0000745732-21-000041 | 10-Q | XBRL Viewer

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	May 01, 2021	May 14, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 01, 2021
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)		357,120,667
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000745732
Current Fiscal Year End Date	--01-29

Condensed Consolidated Statements of Operations shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021 USD ($) number_of_store $ / shares shares	May 02, 2020 USD ($) number_of_store $ / shares shares
Income Statement [Abstract]
Sales	$ 4,516,080	$ 1,842,673
Costs and Expenses
Cost of goods sold	3,198,396	1,889,991
Selling, general and administrative	675,053	415,305
Interest expense, net	19,049	6,666
Total costs and expenses	3,892,498	2,311,962
Earnings (loss) before taxes	623,582	(469,289)
Provision (benefit) for taxes on earnings (loss)	147,103	(163,447)
Net earnings (loss)	$ 476,479	$ (305,842)
Earnings (loss) per share
Basic (in dollars per share) \| $ / shares	$ 1.35	$ (0.87)
Diluted (in dollars per share) \| $ / shares	$ 1.34	$ (0.87)
Weighted-average shares outstanding (000)
Basic (in shares) \| shares	352,988	352,202
Diluted (in shares) \| shares	355,367	352,202
Store count at end of period (in number of stores) \| number_of_store	1,866	1,832

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 476,479	$ (305,842)
Other comprehensive income (loss)	0	0
Comprehensive income (loss)	$ 476,479	$ (305,842)

- 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	May 01, 2021	Jan. 30, 2021	May 02, 2020
Current Assets
Cash and cash equivalents	$ 5,367,006	$ 4,819,293	$ 2,669,535
Accounts receivable	167,139	115,067	49,624
Merchandise inventory	1,697,992	1,508,982	1,757,263
Prepaid expenses and other	199,391	249,149	111,493
Total current assets	7,431,528	6,692,491	4,587,915
Property and Equipment
Land and buildings	1,186,579	1,187,045	1,177,847
Fixtures and equipment	3,242,681	3,243,206	3,125,333
Leasehold improvements	1,271,518	1,278,134	1,238,313
Construction-in-progress	449,166	376,076	281,692
Property and equipment, gross	6,149,944	6,084,461	5,823,185
Less accumulated depreciation and amortization	3,436,071	3,373,965	3,126,467
Property and equipment, net	2,713,873	2,710,496	2,696,718
Operating lease assets	3,004,747	3,084,819	3,078,373
Other long-term assets	245,715	230,061	365,040
Total assets	13,395,863	12,717,867	10,728,046
Current Liabilities
Accounts payable	2,574,780	2,256,928	706,267
Accrued expenses and other	583,399	592,122	374,811
Current operating lease liabilities	599,838	598,120	570,832
Accrued payroll and benefits	323,165	400,273	166,707
Income taxes payable	172,276	54,680	0
Short-term debt	0	0	805,000
Current portion of long-term debt	64,937	64,910	0
Total current liabilities	4,318,395	3,967,033	2,623,617
Long-term debt	2,449,208	2,448,175	2,285,614
Non-current operating lease liabilities	2,542,358	2,621,594	2,631,769
Other long-term liabilities	285,762	268,558	206,504
Deferred income taxes	147,319	121,867	163,150
Commitments and contingencies
Stockholders’ Equity
Common stock, par value $.01 per share Authorized 1,000,000,000 shares Issued and outstanding 357,117,000, 356,503,000 and 355,922,000 shares, respectively	3,571	3,565	3,559
Additional paid-in capital	1,614,555	1,579,824	1,484,911
Treasury stock	(525,928)	(478,550)	(465,645)
Retained earnings	2,560,623	2,185,801	1,794,567
Total stockholders’ equity	3,652,821	3,290,640	2,817,392
Total liabilities and stockholders’ equity	$ 13,395,863	$ 12,717,867	$ 10,728,046

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	May 01, 2021	Jan. 30, 2021	May 02, 2020
Statement of Financial Position [Abstract]
Common stock, par value (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)	357,117,000	356,503,000	355,922,000
Common stock, shares outstanding (in shares)	357,117,000	356,503,000	355,922,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Treasury stock	Retained earnings
Beginning balance (in shares) at Feb. 01, 2020		356,775
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 ($0.285 per share)	(101,414)				(101,414)
Ending balance (in shares) at May. 02, 2020		355,922
Ending balance at May. 02, 2020	2,817,392	$ 3,559	1,484,911	(465,645)	1,794,567
Beginning balance (in shares) at Jan. 30, 2021		356,503
Beginning balance at Jan. 30, 2021	3,290,640	$ 3,565	1,579,824	(478,550)	2,185,801
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	476,479				476,479
Common stock issued under stock planes, net of shares used for tax withholding (in shares)		614
Common stock issued under stock planes, net of shares used for tax withholding	(41,315)	$ 6	6,057	(47,378)
Stock-based compensation	28,674		28,674
Dividends declared ($0.285 per share)	(101,657)				(101,657)
Ending balance (in shares) at May. 01, 2021		357,117
Ending balance at May. 01, 2021	$ 3,652,821	$ 3,571	$ 1,614,555	$ (525,928)	$ 2,560,623

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares		1 Months Ended	3 Months Ended
	Mar. 02, 2021	Mar. 31, 2020	May 01, 2021	May 02, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.285	$ 0.285	$ 0.285	$ 0.285

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Cash Flows From Operating Activities
Net earnings (loss)	$ 476,479	$ (305,842)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	87,510	90,598
Stock-based compensation	28,674	24,739
Deferred income taxes	25,452	13,471
Change in assets and liabilities:
Merchandise inventory	(189,010)	75,076
Other current assets	(77,246)	88,286
Accounts payable	349,540	(600,918)
Other current liabilities	(71,623)	(268,925)
Income taxes	121,255	(175,142)
Operating lease assets and liabilities, net	2,554	3,001
Other long-term, net	(765)	(2,786)
Net cash provided by (used in) operating activities	752,820	(1,058,442)
Cash Flows From Investing Activities
Additions to property and equipment	(136,937)	(139,729)
Net cash used in investing activities	(136,937)	(139,729)
Cash Flows From Financing Activities
Net proceeds from issuance of short-term debt	0	805,601
Payments of short-term debt	0	(615)
Net proceeds from issuance of long-term debt	0	1,976,030
Payments of debt issuance costs	0	(3,135)
Issuance of common stock related to stock plans	6,063	5,444
Treasury stock purchased	(47,378)	(32,317)
Repurchase of common stock	0	(132,467)
Dividends paid	(101,519)	(101,414)
Net cash (used in) provided by financing activities	(142,834)	2,517,127
Net increase in cash, cash equivalents, and restricted cash and cash equivalents	473,049	1,318,956
Cash, cash equivalents, and restricted cash and cash equivalents:
Beginning of period	4,953,769	1,411,410
End of period	5,426,818	2,730,366
Supplemental Cash Flow Disclosures
Interest paid	39,929	4,235
Income taxes paid (refunded)	$ 396	$ (1,777)

Summary of Significant Accounting Policies

3 Months Ended

May 01, 2021

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 May 1, 2021 and May 2, 2020, the results of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the three month periods ended May 1, 2021 and May 2, 2020. The Condensed Consolidated Balance Sheet as of January 30, 2021, 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 January 30, 2021.

The results of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the three month periods ended May 1, 2021 and May 2, 2020 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, employee retention credits under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), and legal claims. The ongoing uncertainties and potential impacts from the COVID-19 pandemic increase the challenge of making these estimates; actual results could differ materially from the Company’s estimates.

Revenue recognition. The following sales mix table disaggregates revenue by merchandise category for the three month periods ended May 1, 2021 and May 2, 2020:


	Three Months Ended
	May 1, 2021		May 2, 2020		1
Home Accents and Bed and Bath	27	%	27	%
Ladies	24	%	25	%
Accessories, Lingerie, Fine Jewelry, and Cosmetics	14	%	13	%
Shoes	13	%	14	%
Men’s	13	%	12	%
Children’s	9	%	9	%
Total	100	%	100	%
1 Sales mix for the three months period ended May 2, 2020 represents sales through the temporary closure of all stores on March 20, 2020.

Cash, restricted cash, and restricted investments. Restricted cash, cash equivalents, and investments serve as collateral for certain insurance and trade payable 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 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)	May 1, 2021		January 30, 2021		May 2, 2020
Cash and cash equivalents	$	5,367,006	$	4,819,293	$	2,669,535
Restricted cash and cash equivalents included in:
Prepaid expenses and other	10,766		85,711		10,341
Other long-term assets	49,046		48,765		50,490
Total restricted cash and cash equivalents	59,812		134,476		60,831
Total cash and cash equivalents, and restricted cash and cash equivalents	$	5,426,818	$	4,953,769	$	2,730,366

Property and equipment. As of May 1, 2021 and May 2, 2020, the Company had $10.2 million and $34.5 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
($000)	May 1, 2021		May 2, 2020
Operating lease assets obtained in exchange for new operating lease liabilities	$	69,170	$	164,973

Cash dividends. The Company’s Board of Directors declared a quarterly cash dividend of $0.285 per common share in March 2020. In May 2020, the Company suspended its quarterly dividends due to the economic uncertainty stemming from the COVID-19 pandemic. On March 2, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.285 per common share, payable on March 31, 2021, resuming quarterly dividends.

In May 2021, the Company’s Board of Directors declared a cash dividend of $0.285 per common share, payable on June 30, 2021.

Stock repurchase program. On May 19, 2021, the Company’s Board of Directors authorized a new program to repurchase up to $1.5 billion of its common stock through fiscal 2022.

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 May 1, 2021.

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 did not 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 month period ended May 1, 2021, 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

3 Months Ended

May 01, 2021

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, 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.

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


($000)	May 1, 2021		January 30, 2021		May 2, 2020

Cash and cash equivalents (Level 1)	$	5,367,006	$	4,819,293	$	2,669,535




Restricted cash and cash equivalents (Level 1)	$	59,812	$	134,476	$	60,831

Investments (Level 2)	$	8	$	8	$	8

The underlying assets in the Company’s non-qualified deferred compensation program as of May 1, 2021, January 30, 2021, and May 2, 2020 (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)	May 1, 2021		January 30, 2021		May 2, 2020
Level 1	$	172,999	$	159,116	$	121,198
Level 2	—		—		11,068
Total	$	172,999	$	159,116	$	132,266

- 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

Management Incentive Plan and Stock-Based Compensation

3 Months Ended

May 01, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Management Incentive Plan and Stock-Based Compensation

The Company has incentive compensation programs which provide cash incentive bonuses and performance share awards to key management and employees based on Company and individual performance.

For fiscal 2021, the Compensation Committee of the Board of Directors established the performance measures for determining incentive compensation amounts as based on a combination of profitability-based performance goals and the attainment of specific management priorities related to business challenges from the COVID-19 pandemic, as measured and approved by the Compensation Committee. As of May 1, 2021, the Company has established an accrual for this incentive compensation based on its forecasted attainment of the profitability-based performance goals and the Compensation Committee’s assessment of progress towards achievement of the specific business priorities.

For the fiscal 2020 management incentive bonus plan and performance share awards, the Compensation Committee approved modifications in August 2020, to the performance measurement goals, to be based on the attainment of specific management priorities related to business challenges from the COVID-19 pandemic, as measured and approved by the Compensation Committee, as an alternative to the previously established profitability-based performance goals for 2020.

Stock-based compensation. For the three month periods ended May 1, 2021 and May 2, 2020, the Company recognized stock-based compensation expense as follows:


	Three Months Ended
($000)	May 1, 2021		May 2, 2020
Restricted stock	$	18,589	$	16,482
Performance awards	9,014		7,296
Employee stock purchase plan	1,071		961
Total	$	28,674	$	24,739

Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations for the three month periods ended May 1, 2021 and May 2, 2020, is as follows:


	Three Months Ended
Statements of Operations Classification ($000)	May 1, 2021		May 2, 2020
Cost of goods sold	$	14,672	$	12,666
Selling, general and administrative	14,002		12,073
Total	$	28,674	$	24,739

The tax benefits related to stock-based compensation expense for the three month periods ended May 1, 2021 and May 2, 2020 were $5.3 million and $5.4 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 month periods ended May 1, 2021 and May 2, 2020, shares purchased by the Company for tax withholding totaled 386,966 and 349,513, 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 performance goals 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 May 1, 2021, shares related to unvested restricted stock and performance share awards totaled 3.8 million shares. A summary of restricted stock and performance share award activity for the three month period ended May 1, 2021, is presented below:


(000, except per share data)	Number of shares	Weighted-average grant date fair value
Unvested at January 30, 2021	4,230	$	85.15
Awarded	567	121.60
Released	(961)	73.80
Forfeited	(4)	86.18
Unvested at May 1, 2021	3,832	$	93.42

The unamortized compensation expense at May 1, 2021, was $223.1 million, which is expected to be recognized over a weighted-average remaining period of 2.4 years. The unamortized compensation expense at May 2, 2020, was $209.5 million, which was expected to be recognized over a weighted-average remaining period of 2.4 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

3 Months Ended

May 01, 2021

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 and performance share awards are anti-dilutive.

For the three month period ended May 1, 2021, approximately 17,400 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 three month period ended May 2, 2020, basic and diluted EPS were the same due to the Company’s net loss.

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


	Three Months Ended
Shares in (000s)	Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS
May 1, 2021
Shares	352,988		2,379		355,367
Amount	$	1.35	$	(0.01)	$	1.34

May 2, 2020
Shares	352,202		—		352,202
Amount	$	(0.87)	$	—	$	(0.87)

Debt

3 Months Ended

May 01, 2021

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)	May 1, 2021		January 30, 2021		May 2, 2020
$800 million revolving credit facility	$	—	$	—	$	800,000
Other short-term debt financing	—		—		5,000
Total short-term debt	$	—	$	—	$	805,000

6.530% Series B Senior Notes due 2021	$	64,937	$	64,910	$	64,968
3.375% Senior Notes due 2024	248,476		248,365		248,037
4.600% Senior Notes due 2025	694,940		694,624		693,676
0.875% Senior Notes due 2026	493,898		493,595		—
4.700% Senior Notes due 2027	239,153		239,049		394,953
4.800% Senior Notes due 2030	132,304		132,262		394,635
1.875% Senior Notes due 2031	494,271		494,132		—
5.450% Senior Notes due 2050	146,166		146,148		489,345
Total long-term debt	$	2,514,145	$	2,513,085	$	2,285,614

Less: current portion	64,937		64,910		—
Total due beyond one year	$	2,449,208	$	2,448,175	$	2,285,614

Revolving credit facilities. The Company's $800 million unsecured revolving 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. Interest on the loan was based on LIBOR plus 0.875% (or 1.76%).

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 May 1, 2021, the Company was in compliance with these amended covenants.

In October 2020, the Company repaid in full the $800 million it borrowed under the unsecured revolving credit facility. As a result, the Company currently has no borrowings or standby letters of credit outstanding under this facility as of May 1, 2021, and the $800 million credit facility remains in place and available.

In May 2020, the Company also entered into an additional $500 million 364-day senior revolving credit facility which was scheduled to expire in April 2021. In October 2020, the Company terminated this senior revolving credit facility. The Company had no borrowings under that credit facility at any time.

Senior notes. As of May 1, 2021, 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 a rate of 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 facility. As of May 1, 2021, the Company was in compliance with these covenants.

As of May 1, 2021, 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.

In October 2020, the Company accepted for repurchase approximately $775 million in aggregate principal amount of the senior notes issued in April 2020, pursuant to cash tender offers as follows: $351 million of the 2050 Notes, $266 million of the 2030 Notes, and $158 million of the 2027 Notes. The Company paid approximately $1.003 billion in aggregate consideration (including transaction costs, and accrued and unpaid interest) and recorded an approximately $240 million loss on the early extinguishment for the accepted senior notes.

In October 2020, the Company issued an aggregate of $1.0 billion in unsecured senior notes in two tenors as follows: 0.875% Senior Notes due April 2026 (the “2026 Notes”) with an aggregate principal amount of $500 million and 1.875% Senior Notes due April 2031 (the “2031 Notes”) with an aggregate principal amount of $500 million. Cash proceeds, net of discounts and other issuance costs, were approximately $987.2 million. Interest on the 2026 and 2031 Notes is payable semi-annually beginning April 2021. The Company used the net proceeds from the offering of the 2026 and 2031 Notes to fund the purchase of the accepted senior notes from its tender offers.

As of May 1, 2021, January 30, 2021, and May 2, 2020, total unamortized discount and debt issuance costs were $25.8 million, $26.9 million, and $29.4 million, respectively, and were classified as a reduction of Long-term debt.

All of the Senior Notes are subject to prepayment penalties for early payment of principal.

As of May 1, 2021 and January 30, 2021, the aggregate fair value of the eight outstanding series of Senior Notes was approximately $2.7 billion and $2.8 billion, respectively. As of May 2, 2020, the aggregate fair value of the six then outstanding series of Senior Notes was approximately $2.5 billion. 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 month periods ended May 1, 2021 and May 2, 2020:


	Three Months Ended
($000)	May 1, 2021		May 2, 2020
Interest expense on long-term debt	$	22,194	$	10,181
Interest expense on short-term debt	—		1,697
Other interest expense	330		278
Capitalized interest	(3,239)		(2,154)
Interest income	(236)		(3,336)
Interest expense, net	$	19,049	$	6,666

Taxes on Earnings (Loss)	3 Months Ended
Taxes on Earnings (Loss)	May 01, 2021
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, respectively. Subsequently, the Consolidated Appropriations Act of 2021 (“CAA”) and the American Rescue Plan Act (“ARPA”) were signed into law on December 27, 2020 and March 11, 2021, respectively. The CAA and ARPA made several changes to business tax provisions, including increasing and extending the employee retention credits through December 31, 2021, extending certain employment-related tax credits through December 31, 2025, and limiting certain executive compensation deductions, effective fiscal 2027. The Company’s effective tax rates for the three month periods ended May 1, 2021 and May 2, 2020, were approximately 24% and 35%, respectively. The decrease in the effective tax rate of 11% for the three month period ended May 1, 2021 compared to the three month period ended May 2, 2020 was primarily due to fluctuations in pre-tax earnings (loss) and an enhanced loss benefit from carrying back projected net operating losses from fiscal 2020 to fiscal 2015 which had a 35% U.S. federal tax rate. The Company's 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 uncertain tax positions. As of May 1, 2021, January 30, 2021, and May 2, 2020, the reserves for unrecognized tax benefits were $71.7 million, $67.9 million, and $68.8 million, inclusive of $8.7 million, $7.7 million, and $8.0 million of related interest and penalties, respectively. The Company accounts for interest and penalties related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $57.2 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 $10.6 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 2017 through 2020. The Company’s state income tax returns are generally open to audit under the various statutes of limitations for fiscal years 2016 through 2020. 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)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	May 01, 2021
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 May 1, 2021 and May 2, 2020, the results of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the three month periods ended May 1, 2021 and May 2, 2020. The Condensed Consolidated Balance Sheet as of January 30, 2021, 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 January 30, 2021. The results of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the three month periods ended May 1, 2021 and May 2, 2020 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, employee retention credits under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), and legal claims. The ongoing uncertainties and potential impacts from the COVID-19 pandemic increase the challenge of making these estimates; 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 and trade payable 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 obligations.
Property and equipment	Property and equipment. As of May 1, 2021 and May 2, 2020, the Company had $10.2 million and $34.5 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	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.
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 did not 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 month period ended May 1, 2021, 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	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, 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 and performance share awards are anti-dilutive.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

May 01, 2021

Accounting Policies [Abstract]

Disaggregation of revenue

The following sales mix table disaggregates revenue by merchandise category for the three month periods ended May 1, 2021 and May 2, 2020:


	Three Months Ended
	May 1, 2021		May 2, 2020		1
Home Accents and Bed and Bath	27	%	27	%
Ladies	24	%	25	%
Accessories, Lingerie, Fine Jewelry, and Cosmetics	14	%	13	%
Shoes	13	%	14	%
Men’s	13	%	12	%
Children’s	9	%	9	%
Total	100	%	100	%
1 Sales mix for the three months period ended May 2, 2020 represents sales through the temporary closure of all stores on March 20, 2020.

Schedule of cash and cash equivalents reconciliation


($000)	May 1, 2021		January 30, 2021		May 2, 2020
Cash and cash equivalents	$	5,367,006	$	4,819,293	$	2,669,535
Restricted cash and cash equivalents included in:
Prepaid expenses and other	10,766		85,711		10,341
Other long-term assets	49,046		48,765		50,490
Total restricted cash and cash equivalents	59,812		134,476		60,831
Total cash and cash equivalents, and restricted cash and cash equivalents	$	5,426,818	$	4,953,769	$	2,730,366

Schedule of restricted cash reconciliation


($000)	May 1, 2021		January 30, 2021		May 2, 2020
Cash and cash equivalents	$	5,367,006	$	4,819,293	$	2,669,535
Restricted cash and cash equivalents included in:
Prepaid expenses and other	10,766		85,711		10,341
Other long-term assets	49,046		48,765		50,490
Total restricted cash and cash equivalents	59,812		134,476		60,831
Total cash and cash equivalents, and restricted cash and cash equivalents	$	5,426,818	$	4,953,769	$	2,730,366

Supplemental cash flow disclosures related to leases


	Three Months Ended
($000)	May 1, 2021		May 2, 2020
Operating lease assets obtained in exchange for new operating lease liabilities	$	69,170	$	164,973

Fair Value Measurements (Tables)

3 Months Ended

May 01, 2021

Fair Value Disclosures [Abstract]

Schedule of fair values of financial instruments

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


($000)	May 1, 2021		January 30, 2021		May 2, 2020

Cash and cash equivalents (Level 1)	$	5,367,006	$	4,819,293	$	2,669,535




Restricted cash and cash equivalents (Level 1)	$	59,812	$	134,476	$	60,831

Investments (Level 2)	$	8	$	8	$	8

Schedule of fair value of assets and liabilities

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)	May 1, 2021		January 30, 2021		May 2, 2020
Level 1	$	172,999	$	159,116	$	121,198
Level 2	—		—		11,068
Total	$	172,999	$	159,116	$	132,266

Management Incentive Plan and Stock-Based Compensation (Tables)

3 Months Ended

May 01, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Schedule of stock-based compensation expense by award type

For the three month periods ended May 1, 2021 and May 2, 2020, the Company recognized stock-based compensation expense as follows:


	Three Months Ended
($000)	May 1, 2021		May 2, 2020
Restricted stock	$	18,589	$	16,482
Performance awards	9,014		7,296
Employee stock purchase plan	1,071		961
Total	$	28,674	$	24,739

Schedule of stock-based compensation recognized in Consolidated Statements of Operations

Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations for the three month periods ended May 1, 2021 and May 2, 2020, is as follows:


	Three Months Ended
Statements of Operations Classification ($000)	May 1, 2021		May 2, 2020
Cost of goods sold	$	14,672	$	12,666
Selling, general and administrative	14,002		12,073
Total	$	28,674	$	24,739

Schedule of restricted stock and performance share award activity

A summary of restricted stock and performance share award activity for the three month period ended May 1, 2021, is presented below:


(000, except per share data)	Number of shares	Weighted-average grant date fair value
Unvested at January 30, 2021	4,230	$	85.15
Awarded	567	121.60
Released	(961)	73.80
Forfeited	(4)	86.18
Unvested at May 1, 2021	3,832	$	93.42

Earnings (Loss) Per Share (Tables)

3 Months Ended

May 01, 2021

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
Shares in (000s)	Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS
May 1, 2021
Shares	352,988		2,379		355,367
Amount	$	1.35	$	(0.01)	$	1.34

May 2, 2020
Shares	352,202		—		352,202
Amount	$	(0.87)	$	—	$	(0.87)

Debt (Tables)

3 Months Ended

May 01, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt

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


($000)	May 1, 2021		January 30, 2021		May 2, 2020
$800 million revolving credit facility	$	—	$	—	$	800,000
Other short-term debt financing	—		—		5,000
Total short-term debt	$	—	$	—	$	805,000

6.530% Series B Senior Notes due 2021	$	64,937	$	64,910	$	64,968
3.375% Senior Notes due 2024	248,476		248,365		248,037
4.600% Senior Notes due 2025	694,940		694,624		693,676
0.875% Senior Notes due 2026	493,898		493,595		—
4.700% Senior Notes due 2027	239,153		239,049		394,953
4.800% Senior Notes due 2030	132,304		132,262		394,635
1.875% Senior Notes due 2031	494,271		494,132		—
5.450% Senior Notes due 2050	146,166		146,148		489,345
Total long-term debt	$	2,514,145	$	2,513,085	$	2,285,614

Less: current portion	64,937		64,910		—
Total due beyond one year	$	2,449,208	$	2,448,175	$	2,285,614

Schedule of components of interest expense and income

The table below shows the components of interest expense and income for the three month periods ended May 1, 2021 and May 2, 2020:


	Three Months Ended
($000)	May 1, 2021		May 2, 2020
Interest expense on long-term debt	$	22,194	$	10,181
Interest expense on short-term debt	—		1,697
Other interest expense	330		278
Capitalized interest	(3,239)		(2,154)
Interest income	(236)		(3,336)
Interest expense, net	$	19,049	$	6,666

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)		1 Months Ended		3 Months Ended
	Mar. 02, 2021	May 31, 2021	Mar. 31, 2020	May 01, 2021	May 02, 2020	May 19, 2021
Summary of Significant Accounting Policies [Line Items]
Cash dividends declared per share (in dollars per share)	$ 0.285		$ 0.285	$ 0.285	$ 0.285
Subsequent Event
Summary of Significant Accounting Policies [Line Items]
Cash dividends declared per share (in dollars per share)		$ 0.285
Stock repurchase program, amount authorized						$ 1,500,000,000
Property, Plant and Equipment
Summary of Significant Accounting Policies [Line Items]
Property and equipment purchased but not yet paid				$ 10,200,000	$ 34,500,000

Summary of Significant Accounting Policies (Disaggregation of Revenue) (Details)	3 Months Ended
	May 01, 2021	May 02, 2020
Disaggregation of Revenue [Line Items]
Total	100.00%	100.00%
Home Accents and Bed and Bath
Disaggregation of Revenue [Line Items]
Total	27.00%	27.00%
Ladies
Disaggregation of Revenue [Line Items]
Total	24.00%	25.00%
Accessories, Lingerie, Fine Jewelry, and Cosmetics
Disaggregation of Revenue [Line Items]
Total	14.00%	13.00%
Shoes
Disaggregation of Revenue [Line Items]
Total	13.00%	14.00%
Men’s
Disaggregation of Revenue [Line Items]
Total	13.00%	12.00%
Children’s
Disaggregation of Revenue [Line Items]
Total	9.00%	9.00%

Summary of Significant Accounting Policies (Cash, Cash Equivalents, Restricted Cash Reconciliation) (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021	May 02, 2020	Feb. 01, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 5,367,006	$ 4,819,293	$ 2,669,535
Restricted cash and cash equivalents included in:
Prepaid expenses and other	10,766	85,711	10,341
Other long-term assets	49,046	48,765	50,490
Total restricted cash and cash equivalents	59,812	134,476	60,831
Total cash and cash equivalents, and restricted cash and cash equivalents	$ 5,426,818	$ 4,953,769	$ 2,730,366	$ 1,411,410

Summary of Significant Accounting Policies (Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Accounting Policies [Abstract]
Operating lease assets obtained in exchange for new operating lease liabilities	$ 69,170	$ 164,973

Fair Value Measurements - Balance Sheet Items (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021	May 02, 2020
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents (Level 1)	$ 5,367,006	$ 4,819,293	$ 2,669,535
Restricted cash and cash equivalents (Level 1)	59,812	134,476	60,831
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	May 01, 2021	Jan. 30, 2021	May 02, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 172,999	$ 159,116	$ 132,266
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	172,999	159,116	121,198
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 0	$ 0	$ 11,068

Management Incentive Plan and Stock-Based Compensation (Recognized Stock-Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 28,674	$ 24,739
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	18,589	16,482
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	9,014	7,296
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 1,071	$ 961

Management Incentive Plan and Stock-Based Compensation (Total Stock-Based Compensation Recognized in the Consolidated Statements of Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 28,674	$ 24,739
Cost of goods sold
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	14,672	12,666
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 14,002	$ 12,073

Management Incentive Plan and Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit related to stock-based compensation	$ 5,300,000	$ 5,400,000
Plan participant's annual percentage ceiling for ESPP (up to, as a percentage)	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)	386,966	349,513
Restricted Stock and Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock and performance shares (in shares)	3,832,000		4,230,000
Unamortized compensation expense	$ 223,100,000	$ 209,500,000
Unamortized compensation expense, remaining weighted-average period of recognition	2 years 4 months 24 days	2 years 4 months 24 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

Management Incentive Plan and Stock-Based Compensation (Unvested Restricted Stock Activity) (Details) - Restricted Stock and Performance Shares shares in Thousands	3 Months Ended
	May 01, 2021 $ / shares shares
Number of shares
Beginning balance (in shares) \| shares	4,230
Awarded (in shares) \| shares	567
Released (in shares) \| shares	(961)
Forfeited (in shares) \| shares	(4)
Ending balance (in shares) \| shares	3,832
Weighted-average grant date fair value
Beginning balance (in dollars per share) \| $ / shares	$ 85.15
Awarded (in dollars per share) \| $ / shares	121.60
Released (in dollars per share) \| $ / shares	73.80
Forfeited (in dollars per share) \| $ / shares	86.18
Ending balance (in dollars per share) \| $ / shares	$ 93.42

Earnings (Loss) Per Share (Narrative) (Details)	3 Months Ended
Earnings (Loss) Per Share (Narrative) (Details)	May 01, 2021 shares
Earnings Per Share [Abstract]
Weighted average shares excluded from calculation of diluted EPS (in shares)	17,400

Earnings (Loss) Per Share (Schedule of Basic and Diluted EPS Computations) (Details) - $ / shares shares in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings Per Share [Abstract]
Basic EPS, Shares (in shares)	352,988	352,202
Basic EPS , Amount (in dollars per share)	$ 1.35	$ (0.87)
Effect of dilutive common stock equivalents, Shares (in shares)	2,379	0
Effect of dilutive common stock equivalents, Amount (in dollars per share)	$ (0.01)	$ 0
Diluted EPS, Shares (in shares)	355,367	352,202
Diluted EPS, Amount (in dollars per share)	$ 1.34	$ (0.87)

- 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 ($)	May 01, 2021	Jan. 30, 2021	Oct. 31, 2020	May 02, 2020	Apr. 30, 2020
Debt Instrument [Line Items]
Total short-term debt	$ 0	$ 0		$ 805,000,000
Total long-term debt	2,514,145,000	2,513,085,000		2,285,614,000
Current portion of long-term debt	64,937,000	64,910,000		0
Total due beyond one year	2,449,208,000	2,448,175,000		2,285,614,000
6.530% Series B Senior Notes due 2021 \| 6.530% Series B Senior Notes due 2021
Debt Instrument [Line Items]
Total long-term debt	$ 64,937,000	64,910,000		64,968,000
Stated interest rate (percent)	6.53%
Senior Notes \| 3.375% Senior Notes due 2024
Debt Instrument [Line Items]
Total long-term debt	$ 248,476,000	248,365,000		248,037,000
Stated interest rate (percent)	3.375%
Senior Notes \| 4.600% Senior Notes due 2025
Debt Instrument [Line Items]
Total long-term debt	$ 694,940,000	694,624,000		693,676,000
Stated interest rate (percent)	4.60%				4.60%
Senior Notes \| 0.875% Senior Notes due 2026
Debt Instrument [Line Items]
Total long-term debt	$ 493,898,000	493,595,000		0
Stated interest rate (percent)	0.875%		0.875%
Senior Notes \| 4.700% Senior Notes due 2027
Debt Instrument [Line Items]
Total long-term debt	$ 239,153,000	239,049,000		394,953,000
Stated interest rate (percent)	4.70%				4.70%
Senior Notes \| 4.800% Senior Notes due 2030
Debt Instrument [Line Items]
Total long-term debt	$ 132,304,000	132,262,000		394,635,000
Stated interest rate (percent)	4.80%				4.80%
Senior Notes \| 1.875% Senior Notes due 2031
Debt Instrument [Line Items]
Total long-term debt	$ 494,271,000	494,132,000		0
Stated interest rate (percent)	1.875%		1.875%
Senior Notes \| 5.450% Senior Notes due 2050
Debt Instrument [Line Items]
Total long-term debt	$ 146,166,000	146,148,000		489,345,000
Stated interest rate (percent)	5.45%				5.45%
$800 million revolving credit facility
Debt Instrument [Line Items]
Total short-term debt	$ 0	0		800,000,000
Maximum borrowing capacity	800,000,000
Other short-term debt financing
Debt Instrument [Line Items]
Total short-term debt	$ 0	$ 0		$ 5,000,000

Debt (Narrative) (Details)	1 Months Ended
Debt (Narrative) (Details)	Oct. 31, 2020 USD ($) renewal_option	Apr. 30, 2020 USD ($) renewal_option	Mar. 31, 2020 USD ($)	Jul. 31, 2019 USD ($) renewal_option	May 01, 2021 USD ($) note	Jan. 30, 2021 USD ($) note	May 31, 2020 USD ($)	May 02, 2020 USD ($) note
Debt Instrument [Line Items]
Short-term debt					$ 0	$ 0		$ 805,000,000
$800 million revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 800,000,000	800,000,000		$ 800,000,000
Sublimit for issuance of standby letters of credit				300,000,000
Option to increase credit facility, additional amount (up to)				$ 300,000,000
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%
Repayment of revolving credit facility	$ 800,000,000
Amount outstanding under the revolving credit facility					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							$ 500,000,000
Short-term debt	0
Senior Notes
Debt Instrument [Line Items]
Debt instrument	$ 1,000,000,000.0	$ 2,000,000,000.0
Number of tenors \| renewal_option	2	4
Proceeds from debt issuance, net of discounts and other issuance costs	$ 987,200,000	$ 1,973,000,000
Cash tender offer, principal amount, accepted for purchase	775,000,000
Payment for cash tender offer, principal amount	1,003,000,000.000
Loss on early extinguishment of debt	240,000,000
Total unamortized discount and debt issuance costs					$ 25,800,000	$ 26,900,000		$ 29,400,000
Number of series notes \| note					8	8		6
Senior Notes \| Level 1
Debt Instrument [Line Items]
Unsecured senior notes estimated fair value					$ 2,700,000,000	$ 2,800,000,000		$ 2,500,000,000
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 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument					$ 250,000,000
Unsecured senior notes interest rate (percent)					3.375%
4.600% Senior Notes due 2025 \| Senior Notes
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 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument		$ 400,000,000
Unsecured senior notes interest rate (percent)		4.70%			4.70%
Cash tender offer, principal amount, accepted for purchase	158,000,000
4.800% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument		$ 400,000,000
Unsecured senior notes interest rate (percent)		4.80%			4.80%
Cash tender offer, principal amount, accepted for purchase	266,000,000
5.450% Senior Notes due 2050 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument		$ 500,000,000
Unsecured senior notes interest rate (percent)		5.45%			5.45%
Cash tender offer, principal amount, accepted for purchase	351,000,000
0.875% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument	$ 500,000,000
Unsecured senior notes interest rate (percent)	0.875%				0.875%
1.875% Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument	$ 500,000,000
Unsecured senior notes interest rate (percent)	1.875%				1.875%

Debt (Interest Expense, Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Debt Disclosure [Abstract]
Interest expense on long-term debt	$ 22,194	$ 10,181
Interest expense on short-term debt	0	1,697
Other interest expense	330	278
Capitalized interest	(3,239)	(2,154)
Interest income	(236)	(3,336)
Interest expense, net	$ 19,049	$ 6,666

Taxes on Earnings (Loss) (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	24.00%	35.00%
Effective income tax rate, change from prior year (percent)	(0.11)
Unrecognized tax benefits	$ 71.7	$ 68.8	$ 67.9
Income tax penalties and interest accrued	8.7	$ 8.0	$ 7.7
Impact of recognizing taxes and interest related to unrecognized tax benefits	57.2
Unrecognized tax benefits reduction resulting from conclusion of certain state tax matters or lapse of applicable statute of limitations (up to)	$ 10.6