Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Aug. 01, 2020 | Aug. 14, 2020 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Aug. 1, 2020 | |
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) | 356,005,661 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000745732 | |
Current Fiscal Year End Date | --01-30 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020USD ($)stores$ / sharesshares | Aug. 03, 2019USD ($)stores$ / sharesshares | Aug. 01, 2020USD ($)stores$ / sharesshares | Aug. 03, 2019USD ($)stores$ / sharesshares | |
Income Statement [Abstract] | ||||
Sales | $ 2,684,712 | $ 3,979,869 | $ 4,527,385 | $ 7,776,511 |
Costs and Expenses | ||||
Cost of goods sold | 2,080,120 | 2,843,850 | 3,970,111 | 5,545,518 |
Selling, general and administrative | 519,495 | 591,970 | 934,800 | 1,150,220 |
Interest expense (income), net | 28,855 | (4,782) | 35,521 | (10,417) |
Total costs and expenses | 2,628,470 | 3,431,038 | 4,940,432 | 6,685,321 |
Earnings (loss) before taxes | 56,242 | 548,831 | (413,047) | 1,091,190 |
Provision (benefit) for taxes on earnings (loss) | 34,195 | 136,110 | (129,252) | 257,327 |
Net earnings (loss) | $ 22,047 | $ 412,721 | $ (283,795) | $ 833,863 |
Earnings (loss) per share | ||||
Basic (in dollars per share) | $ / shares | $ 0.06 | $ 1.15 | $ (0.81) | $ 2.31 |
Diluted (in dollars per share) | $ / shares | $ 0.06 | $ 1.14 | $ (0.81) | $ 2.29 |
Weighted average shares outstanding | ||||
Basic (in shares) | shares | 352,276 | 359,794 | 352,239 | 361,439 |
Diluted (in shares) | shares | 354,232 | 362,074 | 352,239 | 364,007 |
Store count at end of period (in number of stores) | stores | 1,832 | 1,772 | 1,832 | 1,772 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 22,047 | $ 412,721 | $ (283,795) | $ 833,863 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | $ 22,047 | $ 412,721 | $ (283,795) | $ 833,863 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
Current Assets | |||
Cash and cash equivalents | $ 3,793,043 | $ 1,351,205 | $ 1,382,025 |
Accounts receivable | 162,723 | 102,236 | 130,439 |
Merchandise inventory | 1,117,983 | 1,832,339 | 1,835,869 |
Prepaid expenses and other | 273,612 | 147,048 | 167,585 |
Total current assets | 5,347,361 | 3,432,828 | 3,515,918 |
Property and Equipment | |||
Land and buildings | 1,177,863 | 1,177,262 | 1,162,269 |
Fixtures and equipment | 3,137,495 | 3,115,003 | 2,886,275 |
Leasehold improvements | 1,241,819 | 1,219,736 | 1,162,935 |
Construction-in-progress | 363,000 | 189,536 | 200,012 |
Property and equipment, gross | 5,920,177 | 5,701,537 | 5,411,491 |
Less accumulated depreciation and amortization | 3,214,072 | 3,048,101 | 2,906,451 |
Property and equipment, net | 2,706,105 | 2,653,436 | 2,505,040 |
Operating lease assets | 3,053,735 | 3,053,782 | 2,932,199 |
Other long-term assets | 215,044 | 208,321 | 198,790 |
Total assets | 11,322,245 | 9,348,367 | 9,151,947 |
Current Liabilities | |||
Accounts payable | 1,009,704 | 1,296,482 | 1,359,829 |
Accrued expenses and other | 557,475 | 462,111 | 474,273 |
Current operating lease liabilities | 579,277 | 564,481 | 549,841 |
Accrued payroll and benefits | 204,109 | 364,435 | 295,465 |
Income taxes payable | 0 | 14,425 | 0 |
Short-term debt | 802,507 | 0 | 0 |
Total current liabilities | 3,153,072 | 2,701,934 | 2,679,408 |
Long-term debt | 2,286,295 | 312,891 | 312,665 |
Non-current operating lease liabilities | 2,601,254 | 2,610,528 | 2,496,230 |
Other long-term liabilities | 258,869 | 214,086 | 227,842 |
Deferred income taxes | 155,556 | 149,679 | 139,538 |
Commitments and contingencies | |||
Stockholders’ Equity | |||
Common stock, par value $.01 per share Authorized 1,000,000,000 shares Issued and outstanding 356,006,000, 356,775,000 and 362,166,000 shares, respectively | 3,560 | 3,568 | 3,622 |
Additional paid-in capital | 1,512,699 | 1,458,307 | 1,412,976 |
Treasury stock | (465,674) | (433,328) | (425,012) |
Retained earnings | 1,816,614 | 2,330,702 | 2,304,678 |
Total stockholders’ equity | 2,867,199 | 3,359,249 | 3,296,264 |
Total liabilities and stockholders’ equity | $ 11,322,245 | $ 9,348,367 | $ 9,151,947 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
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) | 356,006,000 | 356,775,000 | 362,166,000 |
Common Stock, Shares, Outstanding (in shares) | 356,006,000 | 356,775,000 | 362,166,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Retained earningsCumulative Effect, Period of Adoption, Adjustment |
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 | $ (19,614) | $ 3,682 | $ 1,375,965 | $ (372,663) | $ 2,298,762 | $ (19,614) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 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) | 2,295,858 | ||
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 | $ (19,614) | $ 3,682 | 1,375,965 | (372,663) | 2,298,762 | $ (19,614) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 833,863 | ||||||
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) | 2,304,678 | ||
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) | 2,295,858 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 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) | 2,304,678 | ||
Total common stock, beginning balance (in shares) at Feb. 01, 2020 | 356,775 | ||||||
Total stockholders’ equity, beginning balance at Feb. 01, 2020 | 3,359,249 | $ 3,568 | 1,458,307 | (433,328) | 2,330,702 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | (305,842) | (305,842) | |||||
Common stock issued under stock planes, net of shares used for tax withholding (in shares) | 318 | ||||||
Common stock issued under stock planes, net of shares used for tax withholding | (26,873) | $ 3 | 5,441 | (32,317) | |||
Stock-based compensation | 24,739 | 24,739 | |||||
Common stock repurchased (in shares) | (1,171) | ||||||
Common stock repurchased | (132,467) | $ (12) | (3,576) | (128,879) | |||
Dividends declared | (101,414) | (101,414) | |||||
Total common stock, ending balance (in shares) at May. 02, 2020 | 355,922 | ||||||
Total stockholders’ equity, ending balance at May. 02, 2020 | 2,817,392 | $ 3,559 | 1,484,911 | (465,645) | 1,794,567 | ||
Total common stock, beginning balance (in shares) at Feb. 01, 2020 | 356,775 | ||||||
Total stockholders’ equity, beginning balance at Feb. 01, 2020 | 3,359,249 | $ 3,568 | 1,458,307 | (433,328) | 2,330,702 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | (283,795) | ||||||
Total common stock, ending balance (in shares) at Aug. 01, 2020 | 356,006 | ||||||
Total stockholders’ equity, ending balance at Aug. 01, 2020 | 2,867,199 | $ 3,560 | 1,512,699 | (465,674) | 1,816,614 | ||
Total common stock, beginning balance (in shares) at May. 02, 2020 | 355,922 | ||||||
Total stockholders’ equity, beginning balance at May. 02, 2020 | 2,817,392 | $ 3,559 | 1,484,911 | (465,645) | 1,794,567 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 22,047 | 22,047 | |||||
Common stock issued under stock planes, net of shares used for tax withholding (in shares) | 84 | ||||||
Common stock issued under stock planes, net of shares used for tax withholding | 5,602 | $ 1 | 5,630 | (29) | |||
Stock-based compensation | 22,158 | 22,158 | |||||
Total common stock, ending balance (in shares) at Aug. 01, 2020 | 356,006 | ||||||
Total stockholders’ equity, ending balance at Aug. 01, 2020 | $ 2,867,199 | $ 3,560 | $ 1,512,699 | $ (465,674) | $ 1,816,614 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
Cash Flows From Operating Activities | ||
Net earnings (loss) | $ (283,795) | $ 833,863 |
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 179,626 | 166,898 |
Stock-based compensation | 46,897 | 44,613 |
Deferred income taxes | 5,877 | 21,868 |
Change in assets and liabilities: | ||
Merchandise inventory | 714,356 | (85,427) |
Other current assets | (51,924) | (55,309) |
Accounts payable | (289,710) | 187,050 |
Other current liabilities | (44,671) | (8,529) |
Income taxes | (145,001) | (31,193) |
Operating lease assets and liabilities, net | 5,569 | 8,276 |
Other long-term, net | 35,197 | 1,353 |
Net cash provided by operating activities | 172,421 | 1,083,463 |
Cash Flows From Investing Activities | ||
Additions to property and equipment | (250,047) | (250,314) |
Proceeds from investments | 0 | 517 |
Net cash used in investing activities | (250,047) | (249,797) |
Cash Flows From Financing Activities | ||
Net proceeds from issuance of short-term debt | 805,601 | 0 |
Payments of short-term debt | (3,094) | 0 |
Net proceeds from issuance of long-term debt | 1,976,030 | 0 |
Payments of debt issuance costs | (3,254) | 0 |
Issuance of common stock related to stock plans | 11,075 | 10,906 |
Treasury stock purchased | (32,346) | (52,349) |
Repurchase of common stock | (132,467) | (640,259) |
Dividends paid | (101,414) | (186,642) |
Net cash provided by (used in) financing activities | 2,520,131 | (868,344) |
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents | 2,442,505 | (34,678) |
Cash, cash equivalents, and restricted cash and cash equivalents: | ||
Beginning of period | 1,411,410 | 1,478,079 |
End of period | 3,853,915 | 1,443,401 |
Supplemental Cash Flow Disclosures | ||
Interest paid | 10,069 | 6,341 |
Income taxes paid | $ 9,872 | $ 266,653 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 1 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Mar. 31, 2019 | May 02, 2020 | Aug. 03, 2019 | May 04, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Cash dividends declared per share (in dollars per share) | $ 285 | $ 0.255 | $ 0.255 | $ 0.255 | $ 0.255 | $ 0.285 | $ 255 | $ 0.255 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 01, 2020 | |
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 August 1, 2020 and August 3, 2019, the results of operations, comprehensive income (loss), and stockholders' equity for the three and six month periods ended August 1, 2020 and August 3, 2019, and cash flows for the six month periods ended August 1, 2020 and August 3, 2019. The Condensed Consolidated Balance Sheet as of February 1, 2020, 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 ("GAAP") 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 1, 2020. The results of operations, comprehensive income (loss), and stockholders' equity for the three and six month periods ended August 1, 2020 and August 3, 2019 and cash flows for the six month periods ended August 1, 2020 and August 3, 2019 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. Use of accounting estimates. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company’s significant accounting estimates include valuation reserves for inventory, packaway inventory costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, estimates for provisions of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), and legal claims. Given the global economic climate and additional, or unforeseen effects, from the COVID-19 pandemic, these estimates are more challenging, and actual results could differ materially from the Company's estimates. Revenue recognition. All of the Company's store locations, its primary source of revenue, were temporarily closed from March 20, 2020 through a portion of the second fiscal quarter of 2020 due to the COVID-19 pandemic. The Company started a phased reopening of its stores on May 14, 2020. On average, the Company's stores were open for about 75 percent of the second quarter, with the vast majority of its store locations open and operating by the end of June 2020. The following sales mix table disaggregates revenue by merchandise category for the three and six month periods ended August 1, 2020 and August 3, 2019: Three Months Ended Six Months Ended August 1, 2020 1 August 3, 2019 August 1, 2020 1 August 3, 2019 Home Accents and Bed and Bath 25 % 23 % 26 % 24 % Ladies 25 % 27 % 25 % 27 % Shoes 14 % 14 % 14 % 14 % Men's 14 % 15 % 13 % 14 % Accessories, Lingerie, Fine Jewelry, and Fragrances 13 % 13 % 13 % 13 % Children's 9 % 8 % 9 % 8 % Total 100 % 100 % 100 % 100 % 1 Sales mix for the three and six month periods ended August 1, 2020 represents sales for the period the stores were open. 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, and restricted cash and cash equivalents in the Condensed Consolidated Balance Sheets that reconcile to the amounts shown on the Condensed Consolidated Statements of Cash Flows: ($000) August 1, 2020 February 1, 2020 August 3, 2019 Cash and cash equivalents $ 3,793,043 $ 1,351,205 $ 1,382,025 Restricted cash and cash equivalents included in: Prepaid expenses and other 10,348 10,235 11,048 Other long-term assets 50,524 49,970 50,328 Total restricted cash and cash equivalents 60,872 60,205 61,376 Total cash, cash equivalents, and restricted cash and cash equivalents $ 3,853,915 $ 1,411,410 $ 1,443,401 Property and equipment. As of August 1, 2020 and August 3, 2019, the Company had $22.6 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. Operating leases. In response to the COVID-19 pandemic, the Financial Accounting Standards Board (“FASB”) provided relief under Accounting Standards Update (“ASU”) 2016-02, Leases (Accounting Standards Codification "ASC" 842). Under this relief, companies can make a policy election on how to treat lease concessions resulting directly from the COVID-19 pandemic, provided that the modified contracts result in total cash flows that are substantially the same or less than the cash flows in the original contract. The Company made the policy election to account for lease concessions that result from the COVID-19 pandemic as if they were made under enforceable rights in the original contract. Additionally, the Company made the policy election to account for these concessions outside of the lease modification framework described under ASC 842. The Company recorded accruals for deferred rental payments and recognized rent abatements or concessions as variable lease costs in the periods incurred. Accruals for rent payment deferrals are included in Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets. Supplemental cash flow disclosures related to leases: Operating lease assets obtained in exchange for new operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) were as follows: Three Months Ended Six Months Ended ($000) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Operating lease assets obtained in exchange for new operating lease liabilities $ 119,377 $ 127,585 $ 284,351 $ 335,375 Incentive programs. On August 19, 2020, the Compensation Committee of the Board of Directors approved modifications to the management incentive plan and performance share award program for fiscal 2020 to be based on the attainment of specific management priorities related to their response to COVID-19, as measured and approved by the Compensation Committee of the Board of Directors, as an alternative to profitability-based performance goals. Cash dividends. The Company’s Board of Directors declared a cash dividend of $0.285 per common share in March 2020, and $0.255 per common share in March, May, August, and November 2019, respectively. In May 2020, the Company announced the suspension of its quarterly dividends. Litigation, claims, and assessments. Like many retailers, the Company has been named in class/representative action lawsuits, primarily in California, alleging violation of wage and hour/employment laws and consumer protection laws. Class/representative action litigation remains pending as of August 1, 2020. 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/representative 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 adopted accounting standards. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (ASC 740). ASU 2019-12 eliminates certain exceptions in ASC 740 related to the methodology for calculating income taxes in an interim period. It also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company adopted ASU 2019-12 on a prospective basis in the first quarter of fiscal 2020. The most significant impact to the Company is the removal of a limit on the tax benefit recognized on pre-tax losses in interim periods. The adoption of this standard is not expected to have a material impact on the Company's fiscal 2020 results. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Aug. 01, 2020 | |
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 six month periods ended August 1, 2020. The fair value of the Company’s financial instruments are as follows: ($000) August 1, 2020 February 1, 2020 August 3, 2019 Cash and cash equivalents (Level 1) $ 3,793,043 $ 1,351,205 $ 1,382,025 Restricted cash and cash equivalents (Level 1) $ 60,872 $ 60,205 $ 61,376 Investments (Level 2) $ 8 $ 8 $ 8 The underlying assets in the Company’s non-qualified deferred compensation program as of August 1, 2020, February 1, 2020, and August 3, 2019 (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) August 1, 2020 February 1, 2020 August 3, 2019 Level 1 $ 135,650 $ 134,440 $ 126,377 Level 2 10,329 7,003 7,411 Total $ 145,979 $ 141,443 $ 133,788 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Aug. 01, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation. For the three and six month periods ended August 1, 2020 and August 3, 2019, the Company recognized stock-based compensation expense as follows: Three Months Ended Six Months Ended ($000) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Restricted stock $ 17,638 $ 14,909 $ 34,120 $ 24,358 Performance awards 3,526 9,025 10,822 18,329 Employee stock purchase plan 994 990 1,955 1,926 Total $ 22,158 $ 24,924 $ 46,897 $ 44,613 Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations for the three and six month periods ended August 1, 2020 and August 3, 2019, is as follows: Three Months Ended Six Months Ended Statements of Operations Classification ($000) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Cost of goods sold $ 11,849 $ 13,812 $ 24,515 $ 26,934 Selling, general and administrative 10,309 11,112 22,382 17,679 Total $ 22,158 $ 24,924 $ 46,897 $ 44,613 The tax benefits related to stock-based compensation expense for the three and six month periods ended August 1, 2020 we re $4.8 million and $10.2 m illion, respectively. The tax benefits related to stock-based compensation expense for the three and six month periods ended August 3, 2019 were $5.0 million and $8.7 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 six month periods ended August 1, 2020 and August 3, 2019, shares purchased by the Company for tax withholding totaled 308 and 349,821 , and 14,627 and 570,624, 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 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 August 1, 2020, shares related to unvested restricted stock and performance share awards totaled 4.1 million shares. A summary of restricted stock and performance share award activity for the six month period ended August 1, 2020, is presented below: (000, except per share data) Number of Weighted-average Unvested at February 1, 2020 4,394 $ 76.20 Awarded 605 97.70 Released (905) 61.29 Forfeited (14) 79.87 Unvested at August 1, 2020 4,080 $ 82.68 The unamortized compensation expense at August 1, 2020, was $152.4 million, which is expected to be recognized over a weighted-average remaining period of 2.2 years. The unamortized compensation expense at August 3, 2019, was $165.2 million, which was expected to be recognized over a weighted-average remaining period of 2.3 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 (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Aug. 01, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company computes and reports both basic earnings (loss) per share ("EPS") and diluted EPS. Basic EPS is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings (loss) by the sum of the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period, except in cases where the effect of the common stock equivalents would be anti-dilutive. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards and unvested shares of both performance and non-performance based awards of restricted stock. For periods of net loss, basic and diluted EPS are the same as the effect of the assumed vesting of restricted stock units is anti-dilutive. For the three month period ended August 1, 2020, approximately 628,900 weighted-average shares were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for the period presented . For the six month period ended August 1, 2020, basic and diluted EPS were the same due to the Company's net loss. For the three and six month periods ended August 3, 2019, approximately 10,500 and 5,300 weighted-average shares were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for the periods presented. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: Three Months Ended Six Months Ended Shares in (000s) Basic EPS Effect of Diluted Basic EPS Effect of Diluted August 1, 2020 Shares 352,276 1,956 354,232 352,239 — 352,239 Amount $ 0.06 $ — $ 0.06 $ (0.81) $ — $ (0.81) August 3, 2019 Shares 359,794 2,280 362,074 361,439 2,568 364,007 Amount $ 1.15 $ (0.01) $ 1.14 $ 2.31 $ (0.02) $ 2.29 |
Debt
Debt | 6 Months Ended |
Aug. 01, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-term debt and long-term debt. Short-term debt and unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following: ($000) August 1, 2020 February 1, 2020 August 3, 2019 $800 million revolving credit facility $ 800,000 $ — $ — Other short-term debt financing 2,507 — — Total short-term debt $ 802,507 $ — $ — 6.530% Series B Senior Notes due 2021 $ 64,868 $ 64,963 $ 64,953 3.375% Senior Notes due 2024 248,146 247,928 247,712 4.600% Senior Notes due 2025 693,991 — — 4.700% Senior Notes due 2027 395,124 — — 4.800% Senior Notes due 2030 394,759 — — 5.450% Senior Notes due 2050 489,407 — — Total long-term debt $ 2,286,295 $ 312,891 $ 312,665 Revolving credit facilities. In July 2019, the Company entered into a $800 million unsecured revolving credit facility, which replaced the Company’s previous $600 million unsecured revolving credit facility. This current 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 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. In March 2020, the Company borrowed $800 million available under its revolving credit facility. The loan bears interest at LIBOR plus 0.875% (currently 1.76%). As of August 1, 2020, the Company had $800 million outstanding, and no standby letters of credit were outstanding, under the revolving credit facility. In May 2020, the Company amended its $800 million unsecured revolving credit facility (the “Amended Credit Facility”) to temporarily suspend, for the second and third quarters of fiscal 2020, the Consolidated Adjusted Debt to EBITDAR ratio financial covenant, and to apply a transitional modification to that ratio effective in the fourth quarter of fiscal 2020. The Amended Credit Facility also established a new temporary minimum liquidity requirement, effective for the first quarter of fiscal 2020 and through the end of April 2021. As of August 1, 2020, the Company was in compliance with these amended covenants. In May 2020, the Company also entered into an additional $500 million 364-day senior revolving credit facility which expires in April 2021. Interest on borrowings under this new facility is based on LIBOR (or an alternate benchmark rate, if LIBOR is no longer available) plus an applicable margin (currently 175 basis points) and is payable quarterly and upon maturity. As of August 1, 2020, the Company had no borrowings under this facility and the $500 million credit facility remains in place and available. The new revolving credit facility is subject to the same minimum liquidity and Consolidated Adjusted Debt to EBITDAR ratio financial covenants as are provided in the Amended Credit Facility. In addition, the new revolving credit facility contains restrictions on stock repurchases and restrictions on post draw down cash balances on the new revolving credit facility. As of August 1, 2020, the Company was in compliance with these covenants. Senior notes. As of August 1, 2020, the Company 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 6.530%. Borrowings under these Senior Notes are subject to certain financial covenants that were amended in June 2020, and are consistent with the corresponding covenants in the Company's existing revolving credit facilities. As of August 1, 2020 , the Company was in compliance with these covenants. As of August 1, 2020, the Company also 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. In April 2020, the Company issued an aggregate of $2.0 billion in unsecured senior notes in four tenors as follows: 4.600% Senior Notes due April 2025 (the “2025 Notes”) with an aggregate principal amount of $700 million, 4.700% Senior Notes due April 2027 (the “2027 Notes”) with an aggregate principal amount of $400 million, 4.800% Senior Notes due April 2030 (the “2030 Notes”) with an aggregate principal amount of $400 million, and 5.450% Senior Notes due April 2050 (the “2050 Notes”) with an aggregate principal amount of $500 million. Cash proceeds, net of discounts and other issuance costs, were approximately $1.973 billion. Interest on the 2025, 2027, 2030, and 2050 Notes is payable semi-annually beginning October 2020. The 2024, 2025, 2027, 2030, and 2050 Notes and the Series B Senior Notes are all subject to prepayment penalties for early payment of principal. As of August 1, 2020, February 1, 2020, and August 3, 2019, total unamortized discount and debt issuance costs were $28.7 million, $2.1 million, and $2.3 million, respectively, and were classified as a reduction of Long-term debt. The aggregate fair value of the six outstanding series of Senior Notes was approximately $2.8 billion as of August 1, 2020. The aggregate fair value of the two then outstanding series of Senior Notes was approximately $335 million and $332 million as of February 1, 2020 and August 3, 2019, respectively. 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 six month periods ended August 1, 2020 and August 3, 2019: Three Months Ended Six Months Ended ($000) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Interest expense on long-term debt $ 28,331 $ 3,283 38,512 $ 6,566 Interest expense on short-term debt 3,599 — 5,296 — Other interest expense 1,031 227 1,309 540 Capitalized interest (3,349) (1,118) (5,503) (1,883) Interest income (757) (7,174) (4,093) (15,640) Interest expense (income), net $ 28,855 $ (4,782) $ 35,521 $ (10,417) |
Taxes on Earnings (Loss)
Taxes on Earnings (Loss) | 6 Months Ended |
Aug. 01, 2020 | |
Income Tax Disclosure [Abstract] | |
Taxes on Earnings (Loss) | Taxes on Earnings (Loss) On March 27, 2020, the CARES Act was signed into law. The CARES Act made several significant changes to business tax provisions including modifications for net operating losses, employee retention credits, and deferral of employer payroll tax payments. The modifications for net operating losses eliminate the taxable income limitation for certain net operating losses and allow the carry back of net operating losses arising in 2018, 2019, and 2020 to the five prior tax years. The Company's effective tax rates for the three month periods ended August 1, 2020 and August 3, 2019, were approximately 61% and 25%, respectively. The increase in the effective tax rate of 36% for the three month period ended August 1, 2020 compared to the three month period ended August 3, 2019 was primarily due to fluctuations in pre-tax earnings, partially offset by a revaluation of deferred taxes related to the CARES Act. The Company's effective tax rates for the six month periods ended August 1, 2020 and August 3, 2019, were approximately 31% and 24%, respectively. The increase in the effective tax rate of 7% for the six month period ended August 1, 2020 compared to the six month period ended August 3, 2019 was primarily due to a pre-tax loss in the current period. The effective tax rate is impacted by changes in tax law and accounting guidance, location of new stores, level of earnings, tax effects associated with share-based compensation, and the resolution of tax positions. As of August 1, 2020, February 1, 2020, and August 3, 2019, the reserves for unrecognized tax benefits were $71.6 million, $67.1 million, and $88.4 million, inclusive of $8.5 million, $7.2 million, and $14.9 million of related interest and penalties, respectively. In November 2019, the Company resolved uncertain tax positions with a tax authority. As a result, the Company recognized a decrease in reserves for tax positions in prior periods of $16.2 million, inclusive of $6.6 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, $56.8 million would impact the Company’s effective tax rate. It is reasonably possible that certain state tax matters may be concluded or statutes of limitations may lapse during the next 12 months. Accordingly, the total amount of unrecognized tax benefits may decrease by up to $9.8 million. 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 01, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | 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 August 1, 2020 and August 3, 2019, the results of operations, comprehensive income (loss), and stockholders' equity for the three and six month periods ended August 1, 2020 and August 3, 2019, and cash flows for the six month periods ended August 1, 2020 and August 3, 2019. The Condensed Consolidated Balance Sheet as of February 1, 2020, 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 ("GAAP") 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 1, 2020. The results of operations, comprehensive income (loss), and stockholders' equity for the three and six month periods ended August 1, 2020 and August 3, 2019 and cash flows for the six month periods ended August 1, 2020 and August 3, 2019 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. |
Use of accounting estimates | Use of accounting estimates. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company’s significant accounting estimates include valuation reserves for inventory, packaway inventory costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, estimates for provisions of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), and legal claims. Given the global economic climate and additional, or unforeseen effects, from the COVID-19 pandemic, these estimates are more challenging, and actual results could differ materially from the Company's estimates. |
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. |
Operating leases | Operating leases. In response to the COVID-19 pandemic, the Financial Accounting Standards Board (“FASB”) provided relief under Accounting Standards Update (“ASU”) 2016-02, Leases (Accounting Standards Codification "ASC" 842). Under this relief, companies can make a policy election on how to treat lease concessions resulting directly from the COVID-19 pandemic, provided that the modified contracts result in total cash flows that are substantially the same or less than the cash flows in the original contract. The Company made the policy election to account for lease concessions that result from the COVID-19 pandemic as if they were made under enforceable rights in the original contract. Additionally, the Company made the policy election to account for these concessions outside of the lease modification framework described under ASC 842. The Company recorded accruals for deferred rental payments and recognized rent abatements or concessions as variable lease costs in the periods incurred. Accruals for rent payment deferrals are included in Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets. |
Property and equipment | Property and equipment. As of August 1, 2020 and August 3, 2019, the Company had $22.6 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. |
Recently adopted accounting standards and Recently issued accounting standards | Recently adopted accounting standards. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (ASC 740). ASU 2019-12 eliminates certain exceptions in ASC 740 related to the methodology for calculating income taxes in an interim period. It also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company adopted ASU 2019-12 on a prospective basis in the first quarter of fiscal 2020. The most significant impact to the Company is the removal of a limit on the tax benefit recognized on pre-tax losses in interim periods. The adoption of this standard is not expected to have a material impact on the Company's fiscal 2020 results. |
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 (loss) per share | Earnings (Loss) Per ShareThe Company computes and reports both basic earnings (loss) per share ("EPS") and diluted EPS. Basic EPS is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings (loss) by the sum of the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period, except in cases where the effect of the common stock equivalents would be anti-dilutive. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards and unvested shares of both performance and non-performance based awards of restricted stock. For periods of net loss, basic and diluted EPS are the same as the effect of the assumed vesting of restricted stock units is anti-dilutive. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Accounting Policies [Abstract] | |
Disaggregation of revenue | The following sales mix table disaggregates revenue by merchandise category for the three and six month periods ended August 1, 2020 and August 3, 2019: Three Months Ended Six Months Ended August 1, 2020 1 August 3, 2019 August 1, 2020 1 August 3, 2019 Home Accents and Bed and Bath 25 % 23 % 26 % 24 % Ladies 25 % 27 % 25 % 27 % Shoes 14 % 14 % 14 % 14 % Men's 14 % 15 % 13 % 14 % Accessories, Lingerie, Fine Jewelry, and Fragrances 13 % 13 % 13 % 13 % Children's 9 % 8 % 9 % 8 % Total 100 % 100 % 100 % 100 % 1 Sales mix for the three and six month periods ended August 1, 2020 represents sales for the period the stores were open. |
Schedule of restricted cash reconciliation | The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents in the Condensed Consolidated Balance Sheets that reconcile to the amounts shown on the Condensed Consolidated Statements of Cash Flows: ($000) August 1, 2020 February 1, 2020 August 3, 2019 Cash and cash equivalents $ 3,793,043 $ 1,351,205 $ 1,382,025 Restricted cash and cash equivalents included in: Prepaid expenses and other 10,348 10,235 11,048 Other long-term assets 50,524 49,970 50,328 Total restricted cash and cash equivalents 60,872 60,205 61,376 Total cash, cash equivalents, and restricted cash and cash equivalents $ 3,853,915 $ 1,411,410 $ 1,443,401 |
Supplemental cash flow disclosures related to leases | Supplemental cash flow disclosures related to leases: Operating lease assets obtained in exchange for new operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) were as follows: Three Months Ended Six Months Ended ($000) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Operating lease assets obtained in exchange for new operating lease liabilities $ 119,377 $ 127,585 $ 284,351 $ 335,375 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair values | The fair value of the Company’s financial instruments are as follows: ($000) August 1, 2020 February 1, 2020 August 3, 2019 Cash and cash equivalents (Level 1) $ 3,793,043 $ 1,351,205 $ 1,382,025 Restricted cash and cash equivalents (Level 1) $ 60,872 $ 60,205 $ 61,376 Investments (Level 2) $ 8 $ 8 $ 8 |
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) August 1, 2020 February 1, 2020 August 3, 2019 Level 1 $ 135,650 $ 134,440 $ 126,377 Level 2 10,329 7,003 7,411 Total $ 145,979 $ 141,443 $ 133,788 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of stock-based compensation expense by award type | For the three and six month periods ended August 1, 2020 and August 3, 2019, the Company recognized stock-based compensation expense as follows: Three Months Ended Six Months Ended ($000) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Restricted stock $ 17,638 $ 14,909 $ 34,120 $ 24,358 Performance awards 3,526 9,025 10,822 18,329 Employee stock purchase plan 994 990 1,955 1,926 Total $ 22,158 $ 24,924 $ 46,897 $ 44,613 |
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 Operations for the three and six month periods ended August 1, 2020 and August 3, 2019, is as follows: Three Months Ended Six Months Ended Statements of Operations Classification ($000) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Cost of goods sold $ 11,849 $ 13,812 $ 24,515 $ 26,934 Selling, general and administrative 10,309 11,112 22,382 17,679 Total $ 22,158 $ 24,924 $ 46,897 $ 44,613 |
Unvested restricted stock activity | A summary of restricted stock and performance share award activity for the six month period ended August 1, 2020, is presented below: (000, except per share data) Number of Weighted-average Unvested at February 1, 2020 4,394 $ 76.20 Awarded 605 97.70 Released (905) 61.29 Forfeited (14) 79.87 Unvested at August 1, 2020 4,080 $ 82.68 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
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 Six Months Ended Shares in (000s) Basic EPS Effect of Diluted Basic EPS Effect of Diluted August 1, 2020 Shares 352,276 1,956 354,232 352,239 — 352,239 Amount $ 0.06 $ — $ 0.06 $ (0.81) $ — $ (0.81) August 3, 2019 Shares 359,794 2,280 362,074 361,439 2,568 364,007 Amount $ 1.15 $ (0.01) $ 1.14 $ 2.31 $ (0.02) $ 2.29 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of short-term and long-term debt | Short-term debt and unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following: ($000) August 1, 2020 February 1, 2020 August 3, 2019 $800 million revolving credit facility $ 800,000 $ — $ — Other short-term debt financing 2,507 — — Total short-term debt $ 802,507 $ — $ — 6.530% Series B Senior Notes due 2021 $ 64,868 $ 64,963 $ 64,953 3.375% Senior Notes due 2024 248,146 247,928 247,712 4.600% Senior Notes due 2025 693,991 — — 4.700% Senior Notes due 2027 395,124 — — 4.800% Senior Notes due 2030 394,759 — — 5.450% Senior Notes due 2050 489,407 — — Total long-term debt $ 2,286,295 $ 312,891 $ 312,665 |
Interest income and interest expense disclosure | The table below shows the components of interest expense and income for the three and six month periods ended August 1, 2020 and August 3, 2019: Three Months Ended Six Months Ended ($000) August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Interest expense on long-term debt $ 28,331 $ 3,283 38,512 $ 6,566 Interest expense on short-term debt 3,599 — 5,296 — Other interest expense 1,031 227 1,309 540 Capitalized interest (3,349) (1,118) (5,503) (1,883) Interest income (757) (7,174) (4,093) (15,640) Interest expense (income), net $ 28,855 $ (4,782) $ 35,521 $ (10,417) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Mar. 31, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Mar. 31, 2019 | Aug. 01, 2020 | May 02, 2020 | Aug. 03, 2019 | May 04, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Summary of Significant Accounting Policies [Line Items] | |||||||||||
Cash dividends declared per share (in dollars per share) | $ 285 | $ 0.255 | $ 0.255 | $ 0.255 | $ 0.255 | $ 0.285 | $ 255 | $ 0.255 | |||
COVID-19 Pandemic | |||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||
Percentage of store open for the period | 75.00% | ||||||||||
Property, Plant and Equipment | |||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||
Property and equipment purchased but not yet paid | $ 22.6 | $ 13 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Disaggregation of Revenue) (Details) | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 100.00% | 100.00% | 100.00% | 100.00% |
Home Accents and Bed and Bath | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 25.00% | 23.00% | 26.00% | 24.00% |
Ladies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 25.00% | 27.00% | 25.00% | 27.00% |
Shoes | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 14.00% | 14.00% | 14.00% | 14.00% |
Men's | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue by merchandise category (percentage) | 14.00% | 15.00% | 13.00% | 14.00% |
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% | 9.00% | 8.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Restricted Cash Reconciliation) (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 | Feb. 02, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 3,793,043 | $ 1,351,205 | $ 1,382,025 | |
Restricted cash and cash equivalents included in: | ||||
Prepaid expenses and other | 10,348 | 10,235 | 11,048 | |
Other long-term assets | 50,524 | 49,970 | 50,328 | |
Total restricted cash and cash equivalents | 60,872 | 60,205 | 61,376 | |
Total cash, cash equivalents, and restricted cash and cash equivalents | $ 3,853,915 | $ 1,411,410 | $ 1,443,401 | $ 1,478,079 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Accounting Policies [Abstract] | ||||
Operating lease assets obtained in exchange for new operating lease liabilities | $ 119,377 | $ 127,585 | $ 284,351 | $ 335,375 |
Fair Value Measurements - Balan
Fair Value Measurements - Balance Sheet Items (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents (Level 1) | $ 3,793,043 | $ 1,351,205 | $ 1,382,025 |
Restricted cash and cash equivalents (Level 1) | 60,872 | 60,205 | 61,376 |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments (Level 2) | $ 8 | $ 8 | $ 8 |
Fair Value Measurements - Under
Fair Value Measurements - Underlying Asset Value (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | $ 145,979 | $ 141,443 | $ 133,788 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | 135,650 | 134,440 | 126,377 |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Underlying assets in non-qualified deferred compensation program | $ 10,329 | $ 7,003 | $ 7,411 |
Stock-Based Compensation (Recog
Stock-Based Compensation (Recognized Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 22,158 | $ 24,924 | $ 46,897 | $ 44,613 |
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 17,638 | 14,909 | 34,120 | 24,358 |
Performance awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 3,526 | 9,025 | 10,822 | 18,329 |
Employee stock purchase plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 994 | $ 990 | $ 1,955 | $ 1,926 |
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 | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 22,158 | $ 24,924 | $ 46,897 | $ 44,613 |
Cost of goods sold | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 11,849 | 13,812 | 24,515 | 26,934 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 10,309 | $ 11,112 | $ 22,382 | $ 17,679 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Tax benefit related to stock-based compensation | $ 4,800,000 | $ 5,000,000 | $ 10,200,000 | $ 8,700,000 | |
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) | 308 | 14,627 | 349,821 | 570,624 | |
Unvested restricted stock (in shares) | 4,080,000 | 4,080,000 | 4,394,000 | ||
Unamortized compensation expense | $ 152,400,000 | $ 165,200,000 | $ 152,400,000 | $ 165,200,000 | |
Unamortized compensation expense, remaining weighted-average period of recognition | 2 years 2 months 12 days | 2 years 3 months 18 days | |||
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 | 6 Months Ended |
Aug. 01, 2020$ / sharesshares | |
Number of shares | |
Beginning balance (in shares) | shares | 4,394 |
Awarded (in shares) | shares | 605 |
Released (in shares) | shares | (905) |
Forfeited (in shares) | shares | (14) |
Ending balance (in shares) | shares | 4,080 |
Weighted-average grant date fair value | |
Beginning Balance (in dollars per share) | $ / shares | $ 76.20 |
Awarded (in dollars per share) | $ / shares | 97.70 |
Released (in dollars per share) | $ / shares | 61.29 |
Forfeited (in dollars per share) | $ / shares | 79.87 |
Ending Balance (in dollars per share) | $ / shares | $ 82.68 |
Earnings (Loss) Per Share - Nar
Earnings (Loss) Per Share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 03, 2019 | |
Earnings Per Share [Abstract] | |||
Weighted average shares excluded from calculation of diluted EPS (in shares) | 628,900 | 10,500 | 5,300 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Basic and Diluted EPS Computations (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Earnings Per Share [Abstract] | ||||
Basic EPS (in shares) | 352,276 | 359,794 | 352,239 | 361,439 |
Basic EPS (in dollars per share) | $ 0.06 | $ 1.15 | $ (0.81) | $ 2.31 |
Effect of dilutive common stock equivalents, (in shares) | 1,956 | 2,280 | 0 | 2,568 |
Effect of dilutive common stock equivalents, (in dollars per share) | $ 0 | $ (0.01) | $ 0 | $ (0.02) |
Diluted EPS (in shares) | 354,232 | 362,074 | 352,239 | 364,007 |
Diluted EPS (in dollars per share) | $ 0.06 | $ 1.14 | $ (0.81) | $ 2.29 |
Debt - Schedule of short-term a
Debt - Schedule of short-term and long-term debt (Details) - USD ($) | Aug. 01, 2020 | Apr. 30, 2020 | Feb. 01, 2020 | Aug. 03, 2019 | Jul. 31, 2019 |
Debt Instrument [Line Items] | |||||
Short-term debt | $ 802,507,000 | $ 0 | $ 0 | ||
Long-term debt | $ 2,286,295,000 | 312,891,000 | 312,665,000 | ||
3.375% Senior Notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (percent) | 3.375% | ||||
4.600% Senior Notes due 2025 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (percent) | 4.60% | 4.60% | |||
4.700% Senior Notes due 2027 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (percent) | 4.70% | 4.70% | |||
4.800% Senior Notes due 2030 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (percent) | 4.80% | 4.80% | |||
5.450% Senior Notes due 2050 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (percent) | 5.45% | 5.45% | |||
$800 million revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Short-term debt | $ 800,000,000 | 0 | 0 | ||
Other short-term debt financing | |||||
Debt Instrument [Line Items] | |||||
Short-term debt | 2,507,000 | 0 | 0 | ||
6.530% Series B Senior Notes due 2021 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 64,868,000 | 64,963,000 | 64,953,000 | ||
6.530% Series B Senior Notes due 2021 | 6.530% Series B Senior Notes due 2021 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (percent) | 6.53% | ||||
$800 million revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity (up to) | $ 800,000,000 | $ 300,000,000 | |||
3.375% Senior Notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 248,146,000 | 247,928,000 | 247,712,000 | ||
4.600% Senior Notes due 2025 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 693,991,000 | 0 | 0 | ||
4.700% Senior Notes due 2027 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 395,124,000 | 0 | 0 | ||
4.800% Senior Notes due 2030 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 394,759,000 | 0 | 0 | ||
5.450% Senior Notes due 2050 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 489,407,000 | $ 0 | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 6 Months Ended | ||||||
Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jul. 31, 2019USD ($)renewal_option | Aug. 01, 2020USD ($)note | May 31, 2020USD ($) | Feb. 01, 2020USD ($)note | Aug. 03, 2019USD ($)note | Jun. 30, 2019USD ($) | |
Debt Instrument [Line Items] | ||||||||
Short-term debt | $ 802,507,000 | $ 0 | $ 0 | |||||
Proceeds from debt issuance, net of discounts and other issuance costs | $ 1,973,000,000 | |||||||
Total unamortized discount and debt issuance costs | $ 28,700,000 | $ 2,100,000 | $ 2,300,000 | |||||
Number of series notes | note | 6 | 2 | 2 | |||||
$800 million 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 | $ 800,000,000 | ||||||
Number of renewal options | renewal_option | 2 | |||||||
Renewal option, term | 1 year | |||||||
Proceeds from borrowings | $ 800,000,000 | |||||||
Basis points margin over LIBOR (percent) | 0.875% | |||||||
Interest rate (percent) | 1.76% | |||||||
Amount outstanding under the revolving credit facility | $ 800,000,000 | |||||||
Proceeds from senior notes | 2,000,000,000 | |||||||
Standby Letters of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount outstanding under the revolving credit facility | $ 0 | |||||||
Senior Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity (up to) | $ 500,000,000 | |||||||
Basis points margin over LIBOR (percent) | 1.75% | |||||||
Short-term debt | $ 0 | |||||||
Borrowing capacity | 500,000,000 | |||||||
Level 1 | ||||||||
Debt Instrument [Line Items] | ||||||||
Unsecured senior notes estimated fair value | 2,800,000,000 | $ 335,000,000 | $ 332,000,000 | |||||
6.530% Series B Senior Notes due 2021 | 6.530% Series B Senior Notes due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument | $ 65,000,000 | |||||||
Unsecured senior notes interest rate (percent) | 6.53% | |||||||
3.375% Senior Notes due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument | $ 250,000,000 | |||||||
Unsecured senior notes interest rate (percent) | 3.375% | |||||||
4.600% Senior Notes due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument | $ 700,000,000 | |||||||
Unsecured senior notes interest rate (percent) | 4.60% | 4.60% | ||||||
4.700% Senior Notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument | $ 400,000,000 | |||||||
Unsecured senior notes interest rate (percent) | 4.70% | 4.70% | ||||||
4.800% Senior Notes due 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument | $ 400,000,000 | |||||||
Unsecured senior notes interest rate (percent) | 4.80% | 4.80% | ||||||
5.450% Senior Notes due 2050 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument | $ 500,000,000 | |||||||
Unsecured senior notes interest rate (percent) | 5.45% | 5.45% |
Debt - Interest Expense, Net (D
Debt - Interest Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Debt Disclosure [Abstract] | ||||
Interest expense on long-term debt | $ 28,331 | $ 3,283 | $ 38,512 | $ 6,566 |
Interest expense on short-term debt | 3,599 | 0 | 5,296 | 0 |
Other interest expense | 1,031 | 227 | 1,309 | 540 |
Capitalized interest | (3,349) | (1,118) | (5,503) | (1,883) |
Interest income | (757) | (7,174) | (4,093) | (15,640) |
Interest expense (income), net | $ 28,855 | $ (4,782) | $ 35,521 | $ (10,417) |
Taxes on Earnings (Loss) (Detai
Taxes on Earnings (Loss) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Nov. 30, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | |
Income Tax Disclosure [Abstract] | ||||||
Effective income tax rate (percent) | 61.00% | 25.00% | 31.00% | 24.00% | ||
Unrecognized tax benefits | $ 71.6 | $ 88.4 | $ 71.6 | $ 88.4 | $ 67.1 | |
Income tax penalties and interest accrued | 8.5 | $ 14.9 | 8.5 | $ 14.9 | $ 7.2 | |
Amount recognized by Company related to decrease in reserves for tax positions in prior period, including interest and penalties | $ 16.2 | |||||
Amount recognized by Company related to decrease in reserves for tax positions in prior period, interest and penalties | $ 6.6 | |||||
Impact of recognizing taxes and interest related to unrecognized tax benefits | 56.8 | 56.8 | ||||
Unrecognized tax benefits reduction resulting from conclusion of certain state tax matters or lapse of applicable statute of limitations (up to) | $ 9.8 | $ 9.8 | ||||
Effective income tax rate, change from prior year (percent) | 0.36 | 0.07 |