Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 13, 2017 | Jun. 26, 2015 | |
Entity [Abstract] | |||
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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 68,518,091 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,404,776,989 |
Statement of Income
Statement of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Revenue: | |||
Merchandise sales | $ 3,558,019 | $ 3,481,375 | $ 3,200,219 |
Financial Services revenue | 543,061 | 502,543 | 430,385 |
Other revenue | 28,279 | 13,784 | 17,046 |
Total revenue | 4,129,359 | 3,997,702 | 3,647,650 |
Cost of revenue: | |||
Merchandise costs (exclusive of depreciation and amortization) | 2,413,850 | 2,286,554 | 2,058,891 |
Cost of other revenue | 13,135 | 378 | 1,398 |
Total cost of revenue (exclusive of depreciation and amortization) | 2,426,985 | 2,286,932 | 2,060,289 |
Selling, distribution, and administrative expenses | 1,414,312 | 1,387,647 | 1,251,325 |
Impairment and restructuring charges | 14,122 | 15,331 | 641 |
Operating income | 273,940 | 307,792 | 335,395 |
Interest expense, net | (31,481) | (22,882) | (21,842) |
Other non-operating income, net | 5,141 | 9,717 | 4,924 |
Income before provision for income taxes | 247,600 | 294,627 | 318,477 |
Provision for income taxes | 100,653 | 105,297 | 116,762 |
Net income | $ 146,947 | $ 189,330 | $ 201,715 |
Earnings per basic share | $ 2.15 | $ 2.70 | $ 2.84 |
Earnings per diluted share | $ 2.13 | $ 2.67 | $ 2.81 |
Basic weighted average shares outstanding | 68,323,540 | 70,102,715 | 70,987,168 |
Diluted weighted average shares outstanding | 68,996,664 | 70,968,913 | 71,877,856 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Net income | $ 146,947 | $ 189,330 | $ 201,715 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 6,986 | (39,784) | (14,821) |
Unrealized gain (loss) on economic development bonds, net of taxes of $(1,051), $500, and $2,938 | (1,994) | 576 | 4,839 |
Total other comprehensive income (loss) | 4,992 | (39,208) | (9,982) |
Comprehensive income | $ 151,939 | $ 150,122 | $ 191,733 |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income Parenthetical - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Taxes on unrealized loss on economic development bonds | $ (1,051) | $ 500 | $ 2,938 |
Statement of Financial Position
Statement of Financial Position - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 263,825 | $ 315,066 |
Restricted cash of the Trust | 48,697 | 40,983 |
Accounts receivable, net | 76,140 | 79,330 |
Credit card loans (includes restricted credit card loans of the Trust of $x,xxx,xxx and $5,066,660), net of allowance for loan losses of $xx,xxx and $75,911 | 5,579,575 | 5,035,267 |
Inventories | 860,360 | 819,271 |
Prepaid expenses and other current assets | 132,250 | 117,330 |
Income taxes receivable | 75,731 | 77,698 |
Total current assets | 7,036,578 | 6,484,945 |
Property and equipment, net | 1,807,209 | 1,811,302 |
Deferred Tax Assets, Net, Noncurrent | 0 | 28,042 |
Other assets | 127,037 | 138,715 |
Total assets | 8,970,824 | 8,463,004 |
CURRENT LIABILITIES | ||
Accounts payable, including unpresented checks of $xx,xxx and $23,580 | 347,784 | 281,985 |
Gift instruments, credit card rewards, and loyalty rewards programs | 387,865 | 365,427 |
Accrued expenses and other liabilities | 172,744 | 224,733 |
Time deposits | 177,015 | 215,306 |
Current maturities of secured variable funding obligations of the Trust | 420,000 | 655,000 |
Current maturities of secured long-term obligations of the Trust | 1,104,685 | 509,673 |
Current maturities of long-term debt | 79,677 | 223,452 |
Total current liabilities | 2,689,770 | 2,475,576 |
Long-term time deposits | 991,842 | 664,593 |
Secured long-term obligations of the Trust, less current maturities | 2,466,576 | 2,721,259 |
Long-term debt, less current maturities | 671,509 | 635,898 |
Deferred income taxes | 7,288 | 0 |
Other long-term liabilities | 132,240 | 137,035 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.01 par value; Authorized – 10,000,000 shares; Issued – none | 0 | 0 |
Common stock, $0.01 par value: | ||
Class A Voting, Authorized – 245,000,000 shares | 716 | 716 |
Additional paid-in capital | 384,353 | 389,754 |
Retained earnings | 1,798,809 | 1,651,862 |
Accumulated other comprehensive loss | (45,922) | (50,914) |
Treasury stock, at cost – 3,776,305 shares at January 2, 2016 | (126,357) | (162,775) |
Total stockholders’ equity | 2,011,599 | 1,828,643 |
Total liabilities and stockholders’ equity | $ 8,970,824 | $ 8,463,004 |
Statement of Financial Positio6
Statement of Financial Position Parentheticals - USD ($) | Dec. 31, 2016 | Jan. 02, 2016 |
Current Assets: | ||
Restricted credit card loans of the Trust | $ 5,661,101,000 | $ 5,066,660,000 |
Allowance for loan losses | 118,343,000 | 75,911,000 |
Current Liabilities: | ||
Unpresented checks | $ 41,132,000 | $ 23,580,000 |
Stockholders’ Equity: | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 245,000,000 | 245,000,000 |
Common stock, shares issued | 71,595,020 | 71,595,020 |
Common stock, shares outstanding | 68,502,256 | 67,818,715 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, at cost | $ 3,092,764 | $ 3,776,305 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 146,947 | $ 189,330 | $ 201,715 |
Adjustments to reconcile net income to net cash flows by operating activities: | |||
Depreciation and amortization | 150,163 | 132,696 | 113,097 |
Impairment and restructuring charges | 14,122 | 15,331 | 641 |
Impairment Charges and Severance Payments | 15,878 | 12,532 | 641 |
Stock-based compensation | 24,758 | 21,615 | 17,498 |
Increase (Decrease) in Deferred Income Taxes | 36,381 | (20,188) | (11,562) |
Provision for loan losses | (147,661) | (85,120) | (61,922) |
Other, net | (16,870) | (1,517) | 139 |
Changes in operating assets and liabilities, net: | |||
Accounts receivable | 2,420 | (18,065) | (19,468) |
Credit card loans originated from internal operations, net | (6,830) | (39,292) | (26,436) |
Inventories | (38,921) | (70,207) | (119,751) |
Prepaid expenses and other current assets | (8,971) | (21,778) | (2,220) |
Accounts payable and accrued expenses and other liabilities | (8,687) | 29,118 | 58,531 |
Gift instruments, credit card rewards, and loyalty rewards programs | 22,212 | 27,280 | 49,064 |
Other long-term liabilities | (2,707) | (24,944) | 415 |
Income taxes receivable | 1,966 | 30,239 | (62,855) |
Net cash provided by operating activities | 465,400 | 331,939 | 260,730 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Property and equipment additions | (150,948) | (412,716) | (440,891) |
Proceeds from Sale of Other Property, Plant, and Equipment | 10,000 | 0 | 0 |
Change in credit card loans originated externally, net | (685,139) | (659,910) | (518,041) |
Change in restricted cash of the Trust, net | (7,714) | 293,829 | (311,621) |
Payments to Acquire Available-for-sale Securities | 0 | (4,780) | (558) |
Other investing changes, net | 4,930 | 134 | 4,251 |
Net cash used in investing activities | (828,871) | (778,663) | (1,266,302) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Change in unpresented checks net of bank balance | 17,552 | (15,210) | 16,073 |
Change in time deposits, net | 288,958 | 73,843 | (263,306) |
Borrowings on secured obligations of the Trust | 4,005,000 | 3,098,750 | 1,380,000 |
Repayments on secured obligations of the Trust | (3,900,000) | (2,732,500) | (355,000) |
Borrowings on revolving credit facilities and inventory financing | 1,346,865 | 1,517,068 | 1,616,189 |
Repayments on revolving credit facilities and inventory financing | (1,227,342) | (1,689,083) | (1,431,332) |
Proceeds from Issuance of Long-term Debt | 0 | 550,000 | 0 |
Payments on long-term debt | (223,452) | (8,434) | (8,418) |
Proceeds from Stock Options Exercised | 1,163 | (938) | (4,982) |
Excess tax benefits from exercise of employee stock options, net | 5,564 | 15,038 | 7,551 |
Common stock repurchased | 0 | (174,124) | 0 |
Net cash provided by financing activities | 311,178 | 629,462 | 954,024 |
Payments of Debt Issuance Costs | (3,130) | (4,948) | (2,751) |
Effect of Exchange Rate on Cash and Cash Equivalents | 1,052 | (10,430) | (4,766) |
Net change in cash and cash equivalents | (51,241) | 172,308 | (56,314) |
Cash and cash equivalents, at beginning of year | 315,066 | 142,758 | 199,072 |
Cash and cash equivalents, at end of year | $ 263,825 | $ 315,066 | $ 142,758 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock |
Shares, Issued at Dec. 28, 2013 | 70,630,866 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 28, 2013 | $ 1,606,334 | $ 706 | $ 346,535 | $ 1,260,817 | $ (1,724) | $ 0 |
Net income | 201,715 | 201,715 | ||||
Other comprehensive loss | (9,982) | (9,982) | ||||
Stock-based compensation | 16,874 | $ 0 | 16,874 | 0 | 0 | |
Exercise of employee stock options and tax withholdings on share-based payment awards | 462,350 | |||||
Exercise of employee stock options and tax withholdings on share-based payment awards | (4,982) | $ 5 | (4,987) | 0 | 0 | 0 |
Excess tax benefit on employee stock option exercises, net of stock related income tax adjustments | 7,551 | $ 0 | 7,551 | 0 | 0 | |
Shares, Issued at Dec. 27, 2014 | 71,093,216 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 27, 2014 | 1,817,510 | $ 711 | 365,973 | 1,462,532 | (11,706) | 0 |
Net income | 189,330 | |||||
Other comprehensive loss | (39,208) | (39,208) | ||||
Treasury Stock, Value, Acquired, Cost Method | (174,124) | |||||
Stock-based compensation | 21,035 | $ 0 | 21,035 | 0 | 0 | |
Exercise of employee stock options and tax withholdings on share-based payment awards | 501,804 | |||||
Exercise of employee stock options and tax withholdings on share-based payment awards | (938) | $ 5 | (12,292) | 0 | 0 | 11,349 |
Excess tax benefit on employee stock option exercises, net of stock related income tax adjustments | 15,038 | $ 0 | 15,038 | 0 | 0 | |
Shares, Issued at Jan. 02, 2016 | 71,595,020 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jan. 02, 2016 | 1,828,643 | $ 716 | 389,754 | 1,651,862 | (50,914) | (162,775) |
Net income | 146,947 | |||||
Other comprehensive loss | 4,992 | 4,992 | ||||
Stock-based compensation | 24,290 | $ 0 | 24,290 | 0 | 0 | |
Exercise of employee stock options and tax withholdings on share-based payment awards | 0 | |||||
Exercise of employee stock options and tax withholdings on share-based payment awards | 1,163 | $ 0 | (35,255) | 0 | 0 | 36,418 |
Excess tax benefit on employee stock option exercises, net of stock related income tax adjustments | 5,564 | $ 0 | 5,564 | 0 | 0 | |
Shares, Issued at Dec. 31, 2016 | 71,595,020 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2016 | $ 2,011,599 | $ 716 | $ 384,353 | $ 1,798,809 | $ (45,922) | $ (126,357) |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Significant Accounting Policies [Text Block] | NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business – Cabela’s Incorporated is a retailer of hunting, fishing, and outdoor gear, offering products through its retail stores, websites in the United States and Canada, and regular and specialty catalog mailings. Cabela’s Incorporated operates 85 retail stores, 74 located in 36 states and 11 located in six Canadian provinces. World’s Foremost Bank (“WFB,” “Financial Services segment,” or “Cabela’s CLUB”), a Nebraska banking corporation and a wholly-owned bank subsidiary of Cabela’s Incorporated, is a limited purpose bank formed under the Competitive Equality Banking Act of 1987. The lending activities of WFB are limited to credit card lending and its deposit issuance is limited to time deposits of at least one hundred thousand dollars. Principles of Consolidation – The consolidated financial statements include the accounts of Cabela’s Incorporated and its wholly-owned subsidiaries (“Cabela’s,” “Company,” “we,” or “our”). All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications were made to the previously reported 2015 consolidated financial statements to conform to the 2016 presentation. WFB is the primary beneficiary of the Cabela’s Master Credit Card Trust and related entities (collectively referred to as the “Trust”) under the guidance of Accounting Standards Codification (“ASC”) Topics 810, Consolidations , and 860, Transfers and Servicing. Accordingly, the Trust was consolidated for all reporting periods of Cabela’s in this report. As the servicer and the holder of retained interests in the Trust, WFB has the powers to direct the activities that most significantly impact the Trust’s economic performance and the right to receive significant benefits or obligations to absorb significant losses of the Trust. The credit card loans of the Trust are recorded as restricted credit card loans and the liabilities of the Trust are recorded as secured obligations. Reporting Year – The Company follows a 52/53 week fiscal year-end cycle. Unless otherwise stated, the fiscal years referred to in the notes to these consolidated financial statements are the 52 weeks ended December 31, 2016 (“ 2016 ” or “ year ended 2016 ”), the 53 weeks ended January 2, 2016 (“ 2015 ” or “ year ended 2015 ”), and the 52 weeks ended December 27, 2014 (“ 2014 ” or “ year ended 2014 ”). WFB follows a calendar fiscal period so each fiscal year ends on December 31st. The effect of the extra week in 2015 on total revenue was an increase of $84 million . Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. 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 23 “Segment Reporting” of the Notes to Consolidated Financial Statements. Revenue Recognition – Revenue is recognized for retail store sales at the time of the sale in the store and for Internet and catalog sales when the merchandise is delivered to the customer. The Company recognizes a reserve for estimated product returns based on its historical returns experience. Shipping fees charged to customers are included in merchandise sales and shipping costs are included in merchandise costs. Revenue from the sale of gift certificates and gift cards (“gift instruments”) is recognized in revenue when the gift instruments are redeemed for merchandise or services. The Company records gift instrument breakage as revenue when the probability of redemption is remote. The Company recognizes breakage on gift instruments four years after issuance based on historical redemption rates. Total gift instrument breakage was $11 million , $10 million , and $9 million for 2016 , 2015 , and 2014 , respectively. Cabela’s gift instrument liability at the end of 2016 and 2015 was $195 million and $184 million , respectively. The dollar amount of related points associated with the Company’s loyalty rewards programs for Cabela’s CLUB issued credit cards are accrued as earned by the cardholder, principally from transactions with unrelated parties, and recorded as a reduction in Financial Services segment revenue. When these points are accrued as earned by the cardholder, the Company estimates the cost of such points with the difference between the value of the unredeemed points earned and the estimated cost of the points included in other revenue (recognized in the Merchandising segment). The net amount related to points in other revenue totaled $7 million , $8 million , and $8 million for 2016 , 2015 , and 2014 , respectively. Redemption of these points was recognized as revenue in merchandise sales at fair value, along with the related cost of sales. Merchandise sales recognized from the redemption of points was $233 million , $219 million , and $201 million for 2016 , 2015 , and 2014 , respectively. Costs incurred under our loyalty rewards programs recognized as a reduction in Financial Services segment revenue was $233 million , $222 million , and $210 million for 2016 , 2015 , and 2014 , respectively. Financial Services revenue includes credit card interest and fees relating to late payments and cash advance transactions. Interest and fees are accrued in accordance with the terms of the applicable cardholder agreements on credit card loans until the date of charge-off unless placed on non-accrual and fixed payment plans. Interchange income is earned when a charge is made to a customer’s account. Cost of Revenue and Selling, Distribution, and Administrative Expenses – The Company’s cost of revenue primarily consists of merchandise acquisition costs, including freight-in costs, as well as shipping costs. Selling, distribution, and administrative (“SD&A”) expenses consist of the costs associated with selling, marketing, warehousing, retail store replenishment, and other operating expense activities. All depreciation and amortization expense is associated with selling, distribution, and administrative activities, and accordingly, is included in this category in the consolidated statements of operations. Cash and Cash Equivalents – Cash equivalents include credit card and debit card receivables from other banks, which settle within one to four business days. Receivables from other banks totaled $23 million and $24 million at the end of 2016 and 2015 , respectively. Unpresented checks, net of available cash bank balances, are classified as current liabilities. Cash and cash equivalents of the Financial Services segment were $150 million and $157 million at the end of 2016 and 2015 , respectively. Due to regulatory restrictions on WFB, the Company cannot use WFB’s cash for non-banking operations. Credit Card Loans – The Financial Services segment grants individual credit card loans to its customers and is diversified in its lending with borrowers throughout the United States. Credit card loans are reported at their principal amounts outstanding plus deferred credit card origination costs, less the allowance for loan losses. As part of collection efforts, a credit card loan may be closed and placed on non-accrual or restructured in a fixed payment plan prior to charge-off. The fixed payment plans require payment of the loan within 60 months and consist of a lower interest rate, reduced minimum payment, and elimination of fees. Loans on fixed payment plans include loans in which the customer has engaged a consumer credit counseling agency to assist them in managing their debt. Customers who miss two consecutive payments once placed on a payment plan or non-accrual will resume accruing interest at the rate they had accrued at before they were placed on a plan. Payments received on non-accrual loans are applied to principal. The Financial Services segment does not record any liabilities for off-balance sheet risk of unfunded commitments through the origination of unsecured credit card loans, as it has the right to refuse or cancel these available lines of credit at any time. The direct credit card account origination costs associated with costs of successful credit card originations incurred in transactions with independent third parties, and certain other costs incurred in connection with credit card approvals, are deferred credit card origination costs included in credit card loans and are amortized on a straight-line basis over 12 months. Other account solicitation costs, including printing, list processing, and postage are expensed as solicitation occurs. Allowance for Loan Losses – The allowance for loan losses represents management’s estimate of probable losses inherent in the credit card loan portfolio. The allowance for loan losses is established through a charge to the provision for loan losses and is evaluated by management for adequacy. Loans on a payment plan or non-accrual are segmented from the rest of the credit card loan portfolio into a restructured credit card loans segment before establishing an allowance for loan losses as these loans have a higher probability of loss. Management estimates losses inherent in the credit card loans segment based on models which track historical loss experience on delinquent accounts, bankruptcies, death, and charge-offs, net of estimated recoveries. The Financial Services segment uses a migration analysis and historical bankruptcy and death rates to estimate the likelihood that a credit card loan in the credit card loan segment will progress through the various stages of delinquency and to charge-off. This analysis estimates the gross amount of principal that will be charged off over the next 12 months, net of recoveries. Management estimates losses from the restructured credit card loans segment based on a discounted cash flow model, which uses remaining balances and projected charge-offs, recoveries, and payments to calculate future cash flows. The allowance for loan losses is determined as the difference between the balance of the restructured credit card loans segment and the related discounted present value of the future cash flows. In addition to these methods of measurement, management also considers other factors such as general economic and business conditions affecting key lending areas, credit concentration, changes in origination and portfolio management, and credit quality trends. Since the evaluation of the inherent loss with respect to these factors is subject to a high degree of uncertainty, the measurement of the overall allowance is subject to estimation risk, and the amount of actual losses can vary significantly from the estimated amounts. Credit card loans that have been modified through a fixed payment plan or placed on non-accrual are considered impaired and are collectively evaluated for impairment. The Financial Services segment charges off credit card loans and restructured credit card loans on a daily basis after an account becomes at a minimum 130 days contractually delinquent. Accounts relating to cardholder bankruptcies, cardholder deaths, and fraudulent transactions are charged off earlier. The Financial Services segment recognizes charged-off cardholder fees and accrued interest receivable in interest and fee income that is included in Financial Services revenue. Inventories – Inventories are stated at the lower of average cost or market. All inventories are finished goods. The reserve for inventory shrinkage, estimated based on cycle and physical counts, was $20 million and $11 million at the end of 2016 and 2015 , respectively. The reserves for returns of damaged goods, obsolescence, and slow-moving items, estimated based upon historical experience, inventory aging, and specific identification, were $12 million and $10 million at the end of 2016 and 2015 , respectively. Vendor Allowances – Vendor allowances include price allowances, volume rebates, store opening costs reimbursements, marketing participation, and advertising reimbursements received from vendors under vendor contracts. Vendor merchandise allowances are recognized as a reduction of the costs of merchandise as sold. Vendor reimbursements of costs are recorded as a reduction to expense in the period the related cost is incurred based on actual costs incurred. Any cost reimbursements exceeding expenses incurred are recognized as a reduction of the cost of merchandise sold. Volume allowances may be estimated based on historical purchases and estimates of projected purchases. Advertising and Deferred Catalog Costs – Advertising production costs are expensed as the advertising occurs except for catalog costs which are amortized over the expected period of benefit estimated at three to 12 months after mailing. Advertising expense, including direct marketing costs (website marketing paid search fees and amortization of catalog costs), was $229 million , $235 million , and $236 million for 2016 , 2015 , and 2014 , respectively. Advertising vendor reimbursements, netted in advertising expense, totaled $1 million , $4 million , and $4 million for 2016 , 2015 , and 2014 , respectively. Unamortized catalog costs totaled $1 million and $2 million at the end of 2016 and 2015 , respectively. Store Pre-opening Expenses – Non-capital costs associated with the opening of new stores are expensed as incurred. Retail store pre-opening costs totaled $7 million , $23 million , and $24 million for 2016 , 2015 , and 2014 , respectively. Leases – The Company leases certain retail locations, distribution centers, office space, equipment, and land. Assets held under capital lease are included in property and equipment. Operating lease rentals are expensed on a straight-line basis over the life of the lease. At the inception of a lease, the Company determines the lease term by assuming the exercise of those renewal options that are reasonably assured because of the significant economic penalty that exists for not exercising those options. The exercise of lease renewal options is at the Company’s sole discretion. The expected lease term is used to determine whether a lease is capital or operating and is used to calculate straight-line rent expense. Additionally, the depreciable life of buildings and leasehold improvements is limited by the expected lease term. Property and Equipment – Property and equipment are stated at cost. Depreciation and amortization are provided over the estimated useful lives of the assets, including assets held under capital leases, on a straight-line basis. Leasehold improvements are amortized over the lease term or, if shorter, the useful lives of the improvements. Assets held under capital lease agreements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. When property is fully depreciated, retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income. The costs of major improvements that extend the useful life of an asset are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Capitalized interest on projects during the construction period totaled $3 million , $10 million , and $8 million for 2016 , 2015 , and 2014 , respectively. Costs related to internally developed software are capitalized and amortized on a straight-line basis over their estimated useful lives. Intangible Assets – The net unamortized balance of intangible assets consists primarily of goodwill and is recorded in other assets. At the end of both 2016 and 2015 , goodwill and intangible assets totaled $3 million , net of accumulated amortization of $3 million and $2 million at the end of 2016 and 2015 , respectively. During the fourth quarter of 2016 , 2015 , and 2014 , we completed impairment analyses of our goodwill and other intangible assets. We did not recognize any impairments on intangible assets in 2016 , 2015 , or 2014 . Other Property – Other property primarily consists of unimproved land not used in our merchandising business and is recorded at the lower of cost or estimated fair value less estimated selling costs. Proceeds from the sale of other property are recognized in other revenue and the corresponding costs of other property sold are recognized in costs of other revenue. Other property with a carrying value of $23 million and $31 million at the end of 2016 and 2015 , respectively, was included in other assets in the consolidated balance sheets. We intend to sell our other property as soon as any such sale could be economically feasible, and we continue to monitor such property for impairment. Government Economic Assistance and Economic Development Bonds (“EDBs”) – When we construct a new retail store or retail development, we may receive economic assistance from local governments to fund a portion or all of the Company’s associated construction costs which helps to improve the return on investment of our new retail stores. This assistance typically comes in the form of cash grants, land grants, the recapture of incremental sales, property, or other taxes, and/or proceeds from the sale of EDBs funded by the local government. The Company has historically purchased the majority of the bonds associated with its developments. EDBs are typically repaid through sales and/or property taxes generated by the retail store and/or within a designated development area. Cash and land grants are made available to fund land, retail store construction, and/or development infrastructure costs and are recognized as deferred grant income as a reduction to the costs, or recognized fair value in the case of land grants, of the associated property and equipment. Property and equipment was reduced by deferred grant income of $301 million and $306 million at the end of 2016 and 2015 , respectively. Deferred grant income is amortized to earnings, as a reduction of depreciation expense, over the average estimated useful life of the associated assets. Deferred grant income on land grants is recognized as a reduction to depreciation expense over the estimated life of the related assets of the developments. The Company did not receive any land grants in 2016 , 2015 , or 2014 . We have also received grant funding in exchange for commitments made by us to the state or local government providing the funding. The grant commitments contain covenants we are required to comply with regarding minimum employment levels, maintaining retail stores in certain locations, and maintaining office facilities in certain locations. For these grants we recognize grant revenue as the milestones associated with the grant are met. The commitments typically phase out over approximately five to 10 years. If we fail to maintain the commitments during the applicable period, the funds we received may have to be repaid or other adverse consequences may arise, which could affect our cash flows and profitability. No grant funding subject to contractual remedy was received in 2016 , 2015 , or 2014 . For 2016 , 2015 , and 2014 , the Company was in compliance with the requirements under these grants. Deferred grant income estimates, and their associated present value, are updated whenever events or changes in circumstances indicate that their recorded amounts may not be recovered. These estimates are determined when estimation of the fair value of associated EDBs are performed if there are related bond investments. If it is determined that the Company will not receive the full amount remaining from the bonds, we will adjust the deferred grant income to appropriately reflect the change in estimate and, at that time, will record a cumulative additional depreciation charge that would be recognized to date as expense in the absence of the grant income. In the fourth quarter of 2016, we identified three EDBs where the actual tax revenues associated with these properties were lower than previously projected. Therefore, we determined that the fair value of these EDBs were below their respective carrying values, with the declines in fair value deemed to be other than temporary, which resulted in a fair value adjustment totaling $6 million . Accordingly, deferred grant income was reduced by $6 million due to other than temporary impairment loss of the same amount that was recognized on the EDBs. This reduction in deferred grant income resulted in increases in depreciation expense of $2 million which was included in impairment and restructuring charges in the consolidated statements of income. There were no other than temporary fair value adjustments of EDBs and no adjustments of deferred grant income related to EDBs in 2015 and 2014 . At December 31, 2016 , and January 2, 2016 , EDBs totaled $70 million and $84 million , respectively, and are included in other assets in our consolidated balance sheets. EDBs are related to our government economic assistance arrangements relating to the construction of new retail stores or retail development. EDBs issued by state and local municipalities are classified as available-for-sale and recorded at their fair value. The payments of principal and interest on the bonds are typically tied to sales, property, or lodging taxes generated from the store and, in some cases, from businesses in the surrounding area, over periods which range between 15 and 30 years. Declines in the fair value of EDBs below cost that are deemed to be other than temporary are reflected in earnings. The Company may agree to guarantee deficiencies in tax collections which fund the repayment of EDBs. We did not guarantee any EDBs that we owned at the end of 2016 , 2015 , or 2014 . On a quarterly basis, we perform various procedures to analyze the amounts and timing of projected cash flows to be received from its EDBs. We revalue each EDB using discounted cash flow models based on available market interest rates (Level 2 inputs) and management estimates, including the estimated amounts and timing of expected future tax payments (Level 3 inputs) to be received by the municipalities under tax increment financing districts. Projected cash flows are derived from sales and property taxes. Due to the seasonal nature of our business, fourth quarter sales are significant to projecting future cash flows under the EDBs. We evaluate the impact of bond payments that have been received since the most recent quarterly evaluation, including those subsequent to the end of the quarter. Typically, bond payments are received twice annually. The payments received around the end of the fourth quarter provide the Company with additional facts for its fourth quarter projections. We make inquiries of local governments and/or economic development authorities for information on any anticipated third-party development, specifically on land owned by the Company, but also on land not owned by the Company in the tax increment financing development district, and to assess any current and potential development where cash flows under the bonds may be impacted by additional development and the anticipated development is material to the estimated and recorded carrying value based on projected cash flows. We make revisions to the cash flow estimates of each bond based on the information obtained. In those instances where the expected cash flows are insufficient to recover the current carrying value of the bond, we adjust the carrying value of the individual bonds to their revised estimated fair value. The governmental entity from which we purchase the bonds is not liable for repayment of principal and interest on the bonds to the extent that the associated taxes are insufficient to fund principal and interest amounts under the bonds. Should sufficient tax revenue not be generated by the subject properties, we may not receive all anticipated payments and thus will be unable to realize the full carrying values of the EDBs carried on our consolidated balance sheet, which result in a corresponding decrease to deferred grant income. Credit Card and Loyalty Rewards Programs – Cabela’s CLUB Visa cardholders receive Cabela’s points based on the dollar amounts of transactions through credit cards issued by Cabela’s CLUB which may be redeemed for Cabela’s products and services. Points may also be awarded for special promotions for the acquisition and retention of accounts. The dollar amount of related points are accrued as earned by the cardholder and recorded as a reduction in Financial Services revenue. In addition to the Cabela’s CLUB issued credit cards, customers receive points for purchases at Cabela’s from various loyalty programs. The dollar amount of unredeemed credit card points and loyalty points was $193 million and $181 million at the end of 2016 and 2015 , respectively, and the Cabela’s CLUB points issued never expire. Income Taxes – The Company files consolidated federal and state income tax returns with its wholly-owned subsidiaries. The consolidated group follows a policy of requiring each entity to provide for income taxes in an amount equal to the income taxes that would have been incurred if each were filing separately. We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of our assets and liabilities. The Company establishes valuation allowances if we believe it is more likely than not that some or all of the Company’s deferred tax assets will not be realized. Stock-Based Compensation – Compensation expense is estimated based on grant date fair value and amortized on a straight-line basis over the requisite service period. Costs associated with awards are included in compensation expense as a component of SD&A expenses. Financial Instruments and Credit Risk Concentrations – Financial instruments which may subject the Company to concentrations of credit risk are primarily cash, cash equivalents, and accounts receivable. The Company invests primarily in money market accounts or tax-free municipal bonds, with short-term maturities, limiting the amount of credit exposure to any one entity. The Company had $29 million and $21 million invested in overnight funds at the end of 2016 and 2015 , respectively. Concentrations of credit risk on accounts receivable are limited due to the nature of the Company’s receivables. Fair Value of Financial Instruments – The carrying amount of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, gift instruments (including credit card rewards and loyalty rewards programs), accrued expenses and other liabilities, short-term borrowings, and income taxes included in the consolidated balance sheets approximate fair value given the short-term nature of these financial instruments. Credit card loans (level 2) are originated with variable rates of interest that adjust with changing market interest rates so the carrying value of the credit card loans, including the carrying value of deferred credit card origination costs, less the allowance for loan losses, approximates fair value. Time deposits (level 2) are pooled in homogeneous groups, and the future cash flows of those groups are discounted using current market rates offered for similar products for purposes of estimating fair value. The fair value of the secured variable funding obligations of the Trust (level 2) approximates the carrying value since these obligations can fluctuate daily based on the short-term operational needs with advances and pay downs at par value. The estimated fair value of secured obligations of the Trust is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt with comparable maturities. The estimated fair value of long-term debt (level 2) is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt with comparable maturities. Comprehensive Income – Comprehensive income consists of net income, foreign currency translation adjustments, and unrealized gains and losses on available-for-sale EDBs, net of related income taxes. Foreign Currency Translation – Assets and liabilities of Cabela’s Canadian operations are translated into United States dollars at currency exchange rates in effect at the end of a reporting period. Gains and losses from translation into United States dollars are included in accumulated other comprehensive income (loss) in our consolidated balance sheets. Revenues and expenses are translated at average monthly currency exchange rates. Earnings Per Share – Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of shares outstanding plus all additional common shares that would have been outstanding if potentially dilutive common share equivalents had been issued. Adoption of New Accounting Principles – In the first quarter of 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 consolidated balance sheet for the year ended 2015 . As Reported Adjustment As Adjusted Other assets (including economic development bonds) $ 148,214 $ (9,499 ) $ 138,715 Total assets 8,472,503 (9,499 ) 8,463,004 Current maturities of secured long-term obligations of the Trust 510,000 (327 ) 509,673 Total current liabilities 2,475,903 (327 ) 2,475,576 Secured long-term obligations of the Trust, less current maturities 2,728,500 (7,241 ) 2,721,259 Long-term debt, less current maturities 637,829 (1,931 ) 635,898 Total liabilities and stockholders’ equity 8,472,503 (9,499 ) 8,463,004 |
Cabela's Master Credit Card Tru
Cabela's Master Credit Card Trust | 12 Months Ended |
Dec. 31, 2016 | |
Cabela's Master Credit Card Trust [Abstract] | |
Loans and Leases Receivable, Valuation, Policy [Policy Text Block] | CABELA’S MASTER CREDIT CARD TRUST The Financial Services segment utilizes the Trust for the purpose of routinely securitizing credit card loans and issuing beneficial interest to investors. The Trust issues variable funding facilities and long-term notes (collectively referred to herein as “secured obligations of the Trust”), each of which has an undivided interest in the assets of the Trust. The Financial Services segment owns notes issued by the Trust from some of the securitizations, which in some cases may be subordinated to other notes issued. The following table presents the components of the consolidated assets and liabilities of the Trust at the years ended: 2016 2015 Consolidated assets: Restricted credit card loans, net of allowance of $117,860 and $75,450 $ 5,543,241 $ 4,991,210 Restricted cash 48,697 40,983 Total $ 5,591,938 $ 5,032,193 Consolidated liabilities: Secured variable funding obligations $ 420,000 $ 655,000 Secured long-term obligations, net of unamortized debt issuance costs of $7,239 and $7,568 (1) 3,571,261 3,230,932 Interest due to third party investors 3,826 2,682 Total $ 3,995,087 $ 3,888,614 (1) The 2015 balance was revised to reflect the effects of adopting the guidance of ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” in 2016. |
Credit Card Loans and Allowance
Credit Card Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Credit Card Loans AND ALLOWANCE FOR LOAN LOSSES [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | CREDIT CARD LOANS AND ALLOWANCE FOR LOAN LOSSES The following table reflects the composition of the credit card loans at the years ended: 2016 2015 Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) $ 5,661,101 $ 5,066,660 Unrestricted credit card loans 31,270 38,278 Total credit card loans 5,692,371 5,104,938 Allowance for loan losses (118,343 ) (75,911 ) Deferred credit card origination costs 5,547 6,240 Credit card loans, net $ 5,579,575 $ 5,035,267 Allowance for Loan Losses: The following table reflects the activity in the allowance for loan losses by credit card segment for the years ended: 2016 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 year $ 67,653 $ 8,258 $ 75,911 $ 48,832 $ 7,740 $ 56,572 Provision for loan losses 140,829 6,832 147,661 76,622 8,498 85,120 Charge-offs (120,696 ) (9,854 ) (130,550 ) (78,313 ) (12,883 ) (91,196 ) Recoveries 22,117 3,204 25,321 20,512 4,903 25,415 Net charge-offs (98,579 ) (6,650 ) (105,229 ) (57,801 ) (7,980 ) (65,781 ) Balance, end of year $ 109,903 $ 8,440 $ 118,343 $ 67,653 $ 8,258 $ 75,911 Credit Quality Indicators, Delinquent, and Non-Accrual Loans: The loan portfolio is segregated into loans that have been restructured and other credit card loans in order to facilitate the estimation of the losses inherent in the portfolio as of the reporting date. The Financial Services segment uses the scores of Fair Isaac Corporation (“FICO”), a widely-used financial metric for assessing an individual’s credit rating, as the primary credit quality indicator for non-restructured loans, with the risk of loss increasing as an individual’s FICO score decreases. The table below provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective fourth quarter FICO score at the years ended: FICO Score of Credit Card Loans Segment Restructured Credit Card Loans Segment (1) December 31, 2016: 691 and Below 692-758 759 and Above Total Credit card loan status: Current $ 945,494 $ 1,916,307 $ 2,665,307 $ 29,495 $ 5,556,603 1 to 29 days past due 39,394 21,520 16,731 2,940 80,585 30 to 59 days past due 16,339 2,291 466 1,675 20,771 60 or more days past due 31,315 391 92 2,614 34,412 Total past due 87,048 24,202 17,289 7,229 135,768 Total credit card loans $ 1,032,542 $ 1,940,509 $ 2,682,596 $ 36,724 $ 5,692,371 90 days or more past due and still accruing $ 16,730 $ 98 $ 43 $ 1,254 $ 18,125 Non-accrual — — — 6,281 6,281 FICO Score of Credit Card Loans Segment Restructured Credit Card Loans Segment (1) January 2, 2016: 691 and Below 692-758 759 and Above Total Credit card loan status: Current $ 782,885 $ 1,676,541 $ 2,516,420 $ 28,322 $ 5,004,168 1 to 29 days past due 28,472 16,245 14,229 2,820 61,766 30 to 59 days past due 10,931 1,713 506 1,716 14,866 60 or more days past due 20,307 536 111 3,184 24,138 Total past due 59,710 18,494 14,846 7,720 100,770 Total credit card loans $ 842,595 $ 1,695,035 $ 2,531,266 $ 36,042 $ 5,104,938 90 days or more past due and still accruing $ 10,292 $ 111 $ 34 $ 1,217 $ 11,654 Non-accrual — — — 7,059 7,059 (1) Included in the allowance for loan losses were specific allowances for loan losses of $8 million at both December 31, 2016 and January 2, 2016 . |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
PROPERTY AND EQUIPMENT [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY AND EQUIPMENT Property and equipment consisted of the following at the years ended: Depreciable Life in Years 2016 2015 Land and improvements Up to 20 $ 364,694 $ 325,576 Buildings and improvements 7 to 40 1,311,941 1,181,704 Furniture, fixtures, and equipment 3 to 15 905,739 834,656 Assets held under capital lease Up to 30 12,979 12,979 Property and equipment 2,595,353 2,354,915 Less accumulated depreciation and amortization (833,956 ) (707,183 ) 1,761,397 1,647,732 Construction in progress 45,812 163,570 $ 1,807,209 $ 1,811,302 |
Securities
Securities | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Other Assets Disclosure [Text Block] | PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other assets (current and long-term) consisted of the following at the years ended: 2016 2015 Prepaid expenses and other current assets: Accrued interest and other receivables - Financial Services segment $ 72,994 $ 65,878 Other 59,256 51,452 $ 132,250 $ 117,330 Other assets: Economic development bonds $ 69,936 $ 83,767 Other property 22,920 31,183 Long-term receivables 17,476 12,415 Other 16,705 11,350 $ 127,037 $ 138,715 |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | SECURITIES EDBs, which are classified as available-for-sale, are included in other assets in our consolidated balance sheets and consisted of the following at the years ended: Gross Unrealized Gains Gross Unrealized Losses Amortized Cost Fair Value December 31, 2016 $ 56,695 $ 13,262 $ (21 ) $ 69,936 January 2, 2016 $ 67,482 $ 16,285 $ — $ 83,767 Estimated maturities based on expected future cash flows for the EDBs at the end of 2016 were as follows: Amortized Cost Fair Value For the fiscal years ending: 2017 $ 2,479 $ 3,237 2018 3,110 4,042 2019 3,601 4,652 2020 4,835 5,981 2021 4,563 5,734 2022 - 2026 23,082 29,616 2027 and thereafter 15,025 16,674 $ 56,695 $ 69,936 Interest earned on the securities totaled $4 million for each of the years ended 2016 , 2015 , and 2014 . There were no realized gains or losses on these securities in 2016 , 2015 , or 2014 . |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
PREPAID EXPENSES AND OTHER ASSETS [Abstract] | |
Other Assets Disclosure [Text Block] | PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other assets (current and long-term) consisted of the following at the years ended: 2016 2015 Prepaid expenses and other current assets: Accrued interest and other receivables - Financial Services segment $ 72,994 $ 65,878 Other 59,256 51,452 $ 132,250 $ 117,330 Other assets: Economic development bonds $ 69,936 $ 83,767 Other property 22,920 31,183 Long-term receivables 17,476 12,415 Other 16,705 11,350 $ 127,037 $ 138,715 |
Accrued Expenses and other liab
Accrued Expenses and other liabilities | 12 Months Ended |
Dec. 31, 2016 | |
ACCRUED EXPENSES [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consisted of the following at the years ended: 2016 2015 Accrued employee compensation and benefits $ 39,433 $ 55,368 Accrued property, sales, and other taxes 45,188 47,219 Deferred revenue and accrued sales returns 34,100 41,122 Accrued professional fees and legal judgment liability 5,079 17,629 Accrued interest 12,038 15,212 Other 36,906 48,183 $ 172,744 $ 224,733 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
OTHER LONG-TERM LIABILITIES [Abstract] | |
Other Liabilities Disclosure [Text Block] | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following at the years ended: 2016 2015 Unrecognized tax benefits and accrued interest $ 74,737 $ 80,153 Deferred rent expense and tenant allowances 44,694 44,634 Deferred revenue 12,377 11,312 Other long-term liabilities 432 936 $ 132,240 $ 137,035 |
Time Deposits (Notes)
Time Deposits (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Maturities of Time Deposits [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | TIME DEPOSITS The Financial Services segment accepts time deposits only in amounts of at least one hundred thousand dollars. All time deposits are interest bearing. The aggregate amount of time deposits, net of brokered fees, by maturity was as follows at the years ended: 2016 2015 2016 $ — $ 215,306 2017 177,015 26,103 2018 320,373 195,143 2019 154,739 37,254 2020 175,305 175,217 2021 111,868 — Thereafter 229,557 230,876 1,168,857 879,899 Less current maturities (177,015 ) (215,306 ) Deposits classified as non-current liabilities $ 991,842 $ 664,593 Time deposits include only brokered institutional certificates of deposit, net of fees, at the end of 2016 and 2015 . |
Borrowings of Financial Service
Borrowings of Financial Services Subsidiary | 12 Months Ended |
Dec. 31, 2016 | |
Borrowings of Financial Services Subsidiary [Abstract] | |
Debt Disclosure [Text Block] | BORROWINGS OF FINANCIAL SERVICES SEGMENT The Trust issues fixed and floating (variable) rate term securitizations, which are considered secured obligations backed by restricted credit card loans. A summary of the secured fixed and variable rate obligations of the Trust by series, the expected maturity dates, and the respective weighted average interest rates are presented in the following tables at the years ended: December 31, 2016: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2012-I (1) February 2017 $ 275,000 1.63 % $ 150,000 1.23 % $ 425,000 1.49 % Series 2012-II June 2017 300,000 1.45 125,000 1.18 425,000 1.37 Series 2013-I February 2023 327,250 2.71 — — 327,250 2.71 Series 2013-II August 2018 100,000 2.17 197,500 1.35 297,500 1.63 Series 2014-I March 2017 — — 255,000 1.05 255,000 1.05 Series 2014-II July 2019 — — 340,000 1.15 340,000 1.15 Series 2015-I March 2020 218,750 2.26 100,000 1.24 318,750 1.94 Series 2015-II July 2020 240,000 2.25 100,000 1.37 340,000 1.99 Series 2016-I June 2019 570,000 1.78 280,000 1.55 850,000 1.71 Secured obligations of the Trust 2,031,000 1,547,500 3,578,500 Less unamortized debt issuance costs (4,594 ) (2,645 ) (7,239 ) Secured obligations of the Trust, net 2,026,406 1,544,855 3,571,261 Less current maturities of secured long-term obligations of the Trust, net (574,829 ) (529,856 ) (1,104,685 ) Secured long-term obligations of the Trust, less current maturities, net $ 1,451,577 $ 1,014,999 $ 2,466,576 (1) On February 15, 2017, the Series 2012-I notes totaling $425 million were repaid in full using restricted cash of the Trust. 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 The Trust sold asset-backed notes of $1 billion (“Series 2016-I”) on June 29, 2016. The Series 2016-I securitization transaction included the issuance of $570 million of 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 consolidated financial statements. Each class of notes issued in the Series 2016-I securitization transaction has an expected life of approximately three years and a contractual maturity of approximately six years. In 2016, this securitization transaction funded the growth in credit card loans, maturities of time deposits, and maturities of securitizations. Series 2016-I notes and the variable funding facilities are expected to fund such growth and maturities in 2017 as well as future obligations of the Trust. In addition, the Series 2011-II and Series 2011-IV notes for $255 million each matured and were repaid in full using restricted cash of the Trust on June 15, 2016 , and October 17, 2016, respectively. The Trust also issues variable funding facilities which are considered secured obligations backed by restricted credit card loans. At December 31, 2016 , and January 2, 2016 , the Trust had three variable funding facilities with total capacity of $3 billion and $1 billion , respectively, and with outstanding balances of $420 million and $655 million , respectively. These outstanding balances were classified as current maturities of secured variable funding obligations of the Trust on the consolidated balance sheets since the Company’s intent is to repay these obligations in full within the next 12 months. During 2016 , the Financial Services segment increased the three variable funding facilities and extended the maturity dates as follows: • the Series 2008-III facility from $300 million due March 2018 to $500 million total capacity, with $200 million due October 2017 and $300 million due March 2018, • the Series 2011-I facility from $300 million due March 2016 to $1.3 billion total capacity, with $800 million due March 2018 and $500 million due March 2019, and • the Series 2011-III facility from $500 million due March 2017 to $1.2 billion total capacity, with $700 million due March 2018 and $500 million due September 2019. 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 0.80% to 0.90% . The variable rate notes provide for a fee ranging from 0.45% to 0.50% on the unused portion of the facilities. During 2016 and 2015 , the daily average balance outstanding on these notes was $205 million and $107 million , with a weighted average interest rate of 1.30% and 0.89% , respectively. |
Revolving Credit Facilities
Revolving Credit Facilities | 12 Months Ended |
Dec. 31, 2016 | |
REVOLVING CREDIT FACILITIES [Abstract] | |
Debt Disclosure [Text Block] | REVOLVING CREDIT FACILITIES 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. There was $115 million outstanding under our credit agreement at December 31, 2016 , and no amount outstanding at January 2, 2016 . During 2016 and 2015 , the daily average principal balance outstanding on the line of credit was $266 million and $419 million , respectively, and the weighted average interest rate was 1.86% and 1.11% , respectively. Letters of credit and standby letters of credit totaling $19 million and $20 million , respectively, were outstanding at the end of 2016 and 2015 . The daily average outstanding amount of total letters of credit during 2016 and 2015 was $13 million and $19 million , respectively. During the term of the $775 million revolving credit facility, the Company is required to pay a quarterly commitment fee, which ranges from 0.15% to 0.25% of the average daily unused principal balance on the line of credit. Interest on each base rate advance is equal to the alternate base rate, as defined, plus the applicable margin; and interest on each Eurocurrency advance is equal to the Eurocurrency base rate, as defined, plus the applicable margin. The applicable margin for both base rate and Eurocurrency advances is the percentage rate that is applicable at such time with respect to advances as set forth in the pricing schedule, a stratified interest rate schedule based on the Company’s leverage ratio, as defined. The credit agreement requires that we comply with certain financial and other customary covenants, including: • a fixed charge coverage ratio (as defined) of no less than 2.00 to 1 as of the last day of any fiscal quarter for the most recently ended four fiscal quarters (as defined); • a leverage ratio (as defined) of no more than 3.00 to 1 as of the last day of any fiscal quarter; and • a minimum consolidated net worth standard (as defined) as of the last day of each fiscal quarter. At December 31, 2016 , the Company was in compliance with the financial covenant requirements of its $775 million credit agreement with a fixed charge coverage ratio of 7.62 to 1 , a leverage ratio of 1.79 to 1 , and a consolidated net worth that was $659 million in excess of the minimum. The credit agreement includes a dividend provision limiting the amount that we could pay to stockholders, which at December 31, 2016 , was not in excess of $215 million . The credit agreement also has a provision permitting acceleration by the lenders in the event there is a change in control, as defined. In addition, the credit agreement contains cross default provisions to other outstanding debt. In the event that the Company fails to comply with these covenants, a default is triggered. In the event of default, all outstanding letters of credit and all principal and outstanding interest would immediately become due and payable. The Company was in compliance with all financial covenants under its credit agreements at December 31, 2016 , and January 2, 2016 . We anticipate that we will continue to be in compliance with all financial covenants under our credit agreements through at least the next 12 months. On August 4, 2015, in connection with the $550 million note purchase agreement described in more detail in Note 13 “Long-Term Debt and Capital Leases” herein, the Company entered into a credit agreement amendment primarily to permit the issuance and sale of the unsecured notes, to place a floor of zero under LIBOR, and to revise certain definitions in the credit agreement. Advances made pursuant to the $775 million credit agreement are classified as long-term debt. This agreement does not contain requirements regarding the pay down of revolving loans advanced; therefore, advances made prior to June 18, 2018, pursuant to this agreement are considered long-term in nature. 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 December 31, 2016 , or January 2, 2016 . |
Long-Term Debt and Capital Leas
Long-Term Debt and Capital Leases (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Long Term Debt and Capital Leases [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | LONG-TERM DEBT AND CAPITAL LEASES Long-term debt and capital leases consisted of the following at the years ended: 2016 2015 Unsecured $775 million revolving credit facility $ 115,000 $ — Unsecured notes due 2016 with interest at 5.99% — 215,000 Unsecured senior notes due 2017 with interest at 6.08% 60,000 60,000 Unsecured senior notes due 2016-2018 with interest at 7.20% 16,286 24,428 Unsecured senior notes due 2020, 2022 and 2025; various interest rates 550,000 550,000 Capital lease obligation 11,544 11,853 Total debt 752,830 861,281 Less current portion of long-term debt, net of unamortized debt issuance costs (79,677 ) (223,452 ) Less long-term portion of unamortized debt issuance costs (1,644 ) (1,931 ) Long-term debt, less current maturities, net $ 671,509 $ 635,898 Long-term debt and capital leases, classified by maturity date as of December 31, 2016 , and excluding the impact of unamortized debt issuance costs, are presented in the following table. Advances made under the $775 million credit agreement are classified as long-term debt. At December 31, 2016 , we had a lease agreement, accounted for as a capital lease, for our distribution facility in Wheeling, West Virginia, with a lease term through June 2036. On January 31, 2017, this capital lease obligation was paid in full, so at December 31, 2016 , the total balance outstanding was classified as current portion of long-term debt in our consolidated balance sheets. Unsecured Revolving Credit Facility Unsecured Senior Notes due 2017 Unsecured Senior Notes, final maturity 2018 Unsecured Senior Notes, final maturity 2025 Capital Lease Obligation Total Debt 2017 $ — $ 60,000 $ 8,143 $ — $ 11,544 $ 79,687 2018 — — 8,143 — — 8,143 2019 115,000 — — — — 115,000 2020 — — — 100,000 — 100,000 2021 — — — — — — 2022 and thereafter — — — 450,000 — 450,000 Total debt $ 115,000 $ 60,000 $ 16,286 $ 550,000 $ 11,544 $ 752,830 During 2015, the Company entered into a note purchase agreement with various purchasers allowing the Company to issue and sell an aggregate of $550 million principal amount of senior unsecured notes in a private placement to certain accredited investors with aggregate principal amounts, interest rates, and maturity dates as follows: Tranche Principal Interest Rate Date Issued Maturity Date A $ 100,000 3.23 % August 4, 2015 August 4, 2020 B 122,000 3.70 August 4, 2015 August 4, 2022 C 128,000 3.82 December 3, 2015 December 3, 2022 D 28,000 4.01 August 4, 2015 August 4, 2025 E 172,000 4.11 December 3, 2015 December 3, 2025 $ 550,000 Interest on these notes is payable semi-annually. The Company used the proceeds from this sale for general corporate purposes and to repay its unsecured notes for $215 million on February 27, 2016. The note purchase agreement contains customary default provisions, as well as certain restrictive covenants, including limitations on indebtedness and financial covenants relating to debt ratios, net worth, and fixed charges. In connection with the note purchase agreement, on August 4, 2015, the Company also entered into a credit agreement amendment primarily to permit the issuance and sale of the unsecured notes, to place a floor of zero under LIBOR, and to revise certain definitions in the credit agreement. Certain of the long-term debt agreements contain various covenants and restrictions such as the maintenance of minimum debt coverage, net worth, and financial ratios. The significant financial ratios and net worth requirements in the long-term debt agreements are (i) a limitation of funded debt to be less than 60% of consolidated total capitalization; (ii) cash flow fixed charge coverage ratio, as defined, of no less than 2.0 to 1 as of the last day of any quarter; and (iii) a minimum consolidated adjusted net worth, as defined. In addition, the debt agreements contain cross default provisions to our outstanding credit facilities. In the event that the Company failed to comply with these covenants, a default would trigger and all principal and outstanding interest would immediately be due and payable. At December 31, 2016 , and January 2, 2016 , the Company was in compliance with all financial covenants under its unsecured notes. We anticipate that we will continue to be in compliance with all financial covenants under our unsecured notes through at least the next 12 months. |
Impairment and Restructuring Ch
Impairment and Restructuring Charges | 12 Months Ended |
Dec. 31, 2016 | |
Impairment and Restructuring Charges [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | IMPAIRMENT AND RESTRUCTURING CHARGES Impairment and restructuring charges consisted of the following for the years ended: 2016 2015 2014 Impairment losses relating to: Property, equipment, and other assets $ 7,310 $ 3,874 $ — Other property 557 5,901 — Accumulated amortization of deferred grant income 2,252 — — 10,119 9,775 — Restructuring charges for severance and related benefits 4,003 5,556 641 Total $ 14,122 $ 15,331 $ 641 Impairment – Long-lived assets of the Company are evaluated for possible impairment (i) whenever events or changes in circumstances may indicate that the carrying value of an asset may not be recoverable and (ii) at least annually for recurring fair value measurements and for those assets not subject to amortization. In 2016 , 2015 , and 2014 , we evaluated the recoverability of our EDBs, property (including existing store locations and future retail store sites), equipment, goodwill, other property, and other intangible assets. We intend to sell our other property as soon as any such sale could be economically feasible, and we continue to monitor such property for impairment. The following impairment losses were recognized in 2016 : • A loss of $1 million was recognized primarily relating to the write-off of costs pertaining to store sites we had previously identified as future retail store locations but in 2016 decided not to develop. • A loss of $5 million was recognized on a property based on its fair value using discounted cash flow projection estimates (Level 3 inputs). After the impairment loss was recognized, the carrying value of this property was $4 million . • Losses totaling $1 million were recognized on seven parcels of land based on sales contracts for six properties and an appraisal for one property where, after the impairment losses were recognized, the total carrying value of these seven properties approximated $15 million . • In the fourth quarter of 2016 , we received information on three EDBs that indicated the actual tax revenues associated with these properties would be lower than previously projected. For one bond, a significant retail development was no longer proceeding forward; for a second bond, the assessed tax values of properties had decreased; and for a third bond, actual tax revenues of the related properties were lower than estimated. Therefore, the related discounted cash flows (Level 3 inputs) indicated that the fair values of these three EDBs were below their respective carrying values, with the decline in fair values deemed to be other than temporary. This resulted in fair value adjustments totaling $6 million that reduced the carrying values of these EDBs. Accordingly, deferred grant income was also reduced by $6 million due to the other than temporary impairment losses recognized on these bonds. The reduction in deferred grant income resulted in an increase in depreciation expense of $2 million which was included in impairment and restructuring charges in the consolidated statements of income for 2016 . The following impairment losses were recognized in 2015 : • A loss of $4 million was recognized relating to the write-off of costs pertaining to store sites we had previously identified as future retail store locations but in 2015 decided not to develop based on the Company’s plans to scale back retail store growth for 2016 and 2017. • A loss of $2 million was recognized on improved land for a housing development project based on its fair value using discounted cash flow projection estimates (Level 3 inputs). After the impairment loss was recognized, the carrying value of this property was $0.3 million . • Losses totaling $3 million were recognized on two parcels of unimproved land based on appraisals. After the impairment losses were recognized, the carrying value of these two properties was $3 million . All impairment losses in 2016 and 2015 were recognized in the Merchandising segment. There were no impairment losses in 2014 . Local economic trends, government regulations, and other restrictions where we own properties may impact management projections that could change undiscounted cash flows in future periods and which could trigger possible future write downs. Restructuring Charges – In 2016 and 2015 , we incurred charges totaling $4 million and $6 million , respectively, for severance and related benefits primarily attributable to our corporate restructure and reduction in the number of personnel. In 2014 , we transitioned to a third-party logistics provider for our distribution needs in Canada and closed our distribution center in Winnipeg, Manitoba. Accordingly, we recognized a restructuring charge totaling $1 million in 2014 related to employee severance agreements and termination benefits. These restructuring charges for all three years 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 consolidated balance sheets, is summarized in the following table for the years presented: 2016 2015 2014 Balance, beginning of period $ 2,799 $ — $ — Charges for severance and related benefits 4,003 5,556 641 Payments (5,759 ) (2,757 ) (641 ) Balance, end of period $ 1,043 $ 2,799 $ — |
Interest (Expense) Income, Net
Interest (Expense) Income, Net | 12 Months Ended |
Dec. 31, 2016 | |
INTEREST (EXPENSE) INCOME, NET [Abstract] | |
Interest Income and Interest Expense Disclosure [Text Block] | INTEREST (EXPENSE) INCOME, NET Interest expense, net of interest income, consisted of the following for the years ended: 2016 2015 2014 Interest expense $ (34,627 ) $ (33,390 ) $ (29,648 ) Capitalized interest 3,132 10,499 7,788 Interest expense, net (31,495 ) (22,891 ) (21,860 ) Interest income 14 9 18 $ (31,481 ) $ (22,882 ) $ (21,842 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES For financial reporting purposes, income before taxes includes the following components: 2016 2015 2014 Federal $ 247,894 $ 276,650 $ 276,041 Foreign (294 ) 17,977 42,436 $ 247,600 $ 294,627 $ 318,477 The provision for income taxes consisted of the following for the years ended: 2016 2015 2014 Current: Federal $ 55,444 $ 100,501 $ 114,420 State 6,470 19,894 7,032 Foreign 2,358 5,090 6,872 64,272 125,485 128,324 Deferred: Federal 30,224 (12,589 ) (14,024 ) State 6,068 (7,724 ) 2,477 Foreign 89 125 (15 ) 36,381 (20,188 ) (11,562 ) $ 100,653 $ 105,297 $ 116,762 A reconciliation of the statutory federal income tax rate to the effective income tax rate follows for the years ended: 2016 2015 2014 Statutory federal rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 2.7 2.4 2.2 Foreign tax rate differential 0.2 (1.1 ) 1.0 Nondeductible/nontaxable items 2.1 (0.5 ) (0.7 ) Change in unrecognized tax benefits (0.1 ) 1.1 (1.7 ) Net operating loss valuation allowance 1.3 1.4 0.5 Tax credits (0.4 ) (1.0 ) (0.2 ) Other, net (0.1 ) (1.6 ) 0.6 Effective income tax rate 40.7 % 35.7 % 36.7 % Deferred tax assets and liabilities consisted of the following for the years ended: 2016 2015 Deferred tax assets: Deferred compensation $ 17,931 $ 16,612 Deferred revenue 6,231 4,452 Reserve for returns 6,396 8,412 Accrued expenses and other liabilities 7,932 18,575 Gift certificates liability 13,283 11,775 Allowance for loans losses and doubtful accounts 46,378 29,078 Loyalty rewards programs 71,477 68,608 Economic development bonds 26,069 25,769 Inventories 2,899 — Other 21,437 19,382 Total deferred tax assets 220,033 202,663 Valuation allowance (8,465 ) (5,165 ) Deferred tax assets, net of valuation allowance 211,568 197,498 Deferred tax liabilities: Prepaid expenses 15,983 14,498 Property and equipment 149,318 106,435 Inventories — 3,080 Credit card loan fee deferral 53,555 45,443 Total deferred tax liabilities 218,856 169,456 Long-term deferred income tax liability (asset) $ 7,288 $ (28,042 ) The Company has not provided United States income taxes and foreign withholding taxes on all of the undistributed earnings of foreign subsidiaries that the Company considers to be indefinitely reinvested outside of the United States as of the end of 2016 . If these foreign earnings were to be repatriated in the future, the related United States tax liability may be reduced by any foreign income taxes previously paid on these earnings. As of the year ended 2016 , the cumulative amount of earnings upon which United States income taxes have not been provided was approximately $194 million . If those earnings were not considered indefinitely reinvested, the Company estimates that an additional income tax expense of approximately $45 million would be recorded. As of December 31, 2016 , cash and cash equivalents held by our foreign subsidiaries totaled $103 million . Our intent is to permanently reinvest these funds outside the United States for capital expansion. Based on the Company’s current projected capital needs and the current amount of cash and cash equivalents held by our foreign subsidiaries, we do not anticipate incurring any material tax costs beyond our accrued tax position in connection with any repatriation, but we may be required to accrue for unanticipated additional tax costs in the future if our expectations or the amount of cash held by our foreign subsidiaries change. At December 31, 2016 , our foreign subsidiary in Canada had a net operating loss carry forward of $34 million with a related tax benefit of $9 million that expires between 2033 and 2035. Due to the uncertainty of the ultimate realization of this net operating loss, the subsidiary’s benefits and associated deferred tax liabilities of $8 million have been fully offset by a valuation allowance of $8 million . At December 31, 2016 , the balance in deposits paid for federal taxes related to prior period uncertain tax positions totaled $66 million and was classified as a current asset included in income taxes receivable in the consolidated balance sheets. At January 2, 2016 , this balance totaled $103 million . The change in the deposit balance comparing the respective years was attributed to the payment in 2016 of the taxes associated with the settlement of the 2007 and 2008 Internal Revenue Service (“IRS”) examinations. The reconciliation of unrecognized tax benefits was as follows for the years ended: 2016 2015 2014 Unrecognized tax benefits, beginning of year $ 73,122 $ 101,879 $ 64,800 Gross decreases related to prior period tax positions (11,468 ) (2,301 ) (4,686 ) Gross increases related to prior period tax positions 2,709 20,507 29,281 Gross increases related to current period tax positions 3,486 6,268 12,501 Gross decreases related to current period tax positions — — (17 ) Gross decreases related to settlements with taxing authorities — (53,231 ) — Unrecognized tax benefits, end of year $ 67,849 $ 73,122 $ 101,879 The Company’s policy is to accrue interest expense, and penalties as appropriate, on estimated unrecognized tax benefits as a charge to interest expense in the consolidated statements of income. We recorded net interest expense of $2 million and $5 million in 2015 and 2014 , respectively, and no adjustment in 2016 . No penalties were accrued. The liability for estimated interest on unrecognized tax benefits included in other long-term liabilities totaled $7 million at the end of both 2016 and 2015 . The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $26 million . At December 31, 2016 , unrecognized tax benefits totaling $68 million were included in other long-term liabilities in our consolidated balance sheets compared to $73 million at January 2, 2016 . The year over year change in unrecognized tax benefits was due primarily to our assessments of uncertain tax positions related to prior period tax positions and settlement of our 2007 and 2008 IRS 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. The Company’s tax years 2009 through 2011 are under examination by the IRS. We do not expect the examination and possible related appeal for these tax years to be completed within the next 12 months. We have reserved for potential adjustments for income taxes that may result from examinations by the tax authorities, and we believe that the final outcome of these examinations or agreements will not have a material effect on the Company’s financial condition, results of operations, or cash flows. The Company files income tax returns in the United States, Canada, Hong Kong, and various states. The tax years 2009 through 2016 remain open to examination by major taxing jurisdictions to which Cabela’s is subject. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 $22 million , $24 million , and $20 million for 2016 , 2015 , and 2014 , respectively. The following is a schedule of future minimum rental payments under operating leases at December 31, 2016 : For the fiscal years ending: 2017 $ 23,791 2018 23,768 2019 23,267 2020 22,602 2021 22,091 Thereafter 279,401 Total $ 394,920 The Company leases seven retail stores and owns 24 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 2016 or 2015 . Certain leases require the Company to pay contingent rental amounts based on a percentage of sales, in addition to real estate taxes, insurance, maintenance, and other operating expenses associated with the leased premises. These leases have terms which include renewal options ranging from 10 to 70 years. We have entered into real estate purchase, construction, and/or economic incentive agreements for various new retail store site locations. At December 31, 2016 , we estimated we had total cash commitments of approximately $95 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 December 31, 2016 . We expect to fund these estimated capital expenditures over the next 12 months with funds from operations and borrowings. Under various grant programs, state or local governments provide funding for certain costs associated with developing and opening a new retail store. 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 commitments typically phase out over approximately five to 10 years. No grant funding subject to contractual remedy was received in 2016 or 2015 . The total amount of grant funding subject to a specific contractual remedy was $26 million and $43 million at December 31, 2016 , and January 2, 2016 , respectively. We had recorded $1 million (classified as long-term liabilities in the consolidated balance sheets) at December 31, 2016 , and $17 million ( $16 million in current liabilities and $1 million in long-term liabilities) at January 2, 2016 , relating to these grants. In October 2016, we paid $16 million to satisfy in full a liability judgment entered against the Company in February 2014 related to a radius restriction of a retail store and associated incentives and value of real property that had been recognized as a liability in the Company’s consolidated balance sheets. 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 $49 million and $34 million at December 31, 2016 , and January 2, 2016 , 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 and $35 billion at December 31, 2016 , and January 2, 2016 , respectively. These commitments are in addition to any current outstanding balances of a cardholder. Unsecured credit card loans involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The principal amounts of these instruments reflect the Financial Services segment’s maximum related exposure. The Financial Services segment has 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. In April 2016, the Securities and Exchange Commission (“SEC”) 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 2015 . This $1 million charge was included in SD&A expenses in the consolidated statements of income and was recognized in the Merchandising segment in 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 reached a settlement in this lawsuit and recognized a liability of $3.85 million in the three months ended April 2, 2016. On February 8, 2017, the court granted final approval of the settlement and entered judgment accordingly. The Company is party to a putative class action lawsuit in the United States District Court for the Western District of Kentucky alleging that the Company violated the Telephone Consumer Protection Act by placing calls using an automatic telephone dialing system to cellular telephones without first obtaining consent due to reassignment of the number or revocation of prior consent. At the present time, the Company cannot reasonably estimate any loss or range of loss that may arise from this matter. Accordingly, the Company has not accrued a liability related to this matter. Self-Insurance – The Company is self-insured for health claims and workers’ compensation claims up to a certain stop loss amount per individual. We recognized a liability for health claims incurred prior to year end but not yet reported totaling $4 million at the end of 2016 and 2015 , respectively. We also recognized a liability for workers’ compensation claims incurred prior to year end but not yet reported totaling $4 million at the end of 2016 and 2015 , respectively. These reserves are included in accrued expenses and other liabilities in the consolidated balance sheets. The liabilities for health and workers’ compensation claims incurred but not reported are based upon internally developed calculations. These estimates are regularly evaluated for adequacy based on the most current information available, including historical claim payments, expected trends, and industry factors |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | REGULATORY CAPITAL REQUIREMENTS WFB is subject to various regulatory capital requirements administered by the Federal Deposit Insurance Corporation (“FDIC”) and the Nebraska State Department of Banking and Finance to ensure capital adequacy. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, WFB must meet specific capital guidelines that involve quantitative measures of WFB’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. WFB’s capital amounts and classification are also subject to qualitative judgment by the regulators with respect to components, risk weightings, and other factors. As of December 31, 2016 and 2015 , the most recent notification from the FDIC categorized WFB as “well-capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well-capitalized” WFB must maintain certain amounts and ratios (defined in the regulations) as set forth in the following table. There are no conditions or events since that notification that management believes have changed WFB’s category. In addition, effective January 2015, WFB was subject to the interim final rules and the joint final rules adopted by the FDIC in July 2013 pertaining to the implementation of regulatory capital reforms recommended by the Basel Committee on Banking Supervision in December 2010 (referred to as “Basel III”), and capital reforms required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Accordingly, these interim final rules and the joint final rules revise the agencies’ prompt corrective action framework by introducing a “common equity tier 1 capital” requirement and a higher “minimum tier 1 capital” requirement, both of which are presented in the table below. Actual Capital Requirements to be Classified Adequately-Capitalized Capital Requirements to be Classified Well-Capitalized Amount Ratio Amount Ratio Amount Ratio 2016: Common Equity Tier 1 Capital $ 620,209 10.7 % $ 261,941 4.5 % $ 378,359 6.5 % Total Capital to Risk-Weighted Assets 693,533 11.9 465,673 8.0 582,091 10.0 Tier I Capital to Risk-Weighted Assets 620,209 10.7 349,255 6.0 465,673 8.0 Tier I Capital to Average Assets 620,209 11.0 226,154 4.0 282,693 5.0 2015: Common Equity Tier 1 Capital $ 532,110 10.0 % $ 238,282 4.5 % $ 344,185 6.5 % Total Capital to Risk-Weighted Assets 598,419 11.3 423,612 8.0 529,515 10.0 Tier I Capital to Risk-Weighted Assets 532,110 10.0 317,709 6.0 423,612 8.0 Tier I Capital to Average Assets 532,110 10.6 200,755 4.0 250,944 5.0 |
Stock Based Compensation Plans
Stock Based Compensation Plans and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
STOCK OPTION PLANS, STOCK BASED COMPENSATION, AND OTHER EMPLOYEE BENEFIT PLANS [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK BASED COMPENSATION PLANS AND EMPLOYEE BENEFIT PLANS Stock-Based Compensation – The Company recognized total stock-based compensation expense of $25 million , $22 million , and $17 million in 2016 , 2015 , and 2014 , respectively. Compensation expense related to the Company’s stock-based payment awards is recognized in SD&A expenses in the consolidated statements of income. Compensation cost for awards is recognized using a straight-line amortization method over the vesting period. At December 31, 2016 , the total unrecognized deferred stock-based compensation balance for all equity awards issued, net of expected forfeitures, was $27 million , net of tax, which is expected to be amortized over a weighted average period of 2.4 years. The fair value of options granted was estimated on the date of the grant using the Black-Scholes option pricing model. The expected volatility for 2016 , 2015 , and 2014 was based on the historical volatility of the Company's common stock. The fair value of options in the years presented was estimated using the Black-Scholes model with the following weighted average assumptions: 2016 2015 2014 Risk-free interest rate based on the U.S. Treasury yield curve 1.33 % 1.55 % 1.52 % Dividend yield — — — Expected volatility 44 % 45 % 46 % Weighted average expected life (in years) 5.1 5.5 5.9 Weighted average grant date fair value of options granted $ 18.81 $ 22.53 $ 27.83 Employee Stock Plans – The Cabela’s Incorporated 2013 Stock Plan (the “2013 Stock Plan”), which replaced the Company’s 2004 Stock Plan, provides for the grant of incentive stock options, non-statutory stock options (“NSOs”), stock appreciation rights, performance stock, performance units, restricted stock, and restricted stock units to employees and consultants. Non-employee directors are eligible to receive any type of award offered under the 2013 Stock Plan except incentive stock options. Awards granted under the 2013 Stock Plan have a term of no greater than 10 years from the grant date and become exercisable under the vesting schedule determined at the time of grant. As of December 31, 2016 , the maximum number of shares available for awards under the 2013 Stock Plan was 2,016,182 . As of December 31, 2016 , there were 1,710,676 awards outstanding under the 2013 Stock Plan and 1,077,049 awards outstanding under the 2004 Stock Plan. To the extent available, we will issue treasury shares for the exercise of stock options before issuing new shares. Pursuant to the terms of the Merger Agreement, without the prior written consent of Bass Pro Group, no option awards or stock unit awards may be granted under the 2013 Stock Plan beginning on or after October 3, 2016. Awards Granted – The following awards were granted in 2016: • 163,000 NSOs granted to employees at an exercise price of $48.40 per share; • 25,112 NSOs granted to non-employee directors at an exercise price of $50.45 per share; • 64,000 premium-priced NSOs to the Chief Executive Officer at an exercise price of $55.66 per share, 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; • 425,962 units of nonvested stock issued to employees at a weighted average fair value of $47.35 per unit; • 12,885 units of nonvested stock issued to non-employee directors at a fair value of $50.45 per unit; and • 92,500 units of performance-based restricted stock units to certain executives at a fair value of $48.40 per unit. The options have an eight-year term and vest over four years for employees and over one year for non-employee directors. The premium-priced NSOs vest in three equal annual installments beginning on March 2, 2017, and expire on March 2, 2024. The 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. The performance-based restricted stock units will begin vesting in four equal annual installments on March 2, 2017, since the performance criterion was achieved. The following table summarizes award activity during 2016 for the Company’s two stock plans: All Awards Non-Vested Awards Awards Available for Grant Weighted Average Exercise Price Weighted Average Grant Date Fair Value Number of Awards Number of Awards Outstanding, beginning of year 2,705,252 2,938,166 $ 25.87 1,582,054 $ 54.44 Granted (783,459 ) 783,459 16.23 783,459 38.34 Vested — (333,718 ) (545,873 ) 51.22 Exercised — (488,519 ) 16.38 Forfeited (1) 90,445 (100,053 ) 3.47 (100,125 ) 51.67 Expired/Cancelled 3,944 (11,610 ) 40.35 Outstanding, end of year (2) 2,016,182 2,787,725 28.65 1,719,515 38.16 (1) Options forfeited under the 2013 Stock Plan are immediately available for grant. (2) At the end of 2016 , total awards outstanding were comprised of the following under the Company’s two stock plans: Type of Award Number of Awards Non-statutory stock options 1,848,964 Nonvested stock units 777,190 Performance based restricted stock units 161,571 Total 2,787,725 The following table provides information relating to the Company’s equity share-based payment awards at December 31, 2016 : Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Weighted Average Fair Value Aggregate Intrinsic Value Number of Awards Vested and exercisable 1,068,210 $ 33.72 $ 14.66 $ 27,573 3.76 Non-vested 1,719,515 25.50 38.16 58,944 6.40 Total outstanding 2,787,725 28.65 29.16 $ 86,517 5.64 Vested and expected to vest, December 31, 2016 2,722,630 29.25 $ 82,951 5.34 The aggregate intrinsic value of awards exercised was $17 million , $39 million , and $41 million during 2016 , 2015 , and 2014 , respectively. The total fair value of shares vested was $17 million , $14 million , and $16 million in 2016 , 2015 , and 2014 , respectively. Based on the Company’s closing stock price of $58.55 as of December 31, 2016 , the total number of in-the-money awards exercisable as of December 31, 2016 , was 913,432 . The equity share-based payment awards outstanding and exercisable as of December 31, 2016 , were in the following exercise price ranges: Awards Outstanding Awards Exercisable Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Weighted Average Exercise Price Exercise Price Number Number $0.00 (1) 938,761 $ — 8.23 — $ — $7.16 to $8.01 153,855 8.01 0.17 153,855 8.01 $11.49 to $15.25 11,500 12.31 0.36 11,500 12.31 $16.18 to $19.47 204,850 16.48 1.18 204,850 16.48 $22.32 to $40.45 403,844 32.60 2.76 339,844 31.13 $44.70 to $58.55 708,349 52.69 6.59 203,383 52.02 $61.23 to $76.27 366,566 67.20 5.30 154,778 65.35 2,787,725 28.65 5.64 1,068,210 33.72 (1) Represents nonvested stock units and performance based restricted stock units granted under the Company’s two stock plans. All other amounts in their respective exercise price ranges are for non-statutory stock options. Employee Stock Purchase Plan – During 2016 , there were 74,069 shares issued under the Cabela’s Incorporated 2013 Employee Stock Purchase Plan with 1,738,226 shares of common stock authorized and available for issuance at December 31, 2016 . Pursuant to the terms of the Merger Agreement, no shares may be purchased under the Employee Stock Purchase Plan with respect to offering periods beginning on or after October 3, 2016. 401(k) Savings Plan – All employees are eligible to defer up to 80% of their wages in Cabela’s 401(k) savings plan, subject to certain limitations. The Company matches 100% of eligible employee deferrals up to 4% of eligible wages. Total expense for employer contributions was $9 million , $10 million , and $8 million in 2016 , 2015 , and 2014 , respectively. |
Stockholders' Equity and Divide
Stockholders' Equity and Dividend Restrictions | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity and Dividend Restrictions [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY AND DIVIDEND RESTRICTIONS Preferred Stock – The Company is authorized to issue 10,000,000 shares of preferred stock having a par value of $0.01 per share. None of the shares of the authorized preferred stock have been issued. The board of directors is authorized to issue these shares of preferred stock without stockholder approval in different classes and series and, with respect to each class or series, to determine the dividend rate, the redemption provisions, conversion provisions, liquidation preference, and other rights, privileges, and restrictions. The issuance of any preferred stock could have the effect of diluting the voting power of the holders of common stock, restricting dividends on the common stock, impairing the liquidation rights of the common stock, or delaying or preventing a change in control without further action by the stockholders. Class A Voting Common Stock – The holders of Cabela’s Class A common stock are entitled to receive ratably dividends, if any, the board of directors may declare from time to time from funds legally available therefore, subject to the preferential rights of the holders of any shares of preferred stock that the Company may issue in the future. The holders of Cabela’s Class A common stock are entitled to one vote per share on any matter to be voted upon by stockholders. Upon any voluntary or involuntary liquidation, dissolution, or winding up of company affairs, the holders of Cabela’s Class A common stock are entitled to all assets remaining after payment to creditors and subject to prior distribution rights of any shares of preferred stock that the Company may issue in the future. All of the outstanding shares of Class A common stock are fully paid and non-assessable. Retained Earnings – The most significant restrictions on the payment of dividends by the Company to stockholders are contained within the covenants under its revolving credit and unsecured senior notes purchase agreements. Also, Nebraska banking laws govern the amount of dividends that WFB can pay to Cabela’s. In 2016 and 2015, WFB paid dividends to Cabela’s of $40 million and $50 million , respectively. At December 31, 2016 , the Company had unrestricted retained earnings of $215 million available for dividends. However, the Company has never declared or paid any cash dividends on its common stock. Pursuant to the terms of the Merger Agreement, the Company is also prohibited from declaring or paying any dividends or other distributions on its common stock. The Company does not anticipate paying any dividends or other distributions on its common stock in the foreseeable future. Accumulated Other Comprehensive Loss – The components of accumulated other comprehensive loss, net of related taxes, are as follows for the years ended: 2016 2015 Accumulated net unrealized holding gains on economic development bonds $ 8,103 $ 10,097 Cumulative foreign currency translation adjustments (54,025 ) (61,011 ) Total accumulated other comprehensive loss $ (45,922 ) $ (50,914 ) Treasury Stock – The Company’s Board of Directors authorized a share repurchase program on August 23, 2011, that provides for share repurchases on an ongoing basis to offset dilution resulting from equity awards under the Company’s current or future equity compensation plans. These shares can be repurchased from time to time in open market transactions or privately negotiated transactions at the Company’s discretion, subject to market conditions, customary blackout periods, and other factors. The share repurchase program does not obligate the Company to repurchase any outstanding shares of its common stock, and the program may be limited or terminated at any time. Pursuant to the terms of the Merger Agreement, the Company generally may not repurchase shares of its common stock, except in connection with the exercise of outstanding stock options or the settlement of restricted stock unit awards. As a result, the Company does not anticipate repurchasing any further shares under this program. 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. The total amount of share repurchases that the Company can make in a year is limited to 75% of its prior year consolidated earnings before interest, taxes, depreciation and amortization, as defined, pursuant to a covenant requirement of its credit agreement. We did not engage in any stock repurchase activity in 2016 . As of December 31, 2016 , up to $426 million of authorization to repurchase our common stock remained under this program. Under this authorization, we repurchased 1,989,305 shares of our common stock at a total cost of $74 million in 2015 . In 2015, we also repurchased 2,000,000 shares of our common stock in open market transactions at a cost of $100 million under the share repurchase program to offset dilution resulting from equity awards granted under the Company’s equity compensation plans. The following table reconciles the Company’s treasury stock activity for the years ended: 2016 2015 Balance, beginning of year 3,776,305 — Total common stock repurchased at a total cost of $174,124 for 2015 — 3,989,305 Treasury shares issued on exercise of stock options and share-based payment awards (683,541 ) (213,000 ) Balance, end of year 3,092,764 3,776,305 |
Restrictions on Dividends, Loans and Advances [Text Block] | Retained Earnings – The most significant restrictions on the payment of dividends by the Company to stockholders are contained within the covenants under its revolving credit and unsecured senior notes purchase agreements. Also, Nebraska banking laws govern the amount of dividends that WFB can pay to Cabela’s. In 2016 and 2015, WFB paid dividends to Cabela’s of $40 million and $50 million , respectively. At December 31, 2016 , the Company had unrestricted retained earnings of $215 million available for dividends. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE The following table reconciles the weighted average number of shares utilized in the earnings per share calculations for the years ended: 2016 2015 2014 Common shares – basic 68,323,540 70,102,715 70,987,168 Effect of incremental dilutive securities: Stock options and nonvested stock units 673,124 866,198 890,688 Common shares – diluted 68,996,664 70,968,913 71,877,856 Stock options outstanding considered anti-dilutive excluded from calculation 1,108,446 1,283,148 389,080 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION The following table sets forth non-cash financing and investing activities and other cash flow information for the years ended: 2016 2015 2014 Non-cash financing and investing activities: Accrued property and equipment additions (1) $ 7,188 $ 13,538 $ 40,255 Depreciation adjustment reducing deferred grant income (2,252 ) — (831 ) Other cash flow information: Interest paid (2) $ 129,103 $ 86,194 $ 80,311 Capitalized interest (3,132 ) (10,499 ) (7,788 ) Interest paid, net of capitalized interest $ 125,971 $ 75,695 $ 72,523 Income taxes, net of refunds $ 60,810 $ 107,792 $ 145,196 (1) Accrued property and equipment additions are recognized in the consolidated statements of cash flows in the year they are paid. (2) Includes interest paid by the Financial Services segment totaling $84 million , $68 million , and $64 million for 2016 , 2015 , and 2014 , respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT REPORTING Guidance under ASC Topic 280, “Segment Reporting,” requires companies to evaluate their reportable operating segments periodically and when certain events occur. Changes in the first quarter of 2016 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 at the beginning of fiscal year 2016, 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. Prior to the beginning of fiscal year 2016, we had four reportable segments: Retail, Direct, Financial Services, and Corporate Overhead and Other. 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 years ended 2015 and 2014, presented in the tables below and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” – “2016 Compared to 2015” and “2015 Compared to 2014,” 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. • Consulting fees and other expenses associated with the Company’s corporate restructuring initiatives incurred in 2016 and 2015 and the review of strategic alternatives incurred in 2016. 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, EDBs, 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. Among other items, the agreement also 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. In addition, 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%. The total risk-based capital ratio of WFB exceeded this 13% threshold at March 31, 2014, so an additional license fee of $11 million was paid in April 2014 by the Financial Services segment to the Merchandising segment and was classified in SD&A expenses. No additional license fee was paid in the remainder of 2014, and none in 2015 or 2016. Financial information by segment is presented in the following table for the years presented: Financial Services Fiscal Year 2016: Merchandising Total Merchandise sales $ 3,558,019 $ — $ 3,558,019 Non-merchandise revenue: Financial Services — 521,795 521,795 Other 28,279 — 28,279 Total revenue before intersegment eliminations 3,586,298 521,795 4,108,093 Intersegment revenue eliminated in consolidation — 21,266 21,266 Total revenue as reported $ 3,586,298 $ 543,061 $ 4,129,359 Operating income $ 73,494 $ 200,446 $ 273,940 Operating income as a percentage of revenue 2.0 % 38.4 % 6.6 % Depreciation and amortization $ 144,553 $ 5,610 $ 150,163 Assets 3,075,258 5,895,566 8,970,824 Property and equipment additions including accrued amounts 150,885 1,238 152,123 Fiscal Year 2015: Merchandise sales $ 3,481,375 $ — $ 3,481,375 Non-merchandise revenue: Financial Services — 482,329 482,329 Other 13,784 — 13,784 Total revenue before intersegment eliminations 3,495,159 482,329 3,977,488 Intersegment revenue eliminated in consolidation — 20,214 20,214 Total revenue as reported $ 3,495,159 $ 502,543 $ 3,997,702 Operating income $ 134,804 $ 172,988 $ 307,792 Operating income as a percentage of revenue 3.9 % 35.9 % 7.7 % Depreciation and amortization $ 130,856 $ 1,716 $ 132,572 Assets 3,090,825 5,372,179 8,463,004 Property and equipment additions including accrued amounts 358,953 2,233 361,186 Fiscal Year 2014: Merchandise sales $ 3,200,219 $ — $ 3,200,219 Non-merchandise revenue: Financial Services — 415,574 415,574 Other 17,046 — 17,046 Total revenue before intersegment eliminations 3,217,265 415,574 3,632,839 Intersegment revenue eliminated in consolidation — 14,811 14,811 Total revenue as reported $ 3,217,265 $ 430,385 $ 3,647,650 Operating income $ 223,745 $ 111,650 $ 335,395 Operating income as a percentage of revenue 7.0 % 26.9 % 9.2 % Depreciation and amortization $ 111,543 $ 1,554 $ 113,097 Assets 2,762,826 4,912,491 7,675,317 Property and equipment additions including accrued amounts 433,672 1,964 435,636 The components and amounts of total revenue for the Financial Services segment were as follows for the years ended: 2016 2015 2014 Interest and fee income $ 597,709 $ 481,731 $ 400,948 Interest expense (88,177 ) (68,827 ) (64,167 ) Provision for loan losses (147,661 ) (85,120 ) (61,922 ) Net interest income, net of provision for loan losses 361,871 327,784 274,859 Non-interest income: Interchange income 410,718 394,037 366,633 Other non-interest income 3,333 2,990 3,338 Total non-interest income 414,051 397,027 369,971 Less: Customer rewards costs (232,861 ) (222,268 ) (214,445 ) Financial Services revenue $ 543,061 $ 502,543 $ 430,385 Our products are principally marketed to individuals within the United States. Net sales generated in other geographic markets, primarily Canada, have collectively been less than 5% of consolidated net merchandise sales in each year. No single customer accounted for 10% or more of consolidated net sales. No single product or service accounted for a significant percentage of the Company’s consolidated revenue. The following table sets forth the percentage of our merchandise revenue contributed by major product categories for our Merchandising segment for the last three years. 2016 2015 2014 Hunting Equipment 48.1 % 45.5 % 44.3 % General Outdoors 30.9 31.2 30.3 Clothing and Footwear 21.0 23.3 25.4 Total 100.0 % 100.0 % 100.0 % |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS Fair value represents the estimated price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. In determining fair value of financial instruments, the Company uses various methods, including discounted cash flow projections based on available market interest rates and data, and management estimates of future cash payments. Judgment is required in interpreting certain market data to develop the estimates of fair value and, accordingly, any changes in assumptions or methods may affect the fair value estimates. Financial instrument assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: • Level 1 – Quoted market prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted market prices. • Level 3 – Unobservable inputs corroborated by little, if any, market data. Level 3 is comprised of financial instruments whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are primarily unobservable from objective sources. At December 31, 2016 , the financial instruments carried on our consolidated balance sheets subject to fair value measurements consisted of EDBs (included in other assets) and were classified as Level 3 for valuation purposes. There were no transfers in or out of Levels 1, 2, or 3 for 2016 , 2015 , or 2014 . The table below presents changes in fair value of the EDBs measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended: 2016 2015 2014 Balance, beginning of year $ 83,767 $ 82,074 $ 78,504 Total gains or losses: Included in earnings - realized — — — Included in accumulated other comprehensive income (loss) - unrealized (3,045 ) 1,076 7,777 Valuation adjustments (6,395 ) — — Purchases, issuances, and settlements: Purchases — 4,780 558 Issuances — — — Settlements (4,391 ) (4,163 ) (4,765 ) Total (4,391 ) 617 (4,207 ) Balance, end of year $ 69,936 $ 83,767 $ 82,074 Fair values of our EDBs were estimated using discounted cash flow projection estimates. These estimates are based on available market interest rates and the estimated amounts and timing of expected future payments to be received from municipalities under tax development zones, which we consider to be unobservable inputs (Level 3). In the fourth quarter of 2016, we determined that the fair value of three bonds were below their carrying value which resulted in a fair value adjustment totaling $6 million . Accordingly, deferred grant income was reduced by $6 million due to the other than temporary impairment loss that was recognized on the EDBs. The reduction in deferred grant income resulted in an increase in depreciation expense of $2 million which was included in impairment and restructuring charges in the consolidated statements of income. There were no other than temporary fair value adjustments of EDBs and no adjustments of deferred grant income related to EDBs in 2015 or 2014 . On a quarterly basis, we perform various procedures to analyze the amounts and timing of projected cash flows to be received from our EDBs. Refer to Note 1 “Nature of Business and Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements under the section entitled “Government Economic Assistance and Economic Development Bonds” for information on our procedures used to analyze the amounts and timing of projected cash flows to be received from our EDBs. We evaluate the recoverability of property and equipment, goodwill, other property, and other intangibles whenever indicators of impairment exist using significant unobservable inputs. This evaluation included existing store locations and future retail store sites. Impairment losses consisted of the following for the years ended: 2016 2015 2014 Carrying value of property and equipment, other property, and other assets $ 27,364 $ 25,541 $ — Less: Fair value of related assets 19,497 15,766 — Impairment losses $ 7,867 $ 9,775 $ — The impairment losses we incurred in 2016 and 2015 were recognized in the Merchandising segment. Refer to Note 14 “Impairment and Restructuring Charges” of the Notes to Consolidated Financial Statements under the section entitled “Impairment” for additional information on these impairment losses. Local economic trends, government regulations, and other restrictions where we own properties may impact management projections that could change undiscounted cash flows in future periods which could trigger possible future write downs. The carrying amounts of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, gift instruments (including credit card and loyalty rewards programs), accrued expenses and other liabilities, and income taxes receivable and payable included in the consolidated balance sheets approximate fair value given the short-term nature of these financial instruments. The table below presents the estimated fair values of the Company’s financial instruments that are not carried at fair value on our consolidated balance sheets for the years indicated. The fair values of all financial instruments listed below were estimated based on internally developed models or methodologies utilizing observable inputs (Level 2). 2016 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Credit card loans, net $ 5,579,575 $ 5,579,575 $ 5,035,267 $ 5,035,267 Financial Liabilities: Time deposits 1,168,857 1,171,001 879,899 879,197 Secured variable funding obligations of the Trust 420,000 420,000 655,000 655,000 Secured obligations of the Trust (1) 3,578,500 3,559,438 3,238,500 3,178,028 Long-term debt (1) 752,830 772,311 861,281 892,425 (1) Balances do not include related debt issuance costs as a direct deduction from such balances. Credit Card Loans – Credit card loans are originated with variable rates of interest that adjust with changing market interest rates, so the carrying value of the credit card loans, including the carrying value of deferred credit card origination costs, less the allowance for loan losses, approximates fair value. This valuation does not include the value that relates to estimated cash flows generated from new loans over the life of the cardholder relationship. Accordingly, the aggregate fair value of the credit card loans does not represent the underlying value of the established cardholder relationship. Time Deposits – Time deposits are pooled in homogeneous groups, and the future cash flows of those groups are discounted using current market rates offered for similar products for purposes of estimating fair value. For both years presented, we have consistently applied our discounting methodologies to estimated future cash flows in determining estimated fair value for time deposits. Obligations of the Trust – The secured variable funding obligations of the Trust, which include variable rates of interest that adjust daily, can fluctuate daily based on the short-term operational needs of the Financial Services segment with advances and pay downs at par value. Therefore, the carrying value of the secured variable funding obligations of the Trust approximates fair value. The estimated fair value of secured obligations of the Trust is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt of comparable maturity. For both years presented, we have consistently applied our discounting methodologies to estimated future cash flows in determining estimated fair value for secured obligations of the Trust. Long-Term Debt – The estimated fair value of long-term debt is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt of comparable maturity. For both years presented, we have consistently applied our discounting methodologies to estimated future cash flows in determining estimated fair value for long-term debt. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
QUARTERLY FINANCIAL INFORMATION (Unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL INFORMATION (Unaudited) The following table sets forth unaudited financial and operating data in each quarter for years 2016 and 2015 : 2016 by Quarter 2015 by Quarter First Second Third Fourth First Second Third Fourth Total revenue $ 864,662 $ 929,897 $ 996,495 $ 1,338,305 $ 827,076 $ 836,276 $ 926,523 $ 1,407,827 Operating income (1) 44,356 67,709 49,231 112,644 44,533 63,390 72,945 126,924 Net income 22,889 37,759 28,240 58,059 26,774 40,057 43,708 78,791 Earnings per share: Basic (2) 0.34 0.55 0.41 0.85 0.38 0.56 0.63 1.15 Diluted (2) 0.33 0.55 0.41 0.84 0.37 0.56 0.62 1.14 (1) Includes impairment and restructuring charges recognized by quarter as follows: $ 2,972 $ 959 $ 1,454 $ 8,737 $ — $ — $ 5,587 $ 9,744 (2) Basic and diluted earnings per share are computed independently for each of the quarters presented and, therefore, may not sum to the totals for the year. Revenue is typically higher in the Company’s third and fourth quarters than in the first and second quarters due to holiday buying patterns and the opening of hunting seasons across the United States. The Company’s quarterly operating results may fluctuate significantly as a result of these events and a variety of other factors, and operating results for any quarter are not necessarily indicative of results for a full year. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2016 | |
Schedule II [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | CABELA’S INCORPORATED AND SUBSIDIARIES SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (In Thousands) Beginning of Year Balance Charged to Costs and Expenses Charged to Other Accounts Deductions End of Year Balance Year Ended December 31, 2016: Allowance for doubtful accounts on accounts receivable balances $ 1,265 $ 648 $ — $ (856 ) $ 1,057 Reserve for sales returns (1) 39,887 — 205,017 (221,464 ) 23,440 Reserve on notes receivable 4,263 — — (2,204 ) 2,059 Allowance for credit card loan losses 75,911 147,661 — (105,229 ) 118,343 Year Ended January 2, 2016: Allowance for doubtful accounts on accounts receivable balances $ 969 $ 418 $ — $ (122 ) $ 1,265 Reserve for sales returns (1) 26,440 — 251,289 (237,842 ) 39,887 Reserve on notes receivable 4,263 — — — 4,263 Allowance for credit card loan losses 56,572 85,120 — (65,781 ) 75,911 Year Ended December 27, 2014: Allowance for doubtful accounts on accounts receivable balances $ 1,208 $ 2,476 $ — $ (2,715 ) $ 969 Reserve for sales returns (1) 24,617 — 233,192 (231,369 ) 26,440 Reserve on notes receivable 4,263 — — — 4,263 Allowance for credit card loan losses 53,110 61,922 — (58,460 ) 56,572 (1) Represents the allowance for sales returns estimated at the time merchandise sales are recognized based upon the Company’s evaluation of anticipated merchandise sales returns. These adjustments were recognized as a reduction in merchandise sales in the Company’s consolidated statements of income. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | 27. SUBSEQUENT EVENT On February 15, 2017, the Series 2012-I notes of the Trust totaling $425 million were repaid in full using restricted cash of the Trust. |
Nature of Business and Summar35
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Nature of Operations [Text Block] | Nature of Business – Cabela’s Incorporated is a retailer of hunting, fishing, and outdoor gear, offering products through its retail stores, websites in the United States and Canada, and regular and specialty catalog mailings. Cabela’s Incorporated operates 85 retail stores, 74 located in 36 states and 11 located in six Canadian provinces. World’s Foremost Bank (“WFB,” “Financial Services segment,” or “Cabela’s CLUB”), a Nebraska banking corporation and a wholly-owned bank subsidiary of Cabela’s Incorporated, is a limited purpose bank formed under the Competitive Equality Banking Act of 1987. The lending activities of WFB are limited to credit card lending and its deposit issuance is limited to time deposits of at least one hundred thousand dollars |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation – The consolidated financial statements include the accounts of Cabela’s Incorporated and its wholly-owned subsidiaries (“Cabela’s,” “Company,” “we,” or “our”). All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications were made to the previously reported 2015 consolidated financial statements to conform to the 2016 presentation. WFB is the primary beneficiary of the Cabela’s Master Credit Card Trust and related entities (collectively referred to as the “Trust”) under the guidance of Accounting Standards Codification (“ASC”) Topics 810, Consolidations , and 860, Transfers and Servicing. Accordingly, the Trust was consolidated for all reporting periods of Cabela’s in this report. As the servicer and the holder of retained interests in the Trust, WFB has the powers to direct the activities that most significantly impact the Trust’s economic performance and the right to receive significant benefits or obligations to absorb significant losses of the Trust. The credit card loans of the Trust are recorded as restricted credit card loans and the liabilities of the Trust are recorded as secured obligations. |
Fiscal Period, Policy [Policy Text Block] | Reporting Year – The Company follows a 52/53 week fiscal year-end cycle. Unless otherwise stated, the fiscal years referred to in the notes to these consolidated financial statements are the 52 weeks ended December 31, 2016 (“ 2016 ” or “ year ended 2016 ”), the 53 weeks ended January 2, 2016 (“ 2015 ” or “ year ended 2015 ”), and the 52 weeks ended December 27, 2014 (“ 2014 ” or “ year ended 2014 ”). WFB follows a calendar fiscal period so each fiscal year ends on December 3 |
Credit Card Origination Costs, Policy [Policy Text Block] | Credit Card Loans – The Financial Services segment grants individual credit card loans to its customers and is diversified in its lending with borrowers throughout the United States. Credit card loans are reported at their principal amounts outstanding plus deferred credit card origination costs, less the allowance for loan losses. As part of collection efforts, a credit card loan may be closed and placed on non-accrual or restructured in a fixed payment plan prior to charge-off. The fixed payment plans require payment of the loan within 60 months and consist of a lower interest rate, reduced minimum payment, and elimination of fees. Loans on fixed payment plans include loans in which the customer has engaged a consumer credit counseling agency to assist them in managing their debt. Customers who miss two consecutive payments once placed on a payment plan or non-accrual will resume accruing interest at the rate they had accrued at before they were placed on a plan. Payments received on non-accrual loans are applied to principal. The Financial Services segment does not record any liabilities for off-balance sheet risk of unfunded commitments through the origination of unsecured credit card loans, as it has the right to refuse or cancel these available lines of credit at any time. The direct credit card account origination costs associated with costs of successful credit card originations incurred in transactions with independent third parties, and certain other costs incurred in connection with credit card approvals, are deferred credit card origination costs included in credit card loans and are amortized on a straight-line basis over 12 months. Other account solicitation costs, including printing, list processing, and postage are expensed as solicitation occurs. |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Other Property – Other property primarily consists of unimproved land not used in our merchandising business and is recorded at the lower of cost or estimated fair value less estimated selling costs. Proceeds from the sale of other property are recognized in other revenue and the corresponding costs of other property sold are recognized in costs of other revenue. Other property with a carrying value of $23 million and $31 million at the end of 2016 and 2015 , respectively, was included in other assets in the consolidated balance sheets. We intend to sell our other property as soon as any such sale could be economically feasible, and we continue to monitor such property for impairment. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets – The net unamortized balance of intangible assets consists primarily of goodwill and is recorded in other assets. At the end of both 2016 and 2015 , goodwill and intangible assets totaled $3 million , net of accumulated amortization of $3 million and $2 million at the end of 2016 and 2015 , respectively. During the fourth quarter of 2016 , 2015 , and 2014 , we completed impairment analyses of our goodwill and other intangible assets. We did not recognize any impairments on intangible assets in 2016 , 2015 , or 2014 . |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Cost of Revenue and Selling, Distribution, and Administrative Expenses – The Company’s cost of revenue primarily consists of merchandise acquisition costs, including freight-in costs, as well as shipping costs. Selling, distribution, and administrative (“SD&A”) expenses consist of the costs associated with selling, marketing, warehousing, retail store replenishment, and other operating expense activities. All depreciation and amortization expense is associated with selling, distribution, and administrative activities, and accordingly, is included in this category in the consolidated statements of operations. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition – Revenue is recognized for retail store sales at the time of the sale in the store and for Internet and catalog sales when the merchandise is delivered to the customer. The Company recognizes a reserve for estimated product returns based on its historical returns experience. Shipping fees charged to customers are included in merchandise sales and shipping costs are included in merchandise costs. Revenue from the sale of gift certificates and gift cards (“gift instruments”) is recognized in revenue when the gift instruments are redeemed for merchandise or services. The Company records gift instrument breakage as revenue when the probability of redemption is remote. The Company recognizes breakage on gift instruments four years after issuance based on historical redemption rates. Total gift instrument breakage was $11 million , $10 million , and $9 million for 2016 , 2015 , and 2014 , respectively. Cabela’s gift instrument liability at the end of 2016 and 2015 was $195 million and $184 million , respectively. The dollar amount of related points associated with the Company’s loyalty rewards programs for Cabela’s CLUB issued credit cards are accrued as earned by the cardholder, principally from transactions with unrelated parties, and recorded as a reduction in Financial Services segment revenue. When these points are accrued as earned by the cardholder, the Company estimates the cost of such points with the difference between the value of the unredeemed points earned and the estimated cost of the points included in other revenue (recognized in the Merchandising segment). The net amount related to points in other revenue totaled $7 million , $8 million , and $8 million for 2016 , 2015 , and 2014 , respectively. Redemption of these points was recognized as revenue in merchandise sales at fair value, along with the related cost of sales. Merchandise sales recognized from the redemption of points was $233 million , $219 million , and $201 million for 2016 , 2015 , and 2014 , respectively. Costs incurred under our loyalty rewards programs recognized as a reduction in Financial Services segment revenue was $233 million , $222 million , and $210 million for 2016 , 2015 , and 2014 , respectively. Financial Services revenue includes credit card interest and fees relating to late payments and cash advance transactions. Interest and fees are accrued in accordance with the terms of the applicable cardholder agreements on credit card loans until the date of charge-off unless placed on non-accrual and fixed payment plans. Interchange income is earned when a charge is made to a customer’s account. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents – Cash equivalents include credit card and debit card receivables from other banks, which settle within one to four business days. Receivables from other banks totaled $23 million and $24 million at the end of 2016 and 2015 , respectively. Unpresented checks, net of available cash bank balances, are classified as current liabilities. Cash and cash equivalents of the Financial Services segment were $150 million and $157 million at the end of 2016 and 2015 , respectively. Due to regulatory restrictions on WFB, the Company cannot use WFB’s cash for non-banking operations. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses – The allowance for loan losses represents management’s estimate of probable losses inherent in the credit card loan portfolio. The allowance for loan losses is established through a charge to the provision for loan losses and is evaluated by management for adequacy. Loans on a payment plan or non-accrual are segmented from the rest of the credit card loan portfolio into a restructured credit card loans segment before establishing an allowance for loan losses as these loans have a higher probability of loss. Management estimates losses inherent in the credit card loans segment based on models which track historical loss experience on delinquent accounts, bankruptcies, death, and charge-offs, net of estimated recoveries. The Financial Services segment uses a migration analysis and historical bankruptcy and death rates to estimate the likelihood that a credit card loan in the credit card loan segment will progress through the various stages of delinquency and to charge-off. This analysis estimates the gross amount of principal that will be charged off over the next 12 months, net of recoveries. Management estimates losses from the restructured credit card loans segment based on a discounted cash flow model, which uses remaining balances and projected charge-offs, recoveries, and payments to calculate future cash flows. The allowance for loan losses is determined as the difference between the balance of the restructured credit card loans segment and the related discounted present value of the future cash flows. In addition to these methods of measurement, management also considers other factors such as general economic and business conditions affecting key lending areas, credit concentration, changes in origination and portfolio management, and credit quality trends. Since the evaluation of the inherent loss with respect to these factors is subject to a high degree of uncertainty, the measurement of the overall allowance is subject to estimation risk, and the amount of actual losses can vary significantly from the estimated amounts. Credit card loans that have been modified through a fixed payment plan or placed on non-accrual are considered impaired and are collectively evaluated for impairment. The Financial Services segment charges off credit card loans and restructured credit card loans on a daily basis after an account becomes at a minimum 130 days contractually delinquent. Accounts relating to cardholder bankruptcies, cardholder deaths, and fraudulent transactions are charged off earlier. The Financial Services segment recognizes charged-off cardholder fees and accrued interest receivable in interest and fee income that is included in Financial Services revenue. |
Inventory, Policy [Policy Text Block] | Inventories – Inventories are stated at the lower of average cost or market. All inventories are finished goods. The reserve for inventory shrinkage, estimated based on cycle and physical counts, was $20 million and $11 million at the end of 2016 and 2015 , respectively. The reserves for returns of damaged goods, obsolescence, and slow-moving items, estimated based upon historical experience, inventory aging, and specific identification, were $12 million and $10 million at the end of 2016 and 2015 , respectively. |
Cost of Sales, Vendor Allowances, Policy [Policy Text Block] | Vendor Allowances – Vendor allowances include price allowances, volume rebates, store opening costs reimbursements, marketing participation, and advertising reimbursements received from vendors under vendor contracts. Vendor merchandise allowances are recognized as a reduction of the costs of merchandise as sold. Vendor reimbursements of costs are recorded as a reduction to expense in the period the related cost is incurred based on actual costs incurred. Any cost reimbursements exceeding expenses incurred are recognized as a reduction of the cost of merchandise sold. Volume allowances may be estimated based on historical purchases and estimates of projected purchases. |
Advertising Costs, Policy [Policy Text Block] | Advertising and Deferred Catalog Costs – Advertising production costs are expensed as the advertising occurs except for catalog costs which are amortized over the expected period of benefit estimated at three to 12 months after mailing. Advertising expense, including direct marketing costs (website marketing paid search fees and amortization of catalog costs), was $229 million , $235 million , and $236 million for 2016 , 2015 , and 2014 , respectively. Advertising vendor reimbursements, netted in advertising expense, totaled $1 million , $4 million , and $4 million for 2016 , 2015 , and 2014 , respectively. |
Start-up Activities, Cost Policy [Policy Text Block] | Store Pre-opening Expenses – Non-capital costs associated with the opening of new stores are expensed as incurred. Retail store pre-opening costs totaled $7 million , $23 million , and $24 million for 2016 , 2015 , and 2014 , respectively. |
Lease, Policy [Policy Text Block] | Leases – The Company leases certain retail locations, distribution centers, office space, equipment, and land. Assets held under capital lease are included in property and equipment. Operating lease rentals are expensed on a straight-line basis over the life of the lease. At the inception of a lease, the Company determines the lease term by assuming the exercise of those renewal options that are reasonably assured because of the significant economic penalty that exists for not exercising those options. The exercise of lease renewal options is at the Company’s sole discretion. The expected lease term is used to determine whether a lease is capital or operating and is used to calculate straight-line rent expense. Additionally, the depreciable life of buildings and leasehold improvements is limited by the expected lease term. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment – Property and equipment are stated at cost. Depreciation and amortization are provided over the estimated useful lives of the assets, including assets held under capital leases, on a straight-line basis. Leasehold improvements are amortized over the lease term or, if shorter, the useful lives of the improvements. Assets held under capital lease agreements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. When property is fully depreciated, retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income. The costs of major improvements that extend the useful life of an asset are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Capitalized interest on projects during the construction period totaled $3 million , $10 million , and $8 million for 2016 , 2015 , and 2014 , respectively. Costs related to internally developed software are capitalized and amortized on a straight-line basis over their estimated useful lives. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Government Economic Assistance and Economic Development Bonds (“EDBs”) – When we construct a new retail store or retail development, we may receive economic assistance from local governments to fund a portion or all of the Company’s associated construction costs which helps to improve the return on investment of our new retail stores. This assistance typically comes in the form of cash grants, land grants, the recapture of incremental sales, property, or other taxes, and/or proceeds from the sale of EDBs funded by the local government. The Company has historically purchased the majority of the bonds associated with its developments. EDBs are typically repaid through sales and/or property taxes generated by the retail store and/or within a designated development area. Cash and land grants are made available to fund land, retail store construction, and/or development infrastructure costs and are recognized as deferred grant income as a reduction to the costs, or recognized fair value in the case of land grants, of the associated property and equipment. Property and equipment was reduced by deferred grant income of $301 million and $306 million at the end of 2016 and 2015 , respectively. Deferred grant income is amortized to earnings, as a reduction of depreciation expense, over the average estimated useful life of the associated assets. Deferred grant income on land grants is recognized as a reduction to depreciation expense over the estimated life of the related assets of the developments. The Company did not receive any land grants in 2016 , 2015 , or 2014 . We have also received grant funding in exchange for commitments made by us to the state or local government providing the funding. The grant commitments contain covenants we are required to comply with regarding minimum employment levels, maintaining retail stores in certain locations, and maintaining office facilities in certain locations. For these grants we recognize grant revenue as the milestones associated with the grant are met. The commitments typically phase out over approximately five to 10 years. If we fail to maintain the commitments during the applicable period, the funds we received may have to be repaid or other adverse consequences may arise, which could affect our cash flows and profitability. No grant funding subject to contractual remedy was received in 2016 , 2015 , or 2014 . For 2016 , 2015 , and 2014 , the Company was in compliance with the requirements under these grants. Deferred grant income estimates, and their associated present value, are updated whenever events or changes in circumstances indicate that their recorded amounts may not be recovered. These estimates are determined when estimation of the fair value of associated EDBs are performed if there are related bond investments. If it is determined that the Company will not receive the full amount remaining from the bonds, we will adjust the deferred grant income to appropriately reflect the change in estimate and, at that time, will record a cumulative additional depreciation charge that would be recognized to date as expense in the absence of the grant income. In the fourth quarter of 2016, we identified three EDBs where the actual tax revenues associated with these properties were lower than previously projected. Therefore, we determined that the fair value of these EDBs were below their respective carrying values, with the declines in fair value deemed to be other than temporary, which resulted in a fair value adjustment totaling $6 million . Accordingly, deferred grant income was reduced by $6 million due to other than temporary impairment loss of the same amount that was recognized on the EDBs. This reduction in deferred grant income resulted in increases in depreciation expense of $2 million which was included in impairment and restructuring charges in the consolidated statements of income. There were no other than temporary fair value adjustments of EDBs and no adjustments of deferred grant income related to EDBs in 2015 and 2014 . At December 31, 2016 , and January 2, 2016 , EDBs totaled $70 million and $84 million , respectively, and are included in other assets in our consolidated balance sheets. EDBs are related to our government economic assistance arrangements relating to the construction of new retail stores or retail development. EDBs issued by state and local municipalities are classified as available-for-sale and recorded at their fair value. The payments of principal and interest on the bonds are typically tied to sales, property, or lodging taxes generated from the store and, in some cases, from businesses in the surrounding area, over periods which range between 15 and 30 years. Declines in the fair value of EDBs below cost that are deemed to be other than temporary are reflected in earnings. The Company may agree to guarantee deficiencies in tax collections which fund the repayment of EDBs. We did not guarantee any EDBs that we owned at the end of 2016 , 2015 , or 2014 . On a quarterly basis, we perform various procedures to analyze the amounts and timing of projected cash flows to be received from its EDBs. We revalue each EDB using discounted cash flow models based on available market interest rates (Level 2 inputs) and management estimates, including the estimated amounts and timing of expected future tax payments (Level 3 inputs) to be received by the municipalities under tax increment financing districts. Projected cash flows are derived from sales and property taxes. Due to the seasonal nature of our business, fourth quarter sales are significant to projecting future cash flows under the EDBs. We evaluate the impact of bond payments that have been received since the most recent quarterly evaluation, including those subsequent to the end of the quarter. Typically, bond payments are received twice annually. The payments received around the end of the fourth quarter provide the Company with additional facts for its fourth quarter projections. We make inquiries of local governments and/or economic development authorities for information on any anticipated third-party development, specifically on land owned by the Company, but also on land not owned by the Company in the tax increment financing development district, and to assess any current and potential development where cash flows under the bonds may be impacted by additional development and the anticipated development is material to the estimated and recorded carrying value based on projected cash flows. We make revisions to the cash flow estimates of each bond based on the information obtained. In those instances where the expected cash flows are insufficient to recover the current carrying value of the bond, we adjust the carrying value of the individual bonds to their revised estimated fair value. The governmental entity from which we purchase the bonds is not liable for repayment of principal and interest on the bonds to the extent that the associated taxes are insufficient to fund principal and interest amounts under the bonds. Should sufficient tax revenue not be generated by the subject properties, we may not receive all anticipated payments and thus will be unable to realize the full carrying values of the EDBs carried on our consolidated balance sheet, which result in a corresponding decrease to deferred grant income. |
Revenue Recognition, Loyalty Programs [Policy Text Block] | Credit Card and Loyalty Rewards Programs – Cabela’s CLUB Visa cardholders receive Cabela’s points based on the dollar amounts of transactions through credit cards issued by Cabela’s CLUB which may be redeemed for Cabela’s products and services. Points may also be awarded for special promotions for the acquisition and retention of accounts. The dollar amount of related points are accrued as earned by the cardholder and recorded as a reduction in Financial Services revenue. In addition to the Cabela’s CLUB issued credit cards, customers receive points for purchases at Cabela’s from various loyalty programs. The dollar amount of unredeemed credit card points and loyalty points was $193 million and $181 million at the end of 2016 and 2015 , respectively, and the Cabela’s CLUB points issued never expire. |
Income Tax, Policy [Policy Text Block] | Income Taxes – The Company files consolidated federal and state income tax returns with its wholly-owned subsidiaries. The consolidated group follows a policy of requiring each entity to provide for income taxes in an amount equal to the income taxes that would have been incurred if each were filing separately. We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of our assets and liabilities. The Company establishes valuation allowances if we believe it is more likely than not that some or all of the Company’s deferred tax assets will not be realized. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation – Compensation expense is estimated based on grant date fair value and amortized on a straight-line basis over the requisite service period. Costs associated with awards are included in compensation expense as a component of SD&A expenses. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Financial Instruments and Credit Risk Concentrations – Financial instruments which may subject the Company to concentrations of credit risk are primarily cash, cash equivalents, and accounts receivable. The Company invests primarily in money market accounts or tax-free municipal bonds, with short-term maturities, limiting the amount of credit exposure to any one entity. The Company had $29 million and $21 million invested in overnight funds at the end of 2016 and 2015 , respectively. Concentrations of credit risk on accounts receivable are limited due to the nature of the Company’s receivables. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments – The carrying amount of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, gift instruments (including credit card rewards and loyalty rewards programs), accrued expenses and other liabilities, short-term borrowings, and income taxes included in the consolidated balance sheets approximate fair value given the short-term nature of these financial instruments. Credit card loans (level 2) are originated with variable rates of interest that adjust with changing market interest rates so the carrying value of the credit card loans, including the carrying value of deferred credit card origination costs, less the allowance for loan losses, approximates fair value. Time deposits (level 2) are pooled in homogeneous groups, and the future cash flows of those groups are discounted using current market rates offered for similar products for purposes of estimating fair value. The fair value of the secured variable funding obligations of the Trust (level 2) approximates the carrying value since these obligations can fluctuate daily based on the short-term operational needs with advances and pay downs at par value. The estimated fair value of secured obligations of the Trust is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt with comparable maturities. The estimated fair value of long-term debt (level 2) is based on future cash flows associated with each type of debt discounted using current borrowing rates for similar types of debt with comparable maturities. |
Comprehensive Income (Loss) Note [Text Block] | Comprehensive Income – Comprehensive income consists of net income, foreign currency translation adjustments, and unrealized gains and losses on available-for-sale EDBs, net of related income taxes. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation – Assets and liabilities of Cabela’s Canadian operations are translated into United States dollars at currency exchange rates in effect at the end of a reporting period. Gains and losses from translation into United States dollars are included in accumulated other comprehensive income (loss) in our consolidated balance sheets. Revenues and expenses are translated at average monthly currency exchange rates. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share – Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of shares outstanding plus all additional common shares that would have been outstanding if potentially dilutive common share equivalents had been issue |
Government Economic Assistance [Policy Text Block] | Government Economic Assistance and Economic Development Bonds (“EDBs”) – When we construct a new retail store or retail development, we may receive economic assistance from local governments to fund a portion or all of the Company’s associated construction costs which helps to improve the return on investment of our new retail stores. This assistance typically comes in the form of cash grants, land grants, the recapture of incremental sales, property, or other taxes, and/or proceeds from the sale of EDBs funded by the local government. The Company has historically purchased the majority of the bonds associated with its developments. EDBs are typically repaid through sales and/or property taxes generated by the retail store and/or within a designated development area. Cash and land grants are made available to fund land, retail store construction, and/or development infrastructure costs and are recognized as deferred grant income as a reduction to the costs, or recognized fair value in the case of land grants, of the associated property and equipment. Property and equipment was reduced by deferred grant income of $301 million and $306 million at the end of 2016 and 2015 , respectively. Deferred grant income is amortized to earnings, as a reduction of depreciation expense, over the average estimated useful life of the associated assets. Deferred grant income on land grants is recognized as a reduction to depreciation expense over the estimated life of the related assets of the developments. The Company did not receive any land grants in 2016 , 2015 , or 2014 . We have also received grant funding in exchange for commitments made by us to the state or local government providing the funding. The grant commitments contain covenants we are required to comply with regarding minimum employment levels, maintaining retail stores in certain locations, and maintaining office facilities in certain locations. For these grants we recognize grant revenue as the milestones associated with the grant are met. The commitments typically phase out over approximately five to 10 years. If we fail to maintain the commitments during the applicable period, the funds we received may have to be repaid or other adverse consequences may arise, which could affect our cash flows and profitability. No grant funding subject to contractual remedy was received in 2016 , 2015 , or 2014 . For 2016 , 2015 , and 2014 , the Company was in compliance with the requirements under these grants. Deferred grant income estimates, and their associated present value, are updated whenever events or changes in circumstances indicate that their recorded amounts may not be recovered. These estimates are determined when estimation of the fair value of associated EDBs are performed if there are related bond investments. If it is determined that the Company will not receive the full amount remaining from the bonds, we will adjust the deferred grant income to appropriately reflect the change in estimate and, at that time, will record a cumulative additional depreciation charge that would be recognized to date as expense in the absence of the grant income. In the fourth quarter of 2016, we identified three EDBs where the actual tax revenues associated with these properties were lower than previously projected. Therefore, we determined that the fair value of these EDBs were below their respective carrying values, with the declines in fair value deemed to be other than temporary, which resulted in a fair value adjustment totaling $6 million . Accordingly, deferred grant income was reduced by $6 million due to other than temporary impairment loss of the same amount that was recognized on the EDBs. This reduction in deferred grant income resulted in increases in depreciation expense of $2 million which was included in impairment and restructuring charges in the consolidated statements of income. There were no other than temporary fair value adjustments of EDBs and no adjustments of deferred grant income related to EDBs in 2015 and 2014 . At December 31, 2016 , and January 2, 2016 , EDBs totaled $70 million and $84 million , respectively, and are included in other assets in our consolidated balance sheets. EDBs are related to our government economic assistance arrangements relating to the construction of new retail stores or retail development. EDBs issued by state and local municipalities are classified as available-for-sale and recorded at their fair value. The payments of principal and interest on the bonds are typically tied to sales, property, or lodging taxes generated from the store and, in some cases, from businesses in the surrounding area, over periods which range between 15 and 30 years. Declines in the fair value of EDBs below cost that are deemed to be other than temporary are reflected in earnings. The Company may agree to guarantee deficiencies in tax collections which fund the repayment of EDBs. We did not guarantee any EDBs that we owned at the end of 2016 , 2015 , or 2014 . On a quarterly basis, we perform various procedures to analyze the amounts and timing of projected cash flows to be received from its EDBs. We revalue each EDB using discounted cash flow models based on available market interest rates (Level 2 inputs) and management estimates, including the estimated amounts and timing of expected future tax payments (Level 3 inputs) to be received by the municipalities under tax increment financing districts. Projected cash flows are derived from sales and property taxes. Due to the seasonal nature of our business, fourth quarter sales are significant to projecting future cash flows under the EDBs. We evaluate the impact of bond payments that have been received since the most recent quarterly evaluation, including those subsequent to the end of the quarter. Typically, bond payments are received twice annually. The payments received around the end of the fourth quarter provide the Company with additional facts for its fourth quarter projections. We make inquiries of local governments and/or economic development authorities for information on any anticipated third-party development, specifically on land owned by the Company, but also on land not owned by the Company in the tax increment financing development district, and to assess any current and potential development where cash flows under the bonds may be impacted by additional development and the anticipated development is material to the estimated and recorded carrying value based on projected cash flows. We make revisions to the cash flow estimates of each bond based on the information obtained. In those instances where the expected cash flows are insufficient to recover the current carrying value of the bond, we adjust the carrying value of the individual bonds to their revised estimated fair value. The governmental entity from which we purchase the bonds is not liable for repayment of principal and interest on the bonds to the extent that the associated taxes are insufficient to fund principal and interest amounts under the bonds. Should sufficient tax revenue not be generated by the subject properties, we may not receive all anticipated payments and thus will be unable to realize the full carrying values of the EDBs carried on our consolidated balance sheet, which result in a corresponding decrease to deferred grant income. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PROPERTY AND EQUIPMENT [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable Life in Years 2016 2015 Land and improvements Up to 20 $ 364,694 $ 325,576 Buildings and improvements 7 to 40 1,311,941 1,181,704 Furniture, fixtures, and equipment 3 to 15 905,739 834,656 Assets held under capital lease Up to 30 12,979 12,979 Property and equipment 2,595,353 2,354,915 Less accumulated depreciation and amortization (833,956 ) (707,183 ) 1,761,397 1,647,732 Construction in progress 45,812 163,570 $ 1,807,209 $ 1,811,302 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities [Table Text Block] | Gross Unrealized Gains Gross Unrealized Losses Amortized Cost Fair Value December 31, 2016 $ 56,695 $ 13,262 $ (21 ) $ 69,936 January 2, 2016 $ 67,482 $ 16,285 $ — $ 83,767 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Amortized Cost Fair Value For the fiscal years ending: 2017 $ 2,479 $ 3,237 2018 3,110 4,042 2019 3,601 4,652 2020 4,835 5,981 2021 4,563 5,734 2022 - 2026 23,082 29,616 2027 and thereafter 15,025 16,674 $ 56,695 $ 69,936 |
Accrued Expenses and other li38
Accrued Expenses and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ACCRUED EXPENSES [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | 2016 2015 Accrued employee compensation and benefits $ 39,433 $ 55,368 Accrued property, sales, and other taxes 45,188 47,219 Deferred revenue and accrued sales returns 34,100 41,122 Accrued professional fees and legal judgment liability 5,079 17,629 Accrued interest 12,038 15,212 Other 36,906 48,183 $ 172,744 $ 224,733 |
Long-Term Debt and Capital Le39
Long-Term Debt and Capital Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long Term Debt and Capital Leases [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Tranche Principal Interest Rate Date Issued Maturity Date A $ 100,000 3.23 % August 4, 2015 August 4, 2020 B 122,000 3.70 August 4, 2015 August 4, 2022 C 128,000 3.82 December 3, 2015 December 3, 2022 D 28,000 4.01 August 4, 2015 August 4, 2025 E 172,000 4.11 December 3, 2015 December 3, 2025 $ 550,000 |
Schedule of Debt [Table Text Block] | Long-term debt and capital leases consisted of the following at the years ended: 2016 2015 Unsecured $775 million revolving credit facility $ 115,000 $ — Unsecured notes due 2016 with interest at 5.99% — 215,000 Unsecured senior notes due 2017 with interest at 6.08% 60,000 60,000 Unsecured senior notes due 2016-2018 with interest at 7.20% 16,286 24,428 Unsecured senior notes due 2020, 2022 and 2025; various interest rates 550,000 550,000 Capital lease obligation 11,544 11,853 Total debt 752,830 861,281 Less current portion of long-term debt, net of unamortized debt issuance costs (79,677 ) (223,452 ) Less long-term portion of unamortized debt issuance costs (1,644 ) (1,931 ) Long-term debt, less current maturities, net $ 671,509 $ 635,898 |
Impairment and Restructuring 40
Impairment and Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Impairment and Restructuring Charges [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | Impairment and restructuring charges consisted of the following for the years ended: 2016 2015 2014 Impairment losses relating to: Property, equipment, and other assets $ 7,310 $ 3,874 $ — Other property 557 5,901 — Accumulated amortization of deferred grant income 2,252 — — 10,119 9,775 — Restructuring charges for severance and related benefits 4,003 5,556 641 Total $ 14,122 $ 15,331 $ 641 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For financial reporting purposes, income before taxes includes the following components: 2016 2015 2014 Federal $ 247,894 $ 276,650 $ 276,041 Foreign (294 ) 17,977 42,436 $ 247,600 $ 294,627 $ 318,477 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consisted of the following for the years ended: 2016 2015 2014 Current: Federal $ 55,444 $ 100,501 $ 114,420 State 6,470 19,894 7,032 Foreign 2,358 5,090 6,872 64,272 125,485 128,324 Deferred: Federal 30,224 (12,589 ) (14,024 ) State 6,068 (7,724 ) 2,477 Foreign 89 125 (15 ) 36,381 (20,188 ) (11,562 ) $ 100,653 $ 105,297 $ 116,762 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the statutory federal income tax rate to the effective income tax rate follows for the years ended: 2016 2015 2014 Statutory federal rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 2.7 2.4 2.2 Foreign tax rate differential 0.2 (1.1 ) 1.0 Nondeductible/nontaxable items 2.1 (0.5 ) (0.7 ) Change in unrecognized tax benefits (0.1 ) 1.1 (1.7 ) Net operating loss valuation allowance 1.3 1.4 0.5 Tax credits (0.4 ) (1.0 ) (0.2 ) Other, net (0.1 ) (1.6 ) 0.6 Effective income tax rate 40.7 % 35.7 % 36.7 % |
Summary of Income Tax Contingencies [Table Text Block] | The reconciliation of unrecognized tax benefits was as follows for the years ended: 2016 2015 2014 Unrecognized tax benefits, beginning of year $ 73,122 $ 101,879 $ 64,800 Gross decreases related to prior period tax positions (11,468 ) (2,301 ) (4,686 ) Gross increases related to prior period tax positions 2,709 20,507 29,281 Gross increases related to current period tax positions 3,486 6,268 12,501 Gross decreases related to current period tax positions — — (17 ) Gross decreases related to settlements with taxing authorities — (53,231 ) — Unrecognized tax benefits, end of year $ 67,849 $ 73,122 $ 101,879 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following is a schedule of future minimum rental payments under operating leases at December 31, 2016 : For the fiscal years ending: 2017 $ 23,791 2018 23,768 2019 23,267 2020 22,602 2021 22,091 Thereafter 279,401 Total $ 394,920 |
Stock Based Compensation Plan43
Stock Based Compensation Plans and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Weighted Average Fair Value Aggregate Intrinsic Value Number of Awards Vested and exercisable 1,068,210 $ 33.72 $ 14.66 $ 27,573 3.76 Non-vested 1,719,515 25.50 38.16 58,944 6.40 Total outstanding 2,787,725 28.65 29.16 $ 86,517 5.64 Vested and expected to vest, December 31, 2016 2,722,630 29.25 $ 82,951 5.34 |
Stockholders' Equity and Divi44
Stockholders' Equity and Dividend Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity and Dividend Restrictions [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Loss – The components of accumulated other comprehensive loss, net of related taxes, are as follows for the years ended: 2016 2015 Accumulated net unrealized holding gains on economic development bonds $ 8,103 $ 10,097 Cumulative foreign currency translation adjustments (54,025 ) (61,011 ) Total accumulated other comprehensive loss $ (45,922 ) $ (50,914 ) |
Shareholders' Equity and Share-based Payments [Text Block] | Class A Voting Common Stock – The holders of Cabela’s Class A common stock are entitled to receive ratably dividends, if any, the board of directors may declare from time to time from funds legally available therefore, subject to the preferential rights of the holders of any shares of preferred stock that the Company may issue in the future. The holders of Cabela’s Class A common stock are entitled to one vote per share on any matter to be voted upon by stockholders. Upon any voluntary or involuntary liquidation, dissolution, or winding up of company affairs, the holders of Cabela’s Class A common stock are entitled to all assets remaining after payment to creditors and subject to prior distribution rights of any shares of preferred stock that the Company may issue in the future. All of the outstanding shares of Class A common stock are fully paid and non-assessable. |
Preferred Stock [Text Block] | Preferred Stock – The Company is authorized to issue 10,000,000 shares of preferred stock having a par value of $0.01 per share. None of the shares of the authorized preferred stock have been issued. The board of directors is authorized to issue these shares of preferred stock without stockholder approval in different classes and series and, with respect to each class or series, to determine the dividend rate, the redemption provisions, conversion provisions, liquidation preference, and other rights, privileges, and restrictions. The issuance of any preferred stock could have the effect of diluting the voting power of the holders of common stock, restricting dividends on the common stock, impairing the liquidation rights of the common stock, or delaying or preventing a change in control without further action by the stockholders. |
Restrictions on Dividends, Loans and Advances [Text Block] | Retained Earnings – The most significant restrictions on the payment of dividends by the Company to stockholders are contained within the covenants under its revolving credit and unsecured senior notes purchase agreements. Also, Nebraska banking laws govern the amount of dividends that WFB can pay to Cabela’s. In 2016 and 2015, WFB paid dividends to Cabela’s of $40 million and $50 million , respectively. At December 31, 2016 , the Company had unrestricted retained earnings of $215 million available for dividends. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 Common shares – basic 68,323,540 70,102,715 70,987,168 Effect of incremental dilutive securities: Stock options and nonvested stock units 673,124 866,198 890,688 Common shares – diluted 68,996,664 70,968,913 71,877,856 Stock options outstanding considered anti-dilutive excluded from calculation 1,108,446 1,283,148 389,080 |
Nature of Business and Summar46
Nature of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Other Assets | $ (127,037) | $ (138,715) | |
Revenue from 53rd Week | 84,000 | ||
Intangible Assets, Net (Including Goodwill) | 3,000 | 3,000 | |
Investments in Overnight Funds | 29,000 | 21,000 | |
Deferred Grant Income [Abstract] | |||
Deferred Grant Income | 301,000 | 306,000 | |
Deferred Grant Income Reduction | 0 | 0 | $ 0 |
Increases in Depreciation Expense Related to Reductions in Deferred Grant Income | 2,252 | 0 | 831 |
Credit Card Origination Costs [Abstract] | |||
Deferred Costs, Credit Card Origination Costs, Amount | 193,000 | 181,000 | |
Deferred Costs, Credit Card Origination Costs, Amortization | 233,000 | 222,000 | 210,000 |
Cash and Cash Equivalents [Abstract] | |||
Cash and Due from Banks | 23,000 | 24,000 | |
Cash and Cash Equivalent at Subsidiary | 150,000 | 157,000 | |
Marketing and Advertising Expense [Abstract] | |||
Deferred Advertising Costs | 1,000 | 2,000 | |
Advertising Expense | 229,000 | 235,000 | 236,000 |
Reimbursement Revenue | 1,000 | 4,000 | 4,000 |
Capitalized Interest [Abstract] | |||
Interest Costs, Capitalized During Period | 3,132 | 10,499 | 7,788 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 3,000 | 2,000 | |
Goodwill | 3,000 | ||
Other [Abstract] | |||
Property, Plant and Equipment, Other, Net | 22,920 | 31,183 | |
Gift Card Liability, Current | 195,000 | 184,000 | |
Revenue Recognition, Gift Cards, Breakage | 11,000 | 10,000 | 9,000 |
Other Significant Noncash Transaction, Value of Consideration Received | 0 | 0 | 0 |
Revenue from Points Redemptions | 233,000 | 219,000 | 201,000 |
Other revenue, difference between the value and the cost of the points | 7,000 | 8,000 | 8,000 |
Pre-Opening Costs | 7,000 | 23,000 | 24,000 |
Assets | (8,970,824) | (8,463,004) | (7,675,317) |
Debt, Current | (1,104,685) | (509,673) | |
Liabilities, Current | (2,689,770) | (2,475,576) | |
Secured Long-term Debt, Noncurrent | (2,466,576) | (2,721,259) | |
Long-term Debt, Excluding Current Maturities | (671,509) | (635,898) | |
Liabilities and Equity | (8,970,824) | (8,463,004) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | (6,395) | 0 | |
Other than Temporary Impairment Losses, Financial Incentives | 2,252 | 0 | 0 |
Marketable Securities, Noncurrent | 69,936 | 83,767 | |
Grant Funding Subject to Contractual Remedies, Liability Recorded | 1,000 | 17,000 | |
Grant Funding Received | 0 | 0 | $ 0 |
Scenario, Previously Reported [Member] | |||
Other Assets | (148,214) | ||
Other [Abstract] | |||
Assets | (8,472,503) | ||
Debt, Current | (510,000) | ||
Liabilities, Current | (2,475,903) | ||
Secured Long-term Debt, Noncurrent | (2,728,500) | ||
Long-term Debt, Excluding Current Maturities | (637,829) | ||
Liabilities and Equity | (8,472,503) | ||
Reserve for Inventory Shrinkage [Member] | |||
Inventory Reserves [Abstract] | |||
Inventory Valuation Reserves | 20,000 | 11,000 | |
Inventory Obsolescence Reserve [Member] | |||
Inventory Reserves [Abstract] | |||
Inventory Valuation Reserves | $ 12,000 | 10,000 | |
Adjustments for New Accounting Pronouncement [Member] | |||
Other Assets | (9,499) | ||
Other [Abstract] | |||
Assets | (9,499) | ||
Debt, Current | (327) | ||
Liabilities, Current | (327) | ||
Secured Long-term Debt, Noncurrent | (7,241) | ||
Long-term Debt, Excluding Current Maturities | (1,931) | ||
Liabilities and Equity | $ (9,499) |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Business Acquisition, Share Price | $ 65.50 | |
Merger Agreement, Contractual Termination, Fee | $ 126 | |
Bank Purchase Agreement, Contractual Termination, Fee | $ 14 | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ACCOUNTING PRONOUNCEMENTS The following accounting standards are grouped by their effective date applicable to the Company: Effective the first quarter of fiscal year 2017: In July 2015, the Financial Accounting Standards Board (“FASB”) issued 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.” 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. We have evaluated the provisions of these two statements and do not believe that the adoption of either statement will have a material effect on the Company’s consolidated financial position or results of operations. Effective the 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”), which has been further clarified and amended in 2015 and 2016. 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. The guidance also requires disclosures regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Early adoption is permitted. We are evaluating the provisions of this statement, which we do not intend to early adopt, and have not determined what impact such adoption will have on the Company’s consolidated financial position or results of operations. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows - Restricted Cash” (“ASU 2016-18”). This standard requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. Early adoption is permitted and must be adopted retrospectively. We do not intend to early adopt the provisions of this statement and do not believe that adoption will have a material effect on the Company’s consolidated financial position or results of operations since the provisions of this statement are only of a disclosure nature. Effective the 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. 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 results of operations or financial position except that leased assets (as defined), total assets, related lease liabilities, and total liabilities will significantly increase. Effective the 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. Early adoption is permitted beginning January 1, 2019. 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. | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | On October 3, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among Bass Pro Group, LLC, a Delaware limited liability company (“Bass Pro Group”), Prairie Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Bass Pro Group (“Sub”) and the Company. The Merger Agreement and the consummation of the transactions contemplated by the Merger Agreement have been unanimously approved by the Company’s board of directors. The Merger Agreement provides for the merger of Sub with and into the Company, on the terms and subject to the conditions set forth in the Merger Agreement (the “Merger”), with the Company continuing as the surviving corporation in the Merger. As a result of the Merger, the Company would become a wholly owned subsidiary of Bass Pro Group. Pursuant to the Merger Agreement, at the effective time of the Merger, each share of Class A common stock (as defined in the Merger Agreement), par value $0.01 per share, of the Company issued and outstanding immediately prior to the Effective Time will be cancelled and automatically converted into the right to receive $65.50 in cash, without interest thereon. The consummation of the Merger is subject to the satisfaction or waiver of specified closing conditions, including (i) the affirmative vote in favor of the adoption of the Merger Agreement by the holders of a majority of the outstanding shares of Company Common Stock entitled to vote thereon, (ii) the consummation of the purchase and sale of the banking business of WFB, in accordance with the Bank Purchase Agreement (as defined below) or an alternative agreement in accordance with the Merger Agreement and merger of WFB into the Company or another subsidiary of the Company and termination of its bank charter, (iii) any applicable waiting periods (or extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 having expired or been terminated, (iv) the absence of any order by any governmental entity rendering the Merger illegal, or prohibiting, enjoining or otherwise preventing the Merger, and (v) other customary closing conditions. Additionally, in connection with the Merger Agreement, the Company entered into a Sale and Purchase Agreement, dated as of October 3, 2016 (the “Bank Purchase Agreement”), by and among the Company, WFB, and Capital One, National Association (“Capital One”). The Bank Purchase Agreement provides for, in connection with the closing of the Merger, the sale to Capital One of the business of WFB, which includes the credit card program operated by the Company, using WFB as the issuer. Pursuant to the Bank Purchase Agreement, WFB has agreed to sell to Capital One, and Capital One has agreed to purchase from WFB, substantially all of the assets of WFB, including the Cabela’s Club credit card co-branded accounts and WFB’s equity interests in the securitization funding vehicles WFB Funding, LLC and WFB Funding Corporation. Pursuant to the Bank Purchase Agreement, Capital One has also agreed to assume certain liabilities of WFB. The consummation of the transaction contemplated by the Bank Purchase Agreement is subject to the satisfaction or waiver of various specified closing conditions. The Merger Agreement also contains certain termination rights for both the Company and Bass Pro Group, and in certain specified circumstances upon termination of the Merger Agreement the Company would be required to pay Bass Pro Group a termination fee of $126 million . The Bank Purchase Agreement also contains certain termination rights for both the Company and Capital One, and in certain circumstances the Company would be required to pay Capital One a termination fee of $14 million . There can be no assurance that the requisite closing conditions will be satisfied in a timely manner, or at all, or if the Merger will close. |
Cabela's Master Credit Card T48
Cabela's Master Credit Card Trust (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Consolidated assets: | ||
Restricted credit card loans, net of allowance of $75,450 and $56,280 | $ 5,543,241 | $ 4,991,210 |
Restricted cash | 48,697 | 40,983 |
Total | 5,591,938 | 5,032,193 |
Consolidated liabilities: | ||
Secured variable funding obligations | 420,000 | 655,000 |
Secured long-term obligations | 3,571,261 | 3,230,932 |
Interest due to third party investors | 3,826 | 2,682 |
Total | 3,995,087 | 3,888,614 |
Unamortized Debt Issuance Expense | 1,644 | 1,931 |
Cabela's Master Credit Card Trust [Member] | ||
Consolidated Assets and Liabilities[Line Items] | ||
Financing Receivable, Allowance for Credit Losses | 117,860 | 75,450 |
551111 Offices of Bank Holding Companies [Member] | ||
Consolidated liabilities: | ||
Unamortized Debt Issuance Expense | $ 7,239 | $ 7,568 |
Credit Card Loans and Allowan49
Credit Card Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 31, 2016 | Jan. 02, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) | $ 5,661,101 | $ 5,066,660 | |||
Unrestricted credit card loans | 31,270 | 38,278 | |||
Total credit card loans | 5,692,371 | 5,104,938 | |||
Allowance for loan losses | $ (75,911) | $ (56,572) | $ (53,110) | (118,343) | (75,911) |
Credit card loans, net | 5,579,575 | 5,035,267 | |||
Balance, beginning of year | (75,911) | (56,572) | (53,110) | ||
Provision for loan losses | (147,661) | (85,120) | (61,922) | ||
Net charge-offs | 0 | 0 | 0 | ||
Balance, end of year | (118,343) | (75,911) | (56,572) | ||
Provision for Loan and Lease Losses | 147,661 | 85,120 | 61,922 | ||
Credit Card Receivable [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Deferred Costs, Credit Card Origination Costs, Amount | 5,547 | 6,240 | |||
Nonperforming Financing Receivable [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | (8,258) | (7,740) | (7,740) | (8,440) | (8,258) |
Balance, beginning of year | (8,258) | (7,740) | |||
Provision for loan losses | (6,832) | (8,498) | |||
Charge-offs | (9,854) | (12,883) | |||
Recoveries | 3,204 | 4,903 | |||
Net charge-offs | (6,650) | (7,980) | |||
Balance, end of year | (8,440) | (8,258) | (7,740) | ||
Financing Receivable [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | (75,911) | (56,572) | (56,572) | (118,343) | (75,911) |
Balance, beginning of year | (75,911) | (56,572) | |||
Provision for loan losses | (147,661) | (85,120) | |||
Charge-offs | (130,550) | (91,196) | |||
Recoveries | 25,321 | 25,415 | |||
Net charge-offs | (105,229) | (65,781) | |||
Balance, end of year | (118,343) | (75,911) | (56,572) | ||
Performing Financing Receivable [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | (67,653) | (48,832) | (48,832) | (109,903) | (67,653) |
Balance, beginning of year | (67,653) | (48,832) | |||
Provision for loan losses | (140,829) | (76,622) | |||
Charge-offs | (120,696) | (78,313) | |||
Recoveries | 22,117 | 20,512 | |||
Net charge-offs | (98,579) | (57,801) | |||
Balance, end of year | $ (109,903) | $ (67,653) | $ (48,832) | ||
Restructured Credit Card Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total credit card loans | $ 36,724 | $ 36,042 |
Credit Card Loans and Allowan50
Credit Card Loans and Allowance for Loan Losses Schedule of Credit Card Balances by FICO Score (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 118,343 | $ 75,911 | $ 56,572 | $ 53,110 |
Credit Card Receivables | 5,692,371 | 5,104,938 | ||
Current | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 5,556,603 | 5,004,168 | ||
1 to 29 days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 80,585 | 61,766 | ||
30 to 59 days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 20,771 | 14,866 | ||
60 or more days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 34,412 | 24,138 | ||
Total past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 135,768 | 100,770 | ||
90 days or more past due and still accruing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 18,125 | 11,654 | ||
Non-accrual | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 6,281 | 7,059 | ||
691 and Below | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 1,032,542 | 842,595 | ||
691 and Below | Current | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 945,494 | 782,885 | ||
691 and Below | 1 to 29 days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 39,394 | 28,472 | ||
691 and Below | 30 to 59 days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 16,339 | 10,931 | ||
691 and Below | 60 or more days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 31,315 | 20,307 | ||
691 and Below | Total past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 87,048 | 59,710 | ||
691 and Below | 90 days or more past due and still accruing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 16,730 | 10,292 | ||
691 and Below | Non-accrual | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 0 | 0 | ||
692-758 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 1,940,509 | 1,695,035 | ||
692-758 | Current | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 1,916,307 | 1,676,541 | ||
692-758 | 1 to 29 days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 21,520 | 16,245 | ||
692-758 | 30 to 59 days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 2,291 | 1,713 | ||
692-758 | 60 or more days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 391 | 536 | ||
692-758 | Total past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 24,202 | 18,494 | ||
692-758 | 90 days or more past due and still accruing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 98 | 111 | ||
692-758 | Non-accrual | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 0 | 0 | ||
759 and Above | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 2,682,596 | 2,531,266 | ||
759 and Above | Current | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 2,665,307 | 2,516,420 | ||
759 and Above | 1 to 29 days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 16,731 | 14,229 | ||
759 and Above | 30 to 59 days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 466 | 506 | ||
759 and Above | 60 or more days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 92 | 111 | ||
759 and Above | Total past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 17,289 | 14,846 | ||
759 and Above | 90 days or more past due and still accruing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 43 | 34 | ||
759 and Above | Non-accrual | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 0 | 0 | ||
Restructured Credit Card Loans Segment (1) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 36,724 | 36,042 | ||
Restructured Credit Card Loans Segment (1) | Current | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 29,495 | 28,322 | ||
Restructured Credit Card Loans Segment (1) | 1 to 29 days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 2,940 | 2,820 | ||
Restructured Credit Card Loans Segment (1) | 30 to 59 days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 1,675 | 1,716 | ||
Restructured Credit Card Loans Segment (1) | 60 or more days past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 2,614 | 3,184 | ||
Restructured Credit Card Loans Segment (1) | Total past due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 7,229 | 7,720 | ||
Restructured Credit Card Loans Segment (1) | 90 days or more past due and still accruing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 1,254 | 1,217 | ||
Restructured Credit Card Loans Segment (1) | Non-accrual | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit Card Receivables | 6,281 | 7,059 | ||
Nonperforming Financial Instruments [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 8,440 | $ 8,258 | $ 7,740 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 364,694 | $ 325,576 |
Buildings and improvements | 1,311,941 | 1,181,704 |
Furniture, fixtures, and equipment | 905,739 | 834,656 |
Assets held under capital lease | 12,979 | 12,979 |
Property and equipment | 2,595,353 | 2,354,915 |
Less accumulated depreciation and amortization | (833,956) | (707,183) |
Property, Plant and Equipment, Net | 1,761,397 | 1,647,732 |
Construction in progress | 45,812 | 163,570 |
Property, Plant and Equipment, Other, Gross | $ 1,807,209 | $ 1,811,302 |
Securities Available for sale s
Securities Available for sale securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | $ 21 | $ 0 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 3,237 | |||
Available-for-sale Securities, Debt Maturities, Year Two, Fair Value | 4,042 | |||
Available-for-sale Securities, Debt Maturities, Year Three, Fair Value | 4,652 | |||
Available-for-sale Securities, Debt Maturities, Year Four, Fair Value | 5,981 | |||
Available-for-sale Securities, Debt Maturities, Year Five, Fair Value | 5,734 | |||
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 29,616 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 16,674 | |||
Available-for-sale Securities, Fair Value | 69,936 | 83,767 | $ 82,074 | $ 78,504 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||||
Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost Basis | 2,479 | |||
Available-for-sale Securities, Debt Maturities, Year Two, Amortized Cost Basis | 3,110 | |||
Available-for-sale Securities, Debt Maturities, Year Three, Amortized Cost Basis | 3,601 | |||
Available-for-sale Securities, Debt Maturities, Year Four, Amortized Cost Basis | 4,835 | |||
Available-for-sale Securities, Debt Maturities, Year Five, Amortized Cost Basis | 4,563 | |||
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 23,082 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 15,025 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 56,695 | |||
Available-for-sale Securities, Amortized Cost Basis | 56,695 | 67,482 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 13,262 | 16,285 | ||
Investment Income, Net [Abstract] | ||||
Investment Income, Interest | 4,000 | 4,000 | 4,000 | |
Gain (Loss) on Sale of Securities, Net | $ 0 | $ 0 | $ 0 |
Prepaid Expenses and Other As53
Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Prepaid expenses and other current assets: | ||
Accrued interest and other receivables - Financial Services segment | $ 72,994 | $ 65,878 |
Other | 59,256 | 51,452 |
Prepaid Expense and Other Assets, Current | 132,250 | 117,330 |
Other assets: | ||
Marketable Securities, Noncurrent | 69,936 | 83,767 |
Other property | 22,920 | 31,183 |
Long-term receivables | 17,476 | 12,415 |
Goodwill and other intangible assets | 3,000 | 3,000 |
Other | 16,705 | 11,350 |
Other Assets | $ 127,037 | $ 138,715 |
Accrued Expenses and other li54
Accrued Expenses and other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Accrued employee compensation and benefits | $ 39,433 | $ 55,368 |
Accrued property, sales, and other taxes | 45,188 | 47,219 |
Deferred revenue and accrued sales returns | 34,100 | 41,122 |
Accrued Professional Fees | 5,079 | 17,629 |
Accrued interest | 12,038 | 15,212 |
Other | 36,906 | 48,183 |
Accrued Liabilities, Current | $ 172,744 | $ 224,733 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Other Long-Term Liabilities: | ||
Unrecognized Tax Benefits and Accrued Interest, Non-current | $ 74,737 | $ 80,153 |
Deferred rent expense and tenant allowances | 44,694 | 44,634 |
Deferred revenue | 12,377 | 11,312 |
Other long-term liabilities | 432 | 936 |
Other Liabilities and Deferred Revenue, Noncurrent | $ 132,240 | $ 137,035 |
Time Deposits (Details)
Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Time Deposits [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 177,015 | $ 215,306 |
Time Deposit Maturities, Year Two | 320,373 | 26,103 |
Time Deposit Maturities, Year Three | 154,739 | 195,143 |
Time Deposit Maturities, Year Four | 175,305 | 37,254 |
Time Deposit Maturities, Year Five | 111,868 | 175,217 |
Time Deposit Maturities, after Year Five | 229,557 | 230,876 |
Time Deposits, $100,000 or More | 1,168,857 | 879,899 |
Time Deposits Maturities, after Next Twelve Months | $ 991,842 | $ 664,593 |
Borrowings of Financial Servi57
Borrowings of Financial Services Subsidiary (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 01, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | Jun. 29, 2016 | |
Debt Instrument [Line Items] | |||||
Repayments of Long-term Debt | $ 223,452 | $ 8,434 | $ 8,418 | ||
Secured Debt, Current | 420,000 | 655,000 | |||
Unamortized Debt Issuance Expense | (1,644) | (1,931) | |||
Long-term Debt, Gross | 752,830 | 861,281 | |||
Current maturities of long-term debt | (79,677) | (223,452) | |||
Long-term debt, less current maturities | $ 671,509 | 635,898 | |||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | ||||
Repayments of Secured Debt | $ 3,900,000 | $ 2,732,500 | $ 355,000 | ||
Series 2011-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Jun. 15, 2016 | ||||
Long-term Obligations | $ 255,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 1.82% | ||||
Repayments of Secured Debt | $ 255,000 | ||||
Series 2012-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Jun. 15, 2017 | Jun. 15, 2017 | |||
Long-term Obligations | $ 425,000 | $ 425,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.37% | 1.26% | |||
Series 2013-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Feb. 15, 2023 | Feb. 15, 2023 | |||
Long-term Obligations | $ 327,250 | $ 327,250 | |||
Long-term Debt, Weighted Average Interest Rate | 2.71% | 2.71% | |||
Series 2013-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Aug. 15, 2018 | Aug. 15, 2018 | |||
Long-term Obligations | $ 297,500 | $ 297,500 | |||
Long-term Debt, Weighted Average Interest Rate | 1.63% | 1.38% | |||
Series 2014-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2017 | Mar. 15, 2017 | |||
Long-term Obligations | $ 255,000 | $ 255,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.05% | 0.68% | |||
Series 2014-ll [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Jul. 15, 2019 | Jul. 15, 2019 | |||
Long-term Obligations | $ 340,000 | $ 340,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.15% | 0.78% | |||
Series 2015-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2020 | Mar. 15, 2020 | |||
Long-term Obligations | $ 318,750 | $ 318,750 | |||
Long-term Debt, Weighted Average Interest Rate | 1.94% | 1.82% | |||
Series 2015-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Jul. 15, 2020 | Jul. 15, 2020 | |||
Long-term Obligations | $ 340,000 | $ 340,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.99% | 1.88% | |||
Series 2016-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maximum Borrowing Capacity | $ 1,000,000 | ||||
Debt Instrument, Maturity Date | Jun. 15, 2019 | ||||
Long-term Obligations | $ 850,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 1.71% | ||||
Secured Debt, Variable Funding Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maximum Borrowing Capacity | $ 3,000,000 | $ 1,000,000 | |||
Short-term Debt, Average Outstanding Amount | $ 205,000 | $ 107,000 | |||
Debt, Weighted Average Interest Rate | 1.30% | 0.89% | |||
Series 2008-III [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 300,000 | ||||
Long-Term Debt Series 2008-III extended borrowing facility | 500,000 | ||||
Long-Term Debt Series 2008-III extended borrowing facility due in October 2017 | 200,000 | ||||
Long-Term Debt Series 2008-III extended borrowing facility due in March 2018 | 300,000 | ||||
Series 2011-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | 300,000 | ||||
Long-Term Debt Series 2011-I extended borrowing facility | 1,300,000 | ||||
Long-Term Debt Series 2011-I extended borrowing facility due in March 2018 | 800,000 | ||||
Long-Term Debt Series 2011-I extended borrowing facility due in March 2019 | 500,000 | ||||
Series 2011-III [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | 500,000 | ||||
Long-Term Debt Series 2011-III extended borrowing facility | 1,200,000 | ||||
Long-Term Debt Series 2011-III extended borrowing facility due March 2018 | 700,000 | ||||
Long-Term Debt Series 2011-III extended borrowing facility due in September 2019 | 500,000 | ||||
Federal Funds Purchased [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Amount Outstanding | 0 | $ 0 | |||
Debt Instrument, Maximum Borrowing Capacity | $ 100,000 | ||||
Series 2011-IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Oct. 15, 2016 | ||||
Long-term Debt, Weighted Average Interest Rate | 1.54% | ||||
Series 2012-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date | Feb. 15, 2017 | Feb. 15, 2017 | |||
Long-term Obligations | $ 425,000 | $ 425,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.49% | 1.36% | |||
Note Class A-1 [Member] | Series 2016-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes Issued | $ 570,000 | ||||
Fixed Rate Obligation [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | 2,026,406 | $ 1,776,683 | |||
Unamortized Debt Issuance Expense | (4,594) | (4,317) | |||
Long-term Debt, Gross | 2,031,000 | 1,781,000 | |||
Current maturities of long-term debt | (574,829) | (319,793) | |||
Long-term debt, less current maturities | 1,451,577 | 1,456,890 | |||
Fixed Rate Obligation [Member] | Series 2011-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 155,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 2.39% | ||||
Fixed Rate Obligation [Member] | Series 2012-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 300,000 | $ 300,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.45% | 1.45% | |||
Fixed Rate Obligation [Member] | Series 2013-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 327,250 | $ 327,250 | |||
Long-term Debt, Weighted Average Interest Rate | 2.71% | 2.71% | |||
Fixed Rate Obligation [Member] | Series 2013-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 100,000 | $ 100,000 | |||
Long-term Debt, Weighted Average Interest Rate | 2.17% | 2.17% | |||
Fixed Rate Obligation [Member] | Series 2014-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 0 | $ 0 | |||
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | |||
Fixed Rate Obligation [Member] | Series 2014-ll [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 0 | $ 0 | |||
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | |||
Fixed Rate Obligation [Member] | Series 2015-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 218,750 | $ 218,750 | |||
Long-term Debt, Weighted Average Interest Rate | 2.26% | 2.26% | |||
Fixed Rate Obligation [Member] | Series 2015-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 240,000 | $ 240,000 | |||
Long-term Debt, Weighted Average Interest Rate | 2.25% | 2.25% | |||
Fixed Rate Obligation [Member] | Series 2016-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.78% | ||||
Long-term Obligations | $ 570,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 1.78% | ||||
Fixed Rate Obligation [Member] | Series 2011-IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 165,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 1.90% | ||||
Fixed Rate Obligation [Member] | Series 2012-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 275,000 | $ 275,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.63% | 1.63% | |||
Variable Rate Obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 1,544,855 | $ 1,454,249 | |||
Unamortized Debt Issuance Expense | (2,645) | (3,251) | |||
Long-term Debt, Gross | 1,547,500 | 1,457,500 | |||
Current maturities of long-term debt | (529,856) | (189,880) | |||
Long-term debt, less current maturities | 1,014,999 | 1,264,369 | |||
Variable Rate Obligations [Member] | Series 2011-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 100,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 0.93% | ||||
Variable Rate Obligations [Member] | Series 2012-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 125,000 | $ 125,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.18% | 0.81% | |||
Variable Rate Obligations [Member] | Series 2013-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 0 | $ 0 | |||
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | |||
Variable Rate Obligations [Member] | Series 2013-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 197,500 | $ 197,500 | |||
Long-term Debt, Weighted Average Interest Rate | 1.35% | 0.98% | |||
Variable Rate Obligations [Member] | Series 2014-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 255,000 | $ 255,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.05% | 0.68% | |||
Variable Rate Obligations [Member] | Series 2014-ll [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 340,000 | $ 340,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.15% | 0.78% | |||
Variable Rate Obligations [Member] | Series 2015-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 100,000 | $ 100,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.24% | 0.87% | |||
Variable Rate Obligations [Member] | Series 2015-II [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 100,000 | $ 100,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.37% | 1.00% | |||
Variable Rate Obligations [Member] | Series 2016-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 280,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 1.55% | ||||
Variable Rate Obligations [Member] | Series 2011-IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 90,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 0.88% | ||||
Variable Rate Obligations [Member] | Series 2012-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Obligations | $ 150,000 | $ 150,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.23% | 0.86% | |||
Note Class A-2 [Member] | Series 2016-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes Issued | $ 280,000 | ||||
Subordinated Debt [Member] | Series 2016-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes Issued | 150,000 | ||||
Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured Debt, Current | 420,000 | $ 655,000 | |||
Long-term Obligations | 3,571,261 | 3,230,932 | |||
Unamortized Debt Issuance Expense | (7,239) | (7,568) | |||
Long-term Debt, Gross | 3,578,500 | 3,238,500 | |||
Current maturities of long-term debt | (1,104,685) | (509,673) | |||
Long-term debt, less current maturities | $ 2,466,576 | $ 2,721,259 | |||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.80% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.45% | ||||
Subsequent Event [Member] | Series 2012-I [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Long-term Debt | $ 425,000 |
Revolving Credit Facilities (De
Revolving Credit Facilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Line of Credit Facility [Line Items] | ||
Amount that Line of Credit Facility may be Increased to | $ 800,000,000 | |
Line of Credit Facility, Amount Outstanding | 115,000,000 | $ 0 |
Line of Credit Facility, Average Outstanding Amount | $ 266,000,000 | $ 419,000,000 |
Line of Credit Facility, Interest Rate During Period | 1.86% | 1.11% |
Letter of Credit, Average Outstanding Amount | $ 13,000,000 | $ 19,000,000 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | 215,000,000 | |
Unsecured senior notes due 2020-2025; various interest rates | 550,000,000 | 550,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 775,000,000 | |
Line of Credit Facility, Capacity Available for Trade Purchases | 30,000,000 | |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 75,000,000 | |
CANADA | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 0 | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 10,000,000 | |
Financial Standby Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of Credit Outstanding, Amount | 19,000,000 | $ 20,000,000 |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Commitment Fee Amount | 0.0015 | |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Commitment Fee Amount | $ 0.0025 |
Long-Term Debt and Capital Le59
Long-Term Debt and Capital Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Feb. 27, 2016 | Jan. 02, 2016 |
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 79,687 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 775,000 | ||
Long-term Line of Credit | 115,000 | $ 0 | |
Unsecrured notes due 2016 with interest at 5.99% | 0 | $ 215,000 | 215,000 |
Unsecured senior notes due 2017 with interest at 6.08% | 60,000 | 60,000 | |
Unsecured senior notes due 2012-2018 with interest at 7.20% | 16,286 | 24,428 | |
Unsecured senior notes due 2020-2025; various interest rates | 550,000 | 550,000 | |
Capital Lease Obligations | 11,544 | 11,853 | |
Long-term Debt, Gross | 752,830 | 861,281 | |
Long-term Debt, Current Maturities | 79,677 | 223,452 | |
Unamortized Debt Issuance Expense | 1,644 | 1,931 | |
Long-term Debt, Excluding Current Maturities | 671,509 | $ 635,898 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 8,143 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 115,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 100,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 450,000 | ||
Unsecured Notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 60,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||
Long-term Debt | 60,000 | ||
Unsecured Senior Notes, Final Maturity 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 8,143 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 8,143 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||
Long-term Debt | 16,286 | ||
Unsecured notes due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior notes due 2020-2025; various interest rates | $ 100,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.23% | ||
Unsecured notes due 2022 [Member] [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior notes due 2020-2025; various interest rates | $ 122,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | ||
Unsecured notes due December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior notes due 2020-2025; various interest rates | $ 128,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.82% | ||
Unsecured notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 0 | ||
Unsecured senior notes due 2020-2025; various interest rates | $ 28,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.01% | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 100,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 450,000 | ||
Long-term Debt | 550,000 | ||
Unsecured notes due December 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior notes due 2020-2025; various interest rates | $ 172,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.11% | ||
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 11,544 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||
Long-term Debt | 11,544 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 115,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||
Long-term Debt | $ 115,000 |
Impairment and Restructuring 60
Impairment and Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||||||
Impairment of Long-Lived Assets Held-for-use, Retail Store Locations | $ 1,000 | |||||||||||
Supplemental Unemployment Benefits, Severance Benefits | $ 1,043 | $ 2,799 | 1,043 | $ 2,799 | $ 0 | $ 0 | ||||||
Impairment of Real Estate | 1,000 | |||||||||||
Carrying Value, Land Held For Sale and Other Assets | 27,364 | 25,541 | 27,364 | 25,541 | 0 | |||||||
Property, equipment, and other assets | 2,252 | 0 | 0 | |||||||||
Increases in Depreciation Expense Related to Reductions in Deferred Grant Income | (2,252) | 0 | (831) | |||||||||
Accumulated amortization of deferred grant income | 7,310 | 3,874 | 0 | |||||||||
Property, Plant and Equipment, Other, Net | 22,920 | 31,183 | 22,920 | 31,183 | ||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | (6,395) | 0 | ||||||||||
Other property | 557 | 5,901 | 0 | |||||||||
Asset Impairment Charges | 10,119 | 9,775 | 0 | |||||||||
Severance Costs | 4,003 | 5,556 | 641 | |||||||||
Restructuring charges for severance and related benefits | 8,737 | $ 1,454 | $ 959 | $ 2,972 | 9,744 | $ 5,587 | $ 0 | $ 0 | 14,122 | 15,331 | 641 | |
Property, equipment, and other assets | 0 | 0 | 0 | |||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | 0 | 0 | |||||||||
Payments for Postemployment Benefits | (5,759) | (2,757) | $ (641) | |||||||||
Post Falls Property [Member] | ||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||||||
Property, Plant and Equipment, Other, Net | 15,000 | 15,000 | ||||||||||
Other Property [Member] | ||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||||||
Property, Plant and Equipment, Other, Net | $ 4,000 | 0 | 4,000 | 0 | ||||||||
Other property | $ 5,000 | 2,000 | ||||||||||
Sidney Property [Member] | ||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||||||
Impairment of Real Estate | 3,000 | |||||||||||
Property, Plant and Equipment, Other, Net | $ 3,000 | $ 3,000 |
Interest (Expense) Income, Net
Interest (Expense) Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
INTEREST (EXPENSE) INCOME, NET [Abstract] | |||
Interest expense | $ (34,627) | $ (33,390) | $ (29,648) |
Capitalized interest | (3,132) | (10,499) | (7,788) |
Interest expense, net of capitalized interest | 31,495 | 22,891 | 21,860 |
Interest income | 14 | 9 | 18 |
Interest Income (Expense), Net | $ (31,481) | $ (22,882) | $ (21,842) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Income Taxes [Line Items] | |||
Federal | $ 247,894 | $ 276,650 | $ 276,041 |
Foreign | (294) | 17,977 | 42,436 |
Total | $ 247,600 | $ 294,627 | $ 318,477 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 2.70% | 2.40% | 2.20% |
Nondeductible/nontaxable items | 2.10% | 0.50% | 0.70% |
Rate differential on foreign income | 0.20% | (1.10%) | 1.00% |
Change in unrecognized tax benefits | (0.10%) | (1.10%) | (1.70%) |
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent | 1.30% | 1.40% | 0.50% |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (0.40%) | (1.00%) | (0.20%) |
Other, net | (0.10%) | (1.60%) | 0.60% |
Effective Income Tax Rate, Continuing Operations | 40.70% | 35.70% | 36.70% |
Deferred Tax Assets, Net [Abstract] | |||
Deferred compensation | $ 17,931 | $ 16,612 | |
Deferred revenue | 6,231 | 4,452 | |
Reserve for returns | 6,396 | 8,412 | |
Accrued expenses and other liabilities | 7,932 | 18,575 | |
Gift certificates liability | 13,283 | 11,775 | |
Allowance for loans losses and doubtful accounts | 46,378 | 29,078 | |
Loyalty rewards programs | 71,477 | 68,608 | |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 26,069 | 25,769 | |
Deferred Tax Assets, Inventory | 2,899 | 0 | |
Other | 21,437 | 19,382 | |
Deferred Tax Assets, Gross | 220,033 | 202,663 | |
Deferred Tax Assets, Net of Valuation Allowance | 211,568 | 197,498 | |
Deferred Tax Liabilities [Abstract] | |||
Prepaid expenses | 15,983 | 14,498 | |
Property and equipment | 149,318 | 106,435 | |
Inventories | 0 | 3,080 | |
Credit card loan fee deferral | 53,555 | 45,443 | |
Deferred Tax Liabilities, Net | 218,856 | 169,456 | |
Deferred Tax Liabilities, Net, Noncurrent | 7,288 | 0 | |
Long-term deferred income tax liability (asset) | 0 | 28,042 | |
Income Tax Uncertainties [Abstract] | |||
Unrecognized tax benefits, beginning of year | 73,122 | 101,879 | $ 64,800 |
Gross decreases related to prior period tax positions | (11,468) | (2,301) | (4,686) |
Gross increases related to prior period tax positions | 2,709 | 20,507 | 29,281 |
Gross increases related to current period tax positions | 3,486 | 6,268 | 12,501 |
Gross decreases related to current period tax positions | 0 | 0 | (17) |
Unrecognized tax benefits, end of year | 67,849 | 73,122 | 101,879 |
Income Taxes | |||
Unrecognized Tax Benefit, Interest on Income Taxes Expense Credit | 2,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 5,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 7,000 | 7,000 | |
Unrecognized Tax Benefits | 26,000 | ||
Undistributed Earnings Of Foreign Subsidiaries | 194,000 | ||
Income Tax Potential, Repatriation of Foreign Earnings | 45,000 | ||
Cash and Cash Equivalent Held by Foreign Subsidiary | 103,000 | ||
Operating Loss Carryforwards | 34,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 9,000 | ||
Deferred Tax Liabilities, Foreign Subsidiary, Net | 8,000 | ||
Operating Loss Carryforwards, Valuation Allowance | 8,465 | 5,165 | |
Income Tax Deposit on Prior Period Uncertain Tax Positions | 66,000 | 103,000 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | (53,231) | 0 |
Current Income Tax Expense (Benefit) [Abstract] | |||
Federal | 55,444 | 100,501 | 114,420 |
State | 6,470 | 19,894 | 7,032 |
Foreign | 2,358 | 5,090 | 6,872 |
Current Income Tax Expense (Benefit) | 64,272 | 125,485 | 128,324 |
Deferred Income Tax Expense (Benefit) [Abstract] | |||
Federal | 30,224 | (12,589) | (14,024) |
State | 6,068 | (7,724) | 2,477 |
Foreign | 89 | 125 | (15) |
Deferred income taxes | 36,381 | (20,188) | (11,562) |
Income Tax Expense (Benefit) | $ 100,653 | $ 105,297 | $ 116,762 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
Income Tax Disclosure [Abstract] | ||
Income Tax Examination, Penalties and Interest Accrued | $ 7 | $ 7 |
Commitments and Contingencies64
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Operating Leases, Future Minimum Payments Due, Current | $ 23,791 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 23,768 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 23,267 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 22,602 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 22,091 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 279,401 | ||
Operating Leases, Future Minimum Payments Due | 394,920 | ||
Operating Leases, Rent Expense | 22,000 | $ 24,000 | $ 20,000 |
Payments for (Proceeds from) Tenant Allowance | 0 | 0 | |
Purchase Commitment, Remaining Minimum Amount Committed | 95,000 | ||
Committments to Extend Credit | 36,000,000 | 35,000,000 | |
Grant Funding Subject to Contractual Remedies | 26,000 | 43,000 | |
Grant Funding Received | 0 | 0 | $ 0 |
Grant Funding Subject to Contractual Remedies, Liability Recorded | 1,000 | 17,000 | |
Grant Funding Subject to Contractual Remedies, Liability Recorded, Current | 16,000 | ||
Grant Funding Subject to Contractual Remedies, Liability Recorded, Non-current | 1,000 | ||
Grant Funding Subject to Contractual Remedies, Liability paid off | 16,000 | ||
Liability for Claims and Claims Adjustment Expense, Disability, Accident and Health | 4,000 | 4,000 | |
Workers' Compensation Liability, Current | 4,000 | 4,000 | |
Payment Guarantee [Member] | |||
Letters of Credit, Outstanding Amount | 49,000 | $ 34,000 | |
Securities and Exchange Commission [Member] | |||
Estimated Litigation Liability | 1,000 | ||
California Invasion of Privacy Act [Member] | |||
Estimated Litigation Liability | $ 3,850 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Grant Funding Received | $ 0 | $ 0 | $ 0 |
Payments for (Proceeds from) Tenant Allowance | 0 | 0 | |
Liability for Claims and Claims Adjustment Expense, Disability, Accident and Health | 4 | 4 | |
Workers' Compensation Liability, Current | $ 4 | $ 4 |
Regulatory Capital Requiremen66
Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 Capital | $ 620,209 | $ 532,110 |
Common Equity Tier One Capital to Risk Weighted Assets | 10.70% | 10.00% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 261,941 | $ 238,282 |
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Common Equity Tier One Capital Required to be Well Capitalized | $ 378,359 | $ 344,185 |
Common Equity Tier One Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Total Capital to Risk-Weighted Assets | ||
Capital | $ 693,533 | $ 598,419 |
Total Capital to Risk-Weighted Assets | 11.90% | 11.30% |
Capital Required for Capital Adequacy | $ 465,673 | $ 423,612 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 582,091 | $ 529,515 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier I Capital to Risk-Weighted Assets | ||
Tier One Risk Based Capital | $ 620,209 | $ 532,110 |
Tier One Risk Based Capital to Risk Weighted Assets | 10.70% | 10.00% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 349,255 | $ 317,709 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 465,673 | $ 423,612 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier I Capital to Average Assets | ||
Tier One Leverage Capital | $ 620,209 | $ 532,110 |
Tier One Leverage Capital to Average Assets | 11.00% | 10.60% |
Tier One Leverage Capital Required for Capital Adequacy | $ 226,154 | $ 200,755 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 282,693 | $ 250,944 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Stock Based Compensation Plan67
Stock Based Compensation Plans and Employee Benefit Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.33% | 1.55% | 1.52% |
Share-based Compensation | $ 24,758 | $ 21,615 | $ 17,498 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 27,000 | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 44.00% | 45.00% | 46.00% |
Weighted average expected life (in years) | 5 years 1 month 20 days | 5 years 6 months | 5 years 10 months 24 days |
Weighted average grant date fair value of options granted | $ 18.81 | $ 22.53 | $ 27.83 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,787,725 | 2,938,166 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 17,000 | $ 39,000 | $ 41,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 17,000 | $ 14,000 | 16,000 |
Closing Stock Price of one share of Cabela's Stock | $ 58.55 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 913,432 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,016,182 | 2,705,252 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 16.38 | ||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | 90,445 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (100,053) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 3.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (100,125) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 51.67 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 74,069 | ||
Defined Contribution Plan, Cost Recognized | $ 9,000 | $ 10,000 | $ 8,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.87 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 54.44 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (545,873) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 51.22 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 2 months 23 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 938,761 | ||
Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 163,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 48.40 | ||
Stock Compensation Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Weighted average grant date fair value of options granted | $ 38.34 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 783,459 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 783,459 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 16.23 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (488,519) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | (783,459) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (333,718) | ||
Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 425,962 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 777,190 | ||
Cabela's Incorporated 2013 Stock Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,710,676 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,016,182 | ||
Cabela's Incorporated 2004 Stock Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,077,049 | ||
Stock Option [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,848,964 | ||
Employee Stock [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,738,226 | ||
All Plans [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,787,725 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,068,210 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 28.65 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Exercise Price | 25.50 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 38.16 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value | $ 58,944,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 33.72 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Fair Value | $ 14.66 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 27,573 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Fair Value | $ 29.16 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 86,517 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 7 months 21 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 2,722,630 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 29.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 82,951 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 4 months 2 days | ||
Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 161,571 | ||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Weighted average grant date fair value of options granted | $ 50.45 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 12,885 | ||
Director [Member] | Stock Option [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 25,112 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 50.45 | ||
Management [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Weighted average grant date fair value of options granted | $ 47.35 | ||
Chief Executive Officer [Member] | Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 64,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 55.66 | ||
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 92,500 |
Stock Based Compensation Plan68
Stock Based Compensation Plans and Employee Benefit Plans Share Based Payment Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 16.38 | ||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | 90,445 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 100,053 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 3.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 545,873 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 100,125 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 913,432 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 5 months 1 day | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,719,515 | 1,582,054 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 54.44 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,787,725 | 2,938,166 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 2 months 23 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.87 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 51.67 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 3,944 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (11,610) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 40.35 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,016,182 | 2,705,252 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.81 | $ 22.53 | $ 27.83 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 51.22 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.33% | 1.55% | 1.52% |
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 | 1,738,226 | ||
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 333,718 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 783,459 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 16.23 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 783,459 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 38.34 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | 783,459 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 488,519 | ||
All Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,068,210 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 33.72 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Fair Value | $ 14.66 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 27,573 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 9 months 4 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 4 months 2 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,719,515 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 38.16 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value | $ 58,944,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,787,725 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Exercise Price | $ 25.50 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 86,517 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 7 months 21 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 28.65 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Fair Value | $ 29.16 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 2,722,630 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 29.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 82,951 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 163,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 48.40 | ||
Chief Executive Officer [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 64,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 55.66 |
Stock Based Compensation Plan69
Stock Based Compensation Plans and Employee Benefit Plans Exercise Price Range (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 938,761 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,787,725 | 2,938,166 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.87 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 2 months 23 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 913,432 | |
Exercise Price Range, $7.16 to $8.01 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 153,855 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 8.01 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 153,855 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 8.01 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 months 1 day | |
Exercise Price Range, $11.49 to $15.25 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 11,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 12.31 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 11,500 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 12.31 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 months 10 days | |
Exercise Price Range, $16.18 to $19.47 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 204,850 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 16.48 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 204,850 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 16.48 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 2 months 5 days | |
Exercise Price Range, $22.32 to $40.45 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 403,844 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 32.60 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 339,844 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 31.13 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 9 months 4 days | |
Exercise Price Range, $44.70 to $58.55 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 708,349 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 52.69 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 203,383 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 52.02 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 7 months 2 days | |
Exercise Price Range, $61.23 to $76.27 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 366,566 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 67.20 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 154,778 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 65.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 3 months 18 days | |
All Plans [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 29.25 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,787,725 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 28.65 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 7 months 21 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,068,210 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 33.72 |
Stockholders' Equity and Divi70
Stockholders' Equity and Dividend Restrictions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Sep. 01, 2015 | |
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Value | $ 174,124 | ||
Cash Dividends Paid to Parent Company | $ 40,000 | $ 50,000 | |
Stock Repurchased During Period, Shares | 0 | 3,989,305 | |
Stock Repurchase Program, Authorized Amount | $ 500,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 426,000 | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Retained earnings | $ 215,000 | ||
2015 Program [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Value | $ 100,000 | ||
Stock Repurchased During Period, Shares | 2,000,000 | ||
2011 Program [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Value | $ 74,000 | ||
Stock Repurchased During Period, Shares | 1,989,305 |
Stockholders' Equity and Divi71
Stockholders' Equity and Dividend Restrictions Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Statement of Stockholders' Equity [Abstract] | ||
Cumulative foreign currency translation adjustments | $ (54,025) | $ (61,011) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (45,922) | (50,914) |
Available-for-sale Securities [Member] | ||
Accumulated net unrealized holding gains on economic development bonds | $ 8,103 | $ 10,097 |
Stockholders' Equity and Divi72
Stockholders' Equity and Dividend Restrictions Treasury Shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Balance, beginning of year | 3,092,764 | 3,776,305 | 0 |
Total common stock repurchased at a total cost of $174,124 for 2015 | 0 | 3,989,305 | |
Stock Issued During Period, Shares, Treasury Stock Reissued | 683,541 | 213,000 |
Stockholders' Equity and Divi73
Stockholders' Equity and Dividend Restrictions Stockholder's Equity (Details) $ in Thousands | 12 Months Ended |
Jan. 02, 2016USD ($) | |
Equity [Abstract] | |
Stock Repurchased During Period, Value | $ 174,124 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common shares – basic | 68,323,540 | 70,102,715 | 70,987,168 |
Stock options and nonvested stock units | 673,124 | 866,198 | 890,688 |
Common shares – diluted | 68,996,664 | 70,968,913 | 71,877,856 |
Stock options outstanding considered anti-dilutive excluded from calculation | 1,108,446 | 1,283,148 | 389,080 |
Supplemental Cash Flow Inform75
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Other Cash Flow Information [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | $ 0 |
Increases in Depreciation Expense Related to Reductions in Deferred Grant Income | 2,252 | 0 | 831 |
Non-cash financing and investing activities: | |||
Accrued property and equipment additions (1) | 7,188 | 13,538 | 40,255 |
Contribution of land received | 0 | 0 | 0 |
Other cash flow information: | |||
Interest paid (2) | 129,103 | 86,194 | 80,311 |
Capitalized interest | (3,132) | (10,499) | (7,788) |
Interest paid, net of capitalized interest | 125,971 | 75,695 | 72,523 |
Income taxes, net of refunds | 60,810 | 107,792 | 145,196 |
Interest Paid by Subsidiary [Abstract] | |||
Interest Paid By Subsidiary | $ 84,000 | $ 68,000 | $ 64,000 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total Revenue Before Intersegment Eliminations | $ 4,108,093 | $ 3,977,488 | $ 3,632,839 | ||||||||
Intersegment Revenue Eliminated In Consolidation | 21,266 | 20,214 | 14,811 | ||||||||
Goodwill | $ 3,000 | 3,000 | |||||||||
Cash and Cash Equivalent at Subsidiary | $ 150,000 | 157,000 | 150,000 | 157,000 | |||||||
Merchandise sales | 3,558,019 | 3,481,375 | 3,200,219 | ||||||||
Total revenue | 1,338,305 | $ 996,495 | $ 929,897 | $ 864,662 | 1,407,827 | $ 926,523 | $ 836,276 | $ 827,076 | 4,129,359 | 3,997,702 | 3,647,650 |
Financial Services Revenue | 543,061 | 502,543 | 430,385 | ||||||||
Financial Services Revenue Before Intersegment Eliminations | 521,795 | 482,329 | 415,574 | ||||||||
Other revenue | 28,279 | 13,784 | 17,046 | ||||||||
Operating Income (Loss) | 112,644 | $ 49,231 | $ 67,709 | $ 44,356 | 126,924 | $ 72,945 | $ 63,390 | $ 44,533 | $ 273,940 | $ 307,792 | $ 335,395 |
Operating Income as a Percentage of Revenue | 6.60% | 7.70% | 9.20% | ||||||||
Depreciation, Depletion and Amortization | $ 150,163 | $ 132,572 | $ 113,097 | ||||||||
Assets | 8,970,824 | 8,463,004 | 8,970,824 | 8,463,004 | 7,675,317 | ||||||
Accrued property and equipment additions (1) | 152,123 | 361,186 | 435,636 | ||||||||
Interest and fee income | 597,709 | 481,731 | 400,948 | ||||||||
Interest expense | (88,177) | (68,827) | (64,167) | ||||||||
Provision for loan losses | (147,661) | (85,120) | (61,922) | ||||||||
Net interest income, net of provision for loan losses | 361,871 | 327,784 | 274,859 | ||||||||
Non-interest income: | |||||||||||
Interchange income | 410,718 | 394,037 | 366,633 | ||||||||
Other non-interest income | 3,333 | 2,990 | 3,338 | ||||||||
Total non-interest income | 414,051 | 397,027 | 369,971 | ||||||||
Less: Customer rewards costs | $ (232,861) | $ (222,268) | $ (214,445) | ||||||||
Merchandise Revenue Percentage | 100.00% | 100.00% | 100.00% | ||||||||
Intercompany License Fee Paid, Total | $ 0 | $ 0 | $ 11,000 | ||||||||
451110 Sporting Goods Stores [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Merchandise sales | 3,558,019 | 3,481,375 | 3,200,219 | ||||||||
Total revenue | 3,586,298 | 3,495,159 | 3,217,265 | ||||||||
Financial Services Revenue | 0 | 0 | 0 | ||||||||
Other revenue | 28,279 | 13,784 | 17,046 | ||||||||
Operating Income (Loss) | $ 73,494 | $ 134,804 | $ 223,745 | ||||||||
Operating Income as a Percentage of Revenue | 2.00% | 3.90% | 7.00% | ||||||||
Depreciation, Depletion and Amortization | $ 144,553 | $ 130,856 | $ 111,543 | ||||||||
Assets | 3,075,258 | 3,090,825 | 3,075,258 | 3,090,825 | 2,762,826 | ||||||
Accrued property and equipment additions (1) | 150,885 | 358,953 | 433,672 | ||||||||
551111 Offices of Bank Holding Companies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenue Before Intersegment Eliminations | 521,795 | 482,329 | 415,574 | ||||||||
Intersegment Revenue Eliminated In Consolidation | 21,266 | 20,214 | 14,811 | ||||||||
Merchandise sales | 0 | 0 | 0 | ||||||||
Total revenue | 543,061 | 502,543 | 430,385 | ||||||||
Other revenue | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | $ 200,446 | $ 172,988 | $ 111,650 | ||||||||
Operating Income as a Percentage of Revenue | 38.40% | 35.90% | 26.90% | ||||||||
Depreciation, Depletion and Amortization | $ 5,610 | $ 1,716 | $ 1,554 | ||||||||
Assets | $ 5,895,566 | $ 5,372,179 | 5,895,566 | 5,372,179 | 4,912,491 | ||||||
Accrued property and equipment additions (1) | $ 1,238 | $ 2,233 | $ 1,964 | ||||||||
Hunting Equipment [Member] | |||||||||||
Non-interest income: | |||||||||||
Merchandise Revenue Percentage | 48.10% | 45.50% | 44.30% | ||||||||
General Outdoor [Member] | |||||||||||
Non-interest income: | |||||||||||
Merchandise Revenue Percentage | 30.90% | 31.20% | 30.30% | ||||||||
Clothing and Footwear [Member] | |||||||||||
Non-interest income: | |||||||||||
Merchandise Revenue Percentage | 21.00% | 23.30% | 25.40% |
Segment Reporting Segments (Det
Segment Reporting Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Segment Reporting [Abstract] | |||
Intercompany License Fee Paid, Total | $ 0 | $ 0 | $ 11 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term Debt, Gross | $ 752,830 | $ 861,281 | ||
Time Deposits | 1,168,857 | 879,899 | ||
Available-for-sale Securities, Fair Value Disclosure | 69,936 | 83,767 | $ 82,074 | $ 78,504 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (3,045) | 1,076 | 7,777 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | (6,395) | 0 | ||
Payments to Acquire Available-for-sale Securities | 0 | 4,780 | 558 | |
Proceeds from Sale of Available-for-sale Securities, Debt | 0 | 0 | 0 | |
Proceeds from Sale and Maturity of Available-for-sale Securities | (4,391) | (4,163) | (4,765) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, Sales, Issuances, Settlements | (4,391) | 617 | (4,207) | |
Deferred Grant Income Reduction | 0 | 0 | 0 | |
Increases in Depreciation Expense Related to Reductions in Deferred Grant Income | 2,252 | 0 | 831 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (1,994) | 576 | 4,839 | |
Asset Impairment Charges | 10,119 | 9,775 | 0 | |
Other than Temporary Impairment Losses, Financial Incentives | 2,252 | 0 | 0 | |
Impairment of Long-Lived Assets Held-for-use | 7,310 | 3,874 | 0 | |
Impairment of Long-Lived Assets to be Disposed of | 557 | 5,901 | $ 0 | |
Secured Debt [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term Debt, Gross | $ 3,578,500 | $ 3,238,500 |
Fair Value Measurements Estimat
Fair Value Measurements Estimates of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes, Loans and Financing Receivable, Net, Current | $ 5,579,575 | $ 5,035,267 |
Loans Receivable, Fair Value Disclosure | 5,579,575 | 5,035,267 |
Time Deposits | 1,168,857 | 879,899 |
Deposits, Fair Value Disclosure | 1,171,001 | 879,197 |
Long-term Debt, Fair Value | 772,311 | 892,425 |
Secured Debt, Current | 420,000 | 655,000 |
Secured Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 3,571,261 | 3,230,932 |
Debt Instrument, Fair Value Disclosure | 3,559,438 | 3,178,028 |
Secured Debt, Current | 420,000 | 655,000 |
Secured Debt, Variable Funding Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 420,000 | $ 655,000 |
Fair Value Measurements Impairm
Fair Value Measurements Impairment Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Carrying Value, Other Property and Other Assets | $ 27,364 | $ 25,541 | $ 0 |
Fair Value, Other Property and Other Assets | 19,497 | 15,766 | 0 |
Asset Impairment Charges | 10,119 | 9,775 | 0 |
Land Held For Sale and Other Assets [Domain] | |||
Asset Impairment Charges | $ 7,867 | $ 9,775 | $ 0 |
Quarterly Financial Informati81
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | $ 1,338,305 | $ 996,495 | $ 929,897 | $ 864,662 | $ 1,407,827 | $ 926,523 | $ 836,276 | $ 827,076 | $ 4,129,359 | $ 3,997,702 | $ 3,647,650 |
Operating income | 112,644 | 49,231 | 67,709 | 44,356 | 126,924 | 72,945 | 63,390 | 44,533 | 273,940 | 307,792 | 335,395 |
Net Income, by quarter | $ 58,059 | $ 28,240 | $ 37,759 | $ 22,889 | $ 78,791 | $ 43,708 | $ 40,057 | $ 26,774 | $ 146,947 | $ 189,330 | $ 201,715 |
Earnings Per Share, Basic | $ 0.85 | $ 0.41 | $ 0.55 | $ 0.34 | $ 1.15 | $ 0.63 | $ 0.56 | $ 0.38 | $ 2.15 | $ 2.70 | $ 2.84 |
Earnings Per Share, Diluted | $ 0.84 | $ 0.41 | $ 0.55 | $ 0.33 | $ 1.14 | $ 0.62 | $ 0.56 | $ 0.37 | $ 2.13 | $ 2.67 | $ 2.81 |
Restructuring and Related Cost, Incurred Cost | $ 8,737 | $ 1,454 | $ 959 | $ 2,972 | $ 9,744 | $ 5,587 | $ 0 | $ 0 | $ 14,122 | $ 15,331 | $ 641 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | $ 75,911 | $ 56,572 | $ 53,110 |
Provision for loan losses | (147,661) | (85,120) | (61,922) |
Allowance for Loan and Lease Losses, Adjustments, Net | 0 | 0 | 0 |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | (105,229) | (65,781) | (58,460) |
Balance, end of year | 118,343 | 75,911 | 56,572 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowance for doubtful accounts on accounts receivable balances | 1,265 | 969 | 1,208 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 648 | 418 | 2,476 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | (856) | (122) | (2,715) |
Allowance for doubtful accounts on accounts receivable balances | 1,057 | 1,265 | 969 |
Allowance for Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowance for doubtful accounts on accounts receivable balances | 39,887 | 26,440 | 24,617 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 0 | 0 |
Valuation Allowances and Reserves, Charged to Other Accounts | 205,017 | 251,289 | 233,192 |
Valuation Allowances and Reserves, Deductions | (221,464) | (237,842) | (231,369) |
Allowance for doubtful accounts on accounts receivable balances | 23,440 | 39,887 | 26,440 |
Allowance for Notes Receivable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowance for doubtful accounts on accounts receivable balances | 4,263 | 4,263 | 4,263 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 0 | 0 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | (2,204) | 0 | 0 |
Allowance for doubtful accounts on accounts receivable balances | $ 2,059 | $ 4,263 | $ 4,263 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 01, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Subsequent Event [Line Items] | ||||
Repayments of Long-term Debt | $ 223,452 | $ 8,434 | $ 8,418 | |
Series 2012-I [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Repayments of Long-term Debt | $ 425,000 |