Annual report [Section 13 and 15(d), not S-K Item 405]

Stock-Based Compensation Plans (Tables)

v3.25.1
Stock-Based Compensation Plans (Tables)
12 Months Ended
Feb. 01, 2025
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 1, 2025 February 3, 2024 January 28, 2023
Cost of sales $ 13.9  $ 11.9  $ 10.3 
Selling, general and administrative expenses 93.0  64.4  81.2 
Income (loss) from discontinued operations, net of tax 18.0  20.4  18.9 
Total stock-based compensation expense $ 124.9  $ 96.7  $ 110.4 
Excess tax benefit (deficit) on stock-based compensation
    recognized in the provision for income taxes
$ (0.9) $ 3.9  $ 9.8 
Schedule of Restricted Stock Units Activity The following table summarizes the status of RSUs as of February 1, 2025 and changes during the year then ended: 
Number of RSUs Weighted Average Grant Date Fair Value
Nonvested at February 3, 2024
839,186  $ 141.45 
Granted 668,169  131.89 
Vested (403,756) 136.95 
Forfeited (130,466) 140.71 
Nonvested at February 1, 2025
973,133  $ 136.86 
Schedule of Nonvested Performance-based Units Activity
The following table summarizes the status of PSUs as of February 1, 2025 and changes during the year then ended: 
Number of PSUs Weighted Average Grant Date Fair Value
Nonvested at February 3, 2024
150,150  $ 147.29 
Granted 178,579  114.98 
Vested (70,749) 128.03 
Forfeited (40,864) 151.60 
Nonvested at February 1, 2025
217,116  $ 128.95 
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 2024 Fiscal 2023
Expected term (in years) 2.8 2.8
Expected stock price volatility 34.7  % 34.5  %
Dividend yield —  % —  %
Risk-free interest rate 4.49  % 3.82  %
The weighted average assumptions used in the Black-Scholes option pricing model for the executive stock options granted in fiscal 2024 and fiscal 2023, as well as the assumptions used for the fiscal 2022 award granted to the former Executive Chairman are as follows:
Fiscal 2024 Fiscal 2023 Fiscal 2022
Expected term (in years) 6.0 6.0 6.5
Expected stock price volatility 37.1  % 36.3  % 34.1  %
Dividend yield —  % —  % —  %
Risk-free interest rate 4.36  % 3.81  % 2.15  %
Schedule of Stock Option Activity
The following tables summarize information about options outstanding at February 1, 2025 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 February 3, 2024
2,360,102  $ 155.84     
Granted 102,147  125.94     
Exercised (726) 76.97     
Forfeited (661,498) 156.42     
Outstanding at February 1, 2025
1,800,025  $ 154.49  7.3 $ — 
Exercisable at February 1, 2025
1,669,653  $ 156.55  7.1 $ —