0000745732-20-000065 | 10-Q | XBRL Viewer

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Aug. 01, 2020	Aug. 14, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 01, 2020
Document Transition Report	false
Entity File Number	0-14678
Entity Registrant Name	Ross Stores, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-1390387
Entity Address, Address Line One	5130 Hacienda Drive,
Entity Address, City or Town	Dublin,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94568-7579
City Area Code	(925)
Local Phone Number	965-4400
Title of 12(b) Security	Common stock,
Trading Symbol	ROST
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		356,005,661
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000745732
Current Fiscal Year End Date	--01-30

Condensed Consolidated Statements of Operations shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020 USD ($) stores $ / shares shares	Aug. 03, 2019 USD ($) stores $ / shares shares	Aug. 01, 2020 USD ($) stores $ / shares shares	Aug. 03, 2019 USD ($) stores $ / shares shares
Income Statement [Abstract]
Sales	$ 2,684,712	$ 3,979,869	$ 4,527,385	$ 7,776,511
Costs and Expenses
Cost of goods sold	2,080,120	2,843,850	3,970,111	5,545,518
Selling, general and administrative	519,495	591,970	934,800	1,150,220
Interest expense (income), net	28,855	(4,782)	35,521	(10,417)
Total costs and expenses	2,628,470	3,431,038	4,940,432	6,685,321
Earnings (loss) before taxes	56,242	548,831	(413,047)	1,091,190
Provision (benefit) for taxes on earnings (loss)	34,195	136,110	(129,252)	257,327
Net earnings (loss)	$ 22,047	$ 412,721	$ (283,795)	$ 833,863
Earnings (loss) per share
Basic (in dollars per share) \| $ / shares	$ 0.06	$ 1.15	$ (0.81)	$ 2.31
Diluted (in dollars per share) \| $ / shares	$ 0.06	$ 1.14	$ (0.81)	$ 2.29
Weighted average shares outstanding
Basic (in shares) \| shares	352,276	359,794	352,239	361,439
Diluted (in shares) \| shares	354,232	362,074	352,239	364,007
Store count at end of period (in number of stores) \| stores	1,832	1,772	1,832	1,772

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 22,047	$ 412,721	$ (283,795)	$ 833,863
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	$ 22,047	$ 412,721	$ (283,795)	$ 833,863

- 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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Current Assets
Cash and cash equivalents	$ 3,793,043	$ 1,351,205	$ 1,382,025
Accounts receivable	162,723	102,236	130,439
Merchandise inventory	1,117,983	1,832,339	1,835,869
Prepaid expenses and other	273,612	147,048	167,585
Total current assets	5,347,361	3,432,828	3,515,918
Property and Equipment
Land and buildings	1,177,863	1,177,262	1,162,269
Fixtures and equipment	3,137,495	3,115,003	2,886,275
Leasehold improvements	1,241,819	1,219,736	1,162,935
Construction-in-progress	363,000	189,536	200,012
Property and equipment, gross	5,920,177	5,701,537	5,411,491
Less accumulated depreciation and amortization	3,214,072	3,048,101	2,906,451
Property and equipment, net	2,706,105	2,653,436	2,505,040
Operating lease assets	3,053,735	3,053,782	2,932,199
Other long-term assets	215,044	208,321	198,790
Total assets	11,322,245	9,348,367	9,151,947
Current Liabilities
Accounts payable	1,009,704	1,296,482	1,359,829
Accrued expenses and other	557,475	462,111	474,273
Current operating lease liabilities	579,277	564,481	549,841
Accrued payroll and benefits	204,109	364,435	295,465
Income taxes payable	0	14,425	0
Short-term debt	802,507	0	0
Total current liabilities	3,153,072	2,701,934	2,679,408
Long-term debt	2,286,295	312,891	312,665
Non-current operating lease liabilities	2,601,254	2,610,528	2,496,230
Other long-term liabilities	258,869	214,086	227,842
Deferred income taxes	155,556	149,679	139,538
Commitments and contingencies
Stockholders’ Equity
Common stock, par value $.01 per share Authorized 1,000,000,000 shares Issued and outstanding 356,006,000, 356,775,000 and 362,166,000 shares, respectively	3,560	3,568	3,622
Additional paid-in capital	1,512,699	1,458,307	1,412,976
Treasury stock	(465,674)	(433,328)	(425,012)
Retained earnings	1,816,614	2,330,702	2,304,678
Total stockholders’ equity	2,867,199	3,359,249	3,296,264
Total liabilities and stockholders’ equity	$ 11,322,245	$ 9,348,367	$ 9,151,947

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	1,000,000,000	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued (in shares)	356,006,000	356,775,000	362,166,000
Common Stock, Shares, Outstanding (in shares)	356,006,000	356,775,000	362,166,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common stock	Additional paid-in capital	Treasury stock	Retained earnings	Retained earnings Cumulative Effect, Period of Adoption, Adjustment
Total common stock, beginning balance (in shares) at Feb. 02, 2019			368,242
Total stockholders’ equity, beginning balance at Feb. 02, 2019	$ 3,305,746	$ (19,614)	$ 3,682	$ 1,375,965	$ (372,663)	$ 2,298,762	$ (19,614)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	421,142					421,142
Common stock issued under stock planes, net of shares used for tax withholding (in shares)			390
Common stock issued under stock planes, net of shares used for tax withholding	(45,585)		$ 4	5,291	(50,880)
Stock-based compensation	19,689			19,689
Common stock repurchased (in shares)			(3,372)
Common stock repurchased	(320,130)		$ (33)	(9,387)		(310,710)
Dividends declared	(93,722)					(93,722)
Total common stock, ending balance (in shares) at May. 04, 2019			365,260
Total stockholders’ equity, ending balance at May. 04, 2019	3,267,526		$ 3,653	1,391,558	(423,543)	2,295,858
Total common stock, beginning balance (in shares) at Feb. 02, 2019			368,242
Total stockholders’ equity, beginning balance at Feb. 02, 2019	3,305,746	$ (19,614)	$ 3,682	1,375,965	(372,663)	2,298,762	$ (19,614)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	833,863
Total common stock, ending balance (in shares) at Aug. 03, 2019			362,166
Total stockholders’ equity, ending balance at Aug. 03, 2019	3,296,264		$ 3,622	1,412,976	(425,012)	2,304,678
Total common stock, beginning balance (in shares) at May. 04, 2019			365,260
Total stockholders’ equity, beginning balance at May. 04, 2019	3,267,526		$ 3,653	1,391,558	(423,543)	2,295,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	412,721					412,721
Common stock issued under stock planes, net of shares used for tax withholding (in shares)			98
Common stock issued under stock planes, net of shares used for tax withholding	4,142		$ 1	5,610	(1,469)
Stock-based compensation	24,924			24,924
Common stock repurchased (in shares)			(3,192)
Common stock repurchased	(320,129)		$ (32)	(9,116)		(310,981)
Dividends declared	(92,920)					(92,920)
Total common stock, ending balance (in shares) at Aug. 03, 2019			362,166
Total stockholders’ equity, ending balance at Aug. 03, 2019	3,296,264		$ 3,622	1,412,976	(425,012)	2,304,678
Total common stock, beginning balance (in shares) at Feb. 01, 2020			356,775
Total stockholders’ equity, beginning balance at Feb. 01, 2020	3,359,249		$ 3,568	1,458,307	(433,328)	2,330,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(305,842)					(305,842)
Common stock issued under stock planes, net of shares used for tax withholding (in shares)			318
Common stock issued under stock planes, net of shares used for tax withholding	(26,873)		$ 3	5,441	(32,317)
Stock-based compensation	24,739			24,739
Common stock repurchased (in shares)			(1,171)
Common stock repurchased	(132,467)		$ (12)	(3,576)		(128,879)
Dividends declared	(101,414)					(101,414)
Total common stock, ending balance (in shares) at May. 02, 2020			355,922
Total stockholders’ equity, ending balance at May. 02, 2020	2,817,392		$ 3,559	1,484,911	(465,645)	1,794,567
Total common stock, beginning balance (in shares) at Feb. 01, 2020			356,775
Total stockholders’ equity, beginning balance at Feb. 01, 2020	3,359,249		$ 3,568	1,458,307	(433,328)	2,330,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(283,795)
Total common stock, ending balance (in shares) at Aug. 01, 2020			356,006
Total stockholders’ equity, ending balance at Aug. 01, 2020	2,867,199		$ 3,560	1,512,699	(465,674)	1,816,614
Total common stock, beginning balance (in shares) at May. 02, 2020			355,922
Total stockholders’ equity, beginning balance at May. 02, 2020	2,817,392		$ 3,559	1,484,911	(465,645)	1,794,567
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	22,047					22,047
Common stock issued under stock planes, net of shares used for tax withholding (in shares)			84
Common stock issued under stock planes, net of shares used for tax withholding	5,602		$ 1	5,630	(29)
Stock-based compensation	22,158			22,158
Total common stock, ending balance (in shares) at Aug. 01, 2020			356,006
Total stockholders’ equity, ending balance at Aug. 01, 2020	$ 2,867,199		$ 3,560	$ 1,512,699	$ (465,674)	$ 1,816,614

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019
Cash Flows From Operating Activities
Net earnings (loss)	$ (283,795)	$ 833,863
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization	179,626	166,898
Stock-based compensation	46,897	44,613
Deferred income taxes	5,877	21,868
Change in assets and liabilities:
Merchandise inventory	714,356	(85,427)
Other current assets	(51,924)	(55,309)
Accounts payable	(289,710)	187,050
Other current liabilities	(44,671)	(8,529)
Income taxes	(145,001)	(31,193)
Operating lease assets and liabilities, net	5,569	8,276
Other long-term, net	35,197	1,353
Net cash provided by operating activities	172,421	1,083,463
Cash Flows From Investing Activities
Additions to property and equipment	(250,047)	(250,314)
Proceeds from investments	0	517
Net cash used in investing activities	(250,047)	(249,797)
Cash Flows From Financing Activities
Net proceeds from issuance of short-term debt	805,601	0
Payments of short-term debt	(3,094)	0
Net proceeds from issuance of long-term debt	1,976,030	0
Payments of debt issuance costs	(3,254)	0
Issuance of common stock related to stock plans	11,075	10,906
Treasury stock purchased	(32,346)	(52,349)
Repurchase of common stock	(132,467)	(640,259)
Dividends paid	(101,414)	(186,642)
Net cash provided by (used in) financing activities	2,520,131	(868,344)
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	2,442,505	(34,678)
Cash, cash equivalents, and restricted cash and cash equivalents:
Beginning of period	1,411,410	1,478,079
End of period	3,853,915	1,443,401
Supplemental Cash Flow Disclosures
Interest paid	10,069	6,341
Income taxes paid	$ 9,872	$ 266,653

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	1 Months Ended					3 Months Ended
	Mar. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Mar. 31, 2019	May 02, 2020	Aug. 03, 2019	May 04, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 285	$ 0.255	$ 0.255	$ 0.255	$ 0.255	$ 0.285	$ 255	$ 0.255

Summary of Significant Accounting Policies

6 Months Ended

Aug. 01, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of presentation. The accompanying unaudited interim condensed consolidated financial statements have been prepared from the records of Ross Stores, Inc. and subsidiaries (the “Company”) without audit and, in the opinion of management, include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the Company’s financial position as of August 1, 2020 and August 3, 2019, the results of operations, comprehensive income (loss), and stockholders' equity for the three and six month periods ended August 1, 2020 and August 3, 2019, and cash flows for the six month periods ended August 1, 2020 and August 3, 2019. The Condensed Consolidated Balance Sheet as of February 1, 2020, presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended.

Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, contained in the Company’s Annual Report on Form 10-K for the year ended February 1, 2020.

The results of operations, comprehensive income (loss), and stockholders' equity for the three and six month periods ended August 1, 2020 and August 3, 2019 and cash flows for the six month periods ended August 1, 2020 and August 3, 2019 presented herein are not necessarily indicative of the results to be expected for the full fiscal year.

Use of accounting estimates. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company’s significant accounting estimates include valuation reserves for inventory, packaway inventory costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, estimates for provisions of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), and legal claims. Given the global economic climate and additional, or unforeseen effects, from the COVID-19 pandemic, these estimates are more challenging, and actual results could differ materially from the Company's estimates.

Revenue recognition. All of the Company's store locations, its primary source of revenue, were temporarily closed from March 20, 2020 through a portion of the second fiscal quarter of 2020 due to the COVID-19 pandemic. The Company started a phased reopening of its stores on May 14, 2020. On average, the Company's stores were open for about 75 percent of the second quarter, with the vast majority of its store locations open and operating by the end of June 2020. The following sales mix table disaggregates revenue by merchandise category for the three and six month periods ended August 1, 2020 and August 3, 2019:


	Three Months Ended								Six Months Ended
	August 1, 2020		¹	August 3, 2019		August 1, 2020		¹	August 3, 2019
Home Accents and Bed and Bath	25	%		23	%	26	%		24	%
Ladies	25	%		27	%	25	%		27	%
Shoes	14	%		14	%	14	%		14	%
Men's	14	%		15	%	13	%		14	%
Accessories, Lingerie, Fine Jewelry, and Fragrances	13	%		13	%	13	%		13	%
Children's	9	%		8	%	9	%		8	%
Total	100	%		100	%	100	%		100	%
¹ Sales mix for the three and six month periods ended August 1, 2020 represents sales for the period the stores were open.

Cash, restricted cash, and restricted investments. Restricted cash, cash equivalents, and investments serve as collateral for certain insurance obligations of the Company. These restricted funds are invested in bank deposits, money market mutual funds, U.S. Government and agency securities, and corporate securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. The classification between current and long-term is based on the timing of expected payments of the insurance obligations.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents in the Condensed Consolidated Balance Sheets that reconcile to the amounts shown on the Condensed Consolidated Statements of Cash Flows:


($000)	August 1, 2020		February 1, 2020		August 3, 2019
Cash and cash equivalents	$	3,793,043	$	1,351,205	$	1,382,025
Restricted cash and cash equivalents included in:
Prepaid expenses and other	10,348		10,235		11,048
Other long-term assets	50,524		49,970		50,328
Total restricted cash and cash equivalents	60,872		60,205		61,376
Total cash, cash equivalents, and restricted cash and cash equivalents	$	3,853,915	$	1,411,410	$	1,443,401

Property and equipment. As of August 1, 2020 and August 3, 2019, the Company had $22.6 million and $13.0 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment, Accounts payable, and Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets.

Operating leases. In response to the COVID-19 pandemic, the Financial Accounting Standards Board (“FASB”) provided relief under Accounting Standards Update (“ASU”) 2016-02, Leases (Accounting Standards Codification "ASC" 842). Under this relief, companies can make a policy election on how to treat lease concessions resulting directly from the COVID-19 pandemic, provided that the modified contracts result in total cash flows that are substantially the same or less than the cash flows in the original contract.

The Company made the policy election to account for lease concessions that result from the COVID-19 pandemic as if they were made under enforceable rights in the original contract. Additionally, the Company made the policy election to account for these concessions outside of the lease modification framework described under ASC 842. The Company recorded accruals for deferred rental payments and recognized rent abatements or concessions as variable lease costs in the periods incurred. Accruals for rent payment deferrals are included in Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets.

Supplemental cash flow disclosures related to leases: Operating lease assets obtained in exchange for new operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) were as follows:


	Three Months Ended						Six Months Ended
($000)	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Operating lease assets obtained in exchange for new operating lease liabilities	$	119,377	$	127,585	$	284,351	$	335,375

Incentive programs. On August 19, 2020, the Compensation Committee of the Board of Directors approved modifications to the management incentive plan and performance share award program for fiscal 2020 to be based on the attainment of specific management priorities related to their response to COVID-19, as measured and approved by the Compensation Committee of the Board of Directors, as an alternative to profitability-based performance goals.

Cash dividends. The Company’s Board of Directors declared a cash dividend of $0.285 per common share in March 2020, and $0.255 per common share in March, May, August, and November 2019, respectively.

In May 2020, the Company announced the suspension of its quarterly dividends.

Litigation, claims, and assessments. Like many retailers, the Company has been named in class/representative action lawsuits, primarily in California, alleging violation of wage and hour/employment laws and consumer protection laws. Class/representative action litigation remains pending as of August 1, 2020.

The Company is also party to various other legal and regulatory proceedings arising in the normal course of business. Actions filed against the Company may include commercial, product and product safety, consumer, intellectual property, environmental, and labor and employment-related claims, including lawsuits in which private plaintiffs or governmental agencies allege that the Company violated federal, state, and/or local laws. Actions against the Company are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties.

In the opinion of management, the resolution of pending class/representative action litigation and other currently pending legal and regulatory proceedings will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows.

Recently adopted accounting standards. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (ASC 740). ASU 2019-12 eliminates certain exceptions in ASC 740 related to the methodology for calculating income taxes in an interim period. It also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company adopted ASU 2019-12 on a prospective basis in the first quarter of fiscal 2020. The most significant impact to the Company is the removal of a limit on the tax benefit recognized on pre-tax losses in interim periods. The adoption of this standard is not expected to have a material impact on the Company's fiscal 2020 results.

Recently issued accounting standards. The Company considers the applicability and impact of all ASUs issued by the FASB. For the three and six month periods ended August 1, 2020, the ASUs issued by the FASB were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results.

Fair Value Measurements

6 Months Ended

Aug. 01, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

The carrying value of cash and cash equivalents, short- and long-term investments, restricted cash and cash equivalents, restricted investments, accounts receivable, other long-term assets, accounts payable, and other long-term liabilities approximates their estimated fair value.

Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The inputs used to measure fair value include: Level 1, observable inputs such as quoted prices in active markets; Level 2, inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, unobservable inputs in which little or no market data exists. This fair value hierarchy requires the Company to develop its own assumptions and maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

There were no transfers between Level 1 and Level 2 categories during the three and six month periods ended August 1, 2020. The fair value of the Company’s financial instruments are as follows:


($000)	August 1, 2020		February 1, 2020		August 3, 2019

Cash and cash equivalents (Level 1)	$	3,793,043	$	1,351,205	$	1,382,025




Restricted cash and cash equivalents (Level 1)	$	60,872	$	60,205	$	61,376

Investments (Level 2)	$	8	$	8	$	8

The underlying assets in the Company’s non-qualified deferred compensation program as of August 1, 2020, February 1, 2020, and August 3, 2019 (included in Other long-term assets and in Other long-term liabilities) primarily consist of participant-directed money market, stable value, stock, and bond funds. The fair value measurement for funds with quoted market prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows:


($000)	August 1, 2020		February 1, 2020		August 3, 2019
Level 1	$	135,650	$	134,440	$	126,377
Level 2	10,329		7,003		7,411
Total	$	145,979	$	141,443	$	133,788

- 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

Stock-Based Compensation

6 Months Ended

Aug. 01, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation

Stock-based compensation. For the three and six month periods ended August 1, 2020 and August 3, 2019, the Company recognized stock-based compensation expense as follows:


	Three Months Ended						Six Months Ended
($000)	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Restricted stock	$	17,638	$	14,909	$	34,120	$	24,358
Performance awards	3,526		9,025		10,822		18,329
Employee stock purchase plan	994		990		1,955		1,926
Total	$	22,158	$	24,924	$	46,897	$	44,613

Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations for the three and six month periods ended August 1, 2020 and August 3, 2019, is as follows:


	Three Months Ended						Six Months Ended
Statements of Operations Classification ($000)	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Cost of goods sold	$	11,849	$	13,812	$	24,515	$	26,934
Selling, general and administrative	10,309		11,112		22,382		17,679
Total	$	22,158	$	24,924	$	46,897	$	44,613

The tax benefits related to stock-based compensation expense for the three and six month periods ended August 1, 2020 were $4.8 million and $10.2 million, respectively. The tax benefits related to stock-based compensation expense for the three and six month periods ended August 3, 2019 were $5.0 million and $8.7 million, respectively.

Restricted stock awards. The Company grants shares of restricted stock to directors, officers, and key employees. The market value of shares of restricted stock at the date of grant is amortized to expense over the vesting period of generally three to five years.

During the three and six month periods ended August 1, 2020 and August 3, 2019, shares purchased by the Company for tax withholding totaled 308 and 349,821, and 14,627 and 570,624, respectively, and are considered treasury shares which are available for reissuance.

Performance share awards. The Company has a performance share award program for senior executives. A performance share award represents a right to receive shares of restricted stock on a specified settlement date based on the Company’s attainment of a performance goal during the performance period, which is the Company’s fiscal year. If attained, the restricted stock then vests over a service period, generally two to three years from the date the performance award was granted.

As of August 1, 2020, shares related to unvested restricted stock and performance share awards totaled 4.1 million shares. A summary of restricted stock and performance share award activity for the six month period ended August 1, 2020, is presented below:


(000, except per share data)	Number of shares	Weighted-average grant date fair value
Unvested at February 1, 2020	4,394	$	76.20
Awarded	605	97.70
Released	(905)	61.29
Forfeited	(14)	79.87
Unvested at August 1, 2020	4,080	$	82.68

The unamortized compensation expense at August 1, 2020, was $152.4 million, which is expected to be recognized over a weighted-average remaining period of 2.2 years. The unamortized compensation expense at August 3, 2019, was $165.2 million, which was expected to be recognized over a weighted-average remaining period of 2.3 years.

Employee stock purchase plan. Under the Employee Stock Purchase Plan (“ESPP”), eligible employees participating in the quarterly offering period can choose to have up to the lesser of 10% of their annual base earnings or the IRS annual share purchase limit of $25,000 in aggregate market value to purchase the Company’s common stock. The purchase price of the stock is 85% of the closing market price on the date of purchase. Purchases occur on a quarterly basis (on the last trading day of each calendar quarter). The Company recognizes expense for ESPP purchase rights equal to the value of the 15% discount given on the purchase date.

Earnings (Loss) Per Share

6 Months Ended

Aug. 01, 2020

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

The Company computes and reports both basic earnings (loss) per share ("EPS") and diluted EPS. Basic EPS is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings (loss) by the sum of the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period, except in cases where the effect of the common stock equivalents would be anti-dilutive. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards and unvested shares of both performance and non-performance based awards of restricted stock. For periods of net loss, basic and diluted EPS are the same as the effect of the assumed vesting of restricted stock units is anti-dilutive.

For the three month period ended August 1, 2020, approximately 628,900 weighted-average shares were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for the period presented. For the six month period ended August 1, 2020, basic and diluted EPS were the same due to the Company's net loss. For the three and six month periods ended August 3, 2019, approximately 10,500 and 5,300 weighted-average shares were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for the periods presented.

The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations:


	Three Months Ended										Six Months Ended
Shares in (000s)	Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS		Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS
August 1, 2020
Shares	352,276		1,956		354,232		352,239		—		352,239
Amount	$	0.06	$	—	$	0.06	$	(0.81)	$	—	$	(0.81)

August 3, 2019
Shares	359,794		2,280		362,074		361,439		2,568		364,007
Amount	$	1.15	$	(0.01)	$	1.14	$	2.31	$	(0.02)	$	2.29

Debt

6 Months Ended

Aug. 01, 2020

Debt Disclosure [Abstract]

Debt

Short-term debt and long-term debt. Short-term debt and unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following:


($000)	August 1, 2020		February 1, 2020		August 3, 2019
$800 million revolving credit facility	$	800,000	$	—	$	—
Other short-term debt financing	2,507		—		—
Total short-term debt	$	802,507	$	—	$	—

6.530% Series B Senior Notes due 2021	$	64,868	$	64,963	$	64,953
3.375% Senior Notes due 2024	248,146		247,928		247,712
4.600% Senior Notes due 2025	693,991		—		—
4.700% Senior Notes due 2027	395,124		—		—
4.800% Senior Notes due 2030	394,759		—		—
5.450% Senior Notes due 2050	489,407		—		—
Total long-term debt	$	2,286,295	$	312,891	$	312,665

Revolving credit facilities. In July 2019, the Company entered into a $800 million unsecured revolving credit facility, which replaced the Company’s previous $600 million unsecured revolving credit facility. This current credit facility expires in July 2024, and contains a $300 million sublimit for issuance of standby letters of credit. The facility also contains an option allowing the Company to increase the size of its credit facility by up to an additional $300 million, with the agreement of the lenders. Interest on borrowings under this facility is based on LIBOR (or an alternate benchmark rate, if LIBOR is no longer available) plus an applicable margin and is payable quarterly and upon maturity. The revolving credit facility may be extended, at the Company's option, for up to two additional one year periods, subject to customary conditions.

In March 2020, the Company borrowed $800 million available under its revolving credit facility. The loan bears interest at LIBOR plus 0.875% (currently 1.76%). As of August 1, 2020, the Company had $800 million outstanding, and no standby letters of credit were outstanding, under the revolving credit facility.

In May 2020, the Company amended its $800 million unsecured revolving credit facility (the “Amended Credit Facility”) to temporarily suspend, for the second and third quarters of fiscal 2020, the Consolidated Adjusted Debt to EBITDAR ratio financial covenant, and to apply a transitional modification to that ratio effective in the fourth quarter of fiscal 2020. The Amended Credit Facility also established a new temporary minimum liquidity requirement, effective for the first quarter of fiscal 2020 and through the end of April 2021. As of August 1, 2020, the Company was in compliance with these amended covenants.

In May 2020, the Company also entered into an additional $500 million 364-day senior revolving credit facility which expires in April 2021. Interest on borrowings under this new facility is based on LIBOR (or an alternate benchmark rate, if LIBOR is no longer available) plus an applicable margin (currently 175 basis points) and is payable quarterly and upon maturity. As of August 1, 2020, the Company had no borrowings under this facility and the $500 million credit facility remains in place and available.

The new revolving credit facility is subject to the same minimum liquidity and Consolidated Adjusted Debt to EBITDAR ratio financial covenants as are provided in the Amended Credit Facility. In addition, the new revolving credit facility contains restrictions on stock repurchases and restrictions on post draw down cash balances on the new revolving credit facility. As of August 1, 2020, the Company was in compliance with these covenants.

Senior notes. As of August 1, 2020, the Company had outstanding Series B unsecured Senior Notes in the aggregate principal amount of $65 million held by various institutional investors. The Series B notes are due in December 2021, and bear interest at 6.530%. Borrowings under these Senior Notes are subject to certain financial covenants that were amended in June 2020, and are consistent with the corresponding covenants in the Company's existing revolving credit facilities. As of August 1, 2020, the Company was in compliance with these covenants.

As of August 1, 2020, the Company also had outstanding unsecured 3.375% Senior Notes due September 2024 (the “2024 Notes”) with an aggregate principal amount of $250 million. Interest on the 2024 Notes is payable semi-annually.

In April 2020, the Company issued an aggregate of $2.0 billion in unsecured senior notes in four tenors as follows: 4.600% Senior Notes due April 2025 (the “2025 Notes”) with an aggregate principal amount of $700 million, 4.700% Senior Notes due April 2027 (the “2027 Notes”) with an aggregate principal amount of $400 million, 4.800% Senior Notes due April 2030 (the “2030 Notes”) with an aggregate principal amount of $400 million, and 5.450% Senior Notes due April 2050 (the “2050 Notes”) with an aggregate principal amount of $500 million. Cash proceeds, net of discounts and other issuance costs, were approximately $1.973 billion. Interest on the 2025, 2027, 2030, and 2050 Notes is payable semi-annually beginning October 2020.

The 2024, 2025, 2027, 2030, and 2050 Notes and the Series B Senior Notes are all subject to prepayment penalties for early payment of principal.

As of August 1, 2020, February 1, 2020, and August 3, 2019, total unamortized discount and debt issuance costs were $28.7 million, $2.1 million, and $2.3 million, respectively, and were classified as a reduction of Long-term debt.

The aggregate fair value of the six outstanding series of Senior Notes was approximately $2.8 billion as of August 1, 2020. The aggregate fair value of the two then outstanding series of Senior Notes was approximately $335 million and $332 million as of February 1, 2020 and August 3, 2019, respectively. The fair value is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance.

The table below shows the components of interest expense and income for the three and six month periods ended August 1, 2020 and August 3, 2019:


	Three Months Ended						Six Months Ended
($000)	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Interest expense on long-term debt	$	28,331	$	3,283	38,512		$	6,566
Interest expense on short-term debt	3,599		—		5,296		—
Other interest expense	1,031		227		1,309		540
Capitalized interest	(3,349)		(1,118)		(5,503)		(1,883)
Interest income	(757)		(7,174)		(4,093)		(15,640)
Interest expense (income), net	$	28,855	$	(4,782)	$	35,521	$	(10,417)

Taxes on Earnings (Loss)	6 Months Ended
Taxes on Earnings (Loss)	Aug. 01, 2020
Income Tax Disclosure [Abstract]
Taxes on Earnings (Loss)	Taxes on Earnings (Loss) On March 27, 2020, the CARES Act was signed into law. The CARES Act made several significant changes to business tax provisions including modifications for net operating losses, employee retention credits, and deferral of employer payroll tax payments. The modifications for net operating losses eliminate the taxable income limitation for certain net operating losses and allow the carry back of net operating losses arising in 2018, 2019, and 2020 to the five prior tax years. The Company's effective tax rates for the three month periods ended August 1, 2020 and August 3, 2019, were approximately 61% and 25%, respectively. The increase in the effective tax rate of 36% for the three month period ended August 1, 2020 compared to the three month period ended August 3, 2019 was primarily due to fluctuations in pre-tax earnings, partially offset by a revaluation of deferred taxes related to the CARES Act. The Company's effective tax rates for the six month periods ended August 1, 2020 and August 3, 2019, were approximately 31% and 24%, respectively. The increase in the effective tax rate of 7% for the six month period ended August 1, 2020 compared to the six month period ended August 3, 2019 was primarily due to a pre-tax loss in the current period. The effective tax rate is impacted by changes in tax law and accounting guidance, location of new stores, level of earnings, tax effects associated with share-based compensation, and the resolution of tax positions. As of August 1, 2020, February 1, 2020, and August 3, 2019, the reserves for unrecognized tax benefits were $71.6 million, $67.1 million, and $88.4 million, inclusive of $8.5 million, $7.2 million, and $14.9 million of related interest and penalties, respectively. In November 2019, the Company resolved uncertain tax positions with a tax authority. As a result, the Company recognized a decrease in reserves for tax positions in prior periods of $16.2 million, inclusive of $6.6 million of related reserves for interest and penalties. The Company accounts for interest and penalties related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $56.8 million would impact the Company’s effective tax rate. It is reasonably possible that certain state tax matters may be concluded or statutes of limitations may lapse during the next 12 months. Accordingly, the total amount of unrecognized tax benefits may decrease by up to $9.8 million. The difference between the total amount of unrecognized tax benefits and the amounts that would impact the effective tax rate relates to amounts attributable to deferred income tax assets and liabilities. These amounts are net of federal and state income taxes. The Company is open to audit by the Internal Revenue Service under the statute of limitations for fiscal years 2016 through 2019. The Company’s state income tax returns are generally open to audit under the various statutes of limitations for fiscal years 2015 through 2019. Certain state tax returns are currently under audit by various tax authorities. The Company does not expect the results of these audits to have a material impact on the condensed consolidated financial statements.

- 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

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Aug. 01, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation. The accompanying unaudited interim condensed consolidated financial statements have been prepared from the records of Ross Stores, Inc. and subsidiaries (the “Company”) without audit and, in the opinion of management, include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the Company’s financial position as of August 1, 2020 and August 3, 2019, the results of operations, comprehensive income (loss), and stockholders' equity for the three and six month periods ended August 1, 2020 and August 3, 2019, and cash flows for the six month periods ended August 1, 2020 and August 3, 2019. The Condensed Consolidated Balance Sheet as of February 1, 2020, presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended. Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, contained in the Company’s Annual Report on Form 10-K for the year ended February 1, 2020. The results of operations, comprehensive income (loss), and stockholders' equity for the three and six month periods ended August 1, 2020 and August 3, 2019 and cash flows for the six month periods ended August 1, 2020 and August 3, 2019 presented herein are not necessarily indicative of the results to be expected for the full fiscal year.
Use of accounting estimates	Use of accounting estimates. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company’s significant accounting estimates include valuation reserves for inventory, packaway inventory costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, estimates for provisions of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), and legal claims. Given the global economic climate and additional, or unforeseen effects, from the COVID-19 pandemic, these estimates are more challenging, and actual results could differ materially from the Company's estimates.
Cash, restricted cash, and restricted investments	Cash, restricted cash, and restricted investments. Restricted cash, cash equivalents, and investments serve as collateral for certain insurance obligations of the Company. These restricted funds are invested in bank deposits, money market mutual funds, U.S. Government and agency securities, and corporate securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. The classification between current and long-term is based on the timing of expected payments of the insurance obligations.
Operating leases	Operating leases. In response to the COVID-19 pandemic, the Financial Accounting Standards Board (“FASB”) provided relief under Accounting Standards Update (“ASU”) 2016-02, Leases (Accounting Standards Codification "ASC" 842). Under this relief, companies can make a policy election on how to treat lease concessions resulting directly from the COVID-19 pandemic, provided that the modified contracts result in total cash flows that are substantially the same or less than the cash flows in the original contract. The Company made the policy election to account for lease concessions that result from the COVID-19 pandemic as if they were made under enforceable rights in the original contract. Additionally, the Company made the policy election to account for these concessions outside of the lease modification framework described under ASC 842. The Company recorded accruals for deferred rental payments and recognized rent abatements or concessions as variable lease costs in the periods incurred. Accruals for rent payment deferrals are included in Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets.
Property and equipment	Property and equipment. As of August 1, 2020 and August 3, 2019, the Company had $22.6 million and $13.0 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment, Accounts payable, and Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets.
Recently adopted accounting standards and Recently issued accounting standards	Recently adopted accounting standards. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (ASC 740). ASU 2019-12 eliminates certain exceptions in ASC 740 related to the methodology for calculating income taxes in an interim period. It also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company adopted ASU 2019-12 on a prospective basis in the first quarter of fiscal 2020. The most significant impact to the Company is the removal of a limit on the tax benefit recognized on pre-tax losses in interim periods. The adoption of this standard is not expected to have a material impact on the Company's fiscal 2020 results.Recently issued accounting standards. The Company considers the applicability and impact of all ASUs issued by the FASB. For the three and six month periods ended August 1, 2020, the ASUs issued by the FASB were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's condensed consolidated financial results.
Fair value measurement	Fair Value Measurements The carrying value of cash and cash equivalents, short- and long-term investments, restricted cash and cash equivalents, restricted investments, accounts receivable, other long-term assets, accounts payable, and other long-term liabilities approximates their estimated fair value. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The inputs used to measure fair value include: Level 1, observable inputs such as quoted prices in active markets; Level 2, inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, unobservable inputs in which little or no market data exists. This fair value hierarchy requires the Company to develop its own assumptions and maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
Earnings (loss) per share	Earnings (Loss) Per ShareThe Company computes and reports both basic earnings (loss) per share ("EPS") and diluted EPS. Basic EPS is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings (loss) by the sum of the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period, except in cases where the effect of the common stock equivalents would be anti-dilutive. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards and unvested shares of both performance and non-performance based awards of restricted stock. For periods of net loss, basic and diluted EPS are the same as the effect of the assumed vesting of restricted stock units is anti-dilutive.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Aug. 01, 2020

Accounting Policies [Abstract]

Disaggregation of revenue

The following sales mix table disaggregates revenue by merchandise category for the three and six month periods ended August 1, 2020 and August 3, 2019:


	Three Months Ended								Six Months Ended
	August 1, 2020		¹	August 3, 2019		August 1, 2020		¹	August 3, 2019
Home Accents and Bed and Bath	25	%		23	%	26	%		24	%
Ladies	25	%		27	%	25	%		27	%
Shoes	14	%		14	%	14	%		14	%
Men's	14	%		15	%	13	%		14	%
Accessories, Lingerie, Fine Jewelry, and Fragrances	13	%		13	%	13	%		13	%
Children's	9	%		8	%	9	%		8	%
Total	100	%		100	%	100	%		100	%
¹ Sales mix for the three and six month periods ended August 1, 2020 represents sales for the period the stores were open.

Schedule of restricted cash reconciliation


($000)	August 1, 2020		February 1, 2020		August 3, 2019
Cash and cash equivalents	$	3,793,043	$	1,351,205	$	1,382,025
Restricted cash and cash equivalents included in:
Prepaid expenses and other	10,348		10,235		11,048
Other long-term assets	50,524		49,970		50,328
Total restricted cash and cash equivalents	60,872		60,205		61,376
Total cash, cash equivalents, and restricted cash and cash equivalents	$	3,853,915	$	1,411,410	$	1,443,401

Supplemental cash flow disclosures related to leases


	Three Months Ended						Six Months Ended
($000)	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Operating lease assets obtained in exchange for new operating lease liabilities	$	119,377	$	127,585	$	284,351	$	335,375

Fair Value Measurements (Tables)

6 Months Ended

Aug. 01, 2020

Fair Value Disclosures [Abstract]

Schedule of fair values

The fair value of the Company’s financial instruments are as follows:


($000)	August 1, 2020		February 1, 2020		August 3, 2019

Cash and cash equivalents (Level 1)	$	3,793,043	$	1,351,205	$	1,382,025




Restricted cash and cash equivalents (Level 1)	$	60,872	$	60,205	$	61,376

Investments (Level 2)	$	8	$	8	$	8

Schedule of fair value, assets and liabilities measured on recurring basis

The fair value measurement for funds with quoted market prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows:


($000)	August 1, 2020		February 1, 2020		August 3, 2019
Level 1	$	135,650	$	134,440	$	126,377
Level 2	10,329		7,003		7,411
Total	$	145,979	$	141,443	$	133,788

Stock-Based Compensation (Tables)

6 Months Ended

Aug. 01, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Schedule of stock-based compensation expense by award type

For the three and six month periods ended August 1, 2020 and August 3, 2019, the Company recognized stock-based compensation expense as follows:


	Three Months Ended						Six Months Ended
($000)	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Restricted stock	$	17,638	$	14,909	$	34,120	$	24,358
Performance awards	3,526		9,025		10,822		18,329
Employee stock purchase plan	994		990		1,955		1,926
Total	$	22,158	$	24,924	$	46,897	$	44,613

Total stock-based compensation recognized in the condensed consolidated statements of earnings


	Three Months Ended						Six Months Ended
Statements of Operations Classification ($000)	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Cost of goods sold	$	11,849	$	13,812	$	24,515	$	26,934
Selling, general and administrative	10,309		11,112		22,382		17,679
Total	$	22,158	$	24,924	$	46,897	$	44,613

Unvested restricted stock activity

A summary of restricted stock and performance share award activity for the six month period ended August 1, 2020, is presented below:


(000, except per share data)	Number of shares	Weighted-average grant date fair value
Unvested at February 1, 2020	4,394	$	76.20
Awarded	605	97.70
Released	(905)	61.29
Forfeited	(14)	79.87
Unvested at August 1, 2020	4,080	$	82.68

Earnings (Loss) Per Share (Tables)

6 Months Ended

Aug. 01, 2020

Earnings Per Share [Abstract]

Reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations

The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations:


	Three Months Ended										Six Months Ended
Shares in (000s)	Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS		Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS
August 1, 2020
Shares	352,276		1,956		354,232		352,239		—		352,239
Amount	$	0.06	$	—	$	0.06	$	(0.81)	$	—	$	(0.81)

August 3, 2019
Shares	359,794		2,280		362,074		361,439		2,568		364,007
Amount	$	1.15	$	(0.01)	$	1.14	$	2.31	$	(0.02)	$	2.29

Debt (Tables)

6 Months Ended

Aug. 01, 2020

Debt Disclosure [Abstract]

Schedule of short-term and long-term debt

Short-term debt and unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following:


($000)	August 1, 2020		February 1, 2020		August 3, 2019
$800 million revolving credit facility	$	800,000	$	—	$	—
Other short-term debt financing	2,507		—		—
Total short-term debt	$	802,507	$	—	$	—

6.530% Series B Senior Notes due 2021	$	64,868	$	64,963	$	64,953
3.375% Senior Notes due 2024	248,146		247,928		247,712
4.600% Senior Notes due 2025	693,991		—		—
4.700% Senior Notes due 2027	395,124		—		—
4.800% Senior Notes due 2030	394,759		—		—
5.450% Senior Notes due 2050	489,407		—		—
Total long-term debt	$	2,286,295	$	312,891	$	312,665

Interest income and interest expense disclosure

The table below shows the components of interest expense and income for the three and six month periods ended August 1, 2020 and August 3, 2019:


	Three Months Ended						Six Months Ended
($000)	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Interest expense on long-term debt	$	28,331	$	3,283	38,512		$	6,566
Interest expense on short-term debt	3,599		—		5,296		—
Other interest expense	1,031		227		1,309		540
Capitalized interest	(3,349)		(1,118)		(5,503)		(1,883)
Interest income	(757)		(7,174)		(4,093)		(15,640)
Interest expense (income), net	$	28,855	$	(4,782)	$	35,521	$	(10,417)

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended					3 Months Ended				6 Months Ended
	Mar. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Mar. 31, 2019	Aug. 01, 2020	May 02, 2020	Aug. 03, 2019	May 04, 2019	Aug. 01, 2020	Aug. 03, 2019
Summary of Significant Accounting Policies [Line Items]
Cash dividends declared per share (in dollars per share)	$ 285	$ 0.255	$ 0.255	$ 0.255	$ 0.255		$ 0.285	$ 255	$ 0.255
COVID-19 Pandemic
Summary of Significant Accounting Policies [Line Items]
Percentage of store open for the period						75.00%
Property, Plant and Equipment
Summary of Significant Accounting Policies [Line Items]
Property and equipment purchased but not yet paid										$ 22.6	$ 13.0

Summary of Significant Accounting Policies (Disaggregation of Revenue) (Details)	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	100.00%	100.00%	100.00%	100.00%
Home Accents and Bed and Bath
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	25.00%	23.00%	26.00%	24.00%
Ladies
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	25.00%	27.00%	25.00%	27.00%
Shoes
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	14.00%	14.00%	14.00%	14.00%
Men's
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	14.00%	15.00%	13.00%	14.00%
Accessories, Lingerie, Fine Jewelry, and Fragrances
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	13.00%	13.00%	13.00%	13.00%
Children's
Disaggregation of Revenue [Line Items]
Revenue by merchandise category (percentage)	9.00%	8.00%	9.00%	8.00%

Summary of Significant Accounting Policies (Restricted Cash Reconciliation) (Details) - USD ($) $ in Thousands	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019	Feb. 02, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 3,793,043	$ 1,351,205	$ 1,382,025
Restricted cash and cash equivalents included in:
Prepaid expenses and other	10,348	10,235	11,048
Other long-term assets	50,524	49,970	50,328
Total restricted cash and cash equivalents	60,872	60,205	61,376
Total cash, cash equivalents, and restricted cash and cash equivalents	$ 3,853,915	$ 1,411,410	$ 1,443,401	$ 1,478,079

Summary of Significant Accounting Policies (Leases) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Accounting Policies [Abstract]
Operating lease assets obtained in exchange for new operating lease liabilities	$ 119,377	$ 127,585	$ 284,351	$ 335,375

Fair Value Measurements - Balance Sheet Items (Details) - USD ($) $ in Thousands	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents (Level 1)	$ 3,793,043	$ 1,351,205	$ 1,382,025
Restricted cash and cash equivalents (Level 1)	60,872	60,205	61,376
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments (Level 2)	$ 8	$ 8	$ 8

Fair Value Measurements - Underlying Asset Value (Details) - USD ($) $ in Thousands	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underlying assets in non-qualified deferred compensation program	$ 145,979	$ 141,443	$ 133,788
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underlying assets in non-qualified deferred compensation program	135,650	134,440	126,377
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Underlying assets in non-qualified deferred compensation program	$ 10,329	$ 7,003	$ 7,411

Stock-Based Compensation (Recognized Stock-Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 22,158	$ 24,924	$ 46,897	$ 44,613
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	17,638	14,909	34,120	24,358
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	3,526	9,025	10,822	18,329
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 994	$ 990	$ 1,955	$ 1,926

Stock-Based Compensation (Total Stock-Based Compensation Recognized In The Consolidated Statements Of Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 22,158	$ 24,924	$ 46,897	$ 44,613
Cost of goods sold
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	11,849	13,812	24,515	26,934
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 10,309	$ 11,112	$ 22,382	$ 17,679

Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019	Feb. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit related to stock-based compensation	$ 4,800,000	$ 5,000,000.0	$ 10,200,000	$ 8,700,000
Plan participant's annual percentage ceiling for ESPP (up to, as a percentage)	10.00%		10.00%
Plan participant's annual dollar amount ceiling for ESPP (up to)			$ 25,000
Purchase price for shares under the ESPP (as a percentage)			85.00%
Discount rate under the ESPP (as a percentage)			15.00%
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury shares purchased for tax withholding and available for reissuance (in shares)	308	14,627	349,821	570,624
Unvested restricted stock (in shares)	4,080,000		4,080,000		4,394,000
Unamortized compensation expense	$ 152,400,000	$ 165,200,000	$ 152,400,000	$ 165,200,000
Unamortized compensation expense, remaining weighted-average period of recognition			2 years 2 months 12 days	2 years 3 months 18 days
Minimum \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period			3 years
Minimum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period			2 years
Maximum \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period			5 years
Maximum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period			3 years

Stock-Based Compensation (Unvested Restricted Stock Activity) (Details) - Restricted stock shares in Thousands	6 Months Ended
	Aug. 01, 2020 $ / shares shares
Number of shares
Beginning balance (in shares) \| shares	4,394
Awarded (in shares) \| shares	605
Released (in shares) \| shares	(905)
Forfeited (in shares) \| shares	(14)
Ending balance (in shares) \| shares	4,080
Weighted-average grant date fair value
Beginning Balance (in dollars per share) \| $ / shares	$ 76.20
Awarded (in dollars per share) \| $ / shares	97.70
Released (in dollars per share) \| $ / shares	61.29
Forfeited (in dollars per share) \| $ / shares	79.87
Ending Balance (in dollars per share) \| $ / shares	$ 82.68

Earnings (Loss) Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 03, 2019
Earnings Per Share [Abstract]
Weighted average shares excluded from calculation of diluted EPS (in shares)	628,900	10,500	5,300

Earnings (Loss) Per Share - Schedule of Basic and Diluted EPS Computations (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Earnings Per Share [Abstract]
Basic EPS (in shares)	352,276	359,794	352,239	361,439
Basic EPS (in dollars per share)	$ 0.06	$ 1.15	$ (0.81)	$ 2.31
Effect of dilutive common stock equivalents, (in shares)	1,956	2,280	0	2,568
Effect of dilutive common stock equivalents, (in dollars per share)	$ 0	$ (0.01)	$ 0	$ (0.02)
Diluted EPS (in shares)	354,232	362,074	352,239	364,007
Diluted EPS (in dollars per share)	$ 0.06	$ 1.14	$ (0.81)	$ 2.29

- 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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+ Details

Debt - Schedule of short-term and long-term debt (Details) - USD ($)	Aug. 01, 2020	Apr. 30, 2020	Feb. 01, 2020	Aug. 03, 2019	Jul. 31, 2019
Debt Instrument [Line Items]
Short-term debt	$ 802,507,000		$ 0	$ 0
Long-term debt	$ 2,286,295,000		312,891,000	312,665,000
3.375% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate (percent)	3.375%
4.600% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate (percent)	4.60%	4.60%
4.700% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (percent)	4.70%	4.70%
4.800% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate (percent)	4.80%	4.80%
5.450% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate (percent)	5.45%	5.45%
$800 million revolving credit facility
Debt Instrument [Line Items]
Short-term debt	$ 800,000,000		0	0
Other short-term debt financing
Debt Instrument [Line Items]
Short-term debt	2,507,000		0	0
6.530% Series B Senior Notes due 2021
Debt Instrument [Line Items]
Long-term debt	$ 64,868,000		64,963,000	64,953,000
6.530% Series B Senior Notes due 2021 \| 6.530% Series B Senior Notes due 2021
Debt Instrument [Line Items]
Stated interest rate (percent)	6.53%
$800 million revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity (up to)	$ 800,000,000				$ 300,000,000
3.375% Senior Notes due 2024
Debt Instrument [Line Items]
Long-term debt	248,146,000		247,928,000	247,712,000
4.600% Senior Notes due 2025
Debt Instrument [Line Items]
Long-term debt	693,991,000		0	0
4.700% Senior Notes due 2027
Debt Instrument [Line Items]
Long-term debt	395,124,000		0	0
4.800% Senior Notes due 2030
Debt Instrument [Line Items]
Long-term debt	394,759,000		0	0
5.450% Senior Notes due 2050
Debt Instrument [Line Items]
Long-term debt	$ 489,407,000		$ 0	$ 0

Debt - Narrative (Details)	1 Months Ended			6 Months Ended
Debt - Narrative (Details)	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jul. 31, 2019 USD ($) renewal_option	Aug. 01, 2020 USD ($) note	May 31, 2020 USD ($)	Feb. 01, 2020 USD ($) note	Aug. 03, 2019 USD ($) note	Jun. 30, 2019 USD ($)
Debt Instrument [Line Items]
Short-term debt				$ 802,507,000		$ 0	$ 0
Proceeds from debt issuance, net of discounts and other issuance costs	$ 1,973,000,000
Total unamortized discount and debt issuance costs				$ 28,700,000		$ 2,100,000	$ 2,300,000
Number of series notes \| note				6		2	2
$800 million revolving credit facility
Debt Instrument [Line Items]
Current borrowing capacity			$ 800,000,000		$ 800,000,000			$ 600,000,000
Sublimit for issuance of standby letters of credit			300,000,000
Maximum borrowing capacity (up to)			$ 300,000,000	$ 800,000,000
Number of renewal options \| renewal_option			2
Renewal option, term			1 year
Proceeds from borrowings		$ 800,000,000
Basis points margin over LIBOR (percent)		0.875%
Interest rate (percent)				1.76%
Amount outstanding under the revolving credit facility				$ 800,000,000
Proceeds from senior notes	2,000,000,000.0
Standby Letters of Credit
Debt Instrument [Line Items]
Amount outstanding under the revolving credit facility				$ 0
Senior Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity (up to)					$ 500,000,000
Basis points margin over LIBOR (percent)				1.75%
Short-term debt				$ 0
Borrowing capacity				500,000,000
Level 1
Debt Instrument [Line Items]
Unsecured senior notes estimated fair value				2,800,000,000		$ 335,000,000	$ 332,000,000
6.530% Series B Senior Notes due 2021 \| 6.530% Series B Senior Notes due 2021
Debt Instrument [Line Items]
Debt instrument				$ 65,000,000
Unsecured senior notes interest rate (percent)				6.53%
3.375% Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument				$ 250,000,000
Unsecured senior notes interest rate (percent)				3.375%
4.600% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument	$ 700,000,000
Unsecured senior notes interest rate (percent)	4.60%			4.60%
4.700% Senior Notes due 2027
Debt Instrument [Line Items]
Debt instrument	$ 400,000,000
Unsecured senior notes interest rate (percent)	4.70%			4.70%
4.800% Senior Notes due 2030
Debt Instrument [Line Items]
Debt instrument	$ 400,000,000
Unsecured senior notes interest rate (percent)	4.80%			4.80%
5.450% Senior Notes due 2050
Debt Instrument [Line Items]
Debt instrument	$ 500,000,000
Unsecured senior notes interest rate (percent)	5.45%			5.45%

Debt - Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Debt Disclosure [Abstract]
Interest expense on long-term debt	$ 28,331	$ 3,283	$ 38,512	$ 6,566
Interest expense on short-term debt	3,599	0	5,296	0
Other interest expense	1,031	227	1,309	540
Capitalized interest	(3,349)	(1,118)	(5,503)	(1,883)
Interest income	(757)	(7,174)	(4,093)	(15,640)
Interest expense (income), net	$ 28,855	$ (4,782)	$ 35,521	$ (10,417)

Taxes on Earnings (Loss) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
Taxes on Earnings (Loss) (Details) - USD ($) $ in Millions	Nov. 30, 2019	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019	Feb. 01, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)		61.00%	25.00%	31.00%	24.00%
Unrecognized tax benefits		$ 71.6	$ 88.4	$ 71.6	$ 88.4	$ 67.1
Income tax penalties and interest accrued		8.5	$ 14.9	8.5	$ 14.9	$ 7.2
Amount recognized by Company related to decrease in reserves for tax positions in prior period, including interest and penalties	$ 16.2
Amount recognized by Company related to decrease in reserves for tax positions in prior period, interest and penalties	$ 6.6
Impact of recognizing taxes and interest related to unrecognized tax benefits		56.8		56.8
Unrecognized tax benefits reduction resulting from conclusion of certain state tax matters or lapse of applicable statute of limitations (up to)		$ 9.8		$ 9.8
Effective income tax rate, change from prior year (percent)		0.36		0.07