CORRECTION OF ERROR IN PREVIOUSLY REPORTED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

12 Months Ended

Jan. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Accounting Changes And ErrorCorrections TextBlock

CORRECTION OF ERROR IN PREVIOUSLY REPORTED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Correction of error in previously reported interim financial statements

Subsequent to filing the Company’s Quarterly Reports on Form 10-Q for the periods ended May 2, 2020, August 1, 2020, and October 31, 2020 (collectively, the “Fiscal 2020 Quarterly Reports on Form 10-Q”), a classification error was identified within the Company’s condensed consolidated statements of cash flows related to the presentation of the withdrawal of excess funds from the over-funded Rabbi Trust assets that occurred during the fiscal quarter ended May 2, 2020. The withdrawal of $50 million of excess funds from the Company’s Rabbi Trust was incorrectly presented as a cash inflow from operating activities, rather than as a cash inflow from investing activities, in the Condensed Consolidated Statements of Cash Flows included within each of the Fiscal 2020 Quarterly Reports on Form 10-Q. Based on quantitative and qualitative assessments, the incorrect presentation of such amounts is considered material to the Condensed Consolidated Financial Statements as of and for the periods ended May 2, 2020, August 1, 2020, and October 31, 2020, which will be restated. This classification error did not have an impact on the cash balances or on the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), the Condensed Consolidated Balance Sheets or the Condensed Consolidated Statements of Stockholders’ Equity, included within each of the Fiscal 2020 Quarterly Reports on Form 10-Q.

The effects of the classification error on the Condensed Consolidated Statements of Cash Flows are shown in the tables below.

	Thirteen Weeks Ended
	As Originally Reported				As Restated
(in thousands)	May 2, 2020		Adjustment		May 2, 2020
Net cash used for operating activities	$	(90,776)	$	(50,000)	$	(140,776)
Net cash (used for) provided by investing activities	$	(46,990)	$	50,000	$	3,010
Net cash provided by financing activities	$	171,668	—		$	171,668
Effect of foreign currency exchange rates on cash	$	(3,891)	—		$	(3,891)
Net increase in cash and equivalents, and restricted cash and equivalents	$	30,011	—		$	30,011
Cash and equivalents, and restricted cash and equivalents, beginning of period	$	692,264	—		$	692,264
Cash and equivalents, and restricted cash and equivalents, end of period	$	722,275	—		$	722,275
	Twenty-six Weeks Ended
	As Originally Reported				As Restated
(in thousands)	August 1, 2020		Adjustment		August 1, 2020
Net cash provided by operating activities	$	96,233	$	(50,000)	$	46,233
Net cash used for investing activities	$	(75,621)	$	50,000	$	(25,621)
Net cash provided by financing activities	$	71,329	—		$	71,329
Effect of foreign currency exchange rates on cash	$	1,785	—		$	1,785
Net increase in cash and equivalents, and restricted cash and equivalents	$	93,726	—		$	93,726
Cash and equivalents, and restricted cash and equivalents, beginning of period	$	692,264	—		$	692,264
Cash and equivalents, and restricted cash and equivalents, end of period	$	785,990	—		$	785,990
	Thirty-nine Weeks Ended
	As Originally Reported				As Restated
(in thousands)	October 31, 2020		Adjustment		October 31, 2020
Net cash provided by operating activities	$	158,894	$	(50,000)	$	108,894
Net cash used for investing activities	$	(91,748)	$	50,000	$	(41,748)
Net cash provided by financing activities	$	70,129	—		$	70,129
Effect of foreign currency exchange rates on cash	$	2,269	—		$	2,269
Net increase in cash and equivalents, and restricted cash and equivalents	$	139,544	—		$	139,544
Cash and equivalents, and restricted cash and equivalents, beginning of period	$	692,264	—		$	692,264
Cash and equivalents, and restricted cash and equivalents, end of period	$	831,808	—		$	831,808