Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 30, 2015 | Dec. 03, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Lands' End, Inc. | |
Entity Central Index Key | 799,288 | |
Current Fiscal Year End Date | --01-29 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 31,991,343 |
Condensed Consolidated and Comb
Condensed Consolidated and Combined Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Oct. 31, 2014 | |
Net revenue | $ 334,434 | $ 373,082 | $ 946,235 | $ 1,050,787 |
Cost of sales (excluding depreciation and amortization) | 172,019 | 189,787 | 492,756 | 537,064 |
Gross Profit | 162,415 | 183,295 | 453,479 | 513,723 |
Selling and administrative | 135,867 | 143,370 | 394,261 | 419,859 |
Depreciation and amortization | 4,260 | 4,802 | 12,874 | 14,629 |
Other operating (income) expense, net | (1,009) | 25 | (3,366) | 45 |
Operating income | 23,297 | 35,098 | 49,710 | 79,190 |
Interest expense | 6,204 | 6,194 | 18,615 | 14,324 |
Other expense (income), net | 796 | (507) | (210) | (847) |
Income before income taxes | 16,297 | 29,411 | 31,305 | 65,713 |
Income tax expense | 5,572 | 11,420 | 11,395 | 25,009 |
NET INCOME | $ 10,725 | $ 17,991 | $ 19,910 | $ 40,704 |
NET INCOME PER COMMON SHARE (Note 4) | ||||
Basic (in USD per share) | $ 0.34 | $ 0.56 | $ 0.62 | $ 1.27 |
Diluted (in USD per share) | $ 0.33 | $ 0.56 | $ 0.62 | $ 1.27 |
Basic weighted average common shares outstanding (shares) | 31,991 | 31,957 | 31,975 | 31,957 |
Diluted weighted average common shares outstanding (shares) | 32,059 | 31,971 | 32,042 | 31,965 |
Condensed Consolidated and Com3
Condensed Consolidated and Combined Balance Sheets - USD ($) $ in Thousands | Oct. 30, 2015 | Jan. 30, 2015 | Oct. 31, 2014 |
Current assets | |||
Cash and cash equivalents | $ 104,986 | $ 221,454 | $ 105,574 |
Restricted cash | 3,300 | 3,300 | 3,300 |
Accounts receivable, net | 37,875 | 30,073 | 39,459 |
Inventories, net | 436,712 | 301,367 | 403,938 |
Deferred Tax Assets, Net, Current | 0 | 3,438 | 0 |
Prepaid expenses and other current assets | 42,187 | 31,408 | 40,361 |
Total current assets | 625,060 | 591,040 | 592,632 |
Property and equipment, net | 105,661 | 101,223 | 99,070 |
Goodwill | 110,000 | 110,000 | 110,000 |
Intangible assets, net | 528,300 | 528,712 | 529,369 |
Other assets | 20,335 | 22,462 | 22,942 |
TOTAL ASSETS | 1,389,356 | 1,353,437 | 1,354,013 |
Current liabilities | |||
Accounts payable | 151,429 | 132,796 | 157,674 |
Deferred tax liabilities | 2,526 | 0 | 2,850 |
Other current liabilities | 107,596 | 107,553 | 121,924 |
Total current liabilities | 261,551 | 240,349 | 282,448 |
Long-term liabilities | |||
Long-term debt | 502,125 | 505,988 | 507,275 |
Long-term deferred tax liabilities | 182,400 | 184,483 | 172,930 |
Other liabilities | 16,390 | 18,424 | 17,439 |
TOTAL LIABILITIES | $ 962,466 | $ 949,244 | $ 980,092 |
Commitments and contingencies | |||
Stockholders’ equity | |||
Common stock, par value $0.01- authorized: 480,000,000 shares; issued and outstanding: 31,991,343, 31,956,521, 31,956,521 | $ 320 | $ 320 | $ 320 |
Additional paid-in capital | 344,156 | 342,294 | 342,130 |
Retained earnings | 88,787 | 68,877 | 35,782 |
Accumulated other comprehensive loss | (6,373) | (7,298) | (4,311) |
Total stockholders’ equity | 426,890 | 404,193 | 373,921 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,389,356 | $ 1,353,437 | $ 1,354,013 |
Condensed Consolidated and Com4
Condensed Consolidated and Combined Balance Sheets (Parenthetical) - $ / shares | Oct. 30, 2015 | Jan. 30, 2015 | Oct. 31, 2014 |
Statement of Financial Position [Abstract] | |||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 480,000,000 | 480,000,000 | 480,000,000 |
Common stock, shares issued | 31,991,343 | 31,956,521 | 31,956,521 |
Common stock, shares outstanding | 31,991,343 | 31,956,521 | 31,956,521 |
Condensed Consolidated and Com5
Condensed Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 19,910 | $ 40,704 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 12,874 | 14,629 |
Amortization of debt issuance costs | 1,313 | 1,092 |
Share-based Compensation | 2,307 | 1,954 |
Loss on disposal of property and equipment | 5 | 45 |
Deferred income taxes | 3,381 | 7,730 |
Product Recall Expense | (3,371) | 0 |
Change in operating assets and liabilities: | ||
Inventories | (134,690) | (36,306) |
Accounts payable | 20,078 | 44,989 |
Other operating assets | (18,124) | (23,402) |
Other operating liabilities | 1,523 | 34,123 |
Net cash (used in) provided by operating activities | (94,794) | 85,558 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (18,117) | (11,141) |
Net cash used in investing activities | (18,117) | (11,141) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Contributions from Affiliates | 0 | 8,784 |
Proceeds from issuance of long-term debt | 0 | 515,000 |
Repayments of Senior Debt | (3,863) | (2,575) |
Debt issuance costs | 0 | (11,433) |
Dividend paid to a subsidiary of Sears Holdings Corporation | 0 | (500,000) |
Net cash (used in) provided by financing activities | (3,863) | 9,776 |
Effects of exchange rate changes on cash | 306 | (1,030) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (116,468) | 83,163 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 221,454 | 22,411 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 104,986 | 105,574 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Unpaid liability to acquire property and equipment | 2,695 | 2,030 |
Income taxes paid | 19,714 | 13,013 |
Interest Paid | $ 17,037 | $ 13,020 |
Condensed Consolidated and Com6
Condensed Consolidated and Combined Statements of Changes in Shareholders' Equity - USD ($) | Total | Common Stock | Net Parent Company Investment [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Stockholders' Equity, Total [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Accumulated other comprehensive loss | $ (1,995,000) | $ (1,995,000) | |||||
Balance, Beginning of period at Jan. 31, 2014 | $ 794,309,000 | $ 792,314,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 40,704,000 | 4,922,000 | $ 35,782,000 | 40,704,000 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | $ 1,954,000 | 1,954,000 | |||||
Cumulative translation adjustment, net of tax | (2,316,000) | $ (2,316,000) | (2,316,000) | ||||
(Distribution to) Contribution from parent company, net | 8,784,000 | 8,784,000 | |||||
Dividend paid to parent company | (500,000,000) | (500,000,000) | |||||
Separation related adjustments | $ 32,481,000 | 32,481,000 | |||||
Stock Issued During Period, Shares, New Issues | 31,956,521 | ||||||
Reclassification of net parent company investment to common stock and additional paid-in capital in conjunction with the separation, shares | (340,496,000) | ||||||
Reclassifications of Parent Company Investment to Common Stock and Additional Paid in Capital | $ 320,000 | 340,176,000 | |||||
Balance, end of period at Oct. 31, 2014 | 373,921,000 | ||||||
Retained earnings | $ 35,782,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, shares outstanding | 31,956,521 | ||||||
Common stock, par value $0.01- authorized: 480,000,000 shares; issued and outstanding: 31,991,343, 31,956,521, 31,956,521 | $ 320,000 | ||||||
Additional paid-in capital | 342,130,000 | ||||||
Accumulated other comprehensive loss | (4,311,000) | ||||||
Retained earnings | $ 68,877,000 | ||||||
Common stock, shares outstanding | 31,956,521 | 31,956,521 | |||||
Common stock, par value $0.01- authorized: 480,000,000 shares; issued and outstanding: 31,991,343, 31,956,521, 31,956,521 | $ 320,000 | ||||||
Additional paid-in capital | 342,294,000 | ||||||
Accumulated other comprehensive loss | (7,298,000) | ||||||
Balance, Beginning of period at Jan. 30, 2015 | 404,193,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 19,910,000 | $ 19,910,000 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | 2,307,000 | 2,307,000 | |||||
Cumulative translation adjustment, net of tax | 925,000 | ||||||
Balance, end of period at Oct. 30, 2015 | 426,890,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 52,623 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (17,801) | ||||||
Restricted Stock Award, Forfeitures | (445,000) | $ (445,000) | |||||
Retained earnings | $ 88,787,000 | ||||||
Common stock, shares outstanding | 31,991,343 | 31,991,343 | |||||
Common stock, par value $0.01- authorized: 480,000,000 shares; issued and outstanding: 31,991,343, 31,956,521, 31,956,521 | $ 320,000 | ||||||
Additional paid-in capital | 344,156,000 | ||||||
Accumulated other comprehensive loss | $ (6,373,000) |
Condensed Consolidated and Com7
Condensed Consolidated and Combined Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Oct. 31, 2014 | |
Net income | $ 10,725 | $ 17,991 | $ 19,910 | $ 40,704 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 260 | (2,698) | 925 | (2,316) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 10,985 | $ 15,293 | $ 20,835 | $ 38,388 |
Background and Basis of Present
Background and Basis of Presentation | 9 Months Ended |
Oct. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | BACKGROUND AND BASIS OF PRESENTATION Description of Business and Separation Lands' End, Inc. (“Lands’ End” or the “Company”) is a leading multi-channel retailer of casual clothing, accessories and footwear, as well as home products. Lands' End offers products through catalogs, online at www.landsend.com and affiliated specialty and international websites, and through retail locations, primarily at Lands’ End Shops at Sears, stand-alone Lands’ End Inlet stores and international shop-in-shops that sell merchandise in various retail department stores. Terms that are commonly used in the Company's notes to condensed consolidated and combined financial statements are defined as follows: • ABL Facility - Asset-based senior secured credit agreement, dated as of April 4, 2014, with Bank of America, N.A and certain other lenders • Adjusted EBITDA - Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Other Income, net, and certain significant items • ASC - FASB Accounting Standards Codification, which serves as the source for authoritative GAAP, except that rules and interpretive releases by the SEC are also sources of authoritative GAAP for SEC registrants ASU - FASB Accounting Standards Update • CAM - Common area maintenance for leased properties • EPS - Earnings per share • ESL - ESL Investments, Inc. and its investment affiliates, including Edward S. Lampert • Facilities - Collectively, the ABL Facility and the Term Loan Facility • FASB - Financial Accounting Standards Board • Fiscal 2014 - The fiscal year ended January 30, 2015 • GAAP - Accounting principles generally accepted in the United States • LIBOR - London inter-bank offered rate • Sears Holdings or Sears Holdings Corporation - Sears Holdings Corporation, a Delaware Corporation, and its consolidated subsidiaries (other than, for all periods following the Separation, Lands' End) • SEC - United States Securities and Exchange Commission • Separation - On April 4, 2014 Sears Holdings distributed 100% of the outstanding common stock of Lands' End to its shareholders • SYW - Shop Your Way member loyalty program • Tax Sharing Agreement - A tax sharing agreement entered into by Sears Holdings Corporation and Lands' End in connection with the Separation • Term Loan Facility - Term loan credit agreement, dated as of April 4, 2014, with Bank of America, N.A. and certain other lenders • Third Quarter 2015 - The thirteen weeks ended October 30, 2015 • Third Quarter 2014 - The thirteen weeks ended October 31, 2014 • UTBs - Gross unrecognized tax benefits related to uncertain tax positions • Year to Date 2015 - The thirty-nine weeks ended October 30, 2015 • Year to Date 2014 - The thirty-nine weeks ended October 31, 2014 On March 14, 2014, the board of directors of Sears Holdings approved the distribution of the issued and outstanding shares of Lands’ End common stock on the basis of 0.300795 shares of Lands’ End common stock for each share of Sears Holdings Corporation common stock held on March 24, 2014. Sears Holdings Corporation distributed 100 percent of the outstanding common stock of Lands’ End to its shareholders on April 4, 2014. A Registration Statement on Form 10 relating to the Separation was filed by the Company with the SEC, and was subsequently amended by the Company and declared effective by the SEC on March 17, 2014. The Company’s common stock began “regular way” trading on the NASDAQ Stock Market after the distribution date under the symbol “LE”. Prior to the completion of the Separation, Sears Holdings transferred all the remaining assets and liabilities of Lands’ End that were held by Sears Holdings to Lands’ End or its subsidiaries. Lands’ End also paid a dividend of $500.0 million to a subsidiary of Sears Holdings Corporation. Basis of Presentation The financial statements presented herein represent (i) periods prior to April 4, 2014 when Lands' End was a wholly owned subsidiary of Sears Holdings Corporation (referred to as “Combined Financial Statements”) and (ii) the period as of and subsequent to April 4, 2014 when Lands' End became a separate publicly-traded company (referred to as “Consolidated Financial Statements”). The Condensed Consolidated and Combined Financial Statements include the accounts of Lands' End, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying unaudited Condensed Consolidated and Combined Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all material adjustments which are of a normal and recurring nature necessary for a fair presentation of the results for the periods presented have been reflected. Dollar amounts are reported in thousands, except per share data, unless otherwise noted. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with information included in the Lands' End Annual Report on Form 10-K filed with the SEC on April 17, 2015. Our historical Combined Financial Statements have been prepared on a stand-alone basis and have been derived from the consolidated financial statements and accounting records of Sears Holdings. The Combined Financial Statements include Lands’ End, Inc. and subsidiaries and certain other items related to the Lands’ End business which were held by Sears Holdings prior to the Separation. These items were contributed by Sears Holdings to Lands’ End, Inc. prior to the Separation. These historical Combined Financial Statements reflect the Company's financial position, results of operations and cash flows in conformity with GAAP. All intracompany transactions and accounts have been eliminated. Prior to the Separation, all intercompany transactions between Sears Holdings and Lands’ End were considered to be effectively settled in the Condensed Combined Financial Statements at the time the transactions were recorded. The total net effect of the settlement of these intercompany transactions is reflected in the Condensed Combined Statements of Cash Flows as a financing activity. Upon completion of the Separation, the Company had 31,956,521 shares of common stock outstanding at a par value of $0.01 per share. After Separation adjustments were recorded, the remaining Net parent company investment, which includes all earnings prior to Separation, was transferred to Additional paid-in capital. As a business operation of Sears Holdings, Lands' End did not maintain its own tax and certain other corporate support functions prior to the Separation. Lands' End entered into agreements with Sears Holdings for the continuation of certain of these services, as well as to support the Lands' End Shops at Sears. These expenses had been allocated to Lands’ End based on direct usage or benefit where identifiable, with the remainder allocated on a pro rata basis based upon revenue, headcount, square footage or other measures. Lands’ End considers the expense allocation methodology and results to be reasonable for all periods presented. However, the costs and allocations charged to the Company by Sears Holdings do not necessarily reflect the costs of obtaining the services from unaffiliated third parties or of the Company providing the applicable services itself. The historical Condensed Combined Financial Statements contained herein may not be indicative of the Company’s financial position, operating results, and cash flows in the future, or what they would have been if it had been a stand-alone company during all periods presented. See Note 9 - Related Party Transactions. Prior to the Separation, Sears Holdings provided financing, cash management and other treasury services to Lands' End. Sears Holdings used a centralized approach to its United States domestic cash management and financing of its operations. The majority of the Company's cash was transferred to Sears Holdings on a daily basis. Sears Holdings was also the Company's only source of funding for its operating and investing activities. Upon Separation, cash and restricted cash held by Sears Holdings were not allocated to Lands’ End unless the cash or restricted cash was held by an entity that was transferred to Lands’ End. Sears Holdings’ third-party debt, and the related interest expense, was not allocated to Lands' End for any of the periods presented as it was not the legal obligor of the debt and the Sears Holdings' borrowings were not directly attributable to the Company's business. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Lands’ End and Sears Holdings Corporation entered into a Tax Sharing Agreement in connection with the Separation which governs Sears Holdings Corporation’s and Lands’ End’s respective rights, responsibilities and obligations after the Separation with respect to liabilities for United States federal, state, local and foreign taxes attributable to the Lands’ End business. In addition to the allocation of tax liabilities, the Tax Sharing Agreement addresses the preparation and filing of tax returns for such taxes and dispute resolution with taxing authorities regarding such taxes. Generally, Sears Holdings Corporation is liable for all pre-Separation United States federal, state and local income taxes. Lands’ End generally is liable for all other income taxes attributable to its business, including all foreign taxes. As of October 30, 2015 , the Company had gross UTBs of $8.2 million . Of this amount, $5.3 million would, if recognized, impact its effective tax rate, with the remaining amount being comprised of UTBs related to gross temporary differences or other indirect benefits. Pursuant to the Tax Sharing Agreement, Sears Holdings Corporation is generally responsible for all United States federal, state and local UTBs through the date of the Separation and, as such, an indemnification asset from Sears Holdings Corporation for the pre-Separation UTBs is recorded in Other assets in the Condensed Consolidated Balance Sheets. The Company classifies interest expense and penalties related to UTBs and interest income on tax overpayments as components of income tax expense. As of October 30, 2015 , the total amount of interest expense and penalties recognized on our balance sheet was $5.5 million ( $3.6 million net of federal benefit). The total amount of net interest expense recognized in the Condensed Consolidated and Combined Statements of Operations was insignificant for all periods presented. The Company files income tax returns in both the United States and various foreign jurisdictions. The Company is under examination by various income tax jurisdictions for the years 2009 to 2014. Impacts of Separation Prior to the Separation, the tax provision and related tax accounts represented the tax attributable to the Company as if the Company filed a separate tax return. However, the computed obligations were settled through Sears Holdings Corporation. As a result of the Separation, the Company began filing its own income tax returns and, as a result certain tax attributes previously included in Net parent company investment were reclassified. Specifically, subsequent to the Separation the Company reclassified (i) $30.4 million of deferred tax assets related primarily to foreign tax credits; and (ii) a $13.7 million reserve, including $5.0 million of accrued interest and penalties, for uncertain tax positions out of Net parent company investment and into Deferred tax liabilities and Other liabilities, respectively. In addition, pursuant to the Tax Sharing Agreement, at Separation a $13.7 million receivable was recorded by the Company to reflect the indemnification by Sears Holdings Corporation of the pre-Separation UTBs for which Sears Holdings is responsible. This receivable has been included in Other assets in the Condensed Consolidated Balance Sheets and is $13.5 million at October 30, 2015. During the Third Quarter 2015, Sears Holdings settled tax audits in certain state tax jurisdictions related to pre-Separation. As a result, the Company has re-evaluated the reserves for the pre-Separation period and recorded a $1.2 million reduction in income tax expense, before consideration of federal income tax benefit. Under the Tax Sharing Agreement, Sears Holdings indemnifies the Company for such liabilities and, as a result, the Company reduced the indemnification receivable by $1.2 million ; such reduction was reflected as a decrease in Other assets in the Condensed Consolidated Balance Sheets and as Other expense (income), net in the Condensed Consolidated and Combined Statements of Operations. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The numerator for both basic and diluted EPS is net income. The denominator for basic EPS is based upon the number of weighted average shares of Lands’ End common stock outstanding during the reporting periods. The denominator for diluted EPS is based upon the number of weighted average shares of Lands' End common stock and common stock equivalents outstanding during the reporting periods using the treasury stock method in accordance with the FASB ASC. For periods ended April 4, 2014 and prior, basic and diluted earnings per share are computed using the number of shares of Lands’ End common stock outstanding on April 4, 2014, the date on which the Lands’ End common stock was distributed to the shareholders of Sears Holdings Corporation. The following table summarizes the components of basic and diluted earnings per share: 13 Weeks Ended 39 Weeks Ended (in thousands, except per share amounts) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Net income $ 10,725 $ 17,991 $ 19,910 $ 40,704 Basic weighted average shares outstanding 31,991 31,957 31,975 31,957 Dilutive effect of stock awards 68 14 67 8 Diluted weighted average shares outstanding 32,059 31,971 32,042 31,965 Basic earnings per share $ 0.34 $ 0.56 $ 0.62 $ 1.27 Diluted earnings per share $ 0.33 $ 0.56 $ 0.62 $ 1.27 Anti-dilutive stock awards are comprised of awards which are anti-dilutive in the application of the treasury stock method and are excluded from the diluted weighted average shares outstanding. Total anti-dilutive stock awards were 129 and 126,602 shares for the Third Quarter 2015 and Year to Date 2015 , respectively. There were no anti-dilutive stock awards for the Third Quarter 2014 and Year to Date 2014 . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Oct. 30, 2015 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME (LOSS) Other comprehensive income (loss) encompasses all changes in equity other than those arising from transactions with stockholders, and is comprised solely of foreign currency translation adjustments. 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Beginning balance: Accumulated other comprehensive loss (net of tax of $3,572, $988, $3,931 and $1,211, respectively) $ (6,633 ) $ (1,613 ) $ (7,298 ) $ (1,995 ) Other comprehensive income (loss): Foreign currency translation adjustments (net of tax (expense) benefit of $(141), $1,654, $(500) and $1,431, respectively) 260 (2,698 ) 925 (2,316 ) Ending balance: Accumulated other comprehensive loss (net of tax of $3,431, $2,642, $3,431 and $2,642, respectively) $ (6,373 ) $ (4,311 ) $ (6,373 ) $ (4,311 ) No amounts were reclassified out of Accumulated other comprehensive loss during any of the periods presented. |
Debt
Debt | 9 Months Ended |
Oct. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The Company's debt consisted of the following: October 30, 2015 October 31, 2014 January 30, 2015 Amount Rate Amount Rate Amount Rate Term Loan Facility, maturing April 4, 2021 $ 507,275 4.25 % $ 512,425 4.25 % $ 511,138 4.25 % ABL Facility, maturing April 4, 2019 — — % — — % — — % 507,275 512,425 511,138 Less: Current maturities in Other current liabilities 5,150 5,150 5,150 Long-term debt $ 502,125 $ 507,275 $ 505,988 The following table summarizes the Company's borrowing availability under the ABL Facility: October 30, 2015 October 31, 2014 January 30, 2015 ABL maximum borrowing 175,000 175,000 175,000 Outstanding Letters of Credit 18,523 13,514 15,541 Borrowing availability under ABL 156,477 161,486 159,459 Interest; Fees The interest rates per annum applicable to the loans under the Facilities are based on a fluctuating rate of interest measured by reference to, at the borrowers’ election, either (i) an adjusted LIBOR rate plus a borrowing margin, or (ii) an alternative base rate plus a borrowing margin. The borrowing margin is fixed for the Term Loan Facility at 3.25% in the case of LIBOR loans and 2.25% in the case of base rate loans. For the Term Loan Facility, LIBOR is subject to a 1% interest rate floor. The borrowing margin for the ABL Facility is subject to adjustment based on the average excess availability under the ABL Facility for the preceding fiscal quarter, and will range from 1.50% to 2.00% in the case of LIBOR borrowings and will range from 0.50% to 1.00% in the case of base rate borrowings. Customary agency fees are payable in respect of both Facilities. The ABL Facility fees also include (i) commitment fees, based on a percentage ranging from approximately 0.25% to 0.38% of the daily unused portions of the ABL Facility, and (ii) customary letter of credit fees. Representations and Warranties; Covenants Subject to specified exceptions, the Facilities contain various representations and warranties and restrictive covenants that, among other things, restrict the ability of Lands’ End and its subsidiaries to incur indebtedness (including guarantees), grant liens, make investments, make dividends or distributions with respect to capital stock, make prepayments on other indebtedness, engage in mergers or change the nature of their business. In addition, if excess availability under the ABL Facility falls below the greater of 10% of the loan cap amount or $15.0 million , Lands’ End will be required to comply with a minimum fixed charge coverage ratio of 1.0 to 1.0 . The Facilities do not otherwise contain financial maintenance covenants. The Company was in compliance with all financial covenants related to the Facilities as of October 30, 2015 . The Facilities contain certain affirmative covenants, including reporting requirements such as delivery of financial statements, certificates and notices of certain events, maintaining insurance, and providing additional guarantees and collateral in certain circumstances. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Oct. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The Company determines fair value of financial assets and liabilities based on the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1 inputs—unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. An active market for the asset or liability is one in which transactions for the asset or liability occurs with sufficient frequency and volume to provide ongoing pricing information. Level 2 inputs—inputs other than quoted market prices included in Level 1 that are observable, either directly or indirectly, for the asset or liability. Level 2 inputs include, but are not limited to, quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted market prices that are observable for the asset or liability, such as interest rate curves and yield curves observable at commonly quoted intervals, volatilities, credit risk and default rates. Level 3 inputs—unobservable inputs for the asset or liability. Restricted cash is reflected on the Condensed Consolidated Balance Sheets at fair value. The fair value of restricted cash as of October 30, 2015 , October 31, 2014 and January 30, 2015 was approximately $3.3 million based on Level 1 inputs. Restricted cash amounts are valued based upon statements received from financial institutions. Cash and cash equivalents, accounts receivable, accounts payable and other current liabilities are reflected on the Condensed Consolidated Balance Sheets at cost, which approximates fair value due to the short-term nature of these instruments. Carrying values and fair values of long-term debt, including the short-term portion, in the Condensed Consolidated Balance Sheets are as follows: October 30, 2015 October 31, 2014 January 30, 2015 (in thousands) Carrying Amount Fair Value Carrying Fair Carrying Fair Long-term debt, including short-term portion $ 507,275 $ 473,668 $ 512,425 $ 500,895 $ 511,138 $ 491,331 Long-term debt was valued utilizing level 2 valuation techniques based on the closing inactive market bid price on October 30, 2015 , October 31, 2014 , and January 30, 2015 . There were no nonfinancial assets or nonfinancial liabilities recognized at fair value on a nonrecurring basis as of October 30, 2015 , October 31, 2014 , and January 30, 2015 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Oct. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The Company's intangible assets consist of a trade name, goodwill and customer lists valued as a result of business combinations accounted for under the purchase accounting method. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired. The net carrying amounts of goodwill, trade names and customer lists are included within the Company's Direct segment. There were no impairments of goodwill or intangible assets during any periods presented or since the goodwill and intangible assets were first recognized. Total amortization expense relating to intangible assets for the periods presented was: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Amortization expense $ — $ 658 $ 412 $ 1,973 The following summarizes the Company's goodwill and intangible assets: October 30, 2015 October 31, 2014 January 30, 2015 (in thousands) Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets: Customer lists 10 $ 26,300 $ 26,300 $ 26,300 $ 25,231 $ 26,300 $ 25,888 Indefinite-lived intangible assets: Trade names 528,300 — 528,300 — 528,300 — Gross intangible assets $ 554,600 $ 26,300 $ 554,600 $ 25,231 $ 554,600 $ 25,888 Total intangible assets, net $ 528,300 $ 529,369 $ 528,712 Goodwill $ 110,000 $ 110,000 $ 110,000 |
Related Party
Related Party | 9 Months Ended |
Oct. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party | RELATED PARTY TRANSACTIONS According to statements on form Schedule 13D filed with the SEC by ESL, ESL beneficially owned significant portions of both the Company's and Sears Holdings Corporation's outstanding shares of common stock. Therefore, Sears Holdings Corporation, the Company's former parent company, is considered a related party both prior to and subsequent to the Separation. Prior to the Separation, Sears Holdings Corporation (including certain non-Lands’ End subsidiaries) and the Company entered into various agreements to, among other things: (i) support the Lands’ End Shops at Sears; (ii) provide various general corporate services; (iii) support the Company's participation in the SYW program; and (iv) allow for the use of intellectual property or services. The amounts charged to the Company by Sears Holdings do not necessarily reflect the costs of obtaining the services from unaffiliated third parties or of the Company providing the applicable services itself. Management believes that such costs are reasonable; however, the Combined Financial Statements contained herein may not be indicative of the Company’s financial position, operating results, and cash flows in the future, or what they would have been if it had been a stand-alone company during all periods presented. In connection with the Separation, the Company entered into various agreements with Sears Holdings which, among other things, (i) govern specified aspects of the Company's relationship following the Separation, especially with regards to the Lands’ End Shops at Sears, and (ii) establish terms pursuant to which subsidiaries of Sears Holdings Corporation are providing services to us. See further descriptions of the transactions in the Company's 2015 Annual Report on Form 10-K. The components of the transactions between the Company and Sears Holdings, which exclude pass-through payments to third parties, are as follows: Lands’ End Shops at Sears Related party costs charged by Sears Holdings to the Company related to Lands’ End Shops at Sears are as follows: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Retail services, store labor $ 6,774 $ 7,899 $ 20,051 $ 23,208 Rent, CAM and occupancy costs 6,167 6,485 19,049 20,078 Financial services and payment processing 627 713 1,876 2,144 Supply chain costs 219 246 768 751 Total expenses $ 13,787 $ 15,343 $ 41,744 $ 46,181 Number of Lands’ End Shops at Sears at period end 227 242 227 242 General Corporate Services Related party costs charged by Sears Holdings to the Company for general corporate services are as follows: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Sourcing $ 3,632 $ 3,203 $ 7,670 $ 6,939 Shop Your Way 751 992 2,007 3,040 Shared services 111 150 393 409 Co-location and services — 2 — 15 Total expenses $ 4,494 $ 4,347 $ 10,070 $ 10,403 Use of Intellectual Property or Services Related party revenue and costs charged by the Company to and from Sears Holdings for the use of intellectual property or services is as follows: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Call center services $ 674 $ 605 $ 1,343 $ 1,462 Lands' End business outfitters revenue 323 450 1,043 1,682 Credit card revenue 300 353 868 1,025 Royalty income 60 20 183 67 Gift card revenue (expense) (5 ) (72 ) (16 ) 254 Total income $ 1,352 $ 1,356 $ 3,421 $ 4,490 Call Center Services The Company has entered into a contract with Sears Holdings Management Corporation, a subsidiary of Sears Holdings Corporation, to provide call center services in support of Sears Holdings’ SYW member loyalty program. This income is net of agreed upon costs directly attributable to the Company providing these services. The income is included in Net revenue and costs are included in Selling and administrative expenses in the Condensed Consolidated and Combined Statements of Operations. Total call center service income included in Net revenue was $2.2 million , $2.1 million , $5.3 million and $5.6 million for the Third Quarter 2015 , Third Quarter 2014 , Year to Date 2015 and Year to Date 2014 , respectively. Additional Balance Sheet Information At October 30, 2015 , October 31, 2014 and January 30, 2015 the Company included $5.1 million , $5.8 million and $5.7 million in Accounts receivable, net, respectively and $9.4 million , $11.0 million and $9.1 million in Accounts payable, respectively, in the Condensed Consolidated Balance Sheets to reflect amounts due from and owed to Sears Holdings. At October 30, 2015 , October 31, 2014 and January 30, 2015 a $13.5 million , $14.1 million and $14.3 million receivable, respectively, was recorded by the Company in Other assets in the Condensed Consolidated Balance Sheets to reflect the indemnification by Sears Holdings Corporation of the pre-Separation UTBs (including penalties and interest) for which Sears Holdings Corporation is responsible Under the Tax Sharing Agreement. The Company reduced the indemnification receivable by $1.2 million in the Third Quarter 2015 as discussed in Note 2 Income Taxes. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING The Company is a leading multi-channel retailer of casual clothing, accessories and footwear, as well as home products, and has two reportable segments: Direct and Retail. Both segments sell similar products and provide services. Product revenues are divided by product categories: Apparel and Non-apparel. The Non-apparel revenues include accessories, footwear, and home goods. Services and other revenue includes embroidery, monogramming, gift wrapping, shipping and other services. Net revenue is aggregated by product category in the following table: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Net revenue: Apparel $ 272,228 $ 300,398 $ 783,841 $ 862,044 Non-apparel 40,708 50,210 106,536 127,524 Services and other 21,498 22,474 55,858 61,219 Total net revenue $ 334,434 $ 373,082 $ 946,235 $ 1,050,787 The Company identifies reportable segments according to how business activities are managed and evaluated. Each of the Company’s operating segments are reportable segments and are strategic business units that offer similar products and services but are sold either directly from its warehouses (Direct) or through its retail stores (Retail). Adjusted EBITDA is the primary measure used to make decisions on allocating resources and assessing performance of each operating segment. Adjusted EBITDA is computed as Income before taxes appearing on the Condensed Consolidated and Combined Statements of Operations net of interest expense, depreciation and amortization and other significant items that while periodically affecting the Company's results, may vary significantly from period to period and may have a disproportionate effect in a given period, which may affect comparability of results. Reportable segment assets are those directly used in or clearly allocable to an operating segment’s operations. Depreciation, amortization, and property and equipment expenditures are recognized in each respective segment. There were no material transactions between reporting segments for the Third Quarter 2015 and Third Quarter 2014 and Year to Date 2015 and Year to Date 2014 . • The Direct segment sells products through the Company’s e-commerce websites and direct mail catalogs. Operating costs consist primarily of direct marketing costs (catalog and e-commerce marketing costs); order processing and shipping costs; direct labor and benefits costs and facility costs. Assets primarily include goodwill and trade name intangible assets, inventory, accounts receivable, prepaid expenses (deferred catalog costs), technology infrastructure, and property and equipment. • The Retail segment sells products and services through dedicated Lands’ End Shops at Sears across the United States, the Company’s stand-alone Lands’ End Inlet stores and international shop-in-shops. Operating costs consist primarily of labor and benefits costs; rent, CAM and occupancy costs; distribution costs; and in-store marketing costs. Assets primarily include retail inventory, fixtures and leasehold improvements. • The Corporate segment records revenues related to a licensing agreement with Sears Holdings Management Corporation, a subsidiary of Sears Holdings Corporation, whereby royalties are paid in consideration for sharing or use of intellectual property. Corporate overhead and other expenses include unallocated shared-service costs, which primarily consist of employee services and financial services, legal and corporate expenses. These expenses include labor and benefits costs, corporate headquarters occupancy costs and other administrative expenses. Assets include corporate headquarters and facilities, corporate cash and cash equivalents and deferred income taxes. Financial information by segment is presented in the following tables. SUMMARY OF SEGMENT DATA 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Net revenue: Direct $ 287,778 $ 320,286 $ 805,886 $ 888,889 Retail 46,597 52,776 140,166 161,831 Corporate / other 59 20 183 67 Total net revenue $ 334,434 $ 373,082 $ 946,235 $ 1,050,787 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Adjusted EBITDA: Direct $ 36,951 $ 47,767 $ 85,316 $ 115,550 Retail (1,714 ) 816 (907 ) 4,102 Corporate / other (8,689 ) (8,658 ) (25,191 ) (25,788 ) Total adjusted EBITDA $ 26,548 $ 39,925 $ 59,218 $ 93,864 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Depreciation and amortization: Direct $ 3,385 $ 3,822 $ 10,280 $ 11,682 Retail 510 643 1,506 1,938 Corporate / other 365 337 1,088 1,009 Total depreciation and amortization $ 4,260 $ 4,802 $ 12,874 $ 14,629 (in thousands) October 30, 2015 October 31, 2014 January 30, 2015 Total assets: Direct $ 1,166,991 $ 1,127,221 $ 1,023,364 Retail 79,492 80,406 67,765 Corporate / other 142,873 146,386 262,308 Total assets $ 1,389,356 $ 1,354,013 $ 1,353,437 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Capital expenditures: Direct $ 4,415 $ 4,962 $ 17,717 $ 10,393 Retail 95 310 148 452 Corporate / other 87 153 252 296 Total capital expenditures $ 4,597 $ 5,425 $ 18,117 $ 11,141 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is party to various legal proceedings arising in the ordinary course of business. The Company's legal proceedings typically include actions include commercial, intellectual property, employment, regulatory and consumer fraud claims. Some of these actions involve complex factual and legal issues and are subject to uncertainties. At this time, the Company is not able to either predict the outcome of these legal proceedings or reasonably estimate a potential range of loss with respect to the proceedings. The Company does not believe that the outcome of any current legal proceeding would have a material adverse effect on results of operations, cash flows or financial position taken as a whole. Beginning in 2005, the Company initiated the first of several claims in Iowa County Circuit Court against the City of Dodgeville (the "City") to recover overpaid taxes resulting from the city’s excessive property tax assessment of the Company’s headquarters campus. As of December 3, 2015, the City has refunded, as the result of various court decisions, over $4.0 million in excessive taxes and interest to the Company in the following amounts: (1) approximately $1.6 million arising from the 2005 and 2006 tax years that were recognized in the fiscal year ended January 29, 2010; (2) approximately $1.6 million arising from the 2007, 2009 and 2010 tax years, recognized in the fiscal year ended January 31, 2014; and (3) approximately $0.9 million arising from the 2008 tax year, recognized in the fiscal year ended January 30, 2015. The claims arising from 2005 and 2006 tax years are closed. The Company's claim arising from the 2008 tax year remains unresolved, with respect to a single issue, and is pending before the Wisconsin Court of Appeals. The Company's claims arising from tax years 2007 and 2009 through 2015 remain unresolved, as is the Company's administrative claim for the 2014 and 2015 are still pending before the Circuit Court on several unresolved issues. The Company believes that the potential additional aggregate recovery from the City of Dodgeville arising from the 2007 to 2015 tax years will range from $2.8 million to $4.6 million , none of which has been recorded in the Condensed Consolidated and Combined Financial Statements. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Oct. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION Product Recall Accrual Adjustment On March 24, 2015 Lands' End announced a recall of selected styles of children's sleepwear that did not meet the federal flammability standard. As a result of the recall, the Company recorded a product recall accrual of $4.7 million which had the impact of reducing Operating income in the fourth quarter of Fiscal 2014. In the Third Quarter 2015 and Year to Date 2015 , the Company recorded income of approximately $1.0 million and $3.4 million , respectively, in Other operating (income) expense, net in the Condensed Consolidated and Combined Statements of Operations related to the product recall accrual. The income relates to reversals of the accrual and a vendor payment received in relation to the recall. The customer return rates for the recalled products have been below estimates, despite efforts by the Company to contact impacted customers. The remaining accrual balance at October 30, 2015 was $0.1 million . Non-cash Transactions Certain non-cash transactions resulted at the time of the Separation. Such transactions were accounted for as an adjustment to Net parent company investment and did not result in cash flows as follows: (i) a $1.5 million liability related to postretirement benefits was transferred to Sears Holdings Corporation as it assumed administration and funding of the plan after the Separation, and (ii) as described in Note 2 - Income Taxes, upon Separation, certain tax attributes previously included within Net parent company investment were reclassified. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Oct. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This update requires an entity to classify deferred tax liabilities and assets as noncurrent within a classified statement of financial position. ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. This update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted as of the beginning of the interim or annual reporting period. The adoption of this guidance is not expected to have a material impact on the Company's Condensed Consolidated and Combined Financial Statements. Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . Under this ASU, non-LIFO inventory will be measured at the lower of cost and net realizable value, eliminating the options that currently exist for market valuation. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. No other changes were made to the current guidance on inventory measurement. This guidance will be effective for Lands' End in the first quarter of its fiscal year ending January 27, 2017 and only applies to our international inventory as United States inventory is valued using LIFO. The adoption of this guidance is not expected to have a material impact on the Company's Condensed Consolidated and Combined Financial Statements. Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU 2015-05, Customers' Accounting for Fees Paid in a Cloud Computing Arrangement, which clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software under ASC 350-40. This guidance will be effective for Lands' End in the first quarter of its fiscal year ending January 27, 2017. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company's Condensed Consolidated and Combined Financial Statements. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which changes the required presentation of debt issuance costs from an asset on the balance sheet to a deduction from the related debt liability. This guidance will be effective for Lands' End in its fiscal year ending January 27, 2017. The adoption of this guidance is not expected to have a material impact on the Company's Condensed Consolidated and Combined Financial Statements. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. This guidance was deferred by ASU 2015-14, issued by the FASB in August 2015, and will be effective for Lands' End in the first quarter of its fiscal year ending February 1, 2019. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company's Condensed Consolidated and Combined Financial Statements. Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which modifies the requirements for disposals to qualify as discontinued operations and expands related disclosure requirements. This guidance will be effective for Lands' End in its fiscal year ending January 29, 2016. The adoption of this guidance is not expected to have a material impact on the Company's Condensed Consolidated and Combined Financial Statements. |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 9 Months Ended |
Oct. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION Accounting standards require, among other things, that (i) the fair value of all stock awards be expensed over their respective vesting periods; (ii) the amount of cumulative compensation cost recognized at any date must at least be equal to the portion of the grant-date value of the award that is vested at that date and (iii) compensation expense include a forfeiture estimate for those shares not expected to vest. Also in accordance with these provisions, for awards that only have a service requirement with multiple vest dates, the Company is required to recognize compensation cost on a straight-line basis over the requisite service period for the entire award. The Company has granted time vesting stock awards ("Deferred Awards") and performance-based stock awards ("Performance Awards") to employees at management levels and above. Deferred Awards were granted in the form of restricted stock units that only require each recipient to complete a service period. Deferred Awards generally vest ratably over three years or in full after a three year period. Performance Awards were granted in the form of restricted stock units which have, in addition to a service requirement, performance criteria that must be achieved for the awards to be earned. Performance Awards have annual vesting, but due to the performance criteria, are not eligible for straight-line expensing. Therefore, Performance Awards are amortized using a graded expense process. The fair value of all awards is based on the closing price of the Company’s common stock on the grant date. Compensation expense is reduced for estimated forfeitures of those awards not expected to vest due to employee turnover. The following table summarizes the Company’s stock-based compensation expense, which is included in Selling and administrative expense in the Condensed Consolidated and Combined Statements of Operations: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Performance Awards $ 315 $ 1,086 $ 1,096 $ 1,804 Deferred Awards 471 86 1,211 150 Total stock-based compensation expense $ 786 $ 1,172 $ 2,307 $ 1,954 Awards Granted Year to Date 2015 The Company granted Deferred Awards to various employees during the Year to Date 2015 , which generally vest in full after a three year period. There were no Performance Awards granted in the Year to Date 2015 . Changes in the Company’s Unvested Stock Awards Year to Date 2015 Deferred Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Deferred Awards, as of January 31, 2015 44 $ 28.01 Granted 145 32.47 Vested (9 ) 28.02 Forfeited (13 ) 28.26 Unvested Deferred Awards, as of October 30, 2015 167 31.84 Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $4.1 million as of October 30, 2015 , which will be recognized over a weighted average period of approximately 2.3 years. Performance Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Performance Awards, as of January 31, 2015 197 $ 28.01 Granted — — Vested (43 ) 27.86 Forfeited (37 ) 28.30 Unvested Performance Awards, as of October 30, 2015 117 27.97 Total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $1.4 million as of October 30, 2015 , which will be recognized over a weighted average period of approximately 1.6 years. |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation (Notes) | 9 Months Ended |
Oct. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION Accounting standards require, among other things, that (i) the fair value of all stock awards be expensed over their respective vesting periods; (ii) the amount of cumulative compensation cost recognized at any date must at least be equal to the portion of the grant-date value of the award that is vested at that date and (iii) compensation expense include a forfeiture estimate for those shares not expected to vest. Also in accordance with these provisions, for awards that only have a service requirement with multiple vest dates, the Company is required to recognize compensation cost on a straight-line basis over the requisite service period for the entire award. The Company has granted time vesting stock awards ("Deferred Awards") and performance-based stock awards ("Performance Awards") to employees at management levels and above. Deferred Awards were granted in the form of restricted stock units that only require each recipient to complete a service period. Deferred Awards generally vest ratably over three years or in full after a three year period. Performance Awards were granted in the form of restricted stock units which have, in addition to a service requirement, performance criteria that must be achieved for the awards to be earned. Performance Awards have annual vesting, but due to the performance criteria, are not eligible for straight-line expensing. Therefore, Performance Awards are amortized using a graded expense process. The fair value of all awards is based on the closing price of the Company’s common stock on the grant date. Compensation expense is reduced for estimated forfeitures of those awards not expected to vest due to employee turnover. The following table summarizes the Company’s stock-based compensation expense, which is included in Selling and administrative expense in the Condensed Consolidated and Combined Statements of Operations: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Performance Awards $ 315 $ 1,086 $ 1,096 $ 1,804 Deferred Awards 471 86 1,211 150 Total stock-based compensation expense $ 786 $ 1,172 $ 2,307 $ 1,954 Awards Granted Year to Date 2015 The Company granted Deferred Awards to various employees during the Year to Date 2015 , which generally vest in full after a three year period. There were no Performance Awards granted in the Year to Date 2015 . Changes in the Company’s Unvested Stock Awards Year to Date 2015 Deferred Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Deferred Awards, as of January 31, 2015 44 $ 28.01 Granted 145 32.47 Vested (9 ) 28.02 Forfeited (13 ) 28.26 Unvested Deferred Awards, as of October 30, 2015 167 31.84 Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $4.1 million as of October 30, 2015 , which will be recognized over a weighted average period of approximately 2.3 years. Performance Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Performance Awards, as of January 31, 2015 197 $ 28.01 Granted — — Vested (43 ) 27.86 Forfeited (37 ) 28.30 Unvested Performance Awards, as of October 30, 2015 117 27.97 Total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $1.4 million as of October 30, 2015 , which will be recognized over a weighted average period of approximately 1.6 years. |
Recent Accounting Pronounceme22
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Oct. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This update requires an entity to classify deferred tax liabilities and assets as noncurrent within a classified statement of financial position. ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. This update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted as of the beginning of the interim or annual reporting period. The adoption of this guidance is not expected to have a material impact on the Company's Condensed Consolidated and Combined Financial Statements. Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . Under this ASU, non-LIFO inventory will be measured at the lower of cost and net realizable value, eliminating the options that currently exist for market valuation. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. No other changes were made to the current guidance on inventory measurement. This guidance will be effective for Lands' End in the first quarter of its fiscal year ending January 27, 2017 and only applies to our international inventory as United States inventory is valued using LIFO. The adoption of this guidance is not expected to have a material impact on the Company's Condensed Consolidated and Combined Financial Statements. Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU 2015-05, Customers' Accounting for Fees Paid in a Cloud Computing Arrangement, which clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software under ASC 350-40. This guidance will be effective for Lands' End in the first quarter of its fiscal year ending January 27, 2017. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company's Condensed Consolidated and Combined Financial Statements. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which changes the required presentation of debt issuance costs from an asset on the balance sheet to a deduction from the related debt liability. This guidance will be effective for Lands' End in its fiscal year ending January 27, 2017. The adoption of this guidance is not expected to have a material impact on the Company's Condensed Consolidated and Combined Financial Statements. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. This guidance was deferred by ASU 2015-14, issued by the FASB in August 2015, and will be effective for Lands' End in the first quarter of its fiscal year ending February 1, 2019. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company's Condensed Consolidated and Combined Financial Statements. Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which modifies the requirements for disposals to qualify as discontinued operations and expands related disclosure requirements. This guidance will be effective for Lands' End in its fiscal year ending January 29, 2016. The adoption of this guidance is not expected to have a material impact on the Company's Condensed Consolidated and Combined Financial Statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table summarizes the components of basic and diluted earnings per share: 13 Weeks Ended 39 Weeks Ended (in thousands, except per share amounts) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Net income $ 10,725 $ 17,991 $ 19,910 $ 40,704 Basic weighted average shares outstanding 31,991 31,957 31,975 31,957 Dilutive effect of stock awards 68 14 67 8 Diluted weighted average shares outstanding 32,059 31,971 32,042 31,965 Basic earnings per share $ 0.34 $ 0.56 $ 0.62 $ 1.27 Diluted earnings per share $ 0.33 $ 0.56 $ 0.62 $ 1.27 Anti-dilutive stock awards are comprised of awards which are anti-dilutive in the application of the treasury stock method and are excluded from the diluted weighted average shares outstanding. Total anti-dilutive stock awards were 129 and 126,602 shares for the Third Quarter 2015 and Year to Date 2015 , respectively. There were no anti-dilutive stock awards for the Third Quarter 2014 and Year to Date 2014 . |
Other Comprehensive Income (L24
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Oct. 30, 2015 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Beginning balance: Accumulated other comprehensive loss (net of tax of $3,572, $988, $3,931 and $1,211, respectively) $ (6,633 ) $ (1,613 ) $ (7,298 ) $ (1,995 ) Other comprehensive income (loss): Foreign currency translation adjustments (net of tax (expense) benefit of $(141), $1,654, $(500) and $1,431, respectively) 260 (2,698 ) 925 (2,316 ) Ending balance: Accumulated other comprehensive loss (net of tax of $3,431, $2,642, $3,431 and $2,642, respectively) $ (6,373 ) $ (4,311 ) $ (6,373 ) $ (4,311 ) |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 30, 2015 | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | The following table summarizes the Company's borrowing availability under the ABL Facility: October 30, 2015 October 31, 2014 January 30, 2015 ABL maximum borrowing 175,000 175,000 175,000 Outstanding Letters of Credit 18,523 13,514 15,541 Borrowing availability under ABL 156,477 161,486 159,459 |
Schedule of aggregate scheduled maturities | The Company's debt consisted of the following: October 30, 2015 October 31, 2014 January 30, 2015 Amount Rate Amount Rate Amount Rate Term Loan Facility, maturing April 4, 2021 $ 507,275 4.25 % $ 512,425 4.25 % $ 511,138 4.25 % ABL Facility, maturing April 4, 2019 — — % — — % — — % 507,275 512,425 511,138 Less: Current maturities in Other current liabilities 5,150 5,150 5,150 Long-term debt $ 502,125 $ 507,275 $ 505,988 |
Fair Value of Financial Asset26
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Oct. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of other financial assets and liabilities measured at fair value | Condensed Consolidated Balance Sheets at fair value. The fair value of restricted cash as of October 30, 2015 , October 31, 2014 and January 30, 2015 was approximately $3.3 million based on Level 1 inputs. Restricted cash amounts are valued based upon statements received from financial institutions. Carrying values and fair values of long-term debt, including the short-term portion, in the Condensed Consolidated Balance Sheets are as follows: October 30, 2015 October 31, 2014 January 30, 2015 (in thousands) Carrying Amount Fair Value Carrying Fair Carrying Fair Long-term debt, including short-term portion $ 507,275 $ 473,668 $ 512,425 $ 500,895 $ 511,138 $ 491,331 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Oct. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets | The following summarizes the Company's goodwill and intangible assets: October 30, 2015 October 31, 2014 January 30, 2015 (in thousands) Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets: Customer lists 10 $ 26,300 $ 26,300 $ 26,300 $ 25,231 $ 26,300 $ 25,888 Indefinite-lived intangible assets: Trade names 528,300 — 528,300 — 528,300 — Gross intangible assets $ 554,600 $ 26,300 $ 554,600 $ 25,231 $ 554,600 $ 25,888 Total intangible assets, net $ 528,300 $ 529,369 $ 528,712 Goodwill $ 110,000 $ 110,000 $ 110,000 |
Related Party (Tables)
Related Party (Tables) | 9 Months Ended |
Oct. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of related party revenue and costs | Related party revenue and costs charged by the Company to and from Sears Holdings for the use of intellectual property or services is as follows: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Call center services $ 674 $ 605 $ 1,343 $ 1,462 Lands' End business outfitters revenue 323 450 1,043 1,682 Credit card revenue 300 353 868 1,025 Royalty income 60 20 183 67 Gift card revenue (expense) (5 ) (72 ) (16 ) 254 Total income $ 1,352 $ 1,356 $ 3,421 $ 4,490 Related party costs charged by Sears Holdings to the Company for general corporate services are as follows: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Sourcing $ 3,632 $ 3,203 $ 7,670 $ 6,939 Shop Your Way 751 992 2,007 3,040 Shared services 111 150 393 409 Co-location and services — 2 — 15 Total expenses $ 4,494 $ 4,347 $ 10,070 $ 10,403 Related party costs charged by Sears Holdings to the Company related to Lands’ End Shops at Sears are as follows: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Retail services, store labor $ 6,774 $ 7,899 $ 20,051 $ 23,208 Rent, CAM and occupancy costs 6,167 6,485 19,049 20,078 Financial services and payment processing 627 713 1,876 2,144 Supply chain costs 219 246 768 751 Total expenses $ 13,787 $ 15,343 $ 41,744 $ 46,181 Number of Lands’ End Shops at Sears at period end 227 242 227 242 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Tables) | 9 Months Ended |
Oct. 30, 2015 | |
Revenue, Major Customer [Line Items] | |
Revenue from External Customers by Products and Services [Table Text Block] | Net revenue is aggregated by product category in the following table: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Net revenue: Apparel $ 272,228 $ 300,398 $ 783,841 $ 862,044 Non-apparel 40,708 50,210 106,536 127,524 Services and other 21,498 22,474 55,858 61,219 Total net revenue $ 334,434 $ 373,082 $ 946,235 $ 1,050,787 |
Schedule of financial information by segment | Financial information by segment is presented in the following tables. SUMMARY OF SEGMENT DATA 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Net revenue: Direct $ 287,778 $ 320,286 $ 805,886 $ 888,889 Retail 46,597 52,776 140,166 161,831 Corporate / other 59 20 183 67 Total net revenue $ 334,434 $ 373,082 $ 946,235 $ 1,050,787 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Adjusted EBITDA: Direct $ 36,951 $ 47,767 $ 85,316 $ 115,550 Retail (1,714 ) 816 (907 ) 4,102 Corporate / other (8,689 ) (8,658 ) (25,191 ) (25,788 ) Total adjusted EBITDA $ 26,548 $ 39,925 $ 59,218 $ 93,864 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Depreciation and amortization: Direct $ 3,385 $ 3,822 $ 10,280 $ 11,682 Retail 510 643 1,506 1,938 Corporate / other 365 337 1,088 1,009 Total depreciation and amortization $ 4,260 $ 4,802 $ 12,874 $ 14,629 (in thousands) October 30, 2015 October 31, 2014 January 30, 2015 Total assets: Direct $ 1,166,991 $ 1,127,221 $ 1,023,364 Retail 79,492 80,406 67,765 Corporate / other 142,873 146,386 262,308 Total assets $ 1,389,356 $ 1,354,013 $ 1,353,437 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Capital expenditures: Direct $ 4,415 $ 4,962 $ 17,717 $ 10,393 Retail 95 310 148 452 Corporate / other 87 153 252 296 Total capital expenditures $ 4,597 $ 5,425 $ 18,117 $ 11,141 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | Performance Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Performance Awards, as of January 31, 2015 197 $ 28.01 Granted — — Vested (43 ) 27.86 Forfeited (37 ) 28.30 Unvested Performance Awards, as of October 30, 2015 117 27.97 Deferred Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Deferred Awards, as of January 31, 2015 44 $ 28.01 Granted 145 32.47 Vested (9 ) 28.02 Forfeited (13 ) 28.26 Unvested Deferred Awards, as of October 30, 2015 167 31.84 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes the Company’s stock-based compensation expense, which is included in Selling and administrative expense in the Condensed Consolidated and Combined Statements of Operations: 13 Weeks Ended 39 Weeks Ended (in thousands) October 30, 2015 October 31, 2014 October 30, 2015 October 31, 2014 Performance Awards $ 315 $ 1,086 $ 1,096 $ 1,804 Deferred Awards 471 86 1,211 150 Total stock-based compensation expense $ 786 $ 1,172 $ 2,307 $ 1,954 |
Background and Basis of Prese31
Background and Basis of Presentation (Details) $ / shares in Units, $ in Thousands | Apr. 04, 2014USD ($)$ / sharesshares | Oct. 30, 2015USD ($)$ / sharesshares | Oct. 31, 2014USD ($)$ / sharesshares | Jan. 30, 2015$ / sharesshares | Mar. 14, 2014 |
Class of Stock [Line Items] | |||||
Dividends paid prior to distribution | $ 0 | $ 500,000 | |||
Common stock, shares outstanding | shares | 31,956,521 | 31,991,343 | 31,956,521 | 31,956,521 | |
Common stock, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Sears Holding Corporation | |||||
Class of Stock [Line Items] | |||||
Common stock, distribution basis for issued and outstanding shares | 0.300795 | ||||
Percentage of common stock outstanding distributed to shareholders | 100.00% | ||||
Subsidiary of Sears Holdings Corp. | |||||
Class of Stock [Line Items] | |||||
Dividends paid prior to distribution | $ 500,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Oct. 30, 2015 | Jan. 30, 2015 | Oct. 31, 2014 | Apr. 04, 2014 | |
Income Tax Examination [Line Items] | ||||
Unrecognized tax benefits | $ 8.2 | |||
Unrecognized tax benefits, if recognized, would impact effective tax rate | 5.3 | |||
Amount of interest and penalties recognized | 5.5 | $ 5 | ||
Amount of interest and penalties recognized, net of federal benefit | 3.6 | |||
Other liabilities | ||||
Income Tax Examination [Line Items] | ||||
Tax reserve for uncertain tax position | 13.7 | |||
Sears Holdings Corporation | ||||
Income Tax Examination [Line Items] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 1.2 | |||
Sears Holdings Corporation | Deferred tax liabilities | ||||
Income Tax Examination [Line Items] | ||||
Deferred tax assets | 30.4 | |||
Sears Holdings Corporation | Other assets | ||||
Income Tax Examination [Line Items] | ||||
Indemnification receivable, uncertain tax positions | 13.5 | $ 14.3 | $ 14.1 | $ 13.7 |
Indemnification Asset, Uncertain Tax Positions, Adjustment | $ 1.2 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Oct. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 129 | 126,602 | ||
Net income | $ 10,725 | $ 17,991 | $ 19,910 | $ 40,704 |
Basic weighted average common shares outstanding (shares) | 31,991,000 | 31,957,000 | 31,975,000 | 31,957,000 |
Dilutive effect of stock awards | 68,000 | 14,000 | 67,000 | 8,000 |
Diluted weighted average common shares outstanding (shares) | 32,059,000 | 31,971,000 | 32,042,000 | 31,965,000 |
Basic (in USD per share) | $ 0.34 | $ 0.56 | $ 0.62 | $ 1.27 |
Diluted (in USD per share) | $ 0.33 | $ 0.56 | $ 0.62 | $ 1.27 |
Other Comprehensive Income (L34
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 30, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Oct. 31, 2014 | Jul. 31, 2015 | Jan. 30, 2015 | Aug. 01, 2014 | Jan. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning balance: Accumulated other comprehensive loss (net of tax of $3,572, $988, $3,931 and $1,211, respectively) | $ (7,298) | $ (1,995) | ||||||
Other comprehensive income: | ||||||||
Foreign currency translation adjustments (net of tax (expense) benefit of $(141), $1,654, $(500) and $1,431, respectively) | $ 260 | $ (2,698) | 925 | (2,316) | ||||
Ending balance: Accumulated other comprehensive loss (net of tax of $3,431, $2,642, $3,431 and $2,642, respectively) | (6,373) | (4,311) | (6,373) | (4,311) | ||||
Foreign currency translations adjustment, tax | (141) | 1,654 | (500) | 1,431 | ||||
Accumulated other comprehensive loss, tax | $ 3,431 | $ 2,642 | $ 3,431 | $ 2,642 | $ 3,572 | $ 3,931 | $ 988 | $ 1,211 |
Debt (Details)
Debt (Details) $ in Thousands | Apr. 04, 2014USD ($) | Oct. 30, 2015USD ($) | Oct. 31, 2014USD ($) | Jan. 30, 2015USD ($) |
Line of Credit Facility [Line Items] | ||||
Long-term Debt | $ 507,275 | $ 512,425 | $ 511,138 | |
Long-term debt | 502,125 | 507,275 | 505,988 | |
Long-term Debt, Current Maturities | $ 5,150 | $ 5,150 | $ 5,150 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | 4.30% | 4.30% | |
Dividends paid prior to distribution | $ 0 | $ 500,000 | ||
Debt issuance costs | $ 0 | $ (11,433) | ||
Interest rate floor | 1.00% | |||
Interest rate at the end of period | 0.00% | 0.00% | 0.00% | |
ABL Facility | Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 175,000 | $ 175,000 | $ 175,000 | |
Available borrowing under line of credit facility | 156,477 | 161,486 | 159,459 | |
Outstanding letters of credit | 18,523 | 13,514 | 15,541 | |
ABL Facility | Domestic letters of credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 0 | 0 | 0 | |
ABL Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, covenant terms, minimum percentage of loan cap amount | 10.00% | |||
Line of credit facility, covenant terms, minimum excess credit availability | $ 15,000 | |||
Line of credit facility, covenant terms, minimum fixed charge coverage ratio | 1 | |||
Term Loan Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Secured Debt | 512,425 | 511,138 | ||
Minimum | ABL Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, unused commitment fee percentage | 0.25% | |||
Maximum | ABL Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, unused commitment fee percentage | 0.38% | |||
London Interbank Offered Rate (LIBOR) | Term Loan Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Spread on variable rate | 3.25% | |||
London Interbank Offered Rate (LIBOR) | Minimum | ABL Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Spread on variable rate | 1.50% | |||
London Interbank Offered Rate (LIBOR) | Maximum | ABL Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Spread on variable rate | 2.00% | |||
Base rate | Term Loan Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Spread on variable rate | 2.25% | |||
Base rate | Minimum | ABL Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Spread on variable rate | 0.50% | |||
Base rate | Maximum | ABL Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Spread on variable rate | 1.00% | |||
Subsidiary of Sears Holdings Corp. | ||||
Line of Credit Facility [Line Items] | ||||
Dividends paid prior to distribution | $ 500,000 | |||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term Debt | $ 512,425 | $ 511,138 | ||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Term Loan Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Secured Debt | $ 507,275 |
Fair Value of Financial Asset36
Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Oct. 30, 2015 | Jan. 30, 2015 | Oct. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term Debt | $ 507,275 | $ 511,138 | $ 512,425 |
Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Restricted cash | 3,300 | 3,300 | 3,300 |
Reported Value Measurement [Member] | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term Debt | 511,138 | 512,425 | |
Term Loan Facility | Secured debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Debt | $ 511,138 | $ 512,425 | |
Term Loan Facility | Secured debt | Reported Value Measurement [Member] | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Debt | $ 507,275 |
Carrying Values and Fair Values
Carrying Values and Fair Values of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands | Oct. 30, 2015 | Jan. 30, 2015 | Oct. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term Debt | $ 507,275 | $ 511,138 | $ 512,425 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Restricted Cash and Cash Equivalents | 3,300 | 3,300 | 3,300 |
Level 2 | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term Debt | 511,138 | 512,425 | |
Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including short-term portion | $ 473,668 | $ 491,331 | $ 500,895 |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Oct. 31, 2014 | |
Goodwill [Line Items] | ||||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | $ 0 |
Impairment of Intangible Assets, Finite-lived | 0 | 0 | 0 | 0 |
Amortization of Intangible Assets | $ 0 | $ 658 | $ 412 | $ 1,973 |
Goodwill and Intangible Asset39
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Oct. 31, 2014 | Jan. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 0 | $ 658 | $ 412 | $ 1,973 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 26,300 | 25,231 | 26,300 | 25,231 | $ 25,888 |
Intangible assets, net | $ 528,300 | 529,369 | 528,300 | 529,369 | 528,712 |
Customer lists | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
Finite-Lived Intangible Assets, Gross | $ 26,300 | 26,300 | 26,300 | 26,300 | 26,300 |
Finite-Lived Intangible Assets, Accumulated Amortization | 26,300 | 25,231 | 26,300 | 25,231 | 25,888 |
Trade names | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 528,300 | $ 528,300 | $ 528,300 | $ 528,300 | $ 528,300 |
Related Party - Narrative and R
Related Party - Narrative and Related Party Costs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 30, 2015USD ($) | Oct. 31, 2014USD ($) | Oct. 30, 2015USD ($) | Oct. 31, 2014USD ($) | Jan. 30, 2015USD ($) | Apr. 04, 2014USD ($) | |
Related Party Transaction | ||||||
Earnings Before Interest, Taxes, Depreciation and Amortization | $ 26,548 | $ 39,925 | $ 59,218 | $ 93,864 | ||
Sears Holdings Corporation | ||||||
Related Party Transaction | ||||||
Number of Lands’ End Shops at Sears at period end | 227 | 242 | 227 | 242 | ||
Redemption credit | $ 1,352 | $ 1,356 | $ 3,421 | $ 4,490 | ||
Sears Holdings Corporation | Rent CAM, And Occupancy Costs | ||||||
Related Party Transaction | ||||||
Related party expenses | 6,167 | 6,485 | 19,049 | 20,078 | ||
Sears Holdings Corporation | Retail Services, Store Labor | ||||||
Related Party Transaction | ||||||
Related party expenses | 6,774 | 7,899 | 20,051 | 23,208 | ||
Sears Holdings Corporation | Supply Chain Costs | ||||||
Related Party Transaction | ||||||
Related party expenses | 219 | 246 | 768 | 751 | ||
Sears Holdings Corporation | Financial Services And Payment Processing | ||||||
Related Party Transaction | ||||||
Related party expenses | 627 | 713 | 1,876 | 2,144 | ||
Sears Holdings Corporation | Costs related to Lands' End shops | ||||||
Related Party Transaction | ||||||
Related party expenses | 13,787 | 15,343 | 41,744 | 46,181 | ||
Sears Holdings Corporation | Shop Your Way Rewards Program | ||||||
Related Party Transaction | ||||||
Related party expenses | 751 | 992 | 2,007 | 3,040 | ||
Accounts receivable, net | Sears Holdings Corporation | ||||||
Related Party Transaction | ||||||
Accounts receivable, net, due from related party | 5,100 | 5,800 | 5,100 | 5,800 | $ 5,700 | |
Accounts payable | Sears Holdings Corporation | ||||||
Related Party Transaction | ||||||
Accounts payable, due to related party | 9,400 | 11,000 | 9,400 | 11,000 | 9,100 | |
Other assets | Sears Holdings Corporation | ||||||
Related Party Transaction | ||||||
Indemnification receivable, uncertain tax positions | 13,500 | 14,100 | 13,500 | 14,100 | $ 14,300 | $ 13,700 |
Indemnification Asset, Uncertain Tax Positions, Adjustment | 1,200 | |||||
Operating segments | Direct | ||||||
Related Party Transaction | ||||||
Earnings Before Interest, Taxes, Depreciation and Amortization | 36,951 | 47,767 | 85,316 | 115,550 | ||
Operating segments | Retail | ||||||
Related Party Transaction | ||||||
Earnings Before Interest, Taxes, Depreciation and Amortization | (1,714) | 816 | (907) | 4,102 | ||
Operating segments | Corporate and Reconciling Items [Member] | ||||||
Related Party Transaction | ||||||
Earnings Before Interest, Taxes, Depreciation and Amortization | $ (8,689) | $ (8,658) | $ (25,191) | $ (25,788) |
Related Party - Details of Gene
Related Party - Details of General Corporate Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Oct. 31, 2014 | |
Sears Holdings Corporation | Sourcing | ||||
Related Party Transaction | ||||
Related party expenses, net | $ 3,632 | $ 3,203 | $ 7,670 | $ 6,939 |
Sears Holdings Corporation | Shop Your Way Rewards Program | ||||
Related Party Transaction | ||||
Related party expenses, net | 751 | 992 | 2,007 | 3,040 |
Sears Holdings Corporation | Shared Services | ||||
Related Party Transaction | ||||
Related party expenses, net | 111 | 150 | 393 | 409 |
Sears Holdings Corporation | Co-location And Services | ||||
Related Party Transaction | ||||
Related party expenses, net | 0 | 2 | 0 | 15 |
Sears Holdings Corporation | Costs related General Corporate Services | ||||
Related Party Transaction | ||||
Related party expenses, net | 4,494 | 4,347 | 10,070 | 10,403 |
Revenue, net | ||||
Related Party Transaction | ||||
Call Center Service Revenue | $ 2,200 | $ 2,100 | $ 5,300 | $ 5,600 |
Related Party - Details of Use
Related Party - Details of Use of Intellectual Property or Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Oct. 31, 2014 | |
Sears Holdings Corporation | ||||
Related Party Transaction | ||||
Related party revenue, net | $ 1,352 | $ 1,356 | $ 3,421 | $ 4,490 |
Sears Holdings Corporation | Business Outfitters Revenue [Member] | ||||
Related Party Transaction | ||||
Related party revenue, net | 323 | 450 | 1,043 | 1,682 |
Sears Holdings Corporation | Royalty Income | ||||
Related Party Transaction | ||||
Related party revenue, net | 60 | 20 | 183 | 67 |
Sears Holdings Corporation | Call Center Service Revenue | ||||
Related Party Transaction | ||||
Related party revenue, net | 674 | 605 | 1,343 | 1,462 |
Sears Holdings Corporation | Gift Card Revenue | ||||
Related Party Transaction | ||||
Related Party Transaction, Amounts of Transaction | (5) | (72) | (16) | 254 |
Sears Holdings Corporation | Credit Card Revenue | ||||
Related Party Transaction | ||||
Related party revenue, net | 300 | 353 | 868 | 1,025 |
Revenue, net | ||||
Related Party Transaction | ||||
Call Center Service Revenue | $ 2,200 | $ 2,100 | $ 5,300 | $ 5,600 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2015USD ($) | Oct. 31, 2014USD ($) | Oct. 30, 2015USD ($) | Oct. 31, 2014USD ($) | Jan. 30, 2015USD ($) | |
Segment Reporting Information | |||||
Assets | $ 1,389,356 | $ 1,354,013 | $ 1,389,356 | $ 1,354,013 | $ 1,353,437 |
Earnings Before Interest, Taxes, Depreciation and Amortization | 26,548 | 39,925 | 59,218 | 93,864 | |
Depreciation and amortization | 4,260 | 4,802 | $ 12,874 | 14,629 | |
Number of reportable business segments | 2 | ||||
Summary of Segment Data | |||||
Net revenue | 334,434 | 373,082 | $ 946,235 | 1,050,787 | |
Capital expenditures | 4,597 | 5,425 | 18,117 | 11,141 | |
Operating segments | Direct | |||||
Segment Reporting Information | |||||
Assets | 1,166,991 | 1,127,221 | 1,166,991 | 1,127,221 | 1,023,364 |
Earnings Before Interest, Taxes, Depreciation and Amortization | 36,951 | 47,767 | 85,316 | 115,550 | |
Depreciation and amortization | 3,385 | 3,822 | 10,280 | 11,682 | |
Summary of Segment Data | |||||
Net revenue | 287,778 | 320,286 | 805,886 | 888,889 | |
Capital expenditures | 4,415 | 4,962 | 17,717 | 10,393 | |
Operating segments | Retail | |||||
Segment Reporting Information | |||||
Assets | 79,492 | 80,406 | 79,492 | 80,406 | 67,765 |
Earnings Before Interest, Taxes, Depreciation and Amortization | (1,714) | 816 | (907) | 4,102 | |
Depreciation and amortization | 510 | 643 | 1,506 | 1,938 | |
Summary of Segment Data | |||||
Net revenue | 46,597 | 52,776 | 140,166 | 161,831 | |
Capital expenditures | 95 | 310 | 148 | 452 | |
Operating segments | Corporate and Reconciling Items [Member] | |||||
Segment Reporting Information | |||||
Assets | 142,873 | 146,386 | 142,873 | 146,386 | $ 262,308 |
Earnings Before Interest, Taxes, Depreciation and Amortization | (8,689) | (8,658) | (25,191) | (25,788) | |
Depreciation and amortization | 365 | 337 | 1,088 | 1,009 | |
Summary of Segment Data | |||||
Net revenue | 59 | 20 | 183 | 67 | |
Capital expenditures | 87 | 153 | 252 | 296 | |
Apparel [Member] | |||||
Summary of Segment Data | |||||
Net revenue | 272,228 | 300,398 | 783,841 | 862,044 | |
Non-apparel [Member] | |||||
Summary of Segment Data | |||||
Net revenue | 40,708 | 50,210 | 106,536 | 127,524 | |
Services and Other [Member] | |||||
Summary of Segment Data | |||||
Net revenue | $ 21,498 | $ 22,474 | $ 55,858 | $ 61,219 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Dec. 03, 2015 | Jan. 30, 2015 | Jan. 31, 2014 | Jan. 28, 2011 |
Tax Years 2005 - 2006 | ||||
Gain Contingencies [Line Items] | ||||
Recovery of excessive taxes and interest | $ 1.6 | |||
Tax Years 2007, 2009 and 2010 | ||||
Gain Contingencies [Line Items] | ||||
Recovery of excessive taxes and interest | $ 1.6 | |||
Tax Year 2008 | ||||
Gain Contingencies [Line Items] | ||||
Recovery of excessive taxes and interest | $ 0.9 | |||
Subsequent event | ||||
Gain Contingencies [Line Items] | ||||
Recovery of excessive taxes and interest | $ 4 | |||
Subsequent event | Minimum | Reduction in taxes | Tax Years 2007 - 2012 | ||||
Gain Contingencies [Line Items] | ||||
Potential aggregate recovery (maximum) | 2.8 | |||
Subsequent event | Maximum | Reduction in taxes | Tax Years 2007 - 2012 | ||||
Gain Contingencies [Line Items] | ||||
Potential aggregate recovery (maximum) | $ 4.6 |
Supplemental Financial Inform45
Supplemental Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Oct. 31, 2014 | |
Related Party Transaction | ||||
Operating Income (Loss) | $ 23,297 | $ 35,098 | $ 49,710 | $ 79,190 |
Other Operating Income (Expense), Net | 1,009 | (25) | 3,366 | (45) |
Product Recall Liability, Current | 100 | 100 | ||
Sears Holdings Corporation | ||||
Related Party Transaction | ||||
Postretirement benefit liability | $ 1,500 | |||
Children's Sleepwear Recall [Member] | ||||
Related Party Transaction | ||||
Operating Income (Loss) | $ 4,700 | |||
Other Operating Income (Expense), Net | $ (1,007) | $ (3,371) |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Oct. 31, 2014 | Jan. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation | $ 786 | $ 1,172 | $ 2,307 | $ 1,954 | |
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,400 | $ 1,400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 117 | 117 | 197 | ||
Share-based Compensation | $ 315 | 1,086 | $ 1,096 | 1,804 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (43) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 27.86 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (37) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 28.30 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 27.97 | $ 27.97 | $ 28.01 | ||
Deferred Compensation, Share-based Payments [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 4,100 | $ 4,100 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 167 | 167 | 44 | ||
Share-based Compensation | $ 471 | $ 86 | $ 1,211 | $ 150 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 145 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 32.47 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (9) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 28.02 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (13) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 28.26 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 31.84 | $ 31.84 | $ 28.01 |