Financial Information For The Company And Its Subsidiaries (Tables)

9 Months Ended

Oct. 27, 2012

Financial Information For The Company And Its Subsidiaries [Abstract]

Schedule Of Condensed Consolidating Balance Sheet

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET
AS OF OCTOBER 27, 2012
						Non-
($ thousands)		Parent		Guarantors		Guarantors		Eliminations		Total
Assets
Current assets
Cash and cash equivalents	$	–	$	29,113	$	11,771	$	–	$	40,884
Receivables, net		101,466		18,775		18,321		–		138,562
Inventories, net		77,237		444,534		17,588		–		539,359
Prepaid expenses and other current assets		38,521		(4,562)		721		–		34,680
Total current assets		217,224		487,860		48,401		–		753,485
Other assets		115,445		18,939		810		–		135,194
Goodwill and intangible assets, net		38,337		20,264		75,776		–		134,377
Property and equipment, net		24,578		107,335		9,135		–		141,048
Investment in subsidiaries		862,308		234,014		–		(1,096,322)		–
Total assets	$	1,257,892	$	868,412	$	134,122	$	(1,096,322)	$	1,164,104
Liabilities and Equity
Current liabilities
Borrowings under revolving credit agreement	$	110,000	$	–	$	–	$	–	$	110,000
Trade accounts payable		35,565		125,296		22,561		–		183,422
Other accrued expenses		60,812		78,164		11,080		–		150,056
Total current liabilities		206,377		203,460		33,641		–		443,478
Other liabilities
Long-term debt		198,773		–		–		–		198,773
Other liabilities		33,213		42,601		14,102		–		89,916
Intercompany payable (receivable)		388,391		(239,957)		(148,434)		–		–
Total other liabilities		620,377		(197,356)		(134,332)		–		288,689
Equity
Brown Shoe Company, Inc. shareholders’ equity		431,138		862,308		234,014		(1,096,322)		431,138
Noncontrolling interests		–		–		799		–		799
Total equity		431,138		862,308		234,813		(1,096,322)		431,937
Total liabilities and equity	$	1,257,892	$	868,412	$	134,122	$	(1,096,322)	$	1,164,104

CONDENSED CONSOLIDATING BALANCE SHEET
AS OF JANUARY 28, 2012
						Non-
($ thousands)		Parent		Guarantors		Guarantors		Eliminations		Total
Assets
Current assets
Cash and cash equivalents	$	(4,386)	$	34,332	$	17,736	$	–	$	47,682
Receivables, net		78,129		24,082		51,811		–		154,022
Inventories, net		129,776		418,264		13,757		–		561,797
Prepaid expenses and other current assets		35,625		14,685		1,327		–		51,637
Total current assets		239,144		491,363		84,631		–		815,138
Other assets		115,515		23,844		918		–		140,277
Goodwill and intangible assets, net		47,765		16,160		76,665		–		140,590
Property and equipment, net		23,621		97,887		9,963		–		131,471
Investment in subsidiaries		813,602		68,057		–		(881,659)		–
Total assets	$	1,239,647	$	697,311	$	172,177	$	(881,659)	$	1,227,476
Liabilities and Equity
Current liabilities
Borrowings under revolving credit agreement	$	201,000	$	–	$	–	$	–	$	201,000
Trade accounts payable		49,238		92,431		48,942		–		190,611
Other accrued expenses		60,079		65,676		7,214		–		132,969
Total current liabilities		310,317		158,107		56,156		–		524,580
Other liabilities
Long-term debt		198,633		–		–		–		198,633
Other liabilities		29,702		46,717		14,128		–		90,547
Intercompany payable (receivable)		288,326		(321,115)		32,789		–		–
Total other liabilities		516,661		(274,398)		46,917		–		289,180
Equity
Brown Shoe Company, Inc. shareholders’ equity		412,669		813,602		68,057		(881,659)		412,669
Noncontrolling interests		–		–		1,047		–		1,047
Total equity		412,669		813,602		69,104		(881,659)		413,716
Total liabilities and equity	$	1,239,647	$	697,311	$	172,177	$	(881,659)	$	1,227,476

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET
AS OF OCTOBER 29, 2011
						Non-
($ thousands)		Parent		Guarantors		Guarantors		Eliminations		Total
Assets
Current assets
Cash and cash equivalents	$	(1,209)	$	26,552	$	16,608	$	–	$	41,951
Receivables, net		107,959		21,391		26,404		–		155,754
Inventories, net		107,532		462,178		10,444		–		580,154
Prepaid expenses and other current assets		18,228		11,270		3,450		–		32,948
Total current assets		232,510		521,391		56,906		–		810,807
Other assets		112,099		24,592		899		–		137,590
Goodwill and intangible assets, net		49,143		16,440		76,961		–		142,544
Property and equipment, net		24,267		102,725		9,825		–		136,817
Investment in subsidiaries		646,443		66,317		–		(712,760)		–
Total assets	$	1,064,462	$	731,465	$	144,591	$	(712,760)	$	1,227,758
Liabilities and Equity
Current liabilities
Borrowings under revolving credit agreement	$	222,000	$	–	$	–	$	–	$	222,000
Trade accounts payable		36,591		116,548		24,382		–		177,521
Other accrued expenses		50,396		75,414		12,264		–		138,074
Total current liabilities		308,987		191,962		36,646		–		537,595
Other liabilities
Long-term debt		198,586		–		–		–		198,586
Other liabilities		16,668		41,168		14,148		–		71,984
Intercompany payable (receivable)		121,621		(148,108)		26,487		–		–
Total other liabilities		336,875		(106,940)		40,635		–		270,570
Equity
Brown Shoe Company, Inc. shareholders’ equity		418,600		646,443		66,317		(712,760)		418,600
Noncontrolling interests		–		–		993		–		993
Total equity		418,600		646,443		67,310		(712,760)		419,593
Total liabilities and equity	$	1,064,462	$	731,465	$	144,591	$	(712,760)	$	1,227,758

Schedule Of Condensed Consolidating Statement Of Comprehensive Income

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE THIRTEEN WEEKS ENDED OCTOBER 27, 2012
						Non-
($ thousands)		Parent		Guarantors		Guarantors		Eliminations		Total
Net sales	$	209,513	$	532,390	$	42,437	$	(52,171)	$	732,169
Cost of goods sold		158,438		307,509		32,611		(52,171)		446,387
Gross profit		51,075		224,881		9,826		–		285,782
Selling and administrative expenses		56,589		187,826		(2,098)		–		242,317
Restructuring and other special charges, net		1,686		656		–		–		2,342
Equity in (earnings) loss of subsidiaries		(31,317)		(10,031)		–		41,348		–
Operating earnings (loss)		24,117		46,430		11,924		(41,348)		41,123
Interest expense		(5,513)		–		–		–		(5,513)
Interest income		–		61		15		–		76
Intercompany interest income (expense)		3,040		(3,147)		107		–		–
Earnings (loss) before income taxes		21,644		43,344		12,046		(41,348)		35,686
Income tax benefit (provision)		2,642		(12,021)		(2,020)		–		(11,399)
Net earnings (loss)		24,286		31,323		10,026		(41,348)		24,287
Net loss attributable to noncontrolling interests		–		-		(5)		–		(5)
Net earnings (loss) attributable to Brown Shoe Company, Inc.	$	24,286	$	31,323	$	10,031	$	(41,348)	$	24,292
Comprehensive income (loss)	$	24,842	$	31,872	$	10,018	$	(41,348)	$	25,384
Comprehensive income attributable to noncontrolling interests		–		–		2		–		2
Comprehensive income (loss) attributable to Brown Shoe Company, Inc.	$	24,842	$	31,872	$	10,016	$	(41,348)	$	25,382

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 27, 2012
						Non-
($ thousands)		Parent		Guarantors		Guarantors		Eliminations		Total
Net sales	$	566,681	$	1,408,768	$	133,406	$	(150,966)	$	1,957,889
Cost of goods sold		436,652		805,016		108,527		(150,966)		1,199,229
Gross profit		130,029		603,752		24,879		–		758,660
Selling and administrative expenses		144,055		526,818		9,619		–		680,492
Restructuring and other special charges, net		8,098		13,190		–		–		21,288
Impairment of intangible assets		5,777		–		–		–		5,777
Equity in (earnings) loss of subsidiaries		(46,701)		(12,872)		–		59,573		–
Operating earnings (loss)		18,800		76,616		15,260		(59,573)		51,103
Interest expense		(17,428)		–		–		–		(17,428)
Interest income		-		185		51		–		236
Intercompany interest income (expense)		9,568		(9,888)		320		–		–
Earnings (loss) before income taxes		10,940		66,913		15,631		(59,573)		33,911
Income tax benefit (provision)		12,506		(20,206)		(3,010)		–		(10,710)
Net earnings (loss)		23,446		46,707		12,621		(59,573)		23,201
Net loss attributable to noncontrolling interests		–		–		(251)		–		(251)
Net earnings (loss) attributable to Brown Shoe Company, Inc.	$	23,446	$	46,707	$	12,872	$	(59,573)	$	23,452
Comprehensive income (loss)	$	23,422	$	46,954	$	12,617	$	(59,573)	$	23,420
Comprehensive loss attributable to noncontrolling interests		–		–		(248)		–		(248)
Comprehensive income (loss) attributable to Brown Shoe Company, Inc.	$	23,422	$	46,954	$	12,865	$	(59,573)	$	23,668

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE THIRTEEN WEEKS ENDED OCTOBER 29, 2011
						Non-
($ thousands)		Parent		Guarantors		Guarantors		Eliminations		Total
Net sales	$	206,628	$	517,443	$	42,107	$	(52,390)	$	713,788
Cost of goods sold		157,993		298,120		33,567		(52,390)		437,290
Gross profit		48,635		219,323		8,540		–		276,498
Selling and administrative expenses		40,435		167,977		31,010		–		239,422
Restructuring and other special charges, net		4,715		–		–		–		4,715
Equity in (earnings) loss of subsidiaries		(32,516)		22,895		–		9,621		–
Operating earnings (loss)		36,001		28,451		(22,470)		(9,621)		32,361
Interest expense		(6,681)		(8)		4		–		(6,685)
Interest income		–		89		9		–		98
Intercompany interest income (expense)		3,753		(3,859)		106		–		–
Earnings (loss) before income taxes from continuing operations		33,073		24,673		(22,351)		(9,621)		25,774
Income tax benefit (provision)		659		(8,256)		(583)		–		(8,180)
Net earnings (loss) from continuing operations		33,732		16,417		(22,934)		(9,621)		17,594
Discontinued operations:
Earnings from operations of subsidiary, net of tax		–		725		–		–		725
Gain on sale of subsidiary, net of tax		–		15,374		–		–		15,374
Net earnings from discontinued operations		–		16,099		–		–		16,099
Net earnings (loss)		33,732		32,516		(22,934)		(9,621)		33,693
Net loss attributable to noncontrolling interests		–		–		(39)		–		(39)
Net earnings (loss) attributable to Brown Shoe Company, Inc.	$	33,732	$	32,516	$	(22,895)	$	(9,621)	$	33,732
Comprehensive income (loss)	$	33,732	$	30,431	$	(22,265)	$	(9,621)	$	32,277
Comprehensive loss attributable to noncontrolling interests		–		–		(30)		–		(30)
Comprehensive income (loss) attributable to Brown Shoe Company, Inc.	$	33,732	$	30,431	$	(22,235)	$	(9,621)	$	32,307

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 29, 2011
						Non-
($ thousands)		Parent		Guarantors		Guarantors		Eliminations		Total
Net sales	$	538,093	$	1,400,822	$	153,353	$	(138,335)	$	1,953,933
Cost of goods sold		411,314		795,161		127,726		(138,335)		1,195,866
Gross profit		126,779		605,661		25,627		–		758,067
Selling and administrative expenses		128,312		532,958		46,206		–		707,476
Restructuring and other special charges, net		7,148		–		–		–		7,148
Equity in (earnings) loss of subsidiaries		(44,245)		19,907		–		24,338		–
Operating earnings (loss)		35,564		52,796		(20,579)		(24,338)		43,443
Interest expense		(19,886)		(20)		3		–		(19,903)
Loss on early extinguishment of debt		(1,003)		–		–		–		(1,003)
Interest income		–		187		61		–		248
Intercompany interest income (expense)		12,007		(12,380)		373		–		–
Earnings (loss) before income taxes from continuing operations		26,682		40,583		(20,142)		(24,338)		22,785
Income tax benefit (provision)		6,129		(13,413)		(10)		–		(7,294)
Net earnings (loss) from continuing operations		32,811		27,170		(20,152)		(24,338)		15,491
Discontinued operations:
Earnings from operations of subsidiary, net of tax		–		1,701		–		–		1,701
Gain on sale of subsidiary, net of tax		–		15,374		–		–		15,374
Net earnings from discontinued operations		–		17,075		–		–		17,075
Net earnings (loss)		32,811		44,245		(20,152)		(24,338)		32,566
Net loss attributable to noncontrolling interests		–		–		(245)		–		(245)
Net earnings (loss) attributable to Brown Shoe Company, Inc.	$	32,811	$	44,245	$	(19,907)	$	(24,338)	$	32,811
Comprehensive income (loss)	$	32,773	$	46,079	$	(21,675)	$	(24,338)	$	32,839
Comprehensive loss attributable to noncontrolling interests		–		–		(214)		–		(214)
Comprehensive income (loss) attributable to Brown Shoe Company, Inc.	$	32,773	$	46,079	$	(21,461)	$	(24,338)	$	33,053

Schedule Of Condensed Consolidating Statement Of Cash Flows

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 27, 2012
						Non-
($ thousands)		Parent		Guarantors		Guarantors		Eliminations		Total
Net cash provided by (used for) operating activities	$	19,306	$	(53,096)	$	177,313	$	–	$	143,523
Investing activities
Purchases of property and equipment		(3,809)		(33,602)		(1,670)		–		(39,081)
Capitalized software		(5,433)		–		(3)		–		(5,436)
Acquisition cost		–		(5,000)		–		–		(5,000)
Net cash used for investing activities		(9,242)		(38,602)		(1,673)		–		(49,517)
Financing activities
Borrowings under revolving credit agreement		582,000		–		–		–		582,000
Repayments under revolving credit agreement		(673,000)		–		–		–		(673,000)
Dividends paid		(9,007)		–		–		–		(9,007)
Issuance of common stock under share-based plans, net		(1,860)		–		–		–		(1,860)
Tax benefit related to share-based plans		889		–		–		–		889
Intercompany financing		95,300		86,305		(181,605)		–		–
Net cash (used for) provided by financing activities		(5,678)		86,305		(181,605)		–		(100,978)
Effect of exchange rate changes on cash and cash equivalents		–		174		–		–		174
Increase (decrease) in cash and cash equivalents		4,386		(5,219)		(5,965)		–		(6,798)
Cash and cash equivalents at beginning of period		(4,386)		34,332		17,736		–		47,682
Cash and cash equivalents at end of period	$	–	$	29,113	$	11,771	$	–	$	40,884

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THIRTY-NINE WEEKS ENDED OCTOBER 29, 2011
						Non-
($ thousands)		Parent		Guarantors		Guarantors		Eliminations		Total
Net cash (used for) provided by operating activities	$	(59,675)	$	56,020	$	16,218	$	55	$	12,618
Investing activities
Purchases of property and equipment		(2,211)		(18,064)		(2,000)		–		(22,275)
Capitalized software		(8,419)		(288)		–		–		(8,707)
Acquisition cost		–		–		(156,636)		–		(156,636)
Cash recognized on initial consolidation		–		3,121		–		–		3,121
Net proceeds from sale of subsidiary		–		55,350		–		–		55,350
Net cash (used for) provided by investing activities		(10,630)		40,119		(158,636)		–		(129,147)
Financing activities
Borrowings under revolving credit agreement		1,410,500		–		–		–		1,410,500
Repayments under revolving credit agreement		(1,386,500)		–		–		–		(1,386,500)
Proceeds from issuance of 2019 Senior Notes		198,586		–		–		–		198,586
Redemption of 2012 Senior Notes		(150,000)		–		–		–		(150,000)
Dividends paid		(9,135)		–		–		–		(9,135)
Debt issuance costs		(6,428)		–		–		–		(6,428)
Acquisition of treasury stock		(25,484)		–		–		–		(25,484)
Proceeds from stock options exercised		734		–		–		–		734
Tax deficiency related to share-based plans		(371)		–		–		–		(371)
Intercompany financing		37,194		(96,712)		59,573		(55)		–
Net cash provided by (used for) financing activities		69,096		(96,712)		59,573		(55)		31,902
Effect of exchange rate changes on cash and cash equivalents		–		30		–		–		30
Decrease in cash and cash equivalents		(1,209)		(543)		(82,845)		–		(84,597)
Cash and cash equivalents at beginning of period		–		27,095		99,453		–		126,548
Cash and cash equivalents at end of period	$	(1,209)	$	26,552	$	16,608	$	–	$	41,951