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Redeemable preferred shares | 3 Months Ended
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May 05, 2018
Temporary Equity [Abstract] |
Redeemable preferred shares | Redeemable preferred shares On October 5, 2016, the Company issued 625,000 shares of Series A Convertible Preference Shares (“preferred shares”) to Green Equity Investors VI, L.P., Green Equity Investors Side VI, L.P., LGP Associates VI-A LLC and LGP Associates VI-B LLC, all affiliates of Leonard Green & Partners, L.P., (together, the “Investors”) for an aggregate purchase price of $625.0 million, or $1,000 per share (the “Stated Value”) pursuant to the investment agreement dated August 24, 2016. Preferred shareholders are entitled to a cumulative dividend at the rate of 5% per annum, payable quarterly in arrears. Refer to Note 9 for additional discussion of the Company’s dividends on preferred shares.
(in millions, except conversion rate and conversion price) | May 5, 2018 |  | February 3, 2018 |  | April 29, 2017
Conversion rate | 10.9409 |  |  | 10.9409 |  |  | 10.7707 |
Conversion price | $ | 91.4002 |  |  | $ | 91.4002 |  |  | $ | 92.8445 |
Potential impact of preferred shares if-converted to common shares | 6.8 |  |  | 6.8 |  |  | 6.7 |
Liquidation preference | $ | 632.8 |  |  | $ | 632.8 |  |  | $ | 632.8 |
In connection with the issuance of the preferred shares, the Company incurred direct and incremental expenses of $13.7 million. These direct and incremental expenses originally reduced the preferred shares carrying value, and will be accreted through retained earnings as a deemed dividend from the date of issuance through the first possible known redemption date, November 2024. Accumulated accretion recorded in the condensed consolidated balance sheets was $2.7 million as of May 5, 2018 (February 3, 2018 and April 29, 2017: $2.3 million and $1.0 million, respectively). Accretion of $0.4 million was recorded to preferred shares in the condensed consolidated balance sheets during the 13 weeks ended May 5, 2018 ($0.4 million for the 13 weeks ended April 29, 2017).

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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