BJ'S WHOLESALE CLUB HOLDINGS, INC., 10-Q filed on 8/25/2020
Quarterly Report
v3.20.2
Cover - shares
6 Months Ended
Aug. 01, 2020
Aug. 21, 2020
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Aug. 01, 2020  
Document Transition Report false  
Entity File Number 001-38559  
Entity Registrant Name BJ’S WHOLESALE CLUB HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-2936287  
Entity Address, Address Line One 25 Research Drive  
Entity Address, City or Town Westborough,  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 01581  
City Area Code 774  
Local Phone Number 512-7400  
Title of 12(b) Security Common Stock, par value $0.01  
Trading Symbol BJ  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   137,942,895
Amendment Flag false  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001531152  
Current Fiscal Year End Date --01-30  
v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Aug. 01, 2020
Feb. 01, 2020
Aug. 03, 2019
Current assets:      
Cash and cash equivalents $ 168,811 $ 30,204 $ 29,092
Accounts receivable, net 170,595 206,353 162,278
Merchandise inventories 1,005,274 1,081,502 1,026,541
Prepaid expenses and other current assets 64,074 41,961 47,353
Total current assets 1,408,754 1,360,020 1,265,264
Operating lease right-of-use assets, net 2,043,713 2,060,059 2,040,834
Property and equipment:      
Land and buildings 395,706 375,375 388,399
Leasehold costs and improvements 217,528 214,209 208,978
Furniture, fixtures and equipment 1,208,151 1,135,892 1,096,179
Construction in progress 26,604 51,741 31,685
Total property and equipment, gross 1,847,989 1,777,217 1,725,241
Less: accumulated depreciation and amortization (1,092,311) (1,017,009) (974,525)
Total property and equipment, net 755,678 760,208 750,716
Goodwill 924,134 924,134 924,134
Intangibles, net 141,054 146,985 153,730
Other assets 20,687 18,374 17,409
Total assets 5,294,020 5,269,780 5,152,087
Current liabilities:      
Current portion of long-term debt 0 343,377 195,377
Current portion of operating lease liabilities 128,010 123,751 118,035
Accounts payable 1,004,725 786,412 798,504
Accrued expenses and other current liabilities 631,500 547,876 499,149
Total current liabilities 1,764,235 1,801,416 1,611,065
Long-term operating lease liabilities 1,971,634 1,986,790 1,957,934
Long-term debt 1,202,209 1,337,308 1,540,602
Deferred income taxes 43,111 46,200 46,508
Other non-current liabilities 193,730 152,410 160,564
Commitments and Contingencies (see Note 7)
STOCKHOLDERS’ EQUITY (DEFICIT)      
Preferred stock; par value $0.01; 5,000 shares authorized, and no shares issued or outstanding 0 0 0
Common stock, par value $0.01; 300,000 shares authorized, 142,653 shares issued and 137,923 outstanding at August 1, 2020; 140,723 shares issued and 137,298 outstanding at February 1, 2020; and 140,185 shares issued and 136,762 outstanding at August 3, 2019 1,427 1,407 1,402
Additional paid-in capital 798,288 773,618 760,191
Accumulated deficit (514,017) (716,369) (813,223)
Accumulated other comprehensive loss (35,650) (26,586) (26,610)
Treasury stock, at cost, 4,730 shares at August 1, 2020; 3,425 shares at February 1, 2020; 3,423 shares at August 3, 2019 (130,947) (86,414) (86,346)
Total stockholders’ equity (deficit) 119,101 (54,344) (164,586)
Total liabilities and stockholders’ equity (deficit) $ 5,294,020 $ 5,269,780 $ 5,152,087
v3.20.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Aug. 01, 2020
Feb. 01, 2020
Aug. 03, 2019
Statement of Financial Position [Abstract]      
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 5,000,000 5,000,000 5,000,000
Preferred stock, issued (in shares) 0 0 0
Preferred stock, outstanding (in shares) 0 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Common stock, authorized (in shares) 300,000,000 300,000,000 300,000,000
Common stock, issued (in shares) 142,653,000 140,723,000 140,185,000
Common stock, outstanding (in shares) 137,923,000 137,298,000 136,762,000
Treasury stock, at cost (in shares) 4,730,000 3,425,000 3,423,000
v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Aug. 01, 2020
Aug. 03, 2019
Aug. 01, 2020
Aug. 03, 2019
Total revenues $ 3,954,130 $ 3,345,842 $ 7,751,735 $ 6,488,978
Cost of sales 3,197,752 2,733,085 6,258,645 5,302,062
Selling, general and administrative expenses 590,814 511,889 1,181,175 1,013,070
Pre-opening expense 1,969 2,127 4,570 4,423
Operating income 163,595 98,741 307,345 169,423
Interest expense, net 20,741 26,783 42,585 54,572
Income from continuing operations before income taxes 142,854 71,958 264,760 114,851
Provision for income taxes 36,186 17,665 62,350 24,473
Income from continuing operations 106,668 54,293 202,410 90,378
Income (loss) from discontinued operations, net of income taxes (50) 230 (58) (57)
Net income $ 106,618 $ 54,523 $ 202,352 $ 90,321
Income per share attributable to common stockholders—basic:        
Income from continuing operations (in usd per share) $ 0.78 $ 0.40 $ 1.48 $ 0.66
Loss from discontinued operations (in usd per share) 0 0 0 0
Net income (in usd per share) 0.78 0.40 1.48 0.66
Income per share attributable to common stockholders—diluted:        
Income from continuing operations (in usd per share) 0.76 0.39 1.46 0.65
Loss from discontinued operations (in usd per share) 0 0 0 0
Net income (in usd per share) $ 0.76 $ 0.39 $ 1.46 $ 0.65
Weighted average number of common shares outstanding:        
Basic (in shares) 136,706,284 136,570,834 136,398,122 136,690,459
Diluted (in shares) 139,522,057 139,516,321 138,974,898 139,989,447
Other comprehensive income (loss):        
Unrealized gain (loss) on cash flow hedge, net of income tax benefit of $1,897 and income tax provision of $4,488, respectively $ 4,878 $ (11,540) $ (9,064) $ (15,295)
Total other comprehensive income (loss) 4,878 (11,540) (9,064) (15,295)
Total comprehensive income 111,496 42,983 193,288 75,026
Product        
Total revenues 3,871,640 3,271,145 7,589,680 6,340,908
Membership        
Total revenues $ 82,490 $ 74,697 $ 162,055 $ 148,070
v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Aug. 01, 2020
Aug. 03, 2019
Aug. 01, 2020
Aug. 03, 2019
Income Statement [Abstract]        
Unrealized loss on cash flow hedge, income tax expense (benefit) $ 1,897 $ (4,488) $ (3,524) $ (5,948)
v3.20.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Treasury Stock
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Deficit
Beginning balance (in shares) at Feb. 02, 2019   138,099       (782)    
Beginning balance at Feb. 02, 2019 $ (202,084) $ 1,381 $ 742,072 $ (915,113) $ (11,315) $ (19,109) $ 11,569 $ 11,569
Total Stockholders’ Deficit                
Net income 35,798     35,798        
Unrealized loss on cash flow hedge, net of tax (3,755)       (3,755)      
Common stock issued under stock incentive plans (in shares)   1,737            
Common stock issued under stock incentive plans 0 $ 17 (17)          
Stock compensation expense 3,844   3,844          
Net cash received on option exercises 6,319   6,319          
Ending balance (in shares) at May. 04, 2019   139,836       (782)    
Ending balance at May. 04, 2019 (148,309) $ 1,398 752,218 (867,746) (15,070) $ (19,109)    
Beginning balance (in shares) at Feb. 02, 2019   138,099       (782)    
Beginning balance at Feb. 02, 2019 (202,084) $ 1,381 742,072 (915,113) (11,315) $ (19,109) $ 11,569 $ 11,569
Total Stockholders’ Deficit                
Net income 90,321              
Unrealized loss on cash flow hedge, net of tax $ (15,295)              
Ending balance (in shares) at Aug. 03, 2019 136,762 140,185       (3,423)    
Ending balance at Aug. 03, 2019 $ (164,586) $ 1,402 760,191 (813,223) (26,610) $ (86,346)    
Beginning balance (in shares) at May. 04, 2019   139,836       (782)    
Beginning balance at May. 04, 2019 (148,309) $ 1,398 752,218 (867,746) (15,070) $ (19,109)    
Total Stockholders’ Deficit                
Net income 54,523     54,523        
Unrealized loss on cash flow hedge, net of tax (11,540)       (11,540)      
Common stock issued under stock incentive plans (in shares)   312            
Common stock issued under stock incentive plans   $ 4 (4)          
Common stock issued under Employee Stock Purchase Plan (in shares)   37            
Common stock issued under Employee Stock Purchase Plan (ESPP) 726   726          
Stock compensation expense 4,952   4,952          
Net cash received on option exercises 2,299   2,299          
Treasury stock purchases (in shares)           (2,641)    
Treasury stock purchases $ (67,237)         $ (67,237)    
Ending balance (in shares) at Aug. 03, 2019 136,762 140,185       (3,423)    
Ending balance at Aug. 03, 2019 $ (164,586) $ 1,402 760,191 (813,223) (26,610) $ (86,346)    
Beginning balance (in shares) at Feb. 01, 2020 137,298 140,723       (3,425)    
Beginning balance at Feb. 01, 2020 $ (54,344) $ 1,407 773,618 (716,369) (26,586) $ (86,414)    
Total Stockholders’ Deficit                
Net income 95,734     95,734        
Unrealized loss on cash flow hedge, net of tax (13,942)       (13,942)      
Common stock issued under stock incentive plans (in shares)   1,626            
Common stock issued under stock incentive plans   $ 16 (16)          
Stock compensation expense 5,514   5,514          
Net cash received on option exercises 5,608   5,608          
Treasury stock purchases (in shares)           (258)    
Treasury stock purchases (6,073)         $ (6,073)    
Ending balance (in shares) at May. 02, 2020   142,349       (3,683)    
Ending balance at May. 02, 2020 $ 32,497 $ 1,423 784,724 (620,635) (40,528) $ (92,487)    
Beginning balance (in shares) at Feb. 01, 2020 137,298 140,723       (3,425)    
Beginning balance at Feb. 01, 2020 $ (54,344) $ 1,407 773,618 (716,369) (26,586) $ (86,414)    
Total Stockholders’ Deficit                
Net income 202,352              
Unrealized loss on cash flow hedge, net of tax $ (9,064)              
Ending balance (in shares) at Aug. 01, 2020 137,923 142,653       (4,730)    
Ending balance at Aug. 01, 2020 $ 119,101 $ 1,427 798,288 (514,017) (35,650) $ (130,947)    
Beginning balance (in shares) at May. 02, 2020   142,349       (3,683)    
Beginning balance at May. 02, 2020 32,497 $ 1,423 784,724 (620,635) (40,528) $ (92,487)    
Total Stockholders’ Deficit                
Net income 106,618     106,618        
Unrealized loss on cash flow hedge, net of tax 4,878       4,878      
Common stock issued under stock incentive plans (in shares)   246            
Common stock issued under stock incentive plans   $ 3 (3)          
Common stock issued under Employee Stock Purchase Plan (in shares)   58            
Common stock issued under Employee Stock Purchase Plan (ESPP) 1,107 $ 1 1,106          
Stock compensation expense 9,064   9,064          
Net cash received on option exercises 3,397   3,397          
Treasury stock purchases (in shares)           (1,047)    
Treasury stock purchases $ (38,460)         $ (38,460)    
Ending balance (in shares) at Aug. 01, 2020 137,923 142,653       (4,730)    
Ending balance at Aug. 01, 2020 $ 119,101 $ 1,427 $ 798,288 $ (514,017) $ (35,650) $ (130,947)    
v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Aug. 01, 2020
Aug. 03, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 202,352 $ 90,321
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 82,171 77,671
Amortization of debt issuance costs and accretion of original issue discount 2,363 2,646
Debt extinguishment charges 1,283 0
Other non-cash items, net 4,175 2,733
Stock-based compensation expense 14,578 8,796
Deferred income tax provision 438 10,563
Increase (decrease) in cash due to changes in:    
Accounts receivable 35,758 32,022
Merchandise inventories 76,228 25,765
Prepaid expenses and other current assets (1,063) 20,980
Other assets (2,138) (498)
Accounts payable 218,313 (18,376)
Accrued expenses 70,971 (37,618)
Other non-current liabilities 28,263 119
Net cash provided by operating activities 733,692 215,124
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property and equipment, net of disposals (82,962) (88,298)
Proceeds from sale leaseback transaction 4,061 0
Net cash used in investing activities (78,901) (88,298)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments on long term debt 3,297 7,689
Paydown of First Lien Term Loan (150,000) 0
Proceeds from ABL Facility 736,000 596,000
Payments on ABL Facility (1,064,000) (655,000)
Net cash received from stock option exercises 9,005 8,618
Net cash received from ESPP 1,107 726
Acquisition of treasury stock (44,533) (67,237)
Other financing activities (466) (298)
Net cash used in financing activities (516,184) (124,880)
Net increase in cash and cash equivalents 138,607 1,946
Cash and cash equivalents at beginning of period 30,204 27,146
Cash and cash equivalents at end of period 168,811 29,092
Supplemental cash flow information:    
Interest paid 35,627 50,844
Income taxes paid 60,757 17,094
Non-cash financing and investing activities:    
Lease liabilities arising from obtaining right-of-use assets 60,116 0
Property additions included in accrued expenses $ 70,037 $ 15,981
v3.20.2
Description of Business
6 Months Ended
Aug. 01, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
BJ’s Wholesale Club Holdings, Inc. and its wholly owned subsidiaries is a leading warehouse club operator in the eastern United States. As of August 1, 2020, the Company operated 219 warehouse clubs and 147 gas stations in 17 states.
The Company follows, and reports based on the National Retail Federation’s fiscal calendar. The thirteen week periods ended August 1, 2020 and August 3, 2019 are referred to as the "second quarter of fiscal year 2020" and the "second quarter of fiscal year 2019," respectively.
The novel coronavirus ("COVID-19") pandemic has severely impacted the economies of the U.S. and other countries around the world. In the preparation of these financial statements and related disclosures we have assessed the impact that COVID-19 has had on our estimates, assumptions and accounting policies and made additional disclosures, as necessary.
v3.20.2
Summary of Significant Accounting Policies
6 Months Ended
Aug. 01, 2020
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying interim financial statements of BJ’s Wholesale Club Holdings, Inc. are unaudited and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial statements in accordance with generally accepted accounting principles in the United States of America ("GAAP").
The consolidated balance sheet as of February 1, 2020 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the second quarter of fiscal year 2020 are not necessarily indicative of future results or results to be expected for fiscal year 2020. The Company’s business, in common with the business of retailers generally, is subject to seasonal influences. The Company’s sales and operating income have typically been highest in the fourth quarter holiday season and lowest in the first quarter of each fiscal year.
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year 2019, as filed with the Securities and Exchange Commission on March 19, 2020.
Reclassification
We adjusted the statement of cash flows for the first half of fiscal year 2019 to reclassify the change in book overdraft amounts into the accounts payable and accrued expenses line items, all within net cash provided by operating activities.    
Recently Adopted Accounting Pronouncements
The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2019. There have been no material changes to these accounting policies, except as noted below for new accounting pronouncements adopted at the beginning of fiscal year 2020.
Fair Value Measurement (ASU 2018-13)
In August 2018, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2018-13 Changes to the Disclosure Requirements for Fair Value Measurement which updates the guidance to Fair Value Measurement (Topic 820). The updated guidance modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted ASU 2018-13 at the beginning of fiscal year 2020 on a prospective basis and the adoption of this standard did not have a material impact on the Company's consolidated financial statements.
Intangibles-Goodwill and Other-Internal-Use Software (ASU 2018-15)

In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The update related to accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The update allows entities who are customers in hosting arrangements that are service contracts to apply the existing internal-use software guidance to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The update specifies classification for capitalizing implementation costs and related amortization expense within the financial statements and requires additional disclosures. The updated guidance is effective for fiscal reporting periods, including interim reporting within those periods, beginning after December 15, 2019. The Company adopted this standard at the beginning of fiscal year 2020 on a prospective basis. The adoption of this standard had no material impact on the Company's consolidated financial statements.

Goodwill Impairment (ASU 2017-04)
In January 2017, the FASB issued ASU 2017-04, which provides amendments to Accounting Standards Codification 350, Intangibles - Goodwill and Other, to eliminate Step 2 from the goodwill impairment test. Entities should perform their goodwill impairment tests by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The Company adopted ASU 2017-04 at the beginning of fiscal year 2020 on a prospective basis and the adoption of this standard did not have a material impact on the Company's consolidated financial statements.
Credit Losses (ASU 2016-13)
In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). This new guidance changes how entities account for credit impairment for trade and other receivables, as well as for certain financial assets and other instruments. ASU 2016-13 replaces the current "incurred loss" model with an "expected loss" model. Under the "incurred loss" model, a loss (or allowance) is recognized only when an event has occurred (such as a payment delinquency) that causes the entity to believe that a loss is probable (i.e., that it has been "incurred"). Under the "expected loss" model, an entity recognizes a loss (or allowance) upon initial recognition of the asset that reflects all future events that will lead to a loss being realized, regardless of whether it is probable that the future event will occur. The "incurred loss" model considers past events and current conditions, while the "expected loss" model includes expectations for the future which have yet to occur. The Company adopted ASU 2016-13 at the beginning of fiscal year 2020 and the adoption of this standard did not have a material impact on the Company's consolidated financial statements.
Recently Issued Accounting Pronouncements

Reference Rate Reform (ASU 2020-04)
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions to the current guidance on contract modifications and hedging relationships to ease the financial reporting burdens of the expected market transition from London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the impact of the new guidance on the Company's consolidated financial statements.
v3.20.2
Revenue Recognition
6 Months Ended
Aug. 01, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Performance Obligations
The Company identifies each distinct performance obligation to transfer goods (or bundle of goods) or services. The Company recognizes revenue as it satisfies a performance obligation by transferring control of the goods or services to the customer.
Merchandise sales—The Company recognizes sales of merchandise at clubs and gas stations when the customer takes possession of the goods and tenders payment. Sales of merchandise at the Company’s clubs and gas stations, excluding sales taxes, represented approximately 96% of the Company’s net sales and approximately 94% of the Company’s total revenues for the twenty-six weeks ended August 1, 2020. Sales taxes are recorded as a liability at the point of sale. Revenue is recorded at the point of sale based on the transaction price on the shelf sign, net of any applicable discounts, sales taxes and expected refunds. For e-commerce sales, the Company recognizes sales when control of the merchandise is transferred to the customer, which is typically at the shipping point.
BJ’s Perks Rewards and My BJ's Perks programs—The Company’s BJ’s Perks Rewards® membership program allows participating members to earn 2% cash back, up to a maximum of $500 per year, on qualified purchases made at BJ’s. The Company also offers a co-branded credit card program, the My BJ’s Perks® program, which allows My BJ's Perks® Mastercard credit card holders to earn up to 5% cash back on eligible purchases made at BJ’s and up to 2% cash back on purchases made with the card outside of BJ’s. Cash back has been in the form of electronic awards issued in $20 increments that may be used online or in-club at the register and expire six months from the date issued. Subsequent to August 1, 2020, electronic awards are being issued in increments of $10.
Earned awards may be redeemed on future purchases made at the Company. The Company recognizes revenue for earned awards when customers redeem such awards as part of a purchase at one of the Company’s clubs or the Company’s website. The Company accounts for these transactions as multiple element arrangements and allocates the transaction price to separate performance obligations using their relative fair values. The Company includes the fair value of award dollars earned in deferred revenue at the time the award dollars are earned. This liability was $29.9 million at August 1, 2020, $26.7 million at February 1, 2020 and $28.4 million at August 3, 2019.
Royalty revenue received in connection with the My BJ's Perks co-brand credit card program is variable consideration and is considered deferred until the card holder makes a purchase. The Company’s total deferred royalty revenue related to the outstanding My BJ’s Perks Rewards was $15.0 million, $14.8 million and $13.2 million at August 1, 2020, February 1, 2020 and August 3, 2019, respectively. The timing of revenue recognition of these awards dollars is driven by actual customer activities, such as redemptions and expirations. As of August 1, 2020, the Company expects to recognize $12.2 million of the deferred revenue in fiscal year 2020, and expects the remainder will be recognized in the years thereafter.
Membership—The Company charges a membership fee to its customers. That fee allows customers to shop in the Company’s clubs, shop on the Company’s website and purchase gasoline at the Company’s gas stations for the duration of the membership, which is generally 12 months. Because the Company has the obligation to provide access to its clubs, website and gas stations for the duration of the membership term, the Company recognizes membership fees on a straight-line basis over the life of the membership. The Company’s deferred revenue related to membership fees was $156.6 million, $144.0 million and $138.4 million at August 1, 2020, February 1, 2020 and August 3, 2019, respectively.
Gift Card Program—The Company sells BJ’s gift cards in both physical and digital format, which allow customers to redeem the card for future purchases equal to the amount of the original purchase price of the gift card. Revenue from gift card sales is recognized in proportion to its rate of gift card redemptions because the Company’s performance obligation to redeem the gift card for merchandise is satisfied when the gift card is redeemed. The Company also recognizes breakage in proportion to its rate of gift card redemptions. Deferred revenue related to gift cards was $9.6 million, $10.3 million and $8.1 million at August 1, 2020, February 1, 2020 and August 3, 2019, respectively. The Company recognized $9.4 million and $11.4 million of revenue from gift card redemptions in the second quarter of fiscal year 2020 and second quarter of fiscal year 2019, respectively. The Company recognized $19.5 million and $22.5 million of revenue from gift card redemptions in the twenty-six weeks ended August 1, 2020 and the twenty-six weeks ended August 3, 2019, respectively.
Disaggregation of Revenue
The Company’s club retail operations, which represent substantially all of its consolidated total revenues, are the Company’s only reportable segment. All the Company’s identifiable assets are in the United States. The Company does not have significant sales outside the United States, nor does any customer represent more than 10% of total revenues for any period presented.
The following tables summarize the Company's percentage of net sales disaggregated by category:
Thirteen Weeks Ended
August 1, 2020August 3, 2019
Grocery (1)
76%72%
General Merchandise & Services16%15%
Gasoline and Other 8%13%
Twenty-Six Weeks Ended
August 1, 2020August 3, 2019
Grocery (1)
79%73%
General Merchandise & Services13%14%
Gasoline and Other 8%13%
(1)Grocery division includes the legacy perishables, edible grocery and non-edible grocery division.
v3.20.2
Related Party Transactions
6 Months Ended
Aug. 01, 2020
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
One of the Company’s suppliers, Advantage Solutions Inc., is controlled by affiliates of the Sponsors. Advantage Solutions Inc. is principally a provider of in-club product demonstration and sampling services, and the Company also engages them from time to time to provide ancillary support services, including temporary club labor as needed. The Company incurred approximately $7.4 million and $10.6 million of costs payable to Advantage Solutions Inc. for services rendered during the thirteen weeks ended August 1, 2020 and August 3, 2019, respectively. The Company incurred approximately $12.2 million and $22.4 million of costs payable to Advantage Solutions Inc. for services rendered during the twenty-six weeks ended August 1, 2020 and August 3, 2019, respectively. The demonstration and sampling service fees are fully funded by merchandise vendors who participate in the program.
The Company believes the terms obtained or consideration paid or received, as applicable, in connection with the transactions were comparable to terms available or amounts that would be paid or received, as applicable, in arms’-length transactions with unrelated parties.
v3.20.2
Debt and Credit Arrangements
6 Months Ended
Aug. 01, 2020
Debt Disclosure [Abstract]  
Debt and Credit Arrangements Debt and Credit Arrangements
Debt consisted of the following at August 1, 2020, February 1, 2020 and August 3, 2019 (in thousands):
August 1,
2020
February 1,
2020
August 3,
2019
ABL Facility$50,000 $378,000 $230,000 
First Lien Term Loan1,161,920 1,315,216 1,522,356 
Unamortized debt discount and debt issuance cost(9,711)(12,531)(16,377)
Less: current portion (343,377)(195,377)
Long-term debt$1,202,209 $1,337,308 $1,540,602 
ABL Facility
The ABL Facility is comprised of a $950.0 million revolving credit facility and a $50.0 million term loan. The ABL Facility is secured on a senior basis by certain "liquid assets" of the Company and secured on a junior basis by certain "fixed assets" of the Company. The $50.0 million term loan payment terms are restricted in that the term loan cannot be repaid unless all loans outstanding under the revolving credit facility are repaid, and once repaid, cannot be re-borrowed. The availability under the $950.0 million revolving credit facility is restricted based on eligible monthly merchandise inventories and receivables, as defined in the agreement governing the ABL Facility (the "ABL Facility Agreement"). As amended, interest on the revolving credit facility is calculated either at LIBOR plus a range of 125 to 175 basis points or a base rate plus a range of 25 to 75 basis points; and interest on the term loan is calculated at LIBOR plus a range of 200 to 250 basis points or a base rate plus a range of 100 to 150 basis points, in all cases based on excess availability. The applicable spread of LIBOR and base rate loans at all levels of excess availability steps down by 12.5 basis points upon achieving total net leverage of 3.00 to 1.00. The ABL Facility also provides a sub-facility for issuances of letters of credit subject to certain fees defined in the ABL Facility Agreement. The ABL Facility is subject to various commitment fees during the term of the facility based on utilization of the revolving credit facility, which is scheduled to mature on August 17, 2023.
At August 1, 2020, there was $50.0 million outstanding in loans under the ABL Facility and $19.2 million in outstanding letters of credit. As of August 1, 2020, the interest rate on the revolving credit facility was 1.29%, and unused capacity was $741.4 million.
At February 1, 2020, there was $378.0 million outstanding in loans under the ABL Facility and $17.5 million in outstanding letters of credit. As of February 1, 2020, the interest rate on the revolving credit facility was 2.78%, and unused capacity was $496.3 million.
At August 3, 2019, there was $230.0 million outstanding in loans under the ABL Facility and $26.3 million in outstanding letters of credit. As of August 3, 2019, the interest rate on the revolving credit facility was 3.48%, and unused capacity was $558.1 million.
First Lien Term Loan
The Company's First Lien Term Loan matures on February 3, 2024. Voluntary prepayments are permitted. Principal payments must be made on the First Lien Term Loan pursuant to an annual excess cash flow calculation when the net leverage ratio exceeds 3.50 to 1.00. The First Lien Term Loan is subject to certain affirmative and negative covenants but no financial covenants. It is secured on a senior basis by certain "fixed assets" of the Company and on a junior basis by certain "liquid" assets of the Company.
On November 1, 2019, the Company borrowed $200.0 million from the ABL Facility. The proceeds from the Company's borrowing were used to pay a portion of the principal amount due on the First Lien Term Loan. In connection with the payment, the Company expensed $2.0 million of previously capitalized deferred debt issuance costs and original issue discount.
On January 29, 2020, the Company amended its First Lien Term Loan to reduce the applicable interest rates. As amended, the First Lien Term Loan had an initial principal amount of $1,315.2 million and interest is calculated either at LIBOR plus 225 basis points or a base rate plus 125 basis points. Total fees associated with the refinancing were approximately $1.7 million. The Company wrote-off $0.1 million of previously capitalized debt issuance costs and original issue discount and expensed $1.7 million of new third-party fees.
On July 13, 2020, the Company paid $150.0 million of the principal amount due on the First Lien Term Loan. In connection with the payment, the Company expensed $1.3 million of previously capitalized deferred debt issuance costs and original issue discount.
At August 1, 2020, there was $1,161.9 million outstanding on the First Lien Term Loan. At February 1, 2020, there was $1,315.2 million outstanding on the First Lien Term Loan. At August 3, 2019, there was $1,522.4 million outstanding on the First Lien Term Loan. At August 1, 2020, the interest rate for the First Lien Term Loan was 2.18%. At February 1, 2020, the interest rate for the First Lien Term Loan was 3.90%. At August 3, 2019, the interest rate for the First Lien Term Loan was 5.08%.
v3.20.2
Interest Expense, net
6 Months Ended
Aug. 01, 2020
Other Income and Expenses [Abstract]  
Interest Expense, net Interest Expense, net
The following details the components of interest expense for the periods presented (in thousands):
 Thirteen Weeks EndedTwenty-Six Weeks Ended
 August 1, 2020August 3, 2019August 1, 2020August 3, 2019
Interest on debt$17,302 $24,847 $36,945 $50,698 
Interest on capital lease and financing obligations991 628 1,999 1,259 
Debt issuance costs amortization648 696 1,305 1,392 
Original issue discount amortization519 627 1,058 1,254 
Loss on debt extinguishment1,283  1,283  
Capitalized interest(2)(15)(5)(31)
Interest expense, net$20,741 $26,783 $42,585 $54,572 
v3.20.2
Commitments and Contingencies
6 Months Ended
Aug. 01, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and ContingenciesThe Company is involved in various legal proceedings that are typical of a retail business. In accordance with applicable accounting guidance, an accrual will be established for legal proceedings if and when those matters present loss contingencies that are both probable and estimable. The Company does not believe the resolution of any current proceedings will result in a material loss to the consolidated financial statements.
v3.20.2
Stock Incentive Plans
6 Months Ended
Aug. 01, 2020
Share-based Payment Arrangement [Abstract]  
Stock Incentive Plans Stock Incentive Plans
On June 13, 2018, the Company’s board of directors adopted, and its stockholders approved, the BJ's Wholesale Club Holdings, Inc. 2018 Incentive Award Plan (the "2018 Plan"). The 2018 Plan provides for the grant of stock options, restricted stock, dividend equivalents, stock payments, restricted stock units, performance shares, other incentive awards, stock appreciation rights, and cash awards. Prior to the adoption of the 2018 Plan, the Company granted stock-based compensation to employees and non-employee directors, respectively, under the Fourth Amended and Restated 2011 Stock Option Plan of BJ's Wholesale Club, Inc. (f/k/a Beacon Holding Inc.), as amended (the "2011 Plan") and the 2012 Director Stock Option Plan of BJ’s Wholesale Club Holdings, Inc. (f/k/a Beacon Holding, Inc.), as amended (the "2012 Director Plan"). No further grants will be made under the 2011 Plan or the 2012 Director Plan.
The 2018 Plan authorizes the issuance of 13,148,058 shares, including 985,369 shares that were reserved but not issued under the 2011 Plan and the 2012 Director Plan. If an award under the 2018 Plan, 2011 Plan or 2012 Director Plan is forfeited, expires or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the 2018 Plan. Additionally, shares tendered or withheld to satisfy grant or exercise price, or tax withholding obligations associated with an award under the 2018 Plan, the 2011 Plan or the 2012 Director Plan will be added to the shares authorized for grant under the 2018 Plan. The following shares may not be used again for grant under the 2018 Plan: (1) shares subject to a stock appreciation right ("SAR") that are not issued in connection with the stock settlement of the SAR upon its exercise and (2) shares purchased on the open market with the cash proceeds from the exercise of options under the 2018 Plan, 2011 Plan or 2012 Director Plan. As of August 1, 2020, there were 5,909,199 shares available for future issuance under the 2018 Plan.
The following table summarizes the Company’s stock award activity during the thirteen weeks ended August 1, 2020 (shares in thousands):
 Stock OptionsRestricted StockRestricted Stock
Units
Performance Stock
 SharesWeighted
Average
Exercise
Price
SharesWeighted
Average
Grant
Date Fair
Value
SharesWeighted
Average
Grant
Date Fair
Value
SharesWeighted
Average
Grant
Date Fair
Value
Outstanding, February 1, 20205,213 $14.00 1,445 $25.22 30 $25.83  $ 
Granted441 25.07 685 25.07 31 33.38 527 23.96 
Forfeited/canceled(91)21.78 (92)24.39     
Exercised/vested(1,246)7.64 (539)30.64 (32)34.54   
Outstanding, August 1, 20204,317 $16.81 1,499 $25.41 29 $34.54 527 $23.96 
Stock-based compensation expense was $9.1 million and $5.0 million for the thirteen weeks ended August 1, 2020 and August 3, 2019, respectively. Stock-based compensation expense was $14.6 million and $8.8 million for the twenty-six weeks ended August 1, 2020 and August 3, 2019, respectively.
On June 14, 2018, the Company’s board of directors adopted and its stockholders approved the BJ's Wholesale Club Holdings, Inc. Employee Stock Purchase Plan (the "ESPP"), which became effective the day prior to the first day of public trading of the Company’s equity securities. The aggregate number of shares of common stock that were to be reserved for issuance under the ESPP was to be equal to the sum of (i) 973,014 shares and (ii) an annual increase on the first day of each calendar year beginning in 2019 and ending in 2028 equal to the lesser of (A) 486,507 shares, (B) 0.5% of the shares outstanding (on an as converted basis) on the last day of the immediately preceding fiscal year and (C) such smaller number of shares as determined by the board of directors. The offering under the ESPP commenced on January 1, 2019. As of August 1, 2020, 1,799,409 shares remained available for issuance. The amount of expense recognized for the thirteen weeks ended August 1, 2020 and August 3, 2019 was $0.2 million and $0.3 million, respectively.
Treasury Shares Acquired
On June 27, 2019, the Company completed the CVC June 2019 Secondary Offering of 9,977,024 shares of the Company's common stock and, in connection with the offering, the Company repurchased 2,500,000 shares of common stock at a price of $25.41 per share. These repurchased shares are being held in treasury.
In addition, 121,915 shares were reacquired to satisfy employees’ tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended August 1, 2020 and 140,630 shares were reacquired in the thirteen weeks ended August 3, 2019. These reacquired shares were recorded as $4.3 million and $3.7 million of treasury stock for the thirteen weeks ended August 1, 2020 and August 3, 2019, respectively. In addition, 205,268 shares were reacquired to satisfy employees’ tax withholding obligations upon the vesting of restricted stock awards in the twenty-six weeks ended August 1, 2020 and 140,630 shares were reacquired in the twenty-six weeks ended August 3, 2019. These reacquired shares were recorded as $6.4 million and $3.7 million of treasury stock for the twenty-six weeks ended August 1, 2020 and August 3, 2019, respectively.
Share Repurchase Program
On December 19, 2019, the Company's board of directors authorized the repurchase of up to $250.0 million of the Company's outstanding common stock from time to time as market conditions warrant (the "Program"). The Program expires at the end of fiscal year 2021. The Company initiated the Program to mitigate potentially dilutive effects of stock options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value. As of August 1, 2020, $211.9 million remained available to purchase under the Program. The Company repurchased 924,282 shares for $34.1 million during the thirteen weeks ended August 1, 2020. The Company repurchased 1,099,282 shares for $38.1 million during the twenty-six weeks ended August 1, 2020.
v3.20.2
Income Taxes
6 Months Ended
Aug. 01, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective income tax rate is based on estimated income from continuing operations for the fiscal year as well as discrete adjustments, if any, in the applicable quarterly periods. The Company projects the estimated annual effective tax rate for fiscal 2020 year to be 27.1%, excluding the tax effect of discrete events, such as excess tax benefits from stock-based compensation, changes in tax legislation, settlements of tax audits and changes in uncertain tax positions, among others.

The Company’s effective income tax rate from continuing operations was 25.3% and 24.5% for the thirteen weeks ended August 1, 2020 and August 3, 2019, respectively; and 23.5% and 21.3% for the twenty-six weeks ended August 1, 2020 and August 3, 2019, respectively. The increase in the effective tax rate for the second quarter of fiscal year 2020, compared to the second quarter of fiscal year 2019, is due primarily to higher income in the second quarter of fiscal year 2020, which resulted in a reduced benefit to the rate from the excess tax benefit for stock-based compensation.

We are subject to taxation in the U.S. federal and various state taxing jurisdictions. In general, the Company’s tax years from 2015 forward remain open and subject to examination by the Internal Revenue Service and various state taxing authorities; however, certain ongoing state audits and appeals relate to periods prior to 2015.
v3.20.2
Fair Value Measurements
6 Months Ended
Aug. 01, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price.” The inputs used to measure fair value are generally classified into the following hierarchy:
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not observable for the asset or liability.
Level 3: Unobservable inputs for the asset or liability.
Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair values of the Company’s derivative instruments are based on quotes received from third-party banks and represent the estimated amount the Company would pay to terminate the agreements taking into consideration current interest rates as well as the creditworthiness of the counterparties. These inputs are considered to be Level 2.
Financial Assets and Liabilities

The gross carrying amount and fair value of the Company’s debt at August 1, 2020 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$1,161,920 $1,144,956 
ABL Facility50,000 50,000 
Total Debt$1,211,920 $1,194,956 
The gross carrying amount and fair value of the Company’s debt at February 1, 2020 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$1,315,216 $1,319,990 
ABL Facility378,000 378,000 
Total Debt$1,693,216 $1,697,990 
The gross carrying amount and fair value of the Company’s debt at August 3, 2019 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$1,522,357 $1,529,968 
ABL Facility230,000 230,000 
Total Debt$1,752,357 $1,759,968 
The fair value of debt was based on quoted market prices and on borrowing rates available to the Company as of August 1, 2020, February 1, 2020 and August 3, 2019. These inputs are considered to be Level 2.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company measures certain non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis.
The Company believes that the carrying amounts of its other financial instruments, including cash, accounts receivable, and accounts payable, approximates their carrying value due to the short-term maturities of these instruments.
v3.20.2
Earnings Per Share
6 Months Ended
Aug. 01, 2020
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the thirteen and twenty-six weeks ended August 1, 2020 and August 3, 2019:
 Thirteen Weeks EndedTwenty-Six Weeks Ended
 August 1, 2020August 3, 2019August 1, 2020August 3, 2019
Weighted-average common shares outstanding, used for basic computation136,706,284 136,570,834 136,398,122 136,690,459 
Plus: Incremental shares of potentially dilutive securities2,815,773 2,945,487 2,576,776 3,298,988 
Weighted-average number of common and dilutive potential common shares outstanding139,522,057 139,516,321 138,974,898 139,989,447 
No restricted shares were excluded from the computation of diluted earnings for the thirteen weeks ended August 1, 2020. 229,767 stock options were excluded from the computation of diluted earnings for the thirteen weeks ended August 1, 2020, because their inclusion would have been anti-dilutive. 552,830 and 390,128 stock options and restricted shares, respectively, were excluded from the computation of diluted earnings for the twenty-six weeks ended August 1, 2020 because their inclusion would have been anti-dilutive. Similarly, 740,655 and 539,991 stock options and restricted shares, respectively, were excluded from the computation of diluted earnings for the thirteen weeks ended August 3, 2019. 513,389 and 374,570 stock options and restricted shares, respectively, were excluded from the computation of diluted earnings for the twenty-six weeks ended August 3, 2019.
v3.20.2
Derivative Financial Instruments
6 Months Ended
Aug. 01, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Interest Rate Swaps
On November 13, 2018, the Company entered into three forward starting interest rate swaps (the "Interest Rate Swaps"), which became effective on February 13, 2019. The Company has fixed the LIBOR component of $1.2 billion of its floating rate debt at a rate of approximately 3.0% from February 13, 2019 to February 13, 2022. At August 1, 2020, February 1, 2020, and August 3, 2019, the Interest Rate Swaps were recorded as a liability of $53.5 million, $40.0 million and $41.1 million, respectively, with the net of tax amount recorded in other comprehensive loss.
The Company elected hedge accounting for the interest rate swap agreements, and as such, the effective portion of the losses was recorded as a component of other comprehensive loss. There were $6.8 million of gains and $16.0 million of losses recorded in other comprehensive loss for the thirteen weeks ended August 1, 2020 and August 3, 2019, respectively. There were $12.6 million and $21.2 million of losses recorded in other comprehensive loss for the twenty-six weeks ended August 1, 2020 and August 3, 2019, respectively.
The fair values of derivative instruments included on the consolidated balance sheets are as follows (in thousands):
Fair Value at
Accounting for cash flow hedgesNotional AmountFixed RateBalance Sheet ClassificationAugust 1, 2020February 1,
2020
August 3, 2019
Interest rate swap$600,000 3.00 %Other non-current liabilities$(26,777)$(20,035)$(20,549)
Interest rate swap360,000 3.00 %Other non-current liabilities(16,049)(11,997)(12,303)
Interest rate swap240,000 3.00 %Other non-current liabilities(10,702)(8,003)(8,207)
Net carrying amount$1,200,000 Total liabilities$(53,528)$(40,035)$(41,059)
v3.20.2
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Aug. 01, 2020
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying interim financial statements of BJ’s Wholesale Club Holdings, Inc. are unaudited and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial statements in accordance with generally accepted accounting principles in the United States of America ("GAAP").
The consolidated balance sheet as of February 1, 2020 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the second quarter of fiscal year 2020 are not necessarily indicative of future results or results to be expected for fiscal year 2020. The Company’s business, in common with the business of retailers generally, is subject to seasonal influences. The Company’s sales and operating income have typically been highest in the fourth quarter holiday season and lowest in the first quarter of each fiscal year.
Reclassification ReclassificationWe adjusted the statement of cash flows for the first half of fiscal year 2019 to reclassify the change in book overdraft amounts into the accounts payable and accrued expenses line items, all within net cash provided by operating activities.
Recently Adopted and Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2019. There have been no material changes to these accounting policies, except as noted below for new accounting pronouncements adopted at the beginning of fiscal year 2020.
Fair Value Measurement (ASU 2018-13)
In August 2018, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2018-13 Changes to the Disclosure Requirements for Fair Value Measurement which updates the guidance to Fair Value Measurement (Topic 820). The updated guidance modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted ASU 2018-13 at the beginning of fiscal year 2020 on a prospective basis and the adoption of this standard did not have a material impact on the Company's consolidated financial statements.
Intangibles-Goodwill and Other-Internal-Use Software (ASU 2018-15)

In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The update related to accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The update allows entities who are customers in hosting arrangements that are service contracts to apply the existing internal-use software guidance to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The update specifies classification for capitalizing implementation costs and related amortization expense within the financial statements and requires additional disclosures. The updated guidance is effective for fiscal reporting periods, including interim reporting within those periods, beginning after December 15, 2019. The Company adopted this standard at the beginning of fiscal year 2020 on a prospective basis. The adoption of this standard had no material impact on the Company's consolidated financial statements.

Goodwill Impairment (ASU 2017-04)
In January 2017, the FASB issued ASU 2017-04, which provides amendments to Accounting Standards Codification 350, Intangibles - Goodwill and Other, to eliminate Step 2 from the goodwill impairment test. Entities should perform their goodwill impairment tests by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The Company adopted ASU 2017-04 at the beginning of fiscal year 2020 on a prospective basis and the adoption of this standard did not have a material impact on the Company's consolidated financial statements.
Credit Losses (ASU 2016-13)
In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). This new guidance changes how entities account for credit impairment for trade and other receivables, as well as for certain financial assets and other instruments. ASU 2016-13 replaces the current "incurred loss" model with an "expected loss" model. Under the "incurred loss" model, a loss (or allowance) is recognized only when an event has occurred (such as a payment delinquency) that causes the entity to believe that a loss is probable (i.e., that it has been "incurred"). Under the "expected loss" model, an entity recognizes a loss (or allowance) upon initial recognition of the asset that reflects all future events that will lead to a loss being realized, regardless of whether it is probable that the future event will occur. The "incurred loss" model considers past events and current conditions, while the "expected loss" model includes expectations for the future which have yet to occur. The Company adopted ASU 2016-13 at the beginning of fiscal year 2020 and the adoption of this standard did not have a material impact on the Company's consolidated financial statements.
Recently Issued Accounting Pronouncements

Reference Rate Reform (ASU 2020-04)
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions to the current guidance on contract modifications and hedging relationships to ease the financial reporting burdens of the expected market transition from London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the impact of the new guidance on the Company's consolidated financial statements.
v3.20.2
Revenue Recognition (Tables)
6 Months Ended
Aug. 01, 2020
Revenue from Contract with Customer [Abstract]  
Percentage of Net Sales Disaggregated by Category
The following tables summarize the Company's percentage of net sales disaggregated by category:
Thirteen Weeks Ended
August 1, 2020August 3, 2019
Grocery (1)
76%72%
General Merchandise & Services16%15%
Gasoline and Other 8%13%
Twenty-Six Weeks Ended
August 1, 2020August 3, 2019
Grocery (1)
79%73%
General Merchandise & Services13%14%
Gasoline and Other 8%13%
(1)Grocery division includes the legacy perishables, edible grocery and non-edible grocery division.
v3.20.2
Debt and Credit Arrangements (Tables)
6 Months Ended
Aug. 01, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following at August 1, 2020, February 1, 2020 and August 3, 2019 (in thousands):
August 1,
2020
February 1,
2020
August 3,
2019
ABL Facility$50,000 $378,000 $230,000 
First Lien Term Loan1,161,920 1,315,216 1,522,356 
Unamortized debt discount and debt issuance cost(9,711)(12,531)(16,377)
Less: current portion (343,377)(195,377)
Long-term debt$1,202,209 $1,337,308 $1,540,602 
v3.20.2
Interest Expense, net (Tables)
6 Months Ended
Aug. 01, 2020
Other Income and Expenses [Abstract]  
Summary of Interest Expense
The following details the components of interest expense for the periods presented (in thousands):
 Thirteen Weeks EndedTwenty-Six Weeks Ended
 August 1, 2020August 3, 2019August 1, 2020August 3, 2019
Interest on debt$17,302 $24,847 $36,945 $50,698 
Interest on capital lease and financing obligations991 628 1,999 1,259 
Debt issuance costs amortization648 696 1,305 1,392 
Original issue discount amortization519 627 1,058 1,254 
Loss on debt extinguishment1,283  1,283  
Capitalized interest(2)(15)(5)(31)
Interest expense, net$20,741 $26,783 $42,585 $54,572 
v3.20.2
Stock Incentive Plans (Tables)
6 Months Ended
Aug. 01, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Company's Stock Award Activity
The following table summarizes the Company’s stock award activity during the thirteen weeks ended August 1, 2020 (shares in thousands):
 Stock OptionsRestricted StockRestricted Stock
Units
Performance Stock
 SharesWeighted
Average
Exercise
Price
SharesWeighted
Average
Grant
Date Fair
Value
SharesWeighted
Average
Grant
Date Fair
Value
SharesWeighted
Average
Grant
Date Fair
Value
Outstanding, February 1, 20205,213 $14.00 1,445 $25.22 30 $25.83  $ 
Granted441 25.07 685 25.07 31 33.38 527 23.96 
Forfeited/canceled(91)21.78 (92)24.39     
Exercised/vested(1,246)7.64 (539)30.64 (32)34.54   
Outstanding, August 1, 20204,317 $16.81 1,499 $25.41 29 $34.54 527 $23.96 
v3.20.2
Fair Value Measurements (Tables)
6 Months Ended
Aug. 01, 2020
Fair Value Disclosures [Abstract]  
Carrying Amount and Fair Value of Debt
The gross carrying amount and fair value of the Company’s debt at August 1, 2020 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$1,161,920 $1,144,956 
ABL Facility50,000 50,000 
Total Debt$1,211,920 $1,194,956 
The gross carrying amount and fair value of the Company’s debt at February 1, 2020 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$1,315,216 $1,319,990 
ABL Facility378,000 378,000 
Total Debt$1,693,216 $1,697,990 
The gross carrying amount and fair value of the Company’s debt at August 3, 2019 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$1,522,357 $1,529,968 
ABL Facility230,000 230,000 
Total Debt$1,752,357 $1,759,968 
v3.20.2
Earnings Per Share (Tables)
6 Months Ended
Aug. 01, 2020
Earnings Per Share [Abstract]  
Summary of Basic and Diluted Net Income Per Share Attributable to Common Stockholders
The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the thirteen and twenty-six weeks ended August 1, 2020 and August 3, 2019:
 Thirteen Weeks EndedTwenty-Six Weeks Ended
 August 1, 2020August 3, 2019August 1, 2020August 3, 2019
Weighted-average common shares outstanding, used for basic computation136,706,284 136,570,834 136,398,122 136,690,459 
Plus: Incremental shares of potentially dilutive securities2,815,773 2,945,487 2,576,776 3,298,988 
Weighted-average number of common and dilutive potential common shares outstanding139,522,057 139,516,321 138,974,898 139,989,447 
v3.20.2
Derivative Financial Instruments (Tables)
6 Months Ended
Aug. 01, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Instruments
The fair values of derivative instruments included on the consolidated balance sheets are as follows (in thousands):
Fair Value at
Accounting for cash flow hedgesNotional AmountFixed RateBalance Sheet ClassificationAugust 1, 2020February 1,
2020
August 3, 2019
Interest rate swap$600,000 3.00 %Other non-current liabilities$(26,777)$(20,035)$(20,549)
Interest rate swap360,000 3.00 %Other non-current liabilities(16,049)(11,997)(12,303)
Interest rate swap240,000 3.00 %Other non-current liabilities(10,702)(8,003)(8,207)
Net carrying amount$1,200,000 Total liabilities$(53,528)$(40,035)$(41,059)
v3.20.2
Description of Business (Detail) - Aug. 01, 2020
warehouse_club
gas_station
state
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Number of facilities operated 219 147  
Number of states with operations     17
v3.20.2
Revenue Recognition - Additional Information (Detail)
3 Months Ended 6 Months Ended
Aug. 02, 2020
USD ($)
Aug. 01, 2020
USD ($)
Aug. 03, 2019
USD ($)
Aug. 01, 2020
USD ($)
segment
Aug. 03, 2019
USD ($)
Feb. 01, 2020
USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]            
Percentage of cash back earned       2.00%    
Maximum annual cash back amount       $ 500    
Cash back in form of electronic awards issued       $ 20    
Cash back in form of electronic awards issued, expiration period       6 months    
Club membership term       12 months    
Number of reportable segments | segment       1    
Subsequent Event            
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]            
Cash back in form of electronic awards issued $ 10          
My BJ's Perks Mastercard            
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]            
Percentage of cash back earned       5.00%    
Card outside of BJ's            
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]            
Percentage of cash back earned       2.00%    
BJ's Perks Rewards - earned awards            
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]            
Deferred revenue   $ 29,900,000 $ 28,400,000 $ 29,900,000 $ 28,400,000 $ 26,700,000
BJ's Perks Rewards - royalty revenue            
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]            
Deferred revenue   15,000,000.0 13,200,000 15,000,000.0 13,200,000 14,800,000
Membership            
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]            
Deferred revenue   156,600,000 138,400,000 156,600,000 138,400,000 144,000,000.0
Gift card programs            
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]            
Deferred revenue   9,600,000 8,100,000 9,600,000 8,100,000 $ 10,300,000
Revenue recognized   $ 9,400,000 $ 11,400,000 $ 19,500,000 $ 22,500,000  
Net sales | Revenue from rights concentration risk            
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]            
Concentration risk percentage       96.00%    
Total revenues | Revenue from rights concentration risk            
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]            
Concentration risk percentage       94.00%    
v3.20.2
Revenue Recognition - Remaining Performance Obligations (Details) - BJ's Perks Rewards - royalty revenue - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-08-02
$ in Millions
Aug. 01, 2020
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized $ 12.2
Revenue expected to be recognized, period 6 months
v3.20.2
Revenue Recognition - Summary of Disaggregation of Revenue (Detail)
3 Months Ended 6 Months Ended
Aug. 01, 2020
Aug. 03, 2019
Aug. 01, 2020
Aug. 03, 2019
Grocery        
Disaggregation of Revenue [Line Items]        
Revenue recognized (as a percent) 76.00% 72.00% 79.00% 73.00%
General Merchandise & Services        
Disaggregation of Revenue [Line Items]        
Revenue recognized (as a percent) 16.00% 15.00% 13.00% 14.00%
Gasoline and Other        
Disaggregation of Revenue [Line Items]        
Revenue recognized (as a percent) 8.00% 13.00% 8.00% 13.00%
v3.20.2
Related Party Transactions (Detail) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Aug. 01, 2020
Aug. 03, 2019
Aug. 01, 2020
Aug. 03, 2019
Advantage Solutions Inc.        
Related Party Transaction [Line Items]        
Costs for services rendered $ 7.4 $ 10.6 $ 12.2 $ 22.4
v3.20.2
Debt and Credit Arrangements - Schedule of Debt (Detail) - USD ($)
$ in Thousands
Aug. 01, 2020
Feb. 01, 2020
Aug. 03, 2019
Debt Instrument [Line Items]      
Unamortized debt discount and debt issuance cost $ (9,711) $ (12,531) $ (16,377)
Less: current portion 0 (343,377) (195,377)
Long-term debt 1,202,209 1,337,308 1,540,602
ABL Facility      
Debt Instrument [Line Items]      
Long-term debt, gross 50,000 378,000 230,000
First Lien Term Loan      
Debt Instrument [Line Items]      
Long-term debt, gross $ 1,161,920 $ 1,315,216 $ 1,522,356
v3.20.2
Debt and Credit Arrangements - Additional Information (Detail)
6 Months Ended
Jul. 13, 2020
USD ($)
Jan. 29, 2020
USD ($)
Nov. 01, 2019
USD ($)
Aug. 01, 2020
USD ($)
Aug. 03, 2019
USD ($)
Feb. 01, 2020
USD ($)
Debt Instrument [Line Items]            
Proceeds from ABL Facility       $ 736,000,000 $ 596,000,000  
Paydown of First Lien Term Loan       $ 150,000,000 0  
ABL Facility            
Debt Instrument [Line Items]            
Debt instrument, decrease in basis spread upon achievement of net leverage ratio threshold       0.125%    
Debt instrument, net leverage ratio threshold for interest rate adjustment       3.00    
Outstanding debt       $ 50,000,000.0 230,000,000.0 $ 378,000,000.0
Outstanding letter of credit       19,200,000 $ 26,300,000 $ 17,500,000
Proceeds from ABL Facility     $ 200,000,000.0      
ABL Facility | Revolving Credit Facility            
Debt Instrument [Line Items]            
Borrowing capacity       $ 950,000,000.0    
Interest rate at end of period       1.29% 3.48% 2.78%
Borrowing availability       $ 741,400,000 $ 558,100,000 $ 496,300,000
ABL Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate       1.25%    
ABL Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate       1.75%    
ABL Facility | Revolving Credit Facility | Base rate | Minimum            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate       0.25%    
ABL Facility | Revolving Credit Facility | Base rate | Maximum            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate       0.75%    
ABL Facility | Term Loan            
Debt Instrument [Line Items]            
Borrowing capacity       $ 50,000,000.0    
ABL Facility | Term Loan | London Interbank Offered Rate (LIBOR) | Minimum            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate       2.00%    
ABL Facility | Term Loan | London Interbank Offered Rate (LIBOR) | Maximum            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate       2.50%    
ABL Facility | Term Loan | Base rate | Minimum            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate       1.00%    
ABL Facility | Term Loan | Base rate | Maximum            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate       1.50%    
First Lien Term Loan            
Debt Instrument [Line Items]            
Borrowing capacity   $ 1,315,200,000        
Debt instrument, net leverage ratio threshold for interest rate adjustment       3.50    
Outstanding debt       $ 1,161,920,000 $ 1,522,356,000 $ 1,315,216,000
Interest rate at end of period       2.18% 5.08% 3.90%
Write-off of deferred debt issuance cost $ 1,300,000 100,000 $ 2,000,000.0      
Refinancing and third-party fees   $ 1,700,000        
Paydown of First Lien Term Loan $ 150,000,000.0          
First Lien Term Loan | London Interbank Offered Rate (LIBOR)            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate   2.25%        
First Lien Term Loan | Base rate            
Debt Instrument [Line Items]            
Debt instrument, basis spread on variable rate   1.25%        
v3.20.2
Interest Expense, net (Detail) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Aug. 01, 2020
Aug. 03, 2019
Aug. 01, 2020
Aug. 03, 2019
Other Income and Expenses [Abstract]        
Interest on debt $ 17,302 $ 24,847 $ 36,945 $ 50,698
Interest on capital lease and financing obligations 991 628 1,999 1,259
Debt issuance costs amortization 648 696 1,305 1,392
Original issue discount amortization 519 627 1,058 1,254
Loss on debt extinguishment 1,283 0 1,283 0
Capitalized interest (2) (15) (5) (31)
Interest expense, net $ 20,741 $ 26,783 $ 42,585 $ 54,572
v3.20.2
Stock Incentive Plans - Additional Information (Detail) - USD ($)
3 Months Ended 6 Months Ended
Jun. 27, 2019
Aug. 01, 2020
May 02, 2020
Aug. 03, 2019
Aug. 01, 2020
Aug. 03, 2019
Feb. 01, 2020
Dec. 19, 2019
Jun. 14, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares authorized (in shares)   300,000,000   300,000,000 300,000,000 300,000,000 300,000,000    
Stock-based compensation expense   $ 9,100,000   $ 5,000,000.0 $ 14,600,000 $ 8,800,000      
Common stock repurchases (in dollars per share) $ 25.41                
Shares reacquired to satisfy tax withholding (in shares)   121,915   140,630 205,268 140,630      
Shares reacquired to satisfy tax withholding, value   $ 4,300,000   $ 3,700,000 $ 6,400,000 $ 3,700,000      
Share repurchase program, amount authorized for repurchase               $ 250,000,000.0  
Share repurchase program, remaining amount authorized for repurchase   211,900,000     $ 211,900,000        
Common stock repurchases   $ 38,460,000 $ 6,073,000 67,237,000          
Common Stock                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Common stock issued (in shares) 9,977,024                
Treasury Stock, Common                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Common stock repurchases (in shares) 2,500,000 924,282     1,099,282        
Common stock repurchases   $ 34,100,000     $ 38,100,000        
2018 Incentive Award Plan                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares authorized (in shares)   13,148,058     13,148,058        
Number of shares reserved and not issued (in shares)   5,909,199     5,909,199        
2011 Plan and the 2012 Director Stock Option Plan                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares reserved and not issued (in shares)   985,369     985,369        
2018 Employee Stock Purchase Plan                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares reserved and not issued (in shares)   1,799,409     1,799,409       973,014
Stock-based compensation expense   $ 200,000   $ 300,000          
Annual increase in number of shares reserved for issuance (in shares)                 486,507
Annual increase in number of shares reserved for issuance, percent of shares outstanding                 0.50%
v3.20.2
Stock Incentive Plans - Schedule of Company's Stock Award Activity (Detail)
shares in Thousands
6 Months Ended
Aug. 01, 2020
$ / shares
shares
Stock Options  
Stock Options, Shares  
Outstanding, beginning balance (in shares) | shares 5,213
Granted (in shares) | shares 441
Forfeited/canceled (in shares) | shares (91)
Exercised/vested (in shares) | shares (1,246)
Outstanding, ending balance (in shares) | shares 4,317
Stock Options, Weighted Average Exercise Price  
Outstanding, beginning balance (in dollar per share) | $ / shares $ 14.00
Granted (in dollar per share) | $ / shares 25.07
Forfeited/canceled (in dollar per share) | $ / shares 21.78
Exercised/vested (in dollar per share) | $ / shares 7.64
Outstanding, ending balance (in dollar per share) | $ / shares $ 16.81
Restricted Stock  
Restricted Stock and Restricted Stock Units, Shares  
Outstanding, beginning balance (in shares) | shares 1,445
Granted (in shares) | shares 685
Forfeited/canceled (in shares) | shares (92)
Exercised/vested (in shares) | shares (539)
Outstanding, ending balance (in shares) | shares 1,499
Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (in dollar per share) | $ / shares $ 25.22
Granted (in dollar per share) | $ / shares 25.07
Forfeited/canceled (in dollar per share) | $ / shares 24.39
Exercised/vested (in dollar per share) | $ / shares 30.64
Outstanding, ending balance (in dollar per share) | $ / shares $ 25.41
Restricted Stock Units  
Restricted Stock and Restricted Stock Units, Shares  
Outstanding, beginning balance (in shares) | shares 30
Granted (in shares) | shares 31
Forfeited/canceled (in shares) | shares 0
Exercised/vested (in shares) | shares (32)
Outstanding, ending balance (in shares) | shares 29
Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (in dollar per share) | $ / shares $ 25.83
Granted (in dollar per share) | $ / shares 33.38
Forfeited/canceled (in dollar per share) | $ / shares 0
Exercised/vested (in dollar per share) | $ / shares 34.54
Outstanding, ending balance (in dollar per share) | $ / shares $ 34.54
Performance Stock  
Restricted Stock and Restricted Stock Units, Shares  
Outstanding, beginning balance (in shares) | shares 0
Granted (in shares) | shares 527
Forfeited/canceled (in shares) | shares 0
Exercised/vested (in shares) | shares 0
Outstanding, ending balance (in shares) | shares 527
Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (in dollar per share) | $ / shares $ 0
Granted (in dollar per share) | $ / shares 23.96
Forfeited/canceled (in dollar per share) | $ / shares 0
Exercised/vested (in dollar per share) | $ / shares 0
Outstanding, ending balance (in dollar per share) | $ / shares $ 23.96
v3.20.2
Income Taxes (Detail)
3 Months Ended 6 Months Ended 12 Months Ended
Aug. 01, 2020
Aug. 03, 2019
Aug. 01, 2020
Aug. 03, 2019
Jan. 30, 2021
Income Tax Disclosure [Line Items]          
Effective income tax rate 25.30% 24.50% 23.50% 21.30%  
Scenario, Forecast          
Income Tax Disclosure [Line Items]          
Effective income tax rate         27.10%
v3.20.2
Fair Value Measurements (Detail) - USD ($)
$ in Thousands
Aug. 01, 2020
Feb. 01, 2020
Aug. 03, 2019
Carrying Amount      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Debt $ 1,211,920 $ 1,693,216 $ 1,752,357
Fair Value      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Debt 1,194,956 1,697,990 1,759,968
First Lien Term Loan | Carrying Amount      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Debt 1,161,920 1,315,216 1,522,357
First Lien Term Loan | Fair Value      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Debt 1,144,956 1,319,990 1,529,968
ABL Facility | Carrying Amount      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Debt 50,000 378,000 230,000
ABL Facility | Fair Value      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Debt $ 50,000 $ 378,000 $ 230,000
v3.20.2
Earnings Per Share - Summary of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Detail) - shares
3 Months Ended 6 Months Ended
Aug. 01, 2020
Aug. 03, 2019
Aug. 01, 2020
Aug. 03, 2019
Earnings Per Share [Abstract]        
Weighted-average common shares outstanding, used for basic computation (in shares) 136,706,284 136,570,834 136,398,122 136,690,459
Plus: Incremental shares of potentially dilutive securities (in shares) 2,815,773 2,945,487 2,576,776 3,298,988
Weighted-average number of common and dilutive potential common shares outstanding (in shares) 139,522,057 139,516,321 138,974,898 139,989,447
v3.20.2
Earnings Per Share - Additional Information (Detail) - shares
3 Months Ended 6 Months Ended
Aug. 01, 2020
Aug. 03, 2019
Aug. 01, 2020
Aug. 03, 2019
Stock Options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Stock awards not included in the computation of diluted earnings (in shares) 229,767 740,655 552,830 513,389
Restricted stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Stock awards not included in the computation of diluted earnings (in shares) 0 539,991 390,128 374,570
v3.20.2
Derivative Financial Instruments - Additional Information (Details) - Interest rate swaps
$ in Thousands
3 Months Ended 6 Months Ended
Nov. 13, 2018
derivative_instrument
Aug. 01, 2020
USD ($)
Aug. 03, 2019
USD ($)
Aug. 01, 2020
USD ($)
Aug. 03, 2019
USD ($)
Feb. 01, 2020
USD ($)
Feb. 13, 2019
USD ($)
Derivative [Line Items]              
Number of derivative instruments entered | derivative_instrument 3            
Amount of hedged item             $ 1,200,000
Average fixed interest rate             3.00%
Unrealized gains (losses)   $ 6,800 $ (16,000) $ (12,600) $ (21,200)    
Designated as hedging instrument              
Derivative [Line Items]              
Derivative liabilities   $ 53,528 $ 41,059 $ 53,528 $ 41,059 $ 40,035  
v3.20.2
Derivative Financial Instruments - Fair Values of Derivative Instruments (Details) - Designated as hedging instrument - USD ($)
Aug. 01, 2020
Feb. 01, 2020
Aug. 03, 2019
Interest rate swap 1      
Derivatives, Fair Value [Line Items]      
Notional Amount $ 600,000,000    
Fixed Rate 3.00%    
Interest rate swap 1 | Other non-current liabilities      
Derivatives, Fair Value [Line Items]      
Total liabilities $ (26,777,000) $ (20,035,000) $ (20,549,000)
Interest rate swap 2      
Derivatives, Fair Value [Line Items]      
Notional Amount $ 360,000,000    
Fixed Rate 3.00%    
Interest rate swap 2 | Other non-current liabilities      
Derivatives, Fair Value [Line Items]      
Total liabilities $ (16,049,000) (11,997,000) (12,303,000)
Interest rate swap 3      
Derivatives, Fair Value [Line Items]      
Notional Amount $ 240,000,000    
Fixed Rate 3.00%    
Interest rate swap 3 | Other non-current liabilities      
Derivatives, Fair Value [Line Items]      
Total liabilities $ (10,702,000) (8,003,000) (8,207,000)
Interest rate swaps      
Derivatives, Fair Value [Line Items]      
Notional Amount 1,200,000,000    
Total liabilities $ (53,528,000) $ (40,035,000) $ (41,059,000)