Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Feb. 26, 2016 | Jul. 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 | --01-30 | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 30, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 43,659,252 | ||
Entity Public Float | $ 1,421.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 118,151 | $ 67,403 |
Receivables, net of allowances of $24,780 in 2015 and $25,393 in 2014 | 153,664 | 136,646 |
Inventories, net of adjustments to last-in, first-out cost of $4,094 in 2015 and $3,668 in 2014 | 546,745 | 543,103 |
Income Taxes | 11,146 | 620 |
Prepaid expenses and other current assets | 45,359 | 42,376 |
Total current assets | 875,065 | 790,148 |
Prepaid pension costs | 64,890 | 73,324 |
Property and equipment, net | 179,010 | 149,743 |
Deferred income taxes | 1,847 | 7,704 |
Goodwill | 13,954 | 13,954 |
Intangible assets, net | 116,945 | 120,633 |
Other assets | 51,612 | 58,821 |
Total assets | 1,303,323 | 1,214,327 |
Current liabilities | ||
Trade accounts payable | 237,802 | 215,921 |
Employee compensation and benefits | 54,993 | 58,593 |
Income Taxes | 3,519 | 6,285 |
Other accrued expenses | 93,985 | 88,740 |
Total current liabilities | 390,299 | 369,539 |
Other liabilities | ||
Long-term debt | 196,544 | 196,712 |
Deferred rent | 46,506 | 39,742 |
Deferred income taxes | 32,268 | 27,544 |
Other liabilities | 35,234 | 39,168 |
Total other liabilities | 310,552 | 303,166 |
Equity | ||
Preferred Stock, $1.00 par value, 1,000,000 shares authorized; no shares outstanding | 0 | 0 |
Common stock, $0.01 par value, 100,000,000 shares authorized; 43,660,213 and 43,752,031 shares outstanding, net of 2,426,582 and 2,334,764 treasury shares in 2015 and 2014, respectively | 437 | 437 |
Additional paid-in capital | 138,881 | 138,957 |
Accumulated other comprehensive (loss) income | (5,864) | 2,712 |
Retained earnings | 468,030 | 398,804 |
Total Caleres, Inc. shareholders’ equity | 601,484 | 540,910 |
Noncontrolling interests | 988 | 712 |
Total equity | 602,472 | 541,622 |
Total liabilities and equity | $ 1,303,323 | $ 1,214,327 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 24,780 | $ 25,393 |
Inventory, LIFO Reserve | $ 4,094 | $ 3,668 |
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 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Outstanding | 43,660,213 | 43,752,031 |
Treasury Stock, Shares | 2,426,582 | 2,334,764 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Aug. 03, 2013 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Statement [Abstract] | ||||||||||||
Net sales | $ 608,674 | $ 728,639 | $ 637,834 | $ 602,283 | $ 615,393 | $ 729,277 | $ 635,877 | $ 591,162 | $ 2,577,430 | $ 2,571,709 | $ 2,513,113 | |
Cost of goods sold | 1,529,627 | 1,531,609 | 1,498,825 | |||||||||
Gross profit | 248,048 | 288,434 | 262,795 | 248,526 | 247,387 | 290,730 | 259,642 | 242,341 | 1,047,803 | 1,040,100 | 1,014,288 | |
Selling and administrative expenses | 912,696 | 910,682 | 909,749 | |||||||||
Restructuring and other special charges, net | 0 | 3,484 | 1,262 | |||||||||
Impairment of assets held for sale | 0 | 0 | 4,660 | |||||||||
Operating earnings | 135,107 | 125,934 | 98,617 | |||||||||
Interest expense | (16,589) | (20,445) | (21,254) | |||||||||
Loss on early extinguishment of debt | (10,651) | (420) | 0 | |||||||||
Interest income | 899 | 379 | 377 | |||||||||
Gain on sale of subsidiary | 0 | 4,679 | (576) | |||||||||
Earnings before income taxes from continuing operations | 108,766 | 110,127 | 77,740 | |||||||||
Income tax provision | (26,942) | (27,184) | (23,758) | |||||||||
Net earnings from continuing operations | 81,824 | 82,943 | 53,982 | |||||||||
Discontinued operations: | ||||||||||||
Loss from discontinued operations, net of tax of $5,922 in 2013 | 0 | 0 | (4,574) | |||||||||
Disposition/impairment of discontinued operations, net of tax of $0 in 2013 | $ (600) | 0 | 0 | (11,512) | ||||||||
Net loss from discontinued operations | 0 | 0 | (16,086) | |||||||||
Net earnings | 11,578 | 33,992 | 16,863 | 19,391 | 16,191 | 33,237 | 18,039 | 15,476 | 81,824 | 82,943 | 37,896 | |
Net earnings (loss) attributable to noncontrolling interests | 345 | 93 | (177) | |||||||||
Net earnings attributable to Caleres, Inc. | $ 11,410 | $ 33,983 | $ 16,825 | $ 19,261 | $ 16,244 | $ 33,113 | $ 18,064 | $ 15,429 | $ 81,479 | $ 82,850 | $ 38,073 | |
Basic earnings (loss) per common share: | ||||||||||||
From continuing operations | $ 1.86 | $ 1.90 | $ 1.25 | |||||||||
From discontinued operations | 0 | 0 | (0.37) | |||||||||
Basic earnings per common share attributable to Caleres, Inc. shareholders | $ 0.26 | $ 0.78 | $ 0.38 | $ 0.44 | $ 0.37 | $ 0.76 | $ 0.41 | $ 0.35 | 1.86 | 1.90 | 0.88 | |
Diluted earnings (loss) per common share: | ||||||||||||
From continuing operations | 1.85 | 1.89 | 1.25 | |||||||||
From discontinued operations | 0 | 0 | (0.37) | |||||||||
Diluted earnings per common share attributable to Caleres, Inc. shareholders | $ 0.26 | $ 0.78 | $ 0.38 | $ 0.44 | $ 0.37 | $ 0.75 | $ 0.41 | $ 0.35 | $ 1.85 | $ 1.89 | $ 0.88 |
Consolidated Statements Of Ear5
Consolidated Statements Of Earnings (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Statement [Abstract] | |||
Loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 5,922 |
Disposition/impairment of discontinued operations, net of tax | $ 0 | $ 0 | $ 0 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net earnings | $ 11,578 | $ 33,992 | $ 16,863 | $ 19,391 | $ 16,191 | $ 33,237 | $ 18,039 | $ 15,476 | $ 81,824 | $ 82,943 | $ 37,896 |
Other comprehensive (loss) income, net of tax: | |||||||||||
Foreign currency translation adjustment | (224) | (3,145) | (4,538) | ||||||||
Pension and other postretirement benefit adjustments | (8,589) | (10,349) | 19,529 | ||||||||
Derivative financial instruments | 168 | (514) | 819 | ||||||||
Other comprehensive (loss) income, net of tax | (8,645) | (14,008) | 15,810 | ||||||||
Comprehensive income | 73,179 | 68,935 | 53,706 | ||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 276 | 49 | (109) | ||||||||
Comprehensive income attributable to Caleres, Inc. | $ 72,903 | $ 68,886 | $ 53,815 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Net earnings | $ 81,824 | $ 82,943 | $ 37,896 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 35,428 | 35,002 | 36,033 |
Amortization of capitalized software | 12,323 | 12,662 | 13,047 |
Amortization of intangibles | 3,688 | 3,951 | 6,249 |
Amortization of debt issuance costs and debt discount | 1,167 | 2,400 | 2,513 |
Loss on early extinguishment of debt | 10,651 | 420 | 0 |
Share-based compensation expense | 7,491 | 6,190 | 5,567 |
Excess tax benefit related to share-based plans | (2,651) | (929) | (3,439) |
(Gain) loss on disposal of property and equipment | (1,963) | 1,610 | 1,697 |
Impairment charges for property and equipment | 2,761 | 1,982 | 1,636 |
Impairment of assets held for sale | 0 | 0 | 4,660 |
Disposition/impairment of discontinued operations | 0 | 0 | 11,512 |
Net (gain) loss on sale of subsidiaries | 0 | (4,679) | 576 |
Deferred rent | 6,764 | 1,149 | 4,882 |
Deferred income taxes provision (benefit) | 10,581 | (3,416) | 18,061 |
Provision for doubtful accounts | 480 | 1,716 | 551 |
Changes in operating assets and liabilities | |||
Receivables | (17,438) | (9,175) | (17,570) |
Inventories | (5,270) | (7,651) | (44,852) |
Prepaid expenses and other current and noncurrent assets | (8,654) | (20,053) | 3,798 |
Trade accounts payable | 21,881 | (8,204) | 12,951 |
Accrued expenses and other liabilities | (1,865) | 20,142 | 4,389 |
Income taxes | (10,308) | 2,411 | 2,335 |
Other, net | 2,262 | 341 | 1,540 |
Net cash provided by operating activities | 149,152 | 118,812 | 104,032 |
Investing Activities | |||
Purchases of property and equipment | (73,479) | (44,952) | (43,968) |
Proceeds from disposal of property and equipment | 7,433 | 0 | 0 |
Capitalized software | (7,735) | (5,086) | (5,235) |
Acquisition of trademarks | 0 | (65,065) | 0 |
Investment in nonconsolidated affiliate | 0 | (7,000) | 0 |
Net proceeds from sale of subsidiaries, inclusive of note receivable | 0 | 10,120 | 69,347 |
Net cash (used for) provided by investing activities | (73,781) | (111,983) | 20,144 |
Financing Activities | |||
Borrowings under revolving credit agreement | 198,000 | 867,000 | 1,129,000 |
Repayments under revolving credit agreement | (198,000) | (874,000) | (1,227,000) |
Proceeds from issuance of 2023 senior notes | 200,000 | 0 | 0 |
Redemption of 2019 senior notes | (200,000) | 0 | 0 |
Dividends paid | (12,253) | (12,237) | (12,105) |
Debt issuance costs | (3,650) | (2,618) | 0 |
Acquisition of treasury stock | (4,921) | 0 | 0 |
Issuance of common stock under share-based plans, net | (5,297) | 443 | 804 |
Excess tax benefit related to share-based plans | 2,651 | 929 | 3,439 |
Contributions by noncontrolling interests | 0 | 0 | 50 |
Net cash used for financing activities | (23,470) | (20,483) | (105,812) |
Effect of exchange rate changes on cash and cash equivalents | (1,153) | (1,489) | (4,041) |
Increase (decrease) in cash and cash equivalents | 50,748 | (15,143) | 14,323 |
Cash and cash equivalents at beginning of period | 67,403 | 82,546 | 68,223 |
Cash and cash equivalents at end of period | $ 118,151 | $ 67,403 | $ 82,546 |
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 at Feb. 02, 2013 | $ 425,901 | $ 429 | $ 121,593 | $ 884 | $ 302,223 | $ 425,129 | $ 772 |
Common stock shares outstanding at Feb. 02, 2013 | 42,896,363 | ||||||
Net earnings | $ 37,896 | 38,073 | 38,073 | (177) | |||
Foreign currency translation adjustment | (4,538) | (4,556) | (4,556) | 18 | |||
Unrealized gain (loss) on derivative financial instruments, net of tax | 819 | 819 | 819 | ||||
Pension and other postretirement benefit adjustments, net of tax | 19,529 | 19,529 | 19,529 | ||||
Comprehensive income | 53,706 | 53,865 | (159) | ||||
Dividends ($0.28 per share) | (12,105) | (12,105) | (12,105) | ||||
Contributions by noncontrolling interest | $ 50 | 50 | |||||
Shares issued under employee and director benefit and restricted stock plans | 481,916 | ||||||
Stock issued under employee and director benefit and restricted stock plans | $ 804 | 5 | 799 | 804 | |||
Excess tax benefit related to share-based plans | 3,439 | 3,439 | 3,439 | ||||
Share-based compensation expense | 5,567 | 5,567 | 5,567 | ||||
Stockholders' Equity at Feb. 01, 2014 | $ 477,362 | 434 | 131,398 | 16,676 | 328,191 | 476,699 | 663 |
Common stock shares outstanding at Feb. 01, 2014 | 43,378,279 | ||||||
Net earnings | $ 82,943 | 82,850 | 82,850 | 93 | |||
Foreign currency translation adjustment | (3,145) | (3,101) | (3,101) | (44) | |||
Unrealized gain (loss) on derivative financial instruments, net of tax | (514) | (514) | (514) | ||||
Pension and other postretirement benefit adjustments, net of tax | (10,349) | (10,349) | (10,349) | ||||
Comprehensive income | 68,935 | 68,886 | 49 | ||||
Dividends ($0.28 per share) | $ (12,237) | (12,237) | (12,237) | ||||
Shares issued under employee and director benefit and restricted stock plans | 373,752 | ||||||
Stock issued under employee and director benefit and restricted stock plans | $ 443 | 3 | 440 | 443 | |||
Excess tax benefit related to share-based plans | 929 | 929 | 929 | ||||
Share-based compensation expense | 6,190 | 6,190 | 6,190 | ||||
Stockholders' Equity at Jan. 31, 2015 | $ 541,622 | 437 | 138,957 | 2,712 | 398,804 | 540,910 | 712 |
Common stock shares outstanding at Jan. 31, 2015 | 43,752,031 | ||||||
Net earnings | $ 81,824 | 81,479 | 81,479 | 345 | |||
Foreign currency translation adjustment | (224) | (155) | (155) | (69) | |||
Unrealized gain (loss) on derivative financial instruments, net of tax | 168 | 168 | 168 | ||||
Pension and other postretirement benefit adjustments, net of tax | (8,589) | (8,589) | (8,589) | ||||
Comprehensive income | 73,179 | 72,903 | 276 | ||||
Dividends ($0.28 per share) | $ (12,253) | (12,253) | (12,253) | ||||
Acquisition of treasury stock | (151,500) | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ (4,921) | (2) | (4,919) | (4,921) | |||
Shares issued under employee and director benefit and restricted stock plans | 59,682 | ||||||
Stock issued under employee and director benefit and restricted stock plans | $ (5,297) | 2 | (5,299) | (5,297) | |||
Excess tax benefit related to share-based plans | 2,651 | 2,651 | 2,651 | ||||
Share-based compensation expense | 7,491 | 7,491 | 7,491 | ||||
Stockholders' Equity at Jan. 30, 2016 | $ 602,472 | $ 437 | $ 138,881 | $ (5,864) | $ 468,030 | $ 601,484 | $ 988 |
Common stock shares outstanding at Jan. 30, 2016 | 43,660,213 |
Consolidated Statement of Stoc9
Consolidated Statement of Stockholders Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Unrealized gain (loss) on derivative financial instruments, tax | $ 170 | $ (408) | $ 289 |
Pension and other postretirement benefit adjustments, tax | $ 5,537 | $ 6,494 | $ 12,319 |
Dividends | $ 0.28 | $ 0.28 | $ 0.28 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Caleres, Inc., originally founded as Brown Shoe Company, Inc. in 1878 and incorporated in 1913, is a global footwear retailer and wholesaler. In May 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 shares are traded under the “CAL” symbol on the New York Stock Exchange. 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 1,211 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, online retailers, mass merchandisers, independent retailers and catalogs. In 2015 , approximately 66% of the Company’s net sales were at retail, compared to 67% in 2014 and 70% in 2013 . See Note 7 to the consolidated financial statements 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 2015 , 2014 and 2013 ended on January 30, 2016 , January 31, 2015 and February 1, 2014 , respectively, and each fiscal year included 52 weeks. 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 are further adjusted. The Company recognized a provision for doubtful accounts of $0.5 million in 2015 , $1.7 million in 2014 and $0.6 million in 2013 . 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 $47.4 million in 2015 , $46.9 million in 2014 and $45.1 million in 2013 . 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 $2.6 million in 2015 , $3.5 million in 2014 and $4.8 million in 2013 . 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 $4.1 million and $3.7 million higher at January 30, 2016 and January 31, 2015 , respectively. Substantially all inventory is finished goods. The Company's inventory balance includes $2.3 million and $1.9 million as of January 30, 2016 and January 31, 2015, respectively, of product subject to a consignment arrangement with wholesale customers. 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 $70.4 million , $71.1 million and $75.1 million in 2015 , 2014 and 2013 , 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 $23.9 million , $20.8 million and $20.2 million in 2015 , 2014 and 2013 , 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 our 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 $33.2 million and $37.9 million of computer software costs as of January 30, 2016 and January 31, 2015 , respectively, which are net of accumulated amortization of $101.0 million and $90.1 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 Capitalized Interest Interest costs for major asset additions are capitalized during the construction or development period and amortized over the lives of the related assets. In 2015, the Company capitalized interest of $0.3 million related to its expansion and modernization project at its Lebanon, Tennessee distribution center, with no corresponding amounts capitalized in 2014 or 2013. Interest Expense Interest expense includes interest for borrowings under both the Company’s short-term and long-term debt, net of amounts capitalized. 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. 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 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. Assumptions that market participants may use are also considered. 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. 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 perform the optional qualitative assessment for the goodwill impairment test as of the first day of the fourth quarter of 2015 . The Company has two reporting units, Famous Footwear and Brand Portfolio. Based on the results of the most recent goodwill impairment qualitative assessment, the Company determined that it was more likely than not that the fair value of the reporting units exceeded the carrying value. As a result, the Company was not required to perform the discounted cash flow analysis. As of January 30, 2016 , the goodwill allocated to the Brand Portfolio reporting unit was $14.0 million . The Company performs impairment tests on its indefinite-lived intangible assets 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 as of January 30, 2016 and January 31, 2015 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 30, 2016 , 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 30, 2016 , the Company believes it has provided adequate reserves for its self-insurance exposure. As of January 30, 2016 and January 31, 2015 , self-insurance reserves were $9.7 million and $9.3 million , respectively. Revenue Recognition Retail sales, recognized at the point of sale, are recorded net of returns and exclude sales tax. Wholesale sales 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. Revenue for products sold that are shipped directly to an individual consumer is recognized upon delivery to the consumer. 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, through its Internet sites and at other retailers. 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 $0.7 million of gift card breakage in 2015 , $0.4 million in 2014 , and $0.5 million in 2013. Loyalty Program The Company maintains a loyalty program (“Rewards”) at Famous Footwear, through which consumers earn points toward savings certificates for qualifying purchases. Upon reaching specified point values, consumers are issued a savings certificate that may be redeemed for purchases at Famous Footwear. Savings certificates earned must be redeemed within stated expiration dates. In addition to the savings certificates, the Company also offers exclusive member discounts. 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 74% of net sales in the Famous Footwear segment were made to its Rewards members in 2015 , compared to 73% in 2014 and 70% in 2013 . As of January 30, 2016 and January 31, 2015 , the Company had a Rewards program liability of $7.1 million and $7.2 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 as calculated using a discounted cash flow method. The Company recorded asset impairment charges, primarily related to underperforming retail stores, of $2.8 million in 2015 , $2.0 million in 2014 and $1.6 million in 2013 . 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 $78.4 million , $83.6 million and $82.2 million in 2015 , 2014 and 2013 , respectively. These costs were offset by co-op advertising allowances recovered by the Company’s retail business of $6.5 million , $6.2 million and $7.8 million in 2015 , 2014 and 2013 , respectively. Total co-op advertising costs reflected as a reduction of net sales were $9.7 million in 2015 , $10.0 million in 2014 and $8.3 million in 2013 . Total advertising costs attributable to future periods that are deferred and recognized as a component of prepaid expenses and other current assets were $2.7 million and $2.6 million at January 30, 2016 and January 31, 2015 , 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 allow 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. Pre-opening Costs Pre-opening 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 and contingently issuable shares for the Company's performance share awards. 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, pension and other postretirement benefits adjustments and unrealized gains or losses from derivatives used for hedging activities. Foreign Currency Translation Adjustment 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 (loss) 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 (loss) 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. 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 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 options, 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 estimated using the Black-Scholes option pricing formula that requires assumptions 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 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented as a direct deduction from the associated debt liability in the balance sheet, consistent with the presentation of debt discounts. The amor |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jan. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 2. DISCONTINUED OPERATIONS AND OTHER DISPOSITIONS Discontinued Operations The Company’s discontinued operations include the prior operations of our Avia, Nevados, Etienne Aigner and Vera Wang brands. 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 2015 or 2014 . In 2013, discontinued operations included net sales of $26.3 million and a loss before income taxes of $10.5 million . Discontinued operations also included a net loss on disposition/impairment of $11.5 million in 2013. Avia and Nevados The Company purchased Avia and Nevados on February 17, 2011 as part of its acquisition of American Sporting Goods Corporation. 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. Under the Stock Purchase Agreement, the Avia and Nevados businesses were sold and the Company retained certain 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 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 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). Avia and Nevados were previously included in the Brand Portfolio segment. Discontinued operations include net sales of $20.3 million and losses before income taxes of $1.6 million in 2013. Vera Wang During the first quarter of 2013, the Company decided 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 losses before income taxes of $1.9 million in 2013. 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 paid 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 losses before income taxes of $7.0 million in 2013. Loss from discontinued operations for 2013 was as follows: ($ thousands) 2013 Net sales $ 26,318 Cost of goods sold 19,927 Gross profit 6,391 Selling and administrative expenses 6,103 Restructuring and other special charges, net 10,768 Operating loss (10,480 ) Interest expense 16 Loss before income taxes from discontinued operations (10,496 ) Income tax benefit 5,922 Loss from discontinued operations, net of tax $ (4,574 ) Other Dispositions On December 12, 2014, Caleres Investment Company, Inc. ("CIC") (formerly known as Brown Shoe Investment Company, Inc.), the sole shareholder of Shoes.com, Inc., 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. The convertible note requires installments over four years with the first principal 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 specified conversion price per share, at the Company's option, or automatically upon a qualified initial public offering ("IPO") by the Purchaser at the IPO price. The fair value of the convertible note of $7.1 million and $7.0 million at January 30, 2016 and January 31, 2015 , respectively, is included in other assets on the consolidated balance sheets. The Company recognized interest income of $0.5 million in 2015 and an immaterial amount of interest in 2014 . 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 included $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 recognized tax benefits of $6.6 million in 2014 associated with the disposition and an additional $1.7 million in 2015 upon settlement of the tax attributes 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 were not 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 Per Share
Earnings Per Share | 12 Months Ended |
Jan. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings 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) 2015 2014 2013 NUMERATOR Net earnings from continuing operations $ 81,824 $ 82,943 $ 53,982 Net (earnings) loss attributable to noncontrolling interests (345 ) (93 ) 177 Net earnings allocated to participating securities (2,587 ) (3,068 ) (2,304 ) Net earnings from continuing operations 78,892 79,782 51,855 Net loss from discontinued operations — — (16,086) Net loss allocated to participating securities — — 687 Net loss from discontinued operations — — (15,399) Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 78,892 $ 79,782 $ 36,456 DENOMINATOR Denominator for basic continuing and discontinued earnings per common share attributable to Caleres, Inc. shareholders 42,455 42,071 41,356 Dilutive effect of share-based awards for continuing operations and discontinued operations 201 203 297 Denominator for diluted continuing and discontinued earnings per common share attributable to Caleres, Inc. shareholders 42,656 42,274 41,653 Basic earnings (loss) per common share: From continuing operations $ 1.86 $ 1.90 $ 1.25 From discontinued operations — — (0.37 ) Basic earnings per common share attributable to Caleres, Inc. shareholders $ 1.86 $ 1.90 $ 0.88 Diluted earnings (loss) per common share: From continuing operations $ 1.85 $ 1.89 $ 1.25 From discontinued operations — — (0.37 ) Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 1.85 $ 1.89 $ 0.88 Options to purchase 56,997 , 64,497 and 86,247 shares of common stock in 2015 , 2014 and 2013 , 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. 30, 2016 | |
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 certain 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: 2013 ($ millions, except per share data) Pre-tax Expense After-tax Expense Loss Per Diluted Share Continuing Operations Business exits and cost reductions $ 1.2 $ 0.8 $ 0.02 Non-cash impairments/dispositions 4.7 4.7 0.11 Total Continuing Operations 5.9 5.5 0.13 Discontinued Operations Business exits and cost reductions 13.3 6.4 0.13 Non-cash impairments/dispositions 11.5 11.5 0.27 Total Discontinued Operations 24.8 17.9 0.40 Total $ 30.7 $ 23.4 $ 0.53 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 $5.9 million of expenses for portfolio realignment that were recorded in continuing operations during 2013 were included in the Brand Portfolio segment. The following is a summary of the charges and settlements by category of costs: Total by Classification ($ millions) Employee Markdowns and Royalty Shortfalls Facility Other Total Continuing Operations Discontinued Operations Reserve balance at 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 $ — Amounts settled in 2015 (0.1 ) (0.3 ) (0.4 ) (0.4 ) — Reserve balance at January 31, 2015 $ — $ — $ 0.7 $ — $ 0.7 $ 0.7 $ — 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 required installments over two years and accrued interest at 5% . In accordance with the terms of the promissory note, the final principal payment was received during the third quarter of 2015. 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 2015 or 2013. 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 in 2014. The restructuring reserve of $1.5 million as of January 31, 2015 was included in employee compensation and benefits on the consolidated balance sheets, with no corresponding reserve as of January 30, 2016 . |
Retirement And Other Benefit Pl
Retirement And Other Benefit Plans | 12 Months Ended |
Jan. 30, 2016 | |
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 a two-rate formula applied to each year of service. Participants receive the larger of the accrued benefit as of December 31, 2015 (based on service commencing at the date of hire and a 35 -year service cap and an average annual salary for the five highest consecutive years during the last 10 year period) and the benefit calculated under the current plan provisions using pay and service from the date of hire. Generally, under the current plan provisions, a participant receives credit for one year of service for each 365 days of employment as an eligible employee with the Company commencing after the employee's date of participation in the plan, up to 30 years. A service credit of 0.825% is applied to that portion of the average annual salary for the last 10 years that does not exceed “covered compensation,” which is the 35 -year average compensation subject to FICA tax based on a participant’s year of birth, and a service credit of 1.425% is applied to that portion of the average salary during those 10 years that exceeds said level. 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 $20 thousand dollars for qualifying retired employees. Benefit Obligations The following table sets forth changes in benefit obligations, including all domestic and Canadian plans: Pension Benefits Other Postretirement Benefits ($ thousands) 2015 2014 2015 2014 Benefit obligation at beginning of year $ 362,340 $ 279,964 $ 1,512 $ 1,119 Service cost 12,639 9,650 — — Interest cost 14,321 14,230 56 49 Plan participants’ contribution 11 12 9 4 Plan amendments 91 (11,671 ) — — Actuarial (gain) loss (49,318 ) 83,105 (31 ) 483 Benefits paid (13,490 ) (11,814 ) (135 ) (143 ) Curtailments (120 ) — — — Foreign exchange rate changes (397 ) (1,136 ) — — Benefit obligation at end of year $ 326,077 $ 362,340 $ 1,411 $ 1,512 The accumulated benefit obligation for the United States pension plans was $311.6 million and $342.6 million as of January 30, 2016 and January 31, 2015 , respectively. The accumulated benefit obligation for the Canadian pension plans was $3.5 million and $4.3 million as of January 30, 2016 and January 31, 2015 , respectively. Pension Benefits Other Postretirement Benefits Weighted–average assumptions used to determine benefit obligations, end of year 2015 2014 2015 2014 Discount rate 4.70 % 3.90 % 4.70 % 3.90 % Rate of compensation increase 3.00 % 3.00 % N/A N/A As of January 30, 2016, the Company is using the RP-2014 Bottom Quartile tables, projected using generational scale MP-2015, an updated projection scale issued by the Society of Actuaries in 2015, to estimate the actuarial gain or loss. Actuarial gains, related to the change in mortality tables, reduced the projected benefit obligation by approximately $7.9 million as of January 30, 2016. 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 became effective in January 2016. These plan amendments increased the pension liability by $0.1 million as of January 30, 2016 and 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 2015 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 30, 2016 or January 31, 2015 . Assets of the Canadian pension plans, which total approximately $4.0 million at January 30, 2016 , were invested 61% in equity funds, 36% in bond funds and 3% in money market funds. The Canadian pension plans did not include any Company stock as of January 30, 2016 or January 31, 2015 . 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. • 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 alternative investment fund, with a fair value of $10.9 million and $10.7 million as of January 30, 2016 and January 31, 2015, respectively, is an investment in a pool of long-duration domestic investment grade assets. This investment is valued at fair value based on vendor-quoted pricing for which inputs are observable and can be corroborated and therefore, 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 $0.1 million as of both January 30, 2016 and January 31, 2015 . The fair values of the Company’s pension plan assets at January 30, 2016 by asset category are as follows: Fair Value Measurements at January 30, 2016 ($ thousands) Total Level 1 Level 2 Level 3 Asset Cash and cash equivalents $ 42,881 $ 42,881 $ — $ — U.S. government securities 129,846 129,846 — — Mutual fund 27,662 27,662 — — Corporate stocks – common 171,898 171,898 — — Preferred securities 657 657 — — S&P 500 Index options 1,742 1,742 — — Interest rate swap agreements (6,028 ) — (6,028 ) — Alternative investment fund 10,901 — 10,901 — Unallocated insurance contract 79 — — 79 Total $ 379,638 374,686 $ 4,873 $ 79 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 following table sets forth changes in the fair value of plan assets, including all domestic and Canadian plans: Pension Benefits Other Postretirement Benefits ($ thousands) 2015 2014 2015 2014 Fair value of plan assets at beginning of year $ 423,534 $ 356,320 $ — $ — Actual return on plan assets (30,091 ) 79,986 — — Employer contributions 90 206 126 139 Plan participants’ contributions 11 12 9 4 Benefits paid (13,490 ) (11,814 ) (135 ) (143 ) Foreign exchange rate changes (416 ) (1,176 ) — — Fair value of plan assets at end of year $ 379,638 $ 423,534 $ — $ — Funded Status The over-funded status as of January 30, 2016 and January 31, 2015 for pension benefits was $53.6 million and $61.2 million , respectively. The under-funded status as of January 30, 2016 and January 31, 2015 for other postretirement benefits was $1.4 million and $1.5 million , respectively. Amounts recognized in the consolidated balance sheets consist of: Pension Benefits Other Postretirement Benefits ($ thousands) 2015 2014 2015 2014 Prepaid pension costs (noncurrent assets) $ 64,890 $ 73,324 $ — $ — Accrued benefit liabilities (current liability) (3,512 ) (2,675 ) (141 ) (142 ) Accrued benefit liabilities (noncurrent liability) (7,817 ) (9,455 ) (1,270 ) (1,370 ) Net amount recognized at end of year $ 53,561 $ 61,194 $ (1,411 ) $ (1,512 ) 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) 2015 2014 2015 2014 End of Year Projected benefit obligation $ 11,326 $ 12,130 $ 11,326 $ 12,130 Accumulated benefit obligation 10,747 10,770 10,747 10,770 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 (loss) income that have not yet been recognized as components of net periodic benefit (income) cost at January 30, 2016 and January 31, 2015 , and the expected amortization of the January 30, 2016 amounts as components of net periodic benefit (income) cost for fiscal year 2016 are as follows: Pension Benefits Other Postretirement Benefits ($ thousands) 2015 2014 2015 2014 Components of accumulated other comprehensive (loss) income, net of tax: Net actuarial loss (gain) $ 11,976 $ 4,872 $ (947 ) $ (1,068 ) Net prior service (credit) cost (5,673 ) (7,037 ) — — $ 6,303 $ (2,165 ) $ (947 ) $ (1,068 ) Pension Benefits Other Postretirement Benefits ($ thousands) 2016 2016 Expected amortization, net of tax: Amortization of net actuarial loss (gain) $ 590 $ (217 ) Amortization of net prior service cost (2,090 ) — $ (1,500 ) $ (217 ) Net Periodic Benefit (Income) Cost Net periodic benefit (income) cost for 2015 , 2014 and 2013 for all domestic and Canadian plans included the following components: Pension Benefits Other Postretirement Benefits ($ thousands) 2015 2014 2013 2015 2014 2013 Service cost $ 12,639 $ 9,650 $ 10,638 $ — $ — $ — Interest cost 14,321 14,230 13,241 56 49 55 Expected return on assets (31,682 ) (24,757 ) (24,773 ) — — — Amortization of: Actuarial loss (gain) 604 201 954 (220 ) (432 ) (351 ) Prior service (credit) cost (1,906 ) 27 13 — — — Curtailments (184 ) — — — — — Total net periodic benefit (income) cost $ (6,208 ) $ (649 ) $ 73 $ (164 ) $ (383 ) $ (296 ) Weighted-average assumptions used to determine net periodic benefit (income) cost: Pension Benefits Other Postretirement Benefits 2015 2014 2013 2015 2014 2013 Discount rate 3.90 % 5.00 % 4.50 % 3.90 % 5.00 % 4.50 % Rate of compensation increase 3.00 % 3.00 % 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 (credit) 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 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 2016 expected contributions to plan trusts $ 101 $ — $ 101 $ — 2016 expected contributions to plan participants — 3,510 3,510 141 Expected Benefit Payments 2016 $ 11,440 $ 3,510 $ 14,950 $ 141 2017 12,207 1,174 13,381 132 2018 12,995 1,778 14,773 123 2019 13,744 945 14,689 114 2020 14,461 2,211 16,672 106 2021 – 2025 81,154 2,276 83,430 404 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 $3.6 million in 2015 , $3.0 million in 2014 , and $3.4 million in 2013 . 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 2015 , 2014 and 2013 . 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 $3.4 million and $2.9 million as of January 30, 2016 and January 31, 2015 , respectively, are presented in employee compensation and benefits in the accompanying consolidated balance sheets. The assets held by the trust of $3.4 million as of January 30, 2016 and $2.9 million as of January 31, 2015 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 $1.7 million as of January 30, 2016 and $2.1 million as of January 31, 2015 are based on 56,629 and 67,488 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. 30, 2016 | |
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 $68.2 million , $70.8 million and $40.9 million in 2015 , 2014 and 2013 , respectively, and foreign earnings before income taxes from continuing operations of $40.6 million , $39.3 million and $36.8 million in 2015 , 2014 and 2013 , 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 $5.9 million in 2013. The components of income tax provision (benefit) on earnings from continuing operations were as follows: ($ thousands) 2015 2014 2013 Federal Current $ 9,530 $ 27,311 $ 14,621 Deferred 11,202 (9,502 ) 260 20,732 17,809 14,881 State Current 497 5,501 5,770 Deferred 1,176 (642 ) (1,210 ) 1,673 4,859 4,560 Foreign 4,537 4,516 4,317 Total income tax provision $ 26,942 $ 27,184 $ 23,758 The Company made federal, state and foreign tax payments, net of refunds, of $22.1 million , $20.1 million and $5.0 million in 2015 , 2014 and 2013 , respectively. The differences between the income tax provision reflected in the consolidated financial statements and the amounts calculated at the federal statutory income tax rate of 35% were as follows: ($ thousands) 2015 2014 2013 Income taxes at statutory rate $ 38,068 $ 38,544 $ 27,208 State income taxes, net of federal tax benefit 2,481 3,159 2,964 Foreign earnings taxed at lower rates (9,491 ) (8,882 ) (8,090 ) Non-deductibility of impairment of assets held for sale — — 1,631 Tax on international subsidiary dividend — 1,040 — Disposal and settlement of Shoes.com (1,701 ) (7,428 ) — Valuation allowance release on state loss carryforwards (1,635 ) — — Valuation allowance release on other tax carryforwards (1,367 ) — — Other 587 751 45 Total income tax provision $ 26,942 $ 27,184 $ 23,758 In 2015 , the Company's effective tax rate was impacted by several discrete tax benefits which totaled $5.1 million for the year. These discrete tax benefits primarily reflected the utilization of operating loss, capital loss and other carryforwards that were previously not anticipated to be utilized and were therefore fully reserved on the consolidated balance sheet. A portion of these carryforwards became utilizable upon conversion of the Company's primary retail entity to an LLC early in 2015. In addition, certain additional tax carryforwards were able to be utilized upon settlement of negotiations related to the tax attributes associated with the sale of our Shoes.com subsidiary. If these discrete tax benefits had not been recognized, the Company's full fiscal year 2015 effective tax rate would have been 29.5% , which is 1.1% lower than 2014, driven by a lower state tax rate and a higher mix of earnings in international jurisdictions. The other category of income tax provision principally represents the impact of expenses that are not deductible or partially deductible for federal income tax purposes and adjustments in the amounts of deferred tax assets that are anticipated to be realized. Significant components of the Company’s deferred income tax assets and liabilities were as follows: ($ thousands) January 30, 2016 January 31, 2015 Deferred Tax Assets Employee benefits, compensation and insurance $ 24,740 $ 26,430 Accrued expenses 16,118 16,539 Postretirement and postemployment benefit plans 721 862 Deferred rent 7,269 6,285 Accounts receivable reserves 7,946 7,563 Net operating loss (“NOL”) carryforward/carryback 7,943 9,483 Capital loss carryforward 2,368 5,188 Foreign tax credit carryforward — 1,098 Inventory capitalization and inventory reserves 1,620 1,683 Intangible assets — 4,865 Depreciation 630 3,957 Other 1,346 1,907 Total deferred tax assets, before valuation allowance 70,701 85,860 Valuation allowance (6,544 ) (11,514 ) Total deferred tax assets, net of valuation allowance 64,157 74,346 Deferred Tax Liabilities Retirement plans (21,051 ) (23,822 ) LIFO inventory valuation (61,585 ) (56,525 ) Capitalized software (10,525 ) (12,721 ) Other (786 ) (1,118 ) Intangible assets (631 ) — Total deferred tax liabilities (94,578 ) (94,186 ) Net deferred tax liability (30,421 ) (19,840 ) As of January 30, 2016 , the Company had various state net operating loss carryforwards with tax values totaling $7.8 million . A valuation allowance of $3.0 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 $2.4 million related to capital loss carryforwards and $1.1 million related to share-based compensation. As of January 30, 2016 , 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 30, 2016 additional deferred taxes of approximately $43.8 million would have been provided. Uncertain Tax Positions ASC 740, Income Taxes , establishes a single model to address accounting for uncertain tax positions. The standard clarifies the accounting for income taxes by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The standard also provides guidance on derecognition, measurement classification, interest and penalties, accounting in interim periods, disclosure and transition. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ($ thousands) Balance at 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 Amounts settled and utilized for current tax obligations (636 ) Reductions for tax positions of prior years (379 ) Balance at January 30, 2016 $ — If the unrecognized tax benefits were to be recognized in full, the net amount that would be reflected in the income tax provision in prior years, thereby impacting the effective tax rate, would have been $1.1 million at January 31, 2015 and February 1, 2014 . 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 2015 , 2014 and 2013 . 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. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | 7. BUSINESS SEGMENT INFORMATION The Company's reportable segments are Famous Footwear and Brand Portfolio. The Famous Footwear segment is comprised of Famous Footwear and Famous.com. In addition, Shoes.com was included through December 12, 2014 (the date of sale). Famous Footwear operated 1,046 stores at the end of 2015 , 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, online retailers, mass merchandisers, independent retailers and catalogs as well as Company-owned Famous Footwear, Naturalizer and Sam Edelman stores, and e-commerce businesses. The Brand Portfolio segment included 80 branded retail stores in the United States and 85 branded retail stores in Canada at the end of 2015 , selling primarily Naturalizer brand footwear. 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 primarily 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 2015 External sales $ 1,572,665 $ 1,004,765 $ — $ 2,577,430 Intersegment sales — 100,186 — 100,186 Depreciation and amortization 25,842 9,339 16,258 51,439 Amortization of debt issuance costs and debt discount — — 1,167 1,167 Operating earnings (loss) 109,030 66,578 (40,501 ) 135,107 Segment assets 542,842 534,137 226,344 1,303,323 Purchases of property and equipment 48,761 18,340 6,378 73,479 Capitalized software 2,538 — 5,197 7,735 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 458,847 518,099 237,381 1,214,327 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 448,549 514,902 182,889 1,146,340 Purchases of property and equipment 32,728 6,026 5,214 43,968 Capitalized software 193 122 4,920 5,235 Following is a reconciliation of operating earnings to earnings before income taxes from continuing operations: ($ thousands) 2015 2014 2013 Operating earnings $ 135,107 $ 125,934 $ 98,617 Interest expense (16,589 ) (20,445 ) (21,254 ) Loss on early extinguishment of debt (10,651 ) (420 ) — Interest income 899 379 377 Gain on sale of subsidiary — 4,679 — Earnings before income taxes from continuing operations $ 108,766 $ 110,127 $ 77,740 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 and retail operations in the Far East and Canada. 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) 2015 2014 2013 Net Sales United States $ 2,342,590 $ 2,318,530 $ 2,258,605 Far East 177,654 194,296 193,725 Canada 57,186 58,883 60,783 Total net sales $ 2,577,430 $ 2,571,709 $ 2,513,113 Long-Lived Assets United States $ 417,198 $ 412,822 $ 344,413 Canada 8,596 8,773 7,159 Far East 2,193 2,336 2,454 Latin America, Europe and other 271 248 236 Total long-lived assets $ 428,258 $ 424,179 $ 354,262 Long-lived assets consisted primarily of property and equipment, intangible assets, prepaid pension costs, goodwill and other noncurrent assets. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | PROPERTY AND EQUIPMENT Property and equipment consisted of the following: ($ thousands) January 30, 2016 January 31, 2015 Land and buildings $ 38,300 $ 40,078 Leasehold improvements 196,960 183,466 Technology equipment 49,575 53,406 Machinery and equipment 35,805 35,988 Furniture and fixtures 121,186 117,254 Construction in progress 33,924 8,504 Property and equipment 475,750 438,696 Allowances for depreciation (296,740 ) (288,953 ) Property and equipment, net $ 179,010 $ 149,743 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 4-20 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 $2.8 million , $2.0 million and $1.6 million in 2015 , 2014 and 2013 , respectively. All of the impairment charges in 2015 , 2014 and 2013 are 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. Interest costs for major asset additions are capitalized during the construction or development period and amortized over the lives of the related assets. In 2015, the Company capitalized interest of $0.3 million related to its expansion and modernization project at its Lebanon, Tennessee distribution center, with no corresponding amounts capitalized in 2014 or 2013. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Jan. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets were as follows: ($ thousands) January 30, 2016 January 31, 2015 Intangible Assets Famous Footwear $ 2,800 $ 2,800 Brand Portfolio 183,068 183,068 Total intangible assets 185,868 185,868 Accumulated amortization (68,923 ) (65,235 ) Total intangible assets, net 116,945 120,633 Goodwill Brand Portfolio 13,954 13,954 Total goodwill 13,954 13,954 Goodwill and intangible assets, net $ 130,899 $ 134,587 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 as of January 30, 2016 and January 31, 2015 are not subject to amortization. All remaining intangible assets are subject to amortization and have useful lives ranging from 15 to 40 years . Amortization expense for continuing operations related to intangible assets was $3.7 million , $4.0 million and $6.0 million in 2015 , 2014 and 2013 , respectively. The Company estimates $3.7 million of amortization expense related to intangible assets in each of the years from 2016 through 2020 . As a result of its annual impairment testing, the Company did not record any impairment charges during 2015 , 2014 and 2013 related to intangible assets. Goodwill is tested for impairment at least annually, or more frequently if events or circumstances indicate it might be impaired, using either the qualitative assessment or a fair value-based test. 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. 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. 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 performed a goodwill impairment test as of the first day of the Company’s fourth fiscal quarter and determined that it was more likely than not that the fair value of the reporting units exceeded the carrying value. As a result, the Company was not required to perform the discounted cash flow analysis. |
Long-Term And Short-Term Financ
Long-Term And Short-Term Financing Arrangements | 12 Months Ended |
Jan. 30, 2016 | |
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, which was further amended on July 20, 2015 to release all of the Company’s subsidiaries that were borrowers under or that guaranteed the Credit Agreement other than Sidney Rich Associates, Inc. and BG Retail, LLC (as so amended, the “Credit Agreement”). After giving effect to the amendment, the Company is the lead borrower, and Sidney Rich Associates, Inc. and BG Retail, LLC are each co-borrowers and guarantors under the 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 consent of existing or new lenders to assume the increase. The Credit Agreement amended and restated the Third Amended and Restated Credit Agreement, dated 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 30, 2016 . The maximum amount of borrowings under the Credit Agreement at the end of any month was $28.0 million in 2015 and $74.0 million in 2014 . The average daily borrowings during the year were $3.6 million in 2015 and $37.6 million in 2014 . The weighted-average interest rates approximated 3.0% in 2015 and 2.9% in 2014 . At January 30, 2016 , the Company had no borrowings outstanding and $6.5 million in letters of credit outstanding under the Credit Agreement. Total additional borrowing availability was $525.1 million at January 30, 2016 . $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 2019 Senior Notes were guaranteed on a senior unsecured basis by each of its subsidiaries that was an obligor under the Credit Agreement, prior to the July 20, 2015 amendment. Interest on the 2019 Senior Notes was payable on May 15 and November 15 of each year. The 2019 Senior Notes were scheduled to mature on May 15, 2019 but were callable at specified redemption prices, plus accrued and unpaid interest. On July 20, 2015, the Company commenced a cash tender offer (the "Tender Offer") to purchase any and all of the outstanding aggregate principal amount of its 2019 Senior Notes. Upon expiration of the Tender Offer on July 24, 2015, $160.7 million aggregate principal amount of the 2019 Senior Notes were validly tendered at the redemption price of 103.950% , representing the specified redemption price and a tender premium. On August 26, 2015, the remaining outstanding $39.3 million aggregate principal amount of outstanding 2019 Senior Notes were redeemed at the redemption price of 103.563% . $200 Million Senior Notes Due 2023 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. On October 22, 2015, the Company commenced an offer to exchange its 2023 Senior Notes outstanding for substantially identical debt securities registered under the Securities Act of 1933. The exchange offer was completed on November 23, 2015 and did not affect the amount of the Company's indebtedness outstanding. The net proceeds from the issuance of the 2023 Senior Notes were approximately $196.3 million after deducting fees and expenses associated with the offering. The Company used the net proceeds, together with cash on hand, to redeem the outstanding 2019 Senior Notes. The 2023 Senior Notes are guaranteed on a senior unsecured basis by each of the Company's subsidiaries that is a borrower or guarantor under the Credit Agreement. Interest on the 2023 Senior Notes is payable on February 15 and August 15 of each year, beginning on February 15, 2016. The 2023 Senior Notes will mature on August 15, 2023 . Prior to August 15, 2018, the Company may redeem some or all of the 2023 Senior Notes at a redemption price equal to 100% of the principal amount of the 2023 Senior Notes plus a "make-whole" premium (as defined in the 2023 Senior Notes indenture) and accrued and unpaid interest to the redemption date. After August 15, 2018, the Company may redeem all or a part of the 2023 Senior Notes at the redemption prices (expressed as a percentage of principal amount) set forth below plus accrued and unpaid interest, and Additional Interest (as defined in the 2023 Senior Notes indenture), if redeemed during the 12-month period beginning on August 15 of the years indicated below: Year Percentage 2018 104.688 % 2019 103.125 % 2020 101.563 % 2021 and thereafter 100.000 % If the Company experiences specific kinds of changes of control, it would be required to offer to purchase the 2023 Senior Notes at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest and Additional Interest, if any, to, but not including, the date of repurchase. The 2023 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 30, 2016, we were in compliance with all covenants and restrictions relating to the 2023 Senior Notes. Cash payments of interest for these financing arrangements during 2015 , 2014 and 2013 were $11.9 million , $17.9 million and $18.7 million , respectively. Loss on Early Extinguishment of Debt During 2015 and 2014, we incurred a loss on early extinguishment of debt of $10.7 million and $0.4 million , respectively, with no corresponding loss in 2013. The loss in 2015 represents the tender and call premiums, unamortized debt issuance costs, and original issue discount related to the 2019 Senior Notes. Of the $10.7 million loss on early extinguishment of debt recognized in 2015, approximately $3.0 million was non-cash. The loss in 2014 represents the early extinguishment of the Former Credit Agreement prior to maturity. |
Leases
Leases | 12 Months Ended |
Jan. 30, 2016 | |
Leases [Abstract] | |
Leases | LEASES The Company leases all of its retail locations and certain office locations, distribution centers and equipment. The minimum lease terms for the Company’s retail stores generally range from five to 10 years . Approximately 51% of the retail store leases are subject to renewal options for varying periods. The term of the leases for office facilities and distribution centers averages approximately 10 years with renewal options of five to 20 years . At the time its retail facilities are initially leased, the Company often receives consideration from landlords for a portion of the cost of leasehold improvements necessary to open the store, which are recorded as a deferred rent obligation and amortized to income over the lease term as a reduction of rent expense. In addition to minimum rental payments, certain of the retail store leases require contingent payments based on sales levels. A majority of the Company’s retail operating leases contain provisions that allow it to modify amounts payable under the lease or terminate the lease in certain circumstances, such as experiencing actual sales volume below a defined threshold and/or co-tenancy provisions associated with the facility. The following is a summary of rent expense for operating leases: ($ thousands) 2015 2014 2013 Minimum rent $ 149,902 $ 143,050 $ 143,958 Contingent rent 520 971 942 Sublease income (1,223 ) (1,197 ) (1,170 ) Total $ 149,199 $ 142,824 $ 143,730 Future minimum payments under noncancelable operating leases with an initial term of one year or more were as follows at January 30, 2016 : ($ thousands) 2016 $ 159,730 2017 131,519 2018 106,567 2019 84,928 2020 69,098 Thereafter 205,742 Total minimum operating lease payments $ 757,584 |
Risk Management And Derivatives
Risk Management And Derivatives | 12 Months Ended |
Jan. 30, 2016 | |
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, online retailers, mass merchandisers, independent retailers and catalogs in the United States, Canada and approximately 65 other countries. 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 2017 . 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 2015 , 2014 and 2013 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 30, 2016 and January 31, 2015 , the Company had forward contracts maturing at various dates through January 2017 and January 2016 , respectively. The contract amount represents the net amount of all purchase and sale contracts of a foreign currency. (U.S. $ equivalent in thousands) January 30, 2016 January 31, 2015 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ 14,118 $ 19,633 Euro 15,499 16,152 Chinese yuan 14,623 14,512 Japanese yen 1,159 1,523 United Arab Emirates dirham 930 970 New Taiwanese dollars 570 599 Other currencies 219 — Total financial instruments $ 47,118 $ 53,389 The classification and fair values of derivative instruments designated as hedging instruments included within the consolidated balance sheets as of January 30, 2016 and January 31, 2015 are as follows: ($ in thousands) Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange forwards contracts: January 30, 2016 Prepaid expenses and other current assets $ 1,000 Other accrued expenses $ 846 January 31, 2015 Prepaid expenses and other current assets $ 1,863 Other accrued expenses $ 1,784 During 2015 and 2014 , the effect of derivative instruments in cash flow hedging relationships on the consolidated statements of earnings was as follows: 2015 2014 Foreign exchange forward contracts: Gain (Loss) Gain (Loss) Reclassified Gain (loss) Gain (loss) Reclassified Net sales $ 57 $ 147 $ 166 $ 93 Cost of goods sold 1,028 (27 ) (693 ) 113 Selling and administrative expenses (907 ) (297 ) (271 ) (64 ) Interest expense (17 ) — 18 — All of the gains and losses currently included within accumulated other comprehensive (loss) 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. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Hierarchy Fair value measurement disclosure requirements 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 these requirements, the hierarchy is categorized 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 uses 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 the Company's 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 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 are presented in other accrued expenses and the assets held by the trust are classified as trading securities within prepaid expenses and other current assets in the accompanying consolidated balance sheets. Changes in deferred compensation plan assets and liabilities are charged to selling and administrative expenses. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1). Deferred Compensation Plan for Non-Employee Directors Non-employee directors are eligible to participate in a deferred compensation plan with deferred amounts valued as if invested in the Company’s common stock through the use of phantom stock units (“PSUs”). Under the plan, each participating director’s account is credited with the number of PSUs that is equal to the number of shares of the Company’s common stock which the participant could purchase or receive with the amount of the deferred compensation, based upon the average of the high and low prices of the Company’s common stock on the last trading day of the fiscal quarter when the cash compensation was earned. Dividend equivalents are paid on PSUs at the same rate as dividends on the Company’s common stock and are re-invested in additional PSUs at the next fiscal quarter-end. The liabilities of the plan are based on the fair value of the outstanding PSUs and are presented in other accrued expenses (current portion) or other liabilities in the accompanying consolidated balance sheets. Gains and losses resulting from changes in the fair value of the PSUs are presented in selling and administrative expenses in the Company’s consolidated statement of earnings. The fair value of each PSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Restricted Stock Units for Non-Employee Directors Under the Company’s incentive compensation plans, cash-equivalent restricted stock units (“RSUs”) of the Company may be granted at no cost to non-employee directors. The RSUs are subject to a vesting requirement (usually one year), earn dividend-equivalent units, and are settled in cash on the date the director terminates service or such earlier date as a director may elect, subject to restrictions, based on the then current fair value of the Company’s common stock. The fair value of each RSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Additional information related to restricted stock units for non-employee directors is disclosed in Note 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 vesting period, the employee will have earned an amount of shares or units between 0% and 200% of the targeted award, depending on the achievement of specified financial goals for the service period. The fair value of each performance share unit is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Additional information related to 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 2014 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 change in fair value during 2015 and 2014 reflects an immaterial amount of interest income. The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at January 30, 2016 and January 30, 2015. The Company did not have any transfers between Level 1 and Level 2 during 2015 or 2014. Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) As of January 30, 2016 Cash equivalents – money market funds $ 100,694 $ 100,694 $ — $ — Non-qualified deferred compensation plan assets 3,383 3,383 — — Non-qualified deferred compensation plan liabilities (3,383 ) (3,383 ) — — Deferred compensation plan liabilities for non-employee directors (1,728 ) (1,728 ) — — Restricted stock units for non-employee directors (8,879 ) (8,879 ) — — Performance share units (3,780 ) (3,780 ) — — Derivative financial instruments, net 154 — 154 — Secured convertible note 7,117 — — 7,117 As of January 31, 2015: Cash equivalents – money market funds $ 35,533 $ 35,533 $ — $ — Non-qualified deferred compensation plan assets 2,904 2,904 — — Non-qualified deferred compensation plan liabilities (2,904 ) (2,904 ) — — Deferred compensation plan liabilities for non-employee directors (2,066 ) (2,066 ) — — Restricted stock units for non-employee directors (8,857 ) (8,857 ) — — Performance share units (5,147 ) (5,147 ) — — Derivative financial instruments, net 79 — 79 — Secured convertible note 6,957 — — 6,957 Impairment Charges The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers important that could trigger an impairment review include underperformance relative to expected historical or projected future operating results, a significant change in the manner of the use of the asset or a negative industry or economic trend. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the aforementioned factors, impairment is measured based on a projected discounted cash flow method. Certain factors, such as estimated store sales and expenses, used for this nonrecurring fair value measurement are considered Level 3 inputs as defined by FASB ASC 820, Fair Value Measurement . Long-lived assets held and used with a carrying amount of $92.9 million , net of impairment charges, were assessed for indicators of impairment and written down to their fair value, resulting in impairment charges included in selling and administrative expenses of $2.8 million in 2015 . Of the $2.8 million impairment charges, $1.2 million related to the Famous Footwear segment and $1.6 million related to the Brand Portfolio segment. In 2014 , long-lived assets held and used with a carrying amount of $87.8 million , net of impairment charges, were assessed for indicators of impairment and written down to their fair value, resulting in impairment charges of $2.0 million included in selling and administrative expenses, of which $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 , net of impairment charges, were assessed for indicators of impairment and 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. 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 was 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 $1.0 million in the second quarter of 2013. ASG was previously included within the Brand Portfolio segment. The fair value of assets was estimated based on the anticipated sales proceeds less costs to sell. This was considered a Level 2 input as the assets were not sold on an active market. See Note 2 to the consolidated financial statements for additional information. The Company performed its annual impairment tests of indefinite-lived intangible assets, which involves estimating the fair value using significant unobservable inputs (Level 3). As a result of its annual impairment testing, the Company did not record any impairment charges during 2015 , 2014 or 2013 related to intangible assets. The Company performed its annual impairment test of goodwill by performing a qualitative assessment at the reporting unit level during 2015. During 2014 and 2013, the Company performed a quantitative assessment which involved estimating the fair value of its reporting units using significant unobservable inputs (Level 3). The impairment tests, performed as of the first day of the Company’s fourth fiscal quarter of 2015 , 2014 and 2013, resulted in no impairment charges. See Note 1 and Note 9 to the consolidated financial statements for additional information related to the goodwill impairment test. Fair Value of the Company’s Other Financial Instruments The fair values of cash and cash equivalents (excluding money market funds discussed above), receivables and trade accounts payable approximate their carrying values due to the short-term nature of these instruments. The carrying amounts and fair values of the Company’s other financial instruments subject to fair value disclosures are as follows: January 30, 2016 January 31, 2015 Carrying Value (1) Fair Value Carrying Value (1) Fair Value ($ thousands) Long-term debt $ 196,544 $ 196,000 $ 196,712 $ 208,000 (1) The carrying value of the long-term debt is net of deferred issuance costs of $3.5 million and $2.5 million as of January 30, 2016 and January 31, 2015, respectively, as a result of the adoption of ASU 2015-03, as further discussed in Note 1 to the consolidated financial statements. The fair value of the Company’s long-term debt 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. 30, 2016 | |
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 use 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. During 2015, there were 151,500 shares repurchased under the 2011 Program and during 2013 and 2014, no shares were repurchased under the stock repurchase program. Therefore, there were 2.3 million shares authorized to be repurchased under the 2011 Program as of January 30, 2016. Repurchases Related to Employee Share-based Awards During 2015 and 2014 , 222,110 shares and 172,471 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 (Loss) Income The following table sets forth the changes in accumulated other comprehensive (loss) income, net of tax, by component for 2015 , 2014 and 2013 : ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions (1) Derivative Transactions (2) Accumulated Other Comprehensive Income (Loss) 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 Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — 617 (670 ) (53 ) Tax (benefit) provision — (224 ) 229 5 Net reclassifications — 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 ) Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (204 ) (142 ) (346 ) Tax provision — 90 39 129 Net reclassifications — (114 ) (103 ) (217 ) Other comprehensive loss (3,101 ) (10,349 ) (514 ) (13,964 ) Balance at January 31, 2015 $ (745 ) $ 3,233 $ 224 $ 2,712 Other comprehensive (loss) income before reclassifications (155 ) (7,559 ) 74 (7,640 ) Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (1,706 ) 177 (1,529 ) Tax provision (benefit) — 676 (83 ) 593 Net reclassifications — (1,030 ) 94 (936 ) Other comprehensive (loss) income (155 ) (8,589 ) 168 (8,576 ) Balance at January 30, 2016 $ (900 ) $ (5,356 ) $ 392 $ (5,864 ) (1) Amounts reclassified are included in selling and administrative expenses. Refer to Note 5 to the consolidated financial statements for additional information related to pension and other postretirement benefits. (2) Amounts reclassified are included in net sales, costs of goods sold and selling and administrative expenses. Refer to Note 12 and Note 13 to the consolidated financial statements for additional information related to derivative financial instruments. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jan. 30, 2016 | |
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 $7.5 million , $6.2 million and $5.6 million was recognized in 2015 , 2014 and 2013 , respectively, as a component of selling and administrative expenses. The following table details the share-based compensation expense by plan and the total related income tax benefit for 2015 , 2014 and 2013 : ($ thousands) 2015 2014 2013 Expense (income) for share-based compensation plans, net of forfeitures: Stock options $ 66 $ (46 ) $ 248 Stock performance awards 1,398 — — Restricted stock grants 6,027 6,236 5,319 Total share-based compensation expense 7,491 6,190 5,567 Less: Income tax benefit 2,937 2,397 2,136 Total share-based compensation expense, net of income tax benefit $ 4,554 $ 3,793 $ 3,431 In addition to the share-based compensation expense above, the Company recognized cash-based expense related to performance share units and cash awards granted under the performance share plans. In 2015 , 2014 and 2013 , the Company recognized $5.1 million , $6.6 million and $3.7 million , respectively, in expense for cash-based awards under the performance share plans. The Company issued 59,682 , 373,752 and 481,916 shares of common stock in 2015 , 2014 and 2013 , respectively, for restricted stock grants, stock options exercised and stock performance awards issued to employees and common and restricted stock grants issued to directors, net of forfeitures and shares withheld to satisfy the minimum tax withholding requirement. There were no significant modifications to any share-based awards in 2015 , 2014 or 2013 . 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 2015, 2014 and 2013: Number of Nonvested Restricted Shares Weighted-Average Grant Date Fair Value Nonvested at February 2, 2013 2,110,325 $10.14 Granted 411,735 17.47 Vested (658,712 ) 6.22 Forfeited (163,250 ) 12.04 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 Granted 318,921 30.02 Vested (492,092 ) 14.10 Forfeited (126,850 ) 18.74 Nonvested at January 30, 2016 1,262,449 $19.55 The total grant date fair value of restricted stock awards vested during the years ended January 30, 2016 , January 31, 2015 and February 1, 2014 , was $6.9 million , $5.2 million and $4.1 million , respectively. As of January 30, 2016 , the total remaining unrecognized compensation cost related to nonvested restricted stock grants was $11.1 million , which will be amortized over the weighted-average remaining requisite service period of 2.6 years . The Company recognized excess tax benefits related to restricted stock vesting and dividends of $2.6 million , $0.8 million and $2.9 million in 2015 , 2014 and 2013 , respectively, which were 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 generally vest over a three-year service period. At the end of the vesting period, the employee will have earned an amount of shares between 0% and 200% of the targeted award, depending on the achievement of specified financial goals for the service 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 share award. The fair value of the performance share awards is the unadjusted quoted market price for the Company’s common stock on the date of grant. The following table summarizes performance share activity for 2015, 2014 and 2013: Number of Number of Weighted-Average Nonvested at February 2, 2013 222,325 382,525 $12.67 Granted (award of units payable in cash) 70,225 140,450 17.00 Vested (117,250 ) (175,875 ) 15.20 Expired — — — Forfeited (10,775 ) (18,050 ) 13.09 Nonvested at February 1, 2014 164,525 329,050 12.69 Granted (award of units payable in cash) 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 Granted (award payable in shares) 177,921 355,842 30.12 Vested (15,182 ) (30,364 ) 24.71 Expired — — — Forfeited (3,750 ) (7,500 ) 29.47 Nonvested at January 30, 2016 307,524 615,048 $27.14 As of January 30, 2016 , the remaining unrecognized compensation cost related to nonvested performance share awards was $11.3 million , which will be recognized over the weighted-average remaining service period of 1.6 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 16,667 , zero and 4,000 stock options during 2015 , 2014 and 2013 respectively. Fair values of options granted were estimated using the Black-Scholes option-pricing model based on the following assumptions: 2015 2013 Dividend yield 1.0 % 1.7 % Expected volatility 45.5 % 67.7 % Risk-free interest rate 1.8 % 1.3 % 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 at the time of grant. 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 30, 2016 is as follows: Outstanding Exercisable Exercise Price Range Number of Weighted- Weighted- Number of Weighted- Weighted- $3.33 - $11.54 71,625 4.2 $6.36 54,625 4.5 $7.09 $11.55 - $14.45 61,000 4.1 13.99 61,000 4.1 13.99 $14.46 - $15.35 20,750 3.9 15.20 20,750 3.9 15.20 $15.36 - $22.44 63,006 0.5 20.96 63,006 0.5 20.96 $22.45 - $35.25 84,914 2.5 32.50 68,247 1.0 33.31 301,295 2.9 $18.93 267,628 2.5 $19.24 The aggregate intrinsic value of stock options outstanding and currently exercisable at January 30, 2016 was $2.9 million and $2.5 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 2015 under the current and prior plans: Number of Weighted-Average Outstanding at January 31, 2015 416,803 $17.75 Granted 16,667 29.18 Exercised (88,224 ) 15.58 Forfeited (7,500 ) 35.25 Canceled or expired (36,451 ) 14.91 Outstanding at January 30, 2016 301,295 $18.93 Exercisable at January 30, 2016 267,628 $19.24 The intrinsic value of stock options exercised was $1.3 million , $3.8 million and $4.0 million for 2015 , 2014 and 2013 , respectively. The amount of cash received from the exercise of stock options was $0.4 million in 2015 , $3.2 million in 2014 and $4.9 million in 2013 . In addition, 32,139 , 60,624 and 91,157 shares were tendered by employees in satisfaction of the exercise price of stock options during 2015 , 2014 and 2013 , respectively. The Company recognized excess tax benefits related to stock option exercises of $0.1 million in 2015 and 2014 and $0.5 million in 2013 which were reflected as an increase to additional paid-in capital. The following table summarizes nonvested stock option activity for 2015 under the current and prior plans: Number of Weighted-Average Nonvested at January 31, 2015 36,625 $ 3.28 Granted 16,667 12.81 Vested (19,625 ) 4.72 Forfeited — — Nonvested at January 30, 2016 33,667 $ 7.16 The weighted-average grant date fair value of stock options granted for 2015 , 2014 and 2013 was $12.81 , $0 and $9.46 , respectively. The total grant date fair value of stock options vested during 2015 , 2014 and 2013 was $0.1 million , $0.3 million and $0.4 million , respectively. As of January 30, 2016 , the total remaining unrecognized compensation cost related to nonvested stock options was $0.1 million , which will be amortized over the weighted-average remaining requisite service period of 3.5 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. Refer to 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 30, 2016 : Outstanding Accrued (1) Nonvested RSUs Number of Number of Total Number Total Number Weighted-Average January 31, 2015 292,294 38,700 330,994 318,094 $28.72 Granted (2) 2,800 36,341 39,141 27,141 31.65 Vested 39,041 (39,041 ) — 12,900 28.73 Settled (21,698 ) — (21,698 ) (21,698 ) 31.41 January 30, 2016 312,437 36,000 348,437 336,437 $31.67 (1) Accrued RSUs include all fully vested awards and a pro-rata portion of nonvested awards based on the elapsed portion of the vesting period. (2) Granted RSUs include 3,141 RSUs resulting from dividend equivalents paid on outstanding RSUs, of which 2,800 related to outstanding vested RSUs and 341 to outstanding nonvested RSUs. Information about RSUs granted, vested and settled during 2015 , 2014 and 2013 is as follows: ($ thousands, except per unit amounts) 2015 2014 2013 Weighted-average grant date fair value of RSUs granted (1) $ 31.54 $ 28.69 $ 21.33 Fair value of RSUs vested 1,049 1,558 1,600 RSUs settled 21,698 57,260 9,905 (1) Includes dividend equivalents granted on outstanding RSUs, which vest immediately. The following table details the RSU compensation expense and the related income tax benefit for 2015 , 2014 and 2013 : ($ thousands) 2015 2014 2013 Compensation expense $ 704 $ 2,707 $ 3,258 Income tax benefit (276 ) (1,053 ) (1,267 ) Compensation expense, net of income tax benefit $ 428 $ 1,654 $ 1,991 The aggregate intrinsic value of RSUs outstanding and currently vested at January 30, 2016 is $9.4 million and $8.4 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. The liabilities associated with the accrued RSUs totaled $8.9 million as of both January 30, 2016 and January 31, 2015. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 30, 2016 | |
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, effective through August 2017. The Company is a 51% owner of the joint venture (“B&H Footwear”), with CBI owning the other 49% . During 2013, B&H Footwear transferred the operation of its retail stores in China to CBI. B&H Footwear continues to sell 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 2015 , 2014 and 2013 , the Company, through its consolidated subsidiary, B&H Footwear, sold $8.4 million , $8.6 million , and $8.3 million , respectively, of Naturalizer footwear on a wholesale basis to CBI. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jan. 30, 2016 | |
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. In 2014, the Company submitted a proposed expanded remedy workplan ("Expanded Remedy Workplan") that was accepted by the oversight authorities during 2015. The Company is implementing the Expanded Remedy Workplan and will continue these efforts in 2016. The cumulative expenditures for both on-site and off-site remediation through January 30, 2016 were $27.9 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 30, 2016 is $9.8 million , of which $9.0 million is recorded within other liabilities and $0.8 million is recorded within other accrued expenses. Of the total $9.8 million reserve, $5.0 million is for on-site remediation and $4.8 million is for off-site remediation. The liability for the on-site remediation was discounted at 4.8% . On an undiscounted basis, the on-site remediation liability would be $15.2 million as of January 30, 2016 . The Company expects to spend approximately $0.2 million in each of the next five years and $14.2 million in the aggregate thereafter related to the on-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 30, 2016 related to these sites, which has been discounted at 6.4% . Of the $1.3 million reserve, $1.1 million is recorded in other liabilities and $0.2 million is recorded in other accrued expenses. On an undiscounted basis, this liability would be $1.6 million . The Company expects to spend approximately $0.2 million in each of the next five years and $0.6 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 . In 2015, the court granted final approval of the settlement, pursuant to which the Company was required to pay $1.0 million in attorneys' fees, costs of administering the settlement and settlement payments to class members who submitted claims. All payments required under the settlement agreement were made in the fourth quarter of 2015 and this matter is fully resolved. |
Financial Information For The C
Financial Information For The Company And Its Subsidiaries | 12 Months Ended |
Jan. 30, 2016 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Financial Information For The Company And Its Subsidiaries | FINANCIAL INFORMATION FOR THE COMPANY AND ITS SUBSIDIARIES The Company's 2023 Senior Notes are fully and unconditionally and jointly and severally guaranteed by all of its existing and future subsidiaries that are guarantors under the Credit Agreement, as further discussed in Note 10 to the consolidated financial statements. The following table presents the condensed consolidating financial information for each of Caleres, Inc. (“Parent”), the Guarantors, and subsidiaries of the Parent that are not Guarantors (the “Non-Guarantors”), together with consolidating eliminations, as of and for the periods indicated. Guarantors are 100% owned by the Parent. The condensed consolidating financial statements have been prepared using the equity method of accounting in accordance with the requirements for presentation of such information. Management believes that the information, presented in lieu of complete financial statements for each of the Guarantors, provides meaningful information to allow investors to determine the nature of the assets held by, and operations and cash flows of, each of the consolidated groups. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JANUARY 30, 2016 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Assets Current assets: Cash and cash equivalents $ 31,000 $ — $ 87,151 $ — $ 118,151 Receivables, net 110,235 2,290 41,139 — 153,664 Inventories, net 151,704 371,538 23,503 — 546,745 Prepaid expenses and other current assets 29,765 24,597 8,109 (5,966 ) 56,505 Intercompany receivable - current 650 176 6,877 (7,703 ) — Total current assets 323,354 398,601 166,779 (13,669 ) 875,065 Property and equipment, net 32,538 136,223 10,249 — 179,010 Goodwill and intangible assets, net 115,558 2,800 12,541 — 130,899 Other assets 94,767 15,772 7,810 — 118,349 Investment in subsidiaries 1,028,143 — (19,524 ) (1,008,619 ) — Intercompany receivable - noncurrent 431,523 354,038 556,259 (1,341,820 ) — Total assets $ 2,025,883 $ 907,434 $ 734,114 $ (2,364,108 ) $ 1,303,323 Liabilities and Equity Current liabilities: Trade accounts payable $ 78,332 $ 123,274 $ 36,196 $ — $ 237,802 Other accrued expenses 80,053 62,729 15,681 (5,966 ) 152,497 Intercompany payable - current 4,394 — 3,309 (7,703 ) — Total current liabilities 162,779 186,003 55,186 (13,669 ) 390,299 Other liabilities: Long-term debt 196,544 — — — 196,544 Other liabilities 44,011 66,302 3,695 — 114,008 Intercompany payable - noncurrent 1,021,065 39,175 281,580 (1,341,820 ) — Total other liabilities 1,261,620 105,477 285,275 (1,341,820 ) 310,552 Equity: Caleres, Inc. shareholders’ equity 601,484 615,954 392,665 (1,008,619 ) 601,484 Noncontrolling interests — — 988 — 988 Total equity 601,484 615,954 393,653 (1,008,619 ) 602,472 Total liabilities and equity $ 2,025,883 $ 907,434 $ 734,114 $ (2,364,108 ) $ 1,303,323 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS FOR THE FISCAL YEAR ENDED JANUARY 30, 2016 ($ thousands) Parent Guarantors Non-Guarantors Eliminations Total Net sales $ 819,148 $ 1,652,444 $ 268,779 $ (162,941 ) $ 2,577,430 Cost of goods sold 591,539 905,412 162,384 (129,708 ) 1,529,627 Gross profit 227,609 747,032 106,395 (33,233 ) 1,047,803 Selling and administrative expenses 235,210 649,020 61,699 (33,233 ) 912,696 Operating (loss) earnings (7,601 ) 98,012 44,696 — 135,107 Interest expense (16,588 ) (1 ) — — (16,589 ) Loss on early extinguishment of debt (10,651 ) — — — (10,651 ) Interest income 695 — 204 — 899 Intercompany interest income (expense) 14,363 (14,581 ) 218 — — (Loss) earnings before income taxes (19,782 ) 83,430 45,118 — 108,766 Income tax benefit (provision) 8,755 (29,475 ) (6,222 ) — (26,942 ) Equity in earnings (loss) of subsidiaries, net of tax 92,506 — (616 ) (91,890 ) — Net earnings 81,479 53,955 38,280 (91,890 ) 81,824 Less: Net earnings attributable to noncontrolling interests — — 345 — 345 Net earnings attributable to Caleres, Inc. $ 81,479 $ 53,955 $ 37,935 $ (91,890 ) $ 81,479 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE FISCAL YEAR ENDED JANUARY 30, 2016 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net earnings $ 81,479 $ 53,955 $ 38,280 $ (91,890 ) $ 81,824 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment — — (224 ) — (224 ) Pension and other postretirement benefits adjustments (8,838 ) — 249 — (8,589 ) Derivative financial instruments 628 — (460 ) — 168 Other comprehensive loss from investment in subsidiaries (366 ) — — 366 — Other comprehensive loss, net of tax (8,576 ) — (435 ) 366 (8,645 ) Comprehensive income 72,903 53,955 37,845 (91,524 ) 73,179 Comprehensive income attributable to noncontrolling interests — — 276 — 276 Comprehensive income attributable to Caleres, Inc. $ 72,903 $ 53,955 $ 37,569 $ (91,524 ) $ 72,903 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED JANUARY 30, 2016 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (1,259 ) $ 99,222 $ 51,189 — $ 149,152 Investing activities Purchases of property and equipment (14,585 ) (56,382 ) (2,512 ) — (73,479 ) Proceeds from disposal of property and equipment 7,111 — 322 — 7,433 Capitalized software (5,197 ) (2,538 ) — — (7,735 ) Intercompany investing (568 ) 568 — — — Net cash used for investing activities (13,239 ) (58,352 ) (2,190 ) — (73,781 ) Financing activities Borrowings under revolving credit agreement 198,000 — — — 198,000 Repayments under revolving credit agreement (198,000 ) — — — (198,000 ) Proceeds from issuance of 2023 senior notes 200,000 — — — 200,000 Redemption of 2019 senior notes (200,000 ) — — — (200,000 ) Dividends paid (12,253 ) — — — (12,253 ) Debt issuance costs (3,650 ) — — — (3,650 ) Acquisition of treasury stock (4,921 ) — — — (4,921 ) Issuance of common stock under share-based plans, net (5,297 ) — — — (5,297 ) Excess tax benefit related to share-based plans 2,651 — — — 2,651 Intercompany financing 55,077 (40,870 ) (14,207 ) — — Net cash provided by (used for) financing activities 31,607 (40,870 ) (14,207 ) — (23,470 ) Effect of exchange rate changes on cash and cash equivalents — — (1,153 ) — (1,153 ) Increase in cash and cash equivalents 17,109 — 33,639 — 50,748 Cash and cash equivalents at beginning of year 13,891 — 53,512 — 67,403 Cash and cash equivalents at end of year $ 31,000 $ — $ 87,151 $ — $ 118,151 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 40,746 20,777 8,964 (27,491 ) 42,996 Intercompany receivable - current 1,194 — 8,750 (9,944 ) — Total current assets 292,943 402,429 132,211 (37,435 ) 790,148 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 112,185 13,733 13,931 — 139,849 Investment in subsidiaries 956,831 — (18,909 ) (937,922 ) — Intercompany receivable - noncurrent 459,774 306,871 539,396 (1,306,041 ) — Total assets $ 1,968,762 $ 835,553 $ 691,410 $ (2,281,398 ) $ 1,214,327 Liabilities and Equity Current liabilities: Trade accounts payable $ 60,377 $ 114,208 $ 41,336 $ — $ 215,921 Other accrued expenses 83,170 85,638 12,301 (27,491 ) 153,618 Intercompany payable - current 4,948 — 4,996 (9,944 ) — Total current liabilities 148,495 199,846 58,633 (37,435 ) 369,539 Other liabilities: Long-term debt 196,712 — — — 196,712 Other liabilities 69,391 32,574 4,489 — 106,454 Intercompany payable - noncurrent 1,013,254 21,078 271,709 (1,306,041 ) — Total other liabilities 1,279,357 53,652 276,198 (1,306,041 ) 303,166 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 $ 1,968,762 $ 835,553 $ 691,410 $ (2,281,398 ) $ 1,214,327 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS FOR THE FISCAL YEAR ENDED JANUARY 31, 2015 Non-Guarantors ($ thousands) Parent 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 income (loss), 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 from investment in subsidiaries (2,711 ) — — 2,711 — Other comprehensive loss, 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) provided by 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 Excess 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 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 (loss) 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 ) Dividend paid (12,105 ) — — — (12,105 ) Issuance of common stock under share-based plans, net 804 — — — 804 Excess 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 by 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 |
Quarterly Financial Data (Notes
Quarterly Financial Data (Notes) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (Unaudited) Quarterly financial results (unaudited) for 2015 and 2014 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) 2015 Net sales $ 602,283 $ 637,834 $ 728,639 $ 608,674 Gross profit 248,526 262,795 288,434 248,048 Net earnings 19,391 16,863 33,992 11,578 Net earnings attributable to Caleres, Inc. 19,261 16,825 33,983 11,410 Per share of common stock: Basic earnings per common share attributable to Caleres, Inc. shareholders (1) 0.44 0.38 0.78 0.26 Diluted earnings per common share attributable to Caleres, Inc. shareholders (1) 0.44 0.38 0.78 0.26 Dividends paid 0.07 0.07 0.07 0.07 Market value: High 33.33 33.83 33.73 31.75 Low 27.22 28.91 27.90 23.22 (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) 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. |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Organization | Organization Caleres, Inc., originally founded as Brown Shoe Company, Inc. in 1878 and incorporated in 1913, is a global footwear retailer and wholesaler. In May 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 shares are traded under the “CAL” symbol on the New York Stock Exchange. 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 1,211 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, online retailers, mass merchandisers, independent retailers and catalogs. In 2015 , approximately 66% of the Company’s net sales were at retail, compared to 67% in 2014 and 70% in 2013 . See Note 7 to the consolidated financial statements 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 2015 , 2014 and 2013 ended on January 30, 2016 , January 31, 2015 and February 1, 2014 , respectively, and each fiscal year included 52 weeks. |
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 are further adjusted. The Company recognized a provision for doubtful accounts of $0.5 million in 2015 , $1.7 million in 2014 and $0.6 million in 2013 . 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 $47.4 million in 2015 , $46.9 million in 2014 and $45.1 million in 2013 . 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 $2.6 million in 2015 , $3.5 million in 2014 and $4.8 million in 2013 . |
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 $4.1 million and $3.7 million higher at January 30, 2016 and January 31, 2015 , respectively. Substantially all inventory is finished goods. The Company's inventory balance includes $2.3 million and $1.9 million as of January 30, 2016 and January 31, 2015, respectively, of product subject to a consignment arrangement with wholesale customers. 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 $70.4 million , $71.1 million and $75.1 million in 2015 , 2014 and 2013 , 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 $23.9 million , $20.8 million and $20.2 million in 2015 , 2014 and 2013 , 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 our 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 $33.2 million and $37.9 million of computer software costs as of January 30, 2016 and January 31, 2015 , respectively, which are net of accumulated amortization of $101.0 million and $90.1 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 Capitalized Interest Interest costs for major asset additions are capitalized during the construction or development period and amortized over the lives of the related assets. In 2015, the Company capitalized interest of $0.3 million related to its expansion and modernization project at its Lebanon, Tennessee distribution center, with no corresponding amounts capitalized in 2014 or 2013. Interest Expense Interest expense includes interest for borrowings under both the Company’s short-term and long-term debt, net of amounts capitalized. 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. 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 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. Assumptions that market participants may use are also considered. 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. 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 perform the optional qualitative assessment for the goodwill impairment test as of the first day of the fourth quarter of 2015 . The Company has two reporting units, Famous Footwear and Brand Portfolio. Based on the results of the most recent goodwill impairment qualitative assessment, the Company determined that it was more likely than not that the fair value of the reporting units exceeded the carrying value. As a result, the Company was not required to perform the discounted cash flow analysis. As of January 30, 2016 , the goodwill allocated to the Brand Portfolio reporting unit was $14.0 million . The Company performs impairment tests on its indefinite-lived intangible assets 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 | 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 as of January 30, 2016 and January 31, 2015 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 30, 2016 , 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 30, 2016 , the Company believes it has provided adequate reserves for its self-insurance exposure. As of January 30, 2016 and January 31, 2015 , self-insurance reserves were $9.7 million and $9.3 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 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. Revenue for products sold that are shipped directly to an individual consumer is recognized upon delivery to the consumer. 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, through its Internet sites and at other retailers. 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 $0.7 million of gift card breakage in 2015 , $0.4 million in 2014 , and $0.5 million in 2013. |
Loyalty Program | Loyalty Program The Company maintains a loyalty program (“Rewards”) at Famous Footwear, through which consumers earn points toward savings certificates for qualifying purchases. Upon reaching specified point values, consumers are issued a savings certificate that may be redeemed for purchases at Famous Footwear. Savings certificates earned must be redeemed within stated expiration dates. In addition to the savings certificates, the Company also offers exclusive member discounts. 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 74% of net sales in the Famous Footwear segment were made to its Rewards members in 2015 , compared to 73% in 2014 and 70% in 2013 . As of January 30, 2016 and January 31, 2015 , the Company had a Rewards program liability of $7.1 million and $7.2 million , respectively, which is included in other accrued expenses on the consolidated balance sheets. |
Store Closing and Impairment Charges | 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 as calculated using a discounted cash flow method. The Company recorded asset impairment charges, primarily related to underperforming retail stores, of $2.8 million in 2015 , $2.0 million in 2014 and $1.6 million in 2013 . |
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 $78.4 million , $83.6 million and $82.2 million in 2015 , 2014 and 2013 , respectively. These costs were offset by co-op advertising allowances recovered by the Company’s retail business of $6.5 million , $6.2 million and $7.8 million in 2015 , 2014 and 2013 , respectively. Total co-op advertising costs reflected as a reduction of net sales were $9.7 million in 2015 , $10.0 million in 2014 and $8.3 million in 2013 . Total advertising costs attributable to future periods that are deferred and recognized as a component of prepaid expenses and other current assets were $2.7 million and $2.6 million at January 30, 2016 and January 31, 2015 , 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 allow 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. Pre-opening Costs Pre-opening 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 and contingently issuable shares for the Company's performance share awards. 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, pension and other postretirement benefits adjustments and unrealized gains or losses from derivatives used for hedging activities. Foreign Currency Translation Adjustment 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 (loss) 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 (loss) 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. 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 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 options, 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 estimated using the Black-Scholes option pricing formula that requires assumptions 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 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented as a direct deduction from the associated debt liability in the balance sheet, consistent with the presentation of debt discounts. The amortization of debt issuance costs will continue to be reported as interest expense in the statement of earnings. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements, to clarify that debt issuance costs associated with a revolving line-of-credit arrangement may be presented as an asset, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The ASUs are to be applied on a retrospective basis and reported as a change in accounting principle and are effective for fiscal years beginning after December 15, 2015. As permitted by the ASUs, the Company adopted ASU 2015-03 and ASU 2015-15 during the fourth quarter of 2015. The adoption of these ASUs did not affect the Company’s results of operations or cash flows, but it required the Company to reclassify its deferred financing costs associated with its senior notes from other assets to long-term debt on a retrospective basis. The Company's consolidated balance sheets included deferred financing costs of $3.5 million and $2.5 million as of January 30, 2016 and January 31, 2015 , respectively, that were reclassed from other assets to long-term debt. The debt issuance costs associated with the Company's revolving credit agreement continue to be presented in other assets on the consolidated balance sheets. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which requires entities to present all deferred tax assets and liabilities as noncurrent on the balance sheet. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. The Company adopted ASU 2015-17 on a retrospective basis during the fourth quarter of 2015, resulting in a reclassification of $0.8 million and $0.7 million in current deferred tax assets as of January 30, 2016 and January 31, 2015, respectively, to noncurrent deferred tax assets and a reclassification of $32.5 million and $27.5 million in current deferred tax liabilities as of January 30, 2016 and January 31, 2015, respectively, to noncurrent deferred tax liabilities on the consolidated balance sheets. |
Impact of Prospective Accounting Pronouncements | Impact of Prospective Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The standard provides a five-step analysis of revenue 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 ASU also requires additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date , that resulted in a one year deferral of ASU 2014-09 for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent) . ASU 2015-07 removes the requirement to categorize within the fair value hierarchy investments for which fair values are estimated using the net asset value practical expedient provided by ASC 820, Fair Value Measurement . Disclosures about investments in certain entities that calculate net asset value per share are limited under ASU 2015-07 to those investments for which the entity has elected to estimate the fair value using the net asset value practical expedient. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with retrospective application to all periods presented. Early adoption is permitted. The Company will adopt ASU 2015-07 during the first quarter of fiscal 2016. As of January 30, 2016, the Company's pension plan assets included an alternative investment fund for which the fair value of $10.9 million was estimated using the net asset value. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, which requires entities to measure inventory at the lower of cost and net realizable value, simplifying the current guidance under which entities must measure inventory at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory measured using LIFO. The ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. Approximately 95% of the Company's consolidated inventory is measured using LIFO, which will remain unchanged upon the adoption of ASU 2015-11. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet. The ASU also eliminates the real-estate specific provisions in the current standard. For lessors, ASU 2016-02 modifies the classification criteria and the accounting for sales-type and direct financing leases. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. Due to the large number of retail operating leases to which the Company is a party, the Company anticipates that the impact to its consolidated financial statements upon adoption in the first quarter of 2019 may be significant. However, the adoption of the ASU is not expected to trigger non-compliance with any covenant or other restriction under the provisions of any of the Company’s debt obligations. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Loss From Discontinued Operations | Loss from discontinued operations for 2013 was as follows: ($ thousands) 2013 Net sales $ 26,318 Cost of goods sold 19,927 Gross profit 6,391 Selling and administrative expenses 6,103 Restructuring and other special charges, net 10,768 Operating loss (10,480 ) Interest expense 16 Loss before income taxes from discontinued operations (10,496 ) Income tax benefit 5,922 Loss from discontinued operations, net of tax $ (4,574 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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) 2015 2014 2013 NUMERATOR Net earnings from continuing operations $ 81,824 $ 82,943 $ 53,982 Net (earnings) loss attributable to noncontrolling interests (345 ) (93 ) 177 Net earnings allocated to participating securities (2,587 ) (3,068 ) (2,304 ) Net earnings from continuing operations 78,892 79,782 51,855 Net loss from discontinued operations — — (16,086) Net loss allocated to participating securities — — 687 Net loss from discontinued operations — — (15,399) Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 78,892 $ 79,782 $ 36,456 DENOMINATOR Denominator for basic continuing and discontinued earnings per common share attributable to Caleres, Inc. shareholders 42,455 42,071 41,356 Dilutive effect of share-based awards for continuing operations and discontinued operations 201 203 297 Denominator for diluted continuing and discontinued earnings per common share attributable to Caleres, Inc. shareholders 42,656 42,274 41,653 Basic earnings (loss) per common share: From continuing operations $ 1.86 $ 1.90 $ 1.25 From discontinued operations — — (0.37 ) Basic earnings per common share attributable to Caleres, Inc. shareholders $ 1.86 $ 1.90 $ 0.88 Diluted earnings (loss) per common share: From continuing operations $ 1.85 $ 1.89 $ 1.25 From discontinued operations — — (0.37 ) Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 1.85 $ 1.89 $ 0.88 |
Restructuring And Other Initi32
Restructuring And Other Initiatives (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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: 2013 ($ millions, except per share data) Pre-tax Expense After-tax Expense Loss Per Diluted Share Continuing Operations Business exits and cost reductions $ 1.2 $ 0.8 $ 0.02 Non-cash impairments/dispositions 4.7 4.7 0.11 Total Continuing Operations 5.9 5.5 0.13 Discontinued Operations Business exits and cost reductions 13.3 6.4 0.13 Non-cash impairments/dispositions 11.5 11.5 0.27 Total Discontinued Operations 24.8 17.9 0.40 Total $ 30.7 $ 23.4 $ 0.53 |
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 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 $ — Amounts settled in 2015 (0.1 ) (0.3 ) (0.4 ) (0.4 ) — Reserve balance at January 31, 2015 $ — $ — $ 0.7 $ — $ 0.7 $ 0.7 $ — |
Retirement And Other Benefit 33
Retirement And Other Benefit Plans (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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) 2015 2014 2015 2014 Benefit obligation at beginning of year $ 362,340 $ 279,964 $ 1,512 $ 1,119 Service cost 12,639 9,650 — — Interest cost 14,321 14,230 56 49 Plan participants’ contribution 11 12 9 4 Plan amendments 91 (11,671 ) — — Actuarial (gain) loss (49,318 ) 83,105 (31 ) 483 Benefits paid (13,490 ) (11,814 ) (135 ) (143 ) Curtailments (120 ) — — — Foreign exchange rate changes (397 ) (1,136 ) — — Benefit obligation at end of year $ 326,077 $ 362,340 $ 1,411 $ 1,512 |
Schedule of Assumptions Used | Pension Benefits Other Postretirement Benefits Weighted–average assumptions used to determine benefit obligations, end of year 2015 2014 2015 2014 Discount rate 4.70 % 3.90 % 4.70 % 3.90 % 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 2015 2014 2013 2015 2014 2013 Discount rate 3.90 % 5.00 % 4.50 % 3.90 % 5.00 % 4.50 % Rate of compensation increase 3.00 % 3.00 % 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 30, 2016 by asset category are as follows: Fair Value Measurements at January 30, 2016 ($ thousands) Total Level 1 Level 2 Level 3 Asset Cash and cash equivalents $ 42,881 $ 42,881 $ — $ — U.S. government securities 129,846 129,846 — — Mutual fund 27,662 27,662 — — Corporate stocks – common 171,898 171,898 — — Preferred securities 657 657 — — S&P 500 Index options 1,742 1,742 — — Interest rate swap agreements (6,028 ) — (6,028 ) — Alternative investment fund 10,901 — 10,901 — Unallocated insurance contract 79 — — 79 Total $ 379,638 374,686 $ 4,873 $ 79 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 |
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) 2015 2014 2015 2014 Fair value of plan assets at beginning of year $ 423,534 $ 356,320 $ — $ — Actual return on plan assets (30,091 ) 79,986 — — Employer contributions 90 206 126 139 Plan participants’ contributions 11 12 9 4 Benefits paid (13,490 ) (11,814 ) (135 ) (143 ) Foreign exchange rate changes (416 ) (1,176 ) — — Fair value of plan assets at end of year $ 379,638 $ 423,534 $ — $ — |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets consist of: Pension Benefits Other Postretirement Benefits ($ thousands) 2015 2014 2015 2014 Prepaid pension costs (noncurrent assets) $ 64,890 $ 73,324 $ — $ — Accrued benefit liabilities (current liability) (3,512 ) (2,675 ) (141 ) (142 ) Accrued benefit liabilities (noncurrent liability) (7,817 ) (9,455 ) (1,270 ) (1,370 ) Net amount recognized at end of year $ 53,561 $ 61,194 $ (1,411 ) $ (1,512 ) |
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) 2015 2014 2015 2014 End of Year Projected benefit obligation $ 11,326 $ 12,130 $ 11,326 $ 12,130 Accumulated benefit obligation 10,747 10,770 10,747 10,770 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 (loss) income that have not yet been recognized as components of net periodic benefit (income) cost at January 30, 2016 and January 31, 2015 , and the expected amortization of the January 30, 2016 amounts as components of net periodic benefit (income) cost for fiscal year 2016 are as follows: Pension Benefits Other Postretirement Benefits ($ thousands) 2015 2014 2015 2014 Components of accumulated other comprehensive (loss) income, net of tax: Net actuarial loss (gain) $ 11,976 $ 4,872 $ (947 ) $ (1,068 ) Net prior service (credit) cost (5,673 ) (7,037 ) — — $ 6,303 $ (2,165 ) $ (947 ) $ (1,068 ) |
Expected amortization as components of net periodic benefit (income) cost [Table Text Block] | Pension Benefits Other Postretirement Benefits ($ thousands) 2016 2016 Expected amortization, net of tax: Amortization of net actuarial loss (gain) $ 590 $ (217 ) Amortization of net prior service cost (2,090 ) — $ (1,500 ) $ (217 ) |
Schedule Of Components Of Net Periodic Benefit (Income) Cost | Net periodic benefit (income) cost for 2015 , 2014 and 2013 for all domestic and Canadian plans included the following components: Pension Benefits Other Postretirement Benefits ($ thousands) 2015 2014 2013 2015 2014 2013 Service cost $ 12,639 $ 9,650 $ 10,638 $ — $ — $ — Interest cost 14,321 14,230 13,241 56 49 55 Expected return on assets (31,682 ) (24,757 ) (24,773 ) — — — Amortization of: Actuarial loss (gain) 604 201 954 (220 ) (432 ) (351 ) Prior service (credit) cost (1,906 ) 27 13 — — — Curtailments (184 ) — — — — — Total net periodic benefit (income) cost $ (6,208 ) $ (649 ) $ 73 $ (164 ) $ (383 ) $ (296 ) |
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 2016 expected contributions to plan trusts $ 101 $ — $ 101 $ — 2016 expected contributions to plan participants — 3,510 3,510 141 Expected Benefit Payments 2016 $ 11,440 $ 3,510 $ 14,950 $ 141 2017 12,207 1,174 13,381 132 2018 12,995 1,778 14,773 123 2019 13,744 945 14,689 114 2020 14,461 2,211 16,672 106 2021 – 2025 81,154 2,276 83,430 404 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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) 2015 2014 2013 Federal Current $ 9,530 $ 27,311 $ 14,621 Deferred 11,202 (9,502 ) 260 20,732 17,809 14,881 State Current 497 5,501 5,770 Deferred 1,176 (642 ) (1,210 ) 1,673 4,859 4,560 Foreign 4,537 4,516 4,317 Total income tax provision $ 26,942 $ 27,184 $ 23,758 |
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) 2015 2014 2013 Income taxes at statutory rate $ 38,068 $ 38,544 $ 27,208 State income taxes, net of federal tax benefit 2,481 3,159 2,964 Foreign earnings taxed at lower rates (9,491 ) (8,882 ) (8,090 ) Non-deductibility of impairment of assets held for sale — — 1,631 Tax on international subsidiary dividend — 1,040 — Disposal and settlement of Shoes.com (1,701 ) (7,428 ) — Valuation allowance release on state loss carryforwards (1,635 ) — — Valuation allowance release on other tax carryforwards (1,367 ) — — Other 587 751 45 Total income tax provision $ 26,942 $ 27,184 $ 23,758 |
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 30, 2016 January 31, 2015 Deferred Tax Assets Employee benefits, compensation and insurance $ 24,740 $ 26,430 Accrued expenses 16,118 16,539 Postretirement and postemployment benefit plans 721 862 Deferred rent 7,269 6,285 Accounts receivable reserves 7,946 7,563 Net operating loss (“NOL”) carryforward/carryback 7,943 9,483 Capital loss carryforward 2,368 5,188 Foreign tax credit carryforward — 1,098 Inventory capitalization and inventory reserves 1,620 1,683 Intangible assets — 4,865 Depreciation 630 3,957 Other 1,346 1,907 Total deferred tax assets, before valuation allowance 70,701 85,860 Valuation allowance (6,544 ) (11,514 ) Total deferred tax assets, net of valuation allowance 64,157 74,346 Deferred Tax Liabilities Retirement plans (21,051 ) (23,822 ) LIFO inventory valuation (61,585 ) (56,525 ) Capitalized software (10,525 ) (12,721 ) Other (786 ) (1,118 ) Intangible assets (631 ) — Total deferred tax liabilities (94,578 ) (94,186 ) Net deferred tax liability (30,421 ) (19,840 ) |
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 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 Amounts settled and utilized for current tax obligations (636 ) Reductions for tax positions of prior years (379 ) Balance at January 30, 2016 $ — |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Business Segment Information | ($ thousands) Famous Footwear Brand Portfolio Other Total Fiscal 2015 External sales $ 1,572,665 $ 1,004,765 $ — $ 2,577,430 Intersegment sales — 100,186 — 100,186 Depreciation and amortization 25,842 9,339 16,258 51,439 Amortization of debt issuance costs and debt discount — — 1,167 1,167 Operating earnings (loss) 109,030 66,578 (40,501 ) 135,107 Segment assets 542,842 534,137 226,344 1,303,323 Purchases of property and equipment 48,761 18,340 6,378 73,479 Capitalized software 2,538 — 5,197 7,735 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 458,847 518,099 237,381 1,214,327 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 448,549 514,902 182,889 1,146,340 Purchases of property and equipment 32,728 6,026 5,214 43,968 Capitalized software 193 122 4,920 5,235 |
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) 2015 2014 2013 Operating earnings $ 135,107 $ 125,934 $ 98,617 Interest expense (16,589 ) (20,445 ) (21,254 ) Loss on early extinguishment of debt (10,651 ) (420 ) — Interest income 899 379 377 Gain on sale of subsidiary — 4,679 — Earnings before income taxes from continuing operations $ 108,766 $ 110,127 $ 77,740 |
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) 2015 2014 2013 Net Sales United States $ 2,342,590 $ 2,318,530 $ 2,258,605 Far East 177,654 194,296 193,725 Canada 57,186 58,883 60,783 Total net sales $ 2,577,430 $ 2,571,709 $ 2,513,113 Long-Lived Assets United States $ 417,198 $ 412,822 $ 344,413 Canada 8,596 8,773 7,159 Far East 2,193 2,336 2,454 Latin America, Europe and other 271 248 236 Total long-lived assets $ 428,258 $ 424,179 $ 354,262 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consisted of the following: ($ thousands) January 30, 2016 January 31, 2015 Land and buildings $ 38,300 $ 40,078 Leasehold improvements 196,960 183,466 Technology equipment 49,575 53,406 Machinery and equipment 35,805 35,988 Furniture and fixtures 121,186 117,254 Construction in progress 33,924 8,504 Property and equipment 475,750 438,696 Allowances for depreciation (296,740 ) (288,953 ) Property and equipment, net $ 179,010 $ 149,743 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 4-20 years Furniture and fixtures 3-10 years |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Goodwill And Intangible Assets | Goodwill and intangible assets were as follows: ($ thousands) January 30, 2016 January 31, 2015 Intangible Assets Famous Footwear $ 2,800 $ 2,800 Brand Portfolio 183,068 183,068 Total intangible assets 185,868 185,868 Accumulated amortization (68,923 ) (65,235 ) Total intangible assets, net 116,945 120,633 Goodwill Brand Portfolio 13,954 13,954 Total goodwill 13,954 13,954 Goodwill and intangible assets, net $ 130,899 $ 134,587 |
Long-Term And Short-Term Fina38
Long-Term And Short-Term Financing Arrangements (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Redemption Price Percentage | Year Percentage 2018 104.688 % 2019 103.125 % 2020 101.563 % 2021 and thereafter 100.000 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Leases [Abstract] | |
Rent Expense For Operating Leases | The following is a summary of rent expense for operating leases: ($ thousands) 2015 2014 2013 Minimum rent $ 149,902 $ 143,050 $ 143,958 Contingent rent 520 971 942 Sublease income (1,223 ) (1,197 ) (1,170 ) Total $ 149,199 $ 142,824 $ 143,730 |
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 30, 2016 : ($ thousands) 2016 $ 159,730 2017 131,519 2018 106,567 2019 84,928 2020 69,098 Thereafter 205,742 Total minimum operating lease payments $ 757,584 |
Risk Management And Derivativ40
Risk Management And Derivatives (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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 30, 2016 January 31, 2015 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ 14,118 $ 19,633 Euro 15,499 16,152 Chinese yuan 14,623 14,512 Japanese yen 1,159 1,523 United Arab Emirates dirham 930 970 New Taiwanese dollars 570 599 Other currencies 219 — Total financial instruments $ 47,118 $ 53,389 |
Schedule of Derivatives Instruments Statements of Financial Position | The classification and fair values of derivative instruments designated as hedging instruments included within the consolidated balance sheets as of January 30, 2016 and January 31, 2015 are as follows: ($ in thousands) Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange forwards contracts: January 30, 2016 Prepaid expenses and other current assets $ 1,000 Other accrued expenses $ 846 January 31, 2015 Prepaid expenses and other current assets $ 1,863 Other accrued expenses $ 1,784 |
Schedule of Effect of Derivative Instruments in Cash Flow Hedging Relationships on Consolidated Statements Of Earnings | During 2015 and 2014 , the effect of derivative instruments in cash flow hedging relationships on the consolidated statements of earnings was as follows: 2015 2014 Foreign exchange forward contracts: Gain (Loss) Gain (Loss) Reclassified Gain (loss) Gain (loss) Reclassified Net sales $ 57 $ 147 $ 166 $ 93 Cost of goods sold 1,028 (27 ) (693 ) 113 Selling and administrative expenses (907 ) (297 ) (271 ) (64 ) Interest expense (17 ) — 18 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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 30, 2016 and January 30, 2015. The Company did not have any transfers between Level 1 and Level 2 during 2015 or 2014. Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) As of January 30, 2016 Cash equivalents – money market funds $ 100,694 $ 100,694 $ — $ — Non-qualified deferred compensation plan assets 3,383 3,383 — — Non-qualified deferred compensation plan liabilities (3,383 ) (3,383 ) — — Deferred compensation plan liabilities for non-employee directors (1,728 ) (1,728 ) — — Restricted stock units for non-employee directors (8,879 ) (8,879 ) — — Performance share units (3,780 ) (3,780 ) — — Derivative financial instruments, net 154 — 154 — Secured convertible note 7,117 — — 7,117 As of January 31, 2015: Cash equivalents – money market funds $ 35,533 $ 35,533 $ — $ — Non-qualified deferred compensation plan assets 2,904 2,904 — — Non-qualified deferred compensation plan liabilities (2,904 ) (2,904 ) — — Deferred compensation plan liabilities for non-employee directors (2,066 ) (2,066 ) — — Restricted stock units for non-employee directors (8,857 ) (8,857 ) — — Performance share units (5,147 ) (5,147 ) — — Derivative financial instruments, net 79 — 79 — Secured convertible note 6,957 — — 6,957 |
Schedule Of Fair Value Of Financial Instruments | The carrying amounts and fair values of the Company’s other financial instruments subject to fair value disclosures are as follows: January 30, 2016 January 31, 2015 Carrying Value (1) Fair Value Carrying Value (1) Fair Value ($ thousands) Long-term debt $ 196,544 $ 196,000 $ 196,712 $ 208,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) | The following table sets forth the changes in accumulated other comprehensive (loss) income, net of tax, by component for 2015 , 2014 and 2013 : ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions (1) Derivative Transactions (2) Accumulated Other Comprehensive Income (Loss) 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 Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — 617 (670 ) (53 ) Tax (benefit) provision — (224 ) 229 5 Net reclassifications — 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 ) Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (204 ) (142 ) (346 ) Tax provision — 90 39 129 Net reclassifications — (114 ) (103 ) (217 ) Other comprehensive loss (3,101 ) (10,349 ) (514 ) (13,964 ) Balance at January 31, 2015 $ (745 ) $ 3,233 $ 224 $ 2,712 Other comprehensive (loss) income before reclassifications (155 ) (7,559 ) 74 (7,640 ) Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (1,706 ) 177 (1,529 ) Tax provision (benefit) — 676 (83 ) 593 Net reclassifications — (1,030 ) 94 (936 ) Other comprehensive (loss) income (155 ) (8,589 ) 168 (8,576 ) Balance at January 30, 2016 $ (900 ) $ (5,356 ) $ 392 $ (5,864 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
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 2015 , 2014 and 2013 : ($ thousands) 2015 2014 2013 Expense (income) for share-based compensation plans, net of forfeitures: Stock options $ 66 $ (46 ) $ 248 Stock performance awards 1,398 — — Restricted stock grants 6,027 6,236 5,319 Total share-based compensation expense 7,491 6,190 5,567 Less: Income tax benefit 2,937 2,397 2,136 Total share-based compensation expense, net of income tax benefit $ 4,554 $ 3,793 $ 3,431 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes restricted stock activity for 2015, 2014 and 2013: Number of Nonvested Restricted Shares Weighted-Average Grant Date Fair Value Nonvested at February 2, 2013 2,110,325 $10.14 Granted 411,735 17.47 Vested (658,712 ) 6.22 Forfeited (163,250 ) 12.04 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 Granted 318,921 30.02 Vested (492,092 ) 14.10 Forfeited (126,850 ) 18.74 Nonvested at January 30, 2016 1,262,449 $19.55 |
Schedule of Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following table summarizes performance share activity for 2015, 2014 and 2013: Number of Number of Weighted-Average Nonvested at February 2, 2013 222,325 382,525 $12.67 Granted (award of units payable in cash) 70,225 140,450 17.00 Vested (117,250 ) (175,875 ) 15.20 Expired — — — Forfeited (10,775 ) (18,050 ) 13.09 Nonvested at February 1, 2014 164,525 329,050 12.69 Granted (award of units payable in cash) 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 Granted (award payable in shares) 177,921 355,842 30.12 Vested (15,182 ) (30,364 ) 24.71 Expired — — — Forfeited (3,750 ) (7,500 ) 29.47 Nonvested at January 30, 2016 307,524 615,048 $27.14 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fair values of options granted were estimated using the Black-Scholes option-pricing model based on the following assumptions: 2015 2013 Dividend yield 1.0 % 1.7 % Expected volatility 45.5 % 67.7 % Risk-free interest rate 1.8 % 1.3 % Expected term (in years) 7 7 |
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 30, 2016 is as follows: Outstanding Exercisable Exercise Price Range Number of Weighted- Weighted- Number of Weighted- Weighted- $3.33 - $11.54 71,625 4.2 $6.36 54,625 4.5 $7.09 $11.55 - $14.45 61,000 4.1 13.99 61,000 4.1 13.99 $14.46 - $15.35 20,750 3.9 15.20 20,750 3.9 15.20 $15.36 - $22.44 63,006 0.5 20.96 63,006 0.5 20.96 $22.45 - $35.25 84,914 2.5 32.50 68,247 1.0 33.31 301,295 2.9 $18.93 267,628 2.5 $19.24 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity for 2015 under the current and prior plans: Number of Weighted-Average Outstanding at January 31, 2015 416,803 $17.75 Granted 16,667 29.18 Exercised (88,224 ) 15.58 Forfeited (7,500 ) 35.25 Canceled or expired (36,451 ) 14.91 Outstanding at January 30, 2016 301,295 $18.93 Exercisable at January 30, 2016 267,628 $19.24 |
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table summarizes nonvested stock option activity for 2015 under the current and prior plans: Number of Weighted-Average Nonvested at January 31, 2015 36,625 $ 3.28 Granted 16,667 12.81 Vested (19,625 ) 4.72 Forfeited — — Nonvested at January 30, 2016 33,667 $ 7.16 |
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 30, 2016 : Outstanding Accrued (1) Nonvested RSUs Number of Number of Total Number Total Number Weighted-Average January 31, 2015 292,294 38,700 330,994 318,094 $28.72 Granted (2) 2,800 36,341 39,141 27,141 31.65 Vested 39,041 (39,041 ) — 12,900 28.73 Settled (21,698 ) — (21,698 ) (21,698 ) 31.41 January 30, 2016 312,437 36,000 348,437 336,437 $31.67 (1) Accrued RSUs include all fully vested awards and a pro-rata portion of nonvested awards based on the elapsed portion of the vesting period. (2) Granted RSUs include 3,141 RSUs resulting from dividend equivalents paid on outstanding RSUs, of which 2,800 related to outstanding vested RSUs and 341 to outstanding nonvested RSUs. |
Schedule of Information About Restricted Stock Units Granted Vested And Settled [Table Text Block] | Information about RSUs granted, vested and settled during 2015 , 2014 and 2013 is as follows: ($ thousands, except per unit amounts) 2015 2014 2013 Weighted-average grant date fair value of RSUs granted (1) $ 31.54 $ 28.69 $ 21.33 Fair value of RSUs vested 1,049 1,558 1,600 RSUs settled 21,698 57,260 9,905 (1) Includes dividend equivalents granted on outstanding RSUs, which vest immediately. |
Schedule of Restricted Stock Units Compensation Expense [Table Text Block] | The following table details the RSU compensation expense and the related income tax benefit for 2015 , 2014 and 2013 : ($ thousands) 2015 2014 2013 Compensation expense $ 704 $ 2,707 $ 3,258 Income tax benefit (276 ) (1,053 ) (1,267 ) Compensation expense, net of income tax benefit $ 428 $ 1,654 $ 1,991 |
Financial Information For The44
Financial Information For The Company And Its Subsidiaries (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Condensed Balance Sheet [Table Text Block] | CONDENSED CONSOLIDATING BALANCE SHEET AS OF JANUARY 30, 2016 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Assets Current assets: Cash and cash equivalents $ 31,000 $ — $ 87,151 $ — $ 118,151 Receivables, net 110,235 2,290 41,139 — 153,664 Inventories, net 151,704 371,538 23,503 — 546,745 Prepaid expenses and other current assets 29,765 24,597 8,109 (5,966 ) 56,505 Intercompany receivable - current 650 176 6,877 (7,703 ) — Total current assets 323,354 398,601 166,779 (13,669 ) 875,065 Property and equipment, net 32,538 136,223 10,249 — 179,010 Goodwill and intangible assets, net 115,558 2,800 12,541 — 130,899 Other assets 94,767 15,772 7,810 — 118,349 Investment in subsidiaries 1,028,143 — (19,524 ) (1,008,619 ) — Intercompany receivable - noncurrent 431,523 354,038 556,259 (1,341,820 ) — Total assets $ 2,025,883 $ 907,434 $ 734,114 $ (2,364,108 ) $ 1,303,323 Liabilities and Equity Current liabilities: Trade accounts payable $ 78,332 $ 123,274 $ 36,196 $ — $ 237,802 Other accrued expenses 80,053 62,729 15,681 (5,966 ) 152,497 Intercompany payable - current 4,394 — 3,309 (7,703 ) — Total current liabilities 162,779 186,003 55,186 (13,669 ) 390,299 Other liabilities: Long-term debt 196,544 — — — 196,544 Other liabilities 44,011 66,302 3,695 — 114,008 Intercompany payable - noncurrent 1,021,065 39,175 281,580 (1,341,820 ) — Total other liabilities 1,261,620 105,477 285,275 (1,341,820 ) 310,552 Equity: Caleres, Inc. shareholders’ equity 601,484 615,954 392,665 (1,008,619 ) 601,484 Noncontrolling interests — — 988 — 988 Total equity 601,484 615,954 393,653 (1,008,619 ) 602,472 Total liabilities and equity $ 2,025,883 $ 907,434 $ 734,114 $ (2,364,108 ) $ 1,303,323 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 40,746 20,777 8,964 (27,491 ) 42,996 Intercompany receivable - current 1,194 — 8,750 (9,944 ) — Total current assets 292,943 402,429 132,211 (37,435 ) 790,148 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 112,185 13,733 13,931 — 139,849 Investment in subsidiaries 956,831 — (18,909 ) (937,922 ) — Intercompany receivable - noncurrent 459,774 306,871 539,396 (1,306,041 ) — Total assets $ 1,968,762 $ 835,553 $ 691,410 $ (2,281,398 ) $ 1,214,327 Liabilities and Equity Current liabilities: Trade accounts payable $ 60,377 $ 114,208 $ 41,336 $ — $ 215,921 Other accrued expenses 83,170 85,638 12,301 (27,491 ) 153,618 Intercompany payable - current 4,948 — 4,996 (9,944 ) — Total current liabilities 148,495 199,846 58,633 (37,435 ) 369,539 Other liabilities: Long-term debt 196,712 — — — 196,712 Other liabilities 69,391 32,574 4,489 — 106,454 Intercompany payable - noncurrent 1,013,254 21,078 271,709 (1,306,041 ) — Total other liabilities 1,279,357 53,652 276,198 (1,306,041 ) 303,166 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 $ 1,968,762 $ 835,553 $ 691,410 $ (2,281,398 ) $ 1,214,327 |
Condensed Income Statement [Table Text Block] | CONDENSED CONSOLIDATING STATEMENT OF EARNINGS FOR THE FISCAL YEAR ENDED JANUARY 30, 2016 ($ thousands) Parent Guarantors Non-Guarantors Eliminations Total Net sales $ 819,148 $ 1,652,444 $ 268,779 $ (162,941 ) $ 2,577,430 Cost of goods sold 591,539 905,412 162,384 (129,708 ) 1,529,627 Gross profit 227,609 747,032 106,395 (33,233 ) 1,047,803 Selling and administrative expenses 235,210 649,020 61,699 (33,233 ) 912,696 Operating (loss) earnings (7,601 ) 98,012 44,696 — 135,107 Interest expense (16,588 ) (1 ) — — (16,589 ) Loss on early extinguishment of debt (10,651 ) — — — (10,651 ) Interest income 695 — 204 — 899 Intercompany interest income (expense) 14,363 (14,581 ) 218 — — (Loss) earnings before income taxes (19,782 ) 83,430 45,118 — 108,766 Income tax benefit (provision) 8,755 (29,475 ) (6,222 ) — (26,942 ) Equity in earnings (loss) of subsidiaries, net of tax 92,506 — (616 ) (91,890 ) — Net earnings 81,479 53,955 38,280 (91,890 ) 81,824 Less: Net earnings attributable to noncontrolling interests — — 345 — 345 Net earnings attributable to Caleres, Inc. $ 81,479 $ 53,955 $ 37,935 $ (91,890 ) $ 81,479 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS FOR THE FISCAL YEAR ENDED JANUARY 31, 2015 Non-Guarantors ($ thousands) Parent 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 (loss) 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 |
Schedule Of Condensed Consolidating Statement Of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE FISCAL YEAR ENDED JANUARY 30, 2016 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net earnings $ 81,479 $ 53,955 $ 38,280 $ (91,890 ) $ 81,824 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment — — (224 ) — (224 ) Pension and other postretirement benefits adjustments (8,838 ) — 249 — (8,589 ) Derivative financial instruments 628 — (460 ) — 168 Other comprehensive loss from investment in subsidiaries (366 ) — — 366 — Other comprehensive loss, net of tax (8,576 ) — (435 ) 366 (8,645 ) Comprehensive income 72,903 53,955 37,845 (91,524 ) 73,179 Comprehensive income attributable to noncontrolling interests — — 276 — 276 Comprehensive income attributable to Caleres, Inc. $ 72,903 $ 53,955 $ 37,569 $ (91,524 ) $ 72,903 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 income (loss), 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 from investment in subsidiaries (2,711 ) — — 2,711 — Other comprehensive loss, 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 |
Schedule Of Condensed Consolidating Statement Of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED JANUARY 30, 2016 Non-Guarantors ($ thousands) Parent Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (1,259 ) $ 99,222 $ 51,189 — $ 149,152 Investing activities Purchases of property and equipment (14,585 ) (56,382 ) (2,512 ) — (73,479 ) Proceeds from disposal of property and equipment 7,111 — 322 — 7,433 Capitalized software (5,197 ) (2,538 ) — — (7,735 ) Intercompany investing (568 ) 568 — — — Net cash used for investing activities (13,239 ) (58,352 ) (2,190 ) — (73,781 ) Financing activities Borrowings under revolving credit agreement 198,000 — — — 198,000 Repayments under revolving credit agreement (198,000 ) — — — (198,000 ) Proceeds from issuance of 2023 senior notes 200,000 — — — 200,000 Redemption of 2019 senior notes (200,000 ) — — — (200,000 ) Dividends paid (12,253 ) — — — (12,253 ) Debt issuance costs (3,650 ) — — — (3,650 ) Acquisition of treasury stock (4,921 ) — — — (4,921 ) Issuance of common stock under share-based plans, net (5,297 ) — — — (5,297 ) Excess tax benefit related to share-based plans 2,651 — — — 2,651 Intercompany financing 55,077 (40,870 ) (14,207 ) — — Net cash provided by (used for) financing activities 31,607 (40,870 ) (14,207 ) — (23,470 ) Effect of exchange rate changes on cash and cash equivalents — — (1,153 ) — (1,153 ) Increase in cash and cash equivalents 17,109 — 33,639 — 50,748 Cash and cash equivalents at beginning of year 13,891 — 53,512 — 67,403 Cash and cash equivalents at end of year $ 31,000 $ — $ 87,151 $ — $ 118,151 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) provided by 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 Excess 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 ) Dividend paid (12,105 ) — — — (12,105 ) Issuance of common stock under share-based plans, net 804 — — — 804 Excess 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 by 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 |
Valuation of Qualifying Account
Valuation of Qualifying Accounts (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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 30, 2016 Deducted from assets or accounts: Doubtful accounts and allowances $ 2,235 $ 480 $ — $ 420 (A) $ 2,295 Customer allowances 21,906 47,435 — 47,751 (B) 21,590 Customer discounts 1,252 2,624 — 2,981 (B) 895 Inventory valuation allowances 16,051 55,126 — 55,397 (C) 15,780 Deferred tax asset valuation allowance 11,514 670 — 5,640 (D) 6,544 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 (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) Reductions to the valuation allowance for the net operating loss carryforwards for certain states based on the Company’s expectations for utilization of net operating loss carryforwards. |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (Unaudited) Quarterly financial results (unaudited) for 2015 and 2014 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) 2015 Net sales $ 602,283 $ 637,834 $ 728,639 $ 608,674 Gross profit 248,526 262,795 288,434 248,048 Net earnings 19,391 16,863 33,992 11,578 Net earnings attributable to Caleres, Inc. 19,261 16,825 33,983 11,410 Per share of common stock: Basic earnings per common share attributable to Caleres, Inc. shareholders (1) 0.44 0.38 0.78 0.26 Diluted earnings per common share attributable to Caleres, Inc. shareholders (1) 0.44 0.38 0.78 0.26 Dividends paid 0.07 0.07 0.07 0.07 Market value: High 33.33 33.83 33.73 31.75 Low 27.22 28.91 27.90 23.22 (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) 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. |
Summary Of Significant Accoun47
Summary Of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016USD ($)retail_store | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
Accounting Policies [Line Items] | |||
Number of Stores | retail_store | 1,211 | ||
Provision for doubtful accounts | $ 480 | $ 1,716 | $ 551 |
Provision for customer allowances | 47,400 | 46,900 | 45,100 |
Provision for customer discounts | $ 2,600 | 3,500 | 4,800 |
Percentage of LIFO inventory | 95.00% | ||
Inventories, adjustment to last-in, first-out cost | $ 4,094 | 3,668 | |
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross | 2,300 | 1,900 | |
Selling and administrative expenses | 912,696 | 910,682 | 909,749 |
Other assets | 51,612 | 58,821 | |
Interest Costs Capitalized | 300 | ||
Goodwill | 13,954 | 13,954 | |
Cost Method Investments, Original Cost | 7,000 | ||
Self insurance reserves | 9,700 | 9,300 | |
Gift card breakage | 700 | 400 | 500 |
Advertising and marketing expense | 78,400 | 83,600 | 82,200 |
Co-op advertising allowances | 6,500 | 6,200 | 7,800 |
Co-op advertising expense | 9,700 | 10,000 | 8,300 |
Deferred advertising costs | $ 2,700 | 2,600 | |
More likely than not, percentage | 50.00% | ||
Annual vesting percentage | 25.00% | ||
Deferred Finance Costs, Net | $ 3,500 | 2,500 | |
Deferred Tax Assets, Net, Current | 800 | 700 | |
Deferred Tax Liabilities, Net, Current | 32,500 | 27,500 | |
Asset Impairment Charges | 2,761 | 1,982 | 1,636 |
Warehousing And Distribution Costs [Member] | |||
Accounting Policies [Line Items] | |||
Selling and administrative expenses | 70,400 | 71,100 | 75,100 |
Overseas Sourcing Offices and Other Inventory Procurement Costs [Member] | |||
Accounting Policies [Line Items] | |||
Selling and administrative expenses | 23,900 | 20,800 | $ 20,200 |
Software Development and Acquisition Costs [Member] | |||
Accounting Policies [Line Items] | |||
Other assets | 33,200 | 37,900 | |
Accumulated amortization | $ 101,000 | $ 90,100 | |
Famous Footwear [Member] | |||
Accounting Policies [Line Items] | |||
Number of Stores | retail_store | 1,046 | ||
Retail [Member] | |||
Accounting Policies [Line Items] | |||
Pecentage of net sales | 66.00% | 67.00% | 70.00% |
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 | 74.00% | 73.00% | 70.00% |
Customer Loyalty Program Liability, Current | $ 7,100 | $ 7,200 | |
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 | ||
Pension Plan [Member] | |||
Accounting Policies [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 379,638 | 423,534 | $ 356,320 |
Pension Plan [Member] | Alternative Investment Funds [Member] | |||
Accounting Policies [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,900 | ||
Selling, General and Administrative Expenses [Member] | |||
Accounting Policies [Line Items] | |||
Asset Impairment Charges | $ 2,800 | $ 2,000 | $ 1,600 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) | Dec. 12, 2014 | Nov. 14, 2013 | May. 14, 2013 | Apr. 29, 2013 | Jan. 30, 2016 | Aug. 03, 2013 | May. 04, 2013 | Jan. 30, 2016 | Feb. 01, 2014 | Jan. 31, 2015 |
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Disposal Group, Including Discontinued Operation, Revenue | $ 0 | $ 26,318,000 | ||||||||
Loss before income taxes from discontinued operations | (10,496,000) | |||||||||
Settlement consideration | $ 1,000,000 | |||||||||
Gain (Loss) on Disposition of Assets | (11,500,000) | |||||||||
Restructuring and Related Cost, Incurred Cost | 30,700,000 | |||||||||
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 5,900,000 | |||||||||
American Sporting Goods Corporation [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 20,300,000 | |||||||||
Sale price | $ 74,000,000 | |||||||||
Proceeds from business disposition | 60,300,000 | |||||||||
Gain (loss) on sale | $ 1,000,000 | $ (12,600,000) | ||||||||
Gain (loss) on sale after-tax | $ 1,000,000 | $ (12,600,000) | ||||||||
Gain (loss) on sale per diluted share | $ 0.02 | $ (0.30) | ||||||||
Loss before income taxes from discontinued operations | (1,600,000) | |||||||||
American Sporting Goods Corporation [Member] | Promissory Note [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Note receivable | $ 12,000,000 | |||||||||
Promissory note interest rate | 3.00% | |||||||||
Payment received | $ 12,200,000 | |||||||||
Etienne Aigner [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 300,000 | |||||||||
Loss before income taxes from discontinued operations | 7,000,000 | |||||||||
Settlement consideration | $ 6,500,000 | |||||||||
Vera Wang [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 5,700,000 | |||||||||
Loss before income taxes from discontinued operations | $ 1,900,000 | |||||||||
Shoes.com [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Sale price | $ 15,000,000 | |||||||||
Proceeds from business disposition | 4,400,000 | |||||||||
Note receivable | $ 7,500,000 | |||||||||
Promissory note interest rate | 6.00% | |||||||||
Gain (loss) on sale | $ 4,700,000 | |||||||||
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 | |||||||||
Note receivable, due date | Dec. 12, 2019 | |||||||||
Promissory note interest rate, 1 year after | 7.00% | |||||||||
Promissory note interest rate, 2 year after | 8.00% | |||||||||
Promissory note interest rate, 3 years after | 9.00% | |||||||||
Disposal Group, Net Purchase Price | $ 10,100,000 | |||||||||
Notes Receivable, Fair Value Disclosure | $ 7,100,000 | 7,100,000 | $ 7,000,000 | |||||||
Interest Income, Other | 500,000 | |||||||||
Restructuring and Related Cost, Incurred Cost | 1,500,000 | |||||||||
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 6,600,000 | $ 1,700,000 | ||||||||
Famous Footware [Member] | Shoes.com [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Restructuring and Related Cost, Incurred Cost | 800,000 | |||||||||
Brand Portfolio [Member] | Shoes.com [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Restructuring and Related Cost, Incurred Cost | 300,000 | |||||||||
Other Segments [Member] | Shoes.com [Member] | ||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||
Restructuring and Related Cost, Incurred Cost | $ 400,000 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule Of Loss From Discontinued Operations, Net Of Tax) (Details) - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Net sales | $ 0 | $ 26,318,000 | |
Cost of goods sold | 19,927,000 | ||
Gross profit | 6,391,000 | ||
Selling and administrative expenses | 6,103,000 | ||
Restructuring and other special charges, net | 10,768,000 | ||
Operating loss | (10,480,000) | ||
Interest expense | 16,000 | ||
Loss before income taxes from discontinued operations | (10,496,000) | ||
Income tax benefit | 0 | $ 0 | 5,922,000 |
Loss from discontinued operations, net of tax | $ 0 | $ 0 | $ (4,574,000) |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Earnings Per Share [Abstract] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 11,578 | $ 33,992 | $ 16,863 | $ 19,391 | $ 16,191 | $ 33,237 | $ 18,039 | $ 15,476 | $ 81,824 | $ 82,943 | $ 37,896 | |
NUMERATOR | ||||||||||||
Net earnings from continuing operations | 81,824 | 82,943 | 53,982 | |||||||||
Net (earnings) loss attributable to noncontrolling interests | (345) | (93) | 177 | |||||||||
Net earnings allocated to participating securities | (2,587) | (3,068) | (2,304) | |||||||||
Net earnings from continuing operations | 78,892 | 79,782 | 51,855 | |||||||||
Net loss from discontinued operations | 0 | 0 | (16,086) | |||||||||
Net loss allocated to participating securities | 0 | 0 | 687 | |||||||||
Net loss from discontinued operations | 0 | 0 | (15,399) | |||||||||
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ 78,892 | $ 79,782 | $ 36,456 | |||||||||
DENOMINATOR | ||||||||||||
Denominator for basic continuing and discontinued earnings per common share attributable to Caleres, Inc. shareholders | 42,455,000 | 42,071,000 | 41,356,000 | |||||||||
Dilutive effect of share-based awards for continuing operations and discontinued operations | 201,000 | 203,000 | 297,000 | |||||||||
Denominator for diluted continuing and discontinued earnings per common share attributable to Caleres, Inc. shareholders | 42,656,000 | 42,274,000 | 41,653,000 | |||||||||
Basic earnings (loss) per common share: | ||||||||||||
From continuing operations | $ 1.86 | $ 1.90 | $ 1.25 | |||||||||
From discontinued operations | 0 | 0 | (0.37) | |||||||||
Basic earnings per common share attributable to Caleres, Inc. shareholders | $ 0.26 | $ 0.78 | $ 0.38 | $ 0.44 | $ 0.37 | $ 0.76 | $ 0.41 | $ 0.35 | 1.86 | 1.90 | 0.88 | |
Diluted earnings (loss) per common share: | ||||||||||||
Diluted earnings (loss) per common share: From continuing operations | 1.85 | 1.89 | 1.25 | |||||||||
Diluted earnings (loss) per common share: From discontinued operations | 0 | 0 | (0.37) | |||||||||
Diluted earnings per common share attributable to Caleres, Inc. shareholders | $ 0.26 | $ 0.78 | $ 0.38 | $ 0.44 | $ 0.37 | $ 0.75 | $ 0.41 | $ 0.35 | $ 1.85 | $ 1.89 | $ 0.88 | |
Options to purchase common stock, not included in computation of diluted earnings per common share | 56,997 | 64,497 | 86,247 |
Restructuring And Other Initi51
Restructuring And Other Initiatives (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 12, 2014 | Apr. 30, 2013 | May. 04, 2013 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Restructuring and Related Cost [Line Items] | |||||||
Portfolio realignment costs | $ 30,700 | ||||||
Proceeds from sale of manufacturing facilities | $ 7,433 | $ 0 | 0 | ||||
Organizational change costs | 1,900 | ||||||
Organizational Change Costs After Tax | $ 1,200 | ||||||
Organizational Change Costs Per Diluted Share | $ 0.03 | ||||||
Restructuring Reserve | 700 | $ 1,100 | 2,400 | $ 5,500 | |||
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] | Supply Chain and Sourcing Assets [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Note receivable | $ 7,500 | ||||||
Promissory Note [Member] | Subsequent Quarterly Installment Payments [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Promissory note interest rate | 5.00% | ||||||
Continuing Operations [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Portfolio realignment costs | 5,900 | ||||||
Impairment charge | $ 4,700 | 4,700 | |||||
Impairment charge, after tax | $ 4,700 | $ 4,700 | |||||
Impairment charge, per diluted share | $ 0.11 | $ 0.11 | |||||
Restructuring Reserve | $ 700 | 1,100 | $ 1,500 | $ 5,300 | |||
Brand Portfolio [Member] | Continuing Operations [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Portfolio realignment costs | $ 5,900 | ||||||
Shoes.com [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Portfolio realignment costs | $ 1,500 | ||||||
Note receivable | $ 7,500 | ||||||
Promissory note interest rate | 6.00% | ||||||
Restructuring Reserve | $ 1,500 | ||||||
Shoes.com [Member] | Brand Portfolio [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Portfolio realignment costs | $ 300 |
Restructuring And Other Initi52
Restructuring And Other Initiatives (Schedule of 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 | |
Restructuring and Related Cost [Line Items] | ||
Total; Pre-tax Expense | $ 30.7 | |
Total; After-tax Expense | $ 23.4 | |
Total; Loss Per Diluted Share | $ 0.53 | |
Continuing Operations [Member] | ||
Restructuring and Related Cost [Line Items] | ||
Business exits and cost reductions; Pre-tax Expense | $ 1.2 | |
Business exits and cost reductions; After-tax Expense | $ 0.8 | |
Business exits and cost reductions; Loss Per Diluted Share | $ 0.02 | |
Non-cash impairments/dispositions; Pre-tax Expense | $ 4.7 | $ 4.7 |
Non-cash impairments/dispositions; After-tax Expense | $ 4.7 | $ 4.7 |
Non-cash impairments/dispositions; Pre-tax Expense | $ 0.11 | $ 0.11 |
Total; Pre-tax Expense | $ 5.9 | |
Total; After-tax Expense | $ 5.5 | |
Total; Loss Per Diluted Share | $ 0.13 | |
Discontinued Operations [Member] | ||
Restructuring and Related Cost [Line Items] | ||
Business exits and cost reductions; Pre-tax Expense | $ 13.3 | |
Business exits and cost reductions; After-tax Expense | $ 6.4 | |
Business exits and cost reductions; Loss Per Diluted Share | $ 0.13 | |
Non-cash impairments/dispositions; Pre-tax Expense | $ 11.5 | |
Non-cash impairments/dispositions; After-tax Expense | $ 11.5 | |
Non-cash impairments/dispositions; Pre-tax Expense | $ 0.27 | |
Total; Pre-tax Expense | $ 24.8 | |
Total; After-tax Expense | $ 17.9 | |
Total; Loss Per Diluted Share | $ 0.40 |
Restructuring And Other Initi53
Restructuring And Other Initiatives (Schedule of Summary Of The Charges And Settlements By Category Of Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 1.1 | $ 2.4 | $ 5.5 |
Additional charges | 30.7 | ||
Amounts settled | (0.4) | (1.3) | (33.8) |
Restructuring reserve, ending balance | 0.7 | 1.1 | 2.4 |
Employee [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0.1 | 1 | 1.7 |
Additional charges | 2.6 | ||
Amounts settled | (0.1) | (0.9) | (3.3) |
Restructuring reserve, ending balance | $ 0 | 0.1 | 1 |
Markdowns And Royalty Shortfalls [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0.2 | |
Additional charges | 2.7 | ||
Amounts settled | 0 | (2.9) | |
Restructuring reserve, ending balance | 0 | ||
Facility [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 1 | 1.4 | 3.3 |
Additional charges | 0.1 | ||
Amounts settled | (0.3) | (0.4) | (2) |
Restructuring reserve, ending balance | $ 0.7 | 1 | 1.4 |
Other [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0.3 | |
Additional charges | 25.3 | ||
Amounts settled | 0 | (25.6) | |
Restructuring reserve, ending balance | 0 | ||
Continuing Operations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 1.1 | 1.5 | 5.3 |
Additional charges | 5.9 | ||
Amounts settled | (0.4) | (0.4) | (9.7) |
Restructuring reserve, ending balance | 0.7 | 1.1 | 1.5 |
Discontinued Operations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0.9 | 0.2 |
Additional charges | 24.8 | ||
Amounts settled | 0 | (0.9) | (24.1) |
Restructuring reserve, ending balance | $ 0 | $ 0 | $ 0.9 |
Retirement And Other Benefit 54
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial gain related to change in mortality tables | $ 7,900,000 | |||
Defined Benefit Plan, Life Insurance Coverage, Amount | $ 20,000 | |||
Defined Contribution Plan, Cost Recognized | $ 200,000 | |||
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% | |||
United States Pension Plan of US Entity, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Year service cap | 35 years | |||
Defined Benefit Plan, Benefit Measure, Number of Highest Consecutive Years | 5 years | |||
Defined Benefit Plan, Benefit Measure, Number of Years Before Retirement | 10 years | |||
Year of service | 1 year | |||
Days of employment | 365 days | |||
Maximum years of service | 30 years | |||
Service credit percentage | 0.825% | |||
Additional service credit percentage | 1.425% | |||
Defined Benefit Plan, Benefit Obligation | $ 311,600,000 | 342,600,000 | ||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 326,077,000 | 362,340,000 | 279,964,000 | |
Plan amendments | 91,000 | (11,671,000) | ||
Defined Benefit Plan, Fair Value of Plan Assets | 379,638,000 | 423,534,000 | 356,320,000 | |
Net amount recognized at end of year | 53,561,000 | 61,194,000 | ||
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 1,411,000 | 1,512,000 | 1,119,000 | |
Plan amendments | 0 | 0 | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 | |
Net amount recognized at end of year | $ (1,411,000) | (1,512,000) | ||
Foreign Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Measure, Number of Highest Consecutive Years | 5 years | |||
Defined Benefit Plan, Benefit Measure, Number of Years Before Retirement | 10 years | |||
Defined Benefit Plan, Benefit Obligation | $ 3,500,000 | 4,300,000 | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,000,000 | |||
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 | $ 3,600,000 | 3,000,000 | $ 3,400,000 | |
Company's Canadian Defined-Contribution 401(k) Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | |||
Defined Contribution Plan, Cost Recognized | $ 200,000 | |||
Defined Contribution Plan, Minimum Annual Contributions Per Employee, Percent | 3.00% | |||
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 | $ 3,400,000 | 2,900,000 | ||
Deferred Compensation Plan Assets | 3,400,000 | 2,900,000 | ||
Non-employee Director [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 1,700,000 | $ 2,100,000 | ||
Phantom Share Units (PSUs) [Member] | Non-employee Director [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Shares Issued | 56,629 | 67,488 | ||
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations | 70.00% | |||
Equity Securities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 171,898,000 | $ 184,486,000 | ||
Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% | |||
Equity Funds [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 61.00% | |||
Bond fund [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 36.00% | |||
Money Market Funds [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 3.00% | |||
Alternative Investment Funds [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 10,900,000 | |||
Unallocated Insurance Contracts [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 79,000 | 89,000 | ||
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 2 | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,873,000 | 18,001,000 | ||
Level 2 | Equity Securities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Level 2 | Alternative Investment Funds [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 10,901,000 | 10,733,000 | ||
Level 2 | Unallocated Insurance Contracts [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Retirement And Other Benefit 55
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Schedule of Changes in Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation at beginning of year | $ 362,340 | $ 279,964 | |
Service cost | 12,639 | 9,650 | $ 10,638 |
Interest cost | 14,321 | 14,230 | 13,241 |
Plan participants’ contribution | 11 | 12 | |
Plan amendments | 91 | (11,671) | |
Actuarial (gain) loss | (49,318) | 83,105 | |
Benefits paid | (13,490) | (11,814) | |
Defined Benefit Plan, Effect of Settlements and Curtailments on Accumulated Benefit Obligation | (120) | 0 | |
Foreign exchange rate changes | (397) | (1,136) | |
Benefit obligation at end of year | 326,077 | 362,340 | 279,964 |
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation at beginning of year | 1,512 | 1,119 | |
Service cost | 0 | 0 | 0 |
Interest cost | 56 | 49 | 55 |
Plan participants’ contribution | 9 | 4 | |
Plan amendments | 0 | 0 | |
Actuarial (gain) loss | (31) | 483 | |
Benefits paid | (135) | (143) | |
Defined Benefit Plan, Effect of Settlements and Curtailments on Accumulated Benefit Obligation | 0 | 0 | |
Foreign exchange rate changes | 0 | 0 | |
Benefit obligation at end of year | $ 1,411 | $ 1,512 | $ 1,119 |
Retirement And Other Benefit 56
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Schedule of Assumptions Used to Determine Benefit Obligation) (Details) | Jan. 30, 2016 | Jan. 31, 2015 |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.70% | 3.90% |
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 | 4.70% | 3.90% |
Retirement And Other Benefit 57
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Schedule of Fair Value Allocation of Plan Assets) (Details) - Pension Benefits - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 379,638 | $ 423,534 | $ 356,320 |
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 | 42,881 | 95,560 | |
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 | 129,846 | 84,141 | |
Mutual fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 27,662 | 29,240 | |
Corporate stocks - common | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 171,898 | 184,486 | |
Preferred securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 657 | 286 | |
S&P 500 Index options [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,742 | 11,731 | |
Interest Rate Swap [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | (6,028) | 7,268 | |
Alternative Investment Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,900 | ||
Unallocated Insurance Contracts [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 79 | 89 | |
Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 374,686 | 405,444 | |
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 | 42,881 | 95,560 | |
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 | 129,846 | 84,141 | |
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 | 27,662 | 29,240 | |
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 | 171,898 | 184,486 | |
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 | 657 | 286 | |
Level 1 | S&P 500 Index options [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,742 | 11,731 | |
Level 1 | Interest Rate Swap [Member] | |||
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 | Alternative Investment Funds [Member] | |||
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 | Unallocated Insurance Contracts [Member] | |||
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 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4,873 | 18,001 | |
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 | 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 | Preferred 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 | S&P 500 Index options [Member] | |||
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 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | (6,028) | 7,268 | |
Level 2 | Alternative Investment Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,901 | 10,733 | |
Level 2 | Unallocated Insurance Contracts [Member] | |||
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 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 79 | 89 | |
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 | 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 | Preferred 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 | S&P 500 Index options [Member] | |||
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 [Member] | |||
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 | Alternative Investment Funds [Member] | |||
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 | Unallocated Insurance Contracts [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 79 | $ 89 |
Retirement And Other Benefit 58
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Schedule of Changes in Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance, beginning of year | $ 423,534 | $ 356,320 |
Actual return on plan assets | (30,091) | 79,986 |
Employer contributions | 90 | 206 |
Plan participants’ contribution | 11 | 12 |
Benefits paid | (13,490) | (11,814) |
Foreign exchange rate changes | (416) | (1,176) |
Balance, end of year | 379,638 | 423,534 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance, beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 126 | 139 |
Plan participants’ contribution | 9 | 4 |
Benefits paid | (135) | (143) |
Foreign exchange rate changes | 0 | 0 |
Balance, end of year | $ 0 | $ 0 |
Retirement And Other Benefit 59
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Schedule of Amounts Recognized in Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prepaid pension costs (noncurrent assets) | $ 64,890 | $ 73,324 |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prepaid pension costs (noncurrent assets) | 64,890 | 73,324 |
Accrued benefit liabilities (current liability) | (3,512) | (2,675) |
Accrued benefit liabilities (noncurrent liability) | (7,817) | (9,455) |
Net amount recognized at end of year | 53,561 | 61,194 |
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) | (141) | (142) |
Accrued benefit liabilities (noncurrent liability) | (1,270) | (1,370) |
Net amount recognized at end of year | $ (1,411) | $ (1,512) |
Retirement And Other Benefit 60
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Schedule of Projected and Accumulated Benefit Obligation in Excess of Fair Value) (Details) - Pension Benefits - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Projected Benefit Obligation Exceeds the Fair Value of Plan Assets | ||
Projected benefit obligation | $ 11,326 | $ 12,130 |
Accumulated benefit obligation | 10,747 | 10,770 |
Fair value of plan assets | 0 | 0 |
Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets | ||
Projected benefit obligation | 11,326 | 12,130 |
Accumulated benefit obligation | 10,747 | 10,770 |
Fair value of plan assets | $ 0 | $ 0 |
Retirement And Other Benefit 61
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Schedule of Components of Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | $ 11,976 | $ 4,872 |
Net prior service (credit) cost | (5,673) | (7,037) |
Components of accumulated other comprehensive (loss) income, net of tax: | 6,303 | (2,165) |
Other Postretirement Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | (947) | (1,068) |
Net prior service (credit) cost | 0 | 0 |
Components of accumulated other comprehensive (loss) income, net of tax: | $ (947) | $ (1,068) |
Retirement And Other Benefit 62
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Schedule of Expected Amortization of Components of AOCI) (Details) $ in Thousands | 12 Months Ended |
Jan. 30, 2016USD ($) | |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of net actuarial loss (gain) | $ 590 |
Amortization of net prior service cost | (2,090) |
Expected amortization, net of tax: | (1,500) |
Other Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of net actuarial loss (gain) | (217) |
Amortization of net prior service cost | 0 |
Expected amortization, net of tax: | $ (217) |
Retirement And Other Benefit 63
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Schedule of Net Periodic Benefit (Income) Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 12,639 | $ 9,650 | $ 10,638 |
Interest cost | 14,321 | 14,230 | 13,241 |
Expected return on assets | (31,682) | (24,757) | (24,773) |
Amortization of actuarial loss (gain) | 604 | 201 | 954 |
Amortization of prior service cost | (1,906) | 27 | 13 |
Defined Benefit Plan, Curtailments | (184) | 0 | 0 |
Total net periodic benefit (income) cost | (6,208) | (649) | 73 |
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 56 | 49 | 55 |
Expected return on assets | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | (220) | (432) | (351) |
Amortization of prior service cost | 0 | 0 | 0 |
Defined Benefit Plan, Curtailments | 0 | 0 | 0 |
Total net periodic benefit (income) cost | $ (164) | $ (383) | $ (296) |
Retirement And Other Benefit 64
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Schedule of Assumptions to Determine Net Periodic Benefit (Income) Cost) (Details) | 12 Months Ended | ||
Jan. 30, 2016 | 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% | 4.50% |
Rate of compensation increase | 3.00% | 3.00% | 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 | 3.90% | 5.00% | 4.50% |
Retirement And Other Benefit 65
Retirement And Other Benefit Plans Retirement and Other Benefit Plans (Schdeule of Information on Expected Cash Flows) (Details) | 12 Months Ended |
Jan. 30, 2016USD ($) | |
Funded-Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2016 Employer contributions expected | $ 101,000 |
Expected Benefit Payments: 2016 | 11,440,000 |
Expected Benefit Payments: 2017 | 12,207,000 |
Expected Benefit Payments: 2018 | 12,995,000 |
Expected Benefit Payments: 2019 | 13,744,000 |
Expected Benefit Payments: 2020 | 14,461,000 |
Expected Benefit Payments: 2021 - 2025 | 81,154,000 |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Benefit Payments: 2016 | 14,950,000 |
Expected Benefit Payments: 2017 | 13,381,000 |
Expected Benefit Payments: 2018 | 14,773,000 |
Expected Benefit Payments: 2019 | 14,689,000 |
Expected Benefit Payments: 2020 | 16,672,000 |
Expected Benefit Payments: 2021 - 2025 | 83,430,000 |
SERP | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2016 Employer contributions expected | 3,510 |
Expected Benefit Payments: 2016 | 3,510,000 |
Expected Benefit Payments: 2017 | 1,174,000 |
Expected Benefit Payments: 2018 | 1,778,000 |
Expected Benefit Payments: 2019 | 945,000 |
Expected Benefit Payments: 2020 | 2,211,000 |
Expected Benefit Payments: 2021 - 2025 | 2,276,000 |
Other Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2016 Employer contributions expected | 141,000 |
Expected Benefit Payments: 2016 | 141,000 |
Expected Benefit Payments: 2017 | 132,000 |
Expected Benefit Payments: 2018 | 123,000 |
Expected Benefit Payments: 2019 | 114,000 |
Expected Benefit Payments: 2020 | 106,000 |
Expected Benefit Payments: 2021 - 2025 | $ 404,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Contingency [Line Items] | ||||
Domestic (loss) earnings before income taxes from continuing operations | $ 68,200,000 | $ 70,800,000 | $ 40,900,000 | |
Foreign earnings before income taxes from continuing operations | 40,600,000 | 39,300,000 | 36,800,000 | |
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 5,900,000 | |||
Tax payments, net of refunds | $ 22,100,000 | 20,100,000 | 5,000,000 | |
Federal statutory income tax rate | 35.00% | |||
Net operating loss carryforward | $ 7,800,000 | |||
Valuation allowance related to capital loss carryforward | 2,400,000 | |||
Valuation allowance release on state loss carryforwards | 1,100,000 | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 0 | |||
Deferred taxes, addition | 43,800,000 | |||
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 | ||
Tax years open to examination | 2,013 | 2,011 | ||
Other Tax Expense (Benefit) | 5,100,000 | |||
Tax on international subsidiary dividend | $ 0 | $ (1,040,000) | $ 0 | |
Effective tax rate if discrete tax benefits had not been recognized | 29.50% | |||
Decrease in effective tax rate if discrete tax benefits had not been recognized | 1.10% | |||
State [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Valuation allowance release on state loss carryforwards | $ 3,000,000 |
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. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal: Current | $ 9,530 | $ 27,311 | $ 14,621 |
Federal: Deferred | 11,202 | (9,502) | 260 |
Federal income tax provision | 20,732 | 17,809 | 14,881 |
State: Current | 497 | 5,501 | 5,770 |
State: Deferred | 1,176 | (642) | (1,210) |
State inome tax provision | 1,673 | 4,859 | 4,560 |
Foreign | 4,537 | 4,516 | 4,317 |
Total income tax provision (benefit) | $ 26,942 | $ 27,184 | $ 23,758 |
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. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at statutory rate | $ 38,068 | $ 38,544 | $ 27,208 |
State income taxes, net of federal tax benefit | 2,481 | 3,159 | 2,964 |
Foreign earnings taxed at lower rates | (9,491) | (8,882) | (8,090) |
Non-deductibility of impairment of assets held for sale | 0 | 0 | 1,631 |
Tax on international subsidiary dividend | 0 | 1,040 | 0 |
Disposal and settlement of Shoes.com | (1,701) | (7,428) | 0 |
Valuation allowance release on state loss carryforwards | (1,635) | 0 | 0 |
Valuation allowance release on other tax carryforwards | (1,367) | 0 | 0 |
Other | 587 | 751 | 45 |
Total income tax provision (benefit) | $ 26,942 | $ 27,184 | $ 23,758 |
Income Taxes (Schedule of Signi
Income Taxes (Schedule of Significant Components of Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets: Employee benefits, compensation and insurance | $ 24,740 | $ 26,430 |
Deferred Tax Assets: Accrued expenses | 16,118 | 16,539 |
Deferred Tax Assets: Postretirement and postemployment benefit plans | 721 | 862 |
Deferred Tax Assets: Deferred rent | 7,269 | 6,285 |
Deferred Tax Assets: Accounts receivable reserves | 7,946 | 7,563 |
Deferred Tax Assets: Net operating loss (“NOL”) carryforward/carryback | 7,943 | 9,483 |
Deferred Tax Assets: Capital loss carryforward | 2,368 | 5,188 |
Deferred Tax Assets: Foreign tax credit carryforward | 0 | 1,098 |
Deferred Tax Assets: Inventory capitalization and inventory reserves | 1,620 | 1,683 |
Deferred Tax Assets: Intangible assets | 0 | 4,865 |
Deferred Tax Assets, Depreciation | 630 | 3,957 |
Deferred Tax Assets: Other | 1,346 | 1,907 |
Total deferred tax assets, before valuation allowance | 70,701 | 85,860 |
Valuation allowance | (6,544) | (11,514) |
Total deferred tax assets, net of valuation allowance | 64,157 | 74,346 |
Deferred Tax Liabilities: Retirement plans | (21,051) | (23,822) |
Deferred Tax Liabilities: LIFO inventory valuation | (61,585) | (56,525) |
Deferred Tax Liabilities: Capitalized software | (10,525) | (12,721) |
Deferred Tax Liabilities: Other | (786) | (1,118) |
Deferred Tax Liabilities, Intangible Assets | (631) | 0 |
Total deferred tax liabilities | (94,578) | (94,186) |
Deferred Tax Liabilities, Net | $ (30,421) | $ (19,840) |
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. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ (379) | ||
Balance | 1,015 | $ 1,015 | $ 1,149 |
Reductions for tax positions of prior years due to a lapse in the statute of limitations | 0 | 134 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (636) | ||
Balance | $ 0 | $ 1,015 | $ 1,015 |
Business Segment Information (S
Business Segment Information (Schedule of Business Segment Information) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016USD ($)retail_store | Oct. 31, 2015USD ($) | Aug. 01, 2015USD ($) | May. 02, 2015USD ($) | Jan. 31, 2015USD ($) | Nov. 01, 2014USD ($) | Aug. 02, 2014USD ($) | May. 03, 2014USD ($) | Jan. 30, 2016USD ($)retail_store | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Stores | retail_store | 1,211 | 1,211 | |||||||||
External sales | $ 608,674 | $ 728,639 | $ 637,834 | $ 602,283 | $ 615,393 | $ 729,277 | $ 635,877 | $ 591,162 | $ 2,577,430 | $ 2,571,709 | $ 2,513,113 |
Intersegment sales | 100,186 | 114,408 | 132,596 | ||||||||
Depreciation and amortization | 51,439 | 51,615 | 55,329 | ||||||||
Amortization of debt issuance costs and debt discounts | 1,167 | 2,400 | 2,513 | ||||||||
Operating earnings (loss) | 135,107 | 125,934 | 98,617 | ||||||||
Segment assets | 1,303,323 | 1,214,327 | 1,303,323 | 1,214,327 | 1,146,340 | ||||||
Purchases of property and equipment | 73,479 | 44,952 | 43,968 | ||||||||
Capitalized software | $ 7,735 | 5,086 | $ 7,735 | 5,086 | 5,235 | ||||||
Famous Footwear [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Stores | retail_store | 1,046 | 1,046 | |||||||||
External sales | $ 1,572,665 | 1,589,258 | 1,588,552 | ||||||||
Intersegment sales | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 25,842 | 26,581 | 25,917 | ||||||||
Amortization of debt issuance costs and debt discounts | 0 | 0 | 0 | ||||||||
Operating earnings (loss) | 109,030 | 104,581 | 105,382 | ||||||||
Segment assets | $ 542,842 | 458,847 | 542,842 | 458,847 | 448,549 | ||||||
Purchases of property and equipment | 48,761 | 33,001 | 32,728 | ||||||||
Capitalized software | 2,538 | 198 | 2,538 | 198 | 193 | ||||||
Brand Portfolio [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External sales | 1,004,765 | 982,451 | 924,561 | ||||||||
Intersegment sales | 100,186 | 114,408 | 132,596 | ||||||||
Depreciation and amortization | 9,339 | 8,974 | 13,440 | ||||||||
Amortization of debt issuance costs and debt discounts | 0 | 0 | 0 | ||||||||
Operating earnings (loss) | 66,578 | 73,403 | 39,909 | ||||||||
Segment assets | 534,137 | 518,099 | 534,137 | 518,099 | 514,902 | ||||||
Purchases of property and equipment | 18,340 | 6,105 | 6,026 | ||||||||
Capitalized software | 0 | 58 | 0 | 58 | 122 | ||||||
Other Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External sales | 0 | 0 | 0 | ||||||||
Intersegment sales | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 16,258 | 16,060 | 15,972 | ||||||||
Amortization of debt issuance costs and debt discounts | 1,167 | 2,400 | 2,513 | ||||||||
Operating earnings (loss) | (40,501) | (52,050) | (46,674) | ||||||||
Segment assets | 226,344 | 237,381 | 226,344 | 237,381 | 182,889 | ||||||
Purchases of property and equipment | 6,378 | 5,846 | 5,214 | ||||||||
Capitalized software | $ 5,197 | $ 4,830 | 5,197 | 4,830 | 4,920 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment sales | $ 2,342,590 | 2,318,530 | 2,258,605 | ||||||||
UNITED STATES | Brand Portfolio [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Stores | retail_store | 80 | 80 | |||||||||
CANADA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment sales | $ 57,186 | $ 58,883 | $ 60,783 | ||||||||
CANADA | Brand Portfolio [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Stores | retail_store | 85 | 85 |
Business Segment Information 72
Business Segment Information (Schedule of Reconciliation of Operating Earnings Before Income Taxes from Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Segment Reporting [Abstract] | |||
Operating earnings | $ 135,107 | $ 125,934 | $ 98,617 |
Interest expense | (16,589) | (20,445) | (21,254) |
Loss on early extinguishment of debt | (10,651) | (420) | 0 |
Interest income | 899 | 379 | 377 |
Gain on sale of subsidiary | 0 | 4,679 | (576) |
Earnings before income taxes from continuing operations | $ 108,766 | $ 110,127 | $ 77,740 |
Business Segment Information 73
Business Segment Information (Schedule of Net Sales and Long-Lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 100,186 | $ 114,408 | $ 132,596 | ||||||||
Net sales | $ 608,674 | $ 728,639 | $ 637,834 | $ 602,283 | $ 615,393 | $ 729,277 | $ 635,877 | $ 591,162 | 2,577,430 | 2,571,709 | 2,513,113 |
Long-Lived Assets | 428,258 | 424,179 | 428,258 | 424,179 | 354,262 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,342,590 | 2,318,530 | 2,258,605 | ||||||||
Long-Lived Assets | 417,198 | 412,822 | 417,198 | 412,822 | 344,413 | ||||||
Far East [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 177,654 | 194,296 | 193,725 | ||||||||
Long-Lived Assets | 2,193 | 2,336 | 2,193 | 2,336 | 2,454 | ||||||
CANADA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 57,186 | 58,883 | 60,783 | ||||||||
Long-Lived Assets | 8,596 | 8,773 | 8,596 | 8,773 | 7,159 | ||||||
Latin America Europe And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-Lived Assets | $ 271 | $ 248 | $ 271 | $ 248 | $ 236 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Other Asset Impairment Charges | $ 2.8 | $ 2 | $ 1.6 |
Interest Costs Capitalized | $ 0.3 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Property and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 475,750 | $ 438,696 |
Allowances for Depreciation | 296,740 | 288,953 |
Property and equipment, net | 179,010 | 149,743 |
Land and Building [Member] | ||
Property and Equipment [Line Items] | ||
Property and Equipment, Gross | 38,300 | 40,078 |
Leasehold Improvements [Member] | ||
Property and Equipment [Line Items] | ||
Property and Equipment, Gross | 196,960 | 183,466 |
Technology Equipment [Member] | ||
Property and Equipment [Line Items] | ||
Property and Equipment, Gross | 49,575 | 53,406 |
Machinery and Equipment [Member] | ||
Property and Equipment [Line Items] | ||
Property and Equipment, Gross | 35,805 | 35,988 |
Furniture and Fixtures [Member] | ||
Property and Equipment [Line Items] | ||
Property and Equipment, Gross | 121,186 | 117,254 |
Construction in Progress [Member] | ||
Property and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 33,924 | $ 8,504 |
Property and Equipment (Sched76
Property and Equipment (Schedule of Useful Lives of Property and Equipment) (Details) | 12 Months Ended |
Jan. 30, 2016 | |
Building [Member] | Minimum [Member] | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 5 years |
Building [Member] | Maximum [Member] | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 30 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 20 years |
Technology Equipment [Member] | Minimum [Member] | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 2 years |
Technology Equipment [Member] | Maximum [Member] | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 10 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 4 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 20 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 10 years |
Goodwill And Intangible Asset77
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | Feb. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ (65,000) | |||
Transaction costs | $ 100 | |||
Intangible assets, estimated useful lives | 40 years | |||
Intangible assets sold | $ 200 | |||
Intangible assets not subject to amortization | $ 20,800 | |||
Amortization expense related to intangible assets | 3,688 | 3,951 | $ 6,249 | |
Intangible assets, estimated amortization expense in 2016 | 3,700 | |||
Intangible assets, estimated amortization expense in 2017 | 3,700 | |||
Intangible assets, estimated amortization expense in 2018 | 3,700 | |||
Intangible assets, estimated amortization expense in 2019 | 3,700 | |||
Intangible assets, estimated amortization expense in 2020 | 3,700 | |||
Primarily Owned and Licensed Trademarks [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense related to intangible assets | $ 3,700 | $ 4,000 | $ 6,000 | |
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, estimated useful lives | 15 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, estimated useful lives | 40 years |
Goodwill And Intangible Asset78
Goodwill And Intangible Assets (Schedule Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 185,868 | $ 185,868 |
Accumulated amortization | (68,923) | (65,235) |
Total intangible assets, net | 116,945 | 120,633 |
Goodwill | 13,954 | 13,954 |
Goodwill and intangible assets, net | 130,899 | 134,587 |
Famous Footwear [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 2,800 | 2,800 |
Brand Portfolio [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 183,068 | 183,068 |
Goodwill | $ 13,954 | $ 13,954 |
Long-Term And Short-Term Fina79
Long-Term And Short-Term Financing Arrangements (Narrative) (Details) - USD ($) $ in Thousands | Aug. 26, 2015 | Jul. 27, 2015 | Jul. 24, 2015 | Dec. 18, 2014 | Aug. 01, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | May. 11, 2011 |
Debt Instrument [Line Items] | |||||||||
Expiration date | Dec. 18, 2019 | ||||||||
Maximum aggregate amount of revolving credit facility | $ 600,000 | ||||||||
Line Of Credit Borrowing Capacity Increase Option | 150,000 | ||||||||
Line Of Credit Facility Percentage Of Borrowing Base Under Condition One | 12.50% | ||||||||
Number of consecutive business days for borrowing base availability over minimum under condition one | 30 days | ||||||||
Line Of Credit Facility Percentage Of Borrowing Base Under Condition Two | 10.00% | ||||||||
Line Of Credit Facility Borrowing Base Availability Under Condition Two | $ 50,000 | ||||||||
Maximum amount of borrowings under either the Credit Agreement or Former Credit Agreement at the end of any month | 28,000 | $ 74,000 | |||||||
Average daily borrowings | $ 3,600 | $ 37,600 | |||||||
Weighted average interest rate | 3.00% | 2.90% | |||||||
Amount of borrowings outstanding | $ 0 | ||||||||
Letters of credit outstanding under the Credit Agreement | 6,500 | ||||||||
Additional borrowings under Credit Agreement | 525,100 | ||||||||
Fixed Charge Coverage Ratio | 100.00% | ||||||||
Cash payments of interest for financing arrangements | 11,900 | $ 17,900 | $ 18,700 | ||||||
Loss on early extinguishment of debt | (10,651) | $ (420) | $ 0 | ||||||
Extinguishment of debt, non-cash | $ 3,000 | ||||||||
Two Thousand Nineteen Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 200,000 | ||||||||
Debt instrument, interest rate | 7.125% | ||||||||
Principal Amount Redeemed in Tender Offer | $ 39,300 | $ 160,700 | |||||||
Debt Instrument, Redemption Price, Percentage | 103.563% | 103.95% | |||||||
Two Thousand Twenty Three Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 200,000 | ||||||||
Debt instrument, interest rate | 6.25% | ||||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||||||
Proceeds from Issuance of Debt | $ 196,300 | ||||||||
Debt instrument, maturity date | Aug. 15, 2023 | ||||||||
Two Thousand Twenty Three Senior Notes [Member] | Debt Instrument, Redemption, Period Four [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 104.688% | ||||||||
Two Thousand Twenty Three Senior Notes [Member] | Debt Instrument, Redemption, Period Five [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 103.125% | ||||||||
Two Thousand Twenty Three Senior Notes [Member] | Debt Instrument, Redemption, Period Six [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 101.563% | ||||||||
Two Thousand Twenty Three Senior Notes [Member] | Debt Instrument, Redemption, Period Seven [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% |
Leases (Details)
Leases (Details) | 12 Months Ended |
Jan. 30, 2016 | |
Operating Leased Assets [Line Items] | |
Leases subject to renewal options, percentage | 51.00% |
Office Building [Member] | |
Operating Leased Assets [Line Items] | |
Average lease terms | 10 years |
Minimum [Member] | Office Building [Member] | |
Operating Leased Assets [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years |
Minimum [Member] | Retail Site [Member] | |
Operating Leased Assets [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years |
Maximum [Member] | Office Building [Member] | |
Operating Leased Assets [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 20 years |
Maximum [Member] | Retail Site [Member] | |
Operating Leased Assets [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years |
Leases (Schedule of Summary of
Leases (Schedule of Summary of Rent Expense for Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Leases [Abstract] | |||
Minimum Rent | $ 149,902 | $ 143,050 | $ 143,958 |
Contingent Rentals | 520 | 971 | 942 |
Sublease Income | (1,223) | (1,197) | (1,170) |
Total | $ 149,199 | $ 142,824 | $ 143,730 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Payments under Noncancelable Operating Leases with an Initial Term of One Year or More) (Details) $ in Thousands | Jan. 30, 2016USD ($) |
Leases [Abstract] | |
2,016 | $ 159,730 |
2,017 | 131,519 |
2,018 | 106,567 |
2,019 | 84,928 |
2,020 | 69,098 |
Thereafter | 205,742 |
Total Minimum Operating Lease Payments | $ 757,584 |
Risk Management And Derivativ83
Risk Management And Derivatives (Narrative) (Details) | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Derivative [Line Items] | ||
Number of countries sold to | 65 | |
Derivative, Maturity Date | Jan. 31, 2017 | |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Maturity Date | Jan. 31, 2017 | Jan. 31, 2016 |
Risk Management And Derivativ84
Risk Management And Derivatives Risk Management And Derivatives (Schedule of all Purchase and Sale Contracts of a Foreign Currency) (Details) - Forward Contracts [Member] - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 47,118 | $ 53,389 |
U.S. Dollars (Purchased By The Company's Canadian Division With Canadian Dollars) [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 14,118 | 19,633 |
Euro [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 15,499 | 16,152 |
Chinese Yuan [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 14,623 | 14,512 |
Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,159 | 1,523 |
United Arab Emirates, Dirhams | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 930 | 970 |
Taiwan, New Dollars | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 570 | 599 |
Other Currencies [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 219 | $ 0 |
Risk Management And Derivativ85
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. 30, 2016 | Jan. 31, 2015 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Asset Derivatives, Fair Value | $ 1,000 | $ 1,863 |
Other Accrued Expenses [Member] | ||
Derivative [Line Items] | ||
Liability Derivatives, Fair Value | $ 846 | $ 1,784 |
Risk Management And Derivativ86
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. 30, 2016 | Jan. 31, 2015 | |
Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | $ 57 | $ 166 |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | 147 | 93 |
Cost of good sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | 1,028 | (693) |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | (27) | 113 |
Selling, General and Administrative Expenses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | (907) | (271) |
Gain (Loss) Reclassified from Accumulated OCI into Earnings | (297) | (64) |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives | (17) | 18 |
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 | 9 Months Ended | 12 Months Ended | |||
Aug. 03, 2013 | May. 04, 2013 | Oct. 31, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Deferred Compensation Plan Maximum Percentage Of Deferral Of Base Salary | 50.00% | |||||
Deferred Compensation Plan Maximum Percentage Of Deferral Of Annual Incentive Compensation | 100.00% | |||||
Long-lived assets held for use | $ 92,900 | $ 87,800 | $ 81,400 | |||
Asset Impairment Charges | 2,761 | 1,982 | 1,636 | |||
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 | $ 600 | 0 | 0 | 11,512 | ||
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) | ||||
Selling, General and Administrative Expenses [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset Impairment Charges | 2,800 | 2,000 | 1,600 | |||
Impairment charge of long-lived assets | 2,800 | 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 | 1,200 | 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 | $ 1,600 | $ 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% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) | Jan. 30, 2016 | Jan. 31, 2015 |
Cash Equivalents - Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | $ 100,694,000 | $ 35,533,000 |
Cash Equivalents - Money Market Funds [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 100,694,000 | 35,533,000 |
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 | 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 | 0 |
Non-Qualified Deferred Compensation Plan Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 3,383,000 | 2,904,000 |
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 | 3,383,000 | 2,904,000 |
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 | 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 | 0 |
Non-Qualified Deferred Compensation Plan Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (3,383,000) | (2,904,000) |
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 | (3,383,000) | (2,904,000) |
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 | 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 | 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 | (1,728,000) | (2,066,000) |
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 | (1,728,000) | (2,066,000) |
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 | 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 | 0 |
Restricted Stock Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (8,879,000) | (8,857,000) |
Restricted Stock Units [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (8,879,000) | (8,857,000) |
Restricted Stock Units [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | 0 |
Restricted Stock Units [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | 0 |
Performance Share Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (3,780,000) | (5,147,000) |
Performance Share Units [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | (3,780,000) | (5,147,000) |
Performance Share Units [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | 0 |
Performance Share Units [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, Fair Value | 0 | 0 |
Derivative Financial Instruments, Net [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 154,000 | 79,000 |
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 | 154,000 | 79,000 |
Derivative Financial Instruments, Net [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 0 | 0 |
Secured Convertible Note [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 7,117,000 | 6,957,000 |
Secured Convertible Note [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 0 | 0 |
Secured Convertible Note [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | 0 | 0 |
Secured Convertible Note [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, Fair Value | $ 7,117,000 | $ 6,957,000 |
Fair Value Measurements (Sche89
Fair Value Measurements (Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Long-term debt | $ 196,544 | $ 196,712 |
Long-term Debt, Fair Value | $ 196,000 | $ 208,000 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - shares | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Aug. 25, 2011 | |
Shareholders' Equity [Line Items] | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 2,500,000 | ||
Stock repurchase program, number of shares repurchased | 151,500 | 0 | |
Stock Repurchase Program, Authorized Amount | 2,300,000 | ||
Repurchases Related To Employee Share Based Awards [Member] | |||
Shareholders' Equity [Line Items] | |||
Exercised | 222,110 | 172,471 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | $ 2,712 | $ 16,676 | $ 884 |
Other comprehensive (loss) income before reclassifications | (7,640) | (13,747) | 15,840 |
Reclassification from accumulated other comprehensive income | (1,529) | (346) | (53) |
Reclassification from accumulated other comprehensive income, income tax | 593 | 129 | 5 |
Net reclassifications | (936) | (217) | (48) |
Other comprehensive (loss) income, net of tax | (8,645) | (14,008) | |
Balance, ending | (5,864) | 2,712 | 16,676 |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | (745) | 2,356 | 6,912 |
Other comprehensive (loss) income before reclassifications | (155) | (3,101) | (4,556) |
Other comprehensive (loss) income, net of tax | (155) | (3,101) | (4,556) |
Balance, ending | (900) | (745) | 2,356 |
Pension and Other Postretirement Transactions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | 3,233 | 13,582 | (5,947) |
Other comprehensive (loss) income before reclassifications | (7,559) | (10,235) | 19,136 |
Reclassification from accumulated other comprehensive income | (1,706) | (204) | 617 |
Reclassification from accumulated other comprehensive income, income tax | 676 | 90 | (224) |
Net reclassifications | (1,030) | (114) | 393 |
Other comprehensive (loss) income, net of tax | (8,589) | (10,349) | 19,529 |
Balance, ending | (5,356) | 3,233 | 13,582 |
Derivative Transactions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning | 224 | 738 | (81) |
Other comprehensive (loss) income before reclassifications | 74 | (411) | 1,260 |
Reclassification from accumulated other comprehensive income | 177 | (142) | (670) |
Reclassification from accumulated other comprehensive income, income tax | (83) | 39 | 229 |
Net reclassifications | 94 | (103) | (441) |
Other comprehensive (loss) income, net of tax | 168 | (514) | 819 |
Balance, ending | 392 | 224 | 738 |
Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income, net of tax | $ (8,576) | $ (13,964) | $ 15,792 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 7,491 | $ 6,190 | $ 5,567 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 2,651 | 929 | 3,439 |
Performance Share Plan Cash Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 5,100 | 6,600 | 3,700 |
Restricted Stock Grants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 6,027 | $ 6,236 | $ 5,319 |
Shares of common stock issued during the period | 59,682 | 373,752 | 481,916 |
Fair Value of RSU's Vested | $ 6,900 | $ 5,200 | $ 4,100 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 11,100 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 2,600 | 800 | 2,900 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,398 | 0 | 0 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 11,300 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months 24 days | ||
Minimum pay out percentage | 0.00% | ||
Maximum pay out percentage | 200.00% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 66 | $ (46) | 248 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 6 months 6 days | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 100 | $ 500 | |
Vesting period, in years | 4 years | ||
Stock Option Term | 10 years | ||
Granted | 16,667 | 0 | 4,000 |
Aggregate Intrinsic Value of Stock Options Outstanding | $ 2,900 | ||
Aggregate Intrinsic Value of Stock Options Exercisable | 2,500 | ||
Intrinsic Value of Stock Options Exercised | 1,300 | $ 3,800 | $ 4,000 |
Cash Received from Exercise of Stock Options | $ 400 | $ 3,200 | $ 4,900 |
Shares tendered by employees in satisfaction of the exercise price of stock options | 32,139 | 60,624 | 91,157 |
Weighted Average Grant Date Fair Value of Stock Options Granted | $ 12.81 | $ 0 | $ 9.46 |
Total Grant Date Fair Value of Stock Options Vested | $ 100 | $ 300 | $ 400 |
Total Remaining Unrecognized Compensation Cost Related to Nonvested Stock Options | 100 | ||
Restricted Stock Units for Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 704 | 2,707 | 3,258 |
Fair Value of RSU's Vested | 1,049 | $ 1,558 | $ 1,600 |
Aggregate Intrinsic Value of RSUs Outstanding | 9,400 | ||
Aggregate Intrinsic Value of RSUs Currently Vested | 8,400 | ||
Liabilities Associated with Accrued RSUs | $ 8,900 | ||
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 | 3,141 | ||
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 | 2,800 | ||
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 | 341 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-based Compensation by Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 7,491 | $ 6,190 | $ 5,567 |
Less: Income tax benefit | 2,937 | 2,397 | 2,136 |
Total share-based compensation expense, net of income tax benefit | 4,554 | 3,793 | 3,431 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 66 | (46) | 248 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,398 | 0 | 0 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 6,027 | $ 6,236 | $ 5,319 |
Share-Based Compensation (Sch94
Share-Based Compensation (Schedule of Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested | 1,262,449 | 1,562,470 | 1,700,098 | 2,110,325 |
Nonvested, Weighted Average Grant Date Fair Value | $ 19.55 | $ 15.61 | $ 13.25 | $ 10.14 |
Granted | 318,921 | 281,710 | 411,735 | |
Granted, Weighted Average Grant Date Fair Value | $ 30.02 | $ 28.17 | $ 17.47 | |
Vested | (492,092) | (364,238) | (658,712) | |
Vested, Weighted Average Grant Date Fair Value | $ 14.10 | $ 14.21 | $ 6.22 | |
Forfeited | (126,850) | (55,100) | (163,250) | |
Forfeited, Weighted Average Grant Date Fair Value | $ 18.74 | $ 15.89 | $ 12.04 |
Share-Based Compensation (Sch95
Share-Based Compensation (Schedule of Performance Share Activity) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested, Weighted Average Grant Date Fair Value | $ 27.14 | $ 23.39 | $ 12.69 | $ 12.67 |
Granted, Weighted Average Grant Date Fair Value | 30.12 | 28.18 | 17 | |
Vested, Weighted Average Grant Date Fair Value | 24.71 | 9.27 | 15.20 | |
Forfeited, Weighted Average Grant Date Fair Value | $ 29.47 | $ 15.96 | $ 13.09 | |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested | 615,048 | 297,070 | 329,050 | 382,525 |
Granted | 355,842 | 176,370 | 140,450 | |
Vested | (30,364) | (168,550) | (175,875) | |
Forfeited | (7,500) | (39,800) | (18,050) | |
Target Level [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested | 307,524 | 148,535 | 164,525 | 222,325 |
Granted | 177,921 | 88,185 | 70,225 | |
Vested | (15,182) | (84,275) | (117,250) | |
Forfeited | (3,750) | (19,900) | (10,775) |
Share-Based Compensation (Sch96
Share-Based Compensation (Schedule of Fair Value Assumptions Used) (Details) - Employee Stock Option [Member] | 12 Months Ended | |
Jan. 30, 2016 | Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 1.00% | 1.70% |
Expected volatility | 45.50% | 67.70% |
Risk-free interest rate | 1.80% | 1.30% |
Expected term (in years) | 7 years | 7 years |
Share-Based Compensation (Sch97
Share-Based Compensation (Schedule of Stock options Outstanding and Exercisable) (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of Options | 301,295 | 416,803 |
Weighted- Average Remaining Life (Years) | 2 years 10 months 24 days | |
Weighted- Average Exercise Price | $ 18.93 | $ 17.75 |
Number of Options | 267,628 | |
Weighted Average Remaining Life (Years) | 2 years 6 months | |
Weighted- Average Exercise Price | $ 19.24 | |
$3.33 - $11.54 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of Options | 71,625 | |
Weighted- Average Remaining Life (Years) | 4 years 2 months 12 days | |
Weighted- Average Exercise Price | $ 6.36 | |
Number of Options | 54,625 | |
Weighted Average Remaining Life (Years) | 4 years 6 months | |
Weighted- Average Exercise Price | $ 7.09 | |
$11.55 - $14.45 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of Options | 61,000 | |
Weighted- Average Remaining Life (Years) | 4 years 1 month 6 days | |
Weighted- Average Exercise Price | $ 13.99 | |
Number of Options | 61,000 | |
Weighted Average Remaining Life (Years) | 4 years 1 month 6 days | |
Weighted- Average Exercise Price | $ 13.99 | |
$14.46 - $15.35 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of Options | 20,750 | |
Weighted- Average Remaining Life (Years) | 3 years 10 months 24 days | |
Weighted- Average Exercise Price | $ 15.20 | |
Number of Options | 20,750 | |
Weighted Average Remaining Life (Years) | 3 years 10 months 24 days | |
Weighted- Average Exercise Price | $ 15.20 | |
$15.36 - $22.44 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of Options | 63,006 | |
Weighted- Average Remaining Life (Years) | 6 months | |
Weighted- Average Exercise Price | $ 20.96 | |
Number of Options | 63,006 | |
Weighted Average Remaining Life (Years) | 6 months | |
Weighted- Average Exercise Price | $ 20.96 | |
$22.45 - $35.25 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of Options | 84,914 | |
Weighted- Average Remaining Life (Years) | 2 years 6 months | |
Weighted- Average Exercise Price | $ 32.50 | |
Number of Options | 68,247 | |
Weighted Average Remaining Life (Years) | 1 year | |
Weighted- Average Exercise Price | $ 33.31 |
Share-Based Compensation (Sch98
Share-Based Compensation (Schedule of Stock Option Activity) (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Number of Options (in shares) | |||
Outstanding at January 31, 2015 | 416,803 | ||
Granted | 16,667 | 0 | 4,000 |
Exercised | (88,224) | ||
Forfeited | (7,500) | ||
Canceled or expired | (36,451) | ||
Outstanding at January 30, 2016 | 301,295 | 416,803 | |
Weighted- Average Exercise Price, Outstanding | $ 17.75 | ||
Granted, Weighted Average Exercise Price | 29.18 | ||
Exercised in Period, Weighted Average Exercise Price | 15.58 | ||
Forfeited, Weighted Average Exercise Price | 35.25 | ||
Canceled or Expired, Weighted Average Exercise Price | 14.91 | ||
Weighted- Average Exercise Price, Outstanding | $ 18.93 | $ 17.75 | |
Number of Options, Exercisable | 267,628 | ||
Weighted- Average Exercise Price, Exercisable | $ 19.24 |
Share-Based Compensation (Sch99
Share-Based Compensation (Schedule of Nonvested Stock Option Activity) (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Number of Options (in shares) | |||
Number of Nonvested Options | 33,667 | 36,625 | |
Granted | 16,667 | 0 | 4,000 |
Vested | (19,625) | ||
Forfeited | 0 | ||
Nonvested, Weighted Average Grant Date Fair Value | $ 7.16 | $ 3.28 | |
Granted, Weighted Average Grant Date Fair Value | 12.81 | $ 0 | $ 9.46 |
Vested, Weighted Average Grant Date Fair Value | 4.72 | ||
Forfeited, Weighted Average Grant Date Fair Value | $ 0 |
Share-Based Compensation (Sc100
Share-Based Compensation (Schedule of Restricted Stock Unit Activity) (Details) - Restricted Stock Units for Non-Employee Directors [Member] - $ / shares | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units | 348,437 | 330,994 | |
Accrued Restricted Stock Units | [1] | 336,437 | 318,094 |
Nonvested, Weighted Average Grant Date Fair Value | $ 31.67 | $ 28.72 | |
Granted | [2] | 39,141 | |
Accrued Granted RSUs | [1],[2] | 27,141 | |
Non-Vested RSU Granted, Weighted Average Grant Date Fair Value | [2] | $ 31.65 | |
Accrued RSUs Vested | [1] | 12,900 | |
Nonvested RSUs, Weighted Average Grant Date Fair Value | $ 28.73 | ||
Number of RSUs Settled | (21,698) | ||
Accrued Number of RSU's Settled | [1] | 21,698 | |
Nonvested RSU's Settled, Weighted Average Grant Date Fair Value | $ 31.41 | ||
Number of vested RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units | 292,294 | ||
Granted | [2] | 2,800 | |
Vested | 39,041 | ||
Number of RSUs Settled | (21,698) | ||
Vested RSU's | 312,437 | ||
Number of nonvested RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested | 36,000 | 38,700 | |
Granted | [2] | 36,341 | |
Vested | (39,041) | ||
[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 3,141 RSUs resulting from dividend equivalents paid on outstanding RSUs, of which 2,800 related to outstanding vested RSUs and 341 to outstanding nonvested RSUs. |
Share-Based Compensation (Sc101
Share-Based Compensation (Schedule of Information about Restricted Stock Units Granted, Vested and Settled) (Details) - Restricted Stock Units for Non-Employee Directors [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Weighted Average Grant Date Fair Value | [1] | $ 31.54 | $ 28.69 | $ 21.33 |
Fair Value of RSU's Vested | $ 1,049 | $ 1,558 | $ 1,600 | |
RSU's Settled | 21,698 | 57,260 | 9,905 | |
[1] | Includes dividend equivalents granted on outstanding RSUs, which vest immediately. |
Share-Based Compensation (Sc102
Share-Based Compensation (Schedule of Restricted Stock Units Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 7,491 | $ 6,190 | $ 5,567 |
Less: Income tax benefit | 2,937 | 2,397 | 2,136 |
Total share-based compensation expense, net of income tax benefit | 4,554 | 3,793 | 3,431 |
Restricted Stock Units for Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 704 | 2,707 | 3,258 |
Less: Income tax benefit | 276 | 1,053 | 1,267 |
Total share-based compensation expense, net of income tax benefit | $ 428 | $ 1,654 | $ 1,991 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Caleres, 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 | $ 8.4 | $ 8.6 | $ 8.3 |
Commitments And Contingencies (
Commitments And Contingencies (Details) | 3 Months Ended | 12 Months Ended |
Jan. 30, 2016USD ($) | Jan. 30, 2016USD ($) | |
Loss Contingencies [Line Items] | ||
Estimated Litigation Liability | $ 1,500,000 | $ 1,500,000 |
Loss Contingency, Range of Possible Loss, Minimum | 1,000,000 | |
Redfield Site [Member] | ||
Loss Contingencies [Line Items] | ||
Cumulative expenditures for both on-site and off-site remediation | 27,900,000 | |
Reserve for anticipated future remediation activities | 9,800,000 | 9,800,000 |
Reserve for anticipated future remediation activities for on-site remediation | 5,000,000 | 5,000,000 |
Reserve for anticipated future remediation activities for off-site remediation | $ 4,800,000 | $ 4,800,000 |
Liability for on-site remediation, discounted rate | 4.80% | 4.80% |
On-site remediation liability, undiscounted basis | $ 15,200,000 | $ 15,200,000 |
Expected on-site remediation liability, year one | 200,000 | 200,000 |
Expected on-site remediation liability, year two | 200,000 | 200,000 |
Expected on-site remediation liability, year three | 200,000 | 200,000 |
Expected on-site remediation liability, year four | 200,000 | 200,000 |
Expected on-site remediation liability, year five | 200,000 | 200,000 |
Expected on-site remediation liability, thereafter | 14,200,000 | 14,200,000 |
Redfield Site Other Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for environmental loss contingencies in other liabilities | 9,000,000 | 9,000,000 |
Redfield Site Other Accrued Expense [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for environmental loss contingencies in other accrued expenses | 800,000 | 800,000 |
New York Tannery And Two Associated Landfills [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for environmental loss contingencies in other liabilities | 1,100,000 | 1,100,000 |
Accrual for environmental loss contingencies in other accrued expenses | $ 200,000 | $ 200,000 |
Liability for on-site remediation, discounted rate | 6.40% | 6.40% |
Expected on-site remediation liability, year one | $ 200,000 | $ 200,000 |
Expected on-site remediation liability, year two | 200,000 | 200,000 |
Expected on-site remediation liability, year three | 200,000 | 200,000 |
Expected on-site remediation liability, year four | 200,000 | 200,000 |
Expected on-site remediation liability, year five | 200,000 | 200,000 |
Expected on-site remediation liability, thereafter | 600,000 | $ 600,000 |
Number of associated landfills for which remediation efforts are completed | 2 | |
Accrued liability to complete the cleanup, maintenance and monitoring at all sites | 1,300,000 | $ 1,300,000 |
Accrued liability on an undiscounted basis | $ 1,600,000 | $ 1,600,000 |
Financial Information For Th105
Financial Information For The Company And Its Subsidiaries (Narrative) (Details) | 12 Months Ended |
Jan. 30, 2016 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Guarantors, ownership percentage by parent | 100.00% |
Financial Information For Th106
Financial Information For The Company And Its Subsidiaries (Schedule Of Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Assets | ||||
Cash and cash equivalents | $ 118,151 | $ 67,403 | $ 82,546 | $ 68,223 |
Receivables, net | 153,664 | 136,646 | ||
Inventories, net | 546,745 | 543,103 | ||
Prepaid expenses and other current assets | 56,505 | 42,996 | ||
Intercompany receivable – current | 0 | 0 | ||
Total current assets | 875,065 | 790,148 | ||
Property and equipment, net | 179,010 | 149,743 | ||
Goodwill and intangible assets, net | 130,899 | 134,587 | ||
Other assets | 118,349 | 139,849 | ||
Total assets | 1,303,323 | 1,214,327 | 1,146,340 | |
Liabilities and Equity | ||||
Trade accounts payable | 237,802 | 215,921 | ||
Other accrued expenses | 152,497 | 153,618 | ||
Total current liabilities | 390,299 | 369,539 | ||
Other liabilities | ||||
Long-term debt | 196,544 | 196,712 | ||
Other liabilities | 114,008 | 106,454 | ||
Total other liabilities | 310,552 | 303,166 | ||
Equity | ||||
Total Caleres, Inc. shareholders' equity | 601,484 | 540,910 | ||
Noncontrolling interests | 988 | 712 | ||
Total equity | 602,472 | 541,622 | 477,362 | 425,901 |
Total liabilities and equity | 1,303,323 | 1,214,327 | ||
Parent [Member] | ||||
Assets | ||||
Cash and cash equivalents | 31,000 | 13,891 | 0 | 0 |
Receivables, net | 110,235 | 89,030 | ||
Inventories, net | 151,704 | 148,082 | ||
Prepaid expenses and other current assets | 29,765 | 40,746 | ||
Intercompany receivable – current | 650 | 1,194 | ||
Total current assets | 323,354 | 292,943 | ||
Property and equipment, net | 32,538 | 29,237 | ||
Goodwill and intangible assets, net | 115,558 | 117,792 | ||
Other assets | 94,767 | 112,185 | ||
Investment in subsidiaries | 1,028,143 | 956,831 | ||
Intercompany receivable – noncurrent | 431,523 | 459,774 | ||
Total assets | 2,025,883 | 1,968,762 | ||
Liabilities and Equity | ||||
Trade accounts payable | 78,332 | 60,377 | ||
Other accrued expenses | 80,053 | 83,170 | ||
Intercompany payable – current | 4,394 | 4,948 | ||
Total current liabilities | 162,779 | 148,495 | ||
Other liabilities | ||||
Long-term debt | 196,544 | 196,712 | ||
Other liabilities | 44,011 | 69,391 | ||
Intercompany payable – noncurrent | 1,021,065 | 1,013,254 | ||
Total other liabilities | 1,261,620 | 1,279,357 | ||
Equity | ||||
Total Caleres, Inc. shareholders' equity | 601,484 | 540,910 | ||
Total equity | 601,484 | 540,910 | ||
Total liabilities and equity | 2,025,883 | 1,968,762 | ||
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 2,290 | 5,398 | ||
Inventories, net | 371,538 | 376,254 | ||
Prepaid expenses and other current assets | 24,597 | 20,777 | ||
Intercompany receivable – current | 176 | 0 | ||
Total current assets | 398,601 | 402,429 | ||
Property and equipment, net | 136,223 | 109,720 | ||
Goodwill and intangible assets, net | 2,800 | 2,800 | ||
Other assets | 15,772 | 13,733 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany receivable – noncurrent | 354,038 | 306,871 | ||
Total assets | 907,434 | 835,553 | ||
Liabilities and Equity | ||||
Trade accounts payable | 123,274 | 114,208 | ||
Other accrued expenses | 62,729 | 85,638 | ||
Intercompany payable – current | 0 | 0 | ||
Total current liabilities | 186,003 | 199,846 | ||
Other liabilities | ||||
Other liabilities | 66,302 | 32,574 | ||
Intercompany payable – noncurrent | 39,175 | 21,078 | ||
Total other liabilities | 105,477 | 53,652 | ||
Equity | ||||
Total Caleres, Inc. shareholders' equity | 615,954 | 582,055 | ||
Total equity | 615,954 | 582,055 | ||
Total liabilities and equity | 907,434 | 835,553 | ||
Non-Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 87,151 | 53,512 | $ 82,546 | $ 68,223 |
Receivables, net | 41,139 | 42,218 | ||
Inventories, net | 23,503 | 18,767 | ||
Prepaid expenses and other current assets | 8,109 | 8,964 | ||
Intercompany receivable – current | 6,877 | 8,750 | ||
Total current assets | 166,779 | 132,211 | ||
Property and equipment, net | 10,249 | 10,786 | ||
Goodwill and intangible assets, net | 12,541 | 13,995 | ||
Other assets | 7,810 | 13,931 | ||
Investment in subsidiaries | (19,524) | (18,909) | ||
Intercompany receivable – noncurrent | 556,259 | 539,396 | ||
Total assets | 734,114 | 691,410 | ||
Liabilities and Equity | ||||
Trade accounts payable | 36,196 | 41,336 | ||
Other accrued expenses | 15,681 | 12,301 | ||
Intercompany payable – current | 3,309 | 4,996 | ||
Total current liabilities | 55,186 | 58,633 | ||
Other liabilities | ||||
Other liabilities | 3,695 | 4,489 | ||
Intercompany payable – noncurrent | 281,580 | 271,709 | ||
Total other liabilities | 285,275 | 276,198 | ||
Equity | ||||
Total Caleres, Inc. shareholders' equity | 392,665 | 355,867 | ||
Noncontrolling interests | 988 | 712 | ||
Total equity | 393,653 | 356,579 | ||
Total liabilities and equity | 734,114 | 691,410 | ||
Eliminations [Member] | ||||
Assets | ||||
Prepaid expenses and other current assets | (5,966) | (27,491) | ||
Intercompany receivable – current | (7,703) | (9,944) | ||
Total current assets | (13,669) | (37,435) | ||
Investment in subsidiaries | (1,008,619) | (937,922) | ||
Intercompany receivable – noncurrent | (1,341,820) | (1,306,041) | ||
Total assets | (2,364,108) | (2,281,398) | ||
Liabilities and Equity | ||||
Other accrued expenses | (5,966) | (27,491) | ||
Intercompany payable – current | (7,703) | (9,944) | ||
Total current liabilities | (13,669) | (37,435) | ||
Other liabilities | ||||
Intercompany payable – noncurrent | (1,341,820) | (1,306,041) | ||
Total other liabilities | (1,341,820) | (1,306,041) | ||
Equity | ||||
Total Caleres, Inc. shareholders' equity | (1,008,619) | (937,922) | ||
Total equity | (1,008,619) | (937,922) | ||
Total liabilities and equity | $ (2,364,108) | $ (2,281,398) |
Financial Information For Th107
Financial Information For The Company And Its Subsidiaries (Schedule of Condensed Consolidating Statement of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Aug. 03, 2013 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Net sales | $ 608,674 | $ 728,639 | $ 637,834 | $ 602,283 | $ 615,393 | $ 729,277 | $ 635,877 | $ 591,162 | $ 2,577,430 | $ 2,571,709 | $ 2,513,113 | |
Cost of goods sold | 1,529,627 | 1,531,609 | 1,498,825 | |||||||||
Gross profit | 248,048 | 288,434 | 262,795 | 248,526 | 247,387 | 290,730 | 259,642 | 242,341 | 1,047,803 | 1,040,100 | 1,014,288 | |
Selling and administrative expenses | 912,696 | 910,682 | 909,749 | |||||||||
Restructuring and other special charges, net | 0 | 3,484 | 1,262 | |||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 4,660 | |||||||||
Operating earnings | 135,107 | 125,934 | 98,617 | |||||||||
Interest expense | (16,589) | (20,445) | (21,254) | |||||||||
Loss on early extinguishment of debt | (10,651) | (420) | 0 | |||||||||
Interest income | 899 | 379 | 377 | |||||||||
Intercompany interest income (expense) | 0 | 0 | ||||||||||
Gain on sale of subsidiary | 0 | 4,679 | (576) | |||||||||
Earnings before income taxes from continuing operations | 108,766 | 110,127 | 77,740 | |||||||||
Income tax provision | (26,942) | (27,184) | (23,758) | |||||||||
Equity in earnings loss from continuing operations of subsidiaries, net of tax | 0 | |||||||||||
Net earnings from continuing operations | 81,824 | 82,943 | 53,982 | |||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 0 | 0 | (4,574) | |||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (600) | 0 | 0 | (11,512) | ||||||||
Net loss from discontinued operations | 0 | 0 | (16,086) | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 11,578 | 33,992 | 16,863 | 19,391 | 16,191 | 33,237 | 18,039 | 15,476 | 81,824 | 82,943 | 37,896 | |
Net earnings (loss) attributable to noncontrolling interests | 345 | 93 | (177) | |||||||||
Net earnings attributable to Caleres, Inc. | $ 11,410 | $ 33,983 | $ 16,825 | $ 19,261 | $ 16,244 | $ 33,113 | $ 18,064 | $ 15,429 | 81,479 | 82,850 | 38,073 | |
Parent [Member] | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Net sales | 819,148 | 788,708 | 733,996 | |||||||||
Cost of goods sold | 591,539 | 570,343 | 549,281 | |||||||||
Gross profit | 227,609 | 218,365 | 184,715 | |||||||||
Selling and administrative expenses | 235,210 | 231,141 | 217,902 | |||||||||
Restructuring and other special charges, net | 3,484 | 686 | ||||||||||
Operating earnings | (7,601) | (16,260) | (33,873) | |||||||||
Interest expense | (16,588) | (20,444) | (21,163) | |||||||||
Loss on early extinguishment of debt | (10,651) | (420) | ||||||||||
Interest income | 695 | 31 | 23 | |||||||||
Intercompany interest income (expense) | 14,363 | 12,115 | 13,414 | |||||||||
Gain on sale of subsidiary | 0 | |||||||||||
Earnings before income taxes from continuing operations | (19,782) | (24,978) | (41,599) | |||||||||
Income tax provision | 8,755 | 10,599 | 20,427 | |||||||||
Equity in earnings loss from continuing operations of subsidiaries, net of tax | 92,506 | 97,229 | 75,331 | |||||||||
Net earnings from continuing operations | 54,159 | |||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (5,296) | |||||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 0 | |||||||||||
Equity in earnings loss from discontinuing operations of subsidiaries, net of tax | (10,790) | |||||||||||
Net loss from discontinued operations | (16,086) | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 81,479 | 82,850 | 38,073 | |||||||||
Net earnings (loss) attributable to noncontrolling interests | 0 | |||||||||||
Net earnings attributable to Caleres, Inc. | 81,479 | 82,850 | 38,073 | |||||||||
Guarantors [Member] | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Net sales | 1,652,444 | 1,634,375 | 1,631,755 | |||||||||
Cost of goods sold | 905,412 | 899,968 | 900,043 | |||||||||
Gross profit | 747,032 | 734,407 | 731,712 | |||||||||
Selling and administrative expenses | 649,020 | 633,073 | 629,405 | |||||||||
Restructuring and other special charges, net | 0 | 0 | ||||||||||
Operating earnings | 98,012 | 101,334 | 102,307 | |||||||||
Interest expense | (1) | (1) | (1) | |||||||||
Loss on early extinguishment of debt | 0 | 0 | ||||||||||
Interest income | 0 | 0 | 0 | |||||||||
Intercompany interest income (expense) | (14,581) | (12,826) | (13,060) | |||||||||
Gain on sale of subsidiary | 0 | |||||||||||
Earnings before income taxes from continuing operations | 83,430 | 88,507 | 89,246 | |||||||||
Income tax provision | (29,475) | (34,710) | (35,727) | |||||||||
Equity in earnings loss from continuing operations of subsidiaries, net of tax | 0 | 0 | 0 | |||||||||
Net earnings from continuing operations | 53,519 | |||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 0 | |||||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 0 | |||||||||||
Equity in earnings loss from discontinuing operations of subsidiaries, net of tax | 0 | |||||||||||
Net loss from discontinued operations | 0 | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 53,955 | 53,797 | 53,519 | |||||||||
Net earnings (loss) attributable to noncontrolling interests | 0 | |||||||||||
Net earnings attributable to Caleres, Inc. | 53,955 | 53,797 | 53,519 | |||||||||
Non-Guarantors [Member] | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Net sales | 268,779 | 329,765 | 361,277 | |||||||||
Cost of goods sold | 162,384 | 213,716 | 236,113 | |||||||||
Gross profit | 106,395 | 116,049 | 125,164 | |||||||||
Selling and administrative expenses | 61,699 | 75,189 | 89,745 | |||||||||
Restructuring and other special charges, net | 0 | 576 | ||||||||||
Impairment of Long-Lived Assets to be Disposed of | 4,660 | |||||||||||
Operating earnings | 44,696 | 40,860 | 30,183 | |||||||||
Interest expense | (90) | |||||||||||
Loss on early extinguishment of debt | 0 | 0 | ||||||||||
Interest income | 204 | 348 | 354 | |||||||||
Intercompany interest income (expense) | 218 | 711 | (354) | |||||||||
Gain on sale of subsidiary | 4,679 | |||||||||||
Earnings before income taxes from continuing operations | 45,118 | 46,598 | 30,093 | |||||||||
Income tax provision | (6,222) | (3,073) | (8,458) | |||||||||
Equity in earnings loss from continuing operations of subsidiaries, net of tax | (616) | 37 | (168) | |||||||||
Net earnings from continuing operations | 21,467 | |||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 722 | |||||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (11,512) | |||||||||||
Net loss from discontinued operations | (10,790) | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 38,280 | 43,562 | 10,677 | |||||||||
Net earnings (loss) attributable to noncontrolling interests | 345 | 93 | (177) | |||||||||
Net earnings attributable to Caleres, Inc. | 37,935 | 43,469 | 10,854 | |||||||||
Eliminations [Member] | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Net sales | (162,941) | (181,139) | (213,915) | |||||||||
Cost of goods sold | (129,708) | (152,418) | (186,612) | |||||||||
Gross profit | (33,233) | (28,721) | (27,303) | |||||||||
Selling and administrative expenses | (33,233) | (28,721) | (27,303) | |||||||||
Restructuring and other special charges, net | 0 | |||||||||||
Operating earnings | 0 | |||||||||||
Loss on early extinguishment of debt | 0 | |||||||||||
Earnings before income taxes from continuing operations | 0 | 0 | ||||||||||
Income tax provision | 0 | |||||||||||
Equity in earnings loss from continuing operations of subsidiaries, net of tax | (91,890) | (97,266) | (75,163) | |||||||||
Net earnings from continuing operations | (75,163) | |||||||||||
Equity in earnings loss from discontinuing operations of subsidiaries, net of tax | 10,790 | |||||||||||
Net loss from discontinued operations | 10,790 | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (91,890) | (97,266) | (64,373) | |||||||||
Net earnings (loss) attributable to noncontrolling interests | 0 | |||||||||||
Net earnings attributable to Caleres, Inc. | $ (91,890) | $ (97,266) | $ (64,373) |
Financial Information For Th108
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. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net earnings | $ 11,578 | $ 33,992 | $ 16,863 | $ 19,391 | $ 16,191 | $ 33,237 | $ 18,039 | $ 15,476 | $ 81,824 | $ 82,943 | $ 37,896 |
Foreign currency translation adjustment | (224) | (3,145) | (4,538) | ||||||||
Pension and other postretirement benefit adjustments | (8,589) | (10,349) | 19,529 | ||||||||
Derivative financial instruments | 168 | (514) | 819 | ||||||||
Other comprehensive loss from investment in subsidiaries | 0 | 0 | 0 | ||||||||
Other comprehensive (loss) income, net of tax | (8,645) | (14,008) | |||||||||
Other comprehensive (loss) income, net of tax | (8,645) | (14,008) | 15,810 | ||||||||
Comprehensive income | 73,179 | 68,935 | 53,706 | ||||||||
Comprehensive (loss) income attributable to noncontrolling interest | 276 | 49 | (109) | ||||||||
Comprehensive income (loss) attributable to Caleres, Inc. | 72,903 | 68,886 | 53,815 | ||||||||
Parent [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net earnings | 81,479 | 82,850 | 38,073 | ||||||||
Foreign currency translation adjustment | 0 | ||||||||||
Pension and other postretirement benefit adjustments | (8,838) | (10,003) | 19,114 | ||||||||
Derivative financial instruments | 628 | (1,250) | (55) | ||||||||
Other comprehensive loss from investment in subsidiaries | (366) | (2,711) | (3,317) | ||||||||
Other comprehensive (loss) income, net of tax | (8,576) | (13,964) | 15,792 | ||||||||
Other comprehensive (loss) income, net of tax | 15,742 | ||||||||||
Comprehensive income | 72,903 | 68,886 | 53,815 | ||||||||
Comprehensive (loss) income attributable to noncontrolling interest | 0 | ||||||||||
Comprehensive income (loss) attributable to Caleres, Inc. | 72,903 | 68,886 | 53,815 | ||||||||
Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net earnings | 53,955 | 53,797 | 53,519 | ||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Pension and other postretirement benefit adjustments | 0 | 0 | 0 | ||||||||
Derivative financial instruments | 0 | 0 | 0 | ||||||||
Other comprehensive loss from investment in subsidiaries | 0 | 0 | 0 | ||||||||
Other comprehensive (loss) income, net of tax | 0 | 0 | |||||||||
Other comprehensive (loss) income, net of tax | 0 | ||||||||||
Comprehensive income | 53,955 | 53,797 | 53,519 | ||||||||
Comprehensive (loss) income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Caleres, Inc. | 53,955 | 53,797 | 53,519 | ||||||||
Non-Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net earnings | 38,280 | 43,562 | 10,677 | ||||||||
Foreign currency translation adjustment | (224) | (3,145) | (4,538) | ||||||||
Pension and other postretirement benefit adjustments | 249 | (346) | 415 | ||||||||
Derivative financial instruments | (460) | 736 | 874 | ||||||||
Other comprehensive loss from investment in subsidiaries | 0 | 0 | 0 | ||||||||
Other comprehensive (loss) income, net of tax | (435) | (2,755) | |||||||||
Other comprehensive (loss) income, net of tax | (3,249) | ||||||||||
Comprehensive income | 37,845 | 40,807 | 7,428 | ||||||||
Comprehensive (loss) income attributable to noncontrolling interest | 276 | 49 | (109) | ||||||||
Comprehensive income (loss) attributable to Caleres, Inc. | 37,569 | 40,758 | 7,537 | ||||||||
Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net earnings | (91,890) | (97,266) | (64,373) | ||||||||
Foreign currency translation adjustment | 0 | ||||||||||
Pension and other postretirement benefit adjustments | 0 | ||||||||||
Derivative financial instruments | 0 | ||||||||||
Other comprehensive loss from investment in subsidiaries | 366 | 2,711 | 3,317 | ||||||||
Other comprehensive (loss) income, net of tax | 366 | 2,711 | |||||||||
Other comprehensive (loss) income, net of tax | 3,317 | ||||||||||
Comprehensive income | (91,524) | (94,555) | (61,056) | ||||||||
Comprehensive (loss) income attributable to noncontrolling interest | 0 | ||||||||||
Comprehensive income (loss) attributable to Caleres, Inc. | $ (91,524) | $ (94,555) | $ (61,056) |
Financial Information For Th109
Financial Information For The Company And Its Subsidiaries (Schedule Of Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash (used for) provided by operating activities | $ 149,152 | $ 118,812 | $ 104,032 |
Purchases of property and equipment | (73,479) | (44,952) | (43,968) |
Proceeds from disposal of property and equipment | 7,433 | 0 | 0 |
Capitalized software | (7,735) | (5,086) | (5,235) |
Acquisition of trademarks | 0 | (65,065) | 0 |
Investment in nonconsolidated affiliate | 0 | (7,000) | 0 |
Net proceeds from sale of subsidiaries | 10,120 | 69,347 | |
Intercompany investing | 0 | 0 | |
Net cash (used for) provided by investing activities | (73,781) | (111,983) | 20,144 |
Borrowings under revolving credit agreement | 198,000 | 867,000 | 1,129,000 |
Repayments under revolving credit agreement | (198,000) | (874,000) | (1,227,000) |
Proceeds from issuance of 2023 senior notes | 200,000 | 0 | 0 |
Redemption of 2019 senior notes | (200,000) | 0 | 0 |
Dividends paid | (12,253) | (12,237) | (12,105) |
Debt issuance costs | (3,650) | (2,618) | 0 |
Acquisition of treasury stock | (4,921) | 0 | 0 |
Issuance of common stock under share-based plans, net | (5,297) | 443 | 804 |
Excess tax benefit related to share-based plans | 2,651 | 929 | 3,439 |
Contributions by noncontrolling interests | 0 | 0 | 50 |
Intercompany financing | 0 | ||
Net cash used for financing activities | (23,470) | (20,483) | (105,812) |
Effect of exchange rate changes on cash and cash equivalents | (1,153) | (1,489) | (4,041) |
Increase (decrease) in cash and cash equivalents | 50,748 | (15,143) | 14,323 |
Cash and cash equivalents at beginning of period | 67,403 | 82,546 | 68,223 |
Cash and cash equivalents at end of period | 118,151 | 67,403 | 82,546 |
Parent [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash (used for) provided by operating activities | (1,259) | (11,728) | 60,886 |
Purchases of property and equipment | (14,585) | (7,129) | (5,595) |
Proceeds from disposal of property and equipment | 7,111 | ||
Capitalized software | (5,197) | (4,834) | (4,920) |
Acquisition of trademarks | (65,065) | ||
Net proceeds from sale of subsidiaries | 0 | ||
Intercompany investing | (568) | (2,314) | (1,128) |
Net cash (used for) provided by investing activities | (13,239) | (79,342) | (11,643) |
Borrowings under revolving credit agreement | 198,000 | 867,000 | 1,129,000 |
Repayments under revolving credit agreement | (198,000) | (874,000) | (1,227,000) |
Proceeds from issuance of 2023 senior notes | 200,000 | ||
Redemption of 2019 senior notes | (200,000) | ||
Dividends paid | (12,253) | (12,237) | (12,105) |
Debt issuance costs | (3,650) | (2,618) | |
Acquisition of treasury stock | (4,921) | ||
Issuance of common stock under share-based plans, net | (5,297) | 443 | 804 |
Excess tax benefit related to share-based plans | 2,651 | 929 | 3,439 |
Contributions by noncontrolling interests | 0 | ||
Intercompany financing | 55,077 | 125,444 | 56,619 |
Net cash used for financing activities | 31,607 | 104,961 | (49,243) |
Increase (decrease) in cash and cash equivalents | 17,109 | 13,891 | 0 |
Cash and cash equivalents at beginning of period | 13,891 | 0 | 0 |
Cash and cash equivalents at end of period | 31,000 | 13,891 | 0 |
Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash (used for) provided by operating activities | 99,222 | 99,709 | 62,603 |
Purchases of property and equipment | (56,382) | (33,067) | (34,606) |
Proceeds from disposal of property and equipment | 0 | ||
Capitalized software | (2,538) | (194) | (193) |
Net proceeds from sale of subsidiaries | 0 | ||
Intercompany investing | 568 | (124) | (247) |
Net cash (used for) provided by investing activities | (58,352) | (33,385) | (35,046) |
Contributions by noncontrolling interests | 0 | ||
Intercompany financing | (40,870) | (66,324) | (27,557) |
Net cash used for financing activities | (40,870) | (66,324) | (27,557) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
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 | 51,189 | 30,831 | (19,457) |
Purchases of property and equipment | (2,512) | (4,756) | (3,767) |
Proceeds from disposal of property and equipment | 322 | ||
Capitalized software | 0 | (58) | (122) |
Investment in nonconsolidated affiliate | (7,000) | ||
Net proceeds from sale of subsidiaries | 10,120 | 69,347 | |
Intercompany investing | 2,438 | 1,375 | |
Net cash (used for) provided by investing activities | (2,190) | 744 | 66,833 |
Contributions by noncontrolling interests | 50 | ||
Intercompany financing | (14,207) | (59,120) | (29,062) |
Net cash used for financing activities | (14,207) | (59,120) | (29,012) |
Effect of exchange rate changes on cash and cash equivalents | (1,153) | (1,489) | (4,041) |
Increase (decrease) in cash and cash equivalents | 33,639 | (29,034) | 14,323 |
Cash and cash equivalents at beginning of period | 53,512 | 82,546 | 68,223 |
Cash and cash equivalents at end of period | $ 87,151 | $ 53,512 | $ 82,546 |
Valuation of Qualifying Acco110
Valuation of Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Charged to Cost and Expense | $ 2,295 | $ 2,235 | $ 832 | $ 973 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 480 | 1,716 | 602 | |
Valuation Allowances and Reserves, Deductions | 420 | 313 | 743 | |
Reserve for Customer Deductions [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Charged to Cost and Expense | 21,590 | 21,906 | 19,862 | 19,080 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 47,435 | 46,878 | 45,099 | |
Valuation Allowances and Reserves, Deductions | 47,751 | 44,834 | 44,317 | |
Reserve for Cash Discount [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Charged to Cost and Expense | 895 | 1,252 | 776 | 489 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 2,624 | 3,519 | 4,809 | |
Valuation Allowances and Reserves, Deductions | 2,981 | 3,043 | 4,522 | |
Inventory Valuation Reserve [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Charged to Cost and Expense | 15,780 | 16,051 | 17,739 | 19,080 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 55,126 | 50,781 | 53,881 | |
Valuation Allowances and Reserves, Deductions | 55,397 | 52,469 | 55,222 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Charged to Cost and Expense | 6,544 | 11,514 | 13,949 | $ 8,014 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 670 | 714 | 6,490 | |
Valuation Allowances and Reserves, Deductions | $ 5,640 | $ 3,149 | $ 555 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Net sales | $ 608,674 | $ 728,639 | $ 637,834 | $ 602,283 | $ 615,393 | $ 729,277 | $ 635,877 | $ 591,162 | $ 2,577,430 | $ 2,571,709 | $ 2,513,113 |
Gross profit | 248,048 | 288,434 | 262,795 | 248,526 | 247,387 | 290,730 | 259,642 | 242,341 | 1,047,803 | 1,040,100 | 1,014,288 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 11,578 | 33,992 | 16,863 | 19,391 | 16,191 | 33,237 | 18,039 | 15,476 | 81,824 | 82,943 | 37,896 |
Net earnings attributable to Caleres, Inc. | $ 11,410 | $ 33,983 | $ 16,825 | $ 19,261 | $ 16,244 | $ 33,113 | $ 18,064 | $ 15,429 | $ 81,479 | $ 82,850 | $ 38,073 |
Earnings Per Share, Basic | $ 0.26 | $ 0.78 | $ 0.38 | $ 0.44 | $ 0.37 | $ 0.76 | $ 0.41 | $ 0.35 | $ 1.86 | $ 1.90 | $ 0.88 |
Earnings Per Share, Diluted | 0.26 | 0.78 | 0.38 | 0.44 | 0.37 | 0.75 | 0.41 | 0.35 | 1.85 | 1.89 | 0.88 |
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 | 31.75 | 33.73 | 33.83 | 33.33 | 33.67 | 32.31 | 29.65 | 28.73 | 31.75 | 33.67 | |
Minimum [Member] | |||||||||||
Sale of Stock, Price Per Share | $ 23.22 | $ 27.90 | $ 28.91 | $ 27.22 | $ 26.39 | $ 25.30 | $ 23.14 | $ 22.30 | $ 23.22 | $ 26.39 |