DICK'S SPORTING GOODS, INC., 10-K filed on 3/28/2024
Annual Report
v3.24.1
Cover - USD ($)
 12 Months Ended
Feb. 03, 2024
Mar. 22, 2024
Jul. 28, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Feb. 03, 2024    
Document Transition Report false    
Entity File Number 001-31463    
Entity Registrant Name DICK'S SPORTING GOODS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 16-1241537    
Entity Address, Address Line One 345 Court Street    
Entity Address, City or Town Coraopolis    
Entity Address, State or Province PA    
Entity Address, Postal Zip Code 15108    
City Area Code (724)    
Local Phone Number 273-3400    
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol DKS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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 Public Float     $ 8,013,407,380
Entity Central Index Key 0001089063    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
ICFR Auditor Attestation Flag true    
Current Fiscal Year End Date --02-03    
Document Financial Statement Error Correction Flag false    
Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   58,877,702  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   23,570,633  
v3.24.1
Auditor Information
 12 Months Ended
Feb. 03, 2024
Auditor Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Pittsburgh, Pennsylvania
Auditor Firm ID 34
v3.24.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Income Statement [Abstract]      
Net sales $ 12,984,399 $ 12,368,198 $ 12,293,368
Cost of goods sold, including occupancy and distribution costs 8,450,664 8,083,640 7,581,482
GROSS PROFIT 4,533,735 4,284,558 4,711,886
Selling, general and administrative expenses 3,204,108 2,805,462 2,664,083
Pre-opening expenses 47,262 16,077 13,300
INCOME FROM OPERATIONS 1,282,365 1,463,019 2,034,503
Interest expense 58,023 95,220 57,839
Other income (93,809) (15,949) (17,774)
INCOME BEFORE INCOME TAXES 1,318,151 1,383,748 1,994,438
Provision for income taxes 271,632 340,610 474,567
NET INCOME $ 1,046,519 $ 1,043,138 $ 1,519,871
EARNINGS PER COMMON SHARE:      
Basic (in dollars per share) $ 12.72 $ 13.43 $ 18.27
Diluted (in dollars per share) $ 12.18 $ 10.78 $ 13.87
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:      
Basic (in shares) 82,302 77,672 83,183
Diluted (in shares) 85,925 99,274 109,578
v3.24.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Statement of Comprehensive Income [Abstract]      
NET INCOME $ 1,046,519 $ 1,043,138 $ 1,519,871
OTHER COMPREHENSIVE LOSS:      
Foreign currency translation adjustment, net of tax (77) (170) (33)
TOTAL OTHER COMPREHENSIVE LOSS (77) (170) (33)
COMPREHENSIVE INCOME $ 1,046,442 $ 1,042,968 $ 1,519,838
v3.24.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Feb. 03, 2024
Jan. 28, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 1,801,220 $ 1,924,386
Accounts receivable, net 114,877 71,286
Income taxes receivable 4,108 8,187
Inventories, net 2,848,797 2,830,917
Prepaid expenses and other current assets 121,047 128,410
Total current assets 4,890,049 4,963,186
Property and equipment, net 1,638,161 1,312,988
Operating lease assets 2,257,482 2,138,366
Intangible assets, net 56,663 60,364
Goodwill 245,857 245,857
Deferred income taxes 37,846 41,189
Other assets 185,694 230,246
TOTAL ASSETS 9,311,752 8,992,196
CURRENT LIABILITIES:    
Accounts payable 1,288,728 1,206,066
Accrued expenses 551,369 508,573
Operating lease liabilities 492,856 546,755
Income taxes payable 54,508 29,624
Deferred revenue and other liabilities 364,933 350,428
Total current liabilities 2,752,394 2,641,446
LONG-TERM LIABILITIES:    
Revolving credit borrowings 0 0
Senior notes due 2032 and 2052 1,483,260 1,482,336
Convertible senior notes 0 58,271
Long-term operating lease liabilities 2,287,714 2,117,773
Other long-term liabilities 171,103 167,747
Total long-term liabilities 3,942,077 3,826,127
Commitments and contingencies
STOCKHOLDERS' EQUITY:    
Preferred stock 0 0
Additional paid-in capital 1,448,855 1,416,847
Retained earnings 5,588,914 4,878,404
Accumulated other comprehensive loss (329) (252)
Treasury stock, at cost (4,420,963) (3,771,197)
Total stockholders' equity 2,617,281 2,524,623
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 9,311,752 8,992,196
Common Stock    
STOCKHOLDERS' EQUITY:    
Common stock 568 585
Class B Common Stock    
STOCKHOLDERS' EQUITY:    
Common stock $ 236 $ 236
v3.24.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Feb. 03, 2024
Jan. 28, 2023
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares 5,000,000 5,000,000
Treasury stock shares acquired 75,201,474 69,630,710
Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized shares 200,000,000 200,000,000
Common stock, issued shares 132,038,608 128,177,711
Common stock, outstanding shares 56,837,134 58,547,001
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized shares 40,000,000 40,000,000
Common stock, issued shares 23,570,633  
Common stock, outstanding shares 23,570,633  
v3.24.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Common Stock
Common Stock
Class B Common Stock
Additional Paid-In Capital
Additional Paid-In Capital
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
Treasury Stock
BALANCE at Jan. 30, 2021 $ 2,339,534   $ 612 $ 237 $ 1,442,298   $ 3,064,702   $ (49) $ (2,168,266)
BALANCE (in shares) at Jan. 30, 2021     61,195,000 23,736,000            
Increase (Decrease) in Stockholders' Equity                    
Exchange of Class B common stock for common stock 0   $ 1 $ (1)            
Exchange of Class B common stock for common stock (in shares)     115,000 (115,000)            
Exercise of stock options 26,348   $ 6   26,342          
Exercise of stock options (in shares)     657,000              
Restricted stock vested 0   $ 12   (12)          
Restricted stock vested (in shares)     1,151,000              
Minimum tax withholding requirements (32,597)   $ (3)   (32,594)          
Minimum tax withholding requirements (in shares)     (341,000)              
Net income 1,519,871           1,519,871      
Stock-based compensation 52,800       52,800          
Foreign currency translation adjustment, taxes 10                  
Foreign currency translation adjustment, net of taxes (33)               (33)  
Purchase of shares for treasury $ (1,176,366)   $ (108)             (1,176,258)
Purchase of shares for treasury (in shares) (10,788,000)   (10,788,000)              
Cash dividends declared per share (in dollars per share) $ 7.10                  
Cash dividends declared per common share of $4.00, $1.95, and $7.10 for the year ended 2023, 2022, and 2021, respectively $ (627,971)           (627,971)      
BALANCE at Jan. 29, 2022 2,101,586   $ 520 $ 236 1,488,834   3,956,602   (82) (3,344,524)
BALANCE (in shares) at Jan. 29, 2022     51,989,000 23,621,000            
Increase (Decrease) in Stockholders' Equity                    
Net shares issued in connection with the exchange of Convertible Senior Notes and partial unwind of convertible bond hedge and warrants     9,782,000              
Equity Impact of Notes Exchanges 16,741   $ 98   16,643          
Exchange of Class B common stock for common stock 0   $ 0 $ 0            
Exchange of Class B common stock for common stock (in shares)     50,000 (50,000)            
Exercise of stock options 23,681   $ 8   23,673          
Exercise of stock options (in shares)     837,000              
Restricted stock vested 0   $ 13   (13)          
Restricted stock vested (in shares)     1,285,000              
Minimum tax withholding requirements (43,936)   $ (4)   (43,932)          
Minimum tax withholding requirements (in shares)     (425,000)              
Net income 1,043,138           1,043,138      
Stock-based compensation 50,603       50,603          
Foreign currency translation adjustment, taxes 54                  
Foreign currency translation adjustment, net of taxes (170)               (170)  
Purchase of shares for treasury $ (426,723)   $ (50)             (426,673)
Purchase of shares for treasury (in shares) (4,971,000)   (4,971,000)              
Cash dividends declared per share (in dollars per share) $ 1.95                  
Cash dividends declared per common share of $4.00, $1.95, and $7.10 for the year ended 2023, 2022, and 2021, respectively $ (155,568)           (155,568)      
BALANCE at Jan. 28, 2023 2,524,623 $ (84,729) $ 585 $ 236 1,416,847 $ (118,961) 4,878,404 $ 34,232 (252) (3,771,197)
BALANCE (in shares) at Jan. 28, 2023     58,547,000 23,571,000            
Increase (Decrease) in Stockholders' Equity                    
Net Shares for the Convertible Senior Note Retirement     1,723,000              
Equity Impact of Convertible Senior Notes Retirement 58,472   $ 17   58,455          
Exercise of stock options 15,205   $ 6   15,199          
Exercise of stock options (in shares)     615,000              
Restricted stock vested 0   $ 21   (21)          
Restricted stock vested (in shares)     2,086,000              
Minimum tax withholding requirements (98,917)   $ (7)   (98,910)          
Minimum tax withholding requirements (in shares)     (695,000)              
Net income 1,046,519           1,046,519      
Stock-based compensation 57,285       57,285          
Foreign currency translation adjustment, taxes 24                  
Foreign currency translation adjustment, net of taxes (77)               (77)  
Purchase of shares for treasury $ (649,820)   $ (54)             (649,766)
Purchase of shares for treasury (in shares) (5,439,000)   (5,439,000)              
Cash dividends declared per share (in dollars per share) $ 4.00                  
Cash dividends declared per common share of $4.00, $1.95, and $7.10 for the year ended 2023, 2022, and 2021, respectively $ (336,009)           (336,009)      
BALANCE at Feb. 03, 2024 $ 2,617,281   $ 568 $ 236 $ 1,448,855   $ 5,588,914   $ (329) $ (4,420,963)
BALANCE (in shares) at Feb. 03, 2024     56,837,000 23,571,000            
v3.24.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Statement of Stockholders' Equity [Abstract]      
Foreign currency translation adjustment, taxes $ 24 $ 54 $ 10
v3.24.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,046,519 $ 1,043,138 $ 1,519,871
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 393,933 365,475 322,551
Amortization of deferred financing fees and debt discount 2,364 4,250 30,794
Deferred income taxes 3,343 23,100 16,451
Stock-based compensation 57,285 50,603 52,800
Other, net 9,332 15,306 0
Changes in assets and liabilities:      
Accounts receivable (4,236) (13,558) 2,011
Inventories 18,823 (533,308) (344,041)
Prepaid expenses and other assets (18,220) (9,690) (16,047)
Accounts payable 20,365 13,983 37,782
Accrued expenses (2,462) (74,205) 61,307
Income taxes payable / receivable 29,167 12,256 (23,115)
Construction allowances provided by landlords 67,061 36,100 40,195
Deferred revenue and other liabilities 25,190 22,689 20,648
Operating lease assets and liabilities (121,129) (34,258) (104,335)
Net cash provided by operating activities 1,527,335 921,881 1,616,872
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (587,426) (364,075) (308,261)
Proceeds from sale of other assets 27,500 14,261 9,671
Other investing activities (54,750) (43,080) (45,389)
Net cash used in investing activities (614,676) (392,894) (343,979)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Principal paid in connection with exchange of convertible senior notes 137 515,865  
Transaction costs for debt issuance 0 0 (15,268)
Proceeds from senior notes due 2032 and 2052, net of debt discount 0 0 1,496,671
Payments on finance lease obligations (823) (740) (726)
Proceeds from exercise of stock options 15,205 23,681 26,348
Minimum tax withholding requirements (98,917) (43,936) (32,597)
Cash paid for treasury stock (648,554) (458,456) (1,144,633)
Cash dividends paid to stockholders (351,201) (163,081) (602,964)
Increase (decrease) in bank overdraft 48,679 (89,239) (14,553)
Net cash used in financing activities (1,035,748) (1,247,636) (287,722)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (77) (170) (33)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (123,166) (718,819) 985,138
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 1,924,386 2,643,205 1,658,067
CASH AND CASH EQUIVALENTS, END OF PERIOD 1,801,220 1,924,386 2,643,205
Supplemental disclosure of cash flow information:      
Accrued property and equipment 72,486 30,222 35,903
Cash paid during the fiscal year for interest 57,486 69,193 22,899
Cash paid during the fiscal year for income taxes 243,244 306,612 487,808
Accrued treasury stock $ 0 $ 0 $ 31,733
v3.24.1
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Feb. 03, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies
DICK’S Sporting Goods, Inc. (together with its subsidiaries, referred to as “the Company”, “we”, “us” and “our” unless specified otherwise) is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of February 3, 2024, we operated 724 DICK’S Sporting Goods locations across the United States, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a blend of dedicated teammates, in-store experiences and unique specialty shop-in-shops. In addition to DICK’S Sporting Goods stores, the Company owns and operates Golf Galaxy, Public Lands, Moosejaw and Going Going Gone! specialty concept stores, and offers its products both online and through mobile apps. The Company also owns and operates DICK’S House of Sport and Golf Galaxy Performance Center, as well as GameChanger, a youth sports mobile app for scheduling, communications, live scorekeeping and video streaming. When used in this Annual Report on Form 10-K, unless the context otherwise requires or specifies, any reference to “year” is to the Company’s fiscal year.
Fiscal Year
The Company’s fiscal year ends on the Saturday closest to the end of January. Unless otherwise stated, references to years in this Annual Report on Form 10-K relate to fiscal years, rather than to calendar years. Fiscal years 2023, 2022 and 2021 ended on February 3, 2024, January 28, 2023 and January 29, 2022, respectively. All fiscal years presented include 52 weeks of operations except fiscal 2023, which includes 53 weeks.
Principles of Consolidation
The Consolidated Financial Statements include DICK’S Sporting Goods, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand and all highly liquid instruments purchased with a maturity of three months or less at the date of purchase. Cash equivalents primarily consist of money market funds and commercial paper and are stated at carrying value, which approximates fair value, and are considered Level 1 investments. Interest income was $79.7 million, $27.4 million and $0.6 million for fiscal 2023, 2022 and 2021, respectively.
Cash and cash equivalents were comprised of the following for the fiscal years presented (in thousands):
20232022
Cash (1)
$603,820 $725,604 
Money market funds1,197,400 911,400 
Commercial paper— 287,382 
Total cash and cash equivalents$1,801,220 $1,924,386 
(1)Cash includes amounts due from third-party financial institutions for the settlement of credit card and debit card transactions, which typically process within three business days.
Cash Management
The Company’s cash management system provides for the reimbursement of all major bank disbursement accounts on a daily basis. Accounts payable at February 3, 2024 and January 28, 2023 include $56.8 million and $7.4 million, respectively, of checks drawn in excess of cash balances not yet presented for payment.
Accounts Receivable
Accounts receivable primarily consist of amounts due from vendors and landlords. The amount of accounts receivable due from landlords as of February 3, 2024 and January 28, 2023, was $72.7 million and $34.3 million, respectively. The Company’s allowance for credit losses totaled $2.6 million and $2.9 million at February 3, 2024 and January 28, 2023, respectively.
Inventories, net
Inventories are stated at the lower of weighted average cost and net realizable value. Inventory costs consist of the direct cost of merchandise including freight. Inventories are net of shrinkage, obsolescence, other valuation accounts and vendor allowances, totaling $167.7 million and $139.5 million at February 3, 2024 and January 28, 2023, respectively.
Property and Equipment
Property and equipment are recorded at cost and include finance leases. Renewals and betterments are capitalized. Repairs and maintenance are expensed as incurred.
Depreciation is computed using the straight-line method over the following estimated useful lives:
Buildings
40 years
Leasehold improvements
10-25 years
Furniture, fixtures and equipment
3-7 years
Computer software
3-10 years
For leasehold improvements and property and equipment under finance lease agreements, depreciation is calculated using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. Leasehold improvements made after lease commencement are depreciated over the shorter of their estimated useful lives or the remaining lease term, including renewal periods, if reasonably assured. The Company recognized depreciation expense of $353.8 million, $332.3 million and $315.7 million in fiscal 2023, 2022 and 2021, respectively.    
Impairment of Long-Lived Assets
The Company evaluates its long-lived assets and assesses whether the carrying values have been impaired whenever events and circumstances indicate that the carrying values of these assets may not be recoverable based on estimated undiscounted future cash flows. An impairment loss is recognized when the estimated undiscounted cash flows expected to result from the use of the asset plus eventual net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value as determined based on quoted market prices or through the use of other valuation techniques. The related impairment expense is recorded within selling, general and administrative expenses on the Consolidated Statements of Income.
Goodwill
Goodwill represents the excess of acquisition cost over the fair value of the net assets of acquired entities. The Company assesses the carrying value of goodwill annually or whenever circumstances indicate that a decline in value may have occurred.
The Company’s goodwill impairment test compares the fair value of each reporting unit to its carrying value. The Company determines the fair value of its reporting units using a combination of the income approach, by using a discounted cash flow model, and a market value approach. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, an impairment charge to selling, general and administrative expenses is recorded to reduce the carrying value to the fair value. A reporting unit is the operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by management.
Intangible Assets
Intangible assets consist of both indefinite-lived and finite-lived assets. The Company’s intangible assets are primarily indefinite-lived, consisting mostly of trademarks and acquired trade names, which the Company tests annually for impairment, or whenever circumstances indicate that a decline in value may have occurred, using Level 3 inputs. The Company estimates the fair value of these intangible assets based on an income approach using the relief-from-royalty method.
The Company’s finite-lived intangible assets consist primarily of customer lists and other acquisition-related assets. Finite-lived intangible assets are amortized over their estimated useful economic lives and are reviewed for impairment when factors indicate that an impairment may have occurred. The Company recognizes an impairment charge when the estimated fair value of the intangible asset is less than its carrying value.
Self-Insurance
The Company is self-insured for certain losses related to health, workers' compensation and general liability insurance, although we maintain stop-loss coverage with third-party insurers to limit our liability exposure. Liabilities associated with these losses are estimated in part by considering historical claims experience, industry factors, severity factors and other actuarial assumptions.
Pre-opening Expenses
Pre-opening expenses, which consist primarily of rent, marketing, payroll, recruiting and other store preparation costs are expensed as incurred. Rent is recognized within pre-opening expense from the date the Company takes possession of a site through the date of store opening and during periods when stores are closed for remodeling.
Earnings Per Common Share
Basic earnings per common share is computed based on the weighted average number of shares of common stock outstanding for a given period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock outstanding, plus the effect of dilutive potential common shares, which include shares the Company could have been obligated to issue from its Convertible Senior Notes and warrants prior to their retirement in the first quarter of fiscal 2023, and stock-based awards, such as stock options and restricted stock. Dilutive potential common shares are excluded from the computation of earnings per share if their effect is anti-dilutive.
For all periods presented, dilutive potential common shares for the Company’s stock-based awards and warrants were determined using the treasury stock method. For fiscal year 2021, the dilutive effect of the Convertible Senior Notes was calculated using the treasury stock method; however, upon the adoption of ASU 2020-06, the Company was required to calculate diluted earnings per common share using the if-converted method, which was applied to fiscal years 2023 and 2022. Refer to Recently Adopted Accounting Pronouncements below for further discussion.
Stock-Based Compensation
The Company has the ability to grant teammates a number of different stock-based awards, including restricted shares of common stock, restricted stock units and stock options to purchase common stock, under the DICK’S Sporting Goods, Inc. Amended and Restated 2012 Stock and Incentive Plan (the “2012 Plan”). The Company records stock-based compensation expense based on the fair value of stock awards at the grant date, and recognizes the expense over the employees’ service periods, net of estimated forfeitures.
Income Taxes
The Company utilizes the asset and liability method of accounting for income taxes and provides deferred income taxes for temporary differences between the amounts reported for assets and liabilities for financial statement purposes and for income tax reporting purposes, using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit that will more likely than not be realized upon ultimate settlement. Interest and penalties from income tax matters are recognized in income tax expense.
Revenue Recognition
Sales Transactions
Revenue is recognized upon satisfaction of all contractual performance obligations and transfer of control to the customer and is measured as the amount of consideration to which the Company expects to be entitled to in exchange for corresponding goods or services. Substantially all of the Company’s sales are single performance obligation arrangements for retail sale transactions for which the transaction price is equivalent to the stated price of the product or service, net of any stated discounts applicable at a point in time. Each sales transaction results in an implicit contract with the customer to deliver a product or service at the point of sale. Revenue from retail sales is recognized at the point of sale. Sales tax amounts collected from customers that are assessed by a governmental authority are excluded from revenue.
Revenue from eCommerce sales, including vendor-direct sales arrangements, is recognized upon shipment of merchandise. Shipping and handling activities occurring subsequent to the transfer of control to the customer are accounted for as fulfillment costs rather than as a promised service. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded.
Deferred Revenue
Revenue from gift cards and returned merchandise credits (collectively the “cards”) is deferred and recognized upon their redemption. Income from unredeemed cards is recognized on the Consolidated Statements of Income within net sales in proportion to the pattern of rights exercised by the customer in future periods. The Company performs an evaluation of historical redemption patterns from the date of original issuance to estimate future period redemption activity. During the fiscal years ended February 3, 2024 and January 28, 2023, the Company recognized $27.6 million and $19.9 million of gift card breakage revenue, respectively, and experienced approximately $111.3 million and $106.2 million of gift card redemptions in fiscal 2023 and fiscal 2022, respectively, that had been included in its gift card liability as of January 28, 2023 and January 29, 2022, respectively. Based on the Company’s historical experience, the majority of gift card revenue is recognized within 12 months of deferral. The cards have no expiration date.
Loyalty program points are accrued at the estimated retail value per point, net of estimated breakage. The Company estimates the breakage of loyalty points based on historical redemption rates experienced within the loyalty program. Based on the Company’s customer loyalty program policies, the majority of program points earned are redeemed or expire within 12 months. Refer to Note 6 – Deferred Revenue and Other Liabilities for additional information regarding the amount of these liabilities at February 3, 2024 and January 28, 2023.
Net sales by category
The following table disaggregates the amount of net sales attributable to hardlines, apparel and footwear for the last three fiscal years (in millions):
 
Fiscal Year
202320222021
Hardlines (1)
$4,915.5 $4,952.2 $5,407.9 
Apparel
4,329.8 4,218.1 4,131.2 
Footwear (2)
3,388.7 2,979.1 2,562.8 
Other (3)
350.4 218.8 191.5 
Total net sales$12,984.4 $12,368.2 $12,293.4 
(1)Includes items such as sporting goods equipment, fitness equipment, golf equipment and fishing gear.
(2)Includes athletic shoes for running, walking, tennis, fitness and cross training, basketball and hiking. In addition, this category also includes specialty footwear, including casual footwear and a complete line of cleats for team sports.
(3)Includes the Company’s non-merchandise sales categories, including in-store services, shipping and GameChanger revenues.
Cost of Goods Sold
Cost of goods sold includes: the cost of merchandise (inclusive of vendor allowances, inventory shrinkage and inventory write-downs for the lower of cost or net realizable value); freight; distribution; shipping; and store occupancy costs. The Company defines merchandise margin as net sales less the cost of merchandise sold. Store occupancy costs include rent, common area maintenance charges, real estate and other asset-based taxes, general maintenance, utilities, depreciation and certain insurance expenses.
Selling, General and Administrative Expenses
Selling, general and administrative expenses include store and field support payroll and fringe benefits, advertising, bank card charges, operating costs associated with the Company’s internal eCommerce platform, information systems, marketing, legal, accounting, other store expenses and all expenses associated with operating the Company’s Customer Support Center (“CSC”).
Advertising Costs
Production costs for all forms of advertising and the costs to run the advertisements are expensed the first time the advertisement takes place. Advertising expense, net of cooperative advertising, was $478.1 million, $412.2 million and $410.9 million for fiscal 2023, 2022 and 2021, respectively.
Business Development Allowances
Business development allowances include allowances, rebates and cooperative advertising funds received from vendors. These funds are determined for each fiscal year and the majority are based on various quantitative contract terms. Amounts expected to be received from vendors for the purchase of merchandise inventories (“vendor allowances”) are recognized as a reduction of cost of goods sold as the merchandise is sold. Amounts that represent a reimbursement of advertising costs incurred, commonly referred to as cooperative advertising, are recorded as a reduction to the related expense in the period that the expense is incurred.
Segment Information
The Company is a specialty omni-channel retailer that offers a broad range of products in its specialty retail stores, which are primarily located in the eastern United States. Given the economic characteristics of the store formats, the similar nature of the products sold, the type of customer and method of distribution, the Company’s operating segments are aggregated within one reportable segment. Refer to Revenue Recognition within this Note for additional disclosure of net sales by merchandise category.
Construction Allowances
Substantially all of the Company’s store locations are leased. The Company may receive reimbursement from a landlord for a portion of the cost of the structure, subject to satisfactory fulfillment of applicable lease provisions. These reimbursements may be referred to as tenant allowances or construction allowances provided by landlords (“construction allowances”). The Company’s accounting for construction allowances differs depending on whether the Company is deemed to have control of the underlying asset prior to commencement of the lease.
•If the Company is not deemed to have control of the underlying asset prior to lease commencement, reimbursement from a landlord for tenant improvements is classified as a lease incentive and included as a reduction to the related operating lease asset on the Consolidated Balance Sheets. The incentive is amortized as part of operating lease expense on a straight-line basis over the term of the lease. Landlord reimbursements from these transactions are included in cash flows from operating activities as a change in construction allowances provided by landlords.
•If the Company is deemed to have control of the underlying asset prior to lease commencement, a sale and leaseback of the asset occurs when construction of the asset is complete and the lease term begins, if relevant sale-leaseback accounting criteria are met. Any gain or loss from the transaction is recorded in the period in which control of the underlying asset is relinquished back to the lessor. The Company reports the amount of cash received for the construction allowance as construction allowance receipts within the financing activities section of its Consolidated Statements of Cash Flows when such allowances are received prior to completion of the sale-leaseback transaction. The Company reports the amount of cash received from construction allowances as proceeds from sale leaseback
transactions within the investing activities section of its Consolidated Statements of Cash Flows when such amounts are received after the sale-leaseback accounting criteria have been achieved.
Leases
The Company determines whether a contract is or contains a lease at contract inception. Operating lease assets and liabilities are recognized at the lease’s commencement date based on the present value of remaining fixed lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of the Company’s leases, the Company uses its incremental borrowing rate based on the information available at a lease’s commencement date to determine the present value of lease payments. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease asset also includes any fixed lease payments made, net of lease incentives, and initial direct costs incurred.
Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are generally expensed as incurred and may include certain index-based changes in rent and other non-fixed payments for services provided by the lessor. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s leases do not contain any material residual guarantees or material restrictive covenants.
The Company has lease agreements with non-lease components that relate to the lease components and elected the practical expedient to account for non-lease components, and the lease components to which they relate, as a single lease component for all classes of underlying assets. The Company also elected the practical expedient to not recognize short-term leases with an initial term of 12 months or less on the Consolidated Balance Sheet.
Recently Adopted Accounting Pronouncements
Convertible Instruments
In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40),” which removes the separation models for convertible debt with cash conversion or beneficial conversion features. ASU 2020-06 also requires the application of the if-converted method for calculating earnings per diluted share, under which the Company must assume that any conversion of its convertible senior notes due 2025 (the “Convertible Senior Notes”) will be satisfied entirely in common stock.
The Company adopted ASU 2020-06 on the first day of fiscal 2022 using the modified retrospective approach, which resulted in the following adjustments to the Consolidated Balance Sheet (in millions):
Last Day of Fiscal 2021Adoption of ASU 2020-06First Day of Fiscal 2022
Balance sheet line item
Convertible senior notes due 2025$449.3 $114.0 $563.3 
Net deferred tax assets$35.0 $29.3 $64.3 
Additional paid-in capital$1,488.8 $(119.0)$1,369.8 
Retained earnings$3,956.6 $34.2 $3,990.8 
Following the adoption of ASU 2020-06, the embedded conversion feature of the Convertible Senior Notes is no longer separately presented within stockholders’ equity, eliminating the non-cash debt discount. Accordingly, the Company’s effective interest rate on the Convertible Senior Notes decreased from 11.6% to 3.9% upon adoption, resulting in a $27.4 million reduction in pre-tax non-cash interest expense for fiscal 2022 as compared to fiscal 2021.
Despite the Company’s exchange of $515.9 million of principal in cash during fiscal 2022, the application of the if-converted method requires earnings per diluted share to reflect that the Convertible Senior Notes will be settled entirely in shares upon conversion. Prior to the adoption of ASU 2020-06, the Company used the treasury stock method which allowed the Company to assume that the principal amount of the Convertible Senior Notes would be paid in cash. The impact of adoption was not material to earnings per diluted share.
Supplier Finance Programs
In September 2022, the FASB issued ASU 2022-04, “Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which requires that a buyer in a supplier finance program disclose the key terms of its program along with information about obligations outstanding, including a roll-forward of those obligations. The Company adopted this ASU during the first quarter of fiscal 2023. The adoption did not have a significant impact on the Company’s financial condition, results of operations, cash flows or disclosures.
The Company has entered into supply chain financing arrangements with third-party financial institutions, whereby suppliers have the opportunity to settle outstanding payment obligations early at a discount. The Company does not have an economic interest in suppliers’ voluntary participation and the Company does not provide any guarantees or pledge assets under these arrangements. The Company settles invoices with the third-party financial institutions in accordance with the original supplier payment terms. The Company’s rights and obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by these arrangements. Liabilities associated with the funded participation in these arrangements, which are presented within accounts payable on the Consolidated Balance Sheets, were $45.9 million and $40.1 million as of February 3, 2024 and January 28, 2023, respectively.
Recently Issued Accounting Pronouncements
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (“CODM”). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that adoption of this accounting standard will have on its financial disclosures.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendments in this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures and are effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact that adoption of this accounting standard will have on its financial disclosures.
v3.24.1
Earnings Per Common Share
 12 Months Ended
Feb. 03, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings per Common Share
The computations for basic and diluted earnings per common share were as follows for the fiscal years presented below (in thousands, except per share data):
 
202320222021
Numerator:
Net income for earnings per common share – basic
$1,046,519 $1,043,138 $1,519,871 
Effect of dilutive securities
Interest expense associated with Convertible Senior Notes, net of tax337 27,060 — 
Net income for earnings per common share – diluted
$1,046,856 $1,070,198 $1,519,871 
Denominator:
Weighted average common shares outstanding – basic
82,302 77,672 83,183 
Dilutive effect of stock-based awards2,977 5,235 6,503 
Dilutive effect of warrants254 5,575 8,560 
Dilutive effect of Convertible Senior Notes392 10,792 11,332 
Weighted average common shares outstanding – diluted
85,925 99,274 109,578 
Earnings per common share:
Basic$12.72 $13.43 $18.27 
Diluted$12.18 $10.78 $13.87 
Stock-based awards excluded from diluted shares186 140 42 
The dilutive effect of the Convertible Senior Notes included shares that were designed to be offset at settlement by shares delivered from the bond hedge purchased by the Company. The shares provided by the bond hedge were anti-dilutive; accordingly, they were not treated as a reduction to diluted weighted average shares outstanding until received at settlement. In addition, the dilutive effect of the Convertible Senior Notes included shares related to the outstanding principal amount of the Convertible Senior Notes. Although the Company was required to assume that the Convertible Senior Notes would be settled in shares of its common stock in accordance with the “if-converted method” under U.S. GAAP, the Company settled the Convertible Senior Notes without dilutive effect, due to cash payments for principal, shares received from the convertible bond hedge and share repurchases to offset the share settlement of the remaining $59.1 million of principal during fiscal 2023. Refer to Note 10 – Convertible Senior Notes for further information.
v3.24.1
Property and Equipment
 12 Months Ended
Feb. 03, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment are recorded at cost and consist of the following as of the end of the fiscal years presented below (in thousands):
20232022
Buildings and land
$405,486 $355,105 
Leasehold improvements
2,276,416 1,940,711 
Furniture, fixtures and equipment
1,415,903 1,275,236 
Computer software
639,685 545,136 
Total property and equipment
4,737,490 4,116,188 
Less: accumulated depreciation and amortization
(3,099,329)(2,803,200)
Net property and equipment
$1,638,161 $1,312,988 
The amounts above include construction in progress of $153.3 million and $38.0 million for fiscal 2023 and 2022, respectively, and fiscal 2023 includes $69.3 million of property and equipment for which deposits were previously recorded in other assets on the Consolidated Balance Sheets.
v3.24.1
Goodwill and Other Intangible Assets
 12 Months Ended
Feb. 03, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Intangible Assets
Goodwill
The carrying amount of goodwill for fiscal 2023 and fiscal 2022 was $245.9 million, which is recorded net of $115.9 million and $111.3 million in accumulated impairments, respectively. In fiscal 2023, the Company recorded $4.6 million of impairment charges in connection with the Business Optimization, which is further described in Note 11 - Fair Value Measurements. No impairment charges were recorded in fiscal 2022 or 2021.
Intangible Assets
The components of intangible assets were as follows as of the end of the fiscal years presented below (in thousands):
 
20232022
 
Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
Trademarks (indefinite-lived)$35,165 $— $37,315 $— 
Trade names (indefinite-lived)
15,660 — 15,660 — 
Other indefinite-lived intangible assets
5,648 — 5,654 — 
Total indefinite-lived intangible assets56,473 — 58,629 — 
Customer lists
18,195 (18,005)18,195 (16,460)
Total intangible assets
$74,668 $(18,005)$76,824 $(16,460)
In fiscal 2023, the Company recorded a $2.2 million impairment of an indefinite-lived trademark that was no longer in use within selling, general and administrative expenses on the Consolidated Statement of Income. In addition, the Company recorded amortization on its finite-lived intangible assets of $1.5 million, $2.4 million and $3.7 million in fiscal 2023, 2022 and 2021, respectively. The Company expects to recognize the remaining $0.2 million of amortization expense on existing finite-lived intangible assets during fiscal 2024.
v3.24.1
Accrued Expenses
 12 Months Ended
Feb. 03, 2024
Accrued Liabilities, Current [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consist of the following as of the end of the fiscal years presented below (in thousands):
20232022
Payroll, withholdings and benefits$212,950 $218,802 
Real estate taxes, utilities and other occupancy costs88,279 91,527 
Property and equipment73,530 30,222 
Sales tax45,913 33,404 
Other 130,697 134,618 
Total accrued expenses$551,369 $508,573 
v3.24.1
Deferred Revenue and Other Liabilities
 12 Months Ended
Feb. 03, 2024
Deferred Credits and Other Liabilities [Abstract]  
Deferred Revenue and Other Liabilities Deferred Revenue and Other Liabilities
Deferred revenue and other liabilities consist of the following as of the end of the fiscal years presented below (in thousands):
20232022
Current:
  
Deferred gift card revenue
$248,203 $230,601 
Customer loyalty program
47,153 44,644 
Other
69,577 75,183 
Total current deferred revenue and other liabilities
$364,933 $350,428 
Long-term:
 
Deferred compensation$137,908 $133,489 
Other
33,195 34,258 
Total other long-term liabilities
$171,103 $167,747 
v3.24.1
Leases
 12 Months Ended
Feb. 03, 2024
Leases [Abstract]  
Leases Leases
The Company leases substantially all of its stores, three of its distribution centers, and certain equipment under non-cancellable operating leases that expire at various dates through 2040. The Company’s stores generally have initial lease terms of 10 to 15 years and contain multiple five-year renewal options and rent escalation provisions. These lease agreements provide primarily for the payment of minimum annual rentals, costs of utilities, property taxes, maintenance, common areas and insurance.
The components of lease cost for the following fiscal years presented below were as follows (in thousands):
202320222021
Operating lease cost$612,595 $581,459 $574,929 
Short-term lease cost31,234 27,827 14,588 
Variable lease cost125,043 116,516 114,664 
Sublease income(11,730)(11,787)(11,571)
Total lease cost$757,142 $714,015 $692,610 

Supplemental cash flow information related to operating leases for the following fiscal years are presented below (in thousands):
202320222021
Cash paid for amounts included in the measurement of operating lease liabilities$733,455 $615,772 $679,289 
Non-cash operating lease assets obtained in exchange for operating lease liabilities $697,499 $558,779 $368,515 
Supplemental balance sheet information related to operating leases were as follows:
February 3,
2024		January 28,
2023
Weighted average remaining lease term for operating leases6.78 years6.58 years
Weighted average discount rate for operating leases5.68 %5.64 %

Future maturities of operating lease liabilities were as follows as of February 3, 2024 (in thousands):
Fiscal Year
2024$636,660 
2025618,357 
2026531,123 
2027429,608 
2028301,515 
Thereafter855,333 
Total future undiscounted lease payments3,372,596 
Less: imputed interest(592,026)
      Total reported lease liability$2,780,570 
The Company has entered into operating leases related to future store locations that have not yet commenced. As of February 3, 2024 the future minimum payments on these leases approximated $215.5 million.
The Company acts as sublessor on several operating leases. As of February 3, 2024, total future undiscounted minimum rentals under non-cancellable subleases approximated $50.9 million.
v3.24.1
Revolving Credit Facility
 12 Months Ended
Feb. 03, 2024
Debt Disclosure [Abstract]  
Revolving Credit Facility Revolving Credit Facility
On January 14, 2022, the Company entered into a new credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, providing for $1.6 billion in unsecured revolving credit capacity (the “Credit Facility”), of which up to $75.0 million is available for letters of credit. The Credit Facility matures on January 14, 2027, subject to extensions permitted under the Credit Agreement, and allows for $500.0 million in additional incremental borrowing capacity, subject to existing or new lenders agreeing to provide such additional revolving commitments.
The loans under the Credit Facility bear interest at an alternate base rate or an adjusted secured overnight financing rate (“SOFR”) plus, in each case, an applicable margin of 0.125% with respect to the alternate base rate and 1.125% with respect to the adjusted SOFR as of February 3, 2024, which is subject to adjustment based on the Company’s public debt rating. The Credit Facility allows voluntary repayment of outstanding loans at any time without premium or penalty, other than customary breakage costs with respect to SOFR loans. The unused portion of the Credit Facility is subject to a commitment fee of 0.11% per year as of February 3, 2024, which is adjusted based on the Company’s public debt rating. There were no borrowings outstanding under the Company’s revolving line of credit agreements at February 3, 2024 or January 28, 2023. After adjusting for outstanding letters of credit of $16.1 million, the Company’s total remaining borrowing capacity under the Credit Facility was $1.58 billion at February 3, 2024.
The Credit Agreement contains representations and warranties, affirmative and negative covenants and events of default customary for unsecured financings of this type, including negative covenants that, among other things, limit the ability of the Company and certain of its subsidiaries to incur liens, limit the ability of the Company to make certain fundamental changes and limit the ability of the Company’s non-guarantor subsidiaries to incur indebtedness, in each case subject to a number of important exceptions and qualifications. The Credit Agreement also contains a maximum lease-adjusted leverage ratio covenant. The Company was in compliance with all covenants of the Credit Agreement at February 3, 2024.
v3.24.1
Senior Notes
 12 Months Ended
Feb. 03, 2024
Senior Notes [Abstract]  
Senior Notes Senior Notes
Key Terms
On January 14, 2022, the Company issued $750.0 million aggregate principal amount of 3.15% senior notes due 2032 (the “2032 Notes”) and $750.0 million aggregate principal amount of 4.10% senior notes due 2052 (the “2052 Notes” and, together with the 2032 Notes, the “Senior Notes”). The Senior Notes were issued under a base indenture, dated as of January 14, 2022 (the “Base Indenture”), as supplemented by a supplemental indenture, dated as of January 14, 2022 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), in each case by and between the Company and U.S. Bank National Association, as trustee. The Notes are unsecured, unsubordinated obligations of the Company and rank equally in right of payment to all of the Company’s existing and future unsecured and unsubordinated debt and other obligations. The Company is required to pay interest on the Senior Notes semi-annually, in arrears, on January 15 and July 15 of each year, commencing on July 15, 2022.
Net Proceeds and Carrying Values
Net proceeds from the issuance of the Senior Notes totaled approximately $1.5 billion, after deducting the applicable discount. The Company also incurred approximately $15.3 million in offering expenses, including underwriting fees, related to the issuance of the Senior Notes. Together, the discount, underwriting fees and offering expenses will be amortized over the respective terms of the Senior Notes using the effective interest method. The Company recognized interest expense related to the Senior Notes of $55.3 million in each of fiscal 2023 and 2022 and $2.5 million in fiscal 2021, using an effective interest rate of 3.28% on the 2032 Notes and 4.18% on the 2052 Notes.
The carrying values of the Senior Notes were as follows for the fiscal years presented (in thousands):
Fiscal 2023Fiscal 2022
2032 Notes2052 NotesTotal2032 Notes2052 NotesTotal
Principal$750,000 $750,000 $1,500,000 $750,000 $750,000 $1,500,000 
Discounts and issuance costs(6,832)(9,908)(16,740)(7,572)(10,092)(17,664)
Carrying amount$743,168 $740,092 $1,483,260 $742,428 $739,908 $1,482,336 
Redemption
The Company may redeem the Senior Notes, at its option, in whole or in part, at any time and from time-to-time prior to (i) in the case of the 2032 Notes, October 15, 2031 (the date that is three months before the maturity date of the 2032 Notes), and (ii) in the case of the 2052 Notes, July 15, 2051 (the date that is six months before the maturity date of the 2052 Notes) (the applicable date with respect to each such series of Senior Notes, the “Applicable Par Call Date”), in each case, at a “make-whole” price described in the Supplemental Indenture plus accrued and unpaid interest to, but excluding, the redemption date. In addition, on or after the Applicable Par Call Date, the Company may redeem either series of the Senior Notes, at its option, in whole or in part, at any time and from time-to-time, at a redemption price equal to 100% of the principal amount of the Senior Notes of such series to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.
Change in Control
In the event of certain change of control triggering events with respect to the Senior Notes of either series (subject to certain exceptions), the Company will be required to make an offer to each holder of the applicable Notes of such series to repurchase all or part of its Senior Notes of such series at a purchase price in cash equal to 101% of the principal amount of such Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase.
Covenants
The Indenture contains certain covenants that, among other things, restrict the Company’s and certain of its subsidiaries’ ability to incur certain indebtedness secured by liens on certain assets and limit the ability of the Company to make certain fundamental changes, in each case subject to a number of exceptions and qualifications described in the Indenture. The Indenture also provides for customary events of default which, if any of them occur, would permit or require the principal of and accrued interest on the Senior Notes to become or to be declared due and payable, as applicable. The Company was in compliance with its covenants at February 3, 2024.
v3.24.1
Convertible Senior Notes
 12 Months Ended
Feb. 03, 2024
Convertible Senior Notes [Abstract]  
Convertible Senior Notes Convertible Senior Notes
Overview
In April 2020, the Company closed on an aggregate $575.0 million of 3.25% Convertible Senior Notes due 2025, including the exercise of the full $75.0 million over-allotment option, receiving proceeds of $557.6 million, net of $17.4 million of transaction fees and other third-party offering expenses. The Convertible Senior Notes accrued interest at a rate of 3.25% per annum, payable semi-annually in arrears on April 15 and October 15 and was subject to early conversion terms, under which the Company could settle the Convertible Senior Notes for cash, shares of the Company’s stock, or a combination thereof, at the Company’s option.
In connection with the issuance of the Convertible Senior Notes, the Company purchased a bond hedge to offset the potential dilution to stockholders from the conversion of the Convertible Senior Notes, partially offsetting its cost by selling warrants to acquire shares of the Company’s common stock. These transactions effectively increased the conversion price associated with the Convertible Senior Notes.
Fiscal 2022 Convertible Senior Notes Exchanges and Fiscal 2023 Retirement
During fiscal 2022 and fiscal 2023, the Company entered into multiple agreements with certain holders of the Convertible Senior Notes to exchange, and ultimately retire in the first quarter of fiscal 2023, all of its Convertible Senior Notes and all accrued and unpaid interest for a combination of cash and shares of the Company’s common stock. Concurrently with each of the exchange transactions, the Company entered into agreements with certain counterparties to terminate a proportionate amount of the bond hedge and warrant agreements (collectively, the “Notes Exchanges”).
In connection with the fiscal 2022 Notes Exchanges, the Company recognized pre-tax non-cash inducement charges of $23.3 million, which were recorded within interest expense on the Consolidated Statement of Income, paid a total of $515.9 million to noteholders to redeem the principal amount of the Convertible Senior Notes with a carrying value of $507.0 million, and issued 9.8 million shares of the Company's common stock to terminate the proportionate amount of the bond hedge and warrants.
The retirement of the remaining $59.1 million of Convertible Senior Notes in the first quarter of fiscal 2023 was substantially settled by shares of the Company’s common stock, and together with the termination of the bond hedge and warrants, the Company issued 1.7 million shares of its common stock and recorded $58.5 million to additional paid-in-capital.
As of the end of fiscal 2023, the Company no longer has outstanding Convertible Senior Notes, bond hedges or warrants.
Financial Statement Impacts
The components of the net carrying value of the Convertible Senior Notes at January 28, 2023 is as follows (in thousands):
Principal$59,127 
Debt discount and issuance fees(856)
Carrying amount$58,271 
During fiscal 2023 and 2022, the Company recognized interest expense related to the Convertible Senior Notes of $0.5 million and $36.6 million, respectively, or $0.3 million and $27.1 million, net of tax, which included the aforementioned inducement charges. Prior to the adoption of ASU 2020-06, the Company recognized $49.5 million of interest expense related to the Convertible Senior Notes in fiscal 2021, of which $30.8 million was attributed to non-cash amortization of the debt discount and issuance fees. Refer to Note 1 – Basis of Presentation and Summary of Significant Accounting Policies for further information.
v3.24.1
Fair Value Measurements
 12 Months Ended
Feb. 03, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820, “Fair Value Measurement and Disclosures”, outlines a valuation framework and creates a fair value hierarchy for assets and liabilities as follows:
Level 1:  Observable inputs such as quoted prices in active markets;
Level 2:  Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3:  Unobservable inputs in which there is little or no market data, which require the reporting entity to develop
its own assumptions.
Recurring
The Company records in its Consolidated Balance Sheets deferred compensation plan assets held in trust at fair value on a recurring basis using Level 1 inputs. Such assets consist of investments in various mutual and money market funds made by eligible individuals as part of the Company’s deferred compensation plans, as discussed in Note 15 – Retirement Savings Plans. As of February 3, 2024 and January 28, 2023, the fair value of the Company’s deferred compensation plans was $137.9 million and $133.5 million, respectively.
The Company discloses the fair value of its Senior Notes and Convertible Senior Notes using Level 2 inputs, which are based on quoted prices for similar or identical instruments in inactive markets, as follows (in thousands):
February 3, 2024January 28, 2023
Carrying ValueFair ValueCarrying ValueFair Value
2032 Notes$743,168 $633,915 $742,428 $613,403 
2052 Notes$740,092 $535,470 $739,908 $525,120 
Convertible Senior Notes (1)
$— $— $58,271 $232,488 
(1) The Company’s Convertible Senior Notes were fully retired on April 18, 2023.
Due to their short-term nature, the fair values of cash and cash equivalents, accounts receivable, accounts payable and certain other liabilities approximated their carrying values at both February 3, 2024 and January 28, 2023.
Nonrecurring
Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis may include property and equipment, operating lease assets, goodwill and other intangible assets, equity and other assets. These assets are required to be assessed for impairment when events or circumstances indicate that the carrying value may not be recoverable, and at least annually for goodwill and indefinite-lived intangible assets. If an impairment is required, the asset is adjusted to fair value using Level 3 inputs.
During fiscal 2023, the Company completed a business optimization to better align its talent, organizational design and spending in support of its most critical strategies while also streamlining its overall cost structure (the “Business Optimization”). As part of the Business Optimization, the Company eliminated certain positions primarily at its CSC and optimized its outdoor business, which included the integration of its Moosejaw and Public Lands operations, decisions about their go-forward inventory assortment and a comprehensive review of their store portfolios and closure of ten Moosejaw stores. The Company incurred pre-tax charges of $84.8 million from its Business Optimization, including $46.1 million of non-cash impairments of store and intangible assets and a $12.0 million write-down of inventory. Additionally, the Company incurred $26.7 million of severance-related costs, of which $9.6 million remains to be paid over the next 12 months. The $12.0 million write-down of inventory is reflected within cost of goods sold, while the remaining $72.8 million of severance-related costs and non-cash impairments are reflected within selling, general and administrative expenses on the Consolidated Statement of Income. Depreciation and amortization on the Consolidated Statement of Cash Flows includes $35.5 million of non-cash impairment of store assets from these actions.
During fiscal 2022, the Company decided to exit the Field & Stream brand (the “Field & Stream Exit”) and converted the then existing 17 Field & Stream stores to DICK’S House of Sport stores, expanded DICK’S Sporting Goods stores, or other specialty concept stores. The Company closed twelve of these stores for conversion during the fourth quarter of 2022 and incurred pre-tax charges totaling $30.1 million, which included $28.5 million of non-cash impairment of store assets, $0.8 million of severance and a $0.7 million write-down of inventory. The $28.5 million non-cash impairment of store assets is reflected within selling, general and administrative expenses on the Consolidated Statement of Net Income and within depreciation and amortization on the Consolidated Statement of Cash Flows.
v3.24.1
Stockholders' Equity
 12 Months Ended
Feb. 03, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock, Class B Common Stock and Preferred Stock 
The Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of 200,000,000 shares of common stock, par value $0.01 per share, and the issuance of 40,000,000 shares of Class B common stock, par value $0.01 per share. In addition, the Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock.
Holders of common stock generally have rights identical to holders of Class B common stock, except that holders of common stock are entitled to one vote per share and holders of Class B common stock are entitled to ten votes per share. A related party, relatives of the related party and their trusts hold all outstanding Class B common stock, which can only be held by members of this group. Class B common shares are not publicly tradable. Each share of Class B common stock can be converted at any time into one share of common stock at the holder’s option.
Dividends per Common Share 
The Company declared aggregate cash dividends of $4.00, $1.95 and $7.10 per share of common stock and Class B common stock during fiscal 2023, 2022 and 2021, respectively, which resulted in cash payments for dividends of $351.2 million, $163.1 million and $603.0 million, respectively. Fiscal 2021 included a special dividend of $5.50 per share on the Company’s common stock and Class B common stock declared in August 2021.
Treasury Stock 
As of January 30, 2021, the Company had approximately $1.031 billion collectively remaining under two five-year $1.0 billion share repurchase programs originally authorized by its Board of Directors on March 16, 2016 and June 12, 2019, respectively, both of which were fully exhausted during fiscal 2021. On December 16, 2021, the Company’s Board of Directors authorized an additional five-year share repurchase program of up to $2.0 billion of its common stock, which the Company may suspend or discontinue at any time.
Total shares repurchased and amounts paid under the Company’s current and prior authorizations during the last three fiscal years are presented below (in thousands):
 
Fiscal Year
 
20232022
2021 (1)
Shares of common stock repurchased5,4394,97110,788
Treasury stock acquired during the fiscal year, including excise tax$649,820 $426,723 $1,176,366 
(1) Fiscal 2021 included $31.7 million of cash settlements for 0.3 million shares of treasury stock that were paid in the first week of fiscal 2022.

As of February 3, 2024, the Company had $779.6 million remaining under the December 2021 authorization.
v3.24.1
Income Taxes
 12 Months Ended
Feb. 03, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes
The components of the provision for income taxes are as follows for the fiscal years presented (in thousands):
202320222021
Current:
  
Federal
$212,369 $253,776 $364,997 
State
55,920 63,734 93,119 
Total current provision268,289 317,510 458,116 
Deferred:
  
Federal
4,301 15,074 15,992 
State
(958)8,026 459 
Total deferred provision3,343 23,100 16,451 
Total provision
$271,632 $340,610 $474,567 

The Company’s effective income tax rate differs from the federal statutory rate as follows for the fiscal years presented:
202320222021
Federal statutory rate
21.0 %21.0 %21.0 %
State tax, net of federal benefit
4.2 %4.1 %4.0 %
Excess tax benefit related to stock-based compensation(4.9)%(1.9)%(1.2)%
Eliminated bond hedge deduction following Convertible Senior Notes exchanges0.2 %1.6 %— %
Other permanent items
0.1 %(0.2)%— %
Effective income tax rate
20.6 %24.6 %23.8 %
Components of deferred tax assets (liabilities) consist of the following as of the end of the fiscal years presented (in thousands):
20232022
Operating lease liabilities$725,656 $689,319 
Inventory
50,840 45,612 
Employee benefits and withholdings47,780 47,351 
Stock-based compensation
16,440 15,739 
Gift cards
22,364 20,500 
Deferred revenue currently taxable
864 495 
Other accrued expenses not currently deductible for tax purposes15,896 15,660 
Net operating loss carryforward
55 166 
Non income-based tax reserves4,984 5,228 
Uncertain income tax positions965 526 
Insurance
3,438 3,275 
Convertible Senior Notes— 3,537 
Other
1,596 1,616 
Total deferred tax assets
890,878 849,024 
Operating lease assets(577,599)(553,138)
Property and equipment
(243,150)(214,654)
Inventory valuation
(26,676)(31,011)
Intangibles
(2,087)(5,648)
Prepaid expenses
(3,520)(3,384)
Total deferred tax liabilities
(853,032)(807,835)
Net deferred tax asset
$37,846 $41,189 
The deferred tax asset from net operating loss carryforwards of $0.1 million represents state net operating losses, which expire in 2034. The net deferred tax asset balances at February 3, 2024 and January 28, 2023 were included within long-term assets on the Consolidated Balance Sheets.
Under the Tax Cuts and Jobs Act of 2017, a one-time transition tax resulted in the elimination of the excess of the amount of financial reporting basis over the tax basis in the foreign subsidiaries and subjected $66.6 million of undistributed foreign earnings to tax. No additional income taxes have been provided for any remaining undistributed foreign earnings or foreign withholdings and US state taxes not subject to the one-time transition tax, as the Company intends to permanently reinvest the earnings from foreign subsidiaries outside the United States.
Unrecognized Tax Benefits
The following table provides a reconciliation of the Company’s total balance of unrecognized tax benefits, excluding interest and penalties (in thousands):
202320222021
Beginning of fiscal year
$1,058 $1,058 $1,058 
Increases as a result of tax positions taken in a prior period
1,463 6 193 
Decreases as a result of tax positions taken in a prior period
— — — 
Increases as a result of settlements during the current period364 — — 
Decreases as a result of settlements during the current period
(34)(6)(193)
Reductions as a result of a lapse of statute of limitations during the current period
— — — 
End of fiscal year
$2,851 $1,058 $1,058 
The balance at February 3, 2024 includes $2.3 million of unrecognized tax benefits that would impact our effective tax rate if recognized. The Company recognizes accrued interest and penalties from unrecognized tax benefits in income tax expense.
As of February 3, 2024 the Company’s total liability for uncertain tax positions, including $2.2 million for interest and penalties, was approximately $5.0 million. The Company recorded $0.7 million, $0.1 million and $0.1 million during fiscal 2023, 2022 and 2021, respectively, for the accrual of interest and penalties in the Consolidated Statements of Income. The Company does not anticipate that changes in its unrecognized tax benefits will have a material impact on the Consolidated Statements of Income during fiscal 2024.
Audits
The Company participates in the Internal Revenue Service (“IRS”) Compliance Assurance Program (“CAP”). As part of CAP, tax years are audited on a contemporaneous basis so that all or most issues are resolved prior to the filing of the tax return. For tax years 2023 and 2022, the Company was accepted to the CAP Compliance Maintenance phase during which the IRS evaluates the necessary level of review based on complexity and other factors. The IRS has completed its examination for tax year 2022. For tax years 2021 and 2020, the Company was accepted into the CAP Bridge phase during which it is not the intent of the IRS to examine the tax return. Acceptance into the Bridge phase is based on a taxpayer’s low risk of noncompliance and having few, if any, material issues. The IRS has completed examinations of 2019 and all prior tax years. The Company is no longer subject to examination in any of its major state jurisdictions for years prior to 2019.
Recent Tax Legislation
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 that included, among other provisions, changes to the U.S. corporate income tax system, including implementing a 15% minimum tax on adjusted financial statement income for certain large corporations, a 1% excise tax on net stock repurchases after December 31, 2022 and tax incentives to promote alternative sources of energy. The Company determined the Inflation Reduction Act did not have a material impact on our financial results, including on our annual estimated effective tax rate or on our liquidity.
The Organization for Economic Cooperation and Development introduced a framework to implement a global 15% minimum corporate tax (“Pillar Two”). The European Union issued a directive to its member states to enact the Pillar Two in their local laws effective after December 2023. A number of other countries are expected to implement similar legislation with effective dates in the future. The Company is continuing to evaluate and does not currently anticipate that Pillar Two legislation will have a material impact on the Company’s financial condition, results of operations, cash flows or disclosures.
v3.24.1
Stock-Based Compensation
 12 Months Ended
Feb. 03, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company has the ability to grant restricted and performance-based restricted stock, including shares and units, and options to purchase common stock under the 2012 Plan, under which 7,203,516 shares of common stock were available for future issuance at the end of fiscal 2023. The following table provides total stock-based compensation recognized in the Consolidated Statements of Income for the fiscal years presented (in thousands):
202320222021
Restricted stock expense
$36,196 $36,261 $32,103 
Performance-based restricted stock expense19,053 10,585 15,359 
Stock option expense
2,036 3,757 5,338 
Total stock-based compensation expense$57,285 $50,603 $52,800 
Total related tax benefit$10,616 $9,730 $9,927 
Restricted Stock
The Company issues shares of restricted stock to eligible employees, which are subject to forfeiture until the end of the applicable vesting period. Restricted stock awards generally vest on the third anniversary of the date of grant, subject to the employee’s continuing employment as of that date. The fair value of restricted stock is determined on the date of grant using the Company’s stock price.
Restricted stock activity for fiscal 2023 is presented in the following table:
Restricted Stock
SharesWeighted Average Grant Date Fair ValueIntrinsic Value
(in millions)
Nonvested, January 28, 20232,915,923 $42.47 $368.1 
Granted451,696 126.11 
Vested(2,085,616)19.05 
Forfeited(125,857)108.87 
Nonvested, February 3, 20241,156,146 $110.17 $180.3 

As of February 3, 2024, total unrecognized compensation expense, net of estimated forfeitures, from nonvested shares of restricted stock was approximately $52.7 million, which the Company expects to recognize over a weighted average period of approximately 1.43 years.
Performance-based Restricted Stock
The Company issues performance-based restricted stock to eligible employees in support of the Company’s strategic initiatives. Performance-based restricted stock, including shares and units, generally vest on the third anniversary of the date of grant and are subject to the employees’ continued employment as of that date. Additionally, the number of awards vesting depends upon the achievement of certain performance criteria for the fiscal year in which they are granted, which can result in a payout range of 0% to 200% of the original award amount. The fair value of performance-based restricted stock is based on the Company’s stock price on the date of grant. Awards issued during fiscal 2023 assumed target, or 100%, attainment of the shares or units, which approximates the projected attainment for awards at vest date as of February 3, 2024.
Performance-based restricted stock activity for fiscal 2023 is presented in the following table:
Performance-based Restricted Stock
Shares/UnitsWeighted Average Grant Date Fair ValueIntrinsic Value
(in millions)
Nonvested, January 28, 2023341,067 $86.54 $43.1 
Granted246,719 146.90 
Vested(835)79.38 
Forfeited(43,234)109.41 
Nonvested, February 3, 2024
543,717 $112.12 $84.8 
As of February 3, 2024, total unrecognized compensation expense, net of estimated forfeitures, from nonvested shares of performance-based restricted stock was approximately $24.0 million, which the Company expects to recognize over a weighted average period of approximately 0.97 years.
Stock Options
Historically, the Company has granted stock options to certain teammates, which vested 25% per year over four years and had a seven-year contractual life. When options are exercised, the Company issues new shares of common stock.
The fair value of stock options is measured on their grant date and is recognized as expense, net of estimated forfeitures, on a straight-line basis over the requisite service period using the Black-Scholes option valuation model. The Company did not grant any stock options during fiscal 2023 and 2022. The following weighted-average assumptions were used in the Black-Scholes option valuation model for awards granted during fiscal 2021 as presented:
 

2021
Exercise price$72.40
Expected term (years) 
4.80
Expected volatility47.97 %
Risk-free interest rate 
0.73%
Expected dividend yield
2.00%
Weighted average grant date fair value$25.20
The risk-free interest rate is determined by using the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the option, which represents the estimated period of time until exercise and is based on historical experience of similar awards giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. The expected dividend yield and volatility are based on historical stock prices and dividend amounts over preceding periods equal in length to the expected life of the options. The Company applies an estimated forfeiture rate that is calculated based on historical activity. The assumptions used to calculate an option’s fair value are evaluated and revised, as necessary, to reflect market conditions and the Company’s experience.
Fiscal 2023 stock option activity is presented in the following table:
Shares Subject to OptionsWeighted Average Exercise Price per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in millions)
Outstanding, January 28, 20232,711,481 $19.96 3.46$288.1 
Exercised(592,351)24.62 
Forfeited / Expired(59,104)16.75 
Outstanding, February 3, 20242,060,026 $18.72 2.61$282.7 
Exercisable, February 3, 20241,559,024 $20.80 2.44$210.7 
Vested or expected to vest, February 3, 20242,055,934 $18.71 2.61$282.2 
At February 3, 2024, unrecognized compensation expense related to outstanding stock options that have not yet vested was approximately $0.3 million, net of estimated forfeitures. Compensation expense related to these options is expected to be recognized over a weighted average period of approximately 0.1 years.
The following table presents stock option information for the last three fiscal years (in millions):
202320222021
Total intrinsic value of stock options exercised$69.2 $71.4 $37.1 
Income tax benefit from the exercise of stock options$13.7 $11.6 $6.8 
Total fair value of stock options vested$3.3 $4.9 $6.3 
v3.24.1
Retirement Savings Plans
 12 Months Ended
Feb. 03, 2024
Retirement Benefits [Abstract]  
Retirement Savings Plans Retirement Savings Plans
The Company’s retirement plan, established pursuant to Section 401(k) of the Internal Revenue Code, covers all active employees over the age of 18 following one month of service with the Company. Effective January 1, 2022, the Company amended and restated its retirement savings plan and elected a Safe Harbor 401(k) plan design. The Company’s matching contributions under the Safe Harbor 401(k) plan are made bi-weekly, vest immediately and are equal to 100% of each eligible participant’s tax-deferred contributions up to 4% of the participant’s compensation plus 50% of the eligible participant’s tax-deferred contributions up to the next 2% of compensation. Under the previous 401(k) plan, the Company made an annual discretionary matching contribution equal to a percentage of each participant’s contribution, which vested over a period of three years, up to 10% of the participant’s compensation. The Company’s discretionary matching contribution under the previous 401(k) plan was 75% during fiscal 2021. Total employer contributions recorded under the plans, net of forfeitures, were $34.8 million, $31.6 million and $24.1 million in fiscal 2023, 2022 and 2021, respectively.
The Company also has non-qualified deferred compensation plans for highly compensated employees whose contributions were limited under the qualified defined contribution plans. Amounts contributed and deferred under the deferred compensation plans are credited or charged with the performance of investment options offered under the plans and elected by the participants. In the event of bankruptcy, the assets of these plans are available to satisfy the claims of general creditors. The liability for compensation deferred under the Company’s plans was $137.9 million and $133.5 million as of February 3, 2024 and January 28, 2023, respectively, and is included within long-term liabilities on the Consolidated Balance Sheets. Total employer contributions recorded under these plans, net of forfeitures, was $1.4 million, $1.8 million and $6.2 million in fiscal 2023, 2022 and 2021, respectively. Following the Company’s change to the Safe Harbor 401(k) plan on January 1, 2022, the Company eliminated future deferrals for one of its non-qualified plans, which affected subsequent employer contributions.
v3.24.1
Subsequent Event
 12 Months Ended
Feb. 03, 2024
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On March 13, 2024, the Company’s Board of Directors declared a quarterly cash dividend in the amount of $1.10 per share on the Company’s common stock and Class B common stock payable on April 12, 2024 to stockholders of record as of the close of business on March 29, 2024.
v3.24.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Feb. 03, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
(in thousands)
Balance at Beginning of PeriodCharged to Costs and ExpensesDeductionsBalance at End of Period
Fiscal 2021     
Inventory reserve$35,555 $4,421  $(14,410)$25,566 
Allowance for credit losses2,661 4,298  (3,752)3,207 
Reserve for sales returns14,468 591,723 (589,784)16,407 
Fiscal 2022     
Inventory reserve$25,566 $52,933  $(26,323)$52,176 
Allowance for credit losses3,207 3,305  (3,649)2,863 
Reserve for sales returns16,407 652,863 (650,249)19,021 
Fiscal 2023     
Inventory reserve$52,176 $68,202  $(46,582)$73,796 
Allowance for credit losses2,863 1,770 
 
(2,078)2,555 
Reserve for sales returns19,021 706,359 (702,951)22,429 
v3.24.1
Insider Trading Arrangements
 3 Months Ended
Feb. 03, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Feb. 03, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Fiscal Year
Fiscal Year
The Company’s fiscal year ends on the Saturday closest to the end of January. Unless otherwise stated, references to years in this Annual Report on Form 10-K relate to fiscal years, rather than to calendar years. Fiscal years 2023, 2022 and 2021 ended on February 3, 2024, January 28, 2023 and January 29, 2022, respectively. All fiscal years presented include 52 weeks of operations except fiscal 2023, which includes 53 weeks.
Principles of Consolidation
Principles of Consolidation
The Consolidated Financial Statements include DICK’S Sporting Goods, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates in the Preparation of Financial Statements
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents / Cash Management
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand and all highly liquid instruments purchased with a maturity of three months or less at the date of purchase. Cash equivalents primarily consist of money market funds and commercial paper and are stated at carrying value, which approximates fair value, and are considered Level 1 investments. Interest income was $79.7 million, $27.4 million and $0.6 million for fiscal 2023, 2022 and 2021, respectively.
Cash and cash equivalents were comprised of the following for the fiscal years presented (in thousands):
20232022
Cash (1)
$603,820 $725,604 
Money market funds1,197,400 911,400 
Commercial paper— 287,382 
Total cash and cash equivalents$1,801,220 $1,924,386 
(1)Cash includes amounts due from third-party financial institutions for the settlement of credit card and debit card transactions, which typically process within three business days.
Cash Management
The Company’s cash management system provides for the reimbursement of all major bank disbursement accounts on a daily basis. Accounts payable at February 3, 2024 and January 28, 2023 include $56.8 million and $7.4 million, respectively, of checks drawn in excess of cash balances not yet presented for payment.
Accounts Receivable
Accounts Receivable
Accounts receivable primarily consist of amounts due from vendors and landlords. The amount of accounts receivable due from landlords as of February 3, 2024 and January 28, 2023, was $72.7 million and $34.3 million, respectively. The Company’s allowance for credit losses totaled $2.6 million and $2.9 million at February 3, 2024 and January 28, 2023, respectively.
Inventories
Inventories, net
Inventories are stated at the lower of weighted average cost and net realizable value. Inventory costs consist of the direct cost of merchandise including freight. Inventories are net of shrinkage, obsolescence, other valuation accounts and vendor allowances, totaling $167.7 million and $139.5 million at February 3, 2024 and January 28, 2023, respectively.
Property and Equipment
Property and Equipment
Property and equipment are recorded at cost and include finance leases. Renewals and betterments are capitalized. Repairs and maintenance are expensed as incurred.
Depreciation is computed using the straight-line method over the following estimated useful lives:
Buildings
40 years
Leasehold improvements
10-25 years
Furniture, fixtures and equipment
3-7 years
Computer software
3-10 years
For leasehold improvements and property and equipment under finance lease agreements, depreciation is calculated using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. Leasehold improvements made after lease commencement are depreciated over the shorter of their estimated useful lives or the remaining lease term, including renewal periods, if reasonably assured. The Company recognized depreciation expense of $353.8 million, $332.3 million and $315.7 million in fiscal 2023, 2022 and 2021, respectively.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Company evaluates its long-lived assets and assesses whether the carrying values have been impaired whenever events and circumstances indicate that the carrying values of these assets may not be recoverable based on estimated undiscounted future cash flows. An impairment loss is recognized when the estimated undiscounted cash flows expected to result from the use of the asset plus eventual net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value as determined based on quoted market prices or through the use of other valuation techniques. The related impairment expense is recorded within selling, general and administrative expenses on the Consolidated Statements of Income.
Goodwill
Goodwill
Goodwill represents the excess of acquisition cost over the fair value of the net assets of acquired entities. The Company assesses the carrying value of goodwill annually or whenever circumstances indicate that a decline in value may have occurred.
The Company’s goodwill impairment test compares the fair value of each reporting unit to its carrying value. The Company determines the fair value of its reporting units using a combination of the income approach, by using a discounted cash flow model, and a market value approach. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, an impairment charge to selling, general and administrative expenses is recorded to reduce the carrying value to the fair value. A reporting unit is the operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by management.
Intangible Assets
Intangible Assets
Intangible assets consist of both indefinite-lived and finite-lived assets. The Company’s intangible assets are primarily indefinite-lived, consisting mostly of trademarks and acquired trade names, which the Company tests annually for impairment, or whenever circumstances indicate that a decline in value may have occurred, using Level 3 inputs. The Company estimates the fair value of these intangible assets based on an income approach using the relief-from-royalty method.
The Company’s finite-lived intangible assets consist primarily of customer lists and other acquisition-related assets. Finite-lived intangible assets are amortized over their estimated useful economic lives and are reviewed for impairment when factors indicate that an impairment may have occurred. The Company recognizes an impairment charge when the estimated fair value of the intangible asset is less than its carrying value.
Self-Insurance
Self-Insurance
The Company is self-insured for certain losses related to health, workers' compensation and general liability insurance, although we maintain stop-loss coverage with third-party insurers to limit our liability exposure. Liabilities associated with these losses are estimated in part by considering historical claims experience, industry factors, severity factors and other actuarial assumptions.
Pre-opening Expenses
Pre-opening Expenses
Pre-opening expenses, which consist primarily of rent, marketing, payroll, recruiting and other store preparation costs are expensed as incurred. Rent is recognized within pre-opening expense from the date the Company takes possession of a site through the date of store opening and during periods when stores are closed for remodeling.
Earnings Per Common Share
Earnings Per Common Share
Basic earnings per common share is computed based on the weighted average number of shares of common stock outstanding for a given period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock outstanding, plus the effect of dilutive potential common shares, which include shares the Company could have been obligated to issue from its Convertible Senior Notes and warrants prior to their retirement in the first quarter of fiscal 2023, and stock-based awards, such as stock options and restricted stock. Dilutive potential common shares are excluded from the computation of earnings per share if their effect is anti-dilutive.
For all periods presented, dilutive potential common shares for the Company’s stock-based awards and warrants were determined using the treasury stock method. For fiscal year 2021, the dilutive effect of the Convertible Senior Notes was calculated using the treasury stock method; however, upon the adoption of ASU 2020-06, the Company was required to calculate diluted earnings per common share using the if-converted method, which was applied to fiscal years 2023 and 2022. Refer to Recently Adopted Accounting Pronouncements below for further discussion.
Stock-Based Compensation
Stock-Based Compensation
The Company has the ability to grant teammates a number of different stock-based awards, including restricted shares of common stock, restricted stock units and stock options to purchase common stock, under the DICK’S Sporting Goods, Inc. Amended and Restated 2012 Stock and Incentive Plan (the “2012 Plan”). The Company records stock-based compensation expense based on the fair value of stock awards at the grant date, and recognizes the expense over the employees’ service periods, net of estimated forfeitures.
Income Taxes
Income Taxes
The Company utilizes the asset and liability method of accounting for income taxes and provides deferred income taxes for temporary differences between the amounts reported for assets and liabilities for financial statement purposes and for income tax reporting purposes, using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit that will more likely than not be realized upon ultimate settlement. Interest and penalties from income tax matters are recognized in income tax expense.
Revenue Recognition
Revenue Recognition
Sales Transactions
Revenue is recognized upon satisfaction of all contractual performance obligations and transfer of control to the customer and is measured as the amount of consideration to which the Company expects to be entitled to in exchange for corresponding goods or services. Substantially all of the Company’s sales are single performance obligation arrangements for retail sale transactions for which the transaction price is equivalent to the stated price of the product or service, net of any stated discounts applicable at a point in time. Each sales transaction results in an implicit contract with the customer to deliver a product or service at the point of sale. Revenue from retail sales is recognized at the point of sale. Sales tax amounts collected from customers that are assessed by a governmental authority are excluded from revenue.
Revenue from eCommerce sales, including vendor-direct sales arrangements, is recognized upon shipment of merchandise. Shipping and handling activities occurring subsequent to the transfer of control to the customer are accounted for as fulfillment costs rather than as a promised service. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded.
Deferred Revenue
Revenue from gift cards and returned merchandise credits (collectively the “cards”) is deferred and recognized upon their redemption. Income from unredeemed cards is recognized on the Consolidated Statements of Income within net sales in proportion to the pattern of rights exercised by the customer in future periods. The Company performs an evaluation of historical redemption patterns from the date of original issuance to estimate future period redemption activity. During the fiscal years ended February 3, 2024 and January 28, 2023, the Company recognized $27.6 million and $19.9 million of gift card breakage revenue, respectively, and experienced approximately $111.3 million and $106.2 million of gift card redemptions in fiscal 2023 and fiscal 2022, respectively, that had been included in its gift card liability as of January 28, 2023 and January 29, 2022, respectively. Based on the Company’s historical experience, the majority of gift card revenue is recognized within 12 months of deferral. The cards have no expiration date.
Loyalty program points are accrued at the estimated retail value per point, net of estimated breakage. The Company estimates the breakage of loyalty points based on historical redemption rates experienced within the loyalty program. Based on the Company’s customer loyalty program policies, the majority of program points earned are redeemed or expire within 12 months. Refer to Note 6 – Deferred Revenue and Other Liabilities for additional information regarding the amount of these liabilities at February 3, 2024 and January 28, 2023.
Net sales by category
The following table disaggregates the amount of net sales attributable to hardlines, apparel and footwear for the last three fiscal years (in millions):
 
Fiscal Year
202320222021
Hardlines (1)
$4,915.5 $4,952.2 $5,407.9 
Apparel
4,329.8 4,218.1 4,131.2 
Footwear (2)
3,388.7 2,979.1 2,562.8 
Other (3)
350.4 218.8 191.5 
Total net sales$12,984.4 $12,368.2 $12,293.4 
(1)Includes items such as sporting goods equipment, fitness equipment, golf equipment and fishing gear.
(2)Includes athletic shoes for running, walking, tennis, fitness and cross training, basketball and hiking. In addition, this category also includes specialty footwear, including casual footwear and a complete line of cleats for team sports.
(3)Includes the Company’s non-merchandise sales categories, including in-store services, shipping and GameChanger revenues.
Cost of Goods Sold
Cost of Goods Sold
Cost of goods sold includes: the cost of merchandise (inclusive of vendor allowances, inventory shrinkage and inventory write-downs for the lower of cost or net realizable value); freight; distribution; shipping; and store occupancy costs. The Company defines merchandise margin as net sales less the cost of merchandise sold. Store occupancy costs include rent, common area maintenance charges, real estate and other asset-based taxes, general maintenance, utilities, depreciation and certain insurance expenses.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses
Selling, general and administrative expenses include store and field support payroll and fringe benefits, advertising, bank card charges, operating costs associated with the Company’s internal eCommerce platform, information systems, marketing, legal, accounting, other store expenses and all expenses associated with operating the Company’s Customer Support Center (“CSC”).
Advertising Costs
Advertising Costs
Production costs for all forms of advertising and the costs to run the advertisements are expensed the first time the advertisement takes place. Advertising expense, net of cooperative advertising, was $478.1 million, $412.2 million and $410.9 million for fiscal 2023, 2022 and 2021, respectively.
Business Development Allowances
Business Development Allowances
Business development allowances include allowances, rebates and cooperative advertising funds received from vendors. These funds are determined for each fiscal year and the majority are based on various quantitative contract terms. Amounts expected to be received from vendors for the purchase of merchandise inventories (“vendor allowances”) are recognized as a reduction of cost of goods sold as the merchandise is sold. Amounts that represent a reimbursement of advertising costs incurred, commonly referred to as cooperative advertising, are recorded as a reduction to the related expense in the period that the expense is incurred.
Segment Information
Segment Information
The Company is a specialty omni-channel retailer that offers a broad range of products in its specialty retail stores, which are primarily located in the eastern United States. Given the economic characteristics of the store formats, the similar nature of the products sold, the type of customer and method of distribution, the Company’s operating segments are aggregated within one reportable segment. Refer to Revenue Recognition within this Note for additional disclosure of net sales by merchandise category.
Construction Allowances
Construction Allowances
Substantially all of the Company’s store locations are leased. The Company may receive reimbursement from a landlord for a portion of the cost of the structure, subject to satisfactory fulfillment of applicable lease provisions. These reimbursements may be referred to as tenant allowances or construction allowances provided by landlords (“construction allowances”). The Company’s accounting for construction allowances differs depending on whether the Company is deemed to have control of the underlying asset prior to commencement of the lease.
•If the Company is not deemed to have control of the underlying asset prior to lease commencement, reimbursement from a landlord for tenant improvements is classified as a lease incentive and included as a reduction to the related operating lease asset on the Consolidated Balance Sheets. The incentive is amortized as part of operating lease expense on a straight-line basis over the term of the lease. Landlord reimbursements from these transactions are included in cash flows from operating activities as a change in construction allowances provided by landlords.
•If the Company is deemed to have control of the underlying asset prior to lease commencement, a sale and leaseback of the asset occurs when construction of the asset is complete and the lease term begins, if relevant sale-leaseback accounting criteria are met. Any gain or loss from the transaction is recorded in the period in which control of the underlying asset is relinquished back to the lessor. The Company reports the amount of cash received for the construction allowance as construction allowance receipts within the financing activities section of its Consolidated Statements of Cash Flows when such allowances are received prior to completion of the sale-leaseback transaction. The Company reports the amount of cash received from construction allowances as proceeds from sale leaseback
transactions within the investing activities section of its Consolidated Statements of Cash Flows when such amounts are received after the sale-leaseback accounting criteria have been achieved.
Leases
Leases
The Company determines whether a contract is or contains a lease at contract inception. Operating lease assets and liabilities are recognized at the lease’s commencement date based on the present value of remaining fixed lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of the Company’s leases, the Company uses its incremental borrowing rate based on the information available at a lease’s commencement date to determine the present value of lease payments. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease asset also includes any fixed lease payments made, net of lease incentives, and initial direct costs incurred.
Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are generally expensed as incurred and may include certain index-based changes in rent and other non-fixed payments for services provided by the lessor. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s leases do not contain any material residual guarantees or material restrictive covenants.
The Company has lease agreements with non-lease components that relate to the lease components and elected the practical expedient to account for non-lease components, and the lease components to which they relate, as a single lease component for all classes of underlying assets. The Company also elected the practical expedient to not recognize short-term leases with an initial term of 12 months or less on the Consolidated Balance Sheet.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Convertible Instruments
In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40),” which removes the separation models for convertible debt with cash conversion or beneficial conversion features. ASU 2020-06 also requires the application of the if-converted method for calculating earnings per diluted share, under which the Company must assume that any conversion of its convertible senior notes due 2025 (the “Convertible Senior Notes”) will be satisfied entirely in common stock.
The Company adopted ASU 2020-06 on the first day of fiscal 2022 using the modified retrospective approach, which resulted in the following adjustments to the Consolidated Balance Sheet (in millions):
Last Day of Fiscal 2021Adoption of ASU 2020-06First Day of Fiscal 2022
Balance sheet line item
Convertible senior notes due 2025$449.3 $114.0 $563.3 
Net deferred tax assets$35.0 $29.3 $64.3 
Additional paid-in capital$1,488.8 $(119.0)$1,369.8 
Retained earnings$3,956.6 $34.2 $3,990.8 
Following the adoption of ASU 2020-06, the embedded conversion feature of the Convertible Senior Notes is no longer separately presented within stockholders’ equity, eliminating the non-cash debt discount. Accordingly, the Company’s effective interest rate on the Convertible Senior Notes decreased from 11.6% to 3.9% upon adoption, resulting in a $27.4 million reduction in pre-tax non-cash interest expense for fiscal 2022 as compared to fiscal 2021.
Despite the Company’s exchange of $515.9 million of principal in cash during fiscal 2022, the application of the if-converted method requires earnings per diluted share to reflect that the Convertible Senior Notes will be settled entirely in shares upon conversion. Prior to the adoption of ASU 2020-06, the Company used the treasury stock method which allowed the Company to assume that the principal amount of the Convertible Senior Notes would be paid in cash. The impact of adoption was not material to earnings per diluted share.
Supplier Finance Programs
In September 2022, the FASB issued ASU 2022-04, “Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which requires that a buyer in a supplier finance program disclose the key terms of its program along with information about obligations outstanding, including a roll-forward of those obligations. The Company adopted this ASU during the first quarter of fiscal 2023. The adoption did not have a significant impact on the Company’s financial condition, results of operations, cash flows or disclosures.
The Company has entered into supply chain financing arrangements with third-party financial institutions, whereby suppliers have the opportunity to settle outstanding payment obligations early at a discount. The Company does not have an economic interest in suppliers’ voluntary participation and the Company does not provide any guarantees or pledge assets under these arrangements. The Company settles invoices with the third-party financial institutions in accordance with the original supplier payment terms. The Company’s rights and obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by these arrangements. Liabilities associated with the funded participation in these arrangements, which are presented within accounts payable on the Consolidated Balance Sheets, were $45.9 million and $40.1 million as of February 3, 2024 and January 28, 2023, respectively.
Recently Issued Accounting Pronouncements
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (“CODM”). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that adoption of this accounting standard will have on its financial disclosures.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendments in this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures and are effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the impact that adoption of this accounting standard will have on its financial disclosures.
v3.24.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Feb. 03, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents
Cash and cash equivalents were comprised of the following for the fiscal years presented (in thousands):
20232022
Cash (1)
$603,820 $725,604 
Money market funds1,197,400 911,400 
Commercial paper— 287,382 
Total cash and cash equivalents$1,801,220 $1,924,386 
(1)Cash includes amounts due from third-party financial institutions for the settlement of credit card and debit card transactions, which typically process within three business days.
Schedule of estimated useful lives
Depreciation is computed using the straight-line method over the following estimated useful lives:
Buildings
40 years
Leasehold improvements
10-25 years
Furniture, fixtures and equipment
3-7 years
Computer software
3-10 years
Schedule of net sales attributable to hardlines, apparel and footwear
The following table disaggregates the amount of net sales attributable to hardlines, apparel and footwear for the last three fiscal years (in millions):
 
Fiscal Year
202320222021
Hardlines (1)
$4,915.5 $4,952.2 $5,407.9 
Apparel
4,329.8 4,218.1 4,131.2 
Footwear (2)
3,388.7 2,979.1 2,562.8 
Other (3)
350.4 218.8 191.5 
Total net sales$12,984.4 $12,368.2 $12,293.4 
(1)Includes items such as sporting goods equipment, fitness equipment, golf equipment and fishing gear.
(2)Includes athletic shoes for running, walking, tennis, fitness and cross training, basketball and hiking. In addition, this category also includes specialty footwear, including casual footwear and a complete line of cleats for team sports.
(3)Includes the Company’s non-merchandise sales categories, including in-store services, shipping and GameChanger revenues.
Accounting Standards Update and Change in Accounting Principle
The Company adopted ASU 2020-06 on the first day of fiscal 2022 using the modified retrospective approach, which resulted in the following adjustments to the Consolidated Balance Sheet (in millions):
Last Day of Fiscal 2021Adoption of ASU 2020-06First Day of Fiscal 2022
Balance sheet line item
Convertible senior notes due 2025$449.3 $114.0 $563.3 
Net deferred tax assets$35.0 $29.3 $64.3 
Additional paid-in capital$1,488.8 $(119.0)$1,369.8 
Retained earnings$3,956.6 $34.2 $3,990.8 
v3.24.1
Earnings Per Common Share (Tables)
 12 Months Ended
Feb. 03, 2024
Earnings Per Share [Abstract]  
Schedule of the computations for basic and diluted earnings per common share
The computations for basic and diluted earnings per common share were as follows for the fiscal years presented below (in thousands, except per share data):
 
202320222021
Numerator:
Net income for earnings per common share – basic
$1,046,519 $1,043,138 $1,519,871 
Effect of dilutive securities
Interest expense associated with Convertible Senior Notes, net of tax337 27,060 — 
Net income for earnings per common share – diluted
$1,046,856 $1,070,198 $1,519,871 
Denominator:
Weighted average common shares outstanding – basic
82,302 77,672 83,183 
Dilutive effect of stock-based awards2,977 5,235 6,503 
Dilutive effect of warrants254 5,575 8,560 
Dilutive effect of Convertible Senior Notes392 10,792 11,332 
Weighted average common shares outstanding – diluted
85,925 99,274 109,578 
Earnings per common share:
Basic$12.72 $13.43 $18.27 
Diluted$12.18 $10.78 $13.87 
Stock-based awards excluded from diluted shares186 140 42 
v3.24.1
Property and Equipment (Tables)
 12 Months Ended
Feb. 03, 2024
Property, Plant and Equipment [Abstract]  
Schedule of the components of property and equipment
Property and equipment are recorded at cost and consist of the following as of the end of the fiscal years presented below (in thousands):
20232022
Buildings and land
$405,486 $355,105 
Leasehold improvements
2,276,416 1,940,711 
Furniture, fixtures and equipment
1,415,903 1,275,236 
Computer software
639,685 545,136 
Total property and equipment
4,737,490 4,116,188 
Less: accumulated depreciation and amortization
(3,099,329)(2,803,200)
Net property and equipment
$1,638,161 $1,312,988 
v3.24.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Feb. 03, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of components of intangible assets
The components of intangible assets were as follows as of the end of the fiscal years presented below (in thousands):
 
20232022
 
Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
Trademarks (indefinite-lived)$35,165 $— $37,315 $— 
Trade names (indefinite-lived)
15,660 — 15,660 — 
Other indefinite-lived intangible assets
5,648 — 5,654 — 
Total indefinite-lived intangible assets56,473 — 58,629 — 
Customer lists
18,195 (18,005)18,195 (16,460)
Total intangible assets
$74,668 $(18,005)$76,824 $(16,460)
Schedule of annual estimated amortization expense of finite-lived intangible assets The Company expects to recognize the remaining $0.2 million of amortization expense on existing finite-lived intangible assets during fiscal 2024.
v3.24.1
Accrued Expenses (Tables)
 12 Months Ended
Feb. 03, 2024
Accrued Liabilities, Current [Abstract]  
Schedule of accrued expenses
Accrued expenses consist of the following as of the end of the fiscal years presented below (in thousands):
20232022
Payroll, withholdings and benefits$212,950 $218,802 
Real estate taxes, utilities and other occupancy costs88,279 91,527 
Property and equipment73,530 30,222 
Sales tax45,913 33,404 
Other 130,697 134,618 
Total accrued expenses$551,369 $508,573 
v3.24.1
Deferred Revenue and Other Liabilities (Tables)
 12 Months Ended
Feb. 03, 2024
Deferred Credits and Other Liabilities [Abstract]  
Schedule of deferred revenue and other liabilities
Deferred revenue and other liabilities consist of the following as of the end of the fiscal years presented below (in thousands):
20232022
Current:
  
Deferred gift card revenue
$248,203 $230,601 
Customer loyalty program
47,153 44,644 
Other
69,577 75,183 
Total current deferred revenue and other liabilities
$364,933 $350,428 
Long-term:
 
Deferred compensation$137,908 $133,489 
Other
33,195 34,258 
Total other long-term liabilities
$171,103 $167,747 
v3.24.1
Leases (Tables)
 12 Months Ended
Feb. 03, 2024
Leases [Abstract]  
Components of lease cost
The components of lease cost for the following fiscal years presented below were as follows (in thousands):
202320222021
Operating lease cost$612,595 $581,459 $574,929 
Short-term lease cost31,234 27,827 14,588 
Variable lease cost125,043 116,516 114,664 
Sublease income(11,730)(11,787)(11,571)
Total lease cost$757,142 $714,015 $692,610 
Other information related to operating leases
Supplemental cash flow information related to operating leases for the following fiscal years are presented below (in thousands):
202320222021
Cash paid for amounts included in the measurement of operating lease liabilities$733,455 $615,772 $679,289 
Non-cash operating lease assets obtained in exchange for operating lease liabilities $697,499 $558,779 $368,515 
Supplemental balance sheet information related to operating leases were as follows:
February 3,
2024		January 28,
2023
Weighted average remaining lease term for operating leases6.78 years6.58 years
Weighted average discount rate for operating leases5.68 %5.64 %
Schedule of future maturities of operating lease liabilities determined under Topic 842
Future maturities of operating lease liabilities were as follows as of February 3, 2024 (in thousands):
Fiscal Year
2024$636,660 
2025618,357 
2026531,123 
2027429,608 
2028301,515 
Thereafter855,333 
Total future undiscounted lease payments3,372,596 
Less: imputed interest(592,026)
      Total reported lease liability$2,780,570 
v3.24.1
Senior Notes (Table)
 12 Months Ended
Feb. 03, 2024
Senior Notes [Abstract]  
Summary of the principal, unamortized debt discount and issuance costs, and net carrying value of the Senior Notes
The carrying values of the Senior Notes were as follows for the fiscal years presented (in thousands):
Fiscal 2023Fiscal 2022
2032 Notes2052 NotesTotal2032 Notes2052 NotesTotal
Principal$750,000 $750,000 $1,500,000 $750,000 $750,000 $1,500,000 
Discounts and issuance costs(6,832)(9,908)(16,740)(7,572)(10,092)(17,664)
Carrying amount$743,168 $740,092 $1,483,260 $742,428 $739,908 $1,482,336 
v3.24.1
Convertible Senior Notes (Table)
 12 Months Ended
Feb. 03, 2024
Convertible Senior Notes [Abstract]  
Summary of the principal, unamortized debt discount including debt issuance costs, and net carrying value of the liability component of the Convertible Senior Notes
The components of the net carrying value of the Convertible Senior Notes at January 28, 2023 is as follows (in thousands):
Principal$59,127 
Debt discount and issuance fees(856)
Carrying amount$58,271 
v3.24.1
Fair Value Measurements (Tables)
 12 Months Ended
Feb. 03, 2024
Fair Value Disclosures [Abstract]  
Schedule of carrying values and estimated fair values of debt instruments
The Company discloses the fair value of its Senior Notes and Convertible Senior Notes using Level 2 inputs, which are based on quoted prices for similar or identical instruments in inactive markets, as follows (in thousands):
February 3, 2024January 28, 2023
Carrying ValueFair ValueCarrying ValueFair Value
2032 Notes$743,168 $633,915 $742,428 $613,403 
2052 Notes$740,092 $535,470 $739,908 $525,120 
Convertible Senior Notes (1)
$— $— $58,271 $232,488 
(1) The Company’s Convertible Senior Notes were fully retired on April 18, 2023.
v3.24.1
Stockholders' Equity (Tables)
 12 Months Ended
Feb. 03, 2024
Stockholders' Equity Note [Abstract]  
Schedule of common stock repurchased
Total shares repurchased and amounts paid under the Company’s current and prior authorizations during the last three fiscal years are presented below (in thousands):
 
Fiscal Year
 
20232022
2021 (1)
Shares of common stock repurchased5,4394,97110,788
Treasury stock acquired during the fiscal year, including excise tax$649,820 $426,723 $1,176,366 
(1) Fiscal 2021 included $31.7 million of cash settlements for 0.3 million shares of treasury stock that were paid in the first week of fiscal 2022.
v3.24.1
Income Taxes (Tables)
 12 Months Ended
Feb. 03, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of the provision for income taxes
The components of the provision for income taxes are as follows for the fiscal years presented (in thousands):
202320222021
Current:
  
Federal
$212,369 $253,776 $364,997 
State
55,920 63,734 93,119 
Total current provision268,289 317,510 458,116 
Deferred:
  
Federal
4,301 15,074 15,992 
State
(958)8,026 459 
Total deferred provision3,343 23,100 16,451 
Total provision
$271,632 $340,610 $474,567 
Reconciliation of the federal statutory income tax rate to the effective income tax rate
The Company’s effective income tax rate differs from the federal statutory rate as follows for the fiscal years presented:
202320222021
Federal statutory rate
21.0 %21.0 %21.0 %
State tax, net of federal benefit
4.2 %4.1 %4.0 %
Excess tax benefit related to stock-based compensation(4.9)%(1.9)%(1.2)%
Eliminated bond hedge deduction following Convertible Senior Notes exchanges0.2 %1.6 %— %
Other permanent items
0.1 %(0.2)%— %
Effective income tax rate
20.6 %24.6 %23.8 %
Schedule of the components of deferred tax assets (liabilities)
Components of deferred tax assets (liabilities) consist of the following as of the end of the fiscal years presented (in thousands):
20232022
Operating lease liabilities$725,656 $689,319 
Inventory
50,840 45,612 
Employee benefits and withholdings47,780 47,351 
Stock-based compensation
16,440 15,739 
Gift cards
22,364 20,500 
Deferred revenue currently taxable
864 495 
Other accrued expenses not currently deductible for tax purposes15,896 15,660 
Net operating loss carryforward
55 166 
Non income-based tax reserves4,984 5,228 
Uncertain income tax positions965 526 
Insurance
3,438 3,275 
Convertible Senior Notes— 3,537 
Other
1,596 1,616 
Total deferred tax assets
890,878 849,024 
Operating lease assets(577,599)(553,138)
Property and equipment
(243,150)(214,654)
Inventory valuation
(26,676)(31,011)
Intangibles
(2,087)(5,648)
Prepaid expenses
(3,520)(3,384)
Total deferred tax liabilities
(853,032)(807,835)
Net deferred tax asset
$37,846 $41,189 
Schedule of reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties
The following table provides a reconciliation of the Company’s total balance of unrecognized tax benefits, excluding interest and penalties (in thousands):
202320222021
Beginning of fiscal year
$1,058 $1,058 $1,058 
Increases as a result of tax positions taken in a prior period
1,463 6 193 
Decreases as a result of tax positions taken in a prior period
— — — 
Increases as a result of settlements during the current period364 — — 
Decreases as a result of settlements during the current period
(34)(6)(193)
Reductions as a result of a lapse of statute of limitations during the current period
— — — 
End of fiscal year
$2,851 $1,058 $1,058 
v3.24.1
Stock-Based Compensation (Tables)
 12 Months Ended
Feb. 03, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of stock-based compensation The following table provides total stock-based compensation recognized in the Consolidated Statements of Income for the fiscal years presented (in thousands):
202320222021
Restricted stock expense
$36,196 $36,261 $32,103 
Performance-based restricted stock expense19,053 10,585 15,359 
Stock option expense
2,036 3,757 5,338 
Total stock-based compensation expense$57,285 $50,603 $52,800 
Total related tax benefit$10,616 $9,730 $9,927 
Schedule of nonvested restricted stock activity
Restricted stock activity for fiscal 2023 is presented in the following table:
Restricted Stock
SharesWeighted Average Grant Date Fair ValueIntrinsic Value
(in millions)
Nonvested, January 28, 20232,915,923 $42.47 $368.1 
Granted451,696 126.11 
Vested(2,085,616)19.05 
Forfeited(125,857)108.87 
Nonvested, February 3, 20241,156,146 $110.17 $180.3 
Schedule of nonvested performance-based restricted stock activity
Performance-based restricted stock activity for fiscal 2023 is presented in the following table:
Performance-based Restricted Stock
Shares/UnitsWeighted Average Grant Date Fair ValueIntrinsic Value
(in millions)
Nonvested, January 28, 2023341,067 $86.54 $43.1 
Granted246,719 146.90 
Vested(835)79.38 
Forfeited(43,234)109.41 
Nonvested, February 3, 2024
543,717 $112.12 $84.8 
Schedule of assumptions used to estimate the fair value of stock-based awards to employees The following weighted-average assumptions were used in the Black-Scholes option valuation model for awards granted during fiscal 2021 as presented:
 

2021
Exercise price$72.40
Expected term (years) 
4.80
Expected volatility47.97 %
Risk-free interest rate 
0.73%
Expected dividend yield
2.00%
Weighted average grant date fair value$25.20
Schedule of stock option activity
Fiscal 2023 stock option activity is presented in the following table:
Shares Subject to OptionsWeighted Average Exercise Price per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in millions)
Outstanding, January 28, 20232,711,481 $19.96 3.46$288.1 
Exercised(592,351)24.62 
Forfeited / Expired(59,104)16.75 
Outstanding, February 3, 20242,060,026 $18.72 2.61$282.7 
Exercisable, February 3, 20241,559,024 $20.80 2.44$210.7 
Vested or expected to vest, February 3, 20242,055,934 $18.71 2.61$282.2 
The following table presents stock option information for the last three fiscal years (in millions):
202320222021
Total intrinsic value of stock options exercised$69.2 $71.4 $37.1 
Income tax benefit from the exercise of stock options$13.7 $11.6 $6.8 
Total fair value of stock options vested$3.3 $4.9 $6.3 
v3.24.1
Basis of Presentation and Summary of Significant Accounting Policies (Details)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
USD ($)
days
segment
store
Jan. 28, 2023
USD ($)
segment
Jan. 29, 2022
USD ($)
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Number of DICK'S Sporting Goods stores | store 724    
Cash and Cash Equivalents / Cash Management      
Interest income $ 79,700 $ 27,400 $ 600
Cash 603,820 725,604  
Money market funds 1,197,400 911,400  
Commercial paper 0 287,382  
Total cash and cash equivalents $ 1,801,220 1,924,386  
Number of business days for typical settlement of credit and debit card transactions | days 3    
Checks drawn in excess of cash balances not yet presented for payment $ 56,800 7,400  
Accounts Receivable      
Accounts Receivable from Landords 72,700 34,300  
Allowance for credit losses 2,600 2,900  
Inventories      
Inventory valuation and vendor allowances 167,700 139,500  
Advertising Costs      
Advertising expense net of cooperative advertising $ 478,100 $ 412,200 $ 410,900
Operating Segment Information      
Number of reportable segments | segment 1 1 1
v3.24.1
Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Property and Equipment      
Depreciation expense $ 353.8 $ 332.3 $ 315.7
Buildings      
Property and Equipment      
Estimated useful life 40 years    
Leasehold improvements | Minimum      
Property and Equipment      
Estimated useful life 10 years    
Leasehold improvements | Maximum      
Property and Equipment      
Estimated useful life 25 years    
Furniture, fixtures and equipment | Minimum      
Property and Equipment      
Estimated useful life 3 years    
Furniture, fixtures and equipment | Maximum      
Property and Equipment      
Estimated useful life 7 years    
Computer software | Minimum      
Property and Equipment      
Estimated useful life 3 years    
Computer software | Maximum      
Property and Equipment      
Estimated useful life 10 years    
v3.24.1
Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Revenue Recognition      
Total net sales $ 12,984,399 $ 12,368,198 $ 12,293,368
Gift card breakage revenue      
Revenue Recognition      
Revenue recognized from contract liability at beginning of period 27,600 19,900  
Gift card redemption revenue      
Revenue Recognition      
Revenue recognized from contract liability at beginning of period $ 111,300 106,200  
Gift card redemption revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-02-02      
Revenue Recognition      
Expected timing of performance obligation satisfaction 12 months    
Customer loyalty redemption revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-02-02      
Revenue Recognition      
Expected timing of performance obligation satisfaction 12 months    
Hardlines      
Revenue Recognition      
Total net sales $ 4,915,500 4,952,200 5,407,900
Apparel      
Revenue Recognition      
Total net sales 4,329,800 4,218,100 4,131,200
Footwear      
Revenue Recognition      
Total net sales 3,388,700 2,979,100 2,562,800
Other      
Revenue Recognition      
Total net sales $ 350,400 $ 218,800 $ 191,500
v3.24.1
Basis of Presentation and Summary of Significant Accounting Policies - New Accounting Pronouncements or Change in Accounting Principle (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 30, 2022
Jan. 29, 2022
New Accounting Pronouncements or Change in Accounting Principle        
Convertible Senior Notes $ 0 $ 58,271   $ 449,300
Net deferred tax assets 37,846 41,189   35,000
Additional paid-in capital 1,448,855 1,416,847   1,488,800
Retained earnings 5,588,914 4,878,404   $ 3,956,600
Pre-tax non-cash interest expense excluded from earnings   27,400    
Principal paid in connection with exchange of convertible senior notes due 2025 $ 137 $ 515,865    
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable    
Supplier Finance Program, Obligation $ 45,900 $ 40,100    
Convertible Senior Notes, Due 2025        
New Accounting Pronouncements or Change in Accounting Principle        
Convertible Senior Notes   $ 58,271    
Interest rate, effective percentage       11.60%
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06        
New Accounting Pronouncements or Change in Accounting Principle        
Convertible Senior Notes     $ 114,000  
Net deferred tax assets     29,300  
Additional paid-in capital     (119,000)  
Retained earnings     34,200  
Cumulative Effect, Period of Adoption, Adjusted Balance | Accounting Standards Update 2020-06        
New Accounting Pronouncements or Change in Accounting Principle        
Convertible Senior Notes     563,300  
Net deferred tax assets     64,300  
Additional paid-in capital     1,369,800  
Retained earnings     $ 3,990,800  
Cumulative Effect, Period of Adoption, Adjusted Balance | Accounting Standards Update 2020-06 | Convertible Senior Notes, Due 2025        
New Accounting Pronouncements or Change in Accounting Principle        
Interest rate, effective percentage     3.90%  
v3.24.1
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Apr. 18, 2023
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Earnings Per Share [Abstract]        
Net income   $ 1,046,519 $ 1,043,138 $ 1,519,871
Interest expense associated with Convertible Senior Notes, net of tax   337 27,060 0
Net income for earnings per common share – diluted   $ 1,046,856 $ 1,070,198 $ 1,519,871
Weighted average common shares outstanding - basic (in shares)   82,302 77,672 83,183
Dilutive effect of stock-based awards (in shares)   2,977 5,235 6,503
Dilutive effect of warrants (in shares)   254 5,575 8,560
Dilutive effect of Convertible Senior Notes (in shares)   392 10,792 11,332
Weighted average common shares outstanding – diluted   85,925 99,274 109,578
Earnings per common share (in dollars per share) - basic   $ 12.72 $ 13.43 $ 18.27
Earnings per common share (in dollars per share) - diluted   $ 12.18 $ 10.78 $ 13.87
Convertible Senior Notes, Due 2025        
Earnings Per Share [Abstract]        
Interest expense associated with Convertible Senior Notes, net of tax   $ 300 $ 27,100  
Stock-based awards excluded from diluted shares        
Remaining principal amount of Convertible Senior Notes that was fully retired $ 59,100      
Share-based Payment Arrangement        
Stock-based awards excluded from diluted shares        
Stock-based awards excluded from diluted shares (in shares)   186 140 42
v3.24.1
Property and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Property and Equipment    
Total property and equipment $ 4,737,490 $ 4,116,188
Less: accumulated depreciation and amortization (3,099,329) (2,803,200)
Net property and equipment 1,638,161 1,312,988
Deposits of property and equipment previously recorded 69,300  
Buildings and land    
Property and Equipment    
Total property and equipment 405,486 355,105
Leasehold improvements    
Property and Equipment    
Total property and equipment 2,276,416 1,940,711
Furniture, fixtures and equipment    
Property and Equipment    
Total property and equipment 1,415,903 1,275,236
Computer software    
Property and Equipment    
Total property and equipment 639,685 545,136
Construction in progress    
Property and Equipment    
Total property and equipment $ 153,300 $ 38,000
v3.24.1
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($)
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill, balance at end of year $ 245,857,000 $ 245,857,000  
Accumulated impairment 115,900,000 111,300,000  
Goodwill impairment charges $ 4,600,000 $ 0 $ 0
v3.24.1
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Components of intangible assets      
Indefinite-lived intangible assets $ 56,473 $ 58,629  
Accumulated amortization (18,005) (16,460)  
Total intangible assets 74,668 76,824  
Impairment of a trademark 2,200    
Amortization expense of finite-lived intangible assets 1,500 2,400 $ 3,700
Expected amortization during 2024 200    
Trademarks      
Components of intangible assets      
Indefinite-lived intangible assets 35,165 37,315  
Trade names      
Components of intangible assets      
Indefinite-lived intangible assets 15,660 15,660  
Customer lists      
Components of intangible assets      
Gross amount - Finite-lived intangible assets 18,195 18,195  
Accumulated amortization (18,005) (16,460)  
Other indefinite-lived intangible assets      
Components of intangible assets      
Indefinite-lived intangible assets $ 5,648 $ 5,654  
v3.24.1
Accrued Expenses (Details) - USD ($)
$ in Thousands
Feb. 03, 2024
Jan. 28, 2023
Accrued Liabilities, Current [Abstract]    
Payroll, withholdings and benefits $ 212,950 $ 218,802
Real estate taxes, utilities and other occupancy costs 88,279 91,527
Property and equipment 73,530 30,222
Sales tax 45,913 33,404
Other 130,697 134,618
Total accrued expenses $ 551,369 $ 508,573
v3.24.1
Deferred Revenue and Other Liabilities (Details) - USD ($)
$ in Thousands
Feb. 03, 2024
Jan. 28, 2023
Current:    
Other $ 69,577 $ 75,183
Deferred revenue and other liabilities 364,933 350,428
Long-term:    
Deferred compensation 137,908 133,489
Other 33,195 34,258
Total other long-term liabilities 171,103 167,747
Deferred gift card revenue    
Current:    
Customer contract liabilities 248,203 230,601
Customer loyalty program    
Current:    
Customer contract liabilities $ 47,153 $ 44,644
v3.24.1
Leases (Details)
Feb. 03, 2024
DistributionCenter
Leases  
Number of distribution centers leased 3
Additional renewal period 5 years
Minimum  
Leases  
Initial tenure of operating leases 10 years
Maximum  
Leases  
Initial tenure of operating leases 15 years
v3.24.1
Leases - Components of lease cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Lease, Cost [Abstract]      
Operating lease cost $ 612,595 $ 581,459 $ 574,929
Short-term lease cost 31,234 27,827 14,588
Variable lease cost 125,043 116,516 114,664
Sublease income (11,730) (11,787) (11,571)
Total lease cost $ 757,142 $ 714,015 $ 692,610
v3.24.1
Leases - Other information related to operating leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Leases [Abstract]      
Cash paid for amounts included in the measurement of operating lease liabilities $ 733,455 $ 615,772 $ 679,289
Non-cash operating lease assets and liabilities obtained in exchange for new or modified leases $ 697,499 $ 558,779 $ 368,515
Weighted average remaining lease term for operating leases 6 years 9 months 10 days 6 years 6 months 29 days  
Weighted average discount rate for operating leases 5.68% 5.64%  
v3.24.1
Leases - Future maturities of operating lease liabilities (Details)
$ in Thousands
Feb. 03, 2024
USD ($)
Future maturities of operating lease liabilities  
2024 $ 636,660
2025 618,357
2026 531,123
2027 429,608
2028 301,515
Thereafter 855,333
Total future undiscounted lease payments 3,372,596
Less: imputed interest (592,026)
Total reported lease liability 2,780,570
Future lease payments for operating leases that have not yet commenced 215,500
Total future minimum rentals under non-cancellable subleases $ 50,900
v3.24.1
Revolving Credit Facility (Details) - USD ($)
 12 Months Ended
Jan. 14, 2022
Feb. 03, 2024
Jan. 28, 2023
Revolving Credit Facility      
Revolving credit borrowings   $ 0 $ 0
Revolving Credit Facility      
Revolving Credit Facility      
Credit Facility borrowing capacity $ 1,600,000,000    
Credit Facility borrowing capacity extension $ 500,000,000    
Unused commitment fee (as a percent)   0.11%  
Revolving credit borrowings   $ 0 $ 0
Remaining borrowing capacity   1,580,000,000  
Revolving Credit Facility | Alternate base rate      
Revolving Credit Facility      
Interest rate margin (as a percent) 0.125%    
Revolving Credit Facility | Adjusted SOFR rate      
Revolving Credit Facility      
Interest rate margin (as a percent) 1.125%    
Letters of credit      
Revolving Credit Facility      
Letters of credit maximum $ 75,000,000    
Letters of credit outstanding   $ 16,100,000  
v3.24.1
Senior Notes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Jan. 14, 2022
Senior Notes        
Proceeds from senior notes, net of debt discount $ 0 $ 0 $ 1,496,671  
Senior Notes        
Senior Notes        
Principal 1,500,000 1,500,000    
Proceeds from senior notes, net of debt discount   1,500,000    
Debt issuance costs   15,300    
Interest expense related to Senior Notes $ 55,300 55,300 $ 2,500  
Redemption price, percentage 100.00%      
Change in control triggering event, redemption price percent 101.00%      
2032 Senior Notes | Senior Notes        
Senior Notes        
Principal $ 750,000 750,000   $ 750,000
Interest rate, stated percentage       3.15%
Interest rate, effective percentage 3.28%      
2052 Senior Notes | Senior Notes        
Senior Notes        
Principal $ 750,000 $ 750,000   $ 750,000
Interest rate, stated percentage       4.10%
Interest rate, effective percentage 4.18%      
v3.24.1
Senior Notes - Summary of carrying values of the Senior Notes (Details) - USD ($)
$ in Thousands
Feb. 03, 2024
Jan. 28, 2023
Jan. 14, 2022
Senior Notes      
Carrying amount $ 1,483,260 $ 1,482,336  
Senior Notes      
Senior Notes      
Principal 1,500,000 1,500,000  
Discounts and issuance costs (16,740) (17,664)  
Carrying amount 1,483,260 1,482,336  
Senior Notes | 2032 Senior Notes      
Senior Notes      
Principal 750,000 750,000 $ 750,000
Discounts and issuance costs (6,832) (7,572)  
Carrying amount 743,168 742,428  
Senior Notes | 2052 Senior Notes      
Senior Notes      
Principal 750,000 750,000 $ 750,000
Discounts and issuance costs (9,908) (10,092)  
Carrying amount $ 740,092 $ 739,908  
v3.24.1
Convertible Senior Notes - Narrative (Details) - USD ($)
shares in Millions
 12 Months Ended
Apr. 17, 2020
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Convertible Senior Notes        
Amortization of deferred financing fees and debt discount   $ 2,364,000 $ 4,250,000 $ 30,794,000
Principal paid in connection with exchange of convertible senior notes due 2025   137,000 515,865,000  
Interest expense related to Convertible Senior Notes, net of tax   337,000 $ 27,060,000 0
Convertible Senior Notes Exchanges        
Convertible Senior Notes        
Net shares issued in connection with the exchange of Convertible Senior Notes and partial unwind of convertible bond hedge and warrants     9.8  
Carrying value of Convertible Senior Notes exchanged     $ 507,000,000  
Inducement charge     23,300,000  
Principal paid in connection with exchange of convertible senior notes due 2025     515,900,000  
Convertible Senior Notes, Due 2025        
Convertible Senior Notes        
Principal $ 575,000,000   59,127,000  
Interest rate, stated percentage 3.25%      
Over allotment option $ 75,000,000      
Proceeds from debt, net of issuance costs 557,600,000      
Debt issuance costs $ 17,400,000      
Amortization of deferred financing fees and debt discount       30,800,000
Interest expense related to Convertible Senior Notes   500,000 36,600,000 $ 49,500,000
Interest expense related to Convertible Senior Notes, net of tax   $ 300,000 $ 27,100,000  
v3.24.1
Convertible Senior Notes - Fiscal 2022 Convertible Senior Notes Exchanges and Fiscal 2023 Retirement (Details) - USD ($)
$ in Thousands, shares in Millions
 12 Months Ended
Apr. 18, 2023
Feb. 03, 2024
Convertible Senior Notes    
Impact to additional paid-in-capital in connection with Convertible Senior Notes retirement   $ 58,472
Convertible Senior Notes, Due 2025    
Convertible Senior Notes    
Remaining principal amount of Convertible Senior Notes that was fully retired $ 59,100  
Net shares issued in connection with Convertible Senior Notes retirement (in shares) 1.7  
Impact to additional paid-in-capital in connection with Convertible Senior Notes retirement $ 58,500  
v3.24.1
Convertible Senior Notes - Summary of the Composition of net carrying values of the liability and equity components of the Convertible Senior Notes (Details) - USD ($)
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Apr. 17, 2020
Convertible Senior Notes        
Carrying amount $ 0 $ 58,271,000 $ 449,300,000  
Convertible Senior Notes, Due 2025        
Convertible Senior Notes        
Principal   59,127,000   $ 575,000,000
Debt discount and issuance fees   (856,000)    
Carrying amount   $ 58,271,000    
v3.24.1
Fair Value Measurements - Narrative (Details)
$ in Millions
 12 Months Ended
Feb. 03, 2024
USD ($)
Jan. 28, 2023
USD ($)
Store
DistributionCenter
Fair Value Measurements    
Field & Stream Exit Charges   $ 30.1
Inventory write-down in connection with Field & Stream exit   0.7
Non-cash impairments of store assets in connection with Field & Stream exit   28.5
Severance Costs Relating to Field & Stream Exit   $ 0.8
Number of Field & Stream Stores | DistributionCenter   17
Number of Field & Stream Stores Exited Q4 2022 | Store   12
Business Optimization Plan    
Fair Value Measurements    
Restructuring Charges $ 84.8  
Number of MooseJaw Stores Exited Q4 2023 10  
Business Optimization Plan | Non-cash impairments of store and intangible assets    
Fair Value Measurements    
Restructuring Charges $ 46.1  
Business Optimization Plan | Other Restructuring    
Fair Value Measurements    
Restructuring Charges 12.0  
Business Optimization Plan | Employee Severance    
Fair Value Measurements    
Restructuring Charges 26.7  
Restructuring Reserve 9.6  
Business Optimization Plan | Non-cash impairments of store assets    
Fair Value Measurements    
Restructuring Charges 35.5  
Selling, General and Administrative Expenses | Business Optimization Plan    
Fair Value Measurements    
Restructuring Charges 72.8  
Cost of Sales | Business Optimization Plan    
Fair Value Measurements    
Restructuring Charges 12.0  
Level 1    
Fair Value Measurements    
Deferred compensation plan assets held in trust $ 137.9 $ 133.5
v3.24.1
Fair Value Measurements - Schedule of Carrying and Estimated Fair Value (Details) - USD ($)
$ in Thousands
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Carrying Value      
Senior notes due 2032 and 2052 $ 1,483,260 $ 1,482,336  
Convertible Senior Notes 0 58,271 $ 449,300
Convertible Senior Notes      
Carrying Value      
Convertible Senior Notes   58,271  
Fair Value, Recurring | Senior notes due 2032      
Carrying Value      
Senior notes due 2032 and 2052 743,168 742,428  
Fair Value, Recurring | Senior notes due 2032 | Level 2      
Fair Value      
Senior Notes 633,915 613,403  
Fair Value, Recurring | Senior notes due 2052      
Carrying Value      
Senior notes due 2032 and 2052 740,092 739,908  
Fair Value, Recurring | Senior notes due 2052 | Level 2      
Fair Value      
Senior Notes 535,470 525,120  
Fair Value, Recurring | Convertible Senior Notes      
Carrying Value      
Convertible Senior Notes 0 58,271  
Fair Value, Recurring | Convertible Senior Notes | Level 2      
Fair Value      
Convertible Senior Notes $ 0 $ 232,488  
v3.24.1
Stockholders' Equity (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 03, 2024
USD ($)
item
$ / shares
shares
Jan. 28, 2023
USD ($)
item
$ / shares
shares
Jan. 29, 2022
USD ($)
$ / shares
Preferred stock, authorized shares | shares 5,000,000 5,000,000  
Dividends per Common Share      
Cash dividends paid to stockholders | $ $ 351,201 $ 163,081 $ 602,964
Common Stock      
Common stock, authorized shares | shares 200,000,000 200,000,000  
Common stock, par value (in dollars per share) $ 0.01 $ 0.01  
Voting rights per common share | item 1 1  
Dividends per Common Share      
Cash dividends paid (in dollars per share) $ 4.00 $ 1.95 $ 7.10
Special dividend (in dollars per share)     5.50
Class B Common Stock      
Common stock, authorized shares | shares 40,000,000 40,000,000  
Common stock, par value (in dollars per share) $ 0.01 $ 0.01  
Voting rights per common share | item 10 10  
Number of shares of common stock to be received for each share of Class B common stock converted | shares 1 1  
Dividends per Common Share      
Cash dividends paid (in dollars per share) $ 4.00 $ 1.95 7.10
Special dividend (in dollars per share)     $ 5.50
v3.24.1
Stockholders' Equity - Treasury Stock (Details)
$ in Thousands
 12 Months Ended
Dec. 16, 2021
USD ($)
Jun. 12, 2019
USD ($)
Mar. 16, 2016
USD ($)
Feb. 03, 2024
USD ($)
shares
Jan. 28, 2023
USD ($)
shares
Jan. 29, 2022
USD ($)
shares
Jan. 30, 2021
USD ($)
authorizedRepurchaseProgram
Treasury Stock [Abstract]              
Shares of common stock repurchased | shares       5,439,000 4,971,000 10,788,000  
Cash paid for treasury stock       $ 649,820 $ 426,723 $ 1,176,366  
Period over which shares may be purchased under share repurchase program (in years) 5 years 5 years 5 years        
Authorized aggregate repurchases of common stock $ 2,000,000 $ 1,000,000 $ 1,000,000        
Repurchase of common stock, remaining authorization       779,600     $ 1,031,000
Share repurchases that settled in cash subsequent to fiscal year-end       $ 0 $ 0 $ 31,733  
Number of authorized stock repurchase programs | authorizedRepurchaseProgram             2
Accrued treasury stock shares | shares           300,000  
v3.24.1
Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Current:      
Federal $ 212,369 $ 253,776 $ 364,997
State 55,920 63,734 93,119
Total current provision 268,289 317,510 458,116
Deferred:      
Federal 4,301 15,074 15,992
State (958) 8,026 459
Total deferred provision 3,343 23,100 16,451
Total provision $ 271,632 $ 340,610 $ 474,567
v3.24.1
Income Taxes - Reconciliation of Effective Income Tax Rate (Details)
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Reconciliation of the federal statutory income tax rate to the effective income tax rate      
Federal statutory rate (as a percent) 21.00% 21.00% 21.00%
State tax, net of federal benefit (as a percent) 4.20% 4.10% 4.00%
Excess tax benefit related to stock-based compensation (4.90%) (1.90%) (1.20%)
Eliminated bond hedge deduction following Convertible Senior Notes exchanges 0.20% 1.60% 0.00%
Other permanent items (as a percent) 0.10% (0.20%) 0.00%
Effective income tax rate (as a percent) 20.60% 24.60% 23.80%
v3.24.1
Income Taxes - Components of Deferred Tax Assets / Liabilities (Details) - USD ($)
$ in Thousands
Feb. 03, 2024
Jan. 28, 2023
Deferred tax assets    
Operating lease liabilities $ 725,656 $ 689,319
Inventory 50,840 45,612
Employee benefits and withholdings 47,780 47,351
Stock-based compensation 16,440 15,739
Gift cards 22,364 20,500
Deferred revenue currently taxable 864 495
Other accrued expenses not currently deductible for tax purposes 15,896 15,660
Net operating loss carryforward 55 166
Non income-based tax reserves 4,984 5,228
Uncertain income tax positions 965 526
Insurance 3,438 3,275
Convertible Senior Notes 0 3,537
Other 1,596 1,616
Total deferred tax assets 890,878 849,024
Deferred tax liabilities    
Operating lease assets (577,599) (553,138)
Property and equipment (243,150) (214,654)
Inventory valuation (26,676) (31,011)
Intangibles (2,087) (5,648)
Prepaid expenses (3,520) (3,384)
Total deferred tax liabilities (853,032) (807,835)
Net deferred tax asset $ 37,846 $ 41,189
v3.24.1
Income Taxes - Reconciliation of Unrecognized Tax Benefits, Excluding Interest and Penalties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties      
Beginning of fiscal year $ 1,058 $ 1,058 $ 1,058
Increases as a result of tax positions taken in a prior period 1,463 6 193
Decreases as a result of tax positions taken in a prior period 0 0 0
Increases as a result of settlements during the current period 364 0 0
Decreases as a result of settlements during the current period (34) (6) (193)
Reductions as a result of a lapse of statute of limitations during the current period 0 0 0
End of fiscal year $ 2,851 $ 1,058 $ 1,058
v3.24.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Feb. 03, 2018
Income Tax Disclosure [Abstract]        
Net operating loss carryforward $ 55 $ 166    
Net deferred tax asset 37,846 41,189    
Undistributed earnings of foreign subsidiaries       $ 66,600
Unrecognized tax benefits that would impact effective tax rate if recognized 2,300      
Accrued interest and penalties associated with uncertain tax positions 2,200      
Total liability for uncertain tax positions, including related interest and penalties 5,000      
Accrual of interest and penalties related to uncertain tax positions $ 700 $ 100 $ 100  
v3.24.1
Stock-Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Stock-based compensation expense      
Number of shares available for future issuance under the plan 7,203,516    
Total stock-based compensation expense $ 57,285 $ 50,603 $ 52,800
Total related tax benefit 10,616 9,730 9,927
Stock options      
Stock-based compensation expense      
Stock-based compensation expense $ 2,036 $ 3,757 $ 5,338
Vesting rights (as a percent) 25.00%    
Vesting period 4 years    
Expiration terms of options 7 years    
Weighted average assumptions used to estimate the fair value of stock-based awards to employees      
Exercise price (in dollars per share)     $ 72.40
Expected term (in years)     4 years 9 months 18 days
Weighted average volatility (as a percent)     47.97%
Risk-free interest rate (as a percent)     0.73%
Expected dividend yield (as a percent)     2.00%
Weighted average grant date fair value (in dollars per share)     $ 25.20
Shares Subject to Options      
Outstanding at the beginning of the period (in shares) 2,711,481    
Exercised (in shares) (592,351)    
Forfeited / Expired (in shares) (59,104)    
Outstanding at the end of the period (in shares) 2,060,026 2,711,481  
Exercisable at the end of the period (in shares) 1,559,024    
Vested and expected to vest at the end of the period (in shares) 2,055,934    
Weighted Average Exercise Price per Share      
Outstanding at the beginning of the period (in dollars per share) $ 19.96    
Exercised (in dollars per share) 24.62    
Forfeited / Expired (in dollars per share) 16.75    
Outstanding at the end of the period (in dollars per share) 18.72 $ 19.96  
Exercisable at the end of the period (in dollars per share) 20.80    
Vested and expected to vest at the end of the period (in dollars per share) $ 18.71    
Weighted Average Remaining Contractual Life (in years)      
Weighted Average Remaining Contractual Life 2 years 7 months 9 days 3 years 5 months 15 days  
Exercisable at the end of the period 2 years 5 months 8 days    
Vested and expected to vest at the end of the period 2 years 7 months 9 days    
Aggregate Intrinsic Value      
Outstanding at the beginning of the period (in dollars) $ 288,100    
Outstanding at the end of the period (in dollars) 282,700 $ 288,100  
Exercisable at the end of the period (in dollars) 210,700    
Vested and expected to vest at the end of the period (in dollars) 282,200    
Additional disclosures      
Total intrinsic value of stock options exercised 69,200 71,400 $ 37,100
Income tax benefit from the exercise of stock options 13,700 11,600 6,800
Total fair value of stock options vested 3,300 4,900 6,300
Unrecognized compensation expense      
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures $ 300    
Weighted average period over which unrecognized compensation expense is expected to be recognized 1 month 6 days    
Restricted stock      
Stock-based compensation expense      
Stock-based compensation expense $ 36,196 36,261 32,103
Vesting period 3 years    
Unrecognized compensation expense      
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures $ 52,700    
Weighted average period over which unrecognized compensation expense is expected to be recognized 1 year 5 months 4 days    
Performance-based Restricted Stock      
Stock-based compensation expense      
Stock-based compensation expense $ 19,053 $ 10,585 $ 15,359
Unrecognized compensation expense      
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures $ 24,000    
Weighted average period over which unrecognized compensation expense is expected to be recognized 11 months 19 days    
v3.24.1
Stock-Based Compensation - Restricted Stock (Details) - Restricted Stock - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Restricted stock activity    
Nonvested at the beginning of the period (in shares) 2,915,923  
Granted (in shares) 451,696  
Released from restrictions (in shares) (2,085,616)  
Forfeited (in shares) (125,857)  
Nonvested at the end of the period (in shares) 1,156,146  
Weighted Average Grant Date Fair Value    
Nonvested at beginning of the period (in dollars per share) $ 42.47  
Granted (in dollars per share) 126.11  
Released from restrictions (in dollars per share) 19.05  
Forfeited (in dollars per share) 108.87  
Nonvested at the end of the period (in dollars per share) $ 110.17  
Intrinsic value of nonvested restricted stock $ 180.3 $ 368.1
Unrecognized compensation expense    
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures $ 52.7  
Weighted average period over which unrecognized compensation expense is expected to be recognized 1 year 5 months 4 days  
v3.24.1
Stock-Based Compensation - Performance-based Restricted Stock (Details) - Performance-based Restricted Stock - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Performance-based restricted stock activity    
Nonvested at the beginning of the period (in shares) 341,067  
Granted (in shares) 246,719  
Released from restrictions (in shares) (835)  
Forfeited (in shares) (43,234)  
Nonvested at the end of the period (in shares) 543,717  
Weighted Average Grant Date Fair Value    
Nonvested at beginning of the period (in dollars per share) $ 86.54  
Granted (in dollars per share) 146.90  
Released from restrictions (in dollars per share) 79.38  
Forfeited (in dollars per share) 109.41  
Nonvested at the end of the period (in dollars per share) $ 112.12  
Intrinsic value of nonvested restricted stock $ 84.8 $ 43.1
Unrecognized compensation expense    
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures $ 24.0  
Weighted average period over which unrecognized compensation expense is expected to be recognized 11 months 19 days  
Maximum payout percentage of original award amount 200.00%  
Minimum payout percentage of original award amount 0.00%  
Target payout percentage of original award amount 100.00%  
v3.24.1
Retirement Savings Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Dec. 31, 2022
Jan. 29, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]          
Total expense recorded under the plan, net of forfeitures $ 34,800 $ 31,600   $ 24,100  
Liability for compensation deferred under the Company's plans 137,908 133,489      
Total employer contributions recorded under the plans, net of forfeitures $ 1,400 $ 1,800   $ 6,200  
Retirement savings 401 (k) Safe Harbor plan, effective January 1, 2022          
Defined Benefit Plan Disclosure [Line Items]          
Minimum employee age required to participate in the plan     18 years    
Requisite service period     1 month    
Retirement savings 401 (k) Safe Harbor plan, effective January 1, 2022 | Company's initial match on participant contributions          
Defined Benefit Plan Disclosure [Line Items]          
Percent of participant's compensation for which the Company will make a matching contribution     4.00%    
Maximum percent the Company will match of the participant's deferred contributions     100.00%    
Retirement savings 401 (k) Safe Harbor plan, effective January 1, 2022 | Company's additional match on participant contributions          
Defined Benefit Plan Disclosure [Line Items]          
Percent of participant's compensation for which the Company will make a matching contribution     2.00%    
Maximum percent the Company will match of the participant's deferred contributions     50.00%    
Prior retirement savings 401 (k) plan          
Defined Benefit Plan Disclosure [Line Items]          
Vesting period of employer matching contributions         3 years
Percentage of the participant's compensation for which a discretionary matching contribution may be made by the Company         10.00%
Company's discretionary matching contribution percentage in current and prior fiscal years         0.75
v3.24.1
Subsequent Event (Details) - Subsequent Event
Mar. 13, 2024
$ / shares
Common Stock  
Subsequent Event  
Dividend amount (in dollars per share) $ 1.10
Class B Common Stock  
Subsequent Event  
Dividend amount (in dollars per share) $ 1.10
v3.24.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Inventory reserve      
Valuation and qualifying accounts      
Balance at beginning of period $ 52,176 $ 25,566 $ 35,555
Charged to costs and expenses 68,202 52,933 4,421
Deductions (46,582) (26,323) (14,410)
Balance at end of period 73,796 52,176 25,566
Allowance for credit losses      
Valuation and qualifying accounts      
Balance at beginning of period 2,863 3,207 2,661
Charged to costs and expenses 1,770 3,305 4,298
Deductions (2,078) (3,649) (3,752)
Balance at end of period 2,555 2,863 3,207
Reserve for sales returns      
Valuation and qualifying accounts      
Balance at beginning of period 19,021 16,407 14,468
Charged to costs and expenses 706,359 652,863 591,723
Deductions (702,951) (650,249) (589,784)
Balance at end of period $ 22,429 $ 19,021 $ 16,407