0001817358-22-000119 | 10-Q | XBRL Viewer | Academy Sports Outdoors INC

Cover - shares	3 Months Ended
Cover - shares	Apr. 30, 2022	May 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
Document Transition Report	false
Entity File Number	001-39589
Entity Registrant Name	Academy Sports and Outdoors, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1800912
Entity Address, Address Line One	1800 North Mason Road
Entity Address, City or Town	Katy
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77449
City Area Code	281
Local Phone Number	646-5200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ASO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		85,096,754
Entity Central Index Key	0001817358
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--01-28

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 472,395	$ 485,998	$ 593,288
Accounts receivable - less allowance for doubtful accounts of $808, $732 and $1,450, respectively	12,666	19,718	10,831
Merchandise inventories, net	1,323,886	1,171,808	1,080,804
Prepaid expenses and other current assets	39,578	36,460	30,369
Assets held for sale	1,763	1,763	1,763
Total current assets	1,850,288	1,715,747	1,717,055
PROPERTY AND EQUIPMENT, NET	339,529	345,836	366,005
RIGHT-OF-USE ASSETS	1,085,805	1,079,546	1,127,645
TRADE NAME	577,246	577,215	577,000
GOODWILL	861,920	861,920	861,920
OTHER NONCURRENT ASSETS	4,368	4,676	7,685
Total assets	4,719,156	4,584,940	4,657,310
CURRENT LIABILITIES:
Accounts payable	825,456	737,826	864,966
Accrued expenses and other current liabilities	274,399	303,207	287,592
Current lease liabilities	85,719	83,077	82,676
Current maturities of long-term debt	3,000	3,000	4,000
Total current liabilities	1,188,574	1,127,110	1,239,234
LONG-TERM DEBT, NET	683,325	683,585	781,035
LONG-TERM LEASE LIABILITIES	1,081,871	1,077,667	1,132,196
DEFERRED TAX LIABILITIES, NET	224,366	217,212	164,038
OTHER LONG-TERM LIABILITIES	12,512	12,420	26,932
Total liabilities	3,190,648	3,117,994	3,343,435
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value, authorized 50,000,000 shares; none issued and outstanding	0	0	0
Common stock, $0.01 par value, authorized 300,000,000 shares; 85,071,234; 87,079,394 and 93,887,109 issued and outstanding as of April 30, 2022, January 29, 2022 and May 1, 2021, respectively.	850	870	939
Additional paid-in capital	199,559	198,016	150,370
Retained earnings	1,328,099	1,268,060	1,164,964
Accumulated other comprehensive loss	0	0	(2,398)
Stockholders' equity	1,528,508	1,466,946	1,313,875
Total liabilities and stockholders' equity	$ 4,719,156	$ 4,584,940	$ 4,657,310

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 808	$ 732	$ 1,450
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000	50,000,000
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)	85,071,234	87,079,394	93,887,109
Common stock, outstanding (in shares)	85,071,234	87,079,394	93,887,109

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Statement [Abstract]
NET SALES	$ 1,467,730	$ 1,580,333
COST OF GOODS SOLD	946,306	1,016,632
GROSS MARGIN	521,424	563,701
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	315,931	324,627
OPERATING INCOME	205,493	239,074
INTEREST EXPENSE, NET	10,920	14,549
OTHER (INCOME), NET	(697)	(397)
INCOME BEFORE INCOME TAXES	195,270	224,922
INCOME TAX EXPENSE	45,464	47,126
NET INCOME	$ 149,806	$ 177,796
EARNINGS PER COMMON SHARE:
BASIC (in dollars per share)	$ 1.73	$ 1.93
DILUTED (in dollars per share)	$ 1.69	$ 1.84
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC (in shares)	86,658	92,088
DILUTED (in shares)	88,614	96,472

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 149,806	$ 177,796
Recognized interest expense on interest rate swaps	0	1,196
Tax expense	0	(270)
Total comprehensive income	$ 149,806	$ 178,722

- Definition

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

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+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Stockholders' Equity, beginning balance (in shares) at Jan. 30, 2021		91,114,000
Stockholders' Equity, beginning balance at Jan. 30, 2021	$ 1,111,983	$ 911	$ 127,228	$ 987,168	$ (3,324)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	177,796			177,796
Equity compensation	5,874		5,874
Settlement of vested Restricted Stock Units (in shares)		87,000
Settlement of vested Restricted Stock Units	0	$ 1	(1)
Share-Based Award Payments adjustment for forfeitures	39		39
Stock option exercises (in shares)		2,686,000
Stock option exercises	17,257	$ 27	17,230
Recognized interest expense on interest rate swaps (net of tax impact of $270)	$ 926				926
Stockholders' Equity, ending balance (in shares) at May. 01, 2021	93,887,109	93,887,000
Stockholders' Equity, ending balance at May. 01, 2021	$ 1,313,875	$ 939	150,370	1,164,964	(2,398)
Stockholders' Equity, beginning balance (in shares) at Jan. 29, 2022	87,079,394	87,079,000
Stockholders' Equity, beginning balance at Jan. 29, 2022	$ 1,466,946	$ 870	198,016	1,268,060	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	149,806			149,806
Equity compensation	$ 3,499		3,499
Repurchase of common stock for retirement (in shares)	(2,272,349)	(2,272,000)
Repurchase of common stock for retirement	$ (88,501)	$ (23)	(5,247)	(83,231)
Settlement of vested Restricted Stock Units (in shares)		63,000
Settlement of vested Restricted Stock Units	0	$ 1	(1)
Stock option exercises (in shares)		201,000
Stock option exercises	3,294	$ 2	3,292
Cash dividends declared, $0.075 per share	$ (6,536)			(6,536)
Stockholders' Equity, ending balance (in shares) at Apr. 30, 2022	85,071,234	85,071,000
Stockholders' Equity, ending balance at Apr. 30, 2022	$ 1,528,508	$ 850	$ 199,559	$ 1,328,099	$ 0

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.075
Recognized interest expense on interest rate swaps, tax		$ 270

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 149,806	$ 177,796
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	25,578	25,298
Non-cash lease expense	586	500
Equity compensation	3,499	5,874
Amortization of Debt Issuance Costs	777	2,030
Deferred income taxes	7,154	25,064
Changes in assets and liabilities:
Accounts receivable, net	7,052	6,474
Merchandise inventories, net	(152,078)	(90,769)
Prepaid expenses and other current assets	(3,118)	(2,055)
Other noncurrent assets	23	612
Accounts payable	85,640	77,326
Accrued expenses and other current liabilities	(66,475)	(29,039)
Income taxes payable	38,561	21,357
Other long-term liabilities	92	(1,240)
Net cash provided by operating activities	97,097	219,228
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(17,280)	(16,808)
Purchases of intangible assets	(32)	0
Net cash used in investing activities	(17,312)	(16,808)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of Term Loan	(750)	(1,000)
Share-Based Award Payments	0	(2,993)
Proceeds from exercise of stock options	3,294	17,257
Taxes paid related to net share settlement of equity awards	(895)	0
Repurchase of common stock for retirement	(88,501)	0
Dividends paid	(6,536)	0
Net cash provided by (used in) financing activities	(93,388)	13,264
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(13,603)	215,684
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	485,998	377,604
CASH AND CASH EQUIVALENTS AT END OF PERIOD	472,395	593,288
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	3,909	6,253
Cash paid for income taxes	260	1,773
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
Non-cash issuance of common shares	0	501
Change in capital expenditures in accounts payable and accrued liabilities	1,991	3,765
Right-of-use assets obtained in exchange for new operating leases	$ 30,019	$ 5,939

Nature of Operations	3 Months Ended
Nature of Operations	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations The Company All references to "we", "us," "our" or the "Company" in the financial statements refer to Academy Sports and Outdoors, Inc., a Delaware corporation ("ASO, Inc.") and the current parent holding company of our operations, and its consolidated subsidiaries. We conduct our operations primarily through our parent holding company's indirect subsidiary, Academy, Ltd., a Texas limited partnership doing business as "Academy Sports + Outdoors", or Academy, Ltd. Our fiscal year represents the 52 or 53 weeks ending on the Saturday closest to January 31. On August 3, 2011, an investment entity owned by investment funds and other entities affiliated with Kohlberg Kravis Roberts & Co. L.P. (collectively, "KKR"), acquired a majority interest in the Company. On October 6, 2020, ASO, Inc. completed an initial public offering and as of September 17, 2021, KKR no longer held an ownership interest in the Company. The Company is one of the leading full-line sporting goods and outdoor recreational products retailers in the United States in terms of net sales. As of April 30, 2022, we operated 260 "Academy Sports + Outdoors" retail locations in 16 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee. We also sell merchandise to customers across most of the United States via our academy.com website. Secondary Offering On January 27, 2021, ASO, Inc. entered into an Underwriting Agreement (the “Underwriting Agreement”), by and among ASO, Inc., Allstar LLC, Allstar Co-Invest Blocker L.P., KKR 2006 Allstar Blocker L.P., MSI 2011 LLC, MG Family Limited Partnership and the former management selling stockholder named therein (collectively, the “Selling Stockholders”), and Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein (the “Underwriters”), relating to an underwritten offering of 12,000,000 shares of common stock (the “Secondary Offering”), pursuant to the Company’s Registration Statement on Form S-1 (File No. 333-252390), filed on January 25, 2021. The Selling Stockholders granted the Underwriters the option to purchase, within 30 days from the date of the Underwriting Agreement, an additional 1,800,000 shares of common stock. On January 29, 2021, the Underwriters exercised in full their option to purchase the additional shares. The Secondary Offering was completed on February 1, 2021. Pursuant to the Underwriting Agreement, the Underwriters purchased the shares from the Selling Stockholders at a price of approximately $20.69 per share. The Company did not receive any proceeds from the Secondary Offering.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Apr. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying unaudited financial statements of the Company have been prepared as though they were required to be in accordance with Rule 10-01 of Regulation S-X for interim financial statements, however, they do not include all information and footnotes required by United States generally accepted accounting principles ("GAAP") for complete financial statements. Certain information and footnote disclosures normally included in our annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. However, we believe that the disclosures included herein are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 2022, as filed with the Securities and Exchange Commission on March 29, 2022 (the "Annual Report"). The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the thirteen weeks ended April 30, 2022 are not necessarily indicative of the results that will be realized for the fiscal year ending January 28, 2023 or any other period. The balance sheet as of January 29, 2022 has been derived from our audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included in the Annual Report. Basis of Presentation and Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of ASO, Inc. and its subsidiaries, New Academy Holding Company, LLC ("NAHC"), Academy Managing Co., LLC, Associated Investors, LLC, Academy, Ltd., the Company's operating company, and Academy International Limited. NAHC, Academy Managing Co., LLC, and Associated Investors, LLC are intermediate holding companies. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Our management bases its estimates on historical experience and other assumptions it believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Our most significant estimates and assumptions that materially affect the financial statements involve difficult, subjective or complex judgments by management, including the valuation of merchandise inventories and performing goodwill, intangible and long-lived asset impairment analyses. Given the global economic climate and the possibility of additional unforeseen effects from the COVID-19 pandemic, these estimates remain challenging, and actual results could differ materially from our estimates. Reclassifications Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen weeks ended May 1, 2021 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed. Share Repurchases On September 2, 2021, the Board of Directors of the Company authorized a share repurchase program (the "2021 Share Repurchase Program") under which the Company may purchase up to $500 million of its outstanding shares during the three-year period ending September 2, 2024. Under the 2021 Share Repurchase Program, repurchases can be made using a variety of methods, which may include open market purchases, block trades, privately negotiated transactions and/or a non-discretionary trading plan, all in compliance with the rules of the SEC and other applicable legal requirements. The timing, manner, price and amount of any common share repurchases under the 2021 Share Repurchase Program will be determined by the Company in its discretion and will depend on a variety of factors, including legal requirements, price and economic and market conditions. The 2021 Share Repurchase Program does not obligate the Company to acquire any particular number of common shares, and the program may be suspended, extended, modified or discontinued at any time. During the thirteen weeks ended April 30, 2022, we repurchased and concurrently retired 2,272,349 shares of ASO, Inc. common stock for an aggregate amount of $88.5 million pursuant to the 2021 Share Repurchase Program. The Company allocates the excess of the repurchase price over the par value of shares acquired to Retained Earnings and Additional Paid-in Capital. The portion allocated to Additional Paid-in Capital is determined by dividing the number of shares to be retired by the number of shares issued multiplied by the balance of Additional Paid-in Capital as of the retirement date. As of April 30, 2022, approximately $100.2 million remained available for share repurchases pursuant to our 2021 Share Repurchase Program (see Note 13). Recent Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The adoption of this guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the expedients and exceptions provided by this amendment as it relates to our transition from LIBOR to another reference rate to determine the impact.

Net Sales

3 Months Ended

Apr. 30, 2022

Revenue from Contract with Customer [Abstract]

Net Sales

Revenue from merchandise sales is recognized, net of sales tax, when the Company’s performance obligation to the customer is met, which is when the Company transfers control of the merchandise to the customer. Store merchandise sales are recognized at the point of sale and e-commerce sales are recognized upon delivery to the customer.

The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands):


	Thirteen Weeks Ended
		April 30, 2022		May 1, 2021
Merchandise division sales (1)
Outdoors		$	457,854	$	485,661
Sports and recreation		354,049		402,424
Apparel		342,368		375,757
Footwear		303,132		310,447
Total merchandise sales (2)		1,457,403		1,574,289
Other sales (3)		10,327		6,044
Net Sales		$	1,467,730	$	1,580,333

(1) Certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen weeks ended May 1, 2021 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed (see Note 2).

(2) E-commerce sales consisted of 9.5% and 7.4% of merchandise sales for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively.

(3) Other sales consisted primarily of the sales return allowance, gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income and other items.

We sell gift cards in stores, online and in third-party retail locations. A liability for gift cards, which is recorded in accrued expenses and other liabilities on our balance sheets is established at the time of sale and revenues are recognized as the gift cards are redeemed in stores or on our website.

The following is a reconciliation of the gift card liability (amounts in thousands):


	Thirteen Weeks Ended
		April 30, 2022		May 1, 2021
Gift card liability, beginning balance		$	86,568	$	74,253
Issued		18,209		18,442
Redeemed		(30,278)		(28,490)
Recognized as breakage income		(1,010)		(963)
Gift card liability, ending balance		$	73,489	$	63,242

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Long-Term Debt

3 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Our debt consisted of the following (amounts in thousands) as of:


	April 30, 2022		January 29, 2022		May 1, 2021
ABL Facility, due November 2025	$	—	$	—	$	—
Term Loan, due November 2027	297,000		297,750		399,000
Notes, due November 2027	400,000		400,000		400,000
Total debt	697,000		697,750		799,000
Less current maturities	(3,000)		(3,000)		(4,000)
Less unamortized discount on Term Loan	(2,353)		(2,463)		(3,714)
Less deferred loan costs (1)	(8,322)		(8,702)		(10,251)
Long-term debt, net	$	683,325	$	683,585	$	781,035

(1) Deferred loan costs are related to the Term Loan and Notes.

As of April 30, 2022, January 29, 2022 and May 1, 2021, the balance in deferred loan costs related to the ABL Facility (as defined below) was approximately $4.0 million, $4.3 million and $5.2 million, respectively, and was included in other noncurrent assets on our consolidated balance sheets. Total amortization of deferred loan costs was $0.7 million and $0.7 million for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively. Total expenses related to accretion of original issuance discount were $0.1 million and $0.1 million for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively. The expenses related to amortization of deferred loan costs and accretion of original issuance discount are included in interest expense, net on the consolidated statements of income.

Term Loan

We refer to the 2020 Term Loan and the Amendment collectively as the "Term Loan".

On November 6, 2020, Academy, Ltd. entered into a seven-year $400.0 million senior secured term loan (the "2020 Term Loan") with Credit Suisse AG, Cayman Island Branch ("Credit Suisse"), as the administrative agent and collateral agent and the several other lenders and parties. The 2020 Term Loan will mature on November 6, 2027. The 2020 Term Loan bore interest, at Academy, Ltd.’s election, at either (1) LIBOR rate with a floor of 0.75%, plus a margin of 5.00%, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) Credit Suisse’s "prime rate", or (c) the one-month LIBOR rate plus 1.00%, plus a margin of 4.00%. Quarterly principal payments of approximately $1.0 million were required through September 30, 2027, with the balance due in full on the maturity date of November 6, 2027.

On May 25, 2021, Academy, Ltd. entered into Amendment No. 4 (the “Amendment”) to the Second Amended and Restated Credit Agreement, dated as of November 6, 2020, among Academy, Ltd., as Borrower, Credit Suisse AG, Cayman Islands Branch, as the administrative agent and collateral agent, the several lenders party thereto and the several other parties named therein (as previously amended, the “Existing Credit Agreement” and as amended by the Amendment, the “Amended Credit Agreement”). Pursuant to the terms of the Amendment, Academy, Ltd. (i) reduced the applicable margin on LIBOR borrowings under the Existing Credit Agreement from 5.00% to 3.75% and (ii) utilized cash on hand to repay $99.0 million of outstanding borrowings under the Existing Credit Agreement, leaving an outstanding principal balance of $300.0 million under the Amended Credit Agreement. Quarterly principal payments of $750.0 thousand are required through September 30, 2027 and borrowings under the Amended Credit Agreement will continue to mature on November 6, 2027. All other material terms and provisions of the 2020 Term Loan remain substantially the same as the terms and provisions in place immediately prior to the effectiveness of the Amendment. As of April 30, 2022, the weighted average interest rate was 4.50%, with interest payable monthly. The terms and conditions of the Amendment also require that the outstanding balance under the Loan is prepaid under certain circumstances. As of April 30, 2022, no prepayment was due under the terms and conditions of the Term Loan.

Notes

On November 6, 2020, Academy, Ltd. issued $400.0 million of 6.00% senior secured notes which are due November 15, 2027 (the "Notes"), pursuant to an indenture, dated as of November 6, 2020 (the "Indenture") with The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent. The Notes require cash interest payments semi-annually in arrears on May 15 and November 15 of each year at a rate of 6.00% per year.

ABL Facility

On November 6, 2020, Academy, Ltd., as borrower, and the guarantors, amended the previously existing secured asset-based revolving credit facility by entering into an amendment to the First Amended and Restated ABL Credit Agreement, dated as of July 2, 2015, with JPMorgan Chase Bank, N.A. as the administrative agent and collateral agent, letter of credit issuer and swingline lender and the several lenders party thereto, which ABL amendment, among other things, extended the maturity of Academy, Ltd.’s asset-based revolving credit facility thereunder to November 6, 2025 (the "ABL Facility").

The ABL Facility is used to provide financing for working capital and other general corporate purposes, as well as to support certain letters of credit requirements, and availability is subject to customary borrowing base and availability provisions. During the normal course of business, we periodically utilize letters of credit primarily for the purchase of import goods and in support of insurance contracts. As of April 30, 2022, we had outstanding letters of credit of approximately $21.4 million, of which $17.8 million were issued under the ABL Facility, and we had no borrowings outstanding under the ABL Facility, leaving the available borrowing capacity under the ABL Facility of $982.2 million.

Borrowings under the ABL Facility bear interest, at our election, at either (1) LIBOR plus a margin of 1.25% to 1.75%, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) JPMorgan Chase Bank, N.A.'s "prime rate", or (c) the one-month LIBOR rate plus 1.00%, plus a margin of 0.25% to 0.75%. The ABL Facility also provides a fee applicable to the unused commitments of 0.25%. The terms and conditions of the ABL Facility also require that we prepay outstanding loans under the ABL Facility under certain circumstances. As of April 30, 2022, no future prepayments of outstanding loans have been triggered under the terms and conditions of the ABL Facility.

Covenants. The ABL Facility, Term Loan and Notes agreements contain covenants, including, among other things, covenants that restrict Academy, Ltd.'s ability to incur certain additional indebtedness, create or permit liens on assets, engage in mergers or consolidations, pay dividends, make other restricted payments, make loans or advances, engage in transactions with affiliates or amend material documents. Additionally, at certain times, the ABL Facility is subject to a minimum adjusted fixed charge coverage ratio. These covenants are subject to certain qualifications and limitations. We were in compliance with these covenants as of April 30, 2022.

Derivative Financial Instruments

3 Months Ended

Apr. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

We have historically used interest rate swap agreements to hedge market risk relating to possible adverse changes in interest rates. All interest rate swaps had been designated as cash flow hedges of variable rate interest payments on borrowings under the Term Loan. As of April 30, 2022, we do not have any derivative financial instruments outstanding.

For derivatives which were designated as hedging instruments, amounts included in Accumulated Other Comprehensive Income (Loss) ("AOCI") were reclassified to interest expense in the same period during which the hedged transaction affected earnings, which was as interest expense was recorded on the underlying Term Loan. The impact of gains and losses related to interest rate swaps that were deferred into AOCI and subsequently reclassified into expense are as follows (amounts in thousands):


	Thirteen Weeks Ended
		April 30, 2022		May 1, 2021
Accumulated Other Comprehensive Loss, beginning		$	—	$	(3,324)

Increase to interest expense (net of tax impact of $270 for the thirteen weeks ended May 1, 2021)		—		926

Accumulated Other Comprehensive Loss, ending		$	—	$	(2,398)

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsFair value is defined as an exit price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Authoritative guidance establishes a three-level hierarchy for disclosure that is based on the extent and level of judgment used to estimate the fair value of the assets and liabilities. The fair value measurements are classified as either: •Level 1 which represents valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2 which represents valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and •Level 3 which represents valuations based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy in which the fair value measurement is classified in its entirety, is based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers made into or out of the Level 1, 2 or 3 categories during any period presented. Periodically we make cash investments in money market funds comprised of U.S. Government treasury bills and securities, which are classified as cash and redeemable on demand. As of April 30, 2022, January 29, 2022 and May 1, 2021, we held $357.1 million, $401.0 million and $476.0 million in money market funds, respectively. The fair value of the Term Loan and Notes is estimated using a discounted cash flow analysis based on quoted market prices for the instrument in an inactive market and is therefore classified as Level 2 within the fair value hierarchy. As of April 30, 2022, January 29, 2022, and May 1, 2021 the estimated fair value of the Term Loan and Notes was $0.7 billion, $0.7 billion, and $0.8 billion respectively. As borrowings on the ABL Facility are generally repaid in less than 12 months, we believe that fair value approximates the carrying value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment

3 Months Ended

Apr. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (amounts in thousands) as of:


	April 30, 2022		January 29, 2022		May 1, 2021
Leasehold improvements	$	458,752	$	456,918	$	443,513
Equipment and software	607,752		602,289		565,873
Furniture and fixtures	339,265		336,679		322,326
Construction in progress	20,414		11,147		23,926
Land	3,698		3,698		3,698
Total property and equipment	1,429,881		1,410,731		1,359,336
Accumulated depreciation and amortization	(1,090,352)		(1,064,895)		(993,331)
Property and equipment, net	$	339,529	$	345,836	$	366,005

Depreciation expense was $25.6 million and $25.3 million in the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively, and is included in selling, general and administrative expenses on the consolidated statements of income.

Accrued Expenses and Other Current Liabilities

3 Months Ended

Apr. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of:


	April 30, 2022		January 29, 2022		May 1, 2021
Accrued interest	$	12,804	$	6,583	$	14,003
Accrued personnel costs	42,859		115,073		60,830
Accrued professional fees	1,849		4,534		3,453
Accrued sales and use tax	18,276		13,054		29,493
Accrued self-insurance	14,420		15,824		14,125
Deferred revenue - gift cards and other	76,146		88,713		66,309
Income taxes payable	48,163		9,602		45,087

Property taxes	25,684		17,747		24,798
Sales return allowance	6,600		6,200		6,100
Other	27,598		25,877		23,394
Accrued expenses and other current liabilities	$	274,399	$	303,207	$	287,592

Share-Based Compensation

3 Months Ended

Apr. 30, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

On September 29, 2020, the ASO, Inc. Board of Directors adopted the 2020 Omnibus Incentive Plan (the "2020 Omnibus Incentive Plan"), which became effective on October 1, 2020. The 2020 Omnibus Incentive plan provides for the grant of certain equity incentive awards (each, an "Award"), such as options to purchase ASO, Inc. common stock (each, a "Stock Option") and restricted units that may settle in ASO, Inc. common stock (each, a "Restricted Stock Unit") to our directors, executives and eligible employees of the Company. Awards granted under the 2020 Omnibus Incentive Plan consist of Stock Options that vest upon the satisfaction of time-based requirements (each, a "Service Option"), Restricted Stock Units that vest upon the satisfaction of time-based requirements (each, a "Service Restricted Stock Unit") and Restricted Stock Units that vest upon the satisfaction of time and performance and/or market based requirements (each, a "Performance Restricted Stock Unit"). The plan reserved a total of 5,150,000 shares of common stock for issuance. As of April 30, 2022, there were 2,445,685 shares that were authorized and available for future issuance under the 2020 Omnibus Incentive Plan.

On September 29, 2020, the ASO, Inc. Board of Directors adopted the 2020 Employee Stock Purchase Plan (the "ESPP"), which became effective on October 1, 2020. We have reserved a total of 2,000,000 shares under the ESPP and as of April 30, 2022, there were 1,885,546 shares authorized and available for future issuance under the ESPP.

Equity compensation expense was $3.5 million and $5.9 million for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively. These costs are included in selling, general and administrative expenses in the statements of income.

Distribution

On August 28, 2020, New Academy Holding Company, LLC, the parent holding company for our operations prior to our initial public offering, paid a $257.0 million distribution to its members of record as of August 25, 2020. Cash payments ("Share-Based Award Payments") of $32.2 million for unvested Awards were paid upon vesting of such Awards, which was completed and paid in-full as of July 31, 2021. No further Share-Based Award Payments relative to the distribution are payable as of April 30, 2022.

Service Option Fair Value Assumptions

The fair value for Service Options granted was estimated using a Black-Scholes option-pricing model. The expected lives of the Service Options granted were based on the "SEC simplified" method. Expected price volatility was determined based on the implied volatilities of comparable companies over a historical period that matches the expected life of the Award. The risk-free interest rate was based on the expected U.S. Treasury rate over the expected life. The dividend yield was calculated based on the most recent annualized quarterly dividend and the valuation date closing stock price. The assumptions used to calculate the fair value of Awards granted are evaluated and modified, as necessary, to reflect current market conditions and experience.

The following table presents the assumptions and grant date fair values for Service Options granted in the thirteen weeks ended April 30, 2022:


Expected life in years	6.2
Expected volatility	43	%
Weighted-average volatility	43.0	%
Risk-free interest rate	2.4% to 2.8%
Dividend yield	0.8	%

The following table presents the Award grants during the thirteen weeks ended April 30, 2022:


	Service Options		Service Restricted Stock Units		Performance Restricted Stock Units
Number of shares	810,708		136,913		168,703
Weighted average grant date fair value per Award	$	16.33	$	39.37	$	39.18
Weighted average exercise price per Award	$	39.18	N/A		N/A

The following table presents the unrecognized compensation cost as of April 30, 2022:


	Service Options		Service Restricted Stock Units		Performance Restricted Stock Units
Remaining expense	$	21,176,307	$	14,048,722	$	8,374,632
Weighted average life remaining in years	3.5		3.0		3.5

Earnings per Common Share

3 Months Ended

Apr. 30, 2022

Earnings Per Share [Abstract]

Earnings per Common Share

Earnings per Common ShareBasic earnings per common share is calculated based on net income divided by the basic weighted average common shares outstanding during the period, and diluted earnings per common share is calculated based on net income divided by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding is based on the basic weighted average common shares outstanding plus any potential dilutive effect of stock-based awards outstanding during the period using the treasury stock method, which assumes the potential proceeds received from the dilutive stock options are used to purchase treasury stock. Anti-dilutive stock-based awards do not include awards which have a performance or liquidity event target which has yet to be achieved.

Basic and diluted weighted average common shares outstanding and basic and diluted earnings per common share are calculated as follows (amounts in thousands except per share amounts):


	Thirteen Weeks Ended
		April 30, 2022		May 1, 2021
Net income		$	149,806	$	177,796

Weighted average common shares outstanding - basic		86,658		92,088
Dilutive effect of Service Restricted Units and Service Restricted Stock Units		36		—
Dilutive effect of Performance Restricted Stock Units and Liquidity Event Restricted Units		101		910
Dilutive effect of Service Options		1,607		2,095
Dilutive effect of Performance Unit Options and Performance Stock Options		212		1,379
Dilutive effect of ESPP Shares		—		—
Weighted average common shares outstanding - diluted		88,614		96,472

Earnings per common share - basic		$	1.73	$	1.93
Earnings per common share - diluted		$	1.69	$	1.84

Anti-dilutive stock-based awards excluded from diluted calculation		311		303

Related Party Transactions	3 Months Ended
Related Party Transactions	Apr. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsOn January 27, 2021, in connection with the Secondary Offering, the Company entered into an Underwriting Agreement with affiliates of KKR (as selling stockholders), the several other selling stockholders named therein, and the several underwriters named therein, including KCM (as underwriter). The Secondary Offering was completed on February 1, 2021. The Company did not pay KCM any fees in connection with this secondary offering.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Freight, Technology Related and Other Commitments As of April 30, 2022, we have obligations under freight, technology-related, construction and other contractual commitments in the amount of $73.9 million. Of such commitments, approximately $45.4 million is payable in the next 12 months. Financial Guarantees During the normal course of business, we enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against us that have not yet occurred. However, based on experience, we believe the risk of loss to be remote. Legal Proceedings We are a defendant or co-defendant in lawsuits, claims and demands brought by various parties relating to matters normally incident to our business. No individual case, or group of cases presenting substantially similar issues of law or fact, is expected to have a material effect on the manner in which we conduct our business or on our results of operations, financial position or liquidity. The majority of these cases are alleging product, premises, employment and/or commercial liability. Reserves have been established that we believe to be adequate based on our current evaluations and experience in these types of claim situations. However, the ultimate outcome of these cases cannot be determined at this time. We believe, taking into consideration our indemnities, insurance and reserves, the ultimate resolution of these matters will not have a material impact on our financial position, results of operations or cash flows. Sponsorship Agreement and Intellectual Property Commitments We periodically enter into sponsorship agreements generally with professional sports teams, associations, events, networks, or individual professional players and collegiate athletic programs in exchange for marketing and advertising promotions. We also enter into intellectual property agreements whereby the Company receives the right to use third-party owned trademarks typically in exchange for royalties on sales. These agreements typically contain a one to three-year term and contractual payment amounts required to be paid by the Company. As of April 30, 2022, we have $19.5 million in related commitments through 2027, of which $6.8 million is payable in the next 12 months.

Subsequent Events	3 Months Ended
Subsequent Events	Apr. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Our management evaluated events or transactions that occurred after April 30, 2022 through June 7, 2022, the issuance date of the consolidated financial statements, and identified the following matters to report: On June 2, 2022, the Company's Board of Directors declared a quarterly cash dividend with respect to the fiscal quarter ended April 30, 2022, of $0.075 per share of the Company's common stock, payable on July 14, 2022, to stockholders of record as of the close of business on June 16, 2022. On June 2, 2022, the Company's Board of Directors authorized a new share repurchase program under which the Company may purchase up to $600 million of its outstanding shares during the three-year period ending June 2, 2025 (the "2022 Share Repurchase Program"). Under the 2022 Share Repurchase Program repurchases can be made using a variety of methods, which may include open market purchases, block trades, accelerated share repurchase programs, privately negotiated transactions and/or a non-discretionary trading plan, all in compliance with the rules of the SEC and other applicable legal requirements. The timing, manner, price and amount of any common share repurchases under the 2022 Share Repurchase Program will be determined by the Company in its discretion and will depend on a variety of factors, including legal requirements, price and economic and market conditions. The 2022 Share Repurchase Program does not obligate the Company to acquire any particular number of common shares, and the program may be suspended, extended, modified or discontinued at any time. The total availability under the 2022 Share Repurchase Program and the 2021 Share Repurchase Program is approximately $700.2 million.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Apr. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	These unaudited condensed consolidated financial statements include the accounts of ASO, Inc. and its subsidiaries, New Academy Holding Company, LLC ("NAHC"), Academy Managing Co., LLC, Associated Investors, LLC, Academy, Ltd., the Company's operating company, and Academy International Limited. NAHC, Academy Managing Co., LLC, and Associated Investors, LLC are intermediate holding companies.
Principals of Consolidation	All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates in the Preparation of Financial Statements	The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Our management bases its estimates on historical experience and other assumptions it believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Our most significant estimates and assumptions that materially affect the financial statements involve difficult, subjective or complex judgments by management, including the valuation of merchandise inventories and performing goodwill, intangible and long-lived asset impairment analyses. Given the global economic climate and the possibility of additional unforeseen effects from the COVID-19 pandemic, these estimates remain challenging, and actual results could differ materially from our estimates.
Reclassifications	Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen weeks ended May 1, 2021 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed.
Recent Accounting Pronouncements	Reference Rate ReformIn March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The adoption of this guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the expedients and exceptions provided by this amendment as it relates to our transition from LIBOR to another reference rate to determine the impact.

Net Sales (Tables)

3 Months Ended

Apr. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands):


	Thirteen Weeks Ended
		April 30, 2022		May 1, 2021
Merchandise division sales (1)
Outdoors		$	457,854	$	485,661
Sports and recreation		354,049		402,424
Apparel		342,368		375,757
Footwear		303,132		310,447
Total merchandise sales (2)		1,457,403		1,574,289
Other sales (3)		10,327		6,044
Net Sales		$	1,467,730	$	1,580,333

(2) E-commerce sales consisted of 9.5% and 7.4% of merchandise sales for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively.

Reconciliation of Gift Card Liability

The following is a reconciliation of the gift card liability (amounts in thousands):


	Thirteen Weeks Ended
		April 30, 2022		May 1, 2021
Gift card liability, beginning balance		$	86,568	$	74,253
Issued		18,209		18,442
Redeemed		(30,278)		(28,490)
Recognized as breakage income		(1,010)		(963)
Gift card liability, ending balance		$	73,489	$	63,242

Long-Term Debt (Tables)

3 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Our debt consisted of the following (amounts in thousands) as of:


	April 30, 2022		January 29, 2022		May 1, 2021
ABL Facility, due November 2025	$	—	$	—	$	—
Term Loan, due November 2027	297,000		297,750		399,000
Notes, due November 2027	400,000		400,000		400,000
Total debt	697,000		697,750		799,000
Less current maturities	(3,000)		(3,000)		(4,000)
Less unamortized discount on Term Loan	(2,353)		(2,463)		(3,714)
Less deferred loan costs (1)	(8,322)		(8,702)		(10,251)
Long-term debt, net	$	683,325	$	683,585	$	781,035

(1) Deferred loan costs are related to the Term Loan and Notes.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Derivative Financial Instruments (Tables)

3 Months Ended

Apr. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Impact of Gains and Losses Related to Interest Rate Swaps

The impact of gains and losses related to interest rate swaps that were deferred into AOCI and subsequently reclassified into expense are as follows (amounts in thousands):


	Thirteen Weeks Ended
		April 30, 2022		May 1, 2021
Accumulated Other Comprehensive Loss, beginning		$	—	$	(3,324)

Increase to interest expense (net of tax impact of $270 for the thirteen weeks ended May 1, 2021)		—		926

Accumulated Other Comprehensive Loss, ending		$	—	$	(2,398)

Property and Equipment (Tables)

3 Months Ended

Apr. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (amounts in thousands) as of:


	April 30, 2022		January 29, 2022		May 1, 2021
Leasehold improvements	$	458,752	$	456,918	$	443,513
Equipment and software	607,752		602,289		565,873
Furniture and fixtures	339,265		336,679		322,326
Construction in progress	20,414		11,147		23,926
Land	3,698		3,698		3,698
Total property and equipment	1,429,881		1,410,731		1,359,336
Accumulated depreciation and amortization	(1,090,352)		(1,064,895)		(993,331)
Property and equipment, net	$	339,529	$	345,836	$	366,005

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Apr. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of:


	April 30, 2022		January 29, 2022		May 1, 2021
Accrued interest	$	12,804	$	6,583	$	14,003
Accrued personnel costs	42,859		115,073		60,830
Accrued professional fees	1,849		4,534		3,453
Accrued sales and use tax	18,276		13,054		29,493
Accrued self-insurance	14,420		15,824		14,125
Deferred revenue - gift cards and other	76,146		88,713		66,309
Income taxes payable	48,163		9,602		45,087

Property taxes	25,684		17,747		24,798
Sales return allowance	6,600		6,200		6,100
Other	27,598		25,877		23,394
Accrued expenses and other current liabilities	$	274,399	$	303,207	$	287,592

Schedule of Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of:


	April 30, 2022		January 29, 2022		May 1, 2021
Accrued interest	$	12,804	$	6,583	$	14,003
Accrued personnel costs	42,859		115,073		60,830
Accrued professional fees	1,849		4,534		3,453
Accrued sales and use tax	18,276		13,054		29,493
Accrued self-insurance	14,420		15,824		14,125
Deferred revenue - gift cards and other	76,146		88,713		66,309
Income taxes payable	48,163		9,602		45,087

Property taxes	25,684		17,747		24,798
Sales return allowance	6,600		6,200		6,100
Other	27,598		25,877		23,394
Accrued expenses and other current liabilities	$	274,399	$	303,207	$	287,592

Share-Based Compensation (Tables)

3 Months Ended

Apr. 30, 2022

Share-based Payment Arrangement [Abstract]

Assumptions and Grant Date Fair Values for Options Granted

The following table presents the assumptions and grant date fair values for Service Options granted in the thirteen weeks ended April 30, 2022:


Expected life in years	6.2
Expected volatility	43	%
Weighted-average volatility	43.0	%
Risk-free interest rate	2.4% to 2.8%
Dividend yield	0.8	%

Units Granted

The following table presents the Award grants during the thirteen weeks ended April 30, 2022:


	Service Options		Service Restricted Stock Units		Performance Restricted Stock Units
Number of shares	810,708		136,913		168,703
Weighted average grant date fair value per Award	$	16.33	$	39.37	$	39.18
Weighted average exercise price per Award	$	39.18	N/A		N/A

Unrecognized Compensation Cost

The following table presents the unrecognized compensation cost as of April 30, 2022:


	Service Options		Service Restricted Stock Units		Performance Restricted Stock Units
Remaining expense	$	21,176,307	$	14,048,722	$	8,374,632
Weighted average life remaining in years	3.5		3.0		3.5

Earnings per Common Share (Tables)

3 Months Ended

Apr. 30, 2022

Earnings Per Share [Abstract]

Earnings per Common Share

Basic and diluted weighted average common shares outstanding and basic and diluted earnings per common share are calculated as follows (amounts in thousands except per share amounts):


	Thirteen Weeks Ended
		April 30, 2022		May 1, 2021
Net income		$	149,806	$	177,796

Weighted average common shares outstanding - basic		86,658		92,088
Dilutive effect of Service Restricted Units and Service Restricted Stock Units		36		—
Dilutive effect of Performance Restricted Stock Units and Liquidity Event Restricted Units		101		910
Dilutive effect of Service Options		1,607		2,095
Dilutive effect of Performance Unit Options and Performance Stock Options		212		1,379
Dilutive effect of ESPP Shares		—		—
Weighted average common shares outstanding - diluted		88,614		96,472

Earnings per common share - basic		$	1.73	$	1.93
Earnings per common share - diluted		$	1.69	$	1.84

Anti-dilutive stock-based awards excluded from diluted calculation		311		303

Nature of Operations (Details)	Jan. 27, 2021 USD ($) $ / shares shares	Apr. 30, 2022 location state distributionCenter
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of retail locations \| location		260
Number of states \| state		16
Number of distribution centers \| distributionCenter		3
Secondary Offering
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued in transaction (in shares)	12,000,000
Price per share (in dollars per share) \| $ / shares	$ 20.69
Net proceeds from sale of stock \| $	$ 0
Over-Allotment Option
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued in transaction (in shares)	1,800,000
Period to purchase additional shares	30 days

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands		3 Months Ended
	Sep. 02, 2021	Apr. 30, 2022
Accounting Policies [Abstract]
Share repurchase program, authorized amount	$ 500,000
Share repurchase program, period in force	3 years
Repurchase of common stock for retirement (in shares)		2,272,349
Repurchase of common stock for retirement		$ 88,501
Share repurchase program, remaining authorized amount		$ 100,200

Net Sales - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Disaggregation of Revenue [Line Items]
Net Sales	$ 1,467,730	$ 1,580,333
Customer Concentration Risk \| Revenue from Contract with Customer Benchmark \| E-Commerce
Disaggregation of Revenue [Line Items]
Percentage of sales	9.50%	7.40%
Outdoors
Disaggregation of Revenue [Line Items]
Net Sales	$ 457,854	$ 485,661
Sports and recreation
Disaggregation of Revenue [Line Items]
Net Sales	354,049	402,424
Apparel
Disaggregation of Revenue [Line Items]
Net Sales	342,368	375,757
Footwear
Disaggregation of Revenue [Line Items]
Net Sales	303,132	310,447
Total merchandise
Disaggregation of Revenue [Line Items]
Net Sales	1,457,403	1,574,289
Other sales
Disaggregation of Revenue [Line Items]
Net Sales	$ 10,327	$ 6,044

Net Sales - Gift Card Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Change in Contract with Customer, Liability [Roll Forward]
Gift card liability, beginning balance	$ 86,568	$ 74,253
Issued	18,209	18,442
Gift card liability, ending balance	73,489	63,242
Redeemed
Change in Contract with Customer, Liability [Roll Forward]
Redeemed and recognized as breakage income	(30,278)	(28,490)
Recognized as breakage income
Change in Contract with Customer, Liability [Roll Forward]
Redeemed and recognized as breakage income	$ (1,010)	$ (963)

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Debt Instrument [Line Items]
Total debt	$ 697,000	$ 697,750	$ 799,000
Less current maturities	(3,000)	(3,000)	(4,000)
Less unamortized discount on Term Loan	(2,353)	(2,463)	(3,714)
Less deferred loan costs	(8,322)	(8,702)	(10,251)
Long-term debt, net	683,325	683,585	781,035
Secured Debt \| Term Loan, due November 2027
Debt Instrument [Line Items]
Total debt	297,000	297,750	399,000
Senior Notes \| Notes, due November 2027
Debt Instrument [Line Items]
Total debt	400,000	400,000	400,000
Revolving Credit Facility \| ABL Facility, due November 2025
Debt Instrument [Line Items]
Total debt	$ 0	$ 0	$ 0

Long-Term Debt - Additional Detail (Details) - USD ($)				3 Months Ended
Long-Term Debt - Additional Detail (Details) - USD ($)	May 25, 2021	May 24, 2021	Nov. 06, 2020	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Debt Instrument [Line Items]
Deferred loan costs				$ 8,322,000	$ 10,251,000	$ 8,702,000
Amortization of debt issuance costs				777,000	2,030,000
Outstanding letters of credit				21,400,000
Line of Credit \| ABL Facility, due November 2025 \| Revolving Credit Facility
Debt Instrument [Line Items]
Amortization of debt issuance costs				700,000	700,000
Accretion of original discount				100,000	100,000
Borrowings outstanding				0
Remaining borrowing capacity				$ 982,200,000
Unused commitment fee, percentage				0.25%
Line of Credit \| ABL Facility, due November 2025 \| Revolving Credit Facility \| Other noncurrent assets
Debt Instrument [Line Items]
Deferred loan costs				$ 4,000,000	$ 5,200,000	$ 4,300,000
Line of Credit \| ABL Facility, due November 2025 \| Revolving Credit Facility \| LIBOR Rate \| Variable Rate Component, One \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Line of Credit \| ABL Facility, due November 2025 \| Revolving Credit Facility \| LIBOR Rate \| Variable Rate Component, One \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
Line of Credit \| ABL Facility, due November 2025 \| Revolving Credit Facility \| LIBOR Rate \| Variable Rate Component, Three
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Line of Credit \| ABL Facility, due November 2025 \| Revolving Credit Facility \| Federal funds rate \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Line of Credit \| ABL Facility, due November 2025 \| Revolving Credit Facility \| Base Rate \| Variable Rate Component, Three \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
Line of Credit \| ABL Facility, due November 2025 \| Revolving Credit Facility \| Base Rate \| Variable Rate Component, Three \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				0.75%
Line of Credit \| ABL Facility, due November 2025 \| Letter of Credit
Debt Instrument [Line Items]
Outstanding letters of credit				$ 17,800,000
Secured Debt \| 2020 Term Loan Facility
Debt Instrument [Line Items]
Debt term			7 years
Debt face amount			$ 400,000,000
Quarterly principal payments	$ 750,000		$ 1,000,000
Repayment of debt	99,000,000
Borrowings outstanding	$ 300,000,000
Weighted average interest rate				4.50%
Secured Debt \| 2020 Term Loan Facility \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%	5.00%
Secured Debt \| 2020 Term Loan Facility \| LIBOR Rate \| Variable Rate Component, One
Debt Instrument [Line Items]
Interest rate floor			0.75%
Basis spread on variable rate			5.00%
Secured Debt \| 2020 Term Loan Facility \| LIBOR Rate \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Secured Debt \| 2020 Term Loan Facility \| Federal funds rate \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Secured Debt \| 2020 Term Loan Facility \| Base Rate \| Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			4.00%
Senior Notes \| Notes, due November 2027
Debt Instrument [Line Items]
Debt face amount			$ 400,000,000
Interest rate, stated percentage			6.00%

Derivative Financial Instruments - Impact of Gains and Losses Related to Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity, beginning balance	$ 1,466,946	$ 1,111,983
Recognized interest expense on interest rate swaps (net of tax impact of $270)		926
Stockholders' Equity, ending balance	1,528,508	1,313,875
Increase (decrease) to interest expense, tax		270
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity, beginning balance	0	(3,324)
Recognized interest expense on interest rate swaps (net of tax impact of $270)		926
Stockholders' Equity, ending balance	0	(2,398)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Recognized interest expense on interest rate swaps (net of tax impact of $270)	$ 0	$ 926

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings, fair value	$ 700.0	$ 700.0	$ 800.0
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 357.1	$ 401.0	$ 476.0

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,429,881	$ 1,359,336	$ 1,410,731
Accumulated depreciation and amortization	(1,090,352)	(993,331)	(1,064,895)
Property and equipment, net	339,529	366,005	345,836
Depreciation expense	25,600	25,300
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	458,752	443,513	456,918
Equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	607,752	565,873	602,289
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	339,265	322,326	336,679
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	20,414	23,926	11,147
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,698	$ 3,698	$ 3,698

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Payables and Accruals [Abstract]
Accrued interest	$ 12,804	$ 6,583	$ 14,003
Accrued personnel costs	42,859	115,073	60,830
Accrued professional fees	1,849	4,534	3,453
Accrued sales and use tax	18,276	13,054	29,493
Accrued self-insurance	14,420	15,824	14,125
Deferred revenue - gift cards and other	76,146	88,713	66,309
Income taxes payable	48,163	9,602	45,087
Property taxes	25,684	17,747	24,798
Sales return allowance	6,600	6,200	6,100
Other	27,598	25,877	23,394
Accrued expenses and other current liabilities	$ 274,399	$ 303,207	$ 287,592

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Aug. 28, 2020	Apr. 30, 2022	May 01, 2021	Jul. 31, 2021	Oct. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense		$ 3.5	$ 5.9
Distribution	$ 257.0
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		2,000,000
Common stock authorized for grant (in shares)		1,885,546
Common stock available for grant (in shares)		1,885,546
Unit Options And Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense				$ 32.2
2020 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)					5,150,000
Common stock authorized for grant (in shares)		2,445,685
Common stock available for grant (in shares)		2,445,685

Share-Based Compensation - Assumptions and Grant Date Fair Values for Options Granted (Details) - Service Options	3 Months Ended
	Apr. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	6 years 2 months 12 days
Expected volatility	43.00%
Weighted-average volatility	43.00%
Risk-free interest rate, minimum	2.40%
Risk-free interest rate, maximum	2.80%
Dividend yield	0.80%

Share-Based Compensation - Units Granted (Details)	3 Months Ended
Share-Based Compensation - Units Granted (Details)	Apr. 30, 2022 $ / shares shares
Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, granted (in shares) \| shares	810,708
Options, weighted average grant date fair value per Award (in usd per share)	$ 16.33
Options, weighted average exercise price per Award (in usd per share)	$ 39.18
Service Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, granted (in shares) \| shares	136,913
Restricted units, weighted average grant date fair value per Award (in usd per share)	$ 39.37
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, granted (in shares) \| shares	168,703
Restricted units, weighted average grant date fair value per Award (in usd per share)	$ 39.18

Share-Based Compensation - Unrecognized Compensation Cost (Details)	Apr. 30, 2022 USD ($)
Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, options	$ 21,176,307
Weighted average life remaining in years	3 years 6 months
Service Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, restricted units	$ 14,048,722
Weighted average life remaining in years	3 years
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, restricted units	$ 8,374,632
Weighted average life remaining in years	3 years 6 months

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 149,806	$ 177,796
Weighted average common shares outstanding - basic (in shares)	86,658	92,088
Weighted average common shares outstanding - diluted (in shares)	88,614	96,472
Earnings per common share - basic (in usd per share)	$ 1.73	$ 1.93
Earnings per common share - diluted (in usd per share)	$ 1.69	$ 1.84
Anti-dilutive stock-based awards excluded from diluted calculation (in shares)	311	303
Service Restricted Units and Service Restricted Stock Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	36	0
Performance Restricted Stock Units and Liquidity Event Restricted Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	101	910
Service Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	1,607	2,095
Performance Unit Options and Performance Stock Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	212	1,379
ESPP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	0	0

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Apr. 30, 2022 USD ($)
Freight, Technology Related Commitments And Other
Long-term Purchase Commitment [Line Items]
Contractual commitment obligations	$ 73.9
Contractual commitment obligations, payable in next 12 months	45.4
Sponsorship Agreement and Intellectual Property Commitments
Long-term Purchase Commitment [Line Items]
Contractual commitment obligations	19.5
Contractual commitment obligations, payable in next 12 months	$ 6.8
Minimum \| Sponsorship Agreement and Intellectual Property Commitments
Long-term Purchase Commitment [Line Items]
Agreement term	1 year
Maximum \| Sponsorship Agreement and Intellectual Property Commitments
Long-term Purchase Commitment [Line Items]
Agreement term	3 years

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Jun. 02, 2022	Sep. 02, 2021	Apr. 30, 2022
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)			$ 0.075
Share repurchase program, authorized amount		$ 500.0
Share repurchase program, period in force		3 years
Share repurchase program, remaining authorized amount			$ 100.2
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)	$ 0.075
Share repurchase program, authorized amount	$ 600.0
Share repurchase program, period in force	3 years
Share repurchase program, remaining authorized amount	$ 700.2