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Redeemable Preferred Shares | 9 Months Ended
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Oct. 29, 2022
Temporary Equity [Abstract] |
Redeemable Preferred Shares | Redeemable preferred sharesOn October 5, 2016, the Company issued 625,000 shares of Series A Redeemable Convertible Preference Shares (“Preferred Shares”) to certain affiliates of Leonard Green & Partners, L.P., 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 either in cash or by increasing the stated value of the Preferred Shares. The Company has declared all Preferred Share dividends in Fiscal 2022 and Fiscal 2023 payable in cash. Refer to Note 7 for additional discussion of the Company’s dividends on Preferred Shares.
(in millions, except conversion rate and conversion price) | October 29, 2022 |  | January 29, 2022 |  | October 30, 2021
Conversion rate | 12.3939 |  |  | 12.2297 |  |  | 12.2297 |
Conversion price | $ | 80.6849 |  |  | $ | 81.7682 |  |  | $ | 81.7682 |
Potential impact of preferred shares if-converted to common shares | 8.1 |  |  | 8.0 |  |  | 8.0 |
Liquidation preference (1) | $ | 665.1 |  |  | $ | 665.1 |  |  | $ | 665.0 |
(1) Includes the Stated Value of the Preferred Shares plus any declared but unpaid dividends 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 in November 2024. Accumulated accretion recorded in the condensed consolidated balance sheets was $10.2 million as of October 29, 2022 (January 29, 2022 and October 30, 2021: $9.0 million and $8.5 million, respectively). Accretion of $0.4 million and $1.2 million was recorded to Preferred Shares in the condensed consolidated balance sheets during the 13 and 39 weeks ended October 29, 2022 ($0.4 million and $1.2 million for the 13 and 39 weeks ended October 30, 2021).

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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 https://asc.fasb.org/topic&trid=2208762 + Details
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- References No definition available. + Details
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