Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 28, 2015 | Apr. 20, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CABELAS INC | |
Entity Central Index Key | 1267130 | |
Current Fiscal Year End Date | -1 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 71,582,731 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Merchandise sales | $697,654 | $620,197 |
Financial Services revenue | 122,913 | 98,578 |
Other revenue | 6,509 | 7,048 |
Total revenues | 827,076 | 725,823 |
Merchandise costs (exclusive of depreciation and amortization) | 466,219 | 406,643 |
Cost of other revenue | 220 | 1,322 |
Total cost of revenue (exclusive of depreciation and amortization) | 466,439 | 407,965 |
Selling, distribution, and administrative expenses | 316,104 | 277,005 |
Operating income | 44,533 | 40,853 |
Interest expense, net | -3,774 | -3,685 |
Other non-operating income, net | 1,740 | 2,102 |
Income before provision for income taxes | 42,499 | 39,270 |
Provision for income taxes | 15,725 | 13,521 |
Net income | $26,774 | $25,749 |
Earnings per basic share | $0.38 | $0.36 |
Earnings per diluted share | $0.37 | $0.36 |
Basic weighted average shares outstanding | 71,272,064 | 70,766,568 |
Diluted weighted average shares outstanding | 71,603,575 | 71,758,033 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Net Income (Loss) Attributable to Parent | $26,774 | $25,749 |
Unrealized gain on economic development bonds, net of taxes of $909 and $1,103 | 1,244 | 1,847 |
Foreign currency translation adjustments | -15,511 | -3,617 |
Total other comprehensive loss | -14,267 | -1,770 |
Comprehensive income | $12,507 | $23,979 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Comprehensive Income Parentheticals (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Taxes on unrealized loss on economic development bonds | $909 | $1,103 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |||
Cash and cash equivalents | $267,686 | $142,758 | $484,586 |
Restricted cash of the Trust | 30,641 | 334,812 | 24,609 |
Accounts receivable, net | 30,699 | 62,358 | 27,959 |
Credit card loans (includes restricted credit card loans of the Trust of $4,185,397, $4,440,520, and $3,726,122), net of allowance for loan losses of $55,942, $56,572, and $51,010 | 4,157,410 | 4,421,185 | 3,698,529 |
Inventories | 810,633 | 760,293 | 742,021 |
Prepaid expenses and other current assets | 101,824 | 93,929 | 92,650 |
Income taxes receivable and deferred income taxes | 140,188 | 122,337 | 58,229 |
Assets, Current | 5,539,081 | 5,937,672 | 5,128,583 |
Property and equipment, net | 1,665,178 | 1,608,153 | 1,366,298 |
Economic development bonds | 83,083 | 82,074 | 80,056 |
Other assets | 47,723 | 47,418 | 43,689 |
Assets | 7,335,065 | 7,675,317 | 6,618,626 |
Accounts payable, including unpresented checks of $10,775, $38,790, and $26,824 | 264,016 | 335,969 | 250,181 |
Gift instruments, credit card rewards, and loyalty rewards programs | 316,351 | 339,782 | 277,185 |
Accrued expenses and other liabilities | 183,747 | 216,274 | 123,723 |
Time Deposit Maturities, Next Twelve Months | 294,849 | 273,081 | 212,141 |
Current maturities of secured variable funding obligations of the Trust | 0 | 480,000 | 0 |
Debt, Current | 212,500 | 467,500 | 255,000 |
Current maturities of long-term debt | 8,438 | 8,434 | 8,422 |
Deferred Tax Liabilities, Net, Current | 0 | 0 | 757 |
Liabilities, Current | 1,279,901 | 2,121,040 | 1,127,409 |
Long-term time deposits | 518,173 | 532,975 | 728,000 |
Secured long-term obligations of the Trust, less current maturities | 2,898,500 | 2,579,750 | 2,452,250 |
Long-term debt, less current maturities | 663,063 | 491,281 | 540,587 |
Long-term deferred income taxes | 12,579 | 6,546 | 7,346 |
Other long-term liabilities | 130,528 | 126,215 | 131,090 |
COMMITMENTS AND CONTINGENCIES | |||
Issued and outstanding – 71,575,434, 71,093,216, and 71,009,175 shares | 716 | 711 | 710 |
Preferred stock, $0.01 par value; Authorized – 10,000,000 shares; Issued – none | 0 | 0 | 0 |
Additional paid-in capital | 368,272 | 365,973 | 348,162 |
Retained earnings | 1,489,306 | 1,462,532 | 1,286,566 |
Accumulated other comprehensive loss | -25,973 | -11,706 | -3,494 |
Stockholders' Equity Attributable to Parent | 1,832,321 | 1,817,510 | 1,631,944 |
Liabilities and Equity | $7,335,065 | $7,675,317 | $6,618,626 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parentheticals (USD $) | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 |
Restricted credit card loans of the Trust | $4,185,397,000 | $4,440,520,000 | $3,726,122,000 |
Allowance for loan losses | 55,942,000 | 56,572,000 | 51,010,000 |
Unpresented checks | 10,775,000 | 38,790,000 | 26,824,000 |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 245,000,000 | 245,000,000 | 245,000,000 |
Common stock, shares issued | 71,575,434 | 71,093,216 | 71,009,175 |
Preferred stock, par value | 71,575,434 | 71,093,216 | 71,009,175 |
Preferred stock, shares authorized | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Treasury Stock, Carrying Basis | $0 | $0 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Net income | $26,774 | $25,749 |
Depreciation and amortization | 31,221 | 26,073 |
Stock-based compensation | 4,760 | 4,064 |
Deferred income taxes | 6,181 | 6,240 |
Provision for loan losses | 13,230 | 12,714 |
Other, net | 642 | 3,003 |
Accounts receivable | 31,074 | 14,671 |
Credit card loans originated from internal operations, net | 73,104 | 72,910 |
Inventories | -54,621 | -98,390 |
Prepaid expenses and other current assets | -8,695 | -3,304 |
Accounts payable and accrued expenses and other liabilities | -86,627 | -96,263 |
Gift instruments, credit card rewards, and loyalty rewards programs | -22,771 | -14,042 |
Other long-term liabilities | 5,153 | 3,653 |
Income taxes receivable | -18,910 | -13,136 |
Net cash provided by operating activities | 515 | -56,058 |
Property and equipment additions | -103,457 | -110,889 |
Payments to Acquire Held-to-maturity Securities | 1,034 | 0 |
Proceeds from Sale and Maturity of Held-to-maturity Securities | 209 | 0 |
Change in credit card loans originated externally, net | -177,441 | -154,477 |
Proceeds from retirement and maturity of economic development bonds | 1,144 | 1,398 |
Change in restricted cash of the Trust, net | 304,171 | -1,418 |
Other investing changes, net | -175 | -145 |
Net cash used in investing activities | 378,299 | 43,423 |
Change in unpresented checks net of bank balances | -28,015 | 4,107 |
Change in time deposits, net | 6,966 | -129,221 |
Borrowings on secured obligations of the Trust | 843,750 | 265,000 |
Repayments on secured obligations of the Trust | -1,260,000 | -60,000 |
Borrowings on revolving credit facilities and inventory financing | 342,680 | 509,208 |
Repayments on revolving credit facilities and inventory financing | -144,818 | -278,914 |
Payments on long-term debt | -8,214 | -8,210 |
Exercise of employee stock options and tax withholdings on share-based payment awards | -2,498 | -4,021 |
Excess tax benefits from exercise of employee stock options | 193 | 1,791 |
Other financing changes, net | 2 | -1 |
Net cash provided by financing activities | -249,954 | 299,739 |
Effect of Exchange Rate on Cash and Cash Equivalents | -3,932 | -1,590 |
Net change in cash and cash equivalents | 124,928 | 285,514 |
Cash and cash equivalents, at beginning of period | 142,758 | 199,072 |
Cash and cash equivalents, at end of period | $267,686 | $484,586 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Shareholders' Equity (USD $) | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock [Member] |
In Thousands, except Share data | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Beginning of Period at Dec. 28, 2013 | $1,606,334 | $346,535 | $1,260,817 | ($1,724) | $706 |
Shares, Issued Beginning of Period at Dec. 28, 2013 | 70,630,866 | ||||
Net Income (Loss) Attributable to Parent | 25,749 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -3,617 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -1,770 | -1,770 | |||
Stock-based compensation | 3,861 | 3,861 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 378,309 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | -4,021 | -4,025 | 0 | 0 | 4 |
Excess tax benefit on employee stock option exercises | 1,791 | 1,791 | 0 | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest End of Period at Mar. 29, 2014 | 1,631,944 | 348,162 | 1,286,566 | -3,494 | 710 |
Shares, Issued End of Period at Mar. 29, 2014 | 71,009,175 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Beginning of Period at Dec. 27, 2014 | 1,817,510 | 365,973 | 1,462,532 | -11,706 | 711 |
Shares, Issued Beginning of Period at Dec. 27, 2014 | 71,093,216 | ||||
Net Income (Loss) Attributable to Parent | 26,774 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -15,511 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -14,267 | ||||
Stock-based compensation | 4,609 | 4,609 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 423,289 | 482,218 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | -2,498 | -2,503 | 0 | 0 | 5 |
Excess tax benefit on employee stock option exercises | 193 | 193 | 0 | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest End of Period at Mar. 28, 2015 | $1,832,321 | $368,272 | $1,489,306 | ($25,973) | $716 |
Shares, Issued End of Period at Mar. 28, 2015 | 71,575,434 |
Management_Representations
Management Representations | 3 Months Ended |
Mar. 28, 2015 | |
Management Representations [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | MANAGEMENT REPRESENTATIONS |
Principles of Consolidation – The condensed consolidated financial statements included herein are unaudited and have been prepared by management of Cabela's Incorporated and its wholly-owned subsidiaries (“Cabela's,” “Company,” “we,” or “our”) pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to such rules and regulations. The Company's condensed consolidated balance sheet as of December 27, 2014, was derived from the Company's audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly our financial position and results of operations, comprehensive income, and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Cabela's wholly-owned bank subsidiary, World's Foremost Bank ("WFB," "Financial Services segment," or "Cabela's CLUB"), is the primary beneficiary of the Cabela's Master Credit Card Trust and related entities (collectively referred to as the “Trust”) under the guidance of Accounting Standards Codification ("ASC") Topics 810, Consolidations, and 860, Transfers and Servicing. Accordingly, the Trust was consolidated for all reporting periods of Cabela's in this report. As the servicer and the holder of retained interests in the Trust, WFB has the powers to direct the activities that most significantly impact the Trust's economic performance and the right to receive significant benefits or obligations to absorb significant losses of the Trust. The credit card loans of the Trust are recorded as restricted credit card loans and the liabilities of the Trust are recorded as secured obligations. | |
Because of the seasonal nature of the Company's operations, results of operations of any single reporting period should not be considered as indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the fiscal year ended December 27, 2014. | |
Cash and Cash Equivalents – Cash and cash equivalents of the Financial Services segment were $215,525, $49,294, and $421,575 at March 28, 2015, December 27, 2014, and March 29, 2014, respectively. Due to regulatory restrictions on WFB, the Company cannot use WFB's cash for non-banking operations. | |
Reporting Periods – Unless otherwise stated, the fiscal periods referred to in the notes to these condensed consolidated financial statements are the 13 weeks ended March 28, 2015 (“three months ended March 28, 2015”), the 13 weeks ended March 29, 2014 (“three months ended March 29, 2014”), and the 52 weeks ended December 27, 2014 ("year ended 2014"). WFB follows a calendar fiscal period and, accordingly, the respective three month periods ended on March 31, 2015 and 2014, and the fiscal year ended on December 31, 2014. | |
The Company follows a 52/53 week fiscal year-end cycle. The Company's fiscal year 2015 will end on January 2, 2016, and will consist of 53 weeks with the fourth quarter of fiscal year 2015 consisting of 14 weeks. |
Cabelas_Master_Credit_Card_Tru
Cabela's Master Credit Card Trust | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Cabela's Master Credit Card Trust [Abstract] | ||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | CABELA'S MASTER CREDIT CARD TRUST | |||||||||||||||||||||||
The Financial Services segment utilizes the Trust for the purpose of routinely securitizing credit card loans and issuing beneficial interests to investors. The Trust issues variable funding facilities and long-term notes (collectively referred to herein as "secured obligations of the Trust"), each of which has an undivided interest in the assets of the Trust. The Financial Services segment owns notes issued by the Trust from some of the securitizations, which in some cases may be subordinated to other notes issued. | ||||||||||||||||||||||||
The following table presents the components of the consolidated assets and liabilities of the Trust at the periods ended: | ||||||||||||||||||||||||
March 28, | December 27, | March 29, | ||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||
Consolidated assets: | ||||||||||||||||||||||||
Restricted credit card loans, net of allowance of $55,750, $56,280, and $50,840 | $ | 4,129,647 | $ | 4,384,240 | $ | 3,675,282 | ||||||||||||||||||
Restricted cash | 30,641 | 334,812 | 24,609 | |||||||||||||||||||||
Total | $ | 4,160,288 | $ | 4,719,052 | $ | 3,699,891 | ||||||||||||||||||
Consolidated liabilities: | ||||||||||||||||||||||||
Secured variable funding obligations | $ | — | $ | 480,000 | $ | — | ||||||||||||||||||
Secured long-term obligations | 3,111,000 | 3,047,250 | 2,707,250 | |||||||||||||||||||||
Interest due to third party investors | 2,170 | 2,256 | 1,898 | |||||||||||||||||||||
Total | $ | 3,113,170 | $ | 3,529,506 | $ | 2,709,148 | ||||||||||||||||||
CREDIT CARD LOANS AND ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||
The following table reflects the composition of the credit card loans at the periods ended: | ||||||||||||||||||||||||
March 28, | December 27, | March 29, | ||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||
Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) | $ | 4,185,397 | $ | 4,440,520 | $ | 3,726,122 | ||||||||||||||||||
Unrestricted credit card loans | 22,944 | 31,614 | 18,379 | |||||||||||||||||||||
Total credit card loans | 4,208,341 | 4,472,134 | 3,744,501 | |||||||||||||||||||||
Allowance for loan losses | (55,942 | ) | (56,572 | ) | (51,010 | ) | ||||||||||||||||||
Deferred credit card origination costs | 5,011 | 5,623 | 5,038 | |||||||||||||||||||||
Credit card loans, net | $ | 4,157,410 | $ | 4,421,185 | $ | 3,698,529 | ||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||
The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
28-Mar-15 | 29-Mar-14 | |||||||||||||||||||||||
Credit Card Loans | Restructured Credit Card Loans | Total Credit Card Loans | Credit Card Loans | Restructured Credit Card Loans | Total Credit Card Loans | |||||||||||||||||||
Balance, beginning of period | $ | 48,832 | $ | 7,740 | $ | 56,572 | $ | 44,660 | $ | 8,450 | $ | 53,110 | ||||||||||||
Provision for loan losses | 10,768 | 2,462 | 13,230 | 9,967 | 2,747 | 12,714 | ||||||||||||||||||
Charge-offs | (17,208 | ) | (3,781 | ) | (20,989 | ) | (15,911 | ) | (4,054 | ) | (19,965 | ) | ||||||||||||
Recoveries | 5,880 | 1,249 | 7,129 | 4,074 | 1,077 | 5,151 | ||||||||||||||||||
Net charge-offs | (11,328 | ) | (2,532 | ) | (13,860 | ) | (11,837 | ) | (2,977 | ) | (14,814 | ) | ||||||||||||
Balance, end of period | $ | 48,272 | $ | 7,670 | $ | 55,942 | $ | 42,790 | $ | 8,220 | $ | 51,010 | ||||||||||||
Credit Quality Indicators, Delinquent, and Non-Accrual Loans: | ||||||||||||||||||||||||
The loan portfolio is segregated into loans that have been restructured and other credit card loans in order to facilitate the estimation of the losses inherent in the portfolio as of the reporting date. The Financial Services segment uses the scores of Fair Isaac Corporation (“FICO”), a widely-used financial metric for assessing an individual's credit rating, as the primary credit quality indicator, with the risk of loss increasing as an individual's FICO score decreases. | ||||||||||||||||||||||||
The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter FICO score at the periods ended: | ||||||||||||||||||||||||
FICO Score of Credit Card Loans Segment | Restructured Credit Card Loans Segment (1) | |||||||||||||||||||||||
March 28, 2015: | 691 and Below | 692 - 758 | 759 and Above | Total | ||||||||||||||||||||
Credit card loan status: | ||||||||||||||||||||||||
Current | $ | 639,828 | $ | 1,406,953 | $ | 2,055,672 | $ | 28,795 | $ | 4,131,248 | ||||||||||||||
1 to 29 days past due | 20,925 | 13,529 | 12,191 | 2,497 | 49,142 | |||||||||||||||||||
30 to 59 days past due | 7,999 | 1,282 | 559 | 1,304 | 11,144 | |||||||||||||||||||
60 or more days past due | 14,286 | 176 | 42 | 2,303 | 16,807 | |||||||||||||||||||
Total past due | 43,210 | 14,987 | 12,792 | 6,104 | 77,093 | |||||||||||||||||||
Total credit card loans | $ | 683,038 | $ | 1,421,940 | $ | 2,068,464 | $ | 34,899 | $ | 4,208,341 | ||||||||||||||
90 days or more past due and still accruing | $ | 7,461 | $ | 53 | $ | 25 | $ | 962 | $ | 8,501 | ||||||||||||||
Non-accrual | — | — | — | 5,444 | 5,444 | |||||||||||||||||||
December 27, 2014: | ||||||||||||||||||||||||
Credit card loan status: | ||||||||||||||||||||||||
Current | $ | 618,961 | $ | 1,455,292 | $ | 2,279,309 | $ | 28,831 | $ | 4,382,393 | ||||||||||||||
1 to 29 days past due | 24,712 | 18,121 | 15,853 | 2,837 | 61,523 | |||||||||||||||||||
30 to 59 days past due | 7,722 | 1,453 | 775 | 1,485 | 11,435 | |||||||||||||||||||
60 or more days past due | 13,829 | 363 | 48 | 2,543 | 16,783 | |||||||||||||||||||
Total past due | 46,263 | 19,937 | 16,676 | 6,865 | 89,741 | |||||||||||||||||||
Total credit card loans | $ | 665,224 | $ | 1,475,229 | $ | 2,295,985 | $ | 35,696 | $ | 4,472,134 | ||||||||||||||
90 days or more past due and still accruing | $ | 7,561 | $ | 44 | $ | 13 | $ | 1,076 | $ | 8,694 | ||||||||||||||
Non-accrual | — | — | — | 5,118 | 5,118 | |||||||||||||||||||
March 29, 2014: | ||||||||||||||||||||||||
Credit card loan status: | ||||||||||||||||||||||||
Current | $ | 541,421 | $ | 1,244,910 | $ | 1,862,740 | $ | 34,033 | $ | 3,683,104 | ||||||||||||||
1 to 29 days past due | 15,686 | 9,828 | 9,021 | 3,080 | 37,615 | |||||||||||||||||||
30 to 59 days past due | 6,396 | 1,112 | 514 | 1,603 | 9,625 | |||||||||||||||||||
60 or more days past due | 11,212 | 154 | 22 | 2,769 | 14,157 | |||||||||||||||||||
Total past due | 33,294 | 11,094 | 9,557 | 7,452 | 61,397 | |||||||||||||||||||
Total credit card loans | $ | 574,715 | $ | 1,256,004 | $ | 1,872,297 | $ | 41,485 | $ | 3,744,501 | ||||||||||||||
90 days or more past due and still accruing | $ | 6,075 | $ | 12 | $ | 2 | $ | 1,115 | $ | 7,204 | ||||||||||||||
Non-accrual | — | — | — | 5,431 | 5,431 | |||||||||||||||||||
-1 | Included in the allowance for loan losses were specific allowances for loan losses of $7,670 at March 28, 2015, $7,740 at December 27, 2014, and $8,220 at March 29, 2014. |
Credit_Card_Loans_and_Allowanc
Credit Card Loans and Allowance For Loan Losses | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
FICO SCores Credit Card Loans [Abstract] | ||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | CABELA'S MASTER CREDIT CARD TRUST | |||||||||||||||||||||||
The Financial Services segment utilizes the Trust for the purpose of routinely securitizing credit card loans and issuing beneficial interests to investors. The Trust issues variable funding facilities and long-term notes (collectively referred to herein as "secured obligations of the Trust"), each of which has an undivided interest in the assets of the Trust. The Financial Services segment owns notes issued by the Trust from some of the securitizations, which in some cases may be subordinated to other notes issued. | ||||||||||||||||||||||||
The following table presents the components of the consolidated assets and liabilities of the Trust at the periods ended: | ||||||||||||||||||||||||
March 28, | December 27, | March 29, | ||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||
Consolidated assets: | ||||||||||||||||||||||||
Restricted credit card loans, net of allowance of $55,750, $56,280, and $50,840 | $ | 4,129,647 | $ | 4,384,240 | $ | 3,675,282 | ||||||||||||||||||
Restricted cash | 30,641 | 334,812 | 24,609 | |||||||||||||||||||||
Total | $ | 4,160,288 | $ | 4,719,052 | $ | 3,699,891 | ||||||||||||||||||
Consolidated liabilities: | ||||||||||||||||||||||||
Secured variable funding obligations | $ | — | $ | 480,000 | $ | — | ||||||||||||||||||
Secured long-term obligations | 3,111,000 | 3,047,250 | 2,707,250 | |||||||||||||||||||||
Interest due to third party investors | 2,170 | 2,256 | 1,898 | |||||||||||||||||||||
Total | $ | 3,113,170 | $ | 3,529,506 | $ | 2,709,148 | ||||||||||||||||||
CREDIT CARD LOANS AND ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||
The following table reflects the composition of the credit card loans at the periods ended: | ||||||||||||||||||||||||
March 28, | December 27, | March 29, | ||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||
Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) | $ | 4,185,397 | $ | 4,440,520 | $ | 3,726,122 | ||||||||||||||||||
Unrestricted credit card loans | 22,944 | 31,614 | 18,379 | |||||||||||||||||||||
Total credit card loans | 4,208,341 | 4,472,134 | 3,744,501 | |||||||||||||||||||||
Allowance for loan losses | (55,942 | ) | (56,572 | ) | (51,010 | ) | ||||||||||||||||||
Deferred credit card origination costs | 5,011 | 5,623 | 5,038 | |||||||||||||||||||||
Credit card loans, net | $ | 4,157,410 | $ | 4,421,185 | $ | 3,698,529 | ||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||
The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
28-Mar-15 | 29-Mar-14 | |||||||||||||||||||||||
Credit Card Loans | Restructured Credit Card Loans | Total Credit Card Loans | Credit Card Loans | Restructured Credit Card Loans | Total Credit Card Loans | |||||||||||||||||||
Balance, beginning of period | $ | 48,832 | $ | 7,740 | $ | 56,572 | $ | 44,660 | $ | 8,450 | $ | 53,110 | ||||||||||||
Provision for loan losses | 10,768 | 2,462 | 13,230 | 9,967 | 2,747 | 12,714 | ||||||||||||||||||
Charge-offs | (17,208 | ) | (3,781 | ) | (20,989 | ) | (15,911 | ) | (4,054 | ) | (19,965 | ) | ||||||||||||
Recoveries | 5,880 | 1,249 | 7,129 | 4,074 | 1,077 | 5,151 | ||||||||||||||||||
Net charge-offs | (11,328 | ) | (2,532 | ) | (13,860 | ) | (11,837 | ) | (2,977 | ) | (14,814 | ) | ||||||||||||
Balance, end of period | $ | 48,272 | $ | 7,670 | $ | 55,942 | $ | 42,790 | $ | 8,220 | $ | 51,010 | ||||||||||||
Credit Quality Indicators, Delinquent, and Non-Accrual Loans: | ||||||||||||||||||||||||
The loan portfolio is segregated into loans that have been restructured and other credit card loans in order to facilitate the estimation of the losses inherent in the portfolio as of the reporting date. The Financial Services segment uses the scores of Fair Isaac Corporation (“FICO”), a widely-used financial metric for assessing an individual's credit rating, as the primary credit quality indicator, with the risk of loss increasing as an individual's FICO score decreases. | ||||||||||||||||||||||||
The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter FICO score at the periods ended: | ||||||||||||||||||||||||
FICO Score of Credit Card Loans Segment | Restructured Credit Card Loans Segment (1) | |||||||||||||||||||||||
March 28, 2015: | 691 and Below | 692 - 758 | 759 and Above | Total | ||||||||||||||||||||
Credit card loan status: | ||||||||||||||||||||||||
Current | $ | 639,828 | $ | 1,406,953 | $ | 2,055,672 | $ | 28,795 | $ | 4,131,248 | ||||||||||||||
1 to 29 days past due | 20,925 | 13,529 | 12,191 | 2,497 | 49,142 | |||||||||||||||||||
30 to 59 days past due | 7,999 | 1,282 | 559 | 1,304 | 11,144 | |||||||||||||||||||
60 or more days past due | 14,286 | 176 | 42 | 2,303 | 16,807 | |||||||||||||||||||
Total past due | 43,210 | 14,987 | 12,792 | 6,104 | 77,093 | |||||||||||||||||||
Total credit card loans | $ | 683,038 | $ | 1,421,940 | $ | 2,068,464 | $ | 34,899 | $ | 4,208,341 | ||||||||||||||
90 days or more past due and still accruing | $ | 7,461 | $ | 53 | $ | 25 | $ | 962 | $ | 8,501 | ||||||||||||||
Non-accrual | — | — | — | 5,444 | 5,444 | |||||||||||||||||||
December 27, 2014: | ||||||||||||||||||||||||
Credit card loan status: | ||||||||||||||||||||||||
Current | $ | 618,961 | $ | 1,455,292 | $ | 2,279,309 | $ | 28,831 | $ | 4,382,393 | ||||||||||||||
1 to 29 days past due | 24,712 | 18,121 | 15,853 | 2,837 | 61,523 | |||||||||||||||||||
30 to 59 days past due | 7,722 | 1,453 | 775 | 1,485 | 11,435 | |||||||||||||||||||
60 or more days past due | 13,829 | 363 | 48 | 2,543 | 16,783 | |||||||||||||||||||
Total past due | 46,263 | 19,937 | 16,676 | 6,865 | 89,741 | |||||||||||||||||||
Total credit card loans | $ | 665,224 | $ | 1,475,229 | $ | 2,295,985 | $ | 35,696 | $ | 4,472,134 | ||||||||||||||
90 days or more past due and still accruing | $ | 7,561 | $ | 44 | $ | 13 | $ | 1,076 | $ | 8,694 | ||||||||||||||
Non-accrual | — | — | — | 5,118 | 5,118 | |||||||||||||||||||
March 29, 2014: | ||||||||||||||||||||||||
Credit card loan status: | ||||||||||||||||||||||||
Current | $ | 541,421 | $ | 1,244,910 | $ | 1,862,740 | $ | 34,033 | $ | 3,683,104 | ||||||||||||||
1 to 29 days past due | 15,686 | 9,828 | 9,021 | 3,080 | 37,615 | |||||||||||||||||||
30 to 59 days past due | 6,396 | 1,112 | 514 | 1,603 | 9,625 | |||||||||||||||||||
60 or more days past due | 11,212 | 154 | 22 | 2,769 | 14,157 | |||||||||||||||||||
Total past due | 33,294 | 11,094 | 9,557 | 7,452 | 61,397 | |||||||||||||||||||
Total credit card loans | $ | 574,715 | $ | 1,256,004 | $ | 1,872,297 | $ | 41,485 | $ | 3,744,501 | ||||||||||||||
90 days or more past due and still accruing | $ | 6,075 | $ | 12 | $ | 2 | $ | 1,115 | $ | 7,204 | ||||||||||||||
Non-accrual | — | — | — | 5,431 | 5,431 | |||||||||||||||||||
-1 | Included in the allowance for loan losses were specific allowances for loan losses of $7,670 at March 28, 2015, $7,740 at December 27, 2014, and $8,220 at March 29, 2014. |
Securities
Securities | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Securities [Abstract] | ||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | SECURITIES | |||||||||||||||
Economic development bonds, which are classified as available-for-sale, consisted of the following at the periods ended: | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
28-Mar-15 | $ | 65,721 | $ | 17,363 | $ | (1 | ) | $ | 83,083 | |||||||
27-Dec-14 | $ | 66,865 | $ | 15,209 | $ | — | $ | 82,074 | ||||||||
29-Mar-14 | $ | 69,674 | $ | 10,382 | $ | — | $ | 80,056 | ||||||||
Estimated maturities based on expected future cash flows for the economic development bonds at March 28, 2015, were as follows: | ||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||
For the nine months ending January 2, 2016 | $ | 2,049 | $ | 2,813 | ||||||||||||
For the fiscal years ending: | ||||||||||||||||
2016 | 2,769 | 3,684 | ||||||||||||||
2017 | 2,817 | 3,653 | ||||||||||||||
2018 | 3,279 | 4,230 | ||||||||||||||
2019 | 3,719 | 4,773 | ||||||||||||||
2020 - 2024 | 24,545 | 31,283 | ||||||||||||||
2025 and thereafter | 26,543 | 32,647 | ||||||||||||||
Totals | $ | 65,721 | $ | 83,083 | ||||||||||||
Interest earned on the securities totaled $945 and $1,007 in the three months ended March 28, 2015, and March 29, 2014, respectively. There were no realized gains or losses on these securities in the three months ended March 28, 2015, or March 29, 2014. |
Borrowings_of_Financial_Servic
Borrowings of Financial Services Segment | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Borrowings of Financial Services Subsidiary [Abstract] | ||||||||||||||||||||||||
Debt Disclosure [Text Block] | BORROWINGS OF FINANCIAL SERVICES SEGMENT | |||||||||||||||||||||||
The Trust issues fixed and floating (variable) rate term securitizations, which are considered secured obligations backed by restricted credit card loans. A summary of the secured fixed and variable rate long-term obligations of the Trust by series, the expected maturity dates, and the respective weighted average interest rates are presented in the following tables at the periods ended: | ||||||||||||||||||||||||
March 28, 2015: | ||||||||||||||||||||||||
Series | Expected | Fixed Rate Obligations | Interest Rate | Variable Rate Obligations | Interest Rate | Total Obligations | Interest Rate | |||||||||||||||||
Maturity Date | ||||||||||||||||||||||||
Series 2010-II | Sep-15 | $ | 127,500 | 2.29 | % | $ | 85,000 | 0.87 | % | $ | 212,500 | 1.72 | % | |||||||||||
Series 2011-II | Jun-16 | 155,000 | 2.39 | 100,000 | 0.77 | 255,000 | 1.76 | |||||||||||||||||
Series 2011-IV | Oct-16 | 165,000 | 1.9 | 90,000 | 0.72 | 255,000 | 1.49 | |||||||||||||||||
Series 2012-I | Feb-17 | 275,000 | 1.63 | 150,000 | 0.7 | 425,000 | 1.3 | |||||||||||||||||
Series 2012-II | Jun-17 | 300,000 | 1.45 | 125,000 | 0.65 | 425,000 | 1.22 | |||||||||||||||||
Series 2013-I | Feb-23 | 327,250 | 2.71 | — | — | 327,250 | 2.71 | |||||||||||||||||
Series 2013-II | Aug-18 | 100,000 | 2.17 | 197,500 | 0.82 | 297,500 | 1.28 | |||||||||||||||||
Series 2014-I | Mar-17 | — | — | 255,000 | 0.52 | 255,000 | 0.52 | |||||||||||||||||
Series 2014-II | Jul-19 | — | — | 340,000 | 0.62 | 340,000 | 0.62 | |||||||||||||||||
Series 2015-I | Mar-20 | 218,750 | 2.26 | 100,000 | 0.76 | 318,750 | 1.79 | |||||||||||||||||
Secured long-term obligations of the Trust | 1,668,500 | 1,442,500 | 3,111,000 | |||||||||||||||||||||
Less current maturities | (127,500 | ) | (85,000 | ) | (212,500 | ) | ||||||||||||||||||
Secured long-term obligations of the Trust, less current maturities | $ | 1,541,000 | $ | 1,357,500 | $ | 2,898,500 | ||||||||||||||||||
December 27, 2014: | ||||||||||||||||||||||||
Series | Expected | Fixed Rate Obligations | Interest Rate | Variable Rate Obligations | Interest Rate | Total Obligations | Interest Rate | |||||||||||||||||
Maturity Date | ||||||||||||||||||||||||
Series 2010-I | Jan-15 | $ | — | — | % | $ | 255,000 | 1.61 | % | $ | 255,000 | 1.61 | % | |||||||||||
Series 2010-II | Sep-15 | 127,500 | 2.29 | 85,000 | 0.86 | 212,500 | 1.72 | |||||||||||||||||
Series 2011-II | Jun-16 | 155,000 | 2.39 | 100,000 | 0.76 | 255,000 | 1.75 | |||||||||||||||||
Series 2011-IV | Oct-16 | 165,000 | 1.9 | 90,000 | 0.71 | 255,000 | 1.48 | |||||||||||||||||
Series 2012-I | Feb-17 | 275,000 | 1.63 | 150,000 | 0.69 | 425,000 | 1.3 | |||||||||||||||||
Series 2012-II | Jun-17 | 300,000 | 1.45 | 125,000 | 0.64 | 425,000 | 1.21 | |||||||||||||||||
Series 2013-I | Feb-23 | 327,250 | 2.71 | — | — | 327,250 | 2.71 | |||||||||||||||||
Series 2013-II | Aug-18 | 100,000 | 2.17 | 197,500 | 0.81 | 297,500 | 1.27 | |||||||||||||||||
Series 2014-I | Mar-17 | — | — | 255,000 | 0.51 | 255,000 | 0.51 | |||||||||||||||||
Series 2014-II | Jul-19 | — | — | 340,000 | 0.61 | 340,000 | 0.61 | |||||||||||||||||
Secured long-term obligations of the Trust | 1,449,750 | 1,597,500 | 3,047,250 | |||||||||||||||||||||
Less current maturities | (127,500 | ) | (340,000 | ) | (467,500 | ) | ||||||||||||||||||
Secured long-term obligations of the Trust, less current maturities | $ | 1,322,250 | $ | 1,257,500 | $ | 2,579,750 | ||||||||||||||||||
March 29, 2014: | ||||||||||||||||||||||||
Series | Expected | Fixed Rate Obligations | Interest Rate | Variable Rate Obligations | Interest Rate | Total Obligations | Interest Rate | |||||||||||||||||
Maturity Date | ||||||||||||||||||||||||
Series 2010-I | Jan-15 | $ | — | — | % | $ | 255,000 | 1.61 | % | $ | 255,000 | 1.61 | % | |||||||||||
Series 2010-II | Sep-15 | 127,500 | 2.29 | 85,000 | 0.86 | 212,500 | 1.72 | |||||||||||||||||
Series 2011-II | Jun-16 | 155,000 | 2.39 | 100,000 | 0.76 | 255,000 | 1.75 | |||||||||||||||||
Series 2011-IV | Oct-16 | 165,000 | 1.9 | 90,000 | 0.71 | 255,000 | 1.48 | |||||||||||||||||
Series 2012-I | Feb-17 | 275,000 | 1.63 | 150,000 | 0.69 | 425,000 | 1.3 | |||||||||||||||||
Series 2012-II | Jun-17 | 300,000 | 1.45 | 125,000 | 0.64 | 425,000 | 1.21 | |||||||||||||||||
Series 2013-I | Feb-23 | 327,250 | 2.71 | — | — | 327,250 | 2.71 | |||||||||||||||||
Series 2013-II | Aug-18 | 100,000 | 2.17 | 197,500 | 0.81 | 297,500 | 1.26 | |||||||||||||||||
Series 2014-I | Mar-17 | — | — | 255,000 | 0.53 | 255,000 | 0.53 | |||||||||||||||||
Secured long-term obligations of the Trust | 1,449,750 | 1,257,500 | 2,707,250 | |||||||||||||||||||||
Less current maturities | — | (255,000 | ) | (255,000 | ) | |||||||||||||||||||
Secured long-term obligations of the Trust, less current maturities | $ | 1,449,750 | $ | 1,002,500 | $ | 2,452,250 | ||||||||||||||||||
The Trust sold asset-backed notes of $375,000 (Series 2015-I) on March 16, 2015. The Series 2015-I securitization transaction included the issuance of $218,750 Class A-1 notes, which accrue interest at a fixed rate of 2.26% per year, $100,000 of Class A-2 notes, which accrue interest at a floating rate equal to the one-month London Interbank Offered Rate ("LIBOR") plus 0.54% per year, and three subordinated classes of notes in the aggregate principal amount of $56,250. The Financial Services segment retained each of the subordinated classes of notes which were eliminated in the preparation of our condensed consolidated financial statements. Each class of notes issued in the Series 2015-I securitization transaction has an expected life of approximately five years and a contractual maturity of approximately eight years. This securitization transaction will be used to fund the growth in restricted credit card loans, maturities of time deposits, and future obligations of the Trust. In addition, the Series 2010-I notes totaling $255,000 matured and were repaid in full on January 15, 2015, using restricted cash of the Trust. | ||||||||||||||||||||||||
The Trust also issues variable funding facilities which are considered secured obligations backed by restricted credit card loans. At March 28, 2015, the Trust had three variable funding facilities with $1,025,000 in total capacity and no amounts outstanding. On April 23, 2015, the Trust increased its $225,000 variable funding facility to $300,000 and extended the maturity date from April 2015 to March 2018. Maturities for the variable funding facilities are now scheduled in March of 2016 ($300,000), 2017 ($500,000), and 2018 ($300,000). Each of these variable funding facilities includes an option to renew subject to certain terms and conditions. Variable rate note interest is priced at a benchmark rate, LIBOR, or commercial paper rate, plus a spread, which ranges from 0.50% to 0.85%. The variable rate notes provide for a fee ranging from 0.25% to 0.40% on the unused portion of the facilities. During the three months ended March 28, 2015, and March 29, 2014, the daily average balance outstanding on these notes was $185,278 and $4,222, with a weighted average interest rate of 0.78% and 0.75%, respectively. | ||||||||||||||||||||||||
The Financial Services segment has unsecured federal funds purchase agreements with two financial institutions. The maximum amount that can be borrowed is $85,000. There were no amounts outstanding at March 28, 2015, December 27, 2014, or March 29, 2014. During the three months ended March 28, 2015, the daily average balance outstanding was $14 with a weighted average rate of 0.75%. During the three months ending March 29, 2014, there was no daily average balance outstanding. |
LongTerm_Debt_and_Capital_Leas
Long-Term Debt and Capital Leases | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Long Term Debt and Capital Leases [Abstract] | ||||||||||||
Debt and Capital Leases Disclosures [Text Block] | LONG-TERM DEBT AND CAPITAL LEASES | |||||||||||
Long-term debt, including revolving credit facilities and capital leases, consisted of the following at the periods ended: | ||||||||||||
March 28, | December 27, | March 29, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
Unsecured revolving credit facility | $ | 360,000 | $ | 180,000 | $ | 229,086 | ||||||
Unsecured notes due 2016 with interest at 5.99% | 215,000 | 215,000 | 215,000 | |||||||||
Unsecured senior notes due 2017 with interest at 6.08% | 60,000 | 60,000 | 60,000 | |||||||||
Unsecured senior notes due 2016-2018 with interest at 7.20% | 24,428 | 32,571 | 32,572 | |||||||||
Capital lease obligations payable through 2036 | 12,073 | 12,144 | 12,351 | |||||||||
Total debt | 671,501 | 499,715 | 549,009 | |||||||||
Less current portion of debt | (8,438 | ) | (8,434 | ) | (8,422 | ) | ||||||
Long-term debt, less current maturities | $ | 663,063 | $ | 491,281 | $ | 540,587 | ||||||
On June 18, 2014, the Company amended its credit agreement, which now provides for an unsecured $775,000 revolving credit facility and permits the issuance of letters of credit up to $75,000 and swing line loans up to $30,000. The credit facility may be increased to $800,000 subject to certain terms and conditions. The term of the credit facility expires on June 18, 2019. | ||||||||||||
During the three months ended March 28, 2015, and March 29, 2014, the daily average principal balance outstanding on the line of credit was $289,095 and $7,712, respectively, and the weighted average interest rate was 1.42% and 1.67%, respectively. Letters of credit and standby letters of credit totaling $28,571 and $24,578 were outstanding at March 28, 2015, and March 29, 2014, respectively. The daily average outstanding amount of total letters of credit during the three months ended March 28, 2015, and March 29, 2014, was $15,713 and $14,201, respectively. | ||||||||||||
The Company also has an unsecured $20,000 Canadian ("CAD") revolving credit facility for its operations in Canada. Borrowings are payable on demand with interest payable monthly. This credit facility permits the issuance of letters of credit up to $10,000 CAD in the aggregate, which reduces the overall available credit limit. There were no amounts outstanding at March 28, 2015, December 27, 2014, or March 29, 2014. | ||||||||||||
At March 28, 2015, the Company was in compliance with the financial covenant requirements of its $775,000 credit agreement with a fixed charge coverage ratio of 8.58 to 1 (minimum requirement is 2.00 to 1), a leverage ratio of 1.24 to 1 (requirement is no more than 3.00 to 1), and a consolidated net worth that was $634,951 in excess of the minimum. At March 28, 2015, the Company was in compliance with all financial covenants under its credit agreements and unsecured notes. We anticipate that we will continue to be in compliance with all financial covenants under our credit agreements and unsecured notes through at least the next 12 months. |
Income_Taxes
Income Taxes | 3 Months Ended | |||||
Mar. 28, 2015 | ||||||
Income Taxes [Abstract] | ||||||
Income Tax Disclosure [Text Block] | INCOME TAXES | |||||
A reconciliation of the statutory federal income tax rate to the effective income tax rate was as follows for the periods presented. | ||||||
Three Months Ended | ||||||
March 28, | March 29, | |||||
2015 | 2014 | |||||
Statutory federal rate | 35 | % | 35 | % | ||
State income taxes, net of federal tax benefit | 2.2 | 1.7 | ||||
Other nondeductible items | 0.2 | 0.3 | ||||
Tax exempt interest income | (0.4 | ) | (0.5 | ) | ||
Rate differential on foreign income | (1.4 | ) | (0.7 | ) | ||
Change in unrecognized tax benefits | 0.4 | (1.4 | ) | |||
Deferred tax asset valuation allowance | 0.8 | — | ||||
Other, net | 0.2 | — | ||||
Effective income tax rate | 37 | % | 34.4 | % | ||
The increase in our effective tax rate for the three months ended March 28, 2015, compared to the three months ended March 29, 2014, was primarily due to an increase in our state effective tax rate, an increase in unrecognized tax benefits, and a deferred tax asset valuation allowance related to Canada taxable net operating losses. | ||||||
As of March 28, 2015, cash and cash equivalents held by our foreign subsidiaries totaled $34,522. Our intent is to permanently reinvest these funds outside the United States for capital expansion. Based on the Company's current projected capital needs and the current amount of cash and cash equivalents held by our foreign subsidiaries, we do not anticipate incurring any material tax costs beyond our accrued tax position in connection with any repatriation, but we may be required to accrue for unanticipated additional tax costs in the future if our expectations or the amount of cash held by our foreign subsidiaries change. | ||||||
The Company has paid a total of $103,418 in deposits for federal taxes related to prior period uncertain tax positions. These deposits were classified as a current asset included in income taxes receivable and deferred income taxes in the condensed consolidated balance sheets. | ||||||
The Company's tax years 2007 through 2011 are under examination by the Internal Revenue Service ("IRS"). In late 2012, the IRS issued a revenue agent report summarizing its determination of the adjustments required to the 2007 and 2008 income tax returns. We disagree with the adjustments made by the IRS in their revenue agent report and are currently appealing the adjustments. We expect the appeals process for the 2007 and 2008 tax years to be completed in 2015. We do not expect the examination and related appeal for the 2009, 2010, and 2011 tax years to be completed within the next 12 months. We have reserved for potential adjustments for income taxes that may result from examinations by the tax authorities, and we believe that the final outcome of these examinations or agreements will not have a material effect on the Company's financial condition, results of operations, or cash flows. | ||||||
At March 28, 2015, unrecognized tax benefits totaling $46,558 and $59,698 were included in current liabilities (accrued expenses and other liabilities) and in other long-term liabilities, respectively, in our condensed consolidated balance sheets, compared to a total of $66,996 at March 29, 2014, that was included in other long-term liabilities. At December 27, 2014, unrecognized tax benefits totaling $46,317 and $55,562 were included in current liabilities (accrued expenses and other liabilities) and in other long-term liabilities, respectively, in our condensed consolidated balance sheets. The changes comparing the respective periods were due primarily to our assessments of uncertain tax positions related to prior period tax positions. Since the Company is routinely under audit by various taxing authorities, and the Company expects to resolve the tax issues at appeals for the 2007 and 2008 examination years in 2015, it is reasonably possible that the amount of unrecognized tax benefits will change during the next 12 months. However, we do not expect the change, if any, to have a material effect on the Company's consolidated financial condition or results of operations within the next 12 months. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||
Mar. 28, 2015 | ||||
Commitments and Contingencies [Abstract] | ||||
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES | |||
The Company leases various buildings, computer and other equipment, and storage space under operating leases which expire on various dates through January 2041. Rent expense on these leases, as well as other month to month rentals, was $5,104 in the three ended March 28, 2015, compared to $4,148 in the three months ended March 29, 2014. | ||||
The following is a schedule of future minimum rental payments under operating leases at March 28, 2015: | ||||
For the nine months ending January 2, 2016 | $ | 20,109 | ||
For the fiscal years ending: | ||||
2016 | 23,781 | |||
2017 | 23,619 | |||
2018 | 23,322 | |||
2019 | 22,848 | |||
Thereafter | 297,146 | |||
Total | $ | 410,825 | ||
The Company leases six retail stores and owns 20 stores subject to ground leases. Certain of these leases include tenant allowances that are amortized over the life of the lease. No tenant allowances were received in either of the three months ended March 28, 2015, or March 29, 2014. The Company does not expect to receive any tenant allowances under leases during the remainder of 2015. | ||||
The Company has entered into real estate purchase, construction, and/or economic incentive agreements for various new retail store site locations. At March 28, 2015, the Company estimated it had total cash commitments of approximately $438,513 outstanding for projected expenditures related to the development, construction, and completion of new retail stores, a new distribution center, and corporate expansion. This amount excludes any estimated costs associated with new stores where the Company does not have a commitment as of March 28, 2015. We expect to fund these estimated capital expenditures over the next 12 months with funds from operations and borrowings. | ||||
Under various grant programs, state or local governments provide funding for certain costs associated with developing and opening a new retail store. Historically, the Company has received grant funding in exchange for commitments, such as assurance of agreed employment and wage levels at the retail store or that the retail store will remain open, made by the Company to the state or local government providing the funding. The commitments typically phase out over approximately five to 10 years. If the Company failed to maintain the commitments during the applicable period, the funds received may have to be repaid or other adverse consequences may arise, which could affect the Company's cash flows and profitability. At March 28, 2015, and March 29, 2014, the total amount of grant funding subject to a specific contractual remedy was $43,359 and $44,465, respectively. No grant funding subject to contractual remedy was received in the three months ended March 28, 2015, or March 29, 2014. At March 28, 2015, December 27, 2014, and March 29, 2014, the amount the Company had recorded in current liabilities in the condensed consolidated balance sheets relating to these grants was $22,634, $22,887, and $23,240, respectively. | ||||
The Company operates an open account document instructions program, which provides for Cabela's-issued letters of credit. We had obligations to pay participating vendors $74,887, $43,105, and $77,795 at March 28, 2015, December 27, 2014, and March 29, 2014, respectively. | ||||
The Financial Services segment enters into financial instruments with off-balance sheet risk in the normal course of business through the origination of unsecured credit card loans. Unsecured credit card accounts are commitments to extend credit and totaled $30,105,000, $30,491,000, and $25,529,000 at March 28, 2015, December 27, 2014, and March 29, 2014, respectively. These commitments are in addition to any current outstanding balances of a cardholder. Unsecured credit card loans involve, to varying degrees, elements of credit risk in excess of the amount recognized in the condensed consolidated balance sheets. The principal amounts of these instruments reflect the Financial Services segment's maximum related exposure. The Financial Services segment has not experienced and does not anticipate that all customers will exercise the entire available line of credit at any given point in time. The Financial Services segment has the right to reduce or cancel the available lines of credit at any time. | ||||
Litigation and Claims – The Company is party to various legal proceedings arising in the ordinary course of business. These actions include commercial, intellectual property, employment, regulatory, and product liability claims. Some of these actions involve complex factual and legal issues and are subject to uncertainties. The activities of WFB are subject to complex federal and state laws and regulations. WFB's regulators are authorized to conduct compliance examinations and impose penalties for violations of these laws and regulations and, in some cases, to order WFB to pay restitution. The Company cannot predict with assurance the outcome of the actions brought against it. Accordingly, adverse developments, settlements, or resolutions may occur and have a material effect on the Company's results of operations for the period in which such development, settlement, or resolution occurs. However, the Company does not believe that the outcome of any current legal proceedings will have a material effect on its results of operations, cash flows, or financial position taken as a whole. | ||||
On January 6, 2011, the Company received a Commissioner's charge from the Chair of the U. S. Equal Employment Opportunity Commission ("EEOC") alleging that the Company has discriminated against non-Whites on the basis of their race and national origin in recruitment and hiring. Although the Company disputes these allegations, the Company recently entered into preliminary settlement negotiations with the EEOC to resolve this matter. At the present time, the Company believes that it is probable that it will incur a loss related to the EEOC matter, but given the early stage of the settlement negotiations, the lack of any specific monetary demand from the EEOC, and the ongoing nature and complexity of this matter, the Company cannot reasonably estimate any loss or range of loss that may arise from this matter. Accordingly, the Company has not accrued a liability related to the EEOC matter. Although the Company does not presently believe that the EEOC matter will have a material effect on its business, given the inherent uncertainties in this situation, the Company can provide no assurance that this matter will not be material to its business in the future. | ||||
The Company is subject to an ongoing investigation by the SEC. The investigation concerns certain estimates, account reconciliations, and impairment charges, and their impact on reported financial results, that were recorded for the fiscal quarter ended September 29, 2012, and the fiscal year ended December 29, 2012. The Company believes its estimates, account reconciliations, and impairment charges were appropriate, timely, and in compliance with GAAP. The investigation also concerns the adequacy of the Company’s disclosures regarding the January 1, 2012, amended and restated intercompany agreement between the Company and WFB concerning the agreement’s effect on the Company’s merchandise margins in 2012. The Company believes that its disclosures regarding the January 1, 2012, amended and restated intercompany agreement were adequate. The Company and its personnel are continuing to fully cooperate with the SEC’s investigation and have provided documents, information, and testimony as requested. Although an SEC investigation is not an indication that any violation of law has occurred, the Company cannot predict the outcome of this inquiry. Accordingly, adverse developments, settlements, or resolutions may occur and have a material effect on the Company’s results of operations for the period in which such development, settlement, or resolution occurs. However, the Company does not believe that the outcome of this inquiry will have a material effect on its results of operations, cash flows, or financial position taken as a whole. |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans and Employee Benefit Plans | 3 Months Ended |
Mar. 28, 2015 | |
Stock Award Plans [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION PLANS AND EMPLOYEE BENEFIT PLANS |
Stock-Based Compensation – The Company recognized total stock-based compensation expense of $4,760 for the three months ended March 28, 2015, and $4,064 for the three months ended March 29, 2014. Compensation expense related to the Company's stock-based payment awards is recognized in selling, distribution, and administrative expenses in the condensed consolidated statements of income. At March 28, 2015, the total unrecognized deferred stock-based compensation balance for all equity awards issued, net of expected forfeitures, was $39,558, net of tax, which is expected to be amortized over a weighted average period of 3.2 years. | |
Employee Stock Plans – Awards granted under the Cabela's Incorporated 2013 Stock Plan (the "2013 Stock Plan") have a term of no greater than ten years from the grant date and become exercisable under the vesting schedule determined at the time of grant. As of March 28, 2015, the maximum number of shares available for awards under the 2013 Stock Plan was 2,684,784. | |
As of March 28, 2015, there were 1,228,015 awards outstanding under the 2013 Stock Plan and 2,095,477 awards outstanding under the Cabela's Incorporated 2004 Stock Plan. To the extent available, we will issue treasury shares for the exercise of stock options before issuing new shares. | |
Option Awards. During the three months ended March 28, 2015, there were 216,820 non-statutory stock options ("NSOs") granted to employees at an exercise price of $55.46 per share. These options have an eight-year term and vest over four years. In addition, on March 2, 2015, the Company also issued 64,000 premium-priced NSOs to its President and Chief Executive Officer at an exercise price of $63.78 (which was equal to 115% of the closing price of the Company's common stock on the New York Stock Exchange on March 2, 2015). The premium-priced NSOs vest in three equal annual installments beginning on March 2, 2017, and expire on March 2, 2023. | |
During the three months ended March 28, 2015, there were 423,289 options exercised. The aggregate intrinsic value of awards exercised was $22,893 and $14,121 during the three months ended March 28, 2015, and March 29, 2014, respectively. Based on the Company's closing stock price of $56.78 at March 28, 2015, the total number of in-the-money awards exercisable as of March 28, 2015, was 1,796,268. | |
Nonvested Stock and Stock Unit Awards. During the three months ended March 28, 2015, the Company issued 314,295 units of nonvested stock to employees at a weighted average fair value of $55.45 per unit. These nonvested stock units vest evenly over four years on the grant date anniversary based on the passage of time. On March 2, 2015, the Company also issued 58,075 units of performance-based restricted stock units to certain executives at a fair value of $55.46 per unit. These performance-based restricted stock units will begin vesting in four equal annual installments on March 2, 2016, if the performance criterion is achieved. | |
Employee Stock Purchase Plan – During the three months ended March 28, 2015, there were 17,942 shares issued under the Cabela's Incorporated 2013 Employee Stock Purchase Plan (the "2013 ESPP"). As of March 28, 2015, there were 1,878,189 shares of common stock authorized and available for issuance under the 2013 ESPP. |
Stockholders_Equity_and_Divide
Stockholders' Equity and Dividend Restrictions | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Shareholders' Equity and Dividend Restrictions [Abstract] | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY AND DIVIDEND RESTRICTIONS | |||||||||||
Retained Earnings – The most significant restrictions on the payment of dividends by the Company to stockholders are contained within the covenants under its revolving credit and unsecured senior notes purchase agreements. Also, Nebraska banking laws govern the amount of dividends that WFB can pay to Cabela’s. At March 28, 2015, the Company had unrestricted retained earnings of $226,699 available for dividends. However, the Company has never declared or paid any cash dividends on its common stock, and does not anticipate paying any cash dividends in the foreseeable future. | ||||||||||||
Accumulated Other Comprehensive Loss – The components of accumulated other comprehensive loss, net of related taxes, are as follows for the periods ended: | ||||||||||||
March 28, | December 27, | March 29, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
Accumulated net unrealized holding gains on economic development bonds | $ | 10,765 | $ | 9,521 | $ | 6,529 | ||||||
Cumulative foreign currency translation adjustments | (36,738 | ) | (21,227 | ) | (10,023 | ) | ||||||
Total accumulated other comprehensive loss | $ | (25,973 | ) | $ | (11,706 | ) | $ | (3,494 | ) | |||
Treasury Stock – The Company did not engage in any stock repurchase activity in any of the three fiscal months in the first fiscal quarter ended March 28, 2015. In April 2015, we announced our intent to repurchase up to 2,000,000 shares of our common stock in open market transactions through February 2016. This share repurchase program does not obligate us to repurchase any outstanding shares of our common stock, and the program may be limited or terminated at any time. There is no guarantee as to the exact number of shares that we will repurchase. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||
Mar. 28, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Earnings Per Share [Text Block] | EARNINGS PER SHARE | |||||
The following table reconciles the weighted average number of shares utilized in the earnings per share calculations for the periods presented. | ||||||
Three Months Ended | ||||||
March 28, | March 29, | |||||
2015 | 2014 | |||||
Common shares – basic | 71,272,064 | 70,766,568 | ||||
Effect of incremental dilutive securities: | ||||||
Stock options and nonvested stock units | 331,511 | 991,465 | ||||
Common shares – diluted | 71,603,575 | 71,758,033 | ||||
Stock options outstanding considered anti-dilutive excluded from calculation | 446,712 | 650,780 | ||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
The following table sets forth non-cash financing and investing activities and other cash flow information for the three months ended: | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Non-cash financing and investing activities: | ||||||||
Accrued property and equipment additions (1) | $ | 33,866 | $ | 31,021 | ||||
Depreciation adjustment reducing deferred grant income | — | (831 | ) | |||||
Other cash flow information: | ||||||||
Interest paid (2) | $ | 21,927 | $ | 22,463 | ||||
Capitalized interest | (3,224 | ) | (2,190 | ) | ||||
Interest paid, net of capitalized interest | $ | 18,703 | $ | 20,273 | ||||
Income taxes paid, net of refunds | $ | 23,783 | $ | 14,046 | ||||
-1 | Accrued property and equipment additions are recognized in the condensed consolidated statements of cash flows in the period they are paid. | |||||||
-2 | Includes interest from the Financial Services segment totaling $15,696 and $16,001, respectively. |
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | SEGMENT REPORTING | |||||||||||||||||||
The Company has three reportable segments: Retail, Direct, and Financial Services. The Retail segment sells products and services through the Company's retail stores. The Direct segment sells products through our e-commerce websites (Cabelas.com and Cabelas.ca) and direct mail catalogs. The Financial Services segment issues co-branded credit cards. Revenues included in Corporate Overhead and Other are primarily made up of amounts received from outfitter services, real estate rental income, land sales, and fees earned through the Company's travel business and other complementary business services. | ||||||||||||||||||||
The following summarizes the primary operating costs by segment: | ||||||||||||||||||||
• | Retail – labor, advertising, depreciation, and retail store related occupancy costs. | |||||||||||||||||||
• | Direct – direct marketing costs (e-commerce advertising and catalog costs) and order processing costs. | |||||||||||||||||||
• | Financial Services – advertising and promotion, license fees, third party services for processing credit card transactions, employee compensation and benefits, and other general and administrative costs. | |||||||||||||||||||
• | Corporate Overhead and Other – unallocated shared-services costs, operations of various ancillary subsidiaries such as real estate development and travel, and segment eliminations. Unallocated shared-services costs include receiving, distribution, and storage costs of inventory, merchandising, and quality assurance costs, as well as corporate headquarters occupancy costs. | |||||||||||||||||||
Segment assets are those directly used in or clearly allocable to an operating segment’s operations. Depreciation, amortization, and property and equipment expenditures are recognized in each respective segment. Major assets by segment include: | ||||||||||||||||||||
• | Retail – inventory in the retail stores; land, buildings, fixtures, and leasehold improvements; and goodwill. The amount of goodwill in the Retail segment totaled $2,805, $3,023, and $3,184 at March 28, 2015, December 27, 2014, and March 29, 2014, respectively. The change in the carrying value of goodwill between periods was due to foreign currency adjustments. | |||||||||||||||||||
• | Direct – fixed assets and deferred catalog costs. | |||||||||||||||||||
• | Financial Services – cash, credit card loans, restricted cash, receivables, fixtures, and other assets. Cash and cash equivalents of the Financial Services segment were $215,525, $49,294, and $421,575 at March 28, 2015, December 27, 2014, and March 29, 2014, respectively. | |||||||||||||||||||
• | Corporate Overhead and Other – corporate headquarters and facilities, merchandise distribution inventory, shared technology infrastructure and related information technology systems, corporate cash and cash equivalents, economic development bonds, prepaid expenses, deferred income taxes, and other corporate long-lived assets. | |||||||||||||||||||
Under an Intercompany Agreement, the Financial Services segment pays to the Retail and Direct segments a fixed license fee that includes 70 basis points on all originated charge volume of the Cabela's CLUB Visa credit card portfolio. In addition, among other items, the agreement requires the Financial Services segment to reimburse the Retail and Direct segments for certain promotional costs, which are recorded as a reduction to Financial Services segment revenue and as a reduction to merchandise costs associated with the Retail and Direct segments. Beginning in the second quarter of 2014, this reimbursement from our Financial Services segment to our Retail and Direct segments for certain promotional costs has been adjusted to eliminate in consolidation. Periods prior to the second quarter of 2014 have not been adjusted. | ||||||||||||||||||||
Also, if the total risk-based capital ratio of WFB is greater than 13% at any quarter end, the Financial Services segment must pay an additional license fee to the Retail and Direct business segments equal to 50% of the amount that the total risk-based capital ratio exceeds 13%. The total risk-based capital ratio of WFB did not exceed this 13% threshold at March 31, 2015, so no additional license fee was paid. | ||||||||||||||||||||
Financial information by segment is presented in the following table for the periods presented: | ||||||||||||||||||||
Corporate Overhead and Other | ||||||||||||||||||||
Financial Services | ||||||||||||||||||||
Retail | Direct | Total | ||||||||||||||||||
Three Months Ended March 28, 2015: | ||||||||||||||||||||
Merchandise sales | $ | 524,175 | $ | 173,479 | $ | — | $ | — | $ | 697,654 | ||||||||||
Non-merchandise revenue: | ||||||||||||||||||||
Financial Services | — | — | 118,436 | — | 118,436 | |||||||||||||||
Other | 265 | — | — | 6,244 | 6,509 | |||||||||||||||
Total revenue before intersegment eliminations | 524,440 | 173,479 | 118,436 | 6,244 | 822,599 | |||||||||||||||
Intersegment revenue eliminated in consolidation | — | — | 4,477 | — | 4,477 | |||||||||||||||
Total revenue as reported | $ | 524,440 | $ | 173,479 | $ | 122,913 | $ | 6,244 | $ | 827,076 | ||||||||||
Operating income (loss) | $ | 55,555 | $ | 26,042 | $ | 48,477 | $ | (85,541 | ) | $ | 44,533 | |||||||||
Operating income as a percentage of revenue | 10.6 | % | 15 | % | 40.9 | % | N/A | 5.4 | % | |||||||||||
Depreciation and amortization | $ | 18,757 | $ | 1,231 | $ | 419 | $ | 10,814 | $ | 31,221 | ||||||||||
Assets | 1,670,553 | 234,688 | 4,523,447 | 906,377 | 7,335,065 | |||||||||||||||
Property and equipment additions including accrued amounts | 79,617 | 1 | 591 | 17,211 | 97,420 | |||||||||||||||
Three Months Ended March 29, 2014: | ||||||||||||||||||||
Merchandise sales | $ | 440,781 | $ | 179,416 | $ | — | $ | — | $ | 620,197 | ||||||||||
Non-merchandise revenue: | ||||||||||||||||||||
Financial Services | — | — | 98,578 | — | 98,578 | |||||||||||||||
Other | 168 | — | — | 6,880 | 7,048 | |||||||||||||||
Total Revenue | $ | 440,949 | $ | 179,416 | $ | 98,578 | $ | 6,880 | $ | 725,823 | ||||||||||
Operating income (loss) | $ | 52,298 | $ | 33,130 | $ | 33,102 | $ | (77,677 | ) | $ | 40,853 | |||||||||
Operating income as a percentage of revenue | 11.9 | % | 18.5 | % | 33.6 | % | N/A | 5.6 | % | |||||||||||
Depreciation and amortization | $ | 15,215 | $ | 1,230 | $ | 380 | $ | 9,248 | $ | 26,073 | ||||||||||
Assets | 1,423,827 | 175,717 | 4,215,139 | 803,943 | 6,618,626 | |||||||||||||||
Property and equipment additions including accrued amounts | 82,586 | 68 | 327 | 21,789 | 104,770 | |||||||||||||||
The components and amounts of total revenue for the Financial Services segment were as follows for the periods presented: | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 28, | March 29, | |||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Interest and fee income | $ | 111,928 | $ | 94,219 | ||||||||||||||||
Interest expense | (15,619 | ) | (15,886 | ) | ||||||||||||||||
Provision for loan losses | (13,230 | ) | (12,714 | ) | ||||||||||||||||
Net interest income, net of provision for loan losses | 83,079 | 65,619 | ||||||||||||||||||
Non-interest income: | ||||||||||||||||||||
Interchange income | 87,694 | 82,427 | ||||||||||||||||||
Other non-interest income | 682 | 755 | ||||||||||||||||||
Total non-interest income | 88,376 | 83,182 | ||||||||||||||||||
Less: Customer rewards costs | (48,542 | ) | (50,223 | ) | ||||||||||||||||
Financial Services revenue | $ | 122,913 | $ | 98,578 | ||||||||||||||||
The following table sets forth the percentage of our merchandise revenue contributed by major product categories for our Retail and Direct segments and in total for the three months ended March 28, 2015, and March 29, 2014. | ||||||||||||||||||||
Retail | Direct | Total | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Product Category: | ||||||||||||||||||||
Hunting Equipment | 52.3 | % | 52.3 | % | 37.5 | % | 39.3 | % | 48.7 | % | 48.6 | % | ||||||||
General Outdoors | 28.1 | 27.2 | 33.9 | 32.3 | 29.5 | 28.7 | ||||||||||||||
Clothing and Footwear | 19.6 | 20.5 | 28.6 | 28.4 | 21.8 | 22.7 | ||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||
Financial instrument assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: | ||||||||||||||||||||||||
• | Level 1 – Quoted market prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||
• | Level 2 – Observable inputs other than quoted market prices. | |||||||||||||||||||||||
• | Level 3 – Unobservable inputs corroborated by little, if any, market data. | |||||||||||||||||||||||
Level 3 is comprised of financial instruments whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are primarily unobservable from objective sources. At March 28, 2015, the financial instruments carried on our condensed consolidated balance sheets subject to fair value measurements consisted of economic development bonds and were classified as Level 3 for valuation purposes. For the three months ended March 28, 2015, and March 29, 2014, there were no transfers in or out of Levels 1, 2, or 3. | ||||||||||||||||||||||||
The table below presents changes in fair value of the economic development bonds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods presented: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, | March 29, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Balance, beginning of period | $ | 82,074 | $ | 78,504 | ||||||||||||||||||||
Total gains or losses: | ||||||||||||||||||||||||
Included in earnings - realized | — | — | ||||||||||||||||||||||
Included in accumulated other comprehensive loss - unrealized | 2,153 | 2,950 | ||||||||||||||||||||||
Valuation adjustments | — | — | ||||||||||||||||||||||
Purchases, issuances, and settlements: | ||||||||||||||||||||||||
Purchases | — | — | ||||||||||||||||||||||
Issuances | — | — | ||||||||||||||||||||||
Settlements | (1,144 | ) | (1,398 | ) | ||||||||||||||||||||
Total | (1,144 | ) | (1,398 | ) | ||||||||||||||||||||
Balance, end of period | $ | 83,083 | $ | 80,056 | ||||||||||||||||||||
There were no other than temporary fair value adjustments of economic development bonds and no adjustments of deferred grant income related to economic development bonds in the three months ended March 28, 2015, or March 29, 2014. | ||||||||||||||||||||||||
We evaluate the recoverability of property and equipment, other property, and goodwill and other intangibles whenever indicators of impairment exist. This evaluation included existing store locations and future retail store sites. The Company did not recognize any impairment in the three months ended March 28, 2015, and March 29, 2014. However, during the three months ended March 29, 2014, a liability judgment relating to litigation on a breach of a retail store radius restriction was increased $1,062 pursuant to a supplemental court order. This increase to this liability, plus legal and other costs, resulted in the Company recording an increase to the carrying amount of the related retail store property through a reduction in deferred grant income. The additional depreciation adjustment that reduced the deferred grant income of this retail store property resulted in an increase in depreciation expense of $831 that was recognized in the three months ended March 29, 2014. This increase in depreciation expense was included in selling, distribution, and administrative expenses in the condensed consolidated statements of income and was recognized in the Retail segment. There was no additional depreciation expense adjustment recognized after March 29, 2014. | ||||||||||||||||||||||||
Local economic trends, government regulations, and other restrictions where we own properties may impact management projections that could change undiscounted cash flows in future periods which could trigger possible future write downs. | ||||||||||||||||||||||||
The table below presents the estimated fair values of the Company's financial instruments that are not carried at fair value on our condensed consolidated balance sheets at the periods indicated. The fair values of all financial instruments listed below were estimated based on internally developed models or methodologies utilizing observable inputs (Level 2). | ||||||||||||||||||||||||
March 28, 2015 | December 27, 2014 | March 29, 2014 | ||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Credit card loans, net | $ | 4,157,410 | $ | 4,157,410 | $ | 4,421,185 | $ | 4,421,185 | $ | 3,698,529 | $ | 3,698,529 | ||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Time deposits | 813,022 | 818,939 | 806,056 | 857,327 | 940,141 | 940,058 | ||||||||||||||||||
Secured long-term obligations of the Trust | 3,111,000 | 3,092,412 | 3,047,250 | 3,014,446 | 2,707,250 | 2,666,427 | ||||||||||||||||||
Long-term debt | 671,501 | 689,812 | 499,715 | 521,212 | 549,009 | 586,356 | ||||||||||||||||||
Cabelas_Master_Credit_Card_Tru1
Cabela's Master Credit Card Trust (Tables) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Cabela's Master Credit Card Trust [Abstract] | ||||||||||||
Consolidated Assets and Liabilities of the Trust [Table Text Block] | The following table presents the components of the consolidated assets and liabilities of the Trust at the periods ended: | |||||||||||
March 28, | December 27, | March 29, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
Consolidated assets: | ||||||||||||
Restricted credit card loans, net of allowance of $55,750, $56,280, and $50,840 | $ | 4,129,647 | $ | 4,384,240 | $ | 3,675,282 | ||||||
Restricted cash | 30,641 | 334,812 | 24,609 | |||||||||
Total | $ | 4,160,288 | $ | 4,719,052 | $ | 3,699,891 | ||||||
Consolidated liabilities: | ||||||||||||
Secured variable funding obligations | $ | — | $ | 480,000 | $ | — | ||||||
Secured long-term obligations | 3,111,000 | 3,047,250 | 2,707,250 | |||||||||
Interest due to third party investors | 2,170 | 2,256 | 1,898 | |||||||||
Total | $ | 3,113,170 | $ | 3,529,506 | $ | 2,709,148 | ||||||
Credit_Card_Loans_and_Allowanc1
Credit Card Loans and Allowance For Loan Losses Credit Card Loans (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Credit Card Loans [Abstract] | ||||||||||||||||||||||||
Credit Card Loans [Table Text Block] | The following table reflects the composition of the credit card loans at the periods ended: | |||||||||||||||||||||||
March 28, | December 27, | March 29, | ||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||
Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) | $ | 4,185,397 | $ | 4,440,520 | $ | 3,726,122 | ||||||||||||||||||
Unrestricted credit card loans | 22,944 | 31,614 | 18,379 | |||||||||||||||||||||
Total credit card loans | 4,208,341 | 4,472,134 | 3,744,501 | |||||||||||||||||||||
Allowance for loan losses | (55,942 | ) | (56,572 | ) | (51,010 | ) | ||||||||||||||||||
Deferred credit card origination costs | 5,011 | 5,623 | 5,038 | |||||||||||||||||||||
Credit card loans, net | $ | 4,157,410 | $ | 4,421,185 | $ | 3,698,529 | ||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented: | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
28-Mar-15 | 29-Mar-14 | |||||||||||||||||||||||
Credit Card Loans | Restructured Credit Card Loans | Total Credit Card Loans | Credit Card Loans | Restructured Credit Card Loans | Total Credit Card Loans | |||||||||||||||||||
Balance, beginning of period | $ | 48,832 | $ | 7,740 | $ | 56,572 | $ | 44,660 | $ | 8,450 | $ | 53,110 | ||||||||||||
Provision for loan losses | 10,768 | 2,462 | 13,230 | 9,967 | 2,747 | 12,714 | ||||||||||||||||||
Charge-offs | (17,208 | ) | (3,781 | ) | (20,989 | ) | (15,911 | ) | (4,054 | ) | (19,965 | ) | ||||||||||||
Recoveries | 5,880 | 1,249 | 7,129 | 4,074 | 1,077 | 5,151 | ||||||||||||||||||
Net charge-offs | (11,328 | ) | (2,532 | ) | (13,860 | ) | (11,837 | ) | (2,977 | ) | (14,814 | ) | ||||||||||||
Balance, end of period | $ | 48,272 | $ | 7,670 | $ | 55,942 | $ | 42,790 | $ | 8,220 | $ | 51,010 | ||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter FICO score at the periods ended: | |||||||||||||||||||||||
FICO Score of Credit Card Loans Segment | Restructured Credit Card Loans Segment (1) | |||||||||||||||||||||||
March 28, 2015: | 691 and Below | 692 - 758 | 759 and Above | Total | ||||||||||||||||||||
Credit card loan status: | ||||||||||||||||||||||||
Current | $ | 639,828 | $ | 1,406,953 | $ | 2,055,672 | $ | 28,795 | $ | 4,131,248 | ||||||||||||||
1 to 29 days past due | 20,925 | 13,529 | 12,191 | 2,497 | 49,142 | |||||||||||||||||||
30 to 59 days past due | 7,999 | 1,282 | 559 | 1,304 | 11,144 | |||||||||||||||||||
60 or more days past due | 14,286 | 176 | 42 | 2,303 | 16,807 | |||||||||||||||||||
Total past due | 43,210 | 14,987 | 12,792 | 6,104 | 77,093 | |||||||||||||||||||
Total credit card loans | $ | 683,038 | $ | 1,421,940 | $ | 2,068,464 | $ | 34,899 | $ | 4,208,341 | ||||||||||||||
90 days or more past due and still accruing | $ | 7,461 | $ | 53 | $ | 25 | $ | 962 | $ | 8,501 | ||||||||||||||
Non-accrual | — | — | — | 5,444 | 5,444 | |||||||||||||||||||
December 27, 2014: | ||||||||||||||||||||||||
Credit card loan status: | ||||||||||||||||||||||||
Current | $ | 618,961 | $ | 1,455,292 | $ | 2,279,309 | $ | 28,831 | $ | 4,382,393 | ||||||||||||||
1 to 29 days past due | 24,712 | 18,121 | 15,853 | 2,837 | 61,523 | |||||||||||||||||||
30 to 59 days past due | 7,722 | 1,453 | 775 | 1,485 | 11,435 | |||||||||||||||||||
60 or more days past due | 13,829 | 363 | 48 | 2,543 | 16,783 | |||||||||||||||||||
Total past due | 46,263 | 19,937 | 16,676 | 6,865 | 89,741 | |||||||||||||||||||
Total credit card loans | $ | 665,224 | $ | 1,475,229 | $ | 2,295,985 | $ | 35,696 | $ | 4,472,134 | ||||||||||||||
90 days or more past due and still accruing | $ | 7,561 | $ | 44 | $ | 13 | $ | 1,076 | $ | 8,694 | ||||||||||||||
Non-accrual | — | — | — | 5,118 | 5,118 | |||||||||||||||||||
March 29, 2014: | ||||||||||||||||||||||||
Credit card loan status: | ||||||||||||||||||||||||
Current | $ | 541,421 | $ | 1,244,910 | $ | 1,862,740 | $ | 34,033 | $ | 3,683,104 | ||||||||||||||
1 to 29 days past due | 15,686 | 9,828 | 9,021 | 3,080 | 37,615 | |||||||||||||||||||
30 to 59 days past due | 6,396 | 1,112 | 514 | 1,603 | 9,625 | |||||||||||||||||||
60 or more days past due | 11,212 | 154 | 22 | 2,769 | 14,157 | |||||||||||||||||||
Total past due | 33,294 | 11,094 | 9,557 | 7,452 | 61,397 | |||||||||||||||||||
Total credit card loans | $ | 574,715 | $ | 1,256,004 | $ | 1,872,297 | $ | 41,485 | $ | 3,744,501 | ||||||||||||||
90 days or more past due and still accruing | $ | 6,075 | $ | 12 | $ | 2 | $ | 1,115 | $ | 7,204 | ||||||||||||||
Non-accrual | — | — | — | 5,431 | 5,431 | |||||||||||||||||||
-1 | Included in the allowance for loan losses were specific allowances for loan losses of $7,670 at March 28, 2015, $7,740 at December 27, 2014, and $8,220 at March 29, 2014. |
Securities_Tables
Securities (Tables) | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Securities [Abstract] | ||||||||||||||||
Available-for-sale Securities [Table Text Block] | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
28-Mar-15 | $ | 65,721 | $ | 17,363 | $ | (1 | ) | $ | 83,083 | |||||||
27-Dec-14 | $ | 66,865 | $ | 15,209 | $ | — | $ | 82,074 | ||||||||
29-Mar-14 | $ | 69,674 | $ | 10,382 | $ | — | $ | 80,056 | ||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | March 28, 2015, were as follows: | |||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||
For the nine months ending January 2, 2016 | $ | 2,049 | $ | 2,813 | ||||||||||||
For the fiscal years ending: | ||||||||||||||||
2016 | 2,769 | 3,684 | ||||||||||||||
2017 | 2,817 | 3,653 | ||||||||||||||
2018 | 3,279 | 4,230 | ||||||||||||||
2019 | 3,719 | 4,773 | ||||||||||||||
2020 - 2024 | 24,545 | 31,283 | ||||||||||||||
2025 and thereafter | 26,543 | 32,647 | ||||||||||||||
Totals | $ | 65,721 | $ | 83,083 | ||||||||||||
Borrowings_of_Financial_Servic1
Borrowings of Financial Services Segment (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Borrowings of Financial Services Subsidiary [Abstract] | ||||||||||||||||||||||||
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings [Table Text Block] | ||||||||||||||||||||||||
March 28, 2015: | ||||||||||||||||||||||||
Series | Expected | Fixed Rate Obligations | Interest Rate | Variable Rate Obligations | Interest Rate | Total Obligations | Interest Rate | |||||||||||||||||
Maturity Date | ||||||||||||||||||||||||
Series 2010-II | Sep-15 | $ | 127,500 | 2.29 | % | $ | 85,000 | 0.87 | % | $ | 212,500 | 1.72 | % | |||||||||||
Series 2011-II | Jun-16 | 155,000 | 2.39 | 100,000 | 0.77 | 255,000 | 1.76 | |||||||||||||||||
Series 2011-IV | Oct-16 | 165,000 | 1.9 | 90,000 | 0.72 | 255,000 | 1.49 | |||||||||||||||||
Series 2012-I | Feb-17 | 275,000 | 1.63 | 150,000 | 0.7 | 425,000 | 1.3 | |||||||||||||||||
Series 2012-II | Jun-17 | 300,000 | 1.45 | 125,000 | 0.65 | 425,000 | 1.22 | |||||||||||||||||
Series 2013-I | Feb-23 | 327,250 | 2.71 | — | — | 327,250 | 2.71 | |||||||||||||||||
Series 2013-II | Aug-18 | 100,000 | 2.17 | 197,500 | 0.82 | 297,500 | 1.28 | |||||||||||||||||
Series 2014-I | Mar-17 | — | — | 255,000 | 0.52 | 255,000 | 0.52 | |||||||||||||||||
Series 2014-II | Jul-19 | — | — | 340,000 | 0.62 | 340,000 | 0.62 | |||||||||||||||||
Series 2015-I | Mar-20 | 218,750 | 2.26 | 100,000 | 0.76 | 318,750 | 1.79 | |||||||||||||||||
Secured long-term obligations of the Trust | 1,668,500 | 1,442,500 | 3,111,000 | |||||||||||||||||||||
Less current maturities | (127,500 | ) | (85,000 | ) | (212,500 | ) | ||||||||||||||||||
Secured long-term obligations of the Trust, less current maturities | $ | 1,541,000 | $ | 1,357,500 | $ | 2,898,500 | ||||||||||||||||||
December 27, 2014: | ||||||||||||||||||||||||
Series | Expected | Fixed Rate Obligations | Interest Rate | Variable Rate Obligations | Interest Rate | Total Obligations | Interest Rate | |||||||||||||||||
Maturity Date | ||||||||||||||||||||||||
Series 2010-I | Jan-15 | $ | — | — | % | $ | 255,000 | 1.61 | % | $ | 255,000 | 1.61 | % | |||||||||||
Series 2010-II | Sep-15 | 127,500 | 2.29 | 85,000 | 0.86 | 212,500 | 1.72 | |||||||||||||||||
Series 2011-II | Jun-16 | 155,000 | 2.39 | 100,000 | 0.76 | 255,000 | 1.75 | |||||||||||||||||
Series 2011-IV | Oct-16 | 165,000 | 1.9 | 90,000 | 0.71 | 255,000 | 1.48 | |||||||||||||||||
Series 2012-I | Feb-17 | 275,000 | 1.63 | 150,000 | 0.69 | 425,000 | 1.3 | |||||||||||||||||
Series 2012-II | Jun-17 | 300,000 | 1.45 | 125,000 | 0.64 | 425,000 | 1.21 | |||||||||||||||||
Series 2013-I | Feb-23 | 327,250 | 2.71 | — | — | 327,250 | 2.71 | |||||||||||||||||
Series 2013-II | Aug-18 | 100,000 | 2.17 | 197,500 | 0.81 | 297,500 | 1.27 | |||||||||||||||||
Series 2014-I | Mar-17 | — | — | 255,000 | 0.51 | 255,000 | 0.51 | |||||||||||||||||
Series 2014-II | Jul-19 | — | — | 340,000 | 0.61 | 340,000 | 0.61 | |||||||||||||||||
Secured long-term obligations of the Trust | 1,449,750 | 1,597,500 | 3,047,250 | |||||||||||||||||||||
Less current maturities | (127,500 | ) | (340,000 | ) | (467,500 | ) | ||||||||||||||||||
Secured long-term obligations of the Trust, less current maturities | $ | 1,322,250 | $ | 1,257,500 | $ | 2,579,750 | ||||||||||||||||||
March 29, 2014: | ||||||||||||||||||||||||
Series | Expected | Fixed Rate Obligations | Interest Rate | Variable Rate Obligations | Interest Rate | Total Obligations | Interest Rate | |||||||||||||||||
Maturity Date | ||||||||||||||||||||||||
Series 2010-I | Jan-15 | $ | — | — | % | $ | 255,000 | 1.61 | % | $ | 255,000 | 1.61 | % | |||||||||||
Series 2010-II | Sep-15 | 127,500 | 2.29 | 85,000 | 0.86 | 212,500 | 1.72 | |||||||||||||||||
Series 2011-II | Jun-16 | 155,000 | 2.39 | 100,000 | 0.76 | 255,000 | 1.75 | |||||||||||||||||
Series 2011-IV | Oct-16 | 165,000 | 1.9 | 90,000 | 0.71 | 255,000 | 1.48 | |||||||||||||||||
Series 2012-I | Feb-17 | 275,000 | 1.63 | 150,000 | 0.69 | 425,000 | 1.3 | |||||||||||||||||
Series 2012-II | Jun-17 | 300,000 | 1.45 | 125,000 | 0.64 | 425,000 | 1.21 | |||||||||||||||||
Series 2013-I | Feb-23 | 327,250 | 2.71 | — | — | 327,250 | 2.71 | |||||||||||||||||
Series 2013-II | Aug-18 | 100,000 | 2.17 | 197,500 | 0.81 | 297,500 | 1.26 | |||||||||||||||||
Series 2014-I | Mar-17 | — | — | 255,000 | 0.53 | 255,000 | 0.53 | |||||||||||||||||
Secured long-term obligations of the Trust | 1,449,750 | 1,257,500 | 2,707,250 | |||||||||||||||||||||
Less current maturities | — | (255,000 | ) | (255,000 | ) | |||||||||||||||||||
Secured long-term obligations of the Trust, less current maturities | $ | 1,449,750 | $ | 1,002,500 | $ | 2,452,250 | ||||||||||||||||||
LongTerm_Debt_and_Capital_Leas1
Long-Term Debt and Capital Leases (Tables) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Schedule of Debt [Table Text Block] | Long-term debt, including revolving credit facilities and capital leases, consisted of the following at the periods ended: | |||||||||||
March 28, | December 27, | March 29, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
Unsecured revolving credit facility | $ | 360,000 | $ | 180,000 | $ | 229,086 | ||||||
Unsecured notes due 2016 with interest at 5.99% | 215,000 | 215,000 | 215,000 | |||||||||
Unsecured senior notes due 2017 with interest at 6.08% | 60,000 | 60,000 | 60,000 | |||||||||
Unsecured senior notes due 2016-2018 with interest at 7.20% | 24,428 | 32,571 | 32,572 | |||||||||
Capital lease obligations payable through 2036 | 12,073 | 12,144 | 12,351 | |||||||||
Total debt | 671,501 | 499,715 | 549,009 | |||||||||
Less current portion of debt | (8,438 | ) | (8,434 | ) | (8,422 | ) | ||||||
Long-term debt, less current maturities | $ | 663,063 | $ | 491,281 | $ | 540,587 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||
Mar. 28, 2015 | ||||||
Income Taxes [Abstract] | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the statutory federal income tax rate to the effective income tax rate was as follows for the periods presented. | |||||
Three Months Ended | ||||||
March 28, | March 29, | |||||
2015 | 2014 | |||||
Statutory federal rate | 35 | % | 35 | % | ||
State income taxes, net of federal tax benefit | 2.2 | 1.7 | ||||
Other nondeductible items | 0.2 | 0.3 | ||||
Tax exempt interest income | (0.4 | ) | (0.5 | ) | ||
Rate differential on foreign income | (1.4 | ) | (0.7 | ) | ||
Change in unrecognized tax benefits | 0.4 | (1.4 | ) | |||
Deferred tax asset valuation allowance | 0.8 | — | ||||
Other, net | 0.2 | — | ||||
Effective income tax rate | 37 | % | 34.4 | % |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||
Mar. 28, 2015 | ||||
Future Minimum Lease Payments [Line Items] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following is a schedule of future minimum rental payments under operating leases at March 28, 2015: | |||
For the nine months ending January 2, 2016 | $ | 20,109 | ||
For the fiscal years ending: | ||||
2016 | 23,781 | |||
2017 | 23,619 | |||
2018 | 23,322 | |||
2019 | 22,848 | |||
Thereafter | 297,146 | |||
Total | $ | 410,825 | ||
Stockholders_Equity_and_Divide1
Stockholders' Equity and Dividend Restrictions (Tables) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Shareholders' Equity and Dividend Restrictions [Abstract] | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss, net of related taxes, are as follows for the periods ended: | |||||||||||
March 28, | December 27, | March 29, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
Accumulated net unrealized holding gains on economic development bonds | $ | 10,765 | $ | 9,521 | $ | 6,529 | ||||||
Cumulative foreign currency translation adjustments | (36,738 | ) | (21,227 | ) | (10,023 | ) | ||||||
Total accumulated other comprehensive loss | $ | (25,973 | ) | $ | (11,706 | ) | $ | (3,494 | ) |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||
Mar. 28, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles the weighted average number of shares utilized in the earnings per share calculations for the periods presented. | |||||
Three Months Ended | ||||||
March 28, | March 29, | |||||
2015 | 2014 | |||||
Common shares – basic | 71,272,064 | 70,766,568 | ||||
Effect of incremental dilutive securities: | ||||||
Stock options and nonvested stock units | 331,511 | 991,465 | ||||
Common shares – diluted | 71,603,575 | 71,758,033 | ||||
Stock options outstanding considered anti-dilutive excluded from calculation | 446,712 | 650,780 | ||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table sets forth non-cash financing and investing activities and other cash flow information for the three months ended: | |||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Non-cash financing and investing activities: | ||||||||
Accrued property and equipment additions (1) | $ | 33,866 | $ | 31,021 | ||||
Depreciation adjustment reducing deferred grant income | — | (831 | ) | |||||
Other cash flow information: | ||||||||
Interest paid (2) | $ | 21,927 | $ | 22,463 | ||||
Capitalized interest | (3,224 | ) | (2,190 | ) | ||||
Interest paid, net of capitalized interest | $ | 18,703 | $ | 20,273 | ||||
Income taxes paid, net of refunds | $ | 23,783 | $ | 14,046 | ||||
-1 | Accrued property and equipment additions are recognized in the condensed consolidated statements of cash flows in the period they are paid. | |||||||
-2 | Includes interest from the Financial Services segment totaling $15,696 and $16,001, respectively. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial information by segment is presented in the following table for the periods presented: | |||||||||||||||||
Revenue Components of Financial Services Segment [Table Text Block] | periods presented: | |||||||||||||||||
Three Months Ended | ||||||||||||||||||
March 28, | March 29, | |||||||||||||||||
2015 | 2014 | |||||||||||||||||
Interest and fee income | $ | 111,928 | $ | 94,219 | ||||||||||||||
Interest expense | (15,619 | ) | (15,886 | ) | ||||||||||||||
Provision for loan losses | (13,230 | ) | (12,714 | ) | ||||||||||||||
Net interest income, net of provision for loan losses | 83,079 | 65,619 | ||||||||||||||||
Non-interest income: | ||||||||||||||||||
Interchange income | 87,694 | 82,427 | ||||||||||||||||
Other non-interest income | 682 | 755 | ||||||||||||||||
Total non-interest income | 88,376 | 83,182 | ||||||||||||||||
Less: Customer rewards costs | (48,542 | ) | (50,223 | ) | ||||||||||||||
Financial Services revenue | $ | 122,913 | $ | 98,578 | ||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | ||||||||||||||||||
Retail | Direct | Total | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Product Category: | ||||||||||||||||||
Hunting Equipment | 52.3 | % | 52.3 | % | 37.5 | % | 39.3 | % | 48.7 | % | 48.6 | % | ||||||
General Outdoors | 28.1 | 27.2 | 33.9 | 32.3 | 29.5 | 28.7 | ||||||||||||
Clothing and Footwear | 19.6 | 20.5 | 28.6 | 28.4 | 21.8 | 22.7 | ||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ||||||||||||||||||||||||
March 28, 2015 | December 27, 2014 | March 29, 2014 | ||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Credit card loans, net | $ | 4,157,410 | $ | 4,157,410 | $ | 4,421,185 | $ | 4,421,185 | $ | 3,698,529 | $ | 3,698,529 | ||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Time deposits | 813,022 | 818,939 | 806,056 | 857,327 | 940,141 | 940,058 | ||||||||||||||||||
Secured long-term obligations of the Trust | 3,111,000 | 3,092,412 | 3,047,250 | 3,014,446 | 2,707,250 | 2,666,427 | ||||||||||||||||||
Long-term debt | 671,501 | 689,812 | 499,715 | 521,212 | 549,009 | 586,356 | ||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, | March 29, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Balance, beginning of period | $ | 82,074 | $ | 78,504 | ||||||||||||||||||||
Total gains or losses: | ||||||||||||||||||||||||
Included in earnings - realized | — | — | ||||||||||||||||||||||
Included in accumulated other comprehensive loss - unrealized | 2,153 | 2,950 | ||||||||||||||||||||||
Valuation adjustments | — | — | ||||||||||||||||||||||
Purchases, issuances, and settlements: | ||||||||||||||||||||||||
Purchases | — | — | ||||||||||||||||||||||
Issuances | — | — | ||||||||||||||||||||||
Settlements | (1,144 | ) | (1,398 | ) | ||||||||||||||||||||
Total | (1,144 | ) | (1,398 | ) | ||||||||||||||||||||
Balance, end of period | $ | 83,083 | $ | 80,056 | ||||||||||||||||||||
Management_Representations_Det
Management Representations (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents, at Carrying Value | $267,686 | $142,758 | $484,586 | $199,072 |
Cash and Cash Equivalent at Subsidiary | $215,525 | $49,294 | $421,575 |
Cabelas_Master_Credit_Card_Tru2
Cabela's Master Credit Card Trust (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |||
Consolidated assets: [Abstract] | |||
Restricted credit card loans, net of allowance of $55,750, $56,280, and $50,840 | $4,129,647 | $4,384,240 | $3,675,282 |
Restricted cash of the Trust | 30,641 | 334,812 | 24,609 |
Total Consolidated Assets of the Trust | 4,160,288 | 4,719,052 | 3,699,891 |
Consolidated liabilities: [Abstract] | |||
Secured variable funding obligations | 0 | 480,000 | 0 |
Secured long-term obligations | 3,111,000 | 3,047,250 | 2,707,250 |
Interest due to third party investors | 2,170 | 2,256 | 1,898 |
Total Consolidated liabilities of the Trust | 3,113,170 | 3,529,506 | 2,709,148 |
Cabela's Master Credit Card Trust [Member] | |||
Consolidated assets: [Abstract] | |||
Allowance for loan losses | $55,750 | $56,280 | $50,840 |
Credit_Card_Loans_and_Allowanc2
Credit Card Loans and Allowance For Loan Losses (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | Dec. 28, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ||||
Provision for loan losses | $13,230 | $12,714 | ||
Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) | 4,185,397 | 3,726,122 | 4,440,520 | |
Unrestricted credit card loans | 22,944 | 18,379 | 31,614 | |
Credit Card Receivables | 4,208,341 | 3,744,501 | 4,472,134 | |
Loans and Leases Receivable, Net Reported Amount | 4,157,410 | 3,698,529 | 4,421,185 | |
Provision for loan losses | 13,230 | 12,714 | ||
Charge-offs | -20,989 | -19,965 | ||
Recoveries | 7,129 | 5,151 | ||
Net charge-offs | -13,860 | -14,814 | ||
Balance, end of period | -55,942 | -51,010 | -56,572 | -53,110 |
Loans and Leases Receivable, Consumer, Allowance | 7,670 | 8,220 | 7,740 | |
Current | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Card Receivables | 4,131,248 | 3,683,104 | 4,382,393 | |
1 to 29 days past due | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Card Receivables | 49,142 | 37,615 | 61,523 | |
30 to 59 days past due | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Card Receivables | 11,144 | 9,625 | 11,435 | |
60 or more days past due | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Card Receivables | 16,807 | 14,157 | 16,783 | |
Total past due | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Card Receivables | 77,093 | 61,397 | 89,741 | |
90 days or more past due and still accruing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Card Receivables | 8,501 | 7,204 | 8,694 | |
Non-accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Card Receivables | 5,444 | 5,431 | 5,118 | |
Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Balance, end of period | -55,942 | -51,010 | -56,572 | |
Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Provision for loan losses | 2,462 | 2,747 | ||
Charge-offs | -3,781 | -4,054 | ||
Recoveries | 1,249 | 1,077 | ||
Net charge-offs | -2,532 | -2,977 | ||
Balance, end of period | -7,670 | -8,220 | -7,740 | -8,450 |
Performing Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Provision for loan losses | 10,768 | 9,967 | ||
Charge-offs | -17,208 | -15,911 | ||
Recoveries | 5,880 | 4,074 | ||
Net charge-offs | -11,328 | -11,837 | ||
Balance, end of period | -48,272 | -42,790 | -48,832 | -44,660 |
Credit Card Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Deferred credit card origination costs | $5,011 | $5,038 | $5,623 |
Credit_Card_Loans_and_Allowanc3
Credit Card Loans and Allowance For Loan Losses Schedule of Credit Card Balances by FICO score (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | $4,208,341 | $4,472,134 | $3,744,501 |
Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 4,131,248 | 4,382,393 | 3,683,104 |
Past Due, 29 Days or Less [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 49,142 | 61,523 | 37,615 |
Past Due, 30-59 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 11,144 | 11,435 | 9,625 |
Past Due, 60 or More Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 16,807 | 16,783 | 14,157 |
Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 77,093 | 89,741 | 61,397 |
90 Days or More Past Due and Still Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 8,501 | 8,694 | 7,204 |
Non-accrual [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 5,444 | 5,118 | 5,431 |
FICO Score, 691 and Below [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 683,038 | 665,224 | 574,715 |
FICO Score, 691 and Below [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 639,828 | 618,961 | 541,421 |
FICO Score, 691 and Below [Member] | Past Due, 29 Days or Less [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 20,925 | 24,712 | 15,686 |
FICO Score, 691 and Below [Member] | Past Due, 30-59 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 7,999 | 7,722 | 6,396 |
FICO Score, 691 and Below [Member] | Past Due, 60 or More Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 14,286 | 13,829 | 11,212 |
FICO Score, 691 and Below [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 43,210 | 46,263 | 33,294 |
FICO Score, 691 and Below [Member] | 90 Days or More Past Due and Still Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 7,461 | 7,561 | 6,075 |
FICO Score, 691 and Below [Member] | Non-accrual [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 0 | 0 | 0 |
FICO Score, 692-758 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 1,421,940 | 1,475,229 | 1,256,004 |
FICO Score, 692-758 [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 1,406,953 | 1,455,292 | 1,244,910 |
FICO Score, 692-758 [Member] | Past Due, 29 Days or Less [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 13,529 | 18,121 | 9,828 |
FICO Score, 692-758 [Member] | Past Due, 30-59 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 1,282 | 1,453 | 1,112 |
FICO Score, 692-758 [Member] | Past Due, 60 or More Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 176 | 363 | 154 |
FICO Score, 692-758 [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 14,987 | 19,937 | 11,094 |
FICO Score, 692-758 [Member] | 90 Days or More Past Due and Still Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 53 | 44 | 12 |
FICO Score, 692-758 [Member] | Non-accrual [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 0 | 0 | 0 |
FICO Score, 759 and Above [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 2,068,464 | 2,295,985 | 1,872,297 |
FICO Score, 759 and Above [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 2,055,672 | 2,279,309 | 1,862,740 |
FICO Score, 759 and Above [Member] | Past Due, 29 Days or Less [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 12,191 | 15,853 | 9,021 |
FICO Score, 759 and Above [Member] | Past Due, 30-59 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 559 | 775 | 514 |
FICO Score, 759 and Above [Member] | Past Due, 60 or More Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 42 | 48 | 22 |
FICO Score, 759 and Above [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 12,792 | 16,676 | 9,557 |
FICO Score, 759 and Above [Member] | 90 Days or More Past Due and Still Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 25 | 13 | 2 |
FICO Score, 759 and Above [Member] | Non-accrual [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 0 | 0 | 0 |
Restructured Credit Card Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 34,899 | 35,696 | 41,485 |
Restructured Credit Card Loans [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 28,795 | 28,831 | 34,033 |
Restructured Credit Card Loans [Member] | Past Due, 29 Days or Less [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 2,497 | 2,837 | 3,080 |
Restructured Credit Card Loans [Member] | Past Due, 30-59 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 1,304 | 1,485 | 1,603 |
Restructured Credit Card Loans [Member] | Past Due, 60 or More Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 2,303 | 2,543 | 2,769 |
Restructured Credit Card Loans [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 6,104 | 6,865 | 7,452 |
Restructured Credit Card Loans [Member] | 90 Days or More Past Due and Still Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 962 | 1,076 | 1,115 |
Restructured Credit Card Loans [Member] | Non-accrual [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | $5,444 | $5,118 | $5,431 |
Securities_Details
Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | Dec. 28, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Included in earnings - realized | $0 | $0 | ||
Investment Income, Interest | 945 | 1,007 | ||
Available-for-sale Securities, Amortized Cost Basis | 65,721 | 69,674 | 66,865 | |
Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost Basis | 2,049 | |||
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 2,813 | |||
Available-for-sale Securities, Debt Maturities, Year Two, Amortized Cost Basis | 2,769 | |||
Available-for-sale Securities, Debt Maturities, Year Two, Fair Value | 3,684 | |||
Available-for-sale Securities, Debt Maturities, Year Three, Amortized Cost Basis | 2,817 | |||
Available-for-sale Securities, Debt Maturities, Year Three, Fair Value | 3,653 | |||
Available-for-sale Securities, Debt Maturities, Year Four, Amortized Cost Basis | 3,279 | |||
Available-for-sale Securities, Debt Maturities, Year Four, Fair Value | 4,230 | |||
Available-for-sale Securities, Debt Maturities, Year Five, Amortized Cost Basis | 3,719 | |||
Available-for-sale Securities, Debt Maturities, Year Five, Fair Value | 4,773 | |||
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 24,545 | |||
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 31,283 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 26,543 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 32,647 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 65,721 | |||
Available-for-sale Securities, Fair Value Disclosure | 83,083 | 80,056 | 82,074 | 78,504 |
Available-for-sale Securities, Gross Unrealized Gains | 17,363 | 10,382 | 15,209 | |
Available-for-sale Securities, Gross Unrealized Losses | ($1) | $0 | $0 |
Borrowings_of_Financial_Servic2
Borrowings of Financial Services Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | Apr. 23, 2015 |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | $671,501 | $549,009 | $499,715 | |
Less current portion of debt | -212,500 | -255,000 | -467,500 | |
Long-term debt, less current maturities | 663,063 | 540,587 | 491,281 | |
Repayments of Debt | 1,260,000 | 60,000 | ||
Secured Debt, Variable Funding Facility [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maximum Borrowing Capacity | 1,025,000 | |||
Short-term Debt, Average Outstanding Amount | 185,278 | 4,222 | ||
Debt, Weighted Average Interest Rate | 0.78% | 0.75% | ||
Series 2010-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maturity Date | 15-Jan-15 | 15-Jan-15 | ||
Total debt | 255,000 | 255,000 | ||
Long-term Debt, Weighted Average Interest Rate | 1.61% | 1.61% | ||
Series 2010-II | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maturity Date | 15-Sep-15 | 15-Sep-15 | 15-Sep-15 | |
Total debt | 212,500 | 212,500 | 212,500 | |
Long-term Debt, Weighted Average Interest Rate | 1.72% | 1.72% | 1.72% | |
Series 2011-II [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maturity Date | 15-Jun-16 | 15-Jun-16 | 15-Jun-16 | |
Total debt | 255,000 | 255,000 | 255,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.76% | 1.75% | 1.75% | |
Series 2011-IV [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maturity Date | 15-Oct-16 | 15-Oct-16 | 15-Oct-16 | |
Total debt | 255,000 | 255,000 | 255,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.49% | 1.48% | 1.48% | |
Series 2012-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maturity Date | 15-Feb-17 | 15-Feb-17 | 15-Feb-17 | |
Total debt | 425,000 | 425,000 | 425,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.30% | 1.30% | 1.30% | |
Federal Funds Purchased [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maximum Borrowing Capacity | 85,000 | |||
Short-term Debt, Average Outstanding Amount | 14 | 0 | ||
Debt, Weighted Average Interest Rate | 0.75% | |||
Series 2012-II [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maturity Date | 15-Jun-17 | 15-Jun-17 | 15-Jun-17 | |
Total debt | 425,000 | 425,000 | 425,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.22% | 1.21% | 1.21% | |
Series 2013-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maturity Date | 15-Feb-23 | 15-Feb-23 | 15-Feb-23 | |
Total debt | 327,250 | 327,250 | 327,250 | |
Long-term Debt, Weighted Average Interest Rate | 2.71% | 2.71% | 2.71% | |
Series 2013-II [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maturity Date | 15-Aug-18 | 15-Aug-18 | 15-Aug-18 | |
Total debt | 297,500 | 297,500 | 297,500 | |
Long-term Debt, Weighted Average Interest Rate | 1.28% | 1.26% | 1.27% | |
Series 2014-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maximum Borrowing Capacity | 375,000 | |||
Debt Instrument, Maturity Date | 15-Mar-17 | 15-Mar-17 | 15-Mar-17 | |
Total debt | 255,000 | 255,000 | 255,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.52% | 0.53% | 0.51% | |
Series 2014-ll [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maturity Date | 15-Jul-19 | 15-Jul-19 | ||
Total debt | 340,000 | 340,000 | ||
Long-term Debt, Weighted Average Interest Rate | 0.62% | 0.61% | ||
Series 2015-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Maturity Date | 15-Mar-20 | |||
Total debt | 318,750 | |||
Long-term Debt, Weighted Average Interest Rate | 1.79% | |||
Note Class A-1 [Member] | Series 2015-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Notes Issued | 218,750 | |||
Note Class A-2 [Member] | Series 2015-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Notes Issued | 100,000 | |||
Fixed Rate Obligation [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 1,668,500 | 1,449,750 | 1,449,750 | |
Less current portion of debt | -127,500 | 0 | -127,500 | |
Long-term debt, less current maturities | 1,541,000 | 1,449,750 | 1,322,250 | |
Fixed Rate Obligation [Member] | Series 2010-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 0 | 0 | ||
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | ||
Fixed Rate Obligation [Member] | Series 2010-II | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 127,500 | 127,500 | 127,500 | |
Long-term Debt, Weighted Average Interest Rate | 2.29% | 2.29% | 2.29% | |
Fixed Rate Obligation [Member] | Series 2011-II [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 155,000 | 155,000 | 155,000 | |
Long-term Debt, Weighted Average Interest Rate | 2.39% | 2.39% | 2.39% | |
Fixed Rate Obligation [Member] | Series 2011-IV [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 165,000 | 165,000 | 165,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.90% | 1.90% | 1.90% | |
Fixed Rate Obligation [Member] | Series 2012-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 275,000 | 275,000 | 275,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.63% | 1.63% | 1.63% | |
Fixed Rate Obligation [Member] | Series 2012-II [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 300,000 | 300,000 | 300,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.45% | 1.45% | 1.45% | |
Fixed Rate Obligation [Member] | Series 2013-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 327,250 | 327,250 | 327,250 | |
Long-term Debt, Weighted Average Interest Rate | 2.71% | 2.71% | 2.71% | |
Fixed Rate Obligation [Member] | Series 2013-II [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 100,000 | 100,000 | 100,000 | |
Long-term Debt, Weighted Average Interest Rate | 2.17% | 2.17% | 2.17% | |
Fixed Rate Obligation [Member] | Series 2014-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 0 | 0 | 0 | |
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | 0.00% | |
Fixed Rate Obligation [Member] | Series 2014-ll [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 0 | 0 | ||
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | ||
Fixed Rate Obligation [Member] | Series 2015-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 218,750 | |||
Long-term Debt, Weighted Average Interest Rate | 2.26% | |||
Variable Rate Obligations [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 1,442,500 | 1,257,500 | 1,597,500 | |
Less current portion of debt | -85,000 | -255,000 | -340,000 | |
Long-term debt, less current maturities | 1,357,500 | 1,002,500 | 1,257,500 | |
Variable Rate Obligations [Member] | Series 2010-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 255,000 | 255,000 | ||
Long-term Debt, Weighted Average Interest Rate | 1.61% | 1.61% | ||
Variable Rate Obligations [Member] | Series 2010-II | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 85,000 | 85,000 | 85,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.87% | 0.86% | 0.86% | |
Variable Rate Obligations [Member] | Series 2011-II [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 100,000 | 100,000 | 100,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.77% | 0.76% | 0.76% | |
Variable Rate Obligations [Member] | Series 2011-IV [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 90,000 | 90,000 | 90,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.72% | 0.71% | 0.71% | |
Variable Rate Obligations [Member] | Series 2012-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 150,000 | 150,000 | 150,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.70% | 0.69% | 0.69% | |
Variable Rate Obligations [Member] | Series 2012-II [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 125,000 | 125,000 | 125,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.65% | 0.64% | 0.64% | |
Variable Rate Obligations [Member] | Series 2013-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 0 | 0 | 0 | |
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | 0.00% | |
Variable Rate Obligations [Member] | Series 2013-II [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 197,500 | 197,500 | 197,500 | |
Long-term Debt, Weighted Average Interest Rate | 0.82% | 0.81% | 0.81% | |
Variable Rate Obligations [Member] | Series 2014-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 255,000 | 255,000 | 255,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.52% | 0.53% | 0.51% | |
Variable Rate Obligations [Member] | Series 2014-ll [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 340,000 | 340,000 | ||
Long-term Debt, Weighted Average Interest Rate | 0.62% | 0.61% | ||
Variable Rate Obligations [Member] | Series 2015-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 100,000 | |||
Long-term Debt, Weighted Average Interest Rate | 0.76% | |||
Secured Debt [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Total debt | 3,111,000 | 2,707,250 | 3,047,250 | |
Less current portion of debt | -212,500 | -255,000 | -467,500 | |
Long-term debt, less current maturities | 2,898,500 | 2,452,250 | 2,579,750 | |
Subordinated Debt [Member] | Series 2014-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Notes Issued | 56,250 | |||
Maximum [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.40% | |||
Minimum [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Series 2010-I [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Repayments of Debt | 255,000 | |||
Subsequent Event [Member] | Secured Debt, Variable Funding Facility [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Long-term Debt and Capital Lease Obligations | 225,000 | |||
Subsequent Event [Member] | Maturities of Variable Funding Facilities, 2016 [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Long-term Debt and Capital Lease Obligations | 300,000 | |||
Subsequent Event [Member] | Maturities of Variable Funding Facilities, 2017 [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Long-term Debt and Capital Lease Obligations | 500,000 | |||
Subsequent Event [Member] | Maturities of Variable Funding Facilities, 2018 [Member] | ||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||
Long-term Debt and Capital Lease Obligations | $300,000 |
LongTerm_Debt_and_Capital_Leas2
Long-Term Debt and Capital Leases (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $775,000 | ||
Unsecured revolving credit facility | 360,000 | 229,086 | 180,000 |
Unsecured notes due 2016 with interest at 5.99% | 215,000 | 215,000 | 215,000 |
Unsecured senior notes due 2017 with interest at 6.08% | 60,000 | 60,000 | 60,000 |
Unsecured senior notes due 2016-2018 with interest at 7.20% | 24,428 | 32,572 | 32,571 |
Capital lease obligations payable through 2036 | 12,073 | 12,351 | 12,144 |
Total debt | 671,501 | 549,009 | 499,715 |
Less current portion of debt | 8,438 | 8,422 | 8,434 |
Long-term debt, less current maturities | 663,063 | 540,587 | 491,281 |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 75,000 | ||
Line of Credit Facility, Capacity Available for Trade Purchases | 30,000 | ||
Amount that Line of Credit Facility may be Increased to | 800,000 | ||
Line of Credit Facility, Average Outstanding Amount | 289,095 | 7,712 | |
Line of Credit Facility, Interest Rate During Period | 1.42% | 1.67% | |
Letter of Credit, Average Outstanding Amount | 15,713 | 14,201 | |
Unsecured $20 million Canadian revolving credit facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | ||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 10,000 | ||
Financial Standby Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | $28,571 | $24,578 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Unrecognized Tax Benefits | $66,996 | ||
Statutory federal rate | 35.00% | 35.00% | |
State income taxes, net of federal tax benefit | 2.20% | 1.70% | |
Other nondeductible items | 0.20% | 0.30% | |
Tax exempt interest income | -0.40% | -0.50% | |
Rate differential on foreign income | -1.40% | -0.70% | |
Change in unrecognized tax benefits | 0.40% | -1.40% | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 0.80% | 0.00% | |
Other, net | 0.20% | 0.00% | |
Effective Income Tax Rate, Continuing Operations | 37.00% | 34.40% | |
Income Tax Deposit on Prior Period Uncertain Tax Positions | 103,418 | ||
Unrecognized Tax Benefit, Current | 46,558 | 46,317 | |
Unrecognized Tax Benefit, Non-current | 59,698 | 55,562 | |
Cash and Cash Equivalent Held by Foreign Subsidiary | $34,522 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Payments for (Proceeds from) Tenant Allowance | $0 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 20,109 | ||
Operating Leases, Rent Expense | 5,104 | 4,148 | |
Purchase Commitment, Remaining Minimum Amount Committed | 438,513 | ||
Grant Funding Subject to Contractual Remedies | 43,359 | 44,465 | |
Grant Funding Received | 0 | ||
Grant Funding Subject to Contractual Remedies, Liability Recorded | 22,634 | 23,240 | 22,887 |
Operating Leases, Future Minimum Payments, Due in Two Years | 23,781 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 23,619 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 23,322 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 22,848 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 297,146 | ||
Operating Leases, Future Minimum Payments Due | 410,825 | ||
Committments to Extend Credit | 30,105,000 | 25,529,000 | 30,491,000 |
Payment Guarantee [Member] | |||
Letters of Credit Outstanding, Amount | $74,887 | $77,795 | $43,105 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans and Employee Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | $4,760 | $4,064 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 39,558 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 2 months 23 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,684,784 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 423,289 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $22,893 | $14,121 |
Closing Stock Price of one share of Cabela's Stock | $56.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,796,268 | |
Cabela's Incorporated 2004 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,095,477 | |
Cabela's Incorporated 2013 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,228,015 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 17,942 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 216,820 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $55.46 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 314,295 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $55.45 | |
Employee Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,878,189 | |
Management [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 58,075 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $55.46 | |
Chief Executive Officer [Member] | Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 64,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $63.78 |
Stockholders_Equity_and_Divide2
Stockholders' Equity and Dividend Restrictions (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 | Apr. 23, 2015 |
In Thousands, except Share data, unless otherwise specified | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $226,699 | |||
Cumulative foreign currency translation adjustments | -36,738 | -21,227 | -10,023 | |
Accumulated other comprehensive loss | -25,973 | -11,706 | -3,494 | |
Available-for-sale Securities [Member] | ||||
Accumulated net unrealized holding gains on economic development bonds | $10,765 | $9,521 | $6,529 | |
Subsequent Event [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Basic weighted average shares outstanding | 71,272,064 | 70,766,568 |
Stock options and nonvested stock units | 331,511 | 991,465 |
Diluted weighted average shares outstanding | 71,603,575 | 71,758,033 |
Stock options outstanding considered anti-dilutive excluded from calculation | 446,712 | 650,780 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Interest Paid By Subsidiary | $15,696 | $16,001 |
Accrued property and equipment additions (1) | 33,866 | 31,021 |
Interest Paid | 21,927 | 22,463 |
Interest Paid, Capitalized | 3,224 | 2,190 |
Interest paid (2) | 18,703 | 20,273 |
Income taxes paid, net of refunds | $23,783 | $14,046 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 100.00% | 100.00% | |
Interest and Fee Income, Loans, Consumer | $111,928 | $94,219 | |
Goodwill | 2,805 | 3,184 | 3,023 |
Merchandise sales | 697,654 | 620,197 | |
Financial Services Revenue | 122,913 | 98,578 | |
Financial Services Revenue Before Intersegment Eliminations | 118,436 | ||
Other revenue | 6,509 | 7,048 | |
Total revenues | 827,076 | 725,823 | |
Total Revenue Before Intersegment Eliminations | 822,599 | ||
Intersegment Revenue Eliminated In Consolidation | 4,477 | ||
Operating Income (Loss) | 44,533 | 40,853 | |
Operating Income as a Percentage of Revenue | 5.40% | 5.60% | |
Depreciation, Depletion and Amortization | 31,221 | 26,073 | |
Assets | 7,335,065 | 6,618,626 | 7,675,317 |
Property, Plant and Equipment, Additions | 97,420 | 104,770 | |
Cash and Cash Equivalent at Subsidiary | 215,525 | 421,575 | 49,294 |
Interest Expense, Other | -15,619 | -15,886 | |
Provision for Other Credit Losses | -13,230 | -12,714 | |
Interest Income (Expense), after Provision for Loan Loss | 83,079 | 65,619 | |
Interchange income | 87,694 | 82,427 | |
Noninterest Income, Other Operating Income | 682 | 755 | |
Noninterest Income | 88,376 | 83,182 | |
Customer rewards costs | -48,542 | -50,223 | |
Retail Sales [Domain] | |||
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 100.00% | 100.00% | |
Direct Sales [Domain] | |||
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 100.00% | 100.00% | |
451110 Sporting Goods Stores [Member] | |||
Segment Reporting Information [Line Items] | |||
Merchandise sales | 524,175 | 440,781 | |
Financial Services Revenue | 0 | 0 | |
Other revenue | 265 | 168 | |
Total revenues | 524,440 | 440,949 | |
Operating Income (Loss) | 55,555 | 52,298 | |
Operating Income as a Percentage of Revenue | 10.60% | 11.90% | |
Depreciation, Depletion and Amortization | 18,757 | 15,215 | |
Assets | 1,670,553 | 1,423,827 | |
Property, Plant and Equipment, Additions | 79,617 | 82,586 | |
454390 Other Direct Selling Establishments [Member] | |||
Segment Reporting Information [Line Items] | |||
Merchandise sales | 173,479 | 179,416 | |
Financial Services Revenue | 0 | 0 | |
Other revenue | 0 | 0 | |
Total revenues | 173,479 | 179,416 | |
Operating Income (Loss) | 26,042 | 33,130 | |
Operating Income as a Percentage of Revenue | 15.00% | 18.50% | |
Depreciation, Depletion and Amortization | 1,231 | 1,230 | |
Assets | 234,688 | 175,717 | |
Property, Plant and Equipment, Additions | 1 | 68 | |
551111 Offices of Bank Holding Companies [Member] | |||
Segment Reporting Information [Line Items] | |||
Merchandise sales | 0 | 0 | |
Financial Services Revenue | 98,578 | ||
Other revenue | 0 | 0 | |
Total revenues | 122,913 | 98,578 | |
Total Revenue Before Intersegment Eliminations | 118,436 | ||
Intersegment Revenue Eliminated In Consolidation | 4,477 | ||
Operating Income (Loss) | 48,477 | 33,102 | |
Operating Income as a Percentage of Revenue | 40.90% | 33.60% | |
Depreciation, Depletion and Amortization | 419 | 380 | |
Assets | 4,523,447 | 4,215,139 | |
Property, Plant and Equipment, Additions | 591 | 327 | |
All Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Merchandise sales | 0 | 0 | |
Financial Services Revenue | 0 | 0 | |
Other revenue | 6,244 | 6,880 | |
Total revenues | 6,244 | 6,880 | |
Operating Income (Loss) | -85,541 | -77,677 | |
Depreciation, Depletion and Amortization | 10,814 | 9,248 | |
Assets | 906,377 | 803,943 | |
Property, Plant and Equipment, Additions | $17,211 | $21,789 | |
Hunting Equipment [Member] | |||
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 48.70% | 48.60% | |
Hunting Equipment [Member] | Retail Sales [Domain] | |||
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 52.30% | 52.30% | |
Hunting Equipment [Member] | Direct Sales [Domain] | |||
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 37.50% | 39.30% | |
General Outdoor [Member] | |||
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 29.50% | 28.70% | |
General Outdoor [Member] | Retail Sales [Domain] | |||
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 28.10% | 27.20% | |
General Outdoor [Member] | Direct Sales [Domain] | |||
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 33.90% | 32.30% | |
Clothing and Footwear [Member] | |||
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 21.80% | 22.70% | |
Clothing and Footwear [Member] | Retail Sales [Domain] | |||
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 19.60% | 20.50% | |
Clothing and Footwear [Member] | Direct Sales [Domain] | |||
Segment Reporting Information [Line Items] | |||
Merchandise Revenue Percentage | 28.60% | 28.40% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | Dec. 28, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Available-for-sale Securities | $83,083 | $80,056 | $82,074 | $78,504 |
Deferred Grant Income Reduction | 0 | |||
Credit card loans (includes restricted credit card loans of the Trust of $4,185,397, $4,440,520, and $3,726,122), net of allowance for loan losses of $55,942, $56,572, and $51,010 | 4,157,410 | 3,698,529 | 4,421,185 | |
Loans Receivable, Fair Value Disclosure | 4,157,410 | 3,698,529 | 4,421,185 | |
Included in earnings - realized | 0 | 0 | ||
Included in accumulated other comprehensive loss - unrealized | 2,153 | 2,950 | ||
Valuation adjustments | 0 | 0 | ||
Purchases | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | -1,144 | -1,398 | ||
Time Deposits | 813,022 | 940,141 | 806,056 | |
Deposits, Fair Value Disclosure | 818,939 | 940,058 | 857,327 | |
Total debt | 671,501 | 549,009 | 499,715 | |
Long-term Debt, Fair Value | 689,812 | 586,356 | 521,212 | |
Loss Contingency, Damages Sought | 1062 | |||
Increases in Depreciation Expense Related to Reductions in Deferred Grant Income | 0 | 831 | ||
Secured Debt [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total debt | 3,111,000 | 2,707,250 | 3,047,250 | |
Debt Instrument, Fair Value Disclosure | $3,092,412 | $2,666,427 | $3,014,446 |