Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Nov. 02, 2019 | Nov. 20, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Nov. 2, 2019 | |
Document Transition Report | false | |
Entity File Number | 0-14678 | |
Entity Registrant Name | Ross Stores, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-1390387 | |
Entity Address, Address Line One | 5130 Hacienda Drive, | |
Entity Address, City or Town | Dublin, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94568-7579 | |
City Area Code | (925) | |
Local Phone Number | 965-4400 | |
Title of 12(b) Security | Common stock, | |
Trading Symbol | ROST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 358,882,342 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000745732 | |
Current Fiscal Year End Date | --02-01 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019USD ($)stores$ / sharesshares | Nov. 03, 2018USD ($)stores$ / sharesshares | Nov. 02, 2019USD ($)stores$ / sharesshares | Nov. 03, 2018USD ($)stores$ / sharesshares | |
Income Statement [Abstract] | ||||
Sales | $ 3,849,117 | $ 3,549,608 | $ 11,625,628 | $ 10,876,153 |
Costs and Expenses | ||||
Cost of goods sold | 2,766,432 | 2,547,331 | 8,311,950 | 7,736,533 |
Selling, general and administrative | 604,605 | 561,577 | 1,754,825 | 1,640,581 |
Interest income, net | (4,402) | (2,953) | (14,819) | (4,849) |
Total costs and expenses | 3,366,635 | 3,105,955 | 10,051,956 | 9,372,265 |
Earnings before taxes | 482,482 | 443,653 | 1,573,672 | 1,503,888 |
Provision for taxes on earnings | 111,550 | 105,545 | 368,877 | 358,124 |
Net earnings | $ 370,932 | $ 338,108 | $ 1,204,795 | $ 1,145,764 |
Earnings per share | ||||
Basic (in dollars per share) | $ / shares | $ 1.04 | $ 0.92 | $ 3.35 | $ 3.09 |
Diluted (in dollars per share) | $ / shares | $ 1.03 | $ 0.91 | $ 3.32 | $ 3.06 |
Weighted average shares outstanding | ||||
Basic (in shares) | shares | 356,879 | 368,102 | 359,919 | 370,977 |
Diluted (in shares) | shares | 359,299 | 371,061 | 362,455 | 373,936 |
Stores open at end of period (in number of stores) | stores | 1,810 | 1,720 | 1,810 | 1,720 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 370,932 | $ 338,108 | $ 1,204,795 | $ 1,145,764 |
Other comprehensive (loss) income: | ||||
Change in unrealized gain (loss) on investments, net of tax | 0 | (4) | 0 | (27) |
Comprehensive income | $ 370,932 | $ 338,104 | $ 1,204,795 | $ 1,145,737 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Current Assets | |||
Cash and cash equivalents | $ 1,142,709 | $ 1,412,912 | $ 1,349,196 |
Accounts receivable | 124,853 | 96,711 | 117,825 |
Merchandise inventory | 2,168,796 | 1,750,442 | 1,979,080 |
Prepaid expenses and other | 170,304 | 143,954 | 177,206 |
Total current assets | 3,606,662 | 3,404,019 | 3,623,307 |
Property and Equipment | |||
Land and buildings | 1,173,131 | 1,126,051 | 1,117,801 |
Fixtures and equipment | 3,032,151 | 2,783,198 | 2,719,545 |
Leasehold improvements | 1,199,591 | 1,175,921 | 1,150,142 |
Construction-in-progress | 145,756 | 171,538 | 146,323 |
Property and equipment, gross | 5,550,629 | 5,256,708 | 5,133,811 |
Less accumulated depreciation and amortization | 2,984,747 | 2,781,507 | 2,715,585 |
Property and equipment, net | 2,565,882 | 2,475,201 | 2,418,226 |
Operating lease assets | 3,042,298 | 0 | 0 |
Other long-term assets | 200,999 | 194,471 | 194,234 |
Total assets | 9,415,841 | 6,073,691 | 6,235,767 |
Current Liabilities | |||
Accounts payable | 1,480,205 | 1,177,104 | 1,394,029 |
Accrued expenses and other | 496,623 | 431,596 | 455,743 |
Current operating lease liabilities | 559,433 | 0 | 0 |
Accrued payroll and benefits | 321,977 | 363,035 | 317,525 |
Income taxes payable | 0 | 37,749 | 0 |
Current portion of long-term debt | 0 | 0 | 84,997 |
Total current liabilities | 2,858,238 | 2,009,484 | 2,252,294 |
Long-term debt | 312,778 | 312,440 | 312,328 |
Non-current operating lease liabilities | 2,601,372 | 0 | 0 |
Other long-term liabilities | 225,934 | 321,713 | 371,844 |
Deferred income taxes | 140,740 | 124,308 | 112,138 |
Commitments and contingencies | |||
Stockholders’ Equity | |||
Common stock, par value $.01 per share Authorized 1,000,000,000 shares Issued and outstanding 359,378,000, 368,242,000 and 371,058,000 shares, respectively | 3,594 | 3,682 | 3,711 |
Additional paid-in capital | 1,435,713 | 1,375,965 | 1,354,669 |
Treasury stock | (429,583) | (372,663) | (371,959) |
Retained earnings | 2,267,055 | 2,298,762 | 2,200,742 |
Total stockholders’ equity | 3,276,779 | 3,305,746 | 3,187,163 |
Total liabilities and stockholders’ equity | $ 9,415,841 | $ 6,073,691 | $ 6,235,767 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Statement of Financial Position [Abstract] | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued (in shares) | 359,378,000 | 368,242,000 | 371,058,000 |
Common Stock, Shares, Outstanding (in shares) | 359,378,000 | 368,242,000 | 371,058,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Additional paid-in capital | Treasury stock | Accumulated other comprehensive income (loss) | Retained earnings |
Total common stock, beginning balance (in shares) at Feb. 03, 2018 | 379,618 | |||||
Total stockholders’ equity, beginning balance at Feb. 03, 2018 | $ 3,049,308 | $ 3,796 | $ 1,292,364 | $ (318,279) | $ 27 | $ 2,071,400 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 418,252 | 418,252 | ||||
Unrealized investment loss, net | (20) | (20) | ||||
Common stock issued under stock planes, net of shares used for tax withholding (in shares) | 732 | |||||
Common stock issued under stock planes, net of shares used for tax withholding | (40,116) | $ 8 | 4,674 | (44,798) | ||
Stock-based compensation | 23,760 | 23,760 | 0 | |||
Common stock repurchased (in shares) | (3,271) | |||||
Common stock repurchased | (255,370) | $ (33) | (8,093) | (247,244) | ||
Dividends declared | (85,410) | (85,410) | ||||
Total common stock, ending balance (in shares) at May. 05, 2018 | 377,079 | |||||
Total stockholders’ equity, ending balance at May. 05, 2018 | $ 3,130,288 | $ 3,771 | 1,312,705 | (363,077) | 7 | 2,176,882 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared per share (in dollars per share) | $ 225 | |||||
Total common stock, beginning balance (in shares) at Feb. 03, 2018 | 379,618 | |||||
Total stockholders’ equity, beginning balance at Feb. 03, 2018 | $ 3,049,308 | $ 3,796 | 1,292,364 | (318,279) | 27 | 2,071,400 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 1,145,764 | |||||
Unrealized investment loss, net | (27) | |||||
Total common stock, ending balance (in shares) at Nov. 03, 2018 | 371,058 | |||||
Total stockholders’ equity, ending balance at Nov. 03, 2018 | 3,187,163 | $ 3,711 | 1,354,669 | (371,959) | 0 | 2,200,742 |
Total common stock, beginning balance (in shares) at May. 05, 2018 | 377,079 | |||||
Total stockholders’ equity, beginning balance at May. 05, 2018 | 3,130,288 | $ 3,771 | 1,312,705 | (363,077) | 7 | 2,176,882 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 389,404 | 389,404 | ||||
Unrealized investment loss, net | (3) | (3) | ||||
Common stock issued under stock planes, net of shares used for tax withholding (in shares) | 20 | |||||
Common stock issued under stock planes, net of shares used for tax withholding | (1,128) | 5,135 | (6,263) | |||
Stock-based compensation | 23,820 | 23,820 | 0 | |||
Common stock repurchased (in shares) | (3,231) | |||||
Common stock repurchased | (273,210) | $ (32) | (8,331) | (264,847) | ||
Dividends declared | (84,561) | (84,561) | ||||
Total common stock, ending balance (in shares) at Aug. 04, 2018 | 373,868 | |||||
Total stockholders’ equity, ending balance at Aug. 04, 2018 | $ 3,184,610 | $ 3,739 | 1,333,329 | (369,340) | 4 | 2,216,878 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared per share (in dollars per share) | $ 225 | |||||
Net earnings | $ 338,108 | 338,108 | ||||
Unrealized investment loss, net | (4) | (4) | ||||
Common stock issued under stock planes, net of shares used for tax withholding (in shares) | 85 | |||||
Common stock issued under stock planes, net of shares used for tax withholding | 2,479 | $ 1 | 5,097 | (2,619) | ||
Stock-based compensation | 23,782 | 23,782 | 0 | |||
Common stock repurchased (in shares) | (2,895) | |||||
Common stock repurchased | (277,920) | $ (29) | (7,539) | (270,352) | ||
Dividends declared | (83,892) | (83,892) | ||||
Total common stock, ending balance (in shares) at Nov. 03, 2018 | 371,058 | |||||
Total stockholders’ equity, ending balance at Nov. 03, 2018 | $ 3,187,163 | $ 3,711 | 1,354,669 | (371,959) | 0 | 2,200,742 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared per share (in dollars per share) | $ 225 | |||||
Total common stock, beginning balance (in shares) at Feb. 02, 2019 | 368,242 | |||||
Total stockholders’ equity, beginning balance at Feb. 02, 2019 | $ 3,305,746 | $ 3,682 | 1,375,965 | (372,663) | 0 | 2,298,762 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 421,142 | 421,142 | ||||
Common stock issued under stock planes, net of shares used for tax withholding (in shares) | 390 | |||||
Common stock issued under stock planes, net of shares used for tax withholding | (45,585) | $ 4 | 5,291 | (50,880) | ||
Stock-based compensation | 19,689 | 19,689 | ||||
Common stock repurchased (in shares) | (3,372) | |||||
Common stock repurchased | (320,130) | $ (33) | (9,387) | (310,710) | ||
Dividends declared | (93,722) | (93,722) | ||||
Total common stock, ending balance (in shares) at May. 04, 2019 | 365,260 | |||||
Total stockholders’ equity, ending balance at May. 04, 2019 | $ 3,267,526 | $ 3,653 | 1,391,558 | (423,543) | 0 | 2,295,858 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared per share (in dollars per share) | $ 255 | |||||
Total common stock, beginning balance (in shares) at Feb. 02, 2019 | 368,242 | |||||
Total stockholders’ equity, beginning balance at Feb. 02, 2019 | $ 3,305,746 | $ 3,682 | 1,375,965 | (372,663) | 0 | 2,298,762 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 1,204,795 | |||||
Unrealized investment loss, net | 0 | |||||
Total common stock, ending balance (in shares) at Nov. 02, 2019 | 359,378 | |||||
Total stockholders’ equity, ending balance at Nov. 02, 2019 | $ 3,276,779 | $ 3,594 | 1,435,713 | (429,583) | 0 | 2,267,055 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared per share (in dollars per share) | $ 255 | |||||
Total common stock, beginning balance (in shares) at May. 04, 2019 | 365,260 | |||||
Total stockholders’ equity, beginning balance at May. 04, 2019 | $ 3,267,526 | $ 3,653 | 1,391,558 | (423,543) | 0 | 2,295,858 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 412,721 | 412,721 | ||||
Common stock issued under stock planes, net of shares used for tax withholding (in shares) | 98 | |||||
Common stock issued under stock planes, net of shares used for tax withholding | 4,142 | $ 1 | 5,610 | (1,469) | ||
Stock-based compensation | 24,924 | 24,924 | ||||
Common stock repurchased (in shares) | (3,192) | |||||
Common stock repurchased | (320,129) | $ (32) | (9,116) | (310,981) | ||
Dividends declared | (92,920) | (92,920) | ||||
Total common stock, ending balance (in shares) at Aug. 03, 2019 | 362,166 | |||||
Total stockholders’ equity, ending balance at Aug. 03, 2019 | $ 3,296,264 | $ 3,622 | 1,412,976 | (425,012) | 0 | 2,304,678 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared per share (in dollars per share) | $ 255 | |||||
Net earnings | $ 370,932 | 370,932 | ||||
Unrealized investment loss, net | 0 | |||||
Common stock issued under stock planes, net of shares used for tax withholding (in shares) | 227 | |||||
Common stock issued under stock planes, net of shares used for tax withholding | 974 | $ 2 | 5,543 | (4,571) | ||
Stock-based compensation | 25,987 | 25,987 | ||||
Common stock repurchased (in shares) | (3,015) | |||||
Common stock repurchased | (325,650) | $ (30) | (8,793) | (316,827) | ||
Dividends declared | (91,728) | (91,728) | ||||
Total common stock, ending balance (in shares) at Nov. 02, 2019 | 359,378 | |||||
Total stockholders’ equity, ending balance at Nov. 02, 2019 | $ 3,276,779 | $ 3,594 | $ 1,435,713 | $ (429,583) | $ 0 | $ 2,267,055 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Cash Flows From Operating Activities | ||
Net earnings | $ 1,204,795 | $ 1,145,764 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 255,089 | 246,151 |
Stock-based compensation | 70,600 | 71,361 |
Deferred income taxes | 23,070 | 19,607 |
Change in assets and liabilities: | ||
Merchandise inventory | (418,354) | (337,345) |
Other current assets | (46,161) | (62,081) |
Accounts payable | 305,648 | 328,062 |
Other current liabilities | 43,968 | 35,758 |
Income taxes | (42,619) | (5,338) |
Operating lease assets and liabilities, net | 12,911 | 0 |
Other long-term, net | 1,983 | 8,133 |
Net cash provided by operating activities | 1,410,930 | 1,450,072 |
Cash Flows From Investing Activities | ||
Additions to property and equipment | (401,251) | (293,366) |
Proceeds from investments | 517 | 739 |
Net cash used in investing activities | (400,734) | (292,627) |
Cash Flows From Financing Activities | ||
Issuance of common stock related to stock plans | 16,451 | 14,915 |
Treasury stock purchased | (56,920) | (53,680) |
Repurchase of common stock | (965,909) | (806,500) |
Dividends paid | (278,370) | (253,863) |
Net cash used in financing activities | (1,284,748) | (1,099,128) |
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents | (274,552) | 58,317 |
Cash, cash equivalents, and restricted cash and cash equivalents: | ||
Beginning of period | 1,478,079 | 1,353,272 |
End of period | 1,203,527 | 1,411,589 |
Supplemental Cash Flow Disclosures | ||
Interest paid | 10,560 | 13,271 |
Income taxes paid | $ 388,426 | $ 343,848 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 02, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation. The accompanying unaudited interim condensed consolidated financial statements have been prepared from the records of Ross Stores, Inc. and subsidiaries (the “Company”) without audit and, in the opinion of management, include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the Company’s financial position as of November 2, 2019 and November 3, 2018, the results of operations, comprehensive income, and stockholders' equity for the three and nine month periods ended November 2, 2019 and November 3, 2018, and cash flows for the nine month periods ended November 2, 2019 and November 3, 2018. The Condensed Consolidated Balance Sheet as of February 2, 2019, presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended. Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, contained in the Company’s Annual Report on Form 10-K for the year ended February 2, 2019. The results of operations, comprehensive income, and stockholders' equity for the three and nine month periods ended November 2, 2019 and November 3, 2018 and cash flows for the nine month periods ended November 2, 2019 and November 3, 2018 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. Recently adopted accounting standards. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Accounting Standards Codification "ASC" 842), which along with subsequent amendments, supersedes the lease accounting requirements in ASC 840, Leases. The updated guidance requires balance sheet recognition for all leases with lease terms greater than one year including a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of use asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The Company adopted ASC 842 as of February 3, 2019 (the "effective date"), using the optional transition method on a modified retrospective basis. The Company did not elect the transitional package of practical expedients or the use of hindsight upon adoption of the ASC. The Company elected to not record a lease liability and corresponding right-of-use asset for leases with terms of 12 months or less, and to account for lease and non-lease components as a single lease component. Upon adoption, the Company recorded lease liabilities based on the present value of the remaining minimum rental payments, using discount rates as of the effective date, of $2.9 billion, and the corresponding right-of-use assets of $2.9 billion. The Company also recorded a cumulative-effect adjustment to decrease beginning retained earnings of $19.6 million, primarily related to the write-off of previously capitalized initial direct costs that are no longer capitalized under ASC 842, partially offset by the write-off of the deferred gain on a previous sale-leaseback transaction that meets the sale definition under ASC 842. Reporting periods beginning on or after February 3, 2019 are presented under ASC 842, while prior period amounts and disclosures were not adjusted and continue to be reported under ASC 840. ASC 842 did not have a significant impact to the Company’s condensed consolidated statements of earnings or to the condensed consolidated statements of cash flows. Significant accounting policies. Except for the updates to accounting policies for leases as a result of adopting ASC 842 described below, there have been no significant changes to the accounting policies followed by the Company as described in Note A to the audited consolidated financial statements for the fiscal year ended February 2, 2019. Leases. As the Company’s leases generally do not provide an implicit discount rate, the Company uses the estimated collateralized incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments for use in the calculation of the lease liabilities and right-of-use assets. This rate is determined using a portfolio approach based on the risk-adjusted rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar lease term. Operating lease liabilities and corresponding right-of-use assets include options to extend lease terms that are reasonably certain of being exercised. The Company does not record a lease liability and corresponding right-of-use asset for leases with terms of 12 months or less, and accounts for lease and non-lease components as a single lease component. The Company's lease portfolio is comprised of operating leases with the lease cost recorded on a straight-line basis over the lease term. Prior to the adoption of ASC 842, when a lease contained “rent holidays” or required fixed escalations of the minimum lease payments, the Company recorded rental expense on a straight-line basis over the term of the lease and the difference between the average rental amount was charged to expense and the amount payable under the lease was recorded as deferred rent. The Company began recording rent expense on the lease possession date. Tenant improvement allowances were amortized over the lease term. Changes in deferred rent and tenant improvement allowances were included as a component of operating activities in the Condensed Consolidated Statements of Cash Flows. Revenue recognition. The following sales mix table disaggregates revenue by merchandise category for the three and nine month periods ended November 2, 2019 and November 3, 2018: Three Months Ended Nine Months Ended November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 Ladies 26 % 27 % 27 % 28 % Home Accents and Bed and Bath 24 % 25 % 24 % 24 % Shoes 14 % 13 % 14 % 14 % Men's 14 % 14 % 14 % 13 % Accessories, Lingerie, Fine Jewelry, and Fragrances 13 % 13 % 13 % 13 % Children's 9 % 8 % 8 % 8 % Total 100 % 100 % 100 % 100 % Cash, restricted cash, and restricted investments. Restricted cash, cash equivalents, and investments serve as collateral for certain insurance obligations of the Company. These restricted funds are invested in bank deposits, money market mutual funds, U.S. Government and agency securities, and corporate securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. The classification between current and long-term is based on the timing of expected payments of the insurance obligations. The following table provides a reconciliation of cash, cash equivalents, restricted cash and equivalents in the Condensed Consolidated Balance Sheets that reconcile to the amounts shown on the Condensed Consolidated Statements of Cash Flows: ($000) November 2, 2019 February 2, 2019 November 3, 2018 Cash and cash equivalents $ 1,142,709 $ 1,412,912 $ 1,349,196 Restricted cash and cash equivalents included in: Prepaid expenses and other 10,947 11,402 8,933 Other long-term assets 49,871 53,765 53,460 Total restricted cash and cash equivalents 60,818 65,167 62,393 Total cash, cash equivalents, and restricted cash and equivalents $ 1,203,527 $ 1,478,079 $ 1,411,589 In addition to the restricted cash and equivalents in the table above, the Company had restricted investments included in the Condensed Consolidated Balance Sheets as shown below: ($000) November 2, 2019 February 2, 2019 November 3, 2018 Prepaid expenses and other $ — $ 400 $ 2,801 Total restricted investments $ — $ 400 $ 2,801 Property and equipment. As of November 2, 2019 and November 3, 2018, the Company had $11.1 million and $13.0 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment, Accounts payable, and Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets. Cash dividends. Dividends included in the Condensed Consolidated Statements of Cash Flows reflect cash dividends paid during the periods shown. Dividends per share reported on the Condensed Consolidated Statements of Earnings reflect cash dividends declared during the periods shown. The Company’s Board of Directors declared a cash dividend of $0.255 per common share in March, May, and August 2019, and $0.225 per common share in March, May, August, and November 2018, respectively. In November 2019, the Company’s Board of Directors declared a cash dividend of $0.255 per common share, payable on December 31, 2019. Litigation, claims, and assessments. Like many retailers, the Company has been named in class action lawsuits, primarily in California, alleging violation of wage and hour/employment laws and consumer protection laws. Class action litigation remains pending as of November 2, 2019. The Company is also party to various other legal and regulatory proceedings arising in the normal course of business. Actions filed against the Company may include commercial, product and product safety, consumer, intellectual property, environmental, and labor and employment-related claims, including lawsuits in which private plaintiffs or governmental agencies allege that the Company violated federal, state, and/or local laws. Actions against the Company are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. In the opinion of management, the resolution of pending class action litigation and other currently pending legal and regulatory proceedings will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Recently issued accounting standards. The Company considers the applicability and impact of all ASUs issued by the FASB. For the three and nine month periods ended November 2, 2019, the ASUs issued by the FASB were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 02, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying value of cash and cash equivalents, short- and long-term investments, restricted cash and cash equivalents, restricted investments, accounts receivable, other long-term assets, accounts payable, and other long-term liabilities approximates their estimated fair value. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The inputs used to measure fair value include: Level 1, observable inputs such as quoted prices in active markets; Level 2, inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, unobservable inputs in which little or no market data exists. This fair value hierarchy requires the Company to develop its own assumptions and maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. There were no transfers between Level 1 and Level 2 categories during the three and nine month periods ended November 2, 2019. The fair value of the Company’s financial instruments are as follows: ($000) November 2, 2019 February 2, 2019 November 3, 2018 Cash and cash equivalents (Level 1) $ 1,142,709 $ 1,412,912 $ 1,349,196 Restricted cash and cash equivalents (Level 1) $ 60,818 $ 65,167 $ 62,393 Investments (Level 2) $ 8 $ 125 $ 475 Restricted investments (Level 2) $ — $ 400 $ 2,801 The underlying assets in the Company’s non-qualified deferred compensation program as of November 2, 2019, February 2, 2019, and November 3, 2018 (included in Other long-term assets and in Other long-term liabilities) primarily consist of participant-directed money market, stable value, stock, and bond funds. The fair value measurement for funds with quoted market prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows: ($000) November 2, 2019 February 2, 2019 November 3, 2018 Level 1 $ 129,461 $ 114,181 $ 111,490 Level 2 7,409 10,377 12,218 Total $ 136,870 $ 124,558 $ 123,708 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Nov. 02, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation. For the three and nine month periods ended November 2, 2019 and November 3, 2018, the Company recognized stock-based compensation expense as follows: Three Months Ended Nine Months Ended ($000) November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 Restricted stock $ 15,030 $ 12,288 $ 39,388 $ 36,224 Performance awards 9,979 10,594 28,308 32,504 Employee stock purchase plan 978 900 2,904 2,633 Total $ 25,987 $ 23,782 $ 70,600 $ 71,361 Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Earnings for the three and nine month periods ended November 2, 2019 and November 3, 2018, is as follows: Three Months Ended Nine Months Ended Statements of Earnings Classification ($000) November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 Cost of goods sold $ 13,823 $ 11,434 $ 40,757 $ 33,481 Selling, general and administrative 12,164 12,348 29,843 37,880 Total $ 25,987 $ 23,782 $ 70,600 $ 71,361 The tax benefits related to stock-based compensation expense for the three and nine month periods ended November 2, 2019 were $5.5 million and $14.2 million, respectively. The tax benefits related to stock-based compensation expense for the three and nine month periods ended November 3, 2018 were $5.1 million and $15.0 million, respectively. Restricted stock awards. The Company grants shares of restricted stock to directors, officers, and key employees. The market value of shares of restricted stock at the date of grant is amortized to expense over the vesting period of generally three five During the three and nine month periods ended November 2, 2019 and November 3, 2018, shares purchased by the Company for tax withholding totaled 42,300 and 612,924, and 27,234 and 688,613, respectively, and are considered treasury shares which are available for reissuance. Performance share awards. The Company has a performance share award program for senior executives. A performance share award represents a right to receive shares of restricted stock on a specified settlement date based on the Company’s attainment of a profitability-based performance goal during the performance period, which is the Company’s fiscal year. If attained, the restricted stock then vests over a service period, generally two three As of November 2, 2019, shares related to unvested restricted stock and performance share awards totaled 4.4 million shares. A summary of restricted stock and performance share award activity for the nine month period ended November 2, 2019, is presented below: (000, except per share data) Number of Weighted Unvested at February 2, 2019 5,130 $ 62.50 Awarded 1,288 93.87 Released (1,712) 52.70 Forfeited (332) 70.20 Unvested at November 2, 2019 4,374 $ 74.99 The unamortized compensation expense at November 2, 2019, was $169.6 million, which is expected to be recognized over a weighted-average remaining period of 2.2 years. The unamortized compensation expense at November 3, 2018, was $137.2 million, which was expected to be recognized over a weighted-average remaining period of 2.0 years. Employee stock purchase plan. Under the Employee Stock Purchase Plan (“ESPP”), eligible employees participating in the quarterly offering period can choose to have up to the lesser of 10% of their annual base earnings or the IRS annual share purchase limit of $25,000 in aggregate market value to purchase the Company’s common stock. The purchase price of the stock is 85% of the closing market price on the date of purchase. Purchases occur on a quarterly basis (on the last trading day of each calendar quarter). The Company recognizes expense for ESPP purchase rights equal to the value of the 15% discount given on the purchase date. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Nov. 02, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company computes and reports both basic earnings per share ("EPS") and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards, including unexercised stock options, and unvested shares of both performance and non-performance based awards of restricted stock. For the three and nine month periods ended November 2, 2019, approximately 11,800 and 19,100, respectively, weighted average shares were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for the periods presented. For the three and nine month periods ended November 3, 2018, approximately 4,800 and 10,000, respectively, weighted average shares were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for the period presented. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: Three Months Ended Nine Months Ended Shares in (000s) Basic EPS Effect of Diluted Basic EPS Effect of Diluted November 2, 2019 Shares 356,879 2,420 359,299 359,919 2,536 362,455 Amount $ 1.04 $ (0.01) $ 1.03 $ 3.35 $ (0.03) $ 3.32 November 3, 2018 Shares 368,102 2,959 371,061 370,977 2,959 373,936 Amount $ 0.92 $ (0.01) $ 0.91 $ 3.09 $ (0.03) $ 3.06 |
Leases
Leases | 9 Months Ended |
Nov. 02, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company currently leases all but two of its store locations with original, non-cancelable terms that in general range from three to ten years. Store leases typically contain provisions for three to four renewal options of five years each. The exercise of lease renewal options is at the sole discretion of the Company. Most store leases also provide for minimum annual rentals and for payment of variable lease costs. In addition, some store leases also have provisions for additional rent based on a percentage of sales (“percentage rent”) and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company does not have any financing leases. The Company leases five warehouses, and has four third-party warehousing arrangements. All of these contain renewal provisions, except for the third-party warehouse in Fort Mill, South Carolina. The following table summarizes the location and expiration date of the Company’s leased warehouses: Location Lease Expiration Date Leased Warehouses Carlisle, Pennsylvania 2020 Carlisle, Pennsylvania 2021 Fort Mill, South Carolina 2024 Rock Hill, South Carolina 2028 Shafter, California 2029 Third-Party Warehouses Fort Mill, South Carolina 2020 Moreno Valley, California 2023 Moreno Valley, California 2029 Shafter, California 2020 The Company leases approximately 103,000 and 5,000 square feet of office space for its Los Angeles and Boston buying offices, respectively. The lease term for these facilities expire in 2022 and 2020, respectively, and contain renewal provisions. In addition, the Company has a ground lease related to its New York buying office. The following table presents operating lease costs included in the Condensed Consolidated Statement of Earnings for the three and nine month periods ended November 2, 2019: Three Months Ended Nine Months Ended ($000) November 2, 2019 November 2, 2019 Operating lease cost 1 $ 161,514 $ 476,728 Variable lease costs 2 44,381 131,167 Net lease cost 3 $ 205,895 $ 607,895 1 Net of sublease income which was immaterial. 2 Includes property and rent taxes, insurance, common area maintenance, and percentage rent. 3 Excludes short-term lease costs which were immaterial. The maturity of operating lease liabilities, including the ground lease related to the New York buying office as of November 2, 2019, are as follows: ($000) Operating Leases 1 2020 $ 604,022 2021 616,088 2022 547,653 2023 461,997 2024 355,736 Thereafter 1,653,544 Total lease payments 4,239,040 Less: interest 1,078,235 Present value of lease liabilities $ 3,160,805 Less: current operating lease liabilities 559,433 Non-current operating lease liabilities $ 2,601,372 1 Operating lease payments exclude $197.3 million of minimum lease payments for leases signed that have not yet commenced. At November 2, 2019, the weighted-average remaining lease term and the weighted average discount rate for operating leases is 10.8 years and 3.5%, respectively. The weighted-average remaining lease term and the weighted average discount rate, excluding the long-term ground lease related to the New York buying office, were 6.2 years and 3.2%, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $152.1 million and $453.9 million, respectively, for the three and nine month periods ended November 2, 2019 and is included in Net cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows. Operating lease assets obtained in exchange for new operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) during the three and nine month periods ended November 2, 2019 were $251.4 million and $586.8 million, respectively. In accordance with ASC 840, the aggregate undiscounted future minimum annual lease payments under leases, including the ground lease related to the New York buying office, in effect at February 2, 2019 were as follows: ($000) Total operating leases 2019 $ 555,812 2020 580,712 2021 499,678 2022 424,695 2023 339,340 Thereafter 1,575,673 Total minimum lease payments $ 3,975,910 |
Debt
Debt | 9 Months Ended |
Nov. 02, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Senior notes. Unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following: ($000) November 2, 2019 February 2, 2019 November 3, 2018 6.38% Series A Senior Notes due 2018 $ — $ — $ 84,997 6.53% Series B Senior Notes due 2021 64,958 64,942 64,937 3.375% Senior Notes due 2024 247,820 247,498 247,391 Total long-term debt $ 312,778 $ 312,440 $ 397,325 Less: current portion — — 84,997 Total due beyond one year $ 312,778 $ 312,440 $ 312,328 As of November 2, 2019, the Company also had outstanding Series B unsecured Senior Notes in the aggregate principal amount of $65 million held by various institutional investors. The Series B notes are due in December 2021, and bear interest at 6.53%. Borrowings under these Senior Notes are subject to certain financial covenants, including interest coverage and other financial ratios. As of November 2, 2019, the Company was in compliance with these covenants. As of November 2, 2019, the Company had outstanding unsecured 3.375% Senior Notes due September 2024 (the “2024 Notes”) with an aggregate principal amount of $250 million. Interest on the 2024 Notes is payable semi-annually. On December 13, 2018, the Company repaid at maturity the $85 million principal amount of the Series A 6.38% unsecured Senior Notes. As of November 2, 2019, February 2, 2019, and November 3, 2018, total unamortized discount and debt issuance costs were $2.2 million, $2.6 million, and $2.7 million, respectively, and were classified as a reduction of Long-term debt. The 2024 Notes, and the Series B Senior Notes are subject to prepayment penalties for early payment of principal. The aggregate fair value of the two outstanding series of Senior Notes was approximately $333 million and $316 million, as of November 2, 2019 and February 2, 2019, respectively, compared to $402 million for the then three outstanding series of Senior Notes as of November 3, 2018. The fair value is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. The table below shows the components of interest expense and income for the three and nine month periods ended November 2, 2019 and November 3, 2018: Three Months Ended Nine Months Ended ($000) November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 Interest expense on long-term debt $ 3,284 $ 4,646 $ 9,850 $ 13,937 Other interest expense 216 233 756 768 Capitalized interest (1,186) (700) (3,069) (1,832) Interest income (6,716) (7,132) (22,356) (17,722) Interest income, net $ (4,402) $ (2,953) $ (14,819) $ (4,849) Revolving credit facility. In July 2019, the Company entered into a new $800 million unsecured revolving credit facility, which replaced the Company’s previous $600 million unsecured revolving credit facility. This new credit facility expires in July 2024, and contains a $300 million sublimit for issuance of standby letters of credit. The facility also contains an option allowing the Company to increase the size of its credit facility by up to an additional $300 million, with the agreement of the lenders. Interest on borrowings under this facility is based on LIBOR (or an alternate benchmark rate, if LIBOR is no longer available) plus an applicable margin (currently 75 basis points) and is payable quarterly and upon maturity. The revolving credit facility may be extended, at the Company's option, for up to two additional one-year periods, subject to customary conditions. As of November 2, 2019, the Company had no borrowings or standby letters of credit outstanding under this facility and the $800 million credit facility remains in place and available. The revolving credit facility is subject to a financial leverage ratio covenant. As of November 2, 2019, the Company was in compliance with this covenant. |
Taxes on Earnings
Taxes on Earnings | 9 Months Ended |
Nov. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Taxes on Earnings | Taxes on Earnings As of November 2, 2019, February 2, 2019, and November 3, 2018, the reserves for unrecognized tax benefits were $83.4 million, $78.8 million, and $130.5 million, inclusive of $13.9 million, $13.0 million, and $25.4 million of related interest and penalties, respectively. In November 2018, the Company resolved uncertain tax positions related to fiscal 2015 with the Internal Revenue Service. As a result, the Company recognized a decrease in reserves for tax positions in prior periods of $52.4 million, inclusive of $12.6 million of related reserves for interest and penalties. The Company accounts for interest and penalties related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $66.8 million would impact the Company’s effective tax rate. The difference between the total amount of unrecognized tax benefits and the amounts that would impact the effective tax rate relates to amounts attributable to deferred income tax assets and liabilities. These amounts are net of federal and state income taxes. Certain state tax returns are under audit by various tax authorities. Subsequent to the three month period ended November 2, 2019, the Company resolved uncertain tax positions with a state tax authority. As a result, the Company expects to recognize a tax benefit of an approximate $10.0 million in the Consolidated Statement of Earnings, and a decrease in unrecognized tax benefits of approximately $16.2 million, inclusive of $6.6 million of interest and penalties, in the three month period ending February 1, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 02, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation and Significant accounting policies | Basis of presentation. The accompanying unaudited interim condensed consolidated financial statements have been prepared from the records of Ross Stores, Inc. and subsidiaries (the “Company”) without audit and, in the opinion of management, include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the Company’s financial position as of November 2, 2019 and November 3, 2018, the results of operations, comprehensive income, and stockholders' equity for the three and nine month periods ended November 2, 2019 and November 3, 2018, and cash flows for the nine month periods ended November 2, 2019 and November 3, 2018. The Condensed Consolidated Balance Sheet as of February 2, 2019, presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended. Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, contained in the Company’s Annual Report on Form 10-K for the year ended February 2, 2019. The results of operations, comprehensive income, and stockholders' equity for the three and nine month periods ended November 2, 2019 and November 3, 2018 and cash flows for the nine month periods ended November 2, 2019 and November 3, 2018 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. |
Recently adopted and issued accounting standards | Recently adopted accounting standards. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Accounting Standards Codification "ASC" 842), which along with subsequent amendments, supersedes the lease accounting requirements in ASC 840, Leases. The updated guidance requires balance sheet recognition for all leases with lease terms greater than one year including a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of use asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The Company adopted ASC 842 as of February 3, 2019 (the "effective date"), using the optional transition method on a modified retrospective basis. The Company did not elect the transitional package of practical expedients or the use of hindsight upon adoption of the ASC. The Company elected to not record a lease liability and corresponding right-of-use asset for leases with terms of 12 months or less, and to account for lease and non-lease components as a single lease component. Upon adoption, the Company recorded lease liabilities based on the present value of the remaining minimum rental payments, using discount rates as of the effective date, of $2.9 billion, and the corresponding right-of-use assets of $2.9 billion. The Company also recorded a cumulative-effect adjustment to decrease beginning retained earnings of $19.6 million, primarily related to the write-off of previously capitalized initial direct costs that are no longer capitalized under ASC 842, partially offset by the write-off of the deferred gain on a previous sale-leaseback transaction that meets the sale definition under ASC 842. Reporting periods beginning on or after February 3, 2019 are presented under ASC 842, while prior period amounts and disclosures were not adjusted and continue to be reported under ASC 840. ASC 842 did not have a significant impact to the Company’s condensed consolidated statements of earnings or to the condensed consolidated statements of cash flows. Recently issued accounting standards. The Company considers the applicability and impact of all ASUs issued by the FASB. For the three and nine month periods ended November 2, 2019, the ASUs issued by the FASB were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results. |
Leases | Leases. As the Company’s leases generally do not provide an implicit discount rate, the Company uses the estimated collateralized incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments for use in the calculation of the lease liabilities and right-of-use assets. This rate is determined using a portfolio approach based on the risk-adjusted rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar lease term. Operating lease liabilities and corresponding right-of-use assets include options to extend lease terms that are reasonably certain of being exercised. The Company does not record a lease liability and corresponding right-of-use asset for leases with terms of 12 months or |
Cash, restricted cash, and restricted investments | Cash, restricted cash, and restricted investments. Restricted cash, cash equivalents, and investments serve as collateral for certain insurance obligations of the Company. These restricted funds are invested in bank deposits, money market mutual funds, U.S. Government and agency securities, and corporate securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. The classification between current and long-term is based on the timing of expected payments of the insurance obligations. |
Property and equipment | Property and equipment. As of November 2, 2019 and November 3, 2018, the Company had $11.1 million and $13.0 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment, Accounts payable, and Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets. |
Reclassifications | Reclassifications. Certain items related to income taxes in the prior year’s condensed consolidated statements of cash flows have been reclassified to conform to the current year's presentation. |
Fair value measurement | Fair Value Measurements The carrying value of cash and cash equivalents, short- and long-term investments, restricted cash and cash equivalents, restricted investments, accounts receivable, other long-term assets, accounts payable, and other long-term liabilities approximates their estimated fair value. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The inputs used to measure fair value include: Level 1, observable inputs such as quoted prices in active markets; Level 2, inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, unobservable inputs in which little or no market data exists. This fair value hierarchy requires the Company to develop its own assumptions and maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. |
Earnings per share | Earnings Per ShareThe Company computes and reports both basic earnings per share ("EPS") and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards, including unexercised stock options, and unvested shares of both performance and non-performance based awards of restricted stock. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Accounting Policies [Abstract] | |
Disaggregation of revenue | The following sales mix table disaggregates revenue by merchandise category for the three and nine month periods ended November 2, 2019 and November 3, 2018: Three Months Ended Nine Months Ended November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 Ladies 26 % 27 % 27 % 28 % Home Accents and Bed and Bath 24 % 25 % 24 % 24 % Shoes 14 % 13 % 14 % 14 % Men's 14 % 14 % 14 % 13 % Accessories, Lingerie, Fine Jewelry, and Fragrances 13 % 13 % 13 % 13 % Children's 9 % 8 % 8 % 8 % Total 100 % 100 % 100 % 100 % |
Schedule of restricted cash reconciliation | The following table provides a reconciliation of cash, cash equivalents, restricted cash and equivalents in the Condensed Consolidated Balance Sheets that reconcile to the amounts shown on the Condensed Consolidated Statements of Cash Flows: ($000) November 2, 2019 February 2, 2019 November 3, 2018 Cash and cash equivalents $ 1,142,709 $ 1,412,912 $ 1,349,196 Restricted cash and cash equivalents included in: Prepaid expenses and other 10,947 11,402 8,933 Other long-term assets 49,871 53,765 53,460 Total restricted cash and cash equivalents 60,818 65,167 62,393 Total cash, cash equivalents, and restricted cash and equivalents $ 1,203,527 $ 1,478,079 $ 1,411,589 |
Schedule of restricted investments | In addition to the restricted cash and equivalents in the table above, the Company had restricted investments included in the Condensed Consolidated Balance Sheets as shown below: ($000) November 2, 2019 February 2, 2019 November 3, 2018 Prepaid expenses and other $ — $ 400 $ 2,801 Total restricted investments $ — $ 400 $ 2,801 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair values | The fair value of the Company’s financial instruments are as follows: ($000) November 2, 2019 February 2, 2019 November 3, 2018 Cash and cash equivalents (Level 1) $ 1,142,709 $ 1,412,912 $ 1,349,196 Restricted cash and cash equivalents (Level 1) $ 60,818 $ 65,167 $ 62,393 Investments (Level 2) $ 8 $ 125 $ 475 Restricted investments (Level 2) $ — $ 400 $ 2,801 |
Schedule of fair value, assets and liabilities measured on recurring basis | The fair value measurement for funds with quoted market prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows: ($000) November 2, 2019 February 2, 2019 November 3, 2018 Level 1 $ 129,461 $ 114,181 $ 111,490 Level 2 7,409 10,377 12,218 Total $ 136,870 $ 124,558 $ 123,708 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of stock-based compensation expense by award type | For the three and nine month periods ended November 2, 2019 and November 3, 2018, the Company recognized stock-based compensation expense as follows: Three Months Ended Nine Months Ended ($000) November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 Restricted stock $ 15,030 $ 12,288 $ 39,388 $ 36,224 Performance awards 9,979 10,594 28,308 32,504 Employee stock purchase plan 978 900 2,904 2,633 Total $ 25,987 $ 23,782 $ 70,600 $ 71,361 |
Total stock-based compensation recognized in the condensed consolidated statements of earnings | Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Earnings for the three and nine month periods ended November 2, 2019 and November 3, 2018, is as follows: Three Months Ended Nine Months Ended Statements of Earnings Classification ($000) November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 Cost of goods sold $ 13,823 $ 11,434 $ 40,757 $ 33,481 Selling, general and administrative 12,164 12,348 29,843 37,880 Total $ 25,987 $ 23,782 $ 70,600 $ 71,361 |
Unvested restricted stock activity | A summary of restricted stock and performance share award activity for the nine month period ended November 2, 2019, is presented below: (000, except per share data) Number of Weighted Unvested at February 2, 2019 5,130 $ 62.50 Awarded 1,288 93.87 Released (1,712) 52.70 Forfeited (332) 70.20 Unvested at November 2, 2019 4,374 $ 74.99 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations | The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: Three Months Ended Nine Months Ended Shares in (000s) Basic EPS Effect of Diluted Basic EPS Effect of Diluted November 2, 2019 Shares 356,879 2,420 359,299 359,919 2,536 362,455 Amount $ 1.04 $ (0.01) $ 1.03 $ 3.35 $ (0.03) $ 3.32 November 3, 2018 Shares 368,102 2,959 371,061 370,977 2,959 373,936 Amount $ 0.92 $ (0.01) $ 0.91 $ 3.09 $ (0.03) $ 3.06 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Leases [Abstract] | |
Schedule of leased assets with renewal provisions | The following table summarizes the location and expiration date of the Company’s leased warehouses: Location Lease Expiration Date Leased Warehouses Carlisle, Pennsylvania 2020 Carlisle, Pennsylvania 2021 Fort Mill, South Carolina 2024 Rock Hill, South Carolina 2028 Shafter, California 2029 Third-Party Warehouses Fort Mill, South Carolina 2020 Moreno Valley, California 2023 Moreno Valley, California 2029 Shafter, California 2020 |
Schedule of operating lease costs | The following table presents operating lease costs included in the Condensed Consolidated Statement of Earnings for the three and nine month periods ended November 2, 2019: Three Months Ended Nine Months Ended ($000) November 2, 2019 November 2, 2019 Operating lease cost 1 $ 161,514 $ 476,728 Variable lease costs 2 44,381 131,167 Net lease cost 3 $ 205,895 $ 607,895 1 Net of sublease income which was immaterial. 2 Includes property and rent taxes, insurance, common area maintenance, and percentage rent. 3 Excludes short-term lease costs which were immaterial. |
Schedule of maturity of operating lease liabilities | The maturity of operating lease liabilities, including the ground lease related to the New York buying office as of November 2, 2019, are as follows: ($000) Operating Leases 1 2020 $ 604,022 2021 616,088 2022 547,653 2023 461,997 2024 355,736 Thereafter 1,653,544 Total lease payments 4,239,040 Less: interest 1,078,235 Present value of lease liabilities $ 3,160,805 Less: current operating lease liabilities 559,433 Non-current operating lease liabilities $ 2,601,372 1 Operating lease payments exclude $197.3 million of minimum lease payments for leases signed that have not yet commenced. |
Schedule of aggregate undiscounted future minimum annual lease payments under leases in accordance with ASC 840 | In accordance with ASC 840, the aggregate undiscounted future minimum annual lease payments under leases, including the ground lease related to the New York buying office, in effect at February 2, 2019 were as follows: ($000) Total operating leases 2019 $ 555,812 2020 580,712 2021 499,678 2022 424,695 2023 339,340 Thereafter 1,575,673 Total minimum lease payments $ 3,975,910 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following: ($000) November 2, 2019 February 2, 2019 November 3, 2018 6.38% Series A Senior Notes due 2018 $ — $ — $ 84,997 6.53% Series B Senior Notes due 2021 64,958 64,942 64,937 3.375% Senior Notes due 2024 247,820 247,498 247,391 Total long-term debt $ 312,778 $ 312,440 $ 397,325 Less: current portion — — 84,997 Total due beyond one year $ 312,778 $ 312,440 $ 312,328 |
Interest income and interest expense disclosure | The table below shows the components of interest expense and income for the three and nine month periods ended November 2, 2019 and November 3, 2018: Three Months Ended Nine Months Ended ($000) November 2, 2019 November 3, 2018 November 2, 2019 November 3, 2018 Interest expense on long-term debt $ 3,284 $ 4,646 $ 9,850 $ 13,937 Other interest expense 216 233 756 768 Capitalized interest (1,186) (700) (3,069) (1,832) Interest income (6,716) (7,132) (22,356) (17,722) Interest income, net $ (4,402) $ (2,953) $ (14,819) $ (4,849) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
Aug. 31, 2019 | May 31, 2019 | Mar. 31, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 30, 2018 | Mar. 31, 2018 | Aug. 03, 2019 | May 04, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | Feb. 03, 2019 | Feb. 02, 2019 | |
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||
Lease liabilities | $ 3,160,805 | |||||||||||||||
Operating lease, right-of-use asset | $ 0 | $ 3,042,298 | $ 0 | $ 0 | ||||||||||||
Cash dividends declared per share (in dollars per share) | $ 0.255 | $ 0.255 | $ 0.255 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 255 | $ 255 | $ 225 | $ 225 | $ 225 | $ 255 | |||
Property, Plant and Equipment | ||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||
Property and equipment purchased but not yet paid | $ 11,100 | $ 13,000 | ||||||||||||||
Accounting Standards Update 2016-02 | ||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||
Lease liabilities | $ 2,900,000 | |||||||||||||||
Operating lease, right-of-use asset | 2,900,000 | |||||||||||||||
Cumulative-effect adjustment | 19,614 | |||||||||||||||
Retained earnings | Accounting Standards Update 2016-02 | ||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||||||
Cumulative-effect adjustment | $ 19,614 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Disaggregation of Revenue) (Details) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 100.00% | 100.00% | 100.00% | 100.00% |
Ladies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 26.00% | 27.00% | 27.00% | 28.00% |
Home Accents and Bed and Bath | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 24.00% | 25.00% | 24.00% | 24.00% |
Shoes | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 14.00% | 13.00% | 14.00% | 14.00% |
Men's | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 14.00% | 14.00% | 14.00% | 13.00% |
Accessories, Lingerie, Fine Jewelry, and Fragrances | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 13.00% | 13.00% | 13.00% | 13.00% |
Children's | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 9.00% | 8.00% | 8.00% | 8.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Restricted Cash Reconciliation) (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Feb. 03, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 1,142,709 | $ 1,412,912 | $ 1,349,196 | |
Restricted cash and cash equivalents included in: | ||||
Prepaid expenses and other | 10,947 | 11,402 | 8,933 | |
Other long-term assets | 49,871 | 53,765 | 53,460 | |
Total restricted cash and cash equivalents | 60,818 | 65,167 | 62,393 | |
Total cash, cash equivalents, and restricted cash and equivalents | $ 1,203,527 | $ 1,478,079 | $ 1,411,589 | $ 1,353,272 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Restricted Cash, Cash Equivalents and Investments) (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Accounting Policies [Abstract] | |||
Prepaid expenses and other | $ 0 | $ 400 | $ 2,801 |
Total restricted investments | $ 0 | $ 400 | $ 2,801 |
Fair Value Measurements - Balan
Fair Value Measurements - Balance Sheet Items (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents (Level 1) | $ 1,142,709 | $ 1,412,912 | $ 1,349,196 |
Restricted cash and cash equivalents (Level 1) | 60,818 | 65,167 | 62,393 |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments (Level 2) | 8 | 125 | 475 |
Restricted investments (Level 2) | $ 0 | $ 400 | $ 2,801 |
Fair Value Measurements - Under
Fair Value Measurements - Underlying Asset Value (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | $ 136,870 | $ 124,558 | $ 123,708 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | 129,461 | 114,181 | 111,490 |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | $ 7,409 | $ 10,377 | $ 12,218 |
Stock-Based Compensation (Recog
Stock-Based Compensation (Recognized Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 25,987 | $ 23,782 | $ 70,600 | $ 71,361 |
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 15,030 | 12,288 | 39,388 | 36,224 |
Performance awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 9,979 | 10,594 | 28,308 | 32,504 |
Employee stock purchase plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 978 | $ 900 | $ 2,904 | $ 2,633 |
Stock-Based Compensation (Total
Stock-Based Compensation (Total Stock-Based Compensation Recognized In The Consolidated Statements Of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 25,987 | $ 23,782 | $ 70,600 | $ 71,361 |
Cost of goods sold | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 13,823 | 11,434 | 40,757 | 33,481 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 12,164 | $ 12,348 | $ 29,843 | $ 37,880 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | Feb. 02, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Tax benefit related to stock-based compensation | $ 5,500,000 | $ 5,100,000 | $ 14,200,000 | $ 15,000,000 | |
Plan participant's annual percentage ceiling for ESPP (up to, as a percentage) | 10.00% | 10.00% | |||
Plan participant's annual dollar amount ceiling for ESPP (up to) | $ 25,000 | ||||
Purchase price for shares under the ESPP (as a percentage) | 85.00% | ||||
Discount rate under the ESPP (as a percentage) | 15.00% | ||||
Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Treasury shares purchased for tax withholding and available for reissuance (in shares) | 42,300 | 27,234 | 612,924 | 688,613 | |
Unvested restricted stock (in shares) | 4,374,000 | 4,374,000 | 5,130,000 | ||
Unamortized compensation expense | $ 169,600,000 | $ 137,200,000 | $ 169,600,000 | $ 137,200,000 | |
Unamortized compensation expense, remaining weighted-average period of recognition | 2 years 2 months 12 days | 2 years | |||
Minimum | Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock vesting period | 3 years | ||||
Minimum | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Requisite service period | 2 years | ||||
Maximum | Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock vesting period | 5 years | ||||
Maximum | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Requisite service period | 3 years |
Stock-Based Compensation (Unves
Stock-Based Compensation (Unvested Restricted Stock Activity) (Details) - Restricted stock shares in Thousands | 9 Months Ended |
Nov. 02, 2019$ / sharesshares | |
Number of shares | |
Beginning balance (in shares) | shares | 5,130 |
Awarded (in shares) | shares | 1,288 |
Released (in shares) | shares | (1,712) |
Forfeited (in shares) | shares | (332) |
Ending balance (in shares) | shares | 4,374 |
Weighted average grant date fair value | |
Beginning Balance (in dollars per share) | $ / shares | $ 62.50 |
Awarded (in dollars per share) | $ / shares | 93.87 |
Released (in dollars per share) | $ / shares | 52.70 |
Forfeited (in dollars per share) | $ / shares | 70.20 |
Ending Balance (in dollars per share) | $ / shares | $ 74.99 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares excluded from calculation of diluted EPS (in shares) | 11,800 | 4,800 | 19,100 | 10,000 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted EPS Computations (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Earnings Per Share [Abstract] | ||||
Basic EPS (in shares) | 356,879 | 368,102 | 359,919 | 370,977 |
Basic EPS (in dollars per share) | $ 1.04 | $ 0.92 | $ 3.35 | $ 3.09 |
Effect of dilutive common stock equivalents, (in shares) | 2,420 | 2,959 | 2,536 | 2,959 |
Effect of dilutive common stock equivalents, (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.03) |
Diluted EPS (in shares) | 359,299 | 371,061 | 362,455 | 373,936 |
Diluted EPS (in dollars per share) | $ 1.03 | $ 0.91 | $ 3.32 | $ 3.06 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) ft² in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended |
Nov. 02, 2019USD ($)ft²warehousestores | Nov. 02, 2019USD ($)ft²warehouserenewal_optionstores | |
Lessee, Lease, Description [Line Items] | ||
Number of real estate properties | stores | 2 | 2 |
Operating lease, contract renewal option, term | 5 years | 5 years |
Operating leases, weighted average remaining lease term | 10 years 9 months 18 days | 10 years 9 months 18 days |
Operating leases, weighted average discount rate (percentage) | 3.50% | 3.50% |
Operating leases, weighted average remaining lease term, excluding ground leases | 6 years 2 months 12 days | |
Operating leases, excluding ground leases, weighted average discount rate (percentage) | 0.032 | |
Cash payments made for operating leases | $ | $ 152.1 | $ 453.9 |
Operating lease assets and liabilities, net | $ | $ 251.4 | $ 586.8 |
Los Angeles | ||
Lessee, Lease, Description [Line Items] | ||
Office space leased by company, square footage | ft² | 103 | 103 |
Boston | ||
Lessee, Lease, Description [Line Items] | ||
Office space leased by company, square footage | ft² | 5 | 5 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, contract terms | 3 years | 3 years |
Number of options to renew store lease for five year period | renewal_option | 3 | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, contract terms | 10 years | 10 years |
Number of options to renew store lease for five year period | renewal_option | 4 | |
Distribution Centers and Warehouses | ||
Lessee, Lease, Description [Line Items] | ||
Number of warehouses leased | warehouse | 5 | 5 |
Affiliated Entity | Distribution Centers and Warehouses | ||
Lessee, Lease, Description [Line Items] | ||
Number of warehouses leased | warehouse | 4 | 4 |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Nov. 02, 2019 | Nov. 02, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 161,514 | $ 476,728 |
Variable lease cost | 44,381 | 131,167 |
Net lease cost | $ 205,895 | $ 607,895 |
Leases (Future Operating Lease
Leases (Future Operating Lease Maturity) (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Leases [Abstract] | |||
2020 | $ 604,022 | ||
2021 | 616,088 | ||
2022 | 547,653 | ||
2023 | 461,997 | ||
2024 | 355,736 | ||
Thereafter | 1,653,544 | ||
Total lease payments | 4,239,040 | ||
Less: interest | 1,078,235 | ||
Present value of lease liabilities | 3,160,805 | ||
Less: current operating lease liabilities | 559,433 | $ 0 | $ 0 |
Non-current operating lease liabilities | 2,601,372 | $ 0 | $ 0 |
Amount of legally binding minimum lease payments for leases singed that have not yet commenced | $ 197,300 |
Leases (Annual Rent Payments in
Leases (Annual Rent Payments in Accordance with ASC 840) (Details) $ in Thousands | Feb. 02, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 555,812 |
2020 | 580,712 |
2021 | 499,678 |
2022 | 424,695 |
2023 | 339,340 |
Thereafter | 1,575,673 |
Total minimum lease payments | $ 3,975,910 |
Debt - Unsecured Senior Debt, N
Debt - Unsecured Senior Debt, Net of Unamortized Discounts and Issuance Costs (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 312,778 | $ 312,440 | $ 397,325 |
Less: current portion | 0 | 0 | 84,997 |
Total due beyond one year | $ 312,778 | 312,440 | 312,328 |
6.38% Series A Senior Notes due 2018 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (percentage) | 6.38% | ||
Long-term debt | $ 0 | 0 | 84,997 |
6.53% Series B Senior Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (percentage) | 6.53% | ||
Long-term debt | $ 64,958 | 64,942 | 64,937 |
3.375% Senior Notes due 2024 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (percentage) | 3.375% | ||
Long-term debt | $ 247,820 | $ 247,498 | $ 247,391 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Dec. 13, 2018USD ($) | Jul. 31, 2019USD ($)renewal_option | Nov. 02, 2019USD ($) | Jun. 30, 2019USD ($) | Feb. 02, 2019USD ($) | Nov. 03, 2018USD ($) |
Debt Instrument [Line Items] | ||||||
Total unamortized discount and debt issuance costs | $ 2,200,000 | $ 2,600,000 | $ 2,700,000 | |||
Number of renewal options | renewal_option | 2 | |||||
Renewal option, term | 1 year | |||||
6.53% Series B Senior Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured senior notes interest rate (percentage) | 6.53% | |||||
Unsecured Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | $ 800,000,000 | $ 800,000,000 | $ 600,000,000 | |||
Sublimit for issuance of standby letters of credit | 300,000,000 | |||||
Maximum borrowing capacity (up to) | $ 300,000,000 | |||||
Basis points margin over LIBOR | 0.75% | |||||
Borrowings or standby letters of credit | $ 0 | |||||
Level 1 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured senior notes estimated fair value | 333,000,000 | $ 316,000,000 | $ 402,000,000 | |||
6.53% Series B Senior Notes due 2021 | 6.53% Series B Senior Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument | $ 65,000,000 | |||||
Unsecured senior notes interest rate (percentage) | 6.53% | |||||
3.375% Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument | $ 250,000,000 | |||||
Unsecured senior notes interest rate (percentage) | 3.375% | |||||
6.38% Series A Senior Notes due 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured senior notes interest rate (percentage) | 6.38% | |||||
Extinguishment of debt | $ 85,000,000 |
Debt - Interest Expense, Net (D
Debt - Interest Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Debt Disclosure [Abstract] | ||||
Interest expense on long-term debt | $ 3,284 | $ 4,646 | $ 9,850 | $ 13,937 |
Other interest expense | 216 | 233 | 756 | 768 |
Capitalized interest | (1,186) | (700) | (3,069) | (1,832) |
Interest income | (6,716) | (7,132) | (22,356) | (17,722) |
Interest income, net | $ (4,402) | $ (2,953) | $ (14,819) | $ (4,849) |
Taxes on Earnings (Details)
Taxes on Earnings (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Nov. 30, 2018 | Feb. 01, 2020 | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | |
Income Tax Contingency [Line Items] | |||||
Unrecognized tax benefits | $ 83.4 | $ 78.8 | $ 130.5 | ||
Income tax penalties and interest accrued | 13.9 | $ 13 | $ 25.4 | ||
Amount recognized by Company related to decrease in reserves for tax positions in prior period | $ 52.4 | ||||
Amount recognized by Company related to decrease in reserves for tax positions in prior period, portion attributable to related reserves for interest and penalties | $ 12.6 | ||||
Impact of recognizing taxes and interest related to unrecognized tax benefits | 66.8 | ||||
Unrecognized tax benefits reduction resulting from lapse of applicable statute of limitations (up to) | $ 4.9 | ||||
Forecast | |||||
Income Tax Contingency [Line Items] | |||||
Income tax benefit | $ 10 | ||||
Decrease in unrecognized tax benefits resulting from resolved uncertain tax positions | 16.2 | ||||
Unrecognized tax benefits, interest and penalties | $ 6.6 |
Uncategorized Items - rost-2019
Label | Element | Value |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 19,884,000 |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 19,884,000 |