Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 29, 2016 | Nov. 25, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CALERES INC | |
Entity Central Index Key | 14,707 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 29, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 42,943,480 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 173,435 | $ 118,151 | $ 86,298 |
Receivables, net | 139,475 | 153,664 | 148,192 |
Inventories, net | 524,823 | 546,745 | 544,341 |
Prepaid expenses and other current assets | 31,716 | 56,505 | 40,815 |
Total current assets | 869,449 | 875,065 | 819,646 |
Other assets | 114,851 | 118,349 | 141,840 |
Goodwill | 13,954 | 13,954 | 13,954 |
Intangible assets, net | 114,187 | 116,945 | 117,864 |
Property and equipment | 497,486 | 475,750 | 455,038 |
Allowance for depreciation | (305,732) | (296,740) | (291,596) |
Net property and equipment | 191,754 | 179,010 | 163,442 |
Total assets | 1,304,195 | 1,303,323 | 1,256,746 |
Current liabilities: | |||
Trade accounts payable | 212,088 | 237,802 | 200,251 |
Other accrued expenses | 141,886 | 152,497 | 154,304 |
Total current liabilities | 353,974 | 390,299 | 354,555 |
Other liabilities: | |||
Long-term debt | 196,888 | 196,544 | 196,463 |
Deferred rent | 48,696 | 46,506 | 43,231 |
Other liabilities | 57,574 | 67,502 | 60,642 |
Total other liabilities | 303,158 | 310,552 | 300,336 |
Equity: | |||
Common stock | 429 | 437 | 437 |
Additional paid-in capital | 120,775 | 138,881 | 137,927 |
Accumulated other comprehensive (loss) income | (6,310) | (5,864) | 2,961 |
Retained earnings | 531,216 | 468,030 | 459,678 |
Total Caleres, Inc. shareholders’ equity | 646,110 | 601,484 | 601,003 |
Noncontrolling interests | 953 | 988 | 852 |
Total equity | 647,063 | 602,472 | 601,855 |
Total liabilities and equity | $ 1,304,195 | $ 1,303,323 | $ 1,256,746 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Net sales | $ 732,230 | $ 728,639 | $ 1,939,900 | $ 1,968,756 |
Cost of goods sold | 438,459 | 440,205 | 1,138,781 | 1,169,001 |
Gross profit | 293,771 | 288,434 | 801,119 | 799,755 |
Selling and administrative expenses | 238,319 | 236,211 | 684,666 | 681,462 |
Operating earnings | 55,452 | 52,223 | 116,453 | 118,293 |
Interest expense | (3,475) | (4,136) | (10,564) | (12,944) |
Loss on early extinguishment of debt | (1,961) | 0 | (10,651) | |
Interest income | 350 | 224 | 907 | 766 |
Earnings before income taxes | 52,327 | 46,350 | 106,796 | 95,464 |
Income tax provision | (17,601) | (12,358) | (34,514) | (25,218) |
Net earnings | 34,726 | 33,992 | 72,282 | 70,246 |
Net (loss) earnings attributable to noncontrolling interests | (4) | 9 | 2 | 177 |
Net earnings attributable to Caleres, Inc. | $ 34,730 | $ 33,983 | $ 72,280 | $ 70,069 |
Basic earnings per common share: | ||||
Basic earnings per common share attributable to Caleres, Inc. shareholders | $ 0.81 | $ 0.78 | $ 1.67 | $ 1.60 |
Diluted earnings per common share: | ||||
Diluted earnings per common share attributable to Caleres, Inc. shareholders | 0.81 | 0.78 | 1.67 | 1.59 |
Dividends per common share | $ 0.07 | $ 0.07 | $ 0.21 | $ 0.21 |
Two Thousand Nineteen Senior Notes [Member] | ||||
Loss on early extinguishment of debt | $ 0 | $ (1,961) | $ 0 | $ (10,651) |
Condensed Consolidated Stateme4
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 34,726 | $ 33,992 | $ 72,282 | $ 70,246 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustment | (545) | 348 | 961 | 791 |
Pension and other postretirement benefits adjustments | (289) | (230) | (865) | (688) |
Derivative financial instruments | (101) | (184) | (542) | 146 |
Other comprehensive (loss) income, net of tax | (935) | (66) | (446) | 249 |
Comprehensive income | 33,791 | 33,926 | 71,836 | 70,495 |
Comprehensive (loss) income attributable to noncontrolling interests | (25) | (31) | (35) | 140 |
Comprehensive income attributable to Caleres, Inc. | $ 33,816 | $ 33,957 | $ 71,871 | $ 70,355 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Net cash provided by operating activities | ||
Net earnings | $ 72,282 | $ 70,246 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 28,131 | 26,452 |
Amortization of capitalized software | 9,589 | 9,118 |
Amortization of intangible assets | 2,758 | 2,769 |
Amortization of debt issuance costs and debt discount | 1,295 | 873 |
Loss on early extinguishment of debt | 0 | 10,651 |
Share-based compensation expense | 5,966 | 5,448 |
Tax benefit related to share-based plans | (3,264) | (3,049) |
Loss (gain) on disposal of property and equipment | 872 | (2,203) |
Impairment charges for property and equipment | 913 | 1,479 |
Deferred rent | 2,190 | 3,489 |
Provision for doubtful accounts | 564 | 362 |
Changes in operating assets and liabilities: | ||
Receivables | 13,626 | (11,848) |
Inventories | 22,587 | (1,882) |
Prepaid expenses and other current and noncurrent assets | 22,119 | (12,212) |
Trade accounts payable | (25,870) | (15,593) |
Accrued expenses and other liabilities | (17,419) | (2,188) |
Other, net | 664 | 2,138 |
Net cash provided by operating activities | 137,003 | 84,050 |
Investing Activities | ||
Purchases of property and equipment | (43,019) | (47,344) |
Proceeds from disposal of property and equipment | 0 | 7,433 |
Capitalized software | (5,672) | (5,422) |
Net cash used for investing activities | (48,691) | (45,333) |
Financing Activities | ||
Borrowings under revolving credit agreement | 103,000 | 117,000 |
Repayments under revolving credit agreement | (103,000) | (117,000) |
Proceeds from issuance of 2023 senior notes | 0 | 200,000 |
Redemption of 2019 senior notes | 0 | (200,000) |
Debt issuance costs | 0 | (3,650) |
Dividends paid | (9,094) | (9,195) |
Acquisition of treasury stock | (23,139) | (4,921) |
Issuance of common stock under share-based plans, net | (4,205) | (4,606) |
Tax benefit related to share-based plans | 3,264 | 3,049 |
Net cash used for financing activities | (33,174) | (19,323) |
Effect of exchange rate changes on cash and cash equivalents | 146 | (499) |
Increase in cash and cash equivalents | 55,284 | 18,895 |
Cash and cash equivalents at beginning of period | 118,151 | 67,403 |
Cash and cash equivalents at end of period | $ 173,435 | $ 86,298 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 29, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the United States Securities and Exchange Commission (“SEC”) and reflect all adjustments and accruals of a normal recurring nature, which management believes are necessary to present fairly the financial position, results of operations, comprehensive income and cash flows of Caleres, Inc. (the "Company"). These statements, however, do not include all information and footnotes necessary for a complete presentation of the Company's consolidated financial position, results of operations, comprehensive income and cash flows in conformity with accounting principles generally accepted in the United States. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries, after the elimination of intercompany accounts and transactions. The Company’s business is seasonal in nature due to consumer spending patterns, with higher back-to-school and Christmas holiday season sales. Traditionally, the third fiscal quarter accounts for a substantial portion of the Company’s earnings for the year. Interim results may not necessarily be indicative of results which may be expected for any other interim period or for the year as a whole. Certain prior period amounts in the condensed consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications did not affect net earnings attributable to Caleres, Inc. For further information, refer to the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended January 30, 2016 . |
Impact of New Accounting Pronou
Impact of New Accounting Pronouncements | 9 Months Ended |
Oct. 29, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact Of New Accounting Pronouncements | Note 2 Impact of New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), and subsequently issued ASU 2015-14 to defer the effective date and ASUs 2016-08, 2016-10 and 2016-12 to clarify the implementation guidance in ASU 2014-09 . Topic 606 provides a five-step analysis of transactions to determine when and how revenue is recognized, based upon the core principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The ASUs are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted beginning after December 15, 2016. The Company has completed an initial assessment of the ASUs. Although the ASUs will impact revenue recognition for both of the Company's reportable segments, the Company anticipates a more significant impact on its Famous Footwear segment, primarily due to the ASUs' required treatment for loyalty programs (such as Rewards, the Company's loyalty program). While the Company is currently developing its implementation plan, including the determination of its adoption method, it expects to adopt the ASUs in the first quarter of 2018. The Company anticipates that the adoption may have a material impact on the condensed consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (Topic 330), 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 the last-in, first-out (LIFO) method. The ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2016. Because approximately 95% of the Company's inventories are valued using the LIFO method, the Company anticipates that the adoption of this ASU will not have a material impact on the condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which requires entities to measure equity investments (except those accounted for under the equity method, those that result in consolidation of the investee and certain other investments) at fair value and recognize any fair value changes in net income. The ASU permits entities to elect a measurement alternative for equity investments that don’t have readily determinable fair values. If elected, those investments would be valued at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. The Company has an investment in a nonconsolidated affiliate that is currently accounted for using the cost method. The investment, with a carrying value of $7.0 million as of October 29, 2016, October 31, 2015 and January 30, 2016, is subject to this ASU. 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 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 condensed 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 condensed consolidated financial statements upon adoption in the first quarter of 2019 will be significant. However, the adoption of the ASU is not expected to trigger non-compliance with any covenant or other restrictions under the provisions of any of the Company’s debt obligations. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) , which simplifies accounting for certain aspects of share-based payments to employees, including income taxes, forfeitures and statutory income tax withholding requirements, as well as classification in the statement of cash flows. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The ASU requires certain income tax impacts related to share-based plans to be recorded within the income tax provision, rather than as a component of additional paid-in capital, as presented today. Upon adoption of the standard in the first quarter of 2017, the Company anticipates a greater degree of volatility in its income tax provision and effective income tax rate. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted beginning after December 15, 2018. The ASU's provisions will be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which it is adopted. The Company is currently evaluating the impact of the adoption of this ASU on its condensed consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3 Earnings Per Share The Company uses the two-class method to compute basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of the Company. The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders for the periods ended October 29, 2016 and October 31, 2015 : Thirteen Weeks Ended Thirty-nine Weeks Ended ($ thousands, except per share amounts) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 NUMERATOR Net earnings $ 34,726 $ 33,992 $ 72,282 $ 70,246 Net loss (earnings) attributable to noncontrolling interests 4 (9 ) (2 ) (177 ) Net earnings allocated to participating securities (910 ) (1,063 ) (1,933 ) (2,272 ) Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 33,820 $ 32,920 $ 70,347 $ 67,797 DENOMINATOR Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders 41,802 42,345 42,093 42,483 Dilutive effect of share-based awards 137 120 144 132 Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders 41,939 42,465 42,237 42,615 Basic earnings per common share attributable to Caleres, Inc. shareholders $ 0.81 $ 0.78 $ 1.67 $ 1.60 Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 0.81 $ 0.78 $ 1.67 $ 1.59 Options to purchase 63,915 shares of common stock for the thirteen and thirty-nine weeks ended October 29, 2016 and 56,997 shares of common stock for the thirteen and thirty-nine weeks ended October 31, 2015 were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders because the effect would be anti-dilutive. During the thirty-nine weeks ended October 29, 2016 and October 31, 2015 , the Company repurchased 900,000 shares and 151,500 shares, respectively, under the publicly announced share repurchase program, which permits repurchases of up to 2.5 million shares. As of October 29, 2016 , the Company has repurchased a total of 1.1 million shares at a cost of $28.1 million . |
Long-Term and Short-Term Financ
Long-Term and Short-Term Financing Arrangements | 9 Months Ended |
Oct. 29, 2016 | |
Debt, Long-term and Short-term, Combined Amount [Abstract] | |
Debt Disclosure [Text Block] | Note 4 Long-term and Short-term Financing Arrangements Credit Agreement The Company maintains a revolving credit facility for working capital needs in an aggregate amount of up to $600.0 million , with the option to increase by up to $150.0 million . 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 . 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 October 29, 2016 . At October 29, 2016 , the Company had no borrowings outstanding and $6.5 million in letters of credit outstanding under the Credit Agreement. Total borrowing availability was $531.3 million at October 29, 2016 . $200 Million Senior Notes Due 2019 During 2011, the Company issued $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. 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% . During the thirteen and thirty-nine weeks ended October 31, 2015 , the Company recognized a loss on the early extinguishment of the 2019 Senior Notes of $2.0 million and $10.7 million , respectively, representing the tender offer and call premiums, the unamortized debt issuance costs and the original issue discount. $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 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 October 29, 2016 , the Company was in compliance with all covenants and restrictions relating to the 2023 Senior Notes. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Oct. 29, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 5 Business Segment Information Following is a summary of certain key financial measures for the Company’s business segments for the periods ended October 29, 2016 and October 31, 2015 . Famous Footwear Brand Portfolio ($ thousands) Other Total Thirteen Weeks Ended October 29, 2016 External sales $ 467,816 $ 264,414 $ — $ 732,230 Intersegment sales — 20,234 — 20,234 Operating earnings (loss) 32,709 30,454 (7,711 ) 55,452 Segment assets 555,934 471,329 276,932 1,304,195 Thirteen Weeks Ended October 31, 2015 External sales $ 456,177 $ 272,462 $ — $ 728,639 Intersegment sales — 21,004 — 21,004 Operating earnings (loss) 39,638 21,042 (8,457 ) 52,223 Segment assets 541,232 515,699 199,815 1,256,746 Thirty-nine Weeks Ended October 29, 2016 External sales $ 1,222,535 $ 717,365 $ — $ 1,939,900 Intersegment sales — 66,386 — 66,386 Operating earnings (loss) 81,067 57,539 (22,153 ) 116,453 Thirty-nine Weeks Ended October 31, 2015 External sales $ 1,212,069 $ 756,687 $ — $ 1,968,756 Intersegment sales — 71,292 — 71,292 Operating earnings (loss) 95,269 48,107 (25,083 ) 118,293 The Other category includes corporate assets, administrative expenses and other costs and recoveries, which are not allocated to the operating segments. Following is a reconciliation of operating earnings to earnings before income taxes: Thirteen Weeks Ended Thirty-nine Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Operating earnings $ 55,452 $ 52,223 $ 116,453 $ 118,293 Interest expense (3,475 ) (4,136 ) (10,564 ) (12,944 ) Loss on early extinguishment of debt — (1,961 ) — (10,651 ) Interest income 350 224 907 766 Earnings before income taxes $ 52,327 $ 46,350 $ 106,796 $ 95,464 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Oct. 29, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Note 6 Goodwill and Intangible Assets Goodwill and intangible assets were as follows: ($ thousands) October 29, 2016 October 31, 2015 January 30, 2016 Intangible Assets Famous Footwear $ 2,800 $ 2,800 $ 2,800 Brand Portfolio 183,068 183,068 183,068 Total intangible assets 185,868 185,868 185,868 Accumulated amortization (71,681 ) (68,004 ) (68,923 ) Total intangible assets, net 114,187 117,864 116,945 Goodwill Brand Portfolio 13,954 13,954 13,954 Total goodwill 13,954 13,954 13,954 Goodwill and intangible assets, net $ 128,141 $ 131,818 $ 130,899 Intangible assets consist primarily of owned and licensed trademarks, of which $20.8 million as of October 29, 2016 , October 31, 2015 and January 30, 2016 , are not subject to amortization. The remaining intangible assets are subject to amortization and have useful lives ranging from 15 to 40 years as of October 29, 2016 . Amortization expense related to intangible assets was $0.9 million for the thirteen weeks ended October 29, 2016 and October 31, 2015 and $2.8 million for the thirty-nine weeks ended October 29, 2016 and October 31, 2015 . |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Oct. 29, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 7 Shareholders’ Equity The following tables set forth the changes in Caleres, Inc. shareholders’ equity and noncontrolling interests for the thirty-nine weeks ended October 29, 2016 and October 31, 2015 : ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 30, 2016 $ 601,484 $ 988 $ 602,472 Net earnings 72,280 2 72,282 Other comprehensive loss (446 ) (37 ) (483 ) Dividends paid (9,094 ) — (9,094 ) Acquisition of treasury stock (23,139 ) — (23,139 ) Issuance of common stock under share-based plans, net (4,205 ) — (4,205 ) Tax benefit related to share-based plans 3,264 — 3,264 Share-based compensation expense 5,966 — 5,966 Equity at October 29, 2016 $ 646,110 $ 953 $ 647,063 ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 31, 2015 $ 540,910 $ 712 $ 541,622 Net earnings 70,069 177 70,246 Other comprehensive income (loss) 249 (37 ) 212 Dividends paid (9,195 ) — (9,195 ) Acquisition of treasury stock (4,921 ) — (4,921 ) Issuance of common stock under share-based plans, net (4,606 ) — (4,606 ) Tax benefit related to share-based plans 3,049 — 3,049 Share-based compensation expense 5,448 — 5,448 Equity at October 31, 2015 $ 601,003 $ 852 $ 601,855 Accumulated Other Comprehensive (Loss) Income The following table sets forth the changes in accumulated other comprehensive (loss) income by component for the thirteen and thirty-nine weeks ended October 29, 2016 and October 31, 2015 : ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions (1) Derivative Financial Instrument Transactions (2) Accumulated Other Comprehensive (Loss) Income Balance July 30, 2016 $ 606 $ (5,932 ) $ (49 ) $ (5,375 ) Other comprehensive loss before reclassifications (545 ) — (150 ) (695 ) Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (478 ) 79 (399 ) Tax provision (benefit) — 189 (30 ) 159 Net reclassifications — (289 ) 49 (240 ) Other comprehensive loss (545 ) (289 ) (101 ) (935 ) Balance October 29, 2016 $ 61 $ (6,221 ) $ (150 ) $ (6,310 ) Balance August 1, 2015 $ (302 ) $ 2,775 $ 554 $ 3,027 Other comprehensive income (loss) before reclassifications 348 — (189 ) 159 Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (382 ) 16 (366 ) Tax provision (benefit) — 152 (11 ) 141 Net reclassifications — (230 ) 5 (225 ) Other comprehensive income (loss) 348 (230 ) (184 ) (66 ) Balance October 31, 2015 $ 46 $ 2,545 $ 370 $ 2,961 Balance January 30, 2016 $ (900 ) $ (5,356 ) $ 392 $ (5,864 ) Other comprehensive income (loss) before reclassifications 961 — (789 ) 172 Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (1,432 ) 392 (1,040 ) Tax provision (benefit) — 567 (145 ) 422 Net reclassifications — (865 ) 247 (618 ) Other comprehensive income (loss) 961 (865 ) (542 ) (446 ) Balance October 29, 2016 $ 61 $ (6,221 ) $ (150 ) $ (6,310 ) Balance January 31, 2015 $ (745 ) $ 3,233 $ 224 $ 2,712 Other comprehensive income before reclassifications 791 — 176 967 Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (1,140 ) (22 ) (1,162 ) Tax provision (benefit) — 452 (8 ) 444 Net reclassifications — (688 ) (30 ) (718 ) Other comprehensive income (loss) 791 (688 ) 146 249 Balance October 31, 2015 $ 46 $ 2,545 $ 370 $ 2,961 (1) Amounts reclassified are included in selling and administrative expenses. See Note 9 to the condensed 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, selling and administrative expenses and interest expense. See Notes 10 and 11 to the condensed consolidated financial statements for additional information related to derivative financial instruments. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 8 Share-Based Compensation The Company recognized share-based compensation expense of $1.6 million and $1.8 million during the thirteen weeks and $6.0 million and $5.4 million during the thirty-nine weeks ended October 29, 2016 and October 31, 2015 , respectively. In addition to share-based compensation expense, the Company recognized cash-based expense related to performance share units and cash awards granted under the performance share plans of $0.4 million and $1.5 million during the thirteen weeks and $2.1 million and $5.7 million during the thirty-nine weeks ended October 29, 2016 and October 31, 2015 , respectively. The Company issued 7,267 and 14,216 shares of common stock during the thirteen weeks and 415,701 and 379,058 during the thirty-nine weeks ended October 29, 2016 and October 31, 2015 , respectively, for stock-based awards, stock options exercised and directors' fees. Restricted Stock The following table summarizes restricted stock activity for the periods ended October 29, 2016 and October 31, 2015 : Thirteen Weeks Ended October 29, 2016 Thirteen Weeks Ended October 31, 2015 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Total Number of Restricted Shares July 30, 2016 1,139,299 $ 25.42 August 1, 2015 1,395,616 $ 18.97 Granted 6,500 25.18 Granted 8,000 33.14 Forfeited (29,500 ) 24.87 Forfeited (42,500 ) 17.64 Vested — — Vested (17,000 ) 7.30 October 29, 2016 1,116,299 $ 25.43 October 31, 2015 1,344,116 $ 19.24 Thirty-nine Weeks Ended October 29, 2016 Thirty-nine Weeks Ended October 31, 2015 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Total Number of Restricted Shares January 30, 2016 1,262,449 $ 19.55 January 31, 2015 1,562,470 $ 15.61 Granted 357,100 26.54 Granted 301,421 30.19 Forfeited (78,000 ) 23.67 Forfeited (92,350 ) 18.65 Vested (425,250 ) 9.22 Vested (427,425 ) 13.88 October 29, 2016 1,116,299 $ 25.43 October 31, 2015 1,344,116 $ 19.24 Of the 6,500 and 8,000 restricted shares granted during the thirteen weeks ended October 29, 2016 and October 31, 2015 , respectively, all of the shares have a vesting term of four years . Of the 357,100 restricted shares granted during the thirty-nine weeks ended October 29, 2016 , all of the shares have a vesting term of four years . Of the 301,421 restricted shares granted during the thirty-nine weeks ended October 31, 2015 , 288,921 have a vesting term of four years and 12,500 of the shares have a vesting term of five years . Share-based compensation expense is recognized on a straight-line basis over the respective vesting periods. Performance Share Awards During the thirteen weeks ended October 29, 2016 and October 31, 2015 , the Company granted no performance share awards. During the thirty-nine weeks ended October 29, 2016 and October 31, 2015 , the Company granted performance share awards for a targeted 159,000 and 177,921 shares, respectively, with a weighted-average grant date fair value of $26.64 and $30.12 , respectively. Vesting of performance-based awards is dependent upon the financial performance of the Company and the attainment of certain financial goals during the three -year period following the grant. 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 the specified financial goals for the service period. Compensation expense is recognized based on the fair value of the award and the anticipated number of shares or units to be awarded in accordance with the vesting schedule of the units over the three -year service period. The performance share units are settled in cash and their fair value is based on the unadjusted quoted market price for the Company’s common stock on each measurement date. Stock Options The following table summarizes stock option activity for the periods ended October 29, 2016 and October 31, 2015 : Thirteen Weeks Ended October 29, 2016 Thirteen Weeks Ended October 31, 2015 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Stock Options Total Number of Stock Options July 30, 2016 222,790 $ 8.98 August 1, 2015 323,386 $ 9.02 Granted — — Granted — — Exercised — — Exercised (6,216 ) 8.72 Forfeited (2,250 ) 15.94 Forfeited (4,500 ) 15.94 Expired (15,000 ) 9.82 Expired — — October 29, 2016 205,540 $ 8.85 October 31, 2015 312,670 $ 8.93 Thirty-nine Weeks Ended October 29, 2016 Thirty-nine Weeks Ended October 31, 2015 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Stock Options Total Number of Stock Options January 30, 2016 301,295 $ 8.95 January 31, 2015 416,803 $ 8.42 Granted — — Granted 16,667 12.81 Exercised (56,381 ) 7.41 Exercised (76,849 ) 7.25 Forfeited (9,749 ) 15.94 Forfeited (7,500 ) 15.94 Expired (29,625 ) 10.27 Expired (36,451 ) 6.95 October 29, 2016 205,540 $ 8.85 October 31, 2015 312,670 $ 8.93 Of the 16,667 stock options granted during the thirty-nine weeks ended October 31, 2015 , 8,333 have a vesting period of four years and 8,334 have a vesting period of five 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"). The RSUs earn dividend equivalents at the same rate as dividends on the Company's common stock and are automatically re-invested in additional RSUs. The Company granted 1,086 and 784 RSUs for dividend equivalents to non-employee directors during the thirteen weeks ended October 29, 2016 and October 31, 2015 , respectively, with weighted-average grant date fair values of $24.98 and $30.40 , respectively. The Company granted 55,250 and 38,228 RSUs, including 3,050 and 2,229 RSUs for dividend equivalents, to non-employee directors during the thirty-nine weeks ended October 29, 2016 and October 31, 2015 , respectively, with weighted-average grant date fair values of $21.78 and $31.66 , respectively. All RSUs for dividend equivalents vested immediately and compensation expense was fully recognized during the thirteen and thirty-nine weeks ended October 29, 2016 and October 31, 2015 . |
Retirement and Other Benefit Pl
Retirement and Other Benefit Plans | 9 Months Ended |
Oct. 29, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement and Other Benefit Plans | Note 9 Retirement and Other Benefit Plans The following table sets forth the components of net periodic benefit income for the Company, including domestic and Canadian plans: Pension Benefits Other Postretirement Benefits Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Service cost $ 2,084 $ 3,160 $ — $ — Interest cost 3,835 3,580 15 14 Expected return on assets (7,237 ) (7,919 ) — — Amortization of: Actuarial loss (gain) 38 152 (55 ) (56 ) Prior service income (461 ) (478 ) — — Settlement cost — — — — Total net periodic benefit income $ (1,741 ) $ (1,505 ) $ (40 ) $ (42 ) Pension Benefits Other Postretirement Benefits Thirty-nine Weeks Ended Thirty-nine Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Service cost $ 6,251 $ 9,482 $ — $ — Interest cost 11,506 10,744 45 42 Expected return on assets (21,712 ) (23,764 ) — — Amortization of: Actuarial loss (gain) 115 461 (165 ) (167 ) Prior service income (1,382 ) (1,434 ) — — Settlement cost 250 — — — Total net periodic benefit income $ (4,972 ) $ (4,511 ) $ (120 ) $ (125 ) |
Risk Management and Derivatives
Risk Management and Derivatives | 9 Months Ended |
Oct. 29, 2016 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Risk Management And Derivatives | Note 10 Risk Management and Derivatives In the normal course of business, the Company’s financial results are impacted by currency rate movements in foreign currency denominated assets, liabilities and cash flows as it makes a portion of its purchases and sales in local currencies. The Company has established policies and business practices that are intended to mitigate a portion of the effect of these exposures. The Company uses derivative financial instruments, primarily forward contracts, to manage its currency exposures. These derivative instruments are viewed as risk management tools and are not used for trading or speculative purposes. Derivatives entered into by the Company are designated as cash flow hedges of forecasted foreign currency transactions. Derivative financial instruments expose the Company to credit and market risk. The market risk associated with these instruments resulting from currency exchange movements is expected to offset the market risk of the underlying transactions being hedged. The Company does not believe there is a significant risk of loss in the event of non-performance by the counterparties associated with these instruments because these transactions are executed with major international financial institutions and have varying maturities through October 2017 . Credit risk is managed through the continuous monitoring of exposures to such counterparties. The Company’s hedging strategy uses foreign currency forward contracts as cash flow hedging instruments, which are recorded in the Company's condensed 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 (loss) income and reclassified to earnings in the period that the hedged transaction is recognized in earnings. Hedge ineffectiveness is evaluated using the hypothetical derivative method. The amount of hedge ineffectiveness for the thirteen and thirty-nine weeks ended October 29, 2016 and October 31, 2015 was not material. As of October 29, 2016 , October 31, 2015 and January 30, 2016 , the Company had forward contracts maturing at various dates through October 2017 , October 2016 and January 2017 , respectively. The contract notional amount represents the net amount of all purchase and sale contracts of a foreign currency. Contract Notional Amount (U.S. $ equivalent in thousands) October 29, 2016 October 31, 2015 January 30, 2016 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ 17,229 $ 17,820 $ 14,118 Euro 10,854 16,178 15,499 Chinese yuan 13,038 15,828 14,623 Japanese yen 1,145 1,184 1,159 United Arab Emirates dirham 1,143 866 930 New Taiwanese dollars 538 610 570 Other currencies 206 243 219 Total financial instruments $ 44,153 $ 52,729 $ 47,118 The classification and fair values of derivative instruments designated as hedging instruments included within the condensed consolidated balance sheets as of October 29, 2016 , October 31, 2015 and January 30, 2016 are as follows: Asset Derivatives Liability Derivatives ($ thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange forward contracts: October 29, 2016 Prepaid expenses and other current assets $ 362 Other accrued expenses $ 570 October 31, 2015 Prepaid expenses and other current assets 513 Other accrued expenses 598 January 30, 2016 Prepaid expenses and other current assets 1,000 Other accrued expenses 846 For the thirteen and thirty-nine weeks ended October 29, 2016 and October 31, 2015 , the effect of derivative instruments in cash flow hedging relationships on the condensed consolidated statements of earnings was as follows: Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 Foreign exchange forward contracts: Income Statement Classification Gains (Losses) - Realized Gain (Loss) Recognized in OCI on Derivatives Loss Reclassified from Accumulated OCI into Earnings (Loss) Gain Recognized in OCI on Derivatives Gain (Loss) Reclassified from Accumulated OCI into Earnings Net sales $ 16 $ (55 ) $ (35 ) $ 19 Cost of goods sold (181 ) (8 ) 413 74 Selling and administrative expenses (97 ) (15 ) (603 ) (109 ) Interest expense 5 (1 ) (13 ) — Thirty-Nine Weeks Ended Thirty-Nine Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 Foreign exchange forward contracts: Income Statement Classification (Losses) Gains - Realized Loss Recognized in OCI on Derivatives (Loss) Gain Reclassified from Accumulated OCI into Earnings Gain (Loss) Recognized in OCI on Derivatives Gain (Loss) Reclassified from Accumulated OCI into Earnings Net sales $ (173 ) $ (127 ) $ 24 $ 132 Cost of goods sold (766 ) 109 945 (48 ) Selling and administrative expenses (121 ) (373 ) (570 ) (62 ) Interest expense (19 ) (1 ) (27 ) — All 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 11 to the condensed consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 11 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 the fair value guidance, the inputs to valuation techniques used to measure fair value are 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 condensed consolidated balance sheets. Changes in deferred compensation plan assets and liabilities are charged to selling and administrative expenses. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1). Deferred Compensation Plan for Non-Employee Directors Non-employee directors are eligible to participate in a deferred compensation plan with deferred amounts valued as if invested in the Company’s common stock through the use of phantom stock units (“PSUs”). Under the plan, each participating director’s account is credited with the number of PSUs that is equal to the number of shares of the Company’s common stock that 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 condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of the PSUs are presented in selling and administrative expenses in the Company’s condensed consolidated statement of earnings. The fair value of each PSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Restricted Stock Units for Non-Employee Directors Under the Company’s incentive compensation plans, cash-equivalent restricted stock units (“RSUs”) of the Company may be granted at no cost to non-employee directors. The RSUs are subject to a vesting requirement (usually one year), earn dividend-equivalent units, and are settled in cash on the date the director terminates service or such earlier date as a director may elect, subject to restrictions, based on the then current fair value of the Company’s common stock. The fair value of each RSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Additional information related to restricted stock units for non-employee directors is disclosed in Note 8 to the condensed consolidated financial statements. Performance Share Units Under the Company’s incentive compensation plans, common stock or cash may be awarded at the end of the performance period at no cost to certain officers and key employees if certain financial goals are met. Under the plan, employees are granted performance share awards at a target number of shares or units, which generally vest over a three -year service period. At the end of the vesting period, the employee will have earned an amount of shares or units between 0% and 200% of the targeted award, depending on the achievement of specified financial goals for the service period. The fair value of each performance share unit is based on an unadjusted quoted market price of the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Additional information related to performance share units is disclosed in Note 8 to the condensed consolidated financial statements. Derivative Financial Instruments The Company uses derivative financial instruments, primarily foreign exchange contracts, to reduce its exposure to market risks from changes in foreign exchange rates. These foreign exchange contracts are measured at fair value using quoted forward foreign exchange prices from counterparties corroborated by market-based pricing (Level 2). Additional information related to the Company’s derivative financial instruments is disclosed in Note 10 to the condensed consolidated financial statements. Secured Convertible Note The Company received a $7.5 million face value secured convertible note as partial consideration for the December 2014 disposition of Shoes.com. The convertible note requires installments over four years with the first payment of $1.25 million due on July 1, 2017 and quarterly installments of $0.6 million thereafter, plus accrued interest, until it matures on December 12, 2019 . Interest accrues at an annual rate of 6% until December 11, 2016, 7% until December 11, 2017, 8% until December 11, 2018, and 9% until the maturity date. The principal and outstanding accrued interest is convertible into common stock of an affiliate of ShoeMe Technologies Limited ("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 convertible note is measured at fair value using unobservable inputs (Level 3). The fair value of the convertible note is $7.2 million at October 29, 2016 , of which $1.9 million is included in prepaid expenses and other current assets and $5.3 million is included in other assets on the condensed consolidated balance sheets. The fair value of the convertible note is $7.2 million and $7.1 million at October 31, 2015 and January 30, 2016 , respectively, and is included in other assets on the condensed consolidated balance sheets. The change in fair value reflects an immaterial amount of interest income for the thirteen and thirty-nine weeks ended October 29, 2016 and October 31, 2015 . The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at October 29, 2016 , October 31, 2015 and January 30, 2016 . The Company did not have any transfers between Level 1 and Level 2 during the thirty-nine weeks ended October 29, 2016 or October 31, 2015 . Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) As of October 29, 2016: Cash equivalents – money market funds $ 152,700 $ 152,700 $ — $ — Non-qualified deferred compensation plan assets 4,747 4,747 — — Non-qualified deferred compensation plan liabilities (4,747 ) (4,747 ) — — Deferred compensation plan liabilities for non-employee directors (1,596 ) (1,596 ) — — Restricted stock units for non-employee directors (8,726 ) (8,726 ) — — Performance share units (2,446 ) (2,446 ) — — Derivative financial instruments, net (208 ) — (208 ) — Secured convertible note 7,227 — — 7,227 As of October 31, 2015: Cash equivalents – money market funds $ 64,783 $ 64,783 $ — $ — Non-qualified deferred compensation plan assets 3,928 3,928 — — Non-qualified deferred compensation plan liabilities (3,928 ) (3,928 ) — — Deferred compensation plan liabilities for non-employee directors (1,932 ) (1,932 ) — — Restricted stock units for non-employee directors (9,792 ) (9,792 ) — — Performance share units (3,981 ) (3,981 ) — — Derivative financial instruments, net (85 ) — (85 ) — Secured convertible note 7,188 — — 7,188 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 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 $100.4 million and $89.4 million at October 29, 2016 and October 31, 2015 , respectively, were assessed for indicators of impairment and written down to their fair value. This assessment resulted in the following impairment charges, by segment, which were included in selling and administrative expenses for the respective periods. Thirteen Weeks Ended Thirty-nine Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Impairment Charges Famous Footwear $ 128 $ 240 $ 262 $ 740 Brand Portfolio 248 382 651 739 Total impairment charges $ 376 $ 622 $ 913 $ 1,479 Fair Value of the Company’s Other Financial Instruments The fair values of cash and cash equivalents (excluding money market funds discussed above), restricted cash, 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: October 29, 2016 October 31, 2015 January 30, 2016 Carrying Fair Carrying Fair Carrying Fair ($ thousands) Value (1) Value Value (1) Value Value (1) Value Long-term debt $ 196,888 $ 209,000 $ 196,463 $ 200,500 $ 196,544 $ 196,000 (1) The carrying value of the long-term debt is net of deferred issuance costs of $3.1 million as of October 29, 2016, and $3.5 million as of October 31, 2015 and January 30, 2016, respectively, as a result of the adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , during the fourth quarter of 2015. 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). |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 Income Taxes The Company’s effective tax rate can vary considerably from period to period, depending on a number of factors. The Company’s consolidated effective tax rates were 33.6% and 26.7% for the thirteen weeks and 32.3% and 26.4% for the thirty-nine weeks ended October 29, 2016 and October 31, 2015 , respectively. During the thirteen and thirty-nine weeks ended October 29, 2016 , the Company recognized discrete tax benefits of $0.3 million and $1.1 million , respectively, related to the settlement of certain federal tax matters. If these discrete tax benefits had not been recognized, the Company's effective tax rates would have been 34.1% and 33.4% , respectively. During the thirteen and thirty-nine weeks ended October 31, 2015 , the Company recognized discrete tax benefits of $1.3 million and $4.2 million , respectively. If these discrete tax benefits had not been recognized, the Company's effective tax rates would have been 29.5% and 30.8% , respectively. On a year-to-date basis, excluding the discrete tax items described above, our higher effective tax rate reflects a greater anticipated mix of domestic earnings, which carry a higher effective tax rate than earnings in our international subsidiaries. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740) , 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 from current deferred tax assets to noncurrent deferred tax assets as of January 30, 2016 and a reclassification of $21.3 million and $32.5 million from current deferred tax liabilities to noncurrent deferred tax liabilities as of October 31, 2015 and January 30, 2016 , respectively, on the condensed consolidated balance sheets. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Oct. 29, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 13 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% . B&H Footwear sells Naturalizer footwear to a retail affiliate of CBI on a wholesale basis, which in turn sells the Naturalizer products through department store shops and free-standing stores in China. The Company, through its consolidated subsidiary, B&H Footwear, sold $1.3 million and $2.8 million during the thirteen weeks and $5.1 million and $7.5 million during the thirty-nine weeks ended October 29, 2016 and October 31, 2015 , respectively, of Naturalizer footwear on a wholesale basis to CBI. During the second quarter of 2016, the Company communicated its intention to dissolve the joint venture with CBI upon the expiration of the license to sell Naturalizer footwear. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 14 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 current 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. In May 2016, the Company submitted a revised plan to address on-site conditions, including direct treatment of source areas, and received approval from the oversight authorities to begin implementing the revised plan later in 2016. As the treatment of the on-site source areas progresses, the Company expects to convert the pump and treat system to a passive treatment barrier system. 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 that was accepted by the oversight authorities during 2015. The Company continues to implement the expanded remedy workplan. The cumulative expenditures for both on-site and off-site remediation through October 29, 2016 were $28.6 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 October 29, 2016 is $9.7 million , of which $8.9 million is recorded within other liabilities and $0.8 million is recorded within other accrued expenses. Of the total $ 9.7 million reserve, $4.8 million is for on-site remediation and $4.9 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 $14.3 million as of October 29, 2016 . The Company expects to spend approximately $ 0.2 million in the next fiscal year, $0.1 million in each of the following four years and $13.7 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 $1.2 million at October 29, 2016 to complete the cleanup, maintenance and monitoring at these sites, which has been discounted at 6.4% . Of the $1.2 million reserve, $1.0 million is recorded in other liabilities and $0.2 million is recorded in other accrued expenses. On an undiscounted basis, this liability would be $1.4 million . The Company expects to spend approximately $0.2 million in each of the next five years and $0.4 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, including various employee-related claims under state and federal law, such as claims for discrimination, wrongful discharge or retaliation and for wage and hour violations. 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. |
Financial Information for the C
Financial Information for the Company and its Subsidiaries | 9 Months Ended |
Oct. 29, 2016 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Financial Information For The Company And Its Subsidiaries | Note 15 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 4 to the condensed consolidated financial statements. The following tables present 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. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET AS OF OCTOBER 29, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 50,463 $ 5,897 $ 117,075 $ — $ 173,435 Receivables, net 123,345 856 15,274 — 139,475 Inventories, net 114,180 387,688 22,955 — 524,823 Prepaid expenses and other current assets 12,766 13,649 5,301 — 31,716 Intercompany receivable – current 823 327 15,766 (16,916 ) — Total current assets 301,577 408,417 176,371 (16,916 ) 869,449 Other assets 92,895 14,106 7,850 — 114,851 Goodwill and intangible assets, net 113,889 2,800 11,452 — 128,141 Property and equipment, net 30,902 149,680 11,172 — 191,754 Investment in subsidiaries 1,076,592 — (21,068 ) (1,055,524 ) — Intercompany receivable – noncurrent 485,403 384,452 573,308 (1,443,163 ) — Total assets $ 2,101,258 $ 959,455 $ 759,085 $ (2,515,603 ) $ 1,304,195 Liabilities and Equity Current liabilities Trade accounts payable $ 70,501 $ 123,003 $ 18,584 $ — $ 212,088 Other accrued expenses 48,614 75,797 17,475 — 141,886 Intercompany payable – current 5,145 — 11,771 (16,916 ) — Total current liabilities 124,260 198,800 47,830 (16,916 ) 353,974 Other liabilities Long-term debt 196,888 — — — 196,888 Other liabilities 34,463 68,146 3,661 — 106,270 Intercompany payable – noncurrent 1,099,537 41,933 301,693 (1,443,163 ) — Total other liabilities 1,330,888 110,079 305,354 (1,443,163 ) 303,158 Equity Caleres, Inc. shareholders’ equity 646,110 650,576 404,948 (1,055,524 ) 646,110 Noncontrolling interests — — 953 — 953 Total equity 646,110 650,576 405,901 (1,055,524 ) 647,063 Total liabilities and equity $ 2,101,258 $ 959,455 $ 759,085 $ (2,515,603 ) $ 1,304,195 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED OCTOBER 29, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 235,094 $ 487,558 $ 48,055 $ (38,477 ) $ 732,230 Cost of goods sold 162,629 281,926 25,669 (31,765 ) 438,459 Gross profit 72,465 205,632 22,386 (6,712 ) 293,771 Selling and administrative expenses 53,225 177,466 14,340 (6,712 ) 238,319 Operating earnings 19,240 28,166 8,046 — 55,452 Interest expense (3,472 ) (3 ) — — (3,475 ) Interest income 200 — 150 — 350 Intercompany interest income (expense) 2,083 (2,107 ) 24 — — Earnings before income taxes 18,051 26,056 8,220 — 52,327 Income tax provision (6,193 ) (9,743 ) (1,665 ) — (17,601 ) Equity in earnings (loss) of subsidiaries, net of tax 22,872 — (499 ) (22,373 ) — Net earnings 34,730 16,313 6,056 (22,373 ) 34,726 Less: Net loss attributable to noncontrolling interests — — (4 ) — (4 ) Net earnings attributable to Caleres, Inc. $ 34,730 $ 16,313 $ 6,060 $ (22,373 ) $ 34,730 Comprehensive income $ 33,816 $ 16,313 $ 5,661 $ (21,999 ) $ 33,791 Less: Comprehensive loss attributable to noncontrolling interests — — (25 ) — (25 ) Comprehensive income attributable to Caleres, Inc. $ 33,816 $ 16,313 $ 5,686 $ (21,999 ) $ 33,816 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 29, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 617,177 $ 1,279,080 $ 156,649 $ (113,006 ) $ 1,939,900 Cost of goods sold 434,833 707,584 87,688 (91,324 ) 1,138,781 Gross profit 182,344 571,496 68,961 (21,682 ) 801,119 Selling and administrative expenses 155,608 505,032 45,708 (21,682 ) 684,666 Operating earnings 26,736 66,464 23,253 — 116,453 Interest expense (10,561 ) (3 ) — — (10,564 ) Interest income 531 — 376 — 907 Intercompany interest income (expense) 6,590 (6,685 ) 95 — — Earnings before income taxes 23,296 59,776 23,724 — 106,796 Income tax provision (7,369 ) (22,483 ) (4,662 ) — (34,514 ) Equity in earnings (loss) of subsidiaries, net of tax 56,353 — (1,545 ) (54,808 ) — Net earnings 72,280 37,293 17,517 (54,808 ) 72,282 Less: Net earnings attributable to noncontrolling interests — — 2 — 2 Net earnings attributable to Caleres, Inc. $ 72,280 $ 37,293 $ 17,515 $ (54,808 ) $ 72,280 Comprehensive income $ 71,871 $ 37,293 $ 17,692 $ (55,020 ) $ 71,836 Less: Comprehensive loss attributable to noncontrolling interests — — (35 ) — (35 ) Comprehensive income attributable to Caleres, Inc. $ 71,871 $ 37,293 $ 17,727 $ (55,020 ) $ 71,871 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 29, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash provided by operating activities $ 23,770 $ 83,584 $ 29,649 $ — $ 137,003 Investing activities Purchases of property and equipment (2,748 ) (37,154 ) (3,117 ) — (43,019 ) Capitalized software (3,859 ) (1,783 ) (30 ) — (5,672 ) Intercompany investing (3,129 ) 3,129 — — — Net cash used for investing activities (9,736 ) (35,808 ) (3,147 ) — (48,691 ) Financing activities Borrowings under revolving credit agreement 103,000 — — — 103,000 Repayments under revolving credit agreement (103,000 ) — — — (103,000 ) Dividends paid (9,094 ) — — — (9,094 ) Acquisition of treasury stock (23,139 ) — — — (23,139 ) Issuance of common stock under share-based plans, net (4,205 ) — — — (4,205 ) Tax benefit related to share-based plans 3,264 — — — 3,264 Intercompany financing 38,603 (41,879 ) 3,276 — — Net cash provided by (used for) financing activities 5,429 (41,879 ) 3,276 — (33,174 ) Effect of exchange rate changes on cash and cash equivalents — — 146 — 146 Increase in cash and cash equivalents 19,463 5,897 29,924 — 55,284 Cash and cash equivalents at beginning of period 31,000 — 87,151 — 118,151 Cash and cash equivalents at end of period $ 50,463 $ 5,897 $ 117,075 $ — $ 173,435 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET AS OF OCTOBER 31, 2015 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 48,711 $ 3,999 $ 33,588 $ — $ 86,298 Receivables, net 122,291 1,502 24,399 — 148,192 Inventories, net 134,353 388,177 21,811 — 544,341 Prepaid expenses and other current assets 12,440 23,729 4,646 — 40,815 Intercompany receivable – current 267 117 11,455 (11,839 ) — Total current assets 318,062 417,524 95,899 (11,839 ) 819,646 Other assets 119,630 16,102 6,108 — 141,840 Goodwill and intangible assets, net 116,114 2,800 12,904 — 131,818 Property and equipment, net 32,943 120,633 9,866 — 163,442 Investment in subsidiaries 1,012,191 — (19,114 ) (993,077 ) — Intercompany receivable – noncurrent 404,904 355,069 537,551 (1,297,524 ) — Total assets $ 2,003,844 $ 912,128 $ 643,214 $ (2,302,440 ) $ 1,256,746 Liabilities and Equity Current liabilities Trade accounts payable $ 56,536 $ 126,638 $ 17,077 $ — $ 200,251 Other accrued expenses 39,591 100,913 13,800 — 154,304 Intercompany payable – current 2,884 — 8,955 (11,839 ) — Total current liabilities 99,011 227,551 39,832 (11,839 ) 354,555 Other liabilities Long-term debt 196,463 — — — 196,463 Other liabilities 67,713 33,712 2,448 — 103,873 Intercompany payable – noncurrent 1,039,654 37,932 219,938 (1,297,524 ) — Total other liabilities 1,303,830 71,644 222,386 (1,297,524 ) 300,336 Equity Caleres, Inc. shareholders’ equity 601,003 612,933 380,144 (993,077 ) 601,003 Noncontrolling interests — — 852 — 852 Total equity 601,003 612,933 380,996 (993,077 ) 601,855 Total liabilities and equity $ 2,003,844 $ 912,128 $ 643,214 $ (2,302,440 ) $ 1,256,746 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED OCTOBER 31, 2015 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 228,351 $ 476,462 $ 59,078 $ (35,252 ) $ 728,639 Cost of goods sold 161,958 271,445 33,954 (27,152 ) 440,205 Gross profit 66,393 205,017 25,124 (8,100 ) 288,434 Selling and administrative expenses 59,708 168,255 16,348 (8,100 ) 236,211 Operating earnings 6,685 36,762 8,776 — 52,223 Interest expense (4,136 ) — — — (4,136 ) Loss on early extinguishment of debt (1,961 ) — — — (1,961 ) Interest income 194 — 30 — 224 Intercompany interest income (expense) 3,440 (3,527 ) 87 — — Earnings before income taxes 4,222 33,235 8,893 — 46,350 Income tax provision (714 ) (10,889 ) (755 ) — (12,358 ) Equity in earnings (loss) of subsidiaries, net of tax 30,475 — (583 ) (29,892 ) — Net earnings 33,983 22,346 7,555 (29,892 ) 33,992 Less: Net earnings attributable to noncontrolling interests — — 9 — 9 Net earnings attributable to Caleres, Inc. $ 33,983 $ 22,346 $ 7,546 $ (29,892 ) $ 33,983 Comprehensive income $ 33,957 $ 22,397 $ 7,567 $ (29,995 ) $ 33,926 Less: Comprehensive loss attributable to noncontrolling interests — — (31 ) — (31 ) Comprehensive income attributable to Caleres, Inc. $ 33,957 $ 22,397 $ 7,598 $ (29,995 ) $ 33,957 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 31, 2015 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 617,512 $ 1,272,367 $ 195,228 $ (116,351 ) $ 1,968,756 Cost of goods sold 444,301 698,799 118,480 (92,579 ) 1,169,001 Gross profit 173,211 573,568 76,748 (23,772 ) 799,755 Selling and administrative expenses 172,906 484,565 47,763 (23,772 ) 681,462 Operating earnings (loss) 305 89,003 28,985 — 118,293 Interest expense (12,943 ) (1 ) — — (12,944 ) Loss on early extinguishment of debt (10,651 ) — — — (10,651 ) Interest income 642 — 124 — 766 Intercompany interest income (expense) 10,549 (10,720 ) 171 — — (Loss) earnings before income taxes (12,098 ) 78,282 29,280 — 95,464 Income tax benefit (provision) 4,621 (26,479 ) (3,360 ) — (25,218 ) Equity in earnings (loss) of subsidiaries, net of tax 77,546 — (205 ) (77,341 ) — Net earnings 70,069 51,803 25,715 (77,341 ) 70,246 Less: Net earnings attributable to noncontrolling interests — — 177 — 177 Net earnings attributable to Caleres, Inc. $ 70,069 $ 51,803 $ 25,538 $ (77,341 ) $ 70,069 Comprehensive income $ 70,355 $ 51,966 $ 25,843 $ (77,669 ) $ 70,495 Less: Comprehensive income attributable to noncontrolling interests — — 140 — 140 Comprehensive income attributable to Caleres, Inc. $ 70,355 $ 51,966 $ 25,703 $ (77,669 ) $ 70,355 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 31, 2015 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (34,602 ) $ 81,599 $ 37,053 $ — $ 84,050 Investing activities Purchases of property and equipment (12,838 ) (33,292 ) (1,214 ) — (47,344 ) Disposals of property and equipment 7,111 — 322 — 7,433 Capitalized software (3,775 ) (1,647 ) — — (5,422 ) Intercompany investing (356 ) 356 — — — Net cash used for investing activities (9,858 ) (34,583 ) (892 ) — (45,333 ) Financing activities Borrowings under revolving credit agreement 117,000 — — — 117,000 Repayments under revolving credit agreement (117,000 ) — — — (117,000 ) Proceeds from issuance of 2023 senior notes 200,000 — — — 200,000 Redemption of 2019 senior notes (200,000 ) — — — (200,000 ) Debt issuance costs (3,650 ) — — — (3,650 ) Dividends paid (9,195 ) — — — (9,195 ) Acquisition of treasury stock (4,921 ) — — — (4,921 ) Issuance of common stock under share-based plans, net (4,606 ) — — — (4,606 ) Tax benefit related to share-based plans 3,049 — — — 3,049 Intercompany financing 98,603 (43,017 ) (55,586 ) — — Net cash provided by (used for) financing activities 79,280 (43,017 ) (55,586 ) — (19,323 ) Effect of exchange rate changes on cash and cash equivalents — — (499 ) — (499 ) Increase (decrease) in cash and cash equivalents 34,820 3,999 (19,924 ) — 18,895 Cash and cash equivalents at beginning of period 13,891 — 53,512 — 67,403 Cash and cash equivalents at end of period $ 48,711 $ 3,999 $ 33,588 $ — $ 86,298 CONDENSED CONSOLIDATING BALANCE SHEET AS OF JANUARY 30, 2016 Non- ($ thousands) Parent Guarantors 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 Other assets 94,767 15,772 7,810 — 118,349 Goodwill and intangible assets, net 115,558 2,800 12,541 — 130,899 Property and equipment, net 32,538 136,223 10,249 — 179,010 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 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders for the periods ended October 29, 2016 and October 31, 2015 : Thirteen Weeks Ended Thirty-nine Weeks Ended ($ thousands, except per share amounts) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 NUMERATOR Net earnings $ 34,726 $ 33,992 $ 72,282 $ 70,246 Net loss (earnings) attributable to noncontrolling interests 4 (9 ) (2 ) (177 ) Net earnings allocated to participating securities (910 ) (1,063 ) (1,933 ) (2,272 ) Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 33,820 $ 32,920 $ 70,347 $ 67,797 DENOMINATOR Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders 41,802 42,345 42,093 42,483 Dilutive effect of share-based awards 137 120 144 132 Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders 41,939 42,465 42,237 42,615 Basic earnings per common share attributable to Caleres, Inc. shareholders $ 0.81 $ 0.78 $ 1.67 $ 1.60 Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 0.81 $ 0.78 $ 1.67 $ 1.59 |
Long-Term and Short-Term Fina22
Long-Term and Short-Term Financing Arrangements (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Debt, Long-term and Short-term, Combined Amount [Abstract] | |
Schedule of Redemption Price Percentage | 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 % |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Following is a summary of certain key financial measures for the Company’s business segments for the periods ended October 29, 2016 and October 31, 2015 . Famous Footwear Brand Portfolio ($ thousands) Other Total Thirteen Weeks Ended October 29, 2016 External sales $ 467,816 $ 264,414 $ — $ 732,230 Intersegment sales — 20,234 — 20,234 Operating earnings (loss) 32,709 30,454 (7,711 ) 55,452 Segment assets 555,934 471,329 276,932 1,304,195 Thirteen Weeks Ended October 31, 2015 External sales $ 456,177 $ 272,462 $ — $ 728,639 Intersegment sales — 21,004 — 21,004 Operating earnings (loss) 39,638 21,042 (8,457 ) 52,223 Segment assets 541,232 515,699 199,815 1,256,746 Thirty-nine Weeks Ended October 29, 2016 External sales $ 1,222,535 $ 717,365 $ — $ 1,939,900 Intersegment sales — 66,386 — 66,386 Operating earnings (loss) 81,067 57,539 (22,153 ) 116,453 Thirty-nine Weeks Ended October 31, 2015 External sales $ 1,212,069 $ 756,687 $ — $ 1,968,756 Intersegment sales — 71,292 — 71,292 Operating earnings (loss) 95,269 48,107 (25,083 ) 118,293 |
Schedule of Reconciliation of Operating Earnings Before Income Taxes | Following is a reconciliation of operating earnings to earnings before income taxes: Thirteen Weeks Ended Thirty-nine Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Operating earnings $ 55,452 $ 52,223 $ 116,453 $ 118,293 Interest expense (3,475 ) (4,136 ) (10,564 ) (12,944 ) Loss on early extinguishment of debt — (1,961 ) — (10,651 ) Interest income 350 224 907 766 Earnings before income taxes $ 52,327 $ 46,350 $ 106,796 $ 95,464 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | Goodwill and intangible assets were as follows: ($ thousands) October 29, 2016 October 31, 2015 January 30, 2016 Intangible Assets Famous Footwear $ 2,800 $ 2,800 $ 2,800 Brand Portfolio 183,068 183,068 183,068 Total intangible assets 185,868 185,868 185,868 Accumulated amortization (71,681 ) (68,004 ) (68,923 ) Total intangible assets, net 114,187 117,864 116,945 Goodwill Brand Portfolio 13,954 13,954 13,954 Total goodwill 13,954 13,954 13,954 Goodwill and intangible assets, net $ 128,141 $ 131,818 $ 130,899 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in Shareholders' Equity and Noncontrolling Interests | The following tables set forth the changes in Caleres, Inc. shareholders’ equity and noncontrolling interests for the thirty-nine weeks ended October 29, 2016 and October 31, 2015 : ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 30, 2016 $ 601,484 $ 988 $ 602,472 Net earnings 72,280 2 72,282 Other comprehensive loss (446 ) (37 ) (483 ) Dividends paid (9,094 ) — (9,094 ) Acquisition of treasury stock (23,139 ) — (23,139 ) Issuance of common stock under share-based plans, net (4,205 ) — (4,205 ) Tax benefit related to share-based plans 3,264 — 3,264 Share-based compensation expense 5,966 — 5,966 Equity at October 29, 2016 $ 646,110 $ 953 $ 647,063 ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 31, 2015 $ 540,910 $ 712 $ 541,622 Net earnings 70,069 177 70,246 Other comprehensive income (loss) 249 (37 ) 212 Dividends paid (9,195 ) — (9,195 ) Acquisition of treasury stock (4,921 ) — (4,921 ) Issuance of common stock under share-based plans, net (4,606 ) — (4,606 ) Tax benefit related to share-based plans 3,049 — 3,049 Share-based compensation expense 5,448 — 5,448 Equity at October 31, 2015 $ 601,003 $ 852 $ 601,855 |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following table sets forth the changes in accumulated other comprehensive (loss) income by component for the thirteen and thirty-nine weeks ended October 29, 2016 and October 31, 2015 : ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions (1) Derivative Financial Instrument Transactions (2) Accumulated Other Comprehensive (Loss) Income Balance July 30, 2016 $ 606 $ (5,932 ) $ (49 ) $ (5,375 ) Other comprehensive loss before reclassifications (545 ) — (150 ) (695 ) Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (478 ) 79 (399 ) Tax provision (benefit) — 189 (30 ) 159 Net reclassifications — (289 ) 49 (240 ) Other comprehensive loss (545 ) (289 ) (101 ) (935 ) Balance October 29, 2016 $ 61 $ (6,221 ) $ (150 ) $ (6,310 ) Balance August 1, 2015 $ (302 ) $ 2,775 $ 554 $ 3,027 Other comprehensive income (loss) before reclassifications 348 — (189 ) 159 Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (382 ) 16 (366 ) Tax provision (benefit) — 152 (11 ) 141 Net reclassifications — (230 ) 5 (225 ) Other comprehensive income (loss) 348 (230 ) (184 ) (66 ) Balance October 31, 2015 $ 46 $ 2,545 $ 370 $ 2,961 Balance January 30, 2016 $ (900 ) $ (5,356 ) $ 392 $ (5,864 ) Other comprehensive income (loss) before reclassifications 961 — (789 ) 172 Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (1,432 ) 392 (1,040 ) Tax provision (benefit) — 567 (145 ) 422 Net reclassifications — (865 ) 247 (618 ) Other comprehensive income (loss) 961 (865 ) (542 ) (446 ) Balance October 29, 2016 $ 61 $ (6,221 ) $ (150 ) $ (6,310 ) Balance January 31, 2015 $ (745 ) $ 3,233 $ 224 $ 2,712 Other comprehensive income before reclassifications 791 — 176 967 Reclassifications: Amounts reclassified from accumulated other comprehensive (loss) income — (1,140 ) (22 ) (1,162 ) Tax provision (benefit) — 452 (8 ) 444 Net reclassifications — (688 ) (30 ) (718 ) Other comprehensive income (loss) 791 (688 ) 146 249 Balance October 31, 2015 $ 46 $ 2,545 $ 370 $ 2,961 (1) Amounts reclassified are included in selling and administrative expenses. See Note 9 to the condensed 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, selling and administrative expenses and interest expense. See Notes 10 and 11 to the condensed consolidated financial statements for additional information related to derivative financial instruments. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock, Activity | The following table summarizes restricted stock activity for the periods ended October 29, 2016 and October 31, 2015 : Thirteen Weeks Ended October 29, 2016 Thirteen Weeks Ended October 31, 2015 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Total Number of Restricted Shares July 30, 2016 1,139,299 $ 25.42 August 1, 2015 1,395,616 $ 18.97 Granted 6,500 25.18 Granted 8,000 33.14 Forfeited (29,500 ) 24.87 Forfeited (42,500 ) 17.64 Vested — — Vested (17,000 ) 7.30 October 29, 2016 1,116,299 $ 25.43 October 31, 2015 1,344,116 $ 19.24 Thirty-nine Weeks Ended October 29, 2016 Thirty-nine Weeks Ended October 31, 2015 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Total Number of Restricted Shares January 30, 2016 1,262,449 $ 19.55 January 31, 2015 1,562,470 $ 15.61 Granted 357,100 26.54 Granted 301,421 30.19 Forfeited (78,000 ) 23.67 Forfeited (92,350 ) 18.65 Vested (425,250 ) 9.22 Vested (427,425 ) 13.88 October 29, 2016 1,116,299 $ 25.43 October 31, 2015 1,344,116 $ 19.24 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes stock option activity for the periods ended October 29, 2016 and October 31, 2015 : Thirteen Weeks Ended October 29, 2016 Thirteen Weeks Ended October 31, 2015 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Stock Options Total Number of Stock Options July 30, 2016 222,790 $ 8.98 August 1, 2015 323,386 $ 9.02 Granted — — Granted — — Exercised — — Exercised (6,216 ) 8.72 Forfeited (2,250 ) 15.94 Forfeited (4,500 ) 15.94 Expired (15,000 ) 9.82 Expired — — October 29, 2016 205,540 $ 8.85 October 31, 2015 312,670 $ 8.93 Thirty-nine Weeks Ended October 29, 2016 Thirty-nine Weeks Ended October 31, 2015 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Stock Options Total Number of Stock Options January 30, 2016 301,295 $ 8.95 January 31, 2015 416,803 $ 8.42 Granted — — Granted 16,667 12.81 Exercised (56,381 ) 7.41 Exercised (76,849 ) 7.25 Forfeited (9,749 ) 15.94 Forfeited (7,500 ) 15.94 Expired (29,625 ) 10.27 Expired (36,451 ) 6.95 October 29, 2016 205,540 $ 8.85 October 31, 2015 312,670 $ 8.93 |
Retirement and Other Benefit 27
Retirement and Other Benefit Plans (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Components of Net Periodic Benefit Income | The following table sets forth the components of net periodic benefit income for the Company, including domestic and Canadian plans: Pension Benefits Other Postretirement Benefits Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Service cost $ 2,084 $ 3,160 $ — $ — Interest cost 3,835 3,580 15 14 Expected return on assets (7,237 ) (7,919 ) — — Amortization of: Actuarial loss (gain) 38 152 (55 ) (56 ) Prior service income (461 ) (478 ) — — Settlement cost — — — — Total net periodic benefit income $ (1,741 ) $ (1,505 ) $ (40 ) $ (42 ) Pension Benefits Other Postretirement Benefits Thirty-nine Weeks Ended Thirty-nine Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Service cost $ 6,251 $ 9,482 $ — $ — Interest cost 11,506 10,744 45 42 Expected return on assets (21,712 ) (23,764 ) — — Amortization of: Actuarial loss (gain) 115 461 (165 ) (167 ) Prior service income (1,382 ) (1,434 ) — — Settlement cost 250 — — — Total net periodic benefit income $ (4,972 ) $ (4,511 ) $ (120 ) $ (125 ) |
Risk Management and Derivativ28
Risk Management and Derivatives (Tables) | 9 Months Ended |
Oct. 29, 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 | As of October 29, 2016 , October 31, 2015 and January 30, 2016 , the Company had forward contracts maturing at various dates through October 2017 , October 2016 and January 2017 , respectively. The contract notional amount represents the net amount of all purchase and sale contracts of a foreign currency. Contract Notional Amount (U.S. $ equivalent in thousands) October 29, 2016 October 31, 2015 January 30, 2016 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ 17,229 $ 17,820 $ 14,118 Euro 10,854 16,178 15,499 Chinese yuan 13,038 15,828 14,623 Japanese yen 1,145 1,184 1,159 United Arab Emirates dirham 1,143 866 930 New Taiwanese dollars 538 610 570 Other currencies 206 243 219 Total financial instruments $ 44,153 $ 52,729 $ 47,118 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The classification and fair values of derivative instruments designated as hedging instruments included within the condensed consolidated balance sheets as of October 29, 2016 , October 31, 2015 and January 30, 2016 are as follows: Asset Derivatives Liability Derivatives ($ thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange forward contracts: October 29, 2016 Prepaid expenses and other current assets $ 362 Other accrued expenses $ 570 October 31, 2015 Prepaid expenses and other current assets 513 Other accrued expenses 598 January 30, 2016 Prepaid expenses and other current assets 1,000 Other accrued expenses 846 |
Schedule of Effect of Derivative Instruments in Cash Flow Hedging Relationships on Condensed Consolidated Statements of Earnings and Balance Sheet | For the thirteen and thirty-nine weeks ended October 29, 2016 and October 31, 2015 , the effect of derivative instruments in cash flow hedging relationships on the condensed consolidated statements of earnings was as follows: Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 Foreign exchange forward contracts: Income Statement Classification Gains (Losses) - Realized Gain (Loss) Recognized in OCI on Derivatives Loss Reclassified from Accumulated OCI into Earnings (Loss) Gain Recognized in OCI on Derivatives Gain (Loss) Reclassified from Accumulated OCI into Earnings Net sales $ 16 $ (55 ) $ (35 ) $ 19 Cost of goods sold (181 ) (8 ) 413 74 Selling and administrative expenses (97 ) (15 ) (603 ) (109 ) Interest expense 5 (1 ) (13 ) — Thirty-Nine Weeks Ended Thirty-Nine Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 Foreign exchange forward contracts: Income Statement Classification (Losses) Gains - Realized Loss Recognized in OCI on Derivatives (Loss) Gain Reclassified from Accumulated OCI into Earnings Gain (Loss) Recognized in OCI on Derivatives Gain (Loss) Reclassified from Accumulated OCI into Earnings Net sales $ (173 ) $ (127 ) $ 24 $ 132 Cost of goods sold (766 ) 109 945 (48 ) Selling and administrative expenses (121 ) (373 ) (570 ) (62 ) Interest expense (19 ) (1 ) (27 ) — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 29, 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 October 29, 2016 , October 31, 2015 and January 30, 2016 . The Company did not have any transfers between Level 1 and Level 2 during the thirty-nine weeks ended October 29, 2016 or October 31, 2015 . Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) As of October 29, 2016: Cash equivalents – money market funds $ 152,700 $ 152,700 $ — $ — Non-qualified deferred compensation plan assets 4,747 4,747 — — Non-qualified deferred compensation plan liabilities (4,747 ) (4,747 ) — — Deferred compensation plan liabilities for non-employee directors (1,596 ) (1,596 ) — — Restricted stock units for non-employee directors (8,726 ) (8,726 ) — — Performance share units (2,446 ) (2,446 ) — — Derivative financial instruments, net (208 ) — (208 ) — Secured convertible note 7,227 — — 7,227 As of October 31, 2015: Cash equivalents – money market funds $ 64,783 $ 64,783 $ — $ — Non-qualified deferred compensation plan assets 3,928 3,928 — — Non-qualified deferred compensation plan liabilities (3,928 ) (3,928 ) — — Deferred compensation plan liabilities for non-employee directors (1,932 ) (1,932 ) — — Restricted stock units for non-employee directors (9,792 ) (9,792 ) — — Performance share units (3,981 ) (3,981 ) — — Derivative financial instruments, net (85 ) — (85 ) — Secured convertible note 7,188 — — 7,188 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 |
Schedule of Impairment Charges by Segment | This assessment resulted in the following impairment charges, by segment, which were included in selling and administrative expenses for the respective periods. Thirteen Weeks Ended Thirty-nine Weeks Ended ($ thousands) October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Impairment Charges Famous Footwear $ 128 $ 240 $ 262 $ 740 Brand Portfolio 248 382 651 739 Total impairment charges $ 376 $ 622 $ 913 $ 1,479 |
Schedule of Fair Value of Financial Instruments | The fair values of cash and cash equivalents (excluding money market funds discussed above), restricted cash, 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: October 29, 2016 October 31, 2015 January 30, 2016 Carrying Fair Carrying Fair Carrying Fair ($ thousands) Value (1) Value Value (1) Value Value (1) Value Long-term debt $ 196,888 $ 209,000 $ 196,463 $ 200,500 $ 196,544 $ 196,000 (1) The carrying value of the long-term debt is net of deferred issuance costs of $3.1 million as of October 29, 2016, and $3.5 million as of October 31, 2015 and January 30, 2016, respectively, as a result of the adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , during the fourth quarter of 2015. |
Financial Information for the30
Financial Information for the Company and its Subsidiaries (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet | UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET AS OF OCTOBER 29, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 50,463 $ 5,897 $ 117,075 $ — $ 173,435 Receivables, net 123,345 856 15,274 — 139,475 Inventories, net 114,180 387,688 22,955 — 524,823 Prepaid expenses and other current assets 12,766 13,649 5,301 — 31,716 Intercompany receivable – current 823 327 15,766 (16,916 ) — Total current assets 301,577 408,417 176,371 (16,916 ) 869,449 Other assets 92,895 14,106 7,850 — 114,851 Goodwill and intangible assets, net 113,889 2,800 11,452 — 128,141 Property and equipment, net 30,902 149,680 11,172 — 191,754 Investment in subsidiaries 1,076,592 — (21,068 ) (1,055,524 ) — Intercompany receivable – noncurrent 485,403 384,452 573,308 (1,443,163 ) — Total assets $ 2,101,258 $ 959,455 $ 759,085 $ (2,515,603 ) $ 1,304,195 Liabilities and Equity Current liabilities Trade accounts payable $ 70,501 $ 123,003 $ 18,584 $ — $ 212,088 Other accrued expenses 48,614 75,797 17,475 — 141,886 Intercompany payable – current 5,145 — 11,771 (16,916 ) — Total current liabilities 124,260 198,800 47,830 (16,916 ) 353,974 Other liabilities Long-term debt 196,888 — — — 196,888 Other liabilities 34,463 68,146 3,661 — 106,270 Intercompany payable – noncurrent 1,099,537 41,933 301,693 (1,443,163 ) — Total other liabilities 1,330,888 110,079 305,354 (1,443,163 ) 303,158 Equity Caleres, Inc. shareholders’ equity 646,110 650,576 404,948 (1,055,524 ) 646,110 Noncontrolling interests — — 953 — 953 Total equity 646,110 650,576 405,901 (1,055,524 ) 647,063 Total liabilities and equity $ 2,101,258 $ 959,455 $ 759,085 $ (2,515,603 ) $ 1,304,195 CONDENSED CONSOLIDATING BALANCE SHEET AS OF JANUARY 30, 2016 Non- ($ thousands) Parent Guarantors 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 Other assets 94,767 15,772 7,810 — 118,349 Goodwill and intangible assets, net 115,558 2,800 12,541 — 130,899 Property and equipment, net 32,538 136,223 10,249 — 179,010 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 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET AS OF OCTOBER 31, 2015 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 48,711 $ 3,999 $ 33,588 $ — $ 86,298 Receivables, net 122,291 1,502 24,399 — 148,192 Inventories, net 134,353 388,177 21,811 — 544,341 Prepaid expenses and other current assets 12,440 23,729 4,646 — 40,815 Intercompany receivable – current 267 117 11,455 (11,839 ) — Total current assets 318,062 417,524 95,899 (11,839 ) 819,646 Other assets 119,630 16,102 6,108 — 141,840 Goodwill and intangible assets, net 116,114 2,800 12,904 — 131,818 Property and equipment, net 32,943 120,633 9,866 — 163,442 Investment in subsidiaries 1,012,191 — (19,114 ) (993,077 ) — Intercompany receivable – noncurrent 404,904 355,069 537,551 (1,297,524 ) — Total assets $ 2,003,844 $ 912,128 $ 643,214 $ (2,302,440 ) $ 1,256,746 Liabilities and Equity Current liabilities Trade accounts payable $ 56,536 $ 126,638 $ 17,077 $ — $ 200,251 Other accrued expenses 39,591 100,913 13,800 — 154,304 Intercompany payable – current 2,884 — 8,955 (11,839 ) — Total current liabilities 99,011 227,551 39,832 (11,839 ) 354,555 Other liabilities Long-term debt 196,463 — — — 196,463 Other liabilities 67,713 33,712 2,448 — 103,873 Intercompany payable – noncurrent 1,039,654 37,932 219,938 (1,297,524 ) — Total other liabilities 1,303,830 71,644 222,386 (1,297,524 ) 300,336 Equity Caleres, Inc. shareholders’ equity 601,003 612,933 380,144 (993,077 ) 601,003 Noncontrolling interests — — 852 — 852 Total equity 601,003 612,933 380,996 (993,077 ) 601,855 Total liabilities and equity $ 2,003,844 $ 912,128 $ 643,214 $ (2,302,440 ) $ 1,256,746 |
Schedule of Condensed Consolidating Statement of Comprehensive Income | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED OCTOBER 31, 2015 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 228,351 $ 476,462 $ 59,078 $ (35,252 ) $ 728,639 Cost of goods sold 161,958 271,445 33,954 (27,152 ) 440,205 Gross profit 66,393 205,017 25,124 (8,100 ) 288,434 Selling and administrative expenses 59,708 168,255 16,348 (8,100 ) 236,211 Operating earnings 6,685 36,762 8,776 — 52,223 Interest expense (4,136 ) — — — (4,136 ) Loss on early extinguishment of debt (1,961 ) — — — (1,961 ) Interest income 194 — 30 — 224 Intercompany interest income (expense) 3,440 (3,527 ) 87 — — Earnings before income taxes 4,222 33,235 8,893 — 46,350 Income tax provision (714 ) (10,889 ) (755 ) — (12,358 ) Equity in earnings (loss) of subsidiaries, net of tax 30,475 — (583 ) (29,892 ) — Net earnings 33,983 22,346 7,555 (29,892 ) 33,992 Less: Net earnings attributable to noncontrolling interests — — 9 — 9 Net earnings attributable to Caleres, Inc. $ 33,983 $ 22,346 $ 7,546 $ (29,892 ) $ 33,983 Comprehensive income $ 33,957 $ 22,397 $ 7,567 $ (29,995 ) $ 33,926 Less: Comprehensive loss attributable to noncontrolling interests — — (31 ) — (31 ) Comprehensive income attributable to Caleres, Inc. $ 33,957 $ 22,397 $ 7,598 $ (29,995 ) $ 33,957 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 31, 2015 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 617,512 $ 1,272,367 $ 195,228 $ (116,351 ) $ 1,968,756 Cost of goods sold 444,301 698,799 118,480 (92,579 ) 1,169,001 Gross profit 173,211 573,568 76,748 (23,772 ) 799,755 Selling and administrative expenses 172,906 484,565 47,763 (23,772 ) 681,462 Operating earnings (loss) 305 89,003 28,985 — 118,293 Interest expense (12,943 ) (1 ) — — (12,944 ) Loss on early extinguishment of debt (10,651 ) — — — (10,651 ) Interest income 642 — 124 — 766 Intercompany interest income (expense) 10,549 (10,720 ) 171 — — (Loss) earnings before income taxes (12,098 ) 78,282 29,280 — 95,464 Income tax benefit (provision) 4,621 (26,479 ) (3,360 ) — (25,218 ) Equity in earnings (loss) of subsidiaries, net of tax 77,546 — (205 ) (77,341 ) — Net earnings 70,069 51,803 25,715 (77,341 ) 70,246 Less: Net earnings attributable to noncontrolling interests — — 177 — 177 Net earnings attributable to Caleres, Inc. $ 70,069 $ 51,803 $ 25,538 $ (77,341 ) $ 70,069 Comprehensive income $ 70,355 $ 51,966 $ 25,843 $ (77,669 ) $ 70,495 Less: Comprehensive income attributable to noncontrolling interests — — 140 — 140 Comprehensive income attributable to Caleres, Inc. $ 70,355 $ 51,966 $ 25,703 $ (77,669 ) $ 70,355 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED OCTOBER 29, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 235,094 $ 487,558 $ 48,055 $ (38,477 ) $ 732,230 Cost of goods sold 162,629 281,926 25,669 (31,765 ) 438,459 Gross profit 72,465 205,632 22,386 (6,712 ) 293,771 Selling and administrative expenses 53,225 177,466 14,340 (6,712 ) 238,319 Operating earnings 19,240 28,166 8,046 — 55,452 Interest expense (3,472 ) (3 ) — — (3,475 ) Interest income 200 — 150 — 350 Intercompany interest income (expense) 2,083 (2,107 ) 24 — — Earnings before income taxes 18,051 26,056 8,220 — 52,327 Income tax provision (6,193 ) (9,743 ) (1,665 ) — (17,601 ) Equity in earnings (loss) of subsidiaries, net of tax 22,872 — (499 ) (22,373 ) — Net earnings 34,730 16,313 6,056 (22,373 ) 34,726 Less: Net loss attributable to noncontrolling interests — — (4 ) — (4 ) Net earnings attributable to Caleres, Inc. $ 34,730 $ 16,313 $ 6,060 $ (22,373 ) $ 34,730 Comprehensive income $ 33,816 $ 16,313 $ 5,661 $ (21,999 ) $ 33,791 Less: Comprehensive loss attributable to noncontrolling interests — — (25 ) — (25 ) Comprehensive income attributable to Caleres, Inc. $ 33,816 $ 16,313 $ 5,686 $ (21,999 ) $ 33,816 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 29, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 617,177 $ 1,279,080 $ 156,649 $ (113,006 ) $ 1,939,900 Cost of goods sold 434,833 707,584 87,688 (91,324 ) 1,138,781 Gross profit 182,344 571,496 68,961 (21,682 ) 801,119 Selling and administrative expenses 155,608 505,032 45,708 (21,682 ) 684,666 Operating earnings 26,736 66,464 23,253 — 116,453 Interest expense (10,561 ) (3 ) — — (10,564 ) Interest income 531 — 376 — 907 Intercompany interest income (expense) 6,590 (6,685 ) 95 — — Earnings before income taxes 23,296 59,776 23,724 — 106,796 Income tax provision (7,369 ) (22,483 ) (4,662 ) — (34,514 ) Equity in earnings (loss) of subsidiaries, net of tax 56,353 — (1,545 ) (54,808 ) — Net earnings 72,280 37,293 17,517 (54,808 ) 72,282 Less: Net earnings attributable to noncontrolling interests — — 2 — 2 Net earnings attributable to Caleres, Inc. $ 72,280 $ 37,293 $ 17,515 $ (54,808 ) $ 72,280 Comprehensive income $ 71,871 $ 37,293 $ 17,692 $ (55,020 ) $ 71,836 Less: Comprehensive loss attributable to noncontrolling interests — — (35 ) — (35 ) Comprehensive income attributable to Caleres, Inc. $ 71,871 $ 37,293 $ 17,727 $ (55,020 ) $ 71,871 |
Schedule of Condensed Consolidating Statement of Cash Flows | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 31, 2015 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (34,602 ) $ 81,599 $ 37,053 $ — $ 84,050 Investing activities Purchases of property and equipment (12,838 ) (33,292 ) (1,214 ) — (47,344 ) Disposals of property and equipment 7,111 — 322 — 7,433 Capitalized software (3,775 ) (1,647 ) — — (5,422 ) Intercompany investing (356 ) 356 — — — Net cash used for investing activities (9,858 ) (34,583 ) (892 ) — (45,333 ) Financing activities Borrowings under revolving credit agreement 117,000 — — — 117,000 Repayments under revolving credit agreement (117,000 ) — — — (117,000 ) Proceeds from issuance of 2023 senior notes 200,000 — — — 200,000 Redemption of 2019 senior notes (200,000 ) — — — (200,000 ) Debt issuance costs (3,650 ) — — — (3,650 ) Dividends paid (9,195 ) — — — (9,195 ) Acquisition of treasury stock (4,921 ) — — — (4,921 ) Issuance of common stock under share-based plans, net (4,606 ) — — — (4,606 ) Tax benefit related to share-based plans 3,049 — — — 3,049 Intercompany financing 98,603 (43,017 ) (55,586 ) — — Net cash provided by (used for) financing activities 79,280 (43,017 ) (55,586 ) — (19,323 ) Effect of exchange rate changes on cash and cash equivalents — — (499 ) — (499 ) Increase (decrease) in cash and cash equivalents 34,820 3,999 (19,924 ) — 18,895 Cash and cash equivalents at beginning of period 13,891 — 53,512 — 67,403 Cash and cash equivalents at end of period $ 48,711 $ 3,999 $ 33,588 $ — $ 86,298 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 29, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash provided by operating activities $ 23,770 $ 83,584 $ 29,649 $ — $ 137,003 Investing activities Purchases of property and equipment (2,748 ) (37,154 ) (3,117 ) — (43,019 ) Capitalized software (3,859 ) (1,783 ) (30 ) — (5,672 ) Intercompany investing (3,129 ) 3,129 — — — Net cash used for investing activities (9,736 ) (35,808 ) (3,147 ) — (48,691 ) Financing activities Borrowings under revolving credit agreement 103,000 — — — 103,000 Repayments under revolving credit agreement (103,000 ) — — — (103,000 ) Dividends paid (9,094 ) — — — (9,094 ) Acquisition of treasury stock (23,139 ) — — — (23,139 ) Issuance of common stock under share-based plans, net (4,205 ) — — — (4,205 ) Tax benefit related to share-based plans 3,264 — — — 3,264 Intercompany financing 38,603 (41,879 ) 3,276 — — Net cash provided by (used for) financing activities 5,429 (41,879 ) 3,276 — (33,174 ) Effect of exchange rate changes on cash and cash equivalents — — 146 — 146 Increase in cash and cash equivalents 19,463 5,897 29,924 — 55,284 Cash and cash equivalents at beginning of period 31,000 — 87,151 — 118,151 Cash and cash equivalents at end of period $ 50,463 $ 5,897 $ 117,075 $ — $ 173,435 |
Impact of New Accounting Pron31
Impact of New Accounting Pronouncements Impact of New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Accounting Changes and Error Corrections [Abstract] | |||
Percentage of LIFO Inventory | 95.00% | ||
Cost Method Investments, Original Cost | $ 7 | $ 7 | $ 7 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |||||
Antidilutive options excluded from computation of earnings per share | 63,915 | 56,997 | 63,915 | 56,997 | |
Shares repurchased during period under share repurchase program | 900,000 | 151,500 | 1,100,000 | ||
Share repurchase program, number of shares authorized to be repurchased | 2,500,000 | 2,500,000 | 2,500,000 | ||
Payments for repurchase of shares under share repurchase program | $ 23,139 | $ 4,921 | $ 28,100 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
NUMERATOR | ||||
Net earnings | $ 34,726 | $ 33,992 | $ 72,282 | $ 70,246 |
Net loss (earnings) attributable to noncontrolling interests | 4 | (9) | (2) | (177) |
Net earnings allocated to participating securities | (910) | (1,063) | (1,933) | (2,272) |
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ 33,820 | $ 32,920 | $ 70,347 | $ 67,797 |
DENOMINATOR | ||||
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders | 41,802 | 42,345 | 42,093 | 42,483 |
Dilutive effect of share-based awards | 137 | 120 | 144 | 132 |
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders | 41,939 | 42,465 | 42,237 | 42,615 |
Basic earnings per common share: | ||||
Basic earnings per common share attributable to Caleres, Inc. shareholders | $ 0.81 | $ 0.78 | $ 1.67 | $ 1.60 |
Diluted earnings per common share: | ||||
Diluted earnings per common share attributable to Caleres, Inc. shareholders | $ 0.81 | $ 0.78 | $ 1.67 | $ 1.59 |
Long-Term and Short-Term Fina34
Long-Term and Short-Term Financing Arrangements (Narrative) (Details) - USD ($) $ in Thousands | Aug. 26, 2015 | Jul. 27, 2015 | Jul. 24, 2015 | Dec. 18, 2014 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | May 11, 2011 |
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000 | ||||||||
Line of Credit Borrowing Capacity Increase Option | $ 150,000 | ||||||||
Line of Credit Facility, Expiration Date | Dec. 18, 2019 | ||||||||
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 | ||||||||
Line of Credit, Current | $ 0 | $ 0 | |||||||
Letters of Credit Outstanding, Amount | 6,500 | 6,500 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 531,300 | 531,300 | |||||||
Loss on early extinguishment of debt | $ (1,961) | 0 | $ (10,651) | ||||||
Two Thousand Nineteen Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 200,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.125% | ||||||||
Principal Amount Redeemed in Tender Offer | $ 39,300 | $ 160,700 | |||||||
Debt Instrument, Redemption Price, Percentage | 103.563% | 103.95% | |||||||
Loss on early extinguishment of debt | $ 0 | $ (1,961) | $ 0 | $ (10,651) | |||||
Two Thousand Twenty Three Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 200,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||||||
Proceeds from Issuance of Debt | $ 196,300 | ||||||||
Debt Instrument, Maturity Date | Aug. 15, 2023 |
Long-Term and Short-Term Fina35
Long-Term and Short-Term Financing Arrangements (Schedule of Senior Notes Redemption Prices) (Details) | Aug. 26, 2015 | Jul. 24, 2015 | Oct. 29, 2016 |
Two Thousand Nineteen Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 103.563% | 103.95% | |
Two Thousand Twenty Three Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||
Two Thousand Twenty Three Senior Notes [Member] | 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 104.688% | ||
Two Thousand Twenty Three Senior Notes [Member] | 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 103.125% | ||
Two Thousand Twenty Three Senior Notes [Member] | 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 101.563% | ||
Two Thousand Twenty Three Senior Notes [Member] | 2021 and thereafter [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 100.00% |
Business Segment Information (S
Business Segment Information (Schedule of Business Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Jan. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||
External sales | $ 732,230 | $ 728,639 | $ 1,939,900 | $ 1,968,756 | |
Intersegment sales | 20,234 | 21,004 | 66,386 | 71,292 | |
Operating earnings (loss) | 55,452 | 52,223 | 116,453 | 118,293 | |
Segment assets | 1,304,195 | 1,256,746 | 1,304,195 | 1,256,746 | $ 1,303,323 |
Famous Footwear [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External sales | 467,816 | 456,177 | 1,222,535 | 1,212,069 | |
Intersegment sales | 0 | 0 | 0 | 0 | |
Operating earnings (loss) | 32,709 | 39,638 | 81,067 | 95,269 | |
Segment assets | 555,934 | 541,232 | 555,934 | 541,232 | |
Brand Portfolio [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External sales | 264,414 | 272,462 | 717,365 | 756,687 | |
Intersegment sales | 20,234 | 21,004 | 66,386 | 71,292 | |
Operating earnings (loss) | 30,454 | 21,042 | 57,539 | 48,107 | |
Segment assets | 471,329 | 515,699 | 471,329 | 515,699 | |
Other Category [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External sales | 0 | 0 | 0 | 0 | |
Intersegment sales | 0 | 0 | 0 | 0 | |
Operating earnings (loss) | (7,711) | (8,457) | (22,153) | (25,083) | |
Segment assets | $ 276,932 | $ 199,815 | $ 276,932 | $ 199,815 |
Business Segment Information 37
Business Segment Information (Schedule of Reconciliation of Operating Earnings Before Income Taxes from Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Operating earnings | $ 55,452 | $ 52,223 | $ 116,453 | $ 118,293 |
Interest expense | (3,475) | (4,136) | (10,564) | (12,944) |
Loss on early extinguishment of debt | (1,961) | 0 | (10,651) | |
Interest income | 350 | 224 | 907 | 766 |
Earnings before income taxes | 52,327 | 46,350 | 106,796 | 95,464 |
Two Thousand Nineteen Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss on early extinguishment of debt | $ 0 | $ (1,961) | $ 0 | $ (10,651) |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Jan. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets not subject to amortization | $ 20,800 | $ 20,800 | $ 20,800 | $ 20,800 | $ 20,800 |
Amortization expense related to intangible assets | 2,758 | 2,769 | |||
Primarily Owned And Licensed Trademarks [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense related to intangible assets | $ 919 | $ 919 | $ 2,758 | $ 2,769 | |
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 Asset39
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | $ 185,868 | $ 185,868 | $ 185,868 |
Accumulated amortization | (71,681) | (68,923) | (68,004) |
Total intangible assets, net | 114,187 | 116,945 | 117,864 |
Goodwill | 13,954 | 13,954 | 13,954 |
Goodwill and intangible assets, net | 128,141 | 130,899 | 131,818 |
Famous Footwear [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | 2,800 | 2,800 | 2,800 |
Brand Portfolio [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | 183,068 | 183,068 | 183,068 |
Goodwill | $ 13,954 | $ 13,954 | $ 13,954 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Changes in Shareholders' Equity and Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Equity, beginning balance | $ 602,472 | |||
Net earnings | $ 34,726 | $ 33,992 | 72,282 | $ 70,246 |
Other comprehensive income (loss) | (935) | (66) | (446) | 249 |
Issuance of common stock under share based plans net | (4,205) | (4,606) | ||
Share-based compensation expense | 5,966 | 5,448 | ||
Equity, ending balance | 647,063 | 601,855 | 647,063 | 601,855 |
Caleres, Inc. Shareholders' Equity [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Equity, beginning balance | 601,484 | 540,910 | ||
Net earnings | 72,280 | 70,069 | ||
Other comprehensive income (loss) | (446) | 249 | ||
Dividends paid | (9,094) | (9,195) | ||
Acquisition of treasury stock | (23,139) | (4,921) | ||
Issuance of common stock under share based plans net | (4,205) | (4,606) | ||
Tax benefit related to share-based plans | 3,264 | 3,049 | ||
Share-based compensation expense | 5,966 | 5,448 | ||
Equity, ending balance | 646,110 | 601,003 | 646,110 | 601,003 |
Noncontrolling Interests [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Equity, beginning balance | 988 | 712 | ||
Net earnings | 2 | 177 | ||
Other comprehensive income (loss) | (37) | (37) | ||
Dividends paid | 0 | 0 | ||
Acquisition of treasury stock | 0 | 0 | ||
Issuance of common stock under share based plans net | 0 | 0 | ||
Tax benefit related to share-based plans | 0 | 0 | ||
Share-based compensation expense | 0 | 0 | ||
Equity, ending balance | 953 | 852 | 953 | 852 |
Total Equity [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Equity, beginning balance | 602,472 | 541,622 | ||
Net earnings | 72,282 | 70,246 | ||
Other comprehensive income (loss) | (483) | 212 | ||
Dividends paid | (9,094) | (9,195) | ||
Acquisition of treasury stock | (23,139) | (4,921) | ||
Issuance of common stock under share based plans net | (4,205) | (4,606) | ||
Tax benefit related to share-based plans | 3,264 | 3,049 | ||
Share-based compensation expense | 5,966 | 5,448 | ||
Equity, ending balance | $ 647,063 | $ 601,855 | $ 647,063 | $ 601,855 |
Shareholders' Equity (Schedul41
Shareholders' Equity (Schedule of Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Balance, beginning | $ (5,864) | |||
Tax provision (benefit) | $ 17,601 | $ 12,358 | 34,514 | $ 25,218 |
Other comprehensive loss | (935) | (66) | (446) | 249 |
Balance, ending | (6,310) | 2,961 | (6,310) | 2,961 |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Balance, beginning | 606 | (302) | (900) | (745) |
Other comprehensive loss before reclassifications | (545) | 348 | 961 | 791 |
Other comprehensive loss | (545) | 348 | 961 | 791 |
Balance, ending | 61 | 46 | 61 | 46 |
Pension and Other Postretirement Transactions [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Balance, beginning | (5,932) | 2,775 | (5,356) | 3,233 |
Amounts reclassified from accumulated other comprehensive (loss) income | (478) | (382) | (1,432) | (1,140) |
Tax provision (benefit) | 189 | 152 | 567 | 452 |
Amounts reclassified from accumulated other comprehensive (loss) income | (289) | (230) | (865) | (688) |
Other comprehensive loss | (289) | (230) | (865) | (688) |
Balance, ending | (6,221) | 2,545 | (6,221) | 2,545 |
Derivative Transactions [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Balance, beginning | (49) | 554 | 392 | 224 |
Other comprehensive loss before reclassifications | (150) | (189) | (789) | 176 |
Amounts reclassified from accumulated other comprehensive (loss) income | 79 | 16 | 392 | (22) |
Tax provision (benefit) | (30) | (11) | (145) | (8) |
Amounts reclassified from accumulated other comprehensive (loss) income | 49 | 5 | 247 | (30) |
Other comprehensive loss | (101) | (184) | (542) | 146 |
Balance, ending | (150) | 370 | (150) | 370 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Balance, beginning | (5,375) | 3,027 | (5,864) | 2,712 |
Other comprehensive loss before reclassifications | (695) | 159 | 172 | 967 |
Amounts reclassified from accumulated other comprehensive (loss) income | (399) | (366) | (1,040) | (1,162) |
Tax provision (benefit) | 159 | 141 | 422 | 444 |
Amounts reclassified from accumulated other comprehensive (loss) income | (240) | (225) | (618) | (718) |
Other comprehensive loss | (935) | (66) | (446) | 249 |
Balance, ending | $ (6,310) | $ 2,961 | $ (6,310) | $ 2,961 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 1.6 | $ 1.8 | $ 6 | $ 5.4 |
Shares of common stock issued during the period | 7,267 | 14,216 | 415,701 | 379,058 |
Performance Share Plan Cash Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 0.4 | $ 1.5 | $ 2.1 | $ 5.7 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted shares granted | 6,500 | 8,000 | 357,100 | 301,421 |
Weighted-average grant date fair value of restricted share grants | $ 25.18 | $ 33.14 | $ 26.54 | $ 30.19 |
Performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value of restricted share grants | $ 26.64 | $ 30.12 | ||
Minimum pay out percentage | 0.00% | |||
Maximum pay out percentage | 200.00% | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock options granted | 0 | 0 | 0 | 16,667 |
Restricted Stock Units for Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted shares granted | 1,086 | 784 | 55,250 | 38,228 |
Weighted-average grant date fair value of restricted stock units to non-employee directors | $ 24.98 | $ 30.40 | $ 21.78 | $ 31.66 |
Four Year Vesting Period | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted shares granted | 6,500 | 8,000 | 357,100 | 288,921 |
Four Year Vesting Period | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock options granted | 8,333 | |||
Five Year Vesting Period | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted shares granted | 12,500 | |||
Five Year Vesting Period | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock options granted | 8,334 | |||
Three Year Vesting Period | Performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted shares granted | 0 | 0 | 159,000 | 177,921 |
Dividend Equivalent [Member] | Restricted Stock Units for Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted shares granted | 3,050 | 2,229 |
Share-based Compensation (Sched
Share-based Compensation (Schedule of Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total number of restricted shares | 1,116,299 | 1,344,116 | 1,116,299 | 1,344,116 | 1,139,299 | 1,262,449 | 1,395,616 | 1,562,470 |
Weighted-average grant date fair value of restricted shares | $ 25.43 | $ 19.24 | $ 25.43 | $ 19.24 | $ 25.42 | $ 19.55 | $ 18.97 | $ 15.61 |
Number of restricted shares granted | 6,500 | 8,000 | 357,100 | 301,421 | ||||
Weighted-average grant date fair value of restricted share grants | $ 25.18 | $ 33.14 | $ 26.54 | $ 30.19 | ||||
Number of restricted shares forfeited | (29,500) | (42,500) | (78,000) | (92,350) | ||||
Weighted-average grant date fair value of restricted share forfeitures | $ 24.87 | $ 17.64 | $ 23.67 | $ 18.65 | ||||
Number of restricted shares vested | 0 | (17,000) | (425,250) | (427,425) | ||||
Weighted-average grant date fair value of restricted share vests | $ 0 | $ 7.30 | $ 9.22 | $ 13.88 |
Share-based Compensation (Sch44
Share-based Compensation (Schedule of Stock Option Activity) (Details) - Employee Stock Option [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total number of stock options | 205,540 | 312,670 | 205,540 | 312,670 | 222,790 | 301,295 | 323,386 | 416,803 |
Weighted-average grant date fair value of stock options | $ 8.85 | $ 8.93 | $ 8.85 | $ 8.93 | $ 8.98 | $ 8.95 | $ 9.02 | $ 8.42 |
Number of stock options granted | 0 | 0 | 0 | 16,667 | ||||
Weighted-average grant date fair value of stock options granted | $ 0 | $ 0 | $ 0 | $ 12.81 | ||||
Number of stock options exercised | 0 | (6,216) | (56,381) | (76,849) | ||||
Weighted-average grant date fair value of stock options exercised | $ 0 | $ 8.72 | $ 7.41 | $ 7.25 | ||||
Number of stock options forfeited | (2,250) | (4,500) | (9,749) | (7,500) | ||||
Weighted-average grant date fair value of stock options forfeited | $ 15.94 | $ 15.94 | $ 15.94 | $ 15.94 | ||||
Number of stock options expired | (15,000) | 0 | (29,625) | (36,451) | ||||
Weighted-average grant date fair value of stock options expired | $ 9.82 | $ 0 | $ 10.27 | $ 6.95 |
Retirement and Other Benefit 45
Retirement and Other Benefit Plans (Shedule of Net Benefit Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,084 | $ 3,160 | $ 6,251 | $ 9,482 |
Interest cost | 3,835 | 3,580 | 11,506 | 10,744 |
Expected return on assets | (7,237) | (7,919) | (21,712) | (23,764) |
Amortization of: | ||||
Actuarial loss (gain) | 38 | 152 | 115 | 461 |
Prior service income | (461) | (478) | (1,382) | (1,434) |
Settlement cost | 0 | 0 | 250 | 0 |
Total net periodic benefit income | (1,741) | (1,505) | (4,972) | (4,511) |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 15 | 14 | 45 | 42 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of: | ||||
Actuarial loss (gain) | (55) | (56) | (165) | (167) |
Prior service income | 0 | 0 | 0 | 0 |
Settlement cost | 0 | 0 | 0 | 0 |
Total net periodic benefit income | $ (40) | $ (42) | $ (120) | $ (125) |
Risk Management and Derivativ46
Risk Management and Derivatives (Narrative) (Details) | 9 Months Ended | 12 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | Jan. 30, 2016 | |
Derivative [Line Items] | |||
Derivative, Maturity Date | Oct. 26, 2017 | ||
Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative, Maturity Date | Oct. 26, 2017 | Oct. 28, 2016 | Jan. 31, 2017 |
Risk Management and Derivativ47
Risk Management and Derivatives (Schedule of Contract Notional Amount of All Purchase and Sale Contracts of a Foreign Currency) (Details) - Forward Contracts [Member] - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Derivative [Line Items] | |||
Notional contract amount of all purchase and sale contracts of a foreign currency | $ 44,153 | $ 47,118 | $ 52,729 |
U.S. dollars (purchased by the Company's Canadian division with Canadian dollars) [Member] | |||
Derivative [Line Items] | |||
Notional contract amount of all purchase and sale contracts of a foreign currency | 17,229 | 14,118 | 17,820 |
Euro | |||
Derivative [Line Items] | |||
Notional contract amount of all purchase and sale contracts of a foreign currency | 10,854 | 15,499 | 16,178 |
Chinese yuan | |||
Derivative [Line Items] | |||
Notional contract amount of all purchase and sale contracts of a foreign currency | 13,038 | 14,623 | 15,828 |
Japanese yen | |||
Derivative [Line Items] | |||
Notional contract amount of all purchase and sale contracts of a foreign currency | 1,145 | 1,159 | 1,184 |
United Arab Emirates dirham | |||
Derivative [Line Items] | |||
Notional contract amount of all purchase and sale contracts of a foreign currency | 1,143 | 930 | 866 |
New Taiwanese dollars | |||
Derivative [Line Items] | |||
Notional contract amount of all purchase and sale contracts of a foreign currency | 538 | 570 | 610 |
Other currencies | |||
Derivative [Line Items] | |||
Notional contract amount of all purchase and sale contracts of a foreign currency | $ 206 | $ 219 | $ 243 |
Risk Management and Derivativ48
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 | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Prepaid expenses and other current assets | |||
Derivative [Line Items] | |||
Asset Derivatives, Fair Value | $ 362 | $ 1,000 | $ 513 |
Other accrued expenses | |||
Derivative [Line Items] | |||
Liability Derivatives, Fair Value | $ 570 | $ 846 | $ 598 |
Risk Management and Derivativ49
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 | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Net Sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in OCI on derivatives | $ 16 | $ (35) | $ (173) | $ 24 |
Gain (loss) reclassified from accumulated OCI into earnings | (55) | 19 | (127) | 132 |
Cost of goods sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in OCI on derivatives | (181) | 413 | (766) | 945 |
Gain (loss) reclassified from accumulated OCI into earnings | (8) | 74 | 109 | (48) |
Selling and administrative expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in OCI on derivatives | (97) | (603) | (121) | (570) |
Gain (loss) reclassified from accumulated OCI into earnings | (15) | (109) | (373) | (62) |
Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in OCI on derivatives | 5 | (13) | (19) | (27) |
Gain (loss) reclassified from accumulated OCI into earnings | $ (1) | $ 0 | $ (1) | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 12, 2014 | Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Jan. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferral percentage of base salary | 50.00% | ||||
Percentage component of compensation allowed as deferral under deferred compensation plan | 100.00% | ||||
Long-lived assets held for use | $ 100,400 | $ 89,400 | |||
Performance share units | |||||
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% | ||||
Shoes.com [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Note receivable | $ 7,500 | ||||
Disposal Group, Including Discontinued Operations, Notes Receivable, First Periodic Payment Due | 1,250 | ||||
Disposal Group, Including Discontinued Operations, Notes Receivable, Periodic Payment Due After First installment | $ 600 | ||||
Receivable with Imputed Interest, Due Date | Dec. 12, 2019 | ||||
Promissory note interest rate | 6.00% | ||||
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% | ||||
Notes Receivable, Fair Value Disclosure | 7,227 | $ 7,188 | $ 7,227 | $ 7,117 | |
Prepaid expenses and other current assets | Shoes.com [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes Receivable, Fair Value Disclosure | 1,875 | 1,875 | |||
Other Assets [Member] | Shoes.com [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes Receivable, Fair Value Disclosure | $ 5,352 | $ 5,352 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Cash equivalents - money market funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | $ 152,700 | $ 100,694 | $ 64,783 |
Cash equivalents - money market funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 152,700 | 100,694 | 64,783 |
Cash equivalents - money market funds [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | 0 | 0 |
Cash equivalents - money market funds [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | 0 | 0 |
Non-qualified deferred compensation plan assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 4,747 | 3,383 | 3,928 |
Non-qualified deferred compensation plan assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 4,747 | 3,383 | 3,928 |
Non-qualified deferred compensation plan assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | 0 | 0 |
Non-qualified deferred compensation plan assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | 0 | 0 |
Derivative financial instruments, net [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 154 | ||
Derivative financial instruments, net [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | ||
Derivative financial instruments, net [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 154 | ||
Derivative financial instruments, net [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | ||
Secured convertible note [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 7,227 | 7,117 | 7,188 |
Secured convertible note [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | 0 | 0 |
Secured convertible note [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 0 | 0 | 0 |
Secured convertible note [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 7,227 | 7,117 | 7,188 |
Non-qualified deferred compensation plan liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (4,747) | (3,383) | (3,928) |
Non-qualified deferred compensation plan liabilities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (4,747) | (3,383) | (3,928) |
Non-qualified deferred compensation plan liabilities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Non-qualified deferred compensation plan liabilities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Deferred compensation plan liabilities for non-employee directors [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (1,596) | (1,728) | (1,932) |
Deferred compensation plan liabilities for non-employee directors [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (1,596) | (1,728) | (1,932) |
Deferred compensation plan liabilities for non-employee directors [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Deferred compensation plan liabilities for non-employee directors [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Restricted stock units for non-employee directors [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (8,726) | (8,879) | (9,792) |
Restricted stock units for non-employee directors [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (8,726) | (8,879) | (9,792) |
Restricted stock units for non-employee directors [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Restricted stock units for non-employee directors [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Performance share units | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (2,446) | (3,780) | (3,981) |
Performance share units | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (2,446) | (3,780) | (3,981) |
Performance share units | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | 0 |
Performance share units | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | $ 0 | 0 |
Derivative financial instruments, net [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (208) | (85) | |
Derivative financial instruments, net [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | 0 | 0 | |
Derivative financial instruments, net [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (208) | (85) | |
Derivative financial instruments, net [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | $ 0 | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Schedule of Impairment Charges) (Details) - Selling and administrative expenses - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 376 | $ 622 | $ 913 | $ 1,479 |
Famous Footwear [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | 128 | 240 | 262 | 740 |
Brand Portfolio [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 248 | $ 382 | $ 651 | $ 739 |
Fair Value Measurements (Sche53
Fair Value Measurements (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 |
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | $ 3,100 | $ 3,500 | $ 3,500 |
Long-term debt – Senior Notes, Carrying Amount | 196,888 | 196,544 | 196,463 |
Two Thousand Twenty Three Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt – Senior Notes, Carrying Amount | 196,888 | 196,544 | 196,463 |
Long-term debt – Senior Notes, Fair Value | $ 209,000 | $ 196,000 | $ 200,500 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Consolidated effective tax rate | 33.60% | 26.70% | 32.30% | 26.40% | |
Discrete tax benefit | $ 300 | $ 1,300 | $ 1,100 | $ 4,200 | |
Effective tax rate if discrete tax benefits had not been recognized | 34.10% | 29.50% | 33.40% | 30.80% | |
Deferred Tax Assets, Gross, Current | $ 800 | ||||
Deferred Tax Liabilities, Gross, Current | $ 21,300 | $ 21,300 | $ 32,500 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
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 | $ 1.3 | $ 2.8 | $ 5.1 | $ 7.5 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | 9 Months Ended |
Oct. 29, 2016USD ($)landfill | |
Redfield Site [Member] | |
Loss Contingencies [Line Items] | |
Cumulative expenditures for both on-site and off-site remediation | $ 28.6 |
Reserve for anticipated future remediation activities | 9.7 |
Reserve for anticipated future remediation activities for on-site remediation | 4.8 |
Reserve for anticipated future remediation activities for off-site remediation | $ 4.9 |
Liability for on-site remediation, discounted rate | 4.80% |
On-site remediation liability, undiscounted basis | $ 14.3 |
Expected on-site remediation liability, year one | 0.2 |
Expected on-site remediation liability, year two | 0.1 |
Expected on-site remediation liability, year three | 0.1 |
Expected on-site remediation liability, year four | 0.1 |
Expected on-site remediation liability, year five | 0.1 |
Expected on-site remediation liability, thereafter | 13.7 |
Redfield Site Other Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Accrual for environmental loss contingencies in other liabilities | 8.9 |
Redfield Site Other Accrued Expense [Member] | |
Loss Contingencies [Line Items] | |
Accrual for environmental loss contingencies in other accrued expenses | 0.8 |
New York Tannery And Two Associated Landfills [Member] | |
Loss Contingencies [Line Items] | |
Accrual for environmental loss contingencies in other liabilities | 1 |
Accrual for environmental loss contingencies in other accrued expenses | $ 0.2 |
Liability for on-site remediation, discounted rate | 6.40% |
Expected on-site remediation liability, year one | $ 0.2 |
Expected on-site remediation liability, year two | 0.2 |
Expected on-site remediation liability, year three | 0.2 |
Expected on-site remediation liability, year four | 0.2 |
Expected on-site remediation liability, year five | 0.2 |
Expected on-site remediation liability, thereafter | $ 0.4 |
Number of associated landfills for which remediation efforts are completed | landfill | 2 |
Accrued liability to complete the cleanup, maintenance and monitoring at all sites | $ 1.2 |
Accrued liability on an undiscounted basis | $ 1.4 |
Financial Information for the57
Financial Information for the Company and its Subsidiaries (Narrative) (Details) | 9 Months Ended |
Oct. 29, 2016 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Guarantors, ownership percentage by parent | 100.00% |
Financial Information for the58
Financial Information for the Company and its Subsidiaries (Schedule of Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Jan. 31, 2015 |
Assets | ||||
Cash and cash equivalents | $ 173,435 | $ 118,151 | $ 86,298 | $ 67,403 |
Receivables, net | 139,475 | 153,664 | 148,192 | |
Inventories, net | 524,823 | 546,745 | 544,341 | |
Prepaid expenses and other current assets | 31,716 | 56,505 | 40,815 | |
Total current assets | 869,449 | 875,065 | 819,646 | |
Other assets | 114,851 | 118,349 | 141,840 | |
Goodwill and intangible assets, net | 128,141 | 130,899 | 131,818 | |
Property and equipment, net | 191,754 | 179,010 | 163,442 | |
Total assets | 1,304,195 | 1,303,323 | 1,256,746 | |
Liabilities and Equity | ||||
Trade accounts payable | 212,088 | 237,802 | 200,251 | |
Other accrued expenses | 141,886 | 152,497 | 154,304 | |
Total current liabilities | 353,974 | 390,299 | 354,555 | |
Other liabilities | ||||
Long-term debt | 196,888 | 196,544 | 196,463 | |
Other liabilities | 106,270 | 114,008 | 103,873 | |
Total other liabilities | 303,158 | 310,552 | 300,336 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 646,110 | 601,484 | 601,003 | |
Noncontrolling interests | 953 | 988 | 852 | |
Total equity | 647,063 | 602,472 | 601,855 | |
Total liabilities and equity | 1,304,195 | 1,303,323 | 1,256,746 | |
Parent [Member] | ||||
Assets | ||||
Cash and cash equivalents | 50,463 | 31,000 | 48,711 | 13,891 |
Receivables, net | 123,345 | 110,235 | 122,291 | |
Inventories, net | 114,180 | 151,704 | 134,353 | |
Prepaid expenses and other current assets | 12,766 | 29,765 | 12,440 | |
Intercompany receivable – current | 823 | 650 | 267 | |
Total current assets | 301,577 | 323,354 | 318,062 | |
Other assets | 92,895 | 94,767 | 119,630 | |
Goodwill and intangible assets, net | 113,889 | 115,558 | 116,114 | |
Property and equipment, net | 30,902 | 32,538 | 32,943 | |
Investment in subsidiaries | 1,076,592 | 1,028,143 | 1,012,191 | |
Intercompany receivable – noncurrent | 485,403 | 431,523 | 404,904 | |
Total assets | 2,101,258 | 2,025,883 | 2,003,844 | |
Liabilities and Equity | ||||
Trade accounts payable | 70,501 | 78,332 | 56,536 | |
Other accrued expenses | 48,614 | 80,053 | 39,591 | |
Intercompany payable – current | 5,145 | 4,394 | 2,884 | |
Total current liabilities | 124,260 | 162,779 | 99,011 | |
Other liabilities | ||||
Long-term debt | 196,888 | 196,544 | 196,463 | |
Other liabilities | 34,463 | 44,011 | 67,713 | |
Intercompany payable – noncurrent | 1,099,537 | 1,021,065 | 1,039,654 | |
Total other liabilities | 1,330,888 | 1,261,620 | 1,303,830 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 646,110 | 601,484 | 601,003 | |
Total equity | 646,110 | 601,484 | 601,003 | |
Total liabilities and equity | 2,101,258 | 2,025,883 | 2,003,844 | |
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 5,897 | 0 | 3,999 | |
Receivables, net | 856 | 2,290 | 1,502 | |
Inventories, net | 387,688 | 371,538 | 388,177 | |
Prepaid expenses and other current assets | 13,649 | 24,597 | 23,729 | |
Intercompany receivable – current | 327 | 176 | 117 | |
Total current assets | 408,417 | 398,601 | 417,524 | |
Other assets | 14,106 | 15,772 | 16,102 | |
Goodwill and intangible assets, net | 2,800 | 2,800 | 2,800 | |
Property and equipment, net | 149,680 | 136,223 | 120,633 | |
Intercompany receivable – noncurrent | 384,452 | 354,038 | 355,069 | |
Total assets | 959,455 | 907,434 | 912,128 | |
Liabilities and Equity | ||||
Trade accounts payable | 123,003 | 123,274 | 126,638 | |
Other accrued expenses | 75,797 | 62,729 | 100,913 | |
Total current liabilities | 198,800 | 186,003 | 227,551 | |
Other liabilities | ||||
Other liabilities | 68,146 | 66,302 | 33,712 | |
Intercompany payable – noncurrent | 41,933 | 39,175 | 37,932 | |
Total other liabilities | 110,079 | 105,477 | 71,644 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 650,576 | 615,954 | 612,933 | |
Total equity | 650,576 | 615,954 | 612,933 | |
Total liabilities and equity | 959,455 | 907,434 | 912,128 | |
Non-Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 117,075 | 87,151 | 33,588 | $ 53,512 |
Receivables, net | 15,274 | 41,139 | 24,399 | |
Inventories, net | 22,955 | 23,503 | 21,811 | |
Prepaid expenses and other current assets | 5,301 | 8,109 | 4,646 | |
Intercompany receivable – current | 15,766 | 6,877 | 11,455 | |
Total current assets | 176,371 | 166,779 | 95,899 | |
Other assets | 7,850 | 7,810 | 6,108 | |
Goodwill and intangible assets, net | 11,452 | 12,541 | 12,904 | |
Property and equipment, net | 11,172 | 10,249 | 9,866 | |
Investment in subsidiaries | (21,068) | (19,524) | (19,114) | |
Intercompany receivable – noncurrent | 573,308 | 556,259 | 537,551 | |
Total assets | 759,085 | 734,114 | 643,214 | |
Liabilities and Equity | ||||
Trade accounts payable | 18,584 | 36,196 | 17,077 | |
Other accrued expenses | 17,475 | 15,681 | 13,800 | |
Intercompany payable – current | 11,771 | 3,309 | 8,955 | |
Total current liabilities | 47,830 | 55,186 | 39,832 | |
Other liabilities | ||||
Other liabilities | 3,661 | 3,695 | 2,448 | |
Intercompany payable – noncurrent | 301,693 | 281,580 | 219,938 | |
Total other liabilities | 305,354 | 285,275 | 222,386 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 404,948 | 392,665 | 380,144 | |
Noncontrolling interests | 953 | 988 | 852 | |
Total equity | 405,901 | 393,653 | 380,996 | |
Total liabilities and equity | 759,085 | 734,114 | 643,214 | |
Consolidation, Eliminations [Member] | ||||
Assets | ||||
Prepaid expenses and other current assets | (5,966) | |||
Intercompany receivable – current | (16,916) | (7,703) | (11,839) | |
Total current assets | (16,916) | (13,669) | (11,839) | |
Investment in subsidiaries | (1,055,524) | (1,008,619) | (993,077) | |
Intercompany receivable – noncurrent | (1,443,163) | (1,341,820) | (1,297,524) | |
Total assets | (2,515,603) | (2,364,108) | (2,302,440) | |
Liabilities and Equity | ||||
Other accrued expenses | (5,966) | |||
Intercompany payable – current | (16,916) | (7,703) | (11,839) | |
Total current liabilities | (16,916) | (13,669) | (11,839) | |
Other liabilities | ||||
Intercompany payable – noncurrent | (1,443,163) | (1,341,820) | (1,297,524) | |
Total other liabilities | (1,443,163) | (1,341,820) | (1,297,524) | |
Equity | ||||
Caleres, Inc. shareholders’ equity | (1,055,524) | (1,008,619) | (993,077) | |
Total equity | (1,055,524) | (1,008,619) | (993,077) | |
Total liabilities and equity | $ (2,515,603) | $ (2,364,108) | $ (2,302,440) |
Financial Information for the59
Financial Information for the Company and its Subsidiaries (Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | $ 732,230 | $ 728,639 | $ 1,939,900 | $ 1,968,756 |
Cost of goods sold | 438,459 | 440,205 | 1,138,781 | 1,169,001 |
Gross profit | 293,771 | 288,434 | 801,119 | 799,755 |
Selling and administrative expenses | 238,319 | 236,211 | 684,666 | 681,462 |
Operating earnings (loss) | 55,452 | 52,223 | 116,453 | 118,293 |
Interest expense | (3,475) | (4,136) | (10,564) | (12,944) |
Loss on early extinguishment of debt | (1,961) | 0 | (10,651) | |
Interest income | 350 | 224 | 907 | 766 |
Earnings before income taxes | 52,327 | 46,350 | 106,796 | 95,464 |
Income tax provision | (17,601) | (12,358) | (34,514) | (25,218) |
Net earnings | 34,726 | 33,992 | 72,282 | 70,246 |
Less: Net earnings attributable to noncontrolling interests | (4) | 9 | 2 | 177 |
Net earnings attributable to Caleres, Inc. | 34,730 | 33,983 | 72,280 | 70,069 |
Comprehensive income | 33,791 | 33,926 | 71,836 | 70,495 |
Less: Comprehensive loss attributable to noncontrolling interests | (25) | (31) | (35) | 140 |
Comprehensive income attributable to Caleres, Inc. | 33,816 | 33,957 | 71,871 | 70,355 |
Parent [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 235,094 | 228,351 | 617,177 | 617,512 |
Cost of goods sold | 162,629 | 161,958 | 434,833 | 444,301 |
Gross profit | 72,465 | 66,393 | 182,344 | 173,211 |
Selling and administrative expenses | 53,225 | 59,708 | 155,608 | 172,906 |
Operating earnings (loss) | 19,240 | 6,685 | 26,736 | 305 |
Interest expense | (3,472) | (4,136) | (10,561) | (12,943) |
Loss on early extinguishment of debt | (1,961) | (10,651) | ||
Interest income | 200 | 194 | 531 | 642 |
Intercompany interest income (expense) | 2,083 | 3,440 | 6,590 | 10,549 |
Earnings before income taxes | 18,051 | 4,222 | 23,296 | (12,098) |
Income tax provision | (6,193) | (714) | (7,369) | 4,621 |
Equity in earnings (loss) of subsidiaries, net of tax | 22,872 | 30,475 | 56,353 | 77,546 |
Net earnings | 34,730 | 33,983 | 72,280 | 70,069 |
Net earnings attributable to Caleres, Inc. | 34,730 | 33,983 | 72,280 | 70,069 |
Comprehensive income | 33,816 | 33,957 | 71,871 | 70,355 |
Comprehensive income attributable to Caleres, Inc. | 33,816 | 33,957 | 71,871 | 70,355 |
Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 487,558 | 476,462 | 1,279,080 | 1,272,367 |
Cost of goods sold | 281,926 | 271,445 | 707,584 | 698,799 |
Gross profit | 205,632 | 205,017 | 571,496 | 573,568 |
Selling and administrative expenses | 177,466 | 168,255 | 505,032 | 484,565 |
Operating earnings (loss) | 28,166 | 36,762 | 66,464 | 89,003 |
Interest expense | (3) | (3) | (1) | |
Intercompany interest income (expense) | (2,107) | (3,527) | (6,685) | (10,720) |
Earnings before income taxes | 26,056 | 33,235 | 59,776 | 78,282 |
Income tax provision | (9,743) | (10,889) | (22,483) | (26,479) |
Net earnings | 16,313 | 22,346 | 37,293 | 51,803 |
Net earnings attributable to Caleres, Inc. | 16,313 | 22,346 | 37,293 | 51,803 |
Comprehensive income | 16,313 | 22,397 | 37,293 | 51,966 |
Comprehensive income attributable to Caleres, Inc. | 16,313 | 22,397 | 37,293 | 51,966 |
Non-Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 48,055 | 59,078 | 156,649 | 195,228 |
Cost of goods sold | 25,669 | 33,954 | 87,688 | 118,480 |
Gross profit | 22,386 | 25,124 | 68,961 | 76,748 |
Selling and administrative expenses | 14,340 | 16,348 | 45,708 | 47,763 |
Operating earnings (loss) | 8,046 | 8,776 | 23,253 | 28,985 |
Interest income | 150 | 30 | 376 | 124 |
Intercompany interest income (expense) | 24 | 87 | 95 | 171 |
Earnings before income taxes | 8,220 | 8,893 | 23,724 | 29,280 |
Income tax provision | (1,665) | (755) | (4,662) | (3,360) |
Equity in earnings (loss) of subsidiaries, net of tax | (499) | (583) | (1,545) | (205) |
Net earnings | 6,056 | 7,555 | 17,517 | 25,715 |
Less: Net earnings attributable to noncontrolling interests | (4) | 9 | 2 | 177 |
Net earnings attributable to Caleres, Inc. | 6,060 | 7,546 | 17,515 | 25,538 |
Comprehensive income | 5,661 | 7,567 | 17,692 | 25,843 |
Less: Comprehensive loss attributable to noncontrolling interests | (25) | (31) | (35) | 140 |
Comprehensive income attributable to Caleres, Inc. | 5,686 | 7,598 | 17,727 | 25,703 |
Consolidation, Eliminations [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | (38,477) | (35,252) | (113,006) | (116,351) |
Cost of goods sold | (31,765) | (27,152) | (91,324) | (92,579) |
Gross profit | (6,712) | (8,100) | (21,682) | (23,772) |
Selling and administrative expenses | (6,712) | (8,100) | (21,682) | (23,772) |
Equity in earnings (loss) of subsidiaries, net of tax | (22,373) | (29,892) | (54,808) | (77,341) |
Net earnings | (22,373) | (29,892) | (54,808) | (77,341) |
Net earnings attributable to Caleres, Inc. | (22,373) | (29,892) | (54,808) | (77,341) |
Comprehensive income | (21,999) | (29,995) | (55,020) | (77,669) |
Comprehensive income attributable to Caleres, Inc. | $ (21,999) | $ (29,995) | $ (55,020) | $ (77,669) |
Financial Information for the60
Financial Information for the Company and its Subsidiaries (Schedule of Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 9 Months Ended | 21 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 137,003 | $ 84,050 | |
Purchases of property and equipment | (43,019) | (47,344) | |
Disposals of property and equipment | 0 | 7,433 | |
Capitalized software | (5,672) | (5,422) | |
Net cash used for investing activities | (48,691) | (45,333) | |
Borrowings under revolving credit agreement | 103,000 | 117,000 | |
Repayments under revolving credit agreement | (103,000) | (117,000) | |
Proceeds from issuance of 2023 senior notes | 0 | 200,000 | |
Redemption of 2019 senior notes | 0 | (200,000) | |
Debt issuance costs | 0 | (3,650) | |
Dividends paid | (9,094) | (9,195) | |
Acquisition of treasury stock | (23,139) | (4,921) | $ (28,100) |
Issuance of common stock under share-based plans, net | (4,205) | (4,606) | |
Tax benefit related to share-based plans | 3,264 | 3,049 | |
Net cash used for financing activities | (33,174) | (19,323) | |
Effect of exchange rate changes on cash and cash equivalents | 146 | (499) | |
Increase in cash and cash equivalents | 55,284 | 18,895 | |
Cash and cash equivalents at beginning of period | 118,151 | 67,403 | 67,403 |
Cash and cash equivalents at end of period | 173,435 | 86,298 | 173,435 |
Parent [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 23,770 | (34,602) | |
Purchases of property and equipment | (2,748) | (12,838) | |
Disposals of property and equipment | 7,111 | ||
Capitalized software | (3,859) | (3,775) | |
Intercompany investing | (3,129) | (356) | |
Net cash used for investing activities | (9,736) | (9,858) | |
Borrowings under revolving credit agreement | 103,000 | 117,000 | |
Repayments under revolving credit agreement | (103,000) | (117,000) | |
Proceeds from issuance of 2023 senior notes | 200,000 | ||
Redemption of 2019 senior notes | (200,000) | ||
Debt issuance costs | (3,650) | ||
Dividends paid | (9,094) | (9,195) | |
Acquisition of treasury stock | (23,139) | (4,921) | |
Issuance of common stock under share-based plans, net | (4,205) | (4,606) | |
Tax benefit related to share-based plans | 3,264 | 3,049 | |
Intercompany financing | 38,603 | 98,603 | |
Net cash used for financing activities | 5,429 | 79,280 | |
Increase in cash and cash equivalents | 19,463 | 34,820 | |
Cash and cash equivalents at beginning of period | 31,000 | 13,891 | 13,891 |
Cash and cash equivalents at end of period | 50,463 | 48,711 | 50,463 |
Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 83,584 | 81,599 | |
Purchases of property and equipment | (37,154) | (33,292) | |
Capitalized software | (1,783) | (1,647) | |
Intercompany investing | 3,129 | 356 | |
Net cash used for investing activities | (35,808) | (34,583) | |
Intercompany financing | (41,879) | (43,017) | |
Net cash used for financing activities | (41,879) | (43,017) | |
Increase in cash and cash equivalents | 5,897 | 3,999 | |
Cash and cash equivalents at beginning of period | 0 | ||
Cash and cash equivalents at end of period | 5,897 | 3,999 | 5,897 |
Non-Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 29,649 | 37,053 | |
Purchases of property and equipment | (3,117) | (1,214) | |
Disposals of property and equipment | 322 | ||
Capitalized software | (30) | ||
Net cash used for investing activities | (3,147) | (892) | |
Intercompany financing | 3,276 | (55,586) | |
Net cash used for financing activities | 3,276 | (55,586) | |
Effect of exchange rate changes on cash and cash equivalents | 146 | (499) | |
Increase in cash and cash equivalents | 29,924 | (19,924) | |
Cash and cash equivalents at beginning of period | 87,151 | 53,512 | 53,512 |
Cash and cash equivalents at end of period | $ 117,075 | $ 33,588 | $ 117,075 |