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Recently Issued Accounting Standards | 3 Months Ended
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Apr. 30, 2022
Recently Issued Accounting Standards |
Recently Issued Accounting Standards | NOTE 2—RECENTLY ISSUED ACCOUNTING STANDARDS New Accounting Standards or Updates Adopted Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-06—Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Specifically, ASU 2020-06 removes the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. As a result, after adopting ASU 2020-06’s guidance, we no longer separately present in equity an embedded conversion feature of such debt. Instead, we will account for a convertible debt instrument wholly as debt unless (i) a convertible instrument contains features that require bifurcation as a derivative or (ii) a convertible debt instrument was issued at a substantial premium. Additionally, ASU 2020-06 removes certain conditions for equity classification related to contracts in an entity’s own equity (e.g., warrants) and amends certain guidance related to the computation of earnings per share for convertible instruments and contracts on an entity’s own equity. ​ We adopted ASU 2020-06 in the first quarter of fiscal 2022 using a modified retrospective transition method. Accordingly, the cumulative effect of the adoption on our opening fiscal 2022 condensed consolidated balance sheets was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ASU 2020-06 |  | ​ | ​
​ | ​ | JANUARY 29, | ​ | ADOPTION | ​ | JANUARY 29, | ​
​ | ​ | 2022 | ​ | ADJUSTMENTS | ​ | 2022 | ​
​ | ​ | (in thousands) | ​
Assets |  | ​ |  |  | ​ |  |  | ​ |  | ​
Property and equipment—net | ​ | $ | 1,227,920 | ​ | $ | (12,385) | ​ | $ | 1,215,535 | ​
Deferred tax assets | ​ | ​ | 56,843 | ​ | ​ | 11,909 | ​ | ​ | 68,752 | ​
Liabilities |  | ​ |  |  | ​ |  |  | ​ |  | ​
Convertible senior notes due 2023—net | ​ | ​ | 59,002 | ​ | ​ | 5,684 | ​ | ​ | 64,686 | ​
Convertible senior notes due 2024—net | ​ | ​ | 184,461 | ​ | ​ | 30,341 | ​ | ​ | 214,802 | ​
Equity |  | ​ |  |  | ​ | ​ |  | ​ |  | ​
Additional paid-in capital | ​ | ​ | 620,577 | ​ | ​ | (56,390) | ​ | ​ | 564,187 | ​
Retained earnings | ​ | ​ | 551,108 | ​ | ​ | 19,889 | ​ | ​ | 570,997 | ​
​ Reference Rate Reform In March 2020, the FASB issued ASU 2020-04—Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). In January 2021, the FASB issued ASU 2021-01—Reference Rate Reform (Topic 848): Scope, (“ASU 2021-01” and, together with ASU 2020-04, the “ASUs”). The ASUs provide optional expedients and exceptions, if certain criteria are met, for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). These transactions include contract modifications, hedge accounting, and the sale or transfer of debt securities classified as held-to-maturity. The primary contracts for which we currently use LIBOR include our asset based credit facility and certain term loan debt arrangements. The guidance was effective upon issuance and allows entities to adopt the amendments on a prospective basis through December 31, 2022. All new arrangements are using alternative reference rates and we are evaluating the impact of adoption on our existing contracts.

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