0001564590-20-041539 | 10-Q | XBRL Viewer

Document and Entity Information	6 Months Ended
Document and Entity Information	Aug. 01, 2020 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 01, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	BURL
Entity Registrant Name	BURLINGTON STORES, INC.
Entity Central Index Key	0001579298
Current Fiscal Year End Date	--01-30
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	66,163,573
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36107
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0895227
Entity Address, Address Line One	2006 Route 130 North
Entity Address, City or Town	Burlington
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08016
City Area Code	609
Local Phone Number	387-7800
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statements of (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
REVENUES:
Net sales	$ 1,009,882	$ 1,656,363	$ 1,807,877	$ 3,284,910
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Other revenue	$ 2,446	$ 5,659	$ 5,974	$ 11,306
Total revenue	1,012,328	1,662,022	1,813,851	3,296,216
COSTS AND EXPENSES:
Cost of sales	547,550	970,421	1,329,734	1,931,739
Selling, general and administrative expenses	491,598	531,843	976,686	1,049,221
Costs related to debt issuances and amendments		7	4,352	(375)
Depreciation and amortization	54,404	52,261	108,694	102,902
Impairment charges - long-lived assets	1,077		3,001
Other income - net	(824)	(1,663)	(2,946)	(3,754)
Loss on extinguishment of debt			202
Interest expense	28,359	13,435	43,052	26,805
Total costs and expenses	1,122,164	1,566,304	2,462,775	3,106,538
(Loss) income before income tax (benefit) expense	(109,836)	95,718	(648,924)	189,678
Income tax (benefit) expense	(63,055)	11,151	(268,415)	27,346
Net (loss) income	$ (46,781)	$ 84,567	$ (380,509)	$ 162,332
Net income per common stock - basic	$ (0.71)	$ 1.28	$ (5.79)	$ 2.46
Net income per common stock - diluted	$ (0.71)	$ 1.26	$ (5.79)	$ 2.40
Weighted average number of common stock - basic	65,947	65,918	65,760	66,011
Weighted average number of common stock - diluted	65,947	67,274	65,760	67,502

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (46,781)	$ 84,567	$ (380,509)	$ 162,332
Interest rate derivative contracts:
Net unrealized losses arising during the period	(1,982)	(10,222)	(11,591)	(13,494)
Reclassification into earnings during the period	2,049	150	3,157	(35)
Other comprehensive income (loss), net of tax	67	(10,072)	(8,434)	(13,529)
Total comprehensive (loss) income	$ (46,714)	$ 74,495	$ (388,943)	$ 148,803

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Current assets:
Cash and cash equivalents	$ 1,077,146	$ 403,074	$ 97,207
Restricted cash and cash equivalents	6,582	6,582	21,882
Accounts receivable—net	50,255	91,508	98,201
Merchandise inventories	607,554	777,248	823,787
Assets held for disposal		2,261
Prepaid and other current assets	150,253	136,698	144,832
Total current assets	1,891,790	1,417,371	1,185,909
Property and equipment—net	1,431,476	1,403,173	1,317,562
Operating lease assets	2,456,919	2,397,111	2,160,828
Tradenames	238,000	238,000	238,000
Favorable leases—net	634	731	829
Goodwill	47,064	47,064	47,064
Deferred tax assets	4,678	4,678	4,125
Other assets	299,373	85,731	92,120
Total assets	6,369,934	5,593,859	5,046,437
Current liabilities:
Accounts payable	492,349	759,107	690,597
Current operating lease liabilities	277,211	302,185	277,411
Other current liabilities	451,877	397,032	344,584
Current maturities of long term debt	3,760	3,577	3,176
Total current liabilities	1,225,197	1,461,901	1,315,768
Long term debt	2,161,166	1,001,723	1,079,775
Long term operating lease liabilities	2,390,344	2,322,000	2,069,613
Other liabilities	113,580	97,798	94,601
Deferred tax liabilities	217,387	182,288	171,543
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value: authorized: 50,000,000 shares; no shares issued and outstanding
Common stock, $0.0001 par value: Authorized: 500,000,000 shares; Issued: 80,414,151 shares, 79,882,506 shares and 79,605,368 shares, respectively; Outstanding: 66,163,573 shares, 65,929,972 shares and 66,270,608 shares, respectively	7	7	7
Additional paid-in-capital	1,770,091	1,587,146	1,545,185
Accumulated (deficit) earnings	(175,712)	204,797	(97,987)
Accumulated other comprehensive loss	(27,394)	(18,960)	(17,142)
Treasury stock, at cost	(1,304,732)	(1,244,841)	(1,114,926)
Total stockholders' equity	262,260	528,149	315,137
Total liabilities and stockholders' equity	$ 6,369,934	$ 5,593,859	$ 5,046,437

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Statement Of Financial Position [Abstract]
Preferred Stock, Par Value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred Stock, Authorized	50,000,000	50,000,000	50,000,000
Preferred Stock, Issued	0	0	0
Preferred Stock, Outstanding	0	0	0
Common Stock, Par Value	$ 0.0001	$ 0.0001	$ 0.0001
Common Stock, Authorized	500,000,000	500,000,000	500,000,000
Common Stock, Shares Issued	80,414,151	79,882,506	79,605,368
Common Stock, Shares Outstanding	66,163,573	65,929,972	66,270,608

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

6 Months Ended

Aug. 01, 2020

Aug. 03, 2019

OPERATING ACTIVITIES

Net (loss) income

$ (380,509)

$ 162,332

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities

Depreciation and amortization

108,694

102,902

Impairment charges—long-lived assets

3,001

Amortization of deferred financing costs

1,786

641

Accretion of long term debt instruments

9,146

406

Deferred income taxes

(5,923)

(1,817)

Non-cash loss on extinguishment of debt

202

Non-cash stock compensation expense

^[1]

30,045

20,974

Non-cash lease expense

1,226

7,318

Cash received from landlord allowances

12,825

23,427

Changes in assets and liabilities:

Accounts receivable

59,304

(22,754)

Merchandise inventories

169,694

129,890

Prepaid and other current assets

(13,553)

(21,729)

Accounts payable

(269,750)

(158,675)

Other current liabilities

10,131

(16,189)

Other long term assets and long term liabilities

(216,888)

1,829

Other operating activities

7,539

868

Net cash (used in) provided by operating activities

(473,030)

229,423

INVESTING ACTIVITIES

Cash paid for property and equipment

(133,722)

(163,480)

Lease acquisition costs

(459)

Other investing activities

(395)

(44)

Net cash (used in) investing activities

(134,117)

(163,983)

FINANCING ACTIVITIES

Proceeds from long term debt—Convertible Note

805,000

Proceeds from long term debt—Secured Note

300,000

Purchase of treasury shares

(59,891)

(193,165)

Proceeds from stock option exercises

20,984

15,216

Deferred financing costs

(28,815)

Other financing activities

(6,059)

542

Net cash provided by (used in) financing activities

1,281,219

(80,507)

Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

674,072

(15,067)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

409,656

134,156

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

1,083,728

119,089

Supplemental disclosure of cash flow information:

Interest paid

17,722

25,461

Income tax payments - net

8,754

70,628

Non-cash investing activities:

Accrued purchases of property and equipment

60,693

47,754

ABL senior secured revolving facility

FINANCING ACTIVITIES

Proceeds from long term debt

400,000

1,053,500

Principal payments on long term debt

$ (150,000)

$ (956,600)

[1]

The amounts presented in the table above exclude taxes. For the three and six month periods ended August 1, 2020, the tax benefit related to the Company’s non-cash stock compensation was approximately $2.2 million and $6.0 million, respectively. For the three and six month periods ended August 3, 2019, the tax benefit related to the Company’s non-cash stock compensation was approximately $2.9 million and $5.2 million, respectively.

Summary of Significant Accounting Policies

6 Months Ended

Aug. 01, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Basis of Presentation

As of August 1, 2020, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 739 retail stores.

These unaudited Condensed Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The Condensed Consolidated Financial Statements are unaudited, but in the opinion of management reflect all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of operations for the interim periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2020 (Fiscal 2019 10-K). The balance sheet at February 1, 2020 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2019 10-K. Because of the COVID-19 pandemic discussed below, and because the Company’s business is seasonal in nature, the operating results for the three and six month periods ended August 1, 2020 are not necessarily indicative of results for the fiscal year.

Accounting policies followed by the Company are described in Note 1, “Summary of Significant Accounting Policies,” included in Part II, Item 8 of the Fiscal 2019 10-K.

Fiscal Year

The Company defines its fiscal year as the 52- or 53-week period ending on the Saturday closest to January 31. The current fiscal year ending January 30, 2021 (Fiscal 2020) and the prior fiscal year ended February 1, 2020 (Fiscal 2019) both consist of 52 weeks.

COVID-19

On March 11, 2020, the World Health Organization declared the novel coronavirus (known as COVID-19) outbreak to be a global pandemic. As a result, the Company began the temporary closing of some of its stores, and effective March 22, 2020, it made the decision to temporarily close all of its stores, distribution centers (other than sporadic processing of received inventory) and corporate offices to combat the rapid spread of COVID-19.

These developments have caused significant disruptions to the Company’s business and have had a significant adverse impact on its financial condition, results of operations and cash flows, the continuing extent of which will be primarily based on a variety of factors, including the timing and extent of any recovery in traffic and consumer spending at the Company’s stores, as well as any future required store closures because of COVID-19 resurgences. The Company began reopening stores on May 11, 2020, with the majority of stores, as well as all distribution centers, re-opened by mid-June 2020, and substantially all stores re-opened by the end of the second quarter. However, the Company is currently unable to determine whether, when or how the conditions surrounding the COVID-19 pandemic will change, including the impact that social distancing protocols will have on the Company’s operations, the degree to which the Company’s customers will patronize its stores and any impact from potential subsequent additional outbreaks, including additional temporary store closures.

In response to the COVID-19 pandemic and the temporary closing of stores, the Company provided two weeks of financial support to associates impacted by these store closures and by the shutdown of distribution centers. The Company temporarily furloughed most store and distribution center associates, as well as some corporate associates, but continued to provide benefits to furloughed associates, including paying 100% of their current medical benefit premiums. As of August 1, 2020, the Company has recalled all furloughed associates at its re-opened stores, as well as its corporate and distribution facilities.

In order to maintain maximum financial flexibility during these uncertain times, the Company completed several debt transactions in the first quarter of Fiscal 2020. In March 2020, the Company borrowed $400 million on its existing $600 million senior

secured asset-based revolving credit facility (the ABL Line of Credit), $150 million of which was repaid during the second quarter. In April 2020, the Company issued $805 million of 2.25% Convertible Senior Notes due 2025 (the Convertible Notes), and BCFWC issued $300 million of 6.25% Senior Secured Notes due 2025 (the Secured Notes). Refer to Note 4, “Long Term Debt,” for further discussion regarding these debt transactions.

Additionally, the Company took the following steps to further enhance its financial flexibility:

•

Carefully managed operating expenses, working capital and capital expenditures, including ceasing substantially all buying activity while stores were closed. The Company has subsequently resumed its buying activities, while continuing its conservative approach toward operating expenses and capital expenditures.

•

Negotiated rent deferral agreements with landlords.

•

Suspended the Company’s share repurchase program.

•

The Company’s CEO voluntarily agreed to not take a salary; the Company’s board of directors voluntarily forfeited their cash compensation; the Company’s executive leadership team voluntarily agreed to decrease their salary by 50%, and smaller salary reductions were temporarily put in place for all employees through a certain level. This compensation has been reinstated now that substantially all of the Company’s stores have reopened.

•

The annual incentive bonus payments related to Fiscal 2019 performance were delayed to the second quarter of Fiscal 2020, and merit pay increases for Fiscal 2020 were delayed to the third quarter of Fiscal 2020.

Due to the aging of inventory related to the temporary store closures discussed above, as well as the impact of seasonality on the Company’s merchandise, the Company recognized inventory markdown reserves of $271.9 million during the three month period ended May 2, 2020. These reserves covered markdowns taken during the second quarter of Fiscal 2020. These charges were included in “Cost of sales” on the Company’s Condensed Consolidated Statement of (Loss) Income.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law, which provides emergency economic assistance for American workers, families and businesses affected by the COVID-19 pandemic. The economic relief package includes government loan enhancement programs and various tax provisions to help improve liquidity for American businesses. Based on the Company’s evaluation of the CARES Act, the Company believes that it qualifies for certain employer refundable payroll credits, deferral of applicable payroll taxes, net operating loss (NOL) carrybacks and immediate expensing for eligible qualified improvement property. The Company recorded a tax benefit of $24.8 million and $87.3 million in its effective income tax rate for the three and six month periods ended August 1, 2020, respectively, for the increased benefit from NOL carrybacks to earlier years when the tax rate was higher than the current year. The Company estimates that it will obtain a tax refund of $221.2 million from the carryback of federal NOLs, which is included in the line item “Other assets” on the Company’s Condensed Consolidated Balance Sheet. Refer to Note 8, “Income Taxes” for further discussion.

The Company could experience other potential adverse impacts as a result of the COVID-19 pandemic, including, but not limited to, charges from adjustments to the carrying amount of goodwill and other intangible assets or long-lived asset impairment charges. In addition, the negative impacts of the COVID-19 pandemic may result in further changes in the amount of valuation allowance required. Actual results may differ materially from the Company’s current estimates as the scope of the COVID-19 pandemic evolves, depending largely, though not exclusively, on the duration and extent of the disruption to its business.

Recently Adopted Accounting Standards

Reference Rate Reform

On March 12, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which aims to address accounting consequences that could result from the global markets’ anticipated transition away from the use of the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The optional amendments are effective for all entities as of March 12, 2020, through December 31, 2022. The Company intends to elect to apply certain of the optional expedients when evaluating the impact of reference rate reform on its debt and derivative instruments that reference LIBOR.

Intangible Assets

On January 26, 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment,” which aims to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, goodwill impairment will be measured as the amount by which the carrying value exceeds the fair value. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The new guidance became effective for the Company as of the beginning of Fiscal 2020. Adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements and notes thereto.

In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This ASU requires that implementation costs incurred in a hosting arrangement that is a service contract be assessed in accordance with the existing guidance in Subtopic 350-40, “Internal-Use Software.” Accordingly, costs incurred during the preliminary project stage must be expensed as incurred, while costs incurred during the application development stage must be capitalized. Capitalized implementation costs associated with a hosting arrangement that is a service contract must be expensed over the term of the hosting arrangement. Additionally, the new guidance requires that the expense of these capitalized costs be presented in the same line item in the statements of income as the fees associated with the hosting element of the arrangement. The new guidance became effective for the Company as of the beginning of Fiscal 2020. Adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements and notes thereto.

Pending Accounting Standards

Convertible Debt

On August 5, 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments. The new guidance removes from GAAP the separation models for convertible debt with a cash conversion feature. As a result, after adopting the guidance, entities will no longer separately present imbedded conversion features in equity, and will instead account for the convertible debt wholly as debt. Among other things, the new guidance also requires use of the if-converted method when calculating the dilutive impact of convertible debt on earnings per share. The new guidance will be effective for fiscal years beginning after December 15, 2021 and interim periods within those years, and may be early adopted for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. Entities can elect either the full or modified retrospective method of adoption.

While the Company is still in the process of determining the impact of adopting this guidance, it does anticipate that the new guidance will have a material impact on its consolidated financial statements and notes thereto. The Company anticipates a significant reclassification from equity to debt, as well as a reduction in interest expense, due to eliminating the amortization of the debt discount. Additionally, this guidance may cause a change to our diluted share count in certain periods.

There were no other new accounting standards that had a material impact on the Company’s Condensed Consolidated Financial Statements and notes thereto during the three and six month periods ended August 1, 2020, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of August 1, 2020 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective.

Stockholders’ Equity

6 Months Ended

Aug. 01, 2020

Stockholders Equity Note [Abstract]

Stockholders’ Equity

2. Stockholders’ Equity

Activity for the three and six month periods ended August 1, 2020 and August 3, 2019 in the Company’s stockholders’ equity are summarized below:

	(in thousands, except share data)
	Common Stock				Additional Paid-in		Accumulated			Accumulated Other Comprehensive			Treasury Stock
	Shares		Amount		Capital		Earnings (Deficit)			Loss			Shares			Amount			Total
Balance at February 1, 2020		79,882,506	$	7	$	1,587,146	$	204,797		$	(18,960	)		(13,952,534	)	$	(1,244,841	)	$	528,149
Net loss		—		—		—		(333,728	)		—			—			—			(333,728	)
Stock options exercised		180,950		—		1,454		—			—			—			—			1,454
Shares used for tax withholding		—		—		—		—			—			(41,363	)		(7,383	)		(7,383	)
Shares purchased as part of publicly announced programs		—		—		—		—			—			(243,573	)		(50,158	)		(50,158	)
Vesting of restricted shares, net of forfeitures of 4,166 restricted shares		20,715		—		—		—			—			—			—			—
Stock based compensation		—		—		17,352		—			—			—			—			17,352
Equity component of convertible notes issuance, net		—		—		131,916		—			—			—			—			131,916
Unrealized losses on interest rate derivative contracts, net of related tax benefit of $3.6 million		—		—		—		—			(9,609	)		—			—			(9,609	)
Amount reclassified into earnings, net of related taxes of $0.4 million		—		—		—		—			1,108			—			—			1,108
Balance at May 2, 2020		80,084,171		7		1,737,868		(128,931	)		(27,461	)		(14,237,470	)		(1,302,382	)		279,101
Net loss		—		—		—		(46,781	)		—			—			—			(46,781	)
Stock options exercised		324,500		—		19,530		—			—			—			—			19,530
Shares used for tax withholding		—		—		—		—			—			(13,108	)		(2,350	)		(2,350	)
Vesting of restricted shares, net of forfeitures of 2,499 restricted shares		5,480		—		—		—			—			—			—			—
Stock based compensation		—		—		12,693		—			—			—			—			12,693
Unrealized losses on interest rate derivative contracts, net of related tax benefit of $0.7 million		—		—		—		—			(1,982	)		—			—			(1,982	)
Amount reclassified into earnings, net of related taxes of $0.8 million		—		—		—		—			2,049			—			—			2,049
Balance at August 1, 2020		80,414,151	$	7	$	1,770,091	$	(175,712	)	$	(27,394	)		(14,250,578	)	$	(1,304,732	)	$	262,260

	(in thousands, except share data)
	Common Stock					Additional Paid-in		Accumulated			Accumulated Other Comprehensive			Treasury Stock
	Shares			Amount		Capital		Deficit			Loss			Shares			Amount			Total
Balance at February 2, 2019		79,224,669		$	7	$	1,508,996	$	(260,919	)	$	(3,613	)		(12,079,572	)	$	(921,761	)	$	322,710
Net income		—			—		—		77,765			—			—			—			77,765
Stock options exercised		110,493			—		1,821		—			—			—			—			1,821
Shares used for tax withholding		—			—		—		—			—			(45,447	)		(7,538	)		(7,538	)
Shares purchased as part of publicly announced programs		—			—		—		—			—			(841,460	)		(122,780	)		(122,780	)
Forfeiture of restricted shares, net of issuance of 1,759 restricted shares		(2,585	)		—		—		—			—			—			—			—
Stock based compensation		—			—		9,427		—			—			—			—			9,427
Unrealized losses on interest rate derivative contracts, net of related tax benefit of $1.3 million		—			—		—		—			(3,272	)		—			—			(3,272	)
Amount reclassified into earnings, net of related taxes of $0.1 million		—			—		—		—			(185	)		—			—			(185	)
Cumulative-effect adjustment		—			—		—		600			—			—			—			600
Balance at May 4, 2019		79,332,577			7		1,520,244		(182,554	)		(7,070	)		(12,966,479	)		(1,052,079	)		278,548
Net income		—			—		—		84,567			—			—			—			84,567
Stock options exercised		280,955			—		13,394		—			—			—			—			13,394
Shares used for tax withholding		—			—		—		—			—			(67,539	)		(11,521	)		(11,521	)
Shares purchased as part of publicly announced programs		—			—		—		—			—			(300,742	)		(51,326	)		(51,326	)
Forfeiture of restricted shares		(8,164	)		—		—		—			—			—			—			—
Stock based compensation		—			—		11,547		—			—			—			—			11,547
Unrealized losses on interest rate derivative contracts, net of related tax benefit of $3.9 million		—			—		—		—			(10,222	)		—			—			(10,222	)
Amount reclassified into earnings, net of related taxes of $0.1 million		—			—		—		—			150			—			—			150
Balance at August 3, 2019		79,605,368		$	7	$	1,545,185	$	(97,987	)	$	(17,142	)		(13,334,760	)	$	(1,114,926	)	$	315,137

Lease Commitments

6 Months Ended

Aug. 01, 2020

Leases [Abstract]

Lease Commitments

3. Lease Commitments

The Company’s leases primarily consist of stores, distribution facilities and office space under operating and finance leases that will expire principally during the next 30 years. The leases typically include renewal options at five year intervals and escalation clauses. Lease renewals are only included in the lease liability to the extent that they are reasonably assured of being exercised. The Company’s leases typically provide for contingent rentals based on a percentage of gross sales. Contingent rentals are not included in the lease liability, and they are recognized as variable lease cost when incurred.

As a result of the COVID-19 pandemic and the associated store closures discussed above, the Company worked with landlords to modify payment terms for certain leases. The FASB has provided relief under ASC 842, “Leases,” related to the COVID-19 pandemic. Under this relief, companies can make a policy election on how to treat lease concessions resulting directly from COVID-19, provided that the modified contracts result in total cash flows that are substantially the same or less than the cash flows in the original contract. The Company has made the policy election to account for lease concessions that result from the COVID-19 pandemic as if they were made as enforceable rights under the original contract. Additionally, the Company has elected to account for these concessions outside of the lease modification framework described under ASC 842. As a result, deferred payments related to these leases of $47.9 million are included in the line item “Other current liabilities” on the Company’s Condensed Consolidated Balance Sheet.

The following is a schedule of the Company’s future lease payments:

	(in thousands)
Fiscal Year	Operating Leases			Finance Leases
2020 (remainder)	$	190,025		$	3,081
2021		450,918			6,841
2022		433,387			7,513
2023		410,257			7,589
2024		373,917			7,417
2025		339,930			5,298
Thereafter		1,160,133			33,353
Total future minimum lease payments		3,358,567			71,092
Amount representing interest		(691,012	)		(22,244	)
Total lease liabilities		2,667,555			48,848
Less: current portion of lease liabilities		(277,211	)		(3,760	)
Total long term lease liabilities	$	2,390,344		$	45,088

Weighted average discount rate		5.4	%		6.9	%
Weighted average remaining lease term (years)		8.5			11.9

The above schedule excludes approximately $332.8 million for 51 stores that the Company has committed to open or relocate but has not yet taken possession of the space. The discount rates used in valuing the Company’s leases are not readily determinable, and are based on the Company’s incremental borrowing rate on a fully collateralized basis.

The following is a schedule of net lease costs for the periods indicated:

	(in thousands)
	Three Months Ended			Six Months Ended			Three Months Ended			Six Months Ended
	August 1, 2020			August 1, 2020			August 3, 2019			August 3, 2019
Finance lease cost:
Amortization of finance lease asset (a)	$	1,211		$	2,422		$	972		$	1,945
Interest on lease liabilities (b)		857			1,729			641			1,296
Operating lease cost (c)		109,592			218,565			101,504			202,428
Variable lease cost (c)		45,643			86,861			38,442			77,261
Total lease cost		157,303			309,577			141,559			282,930
Less all rental income(d)		(1,265	)		(2,513	)		(1,233	)		(2,473	)
Total net rent expense (e)	$	156,038		$	307,064		$	140,326		$	280,457

(a)	Included in the line item “Depreciation and amortization” in the Company’s Condensed Consolidated Statements of (Loss) Income.
(b)	Included in the line item “Interest expense” in the Company’s Condensed Consolidated Statements of (Loss) Income.
(c)	Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of (Loss) Income.
(d)	Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of (Loss) Income.
(e)	Excludes an immaterial amount of short-term lease cost.

Supplemental cash flow disclosures related to leases are as follows:

	(in thousands)
	Six Months Ended		Six Months Ended
	August 1, 2020		August 3, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (a)	$	169,391	$	198,287
Cash payments for the principal portion of finance lease liabilities (b)	$	1,743	$	1,407
Cash payments for the interest portion of finance lease liabilities (a)	$	1,729	$	1,296
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets	$	228,344	$	273,030

(a)	Included within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.
(b)	Included within financing activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Long Term Debt

6 Months Ended

Aug. 01, 2020

Debt Disclosure [Abstract]

Long Term Debt

4. Long Term Debt

Long term debt consists of:

	(in thousands)
	August 1,			February 1,			August 3,
	2020			2020			2019
$1,200,000 senior secured term loan facility (Term B-5 Loans), LIBOR (with a floor of 0.00%) plus 1.75%, matures on November 17, 2024	$	958,025		$	957,505		$	957,099
$805,000 convertible senior notes, 2.25%, matures on April 15, 2025		633,076			—			—
$300,000 senior secured notes, 6.25%, matures on April 15, 2025		300,000			—			—
$600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures on June 29, 2023		250,000			—			96,900
Finance lease obligations		48,848			50,130			31,541
Unamortized deferred financing costs		(25,023	)		(2,335	)		(2,589	)
Total debt		2,164,926			1,005,300			1,082,951
Less: current maturities		(3,760	)		(3,577	)		(3,176	)
Long term debt, net of current maturities	$	2,161,166		$	1,001,723		$	1,079,775

Term Loan Facility

On February 26, 2020, the Company entered into Amendment No. 8 (the Eighth Amendment) to the Term Loan Credit Agreement governing its senior secured credit term loan facility (the Term Loan Facility). The Eighth Amendment, among other things, reduced the interest rate margins applicable to the Term Loan Facility from 1.00% to 0.75%, in the case of prime rate loans, and from 2.00% to 1.75%, in the case of LIBOR loans, with the LIBOR floor remaining at 0.00%. In connection with the execution of the Eighth Amendment, the Company incurred fees of $1.1 million, primarily related to legal and placement fees, which were recorded in the line item “Costs related to debt issuances and amendments” in the Company’s Condensed Consolidated Statement of (Loss) Income. Additionally, the Company recognized a non-cash loss on the extinguishment of debt of $0.2 million, representing the write-off of unamortized deferred financing costs and original issue discount, which was recorded in the line item “Loss on extinguishment of debt” in the Company’s Condensed Consolidated Statement of (Loss) Income.

At August 1, 2020 and August 3, 2019, the Company’s interest rate related to the Term Loan Facility was 1.9% and 4.3%, respectively.

Convertible Notes

On April 16, 2020, the Company issued $805 million of Convertible Notes. An aggregate of up to 3,656,149 shares of common stock may be issued upon conversion of the Convertible Notes, which number is subject to adjustment up to an aggregate of 4,844,410 shares following certain corporate events that occur prior to the maturity date or if the Company issues a notice of redemption, and which is also subject to certain anti-dilution adjustments.

The Convertible Notes are general unsecured obligations of the Company. The Convertible Notes bear interest at a rate of 2.25% per year, payable semi-annually in cash, in arrears, on April 15 and October 15 of each year, beginning on October 15, 2020. The Convertible Notes will mature on April 15, 2025, unless earlier converted, redeemed or repurchased.

Prior to the close of business on the business day immediately preceding January 15, 2025, the Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Convertible Notes have an initial conversion rate of 4.5418 shares per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $220.18 per share of the Company’s common stock), subject to adjustment if certain events occur. The initial conversion price represents a conversion premium of approximately 32.50% over $166.17 per share, the last reported sale price of the Company’s common stock on April 13, 2020 (the pricing date of the offering) on the New York Stock Exchange. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. The Company may not redeem the Convertible Notes prior to April 15, 2023. On or after April 15, 2023, the Company will be able to redeem for cash all or any portion of the Convertible Notes, at its option, if the last reported sale price of the Company’s common stock is equal to or greater than 130% of the conversion price for a specified period of time, at a redemption price equal to 100% of the principal

aggregate amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Holders of the Convertible Notes may require the Company to repurchase their Convertible Notes upon the occurrence of certain events that constitute a fundamental change under the indenture governing the Convertible Notes at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their Convertible Notes in connection with such corporate event or during the relevant redemption period for such Convertible Notes.

The Convertible Notes contain a cash conversion feature, and as a result, the Company has separated it into liability and equity components. The Company valued the liability component based on its borrowing rate for a similar debt instrument that does not contain a conversion feature. The equity component, which is recognized as a debt discount, was valued as the difference between the face value of the Convertible Notes and the fair value of the liability component.

In connection with the Convertible Notes issuance, the Company incurred deferred financing costs of $21.0 million, primarily related to fees paid to the bookrunners of the offering, as well as legal, accounting and rating agency fees. These costs were allocated on a pro rata basis, with $16.4 million allocated to the debt component and $4.6 million allocated to the equity component.

The debt discount and the debt portion of the deferred costs are being amortized to interest expense over the term of the Convertible Notes at an effective interest rate of 8.2%.

The Convertible Notes consist of the following components as of the periods indicated:

	(in thousands)
	August 1,			February 1,		August 3,
	2020			2020		2019
Liability component:
Principal	$	805,000		$	—	$	—
Unamortized debt discount		(171,924	)		—		—
Unamortized deferred debt costs		(15,571	)		—		—
Net carrying amount	$	617,505		$	—	$	—

Equity component, net	$	131,916		$	—	$	—

Interest expense related to the Convertible Notes consists of the following as of the periods indicated:

	(in thousands)
	Three Months Ended		Six Months Ended		Three Months Ended		Six Months Ended
	August 1, 2020		August 1, 2020		August 3, 2019		August 3, 2019
Coupon interest	$	4,513	$	5,356	$	—	$	—
Amortization of debt discount		7,387		8,753		—		—
Amortization of deferred debt costs		672		793		—		—
Convertible Notes interest expense	$	12,572	$	14,902	$	—	$	—

Secured Notes

On April 16, 2020, BCFWC issued $300 million of Secured Notes. The Secured Notes are senior, secured obligations of BCFWC, and interest is payable semiannually in cash, in arrears, at a rate of 6.25% per annum on April 15 and October 15 of each year, beginning on October 15, 2020. The Secured Notes are guaranteed on a senior secured basis by Burlington Coat Factory Holdings, LLC, Burlington Coat Factory Investments Holdings, Inc. and BCFWC’s subsidiaries that guarantee the loans under the Term Loan Facility. The Secured Notes mature on April 15, 2025, unless earlier redeemed or repurchased.

In connection with the Secured Notes issuance, the Company incurred deferred financing costs of $7.8 million, primarily related to fees paid to the bookrunners of the offering, as well as legal fees. These costs are being amortized to interest expense over the term of the Secured Notes. The Company incurred additional costs of $3.2 million, primarily related to legal fees, which are recorded in the line item, “Costs related to debt issuances and amendments” in the Company’s Condensed Consolidated Statement of (Loss) Income.

ABL Line of Credit

On March 17, 2020, the Company borrowed $400 million under the ABL Line of Credit as a precautionary measure in order to increase the Company’s cash position and facilitate financial flexibility in light of the uncertainty resulting from COVID-19. The Company repaid $150 million of this amount during the second quarter of Fiscal 2020.

At August 1, 2020, the Company had $120.4 million available under the ABL Line of Credit. The maximum borrowings under the ABL Line of Credit during the three and six month periods ended August 1, 2020 amounted to $400.0 million. Average borrowings during the three and six month periods ended August 1, 2020 amounted to $372.0 million and $289.3 million, respectively, at an average interest rate of 2.1% in both periods.

At August 3, 2019, the Company had $428.6 million available under the ABL Line of Credit. The maximum borrowings under the ABL Line of Credit during the three and six month periods ended August 3, 2019 amounted to $245.0 million and $255.0 million, respectively. Average borrowings during the three and six month periods ended August 3, 2019 amounted to $146.0 million and $146.7 million, respectively, at an average interest rate of 3.7% in both periods.

Derivative Instruments and Hedging Activities

6 Months Ended

Aug. 01, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

5. Derivative Instruments and Hedging Activities

The Company accounts for derivatives and hedging activities in accordance with ASC Topic No. 815, “Derivatives and Hedging” (Topic No. 815). As required by Topic No. 815, the Company records all derivatives on the balance sheet at fair value and adjusts to market on a quarterly basis. In addition, to comply with the provisions of ASC Topic No. 820, “Fair Value Measurements” (Topic No. 820), credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees. In accordance with Topic No. 820, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. There is no impact of netting, because the Company has only one derivative. The Company classifies its derivative valuations in Level 2 of the fair value hierarchy.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

As of August 1, 2020, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk:

Interest Rate Derivative

Number of

Instruments

Notional Aggregate

Principal Amount

Interest

Cap/Swap Rate

Maturity Date

Interest rate swap contract

One

$ 450.0 million

2.72%

December 29, 2023

Tabular Disclosure

The table below presents the fair value of the Company’s derivative financial instruments on a gross basis as well as their classification on the Company’s Condensed Consolidated Balance Sheets:

(in thousands)

Fair Values of Derivative Instruments

August 1, 2020

February 1, 2020

August 3, 2019

Derivatives Designated as Hedging Instruments

Balance

Sheet

Location

Fair

Value

Balance

Sheet

Location

Fair

Value

Balance

Sheet

Location

Fair

Value

Interest rate swap contract

Other liabilities

37,798

Other liabilities

26,220

Other liabilities

23,703

The following table presents the unrealized gains and losses deferred to accumulated other comprehensive loss resulting from the Company’s derivative financial instruments for each of the reporting periods.

	(in thousands)
	Three Months Ended						Six Months Ended
Interest Rate Derivatives:	August 1, 2020			August 3, 2019			August 1, 2020			August 3, 2019
Unrealized losses, before taxes	$	(2,730	)	$	(14,133	)	$	(15,894	)	$	(18,656	)
Income tax benefit		748			3,911			4,303			5,162
Unrealized losses, net of taxes	$	(1,982	)	$	(10,222	)	$	(11,591	)	$	(13,494	)

The following table presents information about the reclassification of gains and losses from accumulated other comprehensive loss into earnings related to the Company’s derivative instruments for each of the reporting periods.

	(in thousands)
	Three Months Ended						Six Months Ended
Component of Earnings:	August 1, 2020			August 3, 2019			August 1, 2020			August 3, 2019
Interest expense	$	2,820		$	200		$	4,352		$	(56	)
Income tax (benefit) expense		(771	)		(50	)		(1,195	)		21
Net reclassification into earnings	$	2,049		$	150		$	3,157		$	(35	)

The Company estimates that approximately $11.5 million will be reclassified from accumulated other comprehensive loss into interest expense during the next twelve months.

Accumulated Other Comprehensive Loss

6 Months Ended

Aug. 01, 2020

Equity [Abstract]

Accumulated Other Comprehensive Loss

6. Accumulated Other Comprehensive Loss

Amounts included in accumulated other comprehensive loss are recorded net of the related income tax effects. The following table details the changes in accumulated other comprehensive loss:

	(in thousands)
	Derivative Instruments
Balance at February 1, 2020	$	(18,960	)
Unrealized losses, net of related tax benefit of $4.3 million		(11,591	)
Amount reclassified into earnings, net of related taxes of $1.2 million		3,157
Balance at August 1, 2020	$	(27,394	)

Fair Value Measurements

6 Months Ended

Aug. 01, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. Fair Value Measurements

The Company accounts for fair value measurements in accordance with Topic No. 820, which defines fair value, establishes a framework for measurement and expands disclosure about fair value measurements. Topic No. 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price), and classifies the inputs used to measure fair value into the following hierarchy:

Level 1:

Quoted prices for identical assets or liabilities in active markets.

Level 2:

Quoted market prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3:

Pricing inputs that are unobservable for the assets and liabilities and include situations where there is little, if any, market activity for the assets and liabilities.

The inputs into the determination of fair value require significant management judgment or estimation.

The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments.

Refer to Note 5, “Derivative Instruments and Hedging Activities,” for further discussion regarding the fair value of the Company’s interest rate swap contract.

Financial Assets

The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of August 1, 2020, February 1, 2020 and August 3, 2019 are summarized below:

	(in thousands)
	Fair Value Measurements at
	August 1,		February 1,		August 3,
	2020		2020		2019
Level 1
Cash equivalents (including restricted cash)	$	1,001,253	$	369,733	$	22,527

Long-Lived Assets

Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of Topic No. 820. The fair value of the Company’s long-lived assets is generally calculated using discounted cash flows. During the three and six months ended August 1, 2020, the Company recorded impairment charges of $1.1 million and $3.0 million, respectively, primarily related to declines in revenues and operating results for five stores and ten stores, respectively. These costs were recorded in the line item “Impairment charges – long-lived assets” in the Company’s Condensed Consolidated Statements of (Loss) Income. All of the fixed assets for these ten stores were fully impaired and therefore had zero fair value as of August 1, 2020, and would be categorized as Level 3 in the fair value hierarchy described above. Two of these stores also had partially impaired lease assets, with an aggregate fair value of $0.7 million as of August 1, 2020, and are categorized as Level 3 in the fair value hierarchy described above.

Financial Liabilities

The fair values of the Company’s financial liabilities are summarized below:

	(in thousands)
	August 1, 2020				February 1, 2020				August 3, 2019
	Principal Amount		Fair Value		Principal Amount		Fair Value		Principal Amount		Fair Value
Term B-5 Loans	$	961,415	$	914,546	$	961,415	$	959,899	$	961,415	$	959,791
Convertible Notes		805,000		896,070		—		—		—		—
Secured Notes		300,000		319,875		—		—		—		—
ABL Line of Credit		250,000		250,000		—		—		96,900		96,900
Total debt (a)	$	2,316,415	$	2,380,491	$	961,415	$	959,899	$	1,058,315	$	1,056,691

(a)

The table above excludes finance lease obligations, debt discount and deferred debt costs.

The fair values presented herein are based on pertinent information available to management as of the respective period end dates. The estimated fair values of the Company’s debt are classified as Level 2 in the fair value hierarchy, and are based on current market quotes received from inactive markets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

6 Months Ended

Aug. 01, 2020

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

On March 27, 2020, the CARES Act was enacted into law. The CARES Act includes several significant business tax provisions that, among other things, would eliminate the taxable income limit for certain net operating losses (NOLs) and allow businesses to carry back NOLs arising in 2018, 2019, and 2020 to the five prior tax years, loosen the business interest limitation under section 163(j), and correct certain revisions made to qualified improvement property regulations enacted in the 2017 Tax Cuts and Jobs Act. As a result of the CARES Act, to the extent that there are taxable losses at the end of 2020, the Company estimates that it will be able to obtain a tax refund from the carryback of federal NOLs.

Income tax benefit was $268.4 million during the six month period ended August 1, 2020, compared with income tax expense of $27.3 million during the six month period ended August 3, 2019. The effective tax rate for the six month period ended August 1, 2020 was 41.4%, compared with 14.4% during the six month period ended August 3, 2019. The effective tax rate for the six month period ended August 1, 2020 differs from the federal statutory rate of 21% and is an increase over the prior year primarily due to the Company’s pretax loss and applying various provisions of the CARES Act, namely the benefit related to the carryback of federal NOLs in Fiscal 2020 to earlier tax years with higher tax rates than the current year, which represents a rate impact of 13.5%. Additionally, there was a 3.5% tax rate impact related to permanent benefits related to stock compensation.

Net deferred taxes are as follows:

	(in thousands)
	August 1,		February 1,		August 3,
	2020		2020		2019
Deferred tax asset	$	4,678	$	4,678	$	4,125
Deferred tax liability		217,387		182,288		171,543
Net deferred tax liability	$	212,709	$	177,610	$	167,418

Net deferred tax assets relate to Puerto Rico deferred balances that have a future net benefit for tax purposes. Net deferred tax liabilities primarily relate to intangible assets and depreciation expense where the Company has a future obligation for tax purposes. The increase in deferred tax liability is primarily attributable to the tax treatment of certain debt transactions entered into during the first quarter of Fiscal 2020.

As of August 1, 2020, the Company had a deferred tax asset related to net operating losses of $20.7 million, inclusive of $20.4 million related to state net operating losses that expire at various dates between 2021 and 2040, as well as $0.3 million related to Puerto Rico net operating losses that will expire in 2025.

As of August 1, 2020, the Company had a deferred tax asset related to tax credit carry-forwards of $11.1 million, inclusive of $1.4 million of federal tax credits, which will expire in 2040, and $8.3 million of state tax credit carry-forwards, which will begin to expire in 2021, and $1.4 million of deferred tax assets recorded for Puerto Rico alternative minimum tax credits that have an indefinite life.

As of August 1, 2020, February 1, 2020 and August 3, 2019, valuation allowances amounted to $11.5 million, $9.8 million and $9.2 million, respectively, related to state and Puerto Rico net operating losses and state tax credit carry-forwards. The Company believes that it is more likely than not that this portion of state and Puerto Rico net operating losses and state tax credit carry-forwards will not be realized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Capital Stock

6 Months Ended

Aug. 01, 2020

Capital Stock [Abstract]

Capital Stock

9. Capital Stock

Treasury Stock

The Company accounts for treasury stock under the cost method.

During the six month period ended August 1, 2020, the Company acquired 54,471 shares of common stock from employees for approximately $9.7 million to satisfy their minimum statutory tax withholdings related to the vesting of restricted stock and restricted stock unit awards, which was recorded in the line item “Treasury stock” on the Company’s Condensed Consolidated Balance Sheets, and the line item “Purchase of treasury shares” on the Company’s Condensed Consolidated Statements of Cash Flows.

Share Repurchase Program

On August 14, 2019, the Company’s Board of Directors authorized the repurchase of up to $400 million of common stock, which is authorized to be executed through August 2021. This repurchase program is funded using the Company’s available cash and borrowings under the ABL Line of Credit.

From the beginning of Fiscal 2020 through the time the program was suspended, the Company repurchased 243,573 shares of its common stock for $50.2 million under its share repurchase program, which was recorded in the line item “Treasury stock” on the Company’s Condensed Consolidated Balance Sheets, and the line item “Purchase of treasury shares” on the Company’s Condensed Consolidated Statements of Cash Flows. As part of the Company’s cash management efforts during the COVID-19 pandemic, the Company suspended its share repurchase program in March 2020. As of August 1, 2020, the Company had $348.4 million remaining under its share repurchase authorization.

Net (Loss) Income Per Share

6 Months Ended

Aug. 01, 2020

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

10. Net (Loss) Income Per Share

Basic net income per share is calculated by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method. The following table presents the computation of basic and diluted net income per share:

	(in thousands, except per share data)
	Three Months Ended					Six Months Ended

	August 1,			August 3,		August 1,			August 3,
	2020			2019		2020			2019
Basic net (loss) income per share
Net (loss) income	$	(46,781	)	$	84,567	$	(380,509	)	$	162,332
Weighted average number of common shares – basic		65,947			65,918		65,760			66,011
Net (loss) income per common share – basic	$	(0.71	)	$	1.28	$	(5.79	)	$	2.46
Diluted net (loss) income per share
Net (loss) income	$	(46,781	)	$	84,567	$	(380,509	)	$	162,332
Shares for basic and diluted net (loss) income per share:
Weighted average number of common shares – basic		65,947			65,918		65,760			66,011
Assumed exercise of stock options and vesting of restricted stock		—			1,356		—			1,491
Assumed conversion of convertible debt		—			—		—			—
Weighted average number of common shares – diluted		65,947			67,274		65,760			67,502
Net (loss) income per common share – diluted	$	(0.71	)	$	1.26	$	(5.79	)	$	2.40

Approximately 2,005,000 and 2,015,000 shares were excluded from diluted net loss per share for the three and six month periods ended August 1, 2020, respectively, since all of the Company’s stock option, restricted stock and restricted stock unit awards have an anti-dilutive effect while in a net loss position.

Approximately 600,000 and 500,000 shares related to the Company’s stock option, restricted stock and restricted stock unit awards were excluded from diluted net income per share for the three and six month periods ended August 3, 2019, respectively, since their effect was anti-dilutive.

During the three and six months ended August 1, 2020, shares of common stock issuable upon conversion of the Convertible Notes have been excluded from the computation of diluted earnings per share as the effect would be anti-dilutive, since the conversion price of $220.18 exceeded the average market price of the Company’s common stock during the period.

Stock-Based Compensation

6 Months Ended

Aug. 01, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

As of August 1, 2020, there were 2,432,377 shares of common stock available for issuance under the Company’s 2013 Omnibus Incentive Plan.

Non-cash stock compensation expense is as follows:

	(in thousands)
	Three Months Ended				Six Months Ended
	August 1,		August 3,		August 1,		August 3,
Type of Non-Cash Stock Compensation	2020		2019		2020		2019
Restricted stock and restricted stock unit grants (a)	$	5,739	$	5,591	$	12,638	$	10,543
Stock option grants (a)		4,696		4,767		11,028		9,184
Performance stock unit grants (a)		2,258		1,189		6,379		1,247
Total (b)	$	12,693	$	11,547	$	30,045	$	20,974

(a)	Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of (Loss) Income.

(b)

Stock Options

Stock option transactions during the six month period ended August 1, 2020 are summarized as follows:

	Number of Shares			Weighted Average Exercise Price Per Share
Options outstanding, February 1, 2020		1,890,955		$	94.17
Options granted		236,833			180.12
Options exercised (a)		(505,450	)		41.51
Options forfeited		(31,349	)		109.94
Options outstanding, August 1, 2020		1,590,989		$	123.39

(a)	Options exercised during the six month period ended August 1, 2020 had a total intrinsic value of $77.5 million.

The following table summarizes information about the stock options vested and expected to vest during the contractual term of such options as of August 1, 2020:

Options

Weighted

Average

Remaining

Contractual

Life (Years)

Weighted

Average

Exercise

Price

Aggregate

Intrinsic

Value

(in millions)

Vested and expected to vest

1,590,989

6.4

123.39

103.8

The fair value of each stock option granted during the six month period ended August 1, 2020 was estimated using the Black Scholes option pricing model using the following assumptions:

	Six Months Ended
	August 1,
	2020
Risk-free interest rate	0.45% - 1.48%
Expected volatility	35% - 36%
Expected life (years)		6.25
Contractual life (years)		10.0
Expected dividend yield		0.0%
Weighted average grant date fair value of options issued	$	63.39

The expected dividend yield was based on the Company’s expectation of not paying dividends in the near term. Since the Company completed its initial public offering in October 2013, it does not have sufficient history as a publicly traded company to evaluate its volatility factor. As such, the expected stock price volatility is based upon the historical volatility of the stock price over

the expected life of the options of peer companies that are publicly traded. The risk free interest rate was based on the U.S. Treasury rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the awards being valued. For grants issued during the six month period ended August 1, 2020, the expected life of the options was calculated using the simplified method. The simplified method defines the life as the average of the contractual term of the options and the weighted average vesting period for all option tranches. This methodology was utilized due to the relatively short length of time the Company’s common stock has been publicly traded.

Restricted Stock

Prior to May 1, 2019, the Company granted shares of restricted stock. Grants made on and after May 1, 2019 are in the form of restricted stock units. Restricted stock transactions during the six month period ended August 1, 2020 are summarized as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, February 1, 2020		451,774		$	131.03
Awards granted		182,410			186.07
Awards vested (a)		(165,324	)		101.73
Awards forfeited		(11,738	)		141.16
Non-vested awards outstanding, August 1, 2020		457,122			163.33

(a)	Restricted stock awards vested during the six month period ended August 1, 2020 had a total intrinsic value of $29.8 million.

The fair value of each share of restricted stock granted during Fiscal 2020 was based upon the closing price of the Company’s common stock on the grant date.

Performance Stock Units

The Company grants performance-based restricted stock units to its senior executives. Vesting of these performance stock units is based on pre-established EBIT margin expansion and sales compounded annual growth rate (CAGR) goals (each weighted equally) over a three-year performance period. Based on the Company’s achievement of these goals, each award may range from 50% (at threshold performance) to no more than 200% of the target award. In the event that actual performance is below threshold, no award will be made. In addition to the performance conditions, each performance stock unit cliff vests at the end of a three-year service period. Compensation costs recognized on the performance stock units are adjusted, as applicable, for performance above or below the target specified in the award.

Performance stock unit transactions during the six month period ended August 1, 2020 are summarized as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested units outstanding, February 1, 2020		80,951		$	173.87
Units granted		74,783			179.46
Awards forfeited		(1,783	)		170.08
Non-vested units outstanding, August 1, 2020		153,951			176.63

Commitments and Contingencies

6 Months Ended

Aug. 01, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Legal

Like many retailers, the Company has been named in potential class or collective actions on behalf of groups alleging violations of federal and state wage and hour and other labor statutes, and alleged violations of state consumer and/or privacy protection and other statutes. The Company is involved in a federal wage and hour lawsuit alleging that certain exempt employees were misclassified under the Fair Labor Standards Act (FLSA). In addition, the Company is involved in a putative class action matter raising similar allegations of misclassification under the wage and hour laws of three states. In June 2020, the Company agreed to

settle both matters for approximately $19.6 million (plus applicable employer-side payroll taxes). The parties are currently working to obtain final Court approval of the settlement.

The Company is also party to representative claims under the California Private Attorneys’ General Act and various other lawsuits and regulatory proceedings including, among others, commercial, product, product safety, employee, customer, intellectual property and other claims. Actions against us are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. While no assurance can be given as to the ultimate outcome of these matters, the Company believes that the final resolution of these actions will not have a material adverse effect on the Company’s results of operations, financial position, liquidity or capital resources.

Letters of Credit

The Company had letters of credit arrangements with various banks in the aggregate amount of $53.9 million, $53.1 million and $74.5 million as of August 1, 2020, February 1, 2020 and August 3, 2019, respectively. Among these arrangements, as of August 1, 2020, February 1, 2020 and August 3, 2019, the Company had letters of credit outstanding in the amount of $47.2 million, $46.6 million and $50.9 million, respectively, guaranteeing performance under various insurance contracts and utility agreements. In addition, the Company had outstanding letters of credit arrangements in the amounts of $6.7 million, $6.5 million and $23.6 million at August 1, 2020, February 1, 2020 and August 3, 2019, respectively, related to certain merchandising agreements. Based on the terms of the agreement governing the ABL Line of Credit, the Company had the ability to enter into letters of credit up to $120.4 million, $501.8 million and $428.6 million as of August 1, 2020, February 1, 2020 and August 3, 2019, respectively.

Purchase Commitments

The Company had $955.6 million of purchase commitments related to goods that were not received as of August 1, 2020.

Death Benefits

In November 2005, the Company entered into agreements with three of the Company’s former executives whereby upon each of their deaths the Company will pay $1.0 million to each respective designated beneficiary.

Related Parties

6 Months Ended

Aug. 01, 2020

Related Parties

13. Related Parties

The brother-in-law of one of the Company’s Executive Vice Presidents is an independent sales representative of one of the Company’s suppliers of merchandise inventory. This relationship predated the commencement of the Executive Vice President’s employment with the Company. The Company has determined that the dollar amount of purchases through such supplier represents an insignificant amount of its inventory purchases.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Aug. 01, 2020

Accounting Policies [Abstract]

Basis of Presentation

Accounting policies followed by the Company are described in Note 1, “Summary of Significant Accounting Policies,” included in Part II, Item 8 of the Fiscal 2019 10-K.

Fiscal Year

COVID-19

Additionally, the Company took the following steps to further enhance its financial flexibility:

•

Negotiated rent deferral agreements with landlords.

•

Suspended the Company’s share repurchase program.

•

Recently Adopted Accounting Standards

Reference Rate Reform

Intangible Assets

Pending Accounting Standards

Convertible Debt

Stockholders’ Equity (Tables)

6 Months Ended

Aug. 01, 2020

Stockholders Equity Note [Abstract]

Company's Stockholders Equity

Activity for the three and six month periods ended August 1, 2020 and August 3, 2019 in the Company’s stockholders’ equity are summarized below:

	(in thousands, except share data)
	Common Stock				Additional Paid-in		Accumulated			Accumulated Other Comprehensive			Treasury Stock
	Shares		Amount		Capital		Earnings (Deficit)			Loss			Shares			Amount			Total
Balance at February 1, 2020		79,882,506	$	7	$	1,587,146	$	204,797		$	(18,960	)		(13,952,534	)	$	(1,244,841	)	$	528,149
Net loss		—		—		—		(333,728	)		—			—			—			(333,728	)
Stock options exercised		180,950		—		1,454		—			—			—			—			1,454
Shares used for tax withholding		—		—		—		—			—			(41,363	)		(7,383	)		(7,383	)
Shares purchased as part of publicly announced programs		—		—		—		—			—			(243,573	)		(50,158	)		(50,158	)
Vesting of restricted shares, net of forfeitures of 4,166 restricted shares		20,715		—		—		—			—			—			—			—
Stock based compensation		—		—		17,352		—			—			—			—			17,352
Equity component of convertible notes issuance, net		—		—		131,916		—			—			—			—			131,916
Unrealized losses on interest rate derivative contracts, net of related tax benefit of $3.6 million		—		—		—		—			(9,609	)		—			—			(9,609	)
Amount reclassified into earnings, net of related taxes of $0.4 million		—		—		—		—			1,108			—			—			1,108
Balance at May 2, 2020		80,084,171		7		1,737,868		(128,931	)		(27,461	)		(14,237,470	)		(1,302,382	)		279,101
Net loss		—		—		—		(46,781	)		—			—			—			(46,781	)
Stock options exercised		324,500		—		19,530		—			—			—			—			19,530
Shares used for tax withholding		—		—		—		—			—			(13,108	)		(2,350	)		(2,350	)
Vesting of restricted shares, net of forfeitures of 2,499 restricted shares		5,480		—		—		—			—			—			—			—
Stock based compensation		—		—		12,693		—			—			—			—			12,693
Unrealized losses on interest rate derivative contracts, net of related tax benefit of $0.7 million		—		—		—		—			(1,982	)		—			—			(1,982	)
Amount reclassified into earnings, net of related taxes of $0.8 million		—		—		—		—			2,049			—			—			2,049
Balance at August 1, 2020		80,414,151	$	7	$	1,770,091	$	(175,712	)	$	(27,394	)		(14,250,578	)	$	(1,304,732	)	$	262,260

	(in thousands, except share data)
	Common Stock					Additional Paid-in		Accumulated			Accumulated Other Comprehensive			Treasury Stock
	Shares			Amount		Capital		Deficit			Loss			Shares			Amount			Total
Balance at February 2, 2019		79,224,669		$	7	$	1,508,996	$	(260,919	)	$	(3,613	)		(12,079,572	)	$	(921,761	)	$	322,710
Net income		—			—		—		77,765			—			—			—			77,765
Stock options exercised		110,493			—		1,821		—			—			—			—			1,821
Shares used for tax withholding		—			—		—		—			—			(45,447	)		(7,538	)		(7,538	)
Shares purchased as part of publicly announced programs		—			—		—		—			—			(841,460	)		(122,780	)		(122,780	)
Forfeiture of restricted shares, net of issuance of 1,759 restricted shares		(2,585	)		—		—		—			—			—			—			—
Stock based compensation		—			—		9,427		—			—			—			—			9,427
Unrealized losses on interest rate derivative contracts, net of related tax benefit of $1.3 million		—			—		—		—			(3,272	)		—			—			(3,272	)
Amount reclassified into earnings, net of related taxes of $0.1 million		—			—		—		—			(185	)		—			—			(185	)
Cumulative-effect adjustment		—			—		—		600			—			—			—			600
Balance at May 4, 2019		79,332,577			7		1,520,244		(182,554	)		(7,070	)		(12,966,479	)		(1,052,079	)		278,548
Net income		—			—		—		84,567			—			—			—			84,567
Stock options exercised		280,955			—		13,394		—			—			—			—			13,394
Shares used for tax withholding		—			—		—		—			—			(67,539	)		(11,521	)		(11,521	)
Shares purchased as part of publicly announced programs		—			—		—		—			—			(300,742	)		(51,326	)		(51,326	)
Forfeiture of restricted shares		(8,164	)		—		—		—			—			—			—			—
Stock based compensation		—			—		11,547		—			—			—			—			11,547
Unrealized losses on interest rate derivative contracts, net of related tax benefit of $3.9 million		—			—		—		—			(10,222	)		—			—			(10,222	)
Amount reclassified into earnings, net of related taxes of $0.1 million		—			—		—		—			150			—			—			150
Balance at August 3, 2019		79,605,368		$	7	$	1,545,185	$	(97,987	)	$	(17,142	)		(13,334,760	)	$	(1,114,926	)	$	315,137

Lease Commitments (Tables)

6 Months Ended

Aug. 01, 2020

Leases [Abstract]

Future Lease Payments

The following is a schedule of the Company’s future lease payments:

	(in thousands)
Fiscal Year	Operating Leases			Finance Leases
2020 (remainder)	$	190,025		$	3,081
2021		450,918			6,841
2022		433,387			7,513
2023		410,257			7,589
2024		373,917			7,417
2025		339,930			5,298
Thereafter		1,160,133			33,353
Total future minimum lease payments		3,358,567			71,092
Amount representing interest		(691,012	)		(22,244	)
Total lease liabilities		2,667,555			48,848
Less: current portion of lease liabilities		(277,211	)		(3,760	)
Total long term lease liabilities	$	2,390,344		$	45,088

Weighted average discount rate		5.4	%		6.9	%
Weighted average remaining lease term (years)		8.5			11.9

Schedule of Net Lease Costs

The following is a schedule of net lease costs for the periods indicated:

	(in thousands)
	Three Months Ended			Six Months Ended			Three Months Ended			Six Months Ended
	August 1, 2020			August 1, 2020			August 3, 2019			August 3, 2019
Finance lease cost:
Amortization of finance lease asset (a)	$	1,211		$	2,422		$	972		$	1,945
Interest on lease liabilities (b)		857			1,729			641			1,296
Operating lease cost (c)		109,592			218,565			101,504			202,428
Variable lease cost (c)		45,643			86,861			38,442			77,261
Total lease cost		157,303			309,577			141,559			282,930
Less all rental income(d)		(1,265	)		(2,513	)		(1,233	)		(2,473	)
Total net rent expense (e)	$	156,038		$	307,064		$	140,326		$	280,457

(a)	Included in the line item “Depreciation and amortization” in the Company’s Condensed Consolidated Statements of (Loss) Income.
(b)	Included in the line item “Interest expense” in the Company’s Condensed Consolidated Statements of (Loss) Income.
(c)	Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of (Loss) Income.
(d)	Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of (Loss) Income.
(e)	Excludes an immaterial amount of short-term lease cost.

Schedule of Supplemental Cash Flow Disclosures Related to Leases

Supplemental cash flow disclosures related to leases are as follows:

	(in thousands)
	Six Months Ended		Six Months Ended
	August 1, 2020		August 3, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (a)	$	169,391	$	198,287
Cash payments for the principal portion of finance lease liabilities (b)	$	1,743	$	1,407
Cash payments for the interest portion of finance lease liabilities (a)	$	1,729	$	1,296
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets	$	228,344	$	273,030

(a)	Included within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.
(b)	Included within financing activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Long Term Debt (Tables)

6 Months Ended

Aug. 01, 2020

Debt Disclosure [Abstract]

Long Term Debt

Long term debt consists of:

	(in thousands)
	August 1,			February 1,			August 3,
	2020			2020			2019
$1,200,000 senior secured term loan facility (Term B-5 Loans), LIBOR (with a floor of 0.00%) plus 1.75%, matures on November 17, 2024	$	958,025		$	957,505		$	957,099
$805,000 convertible senior notes, 2.25%, matures on April 15, 2025		633,076			—			—
$300,000 senior secured notes, 6.25%, matures on April 15, 2025		300,000			—			—
$600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures on June 29, 2023		250,000			—			96,900
Finance lease obligations		48,848			50,130			31,541
Unamortized deferred financing costs		(25,023	)		(2,335	)		(2,589	)
Total debt		2,164,926			1,005,300			1,082,951
Less: current maturities		(3,760	)		(3,577	)		(3,176	)
Long term debt, net of current maturities	$	2,161,166		$	1,001,723		$	1,079,775

Schedule of Components of Convertible Notes

The Convertible Notes consist of the following components as of the periods indicated:

	(in thousands)
	August 1,			February 1,		August 3,
	2020			2020		2019
Liability component:
Principal	$	805,000		$	—	$	—
Unamortized debt discount		(171,924	)		—		—
Unamortized deferred debt costs		(15,571	)		—		—
Net carrying amount	$	617,505		$	—	$	—

Equity component, net	$	131,916		$	—	$	—

Schedule of Interest Expense Related to Convertible Notes

Interest expense related to the Convertible Notes consists of the following as of the periods indicated:

	(in thousands)
	Three Months Ended		Six Months Ended		Three Months Ended		Six Months Ended
	August 1, 2020		August 1, 2020		August 3, 2019		August 3, 2019
Coupon interest	$	4,513	$	5,356	$	—	$	—
Amortization of debt discount		7,387		8,753		—		—
Amortization of deferred debt costs		672		793		—		—
Convertible Notes interest expense	$	12,572	$	14,902	$	—	$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Aug. 01, 2020

Fair Value of Company's Derivative Financial Instruments on Gross Basis as well as Classification

The table below presents the fair value of the Company’s derivative financial instruments on a gross basis as well as their classification on the Company’s Condensed Consolidated Balance Sheets:

(in thousands)

Fair Values of Derivative Instruments

August 1, 2020

February 1, 2020

August 3, 2019

Derivatives Designated as Hedging Instruments

Balance

Sheet

Location

Fair

Value

Balance

Sheet

Location

Fair

Value

Balance

Sheet

Location

Fair

Value

Interest rate swap contract

Other liabilities

37,798

Other liabilities

26,220

Other liabilities

23,703

Summary of Unrealized Gains and Losses Deferred to Accumulated Other Comprehensive Loss

	(in thousands)
	Three Months Ended						Six Months Ended
Interest Rate Derivatives:	August 1, 2020			August 3, 2019			August 1, 2020			August 3, 2019
Unrealized losses, before taxes	$	(2,730	)	$	(14,133	)	$	(15,894	)	$	(18,656	)
Income tax benefit		748			3,911			4,303			5,162
Unrealized losses, net of taxes	$	(1,982	)	$	(10,222	)	$	(11,591	)	$	(13,494	)

Reclassification of Gains and Losses from Accumulated Other Comprehensive Loss into Earnings

	(in thousands)
	Three Months Ended						Six Months Ended
Component of Earnings:	August 1, 2020			August 3, 2019			August 1, 2020			August 3, 2019
Interest expense	$	2,820		$	200		$	4,352		$	(56	)
Income tax (benefit) expense		(771	)		(50	)		(1,195	)		21
Net reclassification into earnings	$	2,049		$	150		$	3,157		$	(35	)

Derivatives Designated as Hedging Instruments

Outstanding Interest Rate Derivative in Qualifying Hedging Relationships

As of August 1, 2020, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk:

Interest Rate Derivative

Number of

Instruments

Notional Aggregate

Principal Amount

Interest

Cap/Swap Rate

Maturity Date

Interest rate swap contract

One

$ 450.0 million

2.72%

December 29, 2023

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Aug. 01, 2020

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

The following table details the changes in accumulated other comprehensive loss:

	(in thousands)
	Derivative Instruments
Balance at February 1, 2020	$	(18,960	)
Unrealized losses, net of related tax benefit of $4.3 million		(11,591	)
Amount reclassified into earnings, net of related taxes of $1.2 million		3,157
Balance at August 1, 2020	$	(27,394	)

Fair Value Measurements (Tables)

6 Months Ended

Aug. 01, 2020

Fair Value Disclosures [Abstract]

Fair Values of Financial Assets and Hierarchy of Level of Inputs

The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of August 1, 2020, February 1, 2020 and August 3, 2019 are summarized below:

	(in thousands)
	Fair Value Measurements at
	August 1,		February 1,		August 3,
	2020		2020		2019
Level 1
Cash equivalents (including restricted cash)	$	1,001,253	$	369,733	$	22,527

Fair Values of Financial Liabilities

The fair values of the Company’s financial liabilities are summarized below:

	(in thousands)
	August 1, 2020				February 1, 2020				August 3, 2019
	Principal Amount		Fair Value		Principal Amount		Fair Value		Principal Amount		Fair Value
Term B-5 Loans	$	961,415	$	914,546	$	961,415	$	959,899	$	961,415	$	959,791
Convertible Notes		805,000		896,070		—		—		—		—
Secured Notes		300,000		319,875		—		—		—		—
ABL Line of Credit		250,000		250,000		—		—		96,900		96,900
Total debt (a)	$	2,316,415	$	2,380,491	$	961,415	$	959,899	$	1,058,315	$	1,056,691

(a)

The table above excludes finance lease obligations, debt discount and deferred debt costs.

Income Taxes (Tables)

6 Months Ended

Aug. 01, 2020

Income Tax Disclosure [Abstract]

Net Deferred Taxes

Net deferred taxes are as follows:

	(in thousands)
	August 1,		February 1,		August 3,
	2020		2020		2019
Deferred tax asset	$	4,678	$	4,678	$	4,125
Deferred tax liability		217,387		182,288		171,543
Net deferred tax liability	$	212,709	$	177,610	$	167,418

Net (Loss) Income Per Share (Tables)

6 Months Ended

Aug. 01, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income per Share

The following table presents the computation of basic and diluted net income per share:

	(in thousands, except per share data)
	Three Months Ended					Six Months Ended

	August 1,			August 3,		August 1,			August 3,
	2020			2019		2020			2019
Basic net (loss) income per share
Net (loss) income	$	(46,781	)	$	84,567	$	(380,509	)	$	162,332
Weighted average number of common shares – basic		65,947			65,918		65,760			66,011
Net (loss) income per common share – basic	$	(0.71	)	$	1.28	$	(5.79	)	$	2.46
Diluted net (loss) income per share
Net (loss) income	$	(46,781	)	$	84,567	$	(380,509	)	$	162,332
Shares for basic and diluted net (loss) income per share:
Weighted average number of common shares – basic		65,947			65,918		65,760			66,011
Assumed exercise of stock options and vesting of restricted stock		—			1,356		—			1,491
Assumed conversion of convertible debt		—			—		—			—
Weighted average number of common shares – diluted		65,947			67,274		65,760			67,502
Net (loss) income per common share – diluted	$	(0.71	)	$	1.26	$	(5.79	)	$	2.40

Stock-Based Compensation (Tables)

6 Months Ended

Aug. 01, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Non-Cash Stock Compensation Expense

Non-cash stock compensation expense is as follows:

	(in thousands)
	Three Months Ended				Six Months Ended
	August 1,		August 3,		August 1,		August 3,
Type of Non-Cash Stock Compensation	2020		2019		2020		2019
Restricted stock and restricted stock unit grants (a)	$	5,739	$	5,591	$	12,638	$	10,543
Stock option grants (a)		4,696		4,767		11,028		9,184
Performance stock unit grants (a)		2,258		1,189		6,379		1,247
Total (b)	$	12,693	$	11,547	$	30,045	$	20,974

(a)	Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of (Loss) Income.

(b)

Stock Option Transactions

Stock option transactions during the six month period ended August 1, 2020 are summarized as follows:

	Number of Shares			Weighted Average Exercise Price Per Share
Options outstanding, February 1, 2020		1,890,955		$	94.17
Options granted		236,833			180.12
Options exercised (a)		(505,450	)		41.51
Options forfeited		(31,349	)		109.94
Options outstanding, August 1, 2020		1,590,989		$	123.39

(a)	Options exercised during the six month period ended August 1, 2020 had a total intrinsic value of $77.5 million.

Stock Options Vested and Expected to Vest

The following table summarizes information about the stock options vested and expected to vest during the contractual term of such options as of August 1, 2020:

Options

Weighted

Average

Remaining

Contractual

Life (Years)

Weighted

Average

Exercise

Price

Aggregate

Intrinsic

Value

(in millions)

Vested and expected to vest

1,590,989

6.4

123.39

103.8

Weighted Average Assumptions Used to Estimate Fair Value of Each Stock Option Granted

The fair value of each stock option granted during the six month period ended August 1, 2020 was estimated using the Black Scholes option pricing model using the following assumptions:

	Six Months Ended
	August 1,
	2020
Risk-free interest rate	0.45% - 1.48%
Expected volatility	35% - 36%
Expected life (years)		6.25
Contractual life (years)		10.0
Expected dividend yield		0.0%
Weighted average grant date fair value of options issued	$	63.39

Award Grant and Vesting Transactions

Restricted stock transactions during the six month period ended August 1, 2020 are summarized as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, February 1, 2020		451,774		$	131.03
Awards granted		182,410			186.07
Awards vested (a)		(165,324	)		101.73
Awards forfeited		(11,738	)		141.16
Non-vested awards outstanding, August 1, 2020		457,122			163.33

(a)	Restricted stock awards vested during the six month period ended August 1, 2020 had a total intrinsic value of $29.8 million.

Performance Stock Unit Transactions

Performance stock unit transactions during the six month period ended August 1, 2020 are summarized as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested units outstanding, February 1, 2020		80,951		$	173.87
Units granted		74,783			179.46
Awards forfeited		(1,783	)		170.08
Non-vested units outstanding, August 1, 2020		153,951			176.63

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended			6 Months Ended
	Aug. 01, 2020 USD ($) Store	May 02, 2020 USD ($)	Aug. 03, 2019 USD ($)	Aug. 01, 2020 USD ($) Store	Aug. 03, 2019 USD ($)	Apr. 30, 2020 USD ($)	Apr. 16, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 17, 2020 USD ($)	Feb. 01, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of stores operated \| Store	739			739
Current medical benefit premiums	100.00%			100.00%
Decrease salary of executive leadership team				50.00%
Inventory markdown reserve		$ 271,900
Tax benefit	$ 63,055		$ (11,151)	$ 268,415	$ (27,346)
Coronavirus Aid, Relief, and Economic Security Act
Summary Of Significant Accounting Policies [Line Items]
Tax benefit	24,800			87,300
Coronavirus Aid, Relief, and Economic Security Act \| Other Assets
Summary Of Significant Accounting Policies [Line Items]
Tax refund from carryback of federal net operating loss	221,200			221,200
ABL senior secured revolving facility
Summary Of Significant Accounting Policies [Line Items]
Long Term Debt	250,000		96,900	250,000	96,900			$ 400,000
Repayments of debt	150,000
Long-Term Debt, face amount	600,000		$ 600,000	600,000	$ 600,000			$ 600,000	$ 400,000	$ 600,000
Convertible Senior Notes
Summary Of Significant Accounting Policies [Line Items]
Long Term Debt	633,076			633,076
Long-Term Debt, face amount	$ 805,000			$ 805,000		$ 805,000	$ 805,000
Debt Instrument, Interest Rate, Stated Percentage	2.25%			2.25%		2.25%	2.25%
Senior Secured Notes
Summary Of Significant Accounting Policies [Line Items]
Long Term Debt	$ 300,000			$ 300,000
Long-Term Debt, face amount	$ 300,000			$ 300,000		$ 300,000	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	6.25%			6.25%		6.25%	6.25%

Company's Stockholders Equity (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Aug. 01, 2020

May 02, 2020

Aug. 03, 2019

May 04, 2019

Aug. 01, 2020

Aug. 03, 2019

Balance at beginning of period

$ 279,101

$ 528,149

$ 278,548

$ 322,710

$ 528,149

$ 322,710

Net (loss) income

(46,781)

(333,728)

84,567

77,765

$ (380,509)

$ 162,332

Stock options exercised

19,530

1,454

13,394

1,821

Stock options exercised (in shares)

^[1]

505,450

Shares used for tax withholding

(2,350)

(7,383)

(11,521)

(7,538)

Shares purchased as part of publicly announced programs

(50,158)

$ (51,326)

(122,780)

Vesting of restricted shares, net of forfeitures of restricted shares

1,356,000

1,491,000

Stock based compensation

12,693

17,352

$ 11,547

9,427

Equity component of convertible notes issuance, net

131,916

Unrealized losses on interest rate derivative contracts, net of related tax benefit

(1,982)

(9,609)

(10,222)

(3,272)

$ (11,591)

$ (13,494)

Amount reclassified into earnings, net of related taxes

2,049

1,108

150

(185)

3,157

(35)

Balance at end of period

262,260

279,101

315,137

278,548

262,260

315,137

Cumulative-effect Adjustment

Balance at beginning of period

600

Common Stock

Balance at beginning of period

$ 7

Balance at beginning of period (in shares)

80,084,171

79,882,506

79,332,577

79,224,669

79,882,506

79,224,669

Stock options exercised (in shares)

324,500

180,950

280,955

110,493

Vesting of restricted shares, net of forfeitures of restricted shares

5,480

20,715

Forfeiture of restricted shares, net of issuance of restricted shares

(2,585)

Forfeiture of restricted shares (in shares)

(8,164)

Balance at end of period

$ 7

Balance at end of period (in shares)

80,414,151

80,084,171

79,605,368

79,332,577

80,414,151

79,605,368

Additional Paid-in Capital

Balance at beginning of period

$ 1,737,868

$ 1,587,146

$ 1,520,244

$ 1,508,996

$ 1,587,146

$ 1,508,996

Stock options exercised

19,530

1,454

13,394

1,821

Stock based compensation

12,693

17,352

11,547

9,427

Equity component of convertible notes issuance, net

131,916

Balance at end of period

1,770,091

1,737,868

1,545,185

1,520,244

1,770,091

1,545,185

Accumulated Earnings (Deficit)

Balance at beginning of period

(128,931)

204,797

(182,554)

(260,919)

204,797

(260,919)

Net (loss) income

(46,781)

(333,728)

84,567

77,765

Balance at end of period

(175,712)

(128,931)

(97,987)

(182,554)

(175,712)

(97,987)

Accumulated Earnings (Deficit) | Cumulative-effect Adjustment

Balance at beginning of period

600

Accumulated Other Comprehensive Loss

Balance at beginning of period

(27,461)

(18,960)

(7,070)

(3,613)

(18,960)

(3,613)

Unrealized losses on interest rate derivative contracts, net of related tax benefit

(1,982)

(9,609)

(10,222)

(3,272)

Amount reclassified into earnings, net of related taxes

2,049

1,108

150

(185)

Balance at end of period

(27,394)

(27,461)

(17,142)

(7,070)

(27,394)

(17,142)

Treasury Stock

Balance at beginning of period

$ (1,302,382)

$ (1,244,841)

$ (1,052,079)

$ (921,761)

$ (1,244,841)

$ (921,761)

Balance at beginning of period (in shares)

(14,237,470)

(13,952,534)

(12,966,479)

(12,079,572)

(13,952,534)

(12,079,572)

Shares used for tax withholding

$ (2,350)

$ (7,383)

$ (11,521)

$ (7,538)

Shares used for tax withholding (in shares)

(13,108)

(41,363)

(67,539)

(45,447)

Shares purchased as part of publicly announced programs

$ (50,158)

$ (51,326)

$ (122,780)

Shares purchased as part of publicly announced programs, (in shares)

(243,573)

(300,742)

(841,460)

Balance at end of period

$ (1,304,732)

$ (1,302,382)

$ (1,114,926)

$ (1,052,079)

$ (1,304,732)

$ (1,114,926)

Balance at end of period (in shares)

(14,250,578)

(14,237,470)

(13,334,760)

(12,966,479)

(14,250,578)

(13,334,760)

[1]	Options exercised during the six month period ended August 1, 2020 had a total intrinsic value of $77.5 million.

Company's Stockholders Equity (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Aug. 01, 2020	May 02, 2020	Aug. 03, 2019	May 04, 2019
Statement Of Stockholders Equity [Abstract]
Forfeited restricted shares	2,499	4,166		1,759
Unrealized losses on interest rate derivative contracts, Tax	$ 0.7	$ 3.6	$ 3.9	$ 1.3
Amount reclassified into earnings on Interest Rate Cap Contracts, Tax	$ 0.8	$ 0.4	$ 0.1	$ 0.1

Lease Commitments - Additional Information (Detail) $ in Millions	6 Months Ended
	Aug. 01, 2020 USD ($) Store
Future Minimum Payments Receivable [Line Items]
Operating and finance leases, expiration period	30 years
Leases renewal option	5 years
Accrued lease liability	$ 332.8
Number of store committed to open or relocate but has not yet taken possession \| Store	51
Other Current Liabilities \| Coronavirus Aid, Relief, and Economic Security Act
Future Minimum Payments Receivable [Line Items]
Deferred lease payments	$ 47.9

Future Lease Payments (Detail) - USD ($) $ in Thousands	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Operating Leases
2020 (remainder)	$ 190,025
2021	450,918
2022	433,387
2023	410,257
2024	373,917
2025	339,930
Thereafter	1,160,133
Total future minimum lease payments	3,358,567
Amount representing interest	(691,012)
Total lease liabilities	2,667,555
Less: current portion of lease liabilities	(277,211)	$ (302,185)	$ (277,411)
Total long term lease liabilities	$ 2,390,344	$ 2,322,000	$ 2,069,613
Weighted average discount rate	5.40%
Weighted average remaining lease term (years)	8 years 6 months
Finance Leases
2020 (remainder)	$ 3,081
2021	6,841
2022	7,513
2023	7,589
2024	7,417
2025	5,298
Thereafter	33,353
Total future minimum lease payments	71,092
Amount representing interest	(22,244)
Total lease liabilities	48,848
Less: current portion of lease liabilities	(3,760)
Total long term lease liabilities	$ 45,088
Weighted average discount rate	6.90%
Weighted average remaining lease term (years)	11 years 10 months 24 days

Schedule of Net Lease Costs (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Aug. 01, 2020

Aug. 03, 2019

Aug. 01, 2020

Aug. 03, 2019

Finance lease cost:

Amortization of finance lease asset

^[1]

$ 1,211

$ 972

$ 2,422

$ 1,945

Interest on lease liabilities

^[2]

857

641

1,729

1,296

Operating lease cost

^[3]

109,592

101,504

218,565

202,428

Variable lease cost

^[3]

45,643

38,442

86,861

77,261

Total lease cost

157,303

141,559

309,577

282,930

Less all rental income

^[4]

1,265

1,233

2,513

2,473

Total net rent expense

^[5]

$ 156,038

$ 140,326

$ 307,064

$ 280,457

[1]	Included in the line item “Depreciation and amortization” in the Company’s Condensed Consolidated Statements of (Loss) Income.
[2]	Included in the line item “Interest expense” in the Company’s Condensed Consolidated Statements of (Loss) Income.
[3]	Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of (Loss) Income.
[4]	Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of (Loss) Income.
[5]	Excludes an immaterial amount of short-term lease cost.

Schedule of Supplemental Cash Flow Disclosures Related to Leases (Details) - USD ($)
$ in Thousands

6 Months Ended

Aug. 01, 2020

Aug. 03, 2019

Cash paid for amounts included in the measurement of lease liabilities:

Cash payments arising from operating lease liabilities

^[1]

$ 169,391

$ 198,287

Cash payments for the principal portion of finance lease liabilities

^[2]

1,743

1,407

Cash payments for the interest portion of finance lease liabilities

^[1]

1,729

1,296

Operating lease liabilities arising from obtaining right-of-use assets

$ 228,344

$ 273,030

[1]	Included within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.
[2]	Included within financing activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Long-Term Debt (Detail) - USD ($) $ in Thousands	Aug. 01, 2020	Apr. 16, 2020	Mar. 31, 2020	Feb. 01, 2020	Aug. 03, 2019
Debt Instrument [Line Items]
Finance lease obligations	$ 48,848			$ 50,130	$ 31,541
Unamortized deferred financing costs	(25,023)			(2,335)	(2,589)
Total debt	2,164,926			1,005,300	1,082,951
Less: current maturities	(3,760)			(3,577)	(3,176)
Long term debt, net of current maturities	2,161,166			1,001,723	1,079,775
Senior Secured Term B-5 Loans
Debt Instrument [Line Items]
Long Term Debt	958,025			$ 957,505	957,099
Convertible Senior Notes
Debt Instrument [Line Items]
Long Term Debt	633,076
Unamortized deferred financing costs		$ (21,000)
Senior Secured Notes
Debt Instrument [Line Items]
Long Term Debt	300,000
Unamortized deferred financing costs		$ (7,800)
ABL senior secured revolving facility
Debt Instrument [Line Items]
Long Term Debt	$ 250,000		$ 400,000		$ 96,900

Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
	Apr. 16, 2020	Aug. 01, 2020	Aug. 03, 2019	Feb. 01, 2020	Apr. 30, 2020	Mar. 31, 2020	Mar. 17, 2020
Senior Secured Term B-5 Loans
Debt Instrument [Line Items]
Long-Term Debt, maturity date		Nov. 17, 2024	Nov. 17, 2024	Nov. 17, 2024
Long-Term Debt, face amount		$ 1,200,000	$ 1,200,000	$ 1,200,000
Convertible Senior Notes
Debt Instrument [Line Items]
Long-Term Debt, maturity date	Apr. 15, 2025	Apr. 15, 2025
Long-Term Debt, face amount	$ 805,000	$ 805,000			$ 805,000
Long-Term Debt, interest rate	2.25%	2.25%			2.25%
ABL senior secured revolving facility
Debt Instrument [Line Items]
Long-Term Debt, maturity date		Jun. 29, 2023	Jun. 29, 2023	Jun. 29, 2023
Long-Term Debt, face amount		$ 600,000	$ 600,000	$ 600,000		$ 600,000	$ 400,000
Senior Secured Notes
Debt Instrument [Line Items]
Long-Term Debt, maturity date	Apr. 15, 2025	Apr. 15, 2025
Long-Term Debt, face amount	$ 300,000	$ 300,000			$ 300,000
Long-Term Debt, interest rate	6.25%	6.25%			6.25%
London Interbank Offered Rate Floor \| Senior Secured Term B-5 Loans
Debt Instrument [Line Items]
Long-Term Debt, interest rate		0.00%	0.00%	0.00%
London Interbank Offered Rate (LIBOR) \| Senior Secured Term B-5 Loans
Debt Instrument [Line Items]
Long-Term Debt, interest rate		1.75%	1.75%	1.75%

Long-Term Debt - Additional Information (Detail)				3 Months Ended		6 Months Ended		12 Months Ended
Long-Term Debt - Additional Information (Detail)	Apr. 16, 2020 USD ($) shares $ / shares	Feb. 26, 2020 USD ($)	Feb. 25, 2020	Aug. 01, 2020 USD ($) $ / shares	Aug. 03, 2019 USD ($)	Aug. 01, 2020 USD ($) $ / shares	Aug. 03, 2019 USD ($)	Feb. 01, 2020 USD ($)	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 17, 2020 USD ($)
Debt Instrument [Line Items]
Costs related to debt issuances and amendments					$ 7,000	$ 4,352,000	$ (375,000)
Loss on extinguishment of debt						(202,000)
Deferred financing costs				$ 25,023,000	$ 2,589,000	$ 25,023,000	$ 2,589,000	$ 2,335,000
Term Loan Facility
Debt Instrument [Line Items]
Borrowing, interest rate				1.90%	4.30%	1.90%	4.30%
Convertible Senior Notes
Debt Instrument [Line Items]
Borrowing, interest rate	8.20%
Long-Term Debt, face amount	$ 805,000,000			$ 805,000,000		$ 805,000,000			$ 805,000,000
Long-Term Debt, conversion of convertible notes \| shares	3,656,149
Long-Term Debt, conversion of convertible notes subject to adjustments \| shares	4,844,410
Long-Term Debt, interest rate	2.25%			2.25%		2.25%			2.25%
Debt instrument maturity date	Apr. 15, 2025					Apr. 15, 2025
Debt instrument frequency of periodic payments	semi-annually
Debt instrument, date of first required payment	Oct. 15, 2020
Debt instrument, conversion ratio	4.5418
Debt instrument, principal amount for conversion	$ 1,000
Debt instrument, conversion price \| $ / shares	$ 220.18			$ 220.18		$ 220.18
Debt instrument, conversion premium	32.50%
Share price \| $ / shares	$ 166.17
Debt instrument, convertible, stock price trigger	130.00%
Debt instrument, redemption price, percentage	100.00%
Debt instrument repurchase percentage on conditional basis	100.00%
Deferred financing costs	$ 21,000,000.0
Convertible Senior Notes \| Debt Component
Debt Instrument [Line Items]
Deferred financing costs	16,400,000			$ 15,571,000		$ 15,571,000
Convertible Senior Notes \| Equity Component
Debt Instrument [Line Items]
Deferred financing costs	4,600,000
Senior Secured Notes
Debt Instrument [Line Items]
Long-Term Debt, face amount	$ 300,000,000			$ 300,000,000		$ 300,000,000			$ 300,000,000
Long-Term Debt, interest rate	6.25%			6.25%		6.25%			6.25%
Debt instrument maturity date	Apr. 15, 2025					Apr. 15, 2025
Debt instrument frequency of periodic payments	semiannually
Debt instrument, date of first required payment	Oct. 15, 2020
Deferred financing costs	$ 7,800,000
Debt instrument legal fees	$ 3,200,000
ABL senior secured revolving facility
Debt Instrument [Line Items]
Long-Term Debt, face amount				$ 600,000,000	$ 600,000,000	$ 600,000,000	$ 600,000,000	$ 600,000,000		$ 600,000,000	$ 400,000,000
Debt instrument maturity date						Jun. 29, 2023	Jun. 29, 2023	Jun. 29, 2023
Repayments of debt				150,000,000
Line of Credit Facility, amount available				120,400,000	428,600,000	$ 120,400,000	$ 428,600,000
Line of Credit Facility, maximum amount outstanding during period				400,000,000.0	245,000,000.0	400,000,000.0	255,000,000.0
Line of Credit Facility, Average borrowings				$ 372,000,000.0	$ 146,000,000.0	$ 289,300,000	$ 146,700,000
Line of Credit Facility, Average interest rate				2.10%	3.70%	2.10%	3.70%
Term Loan Facility
Debt Instrument [Line Items]
Costs related to debt issuances and amendments		$ 1,100,000
Term Loan Facility \| Write Off Deferred Financing Costs
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (200,000)
Term Loan Facility \| Prime Rate
Debt Instrument [Line Items]
Line of Credit Facility, interest rate		0.75%	1.00%
Term Loan Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Line of Credit Facility, interest rate		1.75%	2.00%
Term Loan Facility \| London Interbank Offered Rate Floor
Debt Instrument [Line Items]
Line of Credit Facility, interest rate		0.00%

Long-Term Debt - Schedule of Components of Convertible Notes (Detail) - USD ($)
$ in Thousands

Aug. 01, 2020

Apr. 16, 2020

Feb. 01, 2020

Aug. 03, 2019

Debt Instrument [Line Items]

Principal

^[1]

$ 2,316,415

$ 961,415

$ 1,058,315

Unamortized deferred financing costs

(25,023)

$ (2,335)

$ (2,589)

Convertible Senior Notes

Debt Instrument [Line Items]

Unamortized deferred financing costs

$ (21,000)

Net carrying amount

633,076

Convertible Senior Notes | Debt Component

Debt Instrument [Line Items]

Principal

805,000

Unamortized debt discount

(171,924)

Unamortized deferred financing costs

(15,571)

(16,400)

Net carrying amount

617,505

Convertible Senior Notes | Equity Component

Debt Instrument [Line Items]

Unamortized deferred financing costs

$ (4,600)

Net carrying amount

$ 131,916

[1]	The table above excludes finance lease obligations, debt discount and deferred debt costs.

Long-Term Debt - Schedule of Interest Expense Related to Convertible Notes (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Aug. 01, 2020	Aug. 01, 2020	Aug. 03, 2019
Debt Instrument [Line Items]
Amortization of deferred financing costs		$ 1,786	$ 641
Convertible Senior Notes
Debt Instrument [Line Items]
Coupon interest	$ 4,513	5,356
Amortization of debt discount	7,387	8,753
Amortization of deferred financing costs	672	793
Convertible Notes interest expense	$ 12,572	$ 14,902

Derivative Instruments And Hedging Activities - Additional Information (Detail) - Interest Rate Cap Contracts $ in Millions	Aug. 01, 2020 USD ($) Derivative
Derivative [Line Items]
Number of credit risk derivatives held \| Derivative	1
Amounts reported in Accumulated Other Comprehensive Loss to be reclassified to interest expense, during the next twelve months \| $	$ 11.5

Outstanding Interest Rate Derivative in Qualifying Hedging Relationships (Detail) - Cash Flow Hedging - Derivatives Designated as Hedging Instruments - Interest Rate Swap Contract	6 Months Ended
	Aug. 01, 2020 USD ($) Derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments \| Derivative	1
Notional Aggregate Principal Amount \| $	$ 450,000,000.0
Interest Swap Rate	2.72%
Maturity Date	Dec. 29, 2023

Derivative Instruments and Hedging Activities (Detail) - USD ($) $ in Thousands	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Interest Rate Swap Contract \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value	$ 37,798	$ 26,220	$ 23,703

Summary of Unrealized Gains and Losses Deferred to Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Aug. 01, 2020	May 02, 2020	Aug. 03, 2019	May 04, 2019	Aug. 01, 2020	Aug. 03, 2019
Derivative Instruments Gain Loss [Line Items]
Income tax benefit	$ (700)	$ (3,600)	$ (3,900)	$ (1,300)
Unrealized losses, net of taxes	(1,982)	$ (9,609)	(10,222)	$ (3,272)	$ (11,591)	$ (13,494)
Derivatives Designated as Hedging Instruments \| Interest Rate Derivatives
Derivative Instruments Gain Loss [Line Items]
Unrealized losses, before taxes	(2,730)		(14,133)		(15,894)	(18,656)
Income tax benefit	748		3,911		4,303	5,162
Unrealized losses, net of taxes	$ (1,982)		$ (10,222)		$ (11,591)	$ (13,494)

Reclassification of Gains and Losses from Accumulated Other Comprehensive Loss into Earnings (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Aug. 01, 2020	May 02, 2020	Aug. 03, 2019	May 04, 2019	Aug. 01, 2020	Aug. 03, 2019
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Interest expense	$ (28,359)		$ (13,435)		$ (43,052)	$ (26,805)
Income tax (benefit) expense	(63,055)		11,151		(268,415)	27,346
Net reclassification into earnings	2,049	$ 1,108	150	$ (185)	3,157	(35)
Reclassification out of accumulated other comprehensive income \| Derivatives Designated as Hedging Instruments \| Accumulated net gain (loss) from cash flow hedges including portion attributable to noncontrolling interest \| Interest Rate Cap Contracts
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Interest expense	2,820		200		4,352	(56)
Income tax (benefit) expense	(771)		(50)		(1,195)	21
Net reclassification into earnings	$ 2,049		$ 150		$ 3,157	$ (35)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Changes in Accumulated Other Comprehensive Loss (Detail) $ in Thousands	6 Months Ended
	Aug. 01, 2020 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ 528,149
Balance at end of period	262,260
Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(18,960)
Unrealized losses, net of related tax benefit of $4.3 million	(11,591)
Amount reclassified into earnings, net of related taxes of $1.2 million	3,157
Balance at end of period	$ (27,394)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - Derivative Instruments $ in Millions	6 Months Ended
	Aug. 01, 2020 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized losses on Interest Rate Cap Contracts, Tax	$ 4.3
Amount reclassified into earnings on Interest Rate Cap Contracts, Tax	$ 1.2

Fair Values of Financial Assets and Hierarchy of Level of Inputs (Detail) - USD ($) $ in Thousands	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents (including restricted cash)	$ 1,001,253	$ 369,733	$ 22,527

Fair Value Measurements - Additional Information (Detail)	3 Months Ended	6 Months Ended
	Aug. 01, 2020 USD ($) Store	Aug. 01, 2020 USD ($) Store
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charges - long-lived assets	$ 1,077,000	$ 3,001,000
Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of impaired assets	$ 0	$ 0
Assets Impairments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of store level assets, number of stores \| Store	5	10
Impaired Lease Assets \| Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of store level assets, number of stores \| Store		2
Fair value of impaired assets	$ 700,000	$ 700,000

Fair Values of Financial Liabilities (Detail) - USD ($)
$ in Thousands

Aug. 01, 2020

Feb. 01, 2020

Aug. 03, 2019

Carrying Amounts And Fair Values Of Financial Instruments [Line Items]

Long-Term Debt, Principal Amount

^[1]

$ 2,316,415

$ 961,415

$ 1,058,315

Long-Term Debt, Fair Value

^[1]

2,380,491

959,899

1,056,691

Term B-5 Loans

Carrying Amounts And Fair Values Of Financial Instruments [Line Items]

Long-Term Debt, Principal Amount

961,415

Long-Term Debt, Fair Value

914,546

$ 959,899

959,791

Convertible Notes

Carrying Amounts And Fair Values Of Financial Instruments [Line Items]

Long-Term Debt, Principal Amount

805,000

Long-Term Debt, Fair Value

896,070

Secured Notes

Carrying Amounts And Fair Values Of Financial Instruments [Line Items]

Long-Term Debt, Principal Amount

300,000

Long-Term Debt, Fair Value

319,875

ABL Line of Credit

Carrying Amounts And Fair Values Of Financial Instruments [Line Items]

Long-Term Debt, Principal Amount

250,000

96,900

Long-Term Debt, Fair Value

$ 250,000

$ 96,900

[1]	The table above excludes finance lease obligations, debt discount and deferred debt costs.

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019	Feb. 01, 2020
Income Tax Disclosure [Line Items]
Income tax (benefit) expense	$ (63,055)	$ 11,151	$ (268,415)	$ 27,346
Effective tax rate			41.40%	14.40%
Federal statutory rate			21.00%
Tax rate impact, permanent benefits related to stock compensation			3.50%
Tax rate impact related to various provisions of CARES Act			13.50%
Deferred tax asset for net operating loss	20,700		$ 20,700
Valuation allowances	11,500	$ 9,200	11,500	$ 9,200	$ 9,800
Puerto Rico
Income Tax Disclosure [Line Items]
Tax credit carryforwards	11,100		11,100
Amount of alternative minimum tax credits	1,400		$ 1,400
Alternative minimum tax credits, expiration life			indefinite life
Federal
Income Tax Disclosure [Line Items]
Tax credit carryforwards	1,400		$ 1,400
Tax credit expiration period			2040
State and local jurisdiction
Income Tax Disclosure [Line Items]
Deferred tax asset for net operating loss	20,400		$ 20,400
Tax credit carryforwards	8,300		$ 8,300
Tax credit expiration period			2021
State and local jurisdiction \| Minimum
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year			2021
State and local jurisdiction \| Maximum
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year			2040
Puerto Rico
Income Tax Disclosure [Line Items]
Deferred tax asset for net operating loss	$ 300		$ 300
Net operating losses subject to expiration year			2025

Net Deferred Taxes (Detail) - USD ($) $ in Thousands	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Income Tax Disclosure [Abstract]
Deferred tax asset	$ 4,678	$ 4,678	$ 4,125
Deferred tax liability	217,387	182,288	171,543
Net deferred tax liability	$ 212,709	$ 177,610	$ 167,418

Capital Stock - Additional Information (Detail) - USD ($)		2 Months Ended	3 Months Ended				6 Months Ended
	Aug. 14, 2019	Mar. 31, 2020	Aug. 01, 2020	May 02, 2020	Aug. 03, 2019	May 04, 2019	Aug. 01, 2020
Statement Equity Components [Line Items]
Shares Used for Tax Withholdings			$ 2,350,000	$ 7,383,000	$ 11,521,000	$ 7,538,000
2019 Stock Repurchase Program
Statement Equity Components [Line Items]
Stock repurchase program, authorized amount	$ 400,000,000
Stock repurchase program, authorized execution month and year	2021-08
2020 Stock Repurchase Program
Statement Equity Components [Line Items]
Common stock repurchased, shares		243,573
Common stock repurchased, value		$ 50,200,000
Remaining authorized repurchase amount			$ 348,400,000				$ 348,400,000
Treasury Stock
Statement Equity Components [Line Items]
Shares Used for Tax Withholdings (in shares)							54,471
Shares Used for Tax Withholdings							$ 9,700,000

Computation of Basic and Diluted Net Income per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Basic net (loss) income per share
Net (loss) income	$ (46,781)	$ 84,567	$ (380,509)	$ 162,332
Weighted average number of common shares – basic	65,947	65,918	65,760	66,011
Net (loss) income per common share – basic	$ (0.71)	$ 1.28	$ (5.79)	$ 2.46
Diluted net (loss) income per share
Net (loss) income	$ (46,781)	$ 84,567	$ (380,509)	$ 162,332
Weighted average number of common shares – basic	65,947	65,918	65,760	66,011
Assumed exercise of stock options and vesting of restricted stock		1,356		1,491
Weighted average number of common shares – diluted	65,947	67,274	65,760	67,502
Net income per common stock - diluted	$ (0.71)	$ 1.26	$ (5.79)	$ 2.40

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Net (Loss) Income Per Share - Additional Information (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019	Apr. 16, 2020
Convertible Senior Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Debt instrument, conversion price	$ 220.18		$ 220.18		$ 220.18
Stock Option, Restricted Stock and Restricted Stock Unit Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted net (loss) income per share	2,005,000	600,000	2,015,000	500,000

Stock-Based Compensation - Additional Information (Detail)	6 Months Ended
	Aug. 01, 2020 shares
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service-based awards, vesting period	3 years
Service-based awards, service period	3 years
Performance Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target award threshold range	50.00%
Performance Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target award threshold range	200.00%
2013 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant equity awards	2,432,377

Non-Cash Stock Compensation Expense (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Aug. 01, 2020

Aug. 03, 2019

Aug. 01, 2020

Aug. 03, 2019

Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]

Non-Cash Stock Compensation

^[1]

$ 12,693

$ 11,547

$ 30,045

$ 20,974

Restricted Stock and Restricted Stock Unit Grants

Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]

Non-Cash Stock Compensation

^[2]

5,739

5,591

12,638

10,543

Stock Option Grants

Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]

Non-Cash Stock Compensation

^[2]

4,696

4,767

11,028

9,184

Performance Stock Unit Grants

Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]

Non-Cash Stock Compensation

^[2]

$ 2,258

$ 1,189

$ 6,379

$ 1,247

[1]

[2]

Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of (Loss) Income.

Non-Cash Stock Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Non-Cash Stock Compensation tax benefit	$ 2.2	$ 2.9	$ 6.0	$ 5.2

Stock Option Transactions (Detail)

6 Months Ended

Aug. 01, 2020

$ / shares

Number of Shares

Options Outstanding at Beginning of Period | shares

1,890,955

Options Granted | shares

236,833

Options Exercised | shares

(505,450)

^[1]

Options Forfeited | shares

(31,349)

Options Outstanding at End of Period | shares

1,590,989

Weighted Average Exercise Price Per Share

Options Outstanding at Beginning of Period | $ / shares

$ 94.17

Options Granted | $ / shares

180.12

Options Exercised | $ / shares

41.51

^[1]

Options Forfeited | $ / shares

109.94

Options Outstanding at End of Period | $ / shares

$ 123.39

[1]	Options exercised during the six month period ended August 1, 2020 had a total intrinsic value of $77.5 million.

Stock Option Transactions (Parenthetical) (Detail) $ in Millions	6 Months Ended
	Aug. 01, 2020 USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share based compensation option exercised total intrinsic value	$ 77.5

Stock Options Vested and Expected to Vest (Detail) $ / shares in Units, $ in Millions	6 Months Ended
	Aug. 01, 2020 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Vested and expected to vest, Options \| shares	1,590,989
Vested and expected to vest, Weighted Average Remaining Contractual Life (Years)	6 years 4 months 24 days
Vested and expected to vest, Weighted Average Exercise Price \| $ / shares	$ 123.39
Vested and expected to vest, Aggregate Intrinsic Value \| $	$ 103.8

Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail)	6 Months Ended
	Aug. 01, 2020 $ / shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate, minimum	0.45%
Risk-free interest rate, maximum	1.48%
Expected volatility, minimum	35.00%
Expected volatility, maximum	36.00%
Expected life (years)	6 years 3 months
Contractual life (years)	10 years
Expected dividend yield	0.00%
Weighted average grant date fair value of options issued	$ 63.39

Award Grant, Vested and Forfeiture Transactions (Detail) - Non Vested Restricted Stock

6 Months Ended

Aug. 01, 2020

$ / shares

Number of Shares

Non-Vested Awards Outstanding at Beginning of Period | shares

451,774

Awards Granted | shares

182,410

Awards Vested | shares

(165,324)

^[1]

Awards Forfeited | shares

(11,738)

Non-Vested Awards Outstanding at End of Period | shares

457,122

Weighted Average Grant Date Fair Value Per Award

Non-Vested Awards Outstanding at Beginning of Period | $ / shares

$ 131.03

Awards Granted | $ / shares

186.07

Awards Vested | $ / shares

101.73

^[1]

Awards Forfeited | $ / shares

141.16

Non-Vested Awards Outstanding at End of Period | $ / shares

$ 163.33

[1]	Restricted stock awards vested during the six month period ended August 1, 2020 had a total intrinsic value of $29.8 million.

Award Grant, Vested and Forfeiture Transactions (Parenthetical) (Detail) $ in Millions	6 Months Ended
	Aug. 01, 2020 USD ($)
Restricted Stock Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation awards vested total intrinsic value	$ 29.8

Performance Stock Units Transactions (Detail) - Performance Stock Units	6 Months Ended
	Aug. 01, 2020 $ / shares shares
Number of Shares
Non-Vested Awards Outstanding at Beginning of Period \| shares	80,951
Awards Granted \| shares	74,783
Awards Forfeited \| shares	(1,783)
Non-Vested Awards Outstanding at End of Period \| shares	153,951
Weighted Average Grant Date Fair Value Per Award
Non-Vested Awards Outstanding at Beginning of Period \| $ / shares	$ 173.87
Awards Granted \| $ / shares	179.46
Awards Forfeited \| $ / shares	170.08
Non-Vested Awards Outstanding at End of Period \| $ / shares	$ 176.63

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Aug. 01, 2020	Jun. 30, 2020	Feb. 01, 2020	Aug. 03, 2019	Nov. 30, 2005
Commitments And Contingencies Disclosure [Line Items]
Settlements of legal matters		$ 19,600,000
Letters of credit, outstanding amount	$ 53,900,000		$ 53,100,000	$ 74,500,000
Purchase commitments related to goods or services	955,600,000
Death benefits					$ 1,000,000.0
Guarantee Performance Under Insurance And Utility Agreement
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	47,200,000		46,600,000	50,900,000
Merchandising Agreement
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	6,700,000		6,500,000	23,600,000
Letters of Credit \| ABL senior secured revolving facility
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, maximum borrowing capacity	$ 120,400,000		$ 501,800,000	$ 428,600,000