Cover
Cover | 9 Months Ended |
Nov. 28, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Nov. 28, 2020 |
Document Transition Report | false |
Entity File Number | 0-20214 |
Entity Registrant Name | BED BATH & BEYOND INC |
Entity Central Index Key | 0000886158 |
Current Fiscal Year End Date | --02-27 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 11-2250488 |
Entity Address, Address Line One | 650 Liberty Avenue |
Entity Address, City or Town | Union |
Entity Address, State or Province | NJ |
Entity Address, Postal Zip Code | 07083 |
City Area Code | 908 |
Local Phone Number | 688-0888 |
Title of 12(b) Security | Common stock, $.01 par value |
Trading Symbol | BBBY |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 121,214,724 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 28, 2020 | Feb. 29, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,462,612 | $ 1,000,340 |
Short term investment securities | 0 | 385,642 |
Merchandise inventories | 1,780,891 | 2,093,869 |
Prepaid expenses and other current assets | 196,487 | 248,342 |
Assets held-for-sale | 524,551 | 98,092 |
Total current assets | 3,964,541 | 3,826,285 |
Long term investment securities | 19,847 | 20,380 |
Property and equipment, net | 905,251 | 1,430,604 |
Operating lease assets | 1,615,969 | 2,006,966 |
Other assets | 486,002 | 506,280 |
Total assets | 6,991,610 | 7,790,515 |
Current liabilities: | ||
Accounts payable | 865,418 | 944,194 |
Accrued expenses and other current liabilities | 698,827 | 675,776 |
Merchandise credit and gift card liabilities | 304,530 | 340,407 |
Current operating lease liabilities | 390,875 | 463,005 |
Liabilities related to assets held-for-sale | 448,805 | 43,144 |
Total current liabilities | 2,708,455 | 2,466,526 |
Other liabilities | 123,067 | 204,926 |
Operating lease liabilities | 1,531,830 | 1,818,783 |
Income taxes payable | 38,034 | 46,945 |
Long term debt | 1,190,265 | 1,488,400 |
Total liabilities | 5,591,651 | 6,025,580 |
Shareholders' equity: | ||
Preferred stock - $0.01 par value; authorized - 1,000 shares; no shares issued or outstanding | 0 | 0 |
Common stock - $0.01 par value; authorized - 900,000 shares; issued 343,484 and 343,683, respectively; outstanding 121,215 and 126,528 shares, respectively | 3,434 | 3,436 |
Additional paid-in capital | 2,058,358 | 2,167,337 |
Retained earnings | 10,215,743 | 10,374,826 |
Treasury stock, at cost; 222,269 and 217,155 shares, respectively | (10,812,841) | (10,715,755) |
Accumulated other comprehensive loss | (64,735) | (64,909) |
Total shareholders' equity | 1,399,959 | 1,764,935 |
Total liabilities and shareholders' equity | $ 6,991,610 | $ 7,790,515 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 28, 2020 | Feb. 29, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock, shares issued (in shares) | 343,484,000 | 343,683,000 |
Common stock, shares outstanding (in shares) | 121,215,000 | 126,528,000 |
Treasury stock (in shares) | 222,269,000 | 217,155,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,618,472 | $ 2,759,322 | $ 6,613,887 | $ 8,051,758 |
Cost of sales | 1,661,905 | 1,845,485 | 4,321,294 | 5,523,754 |
Gross profit | 956,567 | 913,837 | 2,292,593 | 2,528,004 |
Selling, general and administrative expenses | 890,740 | 931,814 | 2,461,365 | 2,705,457 |
Impairments, including on assets held for sale | 57,997 | 11,781 | 172,434 | 441,405 |
Restructuring and transformation initiative expenses | 16,770 | 0 | 47,648 | 0 |
Loss (gain) on sale of businesses | 113,909 | 0 | (75,619) | 0 |
Operating loss | (122,849) | (29,758) | (313,235) | (618,858) |
Interest expense, net | 17,805 | 17,179 | 58,347 | 49,419 |
Gain on extinguishment of debt | 0 | 0 | (77,038) | 0 |
Loss before benefit for income taxes | (140,654) | (46,937) | (294,544) | (668,277) |
Benefit for income taxes | (65,213) | (8,385) | (134,712) | (119,875) |
Net loss | $ (75,441) | $ (38,552) | $ (159,832) | $ (548,402) |
Net loss per share - Basic (in dollars per share) | $ (0.61) | $ (0.31) | $ (1.29) | $ (4.40) |
Net loss per share - Diluted (in dollars per share) | $ (0.61) | $ (0.31) | $ (1.29) | $ (4.40) |
Weighted average shares outstanding - Basic (in shares) | 122,885 | 123,099 | 123,576 | 124,688 |
Weighted average shares outstanding - Diluted (in shares) | 122,885 | 123,099 | 123,576 | 124,688 |
Dividends declared per share (in dollars per share) | $ 0 | $ 0.17 | $ 0 | $ 0.51 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (75,441) | $ (38,552) | $ (159,832) | $ (548,402) |
Other comprehensive income (loss): | ||||
Change in temporary impairment of auction rate securities, net of taxes | 215 | (308) | (397) | 69 |
Pension adjustment, net of taxes | (5,183) | 1,388 | (5,174) | 2,027 |
Currency translation adjustment | 2,332 | 473 | 5,745 | 146 |
Other comprehensive income (loss) | (2,636) | 1,553 | 174 | 2,242 |
Comprehensive loss | $ (78,077) | $ (36,999) | $ (159,658) | $ (546,160) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Effect of Adoption of ASU 2016-02 [Member] | Effect of Adoption of ASU 2016-02 [Member]Retained Earnings [Member] |
Balance (in shares) at Mar. 02, 2019 | 342,582 | |||||||
Balance (in shares) at Mar. 02, 2019 | 210,349 | |||||||
Balance at Mar. 02, 2019 | $ 2,560,331 | $ 3,426 | $ 2,118,673 | $ 11,112,887 | $ 10,616,045 | $ (58,610) | $ (40,700) | $ (40,700) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (548,402) | (548,402) | ||||||
Other comprehensive income (loss), net of tax | $ 2,242 | 2,242 | ||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |||||||
Dividend declared | $ (62,975) | (62,975) | ||||||
Issuance of restricted shares, net (in shares) | 930 | |||||||
Issuance of restricted shares, net | 0 | $ 9 | (9) | |||||
Payment and vesting of performance stock units (in shares) | 565 | |||||||
Payment and vesting of performance stock units | 0 | $ 5 | (5) | |||||
Stock-based compensation expense, net | $ 36,841 | 36,841 | ||||||
Repurchase of common stock, including fees (in shares) | 6,800 | 6,767 | ||||||
Repurchase of common stock, including fees | $ 99,132 | $ 99,132 | ||||||
Balance (in shares) at Nov. 30, 2019 | 344,077 | |||||||
Balance (in shares) at Nov. 30, 2019 | 217,116 | |||||||
Balance at Nov. 30, 2019 | 1,848,205 | $ 3,440 | 2,155,500 | 10,460,810 | $ 10,715,177 | (56,368) | ||
Balance (in shares) at Aug. 31, 2019 | 343,595 | |||||||
Balance (in shares) at Aug. 31, 2019 | 217,029 | |||||||
Balance at Aug. 31, 2019 | 1,903,703 | $ 3,436 | 2,150,542 | 10,521,658 | $ 10,714,012 | (57,921) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (38,552) | (38,552) | ||||||
Other comprehensive income (loss), net of tax | 1,553 | 1,553 | ||||||
Dividend declared | (22,296) | (22,296) | ||||||
Issuance of restricted shares, net (in shares) | 474 | |||||||
Issuance of restricted shares, net | 0 | $ 5 | (5) | |||||
Payment and vesting of performance stock units (in shares) | 8 | |||||||
Payment and vesting of performance stock units | 0 | $ (1) | 1 | |||||
Stock-based compensation expense, net | $ 4,962 | 4,962 | ||||||
Repurchase of common stock, including fees (in shares) | 100 | 87 | ||||||
Repurchase of common stock, including fees | $ 1,165 | $ 1,165 | ||||||
Balance (in shares) at Nov. 30, 2019 | 344,077 | |||||||
Balance (in shares) at Nov. 30, 2019 | 217,116 | |||||||
Balance at Nov. 30, 2019 | 1,848,205 | $ 3,440 | 2,155,500 | 10,460,810 | $ 10,715,177 | (56,368) | ||
Balance (in shares) at Feb. 29, 2020 | 343,683 | |||||||
Balance (in shares) at Feb. 29, 2020 | 217,155 | |||||||
Balance at Feb. 29, 2020 | 1,764,935 | $ 3,436 | 2,167,337 | 10,374,826 | $ 10,715,755 | (64,909) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (159,832) | (159,832) | ||||||
Other comprehensive income (loss), net of tax | 174 | 174 | ||||||
Dividend forfeited | 749 | 749 | ||||||
Forfeiture of restricted shares, net (in shares) | (542) | |||||||
Forfeiture of restricted shares, net | 0 | $ (6) | 6 | |||||
Payment and vesting of performance stock units (in shares) | 343 | |||||||
Payment and vesting of performance stock units | 0 | $ 4 | (4) | |||||
Stock-based compensation expense, net | 23,634 | 23,634 | ||||||
Accelerated share repurchase program (in shares) | 4,500 | |||||||
Accelerated share repurchase program | 225,000 | (132,615) | $ (92,385) | |||||
Repurchase of common stock, including fees (in shares) | 614 | |||||||
Repurchase of common stock, including fees | 4,701 | $ 4,701 | ||||||
Balance (in shares) at Nov. 28, 2020 | 343,484 | |||||||
Balance (in shares) at Nov. 28, 2020 | 222,269 | |||||||
Balance at Nov. 28, 2020 | 1,399,959 | $ 3,434 | 2,058,358 | 10,215,743 | $ 10,812,841 | (64,735) | ||
Balance (in shares) at Aug. 29, 2020 | 343,676 | |||||||
Balance (in shares) at Aug. 29, 2020 | 217,668 | |||||||
Balance at Aug. 29, 2020 | 1,697,008 | $ 3,436 | 2,183,564 | 10,290,896 | $ 10,718,789 | (62,099) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (75,441) | (75,441) | ||||||
Other comprehensive income (loss), net of tax | (2,636) | (2,636) | ||||||
Dividend forfeited | 288 | 288 | ||||||
Forfeiture of restricted shares, net (in shares) | (192) | |||||||
Forfeiture of restricted shares, net | 0 | $ (2) | 2 | |||||
Payment and vesting of performance stock units | 0 | |||||||
Stock-based compensation expense, net | 7,407 | 7,407 | ||||||
Accelerated share repurchase program (in shares) | 4,500 | |||||||
Accelerated share repurchase program | (225,000) | (132,615) | $ (92,385) | |||||
Repurchase of common stock, including fees (in shares) | 101 | |||||||
Repurchase of common stock, including fees | 1,667 | $ 1,667 | ||||||
Balance (in shares) at Nov. 28, 2020 | 343,484 | |||||||
Balance (in shares) at Nov. 28, 2020 | 222,269 | |||||||
Balance at Nov. 28, 2020 | $ 1,399,959 | $ 3,434 | $ 2,058,358 | $ 10,215,743 | $ 10,812,841 | $ (64,735) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (159,832) | $ (548,402) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 262,584 | 255,121 |
Impairments, including on assets held for sale | 172,434 | 441,405 |
Stock-based compensation | 23,064 | 36,112 |
Deferred income taxes | (43,354) | (85,626) |
Loss (gain) on sale of businesses | (75,619) | 0 |
Gain on extinguishment of debt | (77,038) | 0 |
Other | 128 | (3,671) |
(Increase) decrease in assets: | ||
Merchandise inventories | (91,235) | 75,787 |
Other current assets | (1,680) | (113,455) |
Other assets | 323 | (4,029) |
Increase (decrease) in liabilities: | ||
Accounts payable | 97,713 | 145,988 |
Accrued expenses and other current liabilities | 97,755 | 69,831 |
Merchandise credit and gift card liabilities | (21,199) | (1,817) |
Income taxes payable | (8,876) | (27,872) |
Operating lease assets and liabilities, net | 10,808 | 14,240 |
Other liabilities | 6,426 | 3,515 |
Net cash provided by operating activities | 192,402 | 257,127 |
Cash Flows from Investing Activities: | ||
Purchases of held-to-maturity investment securities | 0 | (57,000) |
Redemption of held-to-maturity investment securities | 386,500 | 545,000 |
Net proceeds from sale of businesses | 482,709 | 0 |
Capital expenditures | (117,316) | (188,352) |
Net cash provided by investing activities | 751,893 | 299,648 |
Cash Flows from Financing Activities: | ||
Borrowing of long-term debt | 236,400 | 0 |
Repayments of long-term debt | (457,827) | 0 |
Prepayment under share repurchase agreement | (132,615) | 0 |
Repurchase of common stock, including fees | (97,086) | (99,132) |
Payment of dividends | (23,063) | (64,340) |
Payment of deferred financing fees | (7,690) | 0 |
Net cash used in financing activities | (481,881) | (163,472) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,328 | 113 |
Net increase in cash, cash equivalents and restricted cash | 465,742 | 393,416 |
Change in cash balances classified as held-for-sale | 4,815 | 0 |
Net increase in cash, cash equivalents and restricted cash | 470,557 | 393,416 |
Cash, cash equivalents and restricted cash: | ||
Beginning of period | 1,023,650 | 529,971 |
End of period | $ 1,494,207 | $ 923,387 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Nov. 28, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared without audit. In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting of only normal recurring accruals and elimination of intercompany balances and transactions) necessary to present fairly the financial position of Bed Bath & Beyond Inc. and subsidiaries (the "Company") as of November 28, 2020 and February 29, 2020 and the results of its operations, shareholders' equity, and comprehensive loss for the three and nine months ended November 28, 2020 and November 30, 2019, respectively, and its cash flows for the nine months ended November 28, 2020 and November 30, 2019, respectively. The accompanying unaudited consolidated financial statements are presented in accordance with the requirements for Form 10-Q and consequently do not include all the disclosures normally required by U.S. generally accepted accounting principles ("GAAP"). Reference should be made to the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2020 for additional disclosures, including a summary of the Company’s significant accounting policies, and to subsequently filed Form 8-Ks. The Company has accounted for its operations as two operating segments: North American Retail and Institutional Sales, which did not meet the quantitative thresholds under GAAP and, therefore, was not a reportable segment. The Institutional Sales operating segment was comprised of Linen Holdings, which was divested in October 2020 (See " Assets Held for Sale and Divestitures," Note 17). Net sales outside of the U.S. for the Company were not material for the three and nine months ended November 28, 2020 and November 30, 2019. As the Company operates in the retail industry, its results of operations are affected by general economic conditions and consumer spending habits. |
Impact of COVID-19 Pandemic
Impact of COVID-19 Pandemic | 9 Months Ended |
Nov. 28, 2020 | |
Impact of COVID-19 Pandemic [Abstract] | |
Impact of COVID-19 Pandemic | Impact of COVID - 19 Pandemic In March 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. That same month, as a result of the COVID-19 pandemic, the Company began to temporarily close certain store locations that did not have a health and personal care department, and as of March 23, 2020, all retail banner stores across the U.S. and Canada were temporarily closed except for most stand-alone buybuy BABY and Harmon stores, subject to state and local regulations. In May 2020, the Company announced a phased approach to re-open its stores across North America, subject to state and local regulations. As of July 2020, nearly all of the Company's stores re-opened, in accordance with state and local regulations. In addition, the Company expanded its recently rolled out Buy-Online-Pick-Up-In-Store (“BOPIS”) and contactless Curbside Pickup services to cover most of its stores. The consequences of the pandemic and impact to the economy continue to evolve and the full extent of the impact is uncertain as of the date of this filing. To date, the pandemic has materially disrupted the operations of the Company and has resulted in the recording of additional non-cash impairment charges. The Company had proactively taken steps to strengthen its financial position and liquidity, including, among other things: (i) renegotiating payment terms for goods, services and rent, managing to lower inventory levels, and reducing discretionary spending such as business travel, advertising and expenses associated with the maintenance of stores that were temporarily closed; (ii) deferring other previously planned capital expenditures; (iii) suspending dividends; and (iv) prioritizing spending on essential capital expenditures to drive strategic growth plans, including investments in digital, BOPIS and contactless Curbside Pickup services. The Company had also suspended its plans for debt reduction and postponed share repurchases, but lifted the debt repurchase suspension in August 2020 and the postponement of share repurchases in October 2020. In some instances, the renegotiations of lease terms have led to agreements with landlords for rent abatements or rental deferrals. Total payments withheld and/or delayed or deferred as of November 28, 2020 were approximately $36.2 million and are included in current lease liabilities. During the nine months ended November 28, 2020, the Company recognized reduced rent expense of $7.8 million related to rent abatement concessions. Additional negotiations of payment terms are still in process, and there can be no assurance that the Company will be able to successfully renegotiate payment terms with its business partners, and the ultimate outcomes of these activities, including the responses of certain business partners, are not yet known. The COVID-19 pandemic has materially adversely impacted the Company’s results of operations and cash flows for the first nine months of fiscal 2020, and it could continue to impact results of operations and cash flows, as well as the Company’s financial condition. Given the uncertainty regarding the spread of this virus and the timing of the economic recovery, the ultimate financial impact cannot be reasonably predicted or estimated at this time. Further, on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in the United States. The CARES Act is an emergency economic aid package to help mitigate the impact of the COVID-19 pandemic. Among other things, the CARES Act provides certain changes to tax laws, which may impact the Company’s results of operations, financial position and cash flows. The Company is currently implementing certain provisions of the CARES Act, such as deferring employer payroll taxes and utilizing the ability to carry back and deduct losses to offset prior income in previously filed tax returns. As of November 28, 2020 , the Company has deferred $35.9 million of employer payroll taxes, of which 50% are required to be deposited by December 2021 and the remaining 50% by December 2022. During the nine months ended November 28, 2020 , under the Cares Act, the Company recorded an additional $43.7 million benefit as a result of the fiscal 2019 net operating losses that can now be carried back to prior years during which the federal tax rate was 35%. In addition, during the three months and nine months ended November 28, 2020 , the Company recorded credits of $1.0 million and $28.3 million, respectively, as an offset to selling, general and administrative expenses as a result of the employee retention credits made available under the CARES Act for U.S. employees and under the Canada Emergency Wage Subsidy for Canadian employees. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Nov. 28, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition | Revenue Recognition Sales are recognized upon purchase by customers at the Company’s retail stores or upon delivery for products purchased from its websites. The value of point-of-sale coupons and point-of-sale rebates that result in a reduction of the price paid by the customer are recorded as a reduction of sales. Shipping and handling fees that are billed to a customer in a sale transaction are recorded in sales. Taxes, such as sales tax, use tax and value added tax, are not included in sales. Revenues from gift cards, gift certificates and merchandise credits are recognized when redeemed. Gift cards have no provisions for reduction in the value of unused card balances over defined time periods and have no expiration dates. For the nine months ended November 28, 2020, the Company recognized net sales for gift card and merchandise credit redemptions of approximately $79.4 million, which were included in merchandise credit and gift card liabilities on the consolidated balance sheet as of February 29, 2020. Sales returns are provided for in the period that the related sales are recorded based on historical experience. Although the estimate for sales returns has not varied materially from historical provisions, actual experience could vary from historical experience in the future if the level of sales return activity changes materially. In the future, if the Company concludes that an adjustment is required due to material changes in the returns activity, the liability for estimated returns and the corresponding right of return asset will be adjusted accordingly. As of November 28, 2020 and February 29, 2020, the Company recorded a liability for estimated returns of $63.2 million and $71.6 million, respectively, within accrued expenses and other current liabilities, and the corresponding right of return asset for merchandise of $40.2 million and $42.5 million, respectively, within prepaid expenses and other current assets. The Company sells a wide assortment of domestics merchandise and home furnishings. Domestics merchandise includes categories such as bed linens and related items, bath items and kitchen textiles. Home furnishings include categories such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings (including furniture and wall décor), consumables and certain juvenile products. Sales of domestics merchandise and home furnishings accounted for approximately 35.7% and 64.3% of net sales, respectively, for the three months ended November 28, 2020, and approximately 35.0% and 65.0% of net sales, respectively, for the three months ended November 30, 2019. Sales of domestics merchandise and home furnishings accounted for approximately 35.4% and 64.6% of net sales, respectively, for the nine months ended November 28, 2020, and 36.4% and 63.6% of net sales, respectively, for the nine months ended November 30, 2019. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 28, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., "the exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. The hierarchy for inputs used in measuring fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect a company’s judgment concerning the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or liability must be classified in its entirety based on the lowest level of input that is significant to the measurement of fair value. The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: • Level 1 - Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 - Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The Company did not have any financial assets utilizing Level 2 inputs. Financial assets utilizing Level 3 inputs included long term investments in auction rate securities consisting of preferred shares of closed end municipal bond funds (See "Investment Securities," Note 6). The Company’s financial instruments include cash and cash equivalents, investment securities, accounts payable, long term debt and certain other liabilities. The book value of the Company's financial instruments, excluding long term debt, is representative of their fair values. The Company’s investment securities at February 29, 2020 consisted primarily of U.S. Treasury securities, which are stated at amortized cost and are based on quoted prices in active markets for identical instruments (Level 1 valuation). As of November 28, 2020 and February 29, 2020, the fair value of the Company’s long term debt was approximately $1.059 billion and $1.126 billion, respectively, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation), compared to the carrying value of approximately $1.195 billion and $1.495 billion, respectively. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Nov. 28, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Included in cash and cash equivalents are credit and debit card receivables from banks, which typically settle within five business days, of $161.6 million and $79.7 million as of November 28, 2020 and February 29, 2020, respectively. |
Investment Securities
Investment Securities | 9 Months Ended |
Nov. 28, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The Company’s investment securities as of November 28, 2020 and February 29, 2020 are as follows: (in millions) November 28, 2020 February 29, 2020 Available-for-sale securities: Long term $ 19.7 $ 20.3 Held-to-maturity securities: Short term — 385.6 Total investment securities $ 19.7 $ 405.9 Auction Rate Securities As of November 28, 2020 and February 29, 2020, the Company’s long term available-for-sale investment securities represented approximately $20.3 million par value of auction rate securities consisting of preferred shares of closed end municipal bond funds, less temporary valuation adjustments of approximately $528,000 and $5,000, respectively. Since these valuation adjustments are deemed to be temporary, they are recorded in accumulated other comprehensive loss, net of a related tax benefit, and did not affect the Company’s net earnings. U.S. Treasury Securities |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 9 Months Ended |
Nov. 28, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment when events or changes in circumstances indicate the carrying value of these assets may exceed their current fair values. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held for sale are separately presented in the appropriate asset and liability sections of the balance sheet (See "Assets Held for Sale and Divestitures," Note 17). For the three and nine months ended November 28, 2020, the Company recorded $1.6 million and $84.0 million, respectively, of non-cash pre-tax impairment charges within impairments, including on assets held for sale, in its consolidated statement of operations for certain store-level assets, including leasehold improvements and operating lease assets. In the three and nine months ended November 30, 2019, the Company recorded $11.8 million and $40.1 million, respectively, for non-cash pre-tax impairment charges within impairments, including on assets held for sale, in its consolidated statement of operations for certain store-level assets, including leasehold improvements and operating lease assets. In the future, if events or market conditions affect the estimated fair value to the extent that a long-lived asset is impaired, the Company will adjust the carrying value of these long-lived assets in the period in which the impairment occurs. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Nov. 28, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment As of November 28, 2020 and February 29, 2020, included in property and equipment, net is accumulated depreciation of approximately $1.7 billion and $2.0 billion, respectively. |
Leases
Leases | 9 Months Ended |
Nov. 28, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company leases retail stores, distribution facilities, offices and equipment under agreements expiring at various dates through 2041. The leases provide for original lease terms that generally range from 10 to 15 years and most leases provide for a series of five year renewal options, often at increased rents, the exercise of which is at the Company’s sole discretion. Certain leases provide for contingent rents (which are based upon store sales exceeding stipulated amounts and are immaterial for the three and nine months ended November 28, 2020 and November 30, 2019), scheduled rent increases and renewal options. The Company is obligated under a majority of the leases to pay for taxes, insurance and common area maintenance charges. The Company subleases certain real estate to unrelated third parties, which have all been classified as operating leases. The Company recognizes sublease income on a straight-line basis over the sublease term, which generally ranges from 5-10 years. Most sublease arrangements provide for a series of five Similar to other retailers, during the nine months ended November 28, 2020 , the Company has withheld portions of and/or delayed payments to certain landlords as the Company seeks to renegotiate payment terms, in order to further maintain liquidity given the temporary store closures. In some instances, the renegotiations have led to agreements with landlords for rent abatements or rental deferrals. Total payments withheld and/or delayed or deferred as of November 28, 2020 were approximately $36.2 million and are included in current liabilities. Additional negotiations of payment terms are still in process. In accordance with the Financial Accounting Standards Board’s recent Staff Q&A regarding rent concessions related to the effects of the COVID-19 pandemic, the Company has elected to account for the concessions agreed to by landlords that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee as though enforceable rights and obligations for those concessions existed in the original lease agreements and the Company has elected to not remeasure the related lease liabilities and right-of-use assets. For qualifying rent abatement concessions, the Company has recorded negative lease expense for the amount of the concession during the period of relief, and for qualifying deferrals of rental payments, the Company has recognized a non-interest bearing payable in lieu of recognizing a decrease in cash for the lease payment that would have been made based on the original terms of the lease agreement, which will be reduced when the deferred payment is made in the future. During the nine months ended November 28, 2020, the Company recognized reduced rent expense of $7.8 million related to rent abatement concessions. The components of total lease cost for the three and nine months ended November 28, 2020 and November 30, 2019, were as follows: (in thousands) Statement of Operations Location Three Months Ended Nine Months Ended November 28, November 30, November 28, November 30, Operating lease cost Cost of sales and SG&A $ 152,402 $ 142,941 $ 442,120 $ 430,614 Finance lease cost: Depreciation of property SG&A 642 648 1,938 1,944 Interest on lease liabilities Interest expense, net 2,234 2,225 6,692 6,661 Variable lease cost Cost of sales and SG&A 50,060 50,372 149,755 148,542 Sublease income SG&A (1,852) (278) (2,408) (834) Total lease cost $ 203,486 $ 195,908 $ 598,097 $ 586,927 As of November 28, 2020 and February 29, 2020, assets and liabilities related to the Company’s operating and finance leases (excluding leases classified as held-for-sale) were as follows: (in thousands) Consolidated Balance Sheet Location November 28, February 29, Assets Operating leases Operating lease assets $ 1,615,969 $ 2,006,966 Finance leases Property and equipment, net 1,409 69,287 Total lease assets $ 1,617,378 $ 2,076,253 Liabilities Current: Operating leases Current operating lease liabilities $ 390,875 $ 463,005 Finance leases Accrued expenses and other current liabilities 337 1,541 Noncurrent: Operating leases Operating lease liabilities 1,531,830 1,818,783 Finance leases Other liabilities 1,281 102,412 Total lease liabilities $ 1,924,323 $ 2,385,741 As of November 28, 2020, the Company’s lease liabilities (excluding leases classified as held-for-sale) mature as follows: Operating Leases Finance Leases Fiscal Year: Remainder of 2020 $ 147,950 $ 104 2021 479,604 416 2022 405,805 416 2023 330,361 416 2024 272,559 381 2025 210,516 — Thereafter 576,591 — Total lease payments $ 2,423,386 $ 1,733 Less imputed interest (500,681) (115) Present value of lease liabilities $ 1,922,705 $ 1,618 At November 28, 2020, the Company has entered into leases that have not commenced at 2 new locations planned for opening in fiscal 2021, for which aggregate minimum rental payments over the term of the leases were approximately $9.9 million . The Company’s lease terms and discount rates were as follows: November 28, 2020 February 29, 2020 Weighted-average remaining lease term (in years) Operating leases 7.0 6.6 Finance leases 4.2 25.7 Weighted-average discount rate Operating leases 7.0 % 6.2 % Finance leases 3.3 % 9.0 % Other information with respect to the Company’s leases is as follows: (in thousands) Nine Months Ended November 28, November 30, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 431,679 423,877 Operating cash flows from finance leases 7,875 7,755 Operating lease assets obtained in exchange for new operating lease liabilities 236,222 320,989 |
Leases | Leases The Company leases retail stores, distribution facilities, offices and equipment under agreements expiring at various dates through 2041. The leases provide for original lease terms that generally range from 10 to 15 years and most leases provide for a series of five year renewal options, often at increased rents, the exercise of which is at the Company’s sole discretion. Certain leases provide for contingent rents (which are based upon store sales exceeding stipulated amounts and are immaterial for the three and nine months ended November 28, 2020 and November 30, 2019), scheduled rent increases and renewal options. The Company is obligated under a majority of the leases to pay for taxes, insurance and common area maintenance charges. The Company subleases certain real estate to unrelated third parties, which have all been classified as operating leases. The Company recognizes sublease income on a straight-line basis over the sublease term, which generally ranges from 5-10 years. Most sublease arrangements provide for a series of five Similar to other retailers, during the nine months ended November 28, 2020 , the Company has withheld portions of and/or delayed payments to certain landlords as the Company seeks to renegotiate payment terms, in order to further maintain liquidity given the temporary store closures. In some instances, the renegotiations have led to agreements with landlords for rent abatements or rental deferrals. Total payments withheld and/or delayed or deferred as of November 28, 2020 were approximately $36.2 million and are included in current liabilities. Additional negotiations of payment terms are still in process. In accordance with the Financial Accounting Standards Board’s recent Staff Q&A regarding rent concessions related to the effects of the COVID-19 pandemic, the Company has elected to account for the concessions agreed to by landlords that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee as though enforceable rights and obligations for those concessions existed in the original lease agreements and the Company has elected to not remeasure the related lease liabilities and right-of-use assets. For qualifying rent abatement concessions, the Company has recorded negative lease expense for the amount of the concession during the period of relief, and for qualifying deferrals of rental payments, the Company has recognized a non-interest bearing payable in lieu of recognizing a decrease in cash for the lease payment that would have been made based on the original terms of the lease agreement, which will be reduced when the deferred payment is made in the future. During the nine months ended November 28, 2020, the Company recognized reduced rent expense of $7.8 million related to rent abatement concessions. The components of total lease cost for the three and nine months ended November 28, 2020 and November 30, 2019, were as follows: (in thousands) Statement of Operations Location Three Months Ended Nine Months Ended November 28, November 30, November 28, November 30, Operating lease cost Cost of sales and SG&A $ 152,402 $ 142,941 $ 442,120 $ 430,614 Finance lease cost: Depreciation of property SG&A 642 648 1,938 1,944 Interest on lease liabilities Interest expense, net 2,234 2,225 6,692 6,661 Variable lease cost Cost of sales and SG&A 50,060 50,372 149,755 148,542 Sublease income SG&A (1,852) (278) (2,408) (834) Total lease cost $ 203,486 $ 195,908 $ 598,097 $ 586,927 As of November 28, 2020 and February 29, 2020, assets and liabilities related to the Company’s operating and finance leases (excluding leases classified as held-for-sale) were as follows: (in thousands) Consolidated Balance Sheet Location November 28, February 29, Assets Operating leases Operating lease assets $ 1,615,969 $ 2,006,966 Finance leases Property and equipment, net 1,409 69,287 Total lease assets $ 1,617,378 $ 2,076,253 Liabilities Current: Operating leases Current operating lease liabilities $ 390,875 $ 463,005 Finance leases Accrued expenses and other current liabilities 337 1,541 Noncurrent: Operating leases Operating lease liabilities 1,531,830 1,818,783 Finance leases Other liabilities 1,281 102,412 Total lease liabilities $ 1,924,323 $ 2,385,741 As of November 28, 2020, the Company’s lease liabilities (excluding leases classified as held-for-sale) mature as follows: Operating Leases Finance Leases Fiscal Year: Remainder of 2020 $ 147,950 $ 104 2021 479,604 416 2022 405,805 416 2023 330,361 416 2024 272,559 381 2025 210,516 — Thereafter 576,591 — Total lease payments $ 2,423,386 $ 1,733 Less imputed interest (500,681) (115) Present value of lease liabilities $ 1,922,705 $ 1,618 At November 28, 2020, the Company has entered into leases that have not commenced at 2 new locations planned for opening in fiscal 2021, for which aggregate minimum rental payments over the term of the leases were approximately $9.9 million . The Company’s lease terms and discount rates were as follows: November 28, 2020 February 29, 2020 Weighted-average remaining lease term (in years) Operating leases 7.0 6.6 Finance leases 4.2 25.7 Weighted-average discount rate Operating leases 7.0 % 6.2 % Finance leases 3.3 % 9.0 % Other information with respect to the Company’s leases is as follows: (in thousands) Nine Months Ended November 28, November 30, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 431,679 423,877 Operating cash flows from finance leases 7,875 7,755 Operating lease assets obtained in exchange for new operating lease liabilities 236,222 320,989 |
Indefinite Lived Intangible Ass
Indefinite Lived Intangible Assets | 9 Months Ended |
Nov. 28, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Indefinite Lived Intangible Assets | Indefinite Lived Intangible Assets The Company reviews goodwill and other intangibles that have indefinite lives for impairment annually as of the end of the fiscal year or when events or changes in circumstances indicate the carrying value of these assets might exceed their current fair values. Impairment testing is based upon the best information available including estimates of fair value which incorporate assumptions marketplace participants would use in making their estimates of fair value. Significant assumptions and estimates are required, including, but not limited to, projecting future cash flows, determining appropriate discount rates and terminal growth rates, and other assumptions, to estimate the fair value of goodwill and indefinite lived intangible assets. Although the Company believes the assumptions and estimates made are reasonable and appropriate, different assumptions and estimates could materially impact its reported financial results. In the three months ended June 1, 2019, the Company recognized a non-cash pre-tax goodwill impairment charge of $391.1 million for its North American Retail reporting unit, and as of June 1, 2019, the Company did not have any goodwill recorded on its consolidated balance sheet. Other indefinite-lived intangible assets were recorded as a result of acquisitions and primarily consist of tradenames. The Company values its tradenames using a relief-from-royalty approach, which assumes the value of the tradename is the discounted cash flows of the amount that would be paid by a hypothetical market participant had they not owned the tradename and instead licensed the tradename from another company. The Company performed quantitative impairment analyses for certain of its other indefinite lived intangible assets by comparing the fair value of the tradenames to their carrying value, and recognized non-cash pre-tax tradename impairment charges of $2.4 million and $35.1 million, respectively, within impairments, including on assets held for sale, in its consolidated statements of operations for the three months and nine months ended November 28, 2020. During the nine months ended November 30, 2019, the Company recorded tradename impairment charges of $10.2 million. There were no tradename impairments recorded during the three months ended November 30, 2019. As of November 28, 2020, for the remaining other indefinite lived intangibles assets, the Company assessed qualitative factors in order to determine whether any events and circumstances existed which indicated that it was more likely than not that the fair value of these other indefinite lived assets did not exceed their carrying values and concluded no such events or circumstances existed which would require an impairment test be performed. In the future, if events or market conditions affect the estimated fair value to the extent that an asset is impaired, the Company will adjust the carrying value of these assets in the period in which the impairment occurs. The accompanying consolidated balance sheets as of November 28, 2020 and February 29, 2020 include $22.0 million and $91.2 million, respectively, for indefinite lived tradenames and trademarks within other assets. |
Long Term Debt
Long Term Debt | 9 Months Ended |
Nov. 28, 2020 | |
Debt Disclosure [Abstract] | |
Long Term Debt | Long Term Debt Senior Unsecured Notes On July 17, 2014, the Company issued $300 million aggregate principal amount of 3.749% senior unsecured notes due August 1, 2024, $300 million aggregate principal amount of 4.915% senior unsecured notes due August 1, 2034 and $900 million aggregate principal amount of 5.165% senior unsecured notes due August 1, 2044 (collectively, the "Notes"). Interest on the Notes is payable semi-annually on February 1 and August 1 of each year. The Notes were issued under an indenture (the "Base Indenture"), as supplemented by a first supplemental indenture (together, with the Base Indenture, the "Indenture"), which contains various restrictive covenants, which are subject to important limitations and exceptions that are described in the Indenture. The Company was in compliance with all covenants related to the Notes as of November 28, 2020. On August 10, 2020, the Company announced that it lifted its temporary suspension of planned debt reductions and had commenced cash tender offers (the "Cash Tender Offers") to purchase up to $300 million aggregate principal amount of its outstanding 4.915% senior unsecured notes due 2034 and 5.165% senior unsecured notes due 2044. On August 24, 2020, the Company announced the successful early results and early settlement date of its Cash Tender Offers. On August 28, 2020, the Company completed its Cash Tender Offers to purchase approximately $75.0 million aggregate principal amount of its 4.915% senior unsecured notes due 2034 and approximately $225.0 million aggregate principal amount of its 5.165% senior unsecured notes due 2044. The total consideration paid for the notes accepted for purchase of $220.9 million included an early tender premium of $50 per $1,000 principal amount of the notes accepted for purchase, plus accrued and unpaid interest up to, but not including, the early settlement date. The Company recorded a gain on extinguishment of debt of $77.0 million in its consolidated statement of operations for the nine months ended November 28, 2020, including the write off of unamortized debt financing costs related to the extinguished portion of the notes accepted for purchase and reacquisition costs. In fiscal 2018, the Company purchased and retired approximately $4.6 million of senior unsecured notes due August 1, 2024. As of November 28, 2020 and February 29, 2020, unamortized deferred financing costs associated with the Company’s 3.749% senior unsecured notes due 2024, 4.915% senior unsecured notes due 2034 and 5.165% senior unsecured notes due 2044 were $5.1 million and $7.0 million, respectively, and are included in long-term debt in the Company's consolidated balance sheets. Asset-Based Credit Agreement On June 19, 2020, the Company entered into a secured asset-based credit agreement (the “Credit Agreement”) among the Company, certain of the Company’s U.S. and Canadian subsidiaries party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacity, the “Agent”), and the lenders party thereto, which replaced the Company’s previous $250 million five The Credit Agreement provides for a secured asset-based revolving credit facility (the “ABL Facility”) with aggregate revolving commitments established at closing of $850 million, including a swingline subfacility and a letter of credit subfacility. The Credit Agreement has an uncommitted expansion feature which allows the Company to request, at any time following the delivery of an initial field exam and appraisal, an increase in aggregate revolving commitments under the ABL Facility or elect to enter into a first-in-last-out loan facility, collectively, in an aggregate amount of up to $375 million, subject to certain customary conditions. The Credit Agreement matures on June 19, 2023. A portion of the proceeds advanced under the Credit Agreement were used to refinance $236.4 million in borrowings outstanding under the Revolver. These borrowings were fully repaid in August 2020. As of November 28, 2020, the Company had no loans outstanding under the ABL Facility, but had outstanding letters of credi t of $138.1 million. The ABL Facility is secured on a first priority basis (subject to customary exceptions) on all accounts receivable (including credit card receivables), inventory, certain deposit accounts and securities accounts, and certain related assets, of the Company and its subsidiaries that are borrowers or guarantors under the ABL Facility. Amounts available to be drawn from time to time under the ABL Facility (including, in part, in the form of letters of credit) are equal to the lesser of (i) outstanding revolving commitments under the Credit Agreement and (ii) a borrowing base equal to the sum of (a) 90% of eligible credit card receivables, plus (b) 90% of eligible inventory, valued at the lower of cost or market value, determined on a weighted average cost basis, minus (c) customary reserves. Subject to customary exceptions and restrictions, the Company may voluntarily repay outstanding amounts under the ABL Facility at any time without premium or penalty. Any voluntary prepayments made will not reduce commitments under the ABL Facility. If at any time the outstanding amount under the ABL Facility exceeds the lesser of (i) the aggregate revolving commitments and (ii) the borrowing base, the Company will be required to prepay outstanding amounts or cash collateralize letter of credit obligations under the ABL Facility. The Credit Agreement contains a mandatory prepayment provision which provides that if at any time (i) the aggregate amount of unrestricted cash and cash equivalents of the Company and its consolidated subsidiaries would exceed $100 million and (ii) the aggregate principal amount of all loans (other than incremental first-in-last-out loans borrowed under the expansion feature of the Credit Agreement) exceeds $600 million, then the borrowers must repay outstanding obligations under the Credit Agreement in an aggregate amount equal to the amount in excess of $600 million. Outstanding amounts under the Credit Agreement bear interest at a rate per annum equal to, at the applicable borrower’s election: (i) in the case of loans denominated in U.S. dollars, LIBOR or an alternate base rate and (ii) for loans denominated in Canadian dollars, CDOR or the Canadian prime rate, in each case as set forth in the Credit Agreement, plus an interest rate margin based on average quarterly availability ranging from (i) in the case of LIBOR loans and CDOR loans, 2.25% to 2.75%; provided that if LIBOR or CDOR is less than 1.00%, such rate shall be deemed to be 1.00%, as applicable, and (ii) in the case of alternate base rate loans and Canadian prime rate loans, 1.25% to 1.75%; provided that if the alternate base rate or Canadian prime rate is less than 2.00%, such rate shall be deemed to be 2.00%, as applicable. The Credit Agreement contains customary representations and warranties, events of default and financial, affirmative and negative covenants for facilities of this type, including but not limited to a springing financial covenant relating to a fixed charge coverage ratio, which will become effective if availability under the ABL Facility falls below a specified threshold, and restrictions on indebtedness, liens, investments and acquisitions, asset dispositions, restricted payments (including dividends and share repurchases) and prepayment of certain indebtedness. The Company was in compliance with all covenants related to the Credit Agreement as of November 28, 2020. As of November 28, 2020 and February 29, 2020, deferred financing costs associated with the Company's revolving credit facilities were $6.8 million and $0.3 million, respectively, and were recorded in other assets in the Company's consolidated balance sheets. The Company amortizes deferred financing costs for the Notes and the ABL Facility over their respective terms and such amortization is included in interest expense, net in the consolidated statements of operations. Interest expense related to the Notes and the revolving credit facilities, including the commitment fee and the amortization of deferred financing costs, was approxim ately $15.9 million and $18.2 million, respectively for the three months ended November 28, 2020 and November 30, 2019 and $55.8 million a nd $54.6 million, respectively, for the nine months ended November 28, 2020 and November 30, 2019. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Nov. 28, 2020 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity The Company has authorization to make repurchases of shares of the Company’s common stock from time to time in the open market or through other parameters approved by the Board of Directors pursuant to existing rules and regulations. Between December 2004 and October 2020, the Company’s Board of Directors authorized, through several share repurchase programs, the repurchase of up to $12.625 billion of the Company’s shares of common stock. The Company also acquires shares of its common stock to cover employee related taxes withheld on vested restricted stock, restricted stock units and performance stock unit awards. On October 28, 2020, the Company entered into an accelerated share repurchase agreement (“ASR Agreement”) with JPMorgan Chase Bank, National Association (“JP Morgan”) to repurchase $225.0 million of the Company's common stock. Pursuant to the ASR Agreement, the Company paid $225.0 million to JP Morgan and received an initial delivery of 4.5 million shares of common stock, which was accounted for as a treasury stock transaction and resulted in a $92.4 million increase in treasury stock and reduced the number of weighted average shares outstanding. The final number of shares to be repurchased under the ASR Agreement will be based on the average of the daily volume-weighted average price of common stock during the term of the ASR Agreement, less a discount. The Company also recorded a $132.6 million decrease in additional paid in capital upon the inception of the ASR Agreement. At final settlement, which is expected to occur during the Company’s fiscal 2020 fourth quarter ending on February 27, 2021, JP Morgan may be required to deliver additional shares of common stock to the Company or, under certain circumstances, the Company may elect to either deliver shares or make a cash payment to JP Morgan. Subsequent to the end of the fiscal third quarter of 2020, on December 11, 2020, the Company’s Board of Directors approved a new accelerated share repurchase program to repurchase an aggregate of $150.0 million of the Company’s common stock, subject to market conditions, which is in addition to the $225.0 million accelerated share repurchase program announced in the third quarter of fiscal 2020, both of which are expected to be completed by the end of fiscal 2020. The Company also expanded the above share repurchase authorization by an additional $150.0 million, which increased the total share repurchase authorization to $12.775 billion. In addition, during the three and nine months ended November 28, 2020, the Company repurchased approximately 0.1 million shares and 0.6 million shares, respectively, of its common stock to cover employee related taxes withheld on vested restricted stock, restricted stock units and performance stock unit awards, at a total cost of approximately $1.7 million and $4.7 million, respectively, bringing the aggregate total of common stock repurchased to approximately 222.3 million shares for a total cost of approximately $10.8 billion since the initial authorization in December 2004. During the three and nine months ended November 30, 2019, the Company repurchased approximately 0.1 million and 6.8 million shares, respectively, of its common stock at a total cost of approximately $1.2 million and $99.1 million, respectively. The Company had approximately $1.8 billion remaining of authorized share repurchases as of November 28, 2020, before the Company's Board of Directors approved a $150.0 million increase to the Company's existing share repurchase authorization in December 2020. The Company reviews its alternatives with respect to its capital structure on an ongoing basis. The Company’s share repurchase program could change, and any future share repurchases will be subject to the determination of the Board of Directors, based on an evaluation of the Company’s earnings, financial condition and requirements, business conditions and other factors, including the restrictions on share repurchases under the Credit Agreement (see “Long Term Debt,” Note 11). During fiscal 2016, the Company’s Board of Directors authorized a quarterly dividend program. During the nine months ended November 28, 2020 and November 30, 2019, total cash dividends of $23.1 million and $64.3 million were paid, respectively. In March 2020, the Company suspended its future quarterly declarations of cash dividends as a result of the COVID-19 pandemic. Any future quarterly cash dividend payments on its common stock will be subject to the determination by the Board of Directors, based on an evaluation of the Company’s earnings, financial condition and requirements, business conditions and other factors, including the restrictions on the payment of dividends contained in the Credit Agreement (See “Long Term Debt,” Note 11). Cash dividends, if any, are accrued as a liability on the Company’s consolidated balance sheets and recorded as a decrease to retained earnings when declared. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Nov. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company measures all stock-based compensation awards for employees and non-employee directors using a fair value method and records such expense, net of estimated forfeitures, in its consolidated financial statements. Currently, the Company’s stock-based compensation relates to restricted stock awards, stock options, restricted stock units and performance stock units. The Company’s restricted stock awards are considered nonvested share awards. Stock-based compensation expense for the three and nine months ended November 28, 2020 was approximately $7.2 million ($3.8 million after tax or $0.03 per diluted share) and approximately $23.1 million ($12.5 million after tax or $0.10 per diluted share), respectively. Stock-based compensation expense for the three and nine months ended November 30, 2019 was approximately $4.7 million ($3.8 million after tax or $0.03 per diluted share) and approximately $36.1 million ($29.6 million after tax or $0.24 per diluted share), respectively. In addition, the amount of stock-based compensation cost capitalized for the nine months ended November 28, 2020 and November 30, 2019 was approximately $0.6 million and $0.7 million, respectively. Incentive Compensation Plans The Company may grant awards under the Bed Bath & Beyond 2018 Incentive Compensation Plan (the “2018 Plan”) and the Bed Bath & Beyond 2012 Incentive Compensation Plan (the "2012 Plan"). The 2018 Plan includes an aggregate of 4.6 million shares of common stock authorized for issuance of awards permitted under the 2018 Plan, including stock options, stock appreciation rights, restricted stock awards, performance awards and other stock based awards. The 2018 Plan supplements the 2012 Plan, which amended and restated the Bed Bath & Beyond 2004 Incentive Compensation Plan (the “2004 Plan”). The 2012 Plan includes an aggregate of 43.2 million common shares authorized for issuance of awards permitted under the 2012 Plan (similar to the 2018 Plan). Outstanding awards that were covered by the 2004 Plan continue to be in effect under the 2012 Plan. The terms of the 2012 Plan and the 2018 Plan are substantially similar and enable the Company to offer incentive compensation through stock options (whether nonqualified stock options or incentive stock options), restricted stock awards, stock appreciation rights, performance awards and other stock based awards, and cash-based awards. Grants are determined by the Compensation Committee of the Board of Directors of the Company for those awards granted to executive officers, and by the Board of Directors of the Company for awards granted to non-employee directors. Stock option grants generally become exercisable in either three or five equal annual installments beginning one year from the date of grant, subject, in general, to the recipient remaining in the Company’s service on specified vesting dates. Restricted stock awards generally become vested in five to seven equal annual installments beginning one The Company generally issues new shares for stock option exercises, restricted stock awards and vesting of restricted stock units and performance stock units. The 2018 Plan expires in May 2028. The 2012 Plan expires in May 2022. As described in further detail below, in fiscal 2020 and 2019, the Company granted stock-based awards to certain of the Company’s new executive officers as inducements material to their commencement of employment and entry into an employment agreement with the Company. The inducement awards were made in accordance with Nasdaq Listing Rule 5635(c)(4) and were not made under the 2012 Plan or the 2018 Plan. Stock Options Stock option grants were issued at fair market value on the date of grant and generally became exercisable in either three or five equal annual installments beginning one year from the date of grant, subject, in general, to the recipient remaining in the Company’s service on specified vesting dates. Option grants expired eight years after the date of grant. All option grants are nonqualified. During the nine months ended November 28, 2020, the remaining 822,633 options outstanding were forfeited and there were no options outstanding as of November 28, 2020. Restricted Stock Restricted stock awards are issued and measured at fair market value on the date of grant and generally become vested in five to seven equal annual installments beginning one Changes in the Company’s restricted stock for the nine months ended November 28, 2020 were as follows: (Shares in thousands) Number of Restricted Weighted Average Unvested restricted stock, beginning of period 2,445 $ 35.50 Granted 95 8.09 Vested (580) 42.74 Forfeited (638) 32.96 Unvested restricted stock, end of period 1,322 $ 31.58 Restricted Stock Units ("RSUs") RSUs are issued and measured at fair market value on the date of grant and generally become vested in one to three equal annual installments beginning one year from the date of grant, subject, in general, to the recipient remaining in the Company’s service on specified vesting dates. RSUs are converted into shares of common stock upon vesting. During the nine months ended November 28, 2020, the Company granted 2,233,531 of RSUs with a weighted average grant-date fair value of $13.90. As of November 28, 2020, unrecognized compensation expense related to the unvested portion of the Company’s RSUs was $27.7 million, which is expected to be recognized over a weighted average period of 2.7 years. Performance Stock Units ("PSUs") PSUs are issued and measured at fair market value on the date of grant. Vesting of PSUs awarded to certain of the Company’s executives is dependent on the Company’s achievement of a performance-based test during a one three three The fair value of the PSUs granted in fiscal 2020 for which performance during the three-year period will be based on a relative three-year Total Shareholder Return ("TSR") goal relative to a peer group was estimated on the date of the grant using a Monte Carlo simulation that uses the assumptions noted in the following table. Nine Months Ended Monte Carlo Simulation Assumptions November 28, 2020 Risk Free Interest Rate 0.26 % Expected Dividend Yield — % Expected Volatility 51.45 % Expected Term 3 years Changes in the Company’s PSUs for the nine months ended November 28, 2020 were as follows: (Shares in thousands) Number of Performance Weighted Average Unvested performance stock units, beginning of period 1,414 $ 21.57 Granted 647 12.17 Vested (344) 37.50 Forfeited or performance condition adjustments (249) 17.96 Unvested performance stock units, end of period 1,468 $ 14.31 Inducement Awards In fiscal 2020 and 2019, the Company granted stock-based awards to certain of the Company’s new executive officers as inducements material to their commencement of employment and entry into an employment agreement with the Company. These inducement awards were approved by the Compensation Committee of the Board of Directors of the Company and did not require shareholder approval in accordance with Nasdaq Listing Rule 5635(c)(4). RSUs granted as inducement awards are issued and measured at fair market value on the date of grant and generally become vested in one to three equal annual installments beginning one year from the date of grant, subject, in general, to the recipient remaining in the Company’s service on specified vesting dates. Changes in the RSUs granted as inducement awards for the nine months ended November 28, 2020 were as follows: (Shares in thousands) Number of Restricted Weighted Average Unvested restricted stock units, beginning of period 579 $ 13.65 Granted 816 6.33 Vested (446) 13.65 Forfeited — — Unvested restricted stock units, end of period 949 $ 7.36 On November 4, 2019, in connection with the appointment of the Company’s new President and Chief Executive Officer, the Company granted inducement awards consisting of 578,753 RSUs, which are included in the table above, and 273,735 PSU awards. The PSUs will vest, if at all, on November 4, 2021, based on performance goals requiring the President and CEO to prepare and deliver to the Board of Directors key objectives and goals for the Company and the strategies and initiatives for the achievement of such objectives and goals, and the President and CEO's provision of updates to the Board of Directors regarding achievement of such goals and objectives, and subject, in general, to the new President and CEO remaining in the Company’s service through the vesting date. Other than with respect to the vesting schedule described above, these inducement awards are generally subject to substantially the same terms and conditions as awards that are made under the 2018 Plan. As of November 28, 2020, unrecognized compensation expense related to the unvested portion of the RSU and PSU inducement awards was $5.5 million and $1.7 million, respectively, which is expected to be recognized over a weighted average period of 2.0 years and 0.9 years, respectively. Each inducement award recipient must hold at least fifty percent (50%) of the after-tax shares of common stock received pursuant to the inducement awards until they have satisfied the terms of the Company’s stock ownership guidelines. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Nov. 28, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The Company presents earnings per share on a basic and diluted basis. Basic earnings per share has been computed by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share has been computed by dividing net earnings by the weighted average number of shares outstanding, including the dilutive effect of stock-based awards as calculated under the treasury stock method. Stock-based awards for the three and nine months ended November 28, 2020 of approximately 1.3 million and 2.3 million, respectively, and three and nine months ended November 30, 2019 of approximately 5.0 million and 6.2 million, respectively, were excluded from the computation of diluted earnings per share as the effect would be anti-dilutive. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Nov. 28, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The Company paid income taxes of $5.1 million and $40.2 million in the first nine months of fiscal 2020 and 2019, respectively. In addition, the Company made interest payments of approximately $44.4 million and $42.8 million in the first nine months of fiscal 2020 and 2019, respectively. |
Restructuring Activities
Restructuring Activities | 9 Months Ended |
Nov. 28, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | Restructuring Activities Fiscal 2020 Restructuring Charges The Company recorded $30.7 million and $61.6 million, respectively, within cost of sales and restructuring and transformation initiative expenses in its consolidated statements of operations for the three and nine months ended November 28, 2020 for costs associated with its planned store closures as part of the network optimization plan for which the store closure process has commenced, workforce reduction and other transformation initiatives. As part of the Company's ongoing business transformation, on July 6, 2020, the Board of Directors of the Company approved the planned closure of approximately 200 mostly Bed Bath & Beyond stores over the next two years as part of the Company's store network optimization program. During the third quarter of fiscal 2020, the Company initiated store closing activities for more than 70 Bed Bath & Beyond stores and expects to close a total of approximately 120 Bed Bath & Beyond stores by the end of fiscal 2020. For the three and nine months ended November 28, 2020, the Company recorded costs associated with its planned store closures for which the store closing process has commenced of $13.9 million in cost of sales, and $5.3 million of severance costs and $3.1 million of lease-related costs within restructuring and transformation initiative expenses in its consolidated statements of operations . At this point, the Company is unable to estimate the amount or range of amounts expected to be incurred in connection with future store closures and will provide such estimates as they become available. In addition, during the second quarter of fiscal 2020, the Company announced a major realignment of its organizational structure as part of its transformation initiative, to further simplify the Company's operations, support investment in its strategic growth plans, and provide additional financial flexibility. In connection with the organization realignment, the Company implemented a workforce reduction of approximately 2,800 roles from across its corporate headquarters and retail stores. During the second quarter of fiscal 2020, the Company recorded pre-tax restructuring charges of approximately $23.1 million within restructuring and transformation initiative expenses in its consolidated statements of operations, related to severance and associated costs for this workforce reduction, all of which have been paid as of November 28, 2020 . During the three and nine months ended November 28, 2020, t he Company also recorded costs of approximately $8.4 million and $16.2 million, respectively, relating to its other transformation initiatives within restructuring and transformation initiative expenses in its consolidated statements of operations . Fiscal 2019 Restructuring Charges During fiscal 2019, the Company expensed pre-tax restructuring charges of approximately $102.5 million, primarily for severance and related costs in conjunction with its transformation initiatives and extensive leadership changes, within selling, general and administrative expenses in its consolidated statement of operations. As of November 28, 2020 and February 29, 2020, the Company's restructuring accrual was approximately $20.1 million and $73.4 million, respectively, primarily reflecting payments of $52.2 million during the nine months ended November 28, 2020. |
Assets Held for Sale and Divest
Assets Held for Sale and Divestitures | 9 Months Ended |
Nov. 28, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale and Divestitures | Assets Held for Sale and Divestitures Assets Held for Sale The Company has included businesses classified as held for sale within its continuing operations as their dispositions do not represent a strategic shift that will have a major effect on the Company’s operations and financial results. At November 28, 2020, certain assets and liabilities related to Cost Plus World Market were classified as held for sale on the Company's consolidated balance sheet. The Company also recorded a charge of $54.0 million to remeasure the disposal group to the lower of carrying value or fair value less costs to sell, which is included in impairments, including on assets held for sale in the Company's consolidated statements of operations for the three and nine months ended November 28, 2020. Subsequent to the end of the fiscal third quarter of 2020, the Company entered into a definitive agreement to sell Cost Plus World Market to Kingswood Capital Management, a Los Angeles-based private equity firm, for $110 million, subject to certain working capital and other adjustments. The transaction is expected to close during the fourth quarter of fiscal 2020, subject to customary closing conditions. At February 29, 2020, certain assets and liabilities of Personalization Mall.com ("PMall") and One Kings Lane ("OKL") were classified as held for sale on the Company's consolidated balance sheet. PMall and OKL were sold during fiscal 2020, as further described below. Divestitures On February 14, 2020, the Company entered into a definitive agreement to sell PMall to 1-800-FLOWERS.COM, Inc. for $252 million, subject to certain working capital and other adjustments. The buyer was required to close the transaction on March 30, 2020, but failed to do so. Accordingly, the Company had filed an action to require the buyer to close the transaction. On July 20, 2020, the Company entered into a settlement agreement with respect to the litigation. Under this agreement, 1-800-FLOWERS.COM agreed to move forward with its purchase of PMall from the Company for $245 million, subject to certain working capital and other adjustments. The transaction closed on August 3, 2020. Net proceeds from the sale of PMall were $244.8 million , subject to certain working capital and other adjustments, and the Company recognized a gain on the sale of approximately $189.5 million, which was recorded in loss (gain) on sale of businesses in its consolidated statement of operations for the nine months ended November 28, 2020. Upon the close of the transaction, Bed Bath & Beyond withdrew the litigation against 1-800-FLOWERS.COM and 800-FLOWERS, INC. On April 13, 2020, the Company completed the sale of OKL. Proceeds from the sale were not material. On October 11, 2020, the Company entered into definitive agreements to sell Christmas Tree Shops ("CTS") to Handil Holdings LLC and to sell one of the CTS distribution facilities to an institutional buyer, with a leaseback term of nine months, to provide business continuity to the Company for some of its operations currently using the facility. These transactions were completed during the third quarter of fiscal 2020, generating approximately $233.8 million in proceeds, subject to certain working capital and other adjustments, and the Company recognized a loss on sale of approximately $51.1 million, which was recorded in loss (gain) on sale of businesses in its consolidated statements of operations for the three and nine months ended November 28, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 28, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies A putative securities class action was filed on April 14, 2020 against the Company and three of its officers and/or directors (Mark Tritton, Mary Winston (the Company’s former Interim Chief Executive Officer) and Robyn D’Elia (the Company’s former Chief Financial Officer and Treasurer)) in the United States District Court for the District of New Jersey (the "New Jersey federal court"). The case, which is captioned Vitiello v. Bed Bath & Beyond Inc., et al. , Case No. 2:20-cv-04240-MCA-MAH, asserts claims under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") on behalf of a putative class of purchasers of the Company’s securities from October 2, 2019 through February 11, 2020. The Complaint alleges that certain of the Company’s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. A similar putative securities class action, asserting the same claims on behalf of the same putative class against the same defendants, was filed on April 30, 2020. That case, captioned Kirkland v. Bed Bath & Beyond Inc., et al. , Case No. 1:20-cv-05339-MCA-MAH, is also pending in the United States District Court for the District of New Jersey. On August 14, 2020, the court consolidated the two cases and appointed Kavin Bakhda as lead plaintiff pursuant to the Private Securities Litigation Reform Act of 1995. Lead plaintiff and additional named plaintiff Richard Lipka filed an Amended Class Action Complaint on October 20, 2020, on behalf of a putative class of purchasers of the Company’s securities from September 4, 2019 through February 11, 2020. Defendants moved to dismiss the Amended Complaint on December 21, 2020. On July 10, 2020, the first of three related shareholder derivative actions was filed in the New Jersey federal court on behalf of the Company against various present and former directors and officers. The case, which is captioned Salu v. Tritton, et al. , Case No. 2:20-cv-08673-MCA-MAH (D.N.J.), asserts claims under §§ 10(b) and 20(a) of the Exchange Act and for breach of fiduciary duty, unjust enrichment, and waste of corporate assets under state law arising from the events underlying the securities class actions described above and from the Company’s repurchases of its own shares during the class period pled in the securities cases. The two other derivative actions, which assert similar claims, are captioned Grooms v. Tritton, et al. , Case No. 2:20-cv-09610-SDW-RDW (D.N.J.) (filed July 29, 2020), and Mantia v. Fleming, et al. , Case No. 2:20-cv-09763-MCA-MAH (D.N.J.) (filed July 31, 2020). On August 5, 2020, the court signed a stipulation by the parties in the Salu case to stay that action pending disposition of a motion to dismiss in the securities class action, subject to various terms outlined in the stipulation. The parties in all three derivative cases have moved to consolidate them and to apply the Salu stay of proceedings to all three actions. The court granted the motion on October 14, 2020. On August 28, 2020, another related shareholder derivative action, captioned Schneider v. Tritton, et al. , Index No 516051/2020, was filed in the Supreme Court of the State of New York, County of Kings. The claims pled in the Schneider case are similar to those pled in the three federal derivative cases, except that the Schneider complaint does not plead claims under the Exchange Act. On September 21, 2020, the parties filed a stipulation seeking to stay that action pending disposition of a motion to dismiss in the securities class action, subject to various terms and conditions. At this time, the Company is unable to estimate any potential losses that may be incurred and has not recorded a liability for the above matters. The District Attorney's office for the County of Ventura, together with District Attorneys for other counties in California (together, the “District Attorneys"), recently concluded an investigation regarding the management and disposal at the Company’s stores in California of certain materials that may be deemed hazardous or universal waste under California law. On March 19, 2019, the District Attorneys provided the Company with a settlement demand that included a proposed civil penalty, reimbursement of investigation costs, and certain injunctive relief, including modifications to the Company’s existing compliance program, which already includes associate training, on-going review of disposal rules applicable to various product categories, and specialized third-party disposal. During the nine months ended November 28, 2020, the Company and the District Attorneys agreed to final terms on a settlement payment of approximately $1.5 million to resolve the matter. The Company has also agreed to spend $171,000 over the next 36 months on refinements to its compliance program. The Company and District Attorneys executed a Stipulated Judgment to this effect, which was recently filed with the court. As of November 28, 2020 and February 29, 2020, the Company had recorded an accrual for the estimated probable loss for this matter. Subsequent to the end of the third quarter of fiscal 2020, the Company made the settlement payment. On April 21, 2019, Warren Eisenberg and Leonard Feinstein transitioned to the role of Co-Founders and Co-Chairmen Emeriti of the Board of Directors of the Company. As a result of this transition, Mr. Eisenberg and Mr. Feinstein ceased to be officers of the Company effective as of April 21, 2019, and became entitled to the payments and benefits provided under their employment agreements that apply in the case of a termination without cause, which generally include continued senior status payments until May 2027 and continued participation for the Co-Founders (and their spouses, if applicable) at the Company’s expense in employee plans and programs. In addition, the Co-Founders remain entitled to supplemental pension payments specified in their employment agreements of $200,000 per year (as adjusted for a cost of living increase), until the death of the survivor of the applicable Co-Founder and his spouse, reduced by the continued senior status payments referenced above. Pursuant to their respective restricted stock and performance stock unit agreements, shares of restricted stock and performance-based stock units granted to Messrs. Eisenberg and Feinstein vested upon their resignation as members of the Board of Directors effective May 1, 2019, subject, however, to attainment of any applicable performance goals and the certification of the applicable performance-based tests by the Compensation Committee, as provided under their award agreements. The Company’s former Chief Executive Officer ("Former CEO") departed the Company effective as of May 12, 2019. In accordance with the terms of the Former CEO's employment and equity award agreements, the Former CEO was entitled to three times his then-current salary, payable over three years in normal payroll installments, except that any amount due prior to the six months after his departure, was paid in a lump sum after such six-month period. Such amounts will be reduced by any compensation earned with any subsequent employer or otherwise and will be subject to the Former CEO's compliance with a one-year non-competition and non-solicitation covenant. On October 21, 2019, the Former CEO entered into an agreement (the “Former CEO PSU settlement agreement”) with the Company to reduce the PSUs held by him by an excess amount of outstanding PSUs granted to the Former CEO in the Company’s 2018 fiscal year as a result of the use of the fiscal 2017 peer group in lieu of the fiscal 2018 peer group. Further, as a result of this departure, the time-vesting component of the Former CEO's stock-based awards accelerated, including (i) stock options (which were “underwater” and expired without having been exercised by the Former CEO), (ii) PSU awards which had previously met the related performance-based test, had been certified by the Compensation Committee, and remained subject solely to time-vesting, and (iii) PSU awards (assuming target level of performance) which remain subject to attainment of any performance goals and the certification of the applicable performance-based tests by the Compensation Committee, as provided under his award agreements and subject to the terms of the Former CEO PSU settlement agreement. The former CEO was also party to a supplemental executive retirement benefit agreement (“SERP”) and a related escrow agreement, pursuant to which the Former CEO was entitled to receive a supplemental retirement benefit as a result of the separation from service from the Company. Pursuant to the SERP, as a result of the separation from service with the Company as of May 12, 2019 being treated as a termination without cause, the Former CEO was entitled to a lump sum payment equal to the present value of an annual amount equal to 50% of the Former CEO's annual base salary on the date of termination of employment if such annual amount were paid for a period of 10 years in accordance with the Company’s normal payroll practices, subject to the Former CEO's timely execution and non-revocation of a release of claims in favor of the Company (which occurred). This amount was paid on November 13, 2019, the first business day following the six-month anniversary of the Former CEO's termination of service. The Company has no further obligations to the Former CEO under the SERP. During fiscal 2019, the Company expensed pre-tax charges related to both the transition of Messrs. Eisenberg and Feinstein to the role of Co-Founders and Co-Chairmen Emeriti of the Board of Directors of the Company and the departure of the Former CEO of approximately $36.8 million. In addition, the Company maintains employment agreements with other executives which provide for severance pay. The Company records an estimated liability related to its various claims and legal actions arising in the ordinary course of business when and to the extent that it concludes a liability is probable and the amount of the loss can be reasonably estimated. Such estimated loss is based on available information and advice from outside counsel, where appropriate. As additional information becomes available, the Company reassesses the potential liability related to claims and legal actions and revises its estimated liabilities, as appropriate. The Company expects the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. The Company also cannot predict the nature and validity of claims which could be asserted in the future, and future claims could have a material impact on its earnings. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Nov. 28, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements have been prepared without audit. In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting of only normal recurring accruals and elimination of intercompany balances and transactions) necessary to present fairly the financial position of Bed Bath & Beyond Inc. and subsidiaries (the "Company") as of November 28, 2020 and February 29, 2020 and the results of its operations, shareholders' equity, and comprehensive loss for the three and nine months ended November 28, 2020 and November 30, 2019, respectively, and its cash flows for the nine months ended November 28, 2020 and November 30, 2019, respectively. The accompanying unaudited consolidated financial statements are presented in accordance with the requirements for Form 10-Q and consequently do not include all the disclosures normally required by U.S. generally accepted accounting principles ("GAAP"). Reference should be made to the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2020 for additional disclosures, including a summary of the Company’s significant accounting policies, and to subsequently filed Form 8-Ks. |
Revenue Recognition | Sales are recognized upon purchase by customers at the Company’s retail stores or upon delivery for products purchased from its websites. The value of point-of-sale coupons and point-of-sale rebates that result in a reduction of the price paid by the customer are recorded as a reduction of sales. Shipping and handling fees that are billed to a customer in a sale transaction are recorded in sales. Taxes, such as sales tax, use tax and value added tax, are not included in sales. Revenues from gift cards, gift certificates and merchandise credits are recognized when redeemed. Gift cards have no provisions for reduction in the value of unused card balances over defined time periods and have no expiration dates. For the nine months ended November 28, 2020, the Company recognized net sales for gift card and merchandise credit redemptions of approximately $79.4 million, which were included in merchandise credit and gift card liabilities on the consolidated balance sheet as of February 29, 2020. |
Fair Value Measurements | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., "the exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. The hierarchy for inputs used in measuring fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect a company’s judgment concerning the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or liability must be classified in its entirety based on the lowest level of input that is significant to the measurement of fair value. The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: • Level 1 - Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 - Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The Company did not have any financial assets utilizing Level 2 inputs. Financial assets utilizing Level 3 inputs included long term investments in auction rate securities consisting of preferred shares of closed end municipal bond funds (See "Investment Securities," Note 6). |
Impairment of Long-Lived Assets | The Company reviews long-lived assets for impairment when events or changes in circumstances indicate the carrying value of these assets may exceed their current fair values. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held for sale are separately presented in the appropriate asset and liability sections of the balance sheet (See "Assets Held for Sale and Divestitures," Note 17). The Company reviews goodwill and other intangibles that have indefinite lives for impairment annually as of the end of the fiscal year or when events or changes in circumstances indicate the carrying value of these assets might exceed their current fair values. Impairment testing is based upon the best information available including estimates of fair value which incorporate assumptions marketplace participants would use in making their estimates of fair value. Significant assumptions and estimates are required, including, but not limited to, projecting future cash flows, determining appropriate discount rates and terminal growth rates, and other assumptions, to estimate the fair value of goodwill and indefinite lived intangible assets. Although the Company believes the assumptions and estimates made are reasonable and appropriate, different assumptions and estimates could materially impact its reported financial results. In the three months ended June 1, 2019, the Company recognized a non-cash pre-tax goodwill impairment charge of $391.1 million for its North American Retail reporting unit, and as of June 1, 2019, the Company did not have any goodwill recorded on its consolidated balance sheet. Other indefinite-lived intangible assets were recorded as a result of acquisitions and primarily consist of tradenames. The Company values its tradenames using a relief-from-royalty approach, which assumes the value of the tradename is the discounted cash flows of the amount that would be paid by a hypothetical market participant had they not owned the tradename and instead licensed the tradename from another company. The Company performed quantitative impairment analyses for certain of its other indefinite lived intangible assets by comparing the fair value of the tradenames to their carrying value, and recognized non-cash pre-tax tradename impairment charges of $2.4 million and $35.1 million, respectively, within impairments, including on assets held for sale, in its consolidated statements of operations for the three months and nine months ended November 28, 2020. During the nine months ended November 30, 2019, the Company recorded tradename impairment charges of $10.2 million. There were no tradename impairments recorded during the three months ended November 30, 2019. As of November 28, 2020, for the remaining other indefinite lived intangibles assets, the Company assessed qualitative factors in order to determine whether any events and circumstances existed which indicated that it was more likely than not that the fair value of these other indefinite lived assets did not exceed their carrying values and concluded no such events or circumstances existed which would require an impairment test be performed. In the future, if events or market conditions affect the estimated fair value to the extent that an asset is impaired, the Company will adjust the carrying value of these assets in the period in which the impairment occurs. |
Earnings per Share | The Company presents earnings per share on a basic and diluted basis. Basic earnings per share has been computed by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share has been computed by dividing net earnings by the weighted average number of shares outstanding, including the dilutive effect of stock-based awards as calculated under the treasury stock method. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Nov. 28, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | The Company’s investment securities as of November 28, 2020 and February 29, 2020 are as follows: (in millions) November 28, 2020 February 29, 2020 Available-for-sale securities: Long term $ 19.7 $ 20.3 Held-to-maturity securities: Short term — 385.6 Total investment securities $ 19.7 $ 405.9 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Nov. 28, 2020 | |
Leases [Abstract] | |
Schedule of Lease Cost | The components of total lease cost for the three and nine months ended November 28, 2020 and November 30, 2019, were as follows: (in thousands) Statement of Operations Location Three Months Ended Nine Months Ended November 28, November 30, November 28, November 30, Operating lease cost Cost of sales and SG&A $ 152,402 $ 142,941 $ 442,120 $ 430,614 Finance lease cost: Depreciation of property SG&A 642 648 1,938 1,944 Interest on lease liabilities Interest expense, net 2,234 2,225 6,692 6,661 Variable lease cost Cost of sales and SG&A 50,060 50,372 149,755 148,542 Sublease income SG&A (1,852) (278) (2,408) (834) Total lease cost $ 203,486 $ 195,908 $ 598,097 $ 586,927 |
Assets and Liabilities Related to Operating and Finance Leases | As of November 28, 2020 and February 29, 2020, assets and liabilities related to the Company’s operating and finance leases (excluding leases classified as held-for-sale) were as follows: (in thousands) Consolidated Balance Sheet Location November 28, February 29, Assets Operating leases Operating lease assets $ 1,615,969 $ 2,006,966 Finance leases Property and equipment, net 1,409 69,287 Total lease assets $ 1,617,378 $ 2,076,253 Liabilities Current: Operating leases Current operating lease liabilities $ 390,875 $ 463,005 Finance leases Accrued expenses and other current liabilities 337 1,541 Noncurrent: Operating leases Operating lease liabilities 1,531,830 1,818,783 Finance leases Other liabilities 1,281 102,412 Total lease liabilities $ 1,924,323 $ 2,385,741 |
Schedule of Lease Liabilities, Operating | As of November 28, 2020, the Company’s lease liabilities (excluding leases classified as held-for-sale) mature as follows: Operating Leases Finance Leases Fiscal Year: Remainder of 2020 $ 147,950 $ 104 2021 479,604 416 2022 405,805 416 2023 330,361 416 2024 272,559 381 2025 210,516 — Thereafter 576,591 — Total lease payments $ 2,423,386 $ 1,733 Less imputed interest (500,681) (115) Present value of lease liabilities $ 1,922,705 $ 1,618 |
Schedule of Lease Liabilities, Finance | As of November 28, 2020, the Company’s lease liabilities (excluding leases classified as held-for-sale) mature as follows: Operating Leases Finance Leases Fiscal Year: Remainder of 2020 $ 147,950 $ 104 2021 479,604 416 2022 405,805 416 2023 330,361 416 2024 272,559 381 2025 210,516 — Thereafter 576,591 — Total lease payments $ 2,423,386 $ 1,733 Less imputed interest (500,681) (115) Present value of lease liabilities $ 1,922,705 $ 1,618 |
Schedule of Other Lease Information | The Company’s lease terms and discount rates were as follows: November 28, 2020 February 29, 2020 Weighted-average remaining lease term (in years) Operating leases 7.0 6.6 Finance leases 4.2 25.7 Weighted-average discount rate Operating leases 7.0 % 6.2 % Finance leases 3.3 % 9.0 % Other information with respect to the Company’s leases is as follows: (in thousands) Nine Months Ended November 28, November 30, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 431,679 423,877 Operating cash flows from finance leases 7,875 7,755 Operating lease assets obtained in exchange for new operating lease liabilities 236,222 320,989 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Nov. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Activity | Changes in the Company’s restricted stock for the nine months ended November 28, 2020 were as follows: (Shares in thousands) Number of Restricted Weighted Average Unvested restricted stock, beginning of period 2,445 $ 35.50 Granted 95 8.09 Vested (580) 42.74 Forfeited (638) 32.96 Unvested restricted stock, end of period 1,322 $ 31.58 |
Schedule of PSU Valuation Assumptions | The fair value of the PSUs granted in fiscal 2020 for which performance during the three-year period will be based on a relative three-year Total Shareholder Return ("TSR") goal relative to a peer group was estimated on the date of the grant using a Monte Carlo simulation that uses the assumptions noted in the following table. Nine Months Ended Monte Carlo Simulation Assumptions November 28, 2020 Risk Free Interest Rate 0.26 % Expected Dividend Yield — % Expected Volatility 51.45 % Expected Term 3 years |
Share-based Compensation, Performance Stock Units Activity | Changes in the Company’s PSUs for the nine months ended November 28, 2020 were as follows: (Shares in thousands) Number of Performance Weighted Average Unvested performance stock units, beginning of period 1,414 $ 21.57 Granted 647 12.17 Vested (344) 37.50 Forfeited or performance condition adjustments (249) 17.96 Unvested performance stock units, end of period 1,468 $ 14.31 |
Schedule of Share-based Compensation, Restricted Stock Units Activity | Changes in the RSUs granted as inducement awards for the nine months ended November 28, 2020 were as follows: (Shares in thousands) Number of Restricted Weighted Average Unvested restricted stock units, beginning of period 579 $ 13.65 Granted 816 6.33 Vested (446) 13.65 Forfeited — — Unvested restricted stock units, end of period 949 $ 7.36 |
Basis of Presentation (Details
Basis of Presentation (Details Textual) | 9 Months Ended |
Nov. 28, 2020segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 2 |
Impact of COVID-19 Pandemic (De
Impact of COVID-19 Pandemic (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Nov. 28, 2020USD ($) | Nov. 28, 2020USD ($) | |
Impact of COVID-19 Pandemic [Abstract] | ||
Total payments withheld and/or delayed or deferred | $ 36.2 | $ 36.2 |
Reduced rent expense related to rent abatement | 7.8 | |
Deferred employer payroll taxes | 35.9 | 35.9 |
Additional benefit from 2019 net operating losses | 43.7 | 43.7 |
Offset to selling, general and administrative expenses | $ 1 | $ 28.3 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Feb. 29, 2020 | |
Revenue Recognition [Line Items] | |||||
Net sales for gift card and merchandise credit redemptions | $ 79.4 | ||||
Liability for estimated returns | $ 63.2 | 63.2 | $ 71.6 | ||
Right of return asset for merchandise | $ 40.2 | $ 40.2 | $ 42.5 | ||
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Domestic Merchandise [Member] | Product Concentration Risk [Member] | |||||
Revenue Recognition [Line Items] | |||||
Percentage of net sales | 35.70% | 35.00% | 35.40% | 36.40% | |
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Home Furnishings [Member] | Product Concentration Risk [Member] | |||||
Revenue Recognition [Line Items] | |||||
Percentage of net sales | 64.30% | 65.00% | 64.60% | 63.60% |
Fair Value Measurements (Detail
Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Nov. 28, 2020 | Feb. 29, 2020 |
Fair Value Disclosures [Abstract] | ||
Long-term debt, fair value | $ 1,059 | $ 1,126 |
Long-term debt, carrying value | $ 1,195 | $ 1,495 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Nov. 28, 2020 | Feb. 29, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Credit and debit card receivables from banks | $ 161.6 | $ 79.7 |
Investment Securities - Summary
Investment Securities - Summary of Investment Securities (Details) - USD ($) | Nov. 28, 2020 | Feb. 29, 2020 |
Available-for-sale securities: | ||
Long term | $ 19,700,000 | $ 20,300,000 |
Held-to-maturity securities: | ||
Short term | 0 | 385,600,000 |
Total investment securities | $ 19,700,000 | $ 405,900,000 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) | Nov. 28, 2020 | Feb. 29, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Short term held-to-maturity securities | $ 0 | $ 385,600,000 |
Auction Rate Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Long term available-for-sale investment securities | 20,300,000 | 20,300,000 |
Valuation adjustments | $ 528,000 | $ 5,000 |
Impairment of Long-Lived Asse_2
Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Impairment charge | $ 1.6 | $ 11.8 | $ 84 | $ 40.1 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Billions | Nov. 28, 2020 | Feb. 29, 2020 |
Property, Plant and Equipment [Abstract] | ||
Accumulated depreciation | $ 1.7 | $ 2 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 9 Months Ended |
Nov. 28, 2020USD ($)lease | |
Lessee, Lease, Description [Line Items] | |
Sublease renewal term | 5 years |
Total payments withheld and/or delayed or deferred | $ 36.2 |
Reduced rent expense related to rent abatement | $ 7.8 |
Number of leases not yet commenced | lease | 2 |
Lease not yet commenced, aggregate minimum rental payments | $ 9.9 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Original lease terms, operating | 10 years |
Sublease term | 5 years |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Original lease terms, operating | 15 years |
Sublease term | 10 years |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 152,402 | $ 142,941 | $ 442,120 | $ 430,614 |
Finance lease cost: | ||||
Depreciation of property | 642 | 648 | 1,938 | 1,944 |
Interest on lease liabilities | 2,234 | 2,225 | 6,692 | 6,661 |
Variable lease cost | 50,060 | 50,372 | 149,755 | 148,542 |
Sublease income | (1,852) | (278) | (2,408) | (834) |
Total lease cost | $ 203,486 | $ 195,908 | $ 598,097 | $ 586,927 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Feb. 29, 2020 |
Assets | ||
Operating leases | $ 1,615,969 | $ 2,006,966 |
Finance leases | 1,409 | 69,287 |
Total lease assets | 1,617,378 | 2,076,253 |
Current: | ||
Operating leases | $ 390,875 | 463,005 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | |
Finance leases | $ 337 | 1,541 |
Noncurrent: | ||
Operating leases | 1,531,830 | 1,818,783 |
Finance leases | 1,281 | 102,412 |
Total lease liabilities | $ 1,924,323 | $ 2,385,741 |
Leases - Schedule of Lease Matu
Leases - Schedule of Lease Maturities (Details) $ in Thousands | Nov. 28, 2020USD ($) |
Operating Leases | |
Remainder of 2020 | $ 147,950 |
2021 | 479,604 |
2022 | 405,805 |
2023 | 330,361 |
2024 | 272,559 |
2025 | 210,516 |
Thereafter | 576,591 |
Total lease payments | 2,423,386 |
Less imputed interest | (500,681) |
Present value of lease liabilities | 1,922,705 |
Finance Leases | |
Remainder of 2020 | 104 |
2021 | 416 |
2022 | 416 |
2023 | 416 |
2024 | 381 |
2025 | 0 |
Thereafter | 0 |
Total lease payments | 1,733 |
Less imputed interest | (115) |
Present value of lease liabilities | $ 1,618 |
Leases - Lease Terms and Discou
Leases - Lease Terms and Discount Rates (Details) | Nov. 28, 2020 | Feb. 29, 2020 |
Weighted-average remaining lease term | ||
Operating leases | 7 years | 6 years 7 months 6 days |
Finance leases | 4 years 2 months 12 days | 25 years 8 months 12 days |
Weighted-average discount rate | ||
Operating leases | 7.00% | 6.20% |
Finance leases | 3.30% | 9.00% |
Leases - Cash Flow Information
Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 431,679 | $ 423,877 |
Operating cash flows from finance leases | 7,875 | 7,755 |
Operating lease assets obtained in exchange for new operating lease liabilities | ||
Operating lease assets obtained in exchange for new operating lease liabilities | $ 236,222 | $ 320,989 |
Indefinite Lived Intangible A_2
Indefinite Lived Intangible Assets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Nov. 28, 2020 | Nov. 30, 2019 | Jun. 01, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Feb. 29, 2020 | |
Goodwill [Line Items] | ||||||
Impairments of indefinite lived intangible assets | $ 2,400,000 | $ 0 | $ 35,100,000 | $ 10,200,000 | ||
Indefinite lived tradenames and trademarks | $ 22,000,000 | $ 22,000,000 | $ 91,200,000 | |||
North American Retail [Member] | ||||||
Goodwill [Line Items] | ||||||
Non-cash pre-tax goodwill impairment charges | $ 391,100,000 |
Long Term Debt - Senior Unsecur
Long Term Debt - Senior Unsecured Notes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Mar. 02, 2019 | Aug. 24, 2020 | Aug. 10, 2020 | Feb. 29, 2020 | Jul. 17, 2014 | |
Debt Instrument [Line Items] | |||||||||
Gain on extinguishment of debt | $ 0 | $ 0 | $ 77,038,000 | $ 0 | |||||
Senior Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Purchased and retired senior unsecured notes | $ 4,600,000 | ||||||||
Senior Unsecured Notes [Member] | The 2024 Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 300,000,000 | ||||||||
Debt interest rate | 3.749% | ||||||||
Senior Unsecured Notes [Member] | The 2034 Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 300,000,000 | ||||||||
Debt interest rate | 4.915% | ||||||||
Repurchased principal amount | $ 75,000,000 | ||||||||
Senior Unsecured Notes [Member] | The 2044 Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 900,000,000 | ||||||||
Debt interest rate | 5.165% | 5.165% | 5.165% | ||||||
Repurchased principal amount | $ 225,000,000 | ||||||||
Senior Unsecured Notes [Member] | The 2034 and 2044 Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt repurchase (up to) | $ 300,000,000 | ||||||||
Total consideration paid for Notes | 220,900,000 | ||||||||
Early tender premium | $ 50 | ||||||||
Other Assets [Member] | Senior Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized deferred financing costs | $ 5,100,000 | $ 5,100,000 | $ 7,000,000 |
Long Term Debt - Asset-Based Cr
Long Term Debt - Asset-Based Credit Agreement (Details) | 3 Months Ended | 9 Months Ended | ||||
Nov. 28, 2020USD ($)line_of_credit | Nov. 30, 2019USD ($) | Nov. 28, 2020USD ($)line_of_credit | Nov. 30, 2019USD ($) | Jun. 19, 2020USD ($) | Feb. 29, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||
Number of uncommitted lines of credit | line_of_credit | 2 | 2 | ||||
Senior Unsecured Notes and Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest expense | $ 15,900,000 | $ 18,200,000 | $ 55,800,000 | $ 54,600,000 | ||
Revolving Credit Facility [Member] | New Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity per line | 250,000,000 | $ 250,000,000 | ||||
Debt instrument term (in years) | 5 years | |||||
Proceeds used to refinance borrowings | $ 236,400,000 | |||||
Revolving Credit Facility [Member] | ABL Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity per line | 850,000,000 | |||||
Expansion feature aggregate amount (up to) | $ 375,000,000 | |||||
Loans outstanding | 0 | $ 0 | ||||
Outstanding letters of credit | 138,100,000 | 138,100,000 | ||||
Percentage of eligible credit card receivables upon satisfaction | 90.00% | |||||
Percentage of eligible inventory upon satisfaction | 90.00% | |||||
Aggregate amount of unrestricted cash and cash equivalents | $ 100,000,000 | |||||
Aggregate principal amount | $ 600,000,000 | |||||
Revolving Credit Facility [Member] | ABL Facility [Member] | LIBOR and CDOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum interest rate margin | 1.00% | |||||
Interest rate margin deemed | 1.00% | |||||
Revolving Credit Facility [Member] | ABL Facility [Member] | LIBOR and CDOR [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 2.25% | |||||
Revolving Credit Facility [Member] | ABL Facility [Member] | LIBOR and CDOR [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 2.75% | |||||
Revolving Credit Facility [Member] | ABL Facility [Member] | Alternate Base Rate and Canadian Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum interest rate margin | 2.00% | |||||
Interest rate margin deemed | 2.00% | |||||
Revolving Credit Facility [Member] | ABL Facility [Member] | Alternate Base Rate and Canadian Prime Rate [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 1.25% | |||||
Revolving Credit Facility [Member] | ABL Facility [Member] | Alternate Base Rate and Canadian Prime Rate [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 1.75% | |||||
Uncommitted Lines of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity per line | 100,000,000 | 100,000,000 | ||||
Other Assets [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing costs | $ 6,800,000 | $ 6,800,000 | $ 300,000 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) shares in Thousands | Oct. 28, 2020 | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Dec. 11, 2020 |
Share Repurchases [Line Items] | |||||||
Share repurchase program authorized amount | $ 12,625,000,000 | $ 12,625,000,000 | $ 12,625,000,000 | ||||
Repurchase of common stock, including fees | 97,086,000 | $ 99,132,000 | |||||
Shares repurchased | 100 | 6,800 | 222,300 | ||||
Accelerated share repurchase program | (225,000,000) | 225,000,000 | |||||
Remaining authorized share repurchase amount under program | 1,800,000,000 | 1,800,000,000 | $ 1,800,000,000 | ||||
Total cost of common stock repurchased | $ 1,667,000 | $ 1,165,000 | 4,701,000 | $ 99,132,000 | $ 10,800,000,000 | ||
Total cash dividends paid | $ 23,063,000 | $ 64,340,000 | |||||
Taxes on Vested Awards [Member] | |||||||
Share Repurchases [Line Items] | |||||||
Shares repurchased | 100 | 600 | |||||
Total cost of common stock repurchased | $ 1,700,000 | $ 4,700,000 | |||||
Treasury Stock [Member] | |||||||
Share Repurchases [Line Items] | |||||||
Shares repurchased | 101 | 87 | 614 | 6,767 | |||
Accelerated share repurchase program | $ (92,385,000) | $ (92,385,000) | |||||
Total cost of common stock repurchased | 1,667,000 | $ 1,165,000 | 4,701,000 | $ 99,132,000 | |||
Additional Paid-in Capital [Member] | |||||||
Share Repurchases [Line Items] | |||||||
Accelerated share repurchase program | $ (132,615,000) | $ (132,615,000) | |||||
Accelerated Share Repurchase Program 3Q2020 [Member] | |||||||
Share Repurchases [Line Items] | |||||||
Repurchase of common stock, including fees | $ 225,000,000 | ||||||
Shares repurchased | 4,500 | ||||||
Accelerated Share Repurchase Program 3Q2020 [Member] | Treasury Stock [Member] | |||||||
Share Repurchases [Line Items] | |||||||
Shares repurchased | 92,400 | ||||||
Accelerated Share Repurchase Program 3Q2020 [Member] | Additional Paid-in Capital [Member] | |||||||
Share Repurchases [Line Items] | |||||||
Accelerated share repurchase program | $ (132,600,000) | ||||||
Subsequent Event [Member] | |||||||
Share Repurchases [Line Items] | |||||||
Share repurchase program authorized amount | $ 12,775,000,000 | ||||||
Subsequent Event [Member] | Accelerated Share Repurchase Program 4Q2020 [Member] | |||||||
Share Repurchases [Line Items] | |||||||
Share repurchase program authorized amount | $ 150,000,000 |
Stock-Based Compensation - Text
Stock-Based Compensation - Textual (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Stock-based compensation expense | $ 7.2 | $ 4.7 | $ 23.1 | $ 36.1 |
Stock-based compensation expense, after tax | $ 3.8 | $ 3.8 | $ 12.5 | $ 29.6 |
Stock-based compensation expense, after tax, per diluted share | $ 0.03 | $ 0.03 | $ 0.10 | $ 0.24 |
Stock-based compensation cost capitalized | $ 0.6 | $ 0.7 |
Stock-Based Compensation - Ince
Stock-Based Compensation - Incentive Compensation Plans Textual (Details) shares in Millions | 9 Months Ended |
Nov. 28, 2020installmentshares | |
2018 Incentive Compensation Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common shares authorized for issuance (in shares) | shares | 4.6 |
2012 Incentive Compensation Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common shares authorized for issuance (in shares) | shares | 43.2 |
Share-based Payment Arrangement, Option [Member] | 2012 and 2018 Incentive Compensation Plans [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Service period from date of grant | 1 year |
Share-based Payment Arrangement, Option [Member] | 2012 and 2018 Incentive Compensation Plans [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of equal annual installments | 3 |
Share-based Payment Arrangement, Option [Member] | 2012 and 2018 Incentive Compensation Plans [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of equal annual installments | 5 |
Restricted Stock Awards [Member] | 2012 and 2018 Incentive Compensation Plans [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Service period from date of grant | 1 year |
Restricted Stock Awards [Member] | 2012 and 2018 Incentive Compensation Plans [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of equal annual installments | 5 |
Service period from date of grant | 1 year |
Restricted Stock Awards [Member] | 2012 and 2018 Incentive Compensation Plans [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of equal annual installments | 7 |
Service period from date of grant | 3 years |
Performance Stock Units [Member] | 2012 and 2018 Incentive Compensation Plans [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Performance Stock Units [Member] | 2012 and 2018 Incentive Compensation Plans [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 4 years |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Textual (Details) - Share-based Payment Arrangement, Option [Member] - 2012 and 2018 Incentive Compensation Plans [Member] | 9 Months Ended |
Nov. 28, 2020installmentshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Service period from date of grant | 1 year |
Share-based compensation arrangement by share-based payment award, expiration period (in years) | 8 years |
Number of stock options forfeited | shares | 822,633 |
Number of stock options outstanding | shares | 0 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of equal annual installments | installment | 3 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of equal annual installments | installment | 5 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Textual (Details) - Restricted Stock Awards [Member] - 2012 and 2018 Incentive Compensation Plans [Member] $ in Millions | 9 Months Ended |
Nov. 28, 2020USD ($)installment | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Service period from date of grant | 1 year |
Unrecognized compensation expense related to unvested restricted stock awards | $ | $ 29 |
Period for recognition, weighted average period (in years) | 3 years |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of equal annual installments | 5 |
Service period from date of grant | 1 year |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of equal annual installments | 7 |
Service period from date of grant | 3 years |
Stock-Based Compensation - Chan
Stock-Based Compensation - Changes in the Company's Restricted Stock (Details) - Restricted Stock Awards [Member] shares in Thousands | 9 Months Ended |
Nov. 28, 2020$ / sharesshares | |
Number of Restricted Shares | |
Unvested shares, beginning of period (in shares) | shares | 2,445 |
Granted (in shares) | shares | 95 |
Vested (in shares) | shares | (580) |
Forfeited (in shares) | shares | (638) |
Unvested shares, end of period (in shares) | shares | 1,322 |
Weighted Average Grant-Date Fair Value | |
Unvested shares, Weighted Average Grant Date Fair Value, beginning of period (in dollars per share) | $ / shares | $ 35.50 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 8.09 |
Vested, Weighted Average Grant Date Fair Value ( in dollars per share) | $ / shares | 42.74 |
Forfeited, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares | 32.96 |
Unvested shares, Weighted Average Grant Date Fair Value, end of period (in dollars per share) | $ / shares | $ 31.58 |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock Units Textual (Details) - 2012 and 2018 Incentive Compensation Plans [Member] - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Millions | 9 Months Ended |
Nov. 28, 2020USD ($)installment$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | shares | 2,233,531 |
Weighted average grant-date fair value (in dollars per share) | $ / shares | $ 13.90 |
Unrecognized compensation expense related to unvested restricted stock | $ | $ 27.7 |
Period for recognition, weighted average period (in years) | 2 years 8 months 12 days |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of equal annual installments | 1 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of equal annual installments | 3 |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Stock Units Textual (Details) - 2012 and 2018 Incentive Compensation Plans [Member] - Performance Stock Units [Member] $ in Millions | 9 Months Ended |
Nov. 28, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance period (in years) | 3 years |
Unrecognized compensation expense | $ 6.9 |
Period for recognition, weighted average period (in years) | 2 years 7 months 6 days |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance period (in years) | 1 year |
Vesting period (in years) | 3 years |
Target award percentage | 0.00% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 4 years |
Target award percentage | 150.00% |
Stock-Based Compensation - Mont
Stock-Based Compensation - Monte Carlo Simulation Assumptions (Details) - Performance Stock Units [Member] | 9 Months Ended |
Nov. 28, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk Free Interest Rate | 0.26% |
Expected Dividend Yield | 0.00% |
Expected Volatility | 51.45% |
Expected Term | 3 years |
Stock-Based Compensation - Ch_2
Stock-Based Compensation - Changes in the Company's Performance Stock Units (Details) - Performance Stock Units [Member] shares in Thousands | 9 Months Ended |
Nov. 28, 2020$ / sharesshares | |
Number of Performance Stock Units | |
Unvested shares, beginning of period (in shares) | shares | 1,414 |
Granted (in shares) | shares | 647 |
Vested (in shares) | shares | (344) |
Forfeited or performance condition adjustments, (in shares) | shares | (249) |
Unvested shares, end of period (in shares) | shares | 1,468 |
Weighted Average Grant-Date Fair Value | |
Unvested shares, Weighted Average Grant Date Fair Value, beginning of period (in dollars per share) | $ / shares | $ 21.57 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 12.17 |
Vested, Weighted Average Grant Date Fair Value ( in dollars per share) | $ / shares | 37.50 |
Forfeited or performance condition adjustments, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares | 17.96 |
Unvested shares, Weighted Average Grant Date Fair Value, end of period (in dollars per share) | $ / shares | $ 14.31 |
Stock-Based Compensation - Indu
Stock-Based Compensation - Inducement Awards Textual (Details) - USD ($) $ in Millions | Nov. 04, 2019 | Nov. 28, 2020 |
Restricted Stock Units (RSUs) [Member] | Inducement Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 578,753 | 816,000 |
Unrecognized compensation expense | $ 5.5 | |
Period for recognition, weighted average period (in years) | 2 years | |
Performance Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 647,000 | |
Performance Stock Units [Member] | Inducement Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 273,735 | |
Unrecognized compensation expense | $ 1.7 | |
Period for recognition, weighted average period (in years) | 10 months 24 days |
Stock-Based Compensation - Ch_3
Stock-Based Compensation - Changes in RSUs Granted as Inducement Awards (Details) - Restricted Stock Units (RSUs) [Member] - Inducement Awards [Member] - $ / shares | Nov. 04, 2019 | Nov. 28, 2020 |
Number of Restricted Stock Units | ||
Unvested shares, beginning of period (in shares) | 579,000 | |
Granted (in shares) | 578,753 | 816,000 |
Vested (in shares) | (446,000) | |
Forfeited (in shares) | 0 | |
Unvested shares, end of period (in shares) | 949,000 | |
Weighted Average Grant-Date Fair Value | ||
Unvested shares, Weighted Average Grant Date Fair Value, beginning of period (in dollars per share) | $ 13.65 | |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 6.33 | |
Vested, Weighted Average Grant Date Fair Value ( in dollars per share) | 13.65 | |
Forfeited, Weighted Average Grant-Date Fair Value (in dollars per share) | 0 | |
Unvested shares, Weighted Average Grant Date Fair Value, end of period (in dollars per share) | $ 7.36 |
Earnings per Share (Details Tex
Earnings per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive stock-based awards excluded from computation of diluted earnings per share (in shares) | 1.3 | 5 | 2.3 | 6.2 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | $ 5.1 | $ 40.2 |
Interest payments | 44.4 | 42.8 |
Accrual for capital expenditures | 16.2 | 21.9 |
Accrual for dividends payable | $ 2.6 | $ 27 |
Restructuring Activities (Detai
Restructuring Activities (Details) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | |
Nov. 28, 2020USD ($)store | Aug. 29, 2020USD ($)position | Feb. 27, 2021store | Nov. 28, 2020USD ($) | Feb. 29, 2020USD ($) | Jul. 06, 2022store | |
Fiscal 2020 Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Pre-tax restructuring charges | $ 30.7 | $ 61.6 | ||||
Initiated store closing activities (more than) | store | 70 | |||||
Workforce reduction (number of positions) | position | 2,800 | |||||
Fiscal 2020 Restructuring Charges [Member] | Forecast [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Stores expected to close | store | 120 | 200 | ||||
Fiscal 2020 Restructuring Charges [Member] | Other Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Transformation costs | $ 8.4 | 16.2 | ||||
Fiscal 2020 Restructuring Charges [Member] | Workforce Reduction [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | $ 23.1 | |||||
Fiscal 2020 Restructuring Charges [Member] | Network Optimization Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Pre-tax restructuring charges | 13.9 | 13.9 | ||||
Severance costs | 5.3 | 5.3 | ||||
Lease-related costs | 3.1 | 3.1 | ||||
Fiscal 2019 Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Pre-tax restructuring charges | $ 102.5 | |||||
Restructuring accrual | $ 20.1 | 20.1 | $ 73.4 | |||
Restructuring charges paid | $ 52.2 |
Assets Held for Sale and Dive_2
Assets Held for Sale and Divestitures (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Feb. 27, 2021 | Oct. 24, 2020 | Aug. 03, 2020 | Feb. 14, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss (gain) on sale of businesses | $ 113,909,000 | $ 0 | $ (75,619,000) | $ 0 | ||||
PMall [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Sale price | $ 244,800,000 | |||||||
Proposed sale price | $ 245,000,000 | $ 252,000,000 | ||||||
Loss (gain) on sale of businesses | (189,500,000) | |||||||
Christmas Tree Shops [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Sale price | 233,800,000 | 233,800,000 | ||||||
Loss (gain) on sale of businesses | 51,100,000 | 51,100,000 | ||||||
Linen Holdings [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Sale price | $ 11,900,000 | |||||||
Loss (gain) on sale of businesses | 62,800,000 | 62,800,000 | ||||||
Cost Plus World Market [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Remeasurement charge | $ 54,000,000 | $ 54,000,000 | ||||||
Cost Plus World Market [Member] | Subsequent Event [Member] | Forecast [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Sale price | $ 110,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | May 12, 2019 | Nov. 28, 2020 | Feb. 29, 2020 | Apr. 21, 2020 |
Related Party Transaction [Line Items] | ||||
Settlement payment | $ 1,500,000 | |||
Amount to refine compliance program over next 36 months | $ 171,000 | |||
Co-Founders [Member] | ||||
Related Party Transaction [Line Items] | ||||
Supplemental pension payments specified per year | $ 200,000 | |||
Percentage of base salary | 50.00% | |||
Payment term (in years) | 10 years | |||
Transition costs | $ 36,800,000 |