Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation Plans (Tables)

v3.24.1
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Feb. 03, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense
Total stock-based compensation expense was recorded in the accompanying Consolidated Statements of Operations as follows:
  Year Ended
(in millions) February 3, 2024 January 28, 2023 January 29, 2022
Cost of sales $ 22.4  $ 19.7  $ 18.3 
Selling, general and administrative expenses 74.3  90.7  61.6 
Total stock-based compensation expense $ 96.7  $ 110.4  $ 79.9 
Excess tax benefit on stock-based compensation recognized
    in the provision for income taxes
 $ 3.9  $ 9.8  $ 8.5 
Schedule of Restricted Stock Units Activity The following table summarizes the status of RSUs as of February 3, 2024 and changes during the year then ended: 
Number of RSUs Weighted Average Grant Date Fair Value
Nonvested at January 28, 2023
 868,720  $ 123.99 
Granted 550,132  141.70 
Vested (486,439) 110.56 
Forfeited (93,227) 141.20 
Nonvested at February 3, 2024
 839,186  $ 141.45 
Schedule of Nonvested Performance-based Units Activity
The following table summarizes the status of PSUs as of February 3, 2024 and changes during the year then ended: 
Number of PSUs Weighted Average Grant Date Fair Value
Nonvested at January 28, 2023
 154,823  $ 125.84 
Granted 122,419  129.24 
Vested (96,508) 89.81 
Forfeited (30,584) 129.29 
Nonvested at February 3, 2024
 150,150  $ 147.29 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions The fair value of these awards incorporating the market condition was estimated on the grant date using a Monte Carlo simulation model with the following weighted average assumptions:
Fiscal 2023
Expected term (in years) 2.8
Expected stock price volatility 34.5  %
Dividend yield —  %
Risk-free interest rate 3.82  %
The weighted average assumptions used in the Black-Scholes option pricing model for the executive stock options granted in fiscal 2023 and the assumptions used for the fiscal 2022 award granted to the Executive Chairmain are as follows:
Fiscal 2023 Fiscal 2022
Expected term (in years) 6.0 6.5
Expected stock price volatility 36.3  % 34.1  %
Dividend yield —  % —  %
Risk-free interest rate 3.81  % 2.15  %
Schedule of Stock Option Activity
The following tables summarize information about options outstanding at February 3, 2024 and changes during the year then ended:
  Number of Shares Weighted Average Per Share Exercise Price Weighted Average Remaining Term (Years) Aggregate Intrinsic Value
(in millions)
Outstanding at January 28, 2023
 2,276,937  $ 156.46     
Granted 85,447  137.93     
Exercised (1,207) 77.59     
Forfeited (1,075) 143.55     
Outstanding at February 3, 2024
 2,360,102  $ 155.84  8.1 $ 1.5 
Exercisable at February 3, 2024
 475,810  $ 153.92  7.9 $ 1.1