Financial Information for the Company and its Subsidiaries (Tables)

3 Months Ended

May 04, 2019

Financial Information For The Company And Its Subsidiaries [Abstract]

Schedule of Condensed Consolidating Balance Sheet

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET
MAY 5, 2018
					Non-
($ thousands)	Parent		Guarantors		Guarantors			Eliminations			Total
Assets
Current assets
Cash and cash equivalents	$	41,795	$	10,011	$	44,675		$	—		$	96,481
Receivables, net	113,763		2,721		9,075			—			125,559
Inventories, net	110,242		441,144		28,516			—			579,902
Prepaid expenses and other current assets	28,677		31,669		6,632			(4,593		)	62,385
Intercompany receivable – current	919		339		14,444			(15,702		)	—
Total current assets	295,396		485,884		103,342			(20,295		)	864,327
Other assets	75,242		12,937		762			—			88,941
Goodwill and intangible assets, net	112,298		40,937		186,665			—			339,900
Property and equipment, net	36,178		160,903		11,817			—			208,898
Investment in subsidiaries	1,341,505		—		(24,043		)	(1,317,462		)	—
Intercompany receivable  –  noncurrent	783,315		536,213		708,992			(2,028,520		)	—
Total assets	$	2,643,934	$	1,236,874	$	987,535		$	(3,366,277	)	$	1,502,066
Liabilities and Equity
Current liabilities
Trade accounts payable	$	99,013	$	150,288	$	19,616		$	—		$	268,917
Other accrued expenses	67,588		85,180		20,571			(4,593		)	168,746
Intercompany payable – current	5,467		—		10,235			(15,702		)	—
Total current liabilities	172,068		235,468		50,422			(20,295		)	437,663
Other liabilities
Long-term debt	197,587		—		—			—			197,587
Other liabilities	102,303		40,200		10,175			—			152,678
Intercompany payable – noncurrent	1,459,271		91,100		478,149			(2,028,520		)	—
Total other liabilities	1,759,161		131,300		488,324			(2,028,520		)	350,265
Equity
Caleres, Inc. shareholders’ equity	712,705		870,106		447,356			(1,317,462		)	712,705
Noncontrolling interests	—		—		1,433			—			1,433
Total equity	712,705		870,106		448,789			(1,317,462		)	714,138
Total liabilities and equity	$	2,643,934	$	1,236,874	$	987,535		$	(3,366,277	)	$	1,502,066

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET
MAY 4, 2019
					Non-
($ thousands)	Parent		Guarantors		Guarantors			Eliminations			Total
Assets
Current assets
Cash and cash equivalents	$	6,812	$	14,703	$	14,263		$	—		$	35,778
Receivables, net	91,170		39,619		17,698			—			148,487
Inventories, net	124,703		492,630		30,812			—			648,145
Prepaid expenses and other current assets	31,046		18,077		6,586			(807		)	54,902
Intercompany receivable – current	314		76		8,800			(9,190		)	—
Total current assets	254,045		565,105		78,159			(9,997		)	887,312
Other assets	73,066		11,793		852			—			85,711
Goodwill and intangible assets, net	108,328		331,689		108,491			—			548,508
Lease right-of-use assets	130,006		572,551		32,725			—			735,282
Property and equipment, net	75,763		149,955		10,539			—			236,257
Investment in subsidiaries	1,503,973		—		(25,376		)	(1,478,597		)	—
Intercompany receivable – noncurrent	586,453		620,752		775,061			(1,982,266		)	—
Total assets	$	2,731,634	$	2,251,845	$	980,451		$	(3,470,860	)	$	2,493,070
Liabilities and Equity
Current liabilities
Borrowings under revolving credit agreement	$	318,000	$	—	$	—		$	—		$	318,000
Trade accounts payable	83,559		183,057		22,455			—			289,071
Lease obligations	11,096		118,041		6,868			—			136,005
Other accrued expenses	65,845		83,503		19,683			(807		)	168,224
Intercompany payable – current	4,669		—		4,521			(9,190		)	—
Total current liabilities	483,169		384,601		53,527			(9,997		)	911,300
Other liabilities
Noncurrent lease obligations	$	132,565	$	497,527	$	32,658		$	—		$	662,750
Long-term debt	198,046		—		—			—			198,046
Other liabilities	88,358		2,848		1,136			—			92,342
Intercompany payable – noncurrent	1,202,260		113,338		666,668			(1,982,266		)	—
Total other liabilities	1,621,229		613,713		700,462			(1,982,266		)	953,138
Equity
Caleres, Inc. shareholders’ equity	627,236		1,253,531		225,066			(1,478,597		)	627,236
Noncontrolling interests	—		—		1,396			—			1,396
Total equity	627,236		1,253,531		226,462			(1,478,597		)	628,632
Total liabilities and equity	$	2,731,634	$	2,251,845	$	980,451		$	(3,470,860	)	$	2,493,070

CONDENSED CONSOLIDATING BALANCE SHEET
FEBRUARY 2, 2019
					Non-
($ thousands)	Parent		Guarantors		Guarantors			Eliminations			Total
Assets
Current assets
Cash and cash equivalents	$	2	$	9,148	$	21,050		$	—		$	30,200
Receivables, net	130,684		32,319		28,719			—			191,722
Inventories, net	175,697		470,610		36,864			—			683,171
Prepaid expenses and other current assets	31,195		32,556		7,603			—			71,354
Intercompany receivable  – current	190		42		15,279			(15,511		)	—
Total current assets	337,768		544,675		109,515			(15,511		)	976,447
Other assets	68,707		11,824		909			—			81,440
Goodwill and intangible assets, net	108,884		331,810		109,203			—			549,897
Property and equipment, net	62,608		157,270		10,906			—			230,784
Investment in subsidiaries	1,499,209		—		(24,838		)	(1,474,371		)	—
Intercompany receivable  – noncurrent	597,515		578,821		762,281			(1,938,617		)	—
Total assets	$	2,674,691	$	1,624,400	$	967,976		$	(3,428,499	)	$	1,838,568
Liabilities and Equity
Current liabilities
Borrowings under revolving credit agreement	$	335,000	$	—	$	—		$	—		$	335,000
Trade accounts payable	146,400		130,670		39,228			—			316,298
Other accrued expenses	95,498		86,015		20,525			—			202,038
Intercompany payable – current	10,781		—		4,730			(15,511		)	—
Total current liabilities	587,679		216,685		64,483			(15,511		)	$	853,336
Other liabilities
Long-term debt	197,932		—		—			—			197,932
Other liabilities	105,689		41,149		5,027			—			151,865
Intercompany payable – noncurrent	1,149,338		115,114		674,165			(1,938,617		)	—
Total other liabilities	1,452,959		156,263		679,192			(1,938,617		)	349,797
Equity
Caleres, Inc. shareholders’ equity	634,053		1,251,452		222,919			(1,474,371		)	634,053
Noncontrolling interests	—		—		1,382			—			1,382
Total equity	634,053		1,251,452		224,301			(1,474,371		)	635,435
Total liabilities and equity	$	2,674,691	$	1,624,400	$	967,976		$	(3,428,499	)	$	1,838,568

Schedule of Condensed Consolidating Statement of Comprehensive Income

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE THIRTEEN WEEKS ENDED MAY 4, 2019
							Non-
($ thousands)	Parent			Guarantors			Guarantors			Eliminations			Total
Net sales	$	191,404		$	488,321		$	52,426		$	(54,397	)	$	677,754
Cost of goods sold	129,259			289,541			27,095			(47,977		)	397,918
Gross profit	62,145			198,780			25,331			(6,420		)	279,836
Selling and administrative expenses	55,941			194,585			18,005			(6,420		)	262,111
Restructuring and other special charges, net	856			—			—			—			856
Operating earnings	5,348			4,195			7,326			—			16,869
Interest (expense) income	(7,339		)	(22		)	21			—			(7,340		)
Other income (expense)	2,637			—			(18		)	—			2,619
Intercompany interest income (expense)	2,841			(2,817		)	(24		)	—			—
Earnings before income taxes	3,487			1,356			7,305			—			12,148
Income tax provision	(1,312		)	(355		)	(1,396		)	—			(3,063		)
Equity in earnings (loss) of subsidiaries, net of tax	6,908			—			(538		)	(6,370		)	—
Net earnings	9,083			1,001			5,371			(6,370		)	9,085
Less: Net earnings attributable to noncontrolling interests	—			—			2			—			2
Net earnings attributable to Caleres, Inc.	$	9,083		$	1,001		$	5,369		$	(6,370	)	$	9,083
Comprehensive income	$	8,811		$	923		$	4,570		$	(5,479	)	$	8,825
Less: Comprehensive income attributable to noncontrolling interests	—			—			14			—			14
Comprehensive income attributable to Caleres, Inc.	$	8,811		$	923		$	4,556		$	(5,479	)	$	8,811

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE THIRTEEN WEEKS ENDED MAY 5, 2018
							Non-
($ thousands)	Parent			Guarantors			Guarantors			Eliminations			Total
Net sales	$	199,260		$	445,695		$	37,392		$	(50,205	)	$	632,142
Cost of goods sold	134,594			247,799			17,867			(43,039		)	357,221
Gross profit	64,666			197,896			19,525			(7,166		)	274,921
Selling and administrative expenses	66,342			177,886			13,135			(7,166		)	250,197
Restructuring and other special charges, net	525			1,253			—			—			1,778
Operating (loss) earnings	(2,201		)	18,757			6,390			—			22,946
Interest (expense) income	(3,819		)	(12		)	148			—			(3,683		)
Other income (expense)	3,120			—			(29		)	—			3,091
Intercompany interest income (expense)	2,768			(2,799		)	31			—			—
(Loss) earnings before income taxes	(132		)	15,946			6,540			—			22,354
Income tax provision	(952		)	(3,302		)	(920		)	—			(5,174		)
Equity in earnings (loss) of subsidiaries, net of tax	18,296			—			(478		)	(17,818		)	—
Net earnings	17,212			12,644			5,142			(17,818		)	17,180
Less: Net loss attributable to noncontrolling interests	—			—			(32		)	—			(32		)
Net earnings attributable to Caleres, Inc.	$	17,212		$	12,644		$	5,174		$	(17,818	)	$	17,212
Comprehensive income	$	16,325		$	12,626		$	4,995		$	(17,661	)	$	16,285
Less: Comprehensive loss attributable to noncontrolling interests	—			—			(40		)	—			(40		)
Comprehensive income attributable to Caleres, Inc.	$	16,325		$	12,626		$	5,035		$	(17,661	)	$	16,325

Schedule of Condensed Consolidating Statement of Cash Flows

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THIRTEEN WEEKS ENDED MAY 4, 2019
							Non-
($ thousands)	Parent			Guarantors			Guarantors			Eliminations		Total
Net cash (used for) provided by operating activities	$	(5,419	)	$	47,435		$	7,894		$	—	$	49,910
Investing activities
Purchases of property and equipment	(14,787		)	(2,833		)	(823		)	—		(18,443		)
Capitalized software	(2,911		)	(6		)	—			—		(2,917		)
Intercompany investing	(120		)	120			—			—		—
Net cash used for investing activities	(17,818		)	(2,719		)	(823		)	—		(21,360		)
Financing activities
Borrowings under revolving credit agreement	84,000			—			—			—		84,000
Repayments under revolving credit agreement	(101,000		)	—			—			—		(101,000		)
Dividends paid	(2,947		)	—			—			—		(2,947		)
Issuance of common stock under share-based plans, net	(2,559		)	—			—			—		(2,559		)
Other	(394		)	—			—			—		(394		)
Intercompany financing	52,947			(39,161		)	(13,786		)	—		—
Net cash provided by (used for) financing activities	30,047			(39,161		)	(13,786		)	—		(22,900		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(72		)	—		(72		)
Increase (decrease) in cash and cash equivalents	6,810			5,555			(6,787		)	—		5,578
Cash and cash equivalents at beginning of period	2			9,148			21,050			—		30,200
Cash and cash equivalents at end of period	$	6,812		$	14,703		$	14,263		$	—	$	35,778

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THIRTEEN WEEKS ENDED MAY 5, 2018
							Non-
($ thousands)	Parent			Guarantors			Guarantors			Eliminations		Total
Net cash provided by operating activities	$	5,799		$	38,599		$	6,949		$	—	$	51,347
Investing activities
Purchases of property and equipment	(3,095		)	(4,334		)	(500		)	—		(7,929		)
Capitalized software	(1,248		)	(186		)	—			—		(1,434		)
Intercompany investing	286			(286		)	—			—		—
Net cash used for investing activities	(4,057		)	(4,806		)	(500		)	—		(9,363		)
Financing activities
Dividends paid	(3,023		)	—			—			—		(3,023		)
Acquisition of treasury stock	(3,288		)	—			—			—		(3,288		)
Issuance of common stock under share-based plans, net	(3,122		)	—			—			—		(3,122		)
Intercompany financing	23,397			(23,782		)	385			—		—
Net cash provided by (used for) financing activities	13,964			(23,782		)	385			—		(9,433		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(117		)	—		(117		)
Increase in cash and cash equivalents	15,706			10,011			6,717			—		32,434
Cash and cash equivalents at beginning of period	26,089			—			37,958			—		64,047
Cash and cash equivalents at end of period	$	41,795		$	10,011		$	44,675		$	—	$	96,481