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Redeemable preferred shares | 3 Months Ended
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May 04, 2019
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 certain affiliates of Leonard Green & Partners, L.P., (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 7 for additional discussion of the Company’s dividends on preferred shares.
(in millions, except conversion rate and conversion price) | May 4, 2019 |  | February 2, 2019 |  | May 5, 2018
Conversion rate | 11.5493 |  |  | 11.3660 |  |  | 10.9409 |
Conversion price | $ | 86.5853 |  |  | $ | 87.9817 |  |  | $ | 91.4002 |
Potential impact of preferred shares if-converted to common shares | 7.2 |  |  | 7.1 |  |  | 6.8 |
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 $4.4 million as of May 4, 2019 (February 2, 2019 and May 5, 2018: $4.0 million and $2.7 million, respectively). Accretion of $0.4 million was recorded to preferred shares in the condensed consolidated balance sheets during the 13 weeks ended May 4, 2019 ($0.4 million for the 13 weeks ended May 5, 2018).

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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- References No definition available. + Details
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