Document And Entity Information
Document And Entity Information | 12 Months Ended |
Jan. 31, 2015 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | CALERES INC |
Entity Central Index Key | 14,707 |
Entity Well-known Seasoned Issuer | Yes |
Current Fiscal Year End Date | --01-31 |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Current Reporting Status | Yes |
Document Type | S4 |
Document Period End Date | Jan. 31, 2015 |
Document Fiscal Year Focus | 2,014 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 |
Current assets | ||
Cash and cash equivalents | $ 67,403 | $ 82,546 |
Receivables, net | 136,646 | 129,217 |
Inventory, net | 543,103 | 547,531 |
Income Taxes Receivable, Current | 620 | 2,919 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 748 | 471 |
Prepaid expenses and other current assets | 42,376 | 29,746 |
Current assets – discontinued operations | 0 | 119 |
Total current assets | 790,896 | 792,549 |
Prepaid pension costs (noncurrent assets) | 73,324 | 85,516 |
Net property and equipment | 149,743 | 143,560 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 6,956 | 1,093 |
Goodwill | 13,954 | 13,954 |
Intangible assets, net | 120,633 | 59,719 |
Other assets | 61,306 | 53,012 |
Total assets | 1,216,812 | 1,149,403 |
Current liabilities | ||
Borrowings under revolving credit agreement | 0 | 7,000 |
Trade accounts payable | 215,921 | 226,602 |
Employee Compensation and Benefits | 58,593 | 47,080 |
Taxes Payable, Current | 6,285 | 4,350 |
Deferred Income Taxes | 27,544 | 15,512 |
Other accrued expenses | 88,740 | 85,603 |
Current liabilities – discontinued operations | 0 | 708 |
Total current liabilities | 397,083 | 386,855 |
Other liabilities | ||
Long-term debt | 199,197 | 199,010 |
Deferred rent | 39,742 | 38,593 |
Deferred Tax Liabilities, Gross, Noncurrent | 9,371 | |
Other liabilities | 39,168 | 38,212 |
Total other liabilities | 278,107 | 285,186 |
Equity | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 43,752,031 and 43,378,279 shares outstanding, net of 2,334,764 and 2,708,516 treasury shares in 2014 and 2013, respectively | 437 | 434 |
Preferred Stock, $1.00 par value, 1,000,000 shares authorized; no shares outstanding | 0 | 0 |
Additional paid-in capital | 138,957 | 131,398 |
Accumulated other comprehensive income (loss) | 2,712 | 16,676 |
Retained earnings | 398,804 | 328,191 |
Total Brown Shoe Company, Inc. shareholders’ equity | 540,910 | 476,699 |
Noncontrolling interests | 712 | 663 |
Total equity | 541,622 | 477,362 |
Total liabilities and equity | $ 1,216,812 | $ 1,149,403 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheet Parenthetical - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 25,393 | $ 21,470 |
Inventory, LIFO Reserve | $ 3,668 | $ 3,965 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Outstanding | 43,752,031 | 43,378,279 |
Treasury Stock, Shares | 2,334,764 | 2,708,516 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | May. 04, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 615,393 | $ 729,277 | $ 635,877 | $ 591,162 | $ 599,962 | $ 702,788 | $ 621,706 | $ 588,656 | $ 2,571,709 | $ 2,513,113 | $ 2,477,796 |
Cost of goods sold | 1,531,609 | 1,498,825 | 1,489,221 | ||||||||
Gross profit | 247,387 | 290,730 | 259,642 | 242,341 | 241,407 | 278,240 | 254,626 | 240,016 | 1,040,100 | 1,014,288 | 988,575 |
Selling and administrative expenses | 910,682 | 909,749 | 891,666 | ||||||||
Restructuring and other special charges, net | 3,484 | 1,262 | 22,431 | ||||||||
Impairment of assets held for sale | 0 | 4,660 | 0 | ||||||||
Operating earnings | 125,934 | 98,617 | 74,478 | ||||||||
Interest expense | (20,445) | (21,254) | (22,973) | ||||||||
Gains (Losses) on Extinguishment of Debt | (420) | 0 | 0 | ||||||||
Interest income | 379 | 377 | 322 | ||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | 4,679 | (576) | 0 | ||||||||
Earnings before income taxes from continuing operations | 110,127 | 77,740 | 51,827 | ||||||||
Income tax provision | (27,184) | (23,758) | (16,656) | ||||||||
Net earnings from continuing operations | 82,943 | 53,982 | 35,171 | ||||||||
Discontinued operations: | |||||||||||
Earnings (loss) from discontinued operations, net of tax (expense) benefit of $0, ($114), $0 and $6,057, respectively | 0 | (4,574) | (4,437) | ||||||||
Disposition/impairment of discontinued operations, net of tax of $0 | 0 | (11,512) | (3,530) | ||||||||
Net earnings (loss) from discontinued operations | 0 | (16,086) | (7,967) | ||||||||
Net earnings | 16,191 | 33,237 | 18,039 | 15,476 | 6,161 | 27,284 | 15,283 | (10,832) | 82,943 | 37,896 | 27,204 |
Net earnings (loss) attributable to noncontrolling interests | 93 | (177) | (287) | ||||||||
Net earnings attributable to Brown Shoe Company, Inc. | $ 16,244 | $ 33,113 | $ 18,064 | $ 15,429 | $ 6,164 | $ 27,314 | $ 15,357 | $ (10,762) | $ 82,850 | $ 38,073 | $ 27,491 |
Basic earnings (loss) per common share: | |||||||||||
From continuing operations (in dollars per share) | $ 1.90 | $ 1.25 | $ 0.83 | ||||||||
From discontinued operations (in dollars per share) | 0 | (0.37) | (0.19) | ||||||||
Basic earnings per common share attributable to Brown Shoe Company, Inc. shareholders (in dollars per share) | $ 0.37 | $ 0.76 | $ 0.41 | $ 0.35 | $ 0.14 | $ 0.63 | $ 0.36 | $ (0.26) | 1.90 | 0.88 | 0.64 |
Diluted earnings (loss) per common share: | |||||||||||
From continuing operations (in dollars per share) | 1.89 | 1.25 | 0.83 | ||||||||
From discontinued operations (in dollars per share) | 0 | (0.37) | (0.19) | ||||||||
Diluted earnings per common share attributable to Brown Shoe Company, Inc. shareholders (in dollars per share) | $ 0.37 | $ 0.75 | $ 0.41 | $ 0.35 | $ 0.14 | $ 0.63 | $ 0.35 | $ (0.26) | $ 1.89 | $ 0.88 | $ 0.64 |
Intercompany interest income (expense) | $ 0 | $ 0 | |||||||||
Equity in earnings (loss) of subsidiaries, net of tax | $ 0 |
Consolidated Statements Of Ear5
Consolidated Statements Of Earnings (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Statement [Abstract] | |||
Earnings (loss) from discontinued operations, tax benefit | $ 0 | $ (5,922) | $ (3,066) |
Disposition/impairment of discontinued operations, tax | $ 0 | $ 0 | $ 2,247 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | May. 04, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 16,191 | $ 33,237 | $ 18,039 | $ 15,476 | $ 6,161 | $ 27,284 | $ 15,283 | $ (10,832) | $ 82,943 | $ 37,896 | $ 27,204 |
Other comprehensive (loss) income, net of tax: | |||||||||||
Foreign currency translation adjustment | (3,145) | (4,538) | 475 | ||||||||
Pension and other postretirement benefits adjustments | 10,349 | (19,529) | 9,061 | ||||||||
Derivative financial instruments | (514) | 819 | (155) | ||||||||
Other comprehensive loss income, net of tax | (14,008) | 15,810 | (8,741) | ||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Comprehensive income | 68,935 | 53,706 | 18,463 | ||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 49 | (109) | (275) | ||||||||
Comprehensive income attributable to Brown Shoe Company, Inc. | 68,886 | 53,815 | 18,738 | ||||||||
Parent [Member] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 82,850 | 38,073 | 27,491 | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Foreign currency translation adjustment | 0 | ||||||||||
Pension and other postretirement benefits adjustments | (10,003) | 19,114 | (8,871) | ||||||||
Derivative financial instruments | (1,250) | (55) | 134 | ||||||||
Other comprehensive loss income, net of tax | 15,742 | (8,753) | |||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | (2,711) | (3,317) | (16) | ||||||||
Comprehensive income | 68,886 | 53,815 | 18,738 | ||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 0 | ||||||||||
Comprehensive income attributable to Brown Shoe Company, Inc. | 68,886 | 53,815 | 18,738 | ||||||||
Guarantors [Member] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 53,797 | 53,519 | 43,446 | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Pension and other postretirement benefits adjustments | 0 | 0 | 0 | ||||||||
Derivative financial instruments | 0 | 0 | 0 | ||||||||
Other comprehensive loss income, net of tax | 0 | 0 | |||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Comprehensive income | 53,797 | 53,519 | 43,446 | ||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to Brown Shoe Company, Inc. | 53,797 | 53,519 | 43,446 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 43,562 | 10,677 | 20,619 | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Foreign currency translation adjustment | (3,145) | (4,538) | 475 | ||||||||
Pension and other postretirement benefits adjustments | (346) | (415) | 190 | ||||||||
Derivative financial instruments | 736 | 874 | (289) | ||||||||
Other comprehensive loss income, net of tax | (3,249) | (4) | |||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Comprehensive income | 40,807 | 7,428 | 20,615 | ||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 49 | (109) | (275) | ||||||||
Comprehensive income attributable to Brown Shoe Company, Inc. | 40,758 | 7,537 | 20,890 | ||||||||
Eliminations [Member] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (97,266) | (64,373) | (64,352) | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Foreign currency translation adjustment | 0 | ||||||||||
Pension and other postretirement benefits adjustments | 0 | ||||||||||
Derivative financial instruments | 0 | ||||||||||
Other comprehensive loss income, net of tax | 3,317 | 16 | |||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 2,711 | 3,317 | 16 | ||||||||
Comprehensive income | (94,555) | (61,056) | (64,336) | ||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 0 | ||||||||||
Comprehensive income attributable to Brown Shoe Company, Inc. | $ (94,555) | $ (61,056) | $ (64,336) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Statement of Cash Flows [Abstract] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 82,943 | $ 37,896 | $ 27,204 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 35,002 | 36,033 | 34,179 |
Amortization of capitalized software | 12,662 | 13,047 | 13,420 |
Amortization of Intangible Assets | 3,951 | 6,249 | 7,184 |
Amortization of debt issuance costs and debt discount | 2,400 | 2,513 | 2,561 |
Gains (Losses) on Extinguishment of Debt | (420) | 0 | 0 |
Share-based compensation expense | 6,190 | 5,567 | 6,489 |
Tax benefit related to share-based plans | (929) | (3,439) | (944) |
Loss on disposal of facilities and equipment | 1,610 | 1,697 | 3,103 |
Impairment charges for facilities and equipment | 1,982 | 1,636 | 4,132 |
Impairment of assets held for sale | 0 | 4,660 | 0 |
Disposition/impairment of discontinued operations | 0 | 11,512 | 3,530 |
Gain (Loss) on Disposition of Stock in Subsidiary | (4,679) | 576 | 0 |
Deferred rent | 1,149 | 4,882 | 1,350 |
Deferred Income Tax Expense (Benefit) | (3,416) | 18,061 | (3,555) |
Provision for doubtful accounts | 1,716 | 551 | 360 |
Changes in operating assets and liabilities, net of dispositions: | |||
Receivables | (9,175) | (17,570) | 27,984 |
Inventories | (7,651) | (44,852) | 28,623 |
Prepaid expenses and other current and noncurrent assets | (20,053) | 3,798 | (4,867) |
Trade accounts payable | (8,204) | 12,951 | 32,091 |
Accrued expenses and other liabilities | 20,142 | 4,389 | 10,436 |
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable | 2,411 | 2,335 | 4,323 |
Other, net | 341 | 1,540 | 334 |
Net Cash Provided by (Used in) Operating Activities | 118,812 | 104,032 | 197,937 |
Investing Activities | |||
Purchases of property and equipment | (44,952) | (43,968) | (55,801) |
Capitalized software | (5,086) | (5,235) | (7,928) |
Acquisition of trademarks | (65,065) | 0 | (5,000) |
Investment in nonconsolidated affiliate | (7,000) | 0 | 0 |
Net proceeds from sale of subsidiaries | 10,120 | 69,347 | 0 |
Net cash (used for) provided by investing activities | (111,983) | 20,144 | (68,729) |
Financing Activities | |||
Borrowings under revolving credit agreement | 867,000 | 1,129,000 | 805,000 |
Repayments under revolving credit agreement | (874,000) | (1,227,000) | (901,000) |
Payments of Debt Issuance Costs | 2,618 | 0 | 0 |
Dividends paid | (12,237) | (12,105) | (12,011) |
Issuance of common stock under share-based plans, net | 443 | 804 | (1,700) |
Tax benefit related to share-based plans | 929 | 3,439 | 944 |
Proceeds from Contributions from Affiliates | 0 | 50 | 0 |
Net cash provided by (used for) financing activities | (20,483) | (105,812) | (108,767) |
Effect of exchange rate changes on cash and cash equivalents | (1,489) | (4,041) | 100 |
Decrease in cash and cash equivalents | (15,143) | 14,323 | 20,541 |
Cash and cash equivalents at beginning of period | 82,546 | 68,223 | 47,682 |
Cash and cash equivalents at end of period | $ 67,403 | $ 82,546 | $ 68,223 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equity Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jan. 28, 2012 | $ 413,716 | $ 420 | $ 115,869 | $ 9,637 | $ 286,743 | $ 412,669 | $ 1,047 |
Shares, Outstanding at Jan. 28, 2012 | 41,970,687 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 27,204 | 27,491 | 27,491 | (287) | |||
Foreign currency translation adjustment | 475 | 463 | 463 | 12 | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (155) | (155) | (155) | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (9,061) | (9,061) | (9,061) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 18,463 | 18,738 | (275) | ||||
Dividends, Common Stock, Cash | $ (12,011) | (12,011) | (12,011) | ||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 925,676 | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ (1,700) | 9 | (1,709) | (1,700) | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 944 | 944 | 944 | ||||
Share-based compensation expense | 6,489 | 6,489 | 6,489 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Feb. 02, 2013 | $ 425,901 | 429 | 121,593 | 884 | 302,223 | 425,129 | 772 |
Shares, Outstanding at Feb. 02, 2013 | 42,896,363 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 37,896 | 38,073 | 38,073 | (177) | |||
Foreign currency translation adjustment | (4,538) | (4,556) | (4,556) | 18 | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 819 | 819 | 819 | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 19,529 | 19,529 | 19,529 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 53,706 | 53,865 | (159) | ||||
Dividends, Common Stock, Cash | (12,105) | (12,105) | (12,105) | ||||
Contributions By Noncontrolling Interest | $ 50 | 50 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 481,916 | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 804 | 5 | 799 | 804 | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 3,439 | 3,439 | 3,439 | ||||
Share-based compensation expense | 5,567 | 5,567 | 5,567 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Feb. 01, 2014 | $ 477,362 | 434 | 131,398 | 16,676 | 328,191 | 476,699 | 663 |
Shares, Outstanding at Feb. 01, 2014 | 43,378,279 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 82,943 | 82,850 | 82,850 | 93 | |||
Foreign currency translation adjustment | (3,145) | (3,101) | (3,101) | (44) | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (514) | (514) | (514) | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (10,349) | (10,349) | (10,349) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 68,935 | 68,886 | 49 | ||||
Dividends, Common Stock, Cash | $ (12,237) | (12,237) | (12,237) | ||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 373,752 | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 443 | 3 | 440 | 443 | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 929 | 929 | 929 | ||||
Share-based compensation expense | 6,190 | 6,190 | 6,190 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jan. 31, 2015 | $ 541,622 | $ 437 | $ 138,957 | $ 2,712 | $ 398,804 | $ 540,910 | $ 712 |
Shares, Outstanding at Jan. 31, 2015 | 43,752,031 |
Consolidated Statement of Stoc9
Consolidated Statement of Stockholders Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 408 | $ 289 | $ 33 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 6,494 | $ 12,319 | $ 5,777 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.28 | $ 0.28 | $ 0.28 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Brown Shoe Company, Inc., founded in 1878 and incorporated in 1913, is a global footwear retailer and wholesaler. The Company’s shares traded under the “BWS” symbol on the New York Stock Exchange. 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 Company provides a broad offering of licensed, branded and private-label casual, dress and athletic footwear products to women, men and children. Footwear is sold at a variety of price points through multiple distribution channels both domestically and internationally. The Company currently operates 1,209 retail shoe stores in the United States, Canada and Guam primarily under the Famous Footwear and Naturalizer names. In addition, through its Brand Portfolio segment, the Company designs, sources and markets footwear to retail stores domestically and internationally, including national chains, department stores, mass merchandisers, independent retailers and online retailers. In 2014, approximately 67% of the Company’s net sales were at retail, compared to 70% in 2013 and 71% in 2012. See Note 7 for additional information regarding the Company’s business segments. The Company’s business is seasonal in nature due to consumer spending patterns with higher back-to-school and Christmas season sales. Traditionally, the third fiscal quarter accounts for a substantial portion of the Company’s earnings for the year. Consolidation The 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. Noncontrolling Interests Noncontrolling interests in the Company’s consolidated financial statements result from the accounting for noncontrolling interests in partially-owned consolidated subsidiaries or affiliates. Noncontrolling interests represent partially-owned subsidiaries’ or consolidated affiliates’ losses and components of other comprehensive income that are attributable to the noncontrolling parties’ equity interests. The Company consolidates B&H Footwear Company Limited (“B&H Footwear”), a joint venture, into its consolidated financial statements. Net earnings (loss) attributable to noncontrolling interests represent the share of net earnings or losses that are attributable to the equity that is owned by the Company’s partners. Transactions between the Company and B&H Footwear have been eliminated in the consolidated financial statements. Accounting Period The Company’s fiscal year is the 52- or 53-week period ending the Saturday nearest to January 31. Fiscal years 2014 , 2013 and 2012 ended on January 31, 2015 , February 1, 2014 and February 2, 2013 , respectively. Fiscal years 2014 and 2013 each included 52 weeks, while fiscal year 2012 included 53 weeks. The impact of the 53 rd week in 2012 was an increase to our retail net sales of approximately $21.2 million . The net earnings impact of the 53 rd week was immaterial to 2012. Basis of Presentation Certain prior period amounts on the consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications did not affect net earnings attributable to Caleres, Inc. The consolidated statement of cash flows includes the cash flows from operating, financing and investing activities of both continuing operations and discontinued operations. All other financial information is reported on a continuing operations basis, unless otherwise noted. Refer to Note 2 to the consolidated financial statements for discussion regarding discontinued operations. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Receivables The Company evaluates the collectibility of selected accounts receivable on a case-by-case basis and makes adjustments to the bad debt reserve for expected losses. The Company considers factors such as ability to pay, bankruptcy, credit ratings and payment history. For all other accounts, the Company estimates reserves for bad debts based on experience and past due status of the accounts. If circumstances related to customers change, estimates of recoverability would be further adjusted. The Company recognized a provision for doubtful accounts of $1.7 million in 2014, $0.6 million in 2013 and $1.3 million in 2012. Customer allowances represent reserves against our wholesale customers’ accounts receivable for margin assistance, product returns, customer deductions and co-op advertising allowances. We estimate the reserves needed for margin assistance by reviewing inventory levels on the retail floors, sell-through rates, historical dilution, current gross margin levels and other performance indicators of our major retail customers. Product returns and customer deductions are estimated using historical experience and anticipated future trends. Co-op advertising allowances are estimated based on customer agreements. The Company recognized a provision for customer allowances of $46.9 million in 2014, $45.1 million in 2013 and $44.8 million in 2012. Customer discounts represent reserves against our accounts receivable for discounts that our wholesale customers may take based on meeting certain order, payment, or return guidelines. We estimate the reserves needed for customer discounts based upon customer net sales and respective agreement terms. The Company recognized a provision for customer discounts of $3.5 million in 2014, $4.8 million in 2013 and $4.3 million in 2012. Inventories All inventories are valued at the lower of cost or market with 95% of consolidated inventories using the last-in, first-out (“LIFO”) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. If the first-in, first-out (“FIFO”) method had been used, consolidated inventories would have been $3.7 million and $4.0 million higher at January 31, 2015 and February 1, 2014, respectively. Substantially all inventory is finished goods. The costs of inventory, inbound freight and duties, markdowns, shrinkage and royalty expense are classified in cost of goods sold. Costs of warehousing and distribution are classified in selling and administrative expenses and are expensed as incurred. Such warehousing and distribution costs totaled $71.1 million , $75.1 million and $72.0 million in 2014, 2013 and 2012, respectively. Costs of overseas sourcing offices and other inventory procurement costs are reflected in selling and administrative expenses and are expensed as incurred. Such sourcing and procurement costs totaled $20.8 million , $20.2 million and $21.9 million in 2014, 2013 and 2012, respectively. The Company applies judgment in valuing inventories by assessing the net realizable value of inventories based on current selling prices. At the Famous Footwear segment, markdowns are recognized when it becomes evident that inventory items will be sold at retail prices less than cost, plus the cost to sell the product. This policy causes the gross profit rate at Famous Footwear to be lower than the initial markup during periods when permanent price reductions are taken to clear product. At the Brand Portfolio segment, markdown reserves generally reduce the carrying values of inventories to a level where, upon sale of the product, the Company will realize its normal gross profit rate. The Company believes these policies reflect the difference in operating models between the Famous Footwear and Brand Portfolio segments. Famous Footwear periodically runs promotional events to drive sales to clear seasonal inventories. The Brand Portfolio segment relies on permanent price reductions to clear slower-moving inventory. Markdowns are recorded to reflect expected adjustments to sales prices. In determining markdowns, management considers current and recently recorded sales prices, the length of time the product is held in inventory and quantities of various product styles contained in inventory, among other factors. The ultimate amount realized from the sale of certain products could differ from management estimates. The Company performs physical inventory counts or cycle counts on all merchandise inventory on hand throughout the year and adjusts the recorded balance to reflect the results. The Company records estimated shrinkage between physical inventory counts based on historical results. Computer Software Costs The Company capitalizes certain costs in other assets, including internal payroll costs incurred in connection with the development or acquisition of software for internal use. Other assets on the consolidated balance sheets include $37.9 million and $45.6 million of computer software costs as of January 31, 2015 and February 1, 2014, respectively, which are net of accumulated amortization of $90.1 million and $79.9 million as of the end of the respective periods. Property and Equipment Property and equipment are stated at cost. Depreciation of property and equipment is provided over the estimated useful lives of the assets or the remaining lease terms, where applicable, using the straight-line method. Interest Expense Interest expense includes interest for borrowings under both the Company’s short-term and long-term debt. Interest expense includes fees paid under the short-term revolving credit agreement for the unused portion of its line of credit. Interest expense also includes the amortization of deferred debt issuance costs and debt discount as well as the accretion of certain discounted noncurrent liabilities. Goodwill and Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. The Company adopted the provisions of Accounting Standards Codification (“ASC”), Intangibles-Goodwill and Other (ASC Topic 350) Testing Goodwill for Impairment , which permits, but does not require, a company to qualitatively assess indicators of a reporting unit’s fair value when it is unlikely that a reporting unit is impaired. If, after completing the qualitative assessment, a company believes it is likely that a reporting unit is impaired, a discounted cash flow analysis is prepared to estimate fair value. If the recorded values of these assets are not recoverable, based on either the assessment screen or discounted cash flow analysis, management performs the next step, which compares the fair value of the reporting unit to the recorded value of the tangible and intangible assets of the reporting units. Goodwill is considered impaired if the fair value of the tangible and intangible assets exceeds the fair value of the reporting unit. The Company elected to bypass the optional qualitative assessment for the goodwill impairment test performed as of the first day of the fourth quarter of 2014 and therefore, reviewed goodwill for impairment utilizing a discounted cash flow analysis. A fair value-based test is applied at the reporting unit level, which is generally at or one level below the operating segment level. The test compares the fair value of the Company’s reporting units to the carrying value of those reporting units. This test requires significant assumptions, estimates and judgments by management, and is subject to inherent uncertainties and subjectivity. The fair value of goodwill is determined using an estimate of future cash flows of the reporting units and a risk-adjusted discount rate to compute a net present value of future cash flows. Projected net sales, gross profit, selling and administrative expense, capital expenditures, depreciation, amortization and working capital requirements are based on the Company's internal projections. Discount rates reflect market-based estimates of the risks associated with the projected cash flows of the reporting units directly resulting from the use of its assets in its operations. The Company also considered assumptions that market participants may use. Both the estimates of the fair value of the Company's reporting units and the allocation of the estimated fair value of the reporting units are based on the best information available to the Company's management as of the date of the assessment. As of January 31, 2015, the Company had two reporting units, Famous Footwear and Brand Portfolio, for goodwill impairment testing. Based on the results of the Company’s most recent goodwill impairment test, the fair value of the Brand Portfolio reporting unit exceeded its carrying value and therefore, no impairment was recognized. As of January 31, 2015, the goodwill allocated to the Brand Portfolio reporting unit was $14.0 million . The Company performs impairment tests as of the first day of the fourth quarter of each fiscal year unless events indicate an interim test is required. The indefinite-lived intangible asset impairment reviews performed as of the first day of the Company’s fourth fiscal quarter resulted in no impairment charges. Definite-lived intangible assets, other than goodwill, are amortized over their useful lives and are reviewed for impairment if and when impairment indicators are present. Investment in Nonconsolidated Affiliate The Company has an investment in a nonconsolidated affiliate that is accounted for using the cost method. The investment's carrying value of $7.0 million and zero as of January 31, 2015 and February 1, 2014, respectively, is included in other assets on the consolidated balance sheets. The Company monitors the investment for indicators that a decrease in investment value has occurred that is other than temporary. If the Company determined that a decline in the fair value of the investment below its carrying value is other than temporary, an impairment loss would be recognized. As of January 31, 2015, there have been no impairment losses recognized on this investment. Self-Insurance Reserves The Company is self-insured and/or retains high deductibles for a significant portion of its workers’ compensation, health, disability, cyber risk, general liability, automobile and property programs, among others. Liabilities associated with the risks that are retained by the Company are estimated by considering historical claims experience, trends of the Company and the industry, and other actuarial assumptions. The estimated accruals for these liabilities could be affected if development of costs on claims differ from these assumptions and historical trends. Based on available information as of January 31, 2015, the Company believes it has provided adequate reserves for its self-insurance exposure. As of January 31, 2015 and February 1, 2014, self-insurance reserves were $9.3 million and $10.9 million , respectively. Revenue Recognition Retail sales, recognized at the point of sale, are recorded net of returns and exclude sales tax. Wholesale sales and sales through the Company’s Internet sites are recorded, net of returns, allowances and discounts, generally when the merchandise has been shipped and title and risk of loss have passed to the customer. Retail items sold through the Company’s Internet sites are made pursuant to a sales agreement that provides for transfer of both title and risk of loss upon delivery to the carrier. Reserves for projected merchandise returns, discounts and allowances are determined based on historical experience and current expectations. Revenue is recognized on license fees related to Company-owned brand-names, where the Company is the licensor, when the related sales of the licensee are made. Gift Cards The Company sells gift cards to its consumers in its retail stores and through its Internet sites. The Company’s gift cards do not have expiration dates or inactivity fees. The Company recognizes revenue from gift cards when (i) the gift card is redeemed by the consumer or (ii) the likelihood of the gift card being redeemed by the consumer is remote (“gift card breakage”) and the Company determines that it does not have a legal obligation to remit the value of unredeemed gift cards to the relevant jurisdictions. The Company determines its gift card breakage rate based upon historical redemption patterns. The Company recognizes gift card breakage during the 24-month period following the sale of the gift card, according to the Company’s historical redemption pattern. Gift card breakage income is included in net sales in the consolidated statements of earnings and the liability established upon the sale of a gift card is included in other accrued expenses within the consolidated balance sheets. The Company recognized $0.4 million of gift card breakage in 2014 and $0.5 million in both 2013 and 2012. Loyalty Program The Company maintains a loyalty program (“Rewards”) for Famous Footwear stores in which consumers earn points toward savings certificates for qualifying purchases. Upon reaching specified point values, consumers are issued a savings certificate, which they may redeem for purchases at Famous Footwear stores. In addition to the savings certificates, the Company also offers exclusive member mailings that offer additional incentives to purchase. Savings certificates earned must be redeemed within stated expiration dates. The value of points and rewards earned by Famous Footwear’s Rewards program members are recorded as a reduction of net sales and a liability is established within other accrued expenses at the time the points are earned based on historical conversion and redemption rates. Approximately 73% of net sales in the Company’s Famous Footwear segment were made to its Rewards members in 2014, compared to 70% in 2013 and 66% in 2012. As of January 31, 2015 and February 1, 2014, the Company had a Rewards program liability of $7.2 million and $7.5 million , respectively, which is included in other accrued expenses on the consolidated balance sheets. Store Closing and Impairment Charges The costs of closing stores, including lease termination costs, property and equipment write-offs and severance, as applicable, are recorded when the store is closed or when a binding agreement is reached with the landlord to close the store. The Company regularly analyzes the results of all of its stores and assesses the viability of underperforming stores to determine whether events or circumstances exist that indicate the stores should be closed or whether the carrying amount of their long-lived assets may not be recoverable. After allowing for an appropriate start-up period, unusual nonrecurring events or favorable trends, property and equipment at stores indicated as impaired are written down to fair value using primarily a discounted cash flow method. The Company recorded asset impairment charges, primarily related to underperforming retail stores, of $2.0 million in 2014, $1.6 million in 2013 and $4.1 million in 2012. Advertising and Marketing Expense Advertising and marketing costs are expensed as incurred, except for the costs of direct response advertising that relate primarily to the production and distribution of the Company's catalogs and coupon mailers. Direct response advertising costs are capitalized and amortized over the expected future revenue stream, which is generally one to three months from the date the materials are mailed. External production costs of advertising are expensed when the advertising first appears in the media or in the store. In addition, the Company participates in co-op advertising programs with certain of its wholesale customers. For those co-op advertising programs where the Company has validated the fair value of the advertising received, co-op advertising costs are reflected as advertising expense within selling and administrative expenses. Otherwise, co-op advertising costs are reflected as a reduction of net sales. Total advertising and marketing expense was $83.6 million , $82.2 million and $83.0 million in 2014, 2013 and 2012, respectively. In 2014, 2013 and 2012, these costs were offset by co-op advertising allowances recovered by the Company’s retail business of $6.2 million , $7.8 million and $7.1 million , respectively. Total co-op advertising costs reflected as a reduction of net sales were $10.0 million in 2014, $8.3 million in 2013 and $8.1 million in 2012. Total advertising costs attributable to future periods that are deferred and recognized as a component of prepaid expenses and other current assets were $2.6 million and $2.0 million at January 31, 2015 and February 1, 2014, respectively. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the consolidated financial statement carrying amounts and the tax bases of its assets and liabilities. The Company establishes valuation allowances if it believes that it is more-likely-than-not that some or all of its deferred tax assets will not be realized. The Company does not recognize a tax benefit unless it concludes that it is more-likely-than-not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in its judgment, is greater than 50% likely to be realized. The Company records interest and penalties related to unrecognized tax positions within the income tax provision on the consolidated statements of earnings. Operating Leases The Company leases its store premises and certain office locations, distribution centers and equipment under operating leases. Approximately one-half of the leases entered into by the Company include options that allows the Company to extend the lease term beyond the initial commitment period, subject to terms agreed to at lease inception. Some leases also include early termination options that can be exercised under specific conditions. Contingent Rentals Many of the leases covering retail stores require contingent rentals in addition to the minimum monthly rental charge based on retail sales volume. The Company records expense for contingent rentals during the period in which the retail sales volume exceeds the respective targets. Construction Allowances Received From Landlords At the time its retail facilities are initially leased, the Company often receives consideration from landlords to be applied against the cost of leasehold improvements necessary to open the store. The Company treats these construction allowances as a lease incentive. The allowances are recorded as a deferred rent obligation and amortized to income over the lease term as a reduction of rent expense. The allowances are reflected as a component of other accrued expenses and deferred rent on the consolidated balance sheets. Straight-Line Rents and Rent Holidays The Company records rent expense on a straight-line basis over the lease term for all of its leased facilities. For leases that have predetermined fixed escalations of the minimum rentals, the Company recognizes the related rental expense on a straight-line basis and records the difference between the recognized rental expense and amounts payable under the lease as deferred rent. At the time its retail facilities are leased, the Company is frequently not charged rent for a specified period of time, typically 30 to 60 days, while the store is being prepared for opening. This rent-free period is referred to as a rent holiday. The Company recognizes rent expense over the lease term, including any rent holiday, within selling and administrative expenses on the consolidated statements of earnings. Preopening Costs Preopening costs associated with opening retail stores, including payroll, supplies and facility costs, are expensed as incurred. Earnings Per Common Share Attributable to Caleres, Inc. Shareholders The Company uses the two-class method to calculate basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. Unvested restricted stock awards are considered participating units because they entitle holders to non-forfeitable rights to dividends or dividend equivalents during the vesting term. Under the two-class method, basic earnings per common share attributable to Caleres, Inc. shareholders is computed by dividing the net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities by the weighted-average number of common shares outstanding during the year. Diluted earnings per common share attributable to Caleres, Inc. shareholders is computed by dividing the net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities by the weighted-average number of common shares and potential dilutive securities outstanding during the year. Potential dilutive securities consist of outstanding stock options. See Note 3 to the consolidated financial statements for additional information related to the calculation of earnings per common share attributable to Caleres, Inc. shareholders. Comprehensive Income Comprehensive income includes the effect of foreign currency translation adjustments, unrealized gains or losses from derivatives used for hedging activities and pension and other postretirement benefits adjustments. Foreign Currency Translation For certain of the Company’s international subsidiaries, the local currency is the functional currency. Assets and liabilities of these subsidiaries are translated into United States dollars at the period-end exchange rate or historical rates as appropriate. Consolidated statements of earnings amounts are translated at average exchange rates for the period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive income in total Caleres, Inc. shareholders’ equity. Transaction gains and losses are included in the consolidated statements of earnings. Pension and Other Postretirement Benefits Adjustments The Company determines the expense and obligations for retirement and other benefit plans using assumptions related to discount rates, expected long-term rates of return on invested plan assets, expected salary increases and certain employee-related factors. The unrecognized portion of the gain or loss on plan assets is included in the consolidated balance sheets as a component of accumulated other comprehensive income in total Caleres, Inc. shareholders’ equity. The gain or loss is recognized into the plans’ expense over time. See additional information related to pension and other postretirement benefits in Note 5 and Note 14 to the consolidated financial statements. Derivative Financial Instruments The Company recognizes all derivative financial instruments as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. The Company evaluates its exposure to volatility in foreign currency rates and may enter into derivative transactions as it deems necessary. These derivative financial instruments are viewed as risk management tools and are not used for trading or speculative purposes. See additional information related to derivative financial instruments in Note 12, Note 13 and Note 14 to the consolidated financial statements. Business Combination Accounting The Company allocates the purchase price of an acquired entity to the assets and liabilities acquired based upon their estimated fair values at the business combination date. The Company also identifies and estimates the fair values of intangible assets that should be recognized as assets apart from goodwill. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The Company has historically relied in part upon the use of reports from third-party valuation specialists to assist in the estimation of fair values for intangible assets other than goodwill. The carrying values of acquired receivables and trade accounts payable have historically approximated their fair values at the business combination date. With respect to other acquired assets and liabilities, the Company uses all available information to make the best estimates of their fair values at the business combination date. The Company’s purchase price allocation methodology contains uncertainties because it requires management to make assumptions and to apply judgment to estimate the fair value of acquired assets and liabilities. Management estimates the fair value of assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows. Unanticipated events or circumstances may occur which could affect the accuracy of the Company’s estimates, including assumptions regarding industry economic factors and business strategies. Share-based Compensation The Company has share-based incentive compensation plans under which certain officers, employees, and members of the Board of Directors are participants and may be granted stock option, restricted stock, and stock performance awards. Additionally, share-based grants may be made to non-employee members of the Board of Directors in the form of cash-equivalent restricted stock units (“RSUs”) at no cost to the non-employee member of the Board of Directors. The Company accounts for share-based compensation in accordance with the fair value recognition provisions of ASC 718, Compensation – Stock Compensation , and ASC 505, Equity , which require all share-based payments to employees and members of the Board of Directors, including grants of employee stock options, to be recognized as expense in the consolidated financial statements based on their fair values. The fair value of stock options is calculated using the Black-Scholes option pricing formula that requires estimates for expected volatility, expected dividends, the risk-free interest rate, and the expected term of the option. Stock options generally vest over four years, with 25% vesting annually, and expense is recognized on a straight-line basis separately for each vesting portion of the stock option award. Expense for restricted stock is based on the fair value of the restricted stock on the date of grant and is recognized on a straight-line basis generally over a four-year vesting period. Expense for stock performance awards is recognized based upon the fair value of the awards on the date of grant and the anticipated number of shares or units to be awarded on a straight-line basis over the respective term of the award, or individual vesting portion of an award. Expense for the initial grant of RSUs is recognized ratably over the one-year vesting period based upon the fair value of the RSUs, as remeasured at the end of each period. If any of the assumptions used in the Black-Scholes model or the anticipated number of shares to be awarded change significantly, share-based compensation expense may differ materially in the future from that recorded in the current period. See additional information related to share-based compensation in Note 15 to the consolidated financial statements. Impact of New Accounting Pronouncements In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The ASU amends the definition of a discontinued operation by raising the threshold for disposals to qualify as discontinued operations and requires new disclosures for disposals of individually significant components that do not meet the new definition of a discontinued operation. Under the new standard, discontinued operations treatment is required for disposals of a component or group of components that represent a strategic shift that has or will have a major imp |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jan. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS Discontinued Operations The Company’s discontinued operations include the Avia and Nevados brands of American Sporting Goods Corporation, the Etienne Aigner brand and the Vera Wang brand. The Company applied discontinued operations accounting in accordance with ASC Topic 205-20, Presentation of Financial Statements –Discontinued Operations . The Company had no discontinued operations in 2014. Discontinued operations included net sales of $26.3 million and $120.3 million in 2013 and 2012, respectively, and a loss before income taxes of $10.5 million and $7.5 million in 2013 and 2012, respectively. Discontinued operations also included a net loss on disposition/impairment of $11.5 million and $3.5 million in 2013 and 2012, respectively. American Sporting Goods Corporation The Company purchased American Sporting Goods Corporation, comprised of Avia, Nevados, Ryka, AND 1 and other businesses, on February 17, 2011 and subsequently sold AND 1 during fiscal 2011. On May 14, 2013, Caleres International Corp. (“CI”) (formerly known as Brown Shoe International Corp.), the sole shareholder of American Sporting Goods Corporation, entered into and simultaneously closed a Stock Purchase Agreement (the “Stock Purchase Agreement”) by and among the Company, CI and Galaxy Brand Holdings, Inc. (“the Buyer”), pursuant to which the Buyer acquired all of the outstanding capital stock of American Sporting Goods Corporation from CI and the Company agreed to provide certain transition services. Under the Stock Purchase Agreement, the Avia and Nevados businesses were sold and the Company retained, and is operating, Ryka and other businesses. In connection with the transaction, American Sporting Goods Corporation sold inventory to a third party unaffiliated with the Buyer and distributed certain assets to CI. The aggregate purchase price for the stock of American Sporting Goods Corporation and the provision of such transition services was $74.0 million , subject to working capital adjustments, minus the amount of the pre-closing cash dividend declared by American Sporting Goods Corporation and paid to CI, representing proceeds from American Sporting Goods Corporation’s sale of inventory. In this document, “ASG” refers to the subsidiary disposed on May 14, 2013, including the Avia and Nevados brands and excluding the Ryka brand and other retained businesses. The Company received $60.3 million in cash and a promissory note of $12.0 million at closing, from the sale of stock, the sale of inventory, and for the provision of transitional services, less working capital adjustments. The promissory note was due November 14, 2013, earned interest at a 3% annual rate, and was secured by a guarantee by American Sporting Goods Corporation and a lien on certain assets of ASG. In accordance with the terms of the promissory note, the Company received a payment of $12.2 million on November 14, 2013, representing the note principal and accrued interest. As a result of the sale of ASG, the Company recorded an impairment charge in the first quarter of 2013 of $12.6 million ( $12.6 million after-tax, $0.30 per diluted share), representing the difference in the fair value less costs to sell as compared to the carrying value of the net assets to be sold. During the second quarter of 2013, the Company recognized a gain upon disposition of the ASG subsidiary of $1.0 million ( $1.0 million after tax, $0.02 per diluted share). ASG was previously included in the Brand Portfolio segment. Discontinued operations include net sales of $20.3 million and $77.6 million in 2013 and 2012, respectively. Discontinued operations include losses before income taxes of $1.6 million and $7.1 million in 2013 and 2012, respectively. Vera Wang During the first quarter of 2013, the Company communicated its intention not to renew the Vera Wang license agreement. The results of Vera Wang were previously included in the Brand Portfolio segment. Discontinued operations include net sales of $5.7 million and $14.8 million in 2013 and 2012, respectively. Discontinued operations include losses before income taxes of $1.9 million and $1.8 million in 2013 and 2012, respectively. Etienne Aigner During the second quarter of 2012, the Company terminated the Etienne Aigner license agreement due to a dispute with the licensor. On April 29, 2013, an agreement to resolve the dispute was reached, pursuant to which the Company agreed to pay Etienne Aigner $6.5 million . The results of Etienne Aigner were previously included in the Brand Portfolio segment. Discontinued operations included net sales of $0.3 million and $27.9 million in 2013 and 2012, respectively. It also included losses before income taxes of $7.0 million in 2013 and earnings before income taxes of $1.4 million in 2012. As a result of the termination of the license agreement in 2012, the Company recorded an impairment charge of $5.8 million ( $3.5 million on an after-tax basis, or $0.08 per diluted share) to reduce the value of the license intangible asset to zero . Assets and liabilities of discontinued operations at February 1, 2014 were as follows: ($ thousands) February 1, 2014 Assets of Discontinued Operations Current assets Inventories, net $ 111 Prepaid expenses and other current assets 8 Current assets - discontinued operations 119 Total assets - discontinued operations $ 119 Liabilities of Discontinued Operations Current liabilities Trade accounts payable $ 139 Other accrued expenses 569 Current liabilities - discontinued operations 708 Total liabilities - discontinued operations $ 708 ( Loss from discontinued operations for 2013 and 2012 was as follows: ($ thousands) 2013 2012 Net sales $ 26,318 $ 120,269 Cost of goods sold 19,927 98,485 Gross profit 6,391 21,784 Selling and administrative expenses 6,103 27,291 Restructuring and other special charges, net 10,768 1,587 Operating loss (10,480 ) (7,094 ) Interest expense 16 409 Loss before income taxes from discontinued operations (10,496 ) (7,503 ) Income tax benefit 5,922 3,066 Loss from discontinued operations, net of tax $ (4,574 ) $ (4,437 ) Other Dispositions On December 12, 2014, Caleres Investment Company, Inc. ("CIC"), the sole shareholder of Shoes.com, Inc., 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 Company recorded the note receivable at its fair value of $7.0 million , which is included in other assets on the consolidated balance sheets. After consideration of working capital adjustments and performance obligations related to our transition services, the net purchase price was $10.1 million . The Company recognized a pre-tax gain on the sale of the subsidiary of $4.7 million , representing the difference in the fair value of proceeds less costs to sell, as compared to the carrying value of the net assets. In response to the sale, the Company incurred restructuring and other special charges of $1.5 million , primarily for severance, to eliminate certain positions supporting the Company's e-commerce platforms as well as positions in other administrative functions. These charges include $0.8 million within the Famous Footwear segment, $0.3 million within the Brand Portfolio segment and $0.4 million within the Other category. The Company also recognized tax benefits of $6.6 million associated with the disposition. These tax benefits were driven in part by the utilization of operating and capital loss carryforwards that previously were not anticipated to be utilized, and therefore, fully reserved on the Company's consolidated balance sheet. 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 | 12 Months Ended |
Jan. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | EARNINGS PER SHARE The Company uses the two-class method to compute basic and diluted earnings (loss) 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: (in thousands, except per share amounts) 2014 2013 2012 NUMERATOR Net earnings from continuing operations $ 82,943 $ 53,982 $ 35,171 Net (earnings) loss attributable to noncontrolling interests (93) 177 287 Net earnings allocated to participating securities (3,068) (2,304) (1,757) Net earnings from continuing operations 79,782 51,855 33,701 Net loss from discontinued operations — (16,086) (7,967) Net loss allocated to participating securities — 687 392 Net loss from discontinued operations — (15,399) (7,575) Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 79,782 $ 36,456 $ 26,126 DENOMINATOR Denominator for basic continuing and discontinued earnings per common share attributable to Caleres, Inc. shareholders 42,071 41,356 40,659 Dilutive effect of share-based awards for continuing operations and discontinued operations 203 297 135 Denominator for diluted continuing and discontinued earnings per common share attributable to Caleres, Inc. shareholders 42,274 41,653 40,794 Basic earnings (loss) per common share: From continuing operations $ 1.90 $ 1.25 $ 0.83 From discontinued operations — (0.37) (0.19) Basic earnings per common share attributable to Caleres, Inc. shareholders $ 1.90 $ 0.88 $ 0.64 Diluted earnings (loss) per common share: From continuing operations $ 1.89 $ 1.25 $ 0.83 From discontinued operations — (0.37) (0.19) Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 1.89 $ 0.88 $ 0.64 Options to purchase 64,497 , 86,247 and 998,701 shares of common stock in 2014, 2013 and 2012, respectively, were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders because the effect would be antidilutive. |
Restructuring And Other Initiat
Restructuring And Other Initiatives | 12 Months Ended |
Jan. 31, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring And Other Initiatives | RESTRUCTURING AND OTHER INITIATIVES Portfolio Realignment The Company's portfolio realignment efforts included the sale of ASG; 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. Expenses for these initiatives are reflected in both continuing operations and discontinued operations. The following is a summary of the Company’s portfolio realignment expense for our continuing and discontinued operations for 2013 and 2012: 2013 2012 ($ millions, except per share data) Pre-tax Expense After-tax Expense Loss Per Diluted Share Pre-tax Expense After-tax Expense Loss Per Diluted Share Continuing Operations Business exits and cost reductions $ 1.2 $ 0.8 $ 0.02 $ 21.9 $ 14.3 $ 0.33 Non-cash impairments/dispositions 4.7 4.7 0.11 — — — Total Continuing Operations 5.9 5.5 0.13 21.9 14.3 0.33 Discontinued Operations Business exits and cost reductions 13.3 6.4 0.13 2.2 1.5 0.04 Non-cash impairments/dispositions 11.5 11.5 0.27 5.8 3.5 0.08 Total Discontinued Operations 24.8 17.9 0.40 8.0 5.0 0.12 Total $ 30.7 $ 23.4 $ 0.53 $ 29.9 $ 19.3 $ 0.45 The business exits and cost reductions associated with continuing operations were recorded within restructuring and other special charges, net and cost of goods sold in the consolidated statements of earnings. The business exits and cost reductions associated with discontinued operations were recorded within loss from discontinued operations, net of tax, in the consolidated statements of earnings. The non-cash impairments/dispositions of the Company’s continuing operations were recorded within impairment of assets held for sale in the consolidated statements of earnings. The non-cash impairments/dispositions of the Company’s discontinued operations were recorded within disposition/impairment of discontinued operations, net of tax in the consolidated statements of earnings. The non-cash impairments/dispositions are included in Other in the following table. All of the $5.9 million of expenses for portfolio realignment that were recorded in continuing operations during 2013 were included in the Brand Portfolio segment. Of the $21.9 million incurred during 2012, $13.3 million was included in the Brand Portfolio segment, $7.8 million was included in the Famous Footwear segment and $0.8 million was included in the Other category. The following is a summary of the charges and settlements by category of costs: Total by Classification ($ millions) Employee Markdowns and Royalty Shortfalls Facility Other Total Continuing Operations Discontinued Operations Reserve balance at January 28, 2012 $ 5.8 $ 1.6 $ 1.3 $ 1.3 $ 10.0 $ 10.0 $ — Additional charges in 2012 6.0 3.1 11.4 9.4 29.9 21.9 8.0 Amounts settled in 2012 (10.1 ) (4.5 ) (9.4 ) (10.4 ) (34.4 ) (26.6 ) (7.8 ) Reserve balance at February 2, 2013 $ 1.7 $ 0.2 $ 3.3 $ 0.3 $ 5.5 $ 5.3 $ 0.2 Additional charges in 2013 2.6 2.7 0.1 25.3 30.7 5.9 24.8 Amounts settled in 2013 (3.3 ) (2.9 ) (2.0 ) (25.6 ) (33.8 ) (9.7 ) (24.1 ) Reserve balance at February 1, 2014 $ 1.0 $ — $ 1.4 $ — $ 2.4 $ 1.5 $ 0.9 Amounts settled in 2014 (0.9 ) — (0.4 ) — (1.3 ) (0.4 ) (0.9 ) Reserve balance at January 31, 2015 $ 0.1 $ — $ 1.0 $ — $ 1.1 $ 1.1 $ — Sale of Sourcing and Supply Chain Assets On April 30, 2013, the Company entered into an agreement to sell certain of its supply chain and sourcing assets (“Sale Agreement”) for $9.0 million , including $1.5 million in cash and a $7.5 million promissory note, subject to working capital adjustments. The sale closed during the second quarter of 2013. In anticipation of this transaction, the Company recognized an impairment charge in the first quarter of 2013 of $4.7 million ( $4.7 million after tax, or $0.11 per diluted share) to adjust the assets to their estimated fair value. The promissory note requires installments over two years with the first payment of $3.0 million due no later than 45 days from the closing date and the remaining balance payable in eight quarterly payments of $0.6 million , subject to working capital adjustments, plus accrued interest of 5% , compounded monthly, starting no later than three months after the closing date. In accordance with the terms of the promissory note, as of January 31, 2015, the Company has received aggregate installment payments of $6.3 million . As part of the Sale Agreement, the Company agreed to purchase, under specific performance criteria, a minimum of four million pairs of shoes each year for the next two years at market pricing, which can be fulfilled from a defined group of facilities owned by the purchaser. Organizational Change During 2014, the Company incurred costs of $1.9 million ( $1.2 million on an after-tax basis, or $0.03 per diluted share) related to a management change at the corporate headquarters, with no corresponding charges in 2013. During 2012, the Company recorded costs of $2.3 million ( $1.4 million on an after-tax basis, or $0.03 per diluted share) related to a management change. These costs were recognized as restructuring and other special charges, net and included in the Other category. Disposition of Shoes.com As further discussed in Note 2 to the consolidated financial statements, in response to the sale of Shoes.com, the Company incurred restructuring and other special charges of $1.5 million . The reserve balance of $1.5 million as of January 31, 2015 is included in employee compensation and benefits on the consolidated balance sheets. |
Retirement And Other Benefit Pl
Retirement And Other Benefit Plans | 12 Months Ended |
Jan. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement And Other Benefit Plans | RETIREMENT AND OTHER BENEFIT PLANS The Company sponsors pension plans in both the United States and Canada. The Company’s domestic pension plans cover substantially all United States employees. Under the domestic plans, salaried, management and certain hourly employees’ pension benefits are based on the employee’s highest consecutive five years of compensation during the 10 years before retirement. The Company’s Canadian pension plans cover certain employees based on plan specifications. Under the Canadian plans, employees’ pension benefits are based on the employee’s highest consecutive five years of compensation during the 10 years before retirement. The Company’s funding policy for all plans is to make the minimum annual contributions required by applicable regulations. The Company also maintains an unfunded Supplemental Executive Retirement Plan (“SERP”). In addition to providing pension benefits, the Company sponsors unfunded defined benefit postretirement life insurance plans that cover both salaried and hourly employees who became eligible for benefits by January 1, 1995. The life insurance plans provide coverage of up to twenty-thousand dollars for qualifying retired employees. Benefit Obligations The following table sets forth changes in benefit obligations, including all domestic and Canadian plans: Pension Benefits Other Postretirement Benefits ($ thousands) 2014 2013 2014 2013 Benefit obligation at beginning of year $ 279,964 $ 290,534 $ 1,119 $ 3,207 Service cost 9,650 10,638 — — Interest cost 14,230 13,241 49 55 Plan participants’ contribution 12 12 4 19 Plan amendments (11,671 ) 99 — — Actuarial loss (gain) 83,105 (23,442 ) 483 (2,055 ) Benefits paid (11,814 ) (11,107 ) (143 ) (107 ) Foreign exchange rate changes (1,136 ) (11 ) — — Benefit obligation at end of year $ 362,340 $ 279,964 $ 1,512 $ 1,119 The accumulated benefit obligation for the United States pension plans was $342.6 million and $256.0 million as of January 31, 2015 and February 1, 2014, respectively. The accumulated benefit obligation for the Canadian pension plans was $4.3 million and $4.7 million as of January 31, 2015 and February 1, 2014, respectively. Pension Benefits Other Postretirement Benefits Weighted–average assumptions used to determine benefit obligations, end of year 2014 2013 2014 2013 Discount rate 3.90 % 5.00 % 3.90 % 5.00 % Rate of compensation increase 3.00 % 3.00 % N/A N/A At February 1, 2014, the domestic pension plan and other postretirement benefits mortality assumptions were based on the RP-2000 mortality table using mortality improvement scale AA. In October 2014, the Society of Actuaries issued an updated set of mortality tables and improvement scale collectively known as RP-2014 and MP-2014, respectively. The Company has reviewed the findings and recommendations of these reports with its actuary and its actuary performed a mortality study based on the Company's plan participant population. Based on the results of that study, the Company has elected to use the Society of Actuaries' RP-2014 Bottom Quartile tables, projected using generational scale MP-2014 to better reflect anticipated future experience. Actuarial losses, related to the change in mortality tables, increased the pension plan liability by approximately $18.4 million as of January 31, 2015. During 2014, the Company announced amendments to the domestic qualified pension plan and the SERP, including certain changes to eligibility and service period requirements as well as changes to the benefit formula, including the calculation of participants' final average compensation. Certain changes became effective in January 2015, while other changes will be effective in January 2016. These plan amendments decreased the pension liability by $11.7 million as of January 31, 2015. Plan Assets Pension assets are managed in accordance with the prudent investor standards of the Employee Retirement Income Security Act (“ERISA”). The plan’s investment objective is to earn a competitive total return on assets, while also ensuring plan assets are adequately managed to provide for future pension obligations. This results in the protection of plan surplus and is accomplished by matching the duration of the projected benefit obligation using leveraged fixed income instruments and, while maintaining an equity commitment, managing an equity overlay strategy. The overlay strategy is intended to protect the managed equity portfolios against adverse stock market environments. The Company delegates investment management of the plan assets to specialists in each asset class and regularly monitors manager performance and compliance with investment guidelines. The Company’s overall investment strategy is to achieve a mix of approximately 97% of investments for long-term growth and 3% for near-term benefit payments with a wide diversification of asset types, fund strategies and fund managers. The target allocations for plan assets for 2014 were 70% equities and 30% debt securities. Allocations may change periodically based upon changing market conditions. Equities did not include any Company stock at January 31, 2015 or February 1, 2014. Assets of the Canadian pension plans, which total approximately $4.5 million at January 31, 2015, were invested 58% in equity funds, 37% in bond funds and 5% in money market funds. The Canadian pension plans did not include any Company stock as of January 31, 2015 or February 1, 2014. A financial instrument’s level within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Refer to further discussion on the fair value hierarchy in Note 13 to the consolidated financial statements. Following is a description of the pension plan investments measured at fair value, including the general classification of such investments pursuant to the valuation hierarchy. • Cash and cash equivalents include cash collateral and margin as well as money market funds. The fair values are based on unadjusted quoted market prices in active markets with sufficient volume and frequency and therefore are classified within Level 1 of the fair value hierarchy. • Investments in corporate stocks – common, U.S. government securities, mutual funds, preferred securities, real estate investment trusts and S&P 500 Index put and call options (traded on security exchanges) are classified within Level 1 of the fair value hierarchy because the fair values are based on unadjusted quoted market prices in active markets with sufficient volume and frequency. • Corporate debt instruments and interest rate swap agreements are valued at fair value based on vendor-quoted pricing for which inputs are observable and can be corroborated; therefore, these are classified within Level 2 of the fair value hierarchy. • The unallocated insurance contract is valued at contract value, which approximates fair value; therefore, this contract is classified within Level 3 of the fair value hierarchy. The unallocated insurance contract fair value was $0.1 million as of both January 31, 2015 and February 1, 2014. • The alternative investment fund, with a fair value of $10.7 million as of January 31, 2015, is an investment in a pool of long-duration domestic investment grade assets. This investment is valued at fair value based on prices supplied by the company or industry source of the investment grade assets and therefore, are classified within Level 3 of the fair value hierarchy. • The other pension plan assets, with a fair value of $0.4 million as of February 1, 2014, were not priced and therefore were classified within Level 3 of the fair value hierarchy. The fair values of the Company’s pension plan assets at January 31, 2015 by asset category are as follows: Fair Value Measurements at January 31, 2015 ($ thousands) Total Level 1 Level 2 Level 3 Asset Cash and cash equivalents $ 95,560 $ 95,560 $ — $ — U.S. government securities 84,141 84,141 — — Mutual fund 29,240 29,240 — — Corporate stocks – common 184,486 184,486 — — S&P 500 Index options 11,731 11,731 — — Preferred securities 286 286 — — Interest rate swap agreements 7,268 — 7,268 — Alternative investment fund 10,733 — 10,733 — Unallocated insurance contract 89 — — 89 Total $ 423,534 $ 405,444 $ 18,001 $ 89 The fair values of the Company’s pension plan assets at February 1, 2014 by asset category are as follows: Fair Value Measurements at February 1, 2014 ($ thousands) Total Level 1 Level 2 Level 3 Asset Cash and cash equivalents $ 14,038 $ 14,038 $ — $ — U.S. government securities 73,813 73,813 — — Mutual fund 27,376 27,376 — — Real estate investment trusts 105 105 — — Corporate debt instruments 29,783 — 29,783 — Corporate stocks – common 212,211 212,211 — — S&P 500 Index options (1,343 ) (1,343 ) — — Interest rate swap agreements (131 ) — (131 ) — Unallocated insurance contract 82 — — 82 Other 386 — — 386 Total $ 356,320 $ 326,200 $ 29,652 $ 468 The following table sets forth changes in the fair value of plan assets, including all domestic and Canadian plans: Pension Benefits Other Postretirement Benefits ($ thousands) 2014 2013 2014 2013 Fair value of plan assets at beginning of year $ 356,320 $ 336,445 $ — $ — Actual return on plan assets 79,986 30,628 — — Employer contributions 206 331 139 88 Plan participants’ contributions 12 12 4 19 Benefits paid (11,814 ) (11,107 ) (143 ) (107 ) Foreign exchange rate changes (1,176 ) 11 — — Fair value of plan assets at end of year $ 423,534 $ 356,320 $ — $ — Funded Status The over-funded status as of January 31, 2015 and February 1, 2014 for pension benefits was $61.2 million and $76.4 million , respectively. The under-funded status as of January 31, 2015 and February 1, 2014 for other postretirement benefits was $1.5 million and $1.1 million , respectively. Amounts recognized in the consolidated balance sheets consist of: Pension Benefits Other Postretirement Benefits ($ thousands) 2014 2013 2014 2013 Prepaid pension costs (noncurrent assets) $ 73,324 $ 85,561 $ — $ — Accrued benefit liabilities (current liability) (2,675 ) (1,002 ) (142 ) (105 ) Accrued benefit liabilities (noncurrent liability) (9,455 ) (8,203 ) (1,370 ) (1,014 ) Net amount recognized at end of year $ 61,194 $ 76,356 $ (1,512 ) $ (1,119 ) The projected benefit obligation, the accumulated benefit obligation and the fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets and for pension plans with an accumulated benefit obligation in excess of plan assets, which includes only the Company’s SERP, were as follows: Projected Benefit Obligation Exceeds the Fair Value of Plan Assets Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets ($ thousands) 2014 2013 2014 2013 End of Year Projected benefit obligation $ 12,130 $ 9,205 $ 12,130 $ 9,205 Accumulated benefit obligation 10,770 7,180 10,770 7,180 Fair value of plan assets — — — — The accumulated postretirement benefit obligation exceeds assets for all of the Company’s other postretirement benefit plans. The amounts in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit (income) cost at January 31, 2015 and February 1, 2014, and the expected amortization of the January 31, 2015 amounts as components of net periodic benefit (income) cost for the year ended January 31, 2015, are as follows: Pension Benefits Other Postretirement Benefits ($ thousands) 2014 2013 2014 2013 Components of accumulated other comprehensive income, net of tax: Net actuarial loss (gain) $ 4,872 $ (12,065 ) $ (1,068 ) $ (1,628 ) Net prior service (credit) cost (7,037 ) 111 — — $ (2,165 ) $ (11,954 ) $ (1,068 ) $ (1,628 ) Pension Benefits Other Postretirement Benefits ($ thousands) 2015 2015 Expected amortization, net of tax: Amortization of net actuarial loss (gain) $ 140 $ (190 ) Amortization of net prior service cost 16 — $ 156 $ (190 ) Net Periodic Benefit (Income) Cost Net periodic benefit (income) cost for 2014, 2013 and 2012 for all domestic and Canadian plans included the following components: Pension Benefits Other Postretirement Benefits ($ thousands) 2014 2013 2012 2014 2013 2012 Service cost $ 9,650 $ 10,638 $ 11,523 $ — $ — $ — Interest cost 14,230 13,241 12,727 49 55 148 Expected return on assets (24,757 ) (24,773 ) (25,073 ) — — — Amortization of: Actuarial loss (gain) 201 954 204 (432 ) (351 ) (82 ) Prior service cost 27 13 13 — — — Net transition asset — — (43 ) — — — Total net periodic benefit (income) cost $ (649 ) $ 73 $ (649 ) $ (383 ) $ (296 ) $ 66 Weighted-average assumptions used to determine net periodic benefit (income) cost: Pension Benefits Other Postretirement Benefits 2014 2013 2012 2014 2013 2012 Discount rate 5.00 % 4.50 % 4.75 % 5.00 % 4.50 % 4.75 % Rate of compensation increase 3.00 % 3.50 % 3.50 % N/A N/A N/A Expected return on plan assets 8.25 % 8.25 % 8.25 % N/A N/A N/A The net actuarial loss (gain) subject to amortization is amortized on a straight-line basis over the average future service of active plan participants as of the measurement date. The prior service cost is amortized on a straight-line basis over the average future service of active plan participants benefiting under the plan at the time of each plan amendment. The net transition asset was amortized over the estimated service life. The expected long-term rate of return on plan assets is based on historical and projected rates of return for current and planned asset classes in the plan’s investment portfolio. Assumed projected rates of return for each asset class were selected after analyzing experience and future expectations of the returns. The overall expected rate of return for the portfolio was developed based on the target allocation for each asset class. Expected Cash Flows Information about expected cash flows for all pension and postretirement benefit plans follows: Pension Benefits ($ thousands) Funded Plan SERP Total Other Postretirement Benefits Employer Contributions 2015 expected contributions to plan trusts $ 79 $ — $ 79 $ — 2015 expected contributions to plan participants — 2,675 2,675 142 Expected Benefit Payments 2015 $ 11,109 $ 2,675 $ 13,784 $ 142 2016 11,807 408 12,215 134 2017 12,457 3,628 16,085 127 2018 13,201 542 13,743 120 2019 13,886 917 14,803 113 2020 – 2024 77,058 5,313 82,371 462 Defined-Contribution Plans The Company’s domestic defined-contribution 401(k) plan covers salaried and certain hourly employees. Company contributions represent a partial matching of employee contributions, generally up to a maximum of 3.5% of the employee’s salary and bonus. The Company’s expense for this plan was $3.0 million in 2014 and $3.4 million in both 2013 and 2012. The Company’s Canadian defined contribution plan covers certain salaried and hourly employees. The Company makes contributions for all eligible employees, ranging from 3% to 5% of the employee’s salary. In addition, eligible employees may voluntarily contribute to the plan. The Company’s expense for this plan was $0.2 million in both 2014 and 2013 and $0.3 million in 2012. Deferred Compensation Plan The Company has a non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for the benefit of certain management employees. The investment funds offered to the participants 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 of $2.9 million and $2.2 million as of January 31, 2015 and February 1, 2014, respectively, are presented in employee compensation and benefits in the accompanying consolidated balance sheets. The assets held by the trust of $2.9 million as of January 31, 2015 and $2.2 million as of February 1, 2014 are classified as trading securities within prepaid expenses and other current assets in the accompanying consolidated balance sheets, with changes in the deferred compensation charged to selling and administrative expenses in the accompanying consolidated statements of earnings. Deferred Compensation Plan for Non-Employee Directors Non-employee directors are eligible to participate in a deferred compensation plan, whereby deferred compensation amounts are 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 equal to the number of shares of the Company’s common stock that the participant could purchase or receive with the amount of the deferred compensation, based upon the fair value (as determined based on 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 PSUs are payable in cash based on the number of PSUs credited to the participating director’s account, valued on the basis of the fair value at fiscal quarter-end on or following termination of the director’s service. The liabilities of the plan of $2.1 million as of January 31, 2015 and $1.7 million as of February 1, 2014 are based on 67,488 and 67,263 outstanding PSUs, respectively, and are presented in other liabilities in the accompanying consolidated balance sheets. Gains and losses resulting from changes in the fair value of the PSUs are charged to selling and administrative expenses in the accompanying consolidated statements of earnings. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of earnings before income taxes from continuing operations consisted of domestic earnings before income taxes from continuing operations of $70.8 million , $40.9 million and $23.8 million in 2014, 2013 and 2012, respectively, and foreign earnings before income taxes from continuing operations of $39.3 million , $36.8 million and $28.0 million in 2014, 2013 and 2012, respectively. In addition to the income tax expense associated with continuing operations, we also recorded income tax benefits associated with the loss from discontinued operations of $5.9 million and $5.3 million in 2013 and 2012, respectively. The components of income tax provision (benefit) on earnings from continuing operations were as follows: ($ thousands) 2014 2013 2012 Federal Current $ 27,311 $ 14,621 $ 2,803 Deferred (9,502 ) 260 5,803 17,809 14,881 8,606 State Current 5,501 5,770 1,560 Deferred (642 ) (1,210 ) 1,899 4,859 4,560 3,459 Foreign 4,516 4,317 4,591 Total income tax provision $ 27,184 $ 23,758 $ 16,656 The Company made federal, state and foreign tax payments, net of refunds, of $20.1 million , $5.0 million and $5.7 million in 2014, 2013 and 2012, respectively. The differences between the income tax provision reflected in the consolidated financial statements and the amounts calculated at the federal statutory income tax rate of 35% were as follows: ($ thousands) 2014 2013 2012 Income taxes at statutory rate $ 38,544 $ 27,208 $ 18,139 State income taxes, net of federal tax benefit 3,159 2,964 2,248 Foreign earnings taxed at lower rates (8,882 ) (8,090 ) (5,206 ) Non-deductibility of impairment of assets held for sale — 1,631 — Tax on international subsidiary dividend 1,040 — — Disposal of Shoes.com (7,428 ) — — Other 751 45 1,475 Total income tax provision $ 27,184 $ 23,758 $ 16,656 In 2014, our effective tax rate was impacted by several factors. In connection with the disposition of Shoes.com, the Company recognized a pre-tax gain, net of related restructuring, of $3.1 million , while recognizing an associated tax benefit of $6.6 million . This tax benefit was driven in part by the utilization of operating and capital loss carryforwards that were previously not anticipated to be utilized and were therefore fully reserved on the Company's consolidated balance sheet. The Company also recognized a tax expense of $1.0 million related to foreign exchange gains on a dividend received from an international subsidiary. Domestic income taxes had been previously provided on the foreign earnings of this subsidiary. The other category of income tax provision principally represents the impact of expenses that are not deductible or partially deductible for federal income tax purposes and adjustments in the amounts of deferred tax assets that are anticipated to be realized. Significant components of the Company’s deferred income tax assets and liabilities were as follows: ($ thousands) January 31, 2015 February 1, 2014 Deferred Tax Assets Employee benefits, compensation and insurance $ 26,430 $ 15,264 Accrued expenses 16,539 17,235 Postretirement and postemployment benefit plans 862 746 Deferred rent 6,285 6,255 Accounts receivable reserves 7,563 7,052 Net operating loss (“NOL”) carryforward/carryback 9,483 14,917 Capital loss carryforward 5,188 5,145 Foreign tax credit carryforward 1,098 4,236 Other tax credit carryforward — 3,591 Inventory capitalization and inventory reserves 1,683 5,317 Intangible assets 4,865 6,924 Depreciation 3,957 — Other 1,907 4,923 Total deferred tax assets, before valuation allowance 85,860 91,605 Valuation allowance (11,514 ) (13,949 ) Total deferred tax assets, net of valuation allowance 74,346 77,656 Deferred Tax Liabilities Retirement plans (23,822 ) (29,608 ) LIFO inventory valuation (56,525 ) (51,460 ) Capitalized software (12,721 ) (15,729 ) Other (1,118 ) (1,966 ) Depreciation — (2,212 ) Total deferred tax liabilities (94,186 ) (100,975 ) Net deferred tax liability $ (19,840 ) $ (23,319 ) As of January 31, 2015, the Company had various state net operating loss carryforwards with tax values totaling $9.3 million . A valuation allowance of $4.7 million has been established related to these operating loss carryforwards. The remaining net operating loss will be carried forward to future tax years. The Company also has valuation allowances of $4.6 million related to capital loss carryforwards, $0.9 million related to share-based compensation, $0.6 million related to foreign tax credits and $0.7 million related to charitable contributions and other carryforwards. As of January 31, 2015, no deferred taxes have been provided on the accumulated unremitted earnings of the Company’s foreign subsidiaries that are not subject to United States income tax. The Company periodically evaluates its foreign investment opportunities and plans, as well as its foreign working capital needs, to determine the level of investment required and, accordingly, determine the level of foreign earnings that is considered indefinitely reinvested. Based upon that evaluation, earnings of the Company’s foreign subsidiaries that are not otherwise subject to United States taxation, except for the Company’s Canadian subsidiary, are considered to be indefinitely reinvested, and accordingly, deferred taxes have not been provided. If changes occur in future investment opportunities and plans, those changes will be reflected when known and may result in providing residual United States deferred taxes on unremitted foreign earnings. If the Company’s unremitted foreign earnings were not considered indefinitely reinvested as of January 31, 2015, additional deferred taxes of approximately $34.6 million would have been provided. Uncertain Tax Positions ASC 740, Income Taxes , establishes a single model to address accounting for uncertain tax positions. The standard clarifies the accounting for income taxes by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The standard also provides guidance on derecognition, measurement classification, interest and penalties, accounting in interim periods, disclosure and transition. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ($ thousands) Balance at January 28, 2012 $ 209 Additions for tax positions of prior years 1,015 Reductions for tax positions of prior years due to a lapse in the statute of limitations (75 ) Balance at February 2, 2013 $ 1,149 Reductions for tax positions of prior years due to a lapse in the statute of limitations (134 ) Balance at February 1, 2014 $ 1,015 Reductions for tax positions of prior years due to a lapse in the statute of limitations — Balance at January 31, 2015 $ 1,015 If the unrecognized tax benefits were to be recognized in full, the net amount that would be reflected in the income tax provision, thereby impacting the effective tax rate, would be $1.1 million at January 31, 2015 and February 1, 2014, and $0.8 million at February 2, 2013. Estimated interest related to the underpayment of income taxes was classified as a component of the income tax provision in the consolidated statements of earnings and was insignificant in 2014, 2013 and 2012. Accrued interest was $0.2 million at January 31, 3015 and $0.1 million at February 1, 2014. For federal purposes, the Company’s tax years 2011 to 2013 (fiscal years ending January 28, 2012, February 2, 2013 and February 1, 2014) remain open to examination. The Company also files tax returns in various foreign jurisdictions and numerous states for which various tax years are subject to examination. The Company does not expect any significant changes to its liability for unrecognized tax benefits during the next 12 months. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Jan. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | 7. BUSINESS SEGMENT INFORMATION During the fourth quarter of 2014, following the sale of the Company's e-commerce subsidiary, 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. The two new reportable segments are Famous Footwear and Brand Portfolio. The Famous Footwear segment is comprised of Famous Footwear, on a historical and continuing basis, and Shoes.com through December 12, 2014 (the date of sale). Famous Footwear operated 1,038 stores at the end of 2014, primarily selling branded footwear for the entire family. The Brand Portfolio segment is comprised of our branded footwear, our branded retail stores and e-commerce sites associated with those brands. This segment sources and markets licensed, branded and private-label footwear primarily to national chains, department stores, independent retailers, mass merchandisers, online retailers and catalogs as well as Company-owned Famous Footwear, Naturalizer and Sam Edelman stores, and e-commerce businesses. The Brand Portfolio segment included 82 branded retail stores in the United States and 89 branded retail stores in Canada at the end of 2014, selling primarily Naturalizer brand footwear in regional malls and outlet centers. The Company’s Famous Footwear and Brand Portfolio reportable segments are operating units that are managed separately. An operating segment’s performance is evaluated and resources are allocated based on operating earnings (loss). Operating earnings (loss) represent gross profit, less selling and administrative expenses, restructuring and other special charges, net and impairment of assets held for sale. The accounting policies of the reportable segments are the same as those described in Note 1 to the consolidated financial statements. Intersegment sales are generally recorded at a profit to the selling segment. All intersegment earnings related to inventory on hand at the purchasing segment are eliminated against the earnings of the selling segment. Corporate assets, administrative expenses, and other costs and recoveries that are not allocated to the operating units are reported in the Other category. Following is a summary of certain key financial measures for the respective periods. External sales, intersegment sales and operating earnings (loss) exclude discontinued operations. Segment assets, depreciation and amortization, amortization of debt issuance costs and debt discount, purchases of property and equipment and capitalized software include both continuing operations and discontinued operations. ($ thousands) Famous Footwear Brand Portfolio Other Total Fiscal 2014 External sales $ 1,589,258 $ 982,451 $ — $ 2,571,709 Intersegment sales — 114,408 — 114,408 Depreciation and amortization 26,581 8,974 16,060 51,615 Amortization of debt issuance costs and debt discount — — 2,400 2,400 Operating earnings (loss) 104,581 73,403 (52,050 ) 125,934 Segment assets 458,847 518,099 239,866 1,216,812 Purchases of property and equipment 33,001 6,105 5,846 44,952 Capitalized software 198 58 4,830 5,086 Fiscal 2013 External sales $ 1,588,552 $ 924,561 $ — $ 2,513,113 Intersegment sales — 132,596 — 132,596 Depreciation and amortization 25,917 13,440 15,972 55,329 Amortization of debt issuance costs and debt discount — — 2,513 2,513 Operating earnings (loss) 105,382 39,909 (46,674 ) 98,617 Segment assets 448,549 514,902 185,952 1,149,403 Purchases of property and equipment 32,728 6,026 5,214 43,968 Capitalized software 193 122 4,920 5,235 Fiscal 2012 External sales $ 1,583,242 $ 894,554 $ — $ 2,477,796 Intersegment sales — 141,634 — 141,634 Depreciation and amortization 22,827 16,671 15,285 54,783 Amortization of debt issuance costs and debt discount — — 2,561 2,561 Operating earnings (loss) 94,234 21,259 (41,015 ) 74,478 Segment assets 488,464 552,428 133,081 1,173,973 Purchases of property and equipment 34,931 15,685 5,185 55,801 Capitalized software — 3 7,925 7,928 Following is a reconciliation of operating earnings to earnings before income taxes from continuing operations: ($ thousands) 2014 2013 2012 Operating earnings $ 125,934 $ 98,617 $ 74,478 Interest expense (20,445 ) (21,254 ) (22,973 ) Loss on early extinguishment of debt (420 ) — — Interest income 379 377 322 Gain on sale of subsidiary 4,679 — — Earnings before income taxes from continuing operations $ 110,127 $ 77,740 $ 51,827 For geographic purposes, the domestic operations include the wholesale distribution of licensed, branded and private-label footwear to a variety of retail customers, including the Company’s Famous Footwear and Brand Portfolio stores and e-commerce businesses, as well as the Company's domestic retail operations. The Company’s foreign operations primarily consist of wholesale operations in the Far East and Canada and retail operations in Canada and the Far East. The Far East operations include first-cost transactions, where footwear is sold at foreign ports to customers who then import the footwear into the United States and other countries. A summary of the Company’s net sales and long-lived assets by geographic area were as follows: ($ thousands) 2014 2013 2012 Net Sales United States $ 2,318,530 $ 2,258,605 $ 2,251,094 Far East 194,296 193,725 158,261 Canada 58,883 60,783 68,441 Total net sales $ 2,571,709 $ 2,513,113 $ 2,477,796 Long-Lived Assets United States $ 414,559 $ 347,005 $ 381,459 Far East 2,336 2,454 9,478 Canada 8,773 7,159 7,824 Latin America, Europe and other 248 236 70 Total long-lived assets $ 425,916 $ 356,854 $ 398,831 Long-lived assets consisted primarily of property and equipment, intangible assets, prepaid pension costs, goodwill and other noncurrent assets. |
Property & Equipment (Notes)
Property & Equipment (Notes) | 12 Months Ended |
Jan. 31, 2015 | |
Property and Equipment Disclosure [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY AND EQUIPMENT Property and equipment consisted of the following: ($ thousands) January 31, 2015 February 1, 2014 Land and buildings $ 40,078 $ 37,206 Leasehold improvements 183,466 183,266 Technology equipment 53,406 51,074 Machinery and equipment 35,988 36,029 Furniture and fixtures 117,254 116,501 Construction in progress 8,504 4,464 Property and equipment 438,696 428,540 Allowances for depreciation (288,953 ) (284,980 ) Property and equipment, net $ 149,743 $ 143,560 Useful lives of property and equipment are as follows: Buildings 5-30 years Leasehold improvements 5-20 years Technology equipment 2-10 years Machinery and equipment 8-20 years Furniture and fixtures 3-10 years The Company recorded charges for impairment, primarily for leasehold improvements and furniture and fixtures in the Company’s retail stores, of $2.0 million , $1.6 million and $4.1 million in 2014, 2013 and 2012, respectively. All of the impairment charges in 2014 and 2013 are included in selling and administrative expenses. Of the $4.1 million impairment charges in 2012, $3.6 million is included in restructuring and other special charges, net and $0.5 million is included in selling and administrative expenses. Fair value was based on estimated future cash flows to be generated by retail stores, discounted at a market rate of interest. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Jan. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets were as follows: ($ thousands) January 31, 2015 February 1, 2014 Intangible Assets Famous Footwear $ 2,800 $ 3,000 Brand Portfolio 183,068 118,003 Total intangible assets 185,868 121,003 Accumulated amortization (65,235 ) (61,284 ) Total intangible assets, net 120,633 59,719 Goodwill Brand Portfolio 13,954 13,954 Total goodwill 13,954 13,954 Goodwill and intangible assets, net $ 134,587 $ 73,673 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 a useful life of 40 years. In December 2014, in conjunction with the disposition of Shoes.com as further described in Note 2 to the consolidated financial statements, the Company sold intangible assets of $0.2 million . The intangible assets were previously included in the Famous Footwear segment. Intangible assets consist primarily of owned and licensed trademarks, of which $20.8 million and $21.0 million as of January 31, 2015 and February 1, 2014 , respectively, are not subject to amortization. All remaining intangible assets are subject to amortization and have useful lives ranging from four to 40 years . Amortization expense for continuing operations related to intangible assets was $4.0 million , $6.0 million and $6.3 million in 2014, 2013 and 2012, respectively. The Company estimates $3.7 million of amortization expense related to intangible assets in each of the years from 2015 through 2019. As a result of its annual impairment testing, the Company did not record any other impairment charges during 2014, 2013 and 2012 related to intangible assets. Goodwill is tested for impairment at least annually, or more frequently if events or circumstances indicate it might be impaired. A fair-value-based test is applied at the reporting unit level and compares the fair value of the reporting unit, with attributable goodwill, to the carrying value of such reporting unit. This test requires various judgments and estimates. The fair value of goodwill is determined using an estimate of future cash flows of the reporting unit and a risk-adjusted discount rate to compute a net present value of future cash flows. An adjustment will be recorded for any goodwill that is determined to be impaired. Impairment of goodwill is measured as the excess of the carrying amount of goodwill over the fair values of recognized and unrecognized assets and liabilities of the reporting unit. The Company performed a goodwill impairment test as of the first day of the Company’s fourth fiscal quarter, resulting in no impairment charges. |
Long-Term And Short-Term Financ
Long-Term And Short-Term Financing Arrangements | 12 Months Ended |
Jan. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term And Short-Term Financing Arrangements | LONG-TERM AND SHORT-TERM FINANCING ARRANGEMENTS Credit Agreement On December 18, 2014, the Company and certain of its subsidiaries (the “Loan Parties”) entered into a Fourth Amended and Restated Credit Agreement (“Credit Agreement”). The Credit Agreement matures on December 18, 2019 and provides for a revolving credit facility in an aggregate amount of up to $600.0 million , subject to the calculated borrowing base restrictions, and provides for an increase at the Company’s option by up to $150.0 million from time to time during the term of the Credit Agreement, subject to satisfaction of certain conditions and the willingness of existing or new lenders to assume the increase. The Credit Agreement amended and restated the Third Amended and Restated Credit Agreement, dated as of January 7, 2011 (the "Former Credit Agreement"). Borrowing availability under the Credit Agreement is limited to the lesser of the total commitments and the borrowing base ("Loan Cap"), which is based on stated percentages of the sum of eligible accounts receivable, eligible inventory and eligible credit card receivables, as defined, less applicable reserves. Under the Credit Agreement, the Loan Parties’ obligations are secured by a first-priority security interest in all accounts receivable, inventory and certain other collateral. Interest on borrowings is at variable rates based on the London Interbank Offered Rate (“LIBOR”) or the prime rate, as defined in the Credit Agreement, plus a spread. The interest rate and fees for letters of credit vary based upon the level of excess availability under the Credit Agreement. There is an unused line fee payable on the unused portion under the facility and a letter of credit fee payable on the outstanding face amount under letters of credit. The Credit Agreement limits the Company’s ability to create, incur, assume or permit to exist additional indebtedness and liens, make investments or specified payments, give guarantees, pay dividends, make capital expenditures and merge or acquire or sell assets. In addition, certain additional covenants would be triggered if excess availability were to fall below specified levels, including fixed charge coverage ratio requirements. Furthermore, if excess availability falls below 12.5% of the Loan Cap for three consecutive business days or an event of default occurs, the lenders may assume dominion and control over the Company’s cash (a “cash dominion event”) until such event of default is cured or waived or the excess availability exceeds such amount for 30 consecutive days, provided that a cash dominion event shall be deemed continuing (even if an event of default is no longer continuing and/or excess availability exceeds the required amount for 30 consecutive business days) after a cash dominion event has occurred and been discontinued on two occasions in any twelve month period. The Credit Agreement contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to other material indebtedness, certain events of bankruptcy and insolvency, judgment defaults in excess of a certain threshold, the failure of any guaranty or security document supporting the agreement to be in full force and effect, and a change of control event. In addition, if the excess availability falls below the greater of (i) 10.0% of the lesser of the Loan Cap and (ii) $50.0 million , and the fixed charge coverage ratio is less than 1.0 to 1.0, the Company would be in default under the Credit Agreement. The Credit Agreement also contains certain other covenants and restrictions. The Company was in compliance with all covenants and restrictions under the Credit Agreement as of January 31, 2015 . The maximum amount of borrowings under the Credit Agreement at the end of any month was $74.0 million in 2014 and $159.0 million in 2013. The average daily borrowings during the year were $37.6 million in 2014 and $69.3 million in 2013. The weighted-average interest rates approximated 2.9% in 2014 and 2.8% in 2013. At January 31, 2015 , the Company had no borrowings outstanding and $6.3 million in letters of credit outstanding under the Credit Agreement. Total additional borrowing availability was $525.6 million at January 31, 2015 . Loss on Early Extinguishment of Debt During 2014, we incurred a loss of $0.4 million on the early extinguishment of the Former Credit Agreement prior to maturity. $200 Million Senior Notes Due 2019 On May 11, 2011, the Company closed on an offering (the “Offering”) of $200.0 million aggregate principal amount of 7.125% Senior Notes due 2019 (the “2019 Senior Notes”). The Company used a portion of the net proceeds to call and redeem the outstanding 8.75% senior notes due in 2012 (the “2012 Senior Notes”). The Company used the remaining net proceeds for general corporate purposes, including repaying amounts outstanding under the Former Credit Agreement. The 2019 Senior Notes are guaranteed on a senior unsecured basis by each of the subsidiaries of the Company that is an obligor under the Credit Agreement. Interest on the 2019 Senior Notes is payable on May 15 and November 15 of each year. The 2019 Senior Notes mature on May 15, 2019. The Company may redeem all or a part of the 2019 Senior Notes at the redemption prices (expressed as a percentage of principal) set forth below plus accrued and unpaid interest, if redeemed during the 12-month period beginning on May 15 of the years indicated below: Year Percentage 2015 103.563 % 2016 101.781 % 2017 and thereafter 100.000 % The 2019 Senior Notes also contain certain other covenants and restrictions that limit certain activities, including, among other things, levels of indebtedness, payments of dividends, the guarantee or pledge of assets, certain investments, common stock repurchases, mergers and acquisitions and sales of assets. As of January 31, 2015 , the Company was in compliance with all covenants and restrictions relating to the 2019 Senior Notes. Cash payments of interest for these financing arrangements during 2014, 2013 and 2012 were $17.9 million , $18.7 million and $20.3 million , respectively. |
Leases
Leases | 12 Months Ended |
Jan. 31, 2015 | |
Leases [Abstract] | |
Leases | LEASES The Company leases all of its retail locations and certain office locations, distribution centers and equipment. The minimum lease terms for the Company’s retail stores generally range from five to 10 years . Approximately 54% of the retail store leases are subject to renewal options for varying periods. The term of the leases for office facilities and distribution centers averages approximately 10 years with renewal options of five to 20 years . At the time its retail facilities are initially leased, the Company often receives consideration from landlords for a portion of the cost of leasehold improvements necessary to open the store, which are recorded as a deferred rent obligation and amortized to income over the lease term as a reduction of rent expense. In addition to minimum rental payments, certain of the retail store leases require contingent payments based on sales levels. A majority of the Company’s retail operating leases contain provisions that allow it to modify amounts payable under the lease or terminate the lease in certain circumstances, such as experiencing actual sales volume below a defined threshold and/or co-tenancy provisions associated with the facility. The following is a summary of rent expense for operating leases: ($ thousands) 2014 2013 2012 Minimum rent $ 143,050 $ 143,958 $ 145,788 Contingent rent 971 942 567 Sublease income (1,197 ) (1,170 ) (1,145 ) Total $ 142,824 $ 143,730 $ 145,210 Future minimum payments under noncancelable operating leases with an initial term of one year or more were as follows at January 31, 2015: ($ thousands) 2015 $ 153,334 2016 127,184 2017 97,447 2018 74,236 2019 53,686 Thereafter 169,981 Total minimum operating lease payments $ 675,868 |
Risk Management And Derivatives
Risk Management And Derivatives | 12 Months Ended |
Jan. 31, 2015 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Risk Management And Derivatives | 12. RISK MANAGEMENT AND DERIVATIVES General Risk Management The Company maintains cash and cash equivalents and certain other financial instruments with various financial institutions. The financial institutions are located throughout the world and the Company’s policy is designed to limit exposure to any one institution or geographic region. The Company’s periodic evaluations of the relative credit standing of these financial institutions are considered in the Company’s investment strategy. The Company’s Brand Portfolio segment sells to national chains, department stores, mass merchandisers, independent retailers, online retailers and catalogs primarily in the United States, Canada and China. Receivables arising from these sales are not collateralized; however, a portion is covered by documentary letters of credit. Credit risk is affected by conditions or occurrences within the economy and the retail industry. The Company maintains an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers and historical trends. 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 financial 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 international financial institutions and have varying maturities through January 2016 . Credit risk is managed through the continuous monitoring of exposures to such counterparties. The Company principally uses foreign currency forward contracts as cash flow hedges 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 Company performs a quarterly assessment of the effectiveness of the hedge relationship and measures and recognizes any hedge ineffectiveness in the consolidated statement of earnings. Hedge ineffectiveness is evaluated using the hypothetical derivative method. The amount of hedge ineffectiveness for 2014, 2013 and 2012 was not material. The Company’s hedging strategy uses forward contracts as cash flow hedging instruments, which are recorded in the Company’s consolidated balance sheets at fair value. 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. As of January 31, 2015 and February 1, 2014, the Company had forward contracts maturing at various dates through January 2016 and January 2015 , respectively. The contract amount represents the net amount of all purchase and sale contracts of a foreign currency. (U.S. $ equivalent in thousands) January 31, 2015 February 1, 2014 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ 19,633 $ 20,197 Chinese yuan 14,512 15,278 Euro 16,152 11,270 Japanese yen 1,523 1,586 New Taiwanese dollars 599 553 Other currencies 970 792 Total financial instruments $ 53,389 $ 49,676 The classification and fair values of derivative instruments designated as hedging instruments included within the consolidated balance sheet as of January 31, 2015 and February 1, 2014 are as follows: Asset Derivatives Liability Derivatives ($ in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange forwards contracts: January 31, 2015 Prepaid expenses and other current assets $ 1,863 Other accrued expenses $ 1,784 February 1, 2014 Prepaid expenses and other current assets $ 1,056 Other accrued expenses $ 222 During 2014 and 2013, the effect of derivative instruments in cash flow hedging relationships on the consolidated statement of earnings was as follows: 2014 2013 Foreign exchange forward contracts: Gain (Loss) Gain (Loss) Reclassified Gain Gain Reclassified Net sales $ 166 $ 93 $ 321 $ 244 Cost of goods sold (693 ) 113 762 71 Selling and administrative expenses (271 ) (64 ) 675 355 Interest expense 18 — 20 — All of the 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 1 and Note 13 to the consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Hierarchy Fair value measurement disclosures specify 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; and • 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 in its assessment of fair value. 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 its capital for the purpose of funding operations and it 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 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 fair value of the assets and corresponding liabilities are based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1). Additional information related to the Company’s Deferred Compensation Plan is disclosed in Note 5 to the consolidated financial statements. Deferred Compensation Plan for Non-Employee Directors Non-employee directors are eligible to participate in a deferred compensation plan, whereby deferred compensation amounts are valued as if invested in the Company’s common stock through the use of PSUs. Under the plan, each participating director’s account is credited with the number of PSUs equal to the number of shares of the Company’s common stock that the participant could purchase or receive with the amount of the deferred compensation, based upon the fair value (as determined based on 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 PSUs are payable in cash based on the number of PSUs credited to the participating director’s account, valued on the basis of the fair value at fiscal quarter-end on or following termination of the director’s service. The fair value of the liabilities is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency (Level 1). Additional information related to the Company’s deferred compensation plan for non-employee directors is disclosed in Note 5 to the consolidated financial statements. Restricted Stock Units for Non-Employee Directors Under the Company’s incentive compensation plans, cash-equivalent restricted stock units of the Company may be granted at no cost to directors. Plan participants are entitled to cash dividends for their respective units. The fair value of a restricted stock unit is the quoted market price for the Company’s common stock on the date of grant (Level 1). Additional information related to restricted stock units for non-employee directors is disclosed in Note 15 to the 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 vest generally over a three -year service period. At the end of the three -year period, the employee will be given an amount of shares between 0% and 200% of the targeted award, depending on the achievement of specified financial goals for the three -year period. The fair value of the performance share awards is the quoted market price for the Company’s common stock on the date of grant (Level 1). Additional information related to performance share units is disclosed in Note 15 to the 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 in Note 1 and Note 12 to the 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 2 to the consolidated financial statements. The convertible note is measured at fair value using unobservable inputs (Level 3). The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at January 31, 2015 and February 1, 2014. The Company did not have any transfers between Level 1 and Level 2 during 2014 or 2013. Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) 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 As of February 1, 2014: Cash equivalents – money market funds $ 41,236 $ 41,236 $ — $ — Non-qualified deferred compensation plan assets 2,191 2,191 — — Non-qualified deferred compensation plan liabilities (2,191 ) (2,191 ) — — Deferred compensation plan liabilities for non-employee directors (1,668 ) (1,668 ) — — Restricted stock units for non-employee directors (7,769 ) (7,769 ) — — Performance share units (2,300 ) (2,300 ) — — Derivative financial instruments, net 834 — 834 — 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. Long-lived assets held and used with a carrying amount of $87.8 million were written down to their fair value, resulting in impairment charges included in selling and administrative expenses of $2.0 million in 2014. Of the $2.0 million impairment charges, $1.0 million related to the Famous Footwear segment and $1.0 million related to the Brand Portfolio segment. In 2013, long-lived assets held and used with a carrying amount of $81.4 million were written down to their fair value, resulting in impairment charges of $1.4 million included in selling and administrative expenses, of which $0.7 million related to the Famous Footwear segment and $0.7 million related to the Brand Portfolio segment. In 2012, long-lived assets held and used with a carrying amount of $61.5 million were written down to their fair value, resulting in impairment charges of $4.1 million , including $2.5 million related to the Brand Portfolio segment and $1.6 million related to the Famous Footwear segment. Of the $2.5 million related to the Brand Portfolio segment, $2.3 million is included in restructuring and other special charges, net and $0.2 million is included in selling and administrative expenses. Of the $1.6 million related to the Famous Footwear segment, $1.3 million is included in restructuring and other special charges, net and $0.3 million is included in selling and administrative expenses. During the first quarter of 2013, the Company recognized an impairment charge of $4.7 million ( $4.7 million after tax, $0.11 per diluted share) related to certain supply chain and sourcing assets, which represented the excess net asset value over the estimated fair value of the assets less costs to sell. The fair value of net assets was estimated based on the anticipated sales proceeds. This is considered a Level 2 input as the assets were not sold on an active market. The impairment charge was recorded as impairment of assets held for sale in the consolidated statement of earnings and was included in the Brand Portfolio segment. These assets were sold in the second quarter of 2013 and the Company recognized an additional loss on sale of $0.6 million . See Note 4 to the consolidated financial statements for additional information. During the second quarter of 2013, the Company sold ASG. In anticipation of this transaction, the assets of ASG were determined to be held for sale at May 4, 2013, and an impairment charge of $12.6 million was recorded in the first quarter of 2013 within the discontinued operations section of the consolidated statement of earnings. The Company recognized a gain on disposition of $1.0 million in the second quarter of 2013. ASG was previously included within the Brand Portfolio segment. The fair value of assets was estimated based on the anticipated sales proceeds less costs to sell. This is considered a Level 2 input as the assets were not sold on an active market. See Note 2 to the consolidated financial statements for additional information. During 2012, the Company terminated the Etienne Aigner license agreement due to a dispute with the licensor and recognized an impairment charge of $5.8 million ( $3.5 million on an after-tax basis, or $0.08 per diluted share), to reduce the remaining unamortized value of the licensed trademark intangible asset to zero. The Company performed its annual impairment tests of indefinite lived intangible assets, which involves estimating the fair value using significant unobservable inputs (Level 3). As a result of its annual impairment testing, the Company did not record any impairment charges during 2014 or 2013 related to intangible assets. The Company performed its annual impairment test of goodwill, which involves estimating the fair value of its reporting units using significant unobservable inputs (Level 3). The impairment test, performed as of the first day of the Company’s fourth fiscal quarter of 2014 and 2013, resulted in no impairment charges. See Note 1 and Note 9 for additional information related to the goodwill impairment test. Fair Value of the Company’s Other Financial Instruments The fair values of cash and cash equivalents (excluding money market funds discussed above), receivables, trade accounts payable and borrowing under the revolving credit agreement approximate their carrying values due to the short-term nature of these instruments. The carrying amounts and fair values of the Company’s other financial instruments subject to fair value disclosures are as follows: January 31, 2015 February 1, 2014 Carrying Value Fair Value Carrying Value Fair Value ($ thousands) Long-term debt - Senior Notes $ 199,197 $ 208,000 $ 199,010 $ 210,500 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). |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | SHAREHOLDERS' EQUITY Stock Repurchase Program On August 25, 2011, the Board of Directors approved a stock repurchase program (“2011 Program”) authorizing the repurchase of up to 2.5 million shares of the Company’s outstanding common stock. The Company can utilize the repurchase program to repurchase shares on the open market or in private transactions from time to time, depending on market conditions. The repurchase program does not have an expiration date. Repurchases of common stock are limited under the Company’s debt agreements. There have been no shares repurchased under the 2011 Program. Repurchases Related to Employee Share-based Awards During 2014 and 2013, 172,471 shares and 327,276 shares, respectively, were tendered by employees related to certain share-based awards. These shares were tendered in satisfaction of the exercise price of stock options and/or to satisfy minimum tax withholding amounts for non-qualified stock options, restricted stock and stock performance awards. Accordingly, these share repurchases are not considered a part of the Company’s publicly announced stock repurchase programs. Accumulated Other Comprehensive Income The following table sets forth the changes in accumulated other comprehensive income, net of tax, by component for 2014, 2013 and 2012: ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions Derivative Transactions Accumulated Other Comprehensive Income (Loss) Balance at January 28, 2012 $ 6,449 $ 3,114 $ 74 $ 9,637 Other comprehensive income (loss) before reclassifications 463 (9,122 ) (402 ) (9,061 ) Amounts reclassified from accumulated other comprehensive income — 61 247 308 Other comprehensive income (loss) 463 (9,061 ) (155 ) (8,753 ) Balance at February 2, 2013 $ 6,912 $ (5,947 ) $ (81 ) $ 884 Other comprehensive (loss) income before reclassifications (4,556 ) 19,136 1,260 15,840 Amounts reclassified from accumulated other comprehensive income — 393 (441 ) (48 ) Other comprehensive (loss) income (4,556 ) 19,529 819 15,792 Balance at February 1, 2014 $ 2,356 $ 13,582 $ 738 $ 16,676 Other comprehensive loss before reclassifications (3,101 ) (10,235 ) (411 ) (13,747 ) Amounts reclassified from accumulated other comprehensive income — (114 ) (103 ) (217 ) Other comprehensive loss (3,101 ) (10,349 ) (514 ) (13,964 ) Balance at January 31, 2015 $ (745 ) $ 3,233 $ 224 $ 2,712 The following table sets forth the reclassifications out of accumulated other comprehensive income and the related tax effect by component for 2014 and 2013 : Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Earnings ($ thousands) 2014 2013 Net gains from derivative financial instruments (1) (142 ) (670 ) Costs of goods sold and selling and administrative expenses Tax provision 39 229 Income tax provision Net gains from derivative financial instruments, net of tax (103 ) (441 ) Pension and other postretirement benefits actuarial (gain) loss (2) (231 ) 604 Selling and administrative expenses Pension benefits prior service expense (2) 27 13 Selling and administrative expenses Pension and other postretirement benefits adjustments (204 ) 617 Tax provision (benefit) 90 (224 ) Income tax provision Pension and other postretirement benefits adjustments, net of tax (114 ) 393 Amounts reclassified from accumulated other comprehensive income (217 ) (48 ) (1) See Note 12 and Note 13 to the consolidated financial statements for additional information related to derivative financial instruments. (2) See Note 5 to the consolidated financial statements for additional information related to pension and other postretirement benefits. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jan. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION The Company has share-based incentive compensation plans under which certain officers, employees and members of the Board of Directors are participants and may be granted stock options, restricted stock and stock performance awards. ASC 718, Compensation – Stock Compensation , and ASC 505, Equity , require companies to recognize compensation expense in an amount equal to the fair value of all share-based payments granted to employees over the requisite service period for each award. In certain limited circumstances, the Company’s incentive compensation plan provides for accelerated vesting of the awards, such as in the event of a change in control, qualified retirement, death or disability. The Company has a policy of issuing treasury shares in satisfaction of share-based awards. Share-based compensation expense of $6.2 million , $5.6 million and $6.5 million was recognized in 2014, 2013 and 2012, respectively, as a component of selling and administrative expenses. The following table details the share-based compensation expense by plan and the total related income tax benefit for 2014, 2013 and 2012: ($ thousands) 2014 2013 2012 (Income) expense for share-based compensation plans, net of forfeitures: Stock options $ (46 ) $ 248 $ 215 Stock performance awards — — 328 Restricted stock grants 6,236 5,319 5,946 Total share-based compensation expense 6,190 5,567 6,489 Less: Income tax benefit 2,397 2,136 2,507 Total share-based compensation expense, net of income tax benefit $ 3,793 $ 3,431 $ 3,982 In addition to the share-based compensation expense disclosed above, the Company also recognized cash-based expense related to performance share units and cash awards granted under the performance share plans. The Company recognized $6.6 million , $3.7 million and $1.8 million in 2014, 2013 and 2012, respectively, in expense for cash-based awards under the performance share plans. The Company issued 373,752 , 481,916 and 925,676 shares of common stock in 2014, 2013 and 2012, respectively, for restricted stock grants, stock options exercised and stock performance awards issued to employees and common and restricted stock grants issued to directors. There were no significant modifications to any share-based awards in 2014, 2013 or 2012. Restricted Stock Under the Company’s incentive compensation plans, restricted stock of the Company may be granted at no cost to certain officers, key employees and directors. Plan participants are entitled to cash dividends and voting rights for their respective shares. Restrictions limit the sale or transfer of these shares during the requisite service period, which generally ranges from one to eight years. Expense for restricted stock grants is recognized on a straight-line basis separately for each vesting portion of the stock award based upon fair value of the award on the date of grant. The fair value of the restricted stock grants is the quoted market price for the Company’s common stock on the date of grant. The following table summarizes restricted stock activity for the year ended January 31, 2015: Number of Nonvested Weighted-Average Nonvested at February 1, 2014 1,700,098 $13.25 Granted 281,710 28.17 Vested (364,238 ) 14.21 Forfeited (55,100 ) 15.89 Nonvested at January 31, 2015 1,562,470 $15.61 For the years ended January 31, 2015, February 1, 2014 and February 2, 2013, restricted shares granted were 281,710 , 411,735 and 759,400 respectively. Restricted shares forfeited during 2014, 2013 and 2012 were 55,100 , 163,250 , and 169,300 , respectively. The weighted-average fair value of restricted stock awards granted for the years ended January 31, 2015, February 1, 2014 and February 2, 2013, was $28.17 , $17.47 and $9.71 , respectively. The total grant date fair value of restricted stock awards vested during the years ended January 31, 2015, February 1, 2014 and February 2, 2013, was $5.2 million , $4.1 million and $4.8 million , respectively. As of January 31, 2015, the total remaining unrecognized compensation cost related to nonvested restricted stock grants amounted to $11.1 million , which will be amortized over the weighted-average remaining requisite service period of 2.5 years . The Company recognized $0.8 million , $2.9 million and $0.9 million in 2014, 2013 and 2012, respectively, of excess tax benefits related to restricted stock vesting and dividends, which was reflected as an increase to additional paid-in capital. Performance Share Awards 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 vest generally over a three-year service period. At the end of the three-year period, the employee will be given an amount of shares between 0% and 200% of the targeted award, depending on the achievement of specified financial goals for the three-year period. If the awards are granted in units, the employee will be given an amount of cash ranging from 0% to 200% of the equivalent market value of the targeted award. Expense for performance share awards is recognized based upon the fair value of the awards on the date of grant and the anticipated number of shares or cash to be awarded on a straight-line basis for each vesting portion of the stock award. The fair value of the performance share awards is the quoted market price for the Company’s common stock on the date of grant. The Company had nonvested outstanding performance share awards for 148,535 units at various target levels as of January 31, 2015, which may result in the payment of up to 297,070 units at the end of the service periods. The following table summarizes performance share activity for the year ended January 31, 2015: Number of Number of Weighted-Average Nonvested at February 1, 2014 164,525 329,050 $12.69 Granted 88,185 176,370 28.18 Vested (84,275 ) (168,550 ) 9.27 Expired — — — Forfeited (19,900 ) (39,800 ) 15.96 Nonvested at January 31, 2015 148,535 297,070 $23.39 The weighted-average grant-date fair value of performance share awards granted for 2014, 2013 and 2012 was $28.18 , $17.00 and $9.46 , respectively. Performance share awards of 84,275 , 117,250 and 140,000 vested in 2014, 2013 and 2012, respectively. In addition to the units granted, $2.4 million of performance share awards were granted in cash during 2014. As of January 31, 2015, the remaining unrecognized compensation cost related to nonvested performance share awards was $9.3 million , which will be recognized over the weighted-average remaining service period of 1.4 years . Stock Options Stock options are granted to employees at exercise prices equal to the quoted market price of the Company’s stock at the date of grant. Stock options generally vest over four years and have a term of 10 years . Compensation cost for all stock options is recognized over the requisite service period for each award. No dividends are paid on unexercised options. Expense for stock options is recognized on a straight-line basis separately for each vesting portion of the stock option award. The Company granted no stock options in 2014 and 4,000 and 26,000 stock options during 2013 and 2012, respectively. Fair values of options granted in 2013 and 2012 were estimated using the Black-Scholes option-pricing model based on the following assumptions: 2013 2012 Dividend yield 1.7 % 3.1 % Expected volatility 67.7 % 66.5 % Risk-free interest rate 1.3 % 1.4 % Expected term (in years) 7 7 Dividend yields are based on historical dividend yields. Expected volatilities are based on historical volatilities of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant for periods corresponding with the expected term of the options. The expected term of options represents the weighted-average period of time that options granted are expected to be outstanding, giving consideration to vesting schedules and the Company’s historical exercise patterns. Summarized information about stock options outstanding and exercisable at January 31, 2015 is as follows: Outstanding Exercisable Exercise Price Range Number of Weighted- Weighted- Number of Weighted- $3.33 - $11.54 82,725 5 $6.23 50,350 $6.71 $11.55 - $14.45 66,000 5 13.95 66,000 13.95 $14.46 - $15.35 101,110 1 15.00 96,860 14.99 $15.36 - $22.44 91,221 1 20.94 91,221 20.94 $22.45 - $35.25 75,747 2 33.50 75,747 33.50 416,803 3 $17.75 380,178 $18.83 The weighted-average remaining contractual term of stock options outstanding and currently exercisable at January 31, 2015 was 2.9 years and 2.6 years , respectively. The aggregate intrinsic value of stock options outstanding and currently exercisable at January 31, 2015 was $4.9 million and $4.1 million , respectively. Intrinsic value for stock options is calculated based on the exercise price of the underlying awards as compared to the quoted price of the Company’s common stock as of the reporting date. The following table summarizes stock option activity for 2014 under the current and prior plans: Number of Weighted-Average Outstanding at February 1, 2014 751,638 $16.88 Granted — — Exercised (316,835 ) 15.21 Forfeited (18,000 ) 24.36 Canceled or expired — — Outstanding at January 31, 2015 416,803 $17.75 Exercisable at January 31, 2015 380,178 $18.83 The intrinsic value of stock options exercised was $3.8 million , $4.0 million and $0.5 million for 2014, 2013 and 2012, respectively. The amount of cash received from the exercise of stock options was $3.2 million in 2014, $4.9 million in 2013 and $0.9 million in 2012. In addition, 60,624 , 91,157 and 33,033 shares were tendered by employees in satisfaction of the exercise price of stock options during 2014, 2013 and 2012, respectively. The Company recognized $0.1 million in 2014, $0.5 million in 2013 and less than $0.1 million in 2012 of excess tax benefits related to stock option exercises, which was reflected as an increase to additional paid-in capital. The following table summarizes nonvested stock option activity for 2014 under the current and prior plans: Number of Weighted-Average Nonvested at February 1, 2014 87,750 $ 5.08 Granted — — Vested (46,875 ) 6.42 Forfeited (4,250 ) 7.60 Nonvested at January 31, 2015 36,625 $ 3.28 The weighted-average grant date fair value of stock options granted for 2013 and 2012 was $9.46 and $5.46 , respectively. The total grant date fair value of stock options vested during 2014, 2013 and 2012 was $0.3 million , $0.4 million and $0.5 million , respectively. As of January 31, 2015, the total remaining unrecognized compensation cost related to nonvested stock options amounted to less than $0.1 million , which will be amortized over the weighted-average remaining requisite service period of 1.1 years . Restricted Stock Units for Non-Employee Directors Equity-based grants may be made to non-employee directors in the form of cash-equivalent restricted stock units (“RSUs”) at no cost to the non-employee director. The RSUs are subject to a vesting requirement (usually one year), earn dividend equivalent units, and are payable 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. Dividend equivalents are paid on outstanding RSUs at the same rate as dividends on the Company’s common stock, are automatically re-invested in additional RSUs, and vest immediately as of the payment date for the dividend. Expense related to the initial grant of RSUs is recognized ratably over the vesting period based upon the fair value of the RSUs, as remeasured at the end of each period. Expense for the dividend equivalents is recognized at fair value immediately. Gains and losses resulting from changes in the fair value of the RSUs subsequent to the vesting period and through the settlement date are reported in the Company’s consolidated statements of earnings. See Note 5 and Note 13 to the consolidated financial statements for information regarding the deferred compensation plan for non-employee directors. The following table summarizes restricted stock unit activity for the year ended January 31, 2015: Outstanding Accrued (1) Nonvested RSUs Number of Number of Total Number Total Number Weighted-Average February 1, 2014 291,855 54,450 346,305 328,155 $21.30 Granted (2) 2,826 39,123 41,949 29,049 28.71 Vested 54,873 (54,873 ) — 18,150 21.35 Settled (57,260 ) — (57,260 ) (57,260 ) 26.23 January 31, 2015 292,294 38,700 330,994 318,094 $28.72 (1) Accrued RSUs include all fully vested awards and a pro-rata portion of nonvested awards based on the elapsed portion of the vesting period. (2) Granted RSUs include 3,249 RSUs resulting from dividend equivalents paid on outstanding RSUs, of which 2,826 related to outstanding vested RSUs and 423 to outstanding nonvested RSUs. Information about RSUs granted, vested and settled during 2014, 2013 and 2012 is as follows: ($ thousands, except per unit amounts) 2014 2013 2012 Weighted-average grant date fair value of RSUs granted (1) $ 28.69 $ 21.33 $ 12.04 Fair value of RSUs vested 1,558 1,600 1,156 RSUs settled 57,260 9,905 6,432 (1) Includes dividend equivalents granted on outstanding RSUs, which vest immediately. The following table details the RSU compensation expense and the total related income tax benefit for 2014, 2013 and 2012: ($ thousands) 2014 2013 2012 Compensation expense $ 2,707 $ 3,258 $ 2,769 Income tax benefit (1,053 ) (1,267 ) (1,077 ) Compensation expense, net of income tax benefit $ 1,654 $ 1,991 $ 1,692 The aggregate intrinsic value of RSUs outstanding and currently vested at January 31, 2015 is $9.4 million and $8.3 million , respectively. Aggregate intrinsic value for RSUs is calculated based on the average of the high and low prices of the Company’s common stock as of the reporting date. As of January 31, 2015 and February 1, 2014, the liabilities associated with the accrued RSUs totaled $8.9 million and $7.8 million , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 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”) 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 2013, B&H Footwear transferred the operation of the retail stores in China to CBI. B&H Footwear continues to sell footwear to CBI on a wholesale basis. During 2014, 2013 and 2012, the Company, through its consolidated subsidiary, B&H Footwear, sold $8.6 million , $8.3 million , and $6.9 million , respectively, of Naturalizer footwear on a wholesale basis to CBI. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 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 Company submitted a proposed expanded remedy workplan and is awaiting public comment and feedback from the oversight authorities. 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 January 31, 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 January 31, 2015 were $26.9 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 January 31, 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, $5.2 million is for on-site remediation and $4.6 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 January 31, 2015 related to these sites, which has been discounted at 6.4% . 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 . If approved by the court, under the settlement 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 with a hearing scheduled for the second quarter of 2015. The reserve for this matter as of January 31, 2015 is $1.5 million . |
Financial Information For The C
Financial Information For The Company And Its Subsidiaries | 12 Months Ended |
Jan. 31, 2015 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Financial Information For The Company And Its Subsidiaries | FINANCIAL INFORMATION FOR THE COMPANY AND ITS SUBSIDIARIES In July 2015, the Company commenced a cash tender offer to purchase any and all of the outstanding aggregate principal amount of its 2019 Senior Notes. Pursuant to the cash tender offer, $160.7 million of the $200.0 million aggregate principal amount was redeemed during the second quarter of 2015. The remaining $39.3 million of 2019 Senior Notes was redeemed on August 26, 2015. On July 27, 2015, the Company issued $200.0 million aggregate principal amount of 6.25% Senior Notes due 2023 (the "2023 Senior Notes") in a private placement. The 2023 Senior Notes are fully and unconditionally and jointly and severally guaranteed by all of its existing and future subsidiaries that are guarantors under its existing agreement. The following table presents the condensed consolidating financial information for each of Caleres, Inc. (“Parent”), the Guarantors, and subsidiaries of the Parent that are not Guarantors (the “Non-Guarantors”) of the 2023 Senior Notes, together with consolidating eliminations, as of and for the periods indicated. The Guarantors are 100% owned by the Parent. The condensed consolidating financial statements have been prepared using the equity method of accounting in accordance with the requirements for presentation of such information. Management believes that the information, presented in lieu of complete financial statements for each of the Guarantors, provides meaningful information to allow investors to determine the nature of the assets held by, and operations and cash flows of, each of the consolidated groups. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JANUARY 31, 2015 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Assets Current assets: Cash and cash equivalents $ 13,891 $ — $ 53,512 $ — $ 67,403 Receivables, net 89,030 5,398 42,218 — 136,646 Inventories, net 148,082 376,254 18,767 — 543,103 Prepaid expenses and other current assets 41,494 20,777 8,964 (27,491 ) 43,744 Intercompany receivable - current 1,194 — 8,750 (9,944 ) — Total current assets 293,691 402,429 132,211 (37,435 ) 790,896 Property and equipment, net 29,237 109,720 10,786 — 149,743 Goodwill and intangible assets, net 117,792 2,800 13,995 — 134,587 Other assets 113,922 13,733 13,931 — 141,586 Investment in subsidiaries 956,831 — (18,909 ) (937,922 ) — Intercompany receivable - noncurrent 459,774 306,871 539,396 (1,306,041 ) — Total assets $ 1,971,247 $ 835,553 $ 691,410 $ (2,281,398 ) $ 1,216,812 Liabilities and Equity Current liabilities: Trade accounts payable $ 60,377 $ 114,208 $ 41,336 $ — $ 215,921 Other accrued expenses 110,714 85,638 12,301 (27,491 ) 181,162 Intercompany payable - current 4,948 — 4,996 (9,944 ) — Total current liabilities 176,039 199,846 58,633 (37,435 ) 397,083 Other liabilities: Long-term debt 199,197 — — — 199,197 Other liabilities 41,847 32,574 4,489 — 78,910 Intercompany payable - noncurrent 1,013,254 21,078 271,709 (1,306,041 ) — Total other liabilities 1,254,298 53,652 276,198 (1,306,041 ) 278,107 Equity: Caleres, Inc. shareholders’ equity 540,910 582,055 355,867 (937,922 ) 540,910 Noncontrolling interests — — 712 — 712 Total equity 540,910 582,055 356,579 (937,922 ) 541,622 Total liabilities and equity $ 1,971,247 $ 835,553 $ 691,410 $ (2,281,398 ) $ 1,216,812 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS FOR THE FISCAL YEAR ENDED JANUARY 31, 2015 ($ thousands) Parent Guarantors Non-Guarantors Eliminations Total Net sales $ 788,708 $ 1,634,375 $ 329,765 $ (181,139 ) $ 2,571,709 Cost of goods sold 570,343 899,968 213,716 (152,418 ) 1,531,609 Gross profit 218,365 734,407 116,049 (28,721 ) 1,040,100 Selling and administrative expenses 231,141 633,073 75,189 (28,721 ) 910,682 Restructuring and other special charges, net 3,484 — — — 3,484 Operating (loss) earnings (16,260 ) 101,334 40,860 — 125,934 Interest expense (20,444 ) (1 ) — — (20,445 ) Loss on early extinguishment of debt (420 ) — — — (420 ) Interest income 31 — 348 — 379 Intercompany interest income (expense) 12,115 (12,826 ) 711 — — Gain on sale of subsidiary — — 4,679 — 4,679 (Loss) earnings before income taxes (24,978 ) 88,507 46,598 — 110,127 Income tax benefit (provision) 10,599 (34,710 ) (3,073 ) — (27,184 ) Equity in earnings of subsidiaries, net of tax 97,229 — 37 (97,266 ) — Net earnings 82,850 53,797 43,562 (97,266 ) 82,943 Less: Net earnings attributable to noncontrolling interests — — 93 — 93 Net earnings attributable to Caleres, Inc. $ 82,850 $ 53,797 $ 43,469 $ (97,266 ) $ 82,850 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE FISCAL YEAR ENDED JANUARY 31, 2015 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net earnings $ 82,850 $ 53,797 $ 43,562 $ (97,266 ) $ 82,943 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustment — — (3,145 ) — (3,145 ) Pension and other postretirement benefits adjustments (10,003 ) — (346 ) — (10,349 ) Derivative financial instruments (1,250 ) — 736 — (514 ) Other comprehensive (loss) income from investment in subsidiaries (2,711 ) — — 2,711 — Other comprehensive (loss) income, net of tax (13,964 ) — (2,755 ) 2,711 (14,008 ) Comprehensive income 68,886 53,797 40,807 (94,555 ) 68,935 Comprehensive income attributable to noncontrolling interests — — 49 — 49 Comprehensive income attributable to Caleres, Inc. $ 68,886 $ 53,797 $ 40,758 $ (94,555 ) $ 68,886 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED JANUARY 31, 2015 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (11,728 ) $ 99,709 $ 30,831 — $ 118,812 Investing activities Purchases of property and equipment (7,129 ) (33,067 ) (4,756 ) — (44,952 ) Capitalized software (4,834 ) (194 ) (58 ) — (5,086 ) Acquisition of trademarks (65,065 ) — — — (65,065 ) Investment in nonconsolidated affiliate — — (7,000 ) — (7,000 ) Net proceeds from sale of subsidiaries, inclusive of note receivable — — 10,120 — 10,120 Intercompany investing (2,314 ) (124 ) 2,438 — — Net cash used for investing activities (79,342 ) (33,385 ) 744 — (111,983 ) Financing activities Borrowings under revolving credit agreement 867,000 — — — 867,000 Repayments under revolving credit agreement (874,000 ) — — — (874,000 ) Dividends paid (12,237 ) — — — (12,237 ) Debt issuance costs (2,618 ) — — — (2,618 ) Issuance of common stock under share-based plans, net 443 — — — 443 Tax benefit related to share-based plans 929 — — — 929 Intercompany financing 125,444 (66,324 ) (59,120 ) — — Net cash provided by (used for) financing activities 104,961 (66,324 ) (59,120 ) — (20,483 ) Effect of exchange rate changes on cash and cash equivalents — — (1,489 ) — (1,489 ) Increase (decrease) in cash and cash equivalents 13,891 — (29,034 ) — (15,143 ) Cash and cash equivalents at beginning of year — — 82,546 — 82,546 Cash and cash equivalents at end of year $ 13,891 $ — $ 53,512 $ — $ 67,403 CONDENSED CONSOLIDATING BALANCE SHEET AS OF FEBRUARY 1, 2014 Non- Guarantors ($ thousands) Parent Guarantors Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ — $ 82,546 $ — $ 82,546 Receivables, net 84,428 2,349 42,440 — 129,217 Inventories, net 119,131 401,570 26,830 — 547,531 Prepaid expenses and other current assets 38,029 9,796 10,212 (24,901 ) 33,136 Current assets - discontinued operations 119 — — — 119 Intercompany receivable - current 602 191 8,860 (9,653 ) — Total current assets 242,309 413,906 170,888 (34,554 ) 792,549 Property and equipment, net 27,201 107,163 9,196 — 143,560 Goodwill and intangible assets, net 55,225 2,800 15,648 — 73,673 Other assets 123,066 13,958 2,597 — 139,621 Investment in subsidiaries 844,570 — (18,947 ) (825,623 ) — Intercompany receivable - noncurrent 457,507 240,592 472,160 (1,170,259 ) — Total assets $ 1,749,878 $ 778,419 $ 651,542 $ (2,030,436 ) $ 1,149,403 Liabilities and Equity Current liabilities: Borrowings under revolving credit agreement $ 7,000 $ — $ — $ — $ 7,000 Trade accounts payable 72,487 111,670 42,445 — 226,602 Other accrued expenses 82,403 77,552 17,491 (24,901 ) 152,545 Current liabilities - discontinued operations 708 — — — 708 Intercompany payable - current 4,689 — 4,964 (9,653 ) — Total current liabilities 167,287 189,222 64,900 (34,554 ) 386,855 Other liabilities: Long-term debt 199,010 — — — 199,010 Other liabilities 38,457 39,941 7,778 — 86,176 Intercompany payable - noncurrent 868,425 38,236 263,598 (1,170,259 ) — Total other liabilities 1,105,892 78,177 271,376 (1,170,259 ) 285,186 Equity: Caleres, Inc. shareholders’ equity 476,699 511,020 314,603 (825,623 ) 476,699 Noncontrolling interests — — 663 — 663 Total equity 476,699 511,020 315,266 (825,623 ) 477,362 Total liabilities and equity $ 1,749,878 $ 778,419 $ 651,542 $ (2,030,436 ) $ 1,149,403 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net sales $ 733,996 $ 1,631,755 $ 361,277 $ (213,915 ) $ 2,513,113 Cost of goods sold 549,281 900,043 236,113 (186,612 ) 1,498,825 Gross profit 184,715 731,712 125,164 (27,303 ) 1,014,288 Selling and administrative expenses 217,902 629,405 89,745 (27,303 ) 909,749 Restructuring and other special charges, net 686 — 576 — 1,262 Impairment of assets held for sale — — 4,660 — 4,660 Operating (loss) earnings (33,873 ) 102,307 30,183 — 98,617 Interest expense (21,163 ) (1 ) (90 ) — (21,254 ) Interest income 23 — 354 — 377 Intercompany interest income (expense) 13,414 (13,060 ) (354 ) — — (Loss) earnings before income taxes from continuing operations (41,599 ) 89,246 30,093 — 77,740 Income tax benefit (provision) 20,427 (35,727 ) (8,458 ) — (23,758 ) Equity in earnings from continuing operations of subsidiaries, net of tax 75,331 — (168 ) (75,163 ) — Net earnings from continuing operations 54,159 53,519 21,467 (75,163 ) 53,982 Discontinued operations: (Loss) earnings from discontinued operations, net of tax (5,296 ) — 722 — (4,574 ) Disposition/impairment of discontinued operations, net of tax — — (11,512 ) — (11,512 ) Equity in loss from discontinued operations of subsidiaries, net of tax (10,790 ) — — 10,790 — Net loss from discontinued operations (16,086 ) — (10,790 ) 10,790 (16,086 ) Net earnings 38,073 53,519 10,677 (64,373 ) 37,896 Plus: Net loss attributable to noncontrolling interests — — (177 ) — (177 ) Net earnings attributable to Caleres, Inc. $ 38,073 $ 53,519 $ 10,854 $ (64,373 ) $ 38,073 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net earnings $ 38,073 $ 53,519 $ 10,677 $ (64,373 ) $ 37,896 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment — — (4,538 ) — (4,538 ) Pension and other postretirement benefits adjustments 19,114 — 415 — 19,529 Derivative financial instruments (55 ) — 874 — 819 Other comprehensive loss from investment in subsidiaries (3,317 ) — — 3,317 — Other comprehensive income (loss), net of tax 15,742 — (3,249 ) 3,317 15,810 Comprehensive income 53,815 53,519 7,428 (61,056 ) 53,706 Comprehensive loss attributable to noncontrolling interests — — (109 ) — (109 ) Comprehensive income attributable to Caleres, Inc. $ 53,815 $ 53,519 $ 7,537 $ (61,056 ) $ 53,815 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net cash provided by (used for) operating activities $ 60,886 $ 62,603 $ (19,457 ) $ — $ 104,032 Investing activities Purchases of property and equipment (5,595 ) (34,606 ) (3,767 ) — (43,968 ) Capitalized software (4,920 ) (193 ) (122 ) — (5,235 ) Net proceeds from sale of subsidiaries — — 69,347 — 69,347 Intercompany investing (1,128 ) (247 ) 1,375 — — Net cash (used for) provided by investing activities (11,643 ) (35,046 ) 66,833 — 20,144 Financing activities Borrowings under revolving credit agreement 1,129,000 — — — 1,129,000 Repayments under revolving credit agreement (1,227,000 ) — — — (1,227,000 ) Dividends paid (12,105 ) — — — (12,105 ) Issuance of common stock under share-based plans, net 804 — — — 804 Tax benefit related to share-based plans 3,439 — — — 3,439 Contributions by noncontrolling interest — — 50 — 50 Intercompany financing 56,619 (27,557 ) (29,062 ) — — Net cash used for financing activities (49,243 ) (27,557 ) (29,012 ) — (105,812 ) Effect of exchange rate changes on cash and cash equivalents — — (4,041 ) — (4,041 ) Increase in cash and cash equivalents — — 14,323 — 14,323 Cash and cash equivalents at beginning of year — — 68,223 — 68,223 Cash and cash equivalents at end of year $ — $ — $ 82,546 $ — $ 82,546 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS FOR THE FISCAL YEAR ENDED FEBRUARY 2, 2013 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net sales $ 689,630 $ 1,620,861 $ 401,953 $ (234,648 ) $ 2,477,796 Cost of goods sold 528,925 903,987 265,397 (209,088 ) 1,489,221 Gross profit 160,705 716,874 136,556 (25,560 ) 988,575 Selling and administrative expenses 189,648 631,644 95,934 (25,560 ) 891,666 Restructuring and other special charges, net 12,261 — 10,170 — 22,431 Operating (loss) earnings (41,204 ) 85,230 30,452 — 74,478 Interest expense (22,584 ) (3 ) (386 ) — (22,973 ) Interest income 10 — 312 — 322 Intercompany interest income (expense) 13,073 (13,289 ) 216 — — (Loss) earnings before income taxes from continuing operations (50,705 ) 71,938 30,594 — 51,827 Income tax benefit (provision) 15,892 (28,492 ) (4,056 ) — (16,656 ) Equity in earnings from continuing operations of subsidiaries, net of tax 70,271 — (680 ) (69,591 ) — Net earnings from continuing operations 35,458 43,446 25,858 (69,591 ) 35,171 Discontinued operations: Earnings (loss) from discontinued operations, net of tax 802 — (5,239 ) — (4,437 ) Disposition/impairment of discontinued operations, net of tax (3,530 ) — — — (3,530 ) Equity in loss from discontinued operations of subsidiaries, net of tax (5,239 ) — — 5,239 — Net loss from discontinued operations (7,967 ) — (5,239 ) 5,239 (7,967 ) Net earnings 27,491 43,446 20,619 (64,352 ) 27,204 Plus: Net loss attributable to noncontrolling interests — — (287 ) — (287 ) Net earnings attributable to Caleres, Inc. $ 27,491 $ 43,446 $ 20,906 $ (64,352 ) $ 27,491 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE FISCAL YEAR ENDED FEBRUARY 2, 2013 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net earnings $ 27,491 $ 43,446 $ 20,619 $ (64,352 ) $ 27,204 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustment — — 475 — 475 Pension and other postretirement benefits adjustments (8,871 ) — (190 ) — (9,061 ) Derivative financial instruments 134 — (289 ) — (155 ) Other comprehensive loss from investment in subsidiaries (16 ) — — 16 — Other comprehensive loss, net of tax (8,753 ) — (4 ) 16 (8,741 ) Comprehensive income 18,738 43,446 20,615 (64,336 ) 18,463 Comprehensive loss attributable to noncontrolling interests — — (275 ) — (275 ) Comprehensive income attributable to Caleres, Inc. $ 18,738 $ 43,446 $ 20,890 $ (64,336 ) $ 18,738 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED FEBRUARY 2, 2013 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net cash provided by operating activities $ 54,388 $ 92,634 $ 50,915 $ — $ 197,937 Investing activities Purchases of property and equipment (10,132 ) (38,767 ) (6,902 ) — (55,801 ) Capitalized software (7,925 ) — (3 ) — (7,928 ) Acquisition cost — — (5,000 ) — (5,000 ) Intercompany investing (5,043 ) 3,814 1,229 — — Net cash used for investing activities (23,100 ) (34,953 ) (10,676 ) — (68,729 ) Financing activities Borrowings under revolving credit agreement 805,000 — — — 805,000 Repayments under revolving credit agreement (901,000 ) — — — (901,000 ) Intercompany financing 77,479 (58,459 ) (19,020 ) — — Dividend paid (12,011 ) — — — (12,011 ) Issuance of common stock under share-based plans, net (1,700 ) — — — (1,700 ) Tax benefit related to share-based plans 944 — — — 944 Net cash used for financing activities (31,288 ) (58,459 ) (19,020 ) — (108,767 ) Effect of exchange rate changes on cash and cash equivalents — — 100 — 100 (Decrease) increase in cash and cash equivalents — (778 ) 21,319 — 20,541 Cash and cash equivalents at beginning of year — 778 46,904 — 47,682 Cash and cash equivalents at end of year $ — $ — $ 68,223 $ — $ 68,223 |
Quarterly Financial Data (Notes
Quarterly Financial Data (Notes) | 12 Months Ended |
Jan. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (Unaudited) Quarterly financial results (unaudited) for 2014 and 2013 are as follows: Quarters First Quarter Second Quarter Third Quarter Fourth Quarter ($ thousands, except per share amounts) (13 weeks) (13 weeks) (13 weeks) (13 Weeks) 2014 Net sales $ 591,162 $ 635,877 $ 729,277 $ 615,393 Gross profit 242,341 259,642 290,730 247,387 Net earnings 15,476 18,039 33,237 16,191 Net earnings attributable to Caleres, Inc. 15,429 18,064 33,113 16,244 Per share of common stock: Basic earnings per common share attributable to Caleres, Inc. shareholders (1) 0.35 0.41 0.76 0.37 Diluted earnings per common share attributable to Caleres, Inc. shareholders (1) 0.35 0.41 0.75 0.37 Dividends paid 0.07 0.07 0.07 0.07 Market value: High 28.73 29.65 32.31 33.67 Low 22.30 23.14 25.30 26.39 (1) EPS for the quarters may not sum to the annual amount as each period is computed on a discrete period basis. Quarters First Quarter Second Quarter Third Quarter Fourth Quarter ($ thousands, except per share amounts) (13 weeks) (13 weeks) (13 weeks) (13 Weeks) 2013 Net sales $ 588,656 $ 621,706 $ 702,788 $ 599,962 Gross profit 240,016 254,626 278,240 241,407 Net (loss) earnings (10,832 ) 15,283 27,284 6,161 Net (loss) earnings attributable to Caleres, Inc. (10,762 ) 15,357 27,314 6,164 Per share of common stock: Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders (1) (0.26 ) 0.36 0.63 0.14 Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders (1) (0.26 ) 0.35 0.63 0.14 Dividends paid 0.07 0.07 0.07 0.07 Market value: High 18.48 24.78 24.25 28.70 Low 15.24 16.62 21.26 22.23 (1) EPS for the quarters may not sum to the annual amount as each period is computed on a discrete period basis. |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Jan. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization | Organization Brown Shoe Company, Inc., founded in 1878 and incorporated in 1913, is a global footwear retailer and wholesaler. The Company’s shares traded under the “BWS” symbol on the New York Stock Exchange. 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 Company provides a broad offering of licensed, branded and private-label casual, dress and athletic footwear products to women, men and children. Footwear is sold at a variety of price points through multiple distribution channels both domestically and internationally. The Company currently operates 1,209 retail shoe stores in the United States, Canada and Guam primarily under the Famous Footwear and Naturalizer names. In addition, through its Brand Portfolio segment, the Company designs, sources and markets footwear to retail stores domestically and internationally, including national chains, department stores, mass merchandisers, independent retailers and online retailers. In 2014, approximately 67% of the Company’s net sales were at retail, compared to 70% in 2013 and 71% in 2012. See Note 7 for additional information regarding the Company’s business segments. The Company’s business is seasonal in nature due to consumer spending patterns with higher back-to-school and Christmas season sales. Traditionally, the third fiscal quarter accounts for a substantial portion of the Company’s earnings for the year. |
Consolidation | Consolidation The 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. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests in the Company’s consolidated financial statements result from the accounting for noncontrolling interests in partially-owned consolidated subsidiaries or affiliates. Noncontrolling interests represent partially-owned subsidiaries’ or consolidated affiliates’ losses and components of other comprehensive income that are attributable to the noncontrolling parties’ equity interests. The Company consolidates B&H Footwear Company Limited (“B&H Footwear”), a joint venture, into its consolidated financial statements. Net earnings (loss) attributable to noncontrolling interests represent the share of net earnings or losses that are attributable to the equity that is owned by the Company’s partners. Transactions between the Company and B&H Footwear have been eliminated in the consolidated financial statements. |
Accounting Period | Accounting Period The Company’s fiscal year is the 52- or 53-week period ending the Saturday nearest to January 31. Fiscal years 2014 , 2013 and 2012 ended on January 31, 2015 , February 1, 2014 and February 2, 2013 , respectively. Fiscal years 2014 and 2013 each included 52 weeks, while fiscal year 2012 included 53 weeks. The impact of the 53 rd week in 2012 was an increase to our retail net sales of approximately $21.2 million . The net earnings impact of the 53 rd week was immaterial to 2012. |
Basis of Presentation | Basis of Presentation Certain prior period amounts on the consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications did not affect net earnings attributable to Caleres, Inc. The consolidated statement of cash flows includes the cash flows from operating, financing and investing activities of both continuing operations and discontinued operations. All other financial information is reported on a continuing operations basis, unless otherwise noted. Refer to Note 2 to the consolidated financial statements for discussion regarding discontinued operations. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. |
Receivables | Receivables The Company evaluates the collectibility of selected accounts receivable on a case-by-case basis and makes adjustments to the bad debt reserve for expected losses. The Company considers factors such as ability to pay, bankruptcy, credit ratings and payment history. For all other accounts, the Company estimates reserves for bad debts based on experience and past due status of the accounts. If circumstances related to customers change, estimates of recoverability would be further adjusted. The Company recognized a provision for doubtful accounts of $1.7 million in 2014, $0.6 million in 2013 and $1.3 million in 2012. Customer allowances represent reserves against our wholesale customers’ accounts receivable for margin assistance, product returns, customer deductions and co-op advertising allowances. We estimate the reserves needed for margin assistance by reviewing inventory levels on the retail floors, sell-through rates, historical dilution, current gross margin levels and other performance indicators of our major retail customers. Product returns and customer deductions are estimated using historical experience and anticipated future trends. Co-op advertising allowances are estimated based on customer agreements. The Company recognized a provision for customer allowances of $46.9 million in 2014, $45.1 million in 2013 and $44.8 million in 2012. Customer discounts represent reserves against our accounts receivable for discounts that our wholesale customers may take based on meeting certain order, payment, or return guidelines. We estimate the reserves needed for customer discounts based upon customer net sales and respective agreement terms. The Company recognized a provision for customer discounts of $3.5 million in 2014, $4.8 million in 2013 and $4.3 million in 2012. |
Inventories | Inventories All inventories are valued at the lower of cost or market with 95% of consolidated inventories using the last-in, first-out (“LIFO”) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. If the first-in, first-out (“FIFO”) method had been used, consolidated inventories would have been $3.7 million and $4.0 million higher at January 31, 2015 and February 1, 2014, respectively. Substantially all inventory is finished goods. The costs of inventory, inbound freight and duties, markdowns, shrinkage and royalty expense are classified in cost of goods sold. Costs of warehousing and distribution are classified in selling and administrative expenses and are expensed as incurred. Such warehousing and distribution costs totaled $71.1 million , $75.1 million and $72.0 million in 2014, 2013 and 2012, respectively. Costs of overseas sourcing offices and other inventory procurement costs are reflected in selling and administrative expenses and are expensed as incurred. Such sourcing and procurement costs totaled $20.8 million , $20.2 million and $21.9 million in 2014, 2013 and 2012, respectively. The Company applies judgment in valuing inventories by assessing the net realizable value of inventories based on current selling prices. At the Famous Footwear segment, markdowns are recognized when it becomes evident that inventory items will be sold at retail prices less than cost, plus the cost to sell the product. This policy causes the gross profit rate at Famous Footwear to be lower than the initial markup during periods when permanent price reductions are taken to clear product. At the Brand Portfolio segment, markdown reserves generally reduce the carrying values of inventories to a level where, upon sale of the product, the Company will realize its normal gross profit rate. The Company believes these policies reflect the difference in operating models between the Famous Footwear and Brand Portfolio segments. Famous Footwear periodically runs promotional events to drive sales to clear seasonal inventories. The Brand Portfolio segment relies on permanent price reductions to clear slower-moving inventory. Markdowns are recorded to reflect expected adjustments to sales prices. In determining markdowns, management considers current and recently recorded sales prices, the length of time the product is held in inventory and quantities of various product styles contained in inventory, among other factors. The ultimate amount realized from the sale of certain products could differ from management estimates. The Company performs physical inventory counts or cycle counts on all merchandise inventory on hand throughout the year and adjusts the recorded balance to reflect the results. The Company records estimated shrinkage between physical inventory counts based on historical results. |
Computer Software Costs | Computer Software Costs The Company capitalizes certain costs in other assets, including internal payroll costs incurred in connection with the development or acquisition of software for internal use. Other assets on the consolidated balance sheets include $37.9 million and $45.6 million of computer software costs as of January 31, 2015 and February 1, 2014, respectively, which are net of accumulated amortization of $90.1 million and $79.9 million as of the end of the respective periods. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Depreciation of property and equipment is provided over the estimated useful lives of the assets or the remaining lease terms, where applicable, using the straight-line method. |
Interest Expense | Interest Expense Interest expense includes interest for borrowings under both the Company’s short-term and long-term debt. Interest expense includes fees paid under the short-term revolving credit agreement for the unused portion of its line of credit. Interest expense also includes the amortization of deferred debt issuance costs and debt discount as well as the accretion of certain discounted noncurrent liabilities. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. The Company adopted the provisions of Accounting Standards Codification (“ASC”), Intangibles-Goodwill and Other (ASC Topic 350) Testing Goodwill for Impairment , which permits, but does not require, a company to qualitatively assess indicators of a reporting unit’s fair value when it is unlikely that a reporting unit is impaired. If, after completing the qualitative assessment, a company believes it is likely that a reporting unit is impaired, a discounted cash flow analysis is prepared to estimate fair value. If the recorded values of these assets are not recoverable, based on either the assessment screen or discounted cash flow analysis, management performs the next step, which compares the fair value of the reporting unit to the recorded value of the tangible and intangible assets of the reporting units. Goodwill is considered impaired if the fair value of the tangible and intangible assets exceeds the fair value of the reporting unit. The Company elected to bypass the optional qualitative assessment for the goodwill impairment test performed as of the first day of the fourth quarter of 2014 and therefore, reviewed goodwill for impairment utilizing a discounted cash flow analysis. A fair value-based test is applied at the reporting unit level, which is generally at or one level below the operating segment level. The test compares the fair value of the Company’s reporting units to the carrying value of those reporting units. This test requires significant assumptions, estimates and judgments by management, and is subject to inherent uncertainties and subjectivity. The fair value of goodwill is determined using an estimate of future cash flows of the reporting units and a risk-adjusted discount rate to compute a net present value of future cash flows. Projected net sales, gross profit, selling and administrative expense, capital expenditures, depreciation, amortization and working capital requirements are based on the Company's internal projections. Discount rates reflect market-based estimates of the risks associated with the projected cash flows of the reporting units directly resulting from the use of its assets in its operations. The Company also considered assumptions that market participants may use. Both the estimates of the fair value of the Company's reporting units and the allocation of the estimated fair value of the reporting units are based on the best information available to the Company's management as of the date of the assessment. As of January 31, 2015, the Company had two reporting units, Famous Footwear and Brand Portfolio, for goodwill impairment testing. Based on the results of the Company’s most recent goodwill impairment test, the fair value of the Brand Portfolio reporting unit exceeded its carrying value and therefore, no impairment was recognized. As of January 31, 2015, the goodwill allocated to the Brand Portfolio reporting unit was $14.0 million . The Company performs impairment tests as of the first day of the fourth quarter of each fiscal year unless events indicate an interim test is required. The indefinite-lived intangible asset impairment reviews performed as of the first day of the Company’s fourth fiscal quarter resulted in no impairment charges. Definite-lived intangible assets, other than goodwill, are amortized over their useful lives and are reviewed for impairment if and when impairment indicators are present. |
Payments to Acquire Investments | Investment in Nonconsolidated Affiliate The Company has an investment in a nonconsolidated affiliate that is accounted for using the cost method. The investment's carrying value of $7.0 million and zero as of January 31, 2015 and February 1, 2014, respectively, is included in other assets on the consolidated balance sheets. The Company monitors the investment for indicators that a decrease in investment value has occurred that is other than temporary. If the Company determined that a decline in the fair value of the investment below its carrying value is other than temporary, an impairment loss would be recognized. As of January 31, 2015, there have been no impairment losses recognized on this investment. |
Self Insurance Reserve | Self-Insurance Reserves The Company is self-insured and/or retains high deductibles for a significant portion of its workers’ compensation, health, disability, cyber risk, general liability, automobile and property programs, among others. Liabilities associated with the risks that are retained by the Company are estimated by considering historical claims experience, trends of the Company and the industry, and other actuarial assumptions. The estimated accruals for these liabilities could be affected if development of costs on claims differ from these assumptions and historical trends. Based on available information as of January 31, 2015, the Company believes it has provided adequate reserves for its self-insurance exposure. As of January 31, 2015 and February 1, 2014, self-insurance reserves were $9.3 million and $10.9 million , respectively. |
Revenue Recognition | Revenue Recognition Retail sales, recognized at the point of sale, are recorded net of returns and exclude sales tax. Wholesale sales and sales through the Company’s Internet sites are recorded, net of returns, allowances and discounts, generally when the merchandise has been shipped and title and risk of loss have passed to the customer. Retail items sold through the Company’s Internet sites are made pursuant to a sales agreement that provides for transfer of both title and risk of loss upon delivery to the carrier. Reserves for projected merchandise returns, discounts and allowances are determined based on historical experience and current expectations. Revenue is recognized on license fees related to Company-owned brand-names, where the Company is the licensor, when the related sales of the licensee are made. |
Gift Cards | Gift Cards The Company sells gift cards to its consumers in its retail stores and through its Internet sites. The Company’s gift cards do not have expiration dates or inactivity fees. The Company recognizes revenue from gift cards when (i) the gift card is redeemed by the consumer or (ii) the likelihood of the gift card being redeemed by the consumer is remote (“gift card breakage”) and the Company determines that it does not have a legal obligation to remit the value of unredeemed gift cards to the relevant jurisdictions. The Company determines its gift card breakage rate based upon historical redemption patterns. The Company recognizes gift card breakage during the 24-month period following the sale of the gift card, according to the Company’s historical redemption pattern. Gift card breakage income is included in net sales in the consolidated statements of earnings and the liability established upon the sale of a gift card is included in other accrued expenses within the consolidated balance sheets. The Company recognized $0.4 million of gift card breakage in 2014 and $0.5 million in both 2013 and 2012. |
Loyalty Program | Loyalty Program The Company maintains a loyalty program (“Rewards”) for Famous Footwear stores in which consumers earn points toward savings certificates for qualifying purchases. Upon reaching specified point values, consumers are issued a savings certificate, which they may redeem for purchases at Famous Footwear stores. In addition to the savings certificates, the Company also offers exclusive member mailings that offer additional incentives to purchase. Savings certificates earned must be redeemed within stated expiration dates. The value of points and rewards earned by Famous Footwear’s Rewards program members are recorded as a reduction of net sales and a liability is established within other accrued expenses at the time the points are earned based on historical conversion and redemption rates. Approximately 73% of net sales in the Company’s Famous Footwear segment were made to its Rewards members in 2014, compared to 70% in 2013 and 66% in 2012. As of January 31, 2015 and February 1, 2014, the Company had a Rewards program liability of $7.2 million and $7.5 million , respectively, which is included in other accrued expenses on the consolidated balance sheets. |
Store Closing and Impairment Charges [Policy Text Block] | Store Closing and Impairment Charges The costs of closing stores, including lease termination costs, property and equipment write-offs and severance, as applicable, are recorded when the store is closed or when a binding agreement is reached with the landlord to close the store. The Company regularly analyzes the results of all of its stores and assesses the viability of underperforming stores to determine whether events or circumstances exist that indicate the stores should be closed or whether the carrying amount of their long-lived assets may not be recoverable. After allowing for an appropriate start-up period, unusual nonrecurring events or favorable trends, property and equipment at stores indicated as impaired are written down to fair value using primarily a discounted cash flow method. The Company recorded asset impairment charges, primarily related to underperforming retail stores, of $2.0 million in 2014, $1.6 million in 2013 and $4.1 million in 2012. |
Advertising and Marketing Expense | Advertising and Marketing Expense Advertising and marketing costs are expensed as incurred, except for the costs of direct response advertising that relate primarily to the production and distribution of the Company's catalogs and coupon mailers. Direct response advertising costs are capitalized and amortized over the expected future revenue stream, which is generally one to three months from the date the materials are mailed. External production costs of advertising are expensed when the advertising first appears in the media or in the store. In addition, the Company participates in co-op advertising programs with certain of its wholesale customers. For those co-op advertising programs where the Company has validated the fair value of the advertising received, co-op advertising costs are reflected as advertising expense within selling and administrative expenses. Otherwise, co-op advertising costs are reflected as a reduction of net sales. Total advertising and marketing expense was $83.6 million , $82.2 million and $83.0 million in 2014, 2013 and 2012, respectively. In 2014, 2013 and 2012, these costs were offset by co-op advertising allowances recovered by the Company’s retail business of $6.2 million , $7.8 million and $7.1 million , respectively. Total co-op advertising costs reflected as a reduction of net sales were $10.0 million in 2014, $8.3 million in 2013 and $8.1 million in 2012. Total advertising costs attributable to future periods that are deferred and recognized as a component of prepaid expenses and other current assets were $2.6 million and $2.0 million at January 31, 2015 and February 1, 2014, respectively. |
Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the consolidated financial statement carrying amounts and the tax bases of its assets and liabilities. The Company establishes valuation allowances if it believes that it is more-likely-than-not that some or all of its deferred tax assets will not be realized. The Company does not recognize a tax benefit unless it concludes that it is more-likely-than-not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in its judgment, is greater than 50% likely to be realized. The Company records interest and penalties related to unrecognized tax positions within the income tax provision on the consolidated statements of earnings. |
Operating Leases | Operating Leases The Company leases its store premises and certain office locations, distribution centers and equipment under operating leases. Approximately one-half of the leases entered into by the Company include options that allows the Company to extend the lease term beyond the initial commitment period, subject to terms agreed to at lease inception. Some leases also include early termination options that can be exercised under specific conditions. Contingent Rentals Many of the leases covering retail stores require contingent rentals in addition to the minimum monthly rental charge based on retail sales volume. The Company records expense for contingent rentals during the period in which the retail sales volume exceeds the respective targets. Construction Allowances Received From Landlords At the time its retail facilities are initially leased, the Company often receives consideration from landlords to be applied against the cost of leasehold improvements necessary to open the store. The Company treats these construction allowances as a lease incentive. The allowances are recorded as a deferred rent obligation and amortized to income over the lease term as a reduction of rent expense. The allowances are reflected as a component of other accrued expenses and deferred rent on the consolidated balance sheets. Straight-Line Rents and Rent Holidays The Company records rent expense on a straight-line basis over the lease term for all of its leased facilities. For leases that have predetermined fixed escalations of the minimum rentals, the Company recognizes the related rental expense on a straight-line basis and records the difference between the recognized rental expense and amounts payable under the lease as deferred rent. At the time its retail facilities are leased, the Company is frequently not charged rent for a specified period of time, typically 30 to 60 days, while the store is being prepared for opening. This rent-free period is referred to as a rent holiday. The Company recognizes rent expense over the lease term, including any rent holiday, within selling and administrative expenses on the consolidated statements of earnings. Preopening Costs Preopening costs associated with opening retail stores, including payroll, supplies and facility costs, are expensed as incurred. |
Earnings Per Common Share Attributable to Caleres, Inc. Shareholders | Earnings Per Common Share Attributable to Caleres, Inc. Shareholders The Company uses the two-class method to calculate basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. Unvested restricted stock awards are considered participating units because they entitle holders to non-forfeitable rights to dividends or dividend equivalents during the vesting term. Under the two-class method, basic earnings per common share attributable to Caleres, Inc. shareholders is computed by dividing the net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities by the weighted-average number of common shares outstanding during the year. Diluted earnings per common share attributable to Caleres, Inc. shareholders is computed by dividing the net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities by the weighted-average number of common shares and potential dilutive securities outstanding during the year. Potential dilutive securities consist of outstanding stock options. See Note 3 to the consolidated financial statements for additional information related to the calculation of earnings per common share attributable to Caleres, Inc. shareholders. |
Comprehensive Income | Comprehensive Income Comprehensive income includes the effect of foreign currency translation adjustments, unrealized gains or losses from derivatives used for hedging activities and pension and other postretirement benefits adjustments. Foreign Currency Translation For certain of the Company’s international subsidiaries, the local currency is the functional currency. Assets and liabilities of these subsidiaries are translated into United States dollars at the period-end exchange rate or historical rates as appropriate. Consolidated statements of earnings amounts are translated at average exchange rates for the period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive income in total Caleres, Inc. shareholders’ equity. Transaction gains and losses are included in the consolidated statements of earnings. Pension and Other Postretirement Benefits Adjustments The Company determines the expense and obligations for retirement and other benefit plans using assumptions related to discount rates, expected long-term rates of return on invested plan assets, expected salary increases and certain employee-related factors. The unrecognized portion of the gain or loss on plan assets is included in the consolidated balance sheets as a component of accumulated other comprehensive income in total Caleres, Inc. shareholders’ equity. The gain or loss is recognized into the plans’ expense over time. See additional information related to pension and other postretirement benefits in Note 5 and Note 14 to the consolidated financial statements. Derivative Financial Instruments The Company recognizes all derivative financial instruments as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. The Company evaluates its exposure to volatility in foreign currency rates and may enter into derivative transactions as it deems necessary. These derivative financial instruments are viewed as risk management tools and are not used for trading or speculative purposes. See additional information related to derivative financial instruments in Note 12, Note 13 and Note 14 to the consolidated financial statements. |
Business Combination Accounting | Business Combination Accounting The Company allocates the purchase price of an acquired entity to the assets and liabilities acquired based upon their estimated fair values at the business combination date. The Company also identifies and estimates the fair values of intangible assets that should be recognized as assets apart from goodwill. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The Company has historically relied in part upon the use of reports from third-party valuation specialists to assist in the estimation of fair values for intangible assets other than goodwill. The carrying values of acquired receivables and trade accounts payable have historically approximated their fair values at the business combination date. With respect to other acquired assets and liabilities, the Company uses all available information to make the best estimates of their fair values at the business combination date. The Company’s purchase price allocation methodology contains uncertainties because it requires management to make assumptions and to apply judgment to estimate the fair value of acquired assets and liabilities. Management estimates the fair value of assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows. Unanticipated events or circumstances may occur which could affect the accuracy of the Company’s estimates, including assumptions regarding industry economic factors and business strategies. |
Share-based Compensation | Share-based Compensation The Company has share-based incentive compensation plans under which certain officers, employees, and members of the Board of Directors are participants and may be granted stock option, restricted stock, and stock performance awards. Additionally, share-based grants may be made to non-employee members of the Board of Directors in the form of cash-equivalent restricted stock units (“RSUs”) at no cost to the non-employee member of the Board of Directors. The Company accounts for share-based compensation in accordance with the fair value recognition provisions of ASC 718, Compensation – Stock Compensation , and ASC 505, Equity , which require all share-based payments to employees and members of the Board of Directors, including grants of employee stock options, to be recognized as expense in the consolidated financial statements based on their fair values. The fair value of stock options is calculated using the Black-Scholes option pricing formula that requires estimates for expected volatility, expected dividends, the risk-free interest rate, and the expected term of the option. Stock options generally vest over four years, with 25% vesting annually, and expense is recognized on a straight-line basis separately for each vesting portion of the stock option award. Expense for restricted stock is based on the fair value of the restricted stock on the date of grant and is recognized on a straight-line basis generally over a four-year vesting period. Expense for stock performance awards is recognized based upon the fair value of the awards on the date of grant and the anticipated number of shares or units to be awarded on a straight-line basis over the respective term of the award, or individual vesting portion of an award. Expense for the initial grant of RSUs is recognized ratably over the one-year vesting period based upon the fair value of the RSUs, as remeasured at the end of each period. If any of the assumptions used in the Black-Scholes model or the anticipated number of shares to be awarded change significantly, share-based compensation expense may differ materially in the future from that recorded in the current period. See additional information related to share-based compensation in Note 15 to the consolidated financial statements. |
Impact of New Accounting Pronouncements | Impact of New Accounting Pronouncements In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The ASU amends the definition of a discontinued operation by raising the threshold for disposals to qualify as discontinued operations and requires new disclosures for disposals of individually significant components that do not meet the new definition of a discontinued operation. Under the new standard, discontinued operations treatment is required for disposals of a component or group of components that represent a strategic shift that has or will have a major impact on an entity’s operations or financial results. The standard is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. As the Company adopted this ASU during the third quarter of 2014, the sale of Shoes.com is not considered a discontinued operation as the disposal did not represent a strategic shift that will have a major impact on the Company's operations or financial results. Refer to Note 2 to the consolidated financial statements for further discussion. |
Impact of Prospective Accounting Pronouncements | Impact of Prospective Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . The ASU supersedes the revenue recognition requirements in 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 consolidated financial statements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Assets And Liabilities Reported As Discontinued Operations | Assets and liabilities of discontinued operations at February 1, 2014 were as follows: ($ thousands) February 1, 2014 Assets of Discontinued Operations Current assets Inventories, net $ 111 Prepaid expenses and other current assets 8 Current assets - discontinued operations 119 Total assets - discontinued operations $ 119 Liabilities of Discontinued Operations Current liabilities Trade accounts payable $ 139 Other accrued expenses 569 Current liabilities - discontinued operations 708 Total liabilities - discontinued operations $ 708 |
Schedule Of Earnings (Loss) From Discontinued Operations | Loss from discontinued operations for 2013 and 2012 was as follows: ($ thousands) 2013 2012 Net sales $ 26,318 $ 120,269 Cost of goods sold 19,927 98,485 Gross profit 6,391 21,784 Selling and administrative expenses 6,103 27,291 Restructuring and other special charges, net 10,768 1,587 Operating loss (10,480 ) (7,094 ) Interest expense 16 409 Loss before income taxes from discontinued operations (10,496 ) (7,503 ) Income tax benefit 5,922 3,066 Loss from discontinued operations, net of tax $ (4,574 ) $ (4,437 ) |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
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: (in thousands, except per share amounts) 2014 2013 2012 NUMERATOR Net earnings from continuing operations $ 82,943 $ 53,982 $ 35,171 Net (earnings) loss attributable to noncontrolling interests (93) 177 287 Net earnings allocated to participating securities (3,068) (2,304) (1,757) Net earnings from continuing operations 79,782 51,855 33,701 Net loss from discontinued operations — (16,086) (7,967) Net loss allocated to participating securities — 687 392 Net loss from discontinued operations — (15,399) (7,575) Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 79,782 $ 36,456 $ 26,126 DENOMINATOR Denominator for basic continuing and discontinued earnings per common share attributable to Caleres, Inc. shareholders 42,071 41,356 40,659 Dilutive effect of share-based awards for continuing operations and discontinued operations 203 297 135 Denominator for diluted continuing and discontinued earnings per common share attributable to Caleres, Inc. shareholders 42,274 41,653 40,794 Basic earnings (loss) per common share: From continuing operations $ 1.90 $ 1.25 $ 0.83 From discontinued operations — (0.37) (0.19) Basic earnings per common share attributable to Caleres, Inc. shareholders $ 1.90 $ 0.88 $ 0.64 Diluted earnings (loss) per common share: From continuing operations $ 1.89 $ 1.25 $ 0.83 From discontinued operations — (0.37) (0.19) Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 1.89 $ 0.88 $ 0.64 |
Restructuring And Other Initi32
Restructuring And Other Initiatives (Tables) | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Restructuring Charges [Abstract] | ||
Portfolio Realignment Expense For Continuing And Discontinued Operations | The following is a summary of the Company’s portfolio realignment expense for our continuing and discontinued operations for 2013 and 2012: 2013 2012 ($ millions, except per share data) Pre-tax Expense After-tax Expense Loss Per Diluted Share Pre-tax Expense After-tax Expense Loss Per Diluted Share Continuing Operations Business exits and cost reductions $ 1.2 $ 0.8 $ 0.02 $ 21.9 $ 14.3 $ 0.33 Non-cash impairments/dispositions 4.7 4.7 0.11 — — — Total Continuing Operations 5.9 5.5 0.13 21.9 14.3 0.33 Discontinued Operations Business exits and cost reductions 13.3 6.4 0.13 2.2 1.5 0.04 Non-cash impairments/dispositions 11.5 11.5 0.27 5.8 3.5 0.08 Total Discontinued Operations 24.8 17.9 0.40 8.0 5.0 0.12 Total $ 30.7 $ 23.4 $ 0.53 $ 29.9 $ 19.3 $ 0.45 | |
Summary Of The Charges And Settlements By Category Of Costs | The following is a summary of the charges and settlements by category of costs: Total by Classification ($ millions) Employee Markdowns and Royalty Shortfalls Facility Other Total Continuing Operations Discontinued Operations Reserve balance at January 28, 2012 $ 5.8 $ 1.6 $ 1.3 $ 1.3 $ 10.0 $ 10.0 $ — Additional charges in 2012 6.0 3.1 11.4 9.4 29.9 21.9 8.0 Amounts settled in 2012 (10.1 ) (4.5 ) (9.4 ) (10.4 ) (34.4 ) (26.6 ) (7.8 ) Reserve balance at February 2, 2013 $ 1.7 $ 0.2 $ 3.3 $ 0.3 $ 5.5 $ 5.3 $ 0.2 Additional charges in 2013 2.6 2.7 0.1 25.3 30.7 5.9 24.8 Amounts settled in 2013 (3.3 ) (2.9 ) (2.0 ) (25.6 ) (33.8 ) (9.7 ) (24.1 ) Reserve balance at February 1, 2014 $ 1.0 $ — $ 1.4 $ — $ 2.4 $ 1.5 $ 0.9 Amounts settled in 2014 (0.9 ) — (0.4 ) — (1.3 ) (0.4 ) (0.9 ) Reserve balance at January 31, 2015 $ 0.1 $ — $ 1.0 $ — $ 1.1 $ 1.1 $ — |
Retirement And Other Benefit 33
Retirement And Other Benefit Plans (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Projected Benefit Obligations | The following table sets forth changes in benefit obligations, including all domestic and Canadian plans: Pension Benefits Other Postretirement Benefits ($ thousands) 2014 2013 2014 2013 Benefit obligation at beginning of year $ 279,964 $ 290,534 $ 1,119 $ 3,207 Service cost 9,650 10,638 — — Interest cost 14,230 13,241 49 55 Plan participants’ contribution 12 12 4 19 Plan amendments (11,671 ) 99 — — Actuarial loss (gain) 83,105 (23,442 ) 483 (2,055 ) Benefits paid (11,814 ) (11,107 ) (143 ) (107 ) Foreign exchange rate changes (1,136 ) (11 ) — — Benefit obligation at end of year $ 362,340 $ 279,964 $ 1,512 $ 1,119 |
Schedule of Assumptions Used | Pension Benefits Other Postretirement Benefits Weighted–average assumptions used to determine benefit obligations, end of year 2014 2013 2014 2013 Discount rate 3.90 % 5.00 % 3.90 % 5.00 % Rate of compensation increase 3.00 % 3.00 % N/A N/A Weighted-average assumptions used to determine net periodic benefit (income) cost: Pension Benefits Other Postretirement Benefits 2014 2013 2012 2014 2013 2012 Discount rate 5.00 % 4.50 % 4.75 % 5.00 % 4.50 % 4.75 % Rate of compensation increase 3.00 % 3.50 % 3.50 % N/A N/A N/A Expected return on plan assets 8.25 % 8.25 % 8.25 % N/A N/A N/A |
Schedule of Allocation of Plan Assets | The fair values of the Company’s pension plan assets at January 31, 2015 by asset category are as follows: Fair Value Measurements at January 31, 2015 ($ thousands) Total Level 1 Level 2 Level 3 Asset Cash and cash equivalents $ 95,560 $ 95,560 $ — $ — U.S. government securities 84,141 84,141 — — Mutual fund 29,240 29,240 — — Corporate stocks – common 184,486 184,486 — — S&P 500 Index options 11,731 11,731 — — Preferred securities 286 286 — — Interest rate swap agreements 7,268 — 7,268 — Alternative investment fund 10,733 — 10,733 — Unallocated insurance contract 89 — — 89 Total $ 423,534 $ 405,444 $ 18,001 $ 89 The fair values of the Company’s pension plan assets at February 1, 2014 by asset category are as follows: Fair Value Measurements at February 1, 2014 ($ thousands) Total Level 1 Level 2 Level 3 Asset Cash and cash equivalents $ 14,038 $ 14,038 $ — $ — U.S. government securities 73,813 73,813 — — Mutual fund 27,376 27,376 — — Real estate investment trusts 105 105 — — Corporate debt instruments 29,783 — 29,783 — Corporate stocks – common 212,211 212,211 — — S&P 500 Index options (1,343 ) (1,343 ) — — Interest rate swap agreements (131 ) — (131 ) — Unallocated insurance contract 82 — — 82 Other 386 — — 386 Total $ 356,320 $ 326,200 $ 29,652 $ 468 |
Schedule of Changes in Fair Value of Plan Assets | The following table sets forth changes in the fair value of plan assets, including all domestic and Canadian plans: Pension Benefits Other Postretirement Benefits ($ thousands) 2014 2013 2014 2013 Fair value of plan assets at beginning of year $ 356,320 $ 336,445 $ — $ — Actual return on plan assets 79,986 30,628 — — Employer contributions 206 331 139 88 Plan participants’ contributions 12 12 4 19 Benefits paid (11,814 ) (11,107 ) (143 ) (107 ) Foreign exchange rate changes (1,176 ) 11 — — Fair value of plan assets at end of year $ 423,534 $ 356,320 $ — $ — |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets consist of: Pension Benefits Other Postretirement Benefits ($ thousands) 2014 2013 2014 2013 Prepaid pension costs (noncurrent assets) $ 73,324 $ 85,561 $ — $ — Accrued benefit liabilities (current liability) (2,675 ) (1,002 ) (142 ) (105 ) Accrued benefit liabilities (noncurrent liability) (9,455 ) (8,203 ) (1,370 ) (1,014 ) Net amount recognized at end of year $ 61,194 $ 76,356 $ (1,512 ) $ (1,119 ) |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The projected benefit obligation, the accumulated benefit obligation and the fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets and for pension plans with an accumulated benefit obligation in excess of plan assets, which includes only the Company’s SERP, were as follows: Projected Benefit Obligation Exceeds the Fair Value of Plan Assets Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets ($ thousands) 2014 2013 2014 2013 End of Year Projected benefit obligation $ 12,130 $ 9,205 $ 12,130 $ 9,205 Accumulated benefit obligation 10,770 7,180 10,770 7,180 Fair value of plan assets — — — — |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The amounts in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit (income) cost at January 31, 2015 and February 1, 2014, and the expected amortization of the January 31, 2015 amounts as components of net periodic benefit (income) cost for the year ended January 31, 2015, are as follows: Pension Benefits Other Postretirement Benefits ($ thousands) 2014 2013 2014 2013 Components of accumulated other comprehensive income, net of tax: Net actuarial loss (gain) $ 4,872 $ (12,065 ) $ (1,068 ) $ (1,628 ) Net prior service (credit) cost (7,037 ) 111 — — $ (2,165 ) $ (11,954 ) $ (1,068 ) $ (1,628 ) Pension Benefits Other Postretirement Benefits ($ thousands) 2015 2015 Expected amortization, net of tax: Amortization of net actuarial loss (gain) $ 140 $ (190 ) Amortization of net prior service cost 16 — $ 156 $ (190 ) |
Schedule Of Components Of Net Periodic Benefit (Income) Cost | Net periodic benefit (income) cost for 2014, 2013 and 2012 for all domestic and Canadian plans included the following components: Pension Benefits Other Postretirement Benefits ($ thousands) 2014 2013 2012 2014 2013 2012 Service cost $ 9,650 $ 10,638 $ 11,523 $ — $ — $ — Interest cost 14,230 13,241 12,727 49 55 148 Expected return on assets (24,757 ) (24,773 ) (25,073 ) — — — Amortization of: Actuarial loss (gain) 201 954 204 (432 ) (351 ) (82 ) Prior service cost 27 13 13 — — — Net transition asset — — (43 ) — — — Total net periodic benefit (income) cost $ (649 ) $ 73 $ (649 ) $ (383 ) $ (296 ) $ 66 |
Schedule of Expected Benefit Payments | Information about expected cash flows for all pension and postretirement benefit plans follows: Pension Benefits ($ thousands) Funded Plan SERP Total Other Postretirement Benefits Employer Contributions 2015 expected contributions to plan trusts $ 79 $ — $ 79 $ — 2015 expected contributions to plan participants — 2,675 2,675 142 Expected Benefit Payments 2015 $ 11,109 $ 2,675 $ 13,784 $ 142 2016 11,807 408 12,215 134 2017 12,457 3,628 16,085 127 2018 13,201 542 13,743 120 2019 13,886 917 14,803 113 2020 – 2024 77,058 5,313 82,371 462 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule Of The Components Of Income Tax Provision On Earnings From Continuing Operations | The components of income tax provision (benefit) on earnings from continuing operations were as follows: ($ thousands) 2014 2013 2012 Federal Current $ 27,311 $ 14,621 $ 2,803 Deferred (9,502 ) 260 5,803 17,809 14,881 8,606 State Current 5,501 5,770 1,560 Deferred (642 ) (1,210 ) 1,899 4,859 4,560 3,459 Foreign 4,516 4,317 4,591 Total income tax provision $ 27,184 $ 23,758 $ 16,656 |
Schedule Of The Differences Between The Tax Provision Reflected In The Consolidated Financial Statements And The Amounts Calculated At The Federal Statutory Income Tax Rate Of 35% | The differences between the income tax provision reflected in the consolidated financial statements and the amounts calculated at the federal statutory income tax rate of 35% were as follows: ($ thousands) 2014 2013 2012 Income taxes at statutory rate $ 38,544 $ 27,208 $ 18,139 State income taxes, net of federal tax benefit 3,159 2,964 2,248 Foreign earnings taxed at lower rates (8,882 ) (8,090 ) (5,206 ) Non-deductibility of impairment of assets held for sale — 1,631 — Tax on international subsidiary dividend 1,040 — — Disposal of Shoes.com (7,428 ) — — Other 751 45 1,475 Total income tax provision $ 27,184 $ 23,758 $ 16,656 |
Schedule Of Significant Components Of The Company’s Deferred Income Tax Assets And Liabilities | Significant components of the Company’s deferred income tax assets and liabilities were as follows: ($ thousands) January 31, 2015 February 1, 2014 Deferred Tax Assets Employee benefits, compensation and insurance $ 26,430 $ 15,264 Accrued expenses 16,539 17,235 Postretirement and postemployment benefit plans 862 746 Deferred rent 6,285 6,255 Accounts receivable reserves 7,563 7,052 Net operating loss (“NOL”) carryforward/carryback 9,483 14,917 Capital loss carryforward 5,188 5,145 Foreign tax credit carryforward 1,098 4,236 Other tax credit carryforward — 3,591 Inventory capitalization and inventory reserves 1,683 5,317 Intangible assets 4,865 6,924 Depreciation 3,957 — Other 1,907 4,923 Total deferred tax assets, before valuation allowance 85,860 91,605 Valuation allowance (11,514 ) (13,949 ) Total deferred tax assets, net of valuation allowance 74,346 77,656 Deferred Tax Liabilities Retirement plans (23,822 ) (29,608 ) LIFO inventory valuation (56,525 ) (51,460 ) Capitalized software (12,721 ) (15,729 ) Other (1,118 ) (1,966 ) Depreciation — (2,212 ) Total deferred tax liabilities (94,186 ) (100,975 ) Net deferred tax liability $ (19,840 ) $ (23,319 ) |
Summary Of A Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ($ thousands) Balance at January 28, 2012 $ 209 Additions for tax positions of prior years 1,015 Reductions for tax positions of prior years due to a lapse in the statute of limitations (75 ) Balance at February 2, 2013 $ 1,149 Reductions for tax positions of prior years due to a lapse in the statute of limitations (134 ) Balance at February 1, 2014 $ 1,015 Reductions for tax positions of prior years due to a lapse in the statute of limitations — Balance at January 31, 2015 $ 1,015 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Business Segment Information | ($ thousands) Famous Footwear Brand Portfolio Other Total Fiscal 2014 External sales $ 1,589,258 $ 982,451 $ — $ 2,571,709 Intersegment sales — 114,408 — 114,408 Depreciation and amortization 26,581 8,974 16,060 51,615 Amortization of debt issuance costs and debt discount — — 2,400 2,400 Operating earnings (loss) 104,581 73,403 (52,050 ) 125,934 Segment assets 458,847 518,099 239,866 1,216,812 Purchases of property and equipment 33,001 6,105 5,846 44,952 Capitalized software 198 58 4,830 5,086 Fiscal 2013 External sales $ 1,588,552 $ 924,561 $ — $ 2,513,113 Intersegment sales — 132,596 — 132,596 Depreciation and amortization 25,917 13,440 15,972 55,329 Amortization of debt issuance costs and debt discount — — 2,513 2,513 Operating earnings (loss) 105,382 39,909 (46,674 ) 98,617 Segment assets 448,549 514,902 185,952 1,149,403 Purchases of property and equipment 32,728 6,026 5,214 43,968 Capitalized software 193 122 4,920 5,235 Fiscal 2012 External sales $ 1,583,242 $ 894,554 $ — $ 2,477,796 Intersegment sales — 141,634 — 141,634 Depreciation and amortization 22,827 16,671 15,285 54,783 Amortization of debt issuance costs and debt discount — — 2,561 2,561 Operating earnings (loss) 94,234 21,259 (41,015 ) 74,478 Segment assets 488,464 552,428 133,081 1,173,973 Purchases of property and equipment 34,931 15,685 5,185 55,801 Capitalized software — 3 7,925 7,928 |
Schedule Of Reconciliation Of Operating Earnings Before Income Taxes From Continuing Operations | Following is a reconciliation of operating earnings to earnings before income taxes from continuing operations: ($ thousands) 2014 2013 2012 Operating earnings $ 125,934 $ 98,617 $ 74,478 Interest expense (20,445 ) (21,254 ) (22,973 ) Loss on early extinguishment of debt (420 ) — — Interest income 379 377 322 Gain on sale of subsidiary 4,679 — — Earnings before income taxes from continuing operations $ 110,127 $ 77,740 $ 51,827 |
Summary Of Net Sales And Long-lived Assets By Geographical Area [Table Text Block] | A summary of the Company’s net sales and long-lived assets by geographic area were as follows: ($ thousands) 2014 2013 2012 Net Sales United States $ 2,318,530 $ 2,258,605 $ 2,251,094 Far East 194,296 193,725 158,261 Canada 58,883 60,783 68,441 Total net sales $ 2,571,709 $ 2,513,113 $ 2,477,796 Long-Lived Assets United States $ 414,559 $ 347,005 $ 381,459 Far East 2,336 2,454 9,478 Canada 8,773 7,159 7,824 Latin America, Europe and other 248 236 70 Total long-lived assets $ 425,916 $ 356,854 $ 398,831 |
Property & Equipment (Tables)
Property & Equipment (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consisted of the following: ($ thousands) January 31, 2015 February 1, 2014 Land and buildings $ 40,078 $ 37,206 Leasehold improvements 183,466 183,266 Technology equipment 53,406 51,074 Machinery and equipment 35,988 36,029 Furniture and fixtures 117,254 116,501 Construction in progress 8,504 4,464 Property and equipment 438,696 428,540 Allowances for depreciation (288,953 ) (284,980 ) Property and equipment, net $ 149,743 $ 143,560 Useful lives of property and equipment are as follows: Buildings 5-30 years Leasehold improvements 5-20 years Technology equipment 2-10 years Machinery and equipment 8-20 years Furniture and fixtures 3-10 years |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Goodwill And Intangible Assets | Goodwill and intangible assets were as follows: ($ thousands) January 31, 2015 February 1, 2014 Intangible Assets Famous Footwear $ 2,800 $ 3,000 Brand Portfolio 183,068 118,003 Total intangible assets 185,868 121,003 Accumulated amortization (65,235 ) (61,284 ) Total intangible assets, net 120,633 59,719 Goodwill Brand Portfolio 13,954 13,954 Total goodwill 13,954 13,954 Goodwill and intangible assets, net $ 134,587 $ 73,673 |
Long-Term And Short-Term Fina38
Long-Term And Short-Term Financing Arrangements (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Redemption Price Percentage | The Company may redeem all or a part of the 2019 Senior Notes at the redemption prices (expressed as a percentage of principal) set forth below plus accrued and unpaid interest, if redeemed during the 12-month period beginning on May 15 of the years indicated below: Year Percentage 2015 103.563 % 2016 101.781 % 2017 and thereafter 100.000 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Leases [Abstract] | |
Rent Expense For Operating Leases | The following is a summary of rent expense for operating leases: ($ thousands) 2014 2013 2012 Minimum rent $ 143,050 $ 143,958 $ 145,788 Contingent rent 971 942 567 Sublease income (1,197 ) (1,170 ) (1,145 ) Total $ 142,824 $ 143,730 $ 145,210 |
Future Minimum Payments Under Noncancelable Operating Leases | Future minimum payments under noncancelable operating leases with an initial term of one year or more were as follows at January 31, 2015: ($ thousands) 2015 $ 153,334 2016 127,184 2017 97,447 2018 74,236 2019 53,686 Thereafter 169,981 Total minimum operating lease payments $ 675,868 |
Risk Management And Derivativ40
Risk Management And Derivatives (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule Of Contract Notional Amount Of All Purchase And Sale Contracts Of A Foreign Currency | (U.S. $ equivalent in thousands) January 31, 2015 February 1, 2014 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ 19,633 $ 20,197 Chinese yuan 14,512 15,278 Euro 16,152 11,270 Japanese yen 1,523 1,586 New Taiwanese dollars 599 553 Other currencies 970 792 Total financial instruments $ 53,389 $ 49,676 |
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 consolidated balance sheet as of January 31, 2015 and February 1, 2014 are as follows: Asset Derivatives Liability Derivatives ($ in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange forwards contracts: January 31, 2015 Prepaid expenses and other current assets $ 1,863 Other accrued expenses $ 1,784 February 1, 2014 Prepaid expenses and other current assets $ 1,056 Other accrued expenses $ 222 During 2014 and 2013, the effect of derivative instruments in cash flow hedging relationships on the consolidated statement of earnings was as follows: 2014 2013 Foreign exchange forward contracts: Gain (Loss) Gain (Loss) Reclassified Gain Gain Reclassified Net sales $ 166 $ 93 $ 321 $ 244 Cost of goods sold (693 ) 113 762 71 Selling and administrative expenses (271 ) (64 ) 675 355 Interest expense 18 — 20 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
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 January 31, 2015 and February 1, 2014. The Company did not have any transfers between Level 1 and Level 2 during 2014 or 2013. Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) 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 As of February 1, 2014: Cash equivalents – money market funds $ 41,236 $ 41,236 $ — $ — Non-qualified deferred compensation plan assets 2,191 2,191 — — Non-qualified deferred compensation plan liabilities (2,191 ) (2,191 ) — — Deferred compensation plan liabilities for non-employee directors (1,668 ) (1,668 ) — — Restricted stock units for non-employee directors (7,769 ) (7,769 ) — — Performance share units (2,300 ) (2,300 ) — — Derivative financial instruments, net 834 — 834 — |
Schedule Of Fair Value Of Financial Instruments | The carrying amounts and fair values of the Company’s other financial instruments subject to fair value disclosures are as follows: January 31, 2015 February 1, 2014 Carrying Value Fair Value Carrying Value Fair Value ($ thousands) Long-term debt - Senior Notes $ 199,197 $ 208,000 $ 199,010 $ 210,500 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) | The following table sets forth the changes in accumulated other comprehensive income, net of tax, by component for 2014, 2013 and 2012: ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions Derivative Transactions Accumulated Other Comprehensive Income (Loss) Balance at January 28, 2012 $ 6,449 $ 3,114 $ 74 $ 9,637 Other comprehensive income (loss) before reclassifications 463 (9,122 ) (402 ) (9,061 ) Amounts reclassified from accumulated other comprehensive income — 61 247 308 Other comprehensive income (loss) 463 (9,061 ) (155 ) (8,753 ) Balance at February 2, 2013 $ 6,912 $ (5,947 ) $ (81 ) $ 884 Other comprehensive (loss) income before reclassifications (4,556 ) 19,136 1,260 15,840 Amounts reclassified from accumulated other comprehensive income — 393 (441 ) (48 ) Other comprehensive (loss) income (4,556 ) 19,529 819 15,792 Balance at February 1, 2014 $ 2,356 $ 13,582 $ 738 $ 16,676 Other comprehensive loss before reclassifications (3,101 ) (10,235 ) (411 ) (13,747 ) Amounts reclassified from accumulated other comprehensive income — (114 ) (103 ) (217 ) Other comprehensive loss (3,101 ) (10,349 ) (514 ) (13,964 ) Balance at January 31, 2015 $ (745 ) $ 3,233 $ 224 $ 2,712 |
Schedule Of Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) | The following table sets forth the reclassifications out of accumulated other comprehensive income and the related tax effect by component for 2014 and 2013 : Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Earnings ($ thousands) 2014 2013 Net gains from derivative financial instruments (1) (142 ) (670 ) Costs of goods sold and selling and administrative expenses Tax provision 39 229 Income tax provision Net gains from derivative financial instruments, net of tax (103 ) (441 ) Pension and other postretirement benefits actuarial (gain) loss (2) (231 ) 604 Selling and administrative expenses Pension benefits prior service expense (2) 27 13 Selling and administrative expenses Pension and other postretirement benefits adjustments (204 ) 617 Tax provision (benefit) 90 (224 ) Income tax provision Pension and other postretirement benefits adjustments, net of tax (114 ) 393 Amounts reclassified from accumulated other comprehensive income (217 ) (48 ) (1) See Note 12 and Note 13 to the consolidated financial statements for additional information related to derivative financial instruments. (2) See Note 5 to the consolidated financial statements for additional information related to pension and other postretirement benefits. |
Share-Based Compensation Summar
Share-Based Compensation Summarized Restricted Stock Activity (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table summarizes restricted stock unit activity for the year ended January 31, 2015: Outstanding Accrued (1) Nonvested RSUs Number of Number of Total Number Total Number Weighted-Average February 1, 2014 291,855 54,450 346,305 328,155 $21.30 Granted (2) 2,826 39,123 41,949 29,049 28.71 Vested 54,873 (54,873 ) — 18,150 21.35 Settled (57,260 ) — (57,260 ) (57,260 ) 26.23 January 31, 2015 292,294 38,700 330,994 318,094 $28.72 (1) Accrued RSUs include all fully vested awards and a pro-rata portion of nonvested awards based on the elapsed portion of the vesting period. (2) Granted RSUs include 3,249 RSUs resulting from dividend equivalents paid on outstanding RSUs, of which 2,826 related to outstanding vested RSUs and 423 to outstanding nonvested RSUs. |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity for 2014 under the current and prior plans: Number of Weighted-Average Outstanding at February 1, 2014 751,638 $16.88 Granted — — Exercised (316,835 ) 15.21 Forfeited (18,000 ) 24.36 Canceled or expired — — Outstanding at January 31, 2015 416,803 $17.75 Exercisable at January 31, 2015 380,178 $18.83 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fair values of options granted in 2013 and 2012 were estimated using the Black-Scholes option-pricing model based on the following assumptions: 2013 2012 Dividend yield 1.7 % 3.1 % Expected volatility 67.7 % 66.5 % Risk-free interest rate 1.3 % 1.4 % Expected term (in years) 7 7 |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following table summarizes performance share activity for the year ended January 31, 2015: Number of Number of Weighted-Average Nonvested at February 1, 2014 164,525 329,050 $12.69 Granted 88,185 176,370 28.18 Vested (84,275 ) (168,550 ) 9.27 Expired — — — Forfeited (19,900 ) (39,800 ) 15.96 Nonvested at January 31, 2015 148,535 297,070 $23.39 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Summarized information about stock options outstanding and exercisable at January 31, 2015 is as follows: Outstanding Exercisable Exercise Price Range Number of Weighted- Weighted- Number of Weighted- $3.33 - $11.54 82,725 5 $6.23 50,350 $6.71 $11.55 - $14.45 66,000 5 13.95 66,000 13.95 $14.46 - $15.35 101,110 1 15.00 96,860 14.99 $15.36 - $22.44 91,221 1 20.94 91,221 20.94 $22.45 - $35.25 75,747 2 33.50 75,747 33.50 416,803 3 $17.75 380,178 $18.83 |
Information About Restricted Stock Units Granted Vested And Settled [Table Text Block] | Information about RSUs granted, vested and settled during 2014, 2013 and 2012 is as follows: ($ thousands, except per unit amounts) 2014 2013 2012 Weighted-average grant date fair value of RSUs granted (1) $ 28.69 $ 21.33 $ 12.04 Fair value of RSUs vested 1,558 1,600 1,156 RSUs settled 57,260 9,905 6,432 (1) Includes dividend equivalents granted on outstanding RSUs, which vest immediately. |
Restricted Stock Units Compensation Expense [Table Text Block] | The following table details the RSU compensation expense and the total related income tax benefit for 2014, 2013 and 2012: ($ thousands) 2014 2013 2012 Compensation expense $ 2,707 $ 3,258 $ 2,769 Income tax benefit (1,053 ) (1,267 ) (1,077 ) Compensation expense, net of income tax benefit $ 1,654 $ 1,991 $ 1,692 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The following table details the share-based compensation expense by plan and the total related income tax benefit for 2014, 2013 and 2012: ($ thousands) 2014 2013 2012 (Income) expense for share-based compensation plans, net of forfeitures: Stock options $ (46 ) $ 248 $ 215 Stock performance awards — — 328 Restricted stock grants 6,236 5,319 5,946 Total share-based compensation expense 6,190 5,567 6,489 Less: Income tax benefit 2,397 2,136 2,507 Total share-based compensation expense, net of income tax benefit $ 3,793 $ 3,431 $ 3,982 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table summarizes nonvested stock option activity for 2014 under the current and prior plans: Number of Weighted-Average Nonvested at February 1, 2014 87,750 $ 5.08 Granted — — Vested (46,875 ) 6.42 Forfeited (4,250 ) 7.60 Nonvested at January 31, 2015 36,625 $ 3.28 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes restricted stock activity for the year ended January 31, 2015: Number of Nonvested Weighted-Average Nonvested at February 1, 2014 1,700,098 $13.25 Granted 281,710 28.17 Vested (364,238 ) 14.21 Forfeited (55,100 ) 15.89 Nonvested at January 31, 2015 1,562,470 $15.61 |
Financial Information For The44
Financial Information For The Company And Its Subsidiaries (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Condensed Balance Sheet [Table Text Block] | CONDENSED CONSOLIDATING BALANCE SHEET AS OF JANUARY 31, 2015 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Assets Current assets: Cash and cash equivalents $ 13,891 $ — $ 53,512 $ — $ 67,403 Receivables, net 89,030 5,398 42,218 — 136,646 Inventories, net 148,082 376,254 18,767 — 543,103 Prepaid expenses and other current assets 41,494 20,777 8,964 (27,491 ) 43,744 Intercompany receivable - current 1,194 — 8,750 (9,944 ) — Total current assets 293,691 402,429 132,211 (37,435 ) 790,896 Property and equipment, net 29,237 109,720 10,786 — 149,743 Goodwill and intangible assets, net 117,792 2,800 13,995 — 134,587 Other assets 113,922 13,733 13,931 — 141,586 Investment in subsidiaries 956,831 — (18,909 ) (937,922 ) — Intercompany receivable - noncurrent 459,774 306,871 539,396 (1,306,041 ) — Total assets $ 1,971,247 $ 835,553 $ 691,410 $ (2,281,398 ) $ 1,216,812 Liabilities and Equity Current liabilities: Trade accounts payable $ 60,377 $ 114,208 $ 41,336 $ — $ 215,921 Other accrued expenses 110,714 85,638 12,301 (27,491 ) 181,162 Intercompany payable - current 4,948 — 4,996 (9,944 ) — Total current liabilities 176,039 199,846 58,633 (37,435 ) 397,083 Other liabilities: Long-term debt 199,197 — — — 199,197 Other liabilities 41,847 32,574 4,489 — 78,910 Intercompany payable - noncurrent 1,013,254 21,078 271,709 (1,306,041 ) — Total other liabilities 1,254,298 53,652 276,198 (1,306,041 ) 278,107 Equity: Caleres, Inc. shareholders’ equity 540,910 582,055 355,867 (937,922 ) 540,910 Noncontrolling interests — — 712 — 712 Total equity 540,910 582,055 356,579 (937,922 ) 541,622 Total liabilities and equity $ 1,971,247 $ 835,553 $ 691,410 $ (2,281,398 ) $ 1,216,812 CONDENSED CONSOLIDATING BALANCE SHEET AS OF FEBRUARY 1, 2014 Non- Guarantors ($ thousands) Parent Guarantors Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ — $ 82,546 $ — $ 82,546 Receivables, net 84,428 2,349 42,440 — 129,217 Inventories, net 119,131 401,570 26,830 — 547,531 Prepaid expenses and other current assets 38,029 9,796 10,212 (24,901 ) 33,136 Current assets - discontinued operations 119 — — — 119 Intercompany receivable - current 602 191 8,860 (9,653 ) — Total current assets 242,309 413,906 170,888 (34,554 ) 792,549 Property and equipment, net 27,201 107,163 9,196 — 143,560 Goodwill and intangible assets, net 55,225 2,800 15,648 — 73,673 Other assets 123,066 13,958 2,597 — 139,621 Investment in subsidiaries 844,570 — (18,947 ) (825,623 ) — Intercompany receivable - noncurrent 457,507 240,592 472,160 (1,170,259 ) — Total assets $ 1,749,878 $ 778,419 $ 651,542 $ (2,030,436 ) $ 1,149,403 Liabilities and Equity Current liabilities: Borrowings under revolving credit agreement $ 7,000 $ — $ — $ — $ 7,000 Trade accounts payable 72,487 111,670 42,445 — 226,602 Other accrued expenses 82,403 77,552 17,491 (24,901 ) 152,545 Current liabilities - discontinued operations 708 — — — 708 Intercompany payable - current 4,689 — 4,964 (9,653 ) — Total current liabilities 167,287 189,222 64,900 (34,554 ) 386,855 Other liabilities: Long-term debt 199,010 — — — 199,010 Other liabilities 38,457 39,941 7,778 — 86,176 Intercompany payable - noncurrent 868,425 38,236 263,598 (1,170,259 ) — Total other liabilities 1,105,892 78,177 271,376 (1,170,259 ) 285,186 Equity: Caleres, Inc. shareholders’ equity 476,699 511,020 314,603 (825,623 ) 476,699 Noncontrolling interests — — 663 — 663 Total equity 476,699 511,020 315,266 (825,623 ) 477,362 Total liabilities and equity $ 1,749,878 $ 778,419 $ 651,542 $ (2,030,436 ) $ 1,149,403 |
Schedule Of Reconciliation Of Statement Of Earnings Information By Guarantors And Non-Guarantors [Table Text Block] | CONDENSED CONSOLIDATING STATEMENT OF EARNINGS FOR THE FISCAL YEAR ENDED JANUARY 31, 2015 ($ thousands) Parent Guarantors Non-Guarantors Eliminations Total Net sales $ 788,708 $ 1,634,375 $ 329,765 $ (181,139 ) $ 2,571,709 Cost of goods sold 570,343 899,968 213,716 (152,418 ) 1,531,609 Gross profit 218,365 734,407 116,049 (28,721 ) 1,040,100 Selling and administrative expenses 231,141 633,073 75,189 (28,721 ) 910,682 Restructuring and other special charges, net 3,484 — — — 3,484 Operating (loss) earnings (16,260 ) 101,334 40,860 — 125,934 Interest expense (20,444 ) (1 ) — — (20,445 ) Loss on early extinguishment of debt (420 ) — — — (420 ) Interest income 31 — 348 — 379 Intercompany interest income (expense) 12,115 (12,826 ) 711 — — Gain on sale of subsidiary — — 4,679 — 4,679 (Loss) earnings before income taxes (24,978 ) 88,507 46,598 — 110,127 Income tax benefit (provision) 10,599 (34,710 ) (3,073 ) — (27,184 ) Equity in earnings of subsidiaries, net of tax 97,229 — 37 (97,266 ) — Net earnings 82,850 53,797 43,562 (97,266 ) 82,943 Less: Net earnings attributable to noncontrolling interests — — 93 — 93 Net earnings attributable to Caleres, Inc. $ 82,850 $ 53,797 $ 43,469 $ (97,266 ) $ 82,850 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net sales $ 733,996 $ 1,631,755 $ 361,277 $ (213,915 ) $ 2,513,113 Cost of goods sold 549,281 900,043 236,113 (186,612 ) 1,498,825 Gross profit 184,715 731,712 125,164 (27,303 ) 1,014,288 Selling and administrative expenses 217,902 629,405 89,745 (27,303 ) 909,749 Restructuring and other special charges, net 686 — 576 — 1,262 Impairment of assets held for sale — — 4,660 — 4,660 Operating (loss) earnings (33,873 ) 102,307 30,183 — 98,617 Interest expense (21,163 ) (1 ) (90 ) — (21,254 ) Interest income 23 — 354 — 377 Intercompany interest income (expense) 13,414 (13,060 ) (354 ) — — (Loss) earnings before income taxes from continuing operations (41,599 ) 89,246 30,093 — 77,740 Income tax benefit (provision) 20,427 (35,727 ) (8,458 ) — (23,758 ) Equity in earnings from continuing operations of subsidiaries, net of tax 75,331 — (168 ) (75,163 ) — Net earnings from continuing operations 54,159 53,519 21,467 (75,163 ) 53,982 Discontinued operations: (Loss) earnings from discontinued operations, net of tax (5,296 ) — 722 — (4,574 ) Disposition/impairment of discontinued operations, net of tax — — (11,512 ) — (11,512 ) Equity in loss from discontinued operations of subsidiaries, net of tax (10,790 ) — — 10,790 — Net loss from discontinued operations (16,086 ) — (10,790 ) 10,790 (16,086 ) Net earnings 38,073 53,519 10,677 (64,373 ) 37,896 Plus: Net loss attributable to noncontrolling interests — — (177 ) — (177 ) Net earnings attributable to Caleres, Inc. $ 38,073 $ 53,519 $ 10,854 $ (64,373 ) $ 38,073 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS FOR THE FISCAL YEAR ENDED FEBRUARY 2, 2013 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net sales $ 689,630 $ 1,620,861 $ 401,953 $ (234,648 ) $ 2,477,796 Cost of goods sold 528,925 903,987 265,397 (209,088 ) 1,489,221 Gross profit 160,705 716,874 136,556 (25,560 ) 988,575 Selling and administrative expenses 189,648 631,644 95,934 (25,560 ) 891,666 Restructuring and other special charges, net 12,261 — 10,170 — 22,431 Operating (loss) earnings (41,204 ) 85,230 30,452 — 74,478 Interest expense (22,584 ) (3 ) (386 ) — (22,973 ) Interest income 10 — 312 — 322 Intercompany interest income (expense) 13,073 (13,289 ) 216 — — (Loss) earnings before income taxes from continuing operations (50,705 ) 71,938 30,594 — 51,827 Income tax benefit (provision) 15,892 (28,492 ) (4,056 ) — (16,656 ) Equity in earnings from continuing operations of subsidiaries, net of tax 70,271 — (680 ) (69,591 ) — Net earnings from continuing operations 35,458 43,446 25,858 (69,591 ) 35,171 Discontinued operations: Earnings (loss) from discontinued operations, net of tax 802 — (5,239 ) — (4,437 ) Disposition/impairment of discontinued operations, net of tax (3,530 ) — — — (3,530 ) Equity in loss from discontinued operations of subsidiaries, net of tax (5,239 ) — — 5,239 — Net loss from discontinued operations (7,967 ) — (5,239 ) 5,239 (7,967 ) Net earnings 27,491 43,446 20,619 (64,352 ) 27,204 Plus: Net loss attributable to noncontrolling interests — — (287 ) — (287 ) Net earnings attributable to Caleres, Inc. $ 27,491 $ 43,446 $ 20,906 $ (64,352 ) $ 27,491 |
Schedule Of Condensed Consolidating Statement Of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE FISCAL YEAR ENDED JANUARY 31, 2015 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net earnings $ 82,850 $ 53,797 $ 43,562 $ (97,266 ) $ 82,943 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustment — — (3,145 ) — (3,145 ) Pension and other postretirement benefits adjustments (10,003 ) — (346 ) — (10,349 ) Derivative financial instruments (1,250 ) — 736 — (514 ) Other comprehensive (loss) income from investment in subsidiaries (2,711 ) — — 2,711 — Other comprehensive (loss) income, net of tax (13,964 ) — (2,755 ) 2,711 (14,008 ) Comprehensive income 68,886 53,797 40,807 (94,555 ) 68,935 Comprehensive income attributable to noncontrolling interests — — 49 — 49 Comprehensive income attributable to Caleres, Inc. $ 68,886 $ 53,797 $ 40,758 $ (94,555 ) $ 68,886 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net earnings $ 38,073 $ 53,519 $ 10,677 $ (64,373 ) $ 37,896 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment — — (4,538 ) — (4,538 ) Pension and other postretirement benefits adjustments 19,114 — 415 — 19,529 Derivative financial instruments (55 ) — 874 — 819 Other comprehensive loss from investment in subsidiaries (3,317 ) — — 3,317 — Other comprehensive income (loss), net of tax 15,742 — (3,249 ) 3,317 15,810 Comprehensive income 53,815 53,519 7,428 (61,056 ) 53,706 Comprehensive loss attributable to noncontrolling interests — — (109 ) — (109 ) Comprehensive income attributable to Caleres, Inc. $ 53,815 $ 53,519 $ 7,537 $ (61,056 ) $ 53,815 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE FISCAL YEAR ENDED FEBRUARY 2, 2013 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net earnings $ 27,491 $ 43,446 $ 20,619 $ (64,352 ) $ 27,204 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustment — — 475 — 475 Pension and other postretirement benefits adjustments (8,871 ) — (190 ) — (9,061 ) Derivative financial instruments 134 — (289 ) — (155 ) Other comprehensive loss from investment in subsidiaries (16 ) — — 16 — Other comprehensive loss, net of tax (8,753 ) — (4 ) 16 (8,741 ) Comprehensive income 18,738 43,446 20,615 (64,336 ) 18,463 Comprehensive loss attributable to noncontrolling interests — — (275 ) — (275 ) Comprehensive income attributable to Caleres, Inc. $ 18,738 $ 43,446 $ 20,890 $ (64,336 ) $ 18,738 |
Schedule Of Condensed Consolidating Statement Of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED JANUARY 31, 2015 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (11,728 ) $ 99,709 $ 30,831 — $ 118,812 Investing activities Purchases of property and equipment (7,129 ) (33,067 ) (4,756 ) — (44,952 ) Capitalized software (4,834 ) (194 ) (58 ) — (5,086 ) Acquisition of trademarks (65,065 ) — — — (65,065 ) Investment in nonconsolidated affiliate — — (7,000 ) — (7,000 ) Net proceeds from sale of subsidiaries, inclusive of note receivable — — 10,120 — 10,120 Intercompany investing (2,314 ) (124 ) 2,438 — — Net cash used for investing activities (79,342 ) (33,385 ) 744 — (111,983 ) Financing activities Borrowings under revolving credit agreement 867,000 — — — 867,000 Repayments under revolving credit agreement (874,000 ) — — — (874,000 ) Dividends paid (12,237 ) — — — (12,237 ) Debt issuance costs (2,618 ) — — — (2,618 ) Issuance of common stock under share-based plans, net 443 — — — 443 Tax benefit related to share-based plans 929 — — — 929 Intercompany financing 125,444 (66,324 ) (59,120 ) — — Net cash provided by (used for) financing activities 104,961 (66,324 ) (59,120 ) — (20,483 ) Effect of exchange rate changes on cash and cash equivalents — — (1,489 ) — (1,489 ) Increase (decrease) in cash and cash equivalents 13,891 — (29,034 ) — (15,143 ) Cash and cash equivalents at beginning of year — — 82,546 — 82,546 Cash and cash equivalents at end of year $ 13,891 $ — $ 53,512 $ — $ 67,403 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net cash provided by (used for) operating activities $ 60,886 $ 62,603 $ (19,457 ) $ — $ 104,032 Investing activities Purchases of property and equipment (5,595 ) (34,606 ) (3,767 ) — (43,968 ) Capitalized software (4,920 ) (193 ) (122 ) — (5,235 ) Net proceeds from sale of subsidiaries — — 69,347 — 69,347 Intercompany investing (1,128 ) (247 ) 1,375 — — Net cash (used for) provided by investing activities (11,643 ) (35,046 ) 66,833 — 20,144 Financing activities Borrowings under revolving credit agreement 1,129,000 — — — 1,129,000 Repayments under revolving credit agreement (1,227,000 ) — — — (1,227,000 ) Dividends paid (12,105 ) — — — (12,105 ) Issuance of common stock under share-based plans, net 804 — — — 804 Tax benefit related to share-based plans 3,439 — — — 3,439 Contributions by noncontrolling interest — — 50 — 50 Intercompany financing 56,619 (27,557 ) (29,062 ) — — Net cash used for financing activities (49,243 ) (27,557 ) (29,012 ) — (105,812 ) Effect of exchange rate changes on cash and cash equivalents — — (4,041 ) — (4,041 ) Increase in cash and cash equivalents — — 14,323 — 14,323 Cash and cash equivalents at beginning of year — — 68,223 — 68,223 Cash and cash equivalents at end of year $ — $ — $ 82,546 $ — $ 82,546 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED FEBRUARY 2, 2013 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net cash provided by operating activities $ 54,388 $ 92,634 $ 50,915 $ — $ 197,937 Investing activities Purchases of property and equipment (10,132 ) (38,767 ) (6,902 ) — (55,801 ) Capitalized software (7,925 ) — (3 ) — (7,928 ) Acquisition cost — — (5,000 ) — (5,000 ) Intercompany investing (5,043 ) 3,814 1,229 — — Net cash used for investing activities (23,100 ) (34,953 ) (10,676 ) — (68,729 ) Financing activities Borrowings under revolving credit agreement 805,000 — — — 805,000 Repayments under revolving credit agreement (901,000 ) — — — (901,000 ) Intercompany financing 77,479 (58,459 ) (19,020 ) — — Dividend paid (12,011 ) — — — (12,011 ) Issuance of common stock under share-based plans, net (1,700 ) — — — (1,700 ) Tax benefit related to share-based plans 944 — — — 944 Net cash used for financing activities (31,288 ) (58,459 ) (19,020 ) — (108,767 ) Effect of exchange rate changes on cash and cash equivalents — — 100 — 100 (Decrease) increase in cash and cash equivalents — (778 ) 21,319 — 20,541 Cash and cash equivalents at beginning of year — 778 46,904 — 47,682 Cash and cash equivalents at end of year $ — $ — $ 68,223 $ — $ 68,223 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Results | Quarterly financial results (unaudited) for 2014 and 2013 are as follows: Quarters First Quarter Second Quarter Third Quarter Fourth Quarter ($ thousands, except per share amounts) (13 weeks) (13 weeks) (13 weeks) (13 Weeks) 2014 Net sales $ 591,162 $ 635,877 $ 729,277 $ 615,393 Gross profit 242,341 259,642 290,730 247,387 Net earnings 15,476 18,039 33,237 16,191 Net earnings attributable to Caleres, Inc. 15,429 18,064 33,113 16,244 Per share of common stock: Basic earnings per common share attributable to Caleres, Inc. shareholders (1) 0.35 0.41 0.76 0.37 Diluted earnings per common share attributable to Caleres, Inc. shareholders (1) 0.35 0.41 0.75 0.37 Dividends paid 0.07 0.07 0.07 0.07 Market value: High 28.73 29.65 32.31 33.67 Low 22.30 23.14 25.30 26.39 (1) EPS for the quarters may not sum to the annual amount as each period is computed on a discrete period basis. Quarters First Quarter Second Quarter Third Quarter Fourth Quarter ($ thousands, except per share amounts) (13 weeks) (13 weeks) (13 weeks) (13 Weeks) 2013 Net sales $ 588,656 $ 621,706 $ 702,788 $ 599,962 Gross profit 240,016 254,626 278,240 241,407 Net (loss) earnings (10,832 ) 15,283 27,284 6,161 Net (loss) earnings attributable to Caleres, Inc. (10,762 ) 15,357 27,314 6,164 Per share of common stock: Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders (1) (0.26 ) 0.36 0.63 0.14 Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders (1) (0.26 ) 0.35 0.63 0.14 Dividends paid 0.07 0.07 0.07 0.07 Market value: High 18.48 24.78 24.25 28.70 Low 15.24 16.62 21.26 22.23 (1) EPS for the quarters may not sum to the annual amount as each period is computed on a discrete period basis. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jan. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Col. A Col. B Col. C Col. D Col. E Additions Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts - Describe Deductions - Describe Balance at End of Period Description ($ thousands) YEAR ENDED JANUARY 31, 2015 Deducted from assets or accounts: Doubtful accounts and allowances $ 832 $ 1,716 $ — $ 313 (A) $ 2,235 Customer allowances 19,862 46,878 — 44,834 (B) 21,906 Customer discounts 776 3,519 — 3,043 (B) 1,252 Inventory valuation allowances 17,739 50,781 — 52,469 (C) 16,051 Deferred tax asset valuation allowance 13,949 714 — 3,149 (D) 11,514 YEAR ENDED FEBRUARY 1, 2014 Deducted from assets or accounts: Doubtful accounts and allowances $ 973 $ 602 $ — $ 743 (A) $ 832 Customer allowances 19,080 45,099 — 44,317 (B) 19,862 Customer discounts 489 4,809 — 4,522 (B) 776 Inventory valuation allowances 19,080 53,881 — 55,222 (C) 17,739 Deferred tax asset valuation allowance 8,014 6,490 — 555 (D) 13,949 YEAR ENDED FEBRUARY 2, 2013 Deducted from assets or accounts: Doubtful accounts and allowances $ 1,352 $ 1,329 $ — $ 1,708 (A) $ 973 Customer allowances 19,465 44,759 — 45,144 (B) 19,080 Customer discounts 350 4,284 — 4,145 (B) 489 Inventory valuation allowances 17,105 56,797 — 54,822 (C) 19,080 Deferred tax asset valuation allowance 6,465 1,815 — 266 (D) 8,014 (A) Accounts written off, net of recoveries. (B) Discounts and allowances granted to wholesale customers of the Brand Portfolio segment. (C) Adjustment upon disposal of related inventories. (D) Reflects reductions to valuation allowance for the net operating loss carryforwards for certain states based on the Company’s expectations for utilization of net operating loss carryforwards. |
Summary Of Significant Accoun47
Summary Of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015USD ($)retail_store | Feb. 01, 2014USD ($) | Feb. 02, 2013USD ($) | |
Accounting Policies [Line Items] | |||
Number of Stores | retail_store | 1,209 | ||
Impact of 53rd week in fiscal year 2012, net sales increase | $ 21,200 | ||
Provision for doubtful accounts | $ 1,700 | $ 600 | 1,300 |
Provision for customer allowances | 46,900 | 45,100 | 44,800 |
Provision for customer discounts | $ 3,500 | 4,800 | 4,300 |
Percentage of LIFO inventory | 95.00% | ||
Inventories, adjustment to last-in, first-out cost | $ 3,668 | 3,965 | |
Selling and administrative expenses | 910,682 | 909,749 | 891,666 |
Other assets | 61,306 | 53,012 | |
Goodwill | 13,954 | 13,954 | |
Self insurance reserves | 9,300 | 10,900 | |
Gift card breakage | 400 | 500 | |
Asset impairment charges | 1,982 | 1,636 | 4,132 |
Advertising and marketing expense | 83,600 | 82,200 | 83,000 |
Co-op advertising allowances | 6,200 | 7,800 | 7,100 |
Co-op advertising expense | 10,000 | 8,300 | 8,100 |
Deferred advertising costs | $ 2,600 | 2,000 | |
More likely than not, percentage | 50.00% | ||
Vesting period, in years | 4 years | ||
Annual vesting percentage | 25.00% | ||
Cost Method Investments, Original Cost | $ 7,000 | 0 | |
Customer Loyalty Program Liability, Current | 7,200 | 7,500 | |
Warehousing And Distribution Costs [Member] | |||
Accounting Policies [Line Items] | |||
Selling and administrative expenses | 71,100 | 75,100 | 72,000 |
Overseas Sourcing Offices and Other Inventory Procurement Costs [Member] | |||
Accounting Policies [Line Items] | |||
Selling and administrative expenses | 20,800 | 20,200 | $ 21,900 |
Software Development and Acquisition Costs [Member] | |||
Accounting Policies [Line Items] | |||
Other assets | 37,900 | 45,600 | |
Accumulated amortization | $ 90,100 | $ 79,900 | |
Famous Footwear [Member] | |||
Accounting Policies [Line Items] | |||
Number of Stores | retail_store | 1,038 | ||
Retail [Member] | |||
Accounting Policies [Line Items] | |||
Pecentage of net sales | 67.00% | 70.00% | 71.00% |
Asset impairment charges | $ 2,000 | $ 1,600 | $ 4,100 |
Brand Portfolio [Member] | |||
Accounting Policies [Line Items] | |||
Goodwill | $ 13,954 | $ 13,954 | |
Famous Footwear Rewards Program Members [Member] | |||
Accounting Policies [Line Items] | |||
Pecentage of net sales | 73.00% | 70.00% | 66.00% |
Minimum [Member] | |||
Accounting Policies [Line Items] | |||
Rent holiday, number of days | 30 days | ||
Maximum [Member] | |||
Accounting Policies [Line Items] | |||
Rent holiday, number of days | 60 days |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) | Dec. 12, 2014 | Nov. 14, 2013 | May. 14, 2013 | Apr. 29, 2013 | Aug. 03, 2013 | May. 04, 2013 | Dec. 12, 2019 | Dec. 11, 2018 | Dec. 11, 2017 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Dec. 11, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net sales | $ 0 | $ 26,318,000 | $ 120,269,000 | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | (10,496,000) | (7,503,000) | |||||||||||
Gain (impairment) of net assets | (11,500,000) | (3,500,000) | |||||||||||
Intangible assets, net | 120,633,000 | 59,719,000 | |||||||||||
Restructuring and Related Cost, Incurred Cost | 30,700,000 | 29,900,000 | |||||||||||
Net earnings from discontinued operations | $ 5,900,000 | 5,300,000 | |||||||||||
American Sporting Goods Corporation [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 1,000,000 | $ (12,600,000) | |||||||||||
Net sales | 20,300,000 | 77,600,000 | |||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | (1,600,000) | (7,100,000) | |||||||||||
Sale price | $ 74,000,000 | ||||||||||||
Proceeds from business disposition | 60,300,000 | ||||||||||||
Gain (loss) on sale after-tax | $ 1,000,000 | $ (12,600,000) | |||||||||||
Gain (loss) on sale per diluted share | $ 0.02 | $ (0.30) | |||||||||||
American Sporting Goods Corporation [Member] | Promissory Note [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Note receivable | $ 12,000,000 | ||||||||||||
Promissory note interest rate | 3.00% | ||||||||||||
Payment received | $ 12,200,000 | ||||||||||||
Etienne Aigner [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 5,800,000 | ||||||||||||
Net sales | 300,000 | 27,900,000 | |||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | 7,000,000 | 1,400,000 | |||||||||||
Gain (loss) on sale after-tax | $ 3,500,000 | ||||||||||||
Gain (loss) on sale per diluted share | $ 0.08 | ||||||||||||
Settlement consideration | $ 6,500,000 | ||||||||||||
Vera Wang [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net sales | 5,700,000 | $ 14,800,000 | |||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | $ (1,900,000) | (1,800,000) | |||||||||||
Licensing Agreements [Member] | Etienne Aigner [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Intangible assets, net | 0 | ||||||||||||
Famous Footware [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Restructuring and Related Cost, Incurred Cost | 7,800,000 | ||||||||||||
Brand Portfolio [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Restructuring and Related Cost, Incurred Cost | 13,300,000 | ||||||||||||
Other Segments [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Restructuring and Related Cost, Incurred Cost | $ 800,000 | ||||||||||||
Shoes.com [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 4,700,000 | ||||||||||||
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 | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 21.50 | ||||||||||||
Notes Receivable, Fair Value Disclosure | $ 7,000,000 | ||||||||||||
Disposal Group, Net Purchase Price | 10,100,000 | ||||||||||||
Restructuring and Related Cost, Incurred Cost | 1,500,000 | ||||||||||||
Net earnings from discontinued operations | 6,600,000 | ||||||||||||
Shoes.com [Member] | Famous Footware [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Restructuring and Related Cost, Incurred Cost | 800,000 | ||||||||||||
Shoes.com [Member] | Brand Portfolio [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Restructuring and Related Cost, Incurred Cost | 300,000 | ||||||||||||
Shoes.com [Member] | Other Segments [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Restructuring and Related Cost, Incurred Cost | $ 400,000 | ||||||||||||
Shoes.com [Member] | Scenario, Forecast [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Promissory note interest rate | 9.00% | 8.00% | 7.00% | 6.00% |
Discontinued Operations (Schedu
Discontinued Operations (Schedule Of Assets And Liabilities Reported As Discontinued Operations) (Details) - USD ($) $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 |
Current assets | ||
Inventories, net | $ 111 | |
Prepaid expenses and other current assets | 8 | |
Current assets - discontinued operations | $ 0 | 119 |
Total assets - discontinued operations | 119 | |
Current liabilities | ||
Trade accounts payable | 139 | |
Other accrued expenses | 569 | |
Current liabilities - discontinued operations | $ 0 | 708 |
Total liabilities - discontinued operations | $ 708 |
Discontinued Operations (Sche50
Discontinued Operations (Schedule Of Earnings (Loss) From Discontinued Operations, Net Of Tax) (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Net sales | $ 0 | $ 26,318,000 | $ 120,269,000 |
Cost of goods sold | 19,927,000 | 98,485,000 | |
Gross profit | 6,391,000 | 21,784,000 | |
Selling and administrative expenses | 6,103,000 | 27,291,000 | |
Restructuring and other special charges, net | 10,768,000 | 1,587,000 | |
Operating earnings (loss) | (10,480,000) | (7,094,000) | |
Interest expense | 16,000 | 409,000 | |
Earnings (loss) before income taxes from discontinued operations | (10,496,000) | (7,503,000) | |
Income tax (provision) benefit | 0 | 5,922,000 | 3,066,000 |
Earnings (loss) from discontinued operations, net of tax | $ 0 | $ (4,574,000) | $ (4,437,000) |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | May. 04, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
NUMERATOR | |||||||||||
Net earnings from continuing operations | $ 82,943 | $ 53,982 | $ 35,171 | ||||||||
Net (earnings) loss attributable to noncontrolling interests | (93) | 177 | 287 | ||||||||
Net (earnings) loss allocated to participating securities | (3,068) | (2,304) | (1,757) | ||||||||
Net earnings from continuing operations | 79,782 | 51,855 | 33,701 | ||||||||
Net earnings (loss) from discontinued operations | 0 | (16,086) | (7,967) | ||||||||
Discontinued Operations Earnings Allocated To Participating Securities | 0 | (687) | (392) | ||||||||
Net earnings (loss) from discontinued operations | 0 | (15,399) | (7,575) | ||||||||
Net earnings attributable to Brown Shoe Company, Inc. after allocation of earnings to participating securities | $ 79,782 | $ 36,456 | $ 26,126 | ||||||||
DENOMINATOR | |||||||||||
Denominator for basic continuing and discontinued earnings per common share attributable to Brown Shoe Company, Inc. shareholders | 42,071 | 41,356 | 40,659 | ||||||||
Dilutive effect of share-based awards for continuing operations and discontinued operations | 203 | 297 | 135 | ||||||||
Denominator for diluted continuing and discontinued earnings per common share attributable to Brown Shoe Company, Inc. shareholders | 42,274 | 41,653 | 40,794 | ||||||||
Basic earnings (loss) per common share: | |||||||||||
Basic earnings (loss) per common share: From continuing operations (in dollars per share) | $ 1.90 | $ 1.25 | $ 0.83 | ||||||||
Basic earnings (loss) per common share: From discontinued operations (in dollars per share) | 0 | (0.37) | (0.19) | ||||||||
Basic earnings per common share attributable to Brown Shoe Company, Inc. shareholders (in dollars per share) | $ 0.37 | $ 0.76 | $ 0.41 | $ 0.35 | $ 0.14 | $ 0.63 | $ 0.36 | $ (0.26) | 1.90 | 0.88 | 0.64 |
Diluted earnings (loss) per common share: | |||||||||||
Diluted earnings (loss) per common share: From continuing operations (in dollars per share) | 1.89 | 1.25 | 0.83 | ||||||||
Diluted earnings (loss) per common share: From discontinued operations (in dollars per share) | 0 | (0.37) | (0.19) | ||||||||
Diluted earnings per common share attributable to Brown Shoe Company, Inc. shareholders (in dollars per share) | $ 0.37 | $ 0.75 | $ 0.41 | $ 0.35 | $ 0.14 | $ 0.63 | $ 0.35 | $ (0.26) | $ 1.89 | $ 0.88 | $ 0.64 |
Options to purchase common stock, not included in computation of diluted earnings per common share | 64,497 | 86,247 | 998,701 |
Restructuring And Other Initi52
Restructuring And Other Initiatives (Narrative) (Details) $ / shares in Units, $ in Thousands | Dec. 12, 2014USD ($) | Apr. 30, 2013USD ($) | Jan. 31, 2015USD ($) | May. 04, 2013USD ($)$ / shares | Nov. 01, 2014pair_of_shoes | Jan. 31, 2015USD ($)quarterly_payment$ / shares | Feb. 01, 2014USD ($)$ / shares | Feb. 02, 2013USD ($)$ / shares | Jan. 28, 2012USD ($) |
Restructuring and Related Cost [Line Items] | |||||||||
Organizational Change Costs After Tax | $ 1,200 | $ 1,400 | |||||||
Organizational Change Costs Per Diluted Share | $ / shares | $ 0.03 | $ 0.03 | |||||||
Organizational change costs | $ 1,900 | $ 2,300 | |||||||
Portfolio realignment costs | $ 30,700 | 29,900 | |||||||
Purchase commitment, quantity of pairs of shoes each year | pair_of_shoes | 4,000,000 | ||||||||
Purchase commitment, number of years | 2 years | ||||||||
Restructuring Reserve | $ 1,100 | 1,100 | 2,400 | 5,500 | $ 10,000 | ||||
Supply Chain and Sourcing Assets [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Sale price of certain supply chain and sourcing assets, aggregate amount | $ 9,000 | ||||||||
Cash [Member] | Supply Chain and Sourcing Assets [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Proceeds from sale of manufacturing facilities | 1,500 | ||||||||
Promissory Note [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Notes receivable collection | $ 6,300 | ||||||||
Number of quarterly payments | quarterly_payment | 8 | ||||||||
Promissory Note [Member] | Supply Chain and Sourcing Assets [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Note receivable | $ 7,500 | ||||||||
Promissory Note [Member] | 1st Installment Payment [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Installments time frame after closing date | 45 days | ||||||||
Notes receivable collection | $ 3,000 | ||||||||
Promissory Note [Member] | Subsequent Quarterly Installment Payments [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Notes receivable collection | 600 | ||||||||
Promissory note interest rate | 5.00% | ||||||||
Continuing Operations [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Portfolio realignment costs | 5,900 | 21,900 | |||||||
Impairment charge | $ 4,700 | 4,700 | 0 | ||||||
Impairment charge, after tax | $ 4,700 | $ 4,700 | $ 0 | ||||||
Impairment charge, per diluted share | $ / shares | $ 0.11 | $ 0.11 | $ 0 | ||||||
Restructuring Reserve | 1,100 | $ 1,100 | $ 1,500 | $ 5,300 | 10,000 | ||||
Discontinued Operations [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Portfolio realignment costs | 24,800 | 8,000 | |||||||
Impairment charge | 11,500 | 5,800 | |||||||
Impairment charge, after tax | $ 11,500 | $ 3,500 | |||||||
Impairment charge, per diluted share | $ / shares | $ 0.27 | $ 0.08 | |||||||
Restructuring Reserve | 0 | 0 | $ 900 | $ 200 | $ 0 | ||||
Brand Portfolio [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Portfolio realignment costs | 13,300 | ||||||||
Famous Footware [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Portfolio realignment costs | 7,800 | ||||||||
Other Segments [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Portfolio realignment costs | $ 800 | ||||||||
Shoes.com [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Portfolio realignment costs | $ 1,500 | ||||||||
Note receivable | 7,500 | ||||||||
Restructuring Reserve | $ 1,500 | $ 1,500 | |||||||
Shoes.com [Member] | Brand Portfolio [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Portfolio realignment costs | 300 | ||||||||
Shoes.com [Member] | Famous Footware [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Portfolio realignment costs | 800 | ||||||||
Shoes.com [Member] | Other Segments [Member] | |||||||||
Restructuring and Related Cost [Line Items] | |||||||||
Portfolio realignment costs | $ 400 |
Restructuring And Other Initi53
Restructuring And Other Initiatives (Portfolio Realignment Expense For Continuing And Discontinued Operations) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
May. 04, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | |
Restructuring and Related Cost [Line Items] | |||
Total; Pre-tax Expense | $ 30.7 | $ 29.9 | |
Total; After-tax Expense | $ 23.4 | $ 19.3 | |
Total; Loss Per Diluted Share | $ 0.53 | $ 0.45 | |
Continuing Operations [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Business exits and cost reductions; Pre-tax Expense | $ 1.2 | $ 21.9 | |
Business exits and cost reductions; After-tax Expense | $ 0.8 | $ 14.3 | |
Business exits and cost reductions; Loss Per Diluted Share | $ 0.02 | $ 0.33 | |
Non-cash impairments/dispositions; Pre-tax Expense | $ 4.7 | $ 4.7 | $ 0 |
Non-cash impairments/dispositions; After-tax Expense | $ 4.7 | $ 4.7 | $ 0 |
Non-cash impairments/dispositions; Pre-tax Expense | $ 0.11 | $ 0.11 | $ 0 |
Total; Pre-tax Expense | $ 5.9 | $ 21.9 | |
Total; After-tax Expense | $ 5.5 | $ 14.3 | |
Total; Loss Per Diluted Share | $ 0.13 | $ 0.33 | |
Discontinued Operations [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Business exits and cost reductions; Pre-tax Expense | $ 13.3 | $ 2.2 | |
Business exits and cost reductions; After-tax Expense | $ 6.4 | $ 1.5 | |
Business exits and cost reductions; Loss Per Diluted Share | $ 0.13 | $ 0.04 | |
Non-cash impairments/dispositions; Pre-tax Expense | $ 11.5 | $ 5.8 | |
Non-cash impairments/dispositions; After-tax Expense | $ 11.5 | $ 3.5 | |
Non-cash impairments/dispositions; Pre-tax Expense | $ 0.27 | $ 0.08 | |
Total; Pre-tax Expense | $ 24.8 | $ 8 | |
Total; After-tax Expense | $ 17.9 | $ 5 | |
Total; Loss Per Diluted Share | $ 0.40 | $ 0.12 |
Restructuring And Other Initi54
Restructuring And Other Initiatives (Summary Of The Charges And Settlements By Category Of Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 2.4 | $ 5.5 | $ 10 |
Additional charges | 30.7 | 29.9 | |
Amounts settled | (1.3) | (33.8) | (34.4) |
Restructuring reserve, ending balance | 1.1 | 2.4 | 5.5 |
Employee [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1 | 1.7 | 5.8 |
Additional charges | 2.6 | 6 | |
Amounts settled | (0.9) | (3.3) | (10.1) |
Restructuring reserve, ending balance | 0.1 | 1 | 1.7 |
Markdowns And Royalty Shortfalls [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0.2 | 1.6 | |
Additional charges | 2.7 | 3.1 | |
Amounts settled | 0 | (2.9) | (4.5) |
Restructuring reserve, ending balance | 0.2 | ||
Facility [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1.4 | 3.3 | 1.3 |
Additional charges | 0.1 | 11.4 | |
Amounts settled | (0.4) | (2) | (9.4) |
Restructuring reserve, ending balance | 1 | 1.4 | 3.3 |
Other [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0.3 | 1.3 | |
Additional charges | 25.3 | 9.4 | |
Amounts settled | 0 | (25.6) | (10.4) |
Restructuring reserve, ending balance | 0.3 | ||
Continuing Operations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1.5 | 5.3 | 10 |
Additional charges | 5.9 | 21.9 | |
Amounts settled | (0.4) | (9.7) | (26.6) |
Restructuring reserve, ending balance | 1.1 | 1.5 | 5.3 |
Discontinued Operations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0.9 | 0.2 | 0 |
Additional charges | 24.8 | 8 | |
Amounts settled | (0.9) | (24.1) | (7.8) |
Restructuring reserve, ending balance | $ 0 | $ 0.9 | $ 0.2 |
Restructuring And Other Initi55
Restructuring And Other Initiatives Restructuring and Other Special Charges, net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2015 | Feb. 02, 2013 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring Charges | $ 1,900 | $ 2,300 |
Retirement And Other Benefit 56
Retirement And Other Benefit Plans - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Life Insurance Coverage, Amount | $ 20,000 | ||
Actuarial loss (gain) | 18,400,000 | ||
Defined Benefit Plan, Plan Amendments | $ (11,700,000) | ||
United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Measure, Number of Highest Consecutive Years | 5 years | ||
Defined Benefit Plan, Benefit Obligation | $ 342,600,000 | $ 256,000,000 | |
Defined Benefit Plan, Benefit Measure, Number of Years Before Retirement | 10 years | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized at end of year | $ 61,194,000 | 76,356,000 | |
Defined Benefit Plan, Benefit Obligation | 362,340,000 | 279,964,000 | $ 290,534,000 |
Actuarial loss (gain) | 83,105,000 | (23,442,000) | |
Defined Benefit Plan, Plan Amendments | 11,671,000 | (99,000) | |
Defined Benefit Plan, Fair Value of Plan Assets | 423,534,000 | 356,320,000 | 336,445,000 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized at end of year | (1,512,000) | (1,119,000) | |
Defined Benefit Plan, Benefit Obligation | 1,512,000 | 1,119,000 | 3,207,000 |
Actuarial loss (gain) | 483,000 | (2,055,000) | |
Defined Benefit Plan, Plan Amendments | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | 0 | 0 |
Foreign Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Measure, Number of Highest Consecutive Years | 5 years | ||
Defined Benefit Plan, Benefit Obligation | $ 4,300,000 | 4,700,000 | |
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,500,000 | ||
Defined Benefit Plan, Benefit Measure, Number of Years Before Retirement | 10 years | ||
Company's Domestic Defined-Contribution 401(k) Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.50% | ||
Defined Contribution Plan, Cost Recognized | $ 3,000,000 | 3,400,000 | |
Company's Canadian Defined-Contribution 401(k) Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 200,000 | 200,000 | $ 300,000 |
Company's Canadian Defined-Contribution 401(k) Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | ||
Company's Canadian Defined-Contribution 401(k) Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | ||
Management [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Plan Maximum Percentage Of Deferral Of Base Salary | 50.00% | ||
Percentage component of compensation allowed as deferral under deferred compensation plan | 100.00% | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 2,900,000 | 2,200,000 | |
Deferred Compensation Plan Assets | 2,900,000 | 2,200,000 | |
Director [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 2,100,000 | $ 1,700,000 | |
Phantom Share Units (PSUs) [Member] | Director [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Arrangement with Individual, Shares Issued | 67,488 | 67,263 | |
Corporate stocks – common | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 70.00% | ||
Corporate stocks – common | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 184,486,000 | $ 212,211,000 | |
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% | ||
Equity Funds [Member] | Foreign Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 58.00% | ||
Bonds [Member] | Foreign Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 37.00% | ||
Money Market Funds [Member] | Foreign Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | ||
Unallocated insurance contract | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 89,000 | 82,000 | |
Alternative investment fund | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 10,733,000 | ||
Other | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 386,000 | ||
Other Long-term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 97.00% | ||
Short-term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 3.00% | ||
Level 3 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 89,000 | 468,000 | |
Level 3 | Corporate stocks – common | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 3 | Unallocated insurance contract | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 89,000 | 82,000 | |
Level 3 | Alternative investment fund | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | ||
Level 3 | Other | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 386,000 |
Retirement And Other Benefit 57
Retirement And Other Benefit Plans - Changes in Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan amendments | $ 11,700 | ||
Actuarial loss (gain) | 18,400 | ||
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation at beginning of year | 279,964 | $ 290,534 | |
Service cost | 9,650 | 10,638 | $ 11,523 |
Interest cost | 14,230 | 13,241 | 12,727 |
Plan participants’ contribution | 12 | 12 | |
Plan amendments | (11,671) | 99 | |
Actuarial loss (gain) | 83,105 | (23,442) | |
Benefits paid | (11,814) | (11,107) | |
Foreign exchange rate changes | (1,136) | (11) | |
Benefit obligation at end of year | 362,340 | 279,964 | 290,534 |
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation at beginning of year | 1,119 | 3,207 | |
Service cost | 0 | 0 | 0 |
Interest cost | 49 | 55 | 148 |
Plan participants’ contribution | 4 | 19 | |
Plan amendments | 0 | 0 | |
Actuarial loss (gain) | 483 | (2,055) | |
Benefits paid | (143) | (107) | |
Foreign exchange rate changes | 0 | 0 | |
Benefit obligation at end of year | $ 1,512 | $ 1,119 | $ 3,207 |
Retirement And Other Benefit 58
Retirement And Other Benefit Plans - Assumptions Used to Determine Benefit Obligation (Details) | Jan. 31, 2015 | Feb. 01, 2014 |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.90% | 5.00% |
Rate of compensation increase | 3.00% | 3.00% |
Other Postretirement Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.90% | 5.00% |
Retirement And Other Benefit 59
Retirement And Other Benefit Plans - Fair Value Allocation of Plan Assets (Details) - Pension Benefits - USD ($) $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 423,534 | $ 356,320 | $ 336,445 |
Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 95,560 | 14,038 | |
U.S. government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 84,141 | 73,813 | |
Mutual fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 29,240 | 27,376 | |
Real estate investment trusts | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 105 | ||
Corporate debt instruments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 29,783 | ||
Corporate stocks – common | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 184,486 | 212,211 | |
S&P 500 Index options | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11,731 | (1,343) | |
Interest rate swap agreements | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,268 | (131) | |
Preferred securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 286 | ||
Alternative investment fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,733 | ||
Unallocated insurance contract | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 89 | 82 | |
Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 386 | ||
Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 405,444 | 326,200 | |
Level 1 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 95,560 | 14,038 | |
Level 1 | U.S. government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 84,141 | 73,813 | |
Level 1 | Mutual fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 29,240 | 27,376 | |
Level 1 | Real estate investment trusts | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 105 | ||
Level 1 | Corporate debt instruments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Level 1 | Corporate stocks – common | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 184,486 | 212,211 | |
Level 1 | S&P 500 Index options | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11,731 | (1,343) | |
Level 1 | Interest rate swap agreements | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 1 | Preferred securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 286 | ||
Level 1 | Alternative investment fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Level 1 | Unallocated insurance contract | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 1 | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 18,001 | 29,652 | |
Level 2 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 2 | U.S. government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 2 | Mutual fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 2 | Real estate investment trusts | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Level 2 | Corporate debt instruments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 29,783 | ||
Level 2 | Corporate stocks – common | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 2 | S&P 500 Index options | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 2 | Interest rate swap agreements | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,268 | (131) | |
Level 2 | Preferred securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Level 2 | Alternative investment fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,733 | ||
Level 2 | Unallocated insurance contract | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 2 | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 89 | 468 | |
Level 3 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 3 | U.S. government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 3 | Mutual fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 3 | Real estate investment trusts | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Level 3 | Corporate debt instruments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Level 3 | Corporate stocks – common | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 3 | S&P 500 Index options | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 3 | Interest rate swap agreements | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Level 3 | Preferred securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Level 3 | Alternative investment fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Level 3 | Unallocated insurance contract | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 89 | 82 | |
Level 3 | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 386 |
Retirement And Other Benefit 60
Retirement And Other Benefit Plans - Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance, beginning of year | $ 356,320 | $ 336,445 |
Actual return on plan assets | 79,986 | 30,628 |
Defined Benefit Plan, Contributions by Employer | 206 | 331 |
Plan participants’ contribution | 12 | 12 |
Benefits paid | (11,814) | (11,107) |
Foreign exchange rate changes | (1,176) | 11 |
Balance, end of year | 423,534 | 356,320 |
Pension Benefits | Unallocated insurance contract | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance, beginning of year | 82 | |
Balance, end of year | 89 | 82 |
Pension Benefits | Alternative investment fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance, end of year | 10,733 | |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance, beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Defined Benefit Plan, Contributions by Employer | 139 | 88 |
Plan participants’ contribution | 4 | 19 |
Benefits paid | (143) | (107) |
Foreign exchange rate changes | 0 | 0 |
Balance, end of year | 0 | 0 |
Level 3 | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance, beginning of year | 468 | |
Balance, end of year | 89 | 468 |
Level 3 | Pension Benefits | Unallocated insurance contract | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance, beginning of year | 82 | |
Balance, end of year | 89 | $ 82 |
Level 3 | Pension Benefits | Alternative investment fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance, end of year | $ 0 |
Retirement And Other Benefit 61
Retirement And Other Benefit Plans - Amounts Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prepaid pension costs (noncurrent assets) | $ 73,324 | $ 85,516 |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prepaid pension costs (noncurrent assets) | 73,324 | 85,561 |
Accrued benefit liabilities (current liability) | (2,675) | (1,002) |
Accrued benefit liabilities (noncurrent liability) | (9,455) | (8,203) |
Net amount recognized at end of year | 61,194 | 76,356 |
Other Postretirement Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prepaid pension costs (noncurrent assets) | 0 | 0 |
Accrued benefit liabilities (current liability) | (142) | (105) |
Accrued benefit liabilities (noncurrent liability) | (1,370) | (1,014) |
Net amount recognized at end of year | $ (1,512) | $ (1,119) |
Retirement And Other Benefit 62
Retirement And Other Benefit Plans - Projected and Accumulated Benefit Obligation in Excess of Fair Value (Details) - Pension Benefits - USD ($) $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 |
Projected Benefit Obligation Exceeds the Fair Value of Plan Assets | ||
Projected benefit obligation | $ 12,130 | $ 9,205 |
Accumulated benefit obligation | 10,770 | 7,180 |
Fair value of plan assets | 0 | 0 |
Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets | ||
Projected benefit obligation | 12,130 | 9,205 |
Accumulated benefit obligation | 10,770 | 7,180 |
Fair value of plan assets | $ 0 | $ 0 |
Retirement And Other Benefit 63
Retirement And Other Benefit Plans - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | $ 4,872 | $ (12,065) |
Net prior service (credit) cost | (7,037) | 111 |
Components of accumulated other comprehensive income, net of tax: | (2,165) | (11,954) |
Other Postretirement Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | (1,068) | (1,628) |
Net prior service (credit) cost | 0 | 0 |
Components of accumulated other comprehensive income, net of tax: | $ (1,068) | $ (1,628) |
Retirement And Other Benefit 64
Retirement And Other Benefit Plans - Expected Amortization of Components of AOCI (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2015USD ($) | |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of net actuarial loss (gain) | $ 140 |
Amortization of net prior service cost | 16 |
Expected amortization, net of tax: | 156 |
Other Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of net actuarial loss (gain) | (190) |
Amortization of net prior service cost | 0 |
Expected amortization, net of tax: | $ (190) |
Retirement And Other Benefit 65
Retirement And Other Benefit Plans - Net Periodic Benefit (Income) Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 9,650 | $ 10,638 | $ 11,523 |
Interest cost | 14,230 | 13,241 | 12,727 |
Expected return on assets | (24,757) | (24,773) | (25,073) |
Amortization of actuarial loss (gain) | 201 | 954 | 204 |
Amortization of prior service cost | 27 | 13 | 13 |
Amortization of net transition asset | 0 | 0 | (43) |
Total net periodic benefit (income) cost | (649) | 73 | (649) |
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 49 | 55 | 148 |
Expected return on assets | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | (432) | (351) | (82) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net transition asset | 0 | 0 | 0 |
Total net periodic benefit (income) cost | $ (383) | $ (296) | $ 66 |
Retirement And Other Benefit 66
Retirement And Other Benefit Plans - Assumptions to Determine Net Periodic Benefit (Income) Cost (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 5.00% | 4.50% | 4.75% |
Rate of compensation increase | 3.00% | 3.50% | 3.50% |
Expected return on plan assets | 8.25% | 8.25% | 8.25% |
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 5.00% | 4.50% | 4.75% |
Retirement And Other Benefit 67
Retirement And Other Benefit Plans - Information on Expected Cash Flows (Details) | 12 Months Ended |
Jan. 31, 2015USD ($) | |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Benefit Payments: 2015 | $ 13,784,000 |
Expected Benefit Payments: 2016 | 12,215,000 |
Expected Benefit Payments: 2017 | 16,085,000 |
Expected Benefit Payments: 2018 | 13,743,000 |
Expected Benefit Payments: 2019 | 14,803,000 |
Expected Benefit Payments: 2020 - 2024 | 82,371,000 |
Funded Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 Employer contributions expected | 79,000 |
Expected Benefit Payments: 2015 | 11,109,000 |
Expected Benefit Payments: 2016 | 11,807,000 |
Expected Benefit Payments: 2017 | 12,457,000 |
Expected Benefit Payments: 2018 | 13,201,000 |
Expected Benefit Payments: 2019 | 13,886,000 |
Expected Benefit Payments: 2020 - 2024 | 77,058,000 |
SERP | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 Employer contributions expected | 2,675 |
Expected Benefit Payments: 2015 | 2,675,000 |
Expected Benefit Payments: 2016 | 408,000 |
Expected Benefit Payments: 2017 | 3,628,000 |
Expected Benefit Payments: 2018 | 542,000 |
Expected Benefit Payments: 2019 | 917,000 |
Expected Benefit Payments: 2020 - 2024 | 5,313,000 |
Other Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 Employer contributions expected | 142,000 |
Expected Benefit Payments: 2015 | 142,000 |
Expected Benefit Payments: 2016 | 134,000 |
Expected Benefit Payments: 2017 | 127,000 |
Expected Benefit Payments: 2018 | 120,000 |
Expected Benefit Payments: 2019 | 113,000 |
Expected Benefit Payments: 2020 - 2024 | $ 462,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2012 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Contingency [Line Items] | ||||
Domestic (loss) earnings before income taxes from continuing operations | $ 70,800,000 | $ 40,900,000 | $ 23,800,000 | |
Foreign earnings before income taxes from continuing operations | 39,300,000 | 36,800,000 | 28,000,000 | |
Net earnings from discontinued operations | 5,900,000 | 5,300,000 | ||
Tax payments, net of refunds | $ 20,100,000 | 5,000,000 | 5,700,000 | |
Federal statutory income tax rate | 35.00% | |||
Net operating loss carryforward | $ 9,300,000 | |||
Valuation allowance related to capital loss carryforward | 4,600,000 | |||
Valuation allowance | 900,000 | |||
Valuation allowance related to foreign tax credits | 600,000 | |||
Valuation allowance related to charitable contributions and other carryforwards | 700,000 | |||
Deferred taxes, addition | 34,600,000 | |||
Net amount that would be reflected in the income tax provision, impacting the effective tax rate, unrecognized tax benefits were recognized | 1,100,000 | 1,100,000 | $ 800,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 200,000 | $ 100,000 | ||
Tax years open to examination | 2,011 | 2,013 | ||
Gain (Loss) on Disposition of Business | 3,100,000 | |||
Other Tax Expense (Benefit) | 6,600,000 | |||
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | 1,040,000 | |||
State [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Valuation allowance | $ 4,700,000 |
Income Taxes (Schedule Of The C
Income Taxes (Schedule Of The Components Of Income Tax Provision On Earnings From Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal: Current | $ 27,311 | $ 14,621 | $ 2,803 |
Federal: Deferred | (9,502) | 260 | 5,803 |
Federal income tax provision | 17,809 | 14,881 | 8,606 |
State: Current | 5,501 | 5,770 | 1,560 |
State: Deferred | (642) | (1,210) | 1,899 |
State inome tax provision | 4,859 | 4,560 | 3,459 |
Foreign | 4,516 | 4,317 | 4,591 |
Total income tax provision (benefit) | $ 27,184 | $ 23,758 | $ 16,656 |
Income Taxes (Schedule Of The D
Income Taxes (Schedule Of The Differences Between The Tax Provision Reflected In The Consolidated Financial Statements And The Amounts Calculated At The Federal Statutory Income Tax Rate Of 35%) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at statutory rate | $ 38,544 | $ 27,208 | $ 18,139 |
State income taxes, net of federal tax benefit | 3,159 | 2,964 | 2,248 |
Foreign earnings taxed at lower rates | (8,882) | (8,090) | (5,206) |
Non-deductibility of impairment of assets held for sale | 0 | 1,631 | 0 |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | 1,040 | ||
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | (7,428) | ||
Other | 751 | 45 | 1,475 |
Total income tax provision (benefit) | $ 27,184 | $ 23,758 | $ 16,656 |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of Deferred Income Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets: Employee benefits, compensation and insurance | $ 26,430 | $ 15,264 |
Deferred Tax Assets: Accrued expenses | 16,539 | 17,235 |
Deferred Tax Assets: Postretirement and postemployment benefit plans | 862 | 746 |
Deferred Tax Assets: Deferred rent | 6,285 | 6,255 |
Deferred Tax Assets: Accounts receivable reserves | 7,563 | 7,052 |
Deferred Tax Assets: Net operating loss (“NOL”) carryforward/carryback | 9,483 | 14,917 |
Deferred Tax Assets: Capital loss carryforward | 5,188 | 5,145 |
Deferred Tax Assets: Foreign tax credit carryforward | 1,098 | 4,236 |
Deferred Tax Assets: Other tax credit carryforward | 0 | 3,591 |
Deferred Tax Assets: Inventory capitalization and inventory reserves | 1,683 | 5,317 |
Deferred Tax Assets: Intangible assets | 4,865 | 6,924 |
Deferred Tax Assets, Depreciation | 3,957 | 0 |
Deferred Tax Assets: Other | 1,907 | 4,923 |
Total deferred tax assets, before valuation allowance | 85,860 | 91,605 |
Valuation allowance | (11,514) | (13,949) |
Total deferred tax assets, net of valuation allowance | 74,346 | 77,656 |
Deferred Tax Liabilities: Retirement plans | (23,822) | (29,608) |
Deferred Tax Liabilities: LIFO inventory valuation | (56,525) | (51,460) |
Deferred Tax Liabilities: Capitalized software | (12,721) | (15,729) |
Deferred Tax Liabilities: Other | (1,118) | (1,966) |
Deferred Tax Liabilities: Depreciation | 0 | (2,212) |
Total deferred tax liabilities | (94,186) | (100,975) |
Net deferred tax liability | $ (19,840) | $ (23,319) |
Income Taxes (Summary Of A Reco
Income Taxes (Summary Of A Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Disclosure [Abstract] | |||
Balance | $ 1,015 | $ 1,149 | $ 209 |
Additions for tax positions of prior years | 1,015 | ||
Reductions for tax positions of prior years due to a lapse in the statute of limitations | 0 | 134 | 75 |
Balance | $ 1,015 | $ 1,015 | $ 1,149 |
Business Segment Information (S
Business Segment Information (Schedule Of Business Segment Information) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2015USD ($)retail_store | Nov. 01, 2014USD ($) | Aug. 02, 2014USD ($) | May. 03, 2014USD ($) | Feb. 01, 2014USD ($) | Nov. 02, 2013USD ($) | Aug. 03, 2013USD ($) | May. 04, 2013USD ($) | Jan. 31, 2015USD ($)retail_store | Feb. 01, 2014USD ($) | Feb. 02, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Stores | retail_store | 1,209 | 1,209 | |||||||||
Sales Revenue, Goods, Net | $ 615,393 | $ 729,277 | $ 635,877 | $ 591,162 | $ 599,962 | $ 702,788 | $ 621,706 | $ 588,656 | $ 2,571,709 | $ 2,513,113 | $ 2,477,796 |
Intersegment sales | 114,408 | 132,596 | 141,634 | ||||||||
Depreciation, Depletion and Amortization | 51,615 | 55,329 | 54,783 | ||||||||
Amortization of Financing Costs and Discounts | 2,400 | 2,513 | 2,561 | ||||||||
Operating earnings (loss) | 125,934 | 98,617 | 74,478 | ||||||||
Segment assets - continuing operations | 1,216,812 | 1,149,403 | 1,216,812 | 1,149,403 | |||||||
Payments to Acquire Productive Assets | 44,952 | 43,968 | 55,801 | ||||||||
Capitalized Computer Software, Net | 5,086 | 5,235 | 5,086 | 5,235 | 7,928 | ||||||
Continuing Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment assets - continuing operations | $ 1,216,812 | 1,149,403 | $ 1,216,812 | 1,149,403 | 1,173,973 | ||||||
Famous Footwear [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Stores | retail_store | 1,038 | 1,038 | |||||||||
Sales Revenue, Goods, Net | $ 1,589,258 | 1,588,552 | 1,583,242 | ||||||||
Intersegment sales | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 26,581 | 25,917 | 22,827 | ||||||||
Amortization of Financing Costs and Discounts | 0 | 0 | 0 | ||||||||
Operating earnings (loss) | 104,581 | 105,382 | 94,234 | ||||||||
Segment assets - continuing operations | $ 458,847 | 448,549 | 458,847 | 448,549 | |||||||
Payments to Acquire Productive Assets | 33,001 | 32,728 | 34,931 | ||||||||
Capitalized Computer Software, Net | 198 | 193 | 198 | 193 | 0 | ||||||
Famous Footwear [Member] | Continuing Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment assets - continuing operations | 488,464 | ||||||||||
Brand Portfolio [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Goods, Net | 982,451 | 924,561 | 894,554 | ||||||||
Intersegment sales | 114,408 | 132,596 | 141,634 | ||||||||
Depreciation, Depletion and Amortization | 8,974 | 13,440 | 16,671 | ||||||||
Amortization of Financing Costs and Discounts | 0 | 0 | 0 | ||||||||
Operating earnings (loss) | 73,403 | 39,909 | 21,259 | ||||||||
Segment assets - continuing operations | 518,099 | 514,902 | 518,099 | 514,902 | 552,428 | ||||||
Payments to Acquire Productive Assets | 6,105 | 6,026 | 15,685 | ||||||||
Capitalized Computer Software, Net | 58 | 122 | 58 | 122 | 3 | ||||||
Other Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Goods, Net | 0 | 0 | 0 | ||||||||
Intersegment sales | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 16,060 | 15,972 | 15,285 | ||||||||
Amortization of Financing Costs and Discounts | 2,400 | 2,513 | 2,561 | ||||||||
Operating earnings (loss) | (52,050) | (46,674) | (41,015) | ||||||||
Segment assets - continuing operations | 239,866 | 185,952 | 239,866 | 185,952 | |||||||
Payments to Acquire Productive Assets | 5,846 | 5,214 | 5,185 | ||||||||
Capitalized Computer Software, Net | $ 4,830 | $ 4,920 | $ 4,830 | 4,920 | 7,925 | ||||||
Other Segment [Member] | Continuing Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment assets - continuing operations | 133,081 | ||||||||||
UNITED STATES | Specialty Retail [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Stores | retail_store | 82 | 82 | |||||||||
CANADA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Goods, Net | $ 58,883 | $ 60,783 | $ 68,441 | ||||||||
CANADA | Specialty Retail [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Stores | retail_store | 89 | 89 |
Business Segment Information 74
Business Segment Information (Schedule Of Reconciliation Of Operating Earnings Before Income Taxes From Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | May. 04, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Goods, Net | $ 615,393 | $ 729,277 | $ 635,877 | $ 591,162 | $ 599,962 | $ 702,788 | $ 621,706 | $ 588,656 | $ 2,571,709 | $ 2,513,113 | $ 2,477,796 |
Operating earnings | 125,934 | 98,617 | 74,478 | ||||||||
Interest expense | (20,445) | (21,254) | (22,973) | ||||||||
Gains (Losses) on Extinguishment of Debt | (420) | 0 | 0 | ||||||||
Interest income | 379 | 377 | 322 | ||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | 4,679 | (576) | 0 | ||||||||
Earnings before income taxes from continuing operations | 110,127 | 77,740 | 51,827 | ||||||||
Long Lived Assets Held For Use | 425,916 | 356,854 | 425,916 | 356,854 | 398,831 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Goods, Net | 2,318,530 | 2,258,605 | 2,251,094 | ||||||||
Far East [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Goods, Net | 194,296 | 193,725 | 158,261 | ||||||||
Long Lived Assets Held For Use | 2,336 | 2,454 | 2,336 | 2,454 | 9,478 | ||||||
CANADA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales Revenue, Goods, Net | 58,883 | 60,783 | 68,441 | ||||||||
Long Lived Assets Held For Use | 8,773 | 7,159 | 8,773 | 7,159 | 7,824 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long Lived Assets Held For Use | 414,559 | 347,005 | 414,559 | 347,005 | 381,459 | ||||||
Latin America Europe And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long Lived Assets Held For Use | $ 248 | $ 236 | $ 248 | $ 236 | $ 70 |
Property & Equipment (Details)
Property & Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 438,696 | $ 428,540 | |
Other Asset Impairment Charges | 2,000 | 1,600 | $ 4,100 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (288,953) | (284,980) | |
Property, Plant and Equipment, Net | $ 149,743 | 143,560 | |
Selling, General and Administrative Expenses [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Other Asset Impairment Charges | 500 | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Land and Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 40,078 | 37,206 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 183,466 | 183,266 | |
Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Technology Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 53,406 | 51,074 | |
Technology Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Technology Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 35,988 | 36,029 | |
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 8 years | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 117,254 | 116,501 | |
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 8,504 | $ 4,464 | |
Restructuring Charges [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Other Asset Impairment Charges | $ 3,600 |
Goodwill And Intangible Asset76
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | Feb. 03, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets not subject to amortization | $ 20,800 | $ 21,000 | ||
Amortization expense related to intangible assets | 3,951 | 6,249 | $ 7,184 | |
Intangible assets acquired | $ (65,000) | $ 65,065 | 0 | 5,000 |
Transaction costs | $ 100 | |||
Intangible Assets, Explanation of Significant Deletions | 0.2 | |||
Intangible assets, estimated amortization expense in 2015 | $ 3,700,000 | |||
Intangible assets, estimated amortization expense in 2016 | 3,700,000 | |||
Intangible assets, estimated amortization expense in 2017 | 3,700,000 | |||
Intangible assets, estimated amortization expense in 2018 | 3,700,000 | |||
Intangible assets, estimated amortization expense in 2019 | 3,700,000 | |||
Primarily Owned and Licensed Trademarks [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense related to intangible assets | $ 4,000 | $ 6,000 | $ 6,300 | |
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, estimated useful lives | 4 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, estimated useful lives | 40 years |
Goodwill And Intangible Asset77
Goodwill And Intangible Assets (Schedule Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 185,868 | $ 121,003 |
Accumulated amortization | (65,235) | (61,284) |
Total intangible assets, net | 120,633 | 59,719 |
Goodwill | 13,954 | 13,954 |
Goodwill and intangible assets, net | 134,587 | 73,673 |
Famous Footwear [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 2,800 | 3,000 |
Brand Portfolio [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 183,068 | 118,003 |
Goodwill | $ 13,954 | $ 13,954 |
Long-Term And Short-Term Fina78
Long-Term And Short-Term Financing Arrangements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Debt Instrument [Line Items] | |||
Expiration date | Dec. 18, 2019 | ||
Maximum aggregate amount of revolving credit facility | $ 600,000 | ||
Amount borrowed under Credit Agreement | $ 150,000 | ||
Percentage of borrowing base under condition one | 12.50% | ||
Total commitment under condition two | $ 50,000 | ||
Number of consecutive business days over minimum | 30 days | ||
Percentage of borrowing base under condition two | 10.00% | ||
Fixed charge coverage ratio | 100.00% | ||
Maximum amount of borrowings under either the Credit Agreement or Former Credit Agreement at the end of any month | $ 74,000 | $ 159,000 | |
Average daily borrowings | $ 37,600 | $ 69,300 | |
Weighted average interest rate | 2.90% | 2.80% | |
Amount of borrowings outstanding | $ 0 | $ 7,000 | |
Letters of credit outstanding under the Credit Agreement | 6,300 | ||
Additional borrowings under Credit Agreement | 525,600 | ||
Aggregate principal amount | 200,000 | ||
Loss on early extinguishment of 2012 Senior Notes | $ 420 | 0 | $ 0 |
2019 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 7.125% | ||
Cash payments of interest for financing arrangements | $ 17,900 | $ 18,700 | $ 20,300 |
2012 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 8.80% |
Long-Term And Short-Term Fina79
Long-Term And Short-Term Financing Arrangements (Schedule Of Redemption Price Percentage) (Details) | 12 Months Ended |
Jan. 31, 2015 | |
2015 [Member] | |
Long-Term And Short-Term Financing Arrangements [Line Items] | |
Redemption price percentage | 103.563% |
2016 [Member] | |
Long-Term And Short-Term Financing Arrangements [Line Items] | |
Redemption price percentage | 102.00% |
2017 And Thereafter [Member] | |
Long-Term And Short-Term Financing Arrangements [Line Items] | |
Redemption price percentage | 100.00% |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Operating Leased Assets [Line Items] | |||
Minimum rent | $ 143,050 | $ 143,958 | $ 145,788 |
Contingent rent | 971 | 942 | 567 |
Sublease income | (1,197) | (1,170) | (1,145) |
Total | 142,824 | $ 143,730 | $ 145,210 |
2,014 | 153,334 | ||
2,015 | 127,184 | ||
2,016 | 97,447 | ||
2,017 | 74,236 | ||
2,018 | 53,686 | ||
Thereafter | 169,981 | ||
Total minimum operating lease payments | $ 675,868 | ||
Retail Site [Member] | |||
Operating Leased Assets [Line Items] | |||
Leases subject to renewal options, percentage | 54.00% | ||
Office Building [Member] | |||
Operating Leased Assets [Line Items] | |||
Average lease terms | 10 years | ||
Minimum [Member] | Office Building [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Leases General Minimum Lease Terms | 5 years | ||
Minimum [Member] | Retail Site [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Leases General Minimum Lease Terms | 5 years | ||
Maximum [Member] | Office Building [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Leases General Minimum Lease Terms | 20 years | ||
Maximum [Member] | Retail Site [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Leases General Minimum Lease Terms | 10 years |
Risk Management And Derivativ81
Risk Management And Derivatives (Schedule Of Contract Notional Amount Of All Purchase And Sale Contracts Of A Foreign Currency) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Derivative [Line Items] | ||
Derivative, Description of Terms | January 2,016 | January 2,015 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional contract amount of all purchase and sale contracts of a foreign currency | $ 53,389 | $ 49,676 |
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 | 19,633 | 20,197 |
Chinese Yuan [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional contract amount of all purchase and sale contracts of a foreign currency | 14,512 | 15,278 |
Euro [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional contract amount of all purchase and sale contracts of a foreign currency | 16,152 | 11,270 |
Japanese Yen [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional contract amount of all purchase and sale contracts of a foreign currency | 1,523 | 1,586 |
Taiwan, New Dollars | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional contract amount of all purchase and sale contracts of a foreign currency | 599 | 553 |
Other Currencies [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional contract amount of all purchase and sale contracts of a foreign currency | $ 970 | $ 792 |
Risk Management And Derivativ82
Risk Management And Derivatives (Schedule Of Fair Values Of Derivative Instruments Designated As Hedging Instruments Included Within The Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Asset Derivatives, Fair Value | $ 1,863 | $ 1,056 |
Other Accrued Expenses [Member] | ||
Derivative [Line Items] | ||
Liability Derivatives, Fair Value | $ 1,784 | $ 222 |
Risk Management And Derivativ83
Risk Management And Derivatives (Schedule Of Effect Of Derivative Instruments In Cash Flow Hedging Relationships On The Condensed Consolidated Statements Of Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Net Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | $ 166 | $ 321 |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | 93 | 244 |
Cost Of Goods Sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | (693) | 762 |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | 113 | 71 |
Selling And Administrative Expenses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | (271) | 675 |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | (64) | 355 |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | 18 | 20 |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Nov. 02, 2013 | Aug. 03, 2013 | May. 04, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-lived assets held for use | $ 87,800 | $ 81,400 | $ 61,500 | |||
Impairment charge of long-lived assets | 4,100 | |||||
Impairment of assets held for sale after tax | $ 4,700 | |||||
Impairment of assets held for sale per diluted share | $ 0.11 | |||||
Loss on sale of assets | 0 | 11,512 | 3,530 | |||
American Sporting Goods Corporation [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Gain (loss) on sale | $ 1,000 | $ (12,600) | ||||
Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loss on sale of assets | $ 600 | |||||
Selling, General and Administrative Expenses [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment charge of long-lived assets | 2,000 | 1,400 | ||||
Selling, General 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 | 1,000 | 700 | ||||
Selling, General and Administrative Expenses [Member] | Brand Portfolio [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment charge of long-lived assets | $ 1,000 | $ 700 | ||||
Performance Share Units [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Requisite service period | 3 years | |||||
Minimum pay out percentage | 0.00% | |||||
Maximum pay out percentage | 200.00% | |||||
Famous Footware [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment charge of long-lived assets | 1,600 | |||||
Impairment Of Long Lived Assets Held For Use Included In Restructuring And Other Special Charges Net | 1,300 | |||||
Impairment Of Long Lived Assets Held For Use Included In Selling And Administrative Expenses | 300 | |||||
Brand Portfolio [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment charge of long-lived assets | 2,500 | |||||
Impairment Of Long Lived Assets Held For Use Included In Restructuring And Other Special Charges Net | 2,300 | |||||
Impairment Of Long Lived Assets Held For Use Included In Selling And Administrative Expenses | 200 | |||||
Etienne Aigner [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment of Intangible Assets, Finite-lived | 5,800 | |||||
Impairment Of Intangible Assets Finite Lived After Tax | $ 3,500 | |||||
Impairment Of Intangible Assets Finite Lived Per Diluted Share | $ 0.08 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) | Jan. 31, 2015 | Feb. 01, 2014 |
Cash Equivalents - Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | $ 35,533,000 | $ 41,236,000 |
Cash Equivalents - Money Market Funds [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 35,533,000 | 41,236,000 |
Cash Equivalents - Money Market Funds [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 0 | |
Cash Equivalents - Money Market Funds [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 0 | |
Non-Qualified Deferred Compensation Plan Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 2,904,000 | 2,191,000 |
Non-Qualified Deferred Compensation Plan Assets [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 2,904,000 | 2,191,000 |
Non-Qualified Deferred Compensation Plan Assets [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 0 | |
Non-Qualified Deferred Compensation Plan Assets [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 0 | |
Non-Qualified Deferred Compensation Plan Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (2,904,000) | (2,191,000) |
Non-Qualified Deferred Compensation Plan Liabilities [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (2,904,000) | (2,191,000) |
Non-Qualified Deferred Compensation Plan Liabilities [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | |
Non-Qualified Deferred Compensation Plan Liabilities [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 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 | (2,066,000) | (1,668,000) |
Deferred Compensation Plan Liabilities For Non-Employee Directors [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (2,066,000) | (1,668,000) |
Deferred Compensation Plan Liabilities For Non-Employee Directors [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | |
Deferred Compensation Plan Liabilities For Non-Employee Directors [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | |
Restricted Stock Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (8,857,000) | (7,769,000) |
Restricted Stock Units [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (8,857,000) | (7,769,000) |
Restricted Stock Units [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | |
Restricted Stock Units [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | |
Performance Share Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (5,147,000) | (2,300,000) |
Performance Share Units [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (5,147,000) | (2,300,000) |
Performance Share Units [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | |
Performance Share Units [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | |
Derivative Financial Instruments, Net [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 79,000 | 834,000 |
Derivative Financial Instruments, Net [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 0 | 0 |
Derivative Financial Instruments, Net [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 79,000 | $ 834,000 |
Derivative Financial Instruments, Net [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 0 | |
Convertible Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 6,957,000 | |
Convertible Debt Securities [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | |
Convertible Debt Securities [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | |
Convertible Debt Securities [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | $ 6,957,000 |
Fair Value Measurements (Sche86
Fair Value Measurements (Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 |
Fair Value Disclosures [Abstract] | ||
Long-term debt | $ 199,197 | $ 199,010 |
Long-term Debt, Fair Value | $ 208,000 | $ 210,500 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Changes In Shareholders' Equity And Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | May. 04, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Aug. 25, 2011 | |
Shareholders' Equity [Line Items] | ||||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 2,500,000 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 477,362 | $ 425,901 | $ 477,362 | $ 425,901 | $ 413,716 | |||||||
Net earnings | $ 16,191 | $ 33,237 | $ 18,039 | 15,476 | $ 6,161 | $ 27,284 | $ 15,283 | (10,832) | 82,943 | 37,896 | 27,204 | |
Other comprehensive (loss) income | (14,008) | 15,792 | (8,753) | |||||||||
Issuance of common stock under share-based plans, net | 443 | 804 | (1,700) | |||||||||
Tax benefit related to share-based plans | 929 | 3,439 | 944 | |||||||||
Share-based compensation expense | 6,190 | 5,567 | 6,489 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 541,622 | 477,362 | $ 541,622 | 477,362 | 425,901 | |||||||
Exercised | 316,835 | |||||||||||
Brown Shoe Company, Inc. Shareholders' Equity [Member] | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 476,699 | 425,129 | $ 476,699 | 425,129 | 412,669 | |||||||
Net earnings | 82,850 | 38,073 | 27,491 | |||||||||
Tax benefit related to share-based plans | 929 | 3,439 | 944 | |||||||||
Share-based compensation expense | 6,190 | 5,567 | 6,489 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 540,910 | 476,699 | 540,910 | 476,699 | 425,129 | |||||||
Noncontrolling Interest [Member] | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 663 | $ 772 | 663 | 772 | 1,047 | |||||||
Net earnings | 93 | (177) | (287) | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 712 | $ 663 | $ 712 | $ 663 | $ 772 | |||||||
Repurchases Related To Employee Share Based Awards [Member] | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Exercised | 172,471 | 327,276 |
Shareholders' Equity (Schedul88
Shareholders' Equity (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | $ 16,676 | $ 884 | $ 9,637 |
Other comprehensive (loss) income before reclassifications | (13,747) | 15,840 | (9,061) |
Amounts reclassified from accumulated other comprehensive income (loss) | (217) | (48) | 308 |
Other comprehensive (loss) income | (14,008) | 15,792 | (8,753) |
Balance, ending | 2,712 | 16,676 | 884 |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | 2,356 | 6,912 | 6,449 |
Other comprehensive (loss) income before reclassifications | (3,101) | (4,556) | 463 |
Other comprehensive (loss) income | (3,101) | (4,556) | 463 |
Balance, ending | (745) | 2,356 | 6,912 |
Pension and Other Postretirement Transactions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | 13,582 | (5,947) | 3,114 |
Other comprehensive (loss) income before reclassifications | (10,235) | 19,136 | (9,122) |
Amounts reclassified from accumulated other comprehensive income (loss) | (114) | 393 | 61 |
Other comprehensive (loss) income | (10,349) | 19,529 | (9,061) |
Balance, ending | 3,233 | 13,582 | (5,947) |
Derivative Transactions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | 738 | (81) | 74 |
Other comprehensive (loss) income before reclassifications | (411) | 1,260 | (402) |
Amounts reclassified from accumulated other comprehensive income (loss) | (103) | (441) | 247 |
Other comprehensive (loss) income | (514) | 819 | (155) |
Balance, ending | 224 | $ 738 | $ (81) |
Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income | $ (13,964) |
Shareholders' Equity (Schedul89
Shareholders' Equity (Schedule Of Amounts Reclassified From Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax provision (benefit) | $ (27,184) | $ (23,758) | $ (16,656) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 217 | 48 | (308) | |
Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (217) | (48) | ||
Derivative Transactions [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 103 | 441 | (247) | |
Derivative Transactions [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gains from derivative financial instruments | [1] | (142) | (670) | |
Tax provision (benefit) | 39 | 229 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (103) | (441) | ||
Pension and Other Postretirement Transactions [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 114 | (393) | $ (61) | |
Pension and Other Postretirement Transactions [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pension and other postretirement benefits actuarial (gain) loss | [2] | (231) | 604 | |
Pension benefits prior service expense | [2] | 27 | 13 | |
Pension and other postretirement benefits adjustments | (204) | 617 | ||
Tax provision (benefit) | 90 | (224) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | $ (114) | $ 393 | ||
[1] | See Note 12 and Note 13 to the consolidated financial statements for additional information related to derivative financial instruments. | |||
[2] | See Note 5 to the consolidated financial statements for additional information related to pension and other postretirement benefits. |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted- Average Remaining Life (Years) | 3 years | |||
Share-based compensation expense | $ 6,190 | $ 5,567 | $ 6,489 | |
Total share-based compensation expense | $ 6,190 | $ 5,567 | $ 6,489 | |
Shares of common stock issued during the period | 373,752 | 481,916 | 925,676 | |
Weighted-average grant date fair value of stock | $ 9.46 | $ 5.46 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 5,200 | $ 4,100 | $ 4,800 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 11,100 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 929 | 3,439 | 944 | |
Vesting period, in years | 4 years | |||
Nonvested at February 1, 2014 | 148,535 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 297,070 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 9,300 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 4,900 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 4,100 | |||
Less: Income tax benefit | (2,397) | (2,136) | (2,507) | |
Allocated Share-based Compensation Expense, Net of Tax | $ 3,793 | 3,431 | 3,982 | |
Weighted Average [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted- Average Remaining Life (Years) | 2 years 10 months 24 days | |||
Performance Share Plan Cash Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 6,600 | 3,700 | 1,800 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 6,236 | $ 5,319 | $ 5,946 | |
Number of stock shares granted | 281,710 | 411,735 | 759,400 | |
Weighted-average grant date fair value of stock | $ 28.17 | $ 17.47 | $ 9.71 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 364,238 | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 800 | $ 2,900 | $ 944 | |
Vested | $ 14.21 | |||
Cancelled shares of stock as a result of forfeitures of restricted stock awards | 55,100 | 163,250 | 169,300 | |
Forfeited | $ 15.89 | |||
Nonvested at February 1, 2014 | 1,562,470 | 1,700,098 | ||
Performance Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 0 | $ 0 | $ 328 | |
Number of stock shares granted | 2,400,000 | |||
Weighted-average grant date fair value of stock | $ 28.18 | $ 17 | $ 9.46 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (84,275) | 117,250 | 140,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | |||
Vested | $ 9.27 | |||
Forfeited | $ 15.96 | |||
Minimum pay out percentage | 0.00% | |||
Maximum pay out percentage | 200.00% | |||
Requisite service period | 3 years | |||
Performance Share Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock shares granted | 176,370 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (168,550) | |||
Cancelled shares of stock as a result of forfeitures of restricted stock awards | (39,800) | |||
Nonvested at February 1, 2014 | 297,070 | 329,050 | ||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants in Period, Gross | [1] | 41,949 | ||
Total share-based compensation expense | $ 2,707 | $ 3,258 | $ 2,769 | |
Weighted-average grant date fair value of stock | [2] | $ 28.69 | $ 21.33 | $ 12.04 |
Nonvested at February 1, 2014 | 38,700 | 54,450 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,558 | $ 1,600 | $ 1,156 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Vested, Settled In Period | 57,260 | 10,000 | 6,000 | |
Less: Income tax benefit | $ (1,053) | $ (1,267) | $ (1,077) | |
Allocated Share-based Compensation Expense, Net of Tax | 1,654 | 1,991 | 1,692 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Intrinsic Value | 9,400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Vested, Intrinsic Value | 8,300 | |||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 8,900 | 7,800 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | (46) | 248 | 215 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 300 | 400 | 500 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 100 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 100 | $ 500 | $ 100 | |
Resulting From Dividend Equivalents Paid On Outstanding Rsus [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants in Period, Gross | 3,249 | |||
Related To Outstanding Vested Rsus [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants in Period, Gross | 2,826 | |||
Target Level [Member] | Performance Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock shares granted | 88,185 | |||
Cancelled shares of stock as a result of forfeitures of restricted stock awards | (19,900) | |||
Nonvested at February 1, 2014 | 148,535 | 164,525 | ||
[1] | Granted RSUs include 3,249 RSUs resulting from dividend equivalents paid on outstanding RSUs, of which 2,826 related to outstanding vested RSUs and 423 to outstanding nonvested RSUs. | |||
[2] | Includes dividend equivalents granted on outstanding RSUs, which vest immediately. |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share-based Compensation by Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 6,190 | $ 5,567 | $ 6,489 |
Less: Income tax benefit | 2,397 | 2,136 | 2,507 |
Total share-based compensation expense, net of income tax benefit | 3,793 | 3,431 | 3,982 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | (46) | 248 | 215 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 0 | 0 | 328 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 6,236 | $ 5,319 | $ 5,946 |
Share-Based Compensation - Sc92
Share-Based Compensation - Schedule of Share-based Compensation Award Activity (Details) - $ / shares | 12 Months Ended | |||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Nonvested Stock Options Grants In Period | 0 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months | |||
Number of Nonvested Shares (in shares) | ||||
Nonvested at January 31, 2015 | 148,535 | |||
Weighted-Average Grant Date Fair Value (in US$ per share) | ||||
Granted | $ 0 | |||
Share-Based Compensation Arrangement By Share-based Payment Award, Options, Vested, Number | 46,875 | |||
Vested | $ 6.42 | |||
Share Based Compensation Arrangement By Share Based Payment Award Nonvested Stock Options Forfeitures In Period | 4,250 | |||
Forfeited | $ 7.60 | |||
Granted | 0 | 4,000 | 26,000 | |
Share Based Compensation Arrangement By Share Based Payment Award Nonvested Stock Options Outstanding Number | 36,625 | 87,750 | ||
Share Based Compensation Arrangement By Share Based Payment Award Nonvested Stock Options Outstanding Weighted Average Grant Date Fair Value | $ 3.28 | $ 5.08 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other than Options Outstanding Number | 330,994 | 346,305 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Accrued | [1] | 318,094 | 328,155 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Number | 292,294 | 291,855 | ||
Number of Nonvested Shares (in shares) | ||||
Nonvested at January 31, 2015 | 38,700 | 54,450 | ||
Weighted-Average Grant Date Fair Value (in US$ per share) | ||||
Nonvested at January 31, 2015 | $ 28.72 | $ 21.30 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Vested, Grants In Period | [2] | 2,826 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Non Vested Grants In Period | [2] | 39,123 | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants in Period, Gross | [2] | 41,949 | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants in Period, Accrued | [1],[2] | 29,049 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Non Vested Grants In Period Weighted Average Grant Date Fair Value | [2] | $ 28.71 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Vested, Vested In Period | 54,873 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Non Vested In Period | (54,873) | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Accrued | [1] | 18,150 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Non Vested In Period Weighted Average Grant Date Fair Value | $ 21.35 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Settled In Period | (57,260) | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options, Settled In Period, Accrued | [1] | (57,260) | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Settled In Period Weighted Average Grant Date Fair Value | $ 26.23 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (84,275) | 117,250 | 140,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | |||
Weighted-Average Grant Date Fair Value (in US$ per share) | ||||
Nonvested at January 31, 2015 | $ 23.39 | $ 12.69 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 364,238 | |||
Number of Nonvested Shares (in shares) | ||||
Nonvested at January 31, 2015 | 1,562,470 | 1,700,098 | ||
Weighted-Average Grant Date Fair Value (in US$ per share) | ||||
Nonvested at January 31, 2015 | $ 15.61 | $ 13.25 | ||
Number of Nonvested Stock Performance Awards at Maximum Level | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (168,550) | |||
Number of Nonvested Shares (in shares) | ||||
Nonvested at January 31, 2015 | 297,070 | 329,050 | ||
Target Level [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (84,275) | |||
Target Level [Member] | Performance Shares [Member] | ||||
Number of Nonvested Shares (in shares) | ||||
Nonvested at January 31, 2015 | 148,535 | 164,525 | ||
[1] | Accrued RSUs include all fully vested awards and a pro-rata portion of nonvested awards based on the elapsed portion of the vesting period. Includes dividend equivalents granted on outstanding RSUs, which vest immediately. | |||
[2] | Granted RSUs include 3,249 RSUs resulting from dividend equivalents paid on outstanding RSUs, of which 2,826 related to outstanding vested RSUs and 423 to outstanding nonvested RSUs. |
Share-Based Compensation - Sc93
Share-Based Compensation - Schedule of Fair Value Assumptions Used (Details) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Dividend yield | 1.70% | 3.10% |
Expected volatility | 67.70% | 66.50% |
Risk-free interest rate | 1.30% | 1.40% |
Risk-free interest rate | 7 years | 7 years |
Share-Based Compensation - Sc94
Share-Based Compensation - Schedule of Stock options Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 4.9 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | P10Y | ||
Granted | 0 | 4,000 | 26,000 |
Number of Options | 416,803 | 751,638 | |
Weighted- Average Remaining Life (Years) | 3 years | ||
Weighted- Average Exercise Price | $ 17.75 | $ 16.88 | |
Number of Options | 380,178 | ||
Weighted- Average Exercise Price | $ 18.83 | ||
$3.33 - $11.54 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options | 82,725 | ||
Weighted- Average Remaining Life (Years) | 5 years | ||
Weighted- Average Exercise Price | $ 6.23 | ||
Number of Options | 50,350 | ||
Weighted- Average Exercise Price | $ 6.71 | ||
$11.55 - $14.45 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options | 66,000 | ||
Weighted- Average Remaining Life (Years) | 5 years | ||
Weighted- Average Exercise Price | $ 13.95 | ||
Number of Options | 66,000 | ||
Weighted- Average Exercise Price | $ 13.95 | ||
$14.46 - $15.35 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options | 101,110 | ||
Weighted- Average Remaining Life (Years) | 1 year | ||
Weighted- Average Exercise Price | $ 15 | ||
Number of Options | 96,860 | ||
Weighted- Average Exercise Price | $ 14.99 | ||
$15.36 - $22.44 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options | 91,221 | ||
Weighted- Average Remaining Life (Years) | 1 year | ||
Weighted- Average Exercise Price | $ 20.94 | ||
Number of Options | 91,221 | ||
Weighted- Average Exercise Price | $ 20.94 | ||
$22.45 - $35.25 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options | 75,747 | ||
Weighted- Average Remaining Life (Years) | 2 years | ||
Weighted- Average Exercise Price | $ 33.50 | ||
Number of Options | 75,747 | ||
Weighted- Average Exercise Price | $ 33.50 |
Share-Based Compensation - Sc95
Share-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | $ 9.46 | $ 5.46 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,800 | $ 4,000 | $ 500 |
Number of Options (in shares) | |||
Outstanding at February 1, 2014 | 751,638 | ||
Granted | 0 | 4,000 | 26,000 |
Exercised | (316,835) | ||
Forfeited | (18,000) | ||
Canceled or expired | 0 | ||
Outstanding at January 31, 2015 | 416,803 | 751,638 | |
Number of Options | 380,178 | ||
Weighted-Average Exercise Price (in US$ per share) | |||
Outstanding at February 1, 2014 | $ 16.88 | ||
Granted | 0 | ||
Exercised | 15.21 | ||
Forfeited | 24.36 | ||
Canceled or expired | 0 | ||
Outstanding at January 31, 2015 | 17.75 | $ 16.88 | |
Weighted- Average Exercise Price | $ 18.83 | ||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ 3,200 | $ 4,900 | $ 900 |
Shares tendered by employees in satisfaction of the exercise price of stock options | 60,624 | 91,157 | 33,033 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 929 | $ 3,439 | $ 944 |
Employee Stock Option [Member] | |||
Weighted-Average Exercise Price (in US$ per share) | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 100 | $ 500 | $ 100 |
Related To Outstanding Nonvested Rsus [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants in Period, Gross | 423 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 12 Months Ended | ||
Jan. 31, 2015USD ($)retail_store | Feb. 01, 2014USD ($) | Feb. 02, 2013USD ($) | |
Related Party Transaction [Line Items] | |||
Transferred operation to CBI, number of retail stores | retail_store | 1,209 | ||
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 | $ 8.6 | $ 8.3 | $ 6.9 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |
Expected on-site remediation liability, year one | $ 200 |
Expected on-site remediation liability, year two | 200 |
Expected on-site remediation liability, year three | 200 |
Expected on-site remediation liability, year four | 200 |
Expected on-site remediation liability, year five | 200 |
Estimated Litigation Liability | 1,500 |
Loss Contingency, Range of Possible Loss, Minimum | 1,000 |
Loss Contingency Accrual | $ 1,500 |
Redfield Site [Member] | |
Loss Contingencies [Line Items] | |
Liability for on-site remediation, discounted rate | 4.80% |
On-site remediation liability, undiscounted basis | $ 15,400 |
Expected on-site remediation liability, thereafter | 14,400 |
Cumulative expenditures for both on-site and off-site remediation | 26,900 |
Reserve for anticipated future remediation activities | 9,800 |
Reserve for anticipated future remediation activities for on-site remediation | 5,200 |
Reserve for anticipated future remediation activities for off-site remediation | 4,600 |
Redfield Site Other Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Accrual for environmental loss contingencies in other liabilities | 9,100 |
Redfield Site Other Accrued Expense [Member] | |
Loss Contingencies [Line Items] | |
Accrual for environmental loss contingencies in other accrued expenses | $ 700 |
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, thereafter | $ 800 |
Accrual for environmental loss contingencies in other accrued expenses | 200 |
Accrued liability to complete the cleanup, maintenance and monitoring at all sites | 1,300 |
Accrued liability on an undiscounted basis | $ 1,800 |
Financial Information For The98
Financial Information For The Company And Its Subsidiaries (Schedule Of Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Assets | ||||
Cash and cash equivalents | $ 67,403 | $ 82,546 | $ 68,223 | $ 47,682 |
Receivables, net | 136,646 | 129,217 | ||
Inventories, net | 543,103 | 547,531 | ||
Prepaid Expense And Other Current Assets Including Taxes | 43,744 | 33,136 | ||
Current assets – discontinued operations | 0 | 119 | ||
Intercompany receivable – current | 0 | 0 | ||
Total current assets | 790,896 | 792,549 | ||
Property and equipment, net | 149,743 | 143,560 | ||
Other Assets Noncurrent Including Pension and Deferred Taxes | 141,586 | 139,621 | ||
Goodwill and intangible assets, net | 134,587 | 73,673 | ||
Total assets | 1,216,812 | 1,149,403 | ||
Liabilities and Equity | ||||
Borrowings under revolving credit agreement | 0 | 7,000 | ||
Trade accounts payable | 215,921 | 226,602 | ||
Other accrued expenses | 88,740 | 85,603 | ||
Accrued Liabilities Current Including Employee Comp and Income Taxes | 181,162 | 152,545 | ||
Current liabilities – discontinued operations | 0 | 708 | ||
Total current liabilities | 397,083 | 386,855 | ||
Other liabilities | ||||
Long-term debt | 199,197 | 199,010 | ||
Other liabilities | 78,910 | 86,176 | ||
Total other liabilities | 278,107 | 285,186 | ||
Equity | ||||
Brown Shoe Company, Inc. shareholders' equity | 540,910 | 476,699 | ||
Noncontrolling interests | 712 | 663 | ||
Total equity | 541,622 | 477,362 | 425,901 | 413,716 |
Total liabilities and equity | 1,216,812 | 1,149,403 | ||
Parent [Member] | ||||
Assets | ||||
Cash and cash equivalents | 13,891 | 0 | 0 | |
Receivables, net | 89,030 | 84,428 | ||
Inventories, net | 148,082 | 119,131 | ||
Prepaid Expense And Other Current Assets Including Taxes | 41,494 | 38,029 | ||
Current assets – discontinued operations | 119 | |||
Intercompany receivable – current | 1,194 | 602 | ||
Total current assets | 293,691 | 242,309 | ||
Property and equipment, net | 29,237 | 27,201 | ||
Other Assets Noncurrent Including Pension and Deferred Taxes | 113,922 | 123,066 | ||
Goodwill and intangible assets, net | 117,792 | 55,225 | ||
Investment in subsidiaries | 956,831 | 844,570 | ||
Intercompany receivable – noncurrent | 459,774 | 457,507 | ||
Total assets | 1,971,247 | 1,749,878 | ||
Liabilities and Equity | ||||
Borrowings under revolving credit agreement | 7,000 | |||
Trade accounts payable | 60,377 | 72,487 | ||
Other accrued expenses | 110,714 | 82,403 | ||
Current liabilities – discontinued operations | 708 | |||
Intercompany payable – current | 4,948 | 4,689 | ||
Total current liabilities | 176,039 | 167,287 | ||
Other liabilities | ||||
Long-term debt | 199,197 | 199,010 | ||
Other liabilities | 41,847 | 38,457 | ||
Intercompany payable – noncurrent | 1,013,254 | 868,425 | ||
Total other liabilities | 1,254,298 | 1,105,892 | ||
Equity | ||||
Brown Shoe Company, Inc. shareholders' equity | 540,910 | 476,699 | ||
Total equity | 540,910 | 476,699 | ||
Total liabilities and equity | 1,971,247 | 1,749,878 | ||
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 778 |
Receivables, net | 5,398 | 2,349 | ||
Inventories, net | 376,254 | 401,570 | ||
Prepaid Expense And Other Current Assets Including Taxes | 20,777 | 9,796 | ||
Current assets – discontinued operations | 0 | |||
Intercompany receivable – current | 0 | 191 | ||
Total current assets | 402,429 | 413,906 | ||
Property and equipment, net | 109,720 | 107,163 | ||
Other Assets Noncurrent Including Pension and Deferred Taxes | 13,733 | 13,958 | ||
Goodwill and intangible assets, net | 2,800 | 2,800 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany receivable – noncurrent | 306,871 | 240,592 | ||
Total assets | 835,553 | 778,419 | ||
Liabilities and Equity | ||||
Trade accounts payable | 114,208 | 111,670 | ||
Other accrued expenses | 85,638 | 77,552 | ||
Current liabilities – discontinued operations | 0 | |||
Intercompany payable – current | 0 | 0 | ||
Total current liabilities | 199,846 | 189,222 | ||
Other liabilities | ||||
Other liabilities | 32,574 | 39,941 | ||
Intercompany payable – noncurrent | 21,078 | 38,236 | ||
Total other liabilities | 53,652 | 78,177 | ||
Equity | ||||
Brown Shoe Company, Inc. shareholders' equity | 582,055 | 511,020 | ||
Total equity | 582,055 | 511,020 | ||
Total liabilities and equity | 835,553 | 778,419 | ||
Non-Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 53,512 | 82,546 | $ 68,223 | $ 46,904 |
Receivables, net | 42,218 | 42,440 | ||
Inventories, net | 18,767 | 26,830 | ||
Prepaid Expense And Other Current Assets Including Taxes | 8,964 | 10,212 | ||
Current assets – discontinued operations | 0 | |||
Intercompany receivable – current | 8,750 | 8,860 | ||
Total current assets | 132,211 | 170,888 | ||
Property and equipment, net | 10,786 | 9,196 | ||
Other Assets Noncurrent Including Pension and Deferred Taxes | 13,931 | 2,597 | ||
Goodwill and intangible assets, net | 13,995 | 15,648 | ||
Investment in subsidiaries | (18,909) | (18,947) | ||
Intercompany receivable – noncurrent | 539,396 | 472,160 | ||
Total assets | 691,410 | 651,542 | ||
Liabilities and Equity | ||||
Trade accounts payable | 41,336 | 42,445 | ||
Other accrued expenses | 12,301 | 17,491 | ||
Current liabilities – discontinued operations | 0 | |||
Intercompany payable – current | 4,996 | 4,964 | ||
Total current liabilities | 58,633 | 64,900 | ||
Other liabilities | ||||
Other liabilities | 4,489 | 7,778 | ||
Intercompany payable – noncurrent | 271,709 | 263,598 | ||
Total other liabilities | 276,198 | 271,376 | ||
Equity | ||||
Brown Shoe Company, Inc. shareholders' equity | 355,867 | 314,603 | ||
Noncontrolling interests | 712 | 663 | ||
Total equity | 356,579 | 315,266 | ||
Total liabilities and equity | 691,410 | 651,542 | ||
Eliminations [Member] | ||||
Assets | ||||
Prepaid Expense And Other Current Assets Including Taxes | (27,491) | (24,901) | ||
Current assets – discontinued operations | 0 | |||
Intercompany receivable – current | (9,944) | (9,653) | ||
Total current assets | (37,435) | (34,554) | ||
Investment in subsidiaries | (937,922) | (825,623) | ||
Intercompany receivable – noncurrent | (1,306,041) | (1,170,259) | ||
Total assets | (2,281,398) | (2,030,436) | ||
Liabilities and Equity | ||||
Other accrued expenses | (27,491) | (24,901) | ||
Current liabilities – discontinued operations | 0 | |||
Intercompany payable – current | (9,944) | (9,653) | ||
Total current liabilities | (37,435) | (34,554) | ||
Other liabilities | ||||
Intercompany payable – noncurrent | (1,306,041) | (1,170,259) | ||
Total other liabilities | (1,306,041) | (1,170,259) | ||
Equity | ||||
Brown Shoe Company, Inc. shareholders' equity | (937,922) | (825,623) | ||
Total equity | (937,922) | (825,623) | ||
Total liabilities and equity | $ (2,281,398) | $ (2,030,436) |
Financial Information For The99
Financial Information For The Company And Its Subsidiaries (Schedule Of Condensed Consolidating Statement Of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | May. 04, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ (514) | $ 819 | $ (155) | ||||||||
Net sales | $ 615,393 | $ 729,277 | $ 635,877 | $ 591,162 | $ 599,962 | $ 702,788 | $ 621,706 | $ 588,656 | 2,571,709 | 2,513,113 | 2,477,796 |
Cost of goods sold | 1,531,609 | 1,498,825 | 1,489,221 | ||||||||
Gross profit | 247,387 | 290,730 | 259,642 | 242,341 | 241,407 | 278,240 | 254,626 | 240,016 | 1,040,100 | 1,014,288 | 988,575 |
Selling and administrative expenses | 910,682 | 909,749 | 891,666 | ||||||||
Restructuring and other special charges, net | 3,484 | 1,262 | 22,431 | ||||||||
Impairment of assets held for sale | 0 | 4,660 | 0 | ||||||||
Operating earnings | 125,934 | 98,617 | 74,478 | ||||||||
Interest expense | (20,445) | (21,254) | (22,973) | ||||||||
Gains (Losses) on Extinguishment of Debt | (420) | 0 | 0 | ||||||||
Interest income | 379 | 377 | 322 | ||||||||
Intercompany interest income (expense) | 0 | 0 | |||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | 4,679 | (576) | 0 | ||||||||
Earnings before income taxes from continuing operations | 110,127 | 77,740 | 51,827 | ||||||||
Income tax benefit (provision) | (27,184) | (23,758) | (16,656) | ||||||||
Equity in earnings (loss) of subsidiaries, net of tax | 0 | ||||||||||
Net earnings from continuing operations | 82,943 | 53,982 | 35,171 | ||||||||
Loss (earnings) from discontinued operations, net of tax | 0 | (4,574) | (4,437) | ||||||||
Disposition/impairment of discontinued operations, net of tax | 0 | (11,512) | (3,530) | ||||||||
Equity in earnings (loss) from discontinuing operations of subsidiaries, net of tax | 0 | ||||||||||
Net earnings (loss) from discontinued operations | 0 | (16,086) | (7,967) | ||||||||
Net earnings | 16,191 | 33,237 | 18,039 | 15,476 | 6,161 | 27,284 | 15,283 | (10,832) | 82,943 | 37,896 | 27,204 |
Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax | (3,145) | (4,538) | 475 | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (10,349) | 19,529 | (9,061) | ||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 93 | (177) | (287) | ||||||||
Net earnings attributable to Brown Shoe Company, Inc. | $ 16,244 | $ 33,113 | $ 18,064 | $ 15,429 | $ 6,164 | $ 27,314 | $ 15,357 | $ (10,762) | 82,850 | 38,073 | 27,491 |
Comprehensive (loss) income | 68,935 | 53,706 | 18,463 | ||||||||
Comprehensive (loss) income attributable to noncontrolling interest | 49 | (109) | (275) | ||||||||
Comprehensive (loss) income attributable to Brown Shoe Company, Inc. | 68,886 | 53,815 | 18,738 | ||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (14,008) | 15,792 | (8,753) | ||||||||
Other comprehensive loss income, net of tax | (14,008) | 15,810 | (8,741) | ||||||||
Parent [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (1,250) | (55) | 134 | ||||||||
Net sales | 788,708 | 733,996 | 689,630 | ||||||||
Cost of goods sold | 570,343 | 549,281 | 528,925 | ||||||||
Gross profit | 218,365 | 184,715 | 160,705 | ||||||||
Selling and administrative expenses | 231,141 | 217,902 | 189,648 | ||||||||
Restructuring and other special charges, net | 3,484 | 686 | 12,261 | ||||||||
Operating earnings | (16,260) | (33,873) | (41,204) | ||||||||
Interest expense | (20,444) | (21,163) | (22,584) | ||||||||
Gains (Losses) on Extinguishment of Debt | (420) | ||||||||||
Interest income | 31 | 23 | 10 | ||||||||
Intercompany interest income (expense) | 12,115 | 13,414 | 13,073 | ||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | 0 | ||||||||||
Earnings before income taxes from continuing operations | (24,978) | (41,599) | (50,705) | ||||||||
Income tax benefit (provision) | 10,599 | 20,427 | 15,892 | ||||||||
Equity in earnings (loss) of subsidiaries, net of tax | 97,229 | 75,331 | 70,271 | ||||||||
Net earnings from continuing operations | 54,159 | 35,458 | |||||||||
Loss (earnings) from discontinued operations, net of tax | (5,296) | 802 | |||||||||
Disposition/impairment of discontinued operations, net of tax | 0 | (3,530) | |||||||||
Equity in earnings (loss) from discontinuing operations of subsidiaries, net of tax | (10,790) | (5,239) | |||||||||
Net earnings (loss) from discontinued operations | (16,086) | (7,967) | |||||||||
Net earnings | 82,850 | 38,073 | 27,491 | ||||||||
Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax | 0 | ||||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 10,003 | (19,114) | 8,871 | ||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | ||||||||||
Net earnings attributable to Brown Shoe Company, Inc. | 82,850 | 38,073 | 27,491 | ||||||||
Comprehensive (loss) income | 68,886 | 53,815 | 18,738 | ||||||||
Comprehensive (loss) income attributable to noncontrolling interest | 0 | ||||||||||
Comprehensive (loss) income attributable to Brown Shoe Company, Inc. | 68,886 | 53,815 | 18,738 | ||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | (2,711) | (3,317) | (16) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (13,964) | ||||||||||
Other comprehensive loss income, net of tax | 15,742 | (8,753) | |||||||||
Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | 0 | 0 | ||||||||
Net sales | 1,634,375 | 1,631,755 | 1,620,861 | ||||||||
Cost of goods sold | 899,968 | 900,043 | 903,987 | ||||||||
Gross profit | 734,407 | 731,712 | 716,874 | ||||||||
Selling and administrative expenses | 633,073 | 629,405 | 631,644 | ||||||||
Restructuring and other special charges, net | 0 | 0 | 0 | ||||||||
Operating earnings | 101,334 | 102,307 | 85,230 | ||||||||
Interest expense | (1) | (1) | (3) | ||||||||
Gains (Losses) on Extinguishment of Debt | 0 | ||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Intercompany interest income (expense) | (12,826) | (13,060) | (13,289) | ||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | 0 | ||||||||||
Earnings before income taxes from continuing operations | 88,507 | 89,246 | 71,938 | ||||||||
Income tax benefit (provision) | (34,710) | (35,727) | (28,492) | ||||||||
Equity in earnings (loss) of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net earnings from continuing operations | 53,519 | 43,446 | |||||||||
Loss (earnings) from discontinued operations, net of tax | 0 | 0 | |||||||||
Disposition/impairment of discontinued operations, net of tax | 0 | 0 | |||||||||
Equity in earnings (loss) from discontinuing operations of subsidiaries, net of tax | 0 | 0 | |||||||||
Net earnings (loss) from discontinued operations | 0 | 0 | |||||||||
Net earnings | 53,797 | 53,519 | 43,446 | ||||||||
Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax | 0 | 0 | 0 | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 0 | 0 | 0 | ||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | ||||||||||
Net earnings attributable to Brown Shoe Company, Inc. | 53,797 | 53,519 | 43,446 | ||||||||
Comprehensive (loss) income | 53,797 | 53,519 | 43,446 | ||||||||
Comprehensive (loss) income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income attributable to Brown Shoe Company, Inc. | 53,797 | 53,519 | 43,446 | ||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||
Other comprehensive loss income, net of tax | 0 | 0 | |||||||||
Non-Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 736 | 874 | (289) | ||||||||
Net sales | 329,765 | 361,277 | 401,953 | ||||||||
Cost of goods sold | 213,716 | 236,113 | 265,397 | ||||||||
Gross profit | 116,049 | 125,164 | 136,556 | ||||||||
Selling and administrative expenses | 75,189 | 89,745 | 95,934 | ||||||||
Restructuring and other special charges, net | 0 | 576 | 10,170 | ||||||||
Impairment of assets held for sale | 4,660 | ||||||||||
Operating earnings | 40,860 | 30,183 | 30,452 | ||||||||
Interest expense | 0 | 90 | 386 | ||||||||
Gains (Losses) on Extinguishment of Debt | 0 | ||||||||||
Interest income | 348 | 354 | 312 | ||||||||
Intercompany interest income (expense) | 711 | (354) | 216 | ||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | 4,679 | ||||||||||
Earnings before income taxes from continuing operations | 46,598 | 30,093 | 30,594 | ||||||||
Income tax benefit (provision) | (3,073) | (8,458) | (4,056) | ||||||||
Equity in earnings (loss) of subsidiaries, net of tax | 37 | (168) | (680) | ||||||||
Net earnings from continuing operations | 21,467 | 25,858 | |||||||||
Loss (earnings) from discontinued operations, net of tax | 722 | (5,239) | |||||||||
Disposition/impairment of discontinued operations, net of tax | (11,512) | 0 | |||||||||
Equity in earnings (loss) from discontinuing operations of subsidiaries, net of tax | 0 | ||||||||||
Net earnings (loss) from discontinued operations | (10,790) | (5,239) | |||||||||
Net earnings | 43,562 | 10,677 | 20,619 | ||||||||
Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax | (3,145) | (4,538) | 475 | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 346 | 415 | (190) | ||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 93 | (177) | (287) | ||||||||
Net earnings attributable to Brown Shoe Company, Inc. | 43,469 | 10,854 | 20,906 | ||||||||
Comprehensive (loss) income | 40,807 | 7,428 | 20,615 | ||||||||
Comprehensive (loss) income attributable to noncontrolling interest | 49 | (109) | (275) | ||||||||
Comprehensive (loss) income attributable to Brown Shoe Company, Inc. | 40,758 | 7,537 | 20,890 | ||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (2,755) | ||||||||||
Other comprehensive loss income, net of tax | (3,249) | (4) | |||||||||
Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | ||||||||||
Net sales | (181,139) | (213,915) | (234,648) | ||||||||
Cost of goods sold | (152,418) | (186,612) | (209,088) | ||||||||
Gross profit | (28,721) | (27,303) | (25,560) | ||||||||
Selling and administrative expenses | (28,721) | (27,303) | (25,560) | ||||||||
Restructuring and other special charges, net | 0 | 0 | |||||||||
Operating earnings | 0 | ||||||||||
Interest expense | 0 | ||||||||||
Gains (Losses) on Extinguishment of Debt | 0 | ||||||||||
Interest income | 0 | ||||||||||
Intercompany interest income (expense) | 0 | ||||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | 0 | ||||||||||
Earnings before income taxes from continuing operations | 0 | 0 | |||||||||
Income tax benefit (provision) | 0 | ||||||||||
Equity in earnings (loss) of subsidiaries, net of tax | (97,266) | (75,163) | (69,591) | ||||||||
Net earnings from continuing operations | (75,163) | (69,591) | |||||||||
Loss (earnings) from discontinued operations, net of tax | 0 | ||||||||||
Disposition/impairment of discontinued operations, net of tax | 0 | ||||||||||
Equity in earnings (loss) from discontinuing operations of subsidiaries, net of tax | 10,790 | 5,239 | |||||||||
Net earnings (loss) from discontinued operations | 10,790 | 5,239 | |||||||||
Net earnings | (97,266) | (64,373) | (64,352) | ||||||||
Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax | 0 | ||||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 0 | ||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | ||||||||||
Net earnings attributable to Brown Shoe Company, Inc. | (97,266) | (64,373) | (64,352) | ||||||||
Comprehensive (loss) income | (94,555) | (61,056) | (64,336) | ||||||||
Comprehensive (loss) income attributable to noncontrolling interest | 0 | ||||||||||
Comprehensive (loss) income attributable to Brown Shoe Company, Inc. | (94,555) | (61,056) | (64,336) | ||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 2,711 | 3,317 | 16 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | $ 2,711 | ||||||||||
Other comprehensive loss income, net of tax | $ 3,317 | $ 16 |
Financial Information For Th100
Financial Information For The Company And Its Subsidiaries (Schedule Of Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | Feb. 03, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used for) provided by operating activities | $ 118,812 | $ 104,032 | $ 197,937 | |
Purchases of property and equipment | (44,952) | (43,968) | (55,801) | |
Capitalized software | (5,086) | (5,235) | (7,928) | |
Acquisition of trademarks | $ 65,000 | (65,065) | 0 | (5,000) |
Investment in nonconsolidated affiliate | (7,000) | 0 | 0 | |
Intercompany investing | 0 | 0 | ||
Net proceeds from sale of subsidiaries | 10,120 | 69,347 | 0 | |
Net cash (used for) provided by investing activities | (111,983) | 20,144 | (68,729) | |
Borrowings under revolving credit agreement | 867,000 | 1,129,000 | 805,000 | |
Repayments under revolving credit agreement | (874,000) | (1,227,000) | (901,000) | |
Dividends paid | (12,237) | (12,105) | (12,011) | |
Payments of Debt Issuance Costs | (2,618) | 0 | 0 | |
Issuance of common stock under share-based plans, net | 443 | 804 | (1,700) | |
Tax benefit related to share-based plans | 929 | 3,439 | 944 | |
Proceeds from Contributions from Affiliates | 0 | 50 | 0 | |
Net cash provided by (used for) financing activities | (20,483) | (105,812) | (108,767) | |
Effect of exchange rate changes on cash and cash equivalents | (1,489) | (4,041) | 100 | |
Decrease in cash and cash equivalents | (15,143) | 14,323 | 20,541 | |
Cash and cash equivalents at beginning of period | 82,546 | 68,223 | 47,682 | |
Cash and cash equivalents at end of period | 67,403 | 82,546 | 68,223 | |
Parent [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used for) provided by operating activities | (11,728) | 60,886 | 54,388 | |
Purchases of property and equipment | (7,129) | (5,595) | (10,132) | |
Capitalized software | (4,834) | (4,920) | (7,925) | |
Acquisition of trademarks | (65,065) | 0 | ||
Intercompany investing | (2,314) | (1,128) | 5,043 | |
Net proceeds from sale of subsidiaries | 0 | |||
Net cash (used for) provided by investing activities | (79,342) | (11,643) | (23,100) | |
Borrowings under revolving credit agreement | 867,000 | 1,129,000 | 805,000 | |
Repayments under revolving credit agreement | (874,000) | (1,227,000) | (901,000) | |
Dividends paid | (12,237) | (12,105) | (12,011) | |
Payments of Debt Issuance Costs | (2,618) | |||
Issuance of common stock under share-based plans, net | 443 | 804 | (1,700) | |
Tax benefit related to share-based plans | 929 | 3,439 | 944 | |
Proceeds from Contributions from Affiliates | 0 | |||
Intercompany financing | 125,444 | 56,619 | 77,479 | |
Net cash provided by (used for) financing activities | 104,961 | (49,243) | (31,288) | |
Decrease in cash and cash equivalents | 13,891 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | 13,891 | 0 | ||
Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Acquisition of trademarks | 0 | |||
Guarantors [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used for) provided by operating activities | 99,709 | 62,603 | 92,634 | |
Purchases of property and equipment | (33,067) | (34,606) | (38,767) | |
Capitalized software | (194) | (193) | 0 | |
Acquisition of trademarks | 0 | |||
Intercompany investing | (124) | (247) | (3,814) | |
Net proceeds from sale of subsidiaries | 0 | 0 | ||
Net cash (used for) provided by investing activities | (33,385) | (35,046) | (34,953) | |
Proceeds from Contributions from Affiliates | 0 | |||
Intercompany financing | (66,324) | (27,557) | (58,459) | |
Net cash provided by (used for) financing activities | (66,324) | (27,557) | (58,459) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Decrease in cash and cash equivalents | 0 | 0 | (778) | |
Cash and cash equivalents at beginning of period | 0 | 0 | 778 | |
Cash and cash equivalents at end of period | 0 | 0 | 0 | |
Non-Guarantors [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash (used for) provided by operating activities | 30,831 | (19,457) | 50,915 | |
Purchases of property and equipment | (4,756) | (3,767) | (6,902) | |
Capitalized software | (58) | (122) | (3) | |
Acquisition of trademarks | (5,000) | |||
Investment in nonconsolidated affiliate | (7,000) | |||
Intercompany investing | 2,438 | 1,375 | (1,229) | |
Net proceeds from sale of subsidiaries | 10,120 | 69,347 | ||
Net cash (used for) provided by investing activities | 744 | 66,833 | (10,676) | |
Proceeds from Contributions from Affiliates | 50 | |||
Intercompany financing | (59,120) | (29,062) | (19,020) | |
Net cash provided by (used for) financing activities | (59,120) | (29,012) | (19,020) | |
Effect of exchange rate changes on cash and cash equivalents | (1,489) | (4,041) | 100 | |
Decrease in cash and cash equivalents | (29,034) | 14,323 | 21,319 | |
Cash and cash equivalents at beginning of period | 82,546 | 68,223 | 46,904 | |
Cash and cash equivalents at end of period | $ 53,512 | $ 82,546 | $ 68,223 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | May. 04, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Net sales | $ 615,393 | $ 729,277 | $ 635,877 | $ 591,162 | $ 599,962 | $ 702,788 | $ 621,706 | $ 588,656 | $ 2,571,709 | $ 2,513,113 | $ 2,477,796 |
Gross Profit | 247,387 | 290,730 | 259,642 | 242,341 | 241,407 | 278,240 | 254,626 | 240,016 | 1,040,100 | 1,014,288 | 988,575 |
Net earnings | 16,191 | 33,237 | 18,039 | 15,476 | 6,161 | 27,284 | 15,283 | (10,832) | 82,943 | 37,896 | 27,204 |
Net Income (Loss) Attributable to Parent | $ 16,244 | $ 33,113 | $ 18,064 | $ 15,429 | $ 6,164 | $ 27,314 | $ 15,357 | $ (10,762) | $ 82,850 | $ 38,073 | $ 27,491 |
Earnings Per Share, Basic | $ 0.37 | $ 0.76 | $ 0.41 | $ 0.35 | $ 0.14 | $ 0.63 | $ 0.36 | $ (0.26) | $ 1.90 | $ 0.88 | $ 0.64 |
Earnings Per Share, Diluted | 0.37 | 0.75 | 0.41 | 0.35 | 0.14 | 0.63 | 0.35 | (0.26) | 1.89 | 0.88 | 0.64 |
Common Stock, Dividends, Per Share, Cash Paid | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.28 | 0.28 | $ 0.28 |
Maximum [Member] | |||||||||||
Sale of Stock, Price Per Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Minimum [Member] | |||||||||||
Sale of Stock, Price Per Share | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Valuation and Qualifying Acc102
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |
Allowance for Doubtful Accounts [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Valuation Allowances and Reserves, Charged to Cost and Expense | $ 2,235 | $ 832 | $ 973 | $ 832 | $ 973 | $ 1,352 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,716 | 602 | 1,329 | |||
Valuation Allowances and Reserves, Deductions | 313 | 743 | 1,708 | |||
Reserve for Customer Deductions [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Valuation Allowances and Reserves, Charged to Cost and Expense | 21,906 | 19,862 | 19,080 | 19,862 | 19,080 | 19,465 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 46,878 | 45,099 | 44,759 | |||
Valuation Allowances and Reserves, Deductions | 44,834 | 44,317 | 45,144 | |||
Reserve for Cash Discount [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,252 | 776 | 489 | 776 | 489 | 350 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 3,519 | 4,809 | 4,284 | |||
Valuation Allowances and Reserves, Deductions | 3,043 | 4,522 | 4,145 | |||
Inventory Valuation Reserve [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Valuation Allowances and Reserves, Charged to Cost and Expense | 16,051 | 17,739 | 19,080 | 17,739 | 19,080 | 17,105 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 50,781 | 53,881 | 56,797 | |||
Valuation Allowances and Reserves, Deductions | 52,469 | 55,222 | 54,822 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Valuation Allowances and Reserves, Charged to Cost and Expense | 11,514 | 13,949 | 8,014 | $ 13,949 | $ 8,014 | $ 6,465 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 714 | 6,490 | 1,815 | |||
Valuation Allowances and Reserves, Deductions | $ 3,149 | $ 555 | $ 266 |