Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jul. 02, 2016 | Jul. 25, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CABELAS INC | |
Entity Central Index Key | 1,267,130 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 2, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 68,465,292 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | |
Merchandise sales | $ 786,203 | $ 706,068 | $ 1,506,118 | $ 1,403,722 |
Financial Services revenue | 135,081 | 124,943 | 275,904 | 247,856 |
Other revenue | 8,613 | 5,265 | 12,537 | 11,774 |
Total revenues | 929,897 | 836,276 | 1,794,559 | 1,663,352 |
Merchandise costs (exclusive of depreciation and amortization) | 527,409 | 452,994 | 1,015,401 | 919,213 |
Cost of other revenue | 4,138 | 0 | 4,291 | 220 |
Total cost of revenue (exclusive of depreciation and amortization) | 531,547 | 452,994 | 1,019,692 | 919,433 |
Selling, distribution, and administrative expenses | 329,682 | 319,892 | 658,871 | 635,996 |
Restructuring Costs and Asset Impairment Charges | 959 | 0 | 3,931 | 0 |
Operating income | 67,709 | 63,390 | 112,065 | 107,923 |
Interest expense, net | (8,285) | (4,588) | (17,516) | (8,362) |
Other non-operating income, net | 2,780 | 2,025 | 3,681 | 3,765 |
Income before provision for income taxes | 62,204 | 60,827 | 98,230 | 103,326 |
Provision for income taxes | 24,445 | 20,770 | 37,582 | 36,495 |
Net income | $ 37,759 | $ 40,057 | $ 60,648 | $ 66,831 |
Earnings per basic share | $ 0.55 | $ 0.56 | $ 0.89 | $ 0.94 |
Earnings per diluted share | $ 0.55 | $ 0.56 | $ 0.88 | $ 0.93 |
Basic weighted average shares outstanding | 68,388,426 | 71,065,258 | 68,168,772 | 71,168,661 |
Diluted weighted average shares outstanding | 68,909,403 | 71,372,975 | 68,799,980 | 71,705,134 |
Condensed Consolidated Stateme3
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | |
Net Income (Loss) Attributable to Parent | $ 37,759 | $ 40,057 | $ 60,648 | $ 66,831 |
Unrealized gain (loss) on economic development bonds, net of taxes of $697, $(1,790), $1,267, and $(881) | 1,100 | (2,859) | 1,664 | (1,615) |
Foreign currency translation adjustments | 1,782 | 1,788 | 16,462 | (13,723) |
Total other comprehensive income (loss) | 2,882 | (1,071) | 18,126 | (15,338) |
Comprehensive income | $ 40,641 | $ 38,986 | $ 78,774 | $ 51,493 |
Condensed Consolidated Stateme4
Condensed Consolidated Statement of Comprehensive Income Parentheticals - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | |
Taxes on unrealized loss on economic development bonds | $ 697 | $ (1,790) | $ 1,267 | $ (881) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 02, 2016 | Jan. 02, 2016 | Jun. 27, 2015 |
Cash and cash equivalents | $ 542,067 | $ 315,066 | $ 144,234 |
Restricted cash of the Trust | 40,978 | 40,983 | 34,104 |
Accounts receivable, net | 39,278 | 79,330 | 29,469 |
Credit card loans (includes restricted credit card loans of the Trust of $5,114,711,$5,066,660, and $4,421,172), net of allowance for loan losses of $83,950,$75,911, and $54,742 | 5,062,226 | 5,035,267 | 4,392,769 |
Inventories | 888,209 | 819,271 | 900,761 |
Prepaid expenses and other current assets | 122,139 | 117,330 | 106,498 |
Income taxes receivable and deferred income taxes (at June 27, 2015, only) | 60,180 | 77,698 | 144,592 |
Assets, Current | 6,755,077 | 6,484,945 | 5,752,427 |
Property and equipment, net | 1,839,451 | 1,811,302 | 1,763,483 |
Deferred Tax Assets, Net, Noncurrent | 28,417 | 28,042 | 0 |
Other assets | 142,314 | 138,715 | 118,044 |
Assets | 8,765,259 | 8,463,004 | 7,633,954 |
Accounts payable, including unpresented checks of $28,667, $23,580, and $20,149 | 253,488 | 281,985 | 325,548 |
Gift instruments, credit card rewards, and loyalty rewards programs | 353,570 | 365,427 | 326,240 |
Accrued expenses and other liabilities | 165,610 | 224,733 | 191,934 |
Time Deposit Maturities, Next Twelve Months | 187,324 | 215,306 | 274,633 |
Current maturities of secured variable funding obligations of the Trust | 0 | 655,000 | 65,000 |
Debt, Current | 1,359,032 | 509,673 | 467,205 |
Current maturities of long-term debt | 68,461 | 223,452 | 223,443 |
Liabilities, Current | 2,387,485 | 2,475,576 | 1,874,003 |
Long-term time deposits | 1,009,549 | 664,593 | 552,842 |
Secured long-term obligations of the Trust, less current maturities, net | 2,466,054 | 2,721,259 | 2,636,209 |
Long-term debt, less current maturities, net | 842,728 | 635,898 | 599,502 |
Deferred income taxes | 0 | 0 | 10,947 |
Other long-term liabilities | 134,349 | 137,035 | 135,679 |
COMMITMENTS AND CONTINGENCIES | |||
Issued – 71,595,020, 71,595,020, and 71,598,231 shares | 716 | 716 | 716 |
Preferred stock, $0.01 par value; Authorized – 10,000,000 shares; Issued – none | 0 | 0 | 0 |
Additional paid-in capital | 372,994 | 389,754 | 370,874 |
Retained earnings | 1,712,510 | 1,651,862 | 1,529,363 |
Accumulated other comprehensive loss | (32,788) | (50,914) | (27,044) |
Treasury Stock, Value | (128,338) | (162,775) | (49,137) |
Stockholders' Equity Attributable to Parent | 1,925,094 | 1,828,643 | 1,824,772 |
Liabilities and Equity | $ 8,765,259 | $ 8,463,004 | $ 7,633,954 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets Parentheticals - USD ($) $ in Thousands | Jul. 02, 2016 | Jan. 02, 2016 | Jun. 27, 2015 |
Restricted credit card loans of the Trust | $ 5,114,711 | $ 5,066,660 | $ 4,421,172 |
Allowance for loan losses | 83,950 | 75,911 | 54,742 |
Unpresented checks | $ 28,667 | $ 23,580 | $ 20,149 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 245,000,000 | 245,000,000 | 245,000,000 |
Common stock, shares issued | 71,595,020 | 71,595,020 | 71,598,231 |
Preferred stock, par value | 68,465,082 | 67,818,715 | 70,675,975 |
Preferred stock, shares authorized | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Treasury Stock, Carrying Basis | 3,129,938 | 3,776,305 | 922,256 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Payments of Debt Issuance Costs | $ (2,421) | $ 0 |
Net income | 60,648 | 66,831 |
Depreciation and amortization | 74,696 | 63,049 |
Restructuring Costs and Asset Impairment Charges | 3,931 | 0 |
Stock-based compensation | 12,555 | 10,408 |
Deferred income taxes | (1,643) | 7,514 |
Provision for loan losses | 55,224 | 29,061 |
Other, net | (8,816) | (1,196) |
Accounts receivable | 39,714 | 32,970 |
Credit card loans originated from internal operations, net | 79,398 | 79,883 |
Inventories | (63,674) | (143,994) |
Prepaid expenses and other current assets | (1,935) | (14,268) |
Accounts payable and accrued expenses and other liabilities | (75,798) | (21,475) |
Gift instruments, credit card rewards, and loyalty rewards programs | (12,476) | (12,982) |
Other long-term liabilities | (2,118) | 10,601 |
Income taxes receivable | 17,517 | (24,525) |
Net cash provided by operating activities | 177,223 | 81,877 |
Property and equipment additions | (99,284) | (221,046) |
Change in credit card loans originated externally, net | 161,581 | 80,527 |
Change in restricted cash of the Trust, net | 5 | 300,708 |
Other investing changes, net | 1,900 | 954 |
Net cash used in investing activities | (258,960) | 89 |
Change in unpresented checks net of bank balances | 5,087 | (18,641) |
Change in time deposits, net | 316,974 | 21,419 |
Borrowings on secured obligations of the Trust | 2,740,000 | 978,750 |
Repayments on secured obligations of the Trust | (2,800,000) | (1,330,000) |
Borrowings on revolving credit facilities and inventory financing | 665,261 | 773,065 |
Repayments on revolving credit facilities and inventory financing | (401,990) | (438,996) |
Payments on long-term debt | (223,295) | (8,286) |
Tax withholdings on share-based payment awards, net of employee stock option exercises | 1,673 | (2,601) |
Excess tax benefit on share-based payment awards | 3,753 | 1,540 |
Payments for Repurchase of Common Stock | 0 | 53,279 |
Net cash provided by financing activities | 305,042 | (77,029) |
Effect of Exchange Rate on Cash and Cash Equivalents | 3,696 | (3,461) |
Net change in cash and cash equivalents | 227,001 | 1,476 |
Cash and cash equivalents, at beginning of period | 315,066 | 142,758 |
Cash and cash equivalents, at end of period | $ 542,067 | $ 144,234 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Common Stock [Member] |
Shares, Issued Beginning of Period at Dec. 27, 2014 | 71,093,216 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Beginning of Period at Dec. 27, 2014 | $ 1,817,510 | $ 365,973 | $ 1,462,532 | $ (11,706) | $ 0 | $ 711 |
Net Income (Loss) Attributable to Parent | 66,831 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (13,723) | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (15,338) | (15,338) | ||||
Treasury Stock, Value, Acquired, Cost Method | 53,279 | 53,279 | ||||
Stock-based compensation | 10,109 | 10,109 | 0 | 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 505,015 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | (2,601) | (6,748) | 0 | 0 | 4,142 | $ 5 |
Shares, Issued End of Period at Jun. 27, 2015 | 71,598,231 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest End of Period at Jun. 27, 2015 | 1,824,772 | 370,874 | 1,529,363 | (27,044) | (49,137) | $ 716 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 1,540 | 1,540 | 0 | 0 | $ 0 | |
Shares, Issued Beginning of Period at Jan. 02, 2016 | 71,595,020 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Beginning of Period at Jan. 02, 2016 | 1,828,643 | 389,754 | 1,651,862 | (50,914) | (162,775) | $ 716 |
Net Income (Loss) Attributable to Parent | 60,648 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 16,462 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 18,126 | |||||
Stock-based compensation | $ 12,251 | 12,251 | 0 | 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 462,367 | 0 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | $ 1,673 | (32,764) | 0 | 0 | 34,437 | $ 0 |
Shares, Issued End of Period at Jul. 02, 2016 | 71,595,020 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest End of Period at Jul. 02, 2016 | 1,925,094 | 372,994 | 1,712,510 | (32,788) | $ (128,338) | $ 716 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 3,753 | $ 3,753 | $ 0 | $ 0 | $ 0 |
Management Representations
Management Representations | 6 Months Ended |
Jul. 02, 2016 | |
Management Representations [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | MANAGEMENT REPRESENTATIONS Principles of Consolidation – The condensed consolidated financial statements included herein are unaudited and have been prepared by management of Cabela’s Incorporated and its wholly-owned subsidiaries (“Cabela’s,” “Company,” “we,” or “our”) pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The Company’s condensed consolidated balance sheet as of January 2, 2016 , was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly our financial position and results of operations, comprehensive income, and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. All intercompany accounts and transactions have been eliminated in consolidation. World’s Foremost Bank (“WFB,” “Financial Services segment,” or “Cabela’s CLUB”), a wholly-owned bank subsidiary of Cabela’s, is the primary beneficiary of the Cabela’s Master Credit Card Trust and related entities (collectively referred to as the “Trust”). The Trust was consolidated for all reporting periods of Cabela’s in this report. Because of the seasonal nature of the Company’s operations, results of operations of any single reporting period should not be considered as indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended January 2, 2016 . Cash and Cash Equivalents – Cash and cash equivalents of the Financial Services segment were $455 million , $157 million , and $83 million at July 2, 2016 , January 2, 2016 , and June 27, 2015 , respectively. Due to regulatory restrictions on WFB, the Company cannot use WFB’s cash for non-banking operations. Segment Reporting – Effective the beginning of fiscal year 2016, the Company realigned its organizational structure and updated its reportable operating segments. The Company now accounts for its operations as two operating segments: Merchandising and Financial Services. For more information on this change in segments see Note 13 “Segment Reporting” of the Notes to Condensed Consolidated Financial Statements. Reporting Periods – Unless otherwise stated, the fiscal periods referred to in the notes to these condensed consolidated financial statements are the 13 weeks ended July 2, 2016 (“three months ended July 2, 2016 ”), the 13 weeks ended June 27, 2015 (“three months ended June 27, 2015 ”), the 26 weeks ended July 2, 2016 (“six months ended July 2, 2016 ”), the 26 weeks ended June 27, 2015 (“six months ended June 27, 2015 ”), and the 53 weeks ended January 2, 2016 (“fiscal year ended 2015 ”). WFB follows a calendar fiscal period and, accordingly, the respective three and six month periods ended on June 30, 2016 and 2015, and the fiscal year ended on December 31, 2015 . Adoption of New Accounting Principles – In the three months ended April 2, 2016, we adopted the guidance of Accounting Standards Update (“ASU”) 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which required 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. The following table summarizes the effects of this new guidance on amounts previously reported in our condensed consolidated balance sheets at the periods ended: January 2, 2016 June 27, 2015 As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted Other assets (including economic development bonds) $ 148,214 $ (9,499 ) $ 138,715 $ 125,745 $ (7,701 ) $ 118,044 Total assets 8,472,503 (9,499 ) 8,463,004 7,641,655 (7,701 ) 7,633,954 Current maturities of secured long-term obligations of the Trust 510,000 (327 ) 509,673 467,500 (295 ) 467,205 Total current liabilities 2,475,903 (327 ) 2,475,576 1,874,298 (295 ) 1,874,003 Secured long-term obligations of the Trust, less current maturities 2,728,500 (7,241 ) 2,721,259 2,643,500 (7,291 ) 2,636,209 Long-term debt, less current maturities 637,829 (1,931 ) 635,898 599,617 (115 ) 599,502 Total liabilities and stockholders’ equity 8,472,503 (9,499 ) 8,463,004 7,641,655 (7,701 ) 7,633,954 In addition, effective in fiscal year ended 2015 , we adopted on a prospective basis the provisions of ASU 2015-17 “Balance Sheet Classification of Deferred Taxes.” This standard simplified the presentation of deferred income taxes and required that deferred tax liabilities and assets be classified as non current in the Company’s consolidated balance sheets. Prior periods were not retrospectively adjusted; therefore, deferred income taxes of $12 million were presented as current assets in our condensed consolidated balance sheets at June 27, 2015 . |
Cabela's Master Credit Card Tru
Cabela's Master Credit Card Trust | 6 Months Ended |
Jul. 02, 2016 | |
Cabela's Master Credit Card Trust [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | CABELA’S MASTER CREDIT CARD TRUST The Financial Services segment utilizes the Trust for the purpose of routinely securitizing credit card loans and issuing beneficial 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 periods ended: July 2, January 2, June 27, Consolidated assets: Restricted credit card loans, net of allowance of $83,670, $75,450, and $54,580 $ 5,031,040 $ 4,991,210 $ 4,366,592 Restricted cash 40,978 40,983 34,104 Total $ 5,072,018 $ 5,032,193 $ 4,400,696 Consolidated liabilities: Secured variable funding obligations $ — $ 655,000 $ 65,000 Secured obligations, net of unamortized debt issuance costs of $8,414, $7,568, and $7,586 3,825,086 3,230,932 3,103,414 Interest due to third party investors 2,703 2,682 2,171 Total $ 3,827,789 $ 3,888,614 $ 3,170,585 CREDIT CARD LOANS AND ALLOWANCE FOR LOAN LOSSES The following table reflects the composition of the credit card loans at the periods ended: July 2, January 2, June 27, Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) $ 5,114,711 $ 5,066,660 $ 4,421,172 Unrestricted credit card loans 26,385 38,278 21,683 Total credit card loans 5,141,096 5,104,938 4,442,855 Allowance for loan losses (83,950 ) (75,911 ) (54,742 ) Deferred credit card origination costs 5,080 6,240 4,656 Credit card loans, net $ 5,062,226 $ 5,035,267 $ 4,392,769 Allowance for Loan Losses: The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented: Three Months Ended July 2, 2016 June 27, 2015 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 66,431 $ 8,322 $ 74,753 $ 48,272 $ 7,670 $ 55,942 Provision for loan losses 30,692 1,712 32,404 13,835 1,996 15,831 Charge-offs (27,132 ) (2,446 ) (29,578 ) (18,459 ) (3,666 ) (22,125 ) Recoveries 5,541 830 6,371 3,924 1,170 5,094 Net charge-offs (21,591 ) (1,616 ) (23,207 ) (14,535 ) (2,496 ) (17,031 ) Balance, end of period $ 75,532 $ 8,418 $ 83,950 $ 47,572 $ 7,170 $ 54,742 Six Months Ended July 2, 2016 June 27, 2015 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 67,654 $ 8,257 $ 75,911 $ 48,832 $ 7,740 $ 56,572 Provision for loan losses 51,518 3,706 55,224 24,603 4,458 29,061 Charge-offs (54,101 ) (5,155 ) (59,256 ) (35,668 ) (7,447 ) (43,115 ) Recoveries 10,461 1,610 12,071 9,805 2,419 12,224 Net charge-offs (43,640 ) (3,545 ) (47,185 ) (25,863 ) (5,028 ) (30,891 ) Balance, end of period $ 75,532 $ 8,418 $ 83,950 $ 47,572 $ 7,170 $ 54,742 Credit Quality Indicators, Delinquent, and Non-Accrual Loans: The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter Fair Isaac Corporation (“FICO”) score at the periods ended: FICO Score of Credit Card Loans Segment Restructured Credit Card Loans Segment (1) July 2, 2016: 691 and Below 692 - 758 759 and Above Total Credit card loan status: Current $ 823,146 $ 1,718,604 $ 2,455,453 $ 30,669 $ 5,027,872 1 to 29 days past due 34,035 19,596 16,515 2,913 73,059 30 to 59 days past due 12,284 1,828 442 1,664 16,218 60 or more days past due 21,171 368 95 2,313 23,947 Total past due 67,490 21,792 17,052 6,890 113,224 Total credit card loans $ 890,636 $ 1,740,396 $ 2,472,505 $ 37,559 $ 5,141,096 90 days or more past due and still accruing $ 10,844 $ 60 $ 14 $ 1,018 $ 11,936 Non-accrual — — — 7,179 7,179 January 2, 2016: 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 June 27, 2015: Credit card loan status: Current $ 635,457 $ 1,485,797 $ 2,201,591 $ 28,418 $ 4,351,263 1 to 29 days past due 26,434 18,453 15,484 3,253 63,624 30 to 59 days past due 8,827 1,423 409 1,211 11,870 60 or more days past due 13,654 377 32 2,035 16,098 Total past due 48,915 20,253 15,925 6,499 91,592 Total credit card loans $ 684,372 $ 1,506,050 $ 2,217,516 $ 34,917 $ 4,442,855 90 days or more past due and still accruing $ 7,188 $ 62 $ 3 $ 862 $ 8,115 Non-accrual — — — 5,618 5,618 (1) Included in the allowance for loan losses were specific allowances for loan losses of $8 million at July 2, 2016 , and January 2, 2016 , and $7 million at June 27, 2015 . |
Credit Card Loans and Allowance
Credit Card Loans and Allowance For Loan Losses | 6 Months Ended |
Jul. 02, 2016 | |
FICO SCores Credit Card Loans [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | CABELA’S MASTER CREDIT CARD TRUST The Financial Services segment utilizes the Trust for the purpose of routinely securitizing credit card loans and issuing beneficial 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 periods ended: July 2, January 2, June 27, Consolidated assets: Restricted credit card loans, net of allowance of $83,670, $75,450, and $54,580 $ 5,031,040 $ 4,991,210 $ 4,366,592 Restricted cash 40,978 40,983 34,104 Total $ 5,072,018 $ 5,032,193 $ 4,400,696 Consolidated liabilities: Secured variable funding obligations $ — $ 655,000 $ 65,000 Secured obligations, net of unamortized debt issuance costs of $8,414, $7,568, and $7,586 3,825,086 3,230,932 3,103,414 Interest due to third party investors 2,703 2,682 2,171 Total $ 3,827,789 $ 3,888,614 $ 3,170,585 CREDIT CARD LOANS AND ALLOWANCE FOR LOAN LOSSES The following table reflects the composition of the credit card loans at the periods ended: July 2, January 2, June 27, Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) $ 5,114,711 $ 5,066,660 $ 4,421,172 Unrestricted credit card loans 26,385 38,278 21,683 Total credit card loans 5,141,096 5,104,938 4,442,855 Allowance for loan losses (83,950 ) (75,911 ) (54,742 ) Deferred credit card origination costs 5,080 6,240 4,656 Credit card loans, net $ 5,062,226 $ 5,035,267 $ 4,392,769 Allowance for Loan Losses: The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented: Three Months Ended July 2, 2016 June 27, 2015 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 66,431 $ 8,322 $ 74,753 $ 48,272 $ 7,670 $ 55,942 Provision for loan losses 30,692 1,712 32,404 13,835 1,996 15,831 Charge-offs (27,132 ) (2,446 ) (29,578 ) (18,459 ) (3,666 ) (22,125 ) Recoveries 5,541 830 6,371 3,924 1,170 5,094 Net charge-offs (21,591 ) (1,616 ) (23,207 ) (14,535 ) (2,496 ) (17,031 ) Balance, end of period $ 75,532 $ 8,418 $ 83,950 $ 47,572 $ 7,170 $ 54,742 Six Months Ended July 2, 2016 June 27, 2015 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 67,654 $ 8,257 $ 75,911 $ 48,832 $ 7,740 $ 56,572 Provision for loan losses 51,518 3,706 55,224 24,603 4,458 29,061 Charge-offs (54,101 ) (5,155 ) (59,256 ) (35,668 ) (7,447 ) (43,115 ) Recoveries 10,461 1,610 12,071 9,805 2,419 12,224 Net charge-offs (43,640 ) (3,545 ) (47,185 ) (25,863 ) (5,028 ) (30,891 ) Balance, end of period $ 75,532 $ 8,418 $ 83,950 $ 47,572 $ 7,170 $ 54,742 Credit Quality Indicators, Delinquent, and Non-Accrual Loans: The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter Fair Isaac Corporation (“FICO”) score at the periods ended: FICO Score of Credit Card Loans Segment Restructured Credit Card Loans Segment (1) July 2, 2016: 691 and Below 692 - 758 759 and Above Total Credit card loan status: Current $ 823,146 $ 1,718,604 $ 2,455,453 $ 30,669 $ 5,027,872 1 to 29 days past due 34,035 19,596 16,515 2,913 73,059 30 to 59 days past due 12,284 1,828 442 1,664 16,218 60 or more days past due 21,171 368 95 2,313 23,947 Total past due 67,490 21,792 17,052 6,890 113,224 Total credit card loans $ 890,636 $ 1,740,396 $ 2,472,505 $ 37,559 $ 5,141,096 90 days or more past due and still accruing $ 10,844 $ 60 $ 14 $ 1,018 $ 11,936 Non-accrual — — — 7,179 7,179 January 2, 2016: 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 June 27, 2015: Credit card loan status: Current $ 635,457 $ 1,485,797 $ 2,201,591 $ 28,418 $ 4,351,263 1 to 29 days past due 26,434 18,453 15,484 3,253 63,624 30 to 59 days past due 8,827 1,423 409 1,211 11,870 60 or more days past due 13,654 377 32 2,035 16,098 Total past due 48,915 20,253 15,925 6,499 91,592 Total credit card loans $ 684,372 $ 1,506,050 $ 2,217,516 $ 34,917 $ 4,442,855 90 days or more past due and still accruing $ 7,188 $ 62 $ 3 $ 862 $ 8,115 Non-accrual — — — 5,618 5,618 (1) Included in the allowance for loan losses were specific allowances for loan losses of $8 million at July 2, 2016 , and January 2, 2016 , and $7 million at June 27, 2015 . |
Borrowings of Financial Service
Borrowings of Financial Services Segment | 6 Months Ended |
Jul. 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 periods ended: July 2, 2016: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2011-IV October 2016 $ 165,000 1.90 % $ 90,000 0.99 % $ 255,000 1.58 % Series 2012-I February 2017 275,000 1.63 150,000 0.97 425,000 1.40 Series 2012-II June 2017 300,000 1.45 125,000 0.92 425,000 1.29 Series 2013-I February 2023 327,250 2.71 — — 327,250 2.71 Series 2013-II August 2018 100,000 2.17 197,500 1.09 297,500 1.45 Series 2014-I March 2017 — — 255,000 0.79 255,000 0.79 Series 2014-II July 2019 — — 340,000 0.89 340,000 0.89 Series 2015-I March 2020 218,750 2.26 100,000 0.98 318,750 1.86 Series 2015-II July 2020 240,000 2.25 100,000 1.11 340,000 1.92 Series 2016-I June 2019 570,000 1.78 280,000 1.35 850,000 1.64 Secured obligations of the Trust 2,196,000 1,637,500 3,833,500 Less unamortized debt issuance costs (5,137 ) (3,277 ) (8,414 ) Secured obligations of the Trust, net 2,190,863 1,634,223 3,825,086 Less current maturities of secured long-term obligations of the Trust, net (739,525 ) (619,507 ) (1,359,032 ) Secured long-term obligations of the Trust, less current maturities, net $ 1,451,338 $ 1,014,716 $ 2,466,054 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 unamortized debt issuance costs (4,317 ) (3,251 ) (7,568 ) Secured obligations of the Trust, net 1,776,683 1,454,249 3,230,932 Less current maturities of secured long-term obligations of the Trust, net (319,793 ) (189,880 ) (509,673 ) Secured long-term obligations of the Trust, less current maturities, net $ 1,456,890 $ 1,264,369 $ 2,721,259 June 27, 2015: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2010-II September 2015 $ 127,500 2.29 % $ 85,000 0.89 % $ 212,500 1.73 % Series 2011-II June 2016 155,000 2.39 100,000 0.79 255,000 1.76 Series 2011-IV October 2016 165,000 1.90 90,000 0.74 255,000 1.49 Series 2012-I February 2017 275,000 1.63 150,000 0.72 425,000 1.31 Series 2012-II June 2017 300,000 1.45 125,000 0.67 425,000 1.22 Series 2013-I February 2023 327,250 2.71 — — 327,250 2.71 Series 2013-II August 2018 100,000 2.17 197,500 0.84 297,500 1.28 Series 2014-I March 2017 — — 255,000 0.54 255,000 0.54 Series 2014-II July 2019 — — 340,000 0.64 340,000 0.64 Series 2015-I March 2020 218,750 2.26 100,000 0.73 318,750 1.78 Secured obligations of the Trust 1,668,500 1,442,500 3,111,000 Less unamortized debt issuance costs (4,018 ) (3,568 ) (7,586 ) Secured obligations of the Trust, net 1,664,482 1,438,932 3,103,414 Less current maturities of secured long-term obligations of the Trust, net (282,321 ) (184,884 ) (467,205 ) Secured long-term obligations of the Trust, less current maturities, net $ 1,382,161 $ 1,254,048 $ 2,636,209 The Trust sold asset-backed notes of $1.0 billion (“Series 2016-I”) on June 29, 2016. The Series 2016-I securitization transaction included the issuance of $570 million Class A-1 notes, which accrue interest at a fixed rate of 1.78% per year, $280 million of Class A-2 notes, which accrue interest at a floating rate equal to the one-month London Interbank Offered Rate ("LIBOR") plus 0.85% per year, and three subordinated classes of notes in the aggregate principal amount of $150 million . 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 2016-I securitization transaction have an expected life of approximately three years and a contractual maturity of approximately six years. The securitization transaction was and will continue to 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 2011-II ( $255 million ) notes matured and were repaid in full using restricted cash of the Trust on June 15, 2016. The Trust also issues variable funding facilities which are considered secured obligations backed by restricted credit card loans. At July 2, 2016 , the Trust had three variable funding facilities with $1.3 billion in total capacity and no amounts outstanding. On March 24, 2016, the Trust increased one of its $300 million variable funding facilities to $500 million and extended the maturity date from March 2016 to March 2019. Maturities for the variable funding facilities are now scheduled for March 2017 ( $500 million ), March 2018 ( $300 million ), and March 2019 ( $500 million ). 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 0.50% on the unused portion of the facilities. During the six months ended July 2, 2016 , and June 27, 2015 , the daily average balance outstanding on these notes was $344 million and $94 million , with a weighted average interest rate of 1.23% and 0.78% , respectively. The Financial Services segment has unsecured federal funds purchase agreements with two financial institutions. The maximum amount that can be borrowed is $100 million . There were no amounts outstanding at July 2, 2016 , January 2, 2016 , or June 27, 2015 . |
Long-Term Debt and Capital Leas
Long-Term Debt and Capital Leases | 6 Months Ended |
Jul. 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, including revolving credit facilities and capital leases, consisted of the following at the periods ended: July 2, January 2, June 27, Unsecured $775 million revolving credit facility $ 275,000 $ — $ 511,632 Unsecured senior notes due 2017 with interest at 6.08% 60,000 60,000 60,000 Unsecured senior notes due 2016-2018 with interest at 7.20% 16,286 24,428 24,428 Unsecured senior notes due 2020, 2022, and 2025; with interest rates ranging from 3.23% to 4.11% 550,000 550,000 — Capital lease obligations contractually payable through 2036 11,700 11,853 12,000 Unsecured notes due 2016 with interest at 5.99% — 215,000 215,000 Total debt 912,986 861,281 823,060 Less current portion of debt (68,461 ) (223,452 ) (223,443 ) Less unamortized debt issuance costs (1,797 ) (1,931 ) (115 ) Long-term debt, less current maturities, net $ 842,728 $ 635,898 $ 599,502 The Company’s credit agreement provides for an unsecured $775 million revolving credit facility and permits the issuance of letters of credit up to $75 million and swing line loans up to $30 million . The credit facility may be increased to $800 million subject to certain terms and conditions. The term of the credit facility expires on June 18, 2019. During the six months ended July 2, 2016 , and June 27, 2015 , the daily average principal balance outstanding on the line of credit was $250 million and $369 million , respectively, and the weighted average interest rate was 1.81% and 1.33% , respectively. Letters of credit and standby letters of credit totaling $34 million and $30 million were outstanding at July 2, 2016 , and June 27, 2015 , respectively. The daily average outstanding amount of total letters of credit during the six months ended July 2, 2016 , and June 27, 2015 , was $13 million and $20 million , respectively. On February 27, 2016, we repaid our unsecured notes for $215 million from the proceeds of the private placement sale of unsecured senior notes in August 2015 for $550 million . The Company also has an unsecured $20 million 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 million CAD in the aggregate, which reduces the overall available credit limit. There were no amounts outstanding at July 2, 2016 , January 2, 2016 , or June 27, 2015 . At July 2, 2016 , the Company was in compliance with the financial covenant requirements of its $775 million credit agreement with a fixed charge coverage ratio of 7.77 to 1 (minimum requirement is 2.00 to 1), a leverage ratio of 1.82 to 1 (requirement is no more than 3.00 to 1), and a consolidated net worth that was $616 million in excess of the minimum, as defined in the agreement. At July 2, 2016 , the Company was in compliance with all financial covenants under its credit agreements and unsecured notes. We anticipate that we will continue to be in compliance with all financial covenants under our credit agreements and unsecured senior notes through at least the next 12 months. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 02, 2016 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The effective income tax rate was 39.3% and 38.3% for the three and six months ended July 2, 2016 , compared to 34.1% and 35.3% for the respective three and six months ended June 27, 2015 . At July 2, 2016 , unrecognized tax benefits totaling $69 million were included in other long-term liabilities in our condensed consolidated balance sheets compared to $73 million at January 2, 2016 . At June 27, 2015 , unrecognized tax benefits totaling $46 million were included in current liabilities (accrued expenses and other liabilities) and $64 million in other long-term liabilities in our condensed consolidated balance sheets. The changes compared to the balances at June 27, 2015 , 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 examinations. 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. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 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 $5 million and $11 million in the three and six months ended July 2, 2016 , compared to $6 million and $12 million in the three and six months ended June 27, 2015 . The following is a schedule of future minimum rental payments under operating leases at July 2, 2016 : For the six months ending December 31, 2016 $ 12,500 For the fiscal years ending: 2017 23,600 2018 23,386 2019 22,897 2020 22,245 Thereafter 295,318 Total $ 399,946 The Company leases six retail stores and owns 25 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 the six months ended July 2, 2016 , or June 27, 2015 . The Company does not expect to receive any tenant allowances under leases during the remainder of fiscal year 2016. We have entered into real estate purchase, construction, and/or economic incentive agreements for various new retail store site locations. At July 2, 2016 , we estimated we had total cash commitments of approximately $117 million 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 July 2, 2016 . We expect to fund these estimated capital expenditures over the next 12 months with funds from operations and borrowings. In the past, we have received grant funding in exchange for commitments, such as assurance of agreed employment and wage levels at the retail store or that the retail store will remain open, made by us to the state or local government providing the funding. If we 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. The total amount of grant funding subject to a specific contractual remedy was $43 million at each of the periods ending July 2, 2016 , January 2, 2016 , and June 27, 2015 . No grant funding subject to contractual remedy was received in the six months ended July 2, 2016 , or June 27, 2015 . At July 2, 2016 , we had recorded $17 million in the condensed consolidated balance sheets relating to these grants with $16 million in current liabilities and $1 million in long-term liabilities. At January 2, 2016 , and June 27, 2015 , the amount the Company had recorded in current liabilities in the condensed consolidated balance sheets relating to these grants was $17 million and $23 million , respectively. The Company operates an open account document instructions program, which provides for Cabela’s-issued letters of credit. We had obligations to pay participating vendors $66 million , $34 million , and $77 million at July 2, 2016 , January 2, 2016 , and June 27, 2015 , 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 $36 billion , $35 billion , and $33 billion at July 2, 2016 , January 2, 2016 , and June 27, 2015 , respectively. These commitments are in addition to any current outstanding balances of a cardholder. Unsecured credit card loans involve, to varying degrees, elements of credit risk in excess of the amount recognized in the condensed consolidated balance sheets. The principal amounts of these instruments reflect the Financial Services segment’s maximum related exposure. The Financial Services segment has the right to reduce or cancel the available lines of credit at any time, and has not experienced, and does not anticipate, that all customers will exercise the entire available line of credit at any given point in 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. The SEC recently announced a settlement with the Company and its Executive Vice President and Chief Financial Officer, Mr. Ralph Castner, that resolves the previously disclosed SEC investigation into certain disclosures, reserves, and accruals from fiscal year 2012. As part of the settlement, the SEC entered an administrative cease-and-desist order that directs the Company and Mr. Castner to comply with the disclosure, books and records, and internal control provisions of the federal securities laws going forward. The Company and Mr. Castner neither admitted nor denied the allegations related to the settlement. The penalty of $1 million associated with the Company’s settlement was recognized as a liability that was accrued for and expensed by the Company in the third quarter of fiscal year 2015. The Company is party to a lawsuit in California state court alleging that the Company violated the California Invasion of Privacy Act by recording various telephone calls from California consumers without their consent. The Company has reached a preliminary settlement in this lawsuit, which is subject to court approval. In connection with this lawsuit the Company recognized a liability of $3.85 million in the three months ended April 2, 2016. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans and Employee Benefit Plans | 6 Months Ended |
Jul. 02, 2016 | |
Stock Award Plans [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION PLANS AND EMPLOYEE BENEFIT PLANS Stock-Based Compensation – The Company recognized total stock-based compensation expense of $6 million and $13 million for the three and six months ended July 2, 2016 , and $6 million and $10 million for the three and six months ended June 27, 2015 . Compensation expense related to the Company’s stock-based payment awards is recognized in selling, distribution, and administrative expenses in the condensed consolidated statements of income. At July 2, 2016 , the total unrecognized deferred stock-based compensation balance for all equity awards issued, net of expected forfeitures, was $34 million , net of tax, which is expected to be amortized over a weighted average period of 2.8 years. Employee Stock Plans – Since June 5, 2013, all awards are granted under the Cabela’s Incorporated 2013 Stock Plan (the “2013 Stock Plan”) and 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 July 2, 2016 , the maximum number of shares available for awards under the 2013 Stock Plan was 1,990,186 . As of July 2, 2016 , there were 1,751,392 awards outstanding under the 2013 Stock Plan and 1,109,056 awards outstanding under the Cabela’s Incorporated 2004 Stock Plan. To the extent available, we will issue treasury shares for the exercise of stock options before issuing new shares. Option Awards. During the six months ended July 2, 2016 , there were 163,000 non-statutory stock options (“NSOs”) granted to employees at an exercise price of $48.40 per share and 25,112 NSOs granted to non-employee directors at an exercise price of $50.45 per share. These options have an eight-year term and vest over four years for employees and over one year for non-employee directors. In addition, on March 2, 2016, the Company issued 64,000 premium-priced NSOs to its Chief Executive Officer at an exercise price of $55.66 (which was equal to 115% of the closing price of the Company's common stock on the New York Stock Exchange on March 2, 2016). The premium-priced NSOs vest in three equal annual installments beginning on March 2, 2017, and expire on March 2, 2024. During the six months ended July 2, 2016 , there were 462,367 options exercised. The aggregate intrinsic value of all awards exercised was $31 million and $32 million during the six months ended July 2, 2016 , and June 27, 2015 , respectively. Based on the Company’s closing stock price of $51.29 at July 2, 2016 , the total number of in-the-money awards exercisable as of July 2, 2016 , was 976,791 . Nonvested Stock and Stock Unit Awards. During the six months ended July 2, 2016 , there were 420,707 units of nonvested stock issued to employees at a weighted average fair value of $47.31 per unit and 12,885 units of nonvested stock issued to non-employee directors at a fair value of $50.45 per unit. These nonvested stock awards 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, 2016 , the Company also issued 92,500 units of performance-based restricted stock units to certain executives at a fair value of $48.40 per unit. These performance-based restricted stock units will begin vesting in four equal annual installments on March 2, 2017 , if the performance criterion is achieved. Employee Stock Purchase Plan – During the six months ended July 2, 2016 , there were 42,660 shares issued under the Cabela’s Incorporated 2013 Employee Stock Purchase Plan with 1,769,635 shares of common stock authorized and available for issuance as of July 2, 2016 . |
Stockholders' Equity and Divide
Stockholders' Equity and Dividend Restrictions | 6 Months Ended |
Jul. 02, 2016 | |
Shareholders' Equity and Dividend Restrictions [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY AND DIVIDEND RESTRICTIONS Retained Earnings – The most significant restrictions on the payment of dividends by the Company to stockholders are contained within the covenants under its revolving credit and unsecured senior notes purchase agreements. Also, Nebraska banking laws govern the amount of dividends that WFB can pay to Cabela’s. On February 11, 2016 , WFB paid a dividend of $40 million to Cabela’s. At July 2, 2016 , the Company had unrestricted retained earnings of $225 million available for dividends. However, the Company has never declared or paid any cash dividends on its common stock, and does not anticipate paying any cash dividends in the foreseeable future. Accumulated Other Comprehensive Loss – The components of accumulated other comprehensive loss, net of related taxes, are as follows for the periods ended: July 2, January 2, June 27, Accumulated net unrealized holding gains on economic development bonds $ 11,761 $ 10,097 $ 7,906 Cumulative foreign currency translation adjustments (44,549 ) (61,011 ) (34,950 ) Total accumulated other comprehensive loss $ (32,788 ) $ (50,914 ) $ (27,044 ) Treasury Stock – On September 1, 2015 , we announced that our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $500 million of its common stock over a two-year period. This authorization was in addition to the standing annual authorization to repurchase shares to offset dilution resulting from equity-based awards issued under the Company’s equity compensation plans. This share repurchase program does not obligate us to repurchase any outstanding shares of our common stock, and the program may be limited or terminated at any time . There is no guarantee as to the exact number of shares that we will repurchase. In addition, the total amount of share repurchases that we can make in a year is limited to 75% of the Company’s prior year consolidated earnings before interest, taxes, depreciation and amortization, as defined, pursuant to a covenant requirement of its credit agreement. We did not engage in any stock repurchase activity in the three and six months ended July 2, 2016 . As of July 2, 2016 , we can repurchase up to $426 million of our common stock under this program. The following table reconciles the Company’s treasury stock activity for the periods presented. Three Months Ended Six Months Ended July 2, June 27, July 2, June 27, Balance, beginning of period 3,351,162 — 3,776,305 — Purchase of treasury stock at cost — 1,000,000 — 1,000,000 Treasury shares issued on exercise of stock options and share-based payment awards (221,224 ) (77,744 ) (646,367 ) (77,744 ) Balance, end of period 3,129,938 922,256 3,129,938 922,256 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 02, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE The following table reconciles the weighted average number of shares utilized in the earnings per share calculations for the periods presented. Three Months Ended Six Months Ended July 2, June 27, July 2, June 27, Common shares – basic 68,388,426 71,065,258 68,168,772 71,168,661 Effect of incremental dilutive securities: Stock options and nonvested stock units 520,977 307,717 631,208 536,473 Common shares – diluted 68,909,403 71,372,975 68,799,980 71,705,134 Stock options outstanding considered anti-dilutive excluded from calculation 1,287,951 663,797 1,511,148 663,797 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jul. 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 six months ended: July 2, June 27, Non-cash financing and investing activities: Accrued property and equipment additions (1) $ 5,941 $ 44,589 Other cash flow information: Interest paid (2) $ 68,230 $ 39,830 Capitalized interest (2,284 ) (6,429 ) Interest paid, net of capitalized interest $ 65,946 $ 33,401 Income taxes paid, net of refunds $ 21,845 $ 42,505 (1) Accrued property and equipment additions are recognized in the condensed consolidated statements of cash flows in the period they are paid. (2) Includes interest paid by the Financial Services segment totaling $39 million and $33 million , respectively. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jul. 02, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT REPORTING Guidance under Accounting Standards Codification Topic 280, “Segment Reporting,” requires companies to evaluate their reportable operating segments periodically and when certain events occur. Recent changes in our executive management structure and responsibilities resulted in a change in the Company’s chief operating decision maker function. As a result of these changes, as well as the finalization and implementation of our Vision 2020 strategic plan and operational changes in our organizational structure, the Company updated its reportable segments effective the beginning of fiscal year 2016. The Company now accounts for its operations as two reportable segments: Merchandising and Financial Services. The Merchandising segment sells products and services through the Company’s retail stores, our e-commerce websites (Cabelas.com and Cabelas.ca), and our catalogs. The United States merchandising and Canada merchandising operating segments have been aggregated into our reportable Merchandising segment. We are an omni-channel retailer with capabilities that allow a customer to use more than one channel when making a purchase, including retail stores, online, and mobile channels, and have it fulfilled, in most cases, either through in-store customer pickup or by direct shipment to the customer from one of our distribution centers, retail stores, or vendor drop-ship. Other non-merchandise revenue included in our Merchandising segment primarily includes 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; real estate rental income; and real estate land sales. The Financial Services segment issues co-branded credit cards which are available through all of our channels. Our Cabela’s CLUB cardholders also earn points from our loyalty rewards programs that can be redeemed through all of our customer shopping channels. Results for the three and six months ended June 27, 2015 , presented in the tables below and in Management’s Discussion and Analysis of Financial Condition and Results of Operations – “ Three Months Ended July 2, 2016 , Compared to June 27, 2015 ,” and “ Six Months Ended July 2, 2016 , Compared to June 27, 2015 ,” presented herein, have been recast to reflect these new segments. Primary operating costs by segment are summarized below. Merchandising Segment: • Employee compensation and benefits, advertising and marketing costs, depreciation, and retail store related occupancy costs. • Costs relating to receiving, distribution, and storage of inventory; and merchandising, order processing, and quality assurance costs. • Corporate headquarters occupancy costs, other general and administrative costs, and costs relating to operations of various ancillary subsidiaries such as real estate. Financial Services Segment: • Advertising and promotion, license fees, third party services for processing credit card transactions, employee compensation and benefits, and other general and administrative costs. Segment assets are those directly used in each operating segment’s operations. Depreciation, amortization, and property and equipment expenditures are recognized as directly expensed and used in each respective segment. Major assets by segment are summarized below. Merchandising Segment: • Land, buildings, fixtures, and leasehold improvements, including corporate headquarters and facilities. • In-store inventory, receivables, and prepaid expenses. • Merchandise distribution inventory, technology infrastructure and related information technology systems, corporate cash and cash equivalents, economic development bonds, deferred income taxes, and other corporate long-lived assets. Financial Services Segment: • Cash, credit card loans, restricted cash, receivables, property and equipment, and other assets. Under an Intercompany Agreement, the Financial Services segment pays to the Merchandising segment 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 Merchandising segment 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 Merchandising segment. This reimbursement from our Financial Services segment to our Merchandising segment for certain promotional costs was eliminated in consolidation. 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 Merchandising segment equal to 50% of the amount that the total risk-based capital ratio exceeds 13% . No additional license fee was paid in either the six months ended July 2, 2016 , or the six months ended June 27, 2015 . Financial information for our two segments is presented in the following table for the periods presented: Financial Services Three Months Ended July 2, 2016: Merchandising Total Merchandise sales $ 786,203 $ — $ 786,203 Non-merchandise revenue: Financial Services — 129,662 129,662 Other 8,613 — 8,613 Total revenue before intersegment eliminations 794,816 129,662 924,478 Intersegment revenue eliminated in consolidation — 5,419 5,419 Total revenue as reported $ 794,816 $ 135,081 $ 929,897 Operating income $ 18,024 $ 49,685 $ 67,709 Operating income as a percentage of revenue 2.3 % 38.3 % 7.3 % Depreciation and amortization $ 38,551 $ 435 $ 38,986 Assets 3,112,758 5,652,501 8,765,259 Property and equipment additions including accrued amounts 36,259 412 36,671 Three Months Ended June 27, 2015: Merchandise sales $ 706,068 $ — $ 706,068 Non-merchandise revenue: Financial Services — 119,872 119,872 Other 5,265 — 5,265 Total revenue before intersegment eliminations 711,333 119,872 831,205 Intersegment revenue eliminated in consolidation — 5,071 5,071 Total revenue as reported $ 711,333 $ 124,943 $ 836,276 Operating income $ 17,480 $ 45,910 $ 63,390 Operating income as a percentage of revenue 2.5 % 38.3 % 7.6 % Depreciation and amortization $ 32,013 $ 444 $ 32,457 Assets 3,007,897 4,626,057 7,633,954 Property and equipment additions including accrued amounts 128,269 133 128,402 Financial Services Six Months Ended July 2, 2016: Merchandising Total Merchandise sales $ 1,506,118 $ — $ 1,506,118 Non-merchandise revenue: Financial Services — 265,658 265,658 Other 12,537 — 12,537 Total revenue before intersegment eliminations 1,518,655 265,658 1,784,313 Intersegment revenue eliminated in consolidation — 10,246 10,246 Total revenue as reported $ 1,518,655 $ 275,904 $ 1,794,559 Operating income $ 1,629 $ 110,436 $ 112,065 Operating income as a percentage of revenue 0.1 % 41.6 % 6.2 % Depreciation and amortization $ 73,845 $ 851 $ 74,696 Assets 3,112,758 5,652,501 8,765,259 Property and equipment additions including accrued amounts 90,663 628 91,291 Six Months Ended June 27, 2015: Merchandise sales $ 1,403,722 $ — $ 1,403,722 Non-merchandise revenue: Financial Services — 238,308 238,308 Other 11,774 — 11,774 Total revenue before intersegment eliminations 1,415,496 238,308 1,653,804 Intersegment revenue eliminated in consolidation — 9,548 9,548 Total revenue as reported $ 1,415,496 $ 247,856 $ 1,663,352 Operating income $ 13,536 $ 94,387 $ 107,923 Operating income as a percentage of revenue 1.0 % 39.6 % 6.5 % Depreciation and amortization $ 62,815 $ 863 $ 63,678 Assets 3,007,897 4,626,057 7,633,954 Property and equipment additions including accrued amounts 225,098 724 225,822 The components and amounts of total revenue for the Financial Services segment were as follows for the periods presented: Three Months Ended Six Months Ended July 2, June 27, July 2, June 27, Interest and fee income $ 141,180 $ 112,965 $ 280,928 $ 224,893 Interest expense (20,929 ) (16,811 ) (40,802 ) (32,430 ) Provision for loan losses (32,404 ) (15,831 ) (55,224 ) (29,061 ) Net interest income, net of provision for loan losses 87,847 80,323 184,902 163,402 Non-interest income: Interchange income 104,841 98,509 199,837 186,203 Other non-interest income 875 821 1,545 1,503 Total non-interest income 105,716 99,330 201,382 187,706 Less: Customer rewards costs (58,482 ) (54,710 ) (110,380 ) (103,252 ) Financial Services revenue $ 135,081 $ 124,943 $ 275,904 $ 247,856 The following table sets forth the percentage of our merchandise revenue contributed by major product categories for our Merchandising segment for the periods presented: Three Months Ended Six Months Ended July 2, June 27, July 2, June 27, Hunting Equipment 39.7 % 34.3 % 44.4 % 41.0 % General Outdoors 43.7 48.9 37.9 39.9 Clothing and Footwear 16.6 16.8 17.7 19.1 Total 100.0 % 100.0 % 100.0 % 100.0 % |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 02, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | nancial 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 July 2, 2016 , the financial instruments carried on our condensed consolidated balance sheets subject to fair value measurements consisted of economic development bonds (included in other assets) and were classified as Level 3 for valuation purposes. For the six months ended July 2, 2016 , and June 27, 2015 , there were no transfers in or out of Levels 1, 2, or 3. There were no significant changes in the fair value of the economic development bonds which are measured on a recurring basis using significant unobservable inputs (Level 3) for the six months ended July 2, 2016 , compared to the fiscal year ended 2015 or the six months ended June 27, 2015 . There were no other than temporary fair value adjustments of economic development bonds and no adjustments of deferred grant income related to economic development bonds in the six months ended July 2, 2016 , or June 27, 2015 . In the three months ended July 2, 2016 , we recognized an impairment loss of $0.5 million on a property based on a sales contract. The value of this property adjusted for selling costs was $0.3 million and its carrying value was $0.8 million . In addition, in the six months ended July 2, 2016 , we recognized an impairment loss of $0.1 million on a parcel of unimproved land based on a sales contract. The value of this property adjusted for selling costs was $1.3 million and its carrying value was $1.4 million . Both of these impairment losses were recognized in the Merchandising segment. The table below presents the estimated fair values of the Company’s financial instruments that are not carried at fair value on our condensed consolidated balance sheets at the periods indicated. The fair values of all financial instruments listed below were estimated based on internally developed models or methodologies utilizing observable inputs (Level 2). July 2, 2016 January 2, 2016 June 27, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Credit card loans, net $ 5,062,226 $ 5,062,226 $ 5,035,267 $ 5,035,267 $ 4,392,769 $ 4,392,769 Financial Liabilities: Time deposits 1,196,874 1,215,001 879,899 879,197 827,475 825,095 Secured variable funding obligations of the Trust — — 655,000 655,000 65,000 65,000 Secured obligations of the Trust, net of unamortized debt issuance costs 3,825,086 3,843,397 3,230,932 3,179,767 3,103,414 3,074,510 Long-term debt 911,189 936,137 859,350 892,425 822,945 841,443 |
Impairment and Restructuring Ch
Impairment and Restructuring Charges (Notes) | 6 Months Ended |
Jul. 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 periods presented: Three Months Ended Six Months Ended July 2, 2016 Impairment losses relating to: Property, equipment, and other assets $ 454 $ 454 Other property — 141 454 595 Restructuring charges for severance and related benefits 505 3,336 Total $ 959 $ 3,931 Impairment – We evaluate the recoverability of economic development bonds, property (including existing store locations and future retail store sites), equipment, goodwill, other property, and other intangibles whenever indicators of impairment exist. In the three months ended July 2, 2016 , we recognized an impairment loss of $0.5 million on a property based on a sales contract. The value of this property adjusted for selling costs was $0.3 million and its carrying value was $0.8 million . In addition, in the six months ended July 2, 2016 , we recognized an impairment loss of $0.1 million on a parcel of unimproved land based on a sales contract. The value of this property adjusted for selling costs was $1.3 million and its carrying value was $1.4 million . Both of these impairment losses were recognized in the Merchandising segment. We did not recognize any impairment during the six months ended June 27, 2015 . 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. Restructuring Charges – In the three and six months ended July 2, 2016 , we incurred charges totaling $1 million and $3 million for severance and related benefits primarily attributable to our corporate restructuring and reduction in the number of personnel. These charges were recognized in the Merchandising segment. The activity relating to the liability for these severance benefits, which was included in accrued expenses and other liabilities in our condensed consolidated balance sheets, is summarized in the following table for the periods presented: Three Months Ended Six Months Ended July 2, 2016 Balance, beginning of period $ 3,731 $ 2,799 Charges for severance and related benefits 505 3,336 Payments (1,710 ) (3,609 ) Balance, end of period $ 2,526 $ 2,526 |
Accounting Pronouncements (Note
Accounting Pronouncements (Notes) | 6 Months Ended |
Jul. 02, 2016 | |
Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | ACCOUNTING PRONOUNCEMENTS The following accounting standards are grouped by their effective date applicable to the Company: First quarter of fiscal year 2017: In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory” (“ASU 2015-11”). Under this standard, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. ASU 2015-11 defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. We have evaluated the provisions of this statement and do not intend to apply early adoption. We believe that the adoption of ASU 2015-11 will not have a material impact on the Company’s consolidated financial position or results of operations. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). This standard is intended to simplify several aspects of the accounting for share-based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and classifications in the statement of cash flows. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. We are evaluating the provisions of this statement and do not intend to apply early adoption. We have not determined what impact the adoption of ASU 2016-09 will have on the Company’s consolidated financial position or results of operations. First quarter of fiscal year 2018: In May 2014, the FASB issued 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. Early adoption is permitted. We are evaluating the provisions of this statement and do 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. First quarter of fiscal year 2019: In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under this standard, operating and finance leases with a lease term of more than 12 months will be recorded in the balance sheet as right-of-use assets with offsetting lease liabilities based on the present value of future lease payments. The standard also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted and requires the use of a modified retrospective transition approach, which includes a number of optional practical expedients that entities may elect to apply. We are evaluating the provisions of this statement, including which period to adopt, and have not determined what impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial position or results of operations. First quarter of fiscal year 2020: In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 will change the accounting for credit impairment by adding an impairment model that is based on expected losses rather than incurred losses. Under this standard, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. ASU 2016-13 is effective for the first interim period within annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are evaluating the provisions of this statement, including which period to adopt, and have not determined what impact the adoption of ASU 2016-13 will have on the Company’s consolidated financial position or results of operations. |
Cabela's Master Credit Card T24
Cabela's Master Credit Card Trust (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Cabela's Master Credit Card Trust [Abstract] | |
Consolidated Assets and Liabilities of the Trust [Table Text Block] | The following table presents the components of the consolidated assets and liabilities of the Trust at the periods ended: July 2, January 2, June 27, Consolidated assets: Restricted credit card loans, net of allowance of $83,670, $75,450, and $54,580 $ 5,031,040 $ 4,991,210 $ 4,366,592 Restricted cash 40,978 40,983 34,104 Total $ 5,072,018 $ 5,032,193 $ 4,400,696 Consolidated liabilities: Secured variable funding obligations $ — $ 655,000 $ 65,000 Secured obligations, net of unamortized debt issuance costs of $8,414, $7,568, and $7,586 3,825,086 3,230,932 3,103,414 Interest due to third party investors 2,703 2,682 2,171 Total $ 3,827,789 $ 3,888,614 $ 3,170,585 |
Credit Card Loans and Allowan25
Credit Card Loans and Allowance For Loan Losses Credit Card Loans (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Credit Card Loans [Abstract] | |
Credit Card Loans [Table Text Block] | The following table reflects the composition of the credit card loans at the periods ended: July 2, January 2, June 27, Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) $ 5,114,711 $ 5,066,660 $ 4,421,172 Unrestricted credit card loans 26,385 38,278 21,683 Total credit card loans 5,141,096 5,104,938 4,442,855 Allowance for loan losses (83,950 ) (75,911 ) (54,742 ) Deferred credit card origination costs 5,080 6,240 4,656 Credit card loans, net $ 5,062,226 $ 5,035,267 $ 4,392,769 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented: Three Months Ended July 2, 2016 June 27, 2015 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 66,431 $ 8,322 $ 74,753 $ 48,272 $ 7,670 $ 55,942 Provision for loan losses 30,692 1,712 32,404 13,835 1,996 15,831 Charge-offs (27,132 ) (2,446 ) (29,578 ) (18,459 ) (3,666 ) (22,125 ) Recoveries 5,541 830 6,371 3,924 1,170 5,094 Net charge-offs (21,591 ) (1,616 ) (23,207 ) (14,535 ) (2,496 ) (17,031 ) Balance, end of period $ 75,532 $ 8,418 $ 83,950 $ 47,572 $ 7,170 $ 54,742 Six Months Ended July 2, 2016 June 27, 2015 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 67,654 $ 8,257 $ 75,911 $ 48,832 $ 7,740 $ 56,572 Provision for loan losses 51,518 3,706 55,224 24,603 4,458 29,061 Charge-offs (54,101 ) (5,155 ) (59,256 ) (35,668 ) (7,447 ) (43,115 ) Recoveries 10,461 1,610 12,071 9,805 2,419 12,224 Net charge-offs (43,640 ) (3,545 ) (47,185 ) (25,863 ) (5,028 ) (30,891 ) Balance, end of period $ 75,532 $ 8,418 $ 83,950 $ 47,572 $ 7,170 $ 54,742 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter Fair Isaac Corporation (“FICO”) score at the periods ended: FICO Score of Credit Card Loans Segment Restructured Credit Card Loans Segment (1) July 2, 2016: 691 and Below 692 - 758 759 and Above Total Credit card loan status: Current $ 823,146 $ 1,718,604 $ 2,455,453 $ 30,669 $ 5,027,872 1 to 29 days past due 34,035 19,596 16,515 2,913 73,059 30 to 59 days past due 12,284 1,828 442 1,664 16,218 60 or more days past due 21,171 368 95 2,313 23,947 Total past due 67,490 21,792 17,052 6,890 113,224 Total credit card loans $ 890,636 $ 1,740,396 $ 2,472,505 $ 37,559 $ 5,141,096 90 days or more past due and still accruing $ 10,844 $ 60 $ 14 $ 1,018 $ 11,936 Non-accrual — — — 7,179 7,179 January 2, 2016: 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 June 27, 2015: Credit card loan status: Current $ 635,457 $ 1,485,797 $ 2,201,591 $ 28,418 $ 4,351,263 1 to 29 days past due 26,434 18,453 15,484 3,253 63,624 30 to 59 days past due 8,827 1,423 409 1,211 11,870 60 or more days past due 13,654 377 32 2,035 16,098 Total past due 48,915 20,253 15,925 6,499 91,592 Total credit card loans $ 684,372 $ 1,506,050 $ 2,217,516 $ 34,917 $ 4,442,855 90 days or more past due and still accruing $ 7,188 $ 62 $ 3 $ 862 $ 8,115 Non-accrual — — — 5,618 5,618 (1) Included in the allowance for loan losses were specific allowances for loan losses of $8 million at July 2, 2016 , and January 2, 2016 , and $7 million at June 27, 2015 . |
Borrowings of Financial Servi26
Borrowings of Financial Services Segment (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Borrowings of Financial Services Subsidiary [Abstract] | |
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings [Table Text Block] | July 2, 2016: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2011-IV October 2016 $ 165,000 1.90 % $ 90,000 0.99 % $ 255,000 1.58 % Series 2012-I February 2017 275,000 1.63 150,000 0.97 425,000 1.40 Series 2012-II June 2017 300,000 1.45 125,000 0.92 425,000 1.29 Series 2013-I February 2023 327,250 2.71 — — 327,250 2.71 Series 2013-II August 2018 100,000 2.17 197,500 1.09 297,500 1.45 Series 2014-I March 2017 — — 255,000 0.79 255,000 0.79 Series 2014-II July 2019 — — 340,000 0.89 340,000 0.89 Series 2015-I March 2020 218,750 2.26 100,000 0.98 318,750 1.86 Series 2015-II July 2020 240,000 2.25 100,000 1.11 340,000 1.92 Series 2016-I June 2019 570,000 1.78 280,000 1.35 850,000 1.64 Secured obligations of the Trust 2,196,000 1,637,500 3,833,500 Less unamortized debt issuance costs (5,137 ) (3,277 ) (8,414 ) Secured obligations of the Trust, net 2,190,863 1,634,223 3,825,086 Less current maturities of secured long-term obligations of the Trust, net (739,525 ) (619,507 ) (1,359,032 ) Secured long-term obligations of the Trust, less current maturities, net $ 1,451,338 $ 1,014,716 $ 2,466,054 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 unamortized debt issuance costs (4,317 ) (3,251 ) (7,568 ) Secured obligations of the Trust, net 1,776,683 1,454,249 3,230,932 Less current maturities of secured long-term obligations of the Trust, net (319,793 ) (189,880 ) (509,673 ) Secured long-term obligations of the Trust, less current maturities, net $ 1,456,890 $ 1,264,369 $ 2,721,259 June 27, 2015: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2010-II September 2015 $ 127,500 2.29 % $ 85,000 0.89 % $ 212,500 1.73 % Series 2011-II June 2016 155,000 2.39 100,000 0.79 255,000 1.76 Series 2011-IV October 2016 165,000 1.90 90,000 0.74 255,000 1.49 Series 2012-I February 2017 275,000 1.63 150,000 0.72 425,000 1.31 Series 2012-II June 2017 300,000 1.45 125,000 0.67 425,000 1.22 Series 2013-I February 2023 327,250 2.71 — — 327,250 2.71 Series 2013-II August 2018 100,000 2.17 197,500 0.84 297,500 1.28 Series 2014-I March 2017 — — 255,000 0.54 255,000 0.54 Series 2014-II July 2019 — — 340,000 0.64 340,000 0.64 Series 2015-I March 2020 218,750 2.26 100,000 0.73 318,750 1.78 Secured obligations of the Trust 1,668,500 1,442,500 3,111,000 Less unamortized debt issuance costs (4,018 ) (3,568 ) (7,586 ) Secured obligations of the Trust, net 1,664,482 1,438,932 3,103,414 Less current maturities of secured long-term obligations of the Trust, net (282,321 ) (184,884 ) (467,205 ) Secured long-term obligations of the Trust, less current maturities, net $ 1,382,161 $ 1,254,048 $ 2,636,209 |
Long-Term Debt and Capital Le27
Long-Term Debt and Capital Leases (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | Long-term debt, including revolving credit facilities and capital leases, consisted of the following at the periods ended: July 2, January 2, June 27, Unsecured $775 million revolving credit facility $ 275,000 $ — $ 511,632 Unsecured senior notes due 2017 with interest at 6.08% 60,000 60,000 60,000 Unsecured senior notes due 2016-2018 with interest at 7.20% 16,286 24,428 24,428 Unsecured senior notes due 2020, 2022, and 2025; with interest rates ranging from 3.23% to 4.11% 550,000 550,000 — Capital lease obligations contractually payable through 2036 11,700 11,853 12,000 Unsecured notes due 2016 with interest at 5.99% — 215,000 215,000 Total debt 912,986 861,281 823,060 Less current portion of debt (68,461 ) (223,452 ) (223,443 ) Less unamortized debt issuance costs (1,797 ) (1,931 ) (115 ) Long-term debt, less current maturities, net $ 842,728 $ 635,898 $ 599,502 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Income Taxes [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax rate was 39.3% and 38.3% for the three and six months ended July 2, 2016 , compared to 34.1% and 35.3% for the respective three and six months ended June 27, 2015 . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Future Minimum Lease Payments [Line Items] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following is a schedule of future minimum rental payments under operating leases at July 2, 2016 : For the six months ending December 31, 2016 $ 12,500 For the fiscal years ending: 2017 23,600 2018 23,386 2019 22,897 2020 22,245 Thereafter 295,318 Total $ 399,946 |
Stockholders' Equity and Divi30
Stockholders' Equity and Dividend Restrictions (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Shareholders' Equity and Dividend Restrictions [Abstract] | |
Treasury Stock Activity [Table Text Block] | The following table reconciles the Company’s treasury stock activity for the periods presented. Three Months Ended Six Months Ended July 2, June 27, July 2, June 27, Balance, beginning of period 3,351,162 — 3,776,305 — Purchase of treasury stock at cost — 1,000,000 — 1,000,000 Treasury shares issued on exercise of stock options and share-based payment awards (221,224 ) (77,744 ) (646,367 ) (77,744 ) Balance, end of period 3,129,938 922,256 3,129,938 922,256 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss, net of related taxes, are as follows for the periods ended: July 2, January 2, June 27, Accumulated net unrealized holding gains on economic development bonds $ 11,761 $ 10,097 $ 7,906 Cumulative foreign currency translation adjustments (44,549 ) (61,011 ) (34,950 ) Total accumulated other comprehensive loss $ (32,788 ) $ (50,914 ) $ (27,044 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles the weighted average number of shares utilized in the earnings per share calculations for the periods presented. Three Months Ended Six Months Ended July 2, June 27, July 2, June 27, Common shares – basic 68,388,426 71,065,258 68,168,772 71,168,661 Effect of incremental dilutive securities: Stock options and nonvested stock units 520,977 307,717 631,208 536,473 Common shares – diluted 68,909,403 71,372,975 68,799,980 71,705,134 Stock options outstanding considered anti-dilutive excluded from calculation 1,287,951 663,797 1,511,148 663,797 |
Supplemental Cash Flow Inform32
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table sets forth non-cash financing and investing activities and other cash flow information for the six months ended: July 2, June 27, Non-cash financing and investing activities: Accrued property and equipment additions (1) $ 5,941 $ 44,589 Other cash flow information: Interest paid (2) $ 68,230 $ 39,830 Capitalized interest (2,284 ) (6,429 ) Interest paid, net of capitalized interest $ 65,946 $ 33,401 Income taxes paid, net of refunds $ 21,845 $ 42,505 (1) Accrued property and equipment additions are recognized in the condensed consolidated statements of cash flows in the period they are paid. (2) Includes interest paid by the Financial Services segment totaling $39 million and $33 million , respectively. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial Services Three Months Ended July 2, 2016: Merchandising Total Merchandise sales $ 786,203 $ — $ 786,203 Non-merchandise revenue: Financial Services — 129,662 129,662 Other 8,613 — 8,613 Total revenue before intersegment eliminations 794,816 129,662 924,478 Intersegment revenue eliminated in consolidation — 5,419 5,419 Total revenue as reported $ 794,816 $ 135,081 $ 929,897 Operating income $ 18,024 $ 49,685 $ 67,709 Operating income as a percentage of revenue 2.3 % 38.3 % 7.3 % Depreciation and amortization $ 38,551 $ 435 $ 38,986 Assets 3,112,758 5,652,501 8,765,259 Property and equipment additions including accrued amounts 36,259 412 36,671 Three Months Ended June 27, 2015: Merchandise sales $ 706,068 $ — $ 706,068 Non-merchandise revenue: Financial Services — 119,872 119,872 Other 5,265 — 5,265 Total revenue before intersegment eliminations 711,333 119,872 831,205 Intersegment revenue eliminated in consolidation — 5,071 5,071 Total revenue as reported $ 711,333 $ 124,943 $ 836,276 Operating income $ 17,480 $ 45,910 $ 63,390 Operating income as a percentage of revenue 2.5 % 38.3 % 7.6 % Depreciation and amortization $ 32,013 $ 444 $ 32,457 Assets 3,007,897 4,626,057 7,633,954 Property and equipment additions including accrued amounts 128,269 133 128,402 |
Revenue Components of Financial Services Segment [Table Text Block] | periods presented: Three Months Ended Six Months Ended July 2, June 27, July 2, June 27, Interest and fee income $ 141,180 $ 112,965 $ 280,928 $ 224,893 Interest expense (20,929 ) (16,811 ) (40,802 ) (32,430 ) Provision for loan losses (32,404 ) (15,831 ) (55,224 ) (29,061 ) Net interest income, net of provision for loan losses 87,847 80,323 184,902 163,402 Non-interest income: Interchange income 104,841 98,509 199,837 186,203 Other non-interest income 875 821 1,545 1,503 Total non-interest income 105,716 99,330 201,382 187,706 Less: Customer rewards costs (58,482 ) (54,710 ) (110,380 ) (103,252 ) Financial Services revenue $ 135,081 $ 124,943 $ 275,904 $ 247,856 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended Six Months Ended July 2, June 27, July 2, June 27, Hunting Equipment 39.7 % 34.3 % 44.4 % 41.0 % General Outdoors 43.7 48.9 37.9 39.9 Clothing and Footwear 16.6 16.8 17.7 19.1 Total 100.0 % 100.0 % 100.0 % 100.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | July 2, 2016 January 2, 2016 June 27, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Credit card loans, net $ 5,062,226 $ 5,062,226 $ 5,035,267 $ 5,035,267 $ 4,392,769 $ 4,392,769 Financial Liabilities: Time deposits 1,196,874 1,215,001 879,899 879,197 827,475 825,095 Secured variable funding obligations of the Trust — — 655,000 655,000 65,000 65,000 Secured obligations of the Trust, net of unamortized debt issuance costs 3,825,086 3,843,397 3,230,932 3,179,767 3,103,414 3,074,510 Long-term debt 911,189 936,137 859,350 892,425 822,945 841,443 |
Impairment and Restructuring 35
Impairment and Restructuring Charges (Tables) | 6 Months Ended |
Jul. 02, 2016 | |
Impairment and Restructuring Charges [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Six Months Ended July 2, 2016 Impairment losses relating to: Property, equipment, and other assets $ 454 $ 454 Other property — 141 454 595 Restructuring charges for severance and related benefits 505 3,336 Total $ 959 $ 3,931 |
Management Representations (Det
Management Representations (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Jan. 02, 2016 | Jun. 27, 2015 | Dec. 27, 2014 |
Other assets | $ (142,314) | $ (138,715) | $ (118,044) | |
Cash and Cash Equivalents, at Carrying Value | 542,067 | 315,066 | 144,234 | $ 142,758 |
Cash and Cash Equivalent at Subsidiary | 455,000 | 157,000 | 83,000 | |
Assets | (8,765,259) | (8,463,004) | (7,633,954) | |
Debt, Current | (1,359,032) | (509,673) | (467,205) | |
Liabilities, Current | (2,387,485) | (2,475,576) | (1,874,003) | |
Secured long-term obligations of the Trust, less current maturities | (2,466,054) | (2,721,259) | (2,636,209) | |
Long-term debt, less current maturities | (842,728) | (635,898) | (599,502) | |
Liabilities and Equity | $ (8,765,259) | (8,463,004) | (7,633,954) | |
Deferred Tax Assets, Net, Current | 12,000 | |||
Scenario, Previously Reported [Member] | ||||
Other assets | (148,214) | (125,745) | ||
Assets | (8,472,503) | (7,641,655) | ||
Debt, Current | (510,000) | (467,500) | ||
Liabilities, Current | (2,475,903) | (1,874,298) | ||
Secured long-term obligations of the Trust, less current maturities | (2,728,500) | (2,643,500) | ||
Long-term debt, less current maturities | (637,829) | (599,617) | ||
Liabilities and Equity | (8,472,503) | (7,641,655) | ||
Adjustments for New Accounting Pronouncement [Member] | ||||
Other assets | (9,499) | (7,701) | ||
Assets | (9,499) | (7,701) | ||
Debt, Current | (327) | (295) | ||
Liabilities, Current | (327) | (295) | ||
Secured long-term obligations of the Trust, less current maturities | (7,241) | (7,291) | ||
Long-term debt, less current maturities | (1,931) | (115) | ||
Liabilities and Equity | $ (9,499) | $ (7,701) |
Cabela's Master Credit Card T37
Cabela's Master Credit Card Trust (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Jan. 02, 2016 | Jun. 27, 2015 |
Consolidated assets: [Abstract] | |||
Restricted credit card loans, net of allowance of $83,670, $75,450, and $54,580 | $ 5,031,040 | $ 4,991,210 | $ 4,366,592 |
Restricted cash of the Trust | 40,978 | 40,983 | 34,104 |
Total Consolidated Assets of the Trust | 5,072,018 | 5,032,193 | 4,400,696 |
Consolidated liabilities: [Abstract] | |||
Secured variable funding obligations | 0 | 655,000 | 65,000 |
Secured obligations, net of unamortized debt issuance costs of $8,414, $7,568, and $7,586 | 3,825,086 | 3,230,932 | 3,103,414 |
Interest due to third party investors | 2,703 | 2,682 | 2,171 |
Total Consolidated liabilities of the Trust | 3,827,789 | 3,888,614 | 3,170,585 |
Unamortized Debt Issuance Expense | 1,797 | 1,931 | 115 |
Cabela's Master Credit Card Trust [Member] | |||
Consolidated assets: [Abstract] | |||
Allowance for loan losses | 83,670 | 75,450 | 54,580 |
Secured Debt [Member] | |||
Consolidated liabilities: [Abstract] | |||
Unamortized Debt Issuance Expense | $ 8,414 | $ 7,568 | $ 7,586 |
Credit Card Loans and Allowan38
Credit Card Loans and Allowance For Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | Jan. 02, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | |||||
Provision for loan losses | $ 55,224 | $ 29,061 | |||
Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) | $ 5,114,711 | $ 4,421,172 | 5,114,711 | 4,421,172 | $ 5,066,660 |
Unrestricted credit card loans | 26,385 | 21,683 | 26,385 | 21,683 | 38,278 |
Credit Card Receivables | 5,141,096 | 4,442,855 | 5,141,096 | 4,442,855 | 5,104,938 |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 74,753 | 55,942 | 75,911 | 56,572 | |
Provision for loan losses | 32,404 | 15,831 | 55,224 | 29,061 | |
Charge-offs | (29,578) | (22,125) | (59,256) | (43,115) | |
Recoveries | 6,371 | 5,094 | 12,071 | 12,224 | |
Net charge-offs | (23,207) | (17,031) | (47,185) | (30,891) | |
Balance, end of period | 83,950 | 54,742 | 83,950 | 54,742 | |
Loans and Leases Receivable, Consumer, Allowance | 8,000 | 8,258 | 8,000 | 8,258 | 7,000 |
Loans and Leases Receivable, Net Amount | 5,062,226 | 4,392,769 | 5,062,226 | 4,392,769 | 5,035,267 |
Current | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 5,027,872 | 4,351,263 | 5,027,872 | 4,351,263 | 5,004,168 |
1 to 29 days past due | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 73,059 | 63,624 | 73,059 | 63,624 | 61,766 |
30 to 59 days past due | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 16,218 | 11,870 | 16,218 | 11,870 | 14,866 |
60 or more days past due | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 23,947 | 16,098 | 23,947 | 16,098 | 24,138 |
Total past due | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 113,224 | 91,592 | 113,224 | 91,592 | 100,770 |
90 days or more past due and still accruing | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 11,936 | 8,115 | 11,936 | 8,115 | 11,654 |
Non-accrual | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 7,179 | 5,618 | 7,179 | 5,618 | 7,059 |
Financing Receivable [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 75,911 | ||||
Balance, end of period | 83,950 | 54,742 | 83,950 | 54,742 | |
Nonperforming Financing Receivable [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 8,322 | 7,670 | 8,257 | 7,740 | |
Provision for loan losses | 1,712 | 1,996 | 3,706 | 4,458 | |
Charge-offs | (2,446) | (3,666) | (5,155) | (7,447) | |
Recoveries | 830 | 1,170 | 1,610 | 2,419 | |
Net charge-offs | (1,616) | (2,496) | (3,545) | (5,028) | |
Balance, end of period | 8,418 | 7,170 | 8,418 | 7,170 | |
Performing Financing Receivable [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 66,431 | 48,272 | 67,654 | 48,832 | |
Provision for loan losses | 30,692 | 13,835 | 51,518 | 24,603 | |
Charge-offs | (27,132) | (18,459) | (54,101) | (35,668) | |
Recoveries | 5,541 | 3,924 | 10,461 | 9,805 | |
Net charge-offs | (21,591) | (14,535) | (43,640) | (25,863) | |
Balance, end of period | 75,532 | 47,572 | 75,532 | 47,572 | |
Credit Card Receivable [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Deferred credit card origination costs | $ 5,080 | $ 4,656 | $ 5,080 | $ 4,656 | $ 6,240 |
Credit Card Loans and Allowan39
Credit Card Loans and Allowance For Loan Losses Schedule of Credit Card Balances by FICO score (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Jan. 02, 2016 | Jun. 27, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Consumer, Allowance | $ 8,000 | $ 7,000 | $ 8,258 |
Credit Card Receivables | 5,141,096 | 5,104,938 | 4,442,855 |
Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 5,027,872 | 5,004,168 | 4,351,263 |
Past Due, 29 Days or Less [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 73,059 | 61,766 | 63,624 |
Past Due, 30-59 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 16,218 | 14,866 | 11,870 |
Past Due, 60 or More Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 23,947 | 24,138 | 16,098 |
Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 113,224 | 100,770 | 91,592 |
90 Days or More Past Due and Still Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 11,936 | 11,654 | 8,115 |
Non-accrual [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 7,179 | 7,059 | 5,618 |
FICO Score, 691 and Below [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 890,636 | 842,595 | 684,372 |
FICO Score, 691 and Below [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 823,146 | 782,885 | 635,457 |
FICO Score, 691 and Below [Member] | Past Due, 29 Days or Less [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 34,035 | 28,472 | 26,434 |
FICO Score, 691 and Below [Member] | Past Due, 30-59 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 12,284 | 10,931 | 8,827 |
FICO Score, 691 and Below [Member] | Past Due, 60 or More Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 21,171 | 20,307 | 13,654 |
FICO Score, 691 and Below [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 67,490 | 59,710 | 48,915 |
FICO Score, 691 and Below [Member] | 90 Days or More Past Due and Still Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 10,844 | 10,292 | 7,188 |
FICO Score, 691 and Below [Member] | Non-accrual [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 0 | 0 | 0 |
FICO Score, 692-758 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 1,740,396 | 1,695,035 | 1,506,050 |
FICO Score, 692-758 [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 1,718,604 | 1,676,541 | 1,485,797 |
FICO Score, 692-758 [Member] | Past Due, 29 Days or Less [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 19,596 | 16,245 | 18,453 |
FICO Score, 692-758 [Member] | Past Due, 30-59 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 1,828 | 1,713 | 1,423 |
FICO Score, 692-758 [Member] | Past Due, 60 or More Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 368 | 536 | 377 |
FICO Score, 692-758 [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 21,792 | 18,494 | 20,253 |
FICO Score, 692-758 [Member] | 90 Days or More Past Due and Still Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 60 | 111 | 62 |
FICO Score, 692-758 [Member] | Non-accrual [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 0 | 0 | 0 |
FICO Score, 759 and Above [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 2,472,505 | 2,531,266 | 2,217,516 |
FICO Score, 759 and Above [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 2,455,453 | 2,516,420 | 2,201,591 |
FICO Score, 759 and Above [Member] | Past Due, 29 Days or Less [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 16,515 | 14,229 | 15,484 |
FICO Score, 759 and Above [Member] | Past Due, 30-59 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 442 | 506 | 409 |
FICO Score, 759 and Above [Member] | Past Due, 60 or More Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 95 | 111 | 32 |
FICO Score, 759 and Above [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 17,052 | 14,846 | 15,925 |
FICO Score, 759 and Above [Member] | 90 Days or More Past Due and Still Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 14 | 34 | 3 |
FICO Score, 759 and Above [Member] | Non-accrual [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 0 | 0 | 0 |
Restructured Credit Card Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 37,559 | 36,042 | 34,917 |
Restructured Credit Card Loans [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 30,669 | 28,322 | 28,418 |
Restructured Credit Card Loans [Member] | Past Due, 29 Days or Less [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 2,913 | 2,820 | 3,253 |
Restructured Credit Card Loans [Member] | Past Due, 30-59 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 1,664 | 1,716 | 1,211 |
Restructured Credit Card Loans [Member] | Past Due, 60 or More Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 2,313 | 3,184 | 2,035 |
Restructured Credit Card Loans [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 6,890 | 7,720 | 6,499 |
Restructured Credit Card Loans [Member] | 90 Days or More Past Due and Still Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | 1,018 | 1,217 | 862 |
Restructured Credit Card Loans [Member] | Non-accrual [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Credit Card Receivables | $ 7,179 | $ 7,059 | $ 5,618 |
Borrowings of Financial Servi40
Borrowings of Financial Services Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 02, 2016 | Jul. 02, 2016 | Jun. 27, 2015 | Jan. 02, 2016 | Jun. 29, 2016 | |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Current maturities of secured variable funding obligations of the Trust | $ 0 | $ 0 | $ 65,000 | $ 655,000 | |
Current maturities of long-term debt | (68,461) | (68,461) | (223,443) | (223,452) | |
Total debt | 911,189 | 911,189 | 822,945 | 859,350 | |
Unamortized Debt Issuance Expense | (1,797) | (1,797) | (115) | (1,931) | |
Long-term Debt, Gross | 912,986 | 912,986 | 823,060 | 861,281 | |
Less current portion of debt | (1,359,032) | (1,359,032) | (467,205) | (509,673) | |
Repayments of Debt | 2,800,000 | 1,330,000 | |||
Long-term Debt, Excluding Current Maturities | 842,728 | 842,728 | 599,502 | $ 635,898 | |
Secured Debt, Variable Funding Facility [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maximum Borrowing Capacity | 1,300,000 | 1,300,000 | |||
Long-term Debt and Capital Lease Obligations | $ 300,000 | 300,000 | |||
Short-term Debt, Average Outstanding Amount | $ 344,000 | $ 94,000 | |||
Debt, Weighted Average Interest Rate | 1.23% | 1.23% | 0.78% | ||
Maturities of Variable Funding Facilities, 2016 [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Long-term Debt and Capital Lease Obligations | $ 500,000 | $ 500,000 | |||
Maturities of Variable Funding Facilities, 2017 [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Long-term Debt and Capital Lease Obligations | 300,000 | 300,000 | |||
Maturities of Variable Funding Facilities, 2018 [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Long-term Debt and Capital Lease Obligations | 500,000 | $ 500,000 | |||
Series 2010-II | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maturity Date | Sep. 15, 2015 | ||||
Total debt | $ 212,500 | ||||
Long-term Debt, Weighted Average Interest Rate | 1.73% | ||||
Series 2011-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maturity Date | Jun. 15, 2016 | Jun. 15, 2016 | |||
Total debt | $ 255,000 | $ 255,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.76% | 1.82% | |||
Repayments of Debt | 255,000 | ||||
Series 2011-IV [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maturity Date | Oct. 15, 2016 | Oct. 15, 2016 | Oct. 15, 2016 | ||
Current maturities of long-term debt | $ (255,000) | $ (255,000) | |||
Total debt | $ 255,000 | $ 255,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.58% | 1.58% | 1.49% | 1.54% | |
Series 2012-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maturity Date | Feb. 15, 2017 | Feb. 15, 2017 | Feb. 15, 2017 | ||
Total debt | $ 425,000 | $ 425,000 | $ 425,000 | $ 425,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.40% | 1.40% | 1.31% | 1.36% | |
Federal Funds Purchased [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maximum Borrowing Capacity | $ 100,000 | $ 100,000 | |||
Debt Instrument, Amount Outstanding | 0 | $ 0 | $ 0 | $ 0 | |
Series 2012-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maturity Date | Jun. 15, 2017 | Jun. 15, 2017 | Jun. 15, 2017 | ||
Total debt | $ 425,000 | $ 425,000 | $ 425,000 | $ 425,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.29% | 1.29% | 1.22% | 1.26% | |
Series 2013-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maturity Date | Feb. 15, 2023 | Feb. 15, 2023 | Feb. 15, 2023 | ||
Total debt | $ 327,250 | $ 327,250 | $ 327,250 | $ 327,250 | |
Long-term Debt, Weighted Average Interest Rate | 2.71% | 2.71% | 2.71% | 2.71% | |
Series 2013-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maturity Date | Aug. 15, 2018 | Aug. 15, 2018 | Aug. 15, 2018 | ||
Total debt | $ 297,500 | $ 297,500 | $ 297,500 | $ 297,500 | |
Long-term Debt, Weighted Average Interest Rate | 1.45% | 1.45% | 1.28% | 1.38% | |
Series 2014-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2017 | Mar. 15, 2017 | Mar. 15, 2017 | ||
Total debt | $ 255,000 | $ 255,000 | $ 255,000 | $ 255,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.79% | 0.79% | 0.54% | 0.68% | |
Series 2014-ll [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maturity Date | Jul. 15, 2019 | Jul. 15, 2019 | Jul. 15, 2019 | ||
Total debt | $ 340,000 | $ 340,000 | $ 340,000 | $ 340,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.89% | 0.89% | 0.64% | 0.78% | |
Series 2015-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2020 | Mar. 15, 2020 | Mar. 15, 2020 | ||
Total debt | $ 318,750 | $ 318,750 | $ 318,750 | $ 318,750 | |
Long-term Debt, Weighted Average Interest Rate | 1.86% | 1.86% | 1.78% | 1.82% | |
Series 2015-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maturity Date | Jul. 15, 2020 | Jul. 15, 2020 | |||
Total debt | $ 340,000 | $ 340,000 | $ 340,000 | ||
Long-term Debt, Weighted Average Interest Rate | 1.92% | 1.92% | 1.88% | ||
Series 2016-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Maximum Borrowing Capacity | $ 1,000,000 | ||||
Debt Instrument, Maturity Date | Jun. 15, 2019 | ||||
Total debt | $ 850,000 | $ 850,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.64% | 1.64% | |||
Note Class A-1 [Member] | Series 2016-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Notes Issued | $ 570,000 | $ 0 | |||
Fixed Rate Obligation [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Current maturities of long-term debt | (739,525) | (739,525) | $ (282,321) | $ (319,793) | |
Total debt | 2,190,863 | 2,190,863 | 1,664,482 | 1,776,683 | |
Unamortized Debt Issuance Expense | (5,137) | (5,137) | (4,018) | (4,317) | |
Long-term Debt, Gross | 2,196,000 | 2,196,000 | 1,668,500 | 1,781,000 | |
Long-term Debt, Excluding Current Maturities | 1,451,338 | 1,451,338 | 1,382,161 | 1,456,890 | |
Fixed Rate Obligation [Member] | Series 2010-II | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 127,500 | ||||
Long-term Debt, Weighted Average Interest Rate | 2.29% | ||||
Fixed Rate Obligation [Member] | Series 2011-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 155,000 | $ 155,000 | |||
Long-term Debt, Weighted Average Interest Rate | 2.39% | 2.39% | |||
Fixed Rate Obligation [Member] | Series 2011-IV [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Current maturities of long-term debt | $ (165,000) | $ (165,000) | |||
Total debt | $ 165,000 | $ 165,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.90% | 1.90% | 1.90% | 1.90% | |
Fixed Rate Obligation [Member] | Series 2012-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 275,000 | $ 275,000 | $ 275,000 | $ 275,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.63% | 1.63% | 1.63% | 1.63% | |
Fixed Rate Obligation [Member] | Series 2012-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 300,000 | $ 300,000 | $ 300,000 | $ 300,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.45% | 1.45% | 1.45% | 1.45% | |
Fixed Rate Obligation [Member] | Series 2013-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 327,250 | $ 327,250 | $ 327,250 | $ 327,250 | |
Long-term Debt, Weighted Average Interest Rate | 2.71% | 2.71% | 2.71% | 2.71% | |
Fixed Rate Obligation [Member] | Series 2013-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | |
Long-term Debt, Weighted Average Interest Rate | 2.17% | 2.17% | 2.17% | 2.17% | |
Fixed Rate Obligation [Member] | Series 2014-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 0 | $ 0 | $ 0 | $ 0 | |
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | 0.00% | 0.00% | |
Fixed Rate Obligation [Member] | Series 2014-ll [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 0 | $ 0 | $ 0 | $ 0 | |
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | 0.00% | 0.00% | |
Fixed Rate Obligation [Member] | Series 2015-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 218,750 | $ 218,750 | $ 218,750 | $ 218,750 | |
Long-term Debt, Weighted Average Interest Rate | 2.26% | 2.26% | 2.26% | 2.26% | |
Fixed Rate Obligation [Member] | Series 2015-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 240,000 | $ 240,000 | $ 240,000 | ||
Long-term Debt, Weighted Average Interest Rate | 2.25% | 2.25% | 2.25% | ||
Fixed Rate Obligation [Member] | Series 2016-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 570,000 | $ 570,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.78% | 1.78% | |||
Variable Rate Obligations [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Current maturities of long-term debt | $ (619,507) | $ (619,507) | $ (184,884) | $ (189,880) | |
Total debt | 1,634,223 | 1,634,223 | 1,438,932 | 1,454,249 | |
Unamortized Debt Issuance Expense | (3,277) | (3,277) | (3,568) | (3,251) | |
Long-term Debt, Gross | 1,637,500 | 1,637,500 | 1,442,500 | 1,457,500 | |
Long-term Debt, Excluding Current Maturities | 1,014,716 | 1,014,716 | 1,254,048 | 1,264,369 | |
Variable Rate Obligations [Member] | Series 2010-II | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 85,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 0.89% | ||||
Variable Rate Obligations [Member] | Series 2011-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 100,000 | $ 100,000 | |||
Long-term Debt, Weighted Average Interest Rate | 0.79% | 0.93% | |||
Variable Rate Obligations [Member] | Series 2011-IV [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Current maturities of long-term debt | $ (90,000) | $ (90,000) | |||
Total debt | $ 90,000 | $ 90,000 | |||
Long-term Debt, Weighted Average Interest Rate | 0.99% | 0.99% | 0.74% | 0.88% | |
Variable Rate Obligations [Member] | Series 2012-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 150,000 | $ 150,000 | $ 150,000 | $ 150,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.97% | 0.97% | 0.72% | 0.86% | |
Variable Rate Obligations [Member] | Series 2012-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 125,000 | $ 125,000 | $ 125,000 | $ 125,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.92% | 0.92% | 0.67% | 0.81% | |
Variable Rate Obligations [Member] | Series 2013-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 0 | $ 0 | $ 0 | $ 0 | |
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | 0.00% | 0.00% | |
Variable Rate Obligations [Member] | Series 2013-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 197,500 | $ 197,500 | $ 197,500 | $ 197,500 | |
Long-term Debt, Weighted Average Interest Rate | 1.09% | 1.09% | 0.84% | 0.98% | |
Variable Rate Obligations [Member] | Series 2014-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 255,000 | $ 255,000 | $ 255,000 | $ 255,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.79% | 0.79% | 0.54% | 0.68% | |
Variable Rate Obligations [Member] | Series 2014-ll [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 340,000 | $ 340,000 | $ 340,000 | $ 340,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.89% | 0.89% | 0.64% | 0.78% | |
Variable Rate Obligations [Member] | Series 2015-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | |
Long-term Debt, Weighted Average Interest Rate | 0.98% | 0.98% | 0.73% | 0.87% | |
Variable Rate Obligations [Member] | Series 2015-II [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 100,000 | $ 100,000 | $ 100,000 | ||
Long-term Debt, Weighted Average Interest Rate | 1.11% | 1.11% | 1.00% | ||
Variable Rate Obligations [Member] | Series 2016-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Total debt | $ 280,000 | $ 280,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.35% | 1.35% | |||
Secured Debt [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Current maturities of long-term debt | $ (1,359,032) | $ (1,359,032) | $ (467,205) | $ (509,673) | |
Total debt | 3,825,086 | 3,825,086 | 3,103,414 | 3,230,932 | |
Unamortized Debt Issuance Expense | (8,414) | (8,414) | (7,586) | (7,568) | |
Long-term Debt, Gross | 3,833,500 | 3,833,500 | 3,111,000 | 3,238,500 | |
Long-term Debt, Excluding Current Maturities | 2,466,054 | 2,466,054 | $ 2,636,209 | $ 2,721,259 | |
Note Class A-2 [Member] | Series 2016-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Notes Issued | $ 280,000 | ||||
Subordinated Debt [Member] | Series 2016-I [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Notes Issued | $ 150,000 | ||||
Maximum [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||
Minimum [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% |
Long-Term Debt and Capital Le41
Long-Term Debt and Capital Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jul. 02, 2016 | Jun. 27, 2015 | Feb. 27, 2016 | Jan. 02, 2016 | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 775,000 | |||
Unsecured $775 million revolving credit facility | 275,000 | $ 511,632 | $ 0 | |
Unamortized Debt Issuance Expense | (1,797) | (115) | (1,931) | |
Unsecured notes due 2016 with interest at 5.99% | 0 | 215,000 | $ 215,000 | 215,000 |
Unsecured senior notes due 2017 with interest at 6.08% | 60,000 | 60,000 | 60,000 | |
Unsecured senior notes due 2016-2018 with interest at 7.20% | 16,286 | 24,428 | 24,428 | |
Unsecured senior notes due 2020-2025; various interest rates | 550,000 | 0 | 550,000 | |
Capital lease obligations contractually payable through 2036 | 11,700 | 12,000 | 11,853 | |
Total debt | 912,986 | 823,060 | 861,281 | |
Less current portion of debt | 68,461 | 223,443 | 223,452 | |
Long-term debt, less current maturities, net | 842,728 | 599,502 | $ 635,898 | |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 75,000 | |||
Line of Credit Facility, Capacity Available for Trade Purchases | 30,000 | |||
Amount that Line of Credit Facility may be Increased to | 800,000 | |||
Line of Credit Facility, Average Outstanding Amount | $ 250,000 | $ 369,000 | ||
Line of Credit Facility, Interest Rate During Period | 1.81% | 1.33% | ||
Letter of Credit, Average Outstanding Amount | $ 13,000 | $ 20,000 | ||
Unsecured $20 million Canadian revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | |||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 10,000 | |||
Financial Standby Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 34,000 | $ 30,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | Jan. 02, 2016 | |
Unrecognized Tax Benefits | $ 69 | $ 69 | |||
Effective Income Tax Rate, Continuing Operations | 39.30% | 34.10% | 38.30% | 35.30% | |
Unrecognized Tax Benefit, Current | $ 46 | $ 46 | |||
Unrecognized Tax Benefit, Non-current | $ 64 | $ 64 | $ 73 |
Commitments and Contingencies43
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | Jan. 02, 2016 | |
Payments for (Proceeds from) Tenant Allowance | $ 0 | ||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 12,500 | 12,500 | |||
Operating Leases, Rent Expense | 5,000 | $ 6,000 | 11,000 | $ 12,000 | |
Purchase Commitment, Remaining Minimum Amount Committed | 117,000 | 117,000 | |||
Grant Funding Subject to Contractual Remedies | 43,000 | 43,000 | 43,000 | 43,000 | $ 43,000 |
Grant Funding Received | 0 | 0 | |||
Grant Funding Subject to Contractual Remedies, Liability Recorded | 17,000 | 23,000 | 17,000 | 23,000 | 17,000 |
Grant Funding Subject to Contractual Remedies, Liability Recorded, Current | 16,000 | 16,000 | |||
Grant Funding Subject to Contractual Remedies, Liability Recorded, Non-current | 1,000 | 1,000 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 23,600 | 23,600 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 23,386 | 23,386 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 22,897 | 22,897 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 22,245 | 22,245 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 295,318 | 295,318 | |||
Committments to Extend Credit | 36,000,000 | 33,000,000 | 36,000,000 | 33,000,000 | 35,000,000 |
Operating Leases, Future Minimum Payments Due | 399,946 | 399,946 | |||
Payment Guarantee [Member] | |||||
Letters of Credit Outstanding, Amount | 66,000 | $ 77,000 | 66,000 | $ 77,000 | $ 34,000 |
Securities and Exchange Commission [Member] | |||||
Estimated Litigation Liability | 1,000 | 1,000 | |||
California Invasion of Privacy Act [Member] | |||||
Estimated Litigation Liability | $ 3,850 | $ 3,850 |
Stock-Based Compensation Plan44
Stock-Based Compensation Plans and Employee Benefit Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation | $ 6,000 | $ 6,000 | $ 12,555 | $ 10,408 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 34,000 | $ 34,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 9 months 3 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,990,186 | 1,990,186 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 462,367 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 31,000 | $ 32,000 | ||
Closing Stock Price of one share of Cabela's Stock | $ 51.29 | $ 51.29 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 976,791 | 976,791 | ||
Cabela's Incorporated 2004 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,109,056 | 1,109,056 | ||
Cabela's Incorporated 2013 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,751,392 | 1,751,392 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 42,660 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 163,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 48.40 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 420,707 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 47.31 | |||
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 | 1,769,635 | 1,769,635 | ||
Management [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 92,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 48.40 | |||
Director [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 25,112 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 50.45 | |||
Director [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 12,885 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 50.45 | |||
Chief Executive Officer [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 64,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 55.66 |
Stockholders' Equity and Divi45
Stockholders' Equity and Dividend Restrictions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 01, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | |
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $ 40,000 | ||||||||
Treasury Stock, Number of Shares Held | 3,129,938 | 922,256 | 3,129,938 | 922,256 | 3,351,162 | 3,776,305 | 0 | 0 | |
Treasury Stock, Shares, Acquired | 0 | 1,000,000 | |||||||
Stock Repurchased During Period, Shares | 0 | 1,000,000 | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | (221,224) | (77,744) | (646,367) | (77,744) | |||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $ 225,000 | $ 225,000 | |||||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | ||||||||
Cumulative foreign currency translation adjustments | (44,549) | $ (34,950) | (44,549) | $ (34,950) | $ (61,011) | ||||
Accumulated other comprehensive loss | (32,788) | (27,044) | (32,788) | (27,044) | (50,914) | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 426,000 | 426,000 | |||||||
Available-for-sale Securities [Member] | |||||||||
Accumulated net unrealized holding gains on economic development bonds | $ 11,761 | $ 7,906 | $ 11,761 | $ 7,906 | $ 10,097 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Basic weighted average shares outstanding | 68,388,426 | 71,065,258 | 68,168,772 | 71,168,661 |
Stock options and nonvested stock units | 520,977 | 307,717 | 631,208 | 536,473 |
Diluted weighted average shares outstanding | 68,909,403 | 71,372,975 | 68,799,980 | 71,705,134 |
Stock options outstanding considered anti-dilutive excluded from calculation | 1,287,951 | 663,797 | 1,511,148 | 663,797 |
Supplemental Cash Flow Inform47
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest Paid By Subsidiary | $ 39,000 | $ 33,000 |
Accrued property and equipment additions (1) | 5,941 | 44,589 |
Interest Paid | 68,230 | 39,830 |
Interest Paid, Capitalized | 2,284 | 6,429 |
Interest paid (2) | 65,946 | 33,401 |
Income taxes paid, net of refunds | $ 21,845 | $ 42,505 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | Jan. 02, 2016 | |
Segment Reporting Information [Line Items] | |||||
Merchandise Revenue Percentage | 100.00% | 100.00% | 100.00% | 100.00% | |
Interest and Fee Income, Loans, Consumer | $ 141,180 | $ 112,965 | $ 280,928 | $ 224,893 | |
Merchandise sales | 786,203 | 706,068 | 1,506,118 | 1,403,722 | |
Financial Services Revenue | 135,081 | 124,943 | 275,904 | 247,856 | |
Financial Services Revenue Before Intersegment Eliminations | 129,662 | 119,872 | 265,658 | 238,308 | |
Other revenue | 8,613 | 5,265 | 12,537 | 11,774 | |
Total revenues | 929,897 | 836,276 | 1,794,559 | 1,663,352 | |
Total Revenue Before Intersegment Eliminations | 924,478 | 831,205 | 1,784,313 | 1,653,804 | |
Intersegment Revenue Eliminated In Consolidation | 5,419 | 5,071 | 10,246 | 9,548 | |
Operating Income (Loss) | $ 67,709 | $ 63,390 | $ 112,065 | $ 107,923 | |
Operating Income as a Percentage of Revenue | 7.30% | 7.60% | 6.20% | 6.50% | |
Depreciation, Depletion and Amortization | $ 38,986 | $ 32,457 | $ 74,696 | $ 63,678 | |
Assets | 8,765,259 | 7,633,954 | 8,765,259 | 7,633,954 | $ 8,463,004 |
Property, Plant and Equipment, Additions | 36,671 | 128,402 | 91,291 | 225,822 | |
Cash and Cash Equivalent at Subsidiary | 455,000 | 83,000 | 455,000 | 83,000 | $ 157,000 |
Interest Expense, Other | (20,929) | (16,811) | (40,802) | (32,430) | |
Provision for Other Credit Losses | (32,404) | (15,831) | (55,224) | (29,061) | |
Interest Income (Expense), after Provision for Loan Loss | 87,847 | 80,323 | 184,902 | 163,402 | |
Interchange income | 104,841 | 98,509 | 199,837 | 186,203 | |
Noninterest Income, Other Operating Income | 875 | 821 | 1,545 | 1,503 | |
Noninterest Income | 105,716 | 99,330 | 201,382 | 187,706 | |
Customer rewards costs | (58,482) | (54,710) | (110,380) | (103,252) | |
451110 Sporting Goods Stores [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Merchandise sales | 786,203 | 706,068 | 1,506,118 | 1,403,722 | |
Financial Services Revenue | 0 | 0 | 0 | 0 | |
Other revenue | 8,613 | 5,265 | 12,537 | 11,774 | |
Total revenues | 794,816 | 711,333 | 1,518,655 | 1,415,496 | |
Operating Income (Loss) | $ 18,024 | $ 17,480 | $ 1,629 | $ 13,536 | |
Operating Income as a Percentage of Revenue | 2.30% | 2.50% | 0.10% | 1.00% | |
Depreciation, Depletion and Amortization | $ 38,551 | $ 32,013 | $ 73,845 | $ 62,815 | |
Assets | 3,112,758 | 3,007,897 | 3,112,758 | 3,007,897 | |
Property, Plant and Equipment, Additions | 36,259 | 128,269 | 90,663 | 225,098 | |
551111 Offices of Bank Holding Companies [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Merchandise sales | 0 | 0 | 0 | 0 | |
Financial Services Revenue | 119,872 | 238,308 | |||
Other revenue | 0 | 0 | 0 | 0 | |
Total revenues | 135,081 | 124,943 | 275,904 | 247,856 | |
Total Revenue Before Intersegment Eliminations | 129,662 | 119,872 | 265,658 | 238,308 | |
Intersegment Revenue Eliminated In Consolidation | 5,419 | 5,071 | 10,246 | 9,548 | |
Operating Income (Loss) | $ 49,685 | $ 45,910 | $ 110,436 | $ 94,387 | |
Operating Income as a Percentage of Revenue | 38.30% | 38.30% | 41.60% | 39.60% | |
Depreciation, Depletion and Amortization | $ 435 | $ 444 | $ 851 | $ 863 | |
Assets | 5,652,501 | 4,626,057 | 5,652,501 | 4,626,057 | |
Property, Plant and Equipment, Additions | $ 412 | $ 133 | $ 628 | $ 724 | |
Hunting Equipment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Merchandise Revenue Percentage | 39.70% | 34.30% | 44.40% | 41.00% | |
General Outdoor [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Merchandise Revenue Percentage | 43.70% | 48.90% | 37.90% | 39.90% | |
Clothing and Footwear [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Merchandise Revenue Percentage | 16.60% | 16.80% | 17.70% | 19.10% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | Jan. 02, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Impairment of Real Estate | $ 0 | $ 0 | |||
Deferred Grant Income Reduction | $ 0 | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | 141 | |||
Credit card loans (includes restricted credit card loans of the Trust of $5,114,711,$5,066,660, and $4,421,172), net of allowance for loan losses of $83,950,$75,911, and $54,742 | 5,062,226 | 4,392,769 | 5,062,226 | 4,392,769 | $ 5,035,267 |
Loans Receivable, Fair Value Disclosure | 5,062,226 | 4,392,769 | 5,062,226 | 4,392,769 | 5,035,267 |
Time Deposits | 1,196,874 | 827,475 | 1,196,874 | 827,475 | 879,899 |
Deposits, Fair Value Disclosure | 1,215,001 | 825,095 | 1,215,001 | 825,095 | 879,197 |
Secured Debt, Current | 0 | 65,000 | 0 | 65,000 | 655,000 |
Total debt | 911,189 | 822,945 | 911,189 | 822,945 | 859,350 |
Long-term Debt, Fair Value | 936,137 | 841,443 | 936,137 | 841,443 | 892,425 |
Impairment of Long-Lived Assets Held-for-use | 454 | ||||
Carrying Value, Property and Equipment, After Impairment | 300 | 300 | |||
Carrying Value, Property and Equipment, Before Impairment | 800 | 800 | |||
Carrying Value, Other Property, After Impairment | 1,300 | 1,300 | |||
Secured Debt, Variable Funding Facility [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Debt Instrument, Fair Value Disclosure | 0 | 65,000 | 0 | 65,000 | 655,000 |
Secured Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total debt | 3,825,086 | 3,103,414 | 3,825,086 | 3,103,414 | 3,230,932 |
Debt Instrument, Fair Value Disclosure | $ 3,843,397 | $ 3,074,510 | $ 3,843,397 | $ 3,074,510 | $ 3,179,767 |
Impairment and Restructuring 50
Impairment and Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 02, 2016 | Jun. 27, 2015 | Jul. 02, 2016 | Jun. 27, 2015 | Apr. 02, 2016 | Jan. 02, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 454 | |||||
Supplemental Unemployment Benefits, Severance Benefits | 2,526 | $ 2,526 | $ 3,731 | $ 2,799 | ||
Payments for Restructuring | (1,710) | (3,609) | ||||
Carrying Value, Property and Equipment, After Impairment | 300 | 300 | ||||
Carrying Value, Property and Equipment, Before Impairment | 800 | 800 | ||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 141 | ||||
Carrying Value, Other Property, After Impairment | 1,300 | 1,300 | ||||
Asset Impairment Charges | 454 | 595 | ||||
Severance Costs | 505 | 3,336 | ||||
Restructuring Costs and Asset Impairment Charges | 959 | $ 0 | 3,931 | $ 0 | ||
Carrying Value, Land Held For Sale and Other Assets | $ 1,400 | $ 1,400 |