SHAREHOLDERS EQUITY

12 Months Ended

Jan. 28, 2023

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

14.   SHAREHOLDERS’ EQUITY

Company Stock

The Company’s common stock, which has a $0.01 par value per share, is listed for trading under the ticker symbol “CAL” on the New York Stock Exchange.  Holders of the common shares are entitled to one vote per share. The Company is also authorized to issue preferred shares with a $1.00 par value per share.

The following table provides additional information regarding the Company’s common and preferred stock:

(in thousands)	January 28, 2023			January 29, 2022
		Common	Preferred	Common	Preferred
Authorized shares		100,000	1,000	100,000	1,000
Outstanding shares		35,716	—	37,635	—
Treasury shares		10,371	—	8,452	—

Stock Repurchase Programs

On September 2, 2019 and March 10, 2022, the Board of Directors approved stock repurchase programs (“2019 Program" and "2022 Program", respectively) authorizing the repurchase of the Company’s outstanding common stock of up to 5.0 million shares in the 2019 Program and 7.0 million in the 2022 Program.  The Company can use the repurchase programs to repurchase shares on the open market or in private transactions from time to time, depending on market conditions.  The repurchase programs do not have an expiration date.  Repurchases of common stock are limited under the Company’s debt agreements.  During 2022, the Company repurchased 2,622,845 shares under the share repurchase programs.  In total, 5.0 million shares have been repurchased under the 2019 Program and there are no additional shares authorized to be repurchased.  There are 6,367,379 additional shares authorized to be repurchased under the 2022 Program as of January 28, 2023.      

Repurchases Related to Employee Share-based Awards

During 2022, 2021 and 2020, employees tendered 246,688, 205,213 and 160,101 shares, respectively, related to certain share-based awards.  These shares were tendered in satisfaction of the exercise price of stock options and/or to satisfy tax withholding amounts for non-qualified stock options, restricted stock and stock performance awards.  Accordingly, these share repurchases are not considered a part of the Company’s publicly announced stock repurchase programs.

Accumulated Other Comprehensive Loss

The following table sets forth the changes in accumulated other comprehensive loss, net of tax, by component for 2022, 2021 and 2020:

			Pension and				Accumulated
	Foreign		Other				Other
	Currency		Postretirement		Derivative		Comprehensive
($ thousands)	Translation		Transactions (1)		Transactions (2)		(Loss) Income
Balance February 1, 2020	$	(580)	$	(31,171)	$	(92)	$	(31,843)
Other comprehensive income before reclassifications		469		20,351		87		20,907
Reclassifications:
Amounts reclassified from accumulated other comprehensive loss		—		2,418		6		2,424
Tax benefit		—		(623)		(1)		(624)
Net reclassifications		—		1,795		5		1,800
Other comprehensive income		469		22,146		92		22,707
Balance January 30, 2021	$	(111)	$	(9,025)	$	—	$	(9,136)
Other comprehensive loss before reclassifications		(677)		(116)		—		(793)
Reclassifications:
Amounts reclassified from accumulated other comprehensive loss		—		1,788		—		1,788
Tax benefit		—		(465)		—		(465)
Net reclassifications		—		1,323		—		1,323
Other comprehensive (loss) income		(677)		1,207		—		530
Balance January 29, 2022	$	(788)	$	(7,818)	$	—	$	(8,606)
Other comprehensive loss before reclassifications		(425)		(19,776)		—		(20,201)
Reclassifications:
Amounts reclassified from accumulated other comprehensive loss		—		2,991		—		2,991
Tax benefit		—		(934)		—		(934)
Net reclassifications		—		2,057		—		2,057
Other comprehensive loss		(425)		(17,719)		—		(18,144)
Balance January 28, 2023	$	(1,213)	$	(25,537)	$	—	$	(26,750)

(1) Amounts reclassified are included in other income, net.  Refer to Note 5 to the consolidated financial statements for additional information related to pension and other postretirement benefits.

(2) Amounts reclassified are included in net sales, costs of goods sold and selling and administrative expenses.