Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 31, 2015 | Nov. 18, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CHICOS FAS INC | |
Entity Central Index Key | 897,429 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 139,401,313 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 641,219 | $ 665,569 | $ 2,014,910 | $ 2,018,304 |
Net sales, as a Percentage of Net Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Cost of goods sold | $ 290,737 | $ 301,776 | $ 902,690 | $ 920,148 |
Cost of goods sold, as a Percentage of Net Sales | 45.30% | 45.30% | 44.80% | 45.60% |
Gross margin | $ 350,482 | $ 363,793 | $ 1,112,220 | $ 1,098,156 |
Gross margin, as a Percentage of Net Sales | 54.70% | 54.70% | 55.20% | 54.40% |
Selling, general and administrative expenses | $ 327,575 | $ 321,574 | $ 964,229 | $ 945,360 |
Selling, general and administrative expenses, as a Percentage of Net Sales | 51.10% | 48.30% | 47.90% | 46.80% |
Goodwill and intangible impairment charges | $ 45,514 | $ 0 | $ 112,455 | $ 0 |
Goodwill and intangible impairment charges, as a Percentage of Net Sales | 7.10% | 0.00% | 5.60% | 0.00% |
Restructuring and strategic charges | $ 3,137 | $ 0 | $ 34,178 | $ 0 |
Restructuring and strategic charges, as a Percentage of Net Sales | 0.50% | 0.00% | 1.60% | 0.00% |
Income (loss) from operations | $ (25,744) | $ 42,219 | $ 1,358 | $ 152,796 |
Income (loss) from operations, as a Percentage of Net Sales | (4.00%) | 6.40% | 0.10% | 7.60% |
Interest (expense) income, net | $ (466) | $ 44 | $ (1,421) | $ 75 |
Interest (expense) income, net, as a Percentage of Net Sales | (0.10%) | 0.00% | (0.10%) | 0.00% |
Income (loss) before income taxes | $ (26,210) | $ 42,263 | $ (63) | $ 152,871 |
Income (loss) before income taxes, as a Percentage of Net Sales | (4.10%) | 6.40% | 0.00% | 7.60% |
Income tax (benefit) provision | $ (14,600) | $ 15,800 | $ (23,100) | $ 56,400 |
Income tax (benefit) provision, as a Percentage of Net Sales | (2.30%) | 2.40% | (1.10%) | 2.80% |
Net income (loss) | $ (11,610) | $ 26,463 | $ 23,037 | $ 96,471 |
Net income (loss), as a Percentage of Net Sales | (1.80%) | 4.00% | 1.10% | 4.80% |
Per share data: | ||||
Net income (loss) per common share-basic (in dollars per share) | $ (0.09) | $ 0.17 | $ 0.16 | $ 0.63 |
Net income (loss) per common and common equivalent share–diluted (in dollars per share) | $ (0.09) | $ 0.17 | $ 0.16 | $ 0.63 |
Weighted average common shares outstanding–basic (shares) | 136,172 | 148,564 | 139,386 | 148,577 |
Weighted average common and common equivalent shares outstanding–diluted (shares) | 136,172 | 149,037 | 139,724 | 149,093 |
Dividends declared per share (in dollars per share) | $ 0 | $ 0 | $ 0.2325 | $ 0.2250 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (11,610) | $ 26,463 | $ 23,037 | $ 96,471 |
Other comprehensive income (loss): | ||||
Unrealized (losses) gains on marketable securities, net of taxes | 12 | (29) | (6) | (81) |
Foreign currency translation adjustment, net of taxes | (31) | 119 | 90 | 116 |
Comprehensive income (loss) | $ (11,629) | $ 26,553 | $ 23,121 | $ 96,506 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Current Assets: | |||
Cash and cash equivalents | $ 91,256 | $ 133,351 | $ 67,172 |
Marketable securities, at fair value | 47,316 | 126,561 | 124,042 |
Inventories | 268,968 | 235,159 | 294,234 |
Prepaid expenses and other current assets | 98,305 | 51,088 | 52,062 |
Assets held for sale | 41,802 | 16,800 | 0 |
Total Current Assets | 547,647 | 562,959 | 537,510 |
Property and Equipment, net | 556,172 | 606,147 | 641,187 |
Other Assets: | |||
Goodwill | 96,774 | 145,627 | 171,427 |
Other intangible assets, net | 38,930 | 109,538 | 114,927 |
Other assets, net | 13,691 | 14,310 | 12,897 |
Total Other Assets | 149,395 | 269,475 | 299,251 |
Total Assets | 1,253,214 | 1,438,581 | 1,477,948 |
Current Liabilities: | |||
Accounts payable | 147,526 | 144,534 | 162,641 |
Current debt | 10,000 | 0 | 0 |
Other current and deferred liabilities | 140,557 | 158,396 | 145,972 |
Liabilities held for sale | 8,478 | 0 | 0 |
Total Current Liabilities | 306,561 | 302,930 | 308,613 |
Noncurrent Liabilities: | |||
Long-term debt | 84,702 | 0 | 0 |
Deferred liabilities | 135,390 | 142,371 | 146,715 |
Deferred taxes | 20,385 | 49,659 | 42,306 |
Total Noncurrent Liabilities | 240,477 | 192,030 | 189,021 |
Stockholders’ Equity: | |||
Preferred stock | 0 | 0 | 0 |
Common stock | 1,394 | 1,529 | 1,529 |
Additional paid-in capital | 429,746 | 407,275 | 401,110 |
Treasury stock, at cost | (249,854) | 0 | 0 |
Retained earnings | 524,244 | 534,255 | 577,528 |
Accumulated other comprehensive income | 646 | 562 | 147 |
Total Stockholders’ Equity | 706,176 | 943,621 | 980,314 |
Total Liabilities and Stockholders' Equity | $ 1,253,214 | $ 1,438,581 | $ 1,477,948 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Cash Flows From Operating Activities: | ||
Net income | $ 23,037 | $ 96,471 |
Adjustments to reconcile net income to net cash provided by operating activities — | ||
Goodwill and intangible impairment charges, pre-tax | 112,455 | 0 |
Depreciation and amortization | 90,266 | 90,514 |
Loss on disposal and impairment of property and equipment | 22,609 | 757 |
Deferred tax benefit | (52,623) | (9,204) |
Stock-based compensation expense | 20,712 | 20,041 |
Excess tax benefit from stock-based compensation | (2,992) | (1,654) |
Deferred rent and lease credits | (15,018) | (13,754) |
Changes in assets and liabilities: | ||
Inventories | (44,811) | (56,089) |
Prepaid expenses and other assets | (27,653) | (5,032) |
Accounts payable | 7,377 | 31,387 |
Accrued and other liabilities | (3,300) | 27,655 |
Net cash provided by operating activities | 130,059 | 181,092 |
Cash Flows From Investing Activities: | ||
Purchases of marketable securities | (43,479) | (81,134) |
Proceeds from sale of marketable securities | 122,712 | 73,062 |
Purchases of property and equipment, net | (66,595) | (98,084) |
Net cash provided by (used in) investing activities | 12,638 | (106,156) |
Cash Flows From Financing Activities: | ||
Proceeds from borrowings | 124,000 | 0 |
Payments on borrowings | (29,000) | 0 |
Proceeds from issuance of common stock | 10,614 | 5,930 |
Excess tax benefit from stock-based compensation | 2,992 | 1,654 |
Dividends paid | (32,933) | (34,329) |
Repurchase of common stock | (260,555) | (17,579) |
Net cash used in financing activities | (184,882) | (44,324) |
Effects of exchange rate changes on cash and cash equivalents | 90 | 116 |
Net (decrease) increase in cash and cash equivalents | (42,095) | 30,728 |
Cash and Cash Equivalents, Beginning of period | 133,351 | 36,444 |
Cash and Cash Equivalents, End of period | 91,256 | 67,172 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 2,112 | 230 |
Cash paid for income taxes, net | $ 47,377 | $ 48,321 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Chico’s FAS, Inc. and its wholly-owned subsidiaries (collectively, the “Company”) have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) for complete financial statements. In the opinion of management, such interim financial statements reflect all normal, recurring adjustments considered necessary to present fairly the condensed consolidated financial position, the results of operations and cash flows for the interim periods presented. All significant intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the consolidated financial statements and notes thereto for the fiscal year ended January 31, 2015 , included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 9, 2015 . As used in this report, all references to “we,” “us,” “our,” and “the Company,” refer to Chico’s FAS, Inc. and all of its wholly-owned subsidiaries. Our fiscal years end on the Saturday closest to January 31 and are designated by the calendar year in which the fiscal year commences. Operating results for the thirteen weeks and thirty-nine weeks ended October 31, 2015 are not necessarily indicative of the results that may be expected for the entire year. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Oct. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In July 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330). The amendments, which apply to inventory that is measured using any method other than the last-in, first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and should be applied on a prospective basis. We are currently assessing the potential impact of adopting this ASU, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial position or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which modifies the presentation of debt issuance costs in financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than the Company's current classification as a deferred asset within Other Assets. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We elected to early adopt this guidance in the second quarter ended August 1, 2015, and have presented the debt issuance costs related to our revolving credit facility as a deferred asset within Other Assets, as is permitted by ASU No. 2015-15, Imputation of Interest, which was issued in August 2015. Such adoption did not have a material impact to our consolidated financial position. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB approved a one year deferral of the effective date, to make it effective for annual and interim reporting periods beginning after December 15, 2017. The standard allows for either a full retrospective or a modified retrospective transition method. We are currently assessing the new standard and its potential impact to our consolidated results of operations, financial position and cash flows. In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's operations and financial results would qualify as discontinued operations. The update also requires expanded disclosures for discontinued operations and requires entities to disclose information about disposals of individually significant components that don't qualify for discontinued operations reporting. ASU 2014-08 was effective prospectively for interim and annual reporting periods beginning after December 15, 2014. We adopted this standard beginning with the first quarter ended May 2, 2015 and have applied this standard to the Boston Proper disposal, as further discussed in Note 3. |
Restructuring and Strategic Cha
Restructuring and Strategic Charges | 9 Months Ended |
Oct. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Strategic Charges | Restructuring and Strategic Charges During the fourth quarter of fiscal 2014, we initiated a restructuring program, including the acceleration of domestic store closures and an organizational realignment, to ensure that resources align with long-term growth initiatives, including omni-channel. In connection with this effort, in the fourth quarter of fiscal 2014, we recorded pre-tax restructuring and other charges of approximately $16.7 million primarily related to severance, store closures and other impairment charges. During the second quarter of fiscal 2015, in connection with the restructuring program, we completed an evaluation of the Boston Proper brand and initiated a plan (the "Plan") to sell the direct-to-consumer ("DTC") business and close its stores, allowing us to focus our efforts on our core omni-channel brands. During the third quarter of fiscal 2015 we signed a non-binding letter of intent to sell the Boston Proper DTC business. Subject to finalization of an asset purchase agreement and a transition services agreement, we expect to complete the sale in the fourth quarter of 2015. As of October 31, 2015 , all assets and liabilities of the Boston Proper DTC business have been recorded as held for sale in the accompanying condensed consolidated balance sheets at fair value less costs to sell. While we currently expect to sell the Boston Proper DTC business, the sale is dependent on various factors. There can be no assurance that we will realize our expected proceeds or that the sale, if any, will be complete within a reasonable time. We assessed the disposal group and determined that the sale of the Boston Proper DTC business will not have a major effect on our consolidated results of operations, financial position or cash flows. Accordingly, the disposal group is not presented in the consolidated financial statements as a discontinued operation. Pretax losses in the third quarter of fiscal 2015 and 2014 for the Boston Proper DTC business were $4.1 million and $2.3 million , respectively. Pretax losses in the year-to-date period of fiscal 2015 and 2014 were $8.4 million and $4.0 million , respectively. A summary of the restructuring and strategic charges is presented in the table below: Thirty-Nine Weeks Ended Thirteen Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 (in thousands) Impairment charges $ 21,259 $ — $ 329 $ — Continuing employee-related costs 5,639 — — — Severance charges 1,808 — (12 ) — Lease termination charges 4,903 — 2,146 — Other 569 — 674 — Total restructuring and strategic charges, pre-tax $ 34,178 $ — $ 3,137 $ — During the third quarter of fiscal 2015 , we recorded pre-tax restructuring and strategic charges in the accompanying condensed consolidated statements of operations of $3.1 million , primarily consisting of $2.1 million in lease termination charges. During the year-to-date period of fiscal 2015, we recorded pre-tax restructuring and strategic charges of $34.2 million , primarily related to $21.3 million in property and equipment impairment charges, $5.6 million in continuing employee-related costs, $1.8 million in severance charges and $4.9 million in lease termination charges. In connection with the restructuring and strategic activities, in the third quarter of fiscal 2015 we continued our evaluation of our domestic store portfolio and increased the number of under-performing stores identified for closure to 170 - 175 , including the Boston Proper stores. Through the third quarter of 2015 , 33 stores across our brands have been closed. We plan to close an additional 40 stores, including 20 Boston Proper stores, in fiscal 2015 , with the remainder to be closed in fiscal 2016 and 2017. As a result, we expect to incur additional cash charges related to lease termination expenses of approximately $10.0 million . As of October 31, 2015 , a reserve of $5.7 million related to restructuring and strategic activities was included in other current and deferred liabilities in the accompanying condensed consolidated balance sheets. A roll-forward of the reserve is presented as follows: Severance Charges Lease Termination Charges Other Total (in thousands) Beginning Balance, January 31, 2015 $ 7,577 $ — $ 486 $ 8,063 Charges 1,808 4,903 1,269 7,980 Payments (7,488 ) (1,707 ) (1,184 ) (10,379 ) Ending Balance, October 31, 2015 $ 1,897 $ 3,196 $ 571 $ 5,664 |
Goodwill and Intangible Impairm
Goodwill and Intangible Impairment Charges | 9 Months Ended |
Oct. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Impairment Charges | Goodwill and Intangible Impairment Charges In the second quarter of fiscal 2015 , in connection with the Plan, we recorded a pre-tax goodwill impairment charge of $48.9 million , reducing the carrying value of goodwill to zero , and a pre-tax impairment charge related to the Boston Proper trade name of $18.1 million , reducing the carrying value of the trade name to $23.6 million . In the third quarter of fiscal 2015 , based on declining market indications of value as evidenced by our non-binding letter of intent, and as a result of a decline in third quarter sales, we recorded a pre-tax impairment charge related to the Boston Proper trade name of $21.3 million , reducing the carrying value of the trade name to $2.3 million , and a pre-tax impairment charge related to the Boston Proper customer relationship intangible of $24.2 million reducing the carrying value of the customer relationship intangible to $2.6 million . The carrying value of the Boston Proper trade name and customer list intangible are included in assets held for sale in the condensed consolidated balance sheet as of October 31, 2015 . The following table provides changes in the carrying amount of Boston Proper goodwill: October 31, 2015 (in thousands) Gross carrying amount $ 141,919 Cumulative impairment, January 31, 2015 (93,066 ) Impairment charges (48,853 ) Cumulative impairment, October 31, 2015 (141,919 ) Net carrying amount $ — |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation For the thirty-nine weeks ended October 31, 2015 and November 1, 2014 , stock-based compensation expense was $20.7 million and $20.0 million , respectively. As of October 31, 2015 , approximately 6.9 million shares remain available for future grants of equity awards under our 2012 Omnibus Stock and Incentive Plan. Restricted Stock Awards Restricted stock award activity for the thirty-nine weeks ended October 31, 2015 was as follows: Number of Weighted Unvested, beginning of period 3,918,189 $ 15.70 Granted 1,322,270 18.00 Vested (1,658,369 ) 14.76 Forfeited (482,662 ) 16.99 Unvested, end of period 3,099,428 16.99 Performance-based Restricted Stock Units For the thirty-nine weeks ended October 31, 2015 , we granted performance-based restricted stock units (“PSUs”), contingent upon the achievement of a Company-specific performance goal during fiscal 2015 . Any units earned as a result of the achievement of this goal will vest over 3 years from the date of grant and will be settled in shares of our common stock. Performance-based restricted stock unit activity for the thirty-nine weeks ended October 31, 2015 was as follows: Number of Weighted Unvested, beginning of period 213,453 $ 15.01 Granted 526,810 18.23 Vested (213,453 ) 15.01 Forfeited (23,972 ) 18.23 Unvested, end of period 502,838 18.23 Stock Option Awards For the thirty-nine weeks ended October 31, 2015 and November 1, 2014 , we did not grant any stock options. In the years that we granted options, we used the Black-Scholes option-pricing model to value our stock options. Stock option activity for the thirty-nine weeks ended October 31, 2015 was as follows: Number of Weighted Outstanding, beginning of period 1,947,928 $ 15.16 Granted — — Exercised (718,628 ) 11.42 Forfeited or expired (156,776 ) 31.31 Outstanding and exercisable at October 31, 2015 1,072,524 15.31 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes is based on a current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. Our effective income tax rate may fluctuate from quarter to quarter as a result of a variety of factors, including changes in our assessment of certain tax contingencies, valuation allowances, changes in tax law, outcomes of administrative audits, the impact of discrete items, and the mix of earnings. For the thirteen weeks ended October 31, 2015 and November 1, 2014 the effective tax rate was (55.7)% and 37.4% , respectively. The income tax benefit for the third quarter of 2015 of $14.6 million and effective tax rate of (55.7)% primarily reflected the pre-tax net loss during the period and tax credits related to the fiscal 2014 federal tax return, partially offset by the impact of the Boston Proper goodwill impairment on the annual effective tax rate. For the thirty-nine weeks ended October 31, 2015 the income tax benefit was $23.1 million . The effective tax rate for this period was not comparable to the 36.9% effective tax rate for the thirty-nine weeks ended November 1, 2014 , primarily due to the tax benefit recorded in fiscal 2015 related to the expected disposition of Boston Proper's stock and the impact of the Boston Proper goodwill impairment on the annual effective tax rate. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share In accordance with relevant accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of earnings per common share pursuant to the “two-class” method. For us, participating securities are composed entirely of unvested restricted stock awards and PSUs that have met their relevant performance criteria. Earnings per share (“EPS”) is determined using the two-class method, as it is more dilutive than the treasury stock method. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period, including participating securities. Diluted EPS reflects the dilutive effect of potential common shares from non-participating securities such as stock options and PSUs. The following table sets forth the computation of basic and diluted EPS shown on the face of the accompanying condensed consolidated statements of operations (in thousands, except per share amounts): Thirty-Nine Weeks Ended Thirteen Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Numerator Net income (loss) $ 23,037 $ 96,471 $ (11,610 ) $ 26,463 Net income and dividends declared allocated to participating securities (492 ) (2,648 ) — (745 ) Net income (loss) available to common shareholders $ 22,545 $ 93,823 $ (11,610 ) $ 25,718 Denominator Weighted average common shares outstanding – basic 139,386 148,577 136,172 148,564 Dilutive effect of non-participating securities 338 516 — 473 Weighted average common and common equivalent shares outstanding – diluted 139,724 149,093 136,172 149,037 Net income (loss) per common share: Basic $ 0.16 $ 0.63 $ (0.09 ) $ 0.17 Diluted $ 0.16 $ 0.63 $ (0.09 ) $ 0.17 For the thirty-nine weeks ended October 31, 2015 and November 1, 2014 , 1.3 million and 0.6 million potential shares of common stock, respectively, were excluded from the diluted per share calculation relating to non-participating securities, because the effect of including these potential shares was antidilutive. For the thirteen weeks ended October 31, 2015 and November 1, 2014 , 0.3 million and 0.5 million potential shares of common stock, respectively, were excluded from the diluted per share calculation relating to non-participating securities, because the effect of including these potential shares was antidilutive. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Our financial instruments consist of cash, money market accounts, marketable securities, assets held in our non-qualified deferred compensation plan, accounts receivable and payable, and debt. Cash, accounts receivable and accounts payable are carried at cost, which approximates their fair value due to the short-term nature of the instruments. Refer to Note 11 for the fair value of the Company's outstanding debt instruments. Marketable securities are classified as available-for-sale and as of October 31, 2015 generally consist of corporate bonds, U.S. government agencies and commercial paper with $26.0 million of securities with maturity dates within one year or less and $21.3 million with maturity dates over one year and less than two years. We consider all marketable securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classify these securities within current assets on the condensed consolidated balance sheets as they are available to support current operational liquidity needs. Marketable securities are carried at fair value, with the unrealized holding gains and losses, net of income taxes, reflected in accumulated other comprehensive income until realized. For the purposes of computing realized and unrealized gains and losses, cost is determined on a specific identification basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Entities are required to use a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or; Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or; Inputs other than quoted prices that are observable for the asset or liability Level 3 — Unobservable inputs for the asset or liability We measure certain financial assets at fair value on a recurring basis, including our marketable securities, which are classified as available-for-sale securities, certain cash equivalents, specifically our money market accounts, and assets held in our non-qualified deferred compensation plan. The money market accounts are valued based on quoted market prices in active markets. Our marketable securities are generally valued based on other observable inputs for those securities (including market corroborated pricing or other models that utilize observable inputs such as interest rates and yield curves) based on information provided by independent third party pricing entities, except for U.S. government securities which are valued based on quoted market prices in active markets. The investments in our non-qualified deferred compensation plan are valued using quoted market prices and are included in other assets on our condensed consolidated balance sheets. From time to time, we measure certain assets at fair value on a non-recurring basis, including evaluation of long-lived assets, goodwill and other intangible assets for impairment using company-specific assumptions which would fall within Level 3 of the fair value hierarchy. The carrying value of the current assets and liabilities held for sale related to the the Boston Proper DTC business approximate their fair value due to their short-term nature. We estimate the fair value of other assets held for sale using market values for similar assets which would fall within Level 2 of the fair value hierarchy. During fiscal 2015 , we recorded $128.1 million in pre-tax impairment charges related to assets measured at fair value on a non-recurring basis, comprised of $48.9 million in Boston Proper goodwill impairment, $39.4 million pre-tax in Boston Proper trade name impairment, $24.2 million in Boston Proper customer relationship intangible impairment, $13.9 million in property and equipment impairment charges related to Boston Proper and a $1.7 million loss recognized on Boston Proper DTC assets held for sale. To assess the fair value of Boston Proper goodwill in the second quarter of fiscal 2015, we utilized an income approach, which incorporated market assumptions. Inputs used to calculate the fair value based on the income approach primarily included estimated future cash flows for the DTC business, discounted at a rate that approximates a rate that would be used by a market participant. Inputs used to calculate the fair value also incorporated market assumptions and included consideration of multiples of sales and earnings based on guidelines for publicly traded companies and recent transactions. To assess the fair value of the Boston Proper trade name in the second quarter of fiscal 2015, we utilized a relief from royalty approach. Inputs used to calculate the fair value of the trade name utilizing the relief from royalty approach, in the second quarter of fiscal 2015, primarily included future sales projections for the DTC business, discounted at a rate that approximates a rate that would be used by a market participant and estimated royalty rate. To assess the fair value of the Boston Proper trade name and customer relationship intangible in the third quarter of fiscal 2015, we utilized a market approach. The market approach estimated the fair value of the intangible assets based on indications of value received from third parties. Fair value calculations contain significant judgments and estimates, which may differ from actual results due to, among other things, economic conditions, changes to the business model or changes in operating performance. During the quarter ended October 31, 2015 , we did not make any transfers between Level 1 and Level 2 financial assets. Furthermore, as of October 31, 2015 , January 31, 2015 and November 1, 2014 , we did not have any Level 3 cash equivalents or marketable securities. We conduct reviews on a quarterly basis to verify pricing, assess liquidity, and determine if significant inputs have changed that would impact the fair value hierarchy disclosure. In accordance with the provisions of the guidance, we categorized our financial assets, which are valued on a recurring basis, based on the priority of the inputs to the valuation technique for the instruments, as follows: Fair Value Measurements at Reporting Date Using Balance as of October 31, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Current Assets Cash equivalents: Money market accounts $ 3,100 $ 3,100 $ — $ — Marketable securities: U.S. government agencies 17,817 — 17,817 — Corporate bonds 27,256 — 27,256 — Commercial paper 2,243 — 2,243 — Non Current Assets Deferred compensation plan 8,632 8,632 — — Total $ 59,048 $ 11,732 $ 47,316 $ — Balance as of January 31, 2015 Current Assets Cash equivalents: Money market accounts $ 338 $ 338 $ — $ — Marketable securities: Municipal securities 16,663 — 16,663 — U.S. government securities 1,402 1,402 — — U.S. government agencies 26,299 — 26,299 — Corporate bonds 79,202 — 79,202 — Commercial paper 2,995 — 2,995 — Non Current Assets Deferred compensation plan 8,461 8,461 — — Total $ 135,360 $ 10,201 $ 125,159 $ — Balance as of November 1, 2014 Current Assets Cash equivalents: Money market accounts $ 2,721 $ 2,721 $ — $ — Marketable securities: Municipal securities 22,103 — 22,103 — U.S. government securities 1,403 1,403 — — U.S. government agencies 20,313 — 20,313 — Corporate bonds 49,225 — 49,225 — Commercial paper 30,998 — 30,998 — Non Current Assets Deferred compensation plan 8,085 8,085 — — Total $ 134,848 $ 12,209 $ 122,639 $ — |
Inventories
Inventories | 9 Months Ended |
Oct. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of October 31, 2015 , in connection with the Plan, Boston Proper DTC inventories of $11.0 million were included in assets held for sale, as further discussed in Note 10. When including inventory related to the Boston Proper DTC business, inventories totaled $280.0 million compared to $294.2 million in last year's third quarter. |
Assets and Liabilities Held for
Assets and Liabilities Held for Sale | 9 Months Ended |
Oct. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held for Sale | Assets and Liabilities Held for Sale As of October 31, 2015 , all assets and liabilities of the Boston Proper DTC business have been recorded as held for sale in the accompanying condensed consolidated balance sheets. All assets held for sale were measured at fair value less costs to sell, resulting in a loss of $1.7 million in fiscal 2015 , which is reflected in restructuring and strategic charges in the condensed consolidated statements of operations. The following table summarizes the balances of assets and liabilities held for sale as of October 31, 2015 . Other intangible assets are presented net of impairment charges, as further discussed in Note 4: October 31, 2015 (in thousands) Assets: Inventories $ 11,002 Other current assets 1,891 Property and equipment, net 2,258 Other intangible assets, net 4,827 Boston Proper DTC assets 19,978 Loss recognized on Boston Proper DTC assets held for sale (1,700 ) Total Boston Proper DTC assets held for sale 18,278 Land and other assets held for sale 23,524 Total assets held for sale $ 41,802 Liabilities: Current liabilities $ 8,478 Total Boston Proper DTC liabilities held for sale $ 8,478 |
Debt
Debt | 9 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt On May 4, 2015, we entered into a credit agreement (the "Agreement") among the Company, JPMorgan Chase Bank, N.A. as Administrative Agent, Bank of America, N.A., as Syndication Agent and the Lenders party hereto. Our obligations under the Agreement are guaranteed by certain of our material U.S. subsidiaries. The Agreement provides for a term loan commitment in the amount of $100.0 million , of which $100.0 million was drawn at closing, and matures on May 4, 2020, payable in quarterly installments, as defined in the Agreement, with the remainder due at maturity. The Agreement also provides for a $100.0 million revolving credit facility, of which $24.0 million was drawn at closing and was repaid in the second quarter of 2015. The revolving credit facility matures on May 4, 2020. The Agreement has borrowing options which accrue interest by reference, at our election, at either an adjusted eurodollar rate tied to LIBOR or an Alternate Base Rate plus an interest rate margin, as defined in the Agreement. The Agreement contains customary representations, warranties, and affirmative covenants, including the requirement to maintain certain financial ratios. The Company was in compliance with the applicable ratio requirements and other covenants at October 31, 2015 . On May 4, 2015, in connection with our entry into the Agreement, we repaid and terminated, with no prepayment penalties, the $124.0 million outstanding obligation under our 2011 revolving credit facility. We used the proceeds from the initial draw of the term loan and revolving credit facility of the Agreement to repay such obligations. As of October 31, 2015 , $94.7 million in net borrowings were outstanding under the Agreement, and are reflected as $10.0 million in current debt and $84.7 million in long-term debt in the accompanying condensed consolidated balance sheets. As of October 31, 2015 , an unamortized debt discount of $0.4 million was outstanding related to the Agreement and is allocated to other assets and long-term debt in the accompanying condensed consolidated balance sheet. The following table provides details on our debt outstanding as of October 31, 2015 , January 31, 2015 and November 1, 2014 : October 31, 2015 January 31, 2015 November 1, 2014 (in thousands) Credit Agreement, net of unamortized debt discount $ 94,702 $ — $ — Less: current portion (10,000 ) — — Total long-term debt, net of unamortized debt discount $ 84,702 $ — $ — |
Share Repurchases
Share Repurchases | 9 Months Ended |
Oct. 31, 2015 | |
Equity [Abstract] | |
Share Repurchases | Share Repurchases In December 2013, we announced a $300.0 million share repurchase authorization, and immediately prior to the execution of the accelerated stock repurchase agreements ("ASR Agreements") described below, we had $290.0 million remaining under the existing authority. In March 2015, we entered into ASR Agreements with each of Merrill Lynch, Pierce, Fenner and Smith Incorporated ("Merrill Lynch"), as agent for Merrill Lynch International, and J.P. Morgan Securities, LLC ("JP Morgan"), as agent for JPMorgan Chase Bank, N.A., to purchase $250.0 million in outstanding shares of our common stock. Under the ASR Agreements, we made a payment of approximately $125.0 million to each of Merrill Lynch and JP Morgan and received from each of them an initial delivery of approximately 5.35 million common shares. The value of the initial shares received on the date of purchase was approximately $187.5 million . In the second quarter of fiscal 2015, Merrill Lynch and JP Morgan delivered an additional 3.9 million shares upon completion of the ASR Agreements, valued at approximately $62.5 million . We accounted for the ASR Agreements as treasury stock repurchase transactions, reducing the shares outstanding by the 10.7 million common shares initially repurchased and resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The additional 3.9 million shares delivered resulted in a reduction of the outstanding shares on the date of delivery in the second quarter of fiscal 2015. Following the consummation of the ASR Agreements, we had approximately $40.0 million remaining under our share repurchase program. The repurchase program has no specific termination date and will expire when we have repurchased all securities authorized for repurchase thereunder, unless terminated earlier by our Board of Directors. There were no share repurchases during the third quarter of fiscal 2015. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On November 24, 2015, we announced that our Board of Directors has canceled the remainder of the December 2013 share repurchase program, under which $40 million was remaining as of October 31, 2015,and approved a new $300 million share repurchase authorization for the Company's common stock. We also announced that our Board of Directors has declared a quarterly dividend of $0.0775 per share on our common stock. The dividend will be payable on December 21, 2015 to shareholders of record at the close of business on December 7, 2015. Although it is our Company’s intention to continue to pay a quarterly cash dividend in the future, any decision to pay future cash dividends will be made by the Board of Directors and will depend on future earnings, financial condition and other factors. |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements (Policies) | 9 Months Ended |
Oct. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | In July 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330). The amendments, which apply to inventory that is measured using any method other than the last-in, first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and should be applied on a prospective basis. We are currently assessing the potential impact of adopting this ASU, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial position or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which modifies the presentation of debt issuance costs in financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than the Company's current classification as a deferred asset within Other Assets. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We elected to early adopt this guidance in the second quarter ended August 1, 2015, and have presented the debt issuance costs related to our revolving credit facility as a deferred asset within Other Assets, as is permitted by ASU No. 2015-15, Imputation of Interest, which was issued in August 2015. Such adoption did not have a material impact to our consolidated financial position. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB approved a one year deferral of the effective date, to make it effective for annual and interim reporting periods beginning after December 15, 2017. The standard allows for either a full retrospective or a modified retrospective transition method. We are currently assessing the new standard and its potential impact to our consolidated results of operations, financial position and cash flows. In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's operations and financial results would qualify as discontinued operations. The update also requires expanded disclosures for discontinued operations and requires entities to disclose information about disposals of individually significant components that don't qualify for discontinued operations reporting. ASU 2014-08 was effective prospectively for interim and annual reporting periods beginning after December 15, 2014. We adopted this standard beginning with the first quarter ended May 2, 2015 and have applied this standard to the Boston Proper disposal, as further discussed in Note 3. |
Restructuring and Strategic C20
Restructuring and Strategic Charges (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring and Strategic Charges | A summary of the restructuring and strategic charges is presented in the table below: Thirty-Nine Weeks Ended Thirteen Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 (in thousands) Impairment charges $ 21,259 $ — $ 329 $ — Continuing employee-related costs 5,639 — — — Severance charges 1,808 — (12 ) — Lease termination charges 4,903 — 2,146 — Other 569 — 674 — Total restructuring and strategic charges, pre-tax $ 34,178 $ — $ 3,137 $ — |
Summary of Restructuring Liabilities | A roll-forward of the reserve is presented as follows: Severance Charges Lease Termination Charges Other Total (in thousands) Beginning Balance, January 31, 2015 $ 7,577 $ — $ 486 $ 8,063 Charges 1,808 4,903 1,269 7,980 Payments (7,488 ) (1,707 ) (1,184 ) (10,379 ) Ending Balance, October 31, 2015 $ 1,897 $ 3,196 $ 571 $ 5,664 |
Goodwill and Intangible Impai21
Goodwill and Intangible Impairment Charges (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | The following table provides changes in the carrying amount of Boston Proper goodwill: October 31, 2015 (in thousands) Gross carrying amount $ 141,919 Cumulative impairment, January 31, 2015 (93,066 ) Impairment charges (48,853 ) Cumulative impairment, October 31, 2015 (141,919 ) Net carrying amount $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Activity | Restricted stock award activity for the thirty-nine weeks ended October 31, 2015 was as follows: Number of Weighted Unvested, beginning of period 3,918,189 $ 15.70 Granted 1,322,270 18.00 Vested (1,658,369 ) 14.76 Forfeited (482,662 ) 16.99 Unvested, end of period 3,099,428 16.99 |
Schedule of Performance-Based Restricted Stock Unit Activity | Performance-based restricted stock unit activity for the thirty-nine weeks ended October 31, 2015 was as follows: Number of Weighted Unvested, beginning of period 213,453 $ 15.01 Granted 526,810 18.23 Vested (213,453 ) 15.01 Forfeited (23,972 ) 18.23 Unvested, end of period 502,838 18.23 |
Summary of Stock Option Activity | Stock option activity for the thirty-nine weeks ended October 31, 2015 was as follows: Number of Weighted Outstanding, beginning of period 1,947,928 $ 15.16 Granted — — Exercised (718,628 ) 11.42 Forfeited or expired (156,776 ) 31.31 Outstanding and exercisable at October 31, 2015 1,072,524 15.31 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table sets forth the computation of basic and diluted EPS shown on the face of the accompanying condensed consolidated statements of operations (in thousands, except per share amounts): Thirty-Nine Weeks Ended Thirteen Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Numerator Net income (loss) $ 23,037 $ 96,471 $ (11,610 ) $ 26,463 Net income and dividends declared allocated to participating securities (492 ) (2,648 ) — (745 ) Net income (loss) available to common shareholders $ 22,545 $ 93,823 $ (11,610 ) $ 25,718 Denominator Weighted average common shares outstanding – basic 139,386 148,577 136,172 148,564 Dilutive effect of non-participating securities 338 516 — 473 Weighted average common and common equivalent shares outstanding – diluted 139,724 149,093 136,172 149,037 Net income (loss) per common share: Basic $ 0.16 $ 0.63 $ (0.09 ) $ 0.17 Diluted $ 0.16 $ 0.63 $ (0.09 ) $ 0.17 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Valued on a Recurring Basis, Based on the Priority of the Inputs to the Valuation Technique | In accordance with the provisions of the guidance, we categorized our financial assets, which are valued on a recurring basis, based on the priority of the inputs to the valuation technique for the instruments, as follows: Fair Value Measurements at Reporting Date Using Balance as of October 31, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Current Assets Cash equivalents: Money market accounts $ 3,100 $ 3,100 $ — $ — Marketable securities: U.S. government agencies 17,817 — 17,817 — Corporate bonds 27,256 — 27,256 — Commercial paper 2,243 — 2,243 — Non Current Assets Deferred compensation plan 8,632 8,632 — — Total $ 59,048 $ 11,732 $ 47,316 $ — Balance as of January 31, 2015 Current Assets Cash equivalents: Money market accounts $ 338 $ 338 $ — $ — Marketable securities: Municipal securities 16,663 — 16,663 — U.S. government securities 1,402 1,402 — — U.S. government agencies 26,299 — 26,299 — Corporate bonds 79,202 — 79,202 — Commercial paper 2,995 — 2,995 — Non Current Assets Deferred compensation plan 8,461 8,461 — — Total $ 135,360 $ 10,201 $ 125,159 $ — Balance as of November 1, 2014 Current Assets Cash equivalents: Money market accounts $ 2,721 $ 2,721 $ — $ — Marketable securities: Municipal securities 22,103 — 22,103 — U.S. government securities 1,403 1,403 — — U.S. government agencies 20,313 — 20,313 — Corporate bonds 49,225 — 49,225 — Commercial paper 30,998 — 30,998 — Non Current Assets Deferred compensation plan 8,085 8,085 — — Total $ 134,848 $ 12,209 $ 122,639 $ — |
Assets and Liabilities Held f25
Assets and Liabilities Held for Sale (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Balances of Assets and Liabilities Held for Sale | Other intangible assets are presented net of impairment charges, as further discussed in Note 4: October 31, 2015 (in thousands) Assets: Inventories $ 11,002 Other current assets 1,891 Property and equipment, net 2,258 Other intangible assets, net 4,827 Boston Proper DTC assets 19,978 Loss recognized on Boston Proper DTC assets held for sale (1,700 ) Total Boston Proper DTC assets held for sale 18,278 Land and other assets held for sale 23,524 Total assets held for sale $ 41,802 Liabilities: Current liabilities $ 8,478 Total Boston Proper DTC liabilities held for sale $ 8,478 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table provides details on our debt outstanding as of October 31, 2015 , January 31, 2015 and November 1, 2014 : October 31, 2015 January 31, 2015 November 1, 2014 (in thousands) Credit Agreement, net of unamortized debt discount $ 94,702 $ — $ — Less: current portion (10,000 ) — — Total long-term debt, net of unamortized debt discount $ 84,702 $ — $ — |
Restructuring and Strategic C27
Restructuring and Strategic Charges (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2015USD ($) | Jan. 31, 2015USD ($) | Nov. 01, 2014USD ($) | Oct. 31, 2015USD ($)store_closure | Nov. 01, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges | $ 3,137 | $ 16,700 | $ 0 | $ 34,178 | $ 0 |
Pretax losses | (26,210) | 42,263 | $ (63) | 152,871 | |
Number of stores across brands that have closed | store_closure | 33 | ||||
Number of additional stores to close in remainder of fiscal year | store_closure | 40 | ||||
Reserve related to restructuring and strategic activities | 5,664 | 8,063 | $ 5,664 | ||
Minimum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of under-performing stores to close | store_closure | 170 | ||||
Maximum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of under-performing stores to close | store_closure | 175 | ||||
Lease termination charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges | 2,146 | 0 | $ 4,903 | 0 | |
Additional lease termination expenses expected | 10,000 | 10,000 | |||
Reserve related to restructuring and strategic activities | 3,196 | 0 | 3,196 | ||
Property and equipment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges | 21,300 | ||||
Continuing employee-related costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges | 0 | 0 | 5,639 | 0 | |
Severance charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges | (12) | 0 | 1,808 | 0 | |
Reserve related to restructuring and strategic activities | 1,897 | $ 7,577 | 1,897 | ||
Boston Proper [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pretax losses | $ 4,100 | $ 2,300 | $ 8,400 | $ 4,000 | |
Number of additional stores to close in remainder of fiscal year | store_closure | 20 |
Restructuring and Strategic C28
Restructuring and Strategic Charges (Summary of Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | $ 3,137 | $ 16,700 | $ 0 | $ 34,178 | $ 0 |
Impairment charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | 329 | 0 | 21,259 | 0 | |
Continuing employee-related costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | 0 | 0 | 5,639 | 0 | |
Severance charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | (12) | 0 | 1,808 | 0 | |
Lease termination charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | 2,146 | 0 | 4,903 | 0 | |
Other [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | $ 674 | $ 0 | $ 569 | $ 0 |
Restructuring and Strategic C29
Restructuring and Strategic Charges (Severance and Other Charges) (Details) $ in Thousands | 9 Months Ended |
Oct. 31, 2015USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance, January 31, 2015 | $ 8,063 |
Charges | 7,980 |
Payments | (10,379) |
Ending Balance, October 31, 2015 | 5,664 |
Severance Charges [Member] | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance, January 31, 2015 | 7,577 |
Charges | 1,808 |
Payments | (7,488) |
Ending Balance, October 31, 2015 | 1,897 |
Lease Termination Charges [Member] | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance, January 31, 2015 | 0 |
Charges | 4,903 |
Payments | (1,707) |
Ending Balance, October 31, 2015 | 3,196 |
Other [Member] | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance, January 31, 2015 | 486 |
Charges | 1,269 |
Payments | (1,184) |
Ending Balance, October 31, 2015 | $ 571 |
Goodwill and Intangible Impai30
Goodwill and Intangible Impairment Charges (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2015 | Aug. 01, 2015 | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | |
Subsidiary or Equity Method Investee [Line Items] | |||||
Carrying value of goodwill | $ 96,774,000 | $ 96,774,000 | $ 145,627,000 | $ 171,427,000 | |
Boston Proper [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Pre-tax goodwill impairment charge | 48,853,000 | ||||
Carrying value of goodwill | 0 | $ 0 | 0 | ||
Pre-tax impairment charge related to trade name | 18,100,000 | ||||
Carrying value of trade name | $ 23,600,000 | ||||
Pre-tax impairment charge related to customer list | 24,200,000 | ||||
Boston Proper [Member] | Customer Lists [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Pre-tax impairment charge related to customer list | 24,200,000 | ||||
Carrying value of customer list | 2,600,000 | 2,600,000 | |||
Boston Proper [Member] | Trade Names [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Pre-tax impairment charge related to trade name | 21,300,000 | ||||
Carrying value of trade name | $ 2,300,000 | $ 2,300,000 |
Goodwill and Intangible Impai31
Goodwill and Intangible Impairment Charges (Details) - USD ($) | 9 Months Ended | |||
Oct. 31, 2015 | Aug. 01, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | |
Goodwill [Roll Forward] | ||||
Net carrying amount | $ 96,774,000 | $ 145,627,000 | $ 171,427,000 | |
Boston Proper [Member] | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Gross carrying amount | $ 141,919,000 | |||
Goodwill [Roll Forward] | ||||
Cumulative impairment, January 31, 2015 | (93,066,000) | |||
Impairment charges | (48,853,000) | |||
Cumulative impairment, October 31, 2015 | (141,919,000) | |||
Net carrying amount | $ 0 | $ 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to stock-based awards | $ 20,712 | $ 20,041 |
Number of shares available for future grants (shares) | 6.9 | |
Performance-Based Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock And PSU Activity) (Details) | 9 Months Ended |
Oct. 31, 2015$ / sharesshares | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested, beginning of period, Number of Shares | shares | 3,918,189 |
Granted, Number of Shares | shares | 1,322,270 |
Vested, Number of Shares | shares | (1,658,369) |
Forfeited, Number of Shares | shares | (482,662) |
Unvested, end of period, Number of Shares | shares | 3,099,428 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested, beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 15.70 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 18 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 14.76 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 16.99 |
Unvested, end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 16.99 |
Performance-Based Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested, beginning of period, Number of Shares | shares | 213,453 |
Granted, Number of Shares | shares | 526,810 |
Vested, Number of Shares | shares | (213,453) |
Forfeited, Number of Shares | shares | (23,972) |
Unvested, end of period, Number of Shares | shares | 502,838 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested, beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 15.01 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 18.23 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 15.01 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 18.23 |
Unvested, end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 18.23 |
Stock-Based Compensation (Sum34
Stock-Based Compensation (Summary of Stock Option Activity) (Details) | 9 Months Ended |
Oct. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, beginning of period, Number of Shares | shares | 1,947,928 |
Granted, Number of Shares | shares | 0 |
Exercised, Number of Shares | shares | (718,628) |
Forfeited or expired, Number of Shares | shares | (156,776) |
Outstanding at October 31, 2015, Number of Shares | shares | 1,072,524 |
Exercisable at October 31, 2015, Number of Shares | shares | 1,072,524 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding, beginning of period, Weighted Average Exercise Price (in dollars per share) | $ 15.16 |
Granted, Weighted Average Exercise Price (in dollars per share) | 0 |
Exercised, Weighted Average Exercise Price (in dollars per share) | 11.42 |
Forfeited or expired, Weighted Average Exercise Price (in dollars per share) | 31.31 |
Outstanding at October 31, 2015, Weighted Average Exercise Price (in dollars per share) | 15.31 |
Exercisable at October 31, 2015, Weighted Average Exercise Price (in dollars per share) | $ 15.31 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | (55.70%) | 37.40% | 36.90% | |
Income tax benefit | $ 14,600 | $ (15,800) | $ 23,100 | $ (56,400) |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (11,610) | $ 26,463 | $ 23,037 | $ 96,471 |
Net income and dividends declared allocated to participating securities | 0 | (745) | (492) | (2,648) |
Net income (loss) available to common shareholders | $ (11,610) | $ 25,718 | $ 22,545 | $ 93,823 |
Weighted average common shares outstanding – basic (shares) | 136,172 | 148,564 | 139,386 | 148,577 |
Dilutive effect of non-participating securities (shares) | 0 | 473 | 338 | 516 |
Weighted average common and common equivalent shares outstanding – diluted (shares) | 136,172 | 149,037 | 139,724 | 149,093 |
Net income (loss) per common share: Basic (in dollars per share) | $ (0.09) | $ 0.17 | $ 0.16 | $ 0.63 |
Net income (loss) per common share: Diluted (in dollars per share) | $ (0.09) | $ 0.17 | $ 0.16 | $ 0.63 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Earnings Per Share [Abstract] | ||||
Number of antidilutive securities | 0.3 | 0.5 | 1.3 | 0.6 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2015 | Aug. 01, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities with maturity dates less than one year | $ 26,000 | $ 26,000 | ||||
Securities with maturity dates over one year and less than two years | 21,300 | 21,300 | ||||
Pre-tax impairment charges for assets measured at fair value on non-recurring basis | 128,100 | |||||
Impairment charges | $ 3,137 | $ 16,700 | $ 0 | 34,178 | $ 0 | |
Boston Proper [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Goodwill impairment | 48,853 | |||||
Pre-tax impairment charge related to trade name | $ 18,100 | |||||
Customer relationship intangible impairment | 24,200 | |||||
Loss recognized on assets held for sale | 1,700 | |||||
Boston Proper [Member] | Trade name impairment [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Pre-tax impairment charge related to trade name | 39,400 | |||||
Boston Proper [Member] | Property and equipment [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment charges | $ 13,900 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets Valued On A Recurring Or Non-Recurring Basis, Based On The Priority Of The Inputs To The Valuation Technique) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan | $ 8,632 | $ 8,461 | $ 8,085 |
Total | 59,048 | 135,360 | 134,848 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan | 8,632 | 8,461 | 8,085 |
Total | 11,732 | 10,201 | 12,209 |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan | 0 | 0 | 0 |
Total | 47,316 | 125,159 | 122,639 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Municipal Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 16,663 | 22,103 | |
Municipal Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Municipal Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 16,663 | 22,103 | |
Municipal Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
U.S. Government Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 1,402 | 1,403 | |
U.S. Government Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 1,402 | 1,403 | |
U.S. Government Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
U.S. Government Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
U.S. Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 17,817 | 26,299 | 20,313 |
U.S. Government Agencies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
U.S. Government Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 17,817 | 26,299 | 20,313 |
U.S. Government Agencies [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
Corporate Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 27,256 | 79,202 | 49,225 |
Corporate Bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 27,256 | 79,202 | 49,225 |
Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 2,243 | 2,995 | 30,998 |
Commercial Paper [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 2,243 | 2,995 | 30,998 |
Commercial Paper [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
Money Market Accounts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 3,100 | 338 | 2,721 |
Money Market Accounts [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 3,100 | 338 | 2,721 |
Money Market Accounts [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | 0 |
Money Market Accounts [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | $ 0 | $ 0 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Inventory [Line Items] | |||
Inventories, including inventory related to Boston Proper DTC business | $ 280,000 | ||
Inventories | 268,968 | $ 235,159 | $ 294,234 |
Boston Proper [Member] | |||
Inventory [Line Items] | |||
Inventories reclassified to assets held for sale | $ 11,002 |
Assets and Liabilities Held f41
Assets and Liabilities Held for Sale (Narrative) (Details) $ in Thousands | 9 Months Ended |
Oct. 31, 2015USD ($) | |
Boston Proper [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Loss from assets held for sale that were measured at fair value less costs to sell | $ 1,700 |
Assets and Liabilities Held f42
Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | |
Assets: | |||
Total assets held for sale | $ 41,802 | $ 16,800 | $ 0 |
Land and other assets held for sale | 23,524 | ||
Liabilities: | |||
Total Boston Proper DTC liabilities held for sale | 8,478 | $ 0 | $ 0 |
Boston Proper [Member] | |||
Assets: | |||
Inventories | 11,002 | ||
Other current assets | 1,891 | ||
Property and equipment, net | 2,258 | ||
Other intangible assets, net | 4,827 | ||
Boston Proper DTC assets | 19,978 | ||
Loss recognized on Boston Proper DTC assets held for sale | (1,700) | ||
Total assets held for sale | 18,278 | ||
Liabilities: | |||
Total Boston Proper DTC liabilities held for sale | $ 8,478 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | May. 04, 2015 | Oct. 31, 2015 | Nov. 01, 2014 | Jan. 31, 2015 |
Debt Instrument [Line Items] | ||||
Current debt | $ 10,000,000 | $ 0 | $ 0 | |
Payments on borrowings | 29,000,000 | 0 | ||
Borrowings outstanding | 94,702,000 | 0 | 0 | |
Long-term debt | 84,702,000 | $ 0 | $ 0 | |
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 100,000,000 | |||
Amount drawn at closing | 100,000,000 | |||
Current debt | 10,000,000 | |||
Borrowings outstanding | 94,700,000 | |||
Long-term debt | 84,700,000 | |||
Unamortized debt discount | $ 400,000 | |||
Line of Credit [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | 100,000,000 | |||
Current debt | 24,000,000 | |||
Payments on borrowings | $ 124,000,000 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Debt Disclosure [Abstract] | |||
Credit Agreement, net of unamortized debt discount | $ 94,702 | $ 0 | $ 0 |
Less: current portion | (10,000) | 0 | 0 |
Total long-term debt, net of unamortized debt discount | $ 84,702 | $ 0 | $ 0 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Aug. 01, 2015 | Oct. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2013 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Share repurchase authorization | $ 300,000,000 | ||||
Amount remaining under stock repurchase program | $ 40,000,000 | $ 290,000,000 | |||
Value of initial shares | $ 187,500,000 | $ 62,500,000 | |||
Accelerated Stock Repurchase Agreement [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share repurchase authorization | $ 250,000,000 | ||||
Number of shares of treasury stock | 10,700,000 | 3,900,000 | 0 | ||
Merrill Lynch [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Payment for accelerated stock repurchase agreements | $ 125,000,000 | ||||
Merrill Lynch [Member] | Accelerated Stock Repurchase Agreement [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Number of shares of treasury stock | 5,350,000 | ||||
JP Morgan [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Payment for accelerated stock repurchase agreements | $ 125,000,000 | ||||
JP Morgan [Member] | Accelerated Stock Repurchase Agreement [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Number of shares of treasury stock | 5,350,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Nov. 24, 2015 | Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | ||||||
New share repurchase authorization | $ 300,000,000 | |||||
Quarterly dividend declared (in dollars per share) | $ 0 | $ 0 | $ 0.2325 | $ 0.2250 | ||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly dividend declared (in dollars per share) | $ 0.0775 | |||||
Subsequent Event [Member] | December 2013 Share Repurchase Program [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Share repurchase program remaining, amount canceled | $ 40,000,000 | |||||
New share repurchase authorization | $ 300,000,000 |