Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 29, 2017 | Aug. 25, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CALERES INC | |
Entity Central Index Key | 14,707 | |
Current Fiscal Year End Date | --02-03 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 29, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 42,965,855 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 |
Current assets: | |||
Cash and cash equivalents | $ 52,942 | $ 55,332 | $ 165,729 |
Receivables, net | 143,616 | 153,121 | 144,309 |
Inventories, net | 722,005 | 585,764 | 648,881 |
Prepaid expenses and other current assets | 36,972 | 49,528 | 30,190 |
Total current assets | 955,535 | 843,745 | 989,109 |
Other assets | 69,589 | 68,574 | 115,448 |
Goodwill | 127,081 | 127,098 | 13,954 |
Intangible assets, net | 214,114 | 216,660 | 115,106 |
Property and equipment | 539,732 | 531,104 | 489,638 |
Allowance for depreciation | (321,894) | (311,908) | (302,862) |
Property and equipment, net | 217,838 | 219,196 | 186,776 |
Total assets | 1,584,157 | 1,475,273 | 1,420,393 |
Current liabilities: | |||
Borrowings under revolving credit agreement | 35,000 | 110,000 | 0 |
Trade accounts payable | 402,812 | 266,370 | 358,751 |
Other accrued expenses | 170,499 | 151,225 | 142,085 |
Total current liabilities | 608,311 | 527,595 | 500,836 |
Other liabilities: | |||
Long-term debt | 197,233 | 197,003 | 196,774 |
Deferred rent | 52,227 | 51,124 | 47,452 |
Other liabilities | 85,212 | 85,065 | 60,566 |
Total other liabilities | 334,672 | 333,192 | 304,792 |
Equity: | |||
Common stock | 430 | 430 | 429 |
Additional paid-in capital | 124,851 | 121,537 | 119,241 |
Accumulated other comprehensive loss | (28,051) | (30,434) | (5,375) |
Retained earnings | 542,499 | 521,584 | 499,492 |
Total Caleres, Inc. shareholders’ equity | 639,729 | 613,117 | 613,787 |
Noncontrolling interests | 1,445 | 1,369 | 978 |
Total equity | 641,174 | 614,486 | 614,765 |
Total liabilities and equity | $ 1,584,157 | $ 1,475,273 | $ 1,420,393 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 676,954 | $ 622,937 | $ 1,308,463 | $ 1,207,670 |
Cost of goods sold | 389,493 | 363,382 | 750,094 | 700,322 |
Gross profit | 287,461 | 259,555 | 558,369 | 507,348 |
Selling and administrative expenses | 253,500 | 227,297 | 497,575 | 446,347 |
Restructuring and other special charges, net | 2,865 | 0 | 3,973 | 0 |
Operating earnings | 31,096 | 32,258 | 56,821 | 61,001 |
Interest expense | (4,637) | (3,479) | (9,681) | (7,089) |
Interest income | 262 | 310 | 497 | 557 |
Earnings before income taxes | 26,721 | 29,089 | 47,637 | 54,469 |
Income tax provision | (9,047) | (9,410) | (15,079) | (16,912) |
Net earnings | 17,674 | 19,679 | 32,558 | 37,557 |
Net earnings (loss) attributable to noncontrolling interests | 79 | (89) | 61 | 6 |
Net earnings attributable to Caleres, Inc. | $ 17,595 | $ 19,768 | $ 32,497 | $ 37,551 |
Basic earnings per common share: | ||||
Basic earnings per common share attributable to Caleres, Inc. shareholders | $ 0.41 | $ 0.46 | $ 0.76 | $ 0.87 |
Diluted earnings per common share: | ||||
Diluted earnings per common share attributable to Caleres, Inc. shareholders | 0.41 | 0.46 | 0.75 | 0.86 |
Dividends per common share | $ 0.07 | $ 0.07 | $ 0.14 | $ 0.14 |
Condensed Consolidated Stateme4
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 17,674 | $ 19,679 | $ 32,558 | $ 37,557 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 1,820 | (804) | 1,280 | 1,506 |
Pension and other postretirement benefits adjustments | 309 | (288) | 727 | (576) |
Derivative financial instruments | (402) | (229) | 376 | (441) |
Other comprehensive income (loss), net of tax | 1,727 | (1,321) | 2,383 | 489 |
Comprehensive income | 19,401 | 18,358 | 34,941 | 38,046 |
Comprehensive income (loss) attributable to noncontrolling interests | 99 | (120) | 76 | (10) |
Comprehensive income attributable to Caleres, Inc. | $ 19,302 | $ 18,478 | $ 34,865 | $ 38,056 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | |
Net cash provided by operating activities | ||
Net earnings | $ 32,558 | $ 37,557 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 22,874 | 18,325 |
Amortization of capitalized software | 7,243 | 6,366 |
Amortization of intangible assets | 2,046 | 1,839 |
Amortization of debt issuance costs and debt discount | 864 | 864 |
Share-based compensation expense | 5,804 | 4,329 |
Excess tax benefit related to share-based plans | 0 | (3,248) |
Loss on disposal of property and equipment | 471 | 519 |
Impairment charges for property and equipment | 2,119 | 536 |
Deferred rent | 1,103 | 946 |
Provision for doubtful accounts | 294 | 105 |
Changes in operating assets and liabilities: | ||
Receivables | 9,211 | 9,301 |
Inventories | (134,465) | (101,032) |
Prepaid expenses and other current and noncurrent assets | 8,158 | 24,799 |
Trade accounts payable | 136,108 | 120,949 |
Accrued expenses and other liabilities | 19,399 | (14,353) |
Other, net | 493 | 762 |
Net cash provided by operating activities | 114,280 | 108,564 |
Investing Activities | ||
Purchases of property and equipment | (24,251) | (27,443) |
Capitalized software | (3,152) | (3,778) |
Net cash used for investing activities | (27,403) | (31,221) |
Financing Activities | ||
Borrowings under revolving credit agreement | 400,000 | 103,000 |
Repayments under revolving credit agreement | (475,000) | (103,000) |
Dividends paid | (6,030) | (6,089) |
Acquisition of treasury stock | (5,993) | (23,139) |
Issuance of common stock under share-based plans, net | (2,490) | (4,086) |
Excess tax benefit related to share-based plans | 0 | 3,248 |
Net cash used for financing activities | (89,513) | (30,066) |
Effect of exchange rate changes on cash and cash equivalents | 246 | 301 |
(Decrease) increase in cash and cash equivalents | (2,390) | 47,578 |
Cash and cash equivalents at beginning of period | 55,332 | 118,151 |
Cash and cash equivalents at end of period | $ 52,942 | $ 165,729 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 29, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the United States Securities and Exchange Commission (“SEC”) and reflect all adjustments and accruals of a normal recurring nature, which management believes are necessary to present fairly the financial position, results of operations, comprehensive income and cash flows of Caleres, Inc. (the "Company"). These statements, however, do not include all information and footnotes necessary for a complete presentation of the Company's consolidated financial position, results of operations, comprehensive income and cash flows in conformity with accounting principles generally accepted in the United States. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries, after the elimination of intercompany accounts and transactions. The Company’s business is seasonal in nature due to consumer spending patterns, with higher back-to-school and Christmas holiday season sales. Traditionally, the third fiscal quarter accounts for a substantial portion of the Company’s earnings for the year. Interim results may not necessarily be indicative of results which may be expected for any other interim period or for the year as a whole. Certain prior period amounts in the condensed consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications did not affect net earnings attributable to Caleres, Inc. For further information, refer to the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended January 28, 2017 . |
Impact of New Accounting Pronou
Impact of New Accounting Pronouncements | 6 Months Ended |
Jul. 29, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact of New Accounting Pronouncements | Note 2 Impact of New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), and subsequently issued ASU 2015-14 to defer the effective date. Several ASUs to clarify the implementation guidance in ASU 2014-09 have also been issued . Topic 606 provides a five-step analysis of transactions to determine when and how revenue is recognized, based upon the core principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The ASUs are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted beginning after December 15, 2016. Although the ASUs will impact revenue recognition for both of the Company's reportable segments, the impact will be more significant on the Famous Footwear segment, primarily due to the ASUs' required treatment for loyalty programs. The new standard will require a deferral of revenue associated with loyalty points issued under the Company's loyalty program using a relative stand-alone selling price method. The Company has established an implementation team to develop and execute the plan to adopt the ASUs. The implementation plan, which continues to be executed and refined, includes changes to the Company's accounting policies and practices, systems and controls to support the new revenue recognition and disclosure requirements. The implementation team is currently assessing the impact of the new standard on each of its revenue streams. The Company plans to adopt the ASUs in the first quarter of 2018 using the modified retrospective method. Although the implementation may result in a significant initial adjustment to certain liabilities, including deferred revenue, the adoption of the standard is not anticipated to significantly impact the Company's condensed consolidated statements of earnings on an ongoing basis. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (Topic 330), which requires entities to measure inventory at "the lower of cost and net realizable value", simplifying the current guidance under which entities must measure inventory at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory measured using the last-in, first-out (LIFO) method. The Company adopted the ASU during the first quarter of 2017, which did not have a material impact on the condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 using a modified retrospective approach, with early adoption permitted. The Company has formed an implementation team and is in the process of evaluating its leases and upgrading its accounting systems to comply with the ASU. Due to the large number of retail operating leases to which the Company is a party, the Company anticipates that the impact to its condensed consolidated financial statements upon adoption in the first quarter of 2019 will be material. However, the adoption of the ASU is not expected to trigger non-compliance with any covenant or other restrictions under the provisions of any of the Company’s debt obligations. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) , which simplifies accounting for certain aspects of share-based payments to employees, including income taxes, forfeitures and statutory income tax withholding requirements, as well as classification in the statement of cash flows. The Company adopted the ASU during the first quarter of 2017, which had the following impact to the condensed consolidated financial statements: • The Company recognized excess tax benefits of $1.1 million related to share-based plans during the twenty-six weeks ended July 29, 2017 , which are required to be recognized in the statements of earnings on a prospective basis. Prior to the adoption of the ASU, the excess tax benefit related to share-based plans was recorded in additional paid-in-capital. • The Company elected to adopt the provision of the ASU to account for forfeitures as they occur. This election was applied on a modified retrospective basis, resulting in a net increase to Caleres, Inc. shareholders' equity of $0.4 million . • The ASU requires cash flows from excess tax benefits related to share-based payments to be reported as operating activities in the condensed consolidated statements of cash flows. The Company elected to adopt this provision on a prospective basis and as a result, the excess tax benefit related to share-based plans for the twenty-six weeks ended July 30, 2016 is presented as a financing activity, while the benefit for the twenty-six weeks ended July 29, 2017 is presented as an operating activity. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, which requires the recognition of the income tax effects of intercompany sales and intra-entity transfers of assets, other than inventory, when the transfer occurs. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The ASU will be adopted during the first quarter of 2018 using a modified retrospective approach. While the Company is finalizing its assessment of the impact of this ASU on its condensed consolidated financial statements, the adoption of the ASU is expected to result in a cumulative adjustment to deferred taxes and retained earnings related to intra-entity transfers of intangible assets that occurred prior to adoption. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The ASU amends ASC 715, Compensation — Retirement Benefits , to require employers that present a measure of operating income in their statements of earnings to include only the service cost component of net periodic pension cost and net periodic postretirement benefit cost in operating expenses (together with other employee compensation costs). The other components of net benefit cost, including amortization of prior service cost/credit, and settlement and curtailment effects, are to be included in non-operating expenses. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Upon adoption of the ASU during the first quarter of 2018, the Company will separately present the components of net periodic benefit cost or income, excluding the service cost component, in non-operating expenses on a retrospective basis. Net periodic benefit income, excluding the service cost component, was $2.7 million and $5.1 million for the thirteen and twenty-six weeks ended July 29, 2017 , respectively. In May 2017, the FASB issued ASU 2017-09, Compensation — Stock Compensation (Topic 718), Scope of Modification Accounting. The ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as a modification. Entities will apply modification accounting if the value, vesting conditions or classification of the award changes. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The guidance will be applied prospectively to awards modified after the Company adopts the ASU in the first quarter of 2018. |
Acquisition
Acquisition | 6 Months Ended |
Jul. 29, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 3 Acquisition On December 13, 2016 , the Company entered into a Stock Purchase Agreement (the "Purchase Agreement") with Apollo Investors, LLC (the "Seller") and Apollo Buyer Holding Company, Inc. (the "Holding Company"), pursuant to which the Company acquired all outstanding capital stock of Allen Edmonds ("Allen Edmonds"). The aggregate purchase price for the Allen Edmonds stock was $259.9 million , net of cash received of $0.7 million . The purchase was funded with cash and funds available under the Company's revolving credit agreement. The operating results of Allen Edmonds have been included in the Company’s condensed consolidated financial statements within the Brand Portfolio segment since December 13, 2016 . The assets and liabilities of Allen Edmonds were recorded at their estimated fair values and the excess of the purchase price over the fair value of the assets acquired and liabilities assumed, including identified intangible assets, was recorded as goodwill during the fourth quarter of 2016. The Company’s purchase price allocation contains uncertainties because it required management to make assumptions and to apply judgment to estimate the fair value of the acquired assets and liabilities. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The judgments the Company used in estimating the fair values assigned to each class of the acquired assets and assumed liabilities could materially affect the results of its operations. Management estimated the fair value of the assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows. Unanticipated events or circumstances may occur, which could affect the accuracy of the Company’s fair value estimates, including assumptions regarding industry economic factors and business strategies. As of July 29, 2017 , the purchase price allocation is substantially complete. During the thirteen weeks ended July 29, 2017 , the Company recognized $1.9 million in cost of goods sold ( $1.2 million on an after-tax basis, or $0.03 per diluted share) related to the amortization of the inventory fair value adjustment required for purchase accounting. The Company recognized $4.9 million in cost of goods sold ( $3.0 million on an after-tax basis, or $0.07 per diluted share) during the twenty-six weeks ended July 29, 2017 . As further discussed in Note 5 to the condensed consolidated financial statements, the Company also incurred integration costs during the thirteen and twenty-six weeks ended July 29, 2017 . |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 29, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4 Earnings Per Share The Company uses the two-class method to compute basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of the Company. The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders for the periods ended July 29, 2017 and July 30, 2016 : Thirteen Weeks Ended Twenty-Six Weeks Ended ($ thousands, except per share amounts) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 NUMERATOR Net earnings $ 17,674 $ 19,679 $ 32,558 $ 37,557 Net (earnings) loss attributable to noncontrolling interests (79 ) 89 (61 ) (6 ) Net earnings allocated to participating securities (490 ) (523 ) (895 ) (1,014 ) Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 17,105 $ 19,245 $ 31,602 $ 36,537 DENOMINATOR Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders 41,783 42,043 41,807 42,238 Dilutive effect of share-based awards 171 142 172 151 Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders 41,954 42,185 41,979 42,389 Basic earnings per common share attributable to Caleres, Inc. shareholders $ 0.41 $ 0.46 $ 0.76 $ 0.87 Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 0.41 $ 0.46 $ 0.75 $ 0.86 Options to purchase 16,667 shares of common stock for the thirteen and twenty-six weeks ended July 29, 2017 and 66,165 shares of common stock for the thirteen and twenty-six weeks ended July 30, 2016 were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders because the effect would be anti-dilutive. During the thirteen and twenty-six weeks ended July 29, 2017 , the Company repurchased zero and 225,000 shares, respectively, under the publicly announced share repurchase program, which permits repurchases of up to 2.5 million shares. The Company repurchased 450,000 and 900,000 shares during the thirteen and twenty-six weeks ended July 30, 2016 , respectively. As of July 29, 2017 , the Company has repurchased a total of 1.3 million shares under this program. |
Restructuring and Other Initiat
Restructuring and Other Initiatives | 6 Months Ended |
Jul. 29, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Note 5 Restructuring and Other Initiatives During the thirteen and twenty-six weeks ended July 29, 2017 , the Company incurred integration and reorganization costs, primarily for professional fees and severance expense, totaling $2.9 million ( $1.9 million on an after-tax basis, or $0.04 per diluted share) and $4.0 million ( $2.6 million on an after-tax basis, or $0.06 per diluted share), respectively, related to the men's business. Of the $2.9 million in costs presented as restructuring and other special charges, net in the condensed consolidated statements of earnings for the thirteen weeks ended July 29, 2017 , $2.2 million is reflected within the Other category and $0.7 million is reflected within the Brand Portfolio segment. Of the $4.0 million in restructuring and other special charges for the twenty-six weeks ended July 29, 2017 , $2.5 million is reflected within the Other category and $1.5 million is reflected within the Brand Portfolio segment. There were no restructuring charges incurred during the thirteen or twenty-six weeks ended July 30, 2016 . |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jul. 29, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 6 Business Segment Information Following is a summary of certain key financial measures for the Company’s business segments for the periods ended July 29, 2017 and July 30, 2016 : Famous Footwear Brand Portfolio ($ thousands) Other Total Thirteen Weeks Ended July 29, 2017 External sales $ 404,930 $ 272,024 $ — $ 676,954 Intersegment sales — 29,850 — 29,850 Operating earnings (loss) 25,112 15,916 (9,932 ) 31,096 Segment assets 636,399 839,674 108,084 1,584,157 Thirteen Weeks Ended July 30, 2016 External sales $ 390,123 $ 232,814 $ — $ 622,937 Intersegment sales — 30,589 — 30,589 Operating earnings (loss) 22,604 17,463 (7,809 ) 32,258 Segment assets 644,446 518,636 257,311 1,420,393 Twenty-Six Weeks Ended July 29, 2017 External sales $ 771,424 $ 537,039 $ — $ 1,308,463 Intersegment sales — 44,550 — 44,550 Operating earnings (loss) 45,391 29,230 (17,800 ) 56,821 Twenty-Six Weeks Ended July 30, 2016 External sales $ 754,719 $ 452,951 $ — $ 1,207,670 Intersegment sales — 46,152 — 46,152 Operating earnings (loss) 48,358 27,085 (14,442 ) 61,001 The Other category includes corporate assets, administrative expenses and other costs and recoveries, which are not allocated to the operating segments. Following is a reconciliation of operating earnings to earnings before income taxes: Thirteen Weeks Ended Twenty-six Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Operating earnings $ 31,096 $ 32,258 $ 56,821 $ 61,001 Interest expense (4,637 ) (3,479 ) (9,681 ) (7,089 ) Interest income 262 310 497 557 Earnings before income taxes $ 26,721 $ 29,089 $ 47,637 $ 54,469 |
Inventories
Inventories | 6 Months Ended |
Jul. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 7 Inventories The Company's net inventory balance was comprised of the following: ($ thousands) July 29, 2017 July 30, 2016 January 28, 2017 Raw materials $ 18,951 $ 734 $ 15,378 Work-in-process 840 — 1,093 Finished goods 702,214 648,147 569,293 Inventories, net $ 722,005 $ 648,881 $ 585,764 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jul. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 8 Goodwill and Intangible Assets Goodwill and intangible assets were as follows: ($ thousands) July 29, 2017 July 30, 2016 January 28, 2017 Intangible Assets Famous Footwear $ 2,800 $ 2,800 $ 2,800 Brand Portfolio 285,988 183,068 286,488 Total intangible assets 288,788 185,868 289,288 Accumulated amortization (74,674 ) (70,762 ) (72,628 ) Total intangible assets, net 214,114 115,106 216,660 Goodwill Brand Portfolio 127,081 13,954 127,098 Total goodwill 127,081 13,954 127,098 Goodwill and intangible assets, net $ 341,195 $ 129,060 $ 343,758 As further described in Note 3 to the condensed consolidated financial statements, the Company acquired Allen Edmonds on December 13, 2016 . The allocation of the purchase price resulted in incremental intangible assets of $102.9 million , consisting of trademarks and customer relationships of $97.5 million and $5.4 million , respectively, and incremental goodwill of $113.1 million . The Company's intangible assets as of July 29, 2017 , July 30, 2016 and January 28, 2017 were as follows: ($ thousands) July 29, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 74,449 $ 90,839 Trademarks Indefinite 118,100 (1) — 118,100 Customer relationships 15 years 5,400 (1) 225 5,175 $ 288,788 $ 74,674 $ 214,114 July 30, 2016 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,068 $ 70,762 $ 94,306 Trademarks Indefinite 20,800 — 20,800 $ 185,868 $ 70,762 $ 115,106 January 28, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 72,604 $ 92,684 Trademarks Indefinite 117,900 (1) — 117,900 Customer relationships 15 years 6,100 (1) 24 6,076 $ 289,288 $ 72,628 $ 216,660 (1) The Allen Edmonds trademark and customer relationships intangible assets were acquired in the Allen Edmonds acquisition, as further discussed in Note 3 to the condensed consolidated financial statements. Immaterial adjustments attributable to the purchase price allocation were recorded during the thirteen weeks ended April 29, 2017, resulting in an adjustment to the original cost. Amortization expense related to intangible assets was $1.0 million and $0.9 million for the thirteen weeks ended July 29, 2017 and July 30, 2016 , respectively, and $2.0 million and $1.8 million for the twenty-six weeks ended July 29, 2017 and July 30, 2016, respectively. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jul. 29, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 9 Shareholders’ Equity The following tables set forth the changes in Caleres, Inc. shareholders’ equity and noncontrolling interests for the twenty-six weeks ended July 29, 2017 and July 30, 2016 : ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 28, 2017 $ 613,117 $ 1,369 $ 614,486 Net earnings 32,497 61 32,558 Other comprehensive income 2,383 15 2,398 Dividends paid (6,030 ) — (6,030 ) Acquisition of treasury stock (5,993 ) — (5,993 ) Issuance of common stock under share-based plans, net (2,490 ) — (2,490 ) Cumulative-effect adjustment from adoption of ASU 2016-09 441 — 441 Share-based compensation expense 5,804 — 5,804 Equity at July 29, 2017 $ 639,729 $ 1,445 $ 641,174 ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 30, 2016 $ 601,484 $ 988 $ 602,472 Net earnings 37,551 6 37,557 Other comprehensive income (loss) 489 (16 ) 473 Dividends paid (6,089 ) — (6,089 ) Acquisition of treasury stock (23,139 ) — (23,139 ) Issuance of common stock under share-based plans, net (4,086 ) — (4,086 ) Excess tax benefit related to share-based plans 3,248 — 3,248 Share-based compensation expense 4,329 — 4,329 Equity at July 30, 2016 $ 613,787 $ 978 $ 614,765 Accumulated Other Comprehensive Loss The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the periods ended July 29, 2017 and July 30, 2016 : ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions (1) Derivative Financial Instrument Transactions (2) Accumulated Other Comprehensive (Loss) Income Balance April 29, 2017 $ (348 ) $ (29,666 ) $ 236 $ (29,778 ) Other comprehensive income (loss) before reclassifications 1,820 — (295 ) 1,525 Reclassifications: Amounts reclassified from accumulated other comprehensive loss — 500 (164 ) 336 Tax (benefit) provision — (191 ) 57 (134 ) Net reclassifications — 309 (107 ) 202 Other comprehensive income (loss) 1,820 309 (402 ) 1,727 Balance July 29, 2017 $ 1,472 $ (29,357 ) $ (166 ) $ (28,051 ) Balance April 30, 2016 $ 1,410 $ (5,644 ) $ 180 $ (4,054 ) Other comprehensive loss before reclassifications (804 ) — (351 ) (1,155 ) Reclassifications: Amounts reclassified from accumulated other comprehensive loss — (477 ) 190 (287 ) Tax provision (benefit) — 189 (68 ) 121 Net reclassifications — (288 ) 122 (166 ) Other comprehensive loss (804 ) (288 ) (229 ) (1,321 ) Balance July 30, 2016 $ 606 $ (5,932 ) $ (49 ) $ (5,375 ) Balance January 28, 2017 $ 192 $ (30,084 ) $ (542 ) (30,434 ) Other comprehensive income before reclassifications 1,280 — 458 1,738 Reclassifications: Amounts reclassified from accumulated other comprehensive loss — 1,179 (117 ) 1,062 Tax (benefit) provision — (452 ) 35 (417 ) Net reclassifications — 727 (82 ) 645 Other comprehensive income 1,280 727 376 2,383 Balance July 29, 2017 $ 1,472 $ (29,357 ) $ (166 ) $ (28,051 ) Balance January 30, 2016 $ (900 ) $ (5,356 ) $ 392 $ (5,864 ) Other comprehensive income (loss) before reclassifications 1,506 — (639 ) 867 Reclassifications: Amounts reclassified from accumulated other comprehensive loss — (954 ) 313 (641 ) Tax provision (benefit) — 378 (115 ) 263 Net reclassifications — (576 ) 198 (378 ) Other comprehensive income (loss) 1,506 (576 ) (441 ) 489 Balance July 30, 2016 $ 606 $ (5,932 ) $ (49 ) $ (5,375 ) (1) Amounts reclassified are included in selling and administrative expenses. See Note 11 to the condensed consolidated financial statements for additional information related to pension and other postretirement benefits. (2) Amounts reclassified are included in net sales, costs of goods sold, selling and administrative expenses and interest expense. See Notes 12 and 13 to the condensed consolidated financial statements for additional information related to derivative financial instruments. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jul. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 10 Share-Based Compensation The Company recognized share-based compensation expense of $3.1 million and $2.3 million during the thirteen weeks and $5.8 million and $4.3 million during the twenty-six weeks ended July 29, 2017 and July 30, 2016 , respectively. In addition to share-based compensation expense, the Company recognized cash-based expense related to performance share units and cash awards granted under the performance share plans of zero and $0.9 million during the thirteen weeks and $0.1 million and $1.5 million during the twenty-six weeks ended July 29, 2017 and July 30, 2016 , respectively. The Company had net repurchases of 12,472 and 5,947 shares of common stock during the thirteen weeks ended July 29, 2017 and July 30, 2016 , respectively, for restricted stock grants, stock performance awards issued to employees, stock options exercised and common and restricted stock grants issued to directors, net of forfeitures and shares withheld to satisfy the minimum tax withholding requirement. During the twenty-six weeks ended July 29, 2017 and July 30, 2016 , the Company issued 241,886 and 180,825 shares of common stock, respectively, related to these share-based plans. Restricted Stock The following table summarizes restricted stock activity for the periods ended July 29, 2017 and July 30, 2016 : Thirteen Weeks Ended Thirteen Weeks Ended July 29, 2017 July 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Total Number of Restricted Shares April 29, 2017 1,217,334 $ 27.96 April 30, 2016 1,150,749 $ 25.38 Granted 4,492 27.83 Granted 13,800 24.85 Forfeited (17,500 ) 28.56 Forfeited (19,250 ) 26.59 Vested (10,000 ) 18.80 Vested (6,000 ) 11.72 July 29, 2017 1,194,326 $ 28.03 July 30, 2016 1,139,299 $ 25.42 Twenty-Six Weeks Ended Twenty-Six Weeks Ended July 29, 2017 July 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Total Number of Restricted Shares January 28, 2017 1,128,049 $ 25.85 January 30, 2016 1,262,449 $ 19.55 Granted 356,312 26.91 Granted 350,600 26.57 Forfeited (30,000 ) 27.75 Forfeited (48,500 ) 22.94 Vested (260,035 ) 17.07 Vested (425,250 ) 9.22 July 29, 2017 1,194,326 $ 28.03 July 30, 2016 1,139,299 $ 25.42 All of the restricted shares granted during the thirteen weeks ended July 29, 2017 have a cliff-vesting term of one year. Of the 356,312 restricted shares granted during the twenty-six weeks ended July 29, 2017 , 4,492 shares have a cliff-vesting term of one year, 12,000 shares have a graded-vesting term of four years and 339,820 shares have a cliff-vesting term of four years . All of the restricted shares granted during the thirteen and twenty-six weeks ended July 30, 2016 have a cliff-vesting term of four years . Share-based compensation expense is recognized on a straight-line basis over the respective vesting periods. Performance Share Awards During the thirteen weeks ended July 29, 2017 and July 30, 2016 , the Company granted no performance share awards. During the twenty-six weeks ended July 29, 2017 and July 30, 2016 , the Company granted performance share awards for a targeted 169,500 and 159,000 shares, respectively with a weighted-average grant date fair value of $26.90 and $26.64 , respectively. Vesting of performance-based awards is dependent upon the financial performance of the Company and the attainment of certain financial goals during the three -year period following the grant. At the end of the vesting period, the employee will have earned an amount of shares or units between 0% and 200% of the targeted award, depending on the achievement of the specified financial goals for the service period. Compensation expense is recognized based on the fair value of the award and the anticipated number of shares or units to be awarded for each tranche in accordance with the vesting schedule of the units over the three -year service period. The performance share units are settled in cash and their fair value is based on the unadjusted quoted market price for the Company’s common stock on each measurement date. During the first quarter of 2017, the Company's remaining performance share awards granted in units vested and were settled in cash at fair value. Refer to Note 13 to the condensed consolidated financial statements for further discussion regarding performance share units. Stock Options The following table summarizes stock option activity for the periods ended July 29, 2017 and July 30, 2016 : Thirteen Weeks Ended Thirteen Weeks Ended July 29, 2017 July 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Stock Options Total Number of Stock Options April 29, 2017 97,292 $ 6.39 April 30, 2016 229,105 $ 8.99 Granted — — Granted — — Exercised (5,250 ) 5.93 Exercised (6,315 ) 9.28 Forfeited — — Forfeited — — Expired — — Expired — — July 29, 2017 92,042 $ 6.42 July 30, 2016 222,790 $ 8.98 Twenty-Six Weeks Ended Twenty-Six Weeks Ended July 29, 2017 July 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Stock Options Total Number of Stock Options January 28, 2017 150,540 $ 9.36 January 30, 2016 301,295 $ 8.95 Granted — — Granted — — Exercised (11,250 ) 5.74 Exercised (56,381 ) 7.41 Forfeited — — Forfeited (7,499 ) 15.94 Expired (47,248 ) 15.94 Expired (14,625 ) 10.75 July 29, 2017 92,042 $ 6.42 July 30, 2016 222,790 $ 8.98 Restricted Stock Units for Non-Employee Directors Equity-based grants may be made to non-employee directors in the form of cash-equivalent restricted stock units ("RSUs"). The RSUs earn dividend equivalents at the same rate as dividends on the Company's common stock. The dividend equivalents, which vest immediately, are automatically re-invested in additional RSUs. Expense is recognized at fair value when the dividend equivalents are granted. The Company granted 45,830 and 53,310 RSUs to non-employee directors, including 910 and 1,110 RSUs for dividend equivalents, during the thirteen weeks ended July 29, 2017 and July 30, 2016 , respectively, with weighted-average grant date fair values of $27.84 and $21.62 , respectively. The Company granted 46,712 and 54,163 RSUs, including 1,792 and 1,963 RSUs for dividend equivalents, during the twenty-six weeks ended July 29, 2017 and July 30, 2016 , respectively, with weighted-average grant date fair values of $27.81 and $21.72 , respectively. |
Retirement and Other Benefit Pl
Retirement and Other Benefit Plans | 6 Months Ended |
Jul. 29, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement and Other Benefit Plans | Note 11 Retirement and Other Benefit Plans The following table sets forth the components of net periodic benefit income for the Company, including domestic and Canadian plans: Pension Benefits Other Postretirement Benefits Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Service cost $ 2,383 $ 1,904 $ — $ — Interest cost 3,727 3,810 16 15 Expected return on assets (6,913 ) (7,252 ) — — Amortization of: Actuarial loss (gain) 996 39 (35 ) (55 ) Prior service income (461 ) (461 ) — — Settlement cost — 250 — — Total net periodic benefit income $ (268 ) $ (1,710 ) $ (19 ) $ (40 ) Pension Benefits Other Postretirement Benefits Twenty-six Weeks Ended Twenty-six Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Service cost $ 4,850 $ 4,167 $ — $ — Interest cost 7,474 7,671 34 30 Expected return on assets (13,793 ) (14,475 ) — — Amortization of: Actuarial loss (gain) 2,148 77 (73 ) (110 ) Prior service income (896 ) (921 ) — — Settlement cost — 250 — — Total net periodic benefit income $ (217 ) $ (3,231 ) $ (39 ) $ (80 ) |
Risk Management and Derivatives
Risk Management and Derivatives | 6 Months Ended |
Jul. 29, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Risk Management And Derivatives | Note 12 Risk Management and Derivatives In the normal course of business, the Company’s financial results are impacted by currency rate movements in foreign currency denominated assets, liabilities and cash flows as it makes a portion of its purchases and sales in local currencies. The Company has established policies and business practices that are intended to mitigate a portion of the effect of these exposures. The Company uses derivative financial instruments, primarily forward contracts, to manage its currency exposures. These derivative financial instruments are viewed as risk management tools and are not used for trading or speculative purposes. Derivatives entered into by the Company are designated as cash flow hedges of forecasted foreign currency transactions. Derivative financial instruments expose the Company to credit and market risk. The market risk associated with these instruments resulting from currency exchange movements is expected to offset the market risk of the underlying transactions being hedged. The Company does not believe there is a significant risk of loss in the event of non-performance by the counterparties associated with these instruments because these transactions are executed with major international financial institutions and have varying maturities through August 2018 . Credit risk is managed through the continuous monitoring of exposures to such counterparties. The Company’s hedging strategy uses forward contracts as cash flow hedging instruments, which are recorded in the Company's condensed consolidated balance sheets at fair value. The effective portion of gains and losses resulting from changes in the fair value of these hedge instruments are deferred in accumulated other comprehensive loss and reclassified to earnings in the period that the hedged transaction is recognized in earnings. Hedge ineffectiveness is evaluated using the hypothetical derivative method. The amount of hedge ineffectiveness for the thirteen and twenty-six weeks ended July 29, 2017 and July 30, 2016 was not material. As of July 29, 2017 , July 30, 2016 and January 28, 2017 , the Company had forward contracts maturing at various dates through August 2018 , July 2017 and February 2018 , respectively. The contract amounts in the following table represent the net notional amount of all purchase and sale contracts of a foreign currency. (U.S. $ equivalent in thousands) July 29, 2017 July 30, 2016 January 28, 2017 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ 18,110 $ 17,404 $ 18,826 Euro 14,725 13,544 13,297 Chinese yuan 11,887 12,477 7,723 New Taiwanese dollars 567 522 526 United Arab Emirates dirham 254 939 823 Japanese yen 176 1,026 769 Other currencies 14 174 124 Total financial instruments $ 45,733 $ 46,086 $ 42,088 The classification and fair values of derivative instruments designated as hedging instruments included within the condensed consolidated balance sheets as of July 29, 2017 , July 30, 2016 and January 28, 2017 are as follows: Asset Derivatives Liability Derivatives ($ thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange forward contracts: July 29, 2017 Prepaid expenses and other current assets $ 918 Other accrued expenses $ 1,083 July 30, 2016 Prepaid expenses and other current assets 365 Other accrued expenses 565 January 28, 2017 Prepaid expenses and other current assets 234 Other accrued expenses 874 For the periods ended July 29, 2017 and July 30, 2016 , the effect of derivative instruments in cash flow hedging relationships on the condensed consolidated statements of earnings was as follows: Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 Foreign exchange forward contracts: Income Statement Classification (Losses) Gains - Realized Loss Recognized in OCL on Derivatives Gain Reclassified from Accumulated OCL into Earnings (Loss) Gain Recognized in OCL on Derivatives (Loss) Gain Reclassified from Accumulated OCL into Earnings Net sales $ (8 ) $ 6 $ (25 ) $ (36 ) Cost of goods sold (55 ) 158 (472 ) 33 Selling and administrative expenses (194 ) — (75 ) (187 ) Interest expense (14 ) — 14 — Twenty-Six Weeks Ended Twenty-Six Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 Foreign exchange forward contracts: Income Statement Classification (Losses) Gains - Realized (Loss) Gain Recognized in OCL on Derivatives Gain (Loss) Reclassified from Accumulated OCL into Earnings Loss Recognized in OCL on Derivatives (Loss) Gain Reclassified from Accumulated OCL into Earnings Net sales $ (40 ) $ 24 $ (189 ) $ (72 ) Cost of goods sold 737 161 (585 ) 116 Selling and administrative expenses 117 (67 ) (24 ) (357 ) Interest expense (10 ) (1 ) (24 ) — All gains and losses currently included within accumulated other comprehensive loss associated with the Company’s foreign exchange forward contracts are expected to be reclassified into net earnings within the next 12 months. Additional information related to the Company’s derivative financial instruments are disclosed within Note 13 to the condensed consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 13 Fair Value Measurements Fair Value Hierarchy Fair value measurement disclosure requirements specify a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (“observable inputs”) or reflect the Company’s own assumptions of market participant valuation (“unobservable inputs”). In accordance with the fair value guidance, the inputs to valuation techniques used to measure fair value are categorized into three levels based on the reliability of the inputs as follows: • Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and • Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In determining fair value, the Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Classification of the financial or non-financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Measurement of Fair Value The Company measures fair value as an exit price, the price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date, using the procedures described below for all financial and non-financial assets and liabilities measured at fair value. Money Market Funds The Company has cash equivalents consisting of short-term money market funds backed by U.S. Treasury securities. The primary objective of these investing activities is to preserve the Company’s capital for the purpose of funding operations and it does not enter into money market funds for trading or speculative purposes. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1). Deferred Compensation Plan Assets and Liabilities The Company maintains a non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for the benefit of certain management employees. The investment funds offered to the participants generally correspond to the funds offered in the Company’s 401(k) plan, and the account balance fluctuates with the investment returns on those funds. The Deferred Compensation Plan permits the deferral of up to 50% of base salary and 100% of compensation received under the Company’s annual incentive plan. The deferrals are held in a separate trust, which has been established by the Company to administer the Deferred Compensation Plan. The assets of the trust are subject to the claims of the Company’s creditors in the event that the Company becomes insolvent. Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a “Rabbi Trust”). The liabilities of the Deferred Compensation Plan are presented in other accrued expenses and the assets held by the trust are classified as trading securities within prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets. Changes in deferred compensation plan assets and liabilities are charged to selling and administrative expenses. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1). Deferred Compensation Plan for Non-Employee Directors Non-employee directors are eligible to participate in a deferred compensation plan with deferred amounts valued as if invested in the Company’s common stock through the use of phantom stock units (“PSUs”). Under the plan, each participating director’s account is credited with the number of PSUs equal to the number of shares of the Company’s common stock that the participant could purchase or receive with the amount of the deferred compensation, based upon the average of the high and low prices of the Company’s common stock on the last trading day of the fiscal quarter when the cash compensation was earned. Dividend equivalents are paid on PSUs at the same rate as dividends on the Company’s common stock and are re-invested in additional PSUs at the next fiscal quarter-end. The liabilities of the plan are based on the fair value of the outstanding PSUs and are presented in other accrued expenses (current portion) or other liabilities in the accompanying condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of the PSUs are presented in selling and administrative expenses in the Company’s condensed consolidated statements of earnings. The fair value of each PSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Restricted Stock Units for Non-Employee Directors Under the Company’s incentive compensation plans, cash-equivalent restricted stock units (“RSUs”) of the Company may be granted at no cost to non-employee directors. The RSUs are subject to a vesting requirement (usually one year), earn dividend-equivalent units, and are settled in cash on the date the director terminates service or such earlier date as a director may elect, subject to restrictions, based on the then current fair value of the Company’s common stock. The fair value of each RSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Additional information related to RSUs for non-employee directors is disclosed in Note 10 to the condensed consolidated financial statements. Performance Share Units Under the Company’s incentive compensation plans, common stock or cash may be awarded at the end of the performance period at no cost to certain officers and key employees if certain financial goals are met. Under the plan, employees are granted performance share awards at a target number of shares or units, which generally vest over a three -year service period. At the end of the vesting period, the employee will have earned an amount of shares or units between 0% and 200% of the targeted award, depending on the achievement of specified financial goals for the service period. The fair value of each performance share unit is based on an unadjusted quoted market price of the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). During the first quarter of 2017, the Company's remaining performance share awards granted in units vested and were settled in cash at fair value. Derivative Financial Instruments The Company uses derivative financial instruments, primarily foreign exchange contracts, to reduce its exposure to market risks from changes in foreign exchange rates. These foreign exchange contracts are measured at fair value using quoted forward foreign exchange prices from counterparties corroborated by market-based pricing (Level 2). Additional information related to the Company’s derivative financial instruments is disclosed in Note 12 to the condensed consolidated financial statements. Secured Convertible Note The Company received a secured convertible note as partial consideration for the 2014 disposition of Shoes.com, and the convertible note was measured at fair value using unobservable inputs (Level 3). During the fourth quarter of 2016, the convertible note was fully impaired. The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at July 29, 2017 , July 30, 2016 and January 28, 2017 . The Company did not have any transfers between Level 1, Level 2 or Level 3 during the twenty-six weeks ended July 29, 2017 or July 30, 2016 . Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) July 29, 2017: Cash equivalents – money market funds $ 16,163 $ 16,163 $ — $ — Non-qualified deferred compensation plan assets 5,637 5,637 — — Non-qualified deferred compensation plan liabilities (5,637 ) (5,637 ) — — Deferred compensation plan liabilities for non-employee directors (2,154 ) (2,154 ) — — Restricted stock units for non-employee directors (9,088 ) (9,088 ) — — Derivative financial instruments, net (165 ) — (165 ) — July 30, 2016: Cash equivalents – money market funds $ 132,320 $ 132,320 $ — $ — Non-qualified deferred compensation plan assets 4,637 4,637 — — Non-qualified deferred compensation plan liabilities (4,637 ) (4,637 ) — — Deferred compensation plan liabilities for non-employee directors (1,705 ) (1,705 ) — — Restricted stock units for non-employee directors (9,060 ) (9,060 ) — — Performance share units (2,347 ) (2,347 ) — — Derivative financial instruments, net (200 ) — (200 ) — Secured convertible note 7,190 — — 7,190 January 28, 2017: Cash equivalents – money market funds $ 27,530 $ 27,530 $ — $ — Non-qualified deferred compensation plan assets 5,051 5,051 — — Non-qualified deferred compensation plan liabilities (5,051 ) (5,051 ) — — Deferred compensation plan liabilities for non-employee directors (1,909 ) (1,909 ) — — Restricted stock units for non-employee directors (9,390 ) (9,390 ) — — Performance share units (3,352 ) (3,352 ) — — Derivative financial instruments, net (640 ) — (640 ) — Impairment Charges The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers important that could trigger an impairment review include underperformance relative to expected historical or projected future operating results, a significant change in the manner of the use of the asset, or a negative industry or economic trend. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the aforementioned factors, impairment is measured based on a projected discounted cash flow method. Certain factors, such as estimated store sales and expenses, used for this nonrecurring fair value measurement are considered Level 3 inputs as defined by FASB ASC 820, Fair Value Measurement . Long-lived assets held and used with a carrying amount of $114.6 million and $96.6 million at July 29, 2017 and July 30, 2016 , respectively, were assessed for indicators of impairment and written down to their fair value. This assessment resulted in the following impairment charges, primarily for leasehold improvements and furniture and fixtures in the Company's retail stores, which were included in selling and administrative expenses for the respective periods. Thirteen Weeks Ended Twenty-Six Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Impairment Charges Famous Footwear $ 150 $ — $ 300 $ 134 Brand Portfolio 1,020 225 1,819 402 Total impairment charges $ 1,170 $ 225 $ 2,119 $ 536 Fair Value of the Company’s Other Financial Instruments The fair values of cash and cash equivalents (excluding money market funds discussed above), receivables and trade accounts payable approximate their carrying values due to the short-term nature of these instruments. The carrying amounts and fair values of the Company's other financial instruments subject to fair value disclosures are as follows: July 29, 2017 July 30, 2016 January 28, 2017 Carrying Fair Carrying Fair Carrying Fair ($ thousands) Value Value Value Value Value Value Borrowings under revolving credit agreement $ 35,000 $ 35,000 $ — $ — $ 110,000 $ 110,000 Long-term debt 197,233 209,500 196,774 205,500 197,003 209,000 Total debt $ 232,233 $ 244,500 $ 196,774 $ 205,500 $ 307,003 $ 319,000 The fair value of borrowings under revolving credit agreement approximates its carrying value due to its short-term nature (Level 1). The fair value of the Company’s long-term debt was based upon quoted prices in an inactive market as of the end of the respective periods (Level 2). |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14 Income Taxes The Company’s effective tax rate can vary considerably from period to period, depending on a number of factors. The Company’s consolidated effective tax rates were 33.9% and 32.3% , respectively, for the thirteen weeks ended July 29, 2017 and July 30, 2016. During the thirteen weeks ended July 30, 2016 , the Company recognized a discrete tax benefit of $0.2 million , reflecting the settlement of a federal tax audit issue. If the discrete tax benefit had not been recognized during the thirteen weeks ended July 30, 2016 , the Company's effective tax rate would have been 33.0% . Excluding the discrete tax item, the Company's tax rate is higher for the thirteen weeks ended July 29, 2017, reflecting a lower mix of international earnings in our lowest tax rate jurisdictions. For the twenty-six weeks ended July 29, 2017 and July 30, 2016 , the Company's consolidated effective tax rates were 31.7% and 31.0% , respectively. As a result of the adoption of ASU 2016-09 during the first quarter of 2017, which requires prospective recognition of excess tax benefits and deficiencies in the statement of earnings, the Company recognized a discrete tax benefit of $1.1 million related to share-based compensation. Discrete tax benefits of $0.9 million were recognized during the twenty-six weeks ended July 30, 2016 , reflecting the settlement of a federal tax audit issue. If these discrete tax benefits had not been recognized during the twenty-six weeks ended July 29, 2017 and July 30, 2016 , the Company's effective tax rates would have been 33.9% and 32.7% , respectively. Excluding the discrete tax items, the Company's tax rate is higher for the twenty-six weeks ended July 29, 2017 , reflecting a lower mix of international earnings in our lowest tax rate jurisdictions. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jul. 29, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15 Related Party Transactions C. banner International Holdings Limited The Company has a joint venture agreement with a subsidiary of C. banner International Holdings Limited (“CBI”) to market Naturalizer footwear in China. The Company is a 51% owner of the joint venture (“B&H Footwear”), with CBI owning the other 49% . The license enabling the joint venture to market the footwear expired in August 2017 and the parties are in the process of dissolving their joint venture arrangements. B&H Footwear sold Naturalizer footwear to a retail affiliate of CBI on a wholesale basis, which in turn sold the Naturalizer products through department store shops and free-standing stores in China. The Company, through its consolidated subsidiary, B&H Footwear, sold Naturalizer footwear on a wholesale basis to CBI totaling $1.6 million and $3.8 million for the thirteen and twenty-six weeks ended July 30, 2016 , respectively, with no corresponding sales during 2017. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 16 Commitments and Contingencies Environmental Remediation Prior operations included numerous manufacturing and other facilities for which the Company may have responsibility under various environmental laws for the remediation of conditions that may be identified in the future. The Company is involved in environmental remediation and ongoing compliance activities at several sites and has been notified that it is or may be a potentially responsible party at several other sites. Redfield The Company is remediating, under the oversight of Colorado authorities, the groundwater and indoor air at its owned facility in Colorado (the “Redfield site” or, when referring to remediation activities at or under the facility, the “on-site remediation”) and residential neighborhoods adjacent to and near the property (the “off-site remediation”) that have been affected by solvents previously used at the facility. The on-site remediation calls for the operation of a pump and treat system (which prevents migration of contaminated groundwater off the property) as the final remedy for the site, subject to monitoring and periodic review of the on-site conditions and other remedial technologies that may be developed in the future. In May 2016, the Company submitted a revised plan to address on-site conditions, including direct treatment of source areas, and received approval from the oversight authorities to begin implementing the revised plan. As the treatment of the on-site source areas progresses, the Company expects to convert the pump and treat system to a passive treatment barrier system. Off-site groundwater concentrations have been reducing over time since installation of the pump and treat system in 2000 and injection of clean water beginning in 2003. However, localized areas of contaminated bedrock just beyond the property line continue to impact off-site groundwater. The modified work plan for addressing this condition includes converting the off-site bioremediation system into a monitoring well network and employing different remediation methods in these recalcitrant areas. In accordance with the work plan, a pilot test was conducted of certain groundwater remediation methods and the results of that test were used to develop more detailed plans for remedial activities in the off-site areas, which were approved by the authorities and are being implemented in a phased manner. The results of groundwater monitoring are being used to evaluate the effectiveness of these activities. In 2014, the Company submitted a proposed expanded remedy work plan that was accepted by the oversight authorities during 2015. The Company continues to implement the expanded remedy work plan. The cumulative expenditures for both on-site and off-site remediation through July 29, 2017 were $29.5 million . The Company has recovered a portion of these expenditures from insurers and other third parties. The reserve for the anticipated future remediation activities at July 29, 2017 is $9.5 million , of which $8.6 million is recorded within other liabilities and $0.9 million is recorded within other accrued expenses. Of the total $ 9.5 million reserve, $4.5 million is for on-site remediation and $5.0 million is for off-site remediation. The liability for the on-site remediation was discounted at 4.8% . On an undiscounted basis, the on-site remediation liability would be $14.5 million as of July 29, 2017 . The Company expects to spend approximately $ 0.5 million in the next fiscal year, $0.1 million in each of the following four years and $13.6 million in the aggregate thereafter related to the on-site remediation. Other Various federal and state authorities have identified the Company as a potentially responsible party for remediation at certain other sites. However, the Company does not currently believe that its liability for such sites, if any, would be material. The Company continues to evaluate its estimated costs in conjunction with its environmental consultants and records its best estimate of such liabilities. However, future actions and the associated costs are subject to oversight and approval of various governmental authorities. Accordingly, the ultimate costs may vary, and it is possible costs may exceed the recorded amounts. Litigation The Company is involved in legal proceedings and litigation arising in the ordinary course of business. In the opinion of management, the outcome of such ordinary course of business proceedings and litigation currently pending is not expected to have a material adverse effect on the Company’s results of operations or financial position. Legal costs associated with litigation are generally expensed as incurred. |
Financial Information for the C
Financial Information for the Company and its Subsidiaries | 6 Months Ended |
Jul. 29, 2017 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Financial Information For The Company And Its Subsidiaries | Note 17 Financial Information for the Company and its Subsidiaries The Company issued senior notes, which are fully and unconditionally and jointly and severally guaranteed by all of its existing and future subsidiaries that are guarantors under our revolving credit facility ("Credit Agreement"). The following tables present the condensed consolidating financial information for each of Caleres, Inc. (“Parent”), the Guarantors, and subsidiaries of the Parent that are not Guarantors (the “Non-Guarantors”), together with consolidating eliminations, as of and for the periods indicated. Guarantors are 100% owned by the Parent. On December 13, 2016 , Allen Edmonds was joined to the Credit Agreement as a guarantor. After giving effect to the joinder, the Company is the lead borrower, and Sidney Rich Associates, Inc., BG Retail, LLC and Allen Edmonds are each co-borrowers and guarantors under the Credit Agreement. The condensed consolidating financial statements have been prepared using the equity method of accounting in accordance with the requirements for presentation of such information. Management believes that the information, presented in lieu of complete financial statements for each of the Guarantors, provides meaningful information to allow investors to determine the nature of the assets held by, and operations and cash flows of, each of the consolidated groups. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET JULY 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 12,712 $ 20,638 $ 19,592 $ — $ 52,942 Receivables, net 117,672 5,670 20,274 — 143,616 Inventories, net 174,839 516,704 30,462 — 722,005 Prepaid expenses and other current assets 23,944 14,463 7,466 (8,901 ) 36,972 Intercompany receivable – current 845 134 25,056 (26,035 ) — Total current assets 330,012 557,609 102,850 (34,936 ) 955,535 Other assets 51,273 17,432 884 — 69,589 Goodwill and intangible assets, net 112,221 40,937 188,037 — 341,195 Property and equipment, net 32,428 172,802 12,608 — 217,838 Investment in subsidiaries 1,263,829 — (22,724 ) (1,241,105 ) — Intercompany receivable – noncurrent 745,812 519,304 669,176 (1,934,292 ) — Total assets $ 2,535,575 $ 1,308,084 $ 950,831 $ (3,210,333 ) $ 1,584,157 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 35,000 $ — $ — $ — $ 35,000 Trade accounts payable 124,675 247,169 30,968 — 402,812 Other accrued expenses 72,364 87,425 19,611 (8,901 ) 170,499 Intercompany payable – current 14,523 — 11,512 (26,035 ) — Total current liabilities 246,562 334,594 62,091 (34,936 ) 608,311 Other liabilities Long-term debt 197,233 — — — 197,233 Other liabilities 91,645 40,810 4,984 — 137,439 Intercompany payable – noncurrent 1,360,406 119,152 454,734 (1,934,292 ) — Total other liabilities 1,649,284 159,962 459,718 (1,934,292 ) 334,672 Equity Caleres, Inc. shareholders’ equity 639,729 813,528 427,577 (1,241,105 ) 639,729 Noncontrolling interests — — 1,445 — 1,445 Total equity 639,729 813,528 429,022 (1,241,105 ) 641,174 Total liabilities and equity $ 2,535,575 $ 1,308,084 $ 950,831 $ (3,210,333 ) $ 1,584,157 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED JULY 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 194,305 $ 482,645 $ 63,175 $ (63,171 ) $ 676,954 Cost of goods sold 137,659 270,548 32,543 (51,257 ) 389,493 Gross profit 56,646 212,097 30,632 (11,914 ) 287,461 Selling and administrative expenses 60,363 190,444 14,607 (11,914 ) 253,500 Restructuring and other special charges, net 2,661 37 167 — 2,865 Operating (loss) earnings (6,378 ) 21,616 15,858 — 31,096 Interest expense (4,634 ) (3 ) — — (4,637 ) Interest income 85 — 177 — 262 Intercompany interest income (expense) 2,021 (2,189 ) 168 — — (Loss) earnings before income taxes (8,906 ) 19,424 16,203 — 26,721 Income tax benefit (provision) 2,926 (8,053 ) (3,920 ) — (9,047 ) Equity in earnings of subsidiaries, net of tax 23,575 — 271 (23,846 ) — Net earnings 17,595 11,371 12,554 (23,846 ) 17,674 Less: Net earnings attributable to noncontrolling interests — — 79 — 79 Net earnings attributable to Caleres, Inc. $ 17,595 $ 11,371 $ 12,475 $ (23,846 ) $ 17,595 Comprehensive income $ 19,302 $ 11,371 $ 13,302 $ (24,574 ) $ 19,401 Less: Comprehensive income attributable to noncontrolling interests — — 99 — 99 Comprehensive income attributable to Caleres, Inc. $ 19,302 $ 11,371 $ 13,203 $ (24,574 ) $ 19,302 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE TWENTY-SIX WEEKS ENDED JULY 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 388,745 $ 910,184 $ 101,220 $ (91,686 ) $ 1,308,463 Cost of goods sold 270,510 502,334 51,073 (73,823 ) 750,094 Gross profit 118,235 407,850 50,147 (17,863 ) 558,369 Selling and administrative expenses 112,787 372,791 29,860 (17,863 ) 497,575 Restructuring and other special charges, net 3,769 37 167 — 3,973 Operating earnings 1,679 35,022 20,120 — 56,821 Interest expense (9,669 ) (12 ) — — (9,681 ) Interest income 173 — 324 — 497 Intercompany interest income (expense) 4,104 (4,513 ) 409 — — (Loss) earnings before income taxes (3,713 ) 30,497 20,853 — 47,637 Income tax benefit (provision) 1,839 (11,928 ) (4,990 ) — (15,079 ) Equity in earnings (loss) of subsidiaries, net of tax 34,371 — (777 ) (33,594 ) — Net earnings 32,497 18,569 15,086 (33,594 ) 32,558 Less: Net earnings attributable to noncontrolling interests — — 61 — 61 Net earnings attributable to Caleres, Inc. $ 32,497 $ 18,569 $ 15,025 $ (33,594 ) $ 32,497 Comprehensive income $ 34,865 $ 18,569 $ 15,755 $ (34,248 ) $ 34,941 Less: Comprehensive income attributable to noncontrolling interests — — 76 — 76 Comprehensive income attributable to Caleres, Inc. $ 34,865 $ 18,569 $ 15,679 $ (34,248 ) $ 34,865 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE TWENTY-SIX WEEKS ENDED JULY 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (15,328 ) $ 95,828 $ 33,780 $ — $ 114,280 Investing activities Purchases of property and equipment (3,722 ) (17,762 ) (2,767 ) — (24,251 ) Capitalized software (2,686 ) (466 ) — — (3,152 ) Intercompany investing (19,894 ) 197,599 (177,705 ) — — Net cash (used for) provided by investing activities (26,302 ) 179,371 (180,472 ) — (27,403 ) Financing activities Borrowings under revolving credit agreement 400,000 — — — 400,000 Repayments under revolving credit agreement (475,000 ) — — — (475,000 ) Dividends paid (6,030 ) — — — (6,030 ) Acquisition of treasury stock (5,993 ) — — — (5,993 ) Issuance of common stock under share-based plans, net (2,490 ) — — — (2,490 ) Intercompany financing 119,856 (263,590 ) 143,734 — — Net cash provided by (used for) financing activities 30,343 (263,590 ) 143,734 — (89,513 ) Effect of exchange rate changes on cash and cash equivalents — — 246 — 246 (Decrease) increase in cash and cash equivalents (11,287 ) 11,609 (2,712 ) — (2,390 ) Cash and cash equivalents at beginning of period 23,999 9,029 22,304 — 55,332 Cash and cash equivalents at end of period $ 12,712 $ 20,638 $ 19,592 $ — $ 52,942 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET JULY 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 44,348 $ 15,673 $ 105,708 $ — $ 165,729 Receivables, net 112,384 1,787 30,138 — 144,309 Inventories, net 159,285 467,691 21,905 — 648,881 Prepaid expenses and other current assets 13,641 11,479 5,070 — 30,190 Intercompany receivable – current 743 213 21,263 (22,219 ) — Total current assets 330,401 496,843 184,084 (22,219 ) 989,109 Other assets 93,839 13,728 7,881 — 115,448 Goodwill and intangible assets, net 114,446 2,800 11,814 — 129,060 Property and equipment, net 31,087 146,373 9,316 — 186,776 Investment in subsidiaries 1,055,300 — (20,569 ) (1,034,731 ) — Intercompany receivable – noncurrent 479,611 374,047 559,593 (1,413,251 ) — Total assets $ 2,104,684 $ 1,033,791 $ 752,119 $ (2,470,201 ) $ 1,420,393 Liabilities and Equity Current liabilities Trade accounts payable $ 111,166 $ 216,850 $ 30,735 $ — $ 358,751 Other accrued expenses 52,474 72,987 16,624 — 142,085 Intercompany payable – current 11,924 — 10,295 (22,219 ) — Total current liabilities 175,564 289,837 57,654 (22,219 ) 500,836 Other liabilities Long-term debt 196,774 — — — 196,774 Other liabilities 37,253 67,119 3,646 — 108,018 Intercompany payable – noncurrent 1,081,306 41,537 290,408 (1,413,251 ) — Total other liabilities 1,315,333 108,656 294,054 (1,413,251 ) 304,792 Equity Caleres, Inc. shareholders’ equity 613,787 635,298 399,433 (1,034,731 ) 613,787 Noncontrolling interests — — 978 — 978 Total equity 613,787 635,298 400,411 (1,034,731 ) 614,765 Total liabilities and equity $ 2,104,684 $ 1,033,791 $ 752,119 $ (2,470,201 ) $ 1,420,393 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED JULY 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 194,896 $ 408,476 $ 69,798 $ (50,233 ) $ 622,937 Cost of goods sold 142,295 221,031 39,125 (39,069 ) 363,382 Gross profit 52,601 187,445 30,673 (11,164 ) 259,555 Selling and administrative expenses 52,841 170,463 15,157 (11,164 ) 227,297 Operating (loss) earnings (240 ) 16,982 15,516 — 32,258 Interest expense (3,481 ) 2 — — (3,479 ) Interest income 174 — 136 — 310 Intercompany interest income (expense) 2,253 (2,276 ) 23 — — (Loss) earnings before income taxes (1,294 ) 14,708 15,675 — 29,089 Income tax provision (309 ) (6,436 ) (2,665 ) — (9,410 ) Equity in earnings (loss) of subsidiaries, net of tax 21,371 — (508 ) (20,863 ) — Net earnings 19,768 8,272 12,502 (20,863 ) 19,679 Less: Net loss attributable to noncontrolling interests — — (89 ) — (89 ) Net earnings attributable to Caleres, Inc. $ 19,768 $ 8,272 $ 12,591 $ (20,863 ) $ 19,768 Comprehensive income $ 18,478 $ 8,272 $ 11,802 $ (20,194 ) $ 18,358 Less: Comprehensive loss attributable to noncontrolling interests — — (120 ) — (120 ) Comprehensive income attributable to Caleres, Inc. $ 18,478 $ 8,272 $ 11,922 $ (20,194 ) $ 18,478 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE TWENTY-SIX WEEKS ENDED JULY 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 382,083 $ 791,522 $ 108,594 $ (74,529 ) $ 1,207,670 Cost of goods sold 272,204 425,658 62,019 (59,559 ) 700,322 Gross profit 109,879 365,864 46,575 (14,970 ) 507,348 Selling and administrative expenses 102,383 327,566 31,368 (14,970 ) 446,347 Operating earnings 7,496 38,298 15,207 — 61,001 Interest expense (7,089 ) — — — (7,089 ) Interest income 331 — 226 — 557 Intercompany interest income (expense) 4,507 (4,578 ) 71 — — Earnings before income taxes 5,245 33,720 15,504 — 54,469 Income tax provision (1,175 ) (12,740 ) (2,997 ) — (16,912 ) Equity in earnings (loss) of subsidiaries, net of tax 33,481 — (1,045 ) (32,436 ) — Net earnings 37,551 20,980 11,462 (32,436 ) 37,557 Less: Net earnings attributable to noncontrolling interests — — 6 — 6 Net earnings attributable to Caleres, Inc. $ 37,551 $ 20,980 $ 11,456 $ (32,436 ) $ 37,551 Comprehensive income $ 38,056 $ 20,980 $ 12,031 $ (33,021 ) $ 38,046 Less: Comprehensive loss attributable to noncontrolling interests — — (10 ) — (10 ) Comprehensive income attributable to Caleres, Inc. $ 38,056 $ 20,980 $ 12,041 $ (33,021 ) $ 38,056 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE TWENTY-SIX WEEKS ENDED JULY 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash provided by operating activities $ 20,198 $ 68,129 $ 20,237 $ — $ 108,564 Investing activities Purchases of property and equipment (1,525 ) (25,237 ) (681 ) — (27,443 ) Capitalized software (2,448 ) (1,300 ) (30 ) — (3,778 ) Intercompany investing (2,973 ) 2,973 — — — Net cash used for investing activities (6,946 ) (23,564 ) (711 ) — (31,221 ) Financing activities Borrowings under revolving credit agreement 103,000 — — — 103,000 Repayments under revolving credit agreement (103,000 ) — — — (103,000 ) Dividends paid (6,089 ) — — — (6,089 ) Acquisition of treasury stock (23,139 ) — — — (23,139 ) Issuance of common stock under share-based plans, net (4,086 ) — — — (4,086 ) Excess tax benefit related to share-based plans 3,248 — — — 3,248 Intercompany financing 30,162 (28,892 ) (1,270 ) — — Net cash provided by (used for) financing activities 96 (28,892 ) (1,270 ) — (30,066 ) Effect of exchange rate changes on cash and cash equivalents — — 301 — 301 Increase in cash and cash equivalents 13,348 15,673 18,557 — 47,578 Cash and cash equivalents at beginning of period 31,000 — 87,151 — 118,151 Cash and cash equivalents at end of period $ 44,348 $ 15,673 $ 105,708 $ — $ 165,729 CONDENSED CONSOLIDATING BALANCE SHEET JANUARY 28, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 23,999 $ 9,029 $ 22,304 $ — $ 55,332 Receivables, net 118,746 5,414 28,961 — 153,121 Inventories, net 150,098 410,867 24,799 — 585,764 Prepaid expenses and other current assets 24,293 23,040 8,058 (5,863 ) 49,528 Intercompany receivable – current 695 263 22,091 (23,049 ) — Total current assets 317,831 448,613 106,213 (28,912 ) 843,745 Other assets 51,181 16,567 826 — 68,574 Goodwill and intangible assets, net 113,333 219,337 11,088 — 343,758 Property and equipment, net 31,424 176,358 11,414 — 219,196 Investment in subsidiaries 1,343,954 — (21,946 ) (1,322,008 ) — Intercompany receivable – noncurrent 568,541 366,902 581,624 (1,517,067 ) — Total assets $ 2,426,264 $ 1,227,777 $ 689,219 $ (2,867,987 ) $ 1,475,273 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 110,000 $ — $ — $ — $ 110,000 Trade accounts payable 116,783 112,434 37,153 — 266,370 Other accrued expenses 74,941 65,228 16,919 (5,863 ) 151,225 Intercompany payable – current 12,794 — 10,255 (23,049 ) — Total current liabilities 314,518 177,662 64,327 (28,912 ) 527,595 Other liabilities Long-term debt 197,003 — — — 197,003 Other liabilities 91,683 40,507 3,999 — 136,189 Intercompany payable – noncurrent 1,209,943 98,982 208,142 (1,517,067 ) — Total other liabilities 1,498,629 139,489 212,141 (1,517,067 ) 333,192 Equity Caleres, Inc. shareholders’ equity 613,117 910,626 411,382 (1,322,008 ) 613,117 Noncontrolling interests — — 1,369 — 1,369 Total equity 613,117 910,626 412,751 (1,322,008 ) 614,486 Total liabilities and equity $ 2,426,264 $ 1,227,777 $ 689,219 $ (2,867,987 ) $ 1,475,273 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders for the periods ended July 29, 2017 and July 30, 2016 : Thirteen Weeks Ended Twenty-Six Weeks Ended ($ thousands, except per share amounts) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 NUMERATOR Net earnings $ 17,674 $ 19,679 $ 32,558 $ 37,557 Net (earnings) loss attributable to noncontrolling interests (79 ) 89 (61 ) (6 ) Net earnings allocated to participating securities (490 ) (523 ) (895 ) (1,014 ) Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 17,105 $ 19,245 $ 31,602 $ 36,537 DENOMINATOR Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders 41,783 42,043 41,807 42,238 Dilutive effect of share-based awards 171 142 172 151 Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders 41,954 42,185 41,979 42,389 Basic earnings per common share attributable to Caleres, Inc. shareholders $ 0.41 $ 0.46 $ 0.76 $ 0.87 Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 0.41 $ 0.46 $ 0.75 $ 0.86 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Following is a summary of certain key financial measures for the Company’s business segments for the periods ended July 29, 2017 and July 30, 2016 : Famous Footwear Brand Portfolio ($ thousands) Other Total Thirteen Weeks Ended July 29, 2017 External sales $ 404,930 $ 272,024 $ — $ 676,954 Intersegment sales — 29,850 — 29,850 Operating earnings (loss) 25,112 15,916 (9,932 ) 31,096 Segment assets 636,399 839,674 108,084 1,584,157 Thirteen Weeks Ended July 30, 2016 External sales $ 390,123 $ 232,814 $ — $ 622,937 Intersegment sales — 30,589 — 30,589 Operating earnings (loss) 22,604 17,463 (7,809 ) 32,258 Segment assets 644,446 518,636 257,311 1,420,393 Twenty-Six Weeks Ended July 29, 2017 External sales $ 771,424 $ 537,039 $ — $ 1,308,463 Intersegment sales — 44,550 — 44,550 Operating earnings (loss) 45,391 29,230 (17,800 ) 56,821 Twenty-Six Weeks Ended July 30, 2016 External sales $ 754,719 $ 452,951 $ — $ 1,207,670 Intersegment sales — 46,152 — 46,152 Operating earnings (loss) 48,358 27,085 (14,442 ) 61,001 |
Schedule of Reconciliation of Operating Earnings Before Income Taxes | Following is a reconciliation of operating earnings to earnings before income taxes: Thirteen Weeks Ended Twenty-six Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Operating earnings $ 31,096 $ 32,258 $ 56,821 $ 61,001 Interest expense (4,637 ) (3,479 ) (9,681 ) (7,089 ) Interest income 262 310 497 557 Earnings before income taxes $ 26,721 $ 29,089 $ 47,637 $ 54,469 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The Company's net inventory balance was comprised of the following: ($ thousands) July 29, 2017 July 30, 2016 January 28, 2017 Raw materials $ 18,951 $ 734 $ 15,378 Work-in-process 840 — 1,093 Finished goods 702,214 648,147 569,293 Inventories, net $ 722,005 $ 648,881 $ 585,764 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | Goodwill and intangible assets were as follows: ($ thousands) July 29, 2017 July 30, 2016 January 28, 2017 Intangible Assets Famous Footwear $ 2,800 $ 2,800 $ 2,800 Brand Portfolio 285,988 183,068 286,488 Total intangible assets 288,788 185,868 289,288 Accumulated amortization (74,674 ) (70,762 ) (72,628 ) Total intangible assets, net 214,114 115,106 216,660 Goodwill Brand Portfolio 127,081 13,954 127,098 Total goodwill 127,081 13,954 127,098 Goodwill and intangible assets, net $ 341,195 $ 129,060 $ 343,758 |
Schedule of Finite-Lived Intangible Assets | The Company's intangible assets as of July 29, 2017 , July 30, 2016 and January 28, 2017 were as follows: ($ thousands) July 29, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 74,449 $ 90,839 Trademarks Indefinite 118,100 (1) — 118,100 Customer relationships 15 years 5,400 (1) 225 5,175 $ 288,788 $ 74,674 $ 214,114 July 30, 2016 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,068 $ 70,762 $ 94,306 Trademarks Indefinite 20,800 — 20,800 $ 185,868 $ 70,762 $ 115,106 January 28, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 72,604 $ 92,684 Trademarks Indefinite 117,900 (1) — 117,900 Customer relationships 15 years 6,100 (1) 24 6,076 $ 289,288 $ 72,628 $ 216,660 (1) The Allen Edmonds trademark and customer relationships intangible assets were acquired in the Allen Edmonds acquisition, as further discussed in Note 3 to the condensed consolidated financial statements. Immaterial adjustments attributable to the purchase price allocation were recorded during the thirteen weeks ended April 29, 2017, resulting in an adjustment to the original cost. |
Schedule of Indefinite-Lived Intangible Assets | The Company's intangible assets as of July 29, 2017 , July 30, 2016 and January 28, 2017 were as follows: ($ thousands) July 29, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 74,449 $ 90,839 Trademarks Indefinite 118,100 (1) — 118,100 Customer relationships 15 years 5,400 (1) 225 5,175 $ 288,788 $ 74,674 $ 214,114 July 30, 2016 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,068 $ 70,762 $ 94,306 Trademarks Indefinite 20,800 — 20,800 $ 185,868 $ 70,762 $ 115,106 January 28, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 72,604 $ 92,684 Trademarks Indefinite 117,900 (1) — 117,900 Customer relationships 15 years 6,100 (1) 24 6,076 $ 289,288 $ 72,628 $ 216,660 (1) The Allen Edmonds trademark and customer relationships intangible assets were acquired in the Allen Edmonds acquisition, as further discussed in Note 3 to the condensed consolidated financial statements. Immaterial adjustments attributable to the purchase price allocation were recorded during the thirteen weeks ended April 29, 2017, resulting in an adjustment to the original cost. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in Shareholders' Equity and Noncontrolling Interests | The following tables set forth the changes in Caleres, Inc. shareholders’ equity and noncontrolling interests for the twenty-six weeks ended July 29, 2017 and July 30, 2016 : ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 28, 2017 $ 613,117 $ 1,369 $ 614,486 Net earnings 32,497 61 32,558 Other comprehensive income 2,383 15 2,398 Dividends paid (6,030 ) — (6,030 ) Acquisition of treasury stock (5,993 ) — (5,993 ) Issuance of common stock under share-based plans, net (2,490 ) — (2,490 ) Cumulative-effect adjustment from adoption of ASU 2016-09 441 — 441 Share-based compensation expense 5,804 — 5,804 Equity at July 29, 2017 $ 639,729 $ 1,445 $ 641,174 ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 30, 2016 $ 601,484 $ 988 $ 602,472 Net earnings 37,551 6 37,557 Other comprehensive income (loss) 489 (16 ) 473 Dividends paid (6,089 ) — (6,089 ) Acquisition of treasury stock (23,139 ) — (23,139 ) Issuance of common stock under share-based plans, net (4,086 ) — (4,086 ) Excess tax benefit related to share-based plans 3,248 — 3,248 Share-based compensation expense 4,329 — 4,329 Equity at July 30, 2016 $ 613,787 $ 978 $ 614,765 |
Schedule of Accumulated Other Comprehensive Loss | The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the periods ended July 29, 2017 and July 30, 2016 : ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions (1) Derivative Financial Instrument Transactions (2) Accumulated Other Comprehensive (Loss) Income Balance April 29, 2017 $ (348 ) $ (29,666 ) $ 236 $ (29,778 ) Other comprehensive income (loss) before reclassifications 1,820 — (295 ) 1,525 Reclassifications: Amounts reclassified from accumulated other comprehensive loss — 500 (164 ) 336 Tax (benefit) provision — (191 ) 57 (134 ) Net reclassifications — 309 (107 ) 202 Other comprehensive income (loss) 1,820 309 (402 ) 1,727 Balance July 29, 2017 $ 1,472 $ (29,357 ) $ (166 ) $ (28,051 ) Balance April 30, 2016 $ 1,410 $ (5,644 ) $ 180 $ (4,054 ) Other comprehensive loss before reclassifications (804 ) — (351 ) (1,155 ) Reclassifications: Amounts reclassified from accumulated other comprehensive loss — (477 ) 190 (287 ) Tax provision (benefit) — 189 (68 ) 121 Net reclassifications — (288 ) 122 (166 ) Other comprehensive loss (804 ) (288 ) (229 ) (1,321 ) Balance July 30, 2016 $ 606 $ (5,932 ) $ (49 ) $ (5,375 ) Balance January 28, 2017 $ 192 $ (30,084 ) $ (542 ) (30,434 ) Other comprehensive income before reclassifications 1,280 — 458 1,738 Reclassifications: Amounts reclassified from accumulated other comprehensive loss — 1,179 (117 ) 1,062 Tax (benefit) provision — (452 ) 35 (417 ) Net reclassifications — 727 (82 ) 645 Other comprehensive income 1,280 727 376 2,383 Balance July 29, 2017 $ 1,472 $ (29,357 ) $ (166 ) $ (28,051 ) Balance January 30, 2016 $ (900 ) $ (5,356 ) $ 392 $ (5,864 ) Other comprehensive income (loss) before reclassifications 1,506 — (639 ) 867 Reclassifications: Amounts reclassified from accumulated other comprehensive loss — (954 ) 313 (641 ) Tax provision (benefit) — 378 (115 ) 263 Net reclassifications — (576 ) 198 (378 ) Other comprehensive income (loss) 1,506 (576 ) (441 ) 489 Balance July 30, 2016 $ 606 $ (5,932 ) $ (49 ) $ (5,375 ) (1) Amounts reclassified are included in selling and administrative expenses. See Note 11 to the condensed consolidated financial statements for additional information related to pension and other postretirement benefits. (2) Amounts reclassified are included in net sales, costs of goods sold, selling and administrative expenses and interest expense. See Notes 12 and 13 to the condensed consolidated financial statements for additional information related to derivative financial instruments. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock, Activity | The following table summarizes restricted stock activity for the periods ended July 29, 2017 and July 30, 2016 : Thirteen Weeks Ended Thirteen Weeks Ended July 29, 2017 July 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Total Number of Restricted Shares April 29, 2017 1,217,334 $ 27.96 April 30, 2016 1,150,749 $ 25.38 Granted 4,492 27.83 Granted 13,800 24.85 Forfeited (17,500 ) 28.56 Forfeited (19,250 ) 26.59 Vested (10,000 ) 18.80 Vested (6,000 ) 11.72 July 29, 2017 1,194,326 $ 28.03 July 30, 2016 1,139,299 $ 25.42 Twenty-Six Weeks Ended Twenty-Six Weeks Ended July 29, 2017 July 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Total Number of Restricted Shares January 28, 2017 1,128,049 $ 25.85 January 30, 2016 1,262,449 $ 19.55 Granted 356,312 26.91 Granted 350,600 26.57 Forfeited (30,000 ) 27.75 Forfeited (48,500 ) 22.94 Vested (260,035 ) 17.07 Vested (425,250 ) 9.22 July 29, 2017 1,194,326 $ 28.03 July 30, 2016 1,139,299 $ 25.42 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes stock option activity for the periods ended July 29, 2017 and July 30, 2016 : Thirteen Weeks Ended Thirteen Weeks Ended July 29, 2017 July 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Stock Options Total Number of Stock Options April 29, 2017 97,292 $ 6.39 April 30, 2016 229,105 $ 8.99 Granted — — Granted — — Exercised (5,250 ) 5.93 Exercised (6,315 ) 9.28 Forfeited — — Forfeited — — Expired — — Expired — — July 29, 2017 92,042 $ 6.42 July 30, 2016 222,790 $ 8.98 Twenty-Six Weeks Ended Twenty-Six Weeks Ended July 29, 2017 July 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Stock Options Total Number of Stock Options January 28, 2017 150,540 $ 9.36 January 30, 2016 301,295 $ 8.95 Granted — — Granted — — Exercised (11,250 ) 5.74 Exercised (56,381 ) 7.41 Forfeited — — Forfeited (7,499 ) 15.94 Expired (47,248 ) 15.94 Expired (14,625 ) 10.75 July 29, 2017 92,042 $ 6.42 July 30, 2016 222,790 $ 8.98 |
Retirement and Other Benefit 29
Retirement and Other Benefit Plans (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost (Income) | The following table sets forth the components of net periodic benefit income for the Company, including domestic and Canadian plans: Pension Benefits Other Postretirement Benefits Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Service cost $ 2,383 $ 1,904 $ — $ — Interest cost 3,727 3,810 16 15 Expected return on assets (6,913 ) (7,252 ) — — Amortization of: Actuarial loss (gain) 996 39 (35 ) (55 ) Prior service income (461 ) (461 ) — — Settlement cost — 250 — — Total net periodic benefit income $ (268 ) $ (1,710 ) $ (19 ) $ (40 ) Pension Benefits Other Postretirement Benefits Twenty-six Weeks Ended Twenty-six Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Service cost $ 4,850 $ 4,167 $ — $ — Interest cost 7,474 7,671 34 30 Expected return on assets (13,793 ) (14,475 ) — — Amortization of: Actuarial loss (gain) 2,148 77 (73 ) (110 ) Prior service income (896 ) (921 ) — — Settlement cost — 250 — — Total net periodic benefit income $ (217 ) $ (3,231 ) $ (39 ) $ (80 ) |
Risk Management and Derivativ30
Risk Management and Derivatives (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Contract Notional Amount of All Purchase and Sale Contracts of a Foreign Currency | As of July 29, 2017 , July 30, 2016 and January 28, 2017 , the Company had forward contracts maturing at various dates through August 2018 , July 2017 and February 2018 , respectively. The contract amounts in the following table represent the net notional amount of all purchase and sale contracts of a foreign currency. (U.S. $ equivalent in thousands) July 29, 2017 July 30, 2016 January 28, 2017 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ 18,110 $ 17,404 $ 18,826 Euro 14,725 13,544 13,297 Chinese yuan 11,887 12,477 7,723 New Taiwanese dollars 567 522 526 United Arab Emirates dirham 254 939 823 Japanese yen 176 1,026 769 Other currencies 14 174 124 Total financial instruments $ 45,733 $ 46,086 $ 42,088 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The classification and fair values of derivative instruments designated as hedging instruments included within the condensed consolidated balance sheets as of July 29, 2017 , July 30, 2016 and January 28, 2017 are as follows: Asset Derivatives Liability Derivatives ($ thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange forward contracts: July 29, 2017 Prepaid expenses and other current assets $ 918 Other accrued expenses $ 1,083 July 30, 2016 Prepaid expenses and other current assets 365 Other accrued expenses 565 January 28, 2017 Prepaid expenses and other current assets 234 Other accrued expenses 874 |
Schedule of Effect of Derivative Instruments in Cash Flow Hedging Relationships on Condensed Consolidated Statements of Earnings | For the periods ended July 29, 2017 and July 30, 2016 , the effect of derivative instruments in cash flow hedging relationships on the condensed consolidated statements of earnings was as follows: Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 Foreign exchange forward contracts: Income Statement Classification (Losses) Gains - Realized Loss Recognized in OCL on Derivatives Gain Reclassified from Accumulated OCL into Earnings (Loss) Gain Recognized in OCL on Derivatives (Loss) Gain Reclassified from Accumulated OCL into Earnings Net sales $ (8 ) $ 6 $ (25 ) $ (36 ) Cost of goods sold (55 ) 158 (472 ) 33 Selling and administrative expenses (194 ) — (75 ) (187 ) Interest expense (14 ) — 14 — Twenty-Six Weeks Ended Twenty-Six Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 Foreign exchange forward contracts: Income Statement Classification (Losses) Gains - Realized (Loss) Gain Recognized in OCL on Derivatives Gain (Loss) Reclassified from Accumulated OCL into Earnings Loss Recognized in OCL on Derivatives (Loss) Gain Reclassified from Accumulated OCL into Earnings Net sales $ (40 ) $ 24 $ (189 ) $ (72 ) Cost of goods sold 737 161 (585 ) 116 Selling and administrative expenses 117 (67 ) (24 ) (357 ) Interest expense (10 ) (1 ) (24 ) — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at July 29, 2017 , July 30, 2016 and January 28, 2017 . The Company did not have any transfers between Level 1, Level 2 or Level 3 during the twenty-six weeks ended July 29, 2017 or July 30, 2016 . Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) July 29, 2017: Cash equivalents – money market funds $ 16,163 $ 16,163 $ — $ — Non-qualified deferred compensation plan assets 5,637 5,637 — — Non-qualified deferred compensation plan liabilities (5,637 ) (5,637 ) — — Deferred compensation plan liabilities for non-employee directors (2,154 ) (2,154 ) — — Restricted stock units for non-employee directors (9,088 ) (9,088 ) — — Derivative financial instruments, net (165 ) — (165 ) — July 30, 2016: Cash equivalents – money market funds $ 132,320 $ 132,320 $ — $ — Non-qualified deferred compensation plan assets 4,637 4,637 — — Non-qualified deferred compensation plan liabilities (4,637 ) (4,637 ) — — Deferred compensation plan liabilities for non-employee directors (1,705 ) (1,705 ) — — Restricted stock units for non-employee directors (9,060 ) (9,060 ) — — Performance share units (2,347 ) (2,347 ) — — Derivative financial instruments, net (200 ) — (200 ) — Secured convertible note 7,190 — — 7,190 January 28, 2017: Cash equivalents – money market funds $ 27,530 $ 27,530 $ — $ — Non-qualified deferred compensation plan assets 5,051 5,051 — — Non-qualified deferred compensation plan liabilities (5,051 ) (5,051 ) — — Deferred compensation plan liabilities for non-employee directors (1,909 ) (1,909 ) — — Restricted stock units for non-employee directors (9,390 ) (9,390 ) — — Performance share units (3,352 ) (3,352 ) — — Derivative financial instruments, net (640 ) — (640 ) — |
Schedule of Impairment Charges by Segment | This assessment resulted in the following impairment charges, primarily for leasehold improvements and furniture and fixtures in the Company's retail stores, which were included in selling and administrative expenses for the respective periods. Thirteen Weeks Ended Twenty-Six Weeks Ended ($ thousands) July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Impairment Charges Famous Footwear $ 150 $ — $ 300 $ 134 Brand Portfolio 1,020 225 1,819 402 Total impairment charges $ 1,170 $ 225 $ 2,119 $ 536 |
Schedule of Fair Value of Financial Instruments | The fair values of cash and cash equivalents (excluding money market funds discussed above), receivables and trade accounts payable approximate their carrying values due to the short-term nature of these instruments. The carrying amounts and fair values of the Company's other financial instruments subject to fair value disclosures are as follows: July 29, 2017 July 30, 2016 January 28, 2017 Carrying Fair Carrying Fair Carrying Fair ($ thousands) Value Value Value Value Value Value Borrowings under revolving credit agreement $ 35,000 $ 35,000 $ — $ — $ 110,000 $ 110,000 Long-term debt 197,233 209,500 196,774 205,500 197,003 209,000 Total debt $ 232,233 $ 244,500 $ 196,774 $ 205,500 $ 307,003 $ 319,000 |
Financial Information for the32
Financial Information for the Company and its Subsidiaries (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet | UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET JULY 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 44,348 $ 15,673 $ 105,708 $ — $ 165,729 Receivables, net 112,384 1,787 30,138 — 144,309 Inventories, net 159,285 467,691 21,905 — 648,881 Prepaid expenses and other current assets 13,641 11,479 5,070 — 30,190 Intercompany receivable – current 743 213 21,263 (22,219 ) — Total current assets 330,401 496,843 184,084 (22,219 ) 989,109 Other assets 93,839 13,728 7,881 — 115,448 Goodwill and intangible assets, net 114,446 2,800 11,814 — 129,060 Property and equipment, net 31,087 146,373 9,316 — 186,776 Investment in subsidiaries 1,055,300 — (20,569 ) (1,034,731 ) — Intercompany receivable – noncurrent 479,611 374,047 559,593 (1,413,251 ) — Total assets $ 2,104,684 $ 1,033,791 $ 752,119 $ (2,470,201 ) $ 1,420,393 Liabilities and Equity Current liabilities Trade accounts payable $ 111,166 $ 216,850 $ 30,735 $ — $ 358,751 Other accrued expenses 52,474 72,987 16,624 — 142,085 Intercompany payable – current 11,924 — 10,295 (22,219 ) — Total current liabilities 175,564 289,837 57,654 (22,219 ) 500,836 Other liabilities Long-term debt 196,774 — — — 196,774 Other liabilities 37,253 67,119 3,646 — 108,018 Intercompany payable – noncurrent 1,081,306 41,537 290,408 (1,413,251 ) — Total other liabilities 1,315,333 108,656 294,054 (1,413,251 ) 304,792 Equity Caleres, Inc. shareholders’ equity 613,787 635,298 399,433 (1,034,731 ) 613,787 Noncontrolling interests — — 978 — 978 Total equity 613,787 635,298 400,411 (1,034,731 ) 614,765 Total liabilities and equity $ 2,104,684 $ 1,033,791 $ 752,119 $ (2,470,201 ) $ 1,420,393 CONDENSED CONSOLIDATING BALANCE SHEET JANUARY 28, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 23,999 $ 9,029 $ 22,304 $ — $ 55,332 Receivables, net 118,746 5,414 28,961 — 153,121 Inventories, net 150,098 410,867 24,799 — 585,764 Prepaid expenses and other current assets 24,293 23,040 8,058 (5,863 ) 49,528 Intercompany receivable – current 695 263 22,091 (23,049 ) — Total current assets 317,831 448,613 106,213 (28,912 ) 843,745 Other assets 51,181 16,567 826 — 68,574 Goodwill and intangible assets, net 113,333 219,337 11,088 — 343,758 Property and equipment, net 31,424 176,358 11,414 — 219,196 Investment in subsidiaries 1,343,954 — (21,946 ) (1,322,008 ) — Intercompany receivable – noncurrent 568,541 366,902 581,624 (1,517,067 ) — Total assets $ 2,426,264 $ 1,227,777 $ 689,219 $ (2,867,987 ) $ 1,475,273 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 110,000 $ — $ — $ — $ 110,000 Trade accounts payable 116,783 112,434 37,153 — 266,370 Other accrued expenses 74,941 65,228 16,919 (5,863 ) 151,225 Intercompany payable – current 12,794 — 10,255 (23,049 ) — Total current liabilities 314,518 177,662 64,327 (28,912 ) 527,595 Other liabilities Long-term debt 197,003 — — — 197,003 Other liabilities 91,683 40,507 3,999 — 136,189 Intercompany payable – noncurrent 1,209,943 98,982 208,142 (1,517,067 ) — Total other liabilities 1,498,629 139,489 212,141 (1,517,067 ) 333,192 Equity Caleres, Inc. shareholders’ equity 613,117 910,626 411,382 (1,322,008 ) 613,117 Noncontrolling interests — — 1,369 — 1,369 Total equity 613,117 910,626 412,751 (1,322,008 ) 614,486 Total liabilities and equity $ 2,426,264 $ 1,227,777 $ 689,219 $ (2,867,987 ) $ 1,475,273 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET JULY 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 12,712 $ 20,638 $ 19,592 $ — $ 52,942 Receivables, net 117,672 5,670 20,274 — 143,616 Inventories, net 174,839 516,704 30,462 — 722,005 Prepaid expenses and other current assets 23,944 14,463 7,466 (8,901 ) 36,972 Intercompany receivable – current 845 134 25,056 (26,035 ) — Total current assets 330,012 557,609 102,850 (34,936 ) 955,535 Other assets 51,273 17,432 884 — 69,589 Goodwill and intangible assets, net 112,221 40,937 188,037 — 341,195 Property and equipment, net 32,428 172,802 12,608 — 217,838 Investment in subsidiaries 1,263,829 — (22,724 ) (1,241,105 ) — Intercompany receivable – noncurrent 745,812 519,304 669,176 (1,934,292 ) — Total assets $ 2,535,575 $ 1,308,084 $ 950,831 $ (3,210,333 ) $ 1,584,157 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 35,000 $ — $ — $ — $ 35,000 Trade accounts payable 124,675 247,169 30,968 — 402,812 Other accrued expenses 72,364 87,425 19,611 (8,901 ) 170,499 Intercompany payable – current 14,523 — 11,512 (26,035 ) — Total current liabilities 246,562 334,594 62,091 (34,936 ) 608,311 Other liabilities Long-term debt 197,233 — — — 197,233 Other liabilities 91,645 40,810 4,984 — 137,439 Intercompany payable – noncurrent 1,360,406 119,152 454,734 (1,934,292 ) — Total other liabilities 1,649,284 159,962 459,718 (1,934,292 ) 334,672 Equity Caleres, Inc. shareholders’ equity 639,729 813,528 427,577 (1,241,105 ) 639,729 Noncontrolling interests — — 1,445 — 1,445 Total equity 639,729 813,528 429,022 (1,241,105 ) 641,174 Total liabilities and equity $ 2,535,575 $ 1,308,084 $ 950,831 $ (3,210,333 ) $ 1,584,157 |
Schedule of Condensed Consolidating Statement of Comprehensive Income | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED JULY 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 194,896 $ 408,476 $ 69,798 $ (50,233 ) $ 622,937 Cost of goods sold 142,295 221,031 39,125 (39,069 ) 363,382 Gross profit 52,601 187,445 30,673 (11,164 ) 259,555 Selling and administrative expenses 52,841 170,463 15,157 (11,164 ) 227,297 Operating (loss) earnings (240 ) 16,982 15,516 — 32,258 Interest expense (3,481 ) 2 — — (3,479 ) Interest income 174 — 136 — 310 Intercompany interest income (expense) 2,253 (2,276 ) 23 — — (Loss) earnings before income taxes (1,294 ) 14,708 15,675 — 29,089 Income tax provision (309 ) (6,436 ) (2,665 ) — (9,410 ) Equity in earnings (loss) of subsidiaries, net of tax 21,371 — (508 ) (20,863 ) — Net earnings 19,768 8,272 12,502 (20,863 ) 19,679 Less: Net loss attributable to noncontrolling interests — — (89 ) — (89 ) Net earnings attributable to Caleres, Inc. $ 19,768 $ 8,272 $ 12,591 $ (20,863 ) $ 19,768 Comprehensive income $ 18,478 $ 8,272 $ 11,802 $ (20,194 ) $ 18,358 Less: Comprehensive loss attributable to noncontrolling interests — — (120 ) — (120 ) Comprehensive income attributable to Caleres, Inc. $ 18,478 $ 8,272 $ 11,922 $ (20,194 ) $ 18,478 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE TWENTY-SIX WEEKS ENDED JULY 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 382,083 $ 791,522 $ 108,594 $ (74,529 ) $ 1,207,670 Cost of goods sold 272,204 425,658 62,019 (59,559 ) 700,322 Gross profit 109,879 365,864 46,575 (14,970 ) 507,348 Selling and administrative expenses 102,383 327,566 31,368 (14,970 ) 446,347 Operating earnings 7,496 38,298 15,207 — 61,001 Interest expense (7,089 ) — — — (7,089 ) Interest income 331 — 226 — 557 Intercompany interest income (expense) 4,507 (4,578 ) 71 — — Earnings before income taxes 5,245 33,720 15,504 — 54,469 Income tax provision (1,175 ) (12,740 ) (2,997 ) — (16,912 ) Equity in earnings (loss) of subsidiaries, net of tax 33,481 — (1,045 ) (32,436 ) — Net earnings 37,551 20,980 11,462 (32,436 ) 37,557 Less: Net earnings attributable to noncontrolling interests — — 6 — 6 Net earnings attributable to Caleres, Inc. $ 37,551 $ 20,980 $ 11,456 $ (32,436 ) $ 37,551 Comprehensive income $ 38,056 $ 20,980 $ 12,031 $ (33,021 ) $ 38,046 Less: Comprehensive loss attributable to noncontrolling interests — — (10 ) — (10 ) Comprehensive income attributable to Caleres, Inc. $ 38,056 $ 20,980 $ 12,041 $ (33,021 ) $ 38,056 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED JULY 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 194,305 $ 482,645 $ 63,175 $ (63,171 ) $ 676,954 Cost of goods sold 137,659 270,548 32,543 (51,257 ) 389,493 Gross profit 56,646 212,097 30,632 (11,914 ) 287,461 Selling and administrative expenses 60,363 190,444 14,607 (11,914 ) 253,500 Restructuring and other special charges, net 2,661 37 167 — 2,865 Operating (loss) earnings (6,378 ) 21,616 15,858 — 31,096 Interest expense (4,634 ) (3 ) — — (4,637 ) Interest income 85 — 177 — 262 Intercompany interest income (expense) 2,021 (2,189 ) 168 — — (Loss) earnings before income taxes (8,906 ) 19,424 16,203 — 26,721 Income tax benefit (provision) 2,926 (8,053 ) (3,920 ) — (9,047 ) Equity in earnings of subsidiaries, net of tax 23,575 — 271 (23,846 ) — Net earnings 17,595 11,371 12,554 (23,846 ) 17,674 Less: Net earnings attributable to noncontrolling interests — — 79 — 79 Net earnings attributable to Caleres, Inc. $ 17,595 $ 11,371 $ 12,475 $ (23,846 ) $ 17,595 Comprehensive income $ 19,302 $ 11,371 $ 13,302 $ (24,574 ) $ 19,401 Less: Comprehensive income attributable to noncontrolling interests — — 99 — 99 Comprehensive income attributable to Caleres, Inc. $ 19,302 $ 11,371 $ 13,203 $ (24,574 ) $ 19,302 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE TWENTY-SIX WEEKS ENDED JULY 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 388,745 $ 910,184 $ 101,220 $ (91,686 ) $ 1,308,463 Cost of goods sold 270,510 502,334 51,073 (73,823 ) 750,094 Gross profit 118,235 407,850 50,147 (17,863 ) 558,369 Selling and administrative expenses 112,787 372,791 29,860 (17,863 ) 497,575 Restructuring and other special charges, net 3,769 37 167 — 3,973 Operating earnings 1,679 35,022 20,120 — 56,821 Interest expense (9,669 ) (12 ) — — (9,681 ) Interest income 173 — 324 — 497 Intercompany interest income (expense) 4,104 (4,513 ) 409 — — (Loss) earnings before income taxes (3,713 ) 30,497 20,853 — 47,637 Income tax benefit (provision) 1,839 (11,928 ) (4,990 ) — (15,079 ) Equity in earnings (loss) of subsidiaries, net of tax 34,371 — (777 ) (33,594 ) — Net earnings 32,497 18,569 15,086 (33,594 ) 32,558 Less: Net earnings attributable to noncontrolling interests — — 61 — 61 Net earnings attributable to Caleres, Inc. $ 32,497 $ 18,569 $ 15,025 $ (33,594 ) $ 32,497 Comprehensive income $ 34,865 $ 18,569 $ 15,755 $ (34,248 ) $ 34,941 Less: Comprehensive income attributable to noncontrolling interests — — 76 — 76 Comprehensive income attributable to Caleres, Inc. $ 34,865 $ 18,569 $ 15,679 $ (34,248 ) $ 34,865 |
Schedule of Condensed Consolidating Statement of Cash Flows | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE TWENTY-SIX WEEKS ENDED JULY 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash provided by operating activities $ 20,198 $ 68,129 $ 20,237 $ — $ 108,564 Investing activities Purchases of property and equipment (1,525 ) (25,237 ) (681 ) — (27,443 ) Capitalized software (2,448 ) (1,300 ) (30 ) — (3,778 ) Intercompany investing (2,973 ) 2,973 — — — Net cash used for investing activities (6,946 ) (23,564 ) (711 ) — (31,221 ) Financing activities Borrowings under revolving credit agreement 103,000 — — — 103,000 Repayments under revolving credit agreement (103,000 ) — — — (103,000 ) Dividends paid (6,089 ) — — — (6,089 ) Acquisition of treasury stock (23,139 ) — — — (23,139 ) Issuance of common stock under share-based plans, net (4,086 ) — — — (4,086 ) Excess tax benefit related to share-based plans 3,248 — — — 3,248 Intercompany financing 30,162 (28,892 ) (1,270 ) — — Net cash provided by (used for) financing activities 96 (28,892 ) (1,270 ) — (30,066 ) Effect of exchange rate changes on cash and cash equivalents — — 301 — 301 Increase in cash and cash equivalents 13,348 15,673 18,557 — 47,578 Cash and cash equivalents at beginning of period 31,000 — 87,151 — 118,151 Cash and cash equivalents at end of period $ 44,348 $ 15,673 $ 105,708 $ — $ 165,729 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE TWENTY-SIX WEEKS ENDED JULY 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash (used for) provided by operating activities $ (15,328 ) $ 95,828 $ 33,780 $ — $ 114,280 Investing activities Purchases of property and equipment (3,722 ) (17,762 ) (2,767 ) — (24,251 ) Capitalized software (2,686 ) (466 ) — — (3,152 ) Intercompany investing (19,894 ) 197,599 (177,705 ) — — Net cash (used for) provided by investing activities (26,302 ) 179,371 (180,472 ) — (27,403 ) Financing activities Borrowings under revolving credit agreement 400,000 — — — 400,000 Repayments under revolving credit agreement (475,000 ) — — — (475,000 ) Dividends paid (6,030 ) — — — (6,030 ) Acquisition of treasury stock (5,993 ) — — — (5,993 ) Issuance of common stock under share-based plans, net (2,490 ) — — — (2,490 ) Intercompany financing 119,856 (263,590 ) 143,734 — — Net cash provided by (used for) financing activities 30,343 (263,590 ) 143,734 — (89,513 ) Effect of exchange rate changes on cash and cash equivalents — — 246 — 246 (Decrease) increase in cash and cash equivalents (11,287 ) 11,609 (2,712 ) — (2,390 ) Cash and cash equivalents at beginning of period 23,999 9,029 22,304 — 55,332 Cash and cash equivalents at end of period $ 12,712 $ 20,638 $ 19,592 $ — $ 52,942 |
Impact of New Accounting Pron33
Impact of New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 29, 2017 | Apr. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||
Discrete tax benefit | $ 1.1 | $ 0.2 | $ 1.1 | $ 0.9 | |
Cumulative effect on retained earnings, tax | 0.4 | ||||
Defined benefit plan, net periodic benefit income excluding service cost | $ 2.7 | $ 5.1 |
Acquistion (Narrative) (Details
Acquistion (Narrative) (Details) - Allen Edmonds [Member] - USD ($) | Dec. 13, 2016 | Jul. 29, 2017 | Jul. 29, 2017 |
Business Acquisition [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | Dec. 13, 2016 | ||
Business Acquisition, Name of Acquired Entity | Allen Edmonds | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 259,900,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 700,000 | ||
Brand Portfolio [Member] | Cost of goods sold | |||
Business Acquisition [Line Items] | |||
Business Combination, Acquisition Amortization of Inventory Fair Value Adjustment | $ 1,900,000 | $ 4,900,000 | |
Business Combination, Acquisition Amortization of Inventory Fair Value Adjustment, Net of Tax | 1,200,000 | 3,000,000 | |
Business Combination, Acquisition Amortization of Inventory Fair Value Adjustment, Per Diluted Share | $ 0.03 | $ 0.07 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | 30 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | |
Earnings Per Share [Abstract] | |||||
Antidilutive options excluded from computation of earnings per share | 16,667 | 66,165 | 16,667 | 66,165 | |
Shares repurchased during period under share repurchase program | 0 | 450,000 | 225,000 | 900,000 | 1,300,000 |
Share repurchase program, number of shares authorized to be repurchased | 2,500,000 | 2,500,000 | 2,500,000 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
NUMERATOR | ||||
Net earnings | $ 17,674 | $ 19,679 | $ 32,558 | $ 37,557 |
Net (earnings) loss attributable to noncontrolling interests | (79) | 89 | (61) | (6) |
Net earnings allocated to participating securities | (490) | (523) | (895) | (1,014) |
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ 17,105 | $ 19,245 | $ 31,602 | $ 36,537 |
DENOMINATOR | ||||
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders | 41,783 | 42,043 | 41,807 | 42,238 |
Dilutive effect of share-based awards | 171 | 142 | 172 | 151 |
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders | 41,954 | 42,185 | 41,979 | 42,389 |
Basic earnings per common share: | ||||
Basic earnings per common share attributable to Caleres, Inc. shareholders | $ 0.41 | $ 0.46 | $ 0.76 | $ 0.87 |
Diluted earnings per common share: | ||||
Diluted earnings per common share attributable to Caleres, Inc. shareholders | $ 0.41 | $ 0.46 | $ 0.75 | $ 0.86 |
Restructuring and Other Initi37
Restructuring and Other Initiatives (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other special charges, net | $ 2,865 | $ 0 | $ 3,973 | $ 0 |
Restructuring and Related Cost Incurred Cost After Tax | $ 1,900 | $ 2,600 | ||
Restructuring and Related Cost Incurred Cost Per Diluted Share | $ 0.04 | $ 0.06 | ||
Brand Portfolio [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other special charges, net | $ 700 | $ 1,500 | ||
Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other special charges, net | $ 2,200 | $ 2,500 |
Business Segment Information (S
Business Segment Information (Schedule of Business Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Jan. 28, 2017 | |
Segment Reporting Information [Line Items] | |||||
External sales | $ 676,954 | $ 622,937 | $ 1,308,463 | $ 1,207,670 | |
Intersegment sales | 29,850 | 30,589 | 44,550 | 46,152 | |
Operating earnings (loss) | 31,096 | 32,258 | 56,821 | 61,001 | |
Segment assets | 1,584,157 | 1,420,393 | 1,584,157 | 1,420,393 | $ 1,475,273 |
Famous Footwear [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External sales | 404,930 | 390,123 | 771,424 | 754,719 | |
Intersegment sales | 0 | 0 | 0 | 0 | |
Operating earnings (loss) | 25,112 | 22,604 | 45,391 | 48,358 | |
Segment assets | 636,399 | 644,446 | 636,399 | 644,446 | |
Brand Portfolio [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External sales | 272,024 | 232,814 | 537,039 | 452,951 | |
Intersegment sales | 29,850 | 30,589 | 44,550 | 46,152 | |
Operating earnings (loss) | 15,916 | 17,463 | 29,230 | 27,085 | |
Segment assets | 839,674 | 518,636 | 839,674 | 518,636 | |
Other Category [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External sales | 0 | 0 | 0 | 0 | |
Intersegment sales | 0 | 0 | 0 | 0 | |
Operating earnings (loss) | (9,932) | (7,809) | (17,800) | (14,442) | |
Segment assets | $ 108,084 | $ 257,311 | $ 108,084 | $ 257,311 |
Business Segment Information 39
Business Segment Information (Schedule of Reconciliation of Operating Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Segment Reporting [Abstract] | ||||
Operating earnings | $ 31,096 | $ 32,258 | $ 56,821 | $ 61,001 |
Interest expense | (4,637) | (3,479) | (9,681) | (7,089) |
Interest income | 262 | 310 | 497 | 557 |
Earnings before income taxes | $ 26,721 | $ 29,089 | $ 47,637 | $ 54,469 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 |
Inventory [Line Items] | |||
Raw materials | $ 18,951 | $ 15,378 | $ 734 |
Work-in-process | 840 | 1,093 | 0 |
Finished goods | 702,214 | 569,293 | 648,147 |
Inventories, net | $ 722,005 | $ 585,764 | $ 648,881 |
Goodwill and Intangible Asset41
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Dec. 13, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Goodwill, Acquired During Period | $ 113,100 | |||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 102,900 | |||||
Amortization expense related to intangible assets | $ 2,046 | $ 1,839 | ||||
Primarily Owned And Licensed Trademarks [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Indefinite-lived Intangible Assets Acquired | 97,500 | |||||
Amortization expense related to intangible assets | $ 1,000 | $ 900 | $ 2,000 | $ 1,800 | ||
Customer Relationships [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | $ 5,400 |
Goodwill and Intangible Asset42
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 |
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | $ 288,788 | $ 289,288 | $ 185,868 |
Accumulated amortization | (74,674) | (72,628) | (70,762) |
Total intangible assets, net | 214,114 | 216,660 | 115,106 |
Goodwill | 127,081 | 127,098 | 13,954 |
Goodwill and intangible assets, net | 341,195 | 343,758 | 129,060 |
Famous Footwear [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | 2,800 | 2,800 | 2,800 |
Brand Portfolio [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | 285,988 | 286,488 | 183,068 |
Goodwill | $ 127,081 | $ 127,098 | $ 13,954 |
Goodwill and Intangible Asset43
Goodwill and Intangible Assets (Schedule of Finite and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | Jan. 28, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 74,674 | $ 70,762 | $ 72,628 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 118,100 | 20,800 | 117,900 |
Intangible Assets, Gross (Excluding Goodwill) | 288,788 | 185,868 | 289,288 |
Intangible assets, net | 214,114 | 115,106 | 216,660 |
Primarily Owned And Licensed Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 165,288 | 165,068 | 165,288 |
Finite-Lived Intangible Assets, Accumulated Amortization | 74,449 | 70,762 | 72,604 |
Finite-Lived Intangible Assets, Net | $ 90,839 | $ 94,306 | $ 92,684 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | |
Finite-Lived Intangible Assets, Gross | $ 5,400 | $ 6,100 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 225 | 24 | |
Finite-Lived Intangible Assets, Net | $ 5,175 | $ 6,076 | |
Minimum [Member] | Primarily Owned And Licensed Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | 15 years |
Maximum [Member] | Primarily Owned And Licensed Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 40 years | 40 years | 40 years |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Changes in Shareholders' Equity and Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Equity, beginning balance | $ 614,486 | |||
Net earnings | $ 17,674 | $ 19,679 | 32,558 | $ 37,557 |
Other comprehensive income (loss) | 1,727 | (1,321) | 2,383 | 489 |
Cumulative-effect adjustment from adoption of ASU 2016-09 | (400) | |||
Equity, ending balance | 641,174 | 614,765 | 641,174 | 614,765 |
Caleres, Inc. Shareholders' Equity [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Equity, beginning balance | 613,117 | 601,484 | ||
Net earnings | 32,497 | 37,551 | ||
Other comprehensive income (loss) | 2,383 | 489 | ||
Dividends paid | (6,030) | (6,089) | ||
Acquisition of treasury stock | (5,993) | (23,139) | ||
Issuance of common stock under share-based plans, net | (2,490) | (4,086) | ||
Cumulative-effect adjustment from adoption of ASU 2016-09 | 441 | |||
Excess tax benefit related to share-based plans | 3,248 | |||
Share-based compensation expense | 5,804 | 4,329 | ||
Equity, ending balance | 639,729 | 613,787 | 639,729 | 613,787 |
Noncontrolling Interests [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Equity, beginning balance | 1,369 | 988 | ||
Net earnings | 61 | 6 | ||
Other comprehensive income (loss) | 15 | (16) | ||
Equity, ending balance | 1,445 | 978 | 1,445 | 978 |
Total Equity [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Equity, beginning balance | 614,486 | 602,472 | ||
Net earnings | 32,558 | 37,557 | ||
Other comprehensive income (loss) | 2,398 | 473 | ||
Dividends paid | (6,030) | (6,089) | ||
Acquisition of treasury stock | (5,993) | (23,139) | ||
Issuance of common stock under share-based plans, net | (2,490) | (4,086) | ||
Cumulative-effect adjustment from adoption of ASU 2016-09 | 441 | |||
Excess tax benefit related to share-based plans | 3,248 | |||
Share-based compensation expense | 5,804 | 4,329 | ||
Equity, ending balance | $ 641,174 | $ 614,765 | $ 641,174 | $ 614,765 |
Shareholders' Equity (Schedul45
Shareholders' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Balance, beginning | $ (30,434) | |||
Tax (benefit) provision | $ 9,047 | $ 9,410 | 15,079 | $ 16,912 |
Other comprehensive income (loss) | 1,727 | (1,321) | 2,383 | 489 |
Balance, ending | (28,051) | (5,375) | (28,051) | (5,375) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Balance, beginning | (348) | 1,410 | 192 | (900) |
Other comprehensive income (loss) before reclassifications | 1,820 | (804) | 1,280 | 1,506 |
Other comprehensive income (loss) | 1,820 | (804) | 1,280 | 1,506 |
Balance, ending | 1,472 | 606 | 1,472 | 606 |
Pension and Other Postretirement Transactions [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Balance, beginning | (29,666) | (5,644) | (30,084) | (5,356) |
Amounts reclassified from accumulated other comprehensive loss | 500 | (477) | 1,179 | (954) |
Tax (benefit) provision | (191) | 189 | (452) | 378 |
Amounts reclassified from accumulated other comprehensive loss | 309 | (288) | 727 | (576) |
Other comprehensive income (loss) | 309 | (288) | 727 | (576) |
Balance, ending | (29,357) | (5,932) | (29,357) | (5,932) |
Derivative Transactions [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Balance, beginning | 236 | 180 | (542) | 392 |
Other comprehensive income (loss) before reclassifications | (295) | (351) | 458 | (639) |
Amounts reclassified from accumulated other comprehensive loss | (164) | 190 | (117) | 313 |
Tax (benefit) provision | 57 | (68) | 35 | (115) |
Amounts reclassified from accumulated other comprehensive loss | (107) | 122 | (82) | 198 |
Other comprehensive income (loss) | (402) | (229) | 376 | (441) |
Balance, ending | (166) | (49) | (166) | (49) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||||
Balance, beginning | (29,778) | (4,054) | (30,434) | (5,864) |
Other comprehensive income (loss) before reclassifications | 1,525 | (1,155) | 1,738 | 867 |
Amounts reclassified from accumulated other comprehensive loss | 336 | (287) | 1,062 | (641) |
Tax (benefit) provision | (134) | 121 | (417) | 263 |
Amounts reclassified from accumulated other comprehensive loss | 202 | (166) | 645 | (378) |
Other comprehensive income (loss) | 1,727 | (1,321) | 2,383 | 489 |
Balance, ending | $ (28,051) | $ (5,375) | $ (28,051) | $ (5,375) |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 3.1 | $ 2.3 | $ 5.8 | $ 4.3 |
Shares of common stock (repurchased) issued during the period | (12,472) | (5,947) | 241,886 | 180,825 |
Performance Share Plan Cash Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 0 | $ 0.9 | $ 0.1 | $ 1.5 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 356,312 | |||
Weighted-average grant date fair value of grants | $ 27.83 | $ 24.85 | $ 26.91 | $ 26.57 |
Performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 169,500 | 159,000 | ||
Weighted-average grant date fair value of grants | $ 26.90 | $ 26.64 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock options granted | 0 | 0 | 0 | 0 |
Restricted Stock Units for Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 45,830 | 53,310 | 46,712 | 54,163 |
Restricted stock unit dividend equivalent | 910 | 1,110 | 1,792 | 1,963 |
Weighted-average grant date fair value of grants | $ 27.84 | $ 21.62 | $ 27.81 | $ 21.72 |
One year cliff-vesting period | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 4,492 | 4,492 | ||
Four year graded-vesting period | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 12,000 | |||
Four year cliff-vesting period | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 13,800 | 339,820 | 350,600 | |
Minimum [Member] | Performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pay out percentage | 0.00% | |||
Maximum [Member] | Performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pay out percentage | 200.00% |
Share-based Compensation (Sched
Share-based Compensation (Schedule of Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total number of restricted shares | 1,194,326 | 1,139,299 | 1,194,326 | 1,139,299 | 1,217,334 | 1,128,049 | 1,150,749 | 1,262,449 |
Weighted-average grant date fair value of restricted shares | $ 28.03 | $ 25.42 | $ 28.03 | $ 25.42 | $ 27.96 | $ 25.85 | $ 25.38 | $ 19.55 |
Number of restricted shares granted | 356,312 | |||||||
Weighted-average grant date fair value of grants | $ 27.83 | $ 24.85 | $ 26.91 | $ 26.57 | ||||
Number of restricted shares forfeited | (17,500) | (19,250) | (30,000) | (48,500) | ||||
Weighted-average grant date fair value of restricted share forfeitures | $ 28.56 | $ 26.59 | $ 27.75 | $ 22.94 | ||||
Number of restricted shares vested | (10,000) | (6,000) | (260,035) | (425,250) | ||||
Weighted-average grant date fair value of restricted share vests | $ 18.80 | $ 11.72 | $ 17.07 | $ 9.22 | ||||
One year cliff-vesting period | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of restricted shares granted | 4,492 | 4,492 | ||||||
Four year cliff-vesting period | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of restricted shares granted | 13,800 | 339,820 | 350,600 |
Share-based Compensation (Sch48
Share-based Compensation (Schedule of Stock Option Activity) (Details) - Employee Stock Option [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||||||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total number of stock options | 92,042 | 222,790 | 92,042 | 222,790 | 97,292 | 150,540 | 229,105 | 301,295 |
Weighted-average grant date fair value of stock options | $ 6.42 | $ 8.98 | $ 6.42 | $ 8.98 | $ 6.39 | $ 9.36 | $ 8.99 | $ 8.95 |
Number of stock options granted | 0 | 0 | 0 | 0 | ||||
Weighted-average grant date fair value of stock options granted | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Number of stock options exercised | (5,250) | (6,315) | (11,250) | (56,381) | ||||
Weighted-average grant date fair value of stock options exercised | $ 5.93 | $ 9.28 | $ 5.74 | $ 7.41 | ||||
Number of stock options forfeited | 0 | 0 | 0 | (7,499) | ||||
Weighted-average grant date fair value of stock options forfeited | $ 0 | $ 0 | $ 0 | $ 15.94 | ||||
Number of stock options expired | 0 | 0 | (47,248) | (14,625) | ||||
Weighted-average grant date fair value of stock options expired | $ 0 | $ 0 | $ 15.94 | $ 10.75 |
Retirement and Other Benefit 49
Retirement and Other Benefit Plans (Shedule of Net Benefit Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,383 | $ 1,904 | $ 4,850 | $ 4,167 |
Interest cost | 3,727 | 3,810 | 7,474 | 7,671 |
Expected return on assets | (6,913) | (7,252) | (13,793) | (14,475) |
Amortization of: | ||||
Actuarial loss (gain) | 996 | 39 | 2,148 | 77 |
Prior service income | (461) | (461) | (896) | (921) |
Settlement cost | 0 | 250 | 0 | 250 |
Total net periodic benefit income | (268) | (1,710) | (217) | (3,231) |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 16 | 15 | 34 | 30 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of: | ||||
Actuarial loss (gain) | (35) | (55) | (73) | (110) |
Prior service income | 0 | 0 | 0 | 0 |
Settlement cost | 0 | 0 | ||
Total net periodic benefit income | $ (19) | $ (40) | $ (39) | $ (80) |
Risk Management and Derivativ50
Risk Management and Derivatives (Narrative) (Details) | 6 Months Ended | 12 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | Jan. 30, 2016 | |
Derivative [Line Items] | |||
Derivative, Maturity Date | Aug. 3, 2018 | ||
Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative, Maturity Date | Aug. 3, 2018 | Jul. 28, 2017 | Feb. 28, 2018 |
Risk Management and Derivativ51
Risk Management and Derivatives (Schedule of Contract Notional Amount of All Purchase and Sale Contracts of a Foreign Currency) (Details) - Forward Contracts [Member] - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 |
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 45,733 | $ 42,088 | $ 46,086 |
U.S. dollars (purchased by the Company's Canadian division with Canadian dollars) [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 18,110 | 18,826 | 17,404 |
Euro | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 14,725 | 13,297 | 13,544 |
Chinese yuan | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 11,887 | 7,723 | 12,477 |
New Taiwanese dollars | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 567 | 526 | 522 |
United Arab Emirates dirham | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 254 | 823 | 939 |
Japanese yen | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 176 | 769 | 1,026 |
Other currencies | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 14 | $ 124 | $ 174 |
Risk Management and Derivativ52
Risk Management and Derivatives (Schedule of Fair Values of Derivative Instruments Designated as Hedging Instruments Included within the Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 |
Prepaid expenses and other current assets | |||
Derivative [Line Items] | |||
Asset Derivatives, Fair Value | $ 918 | $ 234 | $ 365 |
Other accrued expenses [Member] | |||
Derivative [Line Items] | |||
Liability Derivatives, Fair Value | $ 1,083 | $ 874 | $ 565 |
Risk Management and Derivativ53
Risk Management and Derivatives (Schedule of Effect of Derivative Instruments in Cash Flow Hedging Relationships on the Condensed Consolidated Statements of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Net Sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) gain recognized in OCL on derivatives | $ (8) | $ (25) | $ (40) | $ (189) |
Gain (loss) reclassified from accumulated OCL into earnings | 6 | (36) | 24 | (72) |
Cost of goods sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) gain recognized in OCL on derivatives | (55) | (472) | 737 | (585) |
Gain (loss) reclassified from accumulated OCL into earnings | 158 | 33 | 161 | 116 |
Selling and administrative expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) gain recognized in OCL on derivatives | (194) | (75) | 117 | (24) |
Gain (loss) reclassified from accumulated OCL into earnings | 0 | (187) | (67) | (357) |
Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) gain recognized in OCL on derivatives | (14) | 14 | (10) | (24) |
Gain (loss) reclassified from accumulated OCL into earnings | $ 0 | $ 0 | $ (1) | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferral percentage of base salary | 50.00% | ||
Percentage component of compensation allowed as deferral under deferred compensation plan | 100.00% | ||
Long-lived assets held for use | $ 114.6 | $ 96.6 | |
Performance share units | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Requisite service period | 3 years | ||
Minimum [Member] | Performance share units | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Pay out percentage | 0.00% | ||
Maximum [Member] | Performance share units | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Pay out percentage | 200.00% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 |
Non-qualified deferred compensation plan liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | $ (5,637) | $ (5,051) | $ (4,637) |
Non-qualified deferred compensation plan liabilities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (5,637) | (5,051) | (4,637) |
Deferred compensation plan liabilities for non-employee directors [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (2,154) | (1,909) | (1,705) |
Deferred compensation plan liabilities for non-employee directors [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (2,154) | (1,909) | (1,705) |
Restricted stock units for non-employee directors [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (9,088) | (9,390) | (9,060) |
Restricted stock units for non-employee directors [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (9,088) | (9,390) | (9,060) |
Performance share units | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (3,352) | (2,347) | |
Performance share units | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (3,352) | (2,347) | |
Cash equivalents - money market funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 16,163 | 27,530 | 132,320 |
Cash equivalents - money market funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 16,163 | 27,530 | 132,320 |
Non-qualified deferred compensation plan assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 5,637 | 5,051 | 4,637 |
Non-qualified deferred compensation plan assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 5,637 | 5,051 | 4,637 |
Derivative Financial Instruments, Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (165) | (640) | (200) |
Derivative Financial Instruments, Liabilities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | $ (165) | $ (640) | (200) |
Secured convertible note [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 7,190 | ||
Secured convertible note [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | $ 7,190 |
Fair Value Measurements (Sche56
Fair Value Measurements (Schedule of Impairment Charges) (Details) - Selling and administrative expenses - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 1,170 | $ 225 | $ 2,119 | $ 536 |
Famous Footwear [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | 150 | 0 | 300 | 134 |
Brand Portfolio [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 1,020 | $ 225 | $ 1,819 | $ 402 |
Fair Value Measurements (Sche57
Fair Value Measurements (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 |
Fair Value Disclosures [Abstract] | |||
Borrowings under revolving credit agreement | $ 35,000 | $ 110,000 | $ 0 |
Borrowings under revolving credit agreement, fair value | 35,000 | 110,000 | |
Long-term debt – Senior Notes, carrying amount | 197,233 | 197,003 | 196,774 |
Long-term debt – Senior Notes, fair value | 209,500 | 209,000 | 205,500 |
Total debt | 232,233 | 307,003 | 196,774 |
Total debt, fair value | $ 244,500 | $ 319,000 | $ 205,500 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 29, 2017 | Apr. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Consolidated effective tax rate | 33.90% | 32.30% | 31.70% | 31.00% | |
Discrete tax benefit | $ 1.1 | $ 0.2 | $ 1.1 | $ 0.9 | |
Effective tax rate if discrete tax benefits had not been recognized | 33.00% | 33.90% | 32.70% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Caleres, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Joint venture, ownership percentage | 51.00% | ||
C. Banner International Holdings Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Joint venture, ownership percentage | 49.00% | ||
B&H Footwear [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | $ 1.6 | $ 0 | $ 3.8 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - Redfield Site [Member] $ in Millions | 6 Months Ended |
Jul. 29, 2017USD ($) | |
Loss Contingencies [Line Items] | |
Cumulative expenditures for both on-site and off-site remediation | $ 29.5 |
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 9.5 |
Reserve for anticipated future remediation activities for on-site remediation | 4.5 |
Reserve for anticipated future remediation activities for off-site remediation | $ 5 |
Liability for on-site remediation, discounted rate | 4.80% |
On-site remediation liability, undiscounted basis | $ 14.5 |
Expected on-site remediation liability, year one | 0.5 |
Expected on-site remediation liability, year two | 0.1 |
Expected on-site remediation liability, year three | 0.1 |
Expected on-site remediation liability, year four | 0.1 |
Expected on-site remediation liability, year five | 0.1 |
Expected on-site remediation liability, thereafter | 13.6 |
Other Noncurrent Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 8.6 |
Other Current Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | $ 0.9 |
Financial Information for the61
Financial Information for the Company and its Subsidiaries (Narrative) (Details) | Dec. 13, 2016 | Jul. 29, 2017 |
Business Acquisition [Line Items] | ||
Guarantors, ownership percentage by parent | 100.00% | |
Allen Edmonds [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Effective Date of Acquisition | Dec. 13, 2016 | |
Business Acquisition, Name of Acquired Entity | Allen Edmonds |
Financial Information for the62
Financial Information for the Company and its Subsidiaries (Schedule of Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 | Jan. 30, 2016 |
Assets | ||||
Cash and cash equivalents | $ 52,942 | $ 55,332 | $ 165,729 | $ 118,151 |
Receivables, net | 143,616 | 153,121 | 144,309 | |
Inventories, net | 722,005 | 585,764 | 648,881 | |
Prepaid expenses and other current assets | 36,972 | 49,528 | 30,190 | |
Total current assets | 955,535 | 843,745 | 989,109 | |
Other assets | 69,589 | 68,574 | 115,448 | |
Goodwill and intangible assets, net | 341,195 | 343,758 | 129,060 | |
Property and equipment, net | 217,838 | 219,196 | 186,776 | |
Total assets | 1,584,157 | 1,475,273 | 1,420,393 | |
Liabilities and Equity | ||||
Borrowings under revolving credit agreement | 35,000 | 110,000 | 0 | |
Trade accounts payable | 402,812 | 266,370 | 358,751 | |
Other accrued expenses | 170,499 | 151,225 | 142,085 | |
Total current liabilities | 608,311 | 527,595 | 500,836 | |
Other liabilities | ||||
Long-term debt | 197,233 | 197,003 | 196,774 | |
Other liabilities | 137,439 | 136,189 | 108,018 | |
Total other liabilities | 334,672 | 333,192 | 304,792 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 639,729 | 613,117 | 613,787 | |
Noncontrolling interests | 1,445 | 1,369 | 978 | |
Total equity | 641,174 | 614,486 | 614,765 | |
Total liabilities and equity | 1,584,157 | 1,475,273 | 1,420,393 | |
Parent [Member] | ||||
Assets | ||||
Cash and cash equivalents | 12,712 | 23,999 | 44,348 | 31,000 |
Receivables, net | 117,672 | 118,746 | 112,384 | |
Inventories, net | 174,839 | 150,098 | 159,285 | |
Prepaid expenses and other current assets | 23,944 | 24,293 | 13,641 | |
Intercompany receivable – current | 845 | 695 | 743 | |
Total current assets | 330,012 | 317,831 | 330,401 | |
Other assets | 51,273 | 51,181 | 93,839 | |
Goodwill and intangible assets, net | 112,221 | 113,333 | 114,446 | |
Property and equipment, net | 32,428 | 31,424 | 31,087 | |
Investment in subsidiaries | 1,263,829 | 1,343,954 | 1,055,300 | |
Intercompany receivable – noncurrent | 745,812 | 568,541 | 479,611 | |
Total assets | 2,535,575 | 2,426,264 | 2,104,684 | |
Liabilities and Equity | ||||
Borrowings under revolving credit agreement | 35,000 | 110,000 | ||
Trade accounts payable | 124,675 | 116,783 | 111,166 | |
Other accrued expenses | 72,364 | 74,941 | 52,474 | |
Intercompany payable – current | 14,523 | 12,794 | 11,924 | |
Total current liabilities | 246,562 | 314,518 | 175,564 | |
Other liabilities | ||||
Long-term debt | 197,233 | 197,003 | 196,774 | |
Other liabilities | 91,645 | 91,683 | 37,253 | |
Intercompany payable – noncurrent | 1,360,406 | 1,209,943 | 1,081,306 | |
Total other liabilities | 1,649,284 | 1,498,629 | 1,315,333 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 639,729 | 613,117 | 613,787 | |
Total equity | 639,729 | 613,117 | 613,787 | |
Total liabilities and equity | 2,535,575 | 2,426,264 | 2,104,684 | |
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 20,638 | 9,029 | 15,673 | |
Receivables, net | 5,670 | 5,414 | 1,787 | |
Inventories, net | 516,704 | 410,867 | 467,691 | |
Prepaid expenses and other current assets | 14,463 | 23,040 | 11,479 | |
Intercompany receivable – current | 134 | 263 | 213 | |
Total current assets | 557,609 | 448,613 | 496,843 | |
Other assets | 17,432 | 16,567 | 13,728 | |
Goodwill and intangible assets, net | 40,937 | 219,337 | 2,800 | |
Property and equipment, net | 172,802 | 176,358 | 146,373 | |
Intercompany receivable – noncurrent | 519,304 | 366,902 | 374,047 | |
Total assets | 1,308,084 | 1,227,777 | 1,033,791 | |
Liabilities and Equity | ||||
Trade accounts payable | 247,169 | 112,434 | 216,850 | |
Other accrued expenses | 87,425 | 65,228 | 72,987 | |
Total current liabilities | 334,594 | 177,662 | 289,837 | |
Other liabilities | ||||
Other liabilities | 40,810 | 40,507 | 67,119 | |
Intercompany payable – noncurrent | 119,152 | 98,982 | 41,537 | |
Total other liabilities | 159,962 | 139,489 | 108,656 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 813,528 | 910,626 | 635,298 | |
Total equity | 813,528 | 910,626 | 635,298 | |
Total liabilities and equity | 1,308,084 | 1,227,777 | 1,033,791 | |
Non-Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 19,592 | 22,304 | 105,708 | $ 87,151 |
Receivables, net | 20,274 | 28,961 | 30,138 | |
Inventories, net | 30,462 | 24,799 | 21,905 | |
Prepaid expenses and other current assets | 7,466 | 8,058 | 5,070 | |
Intercompany receivable – current | 25,056 | 22,091 | 21,263 | |
Total current assets | 102,850 | 106,213 | 184,084 | |
Other assets | 884 | 826 | 7,881 | |
Goodwill and intangible assets, net | 188,037 | 11,088 | 11,814 | |
Property and equipment, net | 12,608 | 11,414 | 9,316 | |
Investment in subsidiaries | (22,724) | (21,946) | (20,569) | |
Intercompany receivable – noncurrent | 669,176 | 581,624 | 559,593 | |
Total assets | 950,831 | 689,219 | 752,119 | |
Liabilities and Equity | ||||
Trade accounts payable | 30,968 | 37,153 | 30,735 | |
Other accrued expenses | 19,611 | 16,919 | 16,624 | |
Intercompany payable – current | 11,512 | 10,255 | 10,295 | |
Total current liabilities | 62,091 | 64,327 | 57,654 | |
Other liabilities | ||||
Other liabilities | 4,984 | 3,999 | 3,646 | |
Intercompany payable – noncurrent | 454,734 | 208,142 | 290,408 | |
Total other liabilities | 459,718 | 212,141 | 294,054 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 427,577 | 411,382 | 399,433 | |
Noncontrolling interests | 1,445 | 1,369 | 978 | |
Total equity | 429,022 | 412,751 | 400,411 | |
Total liabilities and equity | 950,831 | 689,219 | 752,119 | |
Consolidation, Eliminations [Member] | ||||
Assets | ||||
Prepaid expenses and other current assets | (8,901) | (5,863) | ||
Intercompany receivable – current | (26,035) | (23,049) | (22,219) | |
Total current assets | (34,936) | (28,912) | (22,219) | |
Investment in subsidiaries | (1,241,105) | (1,322,008) | (1,034,731) | |
Intercompany receivable – noncurrent | (1,934,292) | (1,517,067) | (1,413,251) | |
Total assets | (3,210,333) | (2,867,987) | (2,470,201) | |
Liabilities and Equity | ||||
Other accrued expenses | (8,901) | (5,863) | ||
Intercompany payable – current | (26,035) | (23,049) | (22,219) | |
Total current liabilities | (34,936) | (28,912) | (22,219) | |
Other liabilities | ||||
Intercompany payable – noncurrent | (1,934,292) | (1,517,067) | (1,413,251) | |
Total other liabilities | (1,934,292) | (1,517,067) | (1,413,251) | |
Equity | ||||
Caleres, Inc. shareholders’ equity | (1,241,105) | (1,322,008) | (1,034,731) | |
Total equity | (1,241,105) | (1,322,008) | (1,034,731) | |
Total liabilities and equity | $ (3,210,333) | $ (2,867,987) | $ (2,470,201) |
Financial Information for the63
Financial Information for the Company and its Subsidiaries (Schedule of Condensed Consolidating Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | $ 676,954 | $ 622,937 | $ 1,308,463 | $ 1,207,670 |
Cost of goods sold | 389,493 | 363,382 | 750,094 | 700,322 |
Gross profit | 287,461 | 259,555 | 558,369 | 507,348 |
Selling and administrative expenses | 253,500 | 227,297 | 497,575 | 446,347 |
Restructuring and other special charges, net | 2,865 | 0 | 3,973 | 0 |
Operating earnings (loss) | 31,096 | 32,258 | 56,821 | 61,001 |
Interest expense | (4,637) | (3,479) | (9,681) | (7,089) |
Interest income | 262 | 310 | 497 | 557 |
Earnings (loss) before income taxes | 26,721 | 29,089 | 47,637 | 54,469 |
Income tax benefit (provision) | (9,047) | (9,410) | (15,079) | (16,912) |
Net earnings | 17,674 | 19,679 | 32,558 | 37,557 |
Less: Net (loss) earnings attributable to noncontrolling interests | 79 | (89) | 61 | 6 |
Net earnings attributable to Caleres, Inc. | 17,595 | 19,768 | 32,497 | 37,551 |
Comprehensive income | 19,401 | 18,358 | 34,941 | 38,046 |
Less: Comprehensive (loss) income attributable to noncontrolling interests | 99 | (120) | 76 | (10) |
Comprehensive income attributable to Caleres, Inc. | 19,302 | 18,478 | 34,865 | 38,056 |
Parent [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 194,305 | 194,896 | 388,745 | 382,083 |
Cost of goods sold | 137,659 | 142,295 | 270,510 | 272,204 |
Gross profit | 56,646 | 52,601 | 118,235 | 109,879 |
Selling and administrative expenses | 60,363 | 52,841 | 112,787 | 102,383 |
Restructuring and other special charges, net | 2,661 | 3,769 | ||
Operating earnings (loss) | (6,378) | (240) | 1,679 | 7,496 |
Interest expense | (4,634) | (3,481) | (9,669) | (7,089) |
Interest income | 85 | 174 | 173 | 331 |
Intercompany interest income (expense) | 2,021 | 2,253 | 4,104 | 4,507 |
Earnings (loss) before income taxes | (8,906) | (1,294) | (3,713) | 5,245 |
Income tax benefit (provision) | 2,926 | (309) | 1,839 | (1,175) |
Equity in earnings (loss) of subsidiaries, net of tax | 23,575 | 21,371 | 34,371 | 33,481 |
Net earnings | 17,595 | 19,768 | 32,497 | 37,551 |
Net earnings attributable to Caleres, Inc. | 17,595 | 19,768 | 32,497 | 37,551 |
Comprehensive income | 19,302 | 18,478 | 34,865 | 38,056 |
Comprehensive income attributable to Caleres, Inc. | 19,302 | 18,478 | 34,865 | 38,056 |
Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 482,645 | 408,476 | 910,184 | 791,522 |
Cost of goods sold | 270,548 | 221,031 | 502,334 | 425,658 |
Gross profit | 212,097 | 187,445 | 407,850 | 365,864 |
Selling and administrative expenses | 190,444 | 170,463 | 372,791 | 327,566 |
Restructuring and other special charges, net | 37 | 37 | ||
Operating earnings (loss) | 21,616 | 16,982 | 35,022 | 38,298 |
Interest expense | (3) | 2 | (12) | |
Intercompany interest income (expense) | (2,189) | (2,276) | (4,513) | (4,578) |
Earnings (loss) before income taxes | 19,424 | 14,708 | 30,497 | 33,720 |
Income tax benefit (provision) | (8,053) | (6,436) | (11,928) | (12,740) |
Net earnings | 11,371 | 8,272 | 18,569 | 20,980 |
Net earnings attributable to Caleres, Inc. | 11,371 | 8,272 | 18,569 | 20,980 |
Comprehensive income | 11,371 | 8,272 | 18,569 | 20,980 |
Comprehensive income attributable to Caleres, Inc. | 11,371 | 8,272 | 18,569 | 20,980 |
Non-Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 63,175 | 69,798 | 101,220 | 108,594 |
Cost of goods sold | 32,543 | 39,125 | 51,073 | 62,019 |
Gross profit | 30,632 | 30,673 | 50,147 | 46,575 |
Selling and administrative expenses | 14,607 | 15,157 | 29,860 | 31,368 |
Restructuring and other special charges, net | 167 | 167 | ||
Operating earnings (loss) | 15,858 | 15,516 | 20,120 | 15,207 |
Interest income | 177 | 136 | 324 | 226 |
Intercompany interest income (expense) | 168 | 23 | 409 | 71 |
Earnings (loss) before income taxes | 16,203 | 15,675 | 20,853 | 15,504 |
Income tax benefit (provision) | (3,920) | (2,665) | (4,990) | (2,997) |
Equity in earnings (loss) of subsidiaries, net of tax | 271 | (508) | (777) | (1,045) |
Net earnings | 12,554 | 12,502 | 15,086 | 11,462 |
Less: Net (loss) earnings attributable to noncontrolling interests | 79 | (89) | 61 | 6 |
Net earnings attributable to Caleres, Inc. | 12,475 | 12,591 | 15,025 | 11,456 |
Comprehensive income | 13,302 | 11,802 | 15,755 | 12,031 |
Less: Comprehensive (loss) income attributable to noncontrolling interests | 99 | (120) | 76 | (10) |
Comprehensive income attributable to Caleres, Inc. | 13,203 | 11,922 | 15,679 | 12,041 |
Consolidation, Eliminations [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | (63,171) | (50,233) | (91,686) | (74,529) |
Cost of goods sold | (51,257) | (39,069) | (73,823) | (59,559) |
Gross profit | (11,914) | (11,164) | (17,863) | (14,970) |
Selling and administrative expenses | (11,914) | (11,164) | (17,863) | (14,970) |
Equity in earnings (loss) of subsidiaries, net of tax | (23,846) | (20,863) | (33,594) | (32,436) |
Net earnings | (23,846) | (20,863) | (33,594) | (32,436) |
Net earnings attributable to Caleres, Inc. | (23,846) | (20,863) | (33,594) | (32,436) |
Comprehensive income | (24,574) | (20,194) | (34,248) | (33,021) |
Comprehensive income attributable to Caleres, Inc. | $ (24,574) | $ (20,194) | $ (34,248) | $ (33,021) |
Financial Information for the64
Financial Information for the Company and its Subsidiaries (Schedule of Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used for) provided by operating activities | $ 114,280 | $ 108,564 |
Purchases of property and equipment | (24,251) | (27,443) |
Capitalized software | (3,152) | (3,778) |
Net cash (used for) provided by investing activities | (27,403) | (31,221) |
Borrowings under revolving credit agreement | 400,000 | 103,000 |
Repayments under revolving credit agreement | (475,000) | (103,000) |
Dividends paid | (6,030) | (6,089) |
Acquisition of treasury stock | (5,993) | (23,139) |
Issuance of common stock under share-based plans, net | (2,490) | (4,086) |
Excess tax benefit related to share-based plans | 0 | 3,248 |
Net cash provided by (used for) financing activities | (89,513) | (30,066) |
Effect of exchange rate changes on cash and cash equivalents | 246 | 301 |
Increase (decrease) in cash and cash equivalents | (2,390) | 47,578 |
Cash and cash equivalents at beginning of period | 55,332 | 118,151 |
Cash and cash equivalents at end of period | 52,942 | 165,729 |
Parent [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used for) provided by operating activities | (15,328) | 20,198 |
Purchases of property and equipment | (3,722) | (1,525) |
Capitalized software | (2,686) | (2,448) |
Intercompany investing | (19,894) | (2,973) |
Net cash (used for) provided by investing activities | (26,302) | (6,946) |
Borrowings under revolving credit agreement | 400,000 | 103,000 |
Repayments under revolving credit agreement | (475,000) | (103,000) |
Dividends paid | (6,030) | (6,089) |
Acquisition of treasury stock | (5,993) | (23,139) |
Issuance of common stock under share-based plans, net | (2,490) | (4,086) |
Excess tax benefit related to share-based plans | 3,248 | |
Intercompany financing | 119,856 | 30,162 |
Net cash provided by (used for) financing activities | 30,343 | 96 |
Increase (decrease) in cash and cash equivalents | (11,287) | 13,348 |
Cash and cash equivalents at beginning of period | 23,999 | 31,000 |
Cash and cash equivalents at end of period | 12,712 | 44,348 |
Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used for) provided by operating activities | 95,828 | 68,129 |
Purchases of property and equipment | (17,762) | (25,237) |
Capitalized software | (466) | (1,300) |
Intercompany investing | 197,599 | 2,973 |
Net cash (used for) provided by investing activities | 179,371 | (23,564) |
Intercompany financing | (263,590) | (28,892) |
Net cash provided by (used for) financing activities | (263,590) | (28,892) |
Increase (decrease) in cash and cash equivalents | 11,609 | 15,673 |
Cash and cash equivalents at beginning of period | 9,029 | |
Cash and cash equivalents at end of period | 20,638 | 15,673 |
Non-Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash (used for) provided by operating activities | 33,780 | 20,237 |
Purchases of property and equipment | (2,767) | (681) |
Capitalized software | (30) | |
Intercompany investing | (177,705) | |
Net cash (used for) provided by investing activities | (180,472) | (711) |
Intercompany financing | 143,734 | (1,270) |
Net cash provided by (used for) financing activities | 143,734 | (1,270) |
Effect of exchange rate changes on cash and cash equivalents | 246 | 301 |
Increase (decrease) in cash and cash equivalents | (2,712) | 18,557 |
Cash and cash equivalents at beginning of period | 22,304 | 87,151 |
Cash and cash equivalents at end of period | $ 19,592 | $ 105,708 |