Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Feb. 03, 2024 | Mar. 02, 2024 | Jul. 29, 2023 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Feb. 03, 2024 | ||
Document Transition Report | false | ||
Entity File Number | 1-6140 | ||
Entity Registrant Name | DILLARD’S, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 71-0388071 | ||
Entity Address, Address Line One | 1600 Cantrell Road | ||
Entity Address, City or Town | Little Rock | ||
Entity Address, State or Province | AR | ||
Entity Address, Postal Zip Code | 72201 | ||
City Area Code | 501 | ||
Local Phone Number | 376-5200 | ||
Title of 12(b) Security | Class A Common Stock | ||
Trading Symbol | DDS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,680,990,001 | ||
Entity Central Index Key | 0000028917 | ||
Current Fiscal Year End Date | --02-03 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Dallas, TX | ||
Common Stock Class A | |||
Entity Common Stock, Shares Outstanding | 12,243,845 | ||
Common Stock Class B | |||
Entity Common Stock, Shares Outstanding | 3,986,233 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 808,287 | $ 650,336 |
Restricted cash | 9,995 | |
Accounts receivable | 60,547 | 56,952 |
Short-term investments | 148,036 | 148,902 |
Merchandise inventories | 1,093,999 | 1,120,208 |
Other current assets | 97,341 | 85,453 |
Total current assets | 2,208,210 | 2,071,846 |
Property and equipment: | ||
Land and land improvements | 47,183 | 47,619 |
Buildings and leasehold improvements | 3,063,322 | 3,065,504 |
Furniture, fixtures and equipment | 547,150 | 563,265 |
Buildings under construction | 54,816 | 26,699 |
Less accumulated depreciation and amortization | (2,638,167) | (2,584,708) |
Property and equipment, net | 1,074,304 | 1,118,379 |
Operating lease assets | 42,681 | 33,821 |
Deferred income taxes | 63,951 | 42,278 |
Other assets | 59,760 | 62,826 |
Total assets | 3,448,906 | 3,329,150 |
Current liabilities: | ||
Trade accounts payable and accrued expenses | 782,545 | 828,484 |
Current portion of operating lease liabilities | 11,252 | 9,702 |
Federal and state income taxes | 33,959 | 20,775 |
Total current liabilities | 827,756 | 858,961 |
Long-term debt | 321,461 | 321,354 |
Operating lease liabilities | 31,728 | 24,164 |
Other liabilities | 370,893 | 326,033 |
Subordinated debentures | 200,000 | 200,000 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Additional paid-in capital | 967,348 | 962,839 |
Accumulated other comprehensive loss | (87,208) | (65,722) |
Retained earnings | 6,048,288 | 5,648,700 |
Less treasury stock, at cost, Class A- 107,822.863 and 106,905,211 shares | (5,232,600) | (4,948,419) |
Total stockholders' equity | 1,697,068 | 1,598,638 |
Total liabilities and stockholders' equity | 3,448,906 | 3,329,150 |
Common Stock Class A | ||
Stockholders' equity: | ||
Common stock | 1,200 | 1,200 |
Common Stock Class B | ||
Stockholders' equity: | ||
Common stock | $ 40 | $ 40 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Feb. 03, 2024 | Jan. 28, 2023 |
Common Stock Class A | ||
Common stock, shares issued | 120,066,708 | 120,053.954 |
Common stock, shares outstanding | 12,243,845 | 13,148.743 |
Treasury stock, at cost, Class A, shares | 107,822.863 | 106,905,211 |
Common Stock Class B | ||
Common stock, shares issued | 3,986,233 | 3,986,233 |
Common stock, shares outstanding | 3,986,233 | 3,986,233 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income Statement | |||
Net sales | $ 6,752,053 | $ 6,871,081 | $ 6,492,993 |
Service charges and other income | 122,367 | 125,134 | 131,274 |
Total net sales, service charges and other income | 6,874,420 | 6,996,215 | 6,624,267 |
Cost of sales | 4,031,108 | 3,983,598 | 3,747,665 |
Selling, general and administrative expenses | 1,717,415 | 1,674,317 | 1,536,554 |
Depreciation and amortization | 179,573 | 188,440 | 199,321 |
Rentals | 21,569 | 23,169 | 22,594 |
Interest and debt (income) expense, net | (4,600) | 30,527 | 43,092 |
Other expense | 18,791 | 7,744 | 11,366 |
Gain on disposal of assets | (6,053) | (21,047) | (24,688) |
Income before income taxes | 916,617 | 1,109,467 | 1,088,363 |
Income taxes | 177,770 | 217,830 | 225,890 |
Net income | $ 738,847 | $ 891,637 | $ 862,473 |
Earnings per share: | |||
Earnings per share - Basic | $ 44.73 | $ 50.81 | $ 41.88 |
Earnings per share - Diluted | $ 44.73 | $ 50.81 | $ 41.88 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Statement of Comprehensive Income | |||
Net income | $ 738,847 | $ 891,637 | $ 862,473 |
Other comprehensive income: | |||
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $(5,003), $1,560 and $3,867, respectively) | (21,486) | (42,924) | 12,137 |
Comprehensive income | $ 717,361 | $ 848,713 | $ 874,610 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Statement of Comprehensive Income | |||
Amortization of retirement plan and other retiree benefit adjustments, tax | $ (5,003) | $ 1,560 | $ 3,867 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock Common Stock Class A | Common Stock Common Stock Class B | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock, Common | Total |
Balance at Jan. 30, 2021 | $ 1,200 | $ 40 | $ 954,131 | $ (34,935) | $ 4,471,269 | $ (3,950,697) | $ 1,441,008 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 862,473 | 862,473 | |||||
Other comprehensive income | 12,137 | 12,137 | |||||
Issuance of 12,754, 19,062, and 14,806 shares under equity plans during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively | 2,522 | 2,522 | |||||
Purchase of 917,652, 1,708,918, and 3,205,213 shares of treasury stock (including excise tax) during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively | (561,102) | (561,102) | |||||
Cash dividends declared: | |||||||
Common stock, $20.90, $15.80, and $15.70 per share during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively | (305,820) | (305,820) | |||||
Balance at Jan. 29, 2022 | 1,200 | 40 | 956,653 | (22,798) | 5,027,922 | (4,511,799) | 1,451,218 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 891,637 | 891,637 | |||||
Other comprehensive income | (42,924) | (42,924) | |||||
Issuance of 12,754, 19,062, and 14,806 shares under equity plans during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively | 6,186 | 6,186 | |||||
Purchase of 917,652, 1,708,918, and 3,205,213 shares of treasury stock (including excise tax) during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively | (436,620) | (436,620) | |||||
Cash dividends declared: | |||||||
Common stock, $20.90, $15.80, and $15.70 per share during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively | (270,859) | (270,859) | |||||
Balance at Jan. 28, 2023 | 1,200 | 40 | 962,839 | (65,722) | 5,648,700 | (4,948,419) | 1,598,638 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 738,847 | 738,847 | |||||
Other comprehensive income | (21,486) | (21,486) | |||||
Issuance of 12,754, 19,062, and 14,806 shares under equity plans during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively | 4,509 | 4,509 | |||||
Purchase of 917,652, 1,708,918, and 3,205,213 shares of treasury stock (including excise tax) during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively | (284,181) | (284,181) | |||||
Cash dividends declared: | |||||||
Common stock, $20.90, $15.80, and $15.70 per share during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively | (339,259) | (339,259) | |||||
Balance at Feb. 03, 2024 | $ 1,200 | $ 40 | $ 967,348 | $ (87,208) | $ 6,048,288 | $ (5,232,600) | $ 1,697,068 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY [Abstract] | |||
Common stock, shares issued under equity plans | 12,754 | 19,062 | 14,806 |
Treasury stock, shares acquired | 917,652 | 1,708,918 | 3,205,213 |
Common stock, cash dividends declared per share | $ 20.90 | $ 15.80 | $ 15.70 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Operating activities: | |||
Net income | $ 738,847 | $ 891,637 | $ 862,473 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of property and other deferred costs | 181,182 | 190,030 | 201,435 |
Deferred income taxes | (17,724) | (15,299) | (7,448) |
Gain on disposal of assets | (6,053) | (21,047) | (24,688) |
Proceeds from insurance | 2,902 | ||
Gain from insurance proceeds | (160) | ||
Loss on early extinguishment of debt | 2,830 | ||
Accrued interest on short-term investments | (5,679) | (3,206) | |
Changes in operating assets and liabilities: | |||
Increase in accounts receivable | (3,595) | (17,175) | (3,084) |
Decrease (increase) in merchandise inventories | 26,209 | (40,030) | 7,585 |
Increase in other current assets | (7,819) | (5,359) | (23,769) |
Increase in other assets | (4,678) | (1,161) | (3,832) |
(Decrease) increase in trade accounts payable and accrued expenses and other liabilities | (22,492) | (28,582) | 122,607 |
Increase (decrease) in income taxes payable | 5,392 | (1,257) | 143,009 |
Net cash provided by operating activities | 883,590 | 948,391 | 1,280,020 |
Investing activities: | |||
Purchase of property and equipment and capitalized software | (132,944) | (120,105) | (104,360) |
Proceeds from disposal of assets | 6,328 | 25,062 | 29,296 |
Proceeds from insurance | 4,477 | 4,886 | 3,801 |
Purchase of short-term investments | (295,354) | (245,696) | |
Proceeds from maturities of short-term investments | 301,899 | 100,000 | |
Distribution from joint venture | 1,475 | ||
Net cash used in investing activities | (115,594) | (235,853) | (69,788) |
Financing activities: | |||
Principal payments on long-term debt and finance lease liabilities | (44,800) | (695) | |
Cash dividends paid | (338,629) | (271,313) | (305,240) |
Purchase of treasury stock | (281,411) | (452,853) | (544,868) |
Issuance cost of line of credit | (3,009) | ||
Net cash used in financing activities | (620,040) | (768,966) | (853,812) |
Increase (decrease) in cash and cash equivalents and restricted cash | 147,956 | (56,428) | 356,420 |
Cash and cash equivalents and restricted cash, beginning of period | 660,331 | 716,759 | 360,339 |
Cash and cash equivalents and restricted cash, end of period | 808,287 | 660,331 | 716,759 |
Non-cash transactions: | |||
Accrued capital expenditures | 6,219 | 5,155 | 5,901 |
Stock awards | 4,509 | 6,186 | 2,522 |
Accrued purchases of treasury stock and excise taxes | 2,770 | 16,234 | |
Lease assets obtained in exchange for new operating lease liabilities | $ 20,477 | $ 3,660 | $ 9,627 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 03, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | 1. Description of Business and Summary of Significant Accounting Policies Description of Business Consolidation Use of Estimates Seasonality Cash Equivalents Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. February 3, January 28, (in thousands of dollars) 2024 2023 Cash and cash equivalents $ 808,287 $ 650,336 Restricted cash — 9,995 Total cash and cash equivalents and restricted cash $ 808,287 $ 660,331 Accounts Receivable completion of the project and acceptance by the owner. Accounts that are past due more than 120 days are considered for write-off based on individual credit evaluation and specific circumstances of the customer. Short-term Investments Merchandise Inventories The Company regularly records a provision for estimated shrinkage, thereby reducing the carrying value of merchandise inventory. Complete physical inventories of the Company’s stores and warehouses are generally performed no less frequently than annually, with the recorded amount of merchandise inventory being adjusted to coincide with these physical counts. Property and Equipment Buildings and leasehold improvements 20 - 40 years Furniture, fixtures and equipment 3 - 10 years Properties leased by the Company under lease agreements which are determined to be finance leases are stated at an amount equal to the present value of the minimum lease payments during the lease term, less accumulated amortization. The assets under finance leases and leasehold improvements under operating leases are amortized on the straight-line method over the shorter of their useful lives or the related lease terms. The provision for amortization of assets under finance leases is included in depreciation and amortization expense. Included in property and equipment as of February 3, 2024 and January 28, 2023 are assets held for sale in the amount of $7.6 million. During fiscal 2023, the Company received cash proceeds of $6.3 million and realized a gain of $6.1 million primarily related to the sale of two store properties. During fiscal 2022, the Company received cash proceeds of Depreciation and amortization on property and equipment was approximately $180 million, $188 million and $199 million for fiscal 2023, 2022 and 2021, respectively. Long-Lived Assets During fiscal 2023, 2022 and 2021, no asset impairment and store closing charges were recorded. Other Assets Vendor Allowances For cooperative advertising programs, the Company generally offsets the allowances against the related advertising expense when incurred. Many of these programs require proof-of-advertising to be provided to the vendor to support the reimbursement of the incurred cost. Programs that do not require proof-of-advertising are monitored to ensure that the allowance provided by each vendor is a reimbursement of costs incurred to advertise for that particular vendor. If the allowance exceeds the advertising costs incurred on a vendor-specific basis, then the excess allowance from the vendor is recorded as a reduction of merchandise cost for that vendor. Margin maintenance allowances are credited directly to cost of purchased merchandise in the period earned according to the agreement with the vendor. Under the retail method of accounting for inventory, a portion of these allowances reduces cost of goods sold and a portion reduces the carrying value of merchandise inventory. Insurance Accruals Operating Leases The lease term used for lease evaluation includes renewal option periods only in instances in which the exercise of the option period is reasonably certain. Revenue Recognition recorded. Sales taxes collected from customers are excluded from revenue and are recorded in trade accounts payable and accrued expenses until remitted to the taxing authorities. Wells Fargo Bank, N.A. (“Wells Fargo”) owns and manages Dillard’s private label cards under a 10-year Revenue from CDI construction contracts is generally measured based on the ratio of costs incurred to total estimated contract costs (the “cost-to-cost method”). The length of each contract varies but is typically nine eighteen months Gift Card Revenue Recognition Advertising Income Taxes Shipping and Handling Defined Benefit Retirement Plans balance sheet and recognizes changes in the funded status that arise during the period but that are not recognized as components of net periodic benefit cost, within other comprehensive income, net of income taxes. Comprehensive Income Supply Concentration Recently Adopted Accounting Pronouncements Disclosure of Supplier Finance Program Obligations In September 2022, the Financial Accounting Standards Board (“FASB”) issued accounting standards update ("ASU") No. 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations Under the terms of the Company’s supplier finance program, participating suppliers have the option of payment in advance of an invoice due date, which is paid by certain administering banks, on the basis of invoices that the Company has confirmed as valid and approved. The Company agrees to pay the administering bank the stated amount of confirmed invoices from its designated suppliers on the Company’s standard payment terms or on the original due dates of the invoices, as applicable. The Company’s suppliers are not required to participate in the supplier finance program. The early payment transactions between the Company’s supplier and the administering bank are subject to an agreement between those parties, and the Company does not participate in any financial aspect of the agreement between the Company’s supplier and the administering bank. The Company has not pledged assets or any other security for the committed payment to the administering bank. The Company or the administering bank may terminate the agreement upon at least 30 days’ notice. The amount of obligations confirmed under the program that remain unpaid by the Company were $1.6 million and $1.8 million as of February 3, 2024 and January 28, 2023, respectively. These obligations are presented within trade accounts payable and accrued expenses in our consolidated balance sheets. Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements and, except as noted below, believes there is no accounting guidance issued but not yet effective that would be relevant to the Company’s consolidated financial statements. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures chief operating decision maker (CODM) and included within each reported measure of segment profit and loss, the amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and accompanying notes. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Business Segments
Business Segments | 12 Months Ended |
Feb. 03, 2024 | |
Segment Reporting [Abstract] | |
Business Segments | 2. Business Segments The Company operates in two reportable segments: the operation of retail department stores and a general contracting construction company. For the Company’s retail operations reportable segment, the Company determined its operating segments on a store by store basis. Each store’s operating performance has been aggregated into one reportable segment. The Company’s operating segments are aggregated for financial reporting purposes because they are similar in each of the following areas: economic characteristics, class of consumer, nature of products and distribution methods. Revenues from external customers are derived from merchandise sales, and the Company does not rely on any major customers as a source of revenue. Across all stores, the Company operates one store format under the Dillard’s name where each store offers the same general mix of merchandise with similar categories and similar customers. The Company believes that disaggregating its operating segments would not provide meaningful additional information. The following table summarizes the percentage of net sales by segment and major product line: Fiscal 2023 Fiscal 2022 Fiscal 2021 Retail operations segment: Cosmetics 16 % 15 % 14 % Ladies’ apparel 20 21 21 Ladies’ accessories and lingerie 14 14 15 Juniors’ and children’s apparel 9 9 10 Men’s apparel and accessories 19 20 19 Shoes 14 15 15 Home and furniture 4 4 4 96 98 98 Construction segment 4 2 2 Total 100 % 100 % 100 % The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations. Fiscal 2023 (in thousands of dollars) Retail Operations Construction Consolidated Net sales from external customers $ 6,479,580 $ 272,473 $ 6,752,053 Gross margin 2,709,071 11,874 2,720,945 Depreciation and amortization 179,315 258 179,573 Interest and debt expense (income), net (3,927) (673) (4,600) Income before income taxes 913,856 2,761 916,617 Total assets 3,377,632 71,274 3,448,906 Fiscal 2022 (in thousands of dollars) Retail Operations Construction Consolidated Net sales from external customers $ 6,701,972 $ 169,109 $ 6,871,081 Gross margin 2,878,910 8,573 2,887,483 Depreciation and amortization 188,227 213 188,440 Interest and debt expense (income), net 30,614 (87) 30,527 Income before income taxes 1,108,675 792 1,109,467 Total assets 3,274,072 55,078 3,329,150 Fiscal 2021 (in thousands of dollars) Retail Operations Construction Consolidated Net sales from external customers $ 6,374,753 $ 118,240 $ 6,492,993 Gross margin 2,736,762 8,566 2,745,328 Depreciation and amortization 199,061 260 199,321 Interest and debt expense (income), net 43,131 (39) 43,092 Income before income taxes 1,086,122 2,241 1,088,363 Total assets 3,199,847 45,710 3,245,557 Intersegment construction revenues of $48.3 million, $44.9 million and $38.2 million were eliminated during consolidation and have been excluded from net sales for fiscal 2023, 2022 and 2021, respectively. The retail operations segment gives rise to contract liabilities through the customer loyalty program associated with Dillard’s private label cards and through the issuances of gift cards. The customer loyalty program liability and a portion of the gift card liability are included in trade accounts payable and accrued expenses, and a portion of the gift card liability is included in other liabilities on the consolidated balance sheets. Our retail operations segment contract liabilities are as follows: Retail February 3, January 28, January 29, (in thousands of dollars) 2024 2023 2022 Contract liabilities $ 85,227 $ 83,909 $ 80,421 During fiscal 2023 and 2022, the Company recorded $55.0 million and $53.2 million, respectively, in revenue that was previously included in the retail operations contract liability balances of $83.9 million and $80.4 million, at January 28, 2023 and January 29, 2022, respectively. Construction contracts give rise to accounts receivable, contract assets and contract liabilities. We record accounts receivable based on amounts expected to be collected from customers. We also record costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) in other current assets and trade accounts payable and accrued expenses in the consolidated balance sheets, respectively. The amounts included in the consolidated balance sheets are as follows: Construction February 3, January 28, January 29, (in thousands of dollars) 2024 2023 2022 Accounts receivable $ 47,240 $ 44,286 $ 25,912 Costs and estimated earnings in excess of billings on uncompleted contracts 1,695 798 2,847 Billings in excess of costs and estimated earnings on uncompleted contracts 6,307 10,909 6,298 During fiscal 2023 and 2022, the Company recorded $10.3 million and $5.8 million, respectively, in revenue that was previously included in billings in excess of costs and estimated earnings on uncompleted contracts of $10.9 million and $6.3 million at January 28, 2023 and January 29, 2022, respectively. The remaining performance obligations related to executed construction contracts totaled $163.7 million and $189.1 million at February 3, 2024 and January 28, 2023, respectively. |
Revolving Credit Agreement
Revolving Credit Agreement | 12 Months Ended |
Feb. 03, 2024 | |
Line of Credit Facility [Abstract] | |
Revolving Credit Agreement | 3. Revolving Credit Agreement The Company maintains a revolving credit facility (“credit agreement”) for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. The credit agreement, which is secured by certain deposit accounts of the Company and certain inventory of certain subsidiaries, Effective July 1, 2023, the Company amended the credit agreement (the "2023 amendment") to reflect the changes necessary for the phaseout of LIBOR. Pursuant to the 2023 amendment, the Company pays a variable rate of interest on borrowings under the credit agreement and a commitment fee to the participating banks. The rate of interest on borrowings is Adjusted Daily Simple SOFR, as defined in the 2023 amendment, plus 1.75% if average quarterly availability is less than 50% of the total commitment, as defined in the 2023 amendment ("total commitment"), and the rate of interest on borrowings is Adjusted Daily Simple SOFR, as defined in the 2023 amendment, plus 1.50% if average quarterly availability is greater than or equal to 50% of the total commitment. The commitment fee for unused borrowings is 0.30% per annum if average borrowings are less than 35% of the total commitment and 0.25% if average borrowings are greater than or equal to 35% of the total commitment. As long as availability exceeds $80 million and certain events of default have not occurred and are not continuing, there are no financial covenant requirements under the credit agreement. The credit agreement, as amended by the 2023 amendment, matures on April 28, 2026. No borrowings were outstanding at February 3, 2024. Letters of credit totaling $19.3 million were issued under the credit agreement leaving unutilized availability under the facility of $734.7 million at February 3, 2024. The Company had no borrowings during fiscal 2023, 2022 and 2021. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Feb. 03, 2024 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | 4. Long-Term Debt Long-term debt, including any current portion, of $321.5 million and $321.4 million was outstanding at February 3, 2024 and January 28, 2023, respectively. The debt outstanding at February 3, 2024 consisted of unsecured notes, bearing interest rates ranging from 7.000% to 7.750% and maturing during fiscal 2026 through fiscal 2028. There are no financial covenants under any of the debt agreements. Long-term debt maturities over the next five years are (in millions): Long-Term Debt Fiscal Year Maturities 2024 $ — 2025 — 2026 96.0 2027 80.0 2028 145.8 Net interest and debt (income) expense consists of the following: (in thousands of dollars) Fiscal 2023 Fiscal 2022 Fiscal 2021 Interest on long-term debt and subordinated debentures $ 37,308 $ 40,123 $ 41,177 Revolving credit facility expenses 2,564 2,518 2,515 Amortization of debt expense 712 709 1,211 Interest on finance lease obligations — — 31 Investment interest income (45,240) (12,827) (1,847) Other interest 56 4 5 $ (4,600) $ 30,527 $ 43,092 Interest paid during fiscal 2023, 2022 and 2021 was approximately $45.0 million, $44.7 million and $44.8 million, respectively. |
Trade Accounts Payable and Accr
Trade Accounts Payable and Accrued Expenses | 12 Months Ended |
Feb. 03, 2024 | |
Payables and Accruals [Abstract] | |
Trade Accounts Payable and Accrued Expenses | 5. Trade Accounts Payable and Accrued Expenses Trade accounts payable and accrued expenses consist of the following: (in thousands of dollars) February 3, 2024 January 28, 2023 Trade accounts payable $ 562,408 $ 589,627 Accrued expenses: Taxes, other than income 58,063 58,659 Salaries, wages and employee benefits 84,522 96,857 Liability to customers 61,039 62,922 Interest 3,726 6,855 Rent 1,778 2,310 Other 11,009 11,254 $ 782,545 $ 828,484 |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 03, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The provision for federal and state income taxes is summarized as follows: (in thousands of dollars) Fiscal 2023 Fiscal 2022 Fiscal 2021 Current: Federal $ 185,082 $ 220,089 $ 224,462 State 10,412 13,040 8,876 195,494 233,129 233,338 Deferred: Federal (12,621) (1,652) (9,120) State (5,103) (13,647) 1,672 (17,724) (15,299) (7,448) $ 177,770 $ 217,830 $ 225,890 A reconciliation between the Company’s income tax provision and income taxes using the federal statutory income tax rate of 21% is presented below: (in thousands of dollars) Fiscal 2023 Fiscal 2022 Fiscal 2021 Income tax at the statutory federal rate $ 192,490 $ 232,988 $ 228,556 State income taxes, net of federal benefit 14,529 20,616 24,677 Net changes in unrecognized tax benefits, interest and penalties/reserves 458 1,598 186 Tax benefit of federal credits (1,571) (1,724) (1,504) Changes in cash surrender value of life insurance policies (383) (389) (387) Changes in valuation allowance (9,766) (22,071) (14,364) Tax benefit of dividends paid to ESOP (21,990) (17,257) (18,912) Other 4,003 4,069 7,638 $ 177,770 $ 217,830 $ 225,890 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of February 3, 2024 and January 28, 2023 are as follows: February 3, January 28, (in thousands of dollars) 2024 2023 Prepaid expenses $ 56,808 $ 54,151 Joint venture basis differences 7,954 6,714 Differences between book and tax basis of inventory 30,551 31,444 Operating lease assets 9,670 7,599 Other 716 153 Total deferred tax liabilities 105,699 100,061 Property and equipment bases and depreciation differences (50,123) (34,100) Accruals not currently deductible (87,396) (80,499) Operating lease liabilities (9,853) (7,751) Net operating loss carryforwards (21,750) (27,830) Other (1,030) (864) Total deferred tax assets (170,152) (151,044) Valuation allowance 1,470 10,727 Net deferred tax assets (168,682) (140,317) Net deferred income taxes $ (62,983) $ (40,256) Deferred tax assets and liabilities were measured using the federal statutory income tax rate of 21% and the appropriate state statutory income tax rates. State deferred tax assets and liabilities, including net operating loss carryforwards and valuation allowances, are presented net of related federal tax effects. At February 3, 2024, the Company had a deferred tax asset related to state net operating loss carryforwards of approximately $21.8 million that could be utilized to reduce the tax liabilities of future years. Approximately $3.9 million of these carryforwards have indefinite lives, and approximately $17.9 million will expire between fiscal 2024 and 2044. State deferred tax assets were reduced by a valuation allowance of approximately $1.5 million primarily for the net operating loss carryforwards of various members of the affiliated group in states for which the Company determined that it is “more likely than not” that the benefit of the net operating losses will not be realized. Deferred tax assets and liabilities are presented as follows in the accompanying consolidated balance sheets: February 3, January 28, (in thousands of dollars) 2024 2023 Net deferred tax assets - deferred income taxes $ (63,951) $ (42,278) Net deferred tax liabilities - other liabilities 968 2,022 Net deferred income taxes $ (62,983) $ (40,256) The total amount of unrecognized tax benefits as of February 3, 2024 was $8.1 million, of which $6.0 million would, if recognized, affect the Company’s effective tax rate. The total amount of unrecognized tax benefits as of January 28, 2023 was $7.0 million, of which $5.3 million would, if recognized, affect the Company’s effective tax rate. The Company does not expect a significant change in unrecognized tax benefits in the next twelve months. Where applicable, associated interest expense and penalties are also recorded in income tax expense. The total amounts of interest and penalties were not material. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in thousands of dollars) Fiscal 2023 Fiscal 2022 Fiscal 2021 Unrecognized tax benefits at beginning of period $ 7,030 $ 6,735 $ 5,058 Gross increases—tax positions in prior period 868 — 1,282 Gross decreases—tax positions in prior period (695) (885) (566) Gross increases—current period tax positions 1,405 1,202 1,332 Lapse of statutes of limitation (498) (22) (371) Unrecognized tax benefits at end of period $ 8,110 $ 7,030 $ 6,735 The fiscal tax years that remain subject to examination for the federal tax jurisdiction are 2015, 2016 and 2019 and forward. The fiscal tax years that remain subject to examination for major state tax jurisdictions are 2020 and forward. At this time, the Company does not expect the results from any income tax audit to have a material impact on the Company’s consolidated financial statements. Income taxes paid, net of income tax refunds received, during fiscal 2023, 2022 and 2021 were approximately $183.8 million, $234.9 million and $93.6 million, respectively. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Feb. 03, 2024 | |
Subordinated Debentures [Abstract] | |
Subordinated Debentures | 7. Subordinated Debentures At February 3, 2024, the Company had $200 million outstanding of its 7.5% subordinated debentures due August 1, 2038. All of these subordinated debentures were held by Dillard’s Capital Trust I (“Trust”), a 100% owned unconsolidated finance subsidiary of the Company. The subordinated debentures are the sole asset of the Trust. The Company has the right to defer the payment of interest on the subordinated debentures at any time for a period not to exceed 20 consecutive quarters. At February 3, 2024, the Trust had outstanding $200 million liquidation amount of 7.5% Capital Securities, due August 1, 2038 (the “Capital Securities”). Holders of the Capital Securities are entitled to receive cumulative cash distributions, payable quarterly, at the annual rate of 7.5% of the liquidation amount of $25 per Capital Security. The Capital Securities are subject to mandatory redemption upon repayment of the Company’s subordinated debentures. The Company’s obligations under the subordinated debentures and related agreements, taken together, provide a full and unconditional guarantee of payments due on the Capital Securities. The Trust is a variable interest entity and is not consolidated into the Company’s financial statements, since the Company is not the primary beneficiary of the Trust. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Feb. 03, 2024 | |
Retirement Benefits [Abstract] | |
Benefit Plans | 8. Benefit Plans The Company has a retirement plan with a 401(k)-salary deferral feature for eligible employees. Under the terms of the plan, eligible employees could contribute up to the lesser of $22,500 ($30,000 if at least 50 years of age) or 75% of eligible pay. Eligible employees with 1 year of service, who elect to participate in the plan or are auto-enrolled, receive a Company matching contribution. Company matching contributions are calculated on the eligible employee’s first 6% of elective deferrals with the first 1% being matched 100% and the next 5% being matched 50%. The Company matching contributions are used to purchase Class A Common Stock of the Company for the benefit of the employee. This stock may be immediately diversified into any of the other funds within the plan at the election of the employee. The terms of the plan provide a two The Company incurred benefit plan expense of approximately $24 million, $22 million and $18 million for fiscal 2023, 2022 and 2021, respectively. Benefit plan expenses are included in selling, general and administrative expenses. The Company has an unfunded, nonqualified defined benefit plan (“Pension Plan”) for its officers. The Pension Plan is noncontributory and provides benefits based on years of service and compensation during employment. Pension expense is determined using an actuarial cost method to estimate the total benefits ultimately payable to officers and allocates this cost to service periods. The actuarial assumptions used to calculate pension costs are reviewed annually. The service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest costs and net actuarial loss components are included in other expense in the consolidated statements of income. The accumulated benefit obligations, change in projected benefit obligation, change in assets, funded status and reconciliation to amounts recognized in the consolidated balance sheets related to the Pension Plan are as follows: February 3, January 28, (in thousands of dollars) 2024 2023 Change in benefit obligation: Benefit obligation at beginning of year $ 273,118 $ 226,286 Service cost 5,047 4,077 Interest cost 12,948 6,786 Actuarial loss 32,333 42,321 Benefits paid (6,959) (6,352) Benefit obligation at end of year $ 316,487 $ 273,118 Change in Pension Plan assets: Fair value of Pension Plan assets at beginning of year $ — $ — Employer contribution 6,959 6,352 Benefits paid (6,959) (6,352) Fair value of Pension Plan assets at end of year $ — $ — Funded status (Pension Plan assets less benefit obligation) $ (316,487) $ (273,118) Amounts recognized in the balance sheets: Accrued benefit liability $ (316,487) $ (273,118) Net amount recognized $ (316,487) $ (273,118) Pretax amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 97,917 $ 71,427 Prior service cost — — Net amount recognized $ 97,917 $ 71,427 Accumulated benefit obligation at end of year $ (303,442) $ (272,002) The accrued benefit liability is included in other liabilities. At February 3, 2024 and January 28, 2023, the current portion of the accrued benefit liability of $6.9 million and $6.6 million, respectively, is included in trade accounts payable and accrued expenses. The increase in the benefit obligation from January 28, 2023 to February 3, 2024 was primarily related to the actuarial loss of $32.3 million, which was primarily the net result of increases in fiscal 2022 compensation that were paid during fiscal 2023, increases due to estimated changes of future compensation and decreases due to the change in the discount rate to 5.1% as of February 3, 2024 from 4.8% as of January 28, 2023. The increase in the benefit obligation was also a result of increasing interest costs. The discount rate that the Company utilizes for determining future pension obligations is based on the FTSE Above Median Pension yield curve on its annual measurement date as of the end of each fiscal year and is matched to the future expected cash flows of the benefit plans by semi-annual periods. Weighted average assumptions are as follows: Fiscal 2023 Fiscal 2022 Fiscal 2021 Discount rate—net periodic pension cost 4.8 % 3.0 % 2.5 % Discount rate—benefit obligations 5.1 % 4.8 % 3.0 % Rate of compensation increases—net periodic pension cost 2.0 % 2.0 % 2.0 % Rate of compensation increases—benefit obligations 3.0 % 2.0 % 2.0 % The components of net periodic benefit costs are as follows: (in thousands of dollars) Fiscal 2023 Fiscal 2022 Fiscal 2021 Components of net periodic benefit costs: Service cost $ 5,047 $ 4,077 $ 4,268 Interest cost 12,948 6,786 5,750 Net actuarial loss 5,843 958 2,786 Net periodic benefit costs $ 23,838 $ 11,821 $ 12,804 Other changes in benefit obligations recognized in other comprehensive loss (income): Net actuarial loss (gain) $ 26,490 $ 41,363 $ (16,004) Amortization of prior service cost — — — Total recognized in other comprehensive loss (income) $ 26,490 $ 41,363 $ (16,004) Total recognized in net periodic benefit costs and other comprehensive income or loss $ 50,328 $ 53,184 $ (3,200) The estimated future benefits payments for the nonqualified benefit plan are as follows: (in thousands of dollars) Fiscal Year 2024 $ 7,053 * 2025 19,600 2026 20,478 2027 27,523 2028 29,359 2029 - 2033 136,082 Total payments for next ten fiscal years $ 240,095 * The estimated benefit payment for fiscal 2024 also represents the amount the Company expects to contribute to the Pension Plan for fiscal 2024. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Feb. 03, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Capital stock is comprised of the following: Par Shares Type Value Authorized Preferred (5% cumulative) $ 100.00 5,000 Additional preferred $ 0.01 10,000,000 Class A, common $ 0.01 289,000,000 Class B, common $ 0.01 11,000,000 Holders of Class A Common Stock are empowered as a class to elect one two Board of Directors. Shares of Class B Common Stock are convertible at the option of any holder thereof into shares of Class A Common Stock at the rate of one share of Class B Common Stock for one share of Class A Common Stock. During fiscal 2023 and 2022, no shares of Class B Common Stock were converted to shares of Class A Common Stock. Stock Repurchase Programs In March 2018, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock ("March 2018 Stock Plan"). In May 2021, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock ("May 2021 Stock Plan"). In February 2022, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to The May 2023 Stock Plan permits the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or through privately negotiated transactions. The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data): Fiscal 2023 Fiscal 2022 Fiscal 2021 Cost of shares repurchased $ 281,406 $ 436,620 $ 561,102 Number of shares repurchased 918 1,709 3,205 Average price per share $ 306.66 $ 255.49 $ 175.06 All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date, and all amounts paid to reacquire these shares were allocated to treasury stock. As of February 3, 2024, the Company had completed the authorized purchases under the March 2018 Stock Plan, the May 2021 Stock Plan and the February 2022 Stock Plan, and On August 16, 2022, the Inflation Reduction Act of 2022 ("the Act") was signed into law. Under the Act share repurchases after December 31, 2022 are subject to a 1% excise tax. At February 3, 2024, the Company had accrued $2.8 million of excise tax related to its share repurchase program. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss ("AOCL") | 12 Months Ended |
Feb. 03, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss ("AOCL") | 10. Accumulated Other Comprehensive Loss (“AOCL”) Reclassifications from AOCL Reclassifications from AOCL are summarized as follows (in thousands): Amount Reclassified Affected Line Item in the Statement from AOCL Where Net Income Is Details about AOCL Components Fiscal 2023 Fiscal 2022 Presented Defined benefit pension plan items Amortization of actuarial losses $ 5,843 $ 958 Total before tax (1) 466 232 Income tax expense $ 5,377 $ 726 Total net of tax (1) This item is included in the computation of net periodic benefit costs. See Note 8 for additional information. Changes in AOCL Changes in AOCL by component (net of tax) are summarized as follows (in thousands): Defined Benefit Pension Plan Items Fiscal 2023 Fiscal 2022 Beginning balance $ 65,722 $ 22,798 Other comprehensive loss before reclassifications 26,863 43,650 Amounts reclassified from AOCL (5,377) (726) Net other comprehensive loss 21,486 42,924 Ending balance $ 87,208 $ 65,722 1. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Feb. 03, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Data | 11. Earnings per Share Basic earnings per share has been computed based upon the weighted average of Class A and Class B common shares outstanding. As no stock options or other dilutive securities were outstanding during any of the respective periods, the calculation of basic and dilutive earnings per share are the same. Earnings per common share has been computed as follows: Fiscal 2023 Fiscal 2022 Fiscal 2021 (in thousands, except per share data) Basic Diluted Basic Diluted Basic Diluted Net earnings available for per-share calculation $ 738,847 $ 738,847 $ 891,637 $ 891,637 $ 862,473 $ 862,473 Average shares of common stock outstanding 16,517 16,517 17,549 17,549 20,592 20,592 Dilutive effect of stock-based compensation — — — — — — Total average equivalent shares 16,517 16,517 17,549 17,549 20,592 20,592 Per share of common stock: Net income $ 44.73 $ 44.73 $ 50.81 $ 50.81 $ 41.88 $ 41.88 3. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 03, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies At February 3, 2024, the Company is committed to incur costs of approximately $2.2 million to acquire, complete and furnish certain stores and equipment. At February 3, 2024, letters of credit totaling $19.3 million were issued under the Company’s $800 million revolving credit facility. Various legal proceedings, in the form of lawsuits and claims, which occur in the normal course of business, are pending against the Company and its subsidiaries. In the opinion of management, disposition of these matters is not expected to materially affect the Company’s financial position, cash flows or results of operations. |
Leases
Leases | 12 Months Ended |
Feb. 03, 2024 | |
Leases [Abstract] | |
Leases | 13. Leases The Company leases retail stores, office space and equipment under operating leases. As of February 3, 2024, right-of-use operating lease assets, which are recorded in operating lease assets in the consolidated balance sheets, totaled $42.7 million, and operating lease liabilities, which are recorded in current portion of operating lease liabilities and operating lease liabilities, totaled $43.0 million. In determining our operating lease assets and operating lease liabilities, we apply an incremental borrowing rate to the minimum lease payments within each lease agreement. GAAP requires the use of the rate implicit in the lease whenever that rate is readily determinable; furthermore, if the implicit rate is not readily determinable, a lessee may use its incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate our specific incremental borrowing rates that align with applicable lease terms, we utilized a model consistent with the credit quality of our outstanding debt instruments. Renewal options of five Contingent rentals on certain leases are based on a percentage of annual sales in excess of specified amounts. Other contingent rentals are based entirely on a percentage of sales. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table summarizes the Company’s operating and finance leases: (in thousands of dollars) Classification - Consolidated Balance Sheets February 3, 2024 January 28, 2023 Assets Finance lease assets Property and equipment, net $ — $ — Operating lease assets Operating lease assets 42,681 33,821 Total leased assets $ 42,681 $ 33,821 Liabilities Current Finance Current portion of finance lease liabilities $ — $ — Operating Current portion of operating lease liabilities 11,252 9,702 Noncurrent Finance Finance lease liabilities — — Operating Operating lease liabilities 31,728 24,164 Total lease liabilities $ 42,980 $ 33,866 Lease Cost (in thousands of dollars) Classification - Consolidated Statements of Operations Fiscal 2023 Fiscal 2022 Fiscal 2021 Operating lease cost (a) Rentals $ 21,569 $ 23,169 $ 22,594 Finance lease cost Amortization of leased assets Depreciation and amortization — — 247 Interest on lease liabilities Interest and debt expense, net — — 31 Net lease cost $ 21,569 $ 23,169 $ 22,872 (a) Includes short term lease costs of $4.4 million and $5.2 million and variable lease costs, including contingent rent, of $3.7 million and $3.3 million for fiscal 2023 and 2022, respectively. Maturities of Lease Liabilities (in thousands of dollars) Operating Finance Fiscal Year Leases Leases Total 2024 $ 13,586 $ — $ 13,586 2025 13,018 — 13,018 2026 9,657 — 9,657 2027 4,361 — 4,361 2028 3,740 — 3,740 After 2028 6,111 — 6,111 Total minimum lease payments 50,473 — 50,473 Less amount representing interest (7,493) — (7,493) Present value of lease liabilities $ 42,980 $ — $ 42,980 Lease Term and Discount Rate February 3, 2024 Weighted-average remaining lease term Operating leases 5.0 Weighted-average discount rate Operating leases 6.5 % Other Information (in thousands of dollars) Fiscal 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 13,475 Operating cash flows from finance leases — Financing cash flows from finance leases — Lease assets obtained in exchange for new operating lease liabilities $ 20,477 12. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Feb. 03, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 14. Fair Value Disclosures The estimated fair values of financial instruments which are presented herein have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of amounts the Company could realize in a current market exchange. The fair value of the Company’s long-term debt and subordinated debentures is based on market prices and are categorized as Level 1 in the fair value hierarchy. The fair value of the Company’s cash and cash equivalents, restricted cash and trade accounts receivable approximates their carrying values at February 3, 2024 and January 28, 2023 due to the short-term maturities of these instruments. The Company’s short-term investments are recorded at amortized cost, which is consistent with the Company’s held-to-maturity classification. The fair values of the Company’s long-term debt at February 3, 2024 and January 28, 2023 were approximately $339 million and $338 million, respectively. The carrying values of the Company’s long-term debt at February 3, 2024 and January 28, 2023 were approximately $321 million. The fair values of the subordinated debentures at February 3, 2024 and January 28, 2023 were approximately $205 million. The carrying values of the subordinated debentures at both February 3, 2024 and January 28, 2023 were $200 million. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The FASB’s accounting guidance utilizes a fair value hierarchy that prioritizes the inputs to the valuation techniques used to measure fair value into three broad levels: ● Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities ● Level 2: Inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active ● Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions During fiscal 2023, 2022 and 2021, no asset impairment and store closing charges were recorded. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 03, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | Consolidation |
Use of Estimates | Use of Estimates |
Seasonality | Seasonality |
Cash Equivalents and Restricted Cash | Cash Equivalents Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. February 3, January 28, (in thousands of dollars) 2024 2023 Cash and cash equivalents $ 808,287 $ 650,336 Restricted cash — 9,995 Total cash and cash equivalents and restricted cash $ 808,287 $ 660,331 |
Accounts Receivable | Accounts Receivable completion of the project and acceptance by the owner. Accounts that are past due more than 120 days are considered for write-off based on individual credit evaluation and specific circumstances of the customer. |
Short-term Investments | Short-term Investments |
Merchandise Inventories | Merchandise Inventories The Company regularly records a provision for estimated shrinkage, thereby reducing the carrying value of merchandise inventory. Complete physical inventories of the Company’s stores and warehouses are generally performed no less frequently than annually, with the recorded amount of merchandise inventory being adjusted to coincide with these physical counts. |
Property and Equipment | Property and Equipment Buildings and leasehold improvements 20 - 40 years Furniture, fixtures and equipment 3 - 10 years Properties leased by the Company under lease agreements which are determined to be finance leases are stated at an amount equal to the present value of the minimum lease payments during the lease term, less accumulated amortization. The assets under finance leases and leasehold improvements under operating leases are amortized on the straight-line method over the shorter of their useful lives or the related lease terms. The provision for amortization of assets under finance leases is included in depreciation and amortization expense. Included in property and equipment as of February 3, 2024 and January 28, 2023 are assets held for sale in the amount of $7.6 million. During fiscal 2023, the Company received cash proceeds of $6.3 million and realized a gain of $6.1 million primarily related to the sale of two store properties. During fiscal 2022, the Company received cash proceeds of Depreciation and amortization on property and equipment was approximately $180 million, $188 million and $199 million for fiscal 2023, 2022 and 2021, respectively. |
Long-Lived Assets | Long-Lived Assets During fiscal 2023, 2022 and 2021, no asset impairment and store closing charges were recorded. |
Other Assets | Other Assets |
Vendor Allowances | Vendor Allowances For cooperative advertising programs, the Company generally offsets the allowances against the related advertising expense when incurred. Many of these programs require proof-of-advertising to be provided to the vendor to support the reimbursement of the incurred cost. Programs that do not require proof-of-advertising are monitored to ensure that the allowance provided by each vendor is a reimbursement of costs incurred to advertise for that particular vendor. If the allowance exceeds the advertising costs incurred on a vendor-specific basis, then the excess allowance from the vendor is recorded as a reduction of merchandise cost for that vendor. Margin maintenance allowances are credited directly to cost of purchased merchandise in the period earned according to the agreement with the vendor. Under the retail method of accounting for inventory, a portion of these allowances reduces cost of goods sold and a portion reduces the carrying value of merchandise inventory. |
Insurance Accruals | Insurance Accruals |
Operating Leases | Operating Leases The lease term used for lease evaluation includes renewal option periods only in instances in which the exercise of the option period is reasonably certain. |
Revenue Recognition | Revenue Recognition recorded. Sales taxes collected from customers are excluded from revenue and are recorded in trade accounts payable and accrued expenses until remitted to the taxing authorities. Wells Fargo Bank, N.A. (“Wells Fargo”) owns and manages Dillard’s private label cards under a 10-year Revenue from CDI construction contracts is generally measured based on the ratio of costs incurred to total estimated contract costs (the “cost-to-cost method”). The length of each contract varies but is typically nine eighteen months |
Gift Card Revenue Recognition | Gift Card Revenue Recognition |
Advertising | Advertising |
Income Taxes | Income Taxes |
Shipping and Handling | Shipping and Handling |
Defined Benefit Retirement Plans | Defined Benefit Retirement Plans balance sheet and recognizes changes in the funded status that arise during the period but that are not recognized as components of net periodic benefit cost, within other comprehensive income, net of income taxes. |
Comprehensive Income | Comprehensive Income |
Supply Concentration | Supply Concentration |
Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Disclosure of Supplier Finance Program Obligations In September 2022, the Financial Accounting Standards Board (“FASB”) issued accounting standards update ("ASU") No. 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations Under the terms of the Company’s supplier finance program, participating suppliers have the option of payment in advance of an invoice due date, which is paid by certain administering banks, on the basis of invoices that the Company has confirmed as valid and approved. The Company agrees to pay the administering bank the stated amount of confirmed invoices from its designated suppliers on the Company’s standard payment terms or on the original due dates of the invoices, as applicable. The Company’s suppliers are not required to participate in the supplier finance program. The early payment transactions between the Company’s supplier and the administering bank are subject to an agreement between those parties, and the Company does not participate in any financial aspect of the agreement between the Company’s supplier and the administering bank. The Company has not pledged assets or any other security for the committed payment to the administering bank. The Company or the administering bank may terminate the agreement upon at least 30 days’ notice. The amount of obligations confirmed under the program that remain unpaid by the Company were $1.6 million and $1.8 million as of February 3, 2024 and January 28, 2023, respectively. These obligations are presented within trade accounts payable and accrued expenses in our consolidated balance sheets. Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements and, except as noted below, believes there is no accounting guidance issued but not yet effective that would be relevant to the Company’s consolidated financial statements. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures chief operating decision maker (CODM) and included within each reported measure of segment profit and loss, the amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and accompanying notes. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of cash, cash equivalents and restricted cash | February 3, January 28, (in thousands of dollars) 2024 2023 Cash and cash equivalents $ 808,287 $ 650,336 Restricted cash — 9,995 Total cash and cash equivalents and restricted cash $ 808,287 $ 660,331 |
Schedule of estimated useful lives | Buildings and leasehold improvements 20 - 40 years Furniture, fixtures and equipment 3 - 10 years |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Segment Reporting [Abstract] | |
Schedule of percentage of net sales by segment and major product line | Fiscal 2023 Fiscal 2022 Fiscal 2021 Retail operations segment: Cosmetics 16 % 15 % 14 % Ladies’ apparel 20 21 21 Ladies’ accessories and lingerie 14 14 15 Juniors’ and children’s apparel 9 9 10 Men’s apparel and accessories 19 20 19 Shoes 14 15 15 Home and furniture 4 4 4 96 98 98 Construction segment 4 2 2 Total 100 % 100 % 100 % |
Schedule of segment reporting information, by segment | Fiscal 2023 (in thousands of dollars) Retail Operations Construction Consolidated Net sales from external customers $ 6,479,580 $ 272,473 $ 6,752,053 Gross margin 2,709,071 11,874 2,720,945 Depreciation and amortization 179,315 258 179,573 Interest and debt expense (income), net (3,927) (673) (4,600) Income before income taxes 913,856 2,761 916,617 Total assets 3,377,632 71,274 3,448,906 Fiscal 2022 (in thousands of dollars) Retail Operations Construction Consolidated Net sales from external customers $ 6,701,972 $ 169,109 $ 6,871,081 Gross margin 2,878,910 8,573 2,887,483 Depreciation and amortization 188,227 213 188,440 Interest and debt expense (income), net 30,614 (87) 30,527 Income before income taxes 1,108,675 792 1,109,467 Total assets 3,274,072 55,078 3,329,150 Fiscal 2021 (in thousands of dollars) Retail Operations Construction Consolidated Net sales from external customers $ 6,374,753 $ 118,240 $ 6,492,993 Gross margin 2,736,762 8,566 2,745,328 Depreciation and amortization 199,061 260 199,321 Interest and debt expense (income), net 43,131 (39) 43,092 Income before income taxes 1,086,122 2,241 1,088,363 Total assets 3,199,847 45,710 3,245,557 |
Schedule of contract liabilities | Retail February 3, January 28, January 29, (in thousands of dollars) 2024 2023 2022 Contract liabilities $ 85,227 $ 83,909 $ 80,421 |
Schedule of accounts receivable, contract assets and liabilities - Construction | Construction February 3, January 28, January 29, (in thousands of dollars) 2024 2023 2022 Accounts receivable $ 47,240 $ 44,286 $ 25,912 Costs and estimated earnings in excess of billings on uncompleted contracts 1,695 798 2,847 Billings in excess of costs and estimated earnings on uncompleted contracts 6,307 10,909 6,298 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of maturities of long term debt | Long-term debt maturities over the next five years are (in millions): Long-Term Debt Fiscal Year Maturities 2024 $ — 2025 — 2026 96.0 2027 80.0 2028 145.8 |
Schedule of net interest and debt expense | (in thousands of dollars) Fiscal 2023 Fiscal 2022 Fiscal 2021 Interest on long-term debt and subordinated debentures $ 37,308 $ 40,123 $ 41,177 Revolving credit facility expenses 2,564 2,518 2,515 Amortization of debt expense 712 709 1,211 Interest on finance lease obligations — — 31 Investment interest income (45,240) (12,827) (1,847) Other interest 56 4 5 $ (4,600) $ 30,527 $ 43,092 |
Trade Accounts Payable and Ac_2
Trade Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of trade accounts payable and accrued expenses | (in thousands of dollars) February 3, 2024 January 28, 2023 Trade accounts payable $ 562,408 $ 589,627 Accrued expenses: Taxes, other than income 58,063 58,659 Salaries, wages and employee benefits 84,522 96,857 Liability to customers 61,039 62,922 Interest 3,726 6,855 Rent 1,778 2,310 Other 11,009 11,254 $ 782,545 $ 828,484 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for federal and state income taxes | (in thousands of dollars) Fiscal 2023 Fiscal 2022 Fiscal 2021 Current: Federal $ 185,082 $ 220,089 $ 224,462 State 10,412 13,040 8,876 195,494 233,129 233,338 Deferred: Federal (12,621) (1,652) (9,120) State (5,103) (13,647) 1,672 (17,724) (15,299) (7,448) $ 177,770 $ 217,830 $ 225,890 |
Schedule of reconciliation between the Company's income tax provision and income taxes using the federal income tax rate | (in thousands of dollars) Fiscal 2023 Fiscal 2022 Fiscal 2021 Income tax at the statutory federal rate $ 192,490 $ 232,988 $ 228,556 State income taxes, net of federal benefit 14,529 20,616 24,677 Net changes in unrecognized tax benefits, interest and penalties/reserves 458 1,598 186 Tax benefit of federal credits (1,571) (1,724) (1,504) Changes in cash surrender value of life insurance policies (383) (389) (387) Changes in valuation allowance (9,766) (22,071) (14,364) Tax benefit of dividends paid to ESOP (21,990) (17,257) (18,912) Other 4,003 4,069 7,638 $ 177,770 $ 217,830 $ 225,890 |
Schedule of deferred tax assets and liabilities | February 3, January 28, (in thousands of dollars) 2024 2023 Prepaid expenses $ 56,808 $ 54,151 Joint venture basis differences 7,954 6,714 Differences between book and tax basis of inventory 30,551 31,444 Operating lease assets 9,670 7,599 Other 716 153 Total deferred tax liabilities 105,699 100,061 Property and equipment bases and depreciation differences (50,123) (34,100) Accruals not currently deductible (87,396) (80,499) Operating lease liabilities (9,853) (7,751) Net operating loss carryforwards (21,750) (27,830) Other (1,030) (864) Total deferred tax assets (170,152) (151,044) Valuation allowance 1,470 10,727 Net deferred tax assets (168,682) (140,317) Net deferred income taxes $ (62,983) $ (40,256) |
Schedule of classification of deferred tax assets and liabilities | February 3, January 28, (in thousands of dollars) 2024 2023 Net deferred tax assets - deferred income taxes $ (63,951) $ (42,278) Net deferred tax liabilities - other liabilities 968 2,022 Net deferred income taxes $ (62,983) $ (40,256) |
Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits | (in thousands of dollars) Fiscal 2023 Fiscal 2022 Fiscal 2021 Unrecognized tax benefits at beginning of period $ 7,030 $ 6,735 $ 5,058 Gross increases—tax positions in prior period 868 — 1,282 Gross decreases—tax positions in prior period (695) (885) (566) Gross increases—current period tax positions 1,405 1,202 1,332 Lapse of statutes of limitation (498) (22) (371) Unrecognized tax benefits at end of period $ 8,110 $ 7,030 $ 6,735 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of accumulated benefit obligation, changes in projected benefit obligation, change in Pension Plan assets, funded status and reconciliation to amounts recognized in the consolidated balance sheets | February 3, January 28, (in thousands of dollars) 2024 2023 Change in benefit obligation: Benefit obligation at beginning of year $ 273,118 $ 226,286 Service cost 5,047 4,077 Interest cost 12,948 6,786 Actuarial loss 32,333 42,321 Benefits paid (6,959) (6,352) Benefit obligation at end of year $ 316,487 $ 273,118 Change in Pension Plan assets: Fair value of Pension Plan assets at beginning of year $ — $ — Employer contribution 6,959 6,352 Benefits paid (6,959) (6,352) Fair value of Pension Plan assets at end of year $ — $ — Funded status (Pension Plan assets less benefit obligation) $ (316,487) $ (273,118) Amounts recognized in the balance sheets: Accrued benefit liability $ (316,487) $ (273,118) Net amount recognized $ (316,487) $ (273,118) Pretax amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 97,917 $ 71,427 Prior service cost — — Net amount recognized $ 97,917 $ 71,427 Accumulated benefit obligation at end of year $ (303,442) $ (272,002) |
Schedule of weighted average assumption | Fiscal 2023 Fiscal 2022 Fiscal 2021 Discount rate—net periodic pension cost 4.8 % 3.0 % 2.5 % Discount rate—benefit obligations 5.1 % 4.8 % 3.0 % Rate of compensation increases—net periodic pension cost 2.0 % 2.0 % 2.0 % Rate of compensation increases—benefit obligations 3.0 % 2.0 % 2.0 % |
Schedule of components of net periodic benefit costs | (in thousands of dollars) Fiscal 2023 Fiscal 2022 Fiscal 2021 Components of net periodic benefit costs: Service cost $ 5,047 $ 4,077 $ 4,268 Interest cost 12,948 6,786 5,750 Net actuarial loss 5,843 958 2,786 Net periodic benefit costs $ 23,838 $ 11,821 $ 12,804 Other changes in benefit obligations recognized in other comprehensive loss (income): Net actuarial loss (gain) $ 26,490 $ 41,363 $ (16,004) Amortization of prior service cost — — — Total recognized in other comprehensive loss (income) $ 26,490 $ 41,363 $ (16,004) Total recognized in net periodic benefit costs and other comprehensive income or loss $ 50,328 $ 53,184 $ (3,200) |
Schedule of estimated future benefits payments for the nonqualified benefit plan | (in thousands of dollars) Fiscal Year 2024 $ 7,053 * 2025 19,600 2026 20,478 2027 27,523 2028 29,359 2029 - 2033 136,082 Total payments for next ten fiscal years $ 240,095 * The estimated benefit payment for fiscal 2024 also represents the amount the Company expects to contribute to the Pension Plan for fiscal 2024. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of capital stock | Par Shares Type Value Authorized Preferred (5% cumulative) $ 100.00 5,000 Additional preferred $ 0.01 10,000,000 Class A, common $ 0.01 289,000,000 Class B, common $ 0.01 11,000,000 |
Schedule of share repurchase activity | The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data): Fiscal 2023 Fiscal 2022 Fiscal 2021 Cost of shares repurchased $ 281,406 $ 436,620 $ 561,102 Number of shares repurchased 918 1,709 3,205 Average price per share $ 306.66 $ 255.49 $ 175.06 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss ("AOCL") (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Equity [Abstract] | |
Schedule of reclassifications from AOCL | Reclassifications from AOCL are summarized as follows (in thousands): Amount Reclassified Affected Line Item in the Statement from AOCL Where Net Income Is Details about AOCL Components Fiscal 2023 Fiscal 2022 Presented Defined benefit pension plan items Amortization of actuarial losses $ 5,843 $ 958 Total before tax (1) 466 232 Income tax expense $ 5,377 $ 726 Total net of tax (1) This item is included in the computation of net periodic benefit costs. See Note 8 for additional information. |
Schedule of change in Accumulated Other Comprehensive Income (Loss) | Changes in AOCL by component (net of tax) are summarized as follows (in thousands): Defined Benefit Pension Plan Items Fiscal 2023 Fiscal 2022 Beginning balance $ 65,722 $ 22,798 Other comprehensive loss before reclassifications 26,863 43,650 Amounts reclassified from AOCL (5,377) (726) Net other comprehensive loss 21,486 42,924 Ending balance $ 87,208 $ 65,722 1. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | Fiscal 2023 Fiscal 2022 Fiscal 2021 (in thousands, except per share data) Basic Diluted Basic Diluted Basic Diluted Net earnings available for per-share calculation $ 738,847 $ 738,847 $ 891,637 $ 891,637 $ 862,473 $ 862,473 Average shares of common stock outstanding 16,517 16,517 17,549 17,549 20,592 20,592 Dilutive effect of stock-based compensation — — — — — — Total average equivalent shares 16,517 16,517 17,549 17,549 20,592 20,592 Per share of common stock: Net income $ 44.73 $ 44.73 $ 50.81 $ 50.81 $ 41.88 $ 41.88 3. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Leases [Abstract] | |
Schedule of operating and finance lease assets and liabilities | (in thousands of dollars) Classification - Consolidated Balance Sheets February 3, 2024 January 28, 2023 Assets Finance lease assets Property and equipment, net $ — $ — Operating lease assets Operating lease assets 42,681 33,821 Total leased assets $ 42,681 $ 33,821 Liabilities Current Finance Current portion of finance lease liabilities $ — $ — Operating Current portion of operating lease liabilities 11,252 9,702 Noncurrent Finance Finance lease liabilities — — Operating Operating lease liabilities 31,728 24,164 Total lease liabilities $ 42,980 $ 33,866 |
Schedule of lease cost | (in thousands of dollars) Classification - Consolidated Statements of Operations Fiscal 2023 Fiscal 2022 Fiscal 2021 Operating lease cost (a) Rentals $ 21,569 $ 23,169 $ 22,594 Finance lease cost Amortization of leased assets Depreciation and amortization — — 247 Interest on lease liabilities Interest and debt expense, net — — 31 Net lease cost $ 21,569 $ 23,169 $ 22,872 (a) Includes short term lease costs of $4.4 million and $5.2 million and variable lease costs, including contingent rent, of $3.7 million and $3.3 million for fiscal 2023 and 2022, respectively. |
Schedule of operating lease maturities | (in thousands of dollars) Operating Finance Fiscal Year Leases Leases Total 2024 $ 13,586 $ — $ 13,586 2025 13,018 — 13,018 2026 9,657 — 9,657 2027 4,361 — 4,361 2028 3,740 — 3,740 After 2028 6,111 — 6,111 Total minimum lease payments 50,473 — 50,473 Less amount representing interest (7,493) — (7,493) Present value of lease liabilities $ 42,980 $ — $ 42,980 |
Schedule of finance lease maturities | (in thousands of dollars) Operating Finance Fiscal Year Leases Leases Total 2024 $ 13,586 $ — $ 13,586 2025 13,018 — 13,018 2026 9,657 — 9,657 2027 4,361 — 4,361 2028 3,740 — 3,740 After 2028 6,111 — 6,111 Total minimum lease payments 50,473 — 50,473 Less amount representing interest (7,493) — (7,493) Present value of lease liabilities $ 42,980 $ — $ 42,980 |
Schedule of lease term and discount rate | February 3, 2024 Weighted-average remaining lease term Operating leases 5.0 Weighted-average discount rate Operating leases 6.5 % |
Schedule of other lease information | (in thousands of dollars) Fiscal 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 13,475 Operating cash flows from finance leases — Financing cash flows from finance leases — Lease assets obtained in exchange for new operating lease liabilities $ 20,477 12. |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Maximum number of days cash remains restricted pursuant to like-kind exchange agreements | 180 days | 180 days | ||
Cash and cash equivalents | $ 808,287 | $ 650,336 | ||
Restricted cash | 9,995 | |||
Total cash, cash equivalents and restricted cash | $ 808,287 | $ 660,331 | $ 716,759 | $ 360,339 |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Property and Equipment and Accounts Receivable (Details) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 USD ($) store | Jan. 28, 2023 USD ($) store | Jan. 29, 2022 USD ($) store | |
Merchandise Inventories | |||
Percentage of inventories valued at the lower of cost or market using LIFO retail inventory method | 96% | 96% | |
Accounts Receivable | |||
Number of days in which accounts receivable are ordinarily due | 30 days | ||
Number of days in which contract retentions are due | 30 days | ||
Minimum number of days past due for accounts receivable to be considered delinquent | 120 days | ||
Property and Equipment | |||
Accumulated capitalized interest costs | $ 2,200 | $ 1,900 | $ 1,100 |
Assets held-for-sale, value | 7,600 | 7,600 | |
Proceeds from disposal of assets | 6,328 | 25,062 | 29,296 |
Gain on disposal of assets | $ 6,053 | $ 21,047 | $ 24,688 |
Number of former retail stores sold | store | 2 | 3 | 3 |
Depreciation and amortization | $ 179,573 | $ 188,440 | $ 199,321 |
Buildings and leasehold improvements | Minimum | |||
Property and Equipment | |||
Estimated useful lives | 20 years | ||
Buildings and leasehold improvements | Maximum | |||
Property and Equipment | |||
Estimated useful lives | 40 years | ||
Furniture, fixtures and equipment | Minimum | |||
Property and Equipment | |||
Estimated useful lives | 3 years | ||
Furniture, fixtures and equipment | Maximum | |||
Property and Equipment | |||
Estimated useful lives | 10 years |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies - Long-Lived Assets, Insurance Accruals, Revenue Recognition, Gift Card Revenue Recognition, Advertising (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Asset impairment and store closing charges | $ 0 | $ 0 | $ 0 |
Insurance Accruals | |||
Self Insurance Reserve | $ 41,000 | 42,500 | |
Revenue Recognition | |||
Original term of Wells Fargo Alliance | 10 years | ||
Income received from private label credit cards under the Alliance | $ 67,200 | 67,800 | 74,800 |
Gift Card Revenue Recognition | |||
Gift card breakage income, recognition period | 60 months | ||
Gift card liabilities | $ 67,300 | 69,400 | |
Advertising | |||
Advertising expense | 38,100 | 38,600 | 32,000 |
Cooperative advertisement reimbursements | $ 4,400 | $ 5,600 | $ 7,800 |
Minimum | |||
Revenue Recognition | |||
Typical term of CDI construction contracts | 9 months | ||
Maximum | |||
Revenue Recognition | |||
Typical term of CDI construction contracts | 18 months |
Description of Business and S_7
Description of Business and Summary of Significant Accounting Policies - Supplier Finance Program (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Supplier Finance Program | ||
Confirmed obligations outstanding | $ 1.6 | $ 1.8 |
Supplier Finance Program, Obligation, Statement of Financial Position | Trade accounts payable and accrued expenses | Trade accounts payable and accrued expenses |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 USD ($) segment | Jan. 28, 2023 USD ($) segment | Jan. 29, 2022 USD ($) segment | |
Business Segments | |||
Number of reportable segments | segment | 2 | 2 | 2 |
Concentration Risk, Percentage | 100% | 100% | 100% |
Net sales from external customers | $ 6,752,053 | $ 6,871,081 | $ 6,492,993 |
Gross margin | 2,720,945 | 2,887,483 | 2,745,328 |
Depreciation and amortization | 179,573 | 188,440 | 199,321 |
Interest and debt (income) expense, net | (4,600) | 30,527 | 43,092 |
Income before income taxes | 916,617 | 1,109,467 | 1,088,363 |
Total assets | 3,448,906 | 3,329,150 | 3,245,557 |
Retail operations | |||
Business Segments | |||
Net sales from external customers | 6,479,580 | 6,701,972 | 6,374,753 |
Gross margin | 2,709,071 | 2,878,910 | 2,736,762 |
Depreciation and amortization | 179,315 | 188,227 | 199,061 |
Interest and debt (income) expense, net | (3,927) | 30,614 | 43,131 |
Income before income taxes | 913,856 | 1,108,675 | 1,086,122 |
Total assets | 3,377,632 | 3,274,072 | 3,199,847 |
Contract liabilities | 85,227 | 83,909 | $ 80,421 |
Contract liabilities, revenue recognized | $ 55,000 | $ 53,200 | |
Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | |||
Business Segments | |||
Concentration Risk, Percentage | 96% | 98% | 98% |
Construction | |||
Business Segments | |||
Net sales from external customers | $ 272,473 | $ 169,109 | $ 118,240 |
Gross margin | 11,874 | 8,573 | 8,566 |
Depreciation and amortization | 258 | 213 | 260 |
Interest and debt (income) expense, net | (673) | (87) | (39) |
Income before income taxes | 2,761 | 792 | 2,241 |
Total assets | 71,274 | 55,078 | 45,710 |
Segment Reporting | |||
Accounts Receivable, Construction Segment | 47,240 | 44,286 | 25,912 |
Costs and estimated earnings in excess of billings on uncompleted contracts, construction segment | 1,695 | 798 | 2,847 |
Billings in excess of costs and estimated earnings on uncompleted contracts, construction segment | 6,307 | 10,909 | $ 6,298 |
Revenue Recognized, previously recorded in Billings in excess of costs and estimated earnings | 10,300 | 5,800 | |
Revenue, Remaining Performance Obligation, Amount, construction segment | $ 163,700 | $ 189,100 | |
Construction | Product Concentration Risk | Revenue, Product and Service Benchmark | |||
Business Segments | |||
Concentration Risk, Percentage | 4% | 2% | 2% |
Intersegment Eliminations | Construction | |||
Business Segments | |||
Net sales from external customers | $ 48,300 | $ 44,900 | $ 38,200 |
Cosmetics | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | |||
Business Segments | |||
Concentration Risk, Percentage | 16% | 15% | 14% |
Ladies' Apparel | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | |||
Business Segments | |||
Concentration Risk, Percentage | 20% | 21% | 21% |
Ladies' Accessories and Lingerie | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | |||
Business Segments | |||
Concentration Risk, Percentage | 14% | 14% | 15% |
Juniors' and Children's Apparel | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | |||
Business Segments | |||
Concentration Risk, Percentage | 9% | 9% | 10% |
Men's Apparel and Accessories | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | |||
Business Segments | |||
Concentration Risk, Percentage | 19% | 20% | 19% |
Shoes | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | |||
Business Segments | |||
Concentration Risk, Percentage | 14% | 15% | 15% |
Home and Furniture | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | |||
Business Segments | |||
Concentration Risk, Percentage | 4% | 4% | 4% |
Revolving Credit Agreement (Det
Revolving Credit Agreement (Details) - USD ($) $ in Millions | Jul. 01, 2023 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 |
Line of Credit Facility [Abstract] | ||||
Borrowing capacity | $ 800 | |||
Expansion option | 200 | |||
Borrowings outstanding | 0 | $ 0 | $ 0 | |
Reference rate | SOFR | |||
Basis spread on variable rate, condition one | 1.75% | |||
Quarterly availability, percentage of commitment fee maximum for condition one | 50% | |||
Basis spread on variable rate, condition two | 1.50% | |||
Quarterly availability, percentage of commitment fee minimum for condition two | 50% | |||
Commitment fee for unused borrowings, condition one | 0.30% | |||
Unused borrowings, percentage of total commitment maximum for condition one | 35% | |||
Commitment fee for unused borrowings, condition two | 0.25% | |||
Unused borrowings, percentage of total commitment minimum for condition two | 35% | |||
Minimum line of credit availability for no financial covenant requirements | $ 80 | |||
Letters of credit issued | 19.3 | |||
Unutilized credit facility borrowing capacity | $ 734.7 |
Long-Term Debt - Narratives (De
Long-Term Debt - Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Long-term debt | |||
Interest paid | $ 45 | $ 44.7 | $ 44.8 |
Unsecured notes, at rates ranging from 7.000% to 7.750%, due 2026 through 2028 | |||
Long-term debt | |||
Long-term debt | $ 321.5 | $ 321.4 | |
Unsecured notes, at rates ranging from 7.000% to 7.750%, due 2026 through 2028 | Minimum | |||
Long-term debt | |||
Interest rate (as a percent) | 7% | ||
Unsecured notes, at rates ranging from 7.000% to 7.750%, due 2026 through 2028 | Maximum | |||
Long-term debt | |||
Interest rate (as a percent) | 7.75% |
Long-Term Debt - Maturities (De
Long-Term Debt - Maturities (Details) $ in Millions | Feb. 03, 2024 USD ($) |
Maturity of long-term debt | |
2026 | $ 96 |
2027 | 80 |
2028 | $ 145.8 |
Long-Term Debt - Net interest a
Long-Term Debt - Net interest and debt (income) expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Net interest and debt (income) expense | |||
Interest on long-term debt and subordinated debentures | $ 37,308 | $ 40,123 | $ 41,177 |
Revolving credit facility expenses | 2,564 | 2,518 | 2,515 |
Amortization of debt expense | 712 | 709 | 1,211 |
Interest on finance lease obligations | 31 | ||
Investment interest income | (45,240) | (12,827) | (1,847) |
Other interest | 56 | 4 | 5 |
Interest and debt (income) expense, net | $ (4,600) | $ 30,527 | $ 43,092 |
Trade Accounts Payable and Ac_3
Trade Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Trade accounts payable and accrued expenses | ||
Trade accounts payable | $ 562,408 | $ 589,627 |
Accrued expenses: | ||
Taxes, other than income | 58,063 | 58,659 |
Salaries, wages and employee benefits | 84,522 | 96,857 |
Liability to customers | 61,039 | 62,922 |
Interest | 3,726 | 6,855 |
Rent | 1,778 | 2,310 |
Other | 11,009 | 11,254 |
Trade accounts payable and accrued expenses | $ 782,545 | $ 828,484 |
Income Taxes - Provision for Fe
Income Taxes - Provision for Federal and State Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Current: | |||
Federal | $ 185,082 | $ 220,089 | $ 224,462 |
State | 10,412 | 13,040 | 8,876 |
Total current provision for income taxes | 195,494 | 233,129 | 233,338 |
Deferred: | |||
Federal | (12,621) | (1,652) | (9,120) |
State | (5,103) | (13,647) | 1,672 |
Total deferred provision for income taxes | (17,724) | (15,299) | (7,448) |
Income taxes | $ 177,770 | $ 217,830 | $ 225,890 |
Effective income tax rate reconciliation, at federal statutory income tax rate | 21% | 21% | 21% |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Effective income tax rate reconciliation | |||
Income tax at the statutory federal rate | $ 192,490 | $ 232,988 | $ 228,556 |
State income taxes, net of federal benefit | 14,529 | 20,616 | 24,677 |
Net changes in unrecognized tax benefits, interest and penalties/reserves | 458 | 1,598 | 186 |
Tax benefit of federal credits | (1,571) | (1,724) | (1,504) |
Changes in cash surrender value of life insurance policies | (383) | (389) | (387) |
Changes in valuation allowance | (9,766) | (22,071) | (14,364) |
Tax benefit of dividends paid to ESOP | (21,990) | (17,257) | (18,912) |
Other | 4,003 | 4,069 | 7,638 |
Income taxes | $ 177,770 | $ 217,830 | $ 225,890 |
Income Taxes - Deferred tax ass
Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Components of deferred tax assets and liabilities | ||
Prepaid expenses | $ 56,808 | $ 54,151 |
Joint venture basis differences | 7,954 | 6,714 |
Differences between book and tax basis of inventory | 30,551 | 31,444 |
Operating lease assets | 9,670 | 7,599 |
Other | 716 | 153 |
Total deferred tax liabilities | 105,699 | 100,061 |
Property and equipment bases and depreciation differences | (50,123) | (34,100) |
Accruals not currently deductible | (87,396) | (80,499) |
Operating lease liabilities | (9,853) | (7,751) |
Net operating loss carryforwards | (21,750) | (27,830) |
Other | (1,030) | (864) |
Total deferred tax assets | (170,152) | (151,044) |
Valuation allowance | 1,470 | 10,727 |
Net deferred tax assets | (168,682) | (140,317) |
Net deferred income taxes | (62,983) | $ (40,256) |
Net operating loss carryforwards, portion with indefinite lives | 3,900 | |
Net operating loss carryforwards, portion with definite lives | $ 17,900 |
Income Taxes - Classification o
Income Taxes - Classification of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Income Tax Disclosure [Abstract] | ||
Net deferred tax assets - deferred income taxes | $ (63,951) | $ (42,278) |
Net deferred tax liabilities - other liabilities | 968 | 2,022 |
Net deferred income taxes | $ (62,983) | $ (40,256) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Reconciliation of unrecognized tax benefits | |||
Unrecognized tax benefits at beginning of period | $ 7,030 | $ 6,735 | $ 5,058 |
Gross increases-tax positions in prior period | 868 | 1,282 | |
Gross decreases-tax positions in prior period | (695) | (885) | (566) |
Gross increases-current period tax positions | 1,405 | 1,202 | 1,332 |
Lapse of statutes of limitation | (498) | (22) | (371) |
Unrecognized tax benefits at end of period | 8,110 | 7,030 | 6,735 |
Portion of unrecognized tax benefits that, if recognized, would affect the effective tax rate | 6,000 | 5,300 | |
Income taxes paid, net of income tax refunds received | $ 183,800 | $ 234,900 | $ 93,600 |
Subordinated Debentures (Detail
Subordinated Debentures (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 USD ($) item $ / shares | Jan. 28, 2023 USD ($) | |
Note repurchase | ||
Outstanding amount | $ 200,000 | $ 200,000 |
Dillard's Capital Trust I | ||
Note repurchase | ||
Ownership interest percentage held in trust | 100% | |
7.5% capital securities due on August 1, 2038, subject to mandatory redemption | Dillard's Capital Trust I | ||
Note repurchase | ||
Liquidation amount | $ 200,000 | |
Dividend rate (as a percent) | 7.50% | |
Liquidation amount per security (in dollars per share) | $ / shares | $ 25 | |
7.5% subordinated debentures due on August 1, 2038 | Dillard's Capital Trust I | ||
Note repurchase | ||
Outstanding amount | $ 200,000 | |
Interest rate (as a percent) | 7.50% | |
Maximum number of consecutive quarters available for deferral of interest payment | item | 20 |
Benefit Plans - Components of P
Benefit Plans - Components of Pension Plan (Details) - USD ($) | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Defined Contribution Plan | |||
Employee contribution limit per calendar year | $ 22,500 | ||
Employee contribution limit per calendar year for employees attaining at least 50 years of age | $ 30,000 | ||
Requisite age of eligible employees for additional contribution | 50 years | ||
Employee contribution limit per calendar year (as a percent of eligible pay) | 75% | ||
Requisite service period of employee to receive a employer's matching contribution | 1 year | ||
Employee's contribution matched by employer (as a percent of elective deferrals) | 6% | ||
Percentage of elective deferrals, matched 100% by employer | 1% | ||
Employer match of employee contributions of first 1% of elective deferrals (as a percent) | 100% | ||
Percentage of elective deferrals, matched 50% by employer | 5% | ||
Employer match of employee contributions of next 5% of elective deferrals (as a percent) | 50% | ||
Vesting period for employer's contribution, in years | 2 years | ||
Benefit plan expense | $ 24,000,000 | $ 22,000,000 | $ 18,000,000 |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 273,118,000 | 226,286,000 | |
Service cost | 5,047,000 | 4,077,000 | 4,268,000 |
Interest cost | 12,948,000 | 6,786,000 | 5,750,000 |
Actuarial loss | 32,333,000 | 42,321,000 | |
Benefits paid | (6,959,000) | (6,352,000) | |
Benefit obligation at end of year | 316,487,000 | 273,118,000 | $ 226,286,000 |
Change in Pension Plan assets: | |||
Employer contribution | 6,959,000 | 6,352,000 | |
Benefits paid | (6,959,000) | (6,352,000) | |
Funded status (Pension Plan assets less benefit obligation) | (316,487,000) | (273,118,000) | |
Amounts recognized in the balance sheets: | |||
Accrued benefit liability | (316,487,000) | (273,118,000) | |
Net amount recognized | (316,487,000) | (273,118,000) | |
Pretax amounts recognized in accumulated other comprehensive loss: | |||
Net actuarial loss | 97,917,000 | 71,427,000 | |
Net amount recognized | 97,917,000 | 71,427,000 | |
Accumulated benefit obligation at end of year | (303,442,000) | (272,002,000) | |
Current portion of accrued benefit liability | $ 6,900,000 | $ 6,600,000 |
Benefit Plans - Weighted Averag
Benefit Plans - Weighted Average Assumptions and Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Weighted average assumptions | |||
Discount rate-net periodic pension cost | 4.80% | 3% | 2.50% |
Discount rate-benefit obligations | 5.10% | 4.80% | 3% |
Rate of compensation increases-net periodic pension cost | 2% | 2% | 2% |
Rate of compensation increases-benefit obligations | 3% | 2% | 2% |
Components of net periodic benefit costs: | |||
Service cost | $ 5,047 | $ 4,077 | $ 4,268 |
Interest cost | 12,948 | 6,786 | 5,750 |
Net actuarial loss | 5,843 | 958 | 2,786 |
Net periodic benefit costs | $ 23,838 | $ 11,821 | $ 12,804 |
Net periodic benefit costs excluding service costs, Statement of Operations | Other expense | Other expense | Other expense |
Other changes in benefit obligations recognized in other comprehensive loss (income): | |||
Net actuarial loss (gain) | $ 26,490 | $ 41,363 | $ (16,004) |
Total recognized in other comprehensive loss (income) | 26,490 | 41,363 | (16,004) |
Total recognized in net periodic benefit costs and other comprehensive income or loss | $ 50,328 | $ 53,184 | $ (3,200) |
Benefit Plans - Estimated Futur
Benefit Plans - Estimated Future Benefits Payments (Details) $ in Thousands | Feb. 03, 2024 USD ($) |
Estimated future benefits payments for the nonqualified benefit plan | |
2024 | $ 7,053 |
2025 | 19,600 |
2026 | 20,478 |
2027 | 27,523 |
2028 | 29,359 |
2029 - 2033 | 136,082 |
Total payments for next ten fiscal years | $ 240,095 |
Stockholders' Equity - Capital
Stockholders' Equity - Capital Stock (Details) - $ / shares | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Capital stock | ||
Number of Class A Common Stock shares received for conversion of each share of Class B Common Stock | 0 | 0 |
Preferred (5% cumulative) | ||
Capital stock | ||
Dividend rate (as a percent) | 5% | |
Preferred stock, par value (in dollars per share) | $ 100 | |
Preferred stock, shares authorized | 5,000 | |
Additional preferred | ||
Capital stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized | 10,000,000 | |
Common Stock Class A | ||
Capital stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized | 289,000,000 | |
Percentage of Board of Directors members that common stock holders have a right to elect | 33.33% | |
Number of Class A Common Stock shares received for conversion of each share of Class B Common Stock | 1 | |
Common Stock Class B | ||
Capital stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized | 11,000,000 | |
Percentage of Board of Directors members that common stock holders have a right to elect | 66.67% | |
Number of Class B common stock shares which are convertible into each Class A Common Stock share | 1 |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Aug. 16, 2022 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | May 27, 2023 | Feb. 26, 2022 | May 29, 2021 | Mar. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Cost of shares repurchased | $ 281,406 | $ 436,620 | $ 561,102 | |||||
Number of shares repurchased | 917,652 | 1,708,918 | 3,205,213 | |||||
Average price per share | $ 306.66 | $ 255.49 | $ 175.06 | |||||
Share Repurchase Program | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Excise tax rate on share repurchases | 1% | |||||||
Accrued excise tax | $ 2,800 | |||||||
March 2018 Stock Plan | Common Stock Class A | Maximum | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | |||||||
May 2021 Stock Plan | Common Stock Class A | Maximum | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | |||||||
February 2022 Stock Plan | Common Stock Class A | Maximum | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | |||||||
May 2023 Stock Plan | Common Stock Class A | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Repurchase of common stock remaining authorization | $ 394,000 | |||||||
May 2023 Stock Plan | Common Stock Class A | Maximum | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 500,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss ("AOCL") (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Amount Reclassified from AOCL | |||
Total before tax | $ (916,617) | $ (1,109,467) | $ (1,088,363) |
Income tax expense | (177,770) | (217,830) | (225,890) |
Total net of tax | (738,847) | (891,637) | (862,473) |
Accumulated Other Comprehensive Loss | |||
Beginning balance | (1,598,638) | (1,451,218) | (1,441,008) |
Net other comprehensive loss | 21,486 | 42,924 | (12,137) |
Ending balance | (1,697,068) | (1,598,638) | (1,451,218) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||
Accumulated Other Comprehensive Loss | |||
Beginning balance | 65,722 | 22,798 | |
Other comprehensive loss before reclassifications | 26,863 | 43,650 | |
Amounts reclassified from AOCL | (5,377) | (726) | |
Net other comprehensive loss | 21,486 | 42,924 | |
Ending balance | 87,208 | 65,722 | $ 22,798 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | |||
Amount Reclassified from AOCL | |||
Total before tax | 5,843 | 958 | |
Income tax expense | 466 | 232 | |
Total net of tax | $ 5,377 | $ 726 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Basic: | |||
Net income | $ 738,847 | $ 891,637 | $ 862,473 |
Weighted average shares of common stock outstanding - Basic | 16,517 | 17,549 | 20,592 |
Earnings per share - Basic | $ 44.73 | $ 50.81 | $ 41.88 |
Diluted: | |||
Net income | $ 738,847 | $ 891,637 | $ 862,473 |
Weighted average shares of common stock outstanding - Diluted | 16,517 | 17,549 | 20,592 |
Earnings per share - Diluted | $ 44.73 | $ 50.81 | $ 41.88 |
Total stock options outstanding (in shares) | 0 | 0 | 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Feb. 03, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding letters of credit under the Company's revolving credit facility | $ 19.3 |
Commitment to incur costs to acquire, complete and furnish certain stores and equipment | 2.2 |
Revolving credit facility maximum borrowing capacity | $ 800 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Lessee, Lease, Description [Line Items] | ||
Operating lease assets | $ 42,681 | $ 33,821 |
Operating lease liability | $ 42,980 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal options | 5 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal options | 10 years |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Assets | ||
Operating lease assets | $ 42,681 | $ 33,821 |
Total leased assets | 42,681 | 33,821 |
Current | ||
Current portion of operating lease liabilities | 11,252 | 9,702 |
Noncurrent | ||
Operating lease liability | 31,728 | 24,164 |
Total lease liabilities | $ 42,980 | $ 33,866 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Leases [Abstract] | |||
Operating lease costs | $ 21,569 | $ 23,169 | $ 22,594 |
Finance lease cost | |||
Amortization of leased assets | 247 | ||
Interest on lease liabilities | 31 | ||
Net lease cost | 21,569 | 23,169 | $ 22,872 |
Short-term lease cost | 4,400 | 5,200 | |
Variable lease cost | $ 3,700 | $ 3,300 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Operating Leases | ||
2024 | $ 13,586 | |
2025 | 13,018 | |
2026 | 9,657 | |
2027 | 4,361 | |
2028 | 3,740 | |
After 2028 | 6,111 | |
Total minimum lease payments | 50,473 | |
Less amount representing interest | (7,493) | |
Present value of lease liabilities | 42,980 | |
Total | ||
2024 | 13,586 | |
2025 | 13,018 | |
2026 | 9,657 | |
2027 | 4,361 | |
2028 | 3,740 | |
After 2028 | 6,111 | |
Total minimum lease payments | 50,473 | |
Less amount representing interest | (7,493) | |
Present value of lease liabilities | $ 42,980 | $ 33,866 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Details) | Feb. 03, 2024 |
Weighted-average remaining lease term | |
Operating Lease, Weighted-Average Remaining Lease Term | 5 years |
Weighted-average discount rate | |
Operating Lease, Weighted-Average Discount Rate | 6.50% |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ 13,475 | ||
Lease assets obtained in exchange for new operating lease liabilities | $ 20,477 | $ 3,660 | $ 9,627 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Fair value disclosures | |||
Subordinated debentures | $ 200,000 | $ 200,000 | |
Asset impairment and store closing charges | 0 | 0 | $ 0 |
Fair Value of Assets | |||
Fair value disclosures | |||
Long-term debt, fair value | 339,000 | 338,000 | |
Subordinated debentures | 205,000 | 205,000 | |
Carrying value | |||
Fair value disclosures | |||
Long-term debt | 321,000 | 321,000 | |
Subordinated debentures | $ 200,000 | $ 200,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 738,847 | $ 891,637 | $ 862,473 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Feb. 03, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |