0001564590-21-013162 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jan. 30, 2021	Feb. 26, 2021	Aug. 01, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jan. 30, 2021
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	BURL
Entity Registrant Name	BURLINGTON STORES, INC.
Entity Central Index Key	0001579298
Current Fiscal Year End Date	--01-30
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		66,385,163
Entity Public Float			$ 12,391,142,604
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0895227
Entity File Number	001-36107
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
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NYSE
Documents Incorporated by Reference	Certain provisions of the registrant’s definitive proxy statement for the 2021 Annual Meeting of Stockholders, to be filed within 120 days of the close of the registrant’s 2020 fiscal year, are incorporated by reference in Part III of this Form 10-K to the extent described herein.

Consolidated Statements of (Loss) Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
REVENUES:
Net sales	$ 5,751,541	$ 7,261,243	$ 6,643,051
Type of Revenue [Extensible List]		us-gaap:ProductMember	us-gaap:ProductMember
Other revenue	12,439	$ 25,155	$ 25,428
Total revenue	5,763,980	7,286,398	6,668,479
COSTS AND EXPENSES:
Cost of sales	3,555,024	4,228,740	3,868,119
Selling, general and administrative expenses	2,326,928	2,228,178	2,018,737
Costs related to debt issuances and amendments	3,633	(375)	2,496
Depreciation and amortization	220,390	210,720	217,884
Impairment charges - long-lived assets	6,012	4,315	6,844
Other income - net	(8,353)	(16,531)	(10,998)
Loss on extinguishment of debt	202		1,823
Interest expense	97,767	50,826	55,990
Total costs and expenses	6,201,603	6,705,873	6,160,895
(Loss) income before income tax (benefit) expense	(437,623)	580,525	507,584
Income tax (benefit) expense	(221,124)	115,409	92,839
Net (loss) income	$ (216,499)	$ 465,116	$ 414,745
Net (loss) income per common stock - basic	$ (3.28)	$ 7.05	$ 6.21
Net (loss) income per common stock - diluted	$ (3.28)	$ 6.91	$ 6.04
Weighted average number of common stock - basic	65,962	65,943	66,812
Weighted average number of common stock - diluted	65,962	67,293	68,679

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (216,499)	$ 465,116	$ 414,745
Interest rate derivative contracts:
Net unrealized losses arising during the period	(11,458)	(16,606)	(3,080)
Net reclassification into earnings during the period	7,403	1,259	1,354
Other comprehensive (loss) income, net of tax	(4,055)	(15,347)	(1,726)
Total comprehensive (loss) income	$ (220,554)	$ 449,769	$ 413,019

- 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

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Current assets:
Cash and cash equivalents	$ 1,380,276	$ 403,074
Restricted cash and cash equivalents	6,582	6,582
Accounts receivable—net of allowance for doubtful accounts of $4,855 and $795, respectively	62,161	91,508
Merchandise inventories	740,788	777,248
Assets held for disposal	6,655	2,261
Prepaid and other current assets	314,154	136,698
Total current assets	2,510,616	1,417,371
Property and equipment—net	1,438,863	1,403,173
Operating lease assets	2,469,366	2,397,842
Tradenames	238,000	238,000
Goodwill	47,064	47,064
Deferred tax assets	4,422	4,678
Other assets	72,761	85,731
Total assets	6,781,092	5,593,859
Current liabilities:
Accounts payable	862,638	759,107
Current operating lease liabilities	304,629	302,185
Other current liabilities	512,830	397,032
Current maturities of long term debt	3,899	3,577
Total current liabilities	1,683,996	1,461,901
Long term debt	1,927,770	1,001,723
Long term operating lease liabilities	2,400,782	2,322,000
Other liabilities	103,940	97,798
Deferred tax liabilities	199,850	182,288
Commitments and contingencies (Note 17)
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: 80,661,453 shares and 79,882,506 shares, respectively; Outstanding: 66,386,331 shares and 65,929,972 shares, respectively	7	7
Additional paid-in-capital	1,809,831	1,587,146
Accumulated (deficit) earnings	(11,702)	204,797
Accumulated other comprehensive loss	(23,015)	(18,960)
Treasury stock, at cost	(1,310,367)	(1,244,841)
Total stockholders' equity	464,754	528,149
Total liabilities and stockholders' equity	$ 6,781,092	$ 5,593,859

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Statement Of Financial Position [Abstract]
Accounts Receivable, Allowances for Doubtful Accounts	$ 4,855	$ 795
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Authorized	50,000,000	50,000,000
Preferred Stock, Issued	0	0
Preferred Stock, Outstanding	0	0
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Authorized	500,000,000	500,000,000
Common Stock, Shares Issued	80,661,453	79,882,506
Common Stock, Shares Outstanding	66,386,331	65,929,972

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

12 Months Ended

Jan. 30, 2021

Feb. 01, 2020

Feb. 02, 2019

OPERATING ACTIVITIES

Net (loss) income

$ (216,499)

$ 465,116

$ 414,745

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

Depreciation and amortization

220,390

210,720

217,884

Impairment charges - long-lived assets

6,012

4,315

6,844

Amortization of deferred financing costs

4,450

1,247

1,596

Accretion of long term debt instruments

24,775

813

754

Deferred income taxes

(24,959)

9,070

2,519

Non-cash loss on extinguishment of debt

202

1,823

Non-cash stock compensation expense

^[1]

55,845

43,928

35,485

Non-cash lease expense

(1,530)

12,599

Non-cash rent

(25,568)

Cash received from landlord allowances

40,663

56,280

50,843

Changes in assets and liabilities:

Accounts receivable

26,858

(8,816)

3,482

Merchandise inventories

36,459

176,430

(201,621)

Prepaid and other current assets

(177,454)

(13,598)

(7,461)

Accounts payable

104,607

(90,899)

111,023

Other current liabilities

103,871

25,202

13,700

Other long term assets and long term liabilities

562

3,176

8,780

Other operating activities

14,929

(3,858)

4,825

Net cash provided by operating activities

219,181

891,725

639,653

INVESTING ACTIVITIES

Cash paid for property and equipment

(273,282)

(328,357)

(295,772)

Lease acquisition costs

(1,983)

(8,543)

Proceeds from insurance recoveries related to property and equipment

220

5,131

2,787

Proceeds from sale of property and equipment and assets held for sale

6,020

Other investing activities

(1,070)

611

(3,000)

Net cash (used in) investing activities

(274,132)

(324,598)

(298,508)

FINANCING ACTIVITIES

Proceeds from long term debt—Convertible Note

805,000

Proceeds from long term debt—Secured Note

300,000

Purchase of treasury shares

(65,526)

(323,080)

(228,874)

Proceeds from stock option exercises

34,924

34,222

16,306

Deferred financing costs

(28,815)

(2,439)

Other financing activities

(13,430)

(2,769)

(275)

Net cash provided by (used in) financing activities

1,032,153

(291,627)

(368,075)

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

977,202

275,500

(26,930)

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

409,656

134,156

161,086

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

1,386,858

409,656

134,156

Supplemental disclosure of cash flow information:

Interest paid

48,392

47,071

52,173

Income tax payments - net

44,993

110,588

75,650

Non-cash investing activities:

Accrued purchases of property and equipment

44,490

62,814

47,258

Acquisition of finance leases

19,875

13,538

ABL senior secured revolving facility

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

Non-cash loss on extinguishment of debt

200

FINANCING ACTIVITIES

Proceeds from long term debt

400,000

1,294,400

1,220,200

Principal payments on long term debt

$ (400,000)

$ (1,294,400)

(1,220,200)

Senior Secured Term B-5 Loans

FINANCING ACTIVITIES

Principal payments on long term debt

$ (152,793)

[1]	The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $9.1 million, $9.0 million and $9.7 million during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.

Consolidated Statements of Stockholder's Equity - USD ($)
$ in Thousands

Total

Cumulative-effect Adjustment

Common Stock

Additional Paid-in Capital

Accumulated (Deficit) Earnings

Cumulative-effect Adjustment

Accumulated Other Comprehensive Loss

Treasury Stock

Balance at beginning of period at Feb. 03, 2018

$ 86,774

$ 7

$ 1,457,205

$ (675,664)

$ (1,887)

$ (692,887)

Balance at beginning of period (in shares) at Feb. 03, 2018

78,421,947

(10,550,222)

Net (loss) income

414,745

Stock options exercised

16,306

Stock options exercised (in shares)

684,011

Shares used for tax withholding

(10,127)

$ (10,127)

Shares used for tax withholding (in shares)

(69,489)

Shares purchased as part of publicly announced programs

$ (218,747)

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

(1,459,861)

Issuance of restricted shares, net of forfeitures

118,711

Vesting of restricted shares, net of forfeitures of restricted shares

1,867,000

Stock based compensation

$ 35,485

35,485

Unrealized losses on interest rate cap contracts, net of related taxes

(3,080)

Amount reclassified into earnings, net of related taxes

1,354

Balance at end of period at Feb. 02, 2019

322,710

$ 7

1,508,996

(260,919)

(3,613)

$ (921,761)

Balance at end of period (in shares) at Feb. 02, 2019

79,224,669

(12,079,572)

Net (loss) income

465,116

Stock options exercised

34,222

Stock options exercised (in shares)

710,964

Shares used for tax withholding

(23,200)

$ (23,200)

Shares used for tax withholding (in shares)

(132,222)

Shares purchased as part of publicly announced programs

$ (299,880)

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

(1,740,740)

Issuance of restricted shares, net of forfeitures

(53,127)

Vesting of restricted shares, net of forfeitures of restricted shares

1,350,000

Stock based compensation

$ 43,928

43,928

Unrealized losses on interest rate cap contracts, net of related taxes

(16,606)

Amount reclassified into earnings, net of related taxes

1,259

Balance at end of period at Feb. 01, 2020

528,149

$ 600

$ 7

1,587,146

204,797

$ 600

(18,960)

$ (1,244,841)

Balance at end of period (in shares) at Feb. 01, 2020

79,882,506

(13,952,534)

Net (loss) income

(216,499)

Stock options exercised

$ 34,924

34,924

Stock options exercised (in shares)

731,954

^[1]

731,954

Shares used for tax withholding

$ (15,368)

Shares used for tax withholding (in shares)

(79,015)

Shares purchased as part of publicly announced programs

(50,158)

$ (50,158)

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

(243,573)

Vesting of restricted shares, net of forfeitures of restricted shares

46,993

Stock based compensation

55,845

Equity component of convertible notes issuance, net of related taxes of $44.1 million

131,916

Unrealized losses on interest rate cap contracts, net of related taxes

(11,458)

Amount reclassified into earnings, net of related taxes

7,403

Balance at end of period at Jan. 30, 2021

$ 464,754

$ 7

$ 1,809,831

$ (11,702)

$ (23,015)

$ (1,310,367)

Balance at end of period (in shares) at Jan. 30, 2021

80,661,453

(14,275,122)

[1]	Options exercised during Fiscal 2020 had a total intrinsic value of $114.5 million.

Consolidated Statements of Stockholder's Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Statement Of Stockholders Equity [Abstract]
Forfeited restricted shares	9,437	1,759	25,504
Unrealized losses on Interest Rate Cap Contracts, Tax	$ 4.1	$ 6.4	$ 1.2
Amount reclassified into earnings on Interest Rate Cap Contracts, Tax	2.8	$ 0.5	$ 0.5
Equity component of convertible notes issuance, related taxes	$ 44.1

Summary of Significant Accounting Policies

12 Months Ended

Jan. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Business

As of January 30, 2021, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), has expanded its store base to 761 retail stores in 45 states and Puerto Rico. The Company sells in-season, fashion-focused merchandise at up to 60% off other retailers’ prices, including: women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. As of January 30, 2021, the Company operated stores under the names “Burlington Stores” (757 stores), “Cohoes Fashions” (1 store), “Super Baby Depot” (2 stores), and “MJM Designer Shoes” (1 store). Cohoes Fashions offers products similar to those offered by Burlington Stores. MJM Designer Shoes offers moderately priced designer and fashion shoes. The Super Baby Depot stores offer baby clothing, accessories, furniture and other merchandise in the middle to higher price range.

Basis of Consolidation and Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Fiscal Years

The Company defines its fiscal year as the 52 or 53-week period ending on the Saturday closest to January 31. The fiscal years ended January 30, 2021 (Fiscal 2020), February 1, 2020 (Fiscal 2019) and February 2, 2019 (Fiscal 2018) each consisted of 52 weeks.

Use of Estimates

Certain amounts included in the Consolidated Financial Statements are estimated based on historical experience, currently available information and management’s judgment as to the expected outcome of future conditions and circumstances. While every effort is made to ensure the integrity of such estimates, actual results could differ from these estimates, and such differences could have a material impact on the Company’s Consolidated Financial Statements.

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 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 production and administration of effective medical treatments and vaccines, the timing and extent of any recovery in traffic and consumer spending at the Company’s stores, supply chain delays due to closed factories or distribution centers, reduced workforces or labor shortages, scarcity of raw materials and scrutiny or embargoing of goods produced in infected areas, and any future required store closures because of COVID-19 resurgences. The Company began re-opening 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 how long the conditions resulting from the COVID-19 pandemic will continue, including the imposition of social distancing protocols and other restrictions on its store operations, and whether potential subsequent additional outbreaks will lead to a reduction in customer traffic and 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 its furloughed associates in accordance with its benefit plans. In addition, we paid 100% of their medical benefit premiums during the period they were furloughed. During the second quarter, the Company 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), of which $150 million was repaid during the second quarter, and the remaining $250 million was repaid during the fourth 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 7, “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 activities while stores were closed. The Company 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 was reinstated once substantially all of the Company’s stores re-opened.

•

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 first quarter of Fiscal 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 Consolidated Statement of (Loss) Income.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the 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 $86.8 million in its effective income tax rate for the year ended January 30, 2021 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 one-time tax refund of $219.7 million from the carryback of federal NOLs, which is included in the line item “Prepaid and other current assets” on the Company’s Consolidated Balance Sheet. Refer to Note 15, “Income Taxes” for further discussion.

Casualty Losses and Insurance Proceeds

During Fiscal 2019 and Fiscal 2018, the Company received $12.5 million and $9.3 million, respectively, of insurance proceeds related to certain weather-related incidents that occurred in Fiscal 2017. These proceeds resulted in a gain on insurance recovery of $8.1 million and $3.3 million, which is included in “Other income – net” on the Company’s Consolidated Statements of Income for Fiscal 2019 and Fiscal 2018, respectively. The Company allocated $5.1 million and $2.8 million of these proceeds to property and equipment, which is included in the line item “Proceeds from insurance recoveries related to property and equipment,” a component of cash flows from investing activities, on the Company’s Consolidated Statements of Cash Flows for Fiscal 2019 and Fiscal 2018, respectively.

Cash and Cash Equivalents

Cash and cash equivalents represent cash and short-term, highly liquid investments with maturities of three months or less at the time of purchase. Book cash overdrafts are included in the line item “Accounts payable” on the Company’s Consolidated Balance Sheets.

Accounts Receivable

Accounts receivable consist of credit card receivables, insurance receivables and other receivables. Accounts receivable are recorded at net realizable value, which approximates fair value. The Company provides an allowance for doubtful accounts for amounts deemed uncollectible.

Inventories

Merchandise inventories are valued at the lower of cost or market, as determined by the retail inventory method. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are calculated by applying a calculated cost to retail ratio to the retail value of inventories. The Company regularly records a provision for estimated shortage, thereby reducing the carrying value of merchandise inventory. Complete physical inventories of all of the Company’s stores and warehouses are performed no less frequently than annually, with the recorded amount of merchandise inventory being adjusted to coincide with these physical counts.

The Company records its cost of merchandise (net of purchase discounts and certain vendor allowances), certain merchandise acquisition costs (primarily commissions and import fees), inbound freight, outbound freight from distribution centers, and freight on internally transferred merchandise in the line item “Cost of sales” in the Company’s Consolidated Statements of (Loss) Income.

Costs associated with the Company’s distribution, buying, and store receiving functions (product sourcing costs) are included in the line items “Selling, general and administrative expenses” and “Depreciation and amortization” in the Company’s Consolidated Statements of (Loss) Income. Product sourcing costs included within the line item “Selling, general and administrative expenses” amounted to $433.8 million, $339.1 million and $313.3 million during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively. Depreciation and amortization related to the distribution and purchasing functions for the same periods amounted to $30.8 million, $31.9 million and $30.5 million, respectively.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 20 to 40 years for buildings, depending upon the expected useful life of the facility, and 3 to 15 years for store fixtures and equipment. Leasehold improvements are amortized over the lease term, including any reasonably assured renewal options or the expected economic life of the improvement, whichever is less. Repairs and maintenance expenditures are expensed as incurred. Renewals and betterments, which significantly extend the useful lives of existing property and equipment, are capitalized. Assets recorded under capital leases are recorded at the present value of minimum lease payments and are amortized over the lease term. Amortization of assets recorded as capital leases is included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of (Loss) Income. The carrying value of all long-lived assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, in accordance with ASC Topic No. 360 “Property, Plant, and Equipment” (Topic No. 360). The Company recorded impairment charges related to property and equipment of $4.6 million, $3.4 million and $3.9 million during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively. These charges are recorded in the line item “Impairment charges—long-lived assets” in the Company’s Consolidated Statements of (Loss) Income. Refer to Note 6, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset to undiscounted pre-tax future net cash flows expected to be generated by that asset. If the undiscounted future cash flows are not adequate to recover the carrying value of the asset, an impairment charge is recognized for the amount by which the carrying amount of the assets exceeds the fair value of such assets. Refer to Note 6, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets.

Capitalized Computer Software Costs

The Company accounts for capitalized software in accordance with ASC Topic No. 350 “Intangibles—Goodwill and Other” (Topic No. 350) which requires the capitalization of certain costs incurred in connection with developing or obtaining software for internal use. The Company capitalized $12.2 million and $18.0 million relating to these costs during Fiscal 2020 and Fiscal 2019, respectively.

Intangible Assets

The Company accounts for intangible assets in accordance with Topic No. 350. The Company’s intangible assets represent tradenames. The tradename asset “Burlington” is expected to generate cash flows indefinitely and, therefore, is accounted for as an indefinite-lived asset not subject to amortization. The Company evaluates its intangible assets for possible impairment as follows:

Indefinite-lived intangible assets: The Company tests identifiable intangible assets with an indefinite life for impairment on an annual basis, or when a triggering event occurs, relying on a number of factors that include operating results, business plans and projected future cash flows. The impairment test consists of a comparison of the fair value of the indefinite-lived intangible asset with its carrying amount. The Company determines fair value through the relief of royalty method which is a widely accepted valuation technique. On the first business day of the second quarter, the Company’s annual assessment date, the Company performed a quantitative analysis and determined that the fair values of each of the Company’s identifiable intangible assets are greater than their respective carrying values. There were no impairment charges recorded during Fiscal 2020, Fiscal 2019 or Fiscal 2018 related to indefinite-lived intangible assets.

Finite-lived intangible assets: Identifiable intangible assets that are subject to amortization are evaluated for impairment in accordance with Topic No. 360 using a process similar to that used to evaluate other long-lived assets as described in Note 6, “Impairment Charges.” An impairment charge is recognized for the amount by which the carrying value exceeds the fair value of the asset. The Company recorded impairment charges of $2.9 million related to finite-lived intangible assets during Fiscal 2018. There were no impairment charges related to finite-lived intangible assets during Fiscal 2020 and Fiscal 2019. These charges are recorded in the line item “Impairment charges–long-lived assets” in the Company’s Consolidated Statements of (Loss) Income. Refer to Note 6, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets.

Goodwill

Goodwill represents the excess of the acquisition cost over the estimated fair value of tangible assets and other identifiable intangible assets acquired less liabilities assumed. Topic No. 350 requires a comparison, at least annually, of the carrying value of the assets and liabilities associated with a reporting unit, including goodwill, with the fair value of the reporting unit. The Company determines fair value through multiple widely accepted valuation techniques. These techniques use a variety of assumptions including projected market conditions, discount rates and future cash flows. If the carrying value of the assets and liabilities exceeds the fair value of the reporting unit, the Company would calculate the implied fair value of its reporting unit goodwill as compared with the carrying value of its reporting unit goodwill to determine the appropriate impairment charge. On the first business day of the second fiscal quarter, the Company’s annual assessment date, the Company performed a quantitative analysis and determined that the fair value of the Company’s reporting unit was greater than its carrying value. There were no impairment charges related to goodwill during Fiscal 2020, Fiscal 2019 or Fiscal 2018.

Other Assets

Other assets consist primarily of landlord-owned store assets that the Company has paid for as part of its lease and deferred financing costs associated with the Company’s senior secured asset-based revolving credit facility (the ABL Line of Credit). Landlord-owned assets represent leasehold improvements at certain stores for which the Company has paid and derives a benefit, but the landlord has retained title. These assets are amortized over the lease term inclusive of reasonably assured renewal options. Amortization of landlord-owned assets was $14.0 million, $14.6 million and $16.0 million, during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively, and was included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of (Loss) Income. Deferred financing costs are amortized over the life of the ABL Line of Credit using the interest method of amortization. Amortization of deferred financing costs is recorded in the line item “Interest expense” in the Company’s Consolidated Statements of (Loss) Income.

Other Current Liabilities

Other current liabilities primarily consist of sales tax payable, customer liabilities, accrued payroll costs, self-insurance reserves, accrued operating expenses, payroll taxes payable and other miscellaneous items. Customer liabilities totaled $30.2 million and $32.1 million as of January 30, 2021 and February 1, 2020, respectively.

The Company has risk participation agreements with insurance carriers with respect to workers’ compensation, general liability insurance and health insurance. Pursuant to these arrangements, the Company is responsible for paying individual claims up to designated dollar limits. The amounts related to these claims are estimated and can vary based on changes in assumptions or claims experience included in the associated insurance programs. An increase in workers’ compensation claims, health insurance claims or general liability claims may result in a corresponding increase in costs related to these claims. Self-insurance reserves as of January 30, 2021 and February 1, 2020 were:

	(in thousands)
	January 30, 2021		February 1, 2020
Short-term self-insurance reserve(a)	$	33,191	$	34,817
Long-term self-insurance reserve(b)		47,721		44,137
Total	$	80,912	$	78,954

(a)	Represents the portions of the self-insurance reserve expected to be paid in the next twelve months, which were recorded in the line item “Other current liabilities” in the Company’s Consolidated Balance Sheets.

(b)	Represents the portions of the self-insurance reserve expected to be paid in excess of twelve months, which was recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheets.

Other Liabilities

Other liabilities primarily consist of the long term portion of self-insurance reserves, the fair value of derivative contracts and tax liabilities associated with the uncertain tax positions recognized by the Company in accordance with ASC Topic No. 740 “Income Taxes” (Topic No. 740).

Revenue Recognition

The Company records revenue at the time control of the goods are transferred to the customer, which the Company determines to be at point of sale and delivery of merchandise, net of allowances for estimated future returns, which is estimated based on historical return rates. The Company presents sales, net of sales taxes, in its Consolidated Statements of (Loss) Income. The Company accounts for layaway sales in compliance with ASC Topic No. 606 “Revenue from Contracts with Customers” (Topic No. 606). Layaway sales are recognized upon delivery of merchandise to the customer. The amount of cash received upon initiation of the layaway is recorded as a deposit liability in the line item “Other current liabilities” in the Company’s Consolidated Balance Sheets. The Company’s layaway program was suspended as of the end of Fiscal 2020. Stored value cards (gift cards and store credits issued for merchandise returns) are recorded as a liability at the time of issuance, and the related sale is recorded upon redemption.

The Company determines an estimated stored value card breakage rate by continuously evaluating historical redemption data. Breakage income is recognized monthly in proportion to the historical redemption patterns for those stored value cards for which the likelihood of redemption is remote.

Other Revenue

Other revenue consists of service fees (layaway, shipping and handling, alteration, dormancy and other service charges), subleased rental income and rental income from leased departments as shown in the table below:

	(in thousands)
	Fiscal Years Ended
	January 30, 2021		February 1, 2020		February 2, 2019
Service fees	$	3,186	$	16,051	$	15,836
Subleased rental income and other		9,253		9,104		9,319
Rental income from leased departments		—		—		273
Total	$	12,439	$	25,155	$	25,428

Rental income from leased departments resulted from arrangements at some of the Company’s stores where the Company granted unaffiliated third parties the right to use designated store space solely for the purpose of selling such third parties’ goods, including such items as fragrances and designer handbags. Rental income was based on an agreed upon percentage of the lease departments’ total revenues. The Company did not own or have any rights to any tradenames, licenses or other intellectual property in

connection with the brands sold by such unaffiliated third parties. The Company no longer has any such arrangements as of the end of Fiscal 2020.

Private Label Credit Card

The Company has a private label credit card program, in which customers earn reward points for purchases made using the card. The Company reduces net sales for the dollar value of any points earned at the time of the initial transaction, and subsequently recognizes net sales at the time the points are redeemed or expired. The Company receives royalty revenue based on a percentage of all purchases made on the card, which is recognized at the time of the initial transaction. The Company also receives a fee for each card activated. Revenue from activation fees are deferred and amortized over the period the Company performs its obligations under the card to the customer.

Advertising Costs

The Company’s advertising costs consist primarily of video, audio and digital marketing. Advertising costs are expensed the first time the advertising takes place, and are included in the line item “Selling, general and administrative expenses” on the Company’s Consolidated Statements of (Loss) Income. During Fiscal 2020, Fiscal 2019 and Fiscal 2018, advertising costs were $43.8 million, $73.1 million and $75.4 million, respectively.

Income Taxes

The Company accounts for income taxes in accordance with Topic No. 740. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. A valuation allowance against the Company’s deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, management is required to make assumptions and to apply judgment, including forecasting future earnings, taxable income, and the mix of earnings in the jurisdictions in which the Company operates. Management periodically assesses the need for a valuation allowance based on the Company’s current and anticipated results of operations. The need for and the amount of a valuation allowance can change in the near term if operating results and projections change significantly.

Topic No. 740 requires the recognition in the Company’s Consolidated Financial Statements of the impact of a tax position taken or expected to be taken in a tax return, if that position is “more likely than not” to be sustained upon examination by the relevant taxing authority, based on the technical merits of the position. The tax benefits recognized in the Company’s Consolidated Financial Statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. The Company records interest and penalties related to unrecognized tax benefits as part of income taxes.

Other Income, Net

Other income, net, consists of gains and losses on insurance proceeds, interest income, net gains and losses on disposition of assets, and other miscellaneous items. The Company recognized $3.2 million, $8.1 million and $3.3 million of gain on insurance recoveries during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively. The Company also recognized $2.1 million during Fiscal 2018, related to the sale of certain state tax credits. There were no sales of tax credits during Fiscal 2020 or Fiscal 2019.

Comprehensive (Loss) Income

Comprehensive (loss) income is comprised of net (loss) income and the effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges, less amounts reclassified into earnings.

Lease Accounting

The Company leases store locations, distribution centers and office space used in its operations. Beginning in Fiscal 2019, as a result of adopting ASU 2016-02, the Company accounts for these types of leases in accordance with ASC Topic No. 842, “Leases” (Topic No. 842), which requires that leases be evaluated and classified as operating or finance leases for financial reporting purposes. The lease liability is calculated as the present value of the remaining future lease payments over the lease term, including reasonably assured renewal options. 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. In calculating its incremental borrowing rate, the Company uses

a retail industry yield curve, adjusted for the Company’s credit profile. The right-of-use asset for operating leases is based on the lease liability plus initial direct costs and prepaid lease payments, less landlord incentives received.

The Company’s operating lease cost, included in the line item “Selling, general and administrative expenses” on its Consolidated Statements of (Loss) Income, includes amortization of right-of-use assets, interest on lease liabilities, as well as any variable and short-term lease cost. The Company commences recording operating lease cost when the underlying asset is made available for use.

Assets held under finance leases are included in the line item “Property and equipment—net of accumulated depreciation and amortization” in the Company’s Consolidated Balance Sheets.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC Topic No. 718, “Stock Compensation” (Topic No. 718), which requires companies to record stock compensation expense for all non-vested and new awards beginning as of the grant date. Refer to Note 12, “Stock-Based Compensation,” for further details.

Net (Loss) Income Per Share

Net (loss) income per share is calculated using the treasury stock method. Refer to Note 11, “Net (Loss) Income Per Share,” for further details.

Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and investments. The Company manages the credit risk associated with cash equivalents and investments by investing with high-quality institutions and, by policy, limiting investments only to those which meet prescribed investment guidelines. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks on its cash and cash equivalent accounts.

Segment Information

The Company reports segment information in accordance with ASC Topic No. 280 “Segment Reporting.” The Company has one reportable segment. The Company is an off-price retailer that offers customers a complete line of value-priced apparel, including: women’s ready-to-wear apparel, accessories, footwear, menswear, youth apparel, baby, home, coats, beauty, toys and gifts. Sales percentage by major product category is as follows:

Category	Fiscal 2020(a)			Fiscal 2019(a)			Fiscal 2018(a)
Women’s ready-to-wear apparel		21	%		22	%		23	%
Accessories and footwear		21	%		22	%		22	%
Menswear		19	%		20	%		20	%
Home		19	%		15	%		15	%
Youth apparel/baby		15	%		16	%		16	%
Coats		5	%		5	%		5	%

(a)	Percentages may not foot due to rounding.

Recent Accounting Pronouncements

12 Months Ended

Jan. 30, 2021

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

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 significant 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 significant impact on the Company’s Consolidated Financial Statements and notes thereto during the year ended January 30, 2021, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of January 30, 2021 that the Company expects to have a significant impact on its financial position or results of operations upon becoming effective.

Restricted Cash and Cash Equivalents

12 Months Ended

Jan. 30, 2021

Cash And Cash Equivalents [Abstract]

Restricted Cash and Cash Equivalents

3. Restricted Cash and Cash Equivalents

At both January 30, 2021 and February 1, 2020, restricted cash and cash equivalents consisted of $6.6 million related to collateral for certain insurance contracts. The Company has the ability to convert the restricted cash to a letter of credit at any time, which would reduce available borrowings on the ABL Line of Credit by a like amount.

Property and Equipment

12 Months Ended

Jan. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consist of:

		(in thousands)
	Useful Lives	January 30, 2021			February 1, 2020
Land	N/A	$	148,973		$	149,426
Buildings	20 to 40 Years		492,289			491,389
Store fixtures and equipment	3 to 15 Years		1,074,584			1,030,646
Software	3 to 10 Years		278,786			273,674
Leasehold improvements	Shorter of lease term or useful life		772,825			761,561
Construction in progress	N/A		170,061			58,759
Total property and equipment at cost			2,937,518			2,765,455
Less: accumulated depreciation and amortization			(1,498,655	)		(1,362,282	)
Total property and equipment, net of accumulated depreciation and amortization		$	1,438,863		$	1,403,173

As of January 30, 2021 and February 1, 2020, assets, net of accumulated amortization of $8.7 million and $4.4 million, respectively, held under finance leases amounted to approximately $38.9 million and $44.8 million, respectively, and are included in the line item “Buildings” in the foregoing table. Amortization expense related to finance leases is included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of (Loss) Income. The total amount of depreciation expense during Fiscal 2020, Fiscal 2019 and Fiscal 2018 was $206.2 million, $195.8 million and $175.8 million, respectively.

During Fiscal 2020, Fiscal 2019 and Fiscal 2018, the Company recorded impairment charges related to property and equipment of $4.6 million, $3.4 million and $3.9 million, respectively. Refer to Note 6, “Impairment Charges,” for further discussion.

Internally developed software is amortized on a straight line basis over three to ten years and is recorded in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of (Loss) Income. Depreciation and amortization of internally developed software amounted to $16.9 million, $17.9 million and $19.4 million during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.

Intangible Assets

12 Months Ended

Jan. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible Assets

Intangible assets at January 30, 2021 and February 1, 2020 consist primarily of tradenames.

	(in thousands)
	January 30, 2021						February 1, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Tradenames	$	238,000	$	—	$	238,000	$	238,000	$	—	$	238,000

Impairment Charges

12 Months Ended

Jan. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Impairment Charges

6. Impairment Charges

Impairment charges recorded during Fiscal 2020, Fiscal 2019 and Fiscal 2018 amounted to $6.0 million, $4.3 million and $6.8 million, respectively, and are primarily related to declines in revenues and operating results of the respective stores. Additionally, during Fiscal 2018, a portion of the impairment related to a decline in the appraised fair value of one of the Company’s owned stores. Impairment charges during these periods related to the following:

	(in thousands)
	Fiscal Years Ended
Asset Categories	January 30, 2021		February 1, 2020		February 2, 2019
Store fixtures and equipment	$	2,811	$	809	$	878
Leasehold improvements		1,665		52		195
Operating lease assets		1,373		921		—
Buildings		43		921		1,262
Land		—		1,604		1,551
Favorable leases		—		—		2,894
Other assets		120		8		64
Total	$	6,012	$	4,315	$	6,844

The Company recorded impairment charges related to store-level assets for 14 stores during Fiscal 2020, two stores, as well as the online store, during Fiscal 2019, and eight stores during Fiscal 2018.

Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of ASC Topic No. 820 “Fair Value Measurements” (Topic No. 820). Refer to Note 16, “Fair Value of Financial Instruments,” for further discussion of the Company’s fair value hierarchy. The fair value of the Company’s long-lived assets is calculated using a discounted cash-flow model that used level 3 inputs. In calculating future cash flows, the Company makes estimates regarding future operating results and market rent rates, based on its experience and knowledge of market factors in which the retail location is located. As of January 30, 2021, there were two stores with lease assets held at fair value as a result of impairment recorded during the fourth quarter. These lease assets had an aggregate fair value of $17.5 million.

Long Term Debt

12 Months Ended

Jan. 30, 2021

Debt Disclosure [Abstract]

Long Term Debt

7. Long Term Debt

Long term debt consists of:

	(in thousands)
	January 30,			February 1,
	2021			2020
$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	$	958,418		$	957,505
$805,000 convertible senior notes, 2.25%, matures on April 15, 2025		648,311			—
$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		—			—
Finance lease obligations		47,664			50,130
Unamortized deferred financing costs		(22,724	)		(2,335	)
Total debt		1,931,669			1,005,300
Less: current maturities		(3,899	)		(3,577	)
Long term debt, net of current maturities	$	1,927,770		$	1,001,723

Term Loan Facility

On February 24, 2011, the Company entered into a senior secured term loan facility (the Term Loan Facility). The Term Loan Facility was issued pursuant to a credit agreement (Term Loan Credit Agreement), dated February 24, 2011, among Burlington Coat Factory Warehouse Corporation, an indirect subsidiary of the Company (BCFWC), the guarantors signatory thereto, and JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, the lenders party thereto, J.P. Morgan Securities LLC and Goldman Sachs Lending Partners LLC, as joint bookrunners, and J.P. Morgan Securities LLC, Goldman Sachs Lending Partners LLC, Merrill

Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, as joint arrangers, governing the terms of the Term Loan Facility.

In June 2018, the Company prepaid $150.0 million on the Term Loan Facility, which offset the mandatory quarterly payments through November 17, 2024. In accordance with Topic No. 470, the Company recognized a non-cash loss on the extinguishment of debt of $1.2 million, representing the write-off of unamortized original issue discount and deferred financing costs, which was recorded in the line item “Loss on extinguishment of debt” in the Company’s Consolidated Statement of Income.

On November 2, 2018, BCFWC entered into Amendment No. 7 (the Seventh Amendment) to the Term Loan Credit Agreement governing its Term Loan Facility. The Seventh Amendment, among other things, reduced the interest rate margins applicable to the Company’s term loan facility from 1.50% to 1.00%, in the case of prime rate loans, and from 2.50% to 2.00%, in the case of LIBOR loans, with the LIBOR floor being reduced from 0.75% to 0.00%. In connection with the execution of the Seventh Amendment, the Company paid fees and expenses, including a fee to each consenting lender equal to 0.125% of the aggregate principal amount of such lender’s loans under the Term Loan Credit Agreement. In accordance with Topic No. 470, the Company recognized a non-cash loss on the extinguishment of debt of $0.5 million, representing the write-off of deferred financing costs and unamortized original issue discount, which was recorded in the line item “Loss on extinguishment of debt” in the Company’s Consolidated Statement of Income. Also in connection with the Seventh Amendment, the Company incurred fees of $2.4 million, primarily related to legal and placement fees, which were recorded in the line item “Costs related to debt amendments” in the Company’s Consolidated Statement of Income.

On February 26, 2020, the Company entered into Amendment No. 8 (the Eighth Amendment) to the Term Loan Credit Agreement governing its 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 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 Consolidated Statement of Loss.

The Term Loan Facility is collateralized by a first lien on our favorable leases, real estate and property & equipment and a second lien on our inventory and receivables. Interest rates for the Term Loan Facility are based on: (i) for LIBOR rate loans for any interest period, at a rate per annum equal to the greater of (x) the LIBOR rate, as determined by the Term Loan Facility Administrative Agent, for such interest period multiplied by the Statutory Reserve Rate (as defined in the Term Loan Credit Agreement), and (y) 0.00% (the Term Loan Adjusted LIBOR Rate), plus an applicable margin; and (ii) for prime rate loans, a rate per annum equal to the highest of (a) the variable annual rate of interest then announced by JPMorgan Chase Bank, N.A. at its head office as its “prime rate,” (b) the federal reserve bank of New York rate in effect on such date plus 0.50% per annum, and (c) the Term Loan Adjusted LIBOR Rate for the applicable class of term loans for one-month plus 1.00%, plus, in each case, an applicable margin. As of January 30, 2021, the Company’s borrowing rate related to the Term Loan Facility was 1.9%.

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 dates indicated:

	(in thousands)
	January 30,			February 1,
	2021			2020
Liability component:
Principal	$	805,000		$	—
Unamortized debt discount		(156,689	)		—
Unamortized deferred debt costs		(14,191	)		—
Net carrying amount	$	634,120		$	—

Equity component, net	$	131,916		$	—

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

	(in thousands)
	Fiscal Year Ended		Fiscal Year Ended		Fiscal Year Ended
	January 30, 2021		February 1, 2020		February 2, 2019
Coupon interest	$	14,375	$	—	$	—
Amortization of debt discount		23,988		—		—
Amortization of deferred debt costs		2,173		—		—
Convertible Notes interest expense	$	40,536	$	—	$	—

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 $2.5 million, primarily related to legal fees, which are recorded in the line item, “Costs related to debt issuances and amendments” in the Company’s Consolidated Statement of (Loss) Income.

ABL Line of Credit

On June 29, 2018, BCFWC entered into Amendment No. 2 (the Second Amendment) to the Second Amended and Restated Credit Agreement, dated September 2, 2011 (the ABL Credit Agreement), governing BCFWC’s existing senior secured asset-based revolving credit facility (the ABL Line of Credit). The Second Amendment, among other things, extended the maturity date from August 13, 2019 to June 29, 2023 and adjusted the pricing grid such that the lower interest rate of 1.25% in the case of LIBOR loans and 0.25% in the case of prime rate loans is applicable so long as the Company maintains at least 40% average daily availability (as opposed to 50%). In connection with its entry into the Second Amendment, and in accordance with Topic No. 470, the Company recognized a non-cash loss on the extinguishment of debt of $0.2 million, representing the write-off of deferred financing costs, which was recorded in the line item “Loss on extinguishment of debt” in the Company’s Consolidated Statement of Income for the year ended February 2, 2019.

The aggregate amount of commitments under the Second Amended and Restated Credit Agreement (as amended, supplemented and otherwise modified, the Amended ABL Credit Agreement) is $600.0 million (subject to a borrowing base limitation) and, subject to the satisfaction of certain conditions, the Company can increase the aggregate amount of commitments up to $900.0 million. The interest rate margin applicable under the Amended ABL Credit Agreement in the case of loans drawn at LIBOR is 1.25% - 1.50% (based on total commitments or borrowing base availability), and the fee on the average daily balance of unused loan commitments is 0.20%. Prior to the Second Amendment, the ABL Line of Credit was collateralized by a first lien on the Company’s inventory and receivables and a second lien on the Company’s real estate and property and equipment. In connection with the Second Amendment, the agent and lenders under the ABL Line of Credit agreed to release their second liens on the Company's real estate, but retained their liens on the Company's inventory, receivables, and equipment.

The Company believes that the Amended ABL Credit Agreement provides the liquidity and flexibility to meet its operating and capital requirements over the remaining term of the ABL Line of Credit. Further, the calculation of the borrowing base under the Amended ABL Credit Agreement has been amended to allow for increased availability, particularly during the September 1st through December 15th period of each year.

On March 17, 2020, the Company borrowed $400.0 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 $150.0 million of this amount during the second quarter of Fiscal 2020, and the remaining $250.0 million during the fourth quarter of Fiscal 2020.

At January 30, 2021, the Company had $476.8 million available under the ABL Line of Credit. The maximum borrowings under the facility during Fiscal 2020 amounted to $400.0 million. Average borrowings during Fiscal 2020 amounted to $256.6 million at an average interest rate of 1.9%.

At February 1, 2020, the Company had $501.8 million available under the ABL Line of Credit. The maximum borrowings under the facility during Fiscal 2019 amounted to $255.0 million. Average borrowings during Fiscal 2019 amounted to $81.5 million at an average interest rate of 3.7%.

Deferred Financing Costs

The Company had $1.8 million and $2.5 million in deferred financing costs associated with its ABL Line of Credit, which are recorded in the line item “Other assets” in the Company’s Consolidated Balance Sheets as of January 30, 2021 and February 1, 2020, respectively. In addition, The Company had $22.7 million and $2.3 million of deferred financing costs associated with its Term Loan Facility, Convertible Notes and Secured Notes, recorded in the line item “Long term debt” in the Company’s Consolidated Balance Sheets as of January 30, 2021 and February 1, 2020, respectively.

Amortization of deferred financing costs amounted to $4.5 million, $1.2 million and $1.6 million during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively, which was included in the line item “Interest expense” in the Company’s Consolidated Statements of (Loss) Income.

Amortization expense related to the deferred financing costs as of January 30, 2021 for each of the next five fiscal years and thereafter is estimated to be as follows:

Fiscal Years	(in thousands)
2021	$	5,563
2022		5,913
2023		5,984
2024		5,881
2025		1,157
Thereafter		—
Total	$	24,498

Deferred financing costs have a weighted average amortization period of approximately 4.0 years.

Scheduled Maturities

Scheduled maturities of the Company’s long term debt obligations, as they exist as of January 30, 2021, in each of the next five fiscal years and thereafter are as follows:

	(in thousands)
	Long-Term Debt
Fiscal Years:
2021	$	—
2022		—
2023		—
2024		961,415
2025		1,105,000
Thereafter		—
Total		2,066,415
Less: unamortized discount		(159,686	)
Less: unamortized deferred financing costs		(22,724	)
Long term finance lease liabilities		43,765
Long term debt	$	1,927,770

Derivative Instruments and Hedging Activities

12 Months Ended

Jan. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

8. 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). Topic No. 815 provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (i) how and why an entity uses derivative instruments, (ii) how the entity accounts for derivative instruments and related hedged items, and (iii) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

As required by Topic No. 815, the Company records all derivatives on the balance sheet at fair value and adjusts them to market on a quarterly basis. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

The Company has used interest rate cap contracts and interest rate swap contracts to manage interest rate risk. The fair value of these contracts are determined using the market standard methodology of discounted future variable cash flows. The variable cash flows of the interest rate cap contracts are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps in conjunction with the cash payments related to financing the premium of the interest rate caps. The variable cash flows of the interest rate swap contract are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise or fall compared to current levels in conjunction with the fixed cash payments. The variable interest rates used in the calculation of projected receipts on the cap and swap contracts are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. In addition, to comply with the provisions of 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’s only derivatives are interest rate cap contracts and interest rate swap contracts that are with separate counterparties and are under separate master netting agreements.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of January 30, 2021 and February 1, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustment is not significant to the overall valuation of its derivative portfolios. As a result, the Company classifies its derivative valuations in Level 2 of the fair value hierarchy.

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company uses derivative financial instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings.

Cash Flow Hedges of Interest Rate Risk

The Company uses interest rate derivatives to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily has used interest rate caps and interest rate swaps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract. 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.

On April 24, 2015, the Company entered into two interest rate cap contracts, which were designated as cash flow hedges, and expired in May of 2019. On December 17, 2018, the Company entered into an interest rate swap contract, which was designated as a cash flow hedge, and became effective May 31, 2019.

During Fiscal 2020, the Company’s derivatives were used to hedge the variable cash flows associated with existing (or anticipated) variable-rate debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in the line item “Accumulated other comprehensive loss” on the Company’s Consolidated Balance Sheets and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive loss related to the Company’s derivative contracts will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of January 30, 2021, the Company estimates that $11.7 million will be reclassified into interest expense during the next twelve months.

As of January 30, 2021, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges 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 tables below present the fair value of the Company’s derivative financial instruments on a gross basis, as well as their classification on the Company’s Consolidated Balance Sheets:

(in thousands)

Fair Values of Derivative Instruments

January 30, 2021

February 1, 2020

Derivatives Designated as Hedging Instruments

Balance

Sheet

Location

Fair

Value

Balance

Sheet

Location

Fair

Value

Interest rate swap contract

Other liabilities

31,665

Other liabilities

26,220

The following table presents the unrealized losses deferred to accumulated other comprehensive loss resulting from the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods.

	(in thousands)
	Fiscal Year Ended
Interest Rate Derivatives:	January 30, 2021			February 1, 2020			February 2, 2019
Unrealized losses, before taxes	$	(15,606	)	$	(22,959	)	$	(4,232	)
Income tax benefit		4,148			6,353			1,152
Unrealized losses net of taxes	$	(11,458	)	$	(16,606	)	$	(3,080	)

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

	(in thousands)
	Fiscal Year Ended
Component of Earnings:	January 30, 2021			February 1, 2020			February 2, 2019
Interest expense	$	10,198		$	1,733		$	1,872
Income tax benefit		(2,795	)		(474	)		(518	)
Net reclassification into earnings	$	7,403		$	1,259		$	1,354

Accumulated Other Comprehensive Loss

12 Months Ended

Jan. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

9. Accumulated Other Comprehensive Loss

Amounts included in accumulated other comprehensive loss are recorded net of the related income tax effects. The table below details the changes in accumulated other comprehensive loss for Fiscal 2020 and Fiscal 2019.

	(in thousands)
	Derivative Instruments
Balance at February 2, 2019	$	(3,613	)
Unrealized losses, net of related tax benefit of $6.4 million		(16,606	)
Amount reclassified into earnings, net of related taxes of $0.5 million		1,259
Balance at February 1, 2020	$	(18,960	)
Unrealized losses, net of related tax benefit of $4.1 million		(11,458	)
Amount reclassified into earnings, net of related taxes of $2.8 million		7,403
Balance at January 30, 2021	$	(23,015	)

Capital Stock

12 Months Ended

Jan. 30, 2021

Capital Stock [Abstract]

Capital Stock

10. Capital Stock

Common Stock

As of January 30, 2021, the total amount of the Company’s authorized capital stock consisted of 500,000,000 shares of common stock, par value $0.0001 per share, and 50,000,000 shares of undesignated preferred stock, par value of $0.0001 per share.

The Company’s common stock is not entitled to preemptive or other similar subscription rights to purchase any of the Company’s securities. The Company’s common stock is neither convertible nor redeemable. Unless the Company’s Board of Directors determines otherwise, the Company will issue all of the Company’s capital stock in uncertificated form.

Preferred Stock

The Company does not have any shares of preferred stock issued or outstanding. The Company’s Board of Directors has the authority to issue shares of preferred stock from time to time on terms it may determine, to divide shares of preferred stock into one or more series and to fix the designations, preferences, privileges, and restrictions of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, sinking fund terms, and the number of shares constituting any series or the designation of any series to the fullest extent permitted by the General Corporation Law of the State of Delaware. The issuance of the Company’s preferred stock could have the effect of decreasing the trading price of the Company’s common stock, restricting dividends on the Company’s capital stock, diluting the voting power of the Company’s common stock, impairing the liquidation rights of the Company’s capital stock, or delaying or preventing a change in control of the Company.

Dividend Rights

Each holder of shares of the Company’s capital stock will be entitled to receive such dividends and other distributions in cash, stock or property as may be declared by the Company’s Board of Directors from time to time out of the Company’s assets or funds legally available for dividends or other distributions. These rights are subject to the preferential rights of any other class or series of the Company’s preferred stock.

Treasury Stock

The Company accounts for treasury stock under the cost method.

During Fiscal 2020, the Company acquired 79,015 shares of common stock from employees for approximately $15.4 million to satisfy their minimum statutory tax withholdings related to the vesting of restricted stock awards.

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.

As part of the Company’s cash management efforts during the COVID-19 pandemic, the Company suspended its share repurchase program in March 2020. From the beginning of Fiscal 2020 through the time the program was suspended, the Company repurchased 243,573 shares of common stock for $50.2 million under its share repurchase program, which was recorded in the line item, “Treasury stock” on the Company’s Consolidated Balance Sheets, and the line item “Purchase of treasury shares” on the Company’s Consolidated Statements of Cash Flows. As of January 30, 2021, the Company had $348.4 million remaining under its share repurchase authorization.

Net (Loss) Income Per Share

12 Months Ended

Jan. 30, 2021

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

11. Net (Loss) Income Per Share

Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted-average number of common shares outstanding. Dilutive net (loss) income per share is calculated by dividing net (loss) income by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method.

	(in thousands, except per share data)
	Fiscal Year Ended

	January 30,			February 1,		February 2,
	2021			2020		2019
Basic net (loss) income per share
Net (loss) income	$	(216,499	)	$	465,116	$	414,745
Weighted average number of common shares – basic		65,962			65,943		66,812
Net (loss) income per common share – basic	$	(3.28	)	$	7.05	$	6.21
Diluted net (loss) income per share
Net (loss) income	$	(216,499	)	$	465,116	$	414,745
Shares for basic and diluted net (loss) income per share:
Weighted average number of common shares – basic		65,962			65,943		66,812
Assumed exercise of stock options and vesting of restricted stock		—			1,350		1,867
Assumed conversion of convertible debt		—			—		—
Weighted average number of common shares – diluted		65,962			67,293		68,679
Net (loss) income per common share – diluted	$	(3.28	)	$	6.91	$	6.04

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 1,960,000 shares, 405,000 shares and 425,000 shares were excluded from diluted net (loss) income per share for Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively, since their effect was anti-dilutive.

During the year ended January 30, 2021, 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

12 Months Ended

Jan. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

On May 1, 2013, the Company’s Board of Directors approved the Company’s assumption and adoption of the 2006 Management Incentive Plan (the 2006 Plan) that was previously sponsored by Burlington Coat Factory Holdings, LLC. The 2006 Plan terminated on April 12, 2016. The Company’s 2013 Omnibus Incentive Plan (the 2013 Plan and, together with the 2006 Plan, the Plans), originally adopted effective prior to and in connection with the Company’s initial public offering, was amended and restated effective May 17, 2017. The 2006 Plan, prior to its termination, and the 2013 Plan provide for the granting of stock options, restricted stock and other forms of awards to key employees and directors of the Company or its affiliates.

The Company accounts for awards issued under the Plans in accordance with Topic No. 718. As of January 30, 2021, there were 2,477,044 shares of common stock available for issuance under the 2013 Plan.

Stock Options

Options granted during Fiscal 2020, Fiscal 2019 and Fiscal 2018, were all service-based awards granted under the Plans at the following exercise prices:

	Exercise Price Ranges
	From		To
Fiscal 2020	$	179.46	$	246.97
Fiscal 2019	$	145.08	$	231.86
Fiscal 2018	$	113.80	$	172.40

All awards granted during Fiscal 2020, Fiscal 2019 and Fiscal 2018 vest in either one-fourth annual increments or one-third annual increments (subject to continued employment through the applicable vesting date). The final exercise date for any option

granted is the tenth anniversary of the grant date. Options granted during Fiscal 2020, Fiscal 2019 and Fiscal 2018 become exercisable if the grantee’s employment is terminated without cause or, in some instances, the recipient resigns with good reason, within a certain period of time following a change in control. Unless determined otherwise by the plan administrator, upon cessation of employment other than for cause, the majority of options that have not vested will terminate immediately, and unexercised vested options will be exercisable for a period of 60 to 180 days.

Non-cash stock compensation expense is as follows:

	(in thousands)
	Fiscal Year Ended
	January 30,		February 1,		February 2,
Type of Non-Cash Stock Compensation	2021		2020		2019
Restricted stock and restricted stock unit grants (a)	$	25,258	$	20,454	$	18,967
Stock option grants (a)		20,038		19,222		16,518
Performance stock unit grants (a)		10,549		4,252		—
Total (b)	$	55,845	$	43,928	$	35,485

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

(b)	The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $9.1 million, $9.0 million and $9.7 million during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.

As of January 30, 2021, the Company had 1,346,775 options outstanding to purchase shares of common stock, and there was $32.0 million of unearned non-cash stock-based option compensation that the Company expects to recognize as expense over a weighted average period of 2.3 years. The awards are expensed on a straight-line basis over the requisite service period.

Stock option transactions during Fiscal 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		243,783			180.96
Options exercised (a)		(731,954	)		47.71
Options forfeited		(56,009	)		124.86
Options outstanding, January 30, 2021		1,346,775		$	133.86

(a)	Options exercised during Fiscal 2020 had a total intrinsic value of $114.5 million.

The following table summarizes information about the stock options vested and expected to vest during the contractual term, as well as options exercisable:

Options

Weighted

Average

Remaining

Contractual

Life (Years)

Weighted

Average

Exercise

Price

Aggregate

Intrinsic

Value

(in millions)

Options vested and expected to vest

1,346,775

6.3

133.86

154.9

Options exercisable

469,965

4.7

106.92

66.7

The fair value of each stock option granted was estimated on the date of grant using the Monte Carlo Simulation option pricing model prior to the date of the Company’s initial public offering and the Black Scholes option pricing model subsequent to the date of the initial public offering. The fair value of each stock option granted during Fiscal 2020 was estimated using the following assumptions:

	Fiscal Year Ended
	January 30,
	2021
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	$	63.68

The expected dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. 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 Fiscal 2020, Fiscal 2019 and Fiscal 2018, the expected life of the options was calculated using the simplified method, which 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 short length of time our common stock has been publicly traded.

Restricted Stock Awards

Restricted stock awards granted during Fiscal 2020 were all service-based awards. The fair value of each unit of restricted stock granted during Fiscal 2020 was based upon the closing price of the Company’s common stock on the grant date. As of January 30, 2021, the Company had 67,739 awards outstanding that cliff vest at the end of the service periods ranging from two years to four years from the grant date. Awards granted to non-employee members of the Company’s Board of Directors vest 100% on the first anniversary of the grant date. The remaining awards outstanding as of January 30, 2021 have graded vesting provisions that generally vest in one-fourth annual increments or one-third annual increments (subject to continued employment through the applicable vesting date). Following a change of control, all unvested restricted stock awards shall remain unvested, provided, however, that 100% of such shares shall vest if, following such change of control, the employment of the recipient is terminated without cause or, in some instances, the recipient resigns with good reason, within a certain period of time following a change in control.

As of January 30, 2021, there was approximately $47.9 million of unearned non-cash stock-based compensation related to restricted stock awards that the Company expects to recognize as an expense over the next 2.4 years. The awards are expensed on a straight-line basis over the requisite service periods.

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. Award grant, vesting and forfeiture transactions during Fiscal 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		186,546			180.06
Awards vested (a)		(222,303	)		108.93
Awards forfeited		(19,462	)		146.22
Non-vested awards outstanding, January 30, 2021		396,555			168.87

(a)

Restricted stock awards vested during Fiscal 2020 had a total intrinsic value of $42.9 million.

Performance Share Units

Beginning in Fiscal 2019, the Company granted performance share units to its senior executives. Vesting of these performance share units is based on pre-established EBIT margin expansion and sales compound 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 share unit cliff vests at the end of a three-year service period. Following a change of control, all unvested performance share units shall remain unvested, provided, however, that 100% of such shares shall vest if, following such change of control, the employment of the recipient is terminated without cause or, in some instances, the recipient resigns with good reason, within a certain period of time following a change in control.

As of January 30, 2021, there was approximately $15.5 million of unearned non-cash stock-based compensation related to performance share units that the Company expects to recognize as an expense over the next 1.9 years. The awards are expensed on a straight-line basis over the requisite service periods.

Performance share unit transactions during Fiscal 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		(7,066	)		173.53
Non-vested units outstanding, January 30, 2021		148,668			176.70

Lease Commitments

12 Months Ended

Jan. 30, 2021

Leases [Abstract]

Lease Commitments

13. 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 temporary store closures, the Company worked with its 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 $32.9 million are included in the line item “Other current liabilities” on the Company’s Consolidated Balance Sheet. Due dates for these payments vary by lease, with all payments due before the end of Fiscal 2021.

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

	(in thousands)
Fiscal Year	Operating Leases			Finance Leases
2021	$	444,392		$	6,841
2022		453,025			7,513
2023		430,014			7,589
2024		393,757			7,417
2025		360,327			5,298
Thereafter		1,291,811			33,354
Total future minimum lease payments		3,373,326			68,012
Amount representing interest		(667,915	)		(20,348	)
Total lease liabilities		2,705,411			47,664
Less: current portion of lease liabilities		(304,629	)		(3,899	)
Total long term lease liabilities	$	2,400,782		$	43,765

Weighted average discount rate		5.4	%		6.8	%
Weighted average remaining lease term (years)		8.5			11.6

The above schedule excludes approximately $360.7 million for 74 stores that the Company has committed to open or relocate but has not yet taken possession of the space.

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

	(in thousands)
	Fiscal Year Ended			Fiscal Year Ended
	January 30, 2021			February 1, 2020
Finance lease cost:
Amortization of finance lease asset (a)	$	5,907		$	4,027
Interest on lease liabilities (b)		3,394			2,770
Operating lease cost (c)		441,089			414,174
Variable lease cost (c)		180,270			155,210
Total lease cost		630,660			576,181
Less all rental income(d)		(5,010	)		(5,029	)
Total net rent expense (e)	$	625,650		$	571,152

(a)

Included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of (Loss) Income.

(b)

Included in the line item “Interest expense” in the Company’s 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 Consolidated Statements of (Loss) Income.

(d)

Included in the line item “Other revenue” in the Company’s 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)
	Fiscal Year Ended		Fiscal Year Ended
	January 30, 2021		February 1, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (a)	$	409,750	$	401,575
Cash payments for the principal portion of finance lease liabilities (b)	$	3,269	$	2,932
Cash payments for the interest portion of finance lease liabilities (a)	$	3,394	$	2,770
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets	$	413,068	$	690,827

(a)

Included within operating activities in the Company’s Consolidated Statements of Cash Flows.

(b)

Included within financing activities in the Company’s Consolidated Statements of Cash Flows.

The following is a schedule of net rent expense for the periods indicated under Accounting Standards Codification (ASC) 840, “Leases.” Prior periods have not been adjusted for adoption of ASU 2016-02:

	(in thousands)
	Year Ended
	February 2, 2019
Rent expense:
Minimum rental payments	$	364,637
Contingent rental payments		6,047
Straight-line rent expense		8,469
Lease incentives amortization		(34,827	)
Amortization of purchased lease rights		844
Total rent expense(a)		345,170
Less all rental income(b)		(6,164	)
Total net rent expense	$	339,006

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

(b)	Included in the line item “Other revenue” in the Company’s Consolidated Statements of (Loss) Income.

Employee Retirement Plans

12 Months Ended

Jan. 30, 2021

Postemployment Benefits [Abstract]

Employee Retirement Plans

14. Employee Retirement Plans

The Company maintains separate defined contribution 401(k) retirement savings and profit-sharing plans covering employees in the United States and Puerto Rico who meet specified age and service requirements. The discretionary profit sharing component (which the Company has not utilized since 2005 and has no current plans to utilize) is entirely funded by the Company, and the Company also makes additional matching contributions to the 401(k) component of the plans. Participating employees can voluntarily elect to contribute a percentage of their earnings to the 401(k) component of the plans (up to certain prescribed limits) through a cash or deferred (salary deferral) feature qualifying under Section 401(k) of the Internal Revenue Code (401(k) Plan).

The Company recorded $10.2 million, $10.0 million and $9.3 million of 401(k) Plan match expense during Fiscal 2020, Fiscal 2019 and Fiscal 2018 respectively, which is included in the line item “Selling, general and administrative expenses” on the Company’s Consolidated Statements of (Loss) Income.

Income Taxes

12 Months Ended

Jan. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

(Loss) income before income taxes was as follows for Fiscal 2020, Fiscal 2019 and Fiscal 2018:

	(in thousands)
	Year Ended
	January 30, 2021			February 1, 2020		February 2, 2019
Domestic	$	(441,473	)	$	573,399	$	503,290
Foreign		3,850			7,126		4,294
Total (loss) income before income taxes	$	(437,623	)	$	580,525	$	507,584

Income tax (benefit) expense was as follows for Fiscal 2020, Fiscal 2019 and Fiscal 2018:

	(in thousands)
	Year Ended
	January 30, 2021			February 1, 2020			February 2, 2019
Current:
Federal	$	(210,304	)	$	83,521		$	69,007
State		12,964			20,778			19,642
Foreign		1,175			2,040			1,671
Subtotal		(196,165	)		106,339			90,320
Deferred:
Federal		13,600			8,375			8,337
State		(38,816	)		1,012			(8,409	)
Foreign		257			(317	)		2,591
Subtotal		(24,959	)		9,070			2,519
Total Income Tax (Benefit) Expense	$	(221,124	)	$	115,409		$	92,839

The tax rate reconciliations were as follows for Fiscal 2020, Fiscal 2019 and Fiscal 2018:

	Fiscal Year Ended
	January 30, 2021			February 1, 2020			February 2, 2019
Tax at statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		3.0			4.0			4.2
Excess tax benefit from stock compensation		7.2			(5.3	)		(5.2	)
Tax credits		1.8			(1.0	)		(1.2	)
Carryback tax rate differential		19.8			—			—
Non-deductible expenses		(1.8	)		0.8			0.4
Other		(0.5	)		0.4			(0.9	)
Effective tax rate		50.5	%		19.9	%		18.3	%

The increase in the effective tax rate was primarily due to the Company’s pretax loss and applying 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.

The tax effects of temporary differences are included in deferred tax accounts as follows:

	(in thousands)
	January 30, 2021					February 1, 2020
	Tax Assets			Tax Liabilities		Tax Assets			Tax Liabilities
Non-current deferred tax assets and liabilities:
Property and equipment basis adjustments	$	—		$	225,203	$	—		$	171,949
Operating lease liability		705,968			—		682,104			—
Operating lease asset		—			656,193		—			645,240
Intangibles—indefinite-lived		—			64,459		—			64,842
Financing		—			30,860		6,022			—
Employee benefit compensation		21,015			—		14,933			—
State net operating losses (net of federal benefit)		42,991			—		9,346			—
Tax credits		13,883			—		8,154			—
Other		10,386			—		—			6,296
Valuation allowance		(12,957	)		—		(9,842	)		—
Total non-current deferred tax assets and liabilities	$	781,286		$	976,715	$	710,717		$	888,327
Net deferred tax liability				$	195,429				$	177,610

As of January 30, 2021, the Company has a deferred tax asset related to net operating losses of $43.0 million, inclusive of $42.7 million of state net operating losses which will expire at various dates between 2021 and 2040 and $0.3 million of deferred tax assets recorded for Puerto Rico net operating loss carry-forwards that will expire in 2025. As of January 30, 2021, the Company had tax credit carry-forwards of $13.9 million, inclusive of federal tax credit carry-forwards of $4.8 million that will expire in 2040, state tax credit carry-forwards of $7.9 million that will begin to expire in 2023 and $1.2 million of Puerto Rico alternative minimum tax (AMT) credits that have an indefinite life.

As of February 1, 2020, the Company had a deferred tax asset related to net operating losses of $9.3 million, inclusive of $9.0 million of state net operating losses, and $0.3 million of deferred tax assets recorded for Puerto Rico net operating loss carry-forwards. As of February 1, 2020, the Company had tax credit carry-forwards of $8.2 million, inclusive of state tax credit carry-forwards of $6.8 million, and $1.4 million of Puerto Rico AMT credits.

We believe that it is more likely than not that the benefit from certain state net operating loss carry forwards and credits will not be realized. In recognition of this risk, we have provided a valuation allowance of $5.3 million on state net operating losses and $7.4 million on state tax credit carry forwards. In addition, the Company believes that it is more likely than not that the benefit from Puerto Rico net operating loss carry-forwards will not be realized. As a result, we have provided for a full valuation allowance of $0.3 million. If our assumptions change and we determine we will be able to realize these net operating losses or credits, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets as of January 30, 2021 will be recorded to the Company’s Consolidated Statement of (Loss) Income. As of February 1, 2020, we provided a total valuation allowance of $9.8 million, inclusive of $5.6 of valuation allowance related to state net operating losses, $3.9 million related to tax credit carry-forwards and $0.3 million related to Puerto Rico.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of interest and penalties) is as follows:

	(in thousands)
	Gross Unrecognized Tax Benefits, Exclusive of Interest and Penalties
Balance at February 3, 2018	$	9,073
Additions for tax positions of the current year		18
Additions for tax positions of prior years		698
Reduction for tax positions of prior years		(782	)
Settlements		—
Lapse of statute of limitations		(80	)
Balance at February 2, 2019	$	8,927
Additions for tax positions of the current year		—
Additions for tax positions of prior years		—
Reduction for tax positions of prior years		(783	)
Settlements		—
Lapse of statute of limitations		(67	)
Balance at February 1, 2020	$	8,077
Additions for tax positions of the current year		—
Additions for tax positions of prior years		—
Reduction for tax positions of prior years		(1,269	)
Settlements		(396	)
Lapse of statute of limitations		(72	)
Balance at January 30, 2021	$	6,340

As of January 30, 2021, the Company reported total unrecognized benefits of $6.3 million, of which $5.0 million would affect the Company’s effective tax rate if recognized. As a result of previous positions taken and current period activity, the Company recorded a net benefit of $1.1 million of interest and penalties during Fiscal 2020 in the line item “Income tax (benefit) expense” in the Company’s Consolidated Statements of (Loss) Income. Cumulative interest and penalties of $10.6 million are recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheet as of January 30, 2021. The Company recognizes interest and penalties related to unrecognized tax benefits as part of income taxes. Within the next twelve months, the Company does not expect any significant changes in its unrecognized tax benefits.

As of February 1, 2020, the Company reported total unrecognized benefits of $8.1 million, of which $6.4 million would affect the Company’s effective tax rate if recognized. As a result of previous positions taken, the Company recorded a net benefit of $0.2 million of interest and penalties during Fiscal 2019 in the line item “Income tax (benefit) expense” in the Company’s Consolidated Statements of (Loss) Income. Cumulative interest and penalties of $12.0 million are recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheets as of February 1, 2020.

The Company files tax returns in the U.S. federal jurisdiction, Puerto Rico, and various state jurisdictions. The Company is open to examination by the IRS under the applicable statutes of limitations for Fiscal Years 2017 through 2020. The Company or its subsidiaries’ state and Puerto Rico income tax returns are open to audit for Fiscal Years 2015 through 2020, with a few exceptions, under the applicable statutes of limitations. There are ongoing state audits in several jurisdictions, and the Company has accrued for possible exposures as required under Topic No. 740. The Company does not expect the settlement of these audits to have a material impact to its financial results.

- 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

Fair Value of Financial Instruments

12 Months Ended

Jan. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

16. Fair Value of Financial Instruments

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 8, “Derivative Instruments and Hedging Activities,” for further discussion regarding the fair value of the Company’s interest rate cap contracts.

Financial Assets

The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of January 30, 2021 and February 1, 2020 are summarized below:

	(in thousands)
	Fair Value Measurements at
	January 30,		February 1,
	2021		2020
Level 1
Cash equivalents (including restricted cash)	$	1,001,475	$	369,733

Financial Liabilities

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

	(in thousands)
	January 30, 2021				February 1, 2020
	Principal Amount		Fair Value		Principal Amount		Fair Value
Term B-5 Loans	$	961,415	$	955,406	$	961,415	$	959,899
Convertible Notes (a)		805,000		1,080,713		—		—
Secured Notes		300,000		320,625		—		—
ABL Line of Credit		—		—		—		—
Total debt (b)	$	2,066,415	$	2,356,744	$	961,415	$	959,899

(a)Includes amounts that are attributable to the conversion feature, which are classified within equity for financial reporting purposes.

(b)Excludes finance lease obligations, original-issue discount and deferred financing costs.

The fair values presented herein are based on pertinent information available to management as of the respective year 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. Although management is not aware of any factors that could significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and current estimates of fair value may differ from amounts presented herein.

- 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

Commitments and Contingencies

12 Months Ended

Jan. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

17. 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 violation of state consumer and/or privacy protection and other statutes. The Company was 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 was 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 obtained final Court approval of the settlement in December 2020, and the full settlement was paid during the fourth quarter of Fiscal 2020.

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 irrevocable letters of credit in the amounts of $54.9 million and $53.1 million as of January 30, 2021 and February 1, 2020, respectively.

Letters of credit outstanding as of January 30, 2021 and February 1, 2020 amounted to $46.8 million and $46.6 million, respectively, guaranteeing performance under various lease agreements, insurance contracts, and utility agreements. The Company also had outstanding letters of credit arrangements in the aggregate amount of $8.2 million and $6.5 million at January 30, 2021 and February 1, 2020, respectively, related to certain merchandising agreements. The Company had $476.8 million and $501.8 million available under the ABL Line of Credit as of January 30, 2021 and February 1, 2020, respectively.

Inventory Purchase Commitments

The Company had $1,105.6 million of purchase commitments related to goods that were not received as of January 30, 2021.

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 Party Transactions

12 Months Ended

Jan. 30, 2021

Related Party Transactions

18. Related Party Transactions

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.

Quarterly Results

12 Months Ended

Jan. 30, 2021

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results

19. Quarterly Results (Unaudited)

In the opinion of the Company’s management, the accompanying unaudited interim Consolidated Financial Statements contain all adjustments which are necessary for the fair presentation of the quarters presented. The operating results for any quarter are not necessarily indicative of the results of any future quarter.

	(in thousands, except share data)
Year ended January 31, 2021:	Quarter Ended
	May 2, 2020 (3)			August 1, 2020 (3)			October 31, 2020		January 30, 2021
Net sales	$	797,996		$	1,009,882		$	1,664,728	$	2,278,935
Gross margin(1)	$	15,812		$	462,332		$	748,881	$	969,492
Net (loss) income	$	(333,728	)	$	(46,781	)	$	8,016	$	155,994
Net (loss) income per share—basic(2):
Common stockholders	$	(5.09	)	$	(0.71	)	$	0.12	$	2.35
Net (loss) income per share—diluted(2):
Common stockholders	$	(5.09	)	$	(0.71	)	$	0.12	$	2.33

	(in thousands, except share data)
Year ended February 1, 2020:	Quarter Ended
	May 4, 2019		August 3, 2019		November 2, 2019		February 1, 2020
Net sales	$	1,628,547	$	1,656,363	$	1,774,949	$	2,201,384
Gross margin (1)	$	667,229	$	685,942	$	752,037	$	927,295
Net income	$	77,765	$	84,567	$	96,459	$	206,325
Net income per share—basic(2):
Common stockholders	$	1.18	$	1.28	$	1.46	$	3.14
Net income per share—diluted(2):
Common stockholders	$	1.15	$	1.26	$	1.44	$	3.08

(1)	Gross margin is equal to net sales less cost of sales.

(2)	Quarterly net income (loss) per share results may not equal full year amounts due to rounding.

(3)	Due to the impact of the COVID-19 pandemic and various governmental mandates, all of the Company’s stores were closed for a portion of the first and second quarters of Fiscal 2020, causing a decline in sales during those periods.

Schedule I-Condensed Financial Information of Registrant

12 Months Ended

Jan. 30, 2021

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Schedule I-Condensed Financial Information of Registrant

Schedule I

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Condensed Balance Sheets

	As of
	January 30, 2021		February 1, 2020
	(in thousands)
ASSETS:
Cash and cash equivalents	$	51	$	51
Total current assets		51		51
Investment in subsidiaries		1,098,823		528,098
Total assets	$	1,098,874	$	528,149
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities	$	—	$	—
Long term debt		634,120		—
Commitments and contingencies
Total stockholders’ equity		464,754		528,149
Total liabilities and stockholders’ equity	$	1,098,874	$	528,149

See Notes to Condensed Financial Statements

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Condensed Statements of (Loss) Income

	Fiscal Years Ended
	January 30, 2021			February 1, 2020		February 2, 2019
	(in thousands)
REVENUES:
Total revenue	$	—		$	—	$	—
COSTS AND EXPENSES:
Income from equity investment		—			—		—
Total costs and expenses		—			—		—
Income before provision for income tax		—			—		—
Provision for income tax		—			—		—
Earnings from equity investment, net of income taxes	$	(216,499	)	$	465,116	$	414,745
Net income	$	(216,499	)	$	465,116	$	414,745
Total comprehensive income	$	(216,499	)	$	465,116	$	414,745

See Notes to Condensed Financial Statements

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Condensed Statements of Cash Flows

	Fiscal Years Ended
	January 30, 2021			February 1, 2020			February 2, 2019
	(in thousands)
OPERATING ACTIVITIES:
Net cash provided by operations	$	—		$	—		$	—
INVESTING ACTIVITIES:
Net cash used in investing activities		—			—			—
FINANCING ACTIVITIES:
Proceeds from long term debt - Convertible Notes		805,000			—			—
Purchase of treasury shares		(65,526	)		(323,080	)		(228,874	)
Intercompany financing transactions		(753,404	)		288,871			212,462
Proceeds from stock option exercises		34,924			34,222			16,306
Deferred financing costs		(20,994	)		—			—
Net cash provided by (used in) financing activities		—			13			(106	)
Increase (Decrease) in cash and cash equivalents		—			13			(106	)
Cash and cash equivalents at beginning of period		51			38			144
Cash and cash equivalents at end of period	$	51		$	51		$	38

See Notes to Condensed Financial Statements

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Note 1. Basis of Presentation

Burlington Stores, Inc. (the Parent Company) is a holding company that conducts substantially all of its business operations through its subsidiaries. The Parent Company’s ability to pay dividends on Parent Company’s common stock will be limited by restrictions on the ability of Parent Company and its subsidiaries to pay dividends or make distributions under the terms of current and future agreements governing the indebtedness of Parent Company’s subsidiaries. In addition to other baskets under the agreements governing its indebtedness, the Parent Company and its subsidiaries are permitted to make dividends and distributions under the Term Loan Facility so long as there is no event of default and the pro forma consolidated leverage ratio of the Parent Company and its subsidiaries does not exceed 3.50 to 1.00, and under the ABL Line of Credit as long as certain restricted payment conditions are satisfied.

The accompanying Condensed Financial Statements include the accounts of the Parent Company and, on an equity basis, its consolidated subsidiaries and affiliates. Accordingly, these Condensed Financial Statements have been presented on a “parent-only” basis. Under a parent-only presentation, the Parent Company’s investments in its consolidated subsidiaries are presented under the equity method of accounting. These parent-only financial statements should be read in conjunction with Burlington Stores, Inc.’s audited Consolidated Financial Statements included elsewhere herein.

Note 2. Dividends

As discussed above, the terms of current and future agreements governing the indebtedness of the Parent Company and its subsidiaries include, or may include, limitations on the ability of such subsidiaries and the Parent Company to pay dividends, subject to certain exceptions set forth in such agreements.

Note 3. Stock-Based Compensation

Non-cash stock compensation expense of $55.8 million, $43.9 million and $35.5 million has been pushed down to Parent Company’s subsidiaries for Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.

Note 4. Long Term Debt

On April 16, 2020, the Parent 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 Parent 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.

The Convertible Notes contain a cash conversion feature, and as a result, the Parent Company has separated it into liability and equity components. The Parent 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 Parent 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%. Interest expense on the Convertible Notes of $40.5 million has been pushed down to Parent Company’s subsidiaries for Fiscal 2020.

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

	(in thousands)
	January 30,			February 1,
	2021			2020
Liability component:
Principal	$	805,000		$	—
Unamortized debt discount		(156,689	)		—
Unamortized deferred debt costs		(14,191	)		—
Net carrying amount	$	634,120		$	—

Equity component, net	$	131,916		$	—

Schedule II-Valuation and Qualifying Accounts and Reserves

12 Months Ended

Jan. 30, 2021

Valuation And Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts and Reserves

BURLINGTON STORES, INC.

Schedule II—Valuation and Qualifying Accounts and Reserves

(All amounts in thousands)

Description	Balance at Beginning of Period		Charged to Costs & Expenses		Charged to Other Accounts(1)			Accounts Written Off or Deductions(2)		Balance at End of Period
Year ended January 30, 2021
Allowance for doubtful accounts	$	795	$	4,069	$	—		$	9	$	4,855
Valuation allowances on deferred tax assets	$	9,842	$	—	$	3,115		$	—	$	12,957
Year ended February 1, 2020
Allowance for doubtful accounts	$	78	$	992	$	—		$	275	$	795
Valuation allowances on deferred tax assets	$	10,268	$	—	$	(426	)	$	—	$	9,842
Year ended February 2, 2019
Allowance for doubtful accounts	$	99	$	122	$	—		$	143	$	78
Valuation allowances on deferred tax assets	$	8,376	$	—	$	1,892		$	—	$	10,268

Notes:

(1)	Amounts related to valuation allowances on deferred taxes are charged to income tax expense.

(2)	Actual allowances.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 30, 2021

Accounting Policies [Abstract]

Business

Basis of Consolidation and Presentation

Fiscal Years

Use of Estimates

COVID-19

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 activities while stores were closed. The Company 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 was reinstated once substantially all of the Company’s stores re-opened.

•

Casualty Losses and Insurance Proceeds

Cash and Cash Equivalents

Accounts Receivable

Inventories

Property and Equipment

Impairment of Long-Lived Assets

Capitalized Computer Software Costs

Intangible Assets

Goodwill

Other Assets

Other Current Liabilities

	(in thousands)
	January 30, 2021		February 1, 2020
Short-term self-insurance reserve(a)	$	33,191	$	34,817
Long-term self-insurance reserve(b)		47,721		44,137
Total	$	80,912	$	78,954

(a)	Represents the portions of the self-insurance reserve expected to be paid in the next twelve months, which were recorded in the line item “Other current liabilities” in the Company’s Consolidated Balance Sheets.

(b)	Represents the portions of the self-insurance reserve expected to be paid in excess of twelve months, which was recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheets.

Other Liabilities

Revenue Recognition

Other Revenue

	(in thousands)
	Fiscal Years Ended
	January 30, 2021		February 1, 2020		February 2, 2019
Service fees	$	3,186	$	16,051	$	15,836
Subleased rental income and other		9,253		9,104		9,319
Rental income from leased departments		—		—		273
Total	$	12,439	$	25,155	$	25,428

connection with the brands sold by such unaffiliated third parties. The Company no longer has any such arrangements as of the end of Fiscal 2020.

Private Label Credit Card

Advertising Costs

Income Taxes

Other Income, Net

Comprehensive (Loss) Income

Lease Accounting

Assets held under finance leases are included in the line item “Property and equipment—net of accumulated depreciation and amortization” in the Company’s Consolidated Balance Sheets.

Stock-Based Compensation

Net (Loss) Income Per Share

Net (loss) income per share is calculated using the treasury stock method. Refer to Note 11, “Net (Loss) Income Per Share,” for further details.

Credit Risk

Segment Information

Category	Fiscal 2020(a)			Fiscal 2019(a)			Fiscal 2018(a)
Women’s ready-to-wear apparel		21	%		22	%		23	%
Accessories and footwear		21	%		22	%		22	%
Menswear		19	%		20	%		20	%
Home		19	%		15	%		15	%
Youth apparel/baby		15	%		16	%		16	%
Coats		5	%		5	%		5	%

(a)	Percentages may not foot due to rounding.

Adopted Accounting Standards

Reference Rate Reform

Intangible Assets

Pending Accounting Standards

Convertible Debt

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 30, 2021

Accounting Policies [Abstract]

Self Insurance Reserves

Self-insurance reserves as of January 30, 2021 and February 1, 2020 were:

	(in thousands)
	January 30, 2021		February 1, 2020
Short-term self-insurance reserve(a)	$	33,191	$	34,817
Long-term self-insurance reserve(b)		47,721		44,137
Total	$	80,912	$	78,954

(a)	Represents the portions of the self-insurance reserve expected to be paid in the next twelve months, which were recorded in the line item “Other current liabilities” in the Company’s Consolidated Balance Sheets.

(b)	Represents the portions of the self-insurance reserve expected to be paid in excess of twelve months, which was recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheets.

Other Revenue

	(in thousands)
	Fiscal Years Ended
	January 30, 2021		February 1, 2020		February 2, 2019
Service fees	$	3,186	$	16,051	$	15,836
Subleased rental income and other		9,253		9,104		9,319
Rental income from leased departments		—		—		273
Total	$	12,439	$	25,155	$	25,428

Sales Percentage by Major Product Category

Sales percentage by major product category is as follows:

Category	Fiscal 2020(a)			Fiscal 2019(a)			Fiscal 2018(a)
Women’s ready-to-wear apparel		21	%		22	%		23	%
Accessories and footwear		21	%		22	%		22	%
Menswear		19	%		20	%		20	%
Home		19	%		15	%		15	%
Youth apparel/baby		15	%		16	%		16	%
Coats		5	%		5	%		5	%

(a)	Percentages may not foot due to rounding.

Property and Equipment (Tables)

12 Months Ended

Jan. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

Property and equipment consist of:

		(in thousands)
	Useful Lives	January 30, 2021			February 1, 2020
Land	N/A	$	148,973		$	149,426
Buildings	20 to 40 Years		492,289			491,389
Store fixtures and equipment	3 to 15 Years		1,074,584			1,030,646
Software	3 to 10 Years		278,786			273,674
Leasehold improvements	Shorter of lease term or useful life		772,825			761,561
Construction in progress	N/A		170,061			58,759
Total property and equipment at cost			2,937,518			2,765,455
Less: accumulated depreciation and amortization			(1,498,655	)		(1,362,282	)
Total property and equipment, net of accumulated depreciation and amortization		$	1,438,863		$	1,403,173

Intangible Assets (Tables)

12 Months Ended

Jan. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets at January 30, 2021 and February 1, 2020 consist primarily of tradenames.

	(in thousands)
	January 30, 2021						February 1, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Tradenames	$	238,000	$	—	$	238,000	$	238,000	$	—	$	238,000

Impairment Charges (Tables)

12 Months Ended

Jan. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Impairment Charges

Impairment charges during these periods related to the following:

	(in thousands)
	Fiscal Years Ended
Asset Categories	January 30, 2021		February 1, 2020		February 2, 2019
Store fixtures and equipment	$	2,811	$	809	$	878
Leasehold improvements		1,665		52		195
Operating lease assets		1,373		921		—
Buildings		43		921		1,262
Land		—		1,604		1,551
Favorable leases		—		—		2,894
Other assets		120		8		64
Total	$	6,012	$	4,315	$	6,844

Long Term Debt (Tables)

12 Months Ended

Jan. 30, 2021

Debt Disclosure [Abstract]

Long Term Debt

Long term debt consists of:

	(in thousands)
	January 30,			February 1,
	2021			2020
$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	$	958,418		$	957,505
$805,000 convertible senior notes, 2.25%, matures on April 15, 2025		648,311			—
$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		—			—
Finance lease obligations		47,664			50,130
Unamortized deferred financing costs		(22,724	)		(2,335	)
Total debt		1,931,669			1,005,300
Less: current maturities		(3,899	)		(3,577	)
Long term debt, net of current maturities	$	1,927,770		$	1,001,723

Schedule of Components of Convertible Notes

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

	(in thousands)
	January 30,			February 1,
	2021			2020
Liability component:
Principal	$	805,000		$	—
Unamortized debt discount		(156,689	)		—
Unamortized deferred debt costs		(14,191	)		—
Net carrying amount	$	634,120		$	—

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)
	Fiscal Year Ended		Fiscal Year Ended		Fiscal Year Ended
	January 30, 2021		February 1, 2020		February 2, 2019
Coupon interest	$	14,375	$	—	$	—
Amortization of debt discount		23,988		—		—
Amortization of deferred debt costs		2,173		—		—
Convertible Notes interest expense	$	40,536	$	—	$	—

Amortization Expense Related to Deferred Financing Fees

Amortization expense related to the deferred financing costs as of January 30, 2021 for each of the next five fiscal years and thereafter is estimated to be as follows:

Fiscal Years	(in thousands)
2021	$	5,563
2022		5,913
2023		5,984
2024		5,881
2025		1,157
Thereafter		—
Total	$	24,498

Maturities of Long-Term Debt Obligations

Scheduled maturities of the Company’s long term debt obligations, as they exist as of January 30, 2021, in each of the next five fiscal years and thereafter are as follows:

	(in thousands)
	Long-Term Debt
Fiscal Years:
2021	$	—
2022		—
2023		—
2024		961,415
2025		1,105,000
Thereafter		—
Total		2,066,415
Less: unamortized discount		(159,686	)
Less: unamortized deferred financing costs		(22,724	)
Long term finance lease liabilities		43,765
Long term debt	$	1,927,770

- 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)

12 Months Ended

Jan. 30, 2021

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

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

(in thousands)

Fair Values of Derivative Instruments

January 30, 2021

February 1, 2020

Derivatives Designated as Hedging Instruments

Balance

Sheet

Location

Fair

Value

Balance

Sheet

Location

Fair

Value

Interest rate swap contract

Other liabilities

31,665

Other liabilities

26,220

Summary of Unrealized (Losses) Gains Deferred to Accumulated Other Comprehensive Loss

	(in thousands)
	Fiscal Year Ended
Interest Rate Derivatives:	January 30, 2021			February 1, 2020			February 2, 2019
Unrealized losses, before taxes	$	(15,606	)	$	(22,959	)	$	(4,232	)
Income tax benefit		4,148			6,353			1,152
Unrealized losses net of taxes	$	(11,458	)	$	(16,606	)	$	(3,080	)

Reclassification of Losses from Accumulated Other Comprehensive Loss into Earnings

	(in thousands)
	Fiscal Year Ended
Component of Earnings:	January 30, 2021			February 1, 2020			February 2, 2019
Interest expense	$	10,198		$	1,733		$	1,872
Income tax benefit		(2,795	)		(474	)		(518	)
Net reclassification into earnings	$	7,403		$	1,259		$	1,354

Derivatives Designated as Hedging Instruments

Outstanding Interest Rate Derivatives in Qualifying Hedging Relationships

As of January 30, 2021, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Jan. 30, 2021

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

The table below details the changes in accumulated other comprehensive loss for Fiscal 2020 and Fiscal 2019.

	(in thousands)
	Derivative Instruments
Balance at February 2, 2019	$	(3,613	)
Unrealized losses, net of related tax benefit of $6.4 million		(16,606	)
Amount reclassified into earnings, net of related taxes of $0.5 million		1,259
Balance at February 1, 2020	$	(18,960	)
Unrealized losses, net of related tax benefit of $4.1 million		(11,458	)
Amount reclassified into earnings, net of related taxes of $2.8 million		7,403
Balance at January 30, 2021	$	(23,015	)

Net (Loss) Income Per Share (Tables)

12 Months Ended

Jan. 30, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted per Common Share

	(in thousands, except per share data)
	Fiscal Year Ended

	January 30,			February 1,		February 2,
	2021			2020		2019
Basic net (loss) income per share
Net (loss) income	$	(216,499	)	$	465,116	$	414,745
Weighted average number of common shares – basic		65,962			65,943		66,812
Net (loss) income per common share – basic	$	(3.28	)	$	7.05	$	6.21
Diluted net (loss) income per share
Net (loss) income	$	(216,499	)	$	465,116	$	414,745
Shares for basic and diluted net (loss) income per share:
Weighted average number of common shares – basic		65,962			65,943		66,812
Assumed exercise of stock options and vesting of restricted stock		—			1,350		1,867
Assumed conversion of convertible debt		—			—		—
Weighted average number of common shares – diluted		65,962			67,293		68,679
Net (loss) income per common share – diluted	$	(3.28	)	$	6.91	$	6.04

Stock-Based Compensation (Tables)

12 Months Ended

Jan. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Exercise Price of Service-Based Stock Options Granted

Options granted during Fiscal 2020, Fiscal 2019 and Fiscal 2018, were all service-based awards granted under the Plans at the following exercise prices:

	Exercise Price Ranges
	From		To
Fiscal 2020	$	179.46	$	246.97
Fiscal 2019	$	145.08	$	231.86
Fiscal 2018	$	113.80	$	172.40

Non-Cash Stock Compensation Expense

Non-cash stock compensation expense is as follows:

	(in thousands)
	Fiscal Year Ended
	January 30,		February 1,		February 2,
Type of Non-Cash Stock Compensation	2021		2020		2019
Restricted stock and restricted stock unit grants (a)	$	25,258	$	20,454	$	18,967
Stock option grants (a)		20,038		19,222		16,518
Performance stock unit grants (a)		10,549		4,252		—
Total (b)	$	55,845	$	43,928	$	35,485

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

(b)	The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $9.1 million, $9.0 million and $9.7 million during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.

Stock Option Transactions

Stock option transactions during Fiscal 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		243,783			180.96
Options exercised (a)		(731,954	)		47.71
Options forfeited		(56,009	)		124.86
Options outstanding, January 30, 2021		1,346,775		$	133.86

(a)	Options exercised during Fiscal 2020 had a total intrinsic value of $114.5 million.

Stock Options Vested and Expected to Vest as Well as Option Exercisable

The following table summarizes information about the stock options vested and expected to vest during the contractual term, as well as options exercisable:

Options

Weighted

Average

Remaining

Contractual

Life (Years)

Weighted

Average

Exercise

Price

Aggregate

Intrinsic

Value

(in millions)

Options vested and expected to vest

1,346,775

6.3

133.86

154.9

Options exercisable

469,965

4.7

106.92

66.7

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

The fair value of each stock option granted during Fiscal 2020 was estimated using the following assumptions:

	Fiscal Year Ended
	January 30,
	2021
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	$	63.68

Award Grant and Vesting Transactions

	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, February 1, 2020		451,774		$	131.03
Awards granted		186,546			180.06
Awards vested (a)		(222,303	)		108.93
Awards forfeited		(19,462	)		146.22
Non-vested awards outstanding, January 30, 2021		396,555			168.87

(a)

Restricted stock awards vested during Fiscal 2020 had a total intrinsic value of $42.9 million.

Performance Share Unit Transactions

Performance share unit transactions during Fiscal 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		(7,066	)		173.53
Non-vested units outstanding, January 30, 2021		148,668			176.70

Lease Commitments (Tables)

12 Months Ended

Jan. 30, 2021

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
2021	$	444,392		$	6,841
2022		453,025			7,513
2023		430,014			7,589
2024		393,757			7,417
2025		360,327			5,298
Thereafter		1,291,811			33,354
Total future minimum lease payments		3,373,326			68,012
Amount representing interest		(667,915	)		(20,348	)
Total lease liabilities		2,705,411			47,664
Less: current portion of lease liabilities		(304,629	)		(3,899	)
Total long term lease liabilities	$	2,400,782		$	43,765

Weighted average discount rate		5.4	%		6.8	%
Weighted average remaining lease term (years)		8.5			11.6

Schedule of Net Lease Costs

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

	(in thousands)
	Fiscal Year Ended			Fiscal Year Ended
	January 30, 2021			February 1, 2020
Finance lease cost:
Amortization of finance lease asset (a)	$	5,907		$	4,027
Interest on lease liabilities (b)		3,394			2,770
Operating lease cost (c)		441,089			414,174
Variable lease cost (c)		180,270			155,210
Total lease cost		630,660			576,181
Less all rental income(d)		(5,010	)		(5,029	)
Total net rent expense (e)	$	625,650		$	571,152

(a)

Included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of (Loss) Income.

(b)

Included in the line item “Interest expense” in the Company’s Consolidated Statements of (Loss) Income.

(c)

(d)

Included in the line item “Other revenue” in the Company’s 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)
	Fiscal Year Ended		Fiscal Year Ended
	January 30, 2021		February 1, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (a)	$	409,750	$	401,575
Cash payments for the principal portion of finance lease liabilities (b)	$	3,269	$	2,932
Cash payments for the interest portion of finance lease liabilities (a)	$	3,394	$	2,770
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets	$	413,068	$	690,827

(a)

Included within operating activities in the Company’s Consolidated Statements of Cash Flows.

(b)

Included within financing activities in the Company’s Consolidated Statements of Cash Flows.

Net Rent Expense

	(in thousands)
	Year Ended
	February 2, 2019
Rent expense:
Minimum rental payments	$	364,637
Contingent rental payments		6,047
Straight-line rent expense		8,469
Lease incentives amortization		(34,827	)
Amortization of purchased lease rights		844
Total rent expense(a)		345,170
Less all rental income(b)		(6,164	)
Total net rent expense	$	339,006

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

(b)	Included in the line item “Other revenue” in the Company’s Consolidated Statements of (Loss) Income.

Income Taxes (Tables)

12 Months Ended

Jan. 30, 2021

Income Tax Disclosure [Abstract]

Earnings (Loss) Before Income Taxes

(Loss) income before income taxes was as follows for Fiscal 2020, Fiscal 2019 and Fiscal 2018:

	(in thousands)
	Year Ended
	January 30, 2021			February 1, 2020		February 2, 2019
Domestic	$	(441,473	)	$	573,399	$	503,290
Foreign		3,850			7,126		4,294
Total (loss) income before income taxes	$	(437,623	)	$	580,525	$	507,584

Income Tax Expense (Benefit)

Income tax (benefit) expense was as follows for Fiscal 2020, Fiscal 2019 and Fiscal 2018:

	(in thousands)
	Year Ended
	January 30, 2021			February 1, 2020			February 2, 2019
Current:
Federal	$	(210,304	)	$	83,521		$	69,007
State		12,964			20,778			19,642
Foreign		1,175			2,040			1,671
Subtotal		(196,165	)		106,339			90,320
Deferred:
Federal		13,600			8,375			8,337
State		(38,816	)		1,012			(8,409	)
Foreign		257			(317	)		2,591
Subtotal		(24,959	)		9,070			2,519
Total Income Tax (Benefit) Expense	$	(221,124	)	$	115,409		$	92,839

Tax Rate Reconciliations

The tax rate reconciliations were as follows for Fiscal 2020, Fiscal 2019 and Fiscal 2018:

	Fiscal Year Ended
	January 30, 2021			February 1, 2020			February 2, 2019
Tax at statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		3.0			4.0			4.2
Excess tax benefit from stock compensation		7.2			(5.3	)		(5.2	)
Tax credits		1.8			(1.0	)		(1.2	)
Carryback tax rate differential		19.8			—			—
Non-deductible expenses		(1.8	)		0.8			0.4
Other		(0.5	)		0.4			(0.9	)
Effective tax rate		50.5	%		19.9	%		18.3	%

Tax Effects of Temporary Differences Included in Deferred Tax Accounts

The tax effects of temporary differences are included in deferred tax accounts as follows:

	(in thousands)
	January 30, 2021					February 1, 2020
	Tax Assets			Tax Liabilities		Tax Assets			Tax Liabilities
Non-current deferred tax assets and liabilities:
Property and equipment basis adjustments	$	—		$	225,203	$	—		$	171,949
Operating lease liability		705,968			—		682,104			—
Operating lease asset		—			656,193		—			645,240
Intangibles—indefinite-lived		—			64,459		—			64,842
Financing		—			30,860		6,022			—
Employee benefit compensation		21,015			—		14,933			—
State net operating losses (net of federal benefit)		42,991			—		9,346			—
Tax credits		13,883			—		8,154			—
Other		10,386			—		—			6,296
Valuation allowance		(12,957	)		—		(9,842	)		—
Total non-current deferred tax assets and liabilities	$	781,286		$	976,715	$	710,717		$	888,327
Net deferred tax liability				$	195,429				$	177,610

Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of interest and penalties) is as follows:

	(in thousands)
	Gross Unrecognized Tax Benefits, Exclusive of Interest and Penalties
Balance at February 3, 2018	$	9,073
Additions for tax positions of the current year		18
Additions for tax positions of prior years		698
Reduction for tax positions of prior years		(782	)
Settlements		—
Lapse of statute of limitations		(80	)
Balance at February 2, 2019	$	8,927
Additions for tax positions of the current year		—
Additions for tax positions of prior years		—
Reduction for tax positions of prior years		(783	)
Settlements		—
Lapse of statute of limitations		(67	)
Balance at February 1, 2020	$	8,077
Additions for tax positions of the current year		—
Additions for tax positions of prior years		—
Reduction for tax positions of prior years		(1,269	)
Settlements		(396	)
Lapse of statute of limitations		(72	)
Balance at January 30, 2021	$	6,340

Fair Value of Financial Instruments (Tables)

12 Months Ended

Jan. 30, 2021

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 January 30, 2021 and February 1, 2020 are summarized below:

	(in thousands)
	Fair Value Measurements at
	January 30,		February 1,
	2021		2020
Level 1
Cash equivalents (including restricted cash)	$	1,001,475	$	369,733

Fair Values of Financial Liabilities

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

	(in thousands)
	January 30, 2021				February 1, 2020
	Principal Amount		Fair Value		Principal Amount		Fair Value
Term B-5 Loans	$	961,415	$	955,406	$	961,415	$	959,899
Convertible Notes (a)		805,000		1,080,713		—		—
Secured Notes		300,000		320,625		—		—
ABL Line of Credit		—		—		—		—
Total debt (b)	$	2,066,415	$	2,356,744	$	961,415	$	959,899

(a)Includes amounts that are attributable to the conversion feature, which are classified within equity for financial reporting purposes.

(b)Excludes finance lease obligations, original-issue discount and deferred financing costs.

Quarterly Results (Tables)

12 Months Ended

Jan. 30, 2021

Quarterly Financial Information Disclosure [Abstract]

Quarterly Operating Results

The operating results for any quarter are not necessarily indicative of the results of any future quarter.

	(in thousands, except share data)
Year ended January 31, 2021:	Quarter Ended
	May 2, 2020 (3)			August 1, 2020 (3)			October 31, 2020		January 30, 2021
Net sales	$	797,996		$	1,009,882		$	1,664,728	$	2,278,935
Gross margin(1)	$	15,812		$	462,332		$	748,881	$	969,492
Net (loss) income	$	(333,728	)	$	(46,781	)	$	8,016	$	155,994
Net (loss) income per share—basic(2):
Common stockholders	$	(5.09	)	$	(0.71	)	$	0.12	$	2.35
Net (loss) income per share—diluted(2):
Common stockholders	$	(5.09	)	$	(0.71	)	$	0.12	$	2.33

	(in thousands, except share data)
Year ended February 1, 2020:	Quarter Ended
	May 4, 2019		August 3, 2019		November 2, 2019		February 1, 2020
Net sales	$	1,628,547	$	1,656,363	$	1,774,949	$	2,201,384
Gross margin (1)	$	667,229	$	685,942	$	752,037	$	927,295
Net income	$	77,765	$	84,567	$	96,459	$	206,325
Net income per share—basic(2):
Common stockholders	$	1.18	$	1.28	$	1.46	$	3.14
Net income per share—diluted(2):
Common stockholders	$	1.15	$	1.26	$	1.44	$	3.08

(1)	Gross margin is equal to net sales less cost of sales.

(2)	Quarterly net income (loss) per share results may not equal full year amounts due to rounding.

(3)	Due to the impact of the COVID-19 pandemic and various governmental mandates, all of the Company’s stores were closed for a portion of the first and second quarters of Fiscal 2020, causing a decline in sales during those periods.

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended			12 Months Ended
	Jan. 30, 2021 USD ($) Store State	Aug. 01, 2020 USD ($)	May 02, 2020 USD ($)	Jan. 30, 2021 USD ($) Store State Segment	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)	Apr. 30, 2020 USD ($)	Apr. 16, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 17, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of stores \| Store	761			761
Number of states stores operated \| State	45			45
Medical benefit premiums paid during period furloughed	100.00%			100.00%
Long Term Debt	$ 2,066,415,000			$ 2,066,415,000
Decrease salary of executive leadership team				50.00%
Inventory markdown reserve			$ 271,900,000
Income tax (benefit) expense				$ (221,124,000)	$ 115,409,000	$ 92,839,000
Gain on insurance recovery				$ 3,200,000	8,100,000	3,300,000
Cash and short-term, highly liquid investments, maturities period				3 months
Selling, general and administrative expenses				$ 2,326,928,000	2,228,178,000	2,018,737,000
Depreciation and amortization				220,390,000	210,720,000	217,884,000
Impairment Charges - Property and equipment				4,600,000	3,400,000	3,900,000
Capitalized software	12,200,000			12,200,000	18,000,000.0
Impairment charges - indefinite lived intangible assets				0	0	0
impairment charges - finite lived intangible assets				0	0	2,900,000
Impairment charges goodwill				0	0	0
Amortization of landlord-owned assets				14,000,000.0	14,600,000	16,000,000.0
Customer liabilities	30,200,000			30,200,000	32,100,000
Advertising costs				43,800,000	73,100,000	75,400,000
Sale of certain state tax credit				$ 0	0	2,100,000
Reports segment \| Segment				1
Distribution and Purchasing Functions
Summary Of Significant Accounting Policies [Line Items]
Selling, general and administrative expenses				$ 433,800,000	339,100,000	313,300,000
Depreciation and amortization				30,800,000	31,900,000	30,500,000
Natural Disasters and Other Casualty Events
Summary Of Significant Accounting Policies [Line Items]
Insurance proceeds					12,500,000	9,300,000
Natural Disasters and Other Casualty Events \| Other income - net
Summary Of Significant Accounting Policies [Line Items]
Gain on insurance recovery					8,100,000	3,300,000
Property and Equipment \| Natural Disasters and Other Casualty Events
Summary Of Significant Accounting Policies [Line Items]
Insurance proceeds					5,100,000	$ 2,800,000
Coronavirus Aid, Relief, and Economic Security Act
Summary Of Significant Accounting Policies [Line Items]
Income tax (benefit) expense				(86,800,000)
Coronavirus Aid, Relief, and Economic Security Act \| Prepaid and Other Current Assets
Summary Of Significant Accounting Policies [Line Items]
Tax refund from carryback of federal net operating loss	219,700,000			219,700,000
ABL senior secured revolving facility
Summary Of Significant Accounting Policies [Line Items]
Long Term Debt									$ 400,000,000
Repayments of debt	250,000,000.0	$ 150,000,000.0
Long-Term Debt, face amount	600,000,000			600,000,000	$ 600,000,000				$ 600,000,000	$ 400,000,000.0
Convertible Senior Notes
Summary Of Significant Accounting Policies [Line Items]
Long Term Debt	648,311,000			648,311,000
Long-Term Debt, face amount	$ 805,000,000			$ 805,000,000			$ 805,000,000	$ 805,000,000
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	$ 300,000,000			$ 300,000,000
Long-Term Debt, face amount	$ 300,000,000			$ 300,000,000			$ 300,000,000	$ 300,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.25%			6.25%			6.25%	6.25%
Minimum \| Buildings
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, Useful Lives				20 years
Minimum \| Fixtures And Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, Useful Lives				3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Maximum discount on sales price	60.00%			60.00%
Maximum \| Buildings
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, Useful Lives				40 years
Maximum \| Fixtures And Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, Useful Lives				15 years
Burlington Stores
Summary Of Significant Accounting Policies [Line Items]
Number of stores \| Store	757			757
Cohoes Fashions
Summary Of Significant Accounting Policies [Line Items]
Number of stores \| Store	1			1
Super Baby Depot
Summary Of Significant Accounting Policies [Line Items]
Number of stores \| Store	2			2
MJM Designer Shoes
Summary Of Significant Accounting Policies [Line Items]
Number of stores \| Store	1			1

Self Insurance Reserves (Detail) - USD ($)
$ in Thousands

Jan. 30, 2021

Feb. 01, 2020

Health Care Organizations [Abstract]

Short-term self insurance reserve

^[1]

$ 33,191

$ 34,817

Long-term self insurance reserve

^[2]

47,721

44,137

Total

$ 80,912

$ 78,954

[1]	Represents the portions of the self-insurance reserve expected to be paid in the next twelve months, which were recorded in the line item “Other current liabilities” in the Company’s Consolidated Balance Sheets.
[2]	Represents the portions of the self-insurance reserve expected to be paid in excess of twelve months, which was recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheets.

Other Revenue (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jan. 30, 2021

Oct. 31, 2020

Aug. 01, 2020

^[1]

May 02, 2020

^[1]

Feb. 01, 2020

Nov. 02, 2019

Aug. 03, 2019

May 04, 2019

Jan. 30, 2021

Feb. 01, 2020

Feb. 02, 2019

Revenue Recognition [Line Items]

Other Revenue

$ 2,278,935

$ 1,664,728

$ 1,009,882

$ 797,996

$ 2,201,384

$ 1,774,949

$ 1,656,363

$ 1,628,547

$ 5,751,541

$ 7,261,243

$ 6,643,051

Other Revenue

Revenue Recognition [Line Items]

Other Revenue

12,439

25,155

25,428

Other Revenue | Service Fees

Revenue Recognition [Line Items]

Other Revenue

3,186

16,051

15,836

Other Revenue | Subleased Rental Income and Other

Revenue Recognition [Line Items]

Other Revenue

$ 9,253

$ 9,104

9,319

Other Revenue | Rental Income from Leased Departments

Revenue Recognition [Line Items]

Other Revenue

$ 273

[1]	Due to the impact of the COVID-19 pandemic and various governmental mandates, all of the Company’s stores were closed for a portion of the first and second quarters of Fiscal 2020, causing a decline in sales during those periods.

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Sales Percentage by Major Product Category (Detail) - Sales Revenue, Net - Product Concentration Risk - Sales Revenue, Net - Product Concentration Risk

12 Months Ended

Jan. 30, 2021

Feb. 01, 2020

Feb. 02, 2019

Women’s ready-to-wear apparel

Product Information [Line Items]

Sales Percentage

^[1]

21.00%

22.00%

23.00%

Accessories and Footwear

Product Information [Line Items]

Sales Percentage

^[1]

21.00%

22.00%

Menswear

Product Information [Line Items]

Sales Percentage

^[1]

19.00%

20.00%

Youth Apparel/Baby

Product Information [Line Items]

Sales Percentage

^[1]

15.00%

16.00%

Home

Product Information [Line Items]

Sales Percentage

^[1]

19.00%

15.00%

Coats

Product Information [Line Items]

Sales Percentage

^[1]

5.00%

[1]	Percentages may not foot due to rounding.

Restricted Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 6,582	$ 6,582
Collateral for Certain Insurance Contracts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 6,600	$ 6,600

Property and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Detail) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Property Plant And Equipment [Line Items]
Total property and equipment at cost	$ 2,937,518	$ 2,765,455
Less: accumulated depreciation and amortization	(1,498,655)	(1,362,282)
Total property and equipment, net of accumulated depreciation and amortization	1,438,863	1,403,173
Land
Property Plant And Equipment [Line Items]
Total property and equipment at cost	148,973	149,426
Buildings
Property Plant And Equipment [Line Items]
Total property and equipment at cost	492,289	491,389
Store fixtures and equipment
Property Plant And Equipment [Line Items]
Total property and equipment at cost	1,074,584	1,030,646
Software
Property Plant And Equipment [Line Items]
Total property and equipment at cost	$ 278,786	273,674
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	Shorter of lease term or useful life
Total property and equipment at cost	$ 772,825	761,561
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment at cost	$ 170,061	$ 58,759
Minimum \| Buildings
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	20 years
Minimum \| Store fixtures and equipment
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	3 years
Minimum \| Software
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	3 years
Maximum \| Buildings
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	40 years
Maximum \| Store fixtures and equipment
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	15 years
Maximum \| Software
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	10 years

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Property Plant And Equipment [Line Items]
Finance leases, accumulated amortization	$ 8,700	$ 4,400
Finance leases, net of accumulated amortization	38,900	44,800
Total amount of depreciation expense	206,200	195,800	$ 175,800
Impairment Charges - Property and equipment	4,600	3,400	3,900
Depreciation and Amortization	220,390	210,720	217,884
Property and Equipment
Property Plant And Equipment [Line Items]
Impairment Charges - Property and equipment	4,600	3,400	3,900
Software Development
Property Plant And Equipment [Line Items]
Depreciation and Amortization	$ 16,900	$ 17,900	$ 19,400
Software Development \| Minimum
Property Plant And Equipment [Line Items]
Internally developed software, amortization period	3 years
Software Development \| Maximum
Property Plant And Equipment [Line Items]
Internally developed software, amortization period	10 years

Intangible Assets (Detail) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Tradenames, Net Amount	$ 238,000	$ 238,000

Impairment Charges - Additional Information (Detail) $ in Thousands	12 Months Ended
	Jan. 30, 2021 USD ($) Store	Feb. 01, 2020 USD ($) Store	Feb. 02, 2019 USD ($) Store
Impaired Long Lived Assets Held And Used [Line Items]
Impairment charges - long-lived assets \| $	$ 6,012	$ 4,315	$ 6,844
Impaired long-lived assets held and used, method for determining fair value		Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of ASC Topic No. 820 “Fair Value Measurements” (Topic No. 820). Refer to Note 16, “Fair Value of Financial Instruments,” for further discussion of the Company’s fair value hierarchy. The fair value of the Company’s long-lived assets is calculated using a discounted cash-flow model that used level 3 inputs. In calculating future cash flows, the Company makes estimates regarding future operating results and market rent rates, based on its experience and knowledge of market factors in which the retail location is located.
Number of stores with lease assets held at fair value for impairment \| Store	2
Long-Lived assets fair value \| $		$ 17,500
Assets Impairments
Impaired Long Lived Assets Held And Used [Line Items]
Impairment of store level assets, number of stores \| Store	14	2	8

Impairment Charges (Detail) - USD ($) $ in Thousands	12 Months Ended
Impairment Charges (Detail) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges	$ 6,012	$ 4,315	$ 6,844
Store fixtures and equipment
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges	2,811	809	878
Leasehold improvements
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges	1,665	52	195
Operating lease assets
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges	1,373	921
Buildings
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges	43	921	1,262
Land
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges		1,604	1,551
Favorable Leases
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges			2,894
Other Assets
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges	$ 120	$ 8	$ 64

Long-Term Debt (Detail) - USD ($) $ in Thousands	Jan. 30, 2021	Apr. 16, 2020	Mar. 31, 2020	Feb. 01, 2020
Debt Instrument [Line Items]
Long Term Debt	$ 2,066,415
Finance lease obligations	47,664			$ 50,130
Unamortized deferred financing costs	(22,724)			(2,335)
Total debt	1,931,669			1,005,300
Less: current maturities	(3,899)			(3,577)
Long term debt, net of current maturities	1,927,770			1,001,723
Senior Secured Term B-5 Loans
Debt Instrument [Line Items]
Long Term Debt	958,418			957,505
Convertible Senior Notes
Debt Instrument [Line Items]
Long Term Debt	648,311
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			$ 400,000
Unamortized deferred financing costs	$ (1,800)			$ (2,500)

Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands			12 Months Ended
	Apr. 16, 2020	Jun. 29, 2018	Jan. 30, 2021	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
Long-Term Debt, face amount			$ 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%
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%
ABL senior secured revolving facility
Debt Instrument [Line Items]
Long-Term Debt, maturity date		Aug. 13, 2019	Jun. 29, 2023	Jun. 29, 2023
Long-Term Debt, face amount			$ 600,000	$ 600,000		$ 600,000	$ 400,000
London Interbank Offered Rate Floor \| Senior Secured Term B-5 Loans
Debt Instrument [Line Items]
Long-Term Debt, interest rate			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%
London Interbank Offered Rate (LIBOR) \| ABL senior secured revolving facility
Debt Instrument [Line Items]
Long-Term Debt, interest rate		1.25%

Long-Term Debt - Additional Information (Detail)							1 Months Ended	3 Months Ended		12 Months Ended
Long-Term Debt - Additional Information (Detail)	Apr. 16, 2020 USD ($) shares $ / shares	Feb. 26, 2020 USD ($)	Feb. 25, 2020	Nov. 02, 2018 USD ($)	Nov. 01, 2018	Jun. 29, 2018	Jun. 30, 2018 USD ($)	Jan. 30, 2021 USD ($) $ / shares	Aug. 01, 2020 USD ($)	Jan. 30, 2021 USD ($) $ / shares	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 17, 2020 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt										$ (202,000)		$ (1,823,000)
Costs related to debt issuances and amendments										3,633,000	$ (375,000)	2,496,000
Deferred financing costs								$ 22,724,000		22,724,000	2,335,000
Amortization of deferred financing costs										$ 4,450,000	1,247,000	1,596,000
Deferred financing costs, weighted average amortization period										4 years
Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Borrowing, interest rate								1.90%		1.90%
Convertible Senior Notes
Debt Instrument [Line Items]
Debt instrument frequency of periodic payments	semi-annually
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, 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
Amortization of deferred financing costs										$ 2,173,000
Convertible Senior Notes \| Debt Component
Debt Instrument [Line Items]
Deferred financing costs	16,400,000							$ 14,191,000		14,191,000
Convertible Senior Notes \| Equity Component
Debt Instrument [Line Items]
Deferred financing costs	$ 4,600,000
Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument frequency of periodic payments	semiannually
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, date of first required payment	Oct. 15, 2020
Deferred financing costs	$ 7,800,000
Debt instrument legal fees	$ 2,500,000
ABL senior secured revolving facility
Debt Instrument [Line Items]
Loss on extinguishment of debt												$ (200,000)
Long-Term Debt, face amount								$ 600,000,000		$ 600,000,000	$ 600,000,000			$ 600,000,000	$ 400,000,000.0
Debt instrument maturity date						Aug. 13, 2019				Jun. 29, 2023	Jun. 29, 2023
Deferred financing costs								1,800,000		$ 1,800,000	$ 2,500,000
Line of Credit Facility, Maximum Borrowing Capacity								600,000,000.0		600,000,000.0
Repayments of debt								250,000,000.0	$ 150,000,000.0
Line of Credit Facility, amount available								476,800,000		476,800,000	501,800,000
Line of Credit Facility, maximum amount outstanding during period										400,000,000.0	255,000,000.0
Line of Credit Facility, Average borrowings										$ 256,600,000	$ 81,500,000
Line of Credit Facility, Average interest rate										1.90%	3.70%
ABL senior secured revolving facility \| Previously Reported
Debt Instrument [Line Items]
Daily minimum average available credit facility percentage						50.00%
ABL senior secured revolving facility \| Restated
Debt Instrument [Line Items]
Daily minimum average available credit facility percentage												40.00%
Amended ABL senior secured revolving facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity								900,000,000.0		$ 900,000,000.0
Line of Credit Facility, unused loan commitments										0.20%
Adjusted London Interbank Offered Rate \| Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate										0.00%
Federal Funds Rate \| Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate										0.50%
One Month Adjusted London Interbank Offered Rate \| Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate										1.00%
Long-term Debt
Debt Instrument [Line Items]
Deferred financing costs								$ 22,700,000		$ 22,700,000	$ 2,300,000
Amortization of deferred financing costs										$ 4,500,000	$ 1,200,000	$ 1,600,000
Prime Rate \| ABL senior secured revolving facility
Debt Instrument [Line Items]
Line of Credit Facility, interest rate						0.25%
London Interbank Offered Rate (LIBOR) \| ABL senior secured revolving facility
Debt Instrument [Line Items]
Line of Credit Facility, interest rate						1.25%
London Interbank Offered Rate (LIBOR) \| Amended ABL senior secured revolving facility \| Minimum
Debt Instrument [Line Items]
Line of Credit Facility, interest rate										1.25%
London Interbank Offered Rate (LIBOR) \| Amended ABL senior secured revolving facility \| Maximum
Debt Instrument [Line Items]
Line of Credit Facility, interest rate										1.50%
Term Loan Facility
Debt Instrument [Line Items]
Long-Term Debt, payment							$ 150,000,000.0
Debt instrument frequency of periodic payments							quarterly
Loss on extinguishment of debt				$ (500,000)			$ (1,200,000)
Percentage of lender fee equal to aggregate principal amount				0.125%
Costs related to debt amendments				$ 2,400,000
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%	1.00%	1.50%
Term Loan Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Line of Credit Facility, interest rate		1.75%	2.00%	2.00%	2.50%
Term Loan Facility \| London Interbank Offered Rate Floor
Debt Instrument [Line Items]
Line of Credit Facility, interest rate		0.00%		0.00%	0.75%

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

Jan. 30, 2021

Apr. 16, 2020

Feb. 01, 2020

Debt Instrument [Line Items]

Principal

^[1]

$ 2,066,415

$ 961,415

Unamortized debt discount

(159,686)

Unamortized deferred financing costs

(22,724)

$ (2,335)

Net carrying amount

2,066,415

Convertible Senior Notes

Debt Instrument [Line Items]

Unamortized deferred financing costs

$ (21,000)

Net carrying amount

648,311

Convertible Senior Notes | Debt Component

Debt Instrument [Line Items]

Principal

805,000

Unamortized debt discount

(156,689)

Unamortized deferred financing costs

(14,191)

(16,400)

Net carrying amount

634,120

Convertible Senior Notes | Equity Component

Debt Instrument [Line Items]

Unamortized deferred financing costs

$ (4,600)

Net carrying amount

$ 131,916

[1]	Excludes finance lease obligations, original-issue discount and deferred financing costs.

Long-Term Debt - Schedule of Interest Expense Related to Convertible Notes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 4,450	$ 1,247	$ 1,596
Convertible Senior Notes
Debt Instrument [Line Items]
Coupon interest	14,375
Amortization of debt discount	23,988
Amortization of deferred financing costs	2,173
Convertible Notes interest expense	$ 40,536

Amortization Expense Related to Deferred Financing Fees (Detail) - Deferred Financing Costs $ in Thousands	Jan. 30, 2021 USD ($)
Debt Instrument [Line Items]
2021	$ 5,563
2022	5,913
2023	5,984
2024	5,881
2025	1,157
Total	$ 24,498

Maturities of Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Debt Disclosure [Abstract]
2024	$ 961,415
2025	1,105,000
Net carrying amount	2,066,415
Less: unamortized discount	(159,686)
Less: unamortized deferred financing costs	(22,724)	$ (2,335)
Long term finance lease liabilities	43,765
Long term debt	$ 1,927,770	$ 1,001,723

Derivative Instruments And Hedging Activities - Additional Information (Detail) - Interest Rate Cap Contracts $ in Millions	Jan. 30, 2021 USD ($)	Apr. 24, 2015 Derivative
Derivative [Line Items]
Interest rate cap contracts, number \| Derivative		2
Amounts reported in Accumulated Other Comprehensive Loss to be reclassified to interest expense, during the next twelve months \| $	$ 11.7

Outstanding Interest Rate Derivatives in Qualifying Hedging Relationships (Detail) - Cash Flow Hedging - Derivatives Designated as Hedging Instruments - Interest Rate Swap Contract	12 Months Ended
	Jan. 30, 2021 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	Jan. 30, 2021	Feb. 01, 2020
Interest Rate Swap Contract \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value	$ 31,665	$ 26,220

Summary of Unrealized Losses Deferred to Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Derivative Instruments Gain Loss [Line Items]
Income tax benefit	$ (4,100)	$ (6,400)	$ (1,200)
Unrealized losses net of taxes	(11,458)	(16,606)	(3,080)
Derivatives Designated as Hedging Instruments \| Interest Rate Derivatives
Derivative Instruments Gain Loss [Line Items]
Unrealized losses, before taxes	(15,606)	(22,959)	(4,232)
Income tax benefit	4,148	6,353	1,152
Unrealized losses net of taxes	$ (11,458)	$ (16,606)	$ (3,080)

Reclassification of Losses from Accumulated Other Comprehensive Loss into Earnings (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Interest expense	$ 97,767	$ 50,826	$ 55,990
Income tax (benefit) expense	(221,124)	115,409	92,839
Net reclassification into earnings	(7,403)	(1,259)	(1,354)
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	10,198	1,733	1,872
Income tax (benefit) expense	(2,795)	(474)	(518)
Net reclassification into earnings	$ 7,403	$ 1,259	$ 1,354

- 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) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ 528,149	$ 322,710
Balance at end of period	464,754	528,149
Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(18,960)	(3,613)
Unrealized losses, net of related tax benefit of $4.1 million for Fiscal 2020 and $6.4 million for Fiscal 2019	(11,458)	(16,606)
Amount reclassified into earnings, net of related taxes of $2.8 million for Fiscal 2020 and $0.5 million for Fiscal 2019	7,403	1,259
Balance at end of period	$ (23,015)	$ (18,960)

- 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 - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized losses on Interest Rate Cap Contracts, Tax	$ 4.1	$ 6.4
Amount reclassified into earnings on Interest Rate Cap Contracts, Tax	$ 2.8	$ 0.5

Capital Stock - Additional Information (Detail) - USD ($)		2 Months Ended	12 Months Ended
	Aug. 14, 2019	Mar. 31, 2020	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Statement Equity Components [Line Items]
Common Stock, Authorized			500,000,000	500,000,000
Common Stock, Par Value			$ 0.0001	$ 0.0001
Undesignated preferred stock, Authorized			50,000,000	50,000,000
Undesignated preferred stock, Par Value			$ 0.0001	$ 0.0001
Preferred Stock, Issued			0	0
Preferred Stock, Outstanding			0	0
Shares Used for Tax Withholdings			$ 15,368,000	$ 23,200,000	$ 10,127,000
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
Treasury Stock
Statement Equity Components [Line Items]
Shares Used for Tax Withholdings (in shares)			79,015
Shares Used for Tax Withholdings			$ 15,400,000

Computation of Basic and Diluted per Common Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Jan. 30, 2021

^[1]

Oct. 31, 2020

^[1]

Aug. 01, 2020

^[1],[2]

May 02, 2020

^[1],[2]

Feb. 01, 2020

^[1]

Nov. 02, 2019

^[1]

Aug. 03, 2019

^[1]

May 04, 2019

^[1]

Jan. 30, 2021

Feb. 01, 2020

Feb. 02, 2019

Basic net (loss) income per share

Net (loss) income

$ (216,499)

$ 465,116

$ 414,745

Weighted average number of common shares – basic

65,962

65,943

66,812

Net (loss) income per common share – basic

$ 2.35

$ 0.12

$ (0.71)

$ (5.09)

$ 3.14

$ 1.46

$ 1.28

$ 1.18

$ (3.28)

$ 7.05

$ 6.21

Diluted net (loss) income per share

Net (loss) income

$ (216,499)

$ 465,116

$ 414,745

Weighted average number of common shares – basic

65,962

65,943

66,812

Assumed exercise of stock options and vesting of restricted stock

1,350

1,867

Weighted average number of common shares – diluted

65,962

67,293

68,679

Net (loss) income per common share – diluted

$ 2.33

$ 0.12

$ (0.71)

$ (5.09)

$ 3.08

$ 1.44

$ 1.26

$ 1.15

$ (3.28)

$ 6.91

$ 6.04

[1]	Quarterly net income (loss) per share results may not equal full year amounts due to rounding.
[2]	Due to the impact of the COVID-19 pandemic and various governmental mandates, all of the Company’s stores were closed for a portion of the first and second quarters of Fiscal 2020, causing a decline in sales during those periods.

- Definition

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

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- Definition

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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- Definition

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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+ Details

Net (Loss) Income Per Share - Additional Information (Detail) - $ / shares	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 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
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	1,960,000	405,000	425,000

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
	Feb. 03, 2019	Jan. 30, 2021	Feb. 01, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding		1,346,775	1,890,955
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding		1,346,775
Unearned non-cash stock-based option compensation		$ 32.0
Unearned non-cash stock-based compensation expected to recognize as expense over period		2 years 3 months 18 days
Service-based awards, service period		The awards are expensed on a straight-line basis over the requisite service period.
Restricted Stock Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unearned non-cash stock-based option compensation		$ 47.9
Unearned non-cash stock-based compensation expected to recognize as expense over period		2 years 4 months 24 days
Restricted stock, outstanding		67,739
Percentage of shares vested if change in control		100.00%
Awards granted subsequent to offering vesting percentage on each of the first four anniversaries of the grant date		100.00%	100.00%
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unearned non-cash stock-based option compensation		$ 15.5
Unearned non-cash stock-based compensation expected to recognize as expense over period		1 year 10 months 24 days
Restricted stock, outstanding		148,668	80,951
Service-based awards, service period	3 years
Vesting period	3 years
Vesting percentage on employee termination or resignation	100.00%
Minimum \| Restricted Stock Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service-based awards, service period		2 years
Minimum \| Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target award threshold range	50.00%
Maximum \| Restricted Stock Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service-based awards, service period		4 years
Maximum \| Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target award threshold range	200.00%
2006 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan termination date		Apr. 12, 2016
2006 Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unexercised vested options, exercisable period		60 days
2006 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unexercised vested options, exercisable period		180 days
2013 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant equity awards		2,477,044

Exercise Price of Service-Based Stock Options Granted (Detail) - $ / shares	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options granted, exercise price lower range	$ 179.46	$ 145.08	$ 113.80
Options granted, exercise price upper range	$ 246.97	$ 231.86	$ 172.40

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

12 Months Ended

Jan. 30, 2021

Feb. 01, 2020

Feb. 02, 2019

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

Non-Cash Stock Compensation

^[1]

$ 55,845

$ 43,928

$ 35,485

Restricted Stock and Restricted Stock Unit Grants

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

Non-Cash Stock Compensation

^[2]

25,258

20,454

18,967

Stock Option Grants

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

Non-Cash Stock Compensation

^[2]

20,038

19,222

$ 16,518

Performance Stock Unit Grants

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

Non-Cash Stock Compensation

^[2]

$ 10,549

$ 4,252

[1]	The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $9.1 million, $9.0 million and $9.7 million during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.
[2]	Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of (Loss) Income.

Non-Cash Stock Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Non-Cash Stock Compensation tax benefit	$ 9.1	$ 9.0	$ 9.7

Stock Option Transactions (Detail)

12 Months Ended

Jan. 30, 2021

$ / shares

Number of Shares

Options Outstanding at Beginning of Period | shares

1,890,955

Options Granted | shares

243,783

Options Exercised | shares

(731,954)

^[1]

Options Forfeited | shares

(56,009)

Options Outstanding at End of Period | shares

1,346,775

Weighted Average Exercise Price Per Share

Options Outstanding at Beginning of Period | $ / shares

$ 94.17

Options Granted | $ / shares

180.96

Options Exercised | $ / shares

47.71

^[1]

Options Forfeited | $ / shares

124.86

Options Outstanding at End of Period | $ / shares

$ 133.86

[1]	Options exercised during Fiscal 2020 had a total intrinsic value of $114.5 million.

Stock Option Transactions (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Jan. 30, 2021 USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share based compensation option exercised total intrinsic value	$ 114.5

Stock Options Vested and Expected to Vest as Well as Options Exercisable (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Jan. 30, 2021 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Vested and expected to vest, Options \| shares	1,346,775
Vested and expected to vest, Weighted Average Remaining Contractual Life (Years)	6 years 3 months 18 days
Vested and expected to vest, Weighted Average Exercise Price \| $ / shares	$ 133.86
Vested and expected to vest, Aggregate Intrinsic Value \| $	$ 154.9
Options exercisable, Options \| shares	469,965
Options exercisable, Weighted Average Remaining Contractual Life (Years)	4 years 8 months 12 days
Options exercisable, Weighted Average Exercise Price \| $ / shares	$ 106.92
Options exercisable, Aggregate Intrinsic Value \| $	$ 66.7

Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail)	12 Months Ended
	Jan. 30, 2021 $ / 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	$ 63.68

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

12 Months Ended

Jan. 30, 2021

$ / shares

Number of Shares

Non-Vested Awards Outstanding at Beginning of Period | shares

451,774

Awards Granted | shares

186,546

Awards Vested | shares

(222,303)

^[1]

Awards Forfeited | shares

(19,462)

Non-Vested Awards Outstanding at End of Period | shares

396,555

Weighted Average Grant Date Fair Value Per Award

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

$ 131.03

Awards Granted | $ / shares

180.06

Awards Vested | $ / shares

108.93

^[1]

Awards Forfeited | $ / shares

146.22

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

$ 168.87

[1]	Restricted stock awards vested during Fiscal 2020 had a total intrinsic value of $42.9 million.

Award Grant, Vested and Forfeiture Transactions (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Jan. 30, 2021 USD ($)
Restricted Stock Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation awards vested total intrinsic value	$ 42.9

Performance Share Unit Transactions (Detail) - Performance Share Units	12 Months Ended
	Jan. 30, 2021 $ / shares shares
Number of Shares
Non-Vested Awards Outstanding at Beginning of Period \| shares	80,951
Awards Granted \| shares	74,783
Awards Forfeited \| shares	(7,066)
Non-Vested Awards Outstanding at End of Period \| shares	148,668
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	173.53
Non-Vested Awards Outstanding at End of Period \| $ / shares	$ 176.70

Lease Commitments - Additional Information (Detail) $ in Millions	12 Months Ended
	Jan. 30, 2021 USD ($) Store
Future Minimum Payments Receivable [Line Items]
Operating and finance leases, expiration period	30 years
Leases renewal option	5 years
Accrued lease liability	$ 360.7
Number of store committed to open or relocate but has not yet taken possession \| Store	74
Other Current Liabilities \| Coronavirus Aid, Relief, and Economic Security Act
Future Minimum Payments Receivable [Line Items]
Deferred lease payments	$ 32.9

Future Lease Payments (Detail) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Operating Leases
2021	$ 444,392
2022	453,025
2023	430,014
2024	393,757
2025	360,327
Thereafter	1,291,811
Total future minimum lease payments	3,373,326
Amount representing interest	(667,915)
Total lease liabilities	2,705,411
Less: current portion of lease liabilities	(304,629)	$ (302,185)
Total long term lease liabilities	$ 2,400,782	$ 2,322,000
Weighted average discount rate	5.40%
Weighted average remaining lease term (years)	8 years 6 months
Finance Leases
2021	$ 6,841
2022	7,513
2023	7,589
2024	7,417
2025	5,298
Thereafter	33,354
Total future minimum lease payments	68,012
Amount representing interest	(20,348)
Total lease liabilities	47,664
Less: current portion of lease liabilities	(3,899)
Total long term lease liabilities	$ 43,765
Weighted average discount rate	6.80%
Weighted average remaining lease term (years)	11 years 7 months 6 days

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

12 Months Ended

Jan. 30, 2021

Feb. 01, 2020

Feb. 02, 2019

Finance lease cost:

Amortization of finance lease asset

^[1]

$ 5,907

$ 4,027

Interest on lease liabilities

^[2]

3,394

2,770

Operating lease cost

^[3]

441,089

414,174

Variable lease cost

^[3]

180,270

155,210

Total lease cost

630,660

576,181

Less all rental income

^[4]

5,010

5,029

Total net rent expense

$ 625,650

^[5]

$ 571,152

^[5]

$ 339,006

[1]	Included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of (Loss) Income.
[2]	Included in the line item “Interest expense” in the Company’s 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 Consolidated Statements of (Loss) Income.
[4]	Included in the line item “Other revenue” in the Company’s 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

12 Months Ended

Jan. 30, 2021

Feb. 01, 2020

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

Cash payments arising from operating lease liabilities

^[1]

$ 409,750

$ 401,575

Cash payments for the principal portion of finance lease liabilities

^[2]

3,269

2,932

Cash payments for the interest portion of finance lease liabilities

^[1]

3,394

2,770

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

$ 413,068

$ 690,827

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

Net Rent Expense (Detail) - USD ($)
$ in Thousands

12 Months Ended

Jan. 30, 2021

^[3]

Feb. 01, 2020

^[3]

Feb. 02, 2019

Rent expense:

Minimum rental payments

$ 364,637

Contingent rental payments

6,047

Straight-line rent expense

8,469

Lease incentives amortization

(34,827)

Amortization of purchased lease rights

844

Total rent expense

^[1]

345,170

Less all rental income

^[2]

(6,164)

Total net rent expense

$ 625,650

$ 571,152

$ 339,006

[1]	Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of (Loss) Income.
[2]	Included in the line item “Other revenue” in the Company’s Consolidated Statements of (Loss) Income.
[3]	Excludes an immaterial amount of short-term lease cost.

- Definition

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

+ References + Details

Employee Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Compensation And Retirement Disclosure [Abstract]
401(k) Plan Match Expense	$ 10.2	$ 10.0	$ 9.3

(Loss) Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Income Tax Disclosure [Abstract]
Domestic	$ (441,473)	$ 573,399	$ 503,290
Foreign	3,850	7,126	4,294
Total (loss) income before income taxes	$ (437,623)	$ 580,525	$ 507,584

Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Current:
Federal	$ (210,304)	$ 83,521	$ 69,007
State	12,964	20,778	19,642
Foreign	1,175	2,040	1,671
Subtotal	(196,165)	106,339	90,320
Deferred:
Federal	13,600	8,375	8,337
State	(38,816)	1,012	(8,409)
Foreign	257	(317)	2,591
Subtotal	(24,959)	9,070	2,519
Total Income Tax (Benefit) Expense	$ (221,124)	$ 115,409	$ 92,839

Tax Rate Reconciliations (Detail)	12 Months Ended
Tax Rate Reconciliations (Detail)	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Income Tax Disclosure [Abstract]
Tax at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	3.00%	4.00%	4.20%
Excess tax benefit from stock compensation	7.20%	(5.30%)	(5.20%)
Tax credits	1.80%	(1.00%)	(1.20%)
Carryback tax rate differential	19.80%
Non-deductible expenses	(1.80%)	0.80%	0.40%
Other	(0.50%)	0.40%	(0.90%)
Effective tax rate	50.50%	19.90%	18.30%

Tax Effects of Temporary Differences Included in Deferred Tax Accounts (Detail) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Non-current deferred tax assets and liabilities:
Operating lease liability	$ 705,968	$ 682,104
Operating lease asset	656,193	645,240
Intangibles—indefinite-lived	64,459	64,842
Financing		6,022
Financing	30,860
State net operating losses (net of federal benefit)	42,991	9,346
Tax credits	13,883	8,154
Valuation allowance	(12,957)	(9,842)
Total non-current deferred tax assets and liabilities	781,286	710,717
Property and equipment basis adjustments	225,203	171,949
Other		6,296
Total non-current deferred tax assets and liabilities	976,715	888,327
Net deferred tax liability	195,429	177,610
Deferred Tax Assets Noncurrent
Non-current deferred tax assets and liabilities:
Employee benefit compensation	21,015	$ 14,933
Other	$ 10,386

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020
Income Tax Disclosure [Line Items]
Deferred tax asset for net operating loss	$ 42,991	$ 9,346
Valuation allowances	12,957	9,842
Unrecognized benefits	6,300	8,100
Unrecognized benefits, affect effective tax rate	5,000	6,400
Unrecognized benefits, interest and penalties	1,100	200
Unrecognized benefits, interest and penalties	$ 10,600	12,000
Earliest Tax Year \| IRS
Income Tax Disclosure [Line Items]
Income tax year open to examination	2017
Latest Tax Year \| IRS
Income Tax Disclosure [Line Items]
Income tax year open to examination	2020
State and local jurisdiction
Income Tax Disclosure [Line Items]
Deferred tax asset for net operating loss	$ 42,700	9,000
Tax credit expiration period	2023
Tax credit carryforwards	$ 7,900	6,800
Operating loss carryforwards, valuation allowance	5,300	5,600
Tax credit carryforward, valuation allowance	7,400	3,900
Puerto Rico
Income Tax Disclosure [Line Items]
Deferred tax asset for net operating loss	300	300
Tax credit carryforwards	13,900	8,200
Amount of alternative minimum tax credits	$ 1,200	1,400
Alternative minimum tax credits, expiration life	indefinite life
Operating loss carryforwards, valuation allowance	$ 300	$ 300
Federal
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year	2040
Tax credit carryforwards	$ 4,800
State and Puerto Rico \| Earliest Tax Year
Income Tax Disclosure [Line Items]
Income tax year open to examination	2015
State and Puerto Rico \| Latest Tax Year
Income Tax Disclosure [Line Items]
Income tax year open to examination	2020
Minimum \| State and local jurisdiction
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year	2021
Minimum \| Puerto Rico
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year	2025
Maximum \| State and local jurisdiction
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year	2040

Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Income Tax Disclosure [Abstract]
Ending balance at beginning of period	$ 8,077	$ 8,927	$ 9,073
Additions for tax positions of the current year			18
Additions for tax positions of prior years			698
Reduction for tax positions of prior years	(1,269)	(783)	(782)
Settlements	(396)
Lapse of statute of limitations	(72)	(67)	(80)
Ending balance at beginning of period	$ 6,340	$ 8,077	$ 8,927

Fair Values of Financial Assets and Hierarchy of Level of Inputs (Detail) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents (including restricted cash)	$ 1,001,475	$ 369,733

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

Jan. 30, 2021

Feb. 01, 2020

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

Long-Term Debt, Principal Amount

^[1]

$ 2,066,415

$ 961,415

Long-Term Debt, Fair Value

^[1]

2,356,744

959,899

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

955,406

$ 959,899

Convertible Notes

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

Long-Term Debt, Principal Amount

^[2]

805,000

Long-Term Debt, Fair Value

^[2]

1,080,713

Secured Notes

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

Long-Term Debt, Principal Amount

300,000

Long-Term Debt, Fair Value

$ 320,625

[1]	Excludes finance lease obligations, original-issue discount and deferred financing costs.
[2]	Includes amounts that are attributable to the conversion feature, which are classified within equity for financial reporting purposes.

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Jun. 30, 2020	Feb. 01, 2020	Nov. 30, 2005
Commitments And Contingencies Disclosure [Line Items]
Settlements of legal matters		$ 19.6
Settlement date	The parties obtained final Court approval of the settlement in December 2020, and the full settlement was paid during the fourth quarter of Fiscal 2020.
Letters of credit, outstanding amount	$ 54.9		$ 53.1
Purchase commitments related to goods or services	1,105.6
Death benefits				$ 1.0
Guarantee Performance Under Insurance And Utility Agreement
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	46.8		46.6
Merchandising Agreement
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	8.2		6.5
Letter of Credit
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	$ 476.8		$ 501.8

Quarterly Result (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Jan. 30, 2021

Oct. 31, 2020

Aug. 01, 2020

^[1]

May 02, 2020

^[1]

Feb. 01, 2020

Nov. 02, 2019

Aug. 03, 2019

May 04, 2019

Jan. 30, 2021

Feb. 01, 2020

Feb. 02, 2019

Quarterly Financial Information Disclosure [Abstract]

Net sales

$ 2,278,935

$ 1,664,728

$ 1,009,882

$ 797,996

$ 2,201,384

$ 1,774,949

$ 1,656,363

$ 1,628,547

$ 5,751,541

$ 7,261,243

$ 6,643,051

Type of Revenue [Extensible List]

us-gaap:ProductMember

Gross margin

^[2]

$ 969,492

$ 748,881

$ 462,332

$ 15,812

$ 927,295

$ 752,037

$ 685,942

$ 667,229

Net (loss) income

$ 155,994

$ 8,016

$ (46,781)

$ (333,728)

$ 206,325

$ 96,459

$ 84,567

$ 77,765

$ (216,499)

$ 465,116

$ 414,745

Net (loss) income per share—basic

Common stockholders

$ 2.35

^[3]

$ 0.12

^[3]

$ (0.71)

^[3]

$ (5.09)

^[3]

$ 3.14

^[3]

$ 1.46

^[3]

$ 1.28

^[3]

$ 1.18

^[3]

$ (3.28)

$ 7.05

$ 6.21

Net (loss) income per share—diluted

Common stockholders

$ 2.33

^[3]

$ 0.12

^[3]

$ (0.71)

^[3]

$ (5.09)

^[3]

$ 3.08

^[3]

$ 1.44

^[3]

$ 1.26

^[3]

$ 1.15

^[3]

$ (3.28)

$ 6.91

$ 6.04

[1]	Due to the impact of the COVID-19 pandemic and various governmental mandates, all of the Company’s stores were closed for a portion of the first and second quarters of Fiscal 2020, causing a decline in sales during those periods.
[2]	Gross margin is equal to net sales less cost of sales.
[3]	Quarterly net income (loss) per share results may not equal full year amounts due to rounding.

- Definition

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

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1,2)
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

+ Details

- Definition

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

Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
ASSETS:
Cash and cash equivalents	$ 1,380,276	$ 403,074
Total current assets	2,510,616	1,417,371
Total assets	6,781,092	5,593,859
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	1,683,996	1,461,901
Long term debt	1,927,770	1,001,723
Commitments and contingencies
Total stockholders' equity	464,754	528,149	$ 322,710	$ 86,774
Total liabilities and stockholders’ equity	6,781,092	5,593,859
Parent Company
ASSETS:
Cash and cash equivalents	51	51
Total current assets	51	51
Investment in subsidiaries	1,098,823	528,098
Total assets	1,098,874	528,149
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	0	0
Long term debt	634,120
Commitments and contingencies
Total stockholders' equity	464,754	528,149
Total liabilities and stockholders’ equity	$ 1,098,874	$ 528,149

Condensed Statements of (Loss)Income (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jan. 30, 2021

Oct. 31, 2020

Aug. 01, 2020

^[1]

May 02, 2020

^[1]

Feb. 01, 2020

Nov. 02, 2019

Aug. 03, 2019

May 04, 2019

Jan. 30, 2021

Feb. 01, 2020

Feb. 02, 2019

REVENUES:

Total revenue

$ 5,763,980

$ 7,286,398

$ 6,668,479

COSTS AND EXPENSES:

Total costs and expenses

6,201,603

6,705,873

6,160,895

Total (loss) income before income taxes

(437,623)

580,525

507,584

Provision for income tax

(221,124)

115,409

92,839

Net (loss) income

$ 155,994

$ 8,016

$ (46,781)

$ (333,728)

$ 206,325

$ 96,459

$ 84,567

$ 77,765

(216,499)

465,116

414,745

Total comprehensive (loss) income

(220,554)

449,769

413,019

Parent Company

REVENUES:

Total revenue

COSTS AND EXPENSES:

Income from equity investment

Total costs and expenses

Total (loss) income before income taxes

Provision for income tax

Earnings from equity investment, net of income taxes

(216,499)

465,116

414,745

Net (loss) income

(216,499)

465,116

414,745

Total comprehensive (loss) income

$ (216,499)

$ 465,116

$ 414,745

[1]	Due to the impact of the COVID-19 pandemic and various governmental mandates, all of the Company’s stores were closed for a portion of the first and second quarters of Fiscal 2020, causing a decline in sales during those periods.

Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
OPERATING ACTIVITIES:
Net cash provided by operations	$ 219,181	$ 891,725	$ 639,653
INVESTING ACTIVITIES:
Net cash used in investing activities	(274,132)	(324,598)	(298,508)
FINANCING ACTIVITIES:
Proceeds from long term debt—Convertible Note	805,000
Purchase of treasury shares	(65,526)	(323,080)	(228,874)
Proceeds from stock option exercises	34,924	34,222	16,306
Net cash provided by (used in) financing activities	1,032,153	(291,627)	(368,075)
Deferred financing costs	(28,815)		(2,439)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	977,202	275,500	(26,930)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	409,656	134,156	161,086
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	1,386,858	409,656	134,156
Parent Company
OPERATING ACTIVITIES:
Net cash provided by operations	0	0	0
INVESTING ACTIVITIES:
Net cash used in investing activities	0	0	0
FINANCING ACTIVITIES:
Proceeds from long term debt—Convertible Note	805,000
Purchase of treasury shares	(65,526)	(323,080)	(228,874)
Intercompany financing transactions	(753,404)	288,871	212,462
Proceeds from stock option exercises	34,924	34,222	16,306
Net cash provided by (used in) financing activities		13	(106)
Deferred financing costs	(20,994)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents		13	(106)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	51	38	144
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 51	$ 51	$ 38

Condensed Financial Information Registrant - Additional Information (Detail)
$ in Thousands

12 Months Ended

Apr. 16, 2020

USD ($)

Aug. 13, 2014

Jan. 30, 2021

USD ($)

Feb. 01, 2020

USD ($)

Feb. 02, 2019

USD ($)

Apr. 30, 2020

USD ($)

Condensed Financial Statements Captions [Line Items]

Non-cash stock compensation expense

^[1]

$ 55,845

$ 43,928

$ 35,485

Deferred financing costs

22,724

2,335

Convertible Senior Notes

Condensed Financial Statements Captions [Line Items]

Long-Term Debt, face amount

$ 805,000

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%

Debt instrument maturity date

Apr. 15, 2025

Debt instrument frequency of periodic payments

semi-annually

Debt instrument, date of first required payment

Oct. 15, 2020

Deferred financing costs

$ 21,000

Borrowing, interest rate

8.20%

Interest expense

$ 40,536

Convertible Senior Notes | Debt Component

Condensed Financial Statements Captions [Line Items]

Deferred financing costs

$ 16,400

14,191

Convertible Senior Notes | Equity Component

Condensed Financial Statements Captions [Line Items]

Deferred financing costs

4,600

Parent Company

Condensed Financial Statements Captions [Line Items]

Line of Credit Facility, maximum consolidated leverage ratio

350.00%

Non-cash stock compensation expense

55,800

$ 43,900

$ 35,500

Long-Term Debt, face amount

$ 805,000

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

Parent Company | Convertible Senior Notes

Condensed Financial Statements Captions [Line Items]

Long-Term Debt, interest rate

2.25%

Debt instrument maturity date

Apr. 15, 2025

Debt instrument frequency of periodic payments

semi-annually

Debt instrument, date of first required payment

Oct. 15, 2020

Deferred financing costs

$ 21,000

14,191

Borrowing, interest rate

8.20%

Interest expense

$ 40,500

Parent Company | Convertible Senior Notes | Debt Component

Condensed Financial Statements Captions [Line Items]

Deferred financing costs

$ 16,400

Parent Company | Convertible Senior Notes | Equity Component

Condensed Financial Statements Captions [Line Items]

Deferred financing costs

$ 4,600

[1]	The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $9.1 million, $9.0 million and $9.7 million during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.