Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 29, 2016 | Nov. 25, 2016 | |
Class of Stock [Line Items] | ||
Entity Registrant Name | DSW Inc. | |
Entity Central Index Key | 1,319,947 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 29, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Class A Common Shares | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 72,302,855 | |
Class B Common Shares | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,732,807 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Net sales | $ 696,616 | $ 665,520 | $ 2,036,827 | $ 1,948,212 |
Cost of sales | (484,836) | (466,554) | (1,433,829) | (1,344,886) |
Operating expenses | (147,412) | (135,637) | (446,696) | (406,844) |
Accretion Expense | (1,469) | 0 | (5,080) | 0 |
Operating profit | 62,899 | 63,329 | 151,222 | 196,482 |
Interest expense | (57) | (49) | (156) | (127) |
Interest income | 539 | 1,001 | 1,782 | 2,751 |
Interest income, net | 482 | 952 | 1,626 | 2,624 |
Nonoperating Income (Expense) | 80 | (107) | 344 | 3,198 |
Income before income taxes and income (loss) from Town Shoes | 63,461 | 64,174 | 153,192 | 202,304 |
Income tax provision | (25,626) | (25,575) | (60,420) | (77,157) |
Income (loss) from Town Shoes | 1,128 | 696 | 1,237 | (876) |
Net income | $ 38,963 | $ 39,295 | $ 94,009 | $ 124,271 |
Basic and diluted earnings (loss) per share [Abstract]: | ||||
Basic earnings per share | $ 0.48 | $ 0.45 | $ 1.15 | $ 1.41 |
Diluted earnings per share | $ 0.47 | $ 0.44 | $ 1.14 | $ 1.39 |
Shares used in per share calculations [Abstract]: | ||||
Basic shares | 82,026 | 87,493 | 82,011 | 88,244 |
Diluted shares | 82,537 | 88,369 | 82,643 | 89,229 |
Other comprehensive (loss) income, net of tax [Abstract]: | ||||
Foreign currency translation | $ (2,537) | $ 28 | $ 4,709 | $ (6,810) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (173) | 44 | 103 | (267) |
Total comprehensive income | $ 36,253 | $ 39,367 | $ 98,821 | $ 117,194 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 140 | $ 36 | $ 10 | $ 42 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Assets [Abstract]: | |||
Cash and equivalents | $ 60,962 | $ 32,495 | $ 90,019 |
Short-term investments | 78,512 | 226,027 | 0 |
Accounts receivable, net | 20,334 | 15,437 | 18,211 |
Accounts receivable from related parties | 1,029 | 27 | 53 |
Inventories | 562,701 | 484,236 | 521,243 |
Prepaid expenses and other current assets | 24,566 | 37,444 | 22,209 |
Prepaid Rent | 13 | 2 | 0 |
Total current assets | 748,117 | 795,668 | 651,735 |
Property and equipment, net | 381,218 | 374,241 | 364,253 |
Long-term investments | 76,126 | 71,953 | 306,483 |
Deferred income taxes | 21,103 | 21,815 | 34,031 |
Prepaid Expense, Noncurrent | 795 | 875 | 902 |
Equity Method Investments | 17,996 | 21,188 | 21,229 |
Notes Receivable, Related Parties, Noncurrent | 50,579 | 44,170 | 45,930 |
Intangible Assets, Current | 38,243 | 46 | 46 |
Other assets | 20,530 | 13,254 | 7,520 |
Total assets | 1,431,915 | 1,369,109 | 1,458,028 |
Liabilities and Shareholders' equity [Abstract]: | |||
Accounts payable | 160,621 | 214,893 | 168,537 |
Accounts payable to related parties | 641 | 733 | 629 |
Accrued expenses | 143,653 | 107,800 | 117,895 |
Total current liabilities | 304,915 | 323,426 | 287,061 |
Non-current liabilities | 144,654 | 140,759 | 142,834 |
Commitments and Contingencies | 58,923 | 0 | 0 |
Liabilities | 508,492 | 464,185 | 429,895 |
Shareholders’ equity [Abstract]: | |||
Additional Paid in Capital, Common Stock | 941,485 | 930,011 | 924,115 |
Preferred Shares, no par value; 100,000 authorized; no shares issued or outstanding | 0 | 0 | 0 |
Treasury Stock, Value | (309,229) | (266,531) | (150,000) |
Retained earnings | 332,051 | 287,140 | 292,542 |
Basis Difference Related to Acquisition of Commonly Controlled Entity | (24,993) | (24,993) | (24,993) |
Accumulated other comprehensive loss | (15,891) | (20,703) | (13,531) |
Total shareholders’ equity | 923,423 | 904,924 | 1,028,133 |
Total liabilities and shareholders’ equity | 1,431,915 | 1,369,109 | 1,458,028 |
Additional Paid-in Capital [Member] | |||
Shareholders’ equity [Abstract]: | |||
Total shareholders’ equity | 941,485 | 930,011 | 924,115 |
Accumulated other comprehensive loss | |||
Shareholders’ equity [Abstract]: | |||
Total shareholders’ equity | $ (15,891) | $ (20,703) | $ (13,531) |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands, $ / shares in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Shareholders' equity [Abstract]: | |||
Preferred Shares, par value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Preferred Shares, authorized (in shares) | 100,000 | 100,000 | 100,000 |
Preferred Shares, issued (in shares) | 0 | 0 | 0 |
Preferred Shares, outstanding (in shares) | 0 | 0 | 0 |
Class A Common Shares | |||
Shareholders' equity [Abstract]: | |||
Common Shares, par value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Common Shares, authorized (in shares) | 250,000 | 250,000 | 250,000 |
Common Shares, issued (in shares) | 84,875 | 84,396 | 84,053 |
Common Shares, outstanding (in shares) | 72,635 | 74,185 | 78,877 |
Class B Common Shares | |||
Shareholders' equity [Abstract]: | |||
Common Shares, par value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Common Shares, authorized (in shares) | 100,000 | 100,000 | 100,000 |
Common Shares, issued (in shares) | 7,733 | 7,733 | 7,733 |
Common Shares, outstanding (in shares) | 7,733 | 7,733 | 7,733 |
Treasury Stock [Member] | |||
Shareholders' equity [Abstract]: | |||
Common Shares, outstanding (in shares) | 12,240 | 10,211 | 5,176 |
Treasury Stock, Shares | 12,240 | 10,211 | 5,176 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Class A Common Shares | Class B Common Shares | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings | Basis difference related to acquisition of commonly controlled entity | Accumulated other comprehensive loss |
Balance at Jan. 31, 2015 | $ 1,011,120 | $ (86,938) | $ 908,679 | $ 220,826 | $ (24,993) | $ (6,454) | ||
Balance (in shares) at Jan. 31, 2015 | 80,666 | 7,733 | 3,036 | |||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||
Net income | 124,271 | 0 | 124,271 | 0 | 0 | |||
Stock-based compensation expense, before related tax effects | 9,768 | 9,768 | 0 | 0 | 0 | |||
Stock units granted | 969 | 969 | 0 | 0 | 0 | |||
Stock units granted (in shares) | 34 | |||||||
Exercise of stock options | 3,453 | 3,453 | 0 | 0 | 0 | |||
Exercise of stock options, net of settlement of taxes (in shares) | 266 | |||||||
Vesting of restricted stock units, net of settlement of taxes | (1,271) | (1,271) | 0 | 0 | 0 | |||
Vesting of restricted stock units, net of settlement of taxes (in shares) | 51 | |||||||
Treasury Stock, Shares, Acquired | 2,140 | |||||||
Stock Repurchased During Period, Shares | (2,140) | |||||||
Stock Repurchased During Period, Value | (63,062) | $ (63,062) | ||||||
Excess tax benefits related to stock-based compensation | 2,517 | 2,517 | 0 | 0 | 0 | |||
Foreign currency translation | (6,810) | (6,810) | ||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (267) | (267) | ||||||
Dividends paid | (52,555) | (52,555) | ||||||
Balance at Oct. 31, 2015 | 1,028,133 | $ (150,000) | 924,115 | 292,542 | (24,993) | (13,531) | ||
Balance (in shares) at Oct. 31, 2015 | 78,877 | 7,733 | 5,176 | |||||
Balance at Jan. 30, 2016 | 904,924 | $ (266,531) | 930,011 | 287,140 | (24,993) | (20,703) | ||
Balance (in shares) at Jan. 30, 2016 | 74,185 | 7,733 | 10,211 | |||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||
Net income | 94,009 | 94,009 | 0 | 0 | ||||
Stock-based compensation expense, before related tax effects | 8,968 | 8,968 | 0 | 0 | 0 | |||
Stock units granted | 1,188 | 1,188 | 0 | 0 | 0 | |||
Stock units granted (in shares) | 64 | |||||||
Exercise of stock options | 3,615 | 3,615 | 0 | 0 | 0 | |||
Exercise of stock options, net of settlement of taxes (in shares) | 266 | |||||||
Vesting of restricted stock units, net of settlement of taxes | (2,421) | (2,421) | 0 | 0 | 0 | |||
Vesting of restricted stock units, net of settlement of taxes (in shares) | 149 | |||||||
Treasury Stock, Shares, Acquired | 2,029 | |||||||
Stock Repurchased During Period, Shares | (2,029) | |||||||
Stock Repurchased During Period, Value | (42,698) | $ (42,698) | ||||||
Excess tax benefits related to stock-based compensation | 124 | 124 | 0 | 0 | 0 | |||
Foreign currency translation | 4,709 | 4,709 | ||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 103 | 103 | ||||||
Dividends paid | (49,098) | (49,098) | ||||||
Balance at Oct. 29, 2016 | $ 923,423 | $ (309,229) | $ 941,485 | $ 332,051 | $ (24,993) | $ (15,891) | ||
Balance (in shares) at Oct. 29, 2016 | 72,635 | 7,733 | 12,240 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Dividends paid (in dollars per share) | $ 0.60 | $ 0.60 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 10 | $ 42 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 94,009 | $ 124,271 |
Adjustments to reconcile net income (loss) to net cash and equivalents provided by operating activities from continuing operations: | ||
Depreciation and amortization | 61,029 | 54,837 |
Share-based compensation expense | 10,156 | 10,737 |
Deferred income taxes | 712 | (2,953) |
Loss from Town Shoes | (1,237) | 876 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 5,080 | 0 |
Loss on disposal of long-lived assets | 699 | 560 |
Impairment of Long-Lived Assets Held-for-use | 0 | 418 |
Amortization of investment discounts and premiums | 992 | 4,533 |
Excess tax benefits related to stock-based compensation | (124) | (2,517) |
Foreign Currency Transaction Gain (Loss), before Tax | 0 | (3,267) |
Change in working capital, other assets and liabilities: | ||
Accounts receivable, net | (4,276) | 6,143 |
Inventories | (48,313) | (70,407) |
Prepaid expenses and other current assets | 11,318 | 14,010 |
Accounts payable | (55,572) | (4,249) |
Accrued expenses | 32,570 | 7,576 |
Other | 3,592 | 4,747 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 110,635 | 145,315 |
Cash flows from investing activities: | ||
Cash paid for property and equipment | (73,157) | (79,852) |
Purchases of available-for-sale investments | (69,960) | (242,092) |
Sales of available-for-sale investments | 215,524 | 312,909 |
Increase (Decrease) in Restricted Cash | 2,407 | 6,780 |
Amortization of Acquisition Costs | 0 | (203) |
Origination of Notes Receivable from Related Parties | (7,023) | (4,764) |
Payments to Acquire Businesses, Net of Cash Acquired | (59,481) | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 8,310 | (6,816) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 3,615 | 3,453 |
Payments Related to Tax Withholding for Share-based Compensation | (2,421) | (1,271) |
Payments for Repurchase of Common Stock | (42,698) | (63,062) |
Dividends paid | (49,098) | (52,555) |
Excess tax benefits related to stock-based compensation | 124 | 2,517 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (90,478) | (110,918) |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 3,267 |
Net increase in cash and equivalents | 28,467 | 27,581 |
Cash and equivalents, beginning of period | 32,495 | 59,171 |
Cash and equivalents, end of period | 60,962 | 90,019 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for income taxes | 40,057 | 69,144 |
Proceeds from construction and tenant allowances | 12,713 | 18,855 |
Non-cash operating, investing and financing activities: | ||
Balance of accounts payable and accrued expenses due to property and equipment purchases | 4,829 | 7,640 |
Commitments and Contingencies | $ 58,923 | $ 0 |
Business Operations and Basis o
Business Operations and Basis of Presentation | 9 Months Ended |
Oct. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Operations and Basis of Presentation | BUSINESS OPERATIONS AND BASIS OF PRESENTATION Business Operations- DSW Inc. and its wholly owned subsidiaries are herein referred to collectively as DSW Inc. or the “Company”. DSW refers to the DSW segment, which includes DSW stores and dsw.com. DSW Inc. Class A Common Shares are listed on the New York Stock Exchange under the ticker symbol “DSW”. DSW Inc. Class B Common Shares are not listed on a stock exchange but are exchangeable for Class A Common Shares at the election of the shareholder. DSW Inc. has two reportable segments: the DSW segment, which includes DSW stores and dsw.com, and the Affiliated Business Group (“ABG”) segment. DSW offers a wide assortment of brand name dress, casual and athletic footwear and accessories for women, men and kids. As of October 29, 2016 , DSW operated a total of 498 stores located in 43 states, the District of Columbia and Puerto Rico, and dsw.com. During the nine months ended October 29, 2016 , DSW opened 31 new DSW stores and closed one DSW store. DSW Inc., through its ABG segment, also partners with three other retailers to help build and optimize their footwear businesses. As of October 29, 2016 , ABG supplied merchandise to 289 Stein Mart stores and Steinmart.com, 106 Gordmans stores and Gordmans.com, and one Frugal Fannie’s store. During the nine months ended October 29, 2016 , ABG added 20 new shoe departments and ceased operations in three shoe departments. DSW Inc. also has an equity investment in Town Shoes Limited ("Town Shoes"). Town Shoes is the market leader in branded footwear in Canada. As of October 29, 2016 , Town Shoes operated 188 locations across Canada primarily under The Shoe Company, Shoe Warehouse, Town Shoes and DSW banners, as well as an e-commerce site. As of October 29, 2016 , there are 23 DSW Designer Shoe Warehouse stores in Canada operating under a licensing agreement. See Note 4 for further disclosure on the licensing agreement. On March 4, 2016 , the Company acquired Ebuys, Inc. ("Ebuys"), a leading off price footwear and accessories retailer operating in digital marketplaces. Ebuys sells products to customers located in North America, Europe, Australia and Asia. The transaction supports DSW Inc.’s efforts to grow its market share within footwear and accessories domestically and internationally. See Note 2 for further disclosure on the Ebuys acquisition. On August 2, 2016, DSW Inc. signed an agreement with Apparel Group as an exclusive franchise partner in the Middle East. The agreement will expand DSW by up to 40 stores across the territory, both in malls and on high street locations, with the first stores planned to open in fiscal 2017. In an effort to improve its cost structure, the Company has incurred restructuring expenses comprising of severance and professional fees for the three and nine months ended October 29, 2016 of $1.3 million and $4.1 million , respectively. As of October 29, 2016 , $1.3 million is included in accrued expenses on the Company's Condensed Consolidated Balance Sheets primarily related to unpaid severance costs. Basis of Presentation- The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with DSW Inc.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 24, 2016 (the “2015 Annual Report”). In the opinion of management, the unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the condensed consolidated financial position, results of operations and cash flows for the periods presented. The condensed consolidated interim financial statements include the accounts of DSW Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. All amounts are in United States dollars ("USD"), unless otherwise noted. Prior Period Reclassification- Certain prior period disclosure amounts have been reclassified to conform to current period presentation. Intangible assets are no longer included in other assets and are presented separately in the Company’s Condensed Consolidated Balance Sheets. Software is no longer included in furniture, fixtures and equipment and is presented separately in the property, plant and equipment footnote (Note 10). |
Acquisition and Equity Method I
Acquisition and Equity Method Investment | 9 Months Ended |
Oct. 29, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ACQUISITION AND EQUITY METHOD INVESTMENT Town Shoes- On May 12, 2014, DSW Inc. acquired a 49.2% ownership interest in Town Shoes for $75.1 million Canadian dollars ("CAD") ( $68.9 million USD at the purchase date). As of October 29, 2016 , DSW Inc.'s ownership interest is 46.3% . The dilution of the Company's ownership is due to Town Shoes' employee exercise of stock options. DSW Inc.'s initial stake provides 50% voting control and board representation equal to the co-investor. Additionally, the Town Shoe co-investor holds a put option to sell the remaining portion of the company in fiscal 2017 to DSW Inc., and for the subsequent two years. DSW Inc. holds a call option to purchase the remaining portion of the company in fiscal 2018, and for the subsequent two years, if the Town Shoe co-investor has not exercised their put option. DSW Inc. purchased $100 million CAD during the first quarter of fiscal 2015 (approximately $79 million USD at purchase date) to take advantage of the strength of the dollar and in anticipation of funding the future purchase of the remaining interest in Town Shoes. The funds are also available to fund other business opportunities or return to U.S. operations, if needed. As this was a cash transaction, the gains or losses related to the purchase of the CAD were recorded in the consolidated statement of operations. During the first quarter of fiscal 2015, the Company recorded $3.3 million in foreign currency exchange gains related to the purchase of CAD within non-operating income. The Company invested the CAD in available-for-sale securities in the second quarter of fiscal 2015. The accumulated comprehensive loss was impacted by an increase of $2.1 million for the three months ended October 29, 2016 due to remeasurement and a decrease of $3.1 million for the nine months ended October 29, 2016 due to remeasurement. The investment in Town Shoes decreased from January 30, 2016 to October 29, 2016 . The change in the investment balance is driven by DSW Inc.'s portion of Town's income or loss, foreign currency translation adjustments and amortization of purchase price adjustments. The note receivable from Town Shoes increased from January 30, 2016 to October 29, 2016 . The change in the note receivable balance is driven by payment-in-kind interest earned and foreign currency translation adjustments. Ebuys- On March 4, 2016, the Company acquired Ebuys, a digital marketplace and accessories retailer, for a total preliminary purchase price of $116.4 million . In addition to cash consideration of $60.4 million , the preliminary purchase price included future payments that are contingent upon the achievement of specified milestones. The Company recorded a contingent consideration obligation of $56.0 million at the purchase date. Goodwill was calculated as the excess of the consideration paid over the fair value of the net assets acquired. During the third quarter of fiscal 2016, the Company made various measurement period adjustments in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations, which impacted the opening goodwill balance and the preliminary purchase price. As a result of these adjustments, the updated preliminary purchase price as of October 29, 2016 was $113.3 million , which includes cash consideration of $59.5 million and a contingent consideration obligation of $53.8 million . The purchase price allocation for the Ebuys acquisition is still preliminary and subject to change throughout the remainder of the measurement period based on the finalization of the detailed valuations and working capital adjustments. The following table represents the preliminary and updated preliminary purchase price allocation (in thousands): Preliminary Purchase Price Allocation as of March 4, 2016 Adjustments Updated Preliminary Purchase Price Allocation as of October 29, 2016 Accounts and other receivables $ 1,623 $ (287 ) $ 1,336 Inventory 30,152 291 30,443 Other current assets 191 335 526 Property and equipment 1,221 22 1,243 Goodwill 54,785 (3,476 ) 51,309 Other intangible assets (1) 41,301 (200 ) 41,101 Accounts payable and other long-term liabilities (12,862 ) 227 (12,635 ) Total preliminary purchase price $ 116,411 $ (3,088 ) $ 113,323 (1) The preliminary fair value of intangible assets of $41.1 million includes $24.0 million for online retailer relationships with a 10 year amortizable life; $11.0 million for trade names with a 15 year amortizable life; $5.7 million for non-compete agreements with a 5 year amortizable life; and $0.4 million for customer relationships with a 5 year amortizable life. Amortization expense related to these definite-lived intangibles was $2.9 million for the nine months ended October 29, 2016 . The estimated fair values of the intangible assets were determined using various methods under the income approach, which includes establishing a forecast of the estimated future net cash flows expected to accrue directly or indirectly to the owner of the asset over its remaining useful life and discounting these estimated future net cash flows to their present value using a market rate of return. The reduction of the preliminary purchase price of $3.1 million includes a decrease in the contingent consideration liability of $2.2 million . The Company re-evaluated the liability based on additional information about facts and circumstances that existed at the acquisition date that were obtained after that date, which qualify as measurement period adjustments, and represent a reduction to the opening goodwill balance. The remaining $0.9 million decrease in the preliminary purchase price relates to a working capital settlement DSW Inc. will receive from Ebuys, which also reduced the opening goodwill balance. The other adjustments noted above represent minor measurement period adjustments that offset goodwill and have no impact to the purchase price. Per ASC Topic 805, Business Combinations, the acquirer shall disclose pro-forma financial information as though the business combination had occurred as of the beginning of the comparable prior annual reporting period. For the acquisition of Ebuys in March 2016, pro-forma information was not practicable to obtain as of the time that financial statements were ready for issuance. In connection with the acquisition of Ebuys, the Company adopted or updated the following significant accounting policies: Business Combinations - In accordance with ASC Topic 805, Business Combinations , the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, based on fair value estimates as of the date of acquisition. The purchase price allocation process requires management to make significant estimates and assumptions with respect to the fair value of any intangible assets acquired, deferred revenues assumed, or contingent consideration within the arrangement. Unanticipated events and circumstances may occur which may affect the accuracy or validity of such assumptions or estimates. Contingent Consideration - The Company agreed to pay additional amounts to the sellers contingent upon achievement of certain negotiated goals. The Company has recognized a liability for this contingent obligation based on its estimated fair value at the date of acquisition with any differences between the acquisition-date fair value and the ultimate settlement of the obligation being recognized as an adjustment to income from operations. For the three and nine months ended October 29, 2016 , the change in fair value of contingent consideration, which represents the accretion related to the contingent consideration liability, was $1.5 million and $5.1 million , respectively, which is recognized within the statement of operations. Inventories - Merchandise inventories for Ebuys are accounted for using the cost method, where the cost is based on invoice cost. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Oct. 29, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS A description of the Company's significant accounting policies is included in the Annual Report on Form 10-K for the fiscal year ended January 30, 2016 . Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board ("IASB") released Accounting Standards Update ("ASU") 2014-09 on the recognition of revenue from contracts with customers that is designed to create greater comparability for financial statement users across industries and jurisdictions. The standard will take effect for public companies for annual reporting periods beginning after December 15, 2017, including interim reporting periods. The Company has completed an assessment identifying areas of impact for the business, including the Company's loyalty program and co-branded credit card. The Company is currently assessing and evaluating these results and developing an implementation plan, as well as evaluating the transition methods for adoption of the standard. In April 2015, the FASB released ASU 2015-05 to provide guidance to customers concerning whether a cloud computing arrangement includes a software license. Under this new standard, (1) if a cloud computing arrangement includes a software license, the software license element of the arrangement should be accounted for in a manner consistent with the acquisition of other software licenses, or, (2) if the arrangement does not include a software license, the arrangement should be accounted for as a service contract. The standard took effect for public companies for annual reporting periods beginning after December 15, 2015, including interim reporting periods. The Company has adopted the new standard and is applying the new guidance prospectively. For the quarter ended October 29, 2016 , the impact of the standard on the Company's financial statements is immaterial. In January 2016, the FASB released ASU 2016-01, which aims to improve and achieve convergence of the FASB and IASB standards on the accounting for financial instruments. The ASU will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The Company is currently evaluating the impact of the standard on its financial statements and disclosures. In February 2016, the FASB released ASU 2016-02, which will increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet. The standard will take effect for public companies for annual reporting periods beginning after December 15, 2018, including interim reporting periods. Early application will be permitted for all entities upon issuance of the final standard. In addition, the FASB has decided to require a lessee to apply a modified retrospective transition approach for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements (the date of initial application). The modified retrospective approach would not require any transition accounting for leases that expired before the date of initial application. The FASB decided to not permit a full retrospective transition approach. The Company is currently evaluating the impact of the standard on its financial statements and disclosures. In March 2016, the FASB released ASU 2016-07, which will eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The ASU will be effective for fiscal years beginning after December 15, 2016, including interim reporting periods. The update should be applied prospectively upon effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The Company is currently evaluating the impact of the standard on its financial statements and disclosures. In March 2016, the FASB released ASU 2016-09, which simplifies the guidance surrounding several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard will take effect for public companies for annual reporting periods beginning after December 15, 2016, including interim reporting periods. The Company is currently evaluating the impact of the standard on its financial statements and disclosures. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Oct. 29, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Schottenstein Affiliates- As of October 29, 2016 , the Schottenstein Affiliates (entities owned or controlled by Jay L. Schottenstein, the executive chairman of the DSW Inc. Board of Directors, and members of his family) beneficially owned approximately 18% of outstanding DSW Inc. Common Shares, representing approximately 51% of the combined voting power of outstanding DSW Inc. Common Shares. As of October 29, 2016 , the Schottenstein Affiliates beneficially owned 7.2 million Class A Common Shares and 7.7 million Class B Common Shares. The Company leases its fulfillment center and certain store locations owned by Schottenstein Affiliates and purchases services and products from Schottenstein Affiliates. Accounts receivable from and payable to affiliates principally result from commercial transactions or affiliate transactions and normally settle in the form of cash in 30 to 60 days. Related party balances are disclosed on the Condensed Consolidated Balance Sheets. License Agreement with Town Shoes- DSW Shoe Warehouse, Inc., a wholly-owned subsidiary of DSW Inc., licenses the use of its trade name and trademark, DSW Designer Shoe Warehouse, to its equity investee, Town Shoes, for a fee calculated as of a fixed percent of sales. The license is exclusive and non-transferable for use in Canada. Town Shoes pays DSW Inc. a percentage of net sales from its Canadian DSW stores on a monthly basis. The Canadian DSW stores operate in a manner similar to DSW stores in the United States and are required to maintain the standards and specifications that DSW uses to operate its own stores. DSW Inc. classifies the royalty fee as net sales. Accounts Receivable from Related Parties- As of October 29, 2016 , the Company had $1.0 million in accounts receivable from related parties. This amount was primarily related to the management agreement with Town Shoes, certain information technology and administrative fees related to the Company's arrangement with Town Shoes and certain working capital settlement amounts related to the Company's Ebuys acquisition. |
Earnings per Share and Sharehol
Earnings per Share and Shareholders' Equity | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share and Shareholders' Equity | EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY Earnings per Share- Basic earnings per share is based on net income and a simple weighted average of common shares outstanding. Diluted earnings per share reflects the potential dilution of common shares adjusted for outstanding stock options, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") calculated using the treasury stock method. The following table is a reconciliation of the number of shares used in the calculation of diluted earnings per share computations for the periods presented: Three months ended Nine months ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 (in thousands) Weighted average shares outstanding 82,026 87,493 82,011 88,244 Assumed exercise of dilutive stock options 339 640 407 751 Assumed exercise of dilutive RSUs and PSUs 172 236 225 234 Number of shares for computation of diluted earnings per share 82,537 88,369 82,643 89,229 Options, RSUs and PSUs - The number of potential common shares that were not included in the computation of dilutive earnings per share because the effect would be anti-dilutive was approximately 3.1 million and 2.1 million for the three months ended October 29, 2016 and October 31, 2015 , respectively, and 3.3 million and 1.8 million for the nine months ended October 29, 2016 and October 31, 2015 , respectively. Shareholders' Equity - During the three and nine months ended October 29, 2016 , DSW Inc. repurchased a total of 2.0 million Class A common shares at a cost of $42.7 million , with $40.8 million remaining under the share repurchase program, which may be suspended, modified or discontinued at any time. The Company has no obligation to repurchase any amount of its common shares under the program. Shares will be repurchased on the open market at times and in amounts considered appropriate by the Company based on price and market conditions. See Note 16 for discussion on additional share repurchase activity that occurred subsequent to October 29, 2016 . |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Oct. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | STOCK-BASED COMPENSATION The DSW Inc. 2014 Long-Term Incentive Plan ("the 2014 Plan") provides for the issuance of equity awards to purchase up to 8.5 million DSW Inc. Common Shares. The Company began issuing shares under the 2014 Plan after the DSW Inc. 2005 Equity Incentive Plan expired in the second quarter of fiscal 2015. The 2014 Plan covers stock options, RSUs, PSUs, director stock units ("DSUs") and stock appreciation rights ("SARs"). Eligible recipients include key employees of DSW Inc. and affiliates, as well as directors. Options generally vest 20% per year on a cumulative basis. Options granted under the 2014 Plan generally remain exercisable for a period of ten years from the date of grant. Stock-Based Compensation Expense- The following table summarizes stock-based compensation expense for the periods presented: Three months ended Nine months ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 (in thousands) Stock options $ 1,313 $ 1,539 $ 4,538 $ 5,165 Restricted stock units 782 586 2,651 1,986 Performance-based restricted stock units 547 915 1,779 2,617 Director stock units 198 44 1,188 969 Total $ 2,840 $ 3,084 $ 10,156 $ 10,737 Stock Options, RSUs, PSUs and DSUs- The following table summarizes all stock-based compensation activity: Nine months ended October 29, 2016 Stock Options RSUs PSUs DSUs (in thousands) Outstanding, beginning of period 3,849 372 293 305 Granted 835 187 114 64 Exercised/Vested (266 ) (106 ) (133 ) (60 ) Forfeited (443 ) (81 ) (27 ) — Outstanding, end of period 3,975 372 247 309 Exercisable, end of period 2,071 — — — The following table summarizes the total compensation cost related to nonvested shares not yet recognized and the weighted average expense recognition period remaining (amounts in thousands): Nine months ended October 29, 2016 Stock Options RSUs PSUs Unrecognized compensation cost $ 13,118 $ 6,601 $ 4,453 Weighted average expense recognition period 2.1 years 1.8 years 1.9 years The following table illustrates the weighted average assumptions used in the Black-Scholes pricing model for options granted in each of the periods presented: Nine months ended Assumptions: October 29, 2016 October 31, 2015 Risk-free interest rate 1.5% 1.4% Expected volatility of DSW Inc. Common Shares 36.0% 37.9% Expected option term 5.4 years 5.1 years Dividend yield 3.0% 2.1% Other Data: Weighted average grant date fair value $6.59 $10.09 |
Investments
Investments | 9 Months Ended |
Oct. 29, 2016 | |
Investments [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | INVESTMENTS For the available-for-sale bonds and term notes, the carrying value, plus any unrealized gains or losses, equals the fair value. The unrealized holding gains or losses for the available-for-sale securities are reported in other comprehensive income. The Company accounts for its purchases and sales of investments on the trade date of the investment. The classification of available-for-sale securities is based on management's intention of the use of the investments. The Company used a portion of these investments for its acquisition of Ebuys (see Note 2 for additional discussion on the acquisition of Ebuys). The following table discloses the major categories of the Company's investments as of the dates presented: Short-term investments Long-term investments October 29, 2016 January 30, 2016 October 31, 2015 October 29, 2016 January 30, 2016 October 31, 2015 (in thousands) Available-for-sale securities: Carrying value $ 78,497 $ 225,985 $ — $ 76,206 $ 72,153 $ 306,792 Unrealized gains included in accumulated other comprehensive loss 156 477 — 29 22 207 Unrealized losses included in accumulated other comprehensive loss (141 ) (435 ) — (109 ) (222 ) (516 ) Total investments $ 78,512 $ 226,027 $ — $ 76,126 $ 71,953 $ 306,483 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Therefore, fair value is a market-based measurement based on assumptions of the market participants. As a basis for these assumptions, the Company classifies its fair value measurements under the following fair value hierarchy: • Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that are publicly accessible. Active markets have frequent transactions with enough volume to provide ongoing pricing information. • Level 2 inputs are other than level 1 inputs that are directly or indirectly observable. These can include unadjusted quoted prices for similar assets or liabilities in active markets, unadjusted quoted prices for identical assets or liabilities in inactive markets or other observable inputs. • Level 3 inputs are unobservable inputs. Financial Assets and Liabilities- The following table presents financial assets and liabilities at fair value as of the dates presented: October 29, 2016 January 30, 2016 October 31, 2015 (1) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 (in thousands) Financial assets: Cash and equivalents $ 60,962 $ 60,962 — — $ 32,495 $ 32,495 — — $ 90,019 $ 90,019 — Short-term investments (a) 78,512 2,547 $ 75,965 — 226,027 2,127 $ 223,900 — — — — Long-term investments (a) 76,126 405 75,721 — 71,953 181 71,772 — 306,483 4,392 $ 302,091 Cost method investments (b) 7,250 — — $ 7,250 6,000 — — $ 6,000 — — — Note receivable from Town Shoes (c) 44,431 — 44,431 — 33,311 — 33,311 — 45,930 — 45,930 Total financial assets $ 267,281 $ 63,914 $ 196,117 $ 7,250 $ 369,786 $ 34,803 $ 328,983 $ 6,000 $ 442,432 $ 94,411 $ 348,021 Financial liabilities: Stock appreciation rights (d) — — — — $ 561 — $ 561 — $ 891 — $ 891 Contingent consideration (e) $ 58,923 — — $ 58,923 — — — — — — — Total financial liabilities $ 58,923 $ — $ — $ 58,923 $ 561 $ — $ 561 $ — $ 891 $ — $ 891 (1) There were no Level 3 measurements as of October 31, 2015. (a) Short-term and long-term investments are valued using a market-based approach using Level 2 inputs such as prices of similar assets in active markets. (b) Cost method investments are valued using Level 3 inputs. The fair value approximates the carrying value as there have been no triggering events that would indicate impairment. (c) The Company estimated the fair value of the note receivable based upon current interest rates offered on similar instruments. The change in fair value is based on the change in comparable rates on similar instruments. Based on the Company’s intention and ability to hold the note until maturity or the exercise of the put/call option (see Note 2), the carrying value is not other-than-temporarily impaired. (d) Stock appreciation rights are valued using the Black-Scholes model. The unexercised SARs expired in June 2016, and the Company reversed the remaining liability. (e) Included in the Level 3 liabilities is the contingent consideration liability related to the Company's acquisition of Ebuys. The liability is adjusted to fair value each reporting period. The categorization of the framework used to price the liability is considered Level 3 due to the subjective nature of the unobservable inputs used to determine the fair value. Level 3 Measurements- Financial assets and liabilities are considered Level 3 when the fair values are determined using pricing models, discounted cash flow methodologies, or similar techniques and at least one significant model assumption or input is unobservable. The following table presents activity related to Level 3 fair value measurements for cost method investments for the periods presented: Fiscal period ended October 29, 2016 January 30, 2016 (in thousands) Carrying value, beginning of period $ 6,000 — Additional cost method investment 1,250 $ 6,000 Carrying value, end of period $ 7,250 $ 6,000 The following table presents activity related to Level 3 fair value measurements for DSW Inc.'s contingent consideration liability for the period presented: Nine months ended October 29, 2016 (in thousands) Balance, acquisition date of contingent consideration $ 53,843 Change in fair value of contingent consideration 5,080 Balance, end of period $ 58,923 Non-Financial Assets- The Company evaluates the carrying amount of its long-lived assets, primarily property and equipment, and finite-lived intangible assets when events and circumstances warrant such a review to ascertain if any assets have been impaired. For the nine months ended October 29, 2016, there was no impairment. For the nine months ended October 31, 2015, there was a full impairment related to one store in the ABG segment of $0.4 million , recorded in cost of sales, where the future expected cash flows would not recover the carrying amount of its long-lived assets. |
Debt Obligations
Debt Obligations | 9 Months Ended |
Oct. 29, 2016 | |
Debt Disclosure [Abstract] | |
Debt Obligations and Warrant Liabilities | DEBT OBLIGATIONS The Company has a $100 million Secured Credit Facility and a $50 million Letter of Credit Agreement, which are described more fully in the Annual Report on Form 10-K for the fiscal year ended January 30, 2016 . As of October 29, 2016 , January 30, 2016 and October 31, 2015 , the Company had no outstanding borrowings or letters of credit under the Credit Facility with availability of $100 million , $100 million and $50 million , respectively. As of October 29, 2016 , January 30, 2016 and October 31, 2015 , the Company had $4.9 million , $7.1 million and $4.2 million , respectively, in outstanding letters of credit under the Letter of Credit Agreement, and $5.3 million , $7.7 million and $4.7 million , respectively, in restricted cash on deposit as collateral under the Letter of Credit Agreement. The restricted cash balance is recorded in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Oct. 29, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | PROPERTY AND EQUIPMENT, NET The balance sheet caption "Property and equipment, net" was comprised of the following as of the periods presented: October 29, 2016 January 30, 2016 October 31, 2015 (in thousands) Land $ 1,110 $ 1,110 $ 1,110 Furniture, fixtures and equipment 412,801 385,780 368,886 Software 134,562 120,567 117,393 Buildings, building and leasehold improvements 404,806 385,861 379,176 Total property and equipment 953,279 893,318 866,565 Accumulated depreciation and amortization (572,061 ) (519,077 ) (502,312 ) Property and equipment, net $ 381,218 $ 374,241 $ 364,253 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Oct. 29, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES The balance sheet caption "Accrued expenses" was comprised of the following as of the periods presented: October 29, 2016 January 30, 2016 October 31, 2015 (in thousands) Gift cards and merchandise credits $ 36,455 $ 43,446 $ 34,016 Compensation 23,872 8,042 14,712 Taxes 29,658 17,004 21,122 Customer loyalty program 11,914 10,084 13,455 Other accrued expenses (1) 41,754 29,224 34,590 Total accrued expenses $ 143,653 $ 107,800 $ 117,895 (1) Other accrued expenses is comprised of deferred revenue, sales return allowance, stock appreciation rights (as of January 30, 2016 and October 31, 2015) and various other accrued expenses, including advertising, professional fees and rent. |
Non-Current Liabilities
Non-Current Liabilities | 9 Months Ended |
Oct. 29, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-Current Liabilities | NON-CURRENT LIABILITIES The balance sheet caption "Non-current liabilities" was comprised of the following as of the periods presented: October 29, 2016 January 30, 2016 October 31, 2015 (in thousands) Construction and tenant allowances $ 90,359 $ 86,777 $ 88,257 Deferred rent 38,218 37,650 38,056 Other non-current liabilities (1) 16,077 16,332 16,521 Total non-current liabilities $ 144,654 $ 140,759 $ 142,834 (1) Other non-current liabilities is comprised of a reserve for a lease of an office facility assumed in the merger with Retail Ventures, Inc. ("RVI"), income tax reserves and deferred compensation. As of October 29, 2016 , the accrual related to the office facility was $8.2 million . |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 29, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT REPORTING The Company's operating segments are the DSW segment, which includes DSW stores and dsw.com, the ABG segment and Other, which includes Ebuys and the Company's investment in Town Shoes. The Company has identified such segments based on internal management reporting and responsibilities and measures segment profit as gross profit, which is defined as net sales less cost of sales. All operations are located in the United States and its territories. As of October 29, 2016 , the goodwill balance of $77.2 million is made up of $25.9 million recorded in the DSW segment (consistent with prior periods) and $51.3 million recorded in Other related to Ebuys. DSW segment ABG segment Other (1) Total (in thousands) Three months ended October 29, 2016 Net sales $ 639,136 $ 36,154 $ 21,326 $ 696,616 Gross profit 203,978 7,850 (48 ) 211,780 Capital expenditures 20,967 375 68 21,410 Three months ended October 31, 2015 Net sales $ 628,778 $ 36,742 $ — $ 665,520 Gross profit 190,903 8,063 — 198,966 Capital expenditures 27,990 371 — 28,361 Nine months ended October 29, 2016 Net sales $ 1,866,096 $ 114,738 $ 55,993 $ 2,036,827 Gross profit 573,283 25,880 3,835 602,998 Capital expenditures 64,226 843 82 65,151 Nine months ended October 31, 2015 Net sales $ 1,833,572 $ 114,640 $ — $ 1,948,212 Gross profit 579,703 23,623 — 603,326 Capital expenditures 81,563 589 — 82,152 Total Assets As of October 29, 2016 $ 1,046,887 $ 106,879 $ 278,149 $ 1,431,915 As of January 30, 2016 1,126,179 105,259 137,671 1,369,109 As of October 31, 2015 1,196,332 117,772 143,924 1,458,028 (1) Other includes assets, liabilities and expenses of Ebuys (see Note 2). Other assets also includes the Company's investment in Town Shoes (see Note 2). |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. The effective tax rate reflects the impact of federal, state and local, and foreign taxes, as well as tax on the income or loss from Town Shoes. The effective tax rate for the three and nine months ended October 29, 2016 is 39.7% and 39.1% , respectively. The effective tax rate for the three and nine months ended October 31, 2015 was 39.4% and 38.3% , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Legal Proceedings- The Company is involved in various legal proceedings that are incidental to the conduct of its business. Although it is not possible to predict with certainty the eventual outcome of any litigation, in the opinion of management, the amount of any potential liability with respect to current legal proceedings will not be material to results of operations or financial condition. As additional information becomes available, the Company will assess the potential liability related to its pending litigation and revise the estimates as needed. Merger with Retail Ventures, Inc. ("the Merger")- As of the effective time of the Merger, a subsidiary of DSW Inc. assumed the obligations under RVI’s guarantees related to discontinued operations. DSW Inc. may become subject to various risks related to guarantees and in certain circumstances may be responsible for certain other liabilities related to these discontinued operations. In the first quarter of fiscal 2015, the Company recorded a $2.0 million benefit from the final distribution from the bankruptcy debtor's estates related to Filene's Basement's bankruptcy in 2011 within the consolidated statement of operations. Contractual Obligations- As of October 29, 2016 , the Company has entered into various construction commitments, including capital items to be purchased for projects that were under construction, or for which a lease has been signed. The Company's obligations under these commitments were $1.3 million as of October 29, 2016 . In addition, the Company has signed lease agreements for 21 new DSW store locations, expected to be opened in fiscal 2016, 2017 and 2018 , with total annualized rent of $11.6 million . In connection with the new lease agreements, the Company will receive a total of $8.6 million of construction and tenant allowance reimbursements for expenditures at these locations. The Company also has purchase obligations, which as defined by the SEC, are agreements to purchase goods or services that is enforceable and legally binding on us and that specifies all significant terms, including: fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions; and the approximate timing of the transaction. Our purchase obligations are described more fully in the Annual Report on Form 10-K for the fiscal year ended January 30, 2016. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 29, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Dividends - On November 22, 2016 , DSW Inc.'s Board of Directors declared a quarterly cash dividend payment of $0.20 per share. The dividend will be paid on December 30, 2016 to shareholders of record at the close of business on December 16, 2016 . The payment of any future dividends is at the discretion of the Board of Directors and is based on future earnings, cash flow, financial condition, capital requirements, changes in taxation laws, general economic condition and any other relevant factors. Share Repurchase Activity - Subsequent to October 29, 2016 , DSW Inc. repurchased 0.4 million Class A common shares at a cost of $7.3 million . Life to date, the Company has repurchased a total of 12.6 million Class A common shares at a cost of $316.5 million , with $33.5 million remaining under its share repurchase plan. |
Business Operations and Basis25
Business Operations and Basis of Presentation Business Operations and Basis of Presentation (Policies) | 9 Months Ended |
Oct. 29, 2016 | |
Business Operations and Basis of Presentation [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation- The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with DSW Inc.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 24, 2016 (the “2015 Annual Report”). In the opinion of management, the unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the condensed consolidated financial position, results of operations and cash flows for the periods presented. The condensed consolidated interim financial statements include the accounts of DSW Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. All amounts are in United States dollars ("USD"), unless otherwise noted. |
Reclassification, Policy [Policy Text Block] | Prior Period Reclassification- Certain prior period disclosure amounts have been reclassified to conform to current period presentation. Intangible assets are no longer included in other assets and are presented separately in the Company’s Condensed Consolidated Balance Sheets. Software is no longer included in furniture, fixtures and equipment and is presented separately in the property, plant and equipment footnote (Note 10). |
Acquisition and Equity Method26
Acquisition and Equity Method Investment Acquisition and Equity Method Investment (Policies) | 9 Months Ended |
Oct. 29, 2016 | |
Business Combination Policy [Abstract] | |
Business Combinations Policy [Policy Text Block] | Business Combinations - In accordance with ASC Topic 805, Business Combinations , the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, based on fair value estimates as of the date of acquisition. The purchase price allocation process requires management to make significant estimates and assumptions with respect to the fair value of any intangible assets acquired, deferred revenues assumed, or contingent consideration within the arrangement. Unanticipated events and circumstances may occur which may affect the accuracy or validity of such assumptions or estimates. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingent Consideration - The Company agreed to pay additional amounts to the sellers contingent upon achievement of certain negotiated goals. The Company has recognized a liability for this contingent obligation based on its estimated fair value at the date of acquisition with any differences between the acquisition-date fair value and the ultimate settlement of the obligation being recognized as an adjustment to income from operations. For the three and nine months ended October 29, 2016 , the change in fair value of contingent consideration, which represents the accretion related to the contingent consideration liability, was $1.5 million and $5.1 million , respectively, which is recognized within the statement of operations. |
Inventory, Policy [Policy Text Block] | Inventories - Merchandise inventories for Ebuys are accounted for using the cost method, where the cost is based on invoice cost. |
Significant Accounting Polici27
Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 29, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board ("IASB") released Accounting Standards Update ("ASU") 2014-09 on the recognition of revenue from contracts with customers that is designed to create greater comparability for financial statement users across industries and jurisdictions. The standard will take effect for public companies for annual reporting periods beginning after December 15, 2017, including interim reporting periods. The Company has completed an assessment identifying areas of impact for the business, including the Company's loyalty program and co-branded credit card. The Company is currently assessing and evaluating these results and developing an implementation plan, as well as evaluating the transition methods for adoption of the standard. In April 2015, the FASB released ASU 2015-05 to provide guidance to customers concerning whether a cloud computing arrangement includes a software license. Under this new standard, (1) if a cloud computing arrangement includes a software license, the software license element of the arrangement should be accounted for in a manner consistent with the acquisition of other software licenses, or, (2) if the arrangement does not include a software license, the arrangement should be accounted for as a service contract. The standard took effect for public companies for annual reporting periods beginning after December 15, 2015, including interim reporting periods. The Company has adopted the new standard and is applying the new guidance prospectively. For the quarter ended October 29, 2016 , the impact of the standard on the Company's financial statements is immaterial. In January 2016, the FASB released ASU 2016-01, which aims to improve and achieve convergence of the FASB and IASB standards on the accounting for financial instruments. The ASU will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The Company is currently evaluating the impact of the standard on its financial statements and disclosures. In February 2016, the FASB released ASU 2016-02, which will increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet. The standard will take effect for public companies for annual reporting periods beginning after December 15, 2018, including interim reporting periods. Early application will be permitted for all entities upon issuance of the final standard. In addition, the FASB has decided to require a lessee to apply a modified retrospective transition approach for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements (the date of initial application). The modified retrospective approach would not require any transition accounting for leases that expired before the date of initial application. The FASB decided to not permit a full retrospective transition approach. The Company is currently evaluating the impact of the standard on its financial statements and disclosures. In March 2016, the FASB released ASU 2016-07, which will eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The ASU will be effective for fiscal years beginning after December 15, 2016, including interim reporting periods. The update should be applied prospectively upon effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The Company is currently evaluating the impact of the standard on its financial statements and disclosures. In March 2016, the FASB released ASU 2016-09, which simplifies the guidance surrounding several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard will take effect for public companies for annual reporting periods beginning after December 15, 2016, including interim reporting periods. The Company is currently evaluating the impact of the standard on its financial statements and disclosures. |
Earnings per Share and Shareh28
Earnings per Share and Shareholders' Equity Earnings per Share and Shareholders' Equity (Policies) | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share- Basic earnings per share is based on net income and a simple weighted average of common shares outstanding. Diluted earnings per share reflects the potential dilution of common shares adjusted for outstanding stock options, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") calculated using the treasury stock method. |
Stock-based Compensation Stock-
Stock-based Compensation Stock-based Compensation (Policies) | 9 Months Ended |
Oct. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block] | The DSW Inc. 2014 Long-Term Incentive Plan ("the 2014 Plan") provides for the issuance of equity awards to purchase up to 8.5 million DSW Inc. Common Shares. The Company began issuing shares under the 2014 Plan after the DSW Inc. 2005 Equity Incentive Plan expired in the second quarter of fiscal 2015. The 2014 Plan covers stock options, RSUs, PSUs, director stock units ("DSUs") and stock appreciation rights ("SARs"). Eligible recipients include key employees of DSW Inc. and affiliates, as well as directors. Options generally vest 20% per year on a cumulative basis. Options granted under the 2014 Plan generally remain exercisable for a period of ten years from the date of grant. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Policies) | 9 Months Ended |
Oct. 29, 2016 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Fair Value Measurement, Policy [Policy Text Block] | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Therefore, fair value is a market-based measurement based on assumptions of the market participants. As a basis for these assumptions, the Company classifies its fair value measurements under the following fair value hierarchy: • Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that are publicly accessible. Active markets have frequent transactions with enough volume to provide ongoing pricing information. • Level 2 inputs are other than level 1 inputs that are directly or indirectly observable. These can include unadjusted quoted prices for similar assets or liabilities in active markets, unadjusted quoted prices for identical assets or liabilities in inactive markets or other observable inputs. • Level 3 inputs are unobservable inputs. |
Segment Reporting (Policies)
Segment Reporting (Policies) | 9 Months Ended |
Oct. 29, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company has identified such segments based on internal management reporting and responsibilities and measures segment profit as gross profit, which is defined as net sales less cost of sales. |
Income Taxes (Policies)
Income Taxes (Policies) | 9 Months Ended |
Oct. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax, Policy [Policy Text Block] | The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. |
Acquisition and Equity Method33
Acquisition and Equity Method Investment (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table represents the preliminary and updated preliminary purchase price allocation (in thousands): Preliminary Purchase Price Allocation as of March 4, 2016 Adjustments Updated Preliminary Purchase Price Allocation as of October 29, 2016 Accounts and other receivables $ 1,623 $ (287 ) $ 1,336 Inventory 30,152 291 30,443 Other current assets 191 335 526 Property and equipment 1,221 22 1,243 Goodwill 54,785 (3,476 ) 51,309 Other intangible assets (1) 41,301 (200 ) 41,101 Accounts payable and other long-term liabilities (12,862 ) 227 (12,635 ) Total preliminary purchase price $ 116,411 $ (3,088 ) $ 113,323 |
Earnings per Share and Shareh34
Earnings per Share and Shareholders' Equity (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Number of Shares Used in the Calculation of Diluted Earnings per Share | The following table is a reconciliation of the number of shares used in the calculation of diluted earnings per share computations for the periods presented: Three months ended Nine months ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 (in thousands) Weighted average shares outstanding 82,026 87,493 82,011 88,244 Assumed exercise of dilutive stock options 339 640 407 751 Assumed exercise of dilutive RSUs and PSUs 172 236 225 234 Number of shares for computation of diluted earnings per share 82,537 88,369 82,643 89,229 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation Expense [Table Text Block] | The following table summarizes stock-based compensation expense for the periods presented: Three months ended Nine months ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 (in thousands) Stock options $ 1,313 $ 1,539 $ 4,538 $ 5,165 Restricted stock units 782 586 2,651 1,986 Performance-based restricted stock units 547 915 1,779 2,617 Director stock units 198 44 1,188 969 Total $ 2,840 $ 3,084 $ 10,156 $ 10,737 |
Stock Option Plan Activity | The following table summarizes all stock-based compensation activity: Nine months ended October 29, 2016 Stock Options RSUs PSUs DSUs (in thousands) Outstanding, beginning of period 3,849 372 293 305 Granted 835 187 114 64 Exercised/Vested (266 ) (106 ) (133 ) (60 ) Forfeited (443 ) (81 ) (27 ) — Outstanding, end of period 3,975 372 247 309 Exercisable, end of period 2,071 — — — |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | The following table summarizes the total compensation cost related to nonvested shares not yet recognized and the weighted average expense recognition period remaining (amounts in thousands): Nine months ended October 29, 2016 Stock Options RSUs PSUs Unrecognized compensation cost $ 13,118 $ 6,601 $ 4,453 Weighted average expense recognition period 2.1 years 1.8 years 1.9 years |
Weighted-average Assumptions Used for Options Granted | The following table illustrates the weighted average assumptions used in the Black-Scholes pricing model for options granted in each of the periods presented: Nine months ended Assumptions: October 29, 2016 October 31, 2015 Risk-free interest rate 1.5% 1.4% Expected volatility of DSW Inc. Common Shares 36.0% 37.9% Expected option term 5.4 years 5.1 years Dividend yield 3.0% 2.1% Other Data: Weighted average grant date fair value $6.59 $10.09 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Investments [Abstract] | |
Investments | The following table discloses the major categories of the Company's investments as of the dates presented: Short-term investments Long-term investments October 29, 2016 January 30, 2016 October 31, 2015 October 29, 2016 January 30, 2016 October 31, 2015 (in thousands) Available-for-sale securities: Carrying value $ 78,497 $ 225,985 $ — $ 76,206 $ 72,153 $ 306,792 Unrealized gains included in accumulated other comprehensive loss 156 477 — 29 22 207 Unrealized losses included in accumulated other comprehensive loss (141 ) (435 ) — (109 ) (222 ) (516 ) Total investments $ 78,512 $ 226,027 $ — $ 76,126 $ 71,953 $ 306,483 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents financial assets and liabilities at fair value as of the dates presented: October 29, 2016 January 30, 2016 October 31, 2015 (1) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 (in thousands) Financial assets: Cash and equivalents $ 60,962 $ 60,962 — — $ 32,495 $ 32,495 — — $ 90,019 $ 90,019 — Short-term investments (a) 78,512 2,547 $ 75,965 — 226,027 2,127 $ 223,900 — — — — Long-term investments (a) 76,126 405 75,721 — 71,953 181 71,772 — 306,483 4,392 $ 302,091 Cost method investments (b) 7,250 — — $ 7,250 6,000 — — $ 6,000 — — — Note receivable from Town Shoes (c) 44,431 — 44,431 — 33,311 — 33,311 — 45,930 — 45,930 Total financial assets $ 267,281 $ 63,914 $ 196,117 $ 7,250 $ 369,786 $ 34,803 $ 328,983 $ 6,000 $ 442,432 $ 94,411 $ 348,021 Financial liabilities: Stock appreciation rights (d) — — — — $ 561 — $ 561 — $ 891 — $ 891 Contingent consideration (e) $ 58,923 — — $ 58,923 — — — — — — — Total financial liabilities $ 58,923 $ — $ — $ 58,923 $ 561 $ — $ 561 $ — $ 891 $ — $ 891 |
Schedule of Cost Method Investments [Table Text Block] | The following table presents activity related to Level 3 fair value measurements for cost method investments for the periods presented: Fiscal period ended October 29, 2016 January 30, 2016 (in thousands) Carrying value, beginning of period $ 6,000 — Additional cost method investment 1,250 $ 6,000 Carrying value, end of period $ 7,250 $ 6,000 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | The following table presents activity related to Level 3 fair value measurements for DSW Inc.'s contingent consideration liability for the period presented: Nine months ended October 29, 2016 (in thousands) Balance, acquisition date of contingent consideration $ 53,843 Change in fair value of contingent consideration 5,080 Balance, end of period $ 58,923 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | The balance sheet caption "Property and equipment, net" was comprised of the following as of the periods presented: October 29, 2016 January 30, 2016 October 31, 2015 (in thousands) Land $ 1,110 $ 1,110 $ 1,110 Furniture, fixtures and equipment 412,801 385,780 368,886 Software 134,562 120,567 117,393 Buildings, building and leasehold improvements 404,806 385,861 379,176 Total property and equipment 953,279 893,318 866,565 Accumulated depreciation and amortization (572,061 ) (519,077 ) (502,312 ) Property and equipment, net $ 381,218 $ 374,241 $ 364,253 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | The balance sheet caption "Accrued expenses" was comprised of the following as of the periods presented: October 29, 2016 January 30, 2016 October 31, 2015 (in thousands) Gift cards and merchandise credits $ 36,455 $ 43,446 $ 34,016 Compensation 23,872 8,042 14,712 Taxes 29,658 17,004 21,122 Customer loyalty program 11,914 10,084 13,455 Other accrued expenses (1) 41,754 29,224 34,590 Total accrued expenses $ 143,653 $ 107,800 $ 117,895 |
Non-Current Liabilities(Tables)
Non-Current Liabilities(Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-current Liabilities | The balance sheet caption "Non-current liabilities" was comprised of the following as of the periods presented: October 29, 2016 January 30, 2016 October 31, 2015 (in thousands) Construction and tenant allowances $ 90,359 $ 86,777 $ 88,257 Deferred rent 38,218 37,650 38,056 Other non-current liabilities (1) 16,077 16,332 16,521 Total non-current liabilities $ 144,654 $ 140,759 $ 142,834 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | DSW segment ABG segment Other (1) Total (in thousands) Three months ended October 29, 2016 Net sales $ 639,136 $ 36,154 $ 21,326 $ 696,616 Gross profit 203,978 7,850 (48 ) 211,780 Capital expenditures 20,967 375 68 21,410 Three months ended October 31, 2015 Net sales $ 628,778 $ 36,742 $ — $ 665,520 Gross profit 190,903 8,063 — 198,966 Capital expenditures 27,990 371 — 28,361 Nine months ended October 29, 2016 Net sales $ 1,866,096 $ 114,738 $ 55,993 $ 2,036,827 Gross profit 573,283 25,880 3,835 602,998 Capital expenditures 64,226 843 82 65,151 Nine months ended October 31, 2015 Net sales $ 1,833,572 $ 114,640 $ — $ 1,948,212 Gross profit 579,703 23,623 — 603,326 Capital expenditures 81,563 589 — 82,152 Total Assets As of October 29, 2016 $ 1,046,887 $ 106,879 $ 278,149 $ 1,431,915 As of January 30, 2016 1,126,179 105,259 137,671 1,369,109 As of October 31, 2015 1,196,332 117,772 143,924 1,458,028 |
Business Operations Store Data
Business Operations Store Data (Details) | 9 Months Ended |
Oct. 29, 2016 | |
Schedule of Stores Supplied With Merchandise [Line Items] | |
Number of Reportable Segments | 2 |
DSW Segment [Abstract] | |
Number of Stores | 498 |
Number of States in which Entity Operates | 43 |
Number of new stores opened | 31 |
number of new stores closed | 1 |
Affiliated Business Group [Abstract] | |
Number of retailers operated as leased departments | 3 |
Number of new leased departments added | 20 |
Number of leased departments ceased | 3 |
Stein Mart Stores [Member] | |
Affiliated Business Group [Abstract] | |
Number of stores supplied by the entity | 289 |
Gordmans Stores [Member] | |
Affiliated Business Group [Abstract] | |
Number of stores supplied by the entity | 106 |
Frugal Fannie's Stores [Member] | |
Affiliated Business Group [Abstract] | |
Number of stores supplied by the entity | 1 |
Town [Member] | |
Affiliated Business Group [Abstract] | |
Number of stores supplied by the entity | 188 |
Town DSW [Member] | |
Affiliated Business Group [Abstract] | |
Number of stores supplied by the entity | 23 |
Apparel Group [Member] | |
Affiliated Business Group [Abstract] | |
Number of stores supplied by the entity | 40 |
Business Operations and Basis43
Business Operations and Basis of Presentation Restructuring (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Oct. 29, 2016USD ($) | Oct. 29, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 1.3 | $ 4.1 |
Supplemental Unemployment Benefits, Severance Benefits | $ 1.3 | $ 1.3 |
Acquisition and Equity Method44
Acquisition and Equity Method Investment (Details) - USD ($) $ in Thousands | Mar. 04, 2016 | Oct. 29, 2016 | Oct. 31, 2015 | May 02, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Apr. 30, 2016 | May 09, 2014 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 2,200 | $ 5,080 | $ 0 | |||||
Accretion Expense | 1,469 | $ 0 | $ 5,080 | 0 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 900 | |||||||
Town Shoe Acquisition, Purchase Price for Ownership Interest (CAD) | $ 75,100 | |||||||
Town Shoe Acquisition, Purchase Price for Ownership Interest (USD) | $ 68,900 | |||||||
Town Shoe Acquisition, Ownership Interest Acquired | 46.30% | 46.30% | 49.20% | |||||
Town Shoe Acquisition, Voting Control Interest Acquired | 50.00% | |||||||
Foreign Currency Purchase (CAD) | $ 100,000 | $ 100,000 | ||||||
Foreign Currency Purchase (USD) | 79,000 | 79,000 | ||||||
Nonoperating Income (Expense) | $ 3,300 | 0 | 3,267 | |||||
Foreign Currency Transaction Gain (Loss), Unrealized | 2,100 | 3,100 | ||||||
Business Combination, Consideration Transferred | $ 60,400 | 59,500 | ||||||
Business Combination, Contingent Consideration, Liability | 56,000 | 53,800 | $ 0 | 53,800 | $ 0 | $ 53,843 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 1,623 | 1,336 | 1,336 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | (287) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 30,152 | 30,443 | 30,443 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 291 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 191 | 526 | 526 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 335 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,221 | 1,243 | 1,243 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 22 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 54,785 | 51,309 | 51,309 | |||||
Goodwill, Translation and Purchase Accounting Adjustments | (3,476) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 41,301 | 41,101 | 41,101 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (200) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (12,862) | (12,635) | (12,635) | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | 227 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 116,411 | 113,323 | 113,323 | |||||
Goodwill, Purchase Accounting Adjustments | (3,088) | |||||||
Amortization of Intangible Assets | 2,900 | |||||||
Online retailer relationships [Member] | ||||||||
Finite-Lived Intangible Assets, Gross | 24,000 | $ 24,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||||
Tradename [Member] | ||||||||
Finite-Lived Intangible Assets, Gross | 11,000 | $ 11,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||||||
Noncompete Agreements [Member] | ||||||||
Finite-Lived Intangible Assets, Gross | 5,700 | $ 5,700 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||
Customer Relationships [Member] | ||||||||
Finite-Lived Intangible Assets, Gross | $ 400 | $ 400 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands, shares in Millions | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Schottenstein Affiliates [Abstract] | |||
Related party transaction Outstanding common shares owned (in hundredths) | 18.00% | ||
Related party transaction Combined voting power of outstanding common shares (in hundredths) | 51.00% | ||
Due from Related Parties, Current | $ 1,029 | $ 27 | $ 53 |
Class A Common Shares | |||
Schottenstein Affiliates [Abstract] | |||
Related Party Transaction, Number of shares owned by related party (in shares) | 7.2 | ||
Class B Common Shares | |||
Schottenstein Affiliates [Abstract] | |||
Related Party Transaction, Number of shares owned by related party (in shares) | 7.7 |
Earnings per Share and Shareh46
Earnings per Share and Shareholders' Equity Calculation of Earnings per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Reconciliation of the number of shares used in the calculation of diluted earnings (loss) per share [Abstract] | ||||
Basic shares | 82,026 | 87,493 | 82,011 | 88,244 |
Assumed exercise of dilutive stock options | 339 | 640 | 407 | 751 |
Assumed exercise of dilutive RSUs and PSUs | 172 | 236 | 225 | 234 |
Diluted shares | 82,537 | 88,369 | 82,643 | 89,229 |
Earnings per Share and Shareh47
Earnings per Share and Shareholders' Equity Anti-Dilutive Securities (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Options, RSUs and PSUs [Member] | ||||
Diluted earnings per share [Abstract] | ||||
Securities outstanding not included in computation of diluted earnings per share | 3.1 | 2.1 | 3.3 | 1.8 |
Earnings per Share and Shareh48
Earnings per Share and Shareholders' Equity Shareholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Stock Repurchased During Period, Value | $ 42,698 | $ 63,062 |
Class A Common Shares | ||
Stock Repurchased During Period, Shares | 2,029 | 2,140 |
Treasury Stock Acquired, Repurchase Authorization | $ 40,800 | |
Treasury Stock [Member] | ||
Stock Repurchased During Period, Value | $ 42,698 | $ 63,062 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
DSW Stock-Based Compensation Plans [Abstract] | ||||
Number of shares authorized (in shares) | 8,500 | 8,500 | ||
Annual vesting percentage (in hundredths) | 20.00% | |||
Additional Disclosures [Abstract] | ||||
Share-based compensation expense | $ 2,840 | $ 3,084 | $ 10,156 | $ 10,737 |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 13,118 | $ 13,118 | ||
Stock Option Activity [Roll Forward] | ||||
Outstanding, beginning of period (in shares) | 3,849 | |||
Granted | 835 | |||
Exercised | (266) | |||
Forfeited | (443) | |||
Outstanding, end of period (in shares) | 3,975 | 3,975 | ||
Exercisable, end of period (in shares) | 2,071 | 2,071 | ||
Additional Disclosures [Abstract] | ||||
Share-based compensation expense | $ 1,313 | 1,539 | $ 4,538 | $ 5,165 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Risk-free interest rate | 1.50% | 1.40% | ||
Expected volatility of DSW Inc. Common Shares | 36.00% | 37.90% | ||
Expected option term | 5 years 5 months 1 day | 5 years 1 month 4 days | ||
Dividend yield | 3.00% | 2.10% | ||
Weighted average grant date fair value (in dollars per share) | $ 6.59 | $ 10.09 | ||
Equity instruments other than options [Roll forward] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 6,601 | $ 6,601 | ||
Stock Option Activity [Roll Forward] | ||||
Outstanding, beginning of period (in shares) | 372 | |||
Granted | 187 | |||
Exercised | (106) | |||
Forfeited | (81) | |||
Outstanding, end of period (in shares) | 372 | 372 | ||
Exercisable, end of period (in shares) | 0 | 0 | ||
Additional Disclosures [Abstract] | ||||
Share-based compensation expense | $ 782 | 586 | $ 2,651 | $ 1,986 |
Equity instruments other than options [Roll forward] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 4,453 | $ 4,453 | ||
Stock Option Activity [Roll Forward] | ||||
Outstanding, beginning of period (in shares) | 293 | |||
Granted | 114 | |||
Exercised | (133) | |||
Forfeited | (27) | |||
Outstanding, end of period (in shares) | 247 | 247 | ||
Exercisable, end of period (in shares) | 0 | 0 | ||
Additional Disclosures [Abstract] | ||||
Share-based compensation expense | $ 547 | 915 | $ 1,779 | 2,617 |
Equity instruments other than options [Roll forward] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 11 months | |||
Director Stock Units [Member] | ||||
Stock Option Activity [Roll Forward] | ||||
Outstanding, beginning of period (in shares) | 305 | |||
Granted | 64 | |||
Exercised | (60) | |||
Forfeited | 0 | |||
Outstanding, end of period (in shares) | 309 | 309 | ||
Exercisable, end of period (in shares) | 0 | 0 | ||
Additional Disclosures [Abstract] | ||||
Share-based compensation expense | $ 198 | $ 44 | $ 1,188 | $ 969 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | |
Schedule of Investments, Reported Amounts, by Category [Line Items] | |||
Short-term investments | $ 78,512 | $ 226,027 | $ 0 |
Long-term investments | 76,126 | 71,953 | 306,483 |
Current available for sale Securities Unrecognized Holding Gain | 156 | 477 | 0 |
Long-Term Available for Sale Securities Unrecognized Holding Gain | 29 | 22 | 207 |
Current Available for Sale Securities Unrecognized Holding Loss | (141) | (435) | 0 |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | (109) | (222) | (516) |
Investment disclosure [Abstract] | |||
Short-term investments(a) | 78,512 | 226,027 | 0 |
Carrying value | Available-for-sale Securities [Member] | |||
Schedule of Investments, Reported Amounts, by Category [Line Items] | |||
Short-term investments | 78,497 | 225,985 | 0 |
Long-term investments | $ 76,206 | $ 72,153 | $ 306,792 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Apr. 30, 2016 | Mar. 04, 2016 | Jan. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 418,000 | |||||
Assets: | |||||||
Cash and equivalents | $ 60,962,000 | $ 90,019,000 | 60,962,000 | 90,019,000 | $ 32,495,000 | ||
Short-term investments(a) | 78,512,000 | 0 | 78,512,000 | 0 | 226,027,000 | ||
Available-for-sale Securities, Noncurrent | 76,126,000 | 306,483,000 | 76,126,000 | 306,483,000 | 71,953,000 | ||
Cost-method Investments, Aggregate Carrying Amount, Not Evaluated for Impairment | 7,250,000 | 0 | 7,250,000 | 0 | 6,000,000 | ||
Notes Receivable, Fair Value Disclosure | 44,431,000 | 45,930,000 | 44,431,000 | 45,930,000 | 33,311,000 | ||
Total assets | 267,281,000 | 442,432,000 | 267,281,000 | 442,432,000 | 369,786,000 | ||
Cost Method Investments | 1,250,000 | 1,250,000 | 6,000,000 | ||||
Other Liabilities, Fair Value Disclosure | 0 | 891,000 | 0 | 891,000 | 561,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 58,923,000 | 891,000 | 58,923,000 | 891,000 | 561,000 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | |||||||
Business Combination, Contingent Consideration, Liability | 53,800,000 | 0 | 53,800,000 | 0 | $ 53,843,000 | $ 56,000,000 | |
Accretion Expense | 1,469,000 | 0 | 5,080,000 | 0 | |||
Commitments and Contingencies | 58,923,000 | 0 | 58,923,000 | 0 | 0 | ||
Level 1 [Member] | |||||||
Assets: | |||||||
Cash and equivalents | 60,962,000 | 90,019,000 | 60,962,000 | 90,019,000 | 32,495,000 | ||
Short-term investments(a) | 2,547,000 | 0 | 2,547,000 | 0 | 2,127,000 | ||
Available-for-sale Securities, Noncurrent | 405,000 | 4,392,000 | 405,000 | 4,392,000 | 181,000 | ||
Cost-method Investments, Aggregate Carrying Amount, Not Evaluated for Impairment | 0 | 0 | 0 | 0 | 0 | ||
Notes Receivable, Fair Value Disclosure | 0 | 0 | 0 | 0 | 0 | ||
Total assets | 63,914,000 | 94,411,000 | 63,914,000 | 94,411,000 | 34,803,000 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | 0 | 0 | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | 0 | 0 | ||
Level 2 [Member] | |||||||
Assets: | |||||||
Cash and equivalents | 0 | 0 | 0 | 0 | 0 | ||
Short-term investments(a) | 75,965,000 | 0 | 75,965,000 | 0 | 223,900,000 | ||
Available-for-sale Securities, Noncurrent | 75,721,000 | 302,091,000 | 75,721,000 | 302,091,000 | 71,772,000 | ||
Cost-method Investments, Aggregate Carrying Amount, Not Evaluated for Impairment | 0 | 0 | 0 | 0 | 0 | ||
Notes Receivable, Fair Value Disclosure | 44,431,000 | 45,930,000 | 44,431,000 | 45,930,000 | 33,311,000 | ||
Total assets | 196,117,000 | 348,021,000 | 196,117,000 | 348,021,000 | 328,983,000 | ||
Other Liabilities, Fair Value Disclosure | 0 | 891,000 | 0 | 891,000 | 561,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | $ 891,000 | 0 | $ 891,000 | 561,000 | ||
Fair Value, Inputs, Level 3 [Member] | |||||||
Assets: | |||||||
Cost-method Investments, Aggregate Carrying Amount, Not Evaluated for Impairment | 7,250,000 | 7,250,000 | 6,000,000 | ||||
Total assets | 7,250,000 | 7,250,000 | $ 6,000,000 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 58,923,000 | 58,923,000 | |||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | |||||||
Commitments and Contingencies | $ 58,923,000 | $ 58,923,000 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) $ in Millions | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Credit Facility [Abstract] | |||
Credit Facility, available capacity | $ 100 | $ 100 | $ 50 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 |
Letter of Credit Agreement (Det
Letter of Credit Agreement (Details) - USD ($) $ in Millions | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Letter of Credit [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 4.9 | $ 7.1 | $ 4.2 |
Restricted Cash and Investments, Current | 5.3 | $ 7.7 | $ 4.7 |
Letter of Credit Agreement, Maximum Borrowing Capacity | $ 50 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Property and equipment [Abstract]: | |||
Land | $ 1,110 | $ 1,110 | $ 1,110 |
Furniture, fixtures and equipment | 412,801 | 385,780 | 368,886 |
Capitalized Computer Software, Gross | 134,562 | 120,567 | 117,393 |
Buildings, building and leasehold improvements | 404,806 | 385,861 | 379,176 |
Total property and equipment | 953,279 | 893,318 | 866,565 |
Accumulated depreciation and amortization | (572,061) | (519,077) | (502,312) |
Property and equipment, net | $ 381,218 | $ 374,241 | $ 364,253 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Payables and Accruals [Line Items] | |||
Gift cards and merchandise credits | $ 36,455 | $ 43,446 | $ 34,016 |
Compensation | 23,872 | 8,042 | 14,712 |
Taxes | 29,658 | 17,004 | 21,122 |
Customer loyalty program | 11,914 | 10,084 | 13,455 |
Other accrued expenses (1) | 41,754 | 29,224 | 34,590 |
Total accrued expenses | $ 143,653 | $ 107,800 | $ 117,895 |
Non-Current Liabilities (Detail
Non-Current Liabilities (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Other Liabilities Disclosure [Abstract] | |||
Construction and tenant allowances | $ 90,359 | $ 86,777 | $ 88,257 |
Deferred rent | 38,218 | 37,650 | 38,056 |
Other non-current liabilities (1) | 16,077 | 16,332 | 16,521 |
Total non-current liabilities | 144,654 | $ 140,759 | $ 142,834 |
Contractual Obligation | $ 8,200 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Mar. 04, 2016 | Jan. 30, 2016 | |
Segment information [Abstract] | ||||||
Net sales | $ 696,616 | $ 665,520 | $ 2,036,827 | $ 1,948,212 | ||
Gross profit | 211,780 | 198,966 | 602,998 | 603,326 | ||
Capital Expenditures | 21,410 | 28,361 | 65,151 | 82,152 | ||
Total assets | 1,431,915 | 1,458,028 | 1,431,915 | 1,458,028 | $ 1,369,109 | |
Goodwill | 77,208 | 25,899 | 77,208 | 25,899 | 25,899 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 51,309 | 51,309 | $ 54,785 | |||
Other Segments [Member] | ||||||
Segment information [Abstract] | ||||||
Net sales | 21,326 | 0 | 55,993 | 0 | ||
Gross profit | (48) | 0 | 3,835 | 0 | ||
Capital Expenditures | 68 | 0 | 82 | 0 | ||
Total assets | 278,149 | 143,924 | 278,149 | 143,924 | 137,671 | |
Goodwill | 51,309 | 51,309 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 51,300 | 51,300 | ||||
Affiliated Business Group segment [Member] | ||||||
Segment information [Abstract] | ||||||
Net sales | 36,154 | 36,742 | 114,738 | 114,640 | ||
Gross profit | 7,850 | 8,063 | 25,880 | 23,623 | ||
Capital Expenditures | 375 | 371 | 843 | 589 | ||
Total assets | 106,879 | 117,772 | 106,879 | 117,772 | 105,259 | |
DSW [Member] | ||||||
Segment information [Abstract] | ||||||
Net sales | 639,136 | 628,778 | 1,866,096 | 1,833,572 | ||
Gross profit | 203,978 | 190,903 | 573,283 | 579,703 | ||
Capital Expenditures | 20,967 | 27,990 | 64,226 | 81,563 | ||
Total assets | 1,046,887 | $ 1,196,332 | 1,046,887 | $ 1,196,332 | $ 1,126,179 | |
Goodwill | 25,899 | 25,899 | ||||
DSW [Member] | ||||||
Segment information [Abstract] | ||||||
Goodwill | $ 25,900 | $ 25,900 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Effective Income Tax Rate, Continuing Operations | 39.70% | 39.40% | 39.10% | 38.30% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Oct. 29, 2016USD ($) |
Contractual Obligations [Abstract] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 1.3 |
New store locations for which lease agreements signed, number | 21 |
Operating Leases, future minimum payments due, current, new stores | $ 11.6 |
Incentive to Lessee | $ 8.6 |
Commitments and Contingencies G
Commitments and Contingencies Guarantees Related to Discontinued Operations (Details) $ in Millions | 3 Months Ended |
May 02, 2015USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |
Receipt of cash from bankruptcy claim | $ 2 |
Subsequent Events Dividend Decl
Subsequent Events Dividend Declaration (Details) | 9 Months Ended |
Oct. 29, 2016$ / shares | |
Subsequent Events [Abstract] | |
Common Stock, Dividends, Per Share, Declared | $ 0.20 |
Dividends Payable, Date to be Paid | Dec. 30, 2016 |
Dividends Payable, Date of Record | Dec. 16, 2016 |
Subsequent Events Share Repurch
Subsequent Events Share Repurchase Program (Details) - USD ($) $ in Thousands, shares in Millions | Oct. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 |
Subsequent Event [Line Items] | |||
Stock Repurchased During Period, Value | $ 42,698 | $ 63,062 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock Repurchased During Period, Shares | 0.4 | ||
Stock Repurchased During Period, Value | $ 7,300 | ||
Stock Repurchase Program, Authorized Amount | 12.6 | ||
Treasury Stock, Common, Value | $ 316,500 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 33,500 |