fashions” ( 2 stores). Cohoes Fashions offers products similar to those offered by Burlington Stores. Basis of Consolidation and Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. Fiscal Years The Company defines its fiscal year as the 52 or 53-week period ending on the Saturday closest to January 31. The fiscal years ended January 28, 2023 (Fiscal 2022), January 29, 2022 (Fiscal 2021 ) and January 30, 2021 (Fiscal 2020) each consisted of 52 weeks. Use of Estimates Certain amounts included in the Consolidated Financial Statements are estimated based on historical experience, currently available information and management’s judgment as to the expected outcome of future conditions and circumstances. While every effort is made to ensure the integrity of such estimates, actual results could differ from these estimates, and such differences could have a material impact on the Company’s Consolidated Financial Statements. COVID-19 Results for Fiscal 2020 were significantly impacted by the COVID-19 pandemic. All the Company’s stores were temporarily closed for a portion of Fiscal 2020, resulting in a sales decline and higher inventory markdowns. These store closures did not repeat in Fiscal 2021 or Fiscal 2022. However, certain lingering economic effects of the pandemic did continue to impact results, including supply chain disruptions. Cash and Cash Equivalents Cash and cash equivalents represent cash and short-term, highly liquid investments with maturities of three months or less at the time of purchase. Book cash overdrafts are included in the line item “Accounts payable” on the Company’s Consolidated Balance Sheets. Accounts Receivable Accounts receivable consist of credit card receivables, insurance receivables, interest receivables, and other receivables. Accounts receivable are recorded at net realizable value, which approximates fair value. The Company provides an allowance for doubtful accounts for amounts deemed uncollectible. Inventories Merchandise inventories are valued at the lower of cost or market, as determined by the retail inventory method. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are calculated by applying a calculated cost to retail ratio to the retail value of inventories. The Company regularly records a provision for estimated shortage, thereby reducing the carrying value of merchandise inventory. Complete physical inventories of all of the Company’s stores and warehouses are performed no less frequently than annually, with the recorded amount of merchandise inventory being adjusted to coincide with these physical counts. The Company records its cost of merchandise (net of purchase discounts and certain vendor allowances), certain merchandise acquisition costs (primarily commissions and import fees), inbound freight, outbound freight from distribution centers, and freight on internally transferred merchandise in the line item “Cost of sales” in the Company’s Consolidated Statements of Income (Loss). Costs associated with the Company’s distribution, buying, and store receiving functions (product sourcing costs) are included in the line items “Selling, general and administrative expenses” and “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). Product sourcing costs included within the line item “Selling, general and administrative expenses” amounted to $ 677.6 million, $ 618.3 million and $ 433.8 million during Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively. Depreciation and amortization related to the distribution and purchasing functions for the same periods amounted to $ 56.3 million, $ 45.0 million and $ 30.8 million, respectively. Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 20 to 40 years for buildings, depending upon the expected useful life of the facility, and 3 to 15 years for store fixtures and equipment. Leasehold improvements are amortized over the lease term, including any reasonably assured renewal options or the expected economic life of the improvement, whichever is less. Repairs and maintenance expenditures are expensed as incurred. Renewals and betterments, which significantly extend the useful lives of existing property and equipment, are capitalized. Assets recorded under capital leases are recorded at the present value of minimum lease payments and are amortized over the lease term. Amortization of assets recorded as capital leases is included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). The carrying value of all long-lived assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, in accordance with ASC Topic No. 360 “ Property, Plant, and Equipment” (Topic No. 360). Refer to Note 6, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets. Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset to undiscounted pre-tax future net cash flows expected to be generated by that asset. If the undiscounted future cash flows are not adequate to recover the carrying value of the asset, an impairment charge is recognized for the amount by which the carrying amount of the assets exceeds the fair value of such assets. Refer to Note 6, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets. Capitalized Computer Software Costs The Company accounts for capitalized software in accordance with ASC Topic No. 350 “Intangibles—Goodwill and Other” (Topic No. 350) which requires the capitalization of certain costs incurred in connection with developing or obtaining software for internal use. The Company capitalized $ 26.1 million, $ 25.3 million, and $ 12.2 million relating to these costs during Fiscal 2022, Fiscal 2021, and Fiscal 2020 , respectively. Intangible Assets The Company accounts for intangible assets in accordance with Topic No. 350. The Company’s intangible assets represent tradenames. The tradename asset “Burlington” is expected to generate cash flows indefinitely and, therefore, is accounted for as an indefinite-lived asset not subject to amortization. The Company evaluates its intangible assets for possible impairment as follows: Indefinite-lived intangible assets: The Company tests identifiable intangible assets with an indefinite life for impairment on an annual basis, or when a triggering event occurs, relying on a number of factors that include operating results, business plans and projected future cash flows. The impairment test consists of a comparison of the fair value of the indefinite-lived intangible asset with its carrying amount. The Company determines fair value through the relief of royalty method which is a widely accepted valuation technique. On the first business day of the second quarter, the Company’s annual assessment date, the Company performed a quantitative analysis and determined that the fair values of each of the Company’s identifiable intangible assets are greater than their respective carrying values. There were no impairment charges recorded during Fiscal 2022, Fiscal 2021 or Fiscal 2020 related to indefinite-lived intangible assets. Goodwill Goodwill represents the excess of the acquisition cost over the estimated fair value of tangible assets and other identifiable intangible assets acquired less liabilities assumed. Topic No. 350 requires a comparison, at least annually, of the carrying value of the assets and liabilities associated with a reporting unit, including goodwill, with the fair value of the reporting unit. The Company determines fair value through multiple widely accepted valuation techniques. These techniques use a variety of assumptions including projected market conditions, discount rates and future cash flows. If the carrying value of the assets and liabilities exceeds the fair value of the reporting unit, the Company would calculate the implied fair value of its reporting unit goodwill as compared with the carrying value of its reporting unit goodwill to determine the appropriate impairment charge. On the first business day of the second fiscal quarter, the Company’s annual assessment date, the Company performed a quantitative analysis and determined that the fair value of the Company’s reporting unit was greater than its carrying value. There were no impairment charges related to goodwill during Fiscal 2022, Fiscal 2021 or Fiscal 2020 . Other Assets Other assets consist primarily of landlord-owned store assets that the Company has paid for as part of its lease, deferred financing costs associated with the Company’s senior secured asset-based revolving credit facility (the ABL Line of Credit), and the fair value of derivative contracts. Landlord-owned assets represent leasehold improvements at certain stores for which the Company has paid and derives a benefit, but the landlord has retained title. These assets are amortized over the lease term inclusive of reasonably assured renewal options, and are included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). Deferred financing costs are amortized over the life of the ABL Line of Credit using the interest method of amortization. Amortization of deferred financing costs is recorded in the line item “Interest expense” in the Company’s Consolidated Statements of Income (Loss). Other Current Liabilities Other current liabilities primarily consist of accrued payroll costs, self-insurance reserves, customer liabilities, accrued operating expenses, sales tax payable, payroll taxes payable and other miscellaneous items. Customer liabilities totaled $ 36.0 million and $ 35.5 million as of January 28, 2023 and January 29, 2022, respectively. The Company has risk participation agreements with insurance carriers with respect to workers’ compensation, general liability insurance and health insurance. Pursuant to these arrangements, the Company is responsible for paying individual claims up to designated dollar limits. The amounts related to these claims are estimated and can vary based on changes in assumptions or claims experience included in the associated insurance programs. An increase in workers’ compensation claims, health insurance claims or general liability claims may result in a corresponding increase in costs related to these claims. Self-insurance reserves as of January 28, 2023 and January 29, 2022 were: (in thousands) January 28, January 29, Short-term self-insurance reserve(a) $ 35,808 $ 33,734 Long-term self-insurance reserve(b) 50,368 47,841 Total $ 86,176 $ 81,575 (a) Represents the portions of the self-insurance reserve expected to be paid in the next twelve months, which were recorded in the line item “Other current liabilities” in the Company’s Consolidated Balance Sheets. (b) Represents the portions of the self-insurance reserve expected to be paid in excess of twelve months, which was recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheets. Other Liabilities Other liabilities primarily consist of the long term portion of self-insurance reserves, the fair value of derivative contracts and tax liabilities associated with the uncertain tax positions recognized by the Company in accordance with ASC Topic No. 740 “Income Taxes” (Topic No. 740). Revenue Recognition The Company records revenue at the time control of the goods are transferred to the customer, which the Company determines to be at point of sale and delivery of merchandise, net of allowances for estimated future returns, which is estimated based on historical return rates. The Company presents sales, net of sales taxes, in its Consolidated Statements of Income (Loss). The Company accounts for layaway sales in compliance with ASC Topic No. 606 “Revenue from Contracts with Customers” (Topic No. 606). Layaway sales are recognized upon delivery of merchandise to the customer. The amount of cash received upon initiation of the layaway is recorded as a deposit liability in the line item “Other current liabilities” in the Company’s Consolidated Balance Sheets. Stored value cards (gift cards and store credits issued for merchandise returns) are recorded as a liability at the time of issuance, and the related sale is recorded upon redemption. The Company determines an estimated stored value card breakage rate by continuously evaluating historical redemption data. Breakage income is recognized monthly in proportion to the historical redemption patterns for those stored value cards for which the likelihood of redemption is remote. Other Revenue Other revenue consists of service fees (layaway and other miscellaneous service charges), subleased rental income and revenue from the Company's private label credit card (PLCC) as shown in the table below: (in thousands) Fiscal Years Ended January 28, January 29, January 30, Service fees $ 4,131 $ 3,178 $ 3,186 Subleased rental income and other 9,444 9,529 7,590 PLCC 4,484 3,000 1,663 Total $ 18,059 $ 15,707 $ 12,439 The Company has a private label credit card program, in which customers earn reward points for purchases made using the card. The Company reduces net sales for the dollar value of any points earned at the time of the initial transaction, and subsequently recognizes net sales at the time the points are redeemed or expired. The Company receives royalty revenue based on a percentage of all purchases made on the card, which is recognized within net sales at the time of the initial transaction. The Company also receives a fee for each card activated. Revenue from activation fees are deferred and amortized over the period the Company performs its obligations under the card to the customer. Advertising Costs The Company’s advertising costs consist primarily of video, audio and digital marketing. Advertising costs are expensed the first time the advertising takes place, and are included in the line item “Selling, general and administrative expenses” on the Company’s Consolidated Statements of Income (Loss). During Fiscal 2022, Fiscal 2021 and Fiscal 2020, advertising costs were $ 33.8 million, $ 48.5 million and $ 43.8 million, respectively. Income Taxes The Company accounts for income taxes in accordance with Topic No. 740. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. A valuation allowance against the Company’s deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, management is required to make assumptions and to apply judgment, including forecasting future earnings, taxable income, and the mix of earnings in the jurisdictions in which the Company operates. Management periodically assesses the need for a valuation allowance based on the Company’s current and anticipated results of operations. The need for and the amount of a valuation allowance can change in the near term if operating results and projections change significantly. Topic No. 740 requires the recognition in the Company’s Consolidated Financial Statements of the impact of a tax position taken or expected to be taken in a tax return, if that position is “more likely than not” to be sustained upon examination by the relevant taxing authority, based on the technical merits of the position. The tax benefits recognized in the Company’s Consolidated Financial Statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. The Company records interest and penalties related to unrecognized tax benefits as part of income taxes. Other Income, Net Other income, net, consists of gains and losses on insurance proceeds, interest income , net gains and losses on disposition of assets, gift card breakage, and other miscellaneous items . The Company recognized $ 3.0 million, $ 1.5 million and $ 3.2 million of gain on insurance recoveries during Fiscal 2022, Fiscal 2021 and Fiscal 2020 , respectively. The Company also recognized $ 3.7 million during Fiscal 2021 related to the sale of certain state tax credits. There were no sales of tax credits during Fiscal 2022 or Fiscal 2020. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and the effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges, less amounts reclassified into earnings. Lease Accounting The Company leases store locations, distribution centers and office space used in its operations. The Company accounts for these types of leases in accordance with ASC Topic No. 842, “Leases” (Topic No. 842), which requires that leases be evaluated and classified as operating or finance leases for financial reporting purposes. The lease liability is calculated as the present value of the remaining future lease payments over the lease term, including reasonably assured renewal options. The discount rates used in valuing the Company’s leases are not readily determinable, and are based on the Company’s incremental borrowing rate on a fully collateralized basis. In calculating its incremental borrowing rate, the Company uses a retail industry yield curve, adjusted for the Company’s credit profile. The right-of-use asset for operating leases is based on the lease liability plus initial direct costs and prepaid lease payments, less landlord incentives received. The Company’s operating lease cost, included in the line item “Selling, general and administrative expenses” on its Consolidated Statements of Income (Loss), includes amortization of right-of-use assets, interest on lease liabilities, as well as any variable and short-term lease cost. The Company commences recording operating lease cost when the underlying asset is made available for use. Assets held under finance leases are included in the line item “Property and equipment—net of accumulated depreciation and amortization” in the Company’s Consolidated Balance Sheets. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic No. 718, “Stock Compensation” (Topic No. 718), which requires companies to record stock compensation expense for all non-vested and new awards beginning as of the grant date and through the end of the vesting period. Refer to Note 11, “Stock-Based Compensation,” for further details. Net Income (Loss) Per Share Net income (loss) per share is calculated using the treasury stock method. Refer to Note 10, “Net Income (Loss) Per Share,” for further details. Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and investments. The Company manages the credit risk associated with cash equivalents and investments by investing with high-quality institutions and, by policy, limiting investments only to those which meet prescribed investment guidelines. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks on its cash and cash equivalent accounts. Segment Information The Company reports segment information in accordance with ASC Topic No. 280 “Segment Reporting.” The Company has one reportable segment. The Company is an off-price retailer that offers customers a complete line of value-priced apparel, including: women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. Sales percentage by major product category is as follows: Category Fiscal 2022 Fiscal 2021 Fiscal 2020 Ladies apparel 22 % 23 % 20 % Accessories and shoes 24 % 23 % 24 % Home 21 % 20 % 21 % Mens apparel 17 % 16 % 16 % Kids apparel and baby 12 % 14 % 15 % Outerwear 4 % 4 % 4 % |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements There were no new accounting standards that had a material impact on the Company’s Consolidated Financial Statements during Fiscal 2022, and there were no new accounting standards or pronouncements that were issued but not yet effective as of January 28, 2023 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective. |
Restricted Cash and Cash Equiva
Restricted Cash and Cash Equivalents | 12 Months Ended |
Jan. 28, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash and Cash Equivalents | 3. Restricted Cash and Cash Equivalents At both January 28, 2023 and January 29, 2022, restricted cash and cash equivalents consisted of $ 6.6 million related to collateral for certain insurance contracts. The Company has the ability to convert the restricted cash to a letter of credit at any time, which would reduce available borrowings on the ABL Line of Credit by a like amount. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consist of: (in thousands) Useful Lives January 28, January 29, Land N/A $ 112,513 $ 148,144 Buildings 20 to 40 Years 394,798 490,698 Store fixtures and equipment 3 to 15 Years 1,414,220 1,300,997 Software 3 to 10 Years 332,509 307,077 Leasehold improvements Shorter of 881,695 828,095 Construction in progress N/A 250,160 128,673 Total property and equipment at cost 3,385,895 3,203,684 Less: accumulated depreciation and amortization ( 1,717,890 ) ( 1,651,447 ) Total property and equipment, net of accumulated $ 1,668,005 $ 1,552,237 As of January 28, 2023 and January 29, 2022 , assets, net of accumulated amortization of $ 13.6 million and $ 13.3 million, respectively, held under finance leases amounted to approximately $ 25.3 million and $ 34.2 million, respectively, and are included in the line item “Buildings” in the foregoing table. Amortization expense related to finance leases is included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). The total amount of depreciation expense during Fiscal 2022, Fiscal 2021 and Fiscal 2020 was $ 237.8 million, $ 218.1 million and $ 189.5 million, respectively. Internally developed software is amortized on a straight line basis over three to ten years and is recorded in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). Amortization of internally developed software amounted to $ 21.2 million, $ 18.9 million and $ 16.9 million during Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively. Landlord-owned assets represent leasehold improvements at certain stores for which the Company has paid and derives a benefit, but the landlord has retained title. These assets are amortized over the lease term inclusive of reasonably assured renewal options. Amortization of landlord-owned assets was $ 11.4 million, $ 12.2 million and $ 14.0 million, during Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively, and was included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). During Fiscal 2022, Fiscal 2021 and Fiscal 2020 , the Company recorded impairment charges related to property and equipment of $ 20.1 million, $ 7.5 million and $ 4.6 million, respectively. These charges are recorded in the line item “Impairment charges—long-lived assets” in the Company’s Consolidated Statements of Income (Loss). Refer to Note 6, “Impairment Charges,” for further discussion. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jan. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets Intangible assets at January 28, 2023 and January 29, 2022 consist primarily of tradenames. (in thousands) January 28, 2023 January 29, 2022 Gross Accumulated Net Gross Accumulated Net Tradenames $ 238,000 $ — $ 238,000 $ 238,000 $ — $ 238,000 |
Impairment Charges
Impairment Charges | 12 Months Ended |
Jan. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment Charges | 6. Impairment Charges Impairment charges recorded during Fiscal 2022, Fiscal 2021 and Fiscal 2020 amounted to $ 21.4 million, $ 7.7 million and $ 6.0 million, respectively. Impairment charges are primarily related to sales of owned properties in Fiscal 2022, as well as declines in revenues and operating results of certain stores in Fiscal 2022, Fiscal 2021, and Fiscal 2020. Impairment charges during these periods related to the following: (in thousands) Fiscal Years Ended Asset Categories January 28, January 29, January 30, Store fixtures and equipment $ 2,981 $ 3,163 $ 2,811 Leasehold improvements 2,097 3,330 1,665 Operating lease assets 1,286 202 1,373 Buildings 8,687 970 43 Land 4,968 — — Other assets 1,383 83 120 Total $ 21,402 $ 7,748 $ 6,012 The Company recorded impairment charges related to store-level assets for 16 stores during Fiscal 2022, nine stores during Fiscal 2021 , and 14 stores during Fiscal 2020. Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of ASC Topic No. 820 “Fair Value Measurements” (Topic No. 820). Refer to Note 15, “Fair Value of Financial Instruments,” for further discussion of the Company’s fair value hierarchy. The fair value of the Company’s long-lived assets is calculated us ing a discounted cash-flow model that used level 3 inputs. In calculating future cash flows, the Company makes estimates regarding future operating results and market rent rates, based on its experience and knowledge of market factors in which the retail location is located. The assets impaired had a remaining carrying value after impairments of $ 99.0 million, $ 63.4 million, and $ 30.5 million during Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively, primarily related to the right-of-use assets. |
Long Term Debt
Long Term Debt | 12 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 7. Long Term Debt Long term debt consists of: (in thousands) January 28, January 29, 2023 2022 Senior secured term loan facility (Term B-6 Loans), LIBOR (with a floor of 0.00 %) plus 2.00 %, matures on June 24, 2028 $ 942,012 $ 950,676 Convertible senior notes, 2.25 %, matures on April 15, 2025 507,687 572,322 ABL senior secured revolving facility, SOFR plus spread based on average outstanding balance, matures on December 22, 2026 — — Finance lease obl igations 33,447 43,945 Unamortized deferred financing costs ( 7,440 ) ( 11,484 ) Total debt 1,475,706 1,555,459 Less: current maturities ( 13,634 ) ( 14,357 ) Long term debt, net of current maturities $ 1,462,072 $ 1,541,102 Term Loan Facility On June 24, 2021, BCFWC entered into Amendment No. 9 (the Ninth Amendment) to the Term Loan Credit Agreement governing the Term Loan Facility. The Ninth Amendment, among other things, extended the maturity date from November 17, 2024 to June 24, 2028 , and changed the interest rate margins applicable to the Term Loan Facility from 0.75 % to 1.00 %, in the case of prime rate loans, and from 1.75 % to 2.00 %, in the case of LIBOR loans, with a 0.00 % LIBOR floor. This amendment also requires quarterly principal payments of $ 2.4 million. In connection with the execution of the Ninth Amendment, the Company incurred fees of $ 3.3 million, primarily related to legal and placement fees, which were recorded in the line item “Costs related to debt issuances and amendments” in the Company’s Consolidated Statement of Income (Loss). Additionally, the Company recognized a loss on the extinguishment of debt of $ 1.2 million, representing the write-off of unamortized deferred financing costs and original issue discount, which was recorded in the line item “Loss on extinguishment of debt” in the Company’s Consolidated Statement of Income (Loss). The Term Loan Facility is collateralized by a first lien on the Company's favorable leases, real estate and property & equipment and a second lien on the Company's inventory and receivables. Interest rates for the Term Loan Facility are based on: (i) for LIBOR rate loans for any interest period, at a rate per annum equal to the greater of (x) the LIBOR rate, as determined by the Term Loan Facility Administrative Agent, for such interest period multiplied by the Statutory Reserve Rate (as defined in the Term Loan Credit Agreement), and (y) 0.00 % (the Term Loan Adjusted LIBOR Rate), plus an applicable margin; and (ii) for prime rate loans, a rate per annum equal to the highest of (a) the variable annual rate of interest then announced by JPMorgan Chase Bank, N.A. at its head office as its “prime rate,” (b) the federal reserve bank of New York rate in effect on such date plus 0.50 % per annum, and (c) the Term Loan Adjusted LIBOR Rate for the applicable class of term loans for one-month plus 1.00 %, plus, in each case, an applicable margin. As of January 28, 2023 , the Company’s borrowing rate related to the Term Loan Facility was 6.4 %. Convertible Notes On April 16, 2020, the Company issued $ 805.0 million of its 2.25 % Convertible Senior Notes due 2025 (Convertible Notes). The Convertible Notes are general unsecured obligations of the Company. The Convertible Notes bear interest at a rate of 2.25 % per year, payable semi-annually in cash, in arrears, on April 15 and October 15 of each year, beginning on October 15, 2020 . The Convertible Notes will mature on April 15, 2025 , unless earlier converted, redeemed or repurchased. On August 5, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments. The Company elected to early adopt this ASU as of the beginning of Fiscal 2021, using the modified retrospective method of transition. As a result of adopting the guidance, the Company is no longer separating the Convertible Notes into debt and equity components, and is instead accounting for it wholly as debt. Prior periods have not been restated. During the second half of Fiscal 2021, the Company entered into separate, privately negotiated exchange agreements with certain holders of the Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $ 232.7 million in aggregate principal amount of Convertible Notes held by them for a combination of an aggregate of $ 199.8 million in cash and 513,991 shares of the Company's common stock. During the first quarter of Fiscal 2022, the Company entered into separate, privately negotiated exchange agreements with certain holders of the Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $ 64.6 million in aggregate principal amount of Convertible Notes held by them for $ 78.2 million in cash. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $ 14.7 million and $12 4.6 million during Fiscal 2022 and Fiscal 2021, respectively. Subsequent to January 28, 2023 (March 7, 2023), the Company entered into separate, privately negotiated exchange agreements with certain holders of its Convertible Notes. Under the terms of the exchange agreements, the holders have agreed to exchange $ 110.3 million in aggregate principal amount of Convertible Notes held by them for $ 133.3 million in cash. Prior to the close of business on the business day immediately preceding January 15, 2025, the Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Convertible Notes have an initial conversion rate of 4.5418 shares per $ 1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $ 220.18 per share of the Company’s common stock), subject to adjustment if certain events occur. The initial conversion price represents a conversion premium of approximately 32.50 % over $ 166.17 per share, the last reported sale price of the Company’s common stock on April 13, 2020 (the pricing date of the offering) on the New York Stock Exchange. During the first quarter of Fiscal 2021, the Company made an irrevocable settlement election for any conversions of the Convertible Notes. Upon conversion, the Company will pay cash for the principal amount. For any excess above principal, the Company will deliver shares of its common stock. The Company may not redeem the Convertible Notes prior to April 15, 2023. On or after April 15, 2023, the Company will be able to redeem for cash all or any portion of the Convertible Notes, at its option, if the last reported sale price of the Company’s common stock is equal to or greater than 130 % of the conversion price for a specified period of time, at a redemption price equal to 100 % of the principal aggregate amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Holders of the Convertible Notes may require the Company to repurchase their Convertible Notes upon the occurrence of certain events that constitute a fundamental change under the indenture governing the Convertible Notes at a purchase price equal to 100 % of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their Convertible Notes in connection with such corporate event or during the relevant redemption period for such Convertible Notes. The effective interest rate is 2.8 %. The Convertible Notes consist of the following components as of the dates indicated: (in thousands) January 28, January 29, 2023 2022 Principal $ 507,687 $ 572,322 Unamortized deferred debt costs ( 5,992 ) ( 9,761 ) Net carrying amount $ 501,695 $ 562,561 Interest expense related to the Convertible Notes consists of the following as of the periods indicated: (in thousands) Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Coupon interest $ 11,564 $ 16,313 $ 14,375 Amortization of debt discount — — 23,988 Amortization of deferred debt costs 2,717 3,742 2,173 Convertible Notes interest expense $ 14,281 $ 20,055 $ 40,536 Secured Notes On April 16, 2020, BCFWC issued $ 300.0 million of 6.25 % Senior Secured Notes due 2025 (Secured Notes). The Secured Notes were senior, secured obligations of BCFWC, and interest was payable semiannually in cash, in arrears, at a rate of 6.25 % per annum on April 15 and October 15 of each year, beginning on October 15, 2020 . The Secured Notes were guaranteed on a senior secured basis by Burlington Coat Factory Holdings, LLC, Burlington Coat Factory Investments Holdings, Inc. and BCFWC’s subsidiaries that guarantee the loans under the Term Loan Facility. On June 11, 2021, BCFWC redeemed the full $ 300.0 million aggregate principal amount of the Secured Notes. The redemption price of the Secured Notes was $ 323.7 million, plus accrued and unpaid interest to, but not including, the date of redemption. This redemption resulted in a pre-tax debt extinguishment charge of $ 30.2 million in Fiscal 2021. ABL Line of Credit The aggregate amount of commitments under the Second Amended and Restated Credit Agreement (as amended, supplemented and otherwise modified, the Amended ABL Credit Agreement) is $ 900.0 million (subject to a borrowing base limitation) and, subject to the satisfaction of certain conditions, the Company can increase the aggregate amount of commitments up to $ 1,200 million. The interest rate margin applicable under the Amended ABL Credit Agreement in the case of loans drawn at the Secured Overnight Financing Rate (SOFR) is 1.125 % to 1.375 % in the case of a daily SOFR rate or a term SOFR rate (in each case, plus a credit spread adjustment of 0.10 %), and 0.125 % to 0.375 % in the case of a prime rate, depending on the average daily availability of the lesser of (a) the total commitments or (b) the borrowing base. The ABL Line of Credit is collateralized by a first priority lien on the Company’s and each guarantor's inventory, receivables, bank accounts, and certain related assets and proceeds thereof (subject to certain exceptions), and a second priority lien on the Company's and each guarantor's other assets and proceeds thereof (other than real estate and subject to certain exceptions). The Company believes that the Amended ABL Credit Agreement provides the liquidity and flexibility to meet its operating and capital requirements over the remaining term of the ABL Line of Credit. Further, the calculation of the borrowing base under the Amended ABL Credit Agreement allows for increased availability with respect to inventory during the period from (i) August 1st through November 30th of each year or (ii) after 2023, a 120 day period selected by the Company commencing after February 15 of the applicable year and ending on or before December 15 of such year. On March 17, 2020, the Company borrowed $ 400.0 million under the ABL Line of Credit as a precautionary measure in order to increase the Company’s cash position and facilitate financial flexibility in light of the uncertainty resulting from COVID-19. The Company repaid $ 150.0 million of this amount during the second quarter of Fiscal 2020, and the remaining $ 250.0 million during the fourth quarter of Fiscal 2020. On December 22, 2021, the Company finalized an extension of its current ABL line of credit. This extension increased the aggregate principal amount of the commitments from $ 600 million to $ 650 million, extended the maturity date to December 22, 2026 , and reduced the interest rate margins applicable to the Company’s ABL facility. On July 20, 2022, BCFWC entered into a Fourth Amendment to Second Amended and Restated Credit Agreement (the “Amendment”). The Amendment increased the aggregate principal amount of the commitments of its ABL Line of Credit from $ 650.0 million to $ 900.0 million and replaced the LIBOR-based interest rate benchmark provisions with interest rate benchmark provisions based on a term secured overnight financing rate (SOFR) or a daily SOFR rate (in the case of daily SOFR, available for borrowings up to $ 100 million, or up to the full amount of the commitments if the term SOFR rate is not available ). At January 29, 2022 , the Company had $ 594.6 million available under the ABL Line of Credit. The Company did not have any borrowings during Fiscal 2021. At January 28, 2023 , the Company had $ 795.7 million available under the ABL Line of Credit. The Company did no t have any borrowings during Fiscal 2022. Deferred Financing Costs The Company had $ 2.8 million in deferred financing costs associated with its ABL Line of Credit as of both January 28, 2023 and January 29, 2022 , which are recorded in the line item “Other assets” in the Company’s Consolidated Balance Sheets. In addition, the Company had $ 7.4 million and $ 11.5 million of deferred financing costs associated with its Term Loan Facility and Convertible Notes, recorded in the line item “Long term debt” in the Company’s Consolidated Balance Sheets as of January 28, 2023 and January 29, 2022, respectively. Amortization of deferred financing costs amounted to $ 3.6 million, $ 5.3 million and $ 4.5 million during Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively, which was included in the line item “Interest expense” in the Company’s Consolidated Statements of Income (Loss). Amortization expense related to the deferred financing costs as of January 28, 2023 for each of the next five fiscal years and thereafter is estimated to be as follows: Fiscal Years (in thousands) 2023 $ 3,724 2024 3,714 2025 1,538 2026 904 2027 262 Thereafter 105 Total $ 10,247 Deferred financing costs have a weighted average amortization period of approximately 3.1 years. Scheduled Maturities Scheduled maturities of the Company’s long term debt obligations, as they exist as of January 28, 2023, in each of the next five fiscal years and thereafter are as follows: (in thousands) Total Debt Fiscal Years: 2023 $ 13,634 2024 13,808 2025 519,591 2026 12,066 2027 12,199 Thereafter 916,830 Total 1,488,128 Less: unamortized discount ( 4,982 ) Less: unamortized deferred financing costs ( 7,440 ) Total debt $ 1,475,706 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Jan. 28, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 8. Derivative Instruments and Hedging Activities The Company accounts for derivatives and hedging activities in accordance with ASC Topic No. 815 “Derivatives and Hedging” (Topic No. 815). Topic No. 815 provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (i) how and why an entity uses derivative instruments, (ii) how the entity accounts for derivative instruments and related hedged items, and (iii) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. As required by Topic No. 815, the Company records all derivatives on the balance sheet at fair value and adjusts them to market on a quarterly basis. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company has used interest rate swap contracts to add stability to interest expense and to manage its exposure to interest rate movements. The fair value of these contracts are determined using the market standard methodology of discounted future variable cash flows. The variable cash flows of the interest rate swap contract are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise or fall compared to current levels in conjunction with the fixed cash payments. The variable interest rates used in the calculation of projected receipts on the swap contracts are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. In addition, to comply with the provisions of Topic No. 820, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees. In accordance with Topic No. 820, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. There is no impact of netting because the Company only has the one derivative mentioned above. Although the Company has determined that the majority of the inputs used to value its derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of January 28, 2023 and January 29, 2022, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustment is not significant to the overall valuation of its derivative portfolios. As a result, the Company classifies its derivative valuations in Level 2 of the fair value hierarchy. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company uses derivative financial instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk On June 24, 2021, the Company terminated its previous interest rate swap, and entered into a new interest rate swap, which hedges $ 450 million of the variable rate exposure on the Term Loan Facility at a blended rate of 2.19 %. This derivative contract was designated as a cash flow hedge. The amount of loss deferred for the previous interest rate swap was $ 26.9 million. The Company is amortizing this amount from accumulated other comprehensive loss into interest expense over the original life of the previous interest rate swap, which had an original maturity date of December 29, 2023 . The current interest rate swap had a liability fair value at inception of $ 26.9 million. The Company will accrete this amount into accumulated other comprehensive income as a benefit to interest expense over the life of the new interest rate swap, which has a maturity date of June 24, 2028 . During Fiscal 2022, the Company’s derivative was used to hedge the variable cash flows associated with existing variable-rate debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in the line item “Accumulated other comprehensive loss” on the Company’s Consolidated Balance Sheets and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to the Company’s derivative contracts will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of January 28, 2023 , the Company estimates that $ 5.7 million will be reclassified as a reduction to interest expense during the next twelve months. As of January 28, 2023, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk: Interest Rate Derivative Number of Notional Aggregate Principal Amount Interest Swap Rate Maturity Date Interest rate swap contract One $ 450.0 million 2.19 % June 24, 2028 Tabular Disclosure The tables below present the fair value of the Company’s derivative financial instruments on a gross basis, as well as their classification on the Company’s Consolidated Balance Sheets: (in thousands) Fair Values of Derivative Instruments January 28, 2023 January 29, 2022 Derivatives Designated as Hedging Instruments Balance Fair Balance Fair Interest rate swap contracts Other assets $ 29,152 Other liabilities $ 10,968 The following table presents the unrealized losses deferred to accumulated other comprehensive loss resulting from the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Fiscal Year Ended Interest Rate Derivatives: January 28, 2023 January 29, 2022 January 30, 2021 Unrealized gains (losses), before taxes $ 37,864 $ 10,914 $ ( 15,606 ) Income tax (expense) benefit ( 10,138 ) ( 2,983 ) 4,148 Unrealized gains (losses), net of taxes $ 27,726 $ 7,931 $ ( 11,458 ) The following table presents information about the reclassification of losses from accumulated other comprehensive loss into earnings related to the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Fiscal Year Ended Component of Earnings: January 28, 2023 January 29, 2022 January 30, 2021 Interest expense $ 7,479 $ 14,608 $ 10,198 Income tax benefit ( 2,016 ) ( 3,965 ) ( 2,795 ) Net reclassification into earnings $ 5,463 $ 10,643 $ 7,403 |
Capital Stock
Capital Stock | 12 Months Ended |
Jan. 28, 2023 | |
Capital Stock [Abstract] | |
Capital Stock | . Capital Stock Common Stock As of January 28, 2023 , the total amount of the Company’s authorized capital stock consisted of 500,000,000 shares of common stock, par value $ 0.0001 per share, and 50,000,000 shares of undesignated preferred stock, par value of $ 0.0001 per share. The Company’s common stock is not entitled to preemptive or other similar subscription rights to purchase any of the Company’s securities. The Company’s common stock is neither convertible nor redeemable. Unless the Company’s Board of Directors determines otherwise, the Company will issue all of the Company’s capital stock in uncertificated form. Preferred Stock The Company does not have any shares of preferred stock issued or outstanding. The Company’s Board of Directors has the authority to issue shares of preferred stock from time to time on terms it may determine, to divide shares of preferred stock into one or more series and to fix the designations, preferences, privileges, and restrictions of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, sinking fund terms, and the number of shares constituting any series or the designation of any series to the fullest extent permitted by the General Corporation Law of the State of Delaware. The issuance of the Company’s preferred stock could have the effect of decreasing the trading price of the Company’s common stock, restricting dividends on the Company’s capital stock, diluting the voting power of the Company’s common stock, impairing the liquidation rights of the Company’s capital stock, or delaying or preventing a change in control of the Company. Dividend Rights Each holder of shares of the Company’s capital stock will be entitled to receive such dividends and other distributions in cash, stock or property as may be declared by the Company’s Board of Directors from time to time out of the Company’s assets or funds legally available for dividends or other distributions. These rights are subject to the preferential rights of any other class or series of the Company’s preferred stock. Treasury Stock The Company accounts for treasury stock under the cost method. During Fiscal 2022, the Company acquired 75,710 shares of common stock from employees for approximately $ 14.2 million to satisfy their minimum statutory tax withholdings related to the vesting of restricted stock awards, which was recorded in the line item “Treasury stock” on the Company’s Consolidated Balance Sheets, and the line item “Purchase of treasury shares” on the Company’s Consolidated Statements of Cash Flows. Share Repurchase Program On August 18, 2021, the Company’s Board of Directors authorized the repurchase of up to $ 400.0 million of common stock, which was authorized to be executed through August 2023 . This authorization was completed during the second quarter of Fiscal 2022. On February 16, 2022, the Company's Board of Directors authorized the repurchase of up to $ 500.0 million of common stock, which is authorized to be executed through February 2024 . These repurchase programs are funded using the Company’s available cash and borrowings under the ABL Line of Credit. During Fiscal 2022, the Company repurchased 1,756,811 shares of common stock for $ 302.7 million under its share repurchase program. As of January 28, 2023, the Company had $ 347.3 million remaining under its share repurchase authorization. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Jan. 28, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 10. Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding. Dilutive net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company’s stock option, restricted stock and restricted stock unit awards, and the if-converted method for the Convertible Notes. (in thousands, except per share data) Fiscal Year Ended January 28, January 29, January 30, 2023 2022 2021 Basic net income (loss) per share Net income (loss) $ 230,123 $ 408,839 $ ( 216,499 ) Weighted average number of common shares – basic 65,637 66,588 65,962 Net income (loss) per common share – basic $ 3.51 $ 6.14 $ ( 3.28 ) Diluted net income per share Net income (loss) $ 230,123 $ 408,839 $ ( 216,499 ) Shares for basic and diluted net income (loss) per share: Weighted average number of common shares – basic 65,637 66,588 65,962 Assumed exercise of stock options and vesting of restricted stock 264 685 — Assumed conversion of convertible debt — 853 — Weighted average number of common shares – diluted 65,901 68,126 65,962 Net income (loss) per common share – diluted $ 3.49 $ 6.00 $ ( 3.28 ) All of the Company’s stock option, restricted stock and restricted stock unit awards have an anti-dilutive effect while in a net loss position. Approximately 1,068,000 shares, 177,000 shares and 1,960,000 shares were excluded from diluted net income (loss) per share for Fiscal 2022, Fiscal 2021 and Fiscal 2020 , respectively, since their effect was anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation The Company’s 2013 Omnibus Incentive Plan (the 2013 Plan), originally adopted effective prior to and in connection with the Company’s initial public offering, was amended and restated effective May 17, 2017. On May 18, 2022, the Company's stockholders approved the Company's 2022 Omnibus Incentive Plan (the 2022 Plan), which replaced the 2013 Plan. The 2013 Plan provided, prior to its termination, and the 2022 Plan provides for the granting of stock options, restricted stock and other forms of awards to key employees and directors of the Company or its affiliates. The Company accounts for awards issued under the Plans in accordance with Topic No. 718. As of January 28, 2023 , there were 6,281,887 shares of common stock available for issuance under the Company's 2022 Omnibus Incentive Plan. Non-cash stock compensation expense is as follows: (in thousands) Fiscal Year Ended January 28, January 29, January 30, Type of Non-Cash Stock Compensation 2023 2022 2021 Restricted stock and restricted stock unit grants (a) $ 37,749 $ 30,525 $ 25,258 Stock option grants (a) 19,274 18,909 20,038 Performance stock unit grants (a) 10,457 9,112 10,549 Total (b) $ 67,480 $ 58,546 $ 55,845 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income (Loss). (b) The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $ 12.5 million, $ 10.3 million and $ 9.1 million during Fiscal 2022, Fiscal 2021 and Fiscal 2020 , respectively. Stock Options Options granted during Fiscal 2022, Fiscal 2021 and Fiscal 2020, were all service-based awards granted under the Plans at the following exercise prices: Exercise Price Ranges From To Fiscal 2022 $ 115.65 $ 236.93 Fiscal 2021 $ 219.08 $ 342.03 Fiscal 2020 $ 179.46 $ 246.97 All awards granted during Fiscal 2022, Fiscal 2021 and Fiscal 2020 generally vest in either one-fourth annual increments or one-third annual increments (subject to continued employment through the applicable vesting date). The final exercise date for any option granted is the tenth anniversary of the grant date. Options granted during Fiscal 2022, Fiscal 2021 and Fiscal 2020 become exercisable if the grantee’s employment is terminated without cause or, in some instances, the recipient resigns with good reason, within a certain period of time following a change in control. Unless determined otherwise by the plan administrator, upon cessation of employment other than for cause, the majority of options that have not vested will terminate immediately, and unexercised vested options will be exercisable for a period of 60 to 180 days . As of January 28, 2023, the Company had 1,218,101 options outstanding to purchase shares of common stock, and there was $ 35.9 million of unearned non-cash stock-based option compensation that the Company expects to recognize as expense over a weighted average period of 2.6 years. The awards are expensed on a straight-line basis over the requisite service period. Stock option transactions during Fiscal 2022 are summarized as follows: Number of Weighted Options outstanding, January 29, 2022 1,097,558 $ 181.17 Options granted 332,788 201.76 Options exercised (a) ( 168,720 ) 122.05 Options forfeited ( 43,525 ) 228.02 Options outstanding, January 28, 2023 1,218,101 $ 193.31 (a) Options exercised during Fiscal 2022 had a total intrinsic value of $11.4 million. The following table summarizes information about the stock options vested and expected to vest during the contractual term, as well as options exercisable: Options Weighted Weighted Aggregate Options vested and expected to vest 1,218,101 7.1 $ 193.31 $ 57.2 Options exercisable 623,673 5.8 $ 165.27 $ 42.6 During Fiscal 2022, the fair value of each stock option granted was estimated on the date of grant using the Black Scholes option pricing model. The fair value of each stock option granted during Fiscal 2022 was estimated using the following assumptions: Fiscal Year Ended January 28, 2023 Risk-free interest rate 1.13 % - 2.78 % Expected volatility 32 % - 34 % Expected life (years) 6.25 Contractual life (years) 10.0 Expected dividend yield 0 % Weighted average grant date fair value of options issued $ 75.51 The expected dividend yield was based on the Company’s expectation of not paying dividends in the near term. To evaluate its volatility factor, the Company uses the historical volatility of its stock price, as well as the historical volatility of the stock price of peer companies that are publicly traded over the expected life of the options. The risk free interest rate was based on the U.S. Treasury rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the awards being valued. For grants issued during Fiscal 2022, Fiscal 2021 and Fiscal 2020, the expected life of the options was calculated using the simplified method. The simplified method defines the life as the average of the contractual term of the options and the weighted average vesting period for all option tranches. This methodology was utilized due to the relatively short length of time the Company’s common stock has been publicly traded. Restricted Stock Awards Restricted stock awards granted during Fiscal 2022 were all service-based awards. The fair value of each unit of restricted stock granted during Fiscal 2022 was based upon the closing price of the Company’s common stock on the grant date. Certain awards outstanding as of January 28, 2023 cliff vest at the end of a designated service period, ranging from two years to four years from the grant date. Awards granted to non-employee members of the Company’s Board of Directors vest 100 % on the first anniversary of the grant date. The remaining awards outstanding as of January 28, 2023 have graded vesting provisions that generally vest in one-fourth annual increments or one-third annual increments (subject to continued employment through the applicable vesting date). Following a change of control, all unvested restricted stock awards shall remain unvested, provided, however, that 100 % of such shares shall vest if, following such change of control, the employment of the recipient is terminated without cause or, in some instances, the recipient resigns with good reason, within a certain period of time following a change in control. As of January 28, 2023 , there was approximately $ 69.9 million of unearned non-cash stock-based compensation related to restricted stock awards that the Company expects to recognize as expense over a weighted average period of 2.4 years. The awards are expensed on a straight-line basis over the requisite service periods. Award grant, vesting and forfeiture transactions during Fiscal 2022 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 29, 2022 368,158 $ 233.00 Awards granted 267,145 201.11 Awards vested (a) ( 132,880 ) 205.07 Awards forfeited ( 24,982 ) 233.52 Non-vested awards outstanding, January 28, 2023 477,441 222.90 (a) Restricted stock awards vested during Fiscal 2022 had a total intrinsic value of $ 25.2 million. Performance Share Units The Company grants performance-based restricted stock units to its senior executives. The fair value of each unit of performance stock granted during Fiscal 2022 was based upon the closing price of the Company’s common stock on the grant date. Vesting of the performance stock units granted in Fiscal 2020 and Fiscal 2021 is based on continued service and the achievement of pre-established EBIT margin expansion and sales compounded annual growth rate (CAGR) goals (each weighted equally) over a three-year performance period. Vesting of the performance stock units granted in Fiscal 2022 will be based on continued service and the achievement of pre-established adjusted net income per share growth over a three-year performance period. Based on the Company’s achievement of these goals, each award may be earned up to 200 % of the target award. In the event that actual performance is below threshold, no award will be made. Compensation costs recognized on the performance stock units are adjusted, as applicable, for performance above or below the target specified in the award. As of January 28, 2023 , there was approximately $ 20.4 million of unearned non-cash stock-based compensation related to performance share units that the Company expects to recognize as expense over a weighted average period of 1.8 years. The awards are expensed on a straight-line basis over the requisite service periods. Performance share unit transactions during Fiscal 2022 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 29, 2022 186,436 $ 215.90 Awards granted (a) 107,476 204.27 Awards vested (a) (b) ( 81,440 ) 173.84 Awards forfeited ( 16,172 ) 227.12 Non-vested awards outstanding, January 28, 2023 196,300 226.05 (a) Inclusive of awards distributed in connection with the final settlement of the performance-based stock awards granted in Fiscal 2019. (b) Performance-based stock awards vested during Fiscal 2022 had a total intrinsic value of $ 15.4 million. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Lease Commitments | 12. Lease Commitments The Company’s leases primarily consist of stores, distribution facilities and office space under operating and finance leases that will expire principally during the next 30 years. The leases typically include renewal options at five year intervals and escalation clauses. Lease renewals are only included in the lease liability to the extent that they are reasonably assured of being exercised. The Company’s leases typically provide for contingent rentals based on a percentage of gross sales. Contingent rentals are not included in the lease liability, and they are recognized as variable lease cost when incurred. The following is a schedule of the Company’s future lease payments: (in thousands) Fiscal Year Operating Finance 2023 $ 550,636 $ 5,906 2024 540,446 5,733 2025 505,732 3,604 2026 466,983 3,640 2027 425,119 3,640 Thereafter 1,433,239 24,233 Total future minimum lease payments 3,922,155 46,756 Amount representing interest ( 695,752 ) ( 13,309 ) Total lease liabilities 3,226,403 33,447 Less: current portion of lease liabilities ( 401,111 ) ( 4,020 ) Total long term lease liabilities $ 2,825,292 $ 29,427 Weighted average discount rate 4.9 % 6.1 % Weighted average remaining lease term (years) 8.1 11.9 The above schedule excludes approximately $ 409.5 million for 75 stores that the Company has committed to open or relocate but has not yet taken possession of the space. The following is a schedule of net lease costs for the years indicated: (in thousands) Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Finance lease cost: Amortization of finance lease asset (a) $ 4,210 $ 4,554 $ 5,907 Interest on lease liabilities (b) 2,561 3,111 3,394 Operating lease cost (c) 523,980 468,349 441,089 Variable lease cost (c) 205,876 188,035 180,270 Total lease cost 736,627 664,049 630,660 Less all rental income (d) ( 5,650 ) ( 5,771 ) ( 5,010 ) Total net rent expense (e) $ 730,977 $ 658,278 $ 625,650 (a) Included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). (b) Included in the line item “Interest expense” in the Company’s Consolidated Statements of Income (Loss). (c) Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income (Loss). (d) Included in the line item “Other revenue” in the Company’s Consolidated Statements of Income (Loss). (e) Excludes an immaterial amount of short-term lease cost. Supplemental cash flow disclosures related to leases are as follows: (in thousands) Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (a) $ 525,098 $ 509,971 $ 409,750 Cash payments for the principal portion of finance lease liabilities (b) $ 4,455 $ 4,073 $ 3,269 Cash payments for the interest portion of finance lease liabilities (a) $ 2,561 $ 3,111 $ 3,394 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 712,688 $ 516,545 $ 413,068 (a) Included within operating activities in the Company’s Consolidated Statements of Cash Flows. (b) Included within financing activities in the Company’s Consolidated Statements of Cash Flows. |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Jan. 28, 2023 | |
Postemployment Benefits [Abstract] | |
Employee Retirement Plans | 13. Employee Retirement Plans The Company maintains separate defined contribution 401(k) retirement savings and profit-sharing plans covering employees in the United States and Puerto Rico who meet specified age and service requirements. The discretionary profit sharing component (which the Company has not utilized since 2005 and has no current plans to utilize) is entirely funded by the Company, and the Company also makes additional matching contributions to the 401(k) component of the plans. Participating employees can voluntarily elect to contribute a percentage of their earnings to the 401(k) component of the plans (up to certain prescribed limits) through a cash or deferred (salary deferral) feature qualifying under Section 401(k) of the Internal Revenue Code (401(k) Plan). The Company recorded $ 15.6 million, $ 11.4 million and $ 10.2 million of 401(k) Plan match expense during Fiscal 2022, Fiscal 2021 and Fiscal 2020 respectively, which is included in the line item “Selling, general and administrative expenses” on the Company’s Consolidated Statements of Income (Loss). |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Income (loss) before income taxes was as follows for Fiscal 2022, Fiscal 2021 and Fiscal 2020: (in thousands) Year Ended January 28, January 29, January 30, Domestic $ 297,440 $ 533,906 $ ( 441,473 ) Foreign 10,069 11,392 3,850 Total income (loss) before income taxes $ 307,509 $ 545,298 $ ( 437,623 ) Income tax expense (benefit) was as follows for Fiscal 2022, Fiscal 2021 and Fiscal 2020: (in thousands) Year Ended January 28, January 29, January 30, Current: Federal $ 86,299 $ 69,146 $ ( 210,304 ) State 13,494 11,546 12,964 Foreign 3,024 3,815 1,175 Subtotal 102,817 84,507 ( 196,165 ) Deferred: Federal ( 28,980 ) 32,217 13,600 State 2,796 19,272 ( 38,816 ) Foreign 753 463 257 Subtotal ( 25,431 ) 51,952 ( 24,959 ) Total income tax expense (benefit) $ 77,386 $ 136,459 $ ( 221,124 ) The tax rate reconciliations were as follows for Fiscal 2022, Fiscal 2021 and Fiscal 2020: Fiscal Year Ended January 28, January 29, January 30, Tax at statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 5.3 4.0 3.0 Excess tax benefit from stock compensation ( 0.2 ) ( 4.8 ) 7.2 Tax credits ( 2.2 ) ( 1.6 ) 1.8 Carryback tax rate differential — — 19.8 Non-deductible expenses 2.1 2.0 ( 1.8 ) Loss from extinguishment of convertible debt 0.9 4.4 — Other ( 1.7 ) — ( 0.5 ) Effective tax rate 25.2 % 25.0 % 50.5 % The tax effects of temporary differences are included in deferred tax accounts as follows: (in thousands) January 28, 2023 January 29, 2022 Tax Tax Tax Tax Non-current deferred tax assets and liabilities: Property and equipment basis adjustments $ — $ 231,426 $ — $ 253,097 Operating lease liability 830,029 — 745,300 — Operating lease asset — 764,446 — 687,128 Intangibles—indefinite-lived — 63,871 — 64,093 Employee benefit compensation 21,303 — 17,703 — State net operating losses (net of federal benefit) 11,323 — 25,450 — Tax credits 11,132 — 8,562 — Other — 3,770 4,103 — Valuation allowance ( 13,060 ) — ( 12,864 ) — Total non-current deferred tax assets and liabilities $ 860,727 $ 1,063,513 $ 788,254 $ 1,004,318 Net deferred tax liability $ 202,786 $ 216,064 As of January 28, 2023 , the Company has a deferred tax asset related to net operating losses of $ 11.3 million, inclusive of $ 11.0 million of state net operating losses which will expire at various dates between 2023 and 2041 and $ 0.3 million of deferred tax assets recorded for Puerto Rico net operating loss carry-forwards that will expire in 2025 . As of January 28, 2023 , the Company had tax credit carry-forwards of $ 11.1 million, inclusive of state tax credit carry-forwards of $ 10.4 million that will begin to expire in 2023 and $ 0.7 million of Puerto Rico alternative minimum tax (AMT) credits that have an indefinite life . As of January 29, 2022 , the Company had a deferred tax asset related to net operating losses of $ 25.5 million, inclusive of $ 25.2 million of state net operating losses, and $ 0.3 million of deferred tax assets recorded for Puerto Rico net operating loss carry-forwards. As of January 29, 2022 , the Company had tax credit carry-forwards of $ 8.6 million, inclusive of state tax credit carry-forwards of $ 7.7 million, and $ 0.9 million of Puerto Rico AMT credits. The Company believes that it is more likely than not that the benefit from certain state net operating loss carry forwards and credits will not be realized. In recognition of this risk, the Company has provided a valuation allowance of $ 3.3 million on state net operating losses and $ 9.5 million on state tax credit carry forwards. In addition, the Company believes that it is more likely than not that the benefit from Puerto Rico net operating loss carry-forwards will not be realized. As a result, it has provided for a full valuation allowance of $ 0.3 million. If the Company's assumptions change and it determines it will be able to realize these net operating losses or credits, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets as of January 28, 2023 will be recorded to the Company’s Consolidated Statement of Income (Loss). As of January 29, 2022 , the Company provided a total valuation allowance of $ 12.9 million, inclusive of $ 5.3 of valuation allowance related to state net operating losses, $ 7.3 million related to tax credit carry-forwards and $ 0.3 million related to Puerto Rico. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of interest and penalties) is as follows: (in thousands) Gross Balance at February 1, 2020 $ 8,077 Additions for tax positions of the current year — Additions for tax positions of prior years — Reduction for tax positions of prior years ( 1,269 ) Settlements ( 396 ) Lapse of statute of limitations ( 72 ) Balance at January 30, 2021 $ 6,340 Additions for tax positions of the current year — Additions for tax positions of prior years — Reduction for tax positions of prior years ( 783 ) Settlements — Lapse of statute of limitations ( 770 ) Balance at January 29, 2022 $ 4,787 Additions for tax positions of the current year — Additions for tax positions of prior years — Reduction for tax positions of prior years ( 782 ) Settlements — Lapse of statute of limitations ( 72 ) Balance at January 28, 2023 $ 3,933 As of January 28, 2023 , the Company reported total unrecognized benefits of $ 3.9 million, of which $ 3.1 million would affect the Company’s effective tax rate if recognized. As a result of previous positions taken and current period activity, the Company recorded a net benefit of $ 0.9 million of interest and penalties during Fiscal 2022 in the line item “Income tax expense (benefit)” in the Company’s Consolidated Statements of Income (Loss). Cumulative interest and penalties of $ 8.0 million are recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheet as of January 28, 2023. The Company recognizes interest and penalties related to unrecognized tax benefits as part of income taxes. Within the next twelve months, the Company does not expect any significant changes in its unrecognized tax benefits. As of January 29, 2022 , the Company reported total unrecognized benefits of $ 4.8 million, of which $ 3.8 million would affect the Company’s effective tax rate if recognized. As a result of previous positions taken, the Company recorded a net benefit of $ 1.2 million of interest and penalties during Fiscal 2021 in the line item “Income tax expense (benefit)” in the Company’s Consolidated Statements of Income (Loss). Cumulative interest and penalties of $ 9.1 million are recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheets as of January 29, 2022. The Company files tax returns in the U.S. federal jurisdiction, Puerto Rico, and various state jurisdictions. The Company is open to examination by the IRS under the applicable statutes of limitations for Fiscal Years 2019 through 2022 . The Company or its subsidiaries’ state and Puerto Rico income tax returns are open to audit for Fiscal Years 2018 through 2022 with a few exceptions, under the applicable statutes of limitations. There are ongoing state audits in several jurisdictions, and the Company has accrued for possible exposures as required under Topic No. 740. The Company does not expect the settlement of these audits to have a material impact to its financial results. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 15. Fair Value of Financial Instruments The Company accounts for fair value measurements in accordance with Topic No. 820 which defines fair value, establishes a framework for measurement and expands disclosure about fair value measurements. Topic No. 820 defines fair value 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 (exit price), and classifies the inputs used to measure fair value into the following hierarchy: Level 1: Quoted prices for identical assets or liabilities in active markets. Level 2: Quoted market prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Pricing inputs that are unobservable for the assets and liabilities, and include situations where there is little, if any, market activity for the assets and liabilities. The inputs into the determination of fair value require significant management judgment or estimation. The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments. Refer to Note 8, “Derivative Instruments and Hedging Activities,” for further discussion regarding the fair value of the Company’s interest rate swap contract. Refer to Note 6, “Impairment Charges,” for further discussion regarding the fair value of the Company's long-lived assets after impairment. Financial Assets The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of January 28, 2023 and January 29, 2022 are summarized below: (in thousands) Fair Value Measurements at January 28, January 29, 2023 2022 Level 1 Cash equivalents (including restricted cash equivalents) $ 548,986 $ 701,638 Financial Liabilities The fair values of the Company’s financial liabilities are summarized below: (in thousands) January 28, 2023 January 29, 2022 Principal Fair Principal Fair Term B-6 Loans $ 946,994 $ 938,708 $ 956,608 $ 955,412 Convertible Notes 507,687 619,409 572,322 724,703 ABL Line of Credit (a) — — — — Total debt (b) $ 1,454,681 $ 1,558,117 $ 1,528,930 $ 1,680,115 (a) To the extent the Company has any outstanding borrowings under the ABL Line of Credit, the fair value would approximate its reported value, because the interest rate is variable and reflects current market rates, due to its short term nature. (b) The table above excludes finance lease obligations, debt discount and deferred debt costs. The fair values presented herein are based on pertinent information available to management as of the respective year end dates. The estimated fair values of the Company’s debt are classified as Level 2 in the fair value hierarchy, and are based on current market quotes received from inactive markets. Although management is not aware of any factors that could significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and current estimates of fair value may differ from amounts presented herein. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Legal In the course of business, the Company is party to class or collective actions alleging violations of federal and state wage and hour and other labor statutes, representative claims under the California Private Attorneys’ General Act and various other lawsuits and regulatory proceedings from time to time including, among others, commercial, product, employee, customer, intellectual property, privacy and other claims. Actions against us are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. While no assurance can be given as to the ultimate outcome of these matters, the Company believes that the final resolution of these actions will not have a material adverse effect on the Company’s results of operations, financial position, liquidity or capital resources. Letters of Credit The Company had irrevocable letters of credit in the amounts of $ 51.1 million and $ 55.4 million as of January 28, 2023 and January 29, 2022, respectively. Letters of credit outstanding as of January 28, 2023 and January 29, 2022 amounted to $ 47.4 million and $ 48.4 million, respectively, guaranteeing performance under various lease agreements, insurance contracts, and utility agreements. The Company also had outstanding letters of credit arrangements in the aggregate amount of $ 3.7 million and $ 7.1 million at January 28, 2023 and January 29, 2022 , respectively, related to certain merchandising agreements. The Company had $ 795.7 million and $ 594.6 million available under the ABL Line of Credit as of January 28, 2023 and January 29, 2022, respectively. Inventory Purchase Commitments The Company had $ 1,049.0 million of purchase commitments related to goods that were not received as of January 28, 2023. Death Benefits In November 2005, the Company entered into agreements with three of the Company’s former executives whereby, upon each of their deaths, the Company will pay $ 1.0 million to each respective designated beneficiary. |
Schedule I-Condensed Financial
Schedule I-Condensed Financial Information of Registrant | 12 Months Ended |
Jan. 28, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I-Condensed Financial Information of Registrant | Schedule I CONDENSED FINANCIAL INFORMATION OF REGISTRANT Parent Company Information Burlington Stores, Inc. Condensed Statements of Income (Loss) and Comprehensive Income (Loss) Fiscal Years Ended January 28, January 29, January 30, (in thousands) REVENUES: Total revenue $ — $ — $ — COSTS AND EXPENSES: Interest expense, net — — — Total costs and expenses — — — Income before provision for income tax — — — Provision for income tax — — — Earnings from equity investment, net of income taxes $ 230,123 $ 408,839 $ ( 216,499 ) Net income (loss) $ 230,123 $ 408,839 $ ( 216,499 ) Other comprehensive income (loss), net of tax: Interest rate derivative contracts: Net unrealized gains (losses) arising during the period 27,726 7,931 ( 11,458 ) Net reclassification into earnings during the period 5,463 10,643 7,403 Total comprehensive income (loss) $ 263,312 $ 427,413 $ ( 220,554 ) See Notes to Condensed Financial Statements CONDENSED FINANCIAL INFORMATION OF REGISTRANT Parent Company Information Burlington Stores, Inc. Condensed Balance Sheets As of January 28, January 29, (in thousands) ASSETS: Cash and cash equivalents $ 192 $ 503 Total current assets 192 503 Investment in subsidiaries 1,296,408 1,322,475 Total assets $ 1,296,600 $ 1,322,978 LIABILITIES AND STOCKHOLDERS’ EQUITY: Current liabilities $ — $ — Long term debt 501,695 562,561 Commitments and contingencies Total stockholders’ equity 794,905 760,417 Total liabilities and stockholders’ equity $ 1,296,600 $ 1,322,978 See Notes to Condensed Financial Statements CONDENSED FINANCIAL INFORMATION OF REGISTRANT Parent Company Information Burlington Stores, Inc. Condensed Statements of Cash Flows Fiscal Years Ended January 28, January 29, January 30, (in thousands) OPERATING ACTIVITIES: Net cash provided by operating activities $ — $ — $ — INVESTING ACTIVITIES: Net contribution from (payment to) subsidiaries 374,233 428,888 ( 753,404 ) Net cash provided by (used in) investing activities 374,233 428,888 ( 753,404 ) FINANCING ACTIVITIES: Proceeds from long term debt - Convertible Notes — — 805,000 Principal payment on long term debt—Convertible Notes ( 78,240 ) ( 201,695 ) — Purchase of treasury shares ( 316,896 ) ( 266,628 ) ( 65,526 ) Proceeds from stock option exercises 20,592 39,887 34,924 Deferred financing costs — — ( 20,994 ) Net cash provided by (used in) financing activities ( 374,544 ) ( 428,436 ) 753,404 Increase (Decrease) in cash and cash equivalents ( 311 ) 452 — Cash and cash equivalents at beginning of period 503 51 51 Cash and cash equivalents at end of period $ 192 $ 503 $ 51 See Notes to Condensed Financial Statements CONDENSED FINANCIAL INFORMATION OF REGISTRANT Parent Company Information Burlington Stores, Inc. Note 1. Basis of Presentation Burlington Stores, Inc. (the Parent Company) is a holding company that conducts substantially all of its business operations through its subsidiaries. The Parent Company’s ability to pay dividends on Parent Company’s common stock will be limited by restrictions on the ability of Parent Company's subsidiaries to pay dividends or make distributions under the terms of current and future agreements governing the indebtedness of Parent Company’s subsidiaries. In addition to other baskets under the agreements governing its indebtedness, the Parent Company and its subsidiaries are permitted to make dividends and distributions under the Term Loan Facility so long as there is no event of default and the consolidated leverage ratio of the Parent Company and its subsidiaries does not exceed 3.50 to 1.00, and under the ABL Line of Credit as long as certain restricted payment conditions are satisfied. The accompanying Condensed Financial Statements include the accounts of the Parent Company and, on an equity basis, its consolidated subsidiaries and affiliates. Accordingly, these Condensed Financial Statements have been presented on a “parent-only” basis. Under a parent-only presentation, the Parent Company’s investments in its consolidated subsidiaries are presented under the equity method of accounting. Other than debt related costs, the Parent Company incurs certain corporate costs which are borne by the Parent Company’s subsidiaries. Such costs are not significant. These parent-only financials statements are not the general-purpose financial statements of Burlington Stores, Inc., and they should be read in conjunction with Burlington Stores, Inc.’s audited Consolidated Financial Statements included elsewhere herein. Note 2. Dividends As discussed above, the terms of current and future agreements governing the indebtedness of the Parent Company and its subsidiaries include, or may include, limitations on the ability of such subsidiaries and the Parent Company to pay dividends, subject to certain exceptions set forth in such agreements. Note 3. Stock-Based Compensation Non-cash stock compensation expense of $ 67.5 million, $ 58.5 million and $ 55.8 million has been pushed down to Parent Company’s subsidiaries for Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively. Note 4. Long Term Debt On April 16, 2020, the Parent Company issued $ 805.0 million of Convertible Notes. The Convertible Notes are general unsecured obligations of the Parent Company. The Convertible Notes bear interest at a rate of 2.25 % per year, payable semi-annually in cash, in arrears, on April 15 and October 15 of each year, beginning on October 15, 2020 . The Convertible Notes will mature on April 15, 2025 , unless earlier converted, redeemed or repurchased. BCFWC and Burlington Merchandising Corporation, a Delaware corporation, wholly owned subsidiaries of the Company, have entered into a promissory note, in which they jointly and severally have promised to pay to the Parent an amount equal to the principal of the Convertible Notes. In connection with the promissory note, there was a $ 507.7 million and $ 572.3 million intercompany note receivable as of January 28, 2023 and January 29, 2022, respectively, related to the cash transferred to Parent subsidiaries for the Convertible Notes, which is included in the line item "Investment in subsidiaries" in the Condensed Balance Sheets. The interest rate and repayment terms of the intercompany note receivable are consistent with that of the Convertible Notes. The Convertible Notes consist of the following components as of the dates indicated: (in thousands) January 28, January 29, 2023 2022 Principal $ 507,687 $ 572,322 Unamortized deferred debt costs ( 5,992 ) ( 9,761 ) Net carrying amount $ 501,695 $ 562,561 During the second half of Fiscal 2021, the Parent Company entered into separate, privately negotiated exchange agreements with certain holders of the Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $ 232.7 million in aggregate principal amount of Convertible Notes held by them for a combination of an aggregate of $ 199.8 million in cash and 513,991 shares of the Parent Company's common stock. During the first quarter of Fiscal 2022, the Parent Company entered into separate, privately negotiated exchange agreements with certain holders of the Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $ 64.6 million in aggregate principal amount of Convertible Notes held by them for $ 78.2 million in cash. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $ 14.7 million and $ 124.6 million during Fiscal 2022 and Fiscal 2021, respectively. Furthermore, the intercompany note receivable was extinguished for the same terms, resulting in an offsetting gain on extinguishment, as reflected in the table below. Subsequent to January 28, 2023 (March 7, 2023), the Parent Company entered into separate, privately negotiated exchange agreements with certain holders of its Convertible Notes. Under the terms of the exchange agreements, the holders have agreed to exchange $ 110.3 million in aggregate principal amount of Convertible Notes held by them for $ 133.3 million in cash. Included in the Condensed Statements of Income (Loss) and Comprehensive Income (Loss) is the following for each of the periods indicated: (in thousands) Fiscal Year Ended January 28, January 29, January 30, Convertible Notes interest expense $ ( 14,281 ) $ ( 20,055 ) $ ( 40,536 ) Intercompany note receivable interest expense 14,281 20,055 40,536 Loss on extinguishment of Convertible Notes ( 14,657 ) ( 124,639 ) — Gain on extinguishment of intercompany note receivable 14,657 124,639 — Interest expense, net $ — $ — $ — Refer also to Note 7 to the Consolidated financial statements. Note 5. Capital Stock Treasury Stock The Parent Company accounts for treasury stock under the cost method. During Fiscal 2022, the Parent Company acquired 75,710 shares of common stock from employees for approximately $ 14.2 million to satisfy their minimum statutory tax withholdings related to the vesting of restricted stock awards, which was recorded in the line item “Purchase of treasury shares” on the Parent Company’s Condensed Statements of Cash Flows. Share Repurchase Program On August 18, 2021, the Parent Company’s Board of Directors authorized the repurchase of up to $ 400.0 million of common stock, which was authorized to be executed through August 2023. This authorization was completed during the second quarter of Fiscal 2022. On February 16, 2022, the Parent Company's Board of Directors authorized the repurchase of up to an additional $ 500.0 million of common stock, which is authorized to be executed through February 2024. During Fiscal 2022, the Parent Company repurchased 1,756,811 shares of common stock for $ 302.7 million under its share repurchase program. As of January 28, 2023, the Parent Company had $ 347.3 million remaining under its share repurchase authorization. |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Jan. 28, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II-Valuation and Qualifying Accounts and Reserves | BURLINGTON STORES, INC. Schedule II—Valuation and Qualifying Accounts and Reserves (All amounts in thousands) Description Balance at Charged Charged Accounts Balance at Year ended January 28, 2023 Allowance for doubtful accounts $ 3,305 $ 291 $ — $ 2,344 $ 1,252 Valuation allowances on deferred tax assets $ 12,864 $ — $ 196 $ — $ 13,060 Year ended January 29, 2022 Allowance for doubtful accounts $ 4,855 $ 185 $ — $ 1,735 $ 3,305 Valuation allowances on deferred tax assets $ 12,957 $ — $ ( 93 ) $ — $ 12,864 Year ended January 30, 2021 Allowance for doubtful accounts $ 795 $ 4,069 $ — $ 9 $ 4,855 Valuation allowances on deferred tax assets $ 9,842 $ — $ 3,115 $ — $ 12,957 Notes: (1) Amounts related to valuation allowances on deferred taxes are charged to income tax expense. (2) Actual allowances. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Business | Business As of January 28, 2023, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), has expanded its store base to 927 retail stores in 46 states and Puerto Rico. The Company sells in-season, fashion-focused merchandise at up to 60 % off other retailers’ prices, including: women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. As of January 28, 2023 , the Company operated stores under the names “Burlington Stores” ( 925 stores), and “Cohoes Fashions” ( 2 stores). Cohoes Fashions offers products similar to those offered by Burlington Stores. |
Basis of Consolidation and Presentation | Basis of Consolidation and Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. |
Fiscal Years | Fiscal Years The Company defines its fiscal year as the 52 or 53-week period ending on the Saturday closest to January 31. The fiscal years ended January 28, 2023 (Fiscal 2022), January 29, 2022 (Fiscal 2021 ) and January 30, 2021 (Fiscal 2020) each consisted of 52 weeks. |
Use of Estimates | Use of Estimates Certain amounts included in the Consolidated Financial Statements are estimated based on historical experience, currently available information and management’s judgment as to the expected outcome of future conditions and circumstances. While every effort is made to ensure the integrity of such estimates, actual results could differ from these estimates, and such differences could have a material impact on the Company’s Consolidated Financial Statements. |
COVID-19 | COVID-19 Results for Fiscal 2020 were significantly impacted by the COVID-19 pandemic. All the Company’s stores were temporarily closed for a portion of Fiscal 2020, resulting in a sales decline and higher inventory markdowns. These store closures did not repeat in Fiscal 2021 or Fiscal 2022. However, certain lingering economic effects of the pandemic did continue to impact results, including supply chain disruptions. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent cash and short-term, highly liquid investments with maturities of three months or less at the time of purchase. Book cash overdrafts are included in the line item “Accounts payable” on the Company’s Consolidated Balance Sheets. |
Accounts Receivable | Accounts Receivable Accounts receivable consist of credit card receivables, insurance receivables, interest receivables, and other receivables. Accounts receivable are recorded at net realizable value, which approximates fair value. The Company provides an allowance for doubtful accounts for amounts deemed uncollectible. |
Inventories | Inventories Merchandise inventories are valued at the lower of cost or market, as determined by the retail inventory method. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are calculated by applying a calculated cost to retail ratio to the retail value of inventories. The Company regularly records a provision for estimated shortage, thereby reducing the carrying value of merchandise inventory. Complete physical inventories of all of the Company’s stores and warehouses are performed no less frequently than annually, with the recorded amount of merchandise inventory being adjusted to coincide with these physical counts. The Company records its cost of merchandise (net of purchase discounts and certain vendor allowances), certain merchandise acquisition costs (primarily commissions and import fees), inbound freight, outbound freight from distribution centers, and freight on internally transferred merchandise in the line item “Cost of sales” in the Company’s Consolidated Statements of Income (Loss). Costs associated with the Company’s distribution, buying, and store receiving functions (product sourcing costs) are included in the line items “Selling, general and administrative expenses” and “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). Product sourcing costs included within the line item “Selling, general and administrative expenses” amounted to $ 677.6 million, $ 618.3 million and $ 433.8 million during Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively. Depreciation and amortization related to the distribution and purchasing functions for the same periods amounted to $ 56.3 million, $ 45.0 million and $ 30.8 million, respectively. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 20 to 40 years for buildings, depending upon the expected useful life of the facility, and 3 to 15 years for store fixtures and equipment. Leasehold improvements are amortized over the lease term, including any reasonably assured renewal options or the expected economic life of the improvement, whichever is less. Repairs and maintenance expenditures are expensed as incurred. Renewals and betterments, which significantly extend the useful lives of existing property and equipment, are capitalized. Assets recorded under capital leases are recorded at the present value of minimum lease payments and are amortized over the lease term. Amortization of assets recorded as capital leases is included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). The carrying value of all long-lived assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, in accordance with ASC Topic No. 360 “ Property, Plant, and Equipment” (Topic No. 360). Refer to Note 6, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset to undiscounted pre-tax future net cash flows expected to be generated by that asset. If the undiscounted future cash flows are not adequate to recover the carrying value of the asset, an impairment charge is recognized for the amount by which the carrying amount of the assets exceeds the fair value of such assets. Refer to Note 6, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets. |
Capitalized Computer Software Costs | Capitalized Computer Software Costs The Company accounts for capitalized software in accordance with ASC Topic No. 350 “Intangibles—Goodwill and Other” (Topic No. 350) which requires the capitalization of certain costs incurred in connection with developing or obtaining software for internal use. The Company capitalized $ 26.1 million, $ 25.3 million, and $ 12.2 million relating to these costs during Fiscal 2022, Fiscal 2021, and Fiscal 2020 , respectively. |
Intangible Assets | Intangible Assets The Company accounts for intangible assets in accordance with Topic No. 350. The Company’s intangible assets represent tradenames. The tradename asset “Burlington” is expected to generate cash flows indefinitely and, therefore, is accounted for as an indefinite-lived asset not subject to amortization. The Company evaluates its intangible assets for possible impairment as follows: Indefinite-lived intangible assets: The Company tests identifiable intangible assets with an indefinite life for impairment on an annual basis, or when a triggering event occurs, relying on a number of factors that include operating results, business plans and projected future cash flows. The impairment test consists of a comparison of the fair value of the indefinite-lived intangible asset with its carrying amount. The Company determines fair value through the relief of royalty method which is a widely accepted valuation technique. On the first business day of the second quarter, the Company’s annual assessment date, the Company performed a quantitative analysis and determined that the fair values of each of the Company’s identifiable intangible assets are greater than their respective carrying values. There were no impairment charges recorded during Fiscal 2022, Fiscal 2021 or Fiscal 2020 related to indefinite-lived intangible assets. |
Goodwill | Goodwill Goodwill represents the excess of the acquisition cost over the estimated fair value of tangible assets and other identifiable intangible assets acquired less liabilities assumed. Topic No. 350 requires a comparison, at least annually, of the carrying value of the assets and liabilities associated with a reporting unit, including goodwill, with the fair value of the reporting unit. The Company determines fair value through multiple widely accepted valuation techniques. These techniques use a variety of assumptions including projected market conditions, discount rates and future cash flows. If the carrying value of the assets and liabilities exceeds the fair value of the reporting unit, the Company would calculate the implied fair value of its reporting unit goodwill as compared with the carrying value of its reporting unit goodwill to determine the appropriate impairment charge. On the first business day of the second fiscal quarter, the Company’s annual assessment date, the Company performed a quantitative analysis and determined that the fair value of the Company’s reporting unit was greater than its carrying value. There were no impairment charges related to goodwill during Fiscal 2022, Fiscal 2021 or Fiscal 2020 . |
Other Assets | Other Assets Other assets consist primarily of landlord-owned store assets that the Company has paid for as part of its lease, deferred financing costs associated with the Company’s senior secured asset-based revolving credit facility (the ABL Line of Credit), and the fair value of derivative contracts. Landlord-owned assets represent leasehold improvements at certain stores for which the Company has paid and derives a benefit, but the landlord has retained title. These assets are amortized over the lease term inclusive of reasonably assured renewal options, and are included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). Deferred financing costs are amortized over the life of the ABL Line of Credit using the interest method of amortization. Amortization of deferred financing costs is recorded in the line item “Interest expense” in the Company’s Consolidated Statements of Income (Loss). |
Other Current Liabilities | Other Current Liabilities Other current liabilities primarily consist of accrued payroll costs, self-insurance reserves, customer liabilities, accrued operating expenses, sales tax payable, payroll taxes payable and other miscellaneous items. Customer liabilities totaled $ 36.0 million and $ 35.5 million as of January 28, 2023 and January 29, 2022, respectively. The Company has risk participation agreements with insurance carriers with respect to workers’ compensation, general liability insurance and health insurance. Pursuant to these arrangements, the Company is responsible for paying individual claims up to designated dollar limits. The amounts related to these claims are estimated and can vary based on changes in assumptions or claims experience included in the associated insurance programs. An increase in workers’ compensation claims, health insurance claims or general liability claims may result in a corresponding increase in costs related to these claims. Self-insurance reserves as of January 28, 2023 and January 29, 2022 were: (in thousands) January 28, January 29, Short-term self-insurance reserve(a) $ 35,808 $ 33,734 Long-term self-insurance reserve(b) 50,368 47,841 Total $ 86,176 $ 81,575 (a) Represents the portions of the self-insurance reserve expected to be paid in the next twelve months, which were recorded in the line item “Other current liabilities” in the Company’s Consolidated Balance Sheets. (b) Represents the portions of the self-insurance reserve expected to be paid in excess of twelve months, which was recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheets. |
Other Liabilities | Other Liabilities Other liabilities primarily consist of the long term portion of self-insurance reserves, the fair value of derivative contracts and tax liabilities associated with the uncertain tax positions recognized by the Company in accordance with ASC Topic No. 740 “Income Taxes” (Topic No. 740). |
Revenue Recognition | Revenue Recognition The Company records revenue at the time control of the goods are transferred to the customer, which the Company determines to be at point of sale and delivery of merchandise, net of allowances for estimated future returns, which is estimated based on historical return rates. The Company presents sales, net of sales taxes, in its Consolidated Statements of Income (Loss). The Company accounts for layaway sales in compliance with ASC Topic No. 606 “Revenue from Contracts with Customers” (Topic No. 606). Layaway sales are recognized upon delivery of merchandise to the customer. The amount of cash received upon initiation of the layaway is recorded as a deposit liability in the line item “Other current liabilities” in the Company’s Consolidated Balance Sheets. Stored value cards (gift cards and store credits issued for merchandise returns) are recorded as a liability at the time of issuance, and the related sale is recorded upon redemption. The Company determines an estimated stored value card breakage rate by continuously evaluating historical redemption data. Breakage income is recognized monthly in proportion to the historical redemption patterns for those stored value cards for which the likelihood of redemption is remote. |
Other Revenue | Other Revenue Other revenue consists of service fees (layaway and other miscellaneous service charges), subleased rental income and revenue from the Company's private label credit card (PLCC) as shown in the table below: (in thousands) Fiscal Years Ended January 28, January 29, January 30, Service fees $ 4,131 $ 3,178 $ 3,186 Subleased rental income and other 9,444 9,529 7,590 PLCC 4,484 3,000 1,663 Total $ 18,059 $ 15,707 $ 12,439 The Company has a private label credit card program, in which customers earn reward points for purchases made using the card. The Company reduces net sales for the dollar value of any points earned at the time of the initial transaction, and subsequently recognizes net sales at the time the points are redeemed or expired. The Company receives royalty revenue based on a percentage of all purchases made on the card, which is recognized within net sales at the time of the initial transaction. The Company also receives a fee for each card activated. Revenue from activation fees are deferred and amortized over the period the Company performs its obligations under the card to the customer. |
Advertising Costs | Advertising Costs The Company’s advertising costs consist primarily of video, audio and digital marketing. Advertising costs are expensed the first time the advertising takes place, and are included in the line item “Selling, general and administrative expenses” on the Company’s Consolidated Statements of Income (Loss). During Fiscal 2022, Fiscal 2021 and Fiscal 2020, advertising costs were $ 33.8 million, $ 48.5 million and $ 43.8 million, respectively. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with Topic No. 740. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. A valuation allowance against the Company’s deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, management is required to make assumptions and to apply judgment, including forecasting future earnings, taxable income, and the mix of earnings in the jurisdictions in which the Company operates. Management periodically assesses the need for a valuation allowance based on the Company’s current and anticipated results of operations. The need for and the amount of a valuation allowance can change in the near term if operating results and projections change significantly. Topic No. 740 requires the recognition in the Company’s Consolidated Financial Statements of the impact of a tax position taken or expected to be taken in a tax return, if that position is “more likely than not” to be sustained upon examination by the relevant taxing authority, based on the technical merits of the position. The tax benefits recognized in the Company’s Consolidated Financial Statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. The Company records interest and penalties related to unrecognized tax benefits as part of income taxes. |
Other Income, Net | Other Income, Net Other income, net, consists of gains and losses on insurance proceeds, interest income , net gains and losses on disposition of assets, gift card breakage, and other miscellaneous items . The Company recognized $ 3.0 million, $ 1.5 million and $ 3.2 million of gain on insurance recoveries during Fiscal 2022, Fiscal 2021 and Fiscal 2020 , respectively. The Company also recognized $ 3.7 million during Fiscal 2021 related to the sale of certain state tax credits. There were no sales of tax credits during Fiscal 2022 or Fiscal 2020. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and the effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges, less amounts reclassified into earnings. |
Lease Accounting | Lease Accounting The Company leases store locations, distribution centers and office space used in its operations. The Company accounts for these types of leases in accordance with ASC Topic No. 842, “Leases” (Topic No. 842), which requires that leases be evaluated and classified as operating or finance leases for financial reporting purposes. The lease liability is calculated as the present value of the remaining future lease payments over the lease term, including reasonably assured renewal options. The discount rates used in valuing the Company’s leases are not readily determinable, and are based on the Company’s incremental borrowing rate on a fully collateralized basis. In calculating its incremental borrowing rate, the Company uses a retail industry yield curve, adjusted for the Company’s credit profile. The right-of-use asset for operating leases is based on the lease liability plus initial direct costs and prepaid lease payments, less landlord incentives received. The Company’s operating lease cost, included in the line item “Selling, general and administrative expenses” on its Consolidated Statements of Income (Loss), includes amortization of right-of-use assets, interest on lease liabilities, as well as any variable and short-term lease cost. The Company commences recording operating lease cost when the underlying asset is made available for use. Assets held under finance leases are included in the line item “Property and equipment—net of accumulated depreciation and amortization” in the Company’s Consolidated Balance Sheets. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic No. 718, “Stock Compensation” (Topic No. 718), which requires companies to record stock compensation expense for all non-vested and new awards beginning as of the grant date and through the end of the vesting period. Refer to Note 11, “Stock-Based Compensation,” for further details. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Net income (loss) per share is calculated using the treasury stock method. Refer to Note 10, “Net Income (Loss) Per Share,” for further details. |
Credit Risk | Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and investments. The Company manages the credit risk associated with cash equivalents and investments by investing with high-quality institutions and, by policy, limiting investments only to those which meet prescribed investment guidelines. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks on its cash and cash equivalent accounts. |
Segment Information | Segment Information The Company reports segment information in accordance with ASC Topic No. 280 “Segment Reporting.” The Company has one reportable segment. The Company is an off-price retailer that offers customers a complete line of value-priced apparel, including: women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. Sales percentage by major product category is as follows: Category Fiscal 2022 Fiscal 2021 Fiscal 2020 Ladies apparel 22 % 23 % 20 % Accessories and shoes 24 % 23 % 24 % Home 21 % 20 % 21 % Mens apparel 17 % 16 % 16 % Kids apparel and baby 12 % 14 % 15 % Outerwear 4 % 4 % 4 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Self Insurance Reserves | Self-insurance reserves as of January 28, 2023 and January 29, 2022 were: (in thousands) January 28, January 29, Short-term self-insurance reserve(a) $ 35,808 $ 33,734 Long-term self-insurance reserve(b) 50,368 47,841 Total $ 86,176 $ 81,575 (a) Represents the portions of the self-insurance reserve expected to be paid in the next twelve months, which were recorded in the line item “Other current liabilities” in the Company’s Consolidated Balance Sheets. (b) Represents the portions of the self-insurance reserve expected to be paid in excess of twelve months, which was recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheets. |
Other Revenue | Other revenue consists of service fees (layaway and other miscellaneous service charges), subleased rental income and revenue from the Company's private label credit card (PLCC) as shown in the table below: (in thousands) Fiscal Years Ended January 28, January 29, January 30, Service fees $ 4,131 $ 3,178 $ 3,186 Subleased rental income and other 9,444 9,529 7,590 PLCC 4,484 3,000 1,663 Total $ 18,059 $ 15,707 $ 12,439 |
Sales Percentage by Major Product Category | Sales percentage by major product category is as follows: Category Fiscal 2022 Fiscal 2021 Fiscal 2020 Ladies apparel 22 % 23 % 20 % Accessories and shoes 24 % 23 % 24 % Home 21 % 20 % 21 % Mens apparel 17 % 16 % 16 % Kids apparel and baby 12 % 14 % 15 % Outerwear 4 % 4 % 4 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of: (in thousands) Useful Lives January 28, January 29, Land N/A $ 112,513 $ 148,144 Buildings 20 to 40 Years 394,798 490,698 Store fixtures and equipment 3 to 15 Years 1,414,220 1,300,997 Software 3 to 10 Years 332,509 307,077 Leasehold improvements Shorter of 881,695 828,095 Construction in progress N/A 250,160 128,673 Total property and equipment at cost 3,385,895 3,203,684 Less: accumulated depreciation and amortization ( 1,717,890 ) ( 1,651,447 ) Total property and equipment, net of accumulated $ 1,668,005 $ 1,552,237 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets at January 28, 2023 and January 29, 2022 consist primarily of tradenames. (in thousands) January 28, 2023 January 29, 2022 Gross Accumulated Net Gross Accumulated Net Tradenames $ 238,000 $ — $ 238,000 $ 238,000 $ — $ 238,000 |
Impairment Charges (Tables)
Impairment Charges (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment Charges | Impairment charges during these periods related to the following: (in thousands) Fiscal Years Ended Asset Categories January 28, January 29, January 30, Store fixtures and equipment $ 2,981 $ 3,163 $ 2,811 Leasehold improvements 2,097 3,330 1,665 Operating lease assets 1,286 202 1,373 Buildings 8,687 970 43 Land 4,968 — — Other assets 1,383 83 120 Total $ 21,402 $ 7,748 $ 6,012 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Long Term Debt | Long term debt consists of: (in thousands) January 28, January 29, 2023 2022 Senior secured term loan facility (Term B-6 Loans), LIBOR (with a floor of 0.00 %) plus 2.00 %, matures on June 24, 2028 $ 942,012 $ 950,676 Convertible senior notes, 2.25 %, matures on April 15, 2025 507,687 572,322 ABL senior secured revolving facility, SOFR plus spread based on average outstanding balance, matures on December 22, 2026 — — Finance lease obl igations 33,447 43,945 Unamortized deferred financing costs ( 7,440 ) ( 11,484 ) Total debt 1,475,706 1,555,459 Less: current maturities ( 13,634 ) ( 14,357 ) Long term debt, net of current maturities $ 1,462,072 $ 1,541,102 |
Schedule of Components of Convertible Notes | The Convertible Notes consist of the following components as of the dates indicated: (in thousands) January 28, January 29, 2023 2022 Principal $ 507,687 $ 572,322 Unamortized deferred debt costs ( 5,992 ) ( 9,761 ) Net carrying amount $ 501,695 $ 562,561 |
Schedule of Interest Expense Related to Convertible Notes | Interest expense related to the Convertible Notes consists of the following as of the periods indicated: (in thousands) Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Coupon interest $ 11,564 $ 16,313 $ 14,375 Amortization of debt discount — — 23,988 Amortization of deferred debt costs 2,717 3,742 2,173 Convertible Notes interest expense $ 14,281 $ 20,055 $ 40,536 |
Amortization Expense Related to Deferred Financing Fees | Amortization expense related to the deferred financing costs as of January 28, 2023 for each of the next five fiscal years and thereafter is estimated to be as follows: Fiscal Years (in thousands) 2023 $ 3,724 2024 3,714 2025 1,538 2026 904 2027 262 Thereafter 105 Total $ 10,247 |
Maturities of Long-Term Debt Obligations | Scheduled maturities of the Company’s long term debt obligations, as they exist as of January 28, 2023, in each of the next five fiscal years and thereafter are as follows: (in thousands) Total Debt Fiscal Years: 2023 $ 13,634 2024 13,808 2025 519,591 2026 12,066 2027 12,199 Thereafter 916,830 Total 1,488,128 Less: unamortized discount ( 4,982 ) Less: unamortized deferred financing costs ( 7,440 ) Total debt $ 1,475,706 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value of Company's Derivative Financial Instruments on Gross Basis as well as Classification | The tables below present the fair value of the Company’s derivative financial instruments on a gross basis, as well as their classification on the Company’s Consolidated Balance Sheets: (in thousands) Fair Values of Derivative Instruments January 28, 2023 January 29, 2022 Derivatives Designated as Hedging Instruments Balance Fair Balance Fair Interest rate swap contracts Other assets $ 29,152 Other liabilities $ 10,968 |
Summary of Unrealized Losses Deferred to Accumulated Other Comprehensive Loss | The following table presents the unrealized losses deferred to accumulated other comprehensive loss resulting from the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Fiscal Year Ended Interest Rate Derivatives: January 28, 2023 January 29, 2022 January 30, 2021 Unrealized gains (losses), before taxes $ 37,864 $ 10,914 $ ( 15,606 ) Income tax (expense) benefit ( 10,138 ) ( 2,983 ) 4,148 Unrealized gains (losses), net of taxes $ 27,726 $ 7,931 $ ( 11,458 ) |
Reclassification of Losses from Accumulated Other Comprehensive Loss into Earnings | The following table presents information about the reclassification of losses from accumulated other comprehensive loss into earnings related to the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Fiscal Year Ended Component of Earnings: January 28, 2023 January 29, 2022 January 30, 2021 Interest expense $ 7,479 $ 14,608 $ 10,198 Income tax benefit ( 2,016 ) ( 3,965 ) ( 2,795 ) Net reclassification into earnings $ 5,463 $ 10,643 $ 7,403 |
Derivatives Designated as Hedging Instruments | |
Outstanding Interest Rate Derivative in Qualifying Hedging Relationships | As of January 28, 2023, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk: Interest Rate Derivative Number of Notional Aggregate Principal Amount Interest Swap Rate Maturity Date Interest rate swap contract One $ 450.0 million 2.19 % June 24, 2028 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income per Share | Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding. Dilutive net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company’s stock option, restricted stock and restricted stock unit awards, and the if-converted method for the Convertible Notes. (in thousands, except per share data) Fiscal Year Ended January 28, January 29, January 30, 2023 2022 2021 Basic net income (loss) per share Net income (loss) $ 230,123 $ 408,839 $ ( 216,499 ) Weighted average number of common shares – basic 65,637 66,588 65,962 Net income (loss) per common share – basic $ 3.51 $ 6.14 $ ( 3.28 ) Diluted net income per share Net income (loss) $ 230,123 $ 408,839 $ ( 216,499 ) Shares for basic and diluted net income (loss) per share: Weighted average number of common shares – basic 65,637 66,588 65,962 Assumed exercise of stock options and vesting of restricted stock 264 685 — Assumed conversion of convertible debt — 853 — Weighted average number of common shares – diluted 65,901 68,126 65,962 Net income (loss) per common share – diluted $ 3.49 $ 6.00 $ ( 3.28 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Non-Cash Stock Compensation Expense | Non-cash stock compensation expense is as follows: (in thousands) Fiscal Year Ended January 28, January 29, January 30, Type of Non-Cash Stock Compensation 2023 2022 2021 Restricted stock and restricted stock unit grants (a) $ 37,749 $ 30,525 $ 25,258 Stock option grants (a) 19,274 18,909 20,038 Performance stock unit grants (a) 10,457 9,112 10,549 Total (b) $ 67,480 $ 58,546 $ 55,845 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income (Loss). (b) The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $ 12.5 million, $ 10.3 million and $ 9.1 million during Fiscal 2022, Fiscal 2021 and Fiscal 2020 , respectively. |
Exercise Price of Service-Based Stock Options Granted | Options granted during Fiscal 2022, Fiscal 2021 and Fiscal 2020, were all service-based awards granted under the Plans at the following exercise prices: Exercise Price Ranges From To Fiscal 2022 $ 115.65 $ 236.93 Fiscal 2021 $ 219.08 $ 342.03 Fiscal 2020 $ 179.46 $ 246.97 |
Stock Option Transactions | Stock option transactions during Fiscal 2022 are summarized as follows: Number of Weighted Options outstanding, January 29, 2022 1,097,558 $ 181.17 Options granted 332,788 201.76 Options exercised (a) ( 168,720 ) 122.05 Options forfeited ( 43,525 ) 228.02 Options outstanding, January 28, 2023 1,218,101 $ 193.31 (a) Options exercised during Fiscal 2022 had a total intrinsic value of $11.4 million. |
Stock Options Vested and Expected to Vest as Well as Option Exercisable | The following table summarizes information about the stock options vested and expected to vest during the contractual term, as well as options exercisable: Options Weighted Weighted Aggregate Options vested and expected to vest 1,218,101 7.1 $ 193.31 $ 57.2 Options exercisable 623,673 5.8 $ 165.27 $ 42.6 |
Weighted Average Assumptions Used to Estimate Fair Value of Each Stock Option Granted | The fair value of each stock option granted during Fiscal 2022 was estimated using the following assumptions: Fiscal Year Ended January 28, 2023 Risk-free interest rate 1.13 % - 2.78 % Expected volatility 32 % - 34 % Expected life (years) 6.25 Contractual life (years) 10.0 Expected dividend yield 0 % Weighted average grant date fair value of options issued $ 75.51 |
Award Grant and Vesting Transactions | Award grant, vesting and forfeiture transactions during Fiscal 2022 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 29, 2022 368,158 $ 233.00 Awards granted 267,145 201.11 Awards vested (a) ( 132,880 ) 205.07 Awards forfeited ( 24,982 ) 233.52 Non-vested awards outstanding, January 28, 2023 477,441 222.90 (a) Restricted stock awards vested during Fiscal 2022 had a total intrinsic value of $ 25.2 million. |
Performance Share Unit Transactions | Performance share unit transactions during Fiscal 2022 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 29, 2022 186,436 $ 215.90 Awards granted (a) 107,476 204.27 Awards vested (a) (b) ( 81,440 ) 173.84 Awards forfeited ( 16,172 ) 227.12 Non-vested awards outstanding, January 28, 2023 196,300 226.05 (a) Inclusive of awards distributed in connection with the final settlement of the performance-based stock awards granted in Fiscal 2019. (b) Performance-based stock awards vested during Fiscal 2022 had a total intrinsic value of $ 15.4 million. |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Future Lease Payments | The following is a schedule of the Company’s future lease payments: (in thousands) Fiscal Year Operating Finance 2023 $ 550,636 $ 5,906 2024 540,446 5,733 2025 505,732 3,604 2026 466,983 3,640 2027 425,119 3,640 Thereafter 1,433,239 24,233 Total future minimum lease payments 3,922,155 46,756 Amount representing interest ( 695,752 ) ( 13,309 ) Total lease liabilities 3,226,403 33,447 Less: current portion of lease liabilities ( 401,111 ) ( 4,020 ) Total long term lease liabilities $ 2,825,292 $ 29,427 Weighted average discount rate 4.9 % 6.1 % Weighted average remaining lease term (years) 8.1 11.9 |
Schedule of Net Lease Costs | The following is a schedule of net lease costs for the years indicated: (in thousands) Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Finance lease cost: Amortization of finance lease asset (a) $ 4,210 $ 4,554 $ 5,907 Interest on lease liabilities (b) 2,561 3,111 3,394 Operating lease cost (c) 523,980 468,349 441,089 Variable lease cost (c) 205,876 188,035 180,270 Total lease cost 736,627 664,049 630,660 Less all rental income (d) ( 5,650 ) ( 5,771 ) ( 5,010 ) Total net rent expense (e) $ 730,977 $ 658,278 $ 625,650 (a) Included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). (b) Included in the line item “Interest expense” in the Company’s Consolidated Statements of Income (Loss). (c) Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income (Loss). (d) Included in the line item “Other revenue” in the Company’s Consolidated Statements of Income (Loss). (e) Excludes an immaterial amount of short-term lease cost. |
Schedule of Supplemental Cash Flow Disclosures Related to Leases | Supplemental cash flow disclosures related to leases are as follows: (in thousands) Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (a) $ 525,098 $ 509,971 $ 409,750 Cash payments for the principal portion of finance lease liabilities (b) $ 4,455 $ 4,073 $ 3,269 Cash payments for the interest portion of finance lease liabilities (a) $ 2,561 $ 3,111 $ 3,394 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 712,688 $ 516,545 $ 413,068 (a) Included within operating activities in the Company’s Consolidated Statements of Cash Flows. (b) Included within financing activities in the Company’s Consolidated Statements of Cash Flows. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes | Income (loss) before income taxes was as follows for Fiscal 2022, Fiscal 2021 and Fiscal 2020: (in thousands) Year Ended January 28, January 29, January 30, Domestic $ 297,440 $ 533,906 $ ( 441,473 ) Foreign 10,069 11,392 3,850 Total income (loss) before income taxes $ 307,509 $ 545,298 $ ( 437,623 ) |
Income Tax Expense (Benefit) | Income tax expense (benefit) was as follows for Fiscal 2022, Fiscal 2021 and Fiscal 2020: (in thousands) Year Ended January 28, January 29, January 30, Current: Federal $ 86,299 $ 69,146 $ ( 210,304 ) State 13,494 11,546 12,964 Foreign 3,024 3,815 1,175 Subtotal 102,817 84,507 ( 196,165 ) Deferred: Federal ( 28,980 ) 32,217 13,600 State 2,796 19,272 ( 38,816 ) Foreign 753 463 257 Subtotal ( 25,431 ) 51,952 ( 24,959 ) Total income tax expense (benefit) $ 77,386 $ 136,459 $ ( 221,124 ) |
Tax Rate Reconciliations | The tax rate reconciliations were as follows for Fiscal 2022, Fiscal 2021 and Fiscal 2020: Fiscal Year Ended January 28, January 29, January 30, Tax at statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 5.3 4.0 3.0 Excess tax benefit from stock compensation ( 0.2 ) ( 4.8 ) 7.2 Tax credits ( 2.2 ) ( 1.6 ) 1.8 Carryback tax rate differential — — 19.8 Non-deductible expenses 2.1 2.0 ( 1.8 ) Loss from extinguishment of convertible debt 0.9 4.4 — Other ( 1.7 ) — ( 0.5 ) Effective tax rate 25.2 % 25.0 % 50.5 % |
Tax Effects of Temporary Differences Included in Deferred Tax Accounts | The tax effects of temporary differences are included in deferred tax accounts as follows: (in thousands) January 28, 2023 January 29, 2022 Tax Tax Tax Tax Non-current deferred tax assets and liabilities: Property and equipment basis adjustments $ — $ 231,426 $ — $ 253,097 Operating lease liability 830,029 — 745,300 — Operating lease asset — 764,446 — 687,128 Intangibles—indefinite-lived — 63,871 — 64,093 Employee benefit compensation 21,303 — 17,703 — State net operating losses (net of federal benefit) 11,323 — 25,450 — Tax credits 11,132 — 8,562 — Other — 3,770 4,103 — Valuation allowance ( 13,060 ) — ( 12,864 ) — Total non-current deferred tax assets and liabilities $ 860,727 $ 1,063,513 $ 788,254 $ 1,004,318 Net deferred tax liability $ 202,786 $ 216,064 |
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of interest and penalties) is as follows: (in thousands) Gross Balance at February 1, 2020 $ 8,077 Additions for tax positions of the current year — Additions for tax positions of prior years — Reduction for tax positions of prior years ( 1,269 ) Settlements ( 396 ) Lapse of statute of limitations ( 72 ) Balance at January 30, 2021 $ 6,340 Additions for tax positions of the current year — Additions for tax positions of prior years — Reduction for tax positions of prior years ( 783 ) Settlements — Lapse of statute of limitations ( 770 ) Balance at January 29, 2022 $ 4,787 Additions for tax positions of the current year — Additions for tax positions of prior years — Reduction for tax positions of prior years ( 782 ) Settlements — Lapse of statute of limitations ( 72 ) Balance at January 28, 2023 $ 3,933 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Assets and Hierarchy of Level of Inputs | The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of January 28, 2023 and January 29, 2022 are summarized below: (in thousands) Fair Value Measurements at January 28, January 29, 2023 2022 Level 1 Cash equivalents (including restricted cash equivalents) $ 548,986 $ 701,638 |
Fair Values of Financial Liabilities | The fair values of the Company’s financial liabilities are summarized below: (in thousands) January 28, 2023 January 29, 2022 Principal Fair Principal Fair Term B-6 Loans $ 946,994 $ 938,708 $ 956,608 $ 955,412 Convertible Notes 507,687 619,409 572,322 724,703 ABL Line of Credit (a) — — — — Total debt (b) $ 1,454,681 $ 1,558,117 $ 1,528,930 $ 1,680,115 (a) To the extent the Company has any outstanding borrowings under the ABL Line of Credit, the fair value would approximate its reported value, because the interest rate is variable and reflects current market rates, due to its short term nature. (b) The table above excludes finance lease obligations, debt discount and deferred debt costs. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Jan. 28, 2023 USD ($) Store State | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of stores operated | Store | 927 | ||
Number of states stores operated | State | 46 | ||
Gain on insurance recovery | $ 3,000,000 | $ 1,500,000 | $ 3,200,000 |
Cash and short-term, highly liquid investments, maturities period | 3 months | ||
Selling, general and administrative expenses | $ 2,877,356,000 | 2,868,527,000 | 2,326,928,000 |
Depreciation and amortization | 270,398,000 | 249,217,000 | 220,390,000 |
Capitalized software | 26,100,000 | 25,300,000 | 12,200,000 |
Impairment charges - indefinite lived intangible assets | 0 | 0 | 0 |
Impairment charges goodwill | 0 | 0 | 0 |
Customer liabilities | 36,000,000 | 35,500,000 | |
Advertising costs | 33,800,000 | 48,500,000 | 43,800,000 |
Sale of certain state tax credit | $ 0 | $ 3,700,000 | $ 0 |
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Distribution and Purchasing Functions | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Selling, general and administrative expenses | $ 677,600,000 | $ 618,300,000 | $ 433,800,000 |
Depreciation and amortization | $ 56,300,000 | $ 45,000,000 | $ 30,800,000 |
Minimum | Buildings | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment, Useful Lives | 20 years | ||
Minimum | Fixtures And Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment, Useful Lives | 3 years | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Maximum discount on sales price | 60% | ||
Maximum | Buildings | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment, Useful Lives | 40 years | ||
Maximum | Fixtures And Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment, Useful Lives | 15 years | ||
Burlington Stores | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of stores operated | Store | 925 | ||
Cohoes Fashions | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of stores operated | Store | 2 |
Self Insurance Reserves (Detail
Self Insurance Reserves (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Health Care Organizations [Abstract] | ||
Short-term self insurance reserve | $ 35,808 | $ 33,734 |
Long-term self insurance reserve | 50,368 | 47,841 |
Total | $ 86,176 | $ 81,575 |
Other Revenue (Detail)
Other Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Jan. 30, 2021 | |
Revenue Recognition [Line Items] | ||||
Other Revenue | $ 8,684,545 | $ 9,306,549 | $ 5,751,541 | |
PLCC | ||||
Revenue Recognition [Line Items] | ||||
Other Revenue | 4,484 | 3,000 | $ 1,663 | |
Other Revenue | ||||
Revenue Recognition [Line Items] | ||||
Other Revenue | 18,059 | 15,707 | 12,439 | |
Other Revenue | Service Fees | ||||
Revenue Recognition [Line Items] | ||||
Other Revenue | 4,131 | 3,178 | 3,186 | |
Other Revenue | Subleased Rental Income and Other | ||||
Revenue Recognition [Line Items] | ||||
Other Revenue | $ 9,444 | $ 9,529 | $ 7,590 |
Sales Percentage by Major Produ
Sales Percentage by Major Product Category (Detail) - Sales Revenue, Net - Product Concentration Risk - Sales Revenue, Net - Product Concentration Risk | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Ladies Apparel | |||
Product Information [Line Items] | |||
Sales Percentage | 22% | 23% | 20% |
Accessories and Shoes | |||
Product Information [Line Items] | |||
Sales Percentage | 24% | 23% | 24% |
Home | |||
Product Information [Line Items] | |||
Sales Percentage | 21% | 20% | 21% |
Mens Apparel | |||
Product Information [Line Items] | |||
Sales Percentage | 17% | 16% | 16% |
Kids Apparel and Baby | |||
Product Information [Line Items] | |||
Sales Percentage | 12% | 14% | 15% |
Outerwear | |||
Product Information [Line Items] | |||
Sales Percentage | 4% | 4% | 4% |
Restricted Cash and Cash Equi_2
Restricted Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents | $ 6,582 | $ 6,582 |
Collateral for Certain Insurance Contracts | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents | $ 6,600 | $ 6,600 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Property Plant And Equipment [Line Items] | ||
Total property and equipment at cost | $ 3,385,895 | $ 3,203,684 |
Less: accumulated depreciation and amortization | (1,717,890) | (1,651,447) |
Total property and equipment, net of accumulated depreciation and amortization | 1,668,005 | 1,552,237 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment at cost | 112,513 | 148,144 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment at cost | 394,798 | 490,698 |
Store fixtures and equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment at cost | 1,414,220 | 1,300,997 |
Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment at cost | $ 332,509 | 307,077 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Useful Lives | Shorter oflease term oruseful life | |
Total property and equipment at cost | $ 881,695 | 828,095 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment at cost | $ 250,160 | $ 128,673 |
Minimum | Buildings | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Useful Lives | 20 years | |
Minimum | Store fixtures and equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Useful Lives | 3 years | |
Minimum | Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Useful Lives | 3 years | |
Maximum | Buildings | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Useful Lives | 40 years | |
Maximum | Store fixtures and equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Useful Lives | 15 years | |
Maximum | Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, Useful Lives | 10 years |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Property Plant And Equipment [Line Items] | |||
Finance leases, accumulated amortization | $ 13,600 | $ 13,300 | |
Finance leases, net of accumulated amortization | 25,300 | 34,200 | |
Total amount of depreciation expense | 237,800 | 218,100 | $ 189,500 |
Depreciation and Amortization | $ 270,398 | $ 249,217 | $ 220,390 |
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairment Charges | Impairment Charges | Impairment Charges |
Property and Equipment | |||
Property Plant And Equipment [Line Items] | |||
Impairment Charges - Property and equipment | $ 20,100 | $ 7,500 | $ 4,600 |
Software Development | |||
Property Plant And Equipment [Line Items] | |||
Depreciation and Amortization | $ 21,200 | 18,900 | 16,900 |
Software Development | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Internally developed software, amortization period | 3 years | ||
Software Development | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Internally developed software, amortization period | 10 years | ||
Landlord Owned Assets | |||
Property Plant And Equipment [Line Items] | |||
Depreciation and Amortization | $ 11,400 | $ 12,200 | $ 14,000 |
Intangible Assets (Detail)
Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Tradenames, Net Amount | $ 238,000 | $ 238,000 |
Impairment Charges - Additional
Impairment Charges - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 USD ($) Store | Jan. 29, 2022 USD ($) Store | Jan. 30, 2021 USD ($) | |
Impaired Long Lived Assets Held And Used [Line Items] | |||
Impairment charges - long-lived assets | $ 21,402 | $ 7,748 | $ 6,012 |
Impaired long-lived assets held and used, method for determining fair value | Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of ASC Topic No. 820 “Fair Value Measurements” (Topic No. 820). Refer to Note 15, “Fair Value of Financial Instruments,” for further discussion of the Company’s fair value hierarchy. The fair value of the Company’s long-lived assets is calculated using a discounted cash-flow model that used level 3 inputs. In calculating future cash flows, the Company makes estimates regarding future operating results and market rent rates, based on its experience and knowledge of market factors in which the retail location is located. The assets impaired had a remaining carrying value after impairments of $99.0 million, $63.4 million, and $30.5 million during Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively, primarily related to the right-of-use assets. | ||
Asset impairment carrying value related to right of use assets | $ 99,000 | $ 63,400 | $ 30,500 |
Assets Impairments | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Impairment of store level assets, number of stores | Store | 16 | 14 |
Impairment Charges (Detail)
Impairment Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Impaired Long Lived Assets Held And Used [Line Items] | |||
Impairment Charges | $ 21,402 | $ 7,748 | $ 6,012 |
Store fixtures and equipment | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Impairment Charges | 2,981 | 3,163 | 2,811 |
Leasehold improvements | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Impairment Charges | 2,097 | 3,330 | 1,665 |
Operating lease assets | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Impairment Charges | 1,286 | 202 | 1,373 |
Buildings | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Impairment Charges | 8,687 | 970 | 43 |
Land | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Impairment Charges | 4,968 | ||
Other Assets | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Impairment Charges | $ 1,383 | $ 83 | $ 120 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Debt Instrument [Line Items] | ||
Long Term Debt | $ 1,488,128 | |
Finance lease obligations | $ 33,447 | $ 43,945 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long term debt and capital lease obligations current and noncurrent | Long term debt and capital lease obligations current and noncurrent |
Unamortized deferred financing costs | $ (7,440) | $ (11,484) |
Total debt | 1,475,706 | 1,555,459 |
Less: current maturities | (13,634) | (14,357) |
Long term debt, net of current maturities | 1,462,072 | 1,541,102 |
Senior Secured Term B-6 Loans | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 942,012 | 950,676 |
Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Long Term Debt | $ 507,687 | $ 572,322 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended | ||
Apr. 16, 2020 | Jan. 29, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | |
Senior Secured Term B-6 Loans | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, maturity date | Jun. 24, 2028 | Jun. 24, 2028 | ||
Convertible Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, maturity date | Apr. 15, 2025 | Apr. 15, 2025 | Apr. 15, 2025 | |
Long-Term Debt, interest rate | 2.25% | 2.25% | 2.25% | 2.25% |
Senior Secured Notes | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, interest rate | 6.25% | |||
ABL senior secured revolving facility | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, maturity date | Dec. 22, 2026 | Dec. 22, 2026 | ||
London Interbank Offered Rate Floor | Senior Secured Term B-6 Loans | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, interest rate | 0% | 0% | ||
London Interbank Offered Rate (LIBOR) | Senior Secured Term B-6 Loans | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt, interest rate | 2% | 2% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 07, 2023 USD ($) | Jun. 24, 2021 USD ($) | Jun. 23, 2021 | Jun. 11, 2021 USD ($) | Apr. 16, 2020 USD ($) $ / shares | Apr. 30, 2022 USD ($) | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | Aug. 01, 2020 USD ($) | Jan. 29, 2022 USD ($) shares | Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) shares | Jan. 30, 2021 USD ($) | Oct. 29, 2022 | Jul. 20, 2022 USD ($) | Jul. 19, 2022 USD ($) | Dec. 22, 2021 USD ($) | Dec. 21, 2021 USD ($) | Mar. 17, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||
Loss on extinguishment of debt | $ (14,657,000) | $ (156,020,000) | $ (202,000) | ||||||||||||||||
Costs related to debt issuances and amendments | $ 3,419,000 | 3,633,000 | |||||||||||||||||
Debt conversion, converted in to shares of common stock | shares | 151,206 | ||||||||||||||||||
Deferred financing costs | $ 11,484,000 | $ 11,484,000 | 7,440,000 | $ 11,484,000 | |||||||||||||||
Amortization of deferred financing costs | $ 3,633,000 | 5,323,000 | 4,450,000 | ||||||||||||||||
Deferred financing costs, weighted average amortization period | 3 years 1 month 6 days | ||||||||||||||||||
Senior Secured Term Loan Facilities | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Borrowing, interest rate | 6.40% | ||||||||||||||||||
Convertible Senior Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument frequency of periodic payments | semi-annually | ||||||||||||||||||
Loss on extinguishment of debt | $ 14,700,000 | $ 4,600,000 | |||||||||||||||||
Borrowing, interest rate | 2.80% | ||||||||||||||||||
Long-Term Debt, face amount | $ 805,000,000 | ||||||||||||||||||
Long-Term Debt, interest rate | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | ||||||||||||||
Debt instrument maturity date | Apr. 15, 2025 | Apr. 15, 2025 | Apr. 15, 2025 | ||||||||||||||||
Debt instrument, date of first required payment | Oct. 15, 2020 | ||||||||||||||||||
Debt conversion, aggregate principal amount of convertible debt | $ 64,600,000 | $ 232,700,000 | $ 232,700,000 | $ 232,700,000 | |||||||||||||||
Debt conversion, converted instrument, in cash | $ 78,200,000 | $ 199,800,000 | |||||||||||||||||
Debt conversion, converted in to shares of common stock | shares | 513,991 | ||||||||||||||||||
Debt instrument, conversion ratio | 4.5418 | ||||||||||||||||||
Debt instrument, principal amount for conversion | $ 1,000 | ||||||||||||||||||
Debt instrument, conversion price | $ / shares | $ 220.18 | ||||||||||||||||||
Debt instrument, conversion premium | 32.50% | ||||||||||||||||||
Share price | $ / shares | $ 166.17 | ||||||||||||||||||
Debt instrument, convertible, stock price trigger | 130% | ||||||||||||||||||
Debt instrument, redemption price, percentage | 100% | ||||||||||||||||||
Debt instrument repurchase percentage on conditional basis | 100% | ||||||||||||||||||
Amortization of deferred financing costs | $ 2,717,000 | ||||||||||||||||||
Convertible Senior Notes | Subsequent Event | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt conversion, aggregate principal amount of convertible debt | $ 110,300,000 | ||||||||||||||||||
Debt conversion, converted instrument, in cash | $ 133,300,000 | ||||||||||||||||||
Convertible Senior Notes | Debt Component | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Deferred financing costs | $ 9,761,000 | $ 9,761,000 | $ 5,992,000 | 9,761,000 | |||||||||||||||
Senior Secured Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument frequency of periodic payments | semiannually | ||||||||||||||||||
Loss on extinguishment of debt | 30,200,000 | ||||||||||||||||||
Long-Term Debt, face amount | $ 300,000,000 | $ 300,000,000 | |||||||||||||||||
Long-Term Debt, interest rate | 6.25% | ||||||||||||||||||
Debt instrument, date of first required payment | Oct. 15, 2020 | ||||||||||||||||||
Debt instrument, redemption price | $ 323,700,000 | ||||||||||||||||||
ABL senior secured revolving facility | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-Term Debt, face amount | $ 400,000,000 | ||||||||||||||||||
Debt instrument maturity date | Dec. 22, 2026 | Dec. 22, 2026 | |||||||||||||||||
Deferred financing costs | $ 2,800,000 | 2,800,000 | $ 2,800,000 | 2,800,000 | |||||||||||||||
Line of Credit Facility, maximum borrowing capacity | 900,000,000 | $ 650,000,000 | $ 650,000,000 | $ 600,000,000 | |||||||||||||||
Repayments of debt | $ 250,000,000 | $ 150,000,000 | |||||||||||||||||
Line of Credit Facility, amount available | 594,600,000 | 594,600,000 | 795,700,000 | 594,600,000 | |||||||||||||||
Line of Credit Facility, amount outstanding during period | 0 | ||||||||||||||||||
Amended ABL senior secured revolving facility | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, maximum borrowing capacity | $ 1,200,000,000 | $ 900,000,000 | |||||||||||||||||
Line of Credit Facility, interest rate description | The Amendment increased the aggregate principal amount of the commitments of its ABL Line of Credit from $650.0 million to $900.0 million and replaced the LIBOR-based interest rate benchmark provisions with interest rate benchmark provisions based on a term secured overnight financing rate (SOFR) or a daily SOFR rate (in the case of daily SOFR, available for borrowings up to $100 million, or up to the full amount of the commitments if the term SOFR rate is not available | ||||||||||||||||||
Adjusted London Interbank Offered Rate | Senior Secured Term Loan Facilities | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, interest rate | 0% | ||||||||||||||||||
Federal Funds Rate | Senior Secured Term Loan Facilities | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, interest rate | 0.50% | ||||||||||||||||||
One Month Adjusted London Interbank Offered Rate | Senior Secured Term Loan Facilities | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, interest rate | 1% | ||||||||||||||||||
Long-term Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Deferred financing costs | $ 11,500,000 | $ 11,500,000 | $ 7,400,000 | 11,500,000 | |||||||||||||||
Amortization of deferred financing costs | $ 3,600,000 | $ 5,300,000 | $ 4,500,000 | ||||||||||||||||
Prime Rate | Amended ABL senior secured revolving facility | Minimum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, interest rate | 0.125% | ||||||||||||||||||
Prime Rate | Amended ABL senior secured revolving facility | Maximum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, interest rate | 0.375% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) | Amended ABL senior secured revolving facility | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
credit spread adjustment | 0.10% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) | Amended ABL senior secured revolving facility | Minimum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, interest rate | 1.125% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) | Amended ABL senior secured revolving facility | Maximum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, interest rate | 1.375% | ||||||||||||||||||
Line of Credit Facility, amount available | $ 100,000,000 | ||||||||||||||||||
Term Loan Facility | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Quarterly principal payments | $ 2,400,000 | ||||||||||||||||||
Costs related to debt issuances and amendments | $ 3,300,000 | ||||||||||||||||||
Debt instrument maturity date | Jun. 24, 2028 | Nov. 17, 2024 | |||||||||||||||||
Term Loan Facility | Write Off Deferred Financing Costs | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Loss on extinguishment of debt | $ (1,200,000) | ||||||||||||||||||
Term Loan Facility | Prime Rate | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, interest rate | 1% | 0.75% | |||||||||||||||||
Term Loan Facility | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, interest rate | 2% | 1.75% | |||||||||||||||||
Term Loan Facility | London Interbank Offered Rate Floor | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, interest rate | 0% |
Long-Term Debt - Schedule of Co
Long-Term Debt - Schedule of Components of Convertible Notes (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 | |
Debt Instrument [Line Items] | |||
Principal | [1] | $ 1,454,681 | $ 1,528,930 |
Unamortized debt discount | (4,982) | ||
Unamortized deferred financing costs | (7,440) | (11,484) | |
Net carrying amount | 1,488,128 | ||
Convertible Senior Notes | |||
Debt Instrument [Line Items] | |||
Net carrying amount | 507,687 | 572,322 | |
Convertible Senior Notes | Debt Component | |||
Debt Instrument [Line Items] | |||
Principal | 507,687 | 572,322 | |
Unamortized deferred financing costs | (5,992) | (9,761) | |
Net carrying amount | $ 501,695 | $ 562,561 | |
[1] The table above excludes finance lease obligations, debt discount and deferred debt costs. |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest Expense Related to Convertible Notes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Debt Instrument [Line Items] | |||
Amortization of deferred financing costs | $ 3,633 | $ 5,323 | $ 4,450 |
Convertible Senior Notes | |||
Debt Instrument [Line Items] | |||
Coupon interest | 11,564 | ||
Amortization of deferred financing costs | 2,717 | ||
Convertible Notes interest expense | $ 14,281 |
Amortization Expense Related to
Amortization Expense Related to Deferred Financing Fees (Detail) - Deferred Financing Costs $ in Thousands | Jan. 28, 2023 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 3,724 |
2024 | 3,714 |
2025 | 1,538 |
2026 | 904 |
2027 | 262 |
Thereafter | 105 |
Total | $ 10,247 |
Maturities of Long-Term Debt Ob
Maturities of Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Debt Disclosure [Abstract] | ||
2023 | $ 13,634 | |
2024 | 13,808 | |
2025 | 519,591 | |
2026 | 12,066 | |
2027 | 12,199 | |
Thereafter | 916,830 | |
Net carrying amount | 1,488,128 | |
Less: unamortized discount | (4,982) | |
Less: unamortized deferred financing costs | (7,440) | $ (11,484) |
Total debt | $ 1,475,706 | $ 1,555,459 |
Derivative Instruments And He_3
Derivative Instruments And Hedging Activities - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Jun. 24, 2021 USD ($) | Dec. 17, 2018 USD ($) | Jan. 28, 2023 USD ($) Derivative | |
Interest Rate Cap Contracts | |||
Derivative [Line Items] | |||
Interest rate cap contracts, number | Derivative | 1 | ||
Amounts reported in Accumulated Other Comprehensive Loss to be reclassified to interest expense, during the next twelve months | $ 5.7 | ||
Interest Rate Swap Contract | Cash Flow Hedging | Derivatives Designated as Hedging Instruments | |||
Derivative [Line Items] | |||
Notional aggregate principal amount | $ 450 | $ 450 | |
Interest swap rate | 2.19% | 2.19% | |
Amount of loss deferred for previous interest rate swap | $ 26.9 | ||
Maturity date | Jun. 24, 2028 | Dec. 29, 2023 | Jun. 24, 2028 |
Interest rate swap liability fair value | $ 26.9 |
Outstanding Interest Rate Deriv
Outstanding Interest Rate Derivatives in Qualifying Hedging Relationships (Detail) - Cash Flow Hedging - Derivatives Designated as Hedging Instruments - Interest Rate Swap Contract $ in Millions | 12 Months Ended | ||
Jun. 24, 2021 USD ($) | Dec. 17, 2018 | Jan. 28, 2023 USD ($) Derivative | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of Instruments | Derivative | 1 | ||
Notional aggregate principal amount | $ | $ 450 | $ 450 | |
Interest Swap Rate | 2.19% | 2.19% | |
Maturity Date | Jun. 24, 2028 | Dec. 29, 2023 | Jun. 24, 2028 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Detail) - Interest Rate Swap Contracts - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value | $ 10,968 | |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value | $ 29,152 |
Summary of Unrealized Losses De
Summary of Unrealized Losses Deferred to Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Derivative Instruments Gain Loss [Line Items] | |||
Income tax (expense) benefit | $ (10,100) | $ (3,000) | $ (4,100) |
Unrealized gains (losses), net of taxes | 27,726 | 7,931 | (11,458) |
Derivatives Designated as Hedging Instruments | Interest Rate Derivatives | |||
Derivative Instruments Gain Loss [Line Items] | |||
Unrealized gains (losses), before taxes | 37,864 | 10,914 | (15,606) |
Income tax (expense) benefit | (10,138) | (2,983) | 4,148 |
Unrealized gains (losses), net of taxes | $ 27,726 | $ 7,931 | $ (11,458) |
Reclassification of Losses from
Reclassification of Losses from Accumulated Other Comprehensive Loss into Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | |||
Interest expense | $ 66,474 | $ 67,502 | $ 97,767 |
Income tax expense (benefit) | 77,386 | 136,459 | (221,124) |
Net reclassification into earnings | (5,463) | (10,643) | (7,403) |
Reclassification out of accumulated other comprehensive income | Derivatives Designated as Hedging Instruments | Accumulated net gain (loss) from cash flow hedges including portion attributable to noncontrolling interest | Interest Rate Cap Contracts | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | |||
Interest expense | 7,479 | 14,608 | 10,198 |
Income tax expense (benefit) | (2,016) | (3,965) | (2,795) |
Net reclassification into earnings | $ 5,463 | $ 10,643 | $ 7,403 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ 760,417 | $ 464,754 | $ 528,149 |
Balance at end of period | $ 794,905 | $ 760,417 | $ 464,754 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Feb. 16, 2022 | Aug. 18, 2021 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Statement Equity Components [Line Items] | |||||
Common Stock, Authorized | 500,000,000 | 500,000,000 | |||
Common Stock, Par Value | $ 0.0001 | $ 0.0001 | |||
Undesignated preferred stock, Authorized | 50,000,000 | 50,000,000 | |||
Undesignated preferred stock, Par Value | $ 0.0001 | $ 0.0001 | |||
Preferred Stock, Issued | 0 | 0 | |||
Preferred Stock, Outstanding | 0 | 0 | |||
Shares Used for Tax Withholdings | $ 14,238,000 | $ 16,612,000 | $ 15,368,000 | ||
2021 Stock Repurchase Program | |||||
Statement Equity Components [Line Items] | |||||
Stock repurchase programs, authorized amount | $ 500,000,000 | $ 400,000,000 | |||
Stock repurchase programs, authorized execution month and year | 2024-02 | 2023-08 | |||
Common stock repurchased, shares | 1,756,811 | ||||
Common stock repurchased, value | $ 302,700,000 | ||||
Remaining authorized repurchase amount | $ 347,300,000 | ||||
Treasury Stock | |||||
Statement Equity Components [Line Items] | |||||
Shares Used for Tax Withholdings (in shares) | 75,710 | ||||
Shares Used for Tax Withholdings | $ 14,200,000 |
Computation of Basic and Dilute
Computation of Basic and Diluted Net Income per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Basic net income (loss) per share | |||
Net income (loss) | $ 230,123 | $ 408,839 | $ (216,499) |
Weighted average number of common shares - basic | 65,637 | 66,588 | 65,962 |
Net income (loss) per common share - basic | $ 3.51 | $ 6.14 | $ (3.28) |
Diluted net income per share | |||
Net income (loss) | $ 230,123 | $ 408,839 | $ (216,499) |
Weighted average number of common shares - basic | 65,637 | 66,588 | 65,962 |
Assumed exercise of stock options and vesting of restricted stock | 264 | 685 | |
Assumed conversion of convertible debt | 853 | ||
Weighted average number of common shares – diluted | 65,901 | 68,126 | 65,962 |
Net income (loss) per common share - diluted | $ 3.49 | $ 6 | $ (3.28) |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Stock Option, Restricted Stock and Restricted Stock Unit Awards | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from diluted net income (loss) per share | 1,068,000 | 177,000 | 1,960,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options outstanding | 1,218,101 | 1,097,558 |
Stock Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options outstanding | 1,218,101 | |
Unearned non-cash stock-based option compensation | $ 35.9 | |
Unearned non-cash stock-based compensation expected to recognize as expense over period | 2 years 7 months 6 days | |
Service-based awards, service period | The awards are expensed on a straight-line basis over the requisite service period. | |
Restricted Stock Issuances | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unearned non-cash stock-based option compensation | $ 69.9 | |
Unearned non-cash stock-based compensation expected to recognize as expense over period | 2 years 4 months 24 days | |
Percentage of shares vested if change in control | 100% | |
Awards granted subsequent to offering vesting percentage on each of the first four anniversaries of the grant date | 100% | 100% |
Performance Share Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unearned non-cash stock-based option compensation | $ 20.4 | |
Unearned non-cash stock-based compensation expected to recognize as expense over period | 1 year 9 months 18 days | |
Restricted stock, outstanding | 196,300 | 186,436 |
Service-based awards, service period | 3 years | |
Service-based awards, vesting period | 3 years | |
Minimum | Restricted Stock Issuances | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Service-based awards, service period | 2 years | |
Maximum | Restricted Stock Issuances | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Service-based awards, service period | 4 years | |
Maximum | Performance Share Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Target award threshold range | 200% | |
2006 Plan | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unexercised vested options, exercisable period | 60 days | |
2006 Plan | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unexercised vested options, exercisable period | 180 days | |
2022 Omnibus Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares available for grant equity awards | 6,281,887 |
Non-Cash Stock Compensation Exp
Non-Cash Stock Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Non-Cash Stock Compensation | [1] | $ 67,480 | $ 58,546 | $ 55,845 |
Restricted Stock and Restricted Stock Unit Grants | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Non-Cash Stock Compensation | [2] | 37,749 | 30,525 | 25,258 |
Stock Option Grants | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Non-Cash Stock Compensation | [2] | 19,274 | 18,909 | 20,038 |
Performance Stock Unit Grants | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Non-Cash Stock Compensation | [2] | $ 10,457 | $ 9,112 | $ 10,549 |
[1] The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $ 12.5 million, $ 10.3 million and $ 9.1 million during Fiscal 2022, Fiscal 2021 and Fiscal 2020 , respectively. Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income (Loss). |
Non-Cash Stock Compensation E_2
Non-Cash Stock Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Non-Cash Stock Compensation tax benefit | $ 12.5 | $ 10.3 | $ 9.1 |
Exercise Price of Service-Based
Exercise Price of Service-Based Stock Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Options granted, exercise price lower range | $ 115.65 | $ 219.08 | $ 179.46 |
Options granted, exercise price upper range | $ 236.93 | $ 342.03 | $ 246.97 |
Stock Option Transactions (Deta
Stock Option Transactions (Detail) | 12 Months Ended | |
Jan. 28, 2023 $ / shares shares | ||
Number of Shares | ||
Options Outstanding at Beginning of Period | shares | 1,097,558 | |
Options Granted | shares | 332,788 | |
Options Exercised | shares | (168,720) | [1] |
Options Forfeited | shares | (43,525) | |
Options Outstanding at End of Period | shares | 1,218,101 | |
Weighted Average Exercise Price Per Share | ||
Options Outstanding at Beginning of Period | $ / shares | $ 181.17 | |
Options Granted | $ / shares | 201.76 | |
Options Exercised | $ / shares | 122.05 | [1] |
Options Forfeited | $ / shares | 228.02 | |
Options Outstanding at End of Period | $ / shares | $ 193.31 | |
[1] Options exercised during Fiscal 2022 had a total intrinsic value of $11.4 million. |
Stock Options Vested and Expect
Stock Options Vested and Expected to Vest as Well as Options Exercisable (Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Jan. 28, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Vested and expected to vest, Options | shares | 1,218,101 |
Vested and expected to vest, Weighted Average Remaining Contractual Life (Years) | 7 years 1 month 6 days |
Vested and expected to vest, Weighted Average Exercise Price | $ / shares | $ 193.31 |
Vested and expected to vest, Aggregate Intrinsic Value | $ | $ 57.2 |
Options exercisable, Options | shares | 623,673 |
Options exercisable, Weighted Average Remaining Contractual Life (Years) | 5 years 9 months 18 days |
Options exercisable, Weighted Average Exercise Price | $ / shares | $ 165.27 |
Options exercisable, Aggregate Intrinsic Value | $ | $ 42.6 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) | 12 Months Ended |
Jan. 28, 2023 $ / shares | |
Share-Based Payment Arrangement [Abstract] | |
Risk-free interest rate, minimum | 1.13% |
Risk-free interest rate, maximum | 2.78% |
Expected volatility, minimum | 32% |
Expected volatility, maximum | 34% |
Expected life (years) | 6 years 3 months |
Contractual life (years) | 10 years |
Expected dividend yield | 0% |
Weighted average grant date fair value of options issued | $ 75.51 |
Award Grant, Vested and Forfeit
Award Grant, Vested and Forfeiture Transactions (Detail) - Non Vested Restricted Stock | 12 Months Ended | |
Jan. 28, 2023 $ / shares shares | ||
Number of Shares | ||
Non-Vested Awards Outstanding at Beginning of Period | shares | 368,158 | |
Awards Granted | shares | 267,145 | |
Awards Vested | shares | (132,880) | [1] |
Awards Forfeited | shares | (24,982) | |
Non-Vested Awards Outstanding at End of Period | shares | 477,441 | |
Weighted Average Grant Date Fair Value Per Award | ||
Non-Vested Awards Outstanding at Beginning of Period | $ / shares | $ 233 | |
Awards Granted | $ / shares | 201.11 | |
Awards Vested | $ / shares | 205.07 | [1] |
Awards Forfeited | $ / shares | 233.52 | |
Non-Vested Awards Outstanding at End of Period | $ / shares | $ 222.90 | |
[1] Restricted stock awards vested during Fiscal 2022 had a total intrinsic value of $ 25.2 million. |
Award Grant, Vested and Forfe_2
Award Grant, Vested and Forfeiture Transactions (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Jan. 28, 2023 USD ($) | |
Restricted Stock Issuances | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share based compensation awards vested total intrinsic value | $ 25.2 |
Performance Share Unit Transact
Performance Share Unit Transactions (Detail) - Performance Share Units | 12 Months Ended | |
Jan. 28, 2023 $ / shares shares | ||
Number of Shares | ||
Non-Vested Awards Outstanding at Beginning of Period | shares | 186,436 | |
Awards Granted | shares | 107,476 | [1] |
Awards Vested | shares | (81,440) | [1],[2] |
Awards Forfeited | shares | (16,172) | |
Non-Vested Awards Outstanding at End of Period | shares | 196,300 | |
Weighted Average Grant Date Fair Value Per Award | ||
Non-Vested Awards Outstanding at Beginning of Period | $ / shares | $ 215.90 | |
Awards Granted | $ / shares | 204.27 | [1] |
Awards Vested | $ / shares | 173.84 | [1],[2] |
Awards Forfeited | $ / shares | 227.12 | |
Non-Vested Awards Outstanding at End of Period | $ / shares | $ 226.05 | |
[1] Inclusive of awards distributed in connection with the final settlement of the performance-based stock awards granted in Fiscal 2019. Performance-based stock awards vested during Fiscal 2022 had a total intrinsic value of $ 15.4 million. |
Performance Share Unit Transa_2
Performance Share Unit Transactions (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Jan. 28, 2023 USD ($) | |
Performance Shares [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share based compensation awards vested total intrinsic value | $ 15.4 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Detail) $ in Millions | 12 Months Ended |
Jan. 28, 2023 USD ($) Store | |
Future Minimum Payments Receivable [Line Items] | |
Operating and finance leases, expiration period | 30 years |
Leases renewal option | 5 years |
Accrued lease liability | $ | $ 409.5 |
Number of store committed to open or relocate but has not yet taken possession | Store | 75 |
Future Lease Payments (Detail)
Future Lease Payments (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Operating Leases | ||
2024 | $ 540,446 | |
2025 | 505,732 | |
2026 | 466,983 | |
2027 | 425,119 | |
Thereafter | 1,433,239 | |
Total future minimum lease payments | 3,922,155 | |
Amount representing interest | (695,752) | |
Total lease liabilities | 3,226,403 | |
Less: current portion of lease liabilities | (401,111) | $ (358,793) |
Total long term lease liabilities | $ 2,825,292 | 2,539,420 |
Weighted average discount rate | 4.90% | |
Weighted average remaining lease term (years) | 8 years 1 month 6 days | |
Finance Leases | ||
2024 | $ 5,733 | |
2025 | 3,604 | |
2026 | 3,640 | |
2027 | 3,640 | |
Thereafter | 24,233 | |
Total future minimum lease payments | 46,756 | |
Amount representing interest | (13,309) | |
Total lease liabilities | $ 33,447 | $ 43,945 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long term debt and capital lease obligations current and noncurrent | Long term debt and capital lease obligations current and noncurrent |
Less: current portion of lease liabilities | $ (4,020) | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation, Current | |
Total long term lease liabilities | $ 29,427 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation | |
Weighted average discount rate | 6.10% | |
Weighted average remaining lease term (years) | 11 years 10 months 24 days |
Schedule of Net Lease Costs (De
Schedule of Net Lease Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | ||
Finance lease cost: | ||||
Amortization of finance lease asset | [1] | $ 4,210 | $ 4,554 | $ 5,907 |
Interest on lease liabilities | [2] | 2,561 | 3,111 | 3,394 |
Operating lease cost | [3] | 523,980 | 468,349 | 441,089 |
Variable lease cost | [3] | 205,876 | 188,035 | 180,270 |
Total lease cost | 736,627 | 664,049 | 630,660 | |
Less all rental income | [4] | (5,650) | (5,771) | (5,010) |
Total net rent expense | [5] | $ 730,977 | $ 658,278 | $ 625,650 |
[1] Included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income (Loss). Included in the line item “Interest expense” in the Company’s Consolidated Statements of Income (Loss). Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income (Loss). Included in the line item “Other revenue” in the Company’s Consolidated Statements of Income (Loss). Excludes an immaterial amount of short-term lease cost. |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Disclosures Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Cash payments arising from operating lease liabilities | [1] | $ 525,098 | $ 509,971 | $ 409,750 |
Cash payments for the principal portion of finance lease liabilities | [2] | 4,455 | 4,073 | 3,269 |
Cash payments for the interest portion of finance lease liabilities | [1] | 2,561 | 3,111 | 3,394 |
Operating lease liabilities arising from obtaining right-of-use assets | $ 712,688 | $ 516,545 | $ 413,068 | |
[1] Included within operating activities in the Company’s Consolidated Statements of Cash Flows. Included within financing activities in the Company’s Consolidated Statements of Cash Flows. |
Employee Retirement Plans - Add
Employee Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Retirement Benefits [Abstract] | |||
401(k) Plan Match Expense | $ 15.6 | $ 11.4 | $ 10.2 |
Income (Loss) Before Income Tax
Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 297,440 | $ 533,906 | $ (441,473) |
Foreign | 10,069 | 11,392 | 3,850 |
Income (loss) before income tax expense (benefit) | $ 307,509 | $ 545,298 | $ (437,623) |
Income Tax Expense (Benefit) (D
Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Current: | |||
Federal | $ 86,299 | $ 69,146 | $ (210,304) |
State | 13,494 | 11,546 | 12,964 |
Foreign | 3,024 | 3,815 | 1,175 |
Subtotal | 102,817 | 84,507 | (196,165) |
Deferred: | |||
Federal | (28,980) | 32,217 | 13,600 |
State | 2,796 | 19,272 | (38,816) |
Foreign | 753 | 463 | 257 |
Subtotal | (25,431) | 51,952 | (24,959) |
Total income tax expense (benefit) | $ 77,386 | $ 136,459 | $ (221,124) |
Tax Rate Reconciliations (Detai
Tax Rate Reconciliations (Detail) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax at statutory rate | 21% | 21% | 21% |
State income taxes, net of federal benefit | 5.30% | 4% | 3% |
Excess tax benefit from stock compensation | (0.20%) | (4.80%) | 7.20% |
Tax credits | (2.20%) | (1.60%) | 1.80% |
Carryback tax rate differential | 19.80% | ||
Non-deductible expenses | 2.10% | 2% | (1.80%) |
Loss from extinguishment of convertible debt | 0.90% | 4.40% | |
Other | (1.70%) | (0.50%) | |
Effective tax rate | 25.20% | 25% | 50.50% |
Tax Effects of Temporary Differ
Tax Effects of Temporary Differences Included in Deferred Tax Accounts (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Property and equipment basis adjustments | $ 231,426 | $ 253,097 |
Operating lease liability | 830,029 | 745,300 |
Operating lease asset | 764,446 | 687,128 |
Intangibles—indefinite-lived | 63,871 | 64,093 |
Employee benefit compensation | 21,303 | |
State net operating losses (net of federal benefit) | 11,323 | 25,450 |
Tax credits | 11,132 | 8,562 |
Other | 4,103 | |
Other | 3,770 | |
Valuation allowance | (13,060) | (12,864) |
Total non-current deferred tax assets and liabilities | 860,727 | 788,254 |
Total non-current deferred tax assets and liabilities | 1,063,513 | 1,004,318 |
Net deferred tax liability | $ 202,786 | 216,064 |
Deferred Tax Assets Noncurrent | ||
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Employee benefit compensation | $ 17,703 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Income Tax Disclosure [Line Items] | ||
Deferred tax asset for net operating loss | $ 11,323 | $ 25,450 |
Valuation allowances | 13,060 | 12,864 |
Unrecognized benefits | 3,900 | 4,800 |
Unrecognized benefits, affect effective tax rate | 3,100 | 3,800 |
Unrecognized benefits, interest and penalties | 900 | 1,200 |
Unrecognized benefits, interest and penalties | $ 8,000 | 9,100 |
Earliest Tax Year | IRS | ||
Income Tax Disclosure [Line Items] | ||
Income tax year open to examination | 2019 | |
Latest Tax Year | IRS | ||
Income Tax Disclosure [Line Items] | ||
Income tax year open to examination | 2022 | |
State and local jurisdiction | ||
Income Tax Disclosure [Line Items] | ||
Deferred tax asset for net operating loss | $ 11,000 | 25,200 |
Tax credit expiration period | 2023 | |
Tax credit carryforwards | $ 10,400 | 7,700 |
Operating loss carryforwards, valuation allowance | 3,300 | 5,300 |
Tax credit carryforward, valuation allowance | 9,500 | 7,300 |
Puerto Rico | ||
Income Tax Disclosure [Line Items] | ||
Deferred tax asset for net operating loss | 300 | 300 |
Tax credit carryforwards | 11,100 | 8,600 |
Amount of alternative minimum tax credits | $ 700 | 900 |
Alternative minimum tax credits, expiration life | indefinite life | |
Operating loss carryforwards, valuation allowance | $ 300 | $ 300 |
State and Puerto Rico | Earliest Tax Year | ||
Income Tax Disclosure [Line Items] | ||
Income tax year open to examination | 2018 | |
State and Puerto Rico | Latest Tax Year | ||
Income Tax Disclosure [Line Items] | ||
Income tax year open to examination | 2022 | |
Minimum | State and local jurisdiction | ||
Income Tax Disclosure [Line Items] | ||
Net operating losses subject to expiration year | 2023 | |
Minimum | Puerto Rico | ||
Income Tax Disclosure [Line Items] | ||
Net operating losses subject to expiration year | 2025 | |
Maximum | State and local jurisdiction | ||
Income Tax Disclosure [Line Items] | ||
Net operating losses subject to expiration year | 2041 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Ending balance at beginning of period | $ 4,787 | $ 6,340 | $ 8,077 |
Reduction for tax positions of prior years | (782) | (783) | (1,269) |
Settlements | (396) | ||
Lapse of statute of limitations | (72) | (770) | (72) |
Ending balance at beginning of period | $ 3,933 | $ 4,787 | $ 6,340 |
Fair Values of Financial Assets
Fair Values of Financial Assets and Hierarchy of Level of Inputs (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Fair Value, Inputs, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents (including restricted cash equivalents) | $ 548,986 | $ 701,638 |
Fair Values of Financial Liabil
Fair Values of Financial Liabilities (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, Principal Amount | [1] | $ 1,454,681 | $ 1,528,930 |
Long-Term Debt, Fair Value | [1] | 1,558,117 | 1,680,115 |
Term B-6 Loans | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, Principal Amount | 946,994 | 956,608 | |
Long-Term Debt, Fair Value | 938,708 | 955,412 | |
Convertible Notes | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, Principal Amount | 507,687 | 572,322 | |
Long-Term Debt, Fair Value | $ 619,409 | $ 724,703 | |
[1] The table above excludes finance lease obligations, debt discount and deferred debt costs. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 | Nov. 30, 2005 |
Commitments And Contingencies Disclosure [Line Items] | |||
Letters of credit, outstanding amount | $ 51.1 | $ 55.4 | |
Purchase commitments related to goods or services | 1,049 | ||
Death benefits | $ 1 | ||
Guarantee Performance Under Insurance And Utility Agreement | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Letters of credit, outstanding amount | 47.4 | 48.4 | |
Merchandising Agreement | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Letters of credit, outstanding amount | 3.7 | 7.1 | |
Letter of Credit | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Letters of credit, outstanding amount | $ 594.6 | ||
Letter of Credit | ABL senior secured revolving facility | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Letters of credit, outstanding amount | $ 795.7 |
Quarterly Result (Detail)
Quarterly Result (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Net sales | $ 8,684,545 | $ 9,306,549 | $ 5,751,541 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Net (loss) income | $ 230,123 | $ 408,839 | $ (216,499) |
Net (loss) income per share-basic | |||
Common stockholders | $ 3.51 | $ 6.14 | $ (3.28) |
Net (loss) income per share-diluted | |||
Common stockholders | $ 3.49 | $ 6 | $ (3.28) |
Condensed Balance Sheets (Detai
Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
ASSETS: | ||||
Cash and cash equivalents | $ 872,623 | $ 1,091,091 | ||
Total current assets | 2,283,792 | 2,547,644 | ||
Total assets | 7,269,597 | 7,089,513 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities | 1,911,951 | 1,947,647 | ||
Long term debt | 1,462,072 | 1,541,102 | ||
Commitments and contingencies | ||||
Total stockholders' equity | 794,905 | 760,417 | $ 464,754 | $ 528,149 |
Total liabilities and stockholders’ equity | 7,269,597 | 7,089,513 | ||
Parent Company | ||||
ASSETS: | ||||
Cash and cash equivalents | 192 | 503 | ||
Total current assets | 192 | 503 | ||
Investment in subsidiaries | 1,296,408 | 1,322,475 | ||
Total assets | 1,296,600 | 1,322,978 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities | 0 | 0 | ||
Long term debt | 501,695 | 562,561 | ||
Commitments and contingencies | ||||
Total stockholders' equity | 794,905 | 760,417 | ||
Total liabilities and stockholders’ equity | $ 1,296,600 | $ 1,322,978 |
Condensed Statements of Income
Condensed Statements of Income (Loss) and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
REVENUES: | |||
Total revenue | $ 8,702,604 | $ 9,322,256 | $ 5,763,980 |
COSTS AND EXPENSES: | |||
Interest expense, net | (66,474) | (67,502) | (97,767) |
Total costs and expenses | 8,395,095 | 8,776,958 | 6,201,603 |
Provision for income tax | 77,386 | 136,459 | (221,124) |
Net income (loss) | 230,123 | 408,839 | (216,499) |
Interest rate derivative contracts: | |||
Net unrealized gain (loss) arising during the period | 27,726 | 7,931 | (11,458) |
Net reclassification into earnings during the period | 5,463 | 10,643 | 7,403 |
Total comprehensive income (loss) | 263,312 | 427,413 | (220,554) |
Parent Company | |||
REVENUES: | |||
Total revenue | 0 | 0 | 0 |
COSTS AND EXPENSES: | |||
Interest expense, net | 0 | 0 | 0 |
Total costs and expenses | 0 | 0 | 0 |
Total income (loss) before income taxes | 0 | 0 | 0 |
Provision for income tax | 0 | 0 | 0 |
Earnings from equity investment, net of income taxes | 230,123 | 408,839 | (216,499) |
Net income (loss) | 230,123 | 408,839 | (216,499) |
Interest rate derivative contracts: | |||
Net unrealized gain (loss) arising during the period | 27,726 | 7,931 | (11,458) |
Net reclassification into earnings during the period | 5,463 | 10,643 | 7,403 |
Total comprehensive income (loss) | $ 263,312 | $ 427,413 | $ (220,554) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
OPERATING ACTIVITIES: | |||
Net cash provided by operating activities | $ 596,385 | $ 833,159 | $ 219,181 |
INVESTING ACTIVITIES: | |||
Net cash (used in) investing activities | (423,142) | (344,389) | (274,132) |
FINANCING ACTIVITIES: | |||
Proceeds from long term debt-Convertible Notes | 805,000 | ||
Principal payment on long term debt-Convertible Notes | (400,000) | ||
Purchase of treasury shares | (316,896) | (266,628) | (65,526) |
Proceeds from stock option exercises | 20,592 | 39,887 | 34,924 |
Deferred financing costs | (2,143) | (28,815) | |
Net cash (used in) provided by financing activities | (391,711) | (777,955) | 1,032,153 |
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents | (218,468) | (289,185) | 977,202 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 1,097,673 | 1,386,858 | 409,656 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 879,205 | 1,097,673 | 1,386,858 |
Parent Company | |||
OPERATING ACTIVITIES: | |||
Net cash provided by operating activities | 0 | 0 | 0 |
INVESTING ACTIVITIES: | |||
Net contribution from (payment to) subsidiaries | 374,233 | 428,888 | (753,404) |
Net cash (used in) investing activities | 374,233 | 428,888 | (753,404) |
FINANCING ACTIVITIES: | |||
Proceeds from long term debt-Convertible Notes | 0 | 0 | 805,000 |
Principal payment on long term debt-Convertible Notes | (78,240) | (201,695) | |
Purchase of treasury shares | (316,896) | (266,628) | (65,526) |
Proceeds from stock option exercises | 20,592 | 39,887 | 34,924 |
Deferred financing costs | 0 | 0 | (20,994) |
Net cash (used in) provided by financing activities | (374,544) | (428,436) | 753,404 |
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents | (311) | 452 | 0 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 503 | 51 | 51 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ 192 | $ 503 | $ 51 |
Condensed Financial Information
Condensed Financial Information Registrant - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Mar. 07, 2023 | Feb. 16, 2022 | Aug. 18, 2021 | Apr. 16, 2020 | Aug. 13, 2014 | Apr. 30, 2022 | Apr. 30, 2022 | Jan. 29, 2022 | Jan. 29, 2022 | Jul. 31, 2021 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Oct. 29, 2022 | ||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Total comprehensive income (loss) | $ 263,312,000 | $ 427,413,000 | $ (220,554,000) | ||||||||||||
Non-cash stock compensation expense | [1] | 67,480,000 | $ 58,546,000 | 55,845,000 | |||||||||||
Debt conversion, converted in to shares of common stock | 151,206 | ||||||||||||||
Loss from extinguishment of convertible debt | (14,657,000) | $ (156,020,000) | (202,000) | ||||||||||||
Deferred financing costs | $ 11,484,000 | $ 11,484,000 | 7,440,000 | 11,484,000 | |||||||||||
Intercompany note receivable | [2] | $ 1,528,930,000 | $ 1,528,930,000 | 1,454,681,000 | 1,528,930,000 | ||||||||||
Shares Used for Tax Withholdings | $ 14,238,000 | $ 16,612,000 | 15,368,000 | ||||||||||||
2021 Stock Repurchase Program | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Stock repurchase programs, authorized amount | $ 500,000,000 | $ 400,000,000 | |||||||||||||
Stock repurchase programs, authorized execution month and year | 2024-02 | 2023-08 | |||||||||||||
Common stock repurchased, shares | 1,756,811 | ||||||||||||||
Common stock repurchased, value | $ 302,700,000 | ||||||||||||||
Remaining authorized repurchase amount | $ 347,300,000 | ||||||||||||||
Treasury Stock | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Shares Used for Tax Withholdings (in shares) | 75,710 | ||||||||||||||
Shares Used for Tax Withholdings | $ 14,200,000 | ||||||||||||||
Convertible Senior Notes | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Long-Term Debt, face amount | $ 805,000,000 | ||||||||||||||
Long-Term Debt, interest rate | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | ||||||||||
Debt instrument maturity date | Apr. 15, 2025 | Apr. 15, 2025 | Apr. 15, 2025 | ||||||||||||
Debt instrument frequency of periodic payments | semi-annually | ||||||||||||||
Debt instrument, date of first required payment | Oct. 15, 2020 | ||||||||||||||
Debt conversion, aggregate principal amount of convertible debt | $ 64,600,000 | $ 64,600,000 | $ 232,700,000 | $ 232,700,000 | $ 232,700,000 | ||||||||||
Debt Conversion, Converted Instrument, in Cash | 78,200,000 | $ 199,800,000 | |||||||||||||
Debt conversion, converted in to shares of common stock | 513,991 | ||||||||||||||
Loss from extinguishment of convertible debt | $ 14,700,000 | 4,600,000 | |||||||||||||
Borrowing, interest rate | 2.80% | ||||||||||||||
Interest expense | 14,281,000 | ||||||||||||||
Convertible Senior Notes | Subsequent Event | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Debt conversion, aggregate principal amount of convertible debt | $ 110,300,000 | ||||||||||||||
Debt Conversion, Converted Instrument, in Cash | 133,300,000 | ||||||||||||||
Convertible Senior Notes | Debt Component | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Deferred financing costs | 9,761,000 | $ 9,761,000 | 5,992,000 | 9,761,000 | |||||||||||
Intercompany note receivable | 572,322,000 | 572,322,000 | 507,687,000 | 572,322,000 | |||||||||||
Parent Company | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Line of Credit Facility, maximum consolidated leverage ratio | 350% | ||||||||||||||
Net contribution from (payment to) subsidiaries | 374,233,000 | 428,888,000 | (753,404,000) | ||||||||||||
Total comprehensive income (loss) | 263,312,000 | 427,413,000 | (220,554,000) | ||||||||||||
Non-cash stock compensation expense | $ 67,500,000 | 58,500,000 | $ 55,800,000 | ||||||||||||
Long-Term Debt, face amount | $ 805,000,000 | ||||||||||||||
Parent Company | 2021 Stock Repurchase Program | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Stock repurchase programs, authorized amount | $ 500,000,000 | $ 400,000,000 | |||||||||||||
Common stock repurchased, shares | 1,756,811 | ||||||||||||||
Common stock repurchased, value | $ 302,700,000 | ||||||||||||||
Remaining authorized repurchase amount | $ 347,300,000 | ||||||||||||||
Parent Company | Treasury Stock | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Shares Used for Tax Withholdings (in shares) | 75,710 | ||||||||||||||
Shares Used for Tax Withholdings | $ 14,200,000 | ||||||||||||||
Parent Company | Convertible Senior Notes | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Long-Term Debt, interest rate | 2.25% | ||||||||||||||
Debt instrument frequency of periodic payments | April 15, 2025 | ||||||||||||||
Debt instrument, date of first required payment | Oct. 15, 2020 | ||||||||||||||
Debt conversion, aggregate principal amount of convertible debt | $ 64,600,000 | 64,600,000 | $ 232,700,000 | ||||||||||||
Debt Conversion, Converted Instrument, in Cash | $ 78,200,000 | $ 199,800,000 | |||||||||||||
Debt conversion, converted in to shares of common stock | 513,991 | ||||||||||||||
Loss from extinguishment of convertible debt | 14,700,000 | 124,600,000 | |||||||||||||
Deferred financing costs | 9,761,000 | 9,761,000 | 5,992,000 | 9,761,000 | |||||||||||
Intercompany note receivable | $ 572,322,000 | $ 572,322,000 | $ 507,687,000 | $ 572,322,000 | |||||||||||
Parent Company | Convertible Senior Notes | Subsequent Event | |||||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||||
Debt conversion, aggregate principal amount of convertible debt | 110,300,000 | ||||||||||||||
Debt Conversion, Converted Instrument, in Cash | $ 133,300,000 | ||||||||||||||
[1] The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $ 12.5 million, $ 10.3 million and $ 9.1 million during Fiscal 2022, Fiscal 2021 and Fiscal 2020 , respectively. The table above excludes finance lease obligations, debt discount and deferred debt costs. |
Condensed Financial Informati_2
Condensed Financial Information Registrant - Schedule of Components of Convertible Notes (Detail) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 | |
Condensed Financial Statements Captions [Line Items] | |||
Long-Term Debt, Principal Amount | [1] | $ 1,454,681 | $ 1,528,930 |
Unamortized deferred financing costs | (7,440) | (11,484) | |
Net carrying amount | 1,488,128 | ||
Convertible Senior Notes | |||
Condensed Financial Statements Captions [Line Items] | |||
Net carrying amount | 507,687 | 572,322 | |
Parent Company | Convertible Senior Notes | |||
Condensed Financial Statements Captions [Line Items] | |||
Long-Term Debt, Principal Amount | 507,687 | 572,322 | |
Unamortized deferred financing costs | (5,992) | (9,761) | |
Net carrying amount | $ 501,695 | $ 562,561 | |
[1] The table above excludes finance lease obligations, debt discount and deferred debt costs. |
Condensed Financial Informati_3
Condensed Financial Information Registrant - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||
Gain (Loss) on extinguishment | $ (14,657) | $ (156,020) | $ (202) |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest expense, net | 0 | 0 | 0 |
Convertible Notes | Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest expense | (14,281) | (20,055) | (40,536) |
Gain (Loss) on extinguishment | (14,657) | (124,639) | 0 |
Intercompany Note Receivable | Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest expense | 14,281 | 20,055 | 40,536 |
Gain (Loss) on extinguishment | $ 14,657 | $ 124,639 | $ 0 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | ||
Allowance for Doubtful Accounts | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 3,305 | $ 4,855 | $ 795 | |
Charged to Costs & Expenses | 291 | 185 | 4,069 | |
Accounts Written Off or Deductions | [1] | 2,344 | 1,735 | 9 |
Balance at End of Period | 1,252 | 3,305 | 4,855 | |
Valuation allowances on deferred tax assets | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 12,864 | 12,957 | 9,842 | |
Charged to Other Accounts | [2] | 196 | (93) | 3,115 |
Balance at End of Period | $ 13,060 | $ 12,864 | $ 12,957 | |
[1] Actual allowances. Amounts related to valuation allowances on deferred taxes are charged to income tax expense. |