Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 30, 2022 | Aug. 23, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Kirkland’s, Inc. | |
Entity Central Index Key | 0001056285 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,754,368 | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity File Number | 000-49885 | |
Entity Tax Identification Number | 62-1287151 | |
Entity Address, Address Line One | 5310 Maryland Way | |
Entity Address, City or Town | Brentwood | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37027 | |
Entity Incorporation, State or Country Code | TN | |
City Area Code | 615 | |
Local Phone Number | 872-4800 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | KIRK | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 10,330 | $ 25,003 | $ 45,248 |
Inventories, net | 141,702 | 114,029 | 92,017 |
Prepaid expenses and other current assets | 7,273 | 10,537 | 8,779 |
Total current assets | 159,305 | 149,569 | 146,044 |
Property and equipment: | |||
Equipment | 19,953 | 20,043 | 20,367 |
Furniture and fixtures | 68,653 | 69,823 | 71,584 |
Leasehold improvements | 106,109 | 106,065 | 107,993 |
Computer software and hardware | 78,886 | 77,311 | 80,647 |
Projects in progress | 3,835 | 3,366 | 2,666 |
Property and equipment, gross | 277,436 | 276,608 | 283,257 |
Accumulated depreciation | (231,502) | (226,611) | (226,925) |
Property and equipment, net | 45,934 | 49,997 | 56,332 |
Operating lease right-of-use assets | 140,310 | 124,684 | 136,381 |
Other assets | 7,891 | 6,939 | 6,368 |
Total assets | 353,440 | 331,189 | 345,125 |
Current liabilities: | |||
Accounts payable | 61,569 | 62,535 | 50,890 |
Accrued expenses | 27,636 | 30,811 | 30,895 |
Operating lease liabilities | 40,801 | 41,268 | 42,772 |
Total current liabilities | 130,006 | 134,614 | 124,557 |
Operating lease liabilities | 123,426 | 111,021 | 129,985 |
Revolving line of credit | 55,000 | 0 | 0 |
Other liabilities | 4,897 | 4,428 | 5,981 |
Total liabilities | 313,329 | 250,063 | 260,523 |
Shareholders’ equity: | |||
Preferred stock, no par value, 10,000,000 shares authorized; no shares issued or outstanding at July 30, 2022, January 29, 2022, and July 31, 2021, respectively | 0 | 0 | 0 |
Common stock, no par value; 100,000,000 shares authorized; 12,754,368; 12,631,347; and 13,805,130 shares issued and outstanding at July 30, 2022, January 29, 2022, and July 31, 2021, respectively | 174,654 | 175,856 | 175,090 |
Accumulated deficit | (134,543) | (94,730) | (90,488) |
Total shareholders’ equity | 40,111 | 81,126 | 84,602 |
Total liabilities and shareholders’ equity | $ 353,440 | $ 331,189 | $ 345,125 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Statement Of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0 | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 12,754,368 | 12,631,347 | 13,805,130 |
Common stock, shares outstanding (in shares) | 12,754,368 | 12,631,347 | 13,805,130 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 102,101,000 | $ 114,790,000 | $ 205,386,000 | $ 238,359,000 |
Cost of sales | 83,576,000 | 75,092,000 | 158,569,000 | 158,406,000 |
Gross profit | 18,525,000 | 39,698,000 | 46,817,000 | 79,953,000 |
Operating expenses: | ||||
Compensation and benefits | 21,507,000 | 21,664,000 | 42,399,000 | 40,777,000 |
Other operating expenses | 17,222,000 | 16,181,000 | 34,020,000 | 33,656,000 |
Depreciation (exclusive of depreciation included in cost of sales) | 1,596,000 | 1,630,000 | 3,293,000 | 3,243,000 |
Total operating expenses | 40,325,000 | 39,475,000 | 79,712,000 | 77,676,000 |
Operating (loss) income | (21,800,000) | 223,000 | (32,895,000) | 2,277,000 |
Interest expense | 366,000 | 76,000 | 522,000 | 161,000 |
Other income | (83,000) | (75,000) | (155,000) | (155,000) |
(Loss) income before income taxes | (22,083,000) | 222,000 | (33,262,000) | 2,271,000 |
Income tax expense (benefit) | 3,622,000 | (404,000) | 298,000 | (74,000) |
Net (loss) income | $ (25,705,000) | $ 626,000 | $ (33,560,000) | $ 2,345,000 |
(Loss) earnings per share: | ||||
Basic | $ (2.02) | $ 0.04 | $ (2.65) | $ 0.16 |
Diluted | $ (2.02) | $ 0.04 | $ (2.65) | $ 0.15 |
Weighted average shares outstanding: | ||||
Basic | 12,740 | 14,163 | 12,653 | 14,229 |
Diluted | 12,740 | 15,161 | 12,653 | 15,298 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock | Accumulated Deficit |
Balance, beginning of period at Jan. 30, 2021 | $ 94,922 | $ 174,391 | $ (79,469) |
Balance, beginning of period (in shares) at Jan. 30, 2021 | 14,292,250 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Exercise of stock options | 52 | $ 52 | |
Exercise of stock options (in shares) | 10,669 | ||
Restricted stock issued | 30,087 | ||
Net share settlement of stock options and restricted stock units | (257) | $ (257) | |
Net share settlement of stock options and restricted stock units (in shares) | (11,339) | ||
Stock-based compensation expense | 232 | $ 232 | |
Repurchase and retirement of common stock | (1,356) | (1,356) | |
Repurchase and retirement of common stock (in shares) | (47,350) | ||
Net Income Loss | 1,719 | 1,719 | |
Balance, end of period at May. 01, 2021 | 95,312 | $ 174,418 | (79,106) |
Balance, end of period (in shares) at May. 01, 2021 | 14,274,317 | ||
Balance, beginning of period at Jan. 30, 2021 | 94,922 | $ 174,391 | (79,469) |
Balance, beginning of period (in shares) at Jan. 30, 2021 | 14,292,250 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Exercise of stock options | $ 146 | ||
Repurchase and retirement of common stock (in shares) | (608,898) | ||
Net Income Loss | $ 2,345 | ||
Balance, end of period at Jul. 31, 2021 | $ 84,602 | $ 175,090 | (90,488) |
Balance, end of period (in shares) at Jul. 31, 2021 | 13,805,130 | 13,805,130 | |
Balance, beginning of period at May. 01, 2021 | $ 95,312 | $ 174,418 | (79,106) |
Balance, beginning of period (in shares) at May. 01, 2021 | 14,274,317 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Exercise of stock options | 94 | $ 94 | |
Exercise of stock options (in shares) | 20,168 | ||
Restricted stock issued | 79,775 | ||
Net share settlement of stock options and restricted stock units | (73) | $ (73) | |
Net share settlement of stock options and restricted stock units (in shares) | (7,582) | ||
Stock-based compensation expense | 651 | $ 651 | |
Repurchase and retirement of common stock | $ (12,008) | (12,008) | |
Repurchase and retirement of common stock (in shares) | (561,548) | (561,548) | |
Net Income Loss | $ 626 | 626 | |
Balance, end of period at Jul. 31, 2021 | $ 84,602 | $ 175,090 | (90,488) |
Balance, end of period (in shares) at Jul. 31, 2021 | 13,805,130 | 13,805,130 | |
Balance, beginning of period at Jan. 29, 2022 | $ 81,126 | $ 175,856 | (94,730) |
Balance, beginning of period (in shares) at Jan. 29, 2022 | 12,631,347 | 12,631,347 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Exercise of stock options | $ 16 | $ 16 | |
Exercise of stock options (in shares) | 2,705 | ||
Restricted stock issued | 797,849 | ||
Net share settlement of stock options and restricted stock units | (2,375) | $ (2,375) | |
Net share settlement of stock options and restricted stock units (in shares) | (224,320) | ||
Stock-based compensation expense | 548 | $ 548 | |
Repurchase and retirement of common stock | (6,253) | (6,253) | |
Repurchase and retirement of common stock (in shares) | (479,966) | ||
Net Income Loss | (7,855) | (7,855) | |
Balance, end of period at Apr. 30, 2022 | 65,207 | $ 174,045 | (108,838) |
Balance, end of period (in shares) at Apr. 30, 2022 | 12,727,615 | ||
Balance, beginning of period at Jan. 29, 2022 | $ 81,126 | $ 175,856 | (94,730) |
Balance, beginning of period (in shares) at Jan. 29, 2022 | 12,631,347 | 12,631,347 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Exercise of stock options | $ 16 | ||
Repurchase and retirement of common stock (in shares) | (479,966) | ||
Net Income Loss | $ (33,560) | ||
Balance, end of period at Jul. 30, 2022 | $ 40,111 | $ 174,654 | (134,543) |
Balance, end of period (in shares) at Jul. 30, 2022 | 12,754,368 | 12,754,368 | |
Balance, beginning of period at Apr. 30, 2022 | $ 65,207 | $ 174,045 | (108,838) |
Balance, beginning of period (in shares) at Apr. 30, 2022 | 12,727,615 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock issued | 28,574 | ||
Net share settlement of stock options and restricted stock units | (8) | $ (8) | |
Net share settlement of stock options and restricted stock units (in shares) | (1,821) | ||
Stock-based compensation expense | $ 617 | $ 617 | |
Repurchase and retirement of common stock (in shares) | |||
Net Income Loss | $ (25,705) | (25,705) | |
Balance, end of period at Jul. 30, 2022 | $ 40,111 | $ 174,654 | $ (134,543) |
Balance, end of period (in shares) at Jul. 30, 2022 | 12,754,368 | 12,754,368 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (33,560) | $ 2,345 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Depreciation and amortization of property and equipment | 8,837 | 10,486 |
Amortization of debt issue costs | 46 | 46 |
Asset impairment | 228 | 310 |
Loss on disposal of property and equipment | 183 | 5 |
Stock-based compensation expense | 1,165 | 883 |
Changes in assets and liabilities: | ||
Inventories, net | (27,673) | (29,934) |
Prepaid expenses and other current assets | 3,489 | 111 |
Accounts payable | (1,165) | (4,619) |
Accrued expenses | (1,264) | (4,648) |
Income taxes receivable | (2,136) | (2,523) |
Operating lease assets and liabilities | (3,840) | (9,837) |
Other assets and liabilities | (377) | (779) |
Net cash used in operating activities | (56,067) | (38,154) |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 33 | 15 |
Capital expenditures | (5,019) | (3,402) |
Net cash used in investing activities | (4,986) | (3,387) |
Cash flows from financing activities: | ||
Borrowings on revolving line of credit | 55,000 | 0 |
Cash used in net share settlement of stock options and restricted stock units | (2,383) | (330) |
Proceeds received from employee stock option exercises | 16 | 146 |
Repurchase and retirement of common stock | (6,253) | (13,364) |
Net cash provided by (used in) financing activities | 46,380 | (13,548) |
Cash and cash equivalents: | ||
Net decrease | (14,673) | (55,089) |
Beginning of the period | 25,003 | 100,337 |
End of the period | 10,330 | 45,248 |
Supplemental schedule of non-cash activities: | ||
Non-cash accruals for purchases of property and equipment | $ 1,502 | $ 732 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jul. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Note 1 – Description of Business and Basis of Presentation Nature of Business — Kirkland’s, Inc. (the “Company”) is a specialty retailer of home décor in the United States operating 356 stores in 35 states as of July 30, 2022 , as well as an e-commerce website, www.kirklands.com, under the Kirkland’s Home brand. Principles of consolidation — The condensed consolidated financial statements of the Company include the accounts of Kirkland’s, Inc. and its wholly-owned subsidiaries, Kirkland’s Stores, Inc., Kirkland’s DC, Inc., and Kirkland’s Texas, LLC. Significant intercompany accounts and transactions have been eliminated. Basis of presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q and pursuant to the reporting and disclosure rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2022. Macroeconomic conditions — Economic disruption, inflation, uncertainty, volatility and the COVID-19 pandemic have affected the Company’s business operations. As a result, if these conditions persist and/or worsen, the Company’s accounting estimates and assumptions could be impacted in subsequent periods, and it is reasonably possible such changes could be significant. Seasonality — The results of the Company’s operations for the 13-week and 26-week periods ended July 30, 2022 are not indicative of the results to be expected for any other interim period or for the entire fiscal year due to seasonality factors. Fiscal year — The Company’s fiscal year ends on the Saturday closest to January 31, resulting in years of either 52 or 53 weeks. Accordingly, fiscal 2022 represents the 52 weeks ending on January 28, 2023 and fiscal 2021 represents the 52 weeks ended on January 29, 2022. Use of estimates — The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from the estimates and assumptions used. It should be understood that accounting measurements at interim dates inherently involve greater reliance on estimates than those at fiscal year-end. Changes in estimates are recognized in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include, but are not limited to, impairment assessments on long-lived assets, inventory reserves, self-insurance reserves and deferred tax asset valuation allowances. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jul. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 2 – Revenue Recognition Net sales — Net sales includes the sale of merchandise, net of returns, shipping revenue, gift card breakage revenue and revenue earned from our private label credit card program and excludes sales taxes. Sales returns reserve — The Company reduces net sales and estimates a liability for sales returns based on historical return trends, and the Company believes that its estimate for sales returns is a reasonably accurate reflection of future returns associated with past sales. However, as with any estimate, refund activity may vary from estimated amounts. The Company had a liability of approximately $ 1.4 million, $ 1.4 million and $ 1.5 million reserved for sales returns at July 30, 2022, January 29, 2022 and July 31, 2021 , respectively, included in accrued expenses on the condensed consolidated balance sheets. The related sales return reserve products recovery asset included in prepaid expenses and other current assets on the condensed consolidated balance sheets was approximately $ 742,000 , $ 697,000 and $ 666,000 at July 30, 2022, January 29, 2022, and July 31, 2021, respectively. Deferred e-commerce revenue —The Company recognizes revenue at the time of sale of merchandise to customers in its stores. E-commerce revenue is recorded at the estimated time of delivery to the customer. If the Company receives payment before completion of its customer obligations, the revenue is deferred until the customer takes possession of the merchandise and the sale is complete. Deferred revenue related to e-commerce orders that have been shipped but not estimated to be received by customers included in accrued expenses on the condensed consolidated balance sheets was approximately $ 1.2 million, $ 1.0 million and $ 1.0 million at July 30, 2022, January 29, 2022 and July 31, 2021 , respectively. The related contract assets, reflected in inventory on the condensed consolidated balance sheets, totaled approximately $ 656,000 , $ 518,000 and $ 448,000 at July 30, 2022, January 29, 2022 and July 31, 2021, respectively. Gift cards — Gift card sales are recognized as revenue when tendered for payment. While the Company honors all gift cards presented for payment, the Company determines the likelihood of redemption to be remote for certain gift card balances due to long periods of inactivity. The Company uses the redemption recognition method to account for breakage for unused gift card amounts where breakage is recognized as gift cards are redeemed for the purchase of goods based upon a historical breakage rate. In these circumstances, to the extent the Company determines there is no requirement for remitting unredeemed card balances to government agencies under unclaimed property laws, such amounts are recognized in the condensed consolidated statements of operations as a component of net sales. The table below sets forth selected gift card liability information (in thousands) for the periods indicated: July 30, 2022 January 29, 2022 July 31, 2021 Gift card liability, net of estimated breakage (included in accrued expenses) $ 13,981 $ 14,761 $ 12,802 The table below sets forth selected gift card breakage and redemption information (in thousands) for the periods indicated: 13-Week Period Ended 26-Week Period Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Gift card breakage revenue (included in net sales) $ 191 $ 195 $ 393 $ 411 Gift card redemptions recognized in the current period related to amounts included in the gift card contract liability balance as of the prior period 1,572 1,411 3,157 3,357 Customer loyalty program — The Company has a loyalty program called the K-club that allows members to receive points based on qualifying purchases that are converted into certificates that may be redeemed on future purchases. This customer option is a material right and, accordingly, represents a separate performance obligation to the customer under ASC 606 Revenue from Contracts with Customers. The related loyalty program deferred revenue included in accrued expenses on the condensed consolidated balance sheets was approximately $ 1.0 million, $ 1.3 million and $ 825,000 at July 30, 2022, January 29, 2022 and July 31, 2021, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 3 – Income Taxes For the 13-week periods ended July 30, 2022 and July 31, 2021, the Company recorded income tax expense of approximately $ 3.6 million, or 16.4 % of the loss before income taxes, and a tax benefit of approximately $ 404,000 , or 182.0 % of income before income taxes, respectively. The change in income taxes for the 13-week period ended July 30, 2022, compared to the prior year period, was primarily due to the federal net operating loss carry-forward now projected by the Company for fiscal 2022, which is fully offset by a valuation allowance. This change in estimate caused the reversal of the tax benefit recorded in the first quarter of fiscal 2022. For the 26-week periods ended July 30, 2022 and July 31, 2021, the Company recorded income tax expense of $ 298,000 , or 0.9 % of the loss before income taxes, and an income tax benefit of $ 74,000 , or 3.3 % of income before income taxes, respectively. Income taxes for the 26-week periods ended July 30, 2022 and July 31, 2021 were minimal due to valuation allowances against deferred tax assets. Income tax expense (benefit) differs from the amount computed by applying the statutory federal income tax rate to (loss) income before income taxes. A reconciliation of income tax expense (benefit) at the statutory federal income tax rate to the amount provided is as follows (in thousands): 13-Week Period Ended 26-Week Period Ended July 30, July 31, July 30, July 31, 2022 2021 2022 2021 Tax at federal statutory rate $ ( 4,637 ) $ 47 $ ( 6,985 ) $ 477 State income taxes, net of federal benefit ( 12 ) 1 ( 466 ) 66 Tax credits ( 181 ) ( 2 ) ( 126 ) ( 6 ) Executive compensation 205 1 116 15 Stock based compensation programs 117 ( 415 ) ( 553 ) ( 517 ) Valuation allowance 8,092 ( 36 ) 8,307 ( 110 ) Other 38 — 5 1 Income tax expense (benefit) $ 3,622 $ ( 404 ) $ 298 $ ( 74 ) The Company recognizes deferred tax assets and liabilities using estimated future tax rates for the effect of temporary differences between the book and tax basis of recorded assets and liabilities, including net operating loss carry forwards. Management assesses the realizability of deferred tax assets and records a valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company considers the probability of future taxable income and our historical profitability, among other factors, in assessing the amount of the valuation allowance. Adjustments could be required in the future if the Company estimates that the amount of deferred tax assets to be realized is more than the net amount recorded. Any change in the valuation allowance could have the effect of increasing or decreasing the income tax provision in the statement of operations based on the nature of the deferred tax asset deemed realizable in the period in which such determination is made. As of July 30, 2022 and July 31, 2021, the Company recorded a full valuation allowance against deferred tax assets. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 6 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | Note 4 – (Loss) Earnings Per Share Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of shares outstanding during each period presented. Diluted (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of shares outstanding plus the dilutive effect of stock equivalents outstanding during the applicable periods using the treasury stock method. Diluted (loss) earnings per share reflects the potential dilution that could occur if options to purchase stock were exercised into common stock and if outstanding grants of restricted stock were vested. Stock options and restricted stock units that were not included in the computation of diluted (loss) earnings per share, because to do so would have been antidilutive, were approximately 471,000 shares and 83,000 shares for the 13-week periods ended July 30, 2022 and July 31, 2021, respectively, and 630,000 shares and 123,000 shares for the 26-week periods ended July 30, 2022 and July 31, 2021, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5 – Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of cash and cash equivalents, accounts receivable, other current assets and accounts payable approximate fair value because of their short maturities. The Company measures certain assets at fair value on a non-recurring basis, including the evaluation of long-lived assets for impairment using Company-specific assumptions, including forecasts of projected financial information that would fall within Level 3 of the fair value hierarchy. The Company uses market participant rents (Level 2 input) to calculate the fair value of right-of-use assets and discounted future cash flows of the asset or asset group using a discount rate that approximates the cost of capital of a market participant (Level 2 input) to quantify fair value for other long-lived assets. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies The Company was named as a defendant in a putative class action filed in April 2017 in the United States District Court for the Western District of Pennsylvania, Gennock v. Kirkland’s, Inc. The complaint alleged that the Company, in violation of federal law, published more than the last five digits of a credit or debit card number on customers’ receipts and sought statutory and punitive damages and attorneys’ fees and costs. On October 21, 2019, the District Court dismissed the matter and ruled that the Plaintiffs did not have standing based on the Third Circuit’s recent decision in Kamal v. J. Crew Group, Inc., 918 F.3d 102 (3d. Cir. 2019). Following the dismissal in federal court, on October 25, 2019, the plaintiffs filed a Praecipe to Transfer the case to Pennsylvania state court, and on August 20, 2020, the court ruled that the plaintiffs have standing. The Company appealed that ruling, and on April 27, 2022, the Superior Court of Pennsylvania granted the Company’s petition for permission to appeal. On August 4, 2022, the Company filed its Appellate Brief with the Superior Court of Pennsylvania. The Company continues to believe that the case is without merit and intends to continue to vigorously defend itself against the allegations. The matter is covered by insurance, and the Company does not believe that the case will have a material adverse effect on its consolidated financial condition, operating results or cash flows. The Company was named as a defendant in a putative class action filed in May 2018 in the Superior Court of California, Miles v. Kirkland’s Stores, Inc. The case has been removed to United States District Court for the Central District of California. The complaint alleges, on behalf of Miles and all other hourly Kirkland’s employees in California, various wage and hour violations and seeks unpaid wages, statutory and civil penalties, monetary damages and injunctive relief. Kirkland’s denies the material allegations in the complaint and believes that its employment policies are generally compliant with California law. On March 22, 2022, the District Court denied the plaintiff’s motion to certify in its entirety, and on May 26, 2022, the Ninth Circuit granted the plaintiff’s petition for permission to appeal. The Court has stayed the entire case pending the appeal. The Company continues to believe the case is without merit and intends to vigorously defend itself against the allegations. The Company was named as a defendant in a putative class action filed on August 23, 2022 in the United States District Court for the Southern District of New York, Sicard v. Kirkland’s Stores, Inc. The complaint alleges, on behalf of Sicard and all other hourly store employees based in New York, that Kirkland’s violated New York Labor Law Section 191 by failing to pay him and the putative class members their wages within seven calendar days after the end of the week in which those wages were earned, rather than on a bi-weekly basis. The Company believes the case is without merit and intends to vigorously defend itself against the allegations. The Company is also party to other pending legal proceedings and claims that arise in the normal course of business. Although the outcome of such proceedings and claims cannot be determined with certainty, the Company’s management is of the opinion that it is unlikely that such proceedings and any claims in excess of insurance coverage will have a material effect on its consolidated financial condition, operating results or cash flows |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 7 – Stock-Based Compensation The Company maintains equity incentive plans under which it may grant non-qualified stock options, incentive stock options, restricted stock, restricted stock units, or stock appreciation rights to employees, non-employee directors and consultants. Compensation expense is recognized on a straight-line basis over the vesting periods of each grant. There have been no material changes in the assumptions used to compute compensation expense during the current year. The table below sets forth selected stock-based compensation information (in thousands, except share amounts) for the periods indicated: 13-Week Period Ended 26-Week Period Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Stock-based compensation expense (included in compensation and benefits on the condensed consolidated statements of operations) $ 617 $ 651 $ 1,165 $ 883 Restricted stock units granted 119,400 33,152 359,800 152,815 During the 13-week and 26-week periods ended July 30, 2022 and July 31, 2021, the Company also granted performance-based restricted stock units (“PSUs”) that are subject to the achievement of specified performance goals over a specified performance period. The performance metrics for the PSUs are earnings before interest, taxes, depreciation and amortization (“EBITDA”) compared to target EBITDA and also include a relative shareholder return modifier. The Company currently estimates that no shares will be issued with respect to the PSUs granted in fiscal 2021 or 2022. |
Share Repurchase Plan
Share Repurchase Plan | 6 Months Ended |
Jul. 30, 2022 | |
Treasury Stock Transactions [Abstract] | |
Share Repurchase Plan | Note 8 – Share Repurchase Plan On December 3, 2020, September 2, 2021, and January 6, 2022, the Company announced that its Board of Directors authorized a share repurchase plan providing for the purchase in the aggregate of up to $ 20 million, $ 20 million and $ 30 million, respectively, of the Company’s outstanding common stock. Repurchases of shares are made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases are based on a variety of factors, including stock price, regulatory limitations and other market and economic factors. The share repurchase plan does not require the Company to repurchase any specific number of shares, and the Company may terminate the repurchase plan at any time. As of July 30, 2022 , the Company had approximately $ 26.3 million remaining under the current share repurchase plan. The table below sets forth selected share repurchase plan information (in thousands, except share amounts) for the periods indicated: 13-Week Period Ended 26-Week Period Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Shares repurchased and retired — 561,548 479,966 608,898 Share repurchase cost $ — $ 12,008 $ 6,253 $ 13,364 |
Senior Credit Facility
Senior Credit Facility | 6 Months Ended |
Jul. 30, 2022 | |
Debt Disclosure [Abstract] | |
Senior Credit Facility | Note 9 – Senior Credit Facility On December 6, 2019, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, N.A. as administrative agent, collateral agent and lender. The Credit Agreement contains a $ 75 million senior secured revolving credit facility, a swingline availability of $ 10 million, a $ 25 million incremental accordion feature and a maturity date of December 2024. Advances under the Credit Agreement bear interest at an annual rate equal to the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 125 to 175 basis points with no LIBOR floor, and the fee paid to the lender on the unused portion of the credit facility is 25 basis points per annum. Borrowings under the Credit Agreement are subject to certain conditions, and the Credit Agreement contains customary events of default, including, without limitation, failure to make payments, a cross-default to certain other debt, breaches of covenants, breaches of representations and warranties, a change in control, certain monetary judgments and bankruptcy and certain events under the Employee Retirement Income Security Act of 1974 (“ERISA”). Upon any such event of default, the principal amount of any unpaid loans and all other obligations under the Credit Agreement may be declared immediately due and payable. The maximum availability under the Credit Agreement is limited by a borrowing base formula, which consists of a percentage of eligible inventory and eligible credit card receivables, less reserves. The Company is subject to a Second Amended and Restated Security Agreement (the “Security Agreement”) with its lender. Pursuant to the Security Agreement, the Company pledged and granted to the administrative agent, for the benefit of itself and the secured parties specified therein, a lien on and security interest in all of the rights, title and interest in substantially all of the Company’s assets to secure the payment and performance of the obligations under the Credit Agreement. As of July 30, 2022 , the Company was in compliance with the covenants in the Credit Agreement. Under the Credit Agreement, there were $ 55.0 million in outstanding borrowings and no letters of credit outstanding with approximately $ 20.0 million available for borrowing as of July 30, 2022 . |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jul. 30, 2022 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | N ote 10 – New Accounting Pronouncements New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This guidance is in response to accounting concerns regarding contract modifications and hedge accounting because of impending rate reform associated with structural risks of interbank offered rates, and, particularly, the risk of cessation of the LIBOR related to regulators in several jurisdictions around the world having undertaken reference rate reform initiatives to identify alternative reference rates. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The adoption of this guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements and related disclosures. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jul. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 11 — Subsequent Event Subsequent to July 30, 2022, the Company borrowed an additional $ 5.0 million under the Credit Agreement. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jul. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | Nature of Business — Kirkland’s, Inc. (the “Company”) is a specialty retailer of home décor in the United States operating 356 stores in 35 states as of July 30, 2022 , as well as an e-commerce website, www.kirklands.com, under the Kirkland’s Home brand. |
Principles of consolidation | Principles of consolidation — The condensed consolidated financial statements of the Company include the accounts of Kirkland’s, Inc. and its wholly-owned subsidiaries, Kirkland’s Stores, Inc., Kirkland’s DC, Inc., and Kirkland’s Texas, LLC. Significant intercompany accounts and transactions have been eliminated. |
Basis of presentation | Basis of presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q and pursuant to the reporting and disclosure rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2022. |
Macroeconomic conditions | Macroeconomic conditions — Economic disruption, inflation, uncertainty, volatility and the COVID-19 pandemic have affected the Company’s business operations. As a result, if these conditions persist and/or worsen, the Company’s accounting estimates and assumptions could be impacted in subsequent periods, and it is reasonably possible such changes could be significant. |
Fiscal year | Seasonality — The results of the Company’s operations for the 13-week and 26-week periods ended July 30, 2022 are not indicative of the results to be expected for any other interim period or for the entire fiscal year due to seasonality factors. Fiscal year — The Company’s fiscal year ends on the Saturday closest to January 31, resulting in years of either 52 or 53 weeks. Accordingly, fiscal 2022 represents the 52 weeks ending on January 28, 2023 and fiscal 2021 represents the 52 weeks ended on January 29, 2022. |
Use of estimates | Use of estimates — The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from the estimates and assumptions used. It should be understood that accounting measurements at interim dates inherently involve greater reliance on estimates than those at fiscal year-end. Changes in estimates are recognized in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include, but are not limited to, impairment assessments on long-lived assets, inventory reserves, self-insurance reserves and deferred tax asset valuation allowances. |
New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This guidance is in response to accounting concerns regarding contract modifications and hedge accounting because of impending rate reform associated with structural risks of interbank offered rates, and, particularly, the risk of cessation of the LIBOR related to regulators in several jurisdictions around the world having undertaken reference rate reform initiatives to identify alternative reference rates. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The adoption of this guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements and related disclosures. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Gift Card Liability, Breakage and Redemption Information | The table below sets forth selected gift card liability information (in thousands) for the periods indicated: July 30, 2022 January 29, 2022 July 31, 2021 Gift card liability, net of estimated breakage (included in accrued expenses) $ 13,981 $ 14,761 $ 12,802 The table below sets forth selected gift card breakage and redemption information (in thousands) for the periods indicated: 13-Week Period Ended 26-Week Period Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Gift card breakage revenue (included in net sales) $ 191 $ 195 $ 393 $ 411 Gift card redemptions recognized in the current period related to amounts included in the gift card contract liability balance as of the prior period 1,572 1,411 3,157 3,357 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of income tax expense (benefit) | A reconciliation of income tax expense (benefit) at the statutory federal income tax rate to the amount provided is as follows (in thousands): 13-Week Period Ended 26-Week Period Ended July 30, July 31, July 30, July 31, 2022 2021 2022 2021 Tax at federal statutory rate $ ( 4,637 ) $ 47 $ ( 6,985 ) $ 477 State income taxes, net of federal benefit ( 12 ) 1 ( 466 ) 66 Tax credits ( 181 ) ( 2 ) ( 126 ) ( 6 ) Executive compensation 205 1 116 15 Stock based compensation programs 117 ( 415 ) ( 553 ) ( 517 ) Valuation allowance 8,092 ( 36 ) 8,307 ( 110 ) Other 38 — 5 1 Income tax expense (benefit) $ 3,622 $ ( 404 ) $ 298 $ ( 74 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | The table below sets forth selected stock-based compensation information (in thousands, except share amounts) for the periods indicated: 13-Week Period Ended 26-Week Period Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Stock-based compensation expense (included in compensation and benefits on the condensed consolidated statements of operations) $ 617 $ 651 $ 1,165 $ 883 Restricted stock units granted 119,400 33,152 359,800 152,815 |
Share Repurchase Plan (Tables)
Share Repurchase Plan (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Treasury Stock Transactions [Abstract] | |
Schedule of Share Repurchase Plan Information | The table below sets forth selected share repurchase plan information (in thousands, except share amounts) for the periods indicated: 13-Week Period Ended 26-Week Period Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Shares repurchased and retired — 561,548 479,966 608,898 Share repurchase cost $ — $ 12,008 $ 6,253 $ 13,364 |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Details) | Jul. 30, 2022 State Store |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of home decor and gifts store | Store | 356 |
Number of states | State | 35 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Revenue From Contract With Customer [Line Items] | |||
Liability for sales returns | $ 1,400,000 | $ 1,400,000 | $ 1,500,000 |
Sales return reserve products recovery asset | 742,000 | 697,000 | 666,000 |
Deferred e-commerce revenue | 1,200,000 | 1,000,000 | 1,000,000 |
Contract assets in inventory | 656,000 | 518,000 | 448,000 |
Customer Loyalty Program | |||
Revenue From Contract With Customer [Line Items] | |||
Deferred revenue | $ 1,000,000 | $ 1,300,000 | $ 825,000 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Gift Card Liability, Breakage and Redemption Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Revenue From Contract With Customer [Abstract] | |||||
Gift card liability, net of estimated breakage (included in accrued expenses) | $ 13,981 | $ 12,802 | $ 13,981 | $ 12,802 | $ 14,761 |
Gift card breakage revenue (included in net sales) | 191 | 195 | 393 | 411 | |
Gift card redemptions recognized in the current period related to amounts included in the gift card contract liability balance as of the prior period | $ 1,572 | $ 1,411 | $ 3,157 | $ 3,357 |
Income Taxes - Schedule of reco
Income Taxes - Schedule of reconciliation of income tax expense (benefit) at the statutory federal income tax rate (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Tax at federal statutory rate | $ (4,637,000) | $ 47,000 | $ (6,985,000) | $ 477,000 |
State income taxes, net of federal benefit | (12,000) | 1,000 | (466,000) | 66,000 |
Tax credits | (181,000) | (2,000) | (126,000) | (6,000) |
Executive compensation | 205,000 | 1,000 | 116,000 | 15,000 |
Stock based compensation programs | 117,000 | (415,000) | (553,000) | (517,000) |
Valuation allowance | 8,092,000 | (36,000) | 8,307,000 | (110,000) |
Other | 38,000 | 0 | 5,000 | 1,000 |
Income Tax Expense (Benefit), Total | $ 3,622,000 | $ (404,000) | $ 298,000 | $ (74,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 3,622,000 | $ (404,000) | $ 298,000 | $ (74,000) |
Effective tax rate | (16.40%) | 182% | (0.90%) | 3.30% |
(Loss) Earnings Per Share - Add
(Loss) Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Earnings Per Share [Abstract] | ||||
Stock options and restricted stock units not included in the computation of diluted (loss) earnings per share (in shares) | 471,000 | 83,000 | 630,000 | 123,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share Based Compensation | $ 617 | $ 651 | $ 1,165 | $ 883 |
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted | 119,400 | 33,152 | 359,800 | 152,815 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - PSU | Jan. 28, 2023 shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Equity instruments other than options estimated to vest in period | 0 |
Forecast | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Equity instruments other than options estimated to vest in period | 0 |
Share Repurchase Plan - Additio
Share Repurchase Plan - Additional Information (Details) - USD ($) $ in Millions | Jul. 30, 2022 | Jan. 06, 2022 | Sep. 02, 2021 | Dec. 03, 2020 |
Treasury Stock Transactions [Abstract] | ||||
Share repurchase plan, authorized amount | $ 30 | $ 20 | $ 20 | |
Share repurchase plan, remaining authorized amount | $ 26.3 |
Share Repurchase Plan - Schedul
Share Repurchase Plan - Schedule of Share Repurchase Plan Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Treasury Stock Transactions [Abstract] | ||||
Shares repurchased and retired | 561,548 | 479,966 | 608,898 | |
Share repurchase cost | $ 0 | $ 12,008 | $ 6,253 | $ 13,364 |
Senior Credit Facility - Additi
Senior Credit Facility - Additional Information (Details) - USD ($) | 6 Months Ended | ||
Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 | |
Line of Credit Facility [Line Items] | |||
Revolving line of credit | $ 55,000,000 | $ 0 | $ 0 |
Revolving credit facility | |||
Line of Credit Facility [Line Items] | |||
Percentage of fee on unused portion of the facility | 0.25% | ||
Letters of credit outstanding, amount | $ 0 | ||
Revolving credit facility | Minimum | |||
Line of Credit Facility [Line Items] | |||
Interest at an annual rate equal to LIBOR plus a margin range | 1.25% | ||
Revolving credit facility | Maximum | |||
Line of Credit Facility [Line Items] | |||
Interest at an annual rate equal to LIBOR plus a margin range | 1.75% | ||
Secured credit facility | Revolving credit facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 75,000,000 | ||
Swingline availability | 10,000,000 | ||
Incremental accordion feature | 25,000,000 | ||
Revolving line of credit | 55,000,000 | ||
Available borrowing capacity of line of credit facility | $ 20,000,000 |
Impairment - Schedule of Impair
Impairment - Schedule of Impairment Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Impairment [Abstract] | ||
Asset Impairment Charges, Total | $ 228 | $ 310 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) $ in Millions | 6 Months Ended |
Jul. 30, 2022 USD ($) | |
Subsequent Event [Line Items] | |
Additional amount borrowed under credit agreement | $ 5 |