0000028917-24-000011 | 10-K | XBRL Viewer

Stockholders' Equity

12 Months Ended

Feb. 03, 2024

Stockholders' Equity Note [Abstract]

9. Stockholders’ Equity

Capital stock is comprised of the following:


	Par		Shares
Type	Value		Authorized
Preferred (5% cumulative)	$	100.00	5,000
Additional preferred	$	0.01	10,000,000
Class A, common	$	0.01	289,000,000
Class B, common	$	0.01	11,000,000

Holders of Class A Common Stock are empowered as a class to elect one-third of the members of the Board of Directors, and the holders of Class B Common Stock are empowered as a class to elect two-thirds of the members of the

Board of Directors. Shares of Class B Common Stock are convertible at the option of any holder thereof into shares of Class A Common Stock at the rate of one share of Class B Common Stock for one share of Class A Common Stock.

During fiscal 2023 and 2022, no shares of Class B Common Stock were converted to shares of Class A Common Stock.

Stock Repurchase Programs

In March 2018, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock ("March 2018 Stock Plan"). In May 2021, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock ("May 2021 Stock Plan"). In February 2022, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock under an open-ended plan (“February 2022 Stock Plan”). In May 2023, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock under an open-ended plan (“May 2023 Stock Plan”).

The May 2023 Stock Plan permits the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or through privately negotiated transactions.

The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data):


	Fiscal 2023		Fiscal 2022		Fiscal 2021
Cost of shares repurchased	$	281,406	$	436,620	$	561,102
Number of shares repurchased		918		1,709		3,205
Average price per share	$	306.66	$	255.49	$	175.06

All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date, and all amounts paid to reacquire these shares were allocated to treasury stock. As of February 3, 2024, the Company had completed the authorized purchases under the March 2018 Stock Plan, the May 2021 Stock Plan and the February 2022 Stock Plan, and $394.0 million of authorization remained under the May 2023 Stock Plan.

On August 16, 2022, the Inflation Reduction Act of 2022 ("the Act") was signed into law. Under the Act share repurchases after December 31, 2022 are subject to a 1% excise tax. At February 3, 2024, the Company had accrued $2.8 million of excise tax related to its share repurchase program.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Accumulated Other Comprehensive Loss ("AOCL") (Tables)

12 Months Ended

Feb. 03, 2024

Equity [Abstract]

Schedule of reclassifications from AOCL

Reclassifications from AOCL are summarized as follows (in thousands):


		Amount
		Reclassified			Affected Line Item in the Statement
		from AOCL			Where Net Income Is
Details about AOCL Components	Fiscal 2023		Fiscal 2022		Presented
Defined benefit pension plan items
Amortization of actuarial losses	$	5,843	$	958	Total before tax ⁽¹⁾
		466		232	Income tax expense
	$	5,377	$	726	Total net of tax

(1)	This item is included in the computation of net periodic benefit costs. See Note 8 for additional information.

Schedule of change in Accumulated Other Comprehensive Income (Loss)

Changes in AOCL by component (net of tax) are summarized as follows (in thousands):


	Defined Benefit
	Pension Plan Items
	Fiscal 2023		Fiscal 2022
Beginning balance	$	65,722	$	22,798

Other comprehensive loss before reclassifications		26,863		43,650
Amounts reclassified from AOCL		(5,377)		(726)
Net other comprehensive loss		21,486		42,924

Ending balance	$	87,208	$	65,722

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Current assets:
Cash and cash equivalents	$ 808,287	$ 650,336
Restricted cash		9,995
Accounts receivable	60,547	56,952
Short-term investments	148,036	148,902
Merchandise inventories	1,093,999	1,120,208
Other current assets	97,341	85,453
Total current assets	2,208,210	2,071,846
Property and equipment:
Land and land improvements	47,183	47,619
Buildings and leasehold improvements	3,063,322	3,065,504
Furniture, fixtures and equipment	547,150	563,265
Buildings under construction	54,816	26,699
Less accumulated depreciation and amortization	(2,638,167)	(2,584,708)
Property and equipment, net	1,074,304	1,118,379
Operating lease assets	42,681	33,821
Deferred income taxes	63,951	42,278
Other assets	59,760	62,826
Total assets	3,448,906	3,329,150
Current liabilities:
Trade accounts payable and accrued expenses	782,545	828,484
Current portion of operating lease liabilities	11,252	9,702
Federal and state income taxes	33,959	20,775
Total current liabilities	827,756	858,961
Long-term debt	321,461	321,354
Operating lease liabilities	31,728	24,164
Other liabilities	370,893	326,033
Subordinated debentures	200,000	200,000
Commitments and contingencies
Stockholders' equity:
Additional paid-in capital	967,348	962,839
Accumulated other comprehensive loss	(87,208)	(65,722)
Retained earnings	6,048,288	5,648,700
Less treasury stock, at cost, Class A- 107,822.863 and 106,905,211 shares	(5,232,600)	(4,948,419)
Total stockholders' equity	1,697,068	1,598,638
Total liabilities and stockholders' equity	3,448,906	3,329,150
Common Stock Class A
Stockholders' equity:
Common stock	1,200	1,200
Common Stock Class B
Stockholders' equity:
Common stock	$ 40	$ 40

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Statement of Comprehensive Income
Amortization of retirement plan and other retiree benefit adjustments, tax	$ (5,003)	$ 1,560	$ 3,867

Income Taxes - Classification of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Income Tax Disclosure [Abstract]
Net deferred tax assets - deferred income taxes	$ (63,951)	$ (42,278)
Net deferred tax liabilities - other liabilities	968	2,022
Net deferred income taxes	$ (62,983)	$ (40,256)

Accumulated Other Comprehensive Loss ("AOCL")

12 Months Ended

Feb. 03, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss ("AOCL")

10. Accumulated Other Comprehensive Loss (“AOCL”)

Reclassifications from AOCL

Reclassifications from AOCL are summarized as follows (in thousands):


		Amount
		Reclassified			Affected Line Item in the Statement
		from AOCL			Where Net Income Is
Details about AOCL Components	Fiscal 2023		Fiscal 2022		Presented
Defined benefit pension plan items
Amortization of actuarial losses	$	5,843	$	958	Total before tax ⁽¹⁾
		466		232	Income tax expense
	$	5,377	$	726	Total net of tax

(1)	This item is included in the computation of net periodic benefit costs. See Note 8 for additional information.

Changes in AOCL

Changes in AOCL by component (net of tax) are summarized as follows (in thousands):


	Defined Benefit
	Pension Plan Items
	Fiscal 2023		Fiscal 2022
Beginning balance	$	65,722	$	22,798

Other comprehensive loss before reclassifications		26,863		43,650
Amounts reclassified from AOCL		(5,377)		(726)
Net other comprehensive loss		21,486		42,924

Ending balance	$	87,208	$	65,722

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 03, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 13,475
Lease assets obtained in exchange for new operating lease liabilities	$ 20,477	$ 3,660	$ 9,627

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Operating activities:
Net income	$ 738,847	$ 891,637	$ 862,473
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and other deferred costs	181,182	190,030	201,435
Deferred income taxes	(17,724)	(15,299)	(7,448)
Gain on disposal of assets	(6,053)	(21,047)	(24,688)
Proceeds from insurance			2,902
Gain from insurance proceeds		(160)
Loss on early extinguishment of debt			2,830
Accrued interest on short-term investments	(5,679)	(3,206)
Changes in operating assets and liabilities:
Increase in accounts receivable	(3,595)	(17,175)	(3,084)
Decrease (increase) in merchandise inventories	26,209	(40,030)	7,585
Increase in other current assets	(7,819)	(5,359)	(23,769)
Increase in other assets	(4,678)	(1,161)	(3,832)
(Decrease) increase in trade accounts payable and accrued expenses and other liabilities	(22,492)	(28,582)	122,607
Increase (decrease) in income taxes payable	5,392	(1,257)	143,009
Net cash provided by operating activities	883,590	948,391	1,280,020
Investing activities:
Purchase of property and equipment and capitalized software	(132,944)	(120,105)	(104,360)
Proceeds from disposal of assets	6,328	25,062	29,296
Proceeds from insurance	4,477	4,886	3,801
Purchase of short-term investments	(295,354)	(245,696)
Proceeds from maturities of short-term investments	301,899	100,000
Distribution from joint venture			1,475
Net cash used in investing activities	(115,594)	(235,853)	(69,788)
Financing activities:
Principal payments on long-term debt and finance lease liabilities		(44,800)	(695)
Cash dividends paid	(338,629)	(271,313)	(305,240)
Purchase of treasury stock	(281,411)	(452,853)	(544,868)
Issuance cost of line of credit			(3,009)
Net cash used in financing activities	(620,040)	(768,966)	(853,812)
Increase (decrease) in cash and cash equivalents and restricted cash	147,956	(56,428)	356,420
Cash and cash equivalents and restricted cash, beginning of period	660,331	716,759	360,339
Cash and cash equivalents and restricted cash, end of period	808,287	660,331	716,759
Non-cash transactions:
Accrued capital expenditures	6,219	5,155	5,901
Stock awards	4,509	6,186	2,522
Accrued purchases of treasury stock and excise taxes	2,770		16,234
Lease assets obtained in exchange for new operating lease liabilities	$ 20,477	$ 3,660	$ 9,627

Benefit Plans - Components of Pension Plan (Details) - USD ($)	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Defined Contribution Plan
Employee contribution limit per calendar year	$ 22,500
Employee contribution limit per calendar year for employees attaining at least 50 years of age	$ 30,000
Requisite age of eligible employees for additional contribution	50 years
Employee contribution limit per calendar year (as a percent of eligible pay)	75.00%
Requisite service period of employee to receive a employer's matching contribution	1 year
Employee's contribution matched by employer (as a percent of elective deferrals)	6.00%
Percentage of elective deferrals, matched 100% by employer	1.00%
Employer match of employee contributions of first 1% of elective deferrals (as a percent)	100.00%
Percentage of elective deferrals, matched 50% by employer	5.00%
Employer match of employee contributions of next 5% of elective deferrals (as a percent)	50.00%
Vesting period for employer's contribution, in years	2 years
Benefit plan expense	$ 24,000,000	$ 22,000,000	$ 18,000,000
Change in benefit obligation:
Benefit obligation at beginning of year	273,118,000	226,286,000
Service cost	5,047,000	4,077,000	4,268,000
Interest cost	12,948,000	6,786,000	5,750,000
Actuarial loss	32,333,000	42,321,000
Benefits paid	(6,959,000)	(6,352,000)
Benefit obligation at end of year	316,487,000	273,118,000	$ 226,286,000
Change in Pension Plan assets:
Employer contribution	6,959,000	6,352,000
Benefits paid	(6,959,000)	(6,352,000)
Funded status (Pension Plan assets less benefit obligation)	(316,487,000)	(273,118,000)
Amounts recognized in the balance sheets:
Accrued benefit liability	(316,487,000)	(273,118,000)
Net amount recognized	(316,487,000)	(273,118,000)
Pretax amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	97,917,000	71,427,000
Net amount recognized	97,917,000	71,427,000
Accumulated benefit obligation at end of year	(303,442,000)	(272,002,000)
Current portion of accrued benefit liability	$ 6,900,000	$ 6,600,000

Stockholders' Equity - Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 16, 2022	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022	May 27, 2023	Feb. 26, 2022	May 29, 2021	Mar. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Cost of shares repurchased		$ 281,406	$ 436,620	$ 561,102
Number of shares repurchased		917,652	1,708,918	3,205,213
Average price per share		$ 306.66	$ 255.49	$ 175.06
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Excise tax rate on share repurchases	1.00%
Accrued excise tax		$ 2,800
March 2018 Stock Plan \| Common Stock Class A \| Maximum
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount								$ 500,000
May 2021 Stock Plan \| Common Stock Class A \| Maximum
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount							$ 500,000
February 2022 Stock Plan \| Common Stock Class A \| Maximum
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount						$ 500,000
May 2023 Stock Plan \| Common Stock Class A
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock remaining authorization		$ 394,000
May 2023 Stock Plan \| Common Stock Class A \| Maximum
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount					$ 500,000

Description of Business and Summary of Significant Accounting Policies - Property and Equipment and Accounts Receivable (Details) $ in Thousands	12 Months Ended
	Feb. 03, 2024 USD ($) store	Jan. 28, 2023 USD ($) store	Jan. 29, 2022 USD ($) store
Merchandise Inventories
Percentage of inventories valued at the lower of cost or market using LIFO retail inventory method	96.00%	96.00%
Accounts Receivable
Number of days in which accounts receivable are ordinarily due	30 days
Number of days in which contract retentions are due	30 days
Minimum number of days past due for accounts receivable to be considered delinquent	120 days
Property and Equipment
Accumulated capitalized interest costs	$ 2,200	$ 1,900	$ 1,100
Assets held-for-sale, value	7,600	7,600
Proceeds from disposal of assets	6,328	25,062	29,296
Gain on disposal of assets	$ 6,053	$ 21,047	$ 24,688
Number of former retail stores sold \| store	2	3	3
Depreciation and amortization	$ 179,573	$ 188,440	$ 199,321
Buildings and leasehold improvements \| Minimum
Property and Equipment
Estimated useful lives	20 years
Buildings and leasehold improvements \| Maximum
Property and Equipment
Estimated useful lives	40 years
Furniture, fixtures and equipment \| Minimum
Property and Equipment
Estimated useful lives	3 years
Furniture, fixtures and equipment \| Maximum
Property and Equipment
Estimated useful lives	10 years

Long-Term Debt (Tables)

12 Months Ended

Feb. 03, 2024

Long-term Debt, Unclassified [Abstract]

Schedule of maturities of long term debt

Long-term debt maturities over the next five years are (in millions):


	Long-Term Debt
Fiscal Year	Maturities
2024	$	—
2025		—
2026		96.0
2027		80.0
2028		145.8

Schedule of net interest and debt expense


(in thousands of dollars)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Interest on long-term debt and subordinated debentures	$	37,308	$	40,123	$	41,177
Revolving credit facility expenses		2,564		2,518		2,515
Amortization of debt expense		712		709		1,211
Interest on finance lease obligations		—		—		31
Investment interest income		(45,240)		(12,827)		(1,847)
Other interest		56		4		5
	$	(4,600)	$	30,527	$	43,092

Long-Term Debt - Net interest and debt (income) expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Net interest and debt (income) expense
Interest on long-term debt and subordinated debentures	$ 37,308	$ 40,123	$ 41,177
Revolving credit facility expenses	2,564	2,518	2,515
Amortization of debt expense	712	709	1,211
Interest on finance lease obligations			31
Investment interest income	(45,240)	(12,827)	(1,847)
Other interest	56	4	5
Interest and debt (income) expense, net	$ (4,600)	$ 30,527	$ 43,092

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Feb. 03, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidation

Consolidation—The accompanying consolidated financial statements include the accounts of Dillard’s, Inc. and its wholly owned subsidiaries (excluding Dillard’s Capital Trust I; see Note 7 for more information). Intercompany accounts and transactions are eliminated in consolidation. Investments in and advances to joint ventures are accounted for by the equity method where the Company does not have control.

Use of Estimates

Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include merchandise inventories, self-insured accruals, future cash flows and real estate values for impairment analysis, pension discount rate and taxes. Actual results could differ from those estimates.

Seasonality

Seasonality—The Company’s business is highly seasonal, and historically the Company has realized a significant portion of its sales, net income and cash flow in the last quarter of our fiscal year. Due to holiday buying patterns, sales for the fourth quarter average approximately one-third of annual sales. Additionally, working capital requirements fluctuate during the year, increasing in the third quarter in anticipation of the holiday season.

Cash Equivalents and Restricted Cash

Cash Equivalents—The Company considers all highly liquid investments with an original maturity of 3 months or less when purchased or certificates of deposit with no early withdrawal penalty to be cash equivalents. The Company considers receivables from charge card companies to be cash equivalents because they settle the balances within 2 to 3 days.

Restricted Cash—Restricted cash consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements. The escrow accounts are administered by an intermediary. Pursuant to the like-kind exchange agreements, the cash remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.


	February 3,		January 28,
(in thousands of dollars)	2024		2023
Cash and cash equivalents	$	808,287	$	650,336
Restricted cash		—		9,995
Total cash and cash equivalents and restricted cash	$	808,287	$	660,331

Accounts Receivable

Accounts Receivable—Accounts receivable primarily consists of construction receivables of the Company’s general contracting construction company, CDI Contractors, LLC (“CDI”), and the monthly settlement with Wells Fargo for Dillard’s share of earnings from the long-term marketing and servicing alliance. Construction receivables are based on amounts billed to customers. The Company provides any allowance for doubtful accounts considered necessary based upon a review of outstanding receivables, historical collection information and existing economic conditions. Accounts receivable are ordinarily due 30 days after the issuance of the invoice. Contract retentions are due 30 days after

completion of the project and acceptance by the owner. Accounts that are past due more than 120 days are considered for write-off based on individual credit evaluation and specific circumstances of the customer.

Short-term Investments

Short-term Investments—Short-term investments are securities with original maturities of greater than three months but less than twelve months and are comprised of U.S. Treasury Bills. The Company determines the classification of these securities as trading, available for sale or held to maturity at the time of purchase and re-evaluates these determinations at each balance sheet date. The Company’s short-term investments are classified as held-to-maturity for the periods presented as it has the positive intent and ability to hold these investments to maturity. The Company’s held-to-maturity investments are stated at amortized cost, which approximated fair value, and are periodically assessed for other-than-temporary impairment.

Merchandise Inventories

Merchandise Inventories—All of the Company’s inventories are valued at the lower of cost or market using the last-in, first-out (“LIFO”) inventory method. Approximately 96% of the Company’s inventories are valued using the LIFO retail inventory method. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are calculated by applying a cost to retail ratio to the retail value of inventories. The retail inventory method is an averaging method that is widely used in the retail industry due to its practicality. Inherent in the retail inventory method calculation are certain significant management judgments including, among others, merchandise markon, markups and markdowns, which significantly impact the ending inventory valuation at cost as well as the resulting gross margins. During periods of deflation, inventory values on the first-in, first-out (“FIFO”) retail inventory method may be lower than the LIFO retail inventory method. Additionally, inventory values at LIFO cost may be in excess of net realizable value. At February 3, 2024 and January 28, 2023, merchandise inventories valued at LIFO, including adjustments as necessary to record inventory at the lower of cost or market, approximated the cost of such inventories using the FIFO retail inventory method. The application of the LIFO retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for fiscal 2023, 2022 or 2021.

The Company regularly records a provision for estimated shrinkage, thereby reducing the carrying value of merchandise inventory. Complete physical inventories of the Company’s stores and warehouses are generally performed no less frequently than annually, with the recorded amount of merchandise inventory being adjusted to coincide with these physical counts.

Property and Equipment

Property and Equipment—Property and equipment owned by the Company is stated at cost, which includes related interest costs incurred during periods of construction, less accumulated depreciation and amortization. Interest capitalized during fiscal 2023, 2022, and 2021 was $2.2 million, $1.9 million and $1.1 million, respectively. For financial reporting purposes, depreciation is computed by the straight-line method over estimated useful lives:


Buildings and leasehold improvements		20 - 40 years
Furniture, fixtures and equipment		3 - 10 years

Properties leased by the Company under lease agreements which are determined to be finance leases are stated at an amount equal to the present value of the minimum lease payments during the lease term, less accumulated amortization. The assets under finance leases and leasehold improvements under operating leases are amortized on the straight-line method over the shorter of their useful lives or the related lease terms. The provision for amortization of assets under finance leases is included in depreciation and amortization expense.

Included in property and equipment as of February 3, 2024 and January 28, 2023 are assets held for sale in the amount of $7.6 million. During fiscal 2023, the Company received cash proceeds of $6.3 million and realized a gain of $6.1 million primarily related to the sale of two store properties. During fiscal 2022, the Company received cash proceeds of $25.1 million and realized a gain of $21.0 million primarily related to the sale of three store properties. During fiscal 2021, the Company received cash proceeds of $29.3 million and realized a gain of $24.7 million primarily related to the sale of three store properties.

Depreciation and amortization on property and equipment was approximately $180 million, $188 million and $199 million for fiscal 2023, 2022 and 2021, respectively.

Long-Lived Assets

Long-Lived Assets—Fair value measurements of long-lived assets used in operations are required when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. In the evaluation of the fair value and future benefits of long-lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. This analysis is performed at the store unit level. If the carrying value of the related asset exceeds the fair value, the carrying value is reduced to its fair value. Various factors including future sales growth, profit margins and real estate values are included in this analysis. Management believes at this time that the carrying values and useful lives continue to be appropriate.

During fiscal 2023, 2022 and 2021, no asset impairment and store closing charges were recorded.

Other Assets

Other Assets—Other assets include investments accounted for by the equity and cost methods, capitalized software and cash surrender value of life insurance policies.

Vendor Allowances

Vendor Allowances—The Company receives concessions from its vendors through a variety of programs and arrangements, including cooperative advertising and margin maintenance programs. The Company has agreements in place with vendors setting forth the specific conditions for each allowance or payment. These agreements range in periods from a few days to up to a year. If the payment is a reimbursement for costs incurred, it is offset against those related costs; otherwise, it is treated as a reduction to the cost of the merchandise. Amounts of vendor concessions are recorded only when an agreement has been reached with the vendor and the collection of the concession is deemed probable.

For cooperative advertising programs, the Company generally offsets the allowances against the related advertising expense when incurred. Many of these programs require proof-of-advertising to be provided to the vendor to support the reimbursement of the incurred cost. Programs that do not require proof-of-advertising are monitored to ensure that the allowance provided by each vendor is a reimbursement of costs incurred to advertise for that particular vendor. If the allowance exceeds the advertising costs incurred on a vendor-specific basis, then the excess allowance from the vendor is recorded as a reduction of merchandise cost for that vendor.

Margin maintenance allowances are credited directly to cost of purchased merchandise in the period earned according to the agreement with the vendor. Under the retail method of accounting for inventory, a portion of these allowances reduces cost of goods sold and a portion reduces the carrying value of merchandise inventory.

Insurance Accruals

Insurance Accruals—The Company’s consolidated balance sheets include liabilities with respect to self-insured workers’ compensation and general liability claims. The Company’s self-insured retention is insured through a wholly-owned captive insurance subsidiary. The Company estimates the required liability of such claims, utilizing an actuarial method, based upon various assumptions, which include, but are not limited to, the Company’s historical loss experience, projected loss development factors, actual payroll and other data. The required liability is also subject to adjustment in the future based upon the changes in claims experience, including changes in the number of incidents (frequency) and changes in the ultimate cost per incident (severity). As of February 3, 2024 and January 28, 2023, insurance accruals of $41.0 million and $42.5 million, respectively, were recorded in trade accounts payable and accrued expenses and other liabilities on the consolidated balance sheets.

Operating Leases

Operating Leases—The Company leases retail stores, office space and equipment under operating leases. The Company records right-of-use assets and operating lease liabilities for operating leases with lease terms exceeding twelve months. The right-of-use assets are adjusted for lease incentives, including construction allowances and prepaid rent. The Company recognizes minimum rent expense on a straight-line basis over the lease term. Many leases contain contingent rent provisions. Contingent rent is expensed as incurred.

The lease term used for lease evaluation includes renewal option periods only in instances in which the exercise of the option period is reasonably certain.

Revenue Recognition

Revenue Recognition—The Company’s retail operations segment recognizes merchandise revenue at the “point of sale”. An allowance for sales returns is recorded as a component of net sales in the period in which the related sales are

recorded. Sales taxes collected from customers are excluded from revenue and are recorded in trade accounts payable and accrued expenses until remitted to the taxing authorities.

Wells Fargo Bank, N.A. (“Wells Fargo”) owns and manages Dillard’s private label cards under a 10-year agreement (“Wells Fargo Alliance”) which expires in fiscal 2024. Pursuant to the Wells Fargo Alliance, we receive on-going cash compensation from Wells Fargo based upon the portfolio’s earnings. The compensation received from the portfolio is determined monthly and has no recourse provisions. The amount the Company receives is dependent on the level of sales on Wells Fargo accounts, the level of balances carried on Wells Fargo accounts by Wells Fargo customers, payment rates on Wells Fargo accounts, finance charge rates and other fees on Wells Fargo accounts, the level of credit losses for the Wells Fargo accounts as well as Wells Fargo’s ability to extend credit to our customers. The Company’s share of income under the Wells Fargo Alliance is included as a component of service charges and other income. The Company recognized income of $67.2 million, $67.8 million and $74.8 million from the Wells Fargo Alliance in fiscal 2023, 2022 and 2021, respectively. The Company participates in the marketing of the private label credit cards, which includes the cost of customer reward programs. Through the reward programs, customers earn points that are redeemable for discounts on future purchases. The Company defers a portion of its net sales upon the sale of merchandise to its customer reward program members that is recognized in net sales when the reward is redeemed or expired at a future date.

Revenue from CDI construction contracts is generally measured based on the ratio of costs incurred to total estimated contract costs (the “cost-to-cost method”). The length of each contract varies but is typically nine to eighteen months. The progress towards completion is determined by relating the actual costs of work performed to date to the current estimated total costs of the respective contracts. When the estimate on a contract indicates a loss, the entire loss is recorded in the current period.

Gift Card Revenue Recognition

Gift Card Revenue Recognition—The Company establishes a liability upon the sale of a gift card. The liability is relieved and revenue is recognized when gift cards are redeemed for merchandise. Gift card breakage income is determined based upon historical redemption patterns. The Company uses a homogeneous pool to recognize gift card breakage and will recognize income over the period in proportion to the pattern of rights exercised by the customer when the Company determines that it does not have a legal obligation to remit the value of unredeemed gift cards to the relevant jurisdiction as abandoned property. At that time, the Company will recognize breakage income over the performance period for those gift cards (i.e. 60 months) and will record it in service charges and other income. As of February 3, 2024 and January 28, 2023, gift card liabilities of $67.3 million and $69.4 million, respectively, were included in trade accounts payable and accrued expenses and other liabilities.

Advertising

Advertising—Advertising and promotional costs, which include newspaper, magazine, Internet, broadcast and other media advertising, are expensed as incurred and were approximately $38.1 million, $38.6 million and $32.0 million, net of cooperative advertising reimbursements of $4.4 million, $5.6 million and $7.8 million for fiscal 2023, 2022 and 2021, respectively. The Company records net advertising expenses in selling, general and administrative expenses.

Income Taxes

Income Taxes—Income taxes are recognized for the amount of taxes payable for the current year and deferred tax assets and liabilities for the future tax consequence of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes. Tax positions are analyzed to determine whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. For those tax positions where it is not “more likely than not” that a tax benefit will be sustained, no tax benefit is recognized. The Company classifies accrued interest expense and penalties relating to income tax in the consolidated financial statements as income tax expense.

Shipping and Handling

Shipping and Handling—The Company records shipping and handling reimbursements in service charges and other income. The Company records shipping and handling costs in cost of sales.

Defined Benefit Retirement Plans

Defined Benefit Retirement Plans—The Company’s defined benefit retirement plan costs are accounted for using actuarial valuations. The Company recognizes the funded status of its defined benefit pension plans on the consolidated

balance sheet and recognizes changes in the funded status that arise during the period but that are not recognized as components of net periodic benefit cost, within other comprehensive income, net of income taxes.

Comprehensive Income

Comprehensive Income—Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It consists of the net income or loss and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income or loss. One such exclusion is the amortization of retirement plan and other retiree benefit adjustments, which is the only item impacting our accumulated other comprehensive loss.

Supply Concentration

Supply Concentration—The Company purchases merchandise from many sources and does not believe that the Company was dependent on any one supplier during fiscal 2023.

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Disclosure of Supplier Finance Program Obligations

In September 2022, the Financial Accounting Standards Board (“FASB”) issued accounting standards update ("ASU") No. 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The ASU is intended to enhance the transparency of the use of supplier finance programs by requiring that the buyers in those programs provide additional disclosures about the program’s nature and potential magnitude, including a rollforward of the obligations and activity during the period. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The amendments in the update should be applied retrospectively, except for the amendment on rollforward information, which should be applied prospectively. This ASU was adopted for the fiscal period beginning January 29, 2023 and did not have a material impact on the Company’s condensed consolidated financial statements.

Under the terms of the Company’s supplier finance program, participating suppliers have the option of payment in advance of an invoice due date, which is paid by certain administering banks, on the basis of invoices that the Company has confirmed as valid and approved. The Company agrees to pay the administering bank the stated amount of confirmed invoices from its designated suppliers on the Company’s standard payment terms or on the original due dates of the invoices, as applicable. The Company’s suppliers are not required to participate in the supplier finance program.

The early payment transactions between the Company’s supplier and the administering bank are subject to an agreement between those parties, and the Company does not participate in any financial aspect of the agreement between the Company’s supplier and the administering bank. The Company has not pledged assets or any other security for the committed payment to the administering bank. The Company or the administering bank may terminate the agreement upon at least 30 days’ notice.

The amount of obligations confirmed under the program that remain unpaid by the Company were $1.6 million and $1.8 million as of February 3, 2024 and January 28, 2023, respectively. These obligations are presented within trade accounts payable and accrued expenses in our consolidated balance sheets.

Recently Issued Accounting Pronouncements

Management has considered all recent accounting pronouncements and, except as noted below, believes there is no accounting guidance issued but not yet effective that would be relevant to the Company’s consolidated financial statements.

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The update modifies the disclosure/presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the

chief operating decision maker (CODM) and included within each reported measure of segment profit and loss, the amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and accompanying notes.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update requires increased transparency in tax disclosures, specifically by expanding requirements for rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this ASU will have on its income tax disclosures.

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Feb. 03, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Summary of Significant Accounting Policies

1. Description of Business and Summary of Significant Accounting Policies

Description of Business—Dillard’s, Inc. (“Dillard’s” or the “Company”) operates retail department stores, located primarily in the southeastern, southwestern and midwestern areas of the United States, and a general contracting construction company based in Little Rock, Arkansas. The Company’s fiscal year ends on the Saturday nearest January 31 of each year. Fiscal year 2023 ended on February 3, 2024 and included 53 weeks. Fiscal years 2022 and 2021 ended on January 28, 2023 and January 29, 2022, respectively, and each included 52 weeks.


	February 3,		January 28,
(in thousands of dollars)	2024		2023
Cash and cash equivalents	$	808,287	$	650,336
Restricted cash		—		9,995
Total cash and cash equivalents and restricted cash	$	808,287	$	660,331


Buildings and leasehold improvements		20 - 40 years
Furniture, fixtures and equipment		3 - 10 years

Depreciation and amortization on property and equipment was approximately $180 million, $188 million and $199 million for fiscal 2023, 2022 and 2021, respectively.

During fiscal 2023, 2022 and 2021, no asset impairment and store closing charges were recorded.

Other Assets—Other assets include investments accounted for by the equity and cost methods, capitalized software and cash surrender value of life insurance policies.

The lease term used for lease evaluation includes renewal option periods only in instances in which the exercise of the option period is reasonably certain.

recorded. Sales taxes collected from customers are excluded from revenue and are recorded in trade accounts payable and accrued expenses until remitted to the taxing authorities.

Shipping and Handling—The Company records shipping and handling reimbursements in service charges and other income. The Company records shipping and handling costs in cost of sales.

Supply Concentration—The Company purchases merchandise from many sources and does not believe that the Company was dependent on any one supplier during fiscal 2023.

Recently Adopted Accounting Pronouncements

Disclosure of Supplier Finance Program Obligations

Recently Issued Accounting Pronouncements

Improvements to Reportable Segment Disclosures

Improvements to Income Tax Disclosures

Revolving Credit Agreement (Details) - USD ($) $ in Millions	Jul. 01, 2023	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Line of Credit Facility [Abstract]
Borrowing capacity		$ 800.0
Expansion option		200.0
Borrowings outstanding		0.0	$ 0.0	$ 0.0
Reference rate	SOFR
Basis spread on variable rate, condition one	1.75%
Quarterly availability, percentage of commitment fee maximum for condition one	50.00%
Basis spread on variable rate, condition two	1.50%
Quarterly availability, percentage of commitment fee minimum for condition two	50.00%
Commitment fee for unused borrowings, condition one	0.30%
Unused borrowings, percentage of total commitment maximum for condition one	35.00%
Commitment fee for unused borrowings, condition two	0.25%
Unused borrowings, percentage of total commitment minimum for condition two	35.00%
Minimum line of credit availability for no financial covenant requirements	$ 80.0
Letters of credit issued		19.3
Unutilized credit facility borrowing capacity		$ 734.7

Stockholders' Equity - Capital Stock (Details) - $ / shares	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023
Capital stock
Number of Class A Common Stock shares received for conversion of each share of Class B Common Stock	0	0
Preferred (5% cumulative)
Capital stock
Dividend rate (as a percent)	5.00%
Preferred stock, par value (in dollars per share)	$ 100.00
Preferred stock, shares authorized	5,000
Additional preferred
Capital stock
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized	10,000,000
Common Stock Class A
Capital stock
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized	289,000,000
Percentage of Board of Directors members that common stock holders have a right to elect	33.33%
Number of Class A Common Stock shares received for conversion of each share of Class B Common Stock	1
Common Stock Class B
Capital stock
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized	11,000,000
Percentage of Board of Directors members that common stock holders have a right to elect	66.67%
Number of Class B common stock shares which are convertible into each Class A Common Stock share	1

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Effective income tax rate reconciliation
Income tax at the statutory federal rate	$ 192,490	$ 232,988	$ 228,556
State income taxes, net of federal benefit	14,529	20,616	24,677
Net changes in unrecognized tax benefits, interest and penalties/reserves	458	1,598	186
Tax benefit of federal credits	(1,571)	(1,724)	(1,504)
Changes in cash surrender value of life insurance policies	(383)	(389)	(387)
Changes in valuation allowance	(9,766)	(22,071)	(14,364)
Tax benefit of dividends paid to ESOP	(21,990)	(17,257)	(18,912)
Other	4,003	4,069	7,638
Income taxes	$ 177,770	$ 217,830	$ 225,890

Benefit Plans - Estimated Future Benefits Payments (Details) $ in Thousands	Feb. 03, 2024 USD ($)
Estimated future benefits payments for the nonqualified benefit plan
2024	$ 7,053
2025	19,600
2026	20,478
2027	27,523
2028	29,359
2029 - 2033	136,082
Total payments for next ten fiscal years	$ 240,095

Fair Value Disclosures

12 Months Ended

Feb. 03, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures

14. Fair Value Disclosures

The estimated fair values of financial instruments which are presented herein have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of amounts the Company could realize in a current market exchange.

The fair value of the Company’s long-term debt and subordinated debentures is based on market prices and are categorized as Level 1 in the fair value hierarchy.

The fair value of the Company’s cash and cash equivalents, restricted cash and trade accounts receivable approximates their carrying values at February 3, 2024 and January 28, 2023 due to the short-term maturities of these instruments. The Company’s short-term investments are recorded at amortized cost, which is consistent with the Company’s held-to-maturity classification. The fair values of the Company’s long-term debt at February 3, 2024 and January 28, 2023 were approximately $339 million and $338 million, respectively. The carrying values of the Company’s long-term debt at February 3, 2024 and January 28, 2023 were approximately $321 million. The fair values of the subordinated debentures at February 3, 2024 and January 28, 2023 were approximately $205 million. The carrying values of the subordinated debentures at both February 3, 2024 and January 28, 2023 were $200 million.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The FASB’s accounting guidance utilizes a fair value hierarchy that prioritizes the inputs to the valuation techniques used to measure fair value into three broad levels:

●

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities

●

Level 2: Inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active

●

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions

During fiscal 2023, 2022 and 2021, no asset impairment and store closing charges were recorded.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases - Lease Term and Discount Rate (Details)	Feb. 03, 2024
Weighted-average remaining lease term
Operating Lease, Weighted-Average Remaining Lease Term	5 years
Weighted-average discount rate
Operating Lease, Weighted-Average Discount Rate	6.50%

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock Common Stock Class A	Common Stock Common Stock Class B	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock, Common	Total
Balance at Jan. 30, 2021	$ 1,200	$ 40	$ 954,131	$ (34,935)	$ 4,471,269	$ (3,950,697)	$ 1,441,008
Increase (Decrease) in Stockholders' Equity
Net income					862,473		862,473
Other comprehensive income				12,137			12,137
Issuance of 12,754, 19,062, and 14,806 shares under equity plans during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively			2,522				2,522
Purchase of 917,652, 1,708,918, and 3,205,213 shares of treasury stock (including excise tax) during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively						(561,102)	(561,102)
Cash dividends declared:
Common stock, $20.90, $15.80, and $15.70 per share during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively					(305,820)		(305,820)
Balance at Jan. 29, 2022	1,200	40	956,653	(22,798)	5,027,922	(4,511,799)	1,451,218
Increase (Decrease) in Stockholders' Equity
Net income					891,637		891,637
Other comprehensive income				(42,924)			(42,924)
Issuance of 12,754, 19,062, and 14,806 shares under equity plans during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively			6,186				6,186
Purchase of 917,652, 1,708,918, and 3,205,213 shares of treasury stock (including excise tax) during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively						(436,620)	(436,620)
Cash dividends declared:
Common stock, $20.90, $15.80, and $15.70 per share during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively					(270,859)		(270,859)
Balance at Jan. 28, 2023	1,200	40	962,839	(65,722)	5,648,700	(4,948,419)	1,598,638
Increase (Decrease) in Stockholders' Equity
Net income					738,847		738,847
Other comprehensive income				(21,486)			(21,486)
Issuance of 12,754, 19,062, and 14,806 shares under equity plans during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively			4,509				4,509
Purchase of 917,652, 1,708,918, and 3,205,213 shares of treasury stock (including excise tax) during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively						(284,181)	(284,181)
Cash dividends declared:
Common stock, $20.90, $15.80, and $15.70 per share during the years ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively					(339,259)		(339,259)
Balance at Feb. 03, 2024	$ 1,200	$ 40	$ 967,348	$ (87,208)	$ 6,048,288	$ (5,232,600)	$ 1,697,068

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

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-Topic 250
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+ Details

Income Taxes - Provision for Federal and State Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Current:
Federal	$ 185,082	$ 220,089	$ 224,462
State	10,412	13,040	8,876
Total current provision for income taxes	195,494	233,129	233,338
Deferred:
Federal	(12,621)	(1,652)	(9,120)
State	(5,103)	(13,647)	1,672
Total deferred provision for income taxes	(17,724)	(15,299)	(7,448)
Income taxes	$ 177,770	$ 217,830	$ 225,890
Effective income tax rate reconciliation, at federal statutory income tax rate	21.00%	21.00%	21.00%

Commitments and Contingencies (Details) $ in Millions	Feb. 03, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit under the Company's revolving credit facility	$ 19.3
Commitment to incur costs to acquire, complete and furnish certain stores and equipment	2.2
Revolving credit facility maximum borrowing capacity	$ 800.0

Accumulated Other Comprehensive Loss ("AOCL") (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Amount Reclassified from AOCL
Total before tax	$ (916,617)	$ (1,109,467)	$ (1,088,363)
Income tax expense	(177,770)	(217,830)	(225,890)
Total net of tax	(738,847)	(891,637)	(862,473)
Accumulated Other Comprehensive Loss
Beginning balance	(1,598,638)	(1,451,218)	(1,441,008)
Net other comprehensive loss	21,486	42,924	(12,137)
Ending balance	(1,697,068)	(1,598,638)	(1,451,218)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Accumulated Other Comprehensive Loss
Beginning balance	65,722	22,798
Other comprehensive loss before reclassifications	26,863	43,650
Amounts reclassified from AOCL	(5,377)	(726)
Net other comprehensive loss	21,486	42,924
Ending balance	87,208	65,722	$ 22,798
Accumulated Defined Benefit Plans Adjustment Attributable to Parent \| Reclassification out of Accumulated Other Comprehensive Income
Amount Reclassified from AOCL
Total before tax	5,843	958
Income tax expense	466	232
Total net of tax	$ 5,377	$ 726

Business Segments

12 Months Ended

Feb. 03, 2024

Segment Reporting [Abstract]

Business Segments

2. Business Segments

The Company operates in two reportable segments: the operation of retail department stores and a general contracting construction company.

For the Company’s retail operations reportable segment, the Company determined its operating segments on a store by store basis. Each store’s operating performance has been aggregated into one reportable segment. The Company’s operating segments are aggregated for financial reporting purposes because they are similar in each of the following areas: economic characteristics, class of consumer, nature of products and distribution methods. Revenues from external customers are derived from merchandise sales, and the Company does not rely on any major customers as a source of revenue. Across all stores, the Company operates one store format under the Dillard’s name where each store offers the same general mix of merchandise with similar categories and similar customers. The Company believes that disaggregating its operating segments would not provide meaningful additional information.

The following table summarizes the percentage of net sales by segment and major product line:



	Fiscal 2023		Fiscal 2022		Fiscal 2021
Retail operations segment:
Cosmetics	16	%	15	%	14	%
Ladies’ apparel	20		21		21
Ladies’ accessories and lingerie	14		14		15
Juniors’ and children’s apparel	9		9		10
Men’s apparel and accessories	19		20		19
Shoes	14		15		15
Home and furniture	4		4		4
	96		98		98
Construction segment	4		2		2
Total	100	%	100	%	100	%

The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations.


	Fiscal 2023
(in thousands of dollars)	Retail Operations		Construction		Consolidated
Net sales from external customers	$	6,479,580	$	272,473	$	6,752,053
Gross margin		2,709,071		11,874		2,720,945
Depreciation and amortization		179,315		258		179,573
Interest and debt expense (income), net		(3,927)		(673)		(4,600)
Income before income taxes		913,856		2,761		916,617
Total assets		3,377,632		71,274		3,448,906


	Fiscal 2022
(in thousands of dollars)	Retail Operations		Construction		Consolidated
Net sales from external customers	$	6,701,972	$	169,109	$	6,871,081
Gross margin		2,878,910		8,573		2,887,483
Depreciation and amortization		188,227		213		188,440
Interest and debt expense (income), net		30,614		(87)		30,527
Income before income taxes		1,108,675		792		1,109,467
Total assets		3,274,072		55,078		3,329,150


	Fiscal 2021
(in thousands of dollars)	Retail Operations		Construction		Consolidated
Net sales from external customers	$	6,374,753	$	118,240	$	6,492,993
Gross margin		2,736,762		8,566		2,745,328
Depreciation and amortization		199,061		260		199,321
Interest and debt expense (income), net		43,131		(39)		43,092
Income before income taxes		1,086,122		2,241		1,088,363
Total assets		3,199,847		45,710		3,245,557

Intersegment construction revenues of $48.3 million, $44.9 million and $38.2 million were eliminated during consolidation and have been excluded from net sales for fiscal 2023, 2022 and 2021, respectively.

The retail operations segment gives rise to contract liabilities through the customer loyalty program associated with Dillard’s private label cards and through the issuances of gift cards. The customer loyalty program liability and a portion of the gift card liability are included in trade accounts payable and accrued expenses, and a portion of the gift card liability is included in other liabilities on the consolidated balance sheets. Our retail operations segment contract liabilities are as follows:


Retail
	February 3,		January 28,		January 29,
(in thousands of dollars)	2024		2023		2022
Contract liabilities	$	85,227	$	83,909	$	80,421

During fiscal 2023 and 2022, the Company recorded $55.0 million and $53.2 million, respectively, in revenue that was previously included in the retail operations contract liability balances of $83.9 million and $80.4 million, at January 28, 2023 and January 29, 2022, respectively.

Construction contracts give rise to accounts receivable, contract assets and contract liabilities. We record accounts receivable based on amounts expected to be collected from customers. We also record costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) in other current assets and trade accounts payable and accrued expenses in the consolidated balance sheets, respectively. The amounts included in the consolidated balance sheets are as follows:


Construction
	February 3,		January 28,		January 29,
(in thousands of dollars)	2024		2023		2022
Accounts receivable	$	47,240	$	44,286	$	25,912
Costs and estimated earnings in excess of billings on uncompleted contracts		1,695		798		2,847
Billings in excess of costs and estimated earnings on uncompleted contracts		6,307		10,909		6,298

During fiscal 2023 and 2022, the Company recorded $10.3 million and $5.8 million, respectively, in revenue that was previously included in billings in excess of costs and estimated earnings on uncompleted contracts of $10.9 million and $6.3 million at January 28, 2023 and January 29, 2022, respectively.

The remaining performance obligations related to executed construction contracts totaled $163.7 million and $189.1 million at February 3, 2024 and January 28, 2023, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Leases (Tables)

12 Months Ended

Feb. 03, 2024

Leases [Abstract]

Schedule of operating and finance lease assets and liabilities


(in thousands of dollars)	Classification - Consolidated Balance Sheets	February 3, 2024		January 28, 2023
Assets
Finance lease assets	Property and equipment, net	$	—	$	—
Operating lease assets	Operating lease assets		42,681		33,821
Total leased assets		$	42,681	$	33,821

Liabilities
Current
Finance	Current portion of finance lease liabilities	$	—	$	—
Operating	Current portion of operating lease liabilities		11,252		9,702
Noncurrent
Finance	Finance lease liabilities		—		—
Operating	Operating lease liabilities		31,728		24,164
Total lease liabilities		$	42,980	$	33,866

Schedule of lease cost


(in thousands of dollars)	Classification - Consolidated Statements of Operations	Fiscal 2023		Fiscal 2022		Fiscal 2021
Operating lease cost ^(a)	Rentals	$	21,569	$	23,169	$	22,594
Finance lease cost
Amortization of leased assets	Depreciation and amortization		—		—		247
Interest on lease liabilities	Interest and debt expense, net		—		—		31
Net lease cost		$	21,569	$	23,169	$	22,872

(a)	Includes short term lease costs of $4.4 million and $5.2 million and variable lease costs, including contingent rent, of $3.7 million and $3.3 million for fiscal 2023 and 2022, respectively.

Schedule of operating lease maturities


(in thousands of dollars)	Operating		Finance
Fiscal Year	Leases		Leases		Total
2024	$	13,586	$	—	$	13,586
2025		13,018		—		13,018
2026		9,657		—		9,657
2027		4,361		—		4,361
2028		3,740		—		3,740
After 2028		6,111		—		6,111
Total minimum lease payments		50,473		—		50,473
Less amount representing interest		(7,493)		—		(7,493)
Present value of lease liabilities	$	42,980	$	—	$	42,980

Schedule of finance lease maturities


(in thousands of dollars)	Operating		Finance
Fiscal Year	Leases		Leases		Total
2024	$	13,586	$	—	$	13,586
2025		13,018		—		13,018
2026		9,657		—		9,657
2027		4,361		—		4,361
2028		3,740		—		3,740
After 2028		6,111		—		6,111
Total minimum lease payments		50,473		—		50,473
Less amount representing interest		(7,493)		—		(7,493)
Present value of lease liabilities	$	42,980	$	—	$	42,980

Schedule of lease term and discount rate


	February 3, 2024
Weighted-average remaining lease term
Operating leases	5.0
Weighted-average discount rate
Operating leases	6.5	%

Schedule of other lease information


(in thousands of dollars)	Fiscal 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	13,475
Operating cash flows from finance leases		—
Financing cash flows from finance leases		—

Lease assets obtained in exchange for new operating lease liabilities	$	20,477

12.

Stockholders' Equity (Tables)

12 Months Ended

Feb. 03, 2024

Stockholders' Equity Note [Abstract]

Schedule of capital stock


	Par		Shares
Type	Value		Authorized
Preferred (5% cumulative)	$	100.00	5,000
Additional preferred	$	0.01	10,000,000
Class A, common	$	0.01	289,000,000
Class B, common	$	0.01	11,000,000

Schedule of share repurchase activity

The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data):


	Fiscal 2023		Fiscal 2022		Fiscal 2021
Cost of shares repurchased	$	281,406	$	436,620	$	561,102
Number of shares repurchased		918		1,709		3,205
Average price per share	$	306.66	$	255.49	$	175.06

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Name Accounting Standards Codification
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+ Details

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Components of deferred tax assets and liabilities
Prepaid expenses	$ 56,808	$ 54,151
Joint venture basis differences	7,954	6,714
Differences between book and tax basis of inventory	30,551	31,444
Operating lease assets	9,670	7,599
Other	716	153
Total deferred tax liabilities	105,699	100,061
Property and equipment bases and depreciation differences	(50,123)	(34,100)
Accruals not currently deductible	(87,396)	(80,499)
Operating lease liabilities	(9,853)	(7,751)
Net operating loss carryforwards	(21,750)	(27,830)
Other	(1,030)	(864)
Total deferred tax assets	(170,152)	(151,044)
Valuation allowance	1,470	10,727
Net deferred tax assets	(168,682)	(140,317)
Net deferred income taxes	(62,983)	$ (40,256)
Net operating loss carryforwards, portion with indefinite lives	3,900
Net operating loss carryforwards, portion with definite lives	$ 17,900

Earnings Per Share (Tables)

12 Months Ended

Feb. 03, 2024

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per share


	Fiscal 2023				Fiscal 2022				Fiscal 2021
(in thousands, except per share data)	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net earnings available for per-share calculation	$	738,847	$	738,847	$	891,637	$	891,637	$	862,473	$	862,473
Average shares of common stock outstanding		16,517		16,517		17,549		17,549		20,592		20,592
Dilutive effect of stock-based compensation		—		—		—		—		—		—
Total average equivalent shares		16,517		16,517		17,549		17,549		20,592		20,592
Per share of common stock:
Net income	$	44.73	$	44.73	$	50.81	$	50.81	$	41.88	$	41.88

Benefit Plans

12 Months Ended

Feb. 03, 2024

Retirement Benefits [Abstract]

Benefit Plans

8. Benefit Plans

The Company has a retirement plan with a 401(k)-salary deferral feature for eligible employees. Under the terms of the plan, eligible employees could contribute up to the lesser of $22,500 ($30,000 if at least 50 years of age) or 75% of eligible pay. Eligible employees with 1 year of service, who elect to participate in the plan or are auto-enrolled, receive a Company matching contribution. Company matching contributions are calculated on the eligible employee’s first 6% of elective deferrals with the first 1% being matched 100% and the next 5% being matched 50%. The Company matching contributions are used to purchase Class A Common Stock of the Company for the benefit of the employee. This stock may be immediately diversified into any of the other funds within the plan at the election of the employee. The terms of the plan provide a two-year vesting schedule for the Company matching contribution portion of the plan.

The Company incurred benefit plan expense of approximately $24 million, $22 million and $18 million for fiscal 2023, 2022 and 2021, respectively. Benefit plan expenses are included in selling, general and administrative expenses.

The Company has an unfunded, nonqualified defined benefit plan (“Pension Plan”) for its officers. The Pension Plan is noncontributory and provides benefits based on years of service and compensation during employment. Pension expense is determined using an actuarial cost method to estimate the total benefits ultimately payable to officers and allocates this cost to service periods. The actuarial assumptions used to calculate pension costs are reviewed annually. The service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest costs and net actuarial loss components are included in other expense in the consolidated statements of income.

The accumulated benefit obligations, change in projected benefit obligation, change in assets, funded status and reconciliation to amounts recognized in the consolidated balance sheets related to the Pension Plan are as follows:


	February 3,		January 28,
(in thousands of dollars)	2024		2023
Change in benefit obligation:
Benefit obligation at beginning of year	$	273,118	$	226,286
Service cost		5,047		4,077
Interest cost		12,948		6,786
Actuarial loss		32,333		42,321
Benefits paid		(6,959)		(6,352)
Benefit obligation at end of year	$	316,487	$	273,118
Change in Pension Plan assets:
Fair value of Pension Plan assets at beginning of year	$	—	$	—
Employer contribution		6,959		6,352
Benefits paid		(6,959)		(6,352)
Fair value of Pension Plan assets at end of year	$	—	$	—
Funded status (Pension Plan assets less benefit obligation)	$	(316,487)	$	(273,118)
Amounts recognized in the balance sheets:
Accrued benefit liability	$	(316,487)	$	(273,118)
Net amount recognized	$	(316,487)	$	(273,118)
Pretax amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	97,917	$	71,427
Prior service cost		—		—
Net amount recognized	$	97,917	$	71,427

Accumulated benefit obligation at end of year	$	(303,442)	$	(272,002)

The accrued benefit liability is included in other liabilities. At February 3, 2024 and January 28, 2023, the current portion of the accrued benefit liability of $6.9 million and $6.6 million, respectively, is included in trade accounts payable and accrued expenses.

The increase in the benefit obligation from January 28, 2023 to February 3, 2024 was primarily related to the actuarial loss of $32.3 million, which was primarily the net result of increases in fiscal 2022 compensation that were paid during fiscal 2023, increases due to estimated changes of future compensation and decreases due to the change in the discount rate to 5.1% as of February 3, 2024 from 4.8% as of January 28, 2023. The increase in the benefit obligation was also a result of increasing interest costs. The discount rate that the Company utilizes for determining future pension obligations is based on the FTSE Above Median Pension yield curve on its annual measurement date as of the end of each fiscal year and is matched to the future expected cash flows of the benefit plans by semi-annual periods.

Weighted average assumptions are as follows:


	Fiscal 2023		Fiscal 2022		Fiscal 2021
Discount rate—net periodic pension cost	4.8	%	3.0	%	2.5	%
Discount rate—benefit obligations	5.1	%	4.8	%	3.0	%
Rate of compensation increases—net periodic pension cost	2.0	%	2.0	%	2.0	%
Rate of compensation increases—benefit obligations	3.0	%	2.0	%	2.0	%

The components of net periodic benefit costs are as follows:


(in thousands of dollars)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Components of net periodic benefit costs:
Service cost	$	5,047	$	4,077	$	4,268
Interest cost		12,948		6,786		5,750
Net actuarial loss		5,843		958		2,786
Net periodic benefit costs	$	23,838	$	11,821	$	12,804
Other changes in benefit obligations recognized in other comprehensive loss (income):
Net actuarial loss (gain)	$	26,490	$	41,363	$	(16,004)
Amortization of prior service cost		—		—		—
Total recognized in other comprehensive loss (income)	$	26,490	$	41,363	$	(16,004)
Total recognized in net periodic benefit costs and other comprehensive income or loss	$	50,328	$	53,184	$	(3,200)

The estimated future benefits payments for the nonqualified benefit plan are as follows:


(in thousands of dollars)
Fiscal Year
2024	$	7,053	*
2025		19,600
2026		20,478
2027		27,523
2028		29,359
2029 - 2033		136,082
Total payments for next ten fiscal years	$	240,095

*	The estimated benefit payment for fiscal 2024 also represents the amount the Company expects to contribute to the Pension Plan for fiscal 2024.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Assets
Operating lease assets	$ 42,681	$ 33,821
Total leased assets	42,681	33,821
Current
Current portion of operating lease liabilities	11,252	9,702
Noncurrent
Operating lease liability	31,728	24,164
Total lease liabilities	$ 42,980	$ 33,866

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Statement of Comprehensive Income
Net income	$ 738,847	$ 891,637	$ 862,473
Other comprehensive income:
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $(5,003), $1,560 and $3,867, respectively)	(21,486)	(42,924)	12,137
Comprehensive income	$ 717,361	$ 848,713	$ 874,610

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Leases - Narrative (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 42,681	$ 33,821
Operating lease liability	$ 42,980
Minimum
Lessee, Lease, Description [Line Items]
Renewal options	5 years
Maximum
Lessee, Lease, Description [Line Items]
Renewal options	10 years

Long-Term Debt - Maturities (Details) $ in Millions	Feb. 03, 2024 USD ($)
Maturity of long-term debt
2026	$ 96.0
2027	80.0
2028	$ 145.8

Benefit Plans (Tables)

12 Months Ended

Feb. 03, 2024

Retirement Benefits [Abstract]

Schedule of accumulated benefit obligation, changes in projected benefit obligation, change in Pension Plan assets, funded status and reconciliation to amounts recognized in the consolidated balance sheets


	February 3,		January 28,
(in thousands of dollars)	2024		2023
Change in benefit obligation:
Benefit obligation at beginning of year	$	273,118	$	226,286
Service cost		5,047		4,077
Interest cost		12,948		6,786
Actuarial loss		32,333		42,321
Benefits paid		(6,959)		(6,352)
Benefit obligation at end of year	$	316,487	$	273,118
Change in Pension Plan assets:
Fair value of Pension Plan assets at beginning of year	$	—	$	—
Employer contribution		6,959		6,352
Benefits paid		(6,959)		(6,352)
Fair value of Pension Plan assets at end of year	$	—	$	—
Funded status (Pension Plan assets less benefit obligation)	$	(316,487)	$	(273,118)
Amounts recognized in the balance sheets:
Accrued benefit liability	$	(316,487)	$	(273,118)
Net amount recognized	$	(316,487)	$	(273,118)
Pretax amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	97,917	$	71,427
Prior service cost		—		—
Net amount recognized	$	97,917	$	71,427

Accumulated benefit obligation at end of year	$	(303,442)	$	(272,002)

Schedule of weighted average assumption


	Fiscal 2023		Fiscal 2022		Fiscal 2021
Discount rate—net periodic pension cost	4.8	%	3.0	%	2.5	%
Discount rate—benefit obligations	5.1	%	4.8	%	3.0	%
Rate of compensation increases—net periodic pension cost	2.0	%	2.0	%	2.0	%
Rate of compensation increases—benefit obligations	3.0	%	2.0	%	2.0	%

Schedule of components of net periodic benefit costs


(in thousands of dollars)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Components of net periodic benefit costs:
Service cost	$	5,047	$	4,077	$	4,268
Interest cost		12,948		6,786		5,750
Net actuarial loss		5,843		958		2,786
Net periodic benefit costs	$	23,838	$	11,821	$	12,804
Other changes in benefit obligations recognized in other comprehensive loss (income):
Net actuarial loss (gain)	$	26,490	$	41,363	$	(16,004)
Amortization of prior service cost		—		—		—
Total recognized in other comprehensive loss (income)	$	26,490	$	41,363	$	(16,004)
Total recognized in net periodic benefit costs and other comprehensive income or loss	$	50,328	$	53,184	$	(3,200)

Schedule of estimated future benefits payments for the nonqualified benefit plan


(in thousands of dollars)
Fiscal Year
2024	$	7,053	*
2025		19,600
2026		20,478
2027		27,523
2028		29,359
2029 - 2033		136,082
Total payments for next ten fiscal years	$	240,095

*	The estimated benefit payment for fiscal 2024 also represents the amount the Company expects to contribute to the Pension Plan for fiscal 2024.

Trade Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Feb. 03, 2024

Payables and Accruals [Abstract]

Schedule of trade accounts payable and accrued expenses


(in thousands of dollars)	February 3, 2024		January 28, 2023
Trade accounts payable	$	562,408	$	589,627
Accrued expenses:
Taxes, other than income		58,063		58,659
Salaries, wages and employee benefits		84,522		96,857
Liability to customers		61,039		62,922
Interest		3,726		6,855
Rent		1,778		2,310
Other		11,009		11,254
	$	782,545	$	828,484

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY [Abstract]
Common stock, shares issued under equity plans	12,754	19,062	14,806
Treasury stock, shares acquired	917,652	1,708,918	3,205,213
Common stock, cash dividends declared per share	$ 20.90	$ 15.80	$ 15.70

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Leases [Abstract]
Operating lease costs	$ 21,569	$ 23,169	$ 22,594
Finance lease cost
Amortization of leased assets			247
Interest on lease liabilities			31
Net lease cost	21,569	23,169	$ 22,872
Short-term lease cost	4,400	5,200
Variable lease cost	$ 3,700	$ 3,300

Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Schedule of provision for federal and state income taxes


(in thousands of dollars)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Current:
Federal	$	185,082	$	220,089	$	224,462
State		10,412		13,040		8,876
		195,494		233,129		233,338
Deferred:
Federal		(12,621)		(1,652)		(9,120)
State		(5,103)		(13,647)		1,672
		(17,724)		(15,299)		(7,448)
	$	177,770	$	217,830	$	225,890

Schedule of reconciliation between the Company's income tax provision and income taxes using the federal income tax rate


(in thousands of dollars)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Income tax at the statutory federal rate	$	192,490	$	232,988	$	228,556
State income taxes, net of federal benefit		14,529		20,616		24,677
Net changes in unrecognized tax benefits, interest and penalties/reserves		458		1,598		186
Tax benefit of federal credits		(1,571)		(1,724)		(1,504)
Changes in cash surrender value of life insurance policies		(383)		(389)		(387)
Changes in valuation allowance		(9,766)		(22,071)		(14,364)
Tax benefit of dividends paid to ESOP		(21,990)		(17,257)		(18,912)
Other		4,003		4,069		7,638
	$	177,770	$	217,830	$	225,890

Schedule of deferred tax assets and liabilities


	February 3,		January 28,
(in thousands of dollars)	2024		2023
Prepaid expenses	$	56,808	$	54,151
Joint venture basis differences		7,954		6,714
Differences between book and tax basis of inventory		30,551		31,444
Operating lease assets		9,670		7,599
Other		716		153
Total deferred tax liabilities		105,699		100,061
Property and equipment bases and depreciation differences		(50,123)		(34,100)
Accruals not currently deductible		(87,396)		(80,499)
Operating lease liabilities		(9,853)		(7,751)
Net operating loss carryforwards		(21,750)		(27,830)
Other		(1,030)		(864)
Total deferred tax assets		(170,152)		(151,044)
Valuation allowance		1,470		10,727
Net deferred tax assets		(168,682)		(140,317)
Net deferred income taxes	$	(62,983)	$	(40,256)

Schedule of classification of deferred tax assets and liabilities


	February 3,		January 28,
(in thousands of dollars)	2024		2023
Net deferred tax assets - deferred income taxes	$	(63,951)	$	(42,278)
Net deferred tax liabilities - other liabilities		968		2,022
Net deferred income taxes	$	(62,983)	$	(40,256)

Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits


(in thousands of dollars)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Unrecognized tax benefits at beginning of period	$	7,030	$	6,735	$	5,058
Gross increases—tax positions in prior period		868		—		1,282
Gross decreases—tax positions in prior period		(695)		(885)		(566)
Gross increases—current period tax positions		1,405		1,202		1,332
Lapse of statutes of limitation		(498)		(22)		(371)
Unrecognized tax benefits at end of period	$	8,110	$	7,030	$	6,735

Commitments and Contingencies

12 Months Ended

Feb. 03, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

At February 3, 2024, the Company is committed to incur costs of approximately $2.2 million to acquire, complete and furnish certain stores and equipment.

At February 3, 2024, letters of credit totaling $19.3 million were issued under the Company’s $800 million revolving credit facility.

Various legal proceedings, in the form of lawsuits and claims, which occur in the normal course of business, are pending against the Company and its subsidiaries. In the opinion of management, disposition of these matters is not expected to materially affect the Company’s financial position, cash flows or results of operations.

Earnings Per Share

12 Months Ended

Feb. 03, 2024

Earnings Per Share [Abstract]

Earnings Per Share Data

11. Earnings per Share

Basic earnings per share has been computed based upon the weighted average of Class A and Class B common shares outstanding. As no stock options or other dilutive securities were outstanding during any of the respective periods, the calculation of basic and dilutive earnings per share are the same.

Earnings per common share has been computed as follows:


	Fiscal 2023				Fiscal 2022				Fiscal 2021
(in thousands, except per share data)	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net earnings available for per-share calculation	$	738,847	$	738,847	$	891,637	$	891,637	$	862,473	$	862,473
Average shares of common stock outstanding		16,517		16,517		17,549		17,549		20,592		20,592
Dilutive effect of stock-based compensation		—		—		—		—		—		—
Total average equivalent shares		16,517		16,517		17,549		17,549		20,592		20,592
Per share of common stock:
Net income	$	44.73	$	44.73	$	50.81	$	50.81	$	41.88	$	41.88

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Feb. 03, 2024	Mar. 02, 2024	Jul. 29, 2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Feb. 03, 2024
Document Transition Report	false
Entity File Number	1-6140
Entity Registrant Name	DILLARD’S, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0388071
Entity Address, Address Line One	1600 Cantrell Road
Entity Address, City or Town	Little Rock
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72201
City Area Code	501
Local Phone Number	376-5200
Title of 12(b) Security	Class A Common Stock
Trading Symbol	DDS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2,680,990,001
Entity Central Index Key	0000028917
Current Fiscal Year End Date	--02-03
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Dallas, TX
Common Stock Class A
Entity Common Stock, Shares Outstanding		12,243,845
Common Stock Class B
Entity Common Stock, Shares Outstanding		3,986,233

Business Segments (Details) $ in Thousands	12 Months Ended
Business Segments (Details) $ in Thousands	Feb. 03, 2024 USD ($) segment	Jan. 28, 2023 USD ($) segment	Jan. 29, 2022 USD ($) segment
Business Segments
Number of reportable segments \| segment	2	2	2
Concentration Risk, Percentage	100.00%	100.00%	100.00%
Net sales from external customers	$ 6,752,053	$ 6,871,081	$ 6,492,993
Gross margin	2,720,945	2,887,483	2,745,328
Depreciation and amortization	179,573	188,440	199,321
Interest and debt (income) expense, net	(4,600)	30,527	43,092
Income before income taxes	916,617	1,109,467	1,088,363
Total assets	3,448,906	3,329,150	3,245,557
Retail operations
Business Segments
Net sales from external customers	6,479,580	6,701,972	6,374,753
Gross margin	2,709,071	2,878,910	2,736,762
Depreciation and amortization	179,315	188,227	199,061
Interest and debt (income) expense, net	(3,927)	30,614	43,131
Income before income taxes	913,856	1,108,675	1,086,122
Total assets	3,377,632	3,274,072	3,199,847
Contract liabilities	85,227	83,909	$ 80,421
Contract liabilities, revenue recognized	$ 55,000	$ 53,200
Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	96.00%	98.00%	98.00%
Construction
Business Segments
Net sales from external customers	$ 272,473	$ 169,109	$ 118,240
Gross margin	11,874	8,573	8,566
Depreciation and amortization	258	213	260
Interest and debt (income) expense, net	(673)	(87)	(39)
Income before income taxes	2,761	792	2,241
Total assets	71,274	55,078	45,710
Segment Reporting
Accounts Receivable, Construction Segment	47,240	44,286	25,912
Costs and estimated earnings in excess of billings on uncompleted contracts, construction segment	1,695	798	2,847
Billings in excess of costs and estimated earnings on uncompleted contracts, construction segment	6,307	10,909	$ 6,298
Revenue Recognized, previously recorded in Billings in excess of costs and estimated earnings	10,300	5,800
Revenue, Remaining Performance Obligation, Amount, construction segment	$ 163,700	$ 189,100
Construction \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	4.00%	2.00%	2.00%
Intersegment Eliminations \| Construction
Business Segments
Net sales from external customers	$ 48,300	$ 44,900	$ 38,200
Cosmetics \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	16.00%	15.00%	14.00%
Ladies' Apparel \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	20.00%	21.00%	21.00%
Ladies' Accessories and Lingerie \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	14.00%	14.00%	15.00%
Juniors' and Children's Apparel \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	9.00%	9.00%	10.00%
Men's Apparel and Accessories \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	19.00%	20.00%	19.00%
Shoes \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	14.00%	15.00%	15.00%
Home and Furniture \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	4.00%	4.00%	4.00%

Consolidated Balance Sheets (Parenthetical) - shares	Feb. 03, 2024	Jan. 28, 2023
Common Stock Class A
Common stock, shares issued	120,066,708	120,053.954
Common stock, shares outstanding	12,243,845	13,148.743
Treasury stock, at cost, Class A, shares	107,822.863	106,905,211
Common Stock Class B
Common stock, shares issued	3,986,233	3,986,233
Common stock, shares outstanding	3,986,233	3,986,233

Trade Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Trade accounts payable and accrued expenses
Trade accounts payable	$ 562,408	$ 589,627
Accrued expenses:
Taxes, other than income	58,063	58,659
Salaries, wages and employee benefits	84,522	96,857
Liability to customers	61,039	62,922
Interest	3,726	6,855
Rent	1,778	2,310
Other	11,009	11,254
Trade accounts payable and accrued expenses	$ 782,545	$ 828,484

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Income Statement
Net sales	$ 6,752,053	$ 6,871,081	$ 6,492,993
Service charges and other income	122,367	125,134	131,274
Total net sales, service charges and other income	6,874,420	6,996,215	6,624,267
Cost of sales	4,031,108	3,983,598	3,747,665
Selling, general and administrative expenses	1,717,415	1,674,317	1,536,554
Depreciation and amortization	179,573	188,440	199,321
Rentals	21,569	23,169	22,594
Interest and debt (income) expense, net	(4,600)	30,527	43,092
Other expense	18,791	7,744	11,366
Gain on disposal of assets	(6,053)	(21,047)	(24,688)
Income before income taxes	916,617	1,109,467	1,088,363
Income taxes	177,770	217,830	225,890
Net income	$ 738,847	$ 891,637	$ 862,473
Earnings per share:
Earnings per share - Basic	$ 44.73	$ 50.81	$ 41.88
Earnings per share - Diluted	$ 44.73	$ 50.81	$ 41.88

Subordinated Debentures (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 03, 2024 USD ($) item $ / shares	Jan. 28, 2023 USD ($)
Note repurchase
Outstanding amount	$ 200,000	$ 200,000
Dillard's Capital Trust I
Note repurchase
Ownership interest percentage held in trust	100.00%
7.5% capital securities due on August 1, 2038, subject to mandatory redemption \| Dillard's Capital Trust I
Note repurchase
Liquidation amount	$ 200,000
Dividend rate (as a percent)	7.50%
Liquidation amount per security (in dollars per share) \| $ / shares	$ 25
7.5% subordinated debentures due on August 1, 2038 \| Dillard's Capital Trust I
Note repurchase
Outstanding amount	$ 200,000
Interest rate (as a percent)	7.50%
Maximum number of consecutive quarters available for deferral of interest payment \| item	20

Revolving Credit Agreement

12 Months Ended

Feb. 03, 2024

Line of Credit Facility [Abstract]

Revolving Credit Agreement

3. Revolving Credit Agreement

The Company maintains a revolving credit facility (“credit agreement”) for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. The credit agreement, which is secured by certain deposit accounts of the Company and certain inventory of certain subsidiaries, provides a borrowing capacity of $800 million, subject to certain limitations as outlined in the credit agreement, with a $200 million expansion option.

Effective July 1, 2023, the Company amended the credit agreement (the "2023 amendment") to reflect the changes necessary for the phaseout of LIBOR. Pursuant to the 2023 amendment, the Company pays a variable rate of interest on borrowings under the credit agreement and a commitment fee to the participating banks. The rate of interest on borrowings is Adjusted Daily Simple SOFR, as defined in the 2023 amendment, plus 1.75% if average quarterly availability is less than 50% of the total commitment, as defined in the 2023 amendment ("total commitment"), and the rate of interest on borrowings is Adjusted Daily Simple SOFR, as defined in the 2023 amendment, plus 1.50% if average quarterly availability is greater than or equal to 50% of the total commitment. The commitment fee for unused borrowings is 0.30% per annum if average borrowings are less than 35% of the total commitment and 0.25% if average borrowings are greater than or equal to 35% of the total commitment. As long as availability exceeds $80 million and certain events of default have not occurred and are not continuing, there are no financial covenant requirements under the credit agreement. The credit agreement, as amended by the 2023 amendment, matures on April 28, 2026.

No borrowings were outstanding at February 3, 2024. Letters of credit totaling $19.3 million were issued under the credit agreement leaving unutilized availability under the facility of $734.7 million at February 3, 2024. The Company had no borrowings during fiscal 2023, 2022 and 2021.

Benefit Plans - Weighted Average Assumptions and Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Weighted average assumptions
Discount rate-net periodic pension cost	4.80%	3.00%	2.50%
Discount rate-benefit obligations	5.10%	4.80%	3.00%
Rate of compensation increases-net periodic pension cost	2.00%	2.00%	2.00%
Rate of compensation increases-benefit obligations	3.00%	2.00%	2.00%
Components of net periodic benefit costs:
Service cost	$ 5,047	$ 4,077	$ 4,268
Interest cost	12,948	6,786	5,750
Net actuarial loss	5,843	958	2,786
Net periodic benefit costs	$ 23,838	$ 11,821	$ 12,804
Net periodic benefit costs excluding service costs, Statement of Operations	Other expense	Other expense	Other expense
Other changes in benefit obligations recognized in other comprehensive loss (income):
Net actuarial loss (gain)	$ 26,490	$ 41,363	$ (16,004)
Total recognized in other comprehensive loss (income)	26,490	41,363	(16,004)
Total recognized in net periodic benefit costs and other comprehensive income or loss	$ 50,328	$ 53,184	$ (3,200)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 738,847	$ 891,637	$ 862,473

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Subordinated Debentures

12 Months Ended

Feb. 03, 2024

Subordinated Debentures [Abstract]

Subordinated Debentures

7. Subordinated Debentures

At February 3, 2024, the Company had $200 million outstanding of its 7.5% subordinated debentures due August 1, 2038. All of these subordinated debentures were held by Dillard’s Capital Trust I (“Trust”), a 100% owned unconsolidated finance subsidiary of the Company. The subordinated debentures are the sole asset of the Trust. The Company has the right to defer the payment of interest on the subordinated debentures at any time for a period not to exceed 20 consecutive quarters.

At February 3, 2024, the Trust had outstanding $200 million liquidation amount of 7.5% Capital Securities, due August 1, 2038 (the “Capital Securities”). Holders of the Capital Securities are entitled to receive cumulative cash distributions, payable quarterly, at the annual rate of 7.5% of the liquidation amount of $25 per Capital Security. The Capital Securities are subject to mandatory redemption upon repayment of the Company’s subordinated debentures. The Company’s obligations under the subordinated debentures and related agreements, taken together, provide a full and unconditional guarantee of payments due on the Capital Securities.

The Trust is a variable interest entity and is not consolidated into the Company’s financial statements, since the Company is not the primary beneficiary of the Trust.

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Basic:
Net income	$ 738,847	$ 891,637	$ 862,473
Weighted average shares of common stock outstanding - Basic	16,517	17,549	20,592
Earnings per share - Basic	$ 44.73	$ 50.81	$ 41.88
Diluted:
Net income	$ 738,847	$ 891,637	$ 862,473
Weighted average shares of common stock outstanding - Diluted	16,517	17,549	20,592
Earnings per share - Diluted	$ 44.73	$ 50.81	$ 41.88
Total stock options outstanding (in shares)	0	0	0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Operating Leases
2024	$ 13,586
2025	13,018
2026	9,657
2027	4,361
2028	3,740
After 2028	6,111
Total minimum lease payments	50,473
Less amount representing interest	(7,493)
Present value of lease liabilities	42,980
Total
2024	13,586
2025	13,018
2026	9,657
2027	4,361
2028	3,740
After 2028	6,111
Total minimum lease payments	50,473
Less amount representing interest	(7,493)
Present value of lease liabilities	$ 42,980	$ 33,866

Business Segments (Tables)

12 Months Ended

Feb. 03, 2024

Segment Reporting [Abstract]

Schedule of percentage of net sales by segment and major product line



	Fiscal 2023		Fiscal 2022		Fiscal 2021
Retail operations segment:
Cosmetics	16	%	15	%	14	%
Ladies’ apparel	20		21		21
Ladies’ accessories and lingerie	14		14		15
Juniors’ and children’s apparel	9		9		10
Men’s apparel and accessories	19		20		19
Shoes	14		15		15
Home and furniture	4		4		4
	96		98		98
Construction segment	4		2		2
Total	100	%	100	%	100	%

Schedule of segment reporting information, by segment


	Fiscal 2023
(in thousands of dollars)	Retail Operations		Construction		Consolidated
Net sales from external customers	$	6,479,580	$	272,473	$	6,752,053
Gross margin		2,709,071		11,874		2,720,945
Depreciation and amortization		179,315		258		179,573
Interest and debt expense (income), net		(3,927)		(673)		(4,600)
Income before income taxes		913,856		2,761		916,617
Total assets		3,377,632		71,274		3,448,906


	Fiscal 2022
(in thousands of dollars)	Retail Operations		Construction		Consolidated
Net sales from external customers	$	6,701,972	$	169,109	$	6,871,081
Gross margin		2,878,910		8,573		2,887,483
Depreciation and amortization		188,227		213		188,440
Interest and debt expense (income), net		30,614		(87)		30,527
Income before income taxes		1,108,675		792		1,109,467
Total assets		3,274,072		55,078		3,329,150


	Fiscal 2021
(in thousands of dollars)	Retail Operations		Construction		Consolidated
Net sales from external customers	$	6,374,753	$	118,240	$	6,492,993
Gross margin		2,736,762		8,566		2,745,328
Depreciation and amortization		199,061		260		199,321
Interest and debt expense (income), net		43,131		(39)		43,092
Income before income taxes		1,086,122		2,241		1,088,363
Total assets		3,199,847		45,710		3,245,557

Schedule of contract liabilities


Retail
	February 3,		January 28,		January 29,
(in thousands of dollars)	2024		2023		2022
Contract liabilities	$	85,227	$	83,909	$	80,421

Schedule of accounts receivable, contract assets and liabilities - Construction


Construction
	February 3,		January 28,		January 29,
(in thousands of dollars)	2024		2023		2022
Accounts receivable	$	47,240	$	44,286	$	25,912
Costs and estimated earnings in excess of billings on uncompleted contracts		1,695		798		2,847
Billings in excess of costs and estimated earnings on uncompleted contracts		6,307		10,909		6,298

Description of Business and Summary of Significant Accounting Policies - Long-Lived Assets, Insurance Accruals, Revenue Recognition, Gift Card Revenue Recognition, Advertising (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Property, Plant and Equipment [Line Items]
Asset impairment and store closing charges	$ 0	$ 0	$ 0
Insurance Accruals
Self Insurance Reserve	$ 41,000	42,500
Revenue Recognition
Original term of Wells Fargo Alliance	10 years
Income received from private label credit cards under the Alliance	$ 67,200	67,800	74,800
Gift Card Revenue Recognition
Gift card breakage income, recognition period	60 months
Gift card liabilities	$ 67,300	69,400
Advertising
Advertising expense	38,100	38,600	32,000
Cooperative advertisement reimbursements	$ 4,400	$ 5,600	$ 7,800
Minimum
Revenue Recognition
Typical term of CDI construction contracts	9 months
Maximum
Revenue Recognition
Typical term of CDI construction contracts	18 months

Long-Term Debt

12 Months Ended

Feb. 03, 2024

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

4. Long-Term Debt

Long-term debt, including any current portion, of $321.5 million and $321.4 million was outstanding at February 3, 2024 and January 28, 2023, respectively. The debt outstanding at February 3, 2024 consisted of unsecured notes, bearing interest rates ranging from 7.000% to 7.750% and maturing during fiscal 2026 through fiscal 2028. There are no financial covenants under any of the debt agreements.

Long-term debt maturities over the next five years are (in millions):


	Long-Term Debt
Fiscal Year	Maturities
2024	$	—
2025		—
2026		96.0
2027		80.0
2028		145.8

Net interest and debt (income) expense consists of the following:


(in thousands of dollars)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Interest on long-term debt and subordinated debentures	$	37,308	$	40,123	$	41,177
Revolving credit facility expenses		2,564		2,518		2,515
Amortization of debt expense		712		709		1,211
Interest on finance lease obligations		—		—		31
Investment interest income		(45,240)		(12,827)		(1,847)
Other interest		56		4		5
	$	(4,600)	$	30,527	$	43,092

Interest paid during fiscal 2023, 2022 and 2021 was approximately $45.0 million, $44.7 million and $44.8 million, respectively.

Trade Accounts Payable and Accrued Expenses

12 Months Ended

Feb. 03, 2024

Payables and Accruals [Abstract]

Trade Accounts Payable and Accrued Expenses

5. Trade Accounts Payable and Accrued Expenses

Trade accounts payable and accrued expenses consist of the following:


(in thousands of dollars)	February 3, 2024		January 28, 2023
Trade accounts payable	$	562,408	$	589,627
Accrued expenses:
Taxes, other than income		58,063		58,659
Salaries, wages and employee benefits		84,522		96,857
Liability to customers		61,039		62,922
Interest		3,726		6,855
Rent		1,778		2,310
Other		11,009		11,254
	$	782,545	$	828,484

Leases

12 Months Ended

Feb. 03, 2024

Leases [Abstract]

Leases

13. Leases

The Company leases retail stores, office space and equipment under operating leases. As of February 3, 2024, right-of-use operating lease assets, which are recorded in operating lease assets in the consolidated balance sheets, totaled $42.7 million, and operating lease liabilities, which are recorded in current portion of operating lease liabilities and operating lease liabilities, totaled $43.0 million.

In determining our operating lease assets and operating lease liabilities, we apply an incremental borrowing rate to the minimum lease payments within each lease agreement. GAAP requires the use of the rate implicit in the lease whenever that rate is readily determinable; furthermore, if the implicit rate is not readily determinable, a lessee may use its incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate our specific incremental borrowing rates that align with applicable lease terms, we utilized a model consistent with the credit quality of our outstanding debt instruments.

Renewal options of five to 10 years exist on the majority of leased properties. The Company has sole discretion in exercising the lease renewal options. We do not recognize operating lease assets or operating lease liabilities at lease inception for renewal periods unless it has been determined that we are reasonably certain of exercising the renewal options. The depreciable life of operating lease assets and related leasehold improvements is limited by the expected lease term.

Contingent rentals on certain leases are based on a percentage of annual sales in excess of specified amounts. Other contingent rentals are based entirely on a percentage of sales. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following table summarizes the Company’s operating and finance leases:


(in thousands of dollars)	Classification - Consolidated Balance Sheets	February 3, 2024		January 28, 2023
Assets
Finance lease assets	Property and equipment, net	$	—	$	—
Operating lease assets	Operating lease assets		42,681		33,821
Total leased assets		$	42,681	$	33,821

Liabilities
Current
Finance	Current portion of finance lease liabilities	$	—	$	—
Operating	Current portion of operating lease liabilities		11,252		9,702
Noncurrent
Finance	Finance lease liabilities		—		—
Operating	Operating lease liabilities		31,728		24,164
Total lease liabilities		$	42,980	$	33,866

Lease Cost


(in thousands of dollars)	Classification - Consolidated Statements of Operations	Fiscal 2023		Fiscal 2022		Fiscal 2021
Operating lease cost ^(a)	Rentals	$	21,569	$	23,169	$	22,594
Finance lease cost
Amortization of leased assets	Depreciation and amortization		—		—		247
Interest on lease liabilities	Interest and debt expense, net		—		—		31
Net lease cost		$	21,569	$	23,169	$	22,872

(a)	Includes short term lease costs of $4.4 million and $5.2 million and variable lease costs, including contingent rent, of $3.7 million and $3.3 million for fiscal 2023 and 2022, respectively.

Maturities of Lease Liabilities


(in thousands of dollars)	Operating		Finance
Fiscal Year	Leases		Leases		Total
2024	$	13,586	$	—	$	13,586
2025		13,018		—		13,018
2026		9,657		—		9,657
2027		4,361		—		4,361
2028		3,740		—		3,740
After 2028		6,111		—		6,111
Total minimum lease payments		50,473		—		50,473
Less amount representing interest		(7,493)		—		(7,493)
Present value of lease liabilities	$	42,980	$	—	$	42,980

Lease Term and Discount Rate


	February 3, 2024
Weighted-average remaining lease term
Operating leases	5.0
Weighted-average discount rate
Operating leases	6.5	%

Other Information


(in thousands of dollars)	Fiscal 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	13,475
Operating cash flows from finance leases		—
Financing cash flows from finance leases		—

Lease assets obtained in exchange for new operating lease liabilities	$	20,477

12.

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Reconciliation of unrecognized tax benefits
Unrecognized tax benefits at beginning of period	$ 7,030	$ 6,735	$ 5,058
Gross increases-tax positions in prior period	868		1,282
Gross decreases-tax positions in prior period	(695)	(885)	(566)
Gross increases-current period tax positions	1,405	1,202	1,332
Lapse of statutes of limitation	(498)	(22)	(371)
Unrecognized tax benefits at end of period	8,110	7,030	6,735
Portion of unrecognized tax benefits that, if recognized, would affect the effective tax rate	6,000	5,300
Income taxes paid, net of income tax refunds received	$ 183,800	$ 234,900	$ 93,600

Fair Value Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Disclosures (Details) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Fair value disclosures
Subordinated debentures	$ 200,000	$ 200,000
Asset impairment and store closing charges	0	0	$ 0
Fair Value of Assets
Fair value disclosures
Long-term debt, fair value	339,000	338,000
Subordinated debentures	205,000	205,000
Carrying value
Fair value disclosures
Long-term debt	321,000	321,000
Subordinated debentures	$ 200,000	$ 200,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 03, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of cash, cash equivalents and restricted cash


	February 3,		January 28,
(in thousands of dollars)	2024		2023
Cash and cash equivalents	$	808,287	$	650,336
Restricted cash		—		9,995
Total cash and cash equivalents and restricted cash	$	808,287	$	660,331

Schedule of estimated useful lives


Buildings and leasehold improvements		20 - 40 years
Furniture, fixtures and equipment		3 - 10 years

Long-Term Debt - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Long-term debt
Interest paid	$ 45.0	$ 44.7	$ 44.8
Unsecured notes, at rates ranging from 7.000% to 7.750%, due 2026 through 2028
Long-term debt
Long-term debt	$ 321.5	$ 321.4
Unsecured notes, at rates ranging from 7.000% to 7.750%, due 2026 through 2028 \| Minimum
Long-term debt
Interest rate (as a percent)	7.00%
Unsecured notes, at rates ranging from 7.000% to 7.750%, due 2026 through 2028 \| Maximum
Long-term debt
Interest rate (as a percent)	7.75%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum number of days cash remains restricted pursuant to like-kind exchange agreements	180 days	180 days
Cash and cash equivalents	$ 808,287	$ 650,336
Restricted cash		9,995
Total cash, cash equivalents and restricted cash	$ 808,287	$ 660,331	$ 716,759	$ 360,339

Description of Business and Summary of Significant Accounting Policies - Supplier Finance Program (Details) - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023
Supplier Finance Program
Confirmed obligations outstanding	$ 1.6	$ 1.8
Supplier Finance Program, Obligation, Statement of Financial Position	Trade accounts payable and accrued expenses	Trade accounts payable and accrued expenses

Income Taxes

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

The provision for federal and state income taxes is summarized as follows:


(in thousands of dollars)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Current:
Federal	$	185,082	$	220,089	$	224,462
State		10,412		13,040		8,876
		195,494		233,129		233,338
Deferred:
Federal		(12,621)		(1,652)		(9,120)
State		(5,103)		(13,647)		1,672
		(17,724)		(15,299)		(7,448)
	$	177,770	$	217,830	$	225,890

A reconciliation between the Company’s income tax provision and income taxes using the federal statutory income tax rate of 21% is presented below:


(in thousands of dollars)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Income tax at the statutory federal rate	$	192,490	$	232,988	$	228,556
State income taxes, net of federal benefit		14,529		20,616		24,677
Net changes in unrecognized tax benefits, interest and penalties/reserves		458		1,598		186
Tax benefit of federal credits		(1,571)		(1,724)		(1,504)
Changes in cash surrender value of life insurance policies		(383)		(389)		(387)
Changes in valuation allowance		(9,766)		(22,071)		(14,364)
Tax benefit of dividends paid to ESOP		(21,990)		(17,257)		(18,912)
Other		4,003		4,069		7,638
	$	177,770	$	217,830	$	225,890

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of February 3, 2024 and January 28, 2023 are as follows:


	February 3,		January 28,
(in thousands of dollars)	2024		2023
Prepaid expenses	$	56,808	$	54,151
Joint venture basis differences		7,954		6,714
Differences between book and tax basis of inventory		30,551		31,444
Operating lease assets		9,670		7,599
Other		716		153
Total deferred tax liabilities		105,699		100,061
Property and equipment bases and depreciation differences		(50,123)		(34,100)
Accruals not currently deductible		(87,396)		(80,499)
Operating lease liabilities		(9,853)		(7,751)
Net operating loss carryforwards		(21,750)		(27,830)
Other		(1,030)		(864)
Total deferred tax assets		(170,152)		(151,044)
Valuation allowance		1,470		10,727
Net deferred tax assets		(168,682)		(140,317)
Net deferred income taxes	$	(62,983)	$	(40,256)

Deferred tax assets and liabilities were measured using the federal statutory income tax rate of 21% and the appropriate state statutory income tax rates. State deferred tax assets and liabilities, including net operating loss carryforwards and valuation allowances, are presented net of related federal tax effects.

At February 3, 2024, the Company had a deferred tax asset related to state net operating loss carryforwards of approximately $21.8 million that could be utilized to reduce the tax liabilities of future years. Approximately $3.9 million of these carryforwards have indefinite lives, and approximately $17.9 million will expire between fiscal 2024 and 2044. State deferred tax assets were reduced by a valuation allowance of approximately $1.5 million primarily for the net operating loss carryforwards of various members of the affiliated group in states for which the Company determined that it is “more likely than not” that the benefit of the net operating losses will not be realized.

Deferred tax assets and liabilities are presented as follows in the accompanying consolidated balance sheets:


	February 3,		January 28,
(in thousands of dollars)	2024		2023
Net deferred tax assets - deferred income taxes	$	(63,951)	$	(42,278)
Net deferred tax liabilities - other liabilities		968		2,022
Net deferred income taxes	$	(62,983)	$	(40,256)

The total amount of unrecognized tax benefits as of February 3, 2024 was $8.1 million, of which $6.0 million would, if recognized, affect the Company’s effective tax rate. The total amount of unrecognized tax benefits as of January 28, 2023 was $7.0 million, of which $5.3 million would, if recognized, affect the Company’s effective tax rate. The Company does not expect a significant change in unrecognized tax benefits in the next twelve months. Where applicable, associated interest expense and penalties are also recorded in income tax expense. The total amounts of interest and penalties were not material.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands of dollars)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Unrecognized tax benefits at beginning of period	$	7,030	$	6,735	$	5,058
Gross increases—tax positions in prior period		868		—		1,282
Gross decreases—tax positions in prior period		(695)		(885)		(566)
Gross increases—current period tax positions		1,405		1,202		1,332
Lapse of statutes of limitation		(498)		(22)		(371)
Unrecognized tax benefits at end of period	$	8,110	$	7,030	$	6,735

The fiscal tax years that remain subject to examination for the federal tax jurisdiction are 2015, 2016 and 2019 and forward. The fiscal tax years that remain subject to examination for major state tax jurisdictions are 2020 and forward. At this time, the Company does not expect the results from any income tax audit to have a material impact on the Company’s consolidated financial statements.

Income taxes paid, net of income tax refunds received, during fiscal 2023, 2022 and 2021 were approximately $183.8 million, $234.9 million and $93.6 million, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details