Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Mar. 10, 2017 | Jul. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | GENESCO INC | ||
Entity Central Index Key | 18,498 | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 28, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --01-28 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,432,000,000 | ||
Entity Common Stock, Shares Outstanding | 19,611,875 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 48,301 | $ 133,288 |
Accounts receivable, net of allowances of $3,073 at January 28, 2017 and $2,960 at January 30, 2016 | 43,525 | 47,265 |
Inventories | 563,677 | 529,758 |
Deferred income taxes | 21,194 | 28,965 |
Prepaids and other current assets | 61,470 | 60,810 |
Total current assets | 738,167 | 800,086 |
Property and equipment: | ||
Land | 7,773 | 8,038 |
Buildings and building equipment | 52,673 | 51,768 |
Computer hardware, software and equipment | 179,926 | 183,985 |
Furniture and fixtures | 211,833 | 209,337 |
Construction in progress | 33,660 | 16,190 |
Improvements to leased property | 366,186 | 359,591 |
Property and equipment, at cost | 852,051 | 828,909 |
Accumulated depreciation | (521,440) | (505,581) |
Property and equipment, net | 330,611 | 323,328 |
Deferred income taxes | 85 | 959 |
Goodwill | 271,222 | 281,385 |
Trademarks, net of accumulated amortization of $5,574 at January 28, 2017 and $5,039 at January 30, 2016 | 84,327 | 86,740 |
Other intangibles, net of accumulated amortization of $16,200 at January 28, 2017 and $15,947 at January 30, 2016 | 2,392 | 3,569 |
Other noncurrent assets | 22,102 | 45,123 |
Total Assets | 1,448,906 | 1,541,190 |
Current Liabilities: | ||
Accounts payable | 170,751 | 154,241 |
Accrued employee compensation | 31,128 | 23,666 |
Accrued other taxes | 23,101 | 24,508 |
Accrued income taxes | 7,568 | 16,349 |
Current portion – long-term debt | 9,175 | 14,182 |
Other accrued liabilities | 64,333 | 79,282 |
Provision for discontinued operations | 3,330 | 11,389 |
Total current liabilities | 309,386 | 323,617 |
Long-term debt | 73,730 | 97,583 |
Pension liability | 6,265 | 9,957 |
Deferred rent and other long-term liabilities | 135,291 | 149,020 |
Provision for discontinued operations | 1,713 | 4,230 |
Total liabilities | 526,385 | 584,407 |
Commitments and contingent liabilities | ||
Equity | ||
Non-redeemable preferred stock | 1,060 | 1,077 |
Common equity: | ||
Common stock, $1 par value: Authorized: 80,000,000 shares Issued/Outstanding: January 28, 2017 – 20,354,272/19,865,808 and January 30, 2016 – 22,322,799/21,834,335 | 20,354 | 22,323 |
Additional paid-in capital | 237,677 | 224,004 |
Retained earnings | 731,111 | 768,222 |
Accumulated other comprehensive loss | (51,292) | (42,613) |
Treasury shares, at cost (488,464 shares) | (17,857) | (17,857) |
Total Genesco equity | 921,053 | 955,156 |
Noncontrolling interest – non-redeemable | 1,468 | 1,627 |
Total equity | 922,521 | 956,783 |
Total Liabilities and Equity | $ 1,448,906 | $ 1,541,190 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Current Assets: | ||
Allowances on accounts receivable | $ 3,073 | $ 2,960 |
Accumulated amortization on trademarks | 5,574 | 5,039 |
Accumulated amortization on other intangibles | $ 16,200 | $ 15,947 |
Common equity: | ||
Common stock, par value (USD per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 20,354,272 | 22,322,799 |
Common stock, shares outstanding (in shares) | 19,865,808 | 21,834,335 |
Shares held in treasury (in shares) | 488,464 | 488,464 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Net sales | $ 2,868,341 | $ 3,022,234 | $ 2,859,844 |
Cost of sales | 1,450,815 | 1,578,768 | 1,459,433 |
Selling and administrative expenses | 1,276,368 | 1,284,322 | 1,230,864 |
Asset impairments and other, net | (802) | 7,893 | 2,281 |
Earnings from operations | 141,960 | 151,251 | 167,266 |
Indemnification asset write-off | 0 | 0 | 7,050 |
Interest expense, net: | |||
Interest expense | 5,294 | 4,414 | 3,337 |
Interest income | (47) | (11) | (110) |
Total interest expense, net | 5,247 | 4,403 | 3,227 |
Earnings from continuing operations before income taxes | 151,414 | 151,533 | 156,989 |
Income tax expense | 53,555 | 56,152 | 57,616 |
Earnings from continuing operations | 97,859 | 95,381 | 99,373 |
Provision for discontinued operations, net | (428) | (812) | (1,648) |
Net Earnings | $ 97,431 | $ 94,569 | $ 97,725 |
Basic earnings per common share: | |||
Continuing operations (USD per share) | $ 4.87 | $ 4.17 | $ 4.23 |
Discontinued operations (USD per share) | (0.02) | (0.04) | (0.07) |
Net earnings (USD per share) | 4.85 | 4.13 | 4.16 |
Diluted earnings per common share: | |||
Continuing operations (USD per share) | 4.85 | 4.15 | 4.19 |
Discontinued operations (USD per share) | (0.02) | (0.04) | (0.07) |
Net earnings (USD per share) | $ 4.83 | $ 4.11 | $ 4.12 |
SureGrip Footwear | |||
Gain on sale of businesses | $ (12,297) | $ 0 | $ 0 |
Lids Team Sports | |||
Gain on sale of businesses | $ (2,404) | $ (4,685) | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 97,431 | $ 94,569 | $ 97,725 |
Other comprehensive income (loss): | |||
Pension liability adjustment net of tax of $2.4 million, $6.3 million and $4.0 million for 2017, 2016 and 2015, respectively | 3,618 | 9,756 | (6,343) |
Postretirement liability adjustment net of tax of $0.4 million for all periods | (674) | 666 | (644) |
Foreign currency translation adjustments | (11,623) | (12,459) | (16,822) |
Total other comprehensive loss | (8,679) | (2,037) | (23,809) |
Comprehensive Income | $ 88,752 | $ 92,532 | $ 73,916 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Pension liability adjustment, tax | $ 2.4 | $ 6.3 | $ 4 |
Postretirement liability adjustment, tax | $ 0.4 | $ 0.4 | $ 0.4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings | $ 97,431 | $ 94,569 | $ 97,725 |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Depreciation and amortization | 75,768 | 79,011 | 74,326 |
Amortization of deferred note expense and debt discount | 839 | 820 | 692 |
Deferred income taxes | 5,394 | (2,125) | 5,212 |
Provision for accounts receivable | 442 | 637 | 390 |
Indemnification asset write-off | 0 | 0 | 7,050 |
Impairment of long-lived assets | 6,409 | 3,125 | 1,890 |
Restricted stock expense | 13,481 | 13,758 | 13,392 |
Provision for discontinued operations | 701 | 1,333 | 2,711 |
Loss on pension buyout | 2,456 | 0 | |
Tax benefit of stock options and restricted stock | (313) | (150) | (3,061) |
Other | 1,599 | 3,708 | 894 |
Effect on cash from changes in working capital and other assets and liabilities, net of acquisitions/dispositions | |||
Accounts receivable | 1,362 | (6,669) | (1,325) |
Inventories | (45,396) | 27,827 | (30,955) |
Prepaids and other current assets | (2,258) | (8,879) | 179 |
Accounts payable | 24,527 | 2,505 | 27,646 |
Other accrued liabilities | (16,302) | (70,890) | 52,694 |
Other assets and liabilities | 10,062 | 11,223 | (59,696) |
Net cash provided by operating activities | 161,501 | 145,118 | 189,764 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (93,970) | (100,652) | (103,111) |
Acquisitions, net of cash acquired | (22) | (35,063) | (34,918) |
Proceeds from asset sales and sale of businesses | 23,053 | 59,915 | 336 |
Net cash used in investing activities | (70,939) | (75,800) | (137,693) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments of long-term debt | (6,591) | (24,920) | (31,583) |
Proceeds from issuance of long-term debt | 0 | 27,417 | 26,253 |
Borrowings under revolving credit facility | 340,920 | 401,276 | 280,950 |
Payments on revolving credit facility | (357,685) | (311,067) | (280,950) |
Tax benefit of stock options and restricted stock | 313 | 150 | 3,061 |
Shares repurchased | (140,499) | (137,648) | (4,635) |
Change in overdraft balances | (8,349) | (600) | 3,489 |
Additions to deferred note cost | 0 | (655) | 0 |
Exercise of stock options | 1,018 | 1,442 | 2,009 |
Other | (3,594) | (2,950) | (43) |
Net cash used in financing activities | (174,467) | (47,555) | (1,449) |
Effect of foreign exchange rate fluctuations on cash | (1,082) | (1,342) | 2,798 |
Net Increase (Decrease) in Cash and Cash Equivalents | (84,987) | 20,421 | 53,420 |
Cash and cash equivalents at beginning of period | 133,288 | 112,867 | 59,447 |
Cash and cash equivalents at end of period | 48,301 | 133,288 | 112,867 |
Net cash paid for: | |||
Interest | 4,263 | 3,408 | 2,632 |
Income taxes | 52,384 | 58,940 | 42,816 |
Lids Team Sports | |||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Gain on sale of businesses | (2,404) | (4,685) | 0 |
SureGrip Footwear | |||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Gain on sale of businesses | $ (12,297) | $ 0 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Non-Redeemable Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Shares | Non Controlling Interest Non-Redeemable |
Beginning balance at Feb. 01, 2014 | $ 918,123 | $ 1,305 | $ 24,408 | $ 190,568 | $ 734,533 | $ (16,767) | $ (17,857) | $ 1,933 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 97,725 | 97,725 | ||||||
Other comprehensive income (loss) | (23,809) | (23,809) | ||||||
Exercise of stock options | 1,818 | 69 | 1,749 | |||||
Issue shares – Employee Stock Purchase Plan | 191 | 3 | 188 | |||||
Employee and non-employee restricted stock | 13,392 | 13,392 | ||||||
Restricted stock issuance | 0 | 202 | (202) | |||||
Restricted shares withheld for taxes | (7,125) | (88) | 88 | (7,125) | ||||
Tax benefit of stock options and restricted stock exercised | 3,061 | 3,061 | ||||||
Shares repurchased | (4,635) | (65) | (4,570) | |||||
Other | (1) | (31) | (14) | 44 | ||||
Noncontrolling interest – gain (loss) | 37 | 37 | ||||||
Ending balance at Jan. 31, 2015 | 998,777 | 1,274 | 24,515 | 208,888 | 820,563 | (40,576) | (17,857) | 1,970 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 94,569 | 94,569 | ||||||
Other comprehensive income (loss) | (2,037) | (2,037) | ||||||
Exercise of stock options | 1,308 | 35 | 1,273 | |||||
Issue shares – Employee Stock Purchase Plan | 134 | 3 | 131 | |||||
Employee and non-employee restricted stock | 13,758 | 13,758 | ||||||
Restricted stock issuance | 0 | 239 | (239) | |||||
Restricted shares withheld for taxes | (4,408) | (66) | 66 | (4,408) | ||||
Tax benefit of stock options and restricted stock exercised | (90) | (90) | ||||||
Shares repurchased | (144,885) | (2,383) | (142,502) | |||||
Other | 0 | (197) | (20) | 217 | ||||
Noncontrolling interest – gain (loss) | (343) | (343) | ||||||
Ending balance at Jan. 30, 2016 | 956,783 | 1,077 | 22,323 | 224,004 | 768,222 | (42,613) | (17,857) | 1,627 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 97,431 | 97,431 | ||||||
Other comprehensive income (loss) | (8,679) | (8,679) | ||||||
Exercise of stock options | 1,018 | 27 | 991 | |||||
Employee and non-employee restricted stock | 13,481 | 13,481 | ||||||
Restricted stock issuance | 0 | 236 | (236) | |||||
Restricted shares withheld for taxes | (3,435) | (56) | 56 | (3,435) | ||||
Tax benefit of stock options and restricted stock exercised | (657) | (657) | ||||||
Shares repurchased | (133,263) | (2,156) | (131,107) | |||||
Other | 1 | (17) | (20) | 38 | ||||
Noncontrolling interest – gain (loss) | (159) | (159) | ||||||
Ending balance at Jan. 28, 2017 | $ 922,521 | $ 1,060 | $ 20,354 | $ 237,677 | $ 731,111 | $ (51,292) | $ (17,857) | $ 1,468 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations Genesco Inc. and its subsidiaries (collectively the "Company") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Shi by Journeys, Little Burgundy, Underground by Journeys and Johnston & Murphy banners and under the Schuh banner in the United Kingdom, the Republic of Ireland and Germany; through e-commerce websites including journeys.com, journeyskidz.com, journeys.ca, shibyjourneys.com, schuh.co.uk, littleburgundyshoes.com, johnstonmurphy.com and trask.com and catalogs, and at wholesale, primarily under the Company's Johnston & Murphy brand, the Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S. and Canada primarily under the Lids banner; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lids and on macys.com, under a license agreement with Macy's; and certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com, lidsclubhouse.com and neweracap.com. Including both the footwear businesses and the Lids Sports Group business, at January 28, 2017, the Company operated 2,794 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom, the Republic of Ireland and Germany. During Fiscal 2017, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys, Little Burgundy and Underground by Journeys retail footwear chains, e-commerce operations and catalog; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph (An athletic team dealer business operating as Lids Team Sports was sold in the fourth quarter of Fiscal 2016.); (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce and catalog operations and wholesale distribution of products under the Johnston & Murphy ® and H.S. Trask ® brands; and (v) Licensed Brands, comprised of Dockers ® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip ® Footwear, which was sold in the fourth quarter of Fiscal 2017; G.H. Bass Footwear operated under a license from G-III Apparel Group, Ltd.; and other brands. Principles of Consolidation All subsidiaries are consolidated in the consolidated financial statements. All significant intercompany transactions and accounts have been eliminated. Fiscal Year The Company’s fiscal year ends on the Saturday closest to January 31. As a result, Fiscal 2017, 2016 and 2015 were 52-week years with 364 days. Fiscal 2017 ended on January 28, 2017, Fiscal 2016 ended on January 30, 2016 and Fiscal 2015 ended on January 31, 2015. Note 1 Summary of Significant Accounting Policies, Continued Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring management estimates or judgments include the following key financial areas: Inventory Valuation The Company values its inventories at the lower of cost or market. In its footwear wholesale operations and its Schuh Group segment, cost is determined using the FIFO method. Market value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders for footwear wholesale. The Company provides reserves when the inventory has not been marked down to market value based on current selling prices or when the inventory is not turning and is not expected to turn at levels satisfactory to the Company. The Lids Sports Group segment employs the moving average cost method for valuing inventories and applies freight using an allocation method. The Company provides a valuation allowance for slow-moving inventory based on negative margins and estimated shrink based on historical experience and specific analysis, where appropriate. In its retail operations, other than the Schuh Group and Lids Sports Group segments, the Company employs the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories. Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns, and shrinkage. These judgments and estimates, coupled with the fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, the Company employs the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyzes markdown requirements at the stock number level based on factors such as inventory turn, average selling price, and inventory age. In addition, the Company accrues markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return products to vendors and vendor agreements to provide markdown support. In addition to markdown provisions, the Company maintains provisions for shrinkage and damaged goods based on historical rates. Note 1 Summary of Significant Accounting Policies, Continued Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends, and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value. Impairment of Long-Lived Assets The Company periodically assesses the realizability of its long-lived assets, other than goodwill, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets. See also Notes 3 and 5. The goodwill impairment test involves performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, a two-step impairment test will not be performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step impairment test is performed. Alternatively, the Company may elect to bypass the qualitative assessment and proceed directly to the two-step impairment test, on a reporting unit level. The first step is a comparison of the fair value and carrying value of the business unit with which the goodwill is associated. The Company estimates fair value using the best information available, and computes the fair value derived by an income approach utilizing discounted cash flow projections. The income approach uses a projection of a reporting unit’s estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in the Company’s fair value estimate is the weighted average cost of capital utilized for discounting its cash flow projections in its income approach. The Company believes the rate it used in its latest annual test, which was completed at the beginning of the fourth quarter, was consistent with the risks inherent in its business and with industry discount rates. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. During the quarter ended January 28, 2017, the Company voluntarily changed the date of its annual goodwill impairment test and other intangible assets impairment test from the last day of the fiscal year to the first day of the fourth fiscal quarter. This voluntary change is preferable under the circumstances as it aligns with the Company's five-year strategic planning cycle that is completed in early October. This voluntary change in accounting principle was not made to delay, accelerate or avoid an impairment charge. This change is not applied retrospectively as it is impracticable to do so because retrospective application would require the application of significant estimates and assumptions with the use of hindsight. Accordingly, the change will be applied prospectively. Note 1 Summary of Significant Accounting Policies, Continued If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. Specifically, the Company would allocate the fair value of the reporting unit to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, the Company would record an impairment charge for the difference. Environmental and Other Contingencies The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters. The Company has made pretax accruals for certain of these contingencies, including approximately $0.6 million in Fiscal 2017, $0.8 million in Fiscal 2016 and $2.8 million in Fiscal 2015. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company’s accruals, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its accrued liability in relation to each proceeding is a best estimate of probable loss connected to the proceeding, or in cases in which no best estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional provisions, that some or all liabilities will be adequate or that the amounts of any such additional provisions or any such inadequacy will not have a material adverse effect upon the Company’s financial condition, cash flows, or results of operations. See also Notes 3 and 13. Revenue Recognition Retail sales are recorded at the point of sale and are net of estimated returns and exclude sales and value added taxes. Catalog and internet sales are recorded at estimated time of delivery to the customer and are net of estimated returns and exclude sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Shipping and handling costs charged to customers are included in net sales. Estimated returns are based on historical returns and claims. Actual amounts of markdowns have not differed materially from estimates. Actual returns and claims in any future period may differ from historical experience. Income Taxes As part of the process of preparing the Consolidated Financial Statements, the Company is required to estimate its income taxes in each of the tax jurisdictions in which it operates. This process involves estimating actual current tax obligations together with assessing temporary differences resulting from differing treatment of certain items for tax and accounting purposes, such as depreciation of property Note 1 Summary of Significant Accounting Policies, Continued and equipment and valuation of inventories. These temporary differences result in deferred tax assets and liabilities, which are included within the Consolidated Balance Sheets. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income or other sources. Actual results could differ from this assessment if adequate taxable income is not generated in future periods. To the extent the Company believes that recovery of an asset is at risk, valuation allowances are established. To the extent valuation allowances are established or increased in a period, the Company includes an expense within the tax provision in the Consolidated Statements of Operations. These deferred tax valuation allowances may be released in future years when management considers that it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, management will need to periodically evaluate whether or not all available evidence, such as future taxable income and reversal of temporary differences, tax planning strategies, and recent results of operations, provides sufficient positive evidence to offset any potential negative evidence that may exist at such time. In the event the deferred tax valuation allowance is released, the Company would record an income tax benefit for the portion or all of the deferred tax valuation allowance released. At January 28, 2017, the Company had a deferred tax valuation allowance of $4.3 million . Income tax reserves for uncertain tax positions are determined using the methodology required by the Income Tax Topic of the Accounting Standards Codification ("Codification"). This methodology requires companies to assess each income tax position taken using a two step process. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position. Uncertain tax positions require determinations and estimated liabilities to be made based on provisions of the tax law which may be subject to change or varying interpretation. If the Company’s determinations and estimates prove to be inaccurate, the resulting adjustments could be material to its future financial results. Postretirement Benefits Plan Accounting Full-time employees who had at least 1000 hours of service in calendar year 2004, except employees in the Lids Sports Group and Schuh Group segments, are covered by a defined benefit pension plan. The Company froze the defined benefit pension plan effective January 1, 2005. The Company also provides certain former employees with limited medical and life insurance benefits. The Company funds at least the minimum amount required by the Employee Retirement Income Security Act. As required by the Compensation – Retirement Benefits Topic of the Codification, the Company is required to recognize the overfunded or underfunded status of postretirement benefit plans as an asset or liability, respectively, in their Consolidated Balance Sheets and to recognize changes in that funded status in accumulated other comprehensive loss, net of tax, in the year in which the changes occur. Note 1 Summary of Significant Accounting Policies, Continued The Company recognizes pension expense on an accrual basis over employees’ approximate service periods. The calculation of pension expense and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rate of return on plan assets and the assumed discount rate, as well as the recognition of actuarial gains and losses. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions. The Company utilizes a calculated value of assets, which is an averaging method that recognizes changes in the fair values of assets over a period of five years. Accounting principles generally accepted in the United States require that the Company recognize a portion of these losses when they exceed a calculated threshold. These losses might be recognized as a component of pension expense in future years and would be amortized over the average future service of employees, which is currently approximately 10 years. Cash and Cash Equivalents The Company had total available cash and cash equivalents of $48.3 million and $133.3 million as of January 28, 2017 and January 30, 2016, respectively, of which approximately $22.9 million and $24.1 million was held by the Company's foreign subsidiaries as of January 28, 2017 and January 30, 2016, respectively. The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to indefinitely reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. There were no cash equivalents included in cash and cash equivalents at January 28, 2017 and January 30, 2016. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less. At January 28, 2017, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Consolidated Balance Sheets. At January 28, 2017 and January 30, 2016, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $36.7 million and $45.0 million , respectively. These amounts are included in accounts payable in the Consolidated Balance Sheets. Note 1 Summary of Significant Accounting Policies, Continued Concentration of Credit Risk and Allowances on Accounts Receivable The Company’s footwear wholesale businesses sell primarily to independent retailers and department stores across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. In the footwear wholesale businesses, one customer each accounted for 15% , 13% and 10% of the Company’s total trade receivables balance, while no other customer accounted for more than 7% of the Company’s total trade receivables balance as of January 28, 2017. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information, as well as customer specific factors. The Company also establishes allowances for sales returns, customer deductions and co-op advertising based on specific circumstances, historical trends and projected probable outcomes. Property and Equipment Property and equipment are recorded at cost and depreciated or amortized over the estimated useful life of related assets. Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives: Buildings and building equipment 20-45 years Computer hardware, software and equipment 3-10 years Furniture and fixtures 10 years Depreciation expense related to property and equipment was approximately $74.9 million , $76.2 million and $71.0 million for Fiscal 2017, 2016 and 2015, respectively. Leases Leasehold improvements and properties under capital leases are amortized on the straight-line method over the shorter of their useful lives or their related lease terms and the charge to earnings is included in selling and administrative expenses in the Consolidated Statements of Operations. Certain leases include rent increases during the initial lease term. For these leases, the Company recognizes the related rental expense on a straight-line basis over the term of the lease (which includes any rent holidays and the pre-opening period of construction, renovation, fixturing and merchandise placement) and records the difference between the amounts charged to operations and amounts paid as deferred rent. The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term. Note 1 Summary of Significant Accounting Policies, Continued The Consolidated Balance Sheets include asset retirement obligations related to leases of $10.3 million and $10.6 million as of January 28, 2017 and January 30, 2016, respectively. Acquisitions Acquisitions are accounted for using the Business Combinations Topic of the Codification. The total purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values at acquisition. Goodwill and Other Intangibles Under the provisions of the Intangibles – Goodwill and Other Topic of the Codification, goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually for impairment. The Company will update the tests between annual tests if events or circumstances occur that would more likely than not reduce the fair value of the business unit with which the goodwill is associated below its carrying amount. It is also required that intangible assets with finite lives be amortized over their respective lives to their estimated residual values, and reviewed for impairment in accordance with the Property, Plant and Equipment Topic of the Codification. Intangible assets of the Company with indefinite lives are primarily goodwill and identifiable trademarks acquired in connection with the acquisition of Little Burgundy in December 2015, Schuh Group Ltd. in June 2011, Hat World Corporation in April 2004 and various other small acquisitions. The Consolidated Balance Sheets include goodwill of $181.6 million for the Lids Sports Group, $79.8 million for the Schuh Group and $9.8 million for Journeys Group at January 28, 2017, and $180.9 million for the Lids Sports Group, $90.3 million for the Schuh Group, $9.4 million for Journeys Group and $0.8 million for Licensed Brands at January 30, 2016. The Company tests for impairment of intangible assets with an indefinite life, relying on a number of factors including operating results, business plans, projected future cash flows and observable market data. The impairment test for identifiable assets not subject to amortization consists of a comparison of the fair value of the intangible asset with its carrying amount. In connection with acquisitions, the Company records goodwill on its Consolidated Balance Sheets. This asset is not amortized but is subject to an impairment test at least annually, based on projected future cash flows from the acquired business discounted at a rate commensurate with the risk the Company considers to be inherent in its current business model. The Company performs the impairment test annually at the beginning of its fourth quarter, or more frequently if events or circumstances indicate that the value of the asset might be impaired. During the quarter ended January 28, 2017, the Company voluntarily changed the date of its annual goodwill impairment test and other intangible assets impairment test from the last day of the fiscal year to the first day of the fourth fiscal quarter. This voluntary change is preferable under the circumstances as it aligns with the Company's five-year strategic planning cycle that is completed in early October. Identifiable intangible assets of the Company with finite lives are trademarks, customer lists, in-place leases, non-compete agreements and a vendor contract. They are subject to amortization based upon their estimated useful lives. Finite-lived intangible assets are evaluated for impairment using a process Note 1 Summary of Significant Accounting Policies, Continued similar to that used to evaluate other definite-lived long-lived assets, a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset. Fair Value of Financial Instruments The carrying amounts and fair values of the Company’s financial instruments at January 28, 2017 and January 30, 2016 are: In thousands January 28, 2017 January 30, 2016 Carrying Amount Fair Value Carrying Amount Fair Value U.S. Revolver Borrowings $ 49,879 $ 50,396 $ 58,344 $ 58,480 UK Term Loans 19,230 19,541 28,603 28,901 UK Revolver Borrowings 13,796 13,956 24,818 24,630 Debt fair values were determined using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 as defined in Note 5. Carrying amounts reported on the Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments. Cost of Sales For the Company’s retail operations, the cost of sales includes actual product cost, the cost of transportation to the Company’s warehouses from suppliers and the cost of transportation from the Company’s warehouses to the stores. Additionally, the cost of its distribution facilities allocated to its retail operations is included in cost of sales. For the Company’s wholesale operations, the cost of sales includes the actual product cost and the cost of transportation to the Company’s warehouses from suppliers. Selling and Administrative Expenses Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and (iii) costs of its distribution facilities which are allocated to its retail operations. Wholesale and unallocated retail costs of distribution are included in selling and administrative expenses in the amounts of $6.2 million , $9.6 million and $9.1 million for Fiscal 2017, 2016 and 2015, respectively. Note 1 Summary of Significant Accounting Policies, Continued EVA Incentive Plan Under the Company's EVA Incentive Plan, bonus awards in excess of a specified cap in any one year are retained and paid over three subsequent years, subject to reduction or elimination by deteriorating financial performance and historically were subject to forfeiture if the participant voluntarily resigns from employment with the Company. As a result, the bonus awards were subject to service conditions that resulted in recognition of expense over the period of service by the respective employee. During the first quarter of Fiscal 2015, the Company amended the plan to remove the future service requirement for the payment of the retained bonuses. As a result, the bonus expense that would have been deferred under the previous plan terms is now recognized in the first year of service. The Company recorded a $5.7 million charge to earnings in the first quarter of Fiscal 2015 in connection with the amendment related to bonus amounts previously deferred to future years. Gift Cards The Company has a gift card program that began in calendar 1999 for its Lids Sports Group operations and calendar 2000 for its footwear operations. The gift cards issued to date do not expire. As such, the Company recognizes income when: (i) the gift card is redeemed by the customer; or (ii) the likelihood of the gift card being redeemed by the customer for the purchase of goods in the future is remote and there are no related escheat laws (referred to as “breakage”). The gift card breakage rate is based upon historical redemption patterns and income is recognized for unredeemed gift cards in proportion to those historical redemption patterns. Gift card breakage is recognized in revenues each period. Gift card breakage recognized as revenue was $1.4 million , $1.2 million and $1.0 million for Fiscal 2017, 2016 and 2015, respectively. The Consolidated Balance Sheets include an accrued liability for gift cards of $17.7 million and $16.9 million at January 28, 2017 and January 30, 2016, respectively. Buying, Merchandising and Occupancy Costs The Company records buying, merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Retail occupancy costs recorded in selling and administrative expense were $450.9 million , $432.9 million and $413.6 million for Fiscal 2017, 2016 and 2015, respectively. Shipping and Handling Costs Shipping and handling costs related to inventory purchased from suppliers are included in the cost of inventory and are charged to cost of sales in the period that the inventory is sold. All other shipping and handling costs are charged to cost of sales in the period incurred except for wholesale and unallocated retail costs of distribution, which are included in selling and administrative expenses on the Consolidated Statements of Operations. Preopening Costs Costs associated with the opening of new stores are expensed as incurred, and are included in selling and administrative expenses on the Consolidated Statements of Operations. Note 1 Summary of Significant Accounting Policies, Continued Store Closings and Exit Costs From time to time, the Company makes strategic decisions to close stores or exit locations or activities. Under the provisions of the Property, Plant, and Equipment Topic of the Codification, which the Company adopted in the first quarter of Fiscal 2015, the definition of a discontinued operation was amended. A discontinued operation may include a component of an entity or a group of components of an entity that represent a strategic shift that has or will have a major effect on an entity's operation or financ |
Acquisitions, Intangible Assets
Acquisitions, Intangible Assets and Sale of Business | 12 Months Ended |
Jan. 28, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Intangible Assets and Sale of Businesses | Acquisitions, Intangible Assets and Sale of Businesses Acquisitions During Fiscal 2016, the Company completed the acquisition of Little Burgundy, a small retail footwear chain in Canada for a total purchase price of $35.1 million . The stores acquired are operated within the Journeys Group. During Fiscal 2015, the Company completed acquisitions of primarily small retail chains and one small wholesale business for a total purchase price of $34.9 million . The stores acquired in Fiscal 2015 are operated within the Lids Sports Group. The wholesale business acquired in Fiscal 2015 was operated within Lids Team Sports, which was sold on January 19, 2016. Other Intangible Assets Other intangibles by major classes were as follows: Leases Customer Lists Other* Total In thousands Jan. 28, 2017 Jan. 30, 2016 Jan. 28, 2017 Jan. 30, Jan. 28, 2017 Jan. 30, Jan. 28, 2017 Jan. 30, Gross other intangibles $ 14,625 $ 14,841 $ 1,958 $ 2,622 $ 2,009 $ 2,053 $ 18,592 $ 19,516 Accumulated amortization (12,938 ) (12,637 ) (1,956 ) (2,264 ) (1,306 ) (1,046 ) (16,200 ) (15,947 ) Net Other Intangibles $ 1,687 $ 2,204 $ 2 $ 358 $ 703 $ 1,007 $ 2,392 $ 3,569 *Includes non-compete agreements, vendor contract and backlog. The amortization of intangibles, including trademarks, was $0.9 million , $2.9 million and $3.3 million for Fiscal 2017, 2016 and 2015, respectively. The amortization of intangibles, including trademarks, will be $0.2 million and $0.1 million for Fiscal 2018 and 2019, respectively, and less than $0.1 million for Fiscal 2020, 2021 and 2022. Sale of Businesses On December 25, 2016, the Company completed the sale of all the stock of the Company's subsidiary, Keuka Footwear, Inc., that operates the SureGrip occupational, slip-resistant footwear business, operated within the Licensed Brands Group, to Shoes for Crews, LLC. The Company recognized a gain on the sale, in Fiscal 2017, estimated at $(12.3) million , net of transaction-related expenses before tax and subject to post-closing working capital adjustments. On January 19, 2016, the Company completed the sale of the assets of the Lids Team Sports business, which has operated within its Lids Sports Group segment, to BSN Sports, LLC. The Company recognized a gain on the sale, in Fiscal 2016, estimated at $(4.7) million , net of transaction-related expenses before tax. In Fiscal 2017, the Company recognized an additional pretax gain of $(2.4) million on the sale of Lids Team Sports related to final working capital adjustments. The sales of SureGrip Footwear and Lids Team Sports were not strategic shifts that will have a major effect on operations and financial results, and therefore the businesses were not presented as discontinued operations in the Company's Consolidated Financial Statements. |
Asset Impairments and Other Cha
Asset Impairments and Other Charges and Discontinued Operations | 12 Months Ended |
Jan. 28, 2017 | |
Asset Impairments and Other Charges and Discontinued Operations [Abstract] | |
Asset Impairments and Other Charges and Discontinued Operations | Asset Impairments and Other Charges and Discontinued Operations Asset Impairments and Other Charges In accordance with Company policy, assets are determined to be impaired when the revised estimated future cash flows are insufficient to recover the carrying costs. Impairment charges represent the excess of the carrying value over the estimated fair value of those assets. Asset impairment charges are reflected as a reduction of the net carrying value of property and equipment, and in asset impairment and other, net in the accompanying Consolidated Statements of Operations. The Company recorded a pretax gain to earnings of $(0.8) million in Fiscal 2017, including a gain of $(8.9) million for network intrusion expenses as a result of a litigation settlement and a gain of $(0.7) million for other legal matters, partially offset by $6.4 million for retail store asset impairments and $2.5 million for pension settlement expense. The Company recorded a pretax charge to earnings of $7.9 million in Fiscal 2016, including $3.1 million for retail store asset impairments, $2.5 million for asset write-downs , $2.2 million for network intrusion expenses and $0.1 million for other legal matters. The Company recorded a pretax charge to earnings of $2.3 million in Fiscal 2015, including $3.1 million for network intrusion expenses, $1.9 million for retail store asset impairments and $0.7 million for other legal matters, partially offset by a $(3.4) million gain on a lease termination of a Lids store. Discontinued Operations In Fiscal 2017, Fiscal 2016 and Fiscal 2015, the Company recorded an additional charge to earnings of $0.7 million ( $0.4 million net of tax), $1.3 million ( $0.8 million net of tax) and $2.7 million ( $1.6 million net of tax), respectively, reflected in discontinued operations, primarily for anticipated costs of environmental remedial alternatives related to former facilities operated by the Company (see Note 13). Note 3 Asset Impairments and Other Charges and Discontinued Operations, Continued Accrued Provision for Discontinued Operations In thousands Facility Shutdown Costs Balance February 1, 2014 $ 11,375 Additional provision Fiscal 2015 2,711 Charges and adjustments, net 673 Balance January 31, 2015 14,759 Additional provision Fiscal 2016 1,333 Charges and adjustments, net (473 ) Balance January 30, 2016 15,619 Additional provision Fiscal 2017 701 Charges and adjustments, net (11,277 ) Balance January 28, 2017* 5,043 Current provision for discontinued operations 3,330 Total Noncurrent Provision for Discontinued Operations $ 1,713 *Includes a $4.4 million environmental provision, including $3.3 million in current provision for discontinued operations. |
Inventories
Inventories | 12 Months Ended |
Jan. 28, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories In thousands January 28, 2017 January 30, 2016 Raw materials $ 389 $ 469 Wholesale finished goods 61,575 58,773 Retail merchandise 501,713 470,516 Total Inventories $ 563,677 $ 529,758 |
Fair Value
Fair Value | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The Fair Value Measurements and Disclosures Topic of the Codification defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements. This Topic defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table presents the Company’s assets and liabilities measured at fair value on a nonrecurring basis as of January 28, 2017 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Long-Lived Assets Held and Used Level 1 Level 2 Level 3 Impairment Charges Measured as of April 30, 2016 $ 694 $ — $ — $ 694 $ 3,436 Measured as of July 30, 2016 618 — — 618 1,017 Measured as of October 29, 2016 480 — — 480 579 Measured as of January 28, 2017 206 — — 206 1,377 Total Asset Impairment Fiscal 2017 $ 6,409 In accordance with the Property, Plant and Equipment Topic of the Codification, the Company recorded $6.4 million of impairment charges as a result of the fair value measurement of its long-lived assets held and used and tested on a nonrecurring basis during the twelve months ended January 28, 2017. These charges are reflected in asset impairments and other, net on the Consolidated Statements of Operations. The Company used a discounted cash flow model to estimate the fair value of these long-lived assets. Discount rate and growth rate assumptions are derived from current economic conditions, expectations of management and projected trends of current operating results. As a result, the Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs that fall within Level 3 of the fair value hierarchy. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt In thousands January 28, 2017 January 30, 2016 U.S. Revolver borrowings $ 49,879 $ 58,344 UK term loans 19,345 28,896 UK revolver borrowings 13,796 24,818 Deferred note expense on term loans (115 ) (293 ) Total long-term debt 82,905 111,765 Current portion 9,175 14,182 Total Noncurrent Portion of Long-Term Debt $ 73,730 $ 97,583 Long-term debt maturing during each of the next five years ending in January each year is $9.2 million , $51.4 million , $22.4 million , $0.0 million and $0.0 million , respectively. The Company had $49.9 million of revolver borrowings outstanding under the Credit Facility at January 28, 2017, which includes $20.1 million ( £16.0 million ) related to Genesco (UK) Limited and $29.8 million ( C$39.1 million ) related to GCO Canada, and had $19.3 million ( £15.4 million ) in term loans outstanding and $13.8 million ( £11.0 million ) in revolver loans outstanding under the U.K. Credit Facilities (described below) at January 28, 2017. The Company had outstanding letters of credit of $11.2 million under the Credit Facility at January 28, 2017. These letters of credit support product purchases and lease and insurance indemnifications. U. S. Credit Facility: On December 4, 2015, the Company entered into the First Amendment to the Third Amended and Restated Credit Agreement, dated as of January 31, 2014 (the “Credit Facility”) by and among the Company, certain subsidiaries of the Company party thereto, as other borrowers, the lenders party thereto and Bank of America, N.A., as agent (the "Agent"). The Credit Facility provides revolving credit in the aggregate principal amount of $400.0 million and replaces the previous $375.0 million revolving credit facility. The Credit Facility expires January 31, 2019. Deferred financing costs incurred of $3.1 million related to the Credit Facility were capitalized and are being amortized over five years . These costs are included in other non-current assets on the Consolidated Balance Sheets. The material terms of the Credit Facility are as follows: Availability The Credit Facility is a revolving credit facility in the aggregate principal amount of $400.0 million , including a $70.0 million sublimit for the issuance of letters of credit and a domestic swingline subfacility of up to $40.0 million , a revolving credit subfacility for the benefit of GCO Canada, Inc. in an aggregate amount not to exceed $70.0 million , which includes a $5.0 million sublimit for the issuance of letters of credit, and revolving credit subfacility for the benefit of Genesco (UK) Limited in an aggregate Note 6 Long-Term Debt, Continued amount not to exceed $50.0 million , which includes a $10.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $10.0 million . Any swingline loans and any letters of credit and borrowings under the Canadian and UK facilities will reduce the availability under the Credit Facility on a dollar-for-dollar basis. The Company has the option, from time to time, to increase the availability under the Credit Facility by an aggregate amount of up to $150.0 million subject to, among other things, the receipt of commitments for the increased amount. In connection with this increased facility, the Canadian revolving credit facility may be increased up to no more than $85.0 million . Genesco (UK) Limited has a one-time option to increase the availability of its subfacility under the Credit Facility by an additional amount of up to $50.0 million . The aggregate amount of the loans made and letters of credit issued under the Credit Facility shall at no time exceed the lesser of the facility amount ( $400.0 million or, if increased as described above, up to $550.0 million or $600.0 million , respectively) or the "Borrowing Base", which generally is based on 90% of eligible inventory plus 85% of eligible wholesale receivables plus 90% of eligible credit card and debit card receivables less applicable reserves (the "Loan Cap"). The relevant assets of Genesco (UK) Limited will be included in the Borrowing Base if the additional $50.0 million sublimit increase is exercised, provided that amounts borrowed by Genesco (UK) Limited based solely on its own borrowing base will be limited to $50.0 million and the total outstanding to Genesco (UK) Limited will not exceed 30% of the Loan Cap. The Credit Facility also provides that a first-in, last-out tranche could be added to the revolving credit facility at the option of the Company subject to, among other things, the receipt of commitments for such tranche. Collateral The loans and other obligations under the Credit Facility are secured by a perfected first priority lien and security interest in all tangible and intangible assets and excludes real estate and leaseholds of the Company and certain subsidiaries of the Company, including a pledge of 65% of the Company's interest in Genesco (UK) Limited. The assets of Genesco (UK) Limited will not be pledged as collateral unless the additional $50.0 million sublimit increase is exercised and once pledged, will only serve to secure the obligations of GCO Canada, Inc. and Genesco (UK) Limited and their respective subsidiaries. Interest and Fees The Company’s borrowings under the Credit Facility bear interest at varying rates that, at the Company’s option, can be based on: Note 6 Long-Term Debt, Continued Domestic Facility: (a) adjusted LIBOR plus the applicable margin (as defined and based on average Excess Availability during the prior quarter), or (b) the domestic Base Rate (defined as the higher of (i) the Bank of America prime rate , (ii) the federal funds rate plus 0.50% or (iii) LIBOR for an interest period of thirty days plus 1.0% ) plus the applicable margin. Canadian Sub-Facility: (a) For loans made in Canadian dollars, the bankers’ acceptances (“BA”) rate plus the applicable margin, or (b) the Canadian Prime Rate (defined as the highest of the (i) Bank of America Canadian Prime Rate, (ii) the Bank of America (Canada Branch) overnight rate plus 0.50% , and (iii) the BA rate for a one month interest period plus 1.0% ) plus the applicable margin. (a) For loans made in U.S. dollars, LIBOR plus the applicable margin, or (b) the U.S. Index Rate (defined as the highest of the (i) Bank of America (Canada branch) U.S. dollar base rate, (ii) the Federal Funds rate plus 0.50% , and (iii) LIBOR for an interest period of thirty days plus 1.0% ) plus the applicable margin. UK Sub-Facility: (a) adjusted LIBOR plus the applicable margin, plus any mandating cost, if applicable Swingline Loans: Domestic swingline loans - domestic Base Rate plus the applicable margin. UK swingline loans - UK Base Rate (being the "base rate" of the local Bank of America branch in the jurisdiction of the currency chosen) plus the applicable margin. The initial applicable margin for Base Rate loans and U.S. Index rate loans and Canadian Prime Rate loans was 0.50% and the initial applicable margin for LIBOR loans, BA equivalent loans and UK swingline loans was 1.50% . Thereafter, the applicable margin is subject to adjustment based on “Excess Availability” for the prior quarter. The term “Excess Availability” means, as of any given date, the excess (if any) of the Loan Cap (being the lesser of the total commitments and the Borrowing Base) over the outstanding credit extensions under the Credit Facility. Interest on the Company’s borrowings is payable monthly in arrears for domestic Base Rate loans (including domestic swingline loans), U.S. Index rate loans, Canadian Prime Rate loans and UK swingline loans and at the end of each interest rate period (but not less often than quarterly) for LIBOR loans and BA equivalent loans. The Company is also required to pay a commitment fee on the actual daily unused portions of the Credit Facility at a rate of 0.25% per annum. Note 6 Long-Term Debt, Continued Currency Loans to GCO Canada, Inc. may be made in U.S. dollars or Canadian dollars. Loans to Genesco (UK) Limited may be made in U.S. dollars, Euros, Pounds Sterling or any other freely transferable currencies approved by the Agent and applicable lenders. Certain Covenants The Company is not required to comply with any financial covenants unless Excess Availability is less than the greater of $25.0 million or 10.0% of the Loan Cap. If and during such time as Excess Availability is less than the greater of $25.0 million or 10.0% of the Loan Cap, the Credit Facility requires the Company to meet a minimum fixed charge coverage ratio of (a) an amount equal to consolidated EBITDA less capital expenditures and taxes paid in cash, in each case for such period, to (b) fixed charges for such period, of not less than 1.0 :1.0. Excess Availability was $298.2 million at January 28, 2017. Because Excess Availability exceeded $25.0 million or 10.0% of the Loan Cap, the Company was not required to comply with this financial covenant at January 28, 2017. The Credit Facility also permits the Company to incur up to $500.0 million of senior debt provided that certain terms and conditions are met. In addition, the Credit Facility contains certain covenants that, among other things, restrict additional indebtedness, liens and encumbrances, loans and investments, acquisitions, dividends and other restricted payments, transactions with affiliates, asset dispositions, mergers and consolidations, prepayments or material amendments of other indebtedness and other matters customarily restricted in such agreements. Cash Dominion The Credit Facility also contains cash dominion provisions that apply in the event that the Company’s Excess Availability is less than the greater of $30.0 million or 12.5% of the Loan Cap or there is an event of default under the Credit Facility. Events of Default The Credit Facility contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain other material indebtedness in excess of specified amounts and to agreements which would have a material adverse effect if breached, certain events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts and change in control. Certain of the lenders under the Credit Facility or their affiliates have provided and may in the future provide certain commercial banking, financial advisory, and investment banking services in the ordinary course of business for the Company, its subsidiaries and certain of its affiliates, for which they receive customary fees and commissions. Note 6 Long-Term Debt, Continued U.K. Credit Facility In May 2015, Schuh Group Limited entered into a Form of Amended and Restated Facilities Agreement and Working Capital Facility Letter ("UK Credit Facilities") which replaced the former A, B and C term loans with a new Facility A of £17.5 million and a Facility B of £11.6 million (which was the former Facility C loan) as well as provided an additional revolving credit facility, Facility C, of £22.5 million and a working capital facility of £2.5 million . The Facility A loan bears interest at LIBOR plus 1.8% per annum with quarterly payments through April 2017. The Facility B loan bears interest at LIBOR plus 2.5% per annum with quarterly payments through September 2019. The Facility C bears interest at LIBOR plus 2.2% per annum and expires in September 2019. The UK Credit Facilities contain certain covenants at the Schuh level including a minimum interest coverage covenant of 4.50 x and thereafter, a maximum leverage covenant initially set at 2.25 x declining over time at various rates to 1.75 x beginning in April 2017 and a minimum cash flow coverage of 1.00 x. The Company was in compliance with all the covenants at January 28, 2017. The UK Credit Facilities are secured by a pledge of all the assets of Schuh and its subsidiaries. |
Commitments Under Long-Term Lea
Commitments Under Long-Term Leases | 12 Months Ended |
Jan. 28, 2017 | |
Leases [Abstract] | |
Commitments Under Long-Term Leases | Commitments Under Long-Term Leases Operating Leases The Company leases its office space and all of its retail store locations, certain distribution centers and transportation equipment under various noncancelable operating leases. The leases have varying terms and expire at various dates through 2030. The store leases in the United States, Puerto Rico and Canada typically have initial terms of approximately 10 years. The stores leases in the United Kingdom, the Republic of Ireland and Germany typically have initial terms of between 10 and 20 years. Generally, most of the leases require the Company to pay taxes, insurance, maintenance costs and contingent rentals based on sales. Approximately 4% of the Company’s leases contain renewal options. Rental expense under operating leases of continuing operations was: In thousands 2017 2016 2015 Minimum rentals $ 264,129 $ 255,083 $ 250,077 Contingent rentals 9,957 11,044 9,217 Sublease rentals (1,863 ) (825 ) (852 ) Total Rental Expense $ 272,223 $ 265,302 $ 258,442 Note 7 Commitments Under Long-Term Leases, Continued Minimum rental commitments payable in future years are: Fiscal Years In thousands 2018 $ 245,159 2019 215,230 2020 191,857 2021 172,763 2022 152,855 Later years 402,013 Total Minimum Rental Commitments $ 1,379,877 For leases that contain predetermined fixed escalations of the minimum rentals, the related rental expense is recognized on a straight-line basis and the cumulative expense recognized on the straight-line basis in excess of the cumulative payments is included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets. The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are recorded as deferred rent and amortized as a reduction of rent expense over the initial lease term. Tenant allowances of $25.4 million for both Fiscal 2017 and 2016, and deferred rent of $51.9 million and $48.0 million for Fiscal 2017 and 2016, respectively, are included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets. |
Equity
Equity | 12 Months Ended |
Jan. 28, 2017 | |
Equity [Abstract] | |
Equity | Equity Non-Redeemable Preferred Stock Shares Authorized Number of Shares Amounts in Thousands Class 2017 2016 2015 2017 2016 2015 Employees’ Subordinated Convertible Preferred 5,000,000 37,646 38,196 44,836 1,129 1,146 1,345 Stated Value of Issued Shares 1,129 1,146 1,345 Employees’ Preferred Stock Purchase Accounts (69 ) (69 ) (71 ) Total Non-Redeemable Preferred Stock $ 1,060 $ 1,077 $ 1,274 Subordinated Serial Preferred Stock: The Company's charter permits the Board of Directors to issue Subordinated Serial Preferred Stock ( 3,000,000 shares, in aggregate, are authorized) in as many series, each with as many shares and such rights and preferences as the board may designate. The Company has shares authorized for $2.30 Series 1, $4.75 Series 3, $4.75 Series 4, Series 6 and $1.50 Subordinated Cumulative Preferred stocks in amounts of 64,368 shares, 40,449 shares, 53,764 shares, 800,000 shares and 5,000,000 shares, respectively. All of these preferred stocks were mandatorily redeemed by the Company in Fiscal 2014. As a result, there are no outstanding shares for any preferred issues of stock other than Employees' Subordinated Convertible Preferred stock shown in the table above. Preferred Stock Transactions In thousands Non-Redeemable Employees’ Preferred Stock Employees’ Preferred Stock Purchase Accounts Total Non-Redeemable Preferred Stock Balance February 2, 2014 $ 1,382 $ (77 ) $ 1,305 Other stock conversions (37 ) 6 (31 ) Balance January 31, 2015 1,345 (71 ) 1,274 Other stock conversions (199 ) 2 (197 ) Balance January 30, 2016 1,146 (69 ) 1,077 Other stock conversions (17 ) — (17 ) Balance January 28, 2017 $ 1,129 $ (69 ) $ 1,060 Note 8 Equity, Continued Employees’ Subordinated Convertible Preferred Stock: Stated and liquidation values are 88 times the average quarterly per share dividend paid on common stock for the previous eight quarters (if any), but in no event less than $30 per share. Each share of this issue of preferred stock is convertible into one share of common stock and has one vote per share. Common Stock: Common stock- $1 par value. Authorized: 80,000,000 shares; issued: January 28, 2017 – 20,354,272 shares; January 30, 2016 – 22,322,799 shares. There were 488,464 shares held in treasury at January 28, 2017 and January 30, 2016. Each outstanding share is entitled to one vote. At January 28, 2017, common shares were reserved as follows: 37,646 shares for conversion of preferred stock and 2,556,824 shares for the 2009 Amended and Restated Stock Incentive Plan. For the year ended January 31, 2017, 26,696 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $38.13 , for a total of $1.0 million ; 236,364 shares of common stock were issued as restricted shares as part of the Amended and Restated 2009 Genesco Inc. Equity Incentive Plan (the "2009 Plan"); 23,252 shares were issued to directors in exchange for their services; 55,563 shares were withheld for taxes on restricted stock vested in Fiscal 2017; 43,998 shares of restricted stock were forfeited in Fiscal 2017; and 591 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 2,155,869 shares of common stock at an average weighted market price of $61.81 for a total of $133.3 million . For the year ended January 30, 2016, 35,542 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $36.81 , for a total of $1.3 million ; 219,404 shares of common stock were issued as restricted shares as part of the 2009 Plan; 2,470 shares of common stock were issued for the purchase of shares under the Employee Stock Purchase Plan ("ESPP") at an average weighted market price of $54.22 , for a total of $0.1 million ; 19,769 shares were issued to directors in exchange for their services; 65,783 shares were withheld for taxes on restricted stock vested in Fiscal 2016; 27,221 shares of restricted stock were forfeited in Fiscal 2016; and 6,640 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 2,383,384 shares of common stock at an average weighted market price of $60.79 for a total of $144.9 million . For the year ended January 31, 2015, 68,616 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $26.49 , for a total of $1.8 million ; 185,416 shares of common stock were issued as restricted shares as part of the 2009 Plan; 2,688 shares of common stock were issued for the purchase of shares under the ESPP at an average weighted market price of $71.01 , for a total of $0.2 million ; 16,396 shares were issued to directors in exchange for their services; 88,003 shares were withheld for taxes on restricted stock vested in Fiscal 2015; 13,999 shares of restricted stock were forfeited in Fiscal 2015; and 1,233 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 64,709 shares of common stock at an average weighted market price of $71.63 for a total of $4.6 million . Note 8 Equity, Continued Restrictions on Dividends and Redemptions of Capital Stock: The Company’s charter provides that no dividends may be paid and no shares of capital stock acquired for value if there are dividend or redemption arrearages on any senior or equally ranked stock. Exchanges of subordinated serial preferred stock for common stock or other stock junior to such exchanged stock are permitted. The Company’s Credit Facility prohibits the payment of dividends and other restricted payments unless as of the date of the making of any Restricted Payment (as defined in the Credit Facility) or consummation of any Acquisition (as defined in the Credit Facility) , (a) no Default (as defined in the Credit Facility)or Event of Default (as defined in the Credit Facility) exists or would arise after giving effect to such Restricted Payment or Acquisition, and (b) either (i) the Borrowers (as defined in the Credit Facility)have pro forma projected Excess Availability for the following six month period equal to or greater than 25% of the Loan Cap, after giving pro forma effect to such Restricted Payment or Acquisition, or (ii) (A) the Borrowers have pro forma projected Excess Availability for the following six month period of less than 25% of the Loan Cap but equal to or greater than 15% of the Loan Cap, after giving pro forma effect to the Restricted Payment or Acquisition, and (B) the Fixed Charge Coverage Ratio (as defined in the Credit Facility), on a pro forma basis for the twelve months preceding such Restricted Payment or Acquisition, will be equal to or greater than 1.0 : 1.0 , and (c) after giving effect to such Restricted Payment or Acquisition, the Company and the other Borrowers under the Credit Facility are Solvent (as defined in the Credit Facility). Notwithstanding the foregoing, the Company may make cash dividends on preferred stock up to $0.5 million in any fiscal year absent a continuing Event of Default. The Company’s management does not expect availability under the Credit Facility to fall below the requirements listed above during Fiscal 2017. The Company’s UK Credit Facility prohibits the payment of any dividends by Schuh or its subsidiaries to the Company. Note 8 Equity, Continued Changes in the Shares of the Company’s Capital Stock Common Stock Employees’ Preferred Stock Issued at February 1, 2014 24,407,724 46,069 Exercise of options 68,616 — Issue restricted stock 185,416 — Issue shares—Employee Stock Purchase Plan 2,688 — Shares repurchased (64,709 ) — Other (84,373 ) (1,233 ) Issued at January 31, 2015 24,515,362 44,836 Exercise of options 35,542 — Issue restricted stock 219,404 — Issue shares—Employee Stock Purchase Plan 2,470 — Shares repurchased (2,383,384 ) — Other (66,595 ) (6,640 ) Issued at January 30, 2016 22,322,799 38,196 Exercise of options 26,696 — Issue restricted stock 236,364 — Shares repurchased (2,155,869 ) — Other (75,718 ) (550 ) Issued at January 28, 2017 20,354,272 37,646 Less shares repurchased and held in treasury 488,464 — Outstanding at January 28, 2017 19,865,808 37,646 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of earnings from continuing operations before income taxes is comprised of the following: In thousands 2017 2016 2015 United States $ 129,819 $ 136,178 $ 150,682 Foreign 21,595 15,355 6,307 Total Earnings from Continuing Operations before Income Taxes $ 151,414 $ 151,533 $ 156,989 Income tax expense from continuing operations is comprised of the following: In thousands 2017 2016 2015 Current U.S. federal $ 36,998 $ 46,515 $ 43,146 International 5,245 3,542 292 State 5,918 8,220 8,966 Total Current Income Tax Expense 48,161 58,277 52,404 Deferred U.S. federal 2,980 (1,249 ) 4,422 International 1,182 868 636 State 1,232 (1,744 ) 154 Total Deferred Income Tax Expense (Benefit) 5,394 (2,125 ) 5,212 Total Income Tax Expense – Continuing Operations $ 53,555 $ 56,152 $ 57,616 Discontinued operations were recorded net of income tax expense (benefit) of approximately $(0.3) million , $(0.5) million and $(1.1) million in Fiscal 2017, 2016 and 2015, respectively. As a result of the exercise of stock options and vesting of restricted stock during Fiscal 2017, 2016 and 2015, the Company realized an additional income tax benefit of approximately $0.3 million , $0.2 million and $3.1 million , respectively. These tax benefits are reflected as an adjustment to additional paid-in capital. Note 9 Income Taxes, Continued Deferred tax assets and liabilities are comprised of the following: January 28, January 30, In thousands 2017 2016 Identified intangibles $ (31,079 ) $ (29,763 ) Prepaids (3,274 ) (3,390 ) Convertible bonds (1,196 ) (1,799 ) Tax over book depreciation (3,014 ) — Total deferred tax liabilities (38,563 ) (34,952 ) Options — 101 Deferred rent 5,488 5,119 Pensions 3,396 4,409 Expense accruals 10,413 9,577 Uniform capitalization costs 16,361 14,644 Book over tax depreciation — 9,778 Provisions for discontinued operations and restructurings 2,179 6,111 Inventory valuation 3,728 3,954 Tax net operating loss and credit carryforwards 2,450 2,493 Allowances for bad debts and notes 491 378 Deferred compensation and restricted stock 7,147 6,706 Other 4,458 3,825 Gross deferred tax assets 56,111 67,095 Deferred tax asset valuation allowance (4,305 ) (3,352 ) Deferred tax asset net of valuation allowance 51,806 63,743 Net Deferred Tax Assets $ 13,243 $ 28,791 The deferred tax balances have been classified in the Consolidated Balance Sheets as follows: 2017 2016 Net current asset $ 21,194 $ 28,965 Net non-current asset 85 959 Net non-current liability (8,036 ) (1,133 ) Net Deferred Tax Assets $ 13,243 $ 28,791 Note 9 Income Taxes, Continued Reconciliation of the United States federal statutory rate to the Company’s effective tax rate from continuing operations is as follows: 2017 2016 2015 U. S. federal statutory rate of tax 35.00 % 35.00 % 35.00 % State taxes (net of federal tax benefit) 3.46 2.82 3.80 Foreign rate differential (2.93 ) (2.60 ) (1.56 ) Change in valuation allowance 0.88 (0.58 ) 0.57 Permanent items 1.11 2.19 2.13 Uncertain federal, state and foreign tax positions (0.90 ) 1.23 (3.06 ) Other (1.25 ) (1.00 ) (0.18 ) Effective Tax Rate 35.37 % 37.06 % 36.70 % The provision for income taxes resulted in an effective tax rate for continuing operations of 35.37% for Fiscal 2017, compared with an effective tax rate of 37.06% for Fiscal 2016. The tax rate for Fiscal 2017 was lower primarily due to the release of tax reserves. As of January 28, 2017, January 30, 2016 and January 31, 2015, the Company had a federal net operating loss carryforward, which was assumed in one of the prior year acquisitions, of $0.0 million , $1.0 million and $1.2 million , respectively, which expire in fiscal years 2025 through 2030 . The reduction of the federal net operating loss carryforward for Fiscal 2017 resulted from the SureGrip Footwear sale on December 25, 2016. As of January 28, 2017, January 30, 2016 and January 31, 2015, the Company had state net operating loss carryforwards of $0.4 million , $0.5 million and $0.0 million , respectively, which expire in fiscal years 2020 through 2037 . As of January 28, 2017, January 30, 2016 and January 31, 2015, the Company had state tax credits of $0.4 million , $0.6 million and $0.4 million , respectively. These credits expire in fiscal years 2018 through 2024 . As of January 28, 2017, January 30, 2016 and January 31, 2015, the Company had foreign net operating loss carryforwards of $7.3 million , $7.4 million and $6.8 million , respectively, which have no expiration. As of January 28, 2017, the Company has provided a valuation allowance of approximately $4.3 million on deferred tax assets associated primarily with foreign fixed assets for which management has determined it is more likely than not that the deferred tax assets will not be realized. The $0.9 million net increase in the valuation allowance during Fiscal 2017 from the $3.4 million provided for as of January 30, 2016 relates to increases of $0.8 million in foreign net operating losses and increases of $0.1 million in fixed asset-related deferred tax assets that will likely never be realized. Management believes that it is more likely than not that the remaining deferred tax assets will be fully realized. Note 9 Income Taxes, Continued As of January 28, 2017, the Company has not provided for withholding or United States federal income taxes on approximately $64.4 million of accumulated undistributed earnings of its foreign subsidiaries as they are considered by management to be indefinitely reinvested. If these undistributed earnings were not considered to be indefinitely reinvested, the related U.S. tax liability may be reduced by foreign income taxes paid on those earnings. The determination of the amount of unrecognized deferred tax liability related to these temporary differences is not practicable at this time as this could be significantly impacted by the source location and amount of the distribution, the underlying tax rate already paid on the earnings, foreign withholding taxes and the opportunity to use foreign tax credits. The methodology in the Income Tax Topic of the Codification prescribes that a company should use a more-likely-than-not recognition threshold based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold should be measured in order to determine the tax benefit to be recognized in the financial statements. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2017, 2016 and 2015. In thousands 2017 2016 2015 Unrecognized Tax Benefit – Beginning of Period $ 14,639 $ 3,997 $ 10,960 Gross Increases (Decreases) – Tax Positions in a Prior Period (7,585 ) 9,328 231 Gross Increases (Decreases) – Tax Positions in a Current Period 491 1,403 (287 ) Settlements (742 ) — — Lapse of Statutes of Limitations (1,181 ) (89 ) (6,907 ) Unrecognized Tax Benefit – End of Period $ 5,622 $ 14,639 $ 3,997 The amount of unrecognized tax benefits as of January 28, 2017, January 30, 2016 and January 31, 2015 which would impact the annual effective rate if recognized were $2.5 million , $3.9 million and $2.7 million , respectively. The amount of unrecognized tax benefits may change during the next twelve months but the Company does not believe the change, if any, will be material to the Company's consolidated financial position or results of operations. The Company recognizes interest expense and penalties related to the above unrecognized tax benefits within income tax expense on the Consolidated Statements of Operations. Related to the uncertain tax benefits noted above, the Company recorded interest and penalties of approximately $0.8 million benefit and $0.0 million benefit, respectively, during Fiscal 2017, $0.6 million expense and $0.0 million benefit, respectively, during Fiscal 2016 and $(0.1) million and $0.0 million benefit, respectively, during Fiscal 2015. The Company recognized a liability for accrued interest and penalties of $0.6 million and $0.1 million , respectively, as of January 28, 2017, $1.5 million and $0.1 million , respectively, as of January 30, 2016 and $0.8 million and $0.1 million , respectively, as of January 31, 2015. The long-term portion of the unrecognized tax benefits and related accrued interest and penalties are included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets. Note 9 Income Taxes, Continued Income tax reserves are determined using the methodology required by the Income Tax Topic of the Codification. The Company and its subsidiaries file income tax returns in federal and in many state and local jurisdictions as well as foreign jurisdictions. With few exceptions, the Company's state and local income tax returns for fiscal years ended February 1, 2014 and beyond remain subject to examination. In addition, the Company has subsidiaries in various foreign jurisdictions that have statutes of limitation generally ranging from two to six years. The Company's US federal income tax return for the fiscal years ended January 31, 2015 and beyond remain subject to examination. |
Defined Benefit Pension Plans a
Defined Benefit Pension Plans and Other Postretirement Benefit Plans | 12 Months Ended |
Jan. 28, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Pension Plans and Other Postretirement Benefit Plans | Defined Benefit Pension Plans and Other Postretirement Benefit Plans Defined Benefit Pension Plans The Company previously sponsored a non-contributory, defined benefit pension plan. As of January 1, 1996, the Company amended the plan to change the pension benefit formula to a cash balance formula from the then existing benefit calculation based upon years of service and final average pay. The benefits accrued under the old formula were frozen as of December 31, 1995. Upon retirement, the participant will receive this accrued benefit payable as an annuity. In addition, the participant will receive as a lump sum (or annuity if desired) the amount credited to the participant’s cash balance account under the new formula. Effective January 1, 2005, the Company froze the defined benefit cash balance plan which prevents any new entrants into the plan as of that date as well as affects the amounts credited to the participants’ accounts as discussed below. Under the cash balance formula, beginning January 1, 1996, the Company credits each participants’ account annually with an amount equal to 4% of the participant’s compensation plus 4% of the participant’s compensation in excess of the Social Security taxable wage base. Beginning December 31, 1996 and annually thereafter, the account balance of each active participant was credited with 7% interest calculated on the sum of the balance as of the beginning of the plan year and 50% of the amounts credited to the account, other than interest, for the plan year. The account balance of each participant who was inactive would be credited with interest at the lesser of 7% or the 30 year Treasury rate. Under the frozen plan, each participants’ cash balance plan account will be credited annually only with interest at the 30 year Treasury rate, not to exceed 7% , until the participant retires. The amount credited each year will be based on the rate at the end of the prior year. In June 2016, the Company's board of directors authorized an offer to vested former employees and active employees over the age of 62 in the Company's defined benefits pension plan to buy out their future benefits under the plan for a lump sum cash payment. The Company made the buyout offer in the third quarter of Fiscal 2017, and completed it in the fourth quarter of Fiscal 2017. The Company incurred a one-time charge to earnings of $2.5 million in the fourth quarter of Fiscal 2017 in connection with the pension plan buyout. Note 10 Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued Other Postretirement Benefit Plans The Company provides health care benefits for early retirees and life insurance benefits for certain retirees not covered by collective bargaining agreements. Under the health care plan, early retirees are eligible for benefits until age 65 . Employees who meet certain requirements are eligible for life insurance benefits upon retirement. The Company accrues such benefits during the period in which the employee renders service. Obligations and Funded Status The measurement date of the assets and liabilities for the defined benefit pension plan and postretirement medical and life insurance plans is the month-end date that is closest to the Company's fiscal year end. Change in Benefit Obligation Pension Benefits Other Benefits In thousands 2017 2016 2017 2016 Benefit obligation at beginning of year $ 100,290 $ 125,764 $ 6,826 $ 6,886 Service cost 550 450 704 821 Interest cost 4,118 4,263 286 245 Plan participants’ contributions — — 158 124 Plan settlements (13,862 ) — — — Curtailment gain — — — (755 ) Benefits paid (8,308 ) (8,841 ) (257 ) (341 ) Actuarial (gain) loss 4,159 (21,346 ) 1,226 (154 ) Benefit Obligation at End of Year $ 86,947 $ 100,290 $ 8,943 $ 6,826 Change in Plan Assets Pension Benefits Other Benefits In thousands 2017 2016 2017 2016 Fair value of plan assets at beginning of year $ 90,333 $ 103,580 $ — $ — Actual gain (loss) on plan assets 12,531 (4,406 ) — — Plan settlements (13,874 ) — — — Employer contributions — — 99 217 Plan participants’ contributions — — 158 124 Benefits paid (8,308 ) (8,841 ) (257 ) (341 ) Fair Value of Plan Assets at End of Year $ 80,682 $ 90,333 — — Funded Status at End of Year $ (6,265 ) $ (9,957 ) $ (8,943 ) $ (6,826 ) Note 10 Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued Amounts recognized in the Consolidated Balance Sheets consist of: Pension Benefits Other Benefits In thousands 2017 2016 2017 2016 Current liabilities $ — $ — $ (343 ) $ (274 ) Noncurrent liabilities (6,265 ) (9,957 ) (8,600 ) (6,552 ) Net Amount Recognized $ (6,265 ) $ (9,957 ) $ (8,943 ) $ (6,826 ) Amounts recognized in accumulated other comprehensive income consist of: Pension Benefits Other Benefits In thousands 2017 2016 2017 2016 Net loss $ 15,430 $ 21,415 $ 2,518 $ 1,417 Total Recognized in Accumulated Other Comprehensive Loss $ 15,430 $ 21,415 $ 2,518 $ 1,417 Amounts for projected and accumulated benefit obligation and fair value of plan assets are as follows: In thousands January 28, 2017 January 30, 2016 Projected benefit obligation $ 86,947 $ 100,290 Accumulated benefit obligation 86,947 100,290 Fair value of plan assets 80,682 90,333 Components of Net Periodic Benefit Cost Net Periodic Benefit Cost Pension Benefits Other Benefits In thousands 2017 2016 2015 2017 2016 2015 Service cost $ 550 $ 450 $ 450 $ 704 $ 821 $ 526 Interest cost 4,118 4,263 4,664 286 245 226 Expected return on plan assets (5,641 ) (5,785 ) (6,069 ) — — — Settlement loss recognized 2,456 — — — — — Amortization: Prior service cost — — — — — — Losses 810 4,948 3,546 125 189 102 Net amortization $ 810 $ 4,948 $ 3,546 $ 125 $ 189 $ 102 Net Periodic Benefit Cost $ 2,293 $ 3,876 $ 2,591 $ 1,115 $ 1,255 $ 854 Note 10 Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued Reconciliation of Accumulated Other Comprehensive Income Pension Benefits Other Benefits In thousands 2017 2017 Net (gain) loss $ (2,729 ) $ 1,226 Amortization of net actuarial loss (3,256 ) (125 ) Total Recognized in Other Comprehensive Income $ (5,985 ) $ 1,101 Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income $ (3,692 ) $ 2,216 The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $0.9 million and $0.0 million , respectively. The estimated net loss for the other postretirement benefit plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $0.2 million . Weighted-average assumptions used to determine benefit obligations Pension Benefits Other Benefits 2017 2016 2017 2016 Discount rate 3.95 % 4.30 % 3.98 % 4.04 % Rate of compensation increase NA NA — — For Fiscal 2017 and 2016, the discount rate was based on a yield curve of high quality corporate bonds with cash flows matching the Company’s planned expected benefit payments. The decrease in the discount rate for Fiscal 2017 increased the accumulated benefit obligation by $3.2 million and increased the projected benefit obligation by $3.2 million . The increase in the discount rate for Fiscal 2016 decreased the accumulated benefit obligation by $7.5 million and decreased the projected benefit obligation by $7.5 million . Weighted-average assumptions used to determine net periodic benefit costs Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 Discount rate 4.30 % 3.55 % 4.40 % 4.04 % 3.31 % 4.40 % Expected long-term rate of return on plan assets 6.35 % 6.35 % 6.75 % — — — Rate of compensation increase NA NA NA — — — To develop the expected long-term rate of return on assets assumption, the Company considered historical asset returns, the current asset allocation and future expectations. Considering this information, the Company selected a 6.35% long-term rate of return on assets assumption. Note 10 Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued Assumed health care cost trend rates 2017 2016 Health care cost trend rate assumed for next year 8.0 % 7.5 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5 % 5 % Year that the rate reaches the ultimate trend rate 2027 2021 The effect on disclosed information of one percentage point change in the assumed health care cost trend rate for each future year is shown below. In thousands 1% Increase in Rates 1% Decrease in Rates Aggregated service and interest cost $ 142 $ 237 Accumulated postretirement benefit obligation $ 1,427 $ 1,169 Plan Assets The Company’s pension plan weighted average asset allocations as of January 28, 2017 and January 30, 2016, by asset category are as follows: Plan Assets January 28, 2017 January 30, 2016 Asset Category Equity securities 65 % 64 % Debt securities 35 % 36 % Total 100 % 100 % The investment strategy of the trust is to ensure over the long-term an asset pool, that when combined with Company contributions, will support benefit obligations to participants, retirees and beneficiaries. Investment management responsibilities of plan assets are delegated to outside investment advisers and overseen by an Investment Committee comprised of members of the Company’s senior management that are appointed by the Board of Directors. The Company has an investment policy that provides direction on the implementation of this strategy. The investment policy establishes a target allocation for each asset class and investment manager. The actual asset allocation versus the established target is reviewed at least quarterly and is maintained within a +/- 5% range of the target asset allocation. Target allocations are 50% domestic equity, 13% international equity, 35% fixed income and 2% cash investments. All investments are made solely in the interest of the participants and beneficiaries for the exclusive purposes of providing benefits to such participants and their beneficiaries and defraying the expenses related to administering the trust as determined by the Investment Committee. All assets shall be properly Note 10 Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued diversified to reduce the potential of a single security or single sector of securities having a disproportionate impact on the portfolio. The Committee utilizes an outside investment consultant and investment managers to implement its various investment strategies. Performance of the managers is reviewed quarterly and the investment objectives are consistently evaluated. At January 28, 2017 and January 30, 2016, there were no Company related assets in the plan. Generally, quoted market prices are used to value pension plan assets. Equities, some fixed income securities, publicly traded investment funds and U.S. government obligations are valued at the closing price reported on the active market on which the individual security is traded. The following tables present the pension plan assets by level within the fair value hierarchy as of January 28, 2017 and January 30, 2016. January 28, 2017 (In thousands) Level 1 Level 2 Level 3 Total Equity Securities: International securities $ 10,367 $ — $ — $ 10,367 U.S. securities 42,041 — — 42,041 Fixed Income Securities 27,987 — — 27,987 Other: Cash Equivalents 426 — — 426 Other (includes receivables and payables) (139 ) — — (139 ) Total Pension Plan Assets $ 80,682 $ — $ — $ 80,682 January 30, 2016 (In thousands) Level 1 Level 2 Level 3 Total Equity Securities: International securities $ 11,464 $ — $ — $ 11,464 U.S. securities 46,012 — — 46,012 Fixed Income Securities 32,573 — — 32,573 Other: Cash Equivalents 291 — — 291 Other (includes receivables and payables) (7 ) — — (7 ) Total Pension Plan Assets $ 90,333 $ — $ — $ 90,333 Cash Flows Return of Assets There was no return of assets from the plan to the Company in Fiscal 2017 and no plan assets are projected to be returned to the Company in Fiscal 2018. Note 10 Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued Contributions There was no Employee Retirement Income Security Act of 1974, as amended ("ERISA") cash requirement for the plan in 2016 and none is projected to be required in 2017. It is the Company’s policy to contribute enough cash to maintain at least an 80% funding level. Estimated Future Benefit Payments Expected benefit payments from the trust, including future service and pay, are as follows: Estimated future payments Pension Benefits ($ in millions) Other Benefits ($ in millions) 2017 $ 7.3 $ 0.3 2018 7.2 0.4 2019 7.0 0.4 2020 6.8 0.4 2021 6.6 0.5 2022 – 2026 30.0 2.4 Section 401(k) Savings Plan The Company has a Section 401(k) Savings Plan available to employees who have completed one full year of service and are age 21 or older. Since January 1, 2005, the Company has matched 100% of each employee’s contribution of up to 3% of salary and 50% of the next 2% of salary. In addition, for those employees hired before December 31, 2004, who were eligible for the Company’s cash balance retirement plan before it was frozen, the Company annually makes an additional contribution of 2 1/2 % of salary to each employee’s account. In calendar 2005 and future years, participants are immediately vested in their contributions and the Company’s matching contribution plus actual earnings thereon. The contribution expense to the Company for the matching program was approximately $5.5 million for Fiscal 2017, $6.0 million for Fiscal 2016 and $5.5 million for Fiscal 2015. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share For the Year Ended January 28, 2017 For the Year Ended January 30, 2016 For the Year Ended January 31, 2015 (In thousands, except per share amounts) Income (Numerator) Shares (Denominator) Per-Share Amount Income (Numerator) Shares (Denominator) Per-Share Amount Income (Numerator) Shares (Denominator) Per-Share Amount Earnings from continuing operations $ 97,859 $ 95,381 $ 99,373 Basic EPS from continuing operations Income from continuing operations available to common shareholders 97,859 20,076 $ 4.87 95,381 22,880 $ 4.17 99,373 23,507 $ 4.23 Effect of Dilutive Securities from continuing operations Options and restricted stock 58 76 155 Employees’ preferred stock (1) 38 44 46 Diluted EPS from continuing operations Income from continuing operations available to common shareholders plus assumed conversions $ 97,859 20,172 $ 4.85 $ 95,381 23,000 $ 4.15 $ 99,373 23,708 $ 4.19 (1) The Company’s Employees’ Subordinated Convertible Preferred Stock is convertible one for one to the Company’s common stock. Because there are no dividends paid on this stock, these shares are assumed to be converted. There were no outstanding options to purchase shares of common stock at the end of Fiscal 2017. All outstanding options to purchase shares of common stock at the end of Fiscal 2016 and 2015 were included in the computation of diluted earnings per share because the impact of doing so was dilutive. The weighted shares outstanding reflects the effect of the Company's Board-approved share repurchase program. The Company repurchased 2,155,869 shares at a cost of $133.3 million during Fiscal 2017. The Company has repurchased 275,300 shares in the first quarter of Fiscal 2018, through March 24, 2017, at a cost of $16.2 million . The Company has $24.0 million remaining as of March 24, 2017 under its current $100.0 million share repurchase authorization. The Company repurchased 2,383,384 shares at a cost of $144.9 million during Fiscal 2016. The Company repurchased 64,709 shares at a cost of $4.6 million during Fiscal 2015. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plans | Share-Based Compensation Plans The Company’s stock-based compensation plans, as of January 28, 2017, are described below. The Company recognizes compensation expense for share-based payments based on the fair value of the awards as required by the Compensation – Stock Compensation Topic of the Codification. Stock Incentive Plans The Company has two stock incentive plans. Under the 2009 Plan, effective as of June 22, 2011, the Company may grant options, restricted shares, performance awards and other stock-based awards to its employees, consultants and directors for up to 2.6 million shares of common stock. Under the 2005 Equity Incentive Plan (the “2005 Plan”), effective as of June 23, 2005, the Company was permitted to grant options, restricted shares and other stock-based awards to its employees and consultants as well as directors for up to 2.5 million shares of common stock. There will be no future awards under the 2005 Plan. Under both plans, the exercise price of each option equals the market price of the Company’s stock on the date of grant, and an option’s maximum term is 10 years. Options granted under both plans primarily vest 25% per year over four years. For Fiscal 2017, 2016 and 2015, the Company did not recognize any stock option related share-based compensation for its stock incentive plans as all such amounts were fully recognized in earlier periods. The Company did not capitalize any share-based compensation cost. The Compensation—Stock Compensation Topic of the Codification requires that the cash flows resulting from tax benefits for tax deductions in excess of the compensation cost recognized for those options (excess tax benefit) be classified as financing cash flows. Accordingly, the Company classified excess tax benefits of $0.3 million , $0.2 million and $3.1 million as financing cash inflows rather than as operating cash inflows on its Consolidated Statement of Cash Flows for Fiscal 2017, 2016 and 2015, respectively. The Company did not grant any stock options in Fiscal 2017, 2016 or 2015. Note 12 Share-Based Compensation Plans, Continued A summary of stock option activity and changes for Fiscal 2017, 2016 and 2015 is presented below: Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (1) Outstanding, February 1, 2014 130,854 $ 31.67 Granted — — Exercised (68,616 ) 26.49 Forfeited — — Outstanding, January 31, 2015 62,238 $ 37.38 Granted — — Exercised (35,542 ) 36.81 Forfeited — — Outstanding, January 30, 2016 26,696 $ 38.13 Granted — — Exercised (26,696 ) 38.13 Forfeited — — Outstanding, January 28, 2017 — $ — — $ — Exercisable, January 28, 2017 — $ — — $ — (1) Based upon the difference between the closing market price of the Company’s common stock on the last trading day of the year and the grant price of in-the-money options. The total intrinsic value, which represents the difference between the underlying stock’s market price and the option’s exercise price, of options exercised during Fiscal 2017, 2016 and 2015 was $0.7 million , $0.9 million and $3.4 million , respectively. As of January 28, 2017, the Company does not have any nonvested options under its stock incentive plans. As of January 28, 2017, there was no unrecognized compensation costs related to stock options under the 2009 Plan. Cash received from option exercises under all share-based payment arrangements for Fiscal 2017, 2016 and 2015 was $1.0 million , $1.3 million and $1.8 million , respectively. Restricted Stock Incentive Plans Director Restricted Stock The 2009 Plan permits grants to non-employee directors on such terms as the Board of Directors may approve. Restricted stock awards were made to independent directors on the date of the annual meeting of shareholders in each of Fiscal 2017, 2016 and 2015. The shares granted in each award vested on the first anniversary of the grant date, subject to the director's continued service through that date. The Board of Directors also approved a grant of 760 additional shares in Fiscal 2017 to two newly elected directors on the annual meeting date in Fiscal 2017 on the same terms as the Fiscal 2017 grant to all Note 12 Share-Based Compensation Plans, Continued independent directors. In all cases, the director is restricted from selling, transferring,pledging or assigning the shares for three years from the grant date unless he or she earlier leaves the board. The Fiscal 2017, 2016 and 2015 grants were valued at $97,500 for each year, per director based on the average closing price of the stock for the first five trading days of the month in which they were granted and vested on the first anniversary of the grant date. For Fiscal 2017, 2016 and 2015, the Company issued 13,734 shares, 12,978 shares and 11,592 shares, respectively, of director restricted stock. In addition, the 2009 Plan permits an outside director to elect irrevocably to receive all or a specified portion of his annual retainers for board membership and any committee chairmanship for the following fiscal year in a number of shares of restricted stock (the "Retainer Stock"). Shares of the Retainer Stock are granted as of the first business day of the fiscal year as to which the election is effective, subject to forfeiture to the extent not earned upon the outside director's ceasing to serve as a director or committee chairman during such fiscal year. Once the shares are earned, the director is restricted from selling, transferring, pledging or assigning the shares for an additional three years. For Fiscal 2017, 2016 and 2015, the Company issued 8,758 shares, 6,791 shares and 4,804 shares, respectively, of Retainer Stock. For Fiscal 2017, 2016 and 2015, the Company recognized $1.4 million , $1.4 million and $1.1 million , respectively, of director restricted stock related share-based compensation in selling and administrative expenses in the accompanying Consolidated Statements of Operations. Employee Restricted Stock Under the 2009 Plan, the Company issued 236,364 shares, 219,404 shares and 185,416 shares of employee restricted stock in Fiscal 2017, 2016 and 2015, respectively. Shares of employee restricted stock issued in Fiscal 2017, 2016 and 2015 primarily vest 25% per year over four years, provided that on such date the grantee has remained continuously employed by the Company since the date of grant. In addition, the Company issued 2,523 restricted stock units to certain employees at no cost that vest over three years. The fair value of employee restricted stock is charged against income as compensation cost over the vesting period. Compensation cost recognized in selling and administrative expenses in the accompanying Consolidated Statements of Operations for these shares was $12.1 million , $12.4 million and $12.3 million for Fiscal 2017, 2016 and 2015, respectively. Note 12 Share-Based Compensation Plans, Continued A summary of the status of the Company’s nonvested shares of its employee restricted stock as of January 28, 2017 is presented below: Nonvested Restricted Shares Shares Weighted-Average Grant-Date Fair Value Nonvested at February 1, 2014 581,274 $ 52.21 Granted 185,416 80.85 Vested (177,694 ) 44.77 Withheld for federal taxes (88,003 ) 45.27 Forfeited (13,999 ) 65.71 Nonvested at January 31, 2015 486,994 66.70 Granted 219,404 66.43 Vested (141,795 ) 60.08 Withheld for federal taxes (65,783 ) 60.62 Forfeited (27,221 ) 69.31 Nonvested at January 30, 2016 471,599 69.26 Granted 236,364 65.99 Vested (125,347 ) 67.23 Withheld for federal taxes (55,563 ) 67.52 Forfeited (43,051 ) 70.60 Nonvested at January 28, 2017 484,002 $ 68.27 As of January 28, 2017, there was $25.7 million of total unrecognized compensation costs related to nonvested share-based compensation arrangements for restricted stock discussed above. That cost is expected to be recognized over a weighted average period of 1.79 years. Employee Stock Purchase Plan The Company ended the ESPP in Fiscal 2016. The shares issued under the ESPP for Fiscal 2016 were the last shares issued under the ESPP. Under the ESPP, the Company was authorized to issue up to 1.0 million shares of common stock to qualifying full-time employees whose total annual base salary was less than $90,000 . Under the ESPP, the Company sold 2,470 shares and 2,688 shares to employees in Fiscal 2016 and 2015, respectively. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Jan. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings Environmental Matters New York State Environmental Matters In August 1997, the New York State Department of Environmental Conservation (“NYSDEC”) and the Company entered into a consent order whereby the Company assumed responsibility for conducting a remedial investigation and feasibility study (“RIFS”) and implementing an interim remedial measure (“IRM”) with regard to the site of a knitting mill operated by a former subsidiary of the Company from 1965 to 1969. The United States Environmental Protection Agency (“EPA”), which assumed primary regulatory responsibility for the site from NYSDEC, issued a Record of Decision in September 2007. The Record of Decision specified a remedy of a combination of groundwater extraction and treatment and in-situ chemical oxidation. In September 2015, the EPA adopted an amendment to the Record of Decision eliminating the separate ground-water extraction and treatment systems and the use of in-situ oxidation from the remedy adopted in the Record of Decision. The amendment provides for the continued operation and maintenance of the existing wellhead treatment systems on wells operated by the Village of Garden City, New York (the "Village"). It also requires the Company to perform certain ongoing monitoring, operation and maintenance activities and to reimburse EPA's future oversight cost, involving future costs to the Company estimated at $1.7 million to $2.0 million , and to reimburse EPA for approximately $1.25 million of interim oversight costs. On August 15, 2016, the Court entered a Consent Judgment implementing the remedy provided for by the amendment. The Village additionally asserted that the Company is liable for the costs associated with enhanced treatment required by the impact of the groundwater plume from the site on two public water supply wells, including historical total costs ranging from approximately $1.8 million to in excess of $2.5 million , and future operation and maintenance costs which the Village estimated at $126,400 annually while the enhanced treatment continues. On December 14, 2007, the Village filed a complaint (the "Village Lawsuit") against the Company and the owner of the property under the Resource Conservation and Recovery Act (“RCRA”), the Safe Drinking Water Act, and the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) as well as a number of state law theories in the U.S. District Court for the Eastern District of New York, seeking an injunction requiring the defendants to remediate contamination from the site and to establish their liability for future costs that may be incurred in connection with it. In June 2016 the Company and the Village reached an agreement providing for the Village to continue to operate and maintain the well head treatment systems in accordance with the Record of Decision and to release its claims against the Company asserted in the Village Lawsuit in exchange for a lump-sum payment of $10.0 million by the Company. On August 25, 2016, the Village Lawsuit was dismissed with prejudice. The cost of the settlement with the Village and the estimated costs associated with the Company's compliance with the Consent Judgment were covered by the Company's existing provision for the site. The settlement with the Village did not have, and the Company expects that the Consent Judgment will not have, a material effect on its financial condition or results of operations. Note 13 Legal Proceedings, Continued In April 2015, the Company received from EPA a Notice of Potential Liability and Demand for Costs pursuant to CERCLA regarding the site in Gloversville, New York of a former leather tannery operated by the Company and by other, unrelated parties. The Notice demanded payment of approximately $2.2 million of response costs claimed by EPA to have been incurred to conduct assessments and removal activities at the site. In February 2017, the Company and EPA entered into a settlement agreement resolving EPA's claim for past response costs in exchange for a payment by the Company of $1.5 million . The Company's environmental insurance carrier has agreed to reimburse the Company for 75% of the settlement amount, subject to a $500,000 self-insured retention. The Company does not expect that the matter will have a material effect on its financial condition or results of operations. Whitehall Environmental Matters The Company has performed sampling and analysis of soil, sediments, surface water, groundwater and waste management areas at the Company's former Volunteer Leather Company facility in Whitehall, Michigan. In October 2010, the Company and the Michigan Department of Natural Resources and Environment entered into a Consent Decree providing for implementation of a remedial Work Plan for the facility site designed to bring the site into compliance with applicable regulatory standards. The Work Plan's implementation is substantially complete and the Company expects, based on its present understanding of the condition of the site, that its future obligations with respect to the site will be limited to periodic monitoring and that future costs related to the site should not have a material effect on its financial condition or results of operations. Accrual for Environmental Contingencies Related to all outstanding environmental contingencies, the Company had accrued $4.4 million as of January 28, 2017, $14.5 million as of January 30, 2016 and $14.1 million as of January 31, 2015. All such provisions reflect the Company's estimates of the most likely cost (undiscounted, including both current and noncurrent portions) of resolving the contingencies, based on facts and circumstances as of the time they were made. The Company paid $10.0 million of the accrued total at January 30, 2016 in August 2016. There is no assurance that relevant facts and circumstances will not change, necessitating future changes to the provisions. Such contingent liabilities are included in the liability arising from provision for discontinued operations on the accompanying Condensed Consolidated Balance Sheets because it relates to former facilities operated by the Company. The Company has made pretax accruals for certain of these contingencies, including approximately $0.6 million in Fiscal 2017, $0.8 million in Fiscal 2016 and $2.8 million in Fiscal 2015. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations and represent changes in estimates. Note 13 Legal Proceedings, Continued Other Matters On February 22, 2017, a former employee of a subsidiary of the Company filed a putative class and collective action, Shumate v. Genesco, Inc., et al. , in the U.S district Court for the Southern District of Ohio, alleging violations of the federal Fair Labor Standards Act and Ohio wages and hours leave including failure to pay minimum wages and overtime to the subsidiary's store managers and seeking back pay, damages, penalties, and declaratory and injunctive relief. The Company disputes the material allegations in the complaint and intends to defend the matter. On April 30, 2015, an employee of a subsidiary of the Company filed an action, Stewart v. Hat World, Inc., et al., under the California Labor Code Private Attorneys General Act on behalf of herself, the State of California, and other non-exempt, hourly-paid employees of the subsidiary in California, seeking unspecified damages and penalties for various alleged violations of the California Labor Code, including failure to pay for all hours worked, minimum wage and overtime violations, failure to provide required meal and rest periods, failure to timely pay wages, failure to provide complete and accurate wage statements, and failure to provide full reimbursement of business-related costs and expenses incurred in the course of employment. The Company disputes the material allegations in the complaint and intends to defend the matter. On December 10, 2010, the Company announced that it had suffered a criminal intrusion into the portion of its computer network that processes payments for transactions in certain of its retail stores. Visa, Inc., MasterCard Worldwide and American Express Travel Related Services Company, Inc. asserted claims totaling approximately $15.6 million in connection with the intrusion and the claims of two of the claimants have been collected by withholding payment card receivables of the Company. In the fourth quarter of Fiscal 2013, the Company recorded a $15.4 million charge to earnings in connection with the disputed liability. On March 7, 2013, the Company filed an action in the U.S. District Court for the Middle District of Tennessee against Visa U.S.A. Inc., Visa Inc. and Visa International Service Association (collectively, "Visa") seeking to recover $13.3 million in non-compliance fines and issuer reimbursement assessments collected from the Company in connection with the intrusion. In May 2016, the Company and Visa reached an agreement to settle the litigation. The Company recognized a pretax gain of $9.0 million in connection with the settlement in the second quarter of Fiscal 2017. In addition to the matters specifically described in this Note, the Company is a party to other legal and regulatory proceedings and claims arising in the ordinary course of its business. While management does not believe that the Company's liability with respect to any of these other matters is likely to have a material effect on its financial statements, legal proceedings are subject to inherent uncertainties and unfavorable rulings could have a material adverse impact on the Company's financial statements. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Jan. 28, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information During Fiscal 2017, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys, Little Burgundy and Underground by Journeys retail footwear chains, e-commerce operations and catalog; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised primarily of the Lids retail headwear stores, the Lids Locker Room and Lids Clubhouse fan shops (operated under various trade names), licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lids under a license agreement with Macy's, and certain e-commerce operations (an athletic team dealer business operating as Lids Team Sports was sold in the fourth quarter of Fiscal 2016); (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations, catalog and wholesale distribution of products under the Johnston & Murphy ® and H.S. Trask ® brands; and (v) Licensed Brands, comprised of Dockers ® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip ® Footwear which was sold in the fourth quarter of Fiscal 2017; G. H. Bass Footwear operated under a license from G-III Apparel Group, Ltd.; and other brands. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company's reportable segments are based on management's organization of the segments in order to make operating decisions and assess performance along types of products sold. Journeys Group, Schuh Group and Lids Sports Group sell primarily branded products from other companies while Johnston & Murphy Group and Licensed Brands sell primarily the Company's owned and licensed brands. Corporate assets include cash, domestic prepaid rent expense, prepaid income taxes, deferred income taxes, deferred note expense on revolver debt and corporate fixed assets. The Company charges allocated retail costs of distribution to each segment. The Company does not allocate certain costs to each segment in order to make decisions and assess performance. These costs include corporate overhead, interest expense, interest income, asset impairment charges and other, including major litigation and major lease terminations. Note 14 Business Segment Information, Continued Fiscal 2017 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 1,251,646 $ 372,872 $ 847,510 $ 289,324 $ 107,210 $ 617 $ 2,869,179 Intercompany sales — — — — (838 ) — (838 ) Net sales to external customers $ 1,251,646 $ 372,872 $ 847,510 $ 289,324 $ 106,372 $ 617 $ 2,868,341 Segment operating income (loss) $ 85,875 $ 20,530 $ 41,563 $ 19,682 $ 4,566 $ (31,058 ) $ 141,158 Asset Impairments and other* — — — — — 802 802 Earnings (loss) from operations 85,875 20,530 41,563 19,682 4,566 (30,256 ) 141,960 Gain on sale of SureGrip Footwear — — — — — 12,297 12,297 Gain on sale of Lids Team Sports — — — — — 2,404 2,404 Interest expense — — — — — (5,294 ) (5,294 ) Interest income — — — — — 47 47 Earnings (loss) from continuing operations before income taxes $ 85,875 $ 20,530 $ 41,563 $ 19,682 $ 4,566 $ (20,802 ) $ 151,414 Total assets** $ 404,773 $ 214,886 $ 519,912 $ 126,559 $ 40,357 $ 142,419 $ 1,448,906 Depreciation and amortization 24,235 14,003 26,533 5,987 995 4,015 75,768 Capital expenditures 50,259 11,236 21,123 9,221 760 1,371 93,970 *Asset Impairments and other includes an $(8.9) million gain for network intrusion expenses as a result of a litigation settlement and a $(0.7) million gain for other legal matters, partially offset by a $6.4 million charge for asset impairments, of which $5.1 million is in the Lids Sports Group, $0.8 million is in the Schuh Group and $0.5 million is in the Journeys Group and a $2.5 million charge for pension settlement expenses. **Total assets for the Lids Sports Group, Schuh Group and Journeys Group include $181.6 million , $79.8 million and $9.8 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group increased $0.7 million and $0.4 million , respectively, due to foreign currency translation adjustments. Goodwill for Schuh Group decreased by $10.5 million due to foreign currency translation adjustments. Goodwill for Licensed Brands decreased $0.8 million due to the sale of SureGrip Footwear in the fourth quarter of Fiscal 2017. Of the Company's $330.6 million of long-lived assets, $54.3 million and $21.0 million relate to long-lived assets in the United Kingdom and Canada, respectively. Note 14 Business Segment Information, Continued Fiscal 2016 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 1,251,637 $ 405,674 $ 976,372 $ 278,681 $ 110,655 $ 912 $ 3,023,931 Intercompany sales — — (868 ) — (829 ) — (1,697 ) Net sales to external customers $ 1,251,637 $ 405,674 $ 975,504 $ 278,681 $ 109,826 $ 912 $ 3,022,234 Segment operating income (loss) $ 126,248 $ 19,124 $ 17,040 $ 17,761 $ 9,236 $ (30,265 ) $ 159,144 Asset Impairments and other* — — — — — (7,893 ) (7,893 ) Earnings (loss) from operations 126,248 19,124 17,040 17,761 9,236 (38,158 ) 151,251 Gain on sale of Lids Team Sports — — — — — 4,685 4,685 Interest expense — — — — — (4,414 ) (4,414 ) Interest income — — — — — 11 11 Earnings (loss) from continuing operations before income taxes $ 126,248 $ 19,124 $ 17,040 $ 17,761 $ 9,236 $ (37,876 ) $ 151,533 Total assets** $ 349,021 $ 241,924 $ 517,284 $ 118,913 $ 50,718 $ 263,330 $ 1,541,190 Depreciation and amortization 22,504 14,814 30,196 5,677 911 4,909 79,011 Capital expenditures 33,251 19,065 37,396 7,796 774 2,370 100,652 *Asset Impairments and other includes a $3.1 million charge for asset impairments, of which $2.7 million is in the Lids Sports Group and $0.4 million is in the Schuh Group, a $2.5 million charge for asset write-downs, a $2.2 million charge for network intrusion expenses and a $0.1 million charge for other legal matters. **Total assets for the Lids Sports Group, Schuh Group, Journeys Group and Licensed Brands include $180.9 million , $90.3 million , $9.4 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group decreased $19.2 million due to the sale of Lids Team Sports in the fourth quarter of Fiscal 2016. Goodwill for Schuh Group decreased by $5.7 million due to foreign currency translation adjustment. Goodwill for Journeys Group increased $9.4 million due to the acquisition of Little Burgundy in the fourth quarter of Fiscal 2016. Of the Company's $323.3 million of long-lived assets, $64.7 million and $18.3 million relate to long-lived assets in the United Kingdom and Canada, respectively. Note 14 Business Segment Information, Continued Fiscal 2015 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 1,179,476 $ 406,947 $ 903,451 $ 259,675 $ 110,896 $ 970 $ 2,861,415 Intercompany sales — — (790 ) — (781 ) — (1,571 ) Net sales to external customers $ 1,179,476 $ 406,947 $ 902,661 $ 259,675 $ 110,115 $ 970 $ 2,859,844 Segment operating income (loss) $ 114,784 $ 10,110 $ 48,970 $ 14,856 $ 10,459 $ (29,632 ) $ 169,547 Asset Impairments and other* — — — — — (2,281 ) (2,281 ) Earnings (loss) from operations 114,784 10,110 48,970 14,856 10,459 (31,913 ) 167,266 Indemnification asset write-off — — — — — (7,050 ) (7,050 ) Interest expense — — — — — (3,337 ) (3,337 ) Interest income — — — — — 110 110 Earnings (loss) from continuing operations before income taxes $ 114,784 $ 10,110 $ 48,970 $ 14,856 $ 10,459 $ (42,190 ) $ 156,989 Total assets** $ 292,536 $ 246,570 $ 660,833 $ 109,791 $ 47,066 $ 226,094 $ 1,582,890 Depreciation and amortization 20,785 14,114 29,711 4,935 725 4,056 74,326 Capital expenditures 26,180 21,382 43,013 8,196 979 3,361 103,111 *Asset Impairments and other includes a $1.9 million charge for asset impairments, of which $1.7 million is in the Lids Sports Group and $0.2 million is in the Johnston & Murphy Group, a $3.1 million charge for network intrusion expenses and a $0.7 million charge for other legal matters, partially offset by a gain of $(3.4) million on a lease termination of a Lids store. **Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $200.1 million , $96.0 million and $0.8 million of goodwill, respectively. Goodwill for the Lids Sports Group includes $17.7 million of additions in Fiscal 2015 resulting from several small acquisitions and the Schuh Group goodwill decreased by $8.9 million due to foreign currency translation adjustment. Of the Company's $305.8 million of long-lived assets, $63.9 million and $14.6 million relate to long-lived assets in the United Kingdom and Canada, respectively. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) (In thousands, 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Fiscal Year except per share amounts) 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Net sales $ 648,793 $ 660,597 $ 625,557 $ 655,525 $ 710,822 $ 773,898 $ 883,169 $ 932,214 $ 2,868,341 $ 3,022,234 Gross margin 329,697 326,333 314,737 320,091 355,635 373,886 417,457 423,156 1,417,526 1,443,466 Earnings from continuing operations before income taxes 16,760 (1) 15,609 (3) 21,199 (5) 11,568 (7) 38,860 (9) 50,720 (11) 74,595 (13) 73,636 (15) 151,414 151,533 Earnings from continuing operations 10,564 9,945 14,504 7,593 25,948 32,855 46,843 44,988 97,859 95,381 Net earnings 10,410 (2) 9,878 (4) 14,578 (6) 7,520 (8) 25,895 (10) 32,507 (12) 46,548 (14) 44,664 (16) 97,431 94,569 Diluted earnings per common share: Continuing operations 0.50 0.42 0.72 0.32 1.30 1.43 2.40 2.07 4.85 4.15 Net earnings 0.50 0.42 0.72 0.32 1.30 1.42 2.39 2.06 4.83 4.11 (1) Includes a net asset impairment and other charge of $3.5 million (see Note 3). (2) Includes a loss of $0.2 million , net of tax, from discontinued operations (see Note 3). (3) Includes a net asset impairment and other charge of $2.6 million (see Note 3). (4) Includes a loss of $0.1 million , net of tax, from discontinued operations (see Note 3). (5) Includes a net asset impairment and other credit of $(7.9) million (see Note 3) and a gain of $(2.5) million on the sale of Lids Team Sports (see Note 2). (6) Includes a gain of $(0.1) million , net of tax, from discontinued operations (see Note 3). (7) Includes a net asset impairment and other charge of $1.2 million (see Note 3). (8) Includes a loss of $0.1 million , net of tax, from discontinued operations (see Note 3). (9) Includes a net asset impairment and other charge of $0.6 million (see Note 3). (10) Includes a loss of $0.0 million , net of tax, from discontinued operations (see Note 3). (11) Includes a net asset impairment and other charge of $0.2 million (see Note 3). (12) Includes a loss of $0.3 million , net of tax, from discontinued operations (see Note 3). (13) Includes a net asset impairment and other charge of $3.0 million (see Note 3) and a loss of $0.1 million on the sale of Lids Team Sports and a gain of $(12.3) million on the sale of SureGrip Footwear (see Note 2). (14) Includes a loss of $0.3 million , net of tax, from discontinued operations (see Note 3). (15) Includes a net asset impairment and other charge of $3.9 million (see Note 3) and a gain of $(4.7) million on the sale of Lids Team Sports (see Note 2). (16) Includes a loss of $0.3 million , net of tax, from discontinued operations (see Note 3). |
Schedule of Valuation and Quali
Schedule of Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 28, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Valuation and Qualifying Accounts Year Ended January 28, 2017 In Thousands Beginning Balance Charged to Profit and Loss Reductions Ending Balance Reserves deducted from assets in the balance sheet: Accounts Receivable Allowances $ 2,960 $ 442 $ (329 ) $ 3,073 Markdown Reserves (1) $ 11,632 $ 3,322 $ (2,088 ) $ 12,866 Year Ended January 30, 2016 In Thousands Beginning Balance Charged to Profit and Loss Reductions Ending Balance Reserves deducted from assets in the balance sheet: Accounts Receivable Allowances $ 4,191 $ 637 $ (1,868 ) $ 2,960 Markdown Reserves (1) $ 10,246 $ 6,560 $ (5,174 ) $ 11,632 Year Ended January 31, 2015 In Thousands Beginning Balance Charged to Profit and Loss Reductions Ending Balance Reserves deducted from assets in the balance sheet: Accounts Receivable Allowances $ 4,420 $ 390 $ (619 ) $ 4,191 Markdown Reserves (1) $ 5,369 $ 6,000 $ (1,123 ) $ 10,246 (1) Reflects adjustment of merchandise inventories to realizable value. Charged to Profit and Loss column represents increases to the reserve and the Reductions column represents decreases to the reserve based on quarterly assessments of the reserve, except for Fiscal 2016, which also reflects $4.7 million write-off of Lids Team Sports markdown reserve due to its sale in January 2016. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Genesco Inc. and its subsidiaries (collectively the "Company") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Shi by Journeys, Little Burgundy, Underground by Journeys and Johnston & Murphy banners and under the Schuh banner in the United Kingdom, the Republic of Ireland and Germany; through e-commerce websites including journeys.com, journeyskidz.com, journeys.ca, shibyjourneys.com, schuh.co.uk, littleburgundyshoes.com, johnstonmurphy.com and trask.com and catalogs, and at wholesale, primarily under the Company's Johnston & Murphy brand, the Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S. and Canada primarily under the Lids banner; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lids and on macys.com, under a license agreement with Macy's; and certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com, lidsclubhouse.com and neweracap.com. Including both the footwear businesses and the Lids Sports Group business, at January 28, 2017, the Company operated 2,794 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom, the Republic of Ireland and Germany. During Fiscal 2017, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys, Little Burgundy and Underground by Journeys retail footwear chains, e-commerce operations and catalog; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph (An athletic team dealer business operating as Lids Team Sports was sold in the fourth quarter of Fiscal 2016.); (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce and catalog operations and wholesale distribution of products under the Johnston & Murphy ® and H.S. Trask ® brands; and (v) Licensed Brands, comprised of Dockers ® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip ® Footwear, which was sold in the fourth quarter of Fiscal 2017; G.H. Bass Footwear operated under a license from G-III Apparel Group, Ltd.; and other brands. |
Principles of Consolidation | Principles of Consolidation All subsidiaries are consolidated in the consolidated financial statements. All significant intercompany transactions and accounts have been eliminated. |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on the Saturday closest to January 31. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Inventory Valuation | Inventory Valuation The Company values its inventories at the lower of cost or market. In its footwear wholesale operations and its Schuh Group segment, cost is determined using the FIFO method. Market value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders for footwear wholesale. The Company provides reserves when the inventory has not been marked down to market value based on current selling prices or when the inventory is not turning and is not expected to turn at levels satisfactory to the Company. The Lids Sports Group segment employs the moving average cost method for valuing inventories and applies freight using an allocation method. The Company provides a valuation allowance for slow-moving inventory based on negative margins and estimated shrink based on historical experience and specific analysis, where appropriate. In its retail operations, other than the Schuh Group and Lids Sports Group segments, the Company employs the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories. Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns, and shrinkage. These judgments and estimates, coupled with the fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, the Company employs the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyzes markdown requirements at the stock number level based on factors such as inventory turn, average selling price, and inventory age. In addition, the Company accrues markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return products to vendors and vendor agreements to provide markdown support. In addition to markdown provisions, the Company maintains provisions for shrinkage and damaged goods based on historical rates. Note 1 Summary of Significant Accounting Policies, Continued Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends, and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company periodically assesses the realizability of its long-lived assets, other than goodwill, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets. See also Notes 3 and 5. The goodwill impairment test involves performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, a two-step impairment test will not be performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step impairment test is performed. Alternatively, the Company may elect to bypass the qualitative assessment and proceed directly to the two-step impairment test, on a reporting unit level. The first step is a comparison of the fair value and carrying value of the business unit with which the goodwill is associated. The Company estimates fair value using the best information available, and computes the fair value derived by an income approach utilizing discounted cash flow projections. The income approach uses a projection of a reporting unit’s estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in the Company’s fair value estimate is the weighted average cost of capital utilized for discounting its cash flow projections in its income approach. The Company believes the rate it used in its latest annual test, which was completed at the beginning of the fourth quarter, was consistent with the risks inherent in its business and with industry discount rates. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. During the quarter ended January 28, 2017, the Company voluntarily changed the date of its annual goodwill impairment test and other intangible assets impairment test from the last day of the fiscal year to the first day of the fourth fiscal quarter. This voluntary change is preferable under the circumstances as it aligns with the Company's five-year strategic planning cycle that is completed in early October. This voluntary change in accounting principle was not made to delay, accelerate or avoid an impairment charge. This change is not applied retrospectively as it is impracticable to do so because retrospective application would require the application of significant estimates and assumptions with the use of hindsight. Accordingly, the change will be applied prospectively. Note 1 Summary of Significant Accounting Policies, Continued If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. Specifically, the Company would allocate the fair value of the reporting unit to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, the Company would record an impairment charge for the difference. |
Environmental and Other Contingencies | Environmental and Other Contingencies The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters. The Company has made pretax accruals for certain of these contingencies, including approximately $0.6 million in Fiscal 2017, $0.8 million in Fiscal 2016 and $2.8 million in Fiscal 2015. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company’s accruals, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its accrued liability in relation to each proceeding is a best estimate of probable loss connected to the proceeding, or in cases in which no best estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional provisions, that some or all liabilities will be adequate or that the amounts of any such additional provisions or any such inadequacy will not have a material adverse effect upon the Company’s financial condition, cash flows, or results of operations. |
Revenue Recognition | Revenue Recognition Retail sales are recorded at the point of sale and are net of estimated returns and exclude sales and value added taxes. Catalog and internet sales are recorded at estimated time of delivery to the customer and are net of estimated returns and exclude sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Shipping and handling costs charged to customers are included in net sales. Estimated returns are based on historical returns and claims. Actual amounts of markdowns have not differed materially from estimates. Actual returns and claims in any future period may differ from historical experience. |
Income Taxes | Income Taxes As part of the process of preparing the Consolidated Financial Statements, the Company is required to estimate its income taxes in each of the tax jurisdictions in which it operates. This process involves estimating actual current tax obligations together with assessing temporary differences resulting from differing treatment of certain items for tax and accounting purposes, such as depreciation of property Note 1 Summary of Significant Accounting Policies, Continued and equipment and valuation of inventories. These temporary differences result in deferred tax assets and liabilities, which are included within the Consolidated Balance Sheets. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income or other sources. Actual results could differ from this assessment if adequate taxable income is not generated in future periods. To the extent the Company believes that recovery of an asset is at risk, valuation allowances are established. To the extent valuation allowances are established or increased in a period, the Company includes an expense within the tax provision in the Consolidated Statements of Operations. These deferred tax valuation allowances may be released in future years when management considers that it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, management will need to periodically evaluate whether or not all available evidence, such as future taxable income and reversal of temporary differences, tax planning strategies, and recent results of operations, provides sufficient positive evidence to offset any potential negative evidence that may exist at such time. In the event the deferred tax valuation allowance is released, the Company would record an income tax benefit for the portion or all of the deferred tax valuation allowance released. At January 28, 2017, the Company had a deferred tax valuation allowance of $4.3 million . Income tax reserves for uncertain tax positions are determined using the methodology required by the Income Tax Topic of the Accounting Standards Codification ("Codification"). This methodology requires companies to assess each income tax position taken using a two step process. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position. Uncertain tax positions require determinations and estimated liabilities to be made based on provisions of the tax law which may be subject to change or varying interpretation. If the Company’s determinations and estimates prove to be inaccurate, the resulting adjustments could be material to its future financial results. |
Postretirement Benefits Plan Accounting | Postretirement Benefits Plan Accounting Full-time employees who had at least 1000 hours of service in calendar year 2004, except employees in the Lids Sports Group and Schuh Group segments, are covered by a defined benefit pension plan. The Company froze the defined benefit pension plan effective January 1, 2005. The Company also provides certain former employees with limited medical and life insurance benefits. The Company funds at least the minimum amount required by the Employee Retirement Income Security Act. As required by the Compensation – Retirement Benefits Topic of the Codification, the Company is required to recognize the overfunded or underfunded status of postretirement benefit plans as an asset or liability, respectively, in their Consolidated Balance Sheets and to recognize changes in that funded status in accumulated other comprehensive loss, net of tax, in the year in which the changes occur. Note 1 Summary of Significant Accounting Policies, Continued The Company recognizes pension expense on an accrual basis over employees’ approximate service periods. The calculation of pension expense and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rate of return on plan assets and the assumed discount rate, as well as the recognition of actuarial gains and losses. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions. The Company utilizes a calculated value of assets, which is an averaging method that recognizes changes in the fair values of assets over a period of five years. Accounting principles generally accepted in the United States require that the Company recognize a portion of these losses when they exceed a calculated threshold. These losses might be recognized as a component of pension expense in future years and would be amortized over the average future service of employees, which is currently approximately 10 years. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company had total available cash and cash equivalents of $48.3 million and $133.3 million as of January 28, 2017 and January 30, 2016, respectively, of which approximately $22.9 million and $24.1 million was held by the Company's foreign subsidiaries as of January 28, 2017 and January 30, 2016, respectively. The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to indefinitely reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. There were no cash equivalents included in cash and cash equivalents at January 28, 2017 and January 30, 2016. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less. At January 28, 2017, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Consolidated Balance Sheets. At January 28, 2017 and January 30, 2016, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $36.7 million and $45.0 million , respectively. These amounts are included in accounts payable in the Consolidated Balance Sheets. |
Concentration of Credit Risk and Allowances on Accounts Receivable | Concentration of Credit Risk and Allowances on Accounts Receivable The Company’s footwear wholesale businesses sell primarily to independent retailers and department stores across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. In the footwear wholesale businesses, one customer each accounted for 15% , 13% and 10% of the Company’s total trade receivables balance, while no other customer accounted for more than 7% of the Company’s total trade receivables balance as of January 28, 2017. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information, as well as customer specific factors. The Company also establishes allowances for sales returns, customer deductions and co-op advertising based on specific circumstances, historical trends and projected probable outcomes. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated or amortized over the estimated useful life of related assets. Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives: Buildings and building equipment 20-45 years Computer hardware, software and equipment 3-10 years Furniture and fixtures 10 years |
Leases | Leases Leasehold improvements and properties under capital leases are amortized on the straight-line method over the shorter of their useful lives or their related lease terms and the charge to earnings is included in selling and administrative expenses in the Consolidated Statements of Operations. Certain leases include rent increases during the initial lease term. For these leases, the Company recognizes the related rental expense on a straight-line basis over the term of the lease (which includes any rent holidays and the pre-opening period of construction, renovation, fixturing and merchandise placement) and records the difference between the amounts charged to operations and amounts paid as deferred rent. The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term. |
Acquisitions | Acquisitions Acquisitions are accounted for using the Business Combinations Topic of the Codification. The total purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values at acquisition. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Under the provisions of the Intangibles – Goodwill and Other Topic of the Codification, goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually for impairment. The Company will update the tests between annual tests if events or circumstances occur that would more likely than not reduce the fair value of the business unit with which the goodwill is associated below its carrying amount. It is also required that intangible assets with finite lives be amortized over their respective lives to their estimated residual values, and reviewed for impairment in accordance with the Property, Plant and Equipment Topic of the Codification. Intangible assets of the Company with indefinite lives are primarily goodwill and identifiable trademarks acquired in connection with the acquisition of Little Burgundy in December 2015, Schuh Group Ltd. in June 2011, Hat World Corporation in April 2004 and various other small acquisitions. The Consolidated Balance Sheets include goodwill of $181.6 million for the Lids Sports Group, $79.8 million for the Schuh Group and $9.8 million for Journeys Group at January 28, 2017, and $180.9 million for the Lids Sports Group, $90.3 million for the Schuh Group, $9.4 million for Journeys Group and $0.8 million for Licensed Brands at January 30, 2016. The Company tests for impairment of intangible assets with an indefinite life, relying on a number of factors including operating results, business plans, projected future cash flows and observable market data. The impairment test for identifiable assets not subject to amortization consists of a comparison of the fair value of the intangible asset with its carrying amount. In connection with acquisitions, the Company records goodwill on its Consolidated Balance Sheets. This asset is not amortized but is subject to an impairment test at least annually, based on projected future cash flows from the acquired business discounted at a rate commensurate with the risk the Company considers to be inherent in its current business model. The Company performs the impairment test annually at the beginning of its fourth quarter, or more frequently if events or circumstances indicate that the value of the asset might be impaired. During the quarter ended January 28, 2017, the Company voluntarily changed the date of its annual goodwill impairment test and other intangible assets impairment test from the last day of the fiscal year to the first day of the fourth fiscal quarter. This voluntary change is preferable under the circumstances as it aligns with the Company's five-year strategic planning cycle that is completed in early October. Identifiable intangible assets of the Company with finite lives are trademarks, customer lists, in-place leases, non-compete agreements and a vendor contract. They are subject to amortization based upon their estimated useful lives. Finite-lived intangible assets are evaluated for impairment using a process Note 1 Summary of Significant Accounting Policies, Continued similar to that used to evaluate other definite-lived long-lived assets, a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset. |
Fair Value of Financial Instruments | Debt fair values were determined using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 as defined in Note 5. Carrying amounts reported on the Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments. |
Cost of Sales | Cost of Sales For the Company’s retail operations, the cost of sales includes actual product cost, the cost of transportation to the Company’s warehouses from suppliers and the cost of transportation from the Company’s warehouses to the stores. Additionally, the cost of its distribution facilities allocated to its retail operations is included in cost of sales. For the Company’s wholesale operations, the cost of sales includes the actual product cost and the cost of transportation to the Company’s warehouses from suppliers. |
Selling and Administrative Expenses | Selling and Administrative Expenses Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and (iii) costs of its distribution facilities which are allocated to its retail operations. Wholesale and unallocated retail costs of distribution are included in selling and administrative expenses in the amounts of $6.2 million , $9.6 million and $9.1 million for Fiscal 2017, 2016 and 2015, respectively. |
EVA Incentive Plan | EVA Incentive Plan Under the Company's EVA Incentive Plan, bonus awards in excess of a specified cap in any one year are retained and paid over three subsequent years, subject to reduction or elimination by deteriorating financial performance and historically were subject to forfeiture if the participant voluntarily resigns from employment with the Company. As a result, the bonus awards were subject to service conditions that resulted in recognition of expense over the period of service by the respective employee. During the first quarter of Fiscal 2015, the Company amended the plan to remove the future service requirement for the payment of the retained bonuses. As a result, the bonus expense that would have been deferred under the previous plan terms is now recognized in the first year of service. |
Gift Cards | Gift Cards The Company has a gift card program that began in calendar 1999 for its Lids Sports Group operations and calendar 2000 for its footwear operations. The gift cards issued to date do not expire. As such, the Company recognizes income when: (i) the gift card is redeemed by the customer; or (ii) the likelihood of the gift card being redeemed by the customer for the purchase of goods in the future is remote and there are no related escheat laws (referred to as “breakage”). The gift card breakage rate is based upon historical redemption patterns and income is recognized for unredeemed gift cards in proportion to those historical redemption patterns. |
Buying, Merchandising and Occupancy Costs | Buying, Merchandising and Occupancy Costs The Company records buying, merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs related to inventory purchased from suppliers are included in the cost of inventory and are charged to cost of sales in the period that the inventory is sold. All other shipping and handling costs are charged to cost of sales in the period incurred except for wholesale and unallocated retail costs of distribution, which are included in selling and administrative expenses on the Consolidated Statements of Operations. |
Preopening Costs | Preopening Costs Costs associated with the opening of new stores are expensed as incurred, and are included in selling and administrative expenses on the Consolidated Statements of Operations. |
Store Closings and Exit Costs | Store Closings and Exit Costs From time to time, the Company makes strategic decisions to close stores or exit locations or activities. Under the provisions of the Property, Plant, and Equipment Topic of the Codification, which the Company adopted in the first quarter of Fiscal 2015, the definition of a discontinued operation was amended. A discontinued operation may include a component of an entity or a group of components of an entity that represent a strategic shift that has or will have a major effect on an entity's operation or financial results. If stores or operating activities to be closed or exited constitute a component or group of components that represent a strategic shift in the Company's operations, these closures will be considered discontinued operations. The results of operations of discontinued operations are presented retroactively, net of tax, as a separate component on the Consolidated Statements of Operations. In each of the years presented, no store closings have met the discontinued operations criteria. Assets related to planned store closures or other exit activities are reflected as assets held for sale and recorded at the lower of carrying value or fair value less costs to sell when the required criteria, as defined by the Property, Plant and Equipment Topic of the Codification, are satisfied. Depreciation ceases on the date that the held for sale criteria are met. Assets related to planned store closures or other exit activities that do not meet the criteria to be classified as held for sale are evaluated for impairment in accordance with the Company’s normal impairment policy, but with consideration given to revised estimates of future cash flows. In any event, the remaining depreciable useful lives are evaluated and adjusted as necessary. Exit costs related to anticipated lease termination costs, severance benefits and other expected charges are accrued for and recognized in accordance with the Exit or Disposal Cost Obligations Topic of the Codification. |
Advertising Costs | Advertising Costs Advertising costs are predominantly expensed as incurred. Advertising costs were $76.7 million , $73.7 million and $67.0 million for Fiscal 2017, 2016 and 2015, respectively. Direct response advertising costs for catalogs are capitalized in accordance with the Other Assets and Deferred Costs Topic for Capitalized Advertising Costs of the Codification. Such costs are amortized over the estimated future period as revenues are realized from such advertising, not to exceed six months . |
Consideration to Resellers | Consideration to Resellers In its wholesale businesses, the Company does not have any written buy-down programs with retailers, but the Company has provided certain retailers with markdown allowances for obsolete and slow moving products that are in the retailer’s inventory. The Company estimates these allowances and provides for them as reductions to revenues at the time revenues are recorded. Markdowns are negotiated with retailers and changes are made to the estimates as agreements are reached. Actual amounts for markdowns have not differed materially from estimates. |
Cooperative Advertising | Cooperative Advertising Cooperative advertising funds are made available to most of the Company’s wholesale footwear customers. In order for retailers to receive reimbursement under such programs, the retailer must meet specified advertising guidelines and provide appropriate documentation of expenses to be reimbursed. The Company’s cooperative advertising agreements require that wholesale customers present documentation or other evidence of specific advertisements or display materials used for the Company’s products by submitting the actual print advertisements presented in catalogs, newspaper inserts or other advertising circulars, or by permitting physical inspection of displays. Additionally, the Company’s cooperative advertising agreements require that the amount of reimbursement requested for such advertising or materials be supported by invoices or other evidence of the actual costs incurred by the retailer. The Company accounts for these cooperative advertising costs as selling and administrative expenses, in accordance with the Revenue Recognition Topic for Customer Payments and Incentives of the Codification. |
Vendor Allowances | Vendor Allowances From time to time, the Company negotiates allowances from its vendors for markdowns taken or expected to be taken. These markdowns are typically negotiated on specific merchandise and for specific amounts. These specific allowances are recognized as a reduction in cost of sales in the period in which the markdowns are taken. Markdown allowances not attached to specific inventory on hand or already sold are applied to concurrent or future purchases from each respective vendor. The Company receives support from some of its vendors in the form of reimbursements for cooperative advertising and catalog costs for the launch and promotion of certain products. The reimbursements are agreed upon with vendors and represent specific, incremental, identifiable costs incurred by the Company in selling the vendor’s specific products. Such costs and the related reimbursements are accumulated and monitored on an individual vendor basis, pursuant to the respective cooperative advertising agreements with vendors. Such cooperative advertising reimbursements are recorded as a reduction of selling and administrative expenses in the same period in which the associated expense is incurred. If the amount of cash consideration received exceeds the costs being reimbursed, such excess amount would be recorded as a reduction of cost of sales. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities to issue common stock were exercised or converted to common stock (see Note 11). |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company's foreign operations is the applicable local currency. The translation of the applicable foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date. Income and expense accounts are translated at monthly average exchange rates. The unearned gains and losses resulting from such translation are included as a separate component of accumulated other comprehensive loss within shareholders' equity. Gains and losses from certain foreign currency transactions are reported as an item of income and resulted in a net (gain) loss of $(1.2) million , $2.7 million and $2.4 million for Fiscal 2017, 2016 and 2015, respectively. |
Share-Based Compensation | Share-Based Compensation The Company has share-based compensation covering certain members of management and non-employee directors. The Company recognizes compensation expense for share-based payments based on the fair value of the awards as required by the Compensation - Stock Compensation Topic of the Codification. The Company has not granted any stock options since the first quarter of Fiscal 2008. The fair value of employee restricted stock is determined based on the closing price of the Company's stock on the date of grant. The benefits of tax deductions in excess of recognized compensation expense are reported as a financing cash flow (see Note 12). |
Other Comprehensive Income | Other Comprehensive Income The Comprehensive Income Topic of the Codification requires, among other things, the Company’s pension liability adjustment, postretirement liability adjustment and foreign currency translation adjustments to be included in other comprehensive income net of tax. |
Business Segments | Business Segments The Segment Reporting Topic of the Codification requires that companies disclose “operating segments” based on the way management disaggregates the Company’s operations for making internal operating decisions (see Note 14). |
New Accounting Principles | New Accounting Principles In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” ASU 2017-04 simplifies the measurement of goodwill by eliminating the second step from the goodwill impairment test, which requires the comparison of the implied fair value of goodwill with the current carrying amount of goodwill. Instead, under the amendments in this guidance, an entity shall perform a goodwill impairment test by comparing the fair value of each reporting unit with its carrying amount and an impairment charge is to be recorded for the amount, if any, in which the carrying value exceeds the reporting unit’s fair value. This guidance should be applied prospectively and is effective for public business entities that are United States Securities and Exchange Commission filers for fiscal years beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed after January 1, 2017. Note 1 Summary of Significant Accounting Policies, Continued In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The update addresses several aspects of the accounting for share-based compensation transactions including: (a) income tax consequences when awards vest or are settled, (b) classification of awards as either equity or liabilities, (c) a policy election to account for forfeitures as they occur rather than on an estimated basis and (d) classification of excess tax impacts on the statement of cash flows. The updated guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. If the Company had adopted the standard in Fiscal 2017, reported earnings per share would have decreased $0.03 per share for Fiscal 2017. The Company will adopt ASU 2016-09 in the first quarter of Fiscal 2018. In February 2016, the FASB issued ASU 2016-02, "Leases". The standard's core principle is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, which would be the beginning of our Fiscal 2020 or February 2019. Early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2016-02 will have on its Consolidated Financial Statements and related disclosures and is expecting a material impact because the Company is party to a significant number of lease contracts. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes". ASU 2015-17 requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and may be applied either prospectively or retrospectively. Early adoption is permitted. As of January 28, 2017, the Company has $21.2 million of current deferred tax assets that will be reclassed to noncurrent deferred tax assets on its Consolidated Balance Sheets. The Company is currently assessing which transition method will be adopted. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." ASU 2015-11 requires an entity that determines the cost of inventory by methods other than last-in, first-out and the retail inventory method to measure inventory at the lower of cost and net realizable value. ASU 2015-11 requires prospective application and is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect that the adoption of this guidance will have a material impact on its Consolidated Financial Statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs". In August 2015, the FASB issued ASU 2015-15, "Presentation and Subsequent measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements". ASU 2015-03 will require that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the debt. ASU 2015-15 allows an entity to present debt issuance costs associated with a revolving line of credit Note 1 Summary of Significant Accounting Policies, Continued arrangement as an asset, regardless of whether a balance is outstanding. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03 or ASU 2015-15. These ASU's are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with early adoption permitted. ASU 2015-03 required the Company to reclassify its deferred financing costs associated with its long-term debt from other noncurrent assets to long-term debt on a retrospective basis. The Company adopted these ASUs in the first quarter of Fiscal 2017. The $0.3 million in deferred financing costs related to the Company's term loans were reclassified to long-term debt from noncurrent assets as of January 30, 2016. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and merges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 was originally effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, however, in August 2015, the FASB deferred this ASU for one year, which would be the beginning of our Fiscal 2019 or February 2018. The amendment is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet). Based on an evaluation of the standard as a whole, the Company has identified catalog costs, customer incentives and principal versus agent considerations as the areas that will most likely be affected by the new revenue recognition guidance. The Company continues to evaluate the adoption of this standard, including the transition method, and will provide updates in Fiscal 2018 related to the expected impact of adopting this standard. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Property and equipment amortized over the estimated useful life of related assets | Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives: Buildings and building equipment 20-45 years Computer hardware, software and equipment 3-10 years Furniture and fixtures 10 years |
Carrying amounts and fair values of the Company's financial instruments | The carrying amounts and fair values of the Company’s financial instruments at January 28, 2017 and January 30, 2016 are: In thousands January 28, 2017 January 30, 2016 Carrying Amount Fair Value Carrying Amount Fair Value U.S. Revolver Borrowings $ 49,879 $ 50,396 $ 58,344 $ 58,480 UK Term Loans 19,230 19,541 28,603 28,901 UK Revolver Borrowings 13,796 13,956 24,818 24,630 |
Schedule of accumulated other comprehensive income (loss) | The following table summarizes the components of accumulated other comprehensive loss for the year ended January 28, 2017: Foreign Currency Translation Unrecognized Pension/Postretirement Benefit Costs Total Accumulated Other Comprehensive Income (Loss) (In thousands) Balance January 30, 2016 $ (28,706 ) $ (13,907 ) $ (42,613 ) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment (13,412 ) — (13,412 ) Gain on intra-entity foreign currency transactions (long-term investment nature) 1,789 — 1,789 Net actuarial gain — 3,949 3,949 Amounts reclassified from AOCI: Amortization of net actuarial loss (1) — 935 935 Income tax expense — 1,940 1,940 Current period other comprehensive income (loss), net of tax (11,623 ) 2,944 (8,679 ) Balance January 28, 2017 $ (40,329 ) $ (10,963 ) $ (51,292 ) (1) Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Consolidated Statements of Operations. |
Acquisitions, Intangible Asse27
Acquisitions, Intangible Assets and Sale of Business (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other intangible assets by major classes | Other intangibles by major classes were as follows: Leases Customer Lists Other* Total In thousands Jan. 28, 2017 Jan. 30, 2016 Jan. 28, 2017 Jan. 30, Jan. 28, 2017 Jan. 30, Jan. 28, 2017 Jan. 30, Gross other intangibles $ 14,625 $ 14,841 $ 1,958 $ 2,622 $ 2,009 $ 2,053 $ 18,592 $ 19,516 Accumulated amortization (12,938 ) (12,637 ) (1,956 ) (2,264 ) (1,306 ) (1,046 ) (16,200 ) (15,947 ) Net Other Intangibles $ 1,687 $ 2,204 $ 2 $ 358 $ 703 $ 1,007 $ 2,392 $ 3,569 *Includes non-compete agreements, vendor contract and backlog. |
Asset Impairments and Other C28
Asset Impairments and Other Charges and Discontinued Operations (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Asset Impairments and Other Charges and Discontinued Operations [Abstract] | |
Accrued Provision for Discontinued Operations | Accrued Provision for Discontinued Operations In thousands Facility Shutdown Costs Balance February 1, 2014 $ 11,375 Additional provision Fiscal 2015 2,711 Charges and adjustments, net 673 Balance January 31, 2015 14,759 Additional provision Fiscal 2016 1,333 Charges and adjustments, net (473 ) Balance January 30, 2016 15,619 Additional provision Fiscal 2017 701 Charges and adjustments, net (11,277 ) Balance January 28, 2017* 5,043 Current provision for discontinued operations 3,330 Total Noncurrent Provision for Discontinued Operations $ 1,713 *Includes a $4.4 million environmental provision, including $3.3 million in current provision for discontinued operations. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | In thousands January 28, 2017 January 30, 2016 Raw materials $ 389 $ 469 Wholesale finished goods 61,575 58,773 Retail merchandise 501,713 470,516 Total Inventories $ 563,677 $ 529,758 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a nonrecurring basis | The following table presents the Company’s assets and liabilities measured at fair value on a nonrecurring basis as of January 28, 2017 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Long-Lived Assets Held and Used Level 1 Level 2 Level 3 Impairment Charges Measured as of April 30, 2016 $ 694 $ — $ — $ 694 $ 3,436 Measured as of July 30, 2016 618 — — 618 1,017 Measured as of October 29, 2016 480 — — 480 579 Measured as of January 28, 2017 206 — — 206 1,377 Total Asset Impairment Fiscal 2017 $ 6,409 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | In thousands January 28, 2017 January 30, 2016 U.S. Revolver borrowings $ 49,879 $ 58,344 UK term loans 19,345 28,896 UK revolver borrowings 13,796 24,818 Deferred note expense on term loans (115 ) (293 ) Total long-term debt 82,905 111,765 Current portion 9,175 14,182 Total Noncurrent Portion of Long-Term Debt $ 73,730 $ 97,583 |
Commitments Under Long-Term L32
Commitments Under Long-Term Leases (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Leases [Abstract] | |
Rental expense under operating leases | Rental expense under operating leases of continuing operations was: In thousands 2017 2016 2015 Minimum rentals $ 264,129 $ 255,083 $ 250,077 Contingent rentals 9,957 11,044 9,217 Sublease rentals (1,863 ) (825 ) (852 ) Total Rental Expense $ 272,223 $ 265,302 $ 258,442 |
Minimum rental commitments payable in future years | Minimum rental commitments payable in future years are: Fiscal Years In thousands 2018 $ 245,159 2019 215,230 2020 191,857 2021 172,763 2022 152,855 Later years 402,013 Total Minimum Rental Commitments $ 1,379,877 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Equity [Abstract] | |
Non redeemable preferred stock | Non-Redeemable Preferred Stock Shares Authorized Number of Shares Amounts in Thousands Class 2017 2016 2015 2017 2016 2015 Employees’ Subordinated Convertible Preferred 5,000,000 37,646 38,196 44,836 1,129 1,146 1,345 Stated Value of Issued Shares 1,129 1,146 1,345 Employees’ Preferred Stock Purchase Accounts (69 ) (69 ) (71 ) Total Non-Redeemable Preferred Stock $ 1,060 $ 1,077 $ 1,274 |
Preferred stock transactions | Preferred Stock Transactions In thousands Non-Redeemable Employees’ Preferred Stock Employees’ Preferred Stock Purchase Accounts Total Non-Redeemable Preferred Stock Balance February 2, 2014 $ 1,382 $ (77 ) $ 1,305 Other stock conversions (37 ) 6 (31 ) Balance January 31, 2015 1,345 (71 ) 1,274 Other stock conversions (199 ) 2 (197 ) Balance January 30, 2016 1,146 (69 ) 1,077 Other stock conversions (17 ) — (17 ) Balance January 28, 2017 $ 1,129 $ (69 ) $ 1,060 |
Changes in the shares of the company's capital stock | Changes in the Shares of the Company’s Capital Stock Common Stock Employees’ Preferred Stock Issued at February 1, 2014 24,407,724 46,069 Exercise of options 68,616 — Issue restricted stock 185,416 — Issue shares—Employee Stock Purchase Plan 2,688 — Shares repurchased (64,709 ) — Other (84,373 ) (1,233 ) Issued at January 31, 2015 24,515,362 44,836 Exercise of options 35,542 — Issue restricted stock 219,404 — Issue shares—Employee Stock Purchase Plan 2,470 — Shares repurchased (2,383,384 ) — Other (66,595 ) (6,640 ) Issued at January 30, 2016 22,322,799 38,196 Exercise of options 26,696 — Issue restricted stock 236,364 — Shares repurchased (2,155,869 ) — Other (75,718 ) (550 ) Issued at January 28, 2017 20,354,272 37,646 Less shares repurchased and held in treasury 488,464 — Outstanding at January 28, 2017 19,865,808 37,646 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of earnings from continuing operations before income taxes | The components of earnings from continuing operations before income taxes is comprised of the following: In thousands 2017 2016 2015 United States $ 129,819 $ 136,178 $ 150,682 Foreign 21,595 15,355 6,307 Total Earnings from Continuing Operations before Income Taxes $ 151,414 $ 151,533 $ 156,989 |
Income tax expense from continuing operations | Income tax expense from continuing operations is comprised of the following: In thousands 2017 2016 2015 Current U.S. federal $ 36,998 $ 46,515 $ 43,146 International 5,245 3,542 292 State 5,918 8,220 8,966 Total Current Income Tax Expense 48,161 58,277 52,404 Deferred U.S. federal 2,980 (1,249 ) 4,422 International 1,182 868 636 State 1,232 (1,744 ) 154 Total Deferred Income Tax Expense (Benefit) 5,394 (2,125 ) 5,212 Total Income Tax Expense – Continuing Operations $ 53,555 $ 56,152 $ 57,616 |
Deferred tax assets and liabilities | Deferred tax assets and liabilities are comprised of the following: January 28, January 30, In thousands 2017 2016 Identified intangibles $ (31,079 ) $ (29,763 ) Prepaids (3,274 ) (3,390 ) Convertible bonds (1,196 ) (1,799 ) Tax over book depreciation (3,014 ) — Total deferred tax liabilities (38,563 ) (34,952 ) Options — 101 Deferred rent 5,488 5,119 Pensions 3,396 4,409 Expense accruals 10,413 9,577 Uniform capitalization costs 16,361 14,644 Book over tax depreciation — 9,778 Provisions for discontinued operations and restructurings 2,179 6,111 Inventory valuation 3,728 3,954 Tax net operating loss and credit carryforwards 2,450 2,493 Allowances for bad debts and notes 491 378 Deferred compensation and restricted stock 7,147 6,706 Other 4,458 3,825 Gross deferred tax assets 56,111 67,095 Deferred tax asset valuation allowance (4,305 ) (3,352 ) Deferred tax asset net of valuation allowance 51,806 63,743 Net Deferred Tax Assets $ 13,243 $ 28,791 |
Deferred tax assets net classification | The deferred tax balances have been classified in the Consolidated Balance Sheets as follows: 2017 2016 Net current asset $ 21,194 $ 28,965 Net non-current asset 85 959 Net non-current liability (8,036 ) (1,133 ) Net Deferred Tax Assets $ 13,243 $ 28,791 |
Reconciliation of the United States federal statutory rate to the Company's effective tax rate from continuing operations | Reconciliation of the United States federal statutory rate to the Company’s effective tax rate from continuing operations is as follows: 2017 2016 2015 U. S. federal statutory rate of tax 35.00 % 35.00 % 35.00 % State taxes (net of federal tax benefit) 3.46 2.82 3.80 Foreign rate differential (2.93 ) (2.60 ) (1.56 ) Change in valuation allowance 0.88 (0.58 ) 0.57 Permanent items 1.11 2.19 2.13 Uncertain federal, state and foreign tax positions (0.90 ) 1.23 (3.06 ) Other (1.25 ) (1.00 ) (0.18 ) Effective Tax Rate 35.37 % 37.06 % 36.70 % |
Reconciliation of the total amounts of unrecognized tax benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2017, 2016 and 2015. In thousands 2017 2016 2015 Unrecognized Tax Benefit – Beginning of Period $ 14,639 $ 3,997 $ 10,960 Gross Increases (Decreases) – Tax Positions in a Prior Period (7,585 ) 9,328 231 Gross Increases (Decreases) – Tax Positions in a Current Period 491 1,403 (287 ) Settlements (742 ) — — Lapse of Statutes of Limitations (1,181 ) (89 ) (6,907 ) Unrecognized Tax Benefit – End of Period $ 5,622 $ 14,639 $ 3,997 |
Defined Benefit Pension Plans35
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Obligations and funded status | Obligations and Funded Status The measurement date of the assets and liabilities for the defined benefit pension plan and postretirement medical and life insurance plans is the month-end date that is closest to the Company's fiscal year end. Change in Benefit Obligation Pension Benefits Other Benefits In thousands 2017 2016 2017 2016 Benefit obligation at beginning of year $ 100,290 $ 125,764 $ 6,826 $ 6,886 Service cost 550 450 704 821 Interest cost 4,118 4,263 286 245 Plan participants’ contributions — — 158 124 Plan settlements (13,862 ) — — — Curtailment gain — — — (755 ) Benefits paid (8,308 ) (8,841 ) (257 ) (341 ) Actuarial (gain) loss 4,159 (21,346 ) 1,226 (154 ) Benefit Obligation at End of Year $ 86,947 $ 100,290 $ 8,943 $ 6,826 Change in Plan Assets Pension Benefits Other Benefits In thousands 2017 2016 2017 2016 Fair value of plan assets at beginning of year $ 90,333 $ 103,580 $ — $ — Actual gain (loss) on plan assets 12,531 (4,406 ) — — Plan settlements (13,874 ) — — — Employer contributions — — 99 217 Plan participants’ contributions — — 158 124 Benefits paid (8,308 ) (8,841 ) (257 ) (341 ) Fair Value of Plan Assets at End of Year $ 80,682 $ 90,333 — — Funded Status at End of Year $ (6,265 ) $ (9,957 ) $ (8,943 ) $ (6,826 ) |
Amounts recognized in the consolidated balance sheets | Amounts recognized in the Consolidated Balance Sheets consist of: Pension Benefits Other Benefits In thousands 2017 2016 2017 2016 Current liabilities $ — $ — $ (343 ) $ (274 ) Noncurrent liabilities (6,265 ) (9,957 ) (8,600 ) (6,552 ) Net Amount Recognized $ (6,265 ) $ (9,957 ) $ (8,943 ) $ (6,826 ) |
Amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income consist of: Pension Benefits Other Benefits In thousands 2017 2016 2017 2016 Net loss $ 15,430 $ 21,415 $ 2,518 $ 1,417 Total Recognized in Accumulated Other Comprehensive Loss $ 15,430 $ 21,415 $ 2,518 $ 1,417 |
Pension benefits | Amounts for projected and accumulated benefit obligation and fair value of plan assets are as follows: In thousands January 28, 2017 January 30, 2016 Projected benefit obligation $ 86,947 $ 100,290 Accumulated benefit obligation 86,947 100,290 Fair value of plan assets 80,682 90,333 |
Components of net periodic benefit cost | Net Periodic Benefit Cost Pension Benefits Other Benefits In thousands 2017 2016 2015 2017 2016 2015 Service cost $ 550 $ 450 $ 450 $ 704 $ 821 $ 526 Interest cost 4,118 4,263 4,664 286 245 226 Expected return on plan assets (5,641 ) (5,785 ) (6,069 ) — — — Settlement loss recognized 2,456 — — — — — Amortization: Prior service cost — — — — — — Losses 810 4,948 3,546 125 189 102 Net amortization $ 810 $ 4,948 $ 3,546 $ 125 $ 189 $ 102 Net Periodic Benefit Cost $ 2,293 $ 3,876 $ 2,591 $ 1,115 $ 1,255 $ 854 |
Reconciliation of accumulated other comprehensive income | Reconciliation of Accumulated Other Comprehensive Income Pension Benefits Other Benefits In thousands 2017 2017 Net (gain) loss $ (2,729 ) $ 1,226 Amortization of net actuarial loss (3,256 ) (125 ) Total Recognized in Other Comprehensive Income $ (5,985 ) $ 1,101 Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income $ (3,692 ) $ 2,216 |
Weighted-average assumptions used to determine benefit obligations | Weighted-average assumptions used to determine benefit obligations Pension Benefits Other Benefits 2017 2016 2017 2016 Discount rate 3.95 % 4.30 % 3.98 % 4.04 % Rate of compensation increase NA NA — — |
Weighted-average assumptions used to determine net periodic benefit costs | Weighted-average assumptions used to determine net periodic benefit costs Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 Discount rate 4.30 % 3.55 % 4.40 % 4.04 % 3.31 % 4.40 % Expected long-term rate of return on plan assets 6.35 % 6.35 % 6.75 % — — — Rate of compensation increase NA NA NA — — — |
Assumed health care cost trend rates | Assumed health care cost trend rates 2017 2016 Health care cost trend rate assumed for next year 8.0 % 7.5 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5 % 5 % Year that the rate reaches the ultimate trend rate 2027 2021 |
Effect of one percentage point change in the assumed health care cost trend rate | The effect on disclosed information of one percentage point change in the assumed health care cost trend rate for each future year is shown below. In thousands 1% Increase in Rates 1% Decrease in Rates Aggregated service and interest cost $ 142 $ 237 Accumulated postretirement benefit obligation $ 1,427 $ 1,169 |
Company's pension plan weighted average asset allocations by asset category | The Company’s pension plan weighted average asset allocations as of January 28, 2017 and January 30, 2016, by asset category are as follows: Plan Assets January 28, 2017 January 30, 2016 Asset Category Equity securities 65 % 64 % Debt securities 35 % 36 % Total 100 % 100 % |
Hierarchy of plan assets by level within fair values | The following tables present the pension plan assets by level within the fair value hierarchy as of January 28, 2017 and January 30, 2016. January 28, 2017 (In thousands) Level 1 Level 2 Level 3 Total Equity Securities: International securities $ 10,367 $ — $ — $ 10,367 U.S. securities 42,041 — — 42,041 Fixed Income Securities 27,987 — — 27,987 Other: Cash Equivalents 426 — — 426 Other (includes receivables and payables) (139 ) — — (139 ) Total Pension Plan Assets $ 80,682 $ — $ — $ 80,682 January 30, 2016 (In thousands) Level 1 Level 2 Level 3 Total Equity Securities: International securities $ 11,464 $ — $ — $ 11,464 U.S. securities 46,012 — — 46,012 Fixed Income Securities 32,573 — — 32,573 Other: Cash Equivalents 291 — — 291 Other (includes receivables and payables) (7 ) — — (7 ) Total Pension Plan Assets $ 90,333 $ — $ — $ 90,333 |
Expected benefit payments from the trust, including future service and pay | Expected benefit payments from the trust, including future service and pay, are as follows: Estimated future payments Pension Benefits ($ in millions) Other Benefits ($ in millions) 2017 $ 7.3 $ 0.3 2018 7.2 0.4 2019 7.0 0.4 2020 6.8 0.4 2021 6.6 0.5 2022 – 2026 30.0 2.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Earnings per share | For the Year Ended January 28, 2017 For the Year Ended January 30, 2016 For the Year Ended January 31, 2015 (In thousands, except per share amounts) Income (Numerator) Shares (Denominator) Per-Share Amount Income (Numerator) Shares (Denominator) Per-Share Amount Income (Numerator) Shares (Denominator) Per-Share Amount Earnings from continuing operations $ 97,859 $ 95,381 $ 99,373 Basic EPS from continuing operations Income from continuing operations available to common shareholders 97,859 20,076 $ 4.87 95,381 22,880 $ 4.17 99,373 23,507 $ 4.23 Effect of Dilutive Securities from continuing operations Options and restricted stock 58 76 155 Employees’ preferred stock (1) 38 44 46 Diluted EPS from continuing operations Income from continuing operations available to common shareholders plus assumed conversions $ 97,859 20,172 $ 4.85 $ 95,381 23,000 $ 4.15 $ 99,373 23,708 $ 4.19 (1) The Company’s Employees’ Subordinated Convertible Preferred Stock is convertible one for one to the Company’s common stock. Because there are no dividends paid on this stock, these shares are assumed to be converted. |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock option activity | A summary of stock option activity and changes for Fiscal 2017, 2016 and 2015 is presented below: Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (1) Outstanding, February 1, 2014 130,854 $ 31.67 Granted — — Exercised (68,616 ) 26.49 Forfeited — — Outstanding, January 31, 2015 62,238 $ 37.38 Granted — — Exercised (35,542 ) 36.81 Forfeited — — Outstanding, January 30, 2016 26,696 $ 38.13 Granted — — Exercised (26,696 ) 38.13 Forfeited — — Outstanding, January 28, 2017 — $ — — $ — Exercisable, January 28, 2017 — $ — — $ — (1) Based upon the difference between the closing market price of the Company’s common stock on the last trading day of the year and the grant price of in-the-money options. |
Summary of the status of the Company's nonvested shares of its employee restricted stock | A summary of the status of the Company’s nonvested shares of its employee restricted stock as of January 28, 2017 is presented below: Nonvested Restricted Shares Shares Weighted-Average Grant-Date Fair Value Nonvested at February 1, 2014 581,274 $ 52.21 Granted 185,416 80.85 Vested (177,694 ) 44.77 Withheld for federal taxes (88,003 ) 45.27 Forfeited (13,999 ) 65.71 Nonvested at January 31, 2015 486,994 66.70 Granted 219,404 66.43 Vested (141,795 ) 60.08 Withheld for federal taxes (65,783 ) 60.62 Forfeited (27,221 ) 69.31 Nonvested at January 30, 2016 471,599 69.26 Granted 236,364 65.99 Vested (125,347 ) 67.23 Withheld for federal taxes (55,563 ) 67.52 Forfeited (43,051 ) 70.60 Nonvested at January 28, 2017 484,002 $ 68.27 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Segment Reporting [Abstract] | |
Segment reporting information by segment | Fiscal 2017 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 1,251,646 $ 372,872 $ 847,510 $ 289,324 $ 107,210 $ 617 $ 2,869,179 Intercompany sales — — — — (838 ) — (838 ) Net sales to external customers $ 1,251,646 $ 372,872 $ 847,510 $ 289,324 $ 106,372 $ 617 $ 2,868,341 Segment operating income (loss) $ 85,875 $ 20,530 $ 41,563 $ 19,682 $ 4,566 $ (31,058 ) $ 141,158 Asset Impairments and other* — — — — — 802 802 Earnings (loss) from operations 85,875 20,530 41,563 19,682 4,566 (30,256 ) 141,960 Gain on sale of SureGrip Footwear — — — — — 12,297 12,297 Gain on sale of Lids Team Sports — — — — — 2,404 2,404 Interest expense — — — — — (5,294 ) (5,294 ) Interest income — — — — — 47 47 Earnings (loss) from continuing operations before income taxes $ 85,875 $ 20,530 $ 41,563 $ 19,682 $ 4,566 $ (20,802 ) $ 151,414 Total assets** $ 404,773 $ 214,886 $ 519,912 $ 126,559 $ 40,357 $ 142,419 $ 1,448,906 Depreciation and amortization 24,235 14,003 26,533 5,987 995 4,015 75,768 Capital expenditures 50,259 11,236 21,123 9,221 760 1,371 93,970 *Asset Impairments and other includes an $(8.9) million gain for network intrusion expenses as a result of a litigation settlement and a $(0.7) million gain for other legal matters, partially offset by a $6.4 million charge for asset impairments, of which $5.1 million is in the Lids Sports Group, $0.8 million is in the Schuh Group and $0.5 million is in the Journeys Group and a $2.5 million charge for pension settlement expenses. **Total assets for the Lids Sports Group, Schuh Group and Journeys Group include $181.6 million , $79.8 million and $9.8 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group increased $0.7 million and $0.4 million , respectively, due to foreign currency translation adjustments. Goodwill for Schuh Group decreased by $10.5 million due to foreign currency translation adjustments. Goodwill for Licensed Brands decreased $0.8 million due to the sale of SureGrip Footwear in the fourth quarter of Fiscal 2017. Of the Company's $330.6 million of long-lived assets, $54.3 million and $21.0 million relate to long-lived assets in the United Kingdom and Canada, respectively. Note 14 Business Segment Information, Continued Fiscal 2016 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 1,251,637 $ 405,674 $ 976,372 $ 278,681 $ 110,655 $ 912 $ 3,023,931 Intercompany sales — — (868 ) — (829 ) — (1,697 ) Net sales to external customers $ 1,251,637 $ 405,674 $ 975,504 $ 278,681 $ 109,826 $ 912 $ 3,022,234 Segment operating income (loss) $ 126,248 $ 19,124 $ 17,040 $ 17,761 $ 9,236 $ (30,265 ) $ 159,144 Asset Impairments and other* — — — — — (7,893 ) (7,893 ) Earnings (loss) from operations 126,248 19,124 17,040 17,761 9,236 (38,158 ) 151,251 Gain on sale of Lids Team Sports — — — — — 4,685 4,685 Interest expense — — — — — (4,414 ) (4,414 ) Interest income — — — — — 11 11 Earnings (loss) from continuing operations before income taxes $ 126,248 $ 19,124 $ 17,040 $ 17,761 $ 9,236 $ (37,876 ) $ 151,533 Total assets** $ 349,021 $ 241,924 $ 517,284 $ 118,913 $ 50,718 $ 263,330 $ 1,541,190 Depreciation and amortization 22,504 14,814 30,196 5,677 911 4,909 79,011 Capital expenditures 33,251 19,065 37,396 7,796 774 2,370 100,652 *Asset Impairments and other includes a $3.1 million charge for asset impairments, of which $2.7 million is in the Lids Sports Group and $0.4 million is in the Schuh Group, a $2.5 million charge for asset write-downs, a $2.2 million charge for network intrusion expenses and a $0.1 million charge for other legal matters. **Total assets for the Lids Sports Group, Schuh Group, Journeys Group and Licensed Brands include $180.9 million , $90.3 million , $9.4 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group decreased $19.2 million due to the sale of Lids Team Sports in the fourth quarter of Fiscal 2016. Goodwill for Schuh Group decreased by $5.7 million due to foreign currency translation adjustment. Goodwill for Journeys Group increased $9.4 million due to the acquisition of Little Burgundy in the fourth quarter of Fiscal 2016. Of the Company's $323.3 million of long-lived assets, $64.7 million and $18.3 million relate to long-lived assets in the United Kingdom and Canada, respectively. Note 14 Business Segment Information, Continued Fiscal 2015 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 1,179,476 $ 406,947 $ 903,451 $ 259,675 $ 110,896 $ 970 $ 2,861,415 Intercompany sales — — (790 ) — (781 ) — (1,571 ) Net sales to external customers $ 1,179,476 $ 406,947 $ 902,661 $ 259,675 $ 110,115 $ 970 $ 2,859,844 Segment operating income (loss) $ 114,784 $ 10,110 $ 48,970 $ 14,856 $ 10,459 $ (29,632 ) $ 169,547 Asset Impairments and other* — — — — — (2,281 ) (2,281 ) Earnings (loss) from operations 114,784 10,110 48,970 14,856 10,459 (31,913 ) 167,266 Indemnification asset write-off — — — — — (7,050 ) (7,050 ) Interest expense — — — — — (3,337 ) (3,337 ) Interest income — — — — — 110 110 Earnings (loss) from continuing operations before income taxes $ 114,784 $ 10,110 $ 48,970 $ 14,856 $ 10,459 $ (42,190 ) $ 156,989 Total assets** $ 292,536 $ 246,570 $ 660,833 $ 109,791 $ 47,066 $ 226,094 $ 1,582,890 Depreciation and amortization 20,785 14,114 29,711 4,935 725 4,056 74,326 Capital expenditures 26,180 21,382 43,013 8,196 979 3,361 103,111 *Asset Impairments and other includes a $1.9 million charge for asset impairments, of which $1.7 million is in the Lids Sports Group and $0.2 million is in the Johnston & Murphy Group, a $3.1 million charge for network intrusion expenses and a $0.7 million charge for other legal matters, partially offset by a gain of $(3.4) million on a lease termination of a Lids store. **Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $200.1 million , $96.0 million and $0.8 million of goodwill, respectively. Goodwill for the Lids Sports Group includes $17.7 million of additions in Fiscal 2015 resulting from several small acquisitions and the Schuh Group goodwill decreased by $8.9 million due to foreign currency translation adjustment. Of the Company's $305.8 million of long-lived assets, $63.9 million and $14.6 million relate to long-lived assets in the United Kingdom and Canada, respectively. |
Quarterly Financial Informati39
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Details of quarterly financial information | (In thousands, 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Fiscal Year except per share amounts) 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Net sales $ 648,793 $ 660,597 $ 625,557 $ 655,525 $ 710,822 $ 773,898 $ 883,169 $ 932,214 $ 2,868,341 $ 3,022,234 Gross margin 329,697 326,333 314,737 320,091 355,635 373,886 417,457 423,156 1,417,526 1,443,466 Earnings from continuing operations before income taxes 16,760 (1) 15,609 (3) 21,199 (5) 11,568 (7) 38,860 (9) 50,720 (11) 74,595 (13) 73,636 (15) 151,414 151,533 Earnings from continuing operations 10,564 9,945 14,504 7,593 25,948 32,855 46,843 44,988 97,859 95,381 Net earnings 10,410 (2) 9,878 (4) 14,578 (6) 7,520 (8) 25,895 (10) 32,507 (12) 46,548 (14) 44,664 (16) 97,431 94,569 Diluted earnings per common share: Continuing operations 0.50 0.42 0.72 0.32 1.30 1.43 2.40 2.07 4.85 4.15 Net earnings 0.50 0.42 0.72 0.32 1.30 1.42 2.39 2.06 4.83 4.11 (1) Includes a net asset impairment and other charge of $3.5 million (see Note 3). (2) Includes a loss of $0.2 million , net of tax, from discontinued operations (see Note 3). (3) Includes a net asset impairment and other charge of $2.6 million (see Note 3). (4) Includes a loss of $0.1 million , net of tax, from discontinued operations (see Note 3). (5) Includes a net asset impairment and other credit of $(7.9) million (see Note 3) and a gain of $(2.5) million on the sale of Lids Team Sports (see Note 2). (6) Includes a gain of $(0.1) million , net of tax, from discontinued operations (see Note 3). (7) Includes a net asset impairment and other charge of $1.2 million (see Note 3). (8) Includes a loss of $0.1 million , net of tax, from discontinued operations (see Note 3). (9) Includes a net asset impairment and other charge of $0.6 million (see Note 3). (10) Includes a loss of $0.0 million , net of tax, from discontinued operations (see Note 3). (11) Includes a net asset impairment and other charge of $0.2 million (see Note 3). (12) Includes a loss of $0.3 million , net of tax, from discontinued operations (see Note 3). (13) Includes a net asset impairment and other charge of $3.0 million (see Note 3) and a loss of $0.1 million on the sale of Lids Team Sports and a gain of $(12.3) million on the sale of SureGrip Footwear (see Note 2). (14) Includes a loss of $0.3 million , net of tax, from discontinued operations (see Note 3). (15) Includes a net asset impairment and other charge of $3.9 million (see Note 3) and a gain of $(4.7) million on the sale of Lids Team Sports (see Note 2). (16) Includes a loss of $0.3 million , net of tax, from discontinued operations (see Note 3). |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Textual (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 03, 2014USD ($) | Jan. 28, 2017USD ($)customersegmentstore$ / shares | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
Summary of Accounting Policies [Line Items] | |||||
Total number of retail stores operated by company | store | 2,794 | ||||
Number of reportable business segments | segment | 5 | ||||
Days in fiscal year | 364 days | ||||
Pretax accruals for environmental contingencies included in provision for discontinued operations | $ 600 | $ 800 | $ 2,800 | ||
Deferred tax valuation allowance | $ 4,305 | 3,352 | |||
Minimum number of hours of service of full time employees | 1000 hours | ||||
Calculated value of pension assets, measurement period | 5 years | ||||
Average future service of employees | 10 years | ||||
Cash | $ 48,301 | 133,288 | 112,867 | $ 59,447 | |
Payment processing duration, minimum | 24 hours | ||||
Payment processing duration, maximum | 48 hours | ||||
Excess of outstanding checks drawn on zero balance accounts at domestic banks exceeded book cash balance | $ 36,700 | 45,000 | |||
Asset retirement obligation | 10,300 | 10,600 | |||
Wholesale and unallocated retail costs of distribution | $ 6,200 | 9,600 | 9,100 | ||
Bonus awards in excess of specified cap measurement period | 1 year | ||||
Bonus awards in excess of specified cap payment period | 3 years | ||||
Expense in connection with amendment plan | $ 5,700 | ||||
Gift card breakage recognized as revenue | $ 1,400 | 1,200 | 1,000 | ||
Accrued liability for gift cards | 17,700 | 16,900 | |||
Advertising costs | 76,700 | 73,700 | 67,000 | ||
Prepaid advertising | 1,200 | 2,000 | |||
Cooperative advertising costs | 3,600 | 3,400 | 3,300 | ||
Vendor reimbursements of cooperative advertising costs | 8,500 | 6,400 | 4,100 | ||
Foreign currency transaction (gain) loss) | $ (1,200) | 2,700 | 2,400 | ||
Basic earnings per share adjustment (USD per share) | $ / shares | $ 0.03 | ||||
Deferred income taxes, current | $ 21,194 | 28,965 | |||
Maximum | |||||
Summary of Accounting Policies [Line Items] | |||||
Deferred advertising costs, amortization period | 6 months | ||||
Major Customer One | |||||
Summary of Accounting Policies [Line Items] | |||||
Number of significant customers | customer | 1 | ||||
Major Customer One | Customer Concentration Risk | Trade Accounts Receivable | |||||
Summary of Accounting Policies [Line Items] | |||||
Concentration risk percentage | 15.00% | ||||
Major Customer Two | Customer Concentration Risk | Trade Accounts Receivable | |||||
Summary of Accounting Policies [Line Items] | |||||
Concentration risk percentage | 13.00% | ||||
Major Customer Three | Customer Concentration Risk | Trade Accounts Receivable | |||||
Summary of Accounting Policies [Line Items] | |||||
Concentration risk percentage | 10.00% | ||||
Other Major Customers | Customer Concentration Risk | Trade Accounts Receivable | |||||
Summary of Accounting Policies [Line Items] | |||||
Benchmark percentage | 7.00% | ||||
Foreign Subsidiaries | |||||
Summary of Accounting Policies [Line Items] | |||||
Cash | $ 22,900 | 24,100 | |||
Selling, General and Administrative Expenses | |||||
Summary of Accounting Policies [Line Items] | |||||
Retail occupancy costs | $ 450,900 | 432,900 | $ 413,600 | ||
Accounting Standards Update 2015-03 | Other Noncurrent Assets | |||||
Summary of Accounting Policies [Line Items] | |||||
Deferred financing costs | 300 | ||||
Accounting Standards Update 2015-03 | Long-term Debt | |||||
Summary of Accounting Policies [Line Items] | |||||
Deferred financing costs | $ (300) |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 74.9 | $ 76.2 | $ 71 |
Buildings and building equipment | Minimum | |||
Property and equipment amortized over the estimated useful life of related assets | |||
Property and equipment, useful life | 20 years | ||
Buildings and building equipment | Maximum | |||
Property and equipment amortized over the estimated useful life of related assets | |||
Property and equipment, useful life | 45 years | ||
Computer hardware, software and equipment | Minimum | |||
Property and equipment amortized over the estimated useful life of related assets | |||
Property and equipment, useful life | 3 years | ||
Computer hardware, software and equipment | Maximum | |||
Property and equipment amortized over the estimated useful life of related assets | |||
Property and equipment, useful life | 10 years | ||
Furniture and fixtures | |||
Property and equipment amortized over the estimated useful life of related assets | |||
Property and equipment, useful life | 10 years |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Goodwill | $ 271,222 | $ 281,385 | |
Lids Sports Group | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 181,600 | 180,900 | $ 200,100 |
Schuh Group | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 79,800 | 90,300 | 96,000 |
Journeys Group | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ 9,800 | 9,400 | |
Licensed Brands | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ 800 | $ 800 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Debt Instrument [Line Items] | ||
Carrying Amount | $ 82,905 | $ 111,765 |
U.S. Revolver Borrowings | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 49,879 | 58,344 |
Fair Value | 50,396 | 58,480 |
UK Term Loans | Line of Credit | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 19,230 | 28,603 |
Fair Value | 19,541 | 28,901 |
UK Revolver Borrowings | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 13,796 | 24,818 |
Fair Value | $ 13,956 | $ 24,630 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 956,783 | $ 998,777 | $ 918,123 |
OCI before reclassifications and tax | (3,949) | ||
Income tax expense | 1,940 | ||
Total other comprehensive loss | (8,679) | (2,037) | (23,809) |
Ending balance | 922,521 | 956,783 | 998,777 |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (28,706) | ||
OCI before reclassifications and tax | 0 | ||
Income tax expense | 0 | ||
Total other comprehensive loss | (11,623) | ||
Ending balance | (40,329) | (28,706) | |
Unrecognized Pension/Postretirement Benefit Costs | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (13,907) | ||
OCI before reclassifications and tax | (3,949) | ||
Amortization of net actuarial loss | 935 | ||
Income tax expense | 1,940 | ||
Total other comprehensive loss | 2,944 | ||
Ending balance | (10,963) | (13,907) | |
Accumulated Foreign Currency Adjustment Attributable to Parent, Intra-Entity Transactions | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
OCI before reclassifications and tax | 1,789 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent, Excluding Intra-Entity Transactions | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
OCI before reclassifications and tax | (13,412) | ||
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (42,613) | (40,576) | (16,767) |
Total other comprehensive loss | (8,679) | (2,037) | (23,809) |
Ending balance | (51,292) | $ (42,613) | $ (40,576) |
Pension Benefits | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Ending balance | (9,400) | ||
Other Pension Plan, Postretirement or Supplemental Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Ending balance | $ 1,600 |
Acquisitions, Intangible Asse45
Acquisitions, Intangible Assets and Sale of Business - Net Intangibles (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Other intangibles by major classes | ||
Gross other intangibles | $ 18,592 | $ 19,516 |
Accumulated amortization | (16,200) | (15,947) |
Net Other Intangibles | 2,392 | 3,569 |
Leases | ||
Other intangibles by major classes | ||
Gross other intangibles | 14,625 | 14,841 |
Accumulated amortization | (12,938) | (12,637) |
Net Other Intangibles | 1,687 | 2,204 |
Customer Lists | ||
Other intangibles by major classes | ||
Gross other intangibles | 1,958 | 2,622 |
Accumulated amortization | (1,956) | (2,264) |
Net Other Intangibles | 2 | 358 |
Other | ||
Other intangibles by major classes | ||
Gross other intangibles | 2,009 | 2,053 |
Accumulated amortization | (1,306) | (1,046) |
Net Other Intangibles | $ 703 | $ 1,007 |
Acquisitions, Intangible Asse46
Acquisitions, Intangible Assets and Sale of Business - Textual (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jan. 28, 2017 | Jul. 30, 2016 | Jan. 30, 2016 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Payments to acquire businesses | $ 35,100 | $ 34,900 | ||||
Amortization of intangible assets | 900 | $ 2,900 | 3,300 | |||
Amortization expense, 2018 | $ 200 | 200 | ||||
Amortization expense, 2019 | 100 | 100 | ||||
Amortization expense, 2020 (less than) | 100 | 100 | ||||
Amortization expense, 2021 (less than) | 100 | 100 | ||||
Amortization expense, 2022 (less than) | 100 | 100 | ||||
SureGrip Footwear | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Gain on sale of businesses | (12,300) | (12,297) | 0 | 0 | ||
Lids Team Sports | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Gain on sale of businesses | $ 100 | $ (2,500) | $ (4,700) | $ (2,404) | $ (4,685) | $ 0 |
Asset Impairments and Other C47
Asset Impairments and Other Charges and Discontinued Operations - Accrued Provision For Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accrued Provision for Discontinued Operations | |||
Additional provision | $ 701 | $ 1,333 | $ 2,711 |
Current provision for discontinued operations | 3,330 | 11,389 | |
Total Noncurrent Provision for Discontinued Operations | 1,713 | 4,230 | |
Facility Shutdown Costs | |||
Accrued Provision for Discontinued Operations | |||
Balance at beginning of period | 15,619 | 14,759 | 11,375 |
Additional provision | 701 | 1,333 | 2,711 |
Charges and adjustments, net | (11,277) | (473) | 673 |
Balance at end of period | 5,043 | $ 15,619 | $ 14,759 |
Current provision for discontinued operations | 3,330 | ||
Total Noncurrent Provision for Discontinued Operations | 1,713 | ||
Environmental provision for discontinued operations | 4,400 | ||
Current environmental provision for discontinued operations | $ 3,300 |
Asset Impairments and Other C48
Asset Impairments and Other Charges and Discontinued Operations - Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Asset impairments and other, net | $ (802) | $ 7,893 | $ 2,281 | ||||||||
Gain on lease termination | (3,400) | ||||||||||
Provision for discontinued operations | 701 | 1,333 | 2,711 | ||||||||
Loss from discontinued operations | $ 300 | $ 0 | $ (100) | $ 200 | $ 300 | $ 300 | $ 100 | $ 100 | 428 | 812 | 1,648 |
Computer Network Intrusion | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Asset impairments and other, net | (8,900) | 2,200 | 3,100 | ||||||||
Other Legal Matters | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Asset impairments and other, net | (700) | 100 | 700 | ||||||||
Retail Store Asset Impairments | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Asset impairments and other, net | 6,400 | 3,100 | $ 1,900 | ||||||||
Pension Settlement Expense | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Asset impairments and other, net | $ 2,500 | ||||||||||
Asset Write-down | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Asset impairments and other, net | $ 2,500 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Inventories | ||
Raw materials | $ 389 | $ 469 |
Wholesale finished goods | 61,575 | 58,773 |
Retail merchandise | 501,713 | 470,516 |
Total Inventories | $ 563,677 | $ 529,758 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Company's assets and liabilities measured at fair value on a nonrecurring basis | |||||||
Total Asset Impairment Fiscal 2017 | $ 6,409 | $ 3,125 | $ 1,890 | ||||
Fair Value Measurements Nonrecurring | |||||||
Company's assets and liabilities measured at fair value on a nonrecurring basis | |||||||
Long-Lived Assets Held and Used | $ 206 | $ 480 | $ 618 | $ 694 | 206 | ||
Total Asset Impairment Fiscal 2017 | 1,377 | 579 | 1,017 | 3,436 | 6,409 | ||
Fair Value Measurements Nonrecurring | Level 1 | |||||||
Company's assets and liabilities measured at fair value on a nonrecurring basis | |||||||
Long-Lived Assets Held and Used | 0 | 0 | 0 | 0 | 0 | ||
Fair Value Measurements Nonrecurring | Level 2 | |||||||
Company's assets and liabilities measured at fair value on a nonrecurring basis | |||||||
Long-Lived Assets Held and Used | 0 | 0 | 0 | 0 | 0 | ||
Fair Value Measurements Nonrecurring | Level 3 | |||||||
Company's assets and liabilities measured at fair value on a nonrecurring basis | |||||||
Long-Lived Assets Held and Used | $ 206 | $ 480 | $ 618 | $ 694 | $ 206 |
Long-Term Debt - Debt by Type (
Long-Term Debt - Debt by Type (Details) $ in Thousands, £ in Millions | Jan. 28, 2017GBP (£) | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) |
Long-Term Debt | |||
Total long-term debt | $ 82,905 | $ 111,765 | |
Current portion | 9,175 | 14,182 | |
Total Noncurrent Portion of Long-Term Debt | 73,730 | 97,583 | |
U.S. Revolver Borrowings | |||
Long-Term Debt | |||
Total long-term debt | 49,900 | ||
U.S. Revolver Borrowings | Revolving Credit Facility | |||
Long-Term Debt | |||
Total long-term debt | 49,879 | 58,344 | |
UK Term Loans | Line of Credit | |||
Long-Term Debt | |||
Total long-term debt | £ 15.4 | 19,300 | 28,896 |
UK Revolver Borrowings | Revolving Credit Facility | |||
Long-Term Debt | |||
Total long-term debt | 13,796 | 24,818 | |
Long-term Debt | UK Term Loans | |||
Long-Term Debt | |||
Deferred financing costs | $ (115) | $ (293) |
Long-Term Debt - Textuals (Deta
Long-Term Debt - Textuals (Details) £ in Millions, CAD in Millions | 12 Months Ended | ||||||
Jan. 28, 2017USD ($) | Jan. 30, 2016GBP (£) | Jan. 28, 2017GBP (£) | Jan. 28, 2017CAD | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | Jan. 30, 2014USD ($) | |
Long-Term Debt (Textual) [Abstract] | |||||||
Long-term debt maturing in year one | $ 9,200,000 | ||||||
Long-term debt maturing in year two | 51,400,000 | ||||||
Long-term debt maturing in year three | 22,400,000 | ||||||
Long-term debt maturing in year four | 0 | ||||||
Long-term debt maturing in year five | 0 | ||||||
Long-term debt | 82,905,000 | $ 111,765,000 | |||||
U.S. Revolver Borrowings | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Long-term debt | 49,900,000 | ||||||
UK Credit Facility | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Interest coverage covenant minimum level | 4.50 | ||||||
Interest coverage covenant maximum level | 2.25 | ||||||
Interest Coverage Covenant, Declining Balance, Maximum Level | 1.75 | ||||||
Cash flow coverage covenant minimum level | 1 | ||||||
Revolving Credit Facility | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Commitment fee on the actual daily unused portions of the credit facility one | 0.25% | ||||||
Revolving Credit Facility | U.S. Revolver Borrowings | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Long-term debt | 49,879,000 | 58,344,000 | |||||
Revolving Credit Facility | U.S. Revolver Borrowings | GCO Canada Inc. | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Long-term debt | CAD 39.1 | 29,800,000 | |||||
Revolving Credit Facility | U.S. Revolver Borrowings | Genesco (UK) Limited | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Long-term debt | £ 16 | 20,100,000 | |||||
Revolving Credit Facility | UK Revolver Borrowings | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Long-term debt | 13,796,000 | 24,818,000 | |||||
Revolving Credit Facility | Canadian Sub Facility | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Prime rate description | (a) For loans made in Canadian dollars, the bankers’ acceptances (“BA”) rate plus the applicable margin, or (b) the Canadian Prime Rate (defined as the highest of the (i) Bank of America Canadian Prime Rate, (ii) the Bank of America (Canada Branch) overnight rate plus 0.50%, and (iii) the BA rate for a one month interest period plus 1.0%) plus the applicable margin. | ||||||
Revolving Credit Facility | Canadian Sub Facility | Canadian Overnight Rate, Bank of America | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Revolving Credit Facility | Canadian Sub Facility | Bankers Acceptances Rate, 30-Day BA Rate | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Revolving Credit Facility | Domestic Facility | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Initial applicable margin for base rate loans and U.S. Index rate loans | 0.50% | ||||||
Initial applicable margin for LIBOR loans and BA equivalent loans | 1.50% | ||||||
Revolving Credit Facility | Domestic Facility | Federal Funds Rate | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Revolving Credit Facility | Domestic Facility | London Interbank Offered Rate (LIBOR), 30-Day LIBOR | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Revolving Credit Facility | Amended Credit Facility | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | $ 375,000,000 | ||||||
Excess availability under credit facility | 298,200,000 | ||||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | 400,000,000 | ||||||
Increase in availability under credit facility | $ 150,000,000 | ||||||
Components of borrowing base | 90% of eligible inventory plus 85% of eligible wholesale receivables plus 90% of eligible credit card and debit card receivables less applicable reserves | ||||||
Borrowing base based upon percentage of eligible inventory | 90.00% | ||||||
Borrowing base based upon percentage of eligible wholesale receivables | 85.00% | ||||||
Borrowing base percentage of eligible credit card and debit card receivables less applicable reserves | 90.00% | ||||||
Applicable margin plus higher of condition one | Federal Funds rate plus 0.50% | ||||||
Applicable margin plus higher of condition two | LIBOR for an interest period of thirty days plus 1.0% | ||||||
Financial covenants, Excess Availability threshold | $ 25,000,000 | ||||||
Financial covenants, Excess Availability threshold percentage | 10.00% | 10.00% | 10.00% | ||||
Covenants for fixed charge coverage ratio (not less than) | 1 | 1 | 1 | ||||
Covenants for fixed charge coverage ratio (description) | not less than 1.0:1.0 | ||||||
Minimum fixed charge coverage ratio | 1 | 1 | 1 | ||||
Amended amount on senior debt covenant | $ 500,000,000 | ||||||
Financial covenants, Excess Availability threshold for cash dominion | $ 30,000,000 | ||||||
Financial covenants, Excess Availability threshold percentage for cash dominion | 12.50% | ||||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | Genesco (UK) Limited | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Increase in availability under credit facility | $ 50,000,000 | ||||||
Aggregate amount of loans and letters of credit subject to receipt of commitment | $ 600,000,000 | ||||||
Borrowing base percentage as maximum from loan cap | 30.00% | ||||||
Percentage of shares pledged by company | 65.00% | 65.00% | 65.00% | ||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | GCO Canada Inc. | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Increase in availability under credit facility | $ 85,000,000 | ||||||
Aggregate amount of loans and letters of credit subject to receipt of commitment | $ 550,000,000 | ||||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | Canadian Sub Facility | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | $ 70,000,000 | ||||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | Swingline Loan | Genesco (UK) Limited | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | 10,000,000 | ||||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | Swingline Loan | GCO Canada Inc. | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | 40,000,000 | ||||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | Standby Letters of Credit | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | 70,000,000 | ||||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | UK Sub Facility | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | 50,000,000 | ||||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | Letter of Credit | Genesco (UK) Limited | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | 10,000,000 | ||||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | Letter of Credit | GCO Canada Inc. | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | 5,000,000 | ||||||
Revolving Credit Facility | UK Credit Facility | UK Revolver Borrowings | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Long-term debt | £ 11 | 13,800,000 | |||||
Revolving Credit Facility | U.S. Revolver Borrowings | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Capitalized deferred financing costs of credit facility and amendment | 3,100,000 | ||||||
Amortization period of deferred financing costs for credit facility and amendment | 5 years | ||||||
Line of Credit | UK Term Loans | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Long-term debt | £ 15.4 | 19,300,000 | $ 28,896,000 | ||||
Line of Credit | Letter of Credit | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Long-term debt | $ 11,200,000 | ||||||
Line of Credit | UK Credit Facility | Term Loan A | Schuh Group | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | £ | £ 17.5 | ||||||
Line of Credit | UK Credit Facility | Term Loan A | London Interbank Offered Rate (LIBOR) | Schuh Group | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Basis spread on variable rate | 1.80% | ||||||
Line of Credit | UK Credit Facility | Term Loan B | Schuh Group | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | £ | £ 11.6 | ||||||
Line of Credit | UK Credit Facility | Term Loan B | London Interbank Offered Rate (LIBOR) | Schuh Group | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Basis spread on variable rate | 2.50% | ||||||
Line of Credit | UK Credit Facility | Working Capital Facility | Schuh Group | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | £ | £ 2.5 | ||||||
Line of Credit | UK Credit Facility | Term Loan C | Schuh Group | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Aggregate principal amount of credit facility | £ | £ 22.5 | ||||||
Line of Credit | UK Credit Facility | Term Loan C | London Interbank Offered Rate (LIBOR) | Schuh Group | |||||||
Long-Term Debt (Textual) [Abstract] | |||||||
Basis spread on variable rate | 2.20% |
Commitments Under Long-Term L53
Commitments Under Long-Term Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Rental expense under operating leases | |||
Minimum rentals | $ 264,129 | $ 255,083 | $ 250,077 |
Contingent rentals | 9,957 | 11,044 | 9,217 |
Sublease rentals | (1,863) | (825) | (852) |
Total Rental Expense | 272,223 | $ 265,302 | $ 258,442 |
Minimum rental commitments payable in future years | |||
2,018 | 245,159 | ||
2,019 | 215,230 | ||
2,020 | 191,857 | ||
2,021 | 172,763 | ||
2,022 | 152,855 | ||
Later years | 402,013 | ||
Total Minimum Rental Commitments | $ 1,379,877 |
Commitments Under Long-Term L54
Commitments Under Long-Term Leases - Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Commitments Under Long-Term Leases (Textual) [Abstract] | ||
Percentage of renewal options | 4.00% | |
Tenant allowances | $ 25.4 | $ 25.4 |
Deferred rent | $ 51.9 | $ 48 |
United States, Puerto Rico and Canada | ||
Commitments Under Long-Term Leases (Textual) [Abstract] | ||
Store leases terms maximum | 10 years | |
United Kingdom, The Republic of Ireland, and Germany | ||
Commitments Under Long-Term Leases (Textual) [Abstract] | ||
Store leases terms minimum | 10 years | |
Store leases terms maximum | 20 years |
Equity - Non-Redeemable Preferr
Equity - Non-Redeemable Preferred Stock (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Non-Redeemable Preferred Stock | ||||
Preferred stock | $ 1,060 | $ 1,077 | ||
Employees’ Subordinated Convertible Preferred | ||||
Non-Redeemable Preferred Stock | ||||
Shares Authorized (in shares) | 5,000,000 | |||
Number of Shares (in shares) | 37,646 | 38,196 | 44,836 | |
Preferred stock | $ 1,129 | $ 1,146 | $ 1,345 | |
Stated Value of Issued Shares | ||||
Non-Redeemable Preferred Stock | ||||
Preferred stock | 1,129 | 1,146 | 1,345 | |
Employees’ Preferred Stock Purchase Accounts | ||||
Non-Redeemable Preferred Stock | ||||
Preferred stock | (69) | (69) | (71) | $ (77) |
Non-Redeemable Preferred Stock | ||||
Non-Redeemable Preferred Stock | ||||
Preferred stock | $ 1,060 | $ 1,077 | $ 1,274 | $ 1,305 |
Equity - Preferred Stock Transa
Equity - Preferred Stock Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Preferred stock transactions | |||
Beginning balance | $ 1,077 | ||
Ending balance | 1,060 | $ 1,077 | |
Non-Redeemable Employees’ Preferred Stock | |||
Preferred stock transactions | |||
Beginning balance | 1,146 | 1,345 | $ 1,382 |
Other stock conversions | (17) | (199) | (37) |
Ending balance | 1,129 | 1,146 | 1,345 |
Employees’ Preferred Stock Purchase Accounts | |||
Preferred stock transactions | |||
Beginning balance | (69) | (71) | (77) |
Other stock conversions | 0 | 2 | 6 |
Ending balance | (69) | (69) | (71) |
Non-Redeemable Preferred Stock | |||
Preferred stock transactions | |||
Beginning balance | 1,077 | 1,274 | 1,305 |
Other stock conversions | (17) | (197) | (31) |
Ending balance | $ 1,060 | $ 1,077 | $ 1,274 |
Equity - Changes in Shares of C
Equity - Changes in Shares of Company's Capital Stock (Details) - shares | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Changes in shares of company's capital stock | |||
Issued, beginning balance | 22,322,799 | ||
Exercise of options | 26,696 | 35,542 | 68,616 |
Issue shares - Employee Stock Purchase Plan | 2,470 | 2,688 | |
Shares repurchased (in shares) | (2,155,869) | (2,383,384) | (64,709) |
Issued, ending balance | 20,354,272 | 22,322,799 | |
Less shares repurchased and held in treasury | 488,464 | 488,464 | |
Outstanding | 19,865,808 | 21,834,335 | |
Common Stock | |||
Changes in shares of company's capital stock | |||
Issued, beginning balance | 22,322,799 | 24,515,362 | 24,407,724 |
Exercise of options | 26,696 | 35,542 | 68,616 |
Issue restricted stock | 236,364 | 219,404 | 185,416 |
Issue shares - Employee Stock Purchase Plan | 2,470 | 2,688 | |
Shares repurchased (in shares) | (2,155,869) | (2,383,384) | (64,709) |
Other | (75,718) | (66,595) | (84,373) |
Issued, ending balance | 20,354,272 | 22,322,799 | 24,515,362 |
Less shares repurchased and held in treasury | 488,464 | ||
Outstanding | 19,865,808 | ||
Employees’ Preferred Stock | |||
Changes in shares of company's capital stock | |||
Preferred stock, beginning balance | 38,196 | 44,836 | 46,069 |
Exercise of options | 0 | 0 | 0 |
Issue restricted stock | 0 | 0 | 0 |
Issue shares - Employee Stock Purchase Plan | 0 | 0 | |
Shares repurchased (in shares) | 0 | 0 | 0 |
Other | (550) | (6,640) | (1,233) |
Preferred stock, ending balance | 37,646 | 38,196 | 44,836 |
Less shares repurchased and held in treasury | 0 | ||
Preferred stock, outstanding (in shares) | 37,646 |
Equity - Textual (Details)
Equity - Textual (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 28, 2017USD ($)Vote$ / sharesshares | Jan. 30, 2016USD ($)$ / sharesshares | Jan. 31, 2015USD ($)$ / sharesshares | Feb. 01, 2014shares | |
Class of Stock [Line Items] | ||||
Expiration date of rights | Mar. 31, 2020 | |||
Stated and liquidation values and redemption price, payment period on average quarterly dividend paid | 2 years | |||
Common convertible ratio (in shares) | 1 | |||
Common stock, par value (USD per share) | $ / shares | $ 1 | $ 1 | ||
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 | ||
Common stock, shares issued (in shares) | 20,354,272 | 22,322,799 | ||
Shares held in treasury (in shares) | 488,464 | 488,464 | ||
Common stock issued for exercise of stock options | 26,696 | 35,542 | 68,616 | |
Weighted average exercise price of common stock (USD per share) | $ / shares | $ 38.13 | $ 36.81 | $ 26.49 | |
Exercise of stock options | $ | $ 1,018 | $ 1,308 | $ 1,818 | |
Employee stock purchase plan, shares | 2,470 | 2,688 | ||
Weighted average market price of common stock issued under stock option (USD per share) | $ / shares | $ 54.22 | $ 71.01 | ||
Employee stock purchase plan | $ | $ 134 | $ 191 | ||
Number of common stock issued to directors for no consideration | 23,252 | 19,769 | 16,396 | |
Common stock withheld for taxes on restricted stock vested | 55,563 | 65,783 | 88,003 | |
Restricted stock forfeited during the year | 43,998 | 27,221 | 13,999 | |
Common stock shares repurchased and retired | 2,155,869 | 2,383,384 | 64,709 | |
Weighted average price of common stock retired and repurchase (USD per share) | $ / shares | $ 61.81 | $ 60.79 | $ 71.63 | |
Common stock value repurchased and retired | $ | $ 133,300 | $ 144,900 | $ 4,600 | |
Minimum percentage loan cap (equal or greater than 15%) | 15.00% | |||
Proforma fixed charge coverage ratio (equal or greater than 1.0) | 1 | |||
Maximum | ||||
Class of Stock [Line Items] | ||||
Percentage loan cap (equal or greater than 25%) | 25.00% | |||
Cash dividends on preferred stock | $ | $ 500 | |||
Minimum | ||||
Class of Stock [Line Items] | ||||
Percentage loan cap (equal or greater than 25%) | 25.00% | |||
2009 Stock Incentive Plan | ||||
Class of Stock [Line Items] | ||||
Common shares reserved | 2,556,824 | |||
2009 Equity Incentive Plan | ||||
Class of Stock [Line Items] | ||||
Common stock issued as restricted shares | 236,364 | 219,404 | 185,416 | |
Subordinated Serial Preferred Stock Aggregate | ||||
Class of Stock [Line Items] | ||||
Preferred shares authorized (in shares) | 3,000,000 | |||
Subordinated Serial Preferred Stock $2.30 Series 1 | ||||
Class of Stock [Line Items] | ||||
Preferred shares authorized (in shares) | 64,368 | |||
Preferred stock par value (usd per share) | $ / shares | $ 2.30 | |||
Common stock issued in conversion of debentures | 591 | 6,640 | 1,233 | |
Subordinated Serial Preferred Stock $4.75 Series 3 | ||||
Class of Stock [Line Items] | ||||
Preferred shares authorized (in shares) | 40,449 | |||
Preferred stock par value (usd per share) | $ / shares | $ 4.75 | |||
Subordinated Serial Preferred Stock $4.75 Series 4 | ||||
Class of Stock [Line Items] | ||||
Preferred shares authorized (in shares) | 53,764 | |||
Preferred stock par value (usd per share) | $ / shares | $ 4.75 | |||
Subordinated Serial Preferred Stock Series Six | ||||
Class of Stock [Line Items] | ||||
Preferred shares authorized (in shares) | 800,000 | |||
$1.50 Subordinated Cumulative Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred shares authorized (in shares) | 5,000,000 | |||
Preferred stock par value (usd per share) | $ / shares | $ 1.50 | |||
Employees’ Subordinated Convertible Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Multiplication value to quarterly dividend per share of common stock for calculation of stated and liquidation values and redemption price | 88 | |||
Common convertible ratio (in shares) | 1 | |||
Number of votes for each outstanding share | Vote | 1 | |||
Employees’ Subordinated Convertible Preferred Stock | Minimum | ||||
Class of Stock [Line Items] | ||||
Stated and liquidation values and redemption price per share dividend paid on common stock plus accumulated dividends (usd per share) | $ / shares | $ 30 | |||
Conversion of Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Common shares reserved | 37,646 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Number of votes for each outstanding share | Vote | 1 | |||
Common stock, shares issued (in shares) | 20,354,272 | 22,322,799 | 24,515,362 | 24,407,724 |
Shares held in treasury (in shares) | 488,464 | |||
Common stock issued for exercise of stock options | 26,696 | 35,542 | 68,616 | |
Exercise of stock options | $ | $ 27 | $ 35 | $ 69 | |
Employee stock purchase plan, shares | 2,470 | 2,688 | ||
Employee stock purchase plan | $ | $ 3 | $ 3 |
Income Taxes - Earnings from Co
Income Taxes - Earnings from Continuting Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $ 129,819 | $ 136,178 | $ 150,682 | ||||||||
Foreign | 21,595 | 15,355 | 6,307 | ||||||||
Earnings from continuing operations before income taxes | $ 74,595 | $ 38,860 | $ 21,199 | $ 16,760 | $ 73,636 | $ 50,720 | $ 11,568 | $ 15,609 | $ 151,414 | $ 151,533 | $ 156,989 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Current | |||
U.S. federal | $ 36,998 | $ 46,515 | $ 43,146 |
International | 5,245 | 3,542 | 292 |
State | 5,918 | 8,220 | 8,966 |
Total Current Income Tax Expense | 48,161 | 58,277 | 52,404 |
Deferred | |||
U.S. federal | 2,980 | (1,249) | 4,422 |
International | 1,182 | 868 | 636 |
State | 1,232 | (1,744) | 154 |
Total Deferred Income Tax Expense (Benefit) | 5,394 | (2,125) | 5,212 |
Total Income Tax Expense – Continuing Operations | $ 53,555 | $ 56,152 | $ 57,616 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Deferred tax assets and liabilities | ||
Identified intangibles | $ (31,079) | $ (29,763) |
Prepaids | (3,274) | (3,390) |
Convertible bonds | (1,196) | (1,799) |
Tax over book depreciation | (3,014) | 0 |
Total deferred tax liabilities | (38,563) | (34,952) |
Options | 0 | 101 |
Deferred rent | 5,488 | 5,119 |
Pensions | 3,396 | 4,409 |
Expense accruals | 10,413 | 9,577 |
Uniform capitalization costs | 16,361 | 14,644 |
Book over tax depreciation | 0 | 9,778 |
Provisions for discontinued operations and restructurings | 2,179 | 6,111 |
Inventory valuation | 3,728 | 3,954 |
Tax net operating loss and credit carryforwards | 2,450 | 2,493 |
Allowances for bad debts and notes | 491 | 378 |
Deferred compensation and restricted stock | 7,147 | 6,706 |
Other | 4,458 | 3,825 |
Gross deferred tax assets | 56,111 | 67,095 |
Deferred tax asset valuation allowance | (4,305) | (3,352) |
Deferred tax asset net of valuation allowance | 51,806 | 63,743 |
Net Deferred Tax Assets | $ 13,243 | $ 28,791 |
Income Taxes - Deferred Tax Bal
Income Taxes - Deferred Tax Balances (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Deferred tax assets net classification | ||
Net current asset | $ 21,194 | $ 28,965 |
Net non-current asset | 85 | 959 |
Net non-current liability | (8,036) | (1,133) |
Net Deferred Tax Assets | $ 13,243 | $ 28,791 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Statutory Rate (Details) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Reconciliation of the United States federal statutory rate to the Company's effective tax rate from continuing operations | |||
U. S. federal statutory rate of tax | 35.00% | 35.00% | 35.00% |
State taxes (net of federal tax benefit) | 3.46% | 2.82% | 3.80% |
Foreign rate differential | (2.93%) | (2.60%) | (1.56%) |
Change in valuation allowance | 0.88% | (0.58%) | 0.57% |
Permanent items | 1.11% | 2.19% | 2.13% |
Uncertain federal, state and foreign tax positions | (0.90%) | 1.23% | (3.06%) |
Other | (1.25%) | (1.00%) | (0.18%) |
Effective Tax Rate | 35.37% | 37.06% | 36.70% |
Income Taxes - Unrecognized tax
Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Reconciliation of the total amounts of unrecognized tax benefits | |||
Unrecognized Tax Benefit – Beginning of Period | $ 14,639 | $ 3,997 | $ 10,960 |
Gross Increases (Decreases) – Tax Positions in a Prior Period | (7,585) | 9,328 | 231 |
Gross Increases (Decreases) – Tax Positions in a Current Period | 491 | 1,403 | (287) |
Settlements | (742) | 0 | 0 |
Lapse of Statutes of Limitations | (1,181) | (89) | (6,907) |
Unrecognized Tax Benefit – End of Period | $ 5,622 | $ 14,639 | $ 3,997 |
Income Taxes - Textual (Details
Income Taxes - Textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||
Discontinued operations income tax benefit | $ (300) | $ (500) | $ (1,100) |
Tax benefit of stock options and restricted stock exercised | $ 313 | $ 150 | $ 3,061 |
Effective tax rate for continuing operation | 35.37% | 37.06% | 36.70% |
Deferred tax valuation allowance | $ 4,305 | $ 3,352 | |
Increase in valuation allowance | 900 | ||
Accumulated undistributed earnings of foreign subsidiary | 64,400 | ||
Unrecognized tax benefits that would impact effective tax rate | 2,500 | 3,900 | $ 2,700 |
Interest expense (benefit) on unrecognized tax benefits | 800 | 600 | (100) |
Income tax penalties expense | 0 | 0 | 0 |
Interest on income taxes accrued | 600 | 1,500 | 800 |
Income tax penalties accrued | $ 100 | 100 | 100 |
Minimum | |||
Operating Loss Carryforwards [Line Items] | |||
Period of statutes of limitation of subsidiaries in foreign jurisdictions | 2 years | ||
Maximum | |||
Operating Loss Carryforwards [Line Items] | |||
Period of statutes of limitation of subsidiaries in foreign jurisdictions | 6 years | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 0 | 1,000 | 1,200 |
State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 400 | 500 | 0 |
Tax credit carryforward | 400 | 600 | 400 |
Foreign | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 7,300 | $ 7,400 | $ 6,800 |
Operating Loss Carryforwards, Foreign | |||
Operating Loss Carryforwards [Line Items] | |||
Increase in valuation allowance | 800 | ||
Property, Plant and Equipment | |||
Operating Loss Carryforwards [Line Items] | |||
Increase in valuation allowance | $ 100 |
Defined Benefit Pension Plans66
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Pension Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 100,290 | $ 125,764 | |
Service cost | 550 | 450 | $ 450 |
Interest cost | 4,118 | 4,263 | 4,664 |
Plan participants’ contributions | 0 | 0 | |
Plan settlements | (13,862) | 0 | |
Curtailment gain | 0 | 0 | |
Benefits paid | (8,308) | (8,841) | |
Actuarial (gain) loss | 4,159 | (21,346) | |
Benefit Obligation at End of Year | 86,947 | 100,290 | 125,764 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 90,333 | 103,580 | |
Actual gain (loss) on plan assets | 12,531 | (4,406) | |
Plan settlements | (13,874) | 0 | |
Employer contributions | 0 | 0 | |
Plan participants’ contributions | 0 | 0 | |
Benefits paid | (8,308) | (8,841) | |
Fair Value of Plan Assets at End of Year | 80,682 | 90,333 | 103,580 |
Funded Status at End of Year | (6,265) | (9,957) | |
Other Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 6,826 | 6,886 | |
Service cost | 704 | 821 | 526 |
Interest cost | 286 | 245 | 226 |
Plan participants’ contributions | 158 | 124 | |
Plan settlements | 0 | 0 | |
Curtailment gain | 0 | (755) | |
Benefits paid | (257) | (341) | |
Actuarial (gain) loss | 1,226 | (154) | |
Benefit Obligation at End of Year | 8,943 | 6,826 | 6,886 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual gain (loss) on plan assets | 0 | 0 | |
Plan settlements | 0 | 0 | |
Employer contributions | 99 | 217 | |
Plan participants’ contributions | 158 | 124 | |
Benefits paid | (257) | (341) | |
Fair Value of Plan Assets at End of Year | 0 | 0 | $ 0 |
Funded Status at End of Year | $ (8,943) | $ (6,826) |
Defined Benefit Pension Plans67
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Balance Sheets (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | $ 0 | $ 0 |
Noncurrent liabilities | (6,265) | (9,957) |
Net Amount Recognized | (6,265) | (9,957) |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | (343) | (274) |
Noncurrent liabilities | (8,600) | (6,552) |
Net Amount Recognized | $ (8,943) | $ (6,826) |
Defined Benefit Pension Plans68
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Other Comprehensive Income (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | $ 15,430 | $ 21,415 |
Total Recognized in Accumulated Other Comprehensive Loss | 15,430 | 21,415 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | 2,518 | 1,417 |
Total Recognized in Accumulated Other Comprehensive Loss | $ 2,518 | $ 1,417 |
Defined Benefit Pension Plans69
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Accumulated Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 86,947 | $ 100,290 |
Accumulated benefit obligation | 86,947 | 100,290 |
Fair value of plan assets | $ 80,682 | $ 90,333 |
Defined Benefit Pension Plans70
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss recognized | $ 2,456 | $ 0 | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 550 | 450 | $ 450 | |
Interest cost | 4,118 | 4,263 | 4,664 | |
Expected return on plan assets | (5,641) | (5,785) | (6,069) | |
Settlement loss recognized | $ 2,500 | 2,456 | 0 | 0 |
Prior service cost | 0 | 0 | 0 | |
Losses | 810 | 4,948 | 3,546 | |
Net amortization | 810 | 4,948 | 3,546 | |
Net Periodic Benefit Cost | 2,293 | 3,876 | 2,591 | |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 704 | 821 | 526 | |
Interest cost | 286 | 245 | 226 | |
Expected return on plan assets | 0 | 0 | 0 | |
Settlement loss recognized | 0 | 0 | 0 | |
Prior service cost | 0 | 0 | 0 | |
Losses | 125 | 189 | 102 | |
Net amortization | 125 | 189 | 102 | |
Net Periodic Benefit Cost | $ 1,115 | $ 1,255 | $ 854 |
Defined Benefit Pension Plans71
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Reconciliation of AOCI (Details) $ in Thousands | 12 Months Ended |
Jan. 28, 2017USD ($) | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Net (gain) loss | $ (2,729) |
Amortization of net actuarial loss | (3,256) |
Total Recognized in Other Comprehensive Income | (5,985) |
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | (3,692) |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Net (gain) loss | 1,226 |
Amortization of net actuarial loss | (125) |
Total Recognized in Other Comprehensive Income | 1,101 |
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ 2,216 |
Defined Benefit Pension Plans72
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Benefit Obligation Assumptions (Details) | Jan. 28, 2017 | Jan. 30, 2016 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.95% | 4.30% |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.98% | 4.04% |
Rate of compensation increase | 0.00% | 0.00% |
Defined Benefit Pension Plans73
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Net Periodic Benefit Cost Assumptions (Details) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.30% | 3.55% | 4.40% |
Expected long-term rate of return on plan assets | 6.35% | 6.35% | 6.75% |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.04% | 3.31% | 4.40% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Defined Benefit Pension Plans74
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Health Care Cost Trend Rates (Details) | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 8.00% | 7.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,027 | 2,021 |
Defined Benefit Pension Plans75
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Future Year Health Care Cost (Details) $ in Thousands | 12 Months Ended |
Jan. 28, 2017USD ($) | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Aggregated service and interest cost, 1% increase in rates | $ 142 |
Aggregated service and interest cost, 1% decrease in rates | 237 |
Accumulated postretirement benefit obligation, 1% increase in rates | 1,427 |
Accumulated postretirement benefit obligation, 1% decrease in rates | $ 1,169 |
Defined Benefit Pension Plans76
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Plan Assets (Details) | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 65.00% | 64.00% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 35.00% | 36.00% |
Defined Benefit Pension Plans77
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Fair Value Hierarchy (Details) - Pension Benefits - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | $ 80,682 | $ 90,333 | $ 103,580 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 80,682 | 90,333 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 0 | 0 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 0 | 0 | |
International securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 10,367 | 11,464 | |
International securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 10,367 | 11,464 | |
International securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 0 | 0 | |
International securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 0 | 0 | |
U.S. securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 42,041 | 46,012 | |
U.S. securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 42,041 | 46,012 | |
U.S. securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 0 | 0 | |
U.S. securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 0 | 0 | |
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 27,987 | 32,573 | |
Fixed Income Securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 27,987 | 32,573 | |
Fixed Income Securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 0 | 0 | |
Fixed Income Securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 0 | 0 | |
Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 426 | 291 | |
Cash Equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 426 | 291 | |
Cash Equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 0 | 0 | |
Cash Equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 0 | 0 | |
Other (includes receivables and payables) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | (139) | (7) | |
Other (includes receivables and payables) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | (139) | (7) | |
Other (includes receivables and payables) | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 0 | 0 | |
Other (includes receivables and payables) | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | $ 0 | $ 0 |
Defined Benefit Pension Plans78
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Estimated Future Payments (Details) $ in Millions | Jan. 28, 2017USD ($) |
Pension Benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,017 | $ 7.3 |
2,018 | 7.2 |
2,019 | 7 |
2,020 | 6.8 |
2,021 | 6.6 |
2022-2026 | 30 |
Other Benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,017 | 0.3 |
2,018 | 0.4 |
2,019 | 0.4 |
2,020 | 0.4 |
2,021 | 0.5 |
2022-2026 | $ 2.4 |
Defined Benefit Pension Plans79
Defined Benefit Pension Plans and Other Postretirement Benefit Plans - Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss recognized | $ 2,456 | $ 0 | ||
Maintained range of actual to target asset allocation | 5.00% | |||
Minimum expected funded percentage | 80.00% | 80.00% | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Participant's compensation | 4.00% | |||
Participant compensation in excess of social security taxable wage base | 4.00% | |||
Interest calculated on account balance of each active participant | 7.00% | |||
Amount other than interest calculated on account balance of each active participant | 50.00% | |||
Amount with interest calculated on account balance of each inactive participant | lesser of 7% or the 30 year | |||
Treasury rate with interest calculated on account balance of each inactive participant | 7.00% | |||
Year with interest calculated on account balance of each inactive participant | 30 years | |||
Year only with interest calculated under frozen plan for each participant's cash balance plan account | 30 years | |||
Treasury rate only with interest calculated under frozen plan for each participant's cash balance plan account | 7.00% | |||
Settlement loss recognized | $ 2,500 | $ 2,456 | $ 0 | $ 0 |
Estimated net loss that will be amortized from accumulated other comprehensive income | 900 | |||
Estimated prior service cost that will be amortized from accumulated other comprehensive income | $ 0 | |||
Discount rate | 3.95% | 3.95% | 4.30% | |
Increase in rate increased accumulated benefit obligation | $ 3,200 | |||
Increase in rate increased projected benefit obligation | $ 3,200 | |||
Decrease in rate increased accumulated benefit obligation | $ 7,500 | |||
Decrease in rate increased projected benefit obligation | $ 7,500 | |||
Expected long-term rate of return on plan assets | 6.35% | 6.35% | 6.75% | |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss recognized | $ 0 | $ 0 | $ 0 | |
Age under health care plan for early retirees eligible for benefits | 65 years | |||
Estimated net loss that will be amortized from accumulated other comprehensive income | $ 200 | |||
Discount rate | 3.98% | 3.98% | 4.04% | |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% | |
Domestic Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocations | 50.00% | |||
International Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocations | 13.00% | |||
Fixed Income Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocations | 35.00% | |||
Cash Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocations | 2.00% | |||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum year of service of employee related to savings plan | 1 year | |||
Minimum year of age of employee related to savings plan | 21 years | |||
Percent of matching contribution by employer | 100.00% | |||
Maximum employer contribution up to a specified percentage of salary | 3.00% | |||
Percent of matching contribution by employer up to a specified percentage of salary | 50.00% | |||
Another maximum employer contribution up to specified percentage of salary | 2.00% | |||
Maximum percentage of salary up to which additional contribution made by employer | 2.50% | |||
Contribution expense to company for matching program | $ 5,500 | $ 6,000 | $ 5,500 |
Earnings Per Share - Per Share
Earnings Per Share - Per Share Amount (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Summary of basic and diluted earnings per share | |||||||||||
Earnings from continuing operations | $ 97,859 | $ 95,381 | $ 99,373 | ||||||||
Basic EPS from continuing operations | |||||||||||
Income from continuing operations available to common shareholders, Income (Numerator) | $ 97,859 | $ 95,381 | $ 99,373 | ||||||||
Income from continuing operations available to common shareholders, in shares (Denominator) | 20,076,000 | 22,880,000 | 23,507,000 | ||||||||
Income from continuing operations available to common shareholders (USD per share) | $ 4.87 | $ 4.17 | $ 4.23 | ||||||||
Effect of Dilutive Securities from continuing operations | |||||||||||
Options and restricted stock, in shares (Denominator) | 58,000 | 76,000 | 155,000 | ||||||||
Employees' preferred stock, in shares (Denominator) | 38,000 | 44,000 | 46,000 | ||||||||
Diluted EPS from continuing operations | |||||||||||
Income from continuing operations available to common shareholders plus assumed conversions, Income (Numerator) | $ 97,859 | $ 95,381 | $ 99,373 | ||||||||
Income from continuing operations available to common shareholders plus assumed conversions, in shares (Denominator) | 20,172,000 | 23,000,000 | 23,708,000 | ||||||||
Continuing operations (USD per share) | $ 2.40 | $ 1.30 | $ 0.72 | $ 0.50 | $ 2.07 | $ 1.43 | $ 0.32 | $ 0.42 | $ 4.85 | $ 4.15 | $ 4.19 |
Common convertible ratio (in shares) | 1 | 1 |
Earnings Per Share - Textual (D
Earnings Per Share - Textual (Details) - USD ($) | 2 Months Ended | 12 Months Ended | ||
Mar. 24, 2017 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Subsequent Event [Line Items] | ||||
Shares repurchased (in shares) | 2,155,869 | 2,383,384 | 64,709 | |
Value of shares repurchased | $ 133,263,000 | $ 144,885,000 | $ 4,635,000 | |
Total authorized repurchase amount for stock repurchase program | $ 100,000,000 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Shares repurchased (in shares) | 275,300 | |||
Value of shares repurchased | $ 16,200,000 | |||
Remaining authorized repurchase amount for stock repurchase program | $ 24,000,000 |
Share-Based Compensation Plan82
Share-Based Compensation Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Summary of stock option activity | |||
Outstanding Shares, Beginning balance | 26,696 | 62,238 | 130,854 |
Granted, Shares | 0 | 0 | 0 |
Exercised, Shares | (26,696) | (35,542) | (68,616) |
Forfeited, Shares | 0 | 0 | 0 |
Outstanding Shares, Ending balance | 0 | 26,696 | 62,238 |
Exercisable, Shares | 0 | ||
Summary of stock option activity, weighted average exercise price | |||
Outstanding, Weighted-Average Exercise Price, Beginning balance (USD per share) | $ 38.13 | $ 37.38 | $ 31.67 |
Granted, Weighted-Average Exercise Price (USD per share) | 0 | 0 | 0 |
Exercised, Weighted-Average Exercise Price (USD per share) | 38.13 | 36.81 | 26.49 |
Forfeited, Weighted-Average Exercise Price (USD per share) | 0 | 0 | 0 |
Outstanding, Weighted-Average Exercise Price, Ending balance (USD per share) | 0 | $ 38.13 | $ 37.38 |
Exercisable, Weighted-Average Exercise Price (USD per share) | $ 0 | ||
Outstanding, Aggregate Intrinsic Value | $ 0 | ||
Exercisable, Aggregate Intrinsic Value | $ 0 |
Share-Based Compensation Plan83
Share-Based Compensation Plans - Restricted Stock (Details) - Nonvested Restricted Shares - $ / shares | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Summary of the status of the Company's nonvested shares of its employee restricted stock | |||
Nonvested Shares, Beginning balance, shares | 471,599 | 486,994 | 581,274 |
Granted, Shares | 236,364 | 219,404 | 185,416 |
Vested, Shares | (125,347) | (141,795) | (177,694) |
Withheld for federal taxes, Shares | (55,563) | (65,783) | (88,003) |
Forfeited, Shares | (43,051) | (27,221) | (13,999) |
Nonvested Shares, Ending balance, shares | 484,002 | 471,599 | 486,994 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested, Weighted-Average Grant-Date Fair Value, Beginning balance (usd per share) | $ 69.26 | $ 66.70 | $ 52.21 |
Granted, Weighted-Average Grant-Date Fair Value (usd per share) | 65.99 | 66.43 | 80.85 |
Vested, Weighted-Average Grant-Date Fair Value (usd per share) | 67.23 | 60.08 | 44.77 |
Withheld for federal taxes, Weighted-Average Grant-Date Fair Value (usd per share) | 67.52 | 60.62 | 45.27 |
Forfeited, Weighted-Average Grant-Date Fair Value (usd per share) | 70.60 | 69.31 | 65.71 |
Nonvested, Weighted-Average Grant-Date Fair Value, Ending balance (usd per share) | $ 68.27 | $ 69.26 | $ 66.70 |
Share-Based Compensation Plan84
Share-Based Compensation Plans - Textual (Details) | 12 Months Ended | ||
Jan. 28, 2017USD ($)Plantrading_dayshares | Jan. 30, 2016USD ($)shares | Jan. 31, 2015USD ($)shares | |
Share-Based Compensation Plans (Textual) [Abstract] | |||
Number of fixed stock compensation plans | Plan | 2 | ||
Tax benefit of stock options and restricted stock | $ | $ 313,000 | $ 150,000 | $ 3,061,000 |
Total intrinsic value of options exercised | $ | 700,000 | 900,000 | 3,400,000 |
Exercise of stock options | $ | $ 1,018,000 | $ 1,308,000 | $ 1,818,000 |
Director | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Restriction period | 3 years | ||
Share-based compensation, shares issued | 13,734 | 12,978 | 11,592 |
Share-based compensation cost | $ | $ 1,400,000 | $ 1,400,000 | $ 1,100,000 |
Stock Options | Maximum | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Stock option's maximum term | 10 years | ||
Nonvested Restricted Shares | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Unrecognized share-based compensation cost | $ | $ 25,700,000 | ||
Shares granted | 236,364 | 219,404 | 185,416 |
Share-based compensation cost | $ | $ 12,100,000 | $ 12,400,000 | $ 12,300,000 |
Weighted average expected period nonvested share-based compensation | 1 year 9 months 14 days | ||
Nonvested Restricted Shares | Director | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Shares granted | 760 | ||
2009 Equity Incentive Plan | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Share-based compensation, shares issued | 2,600,000 | ||
2009 Equity Incentive Plan | Director | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Restriction period | 3 years | ||
Share-based compensation for restricted stock value grant in period | $ | $ 97,500 | $ 97,500 | $ 97,500 |
Number of trading days to determine grant value | trading_day | 5 | ||
Share-based compensation, shares issued | 8,758 | 6,791 | 4,804 |
2009 Equity Incentive Plan | Stock Options | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Vesting term | 4 years | ||
Unrecognized share-based compensation cost | $ | $ 0 | ||
2009 Equity Incentive Plan | Nonvested Restricted Shares | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Annual vesting percentage | 25.00% | ||
Vesting term | 4 years | ||
Share-based compensation, shares issued | 236,364 | 219,404 | 185,416 |
2005 Equity Incentive Plan | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Share-based compensation, shares issued | 2,500,000 | ||
2005 Equity Incentive Plan | Stock Options | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Vesting term | 4 years | ||
Addition to the 2009 Equity Incentive Plan | Nonvested Restricted Shares | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Vesting term | 3 years | ||
Share-based compensation, shares issued | 2,523 | ||
Stock Purchase Plans | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Employee annual base salary to qualify under plan | $ | $ 90,000 | ||
Shares sold to employees | 2,470 | 2,688 | |
Common Stock | Stock Purchase Plans | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Shares authorized for issuance | 1,000,000 | ||
Vesting percentage - Year 1 | 2009 Equity Incentive Plan | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Annual vesting percentage | 25.00% | ||
Vesting percentage - Year 1 | 2005 Equity Incentive Plan | Stock Options | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Annual vesting percentage | 25.00% | ||
Vesting percentage - Year 2 | 2009 Equity Incentive Plan | Stock Options | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Annual vesting percentage | 25.00% | ||
Vesting percentage - Year 2 | 2005 Equity Incentive Plan | Stock Options | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Annual vesting percentage | 25.00% | ||
Vesting percentage - Year 3 | 2009 Equity Incentive Plan | Stock Options | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Annual vesting percentage | 25.00% | ||
Vesting percentage - Year 3 | 2005 Equity Incentive Plan | Stock Options | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Annual vesting percentage | 25.00% | ||
Vesting percentage - Year 4 | 2009 Equity Incentive Plan | Stock Options | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Annual vesting percentage | 25.00% | ||
Vesting percentage - Year 4 | 2005 Equity Incentive Plan | Stock Options | |||
Share-Based Compensation Plans (Textual) [Abstract] | |||
Annual vesting percentage | 25.00% |
Legal Proceedings (Details)
Legal Proceedings (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 28, 2017USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Jul. 30, 2016USD ($) | Feb. 02, 2013USD ($) | Jan. 28, 2017USD ($)Well | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Mar. 07, 2013USD ($) | Dec. 10, 2010USD ($)Claimant | |
Loss Contingencies [Line Items] | |||||||||||
Loss contingency, estimate of possible loss | $ 15,600,000 | ||||||||||
Number of water supply wells | Well | 2 | ||||||||||
Minimum historical cost associated with enhanced treatment required by the impact of groundwater plume | $ 1,800,000 | ||||||||||
Maximum historical cost associated with enhanced treatment required by the impact of groundwater plume | 2,500,000 | ||||||||||
Future operation and maintenance costs | 126,400 | ||||||||||
Amount related to outstanding environmental contingencies | 4,400,000 | $ 14,500,000 | $ 14,100,000 | ||||||||
Accrual for environmental loss contingencies | $ 10,000,000 | ||||||||||
Pretax accruals for environmental contingencies included in provision for discontinued operations | 600,000 | $ 800,000 | $ 2,800,000 | ||||||||
Number of claimants | Claimant | 2 | ||||||||||
Pretax gain on settlement | $ 9,000,000 | ||||||||||
Environmental Monitoring, Operation and Maintenance Activities | Minimum | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss contingency, estimate of possible loss | 1,700,000 | ||||||||||
Environmental Monitoring, Operation and Maintenance Activities | Maximum | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss contingency, estimate of possible loss | 2,000,000 | ||||||||||
EPA Interim Oversight Costs | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss contingency, estimate of possible loss | $ 1,250,000 | ||||||||||
Response Costs Claimed by the EPA | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss contingency, estimate of possible loss | $ 2,200,000 | ||||||||||
Threatened Litigation | Computer Network Intrusion | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss contingency in period | $ 15,400,000 | ||||||||||
Village of Garden City, New York | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Litigation settlement amount | $ (10,000,000) | ||||||||||
Positive Outcome of Litigation | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Noncompliance fines and issuer reimbursement assessments | $ 13,300,000 | ||||||||||
Subsequent Event | Response Costs Claimed by the EPA | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Litigation settlement amount | $ 1,500,000 | ||||||||||
Loss contingency, estimated recovery from a third party, percent | 75.00% | ||||||||||
Loss contingency, estimated recovery from a third party | $ 500,000 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Segment reporting information by segment | |||||||||||
Net sales to external customers | $ 883,169 | $ 710,822 | $ 625,557 | $ 648,793 | $ 932,214 | $ 773,898 | $ 655,525 | $ 660,597 | $ 2,868,341 | $ 3,022,234 | $ 2,859,844 |
Asset impairments and other | 802 | (7,893) | (2,281) | ||||||||
Earnings from operations | 141,960 | 151,251 | 167,266 | ||||||||
Indemnification asset write-off | 0 | 0 | 7,050 | ||||||||
Interest expense | 5,294 | 4,414 | 3,337 | ||||||||
Interest income | 47 | 11 | 110 | ||||||||
Earnings from continuing operations before income taxes | 74,595 | $ 38,860 | 21,199 | $ 16,760 | 73,636 | $ 50,720 | $ 11,568 | $ 15,609 | 151,414 | 151,533 | 156,989 |
Assets | 1,448,906 | 1,541,190 | 1,448,906 | 1,541,190 | |||||||
Depreciation and amortization | 75,768 | 79,011 | 74,326 | ||||||||
Capital expenditures | 93,970 | 100,652 | 103,111 | ||||||||
Operating Segments | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 2,869,179 | 3,023,931 | 2,861,415 | ||||||||
Earnings from operations | 141,158 | 159,144 | 169,547 | ||||||||
Indemnification asset write-off | 7,050 | ||||||||||
Gain on sale of businesses | 4,685 | ||||||||||
Interest expense | 5,294 | 4,414 | 3,337 | ||||||||
Interest income | 47 | 11 | 110 | ||||||||
Earnings from continuing operations before income taxes | 151,414 | 151,533 | 156,989 | ||||||||
Assets | 1,448,906 | 1,541,190 | 1,448,906 | 1,541,190 | 1,582,890 | ||||||
Depreciation and amortization | 75,768 | 79,011 | 74,326 | ||||||||
Capital expenditures | 93,970 | 100,652 | 103,111 | ||||||||
Intercompany Eliminations | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | (838) | (1,697) | (1,571) | ||||||||
Segment Reconciling Items | |||||||||||
Segment reporting information by segment | |||||||||||
Asset impairments and other | 802 | (7,893) | (2,281) | ||||||||
Journeys Group | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 1,251,646 | 1,251,637 | 1,179,476 | ||||||||
Earnings from operations | 85,875 | 126,248 | 114,784 | ||||||||
Journeys Group | Operating Segments | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 1,251,646 | 1,251,637 | 1,179,476 | ||||||||
Earnings from operations | 85,875 | 126,248 | 114,784 | ||||||||
Indemnification asset write-off | 0 | ||||||||||
Gain on sale of businesses | 0 | ||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Earnings from continuing operations before income taxes | 85,875 | 126,248 | 114,784 | ||||||||
Assets | 404,773 | 349,021 | 404,773 | 349,021 | 292,536 | ||||||
Depreciation and amortization | 24,235 | 22,504 | 20,785 | ||||||||
Capital expenditures | 50,259 | 33,251 | 26,180 | ||||||||
Journeys Group | Intercompany Eliminations | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 0 | 0 | 0 | ||||||||
Journeys Group | Segment Reconciling Items | |||||||||||
Segment reporting information by segment | |||||||||||
Asset impairments and other | 0 | 0 | 0 | ||||||||
Schuh Group | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 372,872 | 405,674 | 406,947 | ||||||||
Earnings from operations | 20,530 | 19,124 | 10,110 | ||||||||
Schuh Group | Operating Segments | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 372,872 | 405,674 | 406,947 | ||||||||
Earnings from operations | 20,530 | 19,124 | 10,110 | ||||||||
Indemnification asset write-off | 0 | ||||||||||
Gain on sale of businesses | 0 | ||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Earnings from continuing operations before income taxes | 20,530 | 19,124 | 10,110 | ||||||||
Assets | 214,886 | 241,924 | 214,886 | 241,924 | 246,570 | ||||||
Depreciation and amortization | 14,003 | 14,814 | 14,114 | ||||||||
Capital expenditures | 11,236 | 19,065 | 21,382 | ||||||||
Schuh Group | Intercompany Eliminations | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 0 | 0 | 0 | ||||||||
Schuh Group | Segment Reconciling Items | |||||||||||
Segment reporting information by segment | |||||||||||
Asset impairments and other | 0 | 0 | 0 | ||||||||
Lids Sports Group | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 847,510 | 975,504 | 902,661 | ||||||||
Earnings from operations | 41,563 | 17,040 | 48,970 | ||||||||
Lids Sports Group | Operating Segments | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 847,510 | 976,372 | 903,451 | ||||||||
Earnings from operations | 41,563 | 17,040 | 48,970 | ||||||||
Indemnification asset write-off | 0 | ||||||||||
Gain on sale of businesses | 0 | ||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Earnings from continuing operations before income taxes | 41,563 | 17,040 | 48,970 | ||||||||
Assets | 519,912 | 517,284 | 519,912 | 517,284 | 660,833 | ||||||
Depreciation and amortization | 26,533 | 30,196 | 29,711 | ||||||||
Capital expenditures | 21,123 | 37,396 | 43,013 | ||||||||
Lids Sports Group | Intercompany Eliminations | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 0 | (868) | (790) | ||||||||
Lids Sports Group | Segment Reconciling Items | |||||||||||
Segment reporting information by segment | |||||||||||
Asset impairments and other | 0 | 0 | 0 | ||||||||
Johnston & Murphy Group | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 289,324 | 278,681 | 259,675 | ||||||||
Earnings from operations | 19,682 | 17,761 | 14,856 | ||||||||
Johnston & Murphy Group | Operating Segments | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 289,324 | 278,681 | 259,675 | ||||||||
Earnings from operations | 19,682 | 17,761 | 14,856 | ||||||||
Indemnification asset write-off | 0 | ||||||||||
Gain on sale of businesses | 0 | ||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Earnings from continuing operations before income taxes | 19,682 | 17,761 | 14,856 | ||||||||
Assets | 126,559 | 118,913 | 126,559 | 118,913 | 109,791 | ||||||
Depreciation and amortization | 5,987 | 5,677 | 4,935 | ||||||||
Capital expenditures | 9,221 | 7,796 | 8,196 | ||||||||
Johnston & Murphy Group | Intercompany Eliminations | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 0 | 0 | 0 | ||||||||
Johnston & Murphy Group | Segment Reconciling Items | |||||||||||
Segment reporting information by segment | |||||||||||
Asset impairments and other | 0 | 0 | 0 | ||||||||
Licensed Brands | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 106,372 | 109,826 | 110,115 | ||||||||
Earnings from operations | 4,566 | 9,236 | 10,459 | ||||||||
Licensed Brands | Operating Segments | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 107,210 | 110,655 | 110,896 | ||||||||
Earnings from operations | 4,566 | 9,236 | 10,459 | ||||||||
Indemnification asset write-off | 0 | ||||||||||
Gain on sale of businesses | 0 | ||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Earnings from continuing operations before income taxes | 4,566 | 9,236 | 10,459 | ||||||||
Assets | 40,357 | 50,718 | 40,357 | 50,718 | 47,066 | ||||||
Depreciation and amortization | 995 | 911 | 725 | ||||||||
Capital expenditures | 760 | 774 | 979 | ||||||||
Licensed Brands | Intercompany Eliminations | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | (838) | (829) | (781) | ||||||||
Licensed Brands | Segment Reconciling Items | |||||||||||
Segment reporting information by segment | |||||||||||
Asset impairments and other | 0 | 0 | 0 | ||||||||
Corporate & Other | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 617 | 912 | 970 | ||||||||
Earnings from operations | (30,256) | (38,158) | (31,913) | ||||||||
Corporate & Other | Operating Segments | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 617 | 912 | 970 | ||||||||
Earnings from operations | (31,058) | (30,265) | (29,632) | ||||||||
Indemnification asset write-off | 7,050 | ||||||||||
Gain on sale of businesses | 4,685 | ||||||||||
Interest expense | 5,294 | 4,414 | 3,337 | ||||||||
Interest income | 47 | 11 | 110 | ||||||||
Earnings from continuing operations before income taxes | (20,802) | (37,876) | (42,190) | ||||||||
Assets | 142,419 | 263,330 | 142,419 | 263,330 | 226,094 | ||||||
Depreciation and amortization | 4,015 | 4,909 | 4,056 | ||||||||
Capital expenditures | 1,371 | 2,370 | 3,361 | ||||||||
Corporate & Other | Intercompany Eliminations | |||||||||||
Segment reporting information by segment | |||||||||||
Net sales to external customers | 0 | 0 | 0 | ||||||||
Corporate & Other | Segment Reconciling Items | |||||||||||
Segment reporting information by segment | |||||||||||
Asset impairments and other | 802 | (7,893) | (2,281) | ||||||||
Lease Termination | Lids Sports Group | |||||||||||
Segment reporting information by segment | |||||||||||
Asset impairments and other | 3,400 | ||||||||||
SureGrip Footwear | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | (12,300) | (12,297) | 0 | 0 | |||||||
SureGrip Footwear | Journeys Group | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | 0 | ||||||||||
SureGrip Footwear | Schuh Group | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | 0 | ||||||||||
SureGrip Footwear | Lids Sports Group | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | 0 | ||||||||||
SureGrip Footwear | Johnston & Murphy Group | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | 0 | ||||||||||
SureGrip Footwear | Licensed Brands | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | 0 | ||||||||||
SureGrip Footwear | Corporate & Other | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | (12,297) | ||||||||||
Lids Team Sports | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | $ 100 | $ (2,500) | $ (4,700) | (2,404) | $ (4,685) | $ 0 | |||||
Lids Team Sports | Journeys Group | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | 0 | ||||||||||
Lids Team Sports | Schuh Group | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | 0 | ||||||||||
Lids Team Sports | Lids Sports Group | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | 0 | ||||||||||
Lids Team Sports | Johnston & Murphy Group | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | 0 | ||||||||||
Lids Team Sports | Licensed Brands | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | 0 | ||||||||||
Lids Team Sports | Corporate & Other | |||||||||||
Segment reporting information by segment | |||||||||||
Gain on sale of businesses | $ (2,404) |
Business Segment Information -
Business Segment Information - Textual (Details) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017USD ($)segment | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable business segments | segment | 5 | ||
Asset impairments and other, net | $ (802) | $ 7,893 | $ 2,281 |
Goodwill | 271,222 | 281,385 | |
Long-lived assets | 330,600 | 323,300 | 305,800 |
Retail Store Asset Impairments | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | 6,400 | 3,100 | 1,900 |
Pension Settlement Expense | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | 2,500 | ||
Other Legal Matters | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | (700) | 100 | 700 |
Computer Network Intrusion | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | (8,900) | 2,200 | 3,100 |
Lids Sports Group | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 181,600 | 180,900 | 200,100 |
Goodwill period adjustments, increase (decrease) | 19,200 | 17,700 | |
Goodwill, translation adjustments | 700 | ||
Lids Sports Group | Retail Store Asset Impairments | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | 5,100 | 2,700 | 1,700 |
Lids Sports Group | Lease Termination | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | (3,400) | ||
Schuh Group | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 79,800 | 90,300 | 96,000 |
Goodwill, translation adjustments | (10,500) | (5,700) | 8,900 |
Schuh Group | Retail Store Asset Impairments | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | 800 | 400 | |
Licensed Brands | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 800 | 800 | |
Goodwill, translation adjustments | (800) | ||
Journeys Group | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 9,800 | 9,400 | |
Goodwill, translation adjustments | 400 | ||
Journeys Group | Retail Store Asset Impairments | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | 500 | ||
Johnston & Murphy Group Segment | Retail Store Asset Impairments | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | 200 | ||
Corporate & Other | Pension Settlement Expense | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | 2,500 | ||
Corporate & Other | Other Legal Matters | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | (700) | 100 | 700 |
Corporate & Other | Computer Network Intrusion | |||
Segment Reporting Information [Line Items] | |||
Asset impairments and other, net | (8,900) | 2,200 | 3,100 |
United Kingdom | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 54,300 | 64,700 | 63,900 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 21,000 | $ 18,300 | $ 14,600 |
Quarterly Financial Informati88
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Details of Quarterly financial information | |||||||||||
Net sales | $ 883,169 | $ 710,822 | $ 625,557 | $ 648,793 | $ 932,214 | $ 773,898 | $ 655,525 | $ 660,597 | $ 2,868,341 | $ 3,022,234 | $ 2,859,844 |
Gross margin | 417,457 | 355,635 | 314,737 | 329,697 | 423,156 | 373,886 | 320,091 | 326,333 | 1,417,526 | 1,443,466 | |
Earnings from continuing operations before income taxes | 74,595 | 38,860 | 21,199 | 16,760 | 73,636 | 50,720 | 11,568 | 15,609 | 151,414 | 151,533 | 156,989 |
Earnings from continuing operations | 46,843 | 25,948 | 14,504 | 10,564 | 44,988 | 32,855 | 7,593 | 9,945 | 97,859 | 95,381 | 99,373 |
Net earnings | $ 46,548 | $ 25,895 | $ 14,578 | $ 10,410 | $ 44,664 | $ 32,507 | $ 7,520 | $ 9,878 | $ 97,431 | $ 94,569 | $ 97,725 |
Diluted earnings per common share: | |||||||||||
Continuing operations (USD per share) | $ 2.40 | $ 1.30 | $ 0.72 | $ 0.50 | $ 2.07 | $ 1.43 | $ 0.32 | $ 0.42 | $ 4.85 | $ 4.15 | $ 4.19 |
Net earnings (USD per share) | $ 2.39 | $ 1.30 | $ 0.72 | $ 0.50 | $ 2.06 | $ 1.42 | $ 0.32 | $ 0.42 | $ 4.83 | $ 4.11 | $ 4.12 |
Quarterly Financial Informati89
Quarterly Financial Information (Unaudited) - Textual (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net restructuring and other charge | $ 3,000 | $ 600 | $ (7,900) | $ 3,500 | $ 3,900 | $ 200 | $ 1,200 | $ 2,600 | |||
Quarterly Financial Information (Textual) [Abstract] | |||||||||||
(Gain) loss from discontinued operations | 300 | $ 0 | (100) | $ 200 | 300 | $ 300 | $ 100 | $ 100 | $ 428 | $ 812 | $ 1,648 |
Lids Team Sports | |||||||||||
Quarterly Financial Information (Textual) [Abstract] | |||||||||||
(Gain) loss on sale of businesses | 100 | $ (2,500) | $ (4,700) | (2,404) | (4,685) | 0 | |||||
SureGrip Footwear | |||||||||||
Quarterly Financial Information (Textual) [Abstract] | |||||||||||
(Gain) loss on sale of businesses | $ (12,300) | $ (12,297) | $ 0 | $ 0 |
Schedule of Valuation and Qua90
Schedule of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accounts Receivable Allowances | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 2,960 | $ 4,191 | $ 4,420 |
Charged to Profit and Loss | 442 | 637 | 390 |
Increases (Decreases) | (329) | (1,868) | (619) |
Ending Balance | 3,073 | 2,960 | 4,191 |
Markdown Reserve | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 11,632 | 10,246 | 5,369 |
Charged to Profit and Loss | 3,322 | 6,560 | 6,000 |
Increases (Decreases) | (2,088) | (5,174) | (1,123) |
Ending Balance | $ 12,866 | 11,632 | $ 10,246 |
Lids Team Sports | Markdown Reserve | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Increases (Decreases) | $ (4,700) |