\u00a0\u00a0 | Balance\u00a0at Beginning of Period | Charged\u00a0to Costs and Expenses | Charged to Other Accounts- Accounts Payable (1) | Deductions- Write-Offs Net of Recoveries (2) | Balance\u00a0at End of Period | |||||||||||||||
\u00a0 | (In millions) | |||||||||||||||||||
Inventory Reserve(3) | ||||||||||||||||||||
52 Weeks Ended February 1, 2020 | $ | 69.4 | $ | 35.4 | $ | 20.5 | $ | (67.3 | ) | $ | 58.0 | |||||||||
52 Weeks Ended February 2, 2019 | $ | 59.2 | $ | 50.1 | $ | 46.7 | $ | (86.6 | ) | $ | 69.4 | |||||||||
53 Weeks Ended February 3, 2018 | $ | 59.0 | $ | 57.3 | $ | 50.7 | $ | (107.8 | ) | $ | 59.2 | |||||||||
Valuation Allowance for Deferred Tax Assets | ||||||||||||||||||||
52 Weeks Ended February 1, 2020 | $ | 32.9 | $ | 83.1 | $ | \u2014 | $ | (3.3 | ) | $ | 112.7 | |||||||||
52 Weeks Ended February 2, 2019 | $ | 36.9 | $ | \u2014 | $ | \u2014 | $ | (4.0 | ) | $ | 32.9 | |||||||||
53 Weeks Ended February 3, 2018 | $ | 39.4 | $ | 3.6 | $ | \u2014 | $ | (6.1 | ) | $ | 36.9 |
(1) | Consists primarily of amounts received from vendors for defective allowances. |
(2) | The 52 weeks ended February 1, 2020 includes the disposition of $0.3 million of Simply Mac inventory reserves as of the date of the sale. The 52 weeks ended February 2, 2019 includes the disposition of $3.6 million of Spring Mobile inventory reserves as of the date of the sale. |
February 1, 2020 | February 2, 2019 | February 3, 2018 | ||||||||||
Cash and cash equivalents | $ | 499.4 | $ | 1,624.4 | $ | 854.2 | ||||||
Restricted cash (included in prepaid expenses and other current assets) | 0.3 | 2.7 | \u2014 | |||||||||
Restricted cash (included in other noncurrent assets) | 13.8 | 13.4 | 14.9 | |||||||||
Total cash and cash equivalents and restricted cash in the statements of cash flows | $ | 513.5 | $ | 1,640.5 | $ | 869.1 |
February\u00a01, 2020 | February\u00a02, 2019 | |||||||
Land | $ | 18.0 | $ | 18.7 | ||||
Buildings and leasehold improvements | 611.8 | 638.2 | ||||||
Fixtures and equipment | 836.2 | 900.2 | ||||||
Total property and equipment | 1,466.0 | 1,557.1 | ||||||
Accumulated depreciation | (1,190.1 | ) | (1,235.8 | ) | ||||
Property and equipment, net | $ | 275.9 | $ | 321.3 |
Fiscal Year 2018 | ||||||||||||
\u00a0 | Under Prior Standard | Impact of New Standard | As Reported | |||||||||
Net sales | $ | 8,240.7 | $ | 44.6 | $ | 8,285.3 | ||||||
Cost of sales | 5,937.1 | 40.1 | 5,977.2 | |||||||||
Gross profit | 2,303.6 | 4.5 | 2,308.1 | |||||||||
Operating (loss) earnings from continuing operations | (706.5 | ) | 4.5 | (702.0 | ) | |||||||
(Loss) earnings from continuing operations before income taxes | (757.6 | ) | 4.5 | (753.1 | ) | |||||||
Income tax expense | 40.5 | 1.2 | 41.7 | |||||||||
Net (loss) income from continuing operations | (798.1 | ) | 3.3 | (794.8 | ) |
February 1, 2020 | February 2, 2019 | February 3, 2018 | ||||||||||
Cash and cash equivalents | $ | 499.4 | $ | 1,624.4 | $ | 854.2 | ||||||
Restricted cash (included in prepaid expenses and other current assets) | 0.3 | 2.7 | \u2014 | |||||||||
Restricted cash (included in other noncurrent assets) | 13.8 | 13.4 | 14.9 | |||||||||
Total cash and cash equivalents and restricted cash in the statements of cash flows | $ | 513.5 | $ | 1,640.5 | $ | 869.1 |
February\u00a01, 2020 | February\u00a02, 2019 | |||||||
Land | $ | 18.0 | $ | 18.7 | ||||
Buildings and leasehold improvements | 611.8 | 638.2 | ||||||
Fixtures and equipment | 836.2 | 900.2 | ||||||
Total property and equipment | 1,466.0 | 1,557.1 | ||||||
Accumulated depreciation | (1,190.1 | ) | (1,235.8 | ) | ||||
Property and equipment, net | $ | 275.9 | $ | 321.3 |
Fiscal Year 2018 | ||||||||||||
\u00a0 | Under Prior Standard | Impact of New Standard | As Reported | |||||||||
Net sales | $ | 8,240.7 | $ | 44.6 | $ | 8,285.3 | ||||||
Cost of sales | 5,937.1 | 40.1 | 5,977.2 | |||||||||
Gross profit | 2,303.6 | 4.5 | 2,308.1 | |||||||||
Operating (loss) earnings from continuing operations | (706.5 | ) | 4.5 | (702.0 | ) | |||||||
(Loss) earnings from continuing operations before income taxes | (757.6 | ) | 4.5 | (753.1 | ) | |||||||
Income tax expense | 40.5 | 1.2 | 41.7 | |||||||||
Net (loss) income from continuing operations | (798.1 | ) | 3.3 | (794.8 | ) |
Fiscal Year 2018 | ||||||||||||
\u00a0 | Under Prior Standard | Impact of New Standard | As Reported | |||||||||
Net sales | $ | 8,240.7 | $ | 44.6 | $ | 8,285.3 | ||||||
Cost of sales | 5,937.1 | 40.1 | 5,977.2 | |||||||||
Gross profit | 2,303.6 | 4.5 | 2,308.1 | |||||||||
Operating (loss) earnings from continuing operations | (706.5 | ) | 4.5 | (702.0 | ) | |||||||
(Loss) earnings from continuing operations before income taxes | (757.6 | ) | 4.5 | (753.1 | ) | |||||||
Income tax expense | 40.5 | 1.2 | 41.7 | |||||||||
Net (loss) income from continuing operations | (798.1 | ) | 3.3 | (794.8 | ) |
Fiscal Year | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net sales | $ | \u2014 | $ | 565.4 | $ | 677.5 | |||||
Cost of sales | \u2014 | 73.1 | 122.3 | ||||||||
Gross profit | \u2014 | 492.3 | 555.2 | ||||||||
Selling, general and administrative expenses | 3.6 | 416.0 | 481.8 | ||||||||
Goodwill impairments | \u2014 | \u2014 | 32.8 | ||||||||
Asset impairments | \u2014 | \u2014 | 344.2 | ||||||||
Operating (loss) earnings | (3.6 | ) | 76.3 | (303.6 | ) | ||||||
(Loss) gain on sale of discontinued operations | (5.5 | ) | 100.8 | \u2014 | |||||||
(Loss) earnings from discontinued operations before income taxes | (9.1 | ) | 177.1 | (303.6 | ) | ||||||
Income tax (benefit) expense | (2.6 | ) | 55.3 | (107.9 | ) | ||||||
Net (loss) income from discontinued operations | $ | (6.5 | ) | $ | 121.8 | $ | (195.7 | ) |
Fiscal Year | |||||||
2018 | 2017 | ||||||
Capital expenditures | $ | 7.5 | $ | 22.2 | |||
Depreciation and amortization | 20.1 | 28.4 | |||||
Goodwill and asset impairments | \u2014 | 377.0 | |||||
Provision for inventory reserves | 12.7 | 12.9 |
Fiscal Year | |||||||
2018 | 2017 | ||||||
Capital expenditures | $ | 7.5 | $ | 22.2 | |||
Depreciation and amortization | 20.1 | 28.4 | |||||
Goodwill and asset impairments | \u2014 | 377.0 | |||||
Provision for inventory reserves | 12.7 | 12.9 |
Fiscal Year | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net sales | $ | \u2014 | $ | 565.4 | $ | 677.5 | |||||
Cost of sales | \u2014 | 73.1 | 122.3 | ||||||||
Gross profit | \u2014 | 492.3 | 555.2 | ||||||||
Selling, general and administrative expenses | 3.6 | 416.0 | 481.8 | ||||||||
Goodwill impairments | \u2014 | \u2014 | 32.8 | ||||||||
Asset impairments | \u2014 | \u2014 | 344.2 | ||||||||
Operating (loss) earnings | (3.6 | ) | 76.3 | (303.6 | ) | ||||||
(Loss) gain on sale of discontinued operations | (5.5 | ) | 100.8 | \u2014 | |||||||
(Loss) earnings from discontinued operations before income taxes | (9.1 | ) | 177.1 | (303.6 | ) | ||||||
Income tax (benefit) expense | (2.6 | ) | 55.3 | (107.9 | ) | ||||||
Net (loss) income from discontinued operations | $ | (6.5 | ) | $ | 121.8 | $ | (195.7 | ) |
Fiscal Year | ||||||||||||
\u00a0 | 2019 | 2018 | 2017 | |||||||||
Hardware and accessories(1) | $ | 2,722.2 | $ | 3,717.8 | $ | 3,651.0 | ||||||
Software(2) | 3,006.3 | 3,856.5 | 4,257.4 | |||||||||
Collectibles | 737.5 | 711.0 | 638.7 | |||||||||
Total | $ | 6,466.0 | $ | 8,285.3 | $ | 8,547.1 |
(1) | Includes sales of new and pre-owned hardware, accessories, hardware bundles in which hardware and digital or physical software are sold together in a single SKU, interactive game figures, strategy guides, mobile and consumer electronics, and the operations of our Simply Mac stores, which were sold in September 2019. |
(2) | Includes sales of new and pre-owned video game software, digital software and PC entertainment software. |
Fiscal Year | ||||||||
2019 | 2018 | |||||||
Contract liability beginning balance | $ | 376.9 | $ | 426.0 | ||||
Adoption of ASU 2014-09 | \u2014 | (16.8 | ) | |||||
Increase to contract liabilities (1) | 1,006.0 | 1,238.1 | ||||||
Decrease to contract liabilities (2) | (1,038.7 | ) | (1,262.9 | ) | ||||
Other adjustments (3) | (5.0 | ) | (7.5 | ) | ||||
Contract liability ending balance | $ | 339.2 | $ | 376.9 |
(1) | Includes issuances of gift cards, trade-in credits and loyalty points, new reservation deposits, new subscriptions to Game Informer and extended warranties sold. |
(2) | Includes redemptions of gift cards, trade-in credits, loyalty points and reservation deposits as well as revenues recognized for Game Informer and extended warranties. During the 52 weeks ended February 1, 2020, there were $55.4 million of gift cards redeemed that were outstanding as of February\u00a02, 2019. During the 52 weeks ended February 2, 2019 , there were $65.8 million of gift cards redeemed that were outstanding as of February\u00a03, 2018. |
Fiscal Year | ||||||||||||
\u00a0 | 2019 | 2018 | 2017 | |||||||||
Hardware and accessories(1) | $ | 2,722.2 | $ | 3,717.8 | $ | 3,651.0 | ||||||
Software(2) | 3,006.3 | 3,856.5 | 4,257.4 | |||||||||
Collectibles | 737.5 | 711.0 | 638.7 | |||||||||
Total | $ | 6,466.0 | $ | 8,285.3 | $ | 8,547.1 |
(1) | Includes sales of new and pre-owned hardware, accessories, hardware bundles in which hardware and digital or physical software are sold together in a single SKU, interactive game figures, strategy guides, mobile and consumer electronics, and the operations of our Simply Mac stores, which were sold in September 2019. |
Fiscal Year | ||||||||
2019 | 2018 | |||||||
Contract liability beginning balance | $ | 376.9 | $ | 426.0 | ||||
Adoption of ASU 2014-09 | \u2014 | (16.8 | ) | |||||
Increase to contract liabilities (1) | 1,006.0 | 1,238.1 | ||||||
Decrease to contract liabilities (2) | (1,038.7 | ) | (1,262.9 | ) | ||||
Other adjustments (3) | (5.0 | ) | (7.5 | ) | ||||
Contract liability ending balance | $ | 339.2 | $ | 376.9 |
(1) | Includes issuances of gift cards, trade-in credits and loyalty points, new reservation deposits, new subscriptions to Game Informer and extended warranties sold. |
(2) | Includes redemptions of gift cards, trade-in credits, loyalty points and reservation deposits as well as revenues recognized for Game Informer and extended warranties. During the 52 weeks ended February 1, 2020, there were $55.4 million of gift cards redeemed that were outstanding as of February\u00a02, 2019. During the 52 weeks ended February 2, 2019 , there were $65.8 million of gift cards redeemed that were outstanding as of February\u00a03, 2018. |
United\u00a0 States | Canada | Australia | Europe | Total | ||||||||||||||||
Fiscal 2019 | ||||||||||||||||||||
Intangible asset impairment charges | $ | 2.3 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 2.3 | ||||||||||
Corporate aircraft impairment charges | 8.7 | \u2014 | \u2014 | \u2014 | 8.7 | |||||||||||||||
Store and other asset impairment charges | 1.8 | 0.4 | 0.2 | 8.3 | 10.7 | |||||||||||||||
Total | $ | 12.8 | $ | 0.4 | $ | 0.2 | $ | 8.3 | $ | 21.7 | ||||||||||
Fiscal 2018 | ||||||||||||||||||||
Intangible asset impairment charges | $ | 11.2 | $ | \u2014 | $ | \u2014 | $ | 31.9 | $ | 43.1 | ||||||||||
Store and other asset impairment charges | 1.3 | \u2014 | 0.2 | 0.6 | 2.1 | |||||||||||||||
Total | $ | 12.5 | $ | \u2014 | $ | 0.2 | $ | 32.5 | $ | 45.2 | ||||||||||
Fiscal 2017 | ||||||||||||||||||||
Intangible asset impairment charges | $ | 11.0 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 11.0 | ||||||||||
Store and other asset impairment charges | 1.3 | \u2014 | 0.3 | 1.2 | 2.8 | |||||||||||||||
Total | $ | 12.3 | $ | \u2014 | $ | 0.3 | $ | 1.2 | $ | 13.8 |
United\u00a0 States | Canada | Australia | Europe | Total | ||||||||||||||||
Fiscal 2019 | ||||||||||||||||||||
Intangible asset impairment charges | $ | 2.3 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 2.3 | ||||||||||
Corporate aircraft impairment charges | 8.7 | \u2014 | \u2014 | \u2014 | 8.7 | |||||||||||||||
Store and other asset impairment charges | 1.8 | 0.4 | 0.2 | 8.3 | 10.7 | |||||||||||||||
Total | $ | 12.8 | $ | 0.4 | $ | 0.2 | $ | 8.3 | $ | 21.7 | ||||||||||
Fiscal 2018 | ||||||||||||||||||||
Intangible asset impairment charges | $ | 11.2 | $ | \u2014 | $ | \u2014 | $ | 31.9 | $ | 43.1 | ||||||||||
Store and other asset impairment charges | 1.3 | \u2014 | 0.2 | 0.6 | 2.1 | |||||||||||||||
Total | $ | 12.5 | $ | \u2014 | $ | 0.2 | $ | 32.5 | $ | 45.2 | ||||||||||
Fiscal 2017 | ||||||||||||||||||||
Intangible asset impairment charges | $ | 11.0 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 11.0 | ||||||||||
Store and other asset impairment charges | 1.3 | \u2014 | 0.3 | 1.2 | 2.8 | |||||||||||||||
Total | $ | 12.3 | $ | \u2014 | $ | 0.3 | $ | 1.2 | $ | 13.8 |
February\u00a01, 2020 | February\u00a02, 2019 | |||||||
Assets: | ||||||||
Foreign currency contracts (1) | $ | 1.4 | $ | 1.0 | ||||
Company-owned life insurance(2) | 4.1 | 14.6 | ||||||
Total assets | $ | 5.5 | $ | 15.6 | ||||
Liabilities: | ||||||||
Foreign currency contracts (3) | $ | 0.3 | $ | 1.2 | ||||
Nonqualified deferred compensation(3) | 1.0 | 1.1 | ||||||
Total liabilities | $ | 1.3 | $ | 2.3 |
(1) | Recognized in prepaid expenses and other current assets in our consolidated balance sheets. |
(2) | Recognized in other non-current assets in our consolidated balance sheets. |
(3) | Recognized in accrued liabilities in our consolidated balance sheets. |
Fiscal Year | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Gains (losses) on the changes in fair value of derivative instruments | $ | 4.1 | $ | 9.6 | $ | (24.6 | ) | |||||
(Losses) gains on the re-measurement of related intercompany loans denominated in foreign currencies | (3.1 | ) | (6.6 | ) | 27.0 | |||||||
Net gains | $ | 1.0 | $ | 3.0 | $ | 2.4 |
February\u00a01, 2020 | February\u00a02, 2019 | |||||||
Assets: | ||||||||
Foreign currency contracts (1) | $ | 1.4 | $ | 1.0 | ||||
Company-owned life insurance(2) | 4.1 | 14.6 | ||||||
Total assets | $ | 5.5 | $ | 15.6 | ||||
Liabilities: | ||||||||
Foreign currency contracts (3) | $ | 0.3 | $ | 1.2 | ||||
Nonqualified deferred compensation(3) | 1.0 | 1.1 | ||||||
Total liabilities | $ | 1.3 | $ | 2.3 |
(1) | Recognized in prepaid expenses and other current assets in our consolidated balance sheets. |
(2) | Recognized in other non-current assets in our consolidated balance sheets. |
(3) | Recognized in accrued liabilities in our consolidated balance sheets. |
Fiscal Year | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Gains (losses) on the changes in fair value of derivative instruments | $ | 4.1 | $ | 9.6 | $ | (24.6 | ) | |||||
(Losses) gains on the re-measurement of related intercompany loans denominated in foreign currencies | (3.1 | ) | (6.6 | ) | 27.0 | |||||||
Net gains | $ | 1.0 | $ | 3.0 | $ | 2.4 |
February\u00a01, 2020 | February\u00a02, 2019 | |||||||
Bankcard receivables | $ | 34.7 | $ | 44.6 | ||||
Vendor and other receivables (1) | 120.4 | 93.6 | ||||||
Allowance for doubtful accounts (2) | (13.2 | ) | (4.0 | ) | ||||
Total receivables, net | $ | 141.9 | $ | 134.2 |
(1) | Vendor receivables primarily relate to vendor allowances. |
February\u00a01, 2020 | February\u00a02, 2019 | |||||||
Bankcard receivables | $ | 34.7 | $ | 44.6 | ||||
Vendor and other receivables (1) | 120.4 | 93.6 | ||||||
Allowance for doubtful accounts (2) | (13.2 | ) | (4.0 | ) | ||||
Total receivables, net | $ | 141.9 | $ | 134.2 |
(1) | Vendor receivables primarily relate to vendor allowances. |
United\u00a0States | Canada | Australia | Europe | Total | ||||||||||||||||
Balance at February 3, 2018 | $ | 1,159.5 | $ | 30.3 | $ | 73.6 | $ | 87.1 | $ | 1,350.5 | ||||||||||
Foreign currency translation adjustment | \u2014 | (1.5 | ) | (7.2 | ) | (7.2 | ) | (15.9 | ) | |||||||||||
Impairment charge | (795.6 | ) | (28.8 | ) | (66.4 | ) | (79.9 | ) | (970.7 | ) | ||||||||||
Balance at February 2, 2019 | 363.9 | \u2014 | \u2014 | \u2014 | 363.9 | |||||||||||||||
Impairment charge | (363.9 | ) | \u2014 | \u2014 | \u2014 | (363.9 | ) | |||||||||||||
Balance at February 1, 2020 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | ||||||||||
Cumulative goodwill impairment charges | $ | 1,173.0 | $ | 129.1 | $ | 173.5 | $ | 499.5 | $ | 1,975.1 |
February\u00a01, 2020 | February\u00a02, 2019 | |||||||||||||||||||||||
Gross Carrying Amount(1) | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||||||
Trade names | $ | 6.3 | $ | \u2014 | $ | 6.3 | $ | 8.8 | $ | \u2014 | $ | 8.8 | ||||||||||||
Intangible assets with finite lives: | ||||||||||||||||||||||||
Leasehold rights | 88.4 | (72.0 | ) | 16.4 | 91.8 | (67.3 | ) | 24.5 | ||||||||||||||||
Other | 32.1 | (32.0 | ) | 0.1 | 32.5 | (32.3 | ) | 0.2 | ||||||||||||||||
Total | $ | 126.8 | $ | (104.0 | ) | $ | 22.8 | $ | 133.1 | $ | (99.6 | ) | $ | 33.5 |
(1) | The change in the gross carrying amount of intangible assets from February\u00a02, 2019 to February\u00a01, 2020 is due to impairments (see Note 4, \"Asset Impairments\") and the impact of exchange rate fluctuations. |
Period | Projected Amortization Expense | |||
Fiscal 2020 | $ | 3.9 | ||
Fiscal 2021 | 3.2 | |||
Fiscal 2022 | 2.8 | |||
Fiscal 2023 | 2.3 | |||
Fiscal 2024 | 1.7 |
United\u00a0States | Canada | Australia | Europe | Total | ||||||||||||||||
Balance at February 3, 2018 | $ | 1,159.5 | $ | 30.3 | $ | 73.6 | $ | 87.1 | $ | 1,350.5 | ||||||||||
Foreign currency translation adjustment | \u2014 | (1.5 | ) | (7.2 | ) | (7.2 | ) | (15.9 | ) | |||||||||||
Impairment charge | (795.6 | ) | (28.8 | ) | (66.4 | ) | (79.9 | ) | (970.7 | ) | ||||||||||
Balance at February 2, 2019 | 363.9 | \u2014 | \u2014 | \u2014 | 363.9 | |||||||||||||||
Impairment charge | (363.9 | ) | \u2014 | \u2014 | \u2014 | (363.9 | ) | |||||||||||||
Balance at February 1, 2020 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | ||||||||||
Cumulative goodwill impairment charges | $ | 1,173.0 | $ | 129.1 | $ | 173.5 | $ | 499.5 | $ | 1,975.1 |
February\u00a01, 2020 | February\u00a02, 2019 | |||||||||||||||||||||||
Gross Carrying Amount(1) | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||||||
Trade names | $ | 6.3 | $ | \u2014 | $ | 6.3 | $ | 8.8 | $ | \u2014 | $ | 8.8 | ||||||||||||
Intangible assets with finite lives: | ||||||||||||||||||||||||
Leasehold rights | 88.4 | (72.0 | ) | 16.4 | 91.8 | (67.3 | ) | 24.5 | ||||||||||||||||
Other | 32.1 | (32.0 | ) | 0.1 | 32.5 | (32.3 | ) | 0.2 | ||||||||||||||||
Total | $ | 126.8 | $ | (104.0 | ) | $ | 22.8 | $ | 133.1 | $ | (99.6 | ) | $ | 33.5 |
(1) | The change in the gross carrying amount of intangible assets from February\u00a02, 2019 to February\u00a01, 2020 is due to impairments (see Note 4, \"Asset Impairments\") and the impact of exchange rate fluctuations. |
Period | Projected Amortization Expense | |||
Fiscal 2020 | $ | 3.9 | ||
Fiscal 2021 | 3.2 | |||
Fiscal 2022 | 2.8 | |||
Fiscal 2023 | 2.3 | |||
Fiscal 2024 | 1.7 |
Fiscal Year | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Current tax (benefit) expense: | ||||||||||||
Federal | $ | (25.3 | ) | $ | 45.0 | $ | 104.7 | |||||
State | 1.5 | 12.8 | 14.2 | |||||||||
Foreign | (0.1 | ) | 38.5 | 28.5 | ||||||||
(23.9 | ) | 96.3 | 147.4 | |||||||||
Deferred tax expense (benefit): | ||||||||||||
Federal | 12.6 | (36.0 | ) | 23.4 | ||||||||
State | 3.2 | (4.0 | ) | (1.3 | ) | |||||||
Foreign | 45.7 | (14.6 | ) | (16.0 | ) | |||||||
61.5 | (54.6 | ) | 6.1 | |||||||||
Total income tax expense | $ | 37.6 | $ | 41.7 | $ | 153.5 |
Fiscal Year | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
United States | $ | (352.8 | ) | $ | (543.4 | ) | $ | 310.7 | ||||
International | (74.0 | ) | (209.7 | ) | 73.2 | |||||||
Total | $ | (426.8 | ) | $ | (753.1 | ) | $ | 383.9 |
Fiscal Year | |||||||||
2019 | 2018 | 2017 | |||||||
Federal statutory tax rate(1) | 21.0 | \u00a0% | 21.0 | \u00a0% | 33.7 | \u00a0% | |||
State income taxes, net of federal effect | (1.0 | ) | (0.9 | ) | 3.0 | ||||
Foreign income tax rate differential | (0.5 | ) | 2.8 | (1.1 | ) | ||||
Change in valuation allowance | (17.9 | ) | \u2014 | (1.1 | ) | ||||
Change in unrecognized tax benefits | 3.4 | 0.2 | (1.5 | ) | |||||
Transition tax | \u2014 | 3.0 | 2.7 | ||||||
Tax reform | \u2014 | \u2014 | 8.3 | ||||||
Intercompany sale of intangible assets | \u2014 | \u2014 | (3.4 | ) | |||||
Foreign tax credit | 0.2 | 0.1 | (2.5 | ) | |||||
Withholding tax expense | (0.2 | ) | (0.3 | ) | 2.3 | ||||
Impairment of goodwill | (15.4 | ) | (25.6 | ) | 0.1 | ||||
Nondeductible interest | (0.1 | ) | (4.2 | ) | 0.5 | ||||
Simply Mac Loss on Sale | 1.6 | \u2014 | \u2014 | ||||||
Other (including permanent differences)(2) | 0.1 | (1.6 | ) | (1.0 | ) | ||||
(8.8 | )% | (5.5 | )% | 40.0 | \u00a0% |
(1) | Per IRC Section 15, we have incorporated a statutory rate of 21.0% for our year end current provision ending February 1, 2020. |
(2) | Other is comprised of numerous items, none of which is greater than 1.05% of loss before income taxes for fiscal 2019, 1.05% of loss before income taxes for fiscal 2018, and 1.69% of earnings before income taxes for fiscal 2017. |
February 1, 2020 | February\u00a02, 2019 | |||||||
Deferred tax asset: | ||||||||
Inventory | $ | 10.7 | $ | 14.7 | ||||
Deferred rents | 1.0 | 3.9 | ||||||
Operating lease liabilities | 201.3 | \u2014 | ||||||
Stock-based compensation | 1.7 | 1.8 | ||||||
Net operating losses | 77.3 | 78.5 | ||||||
Customer liabilities | 11.6 | 18.6 | ||||||
Property and equipment | 3.5 | 11.3 | ||||||
Credits | 27.9 | 18.2 | ||||||
Accrued compensation | 9.6 | 12.1 | ||||||
Intangible assets | 28.5 | 21.8 | ||||||
Goodwill | 1.5 | \u2014 | ||||||
Other | 22.4 | 13.1 | ||||||
Total deferred tax assets | 397.0 | 194.0 | ||||||
Valuation allowance | (112.7 | ) | (32.9 | ) | ||||
Total deferred tax assets, net | 284.3 | 161.1 | ||||||
Deferred tax liabilities: | ||||||||
Goodwill | \u2014 | (10.2 | ) | |||||
Prepaid expenses | (3.3 | ) | (3.6 | ) | ||||
Operating lease right-of-use assets | (198.5 | ) | \u2014 | |||||
Other | (0.2 | ) | (0.1 | ) | ||||
Total deferred tax liabilities | (202.0 | ) | (13.9 | ) | ||||
Net deferred tax assets | $ | 82.3 | $ | 147.2 | ||||
The above amounts are reflected in the consolidated financial statements as: | ||||||||
Deferred income taxes - assets | $ | 83.0 | $ | 147.3 | ||||
Deferred income taxes - liabilities | $ | (0.7 | ) | $ | (0.1 | ) |
Fiscal Year | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Beginning balance of unrecognized tax benefits | $ | 22.5 | $ | 24.9 | $ | 42.1 | ||||||
Increases related to current period tax positions | 0.4 | 1.1 | 1.0 | |||||||||
Increases related to prior period tax positions | 1.6 | 35.5 | 11.2 | |||||||||
Decreases related to prior period tax positions | (10.2 | ) | \u2014 | \u2014 | ||||||||
Reductions as a result of a lapse of the applicable statute of limitations | (4.3 | ) | (0.6 | ) | (1.3 | ) | ||||||
Reductions as a result of settlements with taxing authorities | (3.5 | ) | (38.4 | ) | (28.1 | ) | ||||||
Ending balance of unrecognized tax benefits | $ | 6.5 | $ | 22.5 | $ | 24.9 |
Fiscal Year | |||||||||||
2019 | 2018 | 2017 | |||||||||
Cash paid for income taxes | $ | 66.8 | $ | 122.9 | $ | 168.3 | |||||
Cash refunds received | (15.7 | ) | (8.8 | ) | (7.8 | ) | |||||
Cash paid for income taxes, net | $ | 51.1 | $ | 114.1 | $ | 160.5 |
Fiscal Year | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Current tax (benefit) expense: | ||||||||||||
Federal | $ | (25.3 | ) | $ | 45.0 | $ | 104.7 | |||||
State | 1.5 | 12.8 | 14.2 | |||||||||
Foreign | (0.1 | ) | 38.5 | 28.5 | ||||||||
(23.9 | ) | 96.3 | 147.4 | |||||||||
Deferred tax expense (benefit): | ||||||||||||
Federal | 12.6 | (36.0 | ) | 23.4 | ||||||||
State | 3.2 | (4.0 | ) | (1.3 | ) | |||||||
Foreign | 45.7 | (14.6 | ) | (16.0 | ) | |||||||
61.5 | (54.6 | ) | 6.1 | |||||||||
Total income tax expense | $ | 37.6 | $ | 41.7 | $ | 153.5 |
Fiscal Year | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
United States | $ | (352.8 | ) | $ | (543.4 | ) | $ | 310.7 | ||||
International | (74.0 | ) | (209.7 | ) | 73.2 | |||||||
Total | $ | (426.8 | ) | $ | (753.1 | ) | $ | 383.9 |
Fiscal Year | |||||||||
2019 | 2018 | 2017 | |||||||
Federal statutory tax rate(1) | 21.0 | \u00a0% | 21.0 | \u00a0% | 33.7 | \u00a0% | |||
State income taxes, net of federal effect | (1.0 | ) | (0.9 | ) | 3.0 | ||||
Foreign income tax rate differential | (0.5 | ) | 2.8 | (1.1 | ) | ||||
Change in valuation allowance | (17.9 | ) | \u2014 | (1.1 | ) | ||||
Change in unrecognized tax benefits | 3.4 | 0.2 | (1.5 | ) | |||||
Transition tax | \u2014 | 3.0 | 2.7 | ||||||
Tax reform | \u2014 | \u2014 | 8.3 | ||||||
Intercompany sale of intangible assets | \u2014 | \u2014 | (3.4 | ) | |||||
Foreign tax credit | 0.2 | 0.1 | (2.5 | ) | |||||
Withholding tax expense | (0.2 | ) | (0.3 | ) | 2.3 | ||||
Impairment of goodwill | (15.4 | ) | (25.6 | ) | 0.1 | ||||
Nondeductible interest | (0.1 | ) | (4.2 | ) | 0.5 | ||||
Simply Mac Loss on Sale | 1.6 | \u2014 | \u2014 | ||||||
Other (including permanent differences)(2) | 0.1 | (1.6 | ) | (1.0 | ) | ||||
(8.8 | )% | (5.5 | )% | 40.0 | \u00a0% |
(1) | Per IRC Section 15, we have incorporated a statutory rate of 21.0% for our year end current provision ending February 1, 2020. |
February 1, 2020 | February\u00a02, 2019 | |||||||
Deferred tax asset: | ||||||||
Inventory | $ | 10.7 | $ | 14.7 | ||||
Deferred rents | 1.0 | 3.9 | ||||||
Operating lease liabilities | 201.3 | \u2014 | ||||||
Stock-based compensation | 1.7 | 1.8 | ||||||
Net operating losses | 77.3 | 78.5 | ||||||
Customer liabilities | 11.6 | 18.6 | ||||||
Property and equipment | 3.5 | 11.3 | ||||||
Credits | 27.9 | 18.2 | ||||||
Accrued compensation | 9.6 | 12.1 | ||||||
Intangible assets | 28.5 | 21.8 | ||||||
Goodwill | 1.5 | \u2014 | ||||||
Other | 22.4 | 13.1 | ||||||
Total deferred tax assets | 397.0 | 194.0 | ||||||
Valuation allowance | (112.7 | ) | (32.9 | ) | ||||
Total deferred tax assets, net | 284.3 | 161.1 | ||||||
Deferred tax liabilities: | ||||||||
Goodwill | \u2014 | (10.2 | ) | |||||
Prepaid expenses | (3.3 | ) | (3.6 | ) | ||||
Operating lease right-of-use assets | (198.5 | ) | \u2014 | |||||
Other | (0.2 | ) | (0.1 | ) | ||||
Total deferred tax liabilities | (202.0 | ) | (13.9 | ) | ||||
Net deferred tax assets | $ | 82.3 | $ | 147.2 | ||||
The above amounts are reflected in the consolidated financial statements as: | ||||||||
Deferred income taxes - assets | $ | 83.0 | $ | 147.3 | ||||
Deferred income taxes - liabilities | $ | (0.7 | ) | $ | (0.1 | ) |
Fiscal Year | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Beginning balance of unrecognized tax benefits | $ | 22.5 | $ | 24.9 | $ | 42.1 | ||||||
Increases related to current period tax positions | 0.4 | 1.1 | 1.0 | |||||||||
Increases related to prior period tax positions | 1.6 | 35.5 | 11.2 | |||||||||
Decreases related to prior period tax positions | (10.2 | ) | \u2014 | \u2014 | ||||||||
Reductions as a result of a lapse of the applicable statute of limitations | (4.3 | ) | (0.6 | ) | (1.3 | ) | ||||||
Reductions as a result of settlements with taxing authorities | (3.5 | ) | (38.4 | ) | (28.1 | ) | ||||||
Ending balance of unrecognized tax benefits | $ | 6.5 | $ | 22.5 | $ | 24.9 |
February\u00a01, 2020 | February\u00a02, 2019 | |||||||
Customer-related liabilities | $ | 233.4 | $ | 268.7 | ||||
Deferred revenue | 116.5 | 124.2 | ||||||
Employee benefits, compensation and related taxes | 105.2 | 140.7 | ||||||
Checks and transfers yet to be presented for payment from zero balance cash accounts | 38.0 | 82.7 | ||||||
Income and other taxes payable | 34.8 | 72.7 | ||||||
Other accrued liabilities | 89.6 | 91.0 | ||||||
Total accrued and other current liabilities | $ | 617.5 | $ | 780.0 |
February\u00a01, 2020 | February\u00a02, 2019 | |||||||
Customer-related liabilities | $ | 233.4 | $ | 268.7 | ||||
Deferred revenue | 116.5 | 124.2 | ||||||
Employee benefits, compensation and related taxes | 105.2 | 140.7 | ||||||
Checks and transfers yet to be presented for payment from zero balance cash accounts | 38.0 | 82.7 | ||||||
Income and other taxes payable | 34.8 | 72.7 | ||||||
Other accrued liabilities | 89.6 | 91.0 | ||||||
Total accrued and other current liabilities | $ | 617.5 | $ | 780.0 |
February\u00a01, 2020 | February\u00a02, 2019 | ||||||
2019 Senior Notes principal amount | $ | \u2014 | $ | 350.0 | |||
2021 Senior Notes principal amount | 421.4 | 475.0 | |||||
Less: Unamortized debt financing costs | (1.6 | ) | (4.2 | ) | |||
419.8 | 820.8 | ||||||
Less: Current portion | \u2014 | (349.2 | ) | ||||
Long-term debt, net | $ | 419.8 | $ | 471.6 |
Fiscal Year | |||||||||||
2019 | 2018 | 2017 | |||||||||
Cash paid for interest | $ | 43.5 | $ | 53.5 | $ | 53.4 | |||||
Cash received for interest income | (9.2 | ) | (3.8 | ) | (0.9 | ) | |||||
Cash paid for interest, net | $ | 34.3 | $ | 49.7 | $ | 52.5 |
February\u00a01, 2020 | February\u00a02, 2019 | ||||||
2019 Senior Notes principal amount | $ | \u2014 | $ | 350.0 | |||
2021 Senior Notes principal amount | 421.4 | 475.0 | |||||
Less: Unamortized debt financing costs | (1.6 | ) | (4.2 | ) | |||
419.8 | 820.8 | ||||||
Less: Current portion | \u2014 | (349.2 | ) | ||||
Long-term debt, net | $ | 419.8 | $ | 471.6 |
Fiscal Year | ||||
2019 | ||||
Operating lease cost | $ | 342.6 | ||
Variable lease cost (1) | 95.9 | |||
Total rent expense | $ | 438.5 |
(1) | Variable lease cost includes percentage rentals and variable executory costs. |
February\u00a01, 2020 | ||||
Weighted-average remaining lease term (years) | 4.7 | (1)\u00a0 | ||
Weighted-average discount rate | 4.1 | % |
(1) | The weighted-average remaining lease term is weighted based on the lease liability balance for each lease as of February\u00a01, 2020. This weighted average calculation differs from our simple average remaining lease term due to the inclusion of reasonably certain renewal options and the effect of the lease liability value of longer term leases. |
Period | Operating Leases(1) | ||||
Fiscal Year 2020 | $ | 268.5 | |||
Fiscal Year 2021 | 184.8 | ||||
Fiscal Year 2022 | 129.8 | ||||
Fiscal Year 2023 | 93.0 | ||||
Fiscal Year 2024 | 65.7 | ||||
Thereafter | 104.4 | ||||
Total remaining lease payments | 846.2 | ||||
Less: Interest | (77.5 | ) | |||
Present value of lease liabilities(2) | $ | 768.7 |
(1) | Operating lease payments exclude legally binding lease payments for leases signed but not yet commenced. |
(2) | The present value of lease liabilities consist of $239.4 million classified as current portion of operating lease liabilities and $529.3 million classified as long-term operating lease liabilities. |
Period | ||||
Fiscal 2019 | $ | 296.2 | ||
Fiscal 2020 | 208.7 | |||
Fiscal 2021 | 149.1 | |||
Fiscal 2022 | 105.4 | |||
Fiscal 2023 | 71.4 | |||
Thereafter | 116.2 | |||
$ | 947.0 |
Fiscal Year | ||||
2019 | ||||
Operating lease cost | $ | 342.6 | ||
Variable lease cost (1) | 95.9 | |||
Total rent expense | $ | 438.5 |
Period | Operating Leases(1) | ||||
Fiscal Year 2020 | $ | 268.5 | |||
Fiscal Year 2021 | 184.8 | ||||
Fiscal Year 2022 | 129.8 | ||||
Fiscal Year 2023 | 93.0 | ||||
Fiscal Year 2024 | 65.7 | ||||
Thereafter | 104.4 | ||||
Total remaining lease payments | 846.2 | ||||
Less: Interest | (77.5 | ) | |||
Present value of lease liabilities(2) | $ | 768.7 |
Period | ||||
Fiscal 2019 | $ | 296.2 | ||
Fiscal 2020 | 208.7 | |||
Fiscal 2021 | 149.1 | |||
Fiscal 2022 | 105.4 | |||
Fiscal 2023 | 71.4 | |||
Thereafter | 116.2 | |||
$ | 947.0 |
Options | Weighted- Average Exercise Price | ||||||
Balance, February 2, 2019 | 599,255 | $ | 28.81 | ||||
Expired | (412,320 | ) | $ | 29.47 | |||
Balance, February 1, 2020 | 186,935 | $ | 27.36 |
Time-Based Restricted Stock Awards | Performance-Based Restricted Stock Awards | |||||||||||||
Shares | Weighted- Average Grant\u00a0Date Fair Value | Shares | Weighted- Average Grant\u00a0Date Fair Value | |||||||||||
Nonvested shares at February 2, 2019 | 807,028 | $ | 18.30 | 287,307 | $ | 20.33 | ||||||||
Granted | 2,398,748 | $ | 8.05 | 1,199,042 | $ | 7.95 | ||||||||
Vested | (479,405 | ) | $ | 18.69 | \u2014 | $ | \u2014 | |||||||
Forfeited | (663,960 | ) | $ | 10.62 | (351,345 | ) | $ | 16.70 | ||||||
Nonvested shares at February 1, 2020 | 2,062,411 | $ | 8.76 | 1,135,004 | $ | 8.37 |
Options | Weighted- Average Exercise Price | ||||||
Balance, February 2, 2019 | 599,255 | $ | 28.81 | ||||
Expired | (412,320 | ) | $ | 29.47 | |||
Balance, February 1, 2020 | 186,935 | $ | 27.36 |
Time-Based Restricted Stock Awards | Performance-Based Restricted Stock Awards | |||||||||||||
Shares | Weighted- Average Grant\u00a0Date Fair Value | Shares | Weighted- Average Grant\u00a0Date Fair Value | |||||||||||
Nonvested shares at February 2, 2019 | 807,028 | $ | 18.30 | 287,307 | $ | 20.33 | ||||||||
Granted | 2,398,748 | $ | 8.05 | 1,199,042 | $ | 7.95 | ||||||||
Vested | (479,405 | ) | $ | 18.69 | \u2014 | $ | \u2014 | |||||||
Forfeited | (663,960 | ) | $ | 10.62 | (351,345 | ) | $ | 16.70 | ||||||
Nonvested shares at February 1, 2020 | 2,062,411 | $ | 8.76 | 1,135,004 | $ | 8.37 |
Fiscal Year | |||||||||
2019 | 2018 | 2017 | |||||||
Weighted-average common shares outstanding | 87.5 | 102.1 | 101.4 | ||||||
Dilutive effect of stock options and restricted stock awards | \u2014 | \u2014 | 0.1 | ||||||
Weighted-average diluted common shares | 87.5 | 102.1 | 101.5 | ||||||
Anti-dilutive stock options and restricted stock awards | 2.1 | 1.7 | 2.0 |
Fiscal Year | |||||||||
2019 | 2018 | 2017 | |||||||
Weighted-average common shares outstanding | 87.5 | 102.1 | 101.4 | ||||||
Dilutive effect of stock options and restricted stock awards | \u2014 | \u2014 | 0.1 | ||||||
Weighted-average diluted common shares | 87.5 | 102.1 | 101.5 | ||||||
Anti-dilutive stock options and restricted stock awards | 2.1 | 1.7 | 2.0 |
United States | Canada | Australia | Europe | Total | ||||||||||||||||
As of and for the Fiscal Year Ended February 1, 2020 | ||||||||||||||||||||
Net sales | $ | 4,497.7 | $ | 344.2 | $ | 525.4 | $ | 1,098.7 | $ | 6,466.0 | ||||||||||
Operating (loss) earnings | (343.9 | ) | (14.9 | ) | 9.4 | (50.2 | ) | (399.6 | ) | |||||||||||
Depreciation and amortization | 57.8 | 3.8 | 8.9 | 24.7 | 95.2 | |||||||||||||||
Goodwill impairments | 363.9 | \u2014 | \u2014 | \u2014 | 363.9 | |||||||||||||||
Asset impairments | 12.8 | 0.4 | 0.2 | 8.3 | 21.7 | |||||||||||||||
Capital expenditures | 56.8 | 4.2 | 4.5 | 13.0 | 78.5 | |||||||||||||||
Property and equipment, net | 164.9 | 17.0 | 32.5 | 61.5 | 275.9 | |||||||||||||||
As of and for the Fiscal Year Ended February 2, 2019 | ||||||||||||||||||||
Net sales | $ | 5,800.2 | $ | 434.5 | $ | 645.4 | $ | 1,405.2 | $ | 8,285.3 | ||||||||||
Operating loss | (533.9 | ) | (19.3 | ) | (46.5 | ) | (102.3 | ) | (702.0 | ) | ||||||||||
Depreciation and amortization | 67.1 | 3.7 | 9.8 | 25.0 | 105.6 | |||||||||||||||
Goodwill impairments | 795.6 | 28.8 | 66.4 | 79.9 | 970.7 | |||||||||||||||
Asset impairments | 12.5 | \u2014 | 0.2 | 32.5 | 45.2 | |||||||||||||||
Capital expenditures | 51.5 | 4.4 | 10.5 | 19.8 | 86.2 | |||||||||||||||
Property and equipment, net | 188.7 | 17.1 | 40.6 | 74.9 | 321.3 | |||||||||||||||
As of and for the Fiscal Year Ended February 3, 2018 | ||||||||||||||||||||
Net sales | $ | 5,876.0 | $ | 434.9 | $ | 702.2 | $ | 1,534.0 | $ | 8,547.1 | ||||||||||
Operating earnings | 332.8 | 18.5 | 34.9 | 53.0 | 439.2 | |||||||||||||||
Depreciation and amortization | 81.6 | 3.9 | 10.4 | 26.4 | 122.3 | |||||||||||||||
Asset impairments | 12.3 | \u2014 | 0.3 | 1.2 | 13.8 | |||||||||||||||
Capital expenditures | 61.5 | 4.3 | 10.1 | 15.3 | 91.2 | |||||||||||||||
Property and equipment, net | 207.6 | 17.4 | 44.2 | 81.8 | 351.0 |
Fiscal Year | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Total segment capital expenditures | $ | 78.5 | $ | 86.2 | $ | 91.2 | ||||||
Discontinued operations | \u2014 | 7.5 | 22.2 | |||||||||
Total capital expenditures | $ | 78.5 | $ | 93.7 | $ | 113.4 |
United States | Canada | Australia | Europe | Total | ||||||||||||||||
As of and for the Fiscal Year Ended February 1, 2020 | ||||||||||||||||||||
Net sales | $ | 4,497.7 | $ | 344.2 | $ | 525.4 | $ | 1,098.7 | $ | 6,466.0 | ||||||||||
Operating (loss) earnings | (343.9 | ) | (14.9 | ) | 9.4 | (50.2 | ) | (399.6 | ) | |||||||||||
Depreciation and amortization | 57.8 | 3.8 | 8.9 | 24.7 | 95.2 | |||||||||||||||
Goodwill impairments | 363.9 | \u2014 | \u2014 | \u2014 | 363.9 | |||||||||||||||
Asset impairments | 12.8 | 0.4 | 0.2 | 8.3 | 21.7 | |||||||||||||||
Capital expenditures | 56.8 | 4.2 | 4.5 | 13.0 | 78.5 | |||||||||||||||
Property and equipment, net | 164.9 | 17.0 | 32.5 | 61.5 | 275.9 | |||||||||||||||
As of and for the Fiscal Year Ended February 2, 2019 | ||||||||||||||||||||
Net sales | $ | 5,800.2 | $ | 434.5 | $ | 645.4 | $ | 1,405.2 | $ | 8,285.3 | ||||||||||
Operating loss | (533.9 | ) | (19.3 | ) | (46.5 | ) | (102.3 | ) | (702.0 | ) | ||||||||||
Depreciation and amortization | 67.1 | 3.7 | 9.8 | 25.0 | 105.6 | |||||||||||||||
Goodwill impairments | 795.6 | 28.8 | 66.4 | 79.9 | 970.7 | |||||||||||||||
Asset impairments | 12.5 | \u2014 | 0.2 | 32.5 | 45.2 | |||||||||||||||
Capital expenditures | 51.5 | 4.4 | 10.5 | 19.8 | 86.2 | |||||||||||||||
Property and equipment, net | 188.7 | 17.1 | 40.6 | 74.9 | 321.3 | |||||||||||||||
As of and for the Fiscal Year Ended February 3, 2018 | ||||||||||||||||||||
Net sales | $ | 5,876.0 | $ | 434.9 | $ | 702.2 | $ | 1,534.0 | $ | 8,547.1 | ||||||||||
Operating earnings | 332.8 | 18.5 | 34.9 | 53.0 | 439.2 | |||||||||||||||
Depreciation and amortization | 81.6 | 3.9 | 10.4 | 26.4 | 122.3 | |||||||||||||||
Asset impairments | 12.3 | \u2014 | 0.3 | 1.2 | 13.8 | |||||||||||||||
Capital expenditures | 61.5 | 4.3 | 10.1 | 15.3 | 91.2 | |||||||||||||||
Property and equipment, net | 207.6 | 17.4 | 44.2 | 81.8 | 351.0 |
\u00a0 | Fiscal Year 2019 | Fiscal Year 2018 | ||||||||||||||||||||||||||||||
\u00a0 | 1st Quarter | 2nd Quarter(2) | 3rd Quarter(2) | 4th Quarter(2) | 1st Quarter | 2nd Quarter | 3rd Quarter(2) | 4th Quarter(2) | ||||||||||||||||||||||||
Net sales(1) | $ | 1,547.7 | $ | 1,285.7 | $ | 1,438.5 | $ | 2,194.1 | $ | 1,785.8 | $ | 1,501.1 | $ | 1,935.4 | $ | 3,063.0 | ||||||||||||||||
Gross profit(1) | 471.2 | 399.1 | 441.1 | 597.3 | 531.1 | 470.0 | 558.2 | 748.8 | ||||||||||||||||||||||||
Operating earnings (loss)(1) | 17.5 | (446.7 | ) | (45.6 | ) | 75.2 | 46.5 | 1.5 | (517.9 | ) | (232.1 | ) | ||||||||||||||||||||
Net income (loss) from continuing operations | 7.5 | (413.6 | ) | (83.2 | ) | 24.9 | 20.4 | (39.8 | ) | (506.9 | ) | (268.5 | ) | |||||||||||||||||||
(Loss) income from discontinued operations, net of tax | (0.7 | ) | (1.7 | ) | (0.2 | ) | (3.9 | ) | 7.8 | 14.9 | 18.3 | 80.8 | ||||||||||||||||||||
Net income (loss) | 6.8 | (415.3 | ) | (83.4 | ) | 21.0 | 28.2 | (24.9 | ) | (488.6 | ) | (187.7 | ) | |||||||||||||||||||
Basic earnings (loss) per share:(3) (4) | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.07 | $ | (4.14 | ) | $ | (1.01 | ) | $ | 0.38 | $ | 0.20 | $ | (0.39 | ) | $ | (4.96 | ) | $ | (2.63 | ) | |||||||||||
Discontinued operations | (0.01 | ) | (0.02 | ) | \u2014 | (0.06 | ) | 0.08 | 0.15 | 0.18 | 0.79 | |||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.07 | $ | (4.15 | ) | $ | (1.02 | ) | $ | 0.32 | $ | 0.28 | $ | (0.24 | ) | $ | (4.78 | ) | $ | (1.84 | ) | |||||||||||
Diluted earnings (loss) per share:(3) (4) | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.07 | $ | (4.14 | ) | $ | (1.01 | ) | $ | 0.38 | $ | 0.20 | $ | (0.39 | ) | $ | (4.96 | ) | $ | (2.63 | ) | |||||||||||
Discontinued operations | (0.01 | ) | (0.02 | ) | \u2014 | (0.06 | ) | 0.08 | 0.15 | 0.18 | 0.79 | |||||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.07 | $ | (4.15 | ) | $ | (1.02 | ) | $ | 0.32 | $ | 0.28 | $ | (0.24 | ) | $ | (4.78 | ) | $ | (1.84 | ) | |||||||||||
Dividend declared per common share | $ | 0.38 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.38 |
(1) | Net sales, gross profit and operating earnings (loss) differ from the amounts previously reported in our Quarterly Reports on Form 10-Q in fiscal year 2018 as a result of our former Spring Mobile business being classified as discontinued operations for all periods presented. See Note 2, \"Discontinued Operations and Dispositions,\" for additional information. |
(2) | The results of operations in fiscal 2019 include goodwill impairment charges for the second quarter totaling $363.9 million on a pre-tax basis and asset impairment charges for the third and fourth quarters totaling $11.3 million and $10.4 million, respectively, on a pre-tax basis. The results of operations for the third and fourth quarters of fiscal 2018 include goodwill and asset impairment charges totaling $587.5 million and $428.4 million, respectively, on a pre-tax basis. |
(3) | The sum of the quarters may not necessarily be equal to the full year (loss) earnings per common share amount. |
\u00a0 | Fiscal Year 2019 | Fiscal Year 2018 | ||||||||||||||||||||||||||||||
\u00a0 | 1st Quarter | 2nd Quarter(2) | 3rd Quarter(2) | 4th Quarter(2) | 1st Quarter | 2nd Quarter | 3rd Quarter(2) | 4th Quarter(2) | ||||||||||||||||||||||||
Net sales(1) | $ | 1,547.7 | $ | 1,285.7 | $ | 1,438.5 | $ | 2,194.1 | $ | 1,785.8 | $ | 1,501.1 | $ | 1,935.4 | $ | 3,063.0 | ||||||||||||||||
Gross profit(1) | 471.2 | 399.1 | 441.1 | 597.3 | 531.1 | 470.0 | 558.2 | 748.8 | ||||||||||||||||||||||||
Operating earnings (loss)(1) | 17.5 | (446.7 | ) | (45.6 | ) | 75.2 | 46.5 | 1.5 | (517.9 | ) | (232.1 | ) | ||||||||||||||||||||
Net income (loss) from continuing operations | 7.5 | (413.6 | ) | (83.2 | ) | 24.9 | 20.4 | (39.8 | ) | (506.9 | ) | (268.5 | ) | |||||||||||||||||||
(Loss) income from discontinued operations, net of tax | (0.7 | ) | (1.7 | ) | (0.2 | ) | (3.9 | ) | 7.8 | 14.9 | 18.3 | 80.8 | ||||||||||||||||||||
Net income (loss) | 6.8 | (415.3 | ) | (83.4 | ) | 21.0 | 28.2 | (24.9 | ) | (488.6 | ) | (187.7 | ) | |||||||||||||||||||
Basic earnings (loss) per share:(3) (4) | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.07 | $ | (4.14 | ) | $ | (1.01 | ) | $ | 0.38 | $ | 0.20 | $ | (0.39 | ) | $ | (4.96 | ) | $ | (2.63 | ) | |||||||||||
Discontinued operations | (0.01 | ) | (0.02 | ) | \u2014 | (0.06 | ) | 0.08 | 0.15 | 0.18 | 0.79 | |||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.07 | $ | (4.15 | ) | $ | (1.02 | ) | $ | 0.32 | $ | 0.28 | $ | (0.24 | ) | $ | (4.78 | ) | $ | (1.84 | ) | |||||||||||
Diluted earnings (loss) per share:(3) (4) | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.07 | $ | (4.14 | ) | $ | (1.01 | ) | $ | 0.38 | $ | 0.20 | $ | (0.39 | ) | $ | (4.96 | ) | $ | (2.63 | ) | |||||||||||
Discontinued operations | (0.01 | ) | (0.02 | ) | \u2014 | (0.06 | ) | 0.08 | 0.15 | 0.18 | 0.79 | |||||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.07 | $ | (4.15 | ) | $ | (1.02 | ) | $ | 0.32 | $ | 0.28 | $ | (0.24 | ) | $ | (4.78 | ) | $ | (1.84 | ) | |||||||||||
Dividend declared per common share | $ | 0.38 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.38 |
(1) | Net sales, gross profit and operating earnings (loss) differ from the amounts previously reported in our Quarterly Reports on Form 10-Q in fiscal year 2018 as a result of our former Spring Mobile business being classified as discontinued operations for all periods presented. See Note 2, \"Discontinued Operations and Dispositions,\" for additional information. |
(2) | The results of operations in fiscal 2019 include goodwill impairment charges for the second quarter totaling $363.9 million on a pre-tax basis and asset impairment charges for the third and fourth quarters totaling $11.3 million and $10.4 million, respectively, on a pre-tax basis. The results of operations for the third and fourth quarters of fiscal 2018 include goodwill and asset impairment charges totaling $587.5 million and $428.4 million, respectively, on a pre-tax basis. |
(3) | The sum of the quarters may not necessarily be equal to the full year (loss) earnings per common share amount. |