Document and Entity Information
Document and Entity Information Document - $ / shares | 6 Months Ended | |||
Jul. 01, 2017 | Jul. 31, 2017 | Dec. 31, 2016 | Jul. 02, 2016 | |
Entity Information [Line Items] | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |
Entity Registrant Name | CABELAS INC | |||
Entity Central Index Key | 1,267,130 | |||
Current Fiscal Year End Date | --12-30 | |||
Entity Filer Category | Large Accelerated Filer | |||
Document Type | 10-Q | |||
Document Period End Date | Jul. 1, 2017 | |||
Document Fiscal Year Focus | 2,017 | |||
Document Fiscal Period Focus | Q2 | |||
Amendment Flag | false | |||
Entity Common Stock, Shares Outstanding | 68,929,533 | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Merchandise sales | $ 737,384 | $ 786,203 | $ 1,415,405 | $ 1,506,118 |
Financial Services revenue | 147,196 | 135,081 | 297,195 | 275,904 |
Other revenue | 5,862 | 8,613 | 12,731 | 12,537 |
Total revenues | 890,442 | 929,897 | 1,725,331 | 1,794,559 |
Merchandise costs (exclusive of depreciation and amortization) | 496,360 | 527,409 | 961,442 | 1,015,401 |
Cost of other revenue | 515 | 4,138 | 1,545 | 4,291 |
Total cost of revenue (exclusive of depreciation and amortization) | 496,875 | 531,547 | 962,987 | 1,019,692 |
Selling, distribution, and administrative expenses | 335,693 | 329,682 | 663,550 | 658,871 |
Restructuring Costs and Asset Impairment Charges | 829 | 959 | 3,236 | 3,931 |
Operating income | 57,045 | 67,709 | 95,558 | 112,065 |
Interest expense, net | (7,689) | (8,285) | (15,365) | (17,516) |
Other non-operating income, net | 911 | 2,780 | 1,480 | 3,681 |
Income before provision for income taxes | 50,267 | 62,204 | 81,673 | 98,230 |
Provision for income taxes | 21,919 | 24,445 | 34,262 | 37,582 |
Net income | $ 28,348 | $ 37,759 | $ 47,411 | $ 60,648 |
Earnings per basic share | $ 0.41 | $ 0.55 | $ 0.69 | $ 0.89 |
Earnings per diluted share | $ 0.41 | $ 0.55 | $ 0.68 | $ 0.88 |
Basic weighted average shares outstanding | 68,914,407 | 68,388,426 | 68,777,332 | 68,168,772 |
Diluted weighted average shares outstanding | 69,352,449 | 68,909,403 | 69,332,304 | 68,799,980 |
Condensed Consolidated Stateme3
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Net Income (Loss) Attributable to Parent | $ 28,348 | $ 37,759 | $ 47,411 | $ 60,648 |
Unrealized gain on economic development bonds, net of taxes of $1,077, $697, $1,632, and $1,267 | 1,834 | 1,100 | 3,424 | 1,664 |
Foreign currency translation adjustments | 6,517 | 1,782 | 9,018 | 16,462 |
Total other comprehensive income | 8,351 | 2,882 | 12,442 | 18,126 |
Comprehensive income | $ 36,699 | $ 40,641 | $ 59,853 | $ 78,774 |
Condensed Consolidated Stateme4
Condensed Consolidated Statement of Comprehensive Income Parentheticals - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Taxes on unrealized loss on economic development bonds | $ 1,077 | $ 697 | $ 1,632 | $ 1,267 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 01, 2017 | Dec. 31, 2016 | Jul. 02, 2016 |
Cash and cash equivalents | $ 167,629 | $ 263,825 | $ 542,067 |
Restricted cash of the Trust | 51,233 | 48,697 | 40,978 |
Accounts receivable, net | 37,112 | 76,140 | 39,278 |
Credit card loans (includes restricted credit card loans of the Trust of $5,517,628, $5,661,101, and $5,114,711), net of allowance for loan losses of $120,474, $118,343, and $83,950 | 5,425,509 | 5,579,575 | 5,062,226 |
Inventories | 863,834 | 860,360 | 888,209 |
Prepaid expenses and other current assets | 128,235 | 132,250 | 122,139 |
Income taxes receivable | 52,555 | 75,731 | 60,180 |
Assets, Current | 6,726,107 | 7,036,578 | 6,755,077 |
Property and equipment, net | 1,785,999 | 1,807,209 | 1,839,451 |
Deferred Tax Assets, Net, Noncurrent | 0 | 0 | 28,417 |
Other assets | 124,087 | 127,037 | 142,314 |
Assets | 8,636,193 | 8,970,824 | 8,765,259 |
Accounts payable, including unpresented checks of $34,869, $41,132, and $28,667 | 270,921 | 347,784 | 253,488 |
Gift instruments, credit card rewards, and loyalty rewards programs | 372,740 | 387,865 | 353,570 |
Accrued expenses and other liabilities | 147,945 | 172,744 | 165,610 |
Time Deposit Maturities, Next Twelve Months | 252,358 | 177,015 | 187,324 |
Current maturities of secured variable funding obligations of the Trust | 1,395,000 | 420,000 | 0 |
Debt, Current | 0 | 1,104,685 | 1,359,032 |
Current maturities of long-term debt | 8,131 | 79,677 | 68,461 |
Liabilities, Current | 2,447,095 | 2,689,770 | 2,387,485 |
Long-term time deposits | 846,709 | 991,842 | 1,009,549 |
Secured long-term obligations of the Trust, less current maturities, net | 2,467,787 | 2,466,576 | 2,466,054 |
Long-term debt, less current maturities, net | 654,569 | 671,509 | 842,728 |
Deferred income taxes | 6,449 | 7,288 | 0 |
Other long-term liabilities | 137,737 | 132,240 | 134,349 |
COMMITMENTS AND CONTINGENCIES | |||
Issued – 71,595,020 shares for all periods | 716 | 716 | 716 |
Preferred stock, $0.01 par value; Authorized – 10,000,000 shares; Issued – none | 0 | 0 | 0 |
Additional paid-in capital | 368,126 | 384,353 | 372,994 |
Retained earnings | 1,846,220 | 1,798,809 | 1,712,510 |
Accumulated other comprehensive loss | (33,480) | (45,922) | (32,788) |
Treasury Stock, Value | (105,735) | (126,357) | (128,338) |
Stockholders' Equity Attributable to Parent | 2,075,847 | 2,011,599 | 1,925,094 |
Liabilities and Equity | $ 8,636,193 | $ 8,970,824 | $ 8,765,259 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets Parentheticals - USD ($) $ in Thousands | Jul. 01, 2017 | Dec. 31, 2016 | Jul. 02, 2016 |
Restricted credit card loans of the Trust | $ 5,517,628 | $ 5,661,101 | $ 5,114,711 |
Allowance for loan losses | 120,474 | 118,343 | 83,950 |
Unpresented checks | $ 34,869 | $ 41,132 | $ 28,667 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 245,000,000 | 245,000,000 | 245,000,000 |
Common stock, shares issued | 71,595,020 | 71,595,020 | 71,595,020 |
Preferred stock, par value | 68,929,479 | 68,502,256 | 68,465,082 |
Preferred stock, shares authorized | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Treasury Stock, Carrying Basis | 2,665,541 | 3,092,764 | 3,129,938 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Proceeds from (Payments for) Other Financing Activities | $ (1,201) | $ (2,421) |
Net income | 47,411 | 60,648 |
Depreciation and amortization | 76,473 | 74,696 |
Asset Impairment Charges and Severance Payments | 2,882 | 4,202 |
Restructuring Costs and Asset Impairment Charges | 3,236 | 3,931 |
Stock-based compensation | 10,602 | 12,555 |
Deferred income taxes | (2,471) | (1,643) |
Provision for loan losses | 76,332 | 55,224 |
Other, net | (390) | (8,816) |
Accounts receivable | 39,474 | 39,714 |
Credit card loans originated from internal operations, net | 78,475 | 79,398 |
Inventories | (568) | (63,674) |
Prepaid expenses and other current assets | 2,322 | (1,935) |
Accounts payable and accrued expenses and other liabilities | (88,266) | (76,069) |
Gift instruments, credit card rewards, and loyalty rewards programs | (15,489) | (12,476) |
Other long-term liabilities | 5,640 | (2,118) |
Income taxes receivable | 23,176 | 17,517 |
Net cash provided by operating activities | 255,603 | 177,223 |
Property and equipment additions | (45,963) | (99,284) |
Proceeds from Sale of Other Property, Plant, and Equipment | 4,081 | 0 |
Change in credit card loans originated externally, net | (741) | (161,581) |
Change in restricted cash of the Trust, net | (2,536) | 5 |
Other investing changes, net | 4,047 | 1,900 |
Net cash used in investing activities | (41,112) | (258,960) |
Change in unpresented checks net of bank balances | (6,263) | 5,087 |
Change in time deposits, net | (69,937) | 316,974 |
Borrowings on secured obligations of the Trust | 3,030,000 | 2,740,000 |
Repayments on secured obligations of the Trust | (3,160,000) | (2,800,000) |
Borrowings on revolving credit facilities and inventory financing | 555,432 | 665,261 |
Repayments on revolving credit facilities and inventory financing | (575,328) | (401,990) |
Payments on long-term debt | (79,686) | (223,295) |
Employee stock option exercises, net of tax withholdings on share-based payment awards | (6,205) | 1,673 |
Excess tax benefit on share-based payment awards | 0 | 3,753 |
Net cash provided by financing activities | (313,188) | 305,042 |
Effect of Exchange Rate on Cash and Cash Equivalents | 2,501 | 3,696 |
Net change in cash and cash equivalents | (96,196) | 227,001 |
Cash and cash equivalents, at beginning of period | 263,825 | 315,066 |
Cash and cash equivalents, at end of period | $ 167,629 | $ 542,067 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Common Stock [Member] |
Shares, Issued Beginning of Period at Jan. 02, 2016 | 71,595,020 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Beginning of Period at Jan. 02, 2016 | $ 1,828,643 | $ 389,754 | $ 1,651,862 | $ (50,914) | $ (162,775) | $ 716 |
Net Income (Loss) Attributable to Parent | 60,648 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 16,462 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 18,126 | 18,126 | ||||
Stock-based compensation | 12,251 | 12,251 | 0 | 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | 1,673 | (32,764) | 0 | 0 | 34,437 | $ 0 |
Shares, Issued End of Period at Jul. 02, 2016 | 71,595,020 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest End of Period at Jul. 02, 2016 | 1,925,094 | 372,994 | 1,712,510 | (32,788) | (128,338) | $ 716 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 3,753 | 0 | 0 | $ 0 | ||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 3,753 | |||||
Shares, Issued Beginning of Period at Dec. 31, 2016 | 71,595,020 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Beginning of Period at Dec. 31, 2016 | 2,011,599 | 384,353 | 1,798,809 | (45,922) | (126,357) | $ 716 |
Net Income (Loss) Attributable to Parent | 47,411 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 9,018 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 12,442 | |||||
Stock-based compensation | $ 10,600 | 10,600 | 0 | 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 297,271 | 0 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | $ (6,205) | (26,827) | 0 | 0 | 20,622 | $ 0 |
Shares, Issued End of Period at Jul. 01, 2017 | 71,595,020 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest End of Period at Jul. 01, 2017 | $ 2,075,847 | $ 368,126 | $ 1,846,220 | $ (33,480) | $ (105,735) | $ 716 |
Management Representations
Management Representations | 6 Months Ended |
Jul. 01, 2017 | |
Management Representations [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | MANAGEMENT REPRESENTATIONS Principles of Consolidation – The condensed consolidated financial statements included herein are unaudited and have been prepared by management of Cabela’s Incorporated and its wholly-owned subsidiaries (“Cabela’s,” “Company,” “we,” “our,” or “us”) pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The Company’s condensed consolidated balance sheet as of December 31, 2016 , was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly our financial position and results of operations, comprehensive income, and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. All intercompany accounts and transactions have been eliminated in consolidation. World’s Foremost Bank (“WFB,” “Financial Services segment,” or “Cabela’s CLUB”), a Nebraska banking corporation and a wholly-owned bank subsidiary of Cabela’s, is the primary beneficiary of the Cabela’s Master Credit Card Trust and related entities (collectively referred to as the “Trust”). The Trust was consolidated for all reporting periods of Cabela’s in this report. Because of the seasonal nature of the Company’s operations, results of operations of any single reporting period should not be considered as indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016 . Cash and Cash Equivalents – Cash and cash equivalents of the Financial Services segment were $98 million , $150 million , and $455 million at July 1, 2017 , December 31, 2016 , and July 2, 2016 , respectively. Due to regulatory restrictions on WFB, the Company cannot use WFB’s cash for non-banking operations. Reporting Periods – Unless otherwise stated, the fiscal periods referred to in the notes to these condensed consolidated financial statements are the 13 weeks ended July 1, 2017 (“three months ended July 1, 2017 ”), the 13 weeks ended July 2, 2016 (“three months ended July 2, 2016 ”), the 26 weeks ended July 1, 2017 (“six months ended July 1, 2017”), the 26 weeks ended July 2, 2016 (“six months ended July 2, 2016”), and the 52 weeks ended December 31, 2016 (“fiscal year ended 2016 ”). WFB follows a calendar fiscal period and, accordingly, the respective three and six month periods ended on June 30, 2017 and 2016, and the fiscal year ended on December 31, 2016 . Adoption of New Accounting Principles – In the first quarter of 2017, we adopted the guidance of Accounting Standard Update (“ASU”) 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The provisions of ASU 2016-09 related to the recognition of excess tax benefits in the income statement and classification in the statement of cash flows were adopted prospectively and the prior periods were not retrospectively adjusted. The Company has elected to continue estimating forfeitures of share-based awards when determining compensation cost to be recognized each period. The adoption of ASU 2016-09 did not have a material impact on the accompanying condensed consolidated financial statements. In addition in the first quarter of 2017, we adopted on a prospective basis the provisions of ASU 2015-11 “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. The adoption of ASU 2015-11 did not have a material impact on the accompanying condensed consolidated financial statements. |
Recent Developments (Notes)
Recent Developments (Notes) | 6 Months Ended |
Jul. 01, 2017 | |
Recent Developments [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | On October 3, 2016, the Company entered into an Agreement and Plan of Merger (the “Original 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. On April 17, 2017, the Company entered into an Amendment to the Agreement and Plan of Merger, dated as of April 17, 2017 (the “Merger Agreement Amendment”), by and among the Company, Parent and Sub (the Original Merger Agreement, as amended by the Merger Agreement Amendment and as otherwise amended from time to time, the “Merger Agreement”). 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. On July 11, 2017, the Company’s stockholders also adopted and approved the Merger Agreement. 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, 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 $61.50 in cash, without interest thereon, which amount is subject to adjustments in certain circumstances specified in the Merger Agreement Amendment. The consummation of the Merger is subject to the satisfaction or waiver of specified closing conditions, including (i) the consummation of the purchase and sale of the banking business of WFB, in accordance with the Bank Framework 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, (ii) the absence of any order by any governmental entity rendering the Merger illegal, or prohibiting, enjoining or otherwise preventing the Merger, and (iii) other customary closing conditions. Additionally, on April 17, 2017, and in connection with the Merger Agreement Amendment, the Company entered into (i) a Framework Agreement (the “Bank Framework Agreement”), by and among the Company, WFB, Synovus Bank, a Georgia state member bank (“Synovus”), Capital One Bank (USA), National Association, a national banking association (“Capital One”) and an affiliate of Capital One, National Association, a national banking association (“CONA”), and, solely for the purposes set forth therein, CONA, (ii) an Asset and Deposit Purchase Agreement (the “Synovus Bank Asset Purchase Agreement”), by and among the Company, WFB and Synovus and (iii) an Asset Purchase Agreement (the “Capital One Bank Asset Purchase Agreement” and, together with the Synovus Bank Asset Purchase Agreement, the “Bank Asset Purchase Agreements” and, together with the Synovus Bank Asset Purchase Agreement and the Bank Framework Agreement, the “Related Bank Transactions”), by and among the Company, WFB and Capital One, which amended and restated the Sale and Purchase Agreement, dated as of October 3, 2016, by and among the Company, WFB, and CONA, and continue to provide for the sale of substantially all of the business of WFB in connection with the closing of the Merger. Pursuant to the Related Bank Transactions and an Asset Purchase Agreement entered into between Synovus and Capital One on the same date, by way of three transactions, (1) Synovus has agreed to acquire assets and assume liabilities of WFB, which collectively constitute substantially all of the business of WFB, (2) Capital One has agreed to acquire certain other assets and assume certain other liabilities of WFB and (3) immediately following the transaction referred to in the foregoing clause (1), Synovus has agreed to sell and assign to Capital One, and Capital One has agreed to acquire and assume, certain of such assets and liabilities acquired and assumed by Synovus from WFB, such that Synovus retains all deposits of WFB and certain other assets and liabilities relating to deposits of WFB and Capital One acquires the assets and liabilities relating to the Cabela’s CLUB co-branded credit card accounts and equity interests in certain securitization funding vehicles. The consummation of the transactions contemplated by the Related Bank Transactions 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. The Bank Framework 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 and under certain other circumstances, the Company will be obligated to reimburse Capital One for up to $10 million of a termination fee and reimbursement of expenses Capital One may owe to Synovus. 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 Tru
Cabela's Master Credit Card Trust | 6 Months Ended |
Jul. 01, 2017 | |
Cabela's Master Credit Card Trust [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | CABELA’S MASTER CREDIT CARD TRUST The Financial Services segment utilizes the Trust for the purpose of routinely securitizing credit card loans and issuing beneficial interest to investors. The Trust issues variable funding facilities and long-term notes (collectively referred to herein as “secured obligations of the Trust”), each of which has an undivided interest in the assets of the Trust. The Financial Services segment owns notes issued by the Trust from some of the securitizations, which in some cases may be subordinated to other notes issued. The following table presents the components of the consolidated assets and liabilities of the Trust at the periods ended: July 1, December 31, July 2, Consolidated assets: Restricted credit card loans, net of allowance of $120,160, $117,860, and $83,671 $ 5,397,468 $ 5,543,241 $ 5,031,040 Restricted cash 51,233 48,697 40,978 Total $ 5,448,701 $ 5,591,938 $ 5,072,018 Consolidated liabilities: Secured variable funding obligations $ 1,395,000 $ 420,000 $ — Secured long-term obligations, net of unamortized debt issuance costs of $5,713, $7,239, and $8,414 2,467,787 3,571,261 3,825,086 Interest due to third party investors 5,081 3,826 2,703 Total $ 3,867,868 $ 3,995,087 $ 3,827,789 CREDIT CARD LOANS AND ALLOWANCE FOR LOAN LOSSES The following table reflects the composition of the credit card loans at the periods ended: July 1, December 31, July 2, Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) $ 5,517,628 $ 5,661,101 $ 5,114,711 Unrestricted credit card loans 24,147 31,270 26,385 Total credit card loans 5,541,775 5,692,371 5,141,096 Allowance for loan losses (120,474 ) (118,343 ) (83,950 ) Deferred credit card origination costs 4,208 5,547 5,080 Credit card loans, net $ 5,425,509 $ 5,579,575 $ 5,062,226 Allowance for Loan Losses: The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented: Three Months Ended July 1, 2017 July 2, 2016 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 104,433 $ 7,662 $ 112,095 $ 66,431 $ 8,322 $ 74,753 Provision for loan losses 44,260 986 45,246 30,692 1,712 32,404 Charge-offs (43,232 ) (2,403 ) (45,635 ) (27,132 ) (2,446 ) (29,578 ) Recoveries 7,976 792 8,768 5,541 830 6,371 Net charge-offs (35,256 ) (1,611 ) (36,867 ) (21,591 ) (1,616 ) (23,207 ) Balance, end of period $ 113,437 $ 7,037 $ 120,474 $ 75,532 $ 8,418 $ 83,950 Six Months Ended July 1, 2017 July 2, 2016 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 109,903 $ 8,440 $ 118,343 $ 67,654 $ 8,257 $ 75,911 Provision for loan losses 74,394 1,938 76,332 51,518 3,706 55,224 Charge-offs (85,839 ) (4,871 ) (90,710 ) (54,101 ) (5,155 ) (59,256 ) Recoveries 14,979 1,530 16,509 10,461 1,610 12,071 Net charge-offs (70,860 ) (3,341 ) (74,201 ) (43,640 ) (3,545 ) (47,185 ) Balance, end of period $ 113,437 $ 7,037 $ 120,474 $ 75,532 $ 8,418 $ 83,950 Credit Quality Indicators, Delinquent, and Non-Accrual Loans: The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter Fair Isaac Corporation (“FICO”) score at the periods ended: FICO Score of Credit Card Loans Segment Restructured Credit Card Loans Segment (1) July 1, 2017: 691 and Below 692 - 758 759 and Above Total Credit card loan status: Current $ 925,895 $ 1,931,004 $ 2,520,502 $ 29,423 $ 5,406,824 1 to 29 days past due 38,890 21,638 17,344 2,408 80,280 30 to 59 days past due 16,691 2,834 490 1,303 21,318 60 or more days past due 30,878 528 101 1,846 33,353 Total past due 86,459 25,000 17,935 5,557 134,951 Total credit card loans $ 1,012,354 $ 1,956,004 $ 2,538,437 $ 34,980 $ 5,541,775 90 days or more past due and still accruing $ 15,443 $ 55 $ 14 $ 796 $ 16,308 Non-accrual — — — 5,763 5,763 December 31, 2016: 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 July 2, 2016: Credit card loan status: Current $ 823,146 $ 1,718,604 $ 2,455,453 $ 30,669 $ 5,027,872 1 to 29 days past due 34,035 19,596 16,515 2,913 73,059 30 to 59 days past due 12,284 1,828 442 1,664 16,218 60 or more days past due 21,171 368 95 2,313 23,947 Total past due 67,490 21,792 17,052 6,890 113,224 Total credit card loans $ 890,636 $ 1,740,396 $ 2,472,505 $ 37,559 $ 5,141,096 90 days or more past due and still accruing $ 10,844 $ 60 $ 14 $ 1,018 $ 11,936 Non-accrual — — — 7,179 7,179 (1) Included in the allowance for loan losses were specific allowances for loan losses of $7 million at July 1, 2017 , and $8 million at both December 31, 2016 and July 2, 2016 . |
Credit Card Loans and Allowance
Credit Card Loans and Allowance For Loan Losses | 6 Months Ended |
Jul. 01, 2017 | |
FICO SCores Credit Card Loans [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | CABELA’S MASTER CREDIT CARD TRUST The Financial Services segment utilizes the Trust for the purpose of routinely securitizing credit card loans and issuing beneficial interest to investors. The Trust issues variable funding facilities and long-term notes (collectively referred to herein as “secured obligations of the Trust”), each of which has an undivided interest in the assets of the Trust. The Financial Services segment owns notes issued by the Trust from some of the securitizations, which in some cases may be subordinated to other notes issued. The following table presents the components of the consolidated assets and liabilities of the Trust at the periods ended: July 1, December 31, July 2, Consolidated assets: Restricted credit card loans, net of allowance of $120,160, $117,860, and $83,671 $ 5,397,468 $ 5,543,241 $ 5,031,040 Restricted cash 51,233 48,697 40,978 Total $ 5,448,701 $ 5,591,938 $ 5,072,018 Consolidated liabilities: Secured variable funding obligations $ 1,395,000 $ 420,000 $ — Secured long-term obligations, net of unamortized debt issuance costs of $5,713, $7,239, and $8,414 2,467,787 3,571,261 3,825,086 Interest due to third party investors 5,081 3,826 2,703 Total $ 3,867,868 $ 3,995,087 $ 3,827,789 CREDIT CARD LOANS AND ALLOWANCE FOR LOAN LOSSES The following table reflects the composition of the credit card loans at the periods ended: July 1, December 31, July 2, Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) $ 5,517,628 $ 5,661,101 $ 5,114,711 Unrestricted credit card loans 24,147 31,270 26,385 Total credit card loans 5,541,775 5,692,371 5,141,096 Allowance for loan losses (120,474 ) (118,343 ) (83,950 ) Deferred credit card origination costs 4,208 5,547 5,080 Credit card loans, net $ 5,425,509 $ 5,579,575 $ 5,062,226 Allowance for Loan Losses: The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented: Three Months Ended July 1, 2017 July 2, 2016 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 104,433 $ 7,662 $ 112,095 $ 66,431 $ 8,322 $ 74,753 Provision for loan losses 44,260 986 45,246 30,692 1,712 32,404 Charge-offs (43,232 ) (2,403 ) (45,635 ) (27,132 ) (2,446 ) (29,578 ) Recoveries 7,976 792 8,768 5,541 830 6,371 Net charge-offs (35,256 ) (1,611 ) (36,867 ) (21,591 ) (1,616 ) (23,207 ) Balance, end of period $ 113,437 $ 7,037 $ 120,474 $ 75,532 $ 8,418 $ 83,950 Six Months Ended July 1, 2017 July 2, 2016 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 109,903 $ 8,440 $ 118,343 $ 67,654 $ 8,257 $ 75,911 Provision for loan losses 74,394 1,938 76,332 51,518 3,706 55,224 Charge-offs (85,839 ) (4,871 ) (90,710 ) (54,101 ) (5,155 ) (59,256 ) Recoveries 14,979 1,530 16,509 10,461 1,610 12,071 Net charge-offs (70,860 ) (3,341 ) (74,201 ) (43,640 ) (3,545 ) (47,185 ) Balance, end of period $ 113,437 $ 7,037 $ 120,474 $ 75,532 $ 8,418 $ 83,950 Credit Quality Indicators, Delinquent, and Non-Accrual Loans: The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter Fair Isaac Corporation (“FICO”) score at the periods ended: FICO Score of Credit Card Loans Segment Restructured Credit Card Loans Segment (1) July 1, 2017: 691 and Below 692 - 758 759 and Above Total Credit card loan status: Current $ 925,895 $ 1,931,004 $ 2,520,502 $ 29,423 $ 5,406,824 1 to 29 days past due 38,890 21,638 17,344 2,408 80,280 30 to 59 days past due 16,691 2,834 490 1,303 21,318 60 or more days past due 30,878 528 101 1,846 33,353 Total past due 86,459 25,000 17,935 5,557 134,951 Total credit card loans $ 1,012,354 $ 1,956,004 $ 2,538,437 $ 34,980 $ 5,541,775 90 days or more past due and still accruing $ 15,443 $ 55 $ 14 $ 796 $ 16,308 Non-accrual — — — 5,763 5,763 December 31, 2016: 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 July 2, 2016: Credit card loan status: Current $ 823,146 $ 1,718,604 $ 2,455,453 $ 30,669 $ 5,027,872 1 to 29 days past due 34,035 19,596 16,515 2,913 73,059 30 to 59 days past due 12,284 1,828 442 1,664 16,218 60 or more days past due 21,171 368 95 2,313 23,947 Total past due 67,490 21,792 17,052 6,890 113,224 Total credit card loans $ 890,636 $ 1,740,396 $ 2,472,505 $ 37,559 $ 5,141,096 90 days or more past due and still accruing $ 10,844 $ 60 $ 14 $ 1,018 $ 11,936 Non-accrual — — — 7,179 7,179 (1) Included in the allowance for loan losses were specific allowances for loan losses of $7 million at July 1, 2017 , and $8 million at both December 31, 2016 and July 2, 2016 . |
Borrowings of Financial Service
Borrowings of Financial Services Segment | 6 Months Ended |
Jul. 01, 2017 | |
Borrowings of Financial Services Subsidiary [Abstract] | |
Debt Disclosure [Text Block] | BORROWINGS OF FINANCIAL SERVICES SEGMENT The Trust issues fixed and floating (variable) rate term securitizations, which are considered secured obligations backed by restricted credit card loans. A summary of the secured fixed and variable rate obligations of the Trust by series, the expected maturity dates, and the respective weighted average interest rates are presented in the following tables at the periods ended: July 1, 2017: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2013-I February 2023 $ 327,250 2.71 % $ — — % $ 327,250 2.71 % Series 2013-II August 2018 100,000 2.17 197,500 1.81 297,500 1.93 Series 2014-II July 2019 — — 340,000 1.61 340,000 1.61 Series 2015-I March 2020 218,750 2.26 100,000 1.70 318,750 2.08 Series 2015-II July 2020 240,000 2.25 100,000 1.83 340,000 2.13 Series 2016-I June 2019 570,000 1.78 280,000 2.01 850,000 1.86 Secured obligations of the Trust 1,456,000 1,017,500 2,473,500 Less unamortized debt issuance costs (3,721 ) (1,992 ) (5,713 ) Secured obligations of the Trust, net 1,452,279 1,015,508 2,467,787 Less current maturities of secured long-term obligations of the Trust, net — — — Secured long-term obligations of the Trust, less current maturities, net $ 1,452,279 $ 1,015,508 $ 2,467,787 December 31, 2016: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2012-I 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 July 2, 2016: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2011-IV October 2016 $ 165,000 1.90 % $ 90,000 0.99 % $ 255,000 1.58 % Series 2012-I February 2017 275,000 1.63 150,000 0.97 425,000 1.40 Series 2012-II June 2017 300,000 1.45 125,000 0.92 425,000 1.29 Series 2013-I February 2023 327,250 2.71 — — 327,250 2.71 Series 2013-II August 2018 100,000 2.17 197,500 1.09 297,500 1.45 Series 2014-I March 2017 — — 255,000 0.79 255,000 0.79 Series 2014-II July 2019 — — 340,000 0.89 340,000 0.89 Series 2015-I March 2020 218,750 2.26 100,000 0.98 318,750 1.86 Series 2015-II July 2020 240,000 2.25 100,000 1.11 340,000 1.92 Series 2016-I June 2019 570,000 1.78 280,000 1.35 850,000 1.64 Secured obligations of the Trust 2,196,000 1,637,500 3,833,500 Less unamortized debt issuance costs (5,137 ) (3,277 ) (8,414 ) Secured obligations of the Trust, net 2,190,863 1,634,223 3,825,086 Less current maturities of secured long-term obligations of the Trust, net (739,525 ) (619,507 ) (1,359,032 ) Secured long-term obligations of the Trust, less current maturities, net $ 1,451,338 $ 1,014,716 $ 2,466,054 The Series 2012-I ( $425 million ), Series 2014-I ( $255 million ) and Series 2012-II ( $425 million ) notes matured and were repaid in full using restricted cash of the Trust on February 15, 2017, March 15, 2017, and June 15, 2017, respectively. The Trust also issues variable funding facilities which are considered secured obligations backed by restricted credit card loans. At July 1, 2017 , the Trust had three variable funding facilities with total third party funding capacity of $3.0 billion of which $1.4 billion was outstanding. At July 1, 2017 , maturities for the three variable funding facilities were as follows: • the $500 million Series 2008-III facility with $200 million due October 2017, and $300 million due March 2018; • the $1.3 billion Series 2011-I facility with $800 million due March 2018, and $500 million due March 2019; and • the $1.2 billion Series 2011-III facility 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 the six months ended July 1, 2017 , and July 2, 2016 , the daily average balance outstanding on these notes was $850 million and $344 million , with a weighted average interest rate of 1.86% and 1.23% , respectively. The Financial Services segment has unsecured federal funds purchase agreements with two financial institutions. The maximum amount that can be borrowed is $100 million . There were no amounts outstanding at July 1, 2017 , December 31, 2016 , or July 2, 2016 . |
Long-Term Debt and Capital Leas
Long-Term Debt and Capital Leases | 6 Months Ended |
Jul. 01, 2017 | |
Long Term Debt and Capital Leases [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | LONG-TERM DEBT AND CAPITAL LEASES Long-term debt, including revolving credit facilities and capital leases, consisted of the following at the periods ended: July 1, December 31, July 2, Unsecured $775 million revolving credit facility $ 106,046 $ 115,000 $ 275,000 Unsecured senior notes due 2017 with interest at 6.08% — 60,000 60,000 Unsecured senior notes due 2017-2018 with interest at 7.20% 8,143 16,286 16,286 Unsecured senior notes due 2020, 2022, and 2025; with interest rates ranging from 3.23% to 4.11% 550,000 550,000 550,000 Capital lease obligations — 11,544 11,700 Total debt 664,189 752,830 912,986 Less current portion of debt (8,131 ) (79,677 ) (68,461 ) Less unamortized debt issuance costs (1,489 ) (1,644 ) (1,797 ) Long-term debt, less current maturities, net $ 654,569 $ 671,509 $ 842,728 Unsecured senior notes for $60 million matured and were paid in full on June 15, 2017. The Company’s credit agreement provides for an unsecured $775 million revolving credit facility and permits the issuance of letters of credit up to $75 million and swing line loans up to $30 million . The credit facility may be increased to $800 million subject to certain terms and conditions. The term of the credit facility expires on June 18, 2019. During the six months ended July 1, 2017 , and July 2, 2016 , the daily average principal balance outstanding on the line of credit was $138 million and $250 million , respectively, and the weighted average interest rate was 2.27% and 1.81% , respectively. Letters of credit and standby letters of credit totaling $30 million and $34 million were outstanding at July 1, 2017 , and July 2, 2016 , respectively. The daily average outstanding amount of total letters of credit during the six months ended July 1, 2017 , and July 2, 2016 , was $10 million and $13 million , respectively. The Company also has an unsecured $20 million Canadian (“CAD”) revolving credit facility for its operations in Canada. Borrowings are payable on demand with interest payable monthly. This credit facility permits the issuance of letters of credit up to $10 million CAD in the aggregate, which reduces the overall available credit limit. There were no amounts outstanding at July 1, 2017 , December 31, 2016 , or July 2, 2016 . At July 1, 2017 , the Company was in compliance with the financial covenant requirements of its $775 million credit agreement with a fixed charge coverage ratio of 7.80 to 1 (minimum requirement is 2.00 to 1), a leverage ratio of 1.62 to 1 (requirement is no more than 3.00 to 1), and a consolidated net worth that was $700 million in excess of the minimum, as defined in the agreement. At July 1, 2017 , the Company was in compliance with all financial covenants under its credit agreements and unsecured notes. We anticipate that we will continue to be in compliance with all financial covenants under our credit agreements and unsecured senior notes through at least the next 12 months. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 01, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The effective income tax rate was 43.6% and 42.0% for the three and six months ended July 1, 2017 , compared to 39.3% and 38.3% for the three and six months ended July 2, 2016 . Unrecognized tax benefits totaled $71 million at July 1, 2017 , $68 million at December 31, 2016 , and $69 million at July 2, 2016 , and were included in other long-term liabilities in our condensed consolidated balance sheets. The changes compared to the balances at July 2, 2016 , were due primarily to our assessments of uncertain tax positions related to prior period tax positions and settlement of our 2007 and 2008 Internal Revenue Service examinations. Since the Company is routinely under audit by various taxing authorities, it is reasonably possible that the amount of unrecognized tax benefits will change during the next 12 months. However, we do not expect the change, if any, to have a material effect on the Company’s consolidated financial condition or results of operations within the next 12 months. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 01, 2017 | |
Commitments and Contingencies Disclosure [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 $6 million and $11 million in the three and six months ended July 1, 2017 , compared to $5 million and $11 million in the three and six months ended July 2, 2016 . The following is a schedule of future minimum rental payments under operating leases at July 1, 2017 : For the six months ending December 30, 2017 $ 11,702 For the fiscal years ending: 2018 22,161 2019 21,652 2020 21,615 2021 21,243 Thereafter 265,538 Total $ 363,911 The Company leases nine retail stores and owns 25 stores subject to ground leases. Certain of these leases include tenant allowances that are amortized over the life of the lease. No tenant allowances were received in the six months ended July 1, 2017 , or July 2, 2016 . The Company does not expect to receive any tenant allowances under leases during the remainder of fiscal year 2017. We have entered into real estate purchase, construction, and/or economic incentive agreements for various new retail store site locations. At July 1, 2017 , we estimated we had total cash commitments of approximately $45 million outstanding for projected expenditures related to the development, construction, and completion of new retail stores. This amount excludes any estimated costs associated with new stores where the Company does not have a commitment as of July 1, 2017 . We expect to fund these estimated capital expenditures over the next 12 months with funds from operations and borrowings. In the past, we have received grant funding in exchange for commitments, such as assurance of agreed employment and wage levels at the retail store or that the retail store will remain open, made by us to the state or local government providing the funding. If we failed to maintain the commitments during the applicable period, the funds received may have to be repaid or other adverse consequences may arise, which could affect the Company’s cash flows and profitability. The total amount of grant funding subject to a specific contractual remedy was $24 million and $43 million at July 1, 2017 , and July 2, 2016 . No grant funding subject to contractual remedy was received in the six months ended July 1, 2017 , or July 2, 2016 . At July 1, 2017 , and December 31, 2016 , we had recorded $1 million in the condensed consolidated balance sheets relating to these grants (classified as long-term liabilities). At July 2, 2016 , we had recorded $17 million in the condensed consolidated balance sheets relating to these grants with $16 million in current liabilities and $1 million in long-term liabilities. 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 $87 million , $49 million , and $66 million at July 1, 2017 , December 31, 2016 , and July 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 $40 billion at July 1, 2017 , and $36 billion at December 31, 2016 , and July 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 condensed consolidated balance sheets. The principal amounts of these instruments reflect the Financial Services segment’s maximum related exposure. The Financial Services segment has the right to reduce or cancel the available lines of credit at any time, and has not experienced, and does not anticipate, that all customers will exercise the entire available line of credit at any given point in time. Litigation and Claims – The Company is party to various legal proceedings arising in the ordinary course of business. These actions include commercial, intellectual property, employment, regulatory, and product liability claims. Some of these actions involve complex factual and legal issues and are subject to uncertainties. The activities of WFB are subject to complex federal and state laws and regulations. WFB's regulators are authorized to conduct compliance examinations and impose penalties for violations of these laws and regulations and, in some cases, to order WFB to pay restitution. The Company cannot predict with assurance the outcome of the actions brought against it. Accordingly, adverse developments, settlements, or resolutions may occur and have a material effect on the Company's results of operations for the period in which such development, settlement, or resolution occurs. However, the Company does not believe that the outcome of any current legal proceedings will have a material effect on its results of operations, cash flows, or financial position taken as a whole. From June 7, 2017, through June 14, 2017, several putative class action lawsuits were filed in the United States District Court for the District of Delaware in connection with the Merger, and were subsequently consolidated under the caption In re Cabela’s Inc. Shareholder Litigation, Consolidated C.A. No. 1:17-cv-00698-RGA (the “Merger Litigation”). The Merger Litigation named as defendants the Company and the members of the Company’s board of directors, and alleged that the definitive proxy statement filed on June 5, 2017 (the “Proxy Statement”) in connection with the Merger was false and misleading. On June 8, 2017, one of the plaintiffs in the Merger Litigation moved to enjoin the stockholder vote on the Merger until such time as the defendants made certain supplemental disclosures as identified by the plaintiff. The Company believes that the claims asserted in the Merger Litigation were without merit. However, in order to moot the plaintiffs’ unmeritorious disclosure claims, alleviate the costs, risks, and uncertainties inherent in litigation, and provide additional information to its stockholders, on June 22, 2017, the Company voluntarily supplemented the Proxy Statement through the filing of a Form 8-K. The same day, in light of the supplemental disclosures, the plaintiff withdrew his motion for preliminary injunction. On July 27, 2017, the Court entered the parties’ stipulation of voluntary dismissal of the Merger Litigation. 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. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans and Employee Benefit Plans | 6 Months Ended |
Jul. 01, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [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 $5 million and $11 million for the three and six months ended July 1, 2017 , and $6 million and $13 million for the three and six months ended July 2, 2016 . Compensation expense related to the Company’s stock-based payment awards is recognized in selling, distribution, and administrative expenses in the condensed consolidated statements of income. At July 1, 2017 , the total unrecognized deferred stock-based compensation balance for all equity awards issued, net of expected forfeitures, was $19 million , net of tax, which is expected to be amortized over a weighted average period of 2.0 years. Employee Stock Plans – Since June 5, 2013, all awards are granted under the Cabela’s Incorporated 2013 Stock Plan (the “2013 Stock Plan”) and have a term of no greater than ten years from the grant date and become exercisable under the vesting schedule determined at the time of grant. As of July 1, 2017 , the maximum number of shares available for awards under the 2013 Stock Plan was 2,072,683 . As of July 1, 2017 , there were 1,393,273 awards outstanding under the 2013 Stock Plan and 823,707 awards outstanding under the Cabela’s Incorporated 2004 Stock Plan. To the extent available, we will issue treasury shares for the exercise of stock options before issuing new shares. During the six months ended July 1, 2017 , there were 297,271 options exercised. The aggregate intrinsic value of all awards exercised was $27 million and $31 million during the six months ended July 1, 2017 , and July 2, 2016 , respectively. Based on the Company’s closing stock price of $59.42 at July 1, 2017 , the total number of in-the-money awards exercisable as of July 1, 2017 , was 946,384 . 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. Accordingly, during the six months ended July 1, 2017 , there were no option awards and no stock unit awards granted. Employee Stock Purchase Plan – Pursuant to the terms of the Merger Agreement, no shares may be purchased under the Cabela’s Incorporated 2013 Employee Stock Purchase Plan with respect to offering periods beginning on or after October 3, 2016. At July 1, 2017 , there were 1,738,226 shares of common stock authorized and available for issuance. |
Stockholders' Equity and Divide
Stockholders' Equity and Dividend Restrictions | 6 Months Ended |
Jul. 01, 2017 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY AND DIVIDEND RESTRICTIONS Retained Earnings – The most significant restrictions on the payment of dividends by the Company to stockholders are contained within the covenants under its revolving credit and unsecured senior notes purchase agreements. Also, Nebraska banking laws govern the amount of dividends that WFB can pay to Cabela’s. On March 31, 2017, WFB paid a dividend of $50 million to Cabela’s. At July 1, 2017 , 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 periods ended: July 1, December 31, July 2, Accumulated net unrealized holding gains on economic development bonds $ 11,526 $ 8,103 $ 11,761 Cumulative foreign currency translation adjustments (45,006 ) (54,025 ) (44,549 ) Total accumulated other comprehensive loss $ (33,480 ) $ (45,922 ) $ (32,788 ) Treasury Stock – On September 1, 2015 , we announced that our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $500 million of its common stock over a two -year period. This authorization was in addition to the standing annual authorization to repurchase shares to offset dilution resulting from equity-based awards issued under the Company’s equity compensation plans. This share repurchase program does not obligate us to repurchase any outstanding shares of our common stock, and the program may be limited or terminated at any time . We did not engage in any stock repurchase activity in the six months ended July 1, 2017 , or July 2, 2016 . As of July 1, 2017 , up to $426 million of authorization to repurchase our common stock remained under this program. 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. The following table reconciles the Company’s treasury stock activity for the periods presented. Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Balance, beginning of period 2,689,590 3,351,162 3,092,764 3,776,305 Treasury shares issued on exercise of stock options and share-based payment awards (24,049 ) (221,224 ) (427,223 ) (646,367 ) Balance, end of period 2,665,541 3,129,938 2,665,541 3,129,938 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 01, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE The following table reconciles the weighted average number of shares utilized in the earnings per share calculations for the periods presented. Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Common shares – basic 68,914,407 68,388,426 68,777,332 68,168,772 Effect of incremental dilutive securities: Stock options and nonvested stock units 438,042 520,977 554,972 631,208 Common shares – diluted 69,352,449 68,909,403 69,332,304 68,799,980 Stock options outstanding considered anti-dilutive excluded from calculation 871,503 1,287,951 968,859 1,511,148 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jul. 01, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION The following table sets forth non-cash financing and investing activities and other cash flow information for the six months ended: July 1, July 2, Non-cash financing and investing activities: Accrued property and equipment additions (1) $ 7,020 $ 5,941 Other cash flow information: Interest paid (2) $ 66,975 $ 68,230 Capitalized interest (682 ) (2,284 ) Interest paid, net of capitalized interest $ 66,293 $ 65,946 Income taxes paid, net of refunds $ 10,255 $ 21,845 (1) Accrued property and equipment additions are recognized in the condensed consolidated statements of cash flows in the period they are paid. (2) Includes interest paid by the Financial Services segment totaling $51 million and $39 million , respectively. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jul. 01, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT REPORTING The Company accounts for its operations as two reportable segments: Merchandising and Financial Services. The Merchandising segment sells products and services through the Company’s retail stores, our e-commerce websites (Cabelas.com and Cabelas.ca), and our catalogs. The United States merchandising and Canada merchandising operating segments have been aggregated into our reportable Merchandising segment. We are an omni-channel retailer with capabilities that allow a customer to use more than one channel when making a purchase, including retail stores, online, and mobile channels, and have it fulfilled, in most cases, either through in-store customer pickup or by direct shipment to the customer from one of our distribution centers, retail stores, or vendor drop-ship. Other non-merchandise revenue included in our Merchandising segment primarily includes the value of unredeemed points earned that are associated with the Company’s loyalty rewards programs for Cabela’s CLUB issued credit cards, net of the estimated costs of the points; real estate rental income; and real estate land sales. The Financial Services segment issues co-branded credit cards which are available through all of our channels in the United States. Our Cabela’s CLUB cardholders also earn points from our loyalty rewards programs that can be redeemed through all of our customer shopping channels in the United States. 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 and the pending merger. 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. • Inventory, receivables, and prepaid expenses. • Technology infrastructure and related information technology systems, corporate cash and cash equivalents, economic development bonds, deferred income taxes, and other corporate long-lived assets. Financial Services Segment: • Cash, credit card loans, restricted cash, receivables, property and equipment, and other assets. Under an Intercompany Agreement, the Financial Services segment pays to the Merchandising segment a fixed license fee that includes 70 basis points on all originated charge volume of the Cabela’s CLUB Visa credit card portfolio. 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% . No additional license fee was paid in either the six months ended July 1, 2017 , or July 2, 2016 . Financial information for our two segments is presented in the following table for the periods presented: Financial Services Three Months Ended July 1, 2017: Merchandising Total Merchandise sales $ 737,384 $ — $ 737,384 Non-merchandise revenue: Financial Services — 141,686 141,686 Other 5,862 — 5,862 Total revenue before intersegment eliminations 743,246 141,686 884,932 Intersegment revenue eliminated in consolidation — 5,510 5,510 Total revenue as reported $ 743,246 $ 147,196 $ 890,442 Operating income (loss) $ (4,414 ) $ 61,459 $ 57,045 Operating income (loss) as a percentage of revenue (0.6 )% 43.4 % 6.4 % Depreciation and amortization $ 36,854 $ 1,321 $ 38,175 Assets 2,958,890 5,677,303 8,636,193 Property and equipment additions including accrued amounts 22,704 68 22,772 Three Months Ended July 2, 2016: Merchandise sales $ 786,203 $ — $ 786,203 Non-merchandise revenue: Financial Services — 129,662 129,662 Other 8,613 — 8,613 Total revenue before intersegment eliminations 794,816 129,662 924,478 Intersegment revenue eliminated in consolidation — 5,419 5,419 Total revenue as reported $ 794,816 $ 135,081 $ 929,897 Operating income $ 18,024 $ 49,685 $ 67,709 Operating income as a percentage of revenue 2.3 % 38.3 % 7.3 % Depreciation and amortization $ 38,551 $ 435 $ 38,986 Assets 3,112,758 5,652,501 8,765,259 Property and equipment additions including accrued amounts 36,259 412 36,671 Financial Services Six Months Ended July 1, 2017: Merchandising Total Merchandise sales $ 1,415,405 $ — $ 1,415,405 Non-merchandise revenue: Financial Services — 286,922 286,922 Other 12,731 — 12,731 Total revenue before intersegment eliminations 1,428,136 286,922 1,715,058 Intersegment revenue eliminated in consolidation — 10,273 10,273 Total revenue as reported $ 1,428,136 $ 297,195 $ 1,725,331 Operating income (loss) $ (34,485 ) $ 130,043 $ 95,558 Operating income (loss) as a percentage of revenue (2.4 )% 45.3 % 5.5 % Depreciation and amortization $ 73,695 $ 2,778 $ 76,473 Assets 2,958,890 5,677,303 8,636,193 Property and equipment additions including accrued amounts 48,617 111 48,728 Six Months Ended July 2, 2016: Merchandise sales $ 1,506,118 $ — $ 1,506,118 Non-merchandise revenue: Financial Services — 265,658 265,658 Other 12,537 — 12,537 Total revenue before intersegment eliminations 1,518,655 265,658 1,784,313 Intersegment revenue eliminated in consolidation — 10,246 10,246 Total revenue as reported $ 1,518,655 $ 275,904 $ 1,794,559 Operating income $ 1,629 $ 110,436 $ 112,065 Operating income as a percentage of revenue 0.1 % 41.6 % 6.2 % Depreciation and amortization $ 73,845 $ 851 $ 74,696 Assets 3,112,758 5,652,501 8,765,259 Property and equipment additions including accrued amounts 90,663 628 91,291 The components and amounts of total revenue for the Financial Services segment were as follows for the periods presented: Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Interest and fee income $ 171,938 $ 141,180 $ 336,582 $ 280,928 Interest expense (27,283 ) (20,929 ) (53,603 ) (40,802 ) Provision for loan losses (45,246 ) (32,404 ) (76,332 ) (55,224 ) Net interest income, net of provision for loan losses 99,409 87,847 206,647 184,902 Non-interest income: Interchange income 105,792 104,841 200,158 199,837 Other non-interest income 959 875 1,716 1,545 Total non-interest income 106,751 105,716 201,874 201,382 Less: Customer rewards costs (58,964 ) (58,482 ) (111,326 ) (110,380 ) Financial Services revenue $ 147,196 $ 135,081 $ 297,195 $ 275,904 The following table sets forth the percentage of our merchandise revenue contributed by major product categories for our Merchandising segment for the periods presented: Three Months Ended (1) Six Months Ended (1) July 1, July 2, July 1, July 2, Hunting Equipment 40.4 % 41.2 % 45.7 % 45.9 % General Outdoors 43.1 42.0 36.7 36.2 Clothing and Footwear 16.5 16.8 17.6 17.9 Total 100.0 % 100.0 % 100.0 % 100.0 % (1) There were some hierarchy changes between the major product categories in the three months ended July 1, 2017 . Prior period percentages of our merchandise revenue contributed by major product categories have been updated accordingly for comparison purposes. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 01, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | nancial instrument assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: • Level 1 – Quoted market prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted market prices. • Level 3 – Unobservable inputs corroborated by little, if any, market data. Level 3 is comprised of financial instruments whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are primarily unobservable from objective sources. At July 1, 2017 , the financial instruments subject to fair value measurements carried on our condensed consolidated balance sheets consisted of economic development bonds (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 the six months ended July 1, 2017 , and July 2, 2016 . In the second quarter of 2017, we received information on one of the economic development bonds that indicated the actual property tax revenues associated with the property would be lower than previously projected. Therefore, the related discounted cash flows indicated that the fair value of the EDB was below its respective carrying value, with the decline in fair value deemed to be other than temporary. This resulted in a fair value adjustment totaling $1.6 million that reduced the carrying value of the EDB. Accordingly, deferred grant income was also reduced by $1.6 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 $0.1 million which was included in impairment and restructuring charges in the consolidated statements of income for three months ended July 1, 2017 . We did not have any other than temporary fair value adjustments in the three months ended July 2, 2016 . The table below presents the estimated fair values of the Company’s financial instruments that are not carried at fair value on our condensed consolidated balance sheets at the periods indicated. The fair values of all financial instruments listed below were estimated based on internally developed models or methodologies utilizing observable inputs (Level 2). July 1, 2017 December 31, 2016 July 2, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Credit card loans, net $ 5,425,509 $ 5,425,509 $ 5,579,575 $ 5,579,575 $ 5,062,226 $ 5,062,226 Financial Liabilities: Time deposits 1,099,067 1,100,027 1,168,857 1,171,001 1,196,873 1,215,001 Secured variable funding obligations of the Trust 1,395,000 1,395,000 420,000 420,000 — — Secured obligations of the Trust (1) 2,473,500 2,472,652 3,578,500 3,559,438 3,833,500 3,843,397 Long-term debt (1) 664,189 681,177 752,830 772,311 911,189 936,137 (1) Balances do not include related debt issuance costs as a direct deduction from such balances. |
Impairment and Restructuring Ch
Impairment and Restructuring Charges (Notes) | 6 Months Ended |
Jul. 01, 2017 | |
Impairment and Restructuring Charges [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | IMPAIRMENT AND RESTRUCTURING CHARGES Impairment and restructuring charges consisted of the following for the periods presented: Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Impairment losses relating to: Property, equipment, and other assets $ — $ 454 $ — $ 454 Impairment losses on other property — — 904 141 Accumulated amortization of deferred grant income 63 — 63 — 63 454 967 595 Restructuring charges for severance and related benefits 766 505 2,269 3,336 Total $ 829 $ 959 $ 3,236 $ 3,931 Impairment – We evaluate the recoverability of economic development bonds (“EDB”), property (including existing store locations and future retail store sites), equipment, goodwill, other property, and other intangibles whenever indicators of impairment exist. The following impairment losses were recognized in 2017: • In the second quarter of 2017, we received information on one of the EDBs that indicated the actual property tax revenues associated with the property would be lower than previously projected. Therefore, the related discounted cash flows indicated that the fair value of the EDB was below its respective carrying value, with the decline in fair value deemed to be other than temporary. This resulted in a fair value adjustment totaling $1.6 million that reduced the carrying value of the EDB. Accordingly, deferred grant income was also reduced by $1.6 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 $0.1 million which was included in impairment and restructuring charges in the consolidated statements of income for 2017. • An impairment loss of $1 million on a parcel of unimproved land based on a sales contract in the six months ended July 1, 2017 . After the impairment loss was recognized, the carrying value of this particular property was $10 million . The following impairment losses were recognized in 2016: • An impairment loss of $0.5 million on a property based on a sales contract in the three months ended July 2, 2016 . The value of the property adjusted for selling costs was $0.3 million and its carrying value was $0.8 million . • An impairment loss of $0.1 million on a parcel of unimproved land based on a sales contract in the six months ended July 2, 2016 . The value of the property adjusted for selling costs was $1.3 million and its carrying value was $1.4 million . All these impairment losses were recognized in the Merchandising segment. Local economic trends, government regulations, and other restrictions where we own properties may impact management projections that could change undiscounted cash flows in future periods which could trigger possible future write downs. Restructuring Charges – In the three and six month periods ended July 1, 2017 , and July 2, 2016 , we incurred charges for severance and related benefits primarily attributable to our corporate restructuring and reduction in the number of personnel. These charges for all periods were recognized in the Merchandising segment. The activity relating to the liability for these severance benefits, which was included in accrued expenses and other liabilities in our condensed consolidated balance sheets, is summarized in the following table for the periods presented: Three Months Ended Six Months Ended July 1, 2017 July 2, 2016 July 1, 2017 July 2, 2016 Balance, beginning of period $ 2,206 $ 3,731 $ 1,043 $ 2,799 Charges for severance and related benefits 766 505 2,269 3,336 Payments (1,575 ) (1,710 ) (1,915 ) (3,609 ) Balance, end of period $ 1,397 $ 2,526 $ 1,397 $ 2,526 |
Accounting Pronouncements (Note
Accounting Pronouncements (Notes) | 6 Months Ended |
Jul. 01, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy 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 2018: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), 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 for potential impacts to our business as well as any changes to accounting policies, processes or systems necessary to adopt the requirements of the new standard. Specifically, we are assessing the potential impact that the standard may have on key areas including, but not limited to, accounting for credit card points in the Merchandising segment, gift instrument breakage revenue, and the timing of revenue recognition when merchandise is shipped to the customer. We are in the process of reviewing and assessing how adoption of the new standard will affect the consolidated financial statements and disclosures upon adoption, as well as the adoption method. 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. 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. |
Recent Developments (Tables)
Recent Developments (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Recent Developments [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | On October 3, 2016, the Company entered into an Agreement and Plan of Merger (the “Original 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. On April 17, 2017, the Company entered into an Amendment to the Agreement and Plan of Merger, dated as of April 17, 2017 (the “Merger Agreement Amendment”), by and among the Company, Parent and Sub (the Original Merger Agreement, as amended by the Merger Agreement Amendment and as otherwise amended from time to time, the “Merger Agreement”). 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. On July 11, 2017, the Company’s stockholders also adopted and approved the Merger Agreement. 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, 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 $61.50 in cash, without interest thereon, which amount is subject to adjustments in certain circumstances specified in the Merger Agreement Amendment. The consummation of the Merger is subject to the satisfaction or waiver of specified closing conditions, including (i) the consummation of the purchase and sale of the banking business of WFB, in accordance with the Bank Framework 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, (ii) the absence of any order by any governmental entity rendering the Merger illegal, or prohibiting, enjoining or otherwise preventing the Merger, and (iii) other customary closing conditions. Additionally, on April 17, 2017, and in connection with the Merger Agreement Amendment, the Company entered into (i) a Framework Agreement (the “Bank Framework Agreement”), by and among the Company, WFB, Synovus Bank, a Georgia state member bank (“Synovus”), Capital One Bank (USA), National Association, a national banking association (“Capital One”) and an affiliate of Capital One, National Association, a national banking association (“CONA”), and, solely for the purposes set forth therein, CONA, (ii) an Asset and Deposit Purchase Agreement (the “Synovus Bank Asset Purchase Agreement”), by and among the Company, WFB and Synovus and (iii) an Asset Purchase Agreement (the “Capital One Bank Asset Purchase Agreement” and, together with the Synovus Bank Asset Purchase Agreement, the “Bank Asset Purchase Agreements” and, together with the Synovus Bank Asset Purchase Agreement and the Bank Framework Agreement, the “Related Bank Transactions”), by and among the Company, WFB and Capital One, which amended and restated the Sale and Purchase Agreement, dated as of October 3, 2016, by and among the Company, WFB, and CONA, and continue to provide for the sale of substantially all of the business of WFB in connection with the closing of the Merger. Pursuant to the Related Bank Transactions and an Asset Purchase Agreement entered into between Synovus and Capital One on the same date, by way of three transactions, (1) Synovus has agreed to acquire assets and assume liabilities of WFB, which collectively constitute substantially all of the business of WFB, (2) Capital One has agreed to acquire certain other assets and assume certain other liabilities of WFB and (3) immediately following the transaction referred to in the foregoing clause (1), Synovus has agreed to sell and assign to Capital One, and Capital One has agreed to acquire and assume, certain of such assets and liabilities acquired and assumed by Synovus from WFB, such that Synovus retains all deposits of WFB and certain other assets and liabilities relating to deposits of WFB and Capital One acquires the assets and liabilities relating to the Cabela’s CLUB co-branded credit card accounts and equity interests in certain securitization funding vehicles. The consummation of the transactions contemplated by the Related Bank Transactions 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. The Bank Framework 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 and under certain other circumstances, the Company will be obligated to reimburse Capital One for up to $10 million of a termination fee and reimbursement of expenses Capital One may owe to Synovus. 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 T26
Cabela's Master Credit Card Trust (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Cabela's Master Credit Card Trust [Abstract] | |
Consolidated Assets and Liabilities of the Trust [Table Text Block] | The following table presents the components of the consolidated assets and liabilities of the Trust at the periods ended: July 1, December 31, July 2, Consolidated assets: Restricted credit card loans, net of allowance of $120,160, $117,860, and $83,671 $ 5,397,468 $ 5,543,241 $ 5,031,040 Restricted cash 51,233 48,697 40,978 Total $ 5,448,701 $ 5,591,938 $ 5,072,018 Consolidated liabilities: Secured variable funding obligations $ 1,395,000 $ 420,000 $ — Secured long-term obligations, net of unamortized debt issuance costs of $5,713, $7,239, and $8,414 2,467,787 3,571,261 3,825,086 Interest due to third party investors 5,081 3,826 2,703 Total $ 3,867,868 $ 3,995,087 $ 3,827,789 |
Credit Card Loans and Allowan27
Credit Card Loans and Allowance For Loan Losses Credit Card Loans (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
FICO SCores Credit Card Loans [Abstract] | |
Credit Card Loans [Table Text Block] | The following table reflects the composition of the credit card loans at the periods ended: July 1, December 31, July 2, Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) $ 5,517,628 $ 5,661,101 $ 5,114,711 Unrestricted credit card loans 24,147 31,270 26,385 Total credit card loans 5,541,775 5,692,371 5,141,096 Allowance for loan losses (120,474 ) (118,343 ) (83,950 ) Deferred credit card origination costs 4,208 5,547 5,080 Credit card loans, net $ 5,425,509 $ 5,579,575 $ 5,062,226 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following table reflects the activity in the allowance for loan losses by credit card segment for the periods presented: Three Months Ended July 1, 2017 July 2, 2016 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 104,433 $ 7,662 $ 112,095 $ 66,431 $ 8,322 $ 74,753 Provision for loan losses 44,260 986 45,246 30,692 1,712 32,404 Charge-offs (43,232 ) (2,403 ) (45,635 ) (27,132 ) (2,446 ) (29,578 ) Recoveries 7,976 792 8,768 5,541 830 6,371 Net charge-offs (35,256 ) (1,611 ) (36,867 ) (21,591 ) (1,616 ) (23,207 ) Balance, end of period $ 113,437 $ 7,037 $ 120,474 $ 75,532 $ 8,418 $ 83,950 Six Months Ended July 1, 2017 July 2, 2016 Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Credit Card Loans Restructured Credit Card Loans Total Credit Card Loans Balance, beginning of period $ 109,903 $ 8,440 $ 118,343 $ 67,654 $ 8,257 $ 75,911 Provision for loan losses 74,394 1,938 76,332 51,518 3,706 55,224 Charge-offs (85,839 ) (4,871 ) (90,710 ) (54,101 ) (5,155 ) (59,256 ) Recoveries 14,979 1,530 16,509 10,461 1,610 12,071 Net charge-offs (70,860 ) (3,341 ) (74,201 ) (43,640 ) (3,545 ) (47,185 ) Balance, end of period $ 113,437 $ 7,037 $ 120,474 $ 75,532 $ 8,418 $ 83,950 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table provides information on current, non-accrual, past due, and restructured credit card loans by class using the respective quarter Fair Isaac Corporation (“FICO”) score at the periods ended: FICO Score of Credit Card Loans Segment Restructured Credit Card Loans Segment (1) July 1, 2017: 691 and Below 692 - 758 759 and Above Total Credit card loan status: Current $ 925,895 $ 1,931,004 $ 2,520,502 $ 29,423 $ 5,406,824 1 to 29 days past due 38,890 21,638 17,344 2,408 80,280 30 to 59 days past due 16,691 2,834 490 1,303 21,318 60 or more days past due 30,878 528 101 1,846 33,353 Total past due 86,459 25,000 17,935 5,557 134,951 Total credit card loans $ 1,012,354 $ 1,956,004 $ 2,538,437 $ 34,980 $ 5,541,775 90 days or more past due and still accruing $ 15,443 $ 55 $ 14 $ 796 $ 16,308 Non-accrual — — — 5,763 5,763 December 31, 2016: 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 July 2, 2016: Credit card loan status: Current $ 823,146 $ 1,718,604 $ 2,455,453 $ 30,669 $ 5,027,872 1 to 29 days past due 34,035 19,596 16,515 2,913 73,059 30 to 59 days past due 12,284 1,828 442 1,664 16,218 60 or more days past due 21,171 368 95 2,313 23,947 Total past due 67,490 21,792 17,052 6,890 113,224 Total credit card loans $ 890,636 $ 1,740,396 $ 2,472,505 $ 37,559 $ 5,141,096 90 days or more past due and still accruing $ 10,844 $ 60 $ 14 $ 1,018 $ 11,936 Non-accrual — — — 7,179 7,179 (1) Included in the allowance for loan losses were specific allowances for loan losses of $7 million at July 1, 2017 , and $8 million at both December 31, 2016 and July 2, 2016 . |
Borrowings of Financial Servi28
Borrowings of Financial Services Segment (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Borrowings of Financial Services Subsidiary [Abstract] | |
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings [Table Text Block] | July 1, 2017: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2013-I February 2023 $ 327,250 2.71 % $ — — % $ 327,250 2.71 % Series 2013-II August 2018 100,000 2.17 197,500 1.81 297,500 1.93 Series 2014-II July 2019 — — 340,000 1.61 340,000 1.61 Series 2015-I March 2020 218,750 2.26 100,000 1.70 318,750 2.08 Series 2015-II July 2020 240,000 2.25 100,000 1.83 340,000 2.13 Series 2016-I June 2019 570,000 1.78 280,000 2.01 850,000 1.86 Secured obligations of the Trust 1,456,000 1,017,500 2,473,500 Less unamortized debt issuance costs (3,721 ) (1,992 ) (5,713 ) Secured obligations of the Trust, net 1,452,279 1,015,508 2,467,787 Less current maturities of secured long-term obligations of the Trust, net — — — Secured long-term obligations of the Trust, less current maturities, net $ 1,452,279 $ 1,015,508 $ 2,467,787 December 31, 2016: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2012-I 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 July 2, 2016: Series Expected Maturity Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate Series 2011-IV October 2016 $ 165,000 1.90 % $ 90,000 0.99 % $ 255,000 1.58 % Series 2012-I February 2017 275,000 1.63 150,000 0.97 425,000 1.40 Series 2012-II June 2017 300,000 1.45 125,000 0.92 425,000 1.29 Series 2013-I February 2023 327,250 2.71 — — 327,250 2.71 Series 2013-II August 2018 100,000 2.17 197,500 1.09 297,500 1.45 Series 2014-I March 2017 — — 255,000 0.79 255,000 0.79 Series 2014-II July 2019 — — 340,000 0.89 340,000 0.89 Series 2015-I March 2020 218,750 2.26 100,000 0.98 318,750 1.86 Series 2015-II July 2020 240,000 2.25 100,000 1.11 340,000 1.92 Series 2016-I June 2019 570,000 1.78 280,000 1.35 850,000 1.64 Secured obligations of the Trust 2,196,000 1,637,500 3,833,500 Less unamortized debt issuance costs (5,137 ) (3,277 ) (8,414 ) Secured obligations of the Trust, net 2,190,863 1,634,223 3,825,086 Less current maturities of secured long-term obligations of the Trust, net (739,525 ) (619,507 ) (1,359,032 ) Secured long-term obligations of the Trust, less current maturities, net $ 1,451,338 $ 1,014,716 $ 2,466,054 |
Long-Term Debt and Capital Le29
Long-Term Debt and Capital Leases (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | Long-term debt, including revolving credit facilities and capital leases, consisted of the following at the periods ended: July 1, December 31, July 2, Unsecured $775 million revolving credit facility $ 106,046 $ 115,000 $ 275,000 Unsecured senior notes due 2017 with interest at 6.08% — 60,000 60,000 Unsecured senior notes due 2017-2018 with interest at 7.20% 8,143 16,286 16,286 Unsecured senior notes due 2020, 2022, and 2025; with interest rates ranging from 3.23% to 4.11% 550,000 550,000 550,000 Capital lease obligations — 11,544 11,700 Total debt 664,189 752,830 912,986 Less current portion of debt (8,131 ) (79,677 ) (68,461 ) Less unamortized debt issuance costs (1,489 ) (1,644 ) (1,797 ) Long-term debt, less current maturities, net $ 654,569 $ 671,509 $ 842,728 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax rate was 43.6% and 42.0% for the three and six months ended July 1, 2017 , compared to 39.3% and 38.3% for the three and six months ended July 2, 2016 . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Commitments and Contingencies Disclosure [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 July 1, 2017 : For the six months ending December 30, 2017 $ 11,702 For the fiscal years ending: 2018 22,161 2019 21,652 2020 21,615 2021 21,243 Thereafter 265,538 Total $ 363,911 |
Stockholders' Equity and Divi32
Stockholders' Equity and Dividend Restrictions (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Equity [Abstract] | |
Treasury Stock Activity [Table Text Block] | The following table reconciles the Company’s treasury stock activity for the periods presented. Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Balance, beginning of period 2,689,590 3,351,162 3,092,764 3,776,305 Treasury shares issued on exercise of stock options and share-based payment awards (24,049 ) (221,224 ) (427,223 ) (646,367 ) Balance, end of period 2,665,541 3,129,938 2,665,541 3,129,938 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss, net of related taxes, are as follows for the periods ended: July 1, December 31, July 2, Accumulated net unrealized holding gains on economic development bonds $ 11,526 $ 8,103 $ 11,761 Cumulative foreign currency translation adjustments (45,006 ) (54,025 ) (44,549 ) Total accumulated other comprehensive loss $ (33,480 ) $ (45,922 ) $ (32,788 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles the weighted average number of shares utilized in the earnings per share calculations for the periods presented. Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Common shares – basic 68,914,407 68,388,426 68,777,332 68,168,772 Effect of incremental dilutive securities: Stock options and nonvested stock units 438,042 520,977 554,972 631,208 Common shares – diluted 69,352,449 68,909,403 69,332,304 68,799,980 Stock options outstanding considered anti-dilutive excluded from calculation 871,503 1,287,951 968,859 1,511,148 |
Supplemental Cash Flow Inform34
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table sets forth non-cash financing and investing activities and other cash flow information for the six months ended: July 1, July 2, Non-cash financing and investing activities: Accrued property and equipment additions (1) $ 7,020 $ 5,941 Other cash flow information: Interest paid (2) $ 66,975 $ 68,230 Capitalized interest (682 ) (2,284 ) Interest paid, net of capitalized interest $ 66,293 $ 65,946 Income taxes paid, net of refunds $ 10,255 $ 21,845 (1) Accrued property and equipment additions are recognized in the condensed consolidated statements of cash flows in the period they are paid. (2) Includes interest paid by the Financial Services segment totaling $51 million and $39 million , respectively. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial Services Three Months Ended July 1, 2017: Merchandising Total Merchandise sales $ 737,384 $ — $ 737,384 Non-merchandise revenue: Financial Services — 141,686 141,686 Other 5,862 — 5,862 Total revenue before intersegment eliminations 743,246 141,686 884,932 Intersegment revenue eliminated in consolidation — 5,510 5,510 Total revenue as reported $ 743,246 $ 147,196 $ 890,442 Operating income (loss) $ (4,414 ) $ 61,459 $ 57,045 Operating income (loss) as a percentage of revenue (0.6 )% 43.4 % 6.4 % Depreciation and amortization $ 36,854 $ 1,321 $ 38,175 Assets 2,958,890 5,677,303 8,636,193 Property and equipment additions including accrued amounts 22,704 68 22,772 Three Months Ended July 2, 2016: Merchandise sales $ 786,203 $ — $ 786,203 Non-merchandise revenue: Financial Services — 129,662 129,662 Other 8,613 — 8,613 Total revenue before intersegment eliminations 794,816 129,662 924,478 Intersegment revenue eliminated in consolidation — 5,419 5,419 Total revenue as reported $ 794,816 $ 135,081 $ 929,897 Operating income $ 18,024 $ 49,685 $ 67,709 Operating income as a percentage of revenue 2.3 % 38.3 % 7.3 % Depreciation and amortization $ 38,551 $ 435 $ 38,986 Assets 3,112,758 5,652,501 8,765,259 Property and equipment additions including accrued amounts 36,259 412 36,671 |
Revenue Components of Financial Services Segment [Table Text Block] | periods presented: Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Interest and fee income $ 171,938 $ 141,180 $ 336,582 $ 280,928 Interest expense (27,283 ) (20,929 ) (53,603 ) (40,802 ) Provision for loan losses (45,246 ) (32,404 ) (76,332 ) (55,224 ) Net interest income, net of provision for loan losses 99,409 87,847 206,647 184,902 Non-interest income: Interchange income 105,792 104,841 200,158 199,837 Other non-interest income 959 875 1,716 1,545 Total non-interest income 106,751 105,716 201,874 201,382 Less: Customer rewards costs (58,964 ) (58,482 ) (111,326 ) (110,380 ) Financial Services revenue $ 147,196 $ 135,081 $ 297,195 $ 275,904 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended (1) Six Months Ended (1) July 1, July 2, July 1, July 2, Hunting Equipment 40.4 % 41.2 % 45.7 % 45.9 % General Outdoors 43.1 42.0 36.7 36.2 Clothing and Footwear 16.5 16.8 17.6 17.9 Total 100.0 % 100.0 % 100.0 % 100.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | July 1, 2017 December 31, 2016 July 2, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Credit card loans, net $ 5,425,509 $ 5,425,509 $ 5,579,575 $ 5,579,575 $ 5,062,226 $ 5,062,226 Financial Liabilities: Time deposits 1,099,067 1,100,027 1,168,857 1,171,001 1,196,873 1,215,001 Secured variable funding obligations of the Trust 1,395,000 1,395,000 420,000 420,000 — — Secured obligations of the Trust (1) 2,473,500 2,472,652 3,578,500 3,559,438 3,833,500 3,843,397 Long-term debt (1) 664,189 681,177 752,830 772,311 911,189 936,137 |
Impairment and Restructuring 37
Impairment and Restructuring Charges (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Impairment and Restructuring Charges [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Impairment losses relating to: Property, equipment, and other assets $ — $ 454 $ — $ 454 Impairment losses on other property — — 904 141 Accumulated amortization of deferred grant income 63 — 63 — 63 454 967 595 Restructuring charges for severance and related benefits 766 505 2,269 3,336 Total $ 829 $ 959 $ 3,236 $ 3,931 |
Management Representations (Det
Management Representations (Details) - USD ($) $ in Millions | Jul. 01, 2017 | Dec. 31, 2016 | Jul. 02, 2016 |
Cash and Cash Equivalent at Subsidiary | $ 98 | $ 150 | $ 455 |
Recent Developments (Details)
Recent Developments (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jul. 01, 2017 | Dec. 31, 2016 | Jul. 02, 2016 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Purchase Price | $ 61.50 | ||
Bank Purchase Agreement, Contractual Termination, Fee | $ 14 | ||
Bank Framework Agreement, Contractual Termination, Fee and Reimbursement of expenses | $ 10 |
Cabela's Master Credit Card T40
Cabela's Master Credit Card Trust (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Dec. 31, 2016 | Jul. 02, 2016 |
Consolidated assets: [Abstract] | |||
Restricted credit card loans, net of allowance of $120,160, $117,860, and $83,671 | $ 5,397,468 | $ 5,543,241 | $ 5,031,040 |
Restricted cash of the Trust | 51,233 | 48,697 | 40,978 |
Total Consolidated Assets of the Trust | 5,448,701 | 5,591,938 | 5,072,018 |
Consolidated liabilities: [Abstract] | |||
Secured variable funding obligations | 1,395,000 | 420,000 | 0 |
Secured long-term obligations, net of unamortized debt issuance costs of $5,713, $7,239, and $8,414 | 2,467,787 | 3,571,261 | 3,825,086 |
Interest due to third party investors | 5,081 | 3,826 | 2,703 |
Total Consolidated liabilities of the Trust | 3,867,868 | 3,995,087 | 3,827,789 |
Unamortized Debt Issuance Expense | 1,489 | 1,644 | 1,797 |
Cabela's Master Credit Card Trust [Member] | |||
Consolidated assets: [Abstract] | |||
Allowance for loan losses | 120,160 | 117,860 | 83,671 |
Secured Debt [Member] | |||
Consolidated liabilities: [Abstract] | |||
Unamortized Debt Issuance Expense | $ 5,713 | $ 7,239 | $ 8,414 |
Credit Card Loans and Allowan41
Credit Card Loans and Allowance For Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | |||||
Provision for loan losses | $ 76,332 | $ 55,224 | |||
Restricted credit card loans of the Trust (restricted for repayment of secured obligations of the Trust) | $ 5,517,628 | $ 5,114,711 | 5,517,628 | 5,114,711 | $ 5,661,101 |
Unrestricted credit card loans | 24,147 | 26,385 | 24,147 | 26,385 | 31,270 |
Credit Card Receivables | 5,541,775 | 5,141,096 | 5,541,775 | 5,141,096 | 5,692,371 |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 112,095 | 74,753 | 118,343 | 75,911 | |
Provision for loan losses | 45,246 | 32,404 | 76,332 | 55,224 | |
Charge-offs | (45,635) | (29,578) | (90,710) | (59,256) | |
Recoveries | 8,768 | 6,371 | 16,509 | 12,071 | |
Balance, end of period | 120,474 | 83,950 | 120,474 | 83,950 | |
Loans and Leases Receivable, Net Amount | 5,425,509 | 5,062,226 | 5,425,509 | 5,062,226 | 5,579,575 |
Allowance for Loan and Lease Losses, Adjustments, Other | (36,867) | (23,207) | (74,201) | (47,185) | |
Current | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 5,406,824 | 5,027,872 | 5,406,824 | 5,027,872 | 5,556,603 |
1 to 29 days past due | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 80,280 | 73,059 | 80,280 | 73,059 | 80,585 |
30 to 59 days past due | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 21,318 | 16,218 | 21,318 | 16,218 | 20,771 |
60 or more days past due | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 33,353 | 23,947 | 33,353 | 23,947 | 34,412 |
Total past due | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 134,951 | 113,224 | 134,951 | 113,224 | 135,768 |
90 days or more past due and still accruing | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 16,308 | 11,936 | 16,308 | 11,936 | 18,125 |
Non-accrual | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Credit Card Receivables | 5,763 | 7,179 | 5,763 | 7,179 | 6,281 |
Financing Receivable [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 118,343 | ||||
Balance, end of period | 120,474 | 83,950 | 120,474 | 83,950 | |
Nonperforming Financing Receivable [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 7,662 | 8,322 | 8,440 | 8,257 | |
Provision for loan losses | 986 | 1,712 | 1,938 | 3,706 | |
Charge-offs | (2,403) | (2,446) | (4,871) | (5,155) | |
Recoveries | 792 | 830 | 1,530 | 1,610 | |
Balance, end of period | 7,037 | 8,418 | 7,037 | 8,418 | |
Allowance for Loan and Lease Losses, Adjustments, Other | (1,611) | (1,616) | (3,341) | (3,545) | |
Performing Financing Receivable [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 104,433 | 66,431 | 109,903 | 67,654 | |
Provision for loan losses | 44,260 | 30,692 | 74,394 | 51,518 | |
Charge-offs | (43,232) | (27,132) | (85,839) | (54,101) | |
Recoveries | 7,976 | 5,541 | 14,979 | 10,461 | |
Balance, end of period | 113,437 | 75,532 | 113,437 | 75,532 | |
Allowance for Loan and Lease Losses, Adjustments, Other | (35,256) | (21,591) | (70,860) | (43,640) | |
Credit Card Receivable [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Deferred credit card origination costs | $ 4,208 | $ 5,080 | $ 4,208 | $ 5,080 | $ 5,547 |
Credit Card Loans and Allowan42
Credit Card Loans and Allowance For Loan Losses Schedule of Credit Card Balances by FICO score (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Consumer, Allowance | $ 120,474 | $ 112,095 | $ 118,343 | $ 83,950 | $ 74,753 | $ 75,911 |
Credit Card Receivables | 5,541,775 | 5,692,371 | 5,141,096 | |||
Current [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 5,406,824 | 5,556,603 | 5,027,872 | |||
Past Due, 29 Days or Less [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 80,280 | 80,585 | 73,059 | |||
Past Due, 30-59 Days [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 21,318 | 20,771 | 16,218 | |||
Past Due, 60 or More Days [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 33,353 | 34,412 | 23,947 | |||
Total Past Due [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 134,951 | 135,768 | 113,224 | |||
90 Days or More Past Due and Still Accruing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 16,308 | 18,125 | 11,936 | |||
Non-accrual [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 5,763 | 6,281 | 7,179 | |||
FICO Score, 691 and Below [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 1,012,354 | 1,032,542 | 890,636 | |||
FICO Score, 691 and Below [Member] | Current [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 925,895 | 945,494 | 823,146 | |||
FICO Score, 691 and Below [Member] | Past Due, 29 Days or Less [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 38,890 | 39,394 | 34,035 | |||
FICO Score, 691 and Below [Member] | Past Due, 30-59 Days [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 16,691 | 16,339 | 12,284 | |||
FICO Score, 691 and Below [Member] | Past Due, 60 or More Days [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 30,878 | 31,315 | 21,171 | |||
FICO Score, 691 and Below [Member] | Total Past Due [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 86,459 | 87,048 | 67,490 | |||
FICO Score, 691 and Below [Member] | 90 Days or More Past Due and Still Accruing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 15,443 | 16,730 | 10,844 | |||
FICO Score, 691 and Below [Member] | Non-accrual [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 0 | 0 | 0 | |||
FICO Score, 692-758 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 1,956,004 | 1,940,509 | 1,740,396 | |||
FICO Score, 692-758 [Member] | Current [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 1,931,004 | 1,916,307 | 1,718,604 | |||
FICO Score, 692-758 [Member] | Past Due, 29 Days or Less [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 21,638 | 21,520 | 19,596 | |||
FICO Score, 692-758 [Member] | Past Due, 30-59 Days [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 2,834 | 2,291 | 1,828 | |||
FICO Score, 692-758 [Member] | Past Due, 60 or More Days [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 528 | 391 | 368 | |||
FICO Score, 692-758 [Member] | Total Past Due [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 25,000 | 24,202 | 21,792 | |||
FICO Score, 692-758 [Member] | 90 Days or More Past Due and Still Accruing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 55 | 98 | 60 | |||
FICO Score, 692-758 [Member] | Non-accrual [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 0 | 0 | 0 | |||
FICO Score, 759 and Above [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 2,538,437 | 2,682,596 | 2,472,505 | |||
FICO Score, 759 and Above [Member] | Current [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 2,520,502 | 2,665,307 | 2,455,453 | |||
FICO Score, 759 and Above [Member] | Past Due, 29 Days or Less [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 17,344 | 16,731 | 16,515 | |||
FICO Score, 759 and Above [Member] | Past Due, 30-59 Days [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 490 | 466 | 442 | |||
FICO Score, 759 and Above [Member] | Past Due, 60 or More Days [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 101 | 92 | 95 | |||
FICO Score, 759 and Above [Member] | Total Past Due [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 17,935 | 17,289 | 17,052 | |||
FICO Score, 759 and Above [Member] | 90 Days or More Past Due and Still Accruing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 14 | 43 | 14 | |||
FICO Score, 759 and Above [Member] | Non-accrual [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 0 | 0 | 0 | |||
Restructured Credit Card Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 34,980 | 36,724 | 37,559 | |||
Restructured Credit Card Loans [Member] | Current [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 29,423 | 29,495 | 30,669 | |||
Restructured Credit Card Loans [Member] | Past Due, 29 Days or Less [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 2,408 | 2,940 | 2,913 | |||
Restructured Credit Card Loans [Member] | Past Due, 30-59 Days [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 1,303 | 1,675 | 1,664 | |||
Restructured Credit Card Loans [Member] | Past Due, 60 or More Days [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 1,846 | 2,614 | 2,313 | |||
Restructured Credit Card Loans [Member] | Total Past Due [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 5,557 | 7,229 | 6,890 | |||
Restructured Credit Card Loans [Member] | 90 Days or More Past Due and Still Accruing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 796 | 1,254 | 1,018 | |||
Restructured Credit Card Loans [Member] | Non-accrual [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Credit Card Receivables | 5,763 | 6,281 | 7,179 | |||
Nonperforming Financial Instruments [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Consumer, Allowance | $ 7,037 | $ 7,662 | $ 8,440 | $ 8,418 | $ 8,322 | $ 8,257 |
Borrowings of Financial Servi43
Borrowings of Financial Services Segment (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jul. 01, 2017 | Jul. 02, 2016 | Dec. 31, 2016 | Jun. 15, 2017 | Mar. 15, 2017 | Feb. 15, 2017 | |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Current maturities of secured variable funding obligations of the Trust | $ 1,395,000,000 | $ 0 | $ 420,000,000 | |||
Current maturities of long-term debt | (8,131,000) | (68,461,000) | (79,677,000) | |||
Total debt | 664,189,000 | 911,189,000 | 752,830,000 | |||
Unamortized Debt Issuance Expense | (1,489,000) | (1,797,000) | (1,644,000) | |||
Long-term Debt, Gross | 664,189,000 | 912,986,000 | 752,830,000 | |||
Repayments of Debt | 3,160,000,000 | 2,800,000,000 | ||||
Long-term Debt, Excluding Current Maturities | 654,569,000 | 842,728,000 | $ 671,509,000 | |||
Secured Debt, Variable Funding Facility [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Short-term Debt, Average Outstanding Amount | $ 850,000,000 | $ 344,000,000 | ||||
Debt, Weighted Average Interest Rate | 1.86% | 1.23% | ||||
Debt Instrument, Face Amount | $ 3,000,000,000 | |||||
Series 2011-III [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Long-Term Debt Series 2011-III due in March 2018 | 700,000,000 | |||||
Long-Term Debt Series 2011-III due in September 2019 | 500,000,000 | |||||
Total debt | 1,200,000,000 | |||||
Series 2011-IV [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Maturity Date | Oct. 15, 2016 | |||||
Total debt | $ 255,000,000 | |||||
Long-term Debt, Weighted Average Interest Rate | 1.58% | |||||
Series 2012-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Maturity Date | Feb. 15, 2017 | Feb. 15, 2017 | ||||
Total debt | $ 425,000,000 | $ 425,000,000 | $ 425,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.40% | 1.49% | ||||
Series 2012-II [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Maturity Date | Jun. 15, 2017 | Jun. 15, 2017 | ||||
Total debt | $ 425,000,000 | $ 425,000,000 | $ 425,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.29% | 1.37% | ||||
Federal Funds Purchased [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Face Amount | 100,000,000 | |||||
Debt Instrument, Amount Outstanding | $ 0 | $ 0 | $ 0 | |||
Series 2013-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Maturity Date | Feb. 15, 2023 | Feb. 15, 2023 | Feb. 15, 2023 | |||
Total debt | $ 327,250,000 | $ 327,250,000 | $ 327,250,000 | |||
Long-term Debt, Weighted Average Interest Rate | 2.71% | 2.71% | 2.71% | |||
Series 2013-II [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Maturity Date | Aug. 15, 2018 | Aug. 15, 2018 | Aug. 15, 2018 | |||
Total debt | $ 297,500,000 | $ 297,500,000 | $ 297,500,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.93% | 1.45% | 1.63% | |||
Series 2014-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Maturity Date | Mar. 15, 2017 | Mar. 15, 2017 | ||||
Total debt | $ 255,000,000 | $ 255,000,000 | $ 255,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 0.79% | 1.05% | ||||
Series 2014-ll [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Maturity Date | Jul. 15, 2019 | Jul. 15, 2019 | Jul. 15, 2019 | |||
Total debt | $ 340,000,000 | $ 340,000,000 | $ 340,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.61% | 0.89% | 1.15% | |||
Series 2015-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Maturity Date | Mar. 15, 2020 | Mar. 15, 2020 | Mar. 15, 2020 | |||
Total debt | $ 318,750,000 | $ 318,750,000 | $ 318,750,000 | |||
Long-term Debt, Weighted Average Interest Rate | 2.08% | 1.86% | 1.94% | |||
Series 2015-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Long-Term Debt Series 2008-III due in October 2017 | $ 200,000,000 | |||||
Long-Term Debt Series 2008-III due in March 2018 | 300,000,000 | |||||
Total debt | 500,000,000 | |||||
Series 2011-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Long-Term Debt Series 2011-I due in March 2018 | 800,000,000 | |||||
Long-Term Debt Series 2011-I due in March 2019 | 500,000,000 | |||||
Total debt | $ 1,300,000,000 | |||||
Series 2015-II [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Maturity Date | Jul. 15, 2020 | Jul. 15, 2020 | Jul. 15, 2020 | |||
Total debt | $ 340,000,000 | $ 340,000,000 | $ 340,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 2.13% | 1.92% | 1.99% | |||
Series 2016-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Maturity Date | Jun. 15, 2019 | Jun. 15, 2019 | Jun. 15, 2019 | |||
Total debt | $ 850,000,000 | $ 850,000,000 | $ 850,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.86% | 1.64% | 1.71% | |||
Fixed Rate Obligation [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Current maturities of long-term debt | $ 0 | $ (739,525,000) | $ (574,829,000) | |||
Total debt | 1,452,279,000 | 2,190,863,000 | 2,026,406,000 | |||
Unamortized Debt Issuance Expense | (3,721,000) | (5,137,000) | (4,594,000) | |||
Long-term Debt, Gross | 1,456,000,000 | 2,196,000,000 | 2,031,000,000 | |||
Long-term Debt, Excluding Current Maturities | 1,452,279,000 | 1,451,338,000 | 1,451,577,000 | |||
Fixed Rate Obligation [Member] | Series 2011-IV [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 165,000,000 | |||||
Long-term Debt, Weighted Average Interest Rate | 1.90% | |||||
Fixed Rate Obligation [Member] | Series 2012-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 275,000,000 | $ 275,000,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 1.63% | 1.63% | ||||
Fixed Rate Obligation [Member] | Series 2012-II [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 300,000,000 | $ 300,000,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 1.45% | 1.45% | ||||
Fixed Rate Obligation [Member] | Series 2013-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 327,250,000 | $ 327,250,000 | $ 327,250,000 | |||
Long-term Debt, Weighted Average Interest Rate | 2.71% | 2.71% | 2.71% | |||
Fixed Rate Obligation [Member] | Series 2013-II [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 2.17% | 2.17% | 2.17% | |||
Fixed Rate Obligation [Member] | Series 2014-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 0 | $ 0 | ||||
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | ||||
Fixed Rate Obligation [Member] | Series 2014-ll [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 0 | $ 0 | $ 0 | |||
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | 0.00% | |||
Fixed Rate Obligation [Member] | Series 2015-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 218,750,000 | $ 218,750,000 | $ 218,750,000 | |||
Long-term Debt, Weighted Average Interest Rate | 2.26% | 2.26% | 2.26% | |||
Fixed Rate Obligation [Member] | Series 2015-II [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 240,000,000 | $ 240,000,000 | $ 240,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 2.25% | 2.25% | 2.25% | |||
Fixed Rate Obligation [Member] | Series 2016-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 570,000,000 | $ 570,000,000 | $ 570,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.78% | 1.78% | 1.78% | |||
Variable Rate Obligations [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Current maturities of long-term debt | $ 0 | $ (619,507,000) | $ (529,856,000) | |||
Total debt | 1,015,508,000 | 1,634,223,000 | 1,544,855,000 | |||
Unamortized Debt Issuance Expense | (1,992,000) | (3,277,000) | (2,645,000) | |||
Long-term Debt, Gross | 1,017,500,000 | 1,637,500,000 | 1,547,500,000 | |||
Long-term Debt, Excluding Current Maturities | 1,015,508,000 | 1,014,716,000 | 1,014,999,000 | |||
Variable Rate Obligations [Member] | Series 2011-IV [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 90,000,000 | |||||
Long-term Debt, Weighted Average Interest Rate | 0.99% | |||||
Variable Rate Obligations [Member] | Series 2012-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 150,000,000 | $ 150,000,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 0.97% | 1.23% | ||||
Variable Rate Obligations [Member] | Series 2012-II [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 125,000,000 | $ 125,000,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 0.92% | 1.18% | ||||
Variable Rate Obligations [Member] | Series 2013-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 0 | $ 0 | $ 0 | |||
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | 0.00% | |||
Variable Rate Obligations [Member] | Series 2013-II [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 197,500,000 | $ 197,500,000 | $ 197,500,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.81% | 1.09% | 1.35% | |||
Variable Rate Obligations [Member] | Series 2014-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 255,000,000 | $ 255,000,000 | ||||
Long-term Debt, Weighted Average Interest Rate | 0.79% | 1.05% | ||||
Variable Rate Obligations [Member] | Series 2014-ll [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 340,000,000 | $ 340,000,000 | $ 340,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.61% | 0.89% | 1.15% | |||
Variable Rate Obligations [Member] | Series 2015-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.70% | 0.98% | 1.24% | |||
Variable Rate Obligations [Member] | Series 2015-II [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.83% | 1.11% | 1.37% | |||
Variable Rate Obligations [Member] | Series 2016-I [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Total debt | $ 280,000,000 | $ 280,000,000 | $ 280,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 2.01% | 1.35% | 1.55% | |||
Secured Debt [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Current maturities of long-term debt | $ 0 | $ (1,359,032,000) | $ (1,104,685,000) | |||
Total debt | 2,467,787,000 | 3,825,086,000 | 3,571,261,000 | |||
Unamortized Debt Issuance Expense | (5,713,000) | (8,414,000) | (7,239,000) | |||
Long-term Debt, Gross | 2,473,500,000 | 3,833,500,000 | 3,578,500,000 | |||
Long-term Debt, Excluding Current Maturities | $ 2,467,787,000 | $ 2,466,054,000 | $ 2,466,576,000 | |||
Maximum [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||
Minimum [Member] | ||||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.80% | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.45% |
Long-Term Debt and Capital Le44
Long-Term Debt and Capital Leases (Details) $ in Thousands | 6 Months Ended | |||
Jul. 01, 2017USD ($) | Jul. 02, 2016USD ($) | Jun. 15, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 775,000 | |||
Unsecured $775 million revolving credit facility | 106,046 | $ 275,000 | $ 115,000 | |
Unamortized Debt Issuance Expense | (1,489) | (1,797) | (1,644) | |
Unsecured senior notes due 2017 with interest at 6.08% | 0 | 60,000 | $ 60,000 | 60,000 |
Unsecured senior notes due 2017-2018 with interest at 7.20% | 8,143 | 16,286 | 16,286 | |
Unsecured senior notes due 2020-2025; various interest rates | 550,000 | 550,000 | 550,000 | |
Capital lease obligations | 0 | 11,700 | 11,544 | |
Total debt | 664,189 | 912,986 | 752,830 | |
Less current portion of debt | 8,131 | 68,461 | 79,677 | |
Long-term debt, less current maturities, net | 654,569 | 842,728 | $ 671,509 | |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 75,000 | |||
Line of Credit Facility, Capacity Available for Trade Purchases | 30,000 | |||
Amount that Line of Credit Facility may be Increased to | 800,000 | |||
Line of Credit Facility, Average Outstanding Amount | $ 138,000 | $ 250,000 | ||
Line of Credit Facility, Interest Rate During Period | 2.27% | 1.81% | ||
Letter of Credit, Average Outstanding Amount | $ 10,000 | $ 13,000 | ||
Line of Credit Facility, Covenant Terms, Fixed Charge Coverage Ratio | 7.80 | |||
Line of Credit Facility, Covenant Terms, Leverage Ratio | 1.62 | |||
Line of Credit Facility, Covenant Terms, Consolidated Net Worth | $ 700,000 | |||
Unsecured $20 million Canadian revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | |||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 10,000 | |||
Financial Standby Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 30,000 | $ 34,000 | ||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Covenant Terms, Fixed Charge Coverage Ratio | 2 | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Covenant Terms, Leverage Ratio | 3 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Unrecognized Tax Benefits | $ 71 | $ 69 | $ 71 | $ 69 | $ 68 |
Effective Income Tax Rate, Continuing Operations | 43.60% | 39.30% | 42.00% | 38.30% |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Millions | Jul. 01, 2017 | Dec. 31, 2016 | Jul. 02, 2016 |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits | $ 71 | $ 68 | $ 69 |
Commitments and Contingencies47
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2017USD ($)stores | Jul. 02, 2016USD ($) | Jul. 01, 2017USD ($)stores | Jul. 02, 2016USD ($) | Dec. 31, 2016USD ($) | |
NumberOfStoresUnderLease | stores | 9 | 9 | |||
Number of Properties Subject to Ground Leases | stores | 25 | 25 | |||
Payments for (Proceeds from) Tenant Allowance | $ 0 | $ 0 | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 11,702 | 11,702 | |||
Operating Leases, Rent Expense | 6,000 | $ 5,000 | 11,000 | 11,000 | |
Purchase Commitment, Remaining Minimum Amount Committed | 45,000 | 45,000 | |||
Grant Funding Subject to Contractual Remedies | 24,000 | 43,000 | 24,000 | 43,000 | |
Grant Funding Received | 0 | 0 | |||
Grant Funding Subject to Contractual Remedies, Liability Recorded | 1,000 | 17,000 | 1,000 | 17,000 | $ 1,000 |
Grant Funding Subject to Contractual Remedies, Liability Recorded, Current | 16,000 | 16,000 | |||
Grant Funding Subject to Contractual Remedies, Liability Recorded, Non-current | 1,000 | 1,000 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 22,161 | 22,161 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 21,652 | 21,652 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 21,615 | 21,615 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 21,243 | 21,243 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 265,538 | 265,538 | |||
Committments to Extend Credit | 40,000,000 | 36,000,000 | 40,000,000 | 36,000,000 | 36,000,000 |
Operating Leases, Future Minimum Payments Due | 363,911 | 363,911 | |||
Payment Guarantee [Member] | |||||
Letters of Credit Outstanding, Amount | $ 87,000 | $ 66,000 | $ 87,000 | $ 66,000 | $ 49,000 |
Stock-Based Compensation Plan48
Stock-Based Compensation Plans and Employee Benefit Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation | $ 5,000 | $ 6,000 | $ 10,602 | $ 12,555 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 19,000 | $ 19,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 7 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,072,683 | 2,072,683 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 27,000 | $ 31,000 | ||
Closing Stock Price of one share of Cabela's Stock | $ 59.42 | $ 59.42 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 946,384 | 946,384 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 297,271 | |||
Cabela's Incorporated 2004 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 823,707 | 823,707 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
Cabela's Incorporated 2013 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,393,273 | 1,393,273 | ||
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 | 1,738,226 |
Stockholders' Equity and Divi49
Stockholders' Equity and Dividend Restrictions (Details) - USD ($) $ in Thousands | Sep. 01, 2015 | Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | Apr. 01, 2017 | Dec. 31, 2016 | Apr. 02, 2016 | Jan. 02, 2016 |
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $ 50,000 | ||||||||
Treasury Stock, Number of Shares Held | 2,665,541 | 3,129,938 | 2,665,541 | 3,129,938 | 2,689,590 | 3,092,764 | 3,351,162 | 3,776,305 | |
Stock Issued During Period, Shares, Treasury Stock Reissued | (24,049) | (221,224) | (427,223) | (646,367) | |||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $ 215,000 | $ 215,000 | |||||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | ||||||||
Stock Repurchase Program, Period in Force | 2 years | ||||||||
Cumulative foreign currency translation adjustments | (45,006) | $ (44,549) | (45,006) | $ (44,549) | $ (54,025) | ||||
Accumulated other comprehensive loss | (33,480) | (32,788) | (33,480) | (32,788) | (45,922) | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 426,000 | 426,000 | |||||||
Available-for-sale Securities [Member] | |||||||||
Accumulated net unrealized holding gains on economic development bonds | $ 11,526 | $ 11,761 | $ 11,526 | $ 11,761 | $ 8,103 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Basic weighted average shares outstanding | 68,914,407 | 68,388,426 | 68,777,332 | 68,168,772 |
Stock options and nonvested stock units | 438,042 | 520,977 | 554,972 | 631,208 |
Diluted weighted average shares outstanding | 69,352,449 | 68,909,403 | 69,332,304 | 68,799,980 |
Stock options outstanding considered anti-dilutive excluded from calculation | 871,503 | 1,287,951 | 968,859 | 1,511,148 |
Supplemental Cash Flow Inform51
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest Paid By Subsidiary | $ 51,000 | $ 39,000 |
Accrued property and equipment additions (1) | 7,020 | 5,941 |
Interest Paid | 66,975 | 68,230 |
Interest Paid, Capitalized | (682) | (2,284) |
Interest paid (2) | 66,293 | 65,946 |
Income taxes paid, net of refunds | $ 10,255 | $ 21,845 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2017USD ($) | Jul. 02, 2016USD ($) | Jul. 01, 2017USD ($)segments | Jul. 02, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | segments | 2 | ||||
Merchandise Revenue Percentage | 100.00% | 100.00% | 100.00% | 100.00% | |
Interest and Fee Income, Loans, Consumer | $ 171,938 | $ 141,180 | $ 336,582 | $ 280,928 | |
Merchandise sales | 737,384 | 786,203 | 1,415,405 | 1,506,118 | |
Financial Services Revenue | 147,196 | 135,081 | 297,195 | 275,904 | |
Financial Services Revenue Before Intersegment Eliminations | 141,686 | 129,662 | 286,922 | 265,658 | |
Other revenue | 5,862 | 8,613 | 12,731 | 12,537 | |
Total revenues | 890,442 | 929,897 | 1,725,331 | 1,794,559 | |
Total Revenue Before Intersegment Eliminations | 884,932 | 924,478 | 1,715,058 | 1,784,313 | |
Intersegment Revenue Eliminated In Consolidation | 5,510 | 5,419 | 10,273 | 10,246 | |
Operating Income (Loss) | $ 57,045 | $ 67,709 | $ 95,558 | $ 112,065 | |
Operating Income as a Percentage of Revenue | 6.40% | 7.30% | 5.50% | 6.20% | |
Depreciation, Depletion and Amortization | $ 38,175 | $ 38,986 | $ 76,473 | $ 74,696 | |
Assets | 8,636,193 | 8,765,259 | 8,636,193 | 8,765,259 | $ 8,970,824 |
Property, Plant and Equipment, Additions | 22,772 | 36,671 | 48,728 | 91,291 | |
Cash and Cash Equivalent at Subsidiary | 98,000 | 455,000 | 98,000 | 455,000 | $ 150,000 |
Interest Expense, Other | (27,283) | (20,929) | (53,603) | (40,802) | |
Provision for Other Credit Losses | (45,246) | (32,404) | (76,332) | (55,224) | |
Interest Income (Expense), after Provision for Loan Loss | 99,409 | 87,847 | 206,647 | 184,902 | |
Interchange income | 105,792 | 104,841 | 200,158 | 199,837 | |
Noninterest Income, Other Operating Income | 959 | 875 | 1,716 | 1,545 | |
Noninterest Income | 106,751 | 105,716 | 201,874 | 201,382 | |
Customer rewards costs | (58,964) | (58,482) | (111,326) | (110,380) | |
451110 Sporting Goods Stores [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Merchandise sales | 737,384 | 786,203 | 1,415,405 | 1,506,118 | |
Financial Services Revenue | 0 | 0 | 0 | 0 | |
Other revenue | 5,862 | 8,613 | 12,731 | 12,537 | |
Total revenues | 743,246 | 794,816 | 1,428,136 | 1,518,655 | |
Operating Income (Loss) | $ (4,414) | $ 18,024 | $ (34,485) | $ 1,629 | |
Operating Income as a Percentage of Revenue | (0.60%) | 2.30% | (2.40%) | 0.10% | |
Depreciation, Depletion and Amortization | $ 36,854 | $ 38,551 | $ 73,695 | $ 73,845 | |
Assets | 2,958,890 | 3,112,758 | 2,958,890 | 3,112,758 | |
Property, Plant and Equipment, Additions | 22,704 | 36,259 | $ 48,617 | 90,663 | |
551111 Offices of Bank Holding Companies [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Intercompany Agreement, Fixed License Fee | 0.70% | ||||
Merchandise sales | 0 | 0 | $ 0 | 0 | |
Financial Services Revenue | 129,662 | ||||
Other revenue | 0 | 0 | 0 | 0 | |
Total revenues | 147,196 | 135,081 | 297,195 | 275,904 | |
Total Revenue Before Intersegment Eliminations | 141,686 | 129,662 | 286,922 | 265,658 | |
Intersegment Revenue Eliminated In Consolidation | 5,510 | 5,419 | 10,273 | 10,246 | |
Operating Income (Loss) | $ 61,459 | $ 49,685 | $ 130,043 | $ 110,436 | |
Operating Income as a Percentage of Revenue | 43.40% | 38.30% | 45.30% | 41.60% | |
Depreciation, Depletion and Amortization | $ 1,321 | $ 435 | $ 2,778 | $ 851 | |
Assets | 5,677,303 | 5,652,501 | 5,677,303 | 5,652,501 | |
Property, Plant and Equipment, Additions | $ 68 | $ 412 | $ 111 | $ 628 | |
Risk-based capital ratio | 13.00% | ||||
Intercompany Agreement, Additional Fixed License Fee | 50.00% | ||||
Hunting Equipment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Merchandise Revenue Percentage | 40.40% | 41.20% | 45.70% | 45.90% | |
General Outdoor [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Merchandise Revenue Percentage | 43.10% | 42.00% | 36.70% | 36.20% | |
Clothing and Footwear [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Merchandise Revenue Percentage | 16.50% | 16.80% | 17.60% | 17.90% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 904 | $ 141 | ||
Credit card loans (includes restricted credit card loans of the Trust of $5,517,628, $5,661,101, and $5,114,711), net of allowance for loan losses of $120,474, $118,343, and $83,950 | $ 5,425,509 | 5,062,226 | 5,425,509 | 5,062,226 | $ 5,579,575 |
Loans Receivable, Fair Value Disclosure | 5,425,509 | 5,062,226 | 5,425,509 | 5,062,226 | 5,579,575 |
Time Deposits | 1,099,067 | 1,196,873 | 1,099,067 | 1,196,873 | 1,168,857 |
Deposits, Fair Value Disclosure | 1,100,027 | 1,215,001 | 1,100,027 | 1,215,001 | 1,171,001 |
Secured Debt, Current | 1,395,000 | 0 | 1,395,000 | 0 | 420,000 |
Total debt | 664,189 | 911,189 | 664,189 | 911,189 | 752,830 |
Long-term Debt, Fair Value | 681,177 | 936,137 | 681,177 | 936,137 | 772,311 |
Long-term Debt, Gross | 664,189 | 912,986 | 664,189 | 912,986 | 752,830 |
Carrying Value, Other Property, Before Impairment | 1,400 | 1,400 | |||
Carrying Value, Land Held For Sale and Other Assets | 10,000 | 10,000 | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | 1,600 | ||||
Other than Temporary Impairment Losses, Financial Incentives | 100 | ||||
Carrying Value, Other Property, After Impairment | 1,300 | ||||
Impairment of Long-Lived Assets Held-for-use | 63 | 454 | 63 | 454 | |
Carrying Value, Property and Equipment, After Impairment | 300 | ||||
Carrying Value, Property and Equipment, Before Impairment | 800 | ||||
Secured Debt, Variable Funding Facility [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Debt Instrument, Fair Value Disclosure | 1,395,000 | 0 | 1,395,000 | 0 | 420,000 |
Secured Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total debt | 2,467,787 | 3,825,086 | 2,467,787 | 3,825,086 | 3,571,261 |
Debt Instrument, Fair Value Disclosure | 2,472,652 | 3,843,397 | 2,472,652 | 3,843,397 | 3,559,438 |
Long-term Debt, Gross | $ 2,473,500 | $ 3,833,500 | $ 2,473,500 | $ 3,833,500 | $ 3,578,500 |
Impairment and Restructuring 54
Impairment and Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | Apr. 01, 2017 | Dec. 31, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | |
Impairment and Restructuring Charges [Abstract] | ||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | $ 1,600 | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 63 | $ 454 | 63 | $ 454 | ||||
Supplemental Unemployment Benefits, Severance Benefits | 1,397 | 2,526 | 1,397 | 2,526 | $ 2,206 | $ 1,043 | $ 3,731 | $ 2,799 |
Payments for Restructuring | (1,575) | (1,710) | (1,915) | (3,609) | ||||
Carrying Value, Land Held For Sale and Other Assets | 10,000 | 10,000 | ||||||
Carrying Value, Property and Equipment, After Impairment | 300 | |||||||
Carrying Value, Property and Equipment, Before Impairment | 800 | |||||||
Other than Temporary Impairment Losses, Financial Incentives | 100 | |||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 904 | 141 | |||||
Carrying Value, Other Property, After Impairment | 1,300 | |||||||
Asset Impairment Charges | 63 | 454 | 967 | 595 | ||||
Severance Costs | 766 | 505 | 2,269 | 3,336 | ||||
Restructuring Costs and Asset Impairment Charges | $ 829 | 959 | $ 3,236 | 3,931 | ||||
Carrying Value, Land Held For Sale and Other Assets | $ 1,400 | $ 1,400 |