Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
2-May-15 | 29-May-15 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CALERES INC | |
Entity Central Index Key | 14707 | |
Current Fiscal Year End Date | -29 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 2-May-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 43,742,093 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Current assets | |||
Cash and cash equivalents | $66,330 | $67,403 | $36,668 |
Receivables, net | 126,512 | 136,646 | 105,746 |
Inventories, net | 498,513 | 543,103 | 512,811 |
Prepaid expenses and other current assets | 41,003 | 43,744 | 37,913 |
Total current assets | 732,358 | 790,896 | 693,138 |
Other assets | 144,309 | 141,586 | 136,256 |
Goodwill | 13,954 | 13,954 | 13,954 |
Intangible assets, net | 119,703 | 120,633 | 123,796 |
Property and equipment | 442,273 | 438,696 | 428,454 |
Allowance for depreciation | -288,923 | -288,953 | -286,636 |
Net property and equipment | 153,350 | 149,743 | 141,818 |
Total assets | 1,163,674 | 1,216,812 | 1,108,962 |
Current liabilities | |||
Trade accounts payable | 172,116 | 215,921 | 195,703 |
Other accrued expenses | 158,700 | 181,162 | 141,718 |
Total current liabilities | 330,816 | 397,083 | 337,421 |
Other liabilities | |||
Long-term debt | 199,244 | 199,197 | 199,057 |
Deferred rent | 41,441 | 39,742 | 37,368 |
Other liabilities | 37,853 | 39,168 | 42,345 |
Total other liabilities | 278,538 | 278,107 | 278,770 |
Equity | |||
Common stock | 437 | 437 | 437 |
Additional paid-in capital | 134,373 | 138,957 | 133,916 |
Accumulated other comprehensive income | 3,672 | 2,712 | 17,153 |
Retained earnings | 414,992 | 398,804 | 340,567 |
Total Caleres, Inc. shareholders’ equity | 553,474 | 540,910 | 492,073 |
Noncontrolling interests | 846 | 712 | 698 |
Total equity | 554,320 | 541,622 | 492,771 |
Total liabilities and equity | $1,163,674 | $1,216,812 | $1,108,962 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Earnings (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
Net sales | $602,283 | $591,162 |
Cost of goods sold | 353,757 | 348,821 |
Gross profit | 248,526 | 242,341 |
Selling and administrative expenses | 218,190 | 213,615 |
Operating earnings | 30,336 | 28,726 |
Interest expense | -4,463 | -5,306 |
Interest income | 304 | 76 |
Earnings before income taxes | 26,177 | 23,496 |
Income tax provision | -6,786 | -8,020 |
Net earnings | 19,391 | 15,476 |
Net earnings attributable to noncontrolling interests | 130 | 47 |
Net earnings attributable to Caleres, Inc. | $19,261 | $15,429 |
Basic earnings (loss) per common share: | ||
Basic earnings per common share attributable to Caleres, Inc. shareholders (in dollars per share) | $0.44 | $0.35 |
Diluted earnings (loss) per common share: | ||
Diluted earnings per common share attributable to Brown Shoe Company, Inc. shareholders (in dollars per share) | $0.44 | $0.35 |
Dividends per common share | $0.07 | $0.07 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Earnings (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
Earnings (loss) from discontinued operations, tax benefit | $0 | |
Disposition/impairment of discontinued operations, tax | $0 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $19,391 | $15,476 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | 1,392 | 887 |
Pension and other postretirement benefits adjustments | -215 | -23 |
Derivative financial instruments | -217 | -387 |
Other comprehensive income, net of tax | 477 | |
Comprehensive income | 20,351 | 15,953 |
Comprehensive income attributable to noncontrolling interests | 134 | 35 |
Comprehensive income attributable to Caleres, Inc. | $20,217 | $15,918 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net earnings | $19,391 | $15,476 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 8,558 | 8,484 |
Amortization of capitalized software | 3,094 | 3,235 |
Amortization of intangible assets | 930 | 988 |
Amortization of debt issuance costs and debt discount | 301 | 628 |
Share-based compensation expense | 1,687 | 1,555 |
Tax benefit related to share-based plans | -2,401 | -1,769 |
Loss on disposal of facilities and equipment | 213 | 319 |
Impairment charges for facilities and equipment | 374 | 291 |
Deferred rent | 1,699 | -1,225 |
Provision for doubtful accounts | -88 | 56 |
Changes in operating assets and liabilities, net of dispositions: | ||
Receivables | 10,224 | 23,385 |
Inventories | 45,312 | 35,144 |
Prepaid expenses and other current and noncurrent assets | -2,365 | -1,917 |
Trade accounts payable | -43,918 | -31,081 |
Accrued expenses and other liabilities | -21,468 | -16,694 |
Other, net | 371 | -492 |
Net cash provided by operating activities | 21,914 | 36,383 |
Investing Activities | ||
Purchases of property and equipment | -12,905 | -7,381 |
Capitalized software | -955 | -1,245 |
Acquisition of trademarks | 0 | -65,065 |
Net cash used for investing activities | -13,860 | -73,691 |
Financing Activities | ||
Borrowings under revolving credit agreement | 86,000 | 251,000 |
Repayments under revolving credit agreement | -86,000 | -258,000 |
Dividends paid | -3,073 | -3,053 |
Treasury Stock, Value | 4,921 | |
Issuance of common stock under share-based plans, net | -3,751 | -803 |
Tax benefit related to share-based plans | 2,401 | 1,769 |
Net cash used for financing activities | -9,344 | -9,087 |
Effect of exchange rate changes on cash and cash equivalents | 217 | 517 |
Decrease in cash and cash equivalents | -1,073 | -45,878 |
Cash and cash equivalents at beginning of period | 67,403 | 82,546 |
Cash and cash equivalents at end of period | $66,330 | $36,668 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended | |
2-May-15 | ||
Accounting Policies [Abstract] | ||
Basis Of Presentation | ||
Note 1 | Basis of Presentation | |
On May 28, 2015, the shareholders of Brown Shoe Company, Inc. approved a rebranding initiative that changed the name of the company to Caleres, Inc. (the "Company"). The Company's stock trades on the New York Stock Exchange under the ticker symbol "CAL". | ||
The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the United States Securities and Exchange Commission (“SEC”) and reflect all adjustments and accruals of a normal recurring nature, which management believes are necessary to present fairly the financial position, results of operations, comprehensive income and cash flows of Caleres, Inc. These statements, however, do not include all information and footnotes necessary for a complete presentation of the Company's consolidated financial position, results of operations, comprehensive income and cash flows in conformity with accounting principles generally accepted in the United States. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries, after the elimination of intercompany accounts and transactions. | ||
The Company’s business is seasonal in nature due to consumer spending patterns, with higher back-to-school and Christmas holiday season sales. Traditionally, the third fiscal quarter accounts for a substantial portion of the Company’s earnings for the year. Interim results may not necessarily be indicative of results which may be expected for any other interim period or for the year as a whole. | ||
Certain prior period amounts in the condensed consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications did not affect net earnings attributable to Caleres, Inc. | ||
For further information, refer to the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended January 31, 2015. |
Impact_Of_New_Accounting_Prono
Impact Of New Accounting Pronouncements | 3 Months Ended | |
2-May-15 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
Impact Of New Accounting Pronouncements | ||
Note 2 | Impact of New Accounting Pronouncements | |
In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized, based upon the core principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption prohibited. The Company is currently evaluating the impact of the adoption of this ASU on its condensed consolidated financial statements. | ||
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented as a direct deduction from the associated debt liability in the balance sheet, consistent with the presentation of debt discounts. The amortization of debt issuance costs will continue to be reported as interest expense in the statement of earnings. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. The ASU, which is to be applied on a retrospective basis and reported as a change in accounting principle, is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. ASU 2015-03 will not affect the Company’s results of operations or cash flows, but it will require the Company to reclassify its deferred financing costs from other assets to borrowings under revolving credit agreement and long-term debt on a retrospective basis. | ||
In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy investments for which fair values are estimated using the net asset value practical expedient provided by ASC 820, Fair Value Measurement. Disclosures about investments in certain entities that calculate net asset value per share are limited under ASU 2015-07 to those investments for which the entity has elected to estimate the fair value using the net asset value practical expedient. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with retrospective application to all periods presented. Early application is permitted. The Company is currently evaluating the impact of the adoption of this ASU on its condensed consolidated financial statements. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |
2-May-15 | ||
Discontinued Operations and Disposal Groups [Abstract] | ||
Discontinued Operations | ||
Note 3 | Dispositions | |
On December 12, 2014, Caleres Investment Company, Inc. ("CIC") (formerly known as Brown Shoe Investment Company, Inc.), the sole shareholder of Shoes.com, Inc. ("Shoes.com"), simultaneously entered into and closed a Stock Purchase Agreement by and among CIC and an affiliate of ShoeMe Technologies Limited ("the Purchaser"), pursuant to which the Purchaser acquired all of the outstanding capital stock, inventory and other assets of Shoes.com from CIC and the Company agreed to provide certain transition services. The aggregate purchase price of the sale was $15.0 million, subject to working capital and other adjustments. The Company received $4.4 million in cash and a $7.5 million face value secured convertible note ("convertible note") at closing, from the sale of stock, the sale of inventory and other assets, and the provision of transitional services, less working capital adjustments. The convertible note requires installments over four years with the first payment of $1.25 million due on July 1, 2017 and quarterly installments of $0.6 million thereafter, plus accrued interest, until it matures on December 12, 2019. Interest accrues at an annual rate of 6% until December 11, 2016, 7% until December 11, 2017, 8% until December 11, 2018, and 9% until the maturity date. The principal and outstanding accrued interest is convertible into common stock of the Purchaser at a conversion price of CAD 21.50 per share, at the Company's option, or automatically upon a qualified initial public offering ("IPO") by the Purchaser at the IPO price. The fair value of the convertible note of $7.0 million at May 2, 2015 is included in other assets on the condensed consolidated balance sheets. | ||
The operating results of Shoes.com were included in the Famous Footwear segment in continuing operations through December 12, 2014. The operations of Shoes.com were not significant to the Famous Footwear segment or the Company's financial results. In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which the Company adopted during the third quarter of 2014, the financial position and operating results of Shoes.com have not been classified as a discontinued operation as the disposition did not represent a strategic shift resulting in a major impact on the Company's operations or financial results. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 3 Months Ended | ||||||
2-May-15 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings (Loss) Per Share | |||||||
Note 4 | Earnings Per Share | ||||||
The Company uses the two-class method to compute basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of the Company. The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders for the periods ended May 2, 2015 and May 3, 2014: | |||||||
Thirteen Weeks Ended | |||||||
($ thousands, except per share amounts) | May 2, 2015 | May 3, 2014 | |||||
NUMERATOR | |||||||
Net earnings | $ | 19,391 | $ | 15,476 | |||
Net earnings attributable to noncontrolling interests | (130 | ) | (47 | ) | |||
Net earnings allocated to participating securities | (654 | ) | (592 | ) | |||
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ | 18,607 | $ | 14,837 | |||
DENOMINATOR | |||||||
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders | 42,313 | 41,887 | |||||
Dilutive effect of share-based awards | 145 | 229 | |||||
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders | 42,458 | 42,116 | |||||
Basic earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.44 | $ | 0.35 | |||
Diluted earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.44 | $ | 0.35 | |||
Options to purchase 62,997 and 74,997 shares of common stock for the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively, were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders because the effect would be anti-dilutive. |
Restructuring_And_Other_Initia
Restructuring And Other Initiatives | 3 Months Ended | |||||||||
2-May-15 | ||||||||||
Restructuring Charges [Abstract] | ||||||||||
Restructuring And Other Initiatives | ||||||||||
Note 5 | Restructuring and Other Initiatives | |||||||||
Portfolio Realignment | ||||||||||
The Company's portfolio realignment efforts included the sale of American Sporting Goods Corporation; the sale of the AND 1 division; exiting certain women's specialty and private label brands; exiting the children's wholesale business; the sale and closure of sourcing and supply chain assets; closing or relocating numerous underperforming or poorly aligned retail stores; the termination of the Etienne Aigner license agreement; the election not to renew the Vera Wang license in accordance with agreement terms; and other infrastructure changes. These portfolio realignment efforts began in 2011 and were completed in 2013. | ||||||||||
Following is a summary of the settlements by category of costs. The Company expects all portfolio realignment costs to be settled by the end of fiscal 2016. | ||||||||||
($ millions) | Employee | Facility | Total | |||||||
Reserve balance at February 1, 2014 | $ | 1 | $ | 1.4 | $ | 2.4 | ||||
Amounts settled in first quarter 2014 | (0.4 | ) | (0.1 | ) | (0.5 | ) | ||||
Reserve balance at May 3, 2014 | $ | 0.6 | $ | 1.3 | $ | 1.9 | ||||
Additional settlements in 2014 | (0.5 | ) | (0.3 | ) | (0.8 | ) | ||||
Reserve balance at January 31, 2015 | $ | 0.1 | $ | 1 | $ | 1.1 | ||||
Amounts settled in first quarter 2015 | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||
Reserve balance at May 2, 2015 | $ | — | $ | 0.9 | $ | 0.9 | ||||
Business_Segment_Information
Business Segment Information | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Business Segment Information | |||||||||||||
Note 6 | Business Segment Information | ||||||||||||
During the fourth quarter of 2014, following the sale of Shoes.com, the Company revised its reportable segments. This change reflects the Company's omni-channel approach to managing its branded footwear business across all distribution channels. | |||||||||||||
Following is a summary of certain key financial measures for the Company’s business segments for the periods ended May 2, 2015 and May 3, 2014. | |||||||||||||
Famous Footwear | Brand Portfolio | ||||||||||||
($ thousands) | Other | Total | |||||||||||
Thirteen Weeks Ended May 2, 2015 | |||||||||||||
External sales | $ | 360,020 | $ | 242,263 | $ | — | $ | 602,283 | |||||
Intersegment sales | — | 17,326 | — | 17,326 | |||||||||
Operating earnings (loss) | 27,960 | 11,060 | (8,684 | ) | 30,336 | ||||||||
Segment assets | 486,585 | 450,600 | 226,489 | 1,163,674 | |||||||||
Thirteen Weeks Ended May 3, 2014 | |||||||||||||
External sales | $ | 366,726 | $ | 224,436 | $ | — | $ | 591,162 | |||||
Intersegment sales | — | 20,550 | — | 20,550 | |||||||||
Operating earnings (loss) | 26,730 | 11,203 | (9,207 | ) | 28,726 | ||||||||
Segment assets | 515,852 | 459,304 | 133,806 | 1,108,962 | |||||||||
The Other category includes corporate assets, administrative expenses and other costs and recoveries, which are not allocated to the operating segments. | |||||||||||||
Following is a reconciliation of operating earnings to earnings before income taxes: | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
($ thousands) | May 2, 2015 | May 3, 2014 | |||||||||||
Operating earnings | $ | 30,336 | $ | 28,726 | |||||||||
Interest expense | (4,463 | ) | (5,306 | ) | |||||||||
Interest income | 304 | 76 | |||||||||||
Earnings before income taxes | $ | 26,177 | $ | 23,496 | |||||||||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 3 Months Ended | |||||||||
2-May-15 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||
Goodwill And Intangible Assets | ||||||||||
Note 7 | Goodwill and Intangible Assets | |||||||||
Goodwill and intangible assets were attributable to the Company's operating segments as follows: | ||||||||||
($ thousands) | May 2, 2015 | May 3, 2014 | January 31, 2015 | |||||||
Intangible Assets | ||||||||||
Famous Footwear | $ | 2,800 | $ | 3,000 | $ | 2,800 | ||||
Brand Portfolio | 183,068 | 183,068 | 183,068 | |||||||
Total intangible assets | 185,868 | 186,068 | 185,868 | |||||||
Accumulated amortization | (66,165 | ) | (62,272 | ) | (65,235 | ) | ||||
Total intangible assets, net | 119,703 | 123,796 | 120,633 | |||||||
Goodwill | ||||||||||
Brand Portfolio | 13,954 | 13,954 | 13,954 | |||||||
Total goodwill | 13,954 | 13,954 | 13,954 | |||||||
Goodwill and intangible assets, net | $ | 133,657 | $ | 137,750 | $ | 134,587 | ||||
Intangible assets consist primarily of owned and licensed trademarks, of which $20.8 million as of May 2, 2015 and January 31, 2015 and $21.0 million as of May 3, 2014, are not subject to amortization. The remaining intangible assets are subject to amortization and have useful lives ranging from 15 to 40 years as of May 2, 2015. Amortization expense related to intangible assets was $0.9 million and $1.0 million for the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively. | ||||||||||
On February 3, 2014, the Company entered into and simultaneously closed an Asset Purchase Agreement (the “Asset Purchase Agreement”), pursuant to which the Company acquired the Franco Sarto trademarks. As consideration, the Company paid a cash purchase price of $65.0 million at the time of closing. As a result of entering into and closing the Asset Purchase Agreement, the Company’s license agreement, granting the Company the right to sell footwear and other products using the Franco Sarto trademarks through 2019, was terminated. The purchase price of $65.0 million, as well as transaction costs of $0.1 million, are being amortized over its useful life of 40 years. | ||||||||||
In December 2014, in conjunction with the disposition of Shoes.com as further described in Note 3 to the condensed consolidated financial statements, the Company sold intangible assets with a carrying value of $0.2 million. The intangible assets were previously included in the Famous Footwear segment. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Shareholders' Equity | |||||||||||||
Note 8 | Shareholders’ Equity | ||||||||||||
The following tables set forth the changes in Caleres, Inc. shareholders’ equity and noncontrolling interests for the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively: | |||||||||||||
($ thousands) | Caleres, Inc. Shareholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||
Equity at January 31, 2015 | $ | 540,910 | $ | 712 | $ | 541,622 | |||||||
Net earnings | 19,261 | 130 | 19,391 | ||||||||||
Other comprehensive income | 960 | 4 | 964 | ||||||||||
Dividends paid | (3,073 | ) | — | (3,073 | ) | ||||||||
Acquisition of treasury stock | (4,921 | ) | — | (4,921 | ) | ||||||||
Issuance of common stock under share-based plans, net | (3,751 | ) | — | (3,751 | ) | ||||||||
Tax benefit related to share-based plans | 2,401 | — | 2,401 | ||||||||||
Share-based compensation expense | 1,687 | — | 1,687 | ||||||||||
Equity at May 2, 2015 | $ | 553,474 | $ | 846 | $ | 554,320 | |||||||
($ thousands) | Caleres, Inc. Shareholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||
Equity at February 1, 2014 | $ | 476,699 | $ | 663 | $ | 477,362 | |||||||
Net earnings | 15,429 | 47 | 15,476 | ||||||||||
Other comprehensive income (loss) | 477 | (12 | ) | 465 | |||||||||
Dividends paid | (3,053 | ) | — | (3,053 | ) | ||||||||
Issuance of common stock under share-based plans, net | (803 | ) | — | (803 | ) | ||||||||
Tax benefit related to share-based plans | 1,769 | — | 1,769 | ||||||||||
Share-based compensation expense | 1,555 | — | 1,555 | ||||||||||
Equity at May 3, 2014 | $ | 492,073 | $ | 698 | $ | 492,771 | |||||||
Accumulated Other Comprehensive Income | |||||||||||||
The following table sets forth the changes in accumulated other comprehensive income by component for the thirteen weeks ended May 2, 2015 and May 3, 2014: | |||||||||||||
($ thousands) | Foreign Currency Translation | Pension and Other Postretirement Transactions (1) | Derivative Financial Instrument Transactions (2) | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance January 31, 2015 | $ | (745 | ) | $ | 3,233 | $ | 224 | $ | 2,712 | ||||
Other comprehensive income (loss) before reclassifications, net of tax | 1,392 | — | (260 | ) | 1,132 | ||||||||
Reclassifications: | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (357 | ) | 71 | (286 | ) | |||||||
Tax provision (benefit) | — | 142 | (28 | ) | 114 | ||||||||
Net reclassifications | — | (215 | ) | 43 | (172 | ) | |||||||
Other comprehensive income (loss) | 1,392 | (215 | ) | (217 | ) | 960 | |||||||
Balance May 2, 2015 | $ | 647 | $ | 3,018 | $ | 7 | $ | 3,672 | |||||
Balance February 1, 2014 | $ | 2,356 | $ | 13,582 | $ | 738 | $ | 16,676 | |||||
Other comprehensive income (loss) before reclassifications | 887 | — | (333 | ) | 554 | ||||||||
Reclassifications: | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (42 | ) | (78 | ) | (120 | ) | ||||||
Tax provision | — | 19 | 24 | 43 | |||||||||
Net reclassifications | — | (23 | ) | (54 | ) | (77 | ) | ||||||
Other comprehensive income (loss) | 887 | (23 | ) | (387 | ) | 477 | |||||||
Balance May 3, 2014 | $ | 3,243 | $ | 13,559 | $ | 351 | $ | 17,153 | |||||
-1 | Amounts reclassified are included in selling and administrative expenses. See Note 10 to the condensed consolidated financial statements for additional information related to pension and other postretirement benefits. | ||||||||||||
-2 | Amounts reclassified are included in costs of goods sold and selling and administrative expenses. See Note 11 and 12 to the condensed consolidated financial statements for additional information related to derivative financial instruments. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | |
2-May-15 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-Based Compensation | ||
Note 9 | Share-Based Compensation | |
The Company recognized share-based compensation expense of $1.7 million and $1.6 million during the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively. | ||
The Company issued 344,679 and 452,125 shares of common stock during the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively, for stock-based awards, stock options exercised and directors' fees. | ||
During the thirteen weeks ended May 2, 2015 and May 3, 2014, the Company granted 285,421 and 270,910 restricted shares, respectively, to certain employees with weighted-average grant date fair values of $30.06 and $28.18, respectively. Of the 285,421 restricted shares granted during the thirteen weeks ended May 2, 2015, 272,921 of the shares will vest in four years and 12,500 of the shares will vest in five years. Of the 270,910 restricted shares granted during the thirteen weeks ended May 3, 2014, 269,110 of the shares vest in four years and the remaining 1,800 restricted shares vested in one year. Share-based compensation expense is recognized on a straight-line basis over the respective vesting periods. During the thirteen weeks ended May 2, 2015 and May 3, 2014, the Company canceled 34,850 and zero shares of restricted stock awards, respectively, as a result of forfeitures. | ||
During the thirteen weeks ended May 2, 2015, the Company granted performance share awards for a targeted 177,921 shares with a weighted-average grant date fair value of $30.12. During the thirteen weeks ended May 3, 2014, the Company granted performance share awards for a targeted 88,185 units with a weighted-average grant date fair value of $28.18. Vesting of performance-based awards is dependent upon the financial performance of the Company and the attainment of certain financial goals during the next three years. At the end of the vesting period, the employee will have earned an amount of shares or units between 0% and 200% of the targeted award, depending on the achievement of specified financial goals for the service period. Compensation expense is being recognized based on the fair value of the award and the anticipated number of units to be awarded in accordance with the vesting schedule of the units over the three-year service period. The performance share units are settled in cash and their fair value is based on the unadjusted quoted market price for the Company’s common stock on each measurement date. | ||
During the thirteen weeks ended May 2, 2015, the Company granted 16,667 stock options with a weighted-average grant date fair value of $29.18. Of the 16,667 stock options granted, 8,333 will vest in four years and 8,334 will vest in five years. | ||
The Company also granted 704 and 910 restricted stock units to non-employee directors during the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively, with weighted-average grant date fair values of $32.30 and $26.63, respectively. All restricted stock units for dividend equivalents vested immediately and compensation expense was fully recognized during the thirteen weeks ended May 2, 2015 and May 3, 2014. |
Retirement_And_Other_Benefit_P
Retirement And Other Benefit Plans | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Retirement And Other Benefit Plans | |||||||||||||
Note 10 | Retirement and Other Benefit Plans | ||||||||||||
The following tables set forth the components of net periodic benefit (income) cost for the Company, including domestic and Canadian plans: | |||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | ||||||||||||
($ thousands) | May 2, 2015 | May 3, 2014 | May 2, 2015 | May 3, 2014 | |||||||||
Service cost | $ | 3,329 | $ | 2,587 | $ | — | $ | — | |||||
Interest cost | 3,586 | 3,556 | 15 | 13 | |||||||||
Expected return on assets | (7,655 | ) | (6,184 | ) | — | — | |||||||
Amortization of: | |||||||||||||
Actuarial loss (gain) | 166 | 35 | (48 | ) | (85 | ) | |||||||
Prior service (income) expense | (475 | ) | 8 | — | — | ||||||||
Total net periodic benefit (income) cost | $ | (1,049 | ) | $ | 2 | $ | (33 | ) | $ | (72 | ) | ||
Risk_Management_And_Derivative
Risk Management And Derivatives | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||
Risk Management And Derivatives | |||||||||||||
Note 11 | Risk Management and Derivatives | ||||||||||||
In the normal course of business, the Company’s financial results are impacted by currency rate movements in foreign currency denominated assets, liabilities and cash flows as it makes a portion of its purchases and sales in local currencies. The Company has established policies and business practices that are intended to mitigate a portion of the effect of these exposures. The Company uses derivative financial instruments, primarily forward contracts, to manage its currency exposures. These derivative instruments are viewed as risk management tools and are not used for trading or speculative purposes. Derivatives entered into by the Company are designated as cash flow hedges of forecasted foreign currency transactions. | |||||||||||||
Derivative financial instruments expose the Company to credit and market risk. The market risk associated with these instruments resulting from currency exchange movements is expected to offset the market risk of the underlying transactions being hedged. The Company does not believe there is a significant risk of loss in the event of non-performance by the counterparties associated with these instruments because these transactions are executed with major financial institutions and have varying maturities through April 2016. Credit risk is managed through the continuous monitoring of exposures to such counterparties. | |||||||||||||
The Company’s hedging strategy principally uses foreign currency forward contracts as cash flow hedges, which are recorded in the condensed consolidated balance sheet at fair value, to offset a portion of the effects of exchange rate fluctuations. The Company’s cash flow exposures include anticipated foreign currency transactions, such as foreign currency denominated sales, costs, expenses, and intercompany charges, as well as collections and payments. The effective portion of gains and losses resulting from changes in the fair value of these hedge instruments are deferred in accumulated other comprehensive income and reclassified to earnings in the period that the hedged transaction is recognized in earnings. The Company performs a quarterly assessment of the effectiveness of the hedge relationship and measures and recognizes any hedge ineffectiveness in the condensed consolidated statement of earnings. | |||||||||||||
Hedge ineffectiveness is evaluated using the hypothetical derivative method. The amount of hedge ineffectiveness for the thirteen weeks ended May 2, 2015 and May 3, 2014 was not material. | |||||||||||||
As of May 2, 2015, May 3, 2014 and January 31, 2015, the Company had forward contracts maturing at various dates through April 2016, May 2015 and January 2016, respectively. The contract notional amount represents the net amount of all purchase and sale contracts of a foreign currency. | |||||||||||||
Contract Notional Amount | |||||||||||||
(U.S. $ equivalent in thousands) | May 2, 2015 | May 3, 2014 | January 31, 2015 | ||||||||||
Financial Instruments | |||||||||||||
U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) | $ | 17,635 | $ | 22,369 | $ | 19,633 | |||||||
Chinese yuan | 10,978 | 14,386 | 14,512 | ||||||||||
Euro | 16,449 | 14,284 | 16,152 | ||||||||||
Japanese yen | 1,483 | 1,625 | 1,523 | ||||||||||
New Taiwanese dollars | 528 | 524 | 599 | ||||||||||
Other currencies | 932 | 794 | 970 | ||||||||||
Total financial instruments | $ | 48,005 | $ | 53,982 | $ | 53,389 | |||||||
The classification and fair values of derivative instruments designated as hedging instruments included within the condensed consolidated balance sheets as of May 2, 2015, May 3, 2014 and January 31, 2015 are as follows: | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
($ thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||
Foreign exchange forward contracts: | |||||||||||||
May 2, 2015 | Prepaid expenses and other current assets | $ | 973 | Other accrued expenses | $ | 1,032 | |||||||
May 3, 2014 | Prepaid expenses and other current assets | 446 | Other accrued expenses | 364 | |||||||||
January 31, 2015 | Prepaid expenses and other current assets | 1,863 | Other accrued expenses | 1,784 | |||||||||
For the thirteen weeks ended May 2, 2015 and May 3, 2014, the effect of derivative instruments in cash flow hedging relationships on the condensed consolidated statements of earnings was as follows: | |||||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | ||||||||||||
($ thousands) | May 2, 2015 | May 3, 2014 | |||||||||||
Foreign exchange forward contracts: | Gain (Loss) Recognized in OCI on Derivatives | Gain (Loss) Reclassified from Accumulated OCI into Earnings | (Loss) Gain Recognized in OCI on Derivatives | Gain Reclassified from Accumulated OCI into Earnings | |||||||||
Income Statement Classification Gains (Losses) - Realized | |||||||||||||
Net sales | $ | 25 | $ | 54 | $ | (7 | ) | $ | 13 | ||||
Cost of goods sold | (201 | ) | (129 | ) | 19 | 53 | |||||||
Selling and administrative expenses | (88 | ) | 4 | (456 | ) | 12 | |||||||
Interest expense | (22 | ) | — | (11 | ) | — | |||||||
All gains and losses currently included within accumulated other comprehensive income associated with the Company’s foreign exchange forward contracts are expected to be reclassified into net earnings within the next 12 months. Additional information related to the Company’s derivative financial instruments are disclosed within Note 12 to the condensed consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||
2-May-15 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
Note 12 | Fair Value Measurements | ||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||
FASB guidance on fair value measurements and disclosures specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (“observable inputs”) or reflect the Company’s own assumptions of market participant valuation (“unobservable inputs”). In accordance with the fair value guidance, the hierarchy is broken down into three levels based on the reliability of the inputs as follows: | |||||||||||||||||||
• | Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||||||||||||||||
• | Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; | ||||||||||||||||||
• | Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||||||||
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk. Classification of the financial or non-financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | |||||||||||||||||||
Measurement of Fair Value | |||||||||||||||||||
The Company measures fair value as an exit price, the price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date, using the procedures described below for all financial and non-financial assets and liabilities measured at fair value. | |||||||||||||||||||
Money Market Funds | |||||||||||||||||||
The Company has cash equivalents consisting of short-term money market funds backed by U.S. Treasury securities. The primary objective of these investing activities is to preserve the Company’s capital for the purpose of funding operations. The Company does not enter into money market funds for trading or speculative purposes. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1). | |||||||||||||||||||
Deferred Compensation Plan Assets and Liabilities | |||||||||||||||||||
The Company maintains a non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for the benefit of certain management employees. The investment funds offered to the participant generally correspond to the funds offered in the Company’s 401(k) plan, and the account balance fluctuates with the investment returns on those funds. The Deferred Compensation Plan permits the deferral of up to 50% of base salary and 100% of compensation received under the Company’s annual incentive plan. The deferrals are held in a separate trust, which has been established by the Company to administer the Deferred Compensation Plan. The assets of the trust are subject to the claims of the Company’s creditors in the event that the Company becomes insolvent. Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a “Rabbi Trust”). The liabilities of the Deferred Compensation Plan are presented in other accrued expenses and the assets held by the trust are classified as trading securities within prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets. Changes in deferred compensation plan assets and liabilities are charged to selling and administrative expenses. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1). | |||||||||||||||||||
Deferred Compensation Plan for Non-Employee Directors | |||||||||||||||||||
Non-employee directors are eligible to participate in a deferred compensation plan with deferred amounts valued as if invested in the Company’s common stock through the use of phantom stock units (“PSUs”). Under the plan, each participating director’s account is credited with the number of PSUs that is equal to the number of shares of the Company’s common stock which the participant could purchase or receive with the amount of the deferred compensation, based upon the average of the high and low prices of the Company’s common stock on the last trading day of the fiscal quarter when the cash compensation was earned. Dividend equivalents are paid on PSUs at the same rate as dividends on the Company’s common stock and are re-invested in additional PSUs at the next fiscal quarter-end. The liabilities of the plan are based on the fair value of the outstanding PSUs and are presented in other liabilities in the accompanying condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of the PSUs are presented in selling and administrative expenses in the Company’s condensed consolidated statement of earnings. The fair value of each PSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). | |||||||||||||||||||
Restricted Stock Units for Non-Employee Directors | |||||||||||||||||||
Under the Company’s incentive compensation plans, cash-equivalent restricted stock units (“RSUs”) of the Company may be granted at no cost to non-employee directors. The RSUs are subject to a vesting requirement (usually one year), earn dividend-equivalent units, and are settled in cash on the date the director terminates service or such earlier date as a director may elect, subject to restrictions, based on the then current fair value of the Company’s common stock. The fair value of each RSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Additional information related to restricted stock units for non-employee directors is disclosed in Note 9 to the condensed consolidated financial statements. | |||||||||||||||||||
Performance Share Units | |||||||||||||||||||
Under the Company’s incentive compensation plans, common stock or cash may be awarded at the end of the performance period at no cost to certain officers and key employees if certain financial goals are met. Under the plan, employees are granted performance share awards at a target number of shares or units, which generally vest over a three-year service period. At the end of the vesting period, the employee will have earned an amount of shares or units between 0% and 200% of the targeted award, depending on the achievement of specified financial goals for the service period. The fair value of each performance share unit is based on an unadjusted quoted market price of the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Additional information related to performance share units is disclosed in Note 9 to the condensed consolidated financial statements. | |||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||
The Company uses derivative financial instruments, primarily foreign exchange contracts, to reduce its exposure to market risks from changes in foreign exchange rates. These foreign exchange contracts are measured at fair value using quoted forward foreign exchange prices from counterparties corroborated by market-based pricing (Level 2). Additional information related to the Company’s derivative financial instruments is disclosed within Note 11 to the condensed consolidated financial statements. | |||||||||||||||||||
Secured Convertible Note | |||||||||||||||||||
The Company received a secured convertible note as partial consideration for the disposition of Shoes.com, as further described in Note 3 to the condensed consolidated financial statements. The convertible note is measured at fair value using unobservable inputs (Level 3). The change in fair value during the thirteen weeks ended May 2, 2015 reflects an immaterial amount of interest income. | |||||||||||||||||||
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at May 2, 2015, May 3, 2014 and January 31, 2015. The Company did not have any transfers between Level 1 and Level 2 during 2014 or the thirteen weeks ended May 2, 2015. | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
($ thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Asset (Liability) | |||||||||||||||||||
As of May 2, 2015: | |||||||||||||||||||
Cash equivalents – money market funds | $ | 50,602 | $ | 50,602 | $ | — | $ | — | |||||||||||
Non-qualified deferred compensation plan assets | 3,795 | 3,795 | — | — | |||||||||||||||
Non-qualified deferred compensation plan liabilities | (3,795 | ) | (3,795 | ) | — | — | |||||||||||||
Deferred compensation plan liabilities for non-employee directors | (2,200 | ) | (2,200 | ) | — | — | |||||||||||||
Restricted stock units for non-employee directors | (9,683 | ) | (9,683 | ) | — | — | |||||||||||||
Performance share units | (2,526 | ) | (2,526 | ) | — | — | |||||||||||||
Derivative financial instruments, net | (59 | ) | — | (59 | ) | — | |||||||||||||
Secured convertible note | 7,049 | — | — | 7,049 | |||||||||||||||
As of May 3, 2014: | |||||||||||||||||||
Cash equivalents – money market funds | $ | 24 | $ | 24 | $ | — | $ | — | |||||||||||
Non-qualified deferred compensation plan assets | 2,687 | 2,687 | — | — | |||||||||||||||
Non-qualified deferred compensation plan liabilities | (2,687 | ) | (2,687 | ) | — | — | |||||||||||||
Deferred compensation plan liabilities for non-employee directors | (1,697 | ) | (1,697 | ) | — | — | |||||||||||||
Restricted stock units for non-employee directors | (8,182 | ) | (8,182 | ) | — | — | |||||||||||||
Performance share units | (507 | ) | (507 | ) | — | — | |||||||||||||
Derivative financial instruments, net | 82 | — | 82 | — | |||||||||||||||
As of January 31, 2015: | |||||||||||||||||||
Cash equivalents – money market funds | $ | 35,533 | $ | 35,533 | $ | — | $ | — | |||||||||||
Non-qualified deferred compensation plan assets | 2,904 | 2,904 | — | — | |||||||||||||||
Non-qualified deferred compensation plan liabilities | (2,904 | ) | (2,904 | ) | — | — | |||||||||||||
Deferred compensation plan liabilities for non-employee directors | (2,066 | ) | (2,066 | ) | — | — | |||||||||||||
Restricted stock units for non-employee directors | (8,857 | ) | (8,857 | ) | — | — | |||||||||||||
Performance share units | (5,147 | ) | (5,147 | ) | — | — | |||||||||||||
Derivative financial instruments, net | 79 | — | 79 | — | |||||||||||||||
Secured convertible note | 6,957 | — | — | 6,957 | |||||||||||||||
Impairment Charges | |||||||||||||||||||
The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers important that could trigger an impairment review include underperformance relative to expected historical or projected future operating results, a significant change in the manner of the use of the asset, or a negative industry or economic trend. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the aforementioned factors, impairment is measured based on a projected discounted cash flow method. Certain factors, such as estimated store sales and expenses, used for this nonrecurring fair value measurement are considered Level 3 inputs as defined by FASB ASC 820, Fair Value Measurement. Long-lived assets held and used with a carrying amount of $86.4 million were assessed for indicators of impairment and written down to their fair value, resulting in impairment charges of $0.4 million for the thirteen weeks ended May 2, 2015. Of the $0.4 million impairment charge included in selling and administrative expenses, $0.3 million related to the Famous Footwear segment and $0.1 million related to the Brand Portfolio segment. Long-lived assets held and used with a carrying amount of $79.0 million were assessed for indicators of impairment and written down to their fair value, resulting in impairment charges of $0.3 million for the thirteen weeks ended May 3, 2014. Of the $0.3 million impairment charge included in selling and administrative expenses, $0.2 million related to the Famous Footwear segment and $0.1 million related to the Brand Portfolio segment. | |||||||||||||||||||
Fair Value of the Company’s Other Financial Instruments | |||||||||||||||||||
The fair values of cash and cash equivalents (excluding money market funds discussed above), receivables and trade accounts payable approximate their carrying values due to the short-term nature of these instruments. | |||||||||||||||||||
May 2, 2015 | May 3, 2014 | January 31, 2015 | |||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | ||||||||||||||
($ thousands) | Amount | Value | Amount | Value | Amount | Value | |||||||||||||
Long-term debt – Senior Notes | $ | 199,244 | $ | 207,500 | $ | 199,057 | $ | 210,750 | $ | 199,197 | $ | 208,000 | |||||||
The fair value of the Company’s Senior Notes was based upon quoted prices in an inactive market as of the end of the respective periods (Level 2). |
Income_Taxes
Income Taxes | 3 Months Ended | |
2-May-15 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | ||
Note 13 | Income Taxes | |
The Company’s effective tax rate can vary considerably from period to period, depending on a number of factors. The Company’s consolidated effective tax rates were 25.9% and 34.1% for the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively. The Company recognized a discrete tax benefit of $1.6 million during the quarter, following the conversion of one of its primary operating subsidiaries to a limited liability company. As a result of that conversion, the Company now projects utilizing certain operating loss carryforwards that previously had been reserved on the Company’s condensed consolidated balance sheets. Accordingly, the Company recognized a tax benefit of $1.5 million upon the reversal of valuation allowances. The Company also recognized a tax benefit of $0.1 million related to the valuation of other deferred taxes impacted by this conversion. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |
2-May-15 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions | ||
Note 14 | Related Party Transactions | |
C. banner International Holdings Limited | ||
The Company has a joint venture agreement with a subsidiary of C. banner International Holdings Limited (“CBI”, formerly known as Hongguo International Holdings Limited) to market Naturalizer footwear in China. The Company is a 51% owner of the joint venture (“B&H Footwear”), with CBI owning the other 49%. B&H Footwear sells Naturalizer footwear to a retail affiliate of CBI on a wholesale basis, which in turn sells the Naturalizer products through department store shops and free-standing stores in China. During the thirteen weeks ended May 2, 2015 and May 3, 2014, the Company sold $2.6 million and $2.0 million, respectively, of Naturalizer footwear on a wholesale basis to CBI through its consolidated subsidiary, B&H Footwear. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended | |
2-May-15 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments And Contingencies | ||
Note 15 | Commitments and Contingencies | |
Environmental Remediation | ||
Prior operations included numerous manufacturing and other facilities for which the Company may have responsibility under various environmental laws for the remediation of conditions that may be identified in the future. The Company is involved in environmental remediation and ongoing compliance activities at several sites and has been notified that it is or may be a potentially responsible party at several other sites. | ||
Redfield | ||
The Company is remediating, under the oversight of Colorado authorities, the groundwater and indoor air at its owned facility in Colorado (the “Redfield site” or, when referring to remediation activities at or under the facility, the “on-site remediation”) and residential neighborhoods adjacent to and near the property (the “off-site remediation”) that have been affected by solvents previously used at the facility. The on-site remediation calls for the operation of a pump and treat system (which prevents migration of contaminated groundwater off the property) as the final remedy for the site, subject to monitoring and periodic review of the on-site conditions and other remedial technologies that may be developed in the future. Off-site groundwater concentrations have been reducing over time since installation of the pump and treat system in 2000 and injection of clean water beginning in 2003. However, localized areas of contaminated bedrock just beyond the property line continue to impact off-site groundwater. The modified workplan for addressing this condition includes converting the off-site bioremediation system into a monitoring well network and employing different remediation methods in these recalcitrant areas. In accordance with the workplan, a pilot test was conducted of certain groundwater remediation methods and the results of that test were used to develop more detailed plans for remedial activities in the off-site areas, which were approved by the authorities and are being implemented in a phased manner. The results of groundwater monitoring are being used to evaluate the effectiveness of these activities. The liability for the on-site remediation was discounted at 4.8%. On an undiscounted basis, the on-site remediation liability would be $15.4 million as of May 2, 2015. The Company expects to spend approximately $0.2 million in each of the next five years and $14.4 million in the aggregate thereafter related to the on-site remediation. | ||
The cumulative expenditures for both on-site and off-site remediation through May 2, 2015 were $27.2 million. The Company has recovered a portion of these expenditures from insurers and other third parties. The reserve for the anticipated future remediation activities at May 2, 2015 is $9.8 million, of which $9.1 million is recorded within other liabilities and $0.7 million is recorded within other accrued expenses. Of the total $9.8 million reserve, $5.1 million is for on-site remediation and $4.7 million is for off-site remediation. | ||
Other | ||
The Company has completed its remediation efforts at its closed New York tannery and two associated landfills. In 1995, state environmental authorities reclassified the status of these sites as being properly closed and requiring only continued maintenance and monitoring through 2024. The Company has an accrued liability of $1.3 million at May 2, 2015 to complete the cleanup, maintenance and monitoring at these sites, which has been discounted at 6.4%. Of the $1.3 million reserve, $1.1 million is recorded in other liabilities and $0.2 million is recorded in other accrued expenses. On an undiscounted basis, this liability would be $1.8 million. The Company expects to spend approximately $0.2 million in each of the next five years and $0.8 million in the aggregate thereafter related to these sites. In addition, various federal and state authorities have identified the Company as a potentially responsible party for remediation at certain other sites. However, the Company does not currently believe that its liability for such sites, if any, would be material. | ||
The Company continues to evaluate its estimated costs in conjunction with its environmental consultants and records its best estimate of such liabilities. However, future actions and the associated costs are subject to oversight and approval of various governmental authorities. Accordingly, the ultimate costs may vary, and it is possible costs may exceed the recorded amounts. | ||
Litigation | ||
The Company is involved in legal proceedings and litigation arising in the ordinary course of business. In the opinion of management, the outcome of such ordinary course of business proceedings and litigation currently pending is not expected to have a material adverse effect on the Company’s results of operations or financial position. Legal costs associated with litigation are generally expensed as incurred. | ||
During 2014, the Company signed a settlement agreement to resolve a putative class action lawsuit involving wage and hour claims in California for an amount not to exceed $1.5 million. The court has granted preliminary approval of the settlement, pursuant to which the Company will pay a minimum of $1.0 million in attorneys' fees, costs of administering the settlement and settlement payments to class members who submit claims. The ultimate amount paid to resolve the case may exceed that amount depending on the number of valid claims submitted. In the event that the settlement is not consummated, the parties will continue to litigate whether the action should proceed as a class action. The reserve for this matter as of May 2, 2015 is $1.5 million. |
Financial_Information_For_The_
Financial Information For The Company And Its Subsidiaries | 3 Months Ended | |||||||||||||||
2-May-15 | ||||||||||||||||
Financial Information For The Company And Its Subsidiaries [Abstract] | ||||||||||||||||
Financial Information For The Company And Its Subsidiaries | ||||||||||||||||
Note 16 | Financial Information for the Company and its Subsidiaries | |||||||||||||||
The Company issued senior notes, which are fully and unconditionally and jointly and severally guaranteed by all of its existing and future subsidiaries that are guarantors under its existing revolving credit facility agreement. The following table presents the consolidating financial information for each of Caleres, Inc. (“Parent”), the Guarantors, and subsidiaries of the Parent that are not Guarantors (the “Non-Guarantors”), together with consolidating eliminations, as of and for the periods indicated. The Guarantors are 100% owned by the Parent. | ||||||||||||||||
The condensed consolidating financial statements have been prepared using the equity method of accounting in accordance with the requirements for presentation of such information. Management believes that the information, presented in lieu of complete financial statements for each of the Guarantors, provides meaningful information to allow investors to determine the nature of the assets held by, and operations and cash flows of, each of the consolidated groups. | ||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF MAY 2, 2015 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Assets | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 8,528 | $ | 413 | $ | 57,389 | $ | — | $ | 66,330 | ||||||
Receivables, net | 101,968 | 1,657 | 22,887 | — | 126,512 | |||||||||||
Inventories, net | 95,948 | 396,642 | 5,923 | — | 498,513 | |||||||||||
Prepaid expenses and other current assets | 18,820 | 24,335 | 4,149 | (6,301 | ) | 41,003 | ||||||||||
Intercompany receivable – current | 1,082 | 432 | 15,800 | (17,314 | ) | — | ||||||||||
Total current assets | 226,346 | 423,479 | 106,148 | (23,615 | ) | 732,358 | ||||||||||
Other assets | 130,781 | 12,931 | 597 | — | 144,309 | |||||||||||
Goodwill and intangible assets, net | 117,226 | 16,431 | — | — | 133,657 | |||||||||||
Property and equipment, net | 34,186 | 117,144 | 2,020 | — | 153,350 | |||||||||||
Investment in subsidiaries | 998,697 | 219,134 | — | (1,217,831 | ) | — | ||||||||||
Intercompany receivable – noncurrent | 431,964 | 601,993 | 268,758 | (1,302,715 | ) | — | ||||||||||
Total assets | $ | 1,939,200 | $ | 1,391,112 | $ | 377,523 | $ | (2,544,161 | ) | $ | 1,163,674 | |||||
Liabilities and Equity | ||||||||||||||||
Current liabilities | ||||||||||||||||
Trade accounts payable | $ | 8,381 | $ | 141,613 | $ | 22,122 | $ | — | $ | 172,116 | ||||||
Other accrued expenses | 66,040 | 91,553 | 7,408 | (6,301 | ) | 158,700 | ||||||||||
Intercompany payable – current | 2,034 | 237 | 15,043 | (17,314 | ) | — | ||||||||||
Total current liabilities | 76,455 | 233,403 | 44,573 | (23,615 | ) | 330,816 | ||||||||||
Other liabilities | ||||||||||||||||
Long-term debt | 199,244 | — | — | — | 199,244 | |||||||||||
Other liabilities | 41,212 | 37,890 | 192 | — | 79,294 | |||||||||||
Intercompany payable – noncurrent | 1,068,815 | 121,122 | 112,778 | (1,302,715 | ) | — | ||||||||||
Total other liabilities | 1,309,271 | 159,012 | 112,970 | (1,302,715 | ) | 278,538 | ||||||||||
Equity | ||||||||||||||||
Caleres, Inc. shareholders’ equity | 553,474 | 998,697 | 219,134 | (1,217,831 | ) | 553,474 | ||||||||||
Noncontrolling interests | — | — | 846 | — | 846 | |||||||||||
Total equity | 553,474 | 998,697 | 219,980 | (1,217,831 | ) | 554,320 | ||||||||||
Total liabilities and equity | $ | 1,939,200 | $ | 1,391,112 | $ | 377,523 | $ | (2,544,161 | ) | $ | 1,163,674 | |||||
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THIRTEEN WEEKS ENDED MAY 2, 2015 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Net sales | $ | 192,351 | $ | 391,793 | $ | 43,462 | $ | (25,323 | ) | $ | 602,283 | |||||
Cost of goods sold | 137,594 | 206,772 | 31,773 | (22,382 | ) | 353,757 | ||||||||||
Gross profit | 54,757 | 185,021 | 11,689 | (2,941 | ) | 248,526 | ||||||||||
Selling and administrative expenses | 52,976 | 159,710 | 8,445 | (2,941 | ) | 218,190 | ||||||||||
Operating earnings | 1,781 | 25,311 | 3,244 | — | 30,336 | |||||||||||
Interest expense | (4,462 | ) | (1 | ) | — | — | (4,463 | ) | ||||||||
Interest income | 251 | 11 | 42 | — | 304 | |||||||||||
Intercompany interest income (expense) | 3,678 | (3,794 | ) | 116 | — | — | ||||||||||
Earnings before income taxes | 1,248 | 21,527 | 3,402 | — | 26,177 | |||||||||||
Income tax benefit (provision) | 1,684 | (7,848 | ) | (622 | ) | — | (6,786 | ) | ||||||||
Equity in earnings of subsidiaries, net of tax | 16,329 | 2,650 | — | (18,979 | ) | — | ||||||||||
Net earnings | 19,261 | 16,329 | 2,780 | (18,979 | ) | 19,391 | ||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 130 | — | 130 | |||||||||||
Net earnings attributable to Caleres, Inc. | $ | 19,261 | $ | 16,329 | $ | 2,650 | $ | (18,979 | ) | $ | 19,261 | |||||
Comprehensive income | $ | 20,217 | $ | 17,054 | $ | 2,838 | $ | (19,758 | ) | $ | 20,351 | |||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 134 | — | 134 | |||||||||||
Comprehensive income attributable to Caleres, Inc. | $ | 20,217 | $ | 17,054 | $ | 2,704 | $ | (19,758 | ) | $ | 20,217 | |||||
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE THIRTEEN WEEKS ENDED MAY 2, 2015 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Net cash (used for) provided by operating activities | $ | (5,418 | ) | $ | 18,086 | $ | 9,246 | $ | — | $ | 21,914 | |||||
Investing activities | ||||||||||||||||
Purchases of property and equipment | (2,435 | ) | (10,321 | ) | (149 | ) | — | (12,905 | ) | |||||||
Capitalized software | (750 | ) | (205 | ) | — | — | (955 | ) | ||||||||
Intercompany investing | (151 | ) | 151 | — | — | — | ||||||||||
Net cash used for investing activities | (3,336 | ) | (10,375 | ) | (149 | ) | — | (13,860 | ) | |||||||
Financing activities | ||||||||||||||||
Borrowings under revolving credit agreement | 86,000 | — | — | — | 86,000 | |||||||||||
Repayments under revolving credit agreement | (86,000 | ) | — | — | — | (86,000 | ) | |||||||||
Dividends paid | (3,073 | ) | — | — | — | (3,073 | ) | |||||||||
Acquisition of treasury stock | (4,921 | ) | — | — | — | (4,921 | ) | |||||||||
Issuance of common stock under share-based plans, net | (3,751 | ) | — | — | — | (3,751 | ) | |||||||||
Tax benefit related to share-based plans | 2,401 | — | — | — | 2,401 | |||||||||||
Intercompany financing | 12,735 | (16,285 | ) | 3,550 | — | — | ||||||||||
Net cash provided by (used for) financing activities | 3,391 | (16,285 | ) | 3,550 | — | (9,344 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 217 | — | — | 217 | |||||||||||
(Decrease) increase in cash and cash equivalents | (5,363 | ) | (8,357 | ) | 12,647 | — | (1,073 | ) | ||||||||
Cash and cash equivalents at beginning of period | 13,891 | 8,770 | 44,742 | — | 67,403 | |||||||||||
Cash and cash equivalents at end of period | $ | 8,528 | $ | 413 | $ | 57,389 | $ | — | $ | 66,330 | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF JANUARY 31, 2015 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Assets | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 13,891 | $ | 8,770 | $ | 44,742 | $ | — | $ | 67,403 | ||||||
Receivables, net | 89,030 | 5,398 | 42,218 | — | 136,646 | |||||||||||
Inventories, net | 148,082 | 386,468 | 8,553 | — | 543,103 | |||||||||||
Prepaid expenses and other current assets | 41,494 | 24,397 | 5,344 | (27,491 | ) | 43,744 | ||||||||||
Intercompany receivable – current | 1,194 | 279 | 8,471 | (9,944 | ) | — | ||||||||||
Total current assets | 293,691 | 425,312 | 109,328 | (37,435 | ) | 790,896 | ||||||||||
Other assets | 127,879 | 13,104 | 603 | — | 141,586 | |||||||||||
Goodwill and intangible assets, net | 117,792 | 16,795 | — | — | 134,587 | |||||||||||
Property and equipment, net | 29,237 | 118,525 | 1,981 | — | 149,743 | |||||||||||
Investment in subsidiaries | 982,640 | 200,946 | — | (1,183,586 | ) | — | ||||||||||
Intercompany receivable – noncurrent | 459,774 | 581,594 | 264,673 | (1,306,041 | ) | — | ||||||||||
Total assets | $ | 2,011,013 | $ | 1,356,276 | $ | 376,585 | $ | (2,527,062 | ) | $ | 1,216,812 | |||||
Liabilities and Equity | ||||||||||||||||
Current liabilities | ||||||||||||||||
Trade accounts payable | $ | 60,377 | $ | 117,899 | $ | 37,645 | $ | — | $ | 215,921 | ||||||
Other accrued expenses | 106,682 | 94,108 | 7,863 | (27,491 | ) | 181,162 | ||||||||||
Intercompany payable – current | 4,948 | 361 | 4,635 | (9,944 | ) | — | ||||||||||
Total current liabilities | 172,007 | 212,368 | 50,143 | (37,435 | ) | 397,083 | ||||||||||
Other liabilities | ||||||||||||||||
Long-term debt | 199,197 | — | — | — | 199,197 | |||||||||||
Other liabilities | 41,847 | 36,869 | 194 | — | 78,910 | |||||||||||
Intercompany payable – noncurrent | 1,057,052 | 124,399 | 124,590 | (1,306,041 | ) | — | ||||||||||
Total other liabilities | 1,298,096 | 161,268 | 124,784 | (1,306,041 | ) | 278,107 | ||||||||||
Equity | ||||||||||||||||
Caleres, Inc. shareholders’ equity | 540,910 | 982,640 | 200,946 | (1,183,586 | ) | 540,910 | ||||||||||
Noncontrolling interests | — | — | 712 | — | 712 | |||||||||||
Total equity | 540,910 | 982,640 | 201,658 | (1,183,586 | ) | 541,622 | ||||||||||
Total liabilities and equity | $ | 2,011,013 | $ | 1,356,276 | $ | 376,585 | $ | (2,527,062 | ) | $ | 1,216,812 | |||||
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF MAY 3, 2014 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Assets | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | 25,528 | $ | 11,140 | $ | — | $ | 36,668 | ||||||
Receivables, net | 83,713 | 1,412 | 20,621 | — | 105,746 | |||||||||||
Inventories, net | 93,159 | 414,424 | 5,228 | — | 512,811 | |||||||||||
Prepaid expenses and other current assets | 34,476 | 507 | 2,930 | — | 37,913 | |||||||||||
Intercompany receivable – current | 981 | 368 | 10,655 | (12,004 | ) | — | ||||||||||
Total current assets | 212,329 | 442,239 | 50,574 | (12,004 | ) | 693,138 | ||||||||||
Other assets | 120,941 | 14,678 | 637 | — | 136,256 | |||||||||||
Goodwill and intangible assets, net | 119,666 | 18,084 | — | — | 137,750 | |||||||||||
Property and equipment, net | 27,303 | 112,630 | 1,885 | — | 141,818 | |||||||||||
Investment in subsidiaries | 879,965 | 169,843 | — | (1,049,808 | ) | — | ||||||||||
Intercompany receivable – noncurrent | 450,481 | 500,580 | 242,150 | (1,193,211 | ) | — | ||||||||||
Total assets | $ | 1,810,685 | $ | 1,258,054 | $ | 295,246 | $ | (2,255,023 | ) | $ | 1,108,962 | |||||
Liabilities and Equity | ||||||||||||||||
Current liabilities | ||||||||||||||||
Trade accounts payable | $ | 48,509 | $ | 123,656 | $ | 23,538 | $ | — | $ | 195,703 | ||||||
Other accrued expenses | 69,665 | 64,082 | 7,971 | — | 141,718 | |||||||||||
Intercompany payable – current | 2,367 | 59 | 9,578 | (12,004 | ) | — | ||||||||||
Total current liabilities | 120,541 | 187,797 | 41,087 | (12,004 | ) | 337,421 | ||||||||||
Other liabilities | ||||||||||||||||
Long-term debt | 199,057 | — | — | — | 199,057 | |||||||||||
Other liabilities | 33,499 | 44,745 | 1,469 | — | 79,713 | |||||||||||
Intercompany payable – noncurrent | 965,515 | 145,547 | 82,149 | (1,193,211 | ) | — | ||||||||||
Total other liabilities | 1,198,071 | 190,292 | 83,618 | (1,193,211 | ) | 278,770 | ||||||||||
Equity | ||||||||||||||||
Caleres, Inc. shareholders’ equity | 492,073 | 879,965 | 169,843 | (1,049,808 | ) | 492,073 | ||||||||||
Noncontrolling interests | — | — | 698 | — | 698 | |||||||||||
Total equity | 492,073 | 879,965 | 170,541 | (1,049,808 | ) | 492,771 | ||||||||||
Total liabilities and equity | $ | 1,810,685 | $ | 1,258,054 | $ | 295,246 | $ | (2,255,023 | ) | $ | 1,108,962 | |||||
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THIRTEEN WEEKS ENDED MAY 3, 2014 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Net sales | $ | 179,160 | $ | 401,580 | $ | 40,165 | $ | (29,743 | ) | $ | 591,162 | |||||
Cost of goods sold | 127,466 | 218,366 | 29,191 | (26,202 | ) | 348,821 | ||||||||||
Gross profit | 51,694 | 183,214 | 10,974 | (3,541 | ) | 242,341 | ||||||||||
Selling and administrative expenses | 49,197 | 159,967 | 7,992 | (3,541 | ) | 213,615 | ||||||||||
Operating earnings | 2,497 | 23,247 | 2,982 | — | 28,726 | |||||||||||
Interest expense | (5,305 | ) | (1 | ) | — | — | (5,306 | ) | ||||||||
Interest income | 1 | 59 | 16 | — | 76 | |||||||||||
Intercompany interest income (expense) | 3,974 | (4,079 | ) | 105 | — | — | ||||||||||
Earnings before income taxes | 1,167 | 19,226 | 3,103 | — | 23,496 | |||||||||||
Income tax benefit (provision) | 464 | (7,954 | ) | (530 | ) | — | (8,020 | ) | ||||||||
Equity in earnings of subsidiaries, net of tax | 13,798 | 2,526 | — | (16,324 | ) | — | ||||||||||
Net earnings | 15,429 | 13,798 | 2,573 | (16,324 | ) | 15,476 | ||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 47 | — | 47 | |||||||||||
Net earnings attributable to Caleres, Inc. | $ | 15,429 | $ | 13,798 | $ | 2,526 | $ | (16,324 | ) | $ | 15,429 | |||||
Comprehensive income | $ | 15,918 | $ | 14,355 | $ | 2,520 | $ | (16,840 | ) | $ | 15,953 | |||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 35 | — | 35 | |||||||||||
Comprehensive income attributable to Caleres, Inc. | $ | 15,918 | $ | 14,355 | $ | 2,485 | $ | (16,840 | ) | $ | 15,918 | |||||
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE THIRTEEN WEEKS ENDED MAY 3, 2014 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Net cash (used for) provided by operating activities | $ | (3,343 | ) | $ | 25,854 | $ | 13,872 | $ | — | $ | 36,383 | |||||
Investing activities | ||||||||||||||||
Purchases of property and equipment | (1,866 | ) | (5,411 | ) | (104 | ) | — | (7,381 | ) | |||||||
Capitalized software | (1,171 | ) | (43 | ) | (31 | ) | — | (1,245 | ) | |||||||
Acquisition of trademarks | (65,065 | ) | — | — | — | (65,065 | ) | |||||||||
Intercompany investing | (533 | ) | 533 | — | — | — | ||||||||||
Net cash used for investing activities | (68,635 | ) | (4,921 | ) | (135 | ) | — | (73,691 | ) | |||||||
Financing activities | ||||||||||||||||
Borrowings under revolving credit agreement | 251,000 | — | — | — | 251,000 | |||||||||||
Repayments under revolving credit agreement | (258,000 | ) | — | — | — | (258,000 | ) | |||||||||
Dividends paid | (3,053 | ) | — | — | — | (3,053 | ) | |||||||||
Issuance of common stock under share-based plans, net | (803 | ) | — | — | — | (803 | ) | |||||||||
Tax benefit related to share-based plans | 1,769 | — | — | — | 1,769 | |||||||||||
Intercompany financing | 81,065 | (25,924 | ) | (55,141 | ) | — | — | |||||||||
Net cash provided by (used for) financing activities | 71,978 | (25,924 | ) | (55,141 | ) | — | (9,087 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 517 | — | — | 517 | |||||||||||
Decrease in cash and cash equivalents | — | (4,474 | ) | (41,404 | ) | — | (45,878 | ) | ||||||||
Cash and cash equivalents at beginning of period | — | 30,002 | 52,544 | — | 82,546 | |||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 25,528 | $ | 11,140 | $ | — | $ | 36,668 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended |
2-May-15 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Assets And Liabilities Reported As Discontinued Operations | |
Schedule Of Earnings (Loss) From Discontinued Operations | |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 3 Months Ended | ||||||
2-May-15 | |||||||
Earnings Per Share [Abstract] | |||||||
Schedule Of Basic And Diluted Earnings (Loss) Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders for the periods ended May 2, 2015 and May 3, 2014: | ||||||
Thirteen Weeks Ended | |||||||
($ thousands, except per share amounts) | May 2, 2015 | May 3, 2014 | |||||
NUMERATOR | |||||||
Net earnings | $ | 19,391 | $ | 15,476 | |||
Net earnings attributable to noncontrolling interests | (130 | ) | (47 | ) | |||
Net earnings allocated to participating securities | (654 | ) | (592 | ) | |||
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ | 18,607 | $ | 14,837 | |||
DENOMINATOR | |||||||
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders | 42,313 | 41,887 | |||||
Dilutive effect of share-based awards | 145 | 229 | |||||
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders | 42,458 | 42,116 | |||||
Basic earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.44 | $ | 0.35 | |||
Diluted earnings per common share attributable to Caleres, Inc. shareholders | $ | 0.44 | $ | 0.35 | |||
Restructuring_And_Other_Initia1
Restructuring And Other Initiatives (Tables) | 3 Months Ended | |||||||||
2-May-15 | ||||||||||
Restructuring Charges [Abstract] | ||||||||||
Portfolio Realignment Expense For Continuing And Discontinued Operations | ||||||||||
Summary Of The Charges And Settlements By Category Of Costs | ollowing is a summary of the settlements by category of costs. The Company expects all portfolio realignment costs to be settled by the end of fiscal 2016. | |||||||||
($ millions) | Employee | Facility | Total | |||||||
Reserve balance at February 1, 2014 | $ | 1 | $ | 1.4 | $ | 2.4 | ||||
Amounts settled in first quarter 2014 | (0.4 | ) | (0.1 | ) | (0.5 | ) | ||||
Reserve balance at May 3, 2014 | $ | 0.6 | $ | 1.3 | $ | 1.9 | ||||
Additional settlements in 2014 | (0.5 | ) | (0.3 | ) | (0.8 | ) | ||||
Reserve balance at January 31, 2015 | $ | 0.1 | $ | 1 | $ | 1.1 | ||||
Amounts settled in first quarter 2015 | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||
Reserve balance at May 2, 2015 | $ | — | $ | 0.9 | $ | 0.9 | ||||
Business_Segment_Information_T
Business Segment Information (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule Of Business Segment Information | Following is a summary of certain key financial measures for the Company’s business segments for the periods ended May 2, 2015 and May 3, 2014. | ||||||||||||
Famous Footwear | Brand Portfolio | ||||||||||||
($ thousands) | Other | Total | |||||||||||
Thirteen Weeks Ended May 2, 2015 | |||||||||||||
External sales | $ | 360,020 | $ | 242,263 | $ | — | $ | 602,283 | |||||
Intersegment sales | — | 17,326 | — | 17,326 | |||||||||
Operating earnings (loss) | 27,960 | 11,060 | (8,684 | ) | 30,336 | ||||||||
Segment assets | 486,585 | 450,600 | 226,489 | 1,163,674 | |||||||||
Thirteen Weeks Ended May 3, 2014 | |||||||||||||
External sales | $ | 366,726 | $ | 224,436 | $ | — | $ | 591,162 | |||||
Intersegment sales | — | 20,550 | — | 20,550 | |||||||||
Operating earnings (loss) | 26,730 | 11,203 | (9,207 | ) | 28,726 | ||||||||
Segment assets | 515,852 | 459,304 | 133,806 | 1,108,962 | |||||||||
Schedule Of Reconciliation Of Operating Earnings Before Income Taxes From Continuing Operations | Following is a reconciliation of operating earnings to earnings before income taxes: | ||||||||||||
Thirteen Weeks Ended | |||||||||||||
($ thousands) | May 2, 2015 | May 3, 2014 | |||||||||||
Operating earnings | $ | 30,336 | $ | 28,726 | |||||||||
Interest expense | (4,463 | ) | (5,306 | ) | |||||||||
Interest income | 304 | 76 | |||||||||||
Earnings before income taxes | $ | 26,177 | $ | 23,496 | |||||||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 3 Months Ended | |||||||||
2-May-15 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||
Schedule Of Goodwill And Intangible Assets | Goodwill and intangible assets were attributable to the Company's operating segments as follows: | |||||||||
($ thousands) | May 2, 2015 | May 3, 2014 | January 31, 2015 | |||||||
Intangible Assets | ||||||||||
Famous Footwear | $ | 2,800 | $ | 3,000 | $ | 2,800 | ||||
Brand Portfolio | 183,068 | 183,068 | 183,068 | |||||||
Total intangible assets | 185,868 | 186,068 | 185,868 | |||||||
Accumulated amortization | (66,165 | ) | (62,272 | ) | (65,235 | ) | ||||
Total intangible assets, net | 119,703 | 123,796 | 120,633 | |||||||
Goodwill | ||||||||||
Brand Portfolio | 13,954 | 13,954 | 13,954 | |||||||
Total goodwill | 13,954 | 13,954 | 13,954 | |||||||
Goodwill and intangible assets, net | $ | 133,657 | $ | 137,750 | $ | 134,587 | ||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Schedule Of Changes In Shareholders' Equity And Noncontrolling Interests | |||||||||||||
The following tables set forth the changes in Caleres, Inc. shareholders’ equity and noncontrolling interests for the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively: | |||||||||||||
($ thousands) | Caleres, Inc. Shareholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||
Equity at January 31, 2015 | $ | 540,910 | $ | 712 | $ | 541,622 | |||||||
Net earnings | 19,261 | 130 | 19,391 | ||||||||||
Other comprehensive income | 960 | 4 | 964 | ||||||||||
Dividends paid | (3,073 | ) | — | (3,073 | ) | ||||||||
Acquisition of treasury stock | (4,921 | ) | — | (4,921 | ) | ||||||||
Issuance of common stock under share-based plans, net | (3,751 | ) | — | (3,751 | ) | ||||||||
Tax benefit related to share-based plans | 2,401 | — | 2,401 | ||||||||||
Share-based compensation expense | 1,687 | — | 1,687 | ||||||||||
Equity at May 2, 2015 | $ | 553,474 | $ | 846 | $ | 554,320 | |||||||
($ thousands) | Caleres, Inc. Shareholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||
Equity at February 1, 2014 | $ | 476,699 | $ | 663 | $ | 477,362 | |||||||
Net earnings | 15,429 | 47 | 15,476 | ||||||||||
Other comprehensive income (loss) | 477 | (12 | ) | 465 | |||||||||
Dividends paid | (3,053 | ) | — | (3,053 | ) | ||||||||
Issuance of common stock under share-based plans, net | (803 | ) | — | (803 | ) | ||||||||
Tax benefit related to share-based plans | 1,769 | — | 1,769 | ||||||||||
Share-based compensation expense | 1,555 | — | 1,555 | ||||||||||
Equity at May 3, 2014 | $ | 492,073 | $ | 698 | $ | 492,771 | |||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | The following table sets forth the changes in accumulated other comprehensive income by component for the thirteen weeks ended May 2, 2015 and May 3, 2014: | ||||||||||||
($ thousands) | Foreign Currency Translation | Pension and Other Postretirement Transactions (1) | Derivative Financial Instrument Transactions (2) | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance January 31, 2015 | $ | (745 | ) | $ | 3,233 | $ | 224 | $ | 2,712 | ||||
Other comprehensive income (loss) before reclassifications, net of tax | 1,392 | — | (260 | ) | 1,132 | ||||||||
Reclassifications: | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (357 | ) | 71 | (286 | ) | |||||||
Tax provision (benefit) | — | 142 | (28 | ) | 114 | ||||||||
Net reclassifications | — | (215 | ) | 43 | (172 | ) | |||||||
Other comprehensive income (loss) | 1,392 | (215 | ) | (217 | ) | 960 | |||||||
Balance May 2, 2015 | $ | 647 | $ | 3,018 | $ | 7 | $ | 3,672 | |||||
Balance February 1, 2014 | $ | 2,356 | $ | 13,582 | $ | 738 | $ | 16,676 | |||||
Other comprehensive income (loss) before reclassifications | 887 | — | (333 | ) | 554 | ||||||||
Reclassifications: | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (42 | ) | (78 | ) | (120 | ) | ||||||
Tax provision | — | 19 | 24 | 43 | |||||||||
Net reclassifications | — | (23 | ) | (54 | ) | (77 | ) | ||||||
Other comprehensive income (loss) | 887 | (23 | ) | (387 | ) | 477 | |||||||
Balance May 3, 2014 | $ | 3,243 | $ | 13,559 | $ | 351 | $ | 17,153 | |||||
Schedule Of Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) | |||||||||||||
-1 | Amounts reclassified are included in selling and administrative expenses. See Note 10 to the condensed consolidated financial statements for additional information related to pension and other postretirement benefits. | ||||||||||||
-2 |
Retirement_And_Other_Benefit_P1
Retirement And Other Benefit Plans (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Schedule Of Components Of Net Periodic Benefit (Income) Cost | The following tables set forth the components of net periodic benefit (income) cost for the Company, including domestic and Canadian plans: | ||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | ||||||||||||
($ thousands) | May 2, 2015 | May 3, 2014 | May 2, 2015 | May 3, 2014 | |||||||||
Service cost | $ | 3,329 | $ | 2,587 | $ | — | $ | — | |||||
Interest cost | 3,586 | 3,556 | 15 | 13 | |||||||||
Expected return on assets | (7,655 | ) | (6,184 | ) | — | — | |||||||
Amortization of: | |||||||||||||
Actuarial loss (gain) | 166 | 35 | (48 | ) | (85 | ) | |||||||
Prior service (income) expense | (475 | ) | 8 | — | — | ||||||||
Total net periodic benefit (income) cost | $ | (1,049 | ) | $ | 2 | $ | (33 | ) | $ | (72 | ) | ||
Risk_Management_And_Derivative1
Risk Management And Derivatives (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||
Schedule Of Contract Notional Amount Of All Purchase And Sale Contracts Of A Foreign Currency | As of May 2, 2015, May 3, 2014 and January 31, 2015, the Company had forward contracts maturing at various dates through April 2016, May 2015 and January 2016, respectively. The contract notional amount represents the net amount of all purchase and sale contracts of a foreign currency. | ||||||||||||
Contract Notional Amount | |||||||||||||
(U.S. $ equivalent in thousands) | May 2, 2015 | May 3, 2014 | January 31, 2015 | ||||||||||
Financial Instruments | |||||||||||||
U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) | $ | 17,635 | $ | 22,369 | $ | 19,633 | |||||||
Chinese yuan | 10,978 | 14,386 | 14,512 | ||||||||||
Euro | 16,449 | 14,284 | 16,152 | ||||||||||
Japanese yen | 1,483 | 1,625 | 1,523 | ||||||||||
New Taiwanese dollars | 528 | 524 | 599 | ||||||||||
Other currencies | 932 | 794 | 970 | ||||||||||
Total financial instruments | $ | 48,005 | $ | 53,982 | $ | 53,389 | |||||||
Schedule Of Effect Of Derivative Instruments In Cash Flow Hedging Relationships On Condensed Consolidated Statements Of Earnings And Balance Sheet | The classification and fair values of derivative instruments designated as hedging instruments included within the condensed consolidated balance sheets as of May 2, 2015, May 3, 2014 and January 31, 2015 are as follows: | ||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
($ thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||
Foreign exchange forward contracts: | |||||||||||||
May 2, 2015 | Prepaid expenses and other current assets | $ | 973 | Other accrued expenses | $ | 1,032 | |||||||
May 3, 2014 | Prepaid expenses and other current assets | 446 | Other accrued expenses | 364 | |||||||||
January 31, 2015 | Prepaid expenses and other current assets | 1,863 | Other accrued expenses | 1,784 | |||||||||
For the thirteen weeks ended May 2, 2015 and May 3, 2014, the effect of derivative instruments in cash flow hedging relationships on the condensed consolidated statements of earnings was as follows: | |||||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | ||||||||||||
($ thousands) | May 2, 2015 | May 3, 2014 | |||||||||||
Foreign exchange forward contracts: | Gain (Loss) Recognized in OCI on Derivatives | Gain (Loss) Reclassified from Accumulated OCI into Earnings | (Loss) Gain Recognized in OCI on Derivatives | Gain Reclassified from Accumulated OCI into Earnings | |||||||||
Income Statement Classification Gains (Losses) - Realized | |||||||||||||
Net sales | $ | 25 | $ | 54 | $ | (7 | ) | $ | 13 | ||||
Cost of goods sold | (201 | ) | (129 | ) | 19 | 53 | |||||||
Selling and administrative expenses | (88 | ) | 4 | (456 | ) | 12 | |||||||
Interest expense | (22 | ) | — | (11 | ) | — | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||
2-May-15 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis | The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at May 2, 2015, May 3, 2014 and January 31, 2015. The Company did not have any transfers between Level 1 and Level 2 during 2014 or the thirteen weeks ended May 2, 2015. | ||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
($ thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Asset (Liability) | |||||||||||||||||||
As of May 2, 2015: | |||||||||||||||||||
Cash equivalents – money market funds | $ | 50,602 | $ | 50,602 | $ | — | $ | — | |||||||||||
Non-qualified deferred compensation plan assets | 3,795 | 3,795 | — | — | |||||||||||||||
Non-qualified deferred compensation plan liabilities | (3,795 | ) | (3,795 | ) | — | — | |||||||||||||
Deferred compensation plan liabilities for non-employee directors | (2,200 | ) | (2,200 | ) | — | — | |||||||||||||
Restricted stock units for non-employee directors | (9,683 | ) | (9,683 | ) | — | — | |||||||||||||
Performance share units | (2,526 | ) | (2,526 | ) | — | — | |||||||||||||
Derivative financial instruments, net | (59 | ) | — | (59 | ) | — | |||||||||||||
Secured convertible note | 7,049 | — | — | 7,049 | |||||||||||||||
As of May 3, 2014: | |||||||||||||||||||
Cash equivalents – money market funds | $ | 24 | $ | 24 | $ | — | $ | — | |||||||||||
Non-qualified deferred compensation plan assets | 2,687 | 2,687 | — | — | |||||||||||||||
Non-qualified deferred compensation plan liabilities | (2,687 | ) | (2,687 | ) | — | — | |||||||||||||
Deferred compensation plan liabilities for non-employee directors | (1,697 | ) | (1,697 | ) | — | — | |||||||||||||
Restricted stock units for non-employee directors | (8,182 | ) | (8,182 | ) | — | — | |||||||||||||
Performance share units | (507 | ) | (507 | ) | — | — | |||||||||||||
Derivative financial instruments, net | 82 | — | 82 | — | |||||||||||||||
As of January 31, 2015: | |||||||||||||||||||
Cash equivalents – money market funds | $ | 35,533 | $ | 35,533 | $ | — | $ | — | |||||||||||
Non-qualified deferred compensation plan assets | 2,904 | 2,904 | — | — | |||||||||||||||
Non-qualified deferred compensation plan liabilities | (2,904 | ) | (2,904 | ) | — | — | |||||||||||||
Deferred compensation plan liabilities for non-employee directors | (2,066 | ) | (2,066 | ) | — | — | |||||||||||||
Restricted stock units for non-employee directors | (8,857 | ) | (8,857 | ) | — | — | |||||||||||||
Performance share units | (5,147 | ) | (5,147 | ) | — | — | |||||||||||||
Derivative financial instruments, net | 79 | — | 79 | — | |||||||||||||||
Secured convertible note | 6,957 | — | — | 6,957 | |||||||||||||||
Schedule Of Fair Value Of Financial Instruments | The fair values of cash and cash equivalents (excluding money market funds discussed above), receivables and trade accounts payable approximate their carrying values due to the short-term nature of these instruments. | ||||||||||||||||||
May 2, 2015 | May 3, 2014 | January 31, 2015 | |||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | ||||||||||||||
($ thousands) | Amount | Value | Amount | Value | Amount | Value | |||||||||||||
Long-term debt – Senior Notes | $ | 199,244 | $ | 207,500 | $ | 199,057 | $ | 210,750 | $ | 199,197 | $ | 208,000 | |||||||
Financial_Information_For_The_1
Financial Information For The Company And Its Subsidiaries (Tables) | 3 Months Ended | |||||||||||||||
2-May-15 | ||||||||||||||||
Financial Information For The Company And Its Subsidiaries [Abstract] | ||||||||||||||||
Schedule Of Condensed Consolidating Balance Sheet | ||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF MAY 2, 2015 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Assets | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 8,528 | $ | 413 | $ | 57,389 | $ | — | $ | 66,330 | ||||||
Receivables, net | 101,968 | 1,657 | 22,887 | — | 126,512 | |||||||||||
Inventories, net | 95,948 | 396,642 | 5,923 | — | 498,513 | |||||||||||
Prepaid expenses and other current assets | 18,820 | 24,335 | 4,149 | (6,301 | ) | 41,003 | ||||||||||
Intercompany receivable – current | 1,082 | 432 | 15,800 | (17,314 | ) | — | ||||||||||
Total current assets | 226,346 | 423,479 | 106,148 | (23,615 | ) | 732,358 | ||||||||||
Other assets | 130,781 | 12,931 | 597 | — | 144,309 | |||||||||||
Goodwill and intangible assets, net | 117,226 | 16,431 | — | — | 133,657 | |||||||||||
Property and equipment, net | 34,186 | 117,144 | 2,020 | — | 153,350 | |||||||||||
Investment in subsidiaries | 998,697 | 219,134 | — | (1,217,831 | ) | — | ||||||||||
Intercompany receivable – noncurrent | 431,964 | 601,993 | 268,758 | (1,302,715 | ) | — | ||||||||||
Total assets | $ | 1,939,200 | $ | 1,391,112 | $ | 377,523 | $ | (2,544,161 | ) | $ | 1,163,674 | |||||
Liabilities and Equity | ||||||||||||||||
Current liabilities | ||||||||||||||||
Trade accounts payable | $ | 8,381 | $ | 141,613 | $ | 22,122 | $ | — | $ | 172,116 | ||||||
Other accrued expenses | 66,040 | 91,553 | 7,408 | (6,301 | ) | 158,700 | ||||||||||
Intercompany payable – current | 2,034 | 237 | 15,043 | (17,314 | ) | — | ||||||||||
Total current liabilities | 76,455 | 233,403 | 44,573 | (23,615 | ) | 330,816 | ||||||||||
Other liabilities | ||||||||||||||||
Long-term debt | 199,244 | — | — | — | 199,244 | |||||||||||
Other liabilities | 41,212 | 37,890 | 192 | — | 79,294 | |||||||||||
Intercompany payable – noncurrent | 1,068,815 | 121,122 | 112,778 | (1,302,715 | ) | — | ||||||||||
Total other liabilities | 1,309,271 | 159,012 | 112,970 | (1,302,715 | ) | 278,538 | ||||||||||
Equity | ||||||||||||||||
Caleres, Inc. shareholders’ equity | 553,474 | 998,697 | 219,134 | (1,217,831 | ) | 553,474 | ||||||||||
Noncontrolling interests | — | — | 846 | — | 846 | |||||||||||
Total equity | 553,474 | 998,697 | 219,980 | (1,217,831 | ) | 554,320 | ||||||||||
Total liabilities and equity | $ | 1,939,200 | $ | 1,391,112 | $ | 377,523 | $ | (2,544,161 | ) | $ | 1,163,674 | |||||
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF MAY 3, 2014 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Assets | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | 25,528 | $ | 11,140 | $ | — | $ | 36,668 | ||||||
Receivables, net | 83,713 | 1,412 | 20,621 | — | 105,746 | |||||||||||
Inventories, net | 93,159 | 414,424 | 5,228 | — | 512,811 | |||||||||||
Prepaid expenses and other current assets | 34,476 | 507 | 2,930 | — | 37,913 | |||||||||||
Intercompany receivable – current | 981 | 368 | 10,655 | (12,004 | ) | — | ||||||||||
Total current assets | 212,329 | 442,239 | 50,574 | (12,004 | ) | 693,138 | ||||||||||
Other assets | 120,941 | 14,678 | 637 | — | 136,256 | |||||||||||
Goodwill and intangible assets, net | 119,666 | 18,084 | — | — | 137,750 | |||||||||||
Property and equipment, net | 27,303 | 112,630 | 1,885 | — | 141,818 | |||||||||||
Investment in subsidiaries | 879,965 | 169,843 | — | (1,049,808 | ) | — | ||||||||||
Intercompany receivable – noncurrent | 450,481 | 500,580 | 242,150 | (1,193,211 | ) | — | ||||||||||
Total assets | $ | 1,810,685 | $ | 1,258,054 | $ | 295,246 | $ | (2,255,023 | ) | $ | 1,108,962 | |||||
Liabilities and Equity | ||||||||||||||||
Current liabilities | ||||||||||||||||
Trade accounts payable | $ | 48,509 | $ | 123,656 | $ | 23,538 | $ | — | $ | 195,703 | ||||||
Other accrued expenses | 69,665 | 64,082 | 7,971 | — | 141,718 | |||||||||||
Intercompany payable – current | 2,367 | 59 | 9,578 | (12,004 | ) | — | ||||||||||
Total current liabilities | 120,541 | 187,797 | 41,087 | (12,004 | ) | 337,421 | ||||||||||
Other liabilities | ||||||||||||||||
Long-term debt | 199,057 | — | — | — | 199,057 | |||||||||||
Other liabilities | 33,499 | 44,745 | 1,469 | — | 79,713 | |||||||||||
Intercompany payable – noncurrent | 965,515 | 145,547 | 82,149 | (1,193,211 | ) | — | ||||||||||
Total other liabilities | 1,198,071 | 190,292 | 83,618 | (1,193,211 | ) | 278,770 | ||||||||||
Equity | ||||||||||||||||
Caleres, Inc. shareholders’ equity | 492,073 | 879,965 | 169,843 | (1,049,808 | ) | 492,073 | ||||||||||
Noncontrolling interests | — | — | 698 | — | 698 | |||||||||||
Total equity | 492,073 | 879,965 | 170,541 | (1,049,808 | ) | 492,771 | ||||||||||
Total liabilities and equity | $ | 1,810,685 | $ | 1,258,054 | $ | 295,246 | $ | (2,255,023 | ) | $ | 1,108,962 | |||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
AS OF JANUARY 31, 2015 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Assets | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 13,891 | $ | 8,770 | $ | 44,742 | $ | — | $ | 67,403 | ||||||
Receivables, net | 89,030 | 5,398 | 42,218 | — | 136,646 | |||||||||||
Inventories, net | 148,082 | 386,468 | 8,553 | — | 543,103 | |||||||||||
Prepaid expenses and other current assets | 41,494 | 24,397 | 5,344 | (27,491 | ) | 43,744 | ||||||||||
Intercompany receivable – current | 1,194 | 279 | 8,471 | (9,944 | ) | — | ||||||||||
Total current assets | 293,691 | 425,312 | 109,328 | (37,435 | ) | 790,896 | ||||||||||
Other assets | 127,879 | 13,104 | 603 | — | 141,586 | |||||||||||
Goodwill and intangible assets, net | 117,792 | 16,795 | — | — | 134,587 | |||||||||||
Property and equipment, net | 29,237 | 118,525 | 1,981 | — | 149,743 | |||||||||||
Investment in subsidiaries | 982,640 | 200,946 | — | (1,183,586 | ) | — | ||||||||||
Intercompany receivable – noncurrent | 459,774 | 581,594 | 264,673 | (1,306,041 | ) | — | ||||||||||
Total assets | $ | 2,011,013 | $ | 1,356,276 | $ | 376,585 | $ | (2,527,062 | ) | $ | 1,216,812 | |||||
Liabilities and Equity | ||||||||||||||||
Current liabilities | ||||||||||||||||
Trade accounts payable | $ | 60,377 | $ | 117,899 | $ | 37,645 | $ | — | $ | 215,921 | ||||||
Other accrued expenses | 106,682 | 94,108 | 7,863 | (27,491 | ) | 181,162 | ||||||||||
Intercompany payable – current | 4,948 | 361 | 4,635 | (9,944 | ) | — | ||||||||||
Total current liabilities | 172,007 | 212,368 | 50,143 | (37,435 | ) | 397,083 | ||||||||||
Other liabilities | ||||||||||||||||
Long-term debt | 199,197 | — | — | — | 199,197 | |||||||||||
Other liabilities | 41,847 | 36,869 | 194 | — | 78,910 | |||||||||||
Intercompany payable – noncurrent | 1,057,052 | 124,399 | 124,590 | (1,306,041 | ) | — | ||||||||||
Total other liabilities | 1,298,096 | 161,268 | 124,784 | (1,306,041 | ) | 278,107 | ||||||||||
Equity | ||||||||||||||||
Caleres, Inc. shareholders’ equity | 540,910 | 982,640 | 200,946 | (1,183,586 | ) | 540,910 | ||||||||||
Noncontrolling interests | — | — | 712 | — | 712 | |||||||||||
Total equity | 540,910 | 982,640 | 201,658 | (1,183,586 | ) | 541,622 | ||||||||||
Total liabilities and equity | $ | 2,011,013 | $ | 1,356,276 | $ | 376,585 | $ | (2,527,062 | ) | $ | 1,216,812 | |||||
Schedule Of Condensed Consolidating Statement Of Comprehensive Income (Loss) | ||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THIRTEEN WEEKS ENDED MAY 2, 2015 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Net sales | $ | 192,351 | $ | 391,793 | $ | 43,462 | $ | (25,323 | ) | $ | 602,283 | |||||
Cost of goods sold | 137,594 | 206,772 | 31,773 | (22,382 | ) | 353,757 | ||||||||||
Gross profit | 54,757 | 185,021 | 11,689 | (2,941 | ) | 248,526 | ||||||||||
Selling and administrative expenses | 52,976 | 159,710 | 8,445 | (2,941 | ) | 218,190 | ||||||||||
Operating earnings | 1,781 | 25,311 | 3,244 | — | 30,336 | |||||||||||
Interest expense | (4,462 | ) | (1 | ) | — | — | (4,463 | ) | ||||||||
Interest income | 251 | 11 | 42 | — | 304 | |||||||||||
Intercompany interest income (expense) | 3,678 | (3,794 | ) | 116 | — | — | ||||||||||
Earnings before income taxes | 1,248 | 21,527 | 3,402 | — | 26,177 | |||||||||||
Income tax benefit (provision) | 1,684 | (7,848 | ) | (622 | ) | — | (6,786 | ) | ||||||||
Equity in earnings of subsidiaries, net of tax | 16,329 | 2,650 | — | (18,979 | ) | — | ||||||||||
Net earnings | 19,261 | 16,329 | 2,780 | (18,979 | ) | 19,391 | ||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 130 | — | 130 | |||||||||||
Net earnings attributable to Caleres, Inc. | $ | 19,261 | $ | 16,329 | $ | 2,650 | $ | (18,979 | ) | $ | 19,261 | |||||
Comprehensive income | $ | 20,217 | $ | 17,054 | $ | 2,838 | $ | (19,758 | ) | $ | 20,351 | |||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 134 | — | 134 | |||||||||||
Comprehensive income attributable to Caleres, Inc. | $ | 20,217 | $ | 17,054 | $ | 2,704 | $ | (19,758 | ) | $ | 20,217 | |||||
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||
FOR THE THIRTEEN WEEKS ENDED MAY 3, 2014 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Net sales | $ | 179,160 | $ | 401,580 | $ | 40,165 | $ | (29,743 | ) | $ | 591,162 | |||||
Cost of goods sold | 127,466 | 218,366 | 29,191 | (26,202 | ) | 348,821 | ||||||||||
Gross profit | 51,694 | 183,214 | 10,974 | (3,541 | ) | 242,341 | ||||||||||
Selling and administrative expenses | 49,197 | 159,967 | 7,992 | (3,541 | ) | 213,615 | ||||||||||
Operating earnings | 2,497 | 23,247 | 2,982 | — | 28,726 | |||||||||||
Interest expense | (5,305 | ) | (1 | ) | — | — | (5,306 | ) | ||||||||
Interest income | 1 | 59 | 16 | — | 76 | |||||||||||
Intercompany interest income (expense) | 3,974 | (4,079 | ) | 105 | — | — | ||||||||||
Earnings before income taxes | 1,167 | 19,226 | 3,103 | — | 23,496 | |||||||||||
Income tax benefit (provision) | 464 | (7,954 | ) | (530 | ) | — | (8,020 | ) | ||||||||
Equity in earnings of subsidiaries, net of tax | 13,798 | 2,526 | — | (16,324 | ) | — | ||||||||||
Net earnings | 15,429 | 13,798 | 2,573 | (16,324 | ) | 15,476 | ||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 47 | — | 47 | |||||||||||
Net earnings attributable to Caleres, Inc. | $ | 15,429 | $ | 13,798 | $ | 2,526 | $ | (16,324 | ) | $ | 15,429 | |||||
Comprehensive income | $ | 15,918 | $ | 14,355 | $ | 2,520 | $ | (16,840 | ) | $ | 15,953 | |||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 35 | — | 35 | |||||||||||
Comprehensive income attributable to Caleres, Inc. | $ | 15,918 | $ | 14,355 | $ | 2,485 | $ | (16,840 | ) | $ | 15,918 | |||||
Schedule Of Condensed Consolidating Statement Of Cash Flows | ||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE THIRTEEN WEEKS ENDED MAY 2, 2015 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Net cash (used for) provided by operating activities | $ | (5,418 | ) | $ | 18,086 | $ | 9,246 | $ | — | $ | 21,914 | |||||
Investing activities | ||||||||||||||||
Purchases of property and equipment | (2,435 | ) | (10,321 | ) | (149 | ) | — | (12,905 | ) | |||||||
Capitalized software | (750 | ) | (205 | ) | — | — | (955 | ) | ||||||||
Intercompany investing | (151 | ) | 151 | — | — | — | ||||||||||
Net cash used for investing activities | (3,336 | ) | (10,375 | ) | (149 | ) | — | (13,860 | ) | |||||||
Financing activities | ||||||||||||||||
Borrowings under revolving credit agreement | 86,000 | — | — | — | 86,000 | |||||||||||
Repayments under revolving credit agreement | (86,000 | ) | — | — | — | (86,000 | ) | |||||||||
Dividends paid | (3,073 | ) | — | — | — | (3,073 | ) | |||||||||
Acquisition of treasury stock | (4,921 | ) | — | — | — | (4,921 | ) | |||||||||
Issuance of common stock under share-based plans, net | (3,751 | ) | — | — | — | (3,751 | ) | |||||||||
Tax benefit related to share-based plans | 2,401 | — | — | — | 2,401 | |||||||||||
Intercompany financing | 12,735 | (16,285 | ) | 3,550 | — | — | ||||||||||
Net cash provided by (used for) financing activities | 3,391 | (16,285 | ) | 3,550 | — | (9,344 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 217 | — | — | 217 | |||||||||||
(Decrease) increase in cash and cash equivalents | (5,363 | ) | (8,357 | ) | 12,647 | — | (1,073 | ) | ||||||||
Cash and cash equivalents at beginning of period | 13,891 | 8,770 | 44,742 | — | 67,403 | |||||||||||
Cash and cash equivalents at end of period | $ | 8,528 | $ | 413 | $ | 57,389 | $ | — | $ | 66,330 | ||||||
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||
FOR THE THIRTEEN WEEKS ENDED MAY 3, 2014 | ||||||||||||||||
Non- | ||||||||||||||||
($ thousands) | Parent | Guarantors | Guarantors | Eliminations | Total | |||||||||||
Net cash (used for) provided by operating activities | $ | (3,343 | ) | $ | 25,854 | $ | 13,872 | $ | — | $ | 36,383 | |||||
Investing activities | ||||||||||||||||
Purchases of property and equipment | (1,866 | ) | (5,411 | ) | (104 | ) | — | (7,381 | ) | |||||||
Capitalized software | (1,171 | ) | (43 | ) | (31 | ) | — | (1,245 | ) | |||||||
Acquisition of trademarks | (65,065 | ) | — | — | — | (65,065 | ) | |||||||||
Intercompany investing | (533 | ) | 533 | — | — | — | ||||||||||
Net cash used for investing activities | (68,635 | ) | (4,921 | ) | (135 | ) | — | (73,691 | ) | |||||||
Financing activities | ||||||||||||||||
Borrowings under revolving credit agreement | 251,000 | — | — | — | 251,000 | |||||||||||
Repayments under revolving credit agreement | (258,000 | ) | — | — | — | (258,000 | ) | |||||||||
Dividends paid | (3,053 | ) | — | — | — | (3,053 | ) | |||||||||
Issuance of common stock under share-based plans, net | (803 | ) | — | — | — | (803 | ) | |||||||||
Tax benefit related to share-based plans | 1,769 | — | — | — | 1,769 | |||||||||||
Intercompany financing | 81,065 | (25,924 | ) | (55,141 | ) | — | — | |||||||||
Net cash provided by (used for) financing activities | 71,978 | (25,924 | ) | (55,141 | ) | — | (9,087 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 517 | — | — | 517 | |||||||||||
Decrease in cash and cash equivalents | — | (4,474 | ) | (41,404 | ) | — | (45,878 | ) | ||||||||
Cash and cash equivalents at beginning of period | — | 30,002 | 52,544 | — | 82,546 | |||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 25,528 | $ | 11,140 | $ | — | $ | 36,668 | ||||||
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 60 Months Ended | |||
Dec. 12, 2014 | 2-May-15 | Dec. 12, 2019 | Dec. 11, 2018 | Dec. 11, 2017 | Dec. 11, 2017 | Dec. 12, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net sales | $0 | ||||||
Sale price | 15,000,000 | ||||||
Proceeds from business disposition | 4,400,000 | ||||||
Note receivable | 7,500,000 | ||||||
Disposal Group, Including Discontinued Operations, Notes Receivable, First Periodic Payment Due | 1,250,000 | ||||||
Disposal Group, Including Discontinued Operations, Notes Receivable, Periodic Payment Due After First installment | 600,000 | ||||||
Promissory note interest rate | 9.00% | 8.00% | 7.00% | 6.00% | |||
Debt Instrument, Convertible, Conversion Price | $21.50 | ||||||
Notes Receivable, Fair Value Disclosure | $7,000,000 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Earnings (Loss) From Discontinued Operations, Net Of Tax) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Net sales | $0 | |
Income tax (provision) benefit | $0 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
NUMERATOR | ||
Net earnings | $19,391 | $15,476 |
Net earnings attributable to noncontrolling interests | -130 | -47 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 654 | 592 |
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $18,607 | $14,837 |
DENOMINATOR | ||
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders | 42,313,000 | 41,887,000 |
Dilutive effect of share-based awards | 145,000 | 229,000 |
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders | 42,458,000 | 42,116,000 |
Basic earnings (loss) per common share: | ||
Basic earnings per common share attributable to Caleres, Inc. shareholders (in dollars per share) | $0.44 | $0.35 |
Diluted earnings (loss) per common share: | ||
Diluted earnings per common share attributable to Brown Shoe Company, Inc. shareholders (in dollars per share) | $0.44 | $0.35 |
Options to purchase common stock, not included in computation of diluted earnings per common share | 62,997 | 74,997 |
Restructuring_And_Other_Initia2
Restructuring And Other Initiatives (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 60 Months Ended | |||
2-May-15 | Dec. 12, 2019 | Dec. 11, 2018 | Dec. 11, 2017 | Dec. 11, 2017 | Dec. 12, 2014 | |
Restructuring and Related Cost [Line Items] | ||||||
Portfolio realignment costs | $0 | |||||
Note receivable | $7,500,000 | |||||
Promissory note interest rate | 9.00% | 8.00% | 7.00% | 6.00% |
Restructuring_And_Other_Initia3
Restructuring And Other Initiatives (Portfolio Realignment Expense For Continuing And Discontinued Operations) (Details) (USD $) | 3 Months Ended |
2-May-15 | |
Restructuring and Related Cost [Line Items] | |
Total; Pre-tax Expense | $0 |
Restructuring_And_Other_Initia4
Restructuring And Other Initiatives (Summary Of The Charges And Settlements By Category Of Costs) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Aug. 02, 2014 | 3-May-14 | Jan. 31, 2015 | Feb. 02, 2013 |
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | $1.10 | $1.90 | $2.40 | |
Amounts settled | -0.2 | -0.8 | ||
Restructuring reserve, ending balance | 0.9 | 1.1 | 1.9 | 2.4 |
Employee [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 0.1 | 0.6 | 1 | |
Amounts settled | -0.1 | -0.5 | ||
Restructuring reserve, ending balance | 0 | 0.1 | 0.6 | 1 |
Facility [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 1 | 1.3 | 1.4 | |
Amounts settled | -0.1 | -0.3 | ||
Restructuring reserve, ending balance | $0.90 | $1 | $1.30 | $1.40 |
Business_Segment_Information_S
Business Segment Information (Schedule Of Business Segment Information) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Segment Reporting Information [Line Items] | |||
External sales | $602,283 | $591,162 | |
Intersegment sales | 17,326 | 20,550 | |
Operating earnings (loss) | 30,336 | 28,726 | |
Segment assets | 1,163,674 | 1,108,962 | 1,216,812 |
Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment assets | 1,163,674 | 1,108,962 | |
Famous Footwear [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 360,020 | 366,726 | |
Intersegment sales | 0 | 0 | |
Operating earnings (loss) | 27,960 | 26,730 | |
Famous Footwear [Member] | Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment assets | 486,585 | 515,852 | |
Wholesale Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 242,263 | 224,436 | |
Intersegment sales | 17,326 | 20,550 | |
Operating earnings (loss) | 11,060 | 11,203 | |
Wholesale Operations [Member] | Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment assets | 450,600 | 459,304 | |
Other Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 0 | 0 | |
Intersegment sales | 0 | 0 | |
Operating earnings (loss) | -8,684 | -9,207 | |
Other Segment [Member] | Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment assets | $226,489 | $133,806 |
Business_Segment_Information_S1
Business Segment Information (Schedule Of Reconciliation Of Operating Earnings Before Income Taxes From Continuing Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Segment Reporting [Abstract] | ||
Operating earnings | $30,336 | $28,726 |
Interest expense | -4,463 | -5,306 |
Interest income | 304 | 76 |
Earnings before income taxes | $26,177 | $23,496 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 03, 2014 | 2-May-15 | 3-May-14 | Jan. 31, 2015 | Feb. 03, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets not subject to amortization | $20,800,000 | $21,000,000 | |||
Amortization expense related to intangible assets | 930,000 | 988,000 | |||
Intangible assets acquired | -65,000,000 | 0 | 65,065,000 | ||
Transaction costs | 100,000 | 100,000 | |||
Intangible Assets, Explanation of Significant Deletions | 0.2 | ||||
Primarily Owned and Licensed Trademarks [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense related to intangible assets | $900,000 | $1,000,000 | |||
Trademarks [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, estimated useful lives | 40 years | ||||
Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, estimated useful lives | 15 years | ||||
Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, estimated useful lives | 40 years |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Schedule Of Goodwill And Intangible Assets) (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | $185,868 | $185,868 | $186,068 |
Accumulated amortization | -66,165 | -65,235 | -62,272 |
Total intangible assets, net | 119,703 | 120,633 | 123,796 |
Goodwill | 13,954 | 13,954 | 13,954 |
Goodwill and intangible assets, net | 133,657 | 134,587 | 137,750 |
Famous Footwear [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | 2,800 | 2,800 | 3,000 |
Wholesale Operations [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 13,954 | 13,954 | 13,954 |
Specialty Retail [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | $183,068 | $183,068 | $183,068 |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Changes In Shareholders' Equity And Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Feb. 02, 2013 |
Shareholders' Equity [Line Items] | |||
Net Income (Loss) Attributable to Parent | $19,261 | $15,429 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 130 | 47 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Equity, beginning balance | 541,622 | ||
Net earnings | 19,391 | 15,476 | |
Other comprehensive loss income, net of tax | 477 | ||
Other comprehensive income (loss) | 960 | 477 | |
Treasury Stock, Value | -4,921 | ||
Issuance of common stock under share-based plans, net | -3,751 | -803 | |
Share-based compensation expense | 1,687 | 1,555 | |
Equity, ending balance | 554,320 | 492,771 | |
Caleres, Inc. Shareholders' Equity [Member] | |||
Shareholders' Equity [Line Items] | |||
Net Income (Loss) Attributable to Parent | 19,261 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Equity, beginning balance | 540,910 | 476,699 | |
Net earnings | 15,429 | ||
Other comprehensive loss income, net of tax | 960 | ||
Other comprehensive income (loss) | 477 | ||
Dividends paid | -3,073 | -3,053 | |
Treasury Stock, Value | -4,921 | ||
Issuance of common stock under share-based plans, net | -3,751 | -803 | |
Tax benefit related to share-based plans | 2,401 | 1,769 | |
Share-based compensation expense | 1,687 | 1,555 | |
Equity, ending balance | 553,474 | 492,073 | 476,699 |
Noncontrolling Interests [Member] | |||
Shareholders' Equity [Line Items] | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 130 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Equity, beginning balance | 712 | 663 | |
Net earnings | 47 | ||
Other comprehensive income (loss) | 4 | -12 | |
Equity, ending balance | 846 | 698 | 663 |
Total Equity [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Equity, beginning balance | 541,622 | 477,362 | |
Net earnings | 19,391 | 15,476 | |
Other comprehensive income (loss) | 964 | 465 | |
Dividends paid | -3,073 | -3,053 | |
Treasury Stock, Value | -4,921 | ||
Issuance of common stock under share-based plans, net | -3,751 | -803 | |
Tax benefit related to share-based plans | 2,401 | 1,769 | |
Share-based compensation expense | 1,687 | 1,555 | |
Equity, ending balance | $554,320 | $492,771 | $477,362 |
Shareholders_Equity_Schedule_O1
Shareholders' Equity (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Feb. 02, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | $2,712 | $16,676 | |
Other comprehensive income (loss) before reclassifications | 1,132 | 554 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -286 | -120 | |
Amounts reclassified from accumulated other comprehensive income | -172 | -77 | |
Income Tax Expense (Benefit) | -6,786 | -8,020 | |
Other comprehensive income (loss) | 960 | 477 | |
Balance, ending | 3,672 | 17,153 | 16,676 |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | -745 | 2,356 | |
Other comprehensive income (loss) before reclassifications | 1,392 | 887 | |
Other comprehensive income (loss) | 1,392 | 887 | |
Balance, ending | 647 | 3,243 | 2,356 |
Pension and Other Postretirement Transactions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | 3,233 | 13,582 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -357 | -42 | |
Amounts reclassified from accumulated other comprehensive income | -215 | -23 | |
Other comprehensive income (loss) | -215 | -23 | |
Balance, ending | 3,018 | 13,559 | 13,582 |
Derivative Transactions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | 224 | 738 | |
Other comprehensive income (loss) before reclassifications | -260 | -333 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 71 | -78 | |
Amounts reclassified from accumulated other comprehensive income | 43 | -54 | |
Other comprehensive income (loss) | -217 | -387 | |
Balance, ending | 7 | 351 | 738 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income Tax Expense (Benefit) | 114 | 43 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and Other Postretirement Transactions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income Tax Expense (Benefit) | 142 | 19 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Transactions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income Tax Expense (Benefit) | ($28) | $24 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $1,687 | $1,555 |
Shares of common stock issued during the period | 344,679 | 452,125 |
Weighted-average grant date fair value of stock | $30.06 | $28.18 |
Minimum pay out percentage | 0.00% | |
Maximum pay out percentage | 200.00% | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock shares granted | 285,421 | 270,910 |
Weighted-average grant date fair value of stock | $28.17 | |
Cancelled shares of stock as a result of forfeitures of restricted stock awards | 34,850 | 0 |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock shares granted | 177,921 | 88,185 |
Weighted-average grant date fair value of stock | $30.12 | |
Maximum pay out percentage | 200.00% | |
Requisite service period | 3 years | |
Non-Employee Directors [Member] | Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock shares granted | 16,667 | |
Weighted-average grant date fair value of stock | $29.18 | |
Non-Employee Directors [Member] | Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock shares granted | 704 | 910 |
Weighted-average grant date fair value of stock | $32.30 | $26.63 |
Five Year Vesting Period [Member] | Non-Employee Directors [Member] | Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock shares granted | 8,334 | |
Four Year Vesting Period [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock shares granted | 272,921 | 269,110 |
Four Year Vesting Period [Member] | Non-Employee Directors [Member] | Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock shares granted | 8,333 | |
One Year Vesting Period [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock shares granted | 12,500 | 1,800 |
Retirement_And_Other_Benefit_P2
Retirement And Other Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $3,329 | $2,587 |
Interest cost | 3,586 | 3,556 |
Expected return on assets | -7,655 | -6,184 |
Amortization of: | ||
Actuarial loss (gain) | 166 | 35 |
Prior service (income) expense | -475 | 8 |
Total net periodic benefit (income) cost | -1,049 | 2 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 15 | 13 |
Expected return on assets | 0 | 0 |
Amortization of: | ||
Actuarial loss (gain) | -48 | -85 |
Prior service (income) expense | 0 | 0 |
Total net periodic benefit (income) cost | ($33) | ($72) |
Risk_Management_And_Derivative2
Risk Management And Derivatives (Schedule Of Contract Notional Amount Of All Purchase And Sale Contracts Of A Foreign Currency) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Feb. 01, 2014 | Jan. 31, 2015 |
Derivative [Line Items] | ||||
Derivative, Maturity Date | 29-Apr-16 | |||
Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Maturity Date | 29-Apr-16 | 31-May-15 | 1-Jan-16 | |
Notional contract amount of all purchase and sale contracts of a foreign currency | $48,005 | $53,982 | $53,389 | |
U.S. Dollars (Purchased By The Company's Canadian Division With Canadian Dollars) [Member] | Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional contract amount of all purchase and sale contracts of a foreign currency | 17,635 | 22,369 | 19,633 | |
Chinese Yuan [Member] | Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional contract amount of all purchase and sale contracts of a foreign currency | 10,978 | 14,386 | 14,512 | |
Euro [Member] | Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional contract amount of all purchase and sale contracts of a foreign currency | 16,449 | 14,284 | 16,152 | |
Japanese Yen [Member] | Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional contract amount of all purchase and sale contracts of a foreign currency | 1,483 | 1,625 | 1,523 | |
Other Currencies [Member] | Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional contract amount of all purchase and sale contracts of a foreign currency | $932 | $794 | $970 |
Risk_Management_And_Derivative3
Risk Management And Derivatives (Schedule Of Fair Values Of Derivative Instruments Designated As Hedging Instruments Included Within The Condensed Consolidated Balance Sheet) (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Prepaid Expenses and Other Current Assets [Member] | |||
Derivative [Line Items] | |||
Asset Derivatives, Fair Value | $973 | $1,863 | $446 |
Other Accrued Expenses [Member] | |||
Derivative [Line Items] | |||
Liability Derivatives, Fair Value | $1,032 | $1,784 | $364 |
Risk_Management_And_Derivative4
Risk Management And Derivatives (Schedule Of Effect Of Derivative Instruments In Cash Flow Hedging Relationships On The Condensed Consolidated Statements Of Earnings) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Net Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | $25 | ($7) |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | 54 | 13 |
Cost Of Goods Sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | -201 | 19 |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | -129 | 53 |
Selling And Administrative Expenses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | -88 | -456 |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | 4 | 12 |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | -22 | -11 |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | $0 | $0 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferral percentage of base salary | 50.00% | |
Percentage component of compensation allowed as deferral under deferred compensation plan | 100.00% | |
Minimum pay out percentage | 0.00% | |
Maximum pay out percentage | 200.00% | |
Long-lived assets held for use | $86,400,000 | $79,000,000 |
Selling and Administrative Expenses [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment charge of long-lived assets | 375,000 | 336,000 |
Selling and Administrative Expenses [Member] | Famous Footwear [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment charge of long-lived assets | 300,000 | |
Selling and Administrative Expenses [Member] | Specialty Retail [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment charge of long-lived assets | $100,000 | |
Performance Share Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Requisite service period | 3 years | |
Maximum pay out percentage | 200.00% |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Cash Equivalents - Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | $50,602 | $35,533 | $24 |
Cash Equivalents - Money Market Funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 50,602 | 35,533 | 24 |
Cash Equivalents - Money Market Funds [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | 0 | 0 |
Cash Equivalents - Money Market Funds [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | 0 | 0 |
Non-Qualified Deferred Compensation Plan Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 3,795 | 2,904 | 2,687 |
Non-Qualified Deferred Compensation Plan Assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 3,795 | 2,904 | 2,687 |
Non-Qualified Deferred Compensation Plan Assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | 0 | 0 |
Non-Qualified Deferred Compensation Plan Assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | 0 | 0 |
Non-Qualified Deferred Compensation Plan Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | -3,795 | -2,904 | -2,687 |
Non-Qualified Deferred Compensation Plan Liabilities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | -3,795 | -2,904 | -2,687 |
Non-Qualified Deferred Compensation Plan Liabilities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Non-Qualified Deferred Compensation Plan Liabilities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Deferred Compensation Plan Liabilities For Non-Employee Directors [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | -2,200 | -2,066 | -1,697 |
Deferred Compensation Plan Liabilities For Non-Employee Directors [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | -2,200 | -2,066 | -1,697 |
Deferred Compensation Plan Liabilities For Non-Employee Directors [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Deferred Compensation Plan Liabilities For Non-Employee Directors [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Restricted Stock Units [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | -9,683 | -8,857 | -8,182 |
Restricted Stock Units [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | -9,683 | -8,857 | -8,182 |
Restricted Stock Units [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Restricted Stock Units [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Performance Share Units [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | -2,526 | -5,147 | -507 |
Performance Share Units [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | -2,526 | -5,147 | -507 |
Performance Share Units [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Performance Share Units [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Derivative Financial Instruments, Net [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | -59 | 79 | 82 |
Derivative Financial Instruments, Net [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | 0 | 0 |
Derivative Financial Instruments, Net [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | -59 | 79 | 82 |
Derivative Financial Instruments, Net [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | $0 | $0 | $0 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule Of Fair Value Of Financial Instruments) (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | |||
Long-term debt – Senior Notes, Carrying Amount | $199,244 | $199,197 | $199,057 |
Long-term debt – Senior Notes, Fair Value | $207,500 | $208,000 | $210,750 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Restructuring Cost and Reserve [Line Items] | ||
Entity Legal Form | 1.6 | |
Other Tax Expense (Benefit) | $0.10 | |
Consolidated effective tax rate | 25.90% | 34.10% |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $1.50 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Brown Shoe Company, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Joint venture, ownership percentage | 51.00% | |
Hongguo International Holdings Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Joint venture, ownership percentage | 49.00% | |
B&H Footwear [Member] | ||
Related Party Transaction [Line Items] | ||
Sales to related parties | $2.60 | $2 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | 2-May-15 |
Loss Contingencies [Line Items] | |
Loss Contingency, Range of Possible Loss, Maximum | $1.50 |
Loss Contingency, Range of Possible Loss, Minimum | 1 |
Loss Contingency Accrual | 1.5 |
Redfield Site [Member] | |
Loss Contingencies [Line Items] | |
Liability for on-site remediation, discounted rate | 4.80% |
On-site remediation liability, undiscounted basis | 15.4 |
Expected on-site remediation liability, year one | 0.2 |
Expected on-site remediation liability, year two | 0.2 |
Expected on-site remediation liability, year three | 0.2 |
Expected on-site remediation liability, year four | 0.2 |
Expected on-site remediation liability, year five | 0.2 |
Expected on-site remediation liability, thereafter | 14.4 |
Cumulative expenditures for both on-site and off-site remediation | 27.2 |
Reserve for anticipated future remediation activities | 9.8 |
Reserve for anticipated future remediation activities for on-site remediation | 5.1 |
Reserve for anticipated future remediation activities for off-site remediation | 4.7 |
Redfield Site Other Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Accrual for environmental loss contingencies in other liabilities | 9.1 |
Redfield Site Other Accrued Expense [Member] | |
Loss Contingencies [Line Items] | |
Accrual for environmental loss contingencies in other accrued expenses | 0.7 |
New York Tannery And Two Associated Landfills [Member] | |
Loss Contingencies [Line Items] | |
Liability for on-site remediation, discounted rate | 6.40% |
Expected on-site remediation liability, year one | 0.2 |
Expected on-site remediation liability, year two | 0.2 |
Expected on-site remediation liability, year three | 0.2 |
Expected on-site remediation liability, year four | 0.2 |
Expected on-site remediation liability, year five | 0.2 |
Expected on-site remediation liability, thereafter | 0.8 |
Accrual for environmental loss contingencies in other liabilities | 1.1 |
Accrual for environmental loss contingencies in other accrued expenses | 0.2 |
Number of associated landfills for which remediation efforts are completed | 2 |
Accrued liability to complete the cleanup, maintenance and monitoring at all sites | 1.3 |
Accrued liability on an undiscounted basis | $1.80 |
Financial_Information_For_The_2
Financial Information For The Company And Its Subsidiaries (Narrative) (Details) | 3 Months Ended |
2-May-15 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Guarantors, ownership percentage by parent | 100.00% |
Financial_Information_For_The_3
Financial Information For The Company And Its Subsidiaries (Schedule Of Condensed Consolidating Balance Sheet) (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | |||||
Assets | |||||
Cash and cash equivalents | $66,330 | $67,403 | $36,668 | $82,546 | $82,546 |
Receivables, net | 126,512 | 136,646 | 105,746 | ||
Inventories, net | 498,513 | 543,103 | 512,811 | ||
Prepaid expenses and other current assets | 41,003 | 43,744 | 37,913 | ||
Total current assets | 732,358 | 790,896 | 693,138 | ||
Other assets | 144,309 | 141,586 | 136,256 | ||
Goodwill and intangible assets, net | 133,657 | 134,587 | 137,750 | ||
Property and equipment, net | 153,350 | 149,743 | 141,818 | ||
Total assets | 1,163,674 | 1,216,812 | 1,108,962 | ||
Liabilities and Equity | |||||
Trade accounts payable | 172,116 | 215,921 | 195,703 | ||
Other accrued expenses | 158,700 | 181,162 | 141,718 | ||
Total current liabilities | 330,816 | 397,083 | 337,421 | ||
Other liabilities | |||||
Long-term debt | 199,244 | 199,197 | 199,057 | ||
Other liabilities | 79,294 | 78,910 | 79,713 | ||
Total other liabilities | 278,538 | 278,107 | 278,770 | ||
Equity | |||||
Brown Shoe Company, Inc. shareholders' equity | 553,474 | 540,910 | 492,073 | ||
Noncontrolling interests | 846 | 712 | 698 | ||
Total equity | 554,320 | 541,622 | 492,771 | ||
Total liabilities and equity | 1,163,674 | 1,216,812 | 1,108,962 | ||
Parent [Member] | |||||
Assets | |||||
Cash and cash equivalents | 8,528 | 13,891 | |||
Receivables, net | 101,968 | 89,030 | 83,713 | ||
Inventories, net | 95,948 | 148,082 | 93,159 | ||
Prepaid expenses and other current assets | 18,820 | 41,494 | 34,476 | ||
Intercompany receivable – current | 1,082 | 1,194 | 981 | ||
Total current assets | 226,346 | 293,691 | 212,329 | ||
Other assets | 130,781 | 127,879 | 120,941 | ||
Goodwill and intangible assets, net | 117,226 | 117,792 | 119,666 | ||
Property and equipment, net | 34,186 | 29,237 | 27,303 | ||
Investment in subsidiaries | 998,697 | 982,640 | 879,965 | ||
Intercompany receivable – noncurrent | 431,964 | 459,774 | 450,481 | ||
Total assets | 1,939,200 | 2,011,013 | 1,810,685 | ||
Liabilities and Equity | |||||
Trade accounts payable | 8,381 | 60,377 | 48,509 | ||
Other accrued expenses | 66,040 | 106,682 | 69,665 | ||
Intercompany payable – current | 2,034 | 4,948 | 2,367 | ||
Total current liabilities | 76,455 | 172,007 | 120,541 | ||
Other liabilities | |||||
Long-term debt | 199,244 | 199,197 | 199,057 | ||
Other liabilities | 41,212 | 41,847 | 33,499 | ||
Intercompany payable – noncurrent | 1,068,815 | 1,057,052 | 965,515 | ||
Total other liabilities | 1,309,271 | 1,298,096 | 1,198,071 | ||
Equity | |||||
Brown Shoe Company, Inc. shareholders' equity | 553,474 | 540,910 | 492,073 | ||
Total equity | 553,474 | 540,910 | 492,073 | ||
Total liabilities and equity | 1,939,200 | 2,011,013 | 1,810,685 | ||
Guarantors [Member] | |||||
Assets | |||||
Cash and cash equivalents | 413 | 8,770 | 25,528 | 30,002 | |
Receivables, net | 1,657 | 5,398 | 1,412 | ||
Inventories, net | 396,642 | 386,468 | 414,424 | ||
Prepaid expenses and other current assets | 24,335 | 24,397 | 507 | ||
Intercompany receivable – current | 432 | 279 | 368 | ||
Total current assets | 423,479 | 425,312 | 442,239 | ||
Other assets | 12,931 | 13,104 | 14,678 | ||
Goodwill and intangible assets, net | 16,431 | 16,795 | 18,084 | ||
Property and equipment, net | 117,144 | 118,525 | 112,630 | ||
Investment in subsidiaries | 219,134 | 200,946 | 169,843 | ||
Intercompany receivable – noncurrent | 601,993 | 581,594 | 500,580 | ||
Total assets | 1,391,112 | 1,356,276 | 1,258,054 | ||
Liabilities and Equity | |||||
Trade accounts payable | 141,613 | 117,899 | 123,656 | ||
Other accrued expenses | 91,553 | 94,108 | 64,082 | ||
Intercompany payable – current | 237 | 361 | 59 | ||
Total current liabilities | 233,403 | 212,368 | 187,797 | ||
Other liabilities | |||||
Other liabilities | 37,890 | 36,869 | 44,745 | ||
Intercompany payable – noncurrent | 121,122 | 124,399 | 145,547 | ||
Total other liabilities | 159,012 | 161,268 | 190,292 | ||
Equity | |||||
Brown Shoe Company, Inc. shareholders' equity | 998,697 | 982,640 | 879,965 | ||
Total equity | 998,697 | 982,640 | 879,965 | ||
Total liabilities and equity | 1,391,112 | 1,356,276 | 1,258,054 | ||
Non-Guarantors [Member] | |||||
Assets | |||||
Cash and cash equivalents | 57,389 | 44,742 | 11,140 | 52,544 | |
Receivables, net | 22,887 | 42,218 | 20,621 | ||
Inventories, net | 5,923 | 8,553 | 5,228 | ||
Prepaid expenses and other current assets | 4,149 | 5,344 | 2,930 | ||
Intercompany receivable – current | 15,800 | 8,471 | 10,655 | ||
Total current assets | 106,148 | 109,328 | 50,574 | ||
Other assets | 597 | 603 | 637 | ||
Property and equipment, net | 2,020 | 1,981 | 1,885 | ||
Intercompany receivable – noncurrent | 268,758 | 264,673 | 242,150 | ||
Total assets | 377,523 | 376,585 | 295,246 | ||
Liabilities and Equity | |||||
Trade accounts payable | 22,122 | 37,645 | 23,538 | ||
Other accrued expenses | 7,408 | 7,863 | 7,971 | ||
Intercompany payable – current | 15,043 | 4,635 | 9,578 | ||
Total current liabilities | 44,573 | 50,143 | 41,087 | ||
Other liabilities | |||||
Other liabilities | 192 | 194 | 1,469 | ||
Intercompany payable – noncurrent | 112,778 | 124,590 | 82,149 | ||
Total other liabilities | 112,970 | 124,784 | 83,618 | ||
Equity | |||||
Brown Shoe Company, Inc. shareholders' equity | 219,134 | 200,946 | 169,843 | ||
Noncontrolling interests | 846 | 712 | 698 | ||
Total equity | 219,980 | 201,658 | 170,541 | ||
Total liabilities and equity | 377,523 | 376,585 | 295,246 | ||
Eliminations [Member] | |||||
Assets | |||||
Prepaid expenses and other current assets | -6,301 | -27,491 | |||
Intercompany receivable – current | -17,314 | -9,944 | -12,004 | ||
Total current assets | -23,615 | -37,435 | -12,004 | ||
Investment in subsidiaries | -1,217,831 | -1,183,586 | -1,049,808 | ||
Intercompany receivable – noncurrent | -1,302,715 | -1,306,041 | -1,193,211 | ||
Total assets | -2,544,161 | -2,527,062 | -2,255,023 | ||
Liabilities and Equity | |||||
Other accrued expenses | -6,301 | -27,491 | 0 | ||
Intercompany payable – current | -17,314 | -9,944 | -12,004 | ||
Total current liabilities | -23,615 | -37,435 | -12,004 | ||
Other liabilities | |||||
Intercompany payable – noncurrent | -1,302,715 | -1,306,041 | -1,193,211 | ||
Total other liabilities | -1,302,715 | -1,306,041 | -1,193,211 | ||
Equity | |||||
Brown Shoe Company, Inc. shareholders' equity | -1,217,831 | -1,183,586 | -1,049,808 | ||
Total equity | -1,217,831 | -1,183,586 | -1,049,808 | ||
Total liabilities and equity | ($2,544,161) | ($2,527,062) | ($2,255,023) |
Financial_Information_For_The_4
Financial Information For The Company And Its Subsidiaries (Schedule Of Condensed Consolidating Statement Of Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Condensed Income Statements, Captions [Line Items] | ||
Net sales | $602,283 | $591,162 |
Cost of goods sold | 353,757 | 348,821 |
Gross profit | 248,526 | 242,341 |
Selling and administrative expenses | 218,190 | 213,615 |
Operating earnings | 30,336 | 28,726 |
Interest expense | -4,463 | -5,306 |
Interest income | 304 | 76 |
Earnings before income taxes | 26,177 | 23,496 |
Income tax benefit (provision) | -6,786 | -8,020 |
Net earnings | 19,391 | 15,476 |
Net earnings | 19,391 | 15,476 |
Less: Net earnings (loss) attributable to noncontrolling interests | 130 | 47 |
Net earnings attributable to Caleres, Inc. | 19,261 | 15,429 |
Comprehensive (loss) income | 20,351 | 15,953 |
Comprehensive (loss) income attributable to noncontrolling interest | 134 | 35 |
Comprehensive (loss) income attributable to Caleres, Inc. | 20,217 | 15,918 |
Parent [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 192,351 | 179,160 |
Cost of goods sold | 137,594 | 127,466 |
Gross profit | 54,757 | 51,694 |
Selling and administrative expenses | 52,976 | 49,197 |
Operating earnings | 1,781 | 2,497 |
Interest expense | -4,462 | -5,305 |
Interest income | 251 | 1 |
Intercompany interest income (expense) | 3,678 | 3,974 |
Earnings before income taxes | 1,248 | 1,167 |
Income tax benefit (provision) | 1,684 | 464 |
Equity in earnings (loss) of subsidiaries, net of tax | 16,329 | 13,798 |
Net earnings | 15,429 | |
Net earnings | 19,261 | |
Net earnings attributable to Caleres, Inc. | 19,261 | 15,429 |
Comprehensive (loss) income | 20,217 | 15,918 |
Comprehensive (loss) income attributable to Caleres, Inc. | 20,217 | 15,918 |
Guarantors [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 391,793 | 401,580 |
Cost of goods sold | 206,772 | 218,366 |
Gross profit | 185,021 | 183,214 |
Selling and administrative expenses | 159,710 | 159,967 |
Operating earnings | 25,311 | 23,247 |
Interest expense | 1 | |
Interest income | 11 | 59 |
Intercompany interest income (expense) | -3,794 | -4,079 |
Earnings before income taxes | 21,527 | 19,226 |
Income tax benefit (provision) | -7,848 | -7,954 |
Equity in earnings (loss) of subsidiaries, net of tax | 2,650 | 2,526 |
Net earnings | 13,798 | |
Net earnings | 16,329 | |
Net earnings attributable to Caleres, Inc. | 16,329 | 13,798 |
Comprehensive (loss) income | 17,054 | 14,355 |
Comprehensive (loss) income attributable to Caleres, Inc. | 17,054 | 14,355 |
Non-Guarantors [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 43,462 | 40,165 |
Cost of goods sold | 31,773 | 29,191 |
Gross profit | 11,689 | 10,974 |
Selling and administrative expenses | 8,445 | 7,992 |
Operating earnings | 3,244 | 2,982 |
Interest expense | 0 | |
Interest income | 42 | 16 |
Intercompany interest income (expense) | 116 | 105 |
Earnings before income taxes | 3,402 | 3,103 |
Income tax benefit (provision) | -622 | -530 |
Net earnings | 2,573 | |
Net earnings | 2,780 | |
Less: Net earnings (loss) attributable to noncontrolling interests | 130 | 47 |
Net earnings attributable to Caleres, Inc. | 2,650 | 2,526 |
Comprehensive (loss) income | 2,838 | 2,520 |
Comprehensive (loss) income attributable to noncontrolling interest | 134 | 35 |
Comprehensive (loss) income attributable to Caleres, Inc. | 2,704 | 2,485 |
Eliminations [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | -25,323 | -29,743 |
Cost of goods sold | -22,382 | -26,202 |
Selling and administrative expenses | -2,941 | |
Operating earnings | 0 | |
Interest expense | 0 | |
Equity in earnings (loss) of subsidiaries, net of tax | -18,979 | -16,324 |
Net earnings | -16,324 | |
Net earnings | -18,979 | |
Net earnings attributable to Caleres, Inc. | -18,979 | -16,324 |
Comprehensive (loss) income | -19,758 | -16,840 |
Comprehensive (loss) income attributable to Caleres, Inc. | ($19,758) | ($16,840) |
Financial_Information_For_The_5
Financial Information For The Company And Its Subsidiaries (Schedule Of Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used for) provided by operating activities | $21,914 | $36,383 |
Purchases of property and equipment | -12,905 | -7,381 |
Capitalized software | -955 | -1,245 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 0 | |
Acquisition of trademarks | 0 | -65,065 |
Net cash used for investing activities | -13,860 | -73,691 |
Borrowings under revolving credit agreement | 86,000 | 251,000 |
Repayments under revolving credit agreement | -86,000 | -258,000 |
Dividends paid | -3,073 | -3,053 |
Treasury Stock, Value | -4,921 | |
Issuance of common stock under share-based plans, net | -3,751 | -803 |
Tax benefit related to share-based plans | 2,401 | 1,769 |
Net cash used for financing activities | -9,344 | -9,087 |
Effect of exchange rate changes on cash and cash equivalents | 217 | 517 |
Decrease in cash and cash equivalents | -1,073 | -45,878 |
Cash and cash equivalents at beginning of period | 67,403 | 82,546 |
Cash and cash equivalents at end of period | 66,330 | 36,668 |
Parent [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used for) provided by operating activities | -5,418 | -3,343 |
Purchases of property and equipment | -2,435 | -1,866 |
Capitalized software | -750 | -1,171 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 151 | -533 |
Acquisition of trademarks | 65,065 | |
Net cash used for investing activities | -3,336 | -68,635 |
Borrowings under revolving credit agreement | 86,000 | 251,000 |
Repayments under revolving credit agreement | -86,000 | -258,000 |
Dividends paid | -3,073 | -3,053 |
Treasury Stock, Value | -4,921 | |
Issuance of common stock under share-based plans, net | -3,751 | -803 |
Tax benefit related to share-based plans | 2,401 | 1,769 |
Intercompany financing | 12,735 | 81,065 |
Net cash used for financing activities | 3,391 | 71,978 |
Cash and cash equivalents at beginning of period | 13,891 | |
Cash and cash equivalents at end of period | 8,528 | |
Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used for) provided by operating activities | 18,086 | 25,854 |
Purchases of property and equipment | -10,321 | -5,411 |
Capitalized software | -205 | -43 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 533 | |
Acquisition of trademarks | 0 | |
Net cash used for investing activities | -10,375 | -4,921 |
Intercompany financing | -16,285 | -25,924 |
Net cash used for financing activities | -16,285 | -25,924 |
Effect of exchange rate changes on cash and cash equivalents | 217 | 517 |
Decrease in cash and cash equivalents | -8,357 | -4,474 |
Cash and cash equivalents at beginning of period | 8,770 | |
Cash and cash equivalents at end of period | 413 | 25,528 |
Non-Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used for) provided by operating activities | 9,246 | 13,872 |
Purchases of property and equipment | -149 | -104 |
Capitalized software | 0 | -31 |
Net cash used for investing activities | -149 | -135 |
Intercompany financing | 3,550 | -55,141 |
Net cash used for financing activities | 3,550 | -55,141 |
Decrease in cash and cash equivalents | 12,647 | -41,404 |
Cash and cash equivalents at beginning of period | 44,742 | |
Cash and cash equivalents at end of period | $57,389 | $11,140 |