Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 29, 2016 | Jun. 02, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | Lands' End, Inc. | |
Entity Central Index Key | 799,288 | |
Current Fiscal Year End Date | --01-27 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 29, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 32,029,359 |
Condensed Consolidated and Comb
Condensed Consolidated and Combined Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 29, 2016 | May. 01, 2015 | |
Net revenue | $ 273,433 | $ 299,387 |
Cost of sales (excluding depreciation and amortization) | 143,763 | 152,823 |
Gross Profit | 129,670 | 146,564 |
Selling and administrative | 129,034 | 133,514 |
Depreciation and amortization | 4,136 | 4,553 |
Other operating (income) expense, net | (14) | 2 |
Operating (loss) income | (3,486) | 8,495 |
Interest expense | 6,170 | 6,186 |
Other income, net | (453) | (508) |
(Loss) income before income taxes | (9,203) | 2,817 |
Income tax (benefit) expense | (3,444) | 1,093 |
NET (LOSS) INCOME | $ (5,759) | $ 1,724 |
NET (LOSS) INCOME PER COMMON SHARE (Note 2) | ||
Basic (in USD per share) | $ (0.18) | $ 0.05 |
Diluted (in USD per share) | $ (0.18) | $ 0.05 |
Basic weighted average common shares outstanding (shares) | 32,002 | 31,957 |
Diluted weighted average common shares outstanding (shares) | 32,002 | 32,060 |
Condensed Consolidated and Com3
Condensed Consolidated and Combined Balance Sheets - USD ($) $ in Thousands | Apr. 29, 2016 | Jan. 29, 2016 | May. 01, 2015 |
Current assets | |||
Cash and cash equivalents | $ 169,073 | $ 228,368 | $ 177,814 |
Restricted cash | 3,300 | 3,300 | 3,300 |
Accounts receivable, net | 31,127 | 32,061 | 36,423 |
Inventories, net | 309,855 | 329,203 | 284,589 |
Prepaid expenses and other current assets | 32,118 | 23,618 | 36,544 |
Total current assets | 545,473 | 616,550 | 538,670 |
Property and equipment, net | 111,208 | 109,831 | 105,393 |
Goodwill | 110,000 | 110,000 | 110,000 |
Intangible assets, net | 430,000 | 430,000 | 528,300 |
Other assets | 15,386 | 15,145 | 15,439 |
TOTAL ASSETS | 1,212,067 | 1,281,526 | 1,297,802 |
Current liabilities | |||
Accounts payable | 76,038 | 146,097 | 93,972 |
Other current liabilities | 86,807 | 83,992 | 101,491 |
Total current liabilities | 162,845 | 230,089 | 195,463 |
Long-term liabilities | |||
Long-term debt | 492,890 | 493,838 | 496,685 |
Long-term deferred tax liabilities | 158,499 | 157,252 | 181,925 |
Other liabilities | 16,216 | 15,838 | 16,768 |
TOTAL LIABILITIES | $ 830,450 | $ 897,017 | $ 890,841 |
Commitments and contingencies | |||
Stockholders’ equity | |||
Common stock, par value $0.01- authorized: 480,000,000 shares; issued and outstanding: 31,969,645, 31,956,521, 31,991,668, respectively | $ 320 | $ 320 | $ 320 |
Additional paid-in capital | 344,796 | 344,244 | 342,975 |
Retained earnings | 43,570 | 49,329 | 70,601 |
Accumulated other comprehensive loss | (7,069) | (9,384) | (6,935) |
Total stockholders’ equity | 381,617 | 384,509 | 406,961 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,212,067 | $ 1,281,526 | $ 1,297,802 |
Condensed Consolidated and Com4
Condensed Consolidated and Combined Balance Sheets (Parenthetical) - $ / shares | Apr. 29, 2016 | Jan. 29, 2016 | May. 01, 2015 |
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 | 31,969,645 | 31,991,668 | 31,956,521 |
Common stock, shares outstanding | 31,969,645 | 31,991,668 | 31,956,521 |
Condensed Consolidated and Com5
Condensed Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2016 | May. 01, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | $ (5,759) | $ 1,724 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Depreciation and amortization | 4,136 | 4,553 |
Amortization of debt issuance costs | 428 | 490 |
Share-based Compensation | 713 | 681 |
Stock-based compensation | (14) | 2 |
Deferred income taxes | 0 | 684 |
Change in operating assets and liabilities: | ||
Inventories | 21,441 | 16,766 |
Accounts payable | (65,390) | (36,025) |
Other operating assets | (5,637) | (13,076) |
Increase (Decrease) in Other Operating Liabilities | (130) | (7,287) |
Net cash used in operating activities | (50,212) | (31,488) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (10,485) | (10,974) |
Net cash used in investing activities | (10,485) | (10,974) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of Senior Debt | (1,288) | (1,288) |
Net cash used in financing activities | (1,288) | (1,288) |
Effects of exchange rate changes on cash | 2,690 | 110 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (59,295) | (43,640) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 228,368 | 221,454 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 169,073 | 177,814 |
SUPPLEMENTAL CASH FLOW DATA | ||
Unpaid liability to acquire property and equipment | 2,822 | 1,453 |
Income taxes paid | 3,057 | 12,793 |
Interest Paid | $ 5,657 | $ 5,634 |
Condensed Consolidated and Com6
Condensed Consolidated and Combined Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2016 | May. 01, 2015 | |
Net (loss) income | $ (5,759) | $ 1,724 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2,315 | 363 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (3,444) | $ 2,087 |
Background and Basis of Present
Background and Basis of Presentation | 3 Months Ended |
Apr. 29, 2016 | |
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 clothing, accessories and footwear, as well as home products. Lands' End offers products through catalogs, online at www.landsend.com, www.canvasbylandsend.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 financial statements are defined as follows: • ABL Facility - Asset-based senior secured credit agreements, dated as of April 4, 2014, with Bank of America, N.A and certain other lenders • ASC - Financial Accounting Standards Board 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 Securities and Exchange Commission registrants • ASU - FASB Accounting Standards Update • CAM - Common area maintenance for leased properties • Debt Facilities - Collectively, the ABL Facility and the Term Loan Facility • EPS - (Loss) earnings per share • ESL - ESL Investments, Inc. and its investment affiliates, including Edward S. Lampert • FASB - Financial Accounting Standards Board • First Quarter 2016 - The thirteen weeks ended April 29, 2016 • First Quarter 2015 - The thirteen weeks ended May 1, 2015 • Fiscal 2016 - The fifty-two weeks ending January 27, 2017 • Fiscal 2015 - The fifty-two weeks ended January 29, 2016 • 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 agreements, dated as of April 4, 2014, with Bank of America, N.A. and certain other lenders • UTBs - Gross unrecognized tax benefits related to uncertain tax positions Basis of Presentation The Condensed Consolidated 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 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 1, 2016. Reclassifications Certain prior period amounts presented in the Condensed Consolidated Balance Sheet have been reclassified to conform to the current year presentation. In November 2015, FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which requires an entity to classify deferred tax liabilities and assets as noncurrent within a classified statement of financial position. These reclassifications relate to current deferred tax assets as of May 1, 2015 that were reclassified to Long-term deferred tax liabilities. This reclassification reduced our current and total assets and our total liabilities, as previously reported in the Condensed Consolidated Balance Sheet for May 1, 2015. This reclassification had no effect on the Condensed Consolidated Statements of Operations, Comprehensive Operations, Stockholders’ Equity or Cash Flows as previously reported. See Note 8, Income Taxes, for further discussion. In April 2015, 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 related debt liability. These reclassifications relate to Prepaid expenses and other current assets and Other assets as of January 29, 2016 and May 1, 2015 that were reclassified to Other current liabilities and Long-term debt. This reclassification reduced our current and total assets and our total current liabilities and total liabilities, as previously reported in the Condensed Consolidated Balance Sheet for January 29, 2016 and May 1, 2015. This reclassification had no effect on the Condensed Consolidated Statements of Operations, Comprehensive Operations, Stockholders’ Equity or Cash Flows as previously reported. See Note 4, Debt, for further discussion. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 29, 2016 | |
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. 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 of April 29, 2016 , the Company had UTBs of $8.3 million . Of this amount, $5.4 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 indemnification asset was $13.9 million , $14.5 million and $13.7 million as of April 29, 2016 , May 1, 2015 , and January 29, 2016 , respectively. The Company classifies interest expense and penalties related to UTBs and interest income on tax overpayments as components of income tax expense. As of April 29, 2016 , the total amount of interest expense and penalties recognized on our balance sheet was $5.9 million ( $3.8 million net of federal benefit). The total amount of net interest expense recognized in the Condensed Consolidated Statements of Operations was insignificant for all periods presented. The Company files income tax returns in the United States and various foreign jurisdictions. The Company is under examination by various income tax jurisdictions for the years 2009 to 2015 . During Fiscal 2015, the Company adopted ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which requires an entity to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet rather than as current and noncurrent. As of May 1, 2015, the Company reclassified $2.3 million of current deferred tax assets to noncurrent deferred tax liabilities to conform to the current year presentation. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 29, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The numerator for both basic and diluted EPS is net (loss) 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 ASC. The following table summarizes the components of basic and diluted EPS: 13 Weeks Ended (in thousands, except per share amounts) April 29, 2016 May 1, 2015 Net (loss) income $ (5,759 ) $ 1,724 Basic weighted average shares outstanding 32,002 31,957 Dilutive effect of stock awards — 103 Diluted weighted average shares outstanding 32,002 32,060 Basic (loss) earnings per share $ (0.18 ) $ 0.05 Diluted (loss) earnings per share $ (0.18 ) $ 0.05 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 65,143 shares for the First Quarter 2016 due to the net loss reported. There were no anti-dilutive stock awards for the First Quarter 2015 . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Apr. 29, 2016 | |
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 (in thousands) April 29, 2016 May 1, 2015 Beginning balance: Accumulated other comprehensive loss (net of tax of $5,053 and $3,931, respectively) $ (9,384 ) $ (7,298 ) Other comprehensive income: Foreign currency translation adjustments (net of tax expense of $1,247 and $197, respectively) 2,315 363 Ending balance: Accumulated other comprehensive loss (net of tax of $3,806 and $3,734, respectively) $ (7,069 ) $ (6,935 ) No amounts were reclassified out of Accumulated other comprehensive loss during any of the periods presented. |
Debt
Debt | 3 Months Ended |
Apr. 29, 2016 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The Company's debt consisted of the following: April 29, 2016 May 1, 2015 January 29, 2016 Amount Rate Amount Rate Amount Rate Term Loan Facility, maturing April 4, 2021 $ 504,700 4.25 % $ 509,850 4.25 % $ 505,988 4.25 % ABL Facility, maturing April 4, 2019 — — % — — % — — % 504,700 509,850 505,988 Less: Current maturities in Other current liabilities, net 5,150 5,150 5,150 Less: Unamortized debt issuance costs 6,660 8,015 7,000 Long-term debt $ 492,890 $ 496,685 $ 493,838 The following table summarizes the Company's borrowing availability under the ABL Facility: April 29, 2016 May 1, 2015 January 29, 2016 ABL maximum borrowing $ 175,000 $ 175,000 $ 175,000 Outstanding Letters of Credit 13,164 19,249 24,311 Borrowing availability under ABL $ 161,836 $ 155,751 $ 150,689 During First Quarter 2016, the Company adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance, which requires an entity to present debt issuance costs as a deduction from the related debt liability. To conform to the current year presentation the Company reclassified $1.4 million of Prepaid expenses and other current assets along with $6.7 million of Other assets to Long-term debt as of May 1, 2015. Similarly, as of January 29, 2016, the company reclassified $1.4 million of Prepaid expenses and other current assets along with $5.6 million of Other assets to Long-term debt. Interest; Fees The interest rates per annum applicable to the loans under the Debt 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 Debt Facilities. The ABL Facility fees also include (i) commitment fees, based on a percentage ranging from approximately 0.25% to 0.375% 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 Debt 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 Debt Facilities do not otherwise contain financial maintenance covenants. The Company was in compliance with all financial covenants related to the Debt Facilities as of April 29, 2016 . The Debt 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 | 3 Months Ended |
Apr. 29, 2016 | |
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 April 29, 2016 , May 1, 2015 and January 29, 2016 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: April 29, 2016 May 1, 2015 January 29, 2016 (in thousands) Carrying Amount Fair Value Carrying Fair Carrying Fair Long-term debt, including short-term portion $ 504,700 $ 411,961 $ 509,850 $ 502,840 $ 505,988 $ 418,073 Long-term debt was valued utilizing level 2 valuation techniques based on the closing inactive market bid price on April 29, 2016 , May 1, 2015 , and January 29, 2016 . There were no nonfinancial assets or nonfinancial liabilities recognized at fair value on a nonrecurring basis as of April 29, 2016 , May 1, 2015 , and January 29, 2016 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Apr. 29, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The Company's intangible assets consist of a trade name and goodwill 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. ASC 350 requires companies to test goodwill and indefinite-lived intangible assets for impairment annually, or more often if an event or circumstance indicates that the carrying amount may not be recoverable. There was no impairment charge for intangible assets in First Quarter 2016 . As a result of the 2015 annual impairment testing the Company recorded a non-cash pretax intangible asset impairment charge of $98.3 million during Fiscal 2015. There was no impairment charge for intangible assets recorded in any other prior years. There were no impairments of goodwill during any periods presented or since goodwill was first recognized. The following summarizes goodwill and intangible assets: April 29, 2016 May 1, 2015 January 29, 2016 (in thousands) Indefinite-lived intangible assets: Gross Trade Names 528,300 528,300 528,300 Cumulative impairments (98,300 ) — (98,300 ) Net Trade Names 430,000 528,300 430,000 Total intangible assets, net $ 430,000 $ 528,300 $ 430,000 Goodwill $ 110,000 $ 110,000 $ 110,000 |
Related Party
Related Party | 3 Months Ended |
Apr. 29, 2016 | |
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. 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 (in thousands) April 29, 2016 May 1, 2015 Rent, CAM and occupancy costs $ 6,306 $ 6,350 Retail services, store labor 5,946 6,601 Financial services and payment processing 719 623 Supply chain costs 315 277 Total expenses $ 13,286 $ 13,851 Number of Lands’ End Shops at Sears at period end 225 235 General Corporate Services Related party costs charged by Sears Holdings to the Company for general corporate services are as follows: 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Sourcing $ 1,372 $ 1,584 Shop Your Way 462 525 Shared services 48 150 Total expenses $ 1,882 $ 2,259 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 (in thousands) April 29, 2016 May 1, 2015 Lands' End business outfitters revenue $ 548 $ 403 Call center services 446 214 Credit card revenue 245 287 Royalty income 32 21 Gift card (expense) (7 ) (4 ) Total income $ 1,264 $ 921 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 Statements of Operations. Total call center service income included in Net revenue was $1.9 million and $1.3 million for the First Quarter 2016 and First Quarter 2015 , respectively. Additional Balance Sheet Information At April 29, 2016 , May 1, 2015 and January 29, 2016 the Company included $4.0 million , $5.2 million and $3.9 million in Accounts receivable, net, respectively and $2.6 million , $7.8 million and $2.7 million in Accounts payable, respectively, in the Condensed Consolidated Balance Sheets to reflect amounts due from and owed to Sears Holdings. At April 29, 2016 , May 1, 2015 and January 29, 2016 a $13.9 million , $14.5 million and $13.7 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. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 29, 2016 | |
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 (in thousands) April 29, 2016 May 1, 2015 Net revenue: Apparel $ 231,158 $ 253,445 Non-apparel 26,650 31,325 Service and other 15,625 14,617 Total net revenue $ 273,433 $ 299,387 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 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 First Quarter 2016 and First Quarter 2015 . • 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. • 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 (in thousands) April 29, 2016 May 1, 2015 Net revenue: Direct $ 232,185 $ 253,373 Retail 41,216 45,992 Corporate / other 32 22 Total net revenue $ 273,433 $ 299,387 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Adjusted EBITDA: Direct $ 12,832 $ 21,678 Retail (3,930 ) 144 Corporate / other (8,266 ) (8,772 ) Total adjusted EBITDA $ 636 $ 13,050 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Depreciation and amortization: Direct $ 3,350 $ 3,695 Retail 419 497 Corporate / other 367 361 Total depreciation and amortization $ 4,136 $ 4,553 (in thousands) April 29, 2016 May 1, 2015 January 29, 2016 Total Assets: Direct $ 952,138 $ 1,030,240 $ 953,502 Retail 60,756 57,549 69,321 Corporate / other 199,173 210,013 258,703 Total assets $ 1,212,067 $ 1,297,802 $ 1,281,526 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Capital expenditures: Direct $ 10,302 $ 10,883 Retail 183 — Corporate / other — 91 Total capital expenditures $ 10,485 $ 10,974 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is party to various claims, legal proceedings and investigations arising in the ordinary course of business. 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. While it is not feasible to predict the outcome of such pending claims, proceedings and investigations with certainty, management is of the opinion that their ultimate resolution should not 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 May 31, 2016, 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 was 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; (3) approximately $0.9 million arising from the 2008 tax year, recognized in the fiscal year ended January 30, 2015. The claims arising from the 2005 and 2006 tax years are closed. The Company claims arising from tax years 2007 through 2015 remain unresolved and are still pending before the courts. 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 Financial Statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Apr. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Compensation - Stock Compensation In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation , which simplifies the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a company's payments for tax withholdings should be classified. This guidance will be effective for Lands' End in its fiscal year ending February 2, 2018. The adoption of this guidance is not expected to have a material impact on the Company's Condensed Consolidated Financial Statements. Leases In February 2016, the FASB issued ASU 2016-02, Leases, which will replace the existing guidance in ASC 840, Leases . This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. This guidance will be effective for Lands' End in the first quarter of its fiscal year ending January 31, 2020. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company's Condensed Consolidated Financial Statements. Recognition of Breakage for Certain Prepaid Stored-Value Products In March 2016, the FASB issued ASU 2016-04, Recognition of Breakage for Certain Prepaid Stored-Value Products . This update clarifies when it is acceptable to recognize the unredeemed portion of prepaid gift cards into income. This guidance 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 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 is effective for Lands' End in the First Quarter 2016 and only applies to our international inventory as United States inventory is valued using LIFO. The adoption of this guidance did not have a material impact on the Company's Condensed Consolidated 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 was effective for Lands' End in the First Quarter 2016. The adoption of this guidance did not have a material impact on the Company's Condensed Consolidated 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 Financial Statements. |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 3 Months Ended |
Apr. 29, 2016 | |
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 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 Statements of Operations: 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Performance Awards $ 234 $ 397 Deferred Awards 479 284 Total stock-based compensation expense $ 713 $ 681 Awards Granted First Quarter 2016 There were no Deferred Awards or Performance Awards granted in the First Quarter 2016 . Changes in the Company’s Unvested Stock Awards First Quarter 2016 Deferred Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Deferred Awards, as of January 29, 2016 175 $ 30.87 Grant — — Vested (19 ) 35.83 Forfeit — — Unvested Deferred Awards, as of April 29, 2016 156 30.25 Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $3.4 million as of April 29, 2016 , which will be recognized over a weighted average period of approximately 1.8 years . Performance Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Performance Awards, as of January 29, 2016 109 $ 26.81 Grant — — Vested — — Forfeit — — Unvested Performance Awards, as of April 29, 2016 109 26.81 Total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $0.8 million as of April 29, 2016 , which will be recognized over a weighted average period of approximately 1.1 years . |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation (Notes) | 3 Months Ended |
Apr. 29, 2016 | |
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 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 Statements of Operations: 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Performance Awards $ 234 $ 397 Deferred Awards 479 284 Total stock-based compensation expense $ 713 $ 681 Awards Granted First Quarter 2016 There were no Deferred Awards or Performance Awards granted in the First Quarter 2016 . Changes in the Company’s Unvested Stock Awards First Quarter 2016 Deferred Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Deferred Awards, as of January 29, 2016 175 $ 30.87 Grant — — Vested (19 ) 35.83 Forfeit — — Unvested Deferred Awards, as of April 29, 2016 156 30.25 Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $3.4 million as of April 29, 2016 , which will be recognized over a weighted average period of approximately 1.8 years . Performance Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Performance Awards, as of January 29, 2016 109 $ 26.81 Grant — — Vested — — Forfeit — — Unvested Performance Awards, as of April 29, 2016 109 26.81 Total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $0.8 million as of April 29, 2016 , which will be recognized over a weighted average period of approximately 1.1 years . |
Recent Accounting Pronounceme20
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Apr. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | Compensation - Stock Compensation In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation , which simplifies the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a company's payments for tax withholdings should be classified. This guidance will be effective for Lands' End in its fiscal year ending February 2, 2018. The adoption of this guidance is not expected to have a material impact on the Company's Condensed Consolidated Financial Statements. Leases In February 2016, the FASB issued ASU 2016-02, Leases, which will replace the existing guidance in ASC 840, Leases . This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. This guidance will be effective for Lands' End in the first quarter of its fiscal year ending January 31, 2020. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company's Condensed Consolidated Financial Statements. Recognition of Breakage for Certain Prepaid Stored-Value Products In March 2016, the FASB issued ASU 2016-04, Recognition of Breakage for Certain Prepaid Stored-Value Products . This update clarifies when it is acceptable to recognize the unredeemed portion of prepaid gift cards into income. This guidance 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 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 is effective for Lands' End in the First Quarter 2016 and only applies to our international inventory as United States inventory is valued using LIFO. The adoption of this guidance did not have a material impact on the Company's Condensed Consolidated 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 was effective for Lands' End in the First Quarter 2016. The adoption of this guidance did not have a material impact on the Company's Condensed Consolidated 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 Financial Statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 29, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table summarizes the components of basic and diluted EPS: 13 Weeks Ended (in thousands, except per share amounts) April 29, 2016 May 1, 2015 Net (loss) income $ (5,759 ) $ 1,724 Basic weighted average shares outstanding 32,002 31,957 Dilutive effect of stock awards — 103 Diluted weighted average shares outstanding 32,002 32,060 Basic (loss) earnings per share $ (0.18 ) $ 0.05 Diluted (loss) earnings per share $ (0.18 ) $ 0.05 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 65,143 shares for the First Quarter 2016 due to the net loss reported. There were no anti-dilutive stock awards for the First Quarter 2015 . |
Other Comprehensive Income (L22
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Apr. 29, 2016 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Beginning balance: Accumulated other comprehensive loss (net of tax of $5,053 and $3,931, respectively) $ (9,384 ) $ (7,298 ) Other comprehensive income: Foreign currency translation adjustments (net of tax expense of $1,247 and $197, respectively) 2,315 363 Ending balance: Accumulated other comprehensive loss (net of tax of $3,806 and $3,734, respectively) $ (7,069 ) $ (6,935 ) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Apr. 29, 2016 | |
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: April 29, 2016 May 1, 2015 January 29, 2016 ABL maximum borrowing $ 175,000 $ 175,000 $ 175,000 Outstanding Letters of Credit 13,164 19,249 24,311 Borrowing availability under ABL $ 161,836 $ 155,751 $ 150,689 |
Schedule of aggregate scheduled maturities | The Company's debt consisted of the following: April 29, 2016 May 1, 2015 January 29, 2016 Amount Rate Amount Rate Amount Rate Term Loan Facility, maturing April 4, 2021 $ 504,700 4.25 % $ 509,850 4.25 % $ 505,988 4.25 % ABL Facility, maturing April 4, 2019 — — % — — % — — % 504,700 509,850 505,988 Less: Current maturities in Other current liabilities, net 5,150 5,150 5,150 Less: Unamortized debt issuance costs 6,660 8,015 7,000 Long-term debt $ 492,890 $ 496,685 $ 493,838 |
Fair Value of Financial Asset24
Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended |
Apr. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of other financial assets and liabilities measured at fair value | Carrying values and fair values of long-term debt, including the short-term portion, in the Condensed Consolidated Balance Sheets are as follows: April 29, 2016 May 1, 2015 January 29, 2016 (in thousands) Carrying Amount Fair Value Carrying Fair Carrying Fair Long-term debt, including short-term portion $ 504,700 $ 411,961 $ 509,850 $ 502,840 $ 505,988 $ 418,073 Condensed Consolidated Balance Sheets at fair value. The fair value of restricted cash as of April 29, 2016 , May 1, 2015 and January 29, 2016 was approximately $3.3 million based on Level 1 inputs. Restricted cash amounts are valued based upon statements received from financial institutions. |
Related Party (Tables)
Related Party (Tables) | 3 Months Ended |
Apr. 29, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of related party revenue and costs | Related party costs charged by Sears Holdings to the Company related to Lands’ End Shops at Sears are as follows: 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Rent, CAM and occupancy costs $ 6,306 $ 6,350 Retail services, store labor 5,946 6,601 Financial services and payment processing 719 623 Supply chain costs 315 277 Total expenses $ 13,286 $ 13,851 Number of Lands’ End Shops at Sears at period end 225 235 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 (in thousands) April 29, 2016 May 1, 2015 Lands' End business outfitters revenue $ 548 $ 403 Call center services 446 214 Credit card revenue 245 287 Royalty income 32 21 Gift card (expense) (7 ) (4 ) Total income $ 1,264 $ 921 Related party costs charged by Sears Holdings to the Company for general corporate services are as follows: 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Sourcing $ 1,372 $ 1,584 Shop Your Way 462 525 Shared services 48 150 Total expenses $ 1,882 $ 2,259 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Tables) | 3 Months Ended |
Apr. 29, 2016 | |
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 (in thousands) April 29, 2016 May 1, 2015 Net revenue: Apparel $ 231,158 $ 253,445 Non-apparel 26,650 31,325 Service and other 15,625 14,617 Total net revenue $ 273,433 $ 299,387 |
Schedule of financial information by segment | Financial information by segment is presented in the following tables. SUMMARY OF SEGMENT DATA 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Net revenue: Direct $ 232,185 $ 253,373 Retail 41,216 45,992 Corporate / other 32 22 Total net revenue $ 273,433 $ 299,387 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Adjusted EBITDA: Direct $ 12,832 $ 21,678 Retail (3,930 ) 144 Corporate / other (8,266 ) (8,772 ) Total adjusted EBITDA $ 636 $ 13,050 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Depreciation and amortization: Direct $ 3,350 $ 3,695 Retail 419 497 Corporate / other 367 361 Total depreciation and amortization $ 4,136 $ 4,553 (in thousands) April 29, 2016 May 1, 2015 January 29, 2016 Total Assets: Direct $ 952,138 $ 1,030,240 $ 953,502 Retail 60,756 57,549 69,321 Corporate / other 199,173 210,013 258,703 Total assets $ 1,212,067 $ 1,297,802 $ 1,281,526 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Capital expenditures: Direct $ 10,302 $ 10,883 Retail 183 — Corporate / other — 91 Total capital expenditures $ 10,485 $ 10,974 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 29, 2016 | |
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] | Deferred Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Deferred Awards, as of January 29, 2016 175 $ 30.87 Grant — — Vested (19 ) 35.83 Forfeit — — Unvested Deferred Awards, as of April 29, 2016 156 30.25 Performance Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value Unvested Performance Awards, as of January 29, 2016 109 $ 26.81 Grant — — Vested — — Forfeit — — Unvested Performance Awards, as of April 29, 2016 109 26.81 |
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 Statements of Operations: 13 Weeks Ended (in thousands) April 29, 2016 May 1, 2015 Performance Awards $ 234 $ 397 Deferred Awards 479 284 Total stock-based compensation expense $ 713 $ 681 |
Background and Basis of Prese28
Background and Basis of Presentation (Details) - $ / shares | Apr. 29, 2016 | Jan. 29, 2016 | May. 01, 2015 |
Class of Stock [Line Items] | |||
Common stock, shares outstanding | 31,969,645 | 31,991,668 | 31,956,521 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May. 01, 2015 | Apr. 29, 2016 | Jan. 29, 2016 | |
Income Tax Examination [Line Items] | |||
Unrecognized tax benefits | $ 8.3 | ||
Unrecognized tax benefits, if recognized, would impact effective tax rate | 5.4 | ||
Amount of interest and penalties recognized | 5.9 | ||
Amount of interest and penalties recognized, net of federal benefit | 3.8 | ||
Prior Period Reclassification Adjustment | $ 2.3 | ||
Sears Holdings Corporation | Other assets | |||
Income Tax Examination [Line Items] | |||
Indemnification receivable, uncertain tax positions | $ 14.5 | $ 13.9 | $ 13.7 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 29, 2016 | May. 01, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 65,143 | 0 |
Net (loss) income | $ (5,759) | $ 1,724 |
Basic weighted average common shares outstanding (shares) | 32,002,000 | 31,957,000 |
Dilutive effect of stock awards | 0 | 103,000 |
Diluted weighted average common shares outstanding (shares) | 32,002,000 | 32,060,000 |
Basic (in USD per share) | $ (0.18) | $ 0.05 |
Diluted (in USD per share) | $ (0.18) | $ 0.05 |
Other Comprehensive Income (L31
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 29, 2016 | May. 01, 2015 | Jan. 29, 2016 | Jan. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance: Accumulated other comprehensive loss (net of tax of $5,053 and $3,931, respectively) | $ (9,384) | $ (7,298) | ||
Other comprehensive income: | ||||
Foreign currency translation adjustments (net of tax expense of $1,247 and $197, respectively) | 2,315 | 363 | ||
Ending balance: Accumulated other comprehensive loss (net of tax of $3,806 and $3,734, respectively) | (7,069) | (6,935) | ||
Foreign currency translations adjustment, tax | (1,247) | (197) | ||
Accumulated other comprehensive loss, tax | $ 3,806 | $ 3,734 | $ 5,053 | $ 3,931 |
Debt (Details)
Debt (Details) $ in Thousands | 3 Months Ended | |||
Apr. 29, 2016USD ($) | Jan. 29, 2016USD ($) | May. 01, 2015USD ($) | Apr. 04, 2014USD ($) | |
Line of Credit Facility [Line Items] | ||||
Long-term Debt | $ 504,700 | $ 505,988 | $ 509,850 | |
Long-term debt | 492,890 | 493,838 | 496,685 | |
Long-term Debt, Current Maturities | 5,150 | 5,150 | 5,150 | |
Deferred Finance Costs, Net | $ 6,660 | $ 7,000 | $ 8,015 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | 4.25% | |
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 | |||
Available borrowing under line of credit facility | $ 161,836 | $ 150,689 | $ 155,751 | |
Outstanding letters of credit | 13,164 | 24,311 | 19,249 | |
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 | |||
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 | 0.375% | |||
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% | |||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Term Loan Facility | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Secured Debt | $ 504,700 | $ 505,988 | $ 509,850 |
Debt Debt Issuance Costs, Recla
Debt Debt Issuance Costs, Reclassification (Details) - USD ($) $ in Millions | Jan. 29, 2016 | May. 01, 2015 |
Debt Disclosure - debt issuance costs [Abstract] | ||
Deferred Finance Costs, Current, Net | $ 1.4 | $ 1.4 |
Deferred Finance Costs, Noncurrent, Net | $ 5.6 | $ 6.7 |
Fair Value of Financial Asset34
Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 29, 2016 | Jan. 29, 2016 | Oct. 30, 2015 | May. 01, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term Debt | $ 504,700 | $ 505,988 | $ 509,850 | |
Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Restricted cash | 3,300 | 3,300 | $ 3,300 | |
Term Loan Facility | Secured debt | Reported Value Measurement [Member] | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Debt | $ 504,700 | $ 505,988 | $ 509,850 |
Carrying Values and Fair Values
Carrying Values and Fair Values of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands | Apr. 29, 2016 | Jan. 29, 2016 | Oct. 30, 2015 | May. 01, 2015 |
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 | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including short-term portion | 411,961 | 418,073 | $ 502,840 | |
Term Loan Facility [Member] | Secured Debt [Member] | Level 2 | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Debt | $ 504,700 | $ 505,988 | $ 509,850 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 29, 2016 | May. 01, 2015 | Jan. 29, 2016 | |
Goodwill [Line Items] | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 98,300 | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 |
Goodwill and Intangible Asset37
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 29, 2016 | Jan. 29, 2016 | May. 01, 2015 |
Finite-Lived Intangible Assets [Line Items] | |||
Cumulative Infinite Lived Intangible Asset Impairment | $ 98,300 | $ 98,300 | $ 0 |
Intangible assets, net | 430,000 | 430,000 | 528,300 |
Goodwill | 110,000 | 110,000 | 110,000 |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 528,300 | 528,300 | 528,300 |
Intangible assets, net | $ 430,000 | $ 430,000 | $ 528,300 |
Related Party - Narrative and R
Related Party - Narrative and Related Party Costs (Details) $ in Thousands | 3 Months Ended | ||
Apr. 29, 2016USD ($) | May. 01, 2015USD ($) | Jan. 29, 2016USD ($) | |
Related Party Transaction | |||
Earnings Before Interest, Taxes, Depreciation and Amortization | $ 636 | $ 13,050 | |
Sears Holdings Corporation | |||
Related Party Transaction | |||
Number of Lands’ End Shops at Sears at period end | 225 | 235 | |
Redemption credit | $ 1,264 | $ 921 | |
Sears Holdings Corporation | Rent CAM, And Occupancy Costs | |||
Related Party Transaction | |||
Related party expenses | 6,306 | 6,350 | |
Sears Holdings Corporation | Retail Services, Store Labor | |||
Related Party Transaction | |||
Related party expenses | 5,946 | 6,601 | |
Sears Holdings Corporation | Supply Chain Costs | |||
Related Party Transaction | |||
Related party expenses | 315 | 277 | |
Sears Holdings Corporation | Financial Services And Payment Processing | |||
Related Party Transaction | |||
Related party expenses | 719 | 623 | |
Sears Holdings Corporation | Costs related to Lands' End shops | |||
Related Party Transaction | |||
Related party expenses | 13,286 | 13,851 | |
Sears Holdings Corporation | Shop Your Way Rewards Program | |||
Related Party Transaction | |||
Related party expenses | 462 | 525 | |
Accounts receivable, net | Sears Holdings Corporation | |||
Related Party Transaction | |||
Accounts receivable, net, due from related party | 4,000 | 5,200 | $ 3,900 |
Accounts payable | Sears Holdings Corporation | |||
Related Party Transaction | |||
Accounts payable, due to related party | 2,600 | 7,800 | 2,700 |
Other assets | Sears Holdings Corporation | |||
Related Party Transaction | |||
Indemnification receivable, uncertain tax positions | 13,900 | 14,500 | $ 13,700 |
Operating segments | Direct | |||
Related Party Transaction | |||
Earnings Before Interest, Taxes, Depreciation and Amortization | 12,832 | 21,678 | |
Operating segments | Retail | |||
Related Party Transaction | |||
Earnings Before Interest, Taxes, Depreciation and Amortization | (3,930) | 144 | |
Operating segments | Corporate and Reconciling Items [Member] | |||
Related Party Transaction | |||
Earnings Before Interest, Taxes, Depreciation and Amortization | $ (8,266) | $ (8,772) |
Related Party - Details of Gene
Related Party - Details of General Corporate Services (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2016 | May. 01, 2015 | |
Sears Holdings Corporation | Sourcing | ||
Related Party Transaction | ||
Related party expenses, net | $ 1,372 | $ 1,584 |
Sears Holdings Corporation | Shop Your Way Rewards Program | ||
Related Party Transaction | ||
Related party expenses, net | 462 | 525 |
Sears Holdings Corporation | Shared Services | ||
Related Party Transaction | ||
Related party expenses, net | 48 | 150 |
Sears Holdings Corporation | Costs related General Corporate Services | ||
Related Party Transaction | ||
Related party expenses, net | 1,882 | 2,259 |
Revenue, net | ||
Related Party Transaction | ||
Call Center Service Revenue | $ 1,900 | $ 1,300 |
Related Party - Details of Use
Related Party - Details of Use of Intellectual Property or Services (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2016 | May. 01, 2015 | |
Sears Holdings Corporation | ||
Related Party Transaction | ||
Related party revenue, net | $ 1,264 | $ 921 |
Sears Holdings Corporation | Business Outfitters Revenue [Member] | ||
Related Party Transaction | ||
Related party revenue, net | 548 | 403 |
Sears Holdings Corporation | Royalty Income | ||
Related Party Transaction | ||
Related party revenue, net | 32 | 21 |
Sears Holdings Corporation | Call Center Service Revenue | ||
Related Party Transaction | ||
Related party revenue, net | 446 | 214 |
Sears Holdings Corporation | Gift Card Revenue | ||
Related Party Transaction | ||
Related Party Transaction, Amounts of Transaction | (7) | (4) |
Sears Holdings Corporation | Credit Card Revenue | ||
Related Party Transaction | ||
Related party revenue, net | 245 | 287 |
Revenue, net | ||
Related Party Transaction | ||
Call Center Service Revenue | $ 1,900 | $ 1,300 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | ||
Apr. 29, 2016USD ($) | May. 01, 2015USD ($) | Jan. 29, 2016USD ($) | |
Segment Reporting Information | |||
Assets | $ 1,212,067 | $ 1,297,802 | $ 1,281,526 |
Earnings Before Interest, Taxes, Depreciation and Amortization | 636 | 13,050 | |
Depreciation and amortization | $ 4,136 | 4,553 | |
Number of reportable business segments | 2 | ||
Summary of Segment Data | |||
Net revenue | $ 273,433 | 299,387 | |
Capital expenditures | 10,485 | 10,974 | |
Operating segments | Direct | |||
Segment Reporting Information | |||
Assets | 952,138 | 1,030,240 | 953,502 |
Earnings Before Interest, Taxes, Depreciation and Amortization | 12,832 | 21,678 | |
Depreciation and amortization | 3,350 | 3,695 | |
Summary of Segment Data | |||
Net revenue | 232,185 | 253,373 | |
Capital expenditures | 10,302 | 10,883 | |
Operating segments | Retail | |||
Segment Reporting Information | |||
Assets | 60,756 | 57,549 | 69,321 |
Earnings Before Interest, Taxes, Depreciation and Amortization | (3,930) | 144 | |
Depreciation and amortization | 419 | 497 | |
Summary of Segment Data | |||
Net revenue | 41,216 | 45,992 | |
Capital expenditures | 183 | 0 | |
Operating segments | Corporate and Reconciling Items [Member] | |||
Segment Reporting Information | |||
Assets | 199,173 | 210,013 | $ 258,703 |
Earnings Before Interest, Taxes, Depreciation and Amortization | (8,266) | (8,772) | |
Depreciation and amortization | 367 | 361 | |
Summary of Segment Data | |||
Net revenue | 32 | 22 | |
Capital expenditures | 0 | 91 | |
Apparel [Member] | |||
Summary of Segment Data | |||
Net revenue | 231,158 | 253,445 | |
Non-apparel [Member] | |||
Summary of Segment Data | |||
Net revenue | 26,650 | 31,325 | |
Services and Other [Member] | |||
Summary of Segment Data | |||
Net revenue | $ 15,625 | $ 14,617 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Jun. 02, 2016 | 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 Informat
Supplemental Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2016 | May. 01, 2015 | |
Related Party Transaction | ||
Operating Income (Loss) | $ (3,486) | $ 8,495 |
Other Operating Income (Expense), Net | $ 14 | $ (2) |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Apr. 29, 2016 | May. 01, 2015 | Jan. 29, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $ 713 | $ 681 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||
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 | $ 800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 109,000 | 109,000 | |
Share-based Compensation | $ 234 | 397 | |
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 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 26.81 | $ 26.81 | |
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 | $ 3,400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 156,000 | 175,000 | |
Share-based Compensation | $ 479 | $ 284 | |
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, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (19,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 35.83 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 30.25 | $ 30.87 |