Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Jan. 02, 2016 | Feb. 15, 2016 | Jun. 26, 2015 | |
Entity [Abstract] | |||
Entity Registrant Name | CABELAS INC | ||
Entity Central Index Key | 1,267,130 | ||
Current Fiscal Year End Date | --01-02 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 2, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 67,818,863 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,288,054,950 |
Statement of Income
Statement of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Revenue: | |||
Merchandise sales | $ 3,481,375 | $ 3,200,219 | $ 3,205,632 |
Financial Services revenue | 502,543 | 430,385 | 375,810 |
Other revenue | 13,784 | 17,046 | 18,135 |
Total revenue | 3,997,702 | 3,647,650 | 3,599,577 |
Cost of revenue: | |||
Merchandise costs (exclusive of depreciation and amortization) | 2,286,554 | 2,058,891 | 2,027,192 |
Cost of other revenue | 378 | 1,398 | 3,637 |
Total cost of revenue (exclusive of depreciation and amortization) | 2,286,932 | 2,060,289 | 2,030,829 |
Selling, distribution, and administrative expenses | 1,387,647 | 1,251,325 | 1,201,519 |
Impairment and restructuring charges | 15,331 | 641 | 5,868 |
Operating income | 307,792 | 335,395 | 361,361 |
Interest expense, net | (22,882) | (21,842) | (21,854) |
Other non-operating income, net | 9,717 | 4,924 | 4,021 |
Income before provision for income taxes | 294,627 | 318,477 | 343,528 |
Provision for income taxes | 105,297 | 116,762 | 119,138 |
Net income | $ 189,330 | $ 201,715 | $ 224,390 |
Earnings per basic share | $ 2.70 | $ 2.84 | $ 3.18 |
Earnings per diluted share | $ 2.67 | $ 2.81 | $ 3.13 |
Basic weighted average shares outstanding | 70,102,715 | 70,987,168 | 70,461,450 |
Diluted weighted average shares outstanding | 70,968,913 | 71,877,856 | 71,778,543 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Net income | $ 189,330 | $ 201,715 | $ 224,390 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (39,784) | (14,821) | (5,126) |
Unrealized gain (loss) on economic development bonds, net of taxes of $500, $2,938, and $(923) | 576 | 4,839 | (2,141) |
Cash flow hedges | 0 | 0 | 1 |
Total other comprehensive loss | (39,208) | (9,982) | (7,266) |
Comprehensive income | $ 150,122 | $ 191,733 | $ 217,124 |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income Parenthetical - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Taxes on unrealized loss on economic development bonds | $ 500 | $ 2,938 | $ (923) |
Taxes on derivative adjustment | $ 0 | $ 0 | $ 0 |
Statement of Financial Position
Statement of Financial Position - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 315,066 | $ 142,758 |
Restricted cash of the Trust | 40,983 | 334,812 |
Accounts receivable, net | 79,330 | 62,358 |
Credit card loans (includes restricted credit card loans of the Trust of $5,066,660 and $4,440,520), net of allowance for loan losses of $75,911 and $56,572 | 5,035,267 | 4,421,185 |
Inventories | 819,271 | 760,293 |
Prepaid expenses and other current assets | 117,330 | 93,929 |
Income taxes receivable and deferred income taxes (2014 only) | 77,698 | 122,337 |
Total current assets | 6,484,945 | 5,937,672 |
Property and equipment, net | 1,811,302 | 1,608,153 |
Deferred Tax Assets, Net, Current | 28,042 | 0 |
Economic development bonds | 83,767 | 82,074 |
Other assets | 64,447 | 47,418 |
Total assets | 8,472,503 | 7,675,317 |
CURRENT LIABILITIES | ||
Accounts payable, including unpresented checks of $23,580 and $38,790 | 281,985 | 335,969 |
Gift instruments, credit card rewards, and loyalty rewards programs | 365,427 | 339,782 |
Accrued expenses and other liabilities | 224,733 | 216,274 |
Time deposits | 215,306 | 273,081 |
Current maturities of secured variable funding obligations of the Trust | 655,000 | 480,000 |
Current maturities of secured long-term obligations of the Trust | 510,000 | 467,500 |
Current maturities of long-term debt | 223,452 | 8,434 |
Total current liabilities | 2,475,903 | 2,121,040 |
Long-term time deposits | 664,593 | 532,975 |
Secured long-term obligations of the Trust, less current maturities | 2,728,500 | 2,579,750 |
Long-term debt, less current maturities | 637,829 | 491,281 |
Deferred income taxes | 0 | 6,546 |
Other long-term liabilities | $ 137,035 | $ 126,215 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.01 par value; Authorized – 10,000,000 shares; Issued – none | $ 0 | $ 0 |
Class A Voting, Authorized – 245,000,000 shares | 716 | 711 |
Additional paid-in capital | 389,754 | 365,973 |
Retained earnings | 1,651,862 | 1,462,532 |
Accumulated other comprehensive loss | (50,914) | (11,706) |
Treasury stock, at cost – 3,776,305 shares at January 2, 2016 | 162,775 | 0 |
Total stockholders’ equity | 1,828,643 | 1,817,510 |
Total liabilities and stockholders’ equity | $ 8,472,503 | $ 7,675,317 |
Statement of Financial Positio6
Statement of Financial Position Parentheticals - USD ($) | Jan. 02, 2016 | Dec. 27, 2014 |
Current Assets: | ||
Restricted credit card loans of the Trust | $ 5,066,660,000 | $ 4,440,520,000 |
Allowance for loan losses | 75,911,000 | 56,572,000 |
Current Liabilities: | ||
Unpresented checks | $ 23,580,000 | $ 38,790,000 |
Stockholders’ Equity: | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 245,000,000 | 245,000,000 |
Common stock, shares issued | 71,595,020 | 71,093,216 |
Common stock, shares outstanding | 67,818,715 | 71,093,216 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, at cost | $ 3,776,305 | $ 0 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 189,330 | $ 201,715 | $ 224,390 |
Adjustments to reconcile net income to net cash flows by operating activities: | |||
Depreciation and amortization | 132,696 | 113,097 | 93,407 |
Impairment and restructuring charges | 15,331 | 641 | 5,868 |
Stock-based compensation | 21,615 | 17,498 | 14,969 |
Increase (Decrease) in Deferred Income Taxes | (20,188) | (11,562) | (8,231) |
Provision for loan losses | 85,120 | 61,922 | 43,223 |
Other, net | (1,517) | 139 | (3,668) |
Changes in operating assets and liabilities, net: | |||
Accounts receivable | (18,065) | (19,468) | 3,391 |
Credit card loans originated from internal operations, net | (39,292) | (26,436) | (26,545) |
Inventories | (70,207) | (119,751) | (92,308) |
Prepaid expenses and other current assets | (26,726) | (4,971) | 40,449 |
Accounts payable and accrued expenses and other liabilities | 26,319 | 58,531 | (21,283) |
Gift instruments, credit card rewards, and loyalty rewards programs | 27,280 | 49,064 | 28,790 |
Other long-term liabilities | (24,944) | 415 | 34,115 |
Income taxes receivable | 30,239 | (62,855) | 8,437 |
Net cash provided by operating activities | 326,991 | 257,979 | 345,004 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Property and equipment additions | (412,716) | (440,891) | (333,009) |
Change in credit card loans originated externally, net | (659,910) | (518,041) | (457,836) |
Change in restricted cash of the Trust, net | 293,829 | (311,621) | (5,899) |
Proceeds from retirement and maturity of economic development bonds | 4,163 | 4,765 | 3,473 |
Payments to Acquire Available-for-sale Securities | (4,780) | (558) | 0 |
Purchases of held-to-maturity investment securities | (2,259) | (24,999) | (135,000) |
Maturities of held-to-maturity investment securities | 515 | 25,205 | 135,435 |
Other investing changes, net | 2,495 | (162) | (195) |
Net cash used in investing activities | (778,663) | (1,266,302) | (793,031) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Change in unpresented checks net of bank balance | (15,210) | 16,073 | (6,211) |
Change in time deposits, net | 73,843 | (263,306) | 21,344 |
Borrowings on secured obligations of the Trust | 3,098,750 | 1,380,000 | 1,284,750 |
Repayments on secured obligations of the Trust | (2,732,500) | (355,000) | (935,000) |
Borrowings on revolving credit facilities and inventory financing | 1,517,068 | 1,616,189 | 759,792 |
Repayments on revolving credit facilities and inventory financing | (1,689,083) | (1,431,332) | (756,769) |
Proceeds from Issuance of Long-term Debt | 550,000 | 0 | 0 |
Payments on long-term debt | (8,434) | (8,418) | (8,402) |
Excess tax benefits from exercise of employee stock options, net | (938) | (4,982) | (1,061) |
Common stock repurchased | (174,124) | 0 | (10,053) |
Excess tax benefits from exercise of employee stock options, net | 15,038 | 7,551 | 9,959 |
Net cash provided by financing activities | 634,410 | 956,775 | 358,349 |
Effect of Exchange Rate on Cash and Cash Equivalents | (10,430) | (4,766) | 0 |
Net change in cash and cash equivalents | 172,308 | (56,314) | (89,678) |
Cash and cash equivalents, at beginning of year | 142,758 | 199,072 | 288,750 |
Cash and cash equivalents, at end of year | $ 315,066 | $ 142,758 | $ 199,072 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock |
Shares, Issued at Dec. 29, 2012 | 70,545,558 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 29, 2012 | $ 1,375,979 | $ 705 | $ 351,161 | $ 1,036,427 | $ 5,542 | $ (17,856) |
Net income | 224,390 | 224,390 | ||||
Other comprehensive loss | (7,266) | (7,266) | ||||
Treasury Stock, Value, Acquired, Cost Method | (10,053) | |||||
Stock-based compensation | 14,386 | $ 0 | 14,386 | 0 | 0 | |
Exercise of employee stock options and tax withholdings on share-based payment awards | 85,308 | |||||
Exercise of employee stock options and tax withholdings on share-based payment awards | (1,061) | $ 1 | (28,971) | 0 | 0 | 27,909 |
Excess tax benefit on employee stock option exercises | 9,959 | $ 0 | 9,959 | 0 | 0 | |
Shares, Issued at Dec. 28, 2013 | 70,630,866 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 28, 2013 | 1,606,334 | $ 706 | 346,535 | 1,260,817 | (1,724) | 0 |
Net income | 201,715 | |||||
Other comprehensive loss | (9,982) | (9,982) | ||||
Stock-based compensation | 16,874 | $ 0 | 16,874 | 0 | 0 | |
Exercise of employee stock options and tax withholdings on share-based payment awards | 462,350 | |||||
Exercise of employee stock options and tax withholdings on share-based payment awards | (4,982) | $ 5 | (4,987) | 0 | 0 | 0 |
Excess tax benefit on employee stock option exercises | 7,551 | $ 0 | 7,551 | 0 | 0 | |
Shares, Issued at Dec. 27, 2014 | 71,093,216 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 27, 2014 | 1,817,510 | $ 711 | 365,973 | 1,462,532 | (11,706) | 0 |
Net income | 189,330 | |||||
Other comprehensive loss | (39,208) | (39,208) | ||||
Treasury Stock, Value, Acquired, Cost Method | (174,124) | |||||
Stock-based compensation | 21,035 | $ 0 | 21,035 | 0 | 0 | |
Exercise of employee stock options and tax withholdings on share-based payment awards | 501,804 | |||||
Exercise of employee stock options and tax withholdings on share-based payment awards | (938) | $ 5 | (12,292) | 0 | 0 | 11,349 |
Excess tax benefit on employee stock option exercises | 15,038 | $ 0 | 15,038 | 0 | 0 | |
Shares, Issued at Jan. 02, 2016 | 71,595,020 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jan. 02, 2016 | $ 1,828,643 | $ 716 | $ 389,754 | $ 1,651,862 | $ (50,914) | $ (162,775) |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 02, 2016 | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Significant Accounting Policies [Text Block] | NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business – Cabela’s Incorporated is a retailer of hunting, fishing, and outdoor gear, offering products through its retail stores, websites in the United States and Canada, and regular and specialty catalog mailings. Cabela’s Incorporated operates 77 retail stores, 68 located in 36 states and nine located in six Canadian provinces. World’s Foremost Bank (“WFB,” “Financial Services segment,” or “Cabela’s CLUB”), a wholly-owned bank subsidiary of Cabela’s Incorporated, is a limited purpose bank formed under the Competitive Equality Banking Act of 1987. The lending activities of WFB are limited to credit card lending and its deposit issuance is limited to time deposits of at least one hundred thousand dollars. Principles of Consolidation – The consolidated financial statements include the accounts of Cabela’s Incorporated and its wholly-owned subsidiaries (“Cabela’s,” “Company,” “we,” or “our”). All significant intercompany accounts and transactions have been eliminated in consolidation. WFB 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. Reporting Year – The Company follows a 52/53 week fiscal year-end cycle. Unless otherwise stated, the fiscal years referred to in the notes to these consolidated financial statements are the 53 weeks ended January 2, 2016 (“ 2015 ” or “ year ended 2015 ”), the 52 weeks ended December 27, 2014 (“ 2014 ” or “ year ended 2014 ”), and the 52 weeks ended December 28, 2013 (“ 2013 ” or “ year ended 2013 ”). WFB follows a calendar fiscal period so each fiscal year ends on December 31st. The year ended 2015 consisted of 53 weeks and the year ended 2014 consisted of 52 weeks. The effect of the extra week in 2015 on total revenue was an increase of $83,985 , or 2.1% , compared to 2014. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition – Revenue is recognized for retail store sales at the time of the sale in the store and for Direct sales when the merchandise is delivered to the customer. The Company recognizes a reserve for estimated product returns based on its historical returns experience. Shipping fees charged to customers are included in merchandise sales and shipping costs are included in merchandise costs. Revenue from the sale of gift certificates and gift cards (“gift instruments”) is recognized in revenue when the gift instruments are redeemed for merchandise or services. The Company records gift instrument breakage as revenue when the probability of redemption is remote. The Company recognizes breakage on gift instruments four years after issuance based on historical redemption rates. Total gift instrument breakage was $10,055 , $8,526 , and $7,461 for 2015 , 2014 , and 2013 , respectively. Cabela’s gift instrument liability at the end of 2015 and 2014 was $183,941 and $174,764 , respectively. The dollar amount of related points associated with the Company’s loyalty rewards programs for Cabela’s CLUB issued credit cards are accrued as earned by the cardholder, principally from transactions with unrelated parties, and recorded as a reduction in Financial Services segment revenue. When these points are accrued as earned by the cardholder, the Company estimates the cost of such points with the difference between the value of the unredeemed points earned and the estimated cost of the points included in other revenue (recognized in the Corporate Overhead and Other segment). The net amount related to points in other revenue totaled $7,975 , $8,269 , and $7,139 for 2015 , 2014 , and 2013 , respectively. Redemption of these points was recognized as revenue in merchandise sales at fair value, along with the related cost of sales. Merchandise sales recognized from the redemption of points was $218,580 , $200,933 , and $188,634 for 2015 , 2014 , and 2013 , respectively. Costs incurred under our loyalty rewards programs recognized as a reduction in Financial Services segment revenue was $222,268 , $210,190 , and $198,687 for 2015 , 2014 , and 2013 , respectively. Financial Services revenue includes credit card interest and fees relating to late payments and cash advance transactions. Interest and fees are accrued in accordance with the terms of the applicable cardholder agreements on credit card loans until the date of charge-off unless placed on non-accrual and fixed payment plans. Interchange income is earned when a charge is made to a customer’s account. Cost of Revenue and Selling, Distribution, and Administrative Expenses – The Company’s cost of revenue primarily consists of merchandise acquisition costs, including freight-in costs, as well as shipping costs. The Company’s selling, distribution, and administrative expenses consist of the costs associated with selling, marketing, warehousing, retail store replenishment, and other operating expense activities. All depreciation and amortization expense is associated with selling, distribution, and administrative activities, and accordingly, is included in this category in the consolidated statements of operations. Cash and Cash Equivalents – Cash equivalents include credit card and debit card receivables from other banks, which settle within one to four business days. Receivables from other banks totaled $24,041 and $22,345 at the end of 2015 and 2014 , respectively. Unpresented checks, net of available cash bank balances, are classified as current liabilities. Cash and cash equivalents of the Financial Services segment were $156,968 and $49,294 at the end of 2015 and 2014 , respectively. Due to regulatory restrictions on WFB, the Company cannot use WFB’s cash for non-banking operations. Credit Card Loans – The Financial Services segment grants individual credit card loans to its customers and is diversified in its lending with borrowers throughout the United States. Credit card loans are reported at their principal amounts outstanding plus deferred credit card origination costs, less the allowance for loan losses. As part of collection efforts, a credit card loan may be closed and placed on non-accrual or restructured in a fixed payment plan prior to charge-off. The fixed payment plans require payment of the loan within 60 months and consist of a lower interest rate, reduced minimum payment, and elimination of fees. Loans on fixed payment plans include loans in which the customer has engaged a consumer credit counseling agency to assist them in managing their debt. Customers who miss two consecutive payments once placed on a payment plan or non-accrual will resume accruing interest at the rate they had accrued at before they were placed on a plan. Payments received on non-accrual loans are applied to principal. The Financial Services segment does not record any liabilities for off-balance sheet risk of unfunded commitments through the origination of unsecured credit card loans, as it has the right to refuse or cancel these available lines of credit at any time. The direct credit card account origination costs associated with costs of successful credit card originations incurred in transactions with independent third parties, and certain other costs incurred in connection with credit card approvals, are deferred credit card origination costs included in credit card loans and are amortized on a straight-line basis over 12 months. Other account solicitation costs, including printing, list processing, and postage are expensed as solicitation occurs. Allowance for Loan Losses – The allowance for loan losses represents management’s estimate of probable losses inherent in the credit card loan portfolio. The allowance for loan losses is established through a charge to the provision for loan losses and is evaluated by management for adequacy. Loans on a payment plan or non-accrual are segmented from the rest of the credit card loan portfolio into a restructured credit card loans segment before establishing an allowance for loan losses as these loans have a higher probability of loss. Management estimates losses inherent in the credit card loans segment based on models which track historical loss experience on delinquent accounts, bankruptcies, death, and charge-offs, net of estimated recoveries. The Financial Services segment uses a migration analysis and historical bankruptcy and death rates to estimate the likelihood that a credit card loan in the credit card loan segment will progress through the various stages of delinquency and to charge-off. This analysis estimates the gross amount of principal that will be charged off over the next 12 months, net of recoveries. Management estimates losses from the restructured credit card loans segment based on a discounted cash flow model, which uses remaining balances and projected charge-offs, recoveries, and payments to calculate future cash flows. The allowance for loan losses is determined as the difference between the balance of the restructured credit card loans segment and the related discounted present value of the future cash flows. In addition to these methods of measurement, management also considers other factors such as general economic and business conditions affecting key lending areas, credit concentration, changes in origination and portfolio management, and credit quality trends. Since the evaluation of the inherent loss with respect to these factors is subject to a high degree of uncertainty, the measurement of the overall allowance is subject to estimation risk, and the amount of actual losses can vary significantly from the estimated amounts. Credit card loans that have been modified through a fixed payment plan or placed on non-accrual are considered impaired and are collectively evaluated for impairment. The Financial Services segment charges off credit card loans and restructured credit card loans on a daily basis after an account becomes at a minimum 130 days contractually delinquent. Accounts relating to cardholder bankruptcies, cardholder deaths, and fraudulent transactions are charged off earlier. The Financial Services segment recognizes charged-off cardholder fees and accrued interest receivable in interest and fee income that is included in Financial Services revenue. Inventories – Inventories are stated at the lower of average cost or market. All inventories are finished goods. The reserve for inventory shrinkage, estimated based on cycle and physical counts, was $11,237 and $9,368 at the end of 2015 and 2014 , respectively. The reserves for returns of damaged goods, obsolescence, and slow-moving items, estimated based upon historical experience, inventory aging, and specific identification, were $9,819 and $7,641 at the end of 2015 and 2014 , respectively. Vendor Allowances – Vendor allowances include price allowances, volume rebates, store opening costs reimbursements, marketing participation, and advertising reimbursements received from vendors under vendor contracts. Vendor merchandise allowances are recognized as a reduction of the costs of merchandise as sold. Vendor reimbursements of costs are recorded as a reduction to expense in the period the related cost is incurred based on actual costs incurred. Any cost reimbursements exceeding expenses incurred are recognized as a reduction of the cost of merchandise sold. Volume allowances may be estimated based on historical purchases and estimates of projected purchases. Deferred Catalog Costs and Advertising – Advertising production costs are expensed as the advertising occurs except for catalog costs which are amortized over the expected period of benefit estimated at three to 12 months after mailing. Unamortized catalog costs totaled $2,298 and $2,952 at the end of 2015 and 2014 , respectively. Advertising expense, including direct marketing costs (amortization of catalog costs and website marketing paid search fees), was $235,450 , $236,431 , and $208,184 for 2015 , 2014 , and 2013 , respectively. Advertising vendor reimbursements, netted in advertising expense, totaled $3,795 , $3,564 , and $2,623 for 2015 , 2014 , and 2013 , respectively. Store Pre-opening Expenses – Non-capital costs associated with the opening of new stores are expensed as incurred. Retail store pre-opening costs totaled $22,751 , $24,338 , and $22,405 for 2015 , 2014 , and 2013 , respectively. Leases – The Company leases certain retail locations, distribution centers, office space, equipment, and land. Assets held under capital lease are included in property and equipment. Operating lease rentals are expensed on a straight-line basis over the life of the lease. At the inception of a lease, the Company determines the lease term by assuming the exercise of those renewal options that are reasonably assured because of the significant economic penalty that exists for not exercising those options. The exercise of lease renewal options is at the Company’s sole discretion. The expected lease term is used to determine whether a lease is capital or operating and is used to calculate straight-line rent expense. Additionally, the depreciable life of buildings and leasehold improvements is limited by the expected lease term. Property and Equipment – Property and equipment are stated at cost. Depreciation and amortization are provided over the estimated useful lives of the assets, including assets held under capital leases, on a straight-line basis. Leasehold improvements are amortized over the lease term or, if shorter, the useful lives of the improvements. Assets held under capital lease agreements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. When property is fully depreciated, retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income. The costs of major improvements that extend the useful life of an asset are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Capitalized interest on projects during the construction period totaled $10,499 , $7,788 , and $4,270 for 2015 , 2014 , and 2013 , respectively. Costs related to internally developed software are capitalized and amortized on a straight-line basis over their estimated useful lives. Intangible Assets – Intangible assets are recorded in other assets and include goodwill. At the end of 2015 and 2014 , goodwill and intangible assets totaled $2,776 and $3,565 , net of accumulated amortization of $2,330 and $2,523 , respectively. During the respective fourth quarter of 2015 , 2014 , and 2013 , we completed impairment analyses of our goodwill and other intangible assets. We did not recognize any impairments on intangible assets in 2015 , 2014 , or 2013 . The Company records impairment charges when projected discounted cash flows are less than the carrying value of the reporting unit. Intangible assets, excluding goodwill, totaled $238 at the end of 2015 with $163 to be amortized in 2016 and $75 in 2017 . The Company had goodwill of $2,538 and $3,023 in its consolidated balance sheets at the end of 2015 and 2014 , respectively. The change in the carrying value of goodwill from 2014 was due to foreign currency translation adjustments. Other Property – Other property primarily consists of unimproved land not used in our merchandising business and is recorded at the lower of cost or estimated fair value less estimated selling costs. Proceeds from the sale of other property are recognized in other revenue and the corresponding costs of other property sold are recognized in costs of other revenue. Other property with a carrying value of $31,183 and $17,900 at the end of 2015 and 2014 , respectively, was included in other assets in the consolidated balance sheets. Government Economic Assistance – When Cabela’s constructs a new retail store or retail development, the Company may receive economic assistance from local governments to fund a portion or all of the Company’s associated capital costs. This assistance typically comes in the form of cash grants, land grants, and/or proceeds from the sale of economic development bonds funded by the local government. The Company has historically purchased the majority of the bonds associated with its developments. Cash grants are made available to fund land, retail store construction, and/or development infrastructure costs. Economic development bonds are typically repaid through sales and/or property taxes generated by the retail store and/or within a designated development area. Cash and land grants are recognized as deferred grant income as a reduction to the costs, or recognized fair value in the case of land grants, of the associated property and equipment. Property and equipment was reduced by deferred grant income of $306,292 and $283,432 at the end of 2015 and 2014 , respectively. Deferred grant income is amortized to earnings, as a reduction of depreciation expense, over the average estimated useful life of the associated assets. Deferred grant income estimates, and their associated present value, are updated whenever events or changes in circumstances indicate that their recorded amounts may not be recovered. These estimates are determined when estimation of the fair value of associated economic development bonds are performed if there are related bond investments. If it is determined that the Company will not receive the full amount remaining from the bonds, the Company will adjust the deferred grant income to appropriately reflect the change in estimate and, at that time, will record a cumulative additional depreciation charge that would be recognized to date as expense in the absence of the grant income. 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 2015 , 2014 , or 2013 . The Company may agree to guarantee deficiencies in tax collections which fund the repayment of economic development bonds. The Company did not guarantee any economic development bonds that it owned at the end of 2015 , 2014 , or 2013 . Land grants typically include land associated with the retail store and may include other land for sale and further development. Land grants are recognized at the fair value of the land on date of grant. Deferred grant income on land grants is recognized as a reduction to depreciation expense over the estimated life of the related assets of the developments. The Company did not receive any land grants in 2015 or 2014 . At December 28, 2013 , the Company recognized a liability to repay grants related to a retail store property. The adjustments that reduced the deferred grant income of this retail store property resulted in an increase in expense of $831 and $4,931 in 2014 and 2013 , respectively. Certain grants contain covenants the Company is required to comply with regarding minimum employment levels, maintaining retail stores in certain locations, and maintaining office facilities in certain locations. For these grants the Company recognizes grant revenue as the milestones associated with the grant are met. For 2015 and 2014 , the Company was in compliance with the requirements under these grants. Economic Development Bonds – Economic development bonds are related to the Company’s government economic assistance arrangements relating to the construction of new retail stores or retail development. Economic development bonds issued by state and local municipalities are classified as available-for-sale and recorded at their fair value. Fair values of bonds are estimated using discounted cash flow projections based on available market interest rates and management estimates including the estimated amounts and timing of expected future tax payments to be received by the municipalities under development zones. These fair values do not reflect any premium or discount that could result from offering these bonds for sale or through early redemption, or any related income tax impact. Declines in the fair value of available-for-sale economic development bonds below cost that are deemed to be other than temporary are reflected in earnings. On a quarterly basis, we perform various procedures to analyze the amounts and timing of projected cash flows to be received from its economic development bonds. We revalue each economic development bond using discounted cash flow models based on available market interest rates (Level 2 inputs) and management estimates, including the estimated amounts and timing of expected future tax payments (Level 3 inputs) to be received by the municipalities under tax increment financing districts. Projected cash flows are derived from sales and property taxes. Due to the seasonal nature of our business, fourth quarter sales are significant to projecting future cash flows under the economic development bonds. We evaluate the impact of bond payments that have been received since the most recent quarterly evaluation, including those subsequent to the end of the quarter. Typically, bond payments are received twice annually. The payments received around the end of the fourth quarter provide the Company with additional facts for its fourth quarter projections. We make inquiries of local governments and/or economic development authorities for information on any anticipated third-party development, specifically on land owned by the Company, but also on land not owned by the Company in the tax increment financing development district, and to assess any current and potential development where cash flows under the bonds may be impacted by additional development and the anticipated development is material to the estimated and recorded carrying value based on projected cash flows. We make revisions to the cash flow estimates of each bond based on the information obtained. In those instances where the expected cash flows are insufficient to recover the current carrying value of the bond, we adjust the carrying value of the individual bonds to their revised estimated fair value. The governmental entity from which the Company purchases the bonds is not liable for repayment of principal and interest on the bonds to the extent that the associated taxes are insufficient to fund principal and interest amounts under the bonds. Should sufficient tax revenue not be generated by the subject properties, we may not receive all anticipated payments and thus will be unable to realize the full carrying values of the economic development bonds, which result in a corresponding decrease to deferred grant income. Credit Card and Loyalty Rewards Programs – Cabela’s CLUB Visa cardholders receive Cabela’s points based on the dollar amounts of transactions through credit cards issued by Cabela’s CLUB which may be redeemed for Cabela’s products and services. Points may also be awarded for special promotions for the acquisition and retention of accounts. The dollar amount of related points are accrued as earned by the cardholder and recorded as a reduction in Financial Services revenue. In addition to the Cabela’s CLUB issued credit cards, customers receive points for purchases at Cabela’s from various loyalty programs. The dollar amount of unredeemed credit card points and loyalty points was $181,486 and $165,018 at the end of 2015 and 2014 , respectively, and the Cabela’s CLUB points issued never expire. The total cost incurred for all credit card rewards and loyalty programs was $222,268 , $210,190 , and $198,687 for 2015 , 2014 , and 2013 , respectively. Income Taxes – The Company files consolidated federal and state income tax returns with its wholly-owned subsidiaries. The consolidated group follows a policy of requiring each entity to provide for income taxes in an amount equal to the income taxes that would have been incurred if each were filing separately. We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of our assets and liabilities. The Company establishes valuation allowances if we believe it is more likely than not that some or all of the Company’s deferred tax assets will not be realized. Stock-Based Compensation – Compensation expense is estimated based on grant date fair value and amortized on a straight-line basis over the requisite service period. Costs associated with awards are included in compensation expense as a component of selling, distribution, and administrative expenses. Financial Instruments and Credit Risk Concentrations – Financial instruments which may subject the Company to concentrations of credit risk are primarily cash, cash equivalents, and accounts receivable. The Company invests primarily in money market accounts or tax-free municipal bonds, with short-term maturities, limiting the amount of credit exposure to any one entity. The Company had $20,790 and $915 invested in overnight funds at the end of 2015 and 2014 , respectively. Concentrations of credit risk on accounts receivable are limited due to the nature of the Company’s receivables. Fair Value of Financial Instruments – The carrying amount of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, gift instruments (including credit card rewards and loyalty rewards programs), accrued expenses and other liabilities, short-term borrowings, and income taxes included in the consolidated balance sheets approximate fair value given the short-term nature of these financial instruments. Credit card loans (level 2) are originated with variable rates of interest that adjust with changing market interest rates so the carrying value of the credit card loans, including the carrying value of deferred credit card origination costs, less the allowance for loan losses, approximates fair value. Time deposits (level 2) are pooled in homogeneous groups, and the future cash flows of those groups are discounted using current market rates offered for similar products for purposes of estimating fair value. The fair value of the secured variable funding obligations of the Trust (level 2) approximates the carrying value since these obligations can fluctuate daily based on the short-term operational needs with advances and pay downs at par value. The estimated fair value of secured obligations of the Trust is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt with comparable maturities. The estimated fair value of long-term debt (level 2) is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt with comparable maturities. Comprehensive Income – Comprehensive income consists of net income, foreign currency translation adjustments, and unrealized gains and losses on available-for-sale economic development bonds, net of related income taxes. Foreign Currency Translation – Assets and liabilities of Cabela’s Canadian operations are translated into United States dollars at currency exchange rates in effect at the end of a reporting period. Gains and losses from translation into United States dollars are included in accumulated other comprehensive income (loss) in our consolidated balance sheets. Revenues and expenses are translated at average monthly currency exchange rates. Earnings Per Share – Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of shares outstanding plus all additional common shares that would have been outstanding if potentially dilutive common share equivalents had been issued. |
Accounting Pronouncements
Accounting Pronouncements | 12 Months Ended |
Jan. 02, 2016 | |
Accounting Pronouncements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, or for the first quarter of fiscal 2018 for the Company. Early adoption is permitted. Management is evaluating the provisions of this statement and does not intend to apply early adoption. We have not determined what impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial position or results of operations. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for the first interim period for fiscal years beginning after December 15, 2015, or for the first quarter of fiscal 2016 for the Company. The adoption of the provisions of this ASU will not have any impact on the Company’s liquidity or results of operations, but it will have an immaterial impact on the Company’s consolidated financial position since we will be making a reclassification between consolidated assets and liabilities. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory.” Under this ASU, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016, or for the first quarter of fiscal 2017 for the Company. Early application is permitted and should be applied prospectively. Management is evaluating the provisions of this statement, including which period to adopt, and has not determined what impact the adoption of ASU 2015-11 will have on the Company’s consolidated financial position or results of operations. In November 2015, the FASB issued ASU 2015-17 “Balance Sheet Classification of Deferred Taxes” (Topic 740) (“ASU 2015-17”). ASU 2015-17 is intended to simplify the presentation of deferred income taxes and requires that deferred tax liabilities and assets be classified as non current in the company’s consolidated balance sheets. ASU 2015-17 is required to be adopted for annual periods beginning after December 15, 2016, with early adoption permitted. The Company adopted the provisions of ASU 2015-17 prospectively, with the first annual period of change effective January 2, 2016. Prior periods were not retrospectively adjusted. |
Cabela's Master Credit Card Tru
Cabela's Master Credit Card Trust | 12 Months Ended |
Jan. 02, 2016 | |
Cabela's Master Credit Card Trust [Abstract] | |
Loans and Leases Receivable, Valuation, Policy [Policy 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 interest 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 years ended: 2015 2014 Consolidated assets: Restricted credit card loans, net of allowance of $75,450 and $56,280 $ 4,991,210 $ 4,384,240 Restricted cash 40,983 334,812 Total $ 5,032,193 $ 4,719,052 Consolidated liabilities: Secured variable funding obligations $ 655,000 $ 480,000 Secured long-term obligations 3,238,500 3,047,250 Interest due to third party investors 2,682 2,256 Total $ 3,896,182 $ 3,529,506 |
Credit Card Loans and Allowance
Credit Card Loans and Allowance for Loan Losses | 12 Months Ended |
Jan. 02, 2016 | |
Credit Card Loans AND ALLOWANCE FOR LOAN LOSSES [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | CREDIT CARD LOANS AND ALLOWANCE FOR LOAN LOSSES The following table reflects the composition of the credit card loans at the years ended: 2015 2014 Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) $ 5,066,660 $ 4,440,520 Unrestricted credit card loans 38,278 31,614 Total credit card loans 5,104,938 4,472,134 Allowance for loan losses (75,911 ) (56,572 ) Deferred credit card origination costs 6,240 5,623 Credit card loans, net $ 5,035,267 $ 4,421,185 Allowance for Loan Losses: The following table reflects the activity in the allowance for loan losses by credit card segment for the years ended: 2015 2014 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 year $ 48,832 $ 7,740 $ 56,572 $ 44,660 $ 8,450 $ 53,110 Provision for loan losses 76,622 8,498 85,120 52,135 9,787 61,922 Charge-offs (78,313 ) (12,883 ) (91,196 ) (62,150 ) (14,718 ) (76,868 ) Recoveries 20,512 4,903 25,415 14,187 4,221 18,408 Net charge-offs (57,801 ) (7,980 ) (65,781 ) (47,963 ) (10,497 ) (58,460 ) Balance, end of year $ 67,653 $ 8,258 $ 75,911 $ 48,832 $ 7,740 $ 56,572 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 for non-restructured loans, with the risk of loss increasing as an individual’s FICO score decreases. The tables below provide information on current, non-accrual, past due, and restructured credit card loans by class using the respective fourth quarter FICO score at the years ended: FICO Score of Credit Card Loans Segment Restructured Credit Card Loans Segment (1) January 2, 2016: 691 and Below 692-758 759 and Above Total Credit card loan status: Current $ 782,885 $ 1,676,541 $ 2,516,420 $ 28,322 $ 5,004,168 1 to 29 days past due 28,472 16,245 14,229 2,820 61,766 30 to 59 days past due 10,931 1,713 506 1,716 14,866 60 or more days past due 20,307 536 111 3,184 24,138 Total past due 59,710 18,494 14,846 7,720 100,770 Total credit card loans $ 842,595 $ 1,695,035 $ 2,531,266 $ 36,042 $ 5,104,938 90 days or more past due and still accruing $ 10,292 $ 111 $ 34 $ 1,217 $ 11,654 Non-accrual — — — 7,059 7,059 FICO Score of Credit Card Loans Segment Restructured Credit Card Loans Segment (1) December 27, 2014: 691 and Below 692-758 759 and Above Total 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 (1) Included in the allowance for loan losses were specific allowances for loan losses of $8,258 at January 2, 2016 , and $7,740 at December 27, 2014 . |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 02, 2016 | |
PROPERTY AND EQUIPMENT [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY AND EQUIPMENT Property and equipment consisted of the following at the years ended: Depreciable Life in Years 2015 2014 Land and improvements Up to 20 $ 325,576 $ 257,788 Buildings and improvements 7 to 40 1,181,704 978,568 Furniture, fixtures, and equipment 3 to 15 834,656 741,880 Assets held under capital lease Up to 30 12,979 13,101 Property and equipment 2,354,915 1,991,337 Less accumulated depreciation and amortization (707,183 ) (642,123 ) 1,647,732 1,349,214 Construction in progress 163,570 258,939 $ 1,811,302 $ 1,608,153 |
Securities
Securities | 12 Months Ended |
Jan. 02, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other Assets Disclosure [Text Block] | PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other assets (current and long-term) consisted of the following at the years ended: 2015 2014 Prepaid expenses and other current assets: Accrued interest and other receivables - Financial Services segment $ 65,878 $ 50,838 Other 51,452 43,091 $ 117,330 $ 93,929 Other assets: Other property $ 31,183 $ 17,900 Long-term notes and other receivables 12,415 10,412 Deferred financing costs - Financial Services segment 8,454 8,745 Goodwill and other intangible assets 2,776 3,565 Other 9,619 6,796 $ 64,447 $ 47,418 |
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 years ended: Gross Unrealized Gains Gross Unrealized Losses Amortized Cost Fair Value January 2, 2016 $ 67,482 $ 16,285 $ — $ 83,767 December 27, 2014 $ 66,865 $ 15,209 $ — $ 82,074 Estimated maturities based on expected future cash flows for the economic development bonds at the end of 2015 were as follows: Amortized Cost Fair Value For the fiscal years ending: 2016 $ 2,406 $ 3,187 2017 3,106 3,936 2018 3,487 4,413 2019 3,928 4,975 2020 4,284 5,425 2021 - 2025 25,954 32,694 2026 and thereafter 24,317 29,137 $ 67,482 $ 83,767 Interest earned on the securities totaled $3,746 , $3,954 , and $4,103 for 2015 , 2014 , and 2013 , respectively. There were no realized gains or losses on these securities in 2015 , 2014 , or 2013 . |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 12 Months Ended |
Jan. 02, 2016 | |
PREPAID EXPENSES AND OTHER ASSETS [Abstract] | |
Other Assets Disclosure [Text Block] | PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other assets (current and long-term) consisted of the following at the years ended: 2015 2014 Prepaid expenses and other current assets: Accrued interest and other receivables - Financial Services segment $ 65,878 $ 50,838 Other 51,452 43,091 $ 117,330 $ 93,929 Other assets: Other property $ 31,183 $ 17,900 Long-term notes and other receivables 12,415 10,412 Deferred financing costs - Financial Services segment 8,454 8,745 Goodwill and other intangible assets 2,776 3,565 Other 9,619 6,796 $ 64,447 $ 47,418 |
Accrued Expenses and other liab
Accrued Expenses and other liabilities | 12 Months Ended |
Jan. 02, 2016 | |
ACCRUED EXPENSES [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consisted of the following at the years ended: 2015 2014 Unrecognized tax benefits and accrued interest $ — $ 48,123 Accrued employee compensation and benefits 55,368 35,495 Accrued property, sales, and other taxes 47,219 35,087 Deferred revenue and accrued sales returns 41,122 31,162 Legal judgment liability and accrued professional fees 17,629 16,510 Accrued interest 15,212 8,727 Other 48,183 41,170 $ 224,733 $ 216,274 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Jan. 02, 2016 | |
OTHER LONG-TERM LIABILITIES [Abstract] | |
Other Liabilities Disclosure [Text Block] | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following at the years ended: 2015 2014 Unrecognized tax benefits and accrued interest $ 80,153 $ 67,867 Deferred rent expense and tenant allowances 44,634 45,122 Deferred grant income 11,312 11,776 Other long-term liabilities 936 1,450 $ 137,035 $ 126,215 |
Time Deposits
Time Deposits | 12 Months Ended |
Jan. 02, 2016 | |
Time Deposits [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | TIME DEPOSITS The Financial Services segment accepts time deposits only in amounts of at least one hundred thousand dollars. All time deposits are interest bearing. The aggregate amount of time deposits, net of brokered fees, by maturity was as follows at the years ended: 2015 2014 2015 $ — $ 273,081 2016 215,306 215,691 2017 26,103 26,056 2018 195,143 20,930 2019 37,254 37,186 2020 175,217 — Thereafter 230,876 233,112 879,899 806,056 Less current maturities (215,306 ) (273,081 ) Deposits classified as non-current liabilities $ 664,593 $ 532,975 Time deposits include brokered institutional certificates of deposit, net of fees, totaling $879,651 and $802,076 at the end of 2015 and 2014 , respectively. |
Borrowings of Financial Service
Borrowings of Financial Services Subsidiary | 12 Months Ended |
Jan. 02, 2016 | |
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 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 years ended: January 2, 2016: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2011-II June 2016 $ 155,000 2.39 % $ 100,000 0.93 % $ 255,000 1.82 % Series 2011-IV October 2016 165,000 1.90 90,000 0.88 255,000 1.54 Series 2012-I February 2017 275,000 1.63 150,000 0.86 425,000 1.36 Series 2012-II June 2017 300,000 1.45 125,000 0.81 425,000 1.26 Series 2013-I February 2023 327,250 2.71 — — 327,250 2.71 Series 2013-II August 2018 100,000 2.17 197,500 0.98 297,500 1.38 Series 2014-I March 2017 — — 255,000 0.68 255,000 0.68 Series 2014-II July 2019 — — 340,000 0.78 340,000 0.78 Series 2015-I March 2020 218,750 2.26 100,000 0.87 318,750 1.82 Series 2015-II July 2020 240,000 2.25 100,000 1.00 340,000 1.88 Secured obligations of the Trust 1,781,000 1,457,500 3,238,500 Less current maturities (320,000 ) (190,000 ) (510,000 ) Secured long-term obligations of the Trust, less current maturities $ 1,461,000 $ 1,267,500 $ 2,728,500 December 27, 2014: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2010-I January 2015 $ — — % $ 255,000 1.61 % $ 255,000 1.61 % Series 2010-II September 2015 127,500 2.29 85,000 0.86 212,500 1.72 Series 2011-II June 2016 155,000 2.39 100,000 0.76 255,000 1.75 Series 2011-IV October 2016 165,000 1.90 90,000 0.71 255,000 1.48 Series 2012-I February 2017 275,000 1.63 150,000 0.69 425,000 1.30 Series 2012-II June 2017 300,000 1.45 125,000 0.64 425,000 1.21 Series 2013-I February 2023 327,250 2.71 — — 327,250 2.71 Series 2013-II August 2018 100,000 2.17 197,500 0.81 297,500 1.27 Series 2014-I March 2017 — — 255,000 0.51 255,000 0.51 Series 2014-II July 2019 — — 340,000 0.61 340,000 0.61 Secured 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 The Trust sold asset-backed notes of $375,000 (Series 2015-I) on March 16, 2015, and $400,000 (Series 2015-II) on July 15, 2015. The Series 2015-I securitization transaction included the issuance of: • $218,750 of 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 Series 2015-II securitization transaction included the issuance of: • $240,000 of Class A-1 notes, which accrue interest at a fixed rate of 2.25% per year, • $100,000 of Class A-2 notes, which accrue interest at a floating rate equal to the one-month LIBOR plus 0.67% per year, and • three subordinated classes of notes in the aggregate principal amount of $60,000 . 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 and Series 2015-II securitization transactions have an expected life of approximately five years and a contractual maturity of approximately eight years. These securitization transactions were and 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 ( $255,000 ) and Series 2010-II ( $212,500 ) notes matured and were repaid in full using restricted cash of the Trust on January 15, 2015 , and September 15, 2015 , respectively. The Trust also issues variable funding facilities which are considered secured obligations backed by restricted credit card loans. At January 2, 2016 , and December 27, 2014 , the Trust had three variable funding facilities with a total capacity of $1,100,000 and $1,025,000 and outstanding balances of $655,000 and $480,000, respectively, which were classified as current maturities of secured variable funding obligations of the Trust on the consolidated balance sheets since the Company’s intent is to repay these obligations in full within the next 12 months. 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 years ended 2015 and 2014 , the daily average balance outstanding on these notes was $106,603 and $29,603 , with a weighted average interest rate of 0.89% and 0.76% , respectively. |
Revolving Credit Facilities
Revolving Credit Facilities | 12 Months Ended |
Jan. 02, 2016 | |
REVOLVING CREDIT FACILITIES [Abstract] | |
Debt Disclosure [Text Block] | REVOLVING CREDIT FACILITIES The Company’s credit agreement 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. There was no amount outstanding under our credit agreement at January 2, 2016 , and $180,000 was outstanding at December 27, 2014 . During 2015 and 2014 , the daily average principal balance outstanding on the line of credit was $419,216 and $255,499 , respectively, and the weighted average interest rate was 1.11% and 1.42% , respectively. Letters of credit and standby letters of credit totaling $20,246 and $20,064 , respectively, were outstanding at the end of 2015 and 2014 . The daily average outstanding amount of total letters of credit during 2015 and 2014 was $19,024 and $21,746 , respectively. During the term of the $775,000 revolving credit facility, the Company is required to pay a quarterly commitment fee, which ranges from 0.15% to 0.25% of the average daily unused principal balance on the line of credit. Interest on each base rate advance is equal to the alternate base rate, as defined, plus the applicable margin; and interest on each Eurocurrency advance is equal to the Eurocurrency base rate, as defined, plus the applicable margin. The applicable margin for both base rate and Eurocurrency advances is the percentage rate that is applicable at such time with respect to advances as set forth in the pricing schedule, a stratified interest rate schedule based on the Company’s leverage ratio, as defined. The credit agreement requires that Cabela’s comply with certain financial and other customary covenants, including: • a fixed charge coverage ratio (as defined) of no less than 2.00 to 1 as of the last day of any fiscal quarter for the most recently ended four fiscal quarters (as defined); • a leverage ratio (as defined) of no more than 3.00 to 1 as of the last day of any fiscal quarter; and • a minimum consolidated net worth standard (as defined) as of the last day of each fiscal quarter. At January 2, 2016 , the Company was in compliance with the financial covenant requirements of its $775,000 credit agreement with a fixed charge coverage ratio of 8.56 to 1 , a leverage ratio of 1.74 to 1 , and a consolidated net worth that was $549,995 in excess of the minimum. The credit agreement includes a dividend provision limiting the amount that Cabela’s could pay to stockholders, which at January 2, 2016 , was not in excess of $225,036 . The credit agreement also has a provision permitting acceleration by the lenders in the event there is a change in control, as defined. In addition, the credit agreement contains cross default provisions to other outstanding debt. In the event that the Company fails to comply with these covenants, a default is triggered. In the event of default, all outstanding letters of credit and all principal and outstanding interest would immediately become due and payable. The Company was in compliance with all financial covenants under its credit agreements at January 2, 2016 , and December 27, 2014 . On August 4, 2015, in connection with the $550,000 note purchase agreement described in more detail in Note 13 “Long-Term Debt and Capital Leases” herein, the Company entered into a credit agreement amendment primarily to permit the issuance and sale of the unsecured notes, to place a floor of zero under LIBOR, and to revise certain definitions in the credit agreement. We anticipate that we will continue to be in compliance with all financial covenants under our credit agreements through at least the next 12 months. 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 January 2, 2016 , or December 27, 2014 . Advances made pursuant to the $775,000 credit agreement are classified as long-term debt. This agreement does not contain requirements regarding the pay down of revolving loans advanced; therefore, advances made prior to June 18, 2018, pursuant to this agreement are considered long-term in nature. |
Long-Term Debt and Capital Leas
Long-Term Debt and Capital Leases | 12 Months Ended |
Jan. 02, 2016 | |
Long Term Debt and Capital Leases [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | LONG-TERM DEBT AND CAPITAL LEASES Long-term debt and capital leases consisted of the following at the years ended: 2015 2014 Unsecured $775 million revolving credit facility $ — $ 180,000 Unsecured notes due 2016 with interest at 5.99% 215,000 215,000 Unsecured senior notes due 2017 with interest at 6.08% 60,000 60,000 Unsecured senior notes due 2016-2018 with interest at 7.20% 24,428 32,571 Unsecured senior notes due 2020, 2022 and 2025; various interest rates 550,000 — Capital lease obligations payable through 2036 11,853 12,144 Total debt 861,281 499,715 Less current portion of debt (223,452 ) (8,434 ) Long-term debt, less current maturities $ 637,829 $ 491,281 Long-term debt and capital leases, classified by maturity date as of January 2, 2016 , are presented in the following table. Advances made under the $775,000 credit agreement are classified as long-term debt. Unsecured Notes due 2016 Unsecured Senior Notes due 2017 Unsecured Senior Notes, final maturity 2018 Unsecured Senior Notes, final maturity 2025 Capital Lease Obligations Total Debt 2016 $ 215,000 $ — $ 8,142 $ — $ 310 $ 223,452 2017 — 60,000 8,143 — 328 68,471 2018 — — 8,143 — 348 8,491 2019 — — — — 369 369 2020 — — — 100,000 391 100,391 2021 and thereafter — — — 450,000 10,107 460,107 Total debt $ 215,000 $ 60,000 $ 24,428 $ 550,000 $ 11,853 $ 861,281 On August 4, 2015, the Company entered into a note purchase agreement with various purchasers allowing the Company to issue and sell an aggregate of $550,000 principal amount of senior unsecured notes in a private placement to certain accredited investors. On August 4, 2015, and December 3, 2015, the Company issued and sold under this note purchase agreement $250,000 and $300,000 , respectively, of senior unsecured notes with aggregate principal amounts, interest rates, and maturity dates as follows: Tranche Principal Interest Rate Date Issued Maturity Date A $ 100,000 3.23 % August 4, 2015 August 4, 2020 B 122,000 3.70 August 4, 2015 August 4, 2022 C 128,000 3.82 December 3, 2015 December 3, 2022 D 28,000 4.01 August 4, 2015 August 4, 2025 E 172,000 4.11 December 3, 2015 December 3, 2025 $ 550,000 Interest on these notes is payable semi-annually. The Company used the proceeds from this sale for general corporate purposes and intends to repay its existing unsecured notes for $215,000 due February 27, 2016. At January 2, 2016 , these unsecured notes for $215,000 were classified in current maturities of long-term debt in the consolidated balance sheets. The note purchase agreement contains customary default provisions, as well as certain restrictive covenants, including limitations on indebtedness and financial covenants relating to debt ratios, net worth, and fixed charges. In connection with the note purchase agreement, on August 4, 2015, the Company also entered into a credit agreement amendment primarily to permit the issuance and sale of the unsecured notes, to place a floor of zero under LIBOR, and to revise certain definitions in the credit agreement. Certain of the long-term debt agreements contain various covenants and restrictions such as the maintenance of minimum debt coverage, net worth, and financial ratios. The significant financial ratios and net worth requirements in the long-term debt agreements are 1) a limitation of funded debt to be less than 60% of consolidated total capitalization; 2) cash flow fixed charge coverage ratio, as defined, of no less than 2.0 to 1 as of the last day of any quarter; and 3) a minimum consolidated adjusted net worth, as defined. In addition, the debt agreements contain cross default provisions to our outstanding credit facilities. In the event that the Company failed to comply with these covenants, a default would trigger and all principal and outstanding interest would immediately be due and payable. At January 2, 2016 , and December 27, 2014 , the Company was in compliance with all financial covenants under its unsecured notes. We anticipate that we will continue to be in compliance with all financial covenants under our unsecured notes through at least the next 12 months. The Company has a lease agreement for our distribution facility in Wheeling, West Virginia. The lease term is through June 2036 with monthly installments of $83 . The lease, which contains a bargain purchase option at the end of its term, was accounted for as a capital lease. Aggregate expected maturities of long-term debt and scheduled capital lease payments for the years shown are as follows: Scheduled Capital Lease Payments Long-Term Debt Maturities 2016 $ 1,000 $ 223,142 2017 1,000 68,143 2018 1,000 8,143 2019 1,000 — 2020 1,000 128,000 Thereafter 15,500 422,000 20,500 849,428 Capital lease amount representing interest (8,647 ) Present value of net scheduled lease payments $ 11,853 11,853 Total long-term debt and capital leases $ 861,281 |
Impairment and Restructuring Ch
Impairment and Restructuring Charges | 12 Months Ended |
Jan. 02, 2016 | |
Impairment and Restructuring Charges [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | IMPAIRMENT AND RESTRUCTURING CHARGES Impairment and restructuring charges consisted of the following for the years ended: 2015 2014 2013 Impairment losses relating to: Property, equipment, and other assets $ 3,874 $ — $ 937 Other property 5,901 — — Accumulated amortization of deferred grant income — — 4,931 9,775 — 5,868 Restructuring charges for severance and related benefits 5,556 641 — Total $ 15,331 $ 641 $ 5,868 Impairment – Long-lived assets of the Company are evaluated for possible impairment (i) whenever events or changes in circumstances may indicate that the carrying value of an asset may not be recoverable and (ii) at least annually for recurring fair value measurements and for those assets not subject to amortization. In 2015 , 2014 , and 2013 , we evaluated the recoverability of our economic development bonds, property (including existing store locations and future retail store sites), equipment, goodwill, other property, and other intangible assets. We intend to sell our other property as soon as any such sale could be economically feasible, and we continue to monitor such property for impairment. The following impairment losses were recognized in 2015 : • A loss of $3,874 was recognized relating to the write-off of costs pertaining to store sites we had previously identified as future retail store locations but in 2015 decided not to develop based on the Company’s plans to scale back retail store expansion for 2016 and 2017. This impairment was recorded in the Retail segment. • A loss of $2,434 was recognized on improved land for a housing development project based on its fair value using discounted cash flow projection estimates (Level 3 inputs). After the impairment loss was recognized, the carrying value of this property was $322 . This impairment was recognized in the Corporate Overhead and Other segment. • A loss of $3,257 was recognized on a parcel of unimproved land based on an appraisal we received in February 2016. After the impairment loss was recognized, the carrying value of this particular property was $1,521 . This impairment was recognized in the Corporate Overhead and Other segment. • A loss of $210 was recognized on a parcel of unimproved land based on an appraisal we received in July 2015. After the impairment loss was recognized, the carrying value of this particular property was $1,109 . This impairment was recognized in the Corporate Overhead and Other segment. We did not recognize any impairment during 2014 . The following impairment losses were recognized in 2013 : • A loss of $937 was recognized related to the store closure of our former Winnipeg, Manitoba, Canada, retail site. This impairment loss included leasehold improvements write-offs as well as lease cancellation and restoration costs and was recognized in the Retail segment ( $820 ) and the Corporate Overhead and Other segment ( $117 ). • Additional depreciation expense of $4,931 was recognized as a result of the Company recording an increase to the carrying amount of a retail store property through a reduction in deferred grant income of $14,125 due to the recognition of a liability judgment for the same amount against the Company to repay grants, legal fees, and other costs relating to a radius restriction lawsuit for this retail store. This additional depreciation expense was recognized in the Retail segment. The Company is appealing the Court’s ruling. 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 and which could trigger possible future write downs. Restructuring Charges – In 2015 , we incurred charges totaling $5,556 for severance and related benefits primarily attributable to a corporate office restructure and reduction in the number of personnel. The liability for severance benefits was included in accrued expenses and other liabilities in our consolidated balance sheets and will be reduced as payments are disbursed, which will be substantially completed over the next 12 months. The charges were recognized in the Corporate Overhead and Other segment. In June 2014, we announced the transition to a third-party logistics provider for our distribution needs in Canada and the closing of our distribution center in Winnipeg, Manitoba. Accordingly, in 2014, we recognized a restructuring charge related to employee severance agreements and termination benefits totaling $641 . This restructuring charge was recognized in the Corporate Overhead and Other segment. The third-party logistics provider began processing a portion of our Canada merchandise in a Calgary, Alberta, distribution center in October 2014, and in March 2015, we closed the distribution center in Winnipeg, Manitoba. |
Interest (Expense) Income, Net
Interest (Expense) Income, Net | 12 Months Ended |
Jan. 02, 2016 | |
INTEREST (EXPENSE) INCOME, NET [Abstract] | |
Interest Income and Interest Expense Disclosure [Text Block] | INTEREST (EXPENSE) INCOME, NET Interest expense, net of interest income, consisted of the following for the years ended: 2015 2014 2013 Interest expense $ (33,390 ) $ (29,648 ) $ (26,159 ) Capitalized interest 10,499 7,788 4,270 Interest expense, net (22,891 ) (21,860 ) (21,889 ) Interest income 9 18 35 $ (22,882 ) $ (21,842 ) $ (21,854 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 02, 2016 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES For financial reporting purposes, income before taxes includes the following components: 2015 2014 2013 Federal $ 276,650 $ 276,041 $ 244,878 Foreign 17,977 42,436 98,650 $ 294,627 $ 318,477 $ 343,528 The provision for income taxes consisted of the following for the years ended: 2015 2014 2013 Current: Federal $ 100,501 $ 114,420 $ 105,241 State 19,894 7,032 7,714 Foreign 5,090 6,872 14,414 125,485 128,324 127,369 Deferred: Federal (12,589 ) (14,024 ) (8,497 ) State (7,724 ) 2,477 (49 ) Foreign 125 (15 ) 315 (20,188 ) (11,562 ) (8,231 ) $ 105,297 $ 116,762 $ 119,138 A reconciliation of the statutory federal income tax rate to the effective income tax rate is presented below. Certain amounts for 2014 and 2013 have been disaggregated from amounts previously reported to conform to the current year presentation as follows: 2015 2014 2013 Statutory federal rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 2.4 2.2 1.6 Effect of rates different than statutory rate (1.3 ) (2.3 ) (5.4 ) Indefinitely invested foreign earnings 0.2 3.3 1.2 Other nondeductible items 0.4 0.3 0.2 Tax exempt interest income (0.9 ) (1.0 ) (0.5 ) Change in unrecognized tax benefits 1.1 (1.7 ) 2.9 Net operating loss valuation allowance 1.4 0.5 — Deferred income tax rate change (1.2 ) 0.2 — Tax credits (1.0 ) (0.2 ) (0.4 ) Other, net (0.4 ) 0.4 0.1 Effective income tax rate 35.7 % 36.7 % 34.7 % Deferred tax assets and liabilities consisted of the following for the years ended: 2015 2014 Deferred tax assets: Deferred compensation $ 16,612 $ 14,016 Deferred revenue 4,452 4,755 Reserve for returns 8,412 6,148 Accrued expenses and other liabilities 18,575 12,523 Gift certificates liability 11,775 10,392 Allowance for loans losses and doubtful accounts 29,078 22,093 Loyalty rewards programs 68,608 61,146 Economic development bonds 25,769 — Other 19,382 13,761 Total deferred tax assets 202,663 144,834 Valuation allowance (5,165 ) (1,692 ) Deferred tax assets, net of valuation allowance 197,498 143,142 Deferred tax liabilities: Prepaid expenses 14,498 10,888 Property and equipment 106,435 76,917 Inventories 3,080 3,265 Credit card loan fee deferral 45,443 38,743 United States income tax on foreign earnings — 964 Economic development bonds — 3,681 Other — 830 Total deferred tax liabilities 169,456 135,288 Net deferred tax (asset) liability (28,042 ) (7,854 ) Less current deferred income taxes — (14,400 ) Long-term deferred income tax (asset) liability $ (28,042 ) $ 6,546 The Company has not provided United States income taxes and foreign withholding taxes on all of the undistributed earnings of foreign subsidiaries that the Company considers to be indefinitely reinvested outside of the United States as of the end of 2015 . If these foreign earnings were to be repatriated in the future, the related United States tax liability may be reduced by any foreign income taxes previously paid on these earnings. As of the year ended 2015 , the cumulative amount of earnings upon which United States income taxes have not been provided was approximately $190,988 . If those earnings were not considered indefinitely invested, the Company estimates that an additional income tax expense of approximately $44,406 would be recorded. As of January 2, 2016 , cash and cash equivalents held by our foreign subsidiaries totaled $97,120 . 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. At January 2, 2016 , our foreign subsidiary in Canada had a net operating loss carry forward of $18,143 with a related tax benefit of $4,790 that expires between 2033 and 2035. Due to the uncertainty of the ultimate realization of this net operating loss, the subsidiary’s benefits and associated deferred tax liabilities of $4,799 have been fully offset by a valuation allowance of $5,165 . 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 consolidated balance sheets. The reconciliation of unrecognized tax benefits was as follows for the years ended: 2015 2014 2013 Unrecognized tax benefits, beginning of year $ 101,879 $ 64,800 $ 39,252 Gross decreases related to prior period tax positions (2,301 ) (4,686 ) (3,428 ) Gross increases related to prior period tax positions 20,507 29,281 15,759 Gross increases related to current period tax positions 6,268 12,501 13,217 Gross decreases related to current period tax positions — (17 ) — Gross decreases related to settlements with taxing authorities (53,231 ) — — Unrecognized tax benefits, end of year $ 73,122 $ 101,879 $ 64,800 The Company’s policy is to accrue interest expense, and penalties as appropriate, on estimated unrecognized tax benefits as a charge to interest expense in the consolidated statements of income. We recorded net interest expense of $2,189 , $4,989 , and $3,425 in 2015 , 2014 and 2013 , respectively. No penalties were accrued. The liability for estimated interest on unrecognized tax benefits included in other long-term liabilities totaled $7,031 at the end of 2015 compared to $14,111 at the end of 2014 with $1,806 included in current liabilities (accrued expenses and other liabilities) and $12,305 included in other long-term liabilities in our consolidated balance sheet. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $24,401 . As of January 2, 2016, unrecognized tax benefits totaling $73,122 were included in other long-term liabilities in our consolidated balance sheets. At December 27, 2014, unrecognized tax benefits totaling $46,317 were included in current liabilities (accrued expenses and other liabilities) and $55,562 in other long-term liabilities in our 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 and settlement of our 2007 and 2008 Internal Revenue Service (“IRS”) examinations. A portion of the $103,418 in deposits for federal taxes related to prior period uncertain tax positions was used to pay the tax associated with the settlement of the 2007 and 2008 IRS examinations. The Company’s tax years 2009 through 2011 are under examination by the IRS. We do not expect the examination and possible related appeal for these 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. Since the Company is routinely under audit by various taxing authorities, 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. The Company files income tax returns in the United States, Canada, Hong Kong, and various states. The tax years 2007 through 2014 remain open to examination by major taxing jurisdictions to which Cabela’s is subject. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 02, 2016 | |
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 $23,678 , $19,716 , and $14,319 for 2015 , 2014 , and 2013 , respectively. The following is a schedule of future minimum rental payments under operating leases at January 2, 2016 : For the fiscal years ending: 2016 $ 24,424 2017 25,245 2018 25,065 2019 24,682 2020 24,087 Thereafter 292,668 Total $ 416,171 The Company leases six retail stores and owns 22 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 2015 . During 2014 , we received $3,750 in tenant allowances. Certain leases require the Company to pay contingent rental amounts based on a percentage of sales, in addition to real estate taxes, insurance, maintenance, and other operating expenses associated with the leased premises. These leases have terms which include renewal options ranging from 10 to 70 years. The Company has entered into real estate purchase, construction, and/or economic development agreements for various new retail store site locations. At January 2, 2016 , the Company estimated it had total cash commitments of approximately $182,163 outstanding for projected expenditures related to the development, construction, and completion of new retail stores. This amount excludes any estimated costs associated with new stores where the Company does not have a commitment as of January 2, 2016 . 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. The Company generally receives 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 January 2, 2016 , and December 27, 2014 , the total amount of grant funding subject to a specific contractual remedy was $43,016 and $44,112 , respectively, with none received in 2015 or 2014 . At January 2, 2016 , we had recorded $17,219 in the consolidated balance sheets relating to these grants with $15,834 in current liabilities and $1,385 in long-term liabilities. At December 27, 2014 , we had recorded $22,887 in current liabilities. 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 $34,359 and $43,105 at January 2, 2016 , and December 27, 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 $34,730,000 and $30,491,000 at January 2, 2016 , and December 27, 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 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 United States 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. Without admitting the EEOC’s allegations, on August 26, 2015, the Company entered into a settlement agreement with the EEOC that resolved all matters related to the Commissioner’s charge. The Company is subject to an ongoing investigation by the Securities and Exchange Commission (“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. In September 2015, in connection with this ongoing investigation by the SEC, the Company recognized a liability of $1,000 . This $1,000 charge was included in selling, distribution, and administrative expenses in the consolidated statements of income and was recognized in the Corporate Overhead and Other segment in 2015 . Self-Insurance – The Company is self-insured for health claims and workers’ compensation claims up to a certain stop loss amount per individual. We recognized a liability for health claims incurred prior to year end but not yet reported totaling $4,112 and $4,713 at the end of 2015 and 2014 , respectively. We also recognized a liability for workers’ compensation claims incurred prior to year end but not yet reported totaling $4,357 and $3,698 at the end of 2015 and 2014 , respectively. These reserves are included in accrued expenses and other liabilities in the consolidated balance sheets. The liabilities for health and workers’ compensation claims incurred but not reported are based upon internally developed calculations. These estimates are regularly evaluated for adequacy based on the most current information available, including historical claim payments, expected trends, and industry factors |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Jan. 02, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | REGULATORY CAPITAL REQUIREMENTS WFB is subject to various regulatory capital requirements administered by the Federal Deposit Insurance Corporation (“FDIC”) and the Nebraska State Department of Banking and Finance to ensure capital adequacy. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, WFB must meet specific capital guidelines that involve quantitative measures of WFB’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. WFB’s capital amounts and classification are also subject to qualitative judgment by the regulators with respect to components, risk weightings, and other factors. As of December 31, 2015 and 2014 , the most recent notification from the FDIC categorized WFB as “well-capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well-capitalized” WFB must maintain certain amounts and ratios (defined in the regulations) as set forth in the following table. There are no conditions or events since that notification that management believes have changed WFB’s category. In addition, effective January 2015, WFB was subject to the interim final rules and the joint final rules adopted by the FDIC in July 2013 pertaining to the implementation of regulatory capital reforms recommended by the Basel Committee on Banking Supervision in December 2010 (referred to as “Basel III”), and capital reforms required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Accordingly, these interim final rules and the joint final rules revise the agencies’ prompt corrective action framework by introducing a “common equity tier 1 capital” requirement and a higher “minimum tier 1 capital” requirement, both of which are presented in the table below. Actual Capital Requirements to be Classified Adequately-Capitalized Capital Requirements to be Classified Well-Capitalized Amount Ratio Amount Ratio Amount Ratio 2015: Common Equity Tier 1 Capital $ 532,110 10.0 % $ 238,282 4.5 % $ 344,185 6.5 % Total Capital to Risk-Weighted Assets 598,419 11.3 423,612 8.0 529,515 10.0 Tier I Capital to Risk-Weighted Assets 532,110 10.0 317,709 6.0 423,612 8.0 Tier I Capital to Average Assets 532,110 10.6 200,755 4.0 250,944 5.0 2014: Total Capital to Risk-Weighted Assets $ 527,873 11.3 % $ 372,851 8.0 % $ 466,064 10.0 % Tier I Capital to Risk-Weighted Assets 471,301 10.1 186,425 4.0 279,638 6.0 Tier I Capital to Average Assets 471,301 10.3 183,481 4.0 229,351 5.0 |
Stock Based Compensation Plans
Stock Based Compensation Plans and Employee Benefit Plans | 12 Months Ended |
Jan. 02, 2016 | |
STOCK OPTION PLANS, STOCK BASED COMPENSATION, AND OTHER EMPLOYEE BENEFIT 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 $21,615 , $17,498 , and $14,969 in 2015 , 2014 , and 2013 , respectively. Compensation expense related to the Company’s stock-based payment awards is recognized in selling, distribution, and administrative expenses in the consolidated statements of income. Compensation cost for awards is recognized using a straight-line amortization method over the vesting period. At January 2, 2016 , the total unrecognized deferred stock-based compensation balance for all equity awards issued, net of expected forfeitures, was $26,199 , net of tax, which is expected to be amortized over a weighted average period of 2.1 years. The fair value of options granted was estimated on the date of the grant using the Black-Scholes option pricing model. The expected volatility for 2015 , 2014 , and 2013 was based on the historical volatility of the Company's common stock. The fair value of options in the years presented was estimated using the Black-Scholes model with the following weighted average assumptions: 2015 2014 2013 Risk-free interest rate based on the U.S. Treasury yield curve 1.55 % 1.52 % 0.76 % Dividend yield — — — Expected volatility 45 % 46 % 47 % Weighted average expected life (in years) 5.5 5.9 5.9 Weighted average grant date fair value of options granted $ 22.53 $ 27.83 $ 22.60 Employee Stock Plans – The Cabela’s Incorporated 2013 Stock Plan (the “2013 Stock Plan”), which replaced the Company’s 2004 Stock Plan, provides for the grant of incentive stock options, non-statutory stock options (“NSOs”), stock appreciation rights, performance stock, performance units, restricted stock, and restricted stock units to employees and consultants. Non-employee directors are eligible to receive any type of award offered under the 2013 Stock Plan except incentive stock options. Awards granted under 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 January 2, 2016 , the maximum number of shares available for awards under the 2013 Stock Plan was 2,705,252 . As of January 2, 2016 , there were 1,199,394 awards outstanding under the 2013 Stock Plan and 1,738,772 awards outstanding under the 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 2015 , there were 216,820 NSOs granted to employees at an exercise price of $55.46 per share and 26,791 NSOs granted to non-employee directors at a weighted average exercise price of $51.12 per share. All of these options were granted under the 2013 Stock Plan, have an eight-year term, and vest over four years from date of grant for employees and one year for non-employee directors. In addition, on March 2, 2015, the Company issued 64,000 premium-priced NSOs to its Chief Executive Officer under the 2013 Stock Plan 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. Nonvested Stock and Stock Unit Awards. During 2015 , there were 351,565 units of nonvested stock issued to employees at a weighted average fair value of $53.77 per unit and 9,187 units of nonvested stock issued to non-employee directors at a weighted average fair value of $50.34 per unit. All of these nonvested stock awards were issued under the 2013 Stock Plan and vest evenly over four years on the grant date anniversary based on the passage of time for employees and over one year for non-employee directors. On March 2, 2015, the Company also issued 58,075 units of performance-based restricted stock under the 2013 Stock Plan 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, since the performance criterion was achieved. The following table summarizes award activity during 2015 for the Company’s two stock plans: All Awards Non-Vested Awards Awards Available for Grant Weighted Average Exercise Price Weighted Average Grant Date Fair Value Number of Awards Number of Awards Outstanding, beginning of year 3,337,974 3,378,716 $ 22.34 1,463,240 $ 39.63 Granted (726,438 ) 726,438 24.06 726,438 54.17 Vested — (272,864 ) (442,044 ) 51.57 Exercised — (715,769 ) 19.43 Forfeited (1) 104,329 (165,580 ) 16.24 (165,580 ) 54.18 Expired/Cancelled (10,613 ) (12,775 ) 28.49 Outstanding, end of year (2) 2,705,252 2,938,166 25.87 1,582,054 54.44 (1) Options forfeited under the 2013 Stock Plan are immediately available for grant. (2) At the end of 2015 , total awards outstanding were comprised of the following under the Company’s two stock plans: Type of Award Number of Awards Non-statutory stock options 2,100,038 Nonvested stock units 780,053 Performance based restricted stock units 58,075 Total 2,938,166 The following table provides information relating to the Company’s equity share-based payment awards at January 2, 2016 : Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Weighted Average Fair Value Aggregate Intrinsic Value Number of Awards Vested and exercisable 1,356,112 $ 24.82 $ 10.81 $ 32,180 4.00 Non-vested 1,582,054 26.77 54.44 40,081 6.39 Total outstanding 2,938,166 25.87 26.15 $ 72,261 4.78 Expected to vest after January 02, 2016 1,520,381 27.35 $ 37,858 6.36 The aggregate intrinsic value of awards exercised was $38,634 , $40,717 , and $54,755 during 2015 , 2014 , and 2013 , respectively. The total fair value of shares vested was $13,686 , $15,933 , and $12,899 in 2015 , 2014 , and 2013 , respectively. Based on the Company’s closing stock price of $46.73 as of January 2, 2016 , the total number of in-the-money awards exercisable as of January 2, 2016 , was 1,356,112 . The equity share-based payment awards outstanding and exercisable as of January 2, 2016 , were in the following exercise price ranges: Awards Outstanding Awards Exercisable Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Weighted Average Exercise Price Exercise Price Number Number $0.00 (1) 838,128 $ — 2.63 — $ — $7.16 to $8.01 206,488 7.99 1.16 206,488 7.99 $11.49 to $15.25 256,214 15.12 0.41 256,214 15.12 $16.18 to $19.47 381,550 17.78 1.35 381,550 17.78 $19.62 to $40.45 416,789 32.47 3.75 308,959 30.43 $44.70 to $58.55 467,495 53.92 6.15 88,258 50.91 $61.23 to $76.27 371,502 67.19 6.30 114,643 65.01 2,938,166 25.87 4.78 1,356,112 24.82 (1) Represents nonvested stock units and performance based restricted stock units granted under the Company’s two stock plans. All other amounts in their respective exercise price ranges are for non-statutory stock options. Employee Stock Purchase Plan – During 2015 , there were 83,836 shares issued under the Cabela’s Incorporated 2013 Employee Stock Purchase Plan (the “2013 ESPP”). At January 2, 2016 , there were 1,812,295 shares of common stock authorized and available for issuance under the 2013 ESPP. 401(k) Savings Plan – All employees are eligible to defer up to 80% of their wages in Cabela’s 401(k) savings plan, subject to certain limitations. The Company matches 100% of eligible employee deferrals up to 4% of eligible wages. For eligible employees hired prior to January 1, 2009, we may also contribute a 2% discretionary matching contribution. Total expense for employer contributions was $10,064 , $8,247 , and $10,920 in 2015 , 2014 , and 2013 , respectively. |
Stockholders' Equity and Divide
Stockholders' Equity and Dividend Restrictions | 12 Months Ended |
Jan. 02, 2016 | |
Stockholders' Equity and Dividend Restrictions [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY AND DIVIDEND RESTRICTIONS Preferred Stock – The Company is authorized to issue 10,000,000 shares of preferred stock having a par value of $0.01 per share. None of the shares of the authorized preferred stock have been issued. The board of directors is authorized to issue these shares of preferred stock without stockholder approval in different classes and series and, with respect to each class or series, to determine the dividend rate, the redemption provisions, conversion provisions, liquidation preference, and other rights, privileges, and restrictions. The issuance of any preferred stock could have the effect of diluting the voting power of the holders of common stock, restricting dividends on the common stock, impairing the liquidation rights of the common stock, or delaying or preventing a change in control without further action by the stockholders. Class A Voting Common Stock – The holders of Cabela’s Class A common stock are entitled to receive ratably dividends, if any, the board of directors may declare from time to time from funds legally available therefore, subject to the preferential rights of the holders of any shares of preferred stock that the Company may issue in the future. The holders of Cabela’s Class A common stock are entitled to one vote per share on any matter to be voted upon by stockholders. Upon any voluntary or involuntary liquidation, dissolution, or winding up of company affairs, the holders of Cabela’s Class A common stock are entitled to all assets remaining after payment to creditors and subject to prior distribution rights of any shares of preferred stock that the Company may issue in the future. All of the outstanding shares of Class A common stock are fully paid and non-assessable. 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. In 2015, WFB paid $50,000 in dividends to Cabela’s. At January 2, 2016 , the Company had unrestricted retained earnings of $225,036 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 years ended: 2015 2014 Accumulated net unrealized holding gains on economic development bonds $ 10,097 $ 9,521 Cumulative foreign currency translation adjustments (61,011 ) (21,227 ) Total accumulated other comprehensive loss $ (50,914 ) $ (11,706 ) Treasury Stock – The Company’s Board of Directors authorized a share repurchase program on August 23, 2011, that provides for share repurchases on an ongoing basis to offset dilution resulting from equity awards under the Company’s current or future equity compensation plans. These shares can be repurchased from time to time in open market transactions or privately negotiated transactions at the Company’s discretion, subject to market conditions, customary blackout periods, and other factors. The share repurchase program does not obligate the Company to repurchase any outstanding shares of its common stock, and the program may be limited or terminated at any time. In April 2015, the Company announced its intent to repurchase up to 2,000,000 shares of its common stock in open market transactions through February 2016. This share repurchase program was completed in August 2015 at a cost of $99,948 . On September 1, 2015, the Company announced that the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $500,000 of its common stock over a two-year period. This authorization is in addition to the 2,000,000 share repurchase authorization approved in April 2015 and the standing annual authorization to repurchase shares to offset dilution resulting from equity-based awards issued under the Company’s equity compensation plans. The timing and volume of share repurchases may be executed by the Company on a discretionary basis, or pursuant to trading plans, or other arrangements. Any share repurchase under this program may be made in the open market, in privately negotiated transactions, or otherwise. This share repurchase program does not obligate the Company to repurchase any outstanding shares of its 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 the Company will repurchase. The total amount of share repurchases that the Company can make in a year is limited to 75% of its prior year consolidated earnings before interest, taxes, depreciation and amortization, as defined, pursuant to a covenant requirement of its credit agreement. Under this authorization, the Company repurchased 1,989,305 shares of its common stock at a total cost of $74,176 in 2015 . The following table reconciles the Company’s treasury stock activity for the years ended: 2015 2014 Balance, beginning of year — — Common stock repurchased at a total cost of $174,124 3,989,305 — Treasury shares issued on exercise of stock options and share-based payment awards (213,000 ) — Balance, end of year 3,776,305 — |
Restrictions on Dividends, Loans and Advances [Text Block] | 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. In 2015, WFB paid $50,000 in dividends to Cabela’s. At January 2, 2016 , the Company had unrestricted retained earnings of $225,036 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 02, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
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 years ended: 2015 2014 2013 Common shares – basic 70,102,715 70,987,168 70,461,450 Effect of incremental dilutive securities: Stock options and nonvested stock units 866,198 890,688 1,317,093 Common shares – diluted 70,968,913 71,877,856 71,778,543 Stock options outstanding considered anti-dilutive excluded from calculation 1,283,148 389,080 30,000 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jan. 02, 2016 | |
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 years ended: 2015 2014 2013 Non-cash financing and investing activities: Accrued property and equipment additions (1) $ 13,538 $ 40,255 $ 36,707 Depreciation adjustment reducing deferred grant income — (831 ) (4,931 ) Other cash flow information: Interest paid (2) $ 86,194 $ 80,311 $ 78,261 Capitalized interest (10,499 ) (7,788 ) (4,270 ) Interest paid, net of capitalized interest $ 75,695 $ 72,523 $ 73,991 Income taxes, net of refunds $ 107,792 $ 145,196 $ 83,118 (1) Accrued property and equipment additions are recognized in the consolidated statements of cash flows in the year they are paid. (2) Includes interest from the Financial Services segment totaling $68,328 , $64,009 , and $63,363 for 2015 , 2014 , and 2013 , respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 02, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT REPORTING We have four reportable segments: Retail, Direct, Financial Services, and Corporate Overhead and Other. 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 include the value of unredeemed points earned that are associated with the Company’s loyalty rewards programs for Cabela’s CLUB issued credit cards, net of the estimated costs of the points; amounts received from outfitter services; real estate rental income; land sales; and fees earned from a 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-service costs, operations of various ancillary subsidiaries such as real estate development and travel, and segment eliminations. Unallocated shared-service 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; and land, buildings, fixtures, and leasehold improvements. Direct Furniture, fixtures, and equipment and deferred catalog costs. Financial Services Cash, credit card loans, restricted cash, receivables, fixtures, and other assets. 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%. At March 31, 2014, the total risk-based capital ratio of WFB exceeded this 13% threshold; therefore, an additional license fee of $10,945 was paid in April 2014 by the Financial Services segment to the Retail segment ( $6,676 ) and Direct segment ( $4,269 ) and was classified in selling, distribution, and administrative expenses. No additional license fee was required to be paid in 2015. Financial information by segment is presented in the following table for the years presented: Corporate Overhead and Other Financial Services Fiscal Year 2015: Retail Direct Total Merchandise sales $ 2,658,089 $ 823,286 $ — $ — $ 3,481,375 Non-merchandise revenue: Financial Services — — 482,329 — 482,329 Other 764 — — 13,020 13,784 Total revenue before intersegment eliminations 2,658,853 823,286 482,329 13,020 3,977,488 Intersegment revenue eliminated in consolidation — — 20,214 — 20,214 Total revenue as reported $ 2,658,853 $ 823,286 $ 502,543 $ 13,020 $ 3,997,702 Operating income (loss) $ 424,609 $ 82,913 $ 172,988 $ (372,718 ) $ 307,792 Operating income as a percentage of revenue 16.0 % 10.1 % 35.9 % N/A 7.7 % Depreciation and amortization $ 80,585 $ 4,901 $ 1,716 $ 45,370 $ 132,572 Assets 1,780,742 332,714 5,379,747 979,300 8,472,503 Property and equipment additions 278,049 26 2,233 80,878 361,186 Fiscal Year 2014: Merchandise sales $ 2,348,481 $ 851,738 $ — $ — $ 3,200,219 Non-merchandise revenue: Financial Services — — 415,574 — 415,574 Other 2,204 — — 14,842 17,046 Total revenue before intersegment eliminations 2,350,685 851,738 415,574 14,842 3,632,839 Intersegment revenue eliminated in consolidation — — 14,811 — 14,811 Total revenue as reported $ 2,350,685 $ 851,738 $ 430,385 $ 14,842 $ 3,647,650 Operating income (loss) $ 417,655 $ 112,717 $ 111,650 $ (306,627 ) $ 335,395 Operating income as a percentage of revenue 17.8 % 13.2 % 26.9 % N/A 9.2 % Depreciation and amortization $ 68,005 $ 4,915 $ 1,554 $ 38,623 $ 113,097 Assets 1,585,219 297,763 4,912,491 879,844 7,675,317 Property and equipment additions 307,495 161 1,964 126,016 435,636 Fiscal Year 2013: Merchandise sales $ 2,232,018 $ 973,614 $ — $ — $ 3,205,632 Non-merchandise revenue: — Financial Services — — 375,810 — 375,810 Other 1,304 — — 16,831 18,135 Total revenue $ 2,233,322 $ 973,614 $ 375,810 $ 16,831 $ 3,599,577 Operating income (loss) $ 428,361 $ 157,227 $ 104,402 $ (328,629 ) $ 361,361 Operating income as a percentage of revenue 19.2 % 16.1 % 27.8 % N/A 10.0 % Depreciation and amortization $ 54,882 $ 7,579 $ 1,545 $ 29,401 $ 93,407 Assets 1,327,047 208,525 4,135,014 726,278 6,396,864 Property and equipment additions 288,521 149 1,332 57,954 347,956 The components and amounts of total revenue for the Financial Services segment were as follows for the years ended: 2015 2014 2013 Interest and fee income $ 481,731 $ 400,948 $ 343,353 Interest expense (68,827 ) (64,167 ) (63,831 ) Provision for loan losses (85,120 ) (61,922 ) (43,223 ) Net interest income, net of provision for loan losses 327,784 274,859 236,299 Non-interest income: Interchange income 394,037 366,633 344,979 Other non-interest income 2,990 3,338 7,530 Total non-interest income 397,027 369,971 352,509 Less: Customer rewards costs (222,268 ) (214,445 ) (212,998 ) Financial Services revenue $ 502,543 $ 430,385 $ 375,810 Our products are principally marketed to individuals within the United States. Net sales generated in other geographic markets, primarily Canada, have collectively been less than 5% of consolidated net merchandise sales in each year. No single customer accounted for 10% or more of consolidated net sales. No single product or service accounted for a significant percentage of the Company’s consolidated revenue. 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 last three years. Retail Direct Total 2015 2014 2013 2015 2014 2013 2015 2014 2013 Product Category: Hunting Equipment 48.4 % 47.1 % 51.0 % 36.5 % 37.1 % 41.2 % 45.5 % 44.3 % 48.0 % General Outdoors 30.4 29.6 26.8 33.8 32.0 29.1 31.2 30.3 27.5 Clothing and Footwear 21.2 23.3 22.2 29.7 30.9 29.7 23.3 25.4 24.5 Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 02, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS Fair value represents the estimated price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. In determining fair value of financial instruments, the Company uses various methods, including discounted cash flow projections based on available market interest rates and data, and management estimates of future cash payments. Judgment is required in interpreting certain market data to develop the estimates of fair value and, accordingly, any changes in assumptions or methods may affect the fair value estimates. 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 January 2, 2016 , the financial instruments carried on our consolidated balance sheets subject to fair value measurements consisted of economic development bonds and were classified as Level 3 for valuation purposes. For 2015 , 2014 , and 2013 , 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 years ended: 2015 2014 2013 Balance, beginning of year $ 82,074 $ 78,504 $ 85,041 Total gains or losses: Included in earnings - realized — — — Included in accumulated other comprehensive income (loss) - unrealized 1,076 7,777 (3,064 ) Valuation adjustments — — — Purchases, issuances, and settlements: Purchases 4,780 558 — Issuances — — — Settlements (4,163 ) (4,765 ) (3,473 ) Total 617 (4,207 ) (3,473 ) Balance, end of year $ 83,767 $ 82,074 $ 78,504 Fair values of the Company’s economic development bonds were estimated using discounted cash flow projection estimates. These estimates are based on available market interest rates and the estimated amounts and timing of expected future payments to be received from municipalities under tax development zones, which we consider to be unobservable inputs (Level 3). These fair values do not reflect any premium or discount that could result from offering these bonds for sale or through early redemption, or any related income tax impact. Declines in the fair value of available-for-sale economic development bonds below cost that are deemed to be other than temporary are reflected in earnings.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 2015 , 2014 , or 2013 . On a quarterly basis, we perform various procedures to analyze the amounts and timing of projected cash flows to be received from our economic development bonds. Please refer to Note 1 “Nature of Business and Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements under the section entitled “Economic Development Bonds” for information on our procedures used to analyze the amounts and timing of projected cash flows to be received from our economic development bonds. Long-lived assets other than goodwill and other intangible assets, which generally are tested separately for impairment on an annual basis, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The calculation for an impairment loss compares the carrying value of the asset to that asset’s estimated fair value, which may be based on estimated future discounted cash flows or unobservable market prices. We recognize an impairment loss if the asset’s carrying value exceeds its estimated fair value. Frequently our impairment loss calculations contain multiple uncertainties because they require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values, including forecasting cash flows under different scenarios. We have consistently applied our accounting methodologies that we use to assess impairment loss. However, if actual results are not consistent with our estimates and assumptions used in estimating future cash flows and asset fair values, we may be exposed to losses that could be material. We evaluate the recoverability of property and equipment, goodwill, other property, and other intangibles whenever indicators of impairment exist using significant unobservable inputs. This evaluation included existing store locations and future retail store sites. Impairment losses consisted of the following for the years ended: 2015 2014 2013 Carrying value of property and equipment, other property, and other assets $ 25,541 $ — $ 49,343 Less: Fair value of related assets 15,766 — 43,475 Impairment losses $ 9,775 $ — $ 5,868 The impairment losses we incurred in 2015 were recognized in the Retail segment ( $3,874 ) and in the Corporate Overhead and Other segment ( $5,901 ). The impairment losses we incurred in 2013 were recognized in the Retail segment ( $5,751 ) and the Corporate Overhead and Other segment ( $117 ). Please refer to Note 14 “Impairment and Restructuring Charges” of the Notes to Consolidated Financial Statements under the section entitled “Impairment” for additional information on these transactions. 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 carrying amounts of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, gift instruments (including credit card and loyalty rewards programs), accrued expenses and other liabilities, and income taxes receivable and payable included in the consolidated balance sheets approximate fair value given the short-term nature of these financial instruments. The table below presents the estimated fair values of the Company’s financial instruments that are not carried at fair value on our consolidated balance sheets for the years indicated. The fair values of all financial instruments listed below were estimated based on internally developed models or methodologies utilizing observable inputs (Level 2). 2015 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Credit card loans, net $ 5,035,267 $ 5,035,267 $ 4,421,185 $ 4,421,185 Financial Liabilities: Time deposits (1) 879,899 879,197 806,056 809,014 Secured variable funding obligations of the Trust (1) 655,000 655,000 480,000 480,000 Secured obligations of the Trust 3,238,500 3,178,028 3,047,250 3,014,446 Long-term debt 861,281 892,425 499,715 521,212 (1) Revised for 2014 to include the carrying value and estimated fair value of secured variable funding obligations of the Trust and to correct the estimated fair value of time deposits. Credit Card Loans – Credit card loans are originated with variable rates of interest that adjust with changing market interest rates, so the carrying value of the credit card loans, including the carrying value of deferred credit card origination costs, less the allowance for loan losses, approximates fair value. This valuation does not include the value that relates to estimated cash flows generated from new loans over the life of the cardholder relationship. Accordingly, the aggregate fair value of the credit card loans does not represent the underlying value of the established cardholder relationship. Time Deposits – Time deposits are pooled in homogeneous groups, and the future cash flows of those groups are discounted using current market rates offered for similar products for purposes of estimating fair value. For all periods presented, we have consistently applied our discounting methodologies to estimated future cash flows in determining estimated fair value for time deposits. Obligations of the Trust – The secured variable funding obligations of the Trust, which include variable rates of interest that adjust daily, can fluctuate daily based on the short-term operational needs of the Financial Services segment with advances and pay downs at par value. Therefore, the carrying value of the secured variable funding obligations of the Trust approximates fair value. The estimated fair value of secured obligations of the Trust is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt of comparable maturity. For all periods presented, we have consistently applied our discounting methodologies to estimated future cash flows in determining estimated fair value for secured obligations of the Trust. Long-Term Debt – The estimated fair value of long-term debt is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt of comparable maturity. For all periods presented, we have consistently applied our discounting methodologies to estimated future cash flows in determining estimated fair value for long-term debt. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Jan. 02, 2016 | |
QUARTERLY FINANCIAL INFORMATION (Unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL INFORMATION (Unaudited) The following table sets forth unaudited financial and operating data in each quarter for years 2015 and 2014 : 2015 by Quarter 2014 by Quarter First Second Third Fourth First Second Third Fourth Total revenue $ 827,076 $ 836,276 $ 926,523 $ 1,407,827 $ 725,823 $ 761,201 $ 886,002 $ 1,274,624 Operating income (1) 44,533 63,390 72,945 126,924 40,853 71,991 93,915 128,636 Net income 26,774 40,057 43,708 78,791 25,749 43,517 53,839 78,610 Earnings per share: Basic (2) 0.38 0.56 0.63 1.15 0.36 0.61 0.76 1.11 Diluted (2) 0.37 0.56 0.62 1.14 0.36 0.61 0.75 1.10 (1) Includes impairment and restructuring charges recognized by quarter as follows: $ — $ — $ 5,587 $ 9,744 $ — $ 641 $ — $ — (2) Basic and diluted earnings per share are computed independently for each of the quarters presented and, therefore, may not sum to the totals for the year. Revenue is typically higher in the Company’s third and fourth quarters than in the first and second quarters due to holiday buying patterns and the opening of hunting seasons across the United States. The Company’s quarterly operating results may fluctuate significantly as a result of these events and a variety of other factors, and operating results for any quarter are not necessarily indicative of results for a full year. |
Schedule II
Schedule II | 12 Months Ended |
Jan. 02, 2016 | |
Schedule II [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | CABELA’S INCORPORATED AND SUBSIDIARIES SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (In Thousands) Beginning of Year Balance Charged to Costs and Expenses Charged to Other Accounts Deductions End of Year Balance Year Ended January 2, 2016: Allowance for doubtful accounts on accounts receivable balances $ 969 $ 418 $ — $ (122 ) $ 1,265 Reserve for sales returns (1) 26,440 — 251,289 (237,842 ) 39,887 Reserve on notes receivable 4,263 — — — 4,263 Allowance for credit card loan losses 56,572 85,120 — (65,781 ) 75,911 Year Ended December 27, 2014: Allowance for doubtful accounts on accounts receivable balances $ 1,208 $ 2,476 $ — $ (2,715 ) $ 969 Reserve for sales returns (1) 24,617 — 233,192 (231,369 ) 26,440 Reserve on notes receivable 4,263 — — — 4,263 Allowance for credit card loan losses 53,110 61,922 — (58,460 ) 56,572 Year Ended December 28, 2013: Allowance for doubtful accounts on accounts receivable balances $ 1,178 $ 2,871 $ — $ (2,841 ) $ 1,208 Reserve for sales returns (1) 21,971 — 193,176 (190,530 ) 24,617 Reserve on notes receivable 4,263 — — — 4,263 Allowance for credit card loan losses 65,600 43,223 — (55,713 ) 53,110 (1) Represents the allowance for sales returns estimated at the time merchandise sales are recognized based upon the Company’s evaluation of anticipated merchandise sales returns. These adjustments were recognized as a reduction in merchandise sales in the Company’s consolidated statements of income. |
Nature of Business and Summar35
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 02, 2016 | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Nature of Operations [Text Block] | Nature of Business – Cabela’s Incorporated is a retailer of hunting, fishing, and outdoor gear, offering products through its retail stores, websites in the United States and Canada, and regular and specialty catalog mailings. Cabela’s Incorporated operates 77 retail stores, 68 located in 36 states and nine located in six Canadian provinces. World’s Foremost Bank (“WFB,” “Financial Services segment,” or “Cabela’s CLUB”), a wholly-owned bank subsidiary of Cabela’s Incorporated, is a limited purpose bank formed under the Competitive Equality Banking Act of 1987. The lending activities of WFB are limited to credit card lending and its deposit issuance is limited to time deposits of at least one hundred thousand dollars |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation – The consolidated financial statements include the accounts of Cabela’s Incorporated and its wholly-owned subsidiaries (“Cabela’s,” “Company,” “we,” or “our”). All significant intercompany accounts and transactions have been eliminated in consolidation. WFB 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. |
Fiscal Period, Policy [Policy Text Block] | Reporting Year – The Company follows a 52/53 week fiscal year-end cycle. Unless otherwise stated, the fiscal years referred to in the notes to these consolidated financial statements are the 53 weeks ended January 2, 2016 (“ 2015 ” or “ year ended 2015 ”), the 52 weeks ended December 27, 2014 (“ 2014 ” or “ year ended 2014 ”), and the 52 weeks ended December 28, 2013 (“ 2013 ” or “ year ended 2013 ”). WFB follows a calendar fiscal period so each fiscal year ends on December 3 |
Credit Card Origination Costs, Policy [Policy Text Block] | Credit Card Loans – The Financial Services segment grants individual credit card loans to its customers and is diversified in its lending with borrowers throughout the United States. Credit card loans are reported at their principal amounts outstanding plus deferred credit card origination costs, less the allowance for loan losses. As part of collection efforts, a credit card loan may be closed and placed on non-accrual or restructured in a fixed payment plan prior to charge-off. The fixed payment plans require payment of the loan within 60 months and consist of a lower interest rate, reduced minimum payment, and elimination of fees. Loans on fixed payment plans include loans in which the customer has engaged a consumer credit counseling agency to assist them in managing their debt. Customers who miss two consecutive payments once placed on a payment plan or non-accrual will resume accruing interest at the rate they had accrued at before they were placed on a plan. Payments received on non-accrual loans are applied to principal. The Financial Services segment does not record any liabilities for off-balance sheet risk of unfunded commitments through the origination of unsecured credit card loans, as it has the right to refuse or cancel these available lines of credit at any time. The direct credit card account origination costs associated with costs of successful credit card originations incurred in transactions with independent third parties, and certain other costs incurred in connection with credit card approvals, are deferred credit card origination costs included in credit card loans and are amortized on a straight-line basis over 12 months. Other account solicitation costs, including printing, list processing, and postage are expensed as solicitation occurs. |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Other Property – Other property primarily consists of unimproved land not used in our merchandising business and is recorded at the lower of cost or estimated fair value less estimated selling costs. Proceeds from the sale of other property are recognized in other revenue and the corresponding costs of other property sold are recognized in costs of other revenue. Other property with a carrying value of $31,183 and $17,900 at the end of 2015 and 2014 , respectively, was included in other assets in the consolidated balance sheets. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets – Intangible assets are recorded in other assets and include goodwill. At the end of 2015 and 2014 , goodwill and intangible assets totaled $2,776 and $3,565 , net of accumulated amortization of $2,330 and $2,523 , respectively. During the respective fourth quarter of 2015 , 2014 , and 2013 , we completed impairment analyses of our goodwill and other intangible assets. We did not recognize any impairments on intangible assets in 2015 , 2014 , or 2013 . The Company records impairment charges when projected discounted cash flows are less than the carrying value of the reporting unit. Intangible assets, excluding goodwill, totaled $238 at the end of 2015 with $163 to be amortized in 2016 and $75 in 2017 . The Company had goodwill of $2,538 and $3,023 in its consolidated balance sheets at the end of 2015 and 2014 , respectively. The change in the carrying value of goodwill from 2014 was due to foreign currency translation adjustments. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Cost of Revenue and Selling, Distribution, and Administrative Expenses – The Company’s cost of revenue primarily consists of merchandise acquisition costs, including freight-in costs, as well as shipping costs. The Company’s selling, distribution, and administrative expenses consist of the costs associated with selling, marketing, warehousing, retail store replenishment, and other operating expense activities. All depreciation and amortization expense is associated with selling, distribution, and administrative activities, and accordingly, is included in this category in the consolidated statements of operations. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition – Revenue is recognized for retail store sales at the time of the sale in the store and for Direct sales when the merchandise is delivered to the customer. The Company recognizes a reserve for estimated product returns based on its historical returns experience. Shipping fees charged to customers are included in merchandise sales and shipping costs are included in merchandise costs. Revenue from the sale of gift certificates and gift cards (“gift instruments”) is recognized in revenue when the gift instruments are redeemed for merchandise or services. The Company records gift instrument breakage as revenue when the probability of redemption is remote. The Company recognizes breakage on gift instruments four years after issuance based on historical redemption rates. Total gift instrument breakage was $10,055 , $8,526 , and $7,461 for 2015 , 2014 , and 2013 , respectively. Cabela’s gift instrument liability at the end of 2015 and 2014 was $183,941 and $174,764 , respectively. The dollar amount of related points associated with the Company’s loyalty rewards programs for Cabela’s CLUB issued credit cards are accrued as earned by the cardholder, principally from transactions with unrelated parties, and recorded as a reduction in Financial Services segment revenue. When these points are accrued as earned by the cardholder, the Company estimates the cost of such points with the difference between the value of the unredeemed points earned and the estimated cost of the points included in other revenue (recognized in the Corporate Overhead and Other segment). The net amount related to points in other revenue totaled $7,975 , $8,269 , and $7,139 for 2015 , 2014 , and 2013 , respectively. Redemption of these points was recognized as revenue in merchandise sales at fair value, along with the related cost of sales. Merchandise sales recognized from the redemption of points was $218,580 , $200,933 , and $188,634 for 2015 , 2014 , and 2013 , respectively. Costs incurred under our loyalty rewards programs recognized as a reduction in Financial Services segment revenue was $222,268 , $210,190 , and $198,687 for 2015 , 2014 , and 2013 , respectively. Financial Services revenue includes credit card interest and fees relating to late payments and cash advance transactions. Interest and fees are accrued in accordance with the terms of the applicable cardholder agreements on credit card loans until the date of charge-off unless placed on non-accrual and fixed payment plans. Interchange income is earned when a charge is made to a customer’s account. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents – Cash equivalents include credit card and debit card receivables from other banks, which settle within one to four business days. Receivables from other banks totaled $24,041 and $22,345 at the end of 2015 and 2014 , respectively. Unpresented checks, net of available cash bank balances, are classified as current liabilities. Cash and cash equivalents of the Financial Services segment were $156,968 and $49,294 at the end of 2015 and 2014 , respectively. Due to regulatory restrictions on WFB, the Company cannot use WFB’s cash for non-banking operations. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses – The allowance for loan losses represents management’s estimate of probable losses inherent in the credit card loan portfolio. The allowance for loan losses is established through a charge to the provision for loan losses and is evaluated by management for adequacy. Loans on a payment plan or non-accrual are segmented from the rest of the credit card loan portfolio into a restructured credit card loans segment before establishing an allowance for loan losses as these loans have a higher probability of loss. Management estimates losses inherent in the credit card loans segment based on models which track historical loss experience on delinquent accounts, bankruptcies, death, and charge-offs, net of estimated recoveries. The Financial Services segment uses a migration analysis and historical bankruptcy and death rates to estimate the likelihood that a credit card loan in the credit card loan segment will progress through the various stages of delinquency and to charge-off. This analysis estimates the gross amount of principal that will be charged off over the next 12 months, net of recoveries. Management estimates losses from the restructured credit card loans segment based on a discounted cash flow model, which uses remaining balances and projected charge-offs, recoveries, and payments to calculate future cash flows. The allowance for loan losses is determined as the difference between the balance of the restructured credit card loans segment and the related discounted present value of the future cash flows. In addition to these methods of measurement, management also considers other factors such as general economic and business conditions affecting key lending areas, credit concentration, changes in origination and portfolio management, and credit quality trends. Since the evaluation of the inherent loss with respect to these factors is subject to a high degree of uncertainty, the measurement of the overall allowance is subject to estimation risk, and the amount of actual losses can vary significantly from the estimated amounts. Credit card loans that have been modified through a fixed payment plan or placed on non-accrual are considered impaired and are collectively evaluated for impairment. The Financial Services segment charges off credit card loans and restructured credit card loans on a daily basis after an account becomes at a minimum 130 days contractually delinquent. Accounts relating to cardholder bankruptcies, cardholder deaths, and fraudulent transactions are charged off earlier. The Financial Services segment recognizes charged-off cardholder fees and accrued interest receivable in interest and fee income that is included in Financial Services revenue. |
Inventory, Policy [Policy Text Block] | Inventories – Inventories are stated at the lower of average cost or market. All inventories are finished goods. The reserve for inventory shrinkage, estimated based on cycle and physical counts, was $11,237 and $9,368 at the end of 2015 and 2014 , respectively. The reserves for returns of damaged goods, obsolescence, and slow-moving items, estimated based upon historical experience, inventory aging, and specific identification, were $9,819 and $7,641 at the end of 2015 and 2014 , respectively. |
Cost of Sales, Vendor Allowances, Policy [Policy Text Block] | Vendor Allowances – Vendor allowances include price allowances, volume rebates, store opening costs reimbursements, marketing participation, and advertising reimbursements received from vendors under vendor contracts. Vendor merchandise allowances are recognized as a reduction of the costs of merchandise as sold. Vendor reimbursements of costs are recorded as a reduction to expense in the period the related cost is incurred based on actual costs incurred. Any cost reimbursements exceeding expenses incurred are recognized as a reduction of the cost of merchandise sold. Volume allowances may be estimated based on historical purchases and estimates of projected purchases. |
Advertising Costs, Policy [Policy Text Block] | Deferred Catalog Costs and Advertising – Advertising production costs are expensed as the advertising occurs except for catalog costs which are amortized over the expected period of benefit estimated at three to 12 months after mailing. Unamortized catalog costs totaled $2,298 and $2,952 at the end of 2015 and 2014 , respectively. Advertising expense, including direct marketing costs (amortization of catalog costs and website marketing paid search fees), was $235,450 , $236,431 , and $208,184 for 2015 , 2014 , and 2013 , respectively. Advertising vendor reimbursements, netted in advertising expense, totaled $3,795 , $3,564 , and $2,623 for 2015 , 2014 , and 2013 , respectively. |
Start-up Activities, Cost Policy [Policy Text Block] | Store Pre-opening Expenses – Non-capital costs associated with the opening of new stores are expensed as incurred. |
Lease, Policy [Policy Text Block] | Leases – The Company leases certain retail locations, distribution centers, office space, equipment, and land. Assets held under capital lease are included in property and equipment. Operating lease rentals are expensed on a straight-line basis over the life of the lease. At the inception of a lease, the Company determines the lease term by assuming the exercise of those renewal options that are reasonably assured because of the significant economic penalty that exists for not exercising those options. The exercise of lease renewal options is at the Company’s sole discretion. The expected lease term is used to determine whether a lease is capital or operating and is used to calculate straight-line rent expense. Additionally, the depreciable life of buildings and leasehold improvements is limited by the expected lease term. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment – Property and equipment are stated at cost. Depreciation and amortization are provided over the estimated useful lives of the assets, including assets held under capital leases, on a straight-line basis. Leasehold improvements are amortized over the lease term or, if shorter, the useful lives of the improvements. Assets held under capital lease agreements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. When property is fully depreciated, retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income. The costs of major improvements that extend the useful life of an asset are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Capitalized interest on projects during the construction period totaled $10,499 , $7,788 , and $4,270 for 2015 , 2014 , and 2013 , respectively. Costs related to internally developed software are capitalized and amortized on a straight-line basis over their estimated useful lives. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Economic Development Bonds – Economic development bonds are related to the Company’s government economic assistance arrangements relating to the construction of new retail stores or retail development. Economic development bonds issued by state and local municipalities are classified as available-for-sale and recorded at their fair value. Fair values of bonds are estimated using discounted cash flow projections based on available market interest rates and management estimates including the estimated amounts and timing of expected future tax payments to be received by the municipalities under development zones. These fair values do not reflect any premium or discount that could result from offering these bonds for sale or through early redemption, or any related income tax impact. Declines in the fair value of available-for-sale economic development bonds below cost that are deemed to be other than temporary are reflected in earnings. On a quarterly basis, we perform various procedures to analyze the amounts and timing of projected cash flows to be received from its economic development bonds. We revalue each economic development bond using discounted cash flow models based on available market interest rates (Level 2 inputs) and management estimates, including the estimated amounts and timing of expected future tax payments (Level 3 inputs) to be received by the municipalities under tax increment financing districts. Projected cash flows are derived from sales and property taxes. Due to the seasonal nature of our business, fourth quarter sales are significant to projecting future cash flows under the economic development bonds. We evaluate the impact of bond payments that have been received since the most recent quarterly evaluation, including those subsequent to the end of the quarter. Typically, bond payments are received twice annually. The payments received around the end of the fourth quarter provide the Company with additional facts for its fourth quarter projections. We make inquiries of local governments and/or economic development authorities for information on any anticipated third-party development, specifically on land owned by the Company, but also on land not owned by the Company in the tax increment financing development district, and to assess any current and potential development where cash flows under the bonds may be impacted by additional development and the anticipated development is material to the estimated and recorded carrying value based on projected cash flows. We make revisions to the cash flow estimates of each bond based on the information obtained. In those instances where the expected cash flows are insufficient to recover the current carrying value of the bond, we adjust the carrying value of the individual bonds to their revised estimated fair value. The governmental entity from which the Company purchases the bonds is not liable for repayment of principal and interest on the bonds to the extent that the associated taxes are insufficient to fund principal and interest amounts under the bonds. Should sufficient tax revenue not be generated by the subject properties, we may not receive all anticipated payments and thus will be unable to realize the full carrying values of the economic development bonds, which result in a corresponding decrease to deferred grant income. |
Revenue Recognition, Loyalty Programs [Policy Text Block] | Credit Card and Loyalty Rewards Programs – Cabela’s CLUB Visa cardholders receive Cabela’s points based on the dollar amounts of transactions through credit cards issued by Cabela’s CLUB which may be redeemed for Cabela’s products and services. Points may also be awarded for special promotions for the acquisition and retention of accounts. The dollar amount of related points are accrued as earned by the cardholder and recorded as a reduction in Financial Services revenue. In addition to the Cabela’s CLUB issued credit cards, customers receive points for purchases at Cabela’s from various loyalty programs. The dollar amount of unredeemed credit card points and loyalty points was $181,486 and $165,018 at the end of 2015 and 2014 , respectively, and the Cabela’s CLUB points issued never expire. The total cost incurred for all credit card rewards and loyalty programs was $222,268 , $210,190 , and $198,687 for 2015 , 2014 , and 2013 , respectively. |
Income Tax, Policy [Policy Text Block] | Income Taxes – The Company files consolidated federal and state income tax returns with its wholly-owned subsidiaries. The consolidated group follows a policy of requiring each entity to provide for income taxes in an amount equal to the income taxes that would have been incurred if each were filing separately. We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of our assets and liabilities. The Company establishes valuation allowances if we believe it is more likely than not that some or all of the Company’s deferred tax assets will not be realized. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation – Compensation expense is estimated based on grant date fair value and amortized on a straight-line basis over the requisite service period. Costs associated with awards are included in compensation expense as a component of selling, distribution, and administrative expenses. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Financial Instruments and Credit Risk Concentrations – Financial instruments which may subject the Company to concentrations of credit risk are primarily cash, cash equivalents, and accounts receivable. The Company invests primarily in money market accounts or tax-free municipal bonds, with short-term maturities, limiting the amount of credit exposure to any one entity. The Company had $20,790 and $915 invested in overnight funds at the end of 2015 and 2014 , respectively. Concentrations of credit risk on accounts receivable are limited due to the nature of the Company’s receivables. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments – The carrying amount of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, gift instruments (including credit card rewards and loyalty rewards programs), accrued expenses and other liabilities, short-term borrowings, and income taxes included in the consolidated balance sheets approximate fair value given the short-term nature of these financial instruments. Credit card loans (level 2) are originated with variable rates of interest that adjust with changing market interest rates so the carrying value of the credit card loans, including the carrying value of deferred credit card origination costs, less the allowance for loan losses, approximates fair value. Time deposits (level 2) are pooled in homogeneous groups, and the future cash flows of those groups are discounted using current market rates offered for similar products for purposes of estimating fair value. The fair value of the secured variable funding obligations of the Trust (level 2) approximates the carrying value since these obligations can fluctuate daily based on the short-term operational needs with advances and pay downs at par value. The estimated fair value of secured obligations of the Trust is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt with comparable maturities. The estimated fair value of long-term debt (level 2) is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt with comparable maturities. |
Comprehensive Income (Loss) Note [Text Block] | Comprehensive Income – Comprehensive income consists of net income, foreign currency translation adjustments, and unrealized gains and losses on available-for-sale economic development bonds, net of related income taxes. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation – Assets and liabilities of Cabela’s Canadian operations are translated into United States dollars at currency exchange rates in effect at the end of a reporting period. Gains and losses from translation into United States dollars are included in accumulated other comprehensive income (loss) in our consolidated balance sheets. Revenues and expenses are translated at average monthly currency exchange rates. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share – Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of shares outstanding plus all additional common shares that would have been outstanding if potentially dilutive common share equivalents had been issue |
Government Economic Assistance [Policy Text Block] | Government Economic Assistance – When Cabela’s constructs a new retail store or retail development, the Company may receive economic assistance from local governments to fund a portion or all of the Company’s associated capital costs. This assistance typically comes in the form of cash grants, land grants, and/or proceeds from the sale of economic development bonds funded by the local government. The Company has historically purchased the majority of the bonds associated with its developments. Cash grants are made available to fund land, retail store construction, and/or development infrastructure costs. Economic development bonds are typically repaid through sales and/or property taxes generated by the retail store and/or within a designated development area. Cash and land grants are recognized as deferred grant income as a reduction to the costs, or recognized fair value in the case of land grants, of the associated property and equipment. Property and equipment was reduced by deferred grant income of $306,292 and $283,432 at the end of 2015 and 2014 , respectively. Deferred grant income is amortized to earnings, as a reduction of depreciation expense, over the average estimated useful life of the associated assets. Deferred grant income estimates, and their associated present value, are updated whenever events or changes in circumstances indicate that their recorded amounts may not be recovered. These estimates are determined when estimation of the fair value of associated economic development bonds are performed if there are related bond investments. If it is determined that the Company will not receive the full amount remaining from the bonds, the Company will adjust the deferred grant income to appropriately reflect the change in estimate and, at that time, will record a cumulative additional depreciation charge that would be recognized to date as expense in the absence of the grant income. 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 2015 , 2014 , or 2013 . The Company may agree to guarantee deficiencies in tax collections which fund the repayment of economic development bonds. The Company did not guarantee any economic development bonds that it owned at the end of 2015 , 2014 , or 2013 . Land grants typically include land associated with the retail store and may include other land for sale and further development. Land grants are recognized at the fair value of the land on date of grant. Deferred grant income on land grants is recognized as a reduction to depreciation expense over the estimated life of the related assets of the developments. The Company did not receive any land grants in 2015 or 2014 . At December 28, 2013 , the Company recognized a liability to repay grants related to a retail store property. The adjustments that reduced the deferred grant income of this retail store property resulted in an increase in expense of $831 and $4,931 in 2014 and 2013 , respectively. Certain grants contain covenants the Company is required to comply with regarding minimum employment levels, maintaining retail stores in certain locations, and maintaining office facilities in certain locations. For these grants the Company recognizes grant revenue as the milestones associated with the grant are met. For 2015 and 2014 , the Company was in compliance with the requirements under these grants. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
PROPERTY AND EQUIPMENT [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable Life in Years 2015 2014 Land and improvements Up to 20 $ 325,576 $ 257,788 Buildings and improvements 7 to 40 1,181,704 978,568 Furniture, fixtures, and equipment 3 to 15 834,656 741,880 Assets held under capital lease Up to 30 12,979 13,101 Property and equipment 2,354,915 1,991,337 Less accumulated depreciation and amortization (707,183 ) (642,123 ) 1,647,732 1,349,214 Construction in progress 163,570 258,939 $ 1,811,302 $ 1,608,153 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities [Table Text Block] | Gross Unrealized Gains Gross Unrealized Losses Amortized Cost Fair Value January 2, 2016 $ 67,482 $ 16,285 $ — $ 83,767 December 27, 2014 $ 66,865 $ 15,209 $ — $ 82,074 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Amortized Cost Fair Value For the fiscal years ending: 2016 $ 2,406 $ 3,187 2017 3,106 3,936 2018 3,487 4,413 2019 3,928 4,975 2020 4,284 5,425 2021 - 2025 25,954 32,694 2026 and thereafter 24,317 29,137 $ 67,482 $ 83,767 |
Accrued Expenses and other li38
Accrued Expenses and other liabilities (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
ACCRUED EXPENSES [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | 2015 2014 Unrecognized tax benefits and accrued interest $ — $ 48,123 Accrued employee compensation and benefits 55,368 35,495 Accrued property, sales, and other taxes 47,219 35,087 Deferred revenue and accrued sales returns 41,122 31,162 Legal judgment liability and accrued professional fees 17,629 16,510 Accrued interest 15,212 8,727 Other 48,183 41,170 $ 224,733 $ 216,274 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Time Deposits [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | TIME DEPOSITS The Financial Services segment accepts time deposits only in amounts of at least one hundred thousand dollars. All time deposits are interest bearing. The aggregate amount of time deposits, net of brokered fees, by maturity was as follows at the years ended: 2015 2014 2015 $ — $ 273,081 2016 215,306 215,691 2017 26,103 26,056 2018 195,143 20,930 2019 37,254 37,186 2020 175,217 — Thereafter 230,876 233,112 879,899 806,056 Less current maturities (215,306 ) (273,081 ) Deposits classified as non-current liabilities $ 664,593 $ 532,975 Time deposits include brokered institutional certificates of deposit, net of fees, totaling $879,651 and $802,076 at the end of 2015 and 2014 , respectively. |
Long-Term Debt and Capital Le40
Long-Term Debt and Capital Leases (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Long Term Debt and Capital Leases [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Aggregate expected maturities of long-term debt and scheduled capital lease payments for the years shown are as follows: Scheduled Capital Lease Payments Long-Term Debt Maturities 2016 $ 1,000 $ 223,142 2017 1,000 68,143 2018 1,000 8,143 2019 1,000 — 2020 1,000 128,000 Thereafter 15,500 422,000 20,500 849,428 Capital lease amount representing interest (8,647 ) Present value of net scheduled lease payments $ 11,853 11,853 Total long-term debt and capital leases $ 861,281 |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt and capital leases consisted of the following at the years ended: 2015 2014 Unsecured $775 million revolving credit facility $ — $ 180,000 Unsecured notes due 2016 with interest at 5.99% 215,000 215,000 Unsecured senior notes due 2017 with interest at 6.08% 60,000 60,000 Unsecured senior notes due 2016-2018 with interest at 7.20% 24,428 32,571 Unsecured senior notes due 2020, 2022 and 2025; various interest rates 550,000 — Capital lease obligations payable through 2036 11,853 12,144 Total debt 861,281 499,715 Less current portion of debt (223,452 ) (8,434 ) Long-term debt, less current maturities $ 637,829 $ 491,281 |
Impairment and Restructuring 41
Impairment and Restructuring Charges (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Impairment and Restructuring Charges [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | Impairment and restructuring charges consisted of the following for the years ended: 2015 2014 2013 Impairment losses relating to: Property, equipment, and other assets $ 3,874 $ — $ 937 Other property 5,901 — — Accumulated amortization of deferred grant income — — 4,931 9,775 — 5,868 Restructuring charges for severance and related benefits 5,556 641 — Total $ 15,331 $ 641 $ 5,868 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Income Taxes [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For financial reporting purposes, income before taxes includes the following components: 2015 2014 2013 Federal $ 276,650 $ 276,041 $ 244,878 Foreign 17,977 42,436 98,650 $ 294,627 $ 318,477 $ 343,528 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consisted of the following for the years ended: 2015 2014 2013 Current: Federal $ 100,501 $ 114,420 $ 105,241 State 19,894 7,032 7,714 Foreign 5,090 6,872 14,414 125,485 128,324 127,369 Deferred: Federal (12,589 ) (14,024 ) (8,497 ) State (7,724 ) 2,477 (49 ) Foreign 125 (15 ) 315 (20,188 ) (11,562 ) (8,231 ) $ 105,297 $ 116,762 $ 119,138 |
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 is presented below. Certain amounts for 2014 and 2013 have been disaggregated from amounts previously reported to conform to the current year presentation as follows: 2015 2014 2013 Statutory federal rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 2.4 2.2 1.6 Effect of rates different than statutory rate (1.3 ) (2.3 ) (5.4 ) Indefinitely invested foreign earnings 0.2 3.3 1.2 Other nondeductible items 0.4 0.3 0.2 Tax exempt interest income (0.9 ) (1.0 ) (0.5 ) Change in unrecognized tax benefits 1.1 (1.7 ) 2.9 Net operating loss valuation allowance 1.4 0.5 — Deferred income tax rate change (1.2 ) 0.2 — Tax credits (1.0 ) (0.2 ) (0.4 ) Other, net (0.4 ) 0.4 0.1 Effective income tax rate 35.7 % 36.7 % 34.7 % |
Summary of Income Tax Contingencies [Table Text Block] | The reconciliation of unrecognized tax benefits was as follows for the years ended: 2015 2014 2013 Unrecognized tax benefits, beginning of year $ 101,879 $ 64,800 $ 39,252 Gross decreases related to prior period tax positions (2,301 ) (4,686 ) (3,428 ) Gross increases related to prior period tax positions 20,507 29,281 15,759 Gross increases related to current period tax positions 6,268 12,501 13,217 Gross decreases related to current period tax positions — (17 ) — Gross decreases related to settlements with taxing authorities (53,231 ) — — Unrecognized tax benefits, end of year $ 73,122 $ 101,879 $ 64,800 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Commitments and Contingencies [Abstract] | |
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 January 2, 2016 : For the fiscal years ending: 2016 $ 24,424 2017 25,245 2018 25,065 2019 24,682 2020 24,087 Thereafter 292,668 Total $ 416,171 |
Stock Based Compensation Plan44
Stock Based Compensation Plans and Employee Benefit Plans (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Weighted Average Fair Value Aggregate Intrinsic Value Number of Awards Vested and exercisable 1,356,112 $ 24.82 $ 10.81 $ 32,180 4.00 Non-vested 1,582,054 26.77 54.44 40,081 6.39 Total outstanding 2,938,166 25.87 26.15 $ 72,261 4.78 Expected to vest after January 02, 2016 1,520,381 27.35 $ 37,858 6.36 |
Stockholders' Equity and Divi45
Stockholders' Equity and Dividend Restrictions (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Stockholders' Equity and Dividend Restrictions [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | . |
Shareholders' Equity and Share-based Payments [Text Block] | Class A Voting Common Stock – The holders of Cabela’s Class A common stock are entitled to receive ratably dividends, if any, the board of directors may declare from time to time from funds legally available therefore, subject to the preferential rights of the holders of any shares of preferred stock that the Company may issue in the future. The holders of Cabela’s Class A common stock are entitled to one vote per share on any matter to be voted upon by stockholders. Upon any voluntary or involuntary liquidation, dissolution, or winding up of company affairs, the holders of Cabela’s Class A common stock are entitled to all assets remaining after payment to creditors and subject to prior distribution rights of any shares of preferred stock that the Company may issue in the future. All of the outstanding shares of Class A common stock are fully paid and non-assessable. |
Preferred Stock [Text Block] | Preferred Stock – The Company is authorized to issue 10,000,000 shares of preferred stock having a par value of $0.01 per share. None of the shares of the authorized preferred stock have been issued. The board of directors is authorized to issue these shares of preferred stock without stockholder approval in different classes and series and, with respect to each class or series, to determine the dividend rate, the redemption provisions, conversion provisions, liquidation preference, and other rights, privileges, and restrictions. The issuance of any preferred stock could have the effect of diluting the voting power of the holders of common stock, restricting dividends on the common stock, impairing the liquidation rights of the common stock, or delaying or preventing a change in control without further action by the stockholders. |
Restrictions on Dividends, Loans and Advances [Text Block] | 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. In 2015, WFB paid $50,000 in dividends to Cabela’s. At January 2, 2016 , the Company had unrestricted retained earnings of $225,036 available for dividends. However, the Company has never declared or paid any cash dividends on its common stock, and does not anticipate paying any cash dividends in the foreseeable future. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 Common shares – basic 70,102,715 70,987,168 70,461,450 Effect of incremental dilutive securities: Stock options and nonvested stock units 866,198 890,688 1,317,093 Common shares – diluted 70,968,913 71,877,856 71,778,543 Stock options outstanding considered anti-dilutive excluded from calculation 1,283,148 389,080 30,000 |
Nature of Business and Summar47
Nature of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Revenue from 53rd Week | $ 83,985 | ||
Intangible Assets, Net (Including Goodwill) | 2,776 | $ 3,565 | |
Investments in Overnight Funds | 20,790 | 915 | |
Deferred Grant Income [Abstract] | |||
Deferred Grant Income | 306,292 | 283,432 | |
Deferred Grant Income Reduction | 0 | 0 | $ 0 |
Increases in Depreciation Expense Related to Reductions in Deferred Grant Income | 0 | 831 | 4,931 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | 0 | 0 |
Impairment of Long-Lived Assets to be Disposed of | 5,901 | 0 | 0 |
Credit Card Origination Costs [Abstract] | |||
Deferred Costs, Credit Card Origination Costs, Amount | 181,486 | 165,018 | |
Deferred Costs, Credit Card Origination Costs, Amortization | 222,268 | 210,190 | 198,687 |
Cash and Cash Equivalents [Abstract] | |||
Cash and Due from Banks | 24,041 | 22,345 | |
Cash and Cash Equivalent at Subsidiary | 156,968 | 49,294 | |
Marketing and Advertising Expense [Abstract] | |||
Deferred Advertising Costs | 2,298 | 2,952 | |
Advertising Expense | 235,450 | 236,431 | 208,184 |
Reimbursement Revenue | 3,795 | 3,564 | 2,623 |
Capitalized Interest [Abstract] | |||
Interest Costs, Capitalized During Period | 10,499 | 7,788 | 4,270 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 2,330 | 2,523 | |
Intangible Assets, Net (Excluding Goodwill) | 238 | ||
Future Amortization Expense, Year One | 163 | ||
Future Amortization Expense, Year Two | 75 | ||
Goodwill | 2,538 | 3,023 | |
Other [Abstract] | |||
Property, Plant and Equipment, Other, Net | 31,183 | 17,900 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | 0 | 0 | |
Gift Card Liability, Current | 183,941 | 174,764 | |
Revenue Recognition, Gift Cards, Breakage | 10,055 | 8,526 | 7,461 |
Other Significant Noncash Transaction, Value of Consideration Received | 0 | 0 | |
Other than Temporary Impairment Losses, Financial Incentives | 0 | 0 | 4,931 |
Revenue from Points Redemptions | 218,580 | 200,933 | 188,634 |
Other revenue, difference between the value and the cost of the points | 7,975 | 8,269 | 7,139 |
Pre-Opening Costs | $ 22,751 | 24,338 | $ 22,405 |
Effect of 53rd Week Revenue | 2.10% | ||
Reserve for Inventory Shrinkage [Member] | |||
Inventory Reserves [Abstract] | |||
Inventory Valuation Reserves | $ 11,237 | 9,368 | |
Inventory Obsolescence Reserve [Member] | |||
Inventory Reserves [Abstract] | |||
Inventory Valuation Reserves | $ 9,819 | $ 7,641 |
Cabela's Master Credit Card T48
Cabela's Master Credit Card Trust (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Consolidated assets: | ||
Restricted credit card loans, net of allowance of $75,450 and $56,280 | $ 4,991,210 | $ 4,384,240 |
Restricted cash | 40,983 | 334,812 |
Total | 5,032,193 | 4,719,052 |
Consolidated liabilities: | ||
Secured variable funding obligations | 655,000 | 480,000 |
Secured long-term obligations | 3,238,500 | 3,047,250 |
Interest due to third party investors | 2,682 | 2,256 |
Total | $ 3,896,182 | $ 3,529,506 |
Cabela's Master Credit Card T49
Cabela's Master Credit Card Trust Parentheticals (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Cabela's Master Credit Card Trust [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Restricted credit card loans of the Trust, allowance | $ 56,280 | $ 52,820 |
Credit Card Loans and Allowan50
Credit Card Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | Jan. 02, 2016 | Dec. 27, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Deferred Costs, Credit Card Origination Costs, Amount | $ 8,454 | $ 8,745 | |||
Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) | 5,066,660 | 4,440,520 | |||
Unrestricted credit card loans | 38,278 | 31,614 | |||
Total credit card loans | 5,104,938 | 4,472,134 | |||
Allowance for loan losses | $ (56,572) | $ (53,110) | $ (65,600) | (75,911) | (56,572) |
Credit card loans, net | 5,035,267 | 4,421,185 | |||
Balance, beginning of year | (56,572) | (53,110) | (65,600) | ||
Provision for loan losses | (85,120) | (61,922) | (43,223) | ||
Net charge-offs | 0 | 0 | 0 | ||
Balance, end of year | (75,911) | (56,572) | (53,110) | ||
Provision for Loan and Lease Losses | 85,120 | 61,922 | 43,223 | ||
Credit Card Receivable [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Deferred Costs, Credit Card Origination Costs, Amount | 6,240 | 5,623 | |||
Nonperforming Financing Receivable [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | (7,740) | (8,450) | (8,450) | (8,258) | (7,740) |
Balance, beginning of year | (7,740) | (8,450) | |||
Provision for loan losses | (8,498) | (9,787) | |||
Charge-offs | (12,883) | (14,718) | |||
Recoveries | 4,903 | 4,221 | |||
Net charge-offs | (7,980) | (10,497) | |||
Balance, end of year | (8,258) | (7,740) | (8,450) | ||
Financing Receivable [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | (56,572) | (53,110) | (53,110) | (75,911) | (56,572) |
Balance, beginning of year | (56,572) | (53,110) | |||
Provision for loan losses | (85,120) | (61,922) | |||
Charge-offs | (91,196) | (76,868) | |||
Recoveries | 25,415 | 18,408 | |||
Net charge-offs | (65,781) | (58,460) | |||
Balance, end of year | (75,911) | (56,572) | (53,110) | ||
Performing Financing Receivable [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | (48,832) | (44,660) | (44,660) | (67,653) | (48,832) |
Balance, beginning of year | (48,832) | (44,660) | |||
Provision for loan losses | (76,622) | (52,135) | |||
Charge-offs | (78,313) | (62,150) | |||
Recoveries | 20,512 | 14,187 | |||
Net charge-offs | (57,801) | (47,963) | |||
Balance, end of year | $ (67,653) | $ (48,832) | $ (44,660) | ||
Restructured Credit Card Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total credit card loans | $ 36,042 | $ 35,696 |
Credit Card Loans and Allowan51
Credit Card Loans and Allowance for Loan Losses Schedule of Credit Card Balances by FICO Score (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | $ 5,104,938 | $ 4,472,134 |
Loans and Leases Receivable, Consumer, Allowance | 8,258 | 7,740 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 5,004,168 | 4,382,393 |
1 to 29 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 61,766 | 61,523 |
30 to 59 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 14,866 | 11,435 |
60 or more days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 24,138 | 16,783 |
Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 100,770 | 89,741 |
90 days or more past due and still accruing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 11,654 | 8,694 |
Non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 7,059 | 5,118 |
691 and Below | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 842,595 | 665,224 |
691 and Below | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 782,885 | 618,961 |
691 and Below | 1 to 29 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 28,472 | 24,712 |
691 and Below | 30 to 59 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 10,931 | 7,722 |
691 and Below | 60 or more days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 20,307 | 13,829 |
691 and Below | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 59,710 | 46,263 |
691 and Below | 90 days or more past due and still accruing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 10,292 | 7,561 |
691 and Below | Non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 0 | 0 |
692-758 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 1,695,035 | 1,475,229 |
692-758 | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 1,676,541 | 1,455,292 |
692-758 | 1 to 29 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 16,245 | 18,121 |
692-758 | 30 to 59 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 1,713 | 1,453 |
692-758 | 60 or more days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 536 | 363 |
692-758 | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 18,494 | 19,937 |
692-758 | 90 days or more past due and still accruing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 111 | 44 |
692-758 | Non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 0 | 0 |
759 and Above | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 2,531,266 | 2,295,985 |
759 and Above | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 2,516,420 | 2,279,309 |
759 and Above | 1 to 29 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 14,229 | 15,853 |
759 and Above | 30 to 59 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 506 | 775 |
759 and Above | 60 or more days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 111 | 48 |
759 and Above | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 14,846 | 16,676 |
759 and Above | 90 days or more past due and still accruing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 34 | 13 |
759 and Above | Non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 0 | 0 |
Restructured Credit Card Loans Segment (1) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 36,042 | 35,696 |
Restructured Credit Card Loans Segment (1) | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 28,322 | 28,831 |
Restructured Credit Card Loans Segment (1) | 1 to 29 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 2,820 | 2,837 |
Restructured Credit Card Loans Segment (1) | 30 to 59 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 1,716 | 1,485 |
Restructured Credit Card Loans Segment (1) | 60 or more days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 3,184 | 2,543 |
Restructured Credit Card Loans Segment (1) | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 7,720 | 6,865 |
Restructured Credit Card Loans Segment (1) | 90 days or more past due and still accruing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | 1,217 | 1,076 |
Restructured Credit Card Loans Segment (1) | Non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit Card Receivables | $ 7,059 | $ 5,118 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 325,576 | $ 257,788 |
Buildings and improvements | 1,181,704 | 978,568 |
Furniture, fixtures, and equipment | 834,656 | 741,880 |
Assets held under capital lease | 12,979 | 13,101 |
Property and equipment | 2,354,915 | 1,991,337 |
Less accumulated depreciation and amortization | (707,183) | (642,123) |
Property, Plant and Equipment, Net | 1,647,732 | 1,349,214 |
Construction in progress | 163,570 | 258,939 |
Property, Plant and Equipment, Other, Gross | $ 1,811,302 | $ 1,608,153 |
Securities Available for sale s
Securities Available for sale securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | $ 0 | $ 0 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 3,187 | |||
Available-for-sale Securities, Debt Maturities, Year Two, Fair Value | 3,936 | |||
Available-for-sale Securities, Debt Maturities, Year Three, Fair Value | 4,413 | |||
Available-for-sale Securities, Debt Maturities, Year Four, Fair Value | 4,975 | |||
Available-for-sale Securities, Debt Maturities, Year Five, Fair Value | 5,425 | |||
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 32,694 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 29,137 | |||
Available-for-sale Securities, Fair Value | 83,767 | 82,074 | $ 78,504 | $ 85,041 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||||
Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost Basis | 2,406 | |||
Available-for-sale Securities, Debt Maturities, Year Two, Amortized Cost Basis | 3,106 | |||
Available-for-sale Securities, Debt Maturities, Year Three, Amortized Cost Basis | 3,487 | |||
Available-for-sale Securities, Debt Maturities, Year Four, Amortized Cost Basis | 3,928 | |||
Available-for-sale Securities, Debt Maturities, Year Five, Amortized Cost Basis | 4,284 | |||
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 25,954 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 24,317 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 67,482 | |||
Available-for-sale Securities, Amortized Cost Basis | 67,482 | 66,865 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 16,285 | 15,209 | ||
Investment Income, Net [Abstract] | ||||
Investment Income, Interest | $ 3,746 | $ 3,954 | $ 4,103 |
Securities Parentheticals (Deta
Securities Parentheticals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Securities [Abstract] | |||
Gain (Loss) on Sale of Securities, Net | $ 0 | $ 0 | $ 0 |
Prepaid Expenses and Other As55
Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Prepaid expenses and other current assets: | ||
Accrued interest and other receivables - Financial Services segment | $ 65,878 | $ 50,838 |
Other | 51,452 | 43,091 |
Prepaid Expense and Other Assets, Current | 117,330 | 93,929 |
Other assets: | ||
Other property | 31,183 | 17,900 |
Long-term notes and other receivables | 12,415 | 10,412 |
Deferred financing costs - Financial Services segment | 8,454 | 8,745 |
Goodwill and other intangible assets | 2,776 | 3,565 |
Other | 9,619 | 6,796 |
Other Assets | $ 64,447 | $ 47,418 |
Accrued Expenses and other li56
Accrued Expenses and other liabilities (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Unrecognized Tax Benefit and Accrued Interest, Current | $ 0 | $ 48,123 |
Accrued employee compensation and benefits | 55,368 | 35,495 |
Accrued property, sales, and other taxes | 47,219 | 35,087 |
Deferred revenue and accrued sales returns | 41,122 | 31,162 |
Accrued Professional Fees | 17,629 | 16,510 |
Accrued interest | 15,212 | 8,727 |
Other | 48,183 | 41,170 |
Accrued Liabilities, Current | $ 224,733 | $ 216,274 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Other Long-Term Liabilities: | ||
Unrecognized Tax Benefits and Accrued Interest, Non-current | $ 80,153 | $ 67,867 |
Deferred rent expense and tenant allowances | 44,634 | 45,122 |
Deferred grant income | 11,312 | 11,776 |
Other long-term liabilities | 936 | 1,450 |
Other Liabilities and Deferred Revenue, Noncurrent | $ 137,035 | $ 126,215 |
Time Deposits (Details)
Time Deposits (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Certificates of Deposit, at Carrying Value | $ 879,651 | $ 802,076 |
Time Deposit Maturities, Next Twelve Months | (215,306) | (273,081) |
Time Deposit Maturities, Year Two | 26,103 | 215,691 |
Time Deposit Maturities, Year Three | 195,143 | 26,056 |
Time Deposit Maturities, Year Four | 37,254 | 20,930 |
Time Deposit Maturities, Year Five | 175,217 | 37,186 |
Time Deposit Maturities, after Year Five | 230,876 | 233,112 |
Time Deposits, $100,000 or More, Domestic | 879,899 | 806,056 |
Time Deposits Maturities, after Next Twelve Months | $ 664,593 | $ 532,975 |
Borrowings of Financial Servi59
Borrowings of Financial Services Subsidiary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 861,281 | $ 499,715 |
Current maturities of long-term debt | (223,452) | (8,434) |
Long-term debt, less current maturities | 637,829 | 491,281 |
Series 2015-I [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maximum Borrowing Capacity | $ 375,000 | |
Debt Instrument, Maturity Date | Mar. 15, 2020 | |
Long-term Obligations | $ 318,750 | |
Long-term Debt, Weighted Average Interest Rate | 1.82% | |
Secured Debt, Variable Funding Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maximum Borrowing Capacity | $ 1,100,000 | |
Long-term Debt and Capital Lease Obligations | 225,000 | |
Short-term Debt, Average Outstanding Amount | $ 106,603 | $ 29,603 |
Debt, Weighted Average Interest Rate | 0.89% | 0.76% |
Series 2010-I [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 15, 2015 | |
Long-term Obligations | $ 255,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.61% | |
Series 2011-II | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 15, 2015 | |
Long-term Obligations | $ 212,500 | |
Long-term Debt, Weighted Average Interest Rate | 1.72% | |
Series 2011-IV | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 15, 2016 | Jun. 15, 2016 |
Long-term Obligations | $ 255,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.82% | 1.75% |
Current maturities of long-term debt | $ (255,000) | |
Federal Funds Purchased [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maximum Borrowing Capacity | 100,000 | |
Short-term Debt, Average Outstanding Amount | $ 125 | $ 0 |
Short-term Debt, Weighted Average Interest Rate | 0.75% | |
Series 2012-I [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 15, 2016 | Oct. 15, 2016 |
Long-term Obligations | $ 255,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.54% | 1.48% |
Current maturities of long-term debt | $ (255,000) | |
Series 2012-I | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 15, 2017 | Feb. 15, 2017 |
Long-term Obligations | $ 425,000 | $ 425,000 |
Long-term Debt, Weighted Average Interest Rate | 1.36% | 1.30% |
Series 2012-II | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 15, 2017 | Jun. 15, 2017 |
Long-term Obligations | $ 425,000 | $ 425,000 |
Long-term Debt, Weighted Average Interest Rate | 1.26% | 1.21% |
Series 2014-I [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Mar. 15, 2017 | Mar. 15, 2017 |
Long-term Obligations | $ 255,000 | $ 255,000 |
Long-term Debt, Weighted Average Interest Rate | 0.68% | 0.51% |
Series 2014-ll [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maximum Borrowing Capacity | $ 400,000 | |
Debt Instrument, Maturity Date | Jul. 15, 2019 | Jul. 15, 2019 |
Long-term Obligations | $ 340,000 | $ 340,000 |
Long-term Debt, Weighted Average Interest Rate | 0.78% | 0.61% |
Series 2013-I [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 15, 2023 | Feb. 15, 2023 |
Long-term Obligations | $ 327,250 | $ 327,250 |
Long-term Debt, Weighted Average Interest Rate | 2.71% | 2.71% |
Series 2013-II [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Aug. 15, 2018 | Aug. 15, 2018 |
Long-term Obligations | $ 297,500 | $ 297,500 |
Long-term Debt, Weighted Average Interest Rate | 1.38% | 1.27% |
Series 2015-II [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 15, 2020 | |
Long-term Obligations | $ 340,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.88% | |
Maturities of Variable Funding Facilities, 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt and Capital Lease Obligations | $ 300,000 | |
Maturities of Variable Funding Facilities, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt and Capital Lease Obligations | 500,000 | |
Fixed Rate Obligation [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | 1,781,000 | $ 1,449,750 |
Current maturities of long-term debt | (320,000) | (127,500) |
Long-term debt, less current maturities | 1,461,000 | 1,322,250 |
Fixed Rate Obligation [Member] | Series 2015-I [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 218,750 | |
Long-term Debt, Weighted Average Interest Rate | 2.26% | |
Fixed Rate Obligation [Member] | Series 2010-I [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 0 | |
Long-term Debt, Weighted Average Interest Rate | 0.00% | |
Fixed Rate Obligation [Member] | Series 2011-II | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 127,500 | |
Long-term Debt, Weighted Average Interest Rate | 2.29% | |
Fixed Rate Obligation [Member] | Series 2011-IV | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 155,000 | |
Long-term Debt, Weighted Average Interest Rate | 2.39% | 2.39% |
Current maturities of long-term debt | $ (155,000) | |
Fixed Rate Obligation [Member] | Series 2012-I [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 165,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.90% | 1.90% |
Current maturities of long-term debt | $ (165,000) | |
Fixed Rate Obligation [Member] | Series 2012-I | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 275,000 | $ 275,000 |
Long-term Debt, Weighted Average Interest Rate | 1.63% | 1.63% |
Fixed Rate Obligation [Member] | Series 2012-II | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 300,000 | $ 300,000 |
Long-term Debt, Weighted Average Interest Rate | 1.45% | 1.45% |
Fixed Rate Obligation [Member] | Series 2014-I [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 0 | $ 0 |
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% |
Fixed Rate Obligation [Member] | Series 2014-ll [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 0 | $ 0 |
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% |
Fixed Rate Obligation [Member] | Series 2013-I [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 327,250 | $ 327,250 |
Long-term Debt, Weighted Average Interest Rate | 2.71% | 2.71% |
Fixed Rate Obligation [Member] | Series 2013-II [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 100,000 | $ 100,000 |
Long-term Debt, Weighted Average Interest Rate | 2.17% | 2.17% |
Fixed Rate Obligation [Member] | Series 2015-II [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 240,000 | |
Long-term Debt, Weighted Average Interest Rate | 2.25% | |
Variable Rate Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 1,457,500 | $ 1,597,500 |
Current maturities of long-term debt | (190,000) | (340,000) |
Long-term debt, less current maturities | 1,267,500 | 1,257,500 |
Variable Rate Obligations [Member] | Series 2015-I [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 100,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.87% | |
Variable Rate Obligations [Member] | Series 2010-I [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 255,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.61% | |
Variable Rate Obligations [Member] | Series 2011-II | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 85,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.86% | |
Variable Rate Obligations [Member] | Series 2011-IV | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 100,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.93% | 0.76% |
Current maturities of long-term debt | $ (100,000) | |
Variable Rate Obligations [Member] | Series 2012-I [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 90,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.88% | 0.71% |
Current maturities of long-term debt | $ (90,000) | |
Variable Rate Obligations [Member] | Series 2012-I | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 150,000 | $ 150,000 |
Long-term Debt, Weighted Average Interest Rate | 0.86% | 0.69% |
Variable Rate Obligations [Member] | Series 2012-II | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 125,000 | $ 125,000 |
Long-term Debt, Weighted Average Interest Rate | 0.81% | 0.64% |
Variable Rate Obligations [Member] | Series 2014-I [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 255,000 | $ 255,000 |
Long-term Debt, Weighted Average Interest Rate | 0.68% | 0.51% |
Variable Rate Obligations [Member] | Series 2014-ll [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 340,000 | $ 340,000 |
Long-term Debt, Weighted Average Interest Rate | 0.78% | 0.61% |
Variable Rate Obligations [Member] | Series 2013-I [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 0 | $ 0 |
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% |
Variable Rate Obligations [Member] | Series 2013-II [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 197,500 | $ 197,500 |
Long-term Debt, Weighted Average Interest Rate | 0.98% | 0.81% |
Variable Rate Obligations [Member] | Series 2015-II [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | $ 100,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.00% | |
Note Class A-2 [Member] | Series 2015-I [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.54% | |
Note Class A-2 [Member] | Series 2015-II [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.67% | |
Subordinated Debt [Member] | Series 2014-I [Member] | ||
Debt Instrument [Line Items] | ||
Notes Issued | $ 56,250 | |
Subordinated Debt [Member] | Series 2015-II [Member] | ||
Debt Instrument [Line Items] | ||
Notes Issued | 60,000 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Obligations | 3,238,500 | $ 3,047,250 |
Current maturities of long-term debt | (510,000) | (467,500) |
Long-term debt, less current maturities | $ 2,728,500 | $ 2,579,750 |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.40% | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% |
Borrowings of Financial Servi60
Borrowings of Financial Services Subsidiary Parentheticals (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Federal Funds Purchased [Member] | ||
Amounts Outstanding on Federal Funds Purchase Agreements | $ 0 | $ 0 |
Revolving Credit Facilities (De
Revolving Credit Facilities (Details) - USD ($) | 12 Months Ended | |||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 03, 2015 | Aug. 04, 2015 | |
Line of Credit Facility [Line Items] | ||||
Amount that Line of Credit Facility may be Increased to | $ 800,000,000 | |||
Line of Credit Facility, Amount Outstanding | 0 | $ 180,000,000 | ||
Line of Credit Facility, Average Outstanding Amount | $ 419,216,000 | $ 255,499,000 | ||
Line of Credit Facility, Interest Rate During Period | 1.11% | 1.42% | ||
Letter of Credit, Average Outstanding Amount | $ 19,024,000 | $ 21,746,000 | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | 225,036,000 | |||
Unsecured senior notes due 2020-2025; various interest rates | 550,000,000 | 0 | $ 300,000,000 | $ 250,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 775,000,000 | |||
Line of Credit Facility, Capacity Available for Trade Purchases | 30,000,000 | |||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 75,000,000 | |||
CANADA | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | |||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 10,000,000 | |||
Financial Standby Letter of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Letters of Credit Outstanding, Amount | 20,246,000 | $ 20,064,000 | ||
Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Commitment Fee Amount | 0.0015 | |||
Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Commitment Fee Amount | $ 0.0025 |
Long-Term Debt and Capital Le62
Long-Term Debt and Capital Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2016 | Dec. 03, 2015 | Aug. 04, 2015 | Dec. 27, 2014 | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 775,000 | |||
Line of Credit Facility, Amount Outstanding | 0 | $ 180,000 | ||
Unsecrured notes due 2016 with interest at 5.99% | 215,000 | 215,000 | ||
Unsecured senior notes due 2017 with interest at 6.08% | 60,000 | 60,000 | ||
2,017 | 68,143 | |||
Unsecured senior notes due 2012-2018 with interest at 7.20% | 24,428 | 32,571 | ||
Unsecured senior notes due 2020-2025; various interest rates | 550,000 | $ 300,000 | $ 250,000 | 0 |
Capital Lease Obligations | 11,853 | 12,144 | ||
Current maturities of long-term debt | (223,452) | (8,434) | ||
Long-term debt, less current maturities | 637,829 | 491,281 | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
Capital Leases, Future Minimum Payments Due, Current | 1,000 | |||
Capital Leases, Future Minimum Payments Due in Two Years | 1,000 | |||
Capital Leases, Future Minimum Payments Due in Three Years | 1,000 | |||
Capital Leases, Future Minimum Payments Due in Four Years | 1,000 | |||
Capital Leases, Future Minimum Payments Due in Five Years | 1,000 | |||
Capital Leases, Future Minimum Payments Due Thereafter | 15,500 | |||
Capital Leases, Future Minimum Payments Due | 20,500 | |||
Capital Leases, Future Minimum Payments, Interest Included in Payments | (8,647) | |||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 11,853 | |||
Maturities of Long-term Debt [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 223,142 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 8,143 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 128,000 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 422,000 | |||
Debt, Long-term and Short-term, Combined Amount | 849,428 | |||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 11,853 | |||
Long-term Debt | 861,281 | $ 499,715 | ||
Wheeling Lease Agreement | ||||
Debt Instrument, Periodic Payment | 83 | |||
Unsecured notes due December 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes due 2020-2025; various interest rates | $ 172,000 | |||
Wheeling Lease Agreement | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.11% | |||
Unsecured notes due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes due 2020-2025; various interest rates | $ 100,000 | |||
Wheeling Lease Agreement | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.23% | |||
Unsecured notes due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes due 2020-2025; various interest rates | $ 28,000 | |||
Wheeling Lease Agreement | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.01% | |||
Unsecured notes due 2022 [Member] [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes due 2020-2025; various interest rates | $ 122,000 | |||
Wheeling Lease Agreement | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |||
CANADA | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |||
Unsecured notes due December 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured senior notes due 2020-2025; various interest rates | $ 128,000 | |||
Wheeling Lease Agreement | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.82% | |||
Unsecured Notes due 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
2,017 | $ 0 | |||
Maturities of Long-term Debt [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 215,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | |||
Unsecured Notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
2,017 | 60,000 | |||
Maturities of Long-term Debt [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | |||
Unsecured Senior Notes, Final Maturity 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
2,017 | 8,143 | |||
Maturities of Long-term Debt [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 8,142 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 8,143 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | |||
Unsecured notes due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
2,017 | 0 | |||
Maturities of Long-term Debt [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 100,000 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 450,000 | |||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
2,017 | 328 | |||
Maturities of Long-term Debt [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 310 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 348 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 369 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 391 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 10,107 | |||
Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
2,017 | 68,471 | |||
Maturities of Long-term Debt [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 223,452 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 8,491 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 369 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 100,391 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 460,107 |
Impairment and Restructuring 63
Impairment and Restructuring Charges (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Sep. 28, 2013 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||||||
Impairment of Real Estate | $ 0 | |||||||||||
Carrying Value, Land Held For Sale and Other Assets | $ 25,541,000 | $ 0 | 25,541,000 | $ 0 | $ 49,343,000 | |||||||
Property, equipment, and other assets | 0 | 0 | 4,931,000 | |||||||||
Increases in Depreciation Expense Related to Reductions in Deferred Grant Income | 0 | (831,000) | (4,931,000) | |||||||||
Accumulated amortization of deferred grant income | 3,874,000 | 0 | 937,000 | |||||||||
Property, Plant and Equipment, Other, Net | 31,183,000 | 17,900,000 | 31,183,000 | 17,900,000 | ||||||||
Other property | 5,901,000 | 0 | 0 | |||||||||
Asset Impairment Charges | 9,775,000 | 0 | 5,868,000 | |||||||||
Severance Costs | 5,556,000 | 641,000 | 0 | |||||||||
Restructuring charges for severance and related benefits | 9,744,000 | $ 5,587,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 641,000 | $ 0 | 15,331,000 | 641,000 | 5,868,000 | |
Estimated Litigation Liability | 14,125 | |||||||||||
Property, equipment, and other assets | 0 | 0 | 0 | |||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | $ 0 | 0 | |||||||||
Operating Segments [Member] | ||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||||||
Other property | 820,000 | |||||||||||
Asset Impairment Charges | $ 5,751 | |||||||||||
Other Segments [Member] | ||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||||||
Other property | $ 0 | |||||||||||
Post Falls Property [Member] | ||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||||||
Property, Plant and Equipment, Other, Net | 1,109,000 | 1,109,000 | ||||||||||
Other Property [Member] | ||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||||||
Property, Plant and Equipment, Other, Net | 322,000 | 322,000 | ||||||||||
Other property | 2,434,000 | |||||||||||
Sidney Property [Member] | ||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||||||
Impairment of Real Estate | 3,257,000 | |||||||||||
Property, Plant and Equipment, Other, Net | $ 1,521,000 | $ 1,521,000 |
Interest (Expense) Income, Net
Interest (Expense) Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
INTEREST (EXPENSE) INCOME, NET [Abstract] | |||
Interest expense | $ (33,390) | $ (29,648) | $ (26,159) |
Capitalized interest | 10,499 | 7,788 | 4,270 |
Interest expense, net of capitalized interest | 22,891 | 21,860 | 21,889 |
Interest income | 9 | 18 | 35 |
Interest Income (Expense), Net | $ (22,882) | $ (21,842) | $ (21,854) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Income Taxes [Line Items] | |||
Federal | $ 276,650,000 | $ 276,041,000 | $ 244,878,000 |
Foreign | 17,977,000 | 42,436,000 | 98,650,000 |
Total | $ 294,627,000 | $ 318,477,000 | $ 343,528,000 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 2.40% | 2.20% | 1.60% |
Other nondeductible items | 0.40% | 0.30% | 0.20% |
Tax exempt interest income | (0.90%) | (1.00%) | (0.50%) |
Rate differential on foreign income | (1.30%) | (2.30%) | (5.40%) |
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Percent | 0.20% | 3.30% | 1.20% |
Change in unrecognized tax benefits | 1.10% | (1.70%) | 2.90% |
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent | 1.40% | 0.50% | 0.00% |
Deferred income tax rate change | (1.20%) | 0.20% | 0.00% |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (1.00%) | (0.20%) | (0.40%) |
Other, net | (0.40%) | 0.40% | 0.10% |
Effective Income Tax Rate, Continuing Operations | 35.70% | 36.70% | 34.70% |
Deferred Tax Assets, Net [Abstract] | |||
Deferred compensation | $ 16,612,000 | $ 14,016,000 | |
Deferred revenue | 4,452,000 | 4,755,000 | |
Reserve for returns | 8,412,000 | 6,148,000 | |
Accrued expenses and other liabilities | 18,575,000 | 12,523,000 | |
Gift certificates liability | 11,775,000 | 10,392,000 | |
Allowance for loans losses and doubtful accounts | 29,078,000 | 22,093,000 | |
Loyalty rewards programs | 68,608,000 | 61,146,000 | |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 25,769,000 | 0 | |
Other | 19,382,000 | 13,761,000 | |
Deferred Tax Assets, Gross | 202,663,000 | 144,834,000 | |
Deferred Tax Assets, Net of Valuation Allowance | 197,498,000 | 143,142,000 | |
Deferred Tax Liabilities [Abstract] | |||
Prepaid expenses | 14,498,000 | 10,888,000 | |
Property and equipment | 106,435,000 | 76,917,000 | |
Inventories | 3,080,000 | 3,265,000 | |
Credit card loan fee deferral | 45,443,000 | 38,743,000 | |
United States income tax on foreign earnings | 0 | 964,000 | |
Economic development bonds | 0 | 3,681,000 | |
Other | 0 | 830,000 | |
Deferred Tax Liabilities | 169,456,000 | 135,288,000 | |
Net deferred tax (asset) liability | (28,042,000) | (7,854,000) | |
Less current deferred income taxes | 0 | (14,400,000) | |
Long-term deferred income tax (asset) liability | (28,042,000) | ||
Income Tax Uncertainties [Abstract] | |||
Unrecognized tax benefits, beginning of year | 101,879,000 | 64,800,000 | $ 39,252,000 |
Gross decreases related to prior period tax positions | (2,301,000) | (4,686,000) | (3,428,000) |
Gross increases related to prior period tax positions | 20,507,000 | 29,281,000 | 15,759,000 |
Gross increases related to current period tax positions | 6,268,000 | 12,501,000 | 13,217,000 |
Gross decreases related to current period tax positions | 0 | (17,000) | 0 |
Unrecognized tax benefits, end of year | 73,122,000 | 101,879,000 | 64,800,000 |
Income Taxes | |||
Unrecognized Tax Benefit, Interest on Income Taxes Expense Credit | 4,989,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 2,189,000 | 3,425,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 7,031,000 | 14,111,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 12,305,000 | ||
Unrecognized Tax Benefits | 24,401,000 | ||
Undistributed Earnings Of Foreign Subsidiaries | 190,988,000 | ||
Income Tax Potential, Repatriation of Foreign Earnings | 44,406,000 | ||
Cash and Cash Equivalent Held by Foreign Subsidiary | 97,120,000 | ||
Operating Loss Carryforwards | 18,143,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 4,790,000 | ||
Operating Loss Carryforwards, Valuation Allowance | (5,165,000) | (1,692,000) | |
Income Tax Deposit on Prior Period Uncertain Tax Positions | 103,418,000 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 6,546,000 | |
Unrecognized Tax Benefit, Current | 46,317,000 | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (53,231,000) | 0 | 0 |
Unrecognized Tax Benefit, Non-current | 55,562,000 | ||
Current Income Tax Expense (Benefit) [Abstract] | |||
Federal | 100,501,000 | 114,420,000 | 105,241,000 |
State | 19,894,000 | 7,032,000 | 7,714,000 |
Foreign | 5,090,000 | 6,872,000 | 14,414,000 |
Current Income Tax Expense (Benefit) | 125,485,000 | 128,324,000 | 127,369,000 |
Deferred Income Tax Expense (Benefit) [Abstract] | |||
Federal | (12,589,000) | (14,024,000) | (8,497,000) |
State | (7,724,000) | 2,477,000 | (49,000) |
Foreign | 125,000 | (15,000) | 315,000 |
Deferred income taxes | (20,188,000) | (11,562,000) | (8,231,000) |
Income Tax Expense (Benefit) | 105,297,000 | $ 116,762,000 | $ 119,138,000 |
Subsidiaries [Member] | |||
Deferred Tax Liabilities [Abstract] | |||
Deferred Tax Liabilities | 4,799,000 | ||
Other Current Liabilities [Member] | |||
Income Taxes | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 1,806,000 |
Commitments and Contingencies66
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Operating Leases, Future Minimum Payments Due, Current | $ 24,424,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 25,245,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 25,065,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 24,682,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 24,087,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 292,668,000 | ||
Operating Leases, Future Minimum Payments Due | 416,171,000 | ||
Operating Leases, Rent Expense | 23,678,000 | $ 19,716,000 | $ 14,319,000 |
Payments for (Proceeds from) Tenant Allowance | 0 | 3,750,000 | |
Purchase Commitment, Remaining Minimum Amount Committed | 182,163,000 | ||
Committments to Extend Credit | 34,730,000,000 | 30,491,000,000 | |
Grant Funding Subject to Contractual Remedies | 43,016,000 | 44,112,000 | |
Grant Funding Received | 0 | ||
Grant Funding Subject to Contractual Remedies, Liability Recorded | 17,219,000 | 22,887,000 | |
Estimated Litigation Liability | $ 14,125 | ||
Liability for Claims and Claims Adjustment Expense, Disability, Accident and Health | 4,112,000 | 4,713,000 | |
Workers' Compensation Liability, Current | 4,357,000 | 3,698,000 | |
Payment Guarantee [Member] | |||
Letters of Credit, Outstanding Amount | 34,359,000 | $ 43,105,000 | |
Securities and Exchange Commission [Member] | |||
Estimated Litigation Liability | 1,000,000 | ||
Other Current Liabilities [Member] | |||
Grant Funding Subject to Contractual Remedies, Liability Recorded | 15,834,000 | ||
Other Liabilities [Member] | |||
Grant Funding Subject to Contractual Remedies, Liability Recorded | $ 1,385,000 |
Regulatory Capital Requiremen67
Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Total Capital to Risk-Weighted Assets | ||
Capital | $ 598,419 | $ 527,873 |
Total Capital to Risk-Weighted Assets | 11.30% | 11.30% |
Capital Required for Capital Adequacy | $ 423,612 | $ 372,851 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 529,515 | $ 466,064 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier I Capital to Risk-Weighted Assets | ||
Tier One Risk Based Capital | $ 532,110 | $ 471,301 |
Tier One Risk Based Capital to Risk Weighted Assets | 10.00% | 10.10% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 317,709 | $ 186,425 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 423,612 | $ 279,638 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Tier I Capital to Average Assets | ||
Tier One Leverage Capital | $ 532,110 | $ 471,301 |
Tier One Leverage Capital to Average Assets | 10.60% | 10.30% |
Tier One Leverage Capital Required for Capital Adequacy | $ 200,755 | $ 183,481 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 250,944 | $ 229,351 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Stock Based Compensation Plan68
Stock Based Compensation Plans and Employee Benefit Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.55% | 1.52% | 0.76% |
Share-based Compensation | $ 21,615 | $ 17,498 | $ 14,969 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 26,199 | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 45.00% | 46.00% | 47.00% |
Weighted average expected life (in years) | 5 years 6 months | 5 years 10 months 24 days | 5 years 10 months 24 days |
Weighted average grant date fair value of options granted | $ 22.53 | $ 27.83 | $ 22.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,938,166 | 3,378,716 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 38,634 | $ 40,717 | $ 54,755 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 13,686 | $ 15,933 | 12,899 |
Closing Stock Price of one share of Cabela's Stock | $ 46.73 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,356,112 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,705,252 | 3,337,974 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 19.43 | ||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | 104,329 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (165,580) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 16.24 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (165,580) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 54.18 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 83,836 | ||
Defined Contribution Plan, Cost Recognized | $ 10,064 | $ 8,247 | $ 10,920 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 22.34 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 39.63 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (442,044) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 51.57 | ||
Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 216,820 | ||
Stock Compensation Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Weighted average grant date fair value of options granted | $ 54.17 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 726,438 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 726,438 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 24.06 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (715,769) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | (726,438) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (272,864) | ||
Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 351,565 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 780,053 | ||
Cabela's Incorporated 2013 Stock Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,199,394 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,705,252 | ||
Cabela's Incorporated 2004 Stock Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,738,772 | ||
Stock Option [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,100,038 | ||
Employee Stock [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,812,295 | ||
All Plans [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,938,166 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,356,112 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.87 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Exercise Price | 26.77 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 54.44 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value | $ 40,081,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Remaining Contractual Term | 6 years 4 months 21 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 24.82 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Fair Value | $ 10.81 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 32,180 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Fair Value | $ 26.15 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 72,261 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 9 months 11 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,520,381 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 27.35 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 37,858 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 10 days | ||
Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 58,075 | ||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Weighted average grant date fair value of options granted | $ 50.34 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 9,187 | ||
Director [Member] | Stock Option [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 26,791 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 51.12 | ||
Management [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Weighted average grant date fair value of options granted | $ 53.77 | ||
Chief Executive Officer [Member] | Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 64,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 63.78 | ||
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [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 Exercise Price | $ 55.46 |
Stock Based Compensation Plan69
Stock Based Compensation Plans and Employee Benefit Plans Share Based Payment Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 19.43 | ||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | 104,329 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 165,580 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 16.24 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 442,044 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 165,580 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,356,112 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,582,054 | 1,463,240 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 39.63 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,938,166 | 3,378,716 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 22.34 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 54.18 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (12,775) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 28.49 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,705,252 | 3,337,974 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.53 | $ 27.83 | $ 22.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 51.57 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.55% | 1.52% | 0.76% |
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 | 1,812,295 | ||
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 272,864 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 726,438 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 24.06 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 726,438 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.17 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | 726,438 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 715,769 | ||
All Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,356,112 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 24.82 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Fair Value | $ 10.81 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 32,180 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 10 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,582,054 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 54.44 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value | $ 40,081,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Remaining Contractual Term | 6 years 4 months 21 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,938,166 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Exercise Price | $ 26.77 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 72,261 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 9 months 11 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.87 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Fair Value | $ 26.15 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,520,381 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 27.35 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 37,858 | ||
Stock Options [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 | ||
Chief Executive Officer [Member] | Stock Options [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 |
Stock Based Compensation Plan70
Stock Based Compensation Plans and Employee Benefit Plans Exercise Price Range (Details) - $ / shares | 12 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,938,166 | 3,378,716 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 22.34 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,356,112 | |
Exercise Price Range, $0.00 to $11.28 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 838,128 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 7 months 17 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 | |
Exercise Price Range, $6.75 to $13.48 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 256,214 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 15.12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 months 28 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 256,214 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 15.12 | |
Exercise Price Range, $13.49 to $20.23 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 381,550 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 17.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 4 months 6 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 381,550 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 17.78 | |
Exercise Price Range, $20.24 to $26.97 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 416,789 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 32.47 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 9 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 308,959 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 30.43 | |
Exercise Price Range, $26.98 to $33.71 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 467,495 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 53.92 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 1 month 24 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 88,258 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 50.91 | |
Exercise Price Range, $33.72 to $40.45 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 371,502 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 67.19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 3 months 18 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 114,643 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 65.01 | |
All Plans [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,938,166 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.87 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 9 months 11 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,356,112 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 24.82 |
Stockholders' Equity and Divi71
Stockholders' Equity and Dividend Restrictions (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 26, 2015 | Jan. 02, 2016 | Dec. 27, 2014 | Sep. 01, 2015 | Apr. 23, 2015 | |
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Value | $ 99,948 | $ 74,176 | |||
Cash Dividends Paid to Parent Company | $ 50,000 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | ||||
Stock Repurchased During Period, Shares | 3,989,305 | 0 | |||
Stock Repurchase Program, Authorized Amount | $ 500,000 | ||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
Retained earnings | $ 225,036 | ||||
Treasury Stock | |||||
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 1,989,305 |
Stockholders' Equity and Divi72
Stockholders' Equity and Dividend Restrictions Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Statement of Stockholders' Equity [Abstract] | ||
Cumulative foreign currency translation adjustments | $ (61,011) | $ (21,227) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (50,914) | (11,706) |
Available-for-sale Securities [Member] | ||
Accumulated net unrealized holding gains on economic development bonds | $ 10,097 | $ 9,521 |
Stockholders' Equity and Divi73
Stockholders' Equity and Dividend Restrictions Treasury Shares (Details) - shares | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Balance, beginning of year | 3,776,305 | 0 | 0 |
Common stock repurchased at a total cost of $174,124 | 3,989,305 | 0 | |
Stock Issued During Period, Shares, Treasury Stock Reissued | 213,000 | 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common shares – basic | 70,102,715 | 70,987,168 | 70,461,450 |
Stock options and nonvested stock units | 866,198 | 890,688 | 1,317,093 |
Common shares – diluted | 70,968,913 | 71,877,856 | 71,778,543 |
Stock options outstanding considered anti-dilutive excluded from calculation | 1,283,148 | 389,080 | 30,000 |
Supplemental Cash Flow Inform75
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Other Cash Flow Information [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | $ 0 |
Increases in Depreciation Expense Related to Reductions in Deferred Grant Income | 0 | 831 | 4,931 |
Non-cash financing and investing activities: | |||
Accrued property and equipment additions (1) | 13,538 | 40,255 | 36,707 |
Contribution of land received | 0 | 0 | |
Other cash flow information: | |||
Interest paid (2) | 86,194 | 80,311 | 78,261 |
Capitalized interest | (10,499) | (7,788) | (4,270) |
Interest paid, net of capitalized interest | 75,695 | 72,523 | 73,991 |
Income taxes, net of refunds | 107,792 | 145,196 | 83,118 |
Interest Paid by Subsidiary [Abstract] | |||
Interest Paid By Subsidiary | $ 68,328 | $ 64,009 | $ 63,363 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Sep. 27, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Segment Reporting Information [Line Items] | ||||||||||||
Total Revenue Before Intersegment Eliminations | $ 3,632,839 | $ 3,977,488 | ||||||||||
Goodwill | $ 2,538 | $ 3,023 | 2,538 | $ 3,023 | ||||||||
Cash and Cash Equivalent at Subsidiary | 156,968 | 49,294 | 156,968 | 49,294 | ||||||||
Merchandise sales | 3,481,375 | 3,200,219 | $ 3,205,632 | |||||||||
Total revenue | 1,407,827 | $ 926,523 | $ 836,276 | $ 827,076 | 1,274,624 | $ 886,002 | $ 761,201 | $ 725,823 | 3,997,702 | 3,647,650 | 3,599,577 | |
Financial Services Revenue | 502,543 | 430,385 | 375,810 | |||||||||
Other revenue | 13,784 | 17,046 | 18,135 | |||||||||
Operating Income (Loss) | 126,924 | $ 72,945 | $ 63,390 | $ 44,533 | 128,636 | $ 93,915 | $ 71,991 | $ 40,853 | $ 307,792 | $ 335,395 | $ 361,361 | |
Operating Income as a Percentage of Revenue | 7.70% | 9.20% | 10.00% | |||||||||
Depreciation, Depletion and Amortization | $ 132,572 | $ 113,097 | $ 93,407 | |||||||||
Assets | 8,472,503 | 7,675,317 | 8,472,503 | 7,675,317 | 6,396,864 | |||||||
Accrued property and equipment additions (1) | 361,186 | 435,636 | 347,956 | |||||||||
Interest and fee income | 481,731 | 400,948 | 343,353 | |||||||||
Interest expense | (68,827) | (64,167) | (63,831) | |||||||||
Provision for loan losses | (85,120) | (61,922) | (43,223) | |||||||||
Net interest income, net of provision for loan losses | 327,784 | 274,859 | 236,299 | |||||||||
Non-interest income: | ||||||||||||
Interchange income | 394,037 | 366,633 | 344,979 | |||||||||
Other non-interest income | 2,990 | 3,338 | 7,530 | |||||||||
Total non-interest income | 397,027 | 369,971 | 352,509 | |||||||||
Less: Customer rewards costs | $ (222,268) | $ (214,445) | $ (212,998) | |||||||||
Merchandise Revenue Percentage | 100.00% | 100.00% | 100.00% | |||||||||
Intercompany License Fee Paid, Total | $ 10,945 | |||||||||||
Intercompany License Fee Paid, Paid To The Retail Segment | 6,676 | |||||||||||
Intercompany License Fee Paid, Paid To The Direct Segment | 4,269 | |||||||||||
451110 Sporting Goods Stores [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Merchandise sales | 2,658,089 | $ 2,348,481 | $ 2,232,018 | |||||||||
Total revenue | 2,350,685 | 2,658,853 | 2,350,685 | 2,233,322 | ||||||||
Financial Services Revenue | 0 | 0 | 0 | |||||||||
Other revenue | 764 | 2,204 | 1,304 | |||||||||
Operating Income (Loss) | $ 424,609 | $ 417,655 | $ 428,361 | |||||||||
Operating Income as a Percentage of Revenue | 16.00% | 17.80% | 19.20% | |||||||||
Depreciation, Depletion and Amortization | $ 80,585 | $ 68,005 | $ 54,882 | |||||||||
Assets | 1,780,742 | 1,585,219 | 1,780,742 | 1,585,219 | 1,327,047 | |||||||
Accrued property and equipment additions (1) | 278,049 | 307,495 | 288,521 | |||||||||
454390 Other Direct Selling Establishments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Merchandise sales | 823,286 | 851,738 | 973,614 | |||||||||
Total revenue | 851,738 | 823,286 | 851,738 | 973,614 | ||||||||
Financial Services Revenue | 0 | 0 | 0 | |||||||||
Other revenue | 0 | 0 | 0 | |||||||||
Operating Income (Loss) | $ 82,913 | $ 112,717 | $ 157,227 | |||||||||
Operating Income as a Percentage of Revenue | 10.10% | 13.20% | 16.10% | |||||||||
Depreciation, Depletion and Amortization | $ 4,901 | $ 4,915 | $ 7,579 | |||||||||
Assets | 332,714 | 297,763 | 332,714 | 297,763 | 208,525 | |||||||
Accrued property and equipment additions (1) | 26 | 161 | 149 | |||||||||
551111 Offices of Bank Holding Companies [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total Revenue Before Intersegment Eliminations | 415,574 | 482,329 | 415,574 | |||||||||
Intersegment Revenue Eliminated In Consolidation | 20,214 | 14,811 | ||||||||||
Merchandise sales | 0 | 0 | 0 | |||||||||
Total revenue | 502,543 | 430,385 | 375,810 | |||||||||
Financial Services Revenue | 415,574 | 375,810 | ||||||||||
Other revenue | 0 | 0 | 0 | |||||||||
Operating Income (Loss) | $ 172,988 | $ 111,650 | $ 104,402 | |||||||||
Operating Income as a Percentage of Revenue | 35.90% | 26.90% | 27.80% | |||||||||
Depreciation, Depletion and Amortization | $ 1,716 | $ 1,554 | $ 1,545 | |||||||||
Assets | 5,379,747 | 4,912,491 | 5,379,747 | 4,912,491 | 4,135,014 | |||||||
Accrued property and equipment additions (1) | 2,233 | 1,964 | 1,332 | |||||||||
All Other Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Merchandise sales | 0 | 0 | 0 | |||||||||
Total revenue | $ 14,842 | 13,020 | 14,842 | 16,831 | ||||||||
Financial Services Revenue | 0 | 0 | 0 | |||||||||
Other revenue | 13,020 | 14,842 | 16,831 | |||||||||
Operating Income (Loss) | (372,718) | (306,627) | (328,629) | |||||||||
Depreciation, Depletion and Amortization | 45,370 | 38,623 | 29,401 | |||||||||
Assets | $ 979,300 | $ 879,844 | 979,300 | 879,844 | 726,278 | |||||||
Accrued property and equipment additions (1) | $ 80,878 | $ 126,016 | $ 57,954 | |||||||||
Direct Sales [Domain] | ||||||||||||
Non-interest income: | ||||||||||||
Merchandise Revenue Percentage | 100.00% | 100.00% | 100.00% | |||||||||
Retail Sales [Domain] | ||||||||||||
Non-interest income: | ||||||||||||
Merchandise Revenue Percentage | 100.00% | 100.00% | 100.00% | |||||||||
Hunting Equipment [Member] | ||||||||||||
Non-interest income: | ||||||||||||
Merchandise Revenue Percentage | 45.50% | 44.30% | 48.00% | |||||||||
Hunting Equipment [Member] | Direct Sales [Domain] | ||||||||||||
Non-interest income: | ||||||||||||
Merchandise Revenue Percentage | 36.50% | 37.10% | 41.20% | |||||||||
Hunting Equipment [Member] | Retail Sales [Domain] | ||||||||||||
Non-interest income: | ||||||||||||
Merchandise Revenue Percentage | 48.40% | 47.10% | 51.00% | |||||||||
General Outdoor [Member] | ||||||||||||
Non-interest income: | ||||||||||||
Merchandise Revenue Percentage | 31.20% | 30.30% | 27.50% | |||||||||
General Outdoor [Member] | Direct Sales [Domain] | ||||||||||||
Non-interest income: | ||||||||||||
Merchandise Revenue Percentage | 33.80% | 32.00% | 29.10% | |||||||||
General Outdoor [Member] | Retail Sales [Domain] | ||||||||||||
Non-interest income: | ||||||||||||
Merchandise Revenue Percentage | 30.40% | 29.60% | 26.80% | |||||||||
Clothing and Footwear [Member] | ||||||||||||
Non-interest income: | ||||||||||||
Merchandise Revenue Percentage | 23.30% | 25.40% | 24.50% | |||||||||
Clothing and Footwear [Member] | Direct Sales [Domain] | ||||||||||||
Non-interest income: | ||||||||||||
Merchandise Revenue Percentage | 29.70% | 30.90% | 29.70% | |||||||||
Clothing and Footwear [Member] | Retail Sales [Domain] | ||||||||||||
Non-interest income: | ||||||||||||
Merchandise Revenue Percentage | 21.20% | 23.30% | 22.20% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 12 Months Ended | |||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Available-for-sale Securities, Fair Value Disclosure | $ 83,767,000 | $ 82,074,000 | $ 78,504,000 | $ 85,041,000 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,076,000 | 7,777,000 | (3,064,000) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | 0 | 0 | ||
Payments to Acquire Available-for-sale Securities | 4,780,000 | 558,000 | 0 | |
Proceeds from Sale of Available-for-sale Securities, Debt | 0 | 0 | 0 | |
Proceeds from Sale and Maturity of Available-for-sale Securities | (4,163,000) | (4,765,000) | (3,473,000) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, Sales, Issuances, Settlements | 617,000 | (4,207,000) | (3,473,000) | |
Deferred Grant Income Reduction | 0 | 0 | 0 | |
Increases in Depreciation Expense Related to Reductions in Deferred Grant Income | 0 | 831,000 | 4,931,000 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 576,000 | 4,839,000 | (2,141,000) | |
Asset Impairment Charges | 9,775,000 | 0 | 5,868,000 | |
Estimated Litigation Liability | 14,125 | |||
Other than Temporary Impairment Losses, Financial Incentives | $ 0 | $ 0 | $ 4,931,000 |
Fair Value Measurements Estimat
Fair Value Measurements Estimates of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes, Loans and Financing Receivable, Net, Current | $ 5,035,267 | $ 4,421,185 |
Loans Receivable, Fair Value Disclosure | 5,035,267 | 4,421,185 |
Time Deposits | 879,899 | 806,056 |
Deposits, Fair Value Disclosure | 879,197 | 809,014 |
Long-term Debt | 861,281 | 499,715 |
Long-term Debt, Fair Value | 892,425 | 521,212 |
Secured Debt, Current | 655,000 | 480,000 |
Secured Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 3,238,500 | 3,047,250 |
Debt Instrument, Fair Value Disclosure | 3,178,028 | 3,014,446 |
Secured Debt, Current | 655,000 | 480,000 |
Secured Debt, Variable Funding Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 655,000 | $ 480,000 |
Fair Value Measurements Impairm
Fair Value Measurements Impairment Losses (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 28, 2013 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Carrying Value, Other Property and Other Assets | $ 25,541,000 | $ 0 | $ 49,343,000 | |
Fair Value, Other Property and Other Assets | 15,766,000 | 0 | 43,475,000 | |
Asset Impairment Charges | 9,775,000 | 0 | 5,868,000 | |
Land Held For Sale and Other Assets [Domain] | ||||
Asset Impairment Charges | $ 9,775,000 | $ 0 | $ 5,868,000 | |
Operating Segments [Member] | ||||
Asset Impairment Charges | $ 5,751 |
Quarterly Financial Informati80
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | $ 1,407,827 | $ 926,523 | $ 836,276 | $ 827,076 | $ 1,274,624 | $ 886,002 | $ 761,201 | $ 725,823 | $ 3,997,702 | $ 3,647,650 | $ 3,599,577 |
Operating income | 126,924 | 72,945 | 63,390 | 44,533 | 128,636 | 93,915 | 71,991 | 40,853 | 307,792 | 335,395 | 361,361 |
Net Income, by quarter | $ 78,791 | $ 43,708 | $ 40,057 | $ 26,774 | $ 78,610 | $ 53,839 | $ 43,517 | $ 25,749 | $ 189,330 | $ 201,715 | $ 224,390 |
Earnings Per Share, Basic | $ 1.15 | $ 0.63 | $ 0.56 | $ 0.38 | $ 1.11 | $ 0.76 | $ 0.61 | $ 0.36 | $ 2.70 | $ 2.84 | $ 3.18 |
Earnings Per Share, Diluted | $ 1.14 | $ 0.62 | $ 0.56 | $ 0.37 | $ 1.10 | $ 0.75 | $ 0.61 | $ 0.36 | $ 2.67 | $ 2.81 | $ 3.13 |
Restructuring and Related Cost, Incurred Cost | $ 9,744 | $ 5,587 | $ 0 | $ 0 | $ 0 | $ 0 | $ 641 | $ 0 | $ 15,331 | $ 641 | $ 5,868 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | $ 56,572 | $ 53,110 | $ 65,600 |
Provision for loan losses | (85,120) | (61,922) | (43,223) |
Allowance for Loan and Lease Losses, Adjustments, Net | 0 | 0 | 0 |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | (65,781) | (58,460) | (55,713) |
Balance, end of year | 75,911 | 56,572 | 53,110 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowance for doubtful accounts on accounts receivable balances | 969 | 1,208 | 1,178 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 418 | 2,476 | 2,871 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | (122) | (2,715) | (2,841) |
Allowance for doubtful accounts on accounts receivable balances | 1,265 | 969 | 1,208 |
Allowance for Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowance for doubtful accounts on accounts receivable balances | 26,440 | 24,617 | 21,971 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 0 | 0 |
Valuation Allowances and Reserves, Charged to Other Accounts | 251,289 | 233,192 | 193,176 |
Valuation Allowances and Reserves, Deductions | (237,842) | (231,369) | (190,530) |
Allowance for doubtful accounts on accounts receivable balances | 39,887 | 26,440 | 24,617 |
Allowance for Notes Receivable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowance for doubtful accounts on accounts receivable balances | 4,263 | 4,263 | 4,263 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 0 | 0 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | 0 | 0 | 0 |
Allowance for doubtful accounts on accounts receivable balances | $ 4,263 | $ 4,263 | $ 4,263 |