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Stock Based Compensation (Tables)

3 Months Ended

May 03, 2025

Share-Based Payment Arrangement [Abstract]

Non-Cash Stock Compensation Expense

Non-cash stock compensation expense is as follows:

		(in thousands)
		Three Months Ended
		May 3,				May 4,
Type of Non-Cash Stock Compensation		2025				2024
Restricted stock unit grants (a)		$	10,971			$	9,948
Stock option grants (a)			4,902				4,567
Performance stock unit grants (a)			5,944				4,592
Total (b)		$	21,817			$	19,107

(a)Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. Beginning on May 1, 2025, the Company no longer grants stock options under the 2022 Omnibus Incentive Plan.

The amounts presented in the table above exclude taxes. For the three month period ended May 3, 2025, the tax benefit related to the Company’s non-cash stock compensation was approximately $4.2 million. For the three month period ended May 4, 2024, the tax benefit related to the Company’s non-cash stock compensation was approximately $3.6 million.

Stock Option Transactions

Stock option transactions during the three month period ended May 3, 2025 are summarized as follows:

		Number of Shares				Weighted Average Exercise Price Per Share
Options outstanding, February 1, 2025			1,456,342			$	196.77
Options granted			589				273.66
Options exercised (a)			(20,536	)			134.71
Options forfeited			(15,288	)			202.07
Options outstanding, May 3, 2025			1,421,107				197.64

(a)Options exercised during the three month period ended May 3, 2025 had a total intrinsic value of $2.2 million.

Stock Options Vested and Expected to Vest as Well as Option Exercisable

The following table summarizes information about the stock options vested and expected to vest during the contractual term of such options as of May 3, 2025:

		Options				Weighted Average Remaining Contractual Life (Years)				Weighted Average Exercise Price				Aggregate Intrinsic Value (in millions)
Options vested and expected to vest			1,421,107				6.7			$	197.64			$	66.7
Options exercisable			919,493				5.9			$	204.03			$	41.0

Weighted Average Assumptions Used to Estimate Fair Value of Each Stock Option Granted

The fair value of each stock option granted during the three month period ended May 3, 2025 was estimated using the Black Scholes option pricing model using the following assumptions on a weighted average basis:

			Three Months Ended
			May 3,
			2025
Risk-free interest rate			4.3%
Expected volatility			42.3%
Expected life (years)			4.0
Contractual life (years)			10.0
Expected dividend yield			0.0%
Grant date fair value of options issued		$	106.01

Award Grant and Vesting Transactions

Restricted stock unit transactions during the three month period ended May 3, 2025 are summarized as follows:

		Number of Shares				Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, February 1, 2025			653,406			$	190.83
Awards granted			302,677				228.10
Awards vested (a)			(166,782	)			204.60
Awards forfeited			(13,822	)			192.76
Non-vested awards outstanding, May 3, 2025			775,479				202.38

(a)Restricted stock unit awards vested during the three month period ended May 3, 2025 had a total intrinsic value of $38.7 million.

Performance Stock Unit Transactions

Performance stock unit transactions during the three month period ended May 3, 2025 are summarized as follows:

		Number of Shares				Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, February 1, 2025			292,870			$	188.37
Awards granted			170,488				225.02
Awards vested (a)			(99,388	)			207.29
Awards forfeited			(1,584	)			187.13
Non-vested awards outstanding, May 3, 2025			362,386				200.43

(a)Performance-based stock awards vested during the three month period ended May 3, 2025 had a total intrinsic value of $23.3 million.

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